Patrick J. Tiberi: “I thank the gentleman from Tennessee as well for being here on the floor to recognize that 50 years ago, in fact, this…”

“I thank the gentleman from Tennessee as well for being here on the floor to recognize that 50 years ago, in fact, this week, President Eisenhower signed into law legislation that created real estate investment trusts, or REITs, as the gentleman said, which are investment vehicles that have allowed millions and millions of Americans expanded opportunities to invest in commercial real estate. Mr. Speaker, while we take for granted that middle class investors and middle class Americans across our country have the opportunity to invest in commercial real estate, it is important to note that prior to 1960 it was only large financial institutions and wealthy Americans who had the means to do so. Over the last 50 years, REITs have greatly expanded that opportunity by allowing investors of all income levels to buy publicly traded, regulated shares of these commercial real estate investment vehicles. REITs haven't just allowed middle class Americans to diversify their investment portfolios. They have also helped build our local communities--a true win-win situation.”