WASHINGTON -- The following is the statement of Senate Finance Committee Chairman William V. Roth, Jr. (R-DE) regarding the Social Security reform proposal outlined today by the Finance Committee's Ranking Democratic Member, Senator Daniel Patrick Moynihan (D-NY).

"I applaud my colleague Pat Moynihan for putting forward a comprehensive proposal that addresses the looming solvency problems facing Social Security. Pat is one of the great leaders of the Senate on Social Security. Any plan of his deserves serious consideration."

"While the tax increases in the plan do not excite me, I am pleased that Senator Moynihan's proposal includes personal investment accounts. These type of accounts could be the single most important thing we could do to ensure that Social Security is there for our children and grandchildren. The current budget surplus provides an excellent opportunity to establish and fund such accounts. I hope we can engage this issue when the budget resolution is up for debate."

"Senator Moynihan incorporates a more accurate CPI as the cornerstone of his legislation and establishes the Roth-Moynihan CPI board. Pat and I have worked together on this issue in the past, and I agree with him that it is important that we develop a more accurate cost of living measure to index federal programs."

"I intend to carefully review Senator Moynihan's proposal, and look forward to working with him as we address Social Security's solvency problem together."