The legislation was proposed by the White House last year to lessen the risk of a taxpayer bailout of the Pension Benefit Guaranty Corporation, a federal safety net for pension schemes.
That's big of the administration to suddenly be on the lookout for the treasury, when they've spent the past five years raiding it. I don't suppose it ever occurred to Bush and his minions that they should practice what they preach and hold accountable the corporations that have deliberately underfunded their pension schemes.
These are the same corporations that shell out exorbitant salaries to officers and the board - and ironically provide lavish "golden parachutes" when the execs take off in pursuit of the next stop in the corporate-board merry-go-round.
This is nothing but rampant greed. Who pays? Why, that would be Joe Schmoe with 30 years faithful service to the company that contractually agreed to provide a pension in lieu of immediate compensation. Failing that, it's the taxpayer.
The situation is reminiscent of another government-bailout fiasco: the savings and loan debacle of the 1980's. Very few perpetrators held to account, the taxpayer absolutely soaked by the misfortunes of the half-baked conservative push to deregulate the S&L's.
Where is the outrage?