Floor Statements

Madam Speaker, I rise today to honor the long and distinguished career of Dr. George Seielstad who is retiring from the John D. Odegard School of Aerospace Sciences at the University of North Dakota (UND) where he was a leading figure in UND's aerospace and earth systems science curriculum. It has been my privilege to have known Dr. Seielstad since he first started at UND. Since that time I have seen first hand the workings of his remarkable mind, his commitment to advancing scientific thought, and his innovative leadership in developing real world applications for spatial technologies.

Dr. Seielstad's tenure at UND will be recognized by his many achievements as well as the many distinguished titles he has held. Upon his arrival in 1993, Dr. Seielstad served as Assistant Dean for Academic Affairs and Professor of Space Studies and was later named the Associate Dean of the Center for Aerospace Science and Director of the Earth System Science Institute. In 1997, he was named the first ever Oliver Benediktson Professor of Astrophysics. In recent years, Dr. Seielstad was appointed Senior Advisor to the President of UND and served in the position of Director for the Northern Great Plains Center for People and the Environment where he directs the Upper Midwest Aerospace Consortium (UMAC).

His cardinal accomplishment at UND came in founding and managing UMAC, which he established in 1994. UMAC is a preeminent research partnership between five universities in Montana, South Dakota, Idaho, and North Dakota working in collaboration in order to serve societal needs through the development of practical applications in Earth System Science information. UMAC has helped collect vital data on complex global environment and climate issues and has led to the development of real world products using satellite imaging, like Agriculture Cameral, which helps educate and bring about solutions for ranchers and farmers on a wide variety of agri-business issues. Multi-university consortiums are very rare because universities compete as much as they collaborate. The growth, success, and longevity of UMAC in large part is due to the vision, leadership, and commitment of Dr. Seielstad.

Even before his arrival at UND, Dr. Seielstad was a notable radio astronomer spending time at the University of Alaska, Caltech's Owens Valley Radio Observatory in Bishop, California, and the National Radio Astronomy Observatory at Green Bank, West Virginia. He graduated summa cum laude with a degree in Physics from Dartmouth College and received his PhD in Physics from the California Institute of Technology. More recently, he served as Chairman of the National Aeronautics and Space Administration's Deep

Space Network Working Group and was appointed by the Secretary of the Interior to serve on the National Satellite Land Remote Sensing Data Active Archive Advisory. He has had over 70 published articles and is the author of two books and the editor of two more.

On a personal level, I have been privileged to enjoy George and his wonderful wife, Delores, as friends. For someone of his distinguished scientific and academic achievements, I have also found George and Delores to be warm hearted, caring, down to earth individuals who shared an extraordinary commitment to make things better. At an earlier point in his career, George almost won a seat in Congress. When that avenue to effect change was not available, he redoubled his efforts in his own work leaving a legacy of accomplishment that is truly incredible.

His impact will be felt by generations to come, by the students he taught, the people that he worked with, and all those who have had the time to get to know him. I wish George and Delores, all their family, the very best and offer my hope for continued success and happiness in the coming years.

I thank the gentleman, my friend, for yielding, and appreciate very much the kind comments of Mr. Diaz-Balart as well. Maybe sometime we can get the gentleman from southern Florida up for one of our ice storms. In turn, we can go down for a hurricane. We will all have kind of a better understanding one with another. It certainly does underscore the national dimension of how we hang together as a country. You get hit, we help; we get hit, you help. That's how it works. I want to speak to that for a moment or two in my remarks today.

The entire country, Madam Speaker, watched the compelling news coverage of the massive record flooding in North Dakota and Minnesota this spring that resulted from huge accumulations of snow and dangerous spring ice.

Having witnessed this flood fight firsthand, I understand what made these television images so compelling. From all walks of life, neighbors were helping neighbors. The Nation got to see the character of North Dakota and Minnesota as our communities responded to this disaster.

In my entire life, I have never seen a time when so many of our North Dakota communities faced disaster threats--from one end of the State to the other, and so many places in between.

Take a look at this picture. This is rural Cass County, actually outside of the city limits of Fargo. The next picture, a city a couple hundred miles north, Pembina, North Dakota.

These images are like so many small towns across North Dakota where all you see is water. Water, water everywhere. One of the operating heads of the disaster programs in the State observed to me that it has become a place where our ditches are streams, our streams are rivers, and our rivers are lakes. That's certainly what it felt like during much of the ordeal of this spring.

Record snow, in the end, wasn't the only threat. This next picture illustrates what happens when, as the gentleman illustrated, we had ice jams on the Missouri River, backing water into the southern part of Bismarck, known as Fox Island. It required, as we mentioned, demolition to blow up that ice jam to move this flood out of a place that has not had a flood threat since the construction of the Garrison Dam 60 years ago.

In the middle of all these fights, Fargo Mayor Denny Walaker observed, If we go down, we're going to go down swinging. That absolutely captured the determination of local leadership and the citizens that responded as they fought like crazy to keep their city from becoming inundated by rampaging waters.

Federal, State, and local officials came together with folks from all walks of life. And we're very grateful to President Obama for moving swiftly to declare North Dakota and Minnesota Federal disaster areas, unleashing the help that comes with that designation.

Acting FEMA administrator Nancy Ward stood with our local leaders, ensuring they had the Federal disaster assistance to respond to community flood threats. Governor Hoeven ended calling up more than 2,000 National Guardsmen to respond to the threats. We observed many times that it was good having him work in our sand instead of desert sand, as threats this spring unfolded.

The Corps of Engineers were present--and even senior leadership present in our communities time and time again. We could not have built the kind of emergency levees that were required without the Corps' expertise. They are true partners in this fight.

Throughout these ongoing flood fights I have had the opportunity and the honor of working with local, city, and community officials as they led the battle against the rising waters. While I have always been impressed with the caliber and commitment of our local leadership, I'm now in complete awe after witnessing these individuals lead their communities in times of real crisis.

Make no bones about it, city leaders have been instrumental, instrumental in keeping their residents and their communities safe.

When Federal agency heads came to North Dakota in the middle of all of this, seeking to provide advice and direction, what they got back was an understanding of just how thorough the planning had been and how competent the local response was as leaders led the fight against this. I think it underscores a lesson we need to keep in mind in terms of disaster--Federal support, subject to local leadership, because no one knows the ground better than local leaders.

But we all know the heart of our flood fighting efforts comes down to the people themselves. And our people stepped up, bore down, and worked furiously--neighbor helping neighbor in this struggle to save their homes and communities.

This is a picture of the Fargodome. Now that's an indoor football facility where Division I North Dakota State University Bison play their football games. It was turned into sandbag central. In a town of 90,000, over the course of this ordeal, more than 80,000 volunteers came forward, built millions and millions of sandbags around the clock at the Fargodome. I was there. I've never seen anything like it.

In addition to that, National Guard, local volunteers shown here took those sandbags in the middle of blizzards and everything else, built dikes, sometimes on top of snow banks, sometimes through some of the toughest snow storms we have had in the winter.

Having lived this flood fight for several weeks, I have seen more examples of heroism than I can begin to recount, but the impressions will be with me always. We will never be able to adequately thank the thousands of National Guard, tens of thousands of volunteers, and all the countless government agencies who brought to bear their assistance to fight this record fight.

I think President Obama put it best in his radio address which featured our State's disaster and response in our region, because there's lessons we can learn from all this. The President said, ``At moments like these we're reminded of the power of nature to disrupt lives and endanger communities. But we're also reminded of the power of individuals to make a difference.

``In the face of incredible challenge, the people of these communities have rallied in support of one another. And their service isn't just inspirational--it's integral to our response. It's also a reminder of what we can achieve when Americans come together to serve their communities.

``In facing sudden crises, or more stubborn challenges, the truth is we are all in this together as neighbors and fellow citizens. That is what brought so many to help in North Dakota and Minnesota and other areas affected by the flooding.''

Some may see these images of snow and rain and sand and mud and water and say to themselves, Why would anyone want to live there? But to each of us who played our respective part in this fight, experienced the strength of our community, mobilized together, shoulder to shoulder, helping one another, we say, Why would someone want to live anywhere else?

This congressional resolution is a well-deserved way to express our deep appreciation as a Congress and recognize North Dakotans and Minnesotans publicly for their courage and resilience. They are a true inspiration, and I am committed to standing with them during the long recovery process that now lies ahead. I thank you very much for allowing me this kind of time.

Mr. Speaker, I rise today in support of this resolution.

Over 13 years ago, the U.S. brought an end to Bosnia's war through the Dayton Peace Agreement. This conflict lasted over three years, and was marked by brutal ethnic cleansing and genocide. As a result of this tragic conflict, at least 97,000 people perished, and over 2.3 million people were driven from their homes, creating the greatest flow of refugees in Europe since World War II.

Since this time, the people of Bosnia and Herzegovina have painstakingly worked with the international community to make progress towards building a peaceful, democratic, and multi-ethnic society based on the rule of law and respect for human rights.

I congratulate Bosnia for joining the Partnership for Peace program of the North Atlantic Treaty Organization (NATO) in December 2006 and for taking the first step on the road toward European Union (EU) membership by signing a Stabilization and Association Agreement (SAA) in June 2008.

However, despite these important steps forward, challenges remain. The Dayton agreement did its job by ending the war, but left a governmental structure in place that is bloated with bureaucracy and multiple layers of government. To be a functioning state, Bosnia needs to build functional institutions, including state-level institutions that are capable of self-sustaining reforms and fulfilling European Union (EU) and North Atlantic Treaty Organization (NATO) requirements.

The success of Bosnia is essential to the stability of the region, and the United States cannot afford to ignore this strategically important country. This work must be done in concert with the international community, who should continue to play a role in Bosnia. To this end, the international body charged with implementing the Dayton Peace agreements, known as the Peace Implementation Council or the ``PIC'', should ensure that the Office of the High Representative (OHR) remains open until the objectives and the conditions set forth by the PIC are met.

As in 1995, resolve and U.S. and European Union involvement are needed in Bosnia and Herzegovina if we are to ensure that we do not get involved in another crisis in the Balkans. I urge my colleagues to support this important resolution.

Madam Speaker, on March 23, 2009, March 24, 2009, March 30, 2009, March 31, 2009, and April 21, 2009, I missed rollcall votes Nos. 145-149, 157-168 and 193-195 due to flooding in my State of North Dakota. Had I been present, I would have voted in the following manner: Rollcall No. 145, ``aye''; rollcall No. 146, ``aye''; rollcall No. 147, ``aye''; rollcall No. 148, ``aye''; rollcall No. 149, ``aye''; rollcall No. 157, ``aye''; rollcall No. 158, ``aye''; rollcall No. 159, ``aye''; rollcall No. 160, ``aye''; rollcall No. 161, ``nay''; rollcall No. 162, ``aye''; rollcall No. 163, ``aye''; rollcall No. 164, ``aye''; rollcall No. 165, ``aye''; rollcall No. 166, ``aye''; rollcall No. 167, ``aye''; rollcall No. 193, ``aye''; rollcall No. 194, ``aye''; and rollcall No. 195, ``aye.''

I thank the gentlewoman for yielding. Mr. Speaker, the people have spoken on the extraordinary issue of AIG lavishing fat bonuses on some of its executives. Indeed, some of the very people whose reckless actions destroyed this once great company. The people have said no. In fact, they've said: Hell no. And give us our money back.

This is not just another case of runaway corporate greed and arrogance, ripping off shareholders by excesses lavished around the executive suite. These bonuses represent a squandering of the people's money because it's the vast sums we have been forced to pour into this now pathetic company.

The bill before us is unlike any tax bill I have ever seen. But it reflects the strong feelings of our constituents and the bipartisan will of this body. We will not tolerate these actions. We are not going to wring our hands, shake our heads, look at our feet and mumble ``Ain't it a shame.''

Starting right here, right now, we are saying: No more. We are saying: Give us our money back. And we will not stop until we get it back.

The fact that we have to take this step at all is appalling to me. Have the recipients of these checks no shame at all? They failed in their work. They wrecked a corporate icon. They contributed mightily to the economic crash that has cost the Treasury $170 billion so far. And they want to cash their bonus checks.

Let today's vote say loud and clear to those running to cash their ill-gotten checks: You disgust us. By any measure, you are disgraced, professional losers. By the way, give us our money back.

Madam Speaker, I rise to honor the distinguished career of Kent Olson. I am pleased to have known Kent Olson for the many years he served as the Executive Director of the Professional Insurance Agents of North Dakota working with him on important insurance issues for North Dakota farmers.

Kent Olson is a model of the highest standards of honesty, integrity and professionalism. As Mr. Olson prepares to begin retirement, I want to pay tribute to his leadership of the professional insurance agents in North Dakota focusing on the importance of quality continuing education for its members that translated into excellent service for families and farmers in North Dakota. Throughout the years, quality education for professional insurance agents has been known by one name: Kent Olson.

Among his many achievements, Kent Olson is an expert in crop insurance and has been passionate in support of the key role that crop insurance plays in the farming economy of our state and of our entire nation.

In addition to his work in our state, Kent has contributed his many talents to the national PIA agents association, putting on seminars and getting personally involved every year. His involvement typifies his belief in our democracy and embodies the motto of PIA as being, ``Local Agents Serving Main Street America.'' Kent believes passionately in the value that local professional insurance agents always provide. And with equal passion, he believes that insurance should continue to be regulated by the State, not by the federal government.

I am pleased to note that although Kent will be retiring, he will never give up his passion--whether they are for the Main Street insurance agents, who have come to call him a close friend, or for his family, or for his music.

Kent Olson is one of those people whom everyone respects, and with many good reasons. I have had the pleasure of calling Kent Olson a colleague and a friend, and that will never change.

I am pleased to congratulate and commend Kent Olson on the occasion of his retirement as executive director of the Professional Insurance Agents of North Dakota.

Mr. Speaker, I am rising in support of this legislation, and I do so with some sadness because I agree with the point made on the H-2B visa by the gentleman from Michigan.

However, within this J-1 bill before us, H.R. 1127, is legislation to extend the Conrad 30 program, which expires on March 6, 2009. Now, that is a program, the basis of which many foreign medical professionals presently serving in many medically underserved areas, including in North Dakota, are here. So if we don't get this done in time--and let's face it. March 6, 2009 is right on our head right now--we raise havoc with the delivery of medical care through many rural underserved areas. We are literally talking about the medical professionals having to pack up and go home. We've worked mighty hard to get them there in the first place. If we lose them, they may never come back.

What's more: What about the patients in these rural clinics this afternoon who are seeing their physicians? What if the physician is gone and care is disrupted?

There are many ways to make a point, but we have got something that could be, for many, a matter of life and death, and that's keeping these medical professionals in the rural area by extending for 6 months this Conrad State 30 Program. It's just too important. We need it too badly.

So I urge the enactment of this legislation, giving us 6 more months on that

program. Then I urge us to take the gentleman's point and pass the H-2B visa reform.

Madam Speaker, Tom Clifford was the most influential leader of the University of North Dakota in its entire history. I feel fortunate that he was president during my years there. I had the opportunity to work with him as a student senator, state legislator and member of the U.S. Congress. He was one of the finest people I've ever known.

Tom Clifford was a giant in every aspect of his life, from his service as a decorated Marine Corps veteran during World War II to his lasting legacy at the University of North Dakota.

During his 21-year tenure at the helm of UND, President Clifford oversaw a period of tremendous growth, in everything from enrollment-- from 8,400 to more than 12,000 students--to research grants and contracts--from $6.4 million to $40 million--to evolving the university through the amazing growth of the aerospace program and the Center for Innovation.

Tom Clifford's influence extended far beyond education. When it came to diversifying the region's economy and creating new high paying jobs and rewarding careers, Tom Clifford was viewed by all parties as North Dakota's ``wise man.'' His counsel was often sought and freely given. His creative contribution will live on in our region through the new opportunities he helped grow.

Tom Clifford never stopped being an excellent athlete and the number one fan of the Fighting Sioux. When I was a student he was the best handball player at the university--turning back challengers decades younger than he was.

One particularly fond memory I cherish came from a trip I took with Tom to the NCAA Division H national championship in Alabama in 2001. The Fighting Sioux slugged it out for 4 quarters but trailed by 4 points with time almost done. The Sioux connected on a short pass, but suddenly the runner broke free and scampered nearly 80 yards for the winning touchdown. Although Tom was seated in the president's box along side the president and a few boisterous alumni from the other team, Tom didn't shout or say much, but his deep

grin and twinkling eyes revealed the thorough happiness and pride he felt.

With Tom Clifford it was never about the talking. It was all about getting the job done successfully. He lived long. He lived well, and his own success created in turn generations of success in the lives of his students and the ongoing economic activity he helped create in our region.

President Tom Clifford was one of the greatest North Dakotans we have ever known. I am proud to have been his friend, and I will never forget his sterling example of integrity and strong leadership.

Madam Speaker, I rise today to remember a good man and a great American, the Honorable Donald C. Alexander. Don's recent passing was a great loss to those who loved him and to our Nation as a whole. He was a man of dignity and integrity whose brilliance was exceeded only by his kindness and generosity of spirit.

Don is perhaps best remembered for his distinguished tenure as head of the Internal Revenue Service (IRS) in the 1970s. Don always stood firmly on the side of right, and famously resisted President Nixon's attempts to use the IRS to persecute his political enemies. This was utterly in character for Don--he hated injustice in any form, and fought against it his entire adult life. He was a dedicated public servant, and served on numerous Federal commissions, including the Martin Luther King, Jr., Federal Holiday Commission.

Don never bragged about his distinguished military service, but he was a true American patriot who loved his country deeply. He was a twice-decorated veteran of World War II who served in Europe as a forward artillery observer and received the Silver Star and the Bronze Star.

Don was an honors graduate of Yale and Harvard Law School and one of the smartest tax lawyers our country has ever seen. His wise counsel on tax policy was sought by Members of Congress across the political spectrum, including myself. Don believed that the tax code could be an instrument of justice, and worked his entire adult life to make it more simple and more fair for every American.

Don never quit trying to make this country better. He came to work every day well into his eighties. His thorough knowledge of the tax code on a technical level, the legislature process on a practical level, and the context of the times on a historic level made his counsel and guidance second to none.

In addition to his many professional accomplishments, Don was a loyal and loving friend. He was the consummate gentleman, and his unstinting generosity and courtesy were widely admired. Don had a sharp wit, a ready charm, and a perpetual twinkle in his eye. He was always humble, kind, and loving to those around him. He will be dearly missed, but never forgotten.

Madam Speaker, last month the employment of George W. Bush came to an end. Unfortunately, so did the jobs of nearly 600,000 Americans, hardworking men and women hit in every sector of our economy, thrown out of work in the toughest recession to hit our Nation in decades.

The job losses of January show that this is an accelerating recession. We lost 1.7 million jobs in the first 10 months of 2008, then almost 600,000 in the month of November, again in December, again in January.

Look at this chart. This shows how this recession compares to the other two. No easing of job loss, no end in sight.

We must pass a stimulus responding to this crisis. This is the worst rate of job loss ever recorded. We must help Barack Obama, our new President, respond to this economic crisis facing our Nation.

I thank the gentleman for yielding.

A great country holds the interests of its children first and foremost. A great country responds to tough times and steep challenges by placing the interests of its children at the head of the line when it comes to advancing measures to help. Today we have a chance to reflect this dimension of America's greatness by passing this bill to extend vital health insurance to 11 million of our kids. We must take this action.

Like last year, we will have bipartisan support when it comes to moving this bill forward. But unlike last year, this time our efforts will receive a different reception at the White House. Our prior President vetoed this bill. But we now have a new President. And this bill will be received with a resounding ``yes.'' And the effort to get coverage to our children will at last succeed.

We have all looked at the continued practices of some on Wall Street with utter amazement. After crashing their companies, taking their part in tanking our economy, the excesses that we have continued to see have appalled us all.

I guess if there is a legislative equivalent of not getting the message, like those that continue those utterly disgraced practices on Wall Street, it would be a proposal that would continue an economic policy of trying to shift the tax cuts disproportionately to the wealthiest, stiff the working poor, and hope somehow that the largesse trickles down and the economy comes back.

We should have learned our lesson. This has been the fiscal policy of the Republican Party in the House for the last decade. And what harm, what harm we have seen. Oh, it has not been harmful for everybody because if you were at the top, the top of this income pyramid, you did very, very well. But average taxpayers saw their earnings decline and stagnate, leading to greater levels of debt and the hardship we see today.

So I am fairly astounded that we see a substitute that goes back to the tired old Republican formula of letting the top have everything and the others get shortchanged. Under their proposal, the top 20 percent of households, and only the top 20 percent get the full tax cuts, and they are not proportionally spread at all. Married couple, two children, incomes over $100,000, they get almost $3,500 under the Republican substitute, 17 times the $200 tax cut the couple making $30,000 would receive. Vote for fair tax relief; reject this substitute.

Mr. Speaker, Our nation's economy continues to be challenged by tight credit markets and the long-term unwinding of the housing bubble. In light of the serious economic situation, I am voting against H.J. Res. 3 which involves the second half of the funds for the Troubled Asset Relief Program (TARP) for three reasons:

The first reason is that the economy is in truly terrible shape. During 2008, the economy lost 2.6 million jobs, with more than 1 million jobs lost in the last two months alone. Economists now project that the unemployment rate might rise to over ten percent in the coming year. Congress needs to do what it can to respond to the situation. When Congress initially authorized the TARP funds in late September the crisis in the financial markets had not hit main street business across the country. Today as we consider releasing the second half of the TARP funds, the circumstances that compelled that response last fall are even more dire.

The second reason for my opposition to the resolution of disapproval is based upon a belief that the second half of TARP funds will be used more strategically and effectively. Simply put, appointees of the Bush administration that oversaw the flawed administration of the program are no longer in charge of its operation. We have a new President and economic team that will need all of the presently available tools and more to address our cratering economy. The Obama administration has committed to get credit flowing to families and businesses while launching a sweeping effort

to address the foreclosure crisis and establishing a full and accurate accounting of the uses of TARP funds.

The third reason is safeguards for taxpayer funds that were contained in the detailed conditions the House approved for the TARP funds when it overwhelmingly passed H.R. 384. It is very unfortunate that TARP was mishandled. This bill, TARP Reform and Accountability Act, turns around the discredited ``no strings attached'' way the prior administration invested the funds. In addition to the explicit protections to taxpayers that had been reasonably expected in the program's administration to date, the bill requires Treasury to reach agreement with recipients of future TARP fund on exactly how the funds will be used and places limits on executive compensation and bonuses. The bill's provisions expand the oversight of the program and direct specific dollars to address housing foreclosures. The written pledges of the Obama administration to operate TARP with firm conditions, greater oversight and transparent accountability abide with the conditions passed by the House.

For the above reasons and because we do not know yet where this downturn in the economy will reach bottom, I voted against the resolution to disavow the release of the second part of the TARP funds to be administered by a new Treasury Secretary committed to protecting the interest of American taxpayers while providing needed assistance to the financial markets.

Madam Speaker, I rise today in strong support of H.R. 2, the Children's Health Insurance Program Reauthorization Act of 2009.

We were all deeply disappointed that President Bush vetoed bipartisan legislation that would have reauthorized the popular State Children's Health Insurance Program, SCHIP, not once, but twice during the 110th Congress. However, under a new Congress and a new incoming President, I am pleased that we can finally move forward with bringing health care to 11 million needy low-income children.

In my own State of North Dakota, there are roughly 14,000 children who lack health care coverage. Under this legislation, the nearly 3,600 children who are already covered under the Healthy Steps program will continue to obtain the care they need and there is the potential to cover many more given the $100 million in outreach and enrollment grants as well as the $3.2 billion in performance grants to states to help enroll needy children who are eligible but currently enrolled in

Mr. Speaker, I ask unanimous consent that the Committees on Ways and Means and Education and Labor be discharged from further consideration of the bill (H.R. 7327) to make technical corrections related to the Pension Protection Act of 2006, and for other purposes, and ask for its immediate consideration in the House.

Mr. Speaker, I rise today in favor of moving this bill, H.R. 7327, the Worker, Retiree, and Employer Recovery Act of 2008, forward in an expedited manner.

Mr. Speaker, this Congress needs to provide pension funding relief rightaway before adjourning in order to prevent needless unemployment and unnecessary freezing of pension plans. We also need to help seniors who are forced to take funds out of retirement accounts that are much lower than balances at the end of last year.

This bill is important to workers so that their retirement years will be more secure, and to employers so that the cost of the defined benefit pensions, which they are committed to offering their employees, will be more predictable. This bill also provided relief to retirees over age 70 and a half who are required to take a distribution from their IRA or 401(k).

I commend the Chairman and Ranking Member of the Ways and Means Committee, and the Chairman and Ranking Member of the Education and Labor Committee for bringing a bill to the floor that helps retirees, workers and pension plans cope with the unprecedented volatile investment environment while also including technical tax and ERISA provisions that give the added clarity retirement plans needed to comply with the Pension Protection Act.

Let me also extend thanks to the staff of the Ways and Means Committee, and the Education and Labor Committee and their counterparts in the Senate. Their hard work brings us to this point.

It is imperative that we act now.

Facing the most severe recession in decades, U.S. companies will need to plan a careful business strategy and keep a firm control on expenses. According to a survey of Chief Executive Officers (CEOs), pension costs have become a major concern in this fiscal environment as sizeable increases in pension funding requirements due to the significant market declines will make an economic recovery more challenging.

The bill takes important steps to help corporations remain committed to providing retirement promises to workers through defined benefit plans. In addition, the bill includes similar critical relief for multi-employers' pension plans that cover union workers at many smaller employers especially those in construction industry. At the same time if workers are covered in a plan and its funding level falls below a level at which benefit restrictions would apply the bill allows those plans to look at their 2008 funding level and protect workers from a mandated frozen pension.

We do not want to put employers in a no win pinch when they would have to choose between providing pensions or keeping employees on their jobs. Our Nation's pension plan is a voluntary system and employers can decide that offering a pension simply no longer makes good business sense. Tonight Congress tells employers we understand that and we want to help you meet your pension obligations in a predictable way.

For those retirees who must take a distribution from their IRA or 401(k) account that today has a dramatically lower value than the account at the end of last year, the bill will allow them to not take such distributions in 2009.

In conclusion, just let me say that American workers are anxious about their retirement security. Today, the House of Representatives is acting to address and to reduce this uneasiness. It is a very important bill, and I urge its adoption.

The bill was ordered to be engrossed and read a third time, was read the third time, and passed, and a motion to reconsider was laid on the table.