Hafa Adai! I welcome our witnesses to this hearing, particularly those who have traveled from Guam. This hearing will focus on H.R. 308, the Guam War Claims Review Commission Act, and H.R. 309, the Guam Foreign Investment Equity Act.

H.R. 308 establishes a five-member federal commission to review the facts and circumstances surrounding the implementation and administration of the Guam Meritorious Claims Act. The Commission will also review the effectiveness of the Act in addressing the war claims of American nationals residing on Guam between December 8, 1941, and July 21, 1944, who suffered compensable injury during the Japanese occupation of the island in World War II. The commission will make recommendations to Congress.

H.R. 309, the Guam Foreign Investment Equity Act, provides the Government of Guam with the authority to tax foreign investors at the same rates as states under the U.S. tax treaties with foreign countries.

Both bills passed the House of Representatives during the 106th Congress and were passed again earlier this year by the House. I am pleased, therefore, that Chairman Bingaman and Senator Murkowski provided this opportunity for the Committee to hold this hearing prior to the August recess.

As a longstanding friend of the Pacific Islands and Guam, I am very familiar with the efforts of Congressman Robert Underwood, former Congressman Ben Blaz, former Congressman Antonio Won Pat, and local Guam leaders in pursuing justice and equity for war claims arising out of the Japanese occupation of Guam. Given the long history on this matter, I urge leaders at both the local and federal levels to do what is right for Guam's World War II generation, many whom have already passed away.

I am also aware of the impact of the Asian financial crisis on Guam's economy, the island's 15 percent unemployment rate, and the effort by Guam's leaders to provide greater economic opportunities on the island.

I look forward to hearing from our witnesses today as we consider these issues. It is my hope that we can move forward on today's bills to provide justice to Guam's World War II generation and to increase foreign investment opportunities in Guam.