Press Releases

Today, Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) issued the following statement after the Office of the Inspector General (OIG) released a scathing report on the Pension Benefit Guaranty Corporation’s (PBGC) implementation of the taxpayer-funded bailout of multiemployer pension plans:
 
“From the failure to conduct an adequate fraud risk assessment to the absence of certain internal controls to ensure the agency is not overspending, PBGC is not inspiring confidence over its use of taxpayer dollars. Taxpayers are still footing the bill for the Biden administration’s multi-billion-dollar bailout of multiemployer pension plans just two years ago, and the OIG’s report is cause for yet more concern.
 
“Don’t forget, Democrats made sure there was no cap on the amount of taxpayer dollars that PBGC could spend on multiemployer plans. The Congressional Budget Office estimates that it will distribute upwards of $90 billion in taxpayer money to hundreds of pension plans. What’s worse, nothing is being done to address the myriad of structural issues that contributed to this crisis in the first place. Democrats tout the number of pensions they allegedly ‘saved,’ when they should acknowledge the number of taxpayers they are robbing blind.”

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