Press Releases
Currently showing results related to Retirement and Pensions
Committee Democrats to Scalia: Stop Undermining Americans’ Ability to Make “Sustainable Investments”
07.30.20 WASHINGTON - In a letter to Secretary Eugene Scalia, 21 Committee Democrats expressed deep concern about the Department of Labor's (DOL) proposed rule to undermine workers' ability to invest responsibly when saving for retirement. The rule would needlessly restrict retirement plans for considering environmental, social, and governance (ESG) factors when making investment decisions. In the letter to Secretary Scalia, the Members said the DOL failed to provide an adequate justification for overtu… Continue Reading
Committee Holds Virtual Member Briefing on How the Trump Administration is Failing Retirement Savers
07.16.20 WASHINGTON - Today, the Committee held a virtual briefing to examine how recent Department of Labor's actions have weaken retirement protections for workers. The briefing, entitled "Failing Retirement Savers: Examining Three Recent Labor Department Actions," focused on how the Trump administration has taken steps that will erode retirement security for future retirees by exposing them to bad advice and greater risk while undermining accountability for unethical retirement advisors. "In this … Continue Reading
Scott, Murray Press Trump Administration for Extended Comment Period on Weakened Retiree Protection
07.02.20 WASHINGTON - Today, Chairman Bobby Scott (D-VA), House Education and Labor Committee and Ranking Member Patty Murray (D-WA), Senate Health, Education, Labor, and Pensions Committee, sent a letter to Secretary of Labor Eugene Scalia calling for the Department of Labor to extend the comment period for its recent proposal to replace an Obama-era retirement protection-which Scalia fought in court to strike down prior to being nominated to lead the Department-with a weaker version which would let fin… Continue Reading
Chairman Scott Statement on DOL Proposal Threatening Workers’ Retirement Savings
06.30.20 WASHINGTON - Chairman Bobby Scott (VA-03) issued the following statement after the Department of Labor (DOL) proposed a new fiduciary rule that would threaten workers' hard-earned retirement savings. "As we continue to confront the worst public health emergency and economic crisis in recent history, the Department of Labor issued a new rule that undermines workers' protections when making major decisions on how to save for retirement. Specifically, the Department reinstated a loophole-ridden … Continue Reading
Scott Praises Ways and Means Committee for Advancing the Rehabilitation for Multiemployer Pensions Act
07.10.19 WASHINGTON - 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. … Continue Reading
Murray, Scott Request Oversight of Cybersecurity in the Retirement System
02.13.19 WASHINGTON -Senator Patty Murray, (D-WA), Ranking Member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, and Congressman Bobby Scott, (D-VA), Chairman of the House Committee on Education & Labor sent a letter to Gene Dodaro, Comptroller General of the U.S. Government Accountability Office (GAO), requesting GAO to examine the cybersecurity of the retirement system. “We write to request the U.S. Government Accountability Office (GAO) examine the cybersecurity of the pri… Continue Reading
Chairman Scott Introduces Bill to Protect Coal Miners’ Retiree Medical Benefits
02.05.19 WASHINGTON - Last week, Chairman Bobby Scott (VA-03), Committee on Education and Labor, along with Chairwoman Frederica Wilson (FL-24), Subcommittee on Health, Employment, Labor and Pensions, introduced the Health Benefits for Miners Act of 2019. This legislation would ensure coal miners, who are at risk due to recent coal company bankruptcies, will not lose their retiree health care. "Two years ago, Congress took bipartisan action and upheld the federal government's commitment to protecting re… Continue Reading
Chairman Scott Statement on Butch Lewis Act Reintroduction
01.09.19 WASHINGTON - Chairman Bobby Scott (VA-03) issued the following statement after Chairman Richard Neal (MA-01) reintroduced the Rehabilitiation for Multiemplyer Pensions Act (Butch Lewis Act). "Americans who worked hard their entire lives and planned for secure retirements should not have the rug pulled out from under them. The Butch Lewis Act of 2019 is a bipartisan proposal that ensures retirees receive the pension benefits they have earned. This legislation, in addition to the work of the Joi… Continue Reading
Waters, Scott, Brown and Murray Call on SEC to Increase Investor Protections
09.12.18 WASHINGTON -- Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services; Congressman Bobby Scott (D-VA), Ranking Member of the House Committee on Education and the Workforce; Senator Sherrod Brown (D-OH), Ranking Member of the Senate Banking Committee, and Senator Patty Murray (D-WA), Ranking Member of the Senate Health, Education, Labor and Pensions Committee, sent a letter to Securities and Exchange Commission (SEC) Chairman Jay Clayton urging the S… Continue Reading
Scott Remarks at First Meeting of Joint Select Committee on Solvency of Multiemployer Pension Plans
03.14.18 WASHINGTON - Ranking Member Bobby Scott (VA-03) issued the following remarks at the first official meeting of the Joint Select Committee on Solvency of Multiemployer Pension Plans to formally organize and approve its rules. "Thank you, Chairman Hatch and Chairman Brown. "This Committee is charged with tackling a complex and urgent problem, preventing the foreseeable collapse of the multiemployer pension fund. "Hard-working Americans earned their pensions in demanding industries such as constr… Continue Reading
Ranking Member Scott Statement on Appointment to Special Congressional Committee Addressing Multiemployer Pension Crisis
02.23.18 WASHINGTON - Education and the Workforce Committee Ranking Member Bobby Scott (VA-03) issued the following statement after being appointed by House Democratic Leader Nancy Pelosi to the Joint Select Committee on the Solvency of Multiemployer Pension Plans (Joint Select Committee). Ranking Member Scott is one of only 16 Members of Congress to be appointed to it. Established by the Bipartisan Budget Act of 2018, the Joint Select Committee is responsible for putting forward solutions to Congress be… Continue Reading
Committee Democrats Fight for Bipartisan Solution to PBGC Multiemployer Pension Program Crisis
11.29.17 TODAY, the Subcommittee on Health, Employment, Labor, and Pensions held a hearing entitled, "Financial Challenges Facing the Pension Benefit Guaranty Corporation (PBGC): Implications for Pension Plans, Workers, and Retirees." The multiemployer pension system is facing a looming collapse, threatening Americans' retirement security. Without updates to the current law, the PBGC multiemployer program will run out of money by the end of 2025, if not sooner. "I believe we should be guided by the simp… Continue Reading
Joined By Retired Teamsters & Miners, House & Senate Democrats Unveil New ‘Better Deal’ Proposal To Ensure 1.5 Million Retired Workers Across Country Keep Their Earned Pensions In Full
11.16.17 WASHINGTON - House and Senate Democrats today unveiled the latest tenet of their economic agenda, "A Better Deal," which would ensure the pensions that American workers have earned over a lifetime of work are safeguarded and protected into the future. The Democrats' "Better Deal to Save Our Pensions" proposal includes new legislation to ensure Teamsters, miners, and thousands of other American workers can keep the retirement they have earned so their families and livelihoods are not put at risk.… Continue Reading
House, Senate Democratic Leaders to Trump Administration: No Evidence for 18-Month Delay of Critical Protections for Millions of Retirement Savers
09.15.17 (Washington, D.C.) - Today, Representatives Bobby Scott (D-VA), Ranking Member of the Education and the Workforce Committee, and Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, and Senators Patty Murray (D-WA), Ranking Member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, Ron Wyden (D-OR), Ranking Member of the Senate Finance Committee, and Sherrod Brown (D-OH), Ranking Member of the Senate Banking, Housing, Urban Affairs Committee, sent a … Continue Reading
Committee Republicans Pass Flawed Bill Eliminating Key Protection for Workers and Retirement Savers
07.19.17 WASHINGTON - Today, the Committee on Education and the Workforce held a markup on H.R. 2823, the so-called The Affordable Retirement Advice for Savers Act. This legislation repeals the fiduciary rule that simply ensures workers are not ripped-off when investing their hard-earned retirement savings and proposes an alternative full of loopholes that would drastically weaken consumer protections. “The bill being marked-up today repeals the fiduciary rule and proposes a far weaker, loophole-ridden … Continue Reading
Scott, Cummings, Waters on Trump Administration’s Decision to Temporarily Halt Repeated Attempts to Undermine Fiduciary Rule
05.23.17 WASHINGTON - Bobby Scott (VA-03), Reps. Elijah E. Cummings (MD-07), and Maxine Waters (CA-43), ranking members of the House Committees on Education and the Workforce, Oversight and Government Reform, and Financial Services, issued the following statement on today's announcement that the Department of Labor's (DOL) fiduciary rule will be initially implemented after the conclusion of the current 60-day delay. "For years, Democrats have championed this common sense rule because it simply ensures … Continue Reading
Committee Republicans Continue Efforts to Endanger Retiree Savings
05.18.17 WASHINGTON - TODAY, the Subcommittee on Health, Employment, Labor, and Pensions held a hearing entitled "Regulatory Barriers Facing Workers and Families Saving for Retirement." Subcommittee Democrats stand ready to work on meaningful bipartisan solutions to help Americans achieve a secure and dignified retirement. Unfortunately, Congressional Republicans and the Trump Administration's policies and priorities are the actual 'barriers facing working people and families saving for retirement' - no… Continue Reading
Scott to Foxx: Do Not Waive Committee Jurisdiction Over #WrongCHOICE Act
05.04.17 WASHINGTON - Earlier this week, Ranking Member Bobby Scott (VA-03) sent a letter to Chairwoman Virginia Foxx (NC -05) urging her not to agree to any requests to waive the Committee’s jurisdiction over H.R. 10 the Financial CHOICE Act of 2017, legislation that would destroy the Department of Labor’s fiduciary rule. “It has come to my attention that the House Committee on Financial Services is planning to begin the mark-up of H.R. 10 on May 2nd” Scott wrote. “The bill was referred to our Commi… Continue Reading
Scott Denounces Senate Move to Weaken State Retirement Savings Programs
05.03.17 WASHINGTON - Committee on Education and the Workforce Ranking Member Bobby Scott (VA-03) released the following statement after the U.S. Senate passed (50-49) H.J.RES.66, a Congressional Review Act joint resolution to undercut state initiatives to establish retirement savings programs for private-sector workers. "Today, the Senate passed H.J.Res. 66, a joint resolution that nullifies a critical Department of Labor rule supporting states' efforts to expand workers' access to retirement savings p… Continue Reading
Scott, Waters, Cummings Denounce Trump Administration’s Delay of Conflict of Interest Rule
04.05.17 WASHINGTON, DC - Today, Reps. Bobby Scott (VA-03), Maxine Waters (CA-43), and Elijah E. Cummings (MD-07), Ranking Members of the House Committees on Education and the Workforce, Financial Services, and Oversight and Government Reform, issued the following statement on the Trump Administration's delay of the conflict of interest rule: "It is unacceptable that now - days before the final conflict of interest rule is scheduled to begin - the Trump Administration is carelessly delaying the rule for… Continue Reading