Bill Foster

Mr. FOSTER

Mr. FOSTER. Madam Speaker, on rollcall No. 88 due to an inadvertent error, I was not recorded. I would have voted ``no.''

Mr. FOSTER

Mr. FOSTER. Madam Speaker, I am here on the floor today to speak in support of H. Res. 862 honoring the Illinois Math and Science Academy for its receipt of the Intel Corporation's Star Innovator Award. The Illinois Mathematics and Science Academy is a school of outstanding academic quality in my district, but I am also speaking in support of bringing the attention of this body to the importance of education in science, mathematics, and other quantitative fields. The Illinois Mathematics and Science Academy was first proposed by Leon Lederman, the recipient of the Nobel Prize in Physics in 1988 as a way of ensuring that top flight and motivated Illinois children receive an invaluable education in science and mathematics, and also to train thousands of Illinois teachers in the art of teaching those skills. Under the guidance of Stephanie Pace Marshall, this institution blossomed into an institution that has graduated many famous and accomplished graduates, including the inventor of the original Web browser, Mosaic, the founder of YouTube, and dozens of surgeons, teachers, fighter pilots, scientists, and, yes, even financial services experts. We employ an IMSA graduate in our congressional office today. The award that this school received last September, Intel Corporation's Star Innovator award, has its own rich history of promoting science in the United States. The progenitor of this award was first given out in 1942, then referred to as the Westinghouse Science Talent Search. This award was given out under this name for over 50 years and was highly recognized as the highest scientific honor that any high school student could receive. A decade ago, this program was taken over by Intel, the company that invented the microprocessor and a company that recognizes the crucial importance of math and science education to the economic future of our country. The name of the award and its primary sponsor may have changed, but the award itself and the high academic honor associated with it continue to this day. Under Intel's guidance, the program now includes awards honoring not only students and teachers, but innovative institutions specializing in math and science education as well. As a scientist myself, I see the need for recognizing and congratulating scientific achievement at all ages. We need not just this award, not just corporate sponsorships, not just economic awards, but also a new cultural appreciation for the value of individuals with extensive quantitative skills in math, science, and engineering, and other technical disciplines. But I also have a special reason to be proud of this award. As it turns out, my daughter is one of the many proud alums who call IMSA their alma mater. My daughter recently graduated from Stanford, and I am happy to report that she is now gainfully employed doing work she enjoys, certainly one of the key milestones in any parent's lifetime. While the Illinois Math and Science Academy lies in the Illinois 14th Congressional District that I represent, I am proud to be joined in this congratulation by the entire Illinois delegation. And in particular, I would like to thank the gentlewoman from Illinois (Mrs. Biggert), IMSA's neighbor to the east, who has always been a strong supporter of math and science education, as well as the Illinois Math and Science Academy.

Mr. FOSTER

Mr. FOSTER. I want to thank the chairman for yielding. I rise in strong support of H.R. 4173, The Wall Street Reform and Consumer Protection Act of 2009. As a member of the House Financial Services Committee that drafted this landmark bill, I'm proud of our chairman's work, and I want to especially thank the chairman for his diligent efforts over the last many months in shepherding this complex piece of legislation to the floor this week. This historic comprehensive legislation has dozens of moving parts designed to prevent future bailouts and restore financial stability to the marketplace. I make no apologies for its complexity. It is the simplistic view of financial markets that has brought us to this place. I want, however, to take a moment to highlight a few of the possibly underappreciated aspects of this bill which may ultimately prove to be among the most beneficial. First, this bill has language authorizing requirements for the inclusion of something called contingent capital into the capital structure of large financial holding companies. Contingent capital is a special form of debt which, when a company gets into trouble, will immediately convert into equity on previously negotiated terms, thus causing the firm to be recapitalized without requiring a penny from the taxpayer. In this sense, a requirement for large firms to carry contingent capital amounts to a requirement that they carry privately funded bailout insurance. The elegance of this solution is that it is market based and privately funded. For large financial firms that are poorly run, the market-imposed terms on which they could receive contingent capital could be more onerous than their better-run competitors. And while not eliminating the need for a systemic dissolution fund, I firmly believe that contingent capital will become the first best line of defense against financial contagion and will serve to mitigate the effects of future crises. Secondly, this bill significantly reforms the credit rating agencies which played a central role in the crisis last fall by giving inflated ratings to mortgage-backed securities and other financial instruments. In the wake of the Enron accounting scandal, Congress established an independent Public Company Accounting Oversight Board, PCAOB. This board, dominated by users of accounting reports, was designed and effectively regulates the accounting industry. And this bill, in addition to mandating that the rating agencies establish internal controls to resolve conflicts of interest and institute better corporate governance, also has language which creates a prototype independent committee to oversee the SEC regulation and enforcement of the rating agencies. Like the PCAOB, this oversight committee will be dominated by end users of credit ratings and will serve as a template for future, stronger oversight if the SEC enforcement proves inadequate. Finally, the last issue that I'd like to highlight is the greater investor protection this bill provides. In particular, this bill contains a provision that makes investment adviser fraud--like that perpetrated by Bernie Madoff--virtually impossible. Specifically, the bill contains language which requires those who advise and manage large amounts of money on behalf of others either to employ an independent custodian to hold those assets or to have an independent set of eyes verifying the accuracy of statements to investors. This simple requirement should give investors peace of mind that what is on their statements each month actually exists. I have touched on only a few of the historic and beneficial changes in this bill designed to restore market confidence, ensure the end of taxpayer-funded bailouts, and modernize the rules governing our 21st century economy. I hope my colleagues can support this important bill.

Mr. FOSTER

Mr. FOSTER. Mr. Chair, I yield myself 2 minutes. I would like to first thank Mr. Lujan of New Mexico for allowing me to work with him on this important and commonsense amendment to the Chemical Facility Anti-Terrorism Act. The underlying bill is a positive step towards ensuring the security of America's chemical facilities, but overlooks key differences between commercial facilities and university and educational laboratories. This amendment directs the Secretary of Homeland Security to take a graduated approach to security in school labs and to create a separate and appropriate set of protocols for university affiliated laboratories with relatively small quantities of chemicals. One-size-fits-all safety regulations only create more paperwork, more bureaucracy and more confusion without necessarily making us safer. This is especially true in educational settings where large numbers of students move in and out of smaller chemical labs constantly, making it difficult and expensive to impose on them the same security protocols as large commercial facilities. However, this amendment does not let our schools off the hook for maintaining a safe and secure environment. The Secretary of Homeland Security will still require that universities create and report a security plan of precaution and prevention as part of normal campus safety procedures. At a time when university budgets are already tight, this amendment will avoid placing potentially large financial hardships on our educational institutions. This amendment is supported by a number of higher educational associations, including the American Council on Education, the Association of American Universities, and the Association of Public and Land-grant Universities. I was very happy to be able to work on this commonsense solution. I reserve the balance of my time.

Mr. FOSTER. Mr. Chairman, I happily yield such time as he may consume to my colleague from New Mexico (Mr. Lujan).

Mr. FOSTER. I yield back the balance of my time.

Mr. FOSTER. Mr. Chair, I have an amendment at the desk.

Mr. FOSTER

Mr. FOSTER. I have no further requests for time, and I yield back the balance of my time.

Mr. FOSTER. I yield 2 minutes to the gentlelady from Texas (Ms. Jackson-Lee).

Mr. FOSTER. I yield the gentlelady an additional minute.

Mr. FOSTER. Madam Speaker, I move to suspend the rules and pass the bill (H.R. 621) to require the Secretary of the Treasury to mint coins in commemoration of the centennial of the establishment of the Girl Scouts of the United States of America, as amended.

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

Mr. FOSTER. Madam Speaker, I yield myself such time as I may consume. Madam Speaker, in 1912, just 18 girls from Georgia came together in what would become the first meeting of the Girl Scouts. Since then, the program has grown to 3.7 million girls to become the organization that we know today. To date, the Girl Scouts have shown 5 million girls how to lead, how to work together, and how to serve our communities. The Girl Scouts of the United States have had such prestigious members as the Honorable Sandra Day O'Connor, former Supreme Court Justice; Secretary of State Hillary Clinton; former Secretary of State Madeleine Albright; and former First Lady Nancy Reagan. The Fox Valley Girl Scouts Council, which serves portions of my congressional district, has 6,000 registered members sponsored by over 1,600 adult volunteers. I appreciate the work of these Girl Scouts, who have devoted so much time and effort to community service projects in our community. I am pleased to be a cosponsor of H.R. 621, and I thank Mr. Kingston for introducing it. H.R. 621 directs the Secretary of the Treasury to mint and to issue up to 350,000 one dollar coins in commemoration of the centennial of the founding of the Girl Scouts. The Girl Scouts of the USA has helped shape millions of young girls' lives, and in turn strengthened our communities. I congratulate the Girl Scouts on their 97 years of service and look forward to the passage of this piece of legislation so that we can join with them in celebrating their centennial in 2012. Madam Speaker, I submit the following correspondence. October 13, 2009. Hon. Barney Frank, Chairman, Financial Services Committee, 2129 Rayburn House Office Building, Washington, DC. Dear Chairman Frank: I am writing regarding H.R. 621, the ``Girl Scouts USA Centennial Commemorative Coin Act of 2009.'' As you know, the Committee on Ways and Means maintains jurisdiction over bills that raise revenue. H.R. 621 contains a provision that establishes a surcharge for the sale of commemorative coins that are minted under the bill, and thus falls within the jurisdiction of the Committee on Ways and Means. However, as part of our ongoing understanding regarding commemorative coin bills and in order to expedite this bill for Floor consideration, the Committee will forgo action. This is being done with the understanding that it does not in any way prejudice the Committee with respect to the appointment of Conferees or its jurisdictional prerogatives on this bill or similar legislation in the future. I would appreciate your response to this letter, confirming this understanding with respect to H.R. 621, and would ask that a copy of our exchange of letters on this matter be included in the record. Sincerely, Charles B. Rangel, Chairman.

Mr. FOSTER. Will the gentleman yield?

Mr. FOSTER. I very much share your opinion. I have to address the Speaker. I'm sure the Speaker and everyone in this room agrees that Thin Mints are the cookie of choice.

Mr. FOSTER. I yield 2 minutes to the gentlelady from Florida (Ms. Wasserman Schultz).

Mr. FOSTER. I yield the gentlelady another minute.

Mr. FOSTER. Madam Speaker, I yield an additional 1 minute.

Mr. FOSTER

Mr. FOSTER. Today I rise in support of my sister, Susan Adlai Foster, a survivor of breast cancer; and in remembrance of my grandmother, Nanette Raymond, who was not. Today I also rise in strong support of Breast Cancer Awareness Month to recognize the strength of the women who have endured this terrible disease. This year alone, it is estimated that 192,000 women will be newly diagnosed with breast cancer, and it will claim the lives of over 40,000 women. However, it is a great disservice to these strong, courageous women to reduce them to statistics. They are our mothers, sisters, grandmothers, and our friends. I lost my grandmother to breast cancer. Thankfully, my sister has survived her battle with this disease. I firmly believe that we must take all steps necessary to promote awareness and research to find a cure so my daughter and her generation do not suffer through this same experience. It has become obvious that part of breast cancer is environmental, part of it is genetic, and a large part can be mitigated through early detection. We must press ahead on all fronts to mitigate and eventually eliminate this scourge. I would also like to take this opportunity to applaud the efforts of the Susan G. Komen Foundation that has done so much to advance this cause and to spread the message that early testing saves lives. I encourage all of my colleagues to cosponsor and vote for H. Res. 708, congratulating Nancy Goodman Brinker, who founded the Susan G. Komen Race for the Cure, for receiving the Presidential Medal of Freedom.

Mr. FOSTER

Mr. FOSTER. Madam Speaker, I rise today to congratulate and record my strong and enthusiastic support for Jeff Olsen, a constituent of mine who is being recognized by the American Legion for his patriotism. Olsen, a resident of South Elgin and local sanitation worker, collected discarded American flags along his route to properly dispose of them. He would fold and carefully package each flag before giving them to the local American Legion to destroy them in the traditional ceremony. To date, Olsen has saved and donated over 250 American flags to the American Legion. Many of his colleagues at the Elgin Waste Management office also work to ensure that American flags which are improperly disposed of are treated with the utmost respect; however, the number of flags discovered by Olsen is nothing short of remarkable. Olsen was honored by both the local American Legion and Elks Lodge with an Americanism Award in recognition of his actions on June 14, 2009, Flag Day. His actions should be recognized as not only a caring act of patriotism, but also as an effort to raise awareness to the general public on how to properly dispose of an American flag. As a lasting symbol of freedom and democracy, the American flag should be treated with nothing less than great care and respect. I would like to congratulate Mr. Olsen on his award, and extend my deepest gratitude for his efforts. I can only hope that his story will inspire others to take similar action.

Mr. FOSTER

Mr. FOSTER. Madam Speaker, I am submitting this statement to express congratulations to Caterpillar, Inc. for their receiving EPA's Clean Air Excellence Award. Caterpillar was honored for developing its D7E, a revolutionary new bulldozer that consumes up to 30 percent less fuel and performs necessary construction operations 25 percent more efficiently. These impressive increases in efficiency will allow construction workers, miners and other earthmoving workers to do their jobs while emitting significantly fewer carbon dioxide emissions. After more than two years of research, the D7E represents exactly the kinds of new technology we need to move our country and our economy into the 21st Century. Its electric drive is a platform from which Caterpillar can begin exploring the possible use of alternative fuels to power American construction. Production of these innovative tractors is set to begin later this year in my home state of Illinois. As a former small businessman myself, and one who worked to keep manufacturing jobs in the Midwest, I would like to further congratulate Caterpillar for its commitment to reinvest in the communities that have supported them for nearly 100 years. It is my honor to represent the employees of Caterpillar's Aurora, Montgomery and Dixon manufacturing facilities, and I thank them for all their hard work.

Mr. FOSTER

Mr. FOSTER. Madam Speaker, today I rise today to acknowledge the 100th birthday of Mrs. Marie Wilkinson. A true living legend, Marie Wilkinson has spent a lifetime giving to others and her community. Today I thank Marie Wilkinson for all her service to the city of Aurora and wish her a very happy birthday. It is an honor to celebrate such a momentous day and a remarkable life. For more than six decades Marie Wilkinson has fought injustice and given voice to those most in need. Her activism has reached well beyond the local level to benefit countless across the state. In the late 1940s Mrs. Wilkinson won a case before the Illinois State Appellate Court that resulted in the integration of area restaurants. Through the Human Relations Commission she founded in 1964, Mrs. Wilkinson is credited with enacting the first Fair Housing Ordinance in Illinois. Unyielding determination and a deep love of people have kept Marie Wilkinson going. Her work has led to the founding of more than 60 charitable organizations including Hesed House Homeless Shelter, Feed the Hungry Program, Breaking Free Drug Program, Catholic Social Action Conference, Sci-Tech Youth Science Museum, and the Quad County Urban League. I ask my colleagues to please join me in recognizing Marie Wilkinson's 100th birthday, and celebrating her commitment to the betterment of community and humanity.

Mr. FOSTER

Mr. FOSTER. Madam Speaker, I rise today to congratulate Elgin Community College on the occasion of its 60th anniversary and to join in recognizing May 22, 2009 as Elgin Community College Day. Elgin Community College opened its doors in the fall of 1949 with only 97 students, 1 administrator, 1 full-time faculty member and 17 part-time staff members. For its first 10 years, the school worked out of a wing of the old High School on Elgin's East Side. Throughout the 1950s, ECC was run by Public School District U-46. After 16 years of existence, Elgin became an independent community college in 1965. Throughout the 1970s, Elgin Community College expanded curricula, faculty, staff, and services that included on-campus child care, financial aid, job placement, student activities, and tutoring. In 1974, the current boundaries of the Community College District were established. This district encompasses 360 square miles and serves students from 5 counties. During the 1980s, Elgin Community College's enrollment increased significantly, so the college adapted by opening new facilities off- site and exploring alternate ways to reach its students. ECC first offered telecourses in 1980, and eventually opened a community education center in Carpentersville. From the 1990s up to today, the college has continued to grow and now serves a diverse student population. Currently one out of every twelve adults in the Elgin Community College District takes at least one class a year at the school, and three out of every ten high school seniors choose ECC to continue their education. I congratulate the class of 2009 and the entire Elgin Community College Family. I thank them for their service to the community, and I look forward to watching the College grow in the future.

Mr. FOSTER

Mr. FOSTER. Given how badly the Bush administration mangled this first infusion of TARP money, Members are extremely wary of granting additional funds. But thanks to the diligent work of the chairman and former and current members of the Financial Services Committee, this bill contains substantial improvements over the original bill enacted last fall, and I believe it is worthy of this Chamber's support.

Mr. FOSTER. I rise in reluctant support of the TARP program as executed to date, in optimistic support of the TARP program as it will executed by the Obama administration, and in full-throated support of H.R. 384, the TARP Reform and Accountability Act of 2009. While the actions we took last fall have done much to stabilize our system, our credit markets are still not functioning properly. Significant programs to reduce preventable foreclosures have not started, and more needs to be done. More than anything else, our economy runs on confidence. Confidence is an ephemeral thing that's easily squandered and extremely difficult to get back. Our financial system has been shaken to the core in ways that we have not seen since the Great Depression, and while I am certain that the actions that we took last fall helped us avert the abyss, we have to do more before we recover. And the most important elements for restoring that confidence are a clear and workable plan for the future, the resources necessary to execute that plan, and an assurance that we are all in this together, that the blood, sweat and tears, as well as the economic gain, will be equitably shared as we work out of this crisis. That is what this bill is about. And this second infusion of TARP money, well-spent, is absolutely vital to helping us restore that confidence. I would also like to associate myself with the colloquy regarding municipal bond markets. The loss of infrastructure spending due to the lock-up of the $2.3 trillion muni bond market is one of the most frustrating and tragic consequences of this financial crisis. Despite near-zero historical default rate, muni bonds are not trading at all, at rational levels or at all. Proposals to revive the muni bond markets, for example, with federally backed muni bond insurance, represent low-hanging fruit that should be captured with a modest investment of TARP funds, probably the biggest bang for the buck of any stimulus investment that I am aware of. As a member of the Financial Services Committee, I look forward to working with the chairman and the new administration on this important issue. I know Members are properly skeptical of the TARP effort.