Political Quotes

“let me just say I rise in support of the base bill and in opposition to the Miller-Rangel substitute on the grounds that it would oppose a host of new government regulations that will drive businesses out of offering, and I emphasize the word, voluntary retirement savings plans. I happened to be in a situation in 1950 in my company back home where we had an employee that had worked for the company for 30 years and decided to retire, and I found out at that time, I did not realize much about the way things went, I realized that this gentleman after 30 years with me had only his Social Security to count on. So what I did is I put into our company at that time a defined benefit plan that was going to take care of all the employees, some retirement and so forth. This whole situation, to my way of thinking, was a fabulous thing. We should take care of employees. All of a sudden, somewhere down the road we ran into the fact that the government's regulations were coming along and it appeared to me I was not trustworthy of Uncle Sam, so what I did is I liquidated the whole pension plan and gave the employees all the money and started over again. And we ended up with a 401(k) and an ESOP right now, which I realize the ESOP is not involved in this. But I want you to know, I got out of this pension plan even before I knew about trial lawyers or fiduciary responsibility.”