STATEMENT: California Senate Leader on House Passage of House Joint Resolution 66

de León Vows to Keep Fighting for Retirement Security for Hard-Working Americans

Wednesday, February 15, 2017

SACRAMENTO – California Senate President pro Tempore Kevin de León (D-Los Angeles) today released the following statement on the U.S. House of Representatives passing of a Wall Street-backed resolution by Rep. Tim Walberg (R-MI) and Rep. Francis Rooney (R-FL) that undermines the retirement security for millions of Americans.

“House Republicans today chose to protect the profits of Wall Street investment firms over the retirement security of millions of Americans. House Joint Resolution 66 is designed to undercut efforts by California and other states to provide financial security for millions of workers who do not have access to a retirement-savings plan at their jobs. Wall Street investment firms fear that competition from state-run programs will cut into their profits.

“Furthermore, implementing a rarely used legislative procedure to rush these resolutions through without holding a single policy committee hearing denies adequate review and thwarts public comment. Opponents want to avoid a public process because they know their arguments will wilt with just a bit of sunshine.

“Two-thirds of California small business owners support the creation of a state retirement savings program, and nearly three-fourths said such a program would give their business a competitive edge. For that reason, the California retirement security legislation passed with bipartisan support and the only opposition came from a single Wall Street trade association.

“I will continue to fight for the millions of Americans who deserve a measure of financial security when they are too old to work – including the 6.8 million Californians without a workplace retirement savings plan. I urge the U.S. Senate to block H.R. Res 66 and introduce a bill that will give this critical issue the robust public debate it deserves.”

VIDEO: Sen. de Leon: Call Your Representatives and Tell Them to Vote NO on HJR66  

New York Times Editorial: Who’d Want to Limit Retirement Plans? House Republicans

Los Angeles Times: Editorial: House Republicans side with Wall Street against the little guy

The Fresno Bee Editorial: Wall Street and GOP shouldn’t Trump retirees’ security

National Institute on Retirement Security: Americans Support State Retirement Plans