Reform in Tea Party Nation all agree with us. While radio touts a nonbinding resolution, congressional leaders from both parties are working on real legislation to resolve this issue. Any copyright performed simply must include a radio performance right. To resolve this and other issues, we support several thoughtful bills. This would insist if broadcasters value the content they must value the content of others. This w0u8d remove the loophole. Now i had time for a unified holistic approach to music licensing and time for a music omnibus bill or music bus for short. Where kwoip write review under way, we need our industry in congress to be visionary and created a unified approach for the future of our business and the music bus idea is really simple. Fair market pay for all music creators across all platforms. And a music only hi bus bill need not wait for the entire copyright act to be advised. Congress registers maria polenti noted these issues are ripe for resolution. Mr. Chairman,
Respect to a Music Production industry after the turn of the century, its no longer necessary and unjust few blee aggregates copyright owners rights today. Fortunately, legislation has been introduced to begin to address this and i thank members of the subcommittee for supporting the songwriters equity act. Public performance royalties represent the large income for song writers. Its inherently a free market right. Its not regulated by law. But because the department of justice imposed consent degrees in 1941, incredibly, those decrees are still in effect today. They do not sunset. Under these world war ii era decrees song writers and publishers may not negotiate their value in a free market t a federal judge in the Southern District of new york dictates how much a songwriter is paid. Last week they have announced they are undertaking a review of these decrees and we hope song writers will receive fair market compensation. Using music in movies, television shows, music videos and youtu
11 10, but i apologize for this, but if you could abbreviate your questions. Senator toomey. Thank you, mr. Chairman. I will try to abbreviate my question. Good to see you both, and i appreciate the discussion we had in my office,s mayor castro. I do need to follow up on one of the topics we discussed. Many members of this committee alluded to the ongoing work to reform Housing Finance. While we have a range of opinions about how best to do that, i believe there is a unanimous agreement on this committee that however we do it, its got to involved bringing private capital into financing residential mortgages. At the same time we are having this discussion, as you know, there is a movement under way to attempt by certain communities, to attempt to use Eminent Domain as an argument to justify confiscating mortgages from private lenders at a discount some, who knows what discount to what theyre actually worth. First of all, i think its a blatant violation of contract sanctity if they do th