Mineworkers call on congress to protect failing pensions
With hundreds of pension plans on the verge of failure, mine workers lobby Congress to step-in.
The United Mine Workers of America will be on Capitol Hill all week. They’re asking lawmakers to create a low-interest loan program through the treasury department to float their pension plan.
Sen. Sherrod Brown (D-OH) said Congress needs to protect the retirements of these mineworkers, and everyone else who’s guaranteed pension is in jeopardy. “[Mineworkers’] jobs are as dangerous as any,” he said, “we’ve got to make a decision, do we do them first, or do we do everybody that’s in this precarious situation.”
Those who are against creating a federal rescue package for pension plans say shafted workers deserve sympathy. But they, say the solution is government oversight rather than a taxpayer bailout.
A government agency already insures pensions. But, if a plan goes under, it only covers a portion of what workers are due. And, that federal insurance is in financial distress as well.
You can watch clips from Wednesday's press conference and our interviews with lawmakers in the video player above.