Carolyn Maloney

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Chairman, in 2001, some of our colleagues across the aisle said many of the same things we are hearing today about the miracle of tax cuts: that huge tax cuts for the most fortunate would pay for themselves, and that they would help grow our economy by trickling down through the miracle of so-called dynamic scoring. But as we know from history, that was not the case. One year after the Bush tax cuts in 2002, here is what Brookings Institute said was happening in real life: Our findings suggest that Bush tax cuts will reduce the size of the future economy, raise interest rates, make taxes more aggressive, increase tax complexity, and prove fiscally unsustainable. A year after that, in 2003, the Brookings Institute said: ``Over the past 2 years our country has experienced a dramatic deterioration in the Federal budget outlook.'' In January 2001, when President George Bush took office, the Congressional Budget Office projected surpluses of $5.6 trillion--as in ``T,'' trillion--from 2000 to 2011. But in 2011, nearly a decade after the GOP promised their budget would unleash the economy through tax cuts for the wealthy and budgets that cut services to the vulnerable, this is what we found, from National Public Radio: ``Conservatives often promote tax cuts as a way to stimulate economic growth, but the years after 2001 were marked by the slowest growth since World War II.'' All of us remember when President Obama came to office that this country was shedding 800,000 jobs a month and it was a long time to dig ourselves out of that big Republican hole and get us moving in the right direction with job growth. So let's not go down that road again. I call upon my colleagues to remember history. Mr. Chair, I reserve the balance of my time.

Mrs. CAROLYN B. MALONEY of New York. Mr. Chair, I yield 5 minutes to the gentleman from Virginia (Mr. Beyer), my distinguished colleague.

Mrs. CAROLYN B. MALONEY of New York. Mr. Chair, I yield an additional 2 minutes to the gentleman from Virginia.

Mrs. CAROLYN B. MALONEY of New York. Mr. Chairman, I yield myself such time as I may consume. Mr. Chair, just to remind my colleagues, the nonpartisan Tax Policy Center points out that 80 percent of the Republican tax cuts go to the top 1 percent. But in this budget resolution that we are discussing, it slashes education funding, putting the drain of a college education for average Americans even further out of reach. It asks the American people who already experience crippling student loan debt to reach even deeper into their pockets for their education by cutting $211 billion from student financial aid programs. It freezes the maximum level awarded by a Pell grant at $5,900, covering just 23 percent of an education by 2026, compared to the 30 percent it covers today or the 77 percent it covered in 1980. In addition, it also cuts $3.3 billion from the Pell grant surplus, which provides a much-needed reserve to cover the cost of future education. If that is not enough, after students graduate, this budget makes it increasingly difficult to pay off student loans and steers graduates away from public service and teaching jobs by eliminating the Public Service Loan Forgiveness and Teacher Loan Forgiveness programs. Our students and our teachers deserve a better deal than that. I must say that we are suffering from three hurricanes, devastating hurricanes, yet this budget eliminates three programs that play very key roles in disaster relief. The Community Development Block Grant program, AmeriCorps, and the Legal Services Corporation are all eliminated. This budget abolishes these programs that are literally supporting our relief efforts from Harvey, Irma, and Maria. Our Nation's veterans--our Nation's veterans--our bravest, are not spared the carnage of this heartless proposal. The GOP budget proposes $50 billion in cuts to mandatory spending on veterans programs over 10 years, including education benefits and loan guarantees. So after we have already asked so much of our men and women in uniform, this budget refuses to give them the tools they need to transition to civilian life. Our veterans deserve a better deal than that from the country that they have served so honorably. Cuts to research, where research is the future of our country, and this budget would also cut investments that are directly tied to our country's future prosperity by slashing basic research funding. I want to point out how important research funding is to our country. In 1996, two Stanford graduate students took a $4.5 million research grant from the National Science Foundation and developed a new algorithm called PageRank. Two years later, these same students took PageRank and launched a new internet search engine we now call Google. Today Google is worth over $600 billion and employs over 72,000 Americans, and it all began with a Federal basic research grant of $4.5 million. Google is just one example on a long list of technological advancement companies and, most importantly, jobs that trace their roots to basic research investment. It is what has kept this country on top. According to the Brookings Institution, two-thirds of the most influential technologies over the past 50 years were supported by Federal research grants. It has brought us lifesaving vaccines, the laser, touchscreen, GPS, and even the internet, technology that has served as a launching pad for cutting-edge medical treatment. Sadly, the chart behind me reflects a sharp decline in the Federal share of funding of basic research dropping from 72 percent in 1967 to 44 percent in 2015. This GOP budget proposal follows that same trend with instructions to cut $41 billion from science, space, and technology precisely at a time when we should be increasing investments in these sectors. It is important to the future prosperity of America. Cuts now mean fewer jobs and economic growth in the future; they mean less innovation and less prosperity. So if my colleagues across the aisle want to grow the economy, turning this trend around is an important way to do it. Now, I have heard all day from my colleagues on the other side of the aisle how very, very concerned they are about the deficit, but the GOP tax plan makes it worse. The tax framework released last week by the White House and Republican leaders would add $2.4 trillion to the deficit in the first 10 years and another $3.2 trillion in the next 10 years. So the Republican budget is just totally unacceptable. This budget flat-out ignores the reality. So if Republicans are concerned about the deficit, then they should really rewrite their budget proposal. In conclusion, look at the fine print of this proposed deal and imagine the harm it would cause to millions of American families, to our children, to our seniors, to our sick and suffering, to our disabled and our destitute, to our economy, to our research, and to our infrastructure. It is clear--clear--beyond any and all doubt that Americans deserve a better deal. Mr. Chairman, I reserve the balance of my time.

Mrs. CAROLYN B. MALONEY of New York. Mr. Chair, I request the amount of time that is remaining.

Mrs. CAROLYN B. MALONEY of New York. Mr. Chair, I yield myself the balance of my time. Mr. Chair, in closing, I believe that this proposal that is before us is an absolute disaster. We should be charting a fundamentally different course. When you listen to people around their dinner table in America tonight, they would be talking about their concerns in education, infrastructure, jobs, healthcare, security, environment, and disaster relief. But this plan delivers, instead, deep and sometimes disabling cuts to badly needed programs for millions in order to give away benefits to a fortunate few. This is just plain wrong. Budgets are about values and priorities, and the people of this country deserve better. We should not be cutting our education spending. Failing to train the world's most highly educated workforce is irresponsible and puts our entire economy at a disadvantage. We should be investing more in education at every level--early education and high schools--motivating students to become engaged in science, technology, math, and engineering. We should be leading the way in developing new and improved technical and trade training programs for those who would prefer it. We should be doing more, not less, to make college and postgrad study affordable once again. To do anything less is to fail in our obligation to the rising generation. We already trail much of the economically advanced world when it comes to healthcare. We get sicker, die sooner, and pay more for our care than most developed nations. Millions are just one serious illness away from financial ruin. But this budget plan would cut spending for healthcare, and this budget would weaken the pillars of financial security for our seniors. The proposed cuts to Medicare and Medicaid will come at the expense of seniors, the disabled, and the middle class. Mr. Chairman, we cannot afford this budget. I urge my colleagues to reject it, and I yield back the balance of my time.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, today I rise to speak for April and against this unconstitutional underlying bill. Mr. Speaker, her story is about one of the most complex and painful decisions a woman can face, but it would have been even more painful if this bill that we are debating, which is opposed by the American Medical Association, was the law at the time. Eighteen weeks into her pregnancy, she and her husband discovered that their baby had a birth defect, a lethal skeletal dysplasia, and was incompatible with life. The baby would never be able to breathe on its own. The baby would either die in utero or die immediately at birth. She was heartbroken. She went to other doctors for more tests. These tests took additional weeks. Tragically, the tests confirmed the diagnosis. At 21 weeks, April had an abortion. With this bill, the Federal Government would compel every woman like April against their will to carry to term a fetus that they knew would either be stillborn or would suffer and die at birth. Mr. Speaker, I urge a ``no'' vote on this underlying bill.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, I thank the ranking member for yielding and for her leadership on this issue and so many others. I strongly support the bill, and I would like to thank my good friend from Indiana (Mr. Messer) for his leadership. We introduced this bill in order to level the playing field for our cities and States by requiring the banking regulators to treat certain municipal bonds as liquid assets, just like corporate bonds, stocks, and other assets. As a former member of the city council in New York, I know firsthand the importance of municipal bonds. They allow States and cities to finance infrastructure, build schools, pave roads, and build subways. They are all financed with municipal bonds. Unfortunately, in the banking regulators' liquidity rule--which requires banks to hold a minimum amount of liquid assets--they chose to allow corporate bonds to qualify as liquid assets, but completely excluded municipal bonds--even municipal bonds that are just as liquid and high-grade as corporate bonds. This makes no sense, and it effectively discriminates against municipal bonds and cities. A municipal bond that is just as liquid as the most liquid corporate bond would not be counted as a liquid asset under the rule just because it was issued by a municipality rather than a corporation. The Fed has already recognized this error and has amended its rule to fix the problem. But the OCC, which regulates national banks, is still refusing to amend its rule and insists on favoring corporations over municipalities. So Mr. Messer and I introduced this bill because this kind of arbitrary discrimination against municipalities cannot be allowed to continue. So in sum, this bill levels the playing field for cities and States in a way that maintains the safety and soundness of our banking system. The bill passed the Financial Services Committee 60-0 in July, and last Congress the bill passed the full House by a voice vote. So I urge my colleagues to, once again, support this bipartisan legislation which is critically important for our States and our cities.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, I rise to pay tribute to Kang Kyung-wha, the Minister of Foreign Affairs of the Republic of Korea. Foreign Minister Kang has dedicated her career to the protection and promotion of humanitarian principles domestically and around the world. On September 22, 2017, she will be honored at the United Nations by Equality Now, a non-governmental organization advocating for the human rights of women and girls worldwide, for her work on behalf of women and girls and in recognition of her appointment as the first female Foreign Minister of the Republic of Korea. Kang Kyung-wha is a veteran diplomat, serving both the Republic of Korea and the United Nations. After beginning her career as a news producer and associate professor, Minister Kang began working in the National Assembly, serving as the Secretary for International Relations in the Office of the Speaker in 1990. Her work was focused on the promotion of human rights, women's advancement, and parliamentary diplomacy. After 8 years with the National Assembly, she began working at the Ministry of Foreign Affairs and Trade, the agency she now leads. In 2005, Minister Kang was appointed Director General of International Organizations at the foreign ministry, becoming the second female diplomat to serve at that level. She was the Minister in her country's Permanent Mission to the United Nations from September 2001 to July 2005, during which time she chaired the Commission on the Status of Women for its 48th and 49th sessions. In 2006, she was appointed by Secretary-General Kofi Annan to serve as United Nations Deputy High Commissioner for Human Rights, the highest appointment in an international organization for a Korean woman. In April 2013 Secretary-General Ban Ki-moon appointed her Assistant Secretary-General for Humanitarian Affairs and Deputy Emergency Relief Coordinator for the United Nations Office for the Coordination of Humanitarian Affairs. In this position, Minister Kang oversaw the UN agency responsible for their response to complex emergencies and natural disasters, the coordination of humanitarian response, policy development and advocacy. During her tenure, she navigated many of the most substantial crises in our time, coordinating humanitarian action and support in places like Syria and South Sudan. In December 2016, Minister Kang was appointed as a Senior Advisor on Policy by then United Nations Secretary-General-designate Antonio Guterres. Shortly after, in June 2017, the Republic of Korea's President Moon Jae-in appointed Kang Kyung-wha as the Minister of Foreign Affairs. She has been tasked with resolving sensitive diplomatic issues while furthering Korea's commitment to refugee and human rights. Minister Kang must help her country navigate one of the most dangerous geopolitical situations our world has seen: the nuclearization of the Korean peninsula. Mr. Speaker, I ask my colleagues to join me in recognizing Kang Kyung-wha for the work she has done to safeguard humanitarian principles and further the international community's commitment to the rights of women and girls, and to congratulate her on her appointment as the Republic of Korea's first female Minister of Foreign Affairs. Minister Kang's continued focus on the advancement of women both in the Republic of Korea and internationally has paved the way for future generations of women around the world.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Chairman, I rise in support of my Amendment No.19 to H.R. 3354, the Department of the Interior, Environment, and Related Agencies Appropriations Act, 2018, included in Division A En Bloc 1. My amendment would increase the funding for the Smithsonian Institute Salaries and Expenses by $2 million with the intended purpose of providing increased resources for the recently launched Smithsonian's American Women's History Initiative. I strongly support the Initiative and its goal to more completely include the contributions of women throughout Smithsonian institutions by directing resources toward cataloging collections inventory, expanding exhibits, and developing educational programs on American women's history. I strongly believe that ultimately we need a new Smithsonian museum dedicated to American women's history. Last year a bipartisan Congressional Commission made a strong, unanimous recommendation that our country needs such a museum and that it belongs in the Smithsonian system and should be prominently located on the National Mall. I have introduced legislation that incorporates those recommendations, and I'm grateful for the support of 247 bipartisan members of the House who have cosponsored my bill. I hope there will be broad support for this amendment as well. This Initiative represents the first important step toward establishing a physical Smithsonian Museum on American Women's History and aims to make important improvements in existing museum exhibitions to more accurately and completely tell the story of our nation's history. I strongly urge the passage of this amendment and the en bloc.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, when DACA was launched in 2012, it allowed nearly 800,000 young people to come out of the shadows and live without the constant fear of being deported. Some came here as infants in their parents' arms. Some know no other language but English, and they know no other country but America. And all of them simply seek a better future. DACA helped breathe life into their American Dream. DREAMers are our neighbors, our friends, and our colleagues. They grew up here. They have done absolutely nothing wrong. They are in school, they are working, and they are contributing to the American economy. And now, they must fear deportation once again. That is not the American Dream; that is not who we are. I hope that all of my colleagues will take that to heart so that we can finally pass the Dream Act and keep these Americans out of the shadows, contributing to our economy, growing their lives, and helping live and be the American Dream.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, I thank the gentleman for yielding, and I ask unanimous consent to bring up H.R. 3440, the DREAM Act, to protect young people like Isabelle, a DREAMer who graduated from Baruch College in New York and now works to help low-income veterans recuperate and get better. Thanks to DACA, she was able to do this.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, today the Trump administration announced that it intends to crush the hopes of 800,000 DREAMers and cause them to live in fear each and every day, because that is what ending the DACA program will do. Despite his many promises and saying that he has a heart, the President is persecuting young people who have done nothing more than come to this country in their parents' arms. They know no other language. They know no other country. Ending the DACA program is opposed by the leadership of both parties and by the majorities in both Chambers. It is opposed by the clear majority of the American people. But this Congress can do something to fix this. I am confident that if we put the BRIDGE Act, the American Hope Act, and the American Dream Act on the floor, if the Republican leaders would allow a vote, then it would pass. DACA is in our court now. Let's have a vote and keep this lifeline to the American Dream alive.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, even as our colleagues in the Senate try, once again, today to strip lifesaving healthcare away from millions of Americans, I find that there is reason to hope and to have faith not in this Congress, where the work of cruel indifference to suffering precedes once again, but, rather, in the American people, because it has been the efforts of ordinary citizens whose calls and letters and protests have been making all the difference in this issue. It has been the collective voices of people telling their stories of struggle and survival who have slowed the system roller of repeal. I salute each and every one of them. Your voices count. Your stories are important. Keep them coming because you, your health, and your healthcare matter.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Madam Speaker, I have been listening daily to heartbreaking stories from real people about their health challenges and what the repeal of the Affordable Care Act would mean to them. People like Peter Morley, who survived cancer and now lives with lupus--he won't be able to afford his lifesaving infusions if repeal happens. For Baby Theo, born with two holes and an enlarged kidney, the return of lifetime caps would mean the loss of insurance for him. And Red Raccoon, an Iraq war veteran suffering from PTSD, he relies on Medicaid to supplement the inadequate VA system. Each of them and millions more will suffer if repeal or replace goes forward. I believe we are a greater, more caring nation than this. I believe we can, we shall, we must do better.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, I thank the ranking member for yielding to me and for her leadership on this committee and in so many other ways. Mr. Speaker, I rise today in strong opposition to this resolution. My friends on the other side of the aisle keep talking about what this bill does, but let me tell you what it does not do. I want to be absolutely clear that this rule does not say that arbitration is bad for consumers, and it does not say that consumers can't use arbitration. The only thing that the CFPB's rule says is that financial institutions cannot force consumers to waive their right to participate in class action lawsuits and only use arbitration. This protects an individual customer's rights. This is critically important because the evidence shows that consumers receive a great deal more relief from class action litigation against institutions than they do in arbitration. So my friends on the other side of the aisle always say that they believe in consumer choice and customer choice and that customers should be able to choose what is best for them and not be dictated to by this Congress, but mandatory arbitration clauses restrict choice for consumers. They prohibit consumers from choosing class action lawsuits over arbitration.

Mrs. CAROLYN B. MALONEY of New York. The CFPB's rule would restore this consumer choice, further empowering people, customers, empowering them to make their own decisions for themselves. This should be welcomed by any American. This should be welcomed. Mr. Speaker, I urge a ``no'' vote on this resolution.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, over this weekend, I heard nonstop from people--people from all walks of life--who are living each day in fear that this Congress is going to strip them of the healthcare insurance they so desperately need, causing them to lose access to affordable care. These good, decent, and hardworking people have told me again and again, in no uncertain terms, that they or someone whom they love dearly will suffer or die if our Republican colleagues carry out their catastrophically ill-conceived plan to repeal and replace or repeal and delay. They scoff at the oft-repeated Republican plan that they would merely be choosing not to have coverage, for they know the bitter truth. To strip these people of the very coverage that keeps them, their children, and their parents alive would be as immoral an act as was ever perpetrated under the guise of governance. When it comes to setting healthcare policy, this Congress, like every decent doctor since the days of Hippocrates, should be guided by that eternal principle: First, do no harm.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, those who support the GOP medical bill have forgotten one of the main and first principles of medical care: Do no harm. They said repeatedly that they would protect preexisting conditions. They said that they would protect accessible and affordable healthcare and premiums. But they must have been crossing their fingers when they said it because nothing is further from the truth. Under their latest bill, premiums will soar, particularly for the elderly. Women would have to, once again, worry about preexisting conditions, such as pregnancy. The defunding of Planned Parenthood would hurt many women, particularly low-income women. And the cuts to Medicare in the bill would be devastating to millions of women, seniors, children, and the disabled. In addition, the diminished subsidies could mean that more people than the 22 million in the last bill who were removed from healthcare under the bill will lose their healthcare. Vote ``no'' on this disastrous bill.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, once again, tomorrow, Senate Republicans will take another shot at passing the most widely hated and totally disastrous bill in modern American history-- their bill to repeal the Affordable Care Act. Once again, 22 million Americans will stand to lose their health insurance. Once again, Republicans will propose to send premiums and out-of-pocket costs soaring. Once again, Republicans would allow insurance companies to discriminate against the sick. Once again, they will try to pass a law that hurts children, veterans, seniors, and Americans with disabilities. They seem desperately determined to pass something instead of doing the right thing--which would be working on a bill that treats healthcare as a fundamental American right--and that is as wrong as wrong can be.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, I thank my colleague and friend for yielding, and I thank her for her extraordinary leadership. I would like to be associated with her comments describing this horrific crime. Human trafficking outpaces drugs and guns as the world's fastest growing and most prosperous criminal activity. But unlike guns and drugs, which can only be sold once, in trafficking, the human body is sold over and over and over again until it kills the person. I very strongly support the ending of this modern-day slavery through the Frederick Douglass Trafficking Victims Prevention and Protection Reauthorization Act. I have worked closely with Representative Smith since 1995, Representative Poe, Representative Wagner, and others, to combat this despicable crime. This legislation, first passed in 2000, revolutionized U.S. efforts against trafficking here and abroad. It included language I offered targeting traffic on the demand side, which is very important and key to punishing the real criminals here: pimps, johns, and traffickers who buy and sell their victims. This legislation makes improvements to programs and policies that combat trafficking here and around the world. It helps law enforcement in their efforts to prosecute, which is growing. It improves professional training to identify potential trafficking victims and provides services to enable survivors to rebuild their lives with dignity. Perpetrators of modern-day slavery are profiting to the tune of $150 billion a year. We need a coordinated, comprehensive approach to stop it. I urge all of my colleagues to vote ``yes.'' This bill saves lives. It is important. I am thrilled to be part of the effort to combat human trafficking in our world.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, some of my friends and colleagues on the other side of the aisle continue to claim that, under the Senate's healthcare plan, women will be protected from discrimination. They won't be charged more for their healthcare than men. However, the facts show that nothing could be further from the truth. The Senate bill actually targets women for the cruelest cuts of all. It does so by allowing States to do away with guaranteed access to essential health services, now available under the Affordable Care Act. They are services like maternity care, no-cost birth control, and mammogram screening. But the Senate plan would allow States to completely waive any guarantee of service. States could, once again, allow insurers to consider preexisting conditions, like pregnancy, in setting fees and allow them to charge more. Plus, $800 billion in Medicaid cuts and defunding Planned Parenthood disproportionately harms women. Mr. Speaker, no matter how many times they say otherwise, they are marching back to the bad old days for women.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, another Republican healthcare bill that the nonpartisan, bipartisan Congressional Budget Office tells us will rip away healthcare from 22 million Americans, raise premiums--especially on older Americans--and cut Medicaid by roughly $800 billion. The Senate Republican's plan is especially cruel for New York City. Not only will millions lose coverage, but sharp Medicaid cuts will cost hospitals over $5 billion, and fewer seniors will be able to afford nursing homes and home care providers. But the bill saves its worst for women. It cuts Federal funding for a year for Planned Parenthood clinics that provide essential healthcare to millions of American women. It allows States to easily waive guaranteed coverage for benefits like maternity. In short, women will have to pay more for essential healthcare because we are women, and women will have less access to healthcare because we are women. Mr. Speaker, I urge the Senate to reject this cruel and merciless bill.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, I rise to pay tribute to my dear friend and longtime staff member Edward Babor, as he steps down from his twenty-six year tenure as the president of the Taminent Regular Democratic Club. The Taminent Regular Democratic Club (the Taminent) was founded in 1933 in the Astoria neighborhood of Queens County. Today, the members of the Taminent work tirelessly to advocate for Astoria residents on issues affecting the community. I have attended countless events hosted by the Taminent and I am extraordinarily grateful to Ed Babor for his leadership as club president and the extraordinary number of hours he has volunteered to ensure the club continues to thrive in the 21st century. In fact the only thing that might be more apparent than Ed's dedication to the Taminent is the universal respect and admiration that the club's members show for Ed. While Ed Babor may be stepping down as president, I am confident that he will always be a proud member of the Taminent. For decades, Ed has offered his advice and mentorship to younger generations of Western Queens advocates including incoming Taminent president, Loren Amor. Ed Babor serves on a host of civic, political, cultural, and service organizations in the Astoria and Long Island City neighborhoods. Along with his work with the Taminent, Ed is on the board of the Powhatan and Pocahontas Regular Democratic Club, another Astoria political organization. He has been an active member of Queens Community Board Number 1 for over a decade, and is currently the Executive Secretary. Ed also serves on the boards of the Astoria Civic Association, which advocates for the needs of Astoria residents and runs the successful Judge Charles J. Vallone Scholarship Fund, and SHAREing and CAREing, a nonprofit dedicated to working with cancer patients and their families without regard to insurance status to provide education on prevention and wellness, links to cancer treatment and practical needs, and on- going cancer support. In his career, Ed Babor has demonstrated the same commitment to community and public service. Ed Babor worked for the New York Department of Motor Vehicles for over thirty years. Ed has been an invaluable addition to my staff for over eight years. He has an encyclopedic knowledge about the neighborhoods of Western Queens and the issues which they face. This institutional knowledge comes both from the fact that Ed is at every meeting that takes place in Western Queens and from his sincere interest in the neighborhoods' well-being, because Ed truly loves Queens. Ed lives in Astoria with his wife Patricia Babor, to whom he has been married for 39 years. Ed and Pat are active parishioners at Immaculate Conception Church in Astoria. Ed has been actively involved with Catholic War-Veterans Post No. 1, having served with the National Guard. Proud of his Czech heritage, Ed is involved with several cultural organizations including the Czech Catholic Union and the Bohemian Historical Society. Mr. Speaker, I ask my colleagues to join me in recognizing the many accomplishments of Edward Babor. His hard work, character, and love for his community and the people who live there, make him an outstanding leader and an incredible friend.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, I rise today in strong opposition to H.R. 10, the ``Wrong'' CHOICE Act. This bill would take us back to the regulatory stone age and would be a disaster for our entire financial system. It would actually increase risk in the financial system because, under this bill, any bank that meets an arbitrary new 10 percent leverage ratio would be exempted from all other capital and liquidity requirements. The problem with the leverage ratio is that it treats all assets equally risky. Under the leverage ratio, a subprime mortgage-backed security is considered just as risky as a U.S. Treasury bond. As a result, many banking regulators have pointed out that relying solely on the leverage ratio would give banks an incentive to get rid of their safest assets, like U.S. treasuries, and load up on riskier assets. Incentives matter, Mr. Speaker, and this bill gives banks a huge incentive to load up on risk. We know what risk is like. Eleven million people lost their homes, and many lost their jobs. Let's not remove the safety net that was put in place with the Dodd-Frank bill. I oppose the ``Wrong'' CHOICE Act. It is bad for America, bad for people, and the wrong direction. I urge a strong ``no'' vote.