Hard-working Americans are doing their part to save for the future. Americans who work to support their families and save for retirement should not have to worry that the money they earned won't be there when they need it most.
Today my administration is taking action to give the Government the tools necessary to assure American workers they can put their 401(k) savings into a system that is as safe as Fort Knox.
Every American should be encouraged to set aside money for their retirement and make investments in their economic future. Our action will assure millions of Americans that they can put their savings and their trust into a financially sound retirement plan. My administration will continue to do its part to stand guard over Americans' retirement funds.
William J. Clinton, Statement on Action To Protect Retirement Plan Savings Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/221284