Bill Pascrell: “this legislation, H.R. 6, begins the process of weaning off of corporate welfare. This is the beginning of it, so you…”

“this legislation, H.R. 6, begins the process of weaning off of corporate welfare. This is the beginning of it, so you had better get used to it. I am very shocked to hear what the opponents are saying to this legislation. Ensuring that oil companies actually pay their fair share in royalties is reasonable and prudent. Why isn't this welfare looked at as our tax money that we provide for these corporations? They don't need it. You know it, and I know it. This bill will ultimately repeal approximately $14 billion in oil subsidies given to big oil companies and, most importantly, invest those funds, because the question has been asked on the other side, will this wind up in a slush fund. They cavalierly talk about that. Specifically, if you read the bill, these funds will go to clean renewable energy and energy-efficient programs. This is critical. The bill creates the Strategic Energy Efficiency and Renewables Reserve, which will help accelerate the use of clean, domestic renewable energy resources, thereby reducing our dependence on foreign oil. And the case has been made over and over and over again this afternoon. This is the beginning of real security for our country, Mr. Speaker.”