Senator Cotter: By way of background — and I think Senator Wells knows where this is coming from — you observed the part about employees getting a modest degree of super priority for unpaid wages and the Wage Earner Protection Program filling in some of that gap. The evidence from the Wage Earner Protection Program is that there is still a significant shortfall for employees. Indeed, that plan itself acknowledges that its recovery — subrogated, that is, in the place of workers — is a recovery of about 2% or 3%.

I recognize the dilemma you described about the other place, but when one thinks about workers who might lose some portion of the pension they will collect 20 years from now versus the shortfall of last month or the month before and paying the rent with credit cards, the attraction of a super priority seems to me to be compelling for the parts of wages they have not been able to get. I would be interested in whether you think that’s an appropriate issue to be considered in this exercise?

Senator Wells: It’s a really good point, Senator Cotter, and you and I have spoken about this. I read the transcripts from the other place where they addressed it. It was removed not because it was a bad idea. I think it’s a great idea. I agree that severances and unpaid wages may be even more important — they’re certainly equally as important.

I think it’s something we should explore further at committee. If there is an amendment to that, we will address it there. If there are some sharp edges that might suggest that it wouldn’t pass again in the other place, then we would have to deal with that. On principle, I think it’s an excellent idea. If this is the vehicle for it, then terrific. If it’s not the vehicle for it, then maybe that’s something this chamber should seek.