House Passes "Pension Reform" Bill - But Don't Celebrate Yet
The House of Representatives passed a bill yesterday that would place some limits on how employers handle 401(k) plans for workers. The bill passed by a 255-163 margin, after Democrats gave up attempts to improve the bill with amendments. The bill was promoted as a "pension reform" bill in the wake of the unraveling Enron fiasco. In reality - something in short supply in our big business-dominated Congress - it was merely a mis-named bill to provide some minimal protections and rights to holders of 401(k) accounts.