The Hill Report: Week of July 21 - 25, 2008
Press Release
The Hill Report: Week of July 21 - 25, 2008
This week in Washington, I joined House Republican Members to introduce the American Energy Actcomprehensive energy legislation that would increase the supply of American-made energy and promote lasting energy independence through conservation, efficiency, and the development of renewable energy.
The American Energy Act is a combination of 15 separate common-sense energy bills originally introduced by various members of my party. The legislation exemplifies our "all of the above" energy strategy to reduce the high cost of gasoline and place the United States on a path toward real energy independence.
Every North Texas family, business, and school is affected by our nation's dependence on foreign oil and the resulting high gas prices. As a nation, we cannot afford the price of inaction as global energy consumption intensifies the current energy crisis culprit of supply and demand. The American Energy Act provides both short-term and long-term solutions to the current high cost of gasoline and our nation's future energy needs. Highlights of the bill include the following provisions to increase supply in environmentally-sensitive ways and develop renewable energy:
Eliminate barriers to the expansion of emission-free nuclear power production;
Open our deep water ocean resources, which could provide an additional 3 million barrels of oil per day, as well as 76 trillion cubic feet of natural gas;
Open the Arctic coastal plain, which could provide an additional 1 million barrels of oil per day;
Establish a renewable energy trust fund using revenues generated by exploration in the deep ocean and on the Arctic coastal plain; and
Permanently extend the tax credit for alternative energy production, including wind, solar and hydrogen.
In addition to these American-made energy solutions, the American Energy Act would increase the supply of gas at the pump by cutting bureaucratic red tape that hinders the construction of new refineries. Furthermore, this comprehensive plan provides tax incentives for businesses and families who purchase more fuel efficient vehicles or improve energy efficiency in buildings or residences.
It is past time to champion American-made energy. Energy independence has no quick fixes, but together we can work to reduce our dependence on foreign sources of oil and utilize innovative technologies that can provide lasting energy solutions.
Democrats continue to push their "no-energy" strategy through the Housethis week the Majority brought a bill that releases only a long-weekend's worth of oil from the Strategic Petroleum Reserve (SPR). This legislation was futile for several reasonsprimarily for the fact that 3 ½ days worth of oil will do nothing do solve our nation's energy crisis. The SPR is also intended to deal with natural disasters and national security crisesnot preventable, man-made disasters like the energy supply shortage facing America. Fortunately, the bill did not pass in the HouseMembers from both sides of the aisle remain aware that the Majority leadership's "no-energy" tactics are a sham.
I am committed to ensuring that America's best days lie ahead, and I call on Democrats in Congress to bring the American Energy Act to the House floor for a vote in support of effective, more efficient American-made energy solutions that will help strengthen our economy and enable American families and businesses to succeed.
The Foreclosure Prevention Act of 2008
Yesterday, Congress also debated a housing bill that proposed to strengthen the financial positions of Government sponsored enterprises Fannie Mae and Freddie Mac.
The 694-page bill, which the Majority submitted late Wednesday evening after the House had finished business for the day, does very little to help financially-troubled American homeowners. This legislation links necessary GSE reform and FHA Modernization with unrelated stipulations intending to artificially strengthen the housing market.
The Foreclosure Prevention Act of 2008, H.R. 3221, includes first-time home buyer credita wise provision which has the potential to help reinvigorate our slumping housing and homebuilding markets. I also support the establishment of a more robust and competent regulator of the GSEs, which will return confidence to the marketplace and ensure that these entities operate in a safe and sound manner and maintain adequate capital and internal controls.
Were these the only parts of the bill, I am sure it would have passed unanimously in the House. Yet unfortunately for the American people, the rest of H.R. 3221 is comprised of extraneous provisions that will either weaken the financial position of Fannie and Freddie, provide a taxpayer bailout of reckless financial behavior, or simply don't make logical sense.
On one hand, under this legislation Congress is being asked declare an emergency and authorize the use of unlimited taxpayer funds to become a part owner of Fannie Mae and Freddie Mac, while also raising the debt limit by $800 billion to lend these companies as much money as they may need. On the other hand, the bill creates an Affordable Housing Trust Fund that taxes the GSEs to cover the losses that the Federal Housing Administration will surely incur after the federal government accepts financial responsibility for the most toxic loans in the marketplace.
I asked the Democrats who crafted H.R. 3221: which is it? Are Fannie and Freddie private companies teetering on the brink of financial disaster, thereby justifying this unprecedented taxpayer exposure and government intervention into the marketplace? Or, are they cash cows that can and should be forever milked to provide financial support to every low-income housing whim that this Congress can dream up?
Taking billions of dollars from Fannie and Freddie for a housing fund while making taxpayers responsible for the GSEs' requirements is simply not logical; neither is authorizing $300 billion in new FHA insurance guarantees to bail out lenders, investors and speculators who will seek to burden the government with onerous loans.
In the midst of an energy supply crisis, H.R. 3221 is deeply unfair to the 110 million American homeowners who are already struggling with prices at the pump and elsewhere. I support strong regulatory GSE reform and FHA modernizations for the safety and security of our mortgage finance system, but this bill is a dangerous and irrational approach to the issue at hand. I remain committed to fiscally responsible, market-based solutions to the housing market crisis, and I look forward to working with my colleagues to provide some real relief for the American people.
40th Anniversary of Special Olympics
This past Saturday, I celebrated the 40th anniversary of Special Olympics. For four decades Special Olympics has been encouraging and empowering individuals with intellectual disabilities to become active and physically fit in athletics. Special Olympics have dedicated its efforts to provide productive and respected members of society through sports training and competition. With 30 Olympic-type summer and winter sports, Special Olympics offer children and adults with intellectual disabilities year round training.
Special Olympics currently serves 2.5 million people with intellectual disabilities in over 180 countries. Special Olympics give these individuals the gift of friendship and allow each of them to discover a talent of their own. One of Special Olympics' main goals is to empower individuals with intellectual disabilities to realize their full potential and become productive members of their families and their commitments.
As the father of a young man with Down syndrome who competes in Special Olympics, I have learned firsthand the endearing and valuable contributions Special Olympics have on these individuals. Special Olympics develop improved physical fitness and motor skills, greater self-confidence and a more positive self-image. Additionally, Special Olympics allow for individuals to grow socially and mentally through their activities, while exhibiting endless enthusiasm and joy throughout the games.
I am inspired by the dedication and enthusiasm for life that these individuals bring to Special Olympics. Once again, it is an honor to recognize the 40th anniversary of Special Olympics. I wish to congratulate all of the athletes who have competed over the past 40 years.
Have a good weekend
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