Zoe Lofgren

Ms. ZOE LOFGREN of California

Ms. ZOE LOFGREN of California. Madam Speaker, I rise today to honor the life and accomplishments of Mr. Joseph Anthony Zanger, Sr. whose business acumen, community service and family dedication are inspirational. Joseph was born on December 28, 1927 in San Jose, California. In true American style, Joseph was a descendent of hard-working immigrant families. His ancestors initially worked in the agricultural trade, but went on to build the largest cannery and winery in Santa Clara Valley. He attended St. Mary's Elementary School in San Jose, Bellarmine College Preparatory, and Santa Clara University, where he majored in economics. After attending college, Joseph moved to Pacheco Pass to help manage the family's orchard operations. In 1953, he married Kathleen Kelsch from Mandan, North Dakota. They raised their four children, Wendy, Allene, Joe, and Gretchen, on their ranch on Pacheco Pass. For over 50 years, Joseph and his two brothers, George and Eugene, farmed over 600 acres of orchards and vineyards on Pacheco Pass. Joseph's economics major enabled him to develop a business marketing strategy for the California Prune Bargaining Association, which he helped found at the age of 19. For ten years, Joseph represented San Benito and Santa Clara counties on the California/Federal Prune Administrative Committee and on the California Prune Advisory Committee. He also served as the Director of the Santa Clara Valley Winegrowers Association and President of the San Benito County Farm Bureau. The Zanger family founded Casa de Fruta to complement their farming business. Casa de Fruta started with a small cherry stand built in 1943 and grew in the following decades to include a large fruit stand, restaurant, RV park, lodge, wine tasting, gift shop, barnyard zoo, candy store, service station, and dried fruit mailing business. Joseph oversaw the construction of the buildings and landscaped Casa de Fruta with large rocks that he hauled from the Pacheco Pass tunnel. Joseph constantly studied safety and economic issues related to the area's transportation system. In 1978, he served on the planning committee for completion of Interstate 5 from Stockton to Santa Nella/ Highway 152. In 2005, he worked to establish a new route for Highway 152/156 to connect with Highway 101 south of Gilroy. Because of the large number of traffic accidents that had occurred on these highways, his work has benefitted the hundreds, if not thousands, of Californians who travel along those highways. I have the pleasure of employing one of Joseph's grandchildren, Meggie, in my Washington, D.C. office and I join her in celebrating her grandfather's life and accomplishments. I thank the Zanger family for their contributions to our region in California and, on behalf of our community in California's 16th Congressional District, offer sincere condolences on Mr. Zanger's passing.

Ms. ZOE LOFGREN of California

Ms. ZOE LOFGREN of California. Mr. Chairman, I rise to make a very happy announcement. Our colleague, Congressman Brad Sherman, and his wife, Lisa, had their first child last night--a beautiful baby girl. Molly Hannah Sherman is 7 pounds, 15.6 ounces. I am pleased to report that mother and baby are doing splendidly and that the father is expected to recover. Announcement by the Chair

Ms. ZOE LOFGREN of California

Ms. ZOE LOFGREN of California. Madam Speaker, there's much not to like in this bill and there's a lot to be angry about how we got here, and if this passes, our job will not be done. We will have further efforts that will be required, especially to stabilize the housing market. I chair the California Democratic Delegation. I want to share with Members the communications we have received from California's Governor and the Treasurer of the State of California. The Governor tells us, and this is a quote, ``It is daunting that California, the eighth largest economy in the world, cannot obtain financing in the normal course of its business to bridge our annual lag between expenditures and revenues. This means that California may soon be forced to delay payments for critical services, such as teachers, law enforcement, and nursing homes. The same thing would happen to California cities and counties.'' Our Treasurer, Bill Lockyer, has told us, ``For 10 days, State and local governments have been closed out of credit markets--long-term and short-term--in spite of the fact they represent no default risk and provide a good tax return to investors.'' He says, ``Without prompt Federal action to address the economic crisis, we may have no market access. That means the State's cash reserves will be exhausted near the end of October. Payments for teachers' salaries, nursing homes, law enforcement, and every other State-funded service would stop or be significantly delayed. California's 5,000 cities, counties, school districts, and special districts would face the same fate.'' There is a $7 billion revenue anticipation note that the State needs to float to meet cash flow needs, and they cannot sell those revenue anticipation notes because of the credit freeze. Folks, what this means is that the State of California, the eighth largest economy in the world, will not be able to meet payroll by the end of this month unless we take action to unfreeze these credit markets. I wanted to make sure that every Californian and, really, every American knew. State Capitol, Sacramento, CA, October 2, 2008. Hon. Henry M. Paulson, Jr. Secretary of the Treasury, Washington, DC. Dear Mr. Secretary, First of all, let me commend you for your leadership to enact emergency economic stabilization legislation. This credit crisis has the power to grind the U.S. economy to a halt if swift and decisive action is not taken immediately. The federal rescue package is not a bailout of Wall Street tycoons--it is a lifeboat for millions of Americans whose life savings, businesses, retirement plans and jobs are at stake. I have communicated this message to the entire California Congressional delegation and will continue to press for passage of an emergency rescue plan. Like many other states, California is feeling the enormous effects of this crisis on our economy. California's economy is dynamic and resilient, but also uniquely sensitive to national and international economic conditions and fluctuations in the financial markets. The credit crisis has frozen investment and commerce, forcing businesses and families to stop purchasing goods and services. This has resulted in tens of thousands of lost jobs and billions of dollars in lost tax revenue to the state. Most immediately, California and a number of other state and local governments are experiencing the lack of liquidity in the credit markets firsthand. Many states and local governments have been unable to secure financing for bond offerings and for routine cash flow used to make critical payments to schools, local governments and law enforcement. While some states may be able to absorb a delay or obtain high-interest financing through private banks, California is so large that our short-term cash flow needs exceed the entire budget of some states. We expect to issue $7 billion in Revenue Anticipation Notes for short term cash flow purposes in a matter of days. Absent a clear resolution to this financial crisis that restores confidence and liquidity to the credit markets, California and other states may be unable to obtain the necessary level of financing to maintain government operations and may be forced to turn to the Federal Treasury for short-term financing. The economic fallout from this national credit crisis continues to drain state tax coffers, making it even more difficult to weather the continuation of frozen credit markets for any length of time. I will continue to do all I can to encourage passage of the emergency rescue plan. Sincerely, Arnold Schwarzenegger, Governor.

Ms. ZOE LOFGREN of California

Ms. ZOE LOFGREN of California. Thank you for yielding. I would just note that in fact in the rescue package there is a provision requiring the Secretary to renegotiate loans and that will actually, I think, be of tremendous value in dealing with the foreclosure crisis that we face when the government owns the whole mortgage, all of the mortgage. But because securities are being purchased because the credit markets are frozen, we won't necessarily own all of the mortgages in every case. And half of the subprimes have second and third mortgages that will be able to defeat any effort to renegotiate. So I think that moving a narrowly crafted, for-subprime-only primary residence mortgage measure either later in this Congress or early next might be something that could avoid the $2.1 trillion in mortgages that are set to reset and certainly are at risk of default in the next 18 months. I am just stating here today, I think we have an opportunity to accomplish that working across the aisle and working across ideological barriers because really we're all in the same place. We want Americans to be safe and secure in their homes. If they are able to meet their obligations, we should go the extra mile to allow them to do that. I just want to say once again how much I have appreciated working with you, Congressman Cannon, over these years. And I said this earlier this week, but if you look at your voting record, you've got one of the most conservative voting records in this Congress, and as I mentioned, I do not. But that has never prevented us from working together to find solutions for the American people. I really think you're a remarkable legislator, someone whom I respect a great deal, and I thank you for your service to our country.

Ms. ZOE LOFGREN of California. I will do so because I don't want to take advantage of the chairman's yielding me unlimited time when there are other speakers. But I would just say in the discussions that we have had that have been very honest and very practical--and I think totally bipartisan, I would even say nonpartisan--trying to find common ground in the interest of the American people in this. I have a sense of optimism that we can do something important on the mortgage bankruptcy issue aside from this recovery package that is coming. Having said that, I will yield back to the chairman of the committee, and perhaps Mr. Cannon will use some of his time to further explore this.

Ms. ZOE LOFGREN of California. If I may, I think the Secretary has the authority to acquire all mortgages. We fear that he may not. I frankly think if the Secretary--or his successor, starting in January-- were to make that a priority, we would solve more of this problem than if it was just done in the natural course of events. I personally believe we need another remedy that I pledge to try and move separately from this package having to do with the bankruptcy primary residence mortgage issue that we have discussed at tremendous length.

Ms. ZOE LOFGREN of California. If the gentleman would yield, as we both know, because we were on the same conference call with one of the foremost authorities in the United States on this subject, the expectation is, in the natural course of events, that about 20 percent of the acquisition of securities would result in owning all of the rights in order to do a negotiation. So when you look at the entire package, it's not what we want, but it's not nothing either. I mean, if you could actually renegotiate 20 percent of the reset, it would have a market impact. What you're suggesting, I think, makes sense. And I think, also, that the bill that's coming back would allow the Secretary to actually do what you have suggested because there is that discretion in the measure. If we did what you've suggested, if the experts are correct that we will have 20 percent of all ownership to renegotiate as provided for in the bill, we're still going to need an additional tool which we're not going to get in this bill, but to do a narrow carve-out for the subprime markets to be able to--for judicial intervention for those areas that we cannot get the rights for. I thank the gentleman for yielding.

Ms. ZOE LOFGREN of California. If the gentleman would yield. If I may, I'm glad you did that explanation. And for people listening who don't have a subprime, it's going to affect them as well. Because if you have a prime mortgage but every neighbor in your entire neighborhood has had their property values collapse, your property value is also going to collapse. So this is everybody.

Ms. ZOE LOFGREN of California. Thank you, Mr. Chairman. Mr. Speaker, I rise in support of this bill. It is obviously important that we make sure that any of our armed servicemembers who have suffered a financial loss because of their service have access to relief through the bankruptcy courts. That's the least we can do to assist these fine men and women. But I rise also to say that there are other things that are not yet before us in the bankruptcy arena that we, I believe, are gaining some bipartisan support for. Many of us have expressed concern that lacking in the recovery package that we will be voting on tomorrow is any provision that deals with the primary mortgage, mortgage on a primary residence, that might be one of many tools to deal with the underlying crisis that has created this worldwide economic instability. I would have preferred that such a measure be in the recovery package, but it is not essential that the measure be part of the package. It is possible to move such a measure separately. We were here earlier in the week. I complimented my colleague from Utah saying that it was unlikely we would be on the floor together again because he is not returning, but here we are. And I would just like to compliment him for the hard work and discussions that he has put in behind the scenes over the last several weeks to see if disagreements can be resolved and if parties can come together in the interest of the country. I can't say that we have accomplished that yet, but I think that we have an opportunity, and I actually am quite optimistic that we will be successful in that effort that would be very important for our country. I see the gentleman standing there. I wonder if I could yield to him, if he wishes to make a comment.

Ms. ZOE LOFGREN of California. I wonder, I did yield, but we have other speakers. So I wonder if--and we can have this further discussion--but whether on the mortgage, primary residence mortgage issue, you think there is further opportunity to make progress between Republicans and Democrats, conservatives, and nonconservatives?

Ms. ZOE LOFGREN of California

Ms. ZOE LOFGREN of California. Mr. Speaker, I ask unanimous consent that the Speaker be authorized to entertain motions to suspend the rules on the legislative day of Thursday, October 2, 2008, relating to the following measures: S. 3197; S. 3641; and H.R. 7221.

Ms. ZOE LOFGREN of California

Ms. ZOE LOFGREN of California. Madam Speaker, I rise to congratulate the New Hope International Church in Sunnyvale, CA on their new facility. The New Hope International Church, led by Pastor John Christenson, will have a dedication ceremony on October 5, 2008 for the 34,000-square-foot building. The New Hope International Church is an asset to the Greater Bay Area community, and this new facility will help the church further its mission. I would like to commend Pastor Christenson and his congregation on this momentous achievement.

Ms. ZOE LOFGREN of California

Ms. ZOE LOFGREN of California. Madam Speaker, I rise to recognize and congratulate Paul Guerrero on his 80th birthday. Mr. Guerrero is a long-time advocate for minority small business concerns and was named San Joaquin County Hispanic Chamber of Commerce's Advocate of the Year in 2006. Prior to moving to the Central Valley, Mr. Guerrero and his family lived in Santa Clara County, and I worked closely with him to ensure that minority and women contractors had a fair opportunity to bid on government contracts. Mr. Guerrero serves on the Board of Directors for the California Small Business Association and is the President and CEO of the California Small Business Entrepreneurs, Inc. Mr. Guerrero is a strong leader of the small business community, and I am honored to have him as a friend. On behalf of Mr. Guerrero's family and friends, I would like to congratulate him on this milestone birthday and wish him many more to come.

Ms. ZOE LOFGREN of California

Ms. ZOE LOFGREN of California. Mr. Speaker, I just further urge support of this bill, and I yield back my time.

Ms. ZOE LOFGREN of California. Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days to revise and extend their remarks and include extraneous material on the bill under consideration.

Ms. ZOE LOFGREN of California. Mr. Speaker, I move to suspend the rules and concur in the Senate amendment to the bill (H.R. 5571) to extend for 5 years the program relating to waiver of the foreign country residence requirement with respect to international medical graduates, and for other purposes.

Ms. ZOE LOFGREN of California

Ms. ZOE LOFGREN of California. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 6838) to establish and operate a National Center for Campus Public Safety.

Ms. ZOE LOFGREN of California. Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days to revise and extend their remarks and include extraneous material on the bill under consideration.

Ms. ZOE LOFGREN of California

Ms. ZOE LOFGREN of California. Mr. Speaker, I would just like to thank Mr. Smith for his enormously complimentary and gracious comments. I look forward to working with him next year. I urge my colleagues to support this bill. I yield back the balance of my time.

Ms. ZOE LOFGREN of California. Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days to revise and extend their remarks and to include extraneous material on the bill under consideration.

Ms. ZOE LOFGREN of California. Mr. Speaker, I move to suspend the rules and pass the Senate bill (S. 3569) to make improvements in the operation and administration of the Federal courts, and for other purposes.

Ms. ZOE LOFGREN of California

Ms. ZOE LOFGREN of California. Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days to revise and extend their remarks and include extraneous material on the bill under consideration.

Ms. ZOE LOFGREN

Ms. ZOE LOFGREN. Mr. Speaker, I move to suspend the rules and pass the Senate bill (S. 2304) to amend title I of the Omnibus Crime Control and Safe Streets Act of 1968 to provide grants for the improved mental health treatment and services provided to offenders with mental illnesses, and for other purposes.

Ms. ZOE LOFGREN of California

Ms. ZOE LOFGREN of California. Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days to revise and extend their remarks and to include extraneous material on the bill under consideration.

Ms. ZOE LOFGREN of California

Ms. ZOE LOFGREN of California. Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days to revise and extend their remarks and to include extraneous material on the bill under consideration.