Dave Camp

Mr. CAMP of Michigan

Mr. CAMP of Michigan. Mr. Speaker, I yield 2 minutes to the gentlewoman from Michigan (Mrs. Miller).

Mr. CAMP of Michigan. Mr. Speaker, I yield 2 minutes to the gentleman from Minnesota (Mr. Ramstad), a distinguished member of the Ways and Means Committee.

Mr. CAMP of Michigan. Mr. Speaker, I yield myself 30 seconds just to say that we had several hearings on this pension bill in the Ways and Mean Committee, including the Select Revenue Subcommittee which I chair. Let me just say that the PBGC's analysis shows that funding contributions to this end up being lower only in the short term; but, actually, starting in 2010, contributions to pension plans will increase. And that is because the funding reforms in the bill are phased in over 5 years. Mr. Speaker, I yield 2 minutes to the gentleman from Pennsylvania (Mr. English), a member of the Ways and Means Committee.

Mr. CAMP of Michigan. Mr. Speaker, I yield 2 minutes to the gentleman from Indiana (Mr. Chocola), a distinguished member of the Ways and Means Committee.

Mr. CAMP of Michigan. Mr. Speaker, I yield 2 minutes to the gentleman from Delaware (Mr. Castle).

Mr. CAMP of Michigan. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, H.R. 2830, the Pension Protection Act of 2005 strengthens retirement security for millions of Americans. Current pension funding laws and structures are outdated and threaten the financial stability of the pension system. In fact, the Pension Benefit Guaranty Corporation, PBGC, the government insurer of pension plans, estimates that single employer plans are underfunded by up to $450 billion. Furthermore, an increasing number of companies are using the bankruptcy system to dump massively underfunded pension plans on the PBGC. Since traditional pensions are a critical component of retirement security, it is essential to form law that modernizes and strengthens funding rules. H.R. 2830 ensures that companies fulfill their pension promises to working people. It requires employers to fully fund their pension plans and rectify funding shortfalls more quickly. It also ensures that employees receive up-to-date and accurate information about their pensions and prevents companies from making future promises when they cannot even meet current obligations. The bill strikes the right balance in ensuring the plans will begin to be more appropriately funded while not being so strict that the companies providing pension plans are in danger of having to terminate them. To that end, H.R. 2830 provides transition relief to employers, giving them time and flexibility to get their pension funding in order. In addition, the Ways and Means Committee incorporated into this package a number of tax incentives to increase retirement savings for Americans. Included in H.R. 2830 are provisions to make permanent the savers' credit and the increased contribution limits for IRAs and other 401(k) plans. The bill also increases savings opportunities for our men and women in combat and provides increased pension flexibility for public safety officers, including firefighters, policemen and emergency medical service employees. Furthermore, this bill provides tax benefits to make health care and long-term care more affordable. H.R. 2830 makes permanent bipartisan pension improvements established in 2001. While pension reform is a difficult area to make adjustments, given the unique needs of each employer, this legislation is a fair and balanced package that will provide economic security for millions of Americans. It has broad support for both the employer and labor communities. I urge my colleagues to support this bill. Mr. Speaker, I reserve the balance of my time.

Mr. CAMP of Michigan. Mr. Speaker, I yield 2 minutes to the gentleman from Wisconsin (Mr. Ryan), a distinguished member of the Ways and Means Committee.

Mr. CAMP of Michigan. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I yield to the gentleman from Minnesota (Mr. Kennedy) for the purpose of a colloquy.

Mr. CAMP of Michigan. Mr. Speaker, reclaiming my time, I would just say to the gentleman, as chairman of the Select Revenue Measures Subcommittee of Ways and Means, I look forward to working with him on this and other issues as this legislation moves through the process and to conference.

Mr. CAMP of Michigan. Mr. Speaker, I yield myself 2 minutes. Mr. Speaker, pension reform is more than just an accounting issue; it is about protecting the trust between employers and their employees. It is critical for Congress to address this issue and step in and fix rules that no longer work. Many businesses are complying with pension laws. However, the current system is too weak, and many companies have plans that are underfunded. It is time for Congress to step in and reform single-employer pension plans, multi-employer plans, improve disclosure and enhance retirement savings. The bill before us achieves these goals. The pension bill requires companies to accurately measure how much to contribute to their plans and how much they owe. This bill also protects shutdown benefits. Those are benefits that are paid to workers who are being laid off because of a plant closing. These benefits are critical to help older workers affected by corporate downsizing. It is imperative that well-funded plans be able to continue to provide their workers with shutdown double benefits, and I am glad this Pension Protection Act preserves this important pension security tool. The strength of multi-employer pension plans is critical to the retirement security of many Americans. Approximately 1,600 multi- employer plans cover about 9.8 working people in the United States. Multi-employer plans, like single-employer plans, cannot simply be turned over to the PBGC. Therefore, it is even more important to those involved that these plans are properly funded. This bill strengthens the solvency of multi-employer defined pension benefit plans by providing trustees with the tools to fix the plan's financial situation. The bill requires trustees to adopt rehabilitation plans for critically funded pensions and protects employers from defaulting on their promises. One important provision of this bill, and perhaps one of the least mentioned, is regarding disclosure requirements. The bill would give retirees and employees better information on the financial condition of their plan. Now workers will be sent information from their plan's sponsor and the plan's ratio of assets to liabilities, the plan's funding and asset allocation policies and other critical information. While protecting pensions is a focus of this legislation, the bill does much more than that. It includes new opportunities for people to prepare for their retirement and bolster their savings. The bill provides individuals with new insurance products that help Americans better afford long-term health care costs. I applaud the work of Chairman Thomas and Chairman Boehner and urge support of this bill.

Mr. CAMP of Michigan. Mr. Speaker, I yield the balance of my time to the distinguished chairman of the Education and Workforce Committee, the gentleman from Ohio (Mr. Boehner).

Mr. CAMP of Michigan. Mr. Speaker, I yield 2 minutes to the gentleman from Georgia (Mr. Scott).

Mr. CAMP of Michigan. Mr. Speaker, I yield 2 minutes to the gentlewoman from Pennsylvania (Ms. Hart), a distinguished member of the Ways and Means Committee.

Mr. CAMP of Michigan. Mr. Speaker, I thank the distinguished chairman for yielding. I oppose the motion to recommit. This motion to recommit leaves current pension funding rules in place which ends up weakening the funding rules in the underlying bill. This means that businesses would not be fulfilling their promises to working people. The motion to recommit also has a $53 billion surtax contained in it on small business. That surtax is bad for workers, bad for small business, bad for America. So I would urge a ``no'' vote on the motion to recommit, a ``yes'' vote on the underlying bill, which would ensure that pension plans would be appropriately funded, but not so strict as to cause employers to terminate their pension plans. I urge a ``yes'' vote on the underlying bill.

Mr. CAMP of Michigan

Mr. CAMP of Michigan. Mr. Speaker, I rise today to pay tribute to the service of a fellow Michigan congressman: the Honorable John Dingell, who marks today his fiftieth year as a member of this distinguished House of Representatives. The length of his labors is astounding; his constant concern for his constituents is exemplary; and his integrity is simply beyond reproach. Having been elected to fill the seat and the shoes of his father (who passed away while still in office), Mr. Dingell has blazed his own path over the past five decades. Impacting virtually every major piece of legislation to be signed into law during the last half century, Mr. Dingell is one of a handful of lawmakers whose effectiveness does not rely solely on his party being in the majority. Impressive in both stature and the tenacity with which he pursues his positions, Mr. Dingell has lent his life to public service. The good citizens of his district and his colleagues here on the Hill are all the better for his tenure; may it long continue.

Mr. CAMP

Mr. CAMP. Mr. Speaker, I yield back the balance of my time.

Mr. CAMP. Mr. Speaker, I yield 2 minutes to the gentleman from New York (Mr. Fossella). (Mr. FOSSELLA asked and was given permission to revise and extend his remarks.)

Mr. CAMP. Mr. Speaker, I yield myself 2 minutes. Actually, in a few minutes we will have a vote on two tax bills, and we have heard a lot of debate this afternoon about the two approaches the bill takes, and I certainly appreciate my friends on the other side for recognizing the need for tax relief. In fact, in many important ways these bills are very similar. Twenty- two provisions in our underlying bill were taken by my friends on the other side and put into their bill. I guess imitation is the sincerest form of flattery. For example, the income tax deduction for State and local taxes; the research and development tax credit, so important to our high-tech and manufacturing sectors of our economy; the above-the-line deduction for higher education expenses; and the bonds for school modernization equipment and teacher training; as well as the enhanced charitable deduction for computer donations to schools. These are provisions that we have that are the same. What the Democrat substitute does not include is the extension of a saver's credit for low-income families; the expensing for small businesses so small entrepreneurs can grow their companies, buy the equipment, increase their businesses and hire more people; cleaning up brownfields sites so we can continue economic development in so many small towns and communities in our Nation; as well as helping our domestic manufacturers finance those large equipment sales overseas so we can export more. Also capital gains and dividends. We have heard a great deal about that this afternoon. That tax provision, that benefit, has helped 24 million American families in this country. Twenty-five percent of those families have incomes under $50,000 a year. Are those the rich we hear talked about so much on the other side? Fifty-seven percent, almost 60 percent of the families have incomes under $100,000 a year. Are those the very rich our friends on the other side are so worried about us assisting? What is irresponsible is the part of the Democrat substitute which raises taxes. Forty billion dollars in tax increases. And 80 percent of those taxes, that tax burden, would fall on small entrepreneurial businesses. I urge a vote against the substitute and in favor of the underlying bill. Mr. Speaker, I yield the balance of my time to the gentleman from California (Mr. Thomas), the distinguished chairman of the Ways and Means Committee. (Mr. THOMAS asked and was given permission to revise and extend his remarks.)

Mr. CAMP. Mr. Speaker, I yield 1 minute to the gentleman from Florida (Mr. Shaw), a distinguished member of the Ways and Means Committee, chairman of the Trade Subcommittee.

Mr. CAMP. Mr. Speaker, I yield 2 minutes to the gentleman from Texas (Mr. Brady), a distinguished member of the Ways and Means Committee.

Mr. CAMP. Mr. Speaker, I yield 4 minutes to the gentleman from Louisiana (Mr. McCrery), distinguished member of the Ways and Means Committee.

Mr. CAMP. Mr. Speaker, I yield 2 minutes to the gentlewoman from Tennessee (Mrs. Blackburn).

Mr. CAMP. Mr. Speaker, I yield 2 minutes to the gentleman from Virginia (Mr. Cantor), distinguished member of the Ways and Means Committee.

Mr. CAMP. Mr. Speaker, I yield 1 minute to the gentleman from Missouri (Mr. Blunt), the distinguished majority leader.

Mr. CAMP. Mr. Speaker, I yield 2 minutes to the gentleman from Texas (Mr. Brady), a distinguished Member of the Ways and Means Committee.