Scott Praises Ways and Means Committee for Advancing the Rehabilitation for Multiemployer Pensions Act
WASHINGTON, DC – Congressman Bobby Scott (VA-03), chairman of the Education and Labor Committee, released the following statement after the Ways and Means Committee advanced H.R. 397, the Rehabilitation for Multiemployer Pensions Act (Butch Lewis Act).
“The multiemployer pension system faces an urgent crisis that is threatening the retirement security of over one million Americans. If Congress fails to act, retirees will see catastrophic reductions in their hard-earned pensions. Jobs will be lost. Taxpayers will have to shoulder enormous costs as impacted retirees may be forced to rely on public benefits to take care of themselves and their families. Moreover, the cost of Congressional inaction would likely dwarf the costs of H.R. 397. It is clear, the worst option on the table is doing nothing.
“Fortunately, there is a bipartisan solution that addresses the immediate crisis and protects retirees’ pensions. The Education and Labor Committee approved it last month, and I am pleased that Chairman Neal and the Ways and Means Committee did so today. I am hopeful that H.R. 397 will be considered on the House floor in the coming weeks. Retirees, workers, employers, and taxpayers are counting on Congress to address the multiemployer pension crisis, and we must deliver a solution for them.”