Bill Pascrell: “I have heard it all today. I really have. When my friend from Arizona says that what we need is a balanced approach, at…”

“I have heard it all today. I really have. When my friend from Arizona says that what we need is a balanced approach, at this time of the game? You tell that to Wayne and Kathy Stevens, who in their 401(k) had $720,000 in savings wiped away. You tell them what they need is a balanced approach. We are beyond a balanced approach. Besides someone going to jail, those people need relief; and they are not getting it in this legislation. My colleagues may think that is theatrics. You tell that to them, that couple out in Washington State. This legislation includes no bona fide structural changes that will create protection. It does not require equal representation of employers and employees on the 401(k) plan management boards. It does not create equity between the claims of workers and the executives if the company files for bankruptcy. It does not mandate that independent, unbiased investment advice be provided to rank-and-file employees. In other words, this bill is at worst, a placebo; at best, a Band-Aid on a deep wound. For these reasons and for what the bill does not do, I urge my colleagues to vote against the Republican bill and for the Democratic substitute. We know who brought you to the dance; but you do not have to keep on saying yes, yes, yes. Our substitute levels the playing field. It gives rank-and-file employees the same pension protection as the executives.”