|10:15 AM EDT||
Peter A. DeFazio, D-OR 4th
Mr. DeFAZIO. Mr. Speaker, I yield myself such time as I may consume.
I will leave it to the gentleman from Tennessee to carry the major part of this legislation for which he is responsible, but I would just like to reflect on it for a moment.
I think it's very telling that we are here to celebrate the 75th anniversary of the Tennessee Valley Authority, something that was created by Congress and President Franklin Delano Roosevelt in the Great Depression. They had a little different philosophy back then.
It wasn't shower money on Wall Street and hope things get better for people on Main Street and around the country; it was invest in America, invest in our infrastructure, build dams, roads, bridges, WPA projects. My region is a tremendous beneficiary from something called the Bonneville Power Administration, a wonderful gift that is still paying dividends to the American people that was key in our World War II effort and was there for the aluminum plants and for our nuclear weapons development
to end the war.
This is a different philosophy. Today, unfortunately, we seem to be going down the path that the way to fix the economic problems on Main Street in America is to shower money on Wall Street, buy up their bad investments and hope maybe someday taxpayers get their money back.
What if we took the $250 billion they are talking about as an initial down payment on this faulty plan and we doubled our investment in our roads, bridges, highways and transit in America? Would that put more people back to work? Would that instill more confidence in the American economy? Would that maybe even drive up the value of stocks on Wall Street? I think so.
I think it's incredibly appropriate that Mr. Cohen has brought this bill here to the floor today, and I thank him for doing that.
Mr. Speaker, I reserve the balance of my time.