Floor Statements

Mr. Speaker, will the gentleman yield?

Mr. Speaker, I rise to recognize the efforts of Mrs. Sheila O'Leary. After nearly 40 years as an educator, 14 years of which as the principal of the Immaculate Conception Regional School (ICRS) in Franklin, New Jersey, Mrs. O'Leary is now moving on to work at the Catholic Diocese of Paterson.

Political theorist Henry Adams once wrote, ``A teacher affects eternity.'' He believed that the influence of educators over children is never ending. He understood that educators like Mrs. O'Leary play a vital role in the moral and intellectual education of our children.

During her years of dedicated service Mrs. O'Leary has inspired students, fueled their imaginations, advanced their natural abilities and encouraged them to explore the possibilities that life has to offer.

As an educator, Mrs. O'Leary could have chosen any school to work at--yet she chose Immaculate Conception. She took road less traveled and chose to take on the challenge of building ICRS into the great school it is today. With her guidance and a strong commitment to helping her students, Immaculate is now a better place. By increasing attendance and expanding the number of classrooms, constructing new science labs and starting a pre-K program, to name just a few, Mrs. O'Leary has fulfilled her deep conviction in giving every child a chance to learn and succeed in life. Truly she has brought new life to the school and its community.

Over the last 40 years, not only has she taught children the important concepts of reading and writing, but she has also educated them about the difference between right and wrong. She taught them to welcome knowledge and to reject ignorance. For this, Mrs. O'Leary is a model for America's educators and young people to follow.

On behalf of the people of New Jersey's Fifth Congressional District, it is with great honor, that I recognize and thank Mrs. Sheila O'Leary for her years of service to the Immaculate Conception community. Our nation is very fortunate to have her in our schools working with the future of our great Nation.

Mr. Speaker, I rise to honor a great New Jerseyan. For 65 years, Mr. Albert Krause, Jr., of River Vale, New Jersey has dedicated his life to serving our local communities. As a 58 year veteran of the River Vale Volunteer Fire Department, where he held the office of Chief twice and Fire Marshall and served for another 7 years as a member of the Oradell Volunteer Fire Department, Mr. Krause committed himself to making northern New Jersey a safer and stronger place to live.

As a life member of the New Jersey and New York Fireman's Association's, Mr. Krause has risen above and beyond the call of duty to protect our communities and neighborhoods. Very few people ever reach this milestone in the fire service. For this distinguished honor of 65 years of service, we recognize him as a true American hero.

Nearly one million state and local first responders, of which approximately 750,000 volunteers like Mr. Krause, regularly put their lives on the line to protect the lives of others and make our country safer. Today, we give thanks for the invaluable service rendered by Mr. Krause and other firefighters, who risk their lives to preserve and protect our communities. Courageous servants, such as Mr. Krause have inspired us with their dedication and professionalism.

As we recognize and remember the sacrifices of Mr. Krause, let us draw great strength from his example of selfless service to others. Mr. Krause's 65 years of fire service to River Vale and Oradell embodies the best of the American spirit.

We thank Mr. Krause for helping to renew our respect for public service and providing lasting lessons in courage for many years to come. On behalf of the people of New Jersey's Fifth Congressional District, it is with great honor, that I recognize Mr. Krause for his 65 years of volunteer fire service.

Mr. Speaker, it is my distinguished honor to recognize five great New Jerseyans for their service and commitment to public safety. Patrolman Timothy Flanagan of the Ramsey Police Department, Assistant Chief Thomas Lanning of the Ramsey Fire Department, Lieutenant Steve Ahlstedt of the Ramsey Ambulance Squad, Captain Chris Hoffman of the Ramsey Rescue Squad and Michael Greenshields of the Ramsey Office of Emergency Management have risen above and beyond the call of duty to protect our communities and neighborhoods. Their selfless service is a testament and model for those who regularly put their lives on the line to protect others and make northern New Jersey safer. It is my privilege to recognize and give thanks for their invaluable service to the people of Ramsey, New Jersey.

Each and every day across our country, across New Jersey and throughout the great borough of Ramsey, first responders selflessly risk their lives to protect our families and neighborhoods. None of them become a first responder for the money--in many cases they volunteer their services. Nor do any of them put on their uniform expecting a life of ease. Day-in and day-out they put themselves in harm's way and stand in the face of danger. They take the job because they want to serve their community and their country. Fortunately, this great country has such heroic men and women.

On behalf of the people of New Jersey's Fifth Congressional District, it is with great honor, that I recognize and salute Patrolman Flanagan, Assistant Chief Lanning, Lieutenant Ahlstedt, Captain Hoffman and Mr. Greenshields for their bravery, courage and commitment to public safety.

Mr. Speaker, I rise today in support of the Unborn Victims of Violence Act, a piece of legislation that is now rightfully receiving overwhelming support and one that I am proud to now be an original cosponsor of.

It is the responsibility of every public elected official to try to do all that we can to protect those who cannot protect themselves. And that is exactly what this piece of legislation does. It does that by punishing those who would intentionally try to harm or in some cases kill an unborn child.

This piece of legislation has the further benefit of actually trying to encourage the efforts to discourage crimes against women, the mothers. It does that by punishing those who would inflict the crimes against women and their unborn children.

So I would encourage people today from both sides of the aisle to do what all public elected officials should do: protect those who cannot protect themselves.

Pursuant to the rule, Mr. Chairman, I offer amendment No. 14.

Mr. Chairman, I yield myself 3 minutes.

Mr. Chairman, I rise today to offer what is probably one of the simpler amendments that we will see today and, hopefully, for that reason, a noncontroversial amendment to H.R. 1350, the Improving Education Results for Children with Disabilities Act of 2003.

Mr. Chairman, before I speak on that amendment, let me offer my gratitude for all the work that the chairman and the ranking member of the committee have expended on this effort and the sponsorship of this legislation. Their efforts and work has basically seen to it that we are addressing the educational needs of all children, including those children with disabilities, to make sure that they receive a quality education. I commend them for their efforts.

My amendment will require that the Secretary of Education, within a 2-year period of time from enactment of this Act, to submit back to Congress a study and that study is to take a look at the cost to the States to comply with this Act. I believe this is necessary because any time that the Federal Government decides that it is going to involve itself with the States and ask the States and the local school boards to affect their education locally, it is imperative that the Federal Government looks to the cost side of the equation and looks to how much cost is being imposed on the local school districts and the States respectively.

I believe after this study, Congress will be in a better position to say how can we go forward and make sure that the goal of this bill is complemented and enacted as both sides of the aisle wish it to be done. I suggest that Members on both sides of the aisle look favorably on this amendment.

I yield to the gentleman from Ohio.

Mr. Chairman, I reserve the balance of my time.

Mr. Chairman, I have no further requests for time, and I yield back the balance of my time.

Madam Speaker, I rise today to support the Higher Education Relief Act, the HEROES Act, as it is called.

Since September 11 and now with the activities of the war in Iraq, this Nation is sending our men and women, our young sons and daughters, into harm's way, into a conflict the likes of which this Nation has never seen before. And they do so in the name of America, in the name of liberty, freedom and dignity, which the United States stands for.

But during this time, this legislation will now grant to the Secretary of Education the authority and the power to grant to the students who are overseas now the relief that they need. It does that in three ways. First of all, it provides to the Reservists who are leaving from their jobs to go overseas right now relief from making student loan payments for a period of time while they are away.

Secondly, it provides to the borrowers and to the families who are back here at home relief from receiving letters and phone calls from the lenders while they are in service. And, thirdly, this legislation provides relief through consecutive service requirements to be considered uninterrupted while they are overseas.

Madam Speaker, I urge all of my colleagues to support the HEROES Act and to support our troops as well.

Mr. Chairman, I rise in support of this budget. The Committee on the Budget has passed a resolution that strikes the balance between the needs and the desires of this House and of the people of this country to provide for a better quality of life for all of us.

Since September 11, we have realized the threat of terrorism, a threat that is so great and so different than any before us. It knows no boundaries with regard to where it will strike and what time, and it certainly places no value on human life, and today, for that reason, we must step forward and address that threat.

After the vicious attack of September 11, we realized that we had to take immediate action to close the gaps in our homeland defense. We had to unify our efforts from the national to the State, county and local efforts, and this budget resolution takes a long step in getting that job done.

What this resolution does do is fully funds the President's request to defend our Nation against further terrorist attack. What this resolution does do is provide $41 billion in total homeland security funding.

As part of that effort, what the resolution does is provide in the budget $3.5 billion in funding. That is a $3 billion increase to ensure that every first responder is trained and has the equipment necessary to get the job done. More specifically, in the resolution it provides $500 million in grants to first responders so that they will have the equipment necessary should they have to respond to a terroristic threat, and the bill would also provide $500 million for State and local law enforcement with regard to terrorism prevention initiatives as well.

Moving closer to home, in New Jersey, we have just 10 miles from Bergen County a nuclear power plant. This resolution provides us with $619 million in an effort to protect our nuclear power plants across the Nation because we know there are nuclear power plants, if they were ever struck, would have a devastating impact on all citizens.

Mr. Chairman, I would just in closing say that we must move ahead on this resolution. Support this resolution. Protect the quality of life and homeland security for all Americans.

Mr. Chairman, I rise in support of the House budget resolution for fiscal year 2004. Last week, in the early morning hours, I along with my fellow colleagues on the House Budget Committee passed a resolution that strikes a balance among America's competing demands, weigh desires against needs and sets a plan to fund programs that improve the quality of life for all Americans.

Since September 11, our country has realized the threat of a new wave of terrorism. A threat so great that it knows no boundary to whom or where it strikes and places no value on human life. And today, we are still at risk to this new and changing threat. This is a war, the likes of which no nation has ever faced before.

To protect our communities and neighborhoods, we must continue to take the necessary steps to develop a national, State, and local strategy for homeland security. Mr. Chairman, the fiscal year 2004 budget that is before us is committed to making our homeland safe.

Homeland security is an important priority and our budget fully funds President Bush's request to defend our Nation against further terrorist attacks. By providing $41 billion in

total homeland security spending, this budget provides the newly created Department of Homeland Security and related agencies with all the resources necessary to protect our homeland from terrorist attacks.

As part of our continued commitment to America's First Responders, our budget proposes $3.5 billion--a $3 billion increase over fiscal year 2003, to ensure every first responder is properly trained and equipped. Mr. Chairman, this budget provides a significant increase for the nearly 3 million State and local First Responders who regularly put their lives on the line day after day to protect the lives of others and make our country safer.

More specifically, we have provided $500 million in grants to firefighters for health and safety equipment and vehicles as they prepare to respond to possible future terrorist incidents. And we have also included an additional $500 million for State and local law enforcement terrorism prevention initiatives. Finally, there is $181 million for the Citizen Corps initiative to engage individuals in helping communities prevent, prepare for and respond to disasters of all kinds, including terrorist attacks.

Our nuclear power plants if struck would also prove devastating to all citizens. This budget provides $619 million in an effort to protect our nuclear power plants across the country, including Indian Point Nuclear Plant less than 10 miles from Bergen County, NJ.

Mr. Chairman, our budget also provides the Coast Guard with $5.7 billion--an increase of $503 million to ensure that they have the adequate resources necessary to better protect our ports, cargo, and coastal areas. Mr. Chairman, when it comes to securing our homeland, the Coast Guard serves a vital and significant mission. In this post- September 11 world, where only 2 percent of the cargo that enters our ports is actually screened, we have created a budget that fully supports our Coast Guard as a component of the National Strategy for Homeland Security.

Specifically, this budget provides $65 million to deploy six new Maritime Safety and Security Teams to respond to terrorist threats or incidents in domestic ports and waterways and $20 million to hire additional personnel for search and rescue and shore based command centers.

Mr. Chairman, for all of the cargo that enters the Ports of Newark and Elizabeth, in New Jersey, the third largest in the United States and the premier port on the eastern seaboard, I strongly urge my fellow colleagues in the House to support this budget.

As we continue to be engaged in the newest and most difficult war of the 21st century, it has become a day to day responsibility that we are ready on a permanent basis to protect our country. And we owe it to every national, State, and local homeland security employee, as well as ourselves and our families that we give them the support they need to protect America.

After the vicious attacks of September 11, 2001, we realize we had to take immediate action to close the gaps in our defenses on land, sea and in the air. We had to unify our homeland security efforts under one roof and under one chain of command. To meet the ever changing threat, we had to be able to immediately deploy the men and women of the homeland security department wherever and whenever they were needed.

Mr. Chairman, this budget does just that. There is no doubt in my mind that by working together, demonstrating courage and a strong moral character we will prevail in this war against terror.

Mr. Chairman, I rise today in support of the proposed amendment offered by my friend the gentleman from Pennsylvania (Mr. Toomey).

As elected officials, we are sent here and are supposed to be responsible to the people that send us to office, but government spending has ballooned out of control, and it is the people back home in our districts who are the ones forced to foot the bill.

Over the last 7 years, discretionary spending has grown at an average rate of 3.5 times the rate of inflation. I do not know anyone back in my district who has seen their family budget go up at such rates time and time again. Spending is growing at a rate faster than the family budgets. It must stop.

Right now people back in our districts are turning on their TVs, they are seeing our men and women, our sons and daughters, our friends and neighbors in harm's way. We are engaged in a war on terrorism. We are still experiencing the aftermath of 9/11 as it affects our economy.

So we are asking our families to tighten their belts because of that. We are asking county governments, State governments to do more with less. Is it not the responsibility of us here in Washington to lead then by example, to do the same thing, maybe to even take one step further?

We can give a lot of examples, and you have heard some already, about the waste in government: Over $8 billion in erroneous earned income tax payments; I think someone else mentioned around $13.3 billion on Medicare; around $1 billion under the veterans' programs.

Let me say, cutting wasteful spending is not enough. We in Congress must take the next step and actually begin to make the tough decisions we were sent here for in the first place.

Every single program that we vote on has someone behind it that supports it and likes that program. But we are elected to Congress to make those tough choices, to do what is the first priority of us in Congress, to make sure that our folks back at home are safe, that this is a secure Nation, and that our men and women and troops overseas have the supplies, equipment and training necessary to get the job done.

We cannot do less than sending them a responsible budget. Our children, our neighbors and our troops, they are dependent on us.

Mr. Speaker, it's always easier to fix blame than to find a solution. That's certainly true when it comes to the health care accessibility crisis we have right now in America.

In state after state, including my home state of New Jersey, doctors are closing down or limiting their practices. Trauma centers are shutting their doors, and overall health care costs are rising dramatically because of medical liability problems. Who suffers? Thousands upon thousands of individual patients who need care--some who need critical care.

Rather than solve this problem, some people want to distort the facts and point fingers to serve a large political agenda. They'd sacrifice access to medical care as part of their effort to prevent tort reform of any kind.

Today, I have heard allegations that the real culprit is the lack of regulation over insurance company investment practices and pricing. As the former chairman of the New Jersey Assembly Insurance Committee, I can assure you that this is simply not the case. Insurance is a highly- regulated industry, where state insurance departments oversee nearly every aspect of the marketplace, including product pricing and insurer investment practices.

To be more specific, state insurance laws do not allow insurance companies to raise rates to make up for past investment losses. As Steve Roddenberry, a top Florida insurance official, said recently, and I quote, ``We cannot permit it.'' Furthermore, the stock market has very little influence on companies who write medical malpractice insurance. In 2001, stock market investments made up just 9 percent of the industry's portfolio. Just 9 percent.

So it's simply not true that the lack of insurance regulation is causing premium increases. But what is causing those increases?

In large part, it's because the insurers are paying out more than they're taking in. That's right--insurance is an income-and-expense business just like any other. And in today's medical malpractice marketplace, companies are being forced to spend more on claims than they can collect in premiums.

The bottom line? The average medical malpractice insurance company is paying out $1.50 for every dollar it collects. That's not a recipe for success in the business world.

And that's why we have this crisis.

As long as insurance companies, many of which, by the way, are owned directly by their insured doctors, are faced with these losing scenarios, pressures on rates will continue unless something is done about what causes those companies to lose money.

This leads me back to my original point. If the doctors and nurses and hospitals who care for our children, our seniors, and the neediest among us cannot afford to deliver that care, we have a much bigger problem than who's making some money in the stock market. And rather than point fingers, it's time we address the real issue of lawsuit abuse, so we can solve the problem and let the health care system start working again.

Mr. Speaker, patient access to care in jeopardized. Physicians are being forced to limit services and practice defensive medicine and patients are bearing the burden, often being

forced to travel hundreds of miles to the next available doctor in order to receive life-saving care.

I strongly encourage my follow members to pass the HEALTH Act, providing a much-needed, common sense solution toward reforming America's medical justice crisis. Together, let's ensure that patients get quality care first rather than gong to court.

Madam Speaker, I rise today in support of H.R. 743, the Social Security Protection Act of 2003. This is a piece of legislation that strengthens Social Security for all those hard workers who have worked their entire lives paying their payroll taxes and protects those beneficiaries who rely on others to manage their affairs and their benefits. Our Nation's retirement system gives economic security to those hard workers, and they deserve a secure retirement system. Therefore, as Members of Congress, one of our first priorities must be to protect and ensure that Social Security benefits are there for our seniors.

Thankfully, this piece of legislation does just that. Many beneficiaries, it seems, are unable to manage their own affairs and depend on other representatives to take care of them for it. Unfortunately and sadly, there are others that are not so reputable and considerate in taking care of those affairs, and therefore, we are fortunate indeed to have H.R. 743, which will crack down on the wrongdoings and strengthen oversight and enhance penalties and collection for the benefits misuse.

If we are going to ensure Social Security and the promises of Social Security to our seniors, we must enact this legislation for our future benefits for our seniors of this Nation.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 657) to amend the Securities Exchange Act of 1934 to augment the emergency authority of the Securities and Exchange Commission, as amended.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks on H.R. 657.

Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, I rise now in support of adoption of H.R. 657. This is a bill that would amend the Securities and Exchange Act of 1934, and it will augment the emergency authority of the Securities and Exchange Commission.

The SEC played a crucial role in the recovery of our financial markets from the devastating effects of the terrorist attacks back on September 11. This legislation now extends that emergency authority and also the flexibility of the SEC from 10 business days to 30 business days, with the possibility of an additional 90 days thereafter, to respond to emergency situations such as 9-11. By extending this emergency authority, this bill will ensure that the SEC has the ability to immediately provide stability and liquidity to our markets following such an emergency as that.

After the damage to Lower Manhattan on September 11, which, as we know, Mr. Speaker, is the home of the world's stock market, the New York Stock Exchange, they suspended the operations of the U.S. equities market for the longest time since World War I.

To facilitate the planned reopening of our markets, the SEC used for the first time ever its emergency powers to temporarily ease regulatory restrictions. All of the security markets were open, amazingly, for trading by September 17, 2001. The actions of the SEC ensured an orderly reopening of the markets, something that was in the interests of everyone, the economy and investors alike.

H.R. 657, what it does further is to eliminate any question that anyone may have of the SEC's abilities to increase liquidity and extend the duration of the relief to our marketplace. Should, unfortunately, another financial crisis occur, I am confident that by us giving them this emergency authority, they will be able to restore fair and orderly markets and prevent substantial disruption to our marketplace.

Mr. Speaker, I would also point out that the manager's amendment that we have that I am offering today amends this legislation to clarify a couple of points; first of all, the exclusion for exempted securities from the new emergency authority that the bill grants to the SEC. What this does is it preserves the regulation of government securities as it stands under the current law with respect to the Secretary of the Treasury.

It also extends the SEC's emergency authority to clearing organizations for exempted securities, so the commission will be able to take actions regarding clearing of the government securities. In addition to this, the Commission is required now under these amendments to consult with the Treasury prior to using their authority.

It requires a commission to consult with the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, and the Commodity Futures Trading Commission to, of course, the extent practical under the circumstances prior to its using its national emergency authority to suspend trading in our national marketplace.

When you think about it, this is really simply good government. The commission did consult with its fellow financial regulators during the aftermath of September 11 in order to determine what steps were necessary at that time. And so what we are doing with this legislation now is it will ensure that this commonsense practice that they did in the past, that they will do in the future as well.

Finally, this amendment grants to the Secretary of the Treasury new emergency authority similar to what the bill granted to the Commission. This new authority will enable the Treasurer to take action by order as opposed to rulemaking. Now this new authority, it should be clearly pointed out here, is specifically limited to apply only to matters under the Treasurer's existing regulatory position that affects government securities. So it does not, for example, grant the Treasurer the authority to close down the government securities market.

I would also like to point out, Mr. Speaker, that this amendment does not specifically require the commission to consult with its sister regulators prior to using the emergency authority that this bill sets out under 12(k)(2), the section that does not address trading suspension. And there is a reason for this. This is because there are instances in which the commission would be using its emergency authority to address issues that do not have to have an impact on areas within other financial regulatory authority. For example, lifting the requirement that mutual fund directors meet in person, in the event travel is rendered difficult or impossible because of such an emergency as that.

However, it is my expectation that the commission will consult with the Secretary of the Treasury and the other regulators at the time, as I mentioned previously, prior to using their new authority, where such use would have a broad financial market impact and would affect areas within those entities, their particular entities' jurisdiction. And this is exactly what the commission did back on 9/11 when the emergency occurred.

I would also expect the commission to apply this cooperative and, as I said earlier, commonsense approach to this new emergency authority by ensuring that all affected regulators are consulted whenever necessary.

When we think back now, back to September 11, 2001 and the terrorist attacks and how much they inflicted great human and physical loss in New Jersey and upon the constituents in New Jersey's Fifth Congressional District, my district, in the event of another large- scale disaster, the Emergency Response Security Act here before us gives the SEC the additional emergency authority to protect the operational resilience of our financial markets. This legislation ensures the health and future of America's economy which relies heavily upon the future of America's economy and upon the access to our markets.

This is an impact that we saw after 9/11 that impacted the constituents, as I indicated previously, the constituents in the Fifth Congressional District. As the Speaker is aware my district is made up of four counties: Sussex, Warren, Passaic, and Bergen Counties. Many of the people are involved with the securities markets just over the Hudson River in New York City where the New York Stock Exchange is located. Not only did these individuals have relatives and loved ones who were lost in the terrorist attack on 9/11, but many of them were directly impacted by the financial consequences that followed thereafter. The SEC was able to, due to the emergency authority that they had at that time, had within their purview the powers to address the situation and get the marketplace up and running within a week's period of time.

The bill that we have before us now allows us to ensure that that will occur in the future.

Mr. Speaker, I would like to thank the gentleman from Ohio (Mr. Oxley) and the gentleman from Louisiana (Mr. Baker) for their support and swift action on this legislation. I thank the gentleman from Illinois (Mr. Emanuel) for his support across the aisle.

Mr. Speaker, I strongly urge my colleagues to support this legislation.

Mr. Speaker, I reserve the balance of my time.

Mr. Speaker, I reserve the balance of my time.

Mr. Speaker, I have no further requests for time, and I yield back the balance of my time.

Mr. Speaker, I thank the gentlewoman for yielding me this time.

Mr. Speaker, I rise to honor the 92nd birthday of our 40th President, the honorable and great Ronald Reagan.

We live in a world today that is very similar to the world that Ronald Reagan faced as President in 1981 to 1989. Just as the President overcame an economy that at the time was buried in a recession and he fought to rid the world of communism, so too our President today, George W. Bush, is working hard to put in place an economic package that will spur on the economy, while continuing to fight terrorism, both here and abroad as well.

President Reagan entered the White House in 1981 when the economy was in a recession. His solution to that problem was dubbed then, and we still call it today, ``Reaganomics.'' It involved an immediate and across-the-board tax cut; and it was designed to create jobs, encourage investment, and provide economic efficiency in this country.

His policies essentially laid down the foundations for a prosperous and generous society. His tax cuts eventually led to higher government revenues, not less; greater economic efficiency and, ultimately, pulling us out of that recession.

President Reagan also took a strong moral stance against communism on all fronts. Knowing that our Nation faced grave threats on a daily basis, he provided our military with the resources they needed at that time to get the job done, and they were able to get the job done.

President Reagan is really one of the greatest figures of our time, and he will be remembered in the White House and in this Nation as a man of great talent and great character.

We must honor his legacy today by continuing to ensure that tyranny is

conquered by liberty and that every American sees permanent tax relief in their checkbook.

I believe we do this, Mr. Speaker, by continuing to make every effort to stand for freedom, defend our citizens, and to help make the world a safer and better place to live. We do that by bringing terrorists to justice and spreading prosperity to all Americans with job creation and immediate tax relief.