[Congressional Record Volume 158, Number 158 (Monday, December 10, 2012)]
[Senate]
[Page S7703]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Ms. MIKULSKI (for herself and Mr. Cornyn):
  S. 3667. A bill to rename section 219(c) of the Internal Revenue Code 
of 1986 as the Kay Bailey Hutchison Spousal IRA; to the Committee on 
Finance.
  Ms. MIKULSKI. Mr. President, I rise to introduce legislation to 
rename the section of the tax code that is currently known as the 
``Spousal IRA'' so that it carries the name of its champion--my friend 
and colleague from Texas--Senator Kay Bailey Hutchison.
  Senator Hutchison has been an excellent partner to work with on the 
Commerce, Justice, and Science subcommittee watching over the nation's 
checkbook for investments in research, discovery, innovation, and law 
enforcement. We have sought to find the sensible center in addressing 
issues like cancer research, building a balanced space program at NASA, 
and most recently--on legislation to stop inmates from using cell 
phones in prison.
  Senator Hutchison must be recognized for her long-standing advocacy 
for women. Her advocacy has been steadfast. We have worked together on 
the women's health agenda. We have mammogram standards in this country 
because of the Hutchison-Mikulski amendment. We have helped with breast 
cancer research funding because we have worked together, and I could 
give example after example.
  But what I rise to discuss today is the very first issue that Senator 
Hutchison and I took on together--expanding the availability of 
Individual Retirement Accounts, IRAs, for spouses who work at home. 
Along with Senator Kay Bailey Hutchison, I am the author of the Spousal 
IRA bill.
  I have always said that one of my principles is to listen to the 
people and the stories of their lives. My best ideas come from the 
people. The Spousal IRA bill was one of those kinds of ideas. This bill 
was a product of Senator Hutchison's personal experience before joining 
the Senate. After putting aside money for her retirement as a single 
working woman, Senator Hutchison found that she could only put aside 
$250 in an IRA once she married her husband.
  This kind of policy, that discouraged women from saving for 
retirement, was completely backwards. Women tend to live longer than 
men. Women are more likely to take years off of work outside of the 
home because of family responsibilities. And women are more likely to 
work in jobs that don't have a pension.
  When Senator Hutchison joined the Senate in 1993, she came to me to 
sign on as the lead Democratic sponsor for her idea to help women save 
for retirement. Together we worked to build support for this bill and 
after 3 years and 62 cosponsors, the Spousal IRA bill became the law of 
the land.
  Suddenly, women weren't limited to $250, they could put away $2,000. 
All women--single, married, working outside the home, or working at 
home--could set aside the same amount for retirement. Over time, that 
amount has grown, and so it is not $2,000, but it can be $2,500 or 
$3,000 or $5,000, depending on a woman's age.
  This law is important because it reflects the values of our nation, 
it rewards good parenting and families, and it recognizes that not all 
work is done in the marketplace. American families feel the pressure 
from all sides, paying for their children's education, their homes, 
taking care of elderly parents, and being prepared for unforeseen 
emergency medical care costs. What the Spousal IRA law finally said 
was, ``Moms and dads are struggling to do the right thing for their 
family, and they should not be penalized for staying at home.''
  Earlier this year, an interviewer on PBS asked Senator Hutchison what 
she's most proud of in her Senate career, and she said the Spousal IRA. 
Senator Hutchison has a lot to be proud of, but we must recognize her 
work in fixing federal policy to help women save for retirement. We 
should amend the tax code so that women in America know that they're 
benefitting from the Kay Bailey Hutchison Spousal IRA.

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