Public Papers - 1990
Statement on Signing the Bill Amending the Employee Retirement Income Security Act of 1974
Today I am signing H.R. 5872, a bill ``To amend title I of the Employee Retirement Income Security Act of 1974 to require qualifying employer securities to include interest in publicly traded partnerships.''
In approving this legislation, I wish to make clear that the scope of the bill is limited. It is my understanding that the bill will change provisions of the Employee Retirement Income Security Act with respect to the treatment of investments in publicly traded partnerships under certain provisions governing fiduciary duties and prohibited transactions. H.R. 5872 will not change existing tax rules that prohibit publicly traded partnerships from maintaining certain forms of tax-qualified plans such as employee stock ownership plans.
The White House,
November 8, 1990.
Note: H.R. 5872, approved November 8, was assigned Public Law No. 101 - 540. The statement was released by the Office of the Press Secretary on November 9.