Ed Perlmutter

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, for purposes of debate only, I yield the customary 30 minutes to the gentleman from Texas (Mr. Sessions). General Leave

Mr. PERLMUTTER. I thank the gentleman. I reserve the balance of my time.

Mr. PERLMUTTER. Madam Speaker, by direction of the Committee on Rules, I call up House Resolution 379 and ask for its immediate consideration.

Mr. PERLMUTTER. I yield 1 minute to my friend from Tennessee (Mr. Cohen).

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to recognize and applaud Rikki Dickinson who has received the Arvada Wheat Ridge Service Ambassadors for Youth award. Rikki Dickinson is an 8th grader at St. Peter and Paul School and received this award because her determination and hard work have allowed her to overcome adversities. The dedication demonstrated by Rikki Dickinson is exemplary of the type of achievement that can be attained with hard work and perseverance. It is essential that students at all levels strive to make the most of their education and develop a work ethic that will guide them for the rest of their lives. I extend my deepest congratulations once again to Rikki Dickinson for winning the Arvada Wheat Ridge Service Ambassadors for Youth award. I have no doubt she will exhibit the same dedication she has shown in her academic career to her future accomplishments.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to recognize and applaud Rae Laniel who has received the Arvada Wheat Ridge Service Ambassadors for Youth award. Rae Laniel is a 7th grader at Drake Middle School and received this award because her determination and hard work have allowed her to overcome adversities. The dedication demonstrated by Rae Laniel is exemplary of the type of achievement that can be attained with hard work and perseverance. It is essential that students at all levels strive to make the most of their education and develop a work ethic that will guide them for the rest of their lives. I extend my deepest congratulations once again to Rae Laniel for winning the Arvada Wheat Ridge Service Ambassadors for Youth award. I have no doubt she will exhibit the same dedication she has shown in her academic career to her future accomplishments.

Mr. PERLMUTTER

Mr. PERLMUTTER. And I think that's the important point here. We want to explain to anybody who might be listening within this House. This is in an effort to be bipartisan. There was in 2005. There was when we took the control of the Congress in 2007 and 2008 and now 2009. Barney Frank seeks that in every single vote and every single bill as we go through this, and then so does the President of the United States, Barack Obama. But we're not going to sit on our hands and allow the country to just stall out. I mean, some of my friends on the other side, their mantra is ``Just say no. We like the status quo.'' We can't afford the status quo any longer. So we're going to stabilize the housing market and the financial markets, we're going to stimulate this economy, and we're going to place back into the system reasonable regulations so that America can really get back on track. And we see signs of that today. It's going to be a rocky time and a steep hill for us to climb, but we are turning the corner. I am just proud to be part of this Financial Services Committee with my friends here under the chairmanship of Barney Frank and under a presidency of Barack Obama. With that, I return the message to my friend from Massachusetts.

Mr. PERLMUTTER. Thank you, Mr. Capuano. And I appreciate the comments that you have made. I have a chart that shows exactly how much was done under the Republican Congress and the Republican administration in terms of reforming and revamping the GSEs, or, in other words, the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, and what was done to deal with subprime lending during the Bush administration, and at the same time when Congress was in the hands of the Republican Party. My friends earlier today from the other side of the aisle were blaming everything on Democrats when they were in charge. Now, it is nice to try to lay blame when there is a realistic argument for laying that blame, but they can't do that. It simply is a fact that nothing was done to try to deal with what was becoming a tremendous housing bubble; that there were excesses in the way that lending was taking place, that restraints didn't exist, that regulation was being eliminated or ignored. And as a consequence, we had a tremendous burst of a bubble. And it is under the Democratic Congress, under the chairmanship of Barney Frank, that there has been a real effort to try to rein this in. So instead of having zero, this Congress, one of the very first things it did under the Democrats and under Chairman Frank's leadership was to begin reforming Fannie Mae and Freddie Mac. It was one of the very first bills that the Congress in 2007, when I was elected, when Congressman Ellison was elected, it was one of the very first things that we did, knowing full well that there were excesses with Fannie Mae, Freddie Mac, and the subprime lending. We still didn't have much success with the Bush administration. Certainly, the Obama administration is going to deal with this directly. We are in the process of working on subprime loans and predatory lending. We did finally get some Fannie Mae and Freddie Mac legislation passed at the end of last year. And now we can start regulating these kinds of vehicles, this kind of lending in a serious fashion, not one that is going to bring the market to a halt, but one that respects the fact that you can get out of control, and that is precisely what happened. I know my friend from Massachusetts read the quote from Mr. Oxley, who was the Republican chairman who tried to do something but was stalled by the Bush administration. But I think it again bears reading. He says, this was last summer, when we actually passed the Fannie Mae and Freddie Mac legislation and all of a sudden there were a lot of Republicans saying the Democrats should have done something about Fannie Mae and Freddie Mac earlier before there were any kinds of financial problems. And he said something, he fumes about the criticism of his House colleagues--this is Republican former Chairman Mike Oxley, ``All the handwringing and bedwetting is going on without remembering how the House stepped up on this. What did we get from the White House? We got a one-finger salute.'' So when there was an attempt, even under the Republican Congress, to try to reform things, the White House refused to do that. So that kind of gives you this big zero, what actually happened. The subprime chart that Congressman Capuano showed a second ago was another sign of the excesses that were taking place under the Republican Congress and the Bush administration. And then you see what we get from all of that. My friends on the other side of the aisle were complaining about the deficit and the debt that is being incurred right now, but it is that debt that was created under the Bush administration. The Obama administration has inherited a $1.3 trillion deficit; that's where they start. That is where this administration starts. And it starts with a banking crisis, a $1.3 trillion deficit, loss of jobs, and a housing crisis. What we are doing is to provide some funding so that people can buy homes at an interest rate that is reasonable. We are trying to stop the foreclosures that are occurring. So we are trying to stabilize the housing market and we are trying to stabilize the financial market. Now, much of what we did to try and stop the crisis or the fall of the financial markets was done last fall, really under a bipartisan effort of the Democratic Congress and the Bush administration, but it was in free fall. So the Obama administration is trying to get the financial markets on the right path again. It appears that that is going on. And then we really, this Congress and that administration, also under the leadership of Barney Frank, we came up with a stimulus bill, which is going to spur more jobs, creation of jobs, as well as a new energy economy, revamping education, and dealing with health care costs. Now I would like to give my friend from Minnesota an opportunity to speak about this, and we will then have a conversation.

Mr. PERLMUTTER. It has. The underlying principle of the American Recovery and Reinvestment Act, the stimulus bill, is jobs, jobs and stabilizing the housing market, financial market. But what it does with the Neighborhood Stabilization Act is it starts to absorb foreclosed properties, takes those foreclosed properties, upgrades them, rehabilitates the properties, and makes them energy-efficient homes. So not only does it stabilize the housing market, it creates jobs by upgrading these homes to energy-efficient standards, and then helps us move to a new energy economy, which is one of the key points in the stimulus bill. So it really has so many facets to it, the stimulus bill does, to get us back on track after falling off a cliff, as you can see what happened under the Bush administration. I would yield back to my friend from Minnesota for any further comments; or I know my friend from Massachusetts is to be guiding all of us tonight, so wherever you would like to go.

Mr. PERLMUTTER. Would the gentleman yield?

Mr. PERLMUTTER. Would the gentleman yield for just one second?

Mr. PERLMUTTER. I just have to go back to the quotes from Mr. Oxley, the Republican chairman at the time, trying to deal with excesses within the mortgage market. This is from the Financial Times, dated September 9, 2008. He says, ``We missed a golden opportunity that would have avoided a lot of the problems we're facing now if we hadn't had such a firm ideological position at the White House and the Treasury and the Fed.'' With that, I'd yield back to my friend from Massachusetts.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to recognize and applaud Katerina Kublitskaya who has received the Arvada Wheat Ridge Service Ambassadors for Youth award. Katerina Kublitskaya is a senior at Arvada High School and received this award because her determination and hard work have allowed her to overcome adversities. The dedication demonstrated by Katerina Kublitskaya is exemplary of the type of achievement that can be attained with hard work and perseverance. It is essential that students at all levels strive to make the most of their education and develop a work ethic that will guide them for the rest of their lives. I extend my deepest congratulations once again to Katerina Kublitskaya for winning the Arvada Wheat Ridge Service Ambassadors for Youth award. I have no doubt she will exhibit the same dedication she has shown in her academic career to her future accomplishments.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to recognize and applaud Josh Lobato who has received the Arvada Wheat Ridge Service Ambassadors for Youth award. Josh Lobato is a 7th grader at Oberon Middle School and received this award because his determination and hard work have allowed him to overcome adversities. The dedication demonstrated by Josh Lobato is exemplary of the type of achievement that can be attained with hard work and perseverance. It is essential that students at all levels strive to make the most of their education and develop a work ethic that will guide them for the rest of their lives. I extend my deepest congratulations once again to Josh Lobato for winning the Arvada Wheat Ridge Service Ambassadors for Youth award. I have no doubt he will exhibit the same dedication he has shown in his academic career to his future accomplishments.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to recognize and applaud Jenifer Lunde who has received the Arvada Wheat Ridge Service Ambassadors for Youth award. Jenifer Lunde is a senior at Jefferson High School and received this award because her determination and hard work have allowed her to overcome adversities. The dedication demonstrated by Jenifer Lunde is exemplary of the type of achievement that can be attained with hard work and perseverance. It is essential that students at all levels strive to make the most of their education and develop a work ethic that will guide them for the rest of their lives. I extend my deepest congratulations once again to Jenifer Lunde for winning the Arvada Wheat Ridge Service Ambassadors for Youth award. I have no doubt she will exhibit the same dedication she has shown in her academic career to her future accomplishments.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to recognize and applaud Denise Loya who has received the Arvada Wheat Ridge Service Ambassadors for Youth award. Denise Loya is a senior at Jefferson High School and received this award because her determination and hard work have allowed her to overcome adversities. The dedication demonstrated by Denise Loya is exemplary of the type of achievement that can be attained with hard work and perseverance. It is essential that students at all levels strive to make the most of their education and develop a work ethic that will guide them for the rest of their lives. I extend my deepest congratulations once again to Denise Loya for winning the Arvada Wheat Ridge Service Ambassadors for Youth award. I have no doubt she will exhibit the same dedication she has shown in her academic career to her future accomplishments.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to recognize and applaud Bryce Lange who has received the Arvada Wheat Ridge Service Ambassadors for Youth award. Bryce Lange is a senior at Faith Christian Academy and received this award because his determination and hard work have allowed him to overcome adversities. The dedication demonstrated by Bryce Lange is exemplary of the type of achievement that can be attained with hard work and perseverance. It is essential that students at all levels strive to make the most of their education and develop a work ethic that will guide them for the rest of their lives. I extend my deepest congratulations once again to Bryce Lange for winning the Arvada Wheat Ridge Service Ambassadors for Youth award. I have no doubt he will exhibit the same dedication he has shown in his academic career to his future accomplishments.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to recognize and applaud Anna Lazio who has received the Arvada Wheat Ridge Service Ambassadors for Youth award. Anna Lazio is an 8th grader at Moore Middle School and received this award because her determination and hard work have allowed her to overcome adversities. The dedication demonstrated by Anna Lazio is exemplary of the type of achievement that can be attained with hard work and perseverance. It is essential that students at all levels strive to make the most of their education and develop a work ethic that will guide them for the rest of their lives. I extend my deepest congratulations once again to Anna Lazio for winning the Arvada Wheat Ridge Service Ambassadors for Youth award. I have no doubt she will exhibit the same dedication she has shown in her academic career to her future accomplishments.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to recognize and applaud Levi Lockling who has received the Arvada Wheat Ridge Service Ambassadors for Youth award. Levi Lockling is a 7th grader at Wheat Ridge Middle School and received this award because his determination and hard work have allowed him to overcome adversities. The dedication demonstrated by Levi Lockling is exemplary of the type of achievement that can be attained with hard work and perseverance. It is essential that students at all levels strive to make the most of their education and develop a work ethic that will guide them for the rest of their lives. I extend my deepest congratulations once again to Levi Lockling for winning the Arvada Wheat Ridge Service Ambassadors for Youth award. I have no doubt he will exhibit the same dedication he has shown in his academic career to his future accomplishments.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to recognize and applaud Alexandra Logan who has received the Arvada Wheat Ridge Service Ambassadors for Youth award. Alexandra Logan is a senior at Wheat Ridge High School and received this award because her determination and hard work have allowed her to overcome adversities. The dedication demonstrated by Alexandra Logan is exemplary of the type of achievement that can be attained with hard work and perseverance. It is essential that students at all levels strive to make the most of their education and develop a work ethic that will guide them for the rest of their lives. I extend my deepest congratulations once again to Alexandra Logan for winning the Arvada Wheat Ridge Service Ambassadors for Youth award. I have no doubt she will exhibit the same dedication she has shown in her academic career to her future accomplishments.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to recognize and applaud Alex Lesko who has received the Arvada Wheat Ridge Service Ambassadors for Youth award. Alex Lesko is an 8th grader at Drake Middle School and received this award because his determination and hard work have allowed him to overcome adversities. The dedication demonstrated by Alex Lesko is exemplary of the type of achievement that can be attained with hard work and perseverance. It is essential that students at all levels strive to make the most of their education and develop a work ethic that will guide them for the rest of their lives. I extend my deepest congratulations once again to Alex Lesko for winning the Arvada Wheat Ridge Service Ambassadors for Youth award. I have no doubt he will exhibit the same dedication he has shown in his academic career to his future accomplishments.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to recognize and applaud Adrianne Lozano who has received the Arvada Wheat Ridge Service Ambassadors for Youth award. Adrianne Lozano is a senior at Arvada High School and received this award because her determination and hard work have allowed her to overcome adversities. The dedication demonstrated by Adrianne Lozano is exemplary of the type of achievement that can be attained with hard work and perseverance. It is essential that students at all levels strive to make the most of their education and develop a work ethic that will guide them for the rest of their lives. I extend my deepest congratulations once again to Adrianne Lozano for winning the Arvada Wheat Ridge Service Ambassadors for Youth award. I have no doubt she will exhibit the same dedication she has shown in her academic career to her future accomplishments.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, for decades, Washington has ignored the energy crisis imperiling our economy, our national security, and our planet. Now President Obama is committed to a comprehensive energy plan that will generate millions of clean energy jobs, break our dependence on foreign oil, and reduce the threat of deadly pollution. With the depletion of the world's oil reserves and the growing disruption of our climate, the development of clean, renewable energy sources is the growth industry of the 21st century. President Obama says that our economic future demands we must lead the competition for clean energy. The President's energy policy will jump-start the creation of an American clean energy sector that will create millions of energy jobs. His policy will break us from our dependence upon foreign oil and begin making America energy independent, and it will stop the pollution that we have going into our atmosphere. It is time to take a new tack on energy.

Mr. PERLMUTTER

Mr. PERLMUTTER. Thank you, Mr. Speaker. I rise today to recognize and mourn the 10-year anniversary of the Columbine High School tragedy in Littleton, Colorado. On April 20, 1999, the people of Colorado and across our Nation learned about the senseless act of violence which took 13 lives that day. My friend Congressman Coffman represents Columbine High School. I represent an area where many of the families attended Columbine High School. One of my daughters played soccer against a girl who was killed at Columbine. Our neighbors had a nephew who was killed at Columbine. It was a tragedy that affected our community deeply and affected this country deeply; but from a terrible tragedy such as that, with unspeakable evil and violence, we've seen the growth of a community, the coming back together of a community, and we've learned from the families of the victims of this terrible violence. There is a memorial now built at Clement Park to honor the victims. It is near where I live, and it serves as a reminder of the loss but also of the growth we can develop from that point on. It was a terrible day in Colorado 10 years ago, but if you take a look at the people who have risen from those ashes, so to speak, we have five kids who attended Columbine that year who are now teachers at the high school. There is growth in this country. We deal with evil from time to time, but when we come back together, we are a stronger Nation for it. I know my community is stronger for the terrible tragedy that we suffered 10 years ago.

Mr. PERLMUTTER

Mr. PERLMUTTER. I yield myself such time as I may consume. I would urge an ``aye'' vote on this rule. So we will begin with that. The rule is designed and provides for seven amendments to a bill that limits executive compensation that is excessive, unreasonable, and not performance-based. If an executive of an institution that's been loaned money or in which it has had capital advanced by the United States of America, by the people of America, and pays $5 million, $10 million, $20 million for no reason, in an excessive manner, then that kind of bonus is restricted. The people's money as we've advanced it is to get the institutions back on track and not to pay executives exorbitant salaries. The people across the country expect that, number one. So I support the rule and I support the underlying bill. Now there are a lot of reasons we got into this position where the government and the people of this country have had to assist the financial system--not the least of which was something like the Gramm- Leach-Bliley, which dropped regulations; or an inattention by the Bush administration to regulations within the financial system. But we are where we are. President Bush and Secretary Paulson asked for a huge advance to the financial system to keep it upright. We did that. As a Democrat and as a Democratic Congress, advancing $700 billion to a Republican President and his Treasury Secretary to put the financial system back on track was not the first thing I wanted to do. But they made a good case. Their pleas were heard. And we did that. Now we've got to make sure that people within that system don't take advantage of the good graces of the American people. And that's the purpose of this bill. It provides for guidelines and regulations. There will be amendments, Mr. Speaker, that will potentially limit this to bigger banks--not to smaller community banks. I would agree with my friend from North Carolina that whether it's on this floor or out in public, hyperbole and rhetoric can impugn somebody's character. She's concerned about Mr. Grayson. I would say there are others on her side who call people un-American because of the way they vote here. I would just say to you, Mr. Speaker, and to the Members of this Chamber, that our words do really matter, and we do need to keep an eye on what we say. We really do have to watch ourselves and not get caught up in the heat of debate. This bill is appropriate at this time to manage the lending that this country has done. As companies pay back their TARP advances, they're no longer subject to this. The management payments and salaries are subject to the board of directors and their shareholders. But at this point in time, with those particular institutions, we are both lenders and shareholders, and we certainly have a say over the compensation of the management. I urge an ``aye'' vote on the rule and on the underlying bill. I yield back the balance of my time, and I move the previous question on the resolution. The previous question was ordered.