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House passes resolution urging congressional consideration of Social Security privatization amid heated debate
Summary
House Resolution 3, urging congressional consideration of voluntary Social Security privatization, passed after a contentious floor debate in which supporters framed privatization as 'ownership' and opponents warned of market risks and impacts on vulnerable beneficiaries.
The Utah House passed House Resolution 3, a nonbinding statement urging Congress to consider privatizing Social Security through voluntary personal accounts. Representative Morley, sponsor, characterized the proposal as voluntary and aimed at offering "ownership" to participants; he said privatization would not be mandatory and could provide higher returns than the current system.
Floor debate was polarized. Opponents warned that shifting Social Security funds to private accounts would expose retirees, widows and disabled beneficiaries to market risk and might increase poverty among people who rely primarily on Social Security. Representative Hansen cited examples of market losses and argued that many Americans lack the financial literacy to manage private accounts. Supporters, including Rep. Clark and Rep. Farren, countered that state retirement investments already use markets and that ownership models could be more secure for some participants.
After a motion to end debate, the House voted to pass HR3, 54 yes to 17 no. The sponsor said the resolution is voluntary and intended to spur congressional conversation rather than create a mandatory program.
