Adrian Smith: “I agree we have a serious problem with multiemployer pensions which needs to be addressed. However, this bill, I…”

“I agree we have a serious problem with multiemployer pensions which needs to be addressed. However, this bill, I believe, will actually set us back. It does nothing to address the underlying structural issues of these plans. It actually does nothing to protect younger workers, who will be asked to keep paying into a system which remains troubled. And it saddles taxpayers with liabilities which are unlikely to be paid back, at a massive cost to taxpayers. Let me provide just one alarming example of how flawed this proposal is, which I also highlighted in our committee markup. Under this legislation, if a pension plan applies for a loan and the newly created Pension Rehabilitation Administration cannot make a determination on that plan's ability to repay in order to approve or deny the loan within 90 days, the loan would be automatically deemed approved. Taxpayers deserve timely responses from Treasury, but no reputable financial institution would rubberstamp loans like this. Pensioners and taxpayers both deserve better. Let's work together to deliver a real solution. Mr. Speaker, I certainly urge opposition to this bill so that we can, together, focus on a better solution.”