The House passed a massive and historic $2 trillion coronavirus stimulus package on Friday after last-minute wrangling and possible obstruction from Rep. Thomas Massie, R-Ky.
President Trump, who assailed Massie on Twitter earlier in the day, hailed the House’s action and said he would immediately sign the bill.
“Looks like a third rate Grandstander named @RepThomasMassie, a Congressman from, unfortunately, a truly GREAT State, Kentucky, wants to vote against the new Save Our Workers Bill in Congress,” the president posted. “He just wants the publicity. He can’t stop it, only delay, which is both dangerous & costly.”
In addition to checks in the amount of $1,200 sent directly to the majority of Americans, the Coronavirus Aid, Relief and Economic Security Act includes provisions to waive required minimum distribution (RMD) rules for DC plans—including 401k, 403b, 457b plans and IRAs—for calendar year 2020.
It also includes a key 401k-related provision of the Cares Act that allows hardship distributions from qualified retirement accounts for coronavirus-related purposes of up to $100,000 from 401ks or IRAs for those under 59½, without incurring the standard 10% early withdrawal penalty.
Lighthearted moments
The Hill reported that the highly unusual nature of the proceedings, including concerns over the actual vote due in the age of social distancing and Massie’s obstruction, nonetheless created some light-hearted moments on the floor, “despite the underlying tensions.”
Speaker Nancy Pelosi, D-Calif., the last to reportedly speak before the vote, “took the extraordinary step of using the podium to call lawmakers from their offices to the chamber, where some went to the third-floor galleries overlooking the chamber to avoid overcrowding on the floor,” according to the paper.
“The sooner you come, the shorter my remarks will be,” she said to laughter.
The Senate passed the Cares Act 96-0 in a vote late Wednesday night.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
