H1900 CONGRESSIONAL RECORD — HOUSE February 27, 2007 OUR COUNTRY MUST APOLOGIZE Since DESA was started in 1986, it concurrent resolution (H. Con. Res. 47) FOR SLAVERY has been awarded service contracts supporting the goals and ideals of a Na- (Mr. COHEN asked and was given per- from HHS, the Department of Com- tional Day to celebrate mission to address the House for 1 merce, the Minority Business Develop- and honor the recipients of the Medal minute.) ment Agency, the Army, the Air Force, of Honor. Mr. COHEN. Mr. Speaker, ladies and the Small Business Administration, as The Clerk read as follows: gentlemen of the House, today I am well as various contracts from the pri- H. CON. RES. 47 going to introduce a bill to call on the vate sector. DESA works with compa- Whereas the Medal of Honor is the highest Government to apologize nies from the very beginning of award that can be bestowed to a member of for the history in this country of hav- projects until their completion. the Armed Forces for valor in action against ing a slave system and for Jim Crow In conclusion, God bless our troops, an enemy force; Whereas the Medal of Honor is awarded by laws that went on for a hundred addi- and we will never forget September 11 and the courageous service of Army the President, in the name of the Congress, tional years. to members of the Armed Forces who have The State of Virginia is to be com- Chief Warrant Officer II, Jason De distinguished themselves conspicuously by mended for its action this past week in Frenn of Barnwell, South Carolina. gallantry and intrepidity at the risk of their making, in essence, an apology saying f lives above and beyond the call of duty; they regretted a system of slavery in Whereas the United States will forever be ILLEGALS USING FED TO WIRE in debt to the recipients of the Medal of this country. MONEY For 246 years, our Constitution and Honor for their bravery and sacrifice in our laws allowed a system that made (Mrs. BLACKBURN asked and was times of war or other armed conflict; Whereas the Medal of Honor was first people slaves, that divided people from given permission to address the House for 1 minute and to revise and extend awarded on March 25, 1863, during the Civil their families and treated them as War; property. And for 100 years thereafter, her remarks.) Whereas, of the millions of men and women a system of laws in many States Mrs. BLACKBURN. You know, the who have served in the Armed Forces in war, throughout the country had Jim Crow United States is a Nation founded on military operations, or other armed con- laws that deprived people of the oppor- the rule of law. Those who do not fol- flicts, only 3,443 members have thus far been tunity for equal access to education, low the law are held accountable, ex- awarded the Medal of Honor; health care, public facilities, and other cept when you are an illegal immi- Whereas 111 Medal of Honor recipients are still living as of January 1, 2007; types of programs. These ended by law grant. We have already learned that a few of Whereas it is appropriate to commemorate in the sixties somewhat through the ef- and honor the recipients of the Medal of forts of Thurgood Marshall and other our major banks are issuing credit Honor and to recognize their bravery and attorneys in Brown v. Board of Edu- cards to illegal immigrants, but a re- sacrifice for the United States; cation, but the effects are lingering. cent article in the L.A. Times uncov- Whereas the designation of a National This country needs to apologize for a ered a program through our own Fed- Medal of Honor Day would raise the aware- brutal, inhumane system of slavery eral Reserve Bank that makes it easier ness of the American people regarding the and Jim Crow laws. President Bush has for illegal entrants to send money back significance and meaning of the Medal of made remarks similar to this in Sen- to Mexico, direct to Mexico. A feder- Honor and help focus the efforts of national, ally sponsored program allows illegal State, and local organizations striving to egal; President Clinton also in the foster public appreciation and recognition of State of Virginia most recently. immigrants without a Social Security Medal of Honor recipients; and I hope we will have all our colleagues number to wire money through the Whereas March 25 would be an appropriate sign on and pass this unanimously, as Federal system for a fee. date to observe National Medal of Honor the State of Virginia did, and make a What is even more shocking is that Day: Now, therefore, be it proper apology for a harmful and un- the Fed expanded the program that al- Resolved by the House of Representatives (the fortunate part of our history. lows anyone, illegal or not, to open ac- Senate concurring), That Congress— (1) recognizes the heroism and sacrifice of f counts at participating banks. This is a big business. We have learned it is Medal of Honor recipients for the United States; DIANE E. SUMPTER RECOGNIZED 27,000 transfers from illegal immigrants FOR SUCCESS (2) recognizes the educational opportunity every month, totaling $23 billion a that a National Medal of Honor Day would (Mr. WILSON of South Carolina year, all with the help of our Federal present to the American public; and asked and was given permission to ad- Government. (3) supports the goals and ideals of a Na- dress the House for 1 minute and to re- We are sending mixed messages, Mr. tional Medal of Honor Day to celebrate and vise and extend his remarks.) Speaker. We say we want to stem the honor the contributions of Medal of Honor Mr. WILSON of South Carolina. Mr. tide of illegal immigration, but once recipients. Speaker, during Black History Month, again, here we go. We will not only The SPEAKER pro tempore. Pursu- Diane Sumpter has earned front-page turn a blind eye; we will make it easy ant to the rule, the gentleman from cover status in the Greater Columbia for illegal immigrants to send money Missouri (Mr. SKELTON) and the gen- Business Monthly of South Carolina for back to Mexico. tleman from North Carolina (Mr. developing one of the most prestigious f JONES) each will control 20 minutes. minority business firms. DESA, Inc., The Chair recognizes the gentleman has grown to be a nationally recog- ANNOUNCEMENT BY THE SPEAKER from Missouri. nized management consultant firm. PRO TEMPORE GENERAL LEAVE Ms. Sumpter is a native of Jackson- The SPEAKER pro tempore. Pursu- Mr. SKELTON. Mr. Speaker, I ask ville, Florida. She later moved to Co- ant to clause 8 of rule XX, the Chair unanimous consent that all Members lumbia, where she graduated from will postpone further proceedings may have 5 legislative days to revise Booker T. Washington High School and today on motions to suspend the rules and extend their remarks and include then attended the University of South on which a recorded vote or the yeas extraneous material on the resolution Carolina, where she obtained both a and nays are ordered, or on which the now under consideration. B.A. in English and a master’s degree vote is objected to under clause 6 of The SPEAKER pro tempore. Is there in social work. rule XX. objection to the request of the gen- Ms. Sumpter’s dedication to the Record votes on postponed questions tleman from Missouri? growth and success of minority- and will be taken after 6:30 p.m. today. There was no objection. women-owned businesses is evidenced f Mr. SKELTON. Mr. Speaker, I yield in her efforts with the South Carolina myself as much time as I may con- Minority Business Development Cen- SUPPORTING THE GOALS AND sume. ter, which is operated by her company. IDEALS OF A NATIONAL MEDAL Today I rise in support of House Con- The center has assisted businesses by OF HONOR DAY current Resolution 47, which I intro- acting as a liaison to facilitate busi- Mr. SKELTON. Mr. Speaker, I move duced to recognize the extraordinary ness growth for over 10 years. to suspend the rules and agree to the heroism and sacrifice of the Nation’s

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Congress is recognizing these extraor- JONES) for being here in support of this Mr. Speaker, I urge the support of dinary members of our Armed Services issue this afternoon. this resolution. by establishing March 25 as the Na- The Congressional Medal of Honor is Mr. Speaker, I reserve the balance of tional Medal of Honor Day. This na- our Nation’s highest military award for my time. tional day of observance and remem- valor in action against an enemy that Mr. JONES of North Carolina. Mr. brance is long overdue, and I urge my can be bestowed on any member of the Speaker, I yield myself as much time colleagues to vote in favor of this reso- Armed Forces. as I may consume. lution, to vote in favor of our Armed Since the medal was created in 1861, Mr. Speaker, I want to thank Chair- Forces. more than 3,400 individuals who have man SKELTON for giving me this great While a National Medal of Honor Day served our Nation in uniform have been privilege of honoring these fine Ameri- is a wonderful way to honor these great awarded the Medal of Honor. cans. citizens, I would be remiss if I did not The first medal was established by Today we join together in support of also mention another great endeavor the United States Navy to recognize H. Con. Res. 47, as the United States that seeks to honor Medal of Honor re- sailors and marines who distinguish House of Representatives, to honor cipients. The city of Gainesville, Texas themselves in war. President Abraham what is arguably the most select group established the Medal of Honor Host Lincoln signed Public Resolution 82 of Americans to ever wear the uniform City Program in 2001 with this simple into law, and thus the first medal of of this great Nation. mission statement: It shall be the valor was created. The Army shortly The Medal of Honor is this Nation’s privilege and the responsibility of the followed in 1862 by establishing a Medal highest award bestowed on a member city of Gainesville, Texas, to welcome of Honor to recognize commissioned of- of the United States Armed Services our Nation’s Medal of Honor recipients ficers and privates who distinguished who distinguishes himself or herself at every available opportunity. The themselves by their gallantry in ac- conspicuously by gallantry and intre- Local Veterans of Foreign Wars, post tion. The Medal of Honor became a per- pidity at the risk of his life above and number 1922, along with the commu- manent decoration in 1863. The first beyond the call of duty while engaged nity volunteers and community mem- award was given to Army Assistant in an action against an enemy of the bers, welcome all Medal of Honor re- Surgeon Bernard J.D. Irwin for his United States. cipients with open arms and provides a bravery in rescuing 60 soldiers at The Medal of Honor confers special stipend to cover lodging, food and fuel expenses during their visit. Apache Pass, Arizona, in 1861. privileges on its recipients, both by The recipients are invited to attend It is very interesting, Mr. Speaker, tradition and by law. schools, clubs and local organizations, that a Medal of Honor was awarded a By tradition, all other soldiers, sail- thereby imparting their own views of Union soldier years after the 1861 Bat- ors, marines and airmen, even higher ranking officers up to the President of patriotism and duty throughout the tle of Lexington, Missouri, my home- community. It is truly a remarkable town, for his gallantry in helping to re- the United States, initiate the salute of the Medal of Honor and its recipient. program, and the true beauty of it is take the Anderson House, which was that other cities can establish their the hospital at the time of that battle, Mr. Speaker, I would like to discuss briefly the history of the Medal of own Medal of Honor Host City program September 18, 19 and 20, 1861. His name to further honor and recognize those was Palmer. Honor. The first award of the Medal of Honor was made March 25 of 1863 to heroic recipients. The current conflict in Iraq sadly has Mr. Speaker, to take a line from the Private Jacob Parrott and five others. posthumously added two heroic and Gainesville, Texas mission statement, I Since then, there have been 3,463 Med- courageous individuals to the rolls, feel that it is Congress’s privilege and als of Honor awarded for 3,456 separate Sergeant First Class Paul Smith of the Congress’s responsibility to honor the , and Corporal acts of heroism performed by 3,443 indi- Medal of Honor recipients at every op- Jason Dunham of the United States viduals, including nine unknowns. portunity. With this resolution, and Today there are 112 living recipients Marines. These two individuals con- with programs like the Medal of Honor tinue to epitomize the recipients of the of the Medal of Honor, out of a popu- Host City Program, we take a step in Medal of Honor, whose uncommon lation of more than 301 million Ameri- fulfilling that most noble and honor- valor and extraordinary bravery are cans. Forty-six percent of the living able of all missions. standard characteristics. earned their medals more than 50 years Mr. JONES of North Carolina. Mr. ago while serving in World War II, 36, b 1415 Speaker, I yield myself as much time or Korea, 15. There are 61 living who as I may consume. It is interesting to note also, Mr. performed actions in Vietnam. The Mr. Speaker, since I have been in Speaker, that in the history of the youngest recipient is Gordon R. Rob- Congress, America has presented this medal, 19 men received a second award. erts, age 56. He was born June 14, 1950. award on behalf of an extremely grate- 14 of them received two separate med- He was 19 years old when he earned this ful Nation a total of 22 times, 13 of als for separate actions, and one was high honor. which were presented posthumously. awarded to a woman. Of the more than Mr. Speaker, at this time, I would Some recent heroes include Tibor 3,400 medals awarded, 266 of those were like to yield to Dr. BURGESS, the gen- ‘‘Ted’’ Rubin for actions in Korea, be- awarded for action during World War tleman from Texas, for 4 minutes. tween 1950 and 1953. He received the II, and 154 were awarded for action dur- Mr. BURGESS. Mr. Speaker, I thank award on September 23, 2005. ing the Vietnam conflict. Today there the gentleman for yielding, and I thank Before that, the medal was awarded are only 111 living recipients of the the chairman, the gentleman from Mis- posthumously to the family of SFC Medal of Honor. America is rapidly los- souri, for bringing this concurrent res- Paul R. Smith on April 4 of 2005. For ing its greatest and true heroes. olution to the floor. his actions in Iraq in 2003, bravely It is also important to note that This is a resolution that honors the holding the enemy at bay so that the when Missouri’s President, Harry Tru- bravest of the brave, the men and wounded could be safely carried out. man, awarded the Medal of Honor to a women who have gone above and be- Before that, the Medal of Honor was soldier at the end of the Second World yond the call of duty, who have risked awarded posthumously to Army MSG War, he said he would rather have this their lives in fighting for our Nation, Gary I. Gordon and SFC Randall D. medal than being president. indeed, fighting for our basic freedom. Shughart for action in Somalia in 1993. The resolution before the House Today’s resolution pays homage to Most recently, Cpl Jason Dunham, seeks to recognize the heroism and sac- the basic principles of our military, U.S. Marine Corps, was posthumously

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Although severely wounded, when his port the designation of March 25 as National Just yesterday, President Bush grenades were expended, armed with Medal of Honor Day in honor of all those awarded LTC Bruce P. Crandall the only a rifle, he continued the momen- members of the Armed Forces who performed Medal of Honor in a White House cere- tum of his assault on the position and valiant acts of bravery during combat against mony. It was just this morning when killed the remainder of the enemy. an enemy of the United States. several members of the DAV, Disabled Lieutenant Marm’s selfless action re- Mr. BUYER. Mr. Speaker, I rise in support American Veterans from my district, duced the fire on his platoon, broke the of H. Con. Res. 47—a resolution establishing stated very simply, after meeting Colo- enemy assault, and rallied his unit to a national day of remembrance, reflection, and nel Crandall, and they said this was his continue toward the accomplishments celebration for those citizens who so valiantly comment when they said congratula- of this mission. defended our Nation and protected their fellow tions; thank you for what you did for Lieutenant Marm’s gallantry on the servicemembers through extraordinary feats of our Nation. His comment was this, he battlefield and his extraordinary risk courage and achievement—recipients of the just did what his country asked him to of his life are in the highest traditions Congressional Medal of Honor. do. He was a volunteer. of U.S. Army and reflect great credit I extend a thank you to my colleagues from Throughout the history, there have upon himself and the Armed Forces of the House Armed Services Committee for been 19 double recipients who have this country. leading the effort to commemorate the recipi- twice received this high honor. With that, I thank the gentleman ents of our Nation’s highest military honor. As Mr. Speaker, as this resolution so from Missouri (Mr. SKELTON) for this a Nation, we can never forget the sacrifices clearly states, the designation of a Na- privilege to be part of this debate. these men and women have made to keep tional Medal of Honor Day will raise Mr. Speaker, I yield back the balance America free. the awareness of the American people of my time. The first Medal of Honor was awarded on regarding the significance and the Mr. SKELTON. Mr. Speaker, I am March 25, 1864. As we approach this anniver- meaning of the Medal of Honor, and pleased that we are able to bring this sary, let us reflect on the lives and deeds of help focus the effort on our national, resolution to the floor. It is highly im- those brave soldiers, sailors, airmen and Ma- State and local organizations striving portant that we recognize those very rines who have received this honor throughout to foster public appreciation and rec- special individuals who received the our Nation’s history. ognition of Medal of Honor recipients. Medal of Honor and will bear the rec- In 1782, General George Washington start- Mr. Speaker, the Medal of Honor has ognition throughout their lives, as well ed the tradition of recognizing the valiant ac- tions of American soldiers by establishing touched the lives, directly or indi- as their family receiving recognition what became known as the Badge of Military rectly, of millions of Americans, but should they be awarded posthumously. there are many more firsts or lone re- Merit. Washington presented a heart of purple Ms. JACKSON-LEE of Texas. Mr. Speaker, cipients of this award. For example: cloth to three of his soldiers in August of that I rise in support of H. Con. Res. 47, sup- Douglas Munro was the only Coast year, an act that was largely lost in history as porting the goals and ideals of a National Guard recipient. He was awarded the the Revolutionary War came to a close. This Medal of Honor Day to celebrate and honor Medal of Honor for his actions at Point honor was the predecessor to what we now the recipients of the Medal of Honor. The Cruz, Guadalcanal, on September 27 of know as the Purple Heart. 1942. Medal of Honor is the highest award that can Though the Badge of Military Merit faded Mary Walker was the only woman be bestowed on a member of the Armed into the past, the idea of awarding a decora- awarded the Congressional Medal of Fores for his or her valiant acts of bravery tion to recognize the gallant efforts of our sol- Honor at Bull Run on July 21 of 1861. while engaged in combat against an enemy of diers never died. In 1847, not long after the Today, Mr. Speaker, there are four the United States. outbreak of the Mexican-American War, a Medal of Honor recipients currently The Medal of Honor is awarded by the ‘‘certificate of merit’’ was established to recog- living in the State of North Carolina. President, in the name of the Congress, to nize troops who distinguished themselves in Throughout its history, there have members of the Armed Forces who have dis- battle. No medal accompanied the certificate been 19 Medal of Honor recipients from tinguished themselves conspicuously by gal- and the award was again discontinued at the my great state of North Carolina. lantry and intrepidity and risked their lives end of that conflict. Before I close, I would like to take above and beyond the call of duty. The first During the Civil War another proposal arose just a couple of minutes, Mr. Speaker. Medal of Honor was awarded on March 25, to establish a medal, but the idea was rejected There are many who have won this 1863 during our country’s Civil War to PVT by then General-In-Chief of the Army Winifield award, Medal of Honor, who are the he- Jacob Parrott during the Scott. The Navy, however, adopted this con- roes of this great Nation. One I would for his role in Andrews Raid. He was the first cept, and in December 1861, President Abra- like to bring to mind is a friend of of only 3,443 members in war, military oper- ham Lincoln signed legislation that established mine whose name is Walter Joseph ations and other armed conflicts of our Armed a Navy medal for valor. Not to be outdone by Marm, Jr. Forces who have received this great honor. their friendly rival, the Army quickly followed I will not read the entire citation. I There are 111 Medal of Honor recipients suit with their own resolution to establish a just want to read part of it before I still living and serving our country in their own similar award, signed into law in July 1862. close. capacity and I, as well as the entire Nation, In 1863, Congress established the Medal of Joe Marm, First Lieutenant, Army will forever be indebted to all recipients of this Honor as a permanent means to recognize Company A, First Battalion, 7th Cav- award for their valor during armed conflict. our Nation’s most gallant warriors. Since then, alry, 1st Cavalry Division (Airmobile). It is appropriate and necessary to com- it has been awarded to almost 3,400 of our Place: Vicinity of la Drang Valley, Re- memorate and honor the recipients of the Nation’s bravest citizens. public of Vietnam, 14 November 1965. Medal of Honor and to recognize their valiant Today, the number of living Medal of Honor Entered service at Pittsburgh, Penn- sacrifices for our country. That is why I sup- recipients is at its lowest point in history— sylvania. Born 20 November 1941. port the designation of a National Medal of there remain only 111 as of February 1. This And I want to read just two or three Honor Day which would heighten the under- resolution is a lasting tribute to those 111 men paragraphs from the citation, Mr. standing and appreciation of the American and women, the recipients who are no longer Speaker, as he received the Medal of people regarding the significance and meaning with us, and to those to come in the future Honor. of the Medal of Honor. who stood up and answered the call to protect Realizing that his platoon could not It is essential that our Nation celebrate and and defend this land. hold very long, and seeing four enemy salute those members of the Armed Forces Mr. SKELTON. Mr. Speaker, I yield soldiers moving into his position, he who have risked their lives to ensure our safe- back the balance of my time. moved quickly under heavy fire and an- ty and the safety of our country. Designating The SPEAKER pro tempore. The nihilated all four. this day will also help to focus the efforts of question is on the motion offered by

VerDate Aug 31 2005 01:44 Apr 19, 2007 Jkt 059060 PO 00000 Frm 00004 Fmt 7634 Sfmt 0634 E:\RECORD07\H27FE7.REC H27FE7 hmoore on PRODPC68 with CONG-REC-ONLINE February 27, 2007 CONGRESSIONAL RECORD — HOUSE H1903 the gentleman from Missouri (Mr. Georgia (Mr. SCOTT) and the gentleman calls for the committee to review the SKELTON) that the House suspend the from Kentucky (Mr. DAVIS) each will efforts of the Financial Accounting rules and agree to the concurrent reso- control 20 minutes. Standards Board to improve financial lution, H. Con. Res. 47. The Chair recognizes the gentleman accounting standards. It also calls for The question was taken. from Georgia. us to study the progress being made on The SPEAKER pro tempore. In the GENERAL LEAVE establishing international accounting opinion of the Chair, two-thirds being Mr. SCOTT of Georgia. Mr. Speaker, standards. The plan further calls for in the affirmative, the ayes have it. I ask unanimous consent that all Mem- the committee to examine the work of Mr. SKELTON. Mr. Speaker, on that bers may have 5 legislative days within the Public Company Accounting Over- I demand the yeas and nays. which to revise and extend their re- sight Board as it implements the audit- The yeas and nays were ordered. marks on this legislation and to insert ing improvements made by the Sar- The SPEAKER pro tempore. Pursu- extraneous material therein. banes-Oxley Act. This legislation, ant to clause 8 of rule XX and the The SPEAKER pro tempore. Is there therefore, builds on what we had al- Chair’s prior announcement, further objection to the request of the gen- ready planned to do in the 110th Con- proceedings on this question will be tleman from Georgia? gress and what other sessions of Con- postponed. There was no objection. gress should plan to do. f Mr. SCOTT of Georgia. Mr. Speaker, These proposed annual hearings over PROMOTING TRANSPARENCY IN I rise in support of H.R. 755, and I yield the next 5 years will help us to reassess FINANCIAL REPORTING ACT OF myself such time as I may consume. complex accounting standards. It will 2007 (Mr. SCOTT of Georgia asked and help us improve the understandability was given permission to revise and ex- of financial statements, and it will en- Mr. SCOTT of Georgia. Mr. Speaker, tend his remarks.) courage the acceptance of interactive I move to suspend the rules and pass b 1430 data. Even though it seems highly like- the bill (H.R. 755) to require annual ly that the parties subject to this legis- oral testimony before the Financial Mr. SCOTT of Georgia. Mr. Speaker, lation would testify before the Finan- Services Committee of the Chairperson this Promoting Transparency in Finan- cial Services Committee on these mat- or a designee of the Chairperson of the cial Reporting Act is a bipartisan bill ters if asked, this bill will make cer- Securities and Exchange Commission, that the House considered last year tain that the committee remains fo- the Financial Accounting Standards and passed on a voice vote. The legisla- cused on these important issues in the Board, and the Public Company Ac- tion, however, failed to become law immediate future. counting Oversight Board, relating to during the 109th Congress; and as a re- In addition, the adoption of H.R. 755 their efforts to promote transparency sult, we now must consider these mat- will help to encourage our regulators in financial reporting. ters anew in the 110th Congress. and standard-setters to fulfill their The Clerk read as follows: H.R. 755 has a simple premise, Mr. own roles and initiatives to achieve Speaker. For the next 5 years, it would H.R. 755 greater transparency, promote greater require annual testimony before the Be it enacted by the Senate and House of Rep- uniformity, and reduce complexity in House Financial Services Committee resentatives of the United States of America in financial reporting not only at home Congress assembled, by those entities most involved in es- but also around the world. SECTION 1. SHORT TITLE. tablishing and implementing our Na- This Act may be cited as the ‘‘Promoting tion’s financial reporting system. In recent years, our financial report- Transparency in Financial Reporting Act of These parties include the Securities ing standards have become more and 2007’’. and Exchange Commission, the Finan- more complex and complicated, espe- SEC. 2. FINDINGS. cial Accounting Standards Board, and cially as we have sought to address Congress finds the following: the Public Company Accounting Over- more difficult issues like the account- (1) Transparent and clear financial report- sight Board. ing treatment of derivatives and hedg- ing is integral to the continued growth and ing instruments. This complexity has strength of our capital markets and the con- Since the 1930s, the Securities and Exchange Commission has required created difficulties not only for the fidence of investors. companies that operate in the United (2) The increasing detail and volume of ac- public companies to file financial re- counting, auditing, and reporting guidance ports like income statements and bal- States or that access our capital mar- pose a major challenge. ance sheets. Today, companies also kets but also the investors and advisers (3) The complexity of accounting and au- rely on the generally accepted account- who read and use financial statements. diting standards in the United States has ing principles developed by the Finan- For our Nation to remain competi- added to the costs and effort involved in fi- cial Accounting Standards Board to tive, we need to have robust capital nancial reporting. prepare these reporting documents. markets. For our capital markets to be SEC. 3. ANNUAL TESTIMONY ON REDUCING COM- This independent accounting standard- strong, we need to have transparent, PLEXITY IN FINANCIAL REPORTING. clear, and understandable financial re- The Securities and Exchange Commission, setter came into existence in the 1970s. the Financial Accounting Standards Board, The tidal wave of accounting scandals porting. We also need to ensure that and the Public Company Accounting Over- at the start of this decade led Congress the entities responsible for accounting sight Board shall annually provide oral testi- to reassess our Nation’s financial re- and auditing issues continue to work mony by their respective Chairpersons or a porting system and adopt further re- smoothly together. H.R. 755 will help designee of the Chairperson, beginning in forms in the Sarbanes-Oxley Act. us to stay focused on achieving these 2007, and for 5 years thereafter, to the Com- Among other things, this landmark law important and desirable goals. mittee on Financial Services of the House of In conclusion, Mr. Speaker, I want to Representatives on their efforts to reduce created the Public Company Account- the complexity in financial reporting to pro- ing Oversight Board. This body estab- commend the hard work of the gen- vide more accurate and clear financial infor- lishes the auditing standards used to tleman from Kentucky (Mr. DAVIS), mation to investors, including— examine public company accounting who is the primary sponsor on this bill. (1) reassessing complex and outdated ac- statements. It also registers and in- And I want to commend Mr. DAVIS for counting standards; spects the auditors of public compa- introducing this measure, and I am (2) improving the understandability, con- nies. proud to work with him as the lead co- sistency, and overall usability of the existing Even without this legislation, the Fi- sponsor over these last years. And, accounting and auditing literature; hopefully, this time will be the charm. (3) developing principles-based accounting nancial Services Committee is already standards; working to examine accounting and au- This bill is aimed at ensuring that in- (4) encouraging the use and acceptance of diting issues and the work of each of dividuals have access to the informa- interactive data; and these parties. Earlier this month we tion that they truly need to make bet- (5) promoting disclosures in ‘‘plain approved an oversight plan for the ter investment decisions. And I urge English’’. 110th Congress. Several of the action support for H.R. 755. The SPEAKER pro tempore. Pursu- items in that plan address accounting Mr. Speaker, I reserve the balance of ant to the rule, the gentleman from issues. For example, the oversight plan my time.

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