Ranking Member Scott Applauds Biden Administration for Continued Responsible Stewardship of the Historic Special Financial Assistance Program

Press Release

“President Biden and Congressional Democrats recognized the urgency and magnitude of the multiemployer pension crisis and took historic action in the American Rescue Plan Act to solve it. The Pension Benefit Guaranty Corporation (PBGC) expeditiously and effectively implemented the Special Financial Assistance (SFA) program and took steps to improve how it was administered. This announcement shows the Biden Administration’s continued commitment to strengthening the SFA program and safeguarding taxpayer dollars.”

Given that impacted workers, retirees, and employers reside in states represented by both political parties, one might reasonably think Congressional Republicans would have joined the effort to save constituents’ pensions and protect local businesses. Unfortunately, that did not happen. Zero Congressional Republicans voted for the American Rescue Plan Act – and some Republicans continue to criticize the SFA program even though it has saved about 775,000 pensions and approximately 3,000 businesses to date.”

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