Erik Paulsen

Mr. PAULSEN

Mr. PAULSEN. I thank the gentleman for yielding. Mr. Speaker, I rise in support of this week's YouCut winner. Mr. Speaker, how long are the American people supposed to wait before this Congress will take action that will positively change the economic prosperity for our citizens? Our country cannot simply continue down its current path of fiscal recklessness. The most recent Congressional Oversight Panel report found that the Troubled Asset Relief Program, the TARP bailout program, has not been effective in meeting its statutory obligations. Last year, I offered legislation that would have repealed the Secretary of the Treasury's ability to extend the TARP bailout program. It would have saved taxpayers hundreds of billions of dollars at that time. I thought, as did many of my colleagues, that there was no reason to continue throwing good many after bad in a program that wasn't working. Unfortunately, and nonetheless, Congress failed to act and the administration extended the TARP program for another 10 months. As of this month, $80 billion in funds have yet to be dispersed. By voting against the previous question today and for this week's YouCut winner, tens of billions of dollars that are now going to programs that do not work, including more taxpayer money for AIG, can be stopped. People are absolutely tired of Washington's bailouts. Mr. Speaker, some will say that the TARP program will end in just a few days. But what you will not hear is that the Congressional Budget Office will certainly say and has said that they now estimate that the Federal Government will spend between $4 billion and $7 billion next year and the year after that and the year after that and the year after that. So, sadly, taxpayers will be stuck with that tab. So when will the bailout stop? We can and we must do better. Americans deserve better. I urge Members to end the TARP program once and for all.

Mr. PAULSEN

Mr. PAULSEN. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I also rise today in strong support of H.R. 6058, the Wounded Warrior and Military Survivor Housing Assistance Act, and I also want to thank my freshman colleague for offering his support of this measure and cosponsorship as well. A few weeks ago, I had the unfortunate honor of meeting the widow of a serviceman who had graduated from high school in my hometown of Eden Prairie and someone who had served in Afghanistan. And since she was in Washington, D.C. for her husband's burial at Arlington National Cemetery, she'd asked to come and meet with me so she could share some of the challenges that she was facing in the midst of her crisis. She had an exhaustive list of concerns, actually, that she was trying to juggle through in the midst of the ceremony taking place for her husband. At the top of her list, the top priority was essentially wondering how she was going to be able to pay her mortgage now that the family was no longer receiving any income, and the monthly burden of her mortgage was something she had never really had to think about during her husband's entire military career, which had gone on for a long time. While there are certainly many current provisions in law that try to help people remain in their homes when they come upon some difficult financial problems, I believe that these programs should take into account the special needs of survivors, of dependents, and those with service-connected injuries. That is why I introduced the legislation, the Wounded Warrior and Military Survivor Housing Act with Mr. Minnick. This legislation directs the Secretaries of HUD and the VA to make sure that their housing programs do indeed address the needs of survivors and dependents as well as those who have those service-related injuries. Mr. Speaker, these are families that have made great sacrifices. These are families that have basically allowed the rest of us to enjoy, and all Americans to enjoy, the freedoms that we have, more freedoms that are unprecedented ever in human history. The least we can do, I think, is recognize those special needs and make sure that we are giving them tools to help them adjust to the changes now that have taken place in their lives. Mr. Speaker, I would appreciate support for the legislation. Mr. Speaker, I yield such time as he may consume to the ranking member of the committee, the gentleman from Alabama (Mr. Bachus).

Mr. PAULSEN. Mr. Speaker, in closing, I just simply want to thank both the staff of the Financial Services Committee as well as the House Veterans Affairs Committee for all their work in this legislation and putting this together. I hope we can pass this bill to help all the families of our service men and women. I yield back the balance of my time.

Mr. PAULSEN

Mr. PAULSEN. I yield myself such time as I may consume. Mr. Speaker, I also want to rise in support of my colleague Mr. Miller's bill to amend the Small Business Jobs Act of 2010, but I'd also like to point out the irony is that we are here on the floor the day after, of course; the President signed the bill just 1 day ago. You know, this bill would allow construction, land development, and other land loans to be included in the program, which is important, and I commend Mr. Miller's efforts to make sure that all small businesses will be eligible under this program. I appreciate also what my colleagues are also trying to do, but I do believe that if we're really going to be focused on helping the small business community, we need to bring some certainty to the market and to the economy for them. Right now many small businesses are struggling with the uncertainty, not knowing what regulations this Congress is going to come up with next on health care or on cap-and-trade legislation; and most importantly now, rather than additional bailout programs, I do think we need to be talking more down the road, hopefully tomorrow, about extending the tax cuts rather than having tax increases that will take place on January 1. So that hostile business environment also is going to hurt the small business community, but I commend the gentleman for his work on this legislation. I yield back the balance of my time.

Mr. PAULSEN

Mr. PAULSEN. Madam Speaker, I rise tonight to take a moment to recognize September as Peripheral Arterial Disease (PAD) Awareness Month. PAD is a very dangerous and increasingly common illness that affects approximately 9 million Americans every year. Yet a recent study showed that only 25 percent of people are even aware of its existence. That's why I have introduced House Resolution 1438, which aims to promote increased awareness and diagnosis of peripheral arterial disease to address the high mortality rate of this treatable disease. PAD occurs when arteries in the legs become restricted or clogged with fatty deposits, reducing blood flow to the legs. This can result in muscle pain, disability, amputation, and even death. In addition, it is often an early warning sign that other arteries, including those in the heart and brain, may also be blocked, increasing the risk of a heart attack or stroke. Madam Speaker and fellow Members, we must take the proper steps to curb this increasingly dangerous and deadly disease.

Mr. PAULSEN

Mr. PAULSEN. Mr. Speaker, I rise to congratulate Greenwood Elementary School in Plymouth, Minnesota, for being designated as a 2010 National Blue Ribbon School. Greenwood earned this great distinction under the direction of now retired principal Ginny Clark, and is now being led by Brad Gustafson. The Blue Ribbon Schools Program acknowledges public and private elementary, middle and high schools whose students have excelled or have made great progress academically. This program is highly effective in promoting and identifying strong leadership and teaching practices. Though, it is truly the dedicated students, teachers, faculty, and parents who make Greenwood the great learning community that it is, and I am proud to represent such wonderful people here in Congress. We must continue to support such programs like this and recognize our great schools. Congratulations, Greenwood Elementary. You truly are a Blue Ribbon School.

Mr. PAULSEN

Mr. PAULSEN. Madam Speaker, I rise today to applaud President Obama for recently making an important commitment to completing a free trade agreement with South Korea. Korea is the United States' seventh-largest trading partner in terms of two-way trade and the sixth-largest market for U.S. agricultural goods. A free trade agreement with Korea will grow business and create jobs here in the United States. And, Madam Speaker, the time for action is now. The European Union has recently completed a trade agreement with South Korea, and Canada is working on one as well, while the United States has continued to sit on the sidelines. We cannot continue to let America fall behind by withholding approval for crucial trade agreements while other countries move quickly to finish their trade deals. Exports mean jobs. A trade agreement with Korea is the right policy to boost our economy and boost exports. I stand ready to work with my colleagues and the President to pass a free trade agreement with Korea.

Mr. PAULSEN

Mr. PAULSEN. Madam Speaker, I rise today to congratulate the Eden Prairie, Minnesota-based CIGNA company for winning the 2010 ``Wellness by Design Award'' from Hennepin County for the third consecutive year. CIGNA, a national health service company, earned the Platinum award-- the highest level of award possible. Cigna, which employs nearly 1,200 hundred people, provides health coaching programs for tobacco cessation, weight loss and stress, and a nationally-recognized employee assistance program. Hennepin County--which comprises most of the Third Congressional District--honors business and schools with Wellness by Design awards for fostering safe and healthy work and learning environments. CIGNA's selection as a Wellness by Design award winner is a tremendous example of a company that has taken the initiative in providing employees and customers alike with a safe and healthful place to work because it results in better outcomes for everyone involved. I congratulate CIGNA on winning this award and look forward to honoring them again in 2011.

Mr. PAULSEN

Mr. PAULSEN. Mr. Speaker, I rise to honor Eden Prairie, Minnesota-- the best place to live in America. Yesterday, my hometown of Eden Prairie was named by Money Magazine as their 2010 Best Place to Live in America. Of course, the people of Eden Prairie have known this for some time. But being true Minnesotans, we're very modest about our achievements. In fact, you usually won't hear anyone from Eden Prairie brag about our nationally recognized companies that we're home to, our beautiful lakes and rivers, or the miles of hiking and biking trails that run through town. You also won't hear anyone from Eden Prairie that brags about our award-winning schools, the civic-mindedness of our business community, or the friendliness of our citizens. In Eden Prairie, our preference is to leave that type of grandstanding to others like Matt Lauer and ``The Today Show'' and nationally circulated magazines with millions of subscribers. Eden Prairie has been my family's home for close to 20 years. It's the place that I represented in the Minnesota State legislature, and now in Congress--and I can't think of a more deserving honor than being named The Best Place to Live in America.

Mr. PAULSEN

Mr. PAULSEN. Mr. Speaker, I rise today to commend the work being done by the Children of the American Revolution, Lake Minnetonka. They're hosting a pancake breakfast to raise money for their grant programs to teach kids about the real meaning of the Fourth of July. Their mission is to train good citizens, develop leaders, and to promote a love of the United States of America and its heritage. The Lake Minnetonka chapter recently gave a grant to Our Military Kids, a nonprofit that provides tuition assistance for art, sports, and music camps to children of parents that are deployed overseas or recovering from serious injury. They're also presenting the first donation for a memorial that's planned for the Minnesota State capitol grounds that pays tribute to all family members of all men and women, past and present, who have served our country in uniform. Again, Mr. Speaker, I want to commend the children of the American Revolution, and I encourage all of us to remember those who serve this great Nation as we approach the Fourth of July.

Mr. PAULSEN

Mr. PAULSEN. Madam Speaker, I rise to remember an inspiring and patriotic America, Master Sergeant Edward William Clough, of Maple Grove, Minnesota. Edward embodies the love for this Nation that has been critical to American success throughout our history and will serve as an example of dedication and service for generations to come. Ed was born in the Bronx, raised in the Hell's Kitchen neighborhood of Manhattan, and enlisted in the Army the moment he became eligible for service back in 1949. He served in Korea, where he was injured in battle, and received a Purple Heart; and despite being offered the opportunity to return home, he persevered and overcame painful reconstructive surgeries on both of his feet so that he could continue to serve in the United States Army. Just as our Nation has overcome many painful challenges, Ed overcame his injuries and continued to serve with profound distinction and success. He eventually joined the Special Forces and in 1961 became one of the very first 100 Green Berets. He used his success and his knowledge of the Special Forces to great effect as an instructor for many years; and although he was seen as a natural leader, Ed was careful to remain humble while being awarded numerous medals, badges, and commendations. Following his distinguished service, he devoted himself to his wife, children, and extended family. He loved having the freedom to fish with his grandchildren and skydive recreationally periodically, but these were not the only freedoms that stirred Ed's passion. Too often these days, Congress is overly partisan and forgets our need to focus on issues of importance and getting things done and on service. And now, more than ever, when we are facing as a country great significant issues of national importance, we should absolutely remember the leadership of people Ed Clough and his devotion, when he proudly stated, ``I may not agree with every American's opinion, but I spent my life protecting the freedom they have to express it.'' And now, Madam Speaker, as we approach the Fourth of July holiday and we consider our independence as a Nation and a country, we must pay tribute to citizens like Ed, who have devoted their lives to protecting our sovereignty. We are a Nation of free citizens who may speak honestly and display our beliefs proudly. But without the men and women who bravely serve in our military--men and women like Master Sergeant Clough--none of our cherished freedoms would exist today. Master Sergeant Clough, I honor you and I thank you for your service. I also thank the family that supported you and loved you throughout your distinguished career. My hope is that today and each day in the future we will be conscious of the dedication and service of the men and women in our Armed Forces. We must always acknowledge the importance of remaining resilient and brave in the face of great challenges, just as Master Sergeant Clough did throughout his entire life.

Mr. PAULSEN

Mr. PAULSEN. Mr. Speaker, I also rise today in opposition to the rule, and here is why. I offered three amendments before the Rules Committee and cosponsored a fourth. Sadly, none of them were made in order for today's bill. My top concern and the concern of my constituents continues to be jobs. I believe everything Congress does should be looked at through the prism of is it helping or hurting job growth, and is it going to put Americans back to work. Unfortunately, Washington has not pursued a pro-jobs agenda over the last few years. In fact, since the stimulus was signed, we have lost about 3 million jobs, and we continue to spend and grow our Nation's debt to a larger and larger percentage of our GDP. Mr. Speaker, small businesses have created about two of every three net new jobs in the United States since the early 1970s. Small businesses are also responsible for roughly half of the privately generated GDP in the United States. This is where our jobs are going to come from in the future. This is where our recovery is going to come from in the future. But what has Congress done in terms of focusing on small business? Unfortunately, not much. That is why I offered a specific amendment in the nature of a substitute which would have allowed subchapter-S and LLCs to defer their income tax on any money that is reinvested in their company or their business. Instead, they would have to pay the tax only once on the money that is withdrawn from the company. If small businesses receive tax relief and they could reinvest that money in their company to hire workers, that would be a true economic stimulus to put people back to work. More than two-thirds of all small business income is taxed at the top two individual tax rates, and now the majority party is going to let those rates rise at the end of this year, forcing small businesses to shoulder an even higher tax burden. So this amendment would have provided real incentives for small businesses to grow without creating another bailout-style fund of borrowing and spending even more government money. I also offered an amendment that would have stricken the section of the legislation that would treat S-corporations differently. Why should a small business or a small business corporation be targeted for higher interest rates? A study that was sponsored by the SBA demonstrated that they already shoulder the highest effective tax burden of any business structure. If anything, they should be offered lower rates. Finally, I cosponsored an amendment with the gentlewoman from Illinois (Mrs. Biggert), and it was also not made in order, and that amendment would have prevented any provisions of this legislation, the underlying bill, from taking effect until certain tax provisions that benefit small businesses are extended until 2012. Mr. Speaker, the number one issue I really hear about is jobs, it is small business help, and how can we help them, and the uncertainty small businesses face right now coming from Congress. The Biggert amendment is a much better approach because it would have addressed that level of uncertainty, focusing time and attention on the needs and concerns of small businesses, and making sure that they know with certainty what they can do in terms of providing, where they are going to deploy their capital. Mr. Speaker, these are the amendments that I think would have provided more direction to Congress to focus on true small business growth. It would be a targeted approach. It would have been smart. It would have been strategic. I urge a ``no'' vote on the rule because these amendments were not included as an option.

Mr. PAULSEN

Mr. PAULSEN. Well, Mr. Speaker, one of the most fundamental responsibilities of Congress is that of crafting and passing a Federal budget. This is not a responsibility that should be taken lightly, nor should it be cast aside when the job seems to be too difficult. Unfortunately, that is exactly what is happening right now with the House majority's failing to pass a budget for the first time since modern budget rules were established in 1974. While there is no question that the budgetary challenges we face today as a country are very dire, the most dire we have seen in decades, this does not mean Congress should shirk its responsibilities in crafting a responsible budget. If anything, this year's budget should be viewed as an opportunity to bring long-term, overdue fiscal reform and discipline to Washington. Mr. Speaker, it is absolutely time to address the reckless Washington spending, the trillion dollar deficits, the national debt that is over $12 trillion now, for the sake of our children and our grandchildren.

Mr. PAULSEN

Mr. PAULSEN. Mr. Speaker, I'm pleased to recognize National Small Business Week. This week, we recognize the millions of entrepreneurs across America for their innovation, their spirit and the enormous contributions that they make to America's economy. Small business is the engine of job growth in our country. It always has been. More than half of all Americans either own or work for a small business, and two of every three net new jobs are created from this sector. Given our current economic situation, it goes without saying that Congress should be focusing all of its efforts to spur job creation on small businesses first and foremost. I have toured dozens of small businesses over the past few months in my district, and I have witnessed the many remarkable things they are accomplishing. Despite the challenges they face, they continue to embody the entrepreneurial spirit and the innovation that has made America great. So this week, let's not only recognize small businesses for their contributions, but let's work hard to redouble our efforts and refocus our efforts to actually create an environment where they're able to continue to create more jobs and grow.

Mr. PAULSEN

Mr. PAULSEN. Mr. Speaker, I'm pleased to recognize National Small Business Week. This week, we recognize the millions of entrepreneurs across America for their innovation, their spirit and the enormous contributions that they make to America's economy. Small business is the engine of job growth in our country. It always has been. More than half of all Americans either own or work for a small business, and two of every three net new jobs are created from this sector. Given our current economic situation, it goes without saying that Congress should be focusing all of its efforts to spur job creation on small businesses first and foremost. I have toured dozens of small businesses over the past few months in my district, and I have witnessed the many remarkable things they are accomplishing. Despite the challenges they face, they continue to embody the entrepreneurial spirit and the innovation that has made America great. So this week, let's not only recognize small businesses for their contributions, but let's work hard to redouble our efforts and refocus our efforts to actually create an environment where they're able to continue to create more jobs and grow.

Mr. PAULSEN

Mr. PAULSEN. Madam Speaker, I also rise today as a strong supporter of H.R. 2546, the Blue Star/Gold Star Flag Act. This is a straightforward bill that will ensure that those who want to honor the men and women of our Armed Forces can absolutely do so. Specifically, this bill protects the rights of an individual to display the Service flag on residential property without limitation. Service flags are official banners authorized by the United States Department of Defense for display by families of military members serving our country during periods of war. The blue star, as was mentioned earlier, represents that a family member is currently serving, and the gold star signifies that a family member has given their life in service to our Nation. Both of these flags are a constant reminder of the honor, of the duty, of the service and the sacrifice our members embody that provide that service each and every day. There should be no question, no question at all that America's military families can display a Service flag in front of their place of residence if they choose to do so. Unfortunately, current law does not allow that to take place. It doesn't guarantee that right to display that Service flag in certain housing condominium associations or in real estate management associations. So this bill merely addresses a commonsense problem in allowing the military families to proudly honor their loved ones. I just want to thank the gentleman from Ohio (Mr. Boccieri) for his leadership on this issue, his service himself. This is important legislation. It goes right to the heart of the servicemember families and what they believe in, and I urge support.

Mr. PAULSEN

Mr. PAULSEN. Mr. Speaker, the medical device industry is a Minnesotan and American success story. The innovation it fosters means longer lives, healthier patients, good-paying jobs, and economic growth. Just this morning, I attended a town hall meeting in Minnesota with the new head of the FDA's Center for Devices and Radiological Health, Dr. Jeffrey Shuren. Dr. Shuren and his team were in town to hear from device manufacturers, doctors and patients. I applaud his willingness and his team's willingness to listen. As the FDA looks to the future, it is critical that it strikes the right balance--protecting patients from harm while not hindering the availability of lifesaving innovations. An uncertain, unpredictable approval process for devices could absolutely reduce options for patients down the road. We need to keep the innovation here. We need to keep the jobs here. We need to keep the technology and the patient care here in the United States. That's why we need an effective process that protects patients while fostering the innovation and economic growth that this industry provides.

Mr. PAULSEN

Mr. PAULSEN. Madam Speaker, I rise today to recognize two heroes from my district who went above and beyond their call of duty. Plymouth Fire Captain Tom Evenson and Volunteer Firefighter Ann Korsmo recently received the Firefighters Heroes Award from the Twin Cities chapter of the American Red Cross. After learning about a local family who suffered severe burns during a home fire incident, these firefighters decided to provide a fire safety course to the family to help them overcome their fear and avoid similar problems in the future. When they came to discover the grandmother, who cares for the family's children, was deaf, they reached out to a local hearing professional and were able to get a $6,000 pair of hearing aids charitably donated. Madam Speaker, the selfless service of people like Tom Evenson and Ann Korsmo is what makes our communities and our country great, and I am proud to recognize them here today.

Mr. PAULSEN

Mr. PAULSEN. Madam Speaker, Saturday marks the 65th anniversary of V- E Day, Victory in Europe Day, one of the most truly seminal days in history. On May 8, 1945, the World War II allies formally accepted the unconditional surrender of Nazi Germany, marking the end of Hitler's Third Reich and the years of tyranny and war it brought to the continent. The members of the Greatest Generation who made this victory possible are 65 years removed from this V-E Day, yet their commitment to remembering the sacrifices that made it possible are as strong as ever. In fact, one of my constituents, Freemont Gruss, will be in the Czech Republic this Saturday to mark the anniversary with members of his former division, which was credited with firing the last shot against the Germans before V-E Day. Today I honor each and every one of the soldiers who made V-E Day possible. I know that in another 65 years their accomplishment will still be one of the most important that our world has ever seen.

Mr. PAULSEN

Mr. PAULSEN. Mr. Speaker, when the health care bill was moving through Congress, I repeatedly made the arguments that the legislation was flawed because it failed to fundamentally address the problem with our current health care system--rising costs. Well, now guess what? A new analysis just put out by the Centers for Medicare & Medicaid Services confirms that disturbing fact. According to CMS, the new health care law will actually increase our Nation's health care costs rather than decrease them. Here are some of the staggering numbers: Health care spending is projected to increase by $311 billion, and health care will now increase to 21 percent of our gross domestic product by 2019. So costs are going up, not down. These numbers are alarming, and they're further proof that the health care bill missed the mark. Real reform would have lowered health care costs for individuals, for families, and for small businesses. Unfortunately, the partisan bill that was signed into law has failed to address this great need for our constituents.

Mr. PAULSEN

Mr. PAULSEN. Madam Speaker, I rise today because April is National Autism Awareness Month. Autism affects nearly one in every 110 children born in the United States and is the fastest growing developmental disability. With approximately 1.5 million Americans currently living with autism, we have a responsibility to support research and provide resources to support those living with autism. Studies have shown that early diagnosis and treatment can lead to better outcomes for children with autism. In fact, early identification and treatment can help reduce the symptoms of autism, increase progress for children as they enter school and reduce the need for more intensive support in the future. But to do that, we must work hard to increase the awareness of autism across the country. That's why I'm proud to be an original cosponsor of House Resolution 1033, which officially designates April as Autism Awareness Month. I look forward to working with my colleagues in the days and months ahead on both sides of the aisle to bringing awareness to this important effort going forward.

Mr. PAULSEN

Mr. PAULSEN. Mr. Speaker, I rise tonight to recognize our great ally, Israel, on the 62nd anniversary of their nation. As the standard bearer for democracy in the Middle East, Israel is of critical importance to the United States. Since the declaration of the State of Israel in 1948, they have consistently shown the power of democracy in a very volatile part of the world. Their achievements cannot be understated. The per capita annual GDP in Israel is nearly $30,000 and the average life span is over 80 years. Israel consistently keeps its citizens safe, despite the security threats that occur on a daily basis. The fact that Israel continues to grow in population at an annual increase of 1.8 percent is a strong signal of the nation's strength. So today let us recognize Israel and their many achievements and let us always remember the unending bond between the United States and Israel that must continue to be protected.

Mr. PAULSEN

Mr. PAULSEN. Mr. Speaker, I yield myself as much time as I may consume. Mr. Speaker, I also rise in support of H.R. 4573, the Debt Relief for Earthquake Recovery in Haiti Act of 2010. H.R. 4573 takes a good first step towards the goal of eliminating Haiti's uncollectible debts so the country can start to rebuild. Removing this burden will also help Haiti begin the process of becoming a self-sustaining economy. Nearly identical legislation has already been agreed to by the House under suspension of the rules. The Senate made only two minor changes to the bill to ensure that our commitment to Haiti remains unchanged and it stays focused. One change was that it sets an explicit time period for future grants for Haiti, and the other ensures that assistance provided helps not just today's Haitians but also ensures help for future generations. This is a very sensible, commonsense approach. I support these changes. I also want to recognize the members of the International Monetary Policy and Trade Subcommittees and the staff of the committee for their bipartisan efforts on this legislation. Mr. Speaker, I support this bill, and I reserve the balance of my time.

Mr. PAULSEN

Mr. PAULSEN. Madam Speaker, in closing, this bill is a win/win. It reduces an unnecessary and redundant regulatory burden for consumers, and I ask for adoption of the bipartisan legislation. I yield back the balance of my time.

Mr. PAULSEN. Madam Speaker, I yield myself such time as I may consume. Madam Speaker, I rise today in support of H.R. 3506, the Eliminate Privacy Notice Confusion Act. This bill will help reduce the burden and confusion of privacy notice requirements by providing exemption from sending an annual privacy notice for those institutions that do not share nonpublic customer information with unaffiliated third parties or those that do not change their privacy policies at all. Under current law, banks and other financial institutions are required to send out an annual privacy notification to their customers informing them that nothing has changed, and they still do not share privacy information. This is often quite very confusing to customers. Essentially, under my legislation, financial institutions are relieved of an unnecessary and redundant regulatory burden which will help lower costs and reduce junk mail that the customers receive in the mail every day. It will also lessen confusion to customers because they will no longer receive letters informing them that their bank's privacy policy has not changed at all. Madam Speaker, it's important to note that this legislation only applies to those institutions that do not share personal financial information with third parties and do not change their privacy policies. This means that the privacy policy that banks must provide to consumers when they open an account remains completely unaffected. The bottom line is that nothing in this legislation in this bill allows for the disclosure of private information and companies are still prohibited from sharing any personal information with third parties. Similar legislation has passed the House in previous Congresses with strong, bipartisan support; and I want to recognize the bipartisan manner in which that legislation was again handled this year. Madam Speaker, I especially want to thank Chairman Frank and Ranking Member Bachus for their assistance with the legislation and their willingness to bring this legislation and assist me in bringing it to the House floor. Finally, I want to thank the gentleman from Kansas (Mr. Moore) for his hard work on this legislation. He has done exemplary work throughout his 12 years here in this body, and we are going to miss his spirit and commitment of working in a bipartisan manner, and I appreciate his friendship as well. I ask for a ``yes'' vote on this bill. Madam Speaker, I reserve the balance of my time.