[an error occurred while processing this directive]
[an error occurred while processing this directive]
[an error occurred while processing this directive]
[an error occurred while processing this directive]
[an error occurred while processing this directive]
Guest Commentary February 4, 2002
Enron Employee Pension Recovery Act
The Honorable Maxine Waters
The Enron Employee Pension Recovery Act will enable Enron employees who lost their retirement savings to recover more of their lost assets.
When the Securities and Exchange Commission brings an action against a company or individual, any ill-gotten gains are placed in a disgorgement fund, and the proceeds are distributed to the victims of the wrongdoing. It is very likely that the disgorged profits of Enron executives will not begin to cover the losses experienced by Enron employees.
Free Newsletter
Get the scoop on important legislation, Congressional action, election updates, hard-hitting political commentary, the latest developments in the War on Terror...and more! Just enter your email address below.
Privacy: Your name and email address will be confidential - never rented, never sold.
These employees were encouraged to heavily invest in Enron stock, and were not permitted to divest when the stock value was plummeting. My legislation would provide that the Enron disgorgement fund contain not only the disgorged profits of the wrongdoers, but also any civil penalties that are levied.
In addition, my bill alters the Federal Election Campaign Act to permit elected officials to contribute to this fund from their campaign accounts. In this way, the hundreds of thousands of dollars that were contributed by the officers of Enron can be used to benefit the employees.
My legislation would work within an existing structure to ensure that real relief is granted to these employees who lost both their jobs and their retirement savings while the officers and directors profited. ...The staggering sums that were contributed to politicians by the officers and directors of Enron, can be redirected to benefit these employees.
Maxine Waters, a Democrat, represents the 35th Congressional District of California in the U.S. House of Representatives. The above commentary has been adapted from a speech Rep. Waters delivered on the floor of the House, January 24, 2002. To contact her, Click Here.
The above column has been distributed by PoliticsOL.com.
