David Scott

Mr. SCOTT of Georgia

Mr. SCOTT of Georgia. Does the gentleman have more time to yield?

Mr. SCOTT of Georgia. I am so glad you pointed that out, because let me show you, let me just illustrate to you, everything is different, every State is different. My State has over 6 billion shovel-ready projects ready to go. In one county alone, in Clayton County, we have got $43 million ready to go; in Cobb County, $50 million; Henry County, $12 billion; in Douglas County, $11 million and in Fulton County, $62 million. These are shovel-ready projects ready to go that will create jobs.

Mr. SCOTT of Georgia

Mr. SCOTT of Georgia. Madam Speaker, our country is riveted with those moments that try men's souls. We are at such a moment in our history. And when the history books are written on this moment, let it be said that both Republicans and Democrats came together and responded at this moment with the confidence that the American people are looking to us with a way out of this dilemma that we are in. That is why they elected us, to lead, to lead with confidence and with boldness, and to rise to the occasion of this moment that tries men's souls as those moments in our past history from the foundation of this country to now have. Let us move with quick dispatch and get this measure off, passed and over to President Obama, so he can execute this plan immediately.

Mr. SCOTT of Georgia. Thank you very much, Mr. McGovern. I think it is very important for us to get our hands around exactly what the situation is now. Our house is on fire. There are two things we need to do. We got to get the water, and we got to get the water quickly and put this fire out. Our economy is crumbling right before our eyes. We are losing 6,300 homes to foreclosure every day. We are losing almost that many jobs every day. Each day there is a new headline, 5,000 jobs here, 6,000 jobs here. Ladies and gentlemen, we can't wait. Now, let us talk about this economic recovery and investment package, because that is what it is, and let's be fair and accurate with the American people as we talk. We have a new administration that is saddled with the responsibility of leading and applying the executive decisions. This administration, the Obama administration, has come to Congress, and with them, together, we have put together this package, a package that has a great many things in it because our economy has a great many things in it. Now, if you want to stimulate the economy, there are only three basic ways to do it: You can cut taxes, which is in here; you can do huge government spending, which is in here; and you can also use the Fed to cut the interest rates, which we have already done and they are frozen at zero. So we are left with these two things. And this package is equally balanced in terms of the impact that is needed. We need to get stimulus in as quickly as we can. Madam Speaker, if I may just share with you a little letter I received from one of my constituents in a high school in Clayton County in Forest Park. Let me just read this. It says, ``Dear Congressman Scott. I am a high school student that attends Forest Park High School here in Clayton County, Georgia. This school is in bad shape and I hope you can help us get money for the school. The school needs new tile for restrooms and new windows. The hallways need new lockers so that the lockers that don't open can be replaced. Classrooms need new desks so that some of the desks that have graffiti and old gum stuck to them can be replaced. We need more space in the lunchroom. Congressman Scott, the lines are so long in the lunchroom that when some students just get their food, it is time for them to go back to the classroom.'' Well, in this package we have $43 million into this Clayton County school system. In another county in my district, $50 million. And I am sure every Member of this House can get a letter saying the same thing.

Mr. SCOTT of Georgia

Mr. SCOTT of Georgia. Mr. Chairman, let me just take up where my good friend from the other side left off. I take great umbrage with what he has said. This is a very good measure that is timed for this extraordinary time that we're in now. We are in the worst economic crisis in the history of this country, many say since the Depression. But from what I understand, at the rate of losing 6,000 homes to foreclosures every day, we're losing 7,200 jobs every day since the beginning of this year, there has been nothing like that in the history of this country. The American people are expecting us to act and move with boldness, with confidence, not whining, not saying, oh, woe is me. Now, Mr. Chairman, let me tell you that these are, indeed, the times that try men's souls. In the history of this country we've had those moments. When the history is written on this moment, what do we want them to say about what the Congress did when we faced the greatest economic crisis of our time? Do we want to say we whined and said no and did nothing? Or do they want to see where we did the practical thing of stimulating the economy by investing in its infrastructure, in its schools, in its health care, that not only creates jobs, but creates wealth and gets our economy well? And, yes, we understand there's another way to stimulate the economy through selective tax cuts, but Mr. Chairman, those tax cuts needed to be targeted down at the level of the people at the lower incomes and the middle incomes that are going to be most likely to spend the money. Now, Mr. Chairman, we've taken care of the banks; let's take care of the American people and pass this measure.

Mr. SCOTT of Georgia

Mr. SCOTT of Georgia. Mr. Speaker, as I stand here, it is very important for us to remember the words of our first Secretary of the Treasury, Alexander Hamilton, for it was Alexander Hamilton who said the greatness of a strong, centralized government shines at its most brilliant at the moment and time of a nation in crisis. We are in a crisis. We are in an agonizing, convoluting, economic crisis of staggering magnitude. It is going to take us to have the wisdom and the smarts, just like our Founding Fathers did, to be able to respond. Now I want to just bring this into perspective so the American people will know exactly what it is we are doing, in a most responsible way, because I take great umbrage with some of my friends on the other side of the aisle, some of my Republican friends, who want to question the actions of us on the Democratic side of not being good stewards of the taxpayers' money. We are being good stewards of the taxpayers' money. Unlike the first batch of the $350 billion that the previous administration had, you talk about not being good stewards of the taxpayers' money, there you go, no strings attached. Nothing. The Secretary of the Treasury comes over and says he wants to use that $350 billion to get the toxic assets, and does nothing but change his mind in the middle of the stream before we can get out of town, before we can even put the oversight and put the inspector general in, and changes the direction of the money away from that, putting it into direct injections into the banking system, which one would say had some effect, but it was not being good stewards of the taxpayers' money. So now we come with a brand new administration, the Obama administration, whose first order of business is to deal with the significance of this economic crisis. He is asking for this tool, a tool, by the way, which is the same tool that we gave to the previous administration. And I say to you, this is surely, as we honored the request of the previous administration, President Bush, because we knew that we had a crisis, we know that crisis is 10 times worse today and we should be moving 10 times faster to give it to the Barack Obama administration. Let me say this because there has been a whole lot of talk about we need to make sure that we do it right and we have the proper tools in place of oversight. Under the leadership of Chairman Frank we have done that with the TARP bill we passed yesterday. Here is what it has got. It has got the oversight in it. It has got the quarterly reporting. And yes, to the dismay of some of our friends on the other side of the aisle, we have a requirement in here that we will have Federal observers sitting in the boardrooms when the decisions are made because we found out they are not going to do as we say. Just like the Super Bowl, you have got to have the referees and umpires on the field to make sure that they follow the rules of the game. We have that in. And more significantly, right to the core of my heart, I tried as hard as I could on the last bailout, the first $350 billion, I tried to get moneys in to deal with the core of the problem, which is home foreclosures. Under the leadership of our Financial Services Committee, we made sure that up front, we are saying to the Obama administration, make sure that you use up to $100 billion to make sure that we can keep folks in their homes. Put the moneys into the community banks and the small businesses which create most of the jobs in this country. This is an important day. It is an important time. I ask you to remember the words of Alexander Hamilton and let us vote down this obstructionist piece of legislation and move forward.

Mr. SCOTT of Georgia. I would take 1 minute to respond just very briefly. I think what the gentleman is referring to is exactly what we are doing. No one has given up authority. We, in fact, yesterday, passed a bill that reclaimed that authority that we thought we had had when we attempted to put some of these same measures in place with the first $350 billion. And as you so eloquently articulated, the Bush administration disavowed all of that. We had many of the oversight measures we have got in this. We said it would go for the spoiled assets. But as you said, it didn't. Because of what we have learned from that experience, we have done exactly what you are asking here. The banks wouldn't lend, and this measure that we passed out yesterday to accompany this, we have got a mechanism in place in which we can measure the difference between the decrease and the increase of how much money these banks are lending, that we would get to that. As far as oversight is concerned, we made one step with AIG. It worked out when we put Federal observers in the boardroom, and we have incorporated that feature throughout, Mr. Speaker. So we have responded exactly to what the gentleman is saying.

Mr. SCOTT of Georgia. I say that respectfully to Ms. Foxx, because I have great respect for her. Yes, I yield to the gentlemen.

Mr. SCOTT of Georgia. Yes, we do. I am sure the gentleman would agree that not only are Federal observers there to see that the money is going to foreclosures, but they are also there to see that the banks are lending, to see that it's going to community banks, to the smaller banks, to see that it's going to small businesses. We have got car dealerships that are going out of business, which are job-sensitive. That is basically what they do, create jobs and have jobs there. So we want the money to be in a position where we have access and we have direct attention and observance to make sure this money is going to the places where it's needed most, which is keeping folks in their homes and keep folks in their jobs.

Mr. SCOTT of Georgia. I appreciate the gentleman as well. I reserve the balance of my time. Announcement By the Speaker Pro Tempore

Mr. SCOTT of Georgia. Mr. Speaker, I just want to make note that we certainly have reserved the right to close on this debate. I'd like to just respond very briefly to a couple of points that have been made by the distinguished gentlelady from North Carolina, as well as Mr. Manzullo. Apparently, I am sort of reminded at this time of the great movie, starring Paul Newman, called Cool Hand Luke. There was that enormous scene where the jailer says, ``What we have here is a failure to communicate.'' I think that what we have on each side of us here is a failure to communicate. Ms. Foxx, you continually point out that we don't have accountability. And, in the bill that we passed, the TARP bill we passed on yesterday, are clearly pointed out mechanisms in place for accountability, for transparency, quarterly reports on how the money is spent, and agreements on how the funds are spent. We have a requirement that, in spite of all that we have said, that we will have Federal observers in the boardrooms where the decisions are made on how the money is spent. How much more transparency, how much more accountability can we have? We didn't have this in the first section. We found out that it worked, as you know so well, with the AIG agreement. We have Federal observers there. We know how that is done. It keeps individuals honest. And on the three most important areas that there was failure on the first $350 billion, not a dime going to help foreclosures. We have more than made up for that by writing into the TARP law that up to $100 billion will be going out of this $350 billion to deal with the most pressing problem, the most pressing problem that caused the problem in the first place, and that is home foreclosures and getting help in a variety of different ways to sustain people to stay in their homes. The other area of concern was that there was no way we could measure or determine the banks would lend the money. Well, we have got a mechanism in place here that will measure the difference between the increase and the decrease of the amount of moneys that the banks are lending under the program. So, to say that there's no accountability, that there is no oversight here, is totally, totally misleading.

Mr. SCOTT of Georgia. I will reserve the balance of my time.

Mr. SCOTT of Georgia. I would yield myself 30 seconds just to say to the gentleman and to the people of this country that we have a new administration in place, and the Obama administration has met and has communicated with us, and we are in concert with what is involved in the TARP measure, with the oversight, with the monies going to foreclosures, and so there is an agreement on how the fund should be used going in. We think the measure we passed yesterday will act as a good guide for that. With that, Mr. Speaker, I would yield 1 minute to the distinguished gentleman from Ohio (Mr. Kucinich). (Mr. KUCINICH asked and was given permission to revise and extend his remarks.)

Mr. SCOTT of Georgia

Mr. SCOTT of Georgia. Madam Speaker, I rise today to speak to the Nation and to honor the South Cobb High School marching band--the Blue Eagle Band--for being selected to march for Barack Obama, the first African American to be elected President, in this extraordinary and historic inaugural parade. This is an extraordinary story, Madam Speaker, but it is not just a Georgia story; it is an American story. For, when these young people were recognized and were selected for marching in this parade, they didn't have the money to come and no means, but people all across this country, from as far away as Arizona and California--over 16,000 donations and over 85 corporations--provided a way for these young people to come, young people who happen to come from the lower end of the economic stream. So you see, Madam Speaker, I am so proud to represent this extraordinary school from Austell, Georgia, from Cobb County, my district. Next Tuesday, when we're watching this parade and when we see this Georgia high school band go by, it will not just be a Georgia story; it will be an American story. It will not be just a story of small achievement; it will be a story of America. People will say, ``There goes America's band,'' because they got here and made it, because they practiced the values that made this country great with the spirit of the American people behind them.

Mr. SCOTT of Georgia

Mr. SCOTT of Georgia. Madam Speaker, I represent Georgia, which has 300,000 children who badly need coverage in this legislation. Let me take a part of my moment here, if I may, to respond to what I think are some misstatements from the other side because this is, indeed, a children's health program, and they've mentioned about adults being on this program. One category of adults, Madam Speaker, is pregnant women. Of all adults, a pregnant woman with child in her womb, they need care. They should be and are covered in this. As far as the other category, here's what the bill says as far as parents. No new waivers to cover parents in the CHIP program will be allowed. That's in this bill. What about childless adults who don't have? The bill says the current law, that prohibition on waivers to cover coverage of childless adults is retained. Childless adults are prohibited in this law. Issue of illegal immigration; only legal immigrant children and their pregnant immigrant legal immigrant women are covered under this bill.

Mr. SCOTT of Georgia

Mr. SCOTT of Georgia. Madam Speaker, what a great day this is, to be able to finally, finally, pass this much-needed bill. Madam Speaker, we have over 300,000 Georgia young people and children who desperately need this legislation. We worked hard in the past sessions to be able to get this bill passed, but to no avail. But now we will be able to get this passed, and hopefully it just might be the very first bill that our new President, President Barack Obama, will sign. But let me just tell you the improvements on this bill and what we have so the American people will know. It will eliminate the 5-year waiting period for low-income people insured to be part of the program. It will add 4 million new additional uninsured low-income children, to bring that total up to 11 million. There will be a 4\1/2\-year reauthorization period that extends all the way through 2013. It will add dental and mental health parity, which is so greatly needed, because so many of our health needs and diseases and challenges come when the teeth are not there. Madam Speaker, it is a great day. I thank the gentleman from Florida (Mr. Hastings) for his leadership on this and urge passage.

Mr. SCOTT of Georgia

Mr. SCOTT of Georgia. First let me address a couple of points that the other side has mentioned. The first erroneous statement is that this is a one-person bill, the chairman's. Nothing could be further from the truth. This has been an open process. Many of the amendments and concerns of the other side have been added to this bill. Tomorrow we are going to have amendments that the chairman has made allowable for the other side to be debated on this bill. Many of the concerns that I had raised in the early part of the first expenditure of the first $350 billion are incorporated in this. Many of the ideas that Congresswoman Maxine Waters and I, in our concern about the housing and the home foreclosures, are a part of this bill, any number. We've had hearings. So I think it is very important for that statement to be shot down as erroneous and unfair to our distinguished chairman, for he has certainly had a very open process. Now, I've listened to the other side, and you talk about putting a plan together. You talk about not making the mistakes that we've made before. The mistakes we made before were in the hands of this administration, with this Treasury Department that came in and said he wanted the $350 billion for one thing, which was to take the spoiled assets off the books, he didn't use it for that. Before we could get on an airplane and get out of Dodge he had changed the whole plan, gave the banks $290 million just like that, before we could even put the Inspector General in place, before we could put the oversight in place. What this bill does is correct that mistake, puts a plan in place that will bring the reporting, bring the monitoring, the accountability and the transparency to this and will have upfront agreements on how these funds will be used. And let me just state for the record that in this morning's Politico there is an interesting poll that drives home the basic need and the substance for this bill. In that poll it says that 5 percent of the American people--only 5 percent of the American people--believe and have a great deal of trust that the Federal Government will handle its financial responsibilities responsibly. This measure goes right to the heart of that and makes sure that we put in place a way in which we guarantee that we will make sure that this $350 billion is handled responsibly.

Mr. SCOTT of Georgia

Mr. SCOTT of Georgia. Mr. Chairman, I yield 2 minutes to a very talented and energetic member of the committee, the gentlelady from Illinois (Ms. Bean).

Mr. SCOTT of Georgia. I yield the gentlelady an additional 30 seconds.

Mr. SCOTT of Georgia

Mr. SCOTT of Georgia. Madam Speaker, I rise today to congratulate and honor members of the South Cobb High School Blue Eagle Marching Band. Under the direction of Band Director Zachary Cogdill and with the support of Principal Dr. Grant Rivera, the faculty and students at South Cobb High School, these students were chosen to represent the great State of Georgia during the 56th Presidential Inaugural Parade next Tuesday. I am immensely proud of their dedication and diligent preparation for this occasion, as President-Elect Barack Obama is sworn in as the 44th President. Madam Speaker, I would like to submit for the record a copy of the official letter I submitted to the Armed Forces Inaugural Committee recommending South Cobb High School for participation in the parade: To Members of the Committee: I would like to recommend the South Cobb High School Blue Eagle Marching Band for participation in the 2009 Presidential Inaugural Parade. South Cobb's marching band continues a long tradition of exemplary musical groups at the school. Under the outstanding leadership of Mr. Zachary Cogdill, the marching band program has increased to 60 students. This year, the Blue Eagle Marching Band has won 11 trophies at two competitions, including Best in Class and Grand Champion in Class. This band also features a young man who suffers from leukodystrophy-- a rare, progressive genetic disorder that affects the nervous system. Although he cannot march, he walks in front of the band and plays a single drumbeat throughout the band's entire performance. His special role is the basis for the band's theme--``Heartbeat.'' Lastly, most students have never been to Washington, DC and this would be an excellent for them to visit our Nation's Capital. I look forward to meeting members of the marching band should they be selected for your events. I know they certainly have earned the opportunity to perform, and hope you will feel the same. Again, I encourage you to grant the South Cobb High School Blue Eagle Marching Band the opportunity to perform in January. Thank you for your consideration. Sincerely, David Scott Member of Congress This fall, the Blue Eagle Marching Band won 11 trophies at two competitions, including Best in Class and Grand Champion in Class. They also performed at the Georgia Dome in Downtown Atlanta. With the support of the Atlanta community, the high school was able to raise $70,000 in five days for their trip. I am thankful for the generosity of my hometown and each individual who supported our students, financially and otherwise. On Friday night, the Blue Eagle Marching Band will depart Austell, Georgia for Washington, DC. For many, this will be a first visit to our Nation's Capital. I wish them a safe journey and congratulations on this outstanding achievement. I am honored to represent such talented constituents.

Mr. SCOTT of Georgia

Mr. SCOTT of Georgia. Madam Speaker, as the Proverb states, ``Who can find a virtuous woman? For her price is far above rubies.'' I rise today to recognize a truly virtuous woman whose life is not only far above rubies, but one of great milestones and accomplishments that is worthy of celebration. On December 8, 2008, Mrs. Maggie Katie Brown Kidd will turn 104 years old and I am honored to serve as a spokesman for Mrs. Kidd's family members and friends who will recognized her birthday with a party in November of last year. Born during President Theodore Roosevelt's second term in office, Mrs. Kidd has been blessed to see 17 Presidents in her lifetime. The eleventh and youngest child of William and Lucy Brown, Mrs. Kidd learned the importance of hard work and faith in God at an early age. Baptized at the Mount Zion Baptist by the Reverend Henry Gresham, she served under the leadership of the Reverend W.M. Combs until to she moved to her current home in Atlanta Ga. However, her faith is her Lord and her dedication to the church never left her and she instilled the traditions of faith and her work in her own family. She married the late Willie Kidd, III on November 30, 1940, and together they raised their two children, John and Rosalyn. She is also the proud grandmother to four and the great-grandmother to three and serves as the matriarch of her loving family. Mrs. Kidd's family describes her as a loving and selfless member of her community, offering her time and whatever she has to those in need. She is also an avid quilter and participates in family gathers and activities outside of Georgia. Her most favorite moments, however, are the ones on a quiet afternoon stitching in her favorite chair. Madam Speaker, I am so honored to serve Mrs. Kidds representative. Her life is a living history of the times and events that have shaped our great land and is a monument to how far we've come as a Nation. Moreover, her life serves as a testament to individuals and families everywhere that a strong unbinding faith in the Lord, coupled with hard work and a dedication to family will carry you far in life. As the Proverb states, ``favour is deceitful, and beauty is vain: but a woman that feareth the LORD, she shall be praised''. Mrs. Maggie Katie Brown Kidd truly embodies the example of a virtuous woman and I ask my colleagues to join me in recognizing her life by wishing her a very happy 104th birthday.

Mr. SCOTT of Georgia

Mr. SCOTT of Georgia. Let me first say, Chairman Frank, how much we all appreciate the outstanding job you have been doing on this issue. Chairman Frank, it's very important that as we consider this financial package, we make sure we do everything we possibly can to reduce the number of foreclosures and keep families in their homes. We are losing 6,300 foreclosures every single day. In this regard, I have been working on, and I presented to you a four-point package to reach this goal. At this time, I certainly want to thank my collaborator, Dr. James Galbraith from the University of Texas, for his advice on this. Essentially, what we want to do is really, quite honestly, in the spirit of our great Treasury Secretary, Alexander Hamilton, for I believe we need to give the Treasury Secretary efficient tools so that he will be able to allow us to be able to use a program such as our HOPE for Homeowners program to make sure that we are doing everything we do as he purchases these assets to put the ingredients in place that we can bring down these foreclosures and keep individuals in their homes, and I have presented this four-point plan to you.

Mr. SCOTT of Georgia. I certainly will. Thank you, Mr. Chairman.

Mr. SCOTT of Georgia. Let me thank you, Mr. Chairman, for including certainly two of those four. I deeply appreciate that. Homeowners who are struggling across this country appreciate that. We thank you for that. I want you to know that I will support the bill and I will encourage my colleagues to do the same.

Mr. SCOTT of Georgia

Mr. SCOTT of Georgia. Madam Speaker, I ask unanimous consent that all Members may have 5 legislative days to revise and extend their remarks and include extraneous material on the resolution under consideration.