Rubén Hinojosa

Mr. HINOJOSA

Mr. HINOJOSA. Mr. Chairman, I yield myself such time as I may consume. Mr. Chairman, I rise today to offer an amendment to help ensure equal access to our health care system. All too often a lack of education can limit the quality of life of an individual. This is especially true when considering issues that govern one's health and well being. To change this fact, I am offering an amendment that would help ensure that all citizens would benefit from advances in our medical technology and new information. My amendment directs the national coordinator for the health information technology to increase information and medical resources for individuals with low literacy. Passage of this amendment would create a new national priority for bridging the literacy gap in health care resources and assign responsibility of that goal to the new national coordinator. The new priority is especially important in the race to cure diabetes. In my congressional district, over 100,000 individuals suffer from this disease. And while our Nation is constantly working to find new ways of combating diabetes, most of those inventions rely heavily on medical technology that requires its users to have a certain level of mathematical skills, access to the Internet, and in some cases, at a minimum, a high school level of literacy. While at first these requirements may seem ordinary and readily available, in districts such as mine, this is all but impossible. It is impossible because a large number of citizens who suffer from diabetes are undereducated, or they are elderly and lack computer skills. In some cases they live in poverty. Simply put, the most effective treatments for individuals with diabetes and other illnesses remain out of the reach of citizens who need it most. Due to the lack of focus and the creation of our technology, millions die each year. Additionally, according to a study sponsored by the American Diabetes Association, an organization that has endorsed this amendment, our Nation pays over $100 billion a year in lost wages, lost productivity, emergency room visits and care. A clear example of what is at risk if we fail to launch an aggressive effort geared at removing literacy barriers to health care information and technology can be witnessed in my own district's 41 percent diabetes mortality rate. That means that due to health care literacy barriers, one in two citizens diagnosed with diabetes in my district will die from diabetes complications. To help change this fact, I urge my colleagues to support this amendment. Mr. Chairman, may I inquire how much time I have remaining.

Mr. HINOJOSA. Mr. Chairman, I offer an amendment.

Mr. HINOJOSA. If the gentleman will allow me to explain. I think that the intent of my amendment is to be able to acknowledge that there are people out there who can not get one of these new machines that we use now to measure the glucose, if I am a diabetic, and be able to take it and follow the instructions if they are limited English proficient, for example. In many cases, the lower the level of education attainment, the more difficult it is to use some of this modern equipment that is available in technology. And so the intent of Congress would be to address that group, regardless of the size, the percentage of people who need that extra assistance with the training necessary to use the modern equipment.

Mr. HINOJOSA. Mr. Chairman, I would like to hear Congresswoman Nancy Johnson's thoughts on being able to work with us on this amendment, because it is very important not only in South Texas, but throughout the country.

Mr. HINOJOSA. I thank the gentlewoman for accepting this amendment and working with me to eliminate the literacy barriers from our health care system. Mr. Chairman, I yield back the balance of my time.

Mr. HINOJOSA

Mr. HINOJOSA. Mr. Speaker, I join colleagues in paying a well- deserved tribute to Tim Friedman who is retiring after 30 years of distinguished service to this Congress. As Assistant Manager of the House Democratic Cloakroom, Tim has had the heavy responsibility of ensuring not only that Members get to the floor on time to vote but that they know what they are voting for. His knowledge of the intricacies of the voting process and House procedures has been invaluable and he is leaving big shoes to fill. Tim has also been responsible for supervising and mentoring the thousands of pages who spend a large part of their time working in the Cloakroom. As a father, I know how hard it is to get a couple of teenagers to be responsible and do good work. I commend Tim's patience in handling the hundreds of teens who rotate through the Cloakroom each summer and school year. A native of Lackawanna, New York, Tim came to Washington in 1976 and worked first as a Doorkeeper, guarding the privacy of Members and keeping the floor of this House secure. His talents were recognized and in 1982 he transferred to the House Sergeant at Arms where he continued his efforts to keep this House running in an efficient and productive manner. In 1995, Speaker of the House Thomas P. O'Neill appointed him to his current position of Assistant Manger of the House Democratic Cloakroom. Tim, you will be sorely missed but I know that you and your wife Colleen are looking forward to a life of leisure in North Carolina. I know you will enjoy having the time to play all the golf you want. I played golf on your golf team at Andrews and had a barrel of fun. I will always remember your friendship! Good luck and thank you for all you have done for this institution.

Mr. HINOJOSA

Mr. HINOJOSA. Mr. Speaker, I was unavoidably detained in meetings downtown with my constituents. Had I been present, I would have voted ``nay'' on rollcall 378 because I continue to believe the issue of what constitutes a marriage should be left to the states to determine. I also believe that we should not set a precedent by amending the constitution in a way that narrows the rights of individuals.

Mr. HINOJOSA

Mr. HINOJOSA. Mr. Speaker, during rollcall vote No. 378 on July 18th I was unavoidably detained. Had I been present, I would have voted ``nay.''

Mr. HINOJOSA

Mr. HINOJOSA. Mr. Chairman, I rise in strong support of H.R. 9. The Voting Rights Act is one of our nation's most effective and essential civil rights laws. Since enacted in 1965, this law has been reauthorized 4 times--each time with bipartisan support. Today, I hope that we will reaffirm our bipartisan, national commitment to voting rights for all Americans. I would like to salute the efforts of Chairman Sensenbrenner and Ranking Member Conyers for their tireless efforts to produce a bipartisan reauthorization bill. The right to vote is for all Americans--it is not a partisan issue. I urge my colleagues to support the underlying bill and to reject any amendments that would weaken the protections afforded under the Voting Rights Act. One amendment that would turn the clock back on voting rights is the Amendment being offered by Mr. King of Iowa that would strike Sec. 203 of the act, which provides language assistance for voters who need it. Striking this section is a strike to the heart of the Voting Rights Act allowing for discrimination against voters based on language. It is a backdoor attempt to reestablish a literacy test for voting. Let us, together, pledge to fight barriers to voting. Let us say never again to the days of literacy tests, poll taxes, and intimidation and threats to voters. Let us, together, ensure that minority communities will not have their votes diluted, costing them real representation in elected positions. The Voting Rights Act protects our democracy. Its legacy of success is indisputable. In my own state of Texas, we went from 563 elected Hispanics in 1973 to 2,137 in 2005. The number of Hispanic elected to Congress from Texas doubled between 1984 and 2005. Yet these gains could be undone without the on-going protection of the Voting Rights Act. The Voting Rights Act is about securing and protecting our democracy. I urge all of my colleagues to support the passage of H.R. 9 as it was reported out of committee.

Mr. HINOJOSA

Mr. HINOJOSA. Mr. Speaker, on rollcall No. 364, had I been present, I would have voted ``nay.''

Mr. HINOJOSA

Mr. HINOJOSA. I also want to take this opportunity to thank Richard W. Fisher, CEO and president of the Federal Reserve Bank of Dallas, for hosting me recently at the Federal Reserve Bank of Dallas. Richard W. Fisher assumed the office of president and CEO of the Federal Reserve Bank of Dallas on April 4, 2005. President Fisher serves as a member of the Federal Open Market Committee, the Federal Reserve's principal monetary policymaking group. During my visit, President Fisher provided me with valuable economic information on the 15th District of Congress, as well as insight into the Dallas Bank's efforts to improve financial literacy. I want to commend President Fisher and the Federal Reserve Bank of Dallas for publishing an excellent brochure entitled, Building Wealth, a Beginner's Guide to Securing Your Financial Future, which is an introduction for individuals and families seeking to develop a plan for building personal wealth. It contains four sections: Learn the language; budget to save; save and invest; and take control of debt. The publication is available in both English and Spanish, and is available in print and it is available as an interactive version on the Dallas Fed's Web site. I encourage you to look it up. The Dallas Fed is an active partner in several asset-building initiatives throughout its district, including the Texas Asset Building Coalition which promotes personal financial education, affordable homeownership opportunities, individual development accounts/matched savings programs, the earned income tax credit, and antipredatory lending measures. Again, I want to thank Chairman Bernanke for speaking at my Regional Leaders Issues Conference and President Fisher for hosting me at the Federal Reserve Bank of Dallas.

Mr. HINOJOSA. Madam Speaker, recently, I held my Fifth Regional Leaders Issues Conference in the Jefferson Building of the Library of Congress. Over 140 of my constituents attended the conference, including: elected officials, presidents of universities, educators, heads of Chambers of Commerce and other community leaders in the 15th district of Texas. On Tuesday, June 13, 2006, I was honored to have Dr. Ben Bernanke, Chairman of the Board of Governors of the Federal Reserve, give remarks to the conferees. He referenced data from the Survey of Consumers Finances, which is a triennial survey sponsored by the Federal Reserve Board. The latest survey revealed some discouraging and alarming statistics: households whose income placed them in the bottom fifth of the population were less likely than the average respondent to maintain a checking or savings account; almost 25 percent of those families were ``unbanked,'' compared to less than 10 percent of families in the other income levels. According to the survey, reasons given for not having an account varied: Some respondents said they would not write enough checks to make having an account worthwhile, but others were dissuaded by minimum balance requirements or said that they did not have enough money to justify opening an account. Chairman Bernanke stated that, in some cases, a lack of knowledge about the services that banks offer including deposit insurance or even a misunderstanding of the important role banks play in our economy. Chairman Bernanke went on to say that some of the general approaches to helping families of modest means build wealth and improve their economic well-being include community economic development, financial literacy, and other programs that encourage saving and investment. As co-founder and co-chair of the Financial and Economic Literacy Caucus, I was pleased by all the information he provided my constituents, and I am pleased with the efforts the Federal Reserve is undertaking to improve financial literacy rates across the United States. I want to take this opportunity to express my sincere appreciation for Chairman Bernanke taking time out of his very busy schedule to speak to my constituents. It is my hope that the media will focus more attention on what the Chairman and the Financial and Economic Literacy Caucus have to say with regard to financial education and literacy, instead of focusing solely on Chairman Bernanke's comments on the direction of interest rates. I find it odd that the media and some legislators have yet to realize that there is a correlation between the country's poor financial literacy rates and the actions the Federal Reserve has to take from time to time. Madam Speaker, at this point, I ask unanimous consent to enter into the record the remarks Chairman Bernanke gave before my Fifth Regional Leaders Issues Conference. I also want to take this opportunity to thank Richard W. Fisher, CEO and President of the Federal Reserve Bank of Dallas, for hosting me recently at the Federal Reserve Bank of Dallas. Richard W. Fisher assumed the office of president and CEO of the Federal Reserve Bank of Dallas on April 4, 2005. President Fisher serves as a member of the Federal Open Market Committee, the Federal Reserve's principal monetary policymaking group. He is former vice chairman of Kissinger McLarty Associates, a strategic advisory firm chaired by former Secretary of State Henry Kissinger. From 1997 to 2001, Fisher was deputy U.S. trade representative with the rank of ambassador. He oversaw the implementation of NAFTA, negotiations for the Free Trade Area of the Americas, and various agreements with Vietnam, Korea, Japan, Chile and Singapore. He was a senior member of the team that negotiated the bilateral accords for China's and Taiwan's accession to the World Trade Organization. Throughout his career, Fisher has served on numerous for- profit and not-for-profit boards. A first-generation American, Fisher is equally fluent in Spanish and English, having spent his formative years in Mexico. He attended the U.S. Naval Academy, graduated with honors from Harvard University in economics, read Latin American politics at Oxford and received an M.B.A. from Stanford University. During my visit, President Fisher provided me with valuable economic information on the 15th district of Congress as well as insight into the Dallas Bank's efforts to improve financial literacy. I want to commend President Fisher and the Federal Reserve Bank of Dallas for publishing an excellent brochure entitled Building Wealth: A Beginner's Guide to Securing Your Financial Future, which is an introduction for individuals and families seeking to develop a plan for building personal wealth. It contains four sections: learn the language, budget to save, save and invest and take control of debt. The publication is available in both English and Spanish and is available in print and as an interactive version on the Dallas Fed's Web site. The Dallas Fed is an active partner in several asset-building initiatives throughout its district, including the Texas Asset Building Coalition, which promotes personal financial education, affordable homeownership opportunities, Individual Development Accounts/matched-savings programs, the Earned Income Tax Credit, and anti-predatory lending measures. Again, I want to thank Chairman Bernanke for speaking at my Regional Leaders Issues Conference and President Fisher for hosting me at the Federal Reserve Bank of Dallas.

Mr. HINOJOSA. Madam Speaker, recently, I held my Fifth Regional Leaders Issues Conference in the Jefferson Building of the Library of Congress. Over 140 of my constituents attended the conference, including elected officials, presidents of universities, educators, heads of chambers of commerce, and many other community leaders in the 15th District of Texas. On Tuesday, June 13, 2006, I was honored to have Dr. Ben Bernanke, Chairman of the Board of Governors of the Federal Reserve, give remarks to the conferees. He referenced data from the Survey of Consumers Finances, which is a triennial survey sponsored by the Federal Reserve Board. The latest survey revealed some discouraging and alarming statistics: Households whose income placed them in the bottom fifth of the population were less likely than the average respondent to maintain a checking or savings account, and almost 25 percent of those families were unbanked compared to less than 10 percent of families in the other income levels. According to the survey, reasons given for not having an account varied. Some respondents said they would not write enough checks to make having an account worthwhile; others were dissuaded by minimum balance requirements, or said that they did not have enough money to justify opening a bank account. Chairman Bernanke noted that, in some cases, consumers lacked the knowledge about the services that banks offer, including deposit insurance, or even misunderstood the important role banks play in our economy. Chairman Bernanke went on to say that some of the general approaches to helping families of modest means build wealth and improve their economic well-being include community economic development, financial literacy, and other programs that encourage saving and investment. As the cofounder and cochair of the Financial Economic Literacy Caucus, I was pleased by all the information he provided my constituents, and I am pleased with the efforts the Federal Reserve is undertaking to improve financial literacy rates across the United States. I want to take this opportunity to express my sincere appreciation for Chairman Bernanke taking time out of his very busy schedule to speak to my constituents. It is my hope that the media will focus more attention on what the chairman and the Financial and Economic Literacy Caucus members have to say with regard to financial education and literacy, instead of focusing solely on Chairman Bernanke's comments on the direction of interest rates. I find it odd that the media and some legislators have yet to realize that there is a correlation between the country's poor financial literacy rates and the actions the Federal Reserve has to take from time to time. Madam Speaker, I include for the Record the remarks Chairman Bernanke gave before my Fifth Regional Leaders Issues Conference. Remarks by Chairman Ben S. Bernanke, Federal Reserve Board, At the Fifth Regional Issues Conference of the Fifteenth Congressional District of Texas Increasing Economic Opportunity: Challenges and Strategies Washington, June 13, 2006.--I am pleased to be here to discuss some strategies for helping families, particularly lower-income families, improve their economic and financial well-being. Families today face a financial marketplace that is increasingly complex, with numerous products and service providers from which to choose. Today I will touch on several approaches for helping people of modest means take advantage of these financial opportunities while managing the risks and avoiding possible pitfalls. Today's Financial Marketplace Technological advances have dramatically transformed the provision of financial products and services in recent years. To cite just one example, the expanded use of computerized credit-scoring models, by reducing the costs of making loans and by increasing the range of assets that lenders can sell on the secondary market, has made possible the extension of credit to a larger group of borrowers. Indeed, we have seen an increasingly wide array of products being offered to consumers across a range of incomes, leading to what has been called the democratization of credit. Likewise, technological innovation has enhanced financial services, such as banking services, and increased the variety of financial products available to savers. The range of providers in consumer financial markets has also increased, with the number of nonbank entities offering credit and other financial services having risen particularly quickly. For example, a recent study of alternative providers of financial services found the number of nonbank check- cashing establishments doubled in the United States between 1996 and 2001. Payday lending outlets, a source of credit that was almost non-existent a decade ago, now number more than 10,000. And data from the Survey of Consumers Finances, a triennial survey sponsored by the Federal Reserve Board, indicate that the share of households with a loan from a finance company increased from 13 percent in 1992 to 25 percent in 2004. Financial Challenges of Lower-Income Families Despite the increased complexity of financial products and the wider availability of credit in many forms, U.S. households overall have been managing their personal finances well. On average, debt burdens appear to be at manageable levels, and delinquency rates on consumer loans and home mortgages have been low. Measured relative to disposable income, household net worth is at a fairly high level, although still below the peak reached earlier this decade. Families with low to moderate incomes, however, face special financial challenges. These families generally have less of a cushion to absorb unanticipated expenses or to deal with adverse circumstances, such as the loss of employment or a serious health problem. Results from the Survey of Consumer Finances show that the median net worth for households in the lowest income quintile--those whose income placed them in the bottom fifth of the population--was only $7,500 in 2004, well below the median for all survey respondents of $93,000. The Survey data also indicate that households in the lowest quintile were significantly less likely than the average respondent to maintain a checking or savings account; almost 25 percent of those families were ``unbanked,'' compared to less than 10 percent of families in the other income quintiles. The reasons given for not having an account varied: Some respondents said they would not write enough checks to make having an account worthwhile, but others were dissuaded by minimum balance requirements or said that they did not have enough money to justify opening an account. In some cases, a lack of knowledge about the services that banks offer or even a distrust of banks is likely a factor. The Survey also found that lower-income households are less able than others to manage their debts. A greater fraction of these households had debt-to-income ratios of 40 percent or more or had a payment past due at least sixty days. The data also reveal that only 40 percent of families in the lowest quintile own a home, compared with a homeownership rate of 69 percent among all families surveyed. Finally, the data on retirement account ownership show an even larger gap, with only 10 percent of lowest-quintile families holding a retirement account, whereas 50 percent of all families responding to the survey reported participation in some type of retirement savings plan. How can these disparities be addressed? Some general approaches to helping families of modest means build assets and improve their economic well-being include community economic development, financial education, and programs that encourage saving and investment. In the remainder of my remarks, I will discuss each of these approaches briefly and offer some insights into their effectiveness based on research and experience. Community Economic Development In my time with the Federal Reserve, I have had a number of opportunities to meet with community economic development leaders--representatives of groups working to assist lower- income families become homeowners, start small businesses, better manage their finances, and save for the future. In fact, my first trip as a Federal Reserve Board member was to Brownsville, Texas, where I saw how a grassroots nonprofit organization is helping to build communities and to provide residents with the chance to build wealth through homeownership. The Community Development Corporation (CDC) of Brownsville works with multiple funding partners--governments at all levels, financial institutions, foundations, and corporations--to construct housing and to design innovative loan products that enable low-income families to qualify for mortgage credit. For example, because of the mix of funding sources, mortgage loans can be offered with features such as down-payment assistance or a below-market interest rate. The CDC of Brownsville also offers a program that allows prospective homeowners to acquire ``sweat equity'' in a property by working on construction teams to help build their own new home and those of other participating families. As in the case of many community development organizations, the Brownsville CDC has also made financial education a critical element of its efforts to help lower-income residents improve their financial status. For example, participation in financial counseling or in an education program is typically required for a borrower to obtain a loan through the CDC or through one of its lending partners. However, the broader aim of these programs is to improve borrowers' prospects for longer-term success in maintaining their credit and handling their overall finances. Since 1994, through this combination of leveraged financing arrangements and borrower education, the CDC of Brownsville has helped make homeownership possible for more than 2,500 low-income families. I cite the Brownsville example because of the opportunity that I had to learn about their work (and I recently had a similar opportunity to see some impressive community development efforts in the Anacostia neighborhood of the District of Columbia). But this localized approach to community development and wealth-building is playing out in neighborhoods throughout the country, in most cases through strategies tailored to the distinct needs of the particular community. Financial Education and Financial Literacy Financial education has not only been integral to community development but has also begun to play a larger role in the broader consumer market. Clearly, to choose wisely from the wide variety of financial products and providers available, consumers must have at least basic financial knowledge. People who understand the financial aspects of purchasing a home or starting a business, or who appreciate the importance of saving for children's education or retirement, will almost certainly be economically better off than those without that vital information. Financial literacy can be acquired through many channels: in school, on the job, through community programs and counseling, or through self-education and experience. Studies generally find that people receiving financial education or counseling have better financial outcomes. For example, research that analyzed data on nearly 40,000 mortgage loans targeted to lower-income borrowers found that families that received individual financial counseling were less likely later to become delinquent on their mortgage payments. Similarly, another study found that borrowers who sought and received assistance from a credit counseling agency improved their credit management, in particular, by reducing the number of credit accounts on which they carried positive balances, cutting overall debt, and reducing delinquency rates. More broadly, the research shows that financial knowledge is correlated with good financial outcomes; for example, individuals familiar with basic financial concepts and products have been found to be more likely to balance their checkbook every month, budget for savings, and hold investment accounts. Studies that establish an association between financial knowledge and good financial outcomes are encouraging, but they do not necessarily prove that financial training and counseling are the causes of the better outcomes. It could be, for example, that counseling is associated with better financial outcomes because the consumers who choose to seek counseling are the ones who are already better informed or more motivated to make good financial decisions. In medicine and other fields, researchers gain a better understanding of what causes what by doing controlled studies, in which some subjects are randomly assigned a particular treatment while others do not receive it. To translate this idea to the analysis of the effects of financial counseling, the Federal Reserve Board's Division of Consumer and Community Affairs is collaborating with the Department of Defense to conduct a three-year study of the effects of financial education. This study will evaluate the impact of various educational programs on the financial decisions of soldiers and their families. It includes a treatment group of those receiving financial education, with the programs each family receives and when they receive it being determined randomly, and a control group of similar soldiers and their families who have not received this formal financial education. Because assignments of individuals to programs will be random, any observed changes in behavior can be more reliably attributed to the type and amount of counseling received. Among other things, the results of this study should help us better understand whether financial education leads to changes in behavior for participants in general or only for those at critical teaching moments, such as the period before making a major financial decision such as choosing a mortgage. I would like to say just a few words about the Federal Reserve's broader role in promoting consumers' understanding of financial products and services. Beyond conducting surveys of consumers and doing research, we work in a number of ways to support consumers in their financial decisionmaking. For example, through our consumer protection rule-writing authority, the Federal Reserve sets requirements that specify the information that must be disclosed to consumers about the terms and fees associated with credit and deposit accounts. These disclosures provide consumers with the essential information they need to assess the costs and benefits of financial services and compare products among different providers. We are currently reviewing many of our disclosures and plan to use focus groups and other methods to try to make these disclosures as clear and as user-friendly as possible. The Federal Reserve System also works to promote financial education and financial literacy through various outreach and educational activities. We provide a great deal of substantive financial information, including interactive tools for economic education, on our education website www.federalreserveeducation.org. The website links to a wide variety of financial education resources at the local, regional, and national levels. Additionally, the Federal Reserved Board collaborates with educational and community development organizations to support their efforts. Our national partners include the Jump$tart Coalition for Personal Financial Literacy, the Conference of Mayors' DollarWi$e Campaign, Operation HOPE, the American Savings Education Council, and America Saves, among others. At the regional level, the 12 Federal Reserve Banks work with organizations to support financial education and financial literacy. For example, the Federal Reserve Bank of Cleveland has worked with community financial educators to form regional networks that combine resources and share best practices. The Federal Reserve Bank of Chicago sponsors ``MoneySmart Week,'' partnering with banks, businesses, government agencies, schools, community organizations, and libraries to host activities designed to help consumers learn how to manage money. The Federal Reserve Banks of San Francisco and Minneapolis have worked with leaders in the Native American community to develop financial education materials. My recent testimony to Congress on financial literacy provided information on many other projects and programs. The Federal Reserve will continue to make financial education a priority. Strategies to Encourage Saving Even if people know that they would be better off if they saved more or budgeted more wisely, we all know from personal experience that translating good intentions into action can be difficult. (Think about how hard it is to keep New Year's resolutions.) The field of behavioral economics, which studies economic and financial decisions from a psychological perspective, has cast new light on consumer behavior and led to recommendations about how to improve people's financial management. For example, studies of individual choices in 401(k) savings plans strongly suggest that workers do not pay adequate attention to their saving and investment decisions. Notably, despite the tax advantages of 401(k) contributions and, in some cases, a generous employer match, one-quarter of workers eligible for 401(k) plans do not participate. Studies have found, however, that if firms change the presentation of the plan from an ``opt-in'' choice to an ``opt-out'' choice, in which workers are automatically enrolled unless they actively choose to remain out of the plan, participation rates increase substantially. The impact of changing from ``opt-in'' to ``opt-out'' is particularly evident for younger and lower-income workers, who may have less financial expertise. In addition, participants in savings plans evidently do not understand the various investment options that are offered. A survey by the investment management firm, The Vanguard Group, found that many plan participants cannot assess the risk inherent in different types of financial assets; for example, many did not appreciate that a diversified equity mutual fund is generally less risky than keeping most of one's wealth in the form of the employer's stock. Indeed, employees appear to invest heavily in their company's stock despite the fact that their income is already tied to the fortunes of their employer. More than one-quarter of 401(k) balances are held in company stock, and this high share arises not only from an employer match but from voluntary purchases as well. These insights into consumer behavior have prompted some changes in the design of retirement plans and in education programs focused on saving for retirement. More employers now feature automatic enrollment in their 401(k) plans in an effort to boost participation. Also, some have set the default investment option to a diversified portfolio that is rebalanced automatically as the worker ages or have set contribution rates to rise automatically over time in line with salary increases. However, although these changes in program design may boost saving and improve investment choices, they are not a substitute for continued financial education. Employers, including the Federal Reserve Board, offer financial education at the workplace to help their workers gain a better understanding of retirement savings options. Helping people appreciate the importance of saving and giving them the tools they need to translate that knowledge into action remain major challenges. Conclusion Let me close by observing that many factors influence consumer financial behavior. Financial education is clearly central to helping consumers make better decisions for themselves and their families, but policymakers, regulators, nonprofit organizations, and financial service providers must all help ensure that consumers have the tools and the information they need to make better decisions. Success can only come through collaborative efforts. I see much interest today in increased collaboration toward these objectives, both in Washington and around the country. Thank you for the opportunity to speak with you today. I encourage you to continue working together to help provide increased economic opportunity in your communities, and I wish you the best of luck in your efforts.

Mr. HINOJOSA

Mr. HINOJOSA. Mr. Speaker, I rise in strong support of House Resolution 854, a resolution recognizing June 2006 as National Homeownership Month, a time for individuals and families to reach for part of the American dream and purchase a home of their own. In recognition of National Homeownership Month and in my capacity as Chairman and Co-founder of the Congressional Rural Housing Caucus, I became an original co-sponsor of House Resolution 854. In the United States, each individual has the opportunity to own a home of their own. Homeownership inspires civic responsibility. Homeowners are more likely to vote and get involved with local issues. Families owning a home are able to offer children a stable living environment. In many cases, homeownership influences a child's personal development in many positive, measurable ways. Twenty percent of our Nation's population lives in rural communities, yet a majority of these families live in substandard housing conditions. These communities simply do not have the resources--either economic or infrastructure--to address the problems of substandard housing. The gap between the haves and have nots continues to grow, especially in rural America. Now is the time to stem this tide. According to the Census Bureau, 48 percent of African-Americans; and, 50 percent of Hispanics owned a home as of the first quarter in 2006. While many gains have been made, lagging minority homeownership rates are a serious concern to me and Congress. Rural America and minorities are in dire need of housing assistance-- and we should all strive to make every month ``homeownership month.'' Mr. Speaker, I urge my colleagues to support this resolution.

Mr. HINOJOSA

Mr. HINOJOSA. Mr. Chairman, I rise in strong support of the Matsui/ Hinojosa/Gene Green amendment to H.R. 4973. I want to thank my colleagues, Congresswoman Matsui and Congressman Gene Green, and their staff for collaborating with me on this amendment. This amendment will protect the ability of low-income individuals to purchase a home once the 500-year plain mapping section of this legislation has been completed. Should it occur in the future, mandating flood insurance coverage for all those that fall in the 500-year floodplain map will add an additional burden to low-income individuals throughout the United States that might make them unable to afford a home. I hasten to note that, in all likelihood, the majority of the United States will fall within these new borders. Such insurance requirements will tip the scale in the wrong direction, and low-income individuals will lose their home-buying power and be once again penalized more than those most fortunate in America. This amendment's study will help ensure that low-income individuals receive the help they need when the 500-year floodplain maps are drawn. I strongly encourage all of my colleagues to support this amendment.

Mr. HINOJOSA

Mr. HINOJOSA. Mr. Speaker, I am pleased to be able to give 3 minutes to a hardworking and a valued member of the Education and Workforce Committee and also a member of the Government Reform Committee, Congressman Kucinich from Cleveland, Ohio.

Mr. HINOJOSA. Mr. Speaker, I yield myself 30 seconds. Mr. Speaker, I want to acknowledge the presence of and the comments made by Chairman Tiberi from the State of Ohio, and I want to associate myself with many of the comments that he made about the bipartisanship that was seen and experienced as we worked on this legislation. I congratulate him for his leadership and congratulate him for helping us get to this point that we are today. Mr. Speaker, I yield 5 minutes to the gentleman from Rhode Island (Mr. Kennedy), a friend and colleague who serves on the powerful Appropriations Committee and is recognized for his commitment and passion for education and health care.

Mr. HINOJOSA. Mr. Speaker, it gives me great pleasure to yield 3 minutes to an outstanding individual from the great State of Illinois, the ranking member of the Government Reform Subcommittee and a distinguished member of the Select Education Committee, Congressman Danny Davis.

Mr. HINOJOSA. Mr. Speaker, I yield myself such time as I may consume. I am proud to rise in support of H.R. 5293, the Senior Independence Act. I would like to thank Chairman McKeon, Subcommittee Chairman Tiberi, Ranking Member George Miller, and all of the members of the Education and the Workforce Committee who have rolled up their sleeves to produce a bipartisan bill to reauthorize the Older Americans Act. I would also like to take a moment to commend the outstanding staff on both sides of the aisle for their excellent work. The chairman set up an open process, a process that aimed to engage all of the stakeholders. That kind of process is only successful when you have staff members who are dedicated to getting the job done and able to synthesize the recommendations and build the consensus necessary to move forward. I would especially like to recognize the work of Kate Houston and Lucy House and Angela Klemack on the majority staff, as well as Cheryl Johnson, Ricardo Martinez, and Moira Lenehan on our side of the aisle. They made a sometimes difficult and complicated process go smoothly, and I thank them and appreciate their good and effective service. Aging is a fact of life. However, through the establishment of Social Security, Medicare, and the enactment of the Older Americans Act, living in poverty to most Americans no longer is a fact of aging. From 1959 to 2002, the percentage of older people living in poverty fell from 35 percent to only 10 percent. The Older Americans Act of 1965 is the landmark legislation that articulated our core values as a Nation. The act begins with a declaration of objectives which includes the following: ``Retirement in health, honor, dignity, after years of contribution to the economy.'' This is a statement of our national obligation to older Americans. The Older Americans Act represents our commitment to meeting that obligation. This law provides for supportive services such as transportation, housekeeping, and personal care. It provides nutrition services both in the home and in community settings. It provides preventative health services and supports family caregivers. Finally, it protects the rights of vulnerable older Americans by combating consumer fraud and protecting seniors from abuse. The legislation before us today, H.R. 5293, the Senior Independence Act, truly represents our good faith effort to respond to the community's will, as expressed at the White House Conference on Aging where the reauthorization of the Older Americans Act was declared the top priority. The bill before us reauthorizes all of the core programs in the Older Americans Act. It promotes greater access to services for individuals who are more comfortable in a language other than English. It maintains the structure of the Senior Community Service Employment Program that reaffirms the dual purpose of the programs, employment and community service. It strengthens the very successful Family Caregiver Program. It promotes greater choices and health nutrition education so that our seniors can remain at home and in their communities. It promotes financial literacy for family caregivers and seniors so that older Americans' physical and mental health are not jeopardized by poor financial health. It strengthens our system of protecting older Americans from abuse. Finally, it recognizes that seniors are a growing resource for the aging network and for our communities in general. We must continue to look for ways to leverage our older citizens' talents and desires to continue to make a difference. It is incumbent upon us all to step up and invest in these programs. It is one sure way to help control the cost of our growing entitlement programs. It is the right thing to do. We know that every dollar spent providing a meal or supporting seniors so that they can remain at home and in their communities not only improves their quality of life but saves entitlement spending on long-term care. That is the genius of the Older Americans Act. Yet we know that the Older Americans Act's purchasing power per individual has dropped by 50 percent since 1980. As we have worked in a bipartisan manner to craft a reauthorization bill, I was pleased that we were able to advocate together for an increase in the nutrition and support services programs in the Older Americans Act in the Labor, HHS, and Education appropriations bill. I hope that as we move forward with the appropriations process, we will restore the funding that was cut for the Senior Community Service Employment Program and that we will continue to look for ways to increase our investment in all of the critical programs under this Older Americans Act. In closing, Mr. Speaker, I want to say that I look forward to continuing to work with the chairman and all of the members of the committee to move this legislation forward. Mr. Speaker, I reserve the balance of my time.

Mr. HINOJOSA. Mr. Speaker, I yield myself such time as I may consume. I would like to make some closing remarks and acknowledge that during this opportunity that I have had in a year and a half to work with Chairman Tiberi, I have learned to appreciate his commitment to helping people, as he said in his opening remarks, and this bill, H.R. 5293, which will amend the Older Americans Act of 1965, to authorize appropriations for fiscal year 2007 through 2011, and for other purposes, is one that makes me feel very proud to be a part of this work that has been accomplished. I am a proud sponsor of this bill, and I urge my colleagues to vote in favor of it. Mr. Speaker, I yield back the balance of my time.

Mr. HINOJOSA

Mr. HINOJOSA. Mr. Speaker, this week was supposed to finally have a vote on increasing the minimum wage for more than 7 million Americans. Unfortunately, it appears the Republican leadership is willing to delay a vote on the must-pass Labor-HHS appropriations bill rather than actually have a real floor debate and a vote on the minimum wage. This is a real disservice to every American. An increase in the minimum wage does not only benefit the minimum-wage workers, it also helps millions of middle-class workers who would also see their hourly wages increase as a result of a higher minimum wage. But this is also a question of fairness. It has been 9 years since the minimum-wage workers last received a pay raise. Does that sound fair? Today the minimum wage is its lowest level if you take into account inflation. Do my Republican colleagues really believe that we should continue to force more than 7 million Americans to live on less than $11,000 a year? That may have been a liveable wage 10 years ago, but it surely isn't now. We should do the right thing and expand economic opportunity to millions of Americans who are just trying to make a living wage.

Mr. HINOJOSA

Mr. HINOJOSA. Mr. Speaker, I rise today to pay tribute, on the anniversary of her passing, to Amy Bryant Kirkpatrick of Granbury, Texas. Mrs. Kirkpatrick passed away June 6, 2005 after a long and fierce battle with cancer at the age of 27. Mrs. Kirkpatrick was born April 20, 1978 in Denton, Texas to parents Donald and Becky Bryant of Valley View, Texas. She was raised in Valley View and graduated from Valley View High School in 1996. Amy was the spiritual and kinetic center of her family, and was always a beam of light for her family to center around. As a devoted daughter, Amy served her parents as a shining example of caring upbringing through her awards and accolades and most importantly her character. She also served as an inspiring and loving sister to her brother Dustin Bryant. Through thick and thin, Amy always let her character and love for her family guide her through life and this outlook would lead her through struggles later on. Amy's contagious character and spirit was a draw for many, and it is no doubt that this led to her to the destiny of meeting the love of her life. She met and later married Lance Kirkpatrick of Burleson, Texas on May 23, 1998. They shared a love that stayed true to the vows made at their wedding. Through sickness and in health, for richer and poorer, till death do them part, Lance and Amy personified these vows in the seven years of their marriage. Answering the call of the passion in her life, Amy sought in her studies a chance to help others, particularly children. After graduating from Tarleton State University in 2000, Amy taught special education for Granbury ISD in Granbury, Texas. She chose to teach students with emotional and behavioral disorders, as it was up to her to guide these children who many had neglected. She saw in them what many others chose to look past, and that was hope. Through her sickness, Amy would only miss a day a week during her chemotherapy treatments to be away from her students. She did instill stability as well as earn the trust of these previously ignored children. During her second year of teaching, the Masonic Lodge of Granbury honored Amy as the Outstanding Teacher of Granbury ISD. In 2005, Amy was once again honored as Outstanding Teacher of the Year by Wal-Mart. The recognition of these awards truly highlights the dedication and devotion that Amy had toward disadvantaged students. She has made a long and lasting impact on many children she taught, as well as her colleagues. Beyond her awards and recognition, Amy will be remembered as a teacher who cared about her students when society was not as compassionate. Fulfilling her life's dream, Amy gave birth to a precious daughter, Hannah Grace on December 19, 2003. As a child she was told she would never have, Hannah was truly the calm in Amy's storm. Her legacy will live on through this child she fought so hard to give birth to. We will all bear witness to the traits that Amy has passed onto Hannah, and it will be the duty of many to see the love and sacrifice that Amy gave will not be unknown to her daughter. As a daughter, sister, wife, and mother, Amy's memory and life will be in the reflection of many who knew her, as she touched so many around her. Her motto through out her sickness was ``I have cancer, cancer does not have me.'' In closing, I would like to leave you with a quote by President John F. Kennedy which reads, ``The courage of life is often a less dramatic spectacle than the courage of a final moment; but it is no less a magnificent mixture of triumph and tragedy.'' We will all miss Amy's presence but never forget her life.

Mr. HINOJOSA

Mr. HINOJOSA. Mr. Chairman, I rise in opposition to this Blumenauer amendment. Nearly every year an anti-sugar farmer amendment is offered to the agriculture appropriations bill, and almost every year, the same misinformation is recklessly spread about sugar farmers. This is an appropriations bill, not a farm bill. All U.S. commodities covered under the 2002 farm bill receive loans from the Federal Government. Sugar is not receiving special treatment. Sugar prices for farmers have declined since 1990. Over that same period, the price of candy, cookies, cake, and ice cream have steadily risen by as much as 50 percent. Food companies, not the sugar farmers, are making the big profits. America already has one of the most open sugar markets in the world, importing sugar from 41 countries whether we need the sugar or not. In light of this information and in the spirit of fairness, I ask my House colleagues to oppose this amendment. The only difference is that sugar farmers rarely default on their loans. Sugar farmers pay loans back with interest. Loan levels for sugar farmers have remained unchanged for 20 years, even though the cost of doing business has steadily risen--inflation since 1985 has been 81 percent. Sugar prices in the United States are low by world standards. Grocery shoppers in other developed countries pay 30 percent more for sugar than U.S. consumers. and, U.S. retail prices remained steady, at 43 cents per pound, in 2005, despite the devastating hurricanes that ravaged cane country in Louisiana and Florida. Remarkably, 43 cents was the average U.S. retail sugar price as long ago as in 1990, and even in 1980. Sugar prices for farmers have declined since 1990. Over that same period the price of candy, cookies, cake and ice cream have steadily risen, by as much as 50 percent. Food companies, not sugar farmers, are making the big profits. America already has one of the most open sugar markets in the world, importing sugar from 41 countries whether we need the sugar or not. As the world's second largest sugar importer, we're the only major sugar- producing country that is a net importer. 146,000 Americans are employed by sugar and depend on strong sugar policy. A vote for the Blumenauer Amendment to H.R. 5384 is a vote against 146,000 hard-working farmers and workers in 19 States. In light of this information and in the spirit of fairness, I ask my House colleagues to oppose this amendment.

Mr. HINOJOSA

Mr. HINOJOSA. Mr. Speaker, I regret that I was unavoidably detained in my district due to congressional business. Had I been present, I would have voted ``yea'' on rollcall No. 177 and ``yea'' on rollcall No. 178.

Mr. HINOJOSA

Mr. HINOJOSA. Mr. Speaker, on rollcall No. 160, had I been present, I would have voted ``nay.''