Floor Statements

Madam Speaker, 25 years ago, in the rural area of Virginia Beach, Virginia, know as Pungo, several locals decided that the rest of the community should be aware of Pungo's delicious treasure: its strawberries. In 1983, locals began an annual festival, which at the time drew 2,500 people. In the years to follow, the festival's attendance grew to roughly 120,000 people each year. Today, the festival hosts many family-oriented activities, including a carnival, youth art show, and a multi-million dollar military display.

In 1985, it was deemed necessary to establish a festival board in order to accommodate the festival's growth as well as establish themselves as a nonprofit organization. To this end, the festival gives back to the community in the form of scholarships for students and makes contributions to other community-oriented programs.

To this date, the Pungo Strawberry Festival has donated over $550,000 to the community. I want to take this moment to recognize the people behind this festival, some of whom have been involved since the beginning, and to inform my colleagues that this year the festival will be celebrating its 25th anniversary with, as always, an emphasis on the men and women serving in the military. The theme this year will be ``Celebrating 25 years of Freedom, Family, and Fun.'' I support the community of Pungo in their efforts and look forward to attending the festival this year.

Mr. Speaker, first, I would like to thank Chairman Frank, Ranking Member Bachus and the Committee for their hard work. They have presented a thoughtful and creative proposal.

Housing is a very complex issue--it is also a very emotional one. We aren't just talking about abstract concepts, we are talking about a person's home. We're talking about real people with a real problem.

Prior to Congress I was a Realtor for over 20 years. I have worked with many families to help them realize their dream of home ownership. I have also served as chairman of the Virginia Housing Study Commission. Housing is an important issue for me and something I feel very strongly about.

I have seen good markets and bad. I have witnessed many changes to the mortgage market. I have struggled with how to define and protect against predatory lending practices. I have seen interest rates and loan products that seemed too good to be true--unfortunately, we have seen that in fact, many were too good to be true. I rise today to share my observations and concerns about the bill before us.

There are many components of this bill which I think are excellent and fully support. First Federal Housing Administration modernization is long overdue. FHA must be streamlined and made more efficient. Government Sponsored Enterprise regulatory reform would also help stabilize the housing market. I support an amendment to be offered today that will create a first time home buyer tax credit for low- to mid-income buyers. This would increase the number of buyers in the market--increasing demand now for an oversupply of homes. The bill also increases funding for foreclosure counselors and financial education. I also appreciate the additional funding for law enforcement to prevent mortgage fraud, and that Department of Veterans' Affairs loan limits are raised, and the enhanced appraisal standards and appraisal independence.

These are all well thought out, very important reforms that will help American families and the marketplace.

However, my concerns with today's package include the establishment of a new affordable housing fund to create new grants that can be directed to organizations that work specifically on housing issues. The bill does contain a provision that will prohibit the use of these grant funds for political activities, the fact is that many of the possible recipients engage in partisan political activities and therefore should

not receive funding to offset their costs. It is important to remember that money is fungible, so that if a group cannot use these grants specifically for political activities, it could certainly have more money freed up for political activities because of the injection of new grants funding.

I am also concerned about a $300 billion federal loan guarantee. There are two important issues with this provision that I foresee. One, a lender with troubled loans could contact those homeowners and offer a federally backed loan--and refinance at a loss but now he has moved that loan from a potential total loss to 85 percent current value--and will be guaranteed by federal government should it foreclose. He now has no reason to work with that borrower should the borrower still face foreclosure. Two, this program has a huge impact on neighborhoods. Consider neighbor A who bought at the height of the market. This person struggles month to month but manages to pay his mortgage on time. Neighbor 8 and their lender agree to take advantage of the new program and negotiates their mortgage to 85 percent current value. Not only is fairness between the two neighbors and issue, but the new reduction in value can have a huge impact on the value of surrounding properties.

While I understand this is a voluntary program. My question is why can we not develop incentives for the private sector to do this and not obligate the American taxpayers with $300B in loan guarantees?

Furthermore, there are several things already in the works. FHA secure is a new FHA product allowing homeowners to refinance their resetting Adjustable Rate Mortgages. So far, there are 3 times the refinances this year as in previous years. HOPE NOW is an alliance between counselors, services, investors that is working to prevent foreclosure through outreach to delinquent borrowers. The program provides counseling and loan work outs based on buyers' ability to pay. From July 07 through March 08 1.4m avoided foreclosures through these efforts. Also, Fannie Mae is currently working on a streamlined short sale program to allow the sale of property that is over-mortgaged.

Both the administration and the private sector need to do a much better job at explaining what is currently available. Neither has done a good job of explaining to the public these available options. As such, I can understand Chairman Frank's frustration and desire to take action.

Again I thank the committee for their work and I would encourage us to institute the reforms in this package that I highlighted. However, I firmly believe we should take caution and allow ongoing efforts to work before we decide to go down the path of obligating American taxpayers for $300B in loan guarantees.

Mr. Speaker, housing is a very complex issue. We are talking about a person's home, real people with a real problem. Prior to Congress I was a realtor for over 20 years.

I have worked with many families to help them realize their dream of homeownership. I have served as chairman of the Virginia Housing Study Commission. I have seen good markets and bad and many changes to the mortgage industry. I have struggled with how to define and protect against predatory lending practices. I have seen interest rates and loan products that seem too good to be true.

Unfortunately, we have seen they were too good to be true. There are many components of this bill, which I think are excellent. Enacting those reforms now would have a huge impact on the housing market and be helpful to American families.

My concerns with today's package include the establishment of a new, affordable housing fund and a $300 billion Federal loan guarantee program. A lender with troubled loans could contact those homeowners, offer a federally backed loan and refinance at a loss.

But now he has moved that loan from a complete loss to 85 percent current value that will be guaranteed by the Federal Government. He now has no reason to work with that borrower. Neighbor A bought at the height of the market. He struggles but pays. Neighbor B negotiates 85 percent of current value, a huge impact on the value of surrounding properties.

This is a voluntary program. Can't we develop incentives for the private sector and not obligate the American taxpayers with $300 billion in loan guarantees? There are several things that are currently making a difference. The FHA Secure loan program, HOPE NOW, an alliance to prevent foreclosure through outreach to delinquent borrowers. Fannie Mae is currently working on a streamlined short-sale program to allow the sale of properties that are overmortgaged.

The fact is, one out of two people never contact their lender for help. Both the administration and the private sector need to explain what is available. Neither has done a good job.

Madam Speaker, H-2B is a legal, temporary worker program that has been very successful in providing our Nation's small businesses with the workforce they need during peak business seasons. However, an important provision expired last September.

Many in Congress have acted in support of legislation that would have fixed this escalating problem. Bills, amendments, and discharge petitions have been introduced as early as last March; yet, no action.

Yesterday, the House passed an extension of the Religious Worker Visa Program while many of our Nation's small and seasonal businesses are still struggling to find workers, and Congress has responded with nothing but a hearing.

That hearing is today, Madam Speaker, nearly 7 months after the H-2B exemption expired. I can only hope that this Congress will give our small businesses a legal solution to their workforce needs.

Madam Speaker, today is tax day. This is a day when all Americans are reminded of the federal government's treatment of their hard-earned money, investments, and retirement savings. Our servicemembers in Iraq and Afghanistan think about these issues as well. I firmly believe it is time to improve the options at their disposal to secure a comfortable retirement after their service to our Nation.

Currently, two common options available in the private sector used as retirement savings tools are the Individual Retirement Account (IRA) and a 401(k), which is an employer-sponsored retirement plan where the employer matches the employee's contributions up to a specified limit. Both can be structured as either a ``Traditional'' or ``Roth'' plan.

Many are familiar with the Roth and Traditional IRA options as Roth IRAs have been around since 1998. However, a Roth 401(k) is a fairly new option that is similar to the Roth IRA in that it allows after-tax contributions to fund tax-free retirement income.

The Roth 401(k) option was established as part of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and went into effect on January 1, 2006. The Pension Protection Act of 2006, signed into law by President Bush on August 17, 2006, makes the Roth 401(k) permanent, removing the December 31, 2010 expiration date that previously was in force.

Traditional IRA and 401(k) plans are funded through tax-deferred contributions or ``before-tax'' contributions, which means the money contributed is taken out of a person's pay before Federal and, in almost all cases, state income taxes are withheld. Any earnings are also tax-deferred. This means that an individual does not pay income taxes on contributions and earnings in their IRA or 401(k) account until their money is withdrawn, usually at retirement.

With a Roth plan, an individual does not receive the tax deduction for their contribution, but all the money in the account grows tax-free and can be withdrawn tax-free subject to certain criteria. For many, the Roth is the better deal.

As such, more and more companies have started to offer Roth 401(k)s since they were allowed to start doing so two years ago, and many firms that don't yet provide this option are considering adding it in the future.

However, in a glaring omission, this same option has not been extended to the federal Thrift Savings Plan (TSP), which is the federal government's in-house 401(k) retirement savings plan for the federal workforce and our men and women in uniform.

That is why today I have introduced the Roth TSP Act of 2008. This bill will simply provide the same 401(k) options available in the private sector to participants in the TSP. Currently, there are 3.9 million account holders in the TSP. These include civilians who are employed by the U.S. Government and our military personnel.

Our men and women in uniform and the federal workforce may find the option to structure their retirement plans as a Roth TSP to be a better deal. My legislation will place the same options available in the private sector at their disposal and provide another option when considering their long term financial and retirement planning. Allowing this option could provide greater growth potential and greater return on investment for their retirement savings than under the traditional TSP structure.

Consider the potential benefit to our military. If military personnel serve in a combat zone as an enlisted person or as a warrant officer for any part of a month, all military pay received for military service in that month is excluded from their gross income. For commissioned officers, the monthly exclusion is capped at the highest enlisted pay, plus any hostile fire or imminent danger pay received. With a Roth TSP, these individuals could earn this pay tax-free, grow their investment in their Roth TSP, and then withdraw it all tax-free after age 59\1/2\, having never been required to pay taxes on the invested money.

The men and women of our military worry about consequences on a day- to-day basis that most Americans never even consider. The least we can do in return is provide our service members with choices and options that will allow them to plan for their future and help to ensure that they never have to worry about a secure retirement.

I rise in support of the Beach Protection Act. And as the Member who represents the entire Atlantic Coast in Virginia and much of

the Chesapeake Bay, I recognize that our beaches are a treasure and must remain clean and safe. But we must lift the Federal moratorium on deep sea drilling of natural gas in the Outer Continental Shelf.

America has acted to make our energy consumption cleaner, and today we use much more natural gas for the generation of electricity. We have increased demand without increasing supply.

The U.S. is the only developed nation that does not capture natural gas from the Outer Continental Shelf. Canada has done it for years. We all know what Cuba's getting ready to do.

It's American families and American businesses that pay this extra cost, and it is driving American businesses overseas simply because of the cost of energy in America.

Coastal States should be able to decide if this activity takes place, and we should share in those royalties. In Virginia, we could use those dollars for transportation.

America expects our policies to meet our energy needs.

Mr. Speaker, I would certainly like to thank my colleagues for this resolution today in honor of my dear friend, Congresswoman Jo Ann Davis.

Jo Ann really was the American dream, and we have all heard a lot about her life since her very unfortunate and very early passing last fall. But she came from a very poor childhood and reached just, I think, the highest of success to serve in this body.

But she was a success because she cared for other people and she put them first. And that's what people saw in Jo Ann. They loved and trusted her. She was a woman of great faith, great courage, great honesty, great strength, and great integrity.

Jo Ann was a very private person, and when she told me of her diagnosis with breast cancer, I was really quite surprised that she had made the decision that she would be very public with her illness for the purpose of helping other women. I think we all admire and thank her for doing that. But I watched as she went through her chemo, and I saw how she struggled to be here with each and every one of us.

So, Mr. Speaker, I just want to thank my colleagues. I know if Jo Ann were here today she would say, oh, don't bother doing that. But we all need a memory of Jo Ann. I think this is a fitting way to do it. She loved America. She served her constituents, she was true to herself, and she was a gift to each and every one of us who knew her.

Mr. Speaker, I rise today to call attention to one issue that I believe we all agree on, and that is the safety and security of American citizens.

Our Nation's borders are our first line of defense. The first step in any immigration plan is to provide for a secure and impenetrable border.

I have introduced a discharge petition on Representative Heath Shuler's bill, the SAVE Act, which provides a clear, three-point plan to get tough on illegal immigration. The plan is simple:

Increased secured security along our borders, mandatory worksite enforcement, and greater interior enforcement.

This issue deserves debate, and I am proud to reach across the aisle to work with Mr. Shuler on this bipartisan bill. I urge all of my colleagues to join me and Mr. Shuler and sign this bipartisan petition before you leave today.

It's time to demonstrate that Congress is serious about illegal immigration. The American people expect and deserve our quick and complete attention to securing our borders and protecting our Nation.

Madam Speaker, I am delighted to rise in tribute to the town of Chincoteague, Virginia, which is celebrating its 100th birthday today.

Since its founding one century ago, Chincoteague has enamored citizens and visitors alike with its small town charm and pristine natural beauty. This is no small feat if you consider just how much has changed in the past few 100 years.

As we commemorate Chincoteague's proud history and rich traditions, we must acknowledge its roots as a small fishing village. Today, thousands of people still flock to Chincoteague each year to share in its bountiful shores and the abundance of nearby wildlife. Chincoteague should serve as an example of a happy coexistence between people and nature.

From Chincoteague's annual pony roundup to the annual seafood festival, even the simple everyday beauty of its sunsets, the town of Chincoteague is truly a unique community which has come a long way without letting time erode its proud heritage.

That is why I ask my colleagues to join me today in wishing the town of Chincoteague a happy 100th birthday.

Madam Speaker, it has now been nearly 3 weeks since the Democrat majority allowed the Protect America Act to expire, and we have yet to address the resulting gap in our intelligence. That is 18 days that our intelligence professionals have been denied the information that according to the Director of National Intelligence is needed to keep our country safe.

I believe that most Members on the other side of the aisle share my concern although, sadly, there are others who do not. So, here we are in a political year, working Tuesday through Thursday, and one of the most important pieces of legislation is blocked from this floor. Why? Because it will pass.

In 2001, we asked the telecommunications industry to assist our intelligence experts in tracking terrorist movements, but now an army of trial lawyers are waiting to sue them for their patriotic acts.

It is time the Democrat leadership moves this bill and gives our intelligence community the tools they need to protect America.

Madam Speaker, on rollcall Nos. 61-68, I was attending a funeral for a Navy Seal. Had I been present, I would have voted ``yea'' on each rollcall.

Madam Speaker, I would like to take this moment and thank my constituent, Captain Loren V. Heckelman, for his 28 years of service in the U.S. Navy. Captain Heckelman retired on January 1, 2008.

Captain Loren V. Heckelman served as Fleet Comptroller in the U.S. Atlantic Fleet from July, 2004 to June, 2007, administering a budget of $8.4 billion.

Prior to July, 2004, he commanded the Fleet and Industrial Supply Center Norfolk, the Navy's largest supply center. In that position, Heckelman was also responsible for Program Manager, Supply and Logistics for the Commander, Navy Region Mid-Atlantic.

He has served in the United States Navy in several abroad tours. He served as supply officer for the nuclear powered aircraft carrier USS Abraham Lincoln while on deployment to the Persian Gulf and North Arabian Ocean and he was recognized as having the best service and sales operations among Navy aircraft carriers. In June, 1995, he acted as the Executive Officer in Yokosuka, Japan.

Heckelman was selected by the Undersecretary of the Navy to serve in the Department of the Navy's 1995 Base Realignment and Closure team, acting as the Infrastructure Analyst and the senior Supply Corps officer.

He served as the Executive Assistant to the Commander, Naval Informative Systems Management Center in Washington, DC.

Before receiving his master's degree of business administration from the University of Michigan, he served on the USS Carl Vinson as Stock Control and Readiness Officer.

His first command was on the destroyer USS Bigelow, first as Distributing Officer and quickly advancing to Sales Officer.

Highlighting his career in the United States Navy, Captain Heckelman has earned many awards including the Legion of Merit, Meritorious Service Medal, Naval Commendation Medal, Navy Achievement Medal, Military Outstanding Volunteer Service Medal, and the Meritorious Unit Commendation award.

I would like to convey my gratitude and congratulations to Captain Loren V. Heckelman for his 28 year commitment to the United States Navy and wish him the best in his future endeavors.

Mr. Speaker, today we completed work on an omnibus spending bill

Hopefully, by Friday, a full 82 days into the fiscal year, our Nation's veterans will finally have access to the $6.7 billion in increased spending, and the new and expanded programs included in the original veterans bill, a bill that passed the House and Senate this summer.

For all of these days, our veterans have done without these additional resources.

So why the delay? Why were our veterans made to wait when a nearly identical bill could have been passed and signed by the President prior to October 1?

I believe our veterans deserve an explanation and an apology. Playing political games with veterans funding not only hurts our veterans but the credibility of this Congress and the American people. Our Nation and its heroes deserve better.

Madam Speaker, this is day 74. That is 74 days since the start of the new fiscal year. Our veterans still do not have access to the increased funding provided in a bill that passed the House and Senate months ago and the President is waiting to sign.

This bill includes increased funding to improve access to medical services for all veterans, new initiatives for mental health and PTSD, increased funds for improved medical facilities, and increased funding to assist homeless veterans, to name just a few.

The Democrats have refused to move the bill forward. Our veterans have been operating on an extended shoestring budget since October 1. We now know that instead of moving the bill forward, the Democrats will instead pass more temporary funding that does not include this increased funding for our veterans. Then our veterans will be lumped together with other spending in a massive package.

I'm calling on the Speaker to move the bill forward. I am calling on all Americans to contact their Representatives and tell the Democratic leadership to send a clean veterans appropriations bill to the President now.

Madam Speaker, this is day 73. That is 73 days since the start of the new fiscal year. Our veterans still do not have access to the increased funding provided in a bill that passed the House and Senate months ago and the President is waiting to sign.

This bill includes increased funding to improve access to medical services for all veterans, new initiatives for mental health and PTSD, increased funds for improved medical facilities, and increased funding to assist homeless veterans, to name a few.

The Democrats have refused to move the bill forward while our veterans have been operating on an extended shoestring budget since October 1, and 2 days from now the current budget will expire.

If the Democrats are acting in good faith and in the best interest of our Nation's veterans, why have they continued to delay this bill, and why do they now intend to use our veterans to pass an end-of-the-year omnibus spending package?

The veterans bill could be passed and sent to the President and signed today. I am calling on the Speaker to move the bill forward, and I call on all Americans to contact their Representatives to tell the Democratic leadership to send a clean veterans appropriations bill to the President now.