Representative Miller Statement on Boehner-Thomas Announcement on Pensions

Representative Miller Statement on Boehner-Thomas Announcement on Pensions
Tuesday, December 13, 2005

WASHINGTON, DC -- Representative George Miller (D-CA) issued the following statement today on the announcement from Reps. John Boehner (R-OH) and Bill Thomas (R-CA) on an agreement with the United Auto Workers about their pension legislation:

"The announcement today may make it more likely that Republican leaders will push for a vote on their misguided pension legislation before the end of the year, but it doesn't change the fact that their bill makes Americans' pensions less secure. It worsens the private pension crisis rather than resolving it.

"An analysis by two independent agencies, the Congressional Budget Office and the Pension Benefit Guaranty Corporation, concluded that the House bill worsens the pension crisis by increasing claims on the federal government by billions of dollars, thus boosting the chances of a massive taxpayer bailout and the loss of billions of dollars in employee and retiree benefits. The Republican bill does nothing to stop companies from dumping billions of unwanted promises on to taxpayers at the expense of workers; allows companies to deeply cut the benefits of older workers; and repeals longstanding pension protections that prohibit investment firms from giving conflicted, self-interested investment advice to employees.

"Democrats stand ready to work with Republicans on a pension bill that truly addresses this serious and worsening crisis, and to fight any bill that puts Americans' retirement nest eggs further in jeopardy."

Miller is the senior Democrat on the House Education and the Workforce Committee.

http://www.house.gov/apps/list/press/ed31_democrats/rel121305.html