mr. chairman , the substitute would be a great improvement for the current endangered species act . 
it would treat landowners much as we do under the conservation reserve program ; but the underlying bill would be a disaster for taxpayers , a new entitlement . 
the secretary shall pay no less than fair market value . 
i guess the secretary , if they are feeling good that day , could pay more than fair market value with taxpayers ' money , borrowed money ; and it does not require the historic , usual , or custom use . 
take a piece of remote farm land , propose a huge development on it ; it does not have to be proven to be economically viable . 
you proposed it ; you were going to build 5 , 000 houses ; you were going to make $ 1 , 000 , $ 2 , 000 , $ 5 , 000 on each house . 
you would have to be compensated for that . 
you do not have to prove that this is economically viable , and sequential owners would get that right . 
you then sell it to your next door neighbor ; they can make the same claim . 
they sell it to the guy down the street , they can make the same claim , on and on and on . 
what an incredible new , speculative market , helping the housing bubble , i guess ; but this is going to kill the taxpayers and the federal treasury . 
you should vote for the substitute . 
it will improve the endangered species act . 
