Floor Statements

Mr. Speaker, I ask unanimous consent that the Committee on Oversight and Government Reform be discharged from further consideration of the bill (H.R. 6198) to designate the facility of the United States Postal Service located at 1700 Cleveland Avenue in Kansas City, Missouri, as the ``Reverend Earl Abel Post Office Building,'' and ask for its immediate consideration in the House.

Mr. Speaker, I ask unanimous consent that the Committee on Oversight and Government Reform be discharged from further consideration of the resolution (H. Res. 1453) supporting the goals and ideals of sickle cell disease awareness month, and ask for its immediate consideration in the House.

Mr. Speaker, I ask unanimous consent that the Committee on Oversight and Government Reform be discharged from further consideration of the concurrent resolution (H. Con. Res. 223) honoring professional surveyors and recognizing their contributions to society, and ask for its immediate consideration in the House.

Mr. Speaker, I ask unanimous consent that the Committee on Oversight and Government Reform be discharged from further consideration of the bill (H.R. 6199) to designate the facility of the United States Postal Service located at 245 North Main Street in New City, New York, as the ``Kenneth Peter Zebrowski Post Office Building,'' and ask for its immediate consideration in the House.

Mr. Speaker, I ask unanimous consent that the Committee on Oversight and Government Reform be discharged from further consideration of the resolution (H. Res. 671) supporting the goals and ideals of National Ovarian Cancer Awareness Month, and ask for its immediate consideration in the House.

Mr. Speaker, I ask unanimous consent that the Committee on Oversight and Government Reform be discharged from further consideration of the Senate bill (S. 3241) to designate the facility of the United States Postal Service located at 1717 Orange Avenue in Fort Pierce, Florida,

as the ``CeeCee Ross Lyles Post Office Building,'' and ask for its immediate consideration in the House.

Mr. Speaker, I ask unanimous consent that the Committee on Oversight and Government Reform be discharged from further consideration of the bill (H.R. 3511) to designate the facility of the United States Postal Service located at 2150 East Hardtner Drive in Urania, Louisiana, as the ``Murphy A. Tannehill Post Office Building,'' and ask for its immediate consideration in the House.

Mr. Speaker, I ask unanimous consent that the Committee on Oversight and Government Reform be discharged from further consideration of the concurrent resolution (H. Con. Res. 386) to recognize and celebrate the ``232nd Anniversary of the signing of the Declaration of Independence,'' and ask for its immediate consideration in the House.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous material on the measures just considered.

Mr. Speaker, I move that the House do now adjourn.

The motion was agreed to; accordingly (at 12 o'clock and 16 minutes a.m.), the House adjourned until today, Wednesday, September 24, 2008, at 10 a.m.

Mr. Speaker, I move to suspend the rules and pass the Senate joint resolution (S.J. Res. 45) expressing the consent and approval of Congress to an interstate compact regarding water resources in the Great Lakes--St. Lawrence River Basin.

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

I yield myself such time as I may consume.

Mr. Speaker, this legislation gives congressional consent to the Great Lakes-St. Lawrence River Basin Water Resources Compact. Before I continue, I would like to commend the distinguished chairman of the Transportation and Infrastructure Committee, Mr. James Oberstar, who sponsored the House version of this legislation, as well as the senior Senator from Michigan, Carl Levin, for their hard work in spearheading this effort. I would also like to thank the distinguished chairman of the Judiciary Committee, Congressman John Conyers, for his support.

Today, Congress considers this legislation pursuant to our duty in article I, section 10, clause 3 of the Constitution, the ``compacts clause,'' to review and approve agreements between States or between States and foreign governments to ensure that they are consistent with the broader national interests.

In the case before us, there is no question that the compact designed and agreed to by eight States is in our national interest. The Great Lakes Compact will help to preserve and improve this important natural resource, our Great Lakes, for years to come. The Great Lakes are one of our greatest treasures, an important natural asset that we must never take for granted and that we must always protect.

With one-fifth of the world's fresh water, the Great Lakes attracted the early settlers to the legion, and today nearly 33 million people live and work within the basin, spanning eight States: Minnesota, Wisconsin, Illinois, Indiana, Michigan, Pennsylvania, New York and my home State of Ohio.

Mr. Speaker, the Great Lakes are not only a source of drinking water, but they are also essential for recreation, jobs and the overall health of our economy. Lake Erie alone supports 240,000 jobs and $5.8 billion in wages. The Great Lakes are also highways, moving goods, people and services throughout the region. In addition, the Great Lakes support a multi-billion dollar a year sport fishing and recreational boating industry, and also support travel and tourism throughout the region.

However, the Great Lakes are vulnerable to depletion. Each year, rainfall and snowmelt replenish only about 1 percent of the water in the basin. Uncontrolled and careless diversions of water could thus be highly detrimental to the health of the Great Lakes. This compact will bring an end to destructive diversions of water from the basin.

The purpose of this compact is to formalize cooperation among the Great Lakes States, to develop and implement regional goals and objectives for water conservation while preserving the States' flexibility regarding their water management programs.

New or increased diversions of water from the basin will be banned and community rights will be respected as long as appropriately rigorous standards are met. In addition, every 5 years the regional goals and objectives for water conservation will be reviewed to deal with any new issues that arise.

As is routinely the case, Mr. Speaker, Congress expressly reserves the right to alter, amend or repeal this resolution in the future and to strengthen the compact, if necessary.

The people of the eight States have worked diligently to craft this compact to preserve this vital resource, and it is urgent that we approve it now to ensure that our Great Lakes are here for future generations.

I urge all of my colleagues to support this important legislation.

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

Mr. Speaker, before I yield to the distinguished gentleman from Michigan, at this time I would like to insert into the Record correspondence between Representatives Peter Visclosky and David Hobson and Governor Jim Doyle, Chair of the Council of Great Lakes Governors. This correspondence clarifies the Council's intent and interpretation of section 4.11.2 of the Compact's decisionmaking standard relating to the scale and scope of impacts that would be deemed sufficiently significant such to preclude approval of a withdrawal proposal.

I would like to thank Representatives Visclosky and Hobson for their dedicated efforts on this matter and their continued dedication to preserving our Great Lakes.

Congress of the United States,

House of Representatives,

Washington, DC, August 25, 2008.

Hon. Jim Doyle,

Chairman, Council of Great Lakes Governors, East Wacker

Drive, Chicago, Illinois.

Dear Governor Doyle: We write regarding H.R. 6577, a

measure to approve the Great Lakes-St. Lawrence River Basin

Water Resources Compact.

It has been brought to our attention that there are

concerns regarding the scope and scale of impacts considered

in the Decision-Making Standard under Section 4.11.2 of H.R.

6577. As the House proceeds forward with action to approve

the Compact, we are writing to clarify and confirm the

interpretation of this provision.

As you are aware, as part of the criteria governing review

and approval of proposals for water withdrawals, Section

4.11.2 of the Compact requires a demonstration that

``Withdrawal or Consumptive Use will be implemented so as to

ensure that the Proposal will result in no significant

individual or cumulative adverse impacts to the quantity

and quality of the Waters and Water Dependant Natural

Resources and the applicable Source Watershed.'' During the

states' adoption of the Compact, a concern was raised in a

number of jurisdictions regarding a potential ambiguity as to

the scale of impacts that would preclude withdrawal

approvals.

This issue is of particular importance, because interpreted

improperly, this provision could thwart economic development

and threaten existing operations seeking to expand. Because

of the ambiguity in terms of how the definition of ``Source

Watershed'' and Section 4.11.2 work together, the question

has been raised as to whether the significance of impacts is

to be judged based on impacts upon the overall Source

Watershed, which is defined as the drainage area of each

Great Lake, or can measurable impacts on flow within just a

few hundred feet of a stream, which occurs with many

withdrawals, be enough to preclude a project. If Section

4.11.2 is misread, it could become a serious impediment to

the states' undertaking and approving economic development

projects, which we are sure is not the Governors' intent.

On December 5, 2005, Sam Speck, Chair of the Working Group

that drafted the Compact, indicated that the Working Group

intended the term ``Waters and Water Dependant Natural

Resources'' to refer to all waters of the Basin, and that the

scope of impact consideration is to assure that ``there be no

significant adverse impacts to the Great Lakes-St. Lawrence

River Basin as a whole'' as well as no significant adverse

impacts to the Source Watershed as a whole.

Several state legislatures, including Indiana, Ohio, and

Pennsylvania, reflected this position in their respective

legislation adopting the Compact. Those states included in

their legislation provisions expressing and clarifying the

intent of the legislatures in adopting Section 4.11.2 (see

Indiana Senate Enrolled Act No. 45 of 2008 at Section 10;

Ohio House Bill 416 (as adopted) at Section 1522.07(B); and

Pennsylvania Act 43 of 2008 at Section 5(3)).

Consistent with Chairman Speck and the statements of

legislative intent provided by the above states, we would

respectfully request that you confirm that the following

interpretation correctly expresses the understanding and view

of the Council of Great Lakes Governors, as prime drafters

and sponsors of the Compact, with respect to the scope of

impact question:

1. Section 4.11.2 of the Great Lakes-St. Lawrence River

Basin Water Resources Compact is intended to require that a

withdrawal or consumptive use of Great Lakes water will be

implemented so as to ensure that the withdrawal or

consumptive use will result in no significant individual or

cumulative adverse impacts to the quantity or quality of the

waters and water dependent natural resources of either of the

following:

(a) The basin considered as a whole;

(b) The applicable source watershed considered as a whole.

2. States may take into consideration, as part of the

evaluation of reasonable use as provided in Section 4.11.5 of

the Compact, those impacts of a withdrawal or consumptive use

on the quantity or quality of waters and water dependent

natural resources that have only localized impacts which are

not of import to the basin or source watershed considered as

a whole.

3. As provided in Section 4.12.1 of the Compact, the

Compact's standard is a minimum standard and that states may,

as a matter of state law, adopt by state statutes,

regulations or other means relating to the assessment and

consideration of impacts which are more stringent than the

decision-making standard set forth in the Compact.

We would appreciate your written response confirming the

able interpretation, which we would intend be reflected in

the legislative history of the Compact as the House proceeds.

We look forward to working with you and the other Council

members in continuing efforts to approve the Compact before

the end of this session.

Thank you for your consideration of this request. Do not

hesitate to let us know if you have any questions or need

additional information.

Sincerely,

Peter J. Visclosky,

Member of Congress.

David L. Hobson,

Member of Congress.

I thank the gentleman from Michigan for his passionate statement.

We have specifically retained the right to amend and alter the compact. I would just also mention that we have worked to effectively address the gentleman's concerns in the committee report.

I yield to the gentleman from Michigan.

I think we have the assurances that the States will act reasonably in their best interests and our best interests as a region.

Well, I respectfully disagree with the gentleman. We are not really giving up our rights. This has always been a joint effort with a specific responsibility left with the States, a specific responsibility left with this Congress, and we retained this.

I thank the gentleman for the point that he raises. I believe that the agreement and the committee report language effectively addresses that concern.

I will take back my time, and I will answer the gentleman's question.

Mr. Speaker, our Great Lakes' water is currently, at present, at risk to be carelessly diverted from our basin, and that is why action is so important here today. If we allow that to happen, this water will never return.

All eight Great Lakes States have agreed to this compact. I would like to thank Ohio's Governor Ted Strickland for guiding this essential compact through the Ohio State House and Senate.

A stretch of Lake Erie shoreline touches my congressional district, and Lake Erie contributes over $9 billion in tourism and travel revenue to our State's economy. In my district we already utilize Lake Erie commercially through Lorain Harbor, and we need this compact to protect our Great Lakes, our water, our source of recreation, our jobs and our economy, and we need this compact now.

For the overall health of our Great Lakes and our region, we must pass this compact today to protect our Great Lakes and ensure that future generations will have this great resource. I urge my colleagues to support the Great Lakes compact.

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

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 6853) to establish in the Federal Bureau of Investigation the Nationwide Mortgage Fraud Task Force to address mortgage fraud in the United States, and for other purposes, as amended.

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

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

H.R. 6853, as amended, the Nationwide Mortgage Fraud Task Force Act, was introduced by Congressman Meek from Florida. H.R. 6853 directs the Federal Bureau of Investigation to designate a high-level official to coordinate mortgage fraud investigations.

Mortgage fraud is one of the fastest-growing white-collar crimes in the United States. The FBI estimates that the number of cases grew from approximately 17,000 in 2004 to 46,000 in 2007.

The losses from these crimes amount to billions of dollars spread among the financial institutions that have been struggling in the wake of the collapse of the real estate market.

Beyond the direct harm to the defrauded lender, this crime has far wider ripple effects in our neighborhoods and in our national economy.

In our neighborhoods, mortgage fraud has resulted in abandoned houses that cannot be easily resold because they are now owned by a bank and tied up in litigation. These houses often sit empty, deteriorating and becoming overgrown with weeds, an invitation to burglars or other criminal elements, and a blight on the entire neighborhood. In our economy, mortgage fraud has exacerbated the subprime loan crisis that is now having wide-spread effects on the entire financial system.

Mortgage fraud can take many forms and may involve dishonest borrowers, appraisers, settlement agents, loan officers, brokers or other persons, including phony straw purchasers under the direction of others. These can be difficult, time consuming and resource-intensive cases to investigate and prosecute. This bill will help the FBI meet these challenges by directing it to appoint a nationwide mortgage fraud coordinator to coordinate the FBI's efforts.

The coordinator would supervise regional task forces, coordinate investigations and facilitate appropriate training and information sharing. They would also prepare reports to assist Congress in undertaking any additional legislative response as may be warranted.

This is an important bill that addresses an important issue facing our communities and our families. I urge my colleagues to support this important legislation.

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

Mr. Speaker, at this time it's my honor to yield 5 minutes to the gentleman from Florida, the sponsor of this bill, Mr. Meek.

Mr. Speaker, may I inquire how many more speakers the gentleman from North Carolina has.

I thank the distinguished gentleman from North Carolina.

Mr. Speaker, H.R. 6853 is an important bill that addresses a large problem that is facing our communities and families. I urge my colleagues to support this important legislation.

I yield back the balance of my time.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 5352) to protect seniors in the United States from elder abuse by establishing specialized elder abuse prosecution and research programs and activities to aid victims of elder abuse, to provide training to prosecutors and other law enforcement related to elder abuse prevention and protection, and for other purposes, as amended.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous material on the bill under consideration.

I yield myself such time as I may consume.

Mr. Speaker, it is estimated that each year perhaps as many as 5 million elders are abused, neglected and exploited. And the incidence of elder abuse is likely to only get worse in coming years as 76 million baby boomers reach retirement age.

The legal protections against elder abuse vary significantly from State to State, and the National Center on Elder Abuse has estimated that only one in six cases even gets reported. H.R. 5352, the Elder Abuse Victims Act of 2008, is sponsored by the gentleman from Pennsylvania (Mr. Sestak).

H.R. 5352 will help provide training, technical assistance and other support to State and local law enforcement officials to help them catch and prosecute those who prey on elders. This bill will authorize funding for specialized elder justice police officers and units, as well as for special elder justice positions and units within State and local prosecutors' offices and courts.

It will also help provide other services to elders who are victimized. In addition to training for health care, social, and protective service providers, it establishes an Elder Serve Victim Grant Program with regional emergency crisis response teams. These teams will provide short term emergency service to elder victims, including shelter, care, food, clothing, transportation to legal or medical appointments, and other life services as warranted.

Finally, it asks the Attorney General and the GAO to examine State and Federal laws and recommend ways to more effectively address this outrageous and growing problem.

In addition to Congressman Sestak, I also want to commend the gentleman from Illinois, Rahm Emanuel, and the gentleman from New York, Peter King, and the distinguished gentleman from Kentucky (Mr. Yarmuth) for their leadership in making this a bipartisan initiative. I urge my colleagues to support it.

I reserve the balance of my time.

Mr. Speaker, I am the last speaker on my side, so I reserve the balance of my time to close.

Mr. Speaker, H.R. 5352, the Elder Abuse Victims Act, is a good bill. Our seniors deserve to know that we are doing everything we can to protect them from abuse. I urge my colleagues to support the bill.

I yield back the balance of my time.

Mr. Speaker, I move to suspend the rules and agree to the resolution (H. Res. 1438) commemorating the 50th anniversary of the Azorean Refugee Act of 1958 and celebrating the extensive contributions of Portuguese-American communities to the United States.

Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days in which to revise and extend their remarks and include extraneous material on the bill under consideration.

I yield myself such time as I may consume.

Mr. Speaker, H. Res. 1438 is sponsored by our colleagues from California, Representatives Nunes and Costa.

H. Res. 1438 commemorates the 50th anniversary of the Azorean Refugee Act of 1958, and celebrates the extensive contributions of Portuguese- American communities to the United States.

From September 27, 1957, until October 24, 1958, a series of violent disruptions and earthquakes destroyed the infrastructure of Faial Island, in Portgual's Azores archipelago, and impacted the other eight islands in the Azores as well.

The majority of the Faial Island's 25,000 people lost their livelihoods in the midst of fumes, smoke, lava and constant earthquakes, and had no choice but to escape to other islands in the Azores.

The United States, as we so often have in crises of these magnitudes, offered a helping hand to the distressed people of the region through the Azorean Refugee Act. This was spearheaded by Senators John Pastore of Rhode Island and John F. Kennedy of Massachusetts.

The Azorean Refugee Act made 1,500 special non-quota immigrant visas available to the destitute victims of the Capelinhos Volcano in the Azores. It was later extended to allow entry of an even greater number of refugees.

As a result, more than 175,000 Azoreans came to the United States between 1960 and 1980. The 2000 census placed the total number of Portuguese Americans at 1,176,615. The vast majority of these are of Azorean descent.

The communities founded by those immigrants can be found in southeastern New England, the areas around San Francisco, San Diego, and San Joaquin Valley, California, Hawaii, and the New Jersey/New York metropolitan area.

In a very short period of time, these immigrants have built on the accomplishments of earlier arrivals. Through their remarkable work ethic, they have distinguished themselves in innumerable fields of endeavor, especially in farming and fishing. By the 1970s, roughly half of all of the dairy farms in the San Joaquin Valley were owned and operated by Portuguese Americans, helping to make California the number one dairy-producing State in the Nation.

On the East Coast, Portuguese-Americans have played a prominent role in the fishing industry, and contributed to making New Bedford, Massachusetts one of our Nation's greatest seaports.

Portuguese immigrants and their descendants have contributed substantially to this Nation. They are leaders in business, culture and many other professions. They are found in every level of government and in our military, proudly serve the Nation that offered them a helping hand when they needed it most.

This Nation has been repaid many times over during the last half century by these immigrants from the Azores and their descendents. Their success story is a demonstration of just what makes our country so great and so strong. By welcoming people with talent and initiative from around the world, we have become a better nation. The Azoreans are a prime example of just how important this has been to the United States over the generations.

I am pleased to stand with my colleagues to mark the 50th anniversary of the Azorean Refugee Act of 1958. It is fitting that we honor this group of Americans and recall how well they have repaid our generosity and our openness. It is a lesson for our generation and for future generations.

I urge my colleagues to support this resolution.

I reserve the balance of my time.

Mr. Speaker, at this time it is my honor to yield 5 minutes to the gentleman from California (Mr. Costa).

May I inquire how many more speakers the gentleman from North Carolina has?

I thank my friend from North Carolina, not only for his work in support of this resolution, but for all the things that we're able to work together on in the Judiciary Committee.

Mr. Speaker, House Resolution 1438 is an important bill to commemorate the 50th anniversary of the Azorean Refugee Act and celebrate the extensive contributions of Portuguese-American communities to our Nation.

I commend the distinguished gentleman, Mr. Costa, for his leadership on this issue. I urge my colleagues to support this resolution.

I yield back the balance of my time.

Madam Speaker, by direction of the Committee on Rules, I call up House Resolution 1449 and ask for its immediate consideration.

Madam Speaker, for the purpose of debate only, I yield the customary 30 minutes to the distinguished gentleman from Texas (Mr. Sessions). All time yielded during consideration of the rule is for debate only.

General Leave

I ask unanimous consent that all Members be given 5 legislative days in which to revise and extend their remarks on House Resolution 1449.

I yield myself such time as I may consume.

Madam Speaker, House Resolution 1449 provides for consideration of H.R. 6604, the Commodity Markets Transparency and Accountability Act. The rule provides for 1 hour of debate controlled by the Committee on Agriculture and provides one motion to recommit with or without instructions.

The rule makes in order as base text an amendment in the nature of a substitute printed in the Rules Committee report. The text of this substitute amendment is almost identical to the version of the bill that was considered under suspension of the rules on July 30. That bill received 276 votes from both sides of the aisle.

Madam Speaker, since this bill was last on the House floor in July, the American people and our economy continue to struggle with high food and energy prices and a weak job market. From the subprime mortgage crisis and the financial meltdown, to the unethical behavior of the Minerals Management Service, the necessary and proper oversight has clearly not been taking place. In some cases laws may have been broken, and as a result homes have been taken through foreclosure. Savings have been lost. Dreams of the American people in many cases have been shattered.

Madam Speaker, we are fighting to stop the pain that the American people are feeling, to restore their trust in government, and revitalize our communities.

We must take action and we must take action now. For many years now, too many Americans have felt that their government is working not with them but against them. But this Democratic Congress is working to take our Nation in a new direction. On Tuesday we passed a comprehensive energy bill that will lower gas prices for American families, invest in renewable and alternative energy, and responsibly expand exploration in the Outer Continental Shelf.

But Madam Speaker, speculators continue to enjoy free rein at the expense of our pocketbooks. And that is unacceptable.

We have all seen the recent headlines and reports identifying that oil speculators are out of control. One of the newspapers serving my congressional district, the Cleveland Plain Dealer, printed an article last Thursday on this very issue. The headline read, ``More scrutiny of oil speculators. Evidence shows they operated in `dark markets' to hide prices.''

The article goes on to state that ``unregulated markets account for about two-thirds of oil trading, and that they can be used to manipulate oil prices.''

Madam Speaker, as I said earlier, the American people simply want a government that works for them instead of against them. Today, we will pass the Commodity Markets Transparency and Accountability Act so that our commodity markets will, once again, work the way they were intended to work.

Our bill provides the Commodity Futures Trading Commission, or the CFTC, with new resources to improve enforcement, prevent manipulation and prosecute fraud. It provides the CFTC with the authority and direction to address excessive speculation which has undermined the basic principles of supply and demand. It has artificially inflated the price of oil and, in the process, has hurt families in Ohio and all across this great Nation. This bill will work for the people, instead of working for those who look to exploit loopholes and seek to manipulate the market.

Now we all know that Wall Street has found exotic ways to create their own markets, and with this bill, we will fix the London Loophole. And why is that important?

The London Loophole currently allows traders to circumvent U.S. laws and trading rules by working through foreign boards of trade. This bill requires foreign boards of trade that offer electronic access to U.S. traders to adopt similar speculative limits and regulations. The foreign boards of trade will also now be required to share large trader reporting data with the CFTC.

Additionally, H.R. 6604 requires that the CFTC set standards for all energy and agricultural futures markets. This is critically important, as it will limit traders' ability to distort the market.

Our bill will also require the CFTC to have a complete picture now of the swaps markets. Index traders and swap dealers will be subject to strict reporting and recordkeeping requirements.

And lastly, under this bill, position reporting will become mandatory for over-the-counter trading in agricultural and energy contracts.

Now, Madam Speaker, some of what I've said sounds very technical, and it may be a little bit difficult to understand because of that technicality. But to put it very simply, our actions here today will add the necessary oversight and transparency to shed light on the ``dark markets.''

With the recent revelations on Wall Street and the run-up on oil prices under the Bush administration's failed energy policy, these changes are long overdue.

But there are some, Madam Speaker, who may not want us to make the changes in our market system so that we can bring relief to the American people. There are some who may try to say that we're adding too much regulation.

But the recent collapse of certain financial giants has only further illustrated the great need to revisit these issues and ensure that the voices of the people are being heard, and that they are being protected.

There are some who may try to say that we're restricting the ability of hedgers, those who trade in futures, to offset their price risk. But they are misinformed. This bill provides exemptions for bona fide hedgers. They are the ones that the commodity markets were designed to work with.

But we know that unscrupulous speculators can interfere with the ability of producers and processors who use these markets for legitimate purposes. On Tuesday, as speculators dumped oil for cash, oil closed at just over $91 a barrel, a nearly 38 percent drop since the record high of $147 in July. But just yesterday, oil prices shot up $6 a barrel as, ``fears of a spreading crisis in the U.S. financial sector sent skittish investors scrambling out of stocks,'' according to the AP.

Madam Speaker, our commodities should not be treated as a speculator's safety net. We cannot allow speculators to continue to drive prices of our

commodities beyond the normal ebb and flow of supply and demand.

Families in my district and all across our great country want commonsense policies that will work for them, instead of rewarding a select few. This is the new direction that the American people have called for, one that puts the voices of the people ahead of the special interests.

I hope that all of our colleagues will join us in taking this step today to pass this bill that, as I mentioned, has previously passed with a bipartisan majority in July, but not the two-thirds majority that was necessary under suspension. But we can get it done.

Madam Speaker, the Commodity Markets Transparency and Accountability Act will increase oversight and transparency, and will prevent oil prices from being artificially inflated.

I urge my colleagues to support House Resolution 1449 and this incredibly important underlying legislation.

I reserve the balance of my time.

Madam Speaker, it's my honor at this time to yield 2 minutes to the gentleman from Minnesota

(Mr. Peterson), the distinguished chairman of the Agriculture Committee.

I yield the gentleman an additional 2 minutes.

Thank you, Madam Speaker.

Before I yield to the distinguished gentleman from Vermont, I would like to yield myself as much time as I may consume.

Madam Speaker, I thank the chairman of the Agriculture Committee for coming forward and talking about this issue here today and for making the point that this bill is a bill that is virtually identical to a bill that was passed in July, as I said, on a very big bipartisan vote; 61 of our friends, the Republicans, voted for it, including Mr. Conaway. That bill was the result of multiple hearings in the Agriculture Committee, and no Republicans during that period of time offered up any amendments in the Ag Committee markup.

Chairman Peterson graciously made it very clear here today that this bill continues through the process and that he is absolutely willing to work with Mr. Conaway as we move forward on this very, very important legislation.

At this time, Madam Speaker, it's my honor to yield 3 minutes to the gentleman from Vermont (Mr. Welch), a member of the Rules Committee.

Madam Speaker, I would inquire of the gentleman from Texas if he has any additional speakers.

Then I will reserve my time. I'm the last speaker on this side. I will reserve my time.

Madam Speaker, this is a good bill. The Republican Party and my good friend from Texas, they had 12 years to put forward a comprehensive energy policy for the future, and they failed to do so. And for 12 years, they had the opportunity to provide accountability and oversight in our commodities market, and they failed to do so.

Earlier this week, we took steps to pass a comprehensive energy bill that's going to lower prices for consumers, protect taxpayers, expand responsible offshore domestic drilling, expand renewable sources of energy, increase our security by freeing America from the grip of foreign oil, and require Big Oil to pay what it owes to America's taxpayers. And we're going to create good-paying jobs as we move forward on this forward-thinking energy policy.

Today, Madam Speaker, we pass an equally important measure. All of those out there who have been held hostage by the greed of some of our speculators who treat our commodities

as a safety net, well, the party is over. This bill will strengthen the CFTC's enforcement resources. In recent days, trading volume has increased 8,000 percent since the CFTC was created, but the agency is operating at its lowest staffing level since 1974. This bill calls for a minimum of 100 full-time CFTC employees to enforce manipulation and fraud regulation.

Madam Speaker, this bill is about protecting and strengthening the economy for the people in Ohio and across America, not a select few on Wall Street and abroad. It's time that we get it done. It's about ensuring that the loopholes are closed to prevent another historic run- up in the price of oil. It's about providing the tools and having the political will to prevent potential price distortions caused by excessive speculative trading.

Madam Speaker, this bill was passed by the Agriculture Committee by a voice vote in a bipartisan manner in July. So no matter what we hear from those who may oppose what we are trying to do, we need to pass this bill. It's the right thing to do for our country, it's the right thing to do for our constituents.

I urge a ``yes'' vote on the previous question and on the rule.

Madam Speaker, I yield back the balance of my time and I move the previous question on the resolution.