Conference Call with Rep. George Miller (D-CA) and Rep. Dina Titus (D-NV)
Press Conference
Conference Call with Rep. George Miller (D-CA) and Rep. Dina Titus (D-NV)
OPERATOR: Welcome and thank you for standing by. Currently, all participants are on listen-only through the presentation. At the time of the question and answer session, you'll be prompted to press star, then one to ask your question. Today's call is being recorded. If anyone has any objections, you may disconnect at this time. I'd like to turn the call over to Congressman Miller. Sir, you may begin.
REP. MILLER: Thank you very much. And I want to thank everyone for joining us, and I certainly want to thank my fellow conferees, if you will, on this call, Congresswoman Dina Titus, a new member of Congress from Nevada, from the Las Vegas area, who has spent a lifetime as an educator. In her entire professional life, she's been involved in education, both in the state legislature and as a professor. And I want to welcome her to the call. Also on the call is Randi Weingarten, the president of the AFT and no stranger to all of these issues regarding the federal role in education, and Bob Canavan from Rebuild America's Schools, and Angela Peoples, who is the legislative director for the United States Students Association.
And I'd like to begin by just outlining what we are doing in the recovery act with the vote that we will be taking today with respect to education. As many of you are aware, on a daily basis, the situation with respect for funding for state and local government and school districts is getting worse by the day. The dramatic, critical loss of revenues because of the decline in the economy, both from the loss of sales tax because consumers are not consuming at the rate that they were -- they're not buying automobiles and those kinds of ticket items that are so important to state revenues -- the loss of the property taxes because of the dramatic, historical decline in property values -- both commercial property values and home values -- the reassessment of property taxes that, in many states, is so critical to the support for education.
It's essential that the federal government step in and try to make sure that we do not have a collapse of our elementary, secondary education system or that we -- students in higher education start to lose a semester a year or even two years of education, because one thing that is happening in the states is the cost of education is continuing to go up at state colleges and universities. So we're trying to offset those costs so that those families, who are under very serious pressure in this economy because of the decline in working hours, the decline in pay and even, in fact, job losses, are able to keep young people in college.
We believe that this investment is critical, and it's critical to how we emerge from this economic downturn. We have been put on notice by many economists and many scientists and others that if we are going to be competitive as the world emerges from this worldwide economic downturn, we are going to need better educated, more educated young people to join the workforce than at any time in our history. And that's the reason that we are making this commitment. We hope that the stabilization fund that is in this bill for the states will allow states to dramatically reduce the number of layoffs within the education establishment, whether that is teachers or classroom aides or custodians, personnel, that are necessary to run a first-class education system. That we will be able to mitigate and hopefully minimize the number of layoffs that will take place.
We also want to expand the Head Start programs and early education programs by expanding job opportunities there. The waiting lists are long; the need is dramatic. And also to help parents with extending the hours of those programs for those who are looking for work and have found work so they can continue in the workplace. I mentioned higher education; we will be increasing the Pell Grant by $500 so that, again, we make sure that people do not lose their educational opportunities for the want of a few hundred dollars. We will also be trying to help out families with a $2500 tax credit so that they can lower their costs of education to those families, and providing campus-based work opportunities for students so that they can work and continue on in their education.
A very important part of this legislation with respect to jobs is also the school modernization program where we will provide to local districts federal assistance in modernization programs they have to make classrooms safer, better, more modern, connected to the best of technology following green standards. Urgently needed money so that they can carry out the priorities of those local districts in terms of repairing and renovating and modernizing their schools. We will provide money directly to the districts on a formula using both Title I formulas directly to the districts and IDEA funding -- students with disabilities funding -- directly to the districts, along with the stabilization money and the school modernization money.
We think that this is the package that will address what we see now as the emerging -- as the needs for local school districts to hold on to the programs, to hold on to the progress that we have been making in terms of student achievement and expanding opportunities for students for a quality education. I'd like, now, to recognize my colleague, Dina Titus, again a new member of Congress from Nevada, for her brief remarks.
REP. TITUS: Thank you very much Chairman Miller and thank you for your leadership on behalf of America's students and -- (inaudible, audio break) -- I'd also like to thank the other participants for joining us and for their work in the field of education. As you described, the economic recession is gripping our country, and it's taken its toll in states all across the nation. Many, as you know, are in the midst of budget crises that threaten that critical education funding, which I believe is the key to our children's future and our country's future.
Nevada used to think of itself as recession-proof, even in bad economic times. If somebody had two nickels to rub together, they'd come to Las Vegas to try to change their fortune. But that's just not the case anymore. We have tourism revenue down because of lack of disposable income, nationwide and around the globe; we have the highest foreclosure rate of any state in the country, and district three is the worst of the worst, because that's where all the growth occurred in the suburbs of Las Vegas.
Also, we're especially hard-hit with unemployment. It's over 9 percent. That's the highest it's been in 25 years. And as a result, our state education budget is facing unprecedented cuts at both K through 12 and higher education levels. That's why I believe it's so critical that Congress pass this American Recovery and Reinvestment Act, because it will provide a boost for our nation's schools at a time when we cannot afford to shortchange the educational needs of our children, especially as we move into a new, high-tech, renewable energy economy.
In my district, the Clark County school district, which is one of the largest ones in the country, we'd receive under this plan more than $179 million directly to the school district.
This would prevent teacher layoffs; it would help rebuild and modernize our schools -- there are a lot of older schools in the heart of the valley; and it would help disadvantaged children, those with special education needs -- programs that are already under-funded -- and so this would help to solve some of those needs. And by renovating and improving the facilities, not only can we enhance education, but we can create much-needed jobs in the construction industry that will put people back to work in Nevada.
This bill not only helps K through 12, but it will also, which I think is very important, make college more affordable at a time when too many students and their families can't keep up with the rising costs of higher education. Just last week, we had 4,000 students turn out at UNLV to protest the 30-something percent cuts that are being proposed in the higher education budget at the state level. This bill will provide $70 million of increased funding for Pell Grants so that more than 20,000 students in Nevada can receive help when they're paying for college. It will also provide modernization funds of another $34 million.
The legislation is vital for Clark County and district three, and just as important for communities across the country. So by passing this, we'll take a first step towards improving education, helping our children, modernizing America and moving towards that new economy. Thank you.
REP. MILLER: Thank you. And now I'd like to turn the conference over to Randi Weingarten, president of the American Federation of Teachers. Welcome.
MS. WEINGARTEN: Thank you, Chairman Miller, and thank you, Congresswoman Titus. You know I can't reiterate enough what both Chairman Miller and -- (inaudible, audio break) -- because it's just so critical -- we represent lots of people in school districts across the nation where the states are already reeling from these cuts and we've seen already huge changes in resources in these districts. And it means so much to kids who are trying to struggle to get ahead.
Whether it is parents who need child care so that they can find work or try to find work, which is what the Head Start grants would be, whether it is kids trying to go to college when they can't afford -- when they can't find jobs anymore -- or whether it is the kids in K-12 where you are losing, even right now, program after program that helps struggling kids -- the tutoring programs, all the after school programs, all the things that are helping kids actually reach standards are what have already been cut in places like California and New York and Florida.
And with what is coming, this is why the stabilization money is so important. Today, just today, I was just told that the mayor of the city of New York is saying that if we don't get this kind of stabilization money, we're going to have 15,000 layoffs in the city of New York's schools. That is equal to what happened in the fiscal crisis in the '70s, and we saw -- we don't need to hypothesize about what will happen or speculate -- we saw. Thirty years, it took us, to build back overcrowding, the decimation of programs -- art, music gone -- the buildings were frayed and it took years and years to come back.
So we know what will happen if we don't try to stabilize our schools. We know it's much more than just not doing harm; we know that it's going to be a huge monkey wrench to our kids when they can't afford it. They don't get to go through second grade or third grade again; they don't get to be five or six again; and we need to make sure that there's that long-term investment in terms of education in order to be competitive when our country comes back. So I can't -- you know, I can go through so many examples from across the country that we've seen already -- but this unprecedented tsunami that is attacking our schools right now, we need very much the federal intervention, and can't thank you enough, Chairman Miller, for your leadership in this.
REP. MILLER: Thank you. I'd like, now, to recognize Bob Canavan, who is with Rebuild America's Schools.
MR. CANAVAN: Thank you, Chairman Miller, and thank you, Congresswoman Titus. I totally second what Randi Weingarten said. We strongly support the American Recovery and Reinvestment Act and its provisions dealing with school modernization, renovation and repairs, because what this does is it combines two major objectives; it modernizes our schools and it creates a better learning and teaching environment for students and teachers in the schools. It deals with the immediate needs that the schools have in every state to modernize, renovate and repair schools.
The second objective that it accomplishes is that it creates thousands of construction-related jobs in every state and community across the country. The provisions in the law are written so well that the money goes out very, very quickly to local school districts. And local school districts in every state have projects online right now that they can start so that these construction jobs will be available and the projects will start right away. What it means is, better classrooms, better schools, better learning environments for the students, who are in those classrooms right now.
The types of projects that they can start in the schools range from upgrading classrooms and laboratories, installing energy efficient heating, cooling and electrical systems, insulated windows, roofs, renewable energy -- all designed to reflect the green standards and energy efficiency standards of the 21st century. But at the same time, what they're doing is creating a better learning environment for the students and teachers who are in those schools today.
The impact in the local communities is going to be very strong, because the local school districts don't have the funds to undertake these projects right now because of the budget cuts that are taking place at the state and local level. These federal funds will be on the ground in 60 days, so these projects can get underway and, within a year, we're going to see these changes taking place in the classroom for the students. And we're going to see the construction jobs being generated at the local level.
So it's, as I said, a combined objective. The schools are being modernized, student achievement is going to advance and we're also having an economic stimulus that the president, Mr. Miller and the speaker and the members of the House are going to be addressing later today. So we strongly support this initiative. Our estimate of the number of construction jobs that will be generated by this initiative is in the range of approximately 200,000. And, as Randi pointed out, the stabilization fund and the other funding for education programs is going to help keep teachers in the classroom so students can continue to achieve.
One last point I want to make is that the initiative also include funding for higher education facilities so that we can see the same type of modernization initiatives taking place in colleges and universities in the country as well. So Mr. Miller, we thank you very much, and we look forward to the vote later today.
REP. MILLER: Thank you. And now I'd like to turn it over to Angela Peoples from -- (inaudible).
MS. PEOPLES: Thank you. On behalf of the millions of students across the country, I want to thank Representative Miller and Representative Titus for all of their work. For those of you who aren't familiar, USSA, or the United States Student Association, is the country's oldest and largest national student association. And we represent more than 4.6 million students. And the dire state of the nation's economy has been articulated by the other folks on this call, by economists, by scholars and by other elected officials.
And the widespread job loss and economic instability has put the academic progress of many of America's students in jeopardy. The House of Representatives has recognized the need to keep college affordable and accessible during these tough economic times, and we applaud them for both helping the economy in the short term and for increasing investment in higher education for the long run. Several of the provisions are targeted towards direct student support, like the $15.6 billion to the Pell Grant program, which increases the maximum award to $500 and the increase to work-study funds providing for more on-campus jobs for low-income and moderate-income students in return for grant aid.
These will do a great deal to support college students that are currently in school, as well as non-traditional students that are looking to go back to school for more job training. These measures will have an immediate impact on the lives of many students. Some of our students would not even be able to attend college were it not for grant programs like Pell. Gilberto Chicon (ph), a student from the University of California, Los Angeles, is one of those students.
He never even considered college as an option because of the cost. However, the promise of Pell Grants and other state grant programs made him able to attend school and he has become a great student- leader at UCLA.
However, California, like so many other states, is facing a huge budget shortfall, and state grant programs are less available. The $500 Pell Grant increase will give Gilberto an extra support that he needs to pay for his tuition. USSA is also very pleased to see the partially refundable tax credits for higher education included in the economic recovery package. Families and independent students can use the tax credit to offset tuition, fees and textbook costs. Many of our students are receiving little to no contribution from their family when it comes to paying for college.
And students with limited income and no tax liability often do not qualify for the non-refundable tax credit. But with up to $1,000 of credit refundable, the neediest students will be able to take advantage of this program. Aslin Ware (ph) is one of our students from the University of Wisconsin, Madison, and she's a great example. Her parents passed away while she was in high school, and she relies on loans, her on-campus job and support from her grandparents to pay for college. A partially refundable tax credit like the one proposed in the economic recovery package will go very far to help Aslin offset the cost of fees and textbooks for this semester.
Students are very grateful to the leadership in the House of Representatives, particularly from Representative Miller, in ensuring that education and students receive the very necessary boost in the economic recovery package.
REP. MILLER: Thank you very much, and we'll now open it up for questions.
OPERATOR: Thank you. At this time, if you would like to ask a question, please press star, then one. To withdraw a question, press star, then two. Once again, to ask a question, please press star, then one.
REP. MILLER: And if you would identify yourself, please, that would be helpful to us.
OPERATOR: We have a question from Andrew Taylor with Associated Press. Your line is open.
Q Thank you. On this Pell Grant increase, is the idea of it you're going to get more kids to go to college or that the additional money will help struggling colleges?
REP. MILLER: Well, you're going to do two things: You're going to probably get more kids to go to college and you're also going to enable kids who are in college now, who are struggling with the increased cost that is anticipated as we look at state budgets across the country, with diminished income, either because many of the jobs the students work for are being cut back or their families are being cut back, but they'll be able to stay in college. That's the intent.
Q Do you think people will drop out if -- or when the Pell Grant is cut back?
REP. MILLER: If it was cut back? Yes.
Q No, when it's cut back -- it's only for two years.
REP. MILLER: No, but we -- I don't know. We'll have to see what the economy looks like.
(Cross talk.)
Q So you're saying there's going to be a permanent increase?
REP. MILLER: I'm sorry?
Q Are you suggesting it will be a permanent increase?
REP. MILLER: I don't know that. This is an emergency recovery act. We're providing this money at this time. The administration has talked about not having long tails on these programs, but this is the money they've requested at this point. Obviously, we hope that there will be a recovery in the economy, in state budgets, in college budgets, and we'll get back to some form of equilibrium here. But this is necessary at this point.
OPERATOR: Our next question from Dana Goldstein, American Prospect. Your line is open.
Q Hi, thank you. I was wondering if you could tell us what percentage of a local school district's budget these funds could make up?
REP. MILLER: That's very difficult to tell. You know, you have some states have made cuts, some states have made cuts and say they're now coming back to make additional cuts, you have cuts that are in anticipation of the current economy, and yet, people are watching that economy continue to deteriorate. So how those will be apportioned out is hard to tell. Right now, it looks like almost half of the cuts anticipated in states are in education. So you know, it's a bit of a moving target at this point, as to exactly what this will fill in term of those cuts that are anticipated. I do not believe we will make up for all of the cuts. I do not believe that.
Q Can you tell us the total size, in dollars, of this initiative?
REP. MILLER: I can add it all up for you, but I can't do it now. But the staff, obviously, can add up all of the numbers for you.
Q Okay, thanks.
OPERATOR: Our next question from Frank Wolfe, Education Daily. Your line is open.
Q Yeah, hi Congressman Miller. I was just wondering, do you think the $13 billion for Title I and the $13 billion for IDEA would represent a baseline for future funding in FY 2011 and beyond, or is it sort of a one-shot deal, or what would you like to see?
REP. MILLER: Again, the administration is telling us not to anticipate that that will become the baseline. That's $13 billion over two years, and so it's a very substantial increase. But that's the decision the administration will have to make when they submit their budget for 2011. But they're telling us not to anticipate that. There's a lot of discussion over what amount these moneys should be with that in mind.
Q Okay.
OPERATOR: Question from Kelly Field, Chronicle of Higher Education. Your line is open.
Q: Yes, in your bill, you had money for the work-study program, and I'm not sure if that's in the Senate bill, but I'm wondering if that is something that you expect to make it into the conference bill.
REP. MILLER: Oh, well it will be in conference and we hope to be able to hold onto it. It's an increasing important part, you know, as individual students have financial difficulties, it gives the ability of the college to respond to that need, to find them work and to provide them income for the work that they do, either on campus or off campus. And there's a lot of decline in a lot of organizations that are in communities. And historically, many students have chosen to work in community-based organizations and to earn that income. So we would hope that we hold onto that.
Q So is it in the Senate version?
REP. MILLER: I don't know. I haven't looked at the Senate bill, yet. I've been -- (chuckles) -- pretty busy with our own bill. Thank you, though.
OPERATOR: Our next question from Jeffrey Mervis, Science magazine. Your line is open.
Q Yes, hi. Chairman Miller, I wanted to ask you about the $6 billion for the higher ed. modernization and what your understanding is as to how it will be distributed once it's allocated to the states.
Will it be a competition? And will there be restrictions on what institutions can apply, and how it will be used?
REP. MILLER: It will be grants to the states and there will be application -- there's also another program through the National Science Foundation for labs and sciences.
Q That's a $200 million program?
REP. MILLER: I believe so, that's correct.
Q Uh-huh. No, I'm sorry, I didn't mean to interrupt, but you said they'll be grants to states and then how will the states manage it?
REP. MILLER: I assume they will -- the state, you know -- I'm speaking of the state of California, each of these universities has an existing budget today, with respect to a modernization program, a renovation program that they have and the state will make those decisions. You know, we're providing this money based upon the priorities that have already been set at the state level or, in the case of -- for elementary and secondary education, the school boards have determined, either by board policy or because they've passed bond issues to modernize schools and that would feed into those priorities.
Q But those priorities -- is that just for public schools -- public universities -- because private universities would have had something that the state would have a list of?
REP. MILLER: Well, there's some question about that. And I'm going to have to get back to you because at one point, there was a question of whether or not they could waive it, but I think, in our bill, it's public and private.
Q Mm-hmm. So how would they get those -- so would universities then be able to submit proposals?
REP. MILLER: Yes.
Q And that's how the funds would be awarded? But it would be up to each state to decide whether they were going to allocate it that way or have a competition?
REP. MILLER: That's correct. That's correct.
Q Okay, and the Senate has $3.5 billion for that program, if I understand?
REP. MILLER: I don't know. Again, I have not -- I haven't had the time to look at the Senate bill.
MR. CANAVAN: Yeah, this is Bob Canavan. That, I believe, is the number that the Senate has -- the Appropriations Committee has -- in their bill, yes.
REP. MILLER: Thank you, Bob.
Q Okay. All right, thank you.
REP. MILLER: Thank you.
OPERATOR: Our next question from Alyson Klein, Education Week newspaper. Your line is open.
Q Hi Chairman Miller. The Senate version of the legislation does not include some of the programmatic choices that you made in your bill, including an increase for the teacher incentive fund, money for state data systems and money for charter school facilities. Can you tell me why you thought to include those provisions in the House version of the stimulus package?
REP. MILLER: That was at the request of the administration.
Q Okay. The incoming administration?
REP. MILLER: Yes -- no, the current administration. (Chuckles.)
Q Right. And do you expect that those provisions can make it through conference?
REP. MILLER: I would think so. These are priorities of President Obama and of his secretary, so I would believe they will make it through and I hope they make it through.
Q Okay, thank you.
OPERATOR: Our next question comes from Doug Lederman, Inside Higher Education. Your line is open.
Q Thanks, Chairman Miller. There's a historic pattern, which your committee recognized in the HEOA bill -- law -- and we're seeing replicated now: college tuition going up in economic downturns. The bill language about the stabilization fund talks about the desire to forestall such increases and includes reporting on what happens to tuition after the fact, but are you concerned at all that the money will flow to the states and that public college tuitions will still go up? Was consideration given to any further restrictions that would, maybe, limit tuition increases, or do you think the HEOA language in the reporting will guard against that?
REP. MILLER: Well, as you know -- you have followed this and it's been sort of a historical contest, certainly in our committee and then in the higher education act last year. We have a small maintenance of effort -- very small -- (inaudible) -- I suspect that the economic condition of the states is going to overwhelm that. We're asking for reporting because we want to know this, but we're treating this as an emergency. We now have colleges and universities that are caught in a situation that clearly is not of their own making.
Most of the increases you see are there by virtue of the legislature imposing these or telling them to impose these increases, not the university making this internal sort of decision about that. So I think we just have treat this as an emergency. We've made it very clear that we are continuing our oversight -- my new committee has discussed this and wants to continue its oversight -- of what we can do to reduce the increased costs that are passed on to students and to families.
Q Mm-hmm. But so you won't be shocked or necessarily disheartened if tuition increases result under -- (inaudible, cross talk).
REP. MILLER: Well, I'll be disheartened. I would hope that some of this money that the states will be receiving here and elsewhere from the federal government might ask them to reconsider. Some governors have said they are not going to increase fees. So I would hope that they would recognize they now may have an alternative here within the general stabilization fund that the governors can use not to increase those fees. But I recognize we're sort of in uncharted economic times here.
Q Right. Thanks so much.
REP. MILLER: Thank you.
OPERATOR: Our next question from Dan Hardy, Philadelphia Inquirer. Your line is open.
Q Thank you, Congressman. The use of the stabilization money and construction are a little bit clearer, but the Title I and IDEA money that you're talking about -- what do you expect school districts will do with them? Do you think that they'll hire more teachers or simply that they'll use them to keep existing programs? Do you have --
REP. MILLER: The Title -- both of those monies will go -- Title I monies will go directly to the schools based upon the Title I formula. That is what the federal effort in education is for. The same will happen with IDEA to the school districts. We can expect, if the reaction to this downturn is as it has been in the past, the poorer schools will suffer the most turnover in teachers. In many instances, they have the greater number of aides that will be released if you don't -- if you can't check these layoffs that President Weingarten talked about.
So we want to make sure that those schools have some ability to address those issues. That's the federal effort. You know, we're making substantial progress on the achievement of poor and minority children -- we do not want to lose that federal effort. And that's why that money is directed to those schools in that fashion.
The stabilization money will go to all schools in the state, based upon state formulas. So we try to do two things here at one time, trying to make sure that we recognize the maintenance of the federal effort on behalf of poor and minority children.
Q So do you expect that these programs will probably, just based on what you've been looking at around the country, just essentially be able to stabilize the -- (inaudible).
REP. MILLER: Well, at a minimum, I would hope that it would stabilize them. I would hope that there may be sufficient funds there, again, to provide for improved technology in Title I schools, to provide for additional teacher and professional development in Title I schools. Very often, members of Congress are shocked when they go to, you know, some very poor schools and find out the quality of the textbooks, the quality of the curriculum. So hopefully, this -- we'll have some opportunity, also, with this money to improve those schools beyond just stabilizing them. Randi may want to speak to that.
MS. WEINGARTEN: I would -- thank you, Chairman Miller. I think that the first adage will obviously be to do no harm, but what we see in the past is that schools all across the nation, particularly in urban environments, have really been trying to build capacity of our teaching forces to have proven programs really be ensconced. And so what we'll try to do -- I'm sure that I can speak for district superintendents as well -- is try to figure out a way to both stabilize core instructional services, which we see are being lost, but also try to use that kind of Title I funding to help student achievement, particularly in the poor schools.
Q Thank you.
OPERATOR: Our next question comes from Ben Miller, Higher Education Watch. Your line is open.
Q Hi. I was just wondering if you could speak to the goal behind the proposal to switch the fourth-quarter FFEL lender subsidy from commercial paper to LIBOR? And also, I was wondering if you were still intent on proposing this, given the Ed. Department's action the other week to use a different commercial paper rate to calculate the subsidy?
REP. MILLER: Yeah, I think we're -- you know, we'll continue to press this. Obviously, it will be discussed in the Conference Committee. Again, we're dealing with this as we go along, here. And the previous administration wanted us to make this effort. We're trying to keep an array of lenders in the marketplace at this time. So far, we've been very successful with the tweaking that we've done over the last several months in making sure that no student is denied a loan. And that continues to be our goal.
Many schools have gone to using the direct loan program. Others are continuing to use the traditional lenders. We want to keep that market as wide as we possibly can, because as you know if you read the daily papers, the status and quality of the financial institutions changes on a daily basis and we still may lose lenders -- that would not be a big surprise. But we're trying to make an effort to keep as wide a market available to students and families as we can at this time.
Q Okay. And really quick --
REP. MILLER: As I said, it's something that we deal with on an ongoing basis.
Q Very quick, on the state fiscal stabilization fund, the maintenance of effort provision there just talks about elementary and secondary and higher ed. Do you anticipate the definition of elementary and secondary there to include pre-Kindergarten funding?
REP. MILLER: People are so desperately trying to hold onto pre-K funding. I don't know. I hadn't thought about that. I mean, we were really dealing with K through 12.
Q Okay, thank you.
REP. MILLER: That's what makes the Conference Committee great. This -- sorry, I'm going to have to leave this call. I have a leadership meeting. But if you have questions of my colleagues on the call, I would hope you would feel free to ask them. And thank you again for joining this call and thank you to Randi and to Robert and Angela and Dina -- thank you so much.
MS. PEOPLES: Thank you.
MR. CANAVAN: Thank you, Mr. Chairman.
REP. TITUS: Thank you.
OPERATOR: Today's call is concluded. All parties may disconnect.
END.
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