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Democrats Pass Bill Forcing Taxpayers to Bailout Failed Pensions

Today, House Democrats voted overwhelmingly in favor of H.R. 397, radical and ill-advised legislation that puts American taxpayers on the hook, for the first time ever, to pay for failed union-managed pension plans. Following the legislation’s passage, Rep. Virginia Foxx (R-NC), Republican Leader of the House Committee on Education and Labor, said: 
"Through no fault of their own, retirees and workers in multiemployer union pension plans will not see the benefits they’ve been promised because of reckless mismanagement by union leaders.
 
“Instead of giving this serious issue the time and bipartisan consideration it deserves, Democrats are ramming through a political statement disguised as a legislative proposal. 
 
“This legislation does nothing to reform broken union-led pension plans or prevent them from continuing to be underfunded. In fact, it allows them to continue promising new benefits, allowing liabilities to grow.
 
“H.R. 397 simply throws billions of taxpayer dollars at union-mismanaged plans while Congress turns a blind eye and hopes for the best. That’s not a solution, it’s a disgrace.”
 
NOTE: In June, the House Committee on Education and Labor held a markup on H.R. 397, during which Democrats shut down debate and denied Republicans the opportunity to offer a single amendment. It was an unprecedented move given the long history of bipartisan work on the issue.
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