Jim Marshall

Mr. MARSHALL

Mr. MARSHALL. If I could just wrap up, you know, I am no expert in this area, but I do know rural areas. And with the distances, the weights of vehicles, it seems to me that natural gas and natural gas distribution facilities and hybrid engines probably are what we are going to need in rural areas more than anything else, and that pure electric isn't going to work very well. But that's for the experts to figure out. What this amendment does is essentially direct the Secretary to make sure that the experts do focus on questions like that. Mr. Chairman, I yield back the balance of my time.

Mr. MARSHALL

Mr. MARSHALL. Madam Speaker, it is with great pleasure I rise today not only to honor Hobby Stripling for his continuing contributions to the State of Georgia and the United States of America, but also to congratulate him on the next chapter in his career as he joins the U.S. Department of Agriculture's Farm Service Agency as the State Executive Director for Georgia. As many of you know, Hobby most recently served as my District Director. There aren't many people in Georgia politics who don't recognize Hobby's name. His longstanding relationships with civic and political leaders throughout the state are nothing short of legendary. His wealth of knowledge has helped many Georgians improve their communities and his wise counsel has untangled many seemingly insoluble problems. Hobby reminds me of those old E F Hutton ads. When he speaks, I listen and almost always follow his advice. Georgia's farmers and rural communities will be well served by Hobby. My loss is their gain. Madam Speaker, prior to joining my staff in 2002, Hobby was District Director for Congressman Sanford Bishop and ran the campaign for former Ambassador, Mayor, Congressman and Civil Rights activist Andy Young in his 1990 bid to become Georgia's governor. Hobby also worked for many years as a local business owner, Mayor and Municipal Court Judge in Vienna, Georgia. He has served on and chaired numerous state boards including the Georgia Municipal Association, the Georgia Department of Labor Middle Flint Employment and Training Council, the State Bar of Georgia Disciplinary Board and the Board of Directors of Crisp/Dooly County Joint Development Authority. Madam Speaker, I am confident my colleagues will join me in recognizing the accomplishments of this great Georgian and great American and in congratulating him as he starts this next chapter of his career.

Mr. MARSHALL

Mr. MARSHALL. Mr. Speaker, I move to suspend the rules and pass the joint resolution (H.J. Res. 44) recognizing the service, sacrifice, honor, and professionalism of the Noncommissioned Officers of the United States Army.

Mr. MARSHALL. Mr. Speaker, let me first ask that all Members have 5 legislative days within which to revise and extend their remarks on the resolution under consideration.

Mr. MARSHALL. Mr. Speaker, earlier this year, the Chief and the Secretary of the Army declared this year to be the ``Year of the NCO'' within the United States Army. Chairman Skelton would be here today to handle this motion but for the fact that he is at Walter Reed Hospital visiting a constituent who has been injured in service to the country in Iraq or Afghanistan. Mr. Speaker, the NCO, the noncommissioned officer, is often described as the backbone of the Army. The NCO is also described as the eyes and ears of the commander. I was an NCO in Vietnam myself, a little bit young compared to the NCOs we have today, too wet behind the ears to really be a good NCO because a really good NCO is not just backbone and eyes and ears, a really good NCO is a teacher, a leader, almost a father or a mother to the young soldiers that work in the unit that that NCO is in charge of. NCOs not only train those soldiers, guide those soldiers, try and instill in those soldiers a real spirit of what it is like to be a soldier, what it is like to be a good human being, instilling values, courage, teaching, training, techniques, you name it, but in addition to that, good NCOs do the same thing for young officers, instilling in young officers the kind of experience and wisdom that young officers need to gain as they mature. NCOs are essentially foremen. They are superintendents. Without NCOs--and we have had them for over 230 years--this Army would not be what it is today. There is no question about that. They serve with honor. In today's Army, they sacrifice a great deal, both themselves and their families. There are many examples of courage under fire by NCOs. Over 100 Medal of Honor winners are NCOs in the United States from the United States Army. And I can't think of a more fitting tribute, in light of the fact that the Secretary and Chief have declared this to be the Year of the NCO, than that all of us vote in favor of this motion which honors our NCOs in the United States Army. With that, Mr. Speaker, I reserve the balance of my time.

Mr. MARSHALL. Madam Speaker, I appreciate the words of my friend from South Carolina (Mr. Wilson). As he noted, he was an officer, a commissioned officer, and who better than a commissioned officer to testify to the importance of noncommissioned officers to the proper functioning of the Army. Frankly, the Army could not function with commissioned officers alone. Noncommissioned officers are more than just the backbone of the Army. Madam Speaker, I would like to yield such time as he may consume to a fellow NCO from Vietnam, the gentleman from American Samoa (Mr. Faleomavaega).

Mr. MARSHALL. Madam Speaker, as I think about the significance of this resolution, I am reminded of Sergeant First Class Victor Anderson. Sergeant First Class Victor Anderson from Andersonville, Georgia, was a Sumter County Sheriff's deputy when called to duty as part of the 48th Brigade of the Georgia Army National Guard in Iraq. He was disqualified because of diabetes; nonetheless, he fought his disqualification because he knew he needed to be with his soldiers. He knew that if he was with his soldiers, they were more likely to be successful. They were more likely to be safe. About 1 week before he was killed by an IED, some of his men were killed by an IED right in front of him, and he sent an email back to his family; and in that email he essentially said this: I do not fight for some ideology. I fight for that man to my left and that man to my right. They are men of their word. When called, they did not run. They came and did their duty. I had to also. Don't worry about me. Victor Anderson represents the kind of quality that we have in our Armed Forces in sergeants, and I just bless every one of them and thank them for their service. Madam Speaker, at this point I have no further requests for time, and I continue to reserve the balance of my time.

Mr. MARSHALL. Madam Speaker, I yield back the balance of my time, urging all of my colleagues to vote in favor of this resolution.

Mr. MARSHALL

Mr. MARSHALL. Madam Speaker, I want to thank the chairman, the staff, and other Members for the work that has been done in order to provide this relief to the disabled veterans tax. I would like to encourage all Members and all veterans to call the failure or the inability of those who are entitled to concurrent receipt of retirement benefits and disability benefits to call this the disabled veterans tax, a term that was coined about 6 years ago. More and more veterans are using that term. And as we use at that term and get this thing labeled the way it should be, as a disabled veterans tax, I am convinced that over the years we will find the offsets that are needed in order to completely eliminate this unfair tax on disabled veterans. Again, Mr. Chairman, I thank you. Without your due diligence here and an awful lot of work by staff, we wouldn't be able to make the inroads that we have made this time around. An awful lot of credit goes to you.

Mr. MARSHALL

Mr. MARSHALL. Mr. Speaker, I voted in favor of this resolution because no company should pay large bonuses to employees after receiving taxpayer funds under the Troubled Assets Relief Program. I agreed to the stated ``sense of Congress'' that the President is appropriately exercising all powers available to him because I have no reason to conclude otherwise. But I acknowledge the possibility that the President may not be doing all he can to recover the AIG bonuses. No Representative can know everything an Administration is doing so it is therefore possible that more can be done. If more can be done, it should be done.

Mr. MARSHALL

Mr. MARSHALL. Mr. Chairman, there are a number of misconceptions about this bill because it only affects existing mortgages, not home loans in the future. It will have no impact on the cost of borrowing into the future. For all of those homeowners like me who haven't been part of this latest credit crisis, I see my property values declining dramatically, in part, because there are foreclosures and vacancies occurring all over the country. In essence, what this bill would do is force the parties--the lender and the borrower--without putting any taxpayer dollars in it, to deal with their circumstances without adding more properties vacant on the market, declining home prices that are affecting all Americans. It's good for lenders. It's good for homeowners. It does not pose a risk of an increased cost of credit.

Mr. MARSHALL. To the gentlemen from Georgia and Virginia, again, this only applies to existing debt. Even if the bill is extended, its terms only apply to existing debt now. You would have to change that for it to apply to future loans. The argument, if it's valid at all--and there is, frankly, scholarship to the contrary--but the argument that the price of a home mortgage has gone up just doesn't hold water.

Mr. MARSHALL. In reply to my friend from Virginia, in his observation that, in fact, there are going to be losses and those losses that might be incurred as a result of foreclosures for less than the amount of the loan, all the expenses that are involved in attempting a foreclosure, the expenses associated with maintaining vacant properties--which are huge, by the way--all of those losses could wind up causing credit to increase in the future. Obviously, I described those losses the way I did because, frankly, having a bankruptcy write down is similar to the other kinds of losses that are associated with a foreclosure setting, a setting in which there is a distressed property. And in most instances, the result for the creditor in a bankruptcy process is less expensive than in other processes available to creditors in circumstances like these. Bottom line, if we can limit these vacancies, we limit the falling home values, which helps the portfolios of most of the lenders that I know.

Mr. MARSHALL. Again, to my friend from Virginia, the bankruptcy process is set up so that the creditor receives, essentially in fair value, the treatment that the creditor otherwise would have received. And the reality is, in most instances--almost all instances--debtors who default on their mortgages have already got huge problems with other creditors and other debt, and lenders typically know that it's just throwing good money after bad to spend an awful lot of time on workouts. And that's why we've seen the programs that we've put in place thus far in an attempt to stem the foreclosures and the vacancies that are hurting all of us, those programs aren't working, and it's in large part because these debtors need relief from bankruptcy. Outside bankruptcy, for the most part it is just not going to work.

Mr. MARSHALL. Mr. Chairman, in response to the motion, I understand that the gentleman from Georgia is opposed to the bill. In effect, the gentleman's amendment, proposed amendment, would simply gut the bill. People would not take advantage of this relief. I am not somebody who is interested in taking taxpayer dollars and injecting the taxpayer dollars into a bad deal, either to help out the lender or help out the borrower. I am somebody who is interested, for the sake of our lenders, and all of our homeowners, in seeing the number of vacancies diminish, not increase, in finding some sort of bottom to home values. Now, this bill does that. It also, and I was largely the author of this, it also provides that there is a claw-back provision where equity is concerned. The borrower has incentives to take care of the property to improve the property because, gradually, the borrower acquires equity in the property. But initially the borrower does not have equity in the property following cramdown. What this bill provides is that if a borrower defaults hard on the heels of cramdown, 100 percent of the value, upside value, goes to the lender.

Mr. MARSHALL. One hundred percent of the upside goes to the lender, and then gradually the borrower, by performing appropriately, obtains equity in the property. It's a reasonable balance here. The balance could have been struck some other way. In effect, the lender continues to have an interest and the balance is appropriate--does not go so far as the gentleman's suggestion goes, because the gentleman's suggestion would essentially kill the bill and continue these vacancies that are hurting all of us.

Mr. MARSHALL

Mr. MARSHALL. Thank you, Mr. Chairman. As I sit here listening to this, I realize that those watching must be very confused. It's a very difficult subject. It's very difficult to figure out what the right thing to do is. As far is I can tell, it's quite clear what the right thing to do is, and that is pass this bill, with all its imperfections, to address an underlying problem with our credit markets, which will have damaging long-term effects on our real economy, on jobs, on savings, on the dreams of Americans. But what Americans need to understand is that we are going to get through this. With all the argument, the fussing, the fighting, we are going to get through this. This country is going to be a better country 5 years from now, 10 years from now, than it is today. It should be proud. It should keep its head up. It should be confident. All of those who are in the lending industry, the banking industry, should be confident in the future of America, and comfortable with the idea that we need to just get back on track quickly for the sake of all Americans so that we can be the strong country that America deserves to be in the future.

Mr. MARSHALL

Mr. MARSHALL. Thank you, Mr. Chairman. I want to begin by complimenting the negotiators on addressing an issue that's very important to small community banks generally, and that is authorizing the deduction of the Fannie Mae losses against ordinary income as soon as possible. That will help all community banks. Many of my banks, Mr. Chairman, are suffering from loans on their books from typically builders and developers who are now unable to complete their projects. And these banks feel strongly that they would be assisted greatly if there were an opportunity for them to borrow from the Fed window at 1, maybe 2 percent--but a very low interest rate--the funds to cover these loans on their books that currently they're illiquid.

Mr. MARSHALL. Yes.

Mr. MARSHALL. I thank the chairman for his interest in this particular issue. I agree with the chairman's analysis of the importance of these banks, and I look forward to working with the chairman to assist these banks.

Mr. MARSHALL

Mr. MARSHALL. I thank the chairman. And to the chairman and the ranking member, I've just got nothing but applause. This has been a very, very difficult issue to grapple with because it is so complicated. There is no question that America needs to do more as far as energy is concerned, and there are lots of different ways to go about doing that. And there are a lot of market fundamentals that are involved in explaining what our current price challenges are for commodities, agriculture, oil, and others. But there is also no question that part of the price impact is due to investment money that has flowed onto these markets through index funds, investment money that was really never intended to be on the futures market. The futures markets were set up to help airlines and ag producers and others in hedging commercial risk. And liquidity was added in the form of speculation in order to enhance the hedging of commercial risk. These markets were never intended as a place to simply come and park a commodity investment. One expert has described this as being an uncoordinated, unintended squeeze of the market. And we've got to do something about it. We have a bipartisan bill. There have been very few voices that have spoken in opposition to this bill. Some of those voices are saying we should drill more. I agree. Some of those voices are saying--the gentleman from California, for example, suggested that airlines are not in favor of this bill when, in fact, they are in favor of this bill. Those who use these markets know there's a problem. Consumers have no other explanation for why prices have risen so much. We have a bipartisan bill. It's a good bill. I commend the chairman. I commend the ranking member. There's more work to be done on the bill; we'll be able to do that work on the bill in conference with the Senate to improve the bill. So we're still listening to folks, but this bill is an excellent start at addressing a real problem. There is no reason in the world why it ought not be passed. And if passed, it will lower prices.

Mr. MARSHALL

Mr. MARSHALL. Mr. Speaker, I want to seek a point of clarification from the managers of this bill regarding the intent and effect of the requirements in title V with respect to the licensing of certain loan originators. I want to confirm that these provisions do not interfere with or limit the Office of Thrift Supervision's or Office of Comptroller of the Currency's authority, including their regulation and oversight of a depository institution's products and services marketing and distribution system, and that, of course, as the principal regulators of federally chartered thrift institutions and national banks, they have the authority to make an appropriate definition of the term ``employee'' of a depository institution within the meaning of title V.

Mr. MARSHALL. I yield to the gentleman from Massachusetts.

Mr. MARSHALL

Mr. MARSHALL. Madam Speaker, I rise today in honor of Senior Airman Jason Dorian Nathan on the first anniversary of his death due to hostile fire while stationed in Iraq. Senior Airman Nathan was a 2004 graduate of Central High School in Macon, Georgia. His strong sense of patriotism, honor, and commitment to excellence led him to proudly enlist in the United States Air Force. He planned to resume his studies at Fort Valley State College and University, where he pursued a degree in Criminal Justice prior to his enlistment in 2005. Madam Speaker, on June 1, 2008, the 48th Fighter Wing dedicated a Vehicle Entry Gate at RAF Lakenheath in honor of Senior Airman Nathan. The plaque which commemorated the event reads, ``This gate is memorialized in the name of Senior Airman Jason D. Nathan who was assigned to the 48th Security Squadron, 48th Fighter Wing, RAF Lakenheath, England. Senior Airman Nathan was mortally wounded by an improvised explosive device on 23 June 2007 while on a combat patrol in Tikrit, Iraq in support of Operation IRAQI FREEDOM. He gave his life providing courageous support to his squad while protecting the people of Iraq in their pursuit of freedom from oppression and terror. Senior Airman Nathan's heroic actions and unselfish dedication upheld the highest traditions of the Security Forces career field and the United States Air Force.'' Senior Airman Nathan was also honored at ceremonies in Iraq and in Afghanistan. Senior Airman Nathan's selfless service to his country, his willingness to pay the ultimate sacrifice so that all of us can enjoy the fruits of liberty, his desire to see the Iraqi people live in a free and democratic society, are all attributes of an outstanding young American to whom we all owe a great debt of gratitude and respect. Madam Speaker, I am confident my colleagues will join me in recognizing the heroism, patriotism and fidelity of Senior Airman Jason Dorian Nathan.

Mr. MARSHALL

Mr. MARSHALL. Mr. Speaker, on June 5, 2008, I missed the vote on Senate Concurrent Resolution 70. Had I been present, I would have voted ``nay.''