[Congressional Record Volume 168, Number 159 (Friday, September 30, 2022)]
[House]
[Page H8358]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               SUSPENDING REQUIRED MINIMUM DISTRIBUTIONS

  (Mr. DAVIDSON asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. DAVIDSON. Mr. Speaker, I proposed H.R. 8331 to amend the Internal 
Revenue Code of 1986 to temporarily suspend required minimum 
distribution rules for certain retirement plans and accounts.
  I would like to briefly discuss these. These distributions are 
generally minimum amounts that retirement plan account owners must 
withdraw annually or else they pay a penalty. The amount to be 
distributed is calculated based on the account balance as of December 
31 of the previous year.
  Since the market was nearly at an all-time high at the end of 2021, 
and it has dropped more than 20 percent, the distributions from 2022 
are disproportionately high. While this administration pushes more 
terrible inflationary policies that hurt our market, it is our retirees 
who are suffering the consequences most from this downturn.
  I have introduced this bill to waive the required minimum 
distributions for 2022, much like this body did in 2020 in the CARES 
Act when the government shut down our economy.
  My office has received countless phone calls, not just from my 
constituents, but from American retirees all over the country who are 
demanding that Congress address this issue. I hope we can get something 
done by the end of the year.

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