Doris Matsui: “Mr. Speaker, it is kind of astonishing 2 years after Enron and WorldCom we are finally, again, taking up a bill that…”

“Mr. Speaker, it is kind of astonishing 2 years after Enron and WorldCom we are finally, again, taking up a bill that presumably is supposed to deal with the particular issues that Enron and WorldCom raise. Unfortunately, I do not think the bill does, which is really tragic in America today. Almost every study I have seen and many people have seen over the last 5 years has indicated that the baby boom population, which is now retiring, does not have adequate retirement benefits for their future. And as a result of that, many Americans are going to be working longer, even though the unemployment rate is going up. This legislation on the floor presented by my Republican colleagues unfortunately does not address the issue of pension benefits and retirement security for Americans that are about to retire. Let me just give you some examples of that. The gentleman from Ohio (Mr. Boehner) talked about, well, we are going to allow independent investment advice for some of these companies for their employees. The only problem is it is kind of a ruse, because, in fact, this legislation will allow a conflict of interest for those investment advisers that they will then be able to make misleading information and statements to their employees.”