Political Quotes

“I thank Mrs. Torres for yielding me the customary 30 minutes, and I yield myself such time as I may consume. Mr. Speaker, today we are considering two bills that will never become law. They are not going to be taken up by the Senate. If they did, they would not pass, and the President likely would not sign them. The first bill, H.R. 397, the Rehabilitation for Multiemployer Pensions Act, was drafted by the majority as an attempted fix of the multiemployer pension crisis. Unfortunately, the bill does nothing but create more government, increase the deficit, and kick the can down the road for another generation that will have to ultimately deal with it. So let's examine the facts. Multiemployer pension plans are pensions run jointly by a union and multiple companies whose employees are members of that union. These are defined benefit plans that guarantee employees receive a specific amount upon retirement regardless of the funding available. These plans must comply with collective bargaining agreements and the Employee Retirement Income Security Act and pay into the Pension Benefit Guaranty Corporation, the Federal insurer of the plans. Over 1,300 multiemployer plans cover more than 10 million participants, and well over a million are in plans that are either insolvent or will be within the next two decades. This means that more than 1 million retirees may have their retirement plan benefits cut if no action is taken.…”