democratic senator herb kohl and mike enzi have introduced legislation that would reduce the number of loans workers can take from their 401(k)smericans are treating retirement accounts as rainy day funds. i thought they were rainy day funds. they're not supposed to be used as a piggy bank. we would like to talk about that. clyde anderson is here. what's up with it's not a piggy bank? isn't this supposed to be rainy day fund and why would capitol hill not want a guy like me or you to spend our own money if we were in a pinch? >> i think they are saying they are trying to protect the american citizen. with social security having problems, they want to make sure we have some sort of retirement fund even though this is our own money. >> herb kohl is rich. >> the owner of the milwaukee bucks. >> when do you think he tapped his 401(k)? >> i have the bill in my hand. i have a problem because i think he may be out of touch with reality of what middle class americans are going through right now. this is money that we put aside for our own savings and now they say they want to limit the amount you can touch. people use this money right

kohl who has served under a recess appointment said since december has worked in the justice department in the 80's before shifting to private practice. the senate ended up blocking mr. kohl's nomination 50-40. 60 votes were needed to move his nomination forward. here is a 30 minute portion from that debate. >> mr. president, i want to speak in opposition to the nomination of james cole forey deputy attorney general of theth united states,e who we will bea voting on a little later this afternoon. despite president obama's recess appointment of mr. kohl we have had a number of opposition statements in the committee and was not looking at smoothh sailing. i do confirmation and his permanent appointment based on concerns i have with his record and his criminal justice view on the war on terror, which iieve believe is utterly wrong and his questionable decisions with an outside consultant for aig big insurance company that had to be bailed out to the tune of i think $170 billion in this last bailout manner. he was anla independent consultt supposed to be monitoring that company for other errors they ha

s denver bureau until he accepted a teaching position at his alma mater back in pueblo, kohl. during the summers, he worked part time in the "chief tain's" news room and in 1957 -- it became full time. mr. gardner: these were the days of investigative reporting, it doesn't exist anymore. stories were literally filed over the wiferes an tom was without a doubt what one would consider old school he took over as the political beat reporter for "the chief tain," working out of denver he cover covered the state capitol and remembers what the kohl state legislature was like be