Political Quotes

“I recently learned of a dispute between the Department of Defense and a number of contractors regarding the allowability of cost of employee stock ownership plans, known as ESOP's. According to the contractors, DOD has retroactively changed its interpretation of the relevant accounting in a manner that will cost contractors millions of dollars and could drive some of them out of business completely. The contractors also say that DOD has improperly applied the standards of a proposed rule even after that proposed rule has been withdrawn. I am concerned about the effect this could have on these companies and the employee's retirement plans which could be jeopardized by this action. I had intended to attach an amendment to prohibit DOD from applying the terms of the withdrawn rule but because that matter is currently in litigation I will instead withhold that amendment and work this out in conference. In discussions with the Senator from Michigan, Senator Levin, he expressed concerns about the equity of any retroactive application as well.”