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anxious to perform a special piano concerto by George Gershwin or an orchestral arrangement by Leonard Bernstein. It is the public who will wind up losing if an unreasonably short copyright term puts the archives of these master songwriters out of business.
And, finally, compelling economic factors mandate an extension of our copyright laws. America's intellectual property is this country's second largest export, and it also provides a significant revenue base at home. Our country's culture is universally popular. I've seen it all over the world myself personally. It is heard, seen, performed, and enjoyed everywhere throughout the world.
In light of the recent European Union action, copyright term extension in the United States has become an essential element in safeguarding our national economic security. And, moreover, every year more and more works are falling into the public domain while they're still commercially viable. This not only deprives the owners of the works and their families of the benefits of income, but it diminishes the flowback of taxable revenues generated from overseas sales.
Under the existing cop3nright laws, Americans and Europeans are required to pay for every use of Revel's "Bolero," while neither Americans nor Europeans are required to pay when using W.C. Hanle/s "St. Louis Blues," written in 1914. It's kind of difficult for me to comprehend this logic.
We must extend the term of the copyright in the United States if we are to continue to reap the economic benefits of our intellectual property in the world and domestic marketplaces. And for all of the foregoing reasons, it is imperative that we extend the term of copyright in the United States by 20 years.
I commend you. Chairman Moorhead, for introducing H.R. 989, the Copyright Term Extension Act of 1995. I urge each and every member of the subcommittee and every Member of Congress to support this bill and vote H.R. 989 into law this year.
And I thank you for your time.
[The prepared statements of Mr. Jones, Mr. Dylan, Mr. Henley, Mr. Menken, Mr. Sondheim, Mrs. Mancini, Ms. Donaldson, Mr. Schoenberg, Ms. Durham, Ms. Miller, and Ms. Barrett follow:]