Political Quotes

“Madam Speaker, I rise in support of the Real Estate Jobs and Investment Act (H.R. 5901), and I commend Congressman Crowley and the Ways and Means committee staff for the hard work that went into crafting this bill. Even as we work hard to address the current foreclosure crisis in the residential housing market, a growing chorus of economists is warning that the commercial real estate market could very well be the next shoe to fall. In order to get in front of that looming crisis, and the additional burden on our recovery it would represent, Congress should consider any and all responsible steps we can take now to head off that outcome. This legislation is that kind of step. By increasing from 5 percent to 10 percent the amount of foreign capital that can be invested in a publicly traded REIT before the Foreign Investment in Real Property Tax Act, FIRPTA, filing and withholding requirements kick in, we can attract more foreign investment to our commercial real estate market at a time when that investment is needed most--and we can do it in a way that doesn't disadvantage U.S. taxpayers or cede ownership control of U.S. real estate to foreign interests. Madam Speaker, this is forward-looking legislation. It's fully paid for. I urge a ``yes'' vote.”