Leonard Lance

Mr. LANCE

Mr. LANCE. Certainly.

Mr. LANCE. Thank you, Congresswoman Lummis. Madam Speaker, Congresswoman Lummis has pointed out what we are going to face over the course of this decade. And we have to pay our interest payments first before we feed any hungry children, before we engage in housing for those who need housing and jobs for those who need jobs. Before we even fund the military we have to fund our debt. It crowds out other needed spending. It also makes it much more difficult for there to be borrowing in the private sector, raising interest rates in the private sector to get this economy moving again. It is also ultimately a matter of national security, because who is purchasing our debt? It is being purchased by foreign nations, by China, by Saudi Arabia and by other nations across the globe. And ultimately, he who pays the piper calls the tune. And this is a matter of national security. And undoubtedly the American people will recognize now what Congress has not yet recognized, and that is we have to get our Federal spending under control. No one in Congress thinks that we can balance the budget this year. However, we need a glide path toward a balanced budget. And instead, we have a rocket in the other direction with ever-rising levels of annual deficits. The Congressional Budget Office predicts that by the end of this next decade, our total debt may approach $20 trillion. That is simply unacceptable. It places an undue burden on the next generation. For the first time in the history of this country, there is an open question whether the next generation will have a higher quality of life than this generation. The promise of America has always been that each generation works as hard as possible to make sure that our children will have a higher quality of life. Whether or not we will have a second American Century here in the 21st century the way the 20th century was an American Century is now in question based upon this fundamental issue that confronts all of us in Congress, and that is the issue of out-of-control Federal spending and a massive debt that is increasing enormously. Let me state, Madam Speaker, that in the 1990s, with a Democratic President, President Clinton, and a Republican Congress, we did a better job. In 1997, the annual deficit that year was $21 billion. The next year, there was a surplus of $69 billion, the next year a surplus of $125 billion, the next year a surplus of $236 billion, that's in year 2000, the last year of the Clinton Presidency, and in the first year of the Presidency of George W. Bush, a surplus of $128 billion. I want to give credit to President Clinton. I also want to give credit to the Republican Congress then in power. And I think that it is a responsibility of the Presidency and the Congress working together. In the 8 years of the Bush Presidency, 6 years with Republican control of the House and Senate, there was a combined debt in those 8 years, let me repeat, of $2 trillion, and in this last year, the fiscal year that ended on September 30, we had in that 1 year a deficit of over $1.5 trillion. And this year, we're going to have that amount yet again. I implore the White House to get serious on this issue of annual Federal deficits and the overall Federal debt. We, the Republican freshmen, want to do our part. We came here to reform the system. We want to reform the system in a bipartisan way. And Congresswoman Lummis is taking the lead for the freshman class on this, in my judgment, the most important issue confronting the American Nation, as important as reforming the health care system, as important as the burden that we share with others around the world, including the brave young men and women who fight in Afghanistan and Iraq. Because this, the debt issue, is a matter of national security as well as a matter of economic prosperity. I yield back to the congresswoman.

Mr. LANCE. Thank you, Congresswoman. Madam Speaker, the fact that for a generation, spending has been at roughly 20 percent of gross domestic product for 40 years is noteworthy. And the chart that Congresswoman Lummis has is extremely informative and revealing. However, we are entering a new era where as a percentage of gross domestic product, governmental spending is rising dramatically to 25 percent. This is a significant and very disturbing difference. And the fact that over the next decade our projected deficits are so much larger than they have been historically as a percentage of gross domestic product is also disturbing. And in a bipartisan fashion, we have to have a glide path toward fiscal responsibility. I think that it is impossible to balance the budget until we get out of this deep recession. But once we are out of this deep recession, and in my judgment we are still in the recession, because unemployment rates in this country are at 10 percent, the highest they have been since 1983, a generation ago--once we get out of this deep recession, we have to have a plan to make sure that we move toward the historic average of no more than 20 percent of spending in the governmental sector at the Federal level as percentage of gross domestic product. My own view is that we need a bipartisan commission to advise us, like the BRAC commission regarding the closing of military bases, and then there can be an up-or-down vote on what is recommended by that commission here in Congress. Some oppose that, but do not provide an alternative as to how we are going to do a better job. And to do nothing is to condemn the next generation to a lower standard of living. It is to condemn the next generation of businesses across this country with much higher interest rates because the government crowds out private-sector borrowing. The government is the borrower of first resort. And of course ultimately it could mean a lowering of the credit rating of the United States of America. Obviously, we now have the highest credit rating, but there are some who predict that over time that will not occur. And also, there are some who predict that there should be a new currency worldwide, that the dollar should no longer be the currency that is favored across the world. Obviously, all of us in Congress, including freshmen Republicans who are discussing this issue tonight, favor a continuation of the American currency. The dollar is the currency that is honored across the world, but the Chinese, for example, have floated the idea that there should be a new international currency, not the dollar, regarding international trade. This is as a result of the fact of these ever-rising deficits year in and year out and the result of the fact of an overwhelming Federal debt, now at $12 trillion. In the next week before Christmas we're going to be asked to raise it to $14 trillion. We are not going to be asked to raise it on a stand-alone vote on that issue. It is going to be part of a bill related, I believe, to the military. I call again for a stand-alone vote on this issue, and that stand-alone vote, Madam Speaker, should include the establishment of some sort of mechanism to get a handle on this situation, this, the most critical issue confronting us not only economically but also as a matter of national security. I yield back to the Congresswoman from Wyoming.

Mr. LANCE. Thank you very much for yielding, Congresswoman Lummis. In 1982 and 1983, President Reagan established a bipartisan commission to deal with the issue of Social Security. Based upon that bipartisan commission, action occurred here in the Congress with the support of the administration that had the result of making Social Security solvent for almost a generation. We now have another challenge regarding Social Security, and particularly Medicare and Medicaid. I think we should replicate what occurred in 1982 and 1983 with a Republican President, President Reagan, and a Democratically controlled House of Representatives--and the Democratic Party controlled the House of Representative from 1954 until 1994, for 40 years. We should come together in a bipartisan fashion to establish another commission to deal with the enormous Federal debt. This commission could also have the responsibility perhaps to discuss and evaluate the Medicare and Medicaid and Social Security issues. Perhaps there should be a second commission for that. But it is clear, based upon the chart that Congresswoman Lummis has in front of the Chamber, that Medicare and Medicaid are rising rapidly. The largest cohort is the baby boom generation, those born between 1946 and 1964. Those of us who are on the floor this evening are in that generation. Obviously, Congresswoman Lummis is at the end of that cohort, whereas Congressman Coffman and I are in the middle of that cohort. Let me say that it is the responsibility of us working together to address this issue. Let me also say that we count funds that go into the Social Security Trust Fund as part of Federal revenues. If we had segregated them separately, our annual deficits would be even higher than they are. And when I state that the deficit for the year that ended September 30 of roughly $1.5 trillion--precisely $1.47 trillion--that includes the monies that are paid into the Social Security Fund. So if we were to place them in a separate pot of money, the annual deficit would be even higher than it already is.

Mr. LANCE. I certainly will.

Mr. LANCE. Thank you. It has been lent to the fact that we are funding these programs that we cannot pay, and really the deficit is much higher than that. And Medicare will be in the red in the next several years, and Social Security not too far beyond that.

Mr. LANCE

Mr. LANCE. Madam Speaker, I rise today to congratulate the Summit Hilltoppers who captured the New Jersey Group 2 North 2 State sectional football title on December 3 at Giants Stadium. Coached by John Liberato, the Hilltoppers won a 28-19 victory over the Orange Tornadoes. On offense, the Hilltoppers were led by quarterback Joe Jaskolski and running back Matt Rea. For the game, Jaskolski ran 17 times for 119 yards while completing six pass attempts for 134 yards. Rea finished with 167 yards on the ground and two touchdowns on 16 carries. The Summit defense was anchored by Pat Birosak, Michael Steinberg, Mike Watts, Ryan O'Malley, Kevin McNany and Danny Feeney, holding Orange to just 19 points. I ask all of my colleagues to join me in congratulating Coach Liberato and the entire Summit Hilltoppers football team for their victory over Orange to win the State sectional title.

Mr. LANCE

Mr. LANCE. Madam Chair, the current regulatory structure is not lacking authority. The Federal Reserve and the other banking agencies had all of the powers needed to address problems in consumer protection. What was lacking was coordination, improved disclosure, and an ability to fill the gaps in the system. This amendment solves those deficiencies without installing a new bureaucracy that would make rules with little or no input from the cops on the beat--the banking agencies. That is why I am strongly supportive of Mr. Minnick's amendment.

Mr. LANCE

Mr. LANCE. Thank you, Mr. Sessions. I rise today in opposition to this restrictive rule and in opposition to the underlying legislation. This bill will have severe negative consequences on our financial sector and economy as a whole. Specifically, I am strongly opposed to title I, which would create a permanent bailout fund at the FDIC, paid for in part by companies that will never see any real benefit. Furthermore, while every Member of this body supports increased consumer protection, title IV of the bill related to that important issue could do more harm than good by restricting choice and further tightening consumer credit markets. The language of this title is far too broad and ill-defined. Its uncertainty will only hurt consumers while financial companies retreat from the market to avoid running afoul of a new Federal bureaucracy. I am also concerned with the title's insistence on completely separating consumer protection regulation from prudential safety and soundness regulation. In my judgment, to accomplish either, regulators should be looking at both. This bill does not accomplish that. Finally, I want to express my disappointment that this body will not be allowed to debate and vote on an issue of importance to all taxpayers, renewing the Troubled Asset Relief Program set to expire on December 31. I offered an amendment last evening in the Rules Committee to ensure that TARP ends as scheduled and any funds repaid or not yet spent are used for the statutorily mandated purpose of debt reduction and not for further spending. The amendment failed on a purely partisan basis. The President's plan announced earlier this week to use TARP to fund more governmental spending violates the intent of the law, does very little to create jobs, and further adds to America's ever-growing debt burden. Colleagues on both sides of the aisle believe we need to end TARP. This body should have been allowed to have a substantive debate on this issue.

Mr. LANCE

Mr. LANCE. Mr. Speaker, this evening members of the U.S. House of Representatives are being asked to vote on legislation that dramatically revamps our Nation's health care system. This 2,000-plus page, $1.3 trillion Democratic health care proposal is a measure that raises individual and business taxes and reduces funding for Medicare. H.R. 3962 increases spending by more than $1 trillion at a time when our levels of debt and deficits are at all-time highs. The bill imposes a 5.4 percent ``surtax'' on thousands of individuals and families in my congressional district during an economic recession and when New Jerseyeans are paying some of the highest federal, state and local property taxes in the country. The health care bill levies at 2.5 percent tax on the Garden State's medical device industry that employs more than 300,000 in New Jersey alone at a time when New Jersey's unemployment rate is nearly 10 percent. The measure ignores common-sense malpractice reforms while cutting Medicare by nearly $500 billion leading the Medical Society of New Jersey and its doctors and medical professionals to come out in opposition to H.R. 3962. In short, this bill, If signed into law, will be harmful to New Jersey's taxpayers, seniors and businesses. As such, I rise in strong opposition to this measure. But make no mistake--I support health care reform. Like the majority of my colleagues I strongly support health care reform. But not the reform we will be voting on this evening. I stand in support of common sense steps to broaden health care access and responsible solutions that address the rising cost of health care. I believe reform ought to include portability--allowing people to keep their health insurance whether they change jobs or move to a different state. And no one should be denied coverage for preexisting conditions. Yet the call for common sense health care reform should be one that our Nation can afford. The Republican substitute offered by House Republican Leader John Boehner is a fiscally responsible alternative health care reform measure that reduces costs and expands insurance coverage without raising taxes, rationing care or putting the government between patient and doctor. The Republican reform bill includes medical liability reform that will seek to end junk lawsuits that force doctors to practice defensive medicine driving up health care costs. The GOP alternative will allow families and businesses buy health insurance across state lines while also allowing individuals, small businesses and trade associations to pool together and purchase health insurance at lower prices. It levies no taxes on New Jersey's medical device industry and includes important safety provisions concerning innovative biologic drugs by requiring research and clinical trials before the Food and Drug Administration can approve generic biologics. To maximize safety, I believe that research and those clinical trials should be conducted within the United States. By creating this process for approval of innovative biologic drugs we protect the health and safety of patients, lower health care costs and provide adequate incentives for innovation to ensure that New Jersey continues to be the ``Medicine Chest of the World.'' These are ideas that have strong, bipartisan support but most are absent from the Democrats' new reform legislation. Instead of focusing on fiscally responsible reforms that have bipartisan support, the Democratic Leadership has chosen a path that ignores good ideas from the Republican side of the aisle. The Republican substitute is the only health care reform measure that improves what is working in our health care system and fixes what is broken in a fiscally responsible manner without raising taxes or increasing our ever-growing debt and deficit.

Mr. LANCE

Mr. LANCE. Mr. Speaker, this health care proposal would be harmful to New Jersey's taxpayers, senior citizens and businesses, and contains no malpractice insurance reform.

Mr. LANCE

Mr. LANCE. Madam Speaker, I rise today to address the House for one minute. On Wednesday, November 11, Veterans' Day, there will be a special celebration entitled a Salute to Old Glory in Woodbridge Township, New Jersey. The goal of the program is to refurbish all American flags and flag poles throughout the Woodbridge Township School District. This is a huge undertaking; Woodbridge Township is the largest municipality in New Jersey's Seventh Congressional District. A Salute to Old Gory began is a vision of Woodbridge Board of Education Member George Yuhasz, a lifelong resident of Woodbridge Township. With the help of community activist Charlie Shaughnessey of Colonia, New Jersey the program to replace and preserve American flags throughout the Township has become a huge success. Veterans as well as civic organizations have joined in this effort in making Salute to Old Glory a positive initiative throughout the community. The American Flag stands for many things in our beloved Nation. It also serves as a great inspiration for those who want to become part of our great democracy. Educational involvement incorporated into the program included student essays and artistic presentations that allowed for involvement of students throughout the school district. The program has been successful because it has been a total community effort. In fact, Salute to Old Glory will become an ongoing effort not only for the Woodbridge Board of Education but for all public buildings in Woodbridge Township that may need a replenishment of an American flag or flagpole. All of those involved in with the Salute to Old Glory program in Woodbridge Township should be commended for their efforts. I am pleased to share their hard work with my colleagues here in Congress and with the American people.

Mr. LANCE

Mr. LANCE. Madam Speaker, I rise today to commend three outstanding citizens in my Seventh Congressional District--Carl, Ted and Martin Resnick of Hunterdon County, New Jersey. On Wednesday, November 11 these three outstanding individuals will receive the 2009 Distinguished Citizen Award from the Central New Jersey Council of the Boy Scouts of America. All three of these men are receiving this prestigious award for their commitment to the Boy Scouts in Hunterdon County and their strong commitment to the entire Hunterdon County community. Whether it be their involvement in local sports teams, clubs, service organizations, wildlife refuge efforts, the arts, or area first responders, the Resnick family has made significant contributions to our community. As a lifelong resident of Hunterdon County, I have known Carl, Ted and Martin Resnick and their family for most of my life. In addition to owning the Flemington Department Store--which is a family-owned business--the Resnick family has been active members of the Hunterdon County community for more than 50 years. In addition to his role at the Flemington Department Store, Carl Resnick is a strong advocate for blood donor programs and has donated more than eight gallons of blood to help others. Ted Resnick may be best known for his 40-year involvement in the Hunterdon County wrestling program where he still volunteers as a coach, mentor, referee and supporter. Martin Resnick has been very active in community affairs such as organizing a collection center for relief efforts for Hurricane Katrina victims. Because of their hard work and devotion to the entire Hunterdon County community, I am pleased to join the Central New Jersey Council Boy Scouts of America in commending Carl, Martin and Ted Resnick. I am also pleased to share their good efforts and contributions with my colleagues in the United States Congress and with the American people.

Mr. LANCE

Mr. LANCE. Mr. Speaker, later this week we will be voting on legislation that dramatically revamps our Nation's health care system. The 1,990-page, $1.055 trillion Democratic health care proposal is a measure that raises individual and business taxes and reduces funding for Medicare. The bill, if signed into law, will be harmful to New Jersey's taxpayers, senior citizens, and businesses. And as such, I will be voting against Speaker Pelosi's health care bill. Instead, I will be supporting a fiscally responsible alternative that includes medical liability reform, small business insurance pooling, and letting families and businesses buy insurance across State lines, ideas that have strong bipartisan support but are absent from the Democratic plan. The Republican alternative is the only health care reform measure that improves what is working in our health care system and fixes what is broken in a fiscally responsible manner without raising taxes or increasing our ever-growing debt and deficit.

Mr. LANCE

Mr. LANCE. I rise today in support of the amendment offered by the gentleman from Minnesota. I thank the distinguished chairwoman of the committee and the ranking member. Mr. Chairman, throughout the United States, the medical technology sector employs more than 350,000 workers, many of them in firms with fewer than 100 employees. This includes more than 3,000 jobs in the congressional district I have the honor of representing, the Seventh Congressional District in New Jersey, which many believe to be the medicine chest of the entire Nation and of, indeed, the world. These jobs are tied heavily to research and development, helping to keep the United States at the forefront of medical innovation. We must consider the importance of these lifesaving technologies, especially as we move forward with health care. It is vital that we do not forget the valuable impact medical technology has on lowering the costs of health care, on expanding access to lifesaving cures, and on creating jobs. That is why I believe we should be making investments in this field. I urge my colleagues to support the amendment sponsored by my friend, the gentleman from Minnesota.

Mr. LANCE

Mr. LANCE. Mr. Speaker, for decades the U.S. dollar has been used to price virtually all of the world's commodities, with nearly every country having U.S.-backed securities in reserve; yet this could all change. There is growing evidence suggesting that foreign investors are losing faith in the dollar as a secure instrument. Several important countries like China, India, Russia, France, and the Arab States voiced their concern over the role of the U.S. dollar as the reserve currency in world trade. Many have suggested a new world currency take its place. A primary concern for those investing in the United States is the growing U.S. debt and staggering deficits. Yet, despite this, the majority party continues to push ahead with an agenda that taxes, spends, and borrows, including a health care proposal that could cost as much as $800 billion to $1 trillion over the next decade. How many alarm bells must be set off before Washington gets serious about tackling our ever-growing debt and budget deficits?

Mr. LANCE

Mr. LANCE. Madam Speaker, the Federal budget deficit tripled to a record $1.4 trillion for the 2009 fiscal year that ended last week, congressional analysts announced late yesterday. According to the Congressional Budget Office this year's budget deficit is a level not witnessed since World War Two. The deficit amounted to almost 10 percent of the nation's economy, triple the size of the shortfall for 2008. While tax revenue fell by $420 billion, or 17 percent, to the lowest level in more than 50 years, Federal spending rose by 18 percent. Despite this sobering economic report, the White House and its allies in Congress continue to press ahead with health care overhaul legislation that could cost at least $900 billion over the next decade. How many alarm bells must be set off before Washington gets serious about tackling our ever-growing budget deficits?

Mr. LANCE

Mr. LANCE. Mr. Speaker: Remembering the past; Part of the future. This is a theme to be celebrated on October 4 when the borough of Mountainside in my congressional district will commemorate the 75th anniversary of its public library. Since its founding in 1934 in the basement of the municipal building, the Mountainside Public Library has grown into a 10,000-square-foot facility. It provides informational, cultural, educational and recreational services to people of all ages in Mountainside and surrounding communities. Whether encouraging literacy and learning through numerous children's story and craft programs, assisting area senior citizens, or providing residents with a critical link to the digital world, the Mountainside library is providing outstanding community services to its residents. While much has changed at the Mountainside library during its 75 years, what has remained the same is the dedicated community that has generously donated time and resources to enhance the library's resources. Mr. Speaker, I ask the House of Representatives to join me in congratulating the Mountainside Public Library for 75 years of rich and wonderful contributions to the entire community. This library is truly an important part of Mountainside's past, present, and future.

Mr. LANCE

Mr. LANCE. Madam Speaker, I rise today to recognize an exceptionally talented student, Yixiao Wang of Westfield, NJ. Yixiao, along with three other teammates representing the United States, recently participated in the 41st International Chemistry Olympiad, winning one gold and three silver medals in Cambridge, England. The U.S. Team competed against 250 students from 65 countries in a battery of exams including theoretical and practical applications. Yixiao placed in the top 10 percent earning him a gold medal. The four students were selected from over 11,000 talented high school chemistry students who had participated at the local level, and are representative of the brightest chemistry students in the Nation. The International Chemistry Olympiad was created in 1968 to enhance friendly relations among young people from different countries. Since then, thousands of students have participated in this rigorous competition to recognize the most talented students in the world. I would like to congratulate Yixiao for his exemplary performance, which undoubtedly required disciplined, diligent studies. His is a shining example of the dedication the faculty at Westfield High School have towards helping their students achieve greatness. Yixiao will surely have a bright future in any of his future endeavors.

Mr. LANCE

Mr. LANCE. Madam Speaker, Wednesday and Thursday mark the 10th anniversary of Hurricane Floyd, a storm that battered the east coast from North and South Carolina to New Jersey. The damage from Floyd was estimated at $250 million in New Jersey, including close to $100 million in Bound Brook and Manville in my congressional district, when more than 13 inches of rain fell and flooded rivers into homes, businesses and streets, forever changing the face of both communities. Ten years later, Bound Brook and Manville have implemented important flood control efforts in preparation for the next Floyd. A complex flood control system of walls and levees is being built around Bound Brook. Manville police and fire personnel now have boats and sirens to alert and assist residents. Bound Brook also has an emergency management team of 25 members that communicates with the community if a flood is coming. On Thursday, I hope to join residents of Bound Brook in celebration of the reopening of the historic Brook Theatre, a century-old venue severely damaged by the flood. The Brook Theatre reopening is a symbol of triumph and rebirth of the towns devastated by Hurricane Floyd 10 years ago.

Mr. LANCE

Mr. LANCE. Mr. Speaker, I ask unanimous consent to remove my name as a cosponsor of H.R. 2480.

Mr. LANCE

Mr. LANCE. Mr. Speaker, as we approach the eighth anniversary of the September 11 terrorist attacks on our Nation, we honor those innocent people who perished on that terrible day and extend our continued prayers and sympathy to their loved ones. We remember the tremendous heroism and self-sacrifice of so many in New York, the Pentagon, and on a plane over Shanksville, Pennsylvania. Closer to home in New Jersey, communities across the Garden State remember those who perished and pay tribute to the distinguished service of the brave police officers, firefighters and first responders who answered the call and, in some cases, never returned home. Today I come to the floor of the House to pay my special respect to the 81 New Jersey families in the Seventh Congressional District who lost loved ones as a result of the tragic terrorist attacks. To these families I say, we will never forget the sacrifices you and others have paid and continue to pay. I hope all Americans will pause tomorrow and take a moment to reflect on the tragedy of 9/11, to remember the victims, the heroes, and all the loved ones they left behind, while paying tribute to the men and women who serve and defend us today against the dangers we still face. May God continue to bless the United States of America.

Mr. LANCE

Mr. LANCE. Mr. Speaker, I rise to recognize former New Jersey Superior Court Judge Marilyn Rhyne Herr for her 15 years of outstanding service to our State. I was honored to be part of the celebration recently honoring Judge Herr as her portrait was unveiled for permanent display in the Hunterdon County, New Jersey, courthouse. Judge Herr was sworn in to the New Jersey Superior Court in 1989, becoming the second woman resident of Hunterdon County to be named a Superior Court judge and the first assigned to the bench in our home County. She was for many years in the family division, a court Judge Herr called the most important court there is. More than a jurist, Judge Herr served for many years as a Girl Scout leader and two terms as president of the Rolling Hills Girl Scout Council. She is a patron of the arts, an avid reader of historical biographies, a former pilot, world traveler, and competitive tennis player. Like my wife and me, she is a resident of Clinton Township, Hunterdon County, New Jersey, and my wife and I are proud to call Marilyn Rhyne Herr our friend and neighbor. Congratulations, Judge Herr, and thank you for your service to New Jersey.

Mr. LANCE

Mr. LANCE. Madam Speaker, pursuant to the Republican Leadership standards on earmarks, I am submitting the following information regarding earmarks I received as part of H.R. 3326, The FY 2010 Department of Defense Appropriations Act: Agency: Army Account: RDT&E Amount: $3,150,000 Project: Conversion of Municipal Solid Waste to Renewable Diesel Fuel Recipient: Covanta Energy 40 Lane Rd, Fairfield, NJ 07004 The purpose of this program is to convert military solid waste to diesel, resulting in >10% savings and stabilize the long-term cost of fuel. This conversion will also enable the military to exercise unprecedented control over raw material (waste feedstock) generation and supply. Agency: Army Account: RDT&E Amount: $2,000,000 Project: Dermal Matrix Research Recipient: LifeCell Corporation, One Millennium Way, Branchburg, NJ 08876 The purpose of this program is to continue development of an off-the- shelf transplantable graft from porcine tissue for combat casualties with full-thickness burns and other skin and dermal deficits prior to their evacuation from the theater of operation. Agency: Army Account: RDT&E Amount: $2,000,000 Project: Printed and Conformal Electronics for Military Applications Recipient: FlexTech Alliance, 84 W. Santa Clara St., Suite 630 San Jose, CA 95113 The funding would be used to develop and manage a supply chain and prototype development program for printed and conformal electronics. Agency: Army Account: RDT&E Amount: $2,500,000 Project: Standard Ground Station--Enhancement Program Recipient: Sarnoff Corporation, 201 Washington Road, Princeton, NJ 08540-6449 The purpose of this program is to allow the Standard Ground Station (SGS) to be used in other locations outside of Iraq by developing methodologies that can be applied to, and deployed in, multiple terrains and topographies--coastal, mountainous, forested--to extend the SGS's geographic primacy and protect Joint Warfighters as they prosecute the global war on terror. Agency: Army Account: RDT&E Amount: $1,000,000 Project: Tactical Metal Fabrication (TacFab) Recipient: SeaBox, Inc., 450 Black Horse Lane, No. Brunswick, NJ 08902 The purpose of this program is to provide a containerized, mobile foundry to the U.S. Army, allowing deployed forces to produce spare and replacement parts in the field. This cuts the order time from weeks or months to 24 hours. Agency: Air Force Account: RDT&E Amount: $3,000,000 Project: Planar Lightwave Circuit Development for High Power Military Laser Application Recipient: LGS Innovations, 15 Vreeland Road, Florham Park, NJ 07932 The purpose of this program is to meet the High-Energy Laser Joint Technology Office (HEL-JTO) need for revolutionary high power, high efficiency, electrically-driven laser technology that can be turned into a ruggedized system for use by all branches of the military. Agency: Defense-wide Account: RDT&E Amount: $2,000,000 Project: Secure, Miniaturized, Hybrid, Free Space, Optical Communications Recipient: LGS Innovations, 15 Vreeland Road, Florham Park, NJ 07932 The purpose of this program is to provide a fully operational secure, miniaturized, RF optics hybrid wireless communications system meeting the specific volume, weight, and power constraints required for secure, covert defense-related communication applications for the Department of Defense.

Mr. LANCE

Mr. LANCE. Mr. Speaker, I rise out of concern for section 4 of this bill. We had an amendment in the Rules Committee that I offered with the distinguished gentleman from Georgia, and it was ruled out of order by the Rules Committee. We believe that the amendment was germane, drafted properly and submitted on time. The amendment dealt with section 4. Regarding section 4, I believe that it is overly broad, and in particular I am concerned with the section that says, regarding incentive-based compensation, that Federal regulators can review that based upon other criteria as the appropriate Federal regulators jointly may determine to be appropriate to reduce unreasonable incentives for officers and employees to take undue risks. In my judgment, that gives too much discretion to Federal regulators, and we should be specific as Members of Congress in the statutory basis for compensation issues. I am also concerned that if this becomes law, that there will be a tendency for capital to move away from the United States, particularly New York, and to places like London and Asia. This is a matter I have discussed previously in the committee, and I certainly believe that we should continue to be the place in the world where this type of activity occurs. Our amendment in no way takes away the other provisions of this bill regarding say-on-pay and the independence of compensation boards. But I am sorry that our amendment was not considered favorably in the Rules Committee and therefore will not be considered favorable here on the floor. This morning, a report from Bloomberg indicates that the White House press secretary, Mr. Gibbs, said yesterday the administration is concerned that the measure may give regulators too much say on incentive pay. I agree with that sentiment.