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Bush's Plans to Change 401(k) Laws Draw Fire from Critics.

Detroit Free Press (Detroit, MI)

| February 07, 2002 | COPYRIGHT 2007 Detroit Free Press. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Feb. 7--WASHINGTON--U.S. Labor Secretary Elaine Chao defended President George W. Bush's proposals to change 401(k) retirement plan laws in testimony Wednesday before Congress. But Democrats and business groups weren't buying it.

Democrats led by Rep. George Miller, D-Calif., said Bush's proposals won't do enough to safeguard workers' retirement assets. And prominent corporate trade groups said several of the president's proposals go too far and could deter companies from providing 401(k) plans altogether.

Those groups, and many Republican lawmakers, want Congress to study the matter rather than pass legislation in haste. The pressure to act follows the…

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