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house Bill H.R. 397

Should the Treasury Make Loans to Prop Up Insolvent & Suspended Multiemployer Pension Plans?

Argument in favor

Multiemployer pension plans are in crisis. If they fail, they’ll wipe out hardworking Americans’ retirement savings and leave them in dire financial straits through no fault of their own. The federal government needs to step in to bolster multiemployer pension plans and ensure they remain solvent.

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07/24/2019
Depends. Did corrupt Republicans deplete the pensions for their own personal gain? Did Company executives gamble the pension funds in hopes for huge windfalls (high risk with other people’s money signifies mental and pathological concerns)? If the pension funds are diminished due to unadulterated funds, then yes. If the funds were depleted due to unethical, immoral business practices and potentially illegal acts, then this perpetrators shall pay back all losses and bring the funds within appropriate balances. The perpetrators shall also never be employed again, serve on boards, trade stocks, or accept money or funds or compensation from any investments, other than minimum wage jobs, for community service type work.
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Lauren's Opinion
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07/24/2019
We cannot let the people who depended on and currently depend on these pensions fall through the cracks and be hung out to dry. As for the people who mismanaged these funds, they needs to be locked up and given the maximum amount of jail time. They need to be made examples of. Wall Street is corrupt and needs to be held accountable.
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Choky's Opinion
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07/24/2019
The republicans have a hand on the looting of pension plans by corporations. People put money on pension funds for retirement not to be lotted by others. Something must be done to protect the pension plans for hard working people.
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Argument opposed

This bill would be very expensive and it amounts to a bailout for poorly-managed multiemployer pension plans. Setting the precedent that these plans can rely on the federal government to back them up when they’re mismanaged is bad policy that could have significant repercussions down the line.

burrkitty's Opinion
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07/24/2019
No. Pursue criminal charges against the fund managers and administrators that destroyed the pension funds. We have let Wall Street walk away unscathed from their greed and destructive behavior for far to long. Stop protecting corporations and Wall Street at the expense of people. Our government is supposed to be “For the People”
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David's Opinion
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07/24/2019
We have a free market and congress has no business propping up mismanaged retirement funds or any business or any bank. Failure will help cleanup our economy by removing the high risk players and supporting the businesses or funds that make good decisions.
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jimK's Opinion
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07/24/2019
The biggest problem with this is that there is little evaluation proposed as to the Why pensions plans are no longer supported. I would be afraid to have a one size fits all solution. Way to easy to abuse. If a business fails and goes bankruptcy, I would encourage bankruptcy laws give top priority to the support employer sponsored retirement plans. Also, as a cost associated with sponsored plans, purchase insurance to guarantee say 10 years of pension payout, should the company not be able to honor their commitments in the future.
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    Depends. Did corrupt Republicans deplete the pensions for their own personal gain? Did Company executives gamble the pension funds in hopes for huge windfalls (high risk with other people’s money signifies mental and pathological concerns)? If the pension funds are diminished due to unadulterated funds, then yes. If the funds were depleted due to unethical, immoral business practices and potentially illegal acts, then this perpetrators shall pay back all losses and bring the funds within appropriate balances. The perpetrators shall also never be employed again, serve on boards, trade stocks, or accept money or funds or compensation from any investments, other than minimum wage jobs, for community service type work.
    Like (72)
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    No. Pursue criminal charges against the fund managers and administrators that destroyed the pension funds. We have let Wall Street walk away unscathed from their greed and destructive behavior for far to long. Stop protecting corporations and Wall Street at the expense of people. Our government is supposed to be “For the People”
    Like (69)
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    We have a free market and congress has no business propping up mismanaged retirement funds or any business or any bank. Failure will help cleanup our economy by removing the high risk players and supporting the businesses or funds that make good decisions.
    Like (40)
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    The biggest problem with this is that there is little evaluation proposed as to the Why pensions plans are no longer supported. I would be afraid to have a one size fits all solution. Way to easy to abuse. If a business fails and goes bankruptcy, I would encourage bankruptcy laws give top priority to the support employer sponsored retirement plans. Also, as a cost associated with sponsored plans, purchase insurance to guarantee say 10 years of pension payout, should the company not be able to honor their commitments in the future.
    Like (35)
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    We cannot let the people who depended on and currently depend on these pensions fall through the cracks and be hung out to dry. As for the people who mismanaged these funds, they needs to be locked up and given the maximum amount of jail time. They need to be made examples of. Wall Street is corrupt and needs to be held accountable.
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    I can’t believe I am saying this but no. It is not up to the federal government to bail everybody out. Poorly operating companies go under all the time. Ask POTUS. Labor Unions used to fight for pensions And monitor investments but the country seems to be headed towards right to work laws. No organization, no muscle. But then that’s a choice freely made. If you want companies to go bankrupt like Sears and still be able to hand out CEO bonuses but default on pensions, look hard at what you’re voting for and for whom you’re voting. If you don’t, well it’s your own damn fault.
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    No way! Hold the company owners PERSONALLY responsible for any mismanagement. Take away their mansions, fancy cars, bank accounts, whatever. Put them in jail, too. That ought to be a deterrent. We, the taxpayers, should not be responsible for bailing these companies out. We cannot set a precedent to do this or we’ll be on an unsustainable road here. Get rid of farm subsidies, oil subsidies, mining subsidies - any and ALL subsidies. If you’re not self-sustainable, perhaps you shouldn’t be in business.
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    The republicans have a hand on the looting of pension plans by corporations. People put money on pension funds for retirement not to be lotted by others. Something must be done to protect the pension plans for hard working people.
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    We bailed out banks and we’ve bailed out the car industry. People who have worked and paid into these plans should not be penalized. This is the reason we need tough regulation of pensions, banks, interest rates and fees. To protect the US worker from predatory practices and incompetence.
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    They are going to make loans to pension plans that have no money to pay them back! Is congress going to investigate and possibly prosecute the people who ran these plans? Are these plans in trouble because those in charge took use amounts of money for them selves or sweet heart loans to their friends? We had trillions of dollars disappear in derivative bonds about ten years ago and the government pumped trillions of dollars to save those companies.
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    What’s a pension?
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    That is why there are leaders to handle union dues, it is not up to all the taxpayers to bailout every inadequacy. Hold those involved accountable not taxpayers.
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    1) Are private employee pensions the Government’s responsibility to fund? 2) How will these “loans” be repaid? 3) Do a better job of monitoring these plans instead of waiting until they fail to react. 4) Hold corporations responsible for fulfilling commitments to their employees. No bailouts for failure. 5) You’re saying the Government has money to lend; but it can’t bolster Social Security, which IS a Government responsibility and which the Government stole from?
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    Absolutely , these plans benefits areEARNED by the long term employees! The employees trusted their employers! Now the pensioners in retirement will suffer unless the government helps! The Govt bailed out the banks n auto companies.. and continues to subsidize the oil and railroad among other Industries! Isn’t it time that the people that have paid taxes all these years get some help instead of big business! If the pension plans fail..who will be buying the oil, autos etc? Retirees area huge part of the Economy! Please vote yes!
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    Seize the total assets of all the people who contributed to the shortfall.
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    We bailed out banks, that was one time too many.
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    There’s a reason the pension plans are not working. They have failed because they were either placed into the wrong program or mismanaged by corporate financial firms. For the most part, the Treasury department should not be propping up these pension programs. The companies knew the risks and failed to uphold their end of their bargain. Instead, it should be up to the bank that the pension program was built into to solve this. Employees should take companies to court for their financial stupidity and allow the courts to solve this, not the Treasury department.
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    No but instead make those plans eligible for fines or costs if they fail due to their poor planning or investments
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    Not the responsibility of the federal government
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    Not a function of the federal government to cover poor investment decisions or proper funding level decisions for pensions. Those pensions, and their managers, etc should be insured and audited and reported to the members each year. How hard is that. It is not the function of the federal government to use public monies to cover private debts.
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