- Not enactedThe President has not signed this bill
- The house has not voted
- The senate has not voted
Committee on Health, Education, Labor, and PensionsIntroducedJanuary 17th, 2018
- senate Committees
The PBGC needs additional revenue to remain solvent. Imposing fees on financial institutions convicted of financial crimes that are seeking waivers to manage retirement funds is a sensible way to make sure that these institutions pay for their crimes while stabilizing funds that may have been harmed by their misconduct.
This bill violates an existing regulation, and also does not necessarily create much new revenue for PBGC, as the minimum fee of only $1 million is a drop in the bucket against PBGC’s $76 billion deficit. Additionally, imposing fees on financial institutions seeking exemptions may just drive them away from seeking to manage retirement funds.