Tom Price: “the American taxpayer through the Pension Benefit Guaranty Corporation, has already assumed nearly $10 billion in…”

“the American taxpayer through the Pension Benefit Guaranty Corporation, has already assumed nearly $10 billion in unfunded pension liabilities from two airlines in bankruptcy. I repeat, $10 billion. Something has to be done, and that is why I am introducing the Employee Pension Preservation and Taxpayer Protection Act today. If a major airline files for bankruptcy, taxpayers lose, employees are out of jobs, retirements are jeopardized, and the economy suffers. My legislation would allow airline carriers to adopt new funding rules for their pension systems so the American taxpayer is not footing the bill. Under this plan, the airline carriers must meet all of their current obligations, and the part that should make every taxpayer happy, this bill provides absolutely no subsidy from the Federal Government and thereby the taxpayer. Mr. Speaker, pensions are not something workers hope to receive, or something we think might be there when we retire. Americans work hard and save for retirement, understanding that nothing can steal away a hard-earned pension. That is the way it should be, and that is what my bill will do. I urge my colleagues to support this much-needed legislation. ____________________”