WEBSITE-ACLI PACKAGE-06-06-05
The powerful chairman of the House Ways and Means Committee, is expected to embrace certain changes in tax law related to for retirement security products that could be beneficial to the industry in .[@@]
In comments Tuesday morning before the U.S. Chamber of Commerce.
His speech signals, Rep. Bill Thomas, R-Calif., is expected to signal that the House will support President George W. Bush in his efforts to havecomplete a Social Security reform package on his desk before Congress recesses in August.
Before thatnow, the House Republican leadership seemed reluctant to tackle the president’s initiative in the face of polls showing that only about 33% of voters support for the President’s Social Security reform plan is only about 33% of the electorate.
The American Council of Life Insurers offeredproposed some of the suggestions Rep. Thomas is likely to sayset forth Tuesday he will support. The ACLI made these suggestions . The ACLI proposed the changes in response to comments by Rep. Thomas in March that he would be amenableagreeable to including strong incentives for Americans to increase Americans’ retirement savings as part of . The legislation that would include reform of the Social Security system–legislation that presumably would include personal accounts, an issue on which the industry is neutral.
However, despite the President’s demands, and Rep. Thomas’ ability to win his Committee’scommittee’s support for legislation he initiates, industry lobbyists and congressional staffers generally agree that prompt action on the proposals is unlikely.