Louise Slaughter

Ms. SLAUGHTER

Ms. SLAUGHTER. Mr. Speaker, may I inquire from my colleague how many other speakers he has?

Ms. SLAUGHTER. I reserve my time, Mr. Speaker.

Ms. SLAUGHTER. I am pleased to give the gentleman another minute.

Ms. SLAUGHTER. Thank you, Mr. Speaker. I yield 2 minutes of that time to the gentleman from Ohio (Mr. Kucinich).

Ms. SLAUGHTER. Let me take 30 seconds, please, Mr. Speaker, to explain this is Mr. LaTourette's amendment. Mr. LaTourette brought it up. I mentioned Ms. Sutton's name. She is Mr. LaTourette's neighbor and his friend, and she talked to the Democrats about it to make Mr. LaTourette in order. I am pleased to yield 4 minutes to the gentleman from Michigan (Mr. Levin). (Mr. LEVIN asked and was given permission to revise and extend his remarks.)

Ms. SLAUGHTER. I yield the gentleman 1\1/2\ additional minutes.

Ms. SLAUGHTER. Mr. Speaker, I am pleased to yield 5 minutes to the gentleman from Massachusetts, the chairman of the Financial Services Committee, who has worked extremely hard on this bill, Mr. Frank.

Ms. SLAUGHTER. Madam Speaker, H. Res. 1354 provides for consideration of H.R. 7321, the Auto Industry Financing and Restructuring Act. Madam Speaker, once again we find ourselves meeting under dire circumstances: a shaky stock market, the highest unemployment rate in decades, the greatest financial crisis we have seen in generations. Of all the industries that contribute to our economy, the automobile industry has been hit particularly hard. The steep decline in auto sales emerged this past summer when gas prices rose to record-breaking levels and the deepening economic recession further reduced consumer demand for automobiles. Now sales have fallen to the lowest rate in 25 years. The global economic crisis has the American auto industry facing an unprecedented liquidity shortfall that threatens their viability. Should this industry continue its stark descent, or in the worst case scenario fail, it would have a devastating effect on our Nation's workforce as well as our overall prospects for economic recovery. Madam Speaker, the U.S. automobile industry is one of the largest sectors of our economy. Auto companies directly or indirectly support over 4 million American jobs and provide nearly 1 million retirees with pension and health care benefits. In western New York alone, the auto industry supports over 12,000 workers and 13,000 retirees, and the failure of major auto companies could cause generations of auto workers to lose their hard-earned pensions and health care while causing the current livelihood of workers to lose their jobs. It would also threaten the auto suppliers, the dealers, and other related businesses, a domino effect that would certainly cripple our economy. Furthermore, if the auto industry collapses, experts estimate the U.S. trade deficit would grow by over $109 billion or 15.6 percent. Mr. Speaker, quite simply, America cannot afford to let Detroit fail. The auto industry is the backbone of American manufacturing, and should it unravel, all the government's work towards stabilizing the financial markets would be in vain. It is in our country's best interest, as we work to pull ourselves out of this recession, to ensure that our auto industry remains viable and competitive. For this reason Democrats have met this administration at the table to work toward a solution to stabilize this industry. The bill before us today is an important bipartisan step in helping to address the crisis that is afflicting not only the auto industry but American families from coast to coast. Our goal with this loan package is to strengthen and to restructure the auto industry and to ensure viability before the crisis further impacts Main Street. Since talks began, Democrats have fought for key measures to protect the American taxpayers. When the automakers first requested funding, Democrats told them to come back with a plan to show us how they would restructure the industry in order to achieve the viability necessary to repay the loan. The package before us today now includes several key oversight provisions. By making $14 billion available in already appropriated loans, the bill will provide a needed boost to the overall economy. Mr. Speaker, what happens to the U.S. auto industry affects us all. The three car companies, for example, purchased $156 billion in parts, materials, and services last year. Supporting jobs in all 50 States, the bill preserves the jobs of 355,000 workers in the United States directly employed by auto industry and an additional 4.5 million Americans working in related industries. The bill contains stringent taxpayer protections, including authorizing our government to take equity stakes in the company through stock warrants so that taxpayers can benefit if the firms profit and if the value of their shares increases in the future. It contains strong, independent oversight provisions with oversight by both the Government Accountability Office and the Inspector General overseeing the TARP financial rescue funds. It prohibits carmakers receiving loans from owning or leasing corporate jets, and it prohibits senior executives from receiving bonuses or ``golden parachute'' severance packages. The bill requires the companies to restructure or repay the loans. To ensure the companies restructure to achieve viability, increase fuel efficiency, and reduce emissions, the car czar can require immediate repayment of the loan if the company has not made adequate progress by February 15 in developing a long-term restructuring plan. Companies will not get Federal assistance if they fail to submit an acceptable restructuring plan by March 31. Importantly, the bill requires shared sacrifice. Auto executives, employees, labor unions, dealers, suppliers, creditors, and shareholders should and will all participate in the restructuring efforts. The end result will be a vibrant and competitive U.S. auto industry that pursues the aggressive production of energy-efficient advanced technology vehicles and thrives in the 21st century global marketplace. By insisting on transparency and accountability, Congress is ensuring that the auto industry is held accountable for this loan and that American taxpayers will get their money back. We are grateful also for the work of Congresswoman Sutton of Ohio and Congressman LaTourette from Ohio, who has presented a good amendment pertaining to transparency to go along with this bill. Mr. Speaker, we have an obligation to take action today, not to simply save the automobile industry but to protect the millions of hardworking men and women across America whose jobs depend on it. We have a responsibility to take action for the line worker in Detroit who works hard every day just to put food on the table for his family or her family. We have a responsibility to the retiree who depends on the pension she earned or he earned through decades of hard work and now relies on it to survive. We have a responsibility to countless American families across this great Nation whose livelihoods depend on the auto industry whether they realize it or not. And unless we act, the well- being of millions will be on the line. From plants to parks, dealerships to driveways, and gas stations to grocery stores, what happens in the automotive industry impacts us all. Mr. Speaker, we face some daunting challenges on our path to economic recovery, but this is a necessary step to build a brighter tomorrow. We know all too well the consequences of failure, which is why it's critical that we pass this package to help get U.S. auto manufacturers back on their feet so they can be competitive and viable in the years ahead. Revitalizing American automakers is not only essential to our economic and national security, it is vital to our fragile economy. And that is why the Democrat-led Congress is doing everything possible to ensure America keeps working and that government keeps working for America. Mr. Speaker, I reserve the balance of my time.

Ms. SLAUGHTER. Madam Speaker, for the purpose of debate only, I yield the customary 30 minutes to the gentleman from California (Mr. Dreier). All time yielded during consideration of the rule is for debate only. Madam Speaker, I yield myself such time as I may consume and ask unanimous consent that all Members may be given 5 legislative days in which to revise and extend their remarks on House Resolution 1534.

Ms. SLAUGHTER. Madam Speaker, by direction of the Committee on Rules, I call up House Resolution 1534 and ask for its immediate consideration.

Ms. SLAUGHTER

Ms. SLAUGHTER. Madam Speaker, I yield 5 additional minutes.

Ms. SLAUGHTER. Madam Speaker, I urge a ``yes'' vote on the previous question and on the rule. I yield back the balance of my time, and move the previous question on the resolution.

Ms. SLAUGHTER. There are no further speakers on our side.

Ms. SLAUGHTER

Ms. SLAUGHTER. Madam Speaker, I rise today to recognize and laud Dana Gioia's service as Chairman of the National Endowment for the Arts. Since 2003 when he began his service, Chairman Gioia has played a vital role in advancing America's cultural vitality and economic prosperity by promoting and expanding access to the arts. As a co-Chair of the Congressional Arts Caucus, I am grateful for Chairman Gioia's efforts and look forward to his future contributions to the arts in America after he leaves the NEA in January 2009. Chairman Gioia has launched a handful of national initiatives that have spread the reach of the NEA across the country and expanded arts education in schools and communities. One favorite program of mine, The Big Read, provides citizens with the opportunity to read and discuss a single book within their communities. The initiative includes innovative reading programs in selected cities and towns, comprehensive resources for discussing classic literature, an ambitious national publicity campaign, and an extensive Web site providing comprehensive information on authors and their works. The NEA inaugurated The Big Read as a pilot project in 2006 with ten communities featuring four books. The Big Read continues to expand to include more communities and additional books. By 2009, approximately 400 communities in the U.S. will have hosted a Big Read since the program's 2007 national launch. Chairman Gioia has democratized the arts. Last year, the NEA awarded over twenty-two hundred grants totaling over $100 million in 435 congressional districts. The National Endowment for the Arts is the largest national source of arts funding in the United States and supports local arts programs in every congressional district across the country. While the NEA's budget represents less than one percent of total arts philanthropy in the United States, Chairman Gioia has successfully leveraged NEA grants to have a powerful multiplying effect, with each grant dollar typically generating seven to eight times more money in matching grants. Chairman Gioia is a Renaissance Man. As an artist himself, he recognizes that the arts are more than just a cultural or emotional enterprise. With his background in business, he knows that the arts have immense financial and social impact. Creativity, innovation, and imagination fuel today's global economy, and America's artists are a large source of that investment. Chairman Gioia led the NEA with this always in mind. When Chairman Gioia visited my congressional district, he brought not only great enthusiasm and energy to all of the arts organizations he toured, but imparted valuable guidance and advice to these organizations on how to increase their membership, spur local investment in the arts, and expand their presence in the community. As a blues singer myself, I can empathize with Chairman Gioia's decision to return to his artistic craft. But despite his departure from the NEA, Chairman Gioia will continue to enrich the arts community. Art transcends barriers of language, time, and generation, translating cultural differences, breathing life into history, and bridging experiences across cultures. Chairman Gioia's exceptional writing and poetry no doubt enrich the lives of all Americans. Chairman Gioia will leave big shoes to fill, but I am confident that his leadership has trickled down in the NEA over the years. The NEA will continue to drive excellence in the arts with his spirit always in mind.

Ms. SLAUGHTER

Ms. SLAUGHTER. Madam Speaker, I yield 1 minute to the gentleman from California (Mr. Sherman).

Ms. SLAUGHTER. Madam Speaker, I yield 2 minutes to the gentleman from Massachusetts and a member of the Rules Committee, Mr. McGovern.

Ms. SLAUGHTER. Madam Speaker, may I inquire of my colleague if he has further speakers?

Ms. SLAUGHTER. Madam Speaker, I am pleased to yield 2 minutes to the gentlewoman from California (Ms. Matsui).

Ms. SLAUGHTER. Madam Speaker, I yield 1 minute to the gentlewoman from New York (Mrs. McCarthy).

Ms. SLAUGHTER. Madam Speaker, by direction of the Committee on Rules, I call up House Resolution 1525 and ask for its immediate consideration.

Ms. SLAUGHTER. Madam Speaker, I yield 1 minute to the gentleman from Texas (Mr. Doggett).

Ms. SLAUGHTER. I have.

Ms. SLAUGHTER. Madam Speaker, I yield 1 minute to the gentleman from Ohio (Mr. Kucinich).

Ms. SLAUGHTER. Madam Speaker, I yield 1 minute to the gentleman from Illinois (Mr. Hare).

Ms. SLAUGHTER. Madam Speaker, H. Res. 1525 provides for the consideration of the Senate amendments to the bill H.R. 1424, the Emergency Economic Stabilization Act of 2008. The rule will allow the House to concur in the Senate amendments to this bill and vote on the text of the bill that was adopted in the Senate. Madam Speaker, today, this body meets under dire circumstances as our great Nation stands on the precipice of the most serious financial crisis since the Great Depression. Our stock market is fluctuating at an alarming rate, and our unemployment rate is soaring. Many of our financial institutions, some of which were deemed too big to fail, have failed or are close to collapse. Credit, even for the most creditworthy, is hard to come by. Our once robust and booming economy is on the brink of disaster, and that is why we have this bill before us today. Like so many Americans, I have absolutely no interest in bailing out any fat cat executives on Wall Street. I stand firm in my belief and in solidarity with the American people when I say that corporate greed should never be rewarded, but the crisis we're facing today is much bigger than the corporate greed. It's bigger than Wall Street. It reaches beyond the Wall Street titans and directly into the lives of hardworking, middle class Americans. Our savings--retirement savings, college savings for our children and investments in our future--are all at risk if this industry fails. The financial crisis threatens our ability to get a loan even if we have outstanding credit. The crisis threatens our jobs. Without decisive action, most experts believe that our economic situation will only grow worse. Credit markets will freeze, and Main Street and all of America will suffer. Families living paycheck to paycheck will see their credit card limits slashed and their interest rates increased. Families won't be able to take out basic home and car loans, and employers may not be able to make their payrolls. Take, for example, earlier this week when the body failed to pass a previous version of this rescue bill, and the country watched in horror as the Dow Jones plummeted more than 750 points. That dive, that single day in the stock market, cost our economy over $1 trillion, but when the stock market crashed, the majority of the $1 trillion that was lost did not belong to Wall Street giants. It came from the pensions of people who have retired or from people who have frugally worked for their entire lifetimes to save a few dollars for their families' futures. It is for this reason that Congress must intervene. The bill before us is intended to rescue Main Street. By rescuing the financial institutions, we rescue the jobs, the savings and the ability to get a loan for each hardworking American. However, as we go ahead with this bill, we must be mindful of the road that led us to this crisis. After all, if we don't know what went wrong, how can we make sure it will not happen again in the future? Like so many Americans, I am deeply disappointed by the Bush administration's reckless deregulation policies that wrecked our once booming economy. This President put incompetent people in charge of the Nation's most critical regulatory agencies. Transparency was lost. Business was allowed to regulate itself, and the total deregulation of the financial services industry ensued. Securities and Exchange Commission Chairman Cox just recently noted ``voluntary regulation does not work.'' I'll say it doesn't. Looking back in history, we saw that, when deregulation occurred in the last century, it led to bread lines and to Hoovervilles. President Franklin D. Roosevelt, well acquainted with the havoc wreaked by deregulation, said, ``We have always known that heedless self-interest was bad morals. We now know that it is bad economics as well.'' President Roosevelt led our Nation through that crisis by regulating the financial industry. However, deregulation proponents have removed FDR's regulations because, for them, big business comes first and knows everything. That is why, when the administration handed Congress an ultimatum for a $700 billion blank check which lacked the very accountability and transparency that contributed to the problem, Democrat leaders said absolutely not. Over the past 2 weeks, we have insisted that the original rescue package proposed by President Bush and by Secretary Paulson be changed dramatically. As Democrat leaders negotiated plans to rescue the economy, we fought tooth and nail to make sure that any proposal included expanded oversight, transparency and an assurance that taxpayers will be reimbursed in full. That is what the proposal in front of us does today. We have a three-part plan to reinvest, to reimburse and to reform. We will rescue the troubled credit and financial markets to stabilize and to reinvest in our economy, to insulate hardworking Americans, to reimburse the taxpayers for every dime, and to reform how business is done on Wall Street. With this bill, we are standing up for all Americans by ensuring that there will be no help for Wall Street without help for Main Street. We are standing up for taxpayers by requiring strong, independent oversight, transparency and accountability for the money spent. Even the General Accounting Office will be moving into the Treasury Department. We are standing up for the working Americans by limiting excessive compensation for CEOs. We are standing up for homeowners, basically the crux of what happened here, by requiring the government to steer mortgages in danger of foreclosure to loan workout programs to prevent the foreclosures that are driving down home values all across the country. We are insuring more of the hard-earned money saved by families and by small businesses across America by upping the Federal protection of bank deposits from $100,000 to $250,000. I am proud to say that three House committees will begin oversight hearings very shortly. In January, with a new Congress and with a new President, we will be ready to reinstate the regulations so cavalierly removed by an administration which believed that the financial industry could regulate itself, leading us to the dire consequences we face today. Taxpayers should know that we push to ensure that the government receives shares of any company it provides with aid, and after agreeing to rescue AIG from filing for bankruptcy, the government received nearly an 80 percent share in the company. The action was reassuring enough to the market that people are now clamoring to buy AIG assets. By making sure the government gets shares of companies we aid, we are working to revitalize this industry in a way that will benefit the taxpayers who are funding this rescue. By doing so, the New Direction Congress is standing up for swift action to ensure a more sound economic future for all Americans. We are absolutely committed to doing everything possible to ensure that America keeps working and that government is also working for America. I reserve the balance of my time.