Member of Congress

Albio Sires

Role
Former Representative
State
NJ
Party
Democrat

Speeches

UNETHICAL IMPRISONMENT OF PABLO PACHECO AVILA2007-12-05

Mr. SIRES

Mr. SIRES. Madam Speaker, I rise today to bring attention to the continued injustice facing a Cuban prisoner of conscience, Pablo Pacheco Avila. In March of 2003, Cuban authorities led a crackdown on dissident movements. One of their victims was independent political journalist, Pablo Pacheco. Under Law 88, persons found guilty of destabilizing the Cuban regime by supporting the policy of the United States can be sentenced to many years in prison. Pablo Pacheco was sentenced to 20 years in prison under Cuban Law 88. By simply expressing political opinions and exercising the right to free speech, Pablo Pacheco and over 70 other people were arrested. Pablo Pacheco began his prison sentence in Prison de Aguice in Colon, but has since been transferred several times. During this time, the prisoner's health has been declining, as Pablo suffers from renal ectopia of his right kidney. In a country renowned for its medical care, it appears difficult for Pablo to receive the attention he needs. He continues to suffer from severe pain. His medical conditions have been exacerbated by the harassment he has experienced in the Cuban prison system. While in prison, Pablo Pacheco has continued his fight to expose the failings of the Cuban regime, resulting in further punishments. I urge the Cuban regime to end this unethical imprisonment of Pablo Pacheco Avila. His status as a prisoner of conscience and his declining health urgently call for his immediate release.

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MORTGAGE REFORM AND ANTI-PREDATORY LENDING ACT OF 20072007-11-15

Mr. SIRES

Mr. SIRES. I rise in support of this amendment. And this amendment, all it affords is a choice. I want to thank Congresswoman Maloney for her hard work and leadership on this issue, and I appreciate some of the concerns that I had on this amendment. Let me just share a personal story. Before coming to Congress, I was part owner of a title insurance agency, and I have taken out a couple of mortgages in my time. It is fair to say that I had more knowledge about mortgages than the average consumer, and certainly more than a first-time home buyer. Yet, when I sold my home, I sold my home for the reason to come to Congress, I was shocked to learn that I owed $7,500 as a prepayment penalty. The circumstances that I sold the home were the fact that I was elected to Congress, that I had to disassociate myself with the property. If I was surprised by this penalty, imagine how surprised someone with less experience and knowledge would be. That is why I strongly support this amendment. It presents the consumer with the necessary information so they can make an appropriate choice for their family. The amendment also recognizes that the market should have the flexibility to offer prepayment penalties, and that the secondary market must have confidence that the mortgages they buy and sell are more secure. Our amendment does not prohibit prepayment penalties on prime mortgages, nor does it cap the penalties at unreasonable levels. The penalties allowed by this amendment conform to industry best practices. And I said it before, I strongly support this amendment. It is friendly to consumers and business. It would only serve to improve all mortgage transactions, which will ensure that the mortgage market has some stability. I encourage all my colleagues to support this amendment.

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ENSURING PROMISES MADE TO VETERANS2007-11-06

Mr. SIRES

Mr. SIRES. Madam Speaker, as America prepares to honor our veterans and those who continue to wear the uniform this weekend, the Democratic Congress is proud of our record over the last 10 months that has provided real support for our troops and our veterans. Today, we will take a vote on a final veterans bill that increases funding for veterans health care by $6.7 billion, making it the single largest increase in veterans funding in the 77-year history of the Veterans Administration. This bill invests $3.8 billion more than the President requested. The final conference report also includes $500 million above the President's request for much-needed maintenance in VA health care facilities, and $600 million more than the President's request for mental health, PTSD and traumatic brain injury. This investment is critically important at a time when one-third of the veterans returning from Iraq and Afghanistan face mental health challenges. Madam Speaker, today let us ensure that no veteran is left behind by supporting this bill that fulfills our promises to our Nation's veterans.

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DENNIS P. COLLINS POST OFFICE BUILDING2007-10-30

Mr. SIRES

Mr. SIRES. Mr. Speaker, I rise today in support of H.R. 3307, a bill to designate the post office on Broadway in Bayonne, New Jersey, as the Dennis P. Collins Post Office. Mayor Collins is a legend in my congressional district for his long-time public service to the people of his community and the State of New Jersey. Before entering elected public office, Mayor Collins served his country during World War II in the U.S. Army for 3 years, including time in the China-Burma and India theater of operations. In 1962, Mayor Collins won his first election to public life by serving on the Bayonne Municipal Council. He went on to serve two more terms, both as council president. In 1974, Dennis Collins ran and won his first term as the mayor of Bayonne. Mayor Collins served in his role as mayor of Bayonne for the next 16 years before retiring in 1990. Even though he no longer has an official position, Mayor Collins remains available to elected officials and citizens alike to advise and support. As a former mayor in the same county as Mayor Collins, he served as a role model for me and many other mayors in the region. I always admired how Mayor Collins ran his city so efficiently, while never losing sight of the needs of his constituents. I see no better way to honor him today than by passing this bill to name this Bayonne Post Office after him so his legacy can continue in the city forever.

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HONORING THE DR. MARTIN LUTHER KING, JR. PARADE AND SCHOLARSHIP COMMITTEE2007-10-25

Mr. SIRES

Mr. SIRES. Madam Speaker, I rise in honor of the Dr. Martin Luther King, Jr. Parade and Scholarship Committee on their 20th Anniversary. The Committee has fulfilled its mission to honor the memory of civil rights leader Dr. Martin Luther King, Jr. and kept his legacy alive by providing scholarships to deserving students. The Dr. Martin Luther King, Jr. Parade and Scholarship Committee was founded in 1987 by James Caldwell, Herb Champion and the late Tony Filmore. Their enthusiasm allowed them to be able to organize their first march in honor of Dr. King in January of 1988. Year after year, the event has been successful in bringing together the African-American community, as well as in promoting the values that Dr. King taught us all: respect, inclusion and dignity. Today, 16 members work tirelessly to put together a spectacular parade that has become a tradition in our congressional district. In August of 1990, the members of the Dr. Martin Luther King, Jr. Parade Committee expanded their mission by creating a scholarship that would help outstanding students achieve their educational goals. Since then, twenty-four students have received yearly scholarships over four- year periods, recognizing the achievements of five college-bound high school seniors each year and giving them the opportunity for a better future. Please join me in congratulating the Dr. Martin Luther King, Jr. Parade and Scholarship Committee on their 20th Anniversary. I wish them continued success and hope they continue to instill the teachings of Dr. King in our youth who are the future of the 13th Congressional District.

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CHIP2007-10-24

Mr. SIRES

Mr. SIRES. Mr. Speaker, the bipartisan CHIP Reauthorization Act had the support of over two-thirds of the U.S. Senate, nearly every U.S. Governor, and an overwhelming majority of the American people. Unfortunately, it did not have the support of two crucial parties, President Bush who vetoed it and his Republican friends who voted to uphold his veto. Instead of helping us extend health care to low-income children, the President claims this fully-paid-for bill is excessive spending and instead he proposes to spend just $5 billion more than we do now on the CHIP program. According to the Congressional Budget Office, the President's plan will lead to more than 800,000 children losing their coverage. Mr. Speaker, I would like to know how the President and his Republican enablers would determine which 800,000 children lose their coverage. And what do they tell the 4 million children who are currently eligible for CHIP, but will have no hope of getting this coverage unless our bipartisan bill passes? It is time for Republicans in this body to reject the President's plan to cut health care for children and stand with us in strengthening the CHIP program.

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PERSONAL EXPLANATION2007-10-23

Mr. SIRES

Mr. SIRES. Madam Speaker, on October 22, 2007, I missed rollcall vote Nos. 983, 984, and 985. Had I been present, I would have voted ``yes'' on rollcall 983, ``yes'' on rollcall 984, ``yes'' on rollcall 985. In addition, I want to express my strong support for H.R. 189, legislation introduced by Congressman Bill Pascrell to establish the Paterson Great Falls National Park in Paterson, New Jersey. I regret having missed the opportunity to cast a vote in favor of the establishment of this park, which will provide all northern New Jersey residents as well as all Americans continued access to this historic landmark.

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HOUSE REPUBLICANS HAVE TWO CHIP PLANS BEFORE THEM--THEY HAVE TO DECIDE THIS WEEK2007-10-16

Mr. SIRES

Mr. SIRES. Madam Speaker, this week, Republicans must decide if they're going to support a bipartisan bill that provides health care for 4 million more children or if they're going to back a Bush administration plan that will leave 800,000 more children uninsured. Today, the Children's Health Insurance Program ensures that 6 million children have access to private health insurance. Earlier this year, President Bush proposed increasing CHIP funding by $5 billion over the next 5 years. The nonpartisan Congressional Budget Office concluded that this plan will result in 800,000 children losing their health coverage. The President's proposal is unacceptable to many of us. Our bipartisan compromise bill allows us not only to insure all the children currently in this program, but also allows us to cover an additional 4 million children who are already eligible but not enrolled in CHIP. Madam Speaker, House Republicans have a decision to make. I hope they stand up for 10 million children to help us override the President's veto.

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EXPRESSING SUPPORT FOR IMPLEMENTATION OF AGREEMENT RELATING TO REUNIFICATION OF CYPRUS2007-10-09

Mr. SIRES

Mr. SIRES. Mr. Speaker, today I rise in support of H. Res. 405, which expresses strong support for the implementation of the July 8, 2006 agreement between the President of the Republic of Cyprus and the Turkish Cypriot leader. Since the invasion of Cyprus over 30 years ago, the Greek and Turkish Cypriot communities have been divided. There have been over 13 million crossings by Greek and Turkish Cypriots into each other's communities without incident. The reunification of Cyprus would improve relations between the communities, commerce, and the everyday lives of Cypriots on the island. It is in the best interest of the Cypriot people, the United States and our allies, Greece and Turkey, to urge the immediate implementation of the July 8th agreement. Both parties must abide by U.N. Security Council Resolutions and move forward with the reunification of Cyprus. I'd like to thank Congressman Bilirakis for introducing this resolution and I would urge all of my colleagues to support it.

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CONGRATULATING GEORGE A. CASTRO II2007-10-05

Mr. SIRES

Mr. SIRES. Madam Speaker, I rise today in honor of George A. Castro II, a community leader and businessman, who is being recognized at the Hispanic Law Enforcement Association of Union County 2007 Annual Gala. His rags to riches story is an inspiration to anyone who believes in the American dream; his dedication to the betterment of his community is an example of how one citizen can empower hundreds of others in the State of New Jersey, while enriching Union County's artistic and cultural heritage. Mr. Castro came to the United States from Colombia in 1985--as he says--with a quarter in his back pocket. After acquiring his real estate license, Mr. Castro worked at an ERA office, producing $27 million in sales in 2 years. His successes led him to create his own real estate venture: Countywide Realty. Later, he decided to join a national agency, opening Century 21 Atlantic Realtors, Inc., which has become one of the top sellers in the country. Aware that with success comes responsibility, George A. Castro II became very active in his community, volunteering in social activities. Mr. Castro became president of the Hispanic American Association for Political Awareness, which promotes Latino political empowerment, leading numerous voter registration efforts. Later, he created its Hispanic American Political Action Committee, becoming one of the most influential Hispanics in New Jersey politics. George A. Castro II has been appointed to numerous commissions such as the board of governors and board of trustees of Union County College, the Sports and Expositions Authority, and the Consolidated Police and Firemen's Pension Fund, becoming vice chair of its State Investment Council. Currently, Mr. Castro serves as commissioner of the Elizabeth Zoning Board of Adjustment and as a member of the board of trustees of PROCEED. In 1994, George purchased the historic Ritz Theater and Performing Arts Center, a veritable landmark of Elizabeth, New Jersey. The old Drake Opera House, as it was originally named when it was built in 1865, hosted luminaries such as Frank Sinatra, Sammy Davis, Jr., Dean Martin, Desi Arnaz, Bruce Springsteen, and Julio Iglesias. Mr. Castro has taken it upon himself to refurbish the 2,772-seat venue, making it possible for New Jersey residents to preserve an integral part of their cultural heritage for many years to come. Please join me in congratulating George A. Castro II, as well as his lovely wife Leonor and his children George and Gabrielle for their contributions to Union County and for setting an example of the success that can be achieved in our great country.

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TRIBUTE TO THE KNIGHTS OF COLUMBUS FATHER CAREY COUNCIL 12802007-10-04

Mr. SIRES

Mr. SIRES. Madam Spaker, I rise today in honor of the Knights of Columbus Father Carey Council 1280 of Carteret, New Jersey, which is celebrating its 100th anniversary on October 24, 2007. This fraternal organization has assisted thousands of Carteret residents with its volunteer work and served as vital support for members in need. The Knights of Columbus, initially formed to help sick, disabled and needy members and their families, extended their work to assist others in their communities. In this spirit, in 1907, a group of 57 Catholic gentlemen established a council in the Borough of Carteret, New Jersey. The Father Carey Council 1280 was founded on November 24, and today, its 500 members continue to serve true to its principles of charity, unity, fraternity and patriotism. The Father Carey Fourth Degree Assembly #0677 was later formed in 1947 to foster the spirit of patriotism in members and the community at large, as well as encourage active Catholic citizenship. To promote these ideals, the Father Carey Fourth Degree Color Corps was created, and actively participates in Carteret's parades and ceremonies, in addition to the borough's church communions, confirmations, and anniversary celebrations. Today, the Father Carey Council continues to be active in the Carteret community by volunteering and assisting its sick, disabled, and needy, emulating its founding members. The Council hosts semi- annual blood drives, a youth free throw contest, and assists at veteran's hospitals. The Council also sponsors the Youth Squires Program, which gives Catholic young men the opportunity to learn the skills and attitudes of Catholic leadership. The Council's Buddy Group, created to engage the borough's mentally disabled community, hosts several yearly gatherings that include movie nights, dinner dances and holiday parties. Please join me in congratulating the Knights of Columbus Father Carey Council 1280 of Carteret, New Jersey on their 100th anniversary. I also want to express my gratitude for their service to the residents of the Borough of Carteret.

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GOP GOVERNORS ABANDON PRESIDENT BUSH ON CHIP2007-09-27

Mr. SIRES

Mr. SIRES. Mr. Speaker, last week President Bush once again threatened to veto a bipartisan agreement that will provide health care insurance to 10 million low-income children. The President should talk to our Nation's Governors, 43 of whom have voiced support for a strengthened CHIP reauthorization. The Republican Governor of Utah, Jon Huntsman, said, ``CHIP is a much needed safety net for uninsured kids, and Congress showed tremendous foresight in authorizing it a decade ago. Uninsured children are the State's number one priority.'' The Republican Governor of Wisconsin, Tim Pawlenty, said, ``We as Governors also want to make sure that the current population, and hopefully some reasonable expansions, could be covered.'' In addition, the Republican Governor of California, Arnold Schwarzenegger said, ``We cannot roll back the clock on the program that has helped to ensure children who need it most to have a healthy start in life.'' Mr. Speaker, Republican and Democratic Governors alike recognize the importance of this program. I hope the President will listen to these Governors and reconsider his veto threat.

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TERRORISM RISK INSURANCE REVISION AND EXTENSION ACT OF 20072007-09-19

Mr. SIRES

Mr. SIRES. Mr. Chairman, I thank the chairman for yielding me time. As you know, my district is in northern New Jersey, right across the river from New York City. I also represent parts of Newark and Jersey City, which are both considered high-threat areas. As a matter of fact, the New York Times has called parts of my district as containing two of the most dangerous miles in the country. As you can imagine, my constituents deal with the threat of terrorism every day. When I was Speaker of the New Jersey Assembly, I made homeland security a top priority. Already in my first year in the U.S. House of Representatives, we have tackled important national security issues. The reauthorization of TRIA is another step in the process and something of great importance to the businesses of my congressional district and to this country. I believe that the Financial Services Committee has thoroughly considered this reauthorization. We held hearings in New York City back in March where we had the opportunity to hear directly from the mayor of New York, Mayor Bloomberg, and Senator Schumer about the need for TRIA reauthorization. I am confident that H.R. 2761 takes their suggestions into consideration. The work of the Financial Services Committee that led to the drafting of this bill makes me proud to be a cosponsor. I think this legislation addresses all the major issues involved in the reauthorization, while maintaining the system that continues to ensure that there is coverage for terrorist attacks. I want to thank Chairman Frank and Congressman Capuano for introducing the reauthorization legislation, and I look forward to working with the committee and the leadership to make sure that this bill passes.

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DEMOCRATIC CONGRESS SENDS COLLEGE COST REDUCTION ACT TO THE PRESIDENT'S DESK2007-09-19

Mr. SIRES

Mr. SIRES. Mr. Speaker, elections do make a difference. Last November, Democrats promised that if the American people entrusted us with the control of Congress, one of our top six priorities would be putting college in reach for more Americans. This week, the Democratic Congress delivers on that promise, sending the College Cost Reduction and Access Act to the President's desk for his signature. The President says he will sign it, which is good news for millions of students and families who are trying to fulfill the American Dream. The landmark legislation is the largest college aid expansion since the GI Bill in 1944. Under the legislation, the maximum Pell Grant scholarship will increase by more than $1,000 over the next 5 years. More than 5.5 million low- and moderate-income students will receive an immediate boost of almost $500 in their Pell Grant scholarships. The legislation also cuts interest rates in half on student loans, which will save the average student $4,400 over the life of the college loan. Mr. Speaker, the Democratic Congress has delivered on another of our top priorities as we take America in a new direction.

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EXPANDING AMERICAN HOMEOWNERSHIP ACT OF 20072007-09-18

Mr. SIRES

Mr. SIRES. Madam Chairman, I rise in opposition to this amendment. I keep hearing time and time again from my constituents that they cannot afford a safe home for their children. I know this is a problem for many Americans across the country. In fact, recent research has indicated that in order to afford a modest two-bedroom apartment paying no more than 30 percent of their income for housing and working full time, a New Jersey family would need to earn over $20.00 an hour. Wages are simply not increasing fast enough to allow many families to even come close to this affordable housing wage. Families need help. That is why I am so supportive of the Affordable Housing Trust Fund and the revenues that H.R. 1852 will provide to the Fund. This fund will increase home ownership and increase mortgage funding in areas of chronic economic distress. By increasing the level of home ownership, we will then increase the supply of rental housing for families. And where needed, we will increase our investment in affordable housing infrastructure to make a safe and affordable home a reality for every hardworking American. I urge my colleagues to vote against this amendment that would strike the affordable housing trust fund and I urge everyone to vote in support of final passage the Expanding American Home Ownership Act of 2007.

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FRANK J. GUARINI POST OFFICE BUILDING2007-09-10

Mr. SIRES

Mr. SIRES. Mr. Speaker, I rise in support of H.R. 2467, which will designate the U.S. Postal Service building at 69 Montgomery Street in Jersey City, New Jersey, as the ``Frank J. Guarini Post Office Building.'' Frank Guarini was born in Jersey City, New Jersey, and has served his State and country in a variety of positions. Early in his career, he was commissioned as a Naval officer at Columbia University and went on to serve in the United States Navy aboard the USS Mount McKinley, receiving the Naval Commendation Medal and three battle stars during World War II. In 1965, he was elected to the New Jersey State Senate where he served for the next 7 years. On January 3, 1979, he was elected to represent New Jersey's 14th Congressional District in the United States House of Representatives, completing seven terms before retiring in 1993. As a member of the House Committee on Ways and Means, Frank Guarini was a true champion for education, serving as the chief sponsor of legislation that encouraged employers to provide educational assistance to its employees tax free. Even after his retirement, Frank Guarini's commitment to education and public service has not wavered. In 1994, he established the Guarini Center for Government Affairs at St. Peter's College in Jersey City, New Jersey, which strives to provide a forum for nonpartisan discussion of public policy issues and encourages today's students to take up careers in public service. A central part of the Guarini Center's mission is to promote critical thinking and debate among the next generation of leaders at its Annual High School Oratorical Contest. The event is open to all high school students in New Jersey and throughout the tri-State area and attracts more than 100 students from 75 schools to compete each year. I have known Frank Guarini for many years, and I can personally attest to the commitment and passion that he has for the State of New Jersey and this country. I can think of no better way to honor the public service of this former New Jersey Congressman than to designate a U.S. postal office in his name. I urge all my colleagues to support this legislation.

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COST OF WAR IN IRAQ2007-09-05

Mr. SIRES

Mr. SIRES. Madam Speaker, the President's war has already cost the American people dearly in both lives and tax dollars. Congress has appropriated nearly $477 billion for the war since March 2003, and the U.S. is currently spending an estimated $10 billion a month on the war. This spending continues despite reports that 15 of 18 benchmarks for success have not been met and casualties in the war are 65 percent higher this year than last. This Democratic Congress and the American people are ready for a new direction. We believe it is time to bring our troops home and begin investing here in the U.S. If you took just some of the money we are spending in Iraq and invested it here instead, we could take care of a lot of our seniors' prescription drug cost problems. And for the cost of just one week in Iraq, we could hire 51,000 more police officers to make our streets safer. Madam Speaker, it is time for Republicans in this body to listen to the American people and join us in calling for an end to the financial drain of this war. It is time to invest in making our Nation safer here at home.

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IN SUPPORT OF H.R. 31622007-08-02

Mr. SIRES

Mr. SIRES. Mr. Speaker, I rise proudly this morning to tell this Nation and the children of the State of New Jersey that this House has heard their call for help. Yesterday's passage of H.R. 3162, the Children's Health and Medicare Protection Act of 2007, was a significant achievement for the children of working Americans throughout this country. In New Jersey alone, this legislation will maintain coverage for over 120,000 children currently enrolled in New Jersey's FamilyCare program, while also helping the State provide care for the 136,000 children currently eligible for the program but not enrolled in it. The New Jersey FamilyCare program would also be allowed to extend coverage to 126,000 young men and women who are aging out of the program but still need access to health care. I am especially glad that the CHAMP Act will also help 80,000 of the lowest income and most wonderful adults in my State keep their coverage through this program. Mr. Speaker, the SCHIP program that we passed yesterday has the potential to have a significant impact on improving children's health care across this Nation.

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PERSONAL EXPLANATION2007-08-01

Mr. SIRES

Mr. SIRES. Madam Speaker, on July 30, 2007, I missed rollcall vote Nos. 758, 759, 760, 761, and 762. Had I been present, I would have voted ``yes'' on rollcall 758, ``yes'' on rollcall 759, ``yes'' on rollcall 760, ``yes'' on rollcall 761, and ``yes'' on rollcall 762.

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FARM, NUTRITION, AND BIOENERGY ACT OF 20072007-07-27

Mr. SIRES

Mr. SIRES. Mr. Chairman, I rise briefly to respectfully state my strong opposition to this amendment because I believe that we must not open our financial institutions to a state sponsor of terrorism like the Cuban regime. The Rangel amendment has almost nothing to do with agricultural interests. In fact, it may actually cause harm to our agricultural community. What this amendment does do is threaten our national security. This amendment allows the Cuban Regime, a state sponsor of terrorism, access to U.S. financial institutions and allows its agents access to U.S. visas. If adopted, the Rangel amendment will legitimize the Cuban Regime and provide them with the opportunity to continue its sponsorship of terrorism. It will also provide high level regime officials access to U.S. visas to travel throughout the United States. At a time when our country has declared a war on terror and we have worked to cut the flow of money to terrorists and terrorists access to our financial institutions, we must not open our financial institutions to help finance state sponsors of terrorism. By adopting this amendment, we will be doing just that, rewarding the Cuban Regime and supporting the financing of a state sponsor of terrorism. I urge my colleagues to vote ``no'' on this amendment.

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THE TRUE COSTS OF THE WAR IN IRAQ TO OUR MILITARY AND TO THE AMERICAN TAXPAYER2007-07-17

Mr. SIRES

Mr. SIRES. Mr. Speaker, over the last week, we have seen more proof of the devastating effects that war in Iraq is having on our Nation's budget and military. Last week CRS reported that the average monthly cost of the Iraq War is now $10 billion a month. That means this year alone, the Bush administration has already spent $60 billion in Iraq. Just imagine how we could have used $60 billion here at home? We could have improved a lot of Americans' lives and addressed our deficit. The war is also negatively impacting our military. Last week the Army announced it missed its recruiting goals for the 2nd month in a row, falling 1,000 recruits shy of its June goals. Mr. Speaker, the status quo cannot continue in Iraq. That's why Democrats have repeatedly tried to change the direction of the war, with little help from our friends across the aisle. How much worse do things have to get before congressional Republicans stop blindly following President Bush? The warning signs of change have been in the air for months. But Republicans refuse to see them.

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FDIC ENFORCEMENT ENHANCEMENT ACT2007-07-16

Mr. SIRES

Mr. SIRES. Madam Speaker, I have no further requests for time, and I yield back the balance of my time.

Mr. SIRES. Madam Speaker, I move to suspend the rules and pass the bill (H.R. 2547) to amend the Federal Deposit Insurance Act to prevent misrepresentation about deposit insurance coverage, and for other purposes, as amended.

Mr. SIRES. Madam Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks on this legislation and to insert extraneous material thereon.

Mr. SIRES. Madam Speaker, I yield myself as much time as I may consume. First, I would like to thank Chairman Frank for moving this legislation through the committee and bringing it to the floor today. I would also like to thank Congresswoman Biggert for sponsoring this legislation with me. I was happy to have such a strong proponent of consumer protection join me in introducing this bill. We hear all types of stories about trademarks registered to a specific company being used inappropriately. In some cases, multimillion-dollar lawsuits are filed for copyright and patent infringement. We have the same thing going on with the FDIC. Their trusted logo is being used to deceive consumers, but they have no recourse. H.R. 2547 will allow the FDIC to levy cease and desist orders against any persons or entity that uses the FDIC's name, logo, abbreviation or any other FDIC-recognized indicator fraudulently and without the FDIC's permission. This legislation will also allow the FDIC to impose fines of up to $1 million per day against any person or entity engaging in falsely representing the FDIC's backing of a product. This is important consumer protection legislation that is necessary to preserve the trusted name of one of the most recognized Federal agencies. In fact, the FDIC believes this legislation is necessary to help them to continue to fight financial scams. I ask my colleagues to support H.R. 2547. Madam Speaker, I reserve the balance of my time.

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