President Bush today announced a cabinet-level review of pension rules to ensure workers dont lose retirement dollars if their employers go out of business.
Treasury Secretary Paul ONeill, Labor Secretary Elaine Chao and Commerce Secretary Don Evans were asked to set up a working group to examine current pension law and recommend changes "to make sure that people are not exposed to losing their life savings as a result of a bankruptcy, for example, Mr. Bush said.
Mr. Bush also said that in light of Enron Corp.s collapse, the SEC and other federal regulators will examine securities regulations, reviewing corporate disclosure rules to ensure that shareholders are protected.
Mr. Bushs review was applauded by James A. Klein, president of the American Benefits Council. "A thoughtful review of the issues before considering possible changes will protect these individuals without undermining the integrity and success of the voluntary employer-sponsored retirement system, he said in a statement.