April 7, 2004 CONGRESSIONAL RECORD — SENATE S3945 The middle class—the foundation of nority communities. If you are an ular performance in the NCAA tournament our country—is sinking. In the last upper-income African-American fam- by being named the most outstanding player generation, families have gone from ily, you are twice as likely to get a of the Final Four; saving for the future to borrowing just Whereas the national title was made pos- subprime loan than a lower-income sible by the contribution of the entire team to get by. Home foreclosure rates have white family is. Think about that: even including: , Hilton Arm- tripled in the last 25 years. This year, though you are doing better, you get a strong, Jason Baisch, , Denham more middle-class children will see worse loan if you are African-Amer- Brown, , Justin Evanovich, Ben their parents declare bankruptcy than ican. Gordon, Ed Nelson, , Ryan will see their parents get divorced. That is dead wrong. We need a strong Swaller, Ryan Thompson, Shamon Tooles, Working families are vulnerable. national law to fight predatory lend- Charlie Villaneueva, Marcus White, and They cannot save because they must ing. We don’t need a prohibition of the Marcus Williams; Whereas UConn men’s coach spend more for housing, health care, strong State laws now on the books child care, and college tuition. These instilled in his players an unceasing ethic of with weak national rules. I urge my dedication and teamwork in the pursuit of expenses are not luxuries. They are the colleagues to support these resolutions. excellence and is now 1 of only 3 active Divi- necessities. Without savings, a bump in I ask unanimous consent that the sion I men’s coaches with mul- the road—a lost job or sudden illness— text of the resolutions be printed in the tiple NCAA titles, with the help of his - could become the end of the road. RECORD. ant coaches , , and There is a lot of work to be done to There being no objection, the joint Clyde Vaughan; help families get ahead and build a se- resolutions were ordered to be printed Whereas the University of Connecticut women’s basketball team won its fifth over- cure future. The legislation I am intro- in the RECORD, as follows: ducing today deals with just one aspect all and third straight national championship S.J. RES. 31 of the problem, but it is an important by defeating a superb team from the Univer- sity of Tennessee, by the score of 70 to 61; one: the fight against predatory mort- Resolved by the Senate and House of Rep- resentatives of the United States of America in Whereas the Lady Huskies became only the gage lenders. Congress assembled, second women’s basketball team ever to win There are mortgage companies that That Congress disapproves the rule sub- 3 consecutive national women’s basketball cheat people, plain and simple. Exces- mitted by the Office of the Comptroller of titles; sive fees leave families on a treadmill, the Currency relating to bank activities and Whereas distinguished her- forcing them to make large mortgage regulations, published at 69 Fed. Reg. 1895 self as the number 1 player in women’s col- payments while draining the wealth (2004), and such rule shall have no force or ef- lege basketball, being chosen as the national they have saved in their home. Many fect. women’s player of the year, becoming only families lose their home altogether. All S.J. RES. 32 the fifth player to win 2 such awards, scoring the second most points of any player in told, predatory lending costs home- Resolved by the Senate and House of Rep- women’s NCAA Tournament history, scoring resentatives of the United States of America in owners an estimated $9 billion a year. 17 points in the final game to lead UConn to Congress assembled, I am proud that my State of North victory, and being named outstanding player That Congress disapproves the rule sub- Carolina is a leader in fighting preda- of the Final Four for the second year in a mitted by the Office of the Comptroller of tory lending. The strong law it passed row; the Currency relating to bank activities and in 1999 is saving consumers $100 million Whereas the national championship was regulations, published at 69 Fed. Reg. 1904 made possible by the contribution of the en- a year, while mortgage credit remains (2004), and such rule shall have no force or ef- tire team including: Ashley Valley, Diana widely available. fect. Unfortunately, the Federal Govern- Taurasi, Kiana Robinson, Maria Conlon, ment is not doing as well. In fact, we f Stacey Marron, , Nicole Wolff, are losing ground. In January, the Of- SUBMITTED RESOLUTIONS , Wilnett Crockett, Jessica Moore, Barbara Turner, Liz Sherwood, and fice of the Comptroller of the Currency ; in the U.S. Department of the Treasury SENATE RESOLUTION 333—COM- Whereas Lady Huskies Coach Geno issued new regulations exempting na- Auriemma is in his 18th season coaching the tional banks—which hold more than MENDING THE HUSKIES OF THE Huskies and has led them to 18 winning sea- half of bank assets—from State preda- UNIVERSITY OF CONNECTICUT sons and 5 national titles with the help of his tory lending laws. FOR WINNING THE 2004 DIVISION assistant coaches Chris Dailey, Tonya Strong consumer protection laws I MEN’S AND WOMEN’S NCAA Cardoza, and Jamelle Elliott; and have been States’ responsibility for BASKETBALL CHAMPIONS Whereas the University of Connecticut’s more than a century. The new rules ig- Mr. DODD (for himself and Mr. unparalleled success continues to bring enor- nore that tradition, which has served mous pride to the people of Connecticut and LIEBERMAN) submitted the following sports fans across the country: Now, there- our country well, to create a safe resolution; which was considered and fore, be it haven for predatory lenders in national agreed to: Resolved, That the Senate commends the banking law. They also create an in- S. RES 333 University of Connecticut for— centive for State-chartered banks to (1) winning the 2004 NCAA Division I Men’s Whereas the University of Connecticut has Basketball Championship; escape tough laws by converting to na- become the first school in the history of (2) winning the 2004 NCAA Division I Wom- tional banks. NCAA Division I basketball to win both the en’s Basketball Championship; and The resolutions that I am intro- men’s and women’s national titles in the (3) becoming the first school in the history ducing today would strike down the same year; of NCAA Division I basketball to win both OCC rules that preempt State law. It Whereas the University of Connecticut the men’s and women’s national titles in the men’s basketball team capped a remarkable would restore States’ ability to enforce same year. their predatory lending laws within season by defeating an outstanding Georgia f their boundaries and protect their Tech team 82 to 73, to win its second na- homeowners against abusive loans. tional championship in 6 seasons; AMENDMENTS SUBMITTED AND These protections are badly needed. Whereas the Husky men finished with a PROPOSED record of 33 wins and only 6 losses and is the About half of subprime borrowers are first team since 1996 to be ranked first in the SA 3043. Mr. AKAKA submitted an amend- paying extra interest and fees, when preseason and to win the national title in ment intended to be proposed by him to the they qualify for better rates. That’s the same season; bill S. 344, expressing the policy of the hundreds of thousands of Americans Whereas the Husky men established them- United States regarding the United States who are each paying thousands of dol- selves as the dominant team in the Big East relationship with Native Hawaiians and to lars more than they should for their Conference by winning the Big East Tour- provide a process for the recognition by the nament championship; United States of the Native Hawaiian gov- homes. Even worse, some families see erning entity, and for other purposes; which their loans refinanced again and again, Whereas UConn’s Emeka Okafor distin- guished himself in the championship game was ordered to lie on the table. their equity diminished time and and throughout the season as 1 of the pre- f again, until one day they lose their mier players in all of college basketball, win- TEXT OF AMENDMENTS home. ning awards as the Big East scholar-athlete It is offensive, but predatory lenders of the year, defensive player of the year, and SA 3043. Mr. AKAKA submitted an target African-American and other mi- player of the year, and closing out a spectac- amendment intended to be proposed by

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