Pete Stark: “I am in support of the Guardsman and Reservists Financial Relief Act. The courageous Americans serving in harms way…”

“I am in support of the Guardsman and Reservists Financial Relief Act. The courageous Americans serving in harms way should not be forced to suffer for their services through unnecessary financial hardship. This legislation would allow members of the National Guard and Reserves deployed in extended duty in Iraq and elsewhere the opportunity to borrow against their 301(k) plans and retirement savings to make ends meet. This bill may give reservists more flexibility to meet financial pressures. But President Bush and Republicans in Congress can--and must--do more for our troops who are making sacrifices on our behalf. They deserve better pay and better health care and benefits for their families. Several thousands reservists who were on the verge of coming home from Iraq recently had their stay extended. By next month, the Pentagon expects reservists to make up 40 percent of the total force employed there. In fact, more than 325,000 Guardsmen and reservists have been activated since September 11, many taking a pay cut when called to active duty. With the bill before us today, reservists aren't getting additional pay to help support themselves and their families. They're just being allowed to borrow against their retirement without a penalty--as if having to pay back their lost retirement savings later because of lost wages isn't penalty enough.”