Labor Secretary Applauds Passage Of Pension Protection Bill Urges Senate to Follow Suit

Archived News Release — Caution: Information may be out of date.

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 Because the laws that currently govern pensions are outdated, and workers are waiting for us to modernize them.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, there’s 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. America’s 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.”

Archived News Release — Caution: Information may be out of date.