Floor Statements

Mr. Speaker, I was unavoidably absent from this Chamber today. Had I been present, I would have voted ``yea'' on rollcall votes 299, 300, 301, 302 and 303 and ``no'' on rollcall votes 298, 304 and 305.

Madam Speaker, I move to suspend the rules and pass the bill (H.R. 5512) to authorize the Secretary of the Treasury to prescribe the weights and the compositions of circulating coins, and for other purposes, as amended.

Madam Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks on this legislation and insert extraneous material thereon.

Madam Speaker, I yield myself 5 minutes.

I rise today in strong support of H.R. 5512, the Coin Modernization and Taxpayer Savings Act of 2008, and I want to thank the gentleman from Ohio (Mr. Space) for all of his hard work and perseverance in getting this very important piece of legislation to the House floor.

It's not every day that the House considers legislation that has the potential of saving U.S. taxpayers over

$100 million a year, but that is exactly what we're doing today with H.R. 5512, and Mr. Space should be proud of his efforts and accomplishments on this bill.

Since March of 2003, increasing metal prices, caused by high world demand for core metals, have driven the costs of copper and nickel up by 300 percent, while zinc has increased 450 percent. As a result, the cost of producing our Nation's circulating coins have increased dramatically.

In fiscal year 2007, it cost nearly 2 cents to make each penny and 10 cents for each nickel, needlessly costing the American taxpayers over $100 million last year alone, but by simply bringing the cost of producing pennies and nickels down to their face value, H.R. 5512 will save the government nearly $1 billion over the next 10 years.

In brief, H.R. 5512 requires the U.S. Mint to immediately take steps to lower the production costs of pennies, requires the Mint to research an alternative composition for the nickel in 2 years, and grants the Mint the authority to research lower cost alternative metal content for all U.S. coins.

First, H.R. 5512 requires the Mint to begin production of a steel penny within 9 months of enactment. This should result in immediate and substantial savings to taxpayers. The bill also gives the Mint the flexibility to research other low-cost alternatives to a steel penny within the same 9-month period and report to Congress any alternative recommendation.

Second, the bill requires the Mint to begin producing a nickel-coated steel nickel in 2 years, unless the Mint develops a less costly alternative and recommends such an alternative to Congress or the cost of producing the nickel in its current form is below the coin's face value.

Finally, H.R. 5512 confirms that the Mint has the authority to conduct research and development into alternative composition that will lower production costs for all U.S. coins. This provision, along with the bill's requirement that the Mint issue a biennial report to Congress on the current status of coin production costs and an analysis of alternative content, will ensure that we avoid situations of negative seignorage for U.S. coins in the future.

Bottom line, Madam Speaker, if we continue under the status quo, with each new penny and nickel we issue, we will be contributing to our national debt by almost as much as the coin is worth. These losses are mounting rapidly, and we need to act immediately to lower the costs of producing the penny and the nickel.

H.R. 5512 will give the U.S. Mint the authority it needs to make the necessary changes to our coins without creating an undue burden on the relevant industries or causing a disruption in the minting process.

For these reasons, I urge all Members to support its passage.

I reserve the balance of my time.

I would like to yield as much time as he may consume to the author and chief proponent of the bill, Mr. Space from Ohio.

I congratulate the gentleman from Ohio on that wonderful speech.

I yield back the balance of my time.

Mr. Speaker, I was unavoidably absent from this chamber today. Had I been present, I would have voted ``yea'' on rollcall votes 205, 206, and 207.

Madam Speaker, I was unavoidably absent from this Chamber today. Had I been present, I would have voted ``yea'' on rollcall votes 183 and 184, and ``nay'' on rollcall vote 185.

Madam Speaker, I was unavoidably absent from this chamber yesterday afternoon, March 12, 2008, due to an urgent family matter. I would like the record to show that, had I been present, I would have voted ``yea'' on rollcall votes 128, 129, 130, 131, 132, 133, and 134.

Madam Speaker, I rise today to announce the introduction of my bill, a Resolution Recognizing the Accomplishments of Juan Antonio ``Chi-Chi'' Rodriguez in Professional Golf and His Work on Behalf of Children.

The bipartisan resolution I introduce today, congratulates and recognizes Juan Antonio ``Chi-Chi'' Rodriguez for his continued success on and off of the golf course, for his generosity and devotion to charity, and for his exemplary dedication to the intellectual and

moral growth of thousands of low income and disadvantaged youth in our country.

Madam Speaker, sports figures, through their perseverance, discipline, and good behavior, can serve as examples of excellence, dedication and devotion to our youth.

Chi-Chi Rodriguez was born in Rio Piedras, PR, on October 23, 1935, and rose from the most humble of circumstances as the fifth of six children of an agricultural laborer and a housekeeper. These hardships did not harden him, but motivated him to become a great sportsman, humanitarian and role model.

Chi-Chi joined the ranks of golf professionals at the age of 24, reportedly standing at 5'7'' and weighing 117 pounds and has had a stellar career in the sport of golf, earning an impressive record of 38 professional wins, including 8 PGA Tour wins and 22 Senior PGA Tour wins. His Senior PGA Tour records for most consecutive victories, at four, and most consecutive birdies, at eight, still stand.

In 1979, Chi-Chi Rodriguez helped create the Chi-Chi Rodriguez Youth Foundation, and the Chi-Chi Rodriguez Academy in Clearwater, FL, which have collectively raised more than $4 million to help thousands of low- income and disadvantaged youth reach their life potential through educational opportunities and support programs, including a public partnership school, a community service program, a nine-hole golf course and others, which has been recognized by receiving the 1986 National Golf Foundation Award for best Youth Program in the United States, becoming the 758th President Bush's Point of Light, and receiving the Robie Award for Humanitarianism presented by the Jackie Robinson Foundation, among others.

His devotion to others knows no bounds. In addition to all he already does, he also joined with the FBI Agents Association to lead the Chi- Chi Rodriguez G-Man Desert Shootout Tournament devoted to raising funds for College scholarships for the children of FBI agents killed in the line of duty.

In 1989, the United States Golf Association, founded in 1894, granted Chi-Chi Rodriguez its highest honor, the Bob Jones Award, in recognition for his distinguished sportsmanship in golf and in 1994, Chi-Chi was inducted to the first class of the World Sports Humanitarian Hall of Fame for ``world class athletic ability,'' for being ``a role model in his community'' and for having ``a strong record of humanitarian efforts.''

In 1992, Chi-Chi Rodriguez was inducted to the World Golf Hall of Fame, ``Golf highest honor'' and in 1973, he was a member of the U.S. Team that won the Ryder Cup in Muirfield, Scotland.

Chi-Chi Rodriguez has received countless other distinguished awards and recognitions such as the 1974 Charlie Bartlett Award of the Golf Writers Association, the 1981 Richardson Award of the Golf Writers Association of America, the 1982 Father of the Year Award, the 1986 Card Walker Award (Outstanding Contribution to Junior Golf), the 1986 Salvation Army Gold Crest Award, the 12th Roberto Clemente Cup (1986), the 1986 Byron Nelson Award, the 1986 Hispanic Achievement Recognition Award, the 1987 Byron Nelson Award, the 1987 Senior Tour Arnold Palmer Award, the 1988 Fred Raphael Golf Achievement Award, the 1989 Old Tom Morris Award, the 1990 ``Caring for Kids'' Award, the 1991 Jackie Robinson Humanitarian Award, the 1993 Civilian Meritorious Service Medal presented by the Department of Defense, the 1997 International Network of Golf Award, the 1998 Ford Achievement Award, and the 2003 Paul Runyan Memorial Recognition Award, among others.

He is also a published author who has authored and co-authored several books and articles about golf, such as Chi Chi's Secrets of Power Golf in 1967, Everybody's Golf Book in 1975, Chi Chi's Power Pack, in 1982, Every Golfer's Guide to Lower Scores by Chi-Chi Rodriguez, in 1990, and Chi Chi's Golf Games You Gotta Play, in 2003, among others.

He is very proud of his philosophy on life, which can be summarized by his personal expressions ``For me, satisfaction comes from knowing that I was put on this planet to leave it better . . . .'' and ``A man never stands taller than when he stoops to help a child.''

Please join me in recognizing that Chi-Chi Rodriguez embodies the spirit of generosity and humanism of his fellow Puerto Rican, Roberto Clemente and that as a native of Puerto Rico, Chi-Chi has proven to be an important role model and source of pride for all Puerto Ricans, as well as all Latin Americans and all immigrants to the U.S. from across the globe.

My resolution congratulates and commends Chi-Chi Rodriguez: (1) for his successes in golf in the United States and throughout the world; (2) for his exemplary conduct as a private citizen; (3) for a life devoted to service to others, in particular, for his help to low income and underprivileged youth, and to the children of FBI agents killed in the line of duty; and (4) and in gratitude for his service as a role model and an inspiration for our youth, the people of Puerto Rico, and the United States.

Madam Speaker, let me conclude with this. One of the great honors of the Members of this House is to recognize our fellow citizens who stand out as exceptional individuals.

It is my great honor to present this legislation for consideration in the House of Representatives with the hope that the example of Chi-Chi Rodriguez can be known across our Nation and that he may serve as a role model for us all.

Mr. Speaker, I was unavoidably absent today. Had I been present, I would have voted ``yea'' on rollcall votes 88, 89 and 90.

Madam Speaker, I was unavoidably absent from this Chamber yesterday and today. I would like the Record to show that, had I been present, I would have voted ``yea'' on rollcall votes 69, 70, 71, 72, 73, 74, 75, 76, and 77.

Motion to Recommit Offered by Mrs. Bachmann

Madam Speaker, I was unavoidably absent from this Chamber today. Had I been present, I would have voted ``yea'' on rollcall votes 43, 44, and 45.

Madam Speaker, I was unavoidably absent from this Chamber last night and this morning. I would like the Record to show that, had I been present. I would have voted ``yea'' on rollcall votes 1163 through 1176.

Madam Speaker, I rise today to express my concerns about the economic relationship between the U.S. and Russia, and to once again call on the Bush Administration to exert pressure on Russia to ratify its Bilateral Investment Treaty with the U.S.

In October I chaired a hearing in the Domestic and International Monetary Policy, Trade and Technology Subcommittee on the U.S.-Russia economic relationship as it relates to the financial losses U.S. shareholders suffered as a result of the dissolution of the Yukos Oil Company. During the 1990s, Yukos was not only the largest private company in Russia, it was also a model of corporate governance that set an early example for other Russian companies entering the global market. Its chairman, Mikhail Khodorkovsky, was

well known in the U.S. and Europe for his leadership in helping Russia make the transition to a market economy.

But the Yukos Company's vast energy resources and Mr. Khodorkovsky's Western leanings proved too much for Kremlin operatives eager to assert state control over the energy sector and discipline Russian businessmen who supported opposition parties.

In what was widely reported by major news publications at the time, Russian authorities used arbitrary and possibly extralegal means to dismantle Yukos and redistribute $100 billion of its assets to state companies overseen by the Kremlin. At the end of the day, American investors in Yukos lost somewhere between $7 and $12 billion and Mr. Khodorkovsky, convicted on trumped up tax charges, was condemned to a penal colony.

Quite simply, U.S. and other would-be foreign investors need to know whether the rule of law will be upheld in Russia. And the Bush Administration needs to be motivated to start asking the Kremlin some tough questions when it comes to protecting the interests of U.S. investors.

From a Russian perspective, instances like the Yukos situation will create an uncertainty among potential investors, which could result in a substantial loss of investment and impede Russia's integration into the global economy.

In a December 12, 2007, article in the Washington Post, Dr. Anders Aslund of the Peterson Institute for International Economics writes that the Yukos incident, ``unleashed a great wave of renationalization in the post-communist world,'' and that the men in the Kremlin are, ``taking over one big, well-run private company after another, turning them into less efficient state-owned firms.''

In support of his assertions, Dr. Aslund mentions Leonid Reiman, a former KGB official, who is now Russia's Minister of Communications, while still controlling $8 billion in personal telecommunications assets.

The United States and Russia signed a Bilateral Investment Treaty (BIT) in 1992 but the treaty has not been ratified by Russia. Ratification of the BIT would provide protection for U.S. investors against the types of actions taken by the Russian government in the Yukos case.

The failure of Russia to ratify the BIT, has been a key weakness in the U.S.-Russia economic relationship. Compared to investors from many other nations, U.S. investors are at a disadvantage. For example, 38 countries--including France, Germany, Ireland, Italy, Spain and the U.K.--have concluded bilateral investment treaties with Russia that have also been ratified. The presence of these treaties allows Yukos shareholders from these countries to sue the Russian government, but that option is not available to U.S. shareholders.

I want to again call on the Bush Administration to persuade Russia to ratify the BIT. By ratifying the BIT, President Putin would send a strong message to U.S. investors that investing in projects in Russia is safe, and that the Yukos situation is the exception, not the rule.

Madam Speaker, I recommend to my colleagues Dr. Aslund's article in the Washington Post of December 12, 2007, and I request that the article be printed in the Congressional Record.

Russia's New Oligarchy

For Putin and Friends, a Gusher of Questionable Deals

(By Antlers Aslund)

The news that Dmitry Medvedev, Vladimir Putin's nominee to

succeed him as president, wants Putin to become prime

minister of Russia next year opens one option for Putin to

retain power after his term ends. Putin has little choice but

to stay in power as long as he can. -

A year ago, a famous Russian journalist asked me: Is it

true that Putin has a net fortune of $35 to 40 billion?''

(This journalist, of course, has long been excluded from

Kremlin-controlled media.)

This fall, the respected Polish magazine Wprost published

its annual response to Forbes, its list of the richest people

in Eastern Europe. Besides the well-known business

executives, there is Gennady Timchenko, a little-known

character with a purported fortune of $20 billion. A small

oil trader who resides in Geneva, Timchenko is from St.

Petersburg, where he belongs to the same luxurious dacha

collective as Putin.

I first heard of Timchenko in February 2004. Ivan Rybkin, a

Russian politician who audaciously opposed Putin in the

presidential election that year, claimed that Putin was ``one

of Russia's biggest oligarchs'' and that he operated through

three middlemen, including Timchenko. Rybkin charged that the

Putin-Timchenko group was gobbling up the embattled oil giant

Yukos. He swiftly disappeared under mysterious circumstances

and after he reemerged, was forced to suspend his campaign.

Indeed, the privately owned Yukos oil company has been

devoured by the state-dominated Rosneft, whose chairman is

Igor Sechin, Point's closest adviser and collaborator. The

confiscation, which began in 2003, was publicly justified

with not-very-credible citations of tax violations. Rosneft's

gain was probably about $100 billion in Yukon assets. U.S.

investors in Yukos have lost at least $7 billion; some claim

the figure is as much as $12 billion. In October, the House

Financial Services Committee's subcommittee on domestic and

international monetary policy held a hearing on this, at

which I testified.

The Bush administration, however, has not protested this

outrageous confiscation of private American property. Then-

Secretary of State Colin Powell expressed strong support for

Putin in October 2004: ``The Russian people came out of the

post-Soviet Union era in a state of total chaos--a great deal

of freedom, but it was freedom to steal from the state and

President Putin took over and restored a sense of order in

the country and moved in a democratic way.'' Putin

appreciated--and might have been encouraged by--these words.

Two months later, Yukon's main oil field was sold to Rosneft

in an auction that Putin's economic adviser, Andrei

lllarionov, called ``the scam of the year'' (for which he was

sacked). U.S. shareholders in Yukos have come to realize that

the United States has no single valid agreement that

safeguards their property rights; European investors, though,

can sue the Russian state under three treaties.

The Yukos confiscation has not cost Putin anything. In

fact, he unleashed a great wave of renationalization in the

post-communist world. His chums from St. Petersburg are

taking over one big, well-run private company after another,

turning them into less efficient state-owned firms. One of

Putin's close friends from the KGB, Leonid Reiman, is his

minister of communications. Last year, an independent

arbitration court in Zurich ruled that Reiman, despite his

denials, was the real owner of Russian telecommunications

assets currently valued at on less than $6 billion. Reiman

has amassed this extraordinary fortune as a state official,

partly through beneficial privatizations, partly through

privileged licenses issued to his companies. A government

with any standards would fire such an official, but Putin

suppressed this negative information within Russia and kept

Reiman on, showing that he accepts corruption.

The Russian daily Kommersant published a long interview

with Russian businessman Oleg Shvartsman on the eve of the

recent Duma elections. Sensationally, he described how he

raided private enterprises to the benefit of KGB officials

described his activity as ``velvet reprivatization.'' Kremlin

spokesmen have denied the report.

Even more striking was an interview last month with the

Kremlin-connected Russian political observer Stanislav

Belkovsky in the German daily Die Welt. Belkovsky, who

initiated the Kremlin attack on Yukos, claimed that Putin

controlled specific shares of three companies

(Surgutneftegaz; Gazprom; and Gunvor. Timchenko's company)

worth some $40 billion. Putin has not commented on this

allegation.

According to Transparency International, Russia is growing

more corrupt even as most other post-communist countries are

controlling their corruption. The fundamental dilemma for

Russia, and Putin, is that a system so corrupt cannot be very

stable. It's less clear why President Bush does not call

Putin out on this or even defend the interests of U.S.

citizens and corporations.

Mr. Speaker, I was unavoidably absent from this chamber today. I would like the Record to show that, had I been present, I would have voted ``yea'' on rollcall votes 1140 and 1141.

Madam Speaker, more than 21,000 foreign-born men and women currently serve on active duty, willing to die in defense of our Nation. U.S. Navy Second Class Petty Officer Eduardo Gonzalez is one of these brave men, a naturalized U.S. citizen who has served two tours in the gulf region. Despite his valiant service, Eduardo Gonzalez faces the deportation of his wife Mildred. At age 5, she was brought here from Guatemala. Now, in addition to confronting enemies from abroad, Gonzalez must confront a threat at home, losing the wife and mother of their 2-year-old child.

In his testimony before the Immigration Subcommittee, Gonzalez stated: As a citizen of the United States of America, it makes me wonder, if I can die for my country, then why am I not allowed to just be with my family?

Like Petty Officer Gonzalez, immigrant soldiers fight with vigor and valor to protect the American Dream. All of those who serve, regardless of country of origin, are recognized as American heroes. As heroes, they deserve an immigration policy worthy of their sacrifices and nothing less.

Mr. Speaker, I was unavoidably absent from this chamber today. Had I been present, I would have voted ``yea'' on rollcall votes 1034, 1035 and 1036.

Madam Speaker, I was unavoidably absent from this Chamber today. Had I been present, I would have voted ``yea'' on rollcall votes 924, 925 and 926.