Speech by House Speaker Denny Hastert (R-IL). Re: high tech industry and the Republican e-contract. Date: May 10, 2000. Source: Tech Law Journal transcribed from its audio recording. Copyright Tech Law Journal. All rights reserved.

You know, the American economy is as strong as it has ever been. And, a lot our economic growth is due to the growth in our high tech industry.

To keep the American high tech industry growing Republicans are unveiling a new contract. This contract reinforces our commitment to advancing a high tech agenda. As we all know, the high tech industry is the future. The last thing we want to do is to spoil the future. The last thing we want to do is to impede our future by high taxes and excessive government regulation.

For many years around this place when something new came about, the first that the Congress wanted to do was tax it, and then regulate it. We are saying, it is time to let industry grow. It is time to let young people like those who are standing around me to have a chance to be part of this economy, because it is their future.

This Congress already has a lengthy list of high tech accomplishments. We passed legislation to improve satellite competition. The House has passed a digital signatures bill. And extended the research and development tax credit.

But you know, there is a lot more to be done. This year Congress will keep moving forward on an agenda that will keep our high tech industry going, and keep our economy growing. Today, the House will vote to extend the moratorium on taxes that unfairly target the Internet.

We will also soon be voting to end the ridiculous tax on the Spanish American War. Now, some of these kids around me don't even remember the Spanish American War. Some of us do. Anyway. You know, I have talked to a lot of folks from the Spanish Embassy, and they think that they are not going to attack us, so we ought to do away with that tax. And we are going to do it. We are going to end that tax this year.

But helping the high tech industry involves more than just tax relief and the removal of the regulatory burdens. It also involves opening markets to our high tech products. We took a big step towards that last week, by passing the African CBI trade bill. And we will take a big step latter this month when we vote on permanent normal trade relations with China. Greater access to foreign markets will lead to continued growth for the high tech industry that we have here in America.

The e-contract is not just good news for the high tech industry. It is good news for the millions of Americans who have benefited from the Internet and our strong economy. You know, it is also good news for young students, like Sean Milligan. Like millions of other people, and those standing around me today, Sean enjoys using the Internet both for school and for recreation. They certainly should not be taxed for utilizing that educational tool.

It is my great honor to sign the e-contract. And, I would invite all members of the U.S. Congress to sign it as well.

Thank you very much.