Wednesday, March 13, 2002
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Wednesday, March 13, 2002 |
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Candidate offers answer to Enron
Republican congressional candidate William Coit says he has an answer to the Enron scandal. Coit, who is running for the new 13th congressional District that includes a portion of north Fayette, said his employee pension reform plan would prevent situations in which employees are left penniless in the wake of such a giant company's collapse. "I'm deeply saddened by the loss of employee 401K pension plans in the collapse of Enron and I will initiate legislation to safeguard American citizens from losing their life savings," he said. His plan has three parts: 1. Replace company officials who oversee employee retirement accounts with independent trustees. 2. Eliminate the restrictions that prevent employees from selling their shares. Workers could sell company-owned shares after 60 days. 3. Place a limit on 401K assets to a maximum of 15 percent in any one stock. "The successful passage of this legislation would protect employees from the negligence of management and provide security for the investment community," he said. Coit's Web site is http://www.williamcoit.com.
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