[Congressional Record Volume 140, Number 7 (Wednesday, February 2, 1994)]
[Extensions of Remarks]
[Page E]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: February 2, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
                       EARTHQUAKE IN LOS ANGELES

                                 ______


                          HON. ELTON GALLEGLY

                             of california

                    in the house of representatives

                      Wednesday, February 2, 1994

  Mr. GALLEGLY. Mr. Speaker, I rise today on behalf of all of the 
victims of the recent paralyzing earthquake which struck southern 
California on January 17, 1994. Although this earthquake which measure 
6.6 on the Richter scale was centered near Northridge, CA, many other 
surrounding communities were also greatly affected including my 
district of Ventura County.
  Initially, only Los Angeles County was declared a disaster area by 
the President but as further assessments came in, damages in Ventura 
County were severe enough--estimated at $1 billion--to warrant a 
disaster declaration enabling county residents eligibility for Federal 
relief programs.
  The Federal Emergency Management Agency [FEMA] has been doing an 
excellent job in getting relief out to our citizens many who have been 
left homeless and hungry in the wake of this devastating earthquake. 
However, I believe that more can be done to make funding more readily 
available to the victims. I am introducing legislation today that would 
allow individuals to make penalty-free withdrawals from their 
retirement accounts to pay for federally declared disaster-related 
expenses.
  Disaster related expenses would include the costs of repairing or 
replacing damaged property and any additional living expenses incurred 
on account of damage to a residence caused by a federally declared 
disaster. Individuals would be able to make temporary penalty-free 
withdrawals from their retirement plans and take up to 60 days to pay 
disaster-related costs.
  By allowing temporary use of these retirement funds in such disaster 
emergencies, taxpayers would have immediate access to their own savings 
rather than taking out loans from an already overburdened Federal 
Government. I urge Members on both sides of the aisle to join me in 
cosponsoring this legislation.

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