Navarro explains review of Delphi pension terminations: Employees ‘still getting screwed’
Trump administration reviewing Obama-era decision to terminate Delphi pension plans
White House trade adviser Peter Navarro discusses the Trump administration’s efforts to resolve the ongoing pension dispute between Delphi employees and the PBGC.
The Trump administration announced Thursday that the Obama-era decision to terminate Delphi pension plans is being brought back into review.
Continue Reading Below
White House trade adviser Peter Navarro told Fox Business Network's “Making Money with Charles Payne” the review is necessary to support retirees who he said are losing out on earned money.
“The reason why we’re working on it is because the litigation process ran its course and these Delphi salaried and non-union employees are still getting screwed,” he said.
Navarro made clear that the Pension Benefit Guaranty Corporation (PBGC), where Delphi trusteeship was transferred after going bankrupt, is not the “villain” in the situation. Rather, the Treasury Department under President Obama and Joe Biden are to blame.
TRUMP COULD INTERVENE IN OHIO FIGHT OVER TERMINATED DELPHI PENSIONS, GOV. DEWINE SAYS
The trade adviser explained that following the $30 billion bailout of General Motors in 2009, the United Auto Workers had employee pensions topped off for union members while nearly 20,000 non-union workers were left out to dry.
CLICK HERE TO READ MORE ON FOX BUSINESS
Now, Trump is starting a 90-day process to address the long-standing battle alongside other White House officials including Navarro, Treasury Secretary Steven Mnuchin and Labor Secretary Eugene Scalia.
“We’re going to come up with a way to try to make these folks whole,” he said. “This shows President Trump is the blue-collar president. He cares about these people. Joe Biden and Barack Obama did not."
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Source: Read Full Article