EXECUTIVE OFFICE OF THE PRESIDENT OFFICE OF MANAGEMENT AND BUDGET WASHINGTON, D.C. 20503
STATEMENT OF ADMINISTRATION POLICY (THIS STATEMENT HAS BEEN COORDINATED BY OMB WITH THE CONCERNED AGENCIES.)
May 21, 1997
H.R. 1377 - Savings Are Vital to Everyone's Retirement Act of 1997
(Fawell (R) IL and 34 cosponsors)
Although the goal of H.R. 1377 is laudable, the Administration believes that
the bill is unnecessary. It would require the Department of Labor to conduct
specific pension educational activities, and require the President to convene
three national pension summits to increase public awareness of the need for
retirement savings and develop pension policy recommendations.
Educating the public about retirement savings is an Administration priority.
For some time, the Administration has been vigorously conducting many of the
same educational activities that H.R. 1377 would require. In addition, the
Administration has worked with existing public and private pension advisory
bodies, representing a broad range of views and interests, to increase public
knowledge of retirement savings needs and to develop broad pension policies,
many of which were enacted during the last Congress. The pension summits
required by H.R. 1377 would unnecessarily duplicate these ongoing collaborative
efforts and divert expertise and resources from them. Although the
Administration does not support H.R. 1377, it looks forward to working with
Congress to foster further retirement savings education and to enhance the
private pension and retirement savings system.