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 .  