WASHINGTON –Today on the House Floor, Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) highlighted the Committee’s extensive oversight efforts that resulted in the Pension Benefit Guaranty Corporation (PBGC) taking action to recover $127 million in taxpayer money sent to pension plans for dead participants.
Chairwoman Foxx’s remarks (as prepared for delivery):
“A Biden agency called 'PBGC' wanted to fleece the taxpayer of $127 million dollars by funding pensions for dead participants.
“Let me repeat: $127 million for dead pension participants.
“Only after repeated calls by the Committee on Education and the Workforce for PBGC to correct its work has it decided to claw back those funds. Thanks to the tireless work of the Committee, PBGC is being held accountable.
“Accountability and fiscal responsibility were once shared, bipartisan values.
“A former Republican Senator has been famously quoted as saying, 'A billion here, a billion there. Pretty soon you’re talking real money.'
“This Senator’s colleague, Democrat William Proxmire, notoriously presented the 'Golden Fleece Award' to the government organization that had fleeced the American taxpayer the worst on any given week.
“The American people are tired of being fleeced!
“President Biden has already misspent billions in fraudulent Covid payments. I say not a dollar more!”
BACKGROUND:
After significant oversight from the Education and the Workforce Committee, the Department of Labor reversed an earlier PBGC decision and stated that multiemployer pension plans must repay the overpayment amounts.
On January 16, the Committee demanded PBGC explain its actions regarding overpayments by January 29. PBGC did not respond until February 9. When PBGC responded, it failed to provide the information requested.
On February 26, the Committee reiterated its requests to PBGC with a one-week deadline. PBGC again required additional time to answer. When PBGC responded on March 11, it again failed to provide complete responses.
On March 20, the Subcommittee on Health, Employment, Labor, and Pensions, chaired by Rep. Bob Good (R-VA), will hold a hearing titled: "Examining the Policies and Priorities of the Pension Benefit Guaranty Corporation."
