What: All Issues : Labor Rights : Pension Protections : HR 3762. Pension Reform/Vote on Democratic Version of Pension Reform Bill Designed to Provide Employees with More Protections than Republican Measure.
 Who: All Members
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HR 3762. Pension Reform/Vote on Democratic Version of Pension Reform Bill Designed to Provide Employees with More Protections than Republican Measure.
house Roll Call 90     Apr 11, 2002
Y = Conservative
N = Progressive
Winning Side:
Conservative

In the wake of the scandals at Enron and other corporations, lawmakers saw a need for pension reform to save employees from being trapped with company stock as the company collapsed. A Republican reform bill made it easier for employees to diversify their portfolios, and required employers to give employees access to outside investment advisors. Nonetheless, Progressives and Democrats in general felt the bill did not go far enough. They favored a Democratic version that included a number of provisions more favorable to employees. The Democratic bill would have made executive pay subject to bankruptcy procedures, would have required pension boards to include an employee representative, and would have allowed employees to take their company to court if executive misbehavior caused their pension to lose value. But when this version of pension reform was proposed as a substitute to the Republican bill, it could not muster a majority. With Progressives voting "yes," the substitute was rejected 187-232.

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