Key Vote Alert – House – NO on Private Pension Bailout, H.R. 6929
The Club for Growth opposes the Susan Muffley Act of 2022, H.R. 6929 and urges all Representatives to vote NO. A vote is likely to occur soon. If the bill passes the House, the key vote will extend to the United States Senate. The results of this vote (or votes) will be included in the Club for Growth Foundation’s 2022 congressional scorecard.
The legislation increases federal spending, increases federal revenue, and increases federal regulation. It is a bailout of insolvent, unfunded, privately-run pension plans.
The bill increases benefits guaranteed in connection with certain covered pension plans – these plans include the Delphi Hourly-Rate Employees Pension Plan, the Delphi Retirement Program for Salaried Employees, the PHI Non-Bargaining Retirement Plan, the ASEC Manufacturing Retirement Program, the PHI Bargaining Retirement Plan, and the Delphi Mechatronic Systems Retirement Program.
The bill also enables the Pension Benefit Guaranty Corporation (PBGC) to “issues such regulation as necessary to carry out” the Trust Fund for Payment of Increased Benefits in consultation with the Secretary of Treasury and Secretary of Labor.
According to the Congressional Budget Office, the bill would increase federal spending by $912 million and would increase revenue by $188 million. While these levels of federal spending and revenue increases are miniscule when compared to the $30.4 trillion national debt, the bill establishes additional precedent for the bailout of other pension plans.
In summary, this legislation increases the size, scope, and cost of the federal government.
Club for Growth Foundation’s Congressional Scorecard for the 117th Congress provides a comprehensive rating of how well or how poorly each member of Congress supports pro-growth, free-market policies and will be distributed to the public.