What: All Issues : Labor Rights : Pension Protections : HR 3762. Pension Reform/Vote to Allow Consideration of a Bill Which Allowed Executives to Own a Greater Share of Pension Money and Required the Diversification of Employee Pension Plans. (2002 house Roll Call 87)
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HR 3762. Pension Reform/Vote to Allow Consideration of a Bill Which Allowed Executives to Own a Greater Share of Pension Money and Required the Diversification of Employee Pension Plans.
house Roll Call 87     Apr 11, 2002
Progressive Position:
Nay
Progressive Result:
Loss

The scandals at Enron and other corporations-in which employees were restricted from selling stock and then left holding worthless retirement plansconvinced many on Capitol Hill that reform was necessary. The reform bill drafted by House Republicans gave employees much more flexibility to diversify their portfolios, and mandated that employers provide investment advice to aid that diversification. Progressives and Democrats in general agreed with the principle of the bill, but they had complaints about its specifics. They argued that the diversification provisions were too confusing and tilted toward employers, that provisions to ensure equity between executive and employee pensions were weakened from existing law, and that the mandated investment advisors would be likely to give self-serving advice. In the House, bills come partnered with a "rule," a resolution establishing the rules for debate on that bill. Because the rule must be voted on and passed before the bill can be considered, opponents of a bill will usually block the rule as well. When Linder (R-GA) moved to order the previous question-a way of cutting off debate and calling for a vote on the rule-Progressives voted "no," because they opposed the bill and its rule, and so did not want to see either one come to a vote. But they did not have the votes to prevail, and Linder's previous question motion passed, 218-208.

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