What: All Issues : Labor Rights : Pension Protections : H.R. 1000. Employee Pensions/Vote to Allow Consideration of a Bill Intending to Safeguard Employee Pension Accounts Which Failed to Extend Those Rules to Corporate Executive Pension Plans.
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H.R. 1000. Employee Pensions/Vote to Allow Consideration of a Bill Intending to Safeguard Employee Pension Accounts Which Failed to Extend Those Rules to Corporate Executive Pension Plans.
house Roll Call 186     May 14, 2003
Y = Conservative
N = Progressive
Winning Side:
Conservative

After Enron's fraudulent corporate accounting practices were publicly exposed, employees of the company attempted to sell Enron stock in their 401(k) retirement plans before the stock bottomed out. The energy company, however, prevented its employees from selling their stock and, as a result, employees' retirement savings dissipated as Enron's stock plunged from $90 in October 2000 to $0.26 in December 2001. Enron's actions preventing its employees from selling their stock in the company fueled concerns regarding the safety of retirement plans and have inspired congressional reforms of corporate pension programs. In a move to rebuild confidence in corporate pension programs, House Republicans drafted a bill to provide employees with more control over their pension funds and greater information about their retirement investments. In the view of Progressives, however, the GOP-drafted bill was a half-hearted measure and failed to address major problems in the current system. Specifically, Progressives opposed provisions in the bill that would allow money managers hired to run a company's 401(k) plan to provide investment advice to workers because those managers might unduly profit by recommending investments for which they would earn fees. On this vote, Republicans attempted to move the previous question, thereby ending debate and the possibility of amendment, on a rule to provide for House consideration of the pension protection measure. Before legislation can be debated in the House, a rule drafted by the House Rules Committee (which is in effect an arm of the majority party leadership) must be adopted. Progressives voted against the motion because they were opposed to the key provisions mentioned above in the underlying legislation. On a straight party-line vote, the motion was adopted 218-201.

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