William Pryor: “I have an amendment today that deals with IRA accounts. I would like to set up a situation where people who have…”

“I have an amendment today that deals with IRA accounts. I would like to set up a situation where people who have exhausted their unemployment benefits--they are entitled to no more unemployment benefits--could access up to $15,000 in their own IRA account--it is their own money--in order to meet whatever short-term needs they have. We have already done this in other context. We have done this when it comes to first-time homeowners. We have done this sending your children to college. But now the Senate needs to give strong consideration to expanding this for people who have exhausted their unemployment benefits. Right now you have a fairly hefty penalty, and there are tax consequences for doing that. I would like to suspend those. But today, because the hour is late and because we are working with everybody here, I want to just announce to my colleagues that I will be working on this and be looking for the very next available legislative vehicle to get this done. Hopefully at some point in the next few weeks I will offer this amendment. I will ask for a rollcall. I will not do it tonight. But I want to ask my colleagues on both sides of the aisle to consider it. I think it is something that has value and something that we can do to possibly help thousands, maybe tens of thousands or more Americans get through this very difficult time. With that, I yield the floor.”