Hilda L. Solis: “I also rise today in opposition. Almost a year ago I recall as a member of the Committee on Education and the Workforce…”

“I also rise today in opposition. Almost a year ago I recall as a member of the Committee on Education and the Workforce voting against this similar proposal that is now before us. H.R. 1000 is really an act; and when I say that, it is an act by the Members on the other side of the aisle to give the impression that this piece of legislation will protect working men and women's pensions, and it will not do that, in my opinion. It puts their pensions at risk by allowing self-interested accounting firms to advise employees. That sounds to me like the fox guarding the hen house. This does not work; and if we did not learn from Enron, then we do have some serious problems in this House. This bill allows high-living executives to continue to skirt pension rules, have their pensions, and ride off into the sunset, while their companies fall into bankruptcy and lay off workers every single day. And I see it happening in my district in Los Angeles County. For the millions of people who have worked hard to put aside money so that one day that little token of security would be there for them is long gone, and it is really unfortunate because I would like to tell the Members that in my own district where many union members thought that they had their pensions protected have now found themselves bankrupt as well, and they are having to borrow from their own family members. This is the wrong thing to do. In my district people have lost their jobs.”