Rep. Earl Pomeroy, D-N.D., today announced plans to draft legislation that would fix the Social Security system by investing up to half of its assets in the stock market.
``If any of your pension funds was investing like Social Security you would be violating your fiduciary duty under ERISA,'' he said speaking at a meeting of the ERISA Industry Committee.
Mr. Pomeroy's legislation will propose creating an independent board whose responsibility will be to hire money managers to invest up to half of the Social Security system's assets in passive investments over a period of 15 years.
