Political Quotes

“Mr. President, let me say categorically and unequivocally to you, Mr. President, as well as to our colleagues, there is nothing in the managers' amendment that reverses the Harris decision by the Supreme Court--nothing at all. To put it briefly here, for 20 years the industry had operated on a set of guidelines established by the Department of Labor. No action was brought by the Department of Labor. It relied on the guidance as a means of how they did business dealing with pensions. In fact, no one can demonstrate any wrong that was done at all. The Supreme Court reached its decision in 1993 and said using the guidance of the Department of Labor is invalid. The Court also in the decision then recommended that the Department of Labor or Congress establish new guidelines and regulations by which these pensions would be regulated. The Department of Labor thought it would be better if Congress acted and they acted on their own, and it ought to be done statutorily rather than by regulation.”