Political Quotes

“Mr. Speaker, we have a pension underfunding crisis in this country; and it has significant implications on the retirement security of the American workers. This chronic underfunding crisis we face among traditional defined benefit pension plans, the type that guarantees workers a set monthly benefit when they retire, is jeopardizing the pension benefits of millions of American workers who have worked all their lives for a safe and secure retirement. The committee hearings we have conducted on this issue, which have included a joint hearing with the Committee on Ways and Means, demonstrated the critical nature of this problem and the need for a solution that will give workers a renewed sense of confidence that their pension savings are on a sound financial footing. This is precisely why I was joined by the gentleman from California (Mr. Thomas), the gentleman from California (Mr. George Miller), the gentleman from New York (Mr. Rangel), the gentleman from Texas (Mr. Johnson), who chairs our subcommittee, and the gentleman from Ohio (Mr. Portman), my good friend and colleague, in producing legislation to address this underfunding problem.”