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House Proceeding 07-29-09 on Jul 29th, 2009 :: 2:24:00 to 2:35:10
Total video length: 2 hours 52 minutes Stream Tools: Stream Overview | Edit Time

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Jean Schmidt

2:23:57 to 2:24:17( Edit History Discussion )

Jean Schmidt: i appreciate being a part of this. this is too serious to let the bureaucrats control people's lives. i thank you. mr. akin: thank you very much. thank to you my many good friend who joined us here in the discussion. i think people understand this is a very serious issue. i think it's bettory go slow and make sure we get it right and don't mess it up as we have some of the things that have been passed 3:00 in the morning.

Jean Schmidt

2:24:00 to 2:35:10( Edit History Discussion )
Speech By: Jean Schmidt

Jean Schmidt

2:24:18 to 2:24:33( Edit History Discussion )

Jean Schmidt: the speaker pro tempore: the gentleman's time has expired. under the speaker's annoced policy of january 6, 2009, the gentlewoman from ohio, ms. schmidt, is recognized for 60

Jean Schmidt

2:24:44 to 2:25:05( Edit History Discussion )

Jean Schmidt: minutes. ms. schmidt: tha you very much. mr. speaker, i rise today to continue to ask the question -- where are the jobs? well, i can tell you where they're not in my district in southern ohio. because i just got an

Jean Schmidt

2:25:06 to 2:25:27( Edit History Discussion )

Jean Schmidt: announcement on monday night that really shocked me and made my blood boil. i found out that the department of of energy was going to strip away thousands of jobs iny now, i just want to give you a little background. ohio is one of those states that

Jean Schmidt

2:25:28 to 2:25:48( Edit History Discussion )

Jean Schmidt: has high unemploym we are the seventh highest in the nation. but when you look at my district, what you see is i've go really high unemployment in my district. in fact, two of my counties, pike and adams, have over 15% unemployment.

Jean Schmidt

2:25:49 to 2:26:11( Edit History Discussion )

Jean Schmidt: siota county has almost 13% unemployment. much higher than the national average. even higher than our state average of so we really need jobs. need them badly. what has occurred t i think there must be a disconnect with the

Jean Schmidt

2:26:12 to 2:26:33( Edit History Discussion )

Jean Schmidt: administration and the president. because let me go back and explain what's going on. i have a facility in my district in pike county, the county that has 15.5% unemployment, called the american centrifuge plant. this represents a very early

Jean Schmidt

2:26:34 to 2:26:54( Edit History Discussion )

Jean Schmidt: of commercial -- use of new technology that would significantly reduce emissions of air pollutants and greenhouse gases. the united states and richmond corporation is deploying american centrifuge technology to provide the dependable, long-term u.s.-owned and developed nuclear fuel

Jean Schmidt

2:26:55 to 2:27:16( Edit History Discussion )

Jean Schmidt: production capability needed to support the country's nuclear power plants, nuclear submarines, and robust nuclear deterrent. mr. speaker, we have dozens of nuclear power plants in this country that all require nuclear fuel. and we have a navy who as i speak is sailing in every ocean

Jean Schmidt

2:27:17 to 2:27:39( Edit History Discussion )

Jean Schmidt: across the globe, and we have weapons of mass destruction that will become useless deterrents without fresh twitium. without the american centrifuge plant in five year's time, we will have no ability in the united states to enrich uranium to keep our lights on, our ships

Jean Schmidt

2:27:40 to 2:28:03( Edit History Discussion )

Jean Schmidt: at sea, our deterrent potential. in five years we will be forced to purchase uranium from foreign suppliers like we do most of our oil. i don't know about you, mr. speaker, but i don't want to depe on foreigners for this kind of product. the american centrifuge plant holds great promise. unfortunately in order to meet

Jean Schmidt

2:28:04 to 2:28:24( Edit History Discussion )

Jean Schmidt: this promise usac needed a loan guarantee from the federal government. i want to repeat that, it needed a loan guarantee from the federal government. you see they have already invested $1.5 billion in this project. and is offered another $1 bill -- $1 billion ofer corporate support did this with the

Jean Schmidt

2:28:25 to 2:28:46( Edit History Discussion )

Jean Schmidt: expectation the department of energy will make available a $2 bill loan guarantee needed to finance the full-scale deployment of this plant. i want to refer to this chart here. why were they confident in that? on september 2, 2008, when president obama was running for election, he wrote a letter to

Jean Schmidt

2:28:47 to 2:29:07( Edit History Discussion )

Jean Schmidt: our governor, ted strickland. and he said in that letter, this is the full letter, so you can see it, i'm not taking it out of context, he said, and i quote, under my administration energy programs that promote safe environmentally sound technologies and are domestically produced, such as

Jean Schmidt

2:29:08 to 2:29:28( Edit History Discussion )

Jean Schmidt: the enrichment fility in ohio, will have my full support. i will work with the department of energy to help make loan guarantees available for this and other advanced energy programs that reduce carbon emissions and break the tie to high cost, and foreign energy sources.

Jean Schmidt

2:29:29 to 2:29:49( Edit History Discussion )

Jean Schmidt: this is what this letter said. so you understand that usac was very, very confident that they were going to get that loan guarantee. but instead, on monday night, the department of energy really pulled the rug out from all of us. i got a letter -- a phone call asking me to call the white

Jean Schmidt

2:29:50 to 2:30:10( Edit History Discussion )

Jean Schmidt: house. i learned monday night that the department of energy was going to withdraw its promise and they were actually asking usac to withdraw its application and to try it again in 18 months. i was actually told on the phone

Jean Schmidt

2:30:11 to 2:30:31( Edit History Discussion )

Jean Schmidt: that if they did that then the department of energy would give them $45 million, $30 million and then another $15 million if they would rescind this and that kind of shocked me. the next day it also shocked the folks at usac because you see they had this letter that the

Jean Schmidt

2:30:32 to 2:30:53( Edit History Discussion )

Jean Schmidt: president had given to our governor, ted strickland, that said those loan guarantees would be given. mr. speaker, the american centrifuge plant currently supports more than $5,700 jobs and will help create 2,300 more within a year of commencement of the loan guarantee funding. that's 2,300 additional jobs to

Jean Schmidt

2:30:54 to 2:31:15( Edit History Discussion )

Jean Schmidt: my district. now because the department of energy has contradict add promise that our president made in september of last year to our governor and to those mennd women in this area, those jobs are in jeopardy. i was on the phone with one of my constituents earlier today, pink slips are already being

Jean Schmidt

2:31:16 to 2:31:38( Edit History Discussion )

Jean Schmidt: given out at the usac plant. the department of energy has told the media the reasons for their denial were threefold. that the cost subsidy estimate, a new requirement for another $300 million of capital, and the questions of technology. well, the first question offered by the d.o.e. is a little laughable. it turns out that the government

Jean Schmidt

2:31:39 to 2:31:59( Edit History Discussion )

Jean Schmidt: isn't really backing these loans. instead of department of energy is charging a risk of failure fee to each of the folks that agrees to back the loans, too. these fees are pooled together to eliminate any risk to the taxpayers that actually have been given a loan guarantee.

Jean Schmidt

2:32:00 to 2:32:22( Edit History Discussion )

Jean Schmidt: they determined that the fee for thisoan would be $800 million on a $2 billion loan. so usac is supposed to come up with $00 million on a $2 billion loan. i don't know about you, but in my neck of the woods we call that like loan sharking. the second reason for denying

Jean Schmidt

2:32:23 to 2:32:43( Edit History Discussion )

Jean Schmidt: the guarantee is a new need to set aside an additional $300 million for contingencies. i can think where you and i see this i headed. after the risk premium is paid, apparently usac still has to come up with more money to make the department of energy years,

Jean Schmidt

2:32:44 to 2:33:05( Edit History Discussion )

Jean Schmidt: feel more comfortable about giving these loans. but the last question i thinks the most purr -- surprising. because the last reason is one where they say they have technical questions. and this is the one that's the most absurd of all because quite frankly this technology is out there. france is using it. england is using it.

Jean Schmidt

2:33:06 to 2:33:27( Edit History Discussion )

Jean Schmidt: would it surprise you to know, mr. speaker, that iran is using it? but what i found most disturbing is that the department of energy hired a technology expert as required by law. and they went through the technology and wrote a long report and they gave it, in fact

Jean Schmidt

2:33:28 to 2:33:48( Edit History Discussion )

Jean Schmidt: the guy ran back to give it, to the department of energy on tuesday. that was the day after the department of energy made their decision. . they made that decision on monday night and made it without any regard for the report they

Jean Schmidt

2:33:49 to 2:34:10( Edit History Discussion )

Jean Schmidt: were relying on for this very important project. and it's not just a project, mr. speaker that continues to help the folks in my district. and it is important to me, because, mr. speaker, this is my district. an are my friends. i have become friends with these

Jean Schmidt

2:34:11 to 2:34:31( Edit History Discussion )

Jean Schmidt: people. and this is a part of my community that doesn't have a lot of job opportunities and they welcomed this job opportunity, they embraced it. and i believe that the president believes in this project, a stated on september 2, 2008. but i think there must be some sort of a disconnect with the

Jean Schmidt

2:34:32 to 2:34:52( Edit History Discussion )

Jean Schmidt: department of energy. there's a chart here, and i would like to go through the chart a little bit again so we can clearly understand what's going on. the issue, credit subsidy costs estimated by the d.o.e. to $800 million. the estimate was never provided in writing.

Jean Schmidt

2:34:53 to 2:35:16( Edit History Discussion )

Jean Schmidt: the methods of calculation were never disclosed or explained. $800 million subsidy cost was not reasonable. i think it's outrageous given that usac collateralized. standard credit and yes, yield

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