Patrick McHenry

Mr. McHENRY

Mr. McHENRY. No.

Mr. McHENRY. I believe the gentleman is well versed in the knowledge of what sarcasm means, and perhaps I was a bit sarcastic in my quoting the new direction. I look forward to action in the coming Congress on a bipartisan basis.

Mr. McHENRY. Mr. Speaker, I move to suspend the rules and concur in the Senate amendments to the bill (H.R. 5585) to improve the netting process for financial contracts, and for other purposes.

Mr. McHENRY. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks in this legislation and insert extraneous material thereon.

Mr. McHENRY. Mr. Speaker, I yield such time as he may consume to the chairman of the Capital Markets Subcommittee on Financial Services, the gentleman from Louisiana (Mr. Baker) who has been a wonderful friend and ally on the committee.

Mr. McHENRY. Mr. Speaker, I want to thank the gentleman from Louisiana for his kind words. And with that I would like to close by again thanking the Congresswoman from Florida for her work and assistance on this legislation. As I understand it, she was detained with an important meeting, an event today, from being here on the floor. But I want to thank her for working with me in a bipartisan way, and I am hopeful that this is a new direction for the coming Congress of bipartisanship. As I said in the beginning, I am not overly optimistic about the opportunities, but I think this may begin that new direction.

Mr. McHENRY

Mr. McHENRY. Madam Speaker, voters did not reject the core values of traditional conservatism: Lower taxes, smaller government, traditional family values, and strong national defense. They did not reject that when they went to the polls on November 7. In the words of George Will, ``Republicans were punished not for pursuing, but for forgetting conservatism.'' This election represents neither a defeat for conservatism nor a victory for liberalism. The American people are a conservative people. While the election results put a majority in power in both the House and Senate for the first time in 12 years, we see that 36 percent of the American electoral describes itself as ``conservative.'' That is double the number that consider themselves ``liberal.'' We are a conservative nation. A Rasmussen poll conducted after the election found that 61 percent of the American people think that higher taxes will hurt the economy. We are a conservative Nation, Madam Speaker. And I would tell you that what the voters said on Election Day is that they want conservative policies in place. Voters opted for the more conservative candidate and more conservative side of most issues. Nine States passed measures to restrict the government's ability to take land through eminent domain, taking private property for government use or public use. Voters in Colorado, Idaho, South Carolina, South Dakota, Tennessee, Virginia and Wisconsin passed constitutional amendments to define marriage as between one man and one woman. Now a majority of States have enacted those constitutional protections stopping liberal judges from redefining marriage. We are a conservative Nation, Madam Speaker, and similar amendments on marriage have passed across the country in previous elections and will continue to happen going forward. Previous Democratic wins in 1974 and 1986 swept into office new and very liberal freshman classes. If we look at the new Democrat freshman class of 2006, they are not liberals, Madam Speaker. What is striking is that this freshman class campaigned as conservatives. In fact, I know of one candidate who went out and advocated for certain principles. They might ring true to me as a Republican. He said he is pro-life, he is pro-gun. He is for traditional marriage, tax cuts, and for balancing the budget and a strong national defense. Sounds like a Republican to me, but he is a registered Democrat. Pro-life Democrats were elected in North Carolina, Indiana, Ohio and Pennsylvania, just to name a few. Pro-gun Democrats were elected in Florida, Indiana, Minnesota, North Carolina, Ohio, Pennsylvania, Texas and Vermont. Wow, those are conservative principles, and I will tell you that it is a call to conservatives, to Republicans, to be true to those conservative issues we ran on originally. After the Republicans' last electoral disaster, then-California Governor Ronald Reagan spoke before the Conservative Political Action Conference and said, ``Our people look for a cause to believe in. Is it a third party we need, or is it a new and revitalized second party, raising a banner of no pale pastels, but bold colors, which make it unmistakably clear where we stand on all of the issues troubling the people.'' Madam Speaker, Ronald Reagan said that in 1975. These bold colors underpin our conservative platform, and that is what we must return to as a governing majority in the next election. As Republicans, that is what we should stand for. Ronald Reagan went on to say, ``We have just heard a call to arms based on that platform, and a call to us to really be successful to communicating and reveal to the American people the difference between this platform and the platform of the opposing party, which is nothing but a revamp and a reissue and a running of a late, late show of the thing that we have been hearing from them for the last 40 years.'' He said that 30 years ago. So I would submit to you today the Democrat platform is just what it has been for the last 70 years, but the new freshman class advocated a platform similar to what the Republicans have been advocating for the last 50 years. Madam Speaker, I would tell you this election was a wake-up call for us to return to those bold colors and return to conservative values.

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, I thank the chairman of the Agriculture Committee for yielding me time to speak about an important industry in my district. And I want to thank my fellow Member of Congress from North Carolina, Virginia Foxx, for her leadership on this important agricultural issue for our districts, which border each other in the mountains of western North Carolina. We have got a wonderful industry in my district centered around Avery County, and this resolution today honors those men and women that work so very hard in the Christmas tree growing business. They provide a wonderful service and a wonderful product for Americans all around the country. And coming from a small county in western North Carolina, it is a wonderful privilege. Outside of western North Carolina this niche industry is often overlooked, but inside of our region it is never under appreciated. There are over 1,600 Christmas tree growers in North Carolina who produce over 19 percent of the real Christmas trees in the United States. Not those fake ones. The real ones. The evergreens. And the Fraser fir, which is grown in western North Carolina, is the most popular Christmas tree in North America and is shipped to every State in the U.S. as well as the Caribbean, Mexico, Canada, Bermuda, Japan, and other points around the globe, from little old counties in western North Carolina, and I do want to pay tribute to the Christmas tree growers and the contribution they make to our country and our States and my district, and it is with great pleasure that I also pay tribute to the small communities in the mountains that work so hard to produce products to send around the country and around the world. Mr. Speaker, I urge my colleagues' support of this great resolution that will help and honor our industries in western North Carolina

Mr. McHENRY

Mr. McHENRY. Madam Speaker, I move to suspend the rules and pass the bill (H.R. 6062) to enhance community development investments by financial institutions, and for other purposes.

Mr. McHENRY. Madam Speaker, I ask unanimous consent that all Members have 5 legislative days within which to revise and extend their remarks on this legislation and to insert extraneous material thereon.

Mr. McHENRY. Madam Speaker, I urge my colleagues to support this important piece of legislation, and I yield back the balance of my time.

Mr. McHENRY. Madam Speaker, I yield myself such time as I may consume. Madam Speaker, today the House will consider H.R. 6062, the Community Development Investment Enhancements Act of 2006. I first want to commend Chairman Oxley and Ranking Member Frank for their leadership on the Financial Services Committee for introducing this legislation. It is comprised of two major provisions from H.R. 3505, the Financial Services Regulatory Relief Act of 2005, which the House passed last March by a vote of 415-2. H.R. 3505 provides comprehensive regulatory relief to the financial services industry and its regulators. Those two sections were not included in the Senate-passed regulatory relief bill, S. 2856. H.R. 6062 increases the authority of banks and, for the first time, gives authority to thrifts to invest in projects that benefit low- and moderate-income communities throughout the Nation. Existing authority for banks has already resulted in banks making more than $16 billion worth of investments since the law was enacted in 1992. Those investments provide housing, community services, as well as jobs, and many of them help banks meet their obligations under the Community Reinvestment Act. The amount of investments that any one bank can make is limited to 5 percent of its capital and surplus, unless the Comptroller of the Currency determines that a higher amount will pose no significant risk to the deposit insurance fund and the bank is adequately capitalized. However, in no case may OCC permit a bank's aggregate investments to exceed 10 percent. Some banks are approaching the limit. This bill raises the ceiling to 15 percent for banks. Currently, Federal thrift institutions have no such authority, but H.R. 6062 grants thrifts, overseen by the Office of Thrift Supervision, the same authority as banks. Madam Speaker, I urge my colleagues to support passage of 6062. Madam Speaker, I retain the balance of my time.

Mr. McHENRY

Mr. McHENRY. Madam Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks on this legislation and to insert extraneous material thereon.

Mr. McHENRY. Madam Speaker, I move to suspend the rules and pass the bill (H.R. 6072) to amend the Federal Deposit Insurance Act to provide further regulatory relief for depository institutions and clarify certain provisions of law applicable to such institutions, and for other purposes.

Mr. McHENRY. Mr. Speaker, before I close, I want to thank the FTC and the work of the Financial Services Committee on these provisions within this legislation. I urge my colleagues to support this bill, H.R. 6072 Mr. Speaker, I yield back the balance of my time.

Mr. McHENRY. Madam Speaker, I yield myself such time as I may consume. Madam Speaker, H.R. 6072, the Financial Services Regulatory Relief Amendments Act of 2006, is similar to the previous legislation passed here in the House by a voice vote. I want to start by commending Chairman Oxley and Mr. Ross, a former member of the Financial Services Committee, for introducing this legislation. Like our previous legislation we considered a few moments ago here on the House floor, this is one of two provisions from H.R. 3505, the Financial Services Regulatory Relief Act of 2005, which passed this House last March by a 415-2 vote. This, too, makes minor changes to the underlying legislation that we passed previously, I should say. H.R. 6072 would make minor changes to section 43 of the Federal Deposit Insurance Act. In 1991, Congress directed the Federal Trade Commission to regulate private deposit insurance for credit unions. Federal law allows State-chartered credit unions to have private insurance, if the State legislature has sanctioned the use of private insurance. Eight States currently allow private insurance for credit unions, including the chairman of the Financial Services Committee, his home State of Ohio. For several years, the Appropriations Committee has barred the FTC from enforcing this law. That has changed now, and the FTC is moving forward with regulations. The agency has requested, however, that we make certain changes to the statute to make their enforcement more efficient. Credit unions support this as well because it would end years of uncertainty and lack of guidance from the Federal Government. I could go on in further description of the bill, but at this time I would be happy to hear from the ranking member of the Financial Services Committee. Mr. Speaker, I retain the balance of my time.

Mr. McHENRY

Mr. McHENRY. Madam Speaker, I am prepared to yield back. I have no further speakers on this side, but before I close, I simply want to commend my colleague from Florida. It has been a delight working with her and resolving some of the more technical issues in this piece of legislation that popped up late in the committee process, but she was very adept at handling those issues, and I want to thank her for her leadership.

Mr. McHENRY. Madam Speaker, I yield back the balance of my time.

Mr. McHENRY. Madam Speaker, I move to suspend the rules and pass the bill (H.R. 5585) to improve the netting process for financial contracts, and for other purposes, as amended.

Mr. McHENRY. Madam Speaker, I ask unanimous consent that all Members have 5 legislative days within which to revise and extend their remarks on this legislation and to insert extraneous material thereon.

Mr. McHENRY. Madam Speaker, I certainly appreciate the opportunity to speak about the Financial Netting Improvement Act of 2006, a piece of legislation that I, along with my colleague from Florida, Debbie Wasserman Schultz, have sponsored and have brought through the committee process to the floor here today. I first want to commend both the chairman of the Financial Services Committee, Mike Oxley, for his leadership on this important issue, as well as the ranking Democrat, Barney Frank of Massachusetts, for his leadership and support on this issue as well. It is certainly an interesting opportunity, Madam Speaker, for a freshman Member of the House to be on this floor and sponsoring a piece of legislation with a colleague from across the aisle who is also a freshman. And it is also personally interesting to me because, on the opening day of Congress, we were described as the Yin and the Yang of the 109th Congress. At that point, I thought it would be an interesting opportunity to sponsor legislation with what USA Today deemed my polar opposite. While we may be opposites on a number of issues, we do have similar values, and that is the value of good government. We do serve on the Financial Services Committee together as well. And she, as well as I, had the conversation earlier on that it would be exciting for us to sponsor legislation together. This is a wonderful opportunity. I want to thank her for her friendship and help. Having said those things about her, some of her liberal colleagues may find her suspect. But I would say that she has been a fantastic leader for the other party and a strong legislator here in the House as well as her previous experience in Florida. The Financial Netting Improvement Act of 2006 makes technical changes to the netting and financial contracts safe harbor provisions of the Federal Deposit Insurance Act, the Federal Credit Union Act, the Federal Deposit Insurance Corporation Improvement Act, and the Bankruptcy Code. Broadly speaking, these safe harbor provisions allow certain types of creditors to exercise their self-help rights to terminate defined financial market contracts like swap agreements and exercise their offset rights and choose on how to deal with the foreclosure on collateral free from the power of a receiver or bankruptcy trustee that would otherwise impair the exercise of those rights. Certainly after explaining the bill, it is a technical bill; and, broadly speaking, this is a necessarily technical correction that the other side of the aisle, as well as our side of the aisle, the President's Working Group on Financial Markets and all of the stakeholders have come to agreement on. I look very much forward to the House approving this measure tonight. Madam Speaker, I reserve the balance of my time.

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, the White House recently released a new report detailing our Nation's updated strategy for combating terrorism and winning the war against Islamic extremists. The report underscores the importance of our national security and our fight both in arms and ideas. This is a battle to preserve freedom and civilization from tyranny and barbarism, from Baghdad to Beirut to Tehran, Islamic extremists importing weapons from rogue regimes and exporting terrorism around the world. Mr. Speaker, while the Republicans are committed to spreading our message of hope and liberty in a region torn by violence and extremism, the left is advocating and continuing to advocate a policy of cut and run. The central difference between Republicans and Democrats is that we want to fight, and they want to wave the white flag. Mr. Speaker, the last time I checked, white flags aren't bulletproof.

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, I thank the chairman. As Manhattan's skyline fell down, Americans stood up. We took to our feet and raised the flag, pledging solidarity to our Nation and our fellow countrymen and our values. But foremost, we pledged solidarity with our fellow Americans. On that day we confirmed what we had long known: Being an American is more than simply a title; it is a duty. And the images of first responders risking their lives, their safety, rushing headlong into crumbling towers, affirm that courage, that honor, that privilege that we have to call ourselves Americans. The events of that day didn't begin, but certainly brought to the forefront the war we have with Islamic extremists, an enemy that despises the very idea of America. History shows that every American generation is tasked with defending the ideals of America. And, make no mistake about it, this challenge, this fight, is our generational challenge. These events, now woven into the fabric of America, the fabric of human history, will not be remembered for the destruction that occurred 5 years ago. It will not be remembered for the destruction that transpired on that sad day. It will be remembered for the compassion that followed and the unity which we have as Americans. And the world will know for generations to come that as Manhattan's skyline fell down, Americans stood up

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, this House in a joint session of Congress listened to the new Prime Minister of our ally, Iraq, earlier today. The Prime Minister outlined his plan for freedom and security for the Iraqi people and for a free, safe and secure Iraq. As an ally, we in the United States have an obligation to see this through. We have an obligation to ensure freedom and democracy. However imperfect it may be, as freedom and democracy always is, we have an obligation to see that through in Iraq, today, tomorrow and for years to come. Beyond that, Mr. Speaker, I think it is important to note that the United States, Israel and Iraq have the same mutual enemy, and those are Islamic extremists, in our country, in Israel, in Iraq and around the world, and we have to fight together for freedom today, freedom tomorrow, freedom forever.

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, Hezbollah, Iran and Syria's armed militia of Islamic extremists attacked Israel, giving Israel every right to unleash fury on these terrorists. Israel is not only fighting to protect themselves, but every other reasonable, freedom-loving person sharing this planet. A Hezbollah spokesman said they are fully ready to send trained and armed volunteers to every corner of the earth to jeopardize Israeli and American interests. The attacks of September 11, the bombings of London and Madrid, the terrorist roundup in Toronto and the present day insurgency in Iraq all forecast an unsettling but winnable trend, Mr. Speaker. We are in a war against Islamic extremists, and the battle lines do not start and stop in the Middle East. They extend to the far reaches of the globe, and will do so until democracy replaces theocracy, freedom replaces tyranny, and equality replaces injustice. Mr. Speaker, our Nation stands beside Israel as they protect their homeland and fight our common enemy, Islamic extremists.