NAN A. S. HAYWORTH: “I do not dispute a thing that my friend, the gentleman from Michigan, said about the desirability of pension plans.…”

“I do not dispute a thing that my friend, the gentleman from Michigan, said about the desirability of pension plans. Indeed, the bill we offer has an opportunity to expand pension plans on into small businesses, opportunities for businesses with as few as 25 employees. The problem with the substitute is that instead of being pension protection, it is a trial lawyer's bonanza. The language in this substitute would authorize suits to recover unlimited damages alleging economic and non-economic losses, and welcome to the litigation bonanza. Should pensions be protected? Absolutely. But if we want to help working people, we want to expand the pension pool. We want to set up new opportunities for small business to go into these pension plans to do the very things my friend, the gentleman from Michigan, talked about. We do not want an economic bonanza, or, sadly, and I am sure it is not the intention of my friends, but one can almost see a situation where we would have an economic bonanza and the equivalent of whiplash, whiplash. Look, we are talking about people's lives.”