Floor Statements

Madam Speaker, I wish to recognize The Heritage Foundation on the 35th anniversary of their founding. Since 1973, Heritage has been a stalwart in promoting and educating the American people on the merits of conservative, free market principles. Their belief in the power of individual liberty, American values, and limited government is matched by their dedication to a strong national defense.

The Heritage Foundation has been intricately involved in the rise of modern conservatism. It has benefited from the strong leadership of individuals like Executive Vice President and CEO Phillip Truluck. Phil is a native of South Carolina and graduate of the University of South Carolina. Additionally, the late Tom Roe of Greenville, South Carolina, was a longtime trustee and endowed the Thomas A. Roe Institute of Economic Policy at The Heritage Foundation.

From its influence in the days of the Reagan Revolution to the Contract with America and in promoting a strong national defense and sound economic growth in the aftermath of

September 11th, I commend The Heritage Foundation for over three decades of important work to help our Nation's leaders build a stronger America.

Mr. Speaker, the economic recovery bill we have before us does not include every free market idea I believe would improve it. But when the retirement savings of hardworking Americans are threatened, when businesses start to fail, jobs begin to dry up, or jobs of American taxpayers are in danger, it is clear that the price of doing nothing far exceeds the price of what we are considering.

Small businesses and families are the heart of this bill. They did not cook the books or make bad financial decisions. They had faith in the free market and worked hard for their success.

This bill is an imperfect option in a tragic situation, but it protects jobs and taxpayers. It provides transparency and oversight to the actions of the Treasury. It provides free market alternatives to spending tax dollars, like insurance, loans, and an increase in the FDIC cap. And it helps keep taxpayers from paying an even higher price for the misdeeds of Wall Street.

In conclusion, God bless our troops, and we will never forget September the 11th.

Madam Speaker, government, when tasked with helping to solve a national crisis, will naturally rush to grow the size of government and its influence. Thankfully, cooler heads can often prevail even in the halls of Congress.

There is a fragile balance between the merits of a free market and the requisite oversight of government. Government involvement and regulation that is necessary should always be targeted and limited. We need smarter regulation, not overregulation.

Additionally, while some may insist that certain institutions are too big to fail, we must recognize that small businesses and enterprises are never too small to ignore. Small businesses are what drive this Nation's economy. When we defend the American taxpayer and their wallets against massive spending, we are defending the very foundation of our economic success. We are defending those who create the jobs and grow our economy.

In conclusion, God bless our troops, and we will never forget September 11th.

Madam Speaker, as our Nation faces a financial crisis, I wish to submit the following article, ``Fannie Mae Eases Credit To Aid Mortgage Lending,'' published in The New York Times on September 30, 1999. Special recognition should be given to those who recognized early on the dangers inherent in easing credit requirements for housing loans--including Peter Wallison of the American Enterprise Institute.

Fannie Mae Eases Credit To Aid Mortgage Lending

(By Steven A. Holmes)

In a move that could help increase home ownership rates

among minorities and low-income consumers, the Fannie Mae

Corporation is easing the credit requirements on loans that

it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving

24 banks in 15 markets--including the New York metropolitan

region--will encourage those banks to extend home mortgages

to individuals whose credit is generally not good enough to

qualify for conventional loans. Fannie Mae officials say they

hope to make it a nationwide program by next spring.

Fannie Mae, the nation's biggest underwriter of home

mortgages, has been under increasing pressure from the

Clinton Administration to expand mortgage loans among low and

moderate income people and felt pressure from stock holders

to maintain its phenomenal growth in profits.

In addition, banks, thrift institutions and mortgage

companies have been pressing Fannie Mae to help them make

more loans to so-called subprime borrowers. These borrowers

whose incomes, credit ratings and savings are not good enough

to qualify for

conventional loans, can only get loans from finance companies

that charge much higher interest rates--anywhere from three

to four percentage points higher than conventional loans.

``Fannie Mae has expanded home ownership for millions of

families in the 1990's by reducing down payment

requirements,'' said Franklin D. Raines, Fannie Mae's

chairman and chief executive officer. ``Yet there remain too

many borrowers whose credit is just a notch below what our

underwriting has required who have been relegated to paying

significantly higher mortgage rates in the so-called subprime

market.''

Demographic information on these borrowers is sketchy. But

at least one study indicates that 18 percent of the loans in

the subprime market went to black borrowers, compared to 5

per cent of loans in the conventional loan market.

In moving, even tentatively, into this new area of lending,

Fannie Mae is taking on significantly more risk, which may

not pose any difficulties during flush economic times. But

the government-subsidized corporation may run into trouble in

an economic downturn, prompting a government rescue similar

to that of the savings and loan industry in the 1980's.

``From the perspective of many people, including me, this

is another thrift industry growing up around us,'' said Peter

Wallison a resident fellow at the American Enterprise

Institute. ``If they fail, the government will have to step

up and bail them out the way it stepped up and bailed out the

thrift industry.''

Under Fannie Mae's pilot program, consumers who qualify can

secure a mortgage with an interest rate one percentage point

above that of a conventional, 30-year fixed rate mortgage of

less than $240,000--a rate that currently averages about 7.76

per cent. If the borrower makes his or her monthly payments

on time for two years, the one percentage point premium is

dropped.

Fannie Mae, the nation's biggest underwriter of home

mortgages, does not lend money directly to consumers.

Instead, it purchases loans that banks make on what is called

the secondary market. By expanding the type of loans that it

will buy, Fannie Mae is hoping to spur banks to make more

loans to people with less-than-stellar credit ratings.

Fannie Mae officials stress that the new mortgages will be

extended to all potential borrowers who can qualify for a

mortgage. But they add that the move is intended in part to

increase the number of minority and low income home owners

who tend to have worse credit ratings than non-Hispanic

whites.

Home ownership has, in fact, exploded among minorities

during the economic boom of the 1990's. The number of

mortgages extended to Hispanic applicants jumped by 87.2 per

cent from 1993 to 1998, according to Harvard University's

Joint Center for Housing Studies. During that same period the

number of African Americans who got mortgages to buy a home

increased by 71.9 per cent and the number of Asian Americans

by 46.3 per cent.

In contrast, the number of non-Hispanic whites who received

loans for homes increased by 31.2 per cent.

Despite these gains, home ownership rates for minorities

continue to lag behind non-Hispanic whites, in part because

blacks and Hispanics in particular tend to have on average

worse credit ratings.

In July, the Department of Housing and Urban Development

proposed that by the year 2001, 50 percent of Fannie Mae's

and Freddie Mac's portfolio be made up of loans to low and

moderate-income borrowers. Last year, 44 percent of the loans

Fannie Mae purchased were from these groups.

The change in policy also comes at the same time that HUD

is investigating allegations of racial discrimination in the

automated underwriting systems used by Fannie Mae and Freddie

Mac to determine the credit-worthiness of credit applicants.

Mr. Speaker, while Congress debates how to address our economic crisis, I am grateful for those who are standing up for conservative free market principles--promoting limited government.

Surely, we owe it to the American taxpayer to consider what capital and market confidence could be garnered through private companies and investors before dipping our hand into the wallets of everyday American taxpayers. We need to look at options that will help Wall Street fix its own problems so Main Street doesn't have to foot the bill.

We need targeted and sensible oversight. It ensures that individual or corporate bad judgment and mishandling do not destabilize the entire economy.

I want to thank my colleagues Minority Leader John Boehner, Minority Whip Roy Blunt, Eric Cantor, Spencer Bachus, and Paul Ryan, who have played an integral role in the fight for a free market solution. I appreciate the innovative proposals of Congressman Darrell Issa of California.

In conclusion, God bless our troops, and we will never forget September the 11th.

Madam Speaker, this year marks the 30th anniversary of American Citizens Abroad, ACA--an organization dedicated to representing the interests of American citizens living outside the United States. As co-chair of the Americans Abroad Caucus, I am proud to congratulate this organization for reaching this important milestone.

American citizens living abroad are not only citizens of the United States, they are also our ambassadors to the world. They live and serve in diverse communities. They foster greater understanding and greater economic partnerships between our Nation and others.

In their capacity as an advocacy group for Americans living abroad, ACA informs and educates lawmakers in Washington on the interests of these citizens. Whether in the field of taxation or voting rights, the ACA helps to promote and clarify the unique concerns and issues that impact Americans living abroad.

I am pleased to congratulate American Citizens Abroad on three decades of success.

Madam Speaker, I rise to recognize Frank W. Buckles. Mr. Buckles, at the age of 107, is the last known remaining veteran of World War I.

Having joined the Army at the age of 16, Mr. Buckles fought bravely for his Nation in World War I. During the Second World War, as a civilian he was imprisoned by the Japanese and spent 39 months in captivity.

The freedoms we enjoy today and the prosperity our nation has enjoyed throughout its history are due in large part to the sacrifice and courage of men and women like Mr. Buckles. As the son of a World War II veteran and a former member of the National Guard and Reserve myself, I know firsthand and am grateful for the tremendous legacy of patriotism shared by our military. I am the proud to be the father of four sons who serve in our nation's military, including two sons who served in Iraq.

In honor of his sacrifice and dedication to his country, Frank Buckles was recognized by President George W. Bush earlier this year during a ceremony honoring World War I veterans. On September 24th, the Ancient and Accepted Scottish Rite of Freemasonry, Southern Jurisdiction honored Mr. Buckles by bestowing upon him the Scottish Rite honor and rank of Knight Commander of the Court of Honour. As a fellow mason, I am proud of the tradition of brotherhood and dedication to freedom that masons embody.

I congratulate and thank Frank Buckles for his service to our Nation.

Mr. Speaker, as we debate the beginning of the financial crisis, it is important to cite a New York Times article published on September 30, 1999, which highlights the dangers of Fannie Mae easing credit requirements for loans it plans to purchase.

According to the author, the decision by Fannie Mae was meant to ``spur banks to make more loans to people with less than stellar credit ratings,'' and he forecasts that ``Fannie Mae is taking on significantly more risk.'' They ``may run into trouble during an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980s.''

These views were shared by Peter Wallison of the American Enterprise Institute, who remarked that ``the government will have to step up and bail them out.'' These are voices from the past predicting the problem we face today.

Indeed, it was not the failings of the free market, but the failure of those participating in the markets, as well as government mishandling, that has led to this current dilemma.

In conclusion, God bless our troops, and we will never forget September the 11th.

Mr. Speaker, thank you for this opportunity to support the U.S.-India civilian nuclear agreement.

As cochair of the Congressional Caucus on India and Indian Americans, I am grateful for the bipartisan support of this agreement. The Senate Foreign Relations Committee vote was 19-2 this week. A vote in favor of the U.S.-India Civilian Nuclear Agreement will be a giant step forward in strengthening our Nation's partnership with the people of India.

Our two nations have a vested and shared interest in expanding our opportunities to compete in the global economy. This agreement will be a landmark accomplishment to do just that. After all, India is the world's largest democracy, and America is the world's oldest democracy.

In my home State of South Carolina, over 50 percent of our electricity is generated by nuclear power and has been for over 30 years. I know firsthand that this is an effective, clean, and safe alternative to traditional resources.

The U.S. Chamber of Commerce has estimated that this civilian nuclear agreement could create as many as 250,000 high-tech jobs right here in America. Moreover, Undersecretary for Political Affairs at the State Department, William J. Burns, has made his own estimates that we could see anywhere between 3- to 5,000 new direct jobs and 10,0000 to 15,000 indirect jobs per reactor.

I am grateful for the leadership of President George W. Bush, Secretary of State Dr. Condoleezza Rice, and Prime Minister Manmohan Singh. Former U.S. Ambassador Robert Blackwill and current U.S. Ambassador David Mulford have worked professionally and successfully with Indian Ambassador to the United States, Ronen Sen.

Additionally, this agreement could not be finalized without the hard work of Ron Somers, President of the U.S.-India Business Council, former Assistant Secretary of State for Legislative Affairs Jeffrey Bergner, Deputy Assistant Secretary of State for Legislative Affairs Joel Starr, State Department Director of House Affairs Scott Kamins, White House members Brian McCormack and Vishal Amin, and South Carolina's Second Congressional District Chief of Staff Dino Teppara, and senior legislative assistant Paul Callahan.

This agreement, which is mutually beneficial for the people of India and America, have significant support from the 2.2 million Indian Americans who are successful members of American Society.

I want to thank my colleagues on the House Foreign Affairs Committee and staff members, particularly Chairman Howard Berman of California, Ranking Member Ileana Ros-Lehtinen, former India cochair Ed Royce, and former cochair Gary Ackerman.

Madam Speaker, this week the House of Representatives voted to lift the ban on offshore deepwater drilling. This was a strong first step towards more American energy, but it was only a first step. Lifting this ban should not divert our attention away from working on an all-of-the-above energy strategy. Our Nation's short-term and long-term energy needs require a comprehensive approach which includes conservation and the development of alternative resources.

At a time of economic uncertainty, a realistic and innovative energy strategy would be a powerful boost not only to the advancement of new technology but also of economic opportunity. Additionally, any efforts we can make to relieve the pain at the pump and reduce electricity bills for American families would be in itself a positive incentive to grow American small businesses and commerce.

Our Nation faces many challenges, but we do not lack the ability, the resources, or the resolve to address them.

In conclusion, God bless our troops, and we will never forget September 11th.

Madam Speaker, hardworking Americans understand that our Nation's financial markets are very fragile. The American people are rightfully concerned when they see a $700 billion price tag on a plan to address this crisis. They are hesitant to give the Federal Government an extraordinarily large amount of taxpayer dollars, especially before the right questions and the right concerns have been given their due process.

This Nation has a long history of balancing the needs of a market economy and the realities of government involvement in those markets. We have weathered our fair share of storms as well. Before Congress endorses a multi-billion dollar effort to address our financial situation, it would serve this Nation and the wallets of those we represent not to forget that history.

We need a full review of different alternatives to a simple bailout. Otherwise, we risk placing a daunting financial burden on our children's futures.

In conclusion, God bless our troops, and we will never forget September the 11th.

Madam Speaker, I wish to recognize Mrs. Robin H. Jackson a valued member of the Midlands community of South Carolina.

Born in Columbia, South Carolina, Mrs. Jackson received her education in the Richland District One Public School System, graduated from Eau Claire High School, and later attended Benedict College. A 1975 graduate of the University of South Carolina with a bachelor of arts degree in vocal performance, she received her certification in music education from the University of South Carolina. Additionally, she holds a master of education degree from Cambridge College, Boston, Massachusetts, which she earned in 2001.

Throughout her life, Mrs. Jackson has served her community doing what she loves best--teaching music to children. She served as music specialist at the South Carolina State Hospital before returning to Richland School District One to teach music education at various schools, including Lyon Street Elementary School, Fairwold Elementary School, Rosewood Elementary School, and the Olympia School. In May 2008, Mrs. Jackson retired from teaching after 28 years at A.J. Lewis Greenview Elementary School.

During Mrs. Jackson's term as an instructor of music at A.J. Lewis Greenview Elementary School, she received training from the Metropolitan Opera in New York City and became certified in creating an original opera for children. This opportunity allowed her to guide students in grades 4 and 5 in creating their own original opera, which consisted of composing their own music, writing their own lyrics, and building their own sets. Mrs. Jackson also led the students on educational tours of New York City, where they were exposed to various operas and Broadway shows. A.J. Lewis Greenview Elementary School was the only elementary school in Columbia to participate in this program.

Mrs. Jackson's work in music education demonstrated her belief that every student should participate in some form of the arts. Thus, each grade level at the A.J. Lewis Greenview Elementary School was given an opportunity to perform in grade level performances. The first grade students presented a production of Maurice Sendak's Really Rosie; the second grade students performed in The Carnival of the Animals; the third grade students performed in The Nutcracker; the fourth grade students performed in Choices Count, which is a part of one of the Character Education initiatives of the Richland School District One; and the fifth grade students were given an opportunity to perform in their own original opera. Other school-wide productions included The Wiz and You're a Good Man Charlie Brown.

Mrs. Jackson not only involved her students in musicals, but she also provided guitar lessons to male students in grades 4 and 5 by way of the Guitar Club, which was geared towards the behavioral modification of the students. She also offered all students an opportunity to learn to play the tone chimes, the recorder, and the keyboard. She additionally led the school's chorus, who often performed in various musical productions.

Mrs. Jackson's commitment to the intellectual and artistic development of children did not end upon her retirement form the A.J. Lewis Greenview Elementary School. She maintains her devotion as the owner of the Arts-In-Action Music Studio in West Columbia, where she offers piano and voice classes to youth. She is also music director for the Brookland Baptist Church Children's Choir where there are more than 100+ voices ranging from ages 5 through 12.

Mrs. Jackson's service to the community continues as president of the Interdenominational Alliance of Minister's wives and Minister's Widows, Inc. of Greater Columbia; a member of the Capital City Chorale of Columbia; a member of the Brookland Baptist First Sunday Ensemble; a member of the Beautification Committee for West Columbia; a member of the Capital City Club; a member of the Delta Sigma Theta Sorority Incorporated; and director of music for the Women's Educational and Missionary Baptist Convention of South Carolina. She is also a speaker at various churches in the state of South Carolina for Women's Day and mission work.

Mrs. Jackson is married to the Reverend Dr. Charles B. Jackson, Sr., pastor of the Brookland Baptist Church in West Columbia. She is the mother of Reverend Charles B. Jackson, Jr., pastor of the New Laurel Street Baptist Church of Columbia; mother-in-law to Mrs. Iva Gaymon Jackson; and mother of Attorney Candace Celeste Jackson of Columbia. Mrs. Jackson also holds dear in her heart her three grandchildren: Charles B. Jackson, III; Caleb A. Jackson; and Kayla Jackson.

Mr. Speaker, the American people expect better from their government. When high gas prices and electricity bills threaten families across this Nation, the American people expect Congress to get serious and get to work. When the financial markets began to shake and the economy slows down, the American people expect Congress to stop and properly weigh the consequences of taxpayer-funded bailouts before acting. When this Nation needs to fund programs that move our country forward in a responsible manner, that respects the wallets of American taxpayers, the American people expect Congress to consider each different spending bill on its own merits.

This Democrat-led Congress has not sent even one appropriations bill to the President for his signature. In the last week of the session, I sincerely hope the majority of this Congress will seek bipartisan cooperation to serve the American people better.

In conclusion, God bless our troops, and we will never forget September the 11th.

Mr. Speaker, today is the 100th anniversary of independence for the people of the Republic of Bulgaria.

On September 22, 1908, Bulgaria emerged from the control of the Ottoman Empire as an independent nation. Following World War II, Bulgaria was subject to totalitarian rule for much of the 20th century until the defeat of communism in the beginning of the 1990s.

Today, Bulgaria is a dynamic member of NATO and the European Union. I am grateful for the growing partnership between the United States and Bulgaria, in particular their courageous military contributions in the global war on terrorism. Last month, I was grateful to visit our extraordinary friends during a visit to joint Bulgaria-U.S. training bases in Bulgaria.

As the co-chair of the Bulgarian Caucus, I have seen firsthand for the people of Bulgaria this remarkable achievement of freedom and democracy. The friendship between Bulgaria and America has never been stronger. Much credit is due to the professionalism of the departing ambassador, Ambassador Elena Poptodorova.

In conclusion, God bless our troops, and we will never forget September the 11th.

Madam Speaker, on September 16th, General Ray Odierno took command of Multi-National Force--Iraq. His predecessor, General David Petraeus will soon assume the role of Combatant Commander of the United States Central Command.

By any measure of success, General Petraeus' leadership of allied forces in Iraq has been extraordinary. Under his command and the surge of U.S. forces last year, the Iraqi military, its civilian leadership, and its economy have begun to turn around. Violence is down. Relative order has been restored to cities and towns across Iraq. And Al Qaeda has been dealt tremendous psychological and military setbacks.

The recent handover of Al Anbar Province to Iraqi control and the announcement from President George W. Bush that American troop levels in Iraq could be reduced in the beginning of next year are signs that our strategy is working. However, there is a difficult road ahead for the Iraqi people. I am grateful that General Odierno will be leading our forces and helping this young democracy overcome external and internal threats. Our soldiers, sailors, airmen, and Marines under his command and American families all around this Nation can be confident of General Odierno's proven record of steady and sound leadership.

Iraq is a different country today than it was just a little over a year ago. This is due to an Iraqi people who are fed up with the hopeless terrorism of militant extremists and have stood up against it. And, just as importantly, it is due to the incredible sacrifice of our troops under the command of General Petraeus. I know his wisdom and strength will serve him well and our Nation well as he assumes the command of CENTCOM.

The sacrifice of our troops on the ground in Iraq has been tremendous. The loss of life in the pursuit of a stable and secure Iraq has been difficult to bear for this Nation and, in particular, our military families. Americans should be eternally grateful for our brave troops and their families and for the freedoms and blessings they protect and defend. The best plan to protect American families and Iraqi families is to defeat terrorism overseas at the source.