Providing for Consideration of H.R. 5818, Neighborhood Stabilization Act of 2008

Floor Speech

PROVIDING FOR CONSIDERATION OF H.R. 5818, NEIGHBORHOOD STABILIZATION ACT OF 2008 -- (House of Representatives - May 07, 2008)

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Mr. Speaker, I rise in opposition to this rule.

H.R. 5818, quite frankly, is a bailout bill, and it is not even a bailout bill to homeowners, it's a bailout bill to lending institutions.

While I appreciate the merits of the bill and what the sponsor was trying to accomplish, it is what it is. If we're going to provide a bailout, Congress should ensure that at least we are bailing out lending institutions that lent to Americans, not illegal aliens.

Yesterday I offered an amendment in rules to do that, an amendment that actually had some teeth. Instead, the Rules Committee decided to allow a similar amendment but one that lacked the teeth that mine had. My amendment prohibited States from using any of the funds to purchase homes that were owned by illegal aliens. If States used the funds under this bill to provide affordable housing to its residents, my amendment prohibited them from providing that housing to illegal aliens. However, my amendment required documentation, which only included a Social Security card with a photo ID or a REAL ID identification. That would be the proof of the pudding.

If Congress wants to use taxpayers' dollars to bail out lenders, let's make sure it's only benefiting the people who pay taxes and live here legally. I am saddened that once again the majority wants to pass legislation that will accomplish nothing but provide political cover.

I just checked with my office to see if we have heard from one municipality. While I respect the gentleman from Massachusetts, we have not heard from one mayor, not one city council member, not one county commissioner and, as of the last time I checked, we still had not heard from one State official.

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