| 00:00:00 | THE SPEAKER PRO TEMPORE: THE CLERK WILL REPORT THE TITLE OF THE RESOLUTION. |
| 00:00:03 | THE CLERK: HOUSE RESOLUTION 1595, RESOLUTION RECOGNIZING THE 50TH ANNIVERSARY OF THE PASSAGE OF LEGISLATION THAT CREATED REAL ESTATE INVESTMENT TRUSSES, REIT'S, AND GAVE MILLIONS OF AMERICANS NEW INVESTMENT OPPORTUNITIES THAT HELPED THEM BUILD A SOLID FOUNDATION FOR RETIREMENT SECURITY AND HAS CONTRIBUTED TO THE OVERALL STRENGTH OF OUR ECONOMY. |
| 00:00:24 | THE SPEAKER PRO TEMPORE: PURSUANT TO THE RULE, THE GENTLEMAN FROM TENNESSEE, MR. |
| 00:00:27 | TANNER, AND THE GENTLEMAN FROM OHIO, MR. |
| 00:00:29 | TIBERI, EACH WILL CONTROL 20 MINUTES. |
| 00:00:30 | THE CHAIR RECOGNIZES THE GENTLEMAN FROM TENNESSEE. |
| 00:00:33 | MR. TANNER: THANK YOU, MR. |
| 00:00:34 | SPEAKER. |
| 00:00:35 | I WOULD ASK UNANIMOUS CONSENT THAT MEMBERS HAVE FIVE LEGISLATIVE DAYS TO REVISE AND EXTEND THEIR REMARKS. |
| 00:00:43 | THE SPEAKER PRO TEMPORE: WITHOUT OBJECTION. |
| 00:00:46 | MR. TANNER: THANK YOU. |
| 00:00:47 | MR. SPEAKER, I YIELD MYSELF SUCH TIME AS I MAY CONSUME. |
| 00:00:52 | THE SPEAKER PRO TEMPORE: THE GENTLEMAN IS RECOGNIZED FOR AS MUCH TIME AS HE MAY CONSUME. |
| 00:00:55 | MR. TANNER: MR. |
| 00:00:56 | SPEAKER, OVER THE SEPTEMBER 14, 1960 PRESIDENT EISENHOWER SIGNED LEGISLATION INTO LAW CREATING REAL ESTATE INVESTMENT TRUSSES. |
| 00:01:08 | THIS HOUSE RESOLUTION, 1595, CELEBRATES THE 50TH ANNIVERSARY OF REITS AS THEY ARE CALLED AND THE ENHANCED OPPORTUNITIES THEY PROVIDE FOR INVESTMENT IN REAL ESTATE BY AMERICANS FROM ALL WALKS OF LIFE. |
| 00:01:27 | IT ALLOWED INDIVIDUAL INVESTORS TO PURCHASE INTEREST IN A PORTFOLIO OF REAL ESTATE ASSETS. |
| 00:01:33 | IN MANY INSTANCES THEY ALSO OPERATE THE PROPERTIES THAT THEY OWN. |
| 00:01:40 | TO QUALIFY AS A REIT THESE COMPANIES MUST DISTRIBUTE 90% OF THEIR INCOME BACK TO THEIR SHAREHOLDERS IN THE FORM OF DIVIDENDS. |
| 00:01:48 | AS NOTED IN THE RESOLUTION, THEY HAVE GIVEN AVERAGE AMERICAN INVESTORS ACCESS TO LARGE-SCALE COMMERCIAL REAL ESTATE INVESTMENT OPPORTUNITIES THROUGH PUBLICLY TRADED, REGULATED SECURITIES WHICH PROVIDE INVESTORS WITH TRANSPARENCY AND LIQUIDITY. |
| 00:02:08 | FOR REITS ARE HEAD QUARTED IN MY HOME STATE OF TENNESSEE AND NEARLY 800 TENNESSEE PROPERTIES ARE OWNED BY THEM. |
| 00:02:16 | ACROSS THE COUNTRY THEY OWN APPROXIMATELY $500 BILLION OF COMMERCIAL REAL ESTATE PROPERTIES, APPROXIMATELY 10% TO 15% OF INSTITUTIONALLY OWNED COMMERCIAL REAL ESTATE. |
| 00:02:30 | IN 2009, REITS PAID OVER $13. |
| 00:02:34 | 5 BILLION IN DIVIDENDS. |
| 00:02:36 | MORE THAN 30 COUNTRIES AROUND THE WORLD HAVE PASSED LEGISLATION ENABLING REITS. |
| 00:02:41 | AGAIN, THEY HAVE HELPED MILLIONS OF AVERAGE AMERICAN INVESTORS TO PARTICIPATE IN THE REAL ESTATE MARKETS OF THIS COUNTRY AS WELL AS OTHERS. |
| 00:02:54 | SO, MR. SPEAKER, I WOULD URGE PASSAGE OF HOUSE RESOLUTION 1595. |
| 00:03:00 | I'M GLAD TO YIELD -- I GUESS I YIELD -- I RESERVE THE BALANCE OF MY TIME. |
| 00:03:07 | SO YOU MAY WRECK NIES MR. |
| 00:03:10 | TIBERI. THE SPEAKER PRO TEMPORE: THE CHAIR RECOGNIZES THE GENTLEMAN FROM OHIO, MR. |
| 00:03:13 | TIBERI. MR. |
| 00:03:14 | TIBERI: THANK YOU, MR. |
| 00:03:15 | SPEAKER. |
| 00:03:16 | I ASK UNANIMOUS CONSENT TO REVISE AND EXTEND MY REMARKS. |
| 00:03:19 | I YIELD MYSELF SUCH TIME AS I MAY CONSUME. |
| 00:03:21 | THE SPEAKER PRO TEMPORE: WITHOUT OBJECTION, THE GENTLEMAN IS RECOGNIZED. |
| 00:03:24 | MR. TIBERI: THANK YOU, MR. |
| 00:03:25 | SPEAKER. |
| 00:03:26 | I THANK THE GENTLEMAN FROM TENNESSEE AS WELL FOR BEING HERE ON THE FLOOR TO RECOGNIZE THE 50 YEARS, IN FACT 50 YEARS AGO THIS WEEK THAT PRESIDENT EISENHOWER SIGNED INTO LAW LEGISLATION THAT CREATED REAL ESTATE INVESTMENT TRUSSES OR REITS. |
| 00:03:43 | INVESTMENT VEHICLES THAT HAVE ALLOWED MILLIONS AND MILLIONS OF AMERICANS THE EXPANDED OPPORTUNITIES TO INVEST IN COMMERCIAL REAL ESTATE. |
| 00:03:53 | WHILE TODAY BY TAKE FOR GRANTED THAT MIDDLE CLASS INVESTORS AND MIDDLE CLASS AMERICANS ACROSS OUR COUNTRY HAVE THE OPPORTUNITY TO INVEST IN COMMERCIAL REAL ESTATE, IT'S IMPORTANT TO KNOW THAT PRIOR TO 1960 IT WAS ONLY LARGE FINANCIAL INSTITUTIONS AND WEALTHY AMERICANS WHO HAD THE MEANS TO DO SO. |
| 00:04:10 | 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. |
| 00:04:26 | BUT REITS HAVEN'T JUST ALLOWED MIDDLE CLASS AMERICANS TO DIVERSIFY THEIR INVESTMENT PORTFOLIO, THEY HAVE ALSO HELPED BUILD OUR LOCAL COMMUNITIES, A TRUE WIN-WIN SITUATION. |
| 00:04:36 | INDEED, OVER THE LAST FIVE DECADES THESE INVESTMENT VEHICLES HAVE HELPED FINANCE IMPORTANT COMMERCIAL REAL ESTATE PROJECTS IN EVERY ONE OF OUR CONGRESSIONAL DISTRICTS ACROSS OUR COUNTRY. |
| 00:04:46 | FROM HOTELS TO SHOPPING MALLS TO HOSPITALS TO OFFICE PARKS. |
| 00:04:52 | IN FACT, IN MY CONGRESSIONAL DISTRICT I'M HONORED TO HAVE A NUMBER OF IMPORTANT ENTITIES THAT ARE REITS. |
| 00:05:00 | THAT TRULY PEOPLE IN OUR DISTRICT DON'T REALIZE ARE REAL ESTATE INVESTMENT TRUSSES, THAT EMPLOY THOUSANDS COLLECTIVELY OF CENTRAL OHIOANS. |
| 00:05:10 | 50 YEARS AFTER THE ENACTMENT, REITS REMAIN AN IMPORTANT PART OF OUR TAX CODE AND I'M PLEASED TO BE A CO-SPONSOR OF THIS BILL WITH CONGRESSMAN LEVIN AND CONGRESSMAN CAMP, THE LEAD SPONSORS, AND PLEASED TO BE PART OF THIS RESOLUTION RECOGNIZING THEIR 50-YEAR ANNIVERSARY. |
| 00:05:26 | WITH THAT, MR. |
| 00:05:27 | SPEAKER, I RESERVE THE BALANCE OF MY TIME. |
| 00:05:31 | THE SPEAKER PRO TEMPORE: THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. |
| 00:05:33 | THE CHAIR RECOGNIZES THE GENTLEMAN FROM TENNESSEE. |
| 00:05:35 | MR. |
| 00:05:36 | TANNER: THANK YOU, MR. |
| 00:05:37 | SPEAKER. I'M PLEASED AT THIS TIME TO RECOGNIZE MR. |
| 00:05:39 | DAVIS FOR HIS REMARKS. |
| 00:05:41 | THE SPEAKER PRO TEMPORE: THE CHAIR RECOGNIZES -- MR. |
| 00:05:44 | TANNER: YIELD HIM TWO MINUTES. |
| 00:05:46 | THE SPEAKER PRO TEMPORE: THE CHAIR RECOGNIZES MR. |
| 00:05:48 | DAVIS. MR. DAVIS: THANK YOU VERY MUCH, MR. |
| 00:05:50 | CHAIRMAN. LET ME THANK THE MANAGER FOR THE TIME. |
| 00:05:55 | I RISE IN STRONG SUPPORT OF THIS RESOLUTION RECOGNIZING THE 50TH ANNIVERSARY OF THE PASSAGE OF LEGISLATION THAT CREATED REAL ESTATE INVESTMENT TRUSSES. |
| 00:06:08 | I HAPPEN TO COME FROM THE CITY OF CHICAGO AND I REPRESENT DOWNTOWN CHICAGO. |
| 00:06:16 | OF COURSE IT IS AN INVESTMENT OPPORTUNITY NOT ONLY IN CHICAGO BUT ALL OVER AMERICA FOR INDIVIDUALS TO MAKE USE OF THIS OPPORTUNITY. |
| 00:06:27 | SO FOR THE LAST 50 YEARS THEY HAVE HAD THAT OPPORTUNITY. |
| 00:06:31 | I LOOK TO SEE IT CONTINUE TO GROW AND DEVELOPMENT AND I APPRECIATE THE OPPORTUNITY TO SAY THAT I THINK REAL ESTATE INVESTMENT TRUSSES -- TRUSTS ARE VERY IMPORTANT TO THE ECONOMY OF OUR COUNTRY AND I STRONGLY SUPPORT THIS RESOLUTION. |
| 00:06:47 | I YIELD BACK THE BALANCE OF MY TIME. |
| 00:06:50 | THE SPEAKER PRO TEMPORE: THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. |
| 00:06:54 | THE CHAIR RECOGNIZES MR. |
| 00:06:56 | TANNER FROM TENNESSEE. |
| 00:06:57 | THE GENTLEMAN FROM OHIO. |
| 00:06:58 | MR. TIBERI: I CONTINUE TO RESERVE THE BALANCE OF MY TIME. |
| 00:07:00 | MR. |
| 00:07:01 | TANNER: I'M PLEASED TO RECOGNIZE MR. |
| 00:07:05 | BLUMENAUER FOR TWO MINUTES. |
| 00:07:10 | THE SPEAKER PRO TEMPORE: THE GENTLEMAN FROM OREGON IS RECOGNIZED FOR TWO MINUTES. |
| 00:07:14 | MR. BLUMENAUER: THANK YOU, MR. |
| 00:07:16 | SPEAKER. |
| 00:07:17 | I APPRECIATE THE GENTLEMAN FROM TENNESSEE'S PERMITTING ME TO SPEAK ON THIS. |
| 00:07:21 | I RISE AS A CO-SPONSOR OF H. |
| 00:07:24 | RES. 1595, TO RECOGNIZE THE 50TH ANNIVERSARY OF REAL ESTATE INVESTMENT TRUSTS. |
| 00:07:29 | FOR THE LAST 50 YEARS WE HAVE SEEN HOW THESE PUBLICLY TRADED REITS HAVE PROVIDED AMERICAN INVESTORS WITH AN AFFORDABLE WAY TO INVEST IN REAL ESTATE. |
| 00:07:38 | I DO A LOT OF WORK WITH LIVABLE COMMUNITIES. |
| 00:07:42 | I WANT TO CONGRATULATE THE REIT INDUSTRY FOR THEIR EFFORTS TO PURSUE PRACTICES THAT WILL REDUCE THE CARBON FOOTPRINT OF THEIR PROPERTIES. |
| 00:07:52 | WE ARE DEALING WITH SERIOUS PROBLEMS OF ENERGY EFFICIENCY, CARBON POLLUTION. |
| 00:07:58 | BUILDINGS ACCOUNT FOR ALMOST 40% OF OUR COUNTRY'S TOTAL ENERGY CONSUMPTION AND 72% OF OUR ELECTRICITY CONSUMPTION. |
| 00:08:06 | THIS IS ONE AREA WHERE THE INDUSTRY HAS HAD A FOOTPRINT THAT EXTENDS FROM COAST TO COAST JOINING WITH THE ENERGY STAR TO FIND WAYS TO IMPROVE ENERGY EFFICIENCY FOR THE INDUSTRY. |
| 00:08:20 | I'M PLEASED TO SEE HONOREES OF THIS PROGRAM INCLUDE THE SIMON PROPERTIES GROUP, A. |
| 00:08:28 | M.B. PROPERTIES CORPORATION, AND OTHERS. |
| 00:08:31 | I HAVE ENJOYED WORKING WITH THE REIT INDUSTRY TO INTRODUCE H. |
| 00:08:38 | R. 4599, THE RENEWABLE ENERGY EXPANSION ACT, WHICH EXTENDS AND IMPROVES THE RECOVERY ACT GRANT PROGRAM FOR RENEWABLE ENERGY PRODUCTION AND INVOLVES THE REAL ESTATE INVESTMENT TRUSTS IN THIS ARENA. |
| 00:08:51 | I HAVE WORKED WITH MY COLLEAGUE, LINDA SANCHEZ, TO RESOLVE A TECHNICAL BARRIER WHICH WILL DRAMATICALLY ENHANCE THE ABILITY OF REITS TO ACCESS THESE GRANTS. |
| 00:09:04 | IT'S JUST ONE EXAMPLE WHERE WORKING WITH THE INDUSTRY WE HAVE BEEN ABLE TO DEAL WITH LONG-TERM BENEFITS TO OUR COMMUNITIES, STABILIZING INVESTMENTS, STRENGTHENING NEIGHBORHOODS, AND WORKING ON WAYS TO MAKE SURE THAT WE ARE PRODUCTIVE AND FAMILIES ARE SAFER, HEALTHIER, AND MORE ECONOMICALLY SECURE. |
| 00:09:26 | I CONGRATULATE THEM ON 50 YEARS OF PROGRESS AND LOOK FORWARD IN THE FUTURE AS VALUABLE ALLIES IN THIS EFFORT. |
| 00:09:34 | THANK YOU. I YIELD BACK. |
| 00:09:35 | THE SPEAKER PRO TEMPORE: THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. |
| 00:09:38 | THE CHAIR RECOGNIZES THE GENTLEMAN FROM OHIO, MR. |
| 00:09:41 | TEA -- MR. |
| 00:09:44 | TIBERI. |
| 00:09:45 | MR. TIBERI: I YIELD BACK. |
| 00:09:46 | I YIELD BACK. |
| 00:09:47 | THE SPEAKER PRO TEMPORE: THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. |
| 00:09:50 | MR. TANNER: WE YIELD BACK, MR. |
| 00:09:57 | SPEAKER. |
| 00:09:58 | WILL THE HOUSE SUSPEND THE RULES AND AGREE TO HOUSE RESOLUTION 1595. |
| 00:10:01 | SO MANY AS ARE IN FAVOR SAY AYE. |
| 00:10:02 | THOSE OPPOSED, NO. |
| 00:10:06 | IN THE OPINION OF THE CHAIR, 2/3 OF THOSE VOTING HAVING RESPONDED IN THE AFFIRMATIVE, THE RULES ARE SUSPENDED, THE RESOLUTION IS AGREED TO, AND WITHOUT OBJECTION THE MOTION TO RECONSIDER IS LAID UPON THE TABLE. |
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