Hon. Michael G. Oxley: “let me briefly explain the Committee on Financial Services' contribution to this legislation. Our committee has produced…”

“let me briefly explain the Committee on Financial Services' contribution to this legislation. Our committee has produced language which furthers an essential element of the President's energy plan, reducing energy consumption, and the idea is to get HUD to improve energy efficiency and conservation. This legislation will improve the community development block grants program to spur energy conservation, create incentives for energy- efficient single- and multifamily homes, and aid Americans who purchase homes that are energy efficient. The Committee on Financial Services has worked hard to ensure that American families can live in cost-effective, energy-friendly homes that will both relieve the strain on their pocketbooks and the strain on our energy infrastructure. Mr. Chairman, H.R. 4 addresses the most critical elements of our energy difficulties. It promotes development of environmentally friendly technology through market competition and not through government mandates. It promotes the wise use of resources without threatening to cripple American businesses. H.R. 4 will lessen our dependence on foreign oil while at the same time leading to lower energy costs for all of us. Mr. Chairman, I congratulate all of my colleagues on the various committees who have worked on this historic legislation.”