John Garamendi

Mr. GARAMENDI

Mr. GARAMENDI. I will, and thank you very much for this discussion of what is one of the most important national security issues facing this Nation, which is our energy policy. It is a situation in which we are finding about $1 billion a day of our money is being transferred offshore to people and countries who are really not our friends at all. So the American energy policy is crucial to national security. We need to break our addiction to oil. And you are bringing out not only the necessity of breaking that addiction to oil and reducing the amount of money we are sending to very dangerous places in the world, but you are talking about creating the jobs of the future. Now, I represented California. I was the lieutenant Governor there, and throughout the State of California we are looking to the green economy as being the next great opportunity. We talk about Silicon Valley, and certainly 30 or 40 years ago the move to computers and silicone chips and all of those things did create a huge industry. Now, what is the next step? Everyone in Silicon Valley says the next step is the green economy, and the venture capital community, the scientific community, the research is all moving to the green economy. We see it in my own district. The biggest wind farms in California are in my district, in the Montezuma Hills and Solano County and the Altamont Pass. Those are the industries of the future, and as we move to those green economies, we free ourselves from oil. It is a huge issue. You so correctly pointed out that the stimulus program, the American Reinvestment and Recovery Act, pushed us in that direction by providing research dollars. The biggest increase in research in the last 12 years has occurred as a result of that stimulus program. We have another piece of legislation that was on this floor last week, and it was the COMPETES Act, which is the next step in giving us the opportunity in America and in California to compete internationally with science, research, and the educational system that we need to have those engineers and scientists and technicians educated. Unfortunately, right here on this floor last week the Republicans put forth a motion to reconsider that gutted that legislation, took away half of the potential money and stopped it cold in its tracks. It was one of the worst situations I have seen. Every other business group, the American chamber of commerce, all said we have to have that piece of legislation, yet the Republican Party, for pure political reasons, stalled that legislation, derailed it. We are working hard to put it back on, because this is the future of America. We cannot any longer be held hostage by those countries that control our oil supply in the Middle East, in Venezuela, and even in the Gulf of Mexico. We now know how risky it is even in our own Gulf to rely upon oil. We need these new sources of energy. The next step is going to occur this week when we vote on the American Jobs and Closing Corporate Tax Loopholes legislation. That bill is going to be up on the floor of this House this week. What it does is to provide a very significant amount of funding for small businesses, increasing the Small Business Administration loan potential. It provides funding for research for green technologies. It provides tax credits and subsidies so we can advance the green industries, so that future jobs of this Nation are going to be advanced. I know what is going to happen. The Republican Party on that side of the room is going to do everything they can to stop this critical piece of legislation, 250,000 summer jobs for youth that are otherwise going to be on the street causing trouble.

Mr. GARAMENDI. It's very, very clear, Mr. Tonko, and thank you so very much for pointing out that there's a dichotomy. There are two different views about what America needs to do. The Republican view, as articulated by Mr. Driehaus, is one of hands off, let the big boys do whatever they're going to do. We saw the result of that, the deepest recession since the Great Depression occurred because of a lack of regulation and the notion that somehow the marketplace would take care of itself. Well, it took care of the economy of the world. We need that regulatory system in place, and we're going to see it in the next week to two weeks, whether the Republicans are going to stand for reining in Wall Street or letting it rip once more. We know where we came from. We did pass a bill in December. I was fortunate enough to be here. The Senate has now acted with just a couple of Republican votes in support. Now it's going to be back. We'll see. In this week, however, we have another opportunity to see where we stand, where the Republicans stand. This is the American jobs and closing corporate tax loopholes and bringing jobs back home. I want to go to Wal-Mart some day and see ``Made in America'' on the things I buy. I've seen enough ``Made in China.'' I want to see ``Made in America.'' And we can do that. And this piece of legislation that we're going to be voting on this week, the American jobs and ending corporate tax loopholes for those corporations that have sent the jobs overseas, right now those corporations have a tax break when they send American jobs offshore. Enough of that. We're going to bring that back. And we're going to get some of our money back from Wall Street because we're going to raise the taxes on those Wall Street barons that have ripped this country off to a fare-thee-well. You take a look--one more little fact before I turn it back to you, Mr. Tonko, is that in the last days of the Bush administration, in the very last days of the Bush administration, when it was obvious that the entire financial institution of this Nation and the world was collapsing, Bush came forward with what became known as the TARP program, Troubled Asset Relief Program. That turned over some $700 billion to the financial industry. About $400 billion of that went directly to Wall Street. What did they do with that money? I can tell you one thing they did not do. With all that money they received, they reduced the number of loans and the amount of loans that they made to small businesses on Main Street. Now, the business banks on Main Street, the community banks, actually increased their loans, even though they got less than 18 percent of the money; 81 percent of the money went to the big banks. They reduced their lending to small businesses; 18 percent went to the small banks. They increased. So what we're doing in this bill is shifting the direction. We're shifting the support to the small banks, and we're going to build up small businesses.

Mr. GARAMENDI. Now that's in the bill, the consumer protection.

Mr. GARAMENDI. Ever.

Mr. GARAMENDI. I do, and I'd just like to run through a list. You've been very, very forthright in pointing out the differences between the Republican agenda and the Democratic agenda. I'll put my reading glasses on here. I'm going to go through this very, very quickly because I know we only have a few moments. The American Recovery and Reinvestment Act. Jobs. We talked about it. All House Republicans voted ``no.'' The Worker Homeownership and Business Assistance Act; 93 percent of the Republicans voted ``no.'' Health insurance reform; all House Republicans voted ``no.'' Student Aid and Fiscal Responsibility Act; all House Republicans voted ``no.'' Cash for Clunkers; 55 percent of the Republicans voted ``no.'' Hiring Incentives to Restore Employment, the HIRE Act; 97 percent of the Republicans voted ``no.'' We passed every one of those. Many of those are now law. The Wall Street reform passed this House. Every Republican in this House voted ``no.'' American Workers, State, Business Relief Act; 93 percent of the Republicans voted ``no.'' Small Business and Infrastructure Jobs Tax Act; 98 percent voted ``no.'' Bottom line here is that every effort that has been made to advance the economy has been done by the Democratic Party, and it is working, as you so carefully pointed out. Thank you for bringing this to our attention and giving us the opportunity to point out the extraordinary contrast here. Our efforts to move the economy, to take action, to do what must be done to move the economy forward, we have done it. The Republicans have consistently and every time either voted ``no'' or tried to block it. Thank you so very much for leading us in this discussion, Representative Tonko.

Mr. GARAMENDI

Mr. GARAMENDI. Madam Speaker, I rise with my colleagues Congressman George Miller and Congressman Jerry McNerney, to recognize Paul Maxwell, Contra Costa Transportation Authority's Chief Deputy Executive Director and most recently its Interim Executive Director, and congratulate him as he approaches his retirement. Paul joined the Contra Costa Transportation Authority (CCTA) in April 1990 as its first Deputy Director for Projects bringing a wealth of knowledge of transportation planning, programming, and funding, having previously served 13 years in the region at the Bay Area Metropolitan Transportation Commission. As Deputy Director for Projects at CCTA, Paul has been responsible for the Authority's participation, project management and delivery of over two billion dollars of capital improvements. His service to Contra Costa County residents has included oversight and management of the development of state highway expansions, local street improvements, Bay Area Rapid Transit (BART) District rail extensions, transit centers, bicycle bridges, trails and other facilities. Further, as part of his responsibilities with CCTA's Congestion Management Agency, Paul advocated for state and federal transportation funds for crucial Authority projects and worked closely with staff in the development of those project priorities, including State Route 4, BART, and the Richmond Parkway, to name just a few. Most recently he has worked tirelessly on the combined efforts of the CCTA, Caltrans, and the Alameda Congestion Management Agency to deliver the Caldecott Tunnel fourth bore project; the largest American Recovery and Reinvestment Act (ARRA) funded transportation project in the United States to date. He has also worked with BART, Caltrans, Contra Costa County, and East County cities to deliver the expansion of State Route 4 East and the eBART extension. State Route 4 and the Caldecott Tunnel, located on State Route 24, are two of the major commute and freight corridors connecting the East Bay Area to the coast and the Central Valley. Their improvement is essential to the economic vitality of our region and I know my friends, Mr. Miller and Mr. McNerney, and I are very grateful for Paul's efforts on these major projects. Throughout his tenure, Paul has maintained strong relationships with those involved in various CCTA projects and is well-respected by his colleagues, agency staff, Board members and stakeholders. In 1996, Paul was named Chief Deputy Executive Director where he oversaw the coordination of all Authority sections. And in December 2009, he was named and has acted as the Interim Executive Director until his retirement this month. Prior to this distinguished record at CCTA, Paul served as the Manager of Planning and Programming at the Bay Area's Metropolitan Transportation Commission where his responsibilities included transportation finance, air quality planning, multi-modal transportation corridor studies, and the Regional Transportation Plan. He served as the primary liaison between the Metropolitan Transportation Commission and the California Transportation Commission. He has also worked with the Metropolitan Washington, DC, Council of Governments and DeLeuw, Cather and Company, an engineering and construction firm here in Washington, DC. Paul holds a Bachelor of Science in Civil Engineering from Newcastle University in the United Kingdom. He also achieved his Masters of Science in Transportation Engineering from the University of California--Berkeley. Madam Speaker, we invite our colleagues to join us in honoring Paul for his tireless and dedicated service to the people of California, the Bay Area, and especially Contra Costa County. We also join his family, colleagues and friends in congratulating Paul on a successful and fulfilling career, and a very well-deserved retirement.

Mr. GARAMENDI

Mr. GARAMENDI. Madam Speaker, I rise today to honor the life of my mother-in-law, Edna Merle Wilkinson, who passed away May 19th, 2010. I ask all my colleagues to join me in recognizing the many outstanding achievements of Merle during her lifetime. Merle Wilkinson touched the lives of many with dedication and grace. Evidenced since her early childhood, Merle's driven and compassionate nature laid the foundation for a legacy of inspiration to all who knew her. Merle's drive led her to be awarded the American Legion Award for leadership, courage and academic excellence at her high school in Watsonville, CA. There she was also elected Student Body Secretary, served as the captain of the field hockey team, and was a competitive ice skater. After high school, Merle attended business college and was a legal assistant to the Superior Court Judge in Salinas, CA before marrying her life partner, John E. Wilkinson, the son of the founder of Granite Construction Company Walter J. Wilkinson. Together, Merle and John built the highway and road construction firm into one of the largest companies in its field today. With great compassion and a heart of service, Merle became known for her community involvement. She was active in the Eastern Star and the Johnny Appleseed Auxiliary where she hosted fundraisers for local charities. Merle was a founder of the Lady Bugs Auxiliary in Stockton, an organization that supports the developmentally disabled, as well as an avid supporter of the American Diabetes Association. Her desire to brighten the lives of others was so strong that, if there was ever a time when Merle could not be found, she was most likely taking casseroles to the families of cancer patients, as she often liked to do. Merle's greatest source of pride and happiness, though, was her family--her three daughters Susan, Patti and Nancy, and her 12 grandchildren and 21 great-grandchildren that survive her today. Merle always put family first, and I am forever grateful for her gift of a mother's eternal love. Madam Speaker, while it is with great sadness, I am truly honored to recognize and pay tribute to a woman who has had such a positively profound impact on my life and the lives of so many others. I ask all of my colleagues to join with me in recognizing Merle Wilkinson's lifetime of achievements.

Mr. GARAMENDI

Mr. GARAMENDI. Madam Speaker, on rollcall No. 277 taken May 19, 2010, H.R. 5325, the America COMPETES Reauthorization Act of 2010, had I not had a family emergency which required my immediate return to California, I would have proudly voted ``yes''. With increasing global competition, it is critically important that we boost our country's research potential and expand our commitment to STEM (Science, Technology, Engineering, and Mathematics) education. Economic growth requires innovation; innovation requires robust research; and effective research requires a broadly educated workforce. I am deeply saddened that COMPETES fell victim to shortsighted Republican political gamesmanship, and I look forward to working with House Science and Technology Chair Bart Gordon to get COMPETES reauthorized through another legislative vehicle.

Mr. GARAMENDI

Mr. GARAMENDI. Madam Speaker, as a former Deputy Secretary of the Interior under President Bill Clinton, I witnessed firsthand the lasting legacy of Stewart Lee Udall, who served as Secretary of the Interior from 1961 to 1969 under Presidents John F. Kennedy and Lyndon B. Johnson. He left a legacy committed to environmental stewardship, preservation, and wildlife protection. His leadership helped greatly expand America's natural parks and advanced landmark policies to improve air and water protections. Redwood National Park in my home State of California exists because of Udall's leadership. Naming the Interior Department Building after Udall is the least we can do to honor his legacy. An even greater honor to his towering legacy would be to continue pursuing policies that protect our fragile planet. As he once said, ``Plans to protect air and water, wilderness and wildlife are in fact plans to protect man.''

Mr. GARAMENDI

Mr. GARAMENDI. Mr. Speaker, on rollcall No. 290 taken today, H.R. 5128, to designate the Department of the Interior Building in Washington, DC, as the ``Stewart Lee Udall Department of the Interior Building'', had I not had a family emergency which required my return to California, I would have proudly voted ``yes.''

Mr. GARAMENDI

Mr. GARAMENDI. Mr. Speaker, I rise today in enthusiastic support of House Concurrent Resolution 211, which honors the board members, general managers, and staff of the East Bay Regional Park District. For 75 years, these public servants and their predecessors have admirably preserved the great outdoors for the Bay Area's communities and millions of visitors. The East Bay Regional Park District has grown to the largest regional park agency in the United States, covering nearly 100,000 acres. District employees have admirably protected the land and native wildlife while providing invaluable recreational opportunities. This harmonious interaction is demonstrated all over the park system. The stewardship of fisheries allows anglers to catch striped bass, rainbow trout, and sturgeon. The management of livestock grazing reduces the threat of fires and preserves diversity of vegetation. The conservation of water resources permits swimmers to enjoy our lakes and lagoons. The East Bay Regional Park District also provides opportunities for archeologists, hikers, scientists, and other recreationalists and students. Bay Area residents recognize that the Park System has contributed greatly to their living environment and helped make the region one of the best places in the country to live. In 1934, 1988, and most recently in 2008, Bay Area voters extended its funding, maintaining this natural treasure for the enjoyment of present and future generations. Lastly, Mr. Speaker, I would like to thank Congressman George Miller for introducing this Resolution and Chairman Nick Rahall for his outstanding leadership of the Natural Resources Committee. From the East Bay to the East Steps of the Capitol, they have been good stewards to this country's natural wonders.

Mr. GARAMENDI

Mr. GARAMENDI. Let's be very clear that those closed-door meetings were the leadership of the Republican Party sitting down with Wall Street and talking about how to preserve the present system that led to this great collapse. You said something that just ticked me off--not at you, but at the situation--and it's the Wall Street bonuses. At a time when hardworking men and women, more than 8 million Americans were losing their jobs as a result of the financial games of Wall Street, 8 million--in my district, tens of thousands of men and women that worked hard every single day to put bread on their table for their family, to keep their roof over their head lost their jobs because Wall Street was playing financial games, thinking of the financial market as some sort of gambling casino while my constituents were losing their houses, losing their jobs, forced to go on unemployment, losing their health insurance. What was going on, on Wall Street? Well, here it is: Wall Street was paying some of the highest salaries and bonuses ever in America's history. In 2007, before the collapse, look at that, $137 billion, $137 billion in pay and bonuses. During the great collapse in 2008, when 750,000 people were losing their job every month, Wall Street was paying its fat cats $123 billion. And then in 2009, using the recovery money, using our taxpayer money, what did Wall Street do? They paid themselves $145 billion. There ought to be a law--in fact, there ought to be a tax law that says when you get a fat-cat bonus and you've taken your company into virtual bankruptcy, we're going to tax that bonus and we're going to bring it back. We're going to bring it back to the local bank so that they can make a real loan to real businesses and put aside the financial gains. There ought to be a tax on those kinds of unconscionable bonuses and pays that are going to these Wall Street fat cats that nearly brought down the world's financial economy. There ought to be a law, and that law is being held up now by the Republican Party. We need Wall Street reform right now.

Mr. GARAMENDI. That's a very, very important point about how things will move forward. It's also extraordinarily difficult for me to understand the Republican Party in this matter. On the Senate side, at the moment it looks as though they want to maintain the status quo. They want to maintain business as usual. That business as usual took this economy and nearly the entire world's economy into the tank. We need change. We need to put in place the reforms so that these kinds of financial meltdowns don't occur again. And for too big to fail, the use of wise processes within the government to unwind those companies that are too big, bring them back to size; when they're in financial trouble, unwind it and to bring us back to some sane situation. There are a couple of other things that are in this thing that are really important. This number three of the kinds of reforms that the Democrats want to put forward: Stop Wall Street firms from betting against their customers. Also, Wall Street is not a gambling house. Wall Street isn't the shore of New Jersey or Las Vegas. Wall Street is where the financial strength of this Nation and indeed the world should be, based on fundamental American values of fair play, of honesty, of no games, straightforwardness, of visibility, of what is going on. We have seen far too much of Wall Street hiding the ball, of gambling as though they were some casino in Las Vegas, and creating products and selling products that they know are detrimental to their customers' well-being--their financial well-being. So this is part of the reform that's going to go into place when the Republicans in the Senate finally allow the Senate to move forward with its reform. I know you were involved here in the House as you took up this issue, Mr. Driehaus. Share with us, if you would, some of the things that took place that are in the House reform.

Mr. GARAMENDI. I would be delighted to share with you.

Mr. GARAMENDI. At a time when the Wall Street behemoths were going from 33 percent of their total financial wealth in the Nation to 66 percent? And 30-something people for the Securities and Exchange Commission? I hope your bill passes. We need watchdogs. We need watchdogs with teeth that are willing to bite into the arrogance and the greed of Wall Street. We need those people there to watch and to make sure that the kind of financial rip-offs that occurred that nearly took down this Nation's economy--and the world's economy with it--and put hardworking men and women that were out there on the production lines in your community, that were building the homes in my community, the farmers, they're out of work. They are unemployed. Why? Because of the extraordinary greed, arrogance, and mismanagement of Wall Street thinking that the financial institutions of America are nothing more than a Las Vegas casino, where a bet is placed on a product that they could not even describe. Enough already. Enough already. The Republican Party has got to come to its senses and give us the opportunity to pass a strong financial reform of Wall Street. The people in my district, my homeowners, my small businesses are trying to get a loan at a time when we're seeing more and more concentration of power on Wall Street.

Mr. GARAMENDI. Well, just before we took the floor here for this discussion, I was listening to our Republican colleagues say that government regulation is wrong. Well, no, not in the case of Wall Street. The statistics you just gave us, did you say the FBI had 75 agents for all of the United States to deal with Wall Street?

Mr. GARAMENDI. Let's take a look at some of the facts about that. I heard you, in one of our discussions, talk about this and the effect in your community in Ohio, the men and women, the small businesses, their inability to get loans. Why don't you pick that up and share some of the stories.

Mr. GARAMENDI. Sixty-six percent. Now we really have a serious problem called ``too big to fail.'' Now we're in a very, very serious problem. I want to refer back to this chart that we were using before. The legislation does deal with this issue of too big to fail. Now, we passed a good bill out of here in December that dealt with this, but on the Senate side there are some Senators who are progressive and thinking about this and they're saying, Wait a minute. Maybe we should limit to 10 percent, no company can have more than 10 percent of the total assets. When you get that big, that's it. You're going to have to shed assets. Someone else is going to have to pick it up. But now we have seen even more concentration in Wall Street. We can't wait any longer for the reforms. We can't wait any longer. America can't wait any longer. How many more hardworking men and women are going to lose their job as Wall Street continually declines to provide loans to Main Street?

Mr. GARAMENDI. And today the largest five have over 60 percent?

Mr. GARAMENDI. Did you say at the beginning of this crisis in 2007 they had something like one-third of the financial assets----

Mr. GARAMENDI. More like tyrannosaurus rexes.

Mr. GARAMENDI. I would be delighted to yield.

Mr. GARAMENDI. Back in December.

Mr. GARAMENDI. Thank you very much. That history is not a good chapter in America, and these men that were involved in all of this, to whom did they owe their allegiance? I've said many times, it's about the fundamental American values. I know that in my community, a small community in California of farmers and hardworking men and women, that they go to work every day and they expect to be paid a fair wage, but they don't expect to make that wage by cheating somebody, by playing a financial game. They expect to make it by working hard and carrying on for their family. Mr. Driehaus, if you would share with us some of the additional experiences that you had on the Financial Services Committee.

Mr. GARAMENDI. It's one of those basic American values that Wall Street seems to have forgotten and the Republican Party seems to want to be absent from Wall Street, and that is honesty, transparency. That is, explain what this product is all about, and also, the requirement that when you're selling something in a financial institution, you have the obligation of good faith to your customer; that you're being honest--a fundamental American value that was largely forgotten by Wall Street. As this reform goes into place, I think we will see it returned, because it will be the law. Sometimes you simply have to say you have to change because the law now requires you to be honest, to be straightforward, to be transparent; that is, to explain your product. I notice that we have now been joined by your colleague from Ohio, the gentlewoman, Ms. Kaptur. She has a chart up there that I think goes right to the heart of this. If you would, please, share with us.