H5984 CONGRESSIONAL RECORD — HOUSE June 24, 2008 provisions, this legislation would re- counts’’ that, in effect, provide interest Mr. KANJORSKI. Yes, the provision move the existing limits on small busi- on deposit accounts, giving them a would exempt from the cap those loans ness lending for thrifts, thereby en- competitive advantage over small com- that are used to support business oper- hancing the role of savings associa- munity banks that may not have the ations in an underserved area in order tions as community leaders. The capability to offer such accounts. to stimulate economic growth in these Homeowners Loan Act currently caps In addition, most small business own- areas. the aggregate amount of commercial ers don’t have the minimum balances Mr. MOORE of Kansas. Thank you, loans other than small business loans necessary to maintain a sweep account Mr. KANJORSKI, for that clarification. at 10 percent of a savings association’s so they are forced to keep vital cash in Section 111 of the bill also includes assets, and it permits commercial lend- zero-interest checking accounts. Mak- language that member business loans ing, including small business lending, ing this small change would make a in an underserved area underwritten by of up to 20 percent of assets. huge difference for small businesses. a credit union for a business, or a local According to the Small Business Ad- Furthermore, every provision in this outlet of a business, operating on a na- ministration’s Office of Advocacy, bill providing regulatory relief for tionwide basis, shall not be eligible smaller businesses have experienced banks and thrifts has been approved from exemption from the business difficulty in obtaining relatively small previously by Congress in one form or lending cap. loans from large commercial banks another. The bipartisan support for It is the phrase ‘‘operating on a na- that set minimum loan amounts rel- this bill shows just how important it is tionwide basis’’ where I have a ques- atively high. Savings associations are for both businesses and consumers that tion. For the purpose of this section, it increasingly important providers of Congress pass this meaningful legisla- would seem that a business located in small business credit and communities tion. an underserved area that meets the America’s financial services industry throughout the country. other criteria, like a small family- This change, Mr. Chairman, will is the most effective and competitive owned business but which has a Web in the world and my proposal will help allow savings associations to continue site that sells their goods to anyone us stay out in front. Reducing regu- to serve their small business customers who visits it, would not be treated as a latory burdens on businesses and con- and to further diversify their assets business operated on a nationwide sumers is simply the right thing to. while also providing businesses with basis for the purpose of this section, as Mr. Speaker, I thank Chairman KAN- greater choice and flexibility to meet the economic benefit from those sales JORSKI and the staff, and I look forward is going to that business in the under- their credit needs. to passage of this legislation today. Additionally, this proposal will sig- Mr. KANJORSKI. Mr. Speaker, I served area. nificantly reduce the amount of time yield 1 minute to the gentleman from Have I correctly characterized the in- tent of this section? financial institutions spend filling out Pennsylvania (Mr. ALTMIRE). paperwork, and it will free up resources Mr. ALTMIRE. I thank the gen- Mr. KANJORSKI. Yes, you have. As for the thousands of institutions on the tleman. the title of the section indicates, the front lines of community lending. Mr. Speaker, there are over 90 mil- intent of this section is to promote For example, the legislation would lion members of America’s credit economic growth by encouraging small provide relief to community banks and unions, including more than 168,000 in business development in underserved financial institutions from require- the district I represent. Each of them urban and rural communities. We want ments under the Gramm-Leach-Bliley will benefit from passage of this bill, to help businesses and business owners Act to provide annual privacy notices which I strongly support. It is a bipar- that have a presence there, like a to their customers, detailing their pri- tisan piece of legislation that is an ex- mom-and-pop operation with an Inter- vacy policies and the way they share cellent first step towards improving net store. Moreover, we have taken information. the regulatory framework for our Na- steps in the legislation to ensure that a While I have consistently advocated tion’s credit unions and banks. locally owned franchise that consists for increased protection of sensitive fi- Credit unions serve a broad and di- only of local operations shall not be nancial information, there should be verse membership, including many low treated as a business operating on a na- targeted exemptions from this require- and moderate-income individuals who tionwide basis. ment to relieve the burden from small would otherwise be unable to access Mr. MOORE of Kansas. Thank you for banks that do not share information the services provided by financial insti- this clarification, Mr. KANJORSKI. I with their affiliates and that have not tutions. This bill will allow Federal agree with your assessments. otherwise changed their privacy poli- credit unions to better serve consumers Mr. KANJORSKI. Mr. Speaker, I cies. and provide them with greater access have no further requests for time, and I yield back the balance of my time. b 2015 to financial products and services. I ask my colleagues to support this The SPEAKER pro tempore. The This change, Mr. Speaker, will save commonsense and long-overdue legisla- question is on the motion offered by small businesses millions of dollars in tion. the gentleman from Pennsylvania (Mr. compliance costs while also protecting Mr. KANJORSKI. Mr. Speaker, I KANJORSKI) that the House suspend the consumers from unnecessary and dupli- yield to the gentleman from Kansas rules and pass the bill, H.R. 6312. cative notices. (Mr. MOORE) who wishes to enter into a The question was taken; and (two- The legislation also contains impor- colloquy. thirds being in the affirmative) the tant provisions that would repeal the Mr. MOORE of Kansas. As one of the rules were suspended and the bill was prohibition against the payment of in- cosponsors of this legislation, I would passed. terest on business checking. This pro- like to engage its primary sponsor, A motion to reconsider was laid on hibition was enacted during the De- you, Mr. KANJORSKI, in a colloquy on the table. pression as part of the Banking Act of two questions related to section 111. f 1933, to protect banks in the heat of This section concerns the encourage- competition from offering interest lev- ment of small business development in GOSPEL MUSIC HERITAGE MONTH els on deposit balances that might be underserved urban and rural commu- Mr. CLAY. Mr. Speaker, I move to sustained through risky investments. nities. suspend the rules and agree to the con- In their 1996 report ‘‘Streamlining of First, I have a question about the current resolution (H. Con. Res. 370) ex- Regulatory Requirements,’’ the Fed- meaning of the provision that exempts pressing support for designation of Sep- eral banking regulators concluded, business loans made by credit unions in tember 2008 as ‘‘Gospel Music Heritage however, that the statutory prohibi- underserved areas from the existing Month’’ and honoring gospel music for tion against paying interest on busi- cap on member business lending. Is it its valuable and longstanding contribu- ness accounts no longer serves a valid the intent of this provision that the tions to the culture of the United public purposes. For example, large fi- proceeds from exempt loans will be States. nancial services companies have de- used to support business operations in- The Clerk read the title of the con- vised products, such as ‘‘sweep ac- side underserved areas? current resolution. VerDate Aug 31 2005 05:11 Jun 25, 2008 Jkt 069060 PO 00000 Frm 00118 Fmt 4634 Sfmt 0634 E:\CR\FM\K24JN7.159 H24JNPT1 smartinez on PROD1PC64 with HOUSE June 24, 2008 CONGRESSIONAL RECORD — HOUSE H5985 The text of the concurrent resolution woman from North Carolina (Ms. FOXX) Gospel music is a cultural and international is as follows: each will control 20 minutes. art form that fosters an outpouring of deep H. CON. RES. 370 The Chair recognizes the gentleman spiritual beliefs. It has developed over the Whereas gospel music is a beloved art form from Missouri. years in the United States but its blend of di- unique to the United States, spanning dec- GENERAL LEAVE verse cultures and music styles give us songs ades, generations, and races; Mr. CLAY. Mr. Speaker, I ask unani- that transcend borders and beliefs. Whereas gospel music is one of the corner- mous consent that all Members may It is a fitting tribute to this uniquely American stones of the musical tradition of the United have 5 legislative days in which to re- music that September be designated as Gos- States and has grown beyond its roots to vise and extend their remarks. pel Music Heritage Month as it has touched achieve pop-culture and historical relevance; The SPEAKER pro tempore. Is there millions of people throughout the world. It has Whereas gospel music has spread beyond objection to the request of the gen- been enjoyed in many different mediums such its geographic origins to touch audiences as books, television and motion pictures which around the world; tleman from Missouri? Whereas the history of gospel music can be There was no objection.