Marcia Fudge

Ms. FUDGE

Ms. FUDGE. I thank you because we are making the right steps. We're moving in the right direction, and it's going to take some time; but we know that we're doing the right thing. So I thank you so much for being here. I would now yield to my friend and colleague who joins me just about every week, who sheds new information and sheds light on things that sometimes the rest of us don't quite think about, and that is my dear friend, the gentlelady from Texas, Congresswoman Sheila Jackson Lee.

Ms. FUDGE. I absolutely agree with you 100 percent. If we don't start to make things again in this Nation, we may, in fact, have a permanent underclass of people who will never work again, people who grew up in blue collar communities like mine who work with their hands and by the sweat of their brow. It is going to be very difficult if we don't start to make things again. It's going to be very difficult to come out of this recession if we don't start to look at some of the mistakes we've made in the past and try to correct them. We know how to create jobs. I know in the 8 years of the Clinton administration we created over 20 million jobs, less than 2 million under the Bush administration. We know what we're doing, if they would just allow us to do the work that the people have sent us here to do. I thank you so much.

Ms. FUDGE. Thank you so much, my friend and colleague, Mr. Johnson, who is always on top of issues. I so much appreciate you joining us this evening. It is always a pleasure to hear your views on the various topics that we cover. Thank you so much. Madam Speaker, I would now like to take an opportunity to, as well, yield to a person who has been very active in discussing the issue of jobs, who understands very, very well some of the legislation that has been passed by this House. My friend and colleague from the State of Maryland has been active in every single issue that we have addressed in this body to deal with jobs and on the economy. And it's just, indeed, a real pleasure for me to yield some time to her this evening, because she is always very, very prepared and very knowledgeable, and I think very informative. At this time, I would yield to my friend and colleague, the gentlelady from Maryland (Ms. Edwards).

Ms. FUDGE. Madam Speaker, I ask unanimous consent that all Members be given 5 days to revise and extend their remarks in the Record on this topic.

Ms. FUDGE

Ms. FUDGE. Thank you, and thank you for staying in the fight. This really is a battle, and we are going to win it. Mr. Speaker, I would like to yield now to my friend, my colleague, the person in this Congress who really, indeed, is the conscience of the Congress, the gentlelady from Maryland (Ms. Edwards).

Ms. FUDGE. Thank you very much. I just want to say to my colleague that the point you made is so very important. These are people who have been tax-paying, law-abiding citizens of this country. I just wonder: How do people sleep at night? If they want to pull the safety net, the rug, out from under people who have always been a part of this Nation's wealth, why do they now say that they are hobos or that they are lazy when they have worked for and have earned everything they have ever received? I just don't understand how we can now say to these same people whom we applauded when they had jobs every day that ``we no longer care about you anymore.'' I just thank you for making clear that these are people who have paid into this fund. It is not a gift. It is something they have earned, and I thank you so much for that. Mr. Speaker, I would now like to yield to my colleague, to someone who joins me almost every Monday night and who brings a wealth of information to this body--the honorable Sheila Jackson Lee from the State of Texas, the gentlewoman from Texas.

Ms. FUDGE. Madam Speaker, I ask unanimous consent that all Members be given 5 legislative days to enter and extend remarks into the Record.

Ms. FUDGE. Thank you so much. Mr. Speaker, I would now yield to my friend and classmate, the gentleman from Florida (Mr. Grayson).

Ms. FUDGE. The Congressional Black Caucus is incensed that some would choose to politicize the proposed extension of unemployment benefits. As the conscience of the Congress, the CBC will spend this Special Order hour reminding them of the Americans they seem to have forgotten. I will also be joined by a diverse cross section of Members from a variety of caucuses, all urging the Senate to act now. Madam Speaker, I would yield to my friend and colleague from the State of Ohio (Ms. Kaptur).

Ms. FUDGE. Mr. Speaker, we've heard but a few stories of the millions of Americans who stand in need in this country today. The wealthiest Nation in the world has people who are hungry, has people who are homeless. Mr. Speaker, I asked the question earlier to those who would fight and try to block this legislation, How do you sleep at night? Now I want to say to those same people who would oppose this bill, I hope you don't sleep. I hope you don't get a wink of sleep until you decide that it is important to do what is right for the people of this country. I hope you can't sleep until you understand that our former coworkers, our neighbors, our friends, our family are hurting. And if you can't figure it out as you lay awake, get up and walk to the drugstore, to the grocery store, to the barber shop, any place where people are gathered, and you will find someone who needs your help. So I would just hope that you stay awake all night tonight so that when the vote comes down tomorrow you will do the right thing.

Ms. FUDGE. Thank you, my friend. I just want to say that the gentlelady from Ohio (Ms. Kaptur) has always been a voice for not just Ohioans but for all people in need, and I thank you very much for your work. Madam Speaker, I would now like to yield to the majority leader, the gentleman from Maryland (Mr. Hoyer).

Ms. FUDGE. Thank you so very much. It's always enlightening to hear how you approach a subject. I thank you so much for always sharing Monday evenings with me. I would now like to yield to my friend, the gentlewoman from California (Ms. Chu).

Ms. FUDGE. Thank you so very much. It is always a privilege to have the leader come and share some time with us. Thank you very much, Mr. Leader. I am as well pleased and proud that Congressman Jim McDermott, the chairman of the Subcommittee on Income Security and Family Support, will bring his expertise on the topic. I yield to the gentleman from Washington (Mr. McDermott).

Ms. FUDGE. I thank you. You have painted a picture so clear that every single person in the Senate should understand that it's not just about deficits, it's not just about what they think is right or wrong. Government has a job, and it is to take care of its people. And if we don't do that, we have not done our work. I thank you for telling Terri's story, and I'm sure she does as well. Madam Speaker, I would now like to recognize my friend and classmate, the gentlelady from Nevada, Ms. Titus.

Ms. FUDGE

Ms. FUDGE. Mr. Speaker, I move that the House do now adjourn.

Ms. FUDGE

Ms. FUDGE. I appreciate the opportunity to anchor this Special Order hour on Wall Street reform for the Congressional Black Caucus. Currently, the Congressional Black Caucus, the CBC, is chaired by the Honorable Barbara Lee from the Ninth Congressional District of California. Mr. Speaker, I now yield to our chair, the Honorable Barbara Lee.

Ms. FUDGE. Mr. Speaker, I just want to continue to express my support for our Chair. She is very strong and courageous and keeps us on task. I just appreciate her hard work and her leadership, not only for the Congressional Black Caucus but for our caucus in general. Thank you very much, Madam Chair. Mr. Speaker, tonight we will focus on the need for this Wall Street reform that Americans have been waiting for. Americans have faced the worst financial crisis since the Great Depression. Millions have lost their jobs, businesses have failed, housing prices have dropped, and savings have been wiped out. A year and a half after the country's banking system nearly imploded, it is still operating under the same inadequate rules and regulations. The failures that led to this crisis require bold action. We must restore responsibility and accountability in our financial system to give Americans confidence and the protections they need. We must create a sound foundation to grow the economy and to create jobs. This is in fact why Congress is set to vote this week on the Wall Street Reform and Consumer Protection Act. Despite vigorous lobbying from the banks, this bill protects the American people and the financial system from abuses that nearly caused the entire system to collapse. This bill contains commonsense reforms that hold Wall Street and the big banks accountable. It will end bailouts by ensuring that taxpayers are never again on the hook for Wall Street's risky decisions. It will protect families' retirement funds, college savings, homes and businesses' financial futures from unnecessary risk by CEOs, lenders and speculators. It will protect consumers from predatory lending abuses, from the fine print and industry gimmicks. And it will inject transparency and accountability into a financial system that has run amok. Wall Street reform is good for our country because it is a critical step to create jobs and grow the economy. Years without accountability from Wall Street and the big banks have cost us 8 million jobs. Having a healthy financial system will help spur lending to businesses, of course, which will grow our economy. As we rebuild our economy, the new commonsense rules from this bill will ensure that big banks and Wall Street can't play games again with our futures. Americans want fairness, Mr. Speaker. They deal openly and honestly with their banks, and they want their banks to treat them like the good customers that they are. There was a meltdown. For 8 years, Mr. Speaker, under the previous administration, our allies on the other side of the aisle looked the other way as Wall Street and the big banks exploited loopholes. Americans had no clue that Wall Street barons were gambling away their money on complex schemes and being handsomely rewarded for failure and for recklessness. America's families and small businesses paid the price. We lost 8 million jobs and $17 trillion in retirement savings and Americans' net worth in this meltdown. It was the worst financial crisis since the Great Depression. There are tough choices. This Congress and our President, President Obama, have made tough choices and taken effective steps to bring our economy back from the brink of disaster. The Recovery Act has already saved or created up to 2.8 million jobs and much of the TARP has already been repaid. But more must be done. The next step is the Wall Street reform. It is a critical step to create jobs and grow the economy. As we rebuild our economy, we must establish commonsense rules to ensure big banks and Wall Street can't play Russian roulette again with our futures. Wall Street may be bouncing back, but we know from experience they are not going to police themselves. Let me just talk a bit about what is in this legislation. This bill protects hardworking Americans from the worst abuses in the financial industry. I'd like to share with you just some of the consumer protections that are included in this bill: There is protection for families and small businesses by ensuring that bank loans, mortgages, and credit card terms and disclosures are fair and understandable. Transparency in the industry will be overseen by the new Consumer Financial Protection Agency. Credit card companies will no longer be able to mislead you with pages and pages of fine print. You will no longer be subject to hidden fees and penalties, or the predatory practices of unscrupulous lenders. This bill will make lending agreements easier to understand and protect small borrowers. It ends predatory lending practices that occurred during the subprime lending frenzy that this country experienced. The legislation outlaws many of the egregious industry practices that led to the subprime lending boom. It ensures that mortgage lenders make loans that benefit the consumer. It would establish a simple standard for all home loans: institutions must review proof of income to ensure that borrowers can repay the loans they are sold. This legislation will force mortgage companies to play by the rules. You'll be empowered with easy-to- understand forms. And you'll have clear and concise information to make financial decisions that are best for you and your family. Financial firms will no longer be able to engage in behavior that is so risky and irresponsible that it threatens to bring down the entire economy. This bill replaces taxpayer bailouts with new procedures to unwind failing companies that pose the greatest risk. This wind-down process will be paid for by the financial industry and not by taxpayers. It produces tough new rules on the riskiest financial practices that gambled with your money and caused the financial crash, like the credit default swaps that devastated AIG, and commonsense regulation of derivatives and other complex financial products offered to consumers. It provides tough enforcement and oversight with more enforcement power and funding for the Securities and Exchange Commission, including the registration of hedge funds and private equity funds. It provides enhanced oversight and transparency for credit rating agencies whose seal of approval gave way to excessively risky practices that led to a financial collapse. It protects investors. It strengthens the SEC's power so it can better protect investors and regulate the Nation's securities markets. Reining in egregious executive compensation, allowing a ``say on pay'' for shareholders, requiring independent directors on compensation committees, and limiting bank executive risky pay practices that jeopardize the safety and soundness of banks. As a member of the CBC, one important part of the bill I would like to highlight is the new Offices of Minority and Women Inclusion. At Federal banking and securities regulatory agencies, the bill establishes an Office of Minority and Women Inclusion that will, among other things, address employment and diversity contracting opportunities with the Federal Government. The offices will coordinate technical assistance to minority-owned and women-owned businesses and seek diversity in the regulatory workforce. By actively engaging minorities and women, the Nation's financial system will become stronger. Mr. Speaker, nearly 2 years after our Nation's financial system stood on the verge of collapse, Congress is working hard to protect American consumers and to grow our economy. The Wall Street Reform and Consumer Protection Act will accomplish both goals. This sweeping new legislation will modernize America's financial rules in response to the worst economic crisis since the Great Depression. Once signed into law, these tough new regulations will hold Wall Street accountable, it will end taxpayer-funded bailouts, and protect Americans from unscrupulous big banks and credit card companies. Wall Street reform is a win for the American people. This is about making the system fair and accountable. The financial crisis that unfolded in 2008 should never have happened. But since it did, this Congress has been working hard to develop legislation that will prevent a future crisis. I support the Wall Street Reform and Consumer Protection Act because it includes commonsense reforms that hold Wall Street and the big banks accountable. But most of all, Mr. Speaker, this bill supports the American people. Let's give Americans what they deserve--fairness in the financial system.

Ms. FUDGE

Ms. FUDGE. Madam Speaker, Wall Street reform is critical to creating jobs and growing our economy. As we rebuild America, we must ensure that Wall Street won't gamble again with our futures. I support the Restoring American Financial Stability Act because it includes commonsense reforms to hold Wall Street and the big banks accountable. This bill will end bailouts by ensuring taxpayers are never again on the hook for Wall Street's risky decisions and will rein in big banks and their big bonuses. It protects families' retirement funds, college savings, homes and businesses' financial futures from unnecessary risk by lenders. It also safeguards the American people from predatory lending abuses, which resulted in millions of foreclosures over the past few years. The American people deserve and want these reforms. Let's give Americans what they deserve: fairness in the financial system.

Ms. FUDGE

Ms. FUDGE. Mr. Speaker, Congress must decide whether to protect the interests of a few deceptive bankers who ruined the industry for others or to protect the hardworking Americans of this Nation. House Democrats have already decided. We have decided to choose Main Street over Wall Street. We have decided to choose parents who want to provide for their children and for people who are saving for retirement. We have decided, Mr. Speaker, that the American people are more important than the overzealous bankers. Maintaining the status quo is not the answer. Look at what the current situation has done to America. Eight million jobs were lost without the safeguards to protect Main Street. Millions of homes were taken in foreclosure due to subprime mortgage schemes. American people deserve and want better. A CNN poll shows 6 out of 10 Americans support Wall Street reform. Republicans have blocked efforts to protect Americans. House Republicans voted unanimously against the Wall Street Reform and Consumer Protection Act. This act would reform Wall Street, reform executive pay, end taxpayer-funded bailouts, and hold banks and financial firms accountable to the American taxpayers. Congressional Republicans are making backroom deals with the bankers. It is time for us to protect Main Street. The same Republicans who deregulated the industry, and opposed reforms, now claim the Wall Street reform bill ``allows bailouts.'' This is false. Let's give Americans what they deserve--fairness in the financial system.

Ms. FUDGE

Ms. FUDGE. Madam Chair, we would like to thank you. Mr. Speaker, I think that there is probably no one in this caucus who fought harder to get this bill passed. Our Chair, Representative Lee, is one of the hardest working Members of this entire body. She has vision and leadership. And most of all, she has courage. We want to thank you for being our leader. We thank you very much. Mr. Speaker, I would now like to yield to my friend who has joined us and has always been a consistent voice for the people of this country, the gentlewoman from Texas, Sheila Jackson Lee.

Ms. FUDGE. Mr. Speaker, I ask unanimous consent that all Members be given 5 legislative days to revise and extend their remarks into the Record on this topic.

Ms. FUDGE. I thank you. Mr. Speaker, I just want to again thank my friend and colleague, Representative Sheila Jackson Lee, for her insight and for her knowledge, obviously, of the bill as well as for her ability to connect with the American people. I thank you for joining me this evening. It is always my pleasure. Mr. Speaker, again tonight, we are going to focus on the benefits of the health care reform that Americans are experiencing today. When it comes to health care reform, what is now called the Patient Protection and Affordable Care Act, I truly believe history will show those of us who supported it did the right thing, and we are already seeing evidence that our courageous act is positively impacting Americans. I am extremely proud that Congress took the task of closing the doughnut hole for seniors. The doughnut hole has, in many instances, become the black hole because, for some seniors, the uncovered prescription costs never end. Fortunately, that is about to change. Beginning in 2011, seniors in the doughnut hole will receive a 50 percent discount on prescription drugs. By 2020, the doughnut hole will be completely closed. I know that many seniors cannot afford to wait. To ease the burden, Medicare recipients will automatically receive onetime $250 checks to help them with prescription costs. Some of those checks have already been received. I know that this is a modest step, but it is the beginning of our commitment to improve Medicare for our seniors, and I am very happy to see that it has started helping some of the 97,000 seniors in my congressional district who receive Medicare. Making prescription drugs more affordable for seniors is only one of the many benefits for seniors included in the recently enacted health reform law. Other benefits for seniors include free preventative care services. So, if you need screenings or if you want your physical examinations, all of those things become free, and all of those things become free under Medicare beginning in 2011. Extended funding for Medicare is going to be there through 2029. There is going to be increased access to doctors, and we will have expanded home- and community-based services to keep seniors in their homes instead of in nursing homes. I am also pleased that Americans without insurance and those who have been denied insurance due to preexisting conditions can now sign up for immediate access to health coverage. This will be done through a temporary high-risk pool until the exchanges are up and running in 2014. This will be a great relief for Americans. Small businesses are receiving tax credits to assist in providing employees with health coverage. As a result of the health care reform, the Federal Government now offers tax credits of up to 35 percent of the employer premium contributions for those small businesses that choose to offer coverage. Beginning in 2014, those tax credits will increase to up to 50 percent of employer premium contributions. Beginning in September of this year, of 2010, just in time for the start of the fall semester for college, young adults will be able to remain on their parents' insurance plans until age 26. The best part is any young adult without employer-provided insurance will be able to remain on their parents' insurance plans up to age 26. The young adults need not be enrolled in college. He or she does not even have to live in the same State as his or her parents. Parents only need to contact their health insurance companies to enroll their children. Also, our young adults, including former foster youth, will be able to pursue their educations and start their careers without the fear of unexpected medical bills hanging over their heads. Finally, these young people will have access to medical care without fear that they will have bills they cannot afford. Further, Mr. Speaker, in September, we will also respond to the needs of younger children. Beginning on September 23, the unfair and discriminatory practice of denying children health care due to preexisting conditions will end. No more will insurance companies determine that children who face medical hardship don't deserve affordable health care. No more will private industry decide which children deserve care and which do not. I held multiple town halls on health care prior to the passage of the bill, and I was moved by the many stories I heard. One in particular came from a father who was barely able to afford health care for his son who suffers from sickle cell anemia. The insurance company found sickle cell to be a preexisting condition, and as such, the only insurance he could find was astronomical in price. He could not afford it. I am proud that this Congress remedied the situation for this father, who only wanted to give his son a shot at a healthy future. On September 23, insurance companies will be banned from capping the amount of money they will spend on a patient's care. One of my constituents, whom I will call Mary, is especially excited about this particular provision. Mary has been paying for health care insurance, as well as for catastrophic health care insurance, for many years. She does this in case she hits the lifetime limit. She saw her own brother, who has brain cancer and no health insurance, inundated with medical bills well in excess of $60,000. She lived in fear that that might happen to her, so she wanted to be sure that she was prepared. Just out of fear that an unpreventable or unexpected illness will force her into financial hardship, she prefers to be safe rather than sorry. Mary has maintained a policy with a $25,000 deductible--yes, I did say a $25,000 deductible--just to be sure she doesn't fall into medical bankruptcy. For her, the countdown for September 23 can't come soon enough. Beginning on October 1, there will be increases in funding for community health centers to allow for nearly doubling the number of patients served over the next 5 years. For those in Ohio, you can find a community health center near you just by calling 211. There will be scholarships for medical students. There will be new scholarships for loan repayment programs that will be available for doctors, for nurses and for other health care providers who work in underserved areas. To those listening in the 11th District at home, to find a scholarship, visit National Health Service Corps' Web site at nhsc.hrsa.gov. Again, that is nhsc.hrsa.gov. Next year, in 2011, a public option for long-term care insurance will become available. Further, in 2011, insurance companies will be required to spend 80 to 85 percent of all premiums received on patient care or provide a rebate to customers. Insurance companies can no longer just take inordinate sums of money and put them in their pocket and have nothing to show for the care that they have given to the people who have paid these premiums. Now they must spend at least 80 to 85 percent on care. In 2011, Medicare patients will receive free preventive care. As President Obama rightly noted, passing health care reform is just the first step. Implementing it in an effective, accountable way is now the challenge and our goal. I am honored and privileged to have voted for health care. We need to remind ourselves reform was necessary and why we fought so hard to insure all Americans. I want to share the story of a constituent who was diagnosed with cancer when he was almost 15 years of age. This young man--we will call him Steve--should have been worrying about getting his driver's license or what he was going to wear to the homecoming dance or excelling in school. Instead, he was concerned for his very basic survival. Steve and his family were told he only had a 15 percent chance of living because he had a softball-sized tumor which had grown in his ribcage and into his spine. Luckily for Steve, he lived in the Cleveland area. He was being treated at Rainbow Babies and Children's Hospital in Cleveland, which is one of the leading pediatric hospitals in the world. Rainbow Babies is a world-class facility and cares for patients around the world. The doctors, nurses, and support staff at Rainbow worked miracles on this young man. He had intense chemotherapy and spine surgery, which shrank and ultimately removed the tumor. His bones, which had been eaten away by the aggressive cancer, were replaced with titanium rods. And he started on an 8-week path to learn how to walk again, a remarkable feat which, at 15 years of age, is something that few would have the emotional and mental maturity to handle, let alone the physical capacity. Despite the expert care, continuing radiation, and chemotherapy, it was not enough to prevent the relapse that occurs to a majority of patients diagnosed with this cancer. Within 4 months, Steve had to repeat the process of removing yet another tumor. The tumor was removed by Rainbow Babies. Thankfully, this particular type of cancer did not return. Steve would go on with his studies and graduate high school and stay close to home and go to John Carroll University in University Heights. His life was starting to get back on track, especially for an 18-year- old. He was still worrying about school but adjusting to college life and figuring out what it means to be a young adult. But just as Steve had started his new life, he received devastating news. He was diagnosed with a new and different type of cancer called acute myeloid leukemia, or AML. AML is a blood cancer that required him to have a bone marrow transplant. An anonymous donor and doctors at Rainbow saw him through a successful operation. And thanks to them and the resilience of his family, Steve is now a robust young adult, physically and mentally ready for the challenges that come to college students. The story of Steve's resilience and his doctors' skill and persistence is a heroic one that can serve as inspiration to all of us. But what makes this story most notable was that much of it was done without the basic protections that should be guaranteed to minors by health insurance. Steve had exceeded his lifetime insurance limit during his third bout of cancer and, as a full-time student, he was ineligible for his parents' insurance. Steve sums up his own feelings about health care reform with this quote. He says, If you voted for the health reform bill, thank you, because for other kids, teens, and young adults like me, you solved two problems this year: one to prevent insurance companies from having lifetime maximums, and allowing young adults and teens to remain on their parents' coverage until age 26, even if they are not enrolled in postsecondary education. A story like this, Mr. Speaker, will never need to be repeated again in this Chamber, and that's because of health care reform. I am, again, proud to have been one of the persons who voted in this House to save the lives of so many. With that, Mr. Speaker, I yield back.

Ms. FUDGE. Mr. Speaker, I appreciate the opportunity to anchor this Special Order hour on health care for the Congressional Black Caucus. Currently, the Congressional Black Caucus is chaired by the Honorable Barbara Lee from the Ninth Congressional District of California. I would now yield to our chair, the Honorable Barbara Lee.

Ms. FUDGE

Ms. FUDGE. Mr. Speaker, I am amazed and disheartened by congressional Republicans' attempts to reinstitute the same flawed policies that created the economic crisis we find ourselves in today. Congressional Republicans are determined to abandon Americans who have lost their jobs and partner with special interest groups like the Wall Street banks, credit card companies, Big Oil, and insurance companies. Their intent is shown in their voting record. Republicans have voted against every major piece of economic legislation we've taken up this year. They voted ``no'' on the Recovery Act. They voted ``no'' to rein in banks through Wall Street reform. They even voted ``no'' for summer jobs. I am proud to be a Democrat in this Congress and stand up for hard- working Americans. Our party is dedicated to moving America in a new direction, creating good American jobs, lowering taxes for the middle class and small businesses, and building a strong new foundation for the economy and for Main Street. The growing signs of economic recovery show our policies are working. Consider that American jobs have been created in six of the last seven months, averaging nearly 200,000 jobs a month this year. While more needs to be done, Mr. Speaker, America is on the road to recovery.

Ms. FUDGE

Ms. FUDGE. Mr. Speaker, I demand a recorded vote.