Gordon Smith

Mr. SMITH

Mr. SMITH. Mr. President, I support the global AIDS bill. I, like many of my colleagues, do not believe the House version of this legislation is perfect. I have reservations about the bill--in particular more funding is needed to fight the spread of tuberculosis and malaria. Nevertheless, I enthusiastically support this legislation as a vital first step in the international response to the global AIDS pandemic. Coupled with expanded--though still relatively small-- bilateral resources to fight tuberculosis, the leading killer of people infected with AIDS, this initiative will save many, many lives. I commend the President for his leadership in this effort, and the House's overwhelming support of this important legislation and the global fund. Today, there are an estimated 42 million people worldwide living with HIV. Of the 42 million people infected with the virus, 3.2 million are children and half women. These numbers will tragically increase. In 2002, there were 14,000 new HIV infections each day, resulting in an estimated 5 million new cases worldwide. The HIV/AIDS pandemic is devastating for millions of men, women, children, and families. Moreover, it threatens the economic and political stability of many developing countries. More than 95 percent of the new HIV/AIDS cases were contracted in developing countries. It is estimated that AIDS will diminish economic growth by up to 1 percent of GDP annually and consume more than half of health care budgets in the hardest-hit countries. With ever fragile infrastructures and inadequate funding for health, this economic drain will further hamper developing nations' prospects for a peaceful transition to democracy. The ability of these developing countries to prevent the further spread of the AIDS virus is limited without our help. Accordingly, it is imperative that we join with the President and House and offer our assistance to those struggling countries. This bill will provide the much-needed support and financial assistance to foreign countries struggling to combat the spread of HIV/AIDS, tuberculosis, and malaria. Along with a comprehensive 5-year plan to combat the global spread of HIV and AIDS, the bill authorizes funding and enables the U.S. to participate in the global fund through 2008. While passage of this legislation is essential, it ought to be remembered that this effort has just begun. This initiative is just a first downpayment by the U.S. in our fight against the global spread of AIDS. We must fully fund this bill in 2004 and still do more. We must invest wisely to protect and save as many lives as possible and as soon as possible. These funds are needed immediately, and if we do not invest enough now, we will pay far more later--in money, in lives lost, and in the social, economic, and spiritual cost to the families, communities, nations, which are hardest hit. There are ten million children in sub-Saharan Africa alone--children who ought to be free to play, to learn, to enjoy their young lives--who have lost one or both parents to AIDS. This represents a country the size of Belgium. In 10 years, at current rates, this number will quadruple. But we have a choice. Will we allow this to happen? Every year we delay, the greater the cost. This epidemic is not waiting for us, it is here and accelerating. So, we too must accelerate our response. I again salute President Bush for his compassionate leadership and commitment to fighting HIV/AIDS at the global level. With passage of this bill, the U.S. will demonstrate its unwavering belief in the dignity of life, and as a nation, that we take seriously our moral duty to bring an end to preventable human suffering. I urge my colleagues to consider this just a first step in our response to fighting global HIV/ AIDS, to invest our resources judiciously, and to act immediately. We must not wait another day to pass this legislation, because we cannot afford to have another life needlessly taken by AIDS. I look forward to ensuring that this legislation will be full funded in this year's appropriations bills.

Mr. SMITH. Mr. President, it has been my great pleasure to work with my colleague, Senator Boxer, over the past years to put global tuberculosis control on the map as an important priority for U.S. funding. I share the Senator's concern that the United States continue to protect and expand the funds we allocate to this important cause. We must indeed not lose our focus on combating global TB even as we respond efficiently and effectively to SARS. We must remember that failing to protect and expand funds to combating TB means needless death for 2 million people in the developing world each year--people who are teachers, doctors, civil servants, and people who are parents to young children who need their protection, financial support, and guidance. We must remember that the problem of tuberculosis is inextricably linked together with the growing problem of global HIV. TB is the biggest killer of those with HIV, and TB also accelerates the course of AIDS. Treating TB can save lives and slow the progression of AIDS. We also must remember that treating tuberculosis works. We know what to do and that we have some of the key elements in place to successfully control this disease. As Senator Boxer mentioned, we have the Global TB Drug Facility in place. And we have a Global Plan to Stop TB. And the new Global Fund to Fight AIDS, TB, and Malaria is adding to the bilateral efforts of the U.S. and other nations. So we must use these mechanisms and use our window of opportunity to expand access to TB treatment before it is too late, before drug- resistant TB and HIV/AIDS turn TB into a disease that is nearly untreatable and an epidemic that is at best very difficult to deal with and at worst perhaps uncontrollable. Does the majority leader agree that global tuberculosis control ought to receive adequate increased funds from the U.S. in the next fiscal year?

Mr. SMITH

Mr. SMITH. Mr. President, I want to bring to the Chairman's attention a matter that has arisen regarding the bonus depreciation provision that was enacted last year in the Job Creation and Worker Assistance Act of 2002. When the House developed this provision, it wanted to ensure that the provision would stimulate the production of new, as opposed to ``used'', equipment and other products. Thus, the additional depreciation deduction was restricted to those taxpayers who first ``used'' the product. Inadvertently, the ``original use'' requirement of this provision excluded many of the transactions in heavy equipment that the provision was intended to stimulate. Specifically, the provision inadvertently excluded multi-unit sales of equipment that were placed in service by manufacturers over a period of time and then sold to the ultimate purchaser of the equipment.

Mr. SMITH. I sincerely appreciate the Chairman's support and the good work he is doing as Chairman of the Senate Finance Committee. income forecast method

Mr. SMITH. I thank the Senator. I propose that the conference adopt language to clarify this unfortunate oversight.

Mr. SMITH. I have language that would correct this oversight in the original 2002 Act. My language would ensure that sales of equipment which involve numerous units of the same good, subject to the same lease, would not inadvertently be excluded from the bonus depreciation benefits of the 2002 Act, simply because the manufacturer was placing the goods into service as they were being manufactured, prior to his ultimate sale of the goods, subject to the master lease, to the ultimate purchaser. My language would ensure that no abuse of the bonus depreciation could occur and that the final sale of the products occurs within a short period of time. I would ask the Chairman to reassure the many heavy manufacturers of the United States and the purchasers of new equipment that this oversight in the 2002 Act will be rectified when the House and Senate meet in conference to iron out the differences in our respective tax legislation.

Mr. SMITH

Mr. SMITH. Mr. President, I rise today to speak about the need for hate crimes legislation. On May 1, 2003, Senator Kennedy and I introduced the Local Law Enforcement Act, a bill that would add new categories to current hate crimes law, sending a signal that violence of any kind is unacceptable in our society. I would like to describe a terrible crime that occurred on October 3, 2001. In Noroco, California, and Arab-American businessman was badly beaten by two men. As the man was closing his store for the evening, the pair entered the store wearing ski masks and shoved the victim to the back of the store. There they beat him and accosted him with racial epithets. The men then chained the victim to prevent him from fleeing, spray painted his face with black paint, and poured fire starter fluid on him. The victim eventually lost consciousness after he was repeatedly struck with liter bottles. I believe that government's first duty is to defend its citizens, to defend them against the harms that come out of hate. The Local Law Enforcement Enhancement Act is a symbol that can become substance. I believe that by passing this legislation and changing current law, we can change hearts and minds as well.

Mr. SMITH

Mr. SMITH. Mr. President, I rise today in support of this amendment to allocate State fiscal relief funds to Medicaid and State and local governments. I have been supportive of State fiscal relief since the last Congress. Last year, I introduced a bill with Senators Rockefeller, Nelson, and Collins to provide states with fiscal relief, which garnered the support of 75 Senators. This year, I reintroduced State fiscal relief legislation with Senators Rockefeller, Nelson, and Collins that would provide States with $20 billion--half through FMAP. And earlier this year, 80 Senators supported a sense of the Senate that $30 billion should be spent on State fiscal relief, with half of the money going to Medicaid. Eighty votes is a pretty clear signal that this is important to a lot of folks in a lot of States. And make no mistake, FMAP is good economic stimulus for the States which need it badly. By providing State fiscal relief in the form of FMAP back to our states, we improve the health of our workforce, protect or expand health coverage, create new jobs, and infuse the economy with new money. By providing a temporary boost to FMAP in the form of $10 billion, Oregon would see more than $300 million in new economic activity, more than $110 million in new wages would be generated, and more than 3,500 jobs would be created. As you can see, State fiscal relief is one of the most effective policies the Congress could and should enact as part of the economic stimulus/growth package. There is no question that States will spend any additional Federal funds they receive quickly, putting money directly into the economy rather than curtailing economic activity. As many economists have noted, we need to increase demand in the economy--but State budget actions to balance their budgets right now are reducing demand significantly. This is precisely the wrong medicine at the wrong time for our economy. As you know, States are facing budget deficits of approximately $100 billion that need to be closed over the next few months. States are closing these deficits by cutting education, health care, and public safety--and sometimes by considering raising taxes. Unfortunately, the economic impact of State budget cuts and possible tax increases have wide-reaching impacts. A dollar cut from Medicaid results in far more than one dollar less in health care. Fortunately, the opposite is also true: every single dollar spent on Medicaid results in over $3 in the State and local economy. Some of our colleagues will tell us that the States spent their own way into the current fiscal crisis. But most of the spending increases in health care were driven by the fact that health care costs grew almost twice as quickly as general inflation, and that Medicaid enrollment rose among disabled individuals and the elderly--two groups with expensive health care needs. In addition, States expanded health care coverage among low income children and pregnant women. Since the economy began to falter, virtually every State has taken Medicaid cost-containment action. Additional cuts are expected next year as States struggle to fill budget shortfalls of billions of dollars. Of course, this means that the number of uninsured Americans will continue to grow. According to the CDC, Medicaid and SCHIP provided coverage for 2 million children and 1 million adults who lost their health coverage last year. I suspect this year, those numbers will be even larger. My home State of Oregon has been hit hard by the economic downturn. The number of uninsured is up, way up. Children and adults, parents have lost their jobs and they are turning to Medicaid. Will Medicaid be there for them? Without additional resources, 100,000 Oregonians will lose their health coverage, and the people who retain their coverage are facing drastically reduced benefits. This loss will have a ripple effect in the local economy. In some counties, a quarter of the population is eligible for Medicaid. While we need to strengthen our economy in the long run, it is imperative that we address the immediate economic problems by tackling the State fiscal crisis. This amendment will provide millions of dollars to needy State and local governments to provide essential services that benefit all of us. I urge my colleagues to support this amendment.

Mr. SMITH

Mr. SMITH. Mr. President, I rise today to speak about the need for hate crimes legislation. On May 1, 2003, Senator Kennedy and I introduced the Local Law Enforcement Act, a bill that would add new categories to current hate crimes law, sending a signal that violence of any kind is unacceptable in our society. I would like to describe a terrible crime that occurred on September 28, 2001. A 47-year-old Mexican immigrant was beaten in his home by two men who believed him to be of Arab descent. After following the man home, the pair chased him to his front door, broke in after him, and physically assaulted him in front of his wife and child. According to the pair, the assault was revenge for the September 11, 2001 bombing tragedy. I believe that government's first duty is to defend its citizens, to defend them against the harms that come out of hate. The Local Law Enforcement Enhancement Act is a symbol that can become substance. I believe that by passing this legislation and changing current law, we can change hearts and minds as well.

Mr. SMITH

Mr. SMITH. Mr. President, I rise today to speak about the need for hate crimes legislation. On May 1, 2003, Senator Kennedy and I introduced the Local Law Enforcement Act, a bill that would add new categories to current hate crimes law, sending a signal that violence of any kind is unacceptable in our society. I would like to describe a terrible crime that occurred on September 15, 2001, in Houston, TX. Upon leaving a nightclub in southwest Houston, a Hispanic man was confronted by a group of nine men. The group assaulted and beat the man while shouting racial epithets and comments about Osama bin Laden. I believe that Government's first duty is to defend its citizens, to defend them against the harms that come out of hate. The Local Law Enforcement Enhancement Act is a symbol that can become substance. I believe that by passing this legislation and changing current law, we can change hearts and minds as well.

Mr. SMITH

Mr. SMITH. Mr. President, I rise today to speak about the need for hate crimes legislation. On May 1, 2003, Senator Kennedy and I introduced the Local Law Enforcement Act, a bill that would add new categories to current hate crimes law, sending a signal that violence of any kind is unacceptable in our society. I would like to describe a terrible crime that occurred September 12, 2001, in Bridgeport, CT. A Brazilian waiter was attacked on the street by eight men who verbally accosted him because they believed him to be of Arab descent. The man was also physically attacked by the group and suffered a broken arm and several facial bruises. I believe that Government's first duty is to defend its citizens, to defend them against the harms that come out of hate. The Local Law Enforcement Enhancement Act is a symbol that can become substance. I believe that by passing this legislation and changing current law, we can change hearts and minds as well.

Mr. SMITH

Mr. SMITH. Mr. President, I rise today to speak about the need for hate crimes legislation. In the last Congress Senator Kennedy and I introduced the Local Law Enforcement Act, a bill that would add new categories to current hate crimes law, sending a signal that violence of any kind is unacceptable in our society. I would like to describe a terrible crime that occurred September 19, 2001 in New York, NY. A 30 year-old Muslim man was assaulted by a group of six to eight men. The attackers shouted anti-Arab insults and pelted him with stones. The attackers fled before authorities could apprehend them. I believe that Government's first duty is to defend its citizens, to defend them against the harms that come out of hate. The Local Law Enforcement Enhancement Act is a symbol that can become substance. I believe that by passing this legislation and changing current law, we can change hearts and minds as well.

Mr. SMITH

Mr. SMITH. Mr. President, I rise today to salute Oregonian Laure Trickel, a coronary care nurse who is saving the lives of Oregon teenagers through her Heart Ready High Schools Program. Because Laure saw an impending health threat in Oregon schools, envisioned a solution and made every effort to implement her plan, she is an Oregon ``Health Care Hero.'' Over the past few years, Oregonians have seen several cardiac events threaten the lives of Oregon teenagers during school-sponsored sporting events. Tragically, we have lost more than one treasured teen to an unexpected heart attack on the fields and courts of our schools. Two cardiac events occurred at Ashland High School in Laure Trickel's southern Oregon hometown. As a coronary care nurse, Laure quickly saw that high schools were simply not prepared to deal with these events, where time is of the essence and technology is critical to saving lives. In Laure's own words, ``Although a high school could be as prepared as possible for a person with a weapon of violence, it was not at all prepared for the number one killer of Americans: heart disease and sudden cardiac arrest.'' In response, Laure created the Heart Ready High Schools Program, asking local hospitals to donate automated external defibrillators, AED, to local high schools. She also asked the hospitals to provide training for staff and students, to ensure that the school would be ready to effectively respond in an emergency should another tragedy occur. After the first donation by Ashland Community Hospital, several other Oregon hospitals caught Laure's vision and decided to help. I join the parents of students at Ashland, Crater, Eagle Point, Butte Falls, and Prospect high schools in thanking Ashland Community Hospital, Rogue Valley Medical Center, the Children's Miracle Network, Providence, and Medford Medical Center for making these lifesaving devices and training available. Since that time, Merle West Medical Center and the KMSB Foundation have provided similar equipment and skill training to three Klamath Falls high schools, spreading this critical program further across our State. These are difficult financial times for both schools and hospitals, and I applaud these community hospitals for responding to this great need with their time and limited funds. Many Oregon students will owe their lives to the quick emergency treatment they will receive should a cardiac event occur. Most of all, I am grateful to Laure Trickel for finding a way to prevent needless death among Oregon students. Making a difference requires vision, great courage, a willingness to ask for help, and following through. Laure has done all these things, and we owe her our great thanks. She is a true ``Health Care Hero'' for Oregon.

Mr. SMITH

Mr. SMITH. Mr. President, I rise today to speak about the need for hate crimes legislation. In the last Congress Senator Kennedy and I introduced the Local Law Enforcement Act, a bill that would add new categories to current hate crimes law, sending a signal that violence of any kind is unacceptable in our society. I would like to describe a terrible crime that occurred November 3, 2001 in Los Angeles, CA. An Afghani-American woman was physically assaulted and harassed by her two male neighbors as she walked from her car to her house. When the police arrived to take a report, the two men told the officers that the woman had been making terrorist threats. I believe that Government's first duty is to defend its citizens, to defend them against the harms that come out of hate. The Local Law Enforcement Enhancement Act is a symbol that can become substance. I believe that by passing this legislation and changing current law, we can change hearts and minds as well.

Mr. SMITH

Mr. SMITH. Mr. President, I rise today to express my full support for the Treaty on NATO Expansion. As chairman of the Senate Delegation to the NATO Parliamentary Assembly, I cannot underscore strongly enough the value of including these seven nations in the NATO Alliance. I applaud and support the administration's leadership on bringing NATO enlargement to the Senate. These seven prospective member nations have made great strides in developing responsible democratic governments, free-market economies, civil society, and transparent and accountable armed forces. As their active support for the Global War on Terrorism and Operation Iraqi Freedom demonstrates, these nations share our values and are willing-- and able--to help promote democracy and freedom around the world. I believe that it is significant that each invitee has provided direct military support for the Global War on Terrorism, having contributed overflight rights, transit and basing privileges, military and police forces, medical units, or transport support to U.S.-led efforts. They have provided noteworthy support to the International Security Assistance Force, ISAF, in Afghanistan and NATO efforts to stabilize the Balkans. And, as has been mentioned many times today, these countries provided resounding support for U.S. policy on Iraq. I believe that these efforts merely herald the beginning of immense, enduring contributions to come from these nations. As cochair of the Senate Baltic Freedom Caucus, I would be remiss to not express particularly ardent support for the accession of Estonia, Latvia and Lithuania to NATO. Through working with groups like the Baltic American Freedom League, the U.S.-Baltic Foundation and the Joint Baltic American National Committee, I have first-hand knowledge of the large grassroots public support across the U.S. for inclusion of these noble nations in NATO. These organizations deserve recognition for their decades of work to help liberate and secure the future of the Baltics.

Mr. SMITH

Mr. SMITH. Mr. President, I rise today to speak about the need for hate crimes legislation. In the last Congress Senator Kennedy and I introduced the Local Law Enforcement Act, a bill that would add new categories to current hate crimes law, sending a signal that violence of any kind is unacceptable in our society. I would like to describe a terrible crime that occurred October 27, 1992, in Sasebo, Japan. Terry M. Helvey, an airman apprentice in the U.S. Navy, and Amn Charles E. Vins beat PO Allen Schindler to death in a public restroom. After spotting Schindler, who was known to be gay, outside a bar, Helvey and Vins followed him into a public restroom so that they could ``beat him up,'' according to Vins. The two brutally kicked and punched Schindler to death on the restroom floor. Helvey and Vins beat Schindler so badly that a Navy pathologist described his injuries as ``more consistent with a high-speed automobile accident or low-speed airplane crash.'' I believe that Government's first duty is to defend its citizens, to defend them against the harms that come out of hate. The Local Law Enforcement Enhancement Act is a symbol that can become substance. I believe that by passing this legislation and changing current law, we can change hearts and minds as well.

Mr. SMITH

Mr. SMITH. Mr. President, I rise today to speak about the need for hate crimes legislation. In the last Congress Senator Kennedy and I introduced the Local Law Enforcement Act, a bill that would add new categories to current hate crimes law, sending a signal that violence of any kind is unacceptable in our society. I would like to describe a terrible crime that occurred September 19, 2001 in Teaneck, NJ. An Arab-American was hanging an American flag on his car when a woman approached him and asked if he was an ``Arab.'' He answered, ``Yes, why?'' to which she responded, ``Because I was in the department store buying a rope to hang myself before you kill me.'' The man ignored her and returned to his task. When he turned his back, the woman assaulted him with her fists and her keys. I believe that Government's first duty is to defend its citizens, to defend them against the harms that come out of hate. The Local Law Enforcement Enhancement Act is a symbol that can become substance. I believe that by passing this legislation and changing current law, we can change hearts and minds as well.

Mr. SMITH

Mr. SMITH. Mr. President, I rise today to speak about the need for hate crimes legislation. In the last Congress Senator Kennedy and I introduced the Local Law Enforcement Act, a bill that would add new categories to current hate crimes law, sending a signal that violence of any kind is unacceptable in our society. I would like to describe a terrible crime that occurred October 21, 2001, in Anaheim, CA. A 27 year-old Indian physical therapist was mistaken for a Middle Easterner and assaulted while celebrating his birthday at a karaoke bar. The victim was leaving the bar at about 1 a.m. with a group of his friends and family when several men picked a fight with him. Witnesses heard at least two people yell racial slurs about ``Middle Easterners.'' The man suffered a shattered jaw and was released from the hospital 2 days later after undergoing surgery to have his mouth wired shut. I believe that Government's first duty is to defend its citizens, to defend them against the harms that come out of hate. The Local Law Enforcement Enhancement Act is a symbol that can become substance. I believe that by passing this legislation and changing current law, we can change hearts and minds as well.

Mr. SMITH

Mr. SMITH. Mr. President, I rise today to speak about the need for hate crimes legislation. In the last Congress Senator Kennedy and I introduced the Local Law Enforcement Act, a bill that would add new categories to current hate crimes law, sending a signal that violence of any kind is unacceptable in our society. I would like to describe a terrible crime that occurred October 9, 2001 in Los Angeles, CA. While a Sikh in traditional clothing was out on an evening walk close to his home, four men attacked, beat, and punched him. The attackers yelled ``terrorist'' as they beat him. I believe that Government's first duty is to defend its citizens, to defend them against the harms that come out of hate. The Local Law Enforcement Enhancement Act is a symbol that can become substance. I believe that by passing this legislation and changing current law, we can change hearts and minds as well.

Mr. SMITH

Mr. SMITH. Mr. President I rise today to introduce legislation to simplify an unnecessarily complex portion of the tax code that serves as an impediment to U.S. businesses attempting to compete in foreign markets. I am proud to be joined in this effort by my friends and colleagues Sens. Breaux and Hatch. The Foreign Tax Credit, FTC, was designed to ensure that U.S. corporations were not subject to double taxation on foreign income. A number of limitations were placed on these credits in order to guard against attempts to reduce U.S. taxes on income earned here. Consequently, income earned abroad is sorted into separate ``baskets'' based on how the income is earned, also known as ``look-through'' treatment. Unfortunately, income from certain corporate joint ventures has not always been afforded look-through treatment. In the past, income from a 10/50 company, a U.S. firm has substantial ownership, at least 10 percent but not a controlling interest 50 percent, was subject to different tax treatment. In 1997, Congress attempted to address disparity with legislation affording look-through treatment for dividends paid by 10/50 companies. However, the bill included vague transition rules that were complex and expensive for U.S. companies. Our bill would resolve these transition issues by restoring parity in the tax treatment of joint-venture income to other income earned overseas by U.S. companies. Everyone, from the Joint Committee on Taxation in the 2001 simplification study to the Clinton Administration in its budget documents, has called for simplification in this area. Legal and political realities in foreign markets often necessitate the use of corporate joint ventures with local firms. U.S. international tax rules should not penalize companies with overly complicated and costly limitations purely because they choose or are forced to do business in a certain form. The 10/50 transition rules didn't allow the full use of foreign tax credits, thus over-taxing income generated from these business ventures. We need to eliminate the last vestiges of the 10/50 regime in order to level the international playing field for U.S. companies. I ask that all my colleagues consider and support this important legislation. I ask unanimous consent that the text of this bill be printed in the Record.

Mr. SMITH

Mr. SMITH. Mr. President I rise today to introduce legislation to simplify an unnecessarily complex portion of the tax code that serves as an impediment to U.S. businesses attempting to compete in foreign markets. I am proud to be joined in this effort by my friends and colleagues Sens. Breaux and Hatch. The Foreign Tax Credit, FTC, was designed to ensure that U.S. corporations were not subject to double taxation on foreign income. A number of limitations were placed on these credits in order to guard against attempts to reduce U.S. taxes on income earned here. Consequently, income earned abroad is sorted into separate ``baskets'' based on how the income is earned, also known as ``look-through'' treatment. Unfortunately, income from certain corporate joint ventures has not always been afforded look-through treatment. In the past, income from a 10/50 company, a U.S. firm has substantial ownership, at least 10 percent but not a controlling interest 50 percent, was subject to different tax treatment. In 1997, Congress attempted to address disparity with legislation affording look-through treatment for dividends paid by 10/50 companies. However, the bill included vague transition rules that were complex and expensive for U.S. companies. Our bill would resolve these transition issues by restoring parity in the tax treatment of joint-venture income to other income earned overseas by U.S. companies. Everyone, from the Joint Committee on Taxation in the 2001 simplification study to the Clinton Administration in its budget documents, has called for simplification in this area. Legal and political realities in foreign markets often necessitate the use of corporate joint ventures with local firms. U.S. international tax rules should not penalize companies with overly complicated and costly limitations purely because they choose or are forced to do business in a certain form. The 10/50 transition rules didn't allow the full use of foreign tax credits, thus over-taxing income generated from these business ventures. We need to eliminate the last vestiges of the 10/50 regime in order to level the international playing field for U.S. companies. I ask that all my colleagues consider and support this important legislation. I ask unanimous consent that the text of this bill be printed in the Record.

Mr. SMITH

Mr. SMITH. Madam President, I rise to salute a World War II veteran from my home State of Oregon. Today, I want to recognize the life and contributions of Hazel Ying Lee, a courageous woman who died tragically in the line of duty. Hazel Ying Lee was born in Portland, OR in 1912. At the tender age of 19, Ms. Lee piloted her first flight. The same year, she earned her commercial pilot's license at a time when fewer than 1 percent of American pilots were women. When she was 20 years old, Ms. Lee traveled to China to contribute to the war effort. At the time, women were not allowed to join the Chinese air Force, so Ms. Lee worked to open a school in Canton during that time and worked for an information group. In 1938, Ms. Lee returned to the United States just prior to the Japanese invasion of China. Because of her previous flight training, Ms. Lee was able to enter the Women's Flying Training Detachment, WFTD, and trained to fly a range of military planes. Ms. Lee was one of 112 proud women graduates from the fourth WFTD. Upon her completion of the program in 1943, Ms. Lee joined the Women Airforce Service Pilots, WASP, an elite group that made invaluable contributions to the war effort. Ms. Lee was assigned to the Air Transport Command's 3rd Ferrying Squadron at Romulus Army Air Base in Michigan. From this post, it was her duty to transport aircraft to military positions from the factories around the United States. These women were responsible for the transportation of over 70 different kinds of aircraft, all critically needed for the war. While at Romulus Army Air Base, Ms. Lee attended Officer Candidate School in preparation to become a commissioned officer. Upon the completion of that training, Ms. Lee was one of a very select group of women qualified to fly all the Army's single engine fighter aircraft. In November of 1944, Ms. Lee went to the Bell aircraft factory at Niagara Falls, NY, to pick up a new fighter plane to be flown to Great Falls, MT. Bad weather complicated her trip and caused delays in landing in Montana. Ms. Lee was cleared to land by the control tower while another plane was descending to land on the same runway. As both planes lowered to the darkened landing strip, the control tower radioed for them to pull up. Due to a radio malfunction, the two aircraft collided and crashed onto the runway. Ms. Lee sustained severe burns and trauma in the resulting fire. Heroic efforts were made to save her, but, sadly, Hazel Ying Lee died of her injuries on November 25, 1944. Ms. Lee made a selfless commitment to her country in a time of great peril, ultimately giving her life to her duty. It is with humble respect and praise that I offer my recognition today to Hazel Ying Lee, in hopes she will always be remembered for her bravery.

Mr. SMITH

Mr. SMITH. Madam President, I would like to call my colleagues' attention to a revolutionary development in hemorrhage control which is expected to save lives of American soldiers now lost due to uncontrolled bleeding on the battlefield. According to military physicians, 90 percent of soldiers killed in war die before they reach a medical facility, most often of blood loss. Wounds to the extremities are considered the main preventable cause of death in military action. Using Army funds added by Congress over the past few years to spur medical technology to help our soldiers, researchers at the Oregon Medical Laser Center at Providence St. Vincent Medical Center in Portland have developed a hemorrhage control dressing made principally of chitosan and vinegar. Chitosan is an inexpensive material found in the exoskeleton of shrimp. Last fall the FDA cleared the external use of this dressing. The approval was expedited at the request of the Commander of the Army's Medical Research and Materiel Command, who wrote to the FDA, and I quote: This dressing will significantly improve the ability of medics to control hemorrhage from extremity wounds. As a result of independent efficacy studies done at the United States Army Institute of Surgical Research, we feel that the Hemcon chitosan bandage is critical in our efforts to the control of severe external hemorrhage in the combat environment. Subsequent to FDA clearance, this bandage was incorporated into military medical doctrine. According to the newest draft tactical combat care doctrine, ``. . . every combatant should carry both a tourniquet and a hemostatic dressing as part of his personal gear loadout, and should be trained in their use.'' The dressing is now being manufactured by an Oregon company, HemCon, under contract to the Army. I believe the Army should make a major commitment of funds to speed these bandages to our troops. I inquire of the Chairman if there is sufficient flexibility in this bill for the Army to purchase this dressing.

Mr. SMITH. I thank my distinguished colleague, who continually shows his dedication to the men and women of our armed forces. Equipping each of our soldiers in Iraq with this bandage would be a very positive step we can take to save lives. Even if, as we all hope, the main military thrust of our forces in Iraq is successfully concluded in the near future, it is likely that threats from isolated but armed Iraqi paramilitary forces will remain in the months ahead. I would encourage the Army to procure these bandages as quickly as possible to meet the military's own goal of providing one to each soldier.

Mr. SMITH

Mr. SMITH. Mr. President, I rise today to introduce the Economic Stimulus Act of 2003, legislation that will allow a 50 percent bonus depreciation over a 5 year period. Last year I was proud to introduce and pass a 30 percent bonus depreciation incentive as part of legislation signed into law in March 2002. We had great bipartisan support on this issue and I hope that similar action will take place during consideration of this year's tax bill. I introduce the Economic Stimulus Act of 2003 in order to build on last year's effort by both increasing that bonus to 50 percent and extending it through 2008. Our economy clearly needs a boost, and this provision will complement many of the provisions in President Bush's economic growth package. Recently, U.S. Department of Commerce data revealed that private investment in high tech equipment ended it's decline as this provision went into effect last year and has begun to increase modestly in the past year. A significant increase in that bonus along with an extension of its effective date can only boost business investment even further. By extending the effective date past next year, businesses will be able to better plan for sustained increases in technology investment. This legislation will provide an immediate and broad stimulus to the U.S. economy by encouraging business investment. In my own state of Oregon I can look to both heavy industry and the hi tech sector and see the real return this legislation will have on our economy. Heavy industry in my state will have an ability to save family-wage jobs and put additional employees to work in Oregon. For example, the rail supply industry has been hard hit, and though there is a need for investment, there has been a reluctance to invest significant sums that are necessary to sustain this industry. Bonus depreciation provisions is an additional incentive that will lead institutional investors, leasing companies, shippers and railroads to invest in new rail equipment. In Oregon's high-tech sector the strong increase in the first year depreciation amount will have a real and positive impact on the investment environment for high-tech equipment, such as computer hardware, software and broadband network infrastructure. This legislation will definitely stimulate the demand for the software and the whole high-tech sector. In Oregon, the hi-tech sector has been a major component of economic growth and I am intent that this engine of growth continue to provide stimulus to the economy. I note that there are a myriad of bonus depreciation proposals out there. Most don't provide enough lead time however to make real and substantive business decisions. The current downturn is caused in part by a decline in business investment. So what kind of investment can be stimulated by a year-long depreciation incentive? It probably gives business people time to buy a chair and some new wastebaskets. But a year is not enough time to start a major project that could employ thousands of people. It doesn't allow time to build heavy equipment, modernize a lumber mill, revamp a corporate computer system, repair a railbed, or construct an airplane. It doesn't allow enough time to obtain building permits, perform environmental reviews, or complete architectural or engineering studies. We need to create a booming economy not just for today, but for the next several years. So I must emphasize that short depreciation proposals lack economic weight. Bonus depreciation is probably the best idea of any stimulus proposal. I ask that all my colleagues consider and support the Economic Stimulus Act of 2003. I ask unanimous consent that the text of this bill be printed in the Record.