Political Quotes

“I yield myself such time as I may consume. Mr. Chairman, in deference to my good friend from Massachusetts, there is only one bill before us, and that's a bill without the Markey amendment, and I hope it stays that way. This amendment requires a company to pay for the minerals twice. The value of the copper is already included in the appraised value of the land under current law of the United States. That's the law. Section 4(e) of the bill requires the developer to pay full market value for the Federal land and minerals within. Under the requirements of this bill, the United States is fully compensated for the copper up front. But, if, in fact, this vein is larger than what is anticipated, there is a further provision that says that should it exceed that appraised value, the developer, i.e., the copper mining company, is required to compensate the United States through annual assessments. As the market moves forward, the Markey amendment adds an 8 percent royalty to the full, to the top payment. This would mean that the company would be paying a huge premium in addition to what current law is of the value they have already paid. I have to tell you, Mr. Chairman, this is unprecedented in any law or any activity regarding mining. This amendment isn't about ensuring the full payment to the United States, because that is required in the bill under current law.…”