Two lawmakers see more required minimum distribution relief being included in the next coronavirus stimulus package.
Rep. Tom Reed, R-N.Y., a member of the House Ways and Means Committee and the ranking Republican member on the Social Security Subcommittee, said during an early May Zoom meeting held by the American Council for Capital Formation that he sees a “huge amount of appetite” among lawmakers to include more required minimum distribution relief in the Phase 4 stimulus package, which is being dubbed CARES Act 2.
The Problem Solvers Caucus, which Reed co-chairs, will be “taking the lead” on the RMD debate, Reed said. The bipartisan Problem Solvers Caucus is now up to 50 members, Reed said.
“We are going to engage in our virtual Congress project where we actually can show you can use technology to debate some of these issues and be transparent with the American people,” Reed said.
“When you talk about minimum distributions and other type of protections for folks going through this [pandemic], and we see unemployment of 20% to 30% for the foreseeable short term, at least, that is a serious concern for people when it comes to their checking accounts and their ability to survive,” Reed said.