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[marketmaven]

Democrats seek moratorium on pension takeovers
(UALAQ) By Rex Nutting
WASHINGTON (MarketWatch) -- Two Democratic lawmakers introduced legislation Friday to impose a six-month moratorium on further pension takeovers by the federal Pension Benefit Guaranty Corp. to give Congress time to pass pension reform. Reps. George Miller, D-Calif., and Jan Schakowsky, D-Ill., proposed the moratorium after a federal bankruptcy court approved the transfer of some $6.6 billion in pension obligations from United Airlines (UALAQ) to the agency. "All the major carriers will look to the United agreement to see if they can cut their own costs by dumping their workers' pensions," Miller said in a release. "And after the airlines, other industries will look to do the same thing."