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Our nation’s retirees are facing an impending pension crisis. Through no fault of their own, their pensions are being threatened with massive cuts if Congress fails to act. Legislation, entitled the Butch Lewis Act of 2017 (S. 2147/ H.R. 4444), has been introduced to help shore up pension plans that are currently facing insolvency.
These bills would establish a new agency within the U.S. Treasury Department called the Pension Rehabilitation Administration (PRA). The PRA would sell Treasury-issued bonds in the open market to large investors and then loan the money from these sales to pension plans in financial distress. This legislation is our best path forward toward addressing the growing pension crisis in this country.
Congress needs to understand the critical status of our pensions and the need for immediate action. The best chance that the Butch Lewis Act has for passage is to be inserted into the next must pass government spending bill. Today we are asking that you contact your members of Congress to tell them to include S. 2147/ H.R. 4444 in the next Omnibus bill.