ü Voted against H.R. 7321, the Auto Industry Financing and Restructuring Act. This bill would provide $14 billion of taxpayer assistance to General Motors, Chrysler, and Ford in the form of emergency loans. Under the plan, the President would appoint a “car czar” to oversee broad auto industry restructuring and approve plans toward financial viability. The automakers would have until March 31, 2009 to have their plans approved. Congressman Forbes made the following statement following the House vote on H.R. 7321, “The bailout we voted on today, like all of the others, continues to ask those same taxpayers to pay for the mistakes of large, mismanaged companies, rather than providing real solutions to address our economic challenges.” Follow this link to read Congressman Forbes’ full statement on the bill..

ü Supported H.R. 7327, which would help workers and seniors safeguard their retirement savings in these difficult economic times by suspending the tax penalty for individuals over age 70 and a half who do not take a Required Minimum Distribution (RMD) from their IRA or 401(k) plan. When tax-deferred retirement accounts were first enacted under law, the RMD requirement was included to ensure that the tax preferences established for retirement income were not misused as permanent tax shelters or as vehicles for transmitting wealth to heirs. Under the RMD rule, individuals must begin withdrawing a minimum amount of money from their retirement accounts at age 70 and a half, or face a tax penalty equal to 50% of the RMD amount. The RMD is calculated based on the previous year's account balances, so the requirement for this year has burdened many seniors due to low account values as a result the decline in the economy and the stock market. H.R. 7327  would suspend, for one year, the tax penalty for individuals over age 70 and a half who do not take an RMD from their IRA or 401(k) plan. 

Defense

ü Drafted a letter to Secretary of Defense Robert Gates encouraging him to delay any decision to base a nuclear aircraft carrier at Mayport, Florida until the next Administration takes office. The letter was signed by each Member of the Virginia delegation in the House of Representatives. The Navy is expected to announce its decision on or after December 21, 2008.

ü Wrote an op-ed in the Richmond-Times Dispatch outlining the reasoning behind his opposition to the Navy’s proposal to base a nuclear aircraft carrier at Mayport, Florida. To read the editorial, click here.

Energy

ü Signed a letter, along with other members of the Virginia Delegation, regarding the U.S. Department of Energy’s recent solicitation of loan guarantee proposals for nuclear reactors and uranium enrichment facilities. This letter urges the Department to use the loan guarantee program to advance projects that are vital to U.S. energy policies in a fiscally responsible way and with minimal risk to the federal government, being highly sensitive to the government’s exposure to financial risk as a result of any guarantee approved under the program, especially during these challenging economic times.