May 10, 1999 CONGRESSIONAL RECORD — SENATE S4955 the mercy of the market. With these ‘‘High milk prices, coupled with low grain when he served as a Congressional Liai- changes to the Agricultural Market prices, made for a very good year for the son Officer for surface ship programs in Transition Act, farmers will be able to dairy industry in general,’’ he said. the Navy’s Office of Legislative Affairs. spread crop sales throughout the entire Fry noted that the good times are coming With many successful at-sea and shore to a halt. He said the basic formula price of season, and subsequently allow them to milk set by the U.S. Department of Agri- tours behind him, Captain Shields’ was take advantage of higher prices. culture dropped 37 percent last week, and then handpicked to serve as Deputy The legislation which Senator farmers will feel the bite in their milk Legislative Assistant to the Chairman DASCHLE has introduced leaves com- checks beginning next month. of the Joint Chiefs of Staff. His cur- modities in the hands of farmers, Grain farmers have been feeling a financial rent, and last, assignment has been thereby allowing them to make their pinch for more than a year. with the Navy’s Office of Legislative own marketing decisions for the fu- Melvin Baile Jr., past president of the Affairs where he is Deputy Chief. ture. I commend him for introducing Maryland Grain Producers Association, said Captain Shields is a dynamic and re- corn and soybean growers were lucky to this legislation, and in light of the cur- break even last year. sourceful naval officer who throughout rent state of the agricultural economy, ‘‘Prices were off 20 percent for corn and the his tenure has proven to be an indis- I urge all of my colleagues to support same for soybean,’’ said Baile, who farms 700 pensable asset. He is a passionate advo- S. 30, the Agricultural Market Failure acres outside New Windsor in Carroll Coun- cate of the Sea Services and has been Protection Act of 1999. ty. tireless in supporting the needs of the I ask to have printed in the RECORD He said the double whammy of low prices Sailors in the Fleet and their families. the Baltimore Sun article. and poor yields was particularly hard on He understands better than anyone The article follows. Southern Maryland and Eastern Shore farms that they are truly the backbone of our that experienced the brunt of last year’s national defense. His superior contribu- MD. FARM INCOME DOWN 3% IN 1998; GRAIN drought.∑ GROWERS SUFFER BIG LOSSES, BUT POUL- tions and distinguished service will f TRY, DAIRY FARMERS DO WELL have long-term benefits for both the (By Ted Shelsby) TRIBUTE TO CAPTAIN ROBERT B. Navy and the country he so proudly The extra-fat paychecks of poultry farmers SHIELDS, JR., USN served. As Captain Shields enters into and dairymen last year were not enough to his new profession, we will certainly offset big losses by grain growers, and the ∑ Mr. WARNER. Mr. President, I rise miss him. I am proud to thank him for state ended 1998 with a 3 percent decline in today to recognize and say farewell to his service and wish him ‘‘fair winds net farm income, according to preliminary an outstanding Naval Officer, Captain and following seas’’ as he concludes his estimates released yesterday by the Mary- Robert B. Shields, Jr., as he prepares distinguished Naval career.∑ land Agricultural Statistics Service. to retire upon completion of twenty- f Total farm income in Maryland fell $8.2 seven years of distinguished service. It million last year to $265.4 million. is a privilege for me to honor his many TRIBUTE TO HOWARD It was the second consecutive year that outstanding achievements and com- SCHNELLENBERGER Maryland farmers have been hurt by low commodity prices and drought. Farm income mend him for his devotion to the Navy ∑ Mr. MCCONNELL. Mr. President, I last year was 26 percent lower than in 1996. and our great Nation. rise today to thank my good friend ‘‘This is going to have a serious impact on A native of Providence, Rhode Island, Howard Schnellenberger for making our rural economy,’’ Maryland Department Captain Shields is a graduate of the University of Louisville football the of Agriculture Secretary Henry A. Virts said. United States Naval Academy. Upon success that it is, and wish him the ‘‘The farm equipment dealers are going to graduation in 1972, his first sea tour best in his latest endeavor to build a suffer. The feed dealers are going to suffer. was aboard the USS Aylwin (FF–1081) completely new football program at The truck dealers, restaurants and furniture where he served as First Lieutenant stores are going to suffer, too. Anybody who Florida Atlantic University. serves the farm industry is going to feel the and Anti-Submarine Warfare Officer. Howard was the Cardinal’s football decline.’’ His second and third shipboard tours coach for nine years and, when he left, The drop in farm profit last year was were served aboard USS Nicholson (DD– had re-created the program to be un- blamed primarily on low commodity prices 982) and USS Richmond K. Turner (CG– like any the University of Louisville and a summer drought that destroyed grain 20). Captain Shields continued to dem- had ever seen. Howard didn’t just talk crops in Southern Maryland and the Eastern onstrate outstanding leadership abili- about what he wanted to accomplish at Shore. ties as the Executive Officer of USS U of L, he delivered. He recruited bet- ‘‘Grain prices were down, down, down last Sterett (CG–31) and was rewarded with year,’’ said Ray Garibay, head of statistics ter players, he initiated plans for a services for the Agriculture Department, in command of the destroyer USS brand new state-of-the-art stadium, releasing his net income estimate. He added O’Bannon (DD–987). and most importantly he inspired a that the prospects for prices are no better for His most recent sea tour was as Com- kind of spirit in the Cardinals’ faculty, this year as a result of large supplies of grain manding Officer of the cruiser USS fans and players that they had never in storage. Vicksburg (CG–69). During Captain experienced before. It was this winning But not all segments of agriculture shared Shield’s tenure, his ship earned the spirit that helped Howard lead Car- in the hard times. Battle Efficiency ‘‘E’’ Award, the Ney dinals football to its present glory. Garibay said that 1998 will be remembered award, and the Best Ship’s Store Sales fondly by poultry and dairy farmers. Howard believed in his team and his ‘‘Last year was our best in the past 10 or 12 and Service Award. Vicksburg distin- school, and set no meager goals for years,’’ said Lewis R. Riley, an Eastern guished herself as Air Warfare Com- them. He wanted nothing less than to Shore chicken grower and former state agri- mander for the John F. Kennedy transform them from a team that culture secretary. Battlegroup while deployed to the Med- hadn’t had a winning season in years, ‘‘Poultry prices stayed healthy throughout iterranean and Persian Gulf. to a team that would be a legitimate 1998, and in most case farmers were paid a Captain Shields completed shore as- bowl contender. While U of L may still price bonus by the processors,’’ Riley said. signments at the Navy Postgraduate have some progress to make, the Cards He explained that the bonus, which totaled School where he earned a Masters of between $5,000 and $6,000 for his farm, is like have played in, and won, several bowl a profit-sharing plan in which the chicken Science Degree in Engineering Acous- games in recent years—and for that, processors pay farmers above their contract tics; the Royal Navy Staff College in Howard is largely responsible. price when wholesale poultry prices rise. Greenwich, England; and in a variety I have no doubt that Howard will ‘‘It’s a windfall for good prices,’’ Riley of assignments in Washington, D.C. In have as significant an effect on Florida said, ‘‘and it made 1998 a very good year for Washington, he was assigned to the Atlantic University as he had on U of poultry growers.’’ staff of the Chief of Naval Operations L. Howard will have a chance to build State dairy farmers also benefited from in the Research, Development and Ac- this program from the ground-up—as of record milk prices late last year due to a quisition Directorate and then com- yet, FAU doesn’t even have a team. As shortage of milk caused by weather problems in Southern California. pleted a year as a Federal Executive FAU’s Director of Football Operations, Ed Fry, who operates a dairy farm near Fellow at the American Enterprise In- Howard will hand-pick the staff and Kennedyville, said farmers profited from a stitute. Captain Shields first came in the players and mold the football pro- shortage of cheese and butter last year. contact with our nation’s lawmakers gram in the likeness of his previous S4956 CONGRESSIONAL RECORD — SENATE May 10, 1999 success stories. With Howard’s track At Louisville, it was a dream of Top-25 But the next day he would always return record, FAU can expect an exciting rankings, national television appearances, to his office before dawn, whistling, and with program that will build steadily to- home sellouts, bowl bids and a new stadium, a new idea, something that needed fixing, a ward future success. that kept the Cardinal football family going new phone call to make, something—any- during the early years. thing—that would bring progress that day. Thank you, Howard, for your nine Back in 1985, when the Cards opened their He hid his doubts very well. He had to. If the years of dedicated service to the Uni- first season under Schnellenberger at West head coach didn’t believe, then who else versity of Louisville, which resulted in Virginia, the lineup was iffy to say the least. would? a winning team and a top-quality pro- One starting defensive back was a fresh- Back then, like now, there was something gram. Five years after your departure, man who had played quarterback in high else, too. There was something very special your spirit continues to drive the Car- school, and the other corner was a freshman that few modern-day teams ever experience. dinals football program toward victory. who had played middle guard as a prep play- Adventure. er. One of the starting defensive tackles was There was a clear-cut goal of building a Best wishes at Florida Atlantic Univer- a freshman who had never lined up in a program that would some day challenge the sity, and may God bless you and three-point stance in his life. The Louisville nation’s best and compete for a national Beverlee in this exciting adventure. Cardinals were simply outmanned and that title one day. And there was something new Mr. President, I ask to have printed was the way things were going to be for a every day. in the RECORD a copy of a January 1999 while. There was a pioneer spirit that caught on. article, ‘‘The Louisville Prototype,’’ Today, thanks largely to Schnellenberger’s Recruiting was based on that premise: which appeared in the FAU Sports Di- efforts, the Cards are fresh off their third ‘‘Sure, you can go to the established pro- gest. bowl game in the ’90s, and their facilities grams and be just another one of a long list The article follows. draw raves from the likes of award-winning of players at that school. Or you can come quarterback Cade McNown. In town recently with us and make a major difference. You THE FLORIDA ATLANTIC FOOTBALL PROGRAM to receive the Johnny Unitas Golden Arm can come with us and help create something. WILL LARGELY BE MODELED AFTER WHAT Award as the nation’s top senior quarter- It won’t be easy. In fact, we guarantee it will HOWARD SCHNELLENBERGER BUILT AT LOU- back, McNown raved about the new stadium probably be the hardest thing you will ever ISVILLE, A PROGRAM WHICH MIGHT AS WELL and football complex. do. But you will be part of something truly HAVE BEEN STARTED FROM SCRATCH ‘‘I only wish we had facilities like these at special. Something important. Something (By Ron Steiner) UCLA,’’ McNown said. lasting.’’ LOUISVILLE—At Miami, Coach Howard It wasn’t that way when Schnellenberger Back in the early days at Louisville, and it Schnellenberger revived a collegiate football toiled to jump-start the program. will likely be the same if he chooses to coach program that was on the verge of extinction Back then, summer preseason practice ses- at Florida Atlantic, there was little early and won a national championship. Writers sions were held on the school’s suburban prestige. But inside themselves, the players called that effort the ‘‘Miracle of Miami.’’ campus where grass fields were watered by and fans who became close to the program At Louisville, his hometown, garden hoses and makeshift, homemade began to share a new spirit. The early years Schnellenberger was the last hope for a pro- sprinklers. There weren’t many players on were crazy for those close to the Cards. They gram headed for the scrap heap. He built a the team to start with and when some got a were frustrating and fulfilling all at the team that went on to crush Alabama in the close look at the new way of doing things, same time, tiring and exhilarating all at 20th Anniversary Fiesta Bowl, and that in- there were fewer. once. Breaking down historic walls of resist- spired construction of the school’s first true During the season, seven huge linemen ance and preconceptions took time. Building on-campus stadium, a $68 million structure would meet with their assistant coaches in up the program took strength. financed almost entirely by the fans. In Ken- tiny 10-foot offices built for one. Back then, Together, new players, students, alumni, tucky they call that effort ‘‘The Miracle on closets were cleaned out and transformed fans, staff and friends of the program, all Floyd St.’’ into offices. Walls were knocked down. Pic- who suffered and yet enjoyed those forma- For Howard Schnellenberger, today it is tures and inspirational signs were nailed up. tive years, were drawn together at Louisville his blueprint. They cried out: ‘‘Be Positive or Be Gone’’ in a state known for basketball, in a stadium Now, the veteran coach is about to go for and ‘‘It takes everyone to be No. 1’’ and built for baseball, to create something new the hat trick by building a totally new colle- ‘‘What have you done today to help Louis- and special for collegiate football. Back giate football program at Florida Atlantic ville win tomorrow?’’ then, they shared a dream. And they still do. University in Boca Raton and much of what Back then, there were three phone lines for For example, NFL All Pro defensive tackle he does at FAU will be modeled after what a 40-person staff. Coaches making recruiting Ted Washington of the Buffalo Bills, a was successful at Louisville, a program that calls and other staff members handling reg- Tampa native, recently recalled his playing might as well have been built from scratch. ular business would wait for a free line, like days at Louisville under Schnellenberger. Based on Schnellenberger’s track record, contestants on a game show. When one of the ‘‘It seemed like every day we would hear it’s a safe bet that he has at least one more three lights on the phone set would go dark, the coach say his favorite saying—‘To Be- miracle tucked away some-where in the they would battle to see who could punch it lieve is to be Strong.’ At the time I guess I pocket of his blazer. up first. didn’t understand what it meant,’’ Wash- Taking Miami to the title game and beat- And back in ’85, the foundation for a Top 25 ington said. ‘‘But I do now, and a day doesn’t ing a legendary Nebraska team was improb- contender was quietly being built in a small go by that I don’t use the phrase myself in able. But at least that school had played in brick building on the property of the Ken- football, in charity work and in working in big bowl games and had long-aspired to tucky Fairgrounds, among mules and jacks the community.’’ greatness. and the largest bulls you’ve ever seen. Washington is just one of three NFL stars Tackling the job at Louisville, where bas- The University of Louisville was trying to who played at Louisville who have been se- ketball had been the only local sports lan- recruit its stars of the future in the middle lected to this year’s Pro Bowl. New Orleans guage for decades? That was a massive un- of mobile home shows, gun shows, flea mar- defensive end Joe Johnson and the Atlantic dertaking the size of which even kets, ice shows, and appropriately, the cir- Falcons’ defensive back Ray Buchanan were Schnellenberger had underestimated. cus. Schnellenberger recruits who bought into After one of his first spring practices at As hard as it is to believe since Florida At- the dream of building a tough-minded, top- Louisville, held long before the new fresh- lantic doesn’t even have a team yet, quality program. men could arrive, Schnellenberger called a Schnellenberger will be dealing with a better Perhaps the most dramatic example of the staff member to his office. The coach was hand in his role as Director of Football Oper- Schnellenberger magic is the sparkling new slumped in his chair. He looked tired, dis- ations. stadium that stands on the southernmost turbed and suddenly very gray. He’ll oversee the construction of on-cam- edge of the campus of the University of Lou- ‘‘Did you see that practice? Did you see pus facilities and develop a program with a isville. that?’’ he asked as if he were recounting a tremendous population base for recruiting, a At first, the idea of building a proud foot- nightmare. ‘‘What in the world have we got- great climate and instant visibility in a foot- ball program at Louisville and then the abso- ten ourselves into here?’’ ball-crazy state. There will be tough sled- lute best stadium in the state was mocked There was no answer. ding, nonetheless. But they will be experi- by some local writers who called it simply a No one, not even a veteran coach like ences with a blend of familiarity. It goes pipe dream. After all, the future of Cardinal Schnellenberger, could have known how hard with the territory of building something football was a fragile thing in the late 1980s. it was going to be, or how much work there that will last. Again, there had been talk of de-emphasizing was to be done or even what unexpected ob- At Louisville, there were plenty of times the sport, possibly dropping back to Division stacles, both seen and unseen, would be he would wonder. At times, he would go out I–AA or disbanding completely. thrown into the path of progress. on game day knowing as an expert that the But then came Schnellenberger. And then But he pressed on with the same con- other team would have to fumble four times came winning seasons, bowl victories and fidence, singleness of purpose and unceasing and throw four interceptions if his team was sellout crowds. If ever Louisville was going energy that he’s armed with at Florida At- to have a chance to even keep the score to fulfill its football destiny, if ever there lantic. close. was going to be a time to give the program May 10, 1999 CONGRESSIONAL RECORD — SENATE S4957 a solid foundation for the future, the time will never forget. After years of discussions Sec. 122. Subsidiaries of national banks. had come. and studies, the Louisville fans finally got Sec. 123. Agency activities. Schnellenberger’s quiet belief was that their chance at bat, and they stepped up to Sec. 124. Prohibiting fraudulent representa- once U of L and the Greater Louisville com- the plate and hit a home run. It was simply tions. munity committed to building a new sta- amazing to see.’’ Sec. 125. Insurance underwriting by national dium, and once that stadium was completed, In only four months, thousands of Louis- banks. there would be no turning back. Football ville fans came together to commit nearly Subtitle D—National Treatment of Foreign would suddenly become more important than $15 million to the stadium project. They gave Financial Institutions ever before, and have every possible chance it life. Sec. 151. National treatment of foreign fi- to succeed as never before. Corporate and political leaders, knowing a nancial institutions. From that point on, he reasoned, there winner when they saw one, jumped to the Sec. 152. Representative offices. would be a financial imperative to aim high head of the victory parade and began to sup- and provide fans with quality schedules and port the project. Others like Papa John’s TITLE II—INSURANCE CUSTOMER competitive teams. Recruiting of coaches Pizza founder John Schnatter, saw it as a PROTECTIONS and players would be enhanced immediately way for a hometown boy to give back to his Sec. 201. Functional regulation of insurance. and for decades to come. And finally, the community, and he pitched in $5 million. Sec. 202. Insurance customer protections. Louisville football program and its deserving But without the fans some of whom Sec. 203. Federal and State dispute resolu- fans would have a first-class home to call pledged as little as $25 per year, and some tion. who donated up to $25,000 per seat, Louis- their own. TITLE III—REGULATORY ville’s dream would never have happened. Today the stadium that Schnellenberger IMPROVEMENTS and his early recruits could only dream Their passion for both the project and the program was founded in being part of the Sec. 301. Elimination of SAIF and DIF spe- about is a reality. It is considered the finest, cial reserves. most fan-friendly college stadium in Amer- dream from the very beginning. They had been there for those first prac- Sec. 302. Expanded small bank access to S ica today. It has a state-of-the-art playing tices and first games under their new coach. corporation treatment. surface, 42,000 chairback seats, a video replay They had shared the tough times and later Sec. 303. Meaningful CRA examinations. board, corporate suites and a magnificent celebrated the good times together. And they Sec. 304. Financial information privacy pro- club level, all of which might make some had dared to dream together. tection. NFL teams envious. As Louisville fans prepared for their bowl Sec. 305. Cross marketing restriction; lim- But there’s something much more impor- trip this year, local country singer Mickey ited purpose bank relief; dives- tant about the stadium in Louisville they Clark recorded a song to commemorate the titure. call Papa John’s Cardinal Stadium. It’s a Cardinals’ successful season. The title? The Sec. 306. ‘‘Plain language’’ requirement for testimony to the Schnellenberger way of Dream Lives On. It sure does. Federal banking agency rules. doing things. It’s all about vision, hard And that should be good news for Florida Sec. 307. Retention of ‘‘Federal’’ in name of work, persistence, dreaming and determina- Atlantic fans who are about to embark on a converted Federal savings asso- tion. dream of their own. ciation. Unlike many of the state of Kentucky’s They’ll be doing so alongside that fellow Sec. 308. Community Reinvestment Act ex- sports facilities, and many others around the named Schnellenberger, who might just emption. nation, Louisville’s new stadium is not a gift make this new story he’s working on the Sec. 309. Bank officers and directors as offi- from the government. best one yet.∑ cers and directors of public Instead it is certainly one of the most re- f utilities. markable collegiate projects ever built—by Sec. 310. Control of bankers’ banks. and for the people. FINANCIAL SERVICES Sec. 311. Multistate licensing and interstate Schnellenberger had begun lobbying for a MODERNIZATION ACT OF 1999 insurance sales activities. new stadium on Dec. 1, 1984, the day he took Sec. 312. CRA sunshine requirements. over the Cardinal program. But it took years S. 900, the Financial Services Mod- Sec. 313. Interstate branches and agencies of to wade through administrative bureauc- ernization Act of 1999, as amended and foreign banks. racies and to build a football team that passed by the Senate on May 6, 1999, is Sec. 314. Disclosures to consumers under the would energize the community. as follows: Truth in Lending Act. As the program improved, fan interest S. 900 Sec. 315. Approval for purchases of securi- grew. New attendance records were set. Top Be it enacted by the Senate and House of ties. teams like Texas, Texas A&M, Florida, Flor- Representatives of the United States of America Sec. 316. Provision of technical assistance to ida State, Arizona State and Tennessee were in Congress assembled, microenterprises scheduled. Winning seasons turned into near- SECTION 1. SHORT TITLE; TABLE OF CONTENTS. Sec. 317. Federal reserve audits. perfect seasons. And then came decision (a) SHORT TITLE.—This Act may be cited as Sec. 318. Study and report on advertising time. the ‘‘Financial Services Modernization Act practices of online brokerage When it became clear that a new stadium of 1999’’. services. at Louisville would have to be built with pri- (b) TABLE OF CONTENTS.—The table of con- Sec. 319. Eligibility of community develop- vate funds, skeptics chuckled. After all, no tents for this Act is as follows: ment financial institution to modern-day university had ever achieved borrow from the Federal Home such a feat. Sec. 1. Short title; table of contents. Loan Bank system. But on June 2, 1993, the overall plan for TITLE I—FACILITATING AFFILIATION fans to fund the new stadium was in place. AMONG BANKS, SECURITIES FIRMS, TITLE IV—FEDERAL HOME LOAN BANK But no one knew for sure how the fans would AND INSURANCE COMPANIES SYSTEM MODERNIZATION react. Subtitle A—Affiliations Sec. 401. Short title. That warm evening the U of L Athletic De- Sec. 101. Glass-Steagall Act repealed. Sec. 402. Definitions. partment conducted its most amazing day of Sec. 102. Financial activities. Sec. 403. Savings association membership. fund-raising ever. A kickoff party designed Sec. 103. Conforming amendments. Sec. 404. Advances to members; collateral. primarily as an information session, turned Sec. 104. Operation of State law. Sec. 405. Eligibility criteria. into a bonanza. Fans began writing checks. Subtitle B—Streamlining Supervision of Sec. 406. Management of banks. Big checks. And it was all the staff could do Bank Holding Companies Sec. 407. Resolution Funding Corporation. to keep up with the outpouring of support. Sec. 111. Streamlining bank holding com- Sec. 408. GAO study on Federal Home Loan On that pivotal day, Cardinal loyalists pany supervision. Bank System capital. pledge more than $1 million. And suddenly, Sec. 112. Authority of State insurance regu- TITLE V—FUNCTIONAL REGULATION OF the effort had the momentum it needed. lator and Securities and Ex- BROKERS AND DEALERS ‘‘What happened that day and throughout change Commission. Sec. 501. Definition of broker. the stadium campaign, was unprecedented in Sec. 113. Role of the Board of Governors of Sec. 502. Definition of dealer. college sports,’’ said Dean Billick, now ath- the Federal Reserve System. Sec. 503. Definition and treatment of bank- letic director at Lamar University in Texas Sec. 114. Examination of investment compa- ing products. who served as a consultant to the stadium nies. Sec. 504. Qualified investor defined. drive for four months. Sec. 115. Equivalent regulation and super- Sec. 505. Government securities defined. ‘‘The passion the U of L fans had for their vision. Sec. 506. Effective date. program and for that project was remark- Sec. 116. Interagency consultation. Sec. 507. Rule of construction. able. People were taking out second mort- Sec. 117. Preserving the integrity of FDIC gages on their homes to be able to buy life- resources. TITLE VI—UNITARY SAVINGS AND LOAN time seats. Some people were making com- Subtitle C—Activities of National Banks HOLDING COMPANIES mitments that were probably beyond what Sec. 121. Authority of national banks to un- Sec. 601. Prevention of creation of new S&L they could afford. But their commitment to derwrite municipal revenue holding companies with com- making the stadium happen is something I bonds. mercial affiliates.