Rep. George Miller, D-Calif., said Tuesday that he is planning to deliver pies —with a slice missing — to each of the 23 senators on the Senate Finance Committee to protest the Senate’s proposed deletion of 401(k) fee-disclosure provisions from a major tax and jobs bill.
The missing slice, said Mr. Miller in a news release, represents the fees that Wall Street takes from 401(k) participants.
The fee-disclosure provisions were part of the American Jobs and Closing Tax Loopholes Act of 2010, which the House approved May 28 and then sent to the Senate.
But Senate Finance Committee Chairman Max Baucus, D-Mont., deleted the provisions in the Senate version of the bill, which is expected to be voted in the Senate later this week.
Mr. Miller, chairman of the House Education and Labor Committee, has vowed to fight to ensure that the fee-disclosure provisions are included in the jobs bill ultimately approved by Congress.
“There is no requirement for Wall Street to tell accountholders how much they take out of Americans’ 410(k)-style plans,” according to a news release issued by Mr. Miller’s office. “With more than 50 million Americans relying on these plans to finance their retirements, hidden fees can make a big difference in families’ retirement security.”
Aaron Albright, a spokesman for Mr. Miller, had no additional comment.