Bob Etheridge

Mr. ETHERIDGE

Mr. ETHERIDGE. I thank the gentleman. I would like to engage the chairman in a colloquy to address the issue of FDA and tobacco farmers. I represent one of the largest tobacco-producing districts in the Nation, so naturally I have a lot of farmers who are very concerned about how they might be affected by this legislation. Mr. Chairman, my question to you is, does this bill in any way authorize the FDA to regulate tobacco farms?

Mr. ETHERIDGE. I thank you for that. And does the bill specifically state that FDA's regulatory authority would only apply to manufactured tobacco products and not the traditional production and harvest methods on the farm?

Mr. ETHERIDGE

Mr. ETHERIDGE. Madam Chair, I support this budget and, in particular, the significant investment it makes in education. We must invest in education if our workers are going to be able to compete in the 21st century global economy. However, I share my friend Mr. Boyd's concerns about ending guaranteed student loans. This would threaten hundreds of jobs in North Carolina. It would also cut off access to the valuable services some of the lenders provide that help students pay for, apply to and pay for college. In North Carolina, we have a unique situation where a State nonprofit provides significant benefits to students in addition to providing the loans. I am concerned that the legislation will have the unintended consequences of reducing the benefits that students receive from our nonprofit lenders. We should take steps to preserve the good things done by guaranteed agencies to improve college access and affordability and to keep loan defaults low even if Federal Family Loans are reduced. Madam Chair, I rise in support of H. Con. Res. 85, the budget resolution for FY 2010. H. Con. Res. 85 builds on the work of this Congress to put our economy back on track, addressing the current crisis and building for future needs. This bill lays out a plan to cut the deficit by nearly two-thirds by 2013, and creates jobs with investments and reforms in health care, clean energy, and education. A budget is more than just a document, it is a statement of our nation's priorities and values. As the only former state schools chief serving in Congress, I am particularly pleased that the budget prioritizes education and innovation. In recent months, first with the economic recovery legislation and then as we finished the 2009 appropriations process, Congress devoted significant funding to education to create quality jobs now and in the future. This budget resolution provides a blueprint to follow through on these priorities. I have always believed that education is the most important investment we can make for our future prosperity. In the current economic downturn, it is even more critical that we ensure our workforce is able to compete in the 21st century global marketplace. This resolution reverses the previous Administration's neglect of education and provides significant and needed investments in our nation's schools. It reflects the fact that education is a lifetime activity, spanning from early childhood to post-secondary education and technical training. The resolution strongly supports early learning, including the President's initiatives to help strengthen and expand early childhood education programs. It increases child nutrition funding, paying for school meals because a hungry child just cannot be successful in school. At the other end of the spectrum, this resolution builds on Congress' recent efforts to help students afford and complete college. Education is the key to economic growth, future success, and access to opportunity for our citizens, and this Budget Resolution makes a clear statement that education is a top priority. I urge my colleagues to vote in favor of it.

Mr. ETHERIDGE

Mr. ETHERIDGE. Madam Speaker, I rise today to congratulate Justin and Sally Haddock on the birth of their daughter, Avery Hart Haddock. Avery was born on Thursday, March 19, 2009. She weighed 7 pounds and 2 ounces and measured 19.5 inches. My wife Faye joins me in wishing Justin and Sally, and Avery's grandparents Tommy and Donna Haddock, great happiness upon this new addition to their family. As the father of three, I know the joy and pride that Justin and Sally feel at this special time. Children remind us of the incredible miracle of life, and they keep us young-at-heart. Every day they show us a new way to view the world. I know the Haddocks look forward to the changes and challenges that their new daughter will bring to their lives while taking pleasure in the many rewards they are sure to receive as they watch Avery grow. I welcome young Avery into the world and wish Justin and Sally all the best.

Mr. ETHERIDGE

Mr. ETHERIDGE. Madam Speaker, due to an illness in my family, I was unable to be in attendance on the floor of the House on March 12, 2009, and unable to record my vote on H.R. 1262. Had I been able to cast my vote on this bill I would have voted in strong support of the Water Quality Investment Act of 2009. H.R. 1262 is a comprehensive bill that will result in a total investment in our nation's water infrastructure of $18.7 billion over five years, this legislation will fund the Clean Water State Revolving Fund, and provide $13.8 billion in Federal grants over five years to the Clean Water SRF to provide low-interest loans to communities for wastewater infrastructure. Our nation's wastewater infrastructure is deteriorating and in dire need of repair. In many regions of the country, sewer systems and water infrastructure facilities were built in a different era and for much smaller populations. Many water systems have reached the end of their useful life or have been completely overwhelmed from increased use. H.R. 1262 goes a long way towards renewing the federal commitment to addressing our nation's substantial needs for water infrastructure to ensure that communities across the country have safe drinking water and effective wastewater treatment facilities. I am pleased that this legislation has passed the House and I only regret that I was not able to be present to cast my vote in support. In addition to voting ``yes'' on Rollcall No. 123, I would have voted ``no'' on Rollcall No. 122, against the Mack Amendment to the bill, which would have removed prevailing wage provisions from the bill. I also would have voted ``yes'' on Rollcall No. 124, H. Res. 224, supporting the designation of March 14, 2009 as Pi Day.

Mr. ETHERIDGE

Mr. ETHERIDGE. I thank the gentleman for yielding. Mr. Speaker, I thank the chairman for bringing this bill forward, we are all outraged, as we should be. It affects every American. The fact that they are using public money to pay bonuses should enrage everyone. Taxpayer funds should not be used to reward the individuals whose excessive risk-taking caused the financial crisis that has harmed the livelihood of my constituents in North Carolina, people across America and people around the world. We ought to be outraged. We ought to be together on this. There shouldn't be a division on this issue. There is room for that on others. We should not reward Wall Street traders who have done this, at the expense of people, not just people on Main Street, to people who live on rural roads all across this country. Mr. Speaker, you know, we voted for this package originally to put money in banks, to lend to people, to buy cars, to save for homes, to pay for college education, to do the things that make a difference and help America grow. And here we are today taking care of the very scoundrels that got us into this mess. I urge my colleagues to vote for it. If AIG will not halt these bonuses, and if its employees will not voluntarily turn them down, then this bill will ensure that the money is returned to the taxpayers. I regret having to use the tax code in this manner, but the blatant abuse of taxpayer dollars by AIG leaves us with no other choice. This bill will send a message not only to AIG, but to other companies receiving taxpayer aid that this behavior is unacceptable.

Mr. ETHERIDGE

Mr. ETHERIDGE. Mr. Speaker, I rise in support of H.R. 1106, Helping Families Save Their Homes Act of 2009. Across our country, millions of responsible homeowners are facing foreclosure. Some reports indicate there could be up to 6 million families currently in danger of losing their homes. Although the foreclosure crisis has not been as pronounced in my state as in some others, North Carolina has seen one of the fastest rises in unemployment in the country, with a rate of 8.2% earlier this year. These job losses will risk damaging neighborhoods and towns across the state by placing more families at risk of defaulting on mortgages. H.R. 1106 will ensure that lending institutions work with borrowers to help keep Americans in their homes to strengthen the housing market, which is critical for our nation's economic recovery. H.R. 1106 takes steps to address this crisis and help families across the country. This bill will help millions of struggling homeowners refinance or restructure their mortgages. H.R. 1106 reforms the Hope for Homeowners initiative by lowering fees and providing $1,000 to servicers that participate. This will make the initiative more attractive to lenders and more effective in reaching the many families seeking help. H.R. 1106 provides ``safe harbor'' for mortgage lenders so that they can modify mortgages without the threat of lawsuits from the secondary mortgage market. In addition, this bill would protect consumers' savings by permanently increasing the amount of federal deposit insurance savings in banks or credit unions from $100,000 to $250,000. H.R. 1106 also contains a provision that would allow for the modification of some mortgages under the terms of Chapter 13 bankruptcy. Current law allows for a bankruptcy judge to adjust the principal on all secured loans except for those on primary residences. Provisions in H.R. 1106 ensure that people can afford their mortgage. The bill also stipulates that judicial modification should only be employed as a last resort for saving a family's home. Only existing mortgage loans are eligible, and a judge is required to consider whether all other options are exhausted before changing the principal of a home loan. Finally, this bill ensures that if a borrower gets relief through this mortgage relief initiative and then sells their home for a profit, the lender is able to recoup a sizable portion of that profit. This is a key provision to incentivize lenders to work with at-risk borrowers who are seeking help through mortgage modification initiatives. In order to get our struggling economy back on track, we must address the foreclosure crisis, one of the main factors that precipitated this recession. Not only are foreclosures devastating to individual families, but their effect ripples throughout the economy, hurting manufacturers and construction firms, dropping consumer spending and confidence, and cutting the value of neighboring homes. H.R. 1106 is an important step to deal with this crisis. I support H.R. 1106, Helping Families Save Their Homes Act of 2009, and I urge my colleagues to join me in voting for its passage.

Mr. ETHERIDGE

Mr. ETHERIDGE. Mr. Speaker, I rise in support of H.R. 1105, the Fiscal Year 2009 Omnibus Appropriations Act. This bill completes Congress' work funding essential government services for 2009 and invests in important priorities to get our economy back on track. H.R. 1105 provides for the needs of North Carolina's most vulnerable citizens and will help our State make the investments it needs to make for a brighter future. As the former superintendent of schools in North Carolina, I am particularly pleased that this bill continues our commitment to educational opportunities for all Americans. Economists tell us that strategic investments in education are one of the best ways to help America become more productive and competitive. This bill builds on the American Recovery and Reinvestment Act to support state and local community efforts to improve schools, and on the efforts of individuals and families to provide a better life for their children. H.R. 1105 provides $66.5 billion for the Department of Education, a 7 percent increase over last year. In these times when state budgets are stretched to the limit, it increases the federal share of special education costs and increases Title I grants for disadvantaged students to ensure our local communities are able to continue to help our most vulnerable students. It provides increases to student financial aid to help 1.4 million students go to school, and helps 6.9 million families pay for college with an increase in the maximum Pell Grant to $4,360. It provides additional funding for Head Start, gives child care assistance to 11,000 more children, and provides 1.7 million with quality afterschool services that supplement their school activities. These are fundamental investments that provide the key to the future for our nation's children. This bill makes many other critical investments to address our immediate needs while laying the foundation for our long-term prosperity. H.R. 1105 provides $15.3 billion for the Labor Department, providing critical job training, unemployment, and workforce protection services to our working families. It appropriates a total of $496 billion for the Department of Health and Human Services, including critical support for Medicare and Medicaid. It includes $108 billion for the Department of Agriculture, including a 15 percent increase in funding for rural development. It appropriates $57.9 billion for Commerce, Justice, and the science agencies, including a 16 percent increase for state and local law enforcement activities. By improving support for research and development at our nation's universities, federal laboratories, and small business incubators, funding in H.R. 1105 creates jobs and contributes to U.S. competitiveness. Finally, this bill invests in energy security with a 12 percent increase in funding for renewable energy and energy efficiency initiatives, which will help us reduce our dependence on foreign fuel sources. This bill is not just about spending. H.R. 1105 also cuts and eliminates government programs that are not working, and provides accountability and oversight through improvements in regulatory agencies. In these difficult economic times, it is more important than ever that we wisely invest the tax dollars that have been entrusted to us, and this bill is a sound investment in our future. Mr. Speaker, Congress has a solemn duty to pass a funding bill that honors the values of the American people. By addressing America's domestic needs, providing for our foreign obligations, and investing in the future, H.R. 1105 reflects these values. I support H.R. 1105, and I urge my colleagues to join me in voting for this bill.

Mr. ETHERIDGE

Mr. ETHERIDGE. Mr. Speaker, I rise in honor of John D. Dingell's distinguished service in the House of Representatives, and in support of H. Res. 154. As many of the other speakers have noted, we do not just honor him for this longevity in this institution, but for what he has done while he has served here. For more than 50 years, he has represented the interests of working Americans from across this country, and particularly from his home district in Michigan. He has been a strong defender of rights: a strong voice for civil rights and civil liberties, and a leader in environmental protection. He has brought his intellect and passion to bear to address the challenge of health care access, helping establish Medicare in 1965, the Children's Health Insurance Program in 1997, and many other health initiatives since and between. He understands the urgency that remains on this issue, and I can think of no person better positioned to make expanding health coverage for all Americans a reality. One of the things I really respect about John, beyond his commitment and dedication to this country, is his honesty. When he says something, his word is his bond. It says a lot about this institution when the Dean of the House is reliable like that, and whether he is with you or against you know where you stand. I have appreciated working alongside him throughout my own service in this distinguished House. I salute Congressman Dingell's long commitment to public service, his impressive record of accomplishment, and his defense of working Americans. I urge my colleagues to join me in honoring his service by voting for H. Res. 154.

Mr. ETHERIDGE

Mr. ETHERIDGE. I thank the gentleman for the time to speak in support of this bill. I thank you for your leadership and for this economic recovery bill, on the issues that are in it, but also on school construction. I thank Mr. Rangel, who's been a tireless advocate for investment in our future economy. He and I have been proud to be able to be partners in authorizing the America's Better Classroom Act, which we are finally going to enact into law in this piece of legislation. For more than 12 years we have been working to improve our Nation's schools and opportunities for the future. The idea that we created, to put the Federal Government into partnership with our local school districts to create private sector jobs and improve schools, was a perfect fit for the needs of our troubled economy. And I am proud that it is included in this final piece of legislation. I strongly support the conference report for H.R. 1, the American Recovery and Reinvestment Act of 2009, which takes needed steps to restore our economy. This bill provides urgently needed relief to struggling individuals and businesses, and will create or save 3.5 million jobs in this country. Hundreds of thousands of these jobs will be created by the $25 billion in school construction bond tax credits in this piece of legislation. And they will be created quickly. Hundreds of school building projects have been stalled or delayed in this economic downturn. Chairman Rangel and I have introduced the ABC Act to help school districts get the funding that they need. Everything I have achieved in life is due to my educational opportunities, the ones that I was given by my friends and neighbors. I want today's generation to have similar opportunities. High-quality schools, with strong teachers and modern facilities, are the key to the future. Students can't prepare for the 21st century economy in schools from the 20th century that are crumbling, deteriorated, and overcrowded. In today's economic downturn, we have a chance to change this. I urge your vote on this. In today's economic downturn, we must give our students every tool we can to compete in the global economy. The new school construction enabled by this bill is a good step in that direction. School construction creates jobs today, and provides the foundation for jobs for the future. I am proud that the tax credits in this bill will give local school districts support to improve their schools and the education they provide. I urge my colleagues to join me in supporting this conference agreement.

Mr. ETHERIDGE. Mr. Speaker, I rise in support of the Conference Report for H.R. 1, American Recovery and Reinvestment Act of 2009. This legislation will start to address the most critical needs of our flagging economy by providing relief to struggling individuals and small businesses, while creating and saving 3.5 million jobs across America. These are challenging times for families in North Carolina and across the nation. Each month it seems that we get more bad news, or hit a new record on an economic indicator. On Friday, the U.S. Department of Labor announced the unemployment rate was at a 34-year high of 7.6 percent. The increase in the last quarter is the largest since the end of World War II. This increase in the jobless rate is hitting every region, and every state, but North Carolina is particularly hard-hit. We are one of the top five states in terms of month-over-month increases, and one of the top three in increases since last year. Here in North Carolina, unemployment is 8.7 percent. In addition to the unemployed, there are many more workers who are seeing their hours and wages cut. I have heard from North Carolinians from across the Second District about the need for swift action. H.R. 1 addresses the need by making investments in our economy that will produce new jobs while providing tax relief for 95 percent of Americans. With 3.6 million jobs lost in the past year, the 3.5 million jobs created by this bill will put us on track to an economic recovery. Some of these jobs will be created, and created quickly, by the $25 billion in school construction bond tax credits in this bill which I have worked on with Ways and Means Chairman Charlie Rangel for more than 12 years. The tax credits will create more than 11,000 jobs in North Carolina alone. This funding will allow work to start on stalled and delayed school building projects and address overcrowding and deteriorating schools. The jobs created by making these investments in our future will invigorate our economy today, and provide a strong foundation for the working families of the future. I am proud that the tax credits in this bill will give local school districts support to improve their schools and the education they provide. As the former Superintendant of Schools in North Carolina, I have a special understanding of the needs of our students, and I am pleased that H.R. 1 includes significant investments in education. In addition to the ABCs Act tax credits, the bill includes $39.5 billion to help schools modernize their facilities and prevent layoffs or cutbacks to essential educational services. It provides $25 billion to support our most vulnerable students through Title I and IDEA, and $4 billion for early childhood education to ensure that kids have the right start on the path to learning. This package also invests in higher education with a new tax credit for individuals seeking a college education and a $500 increase to Pell Grants. We must give the next generation the tools to support learning throughout their lives, to enable them to compete in our 21st Century economy. To jump start our economy and turn the tide on unemployment, the American Recovery and Reinvestment Act of 2009 makes investments to create or save 3.5 million jobs. At the same time, it provides a down payment on our most important national priorities. H.R. 1 will also get the stagnant economy moving again supporting targeted infrastructure investments to improve bridges and roads, modernize public buildings, and expand mass transit. H.R. 1 also strategically invests in America's ``green sector,'' supporting alternative and environmentally-friendly energy, like the biofuels we grow and produce in North Carolina, and new technology that creates energy from waste products. It also expands energy tax provisions like the Production Tax Credit and Clean Renewable Energy Bonds while providing the funds we need to transform our energy distribution system and weatherize and modernize our homes and public buildings to increase efficiency. Millions of Americans will see their taxes reduced by H.R. 1, and others will receive support in making purchases that help our economy. More than 95 percent of the nation's taxpayers will see an increase in their take-home pay through the ``Making Work Pay'' tax credit, $400 for individuals and $800 for working families. H.R. 1 will prevent 26 million families from being subjected to the Alternative Minimum Tax. It also includes relief for Americans that will spur our economy by providing an $8,000 tax credit for first-time home-buyers. In addition, the small businesses that form the backbone of our economy will get relief under the recovery package. H.R. 1 includes bonus depreciation to help them invest in new equipment, loss carry back to help them weather reduced sales, a delay of the 3% withholding tax on payments to businesses that sell goods or services to governments, and a cut in the capital gains tax cut for investors in small businesses who hold stock for more than five years. It also provides incentives for businesses that create new jobs. For those suffering in the economic downturn, this bill provides temporary support to help struggling families make ends meet and help workers train and find jobs. It extends and improves unemployment benefits, increases food stamps and food support, and provides aid to seniors, disabled veterans, and Social Security recipients. It extends Trade Adjustment Assistance for displaced workers, and extends and improves local job training, job placement, and vocational rehabilitation initiatives. This spending quickly makes its way into the economy, and will help those most in need. Our country is facing difficult times, and though we have many challenges to meet, this package is a bold step in the right direction. I support H.R. 1, American Recovery and Reinvestment Act of 2009, and I urge my colleagues to join me in voting for its passage.

Mr. ETHERIDGE

Mr. ETHERIDGE. Mr. Speaker, I rise with respect and admiration to honor the National Association for the Advancement of Colored People (NAACP) on the occasion of it's 100th anniversary, and support H. Con. Res. 35. The struggle for racial equality has been and continues to be one of the greatest testaments of America's progress throughout its history. The NAACP was founded February 12, 1909 to ensure that the voices of all people of color are heard. The NAACP has a strong legacy of pioneers such as W.E.B. DuBois, Thurgood Marshall, Rosa Parks, Mary McLeod Bethune, Mary White Ovington, Joel Elias Spingarn and Roy Wilkins, along with the countless others of diverse ethnicities who have worked tirelessly to fulfill the NAACP's mission. Through tireless work and often great personal sacrifice, the members and leadership of the NAACP have fought for justice, to ensure political, educational, social and economic rights for all peoples. While there is still significant work to be done, these efforts have helped to mold the America we have today. I am proud to be a cosponsor of H. Con. Res. 35, and I urge my colleagues to join me in supporting it.

Mr. ETHERIDGE

Mr. ETHERIDGE. Madam Speaker, I am a strong supporter of the Children's Health Insurance Program, and I rise in support of this legislation. With one out of eight children in North Carolina lacking health insurance, and with the economic downturn making it even more difficult for families to afford health care, this legislation is more important than ever. At the same time, I feel it is important to say a few words about fairness. Time and time again, Congress has singled out tobacco to pay for benefits that are spread across this country's economy. North Carolina's tobacco farmers grow a legal crop. These hard working farm families who work hard to be able to pay their bills and provide a better life for their children have suffered greatly from transformations in the global economy. Because my district is the second largest tobacco producing district in the country, H.R. 2 disproportionately affects my constituents. It is unfair for North Carolina's farm families to pay the entire cost of this bill, which has benefits that accrue to the entire country. We must find more equitable ways to pay for worthy initiatives like the Children's Health Insurance Program, and I urge my colleagues to work together to be fiscally responsible without placing the burden on one region of the country or one segment of the economy. In these difficult economic times, North Carolina will need additional help to bear the economic effects of reduced farming and manufacturing. According to researchers at North Carolina State University, increased taxes and decreased revenues due to the provisions in this bill may be more than $1 billion. Other analysis shows that North Carolina's citizens pay over four percent of the costs of this legislation while receiving only two percent of the benefit. This will mean lost jobs in a region that is already one of the top ten in the nation in unemployment, and is one of the top five fastest areas in unemployment growth. I am hopeful that we can work together to get my home State the economic support it needs to weather both the national economic downturn and the effects of this bill. At the same, it is vital that we expand and extend CHIP to provide much-needed health care to our most vulnerable citizens. North Carolina has 296,000 uninsured children, the sixth-largest number in the country, and nearly half of these children would be able to get insurance under the provisions of this bill. Together with the 240,000 children currently served by NC Health Choice for Children, the new enrollees would be able to get the health care they need. Preventative care and timely treatment of disease ensures that children are healthy and productive, able to fulfill their potential. Access to health care also saves money for our health system in the long term, because it is more cost-effective to get primary care at a doctor's office than to go to the emergency room. The bill improves the benefits available under CHIP, including by ensuring dental coverage and mental health parity. It improves the quality of care, and prioritizes coverage for the lowest-income children. Together these provisions will enhance children's lives and keep children from suffering from preventable disease. As North Carolina's former Superintendent of Public Instruction, I have seen first hand that healthy children are better prepared for learning and success. My life's work has been to help children make the most of their God-given abilities, and CHIP plays a key role in giving children the environment they need to grow. Therefore, despite my misgivings about the funding mechanism, I will cast my vote in favor of H.R. 2. Madam Speaker, as we work together to provide health care to America's children, we should all remember the family farmers who grow tobacco. I ask that we take steps in future legislation to help all of those who are negatively impacted by provisions of this bill, especially including families in the Second District of North Carolina. However, today, for our children's health, I urge my colleagues to join me in supporting this bill.

Mr. ETHERIDGE

Mr. ETHERIDGE. Madam Speaker, my dear friend and former colleague Roger Bone passed away recently, and I needed to travel to North Carolina to pay my respects. Unfortunately, due to these travel arrangements, I was unable to vote on one measure on the House floor. Had I been present, I would have voted ``yea'' on Senate Bill 181, The Lilly Ledbetter Fair Pay Act of 2009. Further, I would have voted ``no'' on the motion to recommit the bill. Had I been present, I would also have voted ``yea'' on the motion to move to consideration of House Bill 1, the American Recovery and Reinvestment Act.

Mr. ETHERIDGE

Mr. ETHERIDGE. I thank the gentlelady for yielding. And as I sat on the floor today and listened to some of the dialogue, let me very quickly, before I make comment, share with you. I had to go home last night to the wake of a very dear friend of mine. As I stood in the receiving line, every single person, irregardless of their party background, came up to me and said, ``You need to go back to Washington and vote for that recovery package. We're hurting, and we need it passed quickly.'' Madam Speaker, I rise in support of the rule for H.R. 1, the American Recovery and Reinvestment Act of 2009, and for the underlying bill. This bill provides urgently needed relief for struggling individuals and businesses and will create or retain three to four million jobs in this country. H.R. 1 includes America's Better Classroom Act, which will provide tax credits to enable up to $25 billion in school construction and modernization, an initiative that I've been working on for over 12 years, along with my colleagues. Together, with $20 billion in grant funding, these tax credits will enable local communities to address overcrowding and deteriorating classrooms and make sure that students have facilities that prepare them to enter the workforce of the 21st century. School construction projects will create over 10,000 jobs in North Carolina alone. While investments are also in this bill for improving roads, bridges, alternative energy, environmentally friendly energy sources, and modernizing public buildings, it will create even more jobs while helping to bring our infrastructure into the 21st century. We need this legislation to address the urgent and dire economic conditions in my home State of North Carolina and across this country. The tax credits and job creation provisions of H.R. 1 are a bold step that will put our economy back on track quickly. It will invest in the people here in America. And it will do so with accountability and with transparency. I urge my colleagues to join me in supporting this rule and the underlying bill. The people I talked with last night in Rocky Mount, they weren't interested in arguments. They want results from this Congress, and they want us to act quickly.

Mr. ETHERIDGE

Mr. ETHERIDGE. Mr. Chair, I rise in support of H.R. 1, American Recovery and Reinvestment Act of 2009. This package will stimulate our economy, provide relief to struggling individuals and small businesses, and create 3 to 4 million desperately needed jobs across our country. As of last week, the unemployment rate in my state of North Carolina had jumped to 8.7 percent, the highest mark in a quarter century. Each week, we hear more bad news about employment, with North Carolina reporting nearly 16,000 new claims in the last week. A record of almost 400,000 North Carolinians are currently unemployed but seeking work. These rates are rising all across our country while Americans continue to face a faltering economy. In addition to the unemployed, there are many who still have jobs but have seen wages or hours cut. I have heard from North Carolinians from across the Second District about the urgent need for action. H.R. 1 addresses the need through strategic investments that will create new jobs and provide tax relief for 95 percent of Americans. As the former Superintendant of Schools in North Carolina, I am especially pleased that this recovery bill invests in our future by focusing on education. I am pleased that H.R. 1 includes the America's Better Classrooms Act which provides tax credits to enable $25 billion in school construction and modernization, an initiative I have been working on with my colleagues for 12 years now. Along with $20 billion in grant funding, these tax credits will enable local communities to address overcrowding and deteriorating classrooms and make sure that students have facilities that prepare them to enter the 21st Century workforce. The tax credits will create 10,000 jobs in North Carolina alone. In addition, H.R. 1 provides $21 billion for local school districts for IDEA and education technology programs, as well as $79 billion in state fiscal relief to prevent cutbacks to key services including education, a $500 increase to Pell Grants, and a new tax credit to help students pay for higher education costs. H.R. 1 will put Americans back to work with strategic investments to create 3 to 4 million jobs. This bill primes the economic pump by investing in many of our top priorities. H.R. 1 provides billions of dollars to targeted infrastructure projects like new schools, improved bridges and roads, modernized public buildings, and expanded mass transit. These projects will create thousands of jobs while helping to bring our nation's infrastructure into the 21st Century. H.R. 1 also helps our economy by investing heavily in alternative and environmentally-friendly energy, like the biofuels we grow and produce in North Carolina. In addition to the expansion of energy tax provisions like the Production Tax Credit and Clean Renewable Energy Bonds, this bill provides over $30 billion for transforming our energy distribution and production systems and focuses on renewable energy and technology. H.R. 1 also provides funds for energy efficient retrofitting of public housing and buildings and weatherizing homes. These initiatives boost a critical sector of our slumping economy and lessen our dependence on foreign oil. As a Member of the Ways and Means Committee, I am especially proud of the many tax provisions included in H.R. 1 that will provide immediate and much-needed relief to millions of Americans. In fact, 95 percent of Americans will receive tax relief that will show up directly in their weekly paycheck through reduced withholding. The ``Making Work Pay'' provision in this recovery package will result in a refundable tax credit of up to $500 for working individuals and $1000 for married couples. This bill also extends and expands critical tax breaks like the Earned Income Tax Credit and the child credit that target working Americans. These provisions of provide relief to low and middle income families while also putting dollars back into the economy to support business activity. H.R. 1 also provides tax relief to the many small businesses that form the backbone of our economy. This recovery package extends bonus depreciation for small businesses, allowing them to write-off more capital expenses made through 2009. It also includes 5- year carryback of net operating losses which extends the period of time businesses can use to minimize their tax liability. Finally, H.R. 1 creates new bond initiatives that provide for the recovery of cash- strapped state and local governments and targets new bonds for the economic recovery zones across the country that need the funding the most. This is a bold package that creates jobs, spurs economic growth, and provides relief to millions of struggling Americans. I support H.R. 1, American Recovery and Reinvestment Act of 2009, and I urge my colleagues to join me in voting for its passage.

Mr. ETHERIDGE

Mr. ETHERIDGE. Madam Speaker, I rise today in recognition of the life and achievements of Roger Bone, a former North Carolina legislator and a good friend to me and to all of Nash County. He died on January 25, 2009, after battling cancer for many months. He will be sorely missed. Roger and I shared parallel lives in many ways. He grew up on a tobacco farm, like I did, and like me was first elected to the state legislature in 1978. It was a pleasure to have him as a friend and partner in my early legislative career. He quickly rose through the General Assembly to become chairman of the House Banks and Thrift Institutions Committee, where he served with distinction until 1981. In 1987, he started his own lobbying business, Bone and Associates, which has been among the most influential firms in North Carolina. Last year, the N.C. Center for Public Policy recognized him as the number one lobbyist in the state, and he was also one of the most well-liked. People knew they could trust Roger, and his influence was a credit to his honesty, hard work, and easy humor. Last June, Roger received the Order of the Long Lead Pine, the highest honor our state gives to our native sons and daughters. I can think of no one who is more deserving of North Carolina's respect and admiration. Roger's family shared his love of Nash County and commitment to public service with his family. His lovely wife Reba was an elementary and middle school principal, and his son, Fred, was his partner in Bone and Associates. In addition to his wife and son, he is survived by two grandsons, Jacob and Caleb; his father, Winslow; and two brothers and a sister. It was my honor to be asked to offer the following eulogy at the funeral of this great man. It is an honor to take part in this memorial service for my good friend Roger. I wish I could be there today with you to honor and remember Roger. However, today in the House of Representatives we are taking a critical vote to help our economy recover from its current downturn, and I will he thinking of Roger as I take today's votes. I will be thinking of his love of politics and legislation, and his many years in the arena, and I know he would understand, and Reba and his family understand, but I still wish I could be with you. There is not a person here who doesn't know how Roger Bone loved Nash County and loved serving his community in the legislature. He was not only a student of politics, but he was a practitioner all his life. I remember that when he gave Reba her engagement ring, they didn't celebrate with dinner, they went to watch the General Assembly, so you know that politics was really in his bones. As most of you know, he was ranked the top lobbyist in North Carolina last year, and he was so successful because he truly cared about people. In his work, he made friends, not enemies; knowing that those who were not with him today could be his partner tomorrow. Roger was a good friend to me, as he was to many of you. He could be calm in the midst of a storm. No matter what--the commotion of business, the furor of political debate--he was always steady, always smiling, always a reliable partner and friend. I count it a distinct blessing that we were freshman members of the General Assembly together and I will never forget that year. In 1979, we were part of a group of ``Liston's Boys'': Roger, myself, Martin Lancaster, Paul Pulley, and others. As roommates at the Brownstone Hotel, Roger and I spent many late hours talking about our new roles and the politics of the House. My fondest memories were the early mornings. Even though we both grew up on a farm, Roger never appreciated my getting up early in the morning to go running. As I was heading out, my stirring would wake up Roger while he was still trying to finish his sleep. Then, I would wake him up again when I got back. However, the work ethic he gained from farm life served him well in the General Assembly and in the rest of his life. His positive attitude contributed to his success in everything he did. Everyone who knew him liked him, and everyone who worked with him liked him as well. It says a lot about him that he could always laugh at himself, and in the toughest of times if you can laugh you'll be alright. While this is a sad day for all of us, it would be wise of us to remember the words of the great artist, Leonardo da Vinci, who said on the death of a friend, ``As a well-spent day brings happy sleep, so a life well used brings a happy death.'' Roger used his life well, and Nash County, and the State of North Carolina are better due to his efforts. I am better because I knew him, as are we all. Thank you for allowing me to be part of this remembrance.

Mr. ETHERIDGE

Mr. ETHERIDGE. Mr. Chair, I rise in support of H.R. 384, TARP Reform and Accountability Act of 2009. This bill makes critical adjustments to the Troubled Assets Relief Program, TARP. On October 3rd of last year, I voted in favor of the Emergency Economic Stabilization Act in response to the continued economic turmoil across the country. This bill created the TARP initiative to address many of the ills plaguing our economy. However, like many Americans, I have been disappointed in how the administration has managed this initiative. H.R. 384 addresses these concerns by closing loopholes, increasing transparency, and strengthening accountability in the TARP. H.R. 384 strengthens executive compensation restrictions against ``golden parachutes'' for retiring executives and prohibits bonuses for the 25 highest paid employees of a company receiving TARP funds. This bill also adds new strengthened reporting requirements for companies to detail their planning and use of TARP funds. While we must continue to work to revive the credit market for consumers, TARP funds also need to be targeted to the thousands of American families facing the prospect of home foreclosure. I am pleased that H.R. 384 mandates that the Treasury Department use up to $100 billion of the TARP funding to develop a foreclosure mitigation plan. In addition, H.R. 384 includes provisions that lower premiums for consumers that are taking part in the Hope for Homeowners initiative, as well as provisions that will direct the Treasury Department to ensure the availability of affordable mortgage rates for qualified home buyers. These changes benefit the hundreds of thousands of Americans who are facing foreclosure, as well as stimulating the home buying industry and benefiting our struggling economy. Finally, this bill increases confidence in the financial industry by permanently providing Federal deposit insurance for deposits up to $250,000. The provisions of H.R. 384 help ensure that the TARP will be better used to address the needs of millions of Americans who are struggling to get credit from lenders, hold on to their savings, and avoid home foreclosures. I support H.R. 384, TARP Reform and Accountability Act of 2009, and I urge my colleagues to join me in voting for its passage.

Mr. ETHERIDGE

Mr. ETHERIDGE. Madam Speaker, I rise today in support of H.R. 2, Children's Health Insurance Program Reauthorization Act of 2009. This bill will ensure that health coverage continues for the 7 million children currently covered under the Children's Health Insurance Program, and will extend coverage to an additional 4 million children who are currently uninsured. Without the legislation, the CHIP would end on March 31, 2009. CHIP provides health care coverage for children in families that earn too much to qualify for Medicaid, but not enough to afford private insurance. In 2007, more than 240,000 children in North Carolina received health coverage through North Carolina's CHIP, NC Health Choice for Children. Under the legislation, North Carolina's allotment would increase by 81 percent over the current level from $136 million to $245 million. North Carolina has 296,000 uninsured children, the sixth-largest number in the country. Two-thirds of uninsured children in North Carolina live in a home where at least one parent works full time. As North Carolina's former Superintendent of Public Instruction, I have seen first hand that healthy children are better prepared for learning and success. The Children's Health Insurance Program ensures that America's children are as healthy and productive as possible and that they can grow up to fulfill their potential. Untreated illnesses can have long-term consequences, and access to health care can head off expensive treatments down the road. As a Nation, we must protect our most vulnerable citizens. I still regret that the bill will be funded by a tobacco-tax increase. The tax in H.R. 2 falls disproportionately on North Carolina, and on the Second District in particular. I understand the burden this will place on farmers who work hard to build a better life for their own children, and I will continue to work to support these families as they adjust to transformations in the global economy. However, with one out of eight children in North Carolina lacking health insurance I will vote for this legislation. Madam Speaker, I urge my colleagues to join me in voting for the children of America's working families.

Mr. ETHERIDGE

Mr. ETHERIDGE. Mr. Speaker, I rise in support of H.R. 7321, Auto Industry Financing and Restructuring Act. The automobile industry is one of the most critical manufacturers and job providers in the country and in North Carolina. Automobiles account for $690 billion, or about twenty percent of all retail sales in the United States. Over 4.5 million jobs in the United States depend on these 3 companies, and my State of North Carolina would stand to lose over 95,000 jobs with an auto industry shutdown. There are over 692 new-vehicle dealerships in North Carolina as well as hundreds of auto parts suppliers. These dealerships are often economic hubs of many of our small towns. The fallout of such a shutdown would be felt throughout all sectors of our economy and on almost every main street in America. H.R. 7321 would provide the necessary financial assistance to keep our largest automobile manufacturers in business. Today's spiraling economy has been particularly devastating for the 3 largest automakers in the United States. Car sales are slumping sharply in the face of recession and the stagnant credit market has paralyzed these companies in the middle of their restructuring efforts. It has also left dealers unable to help finance most of their customers and move automobiles off of the lot. H.R. 7321 would allow the President to designate one or more officers in the Executive Branch to oversee approximately $14 billion in bridge loans or lines of credit to the requesting companies. H.R. 7321 includes many taxpayer protections to help ensure that the government is repaid, including providing for stock in the company equal to 20 percent of the loan amount, and giving the government ``super seniority'' designation of the loans to ensure that the taxpayer is first in line to be repaid by the companies. In addition, the bill forbids bonuses or incentives for the 25 most highly paid employees in each company, and strictly prohibits ``golden parachutes'' during the life of these bridge loans. Furthermore, the President's designee will have a strong oversight role. The designee must establish appropriate measures to assess the restructuring plans, and evaluate the progress of each auto manufacturer within 45 days in order for loans to be approved. In order to qualify for any bridge loan, the auto company will have to submit a plan to achieve long-term viability, international competitiveness, energy efficiency, and plans for repayment of the government loan. It is crucial that our Nation's leading automakers continue to restructure in order to meet the demands of a changing market, and to become healthier companies that can help lead American manufacturing in the future. Such healthier companies can continue to provide an economic engine to our Nation and provide innovations that can drive future growth. I regret that these bridge loans are necessary, but today we can ill afford to risk the loss of more jobs and further damage to the economic base that our cities and small towns depend on in North Carolina and across the country. I support H.R. 7321, Auto Industry Financing and Restructuring Act, and I urge my colleagues to join me in voting for its passage.

Mr. ETHERIDGE

Mr. ETHERIDGE. Madam Speaker, I rise in support of H.R. 1424, the Emergency Economic Stabilization Act of 2008, as amended by the Senate. Today, the United States faces the most significant financial crisis since the Great Depression. Homeowners, small businesses, retirement savings plans, and community banks--American people from every walk of life--are put at risk by the turbulence in our financial sector. This bill puts us on the right path to recovery for our economy. If there was any question whether action is necessary, one needs to look no further than the stock market reaction to Congress' inaction on Monday. Leading up to that vote, I spoke with the leaders of some of North Carolina's local and state banks and credit unions about the effect of this crisis on the communities they serve. While I wish that this action was unnecessary, the financial system's problems call for strong steps. If lending does not resume, Americans will be unable to grow their small business, buy a car, pay for college, or buy a home. Without action, this financial crisis will threaten the entire American economy. Like the bill we voted on earlier this week, H.R. 1424 is a vast improvement over the blank check that the Bush Administration originally proposed. This bill contains key provisions, negotiated by Democratic leaders in Congress, to ensure this bill benefits Main Street. As I demanded when an economic recovery plan was first proposed, this bill protects taxpayer money, provides help for struggling homeowners, prevents Wall Street CEOs from gaining a windfall at taxpayer expense, and provides the accountability and oversight that have been missing. While it contains strict oversight provisions, the plan also contains the flexibility needed to address a problem of this magnitude. First and foremost, this plan protects taxpayer money. Democratic leaders made sure that the public will share in the benefit of the economic relief provided by adding provisions that allow taxpayers to share in profits if a financial institution we invest in grows healthy in the future. To ensure Main Street is not left with the bill for Wall Street's problems, H.R. 1424 calls for a plan to require financial institutions to repay any losses to the government in the future. I am also pleased that this bill now temporarily increases the amount of money insured by the Federal Insurance Corporation from $100,000 to $250,000 for one year. This provision insures taxpayers' savings and boosts public confidence in our banks. Finally, H.R. 1424 looks after the taxpayers bottom line by requiring that any profit resulting from this plan be used to reduce the growing national debt. In order to further ensure that assistance benefits Main Street, the Emergency Economic Stabilization Act of 2008 will help ensure those who have been hurt by the economic downturn and predatory lending practices can remain in their homes when possible. The bill authorizes new loan guarantees and credit enhancement to prevent foreclosures, and requires a plan to encourage mortgage servicers to modify loans through the Federal Housing Administration's Hope for Homeowners and other initiatives. H.R. 1424 makes sure that Wall Street executives do not profit excessively from the government assistance provided. It includes limits on executive compensation and golden parachutes not only for institutions that the government buys, but also for those holding loans that are supported by this bill. It holds executives accountable for statements they have made about their company's financial strength, forcing those promise gains that later turn out to be false or inaccurate to repay the taxpayer. Congress has also increased oversight and transparency in this bill. Rather than providing $700 billion in one lump sum, H.R. 1424 authorizes an initial $250 billion so that we can see how the plan works. Another $100 billion is available with Presidential notification, and the remaining $350 billion requires Congressional action to be released. H.R. 1424 requires public disclosure, within two days, of purchases made by the Secretary, and provides a strong oversight board with authority over the Treasury Secretary's actions. Additionally, H.R. 1424 establishes an independent Inspector General to monitor the use of the Secretary's actions. Additionally, H.R. 1424 establishes an independent Inspector General to monitor the use of the Secretary's authority. Given the extent and range of the problems in our financial markets, it is critical that the Treasury Secretary have a variety of tools to address these problems. H.R. 1424 includes a Republican proposal that gives the Treasury Department the option to guarantee companies' troubled assets, including mortgage-backed securities, purchased before March 18, 2008, with insurance that is paid for through risk-based premiums paid by the financial industry. The Emergency Economic Stabilization Act of 2008 also provides tax relief for millions of Americans while spurring business investment and innovation in renewable energy. While we support the financial system that enables our families and businesses to grow, we should also address the tax burden they face. H.R. 1424 includes critical tax relief for families facing the Alternative Minimum Tax, AMT. The AMT was originally intended to ensure that the nation's wealthiest taxpayers were not able to avoid paying taxes altogether. However, because the AMT is not indexed for inflation, today millions of middle income Americans who pay their taxes as required would see a huge tax increase. H.R. 1424 raises the exemption limits and protects 25 million middle-class families across the country, including more than 30,000 taxpayers in my district, from this extra tax. The Emergency Economic Stabilization Act of 2008 will benefit the families of millions of children by expanding the child tax credit to those earning $8,500 a year in 2009. This bill also helps families by extending the state and local sales tax deduction, and will help over 4 million families better afford college by providing a tuition deduction. As a former superintendent of schools, I am pleased that this legislation includes a tax deduction that will save money for more than 3 million teachers when they pay for classroom supplies and expenses. The bill also includes an additional $400 million for Quality Zone Academy Bonds to help states and localities address school construction and renovation needs. This bill provides critical support in the form of tax breaks and incentives to the small businesses that form the backbone of our economy. This bill extends the Research and Development Tax Credit for two years to spur American innovation and business investment as well as a two year extension of the 15-year straight-line cost recovery for leasehold improvements and qualified restaurant improvements. Developing alternative energy sources and reducing our dependence on foreign oil is one the most critical challenges facing our country. H.R. 1424 will increase the production of renewable fuels and renewable electricity, and encourage greater energy efficiency. This bill features an eight-year extension of the investment tax credit for solar energy and a multi-year extension of the production tax credit for other sources of alternative energy like biomass, geothermal, hydropower, and solid waste. With millions of Americans struggling to afford rising gas prices, H.R. 1424 includes tax incentives for the installation of E-85 pumps for flex-fuel vehicles, and a $3,000 tax credit toward the purchase of fuel-efficient, plug-in hybrid vehicles. There are also incentives for incorporating energy conservation in commercial buildings and residential structures. The energy provisions in H.R. 1424 will help create and preserve more than 500,000 good- paying green collar jobs at a time when our economy is struggling and unemployment is at a five-year high. Finally, H.R. 1424 contains language I have supported to expand access to mental health care for all Americans. My home state of North Carolina was one of the first states to adopt a mental health parity law back in 1991, and last year the State Legislature expanded and strengthened its mental health parity provisions. I support the efforts of North Carolina's mental health professionals in bringing this issue to the forefront of our State's agenda, and I am pleased that we are following suit today in passing this bill. H.R. 1424 simply requires those insurers or group health plans who do chose to cover mental health to do so on an equal basis with other covered health needs. This will ensure that those in need can get the treatment that is medically necessary, without creating an undue hardship on employers or insurers. As health care consumes an increasing percentage of America's income, it is critical that we provide support for all medical needs. I support H.R. 1424, Emergency Economic Stabilization Act of 2008 as amended by the Senate, and I urge my colleagues to join me in voting for its passage.

Mr. ETHERIDGE

Mr. ETHERIDGE. Madam Speaker, I rise today to recognize the long service of Mr. Neil A. Emory to Harnett County, North Carolina. On October 31, 2008, he will retire as County Manager, capping a public service career that spans three decades. Mr. Emory began his tenure as one of the longest serving County Managers in Harnett County history 15 years ago and has been serving the citizens of North Carolina for nearly 28 years. Mr. Emory is a native son of Weaverville, North Carolina. He attended Appalachian State University where he graduated with a Bachelor of Arts degree in Local Government Administration and went on to earn his Master of Arts degree in Political Science with a concentration in Public Administration. Neil Emory's innovative leadership and unique vision have benefited Harnett County in innumerable ways. Mr. Emory oversaw a period of tremendous growth in Harnett County resulting from the expansion of nearby Fort Bragg, leading up to and continuing through the Defense Base Closure and Realignment Commission process. His greatest accomplishments have been the many improvements to county infrastructure; the construction of a new county courthouse; the construction of new schools and the restructuring of the community college system; the expansion of emergency services; and an extensive update to the county mapping system. He accomplished all of this by working across party lines and through sound long-range planning. I remember working together in the aftermath of Hurricane Fran to address the needs of Harnett County's ailing communities. Neil has worn many different hats during his career, but perhaps his most important jobs are being a husband to his wife, Elizabeth, and father to his daughter, Hannah, and his son, Taylor. Ever active in his community, Mr. Emory has served as the PTO president of the Harnett County School Board and is involved in numerous associations for county managers and public administrators. He was recently named a Paul Harris Fellow as a lifetime Rotarian and has also received the International County Manager's Association Award for 25 years of service to local governments. Mr. Emory has also found time to enjoy American's favorite pastime, serving as assistant coach of the Dunn All-Stars for the past 12 years. Madam Speaker, Neil Emory exemplifies dedication, leadership and commitment. As a former county commissioner, I am proud to honor the career of Neil A. Emory today. I ask all of my colleagues to join my wife, Faye, and me in celebrating his 28 years of service to Harnett County and to the State of North Carolina.

Mr. ETHERIDGE

Mr. ETHERIDGE. Madam Speaker, I rise today to pay tribute to Oakland Presbyterian Church in the Cleveland community of North Carolina as it celebrates its 150th anniversary. Oakland Presbyterian Church is the oldest Presbyterian church in Johnston County, North Carolina, and is an important institution in the region. Local residents, Mr. John McLean and Mrs. Sarah Sanders, first gathered worshipers under an old brush shelter about a mile from the present location on land that was then known as Finch Place. On Saturday, August 7, 1858, Oakland was officially organized into a Presbyterian Church by representatives of Orange Presbytery with a congregation of six charter members. The very next day, the congregation elected John W. Hodges as its first elder and the Reverend T.B. Neal was installed as the first pastor on October 30, 1858. The land for the church was donated by Mrs. Sanders, and because the property was shaded by a stand of oak trees, it seemed natural for the congregation to choose Oakland for its name. Despite expansion and renovation, Oakland Church continues to worship at its original site, across from the old Cleveland School building where I attended school. The Oakland grounds encompass the Oakland Church Cemetery, which was established with the church and continues to serve the community. While tradition is strong here, there are also new additions. In 1972, church members contributed stones to build the ``Cairn of Remembrance,'' ``in memory of all who worshiped at this hallowed place since its founding in 1858,'' as its dedicatory plaque reads. The stone monument, common in the Scottish Highlands, connects Oakland to its Presbyterian spiritual roots in Scotland. The congregation has been blessed by outstanding pastoral leadership, which continues today with its current pastor, Dr. Stephen E. Aschmann, a native of Richmond, Virginia. Among the many notable church leaders was Dr. Drury Lacy II, former president of Davidson College, who performed the marriage ceremony for ``Stonewall'' Jackson and his bride Mary Anna Morrison. Another of the congregation's early ministers was Dr. Benjamin Rice Lacy, Jr., who was elected to serve as the Moderator of the General Assembly of the Presbyterian Church in the United States, the most honored office in the denomination. Dr. Lacy also served for many years as president of Union Theological Seminary in Richmond, Virginia. From the beginning, Oakland has also been guided by strong and progressive lay leadership. In 1969, Mrs. Gladys E. Barber and Miss Elizabeth Talton made history when they became the first women to be elected and ordained as deacons. Later in 1975, Mrs. Barber was ordained as the congregation's first female elder. Oakland has a tradition of emphasizing service, mission, outreach, and education. In recent years the congregation has enjoyed widespread community support with its Harvest Day Sale and Golfing for Jessica Tournament. Oakland's annual Fourth of July Pancake Breakfast draws hundreds of local families and serves as the kick-off of the Celebrate Cleveland Independence Day Festivities. Today, the congregation offers a wide range of activities that minister to all ages. Members of the congregation lead the weekly Golden Circle Bible Study at the Brian Center nursing facility in Clayton. Two mission teams have been sent to New Orleans to help rebuild the community devastated by Hurricane Katrina. Ministries generously supported by the Oakland faith community include the Basic Needs Ministry, Harbor House, Operation Hope, the Relay for Life, Habitat for Humanity, wounded veterans and troops in foreign conflicts, local school teachers, and the Barium Springs Children's Home. Madam Speaker, I am proud to honor Oakland Presbyterian Church as it celebrates 150 years of service to the community. I urge my colleagues to join me in commending this outstanding institution.

Mr. ETHERIDGE

Mr. ETHERIDGE. Madam Speaker, I rise today in strong support of H.R. 758, the Breast Cancer Patient Protection Act of 2007. This important legislation will ensure that patients have the health care they need following breast cancer surgery. In America, there are more than 2.4 million women living with breast cancer. In 2007, more than 178,000 new cases of invasive breast cancer were diagnosed. The Breast Cancer Patient Protection Act would help ensure that these patients will have adequate support after breast cancer surgery by guaranteeing a minimum hospital stay of 48 hours for a woman having a mastectomy or lumpectomy and 24 hours for a woman undergoing a lymph node removal. Anyone who has watched a loved one fight this illness understands that the last thing any woman should be doing at that time is fighting with her insurance company. Madam Speaker, I urge my colleagues to join me in support of H.R. 758. With millions of women in American being affected by this horrible disease, the Breast Cancer Patient Protection Act will ensure they have access to adequate medical support after their surgery.

Mr. ETHERIDGE

Mr. ETHERIDGE. Madam Speaker, I rise in support of H.R. 3997. Today, the United States faces the most significant financial crisis since the Great Depression. While we wish this action was unnecessary, this emergency requires bold steps to protect homeowners, small businesses, retirement savings plans, and community banks and to ensure that our economy can weather this storm. This bill should put us on the right path to recovery for our financial system. Over the last several months we have seen the collapse of some our largest financial institutions, throwing our nation's financial system into turmoil. As one collapse has followed another, a dangerous lack of liquidity has beset the entire system. This freeze in the flow of capital means that remaining banks have ceased lending to one another, and loans for businesses and individuals are starting to become almost as scarce. If lending does not resume, Americans will be unable to grow their small business, buy a car, pay for college, or buy a home. Without action, this financial crisis will threaten the entire American economy. I have spoken with the leaders of some of North Carolina's local and state banks and credit unions about the effect of this crisis on the communities they serve. They told me clearly: if we do not take action now, these problems could overtake the entire economy, affecting jobs, the vibrancy of our communities, and harming North Carolinians. This bill is not the blank check that the Bush Administration originally proposed. H.R. 3997 contains key provisions, negotiated by Democratic leaders in Congress, to ensure this bill benefits Main Street. As I demanded when this plan was first proposed, this bill protects taxpayer money, provides help for struggling homeowners, prevents Wall Street CEOs from gaining a windfall at taxpayer expense, and provides the accountability and oversight that have been missing. While it contains strict oversight provisions, the plan also contains the flexibility needed to address a problem of this magnitude. First and foremost, this plan protects taxpayer money. In taking action authorized by H.R. 3997, the Treasury Secretary must consider the interests of taxpayers, preserving home ownership, the needs of all financial institutions including small institutions and credit unions, and the needs of local communities. To ensure that the public shares in the benefit of the economic relief provided, Democratic leaders fought to add provisions that allow taxpayers, to share in profits if a financial institution we invest in grows healthy in the future. At the same time, H.R. 3997 requires any losses to the government to be recouped from financial institutions in the future. Additionally, this bill includes a fiscally responsible requirement that any profit resulting from this plan be used to reduce the growing national debt. In order to further ensure that assistance benefits Main Street, H.R. 3997 includes provisions to coordinate and increase efforts to modify mortgages for homeowners. The bill provides authorization for loan guarantees and credit enhancement to prevent foreclosures, and requires a plan to encourage mortgage servicers to modify loans through the Federal Housing Administration's Hope for Homeowners and other initiatives. We will work to ensure people can remain in their homes when possible. H.R. 3977 makes sure that the people who made this mess do not unduly profit at the public's expense. There are limits on executive compensation and golden parachutes for the financial institutions that receive this government assistance. It also allows taxpayers to recover bonuses paid to executives who promise gains that later turn out to be false or inaccurate. Congress has also increased oversight and transparency in H.R. 3997. The final bill includes $250 billion as an initial effort to stabilize the markets, and authorizes the rest of the $700 billion request only after Presidential notification and Congressional oversight of the Treasury Department's actions. Any purchase by the Secretary must be publicly disclosed within two business days of the action. A strong oversight board has authority over the Treasury Secretary's actions, and the bill mandates detailed reports to Congress at regular intervals. Additionally, H.R. 3997 establishes an independent Inspector General to monitor the use of the Secretary's authority. Given the extent and range of the problems in our financial markets, it is critical that the Treasury Secretary have a variety of tools to address these problems. H.R. 3997 includes a Republican proposal that gives the Treasury Department the option to guarantee companies' troubled assets, including mortgage-backed securities, purchased before March 18, 2008, with insurance that is paid for through risk-based premiums paid by the financial industry. H.R. 3997 provides liquidity to the market so that our banks have the confidence to make loans again. It is our hope that this will enable our financial markets to recover, but we cannot be certain that it will do so. The oversight provisions in H.R. 3997 will ensure that we can react to any further developments and take further action as necessary. Madam Speaker, this crisis is wide-spread and threatens the financial security of this generation and the well-being of our children and grandchildren. I fervently wish that this action was not necessary, and that the markets could correct themselves. However, in order to protect Main Street from the impact of Wall Street's problems, I support H.R. 3997, and I urge my colleagues to join me in voting for its passage.