Text Timeline

Text Timeline
Graphical Timeline

00:00:08	Unidentified Speaker, - SISTER JONES WHO WE LOST LAST MONTH. THERE IS A VOID THAT CAN NEVER BE FILLED WHERE WE EACH CARRY HER COMMITMENT TO HELPING PEOPLE WHO NEED A VOID AND...
00:00:31	Lewis, John - U.S. Representative, [D] Georgia FRIEND, AND SHE WILL BE DEEPLY MISSED. I WOULD LIKE TO PAUSE NOW FOR A MOMENT OF SILENCE IN HER MEMORY. THANK YOU. I BELIEVE THIS WOULD BE THE LIVE HEARING...
00:02:17	Ramstad, James - U.S. Representative, [R] Minnesota EDED NOT ONLY YOURSELF BUT THE COMMITTEE BUSINESS. YOU'VE ALWAYS REACHED OUT IN A BIPARTISAN WAY AND UPHELD THIS SUBCOMMITTEE'S PROUD TRADITION OF BIPARTISANSHIP...
00:03:18	Lewis, John - U.S. Representative, [D] Georgia POSITION OF THE CORPORATION AND RETIREMENT SECURITY. IN 2007, IT WAS REPORTED THAT PENSION PLANS INSURED BY THE CORPORATION WERE UNDERFUNDED BY $350...
00:04:54	Ramstad, James - U.S. Representative, [R] Minnesota WITH EACH AND EVERY REQUEST FROM CONGRESS. IT WORKS BOTH WAYS. WITH MORE THAN 44 MILLION AMERICANS INSURED BY THE PBGC, MR. CHAIRMAN, WE MUST GUARANTEE...
00:07:33	Lewis, John - U.S. Representative, [D] Georgia GUARANTY CORPORATION MR. CHARLES MULLER. >> THANK YOU MR. CHAIRMAN, RANKING MEMBER RAMSTAD AND SUBCOMMITTEE MEMBERS, I APPRECIATE THE OPPORTUNITY...
00:07:56	Millard, Charles E. F. - Director PLAN TERMINATES BECAUSE THE EMPLOYER CAN NO LONGER FUND THE PROMISED BENEFITS PBGC TAKES OVER AS TRUSTEE AND PAYS BENEFITS TO THE FULL EXTENT PERMITTED...
00:12:56	Lewis, John - U.S. Representative, [D] Georgia ARISA IN 1974, PBGC TODAY INSURES RETIREMENT BENEFITS OF MORE THAN 40 MILLION AMERICANS AND MANAGES NEARLY $70 BILLION IN PLAN ASSETS. MY TESTIMONY
00:13:07	Bovbjerg, Barbara D. - Director TODAY DESCRIBES THE ROLE AND FUNDING STRUCTURE OF PBGC, THE FINANCIAL CHALLENGES IT FACES, AND ITS ISSUES REGARDING GOVERNANCE AND MANAGEMENT. MY...
00:18:25	Lewis, John - U.S. Representative, [D] Georgia MS. MALLOY, THE LAST TWO WEEKS ON WALL STREET HAVE BEEN UNREAL. UNBELIEVABLE. HAS PBGC LOOKED AT THE RETIREMENT PLAN HELD BY FANNIE, FREDDIE AND OTHERS?...
00:19:04	Millard, Charles E. F. - Director FREDDIE, INDY MAC AND LEHMAN, THOSE FIVE, THE AGGREGATE UNDERFUNDING ON A TERMINATION BASIS FOR THOSE FIVE IS ABOUT $400 MILLION. >> COULD YOU REPEAT...
00:19:36	Lewis, John - U.S. Representative, [D] Georgia GUARANTEED BY PBGC. THE AMOUNT OF
00:19:38	Millard, Charles E. F. - Director THE $400 MILLION THAT IS GUARANTEED BY THE PBGC IS APPROXIMATELY $100 MILLION SO THERE WOULD BE ABOUT A $305 MILLION LOSS TO THE 115,000 PARTICIPANTS...
00:21:06	Lewis, John - U.S. Representative, [D] Georgia THAT'S AT ISSUE HERE, THE HIT TO OUR DEFICIT, WOULD BE $100 MILLION. SO, FRANKLY, THE ACTUAL HIT TO PBGC'S FINANCIAL STATUS SPECIFICALLY FROM THOSE FIVE...
00:21:18	Millard, Charles E. F. - Director WE'RE NOT TALKING ABOUT THE OVERALL FINANCIAL SERVICES SECTOR. WE'RE NOT TALKING ABOUT THE DROP IN FINANCIAL STOCKS IN ALL THE DEFINED BENEFIT PLANS...
00:22:10	Lewis, John - U.S. Representative, [D] Georgia POLICY WAS THE IMPLICIT ASSUMPTION WAS WE WERE GOING TO RELY ON CONGRESS TO BAIL US OUT AT SOME POINT. THE PRIOR INVESTMENT POLICY RECENTLY BASICALLY...
00:22:24	Millard, Charles E. F. - Director ABOUT THAT. AS YOU KNOW ARISA STATES THE GOVERNMENT DOESN'T STAND BEHIND OUR LIABILITY SO WE'RE TRYING TO IMPROVE THE POSSIBILITY THAT CONGRESS WILL...
00:23:24	Lewis, John - U.S. Representative, [D] Georgia TO MANAGE TO, OUR INVESTMENT MANAGERS. MY NUMBER ONE CONCERN IS WE'VE ADOPTED AN INVESTMENT POLICY
00:23:30	Millard, Charles E. F. - Director THAT SHOULD GIVE US A REASONABLE CHANCE TO GET OUT OF OUR DEFICIT OVER TIME. MY NUMBER ONE CONCERN IS PEOPLE WOULD TRY TO CLANG THAT POLICY. YOU CHANGE...
00:24:26	Unidentified Speaker, - DOWN. SOMETIMES THEY WORK PART-TIME OR FOR TWO AND A HALF YEARS AND DIDN'T STAY IN TOUCH WITH THE COMPANY. OFTEN THEY MAY BE DEAD BUT NO ONE CAN CONFIRM...
00:25:29	Lewis, John - U.S. Representative, [D] Georgia PLAN HAS MADE SUBSTANTIAL EFFORTS TO TRACK THEM DOWN. >>
00:25:35	Millard, Charles E. F. - Director THANK YOU. MS. BOVBJERG, WHAT IS THE GAO'S GREATER CONCERN WITH PBGC? WHAT IS YOUR GREATEST CONCERN WITH THE AGENCY. >> WE'RE CONCERNED ABOUT THE...
00:25:56	Lewis, John - U.S. Representative, [D] Georgia ON FROZEN PLANS THAT ALMOST HALF THE EMPLOYERS WE SURVEYED HAD AT LEAST ONE PLAN THEY HAD FROZEN. WHILE THEY'RE
00:26:05	Bovbjerg, Barbara D. - Director PAYING PREMIUMS ON THIS, ON THESE PLANS, THE DEFINED BENEFIT SYSTEM IS SHRINKING. PBGC IS OVERSEEING AN AREA THAT IS ONLY REALLY BEING CONCENTRATED...
00:27:07	Lewis, John - U.S. Representative, [D] Georgia 30th, 2007, PBGC HELD ABOUT $4.5
00:27:10	Ramstad, James - U.S. Representative, [R] Minnesota BILLION IN ASSET BASED SECURITIES. JUST SO I UNDERSTAND ARE THOSE MOSTLY MORTGAGED BACKED SECURITIES? >> EXCUSE ME. PBGC HOLDS APPROXIMATELY 6% OF...
00:27:47	Millard, Charles E. F. - Director 30th, '07. TO BE VERY CLEAR RKS, WE
00:27:55	Ramstad, James - U.S. Representative, [R] Minnesota SELECT MANAGERS. WE DON'T PICK THIS ASSET BACKED SECURITY THIS, FANNIE MAY BOND, THIS IBM BOND. WE SELECT MANAGERS, WELL KNOWN
00:28:03	Millard, Charles E. F. - Director HOUSEHOLD NAMES, AND THEY TRADE IN AND OUT OF CERTAIN INSTRUMENTS AT CERTAIN TIMES SO I CAN'T TELL YOU WHAT THE VALUE OF THOSE IS BECAUSE THOSE MAY HAVE...
00:28:36	Unidentified Speaker, - IN AGENCY SECURITIES AND 60% ARE ALMOST ENTIRELY TRIPLE-A RATED. >> I WANT TO ASK YOU ONE LAST QUESTION. ALSO, IN REFERENCE TO YOUR ANNUAL REPORT,...
00:29:06	Ramstad, James - U.S. Representative, [R] Minnesota CONTRACTS. THE QUESTION IS, HOW MUCH OF PBGC'S INVESTMENTS WERE IN DERIVATIVE CONTRACTS? >> AGAIN, YOU KNOW, WE DON'T MAKE THOSE CONTRACTS. WE HIRE...
00:29:33	Millard, Charles E. F. - Director CREDIT DEFAULTS DROPS WHICH IS WHAT WE WERE ABLE TO GET THE BEST INFORMATION ON BECAUSE I THOUGHT YOU'D WANT TO KNOW IS WE HAVE 2.8
00:29:39	Ramstad, James - U.S. Representative, [R] Minnesota BILLION NOTIONAL VALUE IS OUR CURRENT
00:29:41	Millard, Charles E. F. - Director CREDIT DEFAULT EXPOSURE AND IF ALL OF THOSE WENT TO ZERO OUR EXPECTED LOSS WOULD BE ABOUT $70 MILLION. >> WERE LEHMAN BROTHERS, BEAR STEARNS OR AIG...
00:30:13	Ramstad, James - U.S. Representative, [R] Minnesota I DON'T KNOW. I MEAN, I CAN GET YOU THAT INFORMATION. I HAVE WHO THEY ARE CURRENTLY AND IT DOES INCLUDE LEHMAN BUT IT DID NOT INCLUDE AIG. >> I
00:30:22	Millard, Charles E. F. - Director WOULD APPRECIATE THAT AND FINALLY, DIRECTOR MILLARD, ARE THERE OTHER COUNTERPARTIES
00:30:28	Ramstad, James - U.S. Representative, [R] Minnesota TO YOUR DERIVATIVE CONTACTS? >>
00:30:30	Millard, Charles E. F. - Director CERTAINLY. OTHER THAN LEHMAN AIG? I HOPE SO. >> HOW MANY? LET ME REPHRASE THAT. >> ABOUT A DOZEN. MAYBE APPROXIMATELY A DOZEN. >> APPROXIMATELY A...
00:30:42	Ramstad, James - U.S. Representative, [R] Minnesota THAT OUR MANAGERS MAKE. >> VERY GOOD. THANK YOU AGAIN TO BOTH
00:30:50	Millard, Charles E. F. - Director THE WITNESSES AND I YIELD BACK. >> THANK
00:30:52	Ramstad, James - U.S. Representative, [R] Minnesota YOU. NOW I TURN TO MR. KIND FOR HIS QUESTIONS. >>
00:30:55	Millard, Charles E. F. - Director THANK YOU, MR. CHAIRMAN. THANK YOU FOR HOLDING THIS IMPORTANT HEARING
00:30:58	Ramstad, James - U.S. Representative, [R] Minnesota AND I THANK
00:30:59	Millard, Charles E. F. - Director THE TESTIMONY THAT YOU HAVE BEFORE US HERE TODAY. MR. MILLARD, WE HAVE A PROBLEM AND IT MAY NOT BE VERY COMFORTABLE BUT I WANT TO GIVE YOU AN OPPORTUNITY...
00:31:09	Ramstad, James - U.S. Representative, [R] Minnesota WITH. OBVIOUSLY WE HERE IN CONGRESS AND THE COMMITTEES TAKE
00:31:12	Lewis, John - U.S. Representative, [D] Georgia OUR OVERSIGHT
00:31:15	Kind, Ronald "Ron" - U.S. Representative, [D] Wisconsin RESPONSIBILITIES EXTREMELY SERIOUSLY. WE TOOK OUR RESPONSIBILITIES SERIOUSLY NOW THAT WE DO IN THIS COMMITTEE NOW THAT I SERVE ON WAYS AND MEANS BUT EARLIER...
00:32:32	Millard, Charles E. F. - Director AND OF COURSE WILL PROVIDE THE McKENZIE REPORT TO THE LABOR COMMITTEE WHEN IT WAS FINISHED. I'M NOT GOING TO TRY TO LITIGATE CONSTITUTIONAL ISSUES...
00:33:26	Kind, Ronald "Ron" - U.S. Representative, [D] Wisconsin COMMITTEE. NOW, IF THERE'S A CONSTITUTIONAL PRIVILEGE YOU WANT TO ASSERT, ASSERT IT AND THEN WORK WITH COMMITTEE STAFF AND OUR OWN LEGAL TEAM AS...
00:34:05	Millard, Charles E. F. - Director THAT I MEAN IN THAT I WOULD BE GUIDED BY THE LAWYERS. >> DID YOU OR ANYONE ON YOUR STAFF OR ON THE BOARD INFLUENCE THE FINAL REPORT THAT McKENZIE WAS...
00:34:28	Kind, Ronald "Ron" - U.S. Representative, [D] Wisconsin SENSE, SURE. LOTS OF PEOPLE INFLUENCED THE REPORT. >> WELL, AGAIN, WE'RE TRYING TO GET A CLEAR PICTURE OF WHAT'S GOING ON HERE. OBVIOUSLY WE'RE TALKING...
00:34:41	Millard, Charles E. F. - Director DOLLARS AT STAKE IN REGARDS TO THE INVESTMENT DECISION AND MANAGEMENT OF THESE IMPORTANT FUNDS THAT YOU'RE RESPONSIBLE FOR. AND YOU CAN IMAGINE HOW...
00:34:53	Kind, Ronald "Ron" - U.S. Representative, [D] Wisconsin INFORMATION, EXPECTING COOPERATION FROM AN AGENCY SUCH AS YOURS ONLY TO BE STONEWALLED AND NOT GET THAT AND IN FACT HAVE TO BOOTSTRAP AROUNDON GO TO...
00:35:32	Millard, Charles E. F. - Director IN FEBRUARY OF THIS YEAR. WITH NO CONSULTATION WITH CONGRESS, NO INPUT FROM US WHATSOEVER, AND, IN FACT, AGAIN TO MY UNDERSTANDING WHEN WE HAD REQUESTED...
00:35:46	Kind, Ronald "Ron" - U.S. Representative, [D] Wisconsin DECISION WAS MADE, STAFF WAS EXPLICITLY EXCLUDED FROM PARTICIPATING. WAS THERE A REASON WHY? >> THE BOARD OF DIRECTORS OF PBGC IS NOT SUBJECT TO OPEN...
00:36:15	Millard, Charles E. F. - Director HELD. WE REQUESTED THAT STAFF BE ABLE TO SIT IN AND FIND OUT WHAT WAS GOING ON. THEY WERE EXCLUDED AND THEN YOU WENT AHEAD AND MADE INVESTMENT DECISION...
00:36:28	Kind, Ronald "Ron" - U.S. Representative, [D] Wisconsin SOME OF THIS OBVIOUSLY IS A POINT FOR THE HEARING TODAY BUT WHY THE LACK OF ANY TYPE OF LINES OF COMMUNICATION WITH THE CONGRESS WHEN YOU'RE MAKING...
00:37:04	Millard, Charles E. F. - Director WITH CONGRESS? >> WELL, I DIDN'T GO AHEAD AND MAKE THESE DECISIONS. THE BOARD ALONG WITH THE BOARD REPS ALONG WITH THE ADVISORY COMMITTEE ALONG WITH...
00:37:19	Kind, Ronald "Ron" - U.S. Representative, [D] Wisconsin CONCLUSION ABOUT HOW BETTER TO ENHANCE THE LIKELIHOOD THAT PBGC WOULD BE ABLE TO PAY ITS LIABILITIES OVER TIME. AND I THINK THAT THAT WAS
00:37:26	Millard, Charles E. F. - Director A VERY, VERY GOOD DECISION TO PUT THE PBGC ON A SOUNDER FINANCIAL FOOTING FOR THE FUTURE AND I THINK THE EXECUTIVE BRANCH'S OBLIGATION IS TO MAKE THOSE...
00:38:12	Kind, Ronald "Ron" - U.S. Representative, [D] Wisconsin A REQUIRED FOLLOWUP WITH WHAT JUST OCCURRED EARLIER THIS YEAR, WHAT I THOUGHT WAS A LEGITIMATE SUBPOENA REQUEST FOR INFORMATION THAT WAS NOT COMPLIED...
00:38:44	Lewis, John - U.S. Representative, [D] Georgia ARE STILL DEFINED BENEFIT? >> WHAT PERCENTAGE OF THE PLANS? I'M NOT SURE. >> MANY PLANS ARE GOING FROM DEFINED BENEFIT TO DEFINED CONTRIBUTION. >>...
00:38:59	Linder, John E. - U.S. Representative, [R] Georgia TO THE OTHER. A DEFINED BENEFIT PLAN MIGHT FREEZE AND SOMEONE MIGHT OPEN OR NOT OPEN A NEW PLAN. PBGC DOESN'T HAVE OVERSIGHT. >> CORRECT. SO HAVE
00:39:11	Millard, Charles E. F. - Director YOU GIVEN ANY ANTICIPATION AS TO HOW MANY POTENTIAL PROBLEMS
00:39:14	Linder, John E. - U.S. Representative, [R] Georgia THERE ARE OUT THERE OF DEFINED BENEFIT PLANS? >>
00:39:18	Millard, Charles E. F. - Director WELL, YES. WE'RE CONCERNED ABOUT UNDERFUNDED STATUS AND DEFINED BENEFIT PLANS AND CONCERNED ABOUT THE INCREASE IN FREEZING. OCCASIONALLY -- I WOULD...
00:39:30	Linder, John E. - U.S. Representative, [R] Georgia FREQUENTLY WHEN SOMEONE DOES FREEZE A PLAN THEY WILL CREATE A DEFINED CONTRIBUTION PLAN AND THE DISTINCTION BETWEEN THOSE TWO IS SOMETHING THAT A LOT,
00:39:39	Millard, Charles E. F. - Director SOME PEOPLE WOULD SAY DEFINED BENEFIT PLANS ARE A BETTER DEAL FOR THE WORKERS AND SAY A DEFINED CONTRIBUTION PLAN IS A BETTER DEAL FOR THE WORKERS....
00:40:06	Linder, John E. - U.S. Representative, [R] Georgia DEFINED BENEFIT COMMUNITY,
00:40:07	Millard, Charles E. F. - Director DO YOU MEAN WHAT'S THE OVERALL UNDERFUNDING IN THE SYSTEM. >> YES. >>
00:40:11	Linder, John E. - U.S. Representative, [R] Georgia OKAY. OVERALL UNDERFUNDING IN THE SYSTEM, WE HAD AT THE END OF 2006, WE PUBLISHED A NUMBER OF $350 BILLION OF UNDERFUNDING IN THE
00:40:22	Millard, Charles E. F. - Director OVERALL SYSTEM. THAT NUMBER IN THE FISCAL YEAR 2007 WE BELIEVE WENT DOWN, ALTHOUGH WE DIDN'T PUBLISH IT IN THE ANNUAL
00:40:30	Linder, John E. - U.S. Representative, [R] Georgia REPORT BECAUSE WE'VE
00:40:31	Millard, Charles E. F. - Director ACTUALLY COME TO THE CONCLUSION THAT OUR ABILITY TO CALCULATE THAT NUMBER BECAUSE IT'S BASED ON A LOT OF EXTRAPOLATIONS AND ESTIMATIONS IS PROBABLY...
00:41:25	Linder, John E. - U.S. Representative, [R] Georgia IDEAS. WE THOUGHT IT NEEDS
00:41:28	Unidentified Speaker, - TO BE LARGER. CORPORATE GOVERNANCE STANDARDS SUGGEST ANYWHERE FROM FIVE TO 15 MEMBERS. >> WHERE SHOULD THEY COME FROM? >> IT SHOULD PROBABLY BE MORE...
00:41:42	Bovbjerg, Barbara D. - Director BE 100% GOVERNMENT OFFICIALS. IT COULD DIVERSIFY IN TERMS OF SKILL, IN TERMS OF REPRESENTATION. WE DO ACKNOWLEDGE THAT THE ORIGINAL LEGISLATION THAT...
00:41:57	Linder, John E. - U.S. Representative, [R] Georgia DID ATTEMPT TO
00:41:59	Bovbjerg, Barbara D. - Director HAVE DIVERSITY SO THAT THE DEPARTMENT OF LABOR REPRESENTS WORKERS, DEPARTMENT OF COMMERCE REPRESENTS TREASURY REPRESENTS FINANCE. BUT TAKING THAT IDEA...
00:42:33	Linder, John E. - U.S. Representative, [R] Georgia OF THE PBGC. IN THE GOVERNANCE STRUCTURE AND
00:42:40	Bovbjerg, Barbara D. - Director PRACTICES, AND THEN ALL THE WAY THROUGH TO AUGUST OF '08,
00:42:44	Linder, John E. - U.S. Representative, [R] Georgia I THINK MR. KLINE, THE GENTLEMAN FROM
00:42:47	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey WISCONSIN, WAS ON TARGET. AND I DON'T BELIEVE THAT THE RESPONSES HAVE BEEN SATISFACTORY. AND I THINK THAT SHOULD CAUSE GREATER CONCERN, GREATER CONCERN...
00:44:26	Bovbjerg, Barbara D. - Director INSUFFICIENT TO FUND ALL THE BENEFITS GUARANTEED BY PBGC THAT THERE ARE STILL ASSETS THERE. SO PBGC WILL HAVE FUNDS FOR YEARS TO COME. THIS IS NOT...
00:44:37	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey IN THE
00:44:38	Bovbjerg, Barbara D. - Director PBGC CONTEXT YOU CAN SEE IT COMING WAY DOWN THE ROAD. >> HAS THERE -- DO YOU THINK THERE IS -- YOU HAVE AN OVERVIEW OF ALL OF THIS THAT'S GOING ON...
00:45:05	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey DOES HAVE THAT HAVE TRACTION? AND WHAT ARE THE IMPLICATIONS? >> REALLY MORE WHAT IS HAPPENING -- THERE'S A LITTLE BIT DIFFERENT DYNAMIC. VERY FEW DEFINED...
00:45:31	Bovbjerg, Barbara D. - Director DEFINED BENEFIT PLANS ARE MORE LIKELY TODAY TO BE FROZEN THAN IN THE PAST. CERTAINLY THAT'S WHAT SOME OF OUR ANALYSIS SUGGESTS. FREEZING CAN BE A STEP...
00:46:31	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey GRADE CREDIT FOR FIRMS IN THE FINANCE, INSURANCE, AND REAL ESTATE INDUSTRIES. MY QUESTION IS, HOW MUCH OF FANNIE MAE, FREDDIE MAC, LEHMAN, AIG'S...
00:47:23	Millard, Charles E. F. - Director THAT WE'RE NOT -- THAT'S CONFIDENTIAL THAT WE'RE NOT ALLOWED TO SHARE. IT REQUIRES THEY GIVE US ADDITIONAL INFORMATION THAT WE'RE NOT PERMITTED TO EXPOSE...
00:48:10	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey
00:48:11	Millard, Charles E. F. - Director A YEAR. SOMEONE WHOSE BENEFIT MIGHT HAVE BEEN $70,000 WOULD ONLY GET $51,000 WITH US. SO THE HIT TO OUR DEFICIT FROM THOSE FIVE COMPANIES WOULD BE...
00:48:43	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey REAL ESTATE? >> WE HAD A FIGURE
00:48:45	Millard, Charles E. F. - Director FOR THAT IN
00:48:47	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey OUR ANNUAL REPORT WHICH IS A DECEMBER '06 FIGURE WHICH WE PUT -- REMEMBER, WE GET FILINGS, THE FORM 5500 DOESN'T GET FILED UNTIL NINE MONTHS AFTER THE...
00:49:06	Millard, Charles E. F. - Director MATTER IS YOU MUST BE MONITORING THIS VERY CLOSELY. I MEAN, WHAT WE'RE -- WHAT IS HAPPENING IN ONE MARKET IS AFFECTING YOU EVERY DAY. >> WE WOULD LIKE...
00:49:23	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey THAT WE GET ARE LESS USEFUL TO US NOW THAN THEY USED TO BE UNDER THE PENSION PROTECTION ACT. AND THE FORM 5500 IS ONLY REQUIRED TO BE FILED NINE MONTHS...
00:49:38	Millard, Charles E. F. - Director TO UPDATE THINGS. SO I DO HAVE INFORMATION FOR YOU THAT IS BASED, I'M SORRY TO SAY, ON DECEMBER '07. SO THE NUMBER THAT YOU'RE ASKING ABOUT WAS $1.2...
00:50:35	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey I DON'T BELIEVE THIS IS A
00:50:37	Millard, Charles E. F. - Director RELIABLE ASSUMPTION, LET'S ASSUME THAT
00:50:39	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey ALL THOSE PLANS ARE INVESTED 60/40, 60% EQUITIES
00:50:48	Millard, Charles E. F. - Director AND 40% INCOME. IN THE LAST 12 -- IN THE LAST 9 MONTHS THE PERFORMANCE OF THE FINANCIAL SECTOR IS DOWN 10%. DEPENDING ON HOW RECENT YOU WANT THE NUMBERS...
00:52:15	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey TWO THINGS. >>
00:52:17	Lewis, John - U.S. Representative, [D] Georgia IF I HAVE INFORMATION FROM A SPECIFIC COMPANY THAT THEY'VE GIVEN US FROM A 4010 FILING, I'M NOT ALLOWED BY LAW TO SIT HERE AND
00:52:27	Millard, Charles E. F. - Director SAY MERRILL LYNCH HAS XYZ GOING ON IN
00:52:31	Lewis, John - U.S. Representative, [D] Georgia ITS
00:52:39	Millard, Charles E. F. - Director PORTFOLIO. >> YOU CERTAINLY NEED THAT INFORMATION IN TERMS OF WHAT WE'RE GOING TO BE DOING IN THE FUTURE. SO WHY DON'T YOU HAVE THAT INFORMATION? >>...
00:53:10	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey HAVE FILED FOR A WAIVER. IF YOU'RE HAVING SOME PROBLEMS. NOT NECESSARILY ABOUT TO GO BANKRUPT. BUT YOU'RE HAVING SOME
00:53:16	Millard, Charles E. F. - Director PROBLEMS. THEN YOU'RE ON OUR REASONABLY POSSIBLE LIST. ONCE YOU'RE ON THE REASONABLY POSSIBLE LIST, THEN YOU FILE 4010 FILINGS WITH US. AND THAT GIVES...
00:54:16	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey WANT TO PROTECT THEM. AND, YET, FOR SOME REASON, WE SEEM TO BE NOT DOING WHAT WE SHOULD BE DOING. THIS IS SERIOUS BUSINESS. I MEAN PEOPLE ARE PLANNING...
00:54:57	Millard, Charles E. F. - Director
00:54:58	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey DATA. >> THE LAW REQUIRES THAT THEY FILE WITHIN NINE MONTHS AND WE DO NOT HAVE THE RIGHT TO INSIST THAT PLANS NOT SUBJECT TO 4010 FILING PROVIDE US...
00:55:22	Millard, Charles E. F. - Director BY EXTRAPOLATION OF NINE MONTH AND 10-MONTH AND 12-MONTH OLD DAT YACHLT PARTICULARLY IN MARKETS THAT ARE SO VOLATILE THAT I CAN TELL YOU WHAT SOMETHING...
00:55:54	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey HEAD OF YOUR BOARD SNT SECRETARY YOUR BOARD? THE SECRETARY OF LABOR? I WOULD BE ABSOLUTELY HONED IN, FOCUSED ON WHAT IS HAPPENING IN THE GENERAL...
00:56:38	Millard, Charles E. F. - Director W WESKED CONONGRESSO GIVE US MORE INFNFORMATI OA MOMO TILYLY BASIS. CONGRE D DID NOTOO SO. I IHIHI THAT'S T DIRECTION WE SHODD BE INING. AND YOU SHOULD...
00:56:49	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey WITHOUT OUR COMMAND. >>
00:56:52	Millard, Charles E. F. - Director THANK YOU VERY MUCH. MR. JOHNSON, I KNOW YOU'VE
00:56:56	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey BEEN WAITING SO PATIENTLY. RETURN FOR YOUR
00:56:59	Millard, Charles E. F. - Director QUESTIONS. >> THANK YOU. THANK YOU FOR ALLOWING ME TO JOIN YOU TO DAY. >> DELIGHTED TO HAVE YOU, MR. JOHNSON. >> THANK YOU. YOU KNOW, THERE'S -- WHEN...
00:57:13	Lewis, John - U.S. Representative, [D] Georgia SOME IDEAS THAT IF A COMPANY WAS DOING OKAY AND NOT ON
00:57:19	Johnson, Samuel "Sam" - U.S. Representative, [R] Texas A, YOU KNOW, NOT IN TROUBLE, WE DIDN'T TRY TO
00:57:23	Lewis, John - U.S. Representative, [D] Georgia PUSH THEM FOR INFORMATION. THAT'S THE
00:57:25	Johnson, Samuel "Sam" - U.S. Representative, [R] Texas ONES THAT DECLARED BANKRUPTCY OR WERE IN A BANKRUPTCY STATUS THAT HAD TO START REPORTING TO HIM. I THINK YOU REMEMBER THAT. AND THE PROBLEM WE GOT...
00:58:35	Millard, Charles E. F. - Director THE PBGC'S INVESTMENT POLICY N
00:58:39	Johnson, Samuel "Sam" - U.S. Representative, [R] Texas 2004 THE PRIOR INVESTMENT POLICY AT PBGC WAS MORE ASSET LIABILITY MATCHING THAN THE NEW INVESTMENT POLICY AND MORE TARGETED OVER THE LONG TERM TO MAKE...
00:58:53	Millard, Charles E. F. - Director LIABILITIES OVER TIME. THE PRINCIPAL GUIDELINE OR THE PRINCIPAL OBJECTIVE OF THE NEW INVESTMENT POLICY IS TO SAY, LOOK, WE KNOW THAT CONGRESS HAS SAID...
01:00:08	Johnson, Samuel "Sam" - U.S. Representative, [R] Texas
01:00:10	Bovbjerg, Barbara D. - Director ADEQUATELY ACKNOWLEDGED OR ANALYZED APPROPRIATELY. AND WE THOUGHT THAT THAT WAS INFORMATION THAT THE BOARD SHOULD HAVE HAD IN MAKING THIS DECISION. >>...
01:00:41	Johnson, Samuel "Sam" - U.S. Representative, [R] Texas ME WHETHER THE ADDITIONAL TIME, THE AIRLINES WERE GIVEN TO FUND THEIR PENSION OBLIGATIONS HAS CAUSED PROBLEMS SO FAR FOR THE PBGC? AND HAVE ALL THE...
01:01:34	Millard, Charles E. F. - Director UNDERFUNDING WITHOUT BEING TOO SPECIFIC IN THOSE PLANS REMAINS VERY HIGH. AND THEIR REQUIRED CONTRIBUTIONS REMAIN AT LOW OR ZERO BECAUSE OF THE PROVISIONS....
01:02:30	Johnson, Samuel "Sam" - U.S. Representative, [R] Texas YES. BUT IF YOU CALCULATED THE AIRLINE RELIEF, IF YOU CALCULATE THE AIRLINES SUBJECT TO AIRLINE RELIEF THE SAME AS
01:02:39	Millard, Charles E. F. - Director WE CALCULATE EVERY OTHER COMPANY, THEN OUR DEFICIT WOULD NOT BE $14 BILLION. IT WOULD BE ABOUT $22 BILLION. >> THANK YOU, MR. CHAIRMAN. I APPRECIATE...
01:03:07	Johnson, Samuel "Sam" - U.S. Representative, [R] Texas I REALLY DO THINK IT'S IMPORTANT FOR US TO GET A HANDLE ON THAT AS WELL AS EVALUATE WHETHER
01:03:14	Lewis, John - U.S. Representative, [D] Georgia IN RESPONSE TO
01:03:15	Pomeroy, Earl - U.S. Representative, [D] North Dakota THE FINANCIAL CRISIS, IF WE CARE ABOUT KEEPING PENSIONS, WE NEED TO GIVE SOME RELIEF TO THE TERMS OF THE PENSION PROTECTION ACT WHICH IS ESSENTIALLY...
01:03:59	Millard, Charles E. F. - Director ACCOUNTING BASIS SHOWS $350 BILLION UNDERFUNDING
01:04:02	Pomeroy, Earl - U.S. Representative, [D] North Dakota AND THE VERY
01:04:03	Millard, Charles E. F. - Director NEXT YEAR THAT HAD DROPPED TO $225 BILLION BECAUSE THE MARKET HAD RECOVERED SOMEWHAT. CORRECT? >> ESTIMATED
01:04:10	Pomeroy, Earl - U.S. Representative, [D] North Dakota NUMBERS BUT, YES. >> SO BASICALLY, THE PENSION OBLIGATIONS, WHICH ARE OLD OVER MANY YEARS WILL IN SOME WAYS BE THE THIS MARK TO MARKET DOESN'T MAKE...
01:04:31	Millard, Charles E. F. - Director YOU ESSENTIALLY WOULD HAVE TO LIQUIDATE
01:04:34	Pomeroy, Earl - U.S. Representative, [D] North Dakota YOUR ASSETS AND MATCH AGAINST PRESENTLY PAYABLE LIABILITIES. BUT THE REALITY IS THAT THE PENSION LIABILITY GOES OVER MANY YEARS. SO MARK TO MARKET...
01:05:16	Unidentified Speaker, - THE TENDENCY TO SELL LOW AND BUY HIGH AND THE MANAGEMENT OF THE INVESTMENT FUND AND ON AND ON. BUT I'M NOT GOING TO GET INTO THAT. I'M NOT GOING...
01:06:47	Millard, Charles E. F. - Director EARLIER. AND THAT THOSE WHO HAVE DEFINED BENEFIT PENSIONS TODAY DON'T
01:06:52	Pomeroy, Earl - U.S. Representative, [D] North Dakota HAVE TO WORRY ABOUT THIS FINANCIAL CRISIS IN THE SAME WAY THOSE THAT ARE SELF-MANAGING THEIR 401(k) ACCOUNT BECAUSE THEY'RE GOING TO GET AN ANNUITY...
01:07:28	Millard, Charles E. F. - Director YOUR RESPONSIBILITIES DOING WHAT YOU CAN TO KEEP PENSIONS FUNCTIONING AND HEALTHY? >> YES,
01:07:34	Pomeroy, Earl - U.S. Representative, [D] North Dakota WHAT WE CAN, CERTAINLY. >> THE PENSION STUDY OF THE GAO INDICATES THAT THE TWO MAIN REASONS DRIVING THE FREEZING OF PENSION PLANS IS THE COST OF FUNDING...
01:07:56	Millard, Charles E. F. - Director WORRIES ME ABOUT
01:07:58	Pomeroy, Earl - U.S. Representative, [D] North Dakota THE TIME WE'RE IN. MARKET VALUATIONS ARE DEPRESSED, SEVERELY DEPRESSED. YOU MIGHT SAY HYSTERICALLY DEPRESSED. AND ONE OF THE REASONS THE SECRETARY OF...
01:08:12	Millard, Charles E. F. - Director SO-CALLED BAILOUT PROPOSITION IS TO TRY AND
01:08:16	Pomeroy, Earl - U.S. Representative, [D] North Dakota REDUCE LIQUIDITY AND CONFIDENCE INTO THE MARKETPLACE BECAUSE PRESENT VALUATIONS REALLY DON'T REFLECT THE VALUE OF THE ASSET. DO YOU AGREE WITH THAT?...
01:08:45	Unidentified Speaker, - THE SECRETARY CONTINUES TO -- THE SECRETARY OF TREASURY CONTINUES TO TALK ABOUT POTENTIAL UPSIDE OF THE TAXPAYER HELPING IS BECAUSE HE EXPECTS THEM...
01:09:01	Millard, Charles E. F. - Director MARK TO MARKET ACCOUNTING RULES NOW PASSED
01:09:04	Pomeroy, Earl - U.S. Representative, [D] North Dakota BY PENSION PROTECTION ACT WE TAKE A SNAPSHOT OF WHAT THESE COMPANIES ARE GOING TO OWE TO FUND A PENSION THIS YEAR, THEY'RE GOING TO SEE THE PENSION...
01:10:41	Millard, Charles E. F. - Director IT'S 100% OF VERY DEPRESSED ASSET VALUATIONS IN
01:10:44	Pomeroy, Earl - U.S. Representative, [D] North Dakota THEIR PORTFOLIO. DO YOU AGREE WITH THAT? >> WELL, I THINK THAT THE POTENTIAL FOR MARKET VOLATILITY, YOU KNOW, AS WAS STATED A MOMENT AGO WE'VE KNOWN...
01:11:08	Millard, Charles E. F. - Director SOMETIMES THERE'S A LOT OF VOLATILITY. NONETHELESS ADOPTED AS A POLICY THAT WE WANT PEOPLE TO FUND UP F WE WANT TO CHANGE THAT POLICY THAT, IS A WHOLE
01:11:15	Pomeroy, Earl - U.S. Representative, [D] North Dakota DISCUSSION THAT GOES BEYOND -- >> OKAY. MR. DIRECTOR, DO YOU WANT -- YOU KNOW, IF YOU
01:11:21	Millard, Charles E. F. - Director KNEW THAT WE WERE GOING TO BE IN THIS SITUATION, I'M SURE THE WORLD WISH YOU WOULD HAVE TOLD US THAT. I WISH YOU WOULD HAVE TOLD THE TREASURY AND MAYBE...
01:11:38	Pomeroy, Earl - U.S. Representative, [D] North Dakota IN, DO YOU WANT THESE PLANS TO FUND UP TO 100%? I THINK YOU MAY COMPLY WITH THE LAW THAT YOU'RE SWORN TO UPHOLD. LET ME READ IT YOU TO ONE MORE TIME...
01:12:52	Millard, Charles E. F. - Director RULING. I THINK IT'S
01:12:53	Pomeroy, Earl - U.S. Representative, [D] North Dakota RIDICULOUS. WE CERTAINLY ACCEPT OUR SHARE OF THE
01:12:55	Millard, Charles E. F. - Director BURDEN. BUT IN ADDITION
01:12:56	Pomeroy, Earl - U.S. Representative, [D] North Dakota TO THAT, THIS BUSINESS OF FUNDING UP WOULD SEEM TO INDICATE IS STILL A REALISTIC PENSION FUNDING POLICY EVEN IN -- EVEN WITH THE MARK TO MARKET ISSUES...
01:13:38	Millard, Charles E. F. - Director DIRECTOR, BEING THE EXPERT -- SO ARE YOU -- SO YOU'RE PRECLUDED FROM OFFERING YOUR EXPERTISE? >> SO FAR I'VE BEEN AWARE OF
01:13:46	Pomeroy, Earl - U.S. Representative, [D] North Dakota THIS GENERAL IDEA OF A CHANGE FOR APPROXIMATELY AN HOUR AND 25 MINUTES. SO I THINK IT'S PROBABLY BETTER IF I GAVE IT A LITTLE BIT MORE
01:13:53	Millard, Charles E. F. - Director THOUGHT THAN THAT. >> I -- I ENCOURAGE YOUR THINKING ON IT. AND I'M A
01:13:58	Pomeroy, Earl - U.S. Representative, [D] North Dakota LITTLE DISTRESSED TO HEAR THAT THIS IS SUCH A FRESH NOTION TO YOU. I YIELD BACK, MR. CHAIRMAN. >> IF I MAY, MR. CHAIRMAN, I'D LIKE
01:14:05	Millard, Charles E. F. - Director TO TAKE EXCEPTION TO TWO THINGS. I DO NOT BELIEVE THAT THE CHARACTERIZATION OF THE CHAIRMAN OF THE BOARD EE
01:14:16	Pomeroy, Earl - U.S. Representative, [D] North Dakota CLAN CHOW NOT HAVING KNOWLEDGE OF THIS IS NOT IN MY EXPERIENCE. >> IN A QUESTION I ASKED THE SECRETARY OF LABOR AS TO WHETHER THE INVESTMENT POLICY...
01:14:24	Millard, Charles E. F. - Director BOARD HAD BEEN CHANGED TO MOVE TO A MORE CONSERVATIVE POSITION IN EQUITIES AND SHE SAID IT HAD NOT BEEN CHANGED. THAT WAS CONTROVERTED BY SIGNED MINUTES...
01:14:41	Pomeroy, Earl - U.S. Representative, [D] North Dakota THINKING ABOUT THAT. OR I THOUGHT IT REFLECTED JUST ABJECT IGNORANCE OF WHAT IS GOING ON IN HER RESPONSIBILITIES. I YIELD BACK. >> AND MY EXPERIENCE...
01:15:12	Millard, Charles E. F. - Director
01:15:18	Pomeroy, Earl - U.S. Representative, [D] North Dakota
01:15:22	Lewis, John - U.S. Representative, [D] Georgia COMMITTEE. >> GOOD TO SEE YOU. >> I MISS SEEING YOU. >> I MISS SEEING YOU. I WILL ALSO MISS SEEING MR. RAMSED NEXT YEAR. THANK YOU BOTH FOR TESTIFYING...
01:15:50	Tiberi, Patrick - U.S. Representative, [R] Ohio RECOMMEND TO HELP MEN
01:15:51	Lewis, John - U.S. Representative, [D] Georgia MIZ
01:15:53	Tiberi, Patrick - U.S. Representative, [R] Ohio UNDERFUNDED PLANS? >> I WAS THINKING ARE THERE ANY -- WE RECOMMENDED MANY WITH REGARD TO UNDERFUNDED PLANS. YOU KNOW -- >> TO HELP MINIMIZE THE UNDERFUNDING...
01:16:19	Bovbjerg, Barbara D. - Director FUNDING RULES PLAYED OUT IN INSTANCES. THOSE WERE THE TWO LARGEST CLAIMS EVER MADE ON PBGC.
01:16:27	Tiberi, Patrick - U.S. Representative, [R] Ohio AND IT WAS ALSO WITHIN THE FUNDING RULES. SO YOU KNOW, I'VE LISTENED TO THE FUNDING RULE DISCUSSION WITH A LOT OF
01:16:33	Bovbjerg, Barbara D. - Director INTEREST. I THINK THE INTENT IN PPA IS TO BALANCE THE CLEAR NEEDS OF THE PBGC TO HAVE BETTER FUNDING AND PLANS. BUT AT THE SAME TIME, TRYING NOT TO...
01:17:49	Tiberi, Patrick - U.S. Representative, [R] Ohio MORE BETHLEHEM STEELS IN THE FUTURE. AND AS WE SEE PEOPLE FUND UP, HOPEFULLY WE
01:17:54	Millard, Charles E. F. - Director WON'T. THE -- OBVIOUSLY MAKING THEM TOO EXPENSE SIEVE NOTIVE IS NOT A GOAL EITHER. IT IS TOO EARLY TO TELL THE RESULTS. >> HOW LONG DO YOU THINK IT...
01:18:25	Tiberi, Patrick - U.S. Representative, [R] Ohio WHICH IS I THINK THAT THE DEFINED
01:18:27	Millard, Charles E. F. - Director BENEFIT ISSUES THAT WE'RE GOING TO SEE IN RESPONSE TO THE CURRENT ECONOMIC TURMOIL ACTUALLY WON'T HAPPEN AS FAST AS SOME OF THE THINGS THAT HAPPENED...
01:18:41	Tiberi, Patrick - U.S. Representative, [R] Ohio AFFECT PARTICIPATES. BUT AS HE POINTED
01:18:43	Bovbjerg, Barbara D. - Director OUT IN THE ARTICLE IN "THE NEW YORK TIMES," THEY GOT IT RIGHT ON 401(k)s, PARTICULARLY OLDER PEOPLE. THEY DON'T HAVE PATIENT CAPITAL. THEY MAY NOT BE...
01:19:40	Tiberi, Patrick - U.S. Representative, [R] Ohio UNDERSTANDING THAT MR. KLINE IS PREPARED AND READY TO YIELD YOU TO. AND THEN WE'LL COME BACK FOR HIM FOR
01:19:45	Lewis, John - U.S. Representative, [D] Georgia A SHORT QUESTION. >> THANK YOU, MR. CHAIRMAN. SO PLEASE TELL ME, CURRENTLY THE PBGC NEEDS MORE NEGATIVE FINANCIAL TRIGGERS IN ORDER TO DEMAND FINANCIAL...
01:20:10	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey SO THE LAW AS IT STANDS ONLY ALLOWS YOU TO DO SO AT THE POINT WHERE BANKRUPTCY OCCURS, CORRECT? >> NOT ONLY HEN, NOTHEN, NO. >> WHERE ELSE? >> WE GET...
01:20:29	Millard, Charles E. F. - Director A CHANGE OF CONTROL. >> WHICH TRANSACTIONS? GIVE ME AN
01:20:33	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey EXAMPLE. >> THE PURCHASE OF CHRYSLER BY ANOTHER COMPANY. >> I'M SORRY? >> THE PURCHASE
01:20:43	Unidentified Speaker, - OF CHRYSLER BY SERVERUS. >> WE GOT THE
01:20:46	Millard, Charles E. F. - Director INFORMATION, WE INSISTED -- >> WHAT TRIGGERED
01:20:48	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey IT OFF? >> THE
01:20:50	Millard, Charles E. F. - Director SALE. THE CHANGE
01:20:51	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey OF CONTROL. >> CHANGE OF CONTROL. SO EVERY CHANGE WILL CONTROL YOU HAVE THE AUTHORITY TO REVIEW
01:20:56	Millard, Charles E. F. - Director THAT? >> THERE'S --
01:20:58	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey YES. >> UNDER THE LAW? >> YES, SIR. >> SO HAVE YOU
01:21:03	Millard, Charles E. F. - Director ASKED FOR THE AUTHORITY
01:21:06	Unidentified Speaker, - TO
01:21:08	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey DEMAND SUCH FINANCIAL INFORMATION? HAVE YOU
01:21:10	Millard, Charles E. F. - Director ASKED FOR THAT? >> I
01:21:12	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey DON'T BELIEVE WE'VE ASKED FOR THAT SPECIFIC AUTHORITY. WE DID ASK FOR SUBSTANTIALLY GREATER AUTHORITY IN THE
01:21:18	Unidentified Speaker, - PENSION PROTECTION ACT AND WERE DENIED
01:21:20	Millard, Charles E. F. - Director IT. WE ALSO DID NOT WANT -- BY THE WAY, THE 4010
01:21:24	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey INFORMATION THAT WE NOW GET AFTER THE PENSION PROTECTION ACT IS LESS USEFUL TO US THAN THE 4010 INFORMATION THAT WE USED TO GET. BECAUSE NOW PEOPLE...
01:21:33	Millard, Charles E. F. - Director ON A PERCENTAGE OF UNDERFUNDING. IF YOU HAVE $100 MILLION PLAN AND YOU'RE 0% UNDERFUNDED, THAT IS LESS CONCERN TO ME THAN IF YOU HAVE A $10 BILLION...
01:22:15	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey BEFORE AGAINST FUTURE POTENTIALLY DAMAGING DOWN TURNS IN THE ECONOMY. WOULDN'T IT? >> YES. I MEAN I DON'T KNOW HOW MUCH IT CAN HELP US. BUT, OF COURSE...
01:22:41	Millard, Charles E. F. - Director NFCTION, WE FREQUENTLY DO TAKE THAT KIND OF ACTION TO TRY TO GET MORE MONEY INTO PENSION PLANS AND THE DAIMLERCHRYSLER SITUATION IS A VERY, VERY GOOD...
01:22:58	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey THAT AUTHORITY TODAY? >>
01:23:01	Millard, Charles E. F. - Director WOULD I ASK FOR WHICH AUTHORITY? >> THE VERY AUTHORITY I TALKED ABOUT. THE AUTHORITY TO DEMAND SPECIFIC FINANCIAL INFORMATION. >> I THINK IF WE HAD THAT...
01:23:18	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey ASK US? >> I WOULD ASK YOU FOR THE ABILITY TO DEMAND CERTAIN
01:23:21	Millard, Charles E. F. - Director INFORMATION OF CERTAIN COMPANIES BASED ON OUR
01:23:23	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey VIEW THAT THEY MAY HAVE SOME UNDERFUNDING PROBLEMS. >> G WE ARE GOING TO ACCOMPLISH
01:23:28	Millard, Charles E. F. - Director SOMETHING TODAY. THANK
01:23:30	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey
01:23:31	Millard, Charles E. F. - Director
01:23:32	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey YOU. APPRECIATE THAT. >> THANK YOU VERY MUCH. NOW I TURN TO
01:23:37	Millard, Charles E. F. - Director MR.
01:23:38	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey KLINE. >> I DON'T HAVE
01:23:39	Millard, Charles E. F. - Director ANY FURTHER QUESTIONS. I DO APPRECIATE THEIR INDULGENCE TODAY. HOPEFULLY WE'LL RECEIVE BETTER COOPERATION FROM INFORMATION IN THE FUTURE WHETHER IT'S...
01:23:47	Pascrell, William "Bill" J. Jr. - U.S. Representative, [D] New Jersey ANY OTHER FEDERAL AGENCY THAT WE'RE REQUESTING INFORMATION FROM. BUT I WANT TO CONCLUDE BY ECHOING THE
01:23:53	Lewis, John - U.S. Representative, [D] Georgia SENTIMENTS YOU EXPRESSED OPENING THE HEARING. MR. RAM'S LAST HEARING AS A MEMBER OF CONGRESS. I HAVE HAD
01:23:59	Kind, Ronald "Ron" - U.S. Representative, [D] Wisconsin GREAT PLEASURE SERVING WITH HIM. IT WAS WAY TOO SHORT. HE'S BEEN A MODEL CIVILITY AND CLASS AND HARD WORK AND REASONABLENESS. ALL THE TRAITS WE WANT...
01:24:51	Pomeroy, Earl - U.S. Representative, [D] North Dakota 1.5% DECLINE IN ASSET VALUES FOR THE TOP 100 DEFINED BENEFIT PLANS FROM LAST YEAR TO THIS YEAR. GIVEN WHAT'S HAPPENED TO THE MARKET HOLDINGS, I BELIEVE...
01:25:43	Unidentified Speaker, - TO FUND UP TO THE 94%, BUT REQUIRE THEM TO FUND UP TO THE 100% OF FUNDED LEVEL BASED ON SEVERELY DEPRESSED VALUES OF THEIR STOCK HOLDINGS. IT SUBSTANTIALLY...
01:27:33	Unidentified Speaker, -
01:27:34	Lewis, John - U.S. Representative, [D] Georgia TODAY. >>> DAY TWO OF TESTIMONY ON THE TREASURY DEPARTMENT'S $700 BILLION RESCUE PACKAGE FOR THE FINANCIAL MARKETS GETS UNDER WAY WITH THE HOUSE FINANCIAL...
01:29:44	Unidentified Speaker, - STATEMENTS BEFORE THE COMMITTEE. WHILE WE WAIT FOR THAT, THE BROOKINGS INSTITUTION HOSTED A FORUM YESTERDAY ON THE HOUSING INDUSTRY AND CREDIT MARKETS.

NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.