Deals and People May 2, 2001

President Bush Names Commission Members

May 2, 2001 (PLANSPONSOR.com) - President Bush has named the members of the bipartisan, 16-member commission, charged with the task of making recommendations to preserve Social Security for seniors while building wealth for younger Americans.
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As reported earlier, the commission is to be co-chaired by former Senator Daniel Patrick Moynihan (D-New York), and Dick Parsons (Co-Chief Operating Officer of AOL/Time Warner).

Other commission members are:

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  • Sam Beard (D – Founder and President of Economic Security 2000)
  • John Cogan (R – Former OMB Deputy Director under President Reagan)
  • Robert Deposada (R – Executive Director, Hispanic Business Roundtable and President and CEO of ONE Research and Marketing, Inc)
  • Estelle James (D – Consultant with the World Bank, former World Bank lead economist in Policy Research Dept)
  • Robert Johnson (D – CEO Black Entertainment Television)
  • Gwendolyn King (R – Former SSA Commissioner)
  • Olivia Mitchell (D – Wharton University professor, former co-chair 1994-96 Social Security Advisory Council?s technical panel on retirement saving)
  • Gerry Parsky (R – Former Assistant Secretary of Treasury under President Ford)
  • Tim Penny (D – former congressman)
  • Thomas Saving (R ? Texas, A&M Director of Private Enterprise Research Center and a Social Security Public Trustee)
  • Fidel Vargas (D – Former mayor of Baldwin Park, California and current Vice President of Reliant Equity Investors)
  • Carolyn Weaver (R – Resident scholar at the American Enterprise Institute).
  • Bill Frenzel (R – Former Minnesota Representative)
  • Robert Pozen (D – Fidelity Investments)

Framework Focus

The commission will work towards producing a specific reform proposal based on the President?s existing core framework, which focuses on the establishment of personal retirement accounts.

The commission?s proposals will be subject to six key principles. They are:

  • Modernization must not change Social Security benefits for retirees or near-retirees
  • The entire Social Security surplus must be dedicated to Social Security only
  • Social Security payroll taxes must not be increased
  • Government must not invest Social Security funds in the stock market
  • Modernization must preserve Social Security?s disability and survivors components
  • Modernization must include individually controlled, voluntary personal retirement accounts which will augment the Social Security safety net

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