George W. Bush

President Bush has outlined reform proposals to protect the pensions of millions of Americans workers in the aftermath of the Enron corporation bankruptcy. Without mentioning Enron by name, the president devoted his entire weekly radio address to the pension issue, saying he wants to give workers greater freedom to diversify their retirement investments.

Under the plan, workers would be permitted to sell company stock after three years to make other investments, and companies would be encouraged to provide workers with outside financial advice.

The president also proposed a single standard for corporate executives and other employees with regard to the ability to sell company stock that is part of a pension plan. Late last year, many employees were barred from selling company stock and saw their life savings wiped out as the stock plummeted, while top executives sold their stock before the value plunged.

President Bush said employees who have worked hard and saved all their lives should not have to risk everything when their company fails.

Enron's bankruptcy is the subject of a number of congressional and criminal investigations. On Friday, the Justice Department ordered the White House to preserve all documents relating to the bankrupt energy trader dating back to January of 1999. White House officials say they will comply.

Some information for this report provided by Reuters.

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