Shelley Capito

Mrs. CAPITO

Mrs. CAPITO. I guess my question to you would be, in looking at your chart, as just a point of clarification for me, the hand chart, the red is the interest payment. Is that correct?

Mrs. CAPITO. So I think that the effect of these policies has been for us to be able to have higher tax collections to be able to afford and to be able to cut the growth of the deficit. We were projected that the deficit was supposed to grow by, originally projected to grow $423 billion. That is not good. That is not good. But the good news is it is only expected to grow $296 billion, which is $127 billion less than it was originally projected because of the higher tax.

Mrs. CAPITO. Your solution that you are advocating would be to raise the taxes from where they are right now to pay and meet this obligation. Is that basically correct?

Mrs. CAPITO. Okay. To draw a contrast here in our two positions, you would be for eliminating the tax cuts.

Mrs. CAPITO. Madam Speaker, I want to thank my good friend and colleague, the gentleman from Missouri (Mr. Cleaver) for joining me here this evening in an important discussion that I think should interest all Members. I am going to talk a little bit about how we got started on this. I am a member of the Rules Committee, and on the Rules Committee we have a Subcommittee on Civility. The chairman asked me to chair the Subcommittee on Civility, and I have some frustrations because now it is just the two of us on the Subcommittee for Civility. But we share a common goal here, and I think that tonight we are going to do sort of a demonstration project. We are here this evening to highlight a major problem facing the House of Representatives, and that is the continuing lack of civility during floor debate. The blame does not lie with one party or the other; rather, it is incumbent upon all of our Members to maintain an appropriate level of civility and decorum during debate. The manner in which we address our colleagues on the floor is not only recorded in the Congressional Record, but is also broadcast through C-SPAN to millions of Americans across the Nation each day, and probably around the world. The advent of C-SPAN was a great public service, allowing the public to view the floor proceedings in Congress from their homes, both the good and the bad. It is healthy for Members to come to the floor and debate the issues facing our Nation, but it must be done in a manner that is respectful of our fellow Members, the people we are elected to serve, and the distinguished body we are proud to serve. I can tell you when I speak to my constituents across the Second District of West Virginia on a variety of topics of concern to all West Virginians, I am always guaranteed one line of applause, and that is when I apologize for the lack of civility in the House of Representatives. So, tonight, Mr. Cleaver and I will have a good, spirited debate on the tax policies put in place. I firmly believe that the tax policies have spurred the economic growth that we are experiencing and will continue to lead towards a robust economy. Mr. Cleaver and I do not agree on this tax policy, but we can agree that it is an important debate to have and one that can be conducted in a civil manner. So we are going to highlight our differences of opinion on tax policy and then have a general discussion on improved civility in the House of Representatives. Madam Speaker, I now yield to my friend from Kansas City for his opening remarks and any other remarks.

Mrs. CAPITO. Well, that is a very respectful debate, and if you are ready, I think we will just kind of close. I think we have covered a lot of our bases, and I want to thank the gentleman from Missouri (Mr. Cleaver) for, I think, a very instructive debate, and I think we have learned a lot from each other. I certainly have, and I would now like to move just a little bit about the civility issue in Congress. I found a couple of quotes, one of which was from Winston Churchill who said, ``Many forms of government have been tried, and will be tried in the world of sin and woe. No one pretends that democracy is perfect or all-wise. Indeed, it has been said that democracy is the worst form of government except all those other forms that have been tried from time to time.'' None other than our first President, President George Washington, when he began, he wrote, ``Rules of Civility and Decent Behavior,'' and it is fun to thumb through this because some of them are telling us not to spit on the floor and make sure we go out clothed and all those things that I think we do do that all right. But the very first one that he has is, Every action done in company ought to be with some sign of respect to those that are present. He also said, ``Think before you speak, pronounce not imperfectly, nor bring out your words too hastily, but orderly, distinctly.'' Those are wise, wise words, I think, from our very first President. I am sure that if he is in Mt. Vernon listening to us right now, or not us, but some of the debate that we have on the floor of the House, then he is not too proud at the level of disrespect that we sometimes show our colleagues. So I want the thank you for joining with me in this effort. I want to say to all the other Members on both sides that we want this to be an ongoing practice, where we will pick a good topic that we can debate civilly and other such exercises, and we are going to grow this committee, the two of us, so we can return this body to the great esteem, the great integrity, the great respect and the great historical honor that I believe it is due. So I thank Mr. Cleaver.

Mrs. CAPITO

Mrs. CAPITO. Madam Speaker, I would like to thank the gentleman from Georgia for yielding me time, and I rise in support of the rule and the underlying bill. I am a proud cosponsor of the Pledge Protection Act, and, like many of my West Virginia constituents, I am disappointed that this legislation is necessary. I was disappointed 4 years ago when two judges of the Ninth U.S. Circuit Court of Appeals ruled that our Pledge, our statement of shared national values, was somehow unconstitutional. I do not take legislation that removes an issue from the jurisdiction of this court system lightly. This legislation is appropriate, however, because of the egregious conduct of the courts in dealing with the Pledge of Allegiance. By striking ``under God'' from the Pledge, the Ninth Circuit has shown contempt for the Congress which approved the language, and, more importantly, shows a complete disregard for the millions of Americans who proudly recite the Pledge as a statement of our shared national values and aspirations. One of the many great things about living in a Nation under God, indivisible, with liberty and justice for all, is that no one is required to recite the Pledge if they disagree with its message. We are a Nation that respects minority opinions. Those who disagree with the Pledge have every right to attempt to convince others of their point of view and convince Congress to change it. That is how our system works. Instead, the Ninth Circuit would allow the opinion of one person who disagrees with the Pledge to override the opinions of tens of millions of Americans who want to express their belief that America is in fact one Nation under God. I am proud to stand with the vast majority of Americans and certainly the vast majority of West Virginians who support our Pledge of Allegiance the way that it is. We do not need Federal judges to dictate what our Pledge says. I hope my colleagues will join me and support the Pledge Protection Act.

Mrs. CAPITO

Mrs. CAPITO. Mr. Speaker, today we recognize the American Legion Post No. 91 and Auxiliary Unit No. 91 in Romney, WV, and Post No. 137 in Capon Bridge, WV. Both are located in my district, Hampshire County. Post No. 91 has a long tradition of monthly meetings since 1920, sponsoring strong child and youth programs, and flying flags on holidays such as Memorial Day, Flag Day, the Fourth of July, and Hampshire Heritage days. Post Commander Madelaine Shallcross has boosted membership to 450 members. Auxiliary Unit No. 91 is led by 7-year President Diana Haines. Founded in 1926 with only 22 members, it has now grown to be part of the third largest unit in the State. The 435 members volunteer and maintain the expense of the Hampshire County Library. In 1926, the auxiliary assisted the Legion in designing an honor roll plaque for the World War I servicemen of Hampshire County. Post No. 137 has an active membership of 400 in Capon Bridge, WV. Post Commander Bob Brasher is assisted by President Sally Reid and Larry LaFollette, head of the Sons of the Legion group. Each of these organizations provides a venue for fellowship, volunteerism, and patriotism. The service each member has given to their Nation and community shall be forever cherished and represented.

Mrs. CAPITO

Mrs. CAPITO. Mr. Speaker, I rise today to celebrate the 100th anniversary of the London Post Office in London, WV. Despite 15 postmasters and three different buildings it remains a center of activity for the community. The first location for the post office was in a building near the railroad tracks, and it was later housed in a general store that burned down in 1989. The current post office now sits on the same piece of land as the two previous ones. This landmark has become an anchor of the community for social gatherings and town news. Chip Frame is the current postmaster and has worked there for 9 years. Even with an hour commute, the family atmosphere and friendly community make it worth the drive for him.

Mrs. CAPITO

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

Mrs. CAPITO. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I would like to remind my colleagues that the vote that we are discussing is the rule on the duopoly bill, which will increase the number of credit rating agencies so that we can have more transparency, more accountability, so that not only investors will be protected, but also those folks who work for those businesses who have 401(k)s who have their savings invested in the company that they work for. This will provide for them better protections, better transparency, and better accountability. Mr. Speaker, I reserve the balance of my time.

Mrs. CAPITO. Mr. Speaker, I yield back the balance of my time, and I move the previous question on the resolution.

Mrs. CAPITO. Mr. Speaker, let me conclude my remarks by reminding my colleagues that defeating the previous question is nothing more than an exercise because the minority wants to offer an amendment that would otherwise be ruled out of order as nongermane. So the vote is without substance. The previous question vote itself is a procedural motion to close debate on this rule and proceed to a vote on its adoption. The vote has no substantive policy implications whatsoever. At this point in the Record, Mr. Speaker, I insert an explanation of the previous question. The Previous Question Vote: What Does It Mean? House Rule XIX (``Previous Question'') provides in part that: There shall be a motion for the previous question, which, being ordered, shall have the effect of cutting off all debate and bringing the House to a direct vote on the immediate question or questions on which it has been ordered. In the case of a special rule or order of business resolution reported from the House Rules Committee, providing for the consideration of a specified legislative measure, the previous question is moved following the one hour of debate allowed for under House Rules. The vote on the previous question is simply a procedural vote on whether to proceed to an immediate vote on adopting the resolution that sets the ground rules for debate and amendment on the legislation it would make in order. Therefore, the previous question has no substantive legislative or policy implications whatsoever. Mr. Speaker, I would like to say that the underlying legislation is an important step towards improving transparency in the credit rating industry and the quality of information provided by the agencies. The industries receiving credit ratings are wide-ranging, from information technology, healthcare, manufacturing, financial services, and the list goes on. I would also like to remind my colleagues that many, many workers in America and investors in America are heavily reliant on the full health of the companies that they work for and invest in, all up and down the economic ladder. Allowing smaller industry specific credit rating agencies to enter the market will improve the information provided to investors. We cannot forget those workers of Enron and WorldCom who were saving for colleges, saving for retirement, and basically left penniless. With the ever-increasing importance placed on these ratings by investors, it is important that clear requirements for registration of credit rating agencies be created, and this legislation is a giant step towards that goal. I would like to remind my colleagues that this fair rule makes in order all germane amendments that were presented to the Committee on Rules.

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

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

Mrs. CAPITO. Mr. Speaker, it is my honor to yield 4 minutes to Mr. Baker of Louisiana, a champion of the Financial Services Committee.

Mrs. CAPITO. Mr. Speaker, I yield 5 minutes to the gentleman from Pennsylvania (Mr. Fitzpatrick), the sponsor of the bill.

Mrs. CAPITO. Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 906 and ask for its immediate consideration.

Mrs. CAPITO. Mr. Speaker, for the purpose of debate only, I yield the customary 30 minutes to the gentlewoman from California (Ms. Matsui), pending which I yield myself such time as I may consume. Last night, the Rules Committee granted a structured rule for H.R. 2990, the Credit Agency Duopoly Relief Act of 2006. The rule provides 1 hour of general debate equally divided and controlled by the chairman and ranking minority member of the Committee on Financial Services; waives all points of order against consideration of the bill. The rule also provides that the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill shall be considered as an original bill for the purpose of amendment and shall be considered as read. The rule makes in order only those amendments printed in the Rules Committee report accompanying the resolution. It also provides that the amendments printed in the report may be offered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question in the House or in the Committee of the Whole. The rule waives all points of order against the amendments printed in the report and provides one motion to recommit, with or without instructions. During consideration of the resolution, all time yielded is for the purpose of debate only. Mr. Speaker, this is a fair rule, making all germane amendments that were offered in the Committee on Rules in order. The underlying legislation is an important, commonsense approach to providing greater transparency for credit rating agencies. Who can forget the scandals following the bankruptcies of Enron and WorldCom? Even more shocking is the fact that both corporations were given investment grade ratings by credit rating agencies just before their financial collapse. This misrepresentation resulted in the loss of millions of dollars for investors. The root of the problem lies with the current process of recognizing statistical rating organizations by the Securities and Exchange Commission. The current process stifles competition and fosters an environment that has led to two rating agencies holding 80 percent of the market share. A level playing field is needed so smaller companies with expertise in specific areas can enter the market. H.R. 2990 clearly lays out the registration requirements for rating agencies replacing the current opaque designation process by the SEC. By injecting the current system with competition and greater transparency, the quality of ratings will be enhanced. This act will also provide greater investor protection, including provisions requiring rating agencies to be in the business of issuing credit ratings for at least 3 years prior to filing an application for registration as a nationally recognized statistical ratings organization, ensuring better quality assessments for investors. Mr. Speaker, the economy is booming due in part to greater participation by investors in the various markets. Greater transparency, accountability and competition among credit ratings agencies will provide investors with better information and encourage future investment. The underlying legislation is a step in the right direction towards ensuring this success. Finally, this legislation will improve the quality of information provided to investors. It is no secret that a little competition improves quality and expands services offered. Armed with more reliable and accurate credit ratings, investors will continue to drive the economy and foster a more innovative environment. I would like to remind all Members that the rule makes in order all germane amendments presented to the Committee on Rules. I urge all Members to support this fair rule and the underlying legislation. Mr. Speaker, I reserve the balance of my time.

Mrs. CAPITO. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I find it rather ironic that the bill before us today is a bill that I think would help go a long way towards bringing more transparency and accountability to credit rating agencies. They agree with the principles behind the bill, which would avert and help the working people of America to make not only better investment decisions, but to know that the company that they are working for and entrusting their savings with is going to have a fair and balanced look at their books. We have no disagreement in terms of the rule. We have two different approaches to this, and I think we would really be well served to keep the debate looking towards how we can best protect those working people under the realm of the bill that we are discussing today. Mr. Speaker, I reserve the balance of my time.

Mrs. CAPITO

Mrs. CAPITO. Mr. Speaker, I rise today to recognize an outstanding West Virginian, Kevin Estep, from Apple Grove, West Virginia. A volunteer with the National Service Agency, Kevin is the recipient of the 2006 Learn and Serve America Spirit of Service Award. Kevin received his honor at the 2006 National Conference on Community Volunteering and National Service, which was held in Seattle, Washington, because of his service with HI-Y, a YMCA-affiliated leadership organization. He has volunteered as a camp counselor, helped 7-to-12-year-old, low- income, at-risk boys and girls at the Governor's Youth Opportunity Camps at the YMCA Camp Horseshoe. He encourages children to read, try new things, build skills, and set goals for a better life. A leader in his school, Kevin is an honor student with a 3.9 GPA, a member of the school band, and has two part-time jobs. As a graduate of Point Pleasant High School, he plans to attend Marshall University in Huntington in the fall. Kevin is a leader in his community at a young age, and he is a role model for his peers and younger West Virginians. I commend him on his service to his community, State, Nation, and fellow citizens.

Mrs. CAPITO

Mrs. CAPITO. Mr. Speaker, I rise today in honor of my good friend, Ms. Kathryn Gene Salem, Director of Mason County Action Group. Ms. Salem has lovingly guided and nurtured the Mason County Action Group, molding it into an effective and productive agency in my congressional district. Ms. Salem's passion is shown in her desire to make seniors' lives better. Her selfless dedication to the community is evident through efforts coordinating and providing health, educational, recreational, and intergenerational services. Ms. Salem's positive impact on the community will be felt for many years to come. I join with the residents of Mason County and West Virginia in commending Ms. Salem for her outstanding ability to give to others for the past 28 years. Mr. Speaker, I urge my colleagues to join me in honoring Ms. Salem's retirement.

Mrs. CAPITO

Mrs. CAPITO. Mr. Speaker, it is my honor to yield 2 minutes to my good friend, Mr. Tiahrt.

Mrs. CAPITO. Mr. Speaker, it is my honor to yield 2 minutes to the champion of this bill and a champion for rural America, the gentleman from Pennsylvania (Mr. Peterson).

Mrs. CAPITO. Mr. Speaker, I yield 2 minutes to the gentleman from Iowa (Mr. Latham).