Butch Lewis Act Re-Introduced

According to an email blast from the Road Carriers Local 707 Welfare and Pension Funds:

Today it is expected the Butch Lewis Act will be re-introduced in the House of Representatives. It is being sponsored by Congressman Richard Neal ( D- Massachusetts) the main Co-Sponsor is Congressman Peter King (R-NY).  There are a total of 5 Republicans and 5 Democrats introducing the Legislation. We are hopeful this show of bipartisan support for the Butch Lewis Act will assist in passage through the House of Representatives and continue on to passage in the Senate.

And according to a Teamsters press release:

The Rehabilitation of Multiemployer Pensions Act, offered by Rep. Richard Neal (D-Mass.), was first introduced in Congress in November 2017 by Rep. Neal. A Senate version of the bill, called the Butch Lewis Act, was sponsored by Sen. Sherrod Brown (D-Ohio) during the last Congress. The measure has five Democratic and five Republican co-sponsors.

“With the new Congress now seated in Washington, the Teamsters want to let lawmakers know it is time to work together across party lines to secure the hard-earned retirements of retirees and workers,” Teamsters General President Jim Hoffa said. “These hardworking Americans deserve to receive the benefits they were promised.”

As it stands, there are more than 300 multiemployer plans across the country — including the Teamsters’ Central States Pension Fund — that are in danger of failing. The Teamsters have been fighting for years for a legislative solution and have worked with lawmakers on both sides of the aisle to do so.

The measure would boost financially troubled multiemployer pensions so they don’t fail. It would create a new agency under the U.S. Treasury Department that would sell bonds in the open market to large investors such as financial firms. Those proceeds would then be used to bolster faltering pension plans a part of a 30-year loan program.

54 responses to this post.

  1. Posted by NJ2AZ on January 9, 2019 at 3:17 pm

    let them sell the bonds without a federal guarantee.

    if this is such a great solution, i’m sure investors will oversubscribe!

    Reply

    • Posted by Tough Love on January 9, 2019 at 5:10 pm

      EXCELLENT suggestion ……….

      If no PRIVATE Sector buyers emerge as I suspect will be the case w/o a Federal Gov’t guarantee, it would just CONFIRM that the “market” considers this a Taxpayers “bailout” ………… for which there is ZERO justification.

      Reply

    • These are NOT “Bonds”, or “loans”. They are GIFTS of public funds to the teamsters and other upside down pension funds.

      Reply

  2. Posted by Steve & Donna on January 9, 2019 at 3:26 pm

    GREAT NEWS!!

    Reply

  3. “IBT” VP John Murphy has been involved with the team that originally put together S-2147 & HR-4444, and has secured “Manulife” the World Insurance Giant that owns “John Hancock”, to purchase Treasury Bonds to fulfill the Loan Program With Payback. For each $1B in Loans the Treasury makes $ 2.5M in annual profits. Traction is finally being made as to what the Butch Lewis Act Loan Program with Payback actually is, and NOT the Bail Out opportunity that many claim it to be…

    Reply

    • Posted by Tough Love on January 9, 2019 at 5:13 pm

      Still shoveling the BS ??????

      Any Union members receiving such benefits should backstop the loan REPAYMENTwith their home equity as collateral.

      THAT’s called …… put YOUR money where your mouth is.

      Reply

    • John C Anderson, you missed your calling as a Stand-Up Comedian. Or as a human version of Pinocchio. How many FEET did your nose grow with that whopper lie?

      Reply

    • John, The Butch Lewis Act is never going to get out of the House, and even if it DID, it has zero chance of passing the Senate. IF it passed both do you think Trump would sign it? Who knows, but I highly doubt it-it will never make it to Trumps desk.

      Reply

      • I don’t know enough about how DC works to predict. All I have so far is that it is a Democrat priority to get union money with some Republicans in union states also on board. It might get passed. As to a Trump veto, who knows? I have seen nothing pension-related out of this administration and he might just sign it as a lark.

        Reply

      • Posted by geo8rge on January 10, 2019 at 1:26 pm

        I skimmed the link. Does it actually appropriate any money? It sets up a loan framework without any money or underwriting standards.

        Does this mean the amount of bond issuance is unlimited?

        SEC. 6. ISSUANCE OF TREASURY BONDS.
        (a) IN GENERAL.—The Secretary of the Treasury shall issue bonds … in an amount necessary to fund the loan program under section 4 of this Act, as determined in consultation with the Director of the Pension Rehabilitation Administration established under section 2.

        Reply

  4. Posted by Anonymous on January 9, 2019 at 4:49 pm

    BUTCH LEWIS ACT NOT A BAILOUT!!!! GOOD NEWS!!!!!!

    Reply

  5. Posted by NJ2AZ on January 9, 2019 at 4:54 pm

    so loan applicants must demonstrate their ability to pay benefits AND loan interest and repay loan principle

    I’m curious if this isn’t a ‘look, we totally tried’ bill…which is to say it purports to offer a solution but in practice 99% of the applicants get denied? Maybe i’m a dummy but with how underfunded some of these plans are, i can’t wrap my head around the numbers actually working out

    Reply

    • Posted by Tough Love on January 9, 2019 at 5:15 pm

      Quoting …………. “Maybe i’m a dummy but with how underfunded some of these plans are, i can’t wrap my head around the numbers actually working out”

      Because they DON’T.

      Reply

      • Posted by NJ2AZ on January 9, 2019 at 5:30 pm

        Curious what sort of spread they anticipate between the interest rate on the loans and returns on the invested proceeds, especially if they are limited to fixed income and annuities?

        If i’m doing this right, which i may not be, at 7.5% ‘arbitrage’ they’d need to loan $13.3M for every $1m in annual benefit payments that need to be covered if they wanted to be perfectly balanced…

        jumps up to $50M for every $1m in annual benefits at a 2% spread..

        Reply

        • Posted by Tough Love on January 9, 2019 at 6:10 pm

          None of the numbers are “meant to work”, but ONLY to confuse sufficiently, and give the politicians enough “cover” to vote for it with little chance of the Taxpayers figuring out that they were AGAIN hoodwinked.

          Reply

  6. Posted by NJ2AZ on January 9, 2019 at 6:17 pm

    if i’m reading right. apparently the rate on the loans are up to the director of the PRA.

    at a minimum, anything less than the rate on the treasuries sold to finance the ‘loans’ is a bailout

    Reply

    • Posted by Tough Love on January 9, 2019 at 6:52 pm

      WONG. Anything less than the rate a Private Sector lender would demand (based on the risk of being repaid) is a “bailout”.

      Reply

  7. Posted by stanley on January 9, 2019 at 6:31 pm

    Well, maybe Tim will step in and show how his magic beans work. I’m afraid that we will need a few farms worth of Tim’s Mighty Magic Beans! Financial foolishness R Us. AOC definitely got the right training–to work as a bartender or a congressperson. This is getting good!

    Congress, where reality is negotiable.

    Reply

    • Posted by El Gaupo on January 9, 2019 at 7:07 pm

      I’ll settle for just plain negotiable. Not like Trump who walks out of meetings when he doesn’t get his way. The wall isn’t happening. Govern. Open the fucking government already. Most of the country is against him now. And that makes far left candidates more palatable. And that’s not good. But I’d be damned if I was going to come to work, not get paid, have no idea when I was getting paid and be told to have a garage sale and offer to paint my landlords apartment by my employer. Ridiculous.

      Reply

      • Posted by El Gaupo on January 9, 2019 at 7:10 pm

        I will relinquish my lucrative PFRS pension if he gets his wall built before he gets impeached later this year or if he is lucky, is allowed to fade away and not run again. The GOP should show some balls and run people against him in the primary. Their party is an absolute disaster right now. This sitting president is an absolute disgrace. And I wasn’t all to fond of the last one either.

        Reply

        • Posted by El Gaupo on January 9, 2019 at 7:14 pm

          Last post I promise on this topic. I don’t agree with AOC on a lot of issues. However, in my opinion, I feel she is getting picked on from the right because she is a strong woman. And I never feel that way. I certainly do NOT condemn her for her working class background or silly dance she did in college. By any account, she didn’t match up against the incumbent in her district financially and she kicked his rear end outta there. Not a fan of her platform, but I admire her for getting to where she is. She outworked her opponent.

          Reply

          • Posted by NJ2AZ on January 9, 2019 at 7:48 pm

            I dislike AOC because the fact that she has a degree in economics makes me ashamed to say that I also have a degree in economics

            Fortunately I have others 😬

          • Posted by stanley on January 10, 2019 at 9:16 am

            ” However, in my opinion, I feel she is getting picked on from the right because she is a strong woman.”

            El Guapo Eno, ready for stand up. Keep the laughs coming, officer, por favor!

        • Posted by stanley on January 10, 2019 at 9:13 am

          ” Their party is an absolute disaster right now. This sitting president is an absolute disgrace.”

          I don’t think anyone was sitting on the edge of their chair waiting for your analysis.

          Reply

      • Posted by stanley on January 10, 2019 at 9:10 am

        ” But I’d be damned if I was going to come to work, not get paid, have no idea when I was getting paid and be told to have a garage sale and offer to paint my landlords apartment by my employer. Ridiculous.”

        Oh WAH! Cry baby.

        Reply

        • Posted by El Gaupo on January 10, 2019 at 9:34 am

          Never said anyone was “waiting on the edge” of their seat.
          One person who I almost always butt heads with is TL. However, as a female I would like to hear her opinion on AOC strictly as whether or not the GOP has treated her as they would have a man. I, like TL, don’t agree with her stances on many issues. However, when compared to “grab em by the pussy” and “rape victims can will themselves to not get pregnant” she seems rather benign and by most accounts is a decent person.
          You are devolving into a petty man Stanley. I don’t think anyone on here really thinks that you’re a wise person. Wise guy maybe….
          I can respect a person whose views are different than my own as long as they respect mine. Doesn’t mean I have to change my views to accommodate them.
          These older men make themselves look foolish and not qualified to lead when they attack AOC for anything other than her record. I for one, think we need to get rid of Trump in 2020 and elect a statesman whether he be dem or gop. We need to get away from ridiculous tweets and get back to running the country. We can start by opening the the govt again and forgetting about his wall.

          Reply

          • Posted by stanley on January 10, 2019 at 2:55 pm

            “Never said anyone was “waiting on the edge” of their seat…”

            I could spend all day on that one, Constable. A person could do a compare/contrast on that post. Oh my god! This country has about $1.5T in student debt and to show for it we have AOC’s so-called learning. Venezuela just gave the world a world class case of a relatively well-to-do people voting themselves into extreme poverty, violence and bloodshed. And here comes this babe from Boston University promoting the same ideas as Chavez and Maduro. While Cuban troops are on the scene keeping Maduro in power. Who cares whether or not she means well and for that matter who cares if Trump is or is not Mr Cool? If we value our lives at all, the U.S. Government needs very badly to be brought under control starting with the EPA and the other alphabet agencies.

            And what record are you attributing to Ms AOC? Mixing cocktails?

    • Posted by Tough Love on January 9, 2019 at 7:54 pm

      That name (Tim) rang a bell ………. then it clicked.

      OMG …….. don’t wake up that goof-ball, as he may start posting again..

      Reply

  8. Posted by 26Point2 on January 9, 2019 at 7:21 pm

    And your comments on Trump had exactly nothing to do with the topic. “Most of the country…against him.” Perhaps in your echo chamber, but don’t speak for “most” of the populace in this little corner of the USA. The workers will be paid – no furloughed government worker has ever lost a cent in salary during a shut down-an extended paid holiday if you are smart enough -and assuming most if the readers here are- to have saved for a rainy day

    Reply

    • Posted by El Gaupo on January 9, 2019 at 7:32 pm

      Maybe they didn’t have anything to do w the topic. Didn’t realize you were the moderator here. Anyway, without question his approval rating is down considerably since he took office and just like climate change, that’s a fact Jack.

      Reply

    • Posted by Tough Love on January 10, 2019 at 12:54 am

      Wow, a Trump supporter ………… have you checked your IQ lately ?

      Reply

      • Posted by stanley on January 10, 2019 at 9:43 am

        Have you checked the quality of your IQ test? Why do you think that Providence granted you the superior consciousness? How did that happen? If you have the high quality consciousness that others must look to to check their own conclusions, how can it be that El Guapo Uno or Tim or John C could be mistaken? Maybe they really have the superior consciousness and maybe you are living in error?

        Anyway, some very smart people can have some very mistaken ideas.

        Reply

        • Posted by El Gaupo on January 10, 2019 at 1:20 pm

          What I think she means is that the average Trump supporter is either racist, misogynistic, or dumb. Or a combo of the three. Note I said average Trump supporter.

          Reply

        • Posted by stanley on January 10, 2019 at 2:32 pm

          Moreover, Trump did not run a deceitful campaign. No one can say that he tried to pull the wool over anyone’s eyes, nor can they say that he hasn’t tried to fulfill campaign promises.

          In addition to that, no one else from the Republican party would be getting better treatment from the main media than Trump is getting. Dubya was treated just as harshly as Trump and other candidates had they won would be getting the same treatment.

          Everyone visiting this blog site knows that America has grossly over promised the late life pension and health care benefits. How can anyone argue that the border isn’t in need of strict control? How can anyone argue that we need more bellying up for EBT cards and subsidized rent?

          Reply

      • Posted by PS Drone on January 10, 2019 at 2:11 pm

        And what to make of a Pelosi and AOC supporter? Genius? Then there is the matter of HRC. If Trump is a buffoon and BS artist, she is a felon just waiting for the orange jumpsuit.

        Reply

        • Posted by El Gaupo on January 10, 2019 at 4:23 pm

          Again, as I’ve stated before, NOT a supporter of AOC’s policies or the left wing stuff in general. Just saying they should lay of the stupid attacks like the dancing and the clothes and focus on her (bad) ideas and try to better.
          Look, I’m law enforcement. I lean right on many things. However, i draw the line with assholes like the Baptist church guy who thanked God that the “sodomites” were killed in the Pulse nightclub shootings. And then 😧😧😲 gets caught drinking, gambling, smoking weed, and visiting prostitutes. (I have no problem with three out of four of them) and then begs forgiveness. Total fraud. Dopey sheep on both sides guys.
          But oh yeah Stanley. It’s 25 degrees out in North Jersey today. Climate change must be a hoax. Smh. Like giving a homeless, starving man a meal and saying “see, we don’t have a hunger problem”.

          Reply

          • Posted by stanley on January 10, 2019 at 5:20 pm

            “But oh yeah Stanley. It’s 25 degrees out in North Jersey today. Climate change must be a hoax. Smh. Like giving a homeless, starving man a meal and saying “see, we don’t have a hunger problem”.

            Constable! Get help! So it’s 25 degrees out today in north NJ. What does that prove?

            Changing from global warming to climate change was a great marketing ploy. Now, whatever it is outside proves the global warming thesis. Too hot, that damnable co2, too cold, same, just right, same thing. Jeez Constable, don’t you worry that someone you know is following your postings? Your smear tactics are pitiful. A grown man should know better.

          • Posted by El Gaupo on January 10, 2019 at 5:40 pm

            Guess ya didn’t catch the sarcasm….kinda proves my point doesn’t it.

          • Posted by El Gaupo on January 10, 2019 at 5:40 pm

            Guess ya didn’t catch the sarcasm….kinda proves my point doesn’t it.

          • Posted by El Gaupo on January 10, 2019 at 5:46 pm

            Our president in fact said the same thing during a cold spell last year. Only he wasn’t being sarcastic. You gonna blame him too?

          • And then 😧😧😲 gets caught drinking, gambling, smoking weed, and visiting prostitutes. (I have no problem with three out of four of them) and then begs forgiveness.
            OK, which three 🙂

  9. Posted by geo8rge on January 11, 2019 at 10:53 am

    How do you check if a bill is reintroduced? Is there a record of reintroduction at a site like govtrack.us?

    Reply

  10. […] Bailout Committee website since the week after Thanksgiving. But that does not stop Congress from pushing a bailout bill or Joshua Rauh from polemicizing against […]

    Reply

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