Spencer Bachus

Mr. BACHUS

Mr. BACHUS. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, it is particularly fitting that this legislation comes before the House at this time, for the Summer Olympic Games in Sydney have captured our attention. Those games began only 4 days ago and are in full swing as we speak. In less than 18 months, in February of 2002, our attention will be focused on Salt Lake City, where the Winter Olympic Games will commence. Anyone who has watched the Olympic competition is thrilled with the tremendous athletic accomplishments of all the young people involved; not only our young people but those throughout the world. Anyone who buys a silver $1 coin or a $5 gold coin authorized by the legislation under consideration will have the satisfaction of knowing that the surcharge they pay on this coin will go to support our American athletes as they train for the upcoming 2002 Winter Olympics. The legislation under consideration is sponsored by the gentleman from Utah (Mr. Cook). The legislation has widespread support. It is cosponsored by 290 of his colleagues. A similar bill has been introduced in the Senate. It has the requisite 67 cosponsors and, in fact, has been marked up by the Senate Banking Committee. Mr. Speaker, I yield such time as he may consume to the gentleman from Utah (Mr. Cook), the sponsor of the legislation.

Mr. BACHUS. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I want to reinforce what the gentleman from Utah (Mr. Cook) earlier said, and that this legislation is a far cry from that which created the 1996 Atlanta Olympic Games Coin program. That program had multiple coins. It was overly ambitious. According to the General Accounting Office, it lost several million dollars. This legislation profited from those mistakes. The gentleman from Delaware (Mr. Castle), who was then chairman of the Subcommittee on Domestic and International Monetary Policy, made several reforms on the commemorative coin program. Those reforms are incorporated in this bill. One important reform is that no surcharges from a commemorative program may be paid to a beneficiary organization until the taxpayer has been made whole for the cost of designing and producing the coin. That is done in this series. The sponsor of this legislation, the gentleman from Utah (Mr. Cook), the gentleman from Utah (Mr. Cannon), and the Salt Lake Committee, all worked with the U.S. Olympic Committee and with the Senate and House Committee on Banking and Financial Services, recognizing this recent history and this legislation contains several changes from that previous commemorative coin legislation aimed at increasing the integrity of the program. The most important change, one which has been praised by the coin collectors, is reduction in the standard maximum mintage level, which should make these coins retain its value for collectors, which traditionally buy about 90 percent of these coins. The Olympic committees have also worked closely with the Mint, with the Citizens Commemorative Coin Advisory Committee to devise this program. I would like to commend both the gentleman from Utah (Mr. Cook) and the gentleman from Utah (Mr. Cannon) for their efforts, along with the gentlewoman from California (Ms. Waters) and the gentleman from New York (Mr. LaFalce) for their efforts. Mr. Speaker, I yield such time as he may consume to the gentleman from Utah (Mr. Cannon).

Mr. BACHUS. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3679) to provide for the minting of commemorative coins to support the 2002 Salt Lake Olympic Winter Games and the programs of the United States Olympic Committee, as amended.

Mr. BACHUS. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, this is a good commemorative coin program. I commend it to the Members. It honors a great tradition, the Olympics. It honors and supports our great U.S. Olympic team, those athletes. Mr. Speaker, I simply join the gentleman from Utah (Mr. Cannon) and the gentleman from Utah (Mr. Cook) in urging all Members to support it. Mr. Speaker, I have no other requests for time, and I yield back the balance of my time.

Mr. BACHUS. 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. 3679, the bill under consideration.

Mr. BACHUS

Mr. BACHUS. 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. 5010, the bill just considered.

Mr. BACHUS

Mr. BACHUS. Madam Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks on H.R. 4096, the bill just considered.

Mr. BACHUS

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

Mr. BACHUS. Mr. Speaker, I will say that we intend to take only a very few minutes on this bill. This bill, as amended, is simply a 1- year extension of the Defense Production Act. I am not sure that any other explanation other than that is needed. I think all Members of this House know what that act is. We normally extend it for 3 years, but the reason we are doing it for 1 year is that Chairman Gramm in the Senate wishes to take up reform of the legislation and has not had an opportunity to do that. It is a very worthy effort on his part. The House, as soon as we pass this 1-year extension, we expect the Senate to do the same. Mr. Speaker, I reserve the balance of my time.

Mr. BACHUS. Mr. Speaker, I yield myself such time as I may consume. (Mr. BACHUS asked and was given permission to revise and extend his remarks.)

Mr. BACHUS. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1715) to extend the expiration date of the Defense Production Act of 1950, and for other purposes, as amended.

Mr. BACHUS

Mr. BACHUS. Madam Speaker, I yield myself such time as I may consume. I think that the ranking member from California pointed out something very important. This legislation, which was made at the request of the administration, will allow the Bureau and the engravers there to develop their expertise, which is already considerable, to develop that expertise even more in producing cutting edge, anticounterfeiting and security features that might eventually find their way on to United States currency, but they can do that by basically developing it on another currency and seeing if it, in fact, is a benefit. As the gentlewoman from California (Ms. Waters) also said, there is excess capacity at the Bureau. We will be reimbursed in full not only for our costs, but our capital investment, so this should have a net positive effect on the Treasury, in the benefit of the U.S. taxpayers. I will submit a full statement in the Record, but the gentlewoman from California basically has covered everything that I would cover in my oral statement. I will submit my written statement for the Record. H.R. 4096, the ``Bureau of Engraving and Printing Security Printing Amendments Act of 2000,'' grants the Treasury Department's currency- printing arm the authority to produce, on a reimbursable basis, security documents or currency for foreign countries, or security documents for states of the United States or their political subdivisions. Currently, the Bureau of Engraving and Printing may only print security products for Federal entities. It produces currency for the Federal Reserve and postage stamps for the United States Postal Service. Passage of this legislation would permit the United States to assist developing nations in the deployment of stable currency systems, and to produce security products to facilitate international commerce. Those activities would allow the Bureau of Engraving and Printing to realize production efficiencies by providing additional work for the Bureau's superb engravers and printers. The legislation stipulates that all such printing for foreign nations be done on a strictly reimbursable basis. By law, the Bureau must recover all actual costs as well as imputed long-term capital costs, so there would be no taxpayer cost for this effort. Additionally, there is a non-cash benefit to taxpayers in that depending on the type of currency or security documents printed for foreign nations, the Bureau should be able to develop an expertise in producing cutting-edge anti- counterfeiting and security features that might eventually find their way into United States currency. Additionally, the bill stipulates that no printing for a foreign nation be undertaken without a determination by the Secretary of State that it is consistent with the foreign policy of the United States; and that printing for either developing countries, or for states, would be limited to times when demand for U.S. currency, postage stamps or other security products is below the Bureau's production capacity. This bill was introduced ``by request'' in March, and was passed out of subcommittee and the full Banking Committee on voice votes. Madam Speaker, I yield back the balance of my time.

Mr. BACHUS. Madam Speaker, the distinguished gentleman and gentlewoman from Illinois have brought up two very important issues to the continued growth of our economy, and that is the preeminence of the dollar and our ability to detect and to combat counterfeiting. The gentleman and gentlewoman from Illinois are correct in noting that we must remain vigilant to protect the dollar's preeminence as the currency in world trade. Although we have redesigned the dollar with counterfeit-resistant features, the simple fact is that counterfeiting continues. Because of this, we must continually update and improve our currency to ward off that threat. I can assure the gentlewoman and the gentleman from Illinois that we will continue to endeavor to examine the issues at the committee level. The gentlewoman from Illinois mentioned hearings, and I think that would be appropriate. I will continue to work with both of my colleagues in this dialogue; it is an important dialogue. I will add that the gentlewoman from Illinois (Mrs. Biggert) is an important member of both the Committee on Banking and Financial Services and the Subcommittee on Monetary Policy, a very active member, and I can assure her that we will continue to work with all other interested parties to see that the discourse on this important subject continues. I only wish that I could be working next session with the gentleman from Illinois (Mr. Porter). Our distinguished colleague is retiring. We are all saddened by that, but I want him to know that he will be missed and all of his efforts will be missed.

Mr. BACHUS. Madam Speaker, will the gentleman yield?

Mr. BACHUS. Madam Speaker, I want to take this opportunity to also say that on Thursday, the gentleman from Illinois (Mr. Porter) will be recognized for his efforts in fighting and finding a cure for cancer, just one of the many awards that he has been given and will be given for his work on medical research and combating disease and bringing comfort and support to those who do suffer from illness in this country.

Mr. BACHUS. Mr. Speaker, H.R. 4096 is titled Bureau of Engraving and Printing Security Printing Amendments Act of 2000. It simply grants the Treasury Department's currency printing arm the ability to produce on a reimbursable basis security documents or currency for foreign countries or security documents for States in the United States or their political subdivisions. Mr. Speaker, I yield such time as he may consume to the gentleman from Illinois (Mr. Porter).

Mr. BACHUS. Mr. Speaker, I yield myself such time as I may consume. (Mr. BACHUS asked and was given permission to revise and extend his remarks.)

Mr. BACHUS

Mr. BACHUS. Mr. Speaker, on that I demand the yeas and nays.

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

Mr. BACHUS. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, once again I want to reiterate the contributions that the District of Columbia and our territories make each day, not only to the defense of our country but the professionals that they supply, the men and women that work daily. They are an integral part of our country, and it is time that we pass this legislation. Mr. Speaker, I do want to say that the gentleman from Guam (Mr. Underwood) gave an excellent statement to the full committee and those remarks will be in the Record. We found out late Friday that this was going to be on the docket for today. Unlike some of us in the Continental United States, it takes 2 or 3 days, sometimes travel arrangements, to be here and it was just too late. That is unfortunate that that happened but those representatives simply could not get back here quick enough, but they will be given every opportunity and will be making statements about this legislation.

Mr. BACHUS. Mr. Speaker, when they get that quarter, they are going to learn all of those wonderful things. Mr. Speaker, I again want to say that when the gentleman from Delaware (Mr. Castle) proposed this, he really precipitated our school children doing something that a lot of teachers and a lot of parents were not able to do, and, that is, have our school children learn not only the 50 States but now with the addition of the year 2009, the six additional quarters, they will learn the locations, and they will learn something about the States, the District of Columbia, and the territories. I think there are school children out there that are eagerly awaiting these quarters. I also want to say this, and here is some more good news about this, the taxpayers of the United States are currently profiting by $200 million per every quarter issued. So the net effect of this on the Treasury, using today's estimate, will be a net gain of $1.2 billion by including these additional coins. Now that was not the reason for it, but it just means that as is oft, we find that good acts sometimes have their own rewards that we do not know about. This will be an additional benefit to the people of the United States. Finally, I want to say that in conclusion that Mr. Murkowski from Alaska, and I think someone said about Hawaii but Alaska, one of the last territories to be admitted to the United States, he has introduced this bill in the Senate and he has high hopes for quick passage of the Senate bill once the House bill is passed, which we anticipate will happen today. So I would like to close by simply urging the House to unanimously approve this. The Committee on Banking and Financial Services and Subcommittee on Domestic and International Monetary Policy approved this unanimously. We strongly feel that this action ought to be taken; that it is one that does unite our country, pulls us together, gives us common identity, very worthwhile legislation; and we hope that the Senate will follow suit very quickly. Mr. Speaker, I reserve the balance of my time.

Mr. BACHUS. Reclaiming my time, Mr. Speaker, I think that illustrates a very important point, and that is that when our school children collect that coin from American Samoa, they are going to find out that more pro football players per 10,000 people by far come from American Samoa than from any other States or territories. They are going to learn some other beautiful things.

Mr. BACHUS. Mr. Speaker, reclaiming my time, I thought when I yielded to the gentleman, he might also want to mention something about pro football, but I will yield a few more seconds in case he might want to mention that.

Mr. BACHUS. I yield to the gentleman from American Samoa.

Mr. BACHUS. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, the delegate, the gentlewoman from the District of Columbia (Ms. Norton), and also the gentleman from American Samoa (Mr. Faleomavaega) both mentioned, I think, a very important point, one that I learned when I served in the U.S. Army, and that was the fact that our citizens in Puerto Rico, District of Columbia, Guam, they all serve in the military. They are very capable soldiers. As the gentlewoman from the District of Columbia said, more served in the Gulf War from the District of Columbia than 47 States. I can tell my colleagues from my personal experience that anyone who served in the military knows that they will meet a lot of residents or citizens of Puerto Rico or Guam or American Samoa.