Blake Moore: “I rise today to express my reasons for voting against H.R. 3762, the Pension Security Act, and the Miller-Rangel…”

“I rise today to express my reasons for voting against H.R. 3762, the Pension Security Act, and the Miller-Rangel substitute to this legislation. During my time in Congress, I have strongly supported legislation that would help employees prepare for their retirement. Pension reform legislation affects all working Americans, and as such both parties in Congress have a responsibility to work together in a thoughtful and conscientious manner on this issue. To that end, I am a cosponsor of the bipartisan Employee Savings Bill of Rights Act, which empowers employees to take control of their retirement plan investments and gives workers substantial new rights to avoid over-concentration in the stock of their own company. By modifying the rules that apply to the 401(k) plans and Employee Stock Ownership Plans (ESOPs) of publicly-traded companies, the Employee Savings Bill of Rights provides workers with needed control over their retirement plan investments while preserving the opportunity for employee ownership. Through new diversification rights, new disclosure requirements and new tax incentives for retirement education, this legislation would help employees achieve retirement security through their 401(k) plans and ESOPs. I have serious concerns with both H.R. 3762 and the Miller-Rangel substitute to this legislation.”