Richard Neal

Mr. NEAL

Mr. NEAL. Mr. Speaker, I yield 1 minute to the gentleman from Texas (Mr. Doggett).

Mr. NEAL. Mr. Speaker, the gentleman's position was well-stated. I think this legislation is powerful in terms of the message it sends to the world. It reinforces what we have done here over the course of the last 6 weeks. The House has been consistent on all of these measures from day one. I would ask that there be a very strong and assertive vote today to send a message to a dictator in Russia who is killing innocent women and children in the streets of Ukraine, and at the moment he appears to be still unrestrained. Mr. Speaker, I yield back the balance of my time.

Mr. NEAL

Mr. NEAL. Mr. Speaker, I move to suspend the rules and concur in the Senate amendment to the bill (H.R. 6968) to prohibit the importation of energy products of the Russian Federation, and for other purposes.

Mr. NEAL. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I think that what we are doing here is to certainly reassert ourselves on what the Senate has done, which the House did originally. I strongly support the House taking swift action to concur in the Senate amendment before us so that the legislation to suspend energy imports from Russia that we passed a month ago now can move to the President's desk. We have no time to waste, as Mr. Brady and I have both indicated. We must immediately move to further punish Vladimir Putin, a ruthless dictator hell-bent on destroying an independent nation that he purports to suggest doesn't really exist. That will come as a vast surprise to the civilized nations of the world. Congress must do what we can to end this brutality and continue to support the Ukrainian people. I thank Kevin Brady for his partnership in advancing this legislation to ban the import of Russian energy, as well as our intent here to suspend normal trade relations with Russia and its enabler, Belarus. These actions will further isolate Putin and his regime, and inflict greater pressure on the Kremlin, to end this campaign of terror. I know this legislation will receive broad support from our colleagues. Mr. Speaker, I reserve the balance of my time.

Mr. NEAL. Mr. Speaker, I reserve the balance of my time.

Mr. NEAL

Mr. NEAL. Madam Speaker, Americans pay too much for insulin. With the price hovering at three times what it was 15 years ago, this vital medication is not just expensive, it can be completely out of reach. Every day, the more than 37 million Americans living with diabetes must choose between the insulin they need to stay alive and other basic necessities. Just last week, I heard about this issue from a couple who live in my district. Both people have diabetes, but one is forgoing insulin for the time being due to cost. Last year alone, their prescription costs topped $10,000. This outrageous expense is unacceptable, particularly since Americans pay far more for insulin than patients in similar countries. In some cases, American patients pay as much as 10 times the price of their counterparts in other nations. Today's legislation finally rights this wrong. Capping the cost of insulin at $35 per month will put the medicine within reach for millions of Americans. And we do this responsibly, by delaying the prior administration's Rebate Rule. Bringing down the cost of insulin will also help to close health inequities that skyrocketing drug costs exacerbated. This is an important and welcome step in lowering the cost of prescription drugs in this country. More must be done, and that's why in the Build Back Better Act, we empowered the Secretary to negotiate prescription drug prices for Medicare, capped Medicare Part D out-of- pocket costs, and required drug companies to pay a rebate if their prices outpace inflation. We will not stop until these commonsense reforms are signed into law. I applaud Ways and Means member, Congressman Dan Kildee, for his work in bringing this legislation to the floor, and I urge all of my colleagues to support the Affordable Insulin Now Act.

Mr. NEAL

Mr. NEAL. Madam Speaker, I reserve the balance of my time.

Mr. NEAL. Madam Speaker, I move to suspend the rules and pass the bill (H.R. 2954) to increase retirement savings, simplify and clarify retirement plan rules, and for other purposes, as amended.

Mr. NEAL. Madam Speaker, I yield 1 minute to the gentleman from Wisconsin (Mr. Kind), another real champion of retirement savings.

Mr. NEAL. Madam Speaker, I yield myself such time as I may consume. Madam Speaker, H.R. 2954 will help all Americans successfully save for a secure retirement by expanding coverage and increasing retirement savings, simplifying the current retirement system and protecting Americans' retirement accounts. Retirement security has consistently been one of my top priorities as chairman of the Committee on Ways and Means. Too many workers in this Nation reach retirement age without having the savings they need. In fact--and I hope people will listen to this number--it is estimated that up to 50 percent of the individuals in America who go to work every single day do not have enrollment in a qualified retirement plan. That means those households are at risk of not having enough to maintain their living standards in retirement. We need to do more to encourage workers to begin planning for retirement earlier and we need to make saving considerably easier. Last Congress, Mr. Brady and I worked together on a bipartisan basis to do that by enacting the SECURE Act, one of the most significant retirement bills to become law in well over a decade. Thanks to the SECURE Act, 4 million more Americans are now able to save for retirement through their employers, and as many as 700,000 new retirement accounts will be formed. Last year, we built on this progress with the passage into law, my legislation, the Butch Lewis Act. After years of fighting for a solution to the multiemployer pension crisis, the Butch Lewis Act saved multiemployer pension plans from insolvency and secured the financial future of over a million workers and retirees who have played by the rules and made responsible savings decisions. Think of that and couple it with what we are about to do today with the guarantee of Social Security, and we will help to improve the opportunity for members of American families to have a secure retirement. Madam Speaker, but more work needs to be done. That is why I am pleased the H.R. 2954, the Securing a Strong Retirement Act of 2022, is before us today. This bipartisan legislation--and by bipartisan, let me thank Mr. Brady again for his good work on this legislation as well--will expand automatic enrollment in 401(k) plans by requiring 401(k), 403(b), and SIMPLE plans to automatically enroll participants upon becoming eligible, with the ability for employees to opt out of coverage--which I think, by the way, is not the best idea, but we do provide that option. Expansion of automatic enrollment will significantly increase participation in retirement savings plans at work. H.R. 2954 also enhances the start-up credit, making it easier for small businesses to sponsor a retirement plan. And the legislation increases the required minimum distribution age to 75 and indexes the catch-up contribution limit for individual retirement accounts. These changes will make it easier for American families to prepare for a financially secure retirement. On a related note, I think it is important to highlight that U.S. defined contribution plans have created a unique reservoir of capital in the innovation economy. Retirement plans are investing in areas such as tech, financial services, digital commerce, and biotech. That means that workers' retirement assets are directly tying middle-class workers to our national innovation economy. That certainly is a win-win for all of us. Madam Speaker, I am really pleased that Ranking Member Brady and I were able to come together on a bipartisan basis to develop this important legislation. Once again, it passed the Committee on Ways and Means unanimously. Our efforts have resulted in an excellent product that has broad support from organizations representing diverse interests, including retirees, charitable organizations, financial services providers, police officers, small businesses, and employers. The list of specific supporters is too long to read but we can start with the American Red Cross, AARP, and many others, which we will submit for the Record. Hundreds of groups have endorsed this plan. Let's work together to expand retirement savings in America. Madam Speaker, I urge my colleagues to support this legislation, and I reserve the balance of my time.

Mr. NEAL. Madam Speaker, I yield 1 minute to the gentleman from California (Mr. Thompson), a real champion of retirement savings.

Mr. NEAL. Madam Speaker, I yield 1 minute to the gentleman from Connecticut (Mr. Larson), a real champion of retirement savings, including all things Social Security.

Mr. NEAL. Madam Speaker, I yield an additional 30 seconds to the gentleman.

Mr. NEAL. Madam Speaker, I yield 1 minute to the gentlewoman from California (Ms. Chu), another real champion of retirement savings.

Mr. NEAL. Madam Speaker, I am pleased to yield 1 minute to the gentleman from California (Mr. Panetta), another real champion of Social Security and retirement.

Mr. NEAL. Madam Speaker, might I inquire of the ranking member how many more speakers he might have.

Mr. NEAL. Madam Speaker, I yield the gentleman an additional 30 seconds.

Mr. NEAL. Madam Speaker, I continue to reserve the balance of my time.

Mr. NEAL. Madam Speaker, we are waiting on one more speaker. If Mr. Brady has anybody else he wants to thank, that would be great. I reserve the balance of my time.

Mr. NEAL. Madam Speaker, I include in the Record a letter that has been signed by 50 different charities in support of this legislation. March 27, 2022. Hon. Richard Neal, Chair, Ways and Means Committee, House of Representatives. Hon. Bobby Scott, Chair, Education & Labor Committee, House of Representatives. Hon. Kevin Brady, Ranking Member, Ways and Means Committee, House of Representatives. Hon. Virginia Foxx, Ranking Member, Education & Labor Committee, House of Representatives. Dear Chairmen Neal and Scott and Ranking Members Brady and Foxx: On behalf of the undersigned nonprofits, including charities and faith-based organizations, we want to express our strong support for the inclusion of the Legacy IRA Act in the bipartisan Securing a Strong Retirement Act (H.R. 2954, section 310). The Legacy IRA Act was originally introduced as H.R. 2909 by Representatives Don Beyer (D-VA-08) and Mike Kelly (R-PA-16). We appreciate you placing a priority on families in America who are saving for retirement and simplifying the retirement system through the broader Securing a Strong Retirement Act. Specifically, the Legacy IRA provision will encourage more charitable giving by enabling seniors to make tax-free contributions from their traditional IRAs to charities through life-income plans. It is an important piece of broader efforts to increase charitable giving to enable nonprofits to continue to provide critical services in local communities such as health research and patient education, food assistance, domestic violence services, childcare, youth homeless shelters, and cultural and arts programming. Many of our organizations are dependent on private philanthropy, including gift planning. We believe the Legacy IRA provision simply offers seniors another philanthropic option and would incentivize more giving to help charities while helping middle-income seniors who need a lifetime income. We strongly support the inclusion of the Legacy IRA Act in the Securing a Strong Retirement Act and urge the House of Representatives to approve this measure. America is stronger when everyone has the opportunity to give, to get involved, and to strengthen their communities. Sincerely, ALS Association, Alternate ROOTS, Alzheimer's Association, American Alliance of Museums, American Cancer Society Cancer Action Network, American Council on Gift Annuities, American Heart Association, American Lung Association, American Red Cross, Americans for the Arts, Arab Community Center for Economic and Social Services (ACCESS), Association of Art Museum Directors, Association of Fundraising Professionals, Big Brothers Big Sisters of America, Boys & Girls Clubs of America, Catalyst of San Diego & Imperial Counties, Council for Advancement and Support of Education, Council for Christian Colleges & Universities, Council on Foundations, Covenant House International, DANCE/USA, Florida Philanthropic Network, Girl Scouts of the USA, Girls Inc., Goodwill Industries International, Inc., Grantmakers in the Arts, Habitat for Humanity International, Hemophilia Federation of America. Independent Sector, JDRF, Jewish Federations of North America, Leadership 18, League of American Orchestras, Lutheran Services in America, March of Dimes, Mental Health America, Momentum Nonprofit Partners, National Alliance on Mental Illness, National Association of Charitable Gift Planners, National Community Action Partnership, National MS Society, New York Funders Alliance, OPERA America, Performing Arts Alliance, Philanthropy Ohio, Philanthropy Southeast, Providence, Social Current, The Nonprofit Alliance, The Salvation Army USA, Theatre Communications Group, UNICEF USA, United Philanthropy Forum, Volunteers of America, Wabash College, YMCA of the USA, YWCA USA.

Mr. NEAL. Madam Speaker, I also include in the Record a letter from the AARP supporting this legislation.

Mr. NEAL. Madam Speaker, I reserve the balance of my time.

Mr. NEAL. Madam Speaker, I yield myself such time as I may consume. Oftentimes in this Chamber, you will hear the phrase ``transformative.'' Sometimes it is hyperbolic, but on this occasion, this is transformative legislation. We have fundamentally changed the opportunities for retirement for the American family, for millions and millions of people. I want to acknowledge the work of the ranking member on this, Mr. Brady, because his input has been invaluable in helping to get to this moment. We are proud of this work. We are helping Americans prepare for a secure retirement. The catch-up provisions alone are startling in this legislation. Remember, there are a lot of people in America who are trying to simultaneously educate their children and save for retirement. It is a real challenge. The catch-up provisions here mean that if people wish to work longer or begin to set aside more prescribed dollars for retirement because they couldn't do it during certain years of paying college expenses, we provide that opportunity. This has been meaningful for Members on both sides. I have heard Members on the Republican side point out their contributions to it, and they are entirely correct. We, on our side, have also included Mr. Davis' legislation that ensures workers with student loans don't miss out on 401(k) matching contributions. Representative Murphy's legislation to increase the required minimum distribution age to 75 is here as well. We created a higher catch-up contribution amount for those years just before retirement, a provision particularly important for pilots who have a mandatory retirement age. That was a priority of Representatives Sanchez and Pascrell. Mr. Kind's bills have been included. His legislation fixing a problem with startup credits and multiple employer plans is here as well. SECURE 2.0 contains Representative Chu's legislation that would enhance the saver's credit, which was also a priority for Representative Sewell. We have included Representative Panetta's legislation that provides 403(b) custodial accounts that are permitted to invest in collective investment trusts, as well as his legislation reforming family attribution rules. We have included Representative Sewell's legislation to reduce by 1 year the period of service requirement for long-term part-time workers to participate in 401(k) plans. This provision is particularly important for women who tend to work part-time more frequently than men. Mr. Suozzi contributed legislation that would direct Treasury to issue regulations addressing a glitch with respect to insurance- dedicated exchange-traded funds. Mr. Beyer's legislation is included. That was important to the charitable community and would, among other things, index the inflation rate for annual IRA charitable distribution limits. The bill includes Representative Moore's legislation that would provide penalty-free withdrawals from retirement plans for individuals in case of domestic abuse. We have included Representative Evans' legislation directing the Labor Department to update its disclosure rules to allow better comparisons amongst investments to aid participant decisionmaking. Finally, we have included Representative Pascrell's legislation that would allow first responders to exclude service-connected disability pension plans and payments from their gross income after they reach retirement age. That also touches upon Representative Higgins' ESOP Fairness Act. Mr. Brady noted earlier, and let me reinforce, the exceptional work of the Ways and Means Committee staff on this occasion. As I have said many times before, we are blessed with amongst the brightest, smartest, and hardest working staff members in Congress. Let me thank MaiLan Rodgers for her work and Kara Getz, who has been integral to the development of not only this legislation but also the SECURE Act and the Butch Lewis Act, both of which became law. The SECURE Act was one of the most significant retirement opportunities, and this legislation will become law, I hope, in the near future. Let's not wait another decade to enact the important provisions of this legislation. This bill goes a long way in addressing this country's retirement crisis. I want to point out something I said earlier. Half the people who get up and go to work every day in America are not in a qualified retirement plan. We need to continue to address that issue. This is important legislation. I know it will pass. I think the last time this legislation came to the floor, all but four Members of this Chamber voted for this legislation. I thank Mr. Brady, again, for his good work and the good work of his staff. Madam Speaker, I yield the balance of my time to the gentleman from Virginia (Mr. Scott), and I ask unanimous consent that he be permitted to control the remainder of the time.

Mr. NEAL

Mr. NEAL. Madam Speaker, I ask unanimous consent at the outset that debate under clause 1(c) of rule XV on a motion to suspend the rules relating to H.R. 2954 be extended to 80 minutes.

Mr. NEAL

Mr. NEAL. Madam Speaker, I yield myself such time as I may consume. Madam Speaker, yesterday morning, Congress heard directly from Ukrainian President Zelenskyy. He showed us the absolute horrors that Russia is inflicting on the Ukrainian people in full view of the world, and he pleaded for us to do more. With the legislation that stands before us at this hour, we intend to answer his call. Ranking Member Brady and I have been united in our desire to end permanent normal trade relations with Russia. And I must say that Mr. Brady has been very consistent as we have discussed this legislation. With the House passage of H.R. 7108 today, we will take that impactful step and place even greater economic pressure on Putin and his brutal regime. We must do everything in our power to hold Russia accountable for the atrocities it is committing hourly in the nation of Ukraine. This is an unprovoked horror that the world is seeing. Our partners and allies are joining with us in this effort, taking similar steps to further isolate Putin and his regime from the rest of the civilized world. I urge every single one of our colleagues today to support the Ukrainian people, punish Russia for its ruthless aggression, and vote to advance this measure. Madam Speaker, I reserve the balance of my time.