[Congressional Record Volume 142, Number 13 (Wednesday, January 31, 1996)]
[House]
[Page H978]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              REVITALIZING AMERICA'S MANUFACTURING SECTOR

  (Mr. FRANKS of New Jersey asked and was given permission to address 
the House for 1 minute and to revise and extend his remarks.)
  Mr. FRANKS of New Jersey. Mr. Speaker, today, along with 
Representatives Jack Quinn, Paul McHale, and Marty Meehan, I will 
introduce legislation aimed at revitalizing America's industrial 
sector. Our bill encourages businesses to reclaim old, abandoned 
industrial sites known as Brownfields and redevelop them into sites of 
economic activity. The bill will help bring jobs and much needed 
revenue to blighted areas across the country.
  Our bill complements State Brownfields initiatives by removing 
existing Federal barriers that inhibit site cleanup and impose threats 
of liability on prospective buyers. Importantly, however, our bill does 
not compromise public health or environmental quality. Also, our 
legislation creates a Brownfields IRA which will serve as a key 
resource to businesses by allowing tax-free contributions of up to $5 
million which can only be used for Brownfield site remediation costs.
  I urge Members to cosponsor this bill and help revitalize our 
country's urban industrial centers.

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