Miller blasts Senate Democrats for dropping disclosure provision from tax extenders

Senate Finance Chairman Max BaucusMax Sieben BaucusSteady American leadership is key to success with China and Korea Orrin Hatch, ‘a tough old bird,’ got a lot done in the Senate Canada crossing fine line between fair and unfair trade MORE (D-Mont.) has now offered a slimmed down version of the extenders bill that Miller wants his provision added to.

"We think if there was a full airing on what this means to the American families it would not be easily dropped," Miller said, adding that "just a 1 percent increase in an unjustified fee means [investors] could lose up to 28 percent of the money set aside for retirement."

Miller and Rep. Robert Andrews (D-N.J.) urged senators to include the disclosure rule in the new tax extender bill by sending pies to Senate Finance Committee members, absent one slice to represent the fees Wall Street takes from 401(k) account holders that are not disclosed.

"Some 28 percent of that pie will be gone because that represents what Wall Street is taking away from American families," Miller said, adding that "the Senate should side with middle-class Americans who want to know the facts about fees and charges that threaten their retirement savings."