[Congressional Record (Bound Edition), Volume 147 (2001), Part 17]
[House]
[Pages 24231-24232]
[From the U.S. Government Publishing Office, www.gpo.gov]



H.R. 3365 TO ALLOW BUSINESSES TO TEMPORARILY WITHDRAW FUNDS FROM THEIR 
                          IRAS WITHOUT PENALTY

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentlewoman from Hawaii (Mrs. Mink) is recognized for 5 minutes.
  Mrs. MINK of Hawaii. Mr. Speaker, For weeks Congress had debated 
various economic stimulus plans. Meanwhile, the economy has continued 
to dive deeper into a recession.
  In the third quarter, the economy collapsed at an annual rate of 1.1 
percent, its worst showing since 1991. The Commerce Department reported 
that corporate profits fell 8.3 percent during the third quarter and 
decreased 22.2 percent compared with last year.
  The economic downturn has hurt working families throughout the 
country. The number of unemployed persons increased by 732,000 to 7.7 
million in October. The unemployment rate rose by 0.5 percentage points 
to 5.4 percent, the highest level since December 1996.
  We need meaningful legislation to stimulate the economy, help 
unemployed workers, and assist struggling families.
  On November 28, 2001 I introduced a bill allowing individuals 
suffering from the recession to withdraw funds from their Individual 
Retirement Accounts without penalty until September 12, 2002.
  My bill temporarily waives the 10 percent Individual Retirement 
Account withdraw penalty fee for people who: Have received unemployment 
compensation for 12 consecutive weeks, have at least 10 percent stake 
in a small business that has suffered significant economic injury since 
September 11th, or lost a family member in a terrorist attack.
  Congress cannot wait for the economy to recover on its own. We cannot 
wait for a stimulus plan whose effects may not been seen

[[Page 24232]]

for months. We must pass legislation that immediately helps workers who 
have lost their jobs.
  My bill will assist those who desperately need our help.
  I urge my colleagues to help individuals during this recession by 
cosponsoring this important legislation.

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