On the recordOctober 26, 2011
Mr. Chairman, there are two versions of this land bill: one with the Markey amendment and one without the Markey amendment. The difference is the version with the Markey amendment is a deal the American taxpayers should take. Without my amendment, this is a deal that takes the taxpayers. Without the Markey amendment, this land deal is a shell game, all about misdirection and surprise outcomes. We are urged to keep our eye on the beautiful surface acres the Federal Government would get in this deal and the unique payment scheme included in the bill. This is like the guy on the street who tells you to watch his right hand while his left hand is picking your pocket. This is not about the surface. This is about the copper and whether Rio Tinto will have to pay its fair value. And the fact is the payment scheme in this bill is completely--let me say it again--the payment scheme in this bill is completely speculative. It will be based on information only the company has access to and is subject to serious manipulation. In the end, Rio Tinto could end up paying absolutely nothing for the massive windfall they stand to receive from this legislation. With the Markey amendment, this bill is simple. It would require no guesswork on the part of the taxpayers. It would allow for no manipulation that could shortchange the American taxpayer.…





