Judy Biggert

Mrs. BIGGERT

Mrs. BIGGERT. Mr. Speaker, no single piece of legislation is as important to meeting the health care needs of Americans as is the bill we will vote on shortly, the conference report to H.R. 1, the Medicare Modernization and Prescription Drug Act. I rise to express my strong support for this legislation. Today is truly a momentous day. Finally, Medicare will catch up with the realities of twenty-first century medicine. When the program was first created in 1965, the majority of medical treatment was done in a hospital. This is reflected in Medicare's current generous hospitalization benefit and paltry prescription benefit. Well, times have changed, to say the least. Today, life-saving medications are helping seniors stay out of the hospital and live longer, happier and more productive lives. But, as we all know, prescription drugs are expensive, and seniors too often are forced to cut back on other necessities to afford the medicine they need. Passage and enactment into law of this conference report will help to ensure that this never happens again. Here's how it works. Six months from now, seniors will begin to see the benefits. In April of 2004, any senior who wishes to have one will be issued a voluntary drug discount card that will save them 10 to 25 percent on their prescriptions. For low-income seniors, $600 automatically will be added to their cards to help them afford the drugs they need. The discount card will work like a supermarket discount card, giving users a discount at the time of the purchase. Another very important benefit kicks in beginning in 2005, when all newly enrolled Medicare beneficiaries will be covered for an initial physical examination. At last, patients and physicians will have an early baseline that can signal if problems exist or what areas might need to be monitored more closely in the future. All beneficiaries also will be covered for cardiovascular screening blood test, and those at risk will be covered for a diabetes screen. These new benefits can be used to screen Medicare beneficiaries for many illnesses and conditions that, if caught early, can be treated, managed, and can result in less serious health consequences. And perhaps most importantly, beginning in 2006, for the very first time in the history of Medicare, seniors will have a prescription drug benefit. If they choose to participate, seniors would pay about $35 a month. Once they have met the $250 a year deductible, 75 percent of their drug costs will be covered up to $2,250. When drug costs exceed $3,600 a year, 95 percent of costs will be picked up by Medicare. No matter where in the country they live, seniors will be able to choose between at least two prescription drug plans. If seniors are happy with the coverage they now have--and many in my district are--they do not have to switch into a new plan. This new benefit is absolutely, completely, 100 percent voluntary. But there is much, much more to this bill than a prescription drug benefit option for seniors. In fact, this bill can affect the health and welfare of every American citizen, no matter how young or old. How is this so? Well, first, this bill will expand access to health care for everyone. As you know, physicians who see Medicare beneficiaries are reimbursed for the extra cost of treating these patients. These payments are already woefully inadequate and physicians have been forced to stop taking on Medicare beneficiaries because they simply cannot afford to keep seeing them. Under current law, these reimbursements will be cut by an additional 4.5 percent next year. I am very, very pleased that the conference report addresses this issue by reversing the scheduled cut and increasing the payments by 1.5 percent. This means that more doctors will be able to treat more seniors, and more seniors will have a choice of which doctors they see. Hospitals also will be better off under this bill. The conference report provides increases in payments to teaching hospitals and increases funding for hospitals that treat a large number of Medicare patients. It also reimburses hospitals for the costs of using the most advanced technology. In short, the conference report ensures that hospitals can continue to care for Medicare beneficiaries. Finally, this legislation encourages Americans of all ages to save for their own healthcare needs. The Health Savings Accounts--HSAs-- will let people save money and accumulate interest--tax-free--in order to take care of health care premiums and other medical expenses. HSAs are completely portable, so when people change jobs, they can take their accounts with them. Individuals also can make ``catch-up'' contributions to their accounts once they turn 55, and still enjoy the tax benefits. These accounts will help thousands of individuals who do not have access to health insurance--or who wish to augment their coverage--to better afford it. Our seniors have worked hard throughout their lives. They should be enjoying their golden years, not worring about how to pay for their life-sustaining medicines. This legislation will go a long way in helping them get back to the business of enjoying life. Drug discount cards, baseline physical examinations, prescription drug coverage, and disease screenings are just a few of the great new features that will help seniors stay healthy. Health savings accounts and improved levels of physician and hospital reimbursements will go a long way to improving access to health care for Americans of all ages. I am honored to support this legislation and I encourage my colleagues to do so as well.

Mrs. BIGGERT

Mrs. BIGGERT. Mr. Speaker, I would like to commend the hard work that the gentleman from Ohio (Chairman Oxley) and the gentleman from Alabama (Mr. Bachus), subcommittee chairman, the gentleman from Massachusetts (Ranking Member Frank), and the committee staff have done on this extremely important piece of legislation. Mr. Speaker, to its sponsors and its cosponsors, every bill is an important bill. But there are few bills that we will take up this session or this Congress that are as critically important to our economy as reauthorizing and making permanent the expiring protections contained in the Fair Credit Reporting Act. The FCRA may not be a household word, but it nonetheless touches virtually every aspect of our lives and our economy. Without this reauthorization, there can be no national credit system, without a national credit system there will be less credit, slower credit, inaccurate credit, inefficient credit, and in some cases, no credit at all. Less, slower, inefficient and no credit will lead inevitably to less spending, slower growth, lower incomes, and fewer jobs. That would be noticed by the American consumer and it would be a disaster for the American economy. That is why FCRA is a must-pass bill for this session. This conference report addresses the challenges and problems created by new technologies as well. Chief among these are the provisions addressing identity theft. I am particularly pleased that this conference report contains language addressing the challenges of financial literacy. As a member of the Committee on Financial Services and the Committee on Education and the Workforce, I have come to recognize the positive impact that a marriage of financial literacy and basic economics can have on millions of future investors. I especially want to thank Senators Enzi and Sarbanes for working with me to perfect this language included in this conference report. H.R. 2622 is a good bill that provides important new protections for consumers and stops identity theft before it happens. I urge my colleagues to support this legislation and yield back the balance of my time.

Mrs. BIGGERT

Mrs. BIGGERT. Mr. Speaker, I thank the gentleman for yielding me time. Mr. Speaker, as an original cosponsor of H.R. 766, the Nanotechnology Research and Development Act that was approved by the House last May, I rise to express my strong support for this compromise legislation negotiated by the House Committee on Science. I want to commend the chairman of the Committee on Science, the gentleman from New York (Mr. Boehlert) for working with the Senate to develop such a comprehensive and forward-looking piece of legislation as S. 189, the 21st Century Nanotechnology Research and Development Act. Unlike so many other complex scientific concepts, nanotechnology is actually something that we should all be able to grasp. Most Americans learn in grade school and high school that atoms are the building blocks of nature. In the years since I have been in school, incredible machines have allowed to us see every one of those atoms. The challenge now is to develop the tools, equipment and expertise to manipulate those atoms, and build new materials and new machines, one molecule at a time. This bill takes up that challenge, ensuring coordination and collaboration among the many Federal agencies engaged in nanotech research. Unlike other research efforts, some of which are undertaken for the sake of science and our understanding of it, the broad and practical applications of nanotechnology, and its benefits, can be described in layman's terms. Here are just a few benefits: Sensing the presence of unwanted pathogens in blood; improving the efficiency of electricity distribution; dispensing medications; cleaning polluted soil and water, or building the next generation of space craft. I do not think I am being overly optimistic. Just consider how far we have come since the creation of the first microchip. Sixty percent of Americans now own a personal computer or a laptop, and 90 percent of them use the Internet. The public, private, and nonprofit sectors invested in research that reduced the size of the microchip while increasing its speeds exponentially. This investment was made because the applications were many and the possibilities endless. After all, microchips are now found in cars, pacemakers, watches, sewing machines, and just about every household appliance. With all its potential applications, nanotechnology could have an equal, if not greater, impact than the microchip on our lives, our wealth, our health and safety, our environment, and our security at home and abroad. All levels of government, academia, and the industry recognize the potential of nanotechnology, as well as the benefits of collaborating to realize that potential. Nanotechnology could very well be the catalyst for national competitiveness for the next 50 years. In countless ways, our lives will be better as a result of coordinated investment in nanoscience R&D. I urge my colleagues to join me in supporting this nanotechnology research and development legislation.

Mrs. BIGGERT

Mrs. BIGGERT. Mr. Speaker, I thank the gentlewoman for yielding me this time and for her very helpful input on this resolution. Her commitment to protecting human rights is well-known, and I am honored to work with her to support the women of Afghanistan. Mr. Speaker, I rise today in support of this very important resolution. I am honored to sponsor it and I thank the gentlewoman from New York (Mrs. Maloney) for introducing it with me. I also want to thank my neighbor, the gentleman from Illinois (Mr. Hyde) along with the gentleman from California (Mr. Lantos) and the staff on the Committee on International Relations for helping to bring this resolution to the floor. Frankly, it is no secret that Afghan women had a very, very hard time under Taliban rule. Women were frequently beaten, raped, kidnapped and killed. They had no access to education or health care. For 5 years, they were told that the only place for them was at home with their husbands or in the grave. Women were systematically and routinely singled out for abuse simply because they were women. In short, they lived in nightmarish conditions that few of us could even imagine. Two years after the fall of the Taliban, the women of Afghanistan are making tremendous progress in reclaiming their rightful place in society. Women are returning to positions they held in pre-Taliban times, working as doctors, lawyers, teachers, civil servants and in numerous other professions. Most girls are attending school, which was not true ever before in the history of this country. They are no longer forced to wear the burdensome burqa, although many of them do, and hopefully they are no longer living in fear of being brutalized simply because they are female. These women have overcome unimaginable obstacles and they deserve our ongoing support as they work to build a new democracy. I have been involved in several meetings here in the United States and a video conference with women leaders in Afghanistan through the U.S.-Afghan Women's Council. It is encouraging to see that the country is transforming itself into a democracy and the Afghan women are participating, working towards elections, and some of these women will be candidates. All of this is good news, but there is still so much more that must be accomplished. As part of the rebuilding process, the people of Afghanistan are drafting a constitution that will define the principles of their new democratic government. Under the Bonn agreement, the final draft will be finished in a few short months. As the drafters continue the hard work of crafting that important document, we must continue to encourage the inclusion of women and the protection of their most basic rights. The creation of a permanent Afghan government marks an important transition in the history of that country. It also provides a unique opportunity to commend the women of Afghanistan for overcoming the monumental challenges they have faced and to reiterate the U.S. commitment to protecting the human rights of all. This is what the resolution does. The United States has a vested interest in promoting a democratic regime in Afghanistan. As President Bush put it, women will be the backbone of a new Afghanistan. It is critical, therefore, that women be assured of their right to participate in the civic life of their country. It is encouraging to note that women have been involved in the drafting of the constitution. However, in order for women to continue participating in public life, this right must be protected. I am pleased that the U.S. has taken such an active role in aiding the women of Afghanistan. In the last Congress, we passed and the President signed into law the Afghan Women and Children's Relief Act. This much-needed legislation provided educational and health care assistance for women and children living in Afghanistan and as refugees in neighboring countries. This was an important first step that provided immediate assistance. Now, however, it is time to look beyond the short term and provide long-term assurance that the women of Afghanistan will never again be targeted for abuse by their government and forced to live under such horrific conditions. Mr. Speaker, this is an important and timely resolution. In order to promote true democracy in Afghanistan, we must do all we can to encourage the inclusion of women in the civic life of their country. I am honored to support this resolution, and I encourage my colleagues to do so as well.

Mrs. BIGGERT

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

Mrs. BIGGERT. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3287) to award congressional gold medals posthumously on behalf of Reverend Joseph A. DeLaine, Harry and Eliza Briggs, and Levi Pearson in recognition of their contributions to the Nation as pioneers in the effort to desegregate public schools that led directly to the landmark desegregation case of Brown et al. v. the Board of Education of Topeka et al.

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

Mrs. BIGGERT. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise today to express strong support for H.R. 3287, which seeks to award the Congressional Gold Medal to each of four Americans closely associated with the landmark Brown v. Board of Education of Topeka Supreme Court ruling that led to desegregation of our Nation's schools. I commend the gentleman from South Carolina (Mr. Clyburn) for introducing this legislation. This bill seeks to award this body's highest civilian honor posthumously to four courageous Americans. They are the Reverend Joseph A. DeLaine, Levi Pearson, and Henry and Elizabeth Briggs. Given the time required to design and strike the medals, these medals should be ready for an awards ceremony next year, which is fitting as next year is the 50th anniversary of the Brown v. Board of Education decision. Mr. Speaker, we all know the names of many of the civil rights movement's greatest leaders, and we know their stories well; but not everyone knows well the names of those whose courageous actions led to the Brown v. Board of Education decision and precipitated the desegregation of our schools throughout America. The legislation we consider here today would rectify that situation. Through this Congressional Gold Medal, we honor the stories, the bravery and the memories of these fine Americans. Reverend DeLaine was a minister and a school principal. In 1947, he organized a petition drive for African American parents to get a school bus so their children would not have to walk up to 10 miles to and from school while white children were driven to their schools in buses. The request was denied. The next year, 1948, Levi Pearson, a farmer whose three children had to walk 9 miles to school each day, filed a lawsuit against the Clarendon County, South Carolina School District that protested unequal treatment of and funding for black and white students. While the suit was dismissed on a technicality, it served as a catalyst to further efforts to desegregate South Carolina schools. And in 1949, Henry and Elizabeth Briggs, along with many of the same parents who joined in the original petition for a bus, sued to end public school segregation in Briggs v. Elliott. This was the first of the five cases to be filed, and all were eventually merged together to become the Supreme Court's 1954 Brown v. Board of Education of Topeka decision. Taken separately, each of these individuals contributed considerably to the civil rights movement and to the breakdown of racial barriers in education. Taken together, their accomplishments are enormous. These individuals were pioneers in desegregation. They suffered and made great personal sacrifices, risking their lives, jobs, and homes to ensure that all children are educated equally and together, regardless of the color of their skin. Mr. Speaker, these individuals deserve our recognition for their courage, and I urge immediate passage of this legislation. Mr. Speaker, I reserve the balance of my time.

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

Mrs. BIGGERT. Mr. Speaker, I yield myself such time as I may consume. Let me again commend the gentleman from South Carolina (Mr. Clyburn) for sponsoring H.R. 3287 and Chairman Oxley and Ranking Member Frank of the Committee on Financial Services for their support of this legislation. Mr. Speaker, I yield back the balance of my time.

Mrs. BIGGERT

Mrs. BIGGERT. Mr. Speaker, I thank the gentleman for yielding me this time. Mr. Speaker, I rise in strong support of the rule and the conference report on H.R. 6, the Energy Policy Act. After a series of fits and starts over the past 3 years, Congress now stands ready to approve the first comprehensive national energy policy in more than a decade. As chairman of the Energy Subcommittee of the House Committee on Science, I am honored to have helped develop this legislation which addresses not only our immediate energy problems, but also makes a much- needed and sustained investment in basic science and applied energy research that will lead to future energy solutions. The national energy policy proposed by President Bush 2 years ago, and this conference report, both emphasize the use of advanced technology to expand and diversify our energy supply, meet growing demand and reduce the environmental impact of energy production and use. Advanced energy technologies grow out of basic-science and applied-energy research like that supported by the Department of Energy at our universities and national laboratories. It is this kind of R and D that will be strengthened by the passage of this conference report. America now has the motivation perhaps like no other time since the oil crisis of the 1970's to find newer and better ways to meet our energy needs. But America also has the ingenuity and the expertise to meet our future energy demands and promote energy conservation, and we can do so in environmentally responsible ways that set a standard for the world. Mr. Speaker, I do not believe that affordable energy and a clean and safe environment are mutually exclusive. We can have both at the same time if we put technology to work and cut some of the 1970's-style government red tape that has stifled the development of new supplies and infrastructure. I urge my colleagues to support this rule and the conference report which uses science and technology to put America on the path toward a more secure and independent energy future.

Mrs. BIGGERT

Mrs. BIGGERT. Mr. Speaker, I rise today to recognize October as National Breast Cancer Month. Today, 3 million American women are living with the disease--2 million who have been diagnosed and 1 million who do not yet know they have it. These women are our sisters, daughters, coworkers, neighbors, and friends. But there is good news. Due in large part to federally funded research, we know more than ever about what causes breast cancer and how to more effectively treat the disease. In fact, since 1990, we have increased Federal funding for breast cancer research by nearly 600 percent. We also have made tremendous progress in increased access to mammography, which is the most effective way to diagnose breast cancer early. If detected and treated early, breast cancer has one of the highest survival rates. I also want to pay tribute to the many wonderful organizations that provide support to breast cancer patients and their families, like Y-Me in my home State of Illinois. These organizations offer invaluable services to the millions touched by this disease and have been crucial in bringing this issue to the forefront of the healthcare debate. October may be National Breast Cancer Awareness Month, but every day of the year this issue deserves our attention. I thank my colleagues for their support, and encourage them to continue to work for the millions touched by this disease.

Mrs. BIGGERT

Mrs. BIGGERT. Mr. Speaker, I rise today to pay special tribute to Richard Schutt, who for the last two years has chaired the board of Directors of the American Association of Homes and Services for the Aging (AAHSA). The association represents 5,600 mission-driven, not- for-profit nursing homes, continuing care retirement communities, assisted living and senior housing facilities, and community service organizations which are committed to advancing the vision of healthy, affordable, ethical long-term care for America. Every day, AAHSA's members serve more than one million older persons across the country. Mr. Schutt has been a member of AAHSA for many years, and has served in a number of leadership capacities. On October 28, at AAHSA's 42nd Annual Meeting and Exposition in Denver, Mr. Schutt will complete his term as the organization's chair, having served as its top elected leader since 2001. Prior to that, he served with distinction on the association's House of Delegates and as the chair of AAHSA's public policy committee. Mr. Schutt also previously chaired Life Services Network of Illinois, AAHSA's State association partner in my State, and the Health Resources Alliance, a group of 19 long-term care facilities serving more than 7,000 clients in the Chicago area. Under Mr. Schutt's leadership, AAHSA has developed the Quality First Initiative, a comprehensive approach to achieving true excellence in the quality of care across the continuum of aging services. The goals for Quality First are continued improvements in compliance scores under federal regulations, progress in promoting fiscal integrity, demonstrable improvements in clinical outcomes, better measurement of quality, high scores on consumer satisfaction surveys, and higher employee retention rates and reduction in turnover. Over 1,000 AAHSA members have signed a covenant committing their facilities to working toward these goals. Although Mr. Schutt is stepping down from the chairmanship of AAHSA, he will return to Illinois 13th Congressional District to continue his work in Lockport as executive director of Rest Haven Christian Services, a group of long-term care facilities that provide an array of independent living, assisted living and skilled nursing services. He also presides over Providence Management Company, which owns a home health agency and manages long-term care facilities in Illinois, Indiana and Michigan. Mr. Speaker, I ask that my colleagues join me in recognizing Richard Schutt for his distinguished record of service to older Americans in my district, in the State of Illinois, and across the nation.

Mrs. BIGGERT

Mrs. BIGGERT. Mr. Chairman, I thank the gentleman for yielding me this time, and I rise in support of the amendment of the gentlewoman from New York (Mrs. Maloney) to be offered later this afternoon. The conditions for women and young girls in Afghanistan are still worsening. Further assistance to the Afghan women and girls for education, protection of human rights is crucial, it is necessary, and it is the right thing to do. So I support the amendment.

Mrs. BIGGERT

Mrs. BIGGERT. Mr. Speaker, I rise today to commend the women of Afghanistan and to encourage my colleagues to join me in expressing strong support for their inclusion in the new Afghan constitution. Nearly 2 years after the fall of the Taliban government, Afghan women are reclaiming their rightful place in society, returning to jobs and professions they held before the Taliban. No longer do they live in fear of a brutal regime. Instead, they are working to build a new democracy. Under the Bonn Agreement, the people in Afghanistan will have in place in the coming months a new constitution. As the drafters continue the hard work of crafting that important document, we must continue to include the women of Afghanistan in the protection of their human rights. It is for this reason that the gentlewoman from New York (Mrs. Maloney) and I introduced today a resolution commending the participation of women in Afghan government and society and advocating the protection of women's human rights under the constitution. I urge Members to support this resolution.

Mrs. BIGGERT

Mrs. BIGGERT. Mr. Chairman, I thank the gentleman for his response, and I look forward to working with him to see that the Asian carp, and other species like it, do not make it into the Great Lakes.

Mrs. BIGGERT. Mr. Chairman, I thank the gentleman for yielding me this time, and for including in the manager's amendment language authorizing construction of a second aquatic invasive species dispersal barrier on the Chicago Ship and Sanitary Canal. I also thank the chairman for authorizing a study of and construction of needed improvements to the existing, temporary barrier. As the chairman is aware, these barriers are the last line of defense against an aggressive aquatic invasive species called the Asian carp. This menace is now well within 50 miles of Lake Michigan and approaching fast. I very much appreciate what the committee has done in this bill to halt the spread of invasive species like the Asian carp. I remain concerned, however, about the cost-sharing requirements and the burden on the State of Illinois. I do not want anything to delay the timely construction of a better permanent barrier.

Mrs. BIGGERT. I yield to the gentleman from Tennessee.

Mrs. BIGGERT

Mrs. BIGGERT. Mr. Chairman, I thank the gentleman for yielding me time. Mr. Chairman, I rise in strong support of H.R. 2622. I want to thank the gentleman from Ohio (Mr. Oxley) and the subcommittee chairman, the gentleman from Alabama (Mr. Bachus), the ranking member, the gentleman from Massachusetts (Mr. Frank), the gentlewoman from Oregon (Ms. Hooley), the gentleman from Kansas (Mr. Moore) and all the co-sponsors for their hard work on this extremely important piece of legislation. Mr. Chairman, to its sponsors and co-sponsors, every bill is an important bill, but there are a few bills that we will take up this session or this Congress that are as critically important to our economy as reauthorizing and making permanent the expiring protections contained in the Fair Credit Reporting Act, or FCRA. The FCRA may not be a household word, but it nonetheless touches virtually every aspect of our lives and our economy. Without this reauthorization, there could be no national credit system. Without a national credit system, there will be less credit, slower credit, inaccurate credit, inefficient credit, and in many cases, no credit at all. Less, slower, accurate, inefficient and no credit will lead inevitably to less spending, slower growth, lower incomes and fewer jobs. That would be noticed by the American consumer and would be a disaster for the American economy. And this is why H.R. 2622 is a must- pass bill for us this session. I want to add that H.R. 2622 is much more important than a routine reauthorization of a critically important program. Thanks to the hard work of many of my colleagues on both sides of this aisle, it is a much improved version of its predecessor because it addresses the new challenges and problems created by new technologies. Chief among those are the provisions addressing identity theft which barely existed 5 years ago when we last reauthorized expiring conditions of FCRA. In 2002, 14,777 complaints were registered with the Federal Trade Commission from victims of identify theft from my home State of Illinois alone. These consumers reported losses of almost $6.8 million to identity theft. H.R. 2622 is a good bill that provides important new protections for consumers and stops identity theft before it happens. Mr. Chairman, I urge my colleagues to support this bill.

Mrs. BIGGERT

Mrs. BIGGERT. Mr. Speaker, the state of financial literacy among our children is not good. Sixty percent of preteens do not know the difference between cash, credit and checks; 28 percent of 12-year-olds do not know that credit cards are a form of borrowing; and almost 40 percent of them do not know that banks charge interest on loans. That is why I am introducing today a bill that will better coordinate public and private sector efforts to enhance financial literacy among our youth. The CENTS legislation, as in dollars and cents, establishes a commission that will provide recommendations on how to interrogate high-quality, standards-based economic and financial education. The commission will identify the best practices in the teaching of economics and personal finance and it will recommend how to better coordinate Federal, State and private sector efforts. Mr. Speaker, I urge my colleagues to join me in cosponsoring the CENTS Act to improve the financial literacy of our Nation's young people.

Mr. BIGGERT

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

Mrs. BIGGERT

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

Mrs. BIGGERT. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I thank the Committee on Financial Services, the gentleman from Ohio (Chairman Oxley) and the ranking member, the gentleman from Massachusetts (Mr. Frank) for their support for this legislation which was reported out of committee unanimously, and I thank the gentleman from Tennessee (Mr. Ford) for his strong support as well as the chairman of the Subcommittee for Capital Markets, Insurance and Government Sponsored Enterprises, the gentleman from Louisiana (Mr. Baker), and the ranking member, the gentleman from Pennsylvania (Mr. Kanjorski). There is no sound reason in our securities laws to exclude the church plan participation and specifically tailored pension plan investments; and I think the gentleman from Massachusetts is right, this has been an oversight as we have changed the securities laws in the past that the church pension plans were not included. So the Church Pension Plan Fairness Act is a reasonable, measured, and fair response to many of the concerns raised by the clergy and other church employees around the country. Having no further requests for time, I urge my colleagues to support the legislation.

Mrs. BIGGERT. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1533) to amend the securities laws to permit church pension plans to be invested in collective trusts, as amended.

Mrs. BIGGERT. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I want to thank the gentleman from Massachusetts (Mr. Frank), the ranking member of the Committee on Financial Services for managing the bill and his support. I would also like to thank my colleague, the gentleman from Tennessee (Mr. Ford), for his support and cosponsorship of this bill. I understand he would have been here but his plane has been diverted. H.R. 1533, the Church Pension Fairness Act, will give the clergy and laypeople who work for churches the same investment opportunities that other workers have in America. Right now our securities laws prohibit church pension plans from participating in what we call collective trusts. As a result, church pension plans cannot pool their assets and reap the benefits of collective buying power. H.R. 1533 will correct this inequity. One thing most working Americans understand is the importance of saving money to ensure financial security after they retire. Just as important, they understand that investing in an employer-sponsored pension plan is a great way to help achieve this goal. America's clergy are no less interested in their retirement. In fact, for thousands of dedicated men and women of our clergy, pension plans are just as important, if not more so, as they are to members of the laity. Yet for far too long, Congress has failed to update church pension laws, making it more difficult for clergy and other church employees to maximize their retirement savings. One arcane yet important provision of our security law allows corporate and other secular pension plans to band together into what are called collective trusts. These trusts allow pension plans to pool their assets for investment purposes in various stock and nonstock options. They represent a way for pension plans to diversify their investments and to share the risks and transaction costs with other pension plans. Collective trusts are not the problem. The problem is that current law prohibits thousands of church pension plans across the country from participating in collective trusts. As a result, church pension plans cannot pool their assets and reap the benefits of collective buying power. H.R. 1533 will change this. Mr. Speaker, I should add that collective trusts will continue to have sole management and control over the assets that are invested as required by the SEC. Nothing in this legislation is intended to alter the traditional SEC interpretation that the financial institution is responsible for exercising hands-on control over the collective trust. H.R. 1533 allows church plan assets to be included in collective trust funds that also include assets of private employee and governmental plans. But this measure does not in any way affect Tax Code provisions governing the treatment of pension plans, including the requirement that a church plan must be maintained by a church or eligible church- affiliated organization. I urge my colleagues to join me in supporting this bill. Our clergy deserve no less than the millions of other working men and women of America. Mr. Speaker, I reserve the balance of my time.