Old North News

Education and the Workforce Committee Chairwoman Virginia Foxx commended the committee's efforts in holding the Pension Benefit Guaranty Corporation (PBGC) accountable for misusing taxpayer dollars. Foxx emphasized the committee's persistence in ensuring that $127 million intended for pension plans of deceased participants is recovered.

Foxx stated, "A Biden agency called 'PBGC' wanted to fleece the taxpayer of $127 million dollars by funding pensions for dead participants. Let me repeat: $127 million for dead pension participants."

The Chairwoman highlighted the importance of accountability and fiscal responsibility, stating, "Only after repeated calls by the Committee on Education and the Workforce for PBGC to correct its work has it decided to claw back those funds. Thanks to the tireless work of the Committee, PBGC is being held accountable."

Foxx referenced a former Republican Senator's famous quote, saying, "A billion here, a billion there. Pretty soon you’re talking real money." She also mentioned Democrat William Proxmire's practice of presenting the 'Golden Fleece Award' to government organizations that had exploited taxpayers.

In response to the PBGC's actions, Foxx expressed, "The American people are tired of being fleeced! President Biden has already misspent billions in fraudulent Covid payments. I say not a dollar more!"

The Education and the Workforce Committee's oversight efforts led to the Department of Labor mandating that multiemployer pension plans repay overpayment amounts. Despite repeated requests for clarification from PBGC, the organization failed to provide satisfactory responses in a timely manner. As a result, a hearing titled "Examining the Policies and Priorities of the Pension Benefit Guaranty Corporation" will be held on March 20, chaired by Rep. Bob Good (R-VA).

Chairwoman Foxx's acknowledgment of the committee's actions underscores the importance of transparency and accountability in government agencies handling taxpayer funds.