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OPA News Release: [04/11/2002] Contact Name: Sue
Hensley
Labor Secretary Applauds Passage Of Pension Protection Bill Urges
Senate to Follow Suit
WASHINGTON U.S. Secretary of Labor Elaine L. Chao today
commended members of the U.S. House of Representatives for passage of the
Pension Security Act (H.R. 3762). The bill was passed by a bipartisan vote of
255-163. Chao released the following statement:
The work of the House of Representatives toward achieving
retirement security for working families has been critical as all of us
Republicans and Democrats, Congress and the administration seek to
protect the financial future of every American.
The legislation passed today is so important, and I commend the
House for moving on it so quickly. And now we must not waste any time making it
law. Because the laws that currently govern pensions are outdated, and workers
are waiting for us to modernize them.
This bill acknowledges the fact that, over the last 20 years,
theres been a revolution in the way that people plan and save for
retirement America is now a nation of investors.
The Pension Security Act is also guided by strong core principles,
outlined by the President earlier this year.
It is built on the belief, on the fact that workers need
more choice, more confidence, and more control over their retirement plans.
I applaud Chairmen Boehner and Thomas, as well as Reps. Portman,
Johnson and Fletcher for their leadership on this issue in the House, and I
call upon the Senate to act as quickly and decisively. Americas workers
are counting on Washington to update the law it is the only way to
adequately protect their hard-earned money.
I have one message for our friends in the Senate: remember that
the money belongs to the workers. They earned it, they sacrificed to save it;
and they should have the right to decide how to invest it.
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