[Congressional Record Volume 146, Number 93 (Tuesday, July 18, 2000)]
[House]
[Page H6369]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                INCREASING LIMITS ON RETIREMENT ACCOUNTS

  (Mr. SAM JOHNSON of Texas asked and was given permission to address 
the House for 1 minute and to revise and extend his remarks.)
  Mr. SAM JOHNSON of Texas. Mr. Speaker, when I was 21 years old and 
flying combat in Korea, I thought I was bulletproof. I never gave one 
thought about being 65 years old and worrying about retirement. But 
young and middle-aged workers need to start today to prepare for the 
future.
  This week, the House is going to vote on legislation to increase the 
annual amount Americans can save in their individual retirement 
accounts from $2,000 to $5,000.
  IRAs provide one of the best incentives for Americans to save for 
their retirement security. It has been nearly 20 years since this 
$2,000 limit was set, and it is way past the time to increase it.
  This bill also increases the amount Americans can put into their 
401(K) accounts and allow Americans to keep their retirement accounts 
if they choose to switch. Republicans have worked hard to tear down all 
the barriers through traditional American values, like family, hard 
work and savings.
  This bill goes a long way to make sure that every American has 
security.

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