February 28, 2002 CONGRESSIONAL RECORD — Extensions of Remarks E239 from nominations received from groups rep- Analyst Conflict of Interest: CIPA would January 1998, Rev. Wright was elevated to resenting institutional investors and pension go beyond the requirements in the recent Superintendent of District #3 in New York. funds (public employee pension plans, pen- rulemaking proposed by the NASD and Reverend Wright has been a beacon of light sion plans organized pursuant to the Taft- NYSE by: (1) banning analysts from holding for the Brooklyn community through preaching, Hartley Act (i.e. union-related pension stock in the companies that they cover; (2) teaching the word of God or ministering in plans), and pension plans organized pursuant prohibiting analyst compensation from being to ERISA). based wholly or in part on investment bank- song or music. Reverend Wright is truly an The Board shall have the power to estab- ing revenue; and (3) requiring the NYSE and anointed man of God. And, today it is my lish its own rules. Rulemaking would be sub- NASD to establish criteria for evaluating an- pleasure to bring his achievements to the at- ject to SEC approval and to public comment. alyst research quality and also requiring an- tention of my colleagues. The Board will be self-funded through as- alyst compensation to be based principally f sessments on public companies that receive on the quality of their research. the benefit of audit services. Enhanced SEC Review of Issuers: CIPA re- PAUL REVERE FORUM The duties of the Board include: (1) estab- quires the SEC to review on a more regular lishing quality standards relating to audits; and systematic basis the public disclosures HON. CONSTANCE A. MORELLA (2) performing direct quality reviews of indi- made by issuers, especially reports filed on OF MARYLAND vidual audits; (3) conducting comprehensive form 10–K. CIPA would require the SEC to IN THE HOUSE OF REPRESENTATIVES and direct inspections of auditing firms; (4) establish a risk-rating system which shall be setting independence standards; and (5) es- used to determine the frequency of such re- Thursday, February 28, 2002 tablishing ethical standards. views. Companies with large disparities in Mrs. MORELLA. Mr. Speaker, employees in The Board will have a full range of discipli- price to earnings ratios (i.e. ‘‘dot com-like’’ nary powers. the government and private sector who have companies) would be among those ripe for refused to put personal comfort and profit The Board will have sweeping investigative regular review. powers including the ability to compel testi- Current Disclosure: CIPA would provide for above public safety represent true public serv- mony and subpoena documents from auditors the establishment of a ‘‘current disclosure ice and patriotism. By speaking the truth and and their clients. It shall also have the regime’’ as suggested by SEC Chairman Pitt. refusing to be silenced, they have prevented power to refer matters to the SEC for inves- The goal would be to change the way issuers the spread of sickness and disease, disas- tigation or additional action. communicate with investors by providing trous environmental contamination, and un- Enhanced Financial Disclosure: CIPA di- more meaningful and current information known accidents on our highways, railroads rects the SEC to conduct rulemaking to sig- about their financial results, including pro- nificantly improve financial disclosure relat- and airways. Whistleblowers have saved the viding useful trend information. American taxpayer billions of dollars, and they ing to: (1) the treatment of special purpose Study of the Role of Credit Rating Agen- entities; (2) related party transactions; (3) have literally saved countless lives. cies: CIPA would require the SEC to study These men and women usually do not think the creation of a plain English financial the role of credit rating agencies and make statement disclosure regime; and (4) earn- recommendations concerning the establish- of themselves as being heroic. In many cases, ings manipulation. ment of minimum standards, among other they are just doing their jobs. We call them Expansion of SEC Resources: CIPA would things. ‘‘whistleblowers,’’ a label they are often reluc- double the resources for the Divisions of En- tant to accept. They are reluctant for under- forcement and Corporation Finance, as well f standable reasons. Being a whistleblower usu- as the Office of the Chief Accountant. More- ally means harassment, intimidation, and ca- over, CIPA would fund pay parity for the en- A TRIBUTE TO REVEREND tire Commission staff. The total SEC author- TIMOTHY WRIGHT reer-ending retaliation from those who stand to ization would amount to $876 million for fis- lose when the public learns the truth. cal 2003. HON. EDOLPHUS TOWNS On Wednesday, February 27, several public Real-Time Disclosure of Affiliate Stock interest organizations hosted an event entitled OF NEW YORK Sales: CIPA would require real-time disclo- ‘‘The Paul Revere Forum: National Security sure of insider stock sales and disclosure of IN THE HOUSE OF REPRESENTATIVES Whistleblowers Speak.’’ I am proud to be in- affiliated-party dispositions of stock and re- Thursday, February 28, 2002 vited to address the whistleblowers and their lated derivative instruments. supporters who will be in attendance. Paul Re- Restoration of Joint and Several Liability Mr. TOWNS. Mr. Speaker, I rise in honor of Reverend Timothy Wright for his dedication to vere is not often thought of as a ‘‘whistle- for Accountants: CIPA would hold auditors blower,’’ but for the security and freedom of fully responsible for their actions. This legis- the spiritual upliftment of his community lation would overturn provisions of existing through music. the colonial citizens of Lexington and Concord, law to provide for joint and several liability Reverend Wright was born on June 17, that is exactly what he was. Now, we again for auditors when: (1) an accounting firm 1947 in Brooklyn, NY. He accepted Jesus find ourselves in a period where National Se- curity whistleblowers can play a critical role— provides both auditing and non-auditing Christ as his Lord and Personal Savior at an services (such as consulting services) to an in the war against terrorism. early age. During this time it became very ap- issuer; (2) the defendant knowingly com- National Security whistleblowers have re- mitted a violation of the securities laws; (3) parent that Reverend Wright had an unusual cently provided warnings about potential ter- an accounting firm failed to comply with the gift for music. At St. John’s Baptized Holiness rorist attacks by sounding the alarm about financial fraud reporting provisions of the Church, he cultivated his musical skills while vulnerabilities that senior bureaucratic man- securities laws; or (4) the issuer of the secu- serving as church organist and choir director agers would prefer to cover up or ignore. The rities that are the subject of the fraud has for the youth ensemble. warnings have covered a vast array of official become insolvent. This replaces the current In 1966, Reverend Wright was drafted in the activities: security officers at nuclear labora- proportional liability standard. U.S. Army and served his country until 1968. Restoration of Aiding and Abetting Liabil- tories, weapons facilities, waste dumps and ity for Accountants and Outside Profes- He received a honorable discharge and re- power plants have for years warned that nu- sionals: CIPA would provide a private right turned to his home in Brooklyn, NY. From clear material is highly vulnerable to terrorist of action against anyone (auditors, lawyers 1969 to 1990, Reverend Wright has served attack; FAA employees have come forward and other outside professionals) who know- many capacities at the Washington Temple with similar concerns about the effectiveness ingly or recklessly provides substantial as- C.O.G.I.C. in Brooklyn, NY. During his tenure, of security technology as well as passenger sistance to another person in violation of the he founded the Timothy Wright Concert Choir screening practices; emergency management securities laws. in 1976. In addition, Reverend Wright has re- officials have exposed dramatic inadequacies Lockdowns: CIPA would prohibit stock corded with many other choirs through out the sales by insiders at any time when employ- of protections for our food supplies and evacu- ees are subject to a lockdown on their U.S. and abroad. Reverend Wright gained na- ation plans, and Customs employees have 401(k)s. tional recognition for the album ‘‘Come Thou pointed to weaknesses in our border security. Destruction of Records: CIPA would re- Almighty King.’’ Reverend Wright has been a These problems will become tragedies unless quire auditors to retain certain key files for three-time Grammy nominee, NAACP Image both public and private employees feel they 7 years relating to an audit so that they Award winner and a Stellar Award winner. can raise concerns without suffering retalia- would be available for investigations. In 1990, Reverend Wright established the tion. Statute of Limitations: Provides that an Grace Tabernacle Christian Center COGIC in Since the tragedies of September 11, blow- implied right of action arising under the Se- curities and Exchange Act of 1934 may be his home. The Grace Tabernacle Christian ing the whistle is no longer only about pro- brought no later than the earlier of 5 years Center COGIC ministry included various out- testing abuses of power, personal corruption after the date on which the alleged violation reach programs that served all in need. Grace or violations of regulations. It has a new di- occurred or 3 years after which the violation COGIC, located in the heart of the inner city, mension—it is about preserving the freedom was discovered. has grown and flourished over the years. In to warn.

VerDate 112000 03:11 Mar 01, 2002 Jkt 099060 PO 00000 Frm 00017 Fmt 0626 Sfmt 9920 E:\CR\FM\A28FE8.033 pfrm04 PsN: E28PT1 E240 CONGRESSIONAL RECORD — Extensions of Remarks February 28, 2002 I have been an ardent advocate for whistle- men’s ice hockey gold medal game featuring the game of ice hockey. In 1996, he assisted blower protections throughout my career in Team USA against Team Canada. At the con- the NHL with designing a youth All-Star game Congress. I am the sponsor of a bill, H.R. clusion of the hard-fought battle, Team Can- that celebrated hockey’s growing diversity. 2588, that strengthens the original Whistle- ada emerged victorious by a score of five to Now in it’s seventh year, the Willie O’Ree blower Protection Act. I supported passage of two. Although I wished the score had been re- tournament allows selected boys and girls, the NO FEAR Act, which actually came about versed, I was extremely proud of what that ages 10–12, from each of the NHL’s Diversity due to the efforts of two of my constituents, game did to increase the level of exposure for Task Force programs across North America to Dr. Marsha Coleman-Adebayo and Mr. Leroy the game of hockey. I was particularly moved take part in an all-star game of their own. In Warren, Jr. In addition, I am an original co- by the exploits of one player in that game and addition to the game, the young people have sponsor of Congressman Israel’s legislation to I believe that, over time, his participation may an opportunity to interact with NHL players, at- improve whistleblower protections for national prove more beneficial to the sport of hockey tend an NHL game and experience the culture security personnel. than the gold medal game itself. The player’s of the host city. This year’s All-Star game is I also want to thank the Government Ac- name is Jarome Iginla. scheduled to take place next month in Colum- countability Project for keeping this issue in Jarome is an extremely talented young man bus, Ohio. the public eye, in particular Tom Devine, Legal who plays for the Calgary Flames. At the In 1998, on the 40th anniversary of his his- Director and Doug Hartnett, National Security Olympic break, he was atop the leader board toric first game with the Bruins, Willie O’Ree Campaign Director. in overall points and goals and recently en- formally joined the NHL as Director of Youth f joyed his first appearance at a National Hock- Development for the NHL Diversity Task ey League All-Star game. This past Sunday, Force. In this capacity, Mr. O’Ree travels TRIBUTE TO JERRY ROBERTS Jarome played a critical role in Canada’s vic- around the country assisting communities and tory by contributing two goals and an assist. It the 30 Diversity Task Force programs with HON. NANCY PELOSI was truly a standout performance. However, it their hockey programs and outreach to boys OF CALIFORNIA was not just his performance that makes him and girls from communities of color. Through IN THE HOUSE OF REPRESENTATIVES so special. Jarome is the first Black ice hock- the outreach efforts of Willie O’Ree and NHL Thursday, February 28, 2002 ey player to ever have the opportunity to ac- today’s Black NHL players like Jarome Iginla, complish such a feat. George Laraque, Anson Carter, Mike Grier, Ms. PELOSI. Mr. Speaker, I rise today to While the NHL is considered to be one of Sean Young, Jamal Mayers, Bryce Salvador, honor Jerry Roberts, a giant among West the most diverse sports when considering na- Freddie Brathwaite, Kevin Weeks, Peter Coast journalists, who after 25 years of de- tional origin, it is still a predominately Cauca- Worrell, Sandy McCarthy and Donald voted service is leaving my hometown news- sian sport. Currently, there are only thirteen Brashear will one day be seen as less an ex- paper, the San Francisco Chronicle. Black players in the NHL, but there are efforts ception and more the norm when considering Jerry Roberts has provided outstanding underway throughout the United States and the diversity of the sport. service to Northern California, devoting his Canada to introduce Blacks and other persons f professional life to covering San Francisco, of color to this amazing game. Leading this ef- the Bay Area and California. Throughout his IN HONOR OF DR. EDISON O. fort is a man who has been a trailblazer when career, he has consistently exhibited exem- JACKSON it comes to professional hockey’s quest for di- plary fairness and insight. versification. While Jarome Iginla has become Over the past quarter century, Jerry has a pioneer at the Olympic level, William (Willie) HON. EDOLPHUS TOWNS covered hundreds of elections, including my OF NEW YORK O’Ree is the pioneer when it comes to the in- first, and has also authored a biography of my IN THE HOUSE OF REPRESENTATIVES volvement of players of color in the sport of fellow San Franciscan, Senator DIANNE FEIN- hockey. Thursday, February 28, 2002 STEIN. For those who might not be familiar with Jerry has served as the Chronicle’s political Mr. TOWNS. Mr. Speaker, I rise today in him, Willie O’Ree is the Jackie Robinson of editor, editorial page editor, city editor and for honor of Dr. Edison O. Jackson, President of ice hockey. Born in Fredericton, New Bruns- the Medgar Evers College of the City Univer- the past five years, managing editor, always wick, on Canada’s Atlantic coast, Mr. O’Ree sity of New York, Board member of the New displaying a passion for politics, family and as a youngster excelled at hockey, rugby, soc- York City Board of Education, member of the baseball, not necessarily in that order. cer, basketball, track and baseball. Focusing A fellow West Coast immigrant, Jerry was Ministerial staff of Bridge Street A.M.E. on his first love, he quickly established himself born in Cleveland, moving to San Francisco in Church, father, husband and outstanding com- as an outstanding hockey player. He also was munity resident, in recognition of all that he the early 1970s. He and his wife Linda Kiefer a courageous individual who overcame a does for his borough, his city and his state. raised three daughters, Anna, Maggie and Re- major physical obstacle to achieve his dream Dr. Jackson, a resident of Prospect Heights, becca in the greatest city in the world. San of playing professional hockey. During the Brooklyn, is an outstanding citizen and a pillar Francisco is a better place because of Jerry 1955–56 season, while playing for a junior of our community. He was born in Heathsville, Roberts’ professionalism and devotion to his hockey club, Mr. O’Ree was struck in the right Virginia. Dr. Jackson received a B.S. in Zool- job, his family, and his community. ogy, followed by a Master of Arts Degree in I join Jerry’s family and his many friends in eye with a puck. As a result of the injury he Counseling from Howard University. He began wishing him all the best in his new endeavors. lost 95% of his sight in that eye and was ad- his education career counseling, where he We continue to expect great things from Jerry vised by doctors to quit the game. Willie served for almost four years. In 1969, he was Roberts as we thank him and pay tribute to O’Ree decided to persevere rather than quit; named Dean of Student Affairs at Essex him for his contribution to San Francisco and the rest is history. On January 18, 1958, he County College, in New Jersey. He distin- to the field of journalism. became the first Black player to play for a Na- tional Hockey League team. The team, just in guished himself to the point that he was pro- f case you were wondering, just happened to moted to Vice President of Student Affairs. In TRIBUTE TO WILLIAM O’REE—A be the Boston Bruins. 1983, Dr. Edison was named Executive Vice TRUE PIONEER Unlike the other major professional sports, President and Chief Academic Officer at hockey was slow to embrace the idea of diver- Essex County College. In that same year, he HON. MICHAEL E. CAPUANO sity following Willie O’Ree’s emergence in received a Doctorate in Education from Rut- OF MASSACHUSETTS 1958, and it would take another fifteen years gers University. In 1989, he accepted the posi- IN THE HOUSE OF REPRESENTATIVES before the next Black player made it to the tion of President of Medgar Evers College. He NHL. All told, only thirty-one Black players brought with him a wealth of experience and Thursday, February 28, 2002 have ever suited up for NHL teams. Acknowl- knowledge in administering the affairs of edu- Mr. CAPUANO. Mr. Speaker, as we close edging a need to do more in the area of diver- cational institutions. the chapter on February, Black History Month, sity, the NHL recently began a worthy cam- Dr. Jackson currently holds memberships on I want to bring to the attention of Congress a paign to increase the game’s exposure to a number of civic, educational and community man who has had a profound impact on the communities of color. Once again, Willie organizations. His affiliations with professional sport of ice hockey and its connection to com- O’Ree was called upon to lead the way. and national organizations run the gamut from munities of color. Just as he did 44 years ago, Mr. O’Ree the American Association of Higher Education, On last Sunday, the world turned its atten- today continues to tear down barriers and cre- to the President’s Round Table and the Na- tion to the Olympic games to witness the ate opportunities for persons of color to enjoy tional Council on Crime and Delinquency. Dr.

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