Rob Portman: “The first is H.R. 3762. This is the pension security bill. It passed the House with a vote of 255 to 163 with 46…”

“The first is H.R. 3762. This is the pension security bill. It passed the House with a vote of 255 to 163 with 46 Democrats supporting it. It does have a controversial amendment with regard to independent investment advice, but to say that it does nothing, which my colleague and friend from California (Mr. Matsui) said earlier, is not accurate. Let me tell you just what it does. It says to people who are currently in company plans who have 401(k)s, who get a match of stock from their employer, that they do not have to be in that stock for an unlimited period of time. Under current law if an employer wants to they can give a match under a 401(k) program and say, you can have that stock but you have got to keep it, and you can never get rid of it, because there is no current rule which says that employees, the workers, have the right to unload that stock. That is a bad situation.”