Press Releases
Currently showing results related to Retirement and Pensions
Ranking Member DeSaulnier Opening Remarks at Subcommittee Hearing Defending Retirees’ Hard-Earned Pensions
12.02.25 WASHINGTON - Ranking Member Mark DeSaulnier (CA-10) delivered the following opening statement at today’s Health, Employment, Labor, and Pensions Subcommittee hearing entitled, “Pension Predators: Stopping Class Action Abuse Against Workers’ Retirement.” “Thank you, Mr. Chairman, and thank you to our witnesses for being here today. “Workers deserve to earn a decent wage, provide for themselves and their families, and retire with dignity. That’s the American way, when we do it right. But right n… Continue Reading
Ranking Member Scott Statement on ILA and USMX Tentative Agreement
01.09.25 WASHINGTON - Ranking Member Robert C. “Bobby” Scott (VA-03), House Committee on Education and Workforce, released the following statement after the International Longshoremen’s Association (ILA) and the United States Maritime Alliance (USMX) reached a tentative six-year agreement. “The International Longshoremen’s Association (ILA) and the United States Maritime Alliance (USMX) six-year tentative agreement is evidence that when workers exercise their right to form a union, they can bargain for… Continue Reading
NEW: Biden Announces an Additional 29,000 Pensions Saved in Pennsylvania
11.01.24 WASHINGTON - Today, the United Food and Commercial Workers (UFCW) Tri-State Pension Plan, based in Plymouth Meeting, Pennsylvania, will have its participants’ retirement benefits fully protected because of the solution to the multiemployer pension crisis that Congressional Democrats delivered in the American Rescue Plan Act. The UFCW Tri-State Pension Plan covers more than 29,000 participants in the service industry. The Plan had been projected to run out of money in 2028. Had that happened, … Continue Reading
Ranking Member Scott Statement on the September Jobs Report
10.04.24 WASHINGTON - Ranking Member Robert C. “Bobby” Scott (VA-03) released the following statement after the Bureau of Labor Statistics announced that the economy added 254,000 jobs in September, and the unemployment rate ticked down from 4.2 to 4.1 percent. Under the Biden-Harris Administration, 16.2 million jobs have been created, and workers have seen their hourly earnings grow by 18.1 percent on average. “Four years ago, the unemployment rate was 7.8 percent. Today, the unemployment rate is 4.1 p… Continue Reading
Ranking Member Scott Led Opposition to Extreme Republicans’ H.R. 5339
09.18.24 WASHINGTON - Today, Ranking Member Robert C. “Bobby Scott” delivered the following floor remarks in opposition to House Republicans’ H.R. 5339. The so-called “Protecting Americans’ Investments from Woke Policies Act” combines four Republican bills that perpetuate a misguided attack on ESG investing and undermine retirement professionals’ abilities to make investment decisions on behalf of workers. Watch Ranking Member Scott’s floor remarks on YouTube. “Thank you. Mr. Speaker, I yield myself … Continue Reading
NEW: Government Watchdog Highlights Risk of “Conflicts of Interest” to Retirement Savers
08.28.24 WASHINGTON - Today a new report from the Government Accountability Office (GAO) further exposes how common “conflicts of interest” are when financial professionals offer investment advice to workers on investing their hard-earned retirement savings. The report was requested by Education and the Workforce Committee Ranking Member Robert C. “Bobby” Scott (D-VA-03), Senate Health, Education, Labor, and Pensions (HELP) Committee Chairman Bernie Sanders (I-Vt.), and Senator Patty Murray (D-WA), Pre… Continue Reading
Committee Republicans Vote to Undermine FAFSA and Jeopardize Retirees’ Savings
07.10.24 WASHINGTON - Today, the Committee on Education and the Workforce Republicans passed bills to: (1) undermine the Department of Education’s ability to roll out an accurate the Free Application for Federal Student Aid (FAFSA), and (2) repeal the Biden-Harris’ Administration’s commonsense Retirement Security Rule. “Once again, we’re missing an opportunity to actually advance meaningful solutions that will uplift students, workers, and their families,” said Ranking Member Scott. H.R. 8932 would as… Continue Reading
Ranking Member Scott Opening Statement at Markup of Bills to Undermine FAFSA and Jeopardize Retirees’ Savings
07.10.24 *Amendments and letters of opposition for today’s markup can be found here.* WASHINGTON - Ranking Member Robert C. “Bobby” Scott (VA-03) delivered the following opening statement at today’s full committee markup of H.R. 8932, H.R. 294, H.R. 6319, H.R. 2574, H.J. Res. 142 “Thank you, Madam Chair. “Madam Chair, once again, we’re missing an opportunity to actually advance meaningful solutions that will uplift students, workers, and their families. “The first proposal we will consider is H.R.… Continue Reading
Ranking Member Scott Statement on June Jobs Report
07.05.24 WASHINGTON - Ranking Member Robert C. “Bobby” Scott (VA-03) released the following statement after the Bureau of Labor Statistics announced that the economy added 206,000 jobs in June, and the unemployment rate ticked up slightly from 4.0 to 4.1 percent. The economy, under President Biden, has created the most jobs in a single presidential term. The previous record was under President Clinton, at 11.6 million jobs. In stark contrast, Trump presided over the worst labor market in modern U.S. hist… Continue Reading
Ranking Member Scott Statement at Hearing with DOL Acting Secretary Su
05.01.24 WASHINGTON -Ranking Member Robert C. “Bobby” Scott (VA-03) delivered the following opening statement at today’s full committee hearing, “Examining the Policies and Priorities of the Department of Labor” with Acting Secretary of Labor Julie Su. “Acting Secretary Su, good morning. “I think it is important to note that your service as acting Secretary has been verified as constitutionally proper by the Government Accountability Office. So, there is no question as to whether or not you are serv… Continue Reading
Ranking Member Scott Applauds Biden Administration’s Action to Protect Americans’ Retirement Savings
04.23.24 WASHINGTON - Ranking Member Scott issued the following statement after the Biden administration released a final rule to close loopholes and prevent unscrupulous financial advisers from ripping off their retirement clients. “Every hardworking American deserves access to a secure and dignified retirement. Unfortunately, workers today are left wondering whether the retirement investment advice they receive is in their best interest or the financial interest of their advisers. While most advisers… Continue Reading
Congressman Kim Secures $279 Million to Protect 10,252 Service Industry Workers’ Retirement Benefits
04.16.24 MOUNT LAUREL, N.J. - Today, Congressman Andy Kim (NJ-03) announced that the United Food and Commercial Workers Union Local 152 Retail Meat Pension Plan (UFCW Local 152 Plan), based in Mount Laurel, will receive $279.3 million from the Special Financial Assistance (SFA) Program to pay participant’s retirement benefits without reduction for many years to come. Congressman Kim helped create the SFA Program through the American Rescue Plan in 2021. “Across any industry, American workers deserve to … Continue Reading
Ranking Member Scott Statement on March Jobs Report
04.05.24 WASHINGTON - Ranking Member Robert C. “Bobby” Scott (VA-03) released the following statement after the Bureau of Labor Statistics announced that the economy added 303,000 jobs in March, and the unemployment rate ticked down from 3.9 to 3.8 percent. Since President Biden took office, the economy has added 15.2 million jobs. And initial unemployment insurance claims have remained below former President Trump’s pre-pandemic average for 20 consecutive weeks. “Four years ago, millions of retirees we… Continue Reading
Ranking Member Scott Applauds Biden Administration for Continued Responsible Stewardship of the Historic Special Financial Assistance Program
03.15.24 WASHINGTON - Robert C. “Bobby” Scott (VA-03), Ranking Member of the House Committee on Education and the Workforce, issued the following statement after the Department of Labor (DOL) announced a policy to ensure that excess Special Financial Assistance (SFA) program payments can be refunded to the U.S. government. Last month, the Central States, Southeast, Southwest Areas Pension Fund (Central States) wrote to the Biden Administration and requested guidance on whether the excess payment in the … Continue Reading
Ranking Member Scott Statement on the President’s Budget
03.12.24 WASHINGTON - Ranking Member Robert C. “Bobby” Scott (VA-03) released the following statement after President Biden released his proposed budget for Fiscal Year 2025. “President Biden’s proposed budget details the Administration’s vision on how we can continue to build an America where everyone can succeed. The budget proposal calls for transformational investments that would grow our economy from the bottom up and the middle out, and lower costs for students, workers, and families. “The Presi… Continue Reading
Scott, Sanders Applaud Biden Labor Department Proposal to Close Loopholes and Level the Playing Field for Retirement Savers
01.03.24 WASHINGTON - Yesterday, Education and the Workforce Committee Ranking Member Robert C. “Bobby” Scott (VA-03) and Chairman of the Senate Health, Education, Labor, and Pensions (HELP) Committee Senator Bernie Sanders (I-Vt.) applauded the Department of Labor’s (DOL) proposal to protect workers’ retirement savings. The proposal, which holds trusted advisers to a fiduciary standard under the Employee Retirement Income Security Act of 1974 (ERISA) when making investment recommendations to their reti… Continue Reading
SECURE 2.0 Act Technical Corrections Discussion Draft Released
12.06.23 A discussion draft containing technical corrections and other clarifications for the SECURE 2.0 Act of 2022 has been released by House Committee on Education and the Workforce Chairwoman Virginia Foxx (R-NC) and Ranking Member Robert C. “Bobby” Scott (D-VA), along with House Committee on Ways and Means Chair Jason Smith (R-MO) and Ranking Member Richard E. Neal (D-MA). Senate Finance Committee Chair Ron Wyden (D-OR) and Ranking Member Mike Crapo (R-ID), along with Senate Committee on Health, Edu… Continue Reading
Government Watchdog Report Finds Employee Benefits Security Administration Grappling with Limited Resources
11.16.23 WASHINGTON - Today, Ranking Member Robert C. “Bobby” Scott (VA-03) announced the release of a new report from the Government Accountability Office (GAO), which assessed the management of priorities in the face of years of underfunding that has hindered the Department of Labor (DOL) Employee Benefits Security Administration’s ability to protect the health and retirement benefits of workers and retirees. “Today’s report underscores the consequences of a decade of underfunding that has left the Em… Continue Reading
As MAGA House Republicans Push for Government Shutdown, Committee GOP Advances Partisan Messaging Bills
09.14.23 WASHINGTON - Today, Committee Republicans advanced a set of bills—including H.J. Res 88, H.R. 5339, H.R. 5337, and H.R. 5340—that would eliminate the most affordable student loan repayment plan ever offered to borrowers and allow extreme MAGA Republicans, instead of financial experts, to make important investment decisions on behalf of retirement savers. “By this point in the last Congress, Congressional Democrats had already passed the American Rescue Plan Act—which delivered the largest, one-… Continue Reading
Ranking Member Scott Opening Statement at Markup of Bills to Strip Support for Student Loan Borrowers, Inject Partisan Politics in Investment Decisions for Retirement Savers
09.14.23 WASHINGTON - Ranking Member Robert C. “Bobby” Scott (VA-03) delivered the following opening statement at today’s full committee markup of H.R. 4259, H.R. 5349, H.R. 5110, H.J. Res. 88, H.R. 4957, H.R. 5339, H.R. 5337, H.R. 5338, and H.R. 5340. “Thank you, Madam Chair. “Today, the Committee is marking up nine bills. Regrettably, some are benign or noncontroversial, but some are also divisive and partisan and will undermine the economic security of workers, students, and families. Moreover, thes… Continue Reading