E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 104 CONGRESS, SECOND SESSION Vol. 142 WASHINGTON, MONDAY, JANUARY 22, 1996 No. 7 House of Representatives The House met at 2 p.m. and was come forward and lead the House in the JOINT SESSION OF CONGRESSÐ called to order by the Speaker pro tem- Pledge of Allegiance. STATE OF THE UNION ADDRESS pore [Mr. EVERETT]. Mr. SMITH of Texas led the Pledge of The SPEAKER pro tempore laid be- f Allegiance as follows: fore the House a Senate concurrent res- DESIGNATION OF THE SPEAKER I pledge allegiance to the Flag of the olution (S. Con. Res. 39), which was United States of America, and to the Repub- read by the Clerk, as follows: PRO TEMPORE lic for which it stands, one nation under God, S. CON. RES. 39 The SPEAKER pro tempore laid be- indivisible, with liberty and justice for all. fore the House the following commu- Resolved by the Senate (the House of Rep- f resentatives concurring), That the two Houses nication from the Speaker: MESSAGE FROM THE PRESIDENT of Congress assemble in the Hall of the WASHINGTON, DC, House of Representatives on Tuesday, Janu- January 22, 1996. A message in writing from the Presi- ary 23, 1996, at 9 p.m., for the purpose of re- I hereby designate the Honorable Terry Ev- dent of the United States was commu- ceiving such communication as the Presi- erett to act as Speaker pro tempore on this nicated to the House by Mr. Edwin dent of the United States shall be pleased to day. Thomas, one of his secretaries. make to them. NEWT GINGRICH, Speaker of the House of Representatives. f The Senate concurrent resolution was concurred in. f MESSAGE FROM THE SENATE A motion to reconsider was laid on PRAYER A message from the Senate by Mr. the table. The Chaplain, Rev. James David Lundregan, one of its clerks, an- f Ford, D.D., offered the following pray- nounced that the Senate had passed a END CLINTON SNOW JOB er: bill and concurrent resolution of the (Mr. SMITH of Texas asked and was O gracious God, from whom comes following titles, in which the concur- given permission to address the House every good and perfect gift, we offer rence of the House is requested: for 1 minute and to revise and extend our thanks for this new day and new S. 1260. An act to reform and consolidate opportunities. As we open our hearts to his remarks.) the public and assisted housing programs of Mr. SMITH of Texas. Mr. Speaker, as Your grace and heed Your Word, may the United States, and to redirect primary we be transformed by the renewing of responsibility for these programs from the Washington, DC, recently struggled to our minds and spirit, so all that which Federal Government to States and localities, dig out from the worst blizzard in hinders or hurts is put aside and that and for other purposes. years, Americans from across the Na- which redeems and reforms and for- S. Con. Res. 39. Concurrent resolution pro- tion began to see through the Clinton viding for the State of the Union Address by snow job. gives remains with each of us. With the President of the United States. gratitude and praise we offer these Consider the thoughts of a constitu- words of prayer together with the pri- f ent, friend, and relative, Linda vate petitions of our hearts, asking Seeligson from San Antonio. She right- PERMISSION TO HAVE UNTIL MID- ly fears that the President's opposition You to bless us and keep us this day NIGHT, TO FILE CONFERENCE and all the days long. Amen. to entitlement reform and lower taxes REPORT ON S. 1124, NATIONAL will steal our children's future. She f DEFENSE AUTHORIZATION ACT sees through the President's Mediscare THE JOURNAL FOR FISCAL YEAR 1996 tactics. And she resents the President's The SPEAKER pro tempore. The Mr. STUMP. Mr. Speaker, I ask use of generational warfare to pit par- Chair has examined the Journal of the unanimous consent that the managers ents against children, employers last day's proceedings and announces on the part of the House have until against employees, and workers to the House his approval thereof. midnight tonight, to file a conference against retirees. Pursuant to clause 1, rule I, the Jour- report on the Senate bill (S. 1124) Na- Millions of Americans agree. They nal stands approved. tional Defense Authorization Act for reject the politics of envy and class f 1996. warfare. They have real compassion for The SPEAKER pro tempore. Is there working families who must work PLEDGE OF ALLEGIANCE objection to the request of the gen- longer to pay for big Government. The SPEAKER pro tempore. Will the tleman from Arizona? They're tired of a welfare state paid for gentleman from Texas [Mr. SMITH] There was no objection. by the middle class. And they seek to b This symbol represents the time of day during the House proceedings, e.g., b 1407 is 2:07 p.m. Matter set in this typeface indicates words inserted or appended, rather than spoken, by a Member of the House on the floor. H 339 H 340 CONGRESSIONAL RECORD Ð HOUSE January 22, 1996 replace this welfare state with an op- I represent Silicon Valley. How will to changing market conditions and to intro- portunity society built on personal re- America be improved if the high-tech, duce new products will be hampered without sponsibility. cutting-edge companies of Silicon Val- SEC approval of their filings. No transactional assistance except in Bill Clinton ran for office claiming to ley are stopped from raising Capital emergency situations. The staff would not be represent the people who do the work, through IPO's? able to respond to regular requests for ex- pay the taxes, and raise the children. We have 4 days to actÐto fund the emptions or other necessary Commission ac- Americans like Linda Seeligson want a SEC at last year's level. Let's protect tion to facilitate capital raising activities, balanced budget, lower taxes, and less America's economy and get that job mergers and acquisition transactions, and government. done tomorrow. tender offers. And they want an end to the Clinton Mr. Speaker, I include for the During the government-wide shutdown which occurred November 14 through Novem- blizzard of more spending and higher RECORD the following material: ber 20, the fee rate for registration state- taxes. U.S. SECURITIES AND ments filed pursuant to Section 6(b) of the f EXCHANGE COMMISSION, Securities Act of 1933 reverted to the statu- Washington, DC, January 19, 1996. tory rate of 1/50th of one percent from its DEFAULT THREAT HINTED AT Hon. HAROLD ROGERS, current rate of 1/29th of one percent. Had the WAS WAY TO SETTLE BUDGET Chairman, Appropriations Subcommittee on fee rate not been restored to 1/29th of one (Mr. BENTSEN asked and was given Commerce, Justice, and State, the Judiciary, percent in a subsequent continuing resolu- permission to address the House for 1 and Related Agencies, House of Representa- tion, the U.S. Treasury would have lost ap- tives, Washington, DC. proximately $30 million. minute and to revise and extend his re- DEAR CHAIRMAN ROGERS: We are writing to As you know, the SEC is funded through marks.) request your help in the upcoming negotia- the Commerce-Justice-State (CJS) appro- Mr. BENTSEN. Mr. Speaker, a week tions for a new Continuing Resolution or ap- priations bill, which was vetoed by President ago, the chairman of the Committee on propriation action. We strongly urge you to Clinton on grounds unrelated to the SEC. the Budget, Mr. KASICH, said that the support language that maintains the SEC's The SEC portion of the CJS bill, however, is Republicans had abandoned the idea of 1005 funding level of $297 million and main- non-controversial. It would provide the SEC shutting down the Government and de- tains the fee rate at the current rate of 1/29th with funding at its fiscal 95 level of $297 mil- faulting on the national debt. But yes- of one percent of the offering amount. In the lion, and provide the SEC with authority to event of a disruption in funding authority continue to collect securities fees to offset terday, my colleague from Texas, the for the Securities and Exchange Commis- much of its appropriation. majority leader, Mr. ARMEY, said that sion, we fear the protection of investors and The SEC is a very small agency that is default on the debt was again a threat, capital formation could be seriously ham- charged with a very large mission: promot- right here on the front page of the New pered. In addition, the amount of money de- ing the fairness, efficiency, and preeminence York Times and on every paper across posited into the U.S. Treasury from SEC fil- of our nation's securities markets. We are this country. ing fees would be reduced. aware of the many challenges you face and Mr. Speaker, I guess it is a case of In our view, operating at this minimal difficult decisions you must make in the dumb and dumber. It was dumb to shut emergency level would seriously compromise days ahead. We respectfully request that you the SEC's ability to oversee the securities seriously consider the SEC's funding. down the Government; it is dumber to markets. The impact of a disruption in the Sincerely, default on the debt of the Government.