H.Con.Res. 375 (eh) [Engrossed in House] ...

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108th CONGRESS
  2d Session
H. CON. RES. 374

Expressing the sense of Congress that the Secretary of Defense, Federal 
  banking agencies, the National Credit Union Administration, and the 
    Federal Trade Commission should work to mitigate the financial 
 hardships experienced by members of the reserve component as a result 
                    of being called to active duty.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 26, 2004

Mr. Ryun of Kansas (for himself, Mr. Frost, Ms. Carson of Indiana, Mr. 
   Baker, Mr. Tiahrt, Mrs. Wilson of New Mexico, Mr. Jones of North 
    Carolina, Mr. Calvert, and Mr. Souder) submitted the following 
concurrent resolution; which was referred to the Committee on Financial 
  Services, and in addition to the Committee on Armed Services, for a 
 period to be subsequently determined by the Speaker, in each case for 
consideration of such provisions as fall within the jurisdiction of the 
                          committee concerned

_______________________________________________________________________

                         CONCURRENT RESOLUTION


 
Expressing the sense of Congress that the Secretary of Defense, Federal 
  banking agencies, the National Credit Union Administration, and the 
    Federal Trade Commission should work to mitigate the financial 
 hardships experienced by members of the reserve component as a result 
                    of being called to active duty.

Whereas the Secretary of Defense is responsible for recruiting and retaining a 
        reserve component of the United States Armed Forces with the capability 
        to quickly and efficiently respond in the event of a national emergency;
Whereas the reserve component constitutes approximately 40 percent of the Armed 
        Forces, numbering over 873,000 individuals;
Whereas the reserve component is essential to the capability of the Armed Forces 
        to fight wars;
Whereas members of the reserve component are currently engaged in Iraq, 
        Afghanistan, and the larger war on terrorism;
Whereas 41 percent of the members of the reserve component reported that they 
        were paid less during their most recent period of activation than they 
        were by the civilian jobs they held before entering active service, 
        causing many of them financial hardship;
Whereas most members of the reserve component are homeowners, and owning a home 
        constitutes both an integral part of the American dream and a 
        significant financial obligation;
Whereas the activation of the reserve component results in an increase in the 
        number of insolvencies, bankruptcies, and foreclosures, all of which 
        create a larger workload for financial institutions;
Whereas financial institutions do commendable work in providing affordable home 
        loans, which in turn has contributed to historic highs in American 
        homeownership; and
Whereas financial institutions are subject to regulations which prohibit 
        amending certain financial contracts, including home loans: Now, 
        therefore, be it
    Resolved by the House of Representatives (the Senate concurring), 
That it is the sense of Congress that the Secretary of Defense, Federal 
banking agencies, the National Credit Union Administration, and the 
Federal Trade Commission should work to mitigate the financial 
hardships experienced by the members of the reserve component as a 
direct result of being called to active duty, including issuing 
guidance and rules that allow for the consideration of appropriate 
deferral of home loans by financial institutions.
                                 <all>

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