Recognizing the 50th anniversary of the passage of legislation that created real estate investment trusts (REITs) and gave millions of Americans new investment opportunities that helped them build a solid foundation for retirement security and has contributed to the overall strength of our economy.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1595) to designate the facility of the United States Postal Service located at 3245 Latta Road in Rochester, New York, as the ``Brian K. Schramm Post Office Building''.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks.

Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, as Chairman of the House subcommittee with jurisdiction over the United States Postal Service, I am pleased to present H.R. 1595 for consideration. This legislation will designate the United States postal facility located at 3245 Latta Road in Rochester, New York, as the Brian K. Schramm Post Office Building.

Introduced on March 18, 2009, by my colleague Representative Chris Lee of New York and reported out of the Oversight and Government Reform Committee on April 2, 2009, by unanimous consent, H.R. 1595 enjoys the support of the entire sitting New York House delegation.

A lifelong resident of the town of Greece in Rochester, New York, Lance Corporal Brian K. Schramm bravely served in support of Operation Iraqi Freedom with the 2nd Assault Amphibian Battalion, 2nd Marine Division, 2nd Marine Expeditionary Force out of Camp Lejeune, North Carolina. On October 15, 2004, Lance Corporal Schramm was killed in action at the age of 22 during an enemy shrapnel attack in Bail Province, Iraq.

Upon his graduation from Greece Olympia High School in 2001, Lance Corporal Schramm chose to fulfill one of his life's dreams and join the United States Marine Corps. He served his first tour of duty in Iraq shortly following the March 20, 2003, launch of Operation Iraqi Freedom, and he bravely returned to the region in June of 2004 for his second tour.

As noted by his devoted father, Keith, Lance Corporal Schramm was a genuine American hero who clearly knew what he wanted to do in life and he did it. Brian's loving family members also described the young soldier as a strong leader and motivator who was never down. He loved life and treated every day as an opportunity for adventure.

Lance Corporal Schramm's friends and teachers at Greece Olympia High School and the surrounding community similarly remember Brian for his depth of decency, his contagious sense of humor, and his refusal to quit any assignment or mission, regardless of the difficulties he faced or the challenges that he met.

Lance Corporal Schramm's genuine devotion to community service will also never be forgotten. In addition to his courageous military service, Brian frequently returned to his alma mater to discuss the war in Iraq, and was hoping to eventually become a police officer.

It is in light of Brian's character and devotion to public service that Greece Olympia High School has already established the Brian Schramm Scholarship, awarded annually to a college-bound senior who demonstrates the extraordinary qualities exhibited by Brian Schramm. And it is my hope that we can further honor this fallen hero through the passage of this legislation, to dedicate the Latta Road post office building in his name.

Mr. Speaker, Lance Corporal Brian Schramm's life stands as a testament to the bravery and dedication of our heroic men and women who have served our Nation at home and abroad, and I urge my colleagues to join us in supporting H.R. 1595.

Mr. Speaker, I reserve the balance of my time.

Mr. Speaker, we have no further speakers, but I continue to reserve.

Mr. Speaker, I join with the gentleman from Georgia (Mr. Westmoreland) and the gentleman from New York (Mr. Lee) in asking our Members to unanimously support this designation of this post office in memory of Brian Schramm.

I yield back the balance of our time.

Mr. Speaker, I object to the vote on the ground that a quorum is not present and make the point of order that a quorum is not present.

I thank the gentleman for yielding, and I wanted to thank the chairman and the ranking member for helping to bring this legislation to the floor. I also want to thank the members of our New York delegation for cosponsoring this measure.

Last month, I visited with Army National Guardsmen based out of Western New York who spent part of 2007 and most of 2008 serving in Afghanistan. These are soldiers who put their lives on hold for more than a year to help train the Afghan national army and police. They take great pride in the work that they do over there, but what they are most proud of is the fact that everyone came home safe and sound. Of course, not all units are fortunate.

A great hero by the name of Brian Schramm, who grew up in Monroe County, a native of the town of Greece, heard the call to serve early on in his life. He signed up not long after graduating high school and went on to become a tremendous Marine.

On October 15, 2004, Lance Corporal Schramm was on his second tour of Iraq when he became the first resident of the 26th Congressional District to be killed in action in Iraq. He was 22.

Brian made the ultimate sacrifice to protect the values that sustain this country, family, community, hard work and freedom. That is why I introduced this proposal to rename the post office in his honor just a few miles down the road from where Brian had grown up.

This is one way to pay tribute not only to Brian's sacrifices, but those of his loved ones as well, his parents, Keith and Mary Ellen; his older sister, Jennifer; and his two younger brothers, Kyle and Michael.

Keith and Mary Ellen, who I've had the privilege to meet, have honored their son's legacy by becoming very active in local veterans' issues. Mary Ellen recently started the Rochester chapter of Gold Star Mothers.

Being part of a military family requires a great amount of courage, and in Keith and Mary Ellen, the town of Greece has two everyday heroes.

This post office would certainly not be the last tribute to Brian's memory. Each year a student at Brian's alma mater of Greece Olympia High School receives a scholarship in his name. This award is a testament to Brian's incredible work ethic and his lifelong desire to help others.

Today, western New Yorkers seek to take another step towards repaying the great debt of gratitude we owe to Lance Corporal Schramm by redesignating a Federal facility in his honor.

This legislation will make it so that children growing up in the town of Greece now and years to come will ask their parents, who was Brian Schramm? And then they will come to know about the selfless individual and brave patriot who gave his life to protect this Nation.

Mr. Speaker, I can think of no better way to ensure that Brian's legacy endures.

Mr. Speaker, I move to suspend the rules and agree to the resolution (H. Res. 1595) recognizing the 50th anniversary of the passage of legislation that created real estate investment trusts (REITs) and gave millions of Americans new investment opportunities that helped them build a solid foundation for retirement security and has contributed to the overall strength of our economy.

Mr. Speaker, I ask unanimous consent that Members have 5 legislative days to revise and extend their remarks on the resolution under consideration.

I yield myself such time as I may consume.

Mr. Speaker, on September 14, 1960, President Eisenhower signed legislation into law, creating real estate investment trusts.

House Resolution 1595 celebrates the 50th anniversary of REITs, as they are called, and the enhanced opportunities they provide for investments in real estate by Americans from all walks of life. REITs allow individual investors to purchase interests in portfolios of real estate assets. In many instances, REITs also operate the properties that they own.

To qualify as a REIT, these companies must distribute 90 percent of their income back to their shareholders in the form of dividends. As noted in the resolution, REITs have given average American investors access to large-scale commercial real estate investment opportunities through publicly traded, regulated securities, which provide investors with transparency and liquidity.

Four REITs are headquartered in my home State of Tennessee, and nearly 800 Tennessee properties are owned by REITs. Across the country, REITs own approximately $500 billion commercial real estate properties, approximately 10 to 15 percent of institutionally owned commercial real estate.

In 2009, REITs paid over $13.5 billion in dividends. More than 30 countries around the world have passed legislation enabling REITs. Again, they have helped millions of average American investors to participate in the real estate markets of this country as well as others.

So, Mr. Speaker, I would urge the passage of House Resolution 1595, and I reserve the balance of my time.

Mr. Speaker, I am pleased at this time to yield 2 minutes to the gentleman from Illinois (Mr. Davis).

Mr. Speaker, I am pleased to yield 2 minutes to the gentleman from Oregon (Mr. Blumenauer).

Mr. Speaker, I yield back the balance of my time.

I yield myself such time as I may consume.

(Mr. TIBERI asked and was given permission to revise and extend his remarks.)

I thank the gentleman from Tennessee as well for being here on the floor to recognize that 50 years ago, in fact, this week, President Eisenhower signed into law legislation that created real estate investment trusts, or REITs, as the gentleman said, which are investment vehicles that have allowed millions and millions of Americans expanded opportunities to invest in commercial real estate.

Mr. Speaker, while we take for granted that middle class investors and middle class Americans across our country have the opportunity to invest in commercial real estate, it is important to note that prior to 1960 it was only large financial institutions and wealthy Americans who had the means to do so. Over the last 50 years, REITs have greatly expanded that opportunity by allowing investors of all income levels to buy publicly traded, regulated shares of these commercial real estate investment vehicles.

REITs haven't just allowed middle class Americans to diversify their investment portfolios. They have also helped build our local communities--a true win-win situation. Indeed, over the last five decades, these investment vehicles have helped finance important commercial real estate projects in every one of our congressional districts across our country--from hotels to shopping malls, to hospitals, to office parks. In fact, in my congressional district, I am honored to have a number of important entities that are REITs, that truly people in our district don't even realize are real estate investment trusts, which, collectively, employ thousands of central Ohioans. Fifty years after enactment, REITs remain an important part of our Tax Code.

I am pleased to be a cosponsor of this bill with Congressman Levin and Congressman Camp, the lead sponsors; and I am pleased to be part of this resolution of recognizing their 50-year anniversary.

Mr. Speaker, I reserve the balance of my time.

Mr. Speaker, I continue to reserve the balance of my time.

Mr. Speaker, I yield back the balance of my time.

Mr. Speaker, I rise today in support of H. Res. 1595, a resolution introduced by my colleagues Representatives Levin and Camp, to commemorate the 50th anniversary of the establishment of real estate investment trusts, or REITs.

Prior to 1960, access to the returns for investments in high-quality commercial real estate assets was limited to institutions and individuals with significant financial resources. To remedy this, Congress adopted legislation establishing REITs to make it easier for small investors to invest in commercial properties, similar to mutual funds, by pooling their resources. President Eisenhower signed the legislation into law on September 14, 1960, fifty years ago today.

As my colleagues know, REITs are companies dedicated to owning and operating income-producing real estate, such as apartments, shopping centers, regional malls, office buildings, industrial warehouses, hotels and lodging, health care facilities, and self-storage buildings. Federal tax law requires that REITs meet specific tests regarding the composition of their gross income and assets, but the key feature of a REIT is the requirement that at least 95 percent of a REIT's taxable income be returned to its shareholders every year. For example, in 2008, REITs returned approximately $17.8 billion to shareholders in the form of dividends. These income returns have been one of the primary reasons why the industry has performed so well over the years. In addition, REITs have been recognized for the diversification benefits they bring to individual portfolios, the efficiency of their liquidity attributes, and the professional management practices they bring to the table.

Congress created the path for REITs to exist 50 years ago today, and Congress has continued to preserve and perfect the REIT method of real estate investing through the adoption of targeted legislation that has mirrored the changing investment marketplace.

I want to congratulate the REIT industry on this important milestone and I hope that the REIT method of investing continues to be strong, efficient and effective in today's economy.