Floor Statements

Mr. Chair, I rise in strong support of H.R. 3534, the Consolidated Land, Energy, and Aquatic Resources (CLEAR) Act and H.R. 5851, the Offshore Oil and Gas Worker Whistleblower Protection Act. Over 100 days ago, millions of gallons of oil began spilling into the Gulf Mexico after an explosion on a BP deepwater drilling rig, which tragically killed eleven workers. In the months since this accident, the Committees of jurisdiction in the House of Representatives have held numerous hearings to determine what went wrong and how to prevent similar disasters in the future. I believe both the CLEAR Act and Whistleblower Protection Act take critical steps to properly reform our oil and gas drilling policies, as well as to protect the safety of oil and gas workers.

This comprehensive legislation will end years of misaligned priorities at the Minerals Management Service (MMS) at the Department of the Interior (DOI) by dividing its responsibilities into three different departments: the Bureau of Energy and Resource Management to manage leasing and permitting; the Bureau of Safety and Environmental Enforcement to police health and safety regulations; and the Office of Natural Resource Revenue to collect the American people's energy revenues earned on public lands. The bill further addresses misconduct by the MMS by implementing strong ``revolving door'' provisions that would ban MMS employees from accepting employment with oil and gas companies for two years.

The CLEAR Act imposes strong new safety standards for offshore drilling, including increased inspections, stricter penalties for safety violations, and independent certifications of critical equipment. I am also pleased that this comprehensive legislation includes many provisions of legislation which I cosponsored after the spill; including the elimination of the liability limit on oil companies, subpoena power to enable the President's bipartisan Commission to fully investigate the Deepwater Horizon spill, and the establishment of a Gulf of Mexico Restoration Program.

Additionally, this bill will use the revenues received from energy development to provide full funding to the Land and Water Conservation Fund (LWCF) and the Historic Preservation Fund (HPF), both of which contribute greatly to conservation efforts and open space preservation in Rhode Island.

In addition to the modifications included in the CLEAR Act, it is vitally important to the workers in our country to ensure that they have access to safe working conditions, and when they do not, have the opportunity to report their concerns without fear of retribution. The Offshore Oil and Gas Worker Whistleblower Protection Act would strengthen whistleblower protections for oil and gas workers by prohibiting an employer from discriminating against an employee who reports a violation or testifies about an alleged violation. It also establishes a process for an employee to appeal an employer's retaliation by filing a complaint with the Secretary of Labor.

I have long said that our nation cannot drill its way out of our energy crisis. We can no longer sit idly by as greenhouse gas emissions increase, our ecosystem is harmed, and our public health deteriorates from increased pollution. It is long past time that our nation moves away from our reliance on fossil fuels, both foreign and domestic, and invests in renewable energy and energy efficient technologies. While I do not believe we needed any more evidence to move in this direction, it is my hope that we will learn from this tragedy and seek better and safer solutions that will preserve our ecosystem and protect the health and lives of our citizens by passing a comprehensive clean energy jobs bill, such as the American Clean Energy and Security (ACES) Act. But as we continue to move towards clean energy, I urge my colleagues to support both H.R. 3534 and H.R. 5851 to make vast improvements to our nation's domestic energy development and protect workers who put safety first.

I thank both the gentleman and the gentlelady for yielding time on this very important issue. I am very grateful.

I do rise in strong support of this rule for consideration of H.R. 4213, the Restoration of Emergency Unemployment Compensation Act. This very important bill provides a critical boost for more than 2.5 million Americans across the Nation, including 6,000 Rhode Islanders right now who are struggling to find employment. Not only that, but for every $1 spent on unemployment benefits, $1.90 is put back into the economy. These benefits are crucial for working families as they search for new opportunities in a very tight job market.

In my home State of Rhode Island, we have the country's fourth highest unemployment rate at over 12 percent. Through recovery funds, we have recently implemented Jobs Now Rhode Island, a job training program that in the past 2 months has successfully put more than 300 Rhode Islanders back to work. I recently met with some of these workers at Capco Steel. A couple had been out of work for a few months, while for others this was their first job in a few years. This visit reminded me that as Members of Congress we have the obligation not only to help create jobs, but also to give hardworking Americans another chance to continue their job search and provide for their families.

I encourage my colleagues to pass this bill and help those who are most vulnerable right now during these trying times. We are going to get through this tough economy, but we have to help people with their immediate needs, and unemployment extension does that.

Mr. Speaker, I rise in strong support of the conference report to H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act, which closes frequently exploited loopholes in our regulation system, puts an end to rewarding reckless investments, and demands responsibility and accountability from Wall Street to prevent another economic collapse.

Over the past few years, the irresponsible actions of financial institutions and corporations have provided countless illustrations of the need to fix our broken system. As a result of the financial crisis, our country shed eight million jobs and Americans lost $17 trillion in retirement savings and net worth. My home state of Rhode Island was on the front lines of abusive and predatory lending practices, which led to one of the country's highest foreclosure rates, and has endured devastating job loss, now suffering the fourth highest unemployment rate in the nation at 12.3 percent.

Like my constituents, I have been angered by the greed exhibited by Wall Street and other companies that took advantage of their investors, preyed on our citizens, and rewarded executives with outrageous pay packages. With this bill, consumer protection will come first, and irresponsible companies will be held accountable for their actions. H.R. 4173 establishes the Consumer Financial Protection Agency, which will protect families and small businesses by ensuring that bank loans, mortgages, credit cards and other financial products are fair, affordable and transparent. These new protections are targeted and fair: Merchants will be excluded from the oversight of the CFPA, and small banks and credit unions will not be subject to undue regulatory burdens. There will also be coordination with other regulators when examining banks to prevent undue regulatory burden.

This measure also establishes an orderly process for dismantling large, failing financial institutions like AIG or Lehman Brothers, which will protect taxpayers and prevent ripple effects throughout the rest of the financial system. This bill also discourages financial institutions from taking too many risks by imposing tough new capital and leverage requirements. Most importantly, there will be no more taxpayer bailouts for ``too big to fail'' institutions. This legislation will also effectively end new lending under the Troubled Asset Relief Program.

Additionally, H.R. 4173 responds to the failure to detect frauds like the Madoff scheme by ordering a study of the entire securities industry. This measure will also increase investor protections by strengthening the Securities and Exchange Commission and boosting its funding level. For the first time ever, the over-the-counter derivatives marketplace will be regulated and hedge funds will have to register with the SEC. And the bill takes steps to reduce market reliance on the credit rating agencies and impose a liability standard on the agencies. This legislation will help create an environment in which financial institutions take care of--and are held accountable to--their shareholders and customers.

I would like to thank the committees for their work on this bill, and especially want to thank Chairman Frank for his leadership on this strong reform measure. This legislation represents a tremendous accomplishment for this Congress and this country. It is an urgently needed response to a crisis that should never have been allowed to happen, and its protections and reforms will benefit Americans for generations to come. I encourage all my colleagues to vote for this bill.

Mr. Chair, I rise in support of H.R. 5175, the Democracy Is Strengthened by Casting Light On Spending in Elections (DISCLOSE) Act and I urge my colleagues to support this important bipartisan bill that will improve transparency and accountability in our federal elections. I would like to thank Chairman Brady and Congressman Van Hollen for their efforts to quickly move this bill to the floor.

I share the concern of many Rhode Islanders who were disappointed with the Supreme Court's decision in Citizens United v. FEC, which would allow corporations to fund political ads without disclosing their funding sources. Unfortunately, this could facilitate unlimited political spending by anonymous donors in campaigns across the nation, allowing special interests and corporations to go unchecked in our democratic process.

Contrary to some arguments that have been made on this Floor today, this bill does nothing to restrict free speech. It simply ensures that our citizens know who is speaking.

This legislation takes several critical steps to protect the integrity of our elections and shine light on who is funding campaign advertisements. First, it prohibits large government contractors, those with over $10 million in contracts, from making campaign expenditures. The bill further bars those companies that received TARP funding from participating in federal campaigns until the government is repaid. Additionally, this bill ensures that foreign governments do not influence our elections by banning corporations controlled by foreign nationals from making campaign contributions and expenditures.

I am especially pleased that the DISCLOSE Act contains strong language to require CEOs to stand by their ads by requiring them to appear on camera to ``approve the message,'' just as candidates do today. Additionally, top donors must be listed in ads so that individuals know exactly who is financing the message. Again, this does not curb the freedom to speak or advocate for an issue or candidate, it simply ensures transparency. Finally, this legislation requires corporations and other organizations to disclose campaign related expenditures to their shareholders, members, and on their websites.

While I am disappointed with the inclusion of an exemption for certain organizations, I believe that this bill takes an enormous step towards improving our laws to bring greater transparency and accountability to our nation's campaigns. As a former Secretary of State and a proud representative of Rhode Island, I believe free and fair elections are fundamental to our democracy, and I urge my colleagues to support the DISCLOSE Act.

I thank the gentlelady for yielding.

I rise in strong support of this rule and the underlying legislation that provides relief to small businesses by expanding lending opportunities and offering tax incentives to help them grow. Small businesses are absolutely the backbone of the American economy, and they are especially important in my home State of Rhode Island, where they make up 97 percent of our employers.

Now more than ever, we are pursuing every possible avenue to create a job that gets this economy back on track. None of us can be satisfied that our

economy is performing where it should be, especially in my home State where we now have the fourth highest unemployment rate in the Nation of 12.5 percent. None of us can accept that status quo right now, and Congress absolutely must support the growth of these small businesses and help stimulate the real engine of our Nation's economy.

American prosperity absolutely depends upon the success of small businesses and the innovative spirit of the American people, but they need the right support. I'm committed to bringing relief to the small businesses that are struggling in our States.

I urge my colleagues to support this bill, and let's give our small businesses what they need to create the jobs that will get America back on track.

Madam Chair, I rise in strong support of H.R. 5072, the FHA Reform Act, which will strengthen the rules and financial stability of the Federal Housing Administration's programs. H.R. 5072 will help tighten FHA underwriting standards, rebuild its capital reserves and assist in the recovery of the housing market. This measure has bipartisan support and has received numerous endorsements from housing and real estate organizations.

H.R. 5072 would empower FHA to improve its financial position by allowing the agency to adjust their premium structure for new borrowers, while still providing affordable mortgage insurance to the individuals FHA is intended to serve. This measure also provides FHA with enhanced authority to terminate FHA lenders if evidence of fraud or noncompliance is discovered. It will also improve FHA's internal reporting systems to better manage risk and provide transparent data to the public and to Congress.

Over the years, FHA has played a key role in supporting housing finance opportunities to underserved families and assisting first time homebuyers. Most recently, FHA has helped stabilize our housing market, and reform is needed to strengthen its solvency. FHA has already implemented an unprecedented number of credit policy and risk management changes to ensure its effectiveness and soundness and to protect the American taxpayer. The FHA Reform Act builds upon these necessary changes.

In my home State of Rhode Island, we were hit early and hard by the housing and economic crises. We currently have the fourth highest unemployment rate and one of the highest foreclosure rates in the country. Congress has an important role to play in helping Rhode Island families regain financial ground, and this bill is an important ingredient in stabilizing our housing market. The FHA Reform Act will ensure that responsible families have the opportunity to purchase a home, but also put into place the appropriate measures to prevent future crises. I urge all my colleagues to support this bill.

I thank the gentleman for yielding.

Mr. Speaker, I rise today in strong support of H.R. 5026, legislation to protect our national electric grid system. I would particularly like to thank Chairman Markey for his outstanding leadership and dedication to this important national security issue. I know he has given great time and effort and thought to this, and I thank him for that.

I would also like to thank Chairman Waxman for his attention to this issue.

I would also like to recognize and to thank my good friend Mr. Thompson, chairman of the full Homeland Security Committee, for working with me in 2008 to hold hearings and to closely examine what actions our country must absolutely take to prevent attacks on our national security electric grid.

Two years ago, I testified before Chairman Markey's subcommittee about the threats to our bulk power system from cyberattack. In the 110th Congress, as chairman of the Homeland Security Subcommittee on Emerging Threats, Cybersecurity, and Science and Technology, I conducted a detailed and thorough examination of cyberthreats to our critical infrastructure, and I want to reiterate what I made clear in my testimony.

I believe that America is still vulnerable to a cyberattack against the electric grid, which would cause severe damage, not only to our critical infrastructure, but also to our economy and

to the welfare of our citizens. The vast majority of our critical assets is in private hands. In many sectors, private entities are largely self-regulated and are responsible for developing and for implementing their own standards according to their own priorities.

This bill will ensure that serious threats to our electric grid are addressed by giving the Federal Government the ability to require strong safety measures in our electric power system. It has the foresight to not only specifically focus on cyberthreats but also to focus on other potentially devastating issues, such as electromagnetic interference. These measures will help to ensure that we prepare for the worst case scenarios and that we protect our citizens in the case of a devastating attack or accident.

So, again, I really want to thank Chairman Markey for his attention to this important issue, and I look forward to working with the Energy and Commerce Committee in continuing to raise awareness about securing our critical infrastructure and in protecting our citizens from cyberattack.

Mr. Speaker, I rise today in support of H.R. 5026, legislation to protect our national electric grid system. I would like to thank Chairman Markey for his leadership on this important national security issue. I would also like to recognize my good friend and Chairman of the Homeland Security Committee, Mr. Thompson, for working with me in 2008 to hold hearings and closely examine what actions our country must take to prevent attacks on our national grid.

Two years ago, on September 11, 2008, I testified before Chairman Markey's Subcommittee about the threats to our bulk power system from cyber attack. In the 110th Congress, as Chairman of the Homeland Security Subcommittee on Emerging Threats, Cybersecurity, Science and Technology, I conducted a detailed and thorough examination of cyber threats to our critical infrastructure, and I want to reiterate what I made clear in my testimony. I believe America remains vulnerable to a cyber attack against the electric grid that would cause severe damage to not only our critical infrastructure, but also our economy and the welfare of our citizens.

The vast majority of our critical assets are in private hands. In many sectors, private entities are largely self-regulated and are responsible for developing and implementing their own standards according to their own priorities. This bill will ensure that serious threats to our grid are addressed by giving relevant government agencies, such as the Department of Homeland Security, the ability to require strong safety measures in our electric power system. The bill also has the foresight to not only specifically focus on cyber threats but also on other potentially devastating issues such as electromagnetic interference. The scope of the bill includes the bulk power system, which should also protect critical distribution systems in major cities, like New York and Washington, DC from a cyber attack. Additionally, by empowering the Federal Energy Regulatory Commission, FERC, this legislation goes a long way to enabling a faster response by both government and industry in case of an imminent threat. These measures will help ensure that we prepare for worst-case scenarios and protect our citizens in the case of a devastating attack or catastrophe.

I applaud the attention being focused on this issue by the Congress, and I want to once again thank Chairman Markey for his attention to this important issue. I look forward to working with the Energy and Commerce Committee and to securing our critical infrastructure and protecting our citizens from cyber attack.

Mr. Speaker, I rise in support of this jobs and economic assistance package, which includes an extension of numerous tax provisions critical to sustaining and building jobs, while providing relief to thousands of Rhode Islanders who are still struggling to rebuild after a devastating recession and recent catastrophic flooding.

Our economy is beginning to show signs of recovery, but that progress has been slow in reaching Rhode Island. People are still looking for jobs, small businesses are struggling to keep their doors open and homeowners continue to face high rates of foreclosure. These problems were only compounded by historic flooding in the Northeast, which damaged and destroyed thousands of homes and businesses across Rhode Island.

Our constituents deserve to know that we are doing everything in our power to support them during these difficult times. This bill extends unemployment insurance through November 30th to help families make ends meet while they look for new job opportunities. It also continues important small business lending programs to help spur job growth and hiring.

I am particularly pleased that this bill contains an extension of the national disaster tax provisions through 2010. Since the catastrophic floods hit Rhode Island, I have worked tirelessly with our state's delegation in pursuing every avenue of assistance and relief that the federal government can provide. In addition to our other efforts, I joined my colleague, Representative Patrick Kennedy, in introducing the National Disaster Tax Extenders Act, to ensure that Rhode Islanders would

be eligible to receive the same disaster tax assistance as other states have in the past. I am happy to see that language included in this bill.

The disaster provisions will give Rhode Islanders the maximum opportunity to deduct losses from their federal income taxes as a result of the flooding. They also allow businesses that have been affected to deduct expenses like demolition, repair and clean up, as well as apply a net operating loss carry back for 5 years, instead of two.

This legislation also averts a 21 percent reimbursement cut to physicians so they can continue to provide care to our seniors who rely on Medicare. The reimbursement cut is replaced with a 2.2 percent payment increase though 2010 and an additional 1 percent, increase in 2011. While I am disappointed that a permanent fix of the flawed Medicare reimbursement formula was not possible given our current budgetary constraints, it is my hope that Congress corrects this policy soon, so we do not continue to sustain greater costs in the future.

Among other important provisions in this bill is financial relief for our veterans that allows concurrent receipt of both military retirement pay and VA military disability pay for 2 years. It provides an extension of the Temporary Assistance for Needy Families, TANF, emergency relief fund to help states with their social assistance and employment programs. It extends numerous pro-business and pro-community tax provisions, like the R&D tax credit, enhanced deductions for charitable contributions, deduction of classroom expenses for teachers, and investments in alternative energy use and development.

Last but certainly not least, this bill increases the amount that oil companies are required to pay into the Oil Spill Liability Trust Fund, so that the taxpayers are not left with the bill to clean up calamitous man-made disasters like the tragic spill occurring in the Gulf of Mexico right now.

This bill is not a permanent solution to our problems. It has been significantly scaled back to minimize deficit spending, removing critical Medicaid assistance to states as well as an extension of COBRA health insurance premium assistance for the unemployed. Given Rhode Island's continued budgetary deficits and the inevitable loss of medical coverage to state residents, it is imperative that we take up consideration of the Medicaid and COBRA provisions immediately after Congress reconvenes in June.

In the mean time, I ask my colleagues to support the tax extenders package before us today so we can provide assistance to families and businesses that will help put Rhode Islanders back to work.

I thank the gentleman for yielding.

Mr. Chairman, I rise in strong support of H.R. 5136, the National Defense Authorization Act for Fiscal Year 2011.

This is a strong, bipartisan bill; and as chairman of the Strategic Forces

Subcommittee, it has been a pleasure working with Chairman Skelton and Ranking Member McKeon, as well as the ranking member of the subcommittee, Mr. Turner, and members of the committee in crafting this measure which provides our men and women in uniform with the tools to address some of the most pressing strategic threats to our national security.

Members of our subcommittee are acutely aware that we are racing against time to secure vulnerable nuclear materials and prevent nuclear terrorism and that we must deter nations like Iran from developing nuclear weapons. We must also protect ourselves, our deployed forces and our allies against the growing threat of attacks from ballistic missiles, particularly from expanding stockpiles of short- and medium- ranged rockets, as well as being mindful that both Iran and North Korea are pursuing development of ICBM capabilities.

So our bill invests in maintaining a safe, secure, and reliable nuclear deterrent, providing an effective missile defense against the most likely and immediate threats, and protecting our national security space and intelligence assets.

First, reflecting the President's commitment to provide a strong and sustained investment in our nuclear deterrent, the bill provides $15 billion for the Department of Energy's Atomic Energy Defense Activities, not counting the nonproliferation programs. This includes $7 billion for nuclear weapons activities, a 10 percent increase over last year's funding, and $5.6 billion for defense environmental cleanup activities. This increase will sustain our nuclear arsenal without nuclear testing. It ensures we will maintain a credible deterrent as we responsibly reduce our stockpile and provides a robust foundation for implementing the administration's Nuclear Posture Review and President Obama's historic efforts to reduce nuclear dangers.

Second, H.R. 5136 will strengthen our ballistic missile defenses by providing $10.3 billion to protect the United States, our deployed troops, and our allies and friends against the most immediate threats from nations such as Iran, Syria, and North Korea. Our funding increases ensure that we will purchase key elements of the administration's Phased Adaptive Approach for ballistic missile defense in Europe more efficiently and at lower overall cost.

The bill also provides an additional $88 million for the longstanding U.S.-Israeli collaboration on missile defense programs. Further, the bill provides a $50 million increase for directed energy research and the Airborne Laser Test Bed to facilitate the testing and development of technologies that are most likely to yield operational capabilities in the future.

The bill also requires operationally realistic testing of missile defense systems. It makes deployment of missile defenses in Europe contingent on such testing, as well as host nation ratification of any deployments on European soil.

I am proud of our smart spending decisions to strengthen our defenses against current missile threats. We are embracing good government practices and emphasizing thorough testing that reduces the costs to American taxpayers in the long run.

Finally, this authorization builds on the bipartisan approach of previous years to military space programs, providing $9.7 billion to sustain and improve these critical assets that are essential to our warfighters.

I want to thank Chairman Skelton for his leadership one again in crafting such a strong measure, and I urge my colleagues to support it.

I thank the gentleman for yielding.

I rise in strong support of the Watson-Langevin amendment. I am happy to be working with Chairwoman Watson to join strong cybersecurity authorities with important updates to our federal information security policies, otherwise known as the FISMA Act, which is long outdated and needs this updating provision.

But a portion of our amendment is drawn from my Executive Cyberspace Authorities Act and focuses on coordination of efforts to secure Federal networks, develop smarter cyberpolicies, and lead the world in standards and practices for responsible actions in cyberspace.

Clearly, cybersecurity and our cybervulnerabilities is one of the biggest threats facing the country today. We're so interconnected by use of the Internet, but it also provides real vulnerabilities because of cyberpenetrations.

The provisions in this act follow recommendations by the CSI's Commission on Cyber Security, which I cochaired. By establishing a national office for cyberspace and the executive office of the President, this office will include strong authorities over agency information security policies, and responsibility for coordinating the defense of our Federal networks and establishing a national strategy for international engagement.

Again, this will provide the right authorities for the cybercoordinator, who now would become the cyberdirector and do incredible work in making sure that we have the right authorities in place to make sure that all of our departments and agencies are secure as possible in cyberspace.

So I want to thank the committee for including my amendment in the en bloc package, and I urge Members to support this passage. I, again, want to thank Chairman Watson for her work on this amendment. We joined forces, and it's going to take us in the right direction in securing the Nation's cyberspace.

Madam Speaker, on May 25, 2010, I was unavoidably detained and unable to be in the chamber for a Roll Call vote. Had I been present, I would have voted ``yea'' on Roll Call number 298, H.R. 3885, the Veterans Dog Training Therapy Act.

Mr. Speaker, I rise today to express my strong support for the work being done to crack down on Wall Street and enact reform to prevent another economic collapse. We absolutely must create an environment in which corporations are held accountable to shareholders, employees, and customers.

That's why I plan to reintroduce the Federal Employees Responsible Investment Act, to add a socially responsible investment option to the Thrift Savings Plan. Making an investment in companies that are committed to corporate responsibility will have a positive impact on our financial system, and empower individuals to reward companies that share their values.

We absolutely must do everything in our power to move our economy forward, and I urge all my colleagues to support good corporate governance and legislation that ends Wall Street's gambling with our hard-earned dollars.

Madam Chair, I rise in support of H.R. 5116, the America COMPETES Reauthorization Act of 2010. This multi-year reauthorization allows for urgently-needed investments to improve science, technology, engineering and math education, foster innovation and create jobs in the short, mid and long term. This bipartisan legislation will go a long way towards reversing the downward trend in domestic science and technological development, and will allow America to educate a new and highly skilled workforce, create new jobs in cutting-edge fields, and compete more aggressively in the global marketplace.

The COMPETES Act will strengthen STEM education programs--the building blocks of scientific and technological advances--through a number of important initiatives at all levels. The Robert Noyce Teacher Scholarship Program will provide funding to train highly competent secondary school teachers. And as our students progress, H.R. 5116 will afford them the opportunity to continue studying science and technology through grants designed to attract and retain undergraduate students in STEM fields.

The key to continued technological advances is innovative thinking. The COMPETES Act will create Regional Innovation Clusters, allowing businesses to collaborate and communicate more effectively on work and development in a number of fields. Additionally, through the reauthorization of the Advanced Research Projects Agency for Energy, we will continue investing in potentially high-reward energy technology development. Along with the establishment of Energy Innovation Hubs, which support the advancement of energy technologies through research, development, and commercial application, we will be working towards achieving our nation's energy goals.

I am also very pleased that the COMPETES Act takes steps towards helping our domestic small and medium-sized manufacturers through federal loan guarantees. This will allow them to access the capital they need to remain competitive in the global market. Additionally, through increased federal investment in the Manufacturing Extension Partnership at the National Institute of Standards and Technology, we will enable them to continue their important work during these difficult economic times.

This legislation will encourage and support the STEM students of today and tomorrow, reward innovative thinking, invest in promising technological advances, and aid struggling American manufacturers. Madam Speaker, this measure will have short and long-term benefits for our economy and allow the United States to remain competitive in an increasingly interconnected global economy. I am proud to support this bill today, and I urge my colleagues to do the same.

I thank the gentlelady for yielding, and I want to echo the concerns and the words of my colleagues who have spoken on this issue of financial reform and the outrageous financial business practices that have been taking place on Wall Street.

I am angry, as you are, and I certainly want to take the opportunity to express my strong support for the work being done to crack down on Wall Street and enact reform to prevent another near-economic collapse from endangering our financial system and American families.

I was certainly proud to vote for the Wall Street Reform and Consumer Protection Act this past December, and I look forward to voting for its final passage into law this year.

In my home State of Rhode Island, we are still feeling the repercussions of the Great Recession. With an unemployment rate of 12.6 percent, we are tied for the third highest unemployment rate in the Nation. And I'm angry that while Wall Street banks were propped up with taxpayer funds last year, our small businesses on Main Street are struggling to keep their doors open. American families are struggling to keep their homes, and they are still asking where is their assistance because it hasn't been enough.

Over the past few years, I, like many Rhode Islanders, have been angered by the greed exhibited by Wall Street and other companies that took advantage of their investors, preyed on our constituents, and rewarded executives with outrageous pay packages. This week, we heard Goldman Sachs executives testify before the Senate that they are not to blame for the bad investment deals that were based on the mortgage market and added to its collapse.

This testimony is a slap in the face to hardworking Americans, small business owners and everyone else who played by the rules only to find themselves devastated by the economic downturn. And it should convince every Member of this body to prioritize legislation that puts consumers first and demands accountability of our regulators and financial institutions.

Sadly, Wall Street has been fighting such reform tooth and nail when in fact they should be embracing our efforts to ensure that the rules are clear, the system is transparent and the playing field is even. Once again, I urge the financial sector to join us instead of fighting us--if your practices are legitimate, you should have, nothing to fear from this legislation.

The reckless actions of Goldman Sachs and other financial institutions provide a clear illustration of why we need to place a greater importance on good corporate governance. We must create an environment in which businesses take care of--and are held accountable to--their shareholders, employees and customers. Companies should be encouraged to have sustainable environmental policies and practices, solid workplace relations and produce safe products.

That is why I plan to reintroduce the Federal Employees Responsible Investment Act, which would add a socially responsible investment option to the Thrift Savings Plan. Making an investment in companies that are committed to corporate responsibility will have a positive impact on our financial system, as well as empower individuals to reward companies that share their values.

We must do everything in our power to move our economy forward, and I urge all my colleagues, especially those in the Senate, to support legislation that ends Wall Street's gambling with our hard-earned dollars. I agree with President Obama when he said last week, ``this issue is too important and the cost of inaction is too great.'' My constituents in Rhode Island couldn't agree more.

Madam Speaker, I rise in strong support of H.R. 4849, the Small Business and Infrastructure Jobs Act, which is another step forward in helping Rhode Island's small businesses and creating jobs.

This measure would exclude 100 percent of small business capital gains, increase the tax deduction for start-up expenditures from $5,000 to $20,000, and provide small business penalty relief. These provisions will encourage the formation of new businesses and allow small businesses to grow and hire more workers.

H.R. 4849 also extends the Build America Bonds program, which was part of the American Recovery and Reinvestment Act and has been successful in helping our state and local governments finance the rebuilding of schools, sewers, hospitals and transit projects.

Finally, today's bill extends the TANF Emergency Fund, which has helped states fund a jobs program that subsidizes employers, including small businesses, who hire unemployed workers. This program has put over 160,000 Americans back to work, and a program in Rhode Island should go into effect shortly.

Congress is committed to more action on creating jobs and helping our small businesses, which are the backbone of our nation's economy, and I urge my colleagues to support this measure.

Mr. Speaker, I rise in support of the Patient Protection and Affordable Health Care Act (H.R. 3590), with the accompanying changes in the reconciliation bill. This Congress is being given a once-in-a-lifetime opportunity to fix a broken health care system that has left millions of families without the coverage and care they deserve.

If we seize this opportunity tonight, we can ensure that tomorrow, a working mom in West Warwick will wake up knowing she can afford her family's health coverage; a dad in Providence will wake up knowing he can take his daughter to the doctor when she is sick; a small business owner in Westerly will wake up knowing he can finally give his employees the coverage he always intended; and a cancer survivor in Narragansett will wake up knowing she won't lose her insurance because of a pre-existing condition or a lifetime cap.

Since coming to Congress in 2001, I have tirelessly advocated for fundamental changes to our health care system, and my constituents have demanded solutions. I have heard from Rhode Islanders who are struggling to pay their health care premiums, and from small business owners that can no longer afford to cover their employees. Families who are fortunate enough to have access to health insurance continue to face ever-increasing costs, while many of them are afraid they will lose their benefits altogether.

Tonight, we begin to institute the changes necessary to provide security and stability to Rhode Islanders who have health insurance, guarantee coverage to the thousands who don't, and lower health care costs for our families, businesses and taxpayers.

Beginning immediately in 2010, this landmark legislation will end abusive health insurance practices that prevent people from purchasing and maintaining their coverage when they are sick; it will ban yearly and lifetime insurance caps, so individuals with chronic, disabling conditions don't lose coverage and end up in bankruptcy; and it will require all insurers to reinvest more of our premiums back into health coverage through a ``medical loss ratio'' of at least 80 percent, ensuring that no more than 20 percent of our premiums go toward administrative expenses and windfall profits for insurance executives.

After this bill is signed into law, it will strengthen coverage for young people by allowing them to remain on their parents' insurance policy until they are 26 years old. It will help our seniors by starting to close the Medicare prescription drug ``donut hole'' so they can afford their medications. It will also provide immediate tax credits for small businesses to make optional employee coverage more affordable. These are only some of the changes that will take effect this year to make insurance coverage more accessible and affordable for everyone.

Over the longer term, this legislation will build on the strengths of our current employer-based system by offering tax benefits to small employers and encouraging businesses who offer their own coverage to continue doing so. Rhode Islanders who don't have coverage through their employer will be able to shop for their choice of a health plan through a new ``health insurance exchange,'' modeled after the tried and true Federal Employees Health Benefits Program, which has successfully provided coverage for over 9 million federal employees, retirees and their dependents, including members of Congress.

Unlike the limited options that are available to most consumers today, the exchange will provide a more convenient, transparent and affordable way to choose among a variety of health plans that meets individual needs. People who cannot afford to purchase coverage within the exchange will receive financial assistance to ensure that they can obtain the coverage that meets their needs.

Small business owners will reap significant benefits from this measure, both through immediate tax relief and the insurance exchange, which will allow them to band together and get the same lower rates as big companies. Small businesses are the back bone of the Rhode Island economy, and preventing triple-digit rate hikes is important to jumpstarting employment in our state.

Improving access to coverage will also require investments in our health care workforce. Currently, our system is strained by a lack of nurses and primary care physicians, particularly in underserved areas. That is why this bill strengthens important workforce development initiatives like new scholarships and loan repayment programs, increased reimbursements and grant programs for primary care training, as well as immediate financial support for community health centers. These new programs and resources will allow us to build the network of nurses, doctors and other health care professionals necessary to meet the increased demand for services.

Since the cost of medical malpractice is a longstanding concern for both doctors and patients, this bill establishes new grant programs designed to encourage states to implement alternatives to traditional medical malpractice litigation with the goal of reducing frivolous lawsuits while allowing legitimate cases to be heard.

But this debate is not just about expanding coverage and reducing costs for families and employers; it is also about putting our country on a fiscally sustainable path. This bill, which is completely paid for, will reduce our nation's deficit by $138 billion over the next 10 years and $1.2 trillion over the following decade--the largest deficit reduction in 17 years. I cannot overlook the impact that these numbers have on our communities, and how critical they are to moving our state forward.

Finally, I have stated from the beginning that I would not support a bill that funds taxpayer-subsidized abortions. I have worked tirelessly with my friends and colleagues--both Democrat and Republican, pro-life and pro-choice--to reach a common ground on this issue. After much dialogue, counsel, reflection and prayer, I have concluded that the Senate language does meet the longstanding Hyde standard of prohibiting federal funding of abortion. This position is reaffirmed by the Catholic Health Association, and many of my pro-life colleagues in Congress who support this bill.

Furthermore, I remain mindful that we must not lose sight of the big picture. Being pro-life means more than being anti-abortion. It also means protecting the 45,000 people who die every year because they lack proper health care. Nothing could be more pro-life than ensuring access to lifesaving and life-improving

treatments for every American, not just those who can afford it. That is what this bill begins to accomplish.

Mr. Speaker, after an injury left me paralyzed nearly thirty years ago, the members of my community rallied behind me and my family when we needed them the most. That support and encouragement changed my life forever. I made myself a promise that I would devote my life to public service so I could give back to them all that they gave to me. Tonight, I know that by passing this legislation, which makes health care a right, not a privilege, I am fulfilling that promise.