Given this Committee's jurisdiction over the securities markets, it is imperative that we begin that debate sooner rather than later. In that regard, I welcome my dear friend the chairman of the Federal Reserve Board to the subcommittee and I look forward to hearing what you have to say. I understand that Deputy Secretary Summers will appear before us this afternoon to respond to Chairman Greenspan's criticisms of the Clinton proposal. I believe this bill deserves serious consideration. This is not altogether true.
Saving is a luxury they can ill afford.
It is a testament to this society that we have established and maintained a Social Security system that spreads the risk among all Americans and makes sure that our senior citizens, especially the elderly poor, have a financial safety net to fall back on. I look forward to hearing what the witnesses have to say. I also look forward to seeing the rest of the President's plan for preserving Social Security and to our working with the Committee on Ways and Means on what must be our number one domestic priority. In closing, I want to submit for the record with my statement a letter dated March 1 that I have received from our state legislatures, counties, cities, mayors, and government finance officers. They indicate that they disagree with comments that have been made about the performance of State and local pension plans and request that they be heard on this matter.