March '10 Nevada Government—U.S. Congresswoman Dina Titus Column

Titus: Wind Turbine Manufacturing Plant Is the
Type of Business We Need to Bring
to Las Vegas to Create Good Jobs

March 11, 2010 – Washington, D.C. – Congresswoman Dina Titus of Nevada’s Third District released the following statement today on the announced plans for a new wind turbine manufacturing plant in Southern Nevada.

“Nevada’s abundant renewable energy resources are critical to our efforts to diversify our economy and create good jobs. But we must go beyond just the production of renewable energy and focus on the manufacturing of parts and pieces that will keep people employed after a new solar plant or wind farm is constructed.

“The new wind turbine manufacturing plant announced today is an example of the type of business we must continue to bring to Southern Nevada. Since my time in the state legislature, I have worked to create an environment in Nevada that would attract these businesses and jobs to our state, and am continuing that effort in Congress.”

Titus: Insurance Companies More Concerned About Bottom Line than People of District Three

March 11, 2010 – Washington, D.C. – Congresswoman Dina Titus of Nevada’s Third District delivered the following remarks on the House floor today. Click here to watch her speech.

“Thank you, Mr. Speaker. As you know, the people in Southern Nevada have been hit hard during these tough economic times caused largely by unbridled corporate greed and complicitous government action during the eight years of the Bush Administration.

“We have the highest foreclosure rate in the country, second highest unemployment rate, and we are one of the highest states for rates of uninsured. People are struggling every day just to keep body and soul together.

“But do the insurance companies care? No. No they don’t. They continue to raise premiums, up 39 percent in some states, while making record profits and handing out obscene bonuses. They finance thousands of lobbyists to come to the Hill to argue against meaningful reform and they brag about the millions that they are spending on television and radio ads that are filled with lies and distortions aimed at confusing and scaring people, especially seniors.

“So I ask the folks in District Three and beyond, next time you see or hear one of those ads on TV or the radio, ask yourself, are the insurance companies concerned more about you or more about protecting and growing their bottom line?”

Titus Statement on Ban on For-Profit Earmarks

Titus’ Higher Standard Becomes House Practice
March 10, 2010 – Washington, D.C. – Congresswoman Dina Titus of Nevada’s Third District released the following statement today on the House Appropriations Committee’s announcement that for-profit earmarks will be banned, a step that Titus already took last year and planned to take again this year.

“The Appropriations Committee is applying a critical earmark reform that implements a standard that I have voluntarily been practicing since coming to Congress. As Representative of Nevada’s Third District, I am committed to fighting on behalf of the needs of my constituents and my community. While there are a number of worthy projects in Southern Nevada that need the investment and support of the federal government to become a reality, we must have a process that is open and transparent. Nowhere is this more important than when it comes to taxpayers’ money. I request funds for non-profit and government entities only; not on behalf of for-profit companies.

“I have publicly posted every request I have made to invest in Southern Nevada on my website, and I will continue to make sure that information is available to everyone in the Third District again this year. The projects that I have requested are ones that I believe deserve funding to strengthen our community, create jobs, and bring economic development to Southern Nevada.”

Titus Resolution Honors the Bravery of Security Personnel During January Courthouse Shooting

March 10, 2010 – Washington, D.C. – Congresswoman Dina Titus of Nevada’s Third District spoke on the House floor today on a resolution she introduced with the members of the Nevada delegation honoring the brave service of security personnel during the shooting at the Las Vegas courthouse in January. The resolution passed with unanimous support. Below are Titus’ remarks as delivered. Click here to watch her speech.

“Mr. Speaker, I rise today in strong support of House Resolution 1061. As you have heard, on January 4, 2010, an armed assailant with a history of violent behavior opened fire at the Lloyd D. George Federal Courthouse in downtown Las Vegas. The brave security personnel at the courthouse, U.S. Marshalls, and other emergency responders acted quickly and valiantly to ensure the safety of courthouse, staff, visitors, and other bystanders in the area.

“Tragically, however, Officer Stanley Cooper was fired upon by the gunman and later succumbed to his wounds. Officer Cooper had previously served as a Las Vegas Metropolitan Police officer for 26 years and had been a security officer at the Courthouse for 15 years. He was a familiar face, a friendly hello when you walked in the building, and a person who gave his all to the job of protecting others.

“Deputy U.S. Marshall Richard J. Gardner, a member of the U.S. Marshall Service for the past 24 years, was also there. He bravely chased after the suspect and was shot in the arm.

“The courthouse, which is home to many federal offices and courts, including the U.S. District Court of Nevada, stands for justice and liberty for all Americans and fairness for all who enter.

“The building opened in 2002 and was one of the first new federal buildings to be constructed according to safety standards that went into effect after the tragic Oklahoma City bombing. Those safety standards, combined with the bravery of the courthouse security force, ensured that no citizens were injured, the shooter did not get past the security checkpoint, the situation was resolved quickly, and all of the judges and people who worked in the building or who were there visiting were safe.

“I wish Deputy U.S. Marshal Gardner a speedy recovery and offer my deepest condolences to the family of Officer Stanley Cooper. Today we honor their brave service to our community.

“So I would urge you to join me, my colleagues, in supporting this resolution, a companion of which has already passed by our Senate colleagues.

“I yield back the balance of my time.”

Titus Offers Proposal to Effectively Use Additional Federal Housing Funds for Nevada

March 5, 2010 – Henderson, NV – Congresswoman Dina Titus of Nevada’s Third District spoke today at a public hearing on additional federal housing funds that President Obama announced while he was in Las Vegas. Titus offered a proposal for the state’s consideration that would help Nevadans not only in the short term, but provide for long-term stability as well. She also offered any assistance she could provide as the state finalizes their plan in the coming weeks. Below are her remarks as prepared.

“Thank you for holding this meeting and for the opportunity to comment today. Helping families fight foreclosure has been my top priority since I began representing Nevada’s Third Congressional District in Washington. My office was one of the first Congressional Offices in the country that actually worked with homeowners and assisted them as they attempted to modify their mortgage.

“The current housing situation in Southern Nevada is truly the perfect storm. We have near record unemployment coupled with a burst bubble in housing prices caused in part by excessive speculation in our local market.

“Just over two weeks ago, President Obama announced that he was allocating $1.5 billion for the states that have been hardest hit by the foreclosure crisis. I have been pushing the Administration to provide more assistance for the hardest hit states for months and I am pleased that they are finally paying special attention to the communities that need it most. This funding announcement presents an historical opportunity for our state to provide our citizens with long-term and short-term relief – if we do it correctly.

“It is my understanding that you are considering proposals that will use these funds in a way that is similar to programs already in place in Pennsylvania, Delaware, and North Carolina. As you know, while these other programs differ to a degree, their main focus is to provide assistance to homeowners who are struggling to make their mortgage payments because of underemployment or unemployment.

“While these programs have proven to be somewhat effective in other states, I am concerned that they would not provide sufficient long-term relief to Southern Nevadans. Clark County is not Philadelphia, Wilmington, or Raleigh. Our circumstances are unfortunately much worse than what has occurred in those states.

“My concern is that if a similar plan is implemented in Nevada, when the assistance period is over, those who receive assistance will still be in a mortgage that is worth considerably more than their actual home. As recent statistics have indicated, 70 percent of homeowners in Las Vegas are ‘underwater.’ Many of these homes were purchased during the housing boom years between 2004 and 2007. We can only estimate the extent to which many of these homeowners are ‘underwater.’ It is important to note that according to S&P/Case Schiller Index, real estate values in Las Vegas are now equal to the levels seen in September of 2000 and are still falling. Between then and now, hundreds of thousands of people have moved to Nevada. It is frightful to imagine the full dollar amount of these ‘underwater’ mortgages.

“Even if we provide a year’s worth of assistance to those who need it most, and they are able to regain full employment during that time, in a year, they will still be making mortgage payments on grossly inflated real estate. And what about those who do not find employment, will they simply be back to square one when the year is over and the funds have run out? That is not a solution; it’s a band aid, its kicking the can down the road.

“If these funds are simply provided to homeowners to make payments on their current inflated mortgages we will be essentially purchasing a temporary foreclosure moratorium from Wall Street. We will be giving taxpayer dollars to homeowners to pass onto banks. I am concerned that many of the same homeowners might continue to need assistance when the funds for these programs expire, and this may not be a long-term solution.

“I believe that there is a better solution to provide both short-term assistance and long-term stability to Southern Nevada.

“Yesterday, I met with the Speaker of the House, Committee Chairmen, and Administration officials to discuss a proposal to reduce the principal of inflated mortgages. Under the proposal we discussed, the lender and servicer would work with the homeowner to reduce the principal of their primary residence to a level that reflects a more reasonable value. In return, the homeowner and lender would agree to split the equity when the home is eventually sold. This is just the basics of the plan and my office would welcome the opportunity to fully brief you on the details. The major proponents of this solution also volunteered to meet with you as well.

“Like the proposals you have been reviewing, my plan also involves direct assistance to homeowners. Until agreements on lower principals and equity sharing are reached, the state will provide assistance to those who need it. This assistance will instantly be lowered when a principal reduction agreement is reached.

“My proposal will ultimately cost less, which will allow more homeowners the opportunity to receive assistance. This proposal also provides homeowners with mortgages that they can afford in the long term. My proposal is also self selecting in who receives assistance. Because participants will essentially agree not to receive the full value of their home upon future sale, only those who truly need assistance and want to stay in their homes will apply. This will be helpful in preventing those who are looking for free money from applying.

“As you know, the Department of the Treasury has determined that using these funds to buy down the principal of homeowners is an acceptable use. I hope that you will consider this an option, but only for those homeowners who will truly benefit. It is imperative that you use stringent qualification standards.

“I recognize that simply handing out vouchers to those who qualify is a much simpler way to spend the funding that we will hopefully receive. But we have a real opportunity to help families get their long-term fiscal house in order. We simply cannot let the ease of process dictate our approach.

“As you know, Southern Nevada did not qualify for the second round of Neighborhood Stabilization Program funding. As we learned, simply being eligible for and in need of funding is not enough to ensure its receipt. We have to put forth a realistic plan that will be effective. My staff, both in Las Vegas and Washington, is ready to work with you to craft the best proposal to help homeowners throughout Nevada. We cannot afford to leave a penny of our maximum allotment of $102.8 million on the table.

“Finally, I want to impress on you my firm commitment to ensuring that these funds are spent where they are needed most. In the fourth quarter of 2009, of the 20 worst foreclosure zip codes in the country, 25 percent were in Nevada and 100 percent of those were in Southern Nevada. The numbers are clear – Southern Nevada needs assistance as soon as possible.

“Thank you for the opportunity to speak with you today, and I look forward to working with you on this important endeavor.”