Carolyn Maloney

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. I thank the gentleman for yielding and for his leadership. Mr. Speaker, I rise in support of H.R. 992. This bill passed overwhelmingly out of the Financial Services Committee earlier this year with broad bipartisan support with a vote of 53-6. The whole point of the Dodd-Frank reforms was to improve the safety and soundness of our financial system; and H.R. 992, the bill before us, will help us do just that. This bill does not expose the taxpayer to any additional risk. In fact, it includes a ban on taxpayer bailout of any swaps or any use of taxpayer money. Under H.R. 992, truly risky swaps will still be pushed out of commercial banks while at the same time bank regulators can see all of the bank's swaps activities. As well intended as section 716 is, it turns out it would actually hinder the oversight of regulators of the derivatives market. That is why Barney Frank, the former chairman of the Financial Services Committee and, of course, the Frank in Dodd-Frank, said during the debate in the last Congress of this same bill that is before us now, H.R. 922: It will not in any way, shape, or form reduce sensible regulation of derivatives; it will not increase any exposure to the financial system from derivatives. The economist of Moody's, Mark Zandi, also supports this bill and has said that section 716, as written, actually increases systemic risk and creates major inefficiency in the markets. Even Federal Reserve Chairman Ben Bernanke opposed section 716, as written, stating that the way it forces these activities out of insured depository institutions ``would weaken both the financial stability and strong regulation of derivative activities.'' So Ben Bernanke has said that our bill before us will protect safety and soundness. Barney Frank agrees. Mark Zandi of Moody's agrees. I agree. And I urge my colleagues to agree with us and support safety and soundness of our financial institutions by supporting H.R. 992. Minority Views 112th Congress The Wall Street Reform and Consumer Protection Act requires, for the first time, the regulation of over-the- counter derivatives, previously opaque transactions that helped bring our financial system to the brink of disaster. The vast majority of derivatives must now be centrally cleared and publicly reported, and be backed by margin and capital to ensure that swap dealers and major swap users can honor their commitments. In addition, the reform law also prohibits banks from placing bets with federally insured deposits through the ``Volcker Rule''. Both measures serve as important safeguards as we rebuild trust in our financial system. As amended, H.R. 1838 would repeal portions of Section 716 of the financial reform law, also known as the ``push-out provision.'' Section 716 prohibits banks from engaging in several types of derivatives. Questions have been raised about this provision by economists and regulators including FDIC's Sheila Bair, who are concerned that it might interfere with a bank's ability to use derivatives to diminish risk. Section 716 was not part of the original House-passed version of the financial reform law. During the Full Committee markup, Democrats worked with the Majority to amend H.R. 1838 to continue the prohibition of complex swaps employed by AIG with devastating effect. H.R. 1838, as amended, addresses the valid criticisms of Section 716 without weakening the financial reform law's important derivative safeguards or prohibitions on bank proprietary trading. Barney Frank, Wm. Lacy Clay, Gwen Moore, James A. Himes, Ruben Hinojosa, Andre Carson, Gary L. Ackerman, Al Green, Stephen F. Lynch, David Scott, Maxine Waters, Carolyn B. Maloney, Melvin L. Watt, Luis V. Gutierrez, Gary C. Peters, Ed Perlmutter, Michael E. Capuano, and Gregory W. Meeks.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, 1 year ago today, New York City and the entire eastern seaboard were ravaged by Superstorm Sandy. Entire communities were shattered, families were torn apart, and lives were lost. In New York City, the water level was so high it was covering cars. The Nation's largest and busiest mass transit system closed down for the first time in a century; 8\1/2\ million people lost their power and some still do not have it returned; and 125 Americans lost their lives. The gratitude I feel for all those who helped their friends and neighbors is hard to express. There were a great number of heroes and heroines, and we sorely needed them. On the Federal level, with the support of this body, FEMA has approved over $3.2 billion in funding for emergency work and over $1.4 billion in assistance to over 182,000 survivors. The Small Business Administration has approved $2.4 billion in low-interest loans. The National Flood Insurance Program has provided more than $7.9 billion to policyholders. I would like to thank all of my colleagues and all those who stepped up to help during these difficult times. New York and others are deeply grateful.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. I thank the ranking member for yielding and for all her hard work, and I thank the chairman. Mr. Speaker, I rise in opposition to H.R. 2374. The bill would require the Securities and Exchange Commission to conduct yet another cost-benefit analysis of a fiduciary duty rule, apparently in the attempt and hope of derailing a new fiduciary duty rule to protect consumers. The Securities and Exchange Commission has already completed a lengthy study on whether or not to propose a fiduciary duty rule for brokers. That study included an extensive cost-benefit analysis. So, my colleagues, outside of trying to derail a new consumer safeguard, what could possibly be the purpose of requiring the SEC to do yet another cost-benefit analysis on the exact same issue again? How about we just take the first one and make two copies? The rule also prohibits the Labor Department from even proposing a rule until 60 days after the SEC finalizes its final rule. And what is the harm, my colleagues, in allowing an agency--in this case, the Labor Department--to release the proposed rule for public discussion, for public input? Since when has Congress been afraid of a debate? If my colleagues believe that the proposed rule gets it wrong, then they have every opportunity to say so, as does the public, as do businesses, and that is exactly what the public comment period is for. That is what happened the last time the Labor Department proposed a fiduciary rule; there were questions raised. They have recalled it to reconsider it, and they are withdrawing that proposal and working on a new one. If the SEC has a better idea for a fiduciary duty rule, then let's debate that one and have that released, but preventing an agency from even putting out a regulatory proposal for public debate is flat-out dead wrong. This bill would delay and possibly derail important rulemaking at the Securities and Exchange Commission and the Labor Department to protect retirement security and investor protection rights. This is a transparent attempt to slow down the rulemaking process and possibly derail the whole rulemaking process for protections for consumers. For these reasons, I urge my colleagues to vote ``no.''

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, I rise today to introduce the Incorporation Transparency and Law Enforcement Assistance Act. The bill would require the states to obtain information about the true ownership of the corporation, when incorporation papers are filed with the state. As some have put it, this bill is a ``no-brainer.'' And it is fairly straightforward: it would require that the person creating the corporation state the ``beneficial owner'' of the corporation and provide sonic form of identification. Although this is as straightforward as it sounds, the implications for law enforcement are broad reaching. Criminal organizations are infamous for using shell corporations, both foreign and domestic to open bank accounts, launder money, perpetrate fraud, and finance terrorism. And it isn't difficult for them to do. Virtually no states require people applying to create corporations to provide the identity of the corporate owner. As a result, just about anyone can easily manipulate the system to fund criminal activity. Here is an example from an investigation in New York by the Manhattan District Attorney. The office announced investigations involving the movement of funds through banks in New York by entities controlled by the Iranian Military. In at least two cases, domestic shell companies were opened. in two different states to further secret Iranian interests. Through a New York shell company, individuals working on behalf of the government of Iran were able to move funds to secret accounts held in offshore jurisdictions. Shockingly, the offshore government was able to give the Manhattan DA more information about the ownership of the New York entity than the state of New York could. Although the DA does not contend that requiring a declaration of beneficial ownership would have stopped this activity, it would have at least been a piece of evidence to go on. And if the declaration of beneficial ownership had been required but falsified, it would have been an extra tool for law enforcement to shut down the entity and prosecute the perpetrators. The bill I am introducing today will provide the kind of transparency that law enforcement needs to investigate financial crimes. However, it is narrowly drafted so that it is not overly burdensome on either states or incorporating entities. In fact, most corporations would be exempt from the bill's requirements including companies that are already regulated by federal banking regulators and companies that are over 20 employees and $10 million in revenue. This bill is meant to capture beneficial ownership information from companies that are able to escape regulation and oversight through other federal entities. Senator Levin has already introduced a similar bill in the Senate, and President Obama was the lead sponsor when he was a U.S. Senator. The G-8 countries recently pledged to implement incorporation transparency as well. As Global Witness has stated, ``Setting a standard for collecting information about the true owner of a company would level the playing field between the states while preventing terrorists, drug traffickers and kleptocrats from hiding behind corporate secrecy.'' The bill is supported by both Global Witness and Global Financial Integrity, as well as numerous law enforcement associations, including the Federal Law Enforcement Officers Association, the Fraternal Order of Police, the National Association of Assistant United States Attorneys, the National Narcotic Officers' Associations Coalition, the United States Marshals Service Association, and the Association of Former ATF Agents. I urge my colleagues to support this important legislation.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, as the ranking member on the Joint Economic Committee, I would like to call your attention to this recent report. It is subtitled, ``Ten Ways the Shutdown is Hurting the Economy.'' Its findings are rather sobering. The report makes it clear that the shutdown acts as a serious drag on our economy. Economists have testified before the committee that 3 or 4 weeks of a shutdown would reduce the country's gross domestic product by 1.4 percentage points. We are now entering the third week. The shutdown harms not only Federal workers, but also the private sector. If it persists, it will reduce tourism revenue, cause contractors to lay off employees; the housing market will suffer, and public health services will feel its effects. The shutdown hurts everyone, from vulnerable mothers and children to ranchers, farmers, and agricultural exporters. We are close to ending this crisis, and as the JEC points out in this report, it could not end faster. It is hurting our economy.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, it is incomprehensible to reasonable men and women everywhere that our colleagues across the aisle are threatening to nuke the American economy by refusing to raise the debt ceiling unless their demands are met. This is irresponsible and reckless behavior. ``Nuke'' is the right word to use here. As Warren Buffett noted recently, even the threat of default should be likened to nuclear weapons too terrible to ever use. Allowing the U.S. to default on its obligations, whether it be an interest payment on a Treasury bond, a check due to a Social Security recipient, or money due to a Federal contractor so they can pay their workers, would have a cataclysmic effect on our economy and would be felt around the world. It would be a mistake that would impoverish a generation and haunt us for a decade, and there could be no second opportunity to get it right. Anyone who dismisses how great a disaster a default would be should not be taken seriously. They should not be listened to or given a seat at the table where responsible decisions are made. Let's open up the government now.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, I rise to pay tribute to Ruling Elder Ellsworth G. Stanton III, M.B.E., K.S.J., to commemorate the 25th anniversary of his election as the Clerk of Session of the Brick Presbyterian Church in the City of New York, which is located in the district I represent. The Brick Church, established in 1767, is a vibrant, thriving place of worship that currently serves over 1,700 members of its congregation and is known for welcoming parishioners of all backgrounds, who live not only in the neighborhood, but in the outer boroughs and suburbs of New York. Since its founding, the Church has stayed faithful to its vision of maintaining excellent worship, continuing its mission of outreach to the City, educating children, youth, and adults, and, above all, preserving its strong tradition of congregational fellowship. Ruling Elder Ellsworth G. Stanton III was born and educated in Evanston, Illinois. He graduated from Roosevelt University in Chicago and continued his graduate work at Northwestern University and at CUNY Baruch College. After completing his studies, he served in the United States Army Corps of Engineers in the Philippines as a Literacy Training Instructor. Ruling Elder Ellsworth G. Stanton III joined the Brick Church in 1960 when the Church was led by the Reverend Paul Austin Wolfe. During his early years of membership, Ruling Elder Ellsworth G. Stanton III served as President of the Church's Young Adults group and as founder, director, and performer of the Brick Church Drama Council when the Church's Watson Hall served as an active theater. In 1988, during the tenure of the Reverend Herbert Anderson, Ruling Elder Ellsworth G. Stanton III was elected by the Session to serve as Clerk. As Clerk of Session, he has faithfully kept the Session's records and those of the congregation. He was also named Beadle, a traditional office of Scottish origin charged with assisting ministers with the ceremonial aspects of worship, such as the acolytes, and the procession and recession. Ruling Elder Ellsworth G. Stanton III is also a faithful member of the Church's Chancel Choir, the Session's Committee on Worship and Music, the Senior Advisor to the Order of St. Paul, and the convener, advisor, and stout supporter of the Session's Archives and History Committee. In addition to his work for the Brick Church, Ruling Elder Ellsworth G. Stanton III has a long and distinguished record of service for other charitable causes. He has been a Trustee of the Union Theological Seminary of New York, and President of the Board of the New York Theological Seminary, as well as President of the Board of the Burden Center for the Aging. Ruling Elder Ellsworth G. Stanton III is currently the Executive Director Emeritus of the James N. Jarvie Commonweal Service, President Emeritus of the Federation of Protestant Welfare Organizations, and Knight of Justice of The Most Venerable Order of the Hospital of St. John of Jerusalem. Ruling Elder Ellsworth G. Stanton III's efforts have been recognized by Her Majesty, Queen Elizabeth II, who appointed him a member of the Most Excellent Order of the British Empire, and by the Federation of Protestant Welfare Organizations, which honored him with their distinguished Keystone and Maggie Kuhn Awards. Mr. Speaker, I ask my colleagues to join me in saluting Ruling Elder Ellsworth George Stanton III, who, as a member of the Brick Presbyterian Church for the past 53 years, and as Clerk of Session for the past 25, has served with extraordinary dedication to his congregation and the New York Community. I am honored to recognize his many years of service that have truly improved the lives of thousands of New Yorkers, and enhanced the spiritual life of his church and its parishioners.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, I rise to pay tribute to my good friend, the late Marie Lambert, who was elected as Surrogate Court Judge of New York County in 1977 and served until 1990 when she turned 70 years old. A passionate Surrogate, Lambert was an inspiration to me and to so many women who have chosen to pursue careers in public service. She ran for Surrogate at a time when few women held elected office and her success helped open doors for other women to follow. On Friday, October 4, 2013, a portrait honoring Marie M. Lambert, the first woman Surrogate of New York County, was dedicated in the Surrogate's Court in lower Manhattan where she served. Surrogate Lambert was an outspoken fighter throughout her life. Her family immigrated to Brooklyn from Italy when she was an infant and she did not speak English until she started school. I am told that when she was about to graduate from elementary school, she wanted to speak at the commencement ceremony, but was told that the rules of selection for graduation speakers were changed and she would not be permitted to speak. Disappointed by this decision, Ms. Lambert appealed personally to Mayor LaGuardia and the decision was overturned. In her speech, she addressed the consequences of unfairness. Spurred on by her early success in advocacy, she became a student leader in Brooklyn College and graduated at the top of her class at New York University Law School. Surrogate Lambert's distinguished career was marked by her signature audacity and passion for combating injustice. She was involved in a case early in her career in which she fought to permit the offloading and resettlement of Jewish survivors of German concentration camps. Surrogate Lambert spent the next 30 years of her career as a lawyer fighting for tenants and those injured due to the negligence of others. She felt justice was satisfied when the negligent driver, product producer or doctor took financial responsibility for his or her negligence. Recognized by her peers for her effective advocacy, Surrogate Lambert served as an officer and director of the New York State Trial Lawyers Association, eventually being elected as the President, making her the first woman to serve in that role and the first woman to head any statewide bar association. A single mother following the untimely death of her husband, Surrogate Lambert raised her son, Greg, to honor public service and to embrace community involvement. In 1977, Ms. Lambert was elected the Surrogate's Court of New York County, which hears estate matters, becoming one of two Surrogate Judges in the county. During her term as Surrogate, New York County became the epicenter of the AIDS crisis, a disease that for many years was not well understood and led to the deaths of numerous members of the LGBT community. Many cases came before Surrogate Lambert involving disputes between family members and significant others of the deceased, and she handled them with sensitivity and understanding. Surrogate Lambert also presided over many adoption cases. She firmly believed that, unlike marriages which can be dissolved, an adoption is forever. In all of her cases, she took very seriously her role as an arbiter of justice. Throughout her service, Surrogate Lambert met every challenge with a spirit of dauntless optimism and valor. Mr. Speaker, I ask my colleagues to join me in recognizing the outstanding contributions Marie Lambert made to the court system of New York on behalf of the most vulnerable among us and celebrating the unveiling of her portrait. An ardent voice for social and legal justice, Marie M. Lambert left a legacy of determination, fairness and indomitability.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, the economic disruption caused by the Republican-orchestrated shutdown continues to mount. The negative impact on the lives of the American people and the loss of jobs and opportunities continues to rise. As one example, in my home district of New York, the shutdown is hitting some small business owners really hard because it brought to an absolute halt any work of the Small Business Administration. On average, the Small Business Administration approves over 9 million loans in my district alone for small businesses each month, but because of this shutdown, zero. Zero are being approved--small business loans, real estate or equipment loans, and this has a terrible ripple effect on our economy. It was bad enough that the majority would not bring a single meaningful jobs bill, infrastructure or transportation bill to the floor for a vote to create jobs; but now, this reckless, long-planned action to bring the work of the government to a halt, it is actively killing jobs, killing opportunity, killing hope. Let's bring a clean budget up for a vote today and put people over politics.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, it is important to look at the impact of the shutdown and a looming government default on our financial markets. On the shutdown, if the SEC uses all of its rainy-day money, it will be forced to close some key market oversight functions. There would be little to no oversight of exchanges. And if there were more trading glitches like the one that closed NASDAQ last month, the SEC wouldn't be able to respond quickly and problems could quickly spiral out of control. This could irreparably damage confidence in the safety and integrity of U.S. financial markets, and I've always said that markets run more on confidence than on capital. On the debt ceiling, defaulting on Treasury bonds could be truly catastrophic. The assumption that Treasury bonds are risk free is the most fundamental assumption in the financial markets. It underpins the entire world's bond market. If Congress doesn't lift the debt ceiling and we default, Treasury bonds would, for the first time in our history, no longer be risk free. The value of bonds around the world would instantly fall, and billions of dollars of wealth would be destroyed in the blink of an eye. The dollar could even lose its status as the world's reserve currency. We need to end the shutdown and lift the debt ceiling today. Jobs, growth, and the financial security of our country depend on it.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, the path to ending this shutdown right now is clear: bring up the clean Senate-passed CR for a vote. That would end this manufactured, self-inflicted crisis immediately. These piecemeal attempts at deflection offered by my friends on the other side of the aisle are wretched governance. Compromise is built into our Constitution, and the Senate-passed CR is itself a compromise. It accepts the annual spending level of $986 billion, roughly $70 billion less than what the Senate endorsed in its budget plan earlier this year. Again, this manufactured crisis could end right now by voting on the clean Senate continuing resolution today. According to Moody's, a shutdown that lasts even 3 or 4 days will cost the economy approximately 0.2 percentage points of the annual GDP growth in the fourth quarter. And the consequences only get worse, as the shutdown continues, on our economy. This completely avoidable contraction is the opposite of policies we need to create jobs and strengthen and grow our economy. We need to pass a clean CR today.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, this is a sad day for our Congress. Our colleagues across the aisle have chosen to pursue a pointless path of petty politics that will shut down the government of the most powerful Nation on the Earth and damage the world's largest economy. It is the height of irony that the extremists who have taken control of the Republican agenda speak of listening to the will of the people. The will of the people? The will of the people was to vote for the Presidential candidate who promised to preserve the Affordable Care Act and to reject the Presidential candidate who promised to repeal it on day one. The will of the people was to cast a million more votes for Democratic candidates for the House than for the Republican candidates, And the will of the people is to keep this government open and to vote on a clean CR that does not have a lot of stuff added to it unrelated to preserving our government and having our government function. Shutting down the government will raise borrowing costs, slow the recovery, and cause financial instability. Let's get a clean CR and vote for a clean CR.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, compromise is a way of life in public policy. My way or no way is the mindset of a 5-year-old, not the leading legislative body of the Western World. This is a direct quote, Mr. Speaker, and I know it's accurate because it's from me over a decade ago. I was in Congress for the shutdowns of the Federal Government in 1995. They were as disastrous as they were unnecessary--a national disgrace. Today's funding debate is equally shameful. Holding government funding hostage, and potentially following up with an act of blackmail over the debt limit is irresponsible and indifferent to the needs of millions across our country, particularly the military. This debate is another manufactured crisis--a willful, needless, self-inflicted wound--that will have terrible effects on our economy, our fiscal outlook, and the American pocketbooks. The Congress of the United States should never, ever bow down before the rigid dictates of a handful of ideological extremists. We should do what is right for the people of our country and pass a clean budget now.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, I yield myself such time as I may consume. I thank my colleague from the Financial Services Committee, Mr. McHenry. This is one of many bills that we have worked together on in a bipartisan way. The Interstate Land Sales Full Disclosure Act, known as ILSA, was enacted in 1969 to protect consumers from being cheated in land deals. It was originally intended to protect out-of-State buyers who were sold land that was not what it was advertised to be and to provide a right of action to rescind the contract and walk away from the deal. However, due to ambiguities in the original law, courts have ruled over the years that ILSA applies to condominiums and that developers are required to file redundant paperwork and make disclosures that are completely nonsensical when applied to condo units. This has led to absurd results. For example, ILSA requires condo developers to file a report that discloses, among other things, information about the condo unit's topography, how much of the condo is covered by water, whether there is any soil erosion, and whether the condominium has any oil and gas rights. I, for one, don't know of any high-rise condo units that are covered by water. Requiring condo developers to file these types of nonsensical disclosures provides no consumer protection whatsoever and simply generates unnecessary paperwork. Unfortunately, during the economic downturn in 2008, some buyers used the recording requirements of ILSA to rescind otherwise valid contracts for economic reasons, an unintended consequence of the act and its intent. The law now needs a technical fix to distinguish condominium sales from other types of land sales and to recognize the unique conditions under which these units are sold in today's market. As the author of the Credit Cardholders' Bill of Rights, I am a strong supporter of consumer protections. I fully support the consumer protections that were enacted through ILSA, and this proposed legislation does nothing to affect those consumer protections; but I also believe that we need to make distinctions for condos in order to allow the condominium development industry to rebound from the recession. The bill would only exempt condos from ILSA's registration requirements. It will maintain the consumer protections which ensure that consumers still have the right to rescind contracts in cases of actual fraud. Developers would, of course, still be required to comply with State laws that require specific disclosures. As we recover in this still very fragile economy, we want to encourage, not discourage, buyers and sellers to enter into real estate deals responsibly. That is why this bill is important--to ensure development and the return of an important industry in our country, that of residential condominium sales. I urge my colleagues to support this bill, and I reserve the balance of my time.

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, I yield 5 minutes to my distinguished colleague from the great State of New York, Jerry Nadler.

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, I have no further requests for time, and I yield back the balance of my time. Support H.R. 2600, the Interstate Land Sales Disclosure Act Update of 2013 Dear Colleague: The Interstate Land Sales Disclosure Act was enacted in 1969 to protect out-of-state buyers who were sold raw, undeveloped land that was not what was advertised, and provides a right of action to rescind the contract and walk away from the deal. Senator Harrison Williams, who introduced the original bill, noted that the land sales that ILSA was intended to address were sales of ``swamps, deserts, high arid plateaus, mountains, remote valleys, and--in some cases--actual jungles or lava beds outside the continental United States.'' However, due to ambiguity in the statute, courts have ruled over the years that ISLA applies to condominiums, and developers are now required to mate redundant disclosures that make no sense whatsoever when applied to condo units. For example, ILSA requires developers to disclose whether there is any soil erosion in the condo, whether the condo unit is covered by water, and information about the condo unit's oil, gas, and mineral rights. During the economic downturn, some buyers have used ILSA to rescind otherwise valid contracts for economic reasons--an entirely unintended consequence of the law and its intent. The law now needs a technical fix to distinguish condominium sales from other types of land sales and to recognize the unique conditions under which these units are sold in today's market. H.R. 2600 explicitly exempts condominiums from ILSA's registration requirements, but maintains ILSA's consumer protections by ensuring that condominiums are still subject to the statute's anti-fraud provisions. In addition, developers would still be required to comply with all of the normal state- and local-level disclosure requirements that apply to condo sales. As we recover in this still fragile economy, we want to encourage, not discourage, buyers and sellers to enter into real estate deals responsibly. For these reasons, we hope that you will join us in voting for H.R. 2600 later today. Sincerely, Carolyn B. Maloney, Member of Congress. Jerrold Nadler, Member of Congress.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, I rise today in strong opposition to the majority's unconscionable cuts to programs that help feed our Nation's hungry. We are the wealthiest country in the world, yet nearly 15 percent of our population lives in poverty. In my home city of New York, over 50,000 people live in homeless shelters--and the number is growing. Our economy is making progress but there are still millions of people who are struggling. Yet this proposal would kick off at least 4 million Americans from the SNAP program and increase poverty in our country. Women and children in particular bear the brunt of these cuts. Forty- seven percent of SNAP recipients are children and nearly two-thirds of the benefits go to women. Earlier this week, I saw firsthand how many families in our communities struggle to put food on the table when I visited Hour Children Food Pantry in Long Island City, Queens. The staff and volunteers of this private food bank are heroes and heroines. But we cannot rely on these organizations to pick up the slack. They say participation is up 40 percent. Defeat this major cut to nutrition that Americans need.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, today we mark the 12th anniversary of 9/11, a day that changed America forever. We remember those who died. We lost close to 3,000 people on 9/11, but many thousands more lost their health and many are suffering from cancer. This body passed the 9/11 health and compensation bill to help them, and I thank my colleagues. Since that day, much has changed and much has been restored. Ten million people have visited Memorial Plaza that opened in 2011. The 9/ 11 museum opens next spring. The 104-story Freedom Tower opens next year. But there are still men and women who suffer--or will suffer--from the effects of that massive toxic stew that enveloped Lower Manhattan for months. So, on this special day, I would like to remind everyone that the final deadline to register for the benefits under the 9/11 Victims Compensation Fund is October 3. Please let everyone who is eligible know--registering will cost you nothing and may help you and your family tremendously.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, I would like to commend the Obama administration for its willingness to consider a new alternative proposal for dealing with Syria. The proposal is to hand over all--and I stress all--of Syria's chemical weapons under the oversight of the international community and to safely and verifiably destroy them. This could actually remove those weapons from the battlefield and peacefully prevent the further use of them against the people of Syria or her neighbors. This idea has gained support from U.N. Secretary General Ban Ki Moon, as well as Russia and France. Mr. Speaker, this proposal needs to be vigorously pursued. The Syrian regime's attack against its own people using poisonous gas is morally reprehensible. If this plan is successful, it could produce an outcome that everyone desires: preventing the Assad regime from using chemical weapons.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, today, I am proud to reintroduce the International Women's Freedom Act with my colleagues, Representatives Barbara Lee and Eleanor Holmes Norton. This bill is a comprehensive piece of legislation which will increase awareness of human rights violations against women, as well as provide a set of mechanisms for the U.S. to address the violations of women's human rights abroad. The bill is modeled after the International Religious Freedom Act of 1998 (IRFA). IRFA created the U.S. Commission on Religious Freedom which has been successful in identifying violations of religious freedom abroad and recommending actions to Congress, the Secretary of State, and the President. It has been clear for many years that expanding opportunities for women not only improves their position in society, but also has a positive impact on economic growth and burgeoning democracies. And yet around the world, many countries relegate women to second-class status, denying them the right to vote, restricting their travel, and limiting their access to education and health care. The International Women's Freedom Act would ensure we have the tools to empower women on a global level. The bill would establish a Commission on International Women's Rights and would expand the duties of the existing Office of International Women's issues in the State Department and rename it, the Office on International Women's Rights. Both the Commission and the Office on International Women's Rights would be granted the responsibilities of issuing a report on the status of women's rights abroad and advising the President and Secretary of State regarding matters affecting these issues. We need to work harder to ensure women's full participation in society. This legislation would move us closer to achieving this foreign policy imperative.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, it has been forty- one years since Congress passed the Equal Rights Amendment (also known as the Women's Equality Amendment). This historic amendment was intended to affirm in our United States Constitution fundamental equality based on sex in all areas of society. In 1972, Congress passed the ERA with a measure that it had to be ratified by the necessary number of states (38) within 7 years. Though this deadline was extended, it was only for 10 short years. With this narrow time limit, the ERA was unfortunately just three states shy of full ratification when the deadline passed in 1982. Other constitutional amendments were given much wider deadlines for ratification. One example is the 27th amendment, concerning Congressional pay raises, which was accepted after a 203 year ratification period. This Congress I intend to finally add the word ``women'' to the constitution. It is time for our nation to understand the necessity of equality for women based on the way it has been deprived of them. While we have made cracks in the glass ceiling many times before, we have yet to shatter it. I believe that this amendment provides that recognition to women without taking equality rights away from others. Over the past several decades, legislative efforts have increased women's rights--but these strides toward achieving equality are not irreversible. Without the ERA, women have often been denied the ability to seek justice when they have experienced discrimination. Though certain court decisions, such as the Supreme Court decision in the Virginia Military Institute case (Virginia v. United States), helped to clarify that gender cannot be used to keep women from achieving social, legal and economic gains, important decisions like this can also be overturned. In addition, laws can still perpetuate gender classifications that keep women from achieving their full potential. Passage of the ERA would provide a Constitutional affirmation of the Supreme Court decision. Our democracy rests on the principle of ``liberty and justice for all.'' We need the ERA to ensure that this concept applies equally to all. I am pleased to introduce this bill with ninety-three of my bipartisan colleagues, Representatives Cynthia Lummis, Rodney Frelinghuysen, Jerrold Nadler, Karen Bass, Joyce Beatty, Xavier Becerra, Sanford Bishop, Timothy Bishop, Earl Blumenauer, Corrine Brown, G.K. Butterfield, Lois Capps, Michael Capuano, Tony Cardenas, Kathy Castor, David Cicilline, Yvette Clarke, Wm. Lacy Clay, James Clyburn, Steve Cohen, James Cooper, James Costa, Joseph Courtney, Joseph Crowley, Elijah Cummings, Daniel Davis, Susan Davis, Peter DeFazio, Diana DeGette, Charlie Dent, John Dingell, Tammy Duckworth, Keith Ellison, Sam Farr, Chaka Fattah, William Foster, Marcia Fudge, Tusli Gabbard, John Garamendi, Alan Grayson, Al Green, Raul Grijalva, Michelle Lujan Grisham, Louis Gutierrez, Brian Higgins, James Himes, Ruben Hinojosa, Steve Israel, Sheila Jackson Lee, Hakeem Jeffries, Eddie Bernice Johnson, Henry ``Hank'' Johnson, Marcy Kaptur, William Keating, Joseph Kennedy, Daniel Kildee, Barbara Lee, Sander Levin, John Lewis, David Loesback, Zoe Lofgren, Stephen Lynch, Betty McCollum, James McDermott, James McGovern, Grace Meng, Gwen Moore, Grace Napolitano, William Pascrell, Edward Perlmutter, Chellie Pingree, Michael Quigley, Charles Rangel, Raul Ruiz, Timothy Ryan, Linda Sanchez, Scott Davis, Terri Sewell, Carol Shea-Potter, Brad Sherman, Louise Slaughter, Bennie Thompson, Dina Titus, Paul Tonko, Niki Tsongas, Christopher Van Hollen, Nydia Velazquez, Maxine Waters, Melvin Watt, Henry Waxman, Peter Welch, and Frederica Wilson. I urge my fellow Members of Congress to join in support.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, the American people have said loud and clear that what they want the most from Congress is jobs. And what is Congress giving them? Jabs--threats to bring the government to a halt; threats to let the United States Treasury default; threats to slash the funding for mass transit that brings people to their jobs. And the tentacles of sequestration will strangle growth even more. The Congressional Budget Office estimates that sequestration will cost us 900,000 fewer jobs next year. It's time to stop playing politics with our economy and do the people's work. We need to provide a strong workforce, a strong infrastructure, and manufacturing sectors. We need to provide a living wage to grow the middle class and strengthen America's standing as a leader in education and pioneering research. But still, our friends on the other side of the aisle are marching to the tune of their own drum when what they should be listening to is the cry of the American people for more jobs.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, today, I, along with Representatives Joseph Crowley, John Conyers, Sam Farr, Raul Grijalva, Henry ``Hank'' Johnson, Jim McDermott, Gwen Moore, James Moran, and Jackie Speier, am reintroducing the ``Fistula Prevention, Treatment, Hope and Dignity Restoration Act.'' This comprehensive legislation both prevents new obstetric fistulas and helps to treat existing ones, helping millions of women throughout the world. Pregnancy shouldn't leave a woman with a disability and ostracized from her community. Congress should ensure investments for the more than two million women worldwide that have obstetric fistula and we do what we can to prevent new cases. Obstetric fistula is a devastating condition that results from prolonged labor without medical attention. During delivery, the infant's head presses against the woman's pelvis for so long that it kills the tissues. This causes a hole between the woman's vagina and rectum develops, leaving her without control of her bladder and/or bowels for the rest of her life if she goes untreated. It often results in the death of the infant. They are almost always abandoned by their husbands and shunned by their families. According to the World Health Organization, about two million women suffer this condition worldwide. Fortunately, multilateral organizations such as UNFPA (the United Nations Population Fund) and bilateral organizations such as USAID are working with partners on a global campaign to prevent and treat fistula with the goal of making the condition rare in developing areas such as sub-Saharan Africa and South Asia. It is imperative that we in Congress support these efforts to eradicate the devastating condition which is why this bill authorizes the President to provide assistance to prevent and treat obstetric fistula. This legislation allows for a comprehensive, three pronged approach of prevention, treatment and reintegration which includes: increasing access to prenatal care, emergency obstetric care, postnatal care, and voluntary family planning; building local capacity and improving national health systems; addressing underlying social and economic inequities such as reducing the incidence of child marriage and increasing access to formal and informal education; and supporting reintegration and training programs to help women who have undergone treatment return to full and productive lives. These essential investments create a multiplier effect of benefits in the lives of women and their communities. The legislation also supports coordination among the community working to prevent and treat obstetric fistula through the International Obstetric Fistula Working Group. Support for monitoring, evaluation, and research to measure the effectiveness and efficiency of such programs throughout their planning and implementation phases will ensure the most efficient and effective use of US foreign assistance dollars. I urge my colleagues to support this important, meaningful legislation.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, today, I rise in honor of July 20, which is a special day of remembrance for the families and loved ones of all those who have suffered so greatly as a result of one of the biggest national tragedies in modern Greek history: the 1974 illegal invasion and occupation of the island of Cyprus by Turkish soldiers. It happened 39 years ago this week. The invasion forced nearly thousands of Greek Cypriots to leave their homes in the occupied area and become refugees in their own country. Their religious and cultural sites were damaged and destroyed, their religious freedoms restricted, and their rights disrespected. In violation of international law, the Turkish soldiers remain there still, occupying more than one-third of the island. They ignore all the U.N. resolutions pertaining to Cyprus--and there have been many passed. As the cochair and cofounder of the Congressional Hellenic Caucus, I have worked diligently with my colleagues in the Caucus out of our mutual concern for the continued division and occupation of Cyprus. We continue to work to raise awareness of the Cyprus problem and the role the U.S. can play to support the negotiations. The people of Cyprus deserve a unified and democratic country--and we are working towards that end.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, did you know that last Sunday marked the anniversary of the day in 1917 when 16 women demanded the right to vote in front of the White House? They were sentenced to 60 days in the workhouse for demanding universal suffrage for women. Did you know that tomorrow is the day when in 1892 Doris Fleischman Bernays was born? She was to become the first married woman to get a passport in her own name and to get her name on her daughter's birth certificate. Or did you know that the famous Ginger Rogers-Fred Astaire partnership ended in part because she was angry over gender pay standards? She grew tired of being paid half of what her male colleagues were paid in films in which she was starring. These are the sorts of things that one day visitors will learn about at the National Women's History Museum when it opens its doors--with a goal of educating, inspiring, and empowering women. After all, American history is her story too. That is why I have introduced with Marsha Blackburn H.R. 863, a bill to create such a museum. Join it and make your mother proud.