By Erin Corcoran

Representative John Boehner (R-OH) has represented Ohio’s eighth congressional district since 1990. In his 16 years on Capitol Hill, he has worked consistently to ensure a secure retirement system is in place for the workforce, cut taxes, generate jobs, and support education reform and safety in the workforce. In May 2001, the House passed Boehner’s No Child Left Behind Act, a bill based on President George W. Bush’s reform plan, with overwhelmingly bipartisan support. The Almanac of American Politics noted the success by saying, “Putting together a bipartisan education package on a committee which has long been one of the most partisan in Congress…was a considerable achievement. Boehner is a more powerful member than ever.”

In February 2006, the House Republican Conference elected Boehner as House Majority Leader, succeeding Rep. Tom DeLay (R-TX). As Majority Leader, he is unable to serve on committees, but he previously served on the House Committee on Education and the Workforce (Chair), the House Administration Committee and the House Agriculture Committee.

Boehner recently spoke with Portfolio about a number of issues including preserving pension and retirement security, the Terrorism Risk Insurance Extension Act (TRIEA) and adding a real estate fund to the Thrift Savings Plan (TSP).

On Being the House Majority Leader

As House Majority Leader, Boehner works closely with the Speaker of the House and the Majority Whip to coordinate policy ideas and line up votes for legislation. “My job is to help move the Republican Party in the right direction for our country and for our constituents,” he says. “When accepting leadership responsibility, you must set aside your own personal positions for the good of the team. This job is not about any one individual, but about successfully achieving the team’s goals.”

Boehner sees a number of major issues facing Congress for the rest of the year. “The most important concerns are border security, the global war on terror and making progress in Iraq,” he says. “In addition, our efforts to control spending and deliver tax relief to the American people are extremely important.”

On TRIEA

The Terrorism Risk Insurance Extension Act of 2005 (TRIEA) is important to commercial real estate as well as other industries. This Iaw has ensured industries that affordable insurance against terrorism is available to property owners as well as other businesses. However, TRIEA is slated to expire on Dec. 31, 2007.

After Sept. 11, 2001, the private sector couldn’t quantify the risk of a terrorist attack, and reinsurance availability declined to the point that it was creating economic damage, Boehner says. “The significant growth we’ve seen in our cities Since Sept. 11 is proof that TRIEA has worked well. It addresses the specific problem that terrorism presents.”

Boehner believes it’s important to let the free market identify risk and determine the insurance premiums that reflect this risk. “It can generally do so efficiently and accurately,” he says. “I believe that the federal role in the insurance markets should be temporary, and we should be looking for ways to replace our federal program with a permanent private sector solution.”

On Pension and Retirement Savings

Preserving and protecting the retirement savings of American workers continues to be a key national issue. Boehner worked on the recently passed Pension Protection Act 2006. “We recently reached a final agreement on the Pension Protection Act 2006, which will help sustain the defined benefit system for workers and employers, as well as protect taxpayers from a possible bailout of the Pension Benefit Guaranty Corporation (PBGC),” he says. “A key initiative, and one I’ve been working on for seven years, is giving workers greater access to high-quality investment advice.”

The Pension Protection Act 2006 reformed pension funding rules and updates worker pension laws for taxpayers, workers and retirees. One of the law’s key aspects is to strengthen cash balance plans to ensure they remain a viable and attractive option for workers and employers of the future, Boehner says. “These plans are the future of the defined benefit system, and they offer the security and portability that today’s workers are seeking as retirement options.” The legislation also requires employers to educate their employees about the role diversification plays in saving for one’s retirement. Inadvertently, it also allows professional investment advisors to give advice to employees on retirement options.

Boehner added that Congress also needs to strengthen Social Security for future generations, as well as to encourage Americans to save more. Giving the workforce a greater incentive to invest, as well as the tools to help them invest wisely, will ensure a safe and secure retirement for Americans, he says.

The Employment Retirement Income Security Act of 1974 (ERISA) sets minimum standards for pension plans in the private industry. Employers are not required to establish a pension plan. However, they are encouraged to provide benefits such as 401(k) plans, health benefits and life insurance in addition to the federally required workers’ compensation, unemployment and disability insurance.

“ERISA has always been a voluntary system, and rightly so,” Boehner says. “It has been a critical component of our efforts to give Americans a safe and secure retirement. Modernizing the law to meet the needs of today’s workers—like giving them greater access to professional investment advice—is the right approach.”

On a Real Estate Option in the TSP

Improving workers’ retirement saving options is also at the crux of the Real Estate Investment Thrift Savings (REITS) Act, H.R. 1578, which seeks to expand the asset allocation options in the Federal Thrift Savings Plan (TSP), the 401(k)-like plan for federal workers. The TSP has more than 3.5 million participants and $180 billion in assets.

Boehner, a co-sponsor of the bill, is a strong proponent of diversification and giving employees more choices and investment options with different risk and return characteristics. “Diversification is a key part of retirement security, and I believe federal workers should have a range of options to choose from as they look to build long-term wealth and retirement security,” he says.