Floor Statements

Madam Speaker, I rise to honor the Women's Issues Network (WIN) of the Pancyprian Association of America. This month WIN honors Joanna Savvides as Woman of the Year and Evi Rafti and Eleftheria Saittis as Members of the Year at its annual dinner-dance.

Founded in 1996, WIN works on behalf of the Cypriot-American community to pave the way to success for future generations of Hellenic Americans and to promote Cypriot culture. WIN sponsors numerous cultural, health and educational programs, including breast and cervical cancer screenings for uninsured women. Additionally, WIN is committed to ending the decades-long Turkish occupation of Cyprus. - This year, WIN honors the distinguished international entrepreneur Joanna Savvides. Born in Cyprus, Joanna immigrated with her family to America in 1980. She has served as President of the World Trade Center of Greater Philadelphia since its foundation in October 2002. Under her leadership, the non-profit helped 400 small and medium-sized companies expand on the international level, contributing to a surge in the volume of goods exported by businesses in New Jersey and Pennsylvania. She also serves as an adjunct professor at St. Joseph's University in Philadelphia. Renowned for her cross cultural and international business expertise, she is frequently sought after as a lecturer. Joanna serves as the President of the Cyprus Society of Greater Philadelphia and was a founder and director of the Cypriot Dancers of Greater Philadelphia. An accomplished linguist, her knowledge of six languages has proven invaluable in international trade. Joanna's achievements have been honored by many organizations. The Philadelphia Business Journal recognized her with the Women of Distinction Award. She has also been honored with the Global Business Award from the United Nations Association of Greater Philadelphia, the Global Leadership Award from the Consular Corps Association of Philadelphia, the Heritage Preservation Award from the Cyprus Society of Greater Philadelphia, and the Artemis Award from the European American Business Council. More than these many honors, however, Joanna cherishes her husband, George, and her children, Andreas and Renos.

WIN honors Evi Rafti as its Member of the Year for her efforts to further knowledge, understanding, and appreciation of Cypriot culture. Born the youngest of six children in Mosfiloti, Larnaca, she studied at Academia Thileon in Nicosia. Shortly after marrying her husband Christos, they immigrated to New York in 1969. Evi has retained a strong commitment to Cypriot culture as an active member of the vibrant Cypriot-American community in our nation's greatest city. During her years of volunteering, she has helped plan numerous special events such as parades, charity and non-profit fundraisers, and demonstrations. Over the past ten years, she has also served as a dedicated member of the Board of Directors of the Pancyprian Dance Group. The mother of three children, Panayiota, Tatiana, and Stavro, she has instilled in them a love of Cypriot culture by inspiring their participation in the Pancyprian Dance Group and youth groups, and the Eleftheria soccer team.

WIN honors Eleftheria Saittis as Member of the Year for her dedication to the Cypriot community. Born in the village of Agios Theodoros Karpasias (now under Turkish occupation), she graduated with a diploma in fashion design from the Professional School New Horizon in Famagusta. To continue her education, Eleftheria immigrated to New York. Her family joined her after the Turkish invasion of Cyprus in 1974. Eleftheria is a dedicated and generous member of the Cyprian community. She devotes much of her time and energy to serving on the Pancyprian Dance Group's Board of Directors. She also works as a teacher's aide for the New York City Department of Education. She is devoted to her husband, Michalis, and her children, Prodromos, Konstantine and Konstantina. One of her proudest moments occurred when she graduated from the City University of New York with her granddaughter Evangelia in attendance.

Madam Speaker, I request that my esteemed colleagues join me in paying tribute to the Women's Issues Network of the Pancyprian Association of America and its distinguished honorees, Joanna Savvides, Evi Rafti, and Eleftheria Saittis.

Madam Speaker, I rise today to introduce a resolution expressing the strong concern of the House of Representatives about the actions of the Taliban in Swat, Pakistan to restrict girls' access to education. In the past year, the deliberate destruction of hundreds of schools for girls has forced more than 40,000 young women to forego schooling. This resolution would urge the Government of Pakistan to act swiftly to halt and reverse the Taliban's unconstitutional ban on education for girls. It also encourages the Secretary of State to review and report on Pakistan's progress in protecting the rights of

women, as well as on the actions of the United States Government in providing support for this goal.

In the past few weeks there have been negotiations between the Pakistani government and the Taliban in an effort to broker a peace deal. At the heart of the ceasefire agreement is a pledge to impose Islamic law in the area. Government officials have said that this law will be in accordance with Pakistan's constitution, and will restore security and justice in the region. However, the accord makes no mention of the future of girls' education. Women and girls are a great resource for promoting development, prosperity, and peace. The United States must ensure that explicit measures are taken to protect women's rights in Pakistan, in order to uphold internationally recognized human rights while supporting regional peace and stability.

Madam Speaker, I rise to pay tribute to the PanPaphian Association of America. Founded more than two decades ago by Hellenic Cypriot Americans of Paphian ancestry, it has carried out its vital educational, cultural, charitable, and humanitarian mission while promoting peace, unity, and understanding on Cyprus.

The Association is holding the 8th Annual Evagoras Pallikarides Award of Merit dinner-dance this month. The Evagoras Pallikarides Award is being presented to Panicos Papanicolaou. Born and raised in Nicosia, he came to the U.S. after serving in the Cypriot National Guard. He earned Bachelor of Science and Masters degrees at the New Jersey Institute of Technology (NJIT), then obtained a research position there, developing technology for the cleanup of toxic soil. A principal of JF Contracting, a Brooklyn construction and engineering firm, he is affiliated with the American Society of Civil Engineers, the National Society of Professional Engineers, and the Civil Engineering Honor Society. The Supreme President of the Cyprus Federation of America, Vice President of the Cyprus Children's Fund, and an Archon of the Ecumenical Patriarchate, he also serves on the Greek Orthodox Archdiocesan Council, the Advisory Board of Queens College, and as a supporter of St. Basil's Academy, the Albert Dorman Honors College at NJIT, and the Harvard School of Public Health. Prior to becoming the Federation's Supreme President, he was Chairman of the Justice for Cyprus Committee. A recipient of the Ellis Island Medal of Honor, he was the 1995 Bronx Businessman of the Year. He is devoted to his wife, Nasia, and his daughters, Elizabeth and Elena.

The PanPaphian Association is awarding the Distinguished Fellow Cyprian Award to Elena Maroulleti. Born on Cyprus in Nicosia, she grew up in Famagusta before immigrating to the U.S., where she founded ``The Vraka,'' a folk-dancing group that later became the Cypriot Emigrants Cultural Association. Under her leadership, it mounted live performances relating to Cypriot folklore, culture, theater, dance, and music. She is an accomplished journalist, having served on the main production team of ABC News for more than twenty years. After volunteering her time as a host of radio programs pertaining to Cyprus and Greece for five years, she founded AKTINA Productions, a non-profit cultural and educational organization dedicated to the promotion and preservation of the Hellenic cultural heritage through radio, television, live performances, and other media. It sponsors AKTINA FM, a bilingual radio show, and AKTINA TV, an English language show, which reach audiences of hundreds of thousands. Both programs focus on Hellenes' rich cultural heritage as well as news and current events in Cyprus, Greece, and America. In 2002, Ms. Maroulleti was awarded the ``Women of Achievement Pace Setter Award'' by the New York City Council Speaker Peter F. Vallone, Sr. She is the founder and President of the Ethnic Broadcasters Action Committee, which represents all ethnic broadcaster-produced programs on WNYE, New York City's publicly owned television station. She is happily married to Tom Stouras and devoted to Caroline Ioannou, her daughter from a previous marriage.

The Member of the Year Award will be given to Mr. Nicos Paphitis, who was born in Morfou, Cyprus. While serving as an officer in the Cyprian military police, he played professional soccer with the team Keravnos Strovolou. He came to the U.S. in 1983, earned a Bachelor of Science degree in accounting from the City University of New York, and returned to Cyprus to work for Laiki Bank until 1998, when he was returned to New York to become the Bank's chief representative. Currently a Business Development Manager with Piraeus Bank and a 2nd Vice-President of the Cyprus Federation, he is devoted to the Hellenic American community and institutions like Saint Demetrios School and the American Hellenic Educational Progressive Association, as well as his wife, Evie, and his children, Andreas and Marilena.

Madam Speaker, I ask that my distinguished colleagues rise to join me in paying tribute to the PanPaphian Association of America and its 2009 honorees.

Mr. Chair, I am pleased to support H.R. 1388, the Generations Invigorating Volunteerism and Education (GIVE) Act, legislation which will launch a new era of American service and volunteerism. I thank Mrs. McCarthy of New York for her hard work on the bill, which answers President Obama's call for Americans of all ages to help get the country through the economic crisis by serving and volunteering in their communities.

Among other provisions, the bill creates 175,000 new service opportunities and rewards Americans for their commitment to service. From middle school students to baby boomers and retirees, the GIVE Act provides incentives for Americans of all generations to be part of the solution to challenges in their communities. To meet the key needs in low income communities, the legislation also establishes four new service corps to tackle important issues including clean energy, education, health care access, and services for veterans.

In addition, I am pleased that the bill encourages Americans to observe September 11 th as a National Day of Service and Remembrance.

There is no better time to support and energize community service and volunteerism to help our country get through the economic crisis we face. I will proudly cast my vote for the GIVE Act and encourage my colleagues to do the same.

Mr. Speaker, we all know the news yesterday that AIG is paying over $100 million in bonuses. I find this an absolute outrage. I'm glad the President has directed the Treasury Department to use all legal means to restrict these bonuses.

But we in Congress can actually make the laws, and here's a law we should make: Tax the bonuses of any company in which the government owns a majority stake at 100 percent. I have introduced this bill today--tax so-called ``performance'' bonuses at 100 percent.

Bonuses are supposed to be given to someone who has done a good job. But AIG, as my colleague said, and we've found something we agree on, lost over $70 billion in the last quarter. We put in $170 billion of taxpayers' money. They don't deserve a bonus. They deserve better management. They deserve certainly a restriction on the bonuses that they have. And I really applaud President Obama, who said yesterday that this isn't just a matter of dollars and cents; it's a matter of fundamental values.

I urge my colleagues to join me in taxing this bonus.

Madam Speaker, I rise to urge my colleagues to recognize the importance of World Glaucoma Day, a global initiative created by the World Glaucoma Association and the World Glaucoma Patient Association to underscore the importance of getting screened for glaucoma, one of the leading causes of blindness worldwide. The day will be marked by awareness and educational events organized by eye care institutions and local patient support groups around the world.

Glaucoma afflicts 3 million Americans and some 75 million people worldwide. Glaucoma can strike anyone of any age. It affects all age groups, including infants, children, and the elderly. Congenital glaucoma and childhood glaucoma are serious pediatric medical problems. With early diagnosis and treatment, 90 percent of the blindness from glaucoma could have been avoided. World Glaucoma Day encourages all individuals, especially those with a high risk for developing the disease, to get regular comprehensive eye examinations.

In my district, on March 11, 2009 Dr. Robert Ritch and a dozen eye specialists from the New York Eye and Ear Infirmary (NYEE) were at the United Nations (UN) headquarters building screening UN officials such as the Secretary General, as well as ambassadors and deputy ambassadors from over 192 countries for glaucoma. Hopefully, publicity from this effort will help to prompt people around the world to get screened for glaucoma.-

Early diagnosis and proper treatment of glaucoma can help people keep the precious gift of sight. Glaucoma has no symptoms and is characterized by painless, progressive loss of vision, so that detection depends upon periodic eye examinations that include evaluation of the optic nerve and measurement of eye pressure. If undetected and untreated, glaucoma will gradually claim all peripheral vision and ultimately cause total blindness. While treatment can halt the progress of the disease, nothing can reverse damage that has been done, making early detection critical.

People at high risk for glaucoma should have their eyes examined for the disease at least every two years. High-risk individuals include people with a family history of glaucoma, African Americans over the age of 40, people who are very nearsighted or farsighted and all persons over the age of 60.

The NYEE has been a driving force in combating glaucoma in increasing the number of New Yorkers who are screened. Founded in 1820, NYEE is the oldest specialty hospital in the Western Hemisphere. The NYEE has a long tradition of community outreach, medical education, and cutting- edge scientific research. It is home to many glaucoma specialists, including world-renowned glaucoma specialist Dr. Robert Ritch. Dr. Ritch is a co-founder of the World Glaucoma Patient Association, an umbrella organization which supports glaucoma associations and networks worldwide in their efforts to educate and support their members so that all people with glaucoma can understand and better manage their disease. Dr. Ritch is also a member of the World Glaucoma Day committee for the World Glaucoma Association.

I also ask my colleagues to recognize another World Glaucoma Day sponsor, the Friends of the Congressional Glaucoma Caucus, a non- partisan organization whose purpose is to educate all communities about the risks of glaucoma and other blindness-causing eye diseases, and to provide diagnostic screening opportunities for high-risk population groups across the nations.

Madam Speaker, I ask that my distinguished colleagues rise to join me in recognizing World Glaucoma Day, and the urgent need to ensure that everyone is regularly screened for glaucoma.

Madam Speaker, I rise to recognize Elizabeth Benham, who is being honored this month in New York City by the International Federation of Business and Professional Women (BPW International) for her work as its President. Founded in 1930, BPW is an international organization of women business owners with links to more than 90 countries on five continents. BPW is a wonderful way for businesswomen to network and support one another.

After more than two decades of dedicated work on behalf of BPW, Ms. Benham became the organization's President last year. She is being honored at the annual Conference on the Status of Women that is being held this month at the United Nations, located in New York's 14th Congressional District that I am privileged to represent.

Elizabeth Benham is the twentieth president of BPW International and the first American to serve at its helm in 28 years. She demonstrated her commitment to BPW International as the chair of its Fundraising Taskforce from 2004-2008. In 2005, she served the organization as the Vice President, Membership Chair, Friends and Fellows Chair, and as a member of the International Planning Committee. In these roles she traveled extensively, meeting with members and chapters around the world, and developing a broad and deep understanding of the needs of the organization's diverse membership. Since 1998, Elizabeth Benham has also served as an alternate delegate to the United Nations on behalf of BPW International.

When she became BPW International President in 2008, Elizabeth Benham not only had extensive prior experience working with BPW International, but had also achieved notable success as a businesswoman. Before going into business, she was a certified nurse midwife in high risk obstetrics. Throughout her life, Elizabeth has demonstrated her compassion and motivation in her volunteer work as the Vice President of Toys of Hope Charity, a Board Member of Women Builders Council in New York, and a Board Member of the Fire Island Lighthouse Preservation Society.

Elizabeth Benham has worked tirelessly in her professional life and leadership roles to support the accomplishments of women throughout the world. In her role as President, she is working to form connections of improved communication among all members and affiliates for a better flow of information. She has dedicated her efforts to expanding and improving training for future leaders of BPW International and for greater efficiencies in managing the vast organization. She has consistently demonstrated her commitment to the mission of the International Federation of Business and Professional Women in helping women in the workforce achieve their business and professional goals.

Madam Speaker, I request that my colleagues join me in paying tribute to Elizabeth Benham and the International Federation of Business and Professional Women, which under her able and inspired leadership continues to ensure that women gain equal participation and success in the workforce.

Madam Speaker, I rise to pay tribute to Queens Borough President Helen Marshall, an outstanding public servant. First elected the Borough President of Queens in November 2001, Helen Marshall is the first African-American and just the second woman to assume the post of chief executive of Queens County, which has a population of more than 2.2 million people. She has been a leader of uncommon grace, energy, and dedication to the people she serves.

As the Queens Borough President, Helen Marshall has been a champion for public libraries and schools, job training programs, quality health care, senior citizens, the environment, and economic development, just as she has been throughout her remarkable career. She has allocated tens of millions of dollars for parks, playgrounds and libraries, and in 2005 was bestowed the statewide Daniel Casey Library Advocacy Award. She has helped fund the expansions of cultural institutions, organized a Borough President's ``War Room'' to ensure the timely construction of thirty new public schools with more than 17,800 seats, and marshaled support for important infrastructure projects like the Queens Plaza Roadway Rebuilding Project and Long Island City Links. Marshall also spearheaded the historic effort to bring CUNY to the Rockaway Peninsula, providing $6 million in capital funding to convert a former courthouse.

A native New Yorker, Helen Marshall served for nearly two decades as a respected legislator in both the New York State Assembly and the New York City Council. In 1982, she was elected to the first of five terms in the New York State Assembly, where she chaired the Rules Committee and served on the Leland Commission.

When she won her seat on the City Council in 1991, she became the first female and first member of a minority elected to represent her City Council district, she worked to improve and unite an extraordinarily diverse community. On the City Council, she served as Chair of the Higher Education Committee and on the Committees on Housing and Buildings, Environmental Protection, and Women's Issues. She also served as Co-Chair of the Council's Black and Latino Caucus. As Chair of the City Council's Higher Education Committee, Marshall successfully fought against the privatization of the City University of New York, one of the largest public university systems in the world. She secured funds to restore the City's free dental clinics, led the fight to prevent the sale of Elmhurst and Queens Hospital Center and has fought for many years to protect Flushing Bay from the impact of LaGuardia Airport.

A proud graduate of the New York City public school system, she earned a Bachelor's Degree in Education from Queens College of the City University of New York. For eight years prior to her election to the Assembly, Marshall was an early childhood teacher. In 1969 she became the first Director of the Langston Hughes Library, a post she held for five years. She also served as Director of the Elmcor Testing Assessment and Placement Program for eight years, where she helped hundreds of New Yorkers find gainful employment. In 1975, she served as a Member of the Democratic National Committee. She also served on Queens Community Board 3 for thirteen years, as a parent activist in the public schools for a decade and a half, was a founder of the Queens Overall Economic Development Corporation, and was elected in 1974 as a Democratic District Leader.

Helen Marshall remains devoted to her beloved husband, Donald, and to her children and grandchildren. She is universally regarded with affection by the people of Queens, a remarkable feat in the most diverse county in our nation.

Madam Speaker, I ask that my distinguished colleagues join me recognizing the enormous contributions to our civic and political life made by Borough President Marshall, who has worked tirelessly and diligently throughout her career on behalf of her constituents in Queens and all New Yorkers.

Madam Speaker, with the regulatory structure of our nation's banks divided among a series of governing bodies, it can be difficult for consumers to identify and contact the appropriate regulator when they have an inquiry or complaint. In an effort to address this situation, I will be introducing the Financial Consumer Hotline Act. This legislation would establish a single, toll-free telephone number consumers can call if they have a question or complaint and want to speak to the bank's regulator. This legislation also would establish a corresponding informational website.

This legislation directs the Federal Financial Institutions Examination Council (FFIEC), a statutory interagency body empowered to prescribe uniform principles and standards for financial institutions, to set up the toll-free number and website. The Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Office of Thrift Supervision (OTS) are all members of FFIEC. This legislation also directs FFIEC to work with state banking regulators to integrate state regulated banks into the hotline service.

Mr. Speaker, I rise today in support of H. Res. 194, a resolution to support the goals of International Women's Day. I'd like to take this opportunity to commend the work of my colleague, Rep. Jan Schakowsky, for introducing this resolution again in the 111th Congress, and for her invaluable work in support of women's rights as co-chair of the Congressional Caucus on Women's Issues.

In the United States and in countries around the world, women are agents of change, development, and prosperity, contributing in so many ways to the well-being of their families and communities. There is clear and abundant evidence that when women thrive, the entire world thrives as well.

However, the benefits of women's full participation in economic, political, and social life are not being realized in many parts of the world. In all regions, women are less likely than men to receive pay commensurate to the value of their work, be given a voice in their national governments, or have access to basic human rights such as the right to an education. In many countries, the United States included, domestic violence is further reducing the opportunities available to women and girls to lead happy, healthy lives. H. Res. 194 is an important step towards guaranteeing the basic rights of women and girls worldwide by calling for an end to this discrimination.

Throughout my time in Congress, promoting women's rights has been one of my top legislative priorities. For years I have worked tirelessly with likeminded colleagues to restore funding to UNFPA, an organization whose mission is to promote the right of every woman to enjoy a life of health and equal opportunity. I commend the new Administration for recognizing the value of this goal by committing to funding UNFPA, including $50 million in the FY09 Omnibus Appropriations Bill.

However, more needs to be done in the 111th Congress to further women's rights. That is why I will be introducing a resolution condemning the actions of the Taliban to restrict girls' access to education in Swat, Pakistan, as well as H.R. 606, the International Women's Freedom Act. This bill reflects the goals of International Women's Day in many ways, as it calls for concerted action on the part of the State Department and Executive Branch to advance the rights of women, including creating an Office of International Women's Rights within the State Department, establishing a women's rights Internet site, and requiring that Foreign Service Officers receive women's rights related training.

This resolution in support of International Women's Day recognizes the strength, leadership, and capability demonstrated by women in every village, city, and country. I ask my colleagues to join me in reaffirming their commitments to protecting the rights of women and girls around the world, by observing International Women's Day, and by honoring women's contributions every day.

Madam Speaker, I am pleased to reintroduce the ``Study of Ways to Improve the Accuracy of the Collection of Federal Oil, Condensate, and Natural Gas Royalties Act,'' which would commission a study by

the National Academy of Engineering to examine the policies and procedures for ensuring the oil and gas from federal lands is appropriately measured for the purposes of paying royalties.

The bill has two components. The first calls on the National Academy of Engineering to study specific ways to improve the accuracy of the collection of royalties on oil and natural gas from Federal and Tribal lands. The study is needed because current methods used in the United States for collecting, measuring, valuing, and storing oil and natural gas may not lead to royalty payments that are as accurate as they could be.

Lawsuits have been filed alleging that energy companies are underpaying billions of dollars in royalties because of these inaccuracies--or possibly because of outright manipulation--in the process for determining royalty payments.

Many of these lawsuits have been settled, and we're talking about a lot of money here:

In 2000 and 2001, major oil companies settled with the Justice Department for over half a billion dollars in two False Claims Act lawsuits over oil and royalty underpayments.

In 2004, Chevron paid out $111 million to the State of Louisiana for underpayments.

In 2005, BP owned up to the tune of $233 in a Colorado case.

And, in a case still pending, Exxon Mobil may owe up to $3.6 billion or much more to the State of Alabama for underpayments in royalties there.

Certainly, for this kind of money, we can afford to ask the experts who understand the technical issues here to study the major underlying problems.

The second part of the bill is a review of royalty payments. It provides for a comparison of royalty payments made under federal oil and gas lease provisions to data supplied to the Federal Energy Regulatory Commission. This is to determine whether such payments were adequate under the terms of the oil and gas leases. With completion of these studies, the Congress, Minerals Management Service, and the Bureau of Land Management will have a better understanding of changes that should be undertaken to make the process more accurate and transparent, and American taxpayers will have a better chance of getting all the oil and gas royalties that they are owed.

Madam Speaker, for almost half a century Rabbi Arthur Schneier has promoted religious freedom and human rights throughout the world. A Holocaust survivor, and the Founder and President of the Appeal of Conscience Foundation, Rabbi Schneier has devoted his life to overcoming the forces of hatred and intolerance.

He has been a pioneer in bringing together religious leaders to address, ethnic or religious conflicts. For example, in Bosnia in 1997, he convened government and religious leaders to promote healing and conciliation between Orthodox, Muslim and Jewish communities. In the Balkans, the Caucasus and Central Asia he worked with the Orthodox Patriarch and the Turkish Government to hold the Peace and Tolerance Conference in 1994 and address religious and ethnic tensions in that area. In the former Yugoslavia, he mobilized religious leaders to halt the bloodshed of the early 90s, holding the Religious Summit on the Former Yugoslavia and the Conflict Resolution Conference to build support and consensus among religious leaders of different faiths. Since the early 1980s, he has led delegations of religious leaders to China to open a dialogue on religious freedom.

Born in Vienna, Austria, in 1930, Rabbi Schneier lived under Nazi occupation in Budapest during World War II and came to the United States in 1947. He has been the Spiritual Leader of the Park East Synagogue in New York City since 1962.

Today I am reintroducing the Rabbi Arthur Schneier Gold Medal act and I urge my colleague to support this legislation in recognition of a truly remarkable man.

Madam Speaker, overdraft fees are becoming an increasing problem for bank customers. A November 2008 Federal Deposit Insurance Corporation (FDIC) study of 462 FDIC regulated banks found that 86% operated formal overdraft programs, with 75% automatically enrolling consumers into an overdraft protection plan. In some cases, consumers were not allowed to opt-out. Automated overdraft usage fees assessed by banks ranged from $10 to $38, and the median fee assessed was $27.

A separate report released by the nonpartisan Center for Responsible Lending (CRL) demonstrates that well over $10 billion dollars in overdraft fees are generated each year, with almost half generated from debit card purchases, in which the customer typically has no warning that the transaction will trigger an overdraft fee. Not surprisingly, the CRL study also showed that the overwhelming majority of customers want to know if a debit or ATM transaction would trigger an overdraft fee.

To provide consumers more notice and choice related to overdraft fees, I am reintroducing the Consumer Overdraft Protection Fair Practices Act.

The central provision of the Consumer Overdraft Protection Fair Practices Act is that it requires notice to customers when an ATM or debit card transaction will trigger an overdraft and an opportunity in real time for the consumer to accept or reject the overdraft service (and the associated fee) for that transaction.

This legislation amends the Truth in Lending Act (TILA) to provide these new consumer protections. By bringing overdraft plans under the TILA, as an extension of credit, it would require the disclosure of the terms and charges associated with an overdraft program. This would give an opportunity for account holders to choose to have an overdraft plan or not--the same basic consumer protections provided for other consumer credit products.

In addition, the bill seeks to stop the practice of banks maximizing their overdraft fee income by intentionally manipulating the order in which they process debits on customer accounts so as to increase the number of overdrafts. For example, some banks pay the largest check first before paying other smaller checks or making any deposits. While banks argue that the largest check is often the most important, a bank that has an overdraft program generally pays them all, so changing the order only changes the amount of the fees paid by the customer.

This disclosure bill is modeled on legislation with which most Americans are now very familiar--requiring disclosure at ATMs that ATM transactions will trigger a fee. Just as individuals may choose the convenience of withdrawals from an ATM, they may choose the convenience of overdraft protection or not, after being informed of the cost of the service.

In summary, the bill provides these key protections:

Requires consumer consent before banks can permit overdraft loans for a fee. Banks will be required to obtain written consent for covering overdrafts for a fee, and to disclose to consumers the amount of any fee, the types of transactions that will overdraw the account, and the time period for repayment of the extension of credit.

Clarifies that overdraft fees are finance charges under the Truth in Lending Act, so consumers can compare the cost of borrowing the bank's funds through an overdraft with other sources of cash advances.

Prohibits banks from manipulating the order in which checks and other debits are posted if it causes more overdrafts and maximizes fees.

Requires banks to warn the customer that an electronic transaction may trigger an overdraft loan fee and allow the customer to cancel the transaction after receiving this warning.

Mr. Chair, I rise today in strong support of H.R. 1106, the ``Helping Families Save Their Homes Act.'' This legislation is needed now more than ever, and I want to commend Chairman Frank, Chairman Conyers, and the Leadership for working together to bring this bill to the Floor.

It is important to remember that behind the economic and housing statistics are real people--the hard-working Americans and their families who are facing difficulties paying their bills every day. H.R. 1106 contains several key provisions to ensure that homeowners will have more options available to them to stay in their homes.

The bill before us would make necessary improvements to the Hope for Homeowners program including reducing current fees that have discouraged lenders from voluntarily participating and offering a $1,000 incentive payment to servicers for each successful refinance of existing loans. H.R. 1106 will ensure that predatory lenders, who bear some of the responsibility for today's housing situation, will not be approved as lenders under FHA programs. The legislation also provides a safe harbor from liability to mortgage servicers who engage in certain loan modifications, and it makes permanent an increase, from $100,000 to $250,000, in the amount of bank or credit union deposits insured by Federal banks and credit union regulators. H.R. 1106 establishes a 5- year restoration plan for the National Credit Union Administration (NCUA) which is currently required to restore the equity ratio of the Share Insurance Fund within one year.

I think most of us agree that bankruptcy should be the option of last resort. However, for those homeowners facing bankruptcy, H.R. 1106 will allow bankruptcy judges to reduce the principal, extend the repayment period, or authorize the reduction of an exorbitant interest rate to a level that helps make a mortgage more affordable. I am glad that we have been able to make changes to this legislation that will enable homeowners to stay in their homes, while at the same time providing greater certainty to lenders and to the secondary market.

I am hopeful that this bill will help to stem the tide of foreclosures and ensure that our neighborhoods do not experience a cascade of increased vacant lots and decreased property values.

The President has proposed a plan to help make it easier for homeowners, including those who are still in repayment but at risk for default, to refinance their mortgages at around the current market rate, or modify their loans. H.R. 1106 is an important step in moving forward with that plan. We must act now. The American people deserve no less than our full commitment to helping them through these troubled times.

I urge my colleagues to support this legislation.

Mr. Chair, I rise today in strong support of H.R. 1106, the ``Helping Families Save Their Homes Act.'' This legislation is needed now more than ever, and I want to commend Chairman Frank, Chairman Conyers, and the Leadership for working together to bring this bill to the Floor.

It is important to remember that behind the economic and housing statistics are real people--the hard-working Americans and their families who are facing difficulties paying their bills every day. H.R. 1106 contains several key provisions to ensure that homeowners will have more options available to them to stay in their homes.

The bill before us would make necessary improvements to the Hope for Homeowners program including reducing current fees that have discouraged lenders from voluntarily participating and offering a $1,000 incentive payment to servicers for each successful refinance of existing loans. H.R. 1106 will ensure that predatory lenders, who bear some of the responsibility for today's housing situation, will not be approved as lenders under FHA programs. The legislation also provides a safe harbor from liability to mortgage servicers who engage in certain loan modifications, and it makes permanent an increase, from $100,000 to $250,000, in the amount of bank or credit union deposits insured by Federal banks and credit union regulators. H.R. 1106 establishes a 5- year restoration plan for the National Credit Union Administration (NCUA) which is currently required to restore the equity ratio of the Share Insurance Fund within one year.

I think most of us agree that bankruptcy should be the option of last resort. However, for those homeowners facing bankruptcy, H.R. 1106 will allow bankruptcy judges to reduce the principal, extend the repayment period, or authorize the reduction of an exorbitant interest rate to a level that helps make a mortgage more affordable. I am glad that we have been able to make changes to this legislation that will enable homeowners to stay in their homes, while at the same time providing greater certainty to lenders and to the secondary market.

I am hopeful that this bill will help to stem the tide of foreclosures and ensure that our neighborhoods do not experience a cascade of increased vacant lots and decreased property values.

The President has proposed a plan to help make it easier for homeowners, including those who are still in repayment but at risk for default, to refinance their mortgages at around the current market rate, or modify their loans. H.R. 1106 is an important step in moving forward with that plan. We must act now. The American people deserve no less than our full commitment to helping them through these troubled times.

I urge my colleagues to support this legislation.