NU Online News Service, Jan. 11, 10:33 a.m. – President Bush said Thursday his administration is forming a pension reform working group and a corporate disclosure working group as a result of the problems at Enron Corp., Houston.
The pension reform working group will include the secretaries of Treasury, Labor and Commerce. That group will look for ways to protect pension plan participants from events such as employer bankruptcies.
The corporate disclosure working group will include the secretary of the Treasury and representatives from the Federal Reserve Board, the Securities and Exchange Commission, and the Commodity Futures Trading Commission. The disclosure group will analyze corporate disclosure rules and regulations.
Bush described the working groups at a briefing to discuss a recent meeting with his economic team.
Bush said the problems at Enron, a power and energy trading company that recently filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code, demonstrate the need for a review of the rules that protect shareholders and retirement saving plan participants.
“I have great concern for ? those I read about in the stories who put their life savings aside, and for whatever reason, based upon some rule or regulation, got trapped in this awful bankruptcy and have lost life savings,” Bush said.
The full text of the remarks is available on the Web, at http://www.whitehouse.gov/news/releases/2002/01/20020110-1.html