So the bill was passed. The Clerk announced the following pairs: Mr. Rostenkowski with Mr. Foley. Mr. Rooney of New York with Mr. Davis of South Carolina. Mr. Kluczynski with Mr. Fisher. Mr. Brasco with Mr. Powell of Ohio. Mr. Carey of New York with Mr. McSpadden. Mr. O'Neill with Mr. Baker. Mr. Rose with Mr. Mills. Mr. Litton with Mr. Michel. Mrs. Schroeder with Mr. Owens. Mr. Carney of Ohio with Mr. Davis of Wisconsin. Mr. Andrews of North Carolina with Mr. Crane. Mr. Leggett with Mr. Devine. Mr. Moss with Mr. Kuykendall. Mr. Nichols with Mr. Hudnut. Mrs. Sullivan with Mr. Frelinghuysen. Mr. Sisk with Mr. Camp. Mr. Roberts with Mr. Wyatt. Mr. Burton with Mr. Chamberlain. Mr. Sikes with Mr. Bell. Mr. Obey with Mr. Dellenback. Mr. Waldie with Mr. Ryan. Mr. Hanna with Mr. Broyhill of North Carolina. Mr. Gray with Mr. Stokes. Mrs. Green of Oregon with Mr. Winn. The result of the vote was announced as above recorded. The title was amended so as to read: "A bill to provide for pension reform." A motion to reconsider was laid on the table. AUTHORIZING THE CLERK TO MAKE TECHNICAL CORRECTIONS IN H.R. 2, EMPLOYEE BENEFITS SECURITY ACT Mr. GIBBONS. Mr. Speaker, I ask unanimous consent that in the engrossment of the bill. H.R. 2. Employee Benefits Security Act, the Clerk be authorized to make technical corrections in punctuation, paragraph headings, and cross-references. The SPEAKER. Is there objection to the request of the gentleman from Florida? There was no objection. [From the Congressional Record-Senate, Mar. 4, 1974] EMPLOYEEE BENEFIT SECURITY ACT OF 1974 Mr. WILLIAMS. Mr. President, I ask the Chair to lay before the Senate a message from the House of Representatives on H.R. 2. The ACTING PRESIDENT pro tempore (Mr. Huddleston) laid before the Senate H.R. 2, to provide for pension reform. Mr. WILLIAMS. Mr. President, I ask unanimous consent that H.R. 2 be considered as having been read twice and that the Senate proceed to its immediate consideration. The ACTING PRESIDENT pro tempore. Without objection, it is so ordered. Mr. WILLIAMS. Mr. President, I move to strike out all language after the enacting clause and to insert in lieu thereof the amendment which I now send to the desk, and ask that it be stated. The ACTING PRESIDENT pro tempore. The amendment will be stated. The legislative clerk proceeded to read the amendment. [The full text of the amendment appears on p. 3599, H.R. 2, as passed by the Senate.] Mr. WILLIAMS. Mr. President, the amendment which I have sent to the desk contains the exact language of H.R. 4200 which is the major pension reform legislation passed by the Senate on September 19, 1973 by the unanimous vote of 93 Senators. I am offering the amendment in order that we may go to conference as soon as possible on this important issue of private pension reform for American working men and women. It is my sincere hope, that by this approach, we may proceed to conference expeditiously and resolve the differences between the two Houses of Congress and thus achieve agreement for final enactment of this legislation. Mr. HUGH SCOTT. Mr. President, reserving the right to objectand I will not object-I rise only for the purpose of commending the distinguished Senator from New Jersey (Mr. Williams) for bringing this matter up promptly. It is one that has been close to the hearts of a great many of us. I should like to point out that it has bipartisan support and would like to correct the CBS broadcast on the House action where Cronkite said last week that this was a one-party bill. This is an example of an unfortunate inaccuracy. I am sure that all Senators here realize that while we have our differences, there are Senators on both sides. of the aisle who, from the very beginning, are extremely anxious to see pension reform legislation approved and become law. I have supported it. I support the Senator's general approach, and I am delighted that we have reached this point. I am glad that this is a bipartisan measure, and I commend the Senator from New Jersey. Mr. MANSFIELD. Mr. President, for the past 4 years, I have heard the distinguished Republican leader, time and time again, urge the passage of the pension legislation. It has been one of his major concerns. Mr. HUGH SCOTT. I do thank the distinguished Senator from Montana. Mr. Cronkite made a plain but inaccurate statement which brought me off my chair. Mr. WILLIAMS. I thank the distinguished majority leader and the distinguished minority leader. The bill is anything but a partisan bill. It is completely bipartisan. It has the complete support of all the committees concerned, on both sides of the Capitol as well as of the Finance Committee and the Ways and Means Committee. The ACTING PRESIDENT pro tempore. The question is on agreeing to the amendment offered by the Senator from New Jersey. The amendment was agreed to. The ACTING PRESIDENT pro tempore. The question is on the engrossment of the amendment and the third reading of the bill. The amendment was ordered to be engrossed, and the bill to be read a third time. The ACTING PRESIDENT pro tempore. The bill having been read the third time, the question is, Shall it pass? The bill (H.R. 2) was passed. [The text of H.R. 2, as passed by the Senate, follows:] 93D CONGRESS 2D SESSION H. R. 2 IN THE SENATE OF THE UNITED STATES MARCH 4, 1974 Received; read twice, considered, amended, read the third time, and passed [Strike out all after the enacting clause and insert the part printed in italic] ! 1 AN ACT To provide for pension reform. Be it enacted by the Senate and House of Representa 2 tives of the United States of America in Congress assembled, 3 4 SHORT TITLE AND TABLE OF CONTENTS SECTION 1. This Act may be cited as the "Employee 5 Benefit Security Act of 1974". -See, 112. Plan termination--. See. 113. Prohibition against certain persons holding office. -See. 114. Advisory council... See. 115. Repeal and effective date. 25-028 0 76 10 (Vol. III) 353 1 Section 277 (relating to deductions incurred by certain mem 2 bership organizations in transactions with members) shall 3 not apply to any trust described in this subsection.” 4 (b) OTHER AMENDMENTS TO SECTION 404 (c) (1) 5 6 7 8 9 10 11 (1) Paragraph (1) of the first sentence of section 404 (e) is amended by striking out "and pensions" and inserting in lieu thereof "or pensions”. (2) The last sentence of section 404 (e) is amended by striking out "This subsection" and inserting in lieu thereof "The first and third sentences of this subsection". (e) EFFECTIVE DATE. The amendments made by this 12 section shall apply to taxable years ending on or after 13 June 30, 1972. 14 That (a) section 122(a) of the Internal Revenue Code of 15 1954 (relating to certain reduced uniform services retirement 16 pay) is amended to read as follows: 17 "(a) GENERAL RULE.-In the case of a member or 18 former member of the uniformed services of the United 19 States, gross income does not include the amount of any 20 reduction in his retired or retainer pay pursuant to the pro21 visions of chapter 73 of title 10 of the United States Code." 22 233 (b) Section 122(b) (2 of such Code is amended by 23 striking out "section 1438" in subparagraph (B) and in 24 serting in lieu thereof "section 1438 or 1452(d)". |