Congressional Record—Senate S3075
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May 24, 2016 CONGRESSIONAL RECORD — SENATE S3075 whistleblower protections are so im- the United States. The amendment my colleagues have already attested, portant. also requires TSA to develop a security the rule, on its face, would unneces- Our bill will help make sure that the coordination enhancement plan with sarily impose a new set of regulations system protects those who come for- domestic and foreign partners, includ- under the Employment Retirement In- ward to expose the problems facing pa- ing foreign governments and airlines, come Security Act, or ERISA, on a tients. and to conduct a comprehensive assess- greatly expanded number of people. I am proud of the bill that my col- ment of TSA’s workforce abroad. It Under current law, brokers and deal- league and I have introduced, and I also authorizes TSA to help foreign ers who provide services to retirement hope the Senate will take it up in the partners by donating security screen- plans are already heavily regulated. near future. While this is an important ing equipment to foreign last-point-of- They are not automatically considered step, it is still just the first step. I will departure airports and to assist in labor law fiduciaries, and, therefore, continue to consult with the nine evaluating foreign countries’ air cargo they are not subject to the increased li- tribes in South Dakota and with others security programs to prevent any ship- ability provided under ERISA. Instead, to see what additional steps we need to ment of nefarious materials via air these service providers are subject to take to fix the problems at the Indian cargo. These provisions are similar to regulations issued by the Securities Health Service once and for all. Our those of H.R. 4698, the SAFE GATES and Exchange Commission to protect tribes deserve better than what they Act of 2016, and, together with the investors from fraud and to ensure have been receiving, and I am not other security provisions adopted, take transparency. going to rest until all of our tribes are concrete steps to confront the real ter- Under the new DOL rule, virtually getting the quality care they deserve. rorist threat that we are facing. any broker who provides investment AVIATION SAFETY AND SECURITY I believe these provisions in the FAA advice of any kind to individuals re- Madam President, before I conclude, reauthorization bill will help make air garding their individual retirement ac- I wish to take a minute to talk about travel from foreign countries to the counts, or IRAs, will be considered a some aviation security issues that were United States safer and more secure. pension plan fiduciary, subject to high- brought into sharp relief by the recent The Senate passed this legislation in er standards and greater liability. crash of an Egyptair flight. April, and now it is time for the House As my colleagues have aptly noted, Last week, 66 people died when of Representatives to act. The House of this rule will reduce the availability of Egyptair flight 804 from Paris, France, Representatives should take up our investment advice for retirees and to Cairo, Egypt, crashed into the Medi- FAA bill without delay so that we can make the advice that is available more terranean Sea off the Egyptian coast. get a final bill with timely security expensive, which will have a dispropor- With investigators still recovering evi- and safety reforms onto the President’s tionately negative effect on low- and dence, it is too soon to come to any desk before the summer State work pe- middle-income retirees. Higher costs conclusions as to the cause of this riod. and a more burdensome system also tragic accident, but with the absence of Every day countless terrorists are mean more expenses for small busi- evidence indicating an obvious tech- plotting their next attack against the nesses trying to sponsor retirement nical failure, U.S. and Egyptian offi- United States. There are measures we plans for their employees. cials have suggested terrorism as a po- can take today that will help make A 2014 study found that, as a result of tential cause of the crash even without Americans safer at home and while these rules, many affected retirees— a credible claim of responsibility from traveling from destinations abroad. who, once again, are predominantly any group. Several of those measures are included middle class or lower-income retirees— Given the global risk environment in the FAA bill that we passed with will see their lifetime retirement sav- and previous acts of terror, investiga- over 90 votes in the U.S. Senate. ings drop by between 20 and 40 percent, tors are focusing their attention on I call again on the House of Rep- which will translate into a reduction of anyone who may have had access to resentatives to take up this bill so that between $20 billion and $32 billion in the Egyptair aircraft while it was sit- we can continue our work to keep systemwide retirement savings every ting on the ground, including baggage Americans safe. year. handlers, caterers, cleaners, and fuel- I yield the floor. DOL’s own analysis indicates that truck workers. f the rule will have a compliance cost. At the Senate Commerce Committee, That is deadweight loss to the system we have been very focused on this type RECESS of between $2.4 billion and $5.7 billion of aviation safety and security issue Mr. THUNE. Madam President, I ask over the first 10 years, virtually all of over the last year. unanimous consent that the Senate re- which will be passed onto American re- In December of 2015, the committee cess until 2:15 p.m. and that the time tirees. I think it should go without advanced legislation to address insider during the recess be charged to the pro- saying that if anyone has an interest in threats posed by airport workers and ponents’ side on H.J. Res. 88. understanding the cost of the DOL’s enhanced vetting of airline passengers. There being no objection, the Senate, regulations, it is the DOL itself. As the Senate took up the FAA Reau- at 12:32 p.m., recessed until 2:15 p.m. All of these problems—and they are thorization Act of 2016, we engaged in a and reassembled when called to order real problems—with the DOL’s fidu- constructive and open process to con- by the Presiding Officer (Mr. ciary rule are within the substance of sider amendments. Ultimately, the PORTMAN). the rule itself. I wish to take just a few Senate adopted a number of aviation f minutes, however, to talk about the security amendments, including a secu- process by which the rule came into ex- rity amendment that I cosponsored DISAPPROVING A RULE SUB- istence because it is no less problem- with Commerce Committee Ranking MITTED BY THE DEPARTMENT atic. Member NELSON, Senator AYOTTE, and OF LABOR—Continued This regulation is an attempt to re- Senator CANTWELL that would The PRESIDING OFFICER. The Sen- write ERISA-prohibited transaction strengthen security at international ator from Utah. regulations for IRAs that have been in airports with direct flights into the Mr. HATCH. Mr. President, I rise place since 1975. However, the prohib- United States. today in favor of the Congressional Re- ited transaction rules for IRAs are The amendment added a security view Act resolution regarding the De- codified in the Internal Revenue Code title to the FAA bill that included leg- partment of Labor’s new fiduciary rule. which, generally speaking, would give islation marked up in the Commerce This resolution, which provides Con- Treasury regulatory jurisdiction over Committee, as well as other initia- gress with an opportunity to express the matter. tives. Among other things, the amend- its disapproval with the administra- That was the understanding in 1975 ment requires TSA to conduct a com- tion’s regulations, is important for a when the current regulations were first prehensive risk assessment of all for- number of reasons. established. However, a 1978 Executive eign last-point-of-departure airports— On the substance, DOL’s new rule is order transferred some of the Treas- foreign airports with direct flights to extremely problematic. As a number of ury’s jurisdiction over prohibited VerDate Sep 11 2014 23:42 May 24, 2016 Jkt 059060 PO 00000 Frm 00013 Fmt 4624 Sfmt 0634 E:\CR\FM\G24MY6.019 S24MYPT1 emcdonald on DSK9F6TC42PROD with SENATE S3076 CONGRESSIONAL RECORD — SENATE May 24, 2016 transaction rules—rules generally di- The PRESIDING OFFICER. The banks and brokers are already working rected at preventing self-dealing and clerk will call the roll. on implementation. The Department of conflicts of interest—to the Depart- The senior assistant legislative clerk Labor is committed to helping compa- ment of Labor. In other words, the rule proceeded to call the roll. nies figure out how to make the nec- that DOL has rewritten with this new Mr. BROWN. Mr. President, I ask essary changes and adapt to the rule. fiduciary regulation predated the De- unanimous consent that the order for Industry and some in Congress have partment’s grant of jurisdiction. the quorum call be rescinded. called for the SEC to issue its own fidu- While this might be a little arcane The PRESIDING OFFICER. Without ciary rule before the Labor Depart- and in the weeds, this distinction is im- objection, it is so ordered. ment. The Wall Street reform bill re- portant, given the reported disputes be- Mr. BROWN. Mr. President, as Sen- quired the SEC, the Securities and Ex- tween agencies on this rule.