Floor Statements

Mr. Speaker, I along with Mrs. McCarthy of New York have authored legislation to address the capital requirements that apply to insurance companies under federal supervision pursuant to the Dodd-Frank Act. This legislation would strengthen the regulatory regime applicable to federally supervised insurance companies by

ensuring that they are not subject to bank-centric capital standards.

One of the central elements of the Dodd-Frank Act's financial reforms was stronger capital rules for both banks and certain non-bank financial institutions. Two sections of the Dodd-Frank Act expanded Federal Reserve authority to regulate large banks and imposed increased capital requirements--Section 165, which applies to large bank holding companies and to non-bank systemically important financial institutions (SIFIs), and Section 171, which applies minimum capital standards to insured depository institutions, depository institution holding companies, including insurance savings and loan holding companies, and to SIFIs.

We have been disappointed by the Federal Reserve's failure to recognize that they have the authority to implement the Collins amendment as it applies to insurers in a manner that tailors the capital requirements for the insurance business model. We continue to believe that the regulators could solve this problem using their existing authority. Our House bill, H.R. 4510, shows that there is strong bipartisan support for addressing this issue, with 227 of our colleagues cosponsoring the bill. A slightly amended version of our legislation, which we support, passed the Senate with unanimous support in early June, and passed the House as part of a larger package in July of this year. We are pleased that final action on this legislation is imminent, and hope it will be sent to the President before the end of the session.

Our bill (and the Senate version, S. 2270) is narrowly crafted to only address this issue as it relates to federally supervised insurance companies, including SIFIs and insurance savings and loan holding companies. Under the legislation banks will be subject to the full force of the Collins Amendment. That is as it should be, and we will not change that.

To accomplish the goal of directing the Federal Reserve to tailor rules for insurance, our legislation permits the Federal Reserve to create a non-Basel III regime for the insurance operations of supervised entities. The legislation allows the Fed to work with state insurance regulators to develop appropriate insurance-based capital standards for federally supervised insurance companies. Alternatively, the Fed could defer to state insurance regulators for the capital standards that should apply to the insurance activities that they regulate.

The bill clarifies that, in establishing the minimum leverage capital and risk-based capital standards under Section 171, the Federal Reserve Board is not required to include activities or companies that are engaged in the business of insurance and are subject to state insurance regulation, including state insurance capital requirements. Similarly, regulated foreign affiliates or subsidiaries engaged in the business of insurance and subject to foreign insurance regulation and foreign insurance capital requirements that have not been deemed to be inadequate also may be excluded from Section 171 capital standards. It is worth noting that the Government Accountability Office found that the state risk-based capital rules performed well during the financial crisis.

The bill allows the insurance capital requirements that have been effective to continue to determine the capital requirements for the activities of insurance companies and groups that are supervised by the Federal Reserve Board. Furthermore, activities of a holding company supervised by the Federal Reserve Board that are not the business of insurance would remain subject to the capital standards under Section 171. In determining insurance versus non-insurance activities of a supervised entity, the legislation provides regulators with the flexibility to tailor the rules for certain affiliates or subsidiaries of insurance companies that are necessary to the business of insurance, including, for example, affiliates or subsidiaries that support insurance company general and separate accounts.

Our legislation defines ``business of insurance'' by reference to Section 1002 of the Dodd-Frank Act, and under this definition the business of insurance means ``the writing of insurance or the reinsuring of risks by an insurer, including all acts necessary to such writing or reinsuring and the activities relating to the writing of insurance or the reinsuring of risks conducted by persons who act as, or are, officers, directors, agents, or employees of insurers or who are other persons authorized to act on behalf of such persons.'' The reference to this definition of the ``business of insurance'' will help ensure that insurance activities of federally supervised companies are subject to tailored capital rules, whether those activities are undertaken by the insurance companies themselves or by their affiliates or subsidiaries on their behalf.

We also want to ensure that the Federal Reserve uses its authority to tailor capital rules for insurance operations of entities under its supervision, regardless of the size of the subsidiary insured depository institution. As we have stated, under this legislation and under current law, the Basel banking regime and the Collins Amendment requirements will continue to apply to all insured depository institutions. It would be at odds with sound public policy and the intent of this legislation for the Federal Reserve to impose a Basel banking capital regime on the entire enterprise of an insurer that happens to also own a sizable insured depository institution--the depository institution in that operation will already be subject to banking rules, but the insurance operations should not be.

Another important provision of our legislation addresses the issue of insurance accounting for a small number of non-publicly traded insurance companies. While every publicly traded company in the United States is required by the Federal Securities laws to prepare consolidated financial statements under Generally Accepted Accounting Principles (GAAP), all insurance companies in the United States-- whether in mutual or stock form of organization--are required by their state insurance regulators to utilize an accounting method known as Statutory Accounting. Indeed, most mutual insurance companies only use Statutory Accounting in preparing their financial statements.

Statutory Accounting Principles (SAP) are generally more conservative than GAAP because they are specifically designed to promote insurer solvency and the ability to pay claims instead of measuring an insurer's value as a going concern. SAP does not allow a number of non- liquid or intangible assets to be included on an insurer's balance sheet and provides less favorable accounting treatment for certain expenses. In both the text of the Dodd-Frank Act and its legislative history, Congress recognized the acceptability of SAP for holding companies engaged in insurance activities coming under Federal Reserve jurisdiction. Specifically, Congress (1) directed the Federal Reserve to rely on existing reports and information provided to state and other regulators (which for insurance companies would have been prepared according to SAP); and (2) included Senate report language stating that Federal Reserve assumption of jurisdiction over savings and loan holding companies engaged in the business of insurance did not reflect a mandate to impose GAAP. However, in proposed rulemakings, the Federal Reserve expressed its intention to require all companies to eventually prepare GAAP financial statements--consistent with their existing model for all bank holding companies. Imposing such a mandate on companies using only SAP would cost insurers a substantial amount to take on multi-year financial projects yielding minimal--if any--supervisory benefit to regulators. Additionally, we believe the principle of preserving SAP should apply to any international discussions relating to insurance.

This bill makes clear that under Section 171 of the Dodd-Frank Act and the Home Owners' Loan Act, such a mandate is inappropriate where the holding company is a non-publicly traded insurance company that is only required to prepare and file SAP statements. Nothing in this provision prevents the Federal Reserve from obtaining any information it is otherwise entitled to obtain from a SAP-only insurer.

We and the many other supporters of this bill are pleased that the House is poised to consider a final version of this legislation and look forward to it reaching the President's desk soon. We expect regulators to follow through with appropriate, tailored capital rules for insurers under their supervision.

Mr. Speaker, I rise to give special recognition to Joyce Leonard for her 35 years as a real estate issue advocate for private property rights and the preservation of the American Dream of homeownership.

In addition to a successful career as a Realtor, Joyce has dedicated her time and talents to serving her fellow Realtors at the local, state, and the national levels. Joyce was the President of the Tri- Counties Association of Realtors in 1999. Currently a Pacific West Association of Realtors member and director, she has served various Committees at the state and local level. She has been a California Association of Realtors Director for over 20 years. On the national level, Joyce has been a National Association of Realtors Director for four years and served as a member of the Conventional Lending and Finance Committee.

Joyce is passionate about homeownership, and she is committed to ensuring that elected officials understand the impact of policies under consideration on the ability of Americans to own, buy, and sell real property. Joyce has been a Federal Political Coordinator (FPC) for the National Association of Realtors since 1996. During my time in Congress, Joyce served as my FPC, and she did a tremendous job of always ensuring that I was apprised of the issues of concern to the National Association of Realtors.

Joyce cares about her local community, and her service extends to serving on various boards and commissions. Joyce worked with the MAC Council to help Diamond Bar become a City. She was instrumental in developing the Diamond Bar General Plan. She served on the Traffic and Transportation Commission and Chaired the School of Safety Studies & Offsite Parking Task Force for the City of Diamond Bar.

For these important contributions to her community and for her dedication to the American Dream of homeownership, I ask my colleagues to join me in thanking Joyce Leonard for her service. Joyce, we know that you will continue to positively impact our community and country for many years to come.

Mr. Speaker, I rise to congratulate Rick Violett, who has received the 2014 California Distinguished Realtor Award from the California Association of Realtors.

A licensed Realtor for the past 40 years, Rick Violett began his real estate career at Horvath Realty in Fullerton, California. He later started his own company, Investment Brokers of Orange County, in 1977. But Rick was not selected for this distinguished award because of his company's success. The 2014 California Distinguished Realtor Award is awarded to an individual who has been a California Realtor for 20 years and has demonstrated outstanding service to the California Association of Realtors for no less than 15 of the 20 years of service. The honoree also must have achieved the California Association of Realtors' designation of Director-for-Life.

Aside from growing his own business, Rick has devoted his time and skills to serving as an active participant in the Pacific West Association of Realtors, the California Association of Realtors, and the National Association of Realtors. Rick has contributed countless hours and hard work to preserving the American Dream of homeownership for future generations, not only in California but across the nation. Rick served as President of the Greater North Orange County Association of Realtors and as merger chairman for the formation of the Pacific West Association of Realtors. He has been a California Association of Realtors Director since 1993, chaired numerous committees, and has served as a member of the California Association of Realtors' Executive Committee. At the national level, Rick has served the National Association of Realtors' most prestigious committees and he has also chaired various workgroups and task forces. Rick always kept me apprised of how the issues that were being considered in Congress impacted my district's housing market.

A true public servant, Rick is active in his community. He has served as a board member of the Placentia Rotary Club, a member of Placentia- Yorba Linda School Demographic Advisory Council, and the President of Southern California Leadership Education Foundation for 6th Grade Outdoor Camps.

I am so pleased that Rick has been recognized for his many years of dedicated service to the Realtors. Please join me in congratulating Rick Violett for being awarded the highest recognition that the California Association of Realtors can bestow on a member. Rick, we thank you for your commitment to strengthening the ability of Americans to own, buy, and sell real property.

Mr Speaker, I rise to honor, commend, and congratulate Nancy Gilmore, who after 35 illustrious years of serving the real estate industry, is transitioning from her role as the Chief Executive Officer (CEO) of the Pacific West Association of Realtors (PWR).

Nancy has been the CEO of PWR since its establishment in 1997, through the merger of several Southern California Realtor associations. Nancy previously served as Association Executive for the Azusa-Glendora Board, Whittier Board and Greater Long Beach Association of Realtors and is one of the most respected Association Executives in the state and the nation.

During Nancy's tenure, PWR has grown to become the largest local real estate association in California and one of the largest and most respected in the United States.

Nancy's commitment to Realtors and their business success has been the driving force in her career.

At the recent California Association of Realtors Expo, Nancy was recognized and celebrated for her service and commitment to the industry and the members of the Pacific West Association of Realtors.

I am sure that many of my colleagues will join me today in extending our heartfelt gratitude for Nancy Gilmore's contributions throughout her remarkable career. We wish Nancy much success and happiness in her future endeavors. She will be missed.

Mr. Speaker, I rise to pay tribute to a wonderful young woman, Katherine ``Kelly'' Krauser Knott, who passed away last week after a long and courageous battle with breast cancer. We will miss Kelly dearly. She brought grace and warmth to everything she did. She was a great colleague, a great wife and mother, and a great friend to all she knew.

Kelly was one of the best parts of the fabric of life for those of us who have the privilege of serving the people here on Capitol Hill. Every day, lawmakers and staff interact with dozens or even hundreds of people who are representing their issues or interests in Congress; but few of these people make the kind of lasting impression that Kelly made on many of us. She was a tireless advocate for her members at the Associated General Contractors of America and later at the National Retail Federation. Many of us had the pleasure of working with Kelly on tough policy issues over the years, and we appreciated her patience, her perseverance and her friendship through all.

Kelly came to Washington, DC from Connecticut with a bachelor's degree from St. Mary's College, Notre Dame in Indiana, and she earned a master's degree in political management from George Washington University. She got her start on Capitol Hill with the late Representative Mel Hancock from southwestern Missouri, and I'm sure it didn't take long for her colleagues in Mr. Hancock's office to recognize that Kelly was a team player and a quiet leader who was always eager to pitch in and help.

The staff and members of the Associated General Contractors of America were fortunate enough to work with Kelly through her marriage to Stewart and birth of her three children. She was a thoughtful, informed and aggressive member of the AGC team. She had a unique way of asserting her position without being too disagreeable. She made friends in the association, became a favorite of members who came to town and had a good way of guiding constituent comments back to the topic of concern without getting in their way. Most of all she was a friend and a person who used her warmth and charm to make others feel good.

Later on, even though her own family was still quite young, Kelly's effective leadership was again at the fore as she became a mentor mom to other young working mothers who learned to count on her as a source of wisdom on balancing work and family responsibilities. While her work was important to Kelly, family always came first. In the last hours of her fight, her thoughts were not about the business of continuing resolutions, issue briefs or committee assignments, but of simply ensuring that the right Christmas tree was brought home to her house so that her treasured children would have all that they needed for Christmas.

Kelly was a wonderful friend and colleague to so many, a trusted advocate on many issues, a loving wife, and a beautiful and enduring role model for her children. We have worried about and prayed for Kelly and her family during the course of her illness. We will continue to worry about and pray for her family as we all deal with the hole in our lives that comes from her passing. We know that her shoes will be impossible to fill; we are privileged to say that we were given the opportunity to call her a friend and colleague.

I am sure that many of my colleagues join me today in saying that our hearts go out to Kelly's husband Stewart, her three beautiful children, Carson (9), Halle (6) and Kendall (6), her loving family, and her friends, too numerous to count.

Mr. Speaker, I rise today to remember and pay tribute to Michael William Pearson, a Navy veteran and small business owner from Southern California.

Mike was a true gentleman, and he will be missed by everyone who had the good fortune to know him. He will be remembered for his generosity, patriotism, and love of life.

Mike was born on August 6, 1939 in Tulsa, Oklahoma. God called him home on December 26, 2013.

Mike proudly served in the United States Navy as a medical corpsman. He served in the U.S. Pacific Fleet, and was honorably discharged in 1960 with the rank of Petty Officer, 3rd Class.

Following in the footsteps of his father, Mike began his career as a driller in 1960. He traveled the United States to drill in Pennsylvania, New Jersey, Washington, DC, and other locations.

Mike was proud to have participated in the construction of the Rayburn House Office Building in the early 1960s.

Mike returned to California in 1970 to start his own drilling company, Pearson Drilling. Mike was a loving husband, father, grandfather, brother, uncle, friend, and neighbor.

I first met Mike when he was my neighbor in Diamond Bar, California.

We were both in the residential construction field, so we crossed paths many times over the years outside of our neighborhood.

Mike became the stepfather of my Senior Policy Director, Lesli McCollum Gooch, in 2006.

I can tell you first hand what a blessing Mike was for Lesli's mother, Loretta Stevenson, and for their family.

Mike will be sorely missed, but I know his legacy will live on in his family, which includes two children, three stepchildren, and eight grandchildren.

Mike was caring and active in his community, and he shared his passion for the United States, founded in the ideals of liberty and free enterprise, with his family and friends.

Our community was strengthened by his life of service, and our country has been immensely bettered by his patriotism, optimism, and goodness.

Mr. Speaker, I ask you and all of our colleagues in the House to join me in remembering Michael William Pearson, and to honor him for his service to our country and community. We are grateful for the legacy he has left for our nation.

Mr. Speaker, I rise to pay tribute today to the City of Redlands, California, as their community celebrates the 125th Anniversary of Incorporation. The City of Redlands was established in 1888 by vote of the people of the Lugonia and Redlands Townships. Following incorporation, the City of Redlands rapidly gained distinction for superior citrus production, and was considered around the globe to be the ``The Washington Naval Growing Capitol of the World.'' Through thoughtful leadership and the dedication of residents, The City of Redlands has grown from a small agricultural community to an economic, academic and cultural epicenter.

Redlands, ``A City That Works,'' is home to more than 200,000 residents who enjoy a wide variety of cultural events throughout the year including the Summer Music Festival at the Redlands Bowl, the Redlands Theater Festival and the Redlands Symphony. Popular community events include the Redlands Bicycle Classic and the Run through Redlands.

Residents of the City of Redlands are proud of their City's distinct attributes and have worked with the City of Redlands Historic and Scenic Preservation Ordinance and Commission, the Redlands Area Historical Society and the Redlands Conservancy to ensure the preservation of the historic built environment and conserve the natural open space. Many architectural treasures including the Lincoln Memorial Shrine, the Redlands Bowl Prosellis, Kimberly Crest House and Gardens, A.K. Smiley Public Library and Morey Mansion have been preserved for future generations due to the dedication and generosity of residents of the City of Redlands.

The commitment of the residents of the City of Redlands for bettering their community extends to their support of the University of Redlands, a private liberal arts university, consistently ranked among the best universities in the nation.

Mr. Speaker, on this very special year for the City of Redlands, please join me in commemorating their One Hundred and Twenty Fifth anniversary.

Mr. Speaker, I rise to welcome Pastor Jack Hibbs of Calvary Chapel Chino Hills and thank him for delivering today's opening prayer.

I have known Pastor Hibbs for many years through his teaching of the Lord's message. He is best known for his passion, and great ability to incorporate the Lord's word into our everyday lives.

Each week, thousands come together from all over Southern California to hear his sermons. And his radio broadcast is listened to on five continents.

Pastor Hibbs is the author of ``Turnaround at Home,'' a practical guide to inviting God into your home, and creating positive cycles in marriage and parenting. He and his wife, Lisa, share their own experiences and inspiring stories about understanding how emotional, spiritual and social background factors play into families. And how to make changes for good--starting at home.

I thank Pastor Hibbs for what he's done for my community and sharing his time with us today.

Mr. Speaker, it is my honor to have my good friend and my pastor, Jack Hibbs, here with us today to give the opening prayer.

He is a senior pastor with Calvary Chapel Chino Hills. He has an incredible mission going on in California. Plus, he has a global ministry going on the radio. He does an amazing job in preaching God's word, and I am glad to have him here with us today.

Mr. Speaker, I rise to congratulate a true American hero, Lt. Col. James Dabney, retired, for his induction into the Ranger Hall of Fame for his service to this great Nation during the Vietnam War.

In the Spring of 1968, James Dabney was 25 and an Army captain; he was the officer in charge of the 123 men of Delta Company, 4th Battalion, 12th Infantry, 199th Infantry Brigade and medics, forward observers and soldiers with the 17th Armored Cavalry.

His men were teenagers and had been drafted to serve. They were stationed about 15 miles outside of Saigon to block the enemy's entry into the city.

Lt. Col. Dabney describes the conditions: It was hot and humid and there were torrential downpours. One night, he says, it rained so hard that the men were in foxholes sitting in water up to their chest. The soldiers were eating rations left over from Korea. They were spent. They were hungry. They were tired from being constantly on alert. Most of the guys had just been through the Tet Offensive.

On May 5, 1968, the company of 123 men engaged 2,000 North Vietnamese soldiers. Over the next four days a fierce battle ensued. But the crew of young Americans held their ground and, in the end, the enemy retreated. For their bravery, the company would later be awarded the Presidential Unit Citation.

Forty-five years later, Lt. Col. Dabney doesn't reflect on his own accomplishment; he remembers the six young men of his company that didn't return home.

He says he got the recognition, but they were the real heroes.

In addition to his induction into the Ranger Hall of Fame this summer, Lt. Col. Dabney has also been awarded the Presidential Unit Citation, Distinguished Service Cross, a Silver Star, two Bronze Stars, three Purple Hearts and the Legion of Merit for his actions in Vietnam.

But his greatest award, he says, is an eagle figurine with an inscription from the men in his company thanking him for his leadership.

In 1984, Lt. Col. Dabney retired from the Army. He and his wife, Jeanne Marie, celebrated their 25th anniversary last year and have five children, Jill LeWallen, Lynn Raper, Jeannie Pilgrim, James Winch and Marrianne Mazurowski.

Mr. Speaker, I rise to pay tribute today to the city of Colton, California, as their community celebrates their 126th birthday this week.

Colton is a growing center for new business, residential and employment opportunities in the County of San Bernardino. Colton also offers a well-balanced community with affordable housing and many family support and public safety programs. Settled in the 1770's by explorers from Mexico, Colton was formed when the Southern Pacific Railway pushed the final transcontinental leg though on its way to Los Angeles in 1875. The city derived its name from Civil War General David Colton, also the Vice President of the Southern Pacific Railroad Company.

Since incorporation in 1887, Colton's population has grown to 52,940. The city's motto of

``The Hub City'' truly fits. Activity associated with the railroad and the citrus orchards made Colton a busy place, with many business and residents working to support railroad operations. In South Colton, where many railroad workers lived, residents built their own homes often using the disassembled wooden crates from railroad shipments as building materials. Established in 1882, the Colton Railroad Crossing is one of the busiest railroad intersections in the Nation. A $270 million project is in process to replace this crossing with a fly-over to raise the east-west Union Pacific tracks over the north-south Burlington Northern Santa Fe tracks.

The residents of Colton have worked hard to make their city one of the best places in Southern California to work, live, and enjoy life. Colton is a diverse community where residents can pursue their dreams in an environment abundant with opportunities for educational and economic advancement. It is indeed my pleasure to represent the residents of this beautiful city, who have contributed much of their time towards making Colton a destination for visitors and a home for those seeking a sense of community and a high quality of life.

Mr. Speaker, on this very special year for the City of Colton, please join me in commemorating their one hundred and twenty sixth anniversary.

Mr. Speaker, I rise to pay tribute today to the City of Fontana, California, as their community celebrates 100 years of settlement.

Fontana has a rich history of hard work and ingenuity. From its humble roots as a rural community and agricultural town of citrus orchards, vineyards and chicken ranches astride historic Route 66, the city is now home to over 200,000 residents.

Since its incorporation in June of 1952, Fontana has grown to become a regional hub of the trucking industry, with Interstate 10 and State Route 210 transecting the city from east to west and Interstate 15 passing diagonally through its northwestern quadrant. Due to its prime location, the City is also home to a number of product distribution centers for large companies, including Target and Sears. Fontana is also the home of the Auto Club Speedway, which has hosted national racing events since 1997. The Speedway is the home of the Auto Club 400 race in the NASCAR Spring Cup Series, the NASCAR Nationwide Series Royal Purple 300, the IZOD Indy Car Series race, and numerous other local events. Fontana is also home to numerous industrial sales centers and commercial strip zoning such as ``The Miracle Mile'' and the Fontana Auto Center.

With a city theme of ``open for business'' and dedication to a ``Healthy Fontana'' lifestyle, the citizens of Fontana continually demonstrate their enthusiasm for their City by actively participating in local government and future city planning. It is indeed my pleasure to represent the residents of this beautiful city, who have contributed much of their time towards the betterment of their community.

Mr. Speaker, on this very special year for the City of Fontana, please join me in commemorating their one hundredth anniversary.

Mr. Speaker, I rise today to note the retirement of Mr. James D. Ruth, the General Manager of the Orange County Sanitation District. I worked with Jim during the past several years when the District was within my congressional district and learned to appreciate the tremendous public servant that Jim embodies. He was appointed interim General Manager of the Orange County Sanitation District in December 2005 and was originally supposed to stay about three to six months. Today, seven years later, Jim has worked with the OCSD Board of Directors to guide the District through some of the most challenging times that any public official could face. Jim's good humor, his expertise in public administration, his commitment to deliver the finest work resulted in successes that others could hope to attain. I must note that Jim also enabled his staff to take risks and make tough decisions that have strengthened the District and will allow it to make the transition with a new General Manager seamless. In his tenure, Jim oversaw a number of significant accomplishments and gaining national and international acclaim for the third largest wastewater treatment plant west of the Mississippi River.

While I no longer serve Orange County, I am proud to have worked hand-in-hand with OCSD and others on some very important issues. Under his watch, Jim Ruth oversaw the relocation of the Santa Ana River Interceptor Line--an important link between the Inland Empire and Orange County--and once completed, will finally remove an environmental threat that has been looming for many, many years.

Jim transformed OCSD and was leader in trimming costs and saving ratepayer dollars. Thanks to his leadership, OCSD was one of the first agencies to implement a lower cost second tier pension system across the board and save millions of dollars with efficiencies and elimination of duplicative services.

With 55 years of public service, Jim Ruth leaves a legacy of transforming public agencies and bringing out the best in the people around him. Many of us think, Jim really isn't retiring but moving on to something else as those of us who know him well, know he cannot sit still.

Congratulations Jim on a very successful career at OCSD and on serving the people of Orange County for many years. I wish you the best in retirement.

Mr. Speaker, today I rise to congratulate National Community Renaissance (National CORE) and the Hope Through Housing Foundation (Hope) for 20 years of dedication to community transformation through the development and management of quality, service-enriched affordable rental housing.

National CORE is a leader in the acquisition, rehabilitation, and preservation of at-risk affordable housing across the nation. National CORE works closely with state, county and local governments nationwide to identify troubled multi-housing properties that are often ignored by others in the industry and transforms them into successful community centerpieces that establish or reestablish thriving and healthy neighborhoods.

National CORE utilizes proven business models while remaining committed to a social mission, resulting in efficient and effective strategies that successfully transform communities. National CORE's model of managing a product from its inception all the way through to completion and of continued property management is unduplicated by most other affordable housing builders. This innovation and commitment to excellence has made National CORE one of the United States' largest non-profit developers of quality affordable housing for low-income families and seniors.

National CORE's commitment to its residents also sets it apart. For every community it preserves, National CORE' s first consideration is always its residents. Through the Hope Through Housing Foundation, National CORE is able to provide high quality services to its residents where they live. Hope is a non-profit that works in close partnership with National CORE to create measurable positive change in the lives of children, adults and families living in these communities. Hope provides supportive services that promote upward mobility for families, and emphasizes the importance of early childhood education, youth development, senior wellness, and economic self-sufficiency. This ``business mind, mission heart'' approach has resulted in an improved quality of life in communities across the nation.

National CORE and Hope continually receive accolades and awards from their industry peers for the creation and operation of outstanding living environments. Whether constructing new infill projects or preserving at-risk affordable housing, entire neighborhoods have been transformed as a result of National CORE and Hope's commitment to providing decent housing and necessary social services for its residents. Using both proven methods and best-practices, as well as developing innovative approaches, National CORE and Hope generate meaningful community change, creating new social and economic opportunities in neighborhoods previously threatened by crime, poverty, blight, and isolation. As a member of the House Financial Services Committee's Housing Subcommittee, I know of no other organizations that have had such a meaningful and lasting impact on the physical and human fabric of communities as National CORE and Hope.

Today, I thank these organizations for their dedication to transforming communities and honor their efforts as they celebrate their 20th anniversary. Mr. Speaker, I invite my colleagues to join me in celebrating the work of National Community Renaissance and the Hope Through Housing Foundation.

Mr. Speaker, it is with great pleasure that I rise to recognize Wilfred Cooper, Sr. for his service to the community and this nation. Mr. Cooper has recently been inducted into the California Homebuilding Foundation's Hall of Fame, which honors individuals who are active in the home building industry and committed to improving the lives of others through service to civic, social, and philanthropic organizations.

Mr. Cooper has devoted his career to addressing the need for affordable and available housing at both the national and local level. He has served as senior life director of the National Association of Home Builders, chairman of NAHB's Multifamily Council, and as a member of NAHB's Low Income Housing Tax Credit Steering Group. Mr. Cooper also volunteers on the Board of Advisors for Jamboree Housing, the Board of Directors for Volunteers of America, and the Tuberous Sclerosis Alliance.

In addition to his advocacy and volunteer work, Mr. Cooper founded WNC & Associates, Inc. in 1971. It was one of the first affordable housing investors in the United States and has long been recognized as an industry leader in affordable housing. Today, his firm proudly serves more than 45,000 low and moderate income families in 42 states.

Mr. Cooper's tireless energy and passion, which is apparent in his business, advocacy, and volunteer work has bettered the lives of many and has produced positive change in neighborhoods across the nation. I cannot think of a more deserving candidate for this award. It is my privilege to congratulate Mr. Wilfred Cooper, Sr. on this recognition and for his lifetime of service to promote affordable housing in America.