Angie Craig: “I rise in support of the Pension Plan Protection Act, being introduced today by the Senator from Texas, Mrs. Hutchison…”

“I rise in support of the Pension Plan Protection Act, being introduced today by the Senator from Texas, Mrs. Hutchison, and others. I am pleased to be an original cosponsor of this important bill and commend the Senator for her leadership on this issue. This bill will help employees and protect their families and their retirement nest eggs. It will require employers to take reasonable responsibility toward employees in administering plans, increase transparency, improve information and disclosure, increase employee choice and control, treat management the same as the rank-and-file during blackout periods, and help prevent auditor conflicts of interest. This is a bill that can and should become law quickly. It includes most of the reforms recommended by the President and representing the export judgment of a Cabinet-level, interagency task force. It also includes additional improvements. These protections will be strong, but measured. Unlike some other ideas being floated today, these reforms are not arbitrary. They are fair and uniform, but not one-size-fits-all. They keep the focus where it belongs, on protecting, empowering, and informing workers. I realize that other legislation may still be forthcoming, regarding accounting practices, securities management, or other issues. But that should not delay us from acting now on reforms that we all know are needed.”