TEAMSTERS APPLAUD INTRODUCTION OF BIPARTISAN CORPORATE BANKRUPTCY REFORM LEGISLATION

Legislation Would Put Workers, Retirees Ahead of Executives During Bankruptcy

WASHINGTON, Dec. 5, 2024 /PRNewswire/ -- The Teamsters Union commends Sen. Dick Durbin (D-Ill.) and Sen. Josh Hawley (R-Mo.) for introducing the Protecting Employees and Retirees in Business Bankruptcies Act in the U.S. Senate, which would correct abuses of the corporate bankruptcy process that rob employees and retirees of their hard-earned wages, benefits, and retirement savings.

"Corporate bankruptcy law in the U.S. is a joke," said Teamsters General President Sean M. O'Brien. "The rules are written to favor corporations, not working people. The system is rigged to undercut workers and retirees, while CEOs walk away with multimillion-dollar payouts. The Teamsters Union supports the Protecting Employees and Retirees in Business Bankruptcies Act and we will fight for its passage to make sure workers and retirees are finally prioritized during bankruptcy proceedings."

For years, the Teamsters Union has advocated for meaningful corporate bankruptcy reform in America. The Teamsters called on Congress and the White House to pass and enact bankruptcy legislation to prioritize workers last year, but such reform efforts were not taken up at the time.

Founded in 1903, the International Brotherhood of Teamsters represents 1.3 million hardworking people in the U.S., Canada, and Puerto Rico. Visit Teamster.org for more information. Follow us on Twitter @Teamsters and "like" us on Facebook at Facebook.com/teamsters.

Contact: 
Kara Deniz, (202) 497-6610
[email protected]

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SOURCE International Brotherhood of Teamsters