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Conference Report on H.R. 4348, Moving Ahead for Progress in the 21st Century Act

Floor Speech

Location: Washington, DC


Mr. TIBERI. Madam Speaker, many employers have reassured me that the pension stabilization language included in the Surface Transportation Extension Act of 2012 will allow them to invest more to create jobs and will prohibit a reduction in their workforce. I hope this is the case and that these pension reforms will help businesses create jobs in a struggling economy.

However, H.R. 4348 does not make changes to the financial reporting requirements known as Generally Accepted Accounting Principles (GAAP) to allow companies to reflect the reforms on their balance sheets. The end result of this is that many company balance sheets will be required to show inflated pension liabilities that the reforms seek to address.

There is also no guidance provided to the overseeing entities of GAAP on how to conform these reforms and accounting requirements.

The pension stabilization language is meant to allow companies to calculate their pension funding status through a more stable, long-term method. There should be consistency between the law and how pension obligations are reported on companies' financial statements.


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