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Congressman Cole Votes for Guardsman and Reservists Financial Relief Act

April 21, 2004
Press Release

Washington, D.C. – Congressman Cole today voted for H.R. 1779, the Guardsmen and Reservists Financial Relief Act of 2003, which passed the House, 415-18. This legislation would allow National Guardsmen and Military Reservists who are activated for more than 179 days, to make penalty-free early withdrawals from their IRA or pension fund to cover financial obligations while they are serving their country overseas.

"Many families of reservists and guardsmen carry large financial burdens while their family member serves overseas.  These men and women took a huge pay cut when they left their jobs in the private sector. We owe it to them to take care of their families while they serve our nation," Congressman Cole said. "Those who our protecting our freedom have already made many sacrifices to defend our country; we should use our resources to make the lives of their families more comfortable while they are away."

This bill would be retroactive to cover those called to service since September 11, 2001, and extends for those who may continue to be called to duty through September 12, 2005.