Patsy T. Mink: “For weeks Congress had debated various economic stimulus plans. Meanwhile, the economy has continued to dive deeper into…”

“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 for months.”