Bob Dold

Mr. DOLD

Mr. DOLD. Mr. Speaker, unemployment numbers just came out for our country; and again we see the country at 9.1 percent unemployment. The number one issue that we face here in this body and this government, I would argue, is jobs and the economy. This week we have an opportunity to come together in a bipartisan fashion. The President has talked about the trade agreements with both South Korea, Colombia, and Panama; and I think this is an opportunity for us to be able to level the playing field to allow the American worker to win. We know that if we level the playing field, the American worker can win; and we know that if we take South Korea alone, this is an opportunity for us to add $10 billion to our GDP. For every billion dollars that we send in exports, we create 6,250 jobs right here at home. Seventy-three percent of the dollars are outside of the United States and 95 percent of the consumers. We want to make sure that we're selling America abroad. This is an opportunity for us to put American workers back to work, try to lower the unemployment rate from 9.1 percent, and move the country forward. I ask my colleagues on both sides of the aisle to come together today and this week to pass the free trade agreements and move our country ahead.

Mr. DOLD

Mr. DOLD. Madam Speaker, on rollcall No. 765 I was unavoidably detained in Committee with Secretary Geithner. Had I been present, I would have voted ``yea.'' Stated against: Ms. PELOSI, Madam Speaker, on rollcall No. 765 I was detained at an official event. Had I been present, I would have voted ``nay.''

Mr. DOLD

Mr. DOLD. Mr. Speaker, on rollcall No. 745 I was unavoidably detained. Had I been present, I would have voted ``yea.''

Mr. DOLD

Mr. DOLD. Mr. Speaker, just last week I had the opportunity to host a manufacturing roundtable to hear firsthand from job creators in the 10th District of Illinois. These business leaders spoke about the challenges that they are facing and how decisions made right here in Washington, D.C. impact their ability to create jobs and put Illinois back to work. The entrepreneurs I met with expressed their concern with the uncertainty in the marketplace and spoke about the difficulties they face when competing in a global marketplace. From trade to excessive regulations, it is clear that much work needs to be done right here in Washington, D.C. Despite the problems that our country and businesses face, I am optimistic about the future. Just yesterday, the President sent long- anticipated trade agreements to Congress for approval. We heard the President talk about his Jobs Act; and while there may be some disagreement about the Jobs Act, certainly I think that there are areas where we can agree, and I think that we ought to move those aspects forward. Certainly when we talk about the trade agreements, I would argue that's one of the areas that has broad bipartisan support, and we should move it forward for the American public. We have 650 manufacturers in Illinois' 10th Congressional District representing 80,000 jobs. Fifty thousand of those jobs rely upon exports, and I would argue that our ability to open and expand markets will create that demand. Seventy-three percent of the world's purchasing power is outside of the United States. Ninety-five percent of the consumers are outside of the United States' borders. We want to make sure that we have an agreement, an arrangement where we can knock down these barriers where we can allow the American worker to compete on a level playing field. If we are able to do that, the American worker will win. We know that for every billion dollars that we increase in trade, we create 6,250 jobs right here at home. We know that it would add, just with South Korea alone, would add $10 billion to our GDP. This is a step, certainly, in the right direction. In Illinois, manufacturing accounts for 93 percent of our exports, and these exports support 25 percent of the manufacturing jobs in our State, a State that's lost 750,000 manufacturing jobs over the last decade. Small businesses are also a big part of those exports. By ratifying the pending trade agreements, we are empowering manufacturers, small business owners, and entrepreneurs. This is exactly the type of bipartisan action we need to be taking in these tough economic times. While there is much more work that needs to be done, we should be encouraged by the movement on the trade agreements and use this as a stepping stone to continue working together and finding common ground. When we come together for the American public, we can create an economic certainty that allows small business owners all across the land to be able to forecast, have some more certainty, invest in their business and create jobs. There are 29 million small businesses in our Nation. If we can create an environment here in Washington, D.C. where half of those businesses can create one job, think about where we would be then. I ask my colleagues on both sides of the aisle to come together to pass these pending trade agreements. Put the American worker first, and let's get America back to work.

Mr. DOLD

Mr. DOLD. I want to thank the chairman for his leadership in trade, and certainly this is an important topic. Just last month, we were actually here in this Chamber when the President came down to talk about jobs and the economy. And there's no doubt it is the number one issue that faces our country today regardless of what side of the aisle you sit on. The President got up and talked about his jobs package; and as opposed to saying, no, we don't want the jobs package, what I said and what a number of colleagues that I know have talked about is what are the areas that we agree upon. And let's focus on those and try to pass those because the American public is demanding that of us. Certainly at the top of that list are the free-trade agreements. And when we talk about the free-trade agreements, it's trade promotion where we're actually setting the ground rules with foreign countries, where the United States can actually compete on a level playing field. And if we can complete on a level playing field, the American worker can win. In the 10th Congressional District of Illinois, we've got 650 manufacturers that represent over 80,000 jobs. Of those 80,000 jobs, over 50,000 of those jobs rely upon exports. You've heard the statistics from some of my colleagues here today talking about 73 percent of the world's purchasing power is outside of the United States, and 95 percent of all consumers are outside of the United States. Just this last week, I had a manufacturers' roundtable where part of the topic of discussion was demand. Well, if we want to increase demand, I would certainly argue that we need to be able to have access to markets outside of the United States. Just South Korea alone would add $10 billion on to our GDP. For each additional billion dollars of exports, we create 6,250 jobs in America. That is a jobs plan. We can create additional jobs. In Illinois, we've lost 750,000 manufacturing jobs over the last decade; and, frankly, we need to turn that tide around. We know in order to be competitive in the United States, the world is not going to sit back and wait for us. The EU has signed its free-trade agreement with South Korea, with Colombia and with Canada, and you've heard from others that the world is not going to wait. We're losing market share as we speak each and every day that we don't act. We must move forward. It represents a significant amount to our GDP. And we all know that if we don't act now, we're going to lose jobs. It must be putting jobs first and foremost that's going to allow us to move forward for our country. So I urge my colleagues on both sides of the aisle to stand up and embrace what the President has given to us. And I certainly appreciate the President sending us the free trade agreements. We told him we would act quickly. He sent them to us today, and today we're talking about them on the floor. We're going to act, and act swiftly, for the American people and for jobs. Mr. Chairman, I thank you so much for your leadership on this very important issue. It's about jobs and the economy and putting American workers back to work.

Mr. DOLD

Mr. DOLD. I, too, want to send my happy birthday out to the Peace Corps, and certainly it's a great day to celebrate that birthday. Madam Speaker, what we are seeing at the United Nations this week is a brazen rejection of the basic principle of a negotiated peace. Tomorrow, Mahmoud Abbas will deliver a speech at the United Nations where he is expected to formally announce a resolution to unilaterally seek the declaration of a Palestinian state. While we are ultimately committed to a future where the two states, Israel and Palestine, are able to live side by side in long-term peace and security, while all of us in this Chamber heard directly from Israeli Prime Minister Netanyahu in May on his nation's commitment to a two-state solution, the question I have and which I wish every nation in the world who will be voting on this issue should ask itself is: Are the Palestinians ready to make peace? This is the key question and is what Prime Minister Netanyahu laid out in his remarks right here in this Chamber: ``The conflict has never been about the establishment of a Palestinian state. It has always been about the existence of the Jewish state. That is what this conflict is about.'' Madam Speaker, this unilateral declaration of independence is a direct challenge to the United States and the efforts and the dollars we have committed in recent years to promote a real, lasting peace. It is fundamental that peace cannot be imposed from the outside. It can only be made in Jerusalem and Ramallah. There are too many difficult core issues which can only adequately be addressed through direct negotiations, which must be mutually accepted by governments on both sides, and, most importantly, which must be ratified by the people who live there. Without these vital elements, you don't have peace. You don't even increase the chances for peace down the road. Rather, you undermine the prospects for achieving it in the future. This is the point of this unilateral declaration. Where is the commitment to peace on the Palestinian side? Palestinian officials have made it clear that this unilateral effort is another means of isolating Israel and escalating the conflict against her. Palestinian officials have made it clear that they seek to advance this bid so that they can attack Israel through the international legal system, including taking actions against Israel in the International Court of Justice. The tragic reality, Madam Speaker, is that Israel lives in a very dangerous region of the world, and the Israeli people absolutely have grave security concerns that should not simply be tossed aside by countries that are allies of the United States of America. The Israeli people are surrounded by hostile neighbors that want to drive Israel out of existence. We here in America must understand the reality on the ground and the threats Israel faces each and every day. Israel is a peace-seeking democracy, and the Israeli people simply want to live in peace and security. Iran has its proxies closing in: Hamas in Gaza; to the south there's the Muslim Brotherhood, now gaining significant power in Egypt; Hezbollah is in the north; and in the northeast is Syria, led by Assad. The recent downgrade in relations by Turkey is very serious. The instability of the Sinai is of enormous concern. This is a dangerous neighborhood, and recent events are bringing into sharp view Israel's daily reality--increased isolation and living under siege. As we witnessed with the flotilla last year, with the storming of Israel's Embassy in Cairo 2 weeks ago, or with Turkey's new aggressive, bellicose rhetoric and actions, Turkey, who until very recently had enjoyed a successful diplomatic and economic partnership with the State of Israel, events in the Middle East can easily spiral out of control and lead to outcomes that nobody desires. Fortunately, the Members of this Chamber have made it clear to the entire world that we will not sit idly by during the continued delegitimization of the State of Israel and the international community. I applaud the efforts of my colleagues in both parties who have continued to beat the drum and call this unilateral attempt exactly what it is--an effort to circumvent direct negotiations and undermine peace. I am pleased that the President is committed to vetoing this unilateral attempt in the Security Council if it does come to a vote, and I appreciate his administration's focus on this particular critical issue. We must continue in our efforts to urge the nations of the world to stand with the United States, support peace efforts in the Middle East, and oppose this resolution. Peace between Israel and her Palestinian neighbors cannot be achieved unless both sides sit and find common ground. Unilateral declarations and third parties cannot do it for them. The only path forward is for the Israelis and the Palestinians to sit together and find peace. It is time for Mr. Abbas to come back to the table--his actions and decisions here must not be rewarded; our allies in the world should recognize this--otherwise they are legitimizing and ratifying the Palestinian refusals to negotiate.

Mr. DOLD

Mr. DOLD. Madam Speaker, I rise today to remember Senator Charles Percy, who passed away just this last week at the age of 91. Senator Percy served the great State of Illinois for 18 years. His leadership was recognized by his colleagues, and he went on to chair the Senate Foreign Relations Committee. He was also beloved by his constituents for his efforts to provide home ownership to low-income families and his work to eliminate corruption in judicial selection in Chicago and ensuring that all judicial nominations were done through a strict advisory process. I am honored to say that Senator Percy is from the 10th District. He is also a graduate of New Trier High School, as am I. In fact, I remember delivering literature as a child for Senator Percy. Senator Percy's legacy will remain in the hearts and minds of the people of Illinois. Always fighting for justice and those without a voice, he is truly going to be missed. My thoughts and prayers are with his family today.

Mr. DOLD

Mr. DOLD. Over the past several weeks, I've had the privilege to meet with people from all over Illinois's 10th Congressional District. Whether I was at a senior center or holding a town hall meeting, one thing was clear: The people are concerned about the economy, and they want Congress to work together to find solutions. Throughout August I toured several factories, held town hall meetings, hosted a job fair where over 600 people attended, and organized meetings with manufacturers and entrepreneurs. At each and every one of these events people eagerly shared their ideas about how to spur the economy. And one thing also was clear, that they were fed up with Washington's politics as usual. Mr. Speaker, we know Washington doesn't create jobs. Small businesses and entrepreneurs do. But Congress does have the responsibility to create an environment that fosters job creation and removes barriers that stifle innovation and economic growth. Tonight, Mr. Speaker, we're going to hear from the President. I'm looking forward to finding common ground so that we can put people before politics and progress, before partisanship so we can get America back to work.

Mr. DOLD

Mr. DOLD. Our economy has seen incredibly weak economic growth over the last two quarters. Just today, we found out that manufacturing is at its lowest level in the past 2 years. My district, the 10th District of Illinois, is one of the largest manufacturing districts in our Nation, and there is no doubt that families are struggling. I am optimistic that Washington is finally coming together and finding common ground on this debt ceiling debate. We must--I emphasize--we must move forward. Hardworking taxpayers have had enough, and I get it. We must have spending discipline here in Washington--no more budget tricks, no more accounting gimmicks, no more empty promises. American families have to tighten their belts, and they should expect that Washington will do the same. Now is the time to move forward and focus on jobs. If we are serious about paying down the debt and increasing revenue, then we must empower job creators. Small businesses in our Nation are overburdened by economic uncertainty, government regulations and redtape. We need to implement commonsense solutions that create jobs and get our economy moving again.

Mr. DOLD

Mr. DOLD. I want to thank the distinguished chairman from San Dimas, California. Let me just say, Mr. Speaker, our getting our fiscal house in order is one of the most important things that we can do in this body to jump-start our economy. Just recently our economy has seen weak economic growth, especially over the last two quarters. Just today we find out that manufacturing is at its lowest level in the last 2 years. In my district, the 10th District of Illinois, we have one of the largest manufacturing districts in the country, and there is no doubt that families--not only in the 10th District, but across the land--are struggling. Today I am optimistic that Washington is finally coming together in a bipartisan way to find some common ground on this debt ceiling debate. We must, we must move forward. Hardworking taxpayers have had enough, and I get it. We have spending discipline here in Washington, no more budget gimmicks, no more accounting tricks, no more empty promises. American families have had to tighten their belts all across the land. American businesses had to do the same. They should expect the Federal Government should follow suit. Now is the time to move forward and focus on jobs. If we were serious about paying down our debt and increasing revenue, then we must empower job creators. Small businesses in our Nation are overburdened by economic uncertainty, government regulations, and redtape. We need to implement commonsense solutions and create jobs to get our economy moving again. As a small business owner, Mr. Speaker, I employ just under 100 families, and for me that's an enormous responsibility. We have to move forward. We have to empower job creators. We have to talk about getting 9.2 percent unemployment down so that we can get our economy going and bring additional revenues into the Federal coffers by putting more people back to work.

Mr. DOLD

Mr. DOLD. I thank the gentleman for yielding. Since 1947, 49 million Hindus in Bangladesh have gone missing, according to Professor Sachi Dastidar. A recent Hindu American Foundation report concluded that the ``Hindus of Bangladesh continue to be victims of daily acts of murder, rape, kidnapping, temple destruction, and physical intimidation.'' Dr. Richard Benkin, an authority on human rights abuses in Bangladesh, has described to me on several occasions the atrocities and human rights abuses suffered by Bangladeshi Hindus that he personally has verified. Other groups, like the Christian Assyrians in Iraq's Nineveh province, the suffering of the Baha'i prisoners in Iran, and millions of others who seek to practice their religion in peace, look to the United States as a beacon of hope. I believe this bill helps us answer that important call. H.R. 440 will create a powerful diplomatic tool for the promotion of religious freedom and human rights in the volatile regions of the Near East and South Central Asia. I thank the gentleman for his bill, and I urge support for this meaningful legislation.

Mr. DOLD

Mr. DOLD. Mr. Speaker, the American people are depending on the Congress and the President to find a solution to the Nation's skyrocketing debt. Now is not the time for partisan rhetoric. Rather, now is the time for both sides to come together and work on finding a bold bipartisan plan to address the Nation's debt and debt ceiling. One thing we can all agree on is default is not an option. We will and must pay our obligations. Small business owners who have worked their entire lives for sterling credit ratings would receive a devastating blow if Washington can't set aside their differences and come together on this important debate. At a time when unemployment is at 9.2 percent, default is not an answer. We need to encourage the job creators of our country to invest and to hire, not paralyze them with even more economic uncertainty. I urge my colleagues on both sides of the aisle to work on a bold plan. There's no reason that we cannot come together and work to cut spending and put our Nation back on the path to fiscal sanity. Americans across our country are depending on us to get the job done.

Mr. DOLD

Mr. DOLD. Madam Chair, I demand a recorded vote.

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

Mr. DOLD. Mr. Chairman, I rise today to restore funding to the Great Lakes Restoration Initiative. This important initiative received steep cuts in this year's Interior bill. My amendment would simply restore half of the funding that was cut. This amendment is part of a two-step process to restore funding to the Great Lakes Restoration Initiative. This amendment transfers funds from the Departmental Offices account to the Environmental Programs and Management, and it would be accompanied by a subsequent amendment to increase this funding to the Great Lakes Restoration Initiative. I do appreciate the support that the Appropriations Committee has shown the Great Lakes Restoration Initiative in the past, and I am thankful that it does remain a priority within the Geographic Programs account. However, I do believe it is vitally important to restore some funding so that we can continue to protect the Great Lakes. The Great Lakes are truly a shared national treasure. As the largest group of freshwater lakes on Earth, they hold 95 percent of the United States surface freshwater and are a source of clean drinking water to over 30 million people. From the beautiful beaches and wide open waters to the bluffs and dunes, the Great Lakes provide a wide array of recreational opportunities and are an important part of the physical landscape and cultural heritage of North America. Furthermore, the Great Lakes provide transportation for raw materials and finished goods, all of which create jobs and contribute to a stronger economy. The Great Lakes Restoration Initiative is an important part of restoring the health and vitality of our Great Lakes. Certainly, in my district--the 10th District of Illinois--we want to make sure that the Great Lakes are taken care of and protected for future generations. However, the ecosystem is showing signs of serious stress, and action is now required to restore, rehabilitate and make our Great Lakes better. As a scoutmaster, I teach the Boy Scouts the principles of leaving areas better than when we found them. The Great Lakes Restoration Initiative is an important avenue by which to clean up our lakes and restore them to their natural beauty so that they can remain the crown jewel for generations to come; but in order to preserve our Great Lakes, we need the Great Lakes Restoration Initiative to help tackle the challenges facing this natural treasure. First, toxic substances are polluting the water, and this initiative helps with cleanup and pollution prevention. Also, invasive species are causing severe ecological stress on the lakes, and the initiative institutes a zero tolerance policy so that species such as the Asian carp cannot become fully established in the Great Lakes. Third, we must ensure that the pollution does not impair water quality. Finally, the Great Lakes Restoration Initiative works to restore degraded wetlands and wildlife habitats. Earlier this year, I, along with Congressman Lipinski, introduced the Great Lakes Water Protection Act, which would protect Lake Michigan and the rest of the Great Lakes from wastewater discharges by prohibiting publicly owned treatment works from intentionally diverting wastewater systems to bypass any portion of the treatment facility. This is just one more step my colleagues and I in the Great Lakes region are taking to fight for the protection of our lakes. Yet, despite all of these concerns, the current recommendation for this critical initiative is just over half of what it received in fiscal year 2010, and is $49.4 million below the fiscal year 2011 enacted level. I do appreciate the hard work that the Appropriations Committee has been tasked with, and I fully support the committee's efforts to be fiscally responsible--to rein in Federal spending and to make sure that we are funding our Nation's priorities. That is why my amendment only seeks to restore half of the roughly $50 million cut that the Great Lakes Restoration Initiative received in this year's Interior bill. I do believe that the Great Lakes are at risk, and we must restore funding so that the Great Lakes Restoration Initiative can work to protect our natural resources for our children and our grandchildren for decades to come. With that, I yield back the balance of my time.

Mr. DOLD

Mr. DOLD. Madam Speaker, our number one priority here in the United States Congress is jobs and the economy. I'm happy to say that I think that's the number one priority on both sides of the aisle. So the question then becomes: What other things can we be doing each and every day to move forward that agenda? In my district, the 10th District of Illinois, we've got 650 manufacturers, representing 80,000 jobs. It's the third largest district for manufacturing in our Nation. Forty-six thousand of those jobs rely on exports. The President has said that he wants to double exports by 2014. We certainly want to help him in that process. For every billion dollars that we increase in exports, we create 6,250 jobs, according to the statistics. The Korean Free Trade Agreement alone would add $10 billion of GDP to our bottom line. It is important--I would say critical--that we pass the pending free trade agreements with South Korea, Panama, and Colombia so we can expand our markets and create jobs here at home.

Mr. DOLD

Mr. DOLD. I thank the gentleman from Wisconsin for yielding. We did hear some rhetoric on the other side that basically said we do have a plan, that the President has laid out a plan; it's clear. Well, frankly, the CBO--the Congressional Budget Office--has taken a look at that to say we can't score speeches. This is a very serious time. We do need to talk about a big, bold plan to put ourselves and our country back on the right course. We just heard some rhetoric talking about how this was the deficit that the Republicans had run up. Let me tell you, yes, the Republicans have had some deficit spending. This is a bipartisan issue. Washington has a spending problem. We are spending $1.6 trillion this year of money we don't have; 42 cents of every single dollar that we are spending is borrowed. Mr. Speaker, I'm a small business owner. I employ just under 100 people. For me, that's 100 families. These are families that are living paycheck to paycheck. If I ran my business like the Federal Government is run today, I would be out of business inside the month. It is frankly irresponsible the way that this country is being run right now. We have to talk about tightening our belt. We cannot continue to spend the way that we have been spending and expect that we're going to get jobs. This is about jobs and the economy. We have to make sure that we're providing more certainty because I can tell you I have received phone calls from constituents and from business owners back in my district. There are 650 manufacturers in the 10th District of Illinois. They do need to have some certainty before they are going to invest back in their business and create additional jobs. We cannot be looking at trillions of dollars in deficit spending and expect that this is going to be a jobs plan. We have to tighten our belt. The American public has tightened their belt. American families are living under a balanced budget in their own right. American businesses are doing the same. They should expect that their Federal Government should also live within their means. There is no question that this is a very serious time. We are not going to become a deadbeat debtor. The way I tell my constituents back home, it is like purchasing a business. We think we have the best business in the world in the United States of America. And yes, it has got some debt, which we are obligated to pay. But we have to restructure how that business is taking on that debt if we are serious about wanting to reform it for next generations.

Mr. DOLD

Mr. DOLD. Madam Speaker, our government should not be in the business of picking winners and losers. Yet, when it comes to our Nation's sugar policy, Washington has decided to implement price controls, which cost our country jobs. According to a Commerce Department study, for every job Washington protects by its antiquated sugar policy, three American manufacturing jobs are lost. At a time of record unemployment, the last thing that we should do is maintain an outdated policy that hurts job creation here at home. In my district, the 10th District of Illinois, we have confectioners, family bakeries, family restaurants, and food makers who are forced to pay higher prices for sugar because of government price controls. If Washington removed these price controls, it would lower the cost of sugar and allow small businesses and confectioners to lower the price of goods and to hire more workers. Today, I am asking that my colleagues on both sides of the aisle join me in supporting the Free Sugar Act of 2011. This bipartisan bill will end Federal price controls on sugar and help to create jobs here at home.

Mr. DOLD

Mr. DOLD. Mr. Speaker, I rise in opposition to the motion to recommit.

Mr. DOLD. Mr. Speaker, I rise in strong opposition to this motion to recommit, and I must say that I'm very disappointed in my friends on the other side of the aisle for offering up yet another politically motivated motion, especially considering that the flood insurance bill passed out of the Financial Services Committee 54-0; 54-0 out of the Financial Services Committee. On top of that, we spent the majority of today debating the bill before the House and entertaining some 25 motions and amendments to the bill. The motion to recommit cynically undermines the broad bipartisan cooperation I have been pleased to see throughout this legislative process. Mr. Speaker, this is exactly the type of political bickering that the American people have loudly rejected. This circumvents the flood insurance program. It is actually a disservice to the people who you are attempting to try to help. The point of flood insurance is to prevent assistance packages like this and should be taken up in regular order. We have no idea of the cost of the new grants, the new programs, and the new spending in this disaster relief package. It prohibits us from charging actuarial rates. What the flood insurance bill tries to do is infuse more private sector solutions, put in a new map, and provide actuarial rates which will help benefit the American public. Over 5 million residents and commercial properties rely on flood insurance today; 20,000 American communities rely on it. We must make sure that this flood insurance bill goes through, not circumvent the process with some disaster relief package. This is an attempt to have an insurance program without paying the premiums. Frankly, we can't afford to do that. I would urge my colleagues, especially those on the Financial Services Committee who again passed it out of committee 54-0, to vote ``no'' on this motion to recommit. I want to thank the chairmen, Chairman Biggert and the chairman of the full committee, Chairman Bachus, and also the ranking member, Mr. Frank, and the ranking member in the subcommittee, Ms. Waters, for their leadership. What we don't need now is to have the other side try to circumvent this process with a disaster relief bill. I urge my colleagues on this side and that side to support the underlying bill and reject the motion to recommit. I yield back the balance of my time.

Mr. DOLD. Mr. Speaker, I object.

Mr. DOLD

Mr. DOLD. I thank the gentlelady for yielding. I do want to talk about the flood insurance program, one that I think enjoys great bipartisan support. I want to thank the chairwoman for her guidance and, obviously, Ms. Waters for her leadership as well. Five million, actually, residential and commercial properties across the land rely on this flood insurance. They depend on it for stability. And we have to recognize that there, indeed, are problems. We have debt; there is no question about that. It's undercapitalized, which is placing the taxpayers at risk. But this bill would minimize taxpayer risk by making the program more self-sufficient over time by expanding the private sector's role while allowing--and not allowing for coverage gaps. It also moves toward actuarially sound rates and creates a new flooding map, which creates a platform upon which risk can be measured and priced by the private sector. This is exactly the kind of solution that we need to have here in the United States Congress, to be able to still provide coverage in areas that need it so desperately and yet move us gradually over to actuarially sound rates. With that, I thank the gentlelady for her leadership.

Mr. DOLD

Mr. DOLD. Mr. Speaker, there is no doubt that our economy is struggling. With stagnant unemployment, over $14 trillion in debt, and soaring food and gas prices, America does face some challenging decisions. In my home State of Illinois, the debt per person is over $4,400, and the State faces a $15 billion shortfall in next year's budget. These indeed are real problems that need to be addressed with commonsense solutions. One solution is to encourage American companies to reinvest their earnings here at home. Currently, companies are holding an estimated $1.4 trillion in earnings overseas because the United States Tax Code encourages companies to keep their earnings outside of the country. We must encourage companies to reinvest their earnings here in America. Not only would these earnings stimulate the American economy, but the government would collect approximately $50 billion in immediate tax revenue. This money would help spur job creation, more growth, and investments here at home. I would encourage my colleagues to join me in supporting the bipartisan H.R. 1834, the Freedom to Invest Act, so that we can strengthen our economy with commonsense solutions.

Mr. DOLD

Mr. DOLD. Mr. Chairman, on rollcall No. 482, I was unavoidably detained. Had I been present, I would have voted ``no.''

Mr. DOLD

Mr. DOLD. Mr. Speaker, for more than a short period of time, we've had an opportunity to talk about free trade agreements, and when we talk about it, it's about jobs, jobs in the economy. More than 57 million jobs in America are directly supported by international trade. Free trade with other nations not only creates more jobs for Americans; it creates more opportunity around the world. In my district, over 58,000 jobs are directly supported by exports. In fact, last year almost $20 billion worth of merchandise was exported from my district alone. If Washington is serious about creating more jobs, then we should immediately pass the pending free trade agreements with Korea, Colombia, and Panama. New jobs are created in our local communities when our Nation increases free trade. Free trade also lowers prices for the American consumer. When burdensome tariffs are lifted, the average American family of four sees an increased purchasing power of approximately $10,000. Now is not the time to play political games with these free trade agreements. Now is the time to pass these pending free trade agreements so that we can create jobs here at home and help ease the burden on American families.