A retirement annuity allows an individual to purchase a regular payment stream from an insurance company to last his lifetime. Despite the ability of the product to eliminate the risk that a retiree will outlive his assets, few retirement annuities have been sold in the individual market. In addition, the number of individuals who annuitize their defined contribution retirement plan balances remains small. New products are emerging that would offer alternate annuity designs and make annuity prices more attractive. This report discusses legislation has been proposed in the 109th Congress that would enhance the tax treatment of annuities and encourage the growth of stand-alone annuity and combined annuity and long-term care products.

This report discusses the Middle East peace talks, including the new peace process with the most recent developments,and the war against terrorism.

This report discusses the FY2006 budget resolution (H.Con.Res. 95), which was agreed to by the House and Senate on April 28, 2005, included reconciliation instructions for: (1) an omnibus bill to reduce mandatory outlays by about $35 billion over a five-year period, covering FY2006-FY2010; (2) a bill to reduce revenues by $70 billion over the same period; and (3) a bill to increase the limit on the public debt by $781 billion.

Fish and marine mammals are important resources in open ocean and nearshore coastal areas. Many laws and regulations guide the management of these resources by federal agencies. This report contains information on commercial and sport fisheries, aquaculture, and marine mammals and issues related to the 109th Congress.

In the aftermath of last year’s hurricane season, questions arose regarding increased prices in the areas affected by Hurricanes Katrina, Rita, and Wilma and the effect that the damage caused by the hurricanes would have on prices, specifically gasoline prices, in other parts of the country. As gasoline prices have continued to rise in the months since, Congress has considered legislation addressing gasoline and oil prices that includes provisions related to price gouging. The House has recently passed two bills that include a federal prohibition on price gouging (H.R. 3893 and H.R. 5253). This report discusses state laws regarding price gouging, the role of the federal government in addressing rising gas prices, and selected federal legislative proposals specific to price gouging.

The Department of the Navy (DON) has several efforts underway to transform U.S. naval forces to prepare them for future military challenges. The Navy has organized these efforts under a conceptual framework called Sea Power 21. Key elements of naval transformation include a focus on operating in littoral waters, increasing the Navy’s capabilities for participating in the global war on terrorism (GWOT), network-centric operations, use of unmanned vehicles, directly launching and supporting expeditionary operations ashore from sea bases, new kinds of naval formations, new ship-deployment approaches, reducing personnel requirements, and streamlined and reformed business practices. Naval transformation poses several potential issues for Congress. This report will be updated as events warrant.

The second session of the 109th Congress may well face decisions regarding the preparation of U.S. military forces for stability missions, a broad doctrinal term of which a major subset is peace operations. A November 28, 2005, Department of Defense (DOD) directive that designates stability operations as “core missions” of the U.S. military marks a major shift on the future necessity of performing peacekeeping and related stability operations (also known as stabilization and reconstruction operations).

On May 14, 1948, the State of Israel declared its independence and was immediately engaged in a war with all of its neighbors. Armed conflict has marked every decade of Israel’s existence. Despite its unstable regional environment, Israel has developed a vibrant parliamentary democracy, albeit with relatively fragile governments.

Since the late 1970s, U.S. policy makers at both the federal and state levels have enacted a variety of incentives, regulations, and programs to encourage the production and use of agriculture-based renewable energy. Motivations cited for these legislative initiatives include energy security concerns, reduction in greenhouse gas emissions, and raising domestic demand for U.S.-produced farm products. This report provides background information on farm-based energy production and how this fits into the national energy-use picture. It briefly reviews the primary agriculture-based renewable energy types and issues of concern associated with their production, particularly their economic and energy efficiencies and long-run supply. Finally, this report examines the major legislation related to farm-based energy production and use.

This report provides casualty data compiled by the Department of Defense (DOD), as tallied from the agency’s press releases. Table 1 provides statistics on fatalities during Operation Iraqi Freedom, which began on March 19, 2003, and is ongoing, as well as on the number of fatalities since May 1, 2003, plus statistics on those wounded, but not killed, since March 19, 2003. Statistics may be revised as circumstances are investigated and as all records are processed through the U.S. military’s casualty system.

Since the enactment of the individual income tax in 1913, the appropriate taxation of capital gains income has been a perennial topic of debate in Congress. Almost immediately after the passage of the Revenue Act of 1913, legislative steps were initiated to change and modify the tax treatment of capital gains and losses. This report discusses different tax treatments and revenue acts since 1913