Massachusetts Democrats Bash Privatization Plan
February 14, 2005
Congressional Democrats from Massachusetts, a state that many leading money management firms call home, are unifying in opposition to the Bush Administration's proposal to route a portion of Social Security into mutual funds. Although they recognize the implications the Bush plan might have for hometown fund giants like Fidelity Investments and Putnam Investments, at least eight of the 12-member delegation doubt the president's claims that Social Security is in crisis and are concerned over diluting a safety net on which many of their constituents rely. "Senior citizens' needs are more important than parochial interests," said Rep. Michael Capuano.