Political Quotes

“I introduce my legislation today to help shore up the government's insurance plan for these pensions. The Pension Stability Act would add funding to the Pension Benefit Guaranty Corporation's multiemployer program by imposing a fee on financial firms that are convicted of financial crimes. This weekend, I was in Endeavor, WI. I was meeting there with retirees who meet once a month at the fire station in order to update one another on the progress here in Washington. In the months since the House passed the Butch Lewis Act, there hasn't been much progress to speak of. The Senate hasn't taken up the bill, and no other proposals have been presented. All the while, retirees and workers in the Central States Pension Fund continue to doubt their retirement security. If Washington does not act, workers and retirees face massive cuts to the pensions they have earned over decades of hard work. I have come to the floor many times over these past 3\1/2\ years to remind this body about the retirees who stand to lose 50 percent--some more than 50 percent--of their pensions if Washington fails to act. Since then, nothing has been done, so I am here to, once again, remind my colleagues that this is about a promise that must be kept. This is about a promise made to Bob Brockway, who stands to lose more than half of his monthly pension. Bob retired in 1999.…”