Cardin co-sponsors bill to protect retirement savings during volatile economic times
November 20th: The Worker, Retiree and Employer Recovery Act of 2008 (S. 3361) will protect the savings of America's seniors invested in individual retirement plans with a one-year moratorium on the required minimum distributions (RMD). The legislation, which I am co-sponsoring, was introduced by Finance Committee Chairman Max Baucus (D-MT) and Ranking Member Chuck Grassley (R-IA), Senate HELP Committee Chairman Edward Kennedy (D-MA) and Ranking Member Mike Enzi (R-WY). It is similar to legislation then-Congressman Cardin sponsored in 2005 while a member of the House Ways and Means Committee.
American seniors should not be penalized for our nation's economic downturn. Forcing seniors to take a loss on their investments just because they reached age 70 1/2, after they worked hard all their life to save for retirement, is simply unfair. This bill will help secure seniors' savings during such a volatile time for worldwide financial markets. It also will help reduce the real fear many retirees are feeling as they see their retirement account balances go down and down further.
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Cardin, Senate Environmental Committee, answer Obama's call-to-action on global warming
November 20th: Today I joined Chairman Barbara Boxer (D-CA) and fellow EPW committee members Senators Tom Carper (D-DE), Amy Klobuchar (D-MN), and Bernie Sanders (I-VT), in announcing an aggressive legislative agenda for the 111th Congress to combat global warming and create jobs. Their announcement came in response to the challenge laid down earlier this week by President-elect Barack Obama that America will open a new chapter in the worldwide effort to reduce global warming and create jobs rooted in green technology.
This is a win-win opportunity for our nation's economy and the environment. We're currently in a horrible economic position. By investing in alternative, renewable energy, we will create more jobs here in America and it will lift our whole economy, while putting us on a clear path to energy security.
It is refreshing to have an incoming president who wants to be a partner with the Congress in protecting the health and welfare of the American public and who understands the connections between global warming, our economy and national security. The health of our economy, the Chesapeake Bay, and all our citizens, are dependent on our success in ensuring clean air and clean water though significant reductions in greenhouse gases.
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Team Maryland fulfills its promise to help Maryland's Watermen
November 18th: U.S. Senator Barbara A. Mikulski and I, along with Team Maryland colleagues Congressman Steny H. Hoyer, Roscoe Bartlett, Elijah E. Cummings, C.A. Dutch Ruppersberger, Chris Van Hollen, John Sarbanes and Congresswoman Donna F. Edwards applaud the announcement today that Maryland will receive $10 million to help watermen who have faced economic hardships due to years of declining Chesapeake Bay blue crab stock.
In September the Department of Commerce supported a request made by Maryland Gov. Martin O'Malley for a disaster declaration for the Chesapeake Bay blue crab. The disaster declaration made Maryland's watermen eligible for emergency disaster funding, which was subsequently included by the Congress in an emergency funding bill. The $10 million in funding for Maryland allocated by the Department of Commerce today will provide alternative economic opportunities for watermen and the processing industry, while state regulators work with the industry to rebuild stocks and restructure the fishery.
I am pleased that Secretary Gutierrez has agreed to release the emergency assistance funds to aid Chesapeake Bay watermen. The blue crab population has declined by 70 percent since the 1990s, seriously affecting the Bay ecosystem and undermining the economy of Maryland. This emergency funding will help ensure the survival of Maryland's crabbing industry and will lead to improved management to help rejuvenate the blue crab population.
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