in fact, quite simply, it expands on the pbgc's existing authority. it's based on banking industry reforms that congress enacted after the great depression and at other times. the partition option permits employers to maintain a financially healthy multiemployer plan by carving out pension benefit liabilities owed to participants who have been orphaned by employers who have exited the plan without paying their full share of those liabilities. now by removing orphan liabilities, we allow the original plan to continue to provide benefits in a sustaining manner by funding benefits with contributions from current participating employers. in fact, partitioning creates a healthy pension that continues to meet all of its obligations to retirees and a separate sick pension that requires attention and assistance from this federal guarantee system we call the pbgc. for this petition program to operate effectively and to address the plans that are in immediate danger, a limited amount of federal taxpayer funds will be needed to support the pbgc. we expect the ne

the house's proposal will not generate sustainability of pension plans or the sustainability of the pbgc. so we better not spend time on something the congressional budget office just isn't going to bring a solution and definitely not a long-term solution. in contrast, the proposal that senator alexander and i are releasing today addresses the immediate needs of the few multiemployer plans facing immediate crisis in a manner that protects participant benefits and also ensures a sustainable multiemployer pension system for the long haul. and it does this all in a fiscally responsible way. our proposal is not a giveaway to corporations or to unions, and it's a better deal for the taxpayers at the same time than a future that even with a larger problem and a pbgc funding needs that will almost surely be met with a taxpayer bailout. all participants in the system would make a sacrifice. let me make that clear. all participants in the system are going to sacrifice. employers, unions, workers, and retirees. i'm sure each one of those groups isn't going to consider this fair and responsible but

they will all start tumbling along with the pbgc which is the federally funded guarantee. that is why we protect the pension now, not next year or the year after that. which is why my colleagues and i introduced the coalminers act, it would transfer funds in excess of the amounts needed to meet existing obligations under the abandoned mine land fund to the 1974 pension plan to prevent it's looming insolvency. it raises caps to $750 million so ensure there is sufficient funding for these pension funds. it also guarantees a lifetime health care for the 13,000 individuals, including the 1,000 scheduled to lose their health care on december 31 of this year. by amending the coal act to include 2018 and 2019 bankruptcies in the health care miners fix that passed. the funding is already there, it needs to be reallocated. these actions will secure the pensions of 92,000 coalminers and their families and protect health care benefits for 13 now miners. that is our goal and i am proud to be here fighting for these miners today because they surely have fought for me and given me the g

and this comes from the pbgc complaint opposing their plan for reduction. this is the pension that rerun in this country, the federal government and they put this complaint against their restructuring, the same scheme played out with them in early 2000. in 2007, sun capital partners, a private equity firm, purchased friendly's for $337 million, trying to weather the great recession. s suns forced friendly's to close 36 stores and take a loan. at at that point sun capital was the owner and major creditor friendly's. that gave the firm loanch in its bankruptcy -- firm much of its bankruptcy to sell its assets to one sun capital's affiliates. at the end of the bankruptcy, most were owned by sun capital affiliate free and clear of any pension claims. those unfunded pension obligations totaled $115 million and are being assumed by you and i, the taxpayers. there's nothing fair about nil of this that i just -- any of this that i just explained no matter how small or how large. we've allowed this to happen. back in the 1980's when the bankruptcy laws were changed,

if the pbgc fails, we are looking at a potential recession. small businesses that have been in the family for generations could face bankruptcy, workers lose jobs at businesses forced to close up shop, retirees face crippling cuts to their income. congress gave a decade ago gave wall street a bailout after they wrecked people's lives many these mine worker did what they were supposed to, they gave up money. is congress going to abandon them? it's about who's side you're on and the dignity of work. we should be committed to miners, these workers, these retirees, we are continuing to work on a bipartisan solution. when people have dignity, when work has dignity, we honor the retirement security that they have earned. i yield the floor. a senator: mr. president? the presiding officer: the senator for oregon. mr. wyden: mr. president, i think we are running a few minutes behind. we've had a real crush of business here in the last hour. i would ask unanimous consent to speak for up to 15 minutes. the presiding officer: without objection. mr. wyden: