powerful chairman of the House Ways and Means Committee
, is expected to embrace certain changes in tax law related to retirement security products beneficial to the industry in
comments Tuesday morning before the U.S. Chamber of Commerce
. His speech signals that the House will support President Bush in his efforts to have a Social Security reform package on his desk before Congress recesses in August.
that, the House Republican leadership seemed reluctant to tackle the president’s initiative in the face of polls showing that support for the President’s Social Security reform plan is only about 33% of the electorate.
The American Council of Life Insurers
offered some of the suggestions Rep. Thomas is likely to say Tuesday he will support. The ACLI made these suggestions in response to comments by Rep. Thomas in March that he would be amenable to including strong incentives for Americans to increase retirement savings as part of 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’s support for legislation he initiates, industry lobbyists and congressional staffers generally agree that prompt action on the proposals is unlikely.