John Tierney: “I am what we might term a conditional supporter of H.R. 10. While I believe that this legislation is in fact a step in…”

“I am what we might term a conditional supporter of H.R. 10. While I believe that this legislation is in fact a step in the right direction toward ensuring retirement security for Americans, I do not think that this legislation really goes far enough in achieving this goal for everyone. As it stands, this bill is certainly not as comprehensive as it could be, and is not as comprehensive as it should be, a fact that I think is clearly recognized by those of us who join the gentleman from Massachusetts (Mr. Neal) in support of his amendment that will be offered in a little while. Today, despite the best intentions of others, the underlying legislation does not quite live up to its billing. Even more important, it does not quite live up enough to the ideal of this representative body attending to the needs of all the Nation's people. The Portman-Cardin bill does not have something for everyone, but it certainly has a lot for a few. In fact, the Center on Budget and Policy Priorities has most recently published a paper on this bill based on a rather extensive study. It finds that while the pension provisions will increase savings for some, it does little or nothing to increase savings for the people who are most in need of our help, low- and middle-income workers that comprise the majority of our workforce.”