E114 CONGRESSIONAL RECORD — Extensions of Remarks January 21, 2009 world’s largest organism, the Giant Sequoia when printer O.G. Chase arrived by riverboat of living, the Herald Dispatch’s corps of em- Tree. The project involved the removal of over and soon was publishing the young city’s first ployees has kept the interest and needs of its two hundred buildings, and the development newspaper. Known as The Independent, neighbors foremost in their writing, coverage of a new hotel complex built outside the grove Chase’s publication merged in 1875 with the and opining. to replace the visitor facilities. After completing Cabell Press to form a new publication called On this, its 100th anniversary, I extend my the project, he then served as superintendent the Weekly Advertiser. When it later became hearty congratulations to The Herald-Dispatch. of Great Smoky Mountains National Park, the a daily paper, the name was shortened to The May it continue to inform and entertain its largest federally protected mountain eco- Advertiser. thousands of readers for many, many years to system in the Eastern United States, spanning A rival daily, The Huntington Herald, was come. between Tennessee and North Carolina. The launched in 1890. Three years later, in 1893, f primary issues emphasized during his tenure printer Joseph Harvey Long, arrived in Hun- TARP REFORM AND included air quality, traffic congestion, edu- tington determined to purchase The Hun- ACCOUNTABILITY ACT OF 2009 cational programs and scientific studies. tington Herald, which he did—paying $100 In January 2003, Superintendent Tollefson down and pledging to pay a balance of SPEECH OF made his way to Yosemite National Park as $1,700. Long published The Herald for only 18 Superintendent. Over the past six years he months before selling it and purchasing The HON. BOB ETHERIDGE OF NORTH CAROLINA has worked tirelessly to guide a major con- Advertiser. IN THE HOUSE OF REPRESENTATIVES struction program to repair the old infrastruc- Floyd S. Chapman, a future several-term ture, improve visitor services, provide in- mayor of Huntington, was first the city editor of Thursday, January 15, 2009 creased resource protection and expand gate- The Advertiser, then editor of The Herald. In The House in Committee of the Whole way partnerships and outreach educational 1904, he left to begin his own newspaper, The House on the State of the Union had under programs. Some of the projects that have Huntington Dispatch. In 1909, The Herald and consideration the bill (H.R. 384) to reform been completed under Supervisor Tollefson in- The Dispatch merged to become The Herald- the Troubled Assets Relief Program of the Secretary of the Treasury and ensure ac- clude new viewing facilities at the foot of Yo- Dispatch. countability under such Program, and for semite Falls, improvements to landmark areas Flash forward two decades and another his- other purposes: toric merger occurred in 1927 when The Ad- such as the famous view spots near the Mr. ETHERIDGE. Mr. Chair, I rise in support vertiser and The Herald-Dispatch merged to Wawona Tunnel and at Olmsted Point on the of H.R. 384, TARP Reform and Accountability form the Huntington Publishing Co., with J.H. Tioga Road, overhauling the valley visitor cen- Act of 2009. This bill makes critical adjust- Long as president. Known to one and all by ter, and replacing a fleet of diesel buses with ments to the Troubled Assets Relief Program, his honorary title of ‘‘Colonel,’’ Long would go hybrid busses. With the assistance of the Yo- TARP. semite Fund, the Superintendent has been on to become the undisputed dean of West On October 3rd of last year, I voted in favor able to complete a $13.5 million restoration of Virginia newspapermen. of the Emergency Economic Stabilization Act the approach to Yosemite Falls, a $1.5 million The staff of The Herald-Dispatch moved into in response to the continued economic turmoil restoration of Olmsted Point and a $13.5 mil- The Advertiser’s handsome new building on across the country. This bill created the TARP lion campaign to improve trails in Yosemite the corner of Fifth Avenue and Tenth Street, initiative to address many of the ills plaguing Valley, Mariposa Grove of Redwoods and in but the two staffs remained separate and high- our economy. However, like many Americans, the backcountry. Most recently the $3.2 million ly competitive. The building’s presses pub- I have been disappointed in how the adminis- Tunnel View Restoration Project was com- lished The Advertiser each afternoon, The tration has managed this initiative. H.R. 384 pleted. Herald-Dispatch each morning and a com- addresses these concerns by closing loop- Madam Speaker, I rise today to commend bined edition, The Herald-Advertiser, on Sun- holes, increasing transparency, and strength- and congratulate Superintendent Michael days. ening accountability in the TARP. H.R. 384 Tollefson upon his retirement from Yosemite Over the years, Colonel Long not only made strengthens executive compensation restric- National Park. I invite my colleagues to join The Advertiser and The Herald-Dispatch the tions against ‘‘golden parachutes’’ for retiring me in wishing Superintendent Tollefson many region’s leading newspapers, he and his sons executives and prohibits bonuses for the 25 years of continued success. also branched out into broadcasting. In 1923, highest paid employees of a company receiv- f the company purchased WSAZ Radio and in ing TARP funds. This bill also adds new 1949 founded WSAZ–TV, one of the Nation’s strengthened reporting requirements for com- REMARKS HONORING THE 100TH first television stations. panies to detail their planning and use of ANNIVERSARY OF THE HERALD- Colonel Long died in 1958 at age 95. TARP funds. DISPATCH In 1971, the Gannett Co., one of the Na- While we must continue to work to revive tion’s largest newspaper chains, purchased the credit market for consumers, TARP funds HON. NICK J. RAHALL II the Huntington Publishing Co. newspapers. also need to be targeted to the thousands of OF WEST VIRGINIA Under Gannett, the newsroom’s typewriters American families facing the prospect of home IN THE HOUSE OF REPRESENTATIVES gave way to computer terminals, and the noisy foreclosure. I am pleased that H.R. 384 man- Linotype machines that once spit out lines of Wednesday, January 21, 2009 dates that the Treasury Department use up to hot metal type were consigned to the junk- $100 billion of the TARP funding to develop a Mr. RAHALL. Madam Speaker, Thomas Jef- yard. foreclosure mitigation plan. In addition, H.R. ferson famously observed that were it left up In 1979, The Advertiser became one of 384 includes provisions that lower premiums to him ‘‘to decide whether we should have a many afternoon newspapers to cease publica- for consumers that are taking part in the Hope government without newspapers or news- tion, a victim of changing tastes on the part of for Homeowners initiative, as well as provi- papers without a government,’’ he would ‘‘not readers who now prefer morning newspapers. sions that will direct the Treasury Department hesitate a moment to prefer the latter.’’ At the same time, the Sunday Herald-Adver- to ensure the availability of affordable mort- Fortunately, Americans have never been tiser nameplate was retired and The Herald- gage rates for qualified home buyers. These forced to make that choice. Jefferson and his Dispatch became a seven-day-a-week publica- changes benefit the hundreds of thousands of fellow Founding Fathers bequeathed us a tion. Many long-time staffers on The Adver- Americans who are facing foreclosure, as well democratic government that has made us the tiser moved over to The Herald-Dispatch. as stimulating the home buying industry and envy of the world. And, at the same time, the Gannett published The Herald-Dispatch for benefiting our struggling economy. Finally, this Nation’s free press has shown itself fully wor- 36 years, until May of 2007 when the com- bill increases confidence in the financial indus- thy of the confidence Jefferson voiced in it. pany sold it to another national chain, Gate- try by permanently providing Federal deposit This year, a great newspaper in my native house Media. A month later, Gatehouse in insurance for deposits up to $250,000. West Virginia, The Herald-Dispatch, marks a turn sold the newspaper to a Huntington com- The provisions of H.R. 384 help ensure that major milestone in its long and distinguished pany, Champion Printing, thus returning it to the TARP will be better used to address the history—its 100th anniversary—and I am local ownership. needs of millions of Americans who are strug- proud to offer this salute to it. And indeed, the heart and spirit of Amer- gling to get credit from lenders, hold on to The Herald-Dispatch published its first issue ica’s free press, from the beginning, have their savings, and avoid home foreclosures. I in Huntington on January 17, 1909. been individuals dedicated to keeping the pub- support H.R. 384, TARP Reform and Account- The newspaper’s roots actually stretch back lic informed, communities educated, and dis- ability Act of 2009, and I urge my colleagues to 1871, the very year of Huntington’s birth, course alive and well. Throughout its century to join me in voting for its passage.

VerDate Nov 24 2008 05:38 Jan 22, 2009 Jkt 079060 PO 00000 Frm 00004 Fmt 0626 Sfmt 0634 E:\CR\FM\A21JA8.005 E21JAPT1 smartinez on PROD1PC64 with REMARKS January 21, 2009 CONGRESSIONAL RECORD — Extensions of Remarks E115 HONORING VENTURA COUNTY ECO- Ruth, I want to thank you and your family American economy. Small businesses account NOMIC DEVELOPMENT ASSOCIA- for sharing T.D. with all of us, who will always for 95 percent of all employers, create half of TION 60TH ANNIVERSARY be part of our family. our gross domestic product, and provide three I thank God for giving us the blessing of out of four new jobs in this country. Small HON. LOIS CAPPS T.D. and pray that He will give you strength business growth means economic growth for OF CALIFORNIA and comfort in the years and days ahead. the Nation. We cannot stabilize and revitalize IN THE HOUSE OF REPRESENTATIVES f our economy without ensuring the inclusion and participation of the small business seg- Wednesday, January 21, 2009 TARP REFORM AND ment of our economy. With the ever wors- Mrs. CAPPS. Madam Speaker, today I rise ACCOUNTABILITY ACT OF 2009 ening economic crisis, we must ensure in this legislation that small and minority businesses to honor the 60th anniversary of the Ventura SPEECH OF County Economic Development Association, and community banks are afforded an oppor- VCEDA. HON. SHEILA JACKSON-LEE tunity to benefit from this important legislation. In the past two decades, VCEDA has been OF TEXAS I am very pleased that the Manager’s amend- actively involved in a myriad of projects aimed IN THE HOUSE OF REPRESENTATIVES ment will affect this change. at maintaining the economic vitality of the Wednesday, January 14, 2009 In Section 107, the Manager’s amendment county, including BRAC ’95 and ’05 to protect creates an Office of Minority and Women In- our military bases; mediating air quality issues Ms. JACKSON-LEE of Texas. Madam clusion, which will be responsible for devel- to resolve differences and prevent costly court Speaker, I rise today in strong support of H.R. oping and implementing standards and proce- battles; working with schools, businesses and 384, the Troubled Assets Relief Program dures to ensure the inclusion and utilization of corporate executives to determine needs for a (TARP) Reform and Accountability Act of minority and women-owned businesses. skilled trained workforce; and working with 2009. This bill will amend the TARP provisions These businesses will include financial institu- local governments to remove unwarranted ob- of the Emergency Economic Stabilization Act tions, investment banking firms, mortgage stacles to the growth of business and industry. of 2008, EESA, to strengthen accountability, banking firms, broker-dealers, accountants, VCEDA has played an important role in close loopholes, increase transparency, and and consultants. bringing and continuing to support Channel Is- most importantly, require the Treasury Depart- Furthermore, the inclusion of these busi- lands State University in Ventura County. And ment to take significant steps on foreclosure nesses should be at all levels, including pro- it has set a goal of working with all educators mitigation. curement, insurance, and all types of contracts at all levels to ensure that the upcoming work- Madam Speaker, I was particularly pleased such as the issuance or guarantee of debt, force is ready to meet the needs of business to work with Chairman FRANK and his staff on equity, or mortgage-related securities. This of- in the 21st century. significant portions of the Manager’s amend- fice will also be responsible for diversity in the Most recently, VCEDA has been recognized ment to this legislation which ensures that management, employment, and business ac- as ‘‘The Champion of Job Growth’’ by the small and minority businesses along with tivities of the TARP, including the manage- Workforce Investment Board of Ventura Coun- local, community, and private banks gain fair ment of mortgage and securities portfolios, ty, ‘‘The Small Business Advocate’’ by the Pa- and equitable access to the TARP funds. making of equity investments, the sale and cific Coast Business Times and received ‘‘The It’s been 3 months since the Treasury start- servicing of mortgage loans, and the imple- Distinguished Business Leader Award’’ by the ed disbursing TARP funds. Just in time per- mentation its affordable housing programs and Ventura County Leadership Academy. haps for a lot of big banks, however smaller initiatives. I commend VCEDA for its outstanding lead- banks have been locked out so far. A lot of Section 107 also calls for the Secretary of ership and commitment in serving the needs small banks certainly are in need of relief as the Treasury to report to Congress in 180 of its members and the surrounding commu- the real estate crisis continues to unfold and days detailed information describing the ac- nity. hundreds have already applied. tions taken by the Office of Minority and According to recent reports, the Treasury f Women Inclusion, which will include a state- Department has yet to issue ‘‘the necessary ment of the total amounts provided under HONORING THE LIFE OF T.D. guidelines for about 3,000 additional private TARP to small, minority, and women-owned STEINKE banks. Most of them are set up as partner- businesses. The Manager’s amendment in ships, with no more than 100 shareholders. Section 404 also has clarifying language en- HON. CHET EDWARDS They are not able to issue preferred shares to suring that the Secretary has authority to sup- OF TEXAS the government in exchange for capital injec- port the availability of small business loans IN THE HOUSE OF REPRESENTATIVES tions, as other banks can.’’ While Treasury of- and loans to minority and disadvantaged busi- ficials state they are ‘‘working on a solution,’’ nesses. Wednesday, January 21, 2009 for these private banks time is of the essence. This will be critical to ensuring that small Mr. EDWARDS of Texas. Madam Speaker, The Treasury Department has handed out and minority businesses have access to loans, I rise today to honor the memory of T.D. more than $155 billion to 77 banks. Of that financing, and purchase of asset-backed secu- Steinke. sum, $115 billion has gone to the eight largest rities directly through the Treasury Department I will deeply miss our friend. T.D. Steinke. It banks. Community banks hold 11 percent of or the Federal Reserve. has been a blessing in my life to have had the industry’s total assets and play a vital role H.R. 384 reforms TARP by increasing over- T.D. as a friend for 26 years. in small business and agriculture lending. sight, reporting, monitoring and accountability. T.D. always stood up for the dignity of aver- Community banks provide 29 percent of small It requires any existing or future institution that age working families. In doing so, he inspired commercial and industrial loans, 40 percent of receives funding under TARP to provide no me and so many others to remember the peo- small commercial real estate loans and 77 less than quarterly public reporting on its use ple who are the heart and soul of our Nation’s percent of small agricultural production loans. of TARP funding. Any insured depository insti- economy and our values. This Manager’s amendment requires that tution that receives funding under TARP is re- I guess it’s a surprise to no one that T.D. the Treasury Department act promptly to per- quired to report quarterly on the amount of was a Democrat’s Democrat. mit smaller community financial institutions any increased lending (or reduction in de- That is why my prayer today is that St. and specifically private banks that have been crease of lending) and related activity attrib- Peter is not a Republican. However, if I am shut out so far in participating on the same utable to such financial assistance. wrong, I have no doubt that T.D. is working to terms as the large financial institutions that In connection with any new receipt of TARP convert him. have already received funds. funds, Treasury is also required to reach an As I listened to President Obama’s inau- This is a major change for millions of Ameri- agreement with the institution, and its primary gural address yesterday, I couldn’t help but cans who bank in private banks and who de- Federal regulator on how the funds are to be think about T.D. and how much he would have serve the same access to needed capital. used and benchmarks the institution is re- savored a Democrat being sworn in as our Small businesses are the backbone of our Na- quired to meet so as to advance the purposes new president. tion, and unfortunately, they have not been af- of the Act to strengthen the soundness of the Then, as I looked out at the crowds of over forded the opportunity that large financial insti- financial system and the availability of credit to 2 million people, I realized that T.D. had just tutions have received to TARP funds and the economy. In addition, a recipient institu- decided he would rather watch the inaugura- loans. Small businesses represent more than tion’s primary Federal regulator must specifi- tion from a better place. the American dream—they represent the cally examine use of funds and compliance

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