Floor Statements

Mr. Chairman, I regret that I missed last week's votes during House consideration of the Energy Policy Act of 2005 due to a death in my family. I wanted to take this opportunity to talk about some of the important issues which came up during this debate.

For the past several years, fluctuating and high energy prices have caused a severe burden on American consumers and businesses. Without a comprehensive energy policy in place our economic and national security continues to be affected. Unfortunately, the bill passed by the House falls short regarding some very important issues, and I wanted to take an opportunity to state my concerns on this matter.

I remain opposed to drilling in the Arctic National Wildlife Refuge, ANWR, and will continue to support the removal of this provision from a final energy bill. I have continually supported amendments, similar to the one offered by Mr. Markey which protects ANWR from exploration and development. Drilling in the Arctic would do little to address our country's long-term energy needs, and the cost to a critical environmental asset would be substantial.

I also support the amendment offered by Reprentative Capps regarding MTBE contamination. As we now know, this highly-soluble additive is contaminating our water and posing a threat to our communities by leaking out of underground storage tanks and from gasoline spills and spreading rapidly into groundwater. The current circumstances demonstrate that our reliance on MTBE has resulted in harmful side- effects. We need energy policies which promote the use of cleaner burning fuels that do not endanger our water supply. By phasing-out the use of MTBE and allowing states to pursue alternative courses to meeting strong clean air standards, significant strides might be made in our effort to create sensible, well-rounded environmental policies. The Town of Wappinger and the Village of Pawling, two water providers in my district, have filed suit against oil companies because of MTBE contamination of their drinking water sources. I've also heard from residents in the Town of Highlands, who have expressed to me their opposition to a proposal that would retroactively apply the product liability waiver to October 1, 2003. I opposed this provision when it was included in the energy bill considered by the House in the last Congress. My colleague, Mrs. Capps offered a sound amendment which would ensure that the oil and chemical industries remain fully liable in order to ensure that public health and safety are protected. Though the amendment unfortunately failed, I will continue to work with my colleagues on this provision to ensure my communities are protected.

The time has come to reform our Corporate Average Fuel Economy, CAFE, standards for vehicles. As my record indicates, I have consistently voted in favor of amendments which will do just that. This year, my colleague from New York, Mr. Boehlert offered a smart amendment to increase the fuel economy of America's vehicles to 33 miles per gallon by 2015. America's cars and trucks consume over 8 million barrels of oil per day and are a major source of the heat-trapping pollution that causes global warming. We could safely achieve 33 miles per gallon and not only save American consumers money at the gas pumps but curb global warming emissions.

The encouragement of a more domestic production of oil with incentives such as a streamlined permit process, promotes a greater refining capacity to bring more oil to market, and increases the gasoline supply by stopping the proliferation of expensive regional boutique fuels. The nation needs to reduce its dangerous dependence on foreign oil. Mr. Waxman's amendment advances this policy by allowing new domestic oil and gas exploration and development by authorizing expansion of the Strategic Petroleum Reserve's capacity to 1 billion barrels.

We need a clean fuels program that will help reduce smog in afflicted areas, primarily the eastern half of the country, which has the greatest smog problems. More than 150 million Americans live in areas where EPA has determined that ground-level ozone or smog levels are high enough to cause serious health problems. I continue to be a supporter of the Clean Smokestacks Act, which calls for significant emission reductions for sulfur dioxide, mercury, nitrogen oxide and carbon dioxide, and have made it clear to the EPA my opposition to any modifications to the Clean Air Act which will increase pollution.

Thank you for the opportunity to comment on several key provisions contained in the House-passed energy bill.

Mr. Speaker, I ask unanimous consent that the proceedings had during the recess be printed in the Record.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1077) to improve the access of investors to regulatory records with respect to securities brokers, dealers, and investment advisers, as amended.

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

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

Mr. Speaker, H.R. 1077 was introduced by the gentleman from Arizona (Mr. Shadegg). It is a noncontroversial bill that will extend the ability of American investors to access information about security dealers.

In 1990, Congress ordered that the National Association of Securities Dealers make this information available to all investors through a toll-free number. Unfortunately, the authorization was not broad enough to extend to Internet access.

H.R. 1077 corrects this problem while maintaining toll-free telephone access to dealer information for those who prefer not to use the Internet. I urge Members to join me in supporting this important legislation.

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

Mr. Speaker, I yield such time as he may consume to the gentleman from Arizona (Mr. Shadegg), the author of the bill.

Mr. Speaker, I yield back the balance of my time.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 436) to amend the Investment Company Act of 1940 to provide incentives for small business investment, and for other purposes.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks and include extraneous material on the bill under consideration.

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

Mr. Speaker, I thank the Speaker very much for allowing me to bring this important legislation to the floor for consideration today. I also thank the gentlewoman from New York (Ms. Velazquez) for working with me on this important issue that will help small businesses.

Small businesses are the backbone of our economy, and the Congress must ensure that they have every opportunity to succeed. It is crucial that small businesses have sufficient access to capital in order to create jobs and ensure a strong and growing economy.

Today the legislation before us, the Increased Capital Access For Growing Business Act, will ensure that small businesses have better access to capital by modernizing outdated security laws.

In 1980, Congress created business development companies to encourage investments in small, developing and financially troubled businesses known as ``eligible portfolio companies.'' BDCs

are publicly traded investment companies that invest in both public and private companies and generate an injection of capital for businesses. BDCs have provided significant benefits to the economy, including the opportunity for the public to invest in small, developing companies while also supplying much-needed financing.

The legislation we are considering today makes important changes to the securities laws that ensure the viability of BDCs and expands the businesses these entities are able to assist. In 1980, BDCs were able to invest in approximately 66 percent of the 12,000 publicly held operating companies. Since that time, however, the Federal Reserve has amended its margin rules on several occasions, resulting in a clear decrease in the number of eligible portfolio companies.

In order to correct these unintended consequences, this legislation amends the definition of an eligible portfolio company to enable the BDCs to have a greater flexibility in selecting appropriate investments. To accomplish this goal, the legislation permits BDCs to provide capital to a larger number of companies by increasing the size of companies that BDCs can invest in to reflect changes in the market since the creation of the act.

The legislation also includes specific authority for the Securities and Exchange Commission to modify dollar thresholds in the future. This would enable the SEC to review these thresholds on a regular basis and consider changes that are in the interest of the companies trying to access capital and shareholders of BDCs. Small and developing businesses should be able to devote their energies towards their customers growing their business, and not worrying about their access to capital.

As BDCs are able to provide financing to additional small and medium- sized businesses, the economy will experience greater growth and much more job creation.

I also would like to commend the chairman of the Committee on Financial Services, the gentleman from Ohio (Mr. Oxley), and the ranking member, the gentleman from Massachusetts (Mr. Frank), for recognizing the importance and urgency of this legislation and agreeing to move it quickly.

This is a no-cost commonsense piece of legislation that will help small businesses and increase capital formation. That is a good, healthy economic structure for all. I urge my colleagues to join me in support of this important legislation for investors and small businesses.

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

Mr. Speaker, I thank my collegue, the gentleman from Georgia (Mr. Scott) for his kind words about this bill.

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

Mr. Chairman, I offer an amendment.

Mr. Chairman, my amendment is offered to force the government of Nigeria to transfer the indicted war criminal Charles Taylor to the United Nations Special Court in Sierra Leone. Mr. Taylor is currently residing in Calabar, Nigeria and maintaining his active role fomenting terror and crime throughout West Africa from this base. The United States Government has asked that Mr. Taylor be turned over to the U.N. court, but the government of Nigeria has refused.

Charles Taylor has been the leading force for evil in West Africa since his overthrow of the Doe government in 1990. Hundreds of thousands of Liberians were killed during his reign of terror, or forced to flee. Mr. Taylor enabled Liberia to become a base for international organized crime and has subverted the governments of his neighbors.

In 2003, Mr. Taylor was overthrown by the people of Liberia and sought sanctuary in Nigeria, despite his indictment by the U.N. Special Court for Sierra Leone in the light of his terrorist activities in his own country. The government of Nigeria has promised to keep Mr. Taylor contained, but reliable sources have confirmed political operations in Liberia, transfer assets in Europe and receive funds from crime in West Africa. Recently Mr. Taylor traveled to Burkina Faso to meet with Islamist groups in that country. Most disturbing of all, Charles Taylor organized and paid for an assassination attempt against the President of Guinea earlier this year.

Peace in West Africa will not come until Charles Taylor is brought to justice for his crime and removed as a threat from the region. The Nigerian government must be shown that harboring a war criminal and a terrorist is not in their best interest. I urge the House to join me in passing this amendment and standing for justice and the rule of law in West Africa.

Mr. Chairman, I yield to the gentleman from Virginia (Mr. Wolf).

Mr. Chairman, I yield to the gentleman from California (Mr. Lantos).

Mr. Chairman, I ask unanimous consent to withdraw my amendment.

Mr. Speaker, I rise today to extol the dedicated public service and achievements of two fellow New Yorkers who are retiring from Congress. Amo Houghton and Jack Quinn have both exemplified commitment and effectiveness during the time they served their constituents in Washington. Their outstanding presence in this chamber will be missed.

When it comes to obtaining federal assistance toward New York's widespread transportation needs, Jack Quinn has fought and won millions of dollars for our state. It has been an honor to work together with him on the House Transportation and Infrastructure Committee. During his 12 years in Congress, Jack Quinn also has distinguished himself by enhancing New York's agriculture industry, protecting our veterans, and advocating the American worker on labor issues.

Amo Houghton saved one of his best achievements for last when he successfully fought this year to keep open the Canandaigua VA hospital that serves New York veterans. He has made a profound impact on both the domestic and international issues considered in this chamber during his 18 years in Congress, and he has worked tirelessly to boost the economy of New York's Southern Tier.

Mr. Speaker, surely I echo the sentiments of many in our state when I say thank you to Jack Quinn and Amo Houghton for taking

such a positive and effective approach to representing New York in Washington. They always put the interests of their constituents first, and both can now retire from Congress extremely proud of their storied careers in the U.S. House of Representatives.

Mr. Speaker, I rise today in support of this measure, H.R. 5213, the Research Review Act of 2004.

This bill represents an important step forward in a long struggle by so many important people in the Crohn's and colitis advocacy communities, patients and their families who have worked so hard to support and advance this legislation. My legislation was H.R. 290, the Inflammatory Bowel Disease Act. We have rolled that bill into this act, and I am very grateful to my colleague, the gentleman from Florida (Mr. Bilirakis), for his interest in this issue and for his leadership in getting this bill to the Floor.

Crohn's Disease and ulcerative colitis, collectively known as inflammatory bowel disease, are chronic disorders of the gastrointestinal tract that cause severe pain and suffering in the more than 1 million Americans who are afflicted. We are at an exciting time with respect to the prospect for research and advances on these challenging diseases.

A few years ago, the scientific community discovered the first gene associated with Crohn's disease. This landmark discovery and other advancements in the field have opened up exciting new research pathways which have the potential to lead to better treatments and, hopefully, soon, one day, a cure. However, more needs to be done. This legislation seeks to further this momentum by capitalizing on these promising opportunities.

The IBD epidemiologic study at the Centers for Disease Control is critical to our understanding of the scope of this group of diseases. The CDC, together with the Crohn's and Colitis Foundation of America, have made significant strides toward uncovering vital information about the people who are afflicted with digestive disorders and how many there are out there. This will provide the foundation to move forward with research and disease management and then a cure. We should encourage this type of public-private partnership, and I hope that the CDC will support this worthy project on a long-term basis.

Again, I really want to thank my colleague, the gentleman from Florida (Mr. Bilirakis), and my colleague, the gentleman from Texas (Mr. Barton), and my colleague, the gentleman from Ohio (Mr. Brown), for their work on this. I encourage all Members to support this measure.

Mr. Speaker, I hope that all Members will vote for this bill.

Mr. Chairman, I ask unanimous consent to return to page 66 of this bill.

Mr. Chairman, I have an amendment at the desk.

Mr. Chairman, I move to strike the last word.

Mr. Chairman, my unanimous consent request has been turned down. However, that unanimous consent request was for an amendment to be considered as the Kelly - Oxley - Frank - Gutierrez - Royce - Maloney - Lowey amendment.

Today I have a solidly bipartisan amendment to offer to this bill on page 66 to increase funding for the Financial Crimes Enforcement Network within the Treasury Department also known as FinCEN. FinCEN is probably not one of the more well known agencies within our government, but it is an increasingly important one as we continue to sharpen our government's abilities to fight terror finance.

I want to thank the gentleman from Oklahoma (Mr. Istook) because I know that he recognizes the important role of FinCEN which he did by meeting the level of the administration at the start of this year. I offer this amendment, however, because I believe that a relatively modest increase for FinCEN above the current House level would significantly improve our government's efforts to combat terrorist financing and other financial crimes.

Mr. Chairman, I have held 3 years of hearings on following terrorist crimes and terrorist financing. As many Members know, FinCEN is the Treasury bureau responsible for administering our anti-money laundering system. They are also the bureau responsible for collecting, analyzing and when necessary sharing information with law enforcement and intelligence agencies regarding illicit financial activity.

The importance of these responsibilities to our national security is very clear. As Secretary Snow pointed out earlier this year, our ability to combat terrorist financing is linked with our ability to combat money laundering. And as many of my fellow members of the Committee on Financial Services will remember, 9/11 Commissioner Vice Chairman Lee Hamilton recently testified before our committee about the critical importance of enforcing our anti-money laundering law. I am quoting his statement.

``Vigilance in this area assists in preventing notorious and open fund-raising. It forces terrorists and their sympathizers to raise and move money clandestinely, therefore raising the costs and risks involved.''

Unfortunately, it has become clear that we are not doing as well in this fundamental aspect of our fight against terror finance. In spite of this important role in our fight against terrorism, FinCEN still lacks important resources it sorely needs to be an effective center point in combating terror financing and money laundering.

It must be understood by Members that FinCEN while responsible for our anti-money laundering law has few tools of its own. It is reliant on eight different regulatory bodies, most of which do not fall within the Treasury Department's jurisdiction, and as we have found through the Inspector General reports and highly publicized regulatory failures such as Riggs Bank, this fragmented system has had a serious interaction problem which has prevented the synchronized effective regime that circumstances clearly want.

This amendment would bring forth more effective and streamlined focus to our efforts to trace money laundering and combat terrorist financing. Progress can only be made through a strong, substantive commitment to equipping FinCEN with new assets, which is what this amendment would do.

I would like to point out that the President's request of FinCEN was made prior to several high profile regulatory failures. This legislation before us was considered in committee prior to the 9/11 Commission's report and the Commission's subsequent testimony to the Committee on Financial Services on terrorist financing. Since then, there has been significant evidence that our government has made many improvements to combat money laundering. However, we must enhance the tools that we have to combat terrorist financing and FinCEN is one of those.

The authorities have all indicated it requires new and different tools. That is why there is such strong bipartisan support for my amendment. Increasing funding for FinCEN by a small amount will have a significant impact on our government's ability to fight the war against terrorism in a more negative way than it would if my amendment were accepted. In fact, it is estimated that the agency needs $25.5 million to expand and improve its capabilities. This additional funding will help FinCEN secure the appropriate application of state of the art technology that would dramatically improve its ability to track terrorist financing. It will also enable the agency to hire much needed full-time employees to support more effective and extensive examination.

That being said, having heard my plea, I would again ask unanimous consent to return to page 66.

Mr. Chairman, I offer an amendment.

Mr. Chairman, I ask unanimous consent that the amendment be considered as the Kelly-Oxley-Frank-Gutierrez-Royce-Maloney-Lowey amendment.

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

This is a solidly bipartisan amendment to increase funding for the Financial Crimes Enforcement Network within the Treasury Department, which is known as FinCEN.

This amendment increases funding for the Financial Crimes Enforcement Network, FinCEN, by $25.5 million to provide new tools to expand and improve the agency's ability to combat terrorist financing. This money would be used to secure the appropriate application of state-of-the-art technology that would dramatically improve FinCEN's ability to track terrorist financing and enable the agency to hire very much-needed, full-time employees to improve compliance with the anti-terror finance laws.

Mr. Chairman, I want to thank the gentleman from Oklahoma (Chairman Istook) for allowing me to offer this amendment at this time. I know he recognizes the important role of FinCEN, and he did that by meeting the level requested by the administration at the start of this year, but things have changed since the start of this year. The need for FinCEN to have more money is more acute than was originally thought.

I offer this amendment because I think the modest funding in this bill will not be enough, and that is based on the amount of hearings that we have held and the testimony of the GAO in front of my committee. They testified that FinCEN needs $25.5 million in order to do the job that FinCEN must do, and that is, to disseminate the information that FinCEN collects to the appropriate agencies. This is a piece of the fight against terrorism.

Mr. Chairman, I yield such time as he might consume to the gentleman from Ohio (Mr. Oxley), the chairman of the full Committee on Financial Services.

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

Mr. Chairman, I yield 2 minutes to the gentleman from Illinois (Mr. Gutierrez).

Mr. Chairman, I yield 2 minutes to the gentlewoman from New York (Mrs. Maloney), my colleague.

Mr. Chairman, how much time do I have remaining?

Mr. Chairman, I yield myself the balance of my time.

Mr. Chairman, the President's request for FinCEN was made prior to several high-profile regulatory failures.

Since then, the 9/11 Commission has testified before our committee, and the Committee on Financial Services has also looked at this and has also considered this legislation. It is very important to FinCEN. It is very important in our fight against the terrorists financing that we give FinCEN the appropriate amount of appropriate money that they deserve. So I urge Members to support my amendment.

Mr. Chairman, I yield back the balance of my time.

Mr. Chairman, I demand a recorded vote.

Mr. Speaker, I rise today to pay tribute to the heroes of September 11, to offer my sincerest condolences to the family and friends of those who were taken from us on that awful morning, and to offer my prayers to the men and women of our Armed Forces who continue the fight spawned by those attacks.

Much has been said about the firefighters and police officers who ran into those burning buildings, never to run out. I feel that we can never say enough about such unparalleled bravery. In the face of an unprecedented attack, they displayed unprecedented courage in fighting through smoke and flames to save people they had never even met.

They made the ultimate sacrifice for their country, and their selfless action helped thousands of people escape the burning towers.

The people I represent lost a number of their friends, their coworkers, and their family members, but because of the heroics of the ones who ran in, many mothers, fathers, sisters, brothers, sons, and daughters did make it home to embrace their families, and we pay tribute to the heroic firefighters and police officers who helped save lives on the anniversary of this attack on America.

We yet mourn the 3,000 fellow citizens who lost their lives that day. These were men, women, and children who did nothing wrong; who had no enemies; no foreign policy. They were killed for merely living as free Americans.

As we speak, tens of thousands of young men and women carry the stars and stripes on their sleeves working in hostile regions around the globe to protect the security and freedom many of us took for granted 3 years ago. Though they may be physically detached from their families and their loved ones, we hold a special place for them in our hearts. The sacrifices that they make can never be fully repaid, but we in this House and this Nation must remain committed to see that we try. And we must try to do so by providing our men and women in uniform the wages, benefits and respect that they deserve and that the American people expect.

Mr. Speaker, following the attack on Pearl Harbor, President Franklin Roosevelt told a shocked and angry America, we will always remember the character of the onslaught upon us. I do not think a person in this House or in this country will ever forget the disbelief they felt on September 11. We must never forget the way we felt that day watching our friends and neighbors die before our eyes in an act of war. Our world was changed forever that day, as our Nation's otherwise passive course was suddenly and forcibly altered.

We need to continue the lessons learned from September 11 and continue our steadfast and resolute fight to rid the world of this radical form of terror. We must never forget.

Mr. Chairman, I rise today in strong support for H.R. 2432, the Paperwork and Regulatory Improvement Act, of which I am a co- sponsor. This important legislation will enable Congress to take responsibility for the laws and regulations imposed on this Nation.

Over the past 20 years, the costs and impacts of regulations have increased dramatically. We routinely authorize executive branch agencies to issue rules implementing the laws we pass in Congress. Just as Congress needs a Congressional Budget Office to check and balance the executive branch in the budget process, it also needs an analytic capability to check and balance the executive branch in the regulatory process. Our delegation of authority to the agencies does not relieve us of our duty to ensure the responsiveness and effectiveness of those agency regulations. Agency rules and regulations have the force and effect of law. They spew forth from the agencies more than 3 or 4,000 rules and regulations every 2 years, and Congress rightly should have better oversight.

Since the 104th Congress, I have led the fight for a Congressional Office of Regulatory Analysis resulting in the passage of the Truth in Regulating Act of 2000. That statute authorized a 3-year pilot project, adding a function at the General Accounting Office to respond to Congress' request for an independent evaluation of selective economically significant proposed rules, including an evaluation of the proposals that are consistent with congressional intent. Instead of using their own experts, GAO planned to hire outside contractor experts for the 3-year pilot test. As a consequence Congress did not fund this approach.

Today it is regrettable that despite the passage of TIRA, we still do not have an independent analysis of the various agencies regulatory analyses required by law or by executive order. H.R. 2432 would permanently authorize this function within GAO, ensuring full-time agency expertise within GAO. More importantly, the GAO's analysis would allow us to submit more informed and more influential comments on the cost, scope, and content of proposed rules during the public comment period.

Clearly it is time to increase the transparency of important regulatory decisions, promote effective congressional oversight,and increase the accountability of agencies. The government is accountable to the people and must take responsibilities for the rules established under the laws Congress passes.

Passage of H.R. 2432 would be one step toward Congress meeting its regulatory responsibilities. It is long past time for us to stop trying to change the subject and politicizing good public policy for small businesses. I urge my colleagues to vote for this bill, which is a small step towards giving some agencies the oversight they require.

Mr. Speaker, I rise to support this legislation. The enactment of H.R. 2771 has significant implications for my district, immediately north of New York City. This includes portions of Westchester, Rockland, Dutchess, Putnam and Orange Counties. Through all of these counties all of New York City's drinking water flows. The entire Croton system of reservoirs, the lower third of this system, is in my district.

New York City's tap water has been called the champagne of drinking waters because of its exceptional purity. And it is because of the actions that take place in my district and other Upstate counties that this water is so pure.

We are happy to partner with the city to protect its water supply in a way that helps preserve the pristine character of the Hudson River Valley. And the 1997 Watershed Agreement has been an essential tool for maintaining this partnership.

Through assistance provided under the Watershed Agreement, communities in my district have been able to develop plans which help preserve their character and protect the water supply for New York City. Without the agreement and the critical assistance of the EPA, the balance we have struck would be undermined. And so the passage of this bill is vital to the continuing partnership in my district.

The cost savings brought by this agreement needs to be considered as well. The cost of a plant to filter New York City's water supply system which would be necessary if this 1997 agreement falls apart, has been estimated at $8 billion. The Watershed Agreement is an area of common ground. We have worked hard to get this agreement going.

I thank my colleagues for considering this legislation that will allow this mutually beneficial process to continue.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3170) to amend the Investment Company Act of 1940 to provide incentives for small business investment, and for other purposes.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks and include extraneous material on H.R. 3170.

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

Mr. Speaker, I thank the Speaker very much for allowing me to bring this important legislation to the floor for consideration today. I also thank the gentlewoman from New York (Ms. Velazquez) for working with me on this important issue that will help small businesses.

Small businesses are the backbone of our economy and Congress must ensure that they have every opportunity to succeed. It is crucial that small businesses have efficient access to capital in order to create jobs and ensure a strong and growing economy.

Today, the legislation before us, the Increased Capital Access For Growing Business Act, will ensure that small businesses have better access to capital by modernizing outdated security laws.

In 1980, Congress created Business Development Companies to encourage investments in small, developing and financially troubled businesses, known as ``eligible portfolio companies.''

BDCs are publicly traded investment companies that invest in both public and private companies and generate an injection of capital for businesses. BDCs have provided significant benefits to the economy, including the opportunity for the public to invest in small, developing companies while also supplying much needed financing.

The legislation we are considering today makes important changes to the securities laws that ensure the viability of BDCs and expands the businesses these entities are able to assist.

In 1980, BDCs were able to invest in approximately 66 percent of the 12,000 publicly held operating companies. Since that time, however, the Federal Reserve has amended its margin rules on several occasions, resulting in a clear decrease in the number of eligible portfolio companies.

In order to correct these unintended consequences, the legislation amends the definition of an eligible portfolio company to enable the BDCs to have a greater flexibility in selecting appropriate investments.

To accomplish this goal, the legislation permits BDCs to provide capital to a larger number of companies by increasing the size of companies that BDCs can invest in to reflect changes in the market since the creation of the act. The legislation also includes specific authority for the Securities and Exchange Commission to modify dollar thresholds in the future.

This would enable the SEC to review these thresholds on a regular basis and consider changes that are in the interest of the companies trying to access capital and shareholders of BDCs.

Small and developing businesses should be able to devote their energies towards their customers growing their business, not worrying about access to capital.

As BDCs are able to provide financing to additional small and medium sized businesses, the economy will experience greater growth and job creation.

I also would like to commend the chairman of the Committee on Financial Services, the gentleman from Ohio (Mr. Oxley), and the ranking member, the gentleman from Massachusetts (Mr. Frank), for recognizing the importance and urgency of this legislation and agreeing to move it quickly.

This is a no-cost, common sense piece of legislation that will help small businesses and increase capital formation; and that is good, healthy economic structure for all. I urge my colleagues to join me in support of this important legislation for investors and small businesses.

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 rise today, Earth Day, to discuss the critical importance of investing in America's clean water infrastructure. As we begin the 21st century, investment in water infrastructure stands as one of the most important economic and environmental investments our government will make.

Since 1972, our Nation has made important progress in improving the water quality of lakes, rivers and harbors across the land. However, we are at an important crossroad in the effort to make our Nation's waters fishable and swimmable. Recent studies by EPA, GAO and the Water Infrastructure Network all point to a water infrastructure funding crisis. According to EPA's Clean Water and Drinking Water Gap Analysis, America is facing a $535 billion funding shortfall for water infrastructure over the next two decades. This analysis comes at a time when the Federal Government is committing less than $2 billion dollars a year to water and wastewater infrastructure.

The most significant improvements in water quality have resulted from our investments in wastewater treatment--if we fail to replace and upgrade existing wastewater treatment facilities we could see the progress of the past 30 years reversed. As we enter the summer months, over 30 million fisherman will head to their favorite fishing holes, millions more Americans will head to beaches and lakes for a refreshing swim. These simple summer pleasures share one common element--clean water.

Investing in clean water infrastructure also makes eminent economic sense. According to the American Public Works Association, over 40,000 jobs are created for every billion dollars that is invested in wastewater infrastructure construction.

As we reflect on the importance of clean water to our quality of life, I believe it is time to consider providing water infrastructure with the same funding priority we assign to highways and airports. Congress must begin considering long-term, dedicated funding for our Nation's water infrastructure.

Mr. Chairman, I offer an amendment.

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

Mr. Chairman, I also want to thank the gentleman from Pennsylvania (Mr. Toomey) for his collaboration on this proposal and Members of the Committee on Rules for allowing this amendment to be considered today.

Most Americans with checking accounts would be shocked to learn that if they started their own business, any checking account they establish for that business would be prohibited from earning any interest. Yet that is the case today. Checking accounts held by small businesses are banned by Federal law from collecting the interest that money would earn if it were held by an individual.

The amendment I am offering addresses this matter and it has been pending before Congress for some time now. This body has actually passed this measure by voice vote not once, not twice, but actually three times; twice in the last Congress, and once earlier in the earlier year in this Congress.

Unfortunately, the job is not yet done. So I am coming again in the hope that we will finally be able to send this language to the President's desk.

The provisions in this amendment will go a long way in helping our main street banks and small businesses which are essential to growth and communities and our overall economy. The Business Checking Freedom Act contains a number of important provisions. First, it repeals the 70-year-old law prohibiting banks from paying interest on business checking accounts after a transition period. And while I believe it should be repealed entirely, a bipartisan group of Members have agreed that a proper transition period is necessary.

We are also aware of the potential impact of an outright repeal of the law. That is why a transition period is crucial. And we will continue to work to ensure that the needs of our smaller banks are being addressed. As a result, the legislation includes a 2-year transition period contained in the bill.

I would also like to say that I share and recognize the concerns of some Members with regard to the ILCs and will work with my colleagues, including the gentleman from Ohio (Mr. Gillmor) and the gentleman from Massachusetts (Mr. Frank) to achieve a remedy to the concerns that have been raised about the ILCs.

The legislation is important. It allows banks to increase money market deposits and savings account sweeps from the current 6 to 24 times a month. This gives banks an increase in their sweep activities, increasing the interest which businesses can make on their accounts.

The final provision gives the Federal Reserve the opportunity to pay interest on the reserves that the banks need to keep within the Federal Reserve system. And Chairman Greenspan has repeatedly testified that he is in favor of this provision.

It also gives the Fed the flexibility to lower reserve requirements, which enables the Fed to have greater control to maintain reserves at specific and consistent levels. This language will help foster healthy receiver balances and reduce the potential for volatility within the bank Federal funds rate protecting the Federal Reserve's ability to conduct monetary policy.

Quite simply, this legislation is about creating a new and broader market option and supporting our small businesses at the same time. The amendment allows banks to pay interest on business checking accounts and increase sweeps activities. The amendment also allows the Fed to pay interest on the sterile reserves that banks are required to keep with them and lower reserve requirements.

The amendment does not require or mandate anything. It allows the market to create change and not the government.

I want to thank the gentleman from Pennsylvania (Mr. Toomey) once again for working so closely with me on this proposal. I thank Members for considering, once again, this important legislation. I have been working on it for many years. I really am pleased to be able to bring it to the floor.

I ask my colleagues on both sides of the aisle to join me in strong support for this commonsense amendment that will help banks and small businesses fuel the economy.

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

Mr. Chairman, I yield my remaining minute to the gentleman from Pennsylvania (Mr. Toomey.)

Mr. Chairman, I demand a recorded vote.

Mr. Speaker, I rise today in strong support of this resolution, first to praise the efforts of our men and women in the military who have worked so hard and sacrificed so much on behalf of this country. I also want to take a minute to recognize the courage and resilience of the Iraqi women.

Under Saddam Hussein, Iraqi women lived in fear. They endured years of great beatings, torture, under a farce of a legal system under which they had no rights. Does no one remember the pictures of the Kurdish people, dead, holding their babies in their arms, trying to shield them from the horror of a weapon of mass destruction in Iraq? Only Baathists were awarded the right to have medical care. Families were torn apart on trumped-up charges. Divorce was grounds for having their children taken away. Imagine a mother watching her child die because of her political beliefs. Imagine watching a husband leave for work one day, never to come back. Imagine walking down the street and having their children ripped from their hands.

The persecution of women under Saddam Hussein was brutal and systematic and left deep and damaging psychological wounds. Women were afraid to walk down the streets. Girls were afraid to go to school. With the source of that oppression now removed great challenges lie ahead. Some estimate, for example, that over 70 percent of the Iraqi women are illiterate. They could not go to school.

Somehow this battered and oppressed nation has to educate a new generation of Iraqi children. And in the face of that tough task, there is optimism in Iraq. For the first time in generations, they see an opportunity where only once they had terror. Where once there was depravity, there is excitement and hope in these women for the future. I have met with these women. I have talked with these women.

The optimism is due to the United States' intervention and the selfless service of our men and women in uniform. In our Armed Forces stationed in Iraq, women stand alongside with men there and they serve as a model for the Iraqi women who aspire to that kind of equality on their own in their own country.

The new Constitution of Iraq calls for almost a 25 percent representation of women. The Iraqi women themselves have asked for 40 percent. Mr. Speaker, the resolution before us commends the Iraqi people for their courage in the face of unspeakable oppression. I commend the women of Iraq for overcoming that unspeakable adversity. I hope that everyone will back this bill.