E PL UR UM IB N U U S Congressional Record th of America PROCEEDINGS AND DEBATES OF THE 111 CONGRESS, SECOND SESSION

Vol. 156 WASHINGTON, TUESDAY, MAY 11, 2010 No. 70 House of Representatives The House met at 12:30 p.m. and was NET REGULATION WILL HARM turned it over to the private sector and called to order by the Speaker. INVESTMENT AND INNOVATION lifted restrictions on its use by com- The SPEAKER pro tempore (Ms. mercial entities and the public. The f MARKEY of Colorado). The Chair recog- unregulated Internet is now starting to help spur a new technological revolu- MORNING-HOUR DEBATE nizes the gentleman from Florida (Mr. STEARNS) for 5 minutes. tion in this country. Where there were The SPEAKER. Pursuant to the Mr. STEARNS. Madam Speaker, a re- once separate phone, cable, wireless, order of the House of January 6, 2009, cent announcement by FCC Chairman and other industries providing distinct the Chair will now recognize Members Genachowski to impose new, burden- and separate services, we’re now seeing from lists submitted by the majority some regulation on the Internet and on a confluence and a blur of providers all and minority leaders for morning-hour Internet transmission appears to me to competing against each other for con- debate. be a political maneuver to regulate the sumers, offering broadband, voice, Internet. Several weeks ago, he indi- video services, and much more. f cated he was not going to push for net The Apple iPod is a perfect example of the confluence of the Internet, the FISCAL RESPONSIBILITY regulation. Now he is. There is no eco- nomic or legal justification for this TV, and the computer, which will then The SPEAKER. The Chair recognizes move and the result will be a freeze in be followed by other exciting products. the gentlewoman from Arizona (Mrs. the investment and innovation we have Lines of technology are being blurred KIRKPATRICK) for 5 minutes. seen over the past 20 years. The Inter- all the time. In fact, a few years ago, Mrs. KIRKPATRICK of Arizona. net is the most powerful platform for you had to have separate platforms for Madam Speaker, over the past months, innovation ever created and, by his ac- each additional individual TV tech- we have witnessed firsthand the poten- tions, Chairman Genachowski is endan- nology. Now, your computer becomes tial consequences of allowing the na- gering the Internet’s deployment and your TV, your TV doubles for your tional debt to continue growing out of ultimately its innovation. computer, and your wireless device be- control. Greece borrowed heavily dur- Our current free-market, pro-invest- comes your TV, your computer, your ing the last decade during the boom ment policies have served us well. In phone, and camera. We will see more of and the bubble and found itself at risk fact, according to the FCC’s own Na- this convergence in the years to come of default when global credit dried up. tional Broadband Plan, 95 percent of all if we remain on the current deregula- Now the country is facing financial dis- Americans have access to broadband tory path. However, the FCC appears to aster. and approximately 200 million sub- want to change course. In response to The crisis should serve as a warning scribers have broadband at home the FCC’s announcement, I introduced to Washington. This country’s debt is today, up from 8 million just 10 years a bill today, H.R. 5257—the Internet In- now $12.9 trillion and is approaching ago. By comparison, it took 90 years to vestment, Innovation, and Competition unsustainable levels. We must address go from 8 million voice subscribers to Preservation Act—that would prevent the fiscal imbalance here before it’s 200 million under the old Title II Com- the FCC from regulating the Internet too late. Washington must start by mon Carrier Regulations. Ironically, or Internet transmission, absent a mar- making major changes to the budget— the chairman’s laudable goal of maxi- ket failure. changes that go beyond freezing spend- mizing broadband deployment and ing and instead look to make signifi- adoption will be most harmed by his b 1245 cant budget cuts. That means we have announcement. My bill would require the FCC to to crack down on the consequence-free Will Rogers once said that, ‘‘Things conduct a rigorous market analysis be- spending culture in Congress. Wash- in our country run in spite of the gov- fore mandating new network regula- ington needs to put a priority on elimi- ernment, not by the aid of it.’’ He was tions. The FCC would need to prove nating waste and finding cost-effective not, of course, talking about the Inter- that regulations are, indeed, necessary. ways to achieve this country’s goals. net, but his words still ring true today. Chairman Genachowski has said on nu- Budget cuts are not always easy or The rise of the Internet itself is a truly merous occasions that he wants to popular, but business as usual in Wash- great deregulatory story. What started make sure that the FCC is the most ington is not working. Greece’s rapid as a government-run network for shar- data-driven agency. Well, let’s see the spiral shows that it is past time that ing research has now exploded into a data. Let’s see the data showing there’s we start to take serious steps—both big force for mass communication, enter- a need for regulation before you do it, and small—to address our fiscal health. tainment, and commerce, when we Mr. Chairman.

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.

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VerDate Mar 15 2010 02:08 May 12, 2010 Jkt 089060 PO 00000 Frm 00001 Fmt 4634 Sfmt 0634 E:\CR\FM\A11MY7.000 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE H3280 CONGRESSIONAL RECORD — HOUSE May 11, 2010 With our economy still struggling, and emergency reserves. In fact, Amer- lack of responsible oversight to expose now is the worst time to impose new ican households cumulatively lost $17.5 American families, American business, regulations on the Internet and on trillion in aggregate household wealth and our whole economy to such poten- Internet service providers; yet, this is in the recession. tial risk. Madam Speaker, we must exactly what the FCC is going to try to Now it’s true, Madam Speaker, that have Wall Street reform now. do. Communication companies are we’re seeing signs of an economic re- f among the few companies still invest- covery. The Nation’s gross domestic RECESS ing billions of dollars into our economy product is once again growing at the in these very difficult financial times. rate of 5.6 percent in the last quarter of The SPEAKER pro tempore. Pursu- Net regulation will discourage invest- 2009 and another 3.2 percent in the first ant to clause 12(a) of rule I, the Chair ment and innovation precisely when we quarter of this year. After 2 years of declares the House in recess until 2 need it the most, especially in light of job losses, culminating with 741,000 p.m. today. our push to increase broadband deploy- jobs lost in January of 2009, we’re fi- Accordingly (at 12 o’clock and 50 ment in this country. nally in the midst of our fourth minutes p.m.), the House stood in re- The FCC’s announcement is a perfect straight month of job growth, even cess until 2 p.m. today. example of how regulations meant to though the other side of the aisle can’t f help can actually hurt our policy goals accept good news when they see it. b 1400 while taking more money out of the More than 290,000 jobs were created last American taxpayers’ pockets. I am re- month, the most since March of 2006. AFTER RECESS minded again, Madam Speaker, of an- Despite the recent uncertainty, the The recess having expired, the House other Will Rogers quote when he said, stock markets are up more than 50 per- was called to order by the Speaker pro ‘‘Be thankful we’re not getting all the cent since their March 2009 lows. tempore (Mr. DRIEHAUS) at 2 p.m. government we’re paying for.’’ Our his- But it is that lingering uncertainty f tory of communication policy is rife that we have sought to address with with examples of the best regulatory our actions in this Congress. Similar fi- PRAYER intentions going awry. More often than nancial sector problems came to a head The Chaplain, the Reverend Daniel P. not, advances come despite regulation in 2007, leading to the worst economic Coughlin, offered the following prayer: or, as with our Internet policy over the recession since the Great Depression. Lord, make Your presence known in past couple of decades, from our deci- And as last Thursday reminded us, our midst that we may calm the fears sion not to regulate. we’re still at risk to financial sector of Your people and bring justice to the f uncertainty. Responsible Wall Street land. Fill the Members of Congress reform remains one of the critical com- with understanding that they may rel- AVOIDING A SECOND ECONOMIC ponents of a sustainable economic re- ish our national diversity and gain wis- COLLAPSE: THE NEED FOR FI- covery. dom by listening to one another. Make NANCIAL REFORM Madam Speaker, with such an obvi- of us an instrument of peace in the The SPEAKER pro tempore. The ous need for reform, why hasn’t it been world by lifting us beyond self- Chair recognizes the gentleman from implemented already? Why, for exam- centeredness to a new level of tran- Virginia (Mr. CONNOLLY) for 5 minutes. ple, is the more than $700 trillion— scendence and transparency. Let Your Mr. CONNOLLY of Virginia. Madam that’s trillion with a ‘‘T’’—derivatives truth reign in our hearts that we may Speaker, the global economy is in- market still completely unregulated? give You glory both now and forever. creasingly interconnected. The current We must ensure that this highly specu- Amen. economic crisis may have begun in the lative market is brought out of the f United States, but it rapidly spread shadows and operates with trans- throughout the world. Now as we stand parency and responsible oversight. Why THE JOURNAL on the cusp of a sustained economic re- are the American taxpayers still faced The SPEAKER pro tempore. The covery, we must be mindful of the rip- with the possibility of bailing out fi- Chair has examined the Journal of the ple effects and guard against further nancial institutions deemed ‘‘too big to last day’s proceedings and announces threats to our economy. fail?’’ Never again should private risk to the House his approval thereof. Last Thursday’s historic stock mar- become a public responsibility. Pursuant to clause 1, rule I, the Jour- ket plunge, initially precipitated by I was proud to join a majority of my nal stands approved. Greece’s economic uncertainty, must colleagues in this body in supporting f serve as a stark reminder of what hap- passage of Wall Street reform last De- PLEDGE OF ALLEGIANCE pens when you don’t have adequate cember to address these systemic prob- protections in place. Without proper lems and protect American families The SPEAKER pro tempore. Will the oversight, Madam Speaker, our finan- and their savings. We provided for reg- gentleman from Texas (Mr. POE) come cial markets are dangerously exposed. ulation of the shadowy derivatives forward and lead the House in the In the financial chaos that erupted market. We brought accountability and Pledge of Allegiance. last Thursday, shares of Accenture transparency to the financial sector. Mr. POE of Texas led the Pledge of swung from $40 to one penny and back We ended the practice of ‘‘too big to Allegiance as follows: to $40. Shares of Procter & Gamble fail.’’ We established safeguards to en- I pledge allegiance to the Flag of the traded for $54 on the Stock sure that the abuses of the past are United States of America, and to the Repub- Exchange but only $39 on the NASDAQ. never again repeated. Madam Speaker, lic for which it stands, one nation under God, indivisible, with liberty and justice for all. Those aren’t market forces at work. the House made Wall Street reform a Those are market forces that are bro- priority. f ken. Almost 300 trades made under Although the Senate finally began its COMMUNICATION FROM THE questionable circumstances had to be own deliberations a few weeks ago, the CLERK OF THE HOUSE subsequently canceled by the trading process thus far has been slow. I am en- houses. Such wild disparities highlight couraged to see bipartisan negotiations The SPEAKER pro tempore laid be- the dangers of a marketplace left on the bill after a failed filibuster at- fore the House the following commu- largely to its own devices and the tre- tempt by the minority. After last nication from the Clerk of the House of mendous risk posed to our economy week, can there be any doubt that we Representatives: and those who invest in it. need Wall Street reform now? OFFICE OF THE CLERK, The recession of 2007 began in the fi- Every day of delay is one more oppor- HOUSE OF REPRESENTATIVES, nancial sector. Its effects were wide- tunity for a recurrence of economic un- Washington, DC, May 11, 2010. Hon. , spread. Millions of Americans lost certainty and even collapse. Last The Speaker, U.S. Capitol, House of Representa- their jobs. Millions more had their Thursday’s roller coaster on the stock tives, Washington, DC. homes foreclosed. Millions more lost market was a clear reminder that we DEAR MADAM SPEAKER: Pursuant to the their retirement savings, college funds, cannot allow a continued and willful permission granted in Clause 2(h) of Rule II

VerDate Mar 15 2010 02:08 May 12, 2010 Jkt 089060 PO 00000 Frm 00002 Fmt 4634 Sfmt 0634 E:\CR\FM\K11MY7.003 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE May 11, 2010 CONGRESSIONAL RECORD — HOUSE H3281 of the Rules of the U.S. House of Representa- Mr. SABLAN. Mr. Speaker, once lion-dollar bill we can’t afford. Tough tives, the Clerk received the following mes- again the students of Mount Carmel choices are needed to curb Washing- sage from the Secretary of the Senate on School have won the honor to rep- ton’s spending habits and Cash for May 11, 2010 at 10:05 a.m.: Caulkers is one such easy choice to Appointments: resent the Northern Mariana Islands in Board of Trustees of the American Folklife the annual We the People competition. forgo. Center of the Library of Congress. Mount Carmel has a tradition of excel- In conclusion, God bless our troops, With best wishes, I am lence in speech and debate and this and we will never forget September Sincerely, year’s group of orators continued that 11th in the Global War on Terrorism. LORRAINE C. MILLER, tradition with distinction. f Clerk of the House. The competition is directed by the U.S. TO BAIL OUT GREECE f Center for Civic Education and funded by Congress through the Education for (Mr. POE of Texas asked and was COMMUNICATION FROM THE given permission to address the House CLERK OF THE HOUSE Democracy Act. This is a program we should continue to support. I watched for 1 minute.) The SPEAKER pro tempore laid be- Mr. POE of Texas. Mr. Speaker, the the Mount Carmel students testify in a fore the House the following commu- International Monetary Fund, the IMF, simulated congressional hearing on nication from the Clerk of the House of is guaranteeing up to $321 billion in constitutional issues they had studied Representatives: loans to bail out European Union coun- in the We the People: The Citizen & the tries, like Greece, Portugal and Spain. HOUSE OF REPRESENTATIVES, Constitution textbook. They are noth- Washington, DC, May 7, 2010. That means American taxpayers will ing short of impressive in their knowl- Hon. NANCY PELOSI, be on the hook for billions of dollars edge and their understanding of the Speaker, Capitol, House of Representatives, for these unsecured loans. We’re the historical basis and the philosophical Washington, DC. IMF’s largest contributor. DEAR MADAM SPEAKER: Pursuant to the concepts underlying the document that Also, the European Union was formed permission granted in Clause 2(h) of rule II of established our national government. to compete economically with the the Rules of the U.S. House of Representa- Let me acknowledge each student by tives, the Clerk received the following mes- United States. Now it’s crashing down name: like a socialist stack of cards. So U.S. sage from the Secretary of the Senate on Matthew Aquino May 7, 2010 at 11:06 a.m.: taxpayers are going to pay to support That the Senate passed S. 1053. Geza Baka III our international competitor—the EU. That the Senate passed S. 1405. Maria Balajadia Why should American taxpayers bail That the Senate passed without amend- Ryanne Camacho out Europe’s big pensions—and their ment H.R. 5160. Ericka Celestino government-run health care? Greece is That the Senate passed with an amend- John Edward Elenzano ment H.R. 689. in the EU and it’s the EU’s responsi- Ji Yeon Kim bility, not ours. That the Senate passed without amend- Min Seong Kim ment H.R. 1121. I don’t see the IMF coming to the That the Senate passed without amend- Savana Manglona rescue of and New Jersey. ment H.R. 1442. Ivan Matala Their economies are bigger than That the Senate passed without amend- Nicoli Matala Greece’s and they are in financial ment H.R. 2802. Anthony Sablan chaos as well. With best wishes, I am, Nicolas Sablan Mr. Speaker, the American taxpayer Sincerely, Troy Villafuerte is tapped out. We have 10 percent un- LORRAINE C. MILLER, Brittany Yamagata Clerk of the House. employment. We don’t have the money Calvin Yang to bail out Greece. It’s time Uncle Sam f Joseph Yoon. quit being the ATM for the rest of the COMMUNICATION FROM THE f world, stop spending money we don’t CLERK OF THE HOUSE CASH FOR CAULKERS have, and stop the bailout nonsense. The SPEAKER pro tempore laid be- And that’s just the way it is. (Mr. WILSON of South Carolina fore the House the following commu- f asked and was given permission to ad- nication from the Clerk of the House of dress the House for 1 minute and to re- MAY IS WORLD TRADE MONTH Representatives: vise and extend his remarks.) (Mr. SMITH of Nebraska asked and HOUSE OF REPRESENTATIVES, Mr. WILSON of South Carolina. Mr. was given permission to address the Washington, DC, May 7, 2010. Speaker, first there was a government Hon. NANCY PELOSI, House for 1 minute and to revise and Speaker, Capitol, House of Representatives, scheme that offered financial incen- extend his remarks.) Washington, DC. tives to upgrade to more energy effi- Mr. SMITH of Nebraska. Mr. Speak- DEAR MADAM SPEAKER: Pursuant to the cient cars—Cash for Clunkers—and er, this month we are celebrating permission granted in Clause 2(h) of rule II of that program came in over budget—by World Trade Month to honor the nearly the Rules of the U.S. House of Representa- 300 percent. Now Congress is trying to 300,000 American businesses which sup- tives, the Clerk received the following mes- do the same thing again with Cash for port millions of American jobs. Inter- sage from the Secretary of the Senate on Caulkers, a program designed to en- national markets represent 73 percent May 7, 2010 at 3:04 p.m.: That the Senate passed S. 3333. courage you to make your home more of the world’s purchasing power, 87 per- That the Senate agreed to without amend- energy efficient. cent of its economic growth, and 95 ment H. Con. Res. 247. I support the bill’s intent to encour- percent of the world’s consumers. More That the Senate agreed to without amend- age energy efficiency, but I believe than 50 million Americans work for ment H. Con. Res. 263. there are other ways to achieve our en- companies which engage in inter- That the Senate passed with an amend- ergy goals without borrowing money national trade and 1 in 3 acres of Amer- ment H.R. 3619. we can’t afford. This is the people’s ican farmland grows food for con- With best wishes, I am, Sincerely, money, not the government’s money. sumers overseas. LORRAINE C. MILLER, Almost $5 billion has already been Unfortunately, approval of pending Clerk of the House. spent on weatherization programs in trade agreements with countries such f the spending bill, and there is plenty of as Colombia, South Korea and Panama evidence that the funds have not been have languished, awaiting approval by CONGRATULATING THE 2010 spent as they should. Despite the evi- Congress. Every day we delay, the MOUNT CARMEL SCHOOL WE THE dence, Congress decided last week to more ground our Nation and our econ- PEOPLE TEAM pile on another $6.6 billion at a time omy lose to our international competi- (Mr. SABLAN asked and was given when Washington must get serious tors. Trade is an indispensable part of permission to address the House for 1 about spending. American prosperity, and Congress minute and to revise and extend his re- The American people cannot afford needs to make increasing international marks.) for Congress to pass another multibil- opportunities a much higher priority.

VerDate Mar 15 2010 02:08 May 12, 2010 Jkt 089060 PO 00000 Frm 00003 Fmt 4634 Sfmt 0634 E:\CR\FM\A11MY7.009 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE H3282 CONGRESSIONAL RECORD — HOUSE May 11, 2010 HEALTH INSURANCE MYTH AND The question, Mr. Speaker, is, why (H.R. 5051) to designate the facility of FACT—THE PROOF did Mr. Bernanke change his policy? the United States Postal Service lo- (Mr. BURGESS asked and was given Why are American taxpayers now help- cated at 23 Genesee Street in Hornell, permission to address the House for 1 ing to bail out European countries? New York, as the ‘‘Zachary Smith Post minute and to revise and extend his re- f Office Building’’. The Clerk read the title of the bill. marks.) EXPRESSING CONDOLENCES TO Mr. BURGESS. Mr. Speaker, how The text of the bill is as follows: THE FAMILY OF CLARENCE many times did we hear during this H.R. 5051 KNIGHT past year, year and a half, ‘‘If you like Be it enacted by the Senate and House of Rep- what you have, you can keep it’’—talk- (Mr. TOWNS asked and was given resentatives of the United States of America in ing about health insurance, talking permission to address the House for 1 Congress assembled, about your doctor. We even heard the minute and to revise and extend his re- SECTION 1. ZACHARY SMITH POST OFFICE BUILDING. Presidential candidate of 2008 who marks.) Mr. TOWNS. Mr. Speaker, I rise to (a) DESIGNATION.—The facility of the eventually won the Presidency, ‘‘If you United States Postal Service located at 23 like your doctor, if you like your insur- pass on my condolences to the Knight Genesee Street in Hornell, New York, shall ance company, nothing about my law family, Clarence Knight, whom I met be known and designated as the ‘‘Zachary will require you to change that.’’ in 1952, a very active member in the Smith Post Office Building’’. But now we’re finding out an entirely community, has worked hard with the (b) REFERENCES.—Any reference in a law, different story. Published on CNN tenant association, worked hard with map, regulation, document, or other record Money, published in Fortune magazine the alumni association, a person who of the United States to the facility referred this past week, ‘‘Many companies are was always anxious and willing to help to in subsection (a) shall be deemed to be a others. reference to the ‘‘Zachary Smith Post Office examining a course that was heretofore Building’’. unthinkable, dumping the health care Mr. Knight passed away yesterday; The SPEAKER pro tempore. Pursu- coverage they provide to their workers and, of course, he’s going to be missed. ant to the rule, the gentleman from in exchange for paying a penalty in So let me say to the family, Pat, New York (Mr. TOWNS) and the gen- fees to the government.’’ Renee, and of course Scrappy and to all tleman from Michigan (Mr. MCCOTTER) Consider this, from CNN Money on the family members that you have my each will control 20 minutes. May 6: deepest sympathy and, of course, if ‘‘Internal documents recently re- there’s anything that we can do, we The Chair recognizes the gentleman viewed by Fortune, originally re- will be delighted to be there for you. from New York. GENERAL LEAVE quested by Congress, shows what the f bill’s critics predicted and what its Mr. TOWNS. Mr. Speaker, I ask champions dreaded: Many large compa- THE STATE OF THE UNION unanimous consent that all Members nies are examining a course that was (Mr. SMITH of Texas asked and was may have 5 legislative days in which to heretofore unthinkable, dumping given permission to address the House revise and to extend their remarks. health care coverage they provide to for 1 minute and to revise and extend The SPEAKER pro tempore. Is there their workers.’’ his remarks.) objection to the request of the gen- A large company that employs 300,000 Mr. SMITH of Texas. Mr. Speaker, tleman from New York? employees spends $2.4 billion a year on here is the state of the Union: There was no objection. health care coverage. That figure Unemployment remains almost 10 Mr. TOWNS. Mr. Speaker, I yield my- would drop if they simply paid the percent. Sixteen million people have self such time as I may consume. fines to $600 million. $2.4 billion to $600 lost their jobs. Taxes are going up. The Mr. Speaker, on behalf of the House million. What choice are they going to health care bill costs $300 billion more Committee on Oversight and Govern- make? than the American people were told. ment Reform, it is with a heavy heart that I present H.R. 5051 for consider- f The Nation’s deficit has doubled in the last year because of excessive govern- ation. This measure designates the AMERICAN TAXPAYERS BAIL OUT United States postal building located THE EU ment spending. Our foreign policy also has run a deficit. The world is a more at 23 Genesee Street in Hornell, New (Mr. STEARNS asked and was given dangerous place today. Iran is closer to York, as the ‘‘Zachary Smith Post Of- permission to address the House for 1 making a nuclear bomb. We have in- fice Building.’’ On January 24, 2010, while on patrol minute and to revise and extend his re- sulted our allies—Western Europe and in southern Afghanistan, Lance Cor- marks.) Israel. There is no victory in Iraq or poral Zachary Smith, a marine with Mr. STEARNS. Mr. Speaker, on Feb- Afghanistan. the 2nd Platoon, C Company, 1st Bat- ruary 24, 2010—just 3 months ago—Fed- It’s time for a change all right. We talion, 6th Marines, based out of Camp eral Reserve Chairman Bernanke told need a bipartisan balance in Wash- Lejeune, North Carolina, made the ul- Congress that ‘‘We have no plans what- ington, not a one-party monopoly. soever to be involved in any foreign timate sacrifice for his country. He had bailouts or anything of that sort.’’ f been awarded a Purple Heart by Presi- Now, Mr. Bernanke has changed his b 1415 dent Obama for his selfless service. own policy statement by agreeing to Zachary Smith was born on April 2, revive a Fed emergency lending pro- ANNOUNCEMENT BY THE SPEAKER 1990, to his parents, Christopher and gram that will loan American taxpayer PRO TEMPORE Kim Smith, in Hornell, New York, dollars to foreign central banks so they The SPEAKER pro tempore. Pursu- where he lived along with his brother can in turn lend this money out to ant to clause 8 of rule XX, the Chair and sister, Nathaniel and Grace Smith. smaller foreign banks, as reported in will postpone further proceedings Zach attended Hornell High School and the Wall Street Journal on May 10 of today on motions to suspend the rules graduated in 2008. Fulfilling his life- this year. on which a recorded vote or the yeas long dream, Zachary enlisted in the This decision comes in the wake of and nays are ordered, or on which the Marines while still in high school. the European Union’s agreement with vote incurs objection under clause 6 of After graduation, Zach left for basic the International Monetary Fund to rule XX. training, but not before marrying his create a $1 trillion bailout package for Record votes on postponed questions high school sweetheart, Anne Deebs. the EU in order to deal with that re- will be taken after 6:30 p.m. today. They were wed on July 25, 2009, and gion’s ensuing fiscal crisis. The IMF, f Zach completed boot camp at Parris Is- which is also funded by American tax- land, South Carolina, before going on payer dollars, will be contributing over ZACHARY SMITH POST OFFICE to graduate from the Marine Corps Ö250 million (euro) or $317 million to BUILDING School of Infantry. this overseas bailout in addition to the Mr. TOWNS. Mr. Speaker, I move to Described as a gifted athlete by Fed’s dollar-swap loan program. suspend the rules and pass the bill friends, Zach was on the Hornell High

VerDate Mar 15 2010 05:01 May 12, 2010 Jkt 089060 PO 00000 Frm 00004 Fmt 4634 Sfmt 0634 E:\CR\FM\K11MY7.009 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE May 11, 2010 CONGRESSIONAL RECORD — HOUSE H3283 School football and golf teams combat on January 24, in the Helmand SUPPORTING DESIGNATION OF NA- throughout his 4 years of high school. province. Zach was only 19 years old. TIONAL EXPLOSIVE ORDNANCE He was a member of Twin Hickory Golf Described by his childhood friend as DISPOSAL DAY Club and also Hornell Golf Club. He en- someone who always lifted everyone’s Mr. TOWNS. Mr. Speaker, I move to joyed watching sporting events and es- spirits, Zach served his family, commu- suspend the rules and agree to the reso- pecially liked to root for the New York nity, and country with selfless devo- lution (H. Res. 1294) expressing support Giants, the New York Yankees, and the tion. He leaves behind his wife, Anne for designation of the first Saturday in Syracuse Orangemen. He was also a Smith; parents, Chris and Kim Smith; May as National Explosive Ordnance member of Our Lady of the Valley Par- brother, Nate; and sister, Grace. I rise Disposal Day to honor those who are ish and a communicant of St. Ann’s today in honor not only of a tremen- serving and have served in the noble Church. Those who knew him say he dous patriot but an outstanding cit- and self-sacrificing profession of Explo- was a genuine, humorous, and outgoing izen. sive Ordnance Disposal in the United young man who enthusiastically em- I urge my colleagues to support this States Armed Forces. braced life. He always cared more for resolution in honor of a valiant life The Clerk read the title of the resolu- others than he did for himself and that should not, and will not, soon be tion. would go out of his way to help anyone forgotten by a grateful Nation. The text of the resolution is as fol- who needed his help. I yield back the balance of my time. lows: Mr. TOWNS. Mr. Speaker, on that The world would be a better place if H. RES. 1294 note, I would say to my colleagues that it had more young men like Zach. His Whereas the bomb and mine disposal pro- service to his country is an example we I think this is a very honorable thing fession was created in April 1941; all should follow, and we owe him a to do, and I think we all should ap- Whereas members of Explosive Ordnance debt of gratitude for his service and his plaud Mr. Smith and the Smith family Disposal organizations perform a dangerous sacrifice. Please join me in honoring for his outstanding service. and selfless task often without recognition, Zach’s memory by supporting this bill. Mr. CROWLEY. Mr. Speaker, I rise today in risking their lives on behalf of the United The people of Hornell will be reminded support of H.R. 5051, a measure to designate States; of Zach’s courage and valor every day the post office at 23 Genesee Street in Whereas the United States will forever be Hornell, New York. The new name of the post in debt to personnel in the profession of ex- as they pass by the post office building plosive ordnance disposal for their bravery named in his honor. office will be the ‘‘Zachary Smith Post Office and sacrifice in times of peace and war; H.R. 5051 was introduced by the gen- Building’’. I would like to thank my colleagues Whereas people in the United States should tleman from New York, Representative from New York—who en masse sponsored express their recognition and gratitude for JOSEPH CROWLEY, on April 15, 2010. The this initiative. members of the Explosive Ordnance Disposal measure was referred to the Committee Zachary Smith was a selfless and brave profession; and on Oversight and Government Reform, young man who gave his life for his country at Whereas the first Saturday in May would which ordered it reported by unani- the age of 19. He made the ultimate sacrifice be an appropriate date to observe as Na- mous consent on May 6, 2010. The meas- on behalf of the American people while serv- tional Explosive Ordnance Disposal Day: Now, therefore, be it ure enjoys the support of the entire ing in Operation Enduring Freedom in Afghani- Resolved, That the House of Representa- New York State delegation. I thank stan, and the U.S. House of Representatives tives supports the designation of National the gentleman for introducing this bill, honors both Zachary and his family through Explosive Ordnance Disposal Day to honor and I’m sure that it means a great deal this resolution. For those who knew Zachary, those who are serving and have served in the to Lance Corporal Smith’s family and January 24, 2010 will be forever remembered noble and self-sacrificing profession of Ex- his friends. I also thank the gentleman as a day of sadness, but also a day of pride— plosive Ordnance Disposal in the United from California, Congressman ISSA, and pride in a courageous young man who exhib- States Armed Forces. all the members of the committee, es- ited the Marine Corps motto: Semper Fidelis. The SPEAKER pro tempore. Pursu- pecially, that worked to make this a Zachary was not only a soldier—he was an ant to the rule, the gentleman from reality and, of course, Mr. ISSA for his athlete, a brother, a son and a husband. By all New York (Mr. TOWNS) and the gen- support in bringing this measure to the accounts, he was an admired member of the tleman from Michigan (Mr. MCCOTTER) floor today as well. Hornell community, setting a strong example each will control 20 minutes. Mr. Speaker, I urge my colleagues to for members of his school and his family. He The Chair recognizes the gentleman vote for this measure honoring a fallen was responsible at home and kind to others from New York. soldier who gave his life for his coun- where he attended Hornell High School, grad- GENERAL LEAVE try. uating in 2008. He loved football, golf and Mr. TOWNS. Mr. Speaker, I ask I reserve the balance of my time. spending time with his family. unanimous consent that all Members Mr. MCCOTTER. Mr. Speaker, I yield Zachary’s life, and the profound, genuine may have 5 legislative days in which to myself such time as I may consume. loss felt by those who loved him, cannot be revise and to extend their remarks. I rise today in support of H.R. 5051, repaired by designating this post office. How- The SPEAKER pro tempore. Is there designating the United States Postal ever, by supporting this resolution, we can objection to the request of the gen- Service building located at 23 Genesee help ensure that future generations will learn tleman from New York? Street in Hornell, New York, as the of Zachary’s integrity and courage. Zachary There was no objection. Zachary Smith Post Office Building. made his home a better place. Zachary made Mr. TOWNS. Mr. Speaker, I yield my- Funny. Dedicated. Hardworking. These Hornell a better place. Zachary made America self such time as I may consume. are but a few of the words of praise a better place. He can never be replaced, but I rise in support of H. Res. 1294, a res- that arise when friends and family we can do our part to honor his memory and olution supporting the designation of a speak of the memory of Lance Corporal the ideals he stood for by passing this resolu- National Explosive Ordnance Disposal Zachary Smith. tion today and honoring Zachary Smith, a real Day in honor of the selfless service and Zachary Smith, a native of Hornell, hometown hero. sacrifice of the men and women of the New York, was born on April 2, 1990. A Mr. TOWNS. I yield back the balance United States armed services who risk graduate of Hornell High School, he of my time. their lives every day as explosive ord- loved sports and played on the football The SPEAKER pro tempore. The nance disposal experts. Explosive ord- and golf teams. After graduation, Zach question is on the motion offered by nance removal has always been a pro- followed his lifelong dream of serving the gentleman from New York (Mr. fession fraught with exceptional danger our country and enlisted in the United TOWNS) that the House suspend the and emotional stress. My colleague, States Marine Corps. He was assigned rules and pass the bill, H.R. 5051. the gentleman from California (Mr. to the 2nd Platoon, C Company, 1st The question was taken; and (two- ISSA), knows this firsthand from his Battalion, 6th Marines, and deployed to thirds being in the affirmative) the time as a bomb disposal technician in Afghanistan on December 17, 2009. rules were suspended and the bill was the United States Army. Tragically, after only serving in Af- passed. Now, as the United States Military is ghanistan for 1 month, he gave the ul- A motion to reconsider was laid on engaged in two unconventional wars, timate sacrifice for our country in the table. our explosive ordnance disposal teams

VerDate Mar 15 2010 02:08 May 12, 2010 Jkt 089060 PO 00000 Frm 00005 Fmt 4634 Sfmt 0634 E:\CR\FM\K11MY7.013 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE H3284 CONGRESSIONAL RECORD — HOUSE May 11, 2010 are under pressure as never before. from conventional explosives, nuclear NATIONAL WOMEN’S HEALTH They must respond on a daily basis to weapons, and improvised explosive de- WEEK roadside bombs and land mines that vices. As my constituent and the exec- Mr. TOWNS. Mr. Speaker, I move to threaten our troops. It is their nerves utive director of the EOD Memorial suspend the rules and agree to the con- of steel and high level of technical ex- Foundation explains, EOD technicians current resolution (H. Con. Res. 268) pertise that keep their comrades safe ‘‘are people who voluntarily take that supporting the goals and ideals of Na- during ongoing operations in Iraq and long walk into uncertainty’’ every tional Women’s Health Week, and for Afghanistan. These brave men and time they go to dispose of a bomb. other purposes. women deserve a day of honor and re- This resolution also supports observ- The Clerk read the title of the resolu- membrance for the difficult tasks we ing the first Saturday in May as Na- tion. ask them to carry out in the service of tional Explosive Ordnance Disposal The text of the resolution is as fol- their country. Wherever they may be— Day. This date was selected to coincide lows: patrolling the ring road of Afghanistan with the annual EOD Memorial Ball. H. CON. RES. 268 This year’s ball, which happens to have or disarming an IED in the streets of Whereas women of all backgrounds should Baghdad—they are in our thoughts and been the 42nd annual one, was held in be encouraged to greatly reduce their risk of in our prayers. Fort Walton Beach, Florida, on May 1, common diseases through preventative This resolution was introduced by and I understand that it was a wonder- measures, such as engaging in regular phys- our colleague, the gentlewoman from ful success, selling out all of the tick- ical activity, eating a nutritious diet, and Florida, Representative GINNY BROWN- ets that were available. Because the visiting a healthcare provider to receive reg- ular check-ups and preventative screenings; WAITE, on April 22, 2010. It was referred EOD Memorial Foundation is headquartered in my district in Web- Whereas significant disparities exist in the to the Committee on Oversight and prevalence of disease among women of dif- Government Reform, which reported ster, Florida, I have had the great honor to meet many of these warriors. ferent backgrounds, including women with the measure by unanimous consent on disabilities, African-American women, May 6, 2010. This measure enjoys the I have learned that the ties that bind Asian/Pacific Islander women, Latinas, and support of 60 Members of the House. I the EOD community together extend American Indian/Alaskan Native women; thank the gentlewoman for introducing far beyond the battlefield. The EOD Whereas healthy habits should begin at a this bill, and I thank the ranking mem- community is a family, and when even young age; ber of the Committee on Oversight and one part of that family is lost, the rest Whereas preventative care saves Federal of them come together to support and dollars designated for health care; Government Reform, Mr. ISSA, of Whereas it is imperative to educate women course, and his staff, for their help in assist those left behind. In 2009, 16 EOD technicians lost their and girls about key female health issues; bringing this bill to the floor today. Whereas it is recognized that offices of Mr. Speaker, I reserve the balance of lives serving our Nation in battle. An- women’s health within the Department of my time. other EOD warrior was killed taking Health and Human Services, the Food and Mr. MCCOTTER. Mr. Speaker, I yield apart an IED just within the last week. Drug Administration, the Centers for Dis- such time as she may consume to my This resolution honors those men and ease Control and Prevention, the Health Re- distinguished colleague from the State women who courageously, selflessly, sources and Services Administration, the Na- tional Institutes of Health, and the Agency of Florida (Ms. GINNY BROWN-WAITE). and graciously face the real dangers posed by traditional and improvised ex- for Healthcare Research and Quality are Ms. GINNY BROWN-WAITE of Flor- vital in providing critical services that sup- ida. Mr. Speaker, I rise today in sup- plosives. With that, I urge my colleagues to port women’s health research, education, port of House Resolution 1294, express- and other necessary services that benefit ing support for designation of the first join myself and Mr. BOREN in honoring women of all ages, races, and ethnicities; Saturday in May as National Explosive those American warriors and sup- Whereas the annual National Women’s Ordnance Disposal Day, to honor those porting House Resolution 1294. Health Week begins on Mother’s Day and Mr. TOWNS. Mr. Speaker, I ask my who are serving and those who have celebrates the efforts of national and com- colleagues to honor the brave men and served in the noble and self-sacrificing munity organizations working with partners women working as explosive ordnance and volunteers to improve awareness of key profession of explosive ordnance dis- disposal technicians by supporting this women’s health issues; and posal in the United States Armed resolution. Whereas in 2010, the week of May 9 through Forces. Although clearly a work of I reserve the balance of my time. May 15 is designated National Women’s Hollywood drama meant for entertain- Mr. MCCOTTER. Mr. Speaker, I Health Week: Now, therefore, be it ment purposes, the Academy Award- Resolved by the House of Representatives (the wholeheartedly associate myself with Senate concurring), That Congress— winning film, ‘‘The Hurt Locker,’’ has the remarks of my distinguished col- brought new attention to our Nation’s (1) supports the goals and ideals of Na- leagues, Ms. BROWN-WAITE and Mr. tional Women’s Health Week; and EOD technicians. While the action TOWNS. I urge all Members to support (2) requests that the President of the shown in this film is intense and very the passage of H.R. 1294. United States issue a proclamation calling gripping, there is no question that I yield back the balance of my time. upon the people of the United States and in- when it comes to explosive ordnance Mr. TOWNS. Mr. Speaker, again, I terested groups to observe National Women’s disposal, truth is even more compelling urge my colleagues to join me in sup- Health Week with appropriate ceremonies than fiction. For this reason, I, along porting this measure, and of course, on and activities. with my colleague from Oklahoma, that note, I yield back the balance of The SPEAKER pro tempore. Pursu- Representative BOREN, introduced my time. ant to the rule, the gentleman from House Resolution 1294, to recognize the The SPEAKER pro tempore. The New York (Mr. TOWNS) and the gen- real contributions that explosive ord- question is on the motion offered by tleman from Michigan (Mr. MCCOTTER) nance disposal technicians have made the gentleman from New York (Mr. each will control 20 minutes. to our Nation’s military since the TOWNS) that the House suspend the The Chair recognizes the gentleman United States first began its bomb dis- rules and pass the resolution, H. Res. from New York. posal program over 69 years ago. 1294. GENERAL LEAVE On average, there are over 4,000 brave The question was taken. Mr. TOWNS. Mr. Speaker, I ask men and women serving as explosive The SPEAKER pro tempore. In the unanimous consent that all Members ordnance disposal technicians within opinion of the Chair, two-thirds being have 5 legislative days in which to re- the four services. in the affirmative, the ayes have it. vise and to extend their remarks. Mr. TOWNS. Mr. Speaker, on that I The SPEAKER pro tempore. Is there b 1430 demand the yeas and nays. objection to the request of the gen- EOD techs are responsible for the lo- The yeas and nays were ordered. tleman from New York? cation, identification, neutralization, The SPEAKER pro tempore. Pursu- There was no objection. and disposal of hazardous explosive ant to clause 8 of rule XX and the Mr. TOWNS. I now yield myself as items and devices. They are on the Chair’s prior announcement, further much time as I might consume. front lines in the global war on ter- proceedings on this motion will be I rise in support of H. Con. Res. 268, rorism, protecting their fellow troops postponed. recognizing National Women’s Health

VerDate Mar 15 2010 03:43 May 12, 2010 Jkt 089060 PO 00000 Frm 00006 Fmt 4634 Sfmt 0634 E:\CR\FM\K11MY7.016 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE May 11, 2010 CONGRESSIONAL RECORD — HOUSE H3285 Week. This week marks the 11th an- H. Con. Res. 268 to support the goals and focus on promoting health and preventing dis- nual Women’s Health Week, a ideals of National Women’s Health Week. ease and illness by taking simple steps to im- weeklong observation of women’s As a non-practicing registered nurse, I know prove their physical, mental, social, and spir- health issues. It is a great opportunity from firsthand experience how important it is itual health. for us to discuss and promote research to lead a healthy lifestyle. Maintaining a good As we celebrate National Women’s Health on the benefits of healthy habits, in- diet, exercising, and making good life deci- Week and the achievements made to improve cluding regular exercise, a nutritious sions are incredibly important to the wellbeing the health and well being of women, I urge my diet, and regular checkups and of any person. This week, on National Wom- colleagues to take a moment to make a much screenings. I’m heartened that the De- en’s Health Week, we focus our attention on stronger commitment to promoting women’s partment of Health and Human Serv- the importance of women’s health so that we health in this country. ices’ Office on Women’s Health takes can encourage women to lead better, Ms. JACKSON LEE of Texas. Mr. Speaker, time every year to coordinate the ef- healthier, and more fulfilling lives. I rise today in strong support of H. Con. Res. forts of national and community orga- Women play vital roles in the family unit as 268, ‘‘Supporting the goals and ideals of Na- nizations to promote healthy choices mothers, grandmothers, sisters, and daugh- tional Women’s Health Week.’’ First and fore- and educate all Americans on female ters. It is often the case that in offering care most I would like to thank my distinguished health issues. I thank them for all of for others, women themselves forget to ad- colleague from New York, Representative their hard work. dress their own healthcare needs. It is no sur- for introducing this bill. As the resolution notes, it is impera- prise that when the health of a mother de- Mr. Speaker, it is vital we recognize that tive to educate women and girls about creases, so too, does the health of her family. women need to take better care of their issues that may impact their health, as As women take on larger roles in the work- health. Starting this week from May 9th to May they may face unique health risks at place and are forced to balance the needs of 15th, families, communities, businesses, gov- any age. Further, the resolution notes family and career, they are even less likely to ernment, health organizations and other that significant disparities exist in the place an emphasis on their own needs and groups work together to educate women about prevalence of disease among women of health. For this reason, it is incredibly impor- steps they can take to improve their physical different backgrounds, including tant that we emphasize the importance of and mental health and prevent disease. women with disabilities, African Amer- women’s health during this week. It is crucial that women have knowledge ican women, Asian Pacific Islander Women, too, have some very specific about the health risks that confront them and women, Latinas, and American Indian healthcare needs that are important to high- that greater action is taken to reduce those and Alaskan Native women. In order to light during National Women’s Health Week. risks through preventative measures such as a empower all women to take the nec- Breast cancer, heart disease, and healthy lifestyle and regular medical essary measures to be as healthy as osteoporosis are just a few of the major dis- screenings. With just a small amount of pre- possible, we must work to promote eases that can affect women, and it is impor- ventative care through exercise and doctor health education, research, and tant that they are screened for and receive visits, women can drastically cut back on seri- healthy lifestyles. adequate treatment for these ailments. Addi- ous health risks that threaten to cut their life On that note, I reserve the balance of tionally, women are disproportionately faced span. my time. with higher healthcare costs and because of Mr. Speaker, I reiterate once again, that it is Mr. MCCOTTER. Mr. Speaker, I yield this they many times have reduced access to a very well known fact that improving the myself as much time as I may con- care compared with men. health of all women will improve the health of sume. the whole community. It is a well known fact I rise today in support of H. Con. Res. Mr. Speaker, National Women’s Health that improving health for women improves 268, supporting the goals and ideals of Week seeks to address the health needs of health for everyone. Research indicates that National Women’s Health Week. Na- women so that all Americans can lead better when women take care of themselves, the tional Women’s Health Week begins on lives. The role of women in our society is re- Mother’s Day each year. During this markably important, and it is imperative that health of their families improves along with week, individuals, families, commu- women understand their own healthcare theirs. Women are known to be the caregivers of nities, businesses, government, and needs as well as have access to affordable the family. Women are known to sacrifice their other groups work together to encour- care. Because of this, I ask my fellow col- well-being for the sake of their families. During age women and their families to in- leagues to join me today in supporting this crease their awareness of the impor- resolution for the betterment of women across National Women’s Health Week it is of great tance of a healthy lifestyle, regular ex- the country. importance we encourage our mothers, sis- ercise, and medical checkups. Hope- Mr. FRELINGHUYSEN. Mr. Speaker, I rise ters, grandmothers, and aunts to go take time fully others will follow their lead, with today in support of National Women’s Health out for themselves. It is essential that women children and spouses learning the bene- Week. It is during this week that the Office on educate themselves on different steps to take fits and fun of regular exercise, good Women’s Health, within the U.S. Department on improving their lifestyle, health and lower nutrition, and other preventive meas- of Health and Human Services, urges women the risks of certain diseases. Some of the ures which really do have lifelong posi- to focus on their health. most common preventative measures that can tive consequences. I urge my fellow We need to tell all the women in our lives; be taken are the following: getting at least 2 Members to join me in supporting H. our mothers, wives, sisters, daughters, aunts hours and 30 minutes of moderate physical Con. Res. 268. and friends how important it is to take time out activity, 1 hour and 15 minutes of vigorous I yield back the balance of my time. for their health. physical activity, or a combination of both Mr. TOWNS. H. Con. Res. 268 was in- Last year I was honored to be part of a each week, eating a nutritious diet, visiting a troduced by my colleague, the gen- Women’s Health Summit on cardiovascular health care professional to receive regular tleman from New York, Representative disease, the number one killer of women in checkups and preventive screenings, paying MAURICE HINCHEY, on April 27, 2010. It the United States. At the summit women attention to mental health, including getting was referred to the Committee on Over- heard from leading doctors and researchers enough sleep and managing stress. In addi- sight and Government Reform, which how there are simple steps you can take to tion, it is important that women start taking reported it favorably by unanimous prevent heart disease, from exercise to diet— care of themselves at an early age. If they consent on May 6, 2010. The measure small changes can make a big difference. start early, they are more likely to stick to enjoys the support of over 50. I thank Additionally, I must recognize that many of these habits, thus in turn, maintaining healthier the gentleman from New York (Mr. the advances in medicine that have been families and communities. HINCHEY) for introducing this measure, made have come from women working to- In Houston and all across America, it is im- and I hope we can all stand behind it. gether—as physicians, lawyers, researchers, portant that women do everything they can do I also would like to thank the gen- advocates and Members of Congress. This to lead healthier lives. In this spirit, I encour- tleman from California, Congressman collaboration has been a powerful catalyst for age women to get the necessary check-ups ISSA, and all the staff who worked to the advances we have made in the research and preventative screenings from their health make this a reality. I encourage my and treatment of breast, ovarian, and cervical care providers so they can live long, healthy colleagues to vote for this measure. cancer, osteoporosis, and heart disease. and productive lives. Ms. EDDIE BERNICE JOHNSON of Texas. So, today, Mr. Speaker, I want to encourage Once again it is important to remind our Mr. Speaker, I rise today in strong support of all of America’s women to take a moment to mother’s, sisters, grandmothers and aunts that

VerDate Mar 15 2010 03:43 May 12, 2010 Jkt 089060 PO 00000 Frm 00007 Fmt 4634 Sfmt 9920 E:\CR\FM\K11MY7.019 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE H3286 CONGRESSIONAL RECORD — HOUSE May 11, 2010 when they take care of themselves, they in Award in 1981, inducted into the Michigan by-play for more than 8,500 Major turn are taking care of their families and com- Sports Hall of Fame and the National League Baseball games, spending more munity. Sportscasters and Sportswriters Association than 40 of those years calling games for Mr. TOWNS. Mr. Speaker, I yield Hall of Fame in 1989, and inducted into the the Tigers. He became known as the National Radio Hall of Fame in 1998; back the balance of my time. Whereas in January 2009, the American ‘‘voice of the Tigers’’ due to his color- The SPEAKER pro tempore. The Sportscasters Association ranked Harwell ful style of commentary. A player question is on the motion offered by 16th on its list of Top 50 Sportscasters of All called out on a third strike was, he the gentleman from New York (Mr. Time; would say, ‘‘called out for excessive TOWNS) that the House suspend the Whereas, on May 5, 2010, Ernie Harwell was window shopping.’’ A double play was rules and agree to the concurrent reso- posthumously awarded the Vin Scully Life- ‘‘two for the price of one.’’ He finally lution, H. Con. Res. 268. time Achievement Award in Sports Broad- retired from broadcasting in 2002 while The question was taken. casting; he was still in good health, saying he Whereas Ernie Harwell thrilled baseball The SPEAKER pro tempore. In the fans with his signature call of ‘‘That ball is discussed it with his wife and that ‘‘it’s opinion of the Chair, two-thirds being looooong gone!’’, and said, ‘‘Baseball is a lot better to leave too early than too in the affirmative, the ayes have it. like life. It’s a day-to-day existence, full of late.’’ Mr. TOWNS. Mr. Speaker, on that I ups and downs. You make the most of your Mr. Harwell’s love of baseball was demand the yeas and nays. opportunities in baseball as you do in life.’’; also expressed in writings and song. In The yeas and nays were ordered. Whereas Ernie Harwell’s low-key delivery 1955, he wrote, ‘‘The Game for All The SPEAKER pro tempore. Pursu- and colorful, conversational style are syn- America,’’ an essay celebrating Ameri- ant to clause 8 of rule XX and the onymous with baseball and known to fans cans’ love affair with baseball. Mr. across the Nation; Chair’s prior announcement, further Whereas Ernie Harwell began the first Harwell wrote dozens of songs, includ- proceedings on this motion will be spring training broadcast of each season ing one for Hank Aaron when he broke postponed. with a reading from Song of Solomon 2:11–12: Babe Ruth’s home run record in 1974. Mr. Speaker, I reserve the balance of f ‘‘For lo, the winter is past, the rain is over and gone; the flowers appear on the earth; my time. HONORING WILLIAM EARNEST the time of the singing of birds is come, and Mr. MCCOTTER. Mr. Speaker, I yield ‘‘ERNIE’’ HARWELL the voice of the turtle is heard in our land.’’; as much time as she may consume to Whereas for 55 years, Ernie Harwell en- my distinguished colleague from the Mr. TOWNS. Mr. Speaker, I move to deared Americans in his broadcast of over suspend the rules and pass the resolu- State of Michigan (Mrs. MILLER). 8,400 baseball games; Mrs. MILLER of Michigan. Mr. tion (H. Res. 1328) honoring the life and Whereas Ernie Harwell spent 43 of his 55 legacy of William Earnest ‘‘Ernie’’ major league seasons calling games for the Speaker, last Tuesday, we from metro Harwell. Detroit Tigers; Detroit and the entire State of Michi- The Clerk read the title of the resolu- Whereas Ernie Harwell said, ‘‘I know we’re gan lost a treasure with the passing of tion. all going at some time, and I’m ready for former Detroit Tigers broadcaster whatever God’s got’’; The text of the resolution is as fol- Ernie Harwell. Whereas, on May 4, 2010, Ernie Harwell, re- For generations of Detroit Tiger lows: siding in Novi, Michigan, passed away at the fans, Ernie Harwell was literally the H. RES. 1328 age of 92 after a long career enjoyed by mil- voice of summer. Day after day, and Whereas William Earnest ‘‘Ernie’’ Harwell lions; and Whereas Ernie Harwell is survived by his year after year, that wonderful south- was born in Washington, Georgia, in 1918, ern gentleman’s voice was heard on our graduated from Emory University, and began beloved wife of 68 years, Lulu, their four his career as a copy editor and sportswriter children, seven grandchildren, and seven radios and made every baseball season for the Atlanta Constitution and as a re- great-grandchildren, and by baseball fans wonderful, regardless of the number of gional correspondent for The Sporting News; across the Nation: Now, therefore, be it Tigers’ wins and losses. Ernie’s voice, Whereas Ernie Harwell served four years in Resolved, That the House of Representa- broadcasting the Tigers games, was a the United States Marine Corps during World tives— welcome friend at family picnics or at War II, after which he announced games on (1) honors the life and legacy of William the beach. He was with us in our cars the radio for the Atlanta Crackers of the Earnest ‘‘Ernie’’ Harwell for his significant contributions to Major League Baseball; as we were driving up north on a fam- Southern Association; ily vacation. He was with us in our Whereas Ernie Harwell became the only (2) expresses profound sorrow at his pass- announcer in baseball history to be traded ing on May 4, 2010; and yards and in our garages as we did our for a player when the Brooklyn Dodgers ac- (3) expresses sincere condolences to his household chores. The truth of the quired his services from the Atlanta Crack- wife Lulu, and the rest of his family, friends, matter is that Ernie Harwell was more ers in 1948; colleagues, and admirers. than just a baseball broadcaster; he Whereas Ernie Harwell called baseball The SPEAKER pro tempore. Pursu- was a member of our family. And that games for the Brooklyn Dodgers through ant to the rule, the gentleman from is why the loss of Ernie Harwell is 1949, the New York Giants from 1950 to 1953, New York (Mr. TOWNS) and the gen- being mourned by our entire commu- including his call of Bobby Thomson’s ‘‘shot tleman from Michigan (Mr. MCCOTTER) nity, Mr. Speaker. Whether you are a heard ’round the world’’ in the 1951 National each will control 20 minutes. League pennant playoff game on NBC tele- baseball fan or not, we loved Ernie vision, and the Baltimore Orioles from 1954 The Chair recognizes the gentleman Harwell because he personified integ- to 1959; from New York. rity, generosity, courtesy, honor, and Whereas in 1960, Ernie Harwell began call- GENERAL LEAVE just pure class. ing games at the corner of Michigan and Mr. TOWNS. Mr. Speaker, I ask As a young man, he served our Na- Trumbull as the ‘‘voice’’ of Detroit Tigers unanimous consent that all Members tion in the United States Marine Corps baseball, until his retirement from broad- have 5 legislative days in which to re- during World War II. For 68 years, he casting in 2002; vise and to extend their remarks. shared his life with his beloved wife, Whereas Ernie Harwell called the 1984 The SPEAKER pro tempore. Is there Lulu, their four children, seven grand- World Series for the Tigers and WJR Radio, exclaiming ‘‘Here comes Herndon, he’s got it! objection to the request of the gen- children, and seven great-grand- And the Tigers are the champions of 1984!’’; tleman from New York? children. Whereas Ernie Harwell broadcast two There was no objection. For more than 40 years, his voice was Major League All-Star Games (1958 and 1961) Mr. TOWNS. Mr. Speaker, I now yield a welcome friend on our radios. And and two World Series (1963 and 1968) for NBC myself as much time as I may con- since his retirement 8 years ago, he Radio, numerous American League Cham- sume. was still a constant, beloved presence pionship Series and American League Divi- I rise in support of H. Res. 1328, a res- in our community. Throughout his life, sion Series for CBS Radio and ESPN Radio, olution honoring the life and legacy of his charitable acts and gentle kindness the CBS Radio Game of the Week from 1992 William ‘‘Ernie’’ Harwell. Mr. Harwell, to 1997, professional and college football, and made him a beloved figure for every- the Masters Tournament of golf; an iconic and beloved sportscaster for one. Whereas Ernie Harwell was honored by the the Detroit Tigers, passed away on And last fall, Mr. Speaker, when he National Baseball Hall of Fame as the fifth May 4, 2010, at the age of 92. During his found out he was stricken with inoper- broadcaster to receive its Ford C. Frick 55-year career, he delivered the play- able cancer, Ernie accepted his fate

VerDate Mar 15 2010 03:43 May 12, 2010 Jkt 089060 PO 00000 Frm 00008 Fmt 4634 Sfmt 0634 E:\CR\FM\A11MY7.018 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE May 11, 2010 CONGRESSIONAL RECORD — HOUSE H3287 with grace because of his deep and very important. And as a child, you attempt to kill any such employee while so abiding faith in God and in the knowl- tend to think that some of the things engaged or on such account; edge that he had led a wonderful life. you inherit or are fortunate enough to Whereas the suicide attack on the Internal Last September, Ernie gave a farewell happen upon will stay that way for- Revenue Service office in Austin, Texas on February 18, 2010, that claimed the life of speech before a Tigers game at ever. And in some ways Ernie tried his two-tour Vietnam veteran Vernon Hunter Comerica Park. I want to read from a best. His long, distinguished career al- follows the more than 1,200 attacks which bit of that speech so you have an un- lowed a kid like me to think that were made on Internal Revenue Service em- derstanding of why we all loved Ernie somehow that voice would go on for- ployees between 2001 and 2008, attacks which Harwell so much. He said: ever through that radio, reminding us have resulted in at least 197 convictions; ‘‘In my almost 92 years on this Earth, of the joys of what is really a child’s Whereas the shooting attack on Thursday, the good Lord has blessed me with a game. March 4, 2010, by John Patrick Bedell that great journey. And the blessed part of And now Detroit has lost him, the injured two Pentagon guards was the fourth attack or security scare on a Federal build- that journey is that it’s going to end baseball community has lost him, but ing in 2010; here in the great State of Michigan. I we have not lost the resonance of his Whereas the Department of Justice filed deeply appreciate the people of Michi- voice in our hearts. And every time 313 cases in fiscal year 2006, 326 cases in fiscal gan. I love their grit. I love the way spring comes, we will be reminded not year 2007, 303 cases in fiscal year 2008, and 277 they face life. I love the family values only that the joy of the national pas- cases in fiscal year 2009 (as of August of such they have. And you Tigers fans are the time is back, but we will be reminded fiscal year), relating to attacks against Fed- greatest fans of all. No question about of the joy of listening to and being eral employees; that. And I certainly want to thank with Ernie Harwell. Whereas more than 2,000,000 civilian em- ployees in the Federal workforce provide you from the depth of my heart for Mr. Speaker, I would urge all Mem- many forms of dedicated service to the your devotion, your support, your loy- bers to support the passage of H. Res. United States and its people, such as fight- alty, and your love. Thank you very 1328. ing crime and fire, supporting our military, much, and God bless you.’’ I yield back the balance of my time. protecting health, providing essential human That’s what he said, Mr. Speaker. Mr. TOWNS. Mr. Speaker, I urge my services, preserving the environment and And we love you too, Ernie. colleagues to support this resolution maintaining our national parks, wildlife ref- Our hearts go out to Ernie’s beloved honoring Mr. Harwell, a colorful char- uges, and forests, securing our borders, re- wife, Lulu, for her great loss, and we acter who will be deeply missed by the sponding with assistance in times of natural disaster, regulating commerce, defending our send our thanks to Mrs. Harwell for people not only of Michigan, people freedom, and advancing our country’s inter- sharing the man that she loved for throughout this Nation. I had an oppor- ests around the world, all of which con- these many years with millions tunity many, many years ago to hear tribute to the greatness and prosperity of throughout Michigan and around our him and I will be honest with you, even the Nation; and Nation. And thank you, Ernie, for though my team was losing that day, I Whereas Federal employees are entitled to being such a special part of the lives of must admit I enjoyed hearing his voice, expect a reasonable degree of personal safety so many in our community. God bless even though my team was not on top. and security while carrying out their official you, good friend, and may you rest in Mr. Speaker, I yield back the balance duties: Now, therefore, be it peace. of my time. Resolved, That the House of Representa- tives— b 1445 The SPEAKER pro tempore. The (1) expresses the Nation’s appreciation for question is on the motion offered by Mr. TOWNS. Mr. Speaker, this reso- the outstanding contributions made by Fed- the gentleman from New York (Mr. eral employees to the United States; lution was introduced by our colleague, TOWNS) that the House suspend the (2) supports the goal of protecting the safe- the gentleman from Michigan (Mr. rules and agree to the resolution, H. ty and security of our Federal employees; MCCOTTER), on May 5, 2010. It was re- Res. 1328. and ferred to the Committee on Oversight The question was taken. (3) urges that the Government seek ways and Government Reform, which re- The SPEAKER pro tempore. In the to improve the safety and security of our Federal employees. ported the resolution by unanimous opinion of the Chair, two-thirds being consent on May 6, 2010. The measure in the affirmative, the ayes have it. The SPEAKER pro tempore. Pursu- enjoys the support of 70 Members of the Mr. TOWNS. Mr. Speaker, on that I ant to the rule, the gentleman from House. demand the yeas and nays. New York (Mr. TOWNS) and the gen- I thank the gentleman from Michi- The yeas and nays were ordered. tleman from Michigan (Mr. MCCOTTER) gan for introducing this measure, and I The SPEAKER pro tempore. Pursu- each will control 20 minutes. thank the staff along with the ranking ant to clause 8 of rule XX and the The Chair recognizes the gentleman member, the gentleman from Cali- Chair’s prior announcement, further from New York. fornia (Mr. ISSA), for working to bring proceedings on this motion will be GENERAL LEAVE this resolution to the floor today. postponed. On that note, I reserve the balance of Mr. TOWNS. Mr. Speaker, I ask f my time. unanimous consent that all Members Mr. MCCOTTER. Mr. Speaker, I yield URGING PREVENTION OF ATTACKS may have 5 legislative days in which to myself such time as I may consume. AGAINST FEDERAL EMPLOYEES revise and extend their remarks on the resolution. Mr. Speaker, they say that youth is Mr. TOWNS. Mr. Speaker, I move to The SPEAKER pro tempore. Is there wasted on the young, and in many suspend the rules and agree to the reso- objection to the request of the gen- ways it is. As a kid growing up in lution (H. Res. 1187) expressing the tleman from New York? Michigan who loved baseball, going sense of the House of Representatives through those deep winters was very with respect to raising public aware- There was no objection. difficult. We would wait for the first ness of and helping to prevent attacks Mr. TOWNS. Mr. Speaker, I yield my- signs of spring, and one of the surest against Federal employees while en- self such time as I may consume. signs that spring was here was the gaged in or on account of the perform- Mr. Speaker, with H. Res. 1187, this voice of Ernie Harwell. As I was grow- ance of official duties, as amended. Chamber expresses its commitment to ing up, our Tigers were not always at The Clerk read the title of the resolu- the safety and security of our Nation’s the top of their game. They had some tion. public servants. H. Res. 1187 was intro- very tough years there. But somehow The text of the resolution is as fol- duced by our colleague, the gentleman that didn’t matter when you listened lows: from Virginia (Mr. MORAN) on March to Ernie Harwell’s voice on the radio. H. RES. 1187 16, 2010. It was referred to the Com- When you heard him describe the game mittee on Oversight and Government Whereas title 18 of the United States Code of baseball, you could understand the makes it a crime to forcibly assault, resist, Reform, which ordered it reported by majesty and the lore that runs through intimidate, or interfere with a Federal em- unanimous consent on May 6, 2010. The generations. And what was going on on ployee while engaged in or on account of the measure enjoys the support of over 70 that field to us who were listening was performance of official duties, or to kill or Members of the House.

VerDate Mar 15 2010 03:43 May 12, 2010 Jkt 089060 PO 00000 Frm 00009 Fmt 4634 Sfmt 0634 E:\CR\FM\K11MY7.022 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE H3288 CONGRESSIONAL RECORD — HOUSE May 11, 2010 Mr. Speaker, the men and women of In the 15 years since that horrific Every year, hundreds of Federal our Federal workforce deserve our ap- bombing, Federal employees have been workers are victims of cowardly acts of preciation and our support. Their ef- the target of a great number of at- violence. In 2008 alone, the Department forts are often undervalued, but they tacks. Internal Revenue Service em- of Justice filed 303 cases against people provide our Nation with many forms of ployees have borne the brunt, as those who attacked Federal workers. And critical services. The Federal work- who are frustrated with tax problems tragically, in 2010, we have already wit- force includes firefighters, law enforce- have taken their frustrations out on nessed such instances of violence. ment officers, and military support IRS workers just doing their jobs, in Mr. Speaker, our civilian Federal em- fact, carrying out the laws that the personnel. Federal employees protect ployees must not become victims of vi- Congress makes. The IRS has recorded the public, help keep our food and olence because of their jobs. Civilian some 1,200 attacks on its employees water clean, defend our borders, and Federal employees must feel safe while since September 2001. Attacking a Fed- preserve our national parks. They de- doing their jobs and serving our coun- eral employee engaged in or because of liver our mail, care for our veterans, try. and provide all manners of other serv- his or her work is a Federal crime. The ices that keep our country going. Justice Department investigates some I ask my colleagues to support this While we in Congress may debate the 300 cases per year. resolution so we may raise public details about the proper role that the We are a free society. Strong rhetoric awareness of these attacks and to pre- Federal Government should play in our is acceptable, even fashionable. But vent future attacks. Thus, Mr. Speak- country, we can all agree that Federal rhetoric should not inspire violence. er, I urge all Members to support the employees should be able to expect to Federal agencies devote significant re- passage of H. Res. 1187. be able to carry out their duties with a sources and develop procedures to pro- I yield back the balance of my time. tect their employees. But two recent degree of safety and security. Mr. TOWNS. Mr. Speaker, I think it The Department of Justice has filed attacks on Federal employees high- light what I see as a worrying trend. In is so important that we protect and over a thousand cases relating to at- support our Federal employees. Let me tacks against Federal employees since February, a plane was flown into the IRS building in Austin in an act of again urge my colleagues to join me in 2006, including a suicide attack on the supporting this measure. Internal Revenue Service office in Aus- murder-suicide that claimed the life of tin, Texas. On February 18 of this year, a veteran of two tours in Vietnam. Ms. JACKSON LEE of Texas. Mr. Speaker, that attack claimed the life of a two- In March, another deranged indi- I rise in strong support of H. Res 1187, ‘‘Ex- tour Vietnam veteran, Vernon Hunter. vidual walked up to the Pentagon en- pressing the sense of the House of Rep- The shooting attack at the entrance of trance and opened fire with a semi- resentatives with respect to raising public automatic weapon, injuring two Pen- the Pentagon on March 4 injured two awareness of and helping to prevent attacks tagon guards. These acts were more Pentagon guards and was the fourth at- against Federal employees while engaged in than sensational attempts at mass tack or scare on a Federal building in or on account of the performance of official murder. They were acts of domestic 2010. duties.’’ terrorism with Federal employees as These attacks sadden us all, and I am the target. H. Res. 1187 will resolve that the House of glad we are taking the time to con- We have the finest, most professional Representatives: Expresses the Nation’s ap- demn attacks against our Federal em- civil service in the world, and we take preciation for the outstanding contributions ployees and to affirm our commitment for granted that our Federal workers made by Federal employees to the United to their safety and their security. provide many forms of dedicated and States; Supports the goal of protecting the I would like to thank the gentleman important service to our Nation. Civil- safety and security of our Federal employees; from California (Mr. ISSA) and also ian employees serve in war zones pro- and Urges that the Government seek ways to thank the gentleman from Virginia viding essential support to our mili- improve the safety and security of our Federal (Mr. MORAN) and the staff for their tary. Federal workers maintain our na- employees. I rise today to urge the passing of work to bring this to where we are tional parks, our wildlife refuges and House Resolution 1187. Not too long ago our today. I urge my colleagues to join me forests, secure our borders, and respond country suffered from the Oklahoma City in supporting this resolution. in times of natural disaster, as we can bombing, one of the deadliest acts of domestic I reserve the balance of my time. see in the gulf oil spill. terrorism on American soil. This cowardly act Mr. MCCOTTER. Mr. Speaker, I Our diplomats advance our country’s of terrorism killed 168 people, 19 of them chil- would like to reserve the balance of my interests around the world, very often dren. The victims were mothers, fathers, sons, time so we may hear from the sponsor in dangerous environments. The more daughters, grandparents, grandchildren, of the resolution, Mr. MORAN. than 2 million civilian employees in friends, and co-workers. Mr. TOWNS. I yield 5 minutes to the the Federal workforce deserve a rea- The bombing in Oklahoma City was a direct gentleman from Virginia (Mr. MORAN). sonable degree of personal safety and Mr. MORAN of Virginia. Mr. Speak- attack against the dedicated men and women security while carrying out their du- of the Federal Civil Service. The Alfred P. er, I wish to thank the gentleman from ties implementing the laws we make. It New York, the chairman of the com- Murrah Federal Building housed 14 Federal is incumbent upon the Congress and agencies, and nearly 100 Federal employees mittee, and the gentleman from Michi- the administration to ensure their gan (Mr. MCCOTTER). Thank you very lost their lives that morning. We must honor safety. their sacrifice by remaining steadfast in our much for bringing this resolution to We have a responsibility and that’s the floor. commitment to prevent future attacks on the why I have introduced this bill, a re- Federal government, Federal employees, and The purpose is to help prevent at- sponsibility to protect our Nation’s tacks against Federal employees while other acts of domestic terror. I am deeply trou- Federal employees. House Resolution bled by recent threats of violence against gov- they are engaged in or on account of 1187 calls for a renewed commitment to the performance of their official duties. ernment employees. This February, an attack our civil servants, and I urge my col- on Federal offices threatened the lives of 200 Last month, we commemorated the leagues to unanimously support it. IRS workers and took the life of Vernon 15th anniversary of the bombing of the Mr. MCCOTTER. Mr. Speaker, I yield Hunter, a 20-year army Veteran who served Alfred Murrah Federal Building in myself such time as I may consume. downtown Oklahoma City. This act of Mr. Speaker, I rise today in support two tours in Vietnam, a loving husband, father, violence claimed 168 lives and injured of House Resolution 1187, which in- grandfather, and mentor to co-workers at the more than 680 people. It was the most creases public awareness to help pre- IRS. The Oklahoma City bombing and the destructive act of terrorism on United vent future attacks against Federal most recent attacks serve as stark reminders States soil until the September 11, 2001, employees while engaged in or on ac- that threats against Federal employees may attacks. The Oklahoma City bomber, count of the performance of their offi- pose real dangers. They remind us of our sol- Timothy McVeigh, made Federal em- cial duties. Truly, we must do all we emn duty to protect our public servants. ployees his target because he was can to prevent Federal workers from After the Oklahoma City bombing, President angry at the United States Govern- being victims of violence because of Bill Clinton directed the Department of Justice ment. their public service. to assess the vulnerability of Federal office

VerDate Mar 15 2010 03:43 May 12, 2010 Jkt 089060 PO 00000 Frm 00010 Fmt 4634 Sfmt 9920 E:\CR\FM\K11MY7.025 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE May 11, 2010 CONGRESSIONAL RECORD — HOUSE H3289 buildings. Prior to this study, no formal govern- PEACE OFFICERS MEMORIAL DAY There was no objection. ment-wide standards existed for Federal build- Mr. DEUTCH. Mr. Speaker, I move to Mr. DEUTCH. Mr. Speaker, I yield ings. The IRS has recorded some 1,200 at- suspend the rules and agree to the reso- myself such time as I may consume. tacks on its employees since 2001. The Jus- lution (H. Res. 1299) supporting the Mr. Speaker, this resolution honors tice Department investigates some 300 cases goals and ideals of Peace Officers Me- our law enforcement community by per year. In March, a deranged individual morial Day. supporting the observance of Peace Of- walked up to the Pentagon entrance and The Clerk read the title of the resolu- ficers Memorial Day. Since 1962, May 15 opened fire with a semi-automatic weapon in- tion. has been recognized as Peace Officers juring two Pentagon guards. In February, a The text of the resolution is as fol- Memorial Day, and the week of May 15 plane was flown into the IRS building in Aus- lows: has been designated as Police Week. tin, TX in an act of murder-suicide that H. RES. 1299 b 1500 claimed the life of a two-tour Vietnam Veteran. Whereas there are more than 900,000 sworn With the creation of the Department of law enforcement officers in the United For nearly 50 years, we have contin- Homeland Security, the responsibility to pro- States, 12 percent of whom are women; ued this observance as a way to honor tect our Federal facilities was transferred to Whereas law enforcement officers selflessly the men and women of our Nation’s law the Federal Protective Service (FPS). The protect the people of the United States and enforcement agencies. They protect their communities; our neighborhoods, our homes, and our FPS is a federal law enforcement agency that Whereas law enforcement officers serve the provides integrated security and law enforce- loved ones; and we are grateful. country in spite of the inherent danger of The men and women who dedicate ment services to federally owned and leased their service; buildings and facilities. As a member of the Whereas more than 18,600 law enforcement their careers to our safety do so at the Homeland Security Committee and Chair- officers have been killed in the line of duty expense of spending long hours away woman of the Transportation Security and In- in the United States since the first recorded from their families, putting themselves frastructure Protection Subcommittee, I am police death in 1792; at great risk, and in too many in- committed to working with my colleagues to Whereas 72 law enforcement officers were stances, making the ultimate sacrifice. killed while responding to the terrorist at- support federal legislation that will protect our On average, one law enforcement of- tacks on September 11, 2001, making that ficer is killed in the line of duty some- federal employees. I support the mission of day the deadliest in law enforcement his- the FPS that renders federal properties safe where in this Nation every 53 hours. tory; Unfortunately, since the beginning of and secure for federal employees, officials and Whereas 125 law enforcement officers were visitors in a professional and cost effective killed in 2009; this year we have lost 58 officers. manner by deploying a highly trained and Whereas, on March 21, 2009, Sergeant Mark Despite this ever-present danger, multi-disciplined police force. As the federal Dunakin and Officer John Hege and Ser- these dedicated professionals continue agency charged with protecting and delivering geants Ervin Romans and Dan Sakai of the to make sacrifices for their commu- Oakland Police Department in California integrated law enforcement and security serv- nities without asking thanks or praise. were shot and killed by the same gunman in The law enforcement professionals and ices to facilities owned or leased by the Gen- two separate attacks; eral Services Administration, FPS employs police officers who toil in our commu- Whereas, on November 29, 2009, Sergeant nities across this Nation deserve our 1,225 federal staff (including 900 law enforce- Mark Renniger and Officers Tina Griswold, ment security officers, criminal investigators, Ronald Owens II, and Greg Richards of the unwavering support and our thankful police officers, and support personnel) and Lakewood Police Department in the State of recognition. 15,000 contract guard staff to secure over Washington were shot and killed as they sat I commend our colleague from Texas 9,000 buildings and safeguard their occupants. in a coffee shop; (Mr. POE) for introducing this impor- The FPS has a critical infrastructure and Whereas Public Law 87–726 designates May tant resolution. 15th of each year as Peace Officers Memorial I urge my colleagues to support it, key resources of the United States that are Day, and the calendar week during which essential to our nation’s security, public health and I reserve the balance of my time. that Day occurs as Police Week; Mr. POE of Texas. Mr. Speaker, I and safety, economic vitality and way of life. Whereas section 7(m) of title 4, United FPS protects one component of the nation’s States Code, requires that the United States yield myself as much time as I may infrastructure by mitigating risk to federal facili- flag be flown at half-staff on all government consume. ties and their occupants. buildings on Peace Officers Memorial Day; Mr. Speaker, I rise in support of H. As we remember the victims and survivors and Res. 1299, supporting the goals and of the Oklahoma City bombing and other acts Whereas law enforcement officers deserve ideals of Peace Officers Memorial Day. the gratitude of the people of the United of terrorism, let us all take a moment to reflect Every year the President issues a proc- States for their service: Now, therefore, be it lamation naming May 15 as National upon the dedication and sacrifices of the men Resolved, That the House of Representa- and women who work hard to keep our federal tives— Peace Officers Memorial Day. Of buildings secure and those of us who work in (1) supports the goals and ideals of Peace course, in the days leading up to May them safe. Federal workers maintain our na- Officers Memorial Day; 15, thousands of peace officers and tional parks, wildlife refuges, and forests, and (2) honors Federal, State, and local law en- their families come to Washington, secure our borders, and in times of natural forcement officers who have been killed or D.C. They come here to remember their disabled in the line of duty; and fellow officers and their loved ones who disaster. The more than two million civilian (3) calls upon the people of the United employees in the federal workforce deserve a have given their lives, all in the line of States to observe Peace Officers Memorial duty. They participate in conferences reasonable degree of personal safety and se- Day with ceremonies and respect befitting curity while carrying out their duties. those who have risked their lives and died in and memorial services. They honor the It is incumbent upon the Congress and the service to their communities. memories of those who worked so hard Administration to look for ways to improve The SPEAKER pro tempore. Pursu- to protect our communities and, in the their safety. I support H. Res 1187 and I urge ant to the rule, the gentleman from end, made the ultimate sacrifice and my colleagues to support this bill. Florida (Mr. DEUTCH) and the gen- gave their lives for the rest of us. Mr. TOWNS. Mr. Speaker, I yield tleman from Texas (Mr. POE) each will Americans have been protected by back the balance of my time. control 20 minutes. peace officers for 217 years, ever since The SPEAKER pro tempore. The The Chair recognizes the gentleman the early settlers in Boston, Massachu- question is on the motion offered by from Florida. setts. They established a program the gentleman from New York (Mr. GENERAL LEAVE called Night Watch to safeguard those TOWNS) that the House suspend the Mr. DEUTCH. Mr. Speaker, I ask Bostonians. rules and agree to the resolution, H. unanimous consent that all Members Not a day goes by that law enforce- Res. 1187, as amended. may have 5 legislative days in which to ment officers do not face danger in The question was taken; and (two- revise and extend their remarks and in- their mission to keep us safe from thirds being in the affirmative) the clude extraneous material on the reso- crime, acts of violence, and now ter- rules were suspended and the resolu- lution under consideration. rorism. On May 17, 1792, New York tion, as amended, was agreed to. The SPEAKER pro tempore. Is there City’s Deputy Sheriff Isaac Smith be- A motion to reconsider was laid on objection to the request of the gen- came the first recorded peace officer to the table. tleman from Florida? be killed in the line of duty.

VerDate Mar 15 2010 03:43 May 12, 2010 Jkt 089060 PO 00000 Frm 00011 Fmt 4634 Sfmt 0634 E:\CR\FM\A11MY7.019 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE H3290 CONGRESSIONAL RECORD — HOUSE May 11, 2010 Mr. Speaker, since that time, 18,600 that outside these Halls, on the roof- and I yield back the balance of my law enforcement officers have been tops and around the Capitol are the time. killed in the line of duty. Let me re- Capitol police officers watching and The SPEAKER pro tempore. The peat: 18,600 peace officers in the United protecting those who come to the peo- question is on the motion offered by States have been killed in the line of ple’s House, to the Capitol Building the gentleman from Florida (Mr. duty. On average, 58,000 law enforce- and the surrounding buildings. And we DEUTCH) that the House suspend the ment officers are assaulted every year; need to remember that in 1998, two of rules and pass the joint resolution, H. and in 2009, 125 of those officers were those Capitol police officers, Jacob Res. 1299. killed protecting other Americans. Chestnut and Detective John Gibson, The question was taken. Five of those fallen officers were from were killed in the line of duty in this The SPEAKER pro tempore. In the my home State of Texas. Those indi- very building as they were protecting opinion of the Chair, two-thirds being viduals were Senior Corporal Norman other Members of Congress from a gun- in the affirmative, the ayes have it. Smith of the Dallas Police Depart- wielding assailant that came into this Mr. POE of Texas. Mr. Speaker, on ment. He was killed by gunfire on June place. that I demand the yeas and nays. 6, 2009. Lieutenant Stuart Alexander We should always remember that The yeas and nays were ordered. from the Corpus Christi Police Depart- these peace officers every day are a cut The SPEAKER pro tempore. Pursu- ment. He was killed by vehicular as- above the rest of us, and they do rep- ant to clause 8 of rule XX and the sault on March 11, 2009. Sergeant resent everything that’s good and fine Chair’s prior announcement, further Randy White of the Bridgeport PD was and right about America. proceedings on this motion will be killed by a vehicle pursuit on April 2, Later this week, not far from here, postponed. 2009. Houston police officer Henry on the west side of the Capitol, there f will be the families of the slain police Canales was killed by gunfire on June COMMEMORATING THE LIFE OF 23, 2009. And Jesse Hamilton was killed officers in the United States. Sur- CYNTHIA DELORES TUCKER on August 25 by gunfire, and he was a rounding them, in a group, will be member of the Pasadena Police Depart- thousands and thousands of peace offi- Mr. DEUTCH. Mr. Speaker, I move to ment of the State of Texas. cers in the United States, all wearing suspend the rules and agree to the reso- 2009 was a particularly difficult year the uniform, wearing a badge that they lution (H. Res. 1094) commemorating for peace officer families. On the 21st wear above their heart and a black the life of the late Cynthia DeLores day of March 2009, four members of the cloth across that badge. Those people Tucker. Oakland, California Police Department stand in honor of those families that The Clerk read the title of the resolu- were shot and killed in the line of duty. have lost loved ones who were peace of- tion. Sergeants Mark Dunakin, Ervin Ro- ficers that represented the rest of us The text of the resolution is as fol- mans, Dan Sakai and Officer John Hege and were killed in the line of duty. We lows: gave their lives in service to their fel- owe them everything that we can say H. RES. 1094 low Americans, and we honor them in that is good and noble about their Whereas the late Cynthia DeLores Tucker their service today. work. We honor them. We praise those dedicated her life to eliminating racial bar- On November 29, 2009 four members that are in the line of duty. We remem- riers by championing civil rights and rights of the Lakewood Police Department in ber those that were killed in the line of of women in the United States; Washington were brutally ambushed as duty, and we also remember their fami- Whereas, having grown up in Philadelphia during the Great Depression, C. DeLores they sat in a coffee shop catching up on lies. Tucker overcame a childhood marked by paperwork and planning for their up- Ms. EDDIE BERNICE JOHNSON of Texas. economic hardship and segregation; coming shift. Sergeant Mark Mr. Speaker, I rise today in strong support of Whereas, having personally experienced Renninger and Officers Tina Griswold, H. Res. 1299 to support the goals and ideals the effects of racism, C. DeLores Tucker first Ronald Owens and Greg Richards were of Peace Officers Memorial Day. became active in the postwar civil rights all veteran law enforcement officers, Every year, on May 15, we recognize the movement when she worked to register Afri- each with between 8 and 14 years of ex- fallen peace officers from our communities can-American voters during the 1950 Phila- perience. This loss was a staggering that have given their lives in the line of duty. delphia mayoral campaign; Whereas C. DeLores Tucker became active blow to the Lakewood community and We can thank these men and women for up- in local politics, developed her skills as an the national community of peace offi- holding our laws and ensuring our safety, accomplished fund raiser and public speaker, cers. We continue to mourn this sense- even in times of crisis. I am deeply humbled and quickly became the first African-Amer- less loss and honor them for their serv- by the sacrifices of these brave men and ican and first woman to serve on the Phila- ice. women, and I express my condolences to their delphia Zoning Board; Although there has been great families for their loss. Whereas in 1965, in the midst of the Civil progress in protecting the safety of On January 6, 2009, Dallas lost one of our Rights Movement, C. DeLores Tucker par- these men and women who wear the own police officers, Senior Cpl. Norman Ste- ticipated in the White House Conference on uniform, the death of every officer phen Smith, when he was shot and killed Civil Rights and marched from Selma to Montgomery with Rev. Dr. Martin Luther serves as a reminder to the whole coun- while serving an arrest warrant. He died short- King, Jr., in support of the 1965 Voting try that our Nation’s law enforcement ly before his 18th anniversary with the Dallas Rights Bill, which was later signed into law officers still face dangerous and poten- Police Department, and his knowledge and by President Lyndon Johnson; tially deadly situations every day. skill continue to be missed within his unit. With Whereas in January 1971, while still pri- During my 20 years as a judge in his death, Dallas lost a great man and a great marily focused on efforts to gain equality for Texas, I had the privilege of working police officer, and we will never forget his sac- all, C. DeLores Tucker was named Secretary alongside some of America’s finest po- rifice for our community’s wellbeing. My con- of the Commonwealth of Pennsylvania by lice officers. Later, during my term on dolences go out to his wife, Regina Smith, and then-Governor Milton Shapp, making her the the bench, some of those police officers first female African-American Secretary of a their two children. State in the Nation; were killed in the line of duty. Now, as Mr. Speaker, Peace Officers Memorial Day Whereas, under the leadership of C. a founder and co-chair of the Congres- is a day in which we honor some of our na- DeLores Tucker as Secretary of the Com- sional Victims Rights Caucus, I recog- tion’s bravest and most valiant men and monwealth, Pennsylvania became one of the nize that peace officers are too often women. The work of police officers and other first States to pass the Equal Rights Amend- victims of crimes they seek to prevent. peace officers places them in danger almost ment, lower the voting age from 21 to 18, and When a peace officer puts on a uni- on a daily basis, and I ask my fellow col- institute voter registration through mail; form in the morning, they represent leagues to join me today in supporting this Whereas, after leaving her position in everything that is good, everything Pennsylvania State government, C. DeLores resolution that honors our peace officers who Tucker became the first African-American that is right about our country. And I have died in the line of duty. to serve as president of the National Federa- am privileged to honor them here Mr. POE of Texas. I yield back the tion of Democratic Women; today. balance of my time. Whereas in 1984, C. DeLores Tucker found- Mr. Speaker, we in this House of Rep- Mr. DEUTCH. Mr. Speaker, I ask my ed the National Political Congress of Black resentatives need to always remember colleagues to support this resolution, Women, now known as the National Congress

VerDate Mar 15 2010 03:43 May 12, 2010 Jkt 089060 PO 00000 Frm 00012 Fmt 4634 Sfmt 0634 E:\CR\FM\K11MY7.038 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE May 11, 2010 CONGRESSIONAL RECORD — HOUSE H3291 of Black Women, a non-profit organization ciple that there could be no equality also want to mention the fact that dedicated to the educational, political, eco- without equal access to the ballot box. Deputy Sheriff Shane Thomas Detwiler nomic, and cultural development of African- Born October 4, 1927, the 10th of 11 of the Chambers County Sheriff’s De- American Women and their families; children, she grew up in Philadelphia partment in Texas was killed in the Whereas in 1983, C. DeLores Tucker found- ed the Philadelphia Martin Luther King Jr. during the Great Depression, over- line of duty on July 13, 2009, and his Association for Non-Violence and, in 1986, coming a childhood marked by eco- cause of death was gunfire. the Bethune-DuBois Institute, both of which nomic hardship and segregation, to at- In this resolution, H. Res. 1094, of are dedicated to promoting the cultural and tend Temple University and later the course I support this resolution. And educational development of African-Amer- University of Pennsylvania. this resolution commemorates the life ican youth and young professionals; In what would become the first step of the late Cynthia DeLores Tucker. Whereas C. DeLores Tucker served as a in her long career as a civil rights ac- Ms. Tucker dedicated her life to elimi- member of the Board of Trustees of the tivist, Ms. Tucker worked to register nating racial barriers and fighting for NAACP and numerous other boards, includ- African-American voters during the ing the Points of Light Foundation and Dela- civil rights and the rights of women. In ware Valley College; 1950 Philadelphia mayoral campaign. 1927 she was born in Philadelphia. Her Whereas, in the later phase of her life, C. Shortly thereafter, she became active dad was a minister. After overcoming DeLores Tucker publicly criticized gangster in local politics, serving as the first Af- financial hardship and segregation dur- rap music, arguing that such music deni- rican American and first woman on the ing the Great Depression, she attended grated women and promoted violence and Philadelphia Zoning Board. Temple University and the University drug use; Driven by her belief that no one of Pennsylvania at the Wharton Whereas, as a student of history, C. should be denied the right to partici- School. DeLores Tucker led the successful campaign pate in our democracy, Ms. Tucker As part of the postwar civil rights to have a bust of the pioneering activist and suffragist Sojourner Truth installed in the went on to participate in the White movement, she worked to register Afri- United States Capitol, along with other suf- House Conference on Civil Rights and can American voters in the 1950 Phila- fragette leaders; to march from Selma to Montgomery delphia mayor’s race. She later became Whereas C. DeLores Tucker received more with Dr. King in support of the 1965 the first African American and the than 400 honors and awards during her life- Voting Rights Bill. first woman to serve on the Philadel- time, including the NAACP Thurgood Mar- In 1971, Ms. Tucker was named Sec- phia Zoning Board. shall Award, the Martin Luther King, Jr. retary of the Commonwealth of Penn- Then in 1965 she marched from Selma Distinguished Service Award, and the Phila- sylvania by then-Governor Milton to Montgomery, Alabama with Dr. delphia Urban League Whitney Young Award, and honorary Doctor of Law degrees Shapp, making her the first female Af- Martin Luther King, Jr., in support of from Morris College and Villa Maria College; rican American to hold this position in the 1956 Voting Rights Act. and any State in the Nation. Under her In 1971 she became Secretary of the Whereas the work of C. DeLores Tucker as leadership as Secretary of the Com- State of Pennsylvania, making her the crusader for civil rights and rights of women, monwealth, Pennsylvania became one first female African American Sec- through grace, dignity, and purpose has the first States to pass the Equal retary of State in the whole United helped transform the perception of race and Rights Amendment, to lower the vot- States. gender in the United States: Now, therefore, ing age from 21 to 18, and to institute In 1984, Ms. Tucker founded the Na- be it tional Political Congress of Black Resolved, That the House of Representa- voter registration through the mail. tives— After leaving her position in Penn- Women, today known as the National (1) commemorates the life of the late Cyn- sylvania State Government, Ms. Tuck- Congress of Black Women; and with the thia DeLores Tucker; er continued to dedicate her time to help of this organization, she criticized (2) salutes the lasting legacy of the public service and the promotion of the promotion of drugs and violence in achievements of C. DeLores Tucker; and civil rights through private organiza- gangsta rap music, and also how (3) encourages the continued pursuit of the tions. She served as a member of the women were treated in the music in- vision of C. DeLores Tucker to eliminate ra- Board of Trustees of the NAACP, and dustry. cial and gender prejudice from all corners of on numerous other boards, including She was also the founding member of our society. the Points of Light Foundation and the National Women’s Political Cau- The SPEAKER pro tempore. Pursu- Delaware Valley College. cus, and she was head of the minority ant to the rule, the gentleman from In 1984, Ms. Tucker co-founded the caucus of the Democratic National Florida (Mr. DEUTCH) and the gen- National Political Congress of Black Committee. Her life’s work on behalf of tleman from Texas (Mr. POE) each will Women, now known as the National racial and gender equality truly reaped control 20 minutes. Congress of Black Women, a nonprofit fruitful change in our country. The Chair recognizes the gentleman organization dedicated to the edu- I urge my colleagues to join me in from Florida. cational, political, economic and cul- supporting this resolution. I commend GENERAL LEAVE tural development of African-American the sponsor of this resolution, DIANE Mr. DEUTCH. Mr. Speaker, I ask women and their families. WATSON from California. unanimous consent that all Members Mr. Speaker, Cynthia DeLores Tuck- Ms. EDDIE BERNICE JOHNSON of Texas. have 5 legislative days to revise and ex- er was a crusader for civil rights and Mr. Speaker, I rise today in support of H. Res. tend their remarks and include extra- the rights of women. Through her dedi- 1094 to commemorate the life of the late Cyn- neous material on the resolution under cation to voting rights and the civil thia DeLores Tucker, a civil rights activist and consideration. rights movement, she helped transform the first female, African-American Secretary of The SPEAKER pro tempore. Is there the perception of race and gender in State of any of our fifty states. objection to the request of the gen- the United States. C. DeLores Tucker was born in Philadel- tleman from Florida? I’d like to commend my colleague, phia, Pennsylvania in 1927 as the tenth of thir- There was no objection. Diane Watson, for introducing this res- teen children. She grew up during the Great Mr. DEUTCH. I yield myself such olution. It is important that this Na- Depression, and during this period she faced time as I may consume. tion remember and honor the out- large amounts of racism and economic hard- Mr. Speaker, House Resolution 1094 standing work of civil rights activists ship. She would later attend Temple University commemorates the life of the late Cyn- like Ms. Tucker. and the University of Pennsylvania, and in thia DeLores Tucker. Cynthia DeLores I urge my colleagues to support this 1951 she married her husband, Bill Tucker. Tucker dedicated her life to elimi- resolution, and I reserve the balance of In 1950, Ms. Tucker became active in the nating racial barriers by championing my time. civil rights movement and local politics when civil rights and the rights of women. In Mr. POE of Texas. Mr. Speaker, I she registered African-American voters for the particular, Ms. Tucker realized that yield myself as much time as I may Philadelphia mayoral campaign. She would voting was the most important civil consume. later go on to run for public office herself and right denied to African Americans and Mr. Speaker, in the last House reso- was elected to the Philadelphia Zoning Board the key to changing this country. She lution that we just discussed, Peace Of- where she became the first African-American spent her career in service to the prin- ficers Memorial Day, H. Res. 1299, I and the first woman to serve in this position.

VerDate Mar 15 2010 03:43 May 12, 2010 Jkt 089060 PO 00000 Frm 00013 Fmt 4634 Sfmt 9920 E:\CR\FM\A11MY7.003 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE H3292 CONGRESSIONAL RECORD — HOUSE May 11, 2010 Later, in 1971, she was named Secretary of Man had nothing to do with Him. If the first rules were suspended and the resolu- the Commonwealth of Pennsylvania making woman God ever made was strong enough to tion was agreed to. her the first female, African-American sec- turn the world upside down all alone, these A motion to reconsider was laid on women together ought to be able to turn it the table. retary of a state in the nation. back, and get it right side up again! And now The rights of African Americans and the they is asking to do it, the men better let f rights of women were never far from Mrs. them. CONGRATULATING THE NATURAL Tucker’s thoughts. In 1965, she participated in Obliged to you for hearing me, and now old RESOURCES CONSERVATION the White House Conference on Civil Rights, Sojourner ain’t got nothing more to say. SERVICE ON ITS 75TH ANNIVER- and she marched with Rev. Dr. Martin Luther Dr. Tucker did just this—she fought until the SARY King, Jr., from Selma, Alabama to Mont- fight was made, she spoke until ‘‘she ain’t gomery, Alabama in support of the 1965 Vot- Mr. HOLDEN. Mr. Speaker, I move to [had] nothing more to say.’’ For women’s suspend the rules and concur in the ing Rights Bill. She also founded the National rights, civil rights, the disenfranchised, or the concurrent resolution (S. Con. Res. 62) Congress of Black Women in order to aid in underrepresented, she stood up like a warrior congratulating the outstanding profes- the educational, political, economic, and cul- and a leader, and the progress she made will sional public servants, both past and tural development of African-American women be enjoyed by many for as long as man ex- present, of the Natural Resources Con- and their families. ists. As author Ron Daniels said in his opinion servation Service on the occasion of its Mr. Speaker, America lost a great soul and piece in the Madison Times, DeLores was not 75th anniversary. noble spirit with the passing of Cynthia afraid to denounce gang violence, fratricide, or The Clerk read the title of the con- DeLores Tucker. I ask my fellow colleagues to the denigration of women in rap lyrics; not current resolution. join me today in honoring her legacy by sup- afraid to implore our children to devote less The text of the concurrent resolution porting this resolution. Truly, she will be time to athletics and more to academics; and is as follows: missed. staunchly advocated excellence in education, S. CON. RES. 62 Ms. JACKSON LEE of Texas. Mr. Speaker, improved parenting skills, and the harnessing Whereas the well-being of the United I rise in support of H. Res. 1094: ‘‘Commemo- of our economic resources as a distinct mar- States is dependent on productive soils along rating the life of the late Cynthia DeLores ket. It did not have to be sexy, popular, or with abundant and high-quality water and Tucker.’’ self-promoting to be right for Dr. C. DeLores related natural resources; Although it has been almost five years since Tucker, and I had the privilege of standing Whereas the Natural Resources Conserva- the world lost a true pioneer and leader, but next to her in the trenches of the fight for tion Service (in this resolution referred to as the legacy of C. DeLores Tucker endures. Oc- ‘‘NRCS’’) was established as the Soil Con- equality. servation Service in the Department of Agri- tober 13, 2005 did not mark a tragedy; rather, Mr. Speaker, Dr. C. DeLores Tucker was a culture in 1935 to assist farmers, ranchers, it marked a day of celebration as to the close and valued friend for many years. Her and other landowners in protecting soil and achievements and legacy of a paragon of the crusade for women’s and civil rights served water resources on private lands; woman leader. It is an honor for me to stand not only as an inspiration to women, minori- Whereas Hugh Hammond Bennett, the first here today to celebrate the passing on of Dr. ties, and other traditionally disadvantaged Chief of the Soil Conservation Service and C. DeLores Tucker to her rightful place among groups, but to all of society, and her lifelong the ‘‘father of soil conservation’’, led the cre- other angels and saints. service indeed worked for its betterment. From ation of the modern soil conservation move- Dr. Tucker represented a major segment of her devout involvement in the Democratic ment that established soil and water con- servation as a national priority; African American and political history in the Party to her founding of the Philadelphia Mar- Whereas the NRCS, with the assistance of U.S. She was among the many women stal- tin Luther King, Jr., Association for Non-Vio- President Franklin D. Roosevelt, State gov- warts of our lifetime that led on so many dif- lent Change, she embodied the tenacity and ernments, and local partners, developed a ferent issues. The key aspect about Dr. Tuck- courage necessary to eradicate the disparities new mechanism of American conservation er’s efforts was that they were not for personal and bigotry that continues to constrain the at- service delivery, which brings together pri- gain. I would compare her to an eagle that tainment of equality. vate individuals with Federal, State, and spread its wings to help other women—not Of her many endearing qualities were the local governments to achieve common con- only African Americans, but all women. She fact that her service was never for personal servation objectives; Whereas the NRCS provides a vital public provided the wind and momentum for other gain and that it was boundless—she never service by supplying technical expertise and women to ascend to equality and a better hesitated to travel the extra mile to help oth- financial assistance to cooperating private quality of life. ers. This was evident in her singular work as landowners for the conservation of soil and Given the long fight that our dear DeLores the lead advocate to urge the recognition and water resources; and I endeavored together in the Halls of Con- honor of abolitionist Sojourner Truth with the Whereas the NRCS, as authorized by Con- gress, I ask your short indulgence as I cite an addition of her likeness to the statue com- gress, has developed and provided land con- excerpt from the words spoken by a similar memorating women’s suffrage in the rotunda servation programs that have resulted in the pioneer, Madame Sojourner Truth, in her of the United States Capitol. Bill, as you know, restoration and preservation of millions of acres of wetlands, forests, and grasslands ‘‘Ain’t I a Woman?’’ speech delivered at a her determined, passionate, and powerful ef- that provide innumerable benefits to the women’s rights convention in Akron, Ohio in forts have ultimately resulted in the honoring general public in the form of recreational op- 1851: of Sojourner Truth. Our own DeLores was in portunities, wildlife habitat, water quality, That man over there says that women need her own right a guiding light of truth. The love and reduced soil erosion; to be helped into carriages, and lifted over and devotion that she displayed in this en- Whereas the NRCS is the world leader in ditches, and to have the best place every- deavor continue to inspire legislators and sup- soil science and soil surveying; where. Nobody ever helps me into carriages, porters. Whereas the NRCS is the national leader in or over mud-puddles, or gives me any best the inventory of natural resources on private place! And ain’t I a woman? Look at me! b 1515 lands, providing national leaders and the Look at my arm! I have ploughed and plant- Mr. POE of Texas. I yield back the public with the status and trends related to ed, and gathered into barns, and no man balance of my time. these resources and helping forecast the could head me! And ain’t I a woman? I could Mr. DEUTCH. Mr. Speaker, I urge my availability of critical water supplies; work as much and eat as much as a man— Whereas the NRCS has helped communities when I could get it—and bear the lash as colleagues to commemorate the life develop and implement thousands of locally well! And ain’t I a woman? I have borne thir- and to honor the legacy of Cynthia led projects that continue to provide flood teen children, and seen most all sold off to DeLores Tucker by supporting this res- control, soil conservation, water supply, and slavery, and when I cried out with my moth- olution, and I yield back the balance of recreational benefits to all Americans, while er’s grief, none but Jesus heard me! And ain’t my time. providing business and job creation opportu- I a woman? . . . The SPEAKER pro tempore. The nities as well; If my cup won’t hold but a pint, and yours question is on the motion offered by Whereas since its establishment, the NRCS holds a quart, wouldn’t you be mean not to the gentleman from Florida (Mr. has developed, tested, and demonstrated con- let me have my little half measure full? servation practices, helped develop the Then that little man in black there, he DEUTCH) that the House suspend the science and art of conservation, and con- says women can’t have as much rights as rules and agree to the resolution, H. tinues to strive toward innovation; men, ‘cause Christ wasn’t a woman! Where Res. 1094. Whereas the NRCS encourages and works did your Christ come from? Where did your The question was taken; and (two- with landowners and land users to adopt con- Christ come from? From God and a woman! thirds being in the affirmative) the servation practices and technologies in a

VerDate Mar 15 2010 03:43 May 12, 2010 Jkt 089060 PO 00000 Frm 00014 Fmt 4634 Sfmt 0634 E:\CR\FM\A11MY7.022 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE May 11, 2010 CONGRESSIONAL RECORD — HOUSE H3293 voluntary manner to address natural re- Resources Conservation Service to to protect the safety of our rural com- source concerns; more accurately reflect its role in pro- munities by rehabilitating old dams Whereas NRCS employees serve in offices tecting all natural resources, not only and working to implement flood pre- in every State and territory, while other em- soil, but also air, water, plants, and vention programs. ployees assist other countries and govern- ments; animals. I would like to thank Chairman PE- Whereas while some NRCS employees work NRCS provides technical and finan- TERSON for his leadership in intro- directly with landowners, other employees cial assistance to landowners at local ducing a similar resolution I have co- serve in support of NRCS field operations, levels, thus recognizing the diversity of sponsored. I would also like to thank but all work toward a common goal of im- the land in this country and the unique my colleagues on the Ag Committee proving the condition of all natural re- concerns in each region. In fact, you who have helped to craft the greenest sources found on private lands, knowing will find NRCS field offices in nearly farm bills in recent history. But most when they succeed, all Americans benefit; every county in the Nation. NRCS importantly, I want to thank and con- and Whereas the NRCS has been ‘‘helping peo- helps local communities carry out gratulate the men and women of the ple, help the land’’ for 75 years: Now, there- thousands of conservation projects, Natural Resources Conservation Serv- fore, be it which often translate into opportuni- ice for their work in the field over the Resolved by the Senate (the House of Rep- ties for job creation and increased in- years, providing our producers with the resentatives concurring), That Congress— vestment in local communities. assistance to protect our natural re- (1) congratulates the outstanding con- Mr. Speaker, the United States de- sources. servation professionals of the Natural Re- pends as much today on productive And let me just say once again: rep- sources Conservation Service on the occasion soils and an abundant, high-quality resenting a part of the great State of of the 75th anniversary of the Natural Re- water supply as we did 75 years ago. In sources Conservation Service; Oklahoma that faced the greatest chal- (2) recognizes the vital role conservation fact, given the agricultural and envi- lenges of both the economic depression plays in the well-being of the United States; ronmental challenges we face, these of the 1930s and the Dust Bowl, those (3) expresses its continued commitment to programs are more important than good folks at what at that time was the conservation of natural resources on pri- ever. With this resolution we salute the the Soil Conservation Service, working vate lands in both the national interest and NRCS professionals, both past and with what we would now consider to be as a national priority; and present, who have worked alongside very primitive equipment, working to (4) recognizes the services that the Natural America’s local farmers and ranchers educate and encourage producers to Resources Conservation Service provides to for 75 years to help preserve our essen- the United States by helping farmers, ranch- adopt practices that would ultimately ers, and other landowners to protect soil, tial natural resources. make such a tremendous difference water, and related natural resources. I urge my colleagues to support this they have—what can you say? Whether resolution and to join me in recog- The SPEAKER pro tempore. Pursu- it’s the NRCS or the old Soil Conserva- nizing the great work of the USDA ant to the rule, the gentleman from tion Service, the same great people for Natural Resources Conservation Serv- Pennsylvania (Mr. HOLDEN) and the 75 years taking care of our natural re- ice. gentleman from Oklahoma (Mr. LUCAS) sources. Thank you. I reserve the balance of my time. each will control 20 minutes. I yield back the balance of my time. Mr. LUCAS. Mr. Speaker, I yield my- Mr. HOLDEN. I yield back the bal- The Chair recognizes the gentleman self as much time as I may consume. from Pennsylvania. ance of my time, Mr. Speaker, and urge Mr. Speaker, I rise in support of Sen- the passage of the resolution. GENERAL LEAVE ate Concurrent Resolution 62, which The SPEAKER pro tempore. The Mr. HOLDEN. Mr. Speaker, I ask recognizes the 75 years of service of the question is on the motion offered by unanimous consent that all Members National Resources Conservation Serv- the gentleman from Pennsylvania (Mr. may have 5 legislative days within ice, the NRCS. Created by Congress in HOLDEN) that the House suspend the which to revise and extend their re- 1935, the Soil Conservation Service, rules and concur in the concurrent res- marks on S. Con. Res. 62. now known as the NRCS, has worked olution, S. Con. Res. 62. The SPEAKER pro tempore. Is there hand-in-hand with local governments, The question was taken; and (two- objection to the request of the gen- organizations, farmers, ranchers, and thirds being in the affirmative) the tleman from Pennsylvania? other landowners to preserve and pro- rules were suspended and the concur- There was no objection. tect our Nation’s natural resources on rent resolution was concurred in. Mr. HOLDEN. Mr. Speaker, I yield private lands. A motion to reconsider was laid on myself as much time as I may con- Farmers were conserving long before the table. sume. it became a celebrated trend to ‘‘go Mr. Speaker, I rise today in support green’’. They have always had a vested f of S. Con. Res. 62, congratulating the interest in preserving the land that RECESS outstanding professional public serv- provides for them. Partnering with the The SPEAKER pro tempore. Pursu- ants, both past and present, of the NRCS, our producers are provided the ant to clause 12(a) of rule I, the Chair United States Department of Agri- scientific and technical assistance to declares the House in recess until ap- culture’s Natural Resources Conserva- implement the most advanced con- proximately 6:30 p.m. today. tion Service on the occasion of its 75th servation practices in the world. Accordingly (at 3 o’clock and 22 min- anniversary. Through the NRCS’s assistance and utes p.m.), the House stood in recess I am proud to say that Members on implementation of conservation pro- until approximately 6:30 p.m. both sides of the aisle support this res- grams, producers have voluntarily olution. I join Agriculture Committee worked to help reduce soil erosion, in- f Chairman COLLIN PETERSON, Ranking crease wetlands, and improve water b 1830 Member FRANK LUCAS, and many of my and air quality, meeting mounting gov- colleagues on the Agriculture Com- ernment regulations and preserving AFTER RECESS mittee in cosponsoring the House farmland and wildlife habitat. The en- The recess having expired, the House version of this resolution, which recog- vironmental gains produced on these was called to order by the Speaker pro nizes an important Federal agency that private lands provide benefits far be- tempore (Mrs. HALVORSON) at 6 o’clock has helped our farmers and ranchers yond the farm. and 30 minutes p.m. practice smart conservation on private The benefits of the NRCS’s assistance f land since its inception in 1935. are evident in my home State of Okla- Established by Congress in response homa. The conservation practices im- ANNOUNCEMENT BY THE SPEAKER to the Dust Bowl disaster that dev- plemented by the producers have re- PRO TEMPORE astated vast stretches of our land, the duced the removal of topsoil and pre- The SPEAKER pro tempore. Pursu- agency was originally known as the vented a recurrence of the disastrous ant to clause 8 of rule XX, proceedings Soil Conservation Service. In 1994, the conditions of the 1930s Dust Bowl from will resume on motions to suspend the agency’s name changed to the Natural ever happening again. NRCS also works rules previously postponed.

VerDate Mar 15 2010 03:43 May 12, 2010 Jkt 089060 PO 00000 Frm 00015 Fmt 4634 Sfmt 0634 E:\CR\FM\A11MY7.007 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE H3294 CONGRESSIONAL RECORD — HOUSE May 11, 2010 Votes will be taken in the following Hare McCarthy (CA) Ruppersberger b 1856 Harman McCarthy (NY) Ryan (OH) order: Harper McCaul Ryan (WI) Messrs. TEAGUE and TIAHRT and House Resolution 1294, by the yeas Hastings (FL) McClintock Salazar Ms. ROYBAL-ALLARD changed their and nays; Hastings (WA) McCollum Sa´ nchez, Linda vote from ‘‘nay’’ to ‘‘yea.’’ House Resolution 1328, by the yeas Heinrich McCotter T. Hensarling McDermott Sanchez, Loretta So (two-thirds being in the affirma- and nays; Herger McGovern Sarbanes tive) the rules were suspended and the House Resolution 1299, by the yeas Herseth Sandlin McHenry Scalise resolution was agreed to. and nays. Higgins McIntyre Schakowsky The result of the vote was announced Proceedings on House Concurrent Hill McMorris Schauer Himes Rodgers Schiff as above recorded. Resolution 268 will resume later in the Hinchey McNerney Schmidt A motion to reconsider was laid on week. Hinojosa Melancon Schock the table. The first electronic vote will be con- Hirono Mica Schrader Holden Michaud Schwartz Stated for: ducted as a 15-minute vote. Remaining Holt Miller (FL) Scott (GA) Mr. CONNOLLY of Virginia. Madam Speak- electronic votes will be conducted as 5- Honda Miller (MI) Scott (VA) er, on rollcall No. 256, had I been present, I minute votes. Hoyer Miller (NC) Sensenbrenner Hunter Miller, Gary Serrano would have voted ‘‘yea.’’ f Inslee Miller, George Sessions Israel Minnick Sestak f Issa Mitchell Shadegg SUPPORTING DESIGNATION OF NA- Jackson (IL) Moore (KS) Shea-Porter HONORING WILLIAM EARNEST TIONAL EXPLOSIVE ORDNANCE Jackson Lee Moore (WI) Sherman ‘‘ERNIE’’ HARWELL DISPOSAL DAY (TX) Moran (KS) Shimkus Jenkins Moran (VA) Shuler The SPEAKER pro tempore. The un- The SPEAKER pro tempore. The un- Johnson (GA) Murphy (CT) Shuster finished business is the vote on the mo- finished business is the vote on the mo- Johnson (IL) Murphy (NY) Simpson tion to suspend the rules and agree to Johnson, E. B. Murphy, Patrick Sires tion to suspend the rules and agree to Johnson, Sam Murphy, Tim Skelton the resolution, H. Res. 1328, on which the resolution, H. Res. 1294, on which Jones Myrick Slaughter the yeas and nays were ordered. the yeas and nays were ordered. Jordan (OH) Nadler (NY) Smith (NE) The Clerk read the title of the resolu- The Clerk read the title of the resolu- Kagen Napolitano Smith (NJ) tion. Kanjorski Neal (MA) Smith (TX) tion. Kaptur Neugebauer Smith (WA) The SPEAKER pro tempore. The The SPEAKER pro tempore. The Kennedy Nunes Snyder question is on the motion offered by question is on the motion offered by Kildee Nye Space the gentleman from New York (Mr. Kilpatrick (MI) Oberstar Spratt the gentleman from New York (Mr. Kilroy Obey Stark TOWNS) that the House suspend the TOWNS) that the House suspend the Kind Olson Stearns rules and agree to the resolution, H. rules and agree to the resolution, H. King (NY) Olver Stupak Res. 1328. Res. 1294. Kingston Ortiz Sullivan This will be a 5-minute vote. Kirkpatrick (AZ) Owens Sutton The vote was taken by electronic de- Kissell Pallone Tanner The vote was taken by electronic de- vice, and there were—yeas 388, nays 0, Klein (FL) Pascrell Taylor vice, and there were—yeas 394, nays 0, not voting 42, as follows: Kline (MN) Pastor (AZ) Teague not voting 36, as follows: Kosmas Paul Terry [Roll No. 256] Kratovil Paulsen Thompson (CA) [Roll No. 257] YEAS—388 Kucinich Pence Thompson (MS) YEAS—394 Lamborn Perlmutter Thompson (PA) Ackerman Burton (IN) Dicks Lance Perriello Thornberry Ackerman Butterfield Deutch Aderholt Butterfield Dingell Langevin Peterson Tiahrt Aderholt Buyer Diaz-Balart, L. Adler (NJ) Buyer Doggett Larsen (WA) Petri Tiberi Adler (NJ) Calvert Diaz-Balart, M. Akin Calvert Donnelly (IN) Larson (CT) Pingree (ME) Tierney Akin Camp Dicks Alexander Camp Doyle LaTourette Pitts Titus Alexander Campbell Dingell Altmire Campbell Dreier Latta Platts Tonko Altmire Cantor Doggett Andrews Cantor Driehaus Lee (NY) Poe (TX) Towns Andrews Capito Donnelly (IN) Arcuri Capito Duncan Levin Polis (CO) Tsongas Arcuri Capps Doyle Austria Capps Edwards (MD) Lewis (CA) Pomeroy Turner Austria Capuano Dreier Baca Capuano Edwards (TX) Lewis (GA) Posey Upton Bachmann Cardoza Driehaus Bachmann Cardoza Ehlers Linder Price (GA) Van Hollen Bachus Carnahan Duncan Bachus Carnahan Ellison Lipinski Price (NC) Vela´ zquez Baird Carney Edwards (MD) Baird Carney Ellsworth LoBiondo Putnam Visclosky Baldwin Carson (IN) Edwards (TX) Baldwin Carson (IN) Emerson Loebsack Quigley Walden Barrow Carter Ehlers Barrow Carter Eshoo Lofgren, Zoe Rahall Walz Bartlett Cassidy Ellison Bartlett Cassidy Etheridge Lowey Rangel Watson Barton (TX) Castle Ellsworth Barton (TX) Castle Farr Lucas Rehberg Watt Bean Castor (FL) Emerson Bean Castor (FL) Fattah Luetkemeyer Reichert Waxman Becerra Chaffetz Eshoo Becerra Chaffetz Filner Luja´ n Richardson Weiner Berkley Chandler Etheridge Berkley Chandler Flake Lummis Roe (TN) Welch Berman Childers Farr Berman Childers Fleming Lungren, Daniel Rogers (AL) Westmoreland Biggert Chu Fattah Biggert Chu Forbes E. Rogers (KY) Whitfield Bilbray Clarke Filner Bilbray Clay Fortenberry Mack Rogers (MI) Wilson (OH) Bilirakis Clay Flake Bilirakis Cleaver Foster Maffei Rohrabacher Wilson (SC) Bishop (GA) Cleaver Fleming Bishop (GA) Clyburn Foxx Maloney Rooney Wittman Bishop (NY) Clyburn Forbes Bishop (NY) Coble Frank (MA) Manzullo Ros-Lehtinen Wolf Blackburn Coble Fortenberry Blackburn Coffman (CO) Franks (AZ) Marchant Roskam Woolsey Blumenauer Coffman (CO) Foster Blumenauer Cohen Frelinghuysen Markey (MA) Ross Wu Boccieri Cohen Foxx Boccieri Conaway Fudge Marshall Rothman (NJ) Yarmuth Boehner Conaway Frank (MA) Boehner Conyers Gallegly Matheson Roybal-Allard Young (AK) Bonner Connolly (VA) Franks (AZ) Bonner Cooper Garamendi Matsui Royce Young (FL) Bono Mack Conyers Frelinghuysen Bono Mack Costa Garrett (NJ) Boozman Cooper Fudge Boozman Costello Gerlach NOT VOTING—42 Boren Costa Gallegly Boren Courtney Giffords Boswell Costello Garamendi Boswell Crenshaw Gingrey (GA) Barrett (SC) Gutierrez Mollohan Boucher Courtney Garrett (NJ) Boucher Crowley Gonzalez Berry Heller Payne Boustany Crenshaw Gerlach Boustany Cuellar Goodlatte Bishop (UT) Hodes Peters Boyd Crowley Giffords Boyd Culberson Gordon (TN) Blunt Hoekstra Radanovich Brady (PA) Cuellar Gingrey (GA) Brady (PA) Cummings Granger Cao Inglis Reyes Brady (TX) Culberson Gonzalez Brady (TX) Dahlkemper Graves Clarke King (IA) Rodriguez Braley (IA) Cummings Goodlatte Braley (IA) Davis (CA) Grayson Cole Kirk Rush Bright Dahlkemper Gordon (TN) Bright Davis (IL) Green, Al Connolly (VA) Latham Souder Broun (GA) Davis (CA) Granger Broun (GA) Davis (KY) Green, Gene Davis (AL) Lee (CA) Brown (SC) Davis (IL) Graves Speier Brown (SC) DeGette Griffith Davis (TN) Lynch Brown, Corrine Davis (KY) Grayson Wamp Brown, Corrine DeLauro Grijalva DeFazio Markey (CO) Brown-Waite, DeFazio Green, Al Wasserman Brown-Waite, Dent Guthrie Delahunt McKeon Ginny DeGette Green, Gene Ginny Deutch Hall (NY) Engel McMahon Schultz Buchanan Delahunt Griffith Buchanan Diaz-Balart, L. Hall (TX) Fallin Meek (FL) Waters Burgess DeLauro Guthrie Burgess Diaz-Balart, M. Halvorson Gohmert Meeks (NY) Burton (IN) Dent Hall (NY)

VerDate Mar 15 2010 03:43 May 12, 2010 Jkt 089060 PO 00000 Frm 00016 Fmt 4634 Sfmt 0634 E:\CR\FM\K11MY7.040 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE May 11, 2010 CONGRESSIONAL RECORD — HOUSE H3295 Hall (TX) Matheson Rothman (NJ) ANNOUNCEMENT BY THE SPEAKER PRO TEMPORE On behalf of the Members of this Halvorson Matsui Roybal-Allard The SPEAKER pro tempore (during Hare McCarthy (CA) Royce body, I want to express condolences for Harman McCarthy (NY) Ruppersberger the vote). There are 2 minutes remain- their loss; on behalf of my wife, Lisa; Harper McCaul Ryan (OH) ing in the vote. all of the Members of this body; all Hastings (FL) McClintock Ryan (WI) present and former colleagues. Hastings (WA) McCollum Salazar b 1904 Heinrich McCotter Sa´ nchez, Linda At this point, I am happy to yield to Hensarling McDermott T. So (two-thirds being in the affirma- my colleague from North Carolina, the Herger McGovern Sanchez, Loretta tive) the rules were suspended and the dean of our delegation, Mr. COBLE. Herseth Sandlin McHenry Sarbanes resolution was agreed to. Mr. COBLE. I thank the gentleman Higgins McIntyre Scalise The result of the vote was announced Hill McKeon Schakowsky from North Carolina for yielding. Himes McMahon Schauer as above recorded. ‘‘Hail fellow well met’’ were words Hinchey McMorris Schiff A motion to reconsider was laid on coined with Ike Andrews in mind. One Hinojosa Rodgers Schmidt the table. Hirono McNerney Schock could have met Ike for the first time, Hodes Melancon Schrader f and he left thinking he’d known him Holden Mica Schwartz MOMENT OF SILENCE IN MEMORY for years. He was indeed ‘‘hail fellow Holt Michaud Scott (VA) well met,’’ and I am pleased to join my Honda Miller (FL) Sensenbrenner OF FORMER REPRESENTATIVE Hoyer Miller (MI) Serrano IKE ANDREWS OF NORTH CARO- friend from North Carolina and my Hunter Miller (NC) Sessions LINA other colleagues in honoring the mem- Inslee Miller, Gary Sestak ory of Ike Andrews. Israel Miller, George Shadegg (Mr. PRICE of North Carolina asked Mr. PRICE of North Carolina. I Issa Minnick Shea-Porter and was given permission to address thank my colleague. Jackson (IL) Mitchell Sherman the House for 1 minute.) Jackson Lee Moore (KS) Shimkus Now, Madam Speaker, I’d like to ask Mr. PRICE of North Carolina. Madam (TX) Moore (WI) Shuler that we observe a moment of silence in Jenkins Moran (KS) Shuster Speaker, I rise today on behalf of the honor of the memory of former Rep- Johnson (GA) Moran (VA) Simpson North Carolina delegation to note with Johnson (IL) Murphy (NY) Sires resentative Ike Andrews. sadness the passing of former Rep- Johnson, E. B. Murphy, Patrick Skelton The SPEAKER pro tempore. The Johnson, Sam Murphy, Tim Slaughter resentative Ike Andrews, who rep- Chair would ask all present to rise for Jones Myrick Smith (NE) resented North Carolina’s Fourth Con- Jordan (OH) Nadler (NY) Smith (NJ) the purpose of a moment of silence. Kagen Napolitano Smith (TX) gressional District from the 93rd to the Kanjorski Neal (MA) Smith (WA) 98th Congress, 1973 to 1984. f Kaptur Neugebauer Snyder Ike Andrews rose from humble begin- Kennedy Nunes Space nings in the small town of Bonlee in PEACE OFFICERS MEMORIAL DAY Kildee Nye Spratt Kilpatrick (MI) Oberstar Stark Chatham County, North Carolina, to The SPEAKER pro tempore. Without Kilroy Obey Stearns the Halls of Congress, and he never for- objection, 5-minute voting will con- Kind Olson Stupak got his small town roots. He main- tinue. King (IA) Olver Sullivan There was no objection. King (NY) Ortiz Sutton tained a modest demeanor that some- Kingston Owens Tanner times belied the depth of his knowledge The SPEAKER pro tempore. The un- Kirkpatrick (AZ) Pallone Taylor on complicated policy issues. finished business is the vote on the mo- Kissell Pascrell Teague Ike’s service to his county began as tion to suspend the rules and agree to Kline (MN) Pastor (AZ) Terry Kosmas Paul Thompson (CA) an Army master sergeant. Ike served the resolution, H. Res. 1299, on which Kratovil Paulsen Thompson (MS) his country during World War II as a the yeas and nays were ordered. Kucinich Pence Thompson (PA) field artillery forward observer, earn- The Clerk read the title of the resolu- Lamborn Perlmutter Thornberry tion. Lance Perriello Tiahrt ing a Purple Heart and a Bronze Star. Langevin Peters Tiberi When Ike came back from the war, he The SPEAKER pro tempore. The Larsen (WA) Peterson Tierney earned both an undergraduate and a question is on the motion offered by Larson (CT) Petri Titus law degree from the University of the gentleman from Florida (Mr. Latham Pingree (ME) Tonko LaTourette Pitts Towns North Carolina at Chapel Hill, begin- DEUTCH) that the House suspend the Latta Platts Tsongas ning a long relationship, a lifetime re- rules and agree to the resolution, H. Lee (NY) Poe (TX) Turner lationship with that school. Res. 1299. Levin Polis (CO) Upton This is a 5-minute vote. Lewis (CA) Pomeroy Van Hollen Before coming to Congress, Ike Linder Posey Vela´ zquez served as both a North Carolina State The vote was taken by electronic de- Lipinski Price (GA) Visclosky senator and a State representative ad- vice, and there were—yeas 395, nays 0, LoBiondo Price (NC) Walden vancing the cause of desegregation in not voting 35, as follows: Loebsack Putnam Walz Lofgren, Zoe Quigley Watson North Carolina’s schools. His work in [Roll No. 258] Lowey Rahall Watt North Carolina was an opening act to a YEAS—395 Lucas Rangel Waxman congressional career particularly de- Luetkemeyer Rehberg Weiner Ackerman Boehner Capuano Luja´ n Reichert Welch voted to the cause of education. Edu- Aderholt Bonner Cardoza Lummis Reyes Westmoreland cation changed his life, and he wanted Adler (NJ) Bono Mack Carnahan Lungren, Daniel Richardson Whitfield Akin Boozman Carney to make sure that other people of mod- Alexander Boren Carson (IN) E. Roe (TN) Wilson (OH) est means would have the same oppor- Mack Rogers (AL) Wilson (SC) Altmire Boswell Carter Maffei Rogers (KY) Wittman tunity. Andrews Boucher Cassidy Maloney Rogers (MI) Wolf In Congress he served as chairman of Arcuri Boustany Castle Austria Boyd Castor (FL) Manzullo Rohrabacher Woolsey the Education and Labor Committee’s Marchant Rooney Wu Baca Brady (PA) Chaffetz Markey (CO) Ros-Lehtinen Yarmuth Human Resources Subcommittee, Bachmann Brady (TX) Chandler Markey (MA) Roskam Young (AK) where he worked to advance vol- Bachus Braley (IA) Childers Marshall Ross Young (FL) Baird Bright Chu unteerism programs and programs to Baldwin Broun (GA) Clarke reduce juvenile delinquency. NOT VOTING—36 Barrow Brown (SC) Clay When I was elected to this body 2 Bartlett Brown, Corrine Cleaver Baca Gutierrez Payne years after Ike had left it, he was al- Barton (TX) Brown-Waite, Clyburn Barrett (SC) Heller Radanovich Bean Ginny Coble Berry Hoekstra Rodriguez ways there to offer advice and encour- Becerra Buchanan Coffman (CO) Bishop (UT) Inglis Rush agement. Today, as I think of his work Berkley Burgess Cohen Blunt Kirk Scott (GA) in this body, I acknowledge with appre- Berman Burton (IN) Conaway Cao Klein (FL) Souder Biggert Butterfield Connolly (VA) Cole Lee (CA) ciation that it helped shape North Bilbray Buyer Cooper Speier Carolina’s Triangle region as we know Davis (AL) Lewis (GA) Wamp Bilirakis Calvert Costa Davis (TN) Lynch Bishop (GA) Camp Costello Wasserman it today, a vibrant place of learning Engel Meek (FL) Bishop (NY) Campbell Courtney Schultz and research and innovation. Fallin Meeks (NY) Blackburn Cantor Crenshaw Waters Gohmert Mollohan Ike Andrews is survived by his wife, Blumenauer Capito Crowley Grijalva Murphy (CT) JoAnne, and his daughter, Alice. Boccieri Capps Cuellar

VerDate Mar 15 2010 03:43 May 12, 2010 Jkt 089060 PO 00000 Frm 00017 Fmt 4634 Sfmt 0634 E:\CR\FM\A11MY7.026 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE H3296 CONGRESSIONAL RECORD — HOUSE May 11, 2010 Culberson Kanjorski Perlmutter Walz Whitfield Wu nication from the Clerk of the House of Cummings Kaptur Perriello Watt Wilson (OH) Yarmuth Representatives: Dahlkemper Kennedy Peters Waxman Wilson (SC) Young (AK) Davis (CA) Kildee Peterson Weiner Wittman Young (FL) OFFICE OF THE CLERK, Davis (IL) Kilpatrick (MI) Petri Welch Wolf HOUSE OF REPRESENTATIVES, Davis (KY) Kilroy Pingree (ME) Westmoreland Woolsey Washington, DC, May 11, 2010. DeFazio Kind Pitts NOT VOTING—35 Hon. NANCY PELOSI, DeGette King (IA) Platts The Speaker, House of Representatives, Wash- Delahunt King (NY) Poe (TX) Barrett (SC) Heller Mollohan DeLauro Kingston Polis (CO) Berry Hoekstra Payne ington, DC. Dent Kirkpatrick (AZ) Pomeroy Bishop (UT) Inglis Radanovich DEAR MADAM SPEAKER: Pursuant to the Deutch Kissell Posey Blunt Kirk Rodriguez permission granted in Clause 2(h) of Rule II Diaz-Balart, L. Klein (FL) Price (GA) Cao LaTourette Rush of the Rules of the U.S. House of Representa- Diaz-Balart, M. Kline (MN) Price (NC) Cole Lee (CA) Souder tives, I have the honor to transmit a sealed Dicks Kosmas Putnam Conyers Lowey Speier envelope received from the White House on Dingell Kratovil Quigley Davis (AL) Lynch Wamp Monday, May 11, 2010 at 5:09 p.m., and said to Davis (TN) McKeon Wasserman Doggett Kucinich Rahall contain a message from the President where- Donnelly (IN) Lamborn Rangel Fallin Meek (FL) Schultz Doyle Lance Rehberg Gohmert Meeks (NY) Waters by he submits the 2010 National Drug Control Dreier Langevin Reichert Gutierrez Melancon Watson Strategy. Driehaus Larsen (WA) Reyes With best wishes, I am ANNOUNCEMENT BY THE SPEAKER PRO TEMPORE Duncan Larson (CT) Richardson Sincerely, Edwards (MD) Latham Roe (TN) The SPEAKER pro tempore (during LORRAINE C. MILLER, Edwards (TX) Latta Rogers (AL) the vote). There is 1 minute remaining Clerk of the House. Ehlers Lee (NY) Rogers (KY) in this vote. Ellison Levin Rogers (MI) f Ellsworth Lewis (CA) Rohrabacher b 1917 Emerson Lewis (GA) Rooney 2010 NATIONAL DRUG CONTROL Engel Linder Ros-Lehtinen So (two-thirds being in the affirma- STRATEGY—MESSAGE FROM THE Eshoo Lipinski Roskam tive) the rules were suspended and the PRESIDENT OF THE UNITED Etheridge LoBiondo Ross resolution was agreed to. Farr Loebsack Rothman (NJ) STATES (H. DOC. NO. 111–107) The result of the vote was announced Fattah Lofgren, Zoe Roybal-Allard The SPEAKER pro tempore laid be- Filner Lucas Royce as above recorded. fore the House the following message Flake Luetkemeyer Ruppersberger A motion to reconsider was laid on ´ from the President of the United Fleming Lujan Ryan (OH) the table. Forbes Lummis Ryan (WI) States; which was read and, together Fortenberry Lungren, Daniel Salazar f with the accompanying papers, referred Foster E. Sa´ nchez, Linda Foxx Mack T. PERSONAL EXPLANATION to the Committees on Armed Services, Frank (MA) Maffei Sanchez, Loretta Education and Labor, Energy and Com- Mr. GUTIERREZ. Madam Speaker, I was Franks (AZ) Maloney Sarbanes merce, Foreign Affairs, Homeland Se- unavoidably absent for votes in the House Frelinghuysen Manzullo Scalise curity, the Judiciary, Natural Re- Fudge Marchant Schakowsky chamber today. I would like the RECORD to sources, Oversight and Government Re- Gallegly Markey (CO) Schauer show that, had I been present, I would have Garamendi Markey (MA) Schiff form, Small Business, Transportation voted ‘‘yea’’ on rollcall votes 256, 257 and Garrett (NJ) Marshall Schmidt and Infrastructure, Veterans’ Affairs, 258. Gerlach Matheson Schock and Ways and Means and ordered to be Giffords Matsui Schrader f Gingrey (GA) McCarthy (CA) Schwartz printed: Gonzalez McCarthy (NY) Scott (GA) REPORT ON RESOLUTION PRO- To the Congress of the United States: Goodlatte McCaul Scott (VA) VIDING FOR CONSIDERATION OF Gordon (TN) McClintock Sensenbrenner I am pleased to transmit the 2010 Na- Granger McCollum Serrano H.R. 5116, AMERICA COMPETES tional Drug Control Strategy, a blue- Graves McCotter Sessions REAUTHORIZATION ACT OF 2010 print for reducing illicit drug use and Grayson McDermott Sestak Green, Al McGovern Shadegg Mr. ARCURI, from the Committee on its harmful consequences in America. I Green, Gene McHenry Shea-Porter Rules, submitted a privileged report am committed to restoring balance in Griffith McIntyre Sherman (Rept. No. 111–479) on the resolution (H. our efforts to combat the drug prob- Grijalva McMahon Shimkus lems that plague our communities. Guthrie McMorris Shuler Res. 1344) providing for consideration Hall (NY) Rodgers Shuster of the bill (H.R. 5116) to invest in inno- While I remain steadfast in my com- Hall (TX) McNerney Simpson vation through research and develop- mitment to continue our strong en- Halvorson Mica Sires ment, to improve the competitiveness forcement efforts, especially along the Hare Michaud Skelton Harman Miller (FL) Slaughter of the United States, and for other pur- southwest border, I directed the Office Harper Miller (MI) Smith (NE) poses, which was referred to the House of National Drug Control Policy to re- Hastings (FL) Miller (NC) Smith (NJ) Calendar and ordered to be printed. engage in efforts to prevent drug use Hastings (WA) Miller, Gary Smith (TX) and addiction and to make treatment Heinrich Miller, George Smith (WA) f Hensarling Minnick Snyder available for those who seek recovery. Herger Mitchell Space PRIVILEGED REPORT ON RESOLU- This new, balanced approach will ex- Herseth Sandlin Moore (KS) Spratt TION OF INQUIRY TO SEC- pand efforts for the three critical ways Higgins Moore (WI) Stark RETARY OF THE INTERIOR Hill Moran (KS) Stearns that we can address the drug problem: Himes Moran (VA) Stupak Mr. GRIJALVA, from the Committee prevention, treatment, and law en- Hinchey Murphy (CT) Sullivan on Natural Resources, submitted a forcement. Hinojosa Murphy (NY) Sutton privileged report (Rept. No. 111–480) on Drug use endangers the health and Hirono Murphy, Patrick Tanner Hodes Murphy, Tim Taylor the resolution (H. Res. 1254) directing safety of every American, depletes fi- Holden Myrick Teague the Secretary of the Interior to trans- nancial and human resources, and Holt Nadler (NY) Terry mit to the House of Representatives deadens the spirit of many of our com- Honda Napolitano Thompson (CA) Hoyer Neal (MA) Thompson (MS) certain information relating to the munities. Whether struggling with an Hunter Neugebauer Thompson (PA) Secretary’s Treasured Landscape Ini- addiction, worrying about a loved one’s Inslee Nunes Thornberry tiative, potential designation of Na- substance abuse, or being a victim of Israel Nye Tiahrt tional Monuments, and High Priority drug-related crime, millions of people Issa Oberstar Tiberi Jackson (IL) Obey Tierney Land-Rationalization Efforts, which in this country live with the dev- Jackson Lee Olson Titus was referred to the House Calendar and astating impact of illicit drug use (TX) Olver Tonko ordered to be printed. every day. This stark reality demands Jenkins Ortiz Towns Johnson (GA) Owens Tsongas f a new direction in drug policy—one Johnson (IL) Pallone Turner based on common sense, sound science, Johnson, E. B. Pascrell Upton COMMUNICATION FROM THE and practical experience. That is why Johnson, Sam Pastor (AZ) Van Hollen CLERK OF THE HOUSE my new Strategy includes efforts to Jones Paul Vela´ zquez Jordan (OH) Paulsen Visclosky The SPEAKER pro tempore laid be- educate young people who are the most Kagen Pence Walden fore the House the following commu- at-risk about the dangers of substance

VerDate Mar 15 2010 04:01 May 12, 2010 Jkt 089060 PO 00000 Frm 00018 Fmt 4634 Sfmt 0634 E:\CR\FM\A11MY7.027 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE May 11, 2010 CONGRESSIONAL RECORD — HOUSE H3297 abuse, allocates unprecedented funding for 1 minute and to revise and extend RECOGNIZING PLYMOUTH FIRE for treatment efforts in federally quali- her remarks.) CAPTAIN TOM EVENSON AND fied health centers, reinvigorates drug Ms. ROS-LEHTINEN. Madam Speak- FIREFIGHTER ANN KORSMO courts and other criminal justice inno- er, tomorrow I will be cohosting a (Mr. PAULSEN asked and was given vations, and strengthens our enforce- briefing to honor the courage and the permission to address the House for 1 ment efforts to rid our streets of the sacrifice of those struggling for free- minute and to revise and extend his re- drug dealers who infect our commu- dom in Cuba. In the last few months, marks.) nities. the regime has only stepped up its vi- Mr. PAULSEN. Madam Speaker, I I am confident that if we take these cious repression. rise today to recognize two heroes from needed steps, we will make our country Orlando Zapata Tamayo, a coura- my district who went above and beyond stronger, our people healthier, and our geous human rights activist, recently their call of duty. Plymouth Fire Cap- streets safer. If we boost community- lost his life at the hands of the tyr- tain Tom Evenson and Volunteer Fire- based prevention efforts, expand treat- anny. Las Damas de Blanco, the Ladies fighter Ann Korsmo recently received ment opportunities, strengthen law en- in White, endured physical attacks by the Firefighters Heroes Award from the forcement capabilities, and work col- Cuban security thugs. And each day, laboratively with our global partners, Twin Cities chapter of the American Guillermo Farinas’ health continues to Red Cross. we will reduce drug use and its result- worsen as the calls for freedom in Cuba ing damage. After learning about a local family remain unanswered. who suffered severe burns during a While I am proud of the new direc- Jenisset Rivero from the Cuban home fire incident, these firefighters tion described here, a well-crafted Democratic Directorate will join us to decided to provide a fire safety course strategy is only as successful as its im- discuss these and other recent assaults to the family to help them overcome plementation. To succeed, we will need by the dictatorship in Cuba. I welcome their fear and avoid similar problems to rely on the hard work, dedication, and urge you to join us for this impor- in the future. When they came to dis- and perseverance of every concerned tant briefing tomorrow at noon in 2253 cover the grandmother, who cares for American. I look forward to working Rayburn. the family’s children, was deaf, they with the Congress, Federal, State, and See you there. local officials, tribal leaders, and citi- reached out to a local hearing profes- f zens across the country as we imple- sional and were able to get a $6,000 pair ment this Strategy and make our com- ON THE RETIREMENT OF SENIOR of hearing aids charitably donated. munities better places to live, work, AIRMAN JON B. TURNEY Madam Speaker, the selfless service and raise our families. (Mr. CONAWAY asked and was given of people like Tom Evenson and Ann BARACK OBAMA. permission to address the House for 1 Korsmo is what makes our commu- THE WHITE HOUSE, May 11, 2010. minute and to revise and extend his re- nities and our country great, and I am f marks.) proud to recognize them here today. HONORING THE LIFE OF EDWARD Mr. CONAWAY. Madam Speaker, I f BOWMAN, SR. rise today to pay a small tribute to an POLICE WEEK exceptionally accomplished con- (Mr. MURPHY of Connecticut asked stituent hailing from Santa Anna, (Mr. THOMPSON of Pennsylvania and was given permission to address Texas—Senior Airman Jon B. Turney. asked and was given permission to ad- the House for 1 minute and to revise Senior Airman Turney recently distin- dress the House for 1 minute and to re- and extend his remarks.) guished himself as an MQ–9 remotely vise and extend his remarks.) Mr. MURPHY of Connecticut. Madam piloted aircraft instructor sensor oper- Mr. THOMPSON of Pennsylvania. Speaker, I rise today in honor of the ator with the 29th Attack Squadron, Madam Speaker, this week is Police life of a great man and constituent, Mr. 49th Operations Group, 49th Fighter Week, which has a particular resonance Edward Bowman, Sr. of Cheshire. here in Washington, home to the Na- In my hometown of Cheshire, Con- Wing. With just over 3 years in the Air Force, Airman Turney has been inte- tional Peace Officers Memorial. Tues- necticut, there aren’t many traffic day, there was a Blue Mass at St. Pat- jams, but on the day of his burial pro- gral to the success of the remotely pi- loted aircraft community. rick’s Catholic Church in honor of the cession, Ed Bowman caused one heck of men and women killed in 2009 in the a mess that virtually closed down He has flown 364 instructional hours, resulting in 92 qualified MQ–9 sensor line of duty. On Thursday, there is a Route 10. Hundreds turned out to pay candlelight vigil in the memory of the respects to Cheshire’s hero, a giant in operators. These operators have joined overseas contingency operations in 117 police officers who gave the last business and in charity. full measure of devotion to protect us One of Cheshire’s leading business- support of Operations Iraqi and Endur- ing Freedom. He personally created an from criminals. men, the owner of White-Bowman, Ed In my State of Pennsylvania, seven was an even better volunteer and com- MQ–9 community of practice, providing real-time and easily accessible re- officers died in the last year. Among munity cheerleader. If you volunteered them was State Trooper Paul G. at the St. Bridget food drive, Ed Bow- motely piloted aircraft data to users Air Force wide. He assisted with the Richey, who was killed in Oil City in man was there packing grocery bags my congressional district. He left a next to you; if you cared about youth creation of a new draft of Air Force tactics, techniques and procedures for wife and two children. sports, Ed Bowman was chalking the Only Texas, Florida and California ball field with you; and if you were in- the MQ–9, positively impacting oper- ations Air Force wide. Finally, in his had more police deaths than Pennsyl- terested in helping kids go to college, vania. The number of deaths from gun- Ed Bowman was right there with you free time he is active in charity and is pursuing a bachelor’s degree. fire is up 21 percent, from 38 last year hustling for scholarships. to 46. He was a rarity among us. He served These accomplishments along with his technical and leadership skills Many of the events of Police Week not because he wanted any acclama- help raise awareness and funding for tion but because his Catholic faith told earned him the 29th Attack Squadron Airman of the Year for 2009 and a place Concerns of Police Survivors or COPS, him it was the right thing to do. a nonprofit organization. Proceeds help He leaves behind eight children and as one of the Air Force’s 2010 Team of the family members of fallen officers— 25 grandchildren—a family that has the Year members. a worthy cause. simply picked up where its patriarch On behalf of the people of Central and left off. Ed Bowman was Cheshire, and West Texas, I thank Senior Airman f the Bowman family is Cheshire. Turney for his exemplary service to his b 1930 f country and look forward to following his future success. I wish both he and SPECIAL ORDERS CUBA DAY his young family all the happiness and The SPEAKER pro tempore. Under (Ms. ROS-LEHTINEN asked and was good health that God can grant them; the Speaker’s announced policy of Jan- given permission to address the House and may God bless them all. uary 6, 2009, and under a previous order

VerDate Mar 15 2010 04:01 May 12, 2010 Jkt 089060 PO 00000 Frm 00019 Fmt 4634 Sfmt 0634 E:\CR\FM\A11MY7.032 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE H3298 CONGRESSIONAL RECORD — HOUSE May 11, 2010 of the House, the following Members celeration of the redeployment plan, of pounds of illegal drugs, and hundreds will be recognized for 5 minutes each. because our continued military pres- of illegal lawbreakers from foreign f ence is a key factor in motivating mili- countries. He guarded a 31-mile stretch tants to acts of unspeakable terror. of our Nation’s southern boundary. IRAQ’S MOST VIOLENT DAY OF We’re doing as much to engender vio- Kris was shot and killed in the line of THE YEAR lence as to tamp it down. We’re doing duty at Organ Pipe Cactus National The SPEAKER pro tempore. Under a as much to undermine security as we Monument on August 9, 2002. He was previous order of the House, the gentle- are to contributing to it. Only by end- pursuing members of a drug cartel hit woman from California (Ms. WOOLSEY) ing our military occupation and replac- squad. They fled into the United States is recognized for 5 minutes. ing it with a civilian surge can we hope after committing a string of murders Ms. WOOLSEY. Madam Speaker, to foster peace, stability, and democ- in Mexico. Kris was 28 years of age Monday, yesterday, was the most vio- racy in Iraq. when he was mowed down by these lent day so far this year in Iraq. In The men and women of our armed narco-terrorists in Arizona. what the Associated Press called a ‘‘re- services have performed their duties Our Border Patrol agents are under lentless cascade of bombings and shoot- with honor and courage. They are not constant assault. Not counting the ings,’’ insurgents killed more than 100 to blame for a failed policy, Madam murders, Madam Speaker, I have a people, not to mention hundreds of Speaker. But for their safety and for chart here that illustrates just in the wounded and maimed, in a series of co- the good of Iraq and for the good of the last few years assaults on our Border ordinated attacks. Both civilian and future of the Iraqi civilians and their Patrol agents. These are the men and security forces came under siege: a country, let’s bring our troops home. women on the border, protecting us bombing outside a restaurant in Kut from people crossing in. Going back to f province; another at the mayor’s office 2004, there were about 300, almost 400 in Tarmiya; another at a market in The SPEAKER pro tempore. Under a assaults on our border agents. In 2005, Suwayra; and security checkpoints previous order of the House, the gen- about 680. 2006, 750. And then 2007, 2008, throughout Baghdad hit by gunmen tleman from Kansas (Mr. MORAN) is and 2009, all about a thousand assaults disguised as street cleaners. recognized for 5 minutes. on our border agents. Most of these as- At a textile factory in the city of (Mr. MORAN of Kansas addressed the saults, Madam Speaker, are committed Hillah, the bombing was timed at the House. His remarks will appear here- by people crossing the border into the end of a shift, maximizing the blood- after in the Extensions of Remarks.) United States illegally and committing shed and the casualties. When people f assaults on our Border Patrol agents. rushed to help the wounded, a suicide ASSAULT ON THE BORDER For some reason, we don’t hear much bomber detonated his explosives in the PATROL about it in the national media. They crowd, just adding to the carnage. Ac- seem to be concerned about other cording to the AP account, the wound- The SPEAKER pro tempore. Under a issues. ed in Hillah could be heard cursing previous order of the House, the gen- Madam Speaker, we have here what their government for its inability to tleman from Texas (Mr. POE) is recog- the Border Patrol agents call the ‘‘war protect them. nized for 5 minutes. wagon.’’ This is called the war wagon A few years ago, you’ll remember we Mr. POE of Texas. It’s National Po- because they modify their Border Pa- were told the insurgency was in its lice Week, where we honor the lawmen trol vehicles, their pickup trucks, and ‘‘last throes.’’ But it is clearly capable and the women who protect this great they put wire mesh screens over the of wreaking havoc—and doing so with Nation. As we pause to recognize the front windshields, over the side win- precision and sophisticated planning. service and sacrifice of all U.S. law en- dows. They even protect the lights on The continuing political instability in forcement officers, we also need to re- top because when they get close to the Iraq is contributing to the chaos, as member the men and women who work border, people from foreign countries the elections held more than 2 months on the border, our Border Patrol that are trying to come into the United ago have yet to produce a clear winner agents. Some have sacrificed their States pelt our Border Patrol agents and a new government. There’s real lives putting themselves between the with rocks, and they destroy their ve- danger, Madam Speaker, that if the bad guys and us. We owe their families hicles. They also happen to harm our Sunnis are not given a stake in the new a great debt for those sacrifices, like Border Patrol agents. So they have to government, we could see the kind of U.S. Border Patrol Senior Patrol Agent improvise these war wagons to protect sectarian strife bordering on civil war Luis Aguilar, who was killed in the line themselves from assaults. that exploded in Iraq just a few years of duty in 2008. Agent Aguilar was at- During this Police Week, Madam ago. tempting to deploy a set of road spikes Speaker, when we remember peace offi- With most of the recent attention on to stop a narco-terrorist drug smug- cers in this country that were killed, Afghanistan, this onslaught serves as a gler. The drug smuggler attempted to we need to remember the Border Patrol chilling reminder of just how dan- evade our agents and escape back into agents that do their duty every day gerous and unstable Iraq remains. Fear Mexico across the Imperial Sand Dunes trying to protect our porous border, be- and violence remain a way of life. We in the Yuma sector of Arizona. The cause they don’t get the resources the can’t become complacent, Madam suspect, driving a Hummer, accelerated Federal Government should give them, Speaker. We can’t forget about the role his vehicle and intentionally hit Offi- including the National Guard. They are of the U.S.-led military occupation and cer Aguilar, and he was killed. constantly under attack. A thousand what role that played in inflaming the Border Patrol Agent Robert Rosas of assaults a year against our Border Pa- insurgency in the first place and in the Campo, California, Border Patrol trol is a bit much, don’t you think, provoking these kinds of attacks. Much Station was murdered in 2009 while per- Madam Speaker? We in this House of was made of the supposed blow to the forming his duties. Agent Rosas was re- Representatives owe them the duty to insurgency when two leaders of al sponding to suspicious activity in the make sure they are protected, and we Qaeda in Iraq were killed last month. area notorious for alien and drug smug- do that by protecting the border and Yesterday’s horror just goes to show gling when he was shot and killed by making sure that people who come into that killing terrorists and killing mili- unidentified assailants. The murder oc- the United States are stopped at the tants just makes it easier for al Qaeda curred in a remote border area near border if they are here and trying to to recruit new ones. Campo, California, where Agent Rosas cross illegally. Just a few hours ago comes word that was shot several times in the head, exe- Madam Speaker, our borders are a top officials are apparently drawing ex- cution style. Agent Rosas was 30 years war zone. As a Texas Ranger once told actly the wrong conclusion for Mon- of age. me, he said, After dark, Congressman day’s attacks. They’re talking about Even our U.S. Park Rangers aren’t POE, the border in Texas and Mexico slowing down the pace of the redeploy- safe from these terrorists. In the wake gets Western. It gets violent. Our law ment of our troops out of Iraq. What we of 9/11, Kris Eggle protected his coun- enforcement officers are out-manned, need instead, Madam Speaker, is an ac- try by intercepting weapons, thousands out-gunned, and out-financed. We need

VerDate Mar 15 2010 04:01 May 12, 2010 Jkt 089060 PO 00000 Frm 00020 Fmt 4634 Sfmt 0634 E:\CR\FM\K11MY7.050 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE May 11, 2010 CONGRESSIONAL RECORD — HOUSE H3299 the moral resolve as a Nation to secure is somewhere over $2.4 trillion put er, we need a full cost accounting of the dignity our borders, to protect the right at the taxpayers’ doorstep. That what Wall Street cost this economy, lawmen that are down there doing the number is staggering. It’s huge. Thus, and we’re far from calculating it. job that we let them do, we ask them the TARP money being paid back is [From , May 7, 2010] to do, and they are trying to do the less than 1 percent of the staggering IGNORING THE ELEPHANT IN THE BAILOUT best they can. They need more re- number. (By Gretchen Morgenson) sources, more boots on the ground, and Paying back the TARP is hardly If you blinked, you might have missed the that includes sending the National enough. Wall Street banks recorded ugly first-quarter report last week from Guard on the border, as requested by record profits and record bonuses last Freddie Mac, the mortgage finance giant State Governors, because it is the first year on the backs of the American peo- that, along with its sister Fannie Mae, sol- duty of government to protect the ple who are struggling without jobs diers on as one of the financial world’s big- country and the people that live in it. and fighting to keep their homes. We gest wards of the state. Freddie—already propped up with $52 bil- And that includes Border Patrol expect the $2.4 trillion will continue to lion in taxpayer funds used to rescue the agents. rise. And here is why: Treasury has company from its own mistakes—recorded a And that’s just the way it is. promised unending support, regardless loss of $6.7 billion and said it would require f of the dollar amount, for the next 3 an additional $10.6 billion from taxpayers to years to Fannie Mae and Freddie Mac shore up its financial position. TALE OF WALL STREET to fill the holes in each institution. The news caused nary a ripple in the placid The SPEAKER pro tempore. Under a These are two secondary market insti- Washington scene. Perhaps that’s because previous order of the House, the gentle- tutions’ dumping grounds for all of many lawmakers, especially those who once assured us that Fannie and Freddie would woman from Ohio (Ms. KAPTUR) is rec- Wall Street’s unfinished laundry. never cost taxpayers a dime, hope that their ognized for 5 minutes. Our government has spent already constituents don’t notice the burgeoning Ms. KAPTUR. Madam Speaker, the $61 billion on Freddie Mac. Plus $83 bil- money pit these mortgage monsters rep- clever comedy tale that’s being spun by lion more on Fannie Mae. That’s an- resent. Some $130 billion in federal money Wall Street megabanks and their min- other $144 billion—and the number is had already been larded on both companies ions here in Washington is that they rising. before Freddie’s latest request are paying back $700 billion our tax- But taxpayers should examine Freddie’s payers bestowed on them in the fall of b 1945 first-quarter numbers not only because the 2008. In fact, some spinmeisters say the We will spend more, as both compa- losses are our responsibility. Since they also nies continue their death spiral of include details on Freddie’s delinquent mort- bailout actually will cost our tax- gages, the company’s sales of foreclosed payers just $109 billion, not the origi- losses. But the $2.4 trillion cost still properties and losses on those sales, the re- nally projected $700 billion of costs, might not be all that the financial cri- sults provide a telling snapshot of the cur- called TARP, the Troubled Asset Relief sis, brought on by reckless speculators rent state of the housing market Program. The PR spin even got CNN to on Wall Street, will cost us. That picture isn’t pretty. Serious delin- report that the cost to the taxpayers What about the cost of all those bad quencies in Freddie’s single-family conven- will be far less than originally antici- mortgages settled in at Fannie and tional loan portfolio—those more than 90 pated. If you believe that, you’ll be- Freddie, as well as institutions across days late—came in at 4.13 percent, up from this country and world? You see, the 2.41 percent for the period a year earlier. De- lieve anything. linquencies in the company’s Alt-A book, One of the bittersweet reasons that heart of the financial crisis is the hous- one step up from subprime loans, totaled they will pay back less is that the ing crisis, so we need to add in the 12.84 percent, while delinquencies on inter- Obama administration originally stat- losses at FHA, VA, and the Agriculture est-only mortgages were 18.5 percent. Delin- ed that up to 4 million people could Department because they all do hous- quencies on its small portfolio of option-ad- save their homes through the loan ing programs. Add in the cost to our justable rate loans totaled 19.8 percent. modification program that was part of economy as a decline in equity in The company’s inventory of foreclosed the TARP. But through this February, homes across this country. We need to properties rose from 29,145 units at the end of March 2009 to almost 54,000 units this year. only 170,000 distressed homeowners re- count that too. And what about the Perhaps most troubling, Freddie’s nonper- ceived any long-term modification. So total cost of unemployment that came forming assets almost doubled, rising to $115 that program is a failure, as the Amer- after that? Figure out how much the billion from $62 billion. ican people continue to be disgorged Federal Government has paid out in in- When Freddie sells properties, either be- out of their homes. In fact, only 4 per- surance in COBRA payments. What fore or after foreclosure, it generates losses cent of those eligible have even been about including an accurate estimate of 39 percent, on average. of the cost of lost productivity? What There is a bright spot: new delinquencies dealt with and their mortgages re- were fewer in number than in the quarter worked. growth potential have we lost? And ended Dec. 31. We need a full cost accounting across what about the effect on the economy Freddie Mac said the main reason for its this economy of what these speculators of the loss in stock earnings? How disastrous quarter was an accounting change did to us. They took our money, they about the loss in IRAs and pension that required it to bring back onto its books gambled with it, and then they turned funds? The Ohio public pension funds $1.5 trillion in assets and-liabilities that it our Treasury into their insurance com- took a $480 million hit with the failure had been keeping off of its balance sheet. pany. And now they’re dumping all of Lehman Brothers. What about the None of the grim numbers at Freddie are surprising, really, given that it and Fannie their mistakes on our generation and effect on the economy of higher pre- have pretty much been the only games in the next two to follow. miums on the FDIC banks who had to town of late for anyone interested in getting I want to shine the light on a very shore up the insurance fund because so a mortgage. The problem for taxpayers, of dark corner where the true cost of the many smaller banks have collapsed course, is that the company’s future doesn’t bailout sits. Come with me and look under the toxic weight and potentially look much different from its recent past beyond the curtain where the wizard is fraudulent practices of the big banks? Indeed, Freddie warned that its credit really hiding. Secretary Geithner and Community banks can’t expand, hire, losses were likely to continue rising throughout 2010. Among the reasons for this even Elizabeth Warren, the TARP over- or lend more since more revenue has dour outlook was the substantial number of seer, say the banks are paying us back. gone into insuring their deposits. When borrowers in Freddie’s portfolio that cur- But what they are paying back is only these small banks go down due to the rently owe more on their mortgages than part of the so-called TARP moneys. damaged economy brought to us by their homes are worth. Paying back the TARP is far, far from Wall Street, the big banks gobble them Even as its business suffers through a sour enough. At least 12 Treasury programs up and even get bigger. real estate market, Freddie must pay hefty have thus far cost our taxpayers over Can you put a dollar value on the cash dividends on the preferred stock the $727 billion. Perhaps $380 billion rep- mental and emotional strain that citi- government holds. After it receives the addi- tional $10.6 billion it needs from taxpayers, resents TARP. But there are 24 Federal zens across this country are experi- dividends owed to Treasury will total $6.2 Reserve programs that have already encing? It’s clear that Wall Street is billion a year. This amount, the company cost $1.738 billion. So the approximate doing just fine, and it’s equally clear said, ‘‘exceeds our annual historical earnings total cost of the Wall Street meltdown that Main Street is not. Madam Speak- in most periods.’’

VerDate Mar 15 2010 04:01 May 12, 2010 Jkt 089060 PO 00000 Frm 00021 Fmt 4634 Sfmt 0634 E:\CR\FM\K11MY7.052 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE H3300 CONGRESSIONAL RECORD — HOUSE May 11, 2010 In spite of these difficulties, Freddie and Freddie has always been hard to come by in Madam Speaker, I want to read this Fannie are nowhere to be seen in the various Washington, and huge piles of money seem as well: ‘‘P.S. One only has to watch financial reform efforts under discussion on to circulate silently around both firms. the current acclaimed special tele- Capitol Hill. Timothy F. Geithner, the Remember last Christmas Eve? That’s vision production ‘‘Pacific’’ to under- when the Treasury quietly decided to remove Treasury secretary, offered a vague comment stand why Marines everywhere are ex- to Congress last March, that after some un- the $400 billion limit on federal borrowings specified reform effort someday in the fu- available to Fannie and Freddie through pressing their heartfelt support for ture, the companies ‘‘will not exist in the 2012. what they believe is a long overdue same form as they did in the past’’ That stealth move didn’t engender much oversight. The Marines and Marine vet- Fannie and Freddie, lest you’ve forgotten, confidence in either the companies or their erans in your State simply ask you to have been longstanding kingpins in the hous- government guardian. join them with your support.’’ Again, ing market, buying mortgages from banks But because taxpayers own Freddie and this letter is to the Senate, and I know that issue them so the banks could turn Fannie, we should know more about their that Senator ROBERTS himself plans to around and lend even more. After both com- buying habits, as Mr. Baker points out. Un- reach out to as many Senators as he panies overindulged in the lucrative but fortunately, if the government’s past actions are any indication of what we can expect, can to ask them to support this. riskier end of home loans, they nearly col- Madam Speaker, with that, I would lapsed, prompting the federal rescue. Since then don’t hold your breath waiting for the then, the government has continued to use facts. like to close by asking, as I do on the floor of the House many times, I ask the firms as mortgage buyers of last resort, f to help stabilize a housing Market that is God to please bless our men and women still deeply troubled. LET’S MAKE HISTORY BY SUP- in uniform. I ask God to please bless To some, the current silence on what to do PORTING OUR NATION’S MA- the families of our men and women in about Freddie and Fannie is deafening—as is RINES AS THEY SUPPORT US uniform. I ask God in his loving arms the lack of chatter about Freddie’s disas- The SPEAKER pro tempore. Under a to hold the families who have given a trous report last week. child dying in Afghanistan and Iraq, ‘‘I don’t understand why people are not previous order of the House, the gen- talking about it,’’ said Dean Baker, co-direc- tleman from North Carolina (Mr. and I ask God to please bless the House tor of the Center for Economic and Policy JONES) is recognized for 5 minutes. and Senate, that we will do what is Research in Washington, referring to Mr. JONES. Madam Speaker, last right in the eyes of God. And I ask God Freddie’s losses. ‘‘It seems to me the most week, the House of Representatives to give strength, wisdom, and courage fundamental question is, have they on an on- passed a suspension bill that was H.R. to President Obama, that he will do going basis been paying too much for loans 24, to redesignate the Department of what is right in the eyes of God. And even since they went into conservatorship?’’ the Navy to be known as the Depart- three times I will ask God, please God, Michael L. Cosgrove, a Freddie spokesman, please God, please God, continue to declined to discuss what the company pays ment of the Navy and Marine Corps. for the mortgages it buys. ‘‘We are sup- That bill had 426 cosponsors, colleagues bless America. porting the market by providing liquidity,’’ from both sides of the aisle, who be- f he said. ‘‘And we have longstanding relation- lieve sincerely that the Marine Corps A TRIBUTE TO ASIAN PACIFIC ships with all the major mortgage lenders has earned this right to be recognized. AMERICANS across the country. We’re in the business of All this is about recognition. buying loans and we are one of the few The SPEAKER pro tempore. Under a I want tonight to thank Senator PAT sources of liquidity available.’’ previous order of the House, the gen- ROBERTS. Senator PAT ROBERTS last But Mr. Baker’s question gets to the heart tleman from California (Mr. SCHIFF) is January put in a companion bill to of the conflicting roles that Freddie and recognized for 5 minutes. H.R. 24, Senate Bill 504. Senator ROB- Fannie are being asked to play today. On the Mr. SCHIFF. Madam Speaker, each one hand, the companies are charged with ERTS himself served in the United May we honor Asian Pacific Americans supporting the mortgage market by buying States Marine Corps. He was an officer, loans from banks and other lenders. At the and celebrate the extraordinary con- a retired Marine officer. This Monday, tributions they make to enhance our same time, they must work to minimize he wrote a letter to every Senator, and credit losses to make sure the billions that communities and our Nation. Since the I want to read just a little part of this, taxpayers have poured into the firms don’t first Japanese immigrants arrived in disappear. Madam Speaker. First, the subtitle of the United States on May 7, 1843, gen- Freddie acknowledged these dueling goals his letter says, ‘‘Let’s Make History By erations of brave men and women have in its quarterly report ‘‘Certain changes to Supporting Our Nation’s Marines As come to our country seeking new lives our business objectives and strategies are de- They Support Us: Redesignate the De- for themselves and their families, the signed to provide support for the mortgage partment of Navy as the Department of market in a manner that serves our public promise of the American Dream. Their Navy and the Marine Corps.’’ And he perseverance in the fight for equality mission and other nonfinancial objectives, further states, ‘‘Dear Colleague,’’—I’m but may not contribute to profitability,’’ it and opportunity despite obstacles such noted. Freddie said that its regulator, the just going to read paragraphs from this as racial, social, and religious discrimi- Federal Housing Finance Agency, has ad- letter, Madam Speaker—‘‘it is not pos- nation, is truly inspiring. I am proud vised it that ‘‘minimizing our credit losses is sible to overstate the service and sac- to represent one of the most diverse our central goal and that we will be limited rifice of any man or woman who wears congressional districts in the country. to continuing our existing core business ac- or has worn the Marine Corps uniform, One in four of my constituents is of tivities and taking actions necessary to ad- whether in Iwo Jima 65 years ago or Asian Pacific heritage, many of whom vance the goals of the conservatorship.’’ today. The Corps has been ‘first to Mr. Baker’s concern that Freddie may be are of Chinese, Filipino, Korean, Japa- racking up losses by overpaying for mort- fight for right and freedom’ for over 234 nese, and Vietnamese descent. We gages derives from his suspicion that the years. That is why I am writing to urge share our customs and traditions, and government might be encouraging it to do so you to cosponsor S. 504, a bill to redes- ultimately, our community and our as a way to bolster the operations of mort- ignate the Department of the Navy as Nation are enriched by the presence of gage lenders. the Department of the Navy and Ma- Asian Pacific Americans. That would make Fannie’s and Freddie’s rine Corps.’’ He does state, but I am They have distinguished themselves mortgage-buying yet another backdoor bail- not going to repeat this because I just as entrepreneurs, educators, and mem- out of the nation’s banks, Mr. Baker said, stated this, that he praises the House and could explain the government’s reluc- bers of our Armed Forces. And the 29th tance to include them in the reform efforts of Representatives because we passed Congressional District boasts an im- now being so hotly debated in Washington. unanimously H.R. 24, and he does men- pressive list of Asian Pacific American ‘‘If they are deliberately paying too much tion the number of 426 cosponsors. civic leaders who are strongly com- for mortgages to support the banks,’’ Mr. He further states in his letter to his mitted to our community, including: Baker said, ‘‘the government wants them to colleagues in the Senate, ‘‘I hope you John Chiang, serving California as con- be in a position to keep doing that, and that will join me in recognizing our Na- troller, is the highest-ranking Asian would mean not doing anything about their tion’s force in readiness, our Marine Pacific American elected State official. status until further down the road.’’ It’s no surprise that the government Corps, and those who serve in it as Representing California’s 21st Senate doesn’t want to acknowledge the soaring equal to our other Armed Forces.’’ To District is Carol Liu, and serving the taxpayer costs associated with these mort- cosponsor S. 504, please contact his of- 49th Assembly District is Assembly- gage zombies. The truth about Fannie and fice. man Mike Eng.

VerDate Mar 15 2010 05:01 May 12, 2010 Jkt 089060 PO 00000 Frm 00022 Fmt 4634 Sfmt 0634 E:\CR\FM\A11MY7.029 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE May 11, 2010 CONGRESSIONAL RECORD — HOUSE H3301 On the local level, we have Alhambra your strong hand.’’ And the reason der. Texas is worse. Near El Paso, it’s Mayor Stephen Sham; Alhambra City they start off with that lesson is be- in a state of war; 5,000 people were Council member Gary Yamauchi; Al- cause of what is said in this email, and killed in Ciudad Juarez last year, and hambra Unified School Board members I would like to read it to you. it’s over 2,000 so far this year. Gun Chester Chau and Robert ‘‘Bob’’ Gin; ‘‘As you know, one of the local sales down here are through the roof, Garvey School Board members Janet ranchers was murdered in Douglas, Ari- and I get emails from people wanting Chin, Henry Lo, and John Yuen; Mon- zona, 2 weeks ago. I received three mes- firearms training. Something has to be terey Park Mayor Anthony Wong; sages similar to the one below from dif- done, but I don’t hold out much hope. Monterey Park Council members ferent officers within the Rangers and These gangs have groups in almost Mitchell Ing, David Lau, and Betty law enforcement. Yesterday afternoon, every city in the United States. Please Tom Chu; San Gabriel Mayor Albert I talked to another rancher near us read below. This is serious business. Huang; San Gabriel Unified School who is a friend of ours and whose great The Barrio Azteca and their subgangs Board member Philip Hu; South Pasa- grandfather started their ranch here in are like Mexican corporations and or- dena Council member Mike Ten; South 1880. These are good people. He told me ganized extremely well. If this doesn’t Pasadena Unified School Board mem- what really happened out at the Krentz get dealt with down here, you guys’’— ber Joseph Loo; Temple City Council ranch and what you won’t read in the meaning us up north—‘‘will deal with member Vincent Yu; and Temple City papers. The Border Patrol is afraid of it on your streets.’’ And it’s signed Unified School Board member Janet starting a small war between civilians Bud. Rhee. here and the drug cartels in Mexico. All I can say is that Mr. POE and oth- The contribution of Asian Americans ‘‘Bob Krentz was checking his water ers have come down here day after day, to our community, our State, and our like he does every evening and came week after week, month after month, Nation are not limited to these individ- upon an illegal alien who was lying on talking about the horrible problems on uals. Our Nation has benefited from the the ground, telling him he was sick. the border, and this government, the contribution of Asian Americans for Bob called the Border Patrol and asked Federal Government, is not doing any- decades. The Japanese American 100th for a medical helicopter to evacuate thing about it. They’re not approach- Infantry Battalion and the 442nd Regi- the gentleman. As he turned to go back ing this as it should be approached. We mental Combat Team, commonly to his ATV, he was shot in the side. need to send the National Guard down known as the ‘‘Go for Broke’’ regi- The round came from down and angled there. We need to continue with the ments, courageously served our Nation up, so they know the shooter was on border fencing and stop the illegal during World War II and earned several the ground. Bob’s firearm was in the aliens from coming across, number one, awards for their distinctive service in ATV, so he had no chance. Wounded, he and stop the drug traffic and the ter- combat. During this Congress I intro- called the Cochise County Sheriff and rorists who are coming across. This is duced legislation to pay tribute to the asked for help. Bleeding in the lungs, a war down there. We’re fighting wars ‘‘Go for Broke’’ regiment by awarding he called his brother, but the line was in other parts of the world. This is our them the Congressional Gold Medal, bad. So he called his wife, but again border, and we need to address this Congress’ highest civilian honor. And the line was bad. Several ranchers problem. continuing the spirit of service to our heard the radio call and drove to his lo- f Nation, I am happy to announce that cation. Bob was dead by this time. The two of my service academy nominees ranchers tracked the shooter 8 miles THEY CARED FOR US: A TRIBUTE who received appointments this year back towards Mexico and cornered him TO OUR LOCAL DOCTORS AND are Richard Hyun Kim, a resident of in a brushy draw. This was all at night. DENTISTS Temple City and student of Temple ‘‘The sheriff and Border Patrol ar- The SPEAKER pro tempore. Under a City High School, who will be attend- rived and told him not to go down and previous order of the House, the gen- ing the Military Academy at West engage the murderer. They went tleman from Northern Mariana Islands Point this fall, and Marcus Nguyen, a around to the back side, and if you can (Mr. SABLAN) is recognized for 5 min- San Gabriel High School student from believe it, the assassin managed to get utes. the city of Alhambra, who received an by a B.P. helicopter and a sheriff’s Mr. SABLAN. Madam Speaker, in appointment to the Naval Academy. posse and back into Mexico. So much 1914, a young Chamorro by the name of We’re so lucky to have these wonderful for professional help when you need Jose Diaz Torres began his training in people in our community. As we cele- it.’’ medicine at a small hospital opened by brate Asian American and Pacific Is- And I would like to say that I think the German colonial administration on lander Heritage Month, I urge all of us the Border Patrol and the sheriffs do a the island of Saipan. Chamorro people to reflect upon and celebrate the con- great job with what they have down had their own healing and medicinal tributions of Asian Pacific Americans there. Nevertheless, this is what he traditions from ancient times, but to our history, our way of life and the says in his email. ‘‘One week before the Spanish colonizers introduced the in- future we will share as citizens of this murder, Bob and his brother Phil, who digenous people to Western medicine, great Nation. I shoot with, hauled a huge quantity of and the Germans continued this prac- tice upon taking control of the North- f drugs off the ranch that they found in trucks. One week before that, a ranch- ern Mariana Islands at the end of the ACTION NEEDED NOW AT OUR er near Naco did the same thing. Two 19th century. The Germans had a com- SOUTHERN BORDER nights later, gangs broke into his mitment to training local people, and The SPEAKER pro tempore. Under a ranch house and beat him and his wife Jose Torres, or Dr. Torres as he came previous order of the House, the gen- and told them that if they ever touched to be called, thus became the islands’ tleman from Indiana (Mr. BURTON) is any drugs they found, they would come first local doctor. When Japan sup- recognized for 5 minutes. back and kill them. planted Germany, Dr. Torres continued Mr. BURTON of Indiana. Madam ‘‘The ranchers here deal with cut his practice in a hospital the Japanese Speaker, Mr. POE of Texas comes down fences and haul drug deliveries off their constructed. There too, the careers of here quite frequently and talks about ranches all the time. What ranchers Saipan’s first Chamorro dentists, Dr. the problems along the border between think is that the drug cartels beat the Manuel Manibusan Aldan and Dr. Juan the United States and Mexico. Yester- one rancher and shot Bob because they Charfauros Reyes, began. day I received an email that I would wanted to send a message. Bob always Victory over the Japanese in World like to read to my colleagues. The sub- gave food and water to illegals, and so War II brought the United States to ject is ‘‘The Wild Southern Border.’’ they think they sent the assassin to control of the Northern Mariana Is- And it starts off, and it says, ‘‘A lesson: pose as an illegal who was hungry and lands. After the war, the islands were Don’t leave your weapons in the car, thirsty, knowing it would catch Bob administered under a United Nations don’t turn your back on strangers who off-guard. What is going on down here trusteeship arrangement that required are somewhere they don’t belong, use is not being reported. You need to tell the United States to improve the your cell phone with your off hand, not the people how bad it is along the bor- standard of living. This responsibility

VerDate Mar 15 2010 04:01 May 12, 2010 Jkt 089060 PO 00000 Frm 00023 Fmt 4634 Sfmt 0634 E:\CR\FM\K11MY7.055 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE H3302 CONGRESSIONAL RECORD — HOUSE May 11, 2010 was carried out by the U.S. Depart- reform package in the Senate that was bills and they are buying dollars and ment of the Navy during the 1950s. The essentially—it was exactly the same as holding dollars. But the real truth is Navy built temporary hospitals on H.R. 1207, which is Audit the Fed bill. the dollar is very, very weak, because Saipan for the treatment of both mili- There was a vote on this, and unfortu- the only true measurement of the tary and civilian personnel. In recogni- nately there were only 37 Senators that value of currency is its relationship to tion that the local population needed voted in favor of this Audit the Fed gold. For 6,000 years, gold has been the access to permanent medical care, the bill. This is rather sad because it is al- best measurement of the value of a Navy also expanded the colonial prac- ready in the House version of the finan- country’s currency. tice of training promising individuals cial reform bill, and in the House we In the 1970s, we were very much in dentistry and medicine. The Navy have 319 cosponsors of this bill. So it is aware of what was happening. Our dol- sent Dr. Juan Charfauros Reyes for fur- a very well-accepted bill by a broad lar was depreciated to gold at 18 per- ther education to the School of Dental spectrum of both Republicans and cent, and it ushered in a whole decade Assistants, Navy Hospital, Guam. Doc- Democrats. of inflation: prices going up 15 percent; tors Jose Lujan Chong, Francisco But the reason why this is so dis- interest rates up to 21 percent. In the Taman Palacios, Benusto Rogolifoi turbing is because of the current last 10 years, our dollar has been de- Kaipat, Jose Tenorio Villagomez, and events going on in the financial mar- valued 80 percent in terms of gold. Calistro Camacho Cabrera were sent kets. Right now we are involved with That means, literally, we have printed for medical training first to the Naval bailing out Europe and especially bail- way too much money. Right now, we Medical School on Guam and then to ing out Greece, and we are doing this are just hanging on. The world is hang- the Central Medical School at Suva, through the Federal Reserve. The Fed- ing on the fact that the dollar still is Fiji, in the early 1950s. eral Reserve does this with currency usable. But the whole problem is our fi- swaps. They do this by literally giving nancial situation is no better in this b 2000 loans and guarantees to other central country than around the world. There Dr. Carlos Sablan Camacho similarly banks, and they can even give loans to is just a greater trust in our dollar be- trained in Fiji later in the decade and governments. So this is placing the cause we have a military machine and in Hawaii in the 1970s. burden on the American taxpayers, not we have economic growth in this coun- In 1962, two important events took direct taxation, but by expanding the try which is greater than others; but, place in the Northern Mariana Islands. money supply, this is a tax on the quite frankly, it is quite weak. First, the U.S. Department of the Inte- American people because this will So we face a very serious crisis. To rior took over the United States’ trust- bring economic hardship to this coun- me, it is very unfortunate that we are eeship responsibilities from the Navy, try. And because we have been doing not going to have this Audit the Fed inaugurating the establishment of the this for so many years, the economic bill passed in the Senate. It has been Government of the Trust Territory of hardship is already here. We have been passed in the House. Possibly we can the Pacific Islands, the capital of suffering from it. salvage this in conference and make which was eventually located on But the problem comes that once you sure that this occurs. But since the Saipan. Second, the residents of Saipan have a system of money where you can Federal Reserve is responsible for the witnessed the grand opening of a mod- create it out of thin air, there is no re- business cycle, for the inflation, and ern, civilian-staffed hospital built on straint on the spending in the Con- for all of the problems that we have, it As Terlaje hill, christened Dr. Torres gress. And then the debt piles up, and is so vital that we stand up and say it Hospital in honor of Saipan’s first local then they get into debt problems as is time for us to assume the responsi- doctor. they are in Greece and other countries bility, because it is the Congress, under The 1960s and 1970s brought opportu- in Europe. And how do they want to the Constitution, which has been au- nities for the aforementioned local doc- bail them out? With more debt. thorized to be responsible for the value tors to obtain advanced training in But what is so outrageous is that the of the currency. Guam and in Hawaii. Joining the ranks Federal Reserve can literally deal in As a matter of fact, the Constitution of the Northern Marianas’ first doctors trillions of dollars. They don’t get the still says, it has not been amended or and dentists in 1972 were Dr. Manuel money authorized. They don’t get the changed, but only gold and silver are Quitano Sablan and Dr. Helen Taro, money appropriated. They just create supposed to be used as legal tender, not who earned their degree in dentistry it, and they get involved in bailing out pieces of paper, not computer entries. and medicine, respectively, from the their friends, like they have been doing This can’t work. It is not working very Fiji School of Medicine. Like their for the last 2 years, and now they are well. The world is starting to recognize faithful colleagues before them, Dr. doing it in Europe. this, and I am really concerned about Sablan and Dr. Taro returned after So my contention is that they de- what is going to happen, because a cur- their schooling to be of service to the serve oversight. Actually, they deserve rency crisis is much worse than a fi- people of the Northern Marianas, tak- to be reined in where they cannot do nancial crisis. We have just been ing care of the dental and medical what they are doing. But initially, we through the financial crisis. We are in needs of the island community. need oversight, and that is why this the midst of it. But a currency crisis, The people of the Northern Mariana vote of only 37 Senators willing to which is on our doorstep, means that Islands have the deepest appreciation, audit the Federal Reserve in a thor- our dollar will be devalued. admiration, and respect for our pioneer ough manner and hold them in check, f doctors and dentists—to those still liv- which means that there were 62 Sen- ing today and to the memory of those ators that support the idea of main- PROTECTING PONZI SCHEME that have passed on. May their compas- taining a status quo with the Fed and VICTIMS sion and dedication always be an exam- that they will still be able to make The SPEAKER pro tempore (Ms. ple and inspire more of our young peo- these loans to these foreign central TITUS). Under a previous order of the ple to pursue a career in health care. banks. House, the gentlewoman from Florida f Now, what has this led to? It has led (Ms. ROS-LEHTINEN) is recognized for 5 to tremendous pressure on the dollar. minutes. AUDIT THE FED The dollar is the reserve currency of Ms. ROS-LEHTINEN. Madam Speak- The SPEAKER pro tempore. Under a the world. We bail out all of the banks er, I spoke recently of the urgent need previous order of the House, the gen- and all of the corporations. We have for certain amendments to the Securi- tleman from Texas (Mr. PAUL) is recog- been doing this for the last couple of ties Investor Protection Act, SIPA, in nized for 5 minutes. years to the tune of trillions of dollars, order to protect victims of Ponzi Mr. PAUL. Madam Speaker, I rise to and even today it looks like the dollar schemes. call attention to my colleagues of a is strong on the international exchange Under no circumstances, except com- vote that occurred in the other body market. People are frightened about plicity with a crooked broker, should today. Senator VITTER from Louisiana what is happening throughout the these investors be subject to clawback offered an amendment to the financial world, and they are buying Treasury litigation. If necessary, I am prepared

VerDate Mar 15 2010 04:01 May 12, 2010 Jkt 089060 PO 00000 Frm 00024 Fmt 4634 Sfmt 0634 E:\CR\FM\K11MY7.057 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE May 11, 2010 CONGRESSIONAL RECORD — HOUSE H3303 to propose such legislation. Instead of dustry in the past years. Despite the Then there is, of course, the Pales- representing the best interests of the fact that these companies that make tinian-Iranian quagmire. But let us victims, the Madoff trustee is rep- up this sector caused the global finan- recognize when we are looking at that resenting SIPC against the victims. cial collapse, Congress provided $400 issue, there has been major progress Let’s do the right thing for the average billion of funding to them with no over the last decade. Israel has demon- American who works hard, saves strings attached. strably reached out to offer an olive money, invests in the stock market Let us not nickel-and-dime Wall branch to the Palestinian people. Street’s victims, the taxpayers who with the hope of ultimately retiring on b 2015 his savings. lost their life savings because of the I now want to address the need to greed of Wall Street and the incom- They have embraced a two-state so- provide such victims with tax relief. petence of the SEC. We are not seeking lution, which they didn’t do over 10 Tens of thousands of Americans have to make them whole. We are simply years ago. They have, in fact, withdrew lost their life savings because of the in- disgorging some of the fictitious prof- their troops from Lebanon. And impor- competence of the SEC and its failure its that the government received in tax tantly, Israel has actually given up to close down the operations of Ber- payments from the victims of these control of Gaza and substantial terri- nard Madoff, Allen Stanford, and so crimes. tory in the West Bank. And what did many others. Congress cannot ignore f they get for it? Thousands of missiles the fact that the biggest beneficiary of The SPEAKER pro tempore. Under a launched into Israel itself. And when Madoff’s and Stanford’s crimes is the previous order of the House, the gen- retaliating, they, of course, were con- demned for a fight that they didn’t Federal Government. Every year, even tleman from Oregon (Mr. DEFAZIO) is if investors did not take money out of recognized for 5 minutes. even start. Madoff or Stanford, they paid taxes on (Mr. DEFAZIO addressed the House. It’s time for the Palestinian missile the supposed income from those invest- His remarks will appear hereafter in attacks to stop and for the Palestin- ments. the Extensions of Remarks.) ians to reciprocate for Israel’s tangible concessions in Gaza and on the West With respect to Madoff, the reported f income was short-term capital gains, Bank. They should step up to the plate which is subject to the highest income NATIONAL SECURITY with a meaningful change of position. tax rate under the Internal Revenue The SPEAKER pro tempore. Under a The Palestinians need to recognize Code. previous order of the House, the gen- Israel’s right to exist. And to make it Congressman BILL PASCRELL has pro- tleman from California (Mr. ROHR- real, the Palestinians must renounce posed legislation, H.R. 5058, providing ABACHER) is recognized for 5 minutes. what they call the right of return. The some tax relief to the victims of these Mr. ROHRABACHER. Madam Speak- Israelis have taken major steps. Now Ponzi schemes. I strongly support the er, I rise to express my concern over it’s time for the Palestinians to move. bill, and I urge the House to pass this two critical national security issues: And until the Palestinians make rec- bill as quickly as possible. Senator Iran and the ongoing Israeli-Pales- ognizable steps forward, as Israel has SCHUMER, along with 17 cosponsors, has tinian conflict. done, as I just pointed out, our govern- proposed a similar bill in the Senate, S. As far as Iran, the extremist mullah ment should not be urging Israel to 3166, which I also support. However, leaders in that country continue to op- give up even more territory or con- these bills need certain changes to press and murder their own people. demning them for prodding the Pal- strengthen them. They, by providing armor-piercing estinians. With respect to the House bill, there weapons to terrorists, are also respon- For example, if the Israeli renovation is a 10-year carryback for theft losses. sible for the death of hundreds, if not of apartment complexes in Jerusalem Under existing law, taxpayers can uti- thousands, of American soldiers in gets the Palestinians to realize that lize the theft laws for 20 years going both Iraq and Afghanistan. Yet the Ira- they can’t wait forever because Israel forward. However, elderly investors nian regime is being treated as a legiti- is just going to move on unless the Pal- who have lost all of their savings and mate, if not democratic, government. estinians come out and try to reach an don’t work have no ability to utilize a Well, they are not legitimate nor are agreement, well, if it’s got the Pal- theft loss going forward. Thus, giving they democratic. They are a radical Is- estinians to understand that, and that these people a 10-year carryback is lamic anti-Western dictatorship. they’re going to have to act and step only fair. We have long since passed the time forward, then the widely condemned The Senate bill proposes a 6-year when America should have been back- renovation of those apartment com- carryback, which is insufficient. ing, verbally and otherwise, the Ira- plexes in Jerusalem was actually some- Both the House and the Senate bills nian people’s struggle to overthrow thing that furthered the cause of peace. give a theft loss for IRA investors. their radical Islamic oppressors. Let To conclude, I urge the Obama ad- However, the House bill is more gen- the Iranian people, with our blessings, ministration to change course before erous than the Senate bill, providing rid themselves of this pariah regime. it’s too late, to stand up to the Iranian for a theft loss of up to $2 million; That would be the best option. Islamic dictatorship, and to be real- whereas, the Senate bill limits the loss But when it comes to the mullah re- istic about the Israeli-Palestinian con- to $1.5 million. gime obtaining nuclear weapons, doing flict. Peace can’t come by trying to We have been infinitely generous to nothing to prevent it is not an option. prove how sincere we are or by holding Wall Street, so it is long overdue to be If we won’t do what is necessary our- hands with thugs hoping they will be fair to Main Street. selves, we should not get in the way of impressed with our sincerity, or by Finally, both bills are deficient be- Israel doing it. Obviously, Israel will be condemning a nation that is attacked cause they preclude a theft loss for in- the first nation threatened with devas- for retaliating. It’s time, as we say in vestors whose retirement savings were tation and destruction by a nuclear- California, to get real. in 401(k) plans or defined benefit pen- armed Iranian mullah dictatorship. Unfortunately, when it comes to sion plans or deferred profit-sharing Thus, if Israel is willing to act and does these two important foreign policy plans. Congress should not discrimi- so, it should not be viewed as an out- challenges, it seems that wishful nate against some investors based on rage but it should be viewed with un- thinking and irrational optimism are the form of their retirement invest- derstanding and perhaps with a sense what’s guiding America’s foreign pol- ments, all approved by Federal tax of relief. If other options fail, intel- icy. laws. Therefore, the bills in both ligence, logistical and political support f Houses must be amended to provide the for an Israeli operation aimed at pre- same theft loss relief for all retirement venting the construction of a mullah HOW’S THAT SWAMP DRAINING plans no matter how they are struc- A-bomb is in our interest, is in the in- COMING ALONG? tured. terest of peace and safety in that re- The SPEAKER pro tempore. Under Congress has shown extraordinary gion, and it is in the interest of all of the Speaker’s announced policy of Jan- generosity to the financial service in- the people of the world. uary 6, 2009, the gentleman from Texas

VerDate Mar 15 2010 04:01 May 12, 2010 Jkt 089060 PO 00000 Frm 00025 Fmt 4634 Sfmt 0634 E:\CR\FM\K11MY7.059 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE H3304 CONGRESSIONAL RECORD — HOUSE May 11, 2010 (Mr. CARTER) is recognized for 60 min- ministration on making sure there’s But you know what? There’s an awful utes as the designee of the minority not one set of standards for the power- lot of people would say that the folks leader. ful and another for the ordinary citi- that sit in these chairs out here every Mr. CARTER. Madam Speaker, zens? day, as far as the government, which, Speaker PELOSI took the gavel of this Another visual here. The Speaker of right now is just about to be in control House in January of 2007, and she made our House says, This leadership team of over 50 percent of commerce in this a promise to this House and this Na- will create the most honest, most open country by owning an automobile com- tion that the new Democrat adminis- and most ethical Congress in history. pany, by running the banks, by running tration of this House would be the This was made by Speaker-Elect NANCY Wall Street, by putting together a most honest, most open, most ethical PELOSI of California in a press release health care plan that covers everybody Congress in history, and that she would of November 16, 2006, after the Demo- and mandates everything in the world drain the swamp. And she said that in crats had won the majority in the for everybody in this country, and con- reference to what they called the ‘‘cul- House of Representatives. And let’s re- trols the health care system of this ture of corruption’’ in the previous member that since January 1, 2007, the country, that these people that sit in Congress. Democrats have been in charge and in these chairs are pretty darn powerful. Barack Obama said, when he became the majority in this House of Rep- Some would argue they may be on the President of the United States, that he resentatives. verge of being the most powerful peo- would put an end to the standards of So, what am I talking about? Well— ple in this country, especially those in one standard for powerful people and and I’m making this very clear because positions of power, like the leadership one for ordinary folks. I do not want to treat people unfairly— of this House and those who are chair- Tonight I’m asking the question, these are allegations, some of them men of committees. how’s that swamp draining coming made in the press, some of them made So let’s just look at one—and I know along, Madam Speaker? Because the in complaints to the Ethics Committee some people are tired of hearing me way I see it, and the way we see it in and some of them being at least looked talk about this—but Mr. RANGEL has the newspapers and on television and at by police and FBI and others. All of been under investigation now for at other sources these days, is that we this is stated in newspaper articles least 18 months that I can remember, seem to be up to our eyeballs in alli- which we’ll discuss. And that’s just because I’ve been talking about it that gators in this swamp. And this swamp what they are, they’re allegations. No- long. And it’s actually longer than seems to be oozing across the whole body’s guilty in this country. We still that. And one of the things that we country. have the rule of law, and we still be- brought up and we talked about is the So how are we coming on draining lieve that you have to be proved guilty. fact that, as chairman of the Ways and that swamp, Madam Speaker? That’s And if it’s in a court, it’s beyond a rea- Means Committee, he was treated dif- the kind of question that we think sonable doubt. And I will defend that ferently than the ordinary person Members of this House ought to be ask- for as long as I live. would be if they had the same kind of ing. And I ask my colleagues, how do But the reputation of this Congress tax problems that he indicated to this you think we’re coming in draining was what the Speaker of the House was House, from that podium right there this swamp? Because it certainly seems speaking to when she said she wanted that he had. And yet he was treated like there’s an awful lot of strange ani- to drain the swamp. She was accusing differently. And he was the most pow- mals still wandering around this the Republican Party of having a erful person on the Ways and Means swamp, and it certainly seems to be swamp full of evil alligators that had Committee. He admitted to us under- spreading from coast to coast. And we broken rules and laws, and that she reporting income and assets for 2007 by need to ask that question over and was going to clean them up and give us more than half, including a failure to over. the most ethical, the most honest, and report his income from his Caribbean You know, I take the position, and I the most open Congress in history. No resort property again. And he’d already want to say it right now so it’s very more closed deals. No more special bar- told us he didn’t do it once. clear, accusations are just accusations. gains. It was going to be out in the Underreporting income and assets by Until those accusations are resolved by open, honest and ethical. Rangel’s aides, Rangel’s lease of a a competent finder of fact that will de- And then we have these questions multi-rent-controlled apartment in cide whether or not what is alleged is that come up. So let’s just give a quick Harlem, Rangel’s use of a House park- true, and whether it be under the eth- outline, and then we’ll go into some de- ing spot for long-term storage of his ics rules or whether it be under the tails. Mercedes, failure to report and pay laws of the courts of this land, until a Under Barack Obama and NANCY taxes on rental income on his resort court has found, made a judgment, or PELOSI, we could arguably say that we villa in the Dominican Republic, al- until the Ethics Committee of this have had allegations of corruption that leged quid pro quo trading legislative House has made a judgment, they’re equal the allegations in the famous Tea action in exchange for donations to the still allegations. Pot Dome scandal. Their latest scandal center named for RANGEL at the City But these allegations are part of is Eric Massa, a Representative who College of New York, gift rule violation what’s swimming around in this has now resigned from this Congress. on trips to the Caribbean sponsored by swamp. And that’s why we need to ask, But it goes on to others. There are vio- the Carib News Foundation in 2007 and Madam Speaker, NANCY PELOSI, how lations that are still unaddressed by 2008. And these are the items that are you coming on draining that swamp? CHARLIE RANGEL, allegations of Tim currently under investigation and have So let’s look at some of these things, Geithner and tax cheating. The list been for 18 months by the Ethics Com- and let’s just see what we’ve got. goes on to ALAN MOLLOHAN, MAXINE mittee of this House. I have asked over But first let’s go back to what the WATERS, PETE VISCLOSKY, JOHN CON- and over and over the Ethics Com- President said. February 3 of 2009 YERS, the czars, the violation of Jeffer- mittee, please, please resolve these President Barack Obama, on CNN said, son’s Rules of Order in this House and issues one way or the other. But as I I campaigned on changing Washington closed door deals and conferences and said, these are allegations. and bottom-up politics. I don’t want to bills that are brought without a chance But you know what? That’s why the send the message to the American peo- to read them. That’s not open. And swamp water is rising. And guess what? ple that there are two sets of stand- some would argue, that’s not ethical. The American public isn’t treated the ards, one for the powerful people and But let’s look. First let’s go back to same way Mr. RANGEL is on their tax one for the ordinary folks who are what the President said: we’re not violations. They don’t get to pay the working every day and paying their going to treat anybody differently be- back taxes with no penalties and inter- taxes. cause of who they are and how power- est, as Mr. RANGEL did. So that’s one of I think that was a very noble state- ful they are. Now, I’m sure he was those things that the President prom- ment by the President of the United probably talking about in one way ised us wasn’t going to happen, but it States. Now, the question is, how are some of this Wall Street stuff that he’s did. So that’s one we ought to have to we doing under the Barack Obama ad- talking about now. think about.

VerDate Mar 15 2010 05:01 May 12, 2010 Jkt 089060 PO 00000 Frm 00026 Fmt 4634 Sfmt 0634 E:\CR\FM\K11MY7.063 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE May 11, 2010 CONGRESSIONAL RECORD — HOUSE H3305 The President promised one thing; we The Treasury Secretary, by the way, salaries, they have large staffs, they got another. NANCY PELOSI promised Mr. Geithner, is the overseer of the have big budgets, and they are doing ethical, honest. Some of those things IRS, the same IRS that waived the pen- who knows what? But at least we know don’t look ethical, and they don’t look alties that ordinary Americans would they must be promoting the agenda of honest. pay for failure to pay their taxes. I the President of the United States, be- Now, the President of the United think we have a right to ask the ques- cause he is the only one who appointed States sent to the Senate, and it was tion, Is this what the President meant them, he is the only one who approved confirmed by the Senate, the appoint- when he said we are not going to treat them, because they are not subject to ment of Secretary of Treasury people that are powerful differently approval by the Senate, as Cabinet Geithner. And certainly, if you’re talk- than the ordinary people of this coun- members are. And he is the only one ing about the financial world of this try? I think that point is one we need that seems to be able to take them out. country, the Treasurer of the United to continue to ask. I think we are con- So they must be doing his agenda. States is certainly one of those people tinuing to ask that. But the water in Now, the question is, is that open? that the President was talking about, the swamp keeps rising. Could be honest. I don’t know. Is it one of those people who are powerful And what happened to the Speaker of ethical? I think we have the right to people because he’s in charge of basi- the House who told us she was going to know. When we have that many people cally the finances of this country, and have the most honest, open, and eth- doing that, I think it’s a right. We as certainly in charge of the value of our ical Congress and drain the swamp? American citizens have a right to ask, money, the issuance of our money, the Well, the swamp seems to keep filling who are these people? And we have ac- national debt. up and the alligators are still swim- tually had some articles about some of ming around. them being community organizers and b 2030 One of the things that I think we at some of them having very radical posi- All those things are his to take care least ought to know about what’s going tions. Some of them actually resigned of, to make sure where we are going, to on in this country is that we have cre- before they became a czar because report to us, to speak with other coun- ated more czars to be special people their radical behavior was pointed out tries about the financial problems and with special salaries to do special in the press. And it’s not open, it might financial solutions of the world. He is things for this government than the not be honest, and it might not be eth- the spokesman for our economy. entire history of Russia had czars. So ical. We ought to be worried about the And yet by his own admission, The there is a bill out there to sunset all czars. Wall Street Journal says, ‘‘The Fox these czars by STEVE SCALISE. And this Now, I brought up to start off with Watching the Henhouse: Tim would be the kind of thing that would Eric Massa. That thing hit this town Geithner’s Tax History.’’ He didn’t pay be drained in the swamp, because we like a storm, just as, a while back dur- Social Security and Medicare taxes for created people to do the same job that ing the Republican administration the several years. The IRS audited we have Cabinet Secretaries doing. To Mark Foley incident, where he made Geithner in 2003 and 2004, his taxes, me that’s very, very bizarre. If you some statements to some young pages finding he owed taxes and interest to- have a Secretary of Agriculture and an that were considered inappropriate. He taling $17,230. The IRS waived the pen- agriculture czar, what is the agri- resigned. He left the Congress. And the alties. If you know anybody out there culture czar supposed to do? And we question was raised what did the lead- that has had to deal with the IRS in have got so many that I have lost ership of the Republican House know this country, ask them if they failed to count. It is somewhere in the 30s, I about that incident and when did they pay $17,230 if penalties were waived on think now, of czars that we have. know it? And these were questions that them. A czar is defined as someone who were asked of the Republican Speaker In fact, if you didn’t pay your taxes heads a task force or council and is ap- of the House and asked of the majority and you got a permissible extension of pointed by the President without the leader and others. your taxes from April 15th, which consent of the Senate, excepted from I think there is a question that needs passed just recently, when you get the competitive service, and does not to be asked. The minority leader of ready to pay them in August, or if you have an existing removal date. In other this House, JOHN BOEHNER, has asked don’t pay in August, you get another words, he is there at the will of the it. The questions are being asked in extension in October, take a look and President. Appropriated funds can’t be several committees I understand. What see if the IRS is going to waive the used to pay for salaries and expenses of did Speaker PELOSI know about Eric penalties for you failing to pay those task forces or councils established by Massa? things on April 15th. I will tell you I the President and headed by the czar. Now, those of you that don’t know don’t think they will. That’s what this bill says. In other the story of Eric Massa, I am not going So could it be that Mr. Geithner was words, it’s trying to put a curtailment to tell it. But I am going to read to you given this privilege because he was one on this czar program. a thing from the New York Daily News. of those powerful that the President of Now, why would I bring the czar pro- It’s an article, ‘‘FBI joins in Massa the United States told us would no gram out as we are looking at the probe of sexual harassment, hush longer be treated differently than the swamp? Well, we are creating positions money and coverups.’’ This was written ordinary people in this country? I of power and paying big salaries to April 22, 2010. ‘‘The FBI has joined the think that’s a question we have to as a these positions of power to duplicate mushrooming investigations of sexual House ask ourselves. Are we really the duties and responsibilities of Cabi- harassment, hush money and coverups treating the powerful the same as we net members of the President’s Cabi- allegedly involving former upstate do the ordinary folks? I certainly think net, and you have to ask the question Representative Eric Massa, Democrat we need to resolve this. And I think it’s why? Who are these people? Is this a from New York, and his male staffers. something we need to be seriously con- payback? Is this treating the powerful The bureau’s entry into the case fol- sidering. And by the way, I think the different than the ordinary? Is this lowed the announcement by the House water in the swamp is rising. open, honest, and ethical? I don’t Ethics Committee yesterday it’s con- He used his child’s time at an over- know. I don’t know. But the question ducting its own investigation of how night camp in 2001, 2004, and 2005 for needs to be asked why do we have to the office of House Speaker NANCY tax deductions. Sleep-away camps have so many czars? PELOSI, Democrat from California, and don’t qualify, according to the IRS. He I defy anybody, without getting some others handled complaints against recently filed $4,334 in additional taxes kind of reference paper to look at, to Massa. Massa’s alleged ‘‘tickling,’’ and $1,232 in interest for infractions in- give a list of these powerful jobs that groping, and raucous behavior at a gay cluding a retirement plan early with- have been created in this Congress by— bar with young staffers was ‘‘offensive, drawal penalty, an improper small I defy anybody in this Congress to give inappropriate, and created a hostile business deduction, and the expensing me a list off the top of their head. If work environment,’’ the Ethics Com- of utility costs that were for personal they can name two they are doing bet- mittee said in a statement. In the use. ter than I can. But these folks have top chaos in Massa’s office, ‘‘moneys or

VerDate Mar 15 2010 04:01 May 12, 2010 Jkt 089060 PO 00000 Frm 00027 Fmt 4634 Sfmt 0634 E:\CR\FM\K11MY7.064 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE H3306 CONGRESSIONAL RECORD — HOUSE May 11, 2010 other payments may have been mis- newspaperman or a Member of Con- row. Conyers’ office did not issue a appropriated or otherwise fraudulently gress like me, when you step up and statement, nor did staff respond to re- or improperly distributed or received,’’ say these things they should be taken peated inquiries.’’ the committee said. Massa resigned just as it is. And I believe that’s why I Mlive.com, Everything Michigan. last month as the charges escalated. He want to continue to clarify. This is from the Internet. ‘‘Landmark Legal Foundation files House ethics maintained he was a ‘‘salty guy’’ whose b 2045 gruff language and behavior may have complaint against Conyers. A conserv- been misjudged by his staff. The case But when you stand up before the ative public interest law firm on Mon- entered a new phase last week when House and you accuse others and you day filed a House ethics complaint Joe Racalto, Massa’s former chief of say they’ve created a foul, stinking against U.S. Rep. John Conyers over a staff, disclosed he had filed a sexual swamp that needs to be drained and letter he wrote to the Environmental harassment complaint against Massa. you will heroically drain that swamp, Protection Agency in 2007 allegedly Racalto also said he received a $40,000 then adding animals, plant life, and tied to his wife, according to the Wash- check from Massa’s campaign fund water to that swamp and raising the ington Times. The Landmark Legal shortly before Massa resigned. Through level to where it spreads coast to coast Foundation filed the complaint, saying his lawyer, Massa said he did not au- is certainly not draining the swamp, Conyers should respond to the allega- thorize the $40,000 payment, alleging and we should at least be able to dis- tions under oath. . . . In a 2007 letter, forgery might be involved.’’ cuss that matter in this House of Rep- Conyers urged the EPA to accept a per- Is that what you meant by end the resentatives. That is what I am talking mit transfer request that would allow swamp, Madam Speaker? That seems about. Greektown businessman Dimitrios to be very similar to what you were Some of these things are very dif- Papas to resume operations at a haz- talking about when you made the ficult to talk about, and that’s why I ardous waste injection well in Rom- statement it was time for you and the want to repeat again and again, these ulus. Democratic majority to start draining are allegations. ‘‘Consultant Sam Riddle said last the swamp. Well, as recently as April So to review. PELOSI’s action, none, month that Conyers’ wife, former De- 22, 2010, at 4 o’clock—this was filed at on Eric Massa. Obama and PELOSI’s ac- troit City Councilwoman Monica Con- 4 o’clock in the morning, a newspaper tion, none, on CHARLIE RANGEL and yers, drove him to a meeting with had sent out a news report about some- Tim Geithner. The investigations of Papas earlier in 2007, arranged a $20,000 thing that seemed to be a pretty nasty the Ethics Committee completed, none. consulting contract for Riddle and de- part of the swamp. Not one has been completed. The rest manded $10,000 as a finder’s fee. So let’s look at—we have talked are still pending. ‘‘Later the same year, Conyers wrote about Geithner, treated differently. Reading an article from the Congres- a letter to the EPA, reversing course And you know what, didn’t pay his sional Quarterly, Waters Calls TARP from his stance in 2003, when he joined taxes, and he is the head tax man. RAN- Meeting for Husband’s Bank. ‘‘Watch- Rep. John Dingell in opposition to the GEL, the head of the head tax com- dog groups claimed (Waters) took inap- well. In a statement issued last month mittee didn’t pay his taxes, didn’t pay propriate action on behalf of to the Detroit Free Press, Conyers de- his penalties and interest, and still has OneUnited Bank, which received finan- fended the letter on the grounds he was other things to answer for which cial assistance from the Federal Gov- representing his constituents, and it is haven’t been answered for. Sounds like ernment last fall. Waters—a senior not clear whether he had any knowl- that’s got the water rising in the member of the Financial Services Com- edge of his wife’s ties to Papas. swamp also. mittee, which oversees banking ‘‘Monica Conyers resigned last month And remember, we said we were issues—last year requested a meeting after pleading guilty to conspiracy to going to start draining this swamp between Treasury Department officials commit bribery in a separate incident back in January of 2007, and the Rangel and representatives of minority-owned involving Synagro Technologies.’’ investigation has gone on since 2008 banks, including OneUnited, on whose Those are allegations that are made and no end is in sight. And the Ethics board her husband, Sydney Williams, in the State of Michigan against the Committee, although it has an equal had previously served. He also held chairman of the Judiciary Committee, number of Republicans and Democrats stock in the bank.’’ which is the committee that has over- on it, is chaired by the majority party, That’s just a small article. But once sight over the rule of law, if nothing the Democratic Party. And so it’s the again, there are more alligators in the else, but everything legal and many of Democrats’ job to move that Ethics swamp, and are we finding out, and as the moral issues that come before this Committee along and dissolve and NANCY PELOSI promised us she would Congress. It’s a very important, very start draining at least that part of the do, to have the most open, ethical, and important committee. And from these swamp. honest Congress? There are allegations articles, we see that his wife has gotten These things are difficult to talk of ethical misbehavior here. in a lot of trouble for it. about. They are allegations. And I am What has our Speaker done? I would We need these things, these allega- going to say it again and again and submit, nothing. I’ve certainly heard of tions resolved. We need to know if again, we are blessed by our Constitu- nothing. I don’t think—I would like to they’re still in the swamp. We need to tion of the United States and by the at- know if anyone knows of what’s been know if we’re still draining the swamp. titude of the American people that al- done. But I think that’s something There are allegations in The Wash- legations are just allegations. They are that ought to be at least part of drain- ington Post. This is pretty long. I am alleging something happened, but it ing the swamp, part of the most eth- going to read some of it. Washington has to be proven. And if it’s under the ical, honest, and open Congress in the Post. ‘‘Rep. Norm Dicks is about to go ethics rules, it has to be proven to the history of the country. from Mr. Boeing to Mr. Spending.’’ It satisfaction of the Ethics Committee Detroit News, March 11, 2010. Rep- was written May 9. That’s 2 days ago. by the burdens of proof that they set resentative CONYERS avoids sentencing The Washington Post. forth. If it’s set out in a court of law for embattled wife. Detroit News Wash- ‘‘Maybe this whole outsourcing thing and it involves criminal behavior, it ington Bureau, Washington. ‘‘On a day has gone too far. This week, House has to be proved beyond a reasonable his wife was front and center, Rep. Democrats indicated they have plans doubt. If it involves civil responsi- John Conyers, D-Detroit, stayed in the to contract out the Federal Govern- bility, I would argue that there are a shadows. Conyers was inside his office ment’s spending to Boeing. Specifi- couple of means by it, but the most in the Federal courthouse Wednesday cally, they are planning to outsource it typical is by a preponderance of the and expressed an interest in attending to Mr. Boeing, Rep. Norm Dicks (D- evidence, the greater weight and degree his wife’s sentencing hearing, but ad- Boeing), a Washington State lawmaker of the evidence that proves such a mat- visers told him he shouldn’t, sources who has received tens of thousands of ter. But there is a burden of proof. said. Conyers, who chairs the House dollars in campaign contributions from So when you allege something Judiciary Committee, missed votes on Boeing sources and has—by complete against somebody, whether you be a the House floor for the second day in a coincidence, of course—directed tens of

VerDate Mar 15 2010 04:01 May 12, 2010 Jkt 089060 PO 00000 Frm 00028 Fmt 4634 Sfmt 0634 E:\CR\FM\K11MY7.066 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE May 11, 2010 CONGRESSIONAL RECORD — HOUSE H3307 billions of dollars of government busi- the public for 72 business hours before take us all the way to the Supreme ness to the military contractor.’’ taking action, requires the full text of Court of the United States to resolve And it’s an article about the fact the legislation and each committee re- it, which is the proper place to go. that Mr. DICKS is possibly going to be port to be posted continuously on the named as the chairman of the Appro- Internet. b 2100 priations Committee. In writing the rules of the House, I’m not going to go into this whole Thomas Jefferson said bills should be But maybe it could have been re- thing. It’s an early allegation, and it’s publicly available for 3 days before vot- solved by this body if we had done what a question. But it’s a question that, be- ing. we said we would do: drain the swamp; fore we go any further, this part of the And Thomas Jefferson had in mind be open, honest, and ethical; and trust swamp needs to have sunlight put on what? Open, obvious, ethical. Honest. each other and do our work together. it, and we see if where there’s smoke, That’s what he wants us to be. One of Maybe we wouldn’t have this problem. there’s fire, and whether these allega- our Founding Fathers, one of the most I don’t know. I think I can make a tions should be looked into. highly respected Founding Fathers, a pretty good argument that we I think we have a duty to this House writer of our Declaration of Independ- wouldn’t. to drain the swamp. And if we’re not ence, he said that every bill that came going to drain the swamp as NANCY before this House, we ought to have 3 I’ve just about ridden this horse long PELOSI promised us, then let’s not days to read it. And I’m not even sure enough. I want to point out to you that make big noise about it like we’re if Jefferson, in his wildest imagination, for 18 months I have been on the floor going to, and let’s admit that, you ever envisioned that there would ever of this House almost once a week. I’ve know what? Arguably, these allega- be a bill, a printed bill, that would be really been talking about something I tions and this whole list of things that 2,500 pages long. But even that, I think, think everybody ought to be really, are there—this is kind of a collage of he intended for it to at least give some- really concerned about in this country things, New York Daily News, Wash- body 72 hours to read it. and, that is, it is the duty and responsi- ington Post, Congressional Quarterly, And we haven’t done that in this bility of everyone who raises their Roll Call, Weekly Standard, NPR Congress. Not only on these massive right hand and takes that oath that we Radio, The Hill—these are a list of bills, but on even other bills that come take in this body to preserve, protect, things that are asking questions about before the Congress. In fact, it is rare and defend the Constitution and the the things that I have raised tonight. that we see any bill come before the laws of the United States. And I took The real question is: Are we running Congress before you get your hands on that oath as a member of the judiciary, the most ethical, open, and honest Con- it. which included, And of the State—that gress in the history? Are we? I think Others will say to you, What are they State being Texas. At least those peo- that the entire—the vast majority, complaining about? They did the same ple that take that oath in this room, let’s put it that way, of the American thing. Aha. That may be so, but guess those people have the responsibility to people have heard and understood the what? We all promised each other we do what our Speaker told us we were procedures that took place to pass the weren’t going to do it that way any- going to do and create an open, honest, health care bill. The health care bill is more. And the Speaker made that com- and ethical Congress. They have the re- now law. ObamaCare. And when we say mitment, and the majority leader sponsibility to make sure the rules are ‘‘open,’’ we mean that we want things made that commitment. And they followed. And winning and losing to be done out in the open, not in promised it when they asked for the shouldn’t be so important that you will closed-door sessions in the Speaker’s control of this House, and they cam- override what you promised you would office, but out here on the floor of this paigned on it that they would give us do and what you swore under oath you House, on the floor of the committees the time to read the bills and know would do—or affirmed, if you didn’t be- and the subcommittees. ‘‘Open and ob- what’s going on and that things would lieve in taking an oath. I’m sure there vious’’ means we’re going to do it be open and that sunshine would fill were those here that didn’t. I took an where you can see it. Let the sun shine the room as far as knowledge that the oath: So help me God. I took an oath. in, as the song goes, and let’s see various Members of Congress would what’s there. have. And it didn’t happen, and it is And so I’m asking the question, Are And yet we look at how this gigantic not happening. we willing to loosen up the glue that takeover of at least one-sixth of our So once again we have to ask the holds our government and our society Nation’s economy by the Federal Gov- Speaker, How’s the swamp draining together, the rule of law? That is, we ernment was done behind closed doors coming along? Because that was one of can count on the law, we can count on in a massive bill that arrived at a point the swamp facts that you talked about the Constitution, that it will prevail in time where no human being actually that you were going to fix. How come against personalities that may come could have had a chance to even look it wasn’t fixed? Well, yeah, it’s an im- along and try to interfere with it, be- at it in any detail and was shoved down portant agenda, sure, and maybe you cause Americans owe their sovereignty the throat of this Congress and the don’t want people arguing with you to a piece of paper, a rule of law, and American people. That’s not open. about your important agenda, but not to an individual. We don’t swear an That’s not obvious. that’s not what was said. That’s not oath in this body to the President of But more importantly, when you what was told to us when the control of the United States or to the Speaker of take the Chair as the Speaker of the this House was turned over to the Dem- the House or to the Secretary of the House, and you take on the rules of ocrat Party. Senate or to anybody other than to this House—a man that both sides of And what results when there’s that God and to the American people and to the aisle respect in the building, Thom- kind of thing of trampling on House each other that we will preserve, pro- as Jefferson. Thomas Jefferson, the rules? Well, these backroom deals like tect, and defend the Constitution of the Declaration of Independence, wrote that took place in cap-and-trade and United States, the glue that holds this rules, and those rules have been fol- health care, the failure to give the 3- society together. lowed pretty well, not all the time, but day reading time. And what comes of pretty well by this House it? And when our Speaker talked about GREG WALDEN, JOHN CULBERSON, and Let’s take the health care business. draining the swamp, she was making BRIAN BAIRD have offered H. Res. 554, 3- Right now, we have 22 States in this allegations, many of which were re- day reading rule, which, by the way, Union that have filed suit against the solved and some of which were not re- was one of the promises by the major- ObamaCare bill. They argue the indi- solved, especially at the time the ity in this House that they would give vidual mandate and the unfunded Medi- statement was made, that needed to be at least 72 business hours before taking care mandates are the subjects of that addressed, because there was a stinking any action to allow you to read the lawsuit, and that we have talked about swamp of misbehavior she was alleging. bill. Even if the bill happened to be before. And it’s certain people being And it hasn’t been drained. Not only 2,500 pages, you ought to get 72 hours. treated one way and another group of hasn’t it been drained but it seems to And this House Resolution says legisla- people being treated another. And we be a policy that we will win at all cost. tion must be available to Members and have a lawsuit that’s probably going to Therefore, we will not give 3 days to

VerDate Mar 15 2010 05:01 May 12, 2010 Jkt 089060 PO 00000 Frm 00029 Fmt 4634 Sfmt 0634 E:\CR\FM\K11MY7.067 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE H3308 CONGRESSIONAL RECORD — HOUSE May 11, 2010 read. We will do things behind closed Ms. WOOLSEY, for 5 minutes, today. 7405. A letter from the Chairman and CEO, doors. And we will not be open and Ms. KAPTUR, for 5 minutes, today. Farm Credit Administration, transmitting honest, even though we promised it. Mr. SCHIFF, for 5 minutes, today. the Administration’s final rule — Organiza- tion; Eligibility and Scope of Financing; I’m going to get up here and say this Mr. SABLAN, for 5 minutes, today. Funding and Fiscal Affairs, Loan Policies until, hopefully, we change. And I will Mr. DEFAZIO, for 5 minutes, today. and Operations, and Funding Operations; do my very best. And I have confidence (The following Members (at the re- Definitions; and Disclosure to Shareholders; that everyone in here, when reminded, quest of Mr. POE of Texas) to revise and Director Elections (RIN: 3052-AC43) received will do their very best. My colleagues extend their remarks and include ex- April 20, 2010, pursuant to 5 U.S.C. will be reminded—I’m hoping they’ll be traneous material:) 801(a)(1)(A); to the Committee on Agri- reminded by the few little things I Mr. POE of Texas, for 5 minutes, May culture. have to say and I’m certainly hoping 18. 7406. A letter from the Secretary, Depart- all of them on both sides of the aisle Mr. JONES, for 5 minutes, May 18. ment of the Army, transmitting notification that the Average Procurement Unit Cost will be reminded, their consciences will Mr. PAUL, for 5 minutes, today. (APUC) and Program Acquisition Unit Cost be touched, and they will realize that Ms. ROS-LEHTINEN, for 5 minutes, metrics for the Longbow Apache Block III the American people want to know today and May 12. (AB3) program have exceeded the 25 percent what goes on in these Halls. Mr. ROHRABACHER, for 5 minutes, critical cost growth threshold by more than If you don’t believe that, look at the today. 15% but less than 25%, pursuant to 10 U.S.C. 2433(e)(1); to the Committee on Armed Serv- tea party people out there. They’re not f trying to start a revolution. They’re ices. trying to start an honest government. SENATE BILLS REFERRED 7407. A letter from the Under Secretary, They want to know what’s going on; Bills of the Senate of the following Department of Defense, transmitting author- ization of 3 officers to wear the authorized what are you doing. We feel hopeless titles were taken from the Speaker’s and helpless because we don’t under- insignia of the grade of brigadier general, table and, under the rule, referred as pursuant to 10 U.S.C. 777; to the Committee stand what is going on up there. And follows: on Armed Services. you promised us open, honest, ethical. S. 1405. An act to redesignate the Long- 7408. A letter from the Under Secretary, Where is it? fellow National Historic Site, Massachusetts, Department of Defense, transmitting letter That’s what we ought to be doing. as the ‘‘Longfellow House-Washington’s on the approved retirement of Lieutenant That’s what I’m doing up here. That’s Headquarters National Historic Site’’; to the General H. Steven Blum, Army National why I’m here tonight. I have the high- Committee on Natural Resources. Guard, and his advancement on the retired est respect for every Member of this S. 1053. An act to amend the National Law list in the grade of lieutenant general; to the body. Any allegations made against Enforcement Museum Act to extend the ter- Committee on Armed Services. any Member of this Congress should be mination date; to the Committee on Natural 7409. A letter from the Chief, PRAB, Office Resources. rapidly and efficiently dealt with. And of Research and Analysis, Department of Ag- I hope these allegations will be proved f riculture, transmitting the Department’s final rule — Special Supplemental Nutrition unfounded. But to stand up and use ENROLLED BILLS SIGNED Program for Women, Infants and Children campaign rhetoric about I’m going to Lorraine C. Miller, Clerk of the (WIC): Vendor Cost Containment [FNS-2009- have an open, honest, ethical Congress, 0001] (RIN: 0584-AD71) received April 20, 2010, House, reported and found truly en- I’m going to drain this nasty swamp, pursuant to 5 U.S.C. 801(a)(1)(A); to the Com- and then not do it and not answer for rolled bills of the House of the fol- mittee on Education and Labor. it is something I’m going to continue lowing titles, which were thereupon 7410. A letter from the Assistant Secretary to talk about. signed by the Speaker: for Administration, Department of Com- When the President says powerful H.R. 2802. An act to provide for an exten- merce, transmitting the Department’s final people are not going to be treated dif- sion of the legislative authority of the rule — Commerce Acquisition Regulation Adams Memorial Foundation to establish a (CAR); Correction [Document Number: ferently than ordinary people, and if commemorative work in honor of former 080730954-0129-03] (RIN: 0605-AA26) received somebody is being treated powerful or President John Adams and his legacy, and April 20, 2010, pursuant to 5 U.S.C. it sure looks like it, we have a duty to for other purposes. 801(a)(1)(A); to the Committee on Energy and ask the question, Why is that going on? H.R. 5148. An act to amend title 39, United Commerce. Why do Geithner and RANGEL get treat- States Code, to clarify the instances in 7411. A letter from the Deputy Director, ed differently than me when I don’t pay which the term ‘‘census’’ may appear on Regulations Policy and Management Staff, my taxes or you when you don’t pay mailable matter. Department of Health and Human Services, your taxes or you just miss paying H.R. 5160. An act to extend the Caribbean transmitting the Department’s final rule — Basin Economic Recovery Act, to provide them on April 15 because you didn’t get Revision of Organization and Conforming customs support services to Haiti, and for Changes to Regulations [Docket No.: FDA- all your paperwork together so you got other purposes. 2010-N-0148] received April 20, 2010, pursuant a legal extension? You still pay pen- f to 5 U.S.C. 801(a)(1)(A); to the Committee on alties and interests. Why don’t they? Energy and Commerce. These are not hard questions to an- ADJOURNMENT 7412. A letter from the Deputy Director, swer. These are questions that I think Mr. CARTER. Madam Speaker, I Regulations Policy and Management Staff, the American people have a right to move that the House do now adjourn. Department of Health and Human Services, transmitting the Department’s final rule — know, because the American people The motion was agreed to; accord- want that glue that holds this society Product Jurisdiction; Change of Address and ingly (at 9 o’clock and 8 minutes p.m.), Telephone Number; Technical Amendment together. They want the kind of coun- the House adjourned until tomorrow, try that we wrote about in our Con- [Docket No.: FDA-2010-N-0010] received April Wednesday, May 12, 2010, at 10 a.m. 20, 2010, pursuant to 5 U.S.C. 801(a)(1)(A); to stitution. As long as I think we’ve got the Committee on Energy and Commerce. f questions to be answered, I’m going to 7413. A letter from the Deputy Director, be asking the questions. EXECUTIVE COMMUNICATIONS, Regulations Policy and Management Staff, Madam Speaker, I yield back the bal- ETC. Department of Health and Human Services, ance of my time. transmitting the Department’s final rule — Under clause 2 of rule XIV, executive f Medical Devices; Pediatric Uses of Devices; communications were taken from the Requirement for Submission of Information SPECIAL ORDERS GRANTED Speaker’s table and referred as follows: on Pediatric Subpopulations That Suffer By unanimous consent, permission to 7404. A letter from the Congressional Re- From a Disease or Condition That a Device address the House, following the legis- view Coordinator, Department of Agri- is Intended to Treat, Diagnose, or Cure; Di- culture, transmitting the Department’s final rect Final Rule [Docket No.: FDA-2009-N- lative program and any special orders 0458] (RIN: 0910-AG29) recieved April 20, 2010, heretofore entered, was granted to: rule — Viruses, Serums, Toxins, and Analo- gous Products and Patent Term Restoration; pursuant to 5 U.S.C. 801(a)(1)(A); to the Com- (The following Members (at the re- Nonsubstantive Amendments [Docket No.: mittee on Energy and Commerce. quest of Ms. WOOLSEY) to revise and ex- APHIS-2009-0069] received April 21, 2010, pur- 7414. A letter from the Deputy Director, tend their remarks and include extra- suant to 5 U.S.C. 801(a)(1)(A); to the Com- Regulations Policy and Management Staff, neous material:) mittee on Agriculture. Department of Health and Human Services,

VerDate Mar 15 2010 04:13 May 12, 2010 Jkt 089060 PO 00000 Frm 00030 Fmt 4634 Sfmt 0634 E:\CR\FM\K11MY7.069 H11MYPT1 jbell on DSKDVH8Z91PROD with HOUSE May 11, 2010 CONGRESSIONAL RECORD — HOUSE H3309 transmitting the Department’s final rule — suant to Public Law 110-28, section 8306; to Authorization Bill for Fiscal Year 2011; joint- Medical Devices; Technical Amendment the Committee on Oversight and Govern- ly to the Committees on the Budget, Energy [Docket No.: FDA-2010-N-0019] received April ment Reform. and Commerce, Transportation and Infra- 20, 2010, pursuant to 5 U.S.C. 801(a)(1)(A); to 7424. A letter from the Assistant Secretary structure, Financial Services, the Judiciary, the Committee on Energy and Commerce. for Management and Chief Financial Officer, Foreign Affairs, Education and Labor, 7415. A letter from the Deputy Director, Department of the Treasury, transmitting Armed Services, Small Business, and Science Regulations Policy and Management Staff, the Department’s report for fiscal year 2009 and Technology. Department of Health and Human Services, on the Acquisition of Articles, Materials, transmitting the Department’s final rule — and Supplies Manufactured Outside the f Administrative Practices and Procedures; United States, pursuant to Public Law 110-28, Good Guidance Practices; Technical Amend- section 8306; to the Committee on Oversight REPORTS OF COMMITTEES ON ment [Docket No.: FDA-1999-N-3539] (for- and Government Reform. PUBLIC BILLS AND RESOLUTIONS merly Docket No. 1999N-4783) received April 7425. A letter from the Acting Senior Pro- 20, 2010, pursuant to 5 U.S.C. 801(a)(1)(A); to curement Executive, General Services Ad- Under clause 2 of rule XIII, reports of the Committee on Energy and Commerce. ministration, transmitting the Administra- committees were delivered to the Clerk 7416. A letter from the Deputy Director, tion’s final rule — Federal Acquisition Regu- for printing and reference to the proper Regulations Policy and Management Staff, lation; Federal Acquisition Circular 2005-41; calendar, as follows: Department of Health and Human Services, Introduction [Docket: FAR 2010-0076, Se- Mr. PERLMUTTER: Committee on Rules. transmitting the Department’s final rule — quence 3] received April 20, 2010, pursuant to House Resolution 1344. Resolution providing New Animal Drugs; Removal of Obsolete and 5 U.S.C. 801(a)(1)(A); to the Committee on for consideration of the bill (H.R. 5116) to in- Redundant Regulations [Docket No.: FDA- Oversight and Government Reform. vest in innovation through research and de- 2003-N-0446] (formerly Docket No. 2003N-0324) 7426. A letter from the Acting Senior Pro- velopment, to improve the competitiveness received April 20, 2010, pursuant to 5 U.S.C. curement Executive, General Services Ad- of the United States, and for other purposes 801(a)(1)(A); to the Committee on Energy and ministration, transmitting the Department’s (Rept. 111–479). Referred to the House Cal- Commerce. final rule — Federal Acquisition Regulation; endar. 7417. A letter from the Deputy Assistant Federal Acquisition Circular 2005-41; Small Mr. RAHALL: Committee on Natural Re- Administrator/Office of Diversion Control, Entity Compliance Guide [Docket: FAR 2010- sources. House Resolution 1254. Resolution Department of Justice, transmitting the De- 0077, Sequence 3] received April 20, 2010, pur- directing the Secretary of the Interior to partment’s final rule — Schedules of Con- suant to 5 U.S.C. 801(a)(1)(A); to the Com- transmit to the House of Representatives trolled Substances; Table of Excluded Non- mittee on Oversight and Government Re- certain information relating to the Sec- narcotic Products: Nasal Decongestant In- form. retary’s Treasured Landscape Initiative, po- halers Manufactured by Classic Pharma- 7427. A letter from the Chairman, Occupa- tential designation of National Monuments, ceuticals, LLC [Docket No.: DEA-329F] (RIN: tional Safety and Health Review Commis- and High Priority Land-Rationalization Ef- 1117-AB23) received April 20, 2010, pursuant to sion, transmitting the Commission’s annual forts (Rept. 111–480). Referred to the House 5 U.S.C. 801(a)(1)(A); to the Committee on report for Fiscal Year 2009 prepared in ac- Calendar. Energy and Commerce. cordance with Section 203 of the Notification 7418. A letter from the Assistant Secretary and Federal Employee Antidiscrimination f for Communications and Information, De- and Retaliation Act of 2002 (No FEAR Act), partment of Transportation, transmitting Public Law 107-174; to the Committee on PUBLIC BILLS AND RESOLUTIONS the Department’s report on the activities to Oversight and Government Reform. improve coordination and communication 7428. A letter from the HR Specialist, Of- Under clause 2 of rule XII, public with respect to the implementation of E-911 fice of Navajo and Hopi Indian Relocation, bills and resolutions of the following services, pursuant to Public Law 108-494, sec- transmitting the Office’s annual report for titles were introduced and severally re- tion 104; to the Committee on Energy and Fiscal Year 2009 prepared in accordance with ferred, as follows: Commerce. Section 203 of the Notification and Federal 7419. A letter from the Assistant Secretary, Employee Antidiscrimination and Retalia- By Mrs. KIRKPATRICK of Arizona: Department of Defense, transmitting the De- tion Act of 2002 (No FEAR Act), Public Law H.R. 5256. A bill to provide for the hiring, partment’s report on Activities and Assist- 107-174; to the Committee on Oversight and training, and deploying of additional Border ance under Cooperative Threat Reduction Government Reform. Patrol agents along the southwest inter- (CTR) Programs (FY 2011 CTR Annual Re- 7429. A letter from the Chief, Branch of Re- national border of the United States; to the port), pursuant to Public Law 106-398, section covery and Delisting Endangered Species Committee on Homeland Security. 1308 (114 Stat. 1654A-341); to the Committee Program, Department of the Interior, trans- By Mr. STEARNS (for himself, Mrs. on Foreign Affairs. mitting the Department’s final rule — En- BLACKBURN, Mrs. BONO MACK, Mr. 7420. A letter from the Assistant Legal Ad- dangered and Threatened Wildlife and BLUNT, Mr. RADANOVICH, Mr. LATTA, visor for Treaty Affairs, Department of Plants; Reinstatement of Protections for the and Mr. UPTON): State, transmitting report prepared by the Grizzly Bear in the Greater Yellowstone Eco- H.R. 5257. A bill to prohibit the Federal Department of State concerning inter- system in Compliance with Court Order Communications Commission from regu- national agreements other than treaties en- [Docket No.: FWS-R6-ES-2010-0021] (RIN: lating information services or Internet ac- tered into by the United States to be trans- 1018-AW97) received April 21, 2010, pursuant cess services absent a market failure, and for mitted to the Congress within the sixty-day to 5 U.S.C. 801(a)(1)(A); to the Committee on other purposes; to the Committee on Energy period specified in the Case-Zablocki Act; to Natural Resources. and Commerce. the Committee on Foreign Affairs. 7430. A letter from the Federal Liaison Of- By Mr. CASSIDY (for himself, Ms. 7421. A letter from the Secretary, Depart- ficer, Department of Commerce, transmit- SPEIER, Mr. REICHERT, and Mr. SMITH ment of the Treasury, transmitting as re- ting the Department’s final rule — Cancella- of Washington): quired by section 401(c) of the National tion of Rule of Practice 41.200(b) before the H.R. 5258. A bill to amend the Congres- Emergencies Act, 50 U.S.C. 1641(c), and sec- Board of Patent Appeals and Interferences in sional Budget Act of 1974 to require Congress tion 204(c) of the International Emergency Interference Proceedings [Docket No.: PTO- to establish a unified and searchable data- Economic Powers Act, 50 U.S.C. 1703(c), a P-2010-0032] (RIN: 0651-AC46) received April base on a public website for congressional six-month periodic report on the national 20, 2010, pursuant to 5 U.S.C. 801(a)(1)(A); to earmarks; to the Committee on Rules, and in emergency with respect to Syria that was the Committee on the Judiciary. addition to the Committee on the Budget, declared in Executive Order 13338 of May 11, 7431. A letter from the Administrator, for a period to be subsequently determined 2004; to the Committee on Foreign Affairs. FEMA, Department of Homeland Security, by the Speaker, in each case for consider- 7422. A letter from the Secretary, Depart- transmitting the Department’s report on the ation of such provisions as fall within the ju- ment of the Treasury, transmitting as re- Preliminary Damage Assessment informa- risdiction of the committee concerned. quired by section 401(c) of the National tion on FEMA-1878-DR for the State of Ne- By Ms. PINGREE of Maine: Emergency Act, 50 U.S.C. 1641(c), and section braska; jointly to the Committees on Trans- H.R. 5259. A bill to amend title 10, United 204(c) of the International Emergency Eco- portation and Infrastructure, Appropria- States Code, to require preseparation coun- nomic Powers Act, 50 U.S.C. 1703(c), and pur- tions, and Homeland Security. seling for members of the reserve compo- suant to Executive Order 13313 of July 31, 7432. A letter from the General Counsel, nents upon their retirement or separation 2003, a six-month periodic report on the na- Department of Defense, transmitting pro- from service; to the Committee on Armed tional emergency with respect to significant posed legislation for the National Defense Services. narcotics traffickers centered in Colombia in Authorization Bill for Fiscal Year 2011; joint- By Ms. SCHWARTZ (for herself and Mr. Executive Order 12987 of October 21, 1995; to ly to the Committees on Armed Services, MCMAHON): the Committee on Foreign Affairs. Foreign Affairs, Oversight and Government H.R. 5260. A bill to amend the Internal Rev- 7423. A letter from the Assistant Secretary Reform, Veterans’ Affairs, and the Judiciary. enue Code of 1986 to repeal the phasedown of for Administration and Management, De- 7433. A letter from the General Counsel, the credit percentage for the dependent care partment of Labor, transmitting the Depart- Department of Defense, transmitting pro- tax credit; to the Committee on Ways and ment’s FY 2009 ‘‘Buy American Report’’, pur- posed legislation for the National Defense Means.

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By Mr. MCCOTTER: By Ms. EDDIE BERNICE JOHNSON of for small business loans; to the Committee H.R. 5261. A bill to amend the Internal Rev- Texas (for herself and Mr. GENE on Ways and Means. enue Code of 1986 to allow a deduction for tu- GREEN of Texas): By Mr. CROWLEY (for himself, Mr. toring expenses for elementary and sec- H.R. 5271. A bill to amend section 1877 of KING of New York, Mr. CAPUANO, Ms. ondary school students; to the Committee on the Social Security Act to delay by 2 years ROS-LEHTINEN, Mr. PITTS, Mrs. Ways and Means. the expansion cut-off date imposed by the MALONEY, Mr. WOLF, Mr. BOUSTANY, By Mr. GARAMENDI (for himself and Patient Protection and ; Mr. MANZULLO, Mr. BERMAN, Mr. Mr. MCNERNEY): to the Committee on Energy and Commerce, ENGEL, and Mr. HOLT): H.R. 5262. A bill to amend the Atomic En- and in addition to the Committee on Ways H.J. Res. 83. A joint resolution approving ergy Defense Act to authorize the Adminis- and Means, for a period to be subsequently the renewal of import restrictions contained trator for Nuclear Security to establish tech- determined by the Speaker, in each case for in the Burmese Freedom and Democracy Act nology transfer centers at national security consideration of such provisions as fall with- of 2003; to the Committee on Ways and laboratories, and for other purposes; to the in the jurisdiction of the committee con- Means. Committee on Armed Services, and in addi- cerned. By Mr. POSEY (for himself, Mr. HOLT, tion to the Committee on Science and Tech- By Ms. KAPTUR: Mr. WOLF, Ms. WASSERMAN SCHULTZ, nology, for a period to be subsequently deter- H.R. 5272. A bill to increase the maximum Mr. SMITH of New Jersey, Ms. SUT- mined by the Speaker, in each case for con- civil penalty for violations of Federal motor TON, and Ms. SPEIER): sideration of such provisions as fall within vehicle safety standards; to the Committee H. Res. 1343. A resolution recognizing the the jurisdiction of the committee concerned. on Energy and Commerce. importance of detecting esophageal cancer By Mr. YARMUTH: By Mr. LANGEVIN (for himself and during its earliest stages, advancing medical H.R. 5263. A bill to amend the Internal Rev- Mr. KENNEDY): research, and supporting the goals and ideals H.R. 5273. A bill to amend the Internal Rev- enue Code of 1986 to provide a 5 percent max- of Esophageal Cancer Awareness Month; to enue Code of 1986 to extend certain tax bene- imum rate of tax on gain from the sale or ex- the Committee on Energy and Commerce. fits relating to certain disasters; to the Com- change of depreciable real property by indi- By Ms. CLARKE: mittee on Ways and Means. H. Res. 1345. A resolution honoring the life viduals; to the Committee on Ways and By Mr. ROSKAM: and achievements of Lena Calhoun Horne; to Means. H.R. 5274. A bill to amend title 38, United the Committee on Oversight and Govern- By Mr. CONYERS (for himself and Mr. States Code, to clarify the requirements for ment Reform. SMITH of Texas): verifying a small business concern owned By Mr. HERGER (for himself, Mr. H.R. 5264. A bill to authorize appropria- and controlled by a veteran; to the Com- BOEHNER, Mr. CANTOR, Mr. PENCE, tions for the Department of Justice for fiscal mittee on Veterans’ Affairs. Mr. LANCE, Mr. TIAHRT, Mr. SAM year 2011; to the Committee on the Judici- By Mr. SESTAK: JOHNSON of Texas, Mr. LINDER, Mr. ary. H.R. 5275. A bill to require the establish- TIBERI, Ms. GINNY BROWN-WAITE of By Mr. BOSWELL: ment of a Consumer Price Index for Elderly Florida, Mr. DAVIS of Kentucky, Mr. H.R. 5265. A bill to continue to prohibit the Consumers to compute cost-of-living in- REICHERT, Mr. BOUSTANY, Mr. HELL- hiring, recruitment, or referral of unauthor- creases for Social Security benefits under ER, Mr. ROSKAM, Mr. BARTLETT, Mr. ized aliens, and for other purposes; to the title II of the Social Security Act; to the BARTON of Texas, Mr. BILBRAY, Mr. Committee on the Judiciary, and in addition Committee on Ways and Means, and in addi- BISHOP of Utah, Mrs. BLACKBURN, to the Committees on Ways and Means, and tion to the Committee on Education and Mrs. BONO MACK, Mr. BOOZMAN, Mr. Education and Labor, for a period to be sub- Labor, for a period to be subsequently deter- BROUN of Georgia, Mr. BURGESS, Mr. sequently determined by the Speaker, in mined by the Speaker, in each case for con- BURTON of Indiana, Mr. CALVERT, Mr. each case for consideration of such provi- sideration of such provisions as fall within CARTER, Mr. CHAFFETZ, Mr. COFFMAN sions as fall within the jurisdiction of the the jurisdiction of the committee concerned. of Colorado, Mr. CONAWAY, Mr. committee concerned. By Mr. SMITH of New Jersey (for him- CULBERSON, Mr. DREIER, Ms. FALLIN, By Ms. CORRINE BROWN of Florida: self, Mr. ADERHOLT, Mr. AKIN, Mr. Mr. FLAKE, Mr. FLEMING, Mr. FORBES, H.R. 5266. A bill to extend the final report ALEXANDER, Mrs. BACHMANN, Mr. Mr. FORTENBERRY, Ms. FOXX, Mr. deadline and otherwise reauthorize the Na- BARTLETT, Mr. BACHUS, Mr. BARRETT FRANKS of Arizona, Mr. GALLEGLY, tional Commission on Children and Disas- of South Carolina, Mr. BILBRAY, Mr. Mr. GARRETT of New Jersey, Mr. ters; to the Committee on Transportation BILIRAKIS, Mr. BISHOP of Utah, Mrs. GOHMERT, Mr. HALL of Texas, Mr. and Infrastructure. BLACKBURN, Mr. BLUNT, Mr. BOEHNER, HARPER, Mr. HASTINGS of Wash- By Mr. CAO: Mr. BOOZMAN, Mr. BURTON of Indiana, ington, Mr. HENSARLING, Mr. ISSA, H.R. 5267. A bill to amend the Gulf of Mex- ARTER ANTOR AO Mr. C , Mr. C , Mr. C , Ms. JENKINS, Mr. JOHNSON of Illinois, ico Energy Security Act of 2006 to accelerate Mr. CHAFFETZ, Mr. CONAWAY, Mr. Mr. JORDAN of Ohio, Mr. KING of the increase in the amount of Gulf of Mexico COSTELLO, Mr. DAVIS of Kentucky, Iowa, Mr. KINGSTON, Mr. LAMBORN, oil and gas lease revenues that is shared with Mr. DUNCAN, Mr. FLEMING, Mr. Mr. LATHAM, Mr. LATTA, Mr. LEWIS of States; to the Committee on Natural Re- FORTENBERRY, Ms. FOXX, Mr. FRANKS California, Mr. LOBIONDO, Mrs. sources. of Arizona, Mr. GOHMERT, Mr. GOOD- LUMMIS, Mr. MACK, Mr. MARCHANT, By Mrs. CAPPS (for herself, Ms. LATTE, Mr. GRIFFITH, Mr. Mr. MCCARTHY of California, Mr. MCCOLLUM, Mrs. CHRISTENSEN, Ms. HENSARLING, Mr. HERGER, Mr. HOEK- MCCAUL, Mr. MCCLINTOCK, Mr. WOOLSEY, Mrs. MALONEY, Ms. MOORE STRA, Mr. HUNTER, Mr. INGLIS, Mr. MCHENRY, Mr. MCKEON, Mr. MICA, of Wisconsin, Ms. DELAURO, Ms. JOHNSON of Illinois, Mr. JONES, Mr. Mr. MORAN of Kansas, Mrs. MYRICK, CLARKE, Ms. LEE of California, Ms. JORDAN of Ohio, Mr. KING of Iowa, Mr. NEUGEBAUER, Mr. PAULSEN, Mr. WASSERMAN SCHULTZ, Mr. LOEBSACK, Mr. LAMBORN, Mr. LATTA, Mr. LIPIN- PITTS, Mr. POE of Texas, Mr. POSEY, Mr. GRIJALVA, Ms. SCHAKOWSKY, Ms. SKI, Mr. DANIEL E. LUNGREN of Cali- Mr. PRICE of Georgia, Mr. ROE of Ten- SHEA-PORTER, Ms. NORTON, Mrs. fornia, Mr. MANZULLO, Mr. nessee, Mr. ROGERS of Kentucky, Mr. DAVIS of California, Mr. CONYERS, MARCHANT, Mr. MCCAUL, Mr. SCALISE, Mrs. SCHMIDT, Mr. SCHOCK, and Ms. MATSUI): MCCOTTER, Mrs. MCMORRIS RODGERS, Mr. SESSIONS, Mr. SHADEGG, Mr. H.R. 5268. A bill to provide assistance to Mrs. MILLER of Michigan, Mr. GARY SIMPSON, Mr. THORNBERRY, Mr. WAL- improve maternal and newborn health in de- G. MILLER of California, Mr. DEN, Mr. WILSON of South Carolina, veloping countries, and for other purposes; NEUGEBAUER, Mr. OLSON, Mr. PENCE, and Mr. WOLF): to the Committee on Foreign Affairs. Mr. PITTS, Mr. POE of Texas, Mr. H. Res. 1346. A resolution opposing the im- By Mr. CLAY: RADANOVICH, Mr. RAHALL, Mr. ROE of position of a value-added tax; to the Com- H.R. 5269. A bill to express the sense of Tennessee, Mr. ROGERS of Kentucky, mittee on Ways and Means. Congress that Federal job training programs Mr. ROGERS of Alabama, Ms. ROS- By Mr. MELANCON: that target older adults should work with LEHTINEN, Mr. RYAN of Wisconsin, H. Res. 1347. A resolution honoring the nonprofit organizations that have a record of Mr. SCALISE, Mrs. SCHMIDT, Mr. SEN- workers who perished on the Deepwater Ho- success in developing and implementing re- SENBRENNER, Mr. SHADEGG, Mr. rizon offshore oil platform in the Gulf of search-based technology curriculum de- SHIMKUS, Mr. SHUSTER, Mr. SOUDER, Mexico off the coast of Louisiana, extending signed specifically for older adults; to the Mr. THOMPSON of Pennsylvania, Mr. condolences to their families, and recog- Committee on Education and Labor. TIAHRT, Mr. WILSON of South Caro- nizing the valiant efforts of emergency re- By Mr. HARE (for himself, Mr. GEORGE lina, and Mr. BROUN of Georgia): sponse workers at the disaster site; to the MILLER of California, and Mr. H.R. 5276. A bill to ensure that women Committee on Oversight and Government SOUDER): seeking an abortion are fully informed re- Reform. H.R. 5270. A bill to amend the Federal Em- garding the pain experienced by their unborn By Mr. MORAN of Virginia: ployees’ Compensation Act to cover services child; to the Committee on Energy and Com- H. Res. 1348. A resolution recognizing the provided to injured Federal workers by phy- merce. vision of John W. Weeks and his contribution sician assistants and nurse practitioners, By Mr. WILSON of Ohio: to the conservation effort with the passage and for other purposes; to the Committee on H.R. 5277. A bill to amend the Internal Rev- of the Weeks Act in 1911, a significant con- Education and Labor. enue Code of 1986 to allow a business credit servation achievement in the history of the

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United States; to the Committee on House H.R. 2104: Ms. EDWARDS of Maryland. H.R. 4701: Mr. ELLISON. Administration. H.R. 2149: Mr. KIRK and Mr. MAFFEI. H.R. 4710: Mr. POLIS. By Mr. RANGEL: H.R. 2243: Mr. GRIFFITH. H.R. 4722: Ms. PINGREE of Maine. H. Res. 1349. A resolution recognizing H.R. 2378: Mr. LOEBSACK, Mr. MURPHY of H.R. 4733: Mrs. LOWEY, Mrs. MALONEY, and Percy Sutton as one of the Nation’s most in- Connecticut, Mr. JACKSON of Illinois, and Ms. Mr. MCDERMOTT. fluential political, civil rights, and business LINDA T. SA´ NCHEZ of California. H.R. 4755: Mr. BOCCIERI and Mr. HOEKSTRA. leaders, who, through his brilliance, courage, H.R. 2382: Mr. TIERNEY. H.R. 4785: Mr. PLATTS, Mr. ROSS, and Mr. and compassion, inspired countless people in H.R. 2443: Mr. WU. BOCCIERI. the United States; to the Committee on H.R. 2460: Ms. WATSON. H.R. 4787: Mr. KENNEDY and Mr. ENGEL. Oversight and Government Reform. H.R. 2478: Mr. TOWNS, Ms. NORTON, and Mr. H.R. 4844: Mr. CAPUANO, Mr. BRADY of By Ms. WATSON: THOMPSON of Mississippi. Texas, and Mr. DUNCAN. H. Res. 1350. A resolution recognizing June H.R. 2483: Mr. HEINRICH. H.R. 4850: Mr. LEE of New York, Ms. FUDGE, 20, 2010, as World Refugee Day; to the Com- H.R. 2624: Mr. COURTNEY. and Mrs. MCCARTHY of New York. mittee on Foreign Affairs. H.R. 2855: Mr. DELAHUNT. H.R. 4866: Mr. CARSON of Indiana. H.R. 3043: Ms. RICHARDSON, Mr. VAN H.R. 4869: Mr. KILDEE, Mr. CUMMINGS, and f HOLLEN, and Mr. HIGGINS. Ms. WASSERMAN SCHULTZ. ADDITIONAL SPONSORS H.R. 3070: Mr. JONES. H.R. 4870: Mr. CLAY, Mrs. LOWEY, and Mr. H.R. 3083: Mr. KILDEE. LUJA´ N. Under clause 7 of rule XII, sponsors H.R. 3108: Mr. DOGGETT. H.R. 4876: Mr. OBERSTAR. were added to public bills and resolu- H.R. 3131: Mr. PLATTS. H.R. 4890: Mr. ROTHMAN of New Jersey. tions as follows: H.R. 3185: Ms. NORTON. H.R. 4908: Mr. WALZ. H.R. 3212: Mr. ROTHMAN of New Jersey and H.R. 4913: Mr. LINCOLN DIAZ-BALART of H.R. 43: Mr. MCMAHON and Ms. SUTTON. Mr. MCGOVERN. Florida. H.R. 240: Mr. CALVERT. H.R. 3267: Mr. COHEN. H.R. 4914: Mr. CAPUANO, Mrs. CAPPS, Mr. H.R. 275: Mr. MCCLINTOCK, Mr. PLATTS, and H.R. 3355: Mr. PATRICK J. MURPHY of Penn- MCGOVERN, Mr. TIERNEY, and Mr. ISRAEL. Mr. LARSON of Connecticut. sylvania. H.R. 4923: Mr. ISRAEL, Ms. MOORE of Wis- H.R. 333: Mr. BISHOP of New York and Ms. H.R. 3383: Mr. MCCOTTER. consin, Mr. MCGOVERN, and Mr. REYES. ZOE LOFGREN of California. H.R. 3408: Mr. WAXMAN. H.R. 4925: Ms. FUDGE. H.R. 422: Mr. BISHOP of Utah and Mr. H.R. 3525: Ms. ZOE LOFGREN of California. H.R. 4943: Mr. LATTA MCCOTTER. H.R. 3559: Mr. ROTHMAN of New Jersey. H.R. 4947: Ms. SHEA-PORTER, Mr. MICHAUD, H.R. 442: Ms. FOXX. H.R. 3564: Ms. HARMAN, Mrs. DAVIS of Cali- and Mr. JOHNSON of Georgia. H.R. 450: Mr. LEE of New York and Mr. fornia, Mr. STARK, and Ms. ESHOO. H.R. 4952: Mr. SCHOCK. MICA. H.R. 3652: Mr. DRIEHAUS, Mr. WELCH, and H.R. 4953: Ms. WATERS. H.R. 456: Mr. HASTINGS of Washington. Mr. GERLACH. H.R. 4961: Ms. WATERS and Mr. JACKSON of H.R. 463: Mr. QUIGLEY. H.R. 3666: Mr. MCINTYRE. Illinois. H.R. 484: Mr. CLEAVER. H.R. 3699: Mr. MICHAUD. H.R. 4983: Ms. SPEIER. H.R. 571: Mr. SPRATT. H.R. 3721: Mr. DEFAZIO and Ms. NORTON. H.R. 4993: Mr. PLATTS, Ms. RICHARDSON, H.R. 615: Ms. HIRONO. H.R. 3734: Ms. EDWARDS of Maryland and and Mr. LARSEN of Washington. H.R. 832: Mr. COHEN. Mr. POLIS. H.R. 4995: Mrs. MYRICK and Mr. BOOZMAN. H.R. 930: Mr. MAFFEI. H.R. 3764: Mr. GRAYSON. H.R. 4999: Mr. SOUDER. APOLITANO RAYSON H.R. 959: Mrs. N , Mr. G , H.R. 3813: Mr. MICHAUD. H.R. 5000: Ms. NORTON. and Mr. PAULSEN. H.R. 3918: Mr. DOGGETT. H.R. 5006: Ms. WATERS. H.R. 978: Mr. BERRY. H.R. 3924: Mr. WHITFIELD, Mr. TIM MURPHY H.R. 5015: Mr. BLUMENAUER. H.R. 988: Mr. WESTMORELAND, Mr. KEN- of Pennsylvania, Mr. STEARNS, and Mr. H.R. 5032: Mr. CROWLEY. NEDY, Mr. POMEROY, Mr. COLE, Mr. BONNER, LATTA. H.R. 5034: Ms. HERSETH SANDLIN, Mr. VIS- and Mr. LEE of New York. H.R. 3974: Mr. GRIJALVA, Mr. BRALEY of CLOSKY, Mr. MCCOTTER, and Mr. BUCHANAN. H.R. 1017: Mr. KIRK. Iowa, and Ms. NORTON. H.R. 5035: Mr. MICHAUD. H.R. 1021: Mr. ELLISON, Mr. H.R. 3995: Mr. MILLER of North Carolina H.R. 5040: Mr. ISRAEL. RUPPERSBERGER, and Mr. MORAN of Kansas. and Ms. JACKSON LEE of Texas. H.R. 5041: Mr. DEFAZIO, Ms. LINDA T. H.R. 1036: Mrs. MCMORRIS RODGERS, Mr. H.R. 4037: Ms. SHEA-PORTER. SA´ NCHEZ of California, Mrs. DAVIS of Cali- LATHAM, and Mr. DOGGETT. H.R. 4055: Mr. SCOTT of Virginia. fornia, Ms. CASTOR of Florida, Mr. GRIJALVA, H.R. 1074: Ms. Foxx. H.R. 4065: Mr. GRAYSON. Mr. CHANDLER, Mr. PAYNE, Mr. LANGEVIN, H.R. 1158: Mr. WELCH. H.R. 4080: Mr. SCOTT of Virginia. Mr. ROTHMAN of New Jersey, Ms. KAPTUR, H.R. 1193: Ms. EDWARDS of Maryland, Mr. H.R. 4109: Ms. FUDGE. Mr. MCMAHON, Mr. HIGGINS, and Ms. NORTON. KLEIN of Florida, and Mr. BOUCHER. H.R. 4160: Ms. NORTON. H.R. 5043: Mr. TOWNS. H.R. 1194: Mr. CONNOLLY of Virginia, Ms. H.R. 4179: Mr. JACKSON of Illinois. H.R. 5044: Mr. ADLER of New Jersey, Ms. SPEIER, Mr. GRAVES, Mr. HODES, Ms. PINGREE H.R. 4259: Mr. WU, Mr. OWENS, and Ms. BERKLEY, Mr. CAPUANO, Mr. CHILDERS, Mr. of Maine, Ms. RICHARDSON, Mr. MICHAUD, Mr. JACKSON LEE of Texas. COHEN, Mr. CONYERS, Mr. ENGEL, Mr. GEORGE MILLER of California, and Mr. H.R. 4278: Mr. PASCRELL and Mr. SIMPSON. GARAMENDI, Mr. INSLEE, Mr. KAGEN, Mr. BRALEY of Iowa. H.R. 4296: Mr. ROTHMAN of New Jersey. LYNCH, Mr. NADLER of New York, Mr. RUSH, H.R. 1240: Mr. JOHNSON of Georgia. H.R. 4310: Mr. GRIJALVA. Mr. RYAN of Ohio, Ms. WASSERMAN SCHULTZ, H.R. 1248: Mr. GRAYSON. H.R. 4329: Mr. DUNCAN. Mr. WELCH, and Ms. WOOLSEY. H.R. 1310: Mr. OWENS. H.R. 4371: Mr. EDWARDS of Texas and Mr. H.R. 5054: Mr. MCCLINTOCK and Mr. H.R. 1321: Ms. BORDALLO. DINGELL. BOOZMAN. H.R. 1326: Mr. JOHNSON of Georgia. H.R. 4383: Mr. TIM MURPHY of Pennsyl- H.R. 5058: Mr. CROWLEY and Mr. ROTHMAN H.R. 1339: Mr. PAYNE and Mr. ROSS. vania. of New Jersey. H.R. 1392: Mr. HOLT. H.R. 4466: Mr. STUPAK. H.R. 5092: Mr. SERRANO, Mr. SMITH of Wash- H.R. 1441: Mr. MAFFEI. H.R. 4470: Mr. POLIS and Mr. CONYERS. ington, Mr. COSTELLO, Ms. FUDGE, Mr. TIM H.R. 1523: Mr. JACKSON of Illinois. H.R. 4502: Mr. HARE. MURPHY of Pennsylvania, Mr. RAHALL, Mr. H.R. 1526: Mr. RYAN of Ohio. H.R. 4509: Ms. MARKEY of Colorado, Mrs. BARROW, Mr. HOLDEN, Mr. BRALEY of Iowa, H.R. 1547: Mr. PERRIELLO and Mrs. LUMMIS. KIRKPATRICK of Arizona, and Mr. KRATOVIL. Mr. SHUSTER, Mr. CARSON of Indiana, Mr. H.R. 1549: Ms. WATSON. H.R. 4534: Mr. COHEN. BOOZMAN, Mr. TEAGUE, Mr. ELLISON, Mr. H.R. 1615: Ms. GIFFORDS. H.R. 4598: Mr. DOYLE, Mr. CARDOZA, and DAVIS of Kentucky, Mr. GRAVES, Mr. ADLER H.R. 1671: Mr. GERLACH, Mr. HILL, and Mr. Mr. SIRES. of New Jersey, Mr. SULLIVAN, Mr. KLINE of WOLF. H.R. 4599: Mr. POLIS and Mr. GRIJALVA. Minnesota, Ms. DELAURO, Mr. ROONEY, and H.R. 1682: Mr. SCHAUER. H.R. 4616: Mr. JACKSON of Illinois, Mr. Mr. OLSON. H.R. 1806: Mr. TEAGUE, Mr. JACKSON of Illi- ROTHMAN of New Jersey, Ms. WATSON, Ms. H.R. 5107: Mrs. MALONEY and Mr. GUTIER- nois, Mr. GARAMENDI, Mr. CUMMINGS, and Mr. WASSERMAN SCHULTZ, and Mr. THOMPSON of REZ. BOCCIERI. Mississippi. H.R. 5111: Ms. GINNY BROWN-WAITE of Flor- H.R. 1835: Mr. WELCH. H.R. 4676: Mr. CARNAHAN and Mr. ida, Mr. LATHAM, Mr. GALLEGLY, Mr. KLINE H.R. 1866: Mr. MORAN of Virginia. DELAHUNT. of Minnesota, Mr. CAMP, Mr. JOHNSON of Illi- H.R. 1972: Ms. SUTTON. H.R. 4677: Mr. SPACE. nois, Mr. PAUL, Mr. KINGSTON, Mr. MCCLIN- H.R. 2016: Mr. MOORE of Kansas. H.R. 4678: Mr. PETERS and Mr. TEAGUE. TOCK, Mr. PLATTS, Mr. SHUSTER, Mr. BISHOP H.R. 2057: Mr. JACKSON of Illinois. H.R. 4684: Mr. MCCAUL, Mr. BLUMENAUER, of Utah, Mr. JONES, Mr. RADANOVICH, Mr. H.R. 2067: Ms. BALDWIN, Mr. SIRES, Mr. Mr. MILLER of North Carolina, Mr. BURGESS, ROSS, and Mr. BOUSTANY. GRAYSON, Ms. CASTOR of Florida, Mr. CHAN- Mr. WOLF, Mr. BRALEY of Iowa, Mr. H.R. 5113: Ms. WATSON. DLER, Ms. KAPTUR, Mr. VISCLOSKY, and Mr. LOBIONDO, and Mr. BRADY of Pennsylvania. H.R. 5121: Mr. MCGOVERN. LEVIN. H.R. 4692: Ms. WOOLSEY. H.R. 5125: Mr. CAPUANO.

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H.R. 5128: Mr. MORAN of Virginia. H.R. 5214: Ms. WOOLSEY, Mr. GARAMENDI, H. Res. 1309: Mr. RYAN of Wisconsin and H.R. 5137: Ms. BERKLEY. Mr. DEFAZIO, Mr. HASTINGS of Florida, Ms. Ms. NORTON. H.R. 5142: Mr. PASCRELL, Mr. MCNERNEY, WASSERMAN SCHULTZ, Mr. DEUTCH, Mr. KLEIN H. Res. 1317: Mr. MCCLINTOCK. Mr. PETERS, and Mr. POMEROY. of Florida, Mr. YARMUTH, Mr. CONNOLLY of H. Res. 1319: Mr. PIERLUISI and Ms. FUDGE. H.R. 5143: Mr. BLUMENAUER. Virginia, Ms. SUTTON, and Ms. ROS- H. Res. 1321: Mr. PAYNE and Mr. SABLAN. H.R. 5156: Mr. CARNAHAN and Mr. HONDA. LEHTINEN. H. Res. 1325: Mr. SABLAN, Mr. MACK, Mr. H.R. 5159: Ms. LEE of California, Ms. KAP- H.R. 5218: Mr. PIERLUISI. HASTINGS of Florida, Mr. YOUNG of Florida, TUR, Mr. JACKSON of Illinois, and Mr. H.R. 5221: Mr. COWLEY. Mr. MICA, and Mr. OLSON. TIERNEY. H.R. 5224: Mr. MICHAUD. H.R. 5162: Mr. PENCE, Mr. FLEMING, and Mr. H.R. 5235: Ms. WATSON. H. Res. 1330: Mr. MOORE of Kansas, Ms. HENSARLING. H.R. 5251: Mr. PAUL. HARMAN, Ms. WOOLSEY, Mr. GARAMENDI, Mr. H.R. 5166: Mrs. MYRICK. H.J. Res. 65: Mr. POLIS. SABLAN, Ms. SHEA-PORTER, Mr. BLUMENAUER, H.R. 5170: Mr. BISHOP of New York. H. Con. Res. 49: Mr. CHILDERS. Ms. SPEIER, Ms. ROYBAL-ALLARD, Ms. RICH- H.R. 5175: Mr. HEINRICH, Mr. CLYBURN, Mr. H. Con. Res. 226: Mr. BOUSTANY, Mrs. ARDSON, Mr. SERRANO, Mr. BOSWELL, Mr. GEORGE MILLER of California, Mr. ELLS- NAPOLITANO, Mr. BURTON of Indiana, and Mr. DICKS, Mr. FILNER, Mr. GRIJALVA, Ms. JACK- WORTH, Mr. SHULER, Mr. BRALEY of Iowa, Mr. WOLF. SON LEE of Texas, Ms. ROS-LEHTINEN, Mr. LARSON of Connecticut, Mr. BECERRA, Ms. H. Con. Res. 261: Mr. HERGER, Mr. SESTAK, THOMPSON of California, Mr. WU, Mr. WAX- DELAURO, Mr. WAXMAN, Mr. CONYERS, Mr. and Mr. DAVIS of Kentucky. MAN, Mr. DOGGETT, Mr. BOYD, Mr. GEORGE NADLER of New York, Mr. SKELTON, Mr. H. Con. Res. 267: Mr. SCHOCK and Mr. MILLER of California, Mr. KENNEDY, Ms. LEE BISHOP of New York, Mr. LARSEN of Wash- HASTINGS of Florida. of California, Mr. HASTINGS of Florida, Mr. ington, Mr. SCHIFF, Mr. DEUTCH, Mr. MCGOV- H. Con. Res. 271: Mr. GARRETT of New Jer- HONDA, Mr. MCGOVERN, and Ms. ESHOO. ERN, Mr. HINCHEY, Mr. MCDERMOTT, Mr. sey. H. Res. 1331: Mr. SABLAN. H. Con. Res. 274: Mr. CASSIDY. TONKO, Ms. NORTON, Ms. EDWARDS of Mary- H. Res. 1338: Mr. BACA, Mr. BLUMENAUER, H. Con. Res. 276: Mr. SABLAN. land, Mr. ANDREWS, Ms. HIRONO, Mr. STARK, Ms. BORDALLO, Mr. BRALEY of Iowa, Mr. H. Res. 173: Mr. TIM MURPHY of Pennsyl- Mrs. MALONEY, Mr. HOLT, Mr. WALZ, Mr. CAPUANO, Mr. COHEN, Mr. CONYERS, Mr. vania, Mr. VISCLOSKY, Mr. WALZ, Ms. HIRONO, TEAGUE, Mr. BOSWELL, Ms. MATSUI, Mr. DOGGETT, Mr. ELLISON, Mr. FALEOMAVAEGA, Mr. MEEKS of New York, Mr. HINOJOSA, Ms. FARR, Mr. GARAMENDI, Mr. KAGEN, Mr. Mr. FARR, Mr. FATTAH, Mr. GARAMENDI, Mr. VELA´ ZQUEZ, Mr. AL GREEN of Texas, Mr. HIG- PALLONE, Ms. ZOE LOFGREN of California, Mr. HODES, Mr. HONDA, Ms. LEE of California, Mr. GINS, Mr. LANCE, and Mr. DOGGETT. YARMUTH, Ms. HARMAN, Ms. CHU, Mr. ISRAEL, LEWIS of Georgia, Mr. LOEBSACK, Ms. ZOE H. Res. 200: Mr. HOLT. Mr. SCHAUER, Mrs. CAPPS, Ms. MCCOLLUM, LOFGREN of California, Mr. MARKEY of Mas- H. Res. 510: Mr. ELLSWORTH. Ms. SLAUGHTER, Mr. ELLISON, Mr. PATRICK J. H. Res. 649: Mr. SERRANO. sachusetts, Mrs. MCCARTHY of New York, Ms. MURPHY of Pennsylvania, Ms. WASSERMAN H. Res. 764: Mr. MCCAUL. MCCOLLUM, Mr. MCDERMOTT, Mr. MCGOVERN, SCHULTZ, Mr. SARBANES, Mr. SALAZAR, Mr. H. Res. 873: Mr. ELLISON, Mr. TANNER, Mr. Mrs. NAPOLITANO, Ms. NORTON, Mr. RANGEL, LEVIN, Mr. POLIS, Mr. ROTHMAN of New Jer- BILIRAKIS, and Mr. DELAHUNT. Ms. RICHARDSON, Ms. ROYBAL-ALLARD, Mr. sey, Ms. BERKLEY, Ms. GIFFORDS, Mr. HARE, H. Res. 928: Mr. CONYERS. RYAN of Ohio, Mr. SABLAN, Mr. SARBANES, Mr. KISSELL, Mr. HALL of New York, Mr. H. Res. 929: Mr. FRANKS of Arizona. Mr. SERRANO, Ms. SHEA-PORTER, Mr. THOMP- SCHRADER, Mr. ARCURI, Ms. SHEA-PORTER, H. Res. 1006: Mr. INGLIS. SON of California, Ms. TITUS, Mr. VAN Mr. KIND, Ms. KILROY, Mr. JACKSON of Illi- H. Res. 1191: Mr. LATOURETTE. HOLLEN, and Mr. WAXMAN. nois, Mr. PERRIELLO, Ms. SUTTON, Mr. FOS- H. Res. 1207: Mr. SNYDER, Mr. WITTMAN, Ms. H. Res. 1339: Mr. LEWIS of Georgia, Mr. TER, Mr. SERRANO, Mr. COURTNEY, Mr. COHEN, DEGETTE, and Ms. ROS-LEHTINEN. ELLISON, Ms. RICHARDSON, Mr. COOPER, Mr. Mr. BOCCIERI, Ms. TITUS, Ms. WATERS, Mr. H. Res. 1211: Mr. LAMBORN and Mr. TOWNS. CARDOZA, Mr. DAVIS of Illinois, Mr. MEEK of ´ REYES, Mr. LUJAN, Ms. ROYBAL-ALLARD, Mr. H. Res. 1226: Mr. CARNEY, Mr. PLATTS, Mr. Florida, Ms. MOORE of Wisconsin, Mr. CROW- MOLLOHAN, Mr. PIERLUISI, Mr. FILNER, Mr. ROTHMAN of New Jersey, Mr. BARROW, and LEY, and Ms. BEAN. DINGELL, Mr. LIPINSKI, Mr. WELCH, Ms. LINDA Mr. CAMP. T. SA´ NCHEZ of California, Mr. VISCLOSKY, Mr. H. Res. 1241: Mr. FRANKS of Arizona, Ms. f SMITH of Washington, Mr. CHANDLER, Mr. JENKINS, and Mr. SCALISE. BLUMENAUER, and Mr. POMEROY. H. Res. 1261: Mr. AL GREEN of Texas, Mr. H.R. 5177: Mr. CANTOR, Mr. CULBERSON, Mr. MEEK of Florida, and Mr. LIPINSKI. CONGRESSIONAL EARMARKS, LIM- SHUSTER, and Mr. POMEROY. H. Res. 1285: Mrs. MILLER of Michigan, Mr. ITED TAX BENEFITS, OR LIM- H.R. 5182: Mrs. EMERSON. WOLF, and Mr. ISRAEL. ITED TARIFF BENEFITS H.R. 5197: Ms. WATSON, Mr. HOLT, Mr. H. Res. 1288: Mrs. MYRICK. PLATTS, Mr. WEINER, Mr. HALL of New York, H. Res. 1294: Mr. BARRETT of South Caro- Under clause 9 of rule XXI, lists or Mr. SABLAN, and Mr. MICHAUD. lina, Mr. FALEOMAVAEGA, Mr. HASTINGS of statements on congressional earmarks, H.R. 5204: Mr. SABLAN. Florida, and Mr. GRAYSON. limited tax benefits, or limited tariff H. Res. 1299: Mr. PETERSON, Ms. LORETTA H.R. 5206: Mr. SABLAN, Mr. REYES, Mr. WIL- benefits were submitted as follows: SON of Ohio, Ms. MARKEY of Colorado, and SANCHEZ of California, Mr. WOLF, Mr. MACK, Mr. LUJA´ N. Mr. GERLACH, Mr. ELLSWORTH, Mr. BART- The amendment to be offered by Rep- H.R. 5209: Mr. SABLAN. LETT, Mr. WEINER, Mr. WALDEN, and Mr. CAL- resentative GORDON of Tennessee, or a des- H.R. 5210: Mr. GRIJALVA and Mr. ELLISON. VERT. ignee, to H.R. 5116, the America COMPETES H.R. 5211: Mr. BISHOP of New York and Mr. H. Res. 1302: Ms. SUTTON, Mr. MELANCON, Reauthorization Act of 2010, does not contain CAO. and Mr. HINOJOSA. any congressional earmarks, limited tax H.R. 5213: Ms. MATSUI, Mr. HOLT, and Ms. H. Res. 1303: Mr. CRENSHAW, Mr. LAMBORN, benefits, or limited tariff benefits as defined ESHOO. and Mr. INGLIS. in clause 9 of rule XXI.

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Vol. 156 WASHINGTON, TUESDAY, MAY 11, 2010 No. 70 Senate The Senate met at 10 a.m. and was appoint the Honorable JEANNE SHAHEEN, a was the junior Senator from Kentucky, called to order by the Honorable Senator from the State of New Hampshire, JIM BUNNING. He threw the second no- JEANNE SHAHEEN, a Senator from the to perform the duties of the Chair. hitter of his Hall of Fame career, and I State of New Hampshire. ROBERT C. BYRD, repeat: this time, a perfect game. President pro tempore. To show how stupendous this game Mrs. SHAHEEN thereupon assumed PRAYER Senator BUNNING pitched was, under- the chair as Acting President pro tem- The Chaplain, Dr. Barry C. Black, of- stand this young man who pitched a pore. fered the following prayer: perfect game last Sunday did so, I Let us pray. f think, throwing 108 pitches, something Our Father in heaven, You have al- RECOGNITION OF THE MAJORITY like that. JIM BUNNING threw 90 ready endowed our Senators with abili- LEADER pitches. This is unbelievable, that in 9 ties they can use in faithful service to innings someone could pitch a whole You and country. Make them faithful The ACTING PRESIDENT pro tem- baseball game and throw only 90 stewards of Your gifts, as they live to pore. The majority leader is recog- pitches. It is a rare occurrence in mod- bring glory to Your Name. Lord, under- nized. ern day baseball for someone to com- gird them with Your enabling might so f plete a game, but to complete a game— that their labors will produce a rich SCHEDULE and a perfect game—in 90 pitches is harvest of meaningful accomplish- truly amazing. Mr. REID. Madam President, today ments. May they be Your candles, illu- Sometimes in this body, this Senate, the Senate will resume consideration minating the world around them with our political passions or legislative ob- of the Wall Street reform legislation. the light of Your grace and peace. Em- jectives get in the way of our personal There will be up to 80 minutes for de- power them to persevere and to fight relationships and the respect we show bate with respect to the Sanders and the good fight of faith. Help them to be for one another. When that happens, we Vitter amendments. We will vote on open and honest with each other, to do a disservice to the citizens we serve. those matters at around 11:30 a.m. mean what they say and to say what The Senate was created as a place for today. The Senate will recess from they mean. leaders to work for the American peo- 12:30 to 2:15 p.m. to allow for the week- We pray in Your sacred Name. Amen. ple, and the only way to do that work ly caucus luncheons. f is to work together, not against each f other. PLEDGE OF ALLEGIANCE TRIBUTE TO SENATOR JIM We surely have our differences, just The Honorable JEANNE SHAHEEN led BUNNING as those we represent do not see eye to the Pledge of Allegiance, as follows: Mr. REID. Madam President, this eye on every issue. That is inherent in I pledge allegiance to the Flag of the past Sunday, a young pitcher for the a representative democracy, and none United States of America, and to the Repub- Oakland Athletics threw a perfect of us is perfect. As Senator JIM lic for which it stands, one nation under God, BUNNING once said: indivisible, with liberty and justice for all. game. For those of you who do not know baseball, the Oakland Athletics Everybody makes mistakes. The only time f is a baseball team, and throwing a per- I’ve ever been perfect was for about two hours and 10 minutes on June 21, 1964. APPOINTMENT OF ACTING fect game is truly a big deal. It is such PRESIDENT PRO TEMPORE a big deal, it is only the 19th time this But we should also be able to appre- The PRESIDING OFFICER. The has ever happened—and baseball start- ciate those differences and appreciate clerk will please read a communication ed keeping records in 1880-something— the distinguished men and women who to the Senate from the President pro and this is the first time it happened make up this body, the Senate. We on Mother’s Day. have combat veterans. We have a man tempore (Mr. BYRD). The legislative clerk read the fol- Someone did throw a perfect game on who has won the Congressional Medal lowing letter: Father’s Day. On that Sunday, more of Honor for his valor in combat. We than 45 years ago, one of our colleagues have doctors. We have teachers, farm- U.S. SENATE, made history by accomplishing one of ers, entrepreneurs, Governors, Cabinet PRESIDENT PRO TEMPORE, Washington, DC, May 11, 2010. the most remarkable, most elusive, and Secretaries. We have an astronaut, the To the Senate: most coveted accomplishments in all of Senator from Florida, and we have a Under the provisions of rule I, paragraph 3, athletics, throwing a perfect game in Hall of Fame pitcher, whom I just of the Standing Rules of the Senate, I hereby Major League Baseball. That pitcher talked about.

∑ This ‘‘bullet’’ symbol identifies statements or insertions which are not spoken by a Member of the Senate on the floor.

S3487

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Let’s The legislative clerk read as follows: working together on a major piece of legisla- listen to what she has to say, to what A bill (S. 3217) to promote the financial tion. those who know her have to say about stability of the United States by improving It is a shame that bipartisan coopera- her, and to the American people, who accountability and transparency in the fi- tion passes for news these days, not to demand that the Supreme Court puts nancial system, to end ‘‘too big to fail,’’ to mention front-page news in one of our the rights of people ahead of the wal- protect the American taxpayer by ending Nation’s largest newspapers. lets of corporate America. bailouts, to protect consumers from abusive But I hope that collaboration con- financial services practices, and for other My Republican colleagues—I have tinues this week as we vote on amend- purposes. heard some in the media say: Well, she ments from both sides, as we move Pending: is not experienced enough. I developed closer to a final vote on this very im- Reid (for Dodd-Lincoln) amendment No. a personal relationship with Chief Jus- portant piece of legislation. Reforming 3739, in the nature of a substitute. tice Rehnquist. I developed that re- the rules of the road on Wall Street is Sanders-Dodd modified amendment No. spect for him for a couple reasons. No. 3738 (to amendment No. 3739), to require the critical to our Nation’s future. We need 1, when I was chairman of the Demo- nonpartisan Government Accountability Of- to restore the American people’s trust cratic Policy Committee, I did some- fice to conduct an independent audit of the in our financial system. Board of Governors of the Federal Reserve The American people demand we act. thing for which people said: Why are you bothering? He will never do that. I System that does not interfere with mone- Families demand we safeguard their tary policy, to let the American people know savings. Seniors demand we protect called him and said: Mr. Justice, would the names of the recipients of over their pensions. They have seen big you come over to the Senate and talk $2,000,000,000,000 in taxpayer assistance from bankers gamble away so much of their to my Democratic Senators? He said: I the Federal Reserve System. money—not the bankers’ money but would be happy to. Mr. SANDERS. Madam President, I our money—their retirements, and Over he comes. What a wonderful suggest the absence of a quorum. their home equity, which has been meeting we had. He had a great sense The ACTING PRESIDENT pro tem- shaken. The last thing they want is for of humor. He handled all the questions pore. The clerk will call the roll. their leaders to waste their time also. with ease. Then, shortly thereafter, he The legislative clerk proceeded to So I still hope we can pass Wall was sitting where the Acting President call the roll. Street accountability reforms this pro tempore is now sitting, as we did Mr. VITTER. Madam President, I ask week. I am going to do everything I the impeachment trial of President unanimous consent that the order for can to see that happens. Clinton. Again, he had such a good the quorum call be rescinded. The ACTING PRESIDENT pro tem- SUPREME COURT NOMINEE sense of fairness as he worked his way pore. Without objection, it is so or- Let’s talk about the Supreme Court through those very difficult pro- dered. for just a short time. We have accom- ceedings. AMENDMENT NO. 3760 TO AMENDMENT NO. 3739 plished much in the first few months of He had a bad back, and he would have Mr. VITTER. Madam President, I call this year. It has been difficult, but we to get up once in a while—stand where up the Vitter amendment which is at have done a lot. But we have so much the Acting President pro tempore is more to do. On that list is one of our the desk. now sitting. When the breaks would be The ACTING PRESIDENT pro tem- most important responsibilities as Sen- taken, he would go back into one of the pore. The clerk will report. ators: giving our advice and consent to rooms back here, and we would all go The legislative clerk read as follows: the President’s nominees for the courts visit with him—a terrific man. You and in this instance the Supreme The Senator from Louisiana [Mr. VITTER], may not agree with a lot of the direc- for himself, Mr. DEMINT, Mr. GRASSLEY, Mr. Court. tion of his opinions, but they were bril- HATCH, Mr. MCCAIN, Mr. BUNNING, Mr. CRAPO, In the day or so since President liantly written. He had no judicial ex- and Mr. RISCH, proposes an amendment num- Obama asked our Solicitor General, perience—zero. bered 3760 to amendment No. 3739. Elena Kagan, to serve as the Court’s One of my favorite Supreme Court Mr. VITTER. Madam President, I ask 112th Justice, she has received bipar- Justices, in recent years, has been San- unanimous consent that the reading of tisan praise for her intellect, her dedi- dra Day O’Connor, not because she is a the amendment be dispensed with. cation to public service, and her ability Republican but because she was a good The ACTING PRESIDENT pro tem- to bring people together, especially judge. She had run for public office. pore. Without objection, it is so or- when they disagree. She has produced She served in the legislature in Ari- dered. impressive work as an academic, con- zona. That is why she could identify The amendment is as follows: tributed to lifesaving legislation as a with many of the problems created by (Purpose: To address availability of informa- lawyer, and has been a policy aide at us legislators, and she could work her tion concerning the meetings of the Fed- the highest levels. She has inspired way through that. eral Open Market Committee, and for students as the dean of Harvard Law other purposes) School and made her country and her I think Solicitor General Kagan will At the end of title XI, add the following: fellow citizens stronger as Solicitor bring a lot of those same views of these SEC. 1159. AUDITS AND OVERSIGHT OF THE FED- General. So I commend President two Republicans to the bench; that is, ERAL RESERVE. Obama for choosing her to serve on the she has fresh ideas. She has been out in Section 714 of title 31, United States Code, is amended— Supreme Court. the real world recently. I think she is going to be a terrific addition to the (1) in subsection (a), by striking ‘‘the Of- My No. 1 goal for this new Supreme fice of the Comptroller of the Currency, and Court Justice—I have stated it publicly Supreme Court. the Office of Thrift Supervision.’’ and insert- before the Judiciary Committee; I have Would the Chair now announce the ing ‘‘and the Office of the Comptroller of the told the President himself—let’s stop business of the day. Currency.’’; having judges go on the Supreme (2) in subsection (b), by striking all after Court. I wanted someone who had not f ‘‘has consented in writing.’’ and inserting worn the robe, someone who had a lit- the following: ‘‘Audits of the Federal Re- serve Board and Federal reserve banks shall tle common sense separate and apart RESERVATION OF LEADER TIME not include unreleased transcripts or min- from the Supreme Court. utes of meetings of the Board of Governors I know those Justices have common The ACTING PRESIDENT pro tem- or of the Federal Open Market Committee. sense, but they have worn those robes a pore. Under the previous order, the To the extent that an audit deals with indi- long time, and I think it is good to get leadership time is reserved. vidual market actions, records related to

VerDate Mar 15 2010 23:38 May 11, 2010 Jkt 089060 PO 00000 Frm 00002 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.001 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3489 such actions shall only be released by the actly as it now appears in the House monetary policy decisions; that this Comptroller General after 180 days have bill, as it was included in the House bill will have individual Members of Con- elapsed following the effective date of such by a strong bipartisan vote in the gress bringing undue influence on those actions.’’; house committee. decisions. I truly think there are enor- (3) in subsection (c)(1), in the first sen- tence, by striking ‘‘subsection,’’ and insert- First, let me say I support the Sand- mous protections in this amendment ing ‘‘subsection or in the audits or audit re- ers amendment. I will vote for it. It is that will clearly avoid that situation. ports referring or relating to the Federal Re- a very important and useful look in the Let’s start with the clear language of serve Board or Reserve Banks,’’; and rearview mirror, if you will, a one-time the amendment: (4) by adding at the end the following: audit of significant Federal Reserve ac- Nothing in this subsection shall be con- ‘‘(f) AUDIT AND REPORT OF THE FEDERAL RE- tivity, particularly in 2008 and 2009. I strued as interference in or dictation of mon- SERVE SYSTEM.— welcome that. etary policy to the Federal Reserve System ‘‘(1) IN GENERAL.—An audit of the Board of That should not be the end of the by the Congress or the Government Account- Governors of the Federal Reserve System ability Office. and the Federal reserve banks under sub- matter, and it should not be recognized section (b) shall be completed not later than as all we need because it clearly is not. It is a very clear, very broad, very 12 months after the date of enactment of the We need to look in the rearview mirror strong statement. The amendment goes Restoring American Financial Stability Act at those important events. That was a even farther. The other specific lan- of 2010. very significant period. But we also guage of the amendment is very careful ‘‘(2) REPORT.— need to look forward because these to ensure the audits that the amend- ‘‘(A) REQUIRED.—A report on the audit re- events and these debates and these op- ment will require will not include ferred to in paragraph (1) shall be submitted portunities for bailouts and other ac- unreleased transcripts or minutes of by the Comptroller General to the Congress meetings of the Federal Reserve Board before the end of the 90-day period beginning tions absolutely continue. The Vitter on the date on which such audit is completed amendment addresses that—a look for- of Governors or of the Federal Open and made available to— ward as well as that important one- Markets Committee. ‘‘(i) the Speaker of the House of Represent- time look back. In addition to the extent any audit atives; If we needed any reason to think we deals with an individual market action, ‘‘(ii) the majority and minority leaders of need this ability to continue to look such as a change in interest rates, the the House of Representatives; forward and look at the detailed provi- audit will only be released 180 days ‘‘(iii) the majority and minority leaders of sions of Fed activity, it is in the news after the action occurs. the Senate; right now—absolutely right now—in If this is an attempt for any Members ‘‘(iv) the Chairman and Ranking Member of Congress, any individuals to control of the committee and each subcommittee of terms of the Greek and European eco- jurisdiction in the House of Representatives nomic crisis. individual decisions, to have a direct and the Senate; and Although Chairman Bernanke as- impact on an individual decision, such ‘‘(v) any other Member of Congress who re- sured Congress in recent testimony as an interest rate decision, it is a quests it. that ‘‘we have no plans to be involved pretty dumb, ineffective way to do it ‘‘(B) CONTENTS.—The report under subpara- in any foreign bailouts or anything of because the audit will not be out for graph (A) shall include a detailed description that sort,’’ very recently, in the last half a year. Clearly, it will have no im- of the findings and conclusion of the Comp- few days, the Fed has announced the pact on that decision. troller General with respect to the audit Under these protections, the Federal that is the subject of the report. opening of significant facilities to cen- ‘‘(3) CONSTRUCTION.—Nothing in this sub- tral banks in Europe that certainly in- Reserve will still operate monetary section shall be construed— volve it, at least at the margin, in that policy independently, but it is reason- ‘‘(A) as interference in or dictation of mon- activity. able that those actions, after an appro- etary policy to the Federal Reserve System I do not know enough about those re- priate lag of time in some cases will be by the Congress or the Government Account- cent deals and currency exchange transparent, will be fully understand- ability Office; or swaps to comment on whether they are able and fully open to the American ‘‘(B) to limit the ability of the Government a good idea or a bad idea, or to com- people and to Congress. Accountability Office to perform additional Again, I think it is very important to audits of the Board of Governors of the Fed- ment a clear conclusion about the ex- eral Reserve System or of the Federal re- tent to which they put U.S. taxpayers dispel these notions that are flying serve banks.’’. at risk. But clearly they are a signifi- about that are untrue. I have talked The ACTING PRESIDENT pro tem- cant event. Clearly, there is significant with Chairman Bernanke several times pore. The Senator controls 20 minutes. action of the Fed. And clearly, they are about these proposals. Always, invari- Mr. VITTER. Madam President, I ask a perfect and very recent example of ably, his stated concern is the oppor- that the Chair notify me after 15 min- why we need to look in detail at what tunity for an audit to try to impact an utes has been used. the Fed is doing on an ongoing basis. individual decision, such as an interest The ACTING PRESIDENT pro tem- With Greece, Portugal, and Spain, all rate decision. We have addressed that pore. The Senator will be notified. possibly on the cusp of financial crisis, very directly in the way I explained. Mr. VITTER. Madam President, I with this significant decision of the In addition, the GAO cannot review have called up Vitter amendment No. Fed, we must go beyond the Sanders many actions such as discount window 3760, which is verbatim, word for word, amendment. We must look forward and lending—direct loans to financial insti- the RON PAUL language that was added not just one time back to ensure the tutions—open market operations and to the House bill in committee by a American people that we all know any other transactions made under the strong bipartisan vote. what our Federal Reserve is doing and direction of the Federal Open Market In doing so, I also ask unanimous exactly why it is doing it. Committee. consent to add the following Senators This Vitter amendment does that. It GAO also, under the clear terms of as cosponsors: Senators DEMINT, will bring real reform and account- this amendment, cannot look into the GRASSLEY, HATCH, MCCAIN, BUNNING, ability to the Federal Reserve. That is Fed’s transactions with foreign govern- CRAPO, and RISCH. essential, given the historic, major ac- ments. This, again, is plenty of protec- The ACTING PRESIDENT pro tem- tions the Fed has undertaken in the tion against the concerns annunciated pore. Without objection, it is so or- last few years and continues to an- prior to this debate and vote. dered. nounce, even as we speak, activities What this comes down to is: Do the Mr. VITTER. Madam President, on that would not be covered by the Sand- American people deserve full informa- the Senate side, I have been a strong ers amendment. tion about Federal Reserve decisions or cosponsor and supporter of S. 604 and There has been a lot of rhetoric is somehow this beyond the capability Senator SANDERS’ amendment on this about all of the evil and dangerous of Congress and the American people to bill. I present this different amend- things my amendment would do at the digest? ment because Senator SANDERS decided Fed. Let me directly address and dispel In Federal Reserve Board minutes to modify his amendment late last these notions. that were only recently released—these week, and I thought there was a con- First, there has been a lot of sugges- minutes go back to 2004—Alan Green- tinuing need to have this language ex- tion that this will politicize individual span said this:

VerDate Mar 15 2010 23:38 May 11, 2010 Jkt 089060 PO 00000 Frm 00003 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.001 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3490 CONGRESSIONAL RECORD — SENATE May 11, 2010 We run the risk, by laying out the pros and been provided the largest taxpayer on my side of the aisle, and to thank cons of a particular argument, of inducing bailout in the history of the world, to Senators DEMINT, VITTER, BROWNBACK, people to join in on the debate, and in this the largest financial institutions in MCCAIN, GRASSLEY, and others on the regard it is possible to lose control of a proc- this country—trillion-dollar institu- other side of the aisle. ess that only we fully understand. tions—without the approval of Con- Last week, a number of Senators— It is somewhat amazing to me, but gress, without the real knowledge of Democrats and Republicans—indicated that is a verbatim, direct quote. More the American people, the Sanders to me they were uncomfortable with than any statistic, more than any amendment makes it clear that the my original amendment, which they other quote, more than any fact, that Fed can no longer operate forever in believed would have allowed Congress direct quote is about what this debate the kind of secrecy in which it has op- to be involved in the day-to-day mone- and what this amendment is about. erated. Under the Sanders amendment, tary operations of the Fed. That was Is this an area of governance that af- for the first time the American people never my intention, and I still do not fects all of our daily lives that we will know exactly who received over $2 believe my original amendment would should leave purely up to the elites trillion in zero, or virtually zero, inter- have done that. Nonetheless, that is without ever having full transparency est loans from the Fed, and they will what a number of Senators believed and a full opportunity for debate? Al- know the exact terms of those finan- and were concerned about and they ternatively, is this still America, and cial arrangements. came to me about. The chairman of the do Congress and the American people Under the Sanders amendment, for Banking Committee, Senator DODD, in- deserve full openness? the first time, the GAO will be required dicated to me if we could clarify this Let me read this quote again because to conduct a top-to-bottom comprehen- issue, he would not only be supportive it goes to the heart of the issue: sive audit of every single emergency of this amendment, but he would co- We run the risk, by laying out the pros and action the Fed has undertaken since sponsor it. That is exactly what he did, cons of a particular argument, of inducing the financial crisis began. Under the and I very much appreciate his sup- people to join in on the debate, and in this Sanders amendment, for the first time, port. regard it is possible to lose control of a proc- the GAO will investigate whether there Let me just very briefly speak to ess that only we fully understand. were conflicts of interest surrounding what the principles of this amendment If you adopt that offensive, in my the emergency actions of the Fed. are. No. 1, the Sanders amendment, in opinion, elitist attitude, vote against Madam President, the Fed has been terms of transparency, is clear we need the Vitter amendment. If you think we fighting all the way to the U.S. Su- to make sure the Federal Reserve re- should have much greater openness and preme Court to keep this information leases the names of every single finan- transparency and the opportunity for a secret. Well, this amendment says, in cial institution, corporation, and for- full debate, with all of the protections no uncertain terms, this money does eign central bank the Fed provided of the individual, interest rate, and not belong to the Fed; it belongs to the over $2 trillion in taxpayer assistance other decisions I have laid out, please American people, and the American to since the financial crisis started and vote for the Vitter amendment. people have a right to know where what the exact details of those ar- Again, Madam President, I will sup- their taxpayer dollars are going. That rangements were. This information, as port the Sanders amendment. It is an is not a difficult concept to get one’s a result of this amendment, will be on important and appropriate one-time arms around. The American people the Fed’s Web site on December 1, 2010, look back, one-time look in the rear- have a right to know. and every single American who has a view mirror about a very important pe- Specifically, the Sanders amendment computer will be able to access that in- riod of time, particularly 2008–2009 does two things: First, it requires the formation. That is a major step for- when the Fed was busier and more ac- Fed to put on its Web site by December ward. tive with more aggressive policy than 1, 2010, the names of all of the financial Secondly, in terms of the audit, I ever before. But the opportunity for institutions, corporations and foreign have always believed the main purpose that aggressive policy is not over. We central banks—let me repeat, foreign of this audit was for the GAO to con- see that this week, with the Fed par- central banks—that received trillions duct a top-to-bottom comprehensive ticipating with European national of dollars in taxpayer assistance from review of every single emergency ac- banks in the crisis in Europe. We need the Fed since the beginning of the fi- tion the Fed has undertaken since the this opportunity on an ongoing basis. nancial bailout period. start of the financial crisis. That is ex- We need the Vitter amendment. In ad- Second, the Sanders amendment re- actly what this amendment does. dition, we need a full audit, and with quires the GAO—the Government Ac- In addition, let me be clear, the all of the protections included, we need countability Office—to conduct a top- modified amendment—the amendment that opportunity continuing for full to-bottom comprehensive audit of all I am offering today—is stronger than openness and transparency. of the emergency actions the Fed has my original amendment on one very Madam President, with that, I yield taken since the beginning of the finan- important point, a point I think mil- the floor. cial crisis, with a particular focus on lions of Americans are concerned The ACTING PRESIDENT pro tem- all of the potential conflicts of interest about; that is, it requires the GAO to pore. The Senator from Vermont. The within these secret deals. And that, investigate whether there were con- Senator controls 20 minutes. Madam President, is an extremely im- flicts of interest in the establishment Mr. SANDERS. Madam President, let portant point which, by the way, was of the emergency lending programs at me begin by thanking my colleague not in my original amendment. the Fed. from Louisiana, Senator VITTER, not The fight for a GAO audit of the Fed My original amendment would have only for his remarks today but for his and to require more transparency has allowed the GAO to look into conflicts excellent work throughout this proc- been a long and arduous struggle. of interest at the Fed but did not re- ess. I have enjoyed working with him. There are many people to thank for quire it. This amendment requires it. What we have tried to do in this whole being at the point we are today. Par- We are very specific about that. process is to bring together people who tisan politics aside, this has been a For example, I want to know—and I come from very different ideologies to joint effort on the part of some of the think the American people want to basically make the point that the time most progressive Members of Congress know—why Lloyd Blankfein, the CEO is now to end the secrecy at the Fed. and some of the most conservative, and of Goldman Sachs, attended a meeting Madam President, I would like to some of the most progressive grass at the New York Fed when the Federal yield myself 15 minutes, if the Chair roots organizations and some of the Government decided to bail out AIG to can let me know when 15 minutes has most conservative. the eventual tune of $182 billion, allow- expired. I specifically want to thank, in the ing Goldman Sachs to pocket $13 bil- The ACTING PRESIDENT pro tem- Senate, Majority Leader REID, Major- lion of that money. My original amend- pore. The Senator will be so notified. ity Whip DURBIN, Senators DORGAN, ment would have allowed the GAO to Mr. SANDERS. Madam President, at FEINGOLD, BOXER, and LEAHY and many look at this. The new amendment a time when the Federal Reserve has others for their leadership on this issue makes it clear this kind of conflict of

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I had very seri- nation in order to determine a strong the American people want to know— ous reservations regarding his original fiscal future and a strong economy be- why the head of the New York Fed, amendment, but he has worked with cause it has allowed us to have a cur- Stephen Friedman, was allowed to Members of this side of the aisle, the rency which has basically been pro- serve on the board of directors at Gold- chairman of the committee, and mem- tected from the winds of the politics of man Sachs and was allowed to pur- bers of the administration and the Fed the day. That is absolutely critical. It chase over 37,000 shares of Goldman and has come up with an extremely re- is as important today as it was when stock at the same time the New York sponsible amendment. the Federal Reserve was created, if not Fed was approving Goldman’s applica- The Senator’s amendment gets to the more important today. tion to become a bank holding com- issues which he is concerned about, We have seen a world where there is pany. My original amendment would which are totally legitimate; that is, a tremendous amount of pressure on have allowed the GAO to look into the question of transparency and mak- the currencies of almost every nation, this. The new Sanders amendment re- ing sure, to the fullest extent possible, certainly every developed nation with quires the Fed to investigate whether the American people know what is hap- the exception of a few. That pressure conflicts of interest existed in these pening with this very significant agen- inevitably leads to populist outrage on types of financial deals. cy that impacts our lives but which we occasion or to popular decisions which Some 35 members of the Fed’s Board know little about—a lot of Americans can request that the currency be de- of Directors are executives at banks don’t—and that is the Federal Reserve. valued in order to produce what some which received over $120 billion in I also wish to congratulate Chairman people see as a better lifestyle or in TARP money. I want to know—and I Bernanke—he and his staff—for step- order to address concerns a nation may think the American people want to ping forward and aggressively pursuing have. But you cannot do that at the know—how much these financial insti- a resolution to this issue in a manner whim of elected officials. It is abso- tutions received from the Fed and if which I think will be very positive for lutely critical that the currency of the this represents a conflict of interest. both sides. Nation be protected from the day-to- My original amendment would have al- So I intend to support the amend- day activities of politics. lowed the GAO to look at this. The new ment of the Senator from Vermont, as We have created this Federal Reserve Sanders amendment requires the GAO amended, and appreciate his offering it System which accomplishes that. The to take a look at those potential con- and appreciate his responsible effort. I essence of that system is the Open flicts of interest. do have, however, deep and severe res- Market Committee, which decides es- What is important to point out is, in ervations and strongly oppose the sentially how much money there is terms of transparency, I am not the amendment of the Senator from Lou- going to be in circulation in this coun- only person—other Members of the isiana. The issue here isn’t trans- try. We have always believed that sys- Senate are not the only people—who is parency any longer with the amend- tem should have integrity, be kept sep- demanding that the Fed tell us to ment of the Senator from Louisiana. arate from the political process; that whom they lent money. I would point The issue is whether we have a Federal Members of the Congress should not out that Bloomberg News has gone to Reserve which can function and can have the ability, either directly or in- court and, in fact, has won two Federal pursue its primary purpose, which is directly, to influence the decision of court decisions against the Fed in maintaining the integrity of the cur- the printing of dollars in this Nation. which the courts have said the Fed has rency of the United States. It is a good decision and we should not to release that information. But the When the Federal Reserve was cre- abandon that course of action. Fed persists in saying no. They want to ated back in 1917, there was a huge de- Yet the Vitter amendment, couched keep that information secret. bate—a huge debate—raging in this Na- in all sorts of—— The PRESIDING OFFICER (Mr. So that is where we are today. We are tion, and had been raging since the UDALL of New Mexico). The Senator on the verge of lifting the veil of se- great depressions of 1897 and 1907— from New Hampshire has used the 5 crecy at perhaps the most important about how to manage the currency of government agency in the United minutes he was yielded. this country. The central figure in that Mr. GREGG. I ask for 4 minutes out States—an agency which has control of debate was William Jennings Bryan, a of the time of Senator SHELBY. and expends trillions of dollars. They man of immense proportions in our his- do it behind closed doors, and they do The PRESIDING OFFICER. Without tory. He was a populist in the extreme, objection, it is so ordered. it in ways the American people know and he believed genuinely that there very little about. So I ask for strong Mr. GREGG. The amendment offered should be a monetary policy in this by Senator VITTER unfortunately has, support for the Sanders amendment so country which allowed for free money we can go forward and break this veil as its essence, the disassembling of this to be produced, essentially. His Cross independence. It would give the Con- of secrecy. of Gold Speech was, of course, historic. With that, Madam President, I re- gress the ability, through the GAO— His view was, basically, those who were serve the remainder of my time. and because the GAO is an arm of the Mr. DODD. Madam President, how in control of the government—public Congress, our accounting arm—to go in much time remains? elected officials—should have control and investigate what happens with the The ACTING PRESIDENT pro tem- over the currency. But what had been Open Market Committee. That is clear- pore. The Senator from Connecticut learned over time was if you turn con- ly going to create consequences which controls 20 minutes, the Senator from trol of the currency over to elected of- would be inappropriate in the decision- Alabama controls 20 minutes, the Sen- ficials, the currency becomes at risk making process of the Federal Reserve. because there is a natural tendency by ator from Vermont has 81⁄2 minutes, It would influence their ability to and the Senator from Louisiana, 9 min- elected bodies to want to produce make decisions in the sense they would utes. money arbitrarily to take care of be concerned about Congress coming in Mr. DODD. Madam President, let me spending which they deem to be in the and investigating them. It would open ask how much time my friend needs? public interest. activities which, if they are not done in Mr. GREGG. I would ask for 5 min- Thanks to the leadership at that some level of confidence, inevitably utes. time of a number of thoughtful people, end up disrupting the markets. So it is Mr. DODD. I yield the Senator from including people such as Woodrow Wil- absolutely critical that the Congress New Hampshire at least 5 minutes, un- son, the decision was made to create a not be allowed to go into the Open less he needs more. separate entity called the Federal Re- Market Committee and audit that part The ACTING PRESIDENT pro tem- serve, which would manage the cur- of the Federal Reserve activities—ab- pore. The Senator from New Hamp- rency of the United States and decide solutely critical if we are going to shire. how much money was printed. The maintain the integrity of the dollar. Mr. GREGG. Madam President, first printing presses would be taken away Remember, this is about Main Street. off, at this point I congratulate the from elected officials. Whether that dollar you take on Main

VerDate Mar 15 2010 04:57 May 12, 2010 Jkt 089060 PO 00000 Frm 00005 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.006 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3492 CONGRESSIONAL RECORD — SENATE May 11, 2010 Street to buy clothing or food or a without legislation but clearly under son we have a lot of them and I realize car—whether that dollar has the value the influence of this proposed legisla- some I am supportive of, maybe not as you think it has depends entirely on tion, is going to put up on its Web site strongly as others. I am a strong sup- whether there is confidence it is not as soon as possible the contracts be- porter of this amendment, and I want going to be inflated arbitrarily. If the tween the Fed and other central banks my name attached to it, and I appre- political process starts to influence the that occurred over the past weekend. ciate the efforts of my colleague in decisions as to how much money is It has also committed the Fed will putting this forward. printed in this country and therefore report weekly on the activity of each I am as strongly in opposition to the affects the inflationary value of the of the swaps accounts by the central Vitter amendment because it under- dollar, you will see your dollars de- banks—not in the aggregate, each one mines, in effect, what the Sanders valued as you try to buy items on Main of them. The legislation is going to do amendment accomplishes. That would Street. The effect of that will be dev- a lot, but the Senator has already had be a tragedy, in my view. The fact is astating on your ability as an Amer- an influence on the conduct of the Fed we are going to do something that has ican citizen to have confidence in the in terms of the transparency issues. been needed to be done for years, and dollars which you earn and what they I appreciate very much the efforts of that is to get the transparency of what are going to buy and what they are Senator SANDERS. He is not new to the occurs at the Federal Reserve, but not going to mean when you save them— issue. He has raised this repeatedly engaging in the kind of damage that which is even more important. since he became a Member of this body. could occur—particularly at this mo- We cannot have a system which al- I also associate myself with the re- ment. lows Congress to influence the deci- marks of the Senator from New Hamp- We all understand. I think we have sions in this critical area. All the rest shire regarding the Vitter amendment. made the case over and over again over of the activities the Federal Reserve Again, the central question in many many days. We are no longer talking undertakes should be open, should be ways is exactly as he has described it, about a financial system that is in audited by the Congress, and should be and that is the independence of the jeopardy because of what happens in available for public inspection on a central bank, the most important cen- terms of mismanagement of major fi- regular basis. That is essentially what tral bank in the world, to be able to op- nancial institutions. We now know that events thousands of miles away the amendment of Senator SANDERS erate devoid of the kind of political in- does. There is already a lot of audit ac- fluences that could ultimately change from our shores, in nation states that tivity at the Fed, but what it does is that Federal Reserve Board from mak- have no direct bearing, necessarily, or expand that and make it more trans- ing the kind of decisions that are going are directly affected by decisions we parent and more available to the Amer- to protect the integrity of our cur- make here, can cause the kind of dis- ican people. But in this one area which rency. ruptions, economically, around the world. It is that kind of world we live Congress has specifically by law ex- The Open Market Committee’s func- in. empted from review for the very log- tioning absolutely is critical. So this is a well-crafted proposal, in my view, be- I remember a few years ago a very ical and appropriate reason that we do small exchange, relatively small ex- not want the politics of the day to in- cause it goes to the heart of the issue of transparency, including the require- change in Shanghai, China, had a de- fluence the decision as to the value of cline of about 12 percent one morning. our currency, in this one area we need ments now mandated by the Sanders amendment. The previous incarnation That exchange represented about 5 per- to keep the exception and give the Fed cent of the volume of the New York that type of protection. of this amendment was a request. I think all of us know where requests Stock Exchange in Shanghai. Yet that I strongly oppose the Vitter amend- action in that relatively small ex- ment. I hope those who are concerned end up if there is no will on the other side to engage them. But this now change caused, within a matter of about maintaining the integrity of our hours, all over the globe exchanges to mandates, in fact—we could have po- currency will also oppose this amend- react to it. My point simply being, tential conflict of interest examined as ment. without going into the details of what I yield the floor. to when these decisions are made. occurred there, events that occur in The PRESIDING OFFICER. The Sen- I point out that our bill today in- one part of the world can have a huge ator from Connecticut is recognized. cludes language, if adopted, that will Mr. DODD. I yield myself 10 minutes change how the New York Fed presi- implication here as well. At this very important moment, to on my time, if I may, and reserve 5, if dent is chosen. Presently he is chosen undermine the independence of the the Chair will let me know when that by the very institutions that office is Federal Reserve with the Vitter time has expired. designed to regulate. In a sense, we amendment would do great damage to The PRESIDING OFFICER. The change all of that because that on its our country. I urge my colleagues to be Chair will do so. face seems to be an inherent conflict. supportive of the Sanders amendment Mr. DODD. I thank my friend and When you get to choose your regu- and then join with Senator GREGG and colleague from New Hampshire. He is lator—one of the complaints we have myself and others in our opposition to always thoughtful on these issues. I ap- had, legitimately, about regulatory ar- the Vitter amendment because it un- preciate the history lesson as well. It is bitrage is that institutions picked dercuts exactly what, in a sense, we are always important that Members under- their regulator of least resistance and trying to achieve here with this legis- stand the genesis and history of nec- that contributed to some of the prob- essary decisions, so it is an important lation. lems we have run into. Under the I reserve the remainder of my time. contribution this morning to what we present construct, without the changes The PRESIDING OFFICER. The Sen- are trying to achieve. Also, let me say included in our bill, of course that goes ator from South Carolina. how much I appreciate the efforts of on. Imagine, if you can sit around and Mr. DEMINT. I ask to speak—— the Senator from Vermont. Occasion- choose your own regulator if you are The PRESIDING OFFICER. Who ally around here you get to make a his- lending institutions, financial institu- yields time? toric contribution. I don’t want to en- tions. That presently is what happens Mr. DEMINT. I ask to speak under gage in hyperbole, but this is a historic with regional banks. So the very banks Senator VITTER’s time. moment the Senator from Vermont has that are the subject of the Federal reg- The PRESIDING OFFICER. Without provided us, to be able to do something ulation decide who the regulator will objection, it is so ordered. we have talked about. I want to tell my be. Our bill changes that as well, and Mr. DEMINT. Mr. President, there colleague from Vermont not only do I that goes to the heart of exactly what are few things more important to think we are going to achieve what he the Senator from Vermont is talking Americans than our money. It rep- wants with his amendment, but we just about. resents our life’s work, our savings, our had a meeting with the Chairman of I urge my colleagues to give strong investment. When our Founders put the Federal Reserve to kind of brief us support to the Sanders amendment. I this country and the Constitution to- on these events in Europe over the am a cosponsor. I don’t cosponsor gether, they gave the Congress the re- weekend, and the Federal Reserve, many amendments for the obvious rea- sponsibility to protect our currency

VerDate Mar 15 2010 23:38 May 11, 2010 Jkt 089060 PO 00000 Frm 00006 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.008 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3493 and the value of our money. This is a I think it is important, at least at sional oversight. To allow any agency, responsibility that decades ago the one point in time, for us to find out including the Federal Reserve, to exer- Congress delegated to the Federal Re- what the Federal Reserve is doing and cise the immense powers now wielded serve, to operate as an independent in- disclose it to the American people in a by the Fed with so little accountability stitution, responsible for protecting way that they will have confidence is simply incompatible with our con- our monetary system as well as over- that what is happening with the Fed- stitutional system of government. seeing employment in our country. eral Reserve and with our currency is Congress granted the Federal Reserve Congress has not paid much atten- going to create a stable currency out independence with respect to monetary tion to what the Federal Reserve has into the future. policy on grounds that ‘‘monetary pol- done. In fact, we have little idea now Senator VITTER offered the original icy’’ was a technical, nonpolitical task what they are doing. We do know they amendment before it was changed, the that did not put taxpayers at risk. Un- are doing many things now that they same amendment that was passed in fortunately, the Fed has failed to stay didn’t do even a few years before—tril- the House by an overwhelming major- within the limits envisioned by Con- lions of dollars buying toxic assets ity which will include all aspects of the gress. Over the past 3 years, the Fed- from various financial institutions. We Federal Reserve—not in real time, but eral Reserve’s balance sheet has ex- know they are doing business all over there will be a delay so that we can’t ploded to more than $2.3 trillion, with the world, lending money with inter- meddle in what they are doing. But it much of the increase related to actions national banks. But we don’t know ex- opens a full audit of the Federal Re- that had little to do with monetary actly what they are doing, why they serve so that this Congress can make policy and more to do with bailouts, are doing it, or how they are doing it. good decisions about any needed re- fiscal policy, and plain politics. Although the Fed likes to pretend it We don’t know if a lot of these activi- forms and certainly keeping some ac- ties could eventually bring down our fi- is independent and removed from poli- countability over the Federal Reserve. tics, the reality here is that the Board nancial system. We need to be con- It makes absolutely no sense to cre- of Governors of the Federal Reserve is cerned because it is our responsibility ate really the most powerful agency in one of the biggest political players in as a Congress and if we allow our cur- the world over the Reserve currency town. rency to be undermined anywhere in for the world and for there to be no ac- the world, it is detrimental to every Ironically, while the Fed is fighting countability over what they are doing. American family, everything we this amendment, the Fed remains si- We know they think we are not smart worked for, everything we have saved. lent about other measures that would We cannot pass this off. This Con- enough to understand what they are compromise its independence. Why? gress has established other financial doing, and we may not be. But based on The answer is politics. When it serves institutions such as Fannie Mae and what they have told us in the past, its politics, the Fed is happy to selec- Freddie Mac to supposedly facilitate they are not necessarily as smart as tively sacrifice its independence. For the mortgage industry and make it they think they are either, because example, the Dodd bill compromises easier for people to buy homes. We only a few months before Fannie Mae the Fed’s independence by having the were told there was no problem with collapsed, the Federal Reserve told us Fed directly fund the Democrats’ new subprime lending and all the things there was no problem. Now they are consumer bureaucracy. This estab- Fannie Mae and Freddie Mac were in- telling us there is no problem and that lishes a dangerous precedent. Anytime volved with. But as a Congress we did we don’t need to look at what they are Congress needs a funding source, it can not do our job overseeing, asking doing. now go outside the budget process and enough questions. Then when Fannie I think it is important that we have have the Fed print money. Yet the Fed Mae and Freddie Mac created this huge full disclosure and accountability and has remained remarkably quiet. Why? housing bubble and brought our econ- transparency at the Federal Reserve. It Again, politics. The Fed’s silence omy to its knees, millions of Ameri- is important that the American people should come as no surprise given the cans lost much of what they had trust those who are managing their close political ties between the Board worked for and saved. currency, and right now they don’t. A of Governors of the Federal Reserve But what happened with Fannie Mae full audit would help restore that trust and the Obama administration. The and Freddie Mac is small compared to and help Congress do its job to oversee Board of Governors has clearly decided what could happen if the Federal Re- the Federal Reserve. The Federal Re- to help the Obama administration ad- serve did something to undermine the serve can maintain its independence, vance its legislative goals. confidence in the dollar worldwide. but it doesn’t have to be independent The Fed cannot have its cake and eat Congress should not be managing our in secret because if they are operating it too. If the Fed wants to be inde- monetary system. I do not think we secretly, Congress is not doing its job. pendent, it should defend its independ- can do it in the current political struc- I encourage my colleagues to support ence consistently but otherwise should ture. But it is our job to provide ac- the Sanders amendment but also the stay out of politics. On the other hand, countability and transparency to what Vitter amendment so that we will have if the Federal Reserve wants to be po- is going on at the Federal Reserve. a full audit and know for the first time litical, it should not expect Congress to Last week, I spoke in support of the what our Federal Reserve is doing with treat it as a so-called independent, nor Sanders amendment. I still plan to sup- our money. should the Fed expect that its non- port it today, but that amendment has I reserve the remainder of Senator monetary policy actions are exempt been changed. It narrows the scope of a VITTER’s time. from congressional oversight. These ac- complete audit. It really cannot be The PRESIDING OFFICER. The Sen- tivities, even when conducted by called a complete audit anymore. It is ator from Alabama. FOMC, are fiscal or regulatory actions just disclosure on various aspects of Mr. SHELBY. Mr. President, I yield that involve taxpayer dollars and pol- what the Federal Reserve does. It does myself 5 minutes. icy judgments. They are no different not now include what they would refer The PRESIDING OFFICER. The Sen- from other policy decisions made by to now as monetary policy. My under- ator from Alabama is recognized. the executive branch. standing was, that is pretty much what Mr. SHELBY. I rise today to support Accordingly, I believe Congress has a they did at the Federal Reserve. Cut- the Sanders amendment to bring trans- constitutional duty to oversee these ting that takes out a big part of what parency to the Federal Reserve. I be- activities. Unfortunately, the Fed we need to know about what they are lieve this amendment is needed be- often acts as if Congress should be kept doing. It would block us from finding cause the Federal Reserve has abused in the dark. It uses this independence out what the Federal Reserve is doing its independence. The Federal Reserve as a shield to hide its actions from con- with banks all around the world. It has repeatedly assumed and exercised gressional oversight, including its bail- would block us from finding out a lot vast fiscal powers under the guise of outs of AIG and Bear Sterns. No agency of things that could give us an indica- ‘‘monetary policy.’’ It has sought to es- should have the fiscal and regulatory tion of whether the Federal Reserve is cape accountability for these actions powers exercised by the Fed and not putting our monetary and financial by claiming that its independence think it has to be fully accountable to systems at risk. places it beyond the scope of congres- Congress. It should.

VerDate Mar 15 2010 23:38 May 11, 2010 Jkt 089060 PO 00000 Frm 00007 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.009 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3494 CONGRESSIONAL RECORD — SENATE May 11, 2010 It is my hope this amendment will be As far as other amendments, I have a The PRESIDING OFFICER. The Sen- the first step in moving the Fed back number of what I would call surgical ator from Vermont is recognized. to its more limited and traditional role amendments, some of which may be—I Mr. SANDERS. Mr. President, let me in our regulatory and constitutional just have an inquiry as to other types summarize again what the Sanders systems. of amendments. I know we are going in amendment does. Let me take my col- The PRESIDING OFFICER. Who order, Republican and Democrat. I just leagues back to a meeting of the Budg- yields time? thought we might talk for a second. I et Committee, on which I serve, about The Senator from Connecticut. have a number of surgical amendments a year ago. Chairman Bernanke came Mr. DODD. Mr. President, I would that improve the bill. None of them are before that committee. I asked him: like to inquire how much time re- messaging amendments. I actually Will you tell the committee, me, and mains? think some of them are going to be the American people which large finan- The PRESIDING OFFICER. The Sen- taken in a managers’ amendment. cial institutions received trillions of ator from Connecticut controls 13 min- But I would just inquire of the man- dollars of zero or near zero interest utes; the Senator from Alabama, 4 min- ager of the bill what his thinking is as loans? I thought that was a reasonable utes; the Senator from Louisiana, 3 it relates to sort of time limits and question. minutes; the Senator from Vermont, 8 how we might move through some of Mr. Bernanke said: No, I will not do minutes. these other amendments that are here that. I will not release that informa- Mr. DODD. Well, I am kind of done. I strictly to try to improve the bill and tion. don’t know if my colleague from may have strong bipartisan support. On that day, I introduced legislation Vermont wants to add any words to all The PRESIDING Officer. The Senator to compel him to release the informa- of this. I don’t even know whether the from Connecticut. tion. This amendment, if passed, on De- leaders want to be heard on this Mr. DODD. Mr. President, I have yet cember 1, 2010, would, in fact, contain amendment or whether other Members to meet a Member who didn’t think an that information. It is a major step for- want to be heard. So I guess what I will amendment they offered was going to ward. do is propose that there is an absence improve the bill. We can’t make that Secondly, many Americans are begin- of a quorum and that the time be the criteria. ning to catch on—and some Senators equally extracted from all Members First, I appreciate the Senator rais- have referred to that today—to the im- who control time. ing the issue because it is an important mense power of the Fed. People are de- Is there a fixed time for the vote? question. I have raised with my col- manding transparency at the Fed. Peo- The PRESIDING OFFICER. The vote league and the former chairman, Sen- ple want to know what happens behind will occur at the expiration or the ator SHELBY, a package of amend- closed doors when some of the leaders yielding back of the time. ments, technical or others, where we of the largest financial institutions sit Mr. DODD. I suggest the absence of a think there is agreement, although he down with the Fed and, lo and behold, quorum and ask unanimous consent will have to take a look at them to programs are developed which benefit that the time be equally charged to all make that determination, not as a those very same large financial institu- three of the Members who control the final managers’ amendment but to try tions. Wouldn’t it be nice, wouldn’t it time at this point. and clear out those amendments we be great if small businesses in Vermont The PRESIDING OFFICER. Without think can be adopted without taking could end up with zero interest loans? objection, it is so ordered. up time for votes on individual amend- They can’t. But somehow or another, The clerk will call the roll. ments. I invite any Member who has some of the largest financial institu- The assistant legislative clerk pro- amendments, including my colleague tions in this country manage to do ceeded to call the roll. from Tennessee, to give us the amend- that, and we don’t know how this proc- Mr. SHELBY. Mr. President, I ask ments he or she has or to show them to ess goes on. unanimous consent that the order for Senator SHELBY, and we will try to ac- Passage of the Sanders amendment is the quorum call be rescinded. cept them where we can. a step forward. I congratulate all those The PRESIDING OFFICER. Without If there is some problem we can’t re- people from both political parties, with objection, it is so ordered. solve, then we need to provide the time very different political ideologies, for Mr. SHELBY. Mr. President, I ask between now and the conclusion of the coming forward, for pushing this issue unanimous consent that after the bill to consider them. I will do my best forward. This is not the end. This is a McCain amendment is disposed of, the to see that happens. beginning. As Senator DODD said a mo- next amendment in order be the Corker Let me take advantage of the ques- ment ago, this is historic. We are be- amendment—the next Republican tion to make a plea to my colleagues. ginning to lift the veil of secrecy on amendment—dealing with under- Obviously, there is not an unlimited what is perhaps the most important writing. amount of time to debate this bill. We agency in the government. The PRESIDING OFFICER. Is there have other matters we are all painfully I urge passage of the Sanders amend- objection? aware of that have to come up before ment. Mr. DODD. Reserving the right to ob- we adjourn for the year. My hope is I reserve the remainder of my time ject, just so we are clear, when we dis- Members will provide the time and and yield the floor. pose of the McCain amendment and re- come forward and we will get short The PRESIDING OFFICER. The Sen- lated amendments to it, there may be a time agreements for some amend- ator from Louisiana. side-by-side, the next Republican ments, maybe a bit longer for others Mr. VITTER. Mr. President, I stand amendment—there will be a Demo- that are a bit more substantive and re- to join with a bipartisan group of col- cratic amendment after the McCain quire more debate. But we need to leagues supporting the Sanders amend- amendment. Then the next amendment move on this. We have submitted, sev- ment and also in support of the Vitter after that—Republican amendment— eral days ago, a package of what I side-by-side amendment. These are not will be the Corker amendment. thought would qualify as a managers’ mutually exclusive alternatives. Both The PRESIDING OFFICER. Without amendment. We need to get some an- Senator SANDERS and myself and many objection, it is so ordered. swers on that so we can try to accom- others will strongly support both. I Who yields time? modate provisions to this bill that are urge all my colleagues, Democrats and The Senator from Vermont is recog- good contributions offered by Repub- Republicans, to do the same. nized. licans and Democrats—in some cases Particularly since the financial cri- Mr. CORKER. I have an inquiry. both—so we can actually add to the sis, the American people have been de- Mr. SANDERS. I yield to the Senator product of this legislation. I appreciate manding several things. One of them from Tennessee. my colleague’s suggestion. If we can clearly has been openness and trans- The PRESIDING OFFICER. The Sen- see them, we will try to agree to all of parency about U.S. economic policy, ator from Tennessee is recognized. them. If there is any problem, we will including at the Federal Reserve. That Mr. CORKER. Mr. President, as far as let him know and then thin out that has been a major theme, particularly other amendments, I have an inquiry. list so we can get to them. since the financial crisis. That has

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I announce that the Cantwell Grassley Shelby to preserve that record, we need to Chambliss Hatch Senator from New Mexico (Mr. BINGA- Snowe vote for the Sanders amendment and Coburn Hutchison Thune MAN) and the Senator from West Vir- Cochran Inhofe the Vitter amendment today to get Vitter Collins Isakson ginia (Mr. BYRD) are necessarily ab- Webb that done. Cornyn LeMieux Wicker If we want to continue to support the sent. Crapo Lincoln Wyden same push as in the stand-alone Sand- I further announce that, if present DeMint McCain ers Senate bill, we need to vote for and voting, the Senator from New Mex- Dorgan Murkowski both amendments. If Members want to ico (Mr. BINGAMAN) would vote ‘‘yea.’’ NAYS—62 continue to support their position, if Mr. KYL. The following Senators are Akaka Franken Menendez they voted for the Sanders budget necessarily absent: the Senator from Alexander Gillibrand Merkley Baucus Gregg Mikulski amendment a few months ago—and a Oklahoma (Mr. INHOFE) and the Sen- Bayh Hagan Murray strong majority of this body did—they ator from Alaska (Ms. MURKOWSKI). Begich Harkin Nelson (NE) need to vote for both amendments. If The PRESIDING OFFICER. Are there Bennet Inouye Nelson (FL) Bennett Johanns they want to support the position of any other Senators in the Chamber de- Pryor Bingaman Johnson Reed the House which, in a bipartisan way, Bond Kaufman siring to vote? Reid supported exactly the same language Boxer Kerry The result was announced—yeas 96, Rockefeller as contained in my amendment Brown (MA) Klobuchar nays 0, as follows: Brown (OH) Kohl Schumer through an amendment in the Banking Shaheen [Rollcall Vote No. 137 Leg.] Burris Kyl Committee, a strong bipartisan vote, Cardin Landrieu Specter they need to support both amend- YEAS—96 Carper Lautenberg Stabenow Casey Leahy Tester ments. Supporting one, walking on the Akaka Ensign McConnell Conrad Levin Udall (CO) Alexander Enzi Menendez other, is not good enough and will sure- Corker Lieberman Udall (NM) Barrasso Feingold Merkley Dodd Lugar Voinovich ly be recognized as not good enough. Baucus Feinstein Mikulski Durbin McCaskill Warner I urge all my colleagues to support Bayh Franken Murray Feinstein McConnell Whitehouse both amendments, to have full open- Begich Gillibrand Nelson (NE) ness and accountability and trans- Bennet Graham Nelson (FL) NOT VOTING—1 Bennett Grassley Pryor Byrd parency, with all the protections in- Bond Gregg Reed cluded against politicizing individual Boxer Hagan Reid The amendment (No. 3760) was re- Fed decisions. Brown (MA) Harkin Risch jected. In many ways, I think it comes down Brown (OH) Hatch Roberts Brownback Hutchison Rockefeller Mr. DODD. I move to reconsider the to this one quote by Alan Greenspan Bunning Inouye Sanders vote, and I move to lay that motion on from 2004: Burr Isakson Schumer the table. We run the risk, by laying out the pros and Burris Johanns Sessions The motion to lay on the table was Cantwell Johnson Shaheen cons of a particular argument, of inducing agreed to. people to join in on the debate, and in this Cardin Kaufman Shelby Carper Kerry Snowe Mr. INHOFE. Mr. President, I support regard, it is possible to lose control of a Casey Klobuchar Specter process that only we fully understand. Senator SANDERS’ amendment No. 3738 Chambliss Kohl Stabenow regarding Federal Reserve trans- Imagine, Congress, the American Coburn Kyl Tester parency. As a cosponsor of S. 604, the people joining in on the debate. God Cochran Landrieu Thune Collins Lautenberg Udall (CO) Federal Reserve Sunshine Act of 2009, forbid. Imagine the moneyed elites los- Conrad Leahy Udall (NM) my support for these efforts is clear. ing complete control of the process. Corker LeMieux Vitter American taxpayers have a right to God forbid. If Members share that Alan Cornyn Levin Voinovich Crapo Lieberman Warner know how, where, and when their Greenspan view of democracy, vote DeMint Lincoln Webb money is spent or put at risk. For too against my amendment. But if they Dodd Lugar Whitehouse long, they have put up with secrecy share a very different view, which I be- Dorgan McCain Wicker and arrogance. That has to stop, and lieve is embodied in this institution Durbin McCaskill Wyden that is why I would have voted for Sen- and our Constitution, please support NOT VOTING—4 ator SANDERS’ amendment had I been both the Sanders and Vitter amend- Bingaman Inhofe able to do so and why I voted for Sen- ments. Byrd Murkowski I yield my time. ator VITTER’s amendment when I ar- The PRESIDING OFFICER. Who The amendment (No. 3738), as modi- rived in Washington. My travel was de- yields time? The Senator from Con- fied, was agreed to. tained due to severe weather and tor- necticut. VOTE ON AMENDMENT NO. 3760 nadoes affecting Oklahoma yesterday. Mr. DODD. I suggest the absence of a Mr. DODD. Mr. President, I believe The PRESIDING OFFICER. Under there is no more time. Has the time ex- quorum. the previous order, the question is on The PRESIDING OFFICER. The pired for the Senator from Louisiana? agreeing to amendment No. 3760. The PRESIDING OFFICER. The Sen- clerk will call the roll. Mr. SHELBY. Mr. President, I ask for ator from Louisiana has consumed his The legislative clerk proceeded to the yeas and nays. time. The Senator from Alabama has call the roll. The PRESIDING OFFICER. Is there a Mr. DODD. Mr. President, I ask unan- 41⁄2 minutes. Mr. DODD. We are prepared to yield sufficient second? There is a sufficient imous consent that the order for the back time on our side. I gather the second. quorum call be rescinded. Senator from Alabama is prepared to The clerk will call the roll. The PRESIDING OFFICER. Without yield back his time. The legislative clerk called the roll. objection, it is so ordered. Mr. DODD. Mr. President, before we I ask for the yeas and nays on the Mr. DURBIN. I announce that the Sanders amendment. recess, let me say that the next amend- Senator from (Mr. BYRD) ment up is the McCain amendment, The PRESIDING OFFICER. Is there a is necessarily absent. sufficient second? and while we don’t have an agreement There appears to be a sufficient sec- The PRESIDING OFFICER. Are there yet, I am hopeful one will be agreed to ond. any other Senators in the Chamber de- right after we come back after the re- Mr. DODD. I yield back all our time. siring to vote? spective caucus luncheons at 2:15 p.m. The PRESIDING OFFICER. All time The result was announced—yeas 37, I am urging Members, again, we are is yielded back. nays 62, as follows: trying to line up these amendments so

VerDate Mar 15 2010 23:38 May 11, 2010 Jkt 089060 PO 00000 Frm 00009 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.012 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3496 CONGRESSIONAL RECORD — SENATE May 11, 2010 we can have an afternoon full of Eve at 7 p.m. was when the Treasury there is no expert who believes we will votes—a short debate on amendments Department decided to lift the cap, ever see a return. and then votes. I don’t want to hear which had been at $400 billion. It is now Finally, I would like to quote the later people telling me, ‘‘I didn’t have up—$145 billion. Here we are addressing Wall Street Journal editorial of this enough time,’’ when in fact we are try- financial regulatory reform and not morning that says, ‘‘$145 Billion and ing to provide time for people. You looking at $5 trillion of toxic assets Counting. Fannie and Freddie lose it can’t have it both ways. You can’t say that have already spent $145 billion off all for you.’’ you needed more time and then not be budget. It is off budget. Incredible. The editorial says: here or get the time agreements to My distinguished friend from Con- These efforts to support the Obama anti- allow us to move forward. necticut pointed out yesterday—he foreclosure program resulted in a doubling of With that, Mr. President, I yield the says I want a little revisionist history. loan modifications compared to the pre- floor. He says the House financial committee vious— Let me start from the beginning. f passed bipartisan legislation. It stalled in the committee over here despite the Fannie Mae yesterday announced its 11th RECESS support for it. The Republican-con- consecutive quarterly loss—$11.5 billion—and The PRESIDING OFFICER. Under trolled committee then passed a bill asked for another $8.4 billion in taxpayer as- sistance. the previous order, the Senate stands and never filed it, never brought it up in recess until the hour of 2:15 p.m. for a vote here on the floor of the Sen- They lost that. They are asking for Thereupon, the Senate, at 12:33 p.m., ate in 2005. That was my friend Senator $8.4 billion. That puts us well over $150 recessed until 2:15 p.m. and reassem- DODD’s statement yesterday. billion. bled when called to order by the Pre- The fact is—a little revisionist his- Fannie Mae is the Cal Ripken of bad real- siding Officer (Mr. BEGICH). tory—on April 1, 2004, the Senate Bank- estate deals, reliably pouring taxpayer ing Committee passed the bill, the Fed- money into the housing market. Granted, f Fannie faces tough competition from its eral Housing Enterprise Regulatory RESTORING AMERICAN FINANCIAL toxic twin, Freddie Mac, which last week an- Reform Act. All 12 Republicans voted STABILITY ACT OF 2010—Continued nounced its own request of another $10.6 bil- for it. All Democrats, including the dis- lion from taxpayers. The PRESIDING OFFICER. The Sen- tinguished chairman, voted against it, Once the checks from the Treasury clear, ator from Arizona. according to the RECORD. So neither Fan and Fred will have consumed a com- AMENDMENT NO. 3839 TO AMENDMENT NO. 3739 bill was taken on the floor because, as bined $145 billion in taxpayer cash, and the end is nowhere in sight. Both companies Mr. MCCAIN. Mr. President, I call up we know, we don’t move forward with warned of further losses triggering more gov- amendment No. 3839 and ask for its im- legislation if it is blocked by the other ernment assistance, which is now unlimited mediate consideration and ask to set side. after a 2009 Treasury decision. aside pending amendments. Then Senator DODD went on to say: I The losses are unlimited because the com- The PRESIDING OFFICER. The became chairman of the Banking Com- panies are now run by the government not to clerk will report. mittee in 2007. We arrived at 2008. We make money, by deliberately subsidizing The legislative clerk read as follows: had a significant number of hearings. housing. In yesterday’s press release, CEO Mike Williams didn’t even pretend that he’s The Senator from Arizona [Mr. MCCAIN], In the summer of 2008, the Banking running a profit-making business. ‘‘In the for himself, Mr. SHELBY, Mr. GREGG, Mr. Committee passed a comprehensive first quarter, we continued to serve as a BENNETT, Mr. CRAPO, Mr. CORKER, Mr. BURR, bill—et cetera, et cetera. The Housing leading source of liquidity to the mortgage Mrs. HUTCHISON, and Mr. ROBERTS, proposes and Economic Recovery Act was fi- market, and we made solid progress in our an amendment numbered 3839 to amendment nally enacted on July 30, 2008. Just 39 ongoing effort to keep people in their No. 3739. days later, Fannie Mae and Freddie homes,’’ he said. These efforts to support the Mr. MCCAIN. Mr. President, I ask Mac were placed into conservatorship. Obama anti-foreclosure program resulted in unanimous consent that the reading of I remind Senator DODD that back in a doubling of loan modifications compared to the amendment be dispensed with. 2006, there was a group of us, in re- the previous quarter. The PRESIDING OFFICER. Without sponse to an inspector general’s report, Ramping up modifications makes perfect objection, it is so ordered. sense in the upside-down world of Fannie who said we need to fix it and fix it Mae. The company also announced that most The amendment is as follows: now, and that was blocked by the other of the loans it modified in the first three (The text of the amendment is print- side. quarters of 2009 had gone delinquent again ed in the RECORD of May 5, 2010, under Senator DODD said: If you think the within six months. ‘‘Text of Amendments.’’) market took a plunge last Thursday, Does anyone get that? Most of the Mr. MCCAIN. Mr. President, before adopt the McCain amendment. It is a loans that were modified—at the cost we continue, I know the distinguished reckless amendment. of $100-and-some billion of taxpayers chairman of the Banking Committee What is reckless is the status quo. money—have gone under again, have and the manager of the bill want us to What is reckless is to totally ignore $5 gone delinquent again within 6 months. move forward. I understand that. As we trillion in toxic assets, already $145 bil- The Wall Street Journal goes on: speak, I am compiling a list of those lion of the taxpayers’ money being Talk about an exciting business oppor- who want to speak on the amendment spent. It is reckless for us to go to the tunity. In case anyone still hasn’t gotten the on this side. I assure him we will try to American people and say we are fixing joke, the company also clarified yesterday get a time agreement completed as the problem that caused the financial that its directors ‘‘are not obligated to con- soon as possible. I ask my colleagues meltdown and yet we are ignoring sider the interests of the company’’ unless on this side of the aisle who want to Fannie and Freddie. We are ignoring the government tells them to do so. speak on this amendment to call the the trillions of dollars of toxic assets. The real joke is that the Obama Adminis- cloakroom so we can get that done. tration and Senator Chris Dodd have collabo- And don’t worry, we will address it rated on a financial regulatory reform bill Mr. President, I ask unanimous con- later on. That is what the distin- that includes no reform of Fan or Fred. Sen- sent that Senators BURR, HUTCHISON, guished chairman is going to say—we ators should rectify this embarrassment as and ROBERTS be added as cosponsors of will address this later on. Later on? early as today by voting for John McCain’s this amendment. Later on? When we have this already amendment to end this most costly of all The PRESIDING OFFICER. Without done? And it is not on budget. Remark- bailouts. objection, it is so ordered. able. My question to the distinguished Mr. MCCAIN. Mr. President, I apolo- What the amendment says is that the chairman is, even if he doesn’t accept gize to my colleagues for giving them conservatorship has to end in 24 any of the statements I made, is it true false information a couple of days ago. months. We will give them 2 years to that there are trillions of dollars in It is not $125.9 billion that we are now figure all this out. It is reckless, in my toxic assets and, if so, what are we pouring into Fannie and Freddie; it is view, to say we are not addressing going to do about it and when? If not up to $145 billion that is now being these trillions of dollars in toxic as- on this bill, where? poured in—$145 billion. I remind my sets, the hemorrhaging of $145 billion The cynicism out there amongst the colleagues again that last Christmas already of taxpayers’ dollars, on which American people is at the highest level

VerDate Mar 15 2010 23:38 May 11, 2010 Jkt 089060 PO 00000 Frm 00010 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.015 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3497 I have ever seen it in the many years I (A) the role of the Federal Government in a faulty trading construct in our finan- have been privileged to serve. To go to supporting a stable, well-functioning housing cial markets are illustrations that the the American people and say we are finance system, and whether and to what ex- bill before us is needed now more than going to take measures which will pre- tent the Federal Government should bear ever. Specifically, the sudden signifi- risks in meeting Federal housing finance ob- vent another worldwide fiscal melt- jectives; cant drop throughout certain ex- down and we are not going to address (B) how the current structure of the hous- changes last week has been pointed to trillions of dollars in toxic assets we ing finance system can be improved; as evidence of the necessity for greater have already poured $145 billion into— (C) how the housing finance system should regulation of our markets. they lifted the cap on Christmas Eve at support the continued availability of mort- However, when news broke last week 7 p.m, so they think it is going to be in gage credit to all segments of the market; that Freddie lost $8 billion in the first excess of $400 billion over time, and (D) how the housing finance system should quarter and would yet again be knock- nothing in this piece of legislation, be structured to ensure that consumers con- ing on the taxpayer’s door for a $10.6 tinue to have access to 30-year, fixed rate, nothing in it has anything to do with billion bailout—another bailout after pre-payable mortgages and other mortgage both Fannie and Freddie had already Fannie Mae or Freddie Mac. Don’t be products that have simple terms that can be surprised at the cynicism of the Amer- easily understood; received $126 billion in taxpayer dol- ican people. (E) the role of the Federal Housing Admin- lars—I failed to hear calls for reform I want to tell the manager, because istration and the Department of Veterans from the other side. he was not here, that I am trying to Affairs in a future housing system; And just today it was announced that get a list of speakers, get time agree- (F) the impact of reforms of the housing fi- Fannie Mae will ask for another $8.4 ments and give him a time agreement nance system on the financing of rental billion after posting a loss of $11.5 bil- housing; at least on this side as soon as possible. lion for its first quarter. Shouldn’t (G) the impact of reforms of the housing fi- these entities’ repeated failures serve I yield the floor. nance system on secondary market liquidity; The PRESIDING OFFICER. The Sen- as ample evidence that the future of (H) the role of standardization in the hous- these ‘‘bailout behemoths’’ must be ad- ator from Connecticut. ing finance system; dressed? AMENDMENT NO. 3938 TO AMENDMENT NO. 3739 (I) how housing finance systems in other countries offer insights that can help inform Apparently, this administration feels Mr. DODD. I see my colleagues here. differently, and has for some time. In Let me say to my friend from Arizona, options for reform in the United States; and (J) the options for transition to a reformed fact, while it was busy cutting back- what I am going to do is call up an housing finance system. room deals over the health care bill amendment that will be a side-by-side (b) REPORT AND RECOMMENDATIONS.—Not and making noise that a government arrangement. I will not ask for any later than January 31, 2011, the Secretary of takeover of health care would reduce time on this, and I appreciate him get- the Treasury shall submit the report and the deficit, in the quiet of night on ting back so we can get a time certain. recommendations required under subsection Christmas Eve another deal was I call up amendment No. 3938. (a) to the Committee on Banking, Housing, and Urban Affairs of the Senate and the made—only this one didn’t make it out The PRESIDING OFFICER. Is there of the backroom. objection? The clerk will report the Committee on Financial Services of the House of Representatives. At the eleventh hour, after the Sen- amendment. Mr. DODD. I realize people want to ate had finished its vote that holiday The assistant editor of the Daily Di- eve, the administration pledged to the gest read as follows: be heard, but I again urge my col- leagues, if we can—every amendment mortgage its current giants unlimited The Senator from Connecticut [Mr. DODD] financial, assistance—by lifting $400 has great value. There are about 60 proposes an amendment numbered 3938 to billion cap on emergency aid without amendments. At some point we have to amendment No. 3739. even seeking congressional approval. draw the line, so I urge people to use as Mr. DODD. I ask unanimous consent How can we have a serious conversa- little time as necessary—all the time to dispense with the reading of the tion about overhauling our financial they think they need, but if we can get amendment. regulatory structure, yet ignore two to a point where we can vote up or The PRESIDING OFFICER. Without entities that have exposed the tax- down on these two amendments, I objection, it is so ordered. payers to more than $5 trillion in risk would appreciate it very much. The amendment is as follows: as of today. As the Wall Street Journal The PRESIDING OFFICER. The Sen- put it recently, ‘‘Reforming the finan- (Purpose: To require the Secretary of the ator from Georgia. Treasury to conduct a study on ending the cial system without fixing Fannie and Mr. CHAMBLISS. Mr. President, first conservatorship of Fannie Mae and Freddie Freddie is like declaring a war on ter- Mac, and reforming the housing finance of all, I thank the chairman for allow- ror and ignoring al Qaeda.’’ system) ing us to debate this amendment this Many have suggested that now is not On page 1455, after line 25, insert the fol- afternoon. I think this is one of the the time to restructure these giants; lowing: most critical amendments that cer- that they will have to be addressed SEC. 1077. DEPARTMENT OF THE TREASURY tainly we have talked about to date, later, indicating that due to the com- STUDY ON ENDING THE CON- and moving forward, unless we address prehensive nature of their needed re- SERVATORSHIP OF FANNIE MAE, the issue of the GSEs, as I am going to FREDDIE MAC, AND REFORMING forms, any attempt to address the THE HOUSING FINANCE SYSTEM. talk about in a minute, I am not sure problems of Freddie and Fannie here (a) STUDY REQUIRED.— we have accomplished anything in this would more than double the size of the (1) IN GENERAL.—The Secretary of the bill. current financial regulatory reform Treasury shall conduct a study of and de- For all of the potential unintended bill. velop recommendations regarding the op- consequences in this financial regu- Where were these legislative ‘‘size tions for ending the conservatorship of the latory restructuring package, at least standards’’ when this body was debat- Federal National Mortgage Association (in one will be entirely intentional—fail- ing health care? That bill was more this section referred to as ‘‘Fannie Mae’’) ing to address Freddie Mac and Fannie and the Federal Home Loan Mortgage Cor- than 2,000 pages long. Apparently, poration (in this section referred to as Mae. while we can address too big to fail, ‘‘Freddie Mac’’), while minimizing the cost Despite the general theme of the in- these government sinkholes have be- to taxpayers, including such options as— creased ‘‘overreaching’’ regulatory come too big to legislate. (A) the gradual wind-down and liquidation power of this legislation, a glaring ex- The fact is that the number of pages of such entities; ample of something that was actually in a bill is not the reason Freddie and (B) the privatization of such entities; left out is a substantive attempt to ad- Fannie are ignored here. And it is not (C) the incorporation of the functions of dress one of the most significant causes for a lack of understanding the prob- such entities into a Federal agency; of the financial crisis—reform of the lem. There has been no shortage of (D) the dissolution of Fannie Mae and government sponsored eniterprises, or hearings on GSEs, in both the House Freddie Mac into smaller companies; or (E) any other measures the Secretary de- GSEs, such as Freddie Mac and Fannie and Senate. The housing policies of termines appropriate. Mae. this and previous administrations have (2) ANALYSES.—The study required under It has been highlighted from this chained the taxpayers to a self-perpet- paragraph (1) shall include an analysis of— floor that recent market volatility and uating financial illness. Policies such

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Why Freddie and Fannie immediately bringing on-budget and, therefore, into would a bank not make these loans filled that void. They did a great job the light of day just how much the knowing they could turn around and for a long period of time by creating a American taxpayers owe as a result of sell them to the government? Espe- secondary market for capital to be the situation that has occurred in cially when regulators were encour- formed, put into mortgages, the mort- those two businesses. It is estimated aging such practices? As a result, gage be securitized, and the securities that the American taxpayer will end up Fannie Mae, Freddie Mac and the Fed- traded. It worked for a long time. picking up somewhere around $400 to eral Housing Administration, or more It worked, quite frankly, until a cou- $500 billion in costs as a result of the specifically, the taxpayer, now own or ple of things happened. One, until the activities of Freddie and Fannie. guarantee about half of all outstanding government all of a sudden told Fannie As far as the American taxpayer residential mortgages. it started having to own a certain per- knows, this will be something that It is time we address this enormous centage of what it called ‘‘affordable comes out of the sky. I mean, nobody is problem, the McCain amendment does loans,’’ which later became known as aware of it. Nobody is thinking about that and I urge my colleagues to sup- subprime loans. In fact, Fannie Mae be- it. Nobody is talking about it. But port it. came the purchaser of record for the these are actual debts that are going to Mr. President, I yield the floor. first subprime securities that were cre- get put on our books and which will af- The PRESIDING OFFICER. The Sen- ated to meet the congressional man- fect our credit worthiness as a nation ator from Georgia. date to end up having these affordable and which all Americans will have to Mr. ISAKSON. Mr. President, in def- loans, which made a market for those pay back. erence to the chairman, I will be brief. securities which subsequently were Why is this going to happen? It is But I come because I feel compelled sold around the world. going to happen because during the today because of the two amendments So I wanted to commend the Senator halcyon days of taking on debt, or tak- this body will be dealing with: one is from Arizona. What he brings before us ing on obligations in the area of mort- the McCain amendment and another is important. I do not know how we can gages which were not properly under- amendment later in the day dealing leave Freddie and Fannie out and talk written—and there will be a later with underwriting. So I will save the about real financial services reform in amendment by Senator CORKER which I remarks on that for when those amend- the United States of America. If any- will support in the area of under- ments are pending. thing, they need to be a critical part of writing—but which were not properly I agree with Senator CHAMBLISS, and it. underwritten and which were I commend Senator MCCAIN. I come I recognize this legislation portends securitized and basically insured, for from a lifetime in the real estate busi- there will be a 2-year wind-down unless all intents and purposes, by Freddie ness. So what I talk about, I do under- they improve. Then there will be a liq- and Fannie, we ended up with a situa- stand its cause and effect in the mar- uidation at some point in time. But let tion where they own a lot of paper ketplace. We cannot have responsible me tell you what is going to happen if which does not have the value it is sup- reform of financial services and leave nothing happens. At some point in posed to have and which is not being out Freddie Mac and Fannie Mae. time, Freddie and Fannie will have to paid back at the rate at which it was One of the reasons that, along with be liquidated and a new entity will supposed to be paid back. Senator CONRAD, I created the Finan- have to be created that will fill the Unfortunately, there was a tacit un- cial Markets Crisis Commission—which void when that liquidation takes place. derstanding that grew up in the mar- is now meeting, by the way, and will We are going to have the mortgage kets that the American taxpayer was report back at the end of December—is money in this country one way or an- going to stand behind that paper. It I knew there were pervasive and redun- other because America would not be was never explicit, but it became tacit, dant failures in the system that America without it. and people expected that. Then when brought about what became a cata- But we cannot tend to have a black the actual event occurred, as these de- clysmic collapse. hole and an entity that can be used for faults started to accelerate, it became I understand the chairman has been political purposes, or was used for po- real and the American taxpayer is now under great pressure to bring this leg- litical purposes, to create a market for having to stand behind all of this debt. islation forward, and I have great re- securities that ultimately fails and It is certainly going to come as a spect for the chairman and appreciate breaks down the financial market. shock to most Americans that they his work. I wish we had waited until I commend the Senator from Ari- owe approximately $1⁄2 trillion—$1⁄2 tril- the Financial Markets Crisis Commis- zona. I associate myself with the re- lion—because of very bad decisions sion reported, but we have not. So let marks of the other Senator from Geor- that were made by a group of people me just for a second address Freddie gia. I thank the distinguished Banking who were underwriting and basically and Fannie and the McCain amend- Committee chairman for his time. securitizing these loans. ment. I yield back my time. Why did that happen? Well, there will Freddie and Fannie filled the void The PRESIDING OFFICER. The Sen- be a lot of recrimination on this sub- the savings and loans created when ator from New Hampshire. ject. But the basic reason was that the they failed in the late 1980s. There are Mr. GREGG. Mr. President, I wish to Congress decided that Americans a lot of people who will hear this rise also and first I want to associate should own houses whether they could speech who will remember savings and myself with the words from the Sen- afford the houses or whether the loan days. Those were when savings ator from Georgia. He is absolutely houses sustained the value of their and loans associations were chartered correct in his history of how Freddie loans, Americans should be able to go to make home loans. With the excep- and Fannie got started and what their out and buy houses. So a lot of houses tion of FHA and VA, they basically purpose was and the fact that they are were sold which did not have the un- made them all. There were a few play- a great idea that went wrong, unfortu- derlying value necessary to support the ers but not too many. nately—or went ‘‘awry’’ would be a bet- loans which were made on them, and Those entities, by the way, those sav- ter term, not wrong. The concept re- which the person who bought the house ings and loans, had 100 percent risk re- mains a good idea. and took out the mortgage did not tention of every loan they made be- I rise to support Senator MCCAIN’s have the income over the extended pe- cause their depositors put in money for proposal because what he is suggesting riod of time of that loan to pay it back. the sole purpose of getting a preferred is a way out of a very deep and dark Everybody knew it at the time the

VerDate Mar 15 2010 01:07 May 12, 2010 Jkt 089060 PO 00000 Frm 00012 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.008 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3499 house was bought. Everybody knew it which in large part was initiated by Mr. DODD. Mr. President, I can’t do at the time the mortgage was made. this Congress over the years, forcing the math that fast. I don’t know what But they figured: Well, appreciation out loans and pushing a public policy that amounted to, but if we add 15 min- will always occur in real estate prices. that these loans should be made. utes for myself—why don’t I ask for 20 So that will not bother us with the Secondly, I congratulate the Senator and then I will yield back. I will take value of the house. Well, maybe this from Arizona for bringing forward an maybe 10. I don’t have any requests for person who got the loan for the house, idea, a proposal for how we unwind this speakers at this time, but I may want maybe their income will increase, or situation and how we get out of this to leave space in case others may want when the reset day occurs on that situation by putting us on a path, a to be heard. If we could calculate what mortgage they will be able to take care path toward basically decoupling the time is, find out about Senator of it in some way. Freddie and Fannie from the American SHELBY, and then lock down the time. So nobody faced up to the problem at taxpayer, having those two organiza- I don’t need any additional time for a the time, and literally millions, mil- tions no longer be dependent on the side-by-side. I will use 15 minutes. As lions of homes were purchased under American taxpayer and having the soon as we get a number on that, we that basic scenario. That is what American taxpayer no longer having to will let our colleagues know. caused the implosion, basically, of our pick up the debts of mistakes made by I thank my colleague from Arizona. financial markets back in late 2008, and those two corporations, even when The PRESIDING OFFICER. The Sen- Freddie and Fannie are a large part of those mistakes were caused, to some ator from Oklahoma. Mr. COBURN. Mr. President, I wish that implosion. But a lot of the initia- significant degree, by the Congress to spend a few minutes kind of general tive for that came from the Congress, taking actions which were inappro- talking. I wish to give an example be- basically asserting that people should priate—or which were bad policy, not cause this is a very big bill with a lot be able to get those types of loans, and necessarily inappropriate, but defi- of hard work by the Banking Com- pushing Freddie and Fannie from using nitely bad policy. mittee and their staffs. I want Mem- what had been very standard and tradi- So I congratulate the Senator from bers to compare this bill to a loved one tional underwriting standards in the Arizona. I think this is a good amend- who gets pneumonia. They go to the ment. As has been said, how can we 1990s into much more aggressive stand- doctor and they have a cough and a take up financial reform if we do not ards as they moved into the early 2000 fever and chills. They feel terrible. take up the single biggest entity, the period. Think about it. If you would take your As a result, we had this proliferation single biggest two entities, when com- loved one to the doctor and the answer of loans which simply did not have the bined the single biggest entity, that af- you would get is: I think I can take underlying value and did not have the fects the financial markets relative to care of that. I can give you something capacity to be repaid. They were all real estate lending in this country, for the cough that will suppress the securitized by Freddie and Fannie. So which is what caused the downturn and cough and I will give you something to now the American taxpayer ends up the crisis at the end of 2008. take care of the fever and I will give with this huge bill. We cannot do it. We cannot claim we you a little something to take care of I think we have an obligation as a have done financial reform if we do not the pain in your chest. You go on Congress to at least be honest with the take on and address this issue. I under- home. You come back if you don’t get American taxpayer on this and tell stand that the administration said: better. Of course, 2 days later your them this is how big the bill is. And it Well, we will do it next year. Well, we loved one ends up in the hospital with is huge. It is huge. do not have time. It needs to be done raging, now bilateral pneumonia and So this bill is now hidden in the now. We need to address this now. It is sepsis, bacteria in the blood. This bill drawer under the Federal accounting a critical issue, and it is at the essence is kind of like that. It is kind of like a system where we do not even acknowl- of whether we can get our house right doctor treating symptoms instead of edge that it exists under the Federal and our ducks in the correct order rel- the real disease. budget, even though we know we owe ative to financial reform. The real disease was Congress. The it, even though we know it is going to If we do not straighten out Freddie real disease was poor underwriting be put on the books of the Federal Gov- and Fannie and its relationship to the standards, actually no underwriting ernment, even though we know the Federal Government, and specifically standards. The real disease was Fannie American taxpayer is going to have to its relationship to the American tax- Mae and Freddie Mac, and the real dis- end up picking this up in the long run. payer, we really have not done any- ease was the rating agencies that We do not even acknowledge it. It is thing to solve the long-term problems haven’t been controlled effectively by stuck in some drawer somewhere in of how we get our fiscal house in order this proposed legislation. This legisla- Washington. because that issue of how to make real tion does nothing for the real disease. Well, that should not happen any estate loans in this country is at the It treats a lot of symptoms. It grows longer. We just had an amendment essence of how we correct the financial government gigantically. It will create about transparency with the Federal structure of this country. more bureaucrats and rules than we Reserve. Everybody voted for it. Every- This amendment, coupled with the can shake a stick at. But it does not fix body voted for the transparency amendment that is coming from Sen- the underlying problem. amendment on the Federal Reserve. ator CORKER on the issue of under- When people dispute that, ask the This is the transparency amendment writing, are the two key amendments following question: If you are at home, on Freddie and Fannie. This amend- to this bill which address the two ele- working and paying your mortgage, ment will tell the American taxpayer ments which are not addressed but guess what. The reason we are not fix- just how much they really do owe. It which have to be addressed if we are ing Fannie Mae and Freddie Mac is so will bring on-budget the issue of the going to have effective, comprehensive, you can continue to pay more taxes so debts of these two corporations, which lasting, and meaningful reform. Freddie Mac can solve those mortgage are now the obligations of the Federal I yield the floor. problems through your tax dollars and Government and therefore the Amer- The PRESIDING OFFICER. The Sen- other people not being responsible for ican taxpayer. Absolutely last to be ator from Arizona. theirs. done. Mr. MCCAIN. Mr. President, for the That is what is going on here. That is I thank the Senator from Arizona for information of the manager, I have the why you are going to see $500 billion in including in his amendment this lan- following speakers: Senator COBURN for additional losses with Fannie Mae and guage which brings this on-budget the 10 minutes, Senator DEMINT for 10 min- Freddie Mac, because we are going to way it should be. It opens the light of utes, Senator THUNE for 10 minutes. I get them to keep going until we have day so that the American taxpayer can have not been able to nail down Sen- satisfied all this, not doing the hard understand just how much risk has ator SHELBY as to how much time he work, not recognizing that we are actu- been piled on their backs, how much will take. I would like to sum up for 5 ally going to need $5 or $600 billion debt has been piled on their backs as a minutes. There will be no more speak- more in taxes or we are going to bor- result of the irresponsible activity, ers on my side other than those. row that to take care of this problem.

VerDate Mar 15 2010 01:07 May 12, 2010 Jkt 089060 PO 00000 Frm 00013 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.019 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3500 CONGRESSIONAL RECORD — SENATE May 11, 2010 So everybody who is out there today writing standards so the problem ondary housing market and lead the housing who is working hard, paying the mort- doesn’t occur in the future? What is market into recovery. Moreover, NAHB is gage, and keeping up is going to get to the real reason? What is the real rea- concerned that the McCain amendment could effectively end the current housing fi- pay extra because we are not going to son we don’t hold accountable the rat- nance delivery system without offering a fix Fannie Mae and Freddie Mac in this ing agencies and take away the conflict thoughtful replacement. bill. of interest thoroughly—not partially Again, NAHB has strong concerns with the That is why this amendment is so but thoroughly—from the rating agen- impact the McCain amendment would have important. We decided in this country cies? on the current housing finance system, and a long time ago that we were going to The rating agencies are supposed to urges the Senate to address the future of set forth a policy to help people own be a check. Had they been doing their Fannie Mae and Freddie Mac in a thoughtful and deliberative manner. homes, except we overdid it. We cre- jobs, we wouldn’t have had all these se- Best regards, ated incentives that would bring out curities sold that were worthless or JOSEPH STANTON, the worst nature in people. If you don’t were nonperforming. But they don’t do Senior Vice President and Chief Lobbyist, believe that, look at Long Beach Mort- their job. We didn’t do our job. Fannie Government Affairs gage, where 90 percent of the mort- Mae and Freddie Mac didn’t do their gages they wrote prior to them folding job. Yet we are not going to address NATIONAL ASSOCIATION OF were totally fraudulent. Where was the the core issues that created the setup REALTORS, oversight? There wasn’t any—the Of- and framework we are now experi- Washington, DC, May 6, 2010. U.S. SENATE, fice of Thrift Supervision, but we encing as an economy. To me, that cre- Washington, DC. didn’t oversee the Office of Thrift Su- ates a tremendous amount of liability DEAR SENATOR: On behalf of more than 1.1 pervision. We created the symptom and on our part. We ought to have to be in million members of the National Association a set of incentives and now we want to explanation of every ounce of our being of REALTORS® (NAR) involved in residen- leave them right there. on why we don’t fix the real disease tial and commercial real estate as brokers, This underlying bill does not address that caused this problem. sales people, property managers, appraisers, the three main diseases that caused the I yield the floor. counselors, and others engaged in all aspects of the real estate industry, I respectfully re- problems we have. Congress genuflects The PRESIDING OFFICER. The Sen- quest that you oppose the Corker-Gregg- and redirects any criticism from us to ator from Connecticut. Isakson (#3834) and the McCain-Shelby-Gregg the greedy banks or the greedy loan Mr. DODD. Mr. President, let me (#3839) amendments to S. 3217, the Restoring originators, but they never say any- speak for 5 minutes. I ask the Chair to American Financial Stability Act of 2010. thing about us not doing oversight. inform me when I have done so. CORKER-GREGG-ISAKSON AMENDMENT They never say anything about us not First, let me notify my colleagues, The Corker-Gregg-Isakson (#3834) amend- reforming Fannie and Freddie when we we don’t have a time agreement yet, ment replaces the risk retention provisions knew what was coming in terms of but I hope we will shortly on the of S. 3217, Title VII, Subtitle D, (b) Credit their losses and also the financial dif- McCain amendment and the amend- Risk Retentions—with a study on the feasi- ficulties they had. We have a bill that ment I will offer as a side-by-side on bility of risk retention requirements for fi- this issue. nancial institutions and implements residen- doesn’t fix it—a lot of hard work, a lot tial mortgage underwriting standards that of good intentions, but it doesn’t fix I ask unanimous consent to have include a mandatory 5% down payment for the core problems so they will not printed in the RECORD letters from the all mortgages. As our nation continues to re- occur in the future. National Association of Home Builders cover from the worst economic downturn As the Senator from New Hampshire and the National Association of REAL- since the Great Depression, REALTORS® are said, if you combine strong under- TORS, both of which oppose the cognizant that lax underwriting standards writing standards and transparency as- McCain amendment. brought us to this point, and must be cur- sociated with limiting the loss the There being no objection, the mate- tailed. However, we caution that swinging rial was ordered to be printed in the the pendulum too far in the opposite direc- American taxpayer is going to take on tion may reverse our fragile recovery. with Fannie Mae and Freddie Mac, you RECORD, as follows: Based on data from NAR’s 2009 Profile of will do something. But the way the bill NATIONAL ASSOCIATION OF Home Buyers and Sellers, 11% of all home is now, we will have created big theat- HOME BUILDERS, purchasers surveyed had downpayments of rics. Everybody will shake hands and Washington, DC., May 6, 2010. 5% or less. When considering only first-time holler and dance around when the bill Hon. JOHN MCCAIN, homebuyers, the percentage utilizing a U.S. Senate, Washington, DC. downpayment below 5% increase to 18%. Im- passes, except the dirty little story will DEAR SENATOR JOHN MCCAIN: On behalf of proving underwriting to ensure that the con- be that we didn’t fix the real disease. the 175,000 members of the National Associa- sumer has the ability to repay their obliga- When that loved one in ICU with dou- tion of Home Builders (NAHB), I am writing tion is in the best interest of everyone, but ble pneumonia and sepsis dies, we go to express our strong concerns with an eliminating the possibility for some credit- after the person who didn’t fix it, who amendment offered by Senator John McCain worthy consumers to buy a home will have should have fixed it, who had the (R-AZ) dealing with the future of the hous- significant detrimental ramifications for knowledge to fix it, and we say: You ing Government Sponsored Enterprises American families, the housing sector an (GSEs), Fannie Mae and Freddie Mac. those businesses that support it. are liable. Fannie Mae and Freddie Mac have been, Well, we are liable. We ought to be MCCAIN-SHELBY-GREGG AMENDMENT and remain, critical components of the U.S. The McCain-Shelby-Gregg (#3839) amend- fixing this. The very fact is we are not. housing finance system. NAHB is working The McCain amendment is a com- ment, which creates Title XII to S. 3217, with Congress to craft a thoughtful approach places Fannie Mae and Freddie Mac on the monsense amendment. I understand to the future of these institutions, as well as fast track to dissolution. REALTORS® be- the reservations. They don’t want an- the future of the housing finance system lieve that reform of these institutions that other $400 billion of recognized debt. itself. However, we remain concerned about have played a pivotal role in the evolution of They don’t want to account for the how to get from the current structure to a the U.S. housing market is necessary; how- losses that are continuing to flow, $20 future arrangement without undermining ever now is not the time for drastic action, billion so far in the first quarter of this ongoing financial rescue efforts and dis- especially considering their current role in rupting the operation of the overall housing year, out of those two institutions. The stabilizing the housing market, and that the finance system. Any changes should be un- McCain-Shelby-Gregg amendment does not Senator from New Hampshire way un- dertaken with extreme care and with suffi- offer a replacement to fill the enormous gap derestimated the cost to the American cient time to ensure that U.S. home buyers that the shuttered GSEs will leave. taxpayer and what it will ultimately be and renters are not placed in harm’s way, As NAR mentioned in our testimony before by not fixing this. and that the mortgage funding and delivery the House Financial Services Committee, My appeal to the chairman of the system operate efficiently and effectively as March 23rd, 2010, on the ‘‘Future of the Hous- committee is to seriously look, give us a new system is put in place. ing Finance’’, the transition of these organi- good answers on why we are not fixing NAHB is concerned that the provisions in zations to their new form must be conducted the McCain amendment, if the GSEs are in a fashion that is the least disruptive to Fannie Mae and Freddie Mac. What are deemed viable, dealing with portfolio limita- the marketplace and ensures mortgage cap- the real reasons we are not fixing that? tions, loan limit repeals and escalating man- ital continues to flow to all markets in all What are the real reasons we are not datory down payments would greatly limit market conditions. The establishment of ag- creating strong, transparent under- the GSEs’ ability to participate in the sec- gressive timetables for the GSEs to return to

VerDate Mar 15 2010 04:57 May 12, 2010 Jkt 089060 PO 00000 Frm 00014 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.023 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3501 profitability, prior to the full recovery of our (#3839) and the Corker-Gregg-Isakson (#3834) not be in the business of promoting nation’s economy and housing market, pre- amendments to S. 3217, the Restoring Amer- books, but that book will lay out what disposes them to failure, and will cause sig- ican Financial Stability Act of 2010. happened. Fannie and Freddie contrib- nificant angst for homebuyers and the na- Sincerely, uted to the problem further out, but tion’s housing markets. VICKI COX GOLDER, CRB, Furthermore, the requirements that this 2010 President, the problem began in a totally unregu- amendment places on Fannie Mae and National Association lated environment, an unregulated en- Freddie Mac, when they become viable, will of Realtors®. vironment that was promoted by the effectively prohibit them from participating Chairman of the Federal Reserve and in the secondary mortgage market. Mr. DODD. I say this with all due re- First, the aggressive reduction of their spect, but the McCain amendment says his advocates and supporters over the portfolio will prevent them from being an ef- that in 24 months we get rid of Fannie years. That is the origin of the mess fective buffer during future economic and Freddie. I don’t call that reform. that got us into this. Today there is no downturns. A key element of NAR’s rec- They are just getting rid of something. backup. If 96.5 percent of mortgages are ommendation for the restructure of the What are the implications of just get- backed by these two institutions right GSEs is that their portfolios should only be ting rid of Fannie and Freddie? The now, what replaces it? There isn’t any large enough to support their business needs and ensure a stable supply of mortgage cap- fact is, Fannie Mae and Freddie Mac, with this amendment. We are left in a ital when necessary because of insufficient at this juncture, account for 96.5 per- free fall. Who gets hurt? Average private investment. The requirements estab- cent of all funding for all mortgages Americans. Clearly, we have to step up. lished in this amendment would thwart the today. The amendment could under- Our amendment that we will offer as a GSEs’ ability to be an effective buffer. mine the supply without establishing substitute demands within 6 months a Second, the amendment repeals all in- any alternative, and there is no alter- plan be laid out. There are a lot of dif- creases to loan limits, both permanent and temporary. The loan limits would return to: native. It just says in 24 months you ferent ideas on how to do it. We have $417,000. Moreover, the GSEs would be pro- get rid of Fannie and Freddie. That is had a lot of hearings and discussions on hibited from purchasing homes that had a wonderful conclusion, except for the what ought to replace the present prices over the median-home price, for prop- fact that what you get for that—and I housing financing system. But I don’t erties of the same size, for the area in which don’t make up these numbers—is high- know of anyone who has come to one the property was purchased. This would re- er interest rates on mortgages, declin- single conclusion on what the best al- duce loan limits to less than $100,000 in some ing values in properties, the possibility ternative is. Some have advocated a areas, less than half the current FHA floor. NAR advocated for the increase of the loan of eliminating the 30-year fixed rate public utility concept. That has very limits for high cost areas and is actively ad- mortgage, which only exists because, attractive features to it and is one I vocating that the current limits be made frankly, we have had the Fannie Mae would be inclined to be supportive of. permanent in order to ensure that credit- and Freddie Mac mortgage program. There are other ideas on how to do worthy homebuyers have access to affordable This program needs to be fixed. There this, but to just eliminate it alto- capital. The housing market remains fragile, is no question about it. We need an al- gether, without an alternative, at a and private capital has not returned to ei- ternative housing financing system. ther the mortgage or MBS markets to the time when we are just beginning to get That is without question. But this back on our feet, housing values are be- extent that is needed to support the housing amendment doesn’t offer any. It just industry. Reducing the GSEs’ loan limits to ginning to creep up, housing sales are says get rid of the one we have. the suggested levels will significantly limit As the letter from the National Asso- beginning to move forward? the ability of homebuyers to obtain mort- Again, if we leave this sector of the gage funding throughout the country, and ciation of REALTORS reads: damage the business sectors supported by [It] places Fannie Mae and Freddie Mac on economy with the kind of disruption mortgage finance. a fast track to dissolution. REALTORS be- created by this amendment, then we Third, the amendment establishes an esca- lieve that reform of these institutions, that could fall right back into a recession. lating mandatory down payment percentage have played a pivotal role in the evolution of We have lost 8.5 million jobs, 7 million ® that REALTORS believe unfairly and un- the U.S. housing market, is necessary; how- homes have been lost, 4 million homes ever, now is not the time for drastic action. necessarily denies the opportunity to many today are underwater in the United families who have the potential to succeed as Especially, considering the current role in homeowners. Beginning 1-year after the 24- stabilizing the housing market. [The States, and 250,000 have been seized in month assessment period, the minimum McCain] amendment does not offer a replace- the first 3 months of this year. If we down payment requirement will be 5%. 2- ment to fill the enormous gap that the shut- want to contribute to that, if that is years out, the downpayment will be 7.5%. tered GSEs will leave. what our goal is in this bill, to decide After three years, the downpayment will be That is what we are being asked to on a whim and offering an amendment 10% for conventional-conforming loans. do. In the letter from the National As- The removal of flexible downpayment op- just to strike these two entities that tions will significantly reduce the ability of sociation of Home Builders, they write: exist with all their problems, that this creditworthy consumers to purchase a home. Fannie Mae and Freddie Mac have been, is the way to deal with the housing As mentioned with regard to the Corker- and remain, critical components of the U.S. problem, it would be a drastic mistake Gregg-Isakson amendment, a 5% downpay- housing finance system. However, we remain to make, having an amendment such as ment requirement excludes 11% of all cur- concerned about how to get from the current structure to a future arrangement without this be adopted. That is the reason I rent homebuyers and 18% of all current first- feel strongly about it. That does not, in time homebuyers, based on NAR’s most re- undermining ongoing financial rescue efforts cent homebuyers survey. Increasing the and disrupting the operation of the overall any way, take a backseat to the notion downpayment requirement to 10% would ex- housing financing system. Any changes we have to come up with an alternative clude nearly 25% of all current creditworthy should be undertaken with extreme care and housing financing system. That is ab- borrowers, and up to 37% of current credit- with sufficient time to ensure that U.S. solutely certain. This amendment does worthy first-time homebuyers. Underwriting home buyers and renters are not placed in not do that. It just gets rid of the harm’s way, and that the mortgage funding standards have already been corrected and present one without replacing it with loans are only available for borrowers who and delivery system operate efficiently and effectively as a new system is put in place. anything. That is not the way to en- can afford them. There is no reason to over- gage in the kind of reform that is need- correct by imposing higher downpayment re- We have to do this carefully. It was quirements. the housing problems that got us into ed. As we have seen, without the GSEs, the this mess. It was not Fannie and I think my 5 minutes have expired. current crisis would have been even more Freddie. It was this notion of a deregu- catastrophic for the housing market and the The PRESIDING OFFICER. The Sen- overall economy, as virtually no activity lated environment that occurred. All ator from Arizona. the problems emerged in the unregu- would have occurred within the housing sec- Mr. MCCAIN. Mr. President, before I tor because little private capital would have lated sector—unregulated brokers, un- yield to Senator THUNE, in response to been available. REALTORS® support reform- regulated mortgage companies. They ing our housing finance system, and the were luring people into mortgages they Senator DODD’s statement, I am incred- GSEs. However, taking a measured approach could not afford, with no documenta- ulous that we would somehow believe is critical to ensuring that our economic re- tion, no background checks whatso- Fannie and Freddie were not among covery remains viable. ever. That is the genesis of this whole the prime reasons for this financial I appreciate the opportunity to share with meltdown. you the views of more than 1.1 million real issue. Read a new book, ‘‘The Big estate practitioners and respectfully request Short,’’ if you want a good read about Peter Wallison, who is a fellow in fi- that you oppose the McCain-Shelby-Gregg the genesis of this problem. I should nancial policy studies at the American

VerDate Mar 15 2010 04:57 May 12, 2010 Jkt 089060 PO 00000 Frm 00015 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.010 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3502 CONGRESSIONAL RECORD — SENATE May 11, 2010 Enterprise Institute and is a leading I yield the floor. Senator THUNE, I be- Fannie Mae reported a first quarter expert on banking and securities regu- lieve, has 10 minutes. loss of more than $13 billion, needing lation, has written extensively about The PRESIDING OFFICER (Mrs. $8.4 billion from the government, put- this issue and says: GILLIBRAND). The Senator from South ting their bill to the American tax- The roots of the financial crisis date back Dakota. payers at $83.6 billion. to 1993, when Fannie Mae and Freddie Mac— Mr. THUNE. Madam President, I So the grand total of taxpayer loss With the encouragement, by the way, thank my colleague from Arizona for from these two entities since their of Members of Congress, including the yielding me time. takeover in 2008 is a whopping $145 bil- passage of the Community Reinvest- I would say Fannie Mae and Freddie lion. ment Act, which basically forced peo- Mac is a pox on all of us. But shame on The losses racked up by Freddie Mac ple to give home loan mortgages to us if we do not try to do something in and Fannie Mae exceed—exceed—the people who could never pay them this legislation to address this issue. government’s losses on AIG, General back—he goes on to say— What the McCain-Shelby-Gregg amend- Motors, and Chrysler. Yet the current began stocking up on subprime mortgage as- ment does is responsible. It does allow legislation in the Senate is completely sets and other risky loans while reporting for a wind-down of this conservator- silent on these two entities. That is them as prime. The agencies’ conflict of in- ship. But, as the Senator from Arizona outrageous. We cannot continue to fun- terest between lending to low-income bor- has pointed out, it goes squarely at nel unlimited amounts of taxpayer rowers and minimizing risk-taking activity what I think most economists argue money into Freddie and Fannie and may be to blame for their behavior, however, was a huge contributor to the melt- have no plan to end this siphon. it is certain that the government’s failure to down we experienced a couple years In a time when we are faced with properly regulate the enterprises has created one of the worst policy disasters in history. ago: the runaway lending and irrespon- crushing debt and out-of-control defi- On Christmas Eve, when most Americans’ sible lending practices that were in- cits, we are willing to turn a blind eye minds were on other things, the Treasury volved with the plight we now see with to a $145 billion problem, which is Department announced it was removing the Freddie Mac and Fannie Mae, where going to only magnify over time. Last $400 billion cap from what the administra- they have, up until, I think, this last Christmas Eve, the administration lift- tion believes will be necessary to keep quarter—or taking the last quarter ed the cap of $400 billion, which is what Fannie Mae and Freddie Mac solvent. This combined, it is about $145 billion now initially was put in place that would action confirms that the decade-long con- gressional failure to more closely regulate that the taxpayers are on the hook for. limit the amount of taxpayer exposure. these two government-sponsored enterprises As the Senator from Arizona pointed But what we are now saying is that (GSEs) will rank for U.S. taxpayers as one of out, last Christmas Eve the adminis- may not be enough. Yet we do noth- the worst policy disasters in our history. tration lifted the cap. There was a $400 ing—nothing—in this legislation to That is the view of most economists. billion cap on the amount of taxpayer remedy this problem. How in the world someone as knowl- assistance that could be provided to Obviously, the administration knew edgeable as the distinguished chairman these two institutions. But now that there was more bad news ahead when of the committee does not recognize cap has been lifted. Imagine the scale they decided to lift the cap on govern- this is one of the prime reasons for the and dimension of what we are talking ment assistance on Christmas Eve of failure, this is one of the prime reasons about, when we already have $145 bil- last year. The Obama administration why 48 percent of the homes in Arizona lion of taxpayer exposure. We assume decided that taxpayers could afford un- are underwater, where people are it could be as much as $400 billion. But limited funding for Freddie and Fannie throwing keys in the middle of the liv- just in case, the administration lifts rather than keep a $400 billion cap on ing room floor because they cannot af- the cap because it could go well beyond assistance in place. It is frightening ford to make the payments. that, which suggests, if history is any they believe that $400 billion is not The enablers were Fannie Mae and indication, it will go well beyond that. going to be enough—unlimited funding Freddie Mac—the enablers of all this. What this does is say we need to ex- may not be enough. Who knows where Time after time, this Congress—this ercise some responsibility with regard this ends. Congress—put pressure on them to in- to the regulation of all the financial in- That is why I think it is important crease their home loan mortgages to stitutions in this country. What the right now that we deal with this issue, people who could never afford to pay Senator from Connecticut, in his bill, and the McCain-Shelby-Gregg amend- their mortgages. We know that is the does—with the financial services regu- ment does it in a responsible way by cause of it, and how the Senator from lation reform bill—is to attempt to get winding down and providing a timeline. Connecticut can somehow allege that at what contributed, in many respects, It sets a 30-month date out there by Fannie and Freddie were not—as Mr. to the meltdown we experienced a cou- which this conservatorship has to be Wallison says, the ‘‘action confirms ple years ago. But it ignores perhaps, wound down. that the decade-long congressional fail- as has been pointed out by the Senator If you look at what the current expo- ure to more closely regulate these two from Arizona, one of the biggest con- sure is in terms of Freddie and Fannie, government-sponsored enterprises will tributors to that problem; that is, they own or guarantee over 30 million rank for U.S. taxpayers as one of the these two toxic institutions, Freddie home loans, worth about $5.5 trillion. worst policy disasters in our history.’’ Mac and Fannie Mae. The CBO estimates that Freddie and This morning, Mr. Wallison is quoted The administration has said they Fannie could cost the taxpayers as as saying: need time to come up with a plan. The much as $380 billion through 2020. As I Right now we have a consensus that some- side-by-side that is going to be offered said before, my assumption is that be- thing needs to be done. The sensible thing to by the Democrats is going to be a cause we lifted—‘‘we,’’ the administra- do is to put Congress in a position where study. We are going to study this for tion lifted—the cap on the $400 billion they have to act within a certain period of about 6 months. I think their argument of exposure, the assumption is, it is time. is, it would be dangerous to rush the going to go much higher than that. So That is what this amendment does. process. I think the contrary is true. I I think we have to ask ourselves this They have to act in a certain period of believe it is dangerous to ignore this fundamental question: Is this the direc- time. The Senator wants to know who problem any longer. We cannot afford tion in which we want to continue should be making home loans? Commu- to wait so more taxpayer money can be heading or is it time to change course? nity banks. Community banks should lost, can be wasted in trying to keep The time to change course is now be making home loans to people. They these two entities afloat. while we are debating a bill that is de- should be able to extend lines of credit As I said before, last week we were signed to address the very problems we to small businesses. But the main informed that Freddie Mac needs an encountered a couple years ago. thing is, it should not be given to a additional $10.6 billion in taxpayer Freddie and Fannie, as the Senator government-sponsored enterprise to funds due to an $8 billion loss in the from Arizona said, were at the very keep it in business, where the hundreds first quarter of 2010. Since September heart, the very core of that issue. of billions of taxpayer dollars being of 2008, that brings the taxpayers’ in- According to a recent Washington spent is unlimited. voice for Freddie Mac to $61.3 billion. Post article, with the government’s

VerDate Mar 15 2010 01:07 May 12, 2010 Jkt 089060 PO 00000 Frm 00016 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.025 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3503 conservatorship of Freddie and Fannie stitutions that have lost their way and this opportunity this afternoon to dis- and the increase in FHA and VA loans, are costing the taxpayers literally bil- cuss the history of Fannie Mae and the government backed nearly 97 per- lions and billions and billions of dollars Freddie Mac from my perspective. By cent of home loans in the first quarter every quarter that passes that we do doing this, I want to emphasize past of 2010. Madam President, 97 percent of not take steps to fix this problem. Republican attempts at regulating and loans are backed by the U.S. Govern- The amendment would reinstate the reforming these institutions, while also ment. Is this where we want to end up? $400 billion cap that the administration discussing their role in the financial Is this where we want to head? Is this lifted in December so the taxpayers crisis. the best course for our housing mar- know for certain they are not going to The government-sponsored enter- ket? Is this the role the Federal Gov- be on the hook for unlimited financial prises that we call Fannie Mae and ernment should be taking when it support. Freddie Mac were key players in the comes to housing in this country? The amendment establishes a new collapse of the U.S. housing market. I firmly believe it is time we change special inspector general at the GAO to Their multitrillion dollar portfolios course. I think there is great value—we investigate and report to Congress on gave them the purchasing power to all agree there is great value—in home these two entities. Freddie and Fannie drive markets. In addition, false pre- ownership and helping families achieve would be included in the Federal budg- sumptions about their housing finance the American dream of owning their et until their conservatorship has expertise and their connections to the own homes. But we have to bring per- ended, which is the fiscally responsible government gave them further power sonal responsibility back into the con- thing to do when we all know they do, to influence the housing market. And versation. We need to go back to a time in fact, have an impact on our budget let us not forget the GSEs’ nationwide when families saved up money to make and on our debt. lobbying and public affairs apparatus a downpayment on a house. They went As I said, I have heard the arguments that was designed to keep reformers at to their banks. They provided the nec- on the other side of the aisle, and I bay and their supporters flush with essary documentation to prove they think they are ignoring the clear will cash. could pay back their loans, and they of the American people. The American When the GSEs began to buy bought a house that was within their people get this. They know why we are subprime securities, other firms, in- budgets. Buying and owning a home where we are. They are sick and tired cluding most of the Wall Street banks, should be a goal people work to of subsidizing the mistakes of Freddie took this as a signal that subprime achieve, not a government mandate Mac and Fannie Mae. We need to put mortgage securities were safe and funded by the taxpayers. That essen- an end to the taxpayer bailout. worthwhile investments. In effect, tially is what we have created. I think it is important to the credi- Fannie Mae and Freddie Mac placed So I believe it is about time to take bility of our economy and our credi- the Good Housekeeping ‘‘Seal of Ap- responsibility for our actions. My con- bility with the American taxpayers— proval’’ on these risky instruments. As stituents in my State who bought but it is important to the credibility of a result, the rest of the market en- houses they could afford and paid their the markets and to our economy—that gaged in this practice, and the race to bills on time want to see Congress they understand we are serious about the bottom began. Ultimately, the start taking some responsibility. I be- solving this problem. That is why the GSEs’ collapse lit a wildfire that lieve the McCain-Shelby-Gregg amend- McCain-Shelby-Gregg amendment is burned throughout the financial mar- ment does just that. It shows our com- the correct way to proceed. We are kets. Due to their miscalculations, Fannie mitment to getting our fiscal house in going to have a vote on that very soon, Mae and Freddie Mac have been placed order in Washington, DC. and I hope we will not leave this sub- in conservatorship and have already As I said, it is a sound plan for wind- ject, that we will not dispose of this fi- cost the taxpayers well over $100 bil- ing down the government backstop to nancial services regulation reform bill lion. Just last week, we learned that Freddie Mac and Fannie Mae. It man- without addressing this very important the GSEs will need another $20 billion dates that conservatorship will end in topic. in taxpayer assistance for their losses 30 months or less. Freddie Mac and To suggest for a minute, as the other during the previous quarter. Fannie Mae will have to reduce their side has, that somehow we can do a This did not have to happen. For portfolios by 10 percent each year, and study, we can put this off for 6 years, the warning signs were flashing, if they are not viable enough to exist months—and who knows. By the time and Republicans made multiple at- after the 30 months they will be liq- they complete the study, they will tempts to adopt the necessary reforms. uidated. If they are a viable company have to think about the results of that Unfortunately, those efforts were op- after the 30 months, they would only study and formulate a plan, and that posed by Democrats in the Senate enjoy their Federal GSE status for an- will take another 6 months or a year. Banking Committee and ultimately other 3 years. Every single month, every single quar- caused the many efforts put forth by The amendment repeals the afford- ter that goes by, we continue to hemor- Republicans to stall in the Senate. able housing goals that persuaded the rhage more and more money at the In 2003, as chairman of the Banking two entities to enter into the subprime cost of billions and billions of dollars Committee at that time, I held mul- loan business in the first place, which I to the American taxpayers. They have tiple hearings on proposals for improv- believe was the slippery slope that got had enough. We should say we have had ing the regulation of the GSEs. I wish us into all the problems, all the trou- enough and we are going to bring some to read a portion of my opening state- bles we are facing today. discipline. This amendment does that, ment from one of those hearings. I It creates new underwriting require- and I hope my colleagues will support quote from that time: ments on loans purchased by Freddie it. The enterprises are large institutions. Col- and Fannie. Freddie and Fannie will I yield the remainder of my time. lectively, Fannie Mae and Freddie Mac carry have to reduce their mortgage assets Madam President, I suggest the ab- $1.6 trillion in assets on their balance sheets by more than 50 percent within 2 years sence of a quorum. and have outstanding debt of almost $1.5 tril- and increase their capital reserves. It The PRESIDING OFFICER. The lion. The Federal Home Loan Bank System repeals the temporary increase in the clerk will call the roll. is not far behind, with combined assets of conforming loan limit, returning it to The bill clerk proceeded to call the over $780 billion and outstanding advances to member institutions of $495 billion. Due to $417,000. The two would have to pay roll. the importance of the housing GSEs’ mis- State and local taxes, register with the Mr. SHELBY. Madam President, I sion, and the size of their assets, I believe SEC, and pay a fee to the government ask unanimous consent that the order that the enterprises require a strong, cred- to repay their debts to the taxpayer. for the quorum call be rescinded. ible regulator. These are all responsible reforms. The PRESIDING OFFICER. Without I further read from the statement Contrary to the assertions that have objection, it is so ordered. then: been made by the other side, this Mr. SHELBY. Madam President, as I remain concerned that the current regu- amendment is the correct way to pro- part of the debate on the McCain-Shel- latory structure for housing the GSEs is nei- ceed in dealing with these two giant in- by-Gregg amendment, I wish to take ther strong nor credible.

VerDate Mar 15 2010 01:07 May 12, 2010 Jkt 089060 PO 00000 Frm 00017 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.026 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3504 CONGRESSIONAL RECORD — SENATE May 11, 2010 At this same hearing, it became ap- I approach this markup today with a firm produced the exact outcome my col- parent that the two parties had very appreciation of the gravity and relevance of league feared. When reform stalled in different perspectives regarding the what we do here today. I state again, as I the face of Democratic objections, in- need for reform. One of my Democratic have before—I support the housing missions vestors once again viewed Fannie Mae of the GSEs. Home ownership is the primary colleagues noted—and it is in the source of wealth for many Americans. It fos- and Freddie Mac as ‘‘too big to fail.’’ record: ters strong communities and promotes sta- They were confident that Congress and There is an old expression, if it ain’t broke, bility for children and families. the U.S. Government would never don’t fix it. I think some of us here in the But, and I believe there is consensus in allow them to go under. This, of Senate believe that when we try to fix things this Committee on this one point at least, course, gave the GSEs a significant fi- that aren’t really broken, we can end up they are not well-regulated and, therefore, nancing cost advantage which led to doing more harm than good. pose significant risk to the taxpayer and the their explosive growth and excessive Notwithstanding the mindset on the markets they serve. risk taking. other side of the aisle, my Republican To be clear: they are not well-regulated be- cause the regulatory structures and authori- Finally, and most telling, one of my colleagues and I persevered, and we re- ties that Congress created are insufficient Democratic colleagues was concerned mained engaged in the effort to reform and weak by design. about how Wall Street might interpret the GSEs by holding numerous hear- And that is what the draft before us is all the regulatory changes that Repub- ings and closely tracking the GSEs’ ac- about. Reaffirming the important mission of licans were advocating, stating: tivities at that time. GSEs, creating a regulator that has all the It is a fact that just mere speculation We decided those who believed tools and independence that other first class about the prospects of some provisions in the ‘‘things aren’t really broken’’ were financial regulators require, and protecting bill is sending shock waves through Wall wrong. In the face of strong Demo- the taxpayer. These are the guiding prin- Street. ciples that animate the draft that I have put cratic opposition and a relentless lob- forth before the Banking Committee today. Really? bying campaign by the GSEs and their Unfortunately for the taxpayers of When Wall Street became concerned supporters, we proceeded with a mark- this country, politics got in the way of that our legislation at that time would up of the Federal Housing Enterprise advancing credible public policy then. provide a stronger regulator, require Regulatory Reform Act of 2004. Apparently, the Democrats felt it was higher capital standards, mandate less I wish to again read portions of my better to block necessary change, ad- risk taking, and establish a well-de- brief opening statement from that here to the status quo, and ignore the signed resolution regime, the Demo- markup which lays out the issues and risk to the financial system, all while crats came to Wall Street’s rescue, not the responses we crafted to address the leaving the taxpayers fully exposed. the Republicans. problems of the GSEs then: We, the same Republicans who have When the choice was between Main This afternoon the committee will con- been characterized by Democrats as Street and Wall Street, the Democrats sider S. 1508, a bill to address regulation of being pro-Wall Street and antiregu- made it absolutely clear whose side the housing GSEs. they were on. They chose Wall Street, Today, we are faced with the most impor- lation throughout this process, were trying to create a stronger regulator, and Wall Street ultimately paved the tant decisions considered by this committee road that led to this collapse. in years—determining the strength, inde- raise capital standards, reduce risk I ask unanimous consent to have pendence and credibility of regulation of our taking, and put in place a resolution printed in the RECORD a copy of the re- nation’s Government Sponsored Housing En- regime that would limit taxpayer expo- corded vote of the proceedings of that terprises. The strength, independence and sure in the event of a firm failure. credibility of this regulatory system have That was a number of years back. I day in the Senate Banking Committee. tremendous implications for the future wish to revisit the words of one of my That result was a party-line vote with health and vitality of our housing markets, all 12 Republicans voting for GSE re- our capital markets, and the economy as a then-Democratic colleagues who made the following statement—and it is in form and all Democrats opposing it. whole. There being no objection, the mate- the record—as we debated the merits of I continue to quote the statement: rial was ordered to be printed in the the Republican GSE reform bill at that Freddie Mac and Fannie Mae currently RECORD, as follows: have $1.7 billion debt outstanding. To pro- time: MARKUP OF S. 1508, THE FEDERAL HOUSING vide some perspective, our nation’s Treasury Lord only knows where the economy would ENTERPRISE REGULATORY REFORM ACT OF 2004 debt in the hands of the public stands at just be today if it were not for the stability of the over $4 trillion. The Federal Home Loan housing market in the midst of so much tur- The Committee met, pursuant to notice, at Bank System has also grown significantly bulence and the ability of Americans to draw 2:10 p.m., in room SD–538, Dirksen Senate Of- since the 1990s and has a vastly expanded down some of their home equity to engage in fice Building, Senator Richard Shelby membership base. consumer purchases. (Chairman of the Committee) presiding. Its current regulator is not up to the task Then, as we stood on the precipice of Present: Senators Shelby, Bennett, Allard, Enzi, Hagel, Santorum, Bunning, Crapo, of providing adequate oversight of its signifi- a housing and financial meltdown, my cant role. Sununu, Dole, Chafee, Sarbanes, Dodd, John- Democratic colleagues were opposing son, Reed, Schumer, Bayh, Carper, My statement continued: more regulation and promoting more Stabenow, and Corzine. Fannie Mae is the second largest financial consumer spending. As if that were not STATEMENT OF CHAIRMAN RICHARD SHELBY institution in the United States. Freddie bad enough, we were encouraging Chairman Shelby. The Committee will Mac is fourth. Their debt is held by foreign homeowners to raid the home’s equity central banks, insurance companies, money come to order. to finance their purchases. And look This afternoon, the Committee will con- center banks and community banks. Because sider S. 1508, a bill to address the regulation of the interest rate risk these GSEs must where it brought us. of the housing GSEs. I will start by acknowl- manage, they have an extensive network of Another Democrat took issue with edging the original cosponsors of this bill— derivative contracts. Should one of these in- the fact that we attempted to give the Senator Hagel, Senator Sununu, and Senator stitutions encounter significant financial regulator the power to place a GSE Dole—and I want to commend them for their difficulty it could make the S&L crisis pale into receivership: dedication and their work, originally, and in- by comparison. Receivership, first, it does not have to be cluding putting together what we have I was here speaking as an early mem- in the bill, but, second, to allow a regulator today. ber of the Banking Committee, as was who may not like this institution to then Today, we are faced with the most impor- Senator DODD, during the bailout of sort of dole out little pieces of it one way or tant decisions considered by this Committee the S&Ls. And it was no pretty matter. another and weaken the fundamental struc- in years; that is, determining . . . It ended up costing the taxpayers at ture of Fannie and Freddie easily leads to its I now move and ask a roll call vote on the demise. least $130 billion. original bill, the substitute. Call the roll. The Clerk. Mr. Chairman? I continue: I am not sure whether my colleagues then understood the basic concept be- Chairman Shelby. Aye. This experience has only reaffirmed my re- The Clerk. Mr. Bennett? solve to ensure such a debacle never revisits hind establishing an orderly resolution Senator Bennett. Aye. the taxpayer. And, quite simply, the real process, but I hope the lesson has now The Clerk. Mr. Allard? truth is we cannot afford a crisis of the mag- been learned. Ironically, Democratic Chairman Shelby. Aye, by proxy. nitude a failing GSE would pose. opposition to strong reform actually The Clerk. Mr. Enzi?

VerDate Mar 15 2010 04:57 May 12, 2010 Jkt 089060 PO 00000 Frm 00018 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.027 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3505 Senator Enzi. Aye. or insolvent GSE through a receivership Chairman Shelby. Aye by proxy. The Clerk. Mr. Hagel? process. This clear and definitive process for The Clerk. Mr. Santorum. Senator Hagel. Aye. dealing with a troubled enterprise is a crit- Senator Santorum. Aye. The Clerk. Mr. Santorum? ical tool for the credibility and strength of a The Clerk. Mr. Bunning. Chairman Shelby. Aye, by proxy. new regulator. Senator Bunning. Aye. The Clerk. Mr. Bunning? Madam President, unfortunately, the The Clerk. Mr. Crapo. Senator Bunning. Aye. Democrats did not share my view of in- Senator Crapo. Aye. The Clerk. Mr. Crapo? The Clerk. Mr. Sununu. Chairman Shelby. Aye, by proxy. creasing regulations on the GSEs, and Senator Sununu. Aye. The Clerk. Mr. Sununu? their comments during the second at- The Clerk. Mrs. Dole. Senator Sununu. Aye. tempt to pass meaningful reforms are Senator Dole. Aye. The Clerk. Mrs. Dole? telling. One of my Democratic col- The Clerk. Mr. Martinez. Chairman Shelby. Aye, by proxy. leagues stated then, ‘‘When the sink is Senator Martinez. Aye. The Clerk. Mr. Chafee? leaking, you do not tear down the The Clerk. Mr. Sarbanes. Senator Chafee. Aye. house, especially if the house has Senator Sarbanes. No. The Clerk. Mr. Sarbanes? served you well.’’ Another recalled a The Clerk. Mr. Dodd. Senator Sarbanes. No. Senator Dodd. No. The Clerk. Mr. Dodd? critique he read of the bill before the The Clerk. Mr. Johnson. Senator Dodd. No. markup, which claimed, ‘‘It is like try- Senator Sarbanes. No by proxy. The Clerk. Mr. Johnson? ing to cure the common cold with The Clerk. Mr. Reed. Senator Sarbanes. No, by proxy. chemotherapy.’’ Senator Reed. No. The Clerk. Mr. Reed? In fact, at one hearing, one of my The Clerk. Mr. Schumer. Senator Reed. No. Democratic colleagues expressed an in- Senator Sarbanes. No by proxy. The Clerk. Mr. Schumer? terest in hearing how the roles of the The Clerk. Mr. Bayh. Senator Sarbanes. No, by proxy. GSEs might be increased, when he ex- Senator Sarbanes. No by proxy. The Clerk. Mr. Bayh? The Clerk. Mr. Carper. Senator Bayh. No. plained: Senator Carper. No. The Clerk. Mr. Miller? I am not only interested in hearing about The Clerk. Ms. Stabenow. Chairman Shelby. Aye, by proxy. the role GSEs currently play in the mort- Senator Sarbanes. No by proxy. The Clerk. Mr. Carper? gage market, I am also interested in how The Clerk. Mr. Corzine. Senator Carper. No. their commitment to home ownership and Senator Sarbanes. No by proxy. The Clerk. Ms. Stabenow? affordable housing can be expanded. The Clerk. Mr. Chairman, the yeas are 11, Senator Stabenow. No. In the end, the result of our 2005 the nays nine. The Clerk. Mr. Corzine? markup was the same as our 2004 mark- Chairman Shelby. S. 190 as amended is or- Senator Corzine. No. up—a strict party-line vote with all 11 dered reported to the full Senate. The Clerk. Chairman, the ayes are 12, the Republicans supporting the reforms Mr. SHELBY. I would like to point nays 9. out another bit of irony right now. Chairman Shelby. The bill is adopted. and all 9 Democrats opposing them. Unfortunately, the Democrats once Many of my colleagues who recently Mr. SHELBY. Madam President, that again sided with Wall Street and the complained about the process regard- was not the end of the story, though. special interests by rejecting GSE re- ing consideration of this bill were some More than 1 year later, we tried again form and any attempt to move the leg- of the same people who took every to pass these important reforms. The islation beyond the Banking Com- measure to block all consideration of Banking Committee held more hear- mittee. GSE reform. Actions have con- ings leading to the markup of S. 190, Madam President, I ask unanimous sequences, and in this particular in- the Federal Housing Enterprise Regu- consent to have printed in the RECORD stance, they were almost immediate. latory Reform Act of 2005. I will not a copy of that recorded vote in the As soon as it was apparent that GSE read my entire statement from this Banking Committee. reform was dead, Fannie Mae and markup, but I will read a part of it There being no objection, the mate- Freddie Mac took steps to dramati- that describes the commonsense steps rial was ordered to be printed in the cally increase their risk. that we were attempting to take with RECORD, as follows: The Government Accountability Of- our newest effort to pass then GSE re- MARKUP OF THE NOMINATIONS OF HON. CHRIS- fice, GAO, detailed this in a September form. I quote from that markup: TOPHER COX, TO BE CHAIRMAN, U.S. SECURI- 2009 report. The GAO discovered that in My legislation creates a new regulator TIES AND EXCHANGE COMMISSION; HON. ROEL 2004 and 2005, the enterprises: with combined oversight for both the safety C. CAMPOS, TO BE COMMISSIONER, U.S. SE- . . . embarked on aggressive strategies to and soundness and the housing mission of CURITIES AND EXCHANGE COMMISSION; AN- purchase mortgages and mortgage assets Fannie Mae, Freddie Mac, and the Federal NETTE L. NAZARETH, TO BE COMMISSIONER, with questionable underwriting standards. Home Loan Bank System. U.S. SECURITIES AND EXCHANGE COMMIS- For example, they purchased a large volume The new regulator will have general regu- SION; JOHN C. DUGAN, TO BE COMPTROLLER, of what are known as Alt-A mortgages, latory authority over all housing GSEs, in- OFFICE OF THE COMPTROLLER OF THE CUR- which typically did not have documentation cluding enhanced authority over capital re- RENCY; HON. JOHN M. REICH, TO BE DIREC- of borrowers’ incomes and had higher loan- quirements, and enforcement and prompt TOR, OFFICE OF THRIFT SUPERVISION; AND to-value ratios or debt-to-income ratios. corrective action authorities that are com- MARTIN J. GRUENBERG, TO BE MEMBER AND Furthermore, purchases of private-label parable to those of the bank regulatory VICE-CHAIRMAN, FEDERAL DEPOSIT INSUR- MBS increased rapidly as a percentage of re- agencies. ANCE CORPORATION, AND OF S. 705, MEETING tained mortgage portfolios from 2003 to 2006. Among other enhanced regulatory authori- THE HOUSING AND SERVICE NEEDS OF SEN- By the end of 2007, the enterprises collec- ties, the bill we will consider today includes IORS ACT OF 2005; H.R. 804, TO EXCLUDE tively held more than $313 billion in private- clear direction on portfolio review for com- FROM CONSIDERATION AS INCOME CERTAIN label mortgage-backed securities, of which pliance with safety and soundness, mission PAYMENTS UNDER THE NATIONAL FLOOD IN- $94 billion was held by Fannie Mae and $218.9 and systemic risk. SURANCE PROGRAM; S. 1047, THE PRESI- billion held by Freddie Mac. Under this proposal, the enterprises are DENTIAL $1.00 COIN ACT OF 2000; AND S. 190, permitted to hold those assets which pro- THE FEDERAL HOUSING ENTERPRISE REGU- Recently, Daniel Mudd, Fannie Mae’s mote the enterprises’ mission in the housing LATORY REFORM ACT OF 2005 former chief operating officer and chief market. The question is on reporting the Com- executive officer, testified: The bill also transfers the product review mittee print of S. 190 as amended here to the While the market was changing, Fannie function from HUD to the new regulator and full Senate. Mae struggled to meet aggressively increas- creates a two-tier approval process through The Clerk will call the roll. ing HUD goals. The goals were extremely which the enterprises must receive approval The Clerk. Chairman Shelby. challenging, increased significantly every prior to offering any new product. Chairman Shelby. Aye. year, and permitted no leeway to account for The bill also establishes new criteria for The Clerk. Mr. Bennett. the challenging lending environment. Cer- approval of a product that will ensure the Senator Bennett. Aye. tain mortgages that may not have met our enterprises remain focused on their statu- The Clerk. Mr. Allard. traditional standards could not be ignored. tory mission of facilitating a secondary Chairman Shelby. Aye by proxy. mortgage market. The Clerk. Mr. Enzi. While Mr. Mudd may be correct that The new regulator will also have the power Chairman Shelby. Aye by proxy. these mortgages aided their ability to to conduct an orderly resolution of a failing The Clerk. Mr. Hagel. meet their HUD goals, it also should be

VerDate Mar 15 2010 01:07 May 12, 2010 Jkt 089060 PO 00000 Frm 00019 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.014 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3506 CONGRESSIONAL RECORD — SENATE May 11, 2010 noted that the GAO in this same report inflated housing market and the mil- ing to the nominees be printed in the did not see these purchases as a benefit lions of taxpayers who have had to foot RECORD, the President be immediately to their mission, stating: the bill for the resulting debacle. In- notified of the Senate’s action, and the The rapid increase in the enterprises’ stead, the stalling of this legislation by Senate then resume legislative session; mortgage portfolios and the associated inter- Democrats at that time ended any at- that after the first vote in this se- est-rate risk did not result in a cor- tempts of meaningful GSE reform until quence, the remaining votes be limited responding benefit to the achievement of mid-2008, when Fannie Mae and Freddie to 10 minutes each. their housing mission. Mac were already in serious trouble. The PRESIDING OFFICER. Is there Ultimately, this increased risk The simple truth is that we didn’t objection? played a significant role in the demise act when we could have effected real Without objection, it is so ordered. of Fannie Mae and Freddie Mac. change. Republicans were ready to Mr. DODD. Well, Madam President, I would like to read one final section enact real reform and—unfortunately let me now proceed with my time. I of that 2009 GAO report here this after- for the taxpayer—Democrats were not. know my colleague from Arizona will noon. Let’s not make the same mistake again come over to be heard. According to the Federal Housing Finance here today. Let me emphasize again to my col- Administration, while these questionable The McCain-Shelby-Gregg GSE leagues that the McCain amendment is mortgage assets accounted for less than 20 amendment takes several important opposed by the National Association of percent of the enterprises’ total assets, they steps to reform the GSEs. It provides Realtors, the homebuilders, and the represented a disproportionate share of cred- credit unions for the simple reason it-related losses in 2007 and 2008. transparency to the conservatorships For example, by the end of 2008, Fannie of the GSEs by establishing much need- that the amendment doesn’t do any- Mae held approximately $295 billion in Alt-A ed investigative oversight. It also re- thing except end Fannie Mae and loans, which accounted for about 10 percent quires Fannie Mae and Freddie Mac to Freddie Mac. That is hardly reform. It of the total single-family mortgage book of be included in the Federal budget as replaces it with nothing, so we end up business. Similarly, Alt-A mortgages ac- long as they are in conservatorship or in a free fall in this country when it counted for nearly half of Fannie Mae’s $27.1 receivership status. It reestablishes comes to providing affordable mort- billion in credit losses of its single-family taxpayer protections that were abol- gages for middle-income families. guarantee book of business in 2008. Granted, Fannie Mae and Freddie At a June 2009 congressional hearing, ished by the Obama administration former OFHEO Director James Lockhart last Christmas Eve, and it requires Mac need to be reformed, and the said that 60 percent of the triple-A rated pri- that Congress be involved in any deci- amendment we will vote on first off— vate label MBS purchased by the enterprises sion to spend additional resources to that I will be proposing—in fact re- had since been downgraded to below invest- stabilize the housing markets. Finally, quires that the administration, by Jan- ment grade. He also stated that investor con- it establishes a definite end to the on- uary, submit a specific plan that would cerns about the extent of the enterprises’ going conservatorships of Fannie Mae call for how to reform Fannie Mae and holdings of such assets and the potential as- and Freddie Mac and paves a respon- Freddie Mac and what to replace it sociated losses compromised their capacity with in a housing financing system. to raise needed capital and issue debt at ac- sible path forward by refocusing their ceptable rates. efforts, installing proper safeguards, Not to have a housing financing sys- tem, just to leave us without one alto- Madam President, we all know what and untangling the U.S. taxpayer from gether, as we would achieve with the happened once they were unable to this mess. McCain amendment, just eliminating raise capital, but let’s also remember I urge my Democratic colleagues to Fannie Mae and Freddie Mac with no the consequences that followed our ignore Wall Street and the special in- replacement within the year, is hardly failure to properly regulate Fannie terests lobbying against this amend- what we need to do at this time. Mae and Freddie Mac. ment. Join the Republicans in doing We have been through a lot. This Charles Duhigg of the New York something good for the American tax- problem began in the housing market, Times, part of a group of journalists payer—support the McCain-Shelby- in an unregulated segment of our econ- who produced ‘‘The Reckoning,’’ a se- Gregg amendment. omy. For years, the previous adminis- ries that explored the roots of the fi- I yield the floor, and I suggest the ab- tration and others advocated a totally nancial crisis, wrote in 2008 that: sence of a quorum. The PRESIDING OFFICER. The unregulated market. Because of those The ripple effect of Fannie’s plunge into clerk will call the roll. attitudes, we ended up where we did— riskier lending was profound. Fannie’s stamp of approval made shunned borrowers and The bill clerk proceeded to call the with brokers and mortgage companies complex loans more acceptable to other roll. that were providing mortgages to peo- lenders, particularly small and less sophisti- Mr. DODD. Madam President, I ask ple without any documentation, with- cated banks. unanimous consent that the order for out any underwriting standards what- James Lockhart supported this con- the quorum call be rescinded. soever, and we ended up, of course, clusion in his testimony before the Fi- The PRESIDING OFFICER. Without with 7 million homes lost, 4 million un- nancial Crisis Inquiry Commission on objection, it is so ordered. derwater today, and 250,000 seized just April 9 of this year when he observed Mr. DODD. Madam President, I ask in the last number of months, since the that the GSEs: unanimous consent that the only de- outset of this year. . . . indirectly encouraged lower standards bate remaining on the pending Dodd The McCain amendment would actu- by purchasing private label securities. They and McCain amendments be 20 min- ally leave us in a very fragile situation, also encouraged lower standards by not ag- utes, with 10 minutes accorded to each and that is the point the homebuilders, gressively pursuing the obligations to repur- amendment; that upon the use or yield- the realtors, and the credit unions are chase mortgages if they did not comply with ing back of time, the Senate proceed to making in their strong opposition to the enterprises’ underwriting requirements. vote in relation to the Dodd amend- this amendment. Madam President, during the debate ment No. 3938, to be followed by a vote Our amendment lays out a timeframe on this bill before us, we have heard in relation to the McCain amendment in which the administration would numerous times that we need to have a No. 3839, with no amendment in order have to submit a specific set of plans so tighter grip on Wall Street to prevent to either amendment prior to the vote; we could then, in the next Congress, those large Wall Street firms from further, that upon disposition of the move forward. harming small businesses on Main amendments described above and as if As my colleague from New Hamp- Street. in executive session, the Senate pro- shire has pointed out, the issue of re- If only my Democratic colleagues ceed to executive session and proceed placing and coming up with an alter- had been less concerned with Wall to vote on confirmation of the fol- native housing finance system is very Street’s reaction in 2004 and 2005, per- lowing nominations in the order listed: complex. There are a lot of different haps we could have protected not only Executive Calendar No. 704 and 729; ideas out there about which plan ought those less sophisticated smaller banks that upon confirmation, the motions to to replace the one we have working on Main Street but also the millions of reconsider be considered made and laid today. Obviously that is something the consumers caught up in the resulting upon the table, any statements relat- Congress will have to consider.

VerDate Mar 15 2010 01:07 May 12, 2010 Jkt 089060 PO 00000 Frm 00020 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.031 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3507 I mentioned earlier Fannie Mae, getting involved in fancy credit default I made a mistake at age 22. Before Freddie Mac, and the FHA together ac- swaps and over-the-counter derivatives deciding to build what you are going to count for 96.5 percent of the funding for and all of this casino gambling that have, don’t tear down what you have mortgages today. The McCain amend- goes on. Average Americans accumu- without knowing what you are going to ment would undermine this supply late wealth when they can afford to replace it with. Eventually we got a without establishing a reasonable al- buy a home and hold on to that prop- school built in that town, but they ternative. It is irresponsible public pol- erty, watching equity increase. That went through a rough 2 years because icy at a very uncertain time. As Sen- equity provides a source of income for this young American didn’t understand ator GREGG said earlier, on the debate retirement years, helps provide for the that while the old school wasn’t great in the Wall Street reform bill the GSE college education of their kids, and eq- and it was in desperate need of repair, issue is ‘‘too complex to do in this uity in a neighborhood provides sta- tearing it down and leaving them with bill.’’ bility for that neighborhood and no school left that little community The McCain amendment would re- strengthens communities. If you elimi- without the ability to have a decent quire the Federal Housing Finance nate the 30-year fixed rate mortgage, place to house and teach their kids. Agency to either end the conservator- you have dealt a huge blow to working That analogy applies here because ship of Fannie and Freddie or disband families in this country. I do not think what the McCain amendment does is them, put them into receivership with- we want to look like Europe when it tear down without building anything in in 2 years. That is all. The amendment comes to home mortgages, and that is its place. poses no alternative to Fannie Mae and how we will end up if the McCain Again, I will take a back seat to no Freddie Mac. It would totally privatize amendment is adopted. one. Democrats should have done a bet- the mortgage market other than FHA. For all of those reasons, as I said, ter job. Republicans—I listen to my We have had some experience with homebuilders, realtors, and credit colleague from Alabama talk about the how the housing market behaves when unions oppose this amendment. history of Fannie and Freddie. Believe it is completely privatized. It is called Reform of the GSEs—everyone agrees me, I have an alternative history. But subprime and exotic mortgage mar- we need to make that reform. However, we can go back and forth on that end- kets. As we know, it was this unregu- the homebuilders say in their letter to lessly. Let’s suffice to say this: We all lated market, fanned by Wall Street, Senator MCCAIN: should have done a better job at this that pushed out those irresponsible . . . we remain concerned about how to get and finger pointing doesn’t get us any- mortgages that they knew people could from the current structure to future ar- where. We are not in the business of rangements without . . . disrupting the oper- not afford which led to our current ation of the overall housing finance system. trying to rewrite history today, we are problems. With a still fragile housing Any changes should be undertaken with trying to see to how best to ensure the market in dangerous times, the McCain care. . . . coming generation will never have to amendment would push us back into I agree. We should keep in mind that go through what this generation has. this downward spiral. the Congress created a strong new reg- What we are offering here is a specific The amendment would do the fol- ulatory regime for Fannie Mae and idea of how to get us to that new plan lowing. It results in an increase in Freddie Mac in 2008. Their regulator is of housing finance. You don’t get there mortgage rates for home buyers and maintaining strong oversight of these by eliminating what we have today and homeowners. Try to explain that as enterprises, while they continue to pro- putting everything else at risk as a re- you go back to your States, if this vide crucial assistance to the housing sult of what is included in this amend- amendment were adopted. It reduces market. ment. the availability of mortgage credit in Longer term reform of Fannie and Under our amendment, the Treasury communities across our country, in- Freddie would require a thoughtful re- specifically is told not ‘‘may’’ but it cluding communities with relatively consideration of the structure of the ‘‘shall’’ do following things: Come up low-cost housing. This would result in whole housing finance system. This and tell us how we are going to wind reductions in existing housing values will require hearings about exactly down and liquidate Fannie and Freddie; at a time when the housing market is what structure we want to put in place the privatization of the two GSEs; the just starting to recover some value. to finance housing in this country. breakup of the GSEs into small compa- Further, this amendment would re- This will require hearings with many nies; and other options that may be duce the availability of mortgage cred- stakeholders and others involved in the available. it to first-time home buyers, to low- serious discussions to determine what This is a tough study. This isn’t one and moderate-income families seeking that system ought to be. to kind of paint this over; it demands a to buy or refinance a home by elimi- To wipe out the present system—I report back, ‘‘shall,’’ how specifically nating housing goals. It goes on by de- have to tell you a quick story. It may we can do this in a time certain. It is laying or to put home ownership out of seem unrelated to the subject at hand. not perfect. I wish I had some magical reach to many families. It raises the Many years ago, when I was the ripe reform to offer everyone today. minimum downpayment requirements old age of 22, I was a Peace Corps vol- We have looked at this for weeks and to 10 percent. A minimum 10 percent unteer in the Dominican Republic and months and there is a significant de- for families starting out, with better I went to one of the mountain villages bate over what that housing financing underwriting standards, that kind of near the border of Haiti and I asked the system ought to be. I can’t tell you criterion excludes a lot of young fami- people what they thought their needs with any certainty what is the best lies starting out who wish to buy their were. They said, What do you think we idea at this juncture. I know this first home. It reduces the availability need to do, of this young American. I much, to tear down what we have and of mortgage credit for affordable rental looked over at the old schoolhouse replace it with nothing would be the housing by eliminating the housing they had, one room, made of palm wood height of irresponsibility. It would put goals, and it undermines the efforts to with a dirt floor. I said I think you our country’s economy into a tailspin, get loan modifications and affordable need a new school. They said that is a in my view, at the very time we are be- refinances to homeowners trying to pretty good idea. We agree with you. ginning to come out of our difficul- save their homes. What should we do first? I said, first ties—290,000 new jobs created in the Last, it results in the potential tear down the old school. last month alone. In the last previous elimination of a 30-year fixed rate It was my first project. For the next months, 121,000 more than we antici- prepayable mortgage. 2 years they had no school in town. It pated. Housing starts are picking up, This last point is something I do not took that long. We didn’t know where values are picking up again. Why at think most Americans are aware of. We to build the school. We didn’t know this very hour would we step back? are the only country in the world that where the property was, we didn’t have For all those reasons, I say respect- provides a 30-year fixed rate mortgage the materials, so we gathered in peo- fully, the McCain amendment I hope for families. That is the source of ple’s homes to become the school. In ef- will be rejected by our colleagues and wealth creation for most Americans. It fect, that is what the McCain amend- our substitute amendment will be sup- is not buying stocks on Wall Street or ment is going to do. ported.

VerDate Mar 15 2010 04:57 May 12, 2010 Jkt 089060 PO 00000 Frm 00021 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.038 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3508 CONGRESSIONAL RECORD — SENATE May 11, 2010 I yield the floor. look the American people in the eye Even more troubling, while the GSEs The PRESIDING OFFICER (Mr. and say we have reformed the financial have considerable legacy problems as- KAUFMAN). The Senator from Arizona. system in America. Do not look the sociated with the older loans in their Mr. MCCAIN. Mr. President, I have American people in the eye and say we portfolios, they are being used by the been around this body for a long time. will never again have a financial col- Obama Administration to take on addi- I have seen the side-by-sides. This is lapse in this country. Do not say we tional risks. one of the classics that we have seen are going to turn off the spigot of Fed- On Christmas Day of last year, the time after time. If you don’t like a eral tax dollars—already $145 billion. Obama administration announced it tough amendment, then have one that Why did the Treasury lift the cap of would relax important taxpayer protec- requires a study. Let’s study the prob- $400 billion that we were going to spend tions at GSEs, and it would prop them lem. And the purpose of this amend- to help with these toxic assets of up with unlimited taxpayer funding. ment as stated, and I quote from the Fannie and Freddie if they didn’t think That is exactly what they are doing amendment: it was going to be more than $400 bil- today. To require the Secretary of the Treasury lion? The administration took this step so to conduct a study on ending the con- So what are we doing in response? it would have the flexibility to con- servatorship of Fannie Mae and Freddie Mac Sitting by and watching hundreds of tinue its efforts to support the housing and reforming the housing finance system. billions of dollars of the taxpayers’ market. Some now are questioning Reforming the housing finance sys- money being used to bail out these two those efforts. In the New York Times tem—I thought reforming the housing government-sponsored enterprises to piece I mentioned, Ms. Morgenson finance system was part of the deal the great cost of the American tax- quotes Dean Baker, codirector of the here. I had no idea we were not going payer. Again I say to my colleagues: Center for Economic and Policy Re- to reform the housing finance system Don’t wonder why the American people search, who noted: when we advertised this legislation to are fed up. Don’t wonder why the I do not understand why people are not the American people as to assure them American people are in virtual peaceful talking about it [referring to Freddie’s that there would never be another fi- revolt, when we continue to pour good losses] . . . it seems to me the most funda- nancial meltdown which was caused by money after bad, to the tune of hun- mental question is, have they on an ongoing the housing finance system. dreds of billions of dollars, without re- basis been paying too much for loans ever since they went into conservatorship? What does the side-by-side amend- forming the institutions that caused it. ment do? It will require the Secretary We are not fulfilling our responsibil- This begs the question of why the of Treasury to conduct a study. Do you ities to the American taxpayers. GSEs would overpay at this point. mean to tell me the Secretary of I am asking my colleagues, don’t What is to be gained? Ms. Morgenson Treasury, after the greatest financial vote for another study. If you are going posits a rather compelling theory: meltdown in history since the Great to vote against my amendment, fine, Mr. Baker’s concern that Freddie may be Depression, has to conduct a study? He but let’s not continue this charade and racking up losses by overpaying for mort- has to conduct a study to figure out gages derives from his suspicion that the vote for another study. government might be encouraging it to do so why we have just spent $145 billion, I yield to the Senator from Alabama as a way to bolster the operations of mort- lifted the $400 billion cap at 7 p.m. on what time remains. gage lenders. Christmas Eve? The system cries out The PRESIDING OFFICER. The Sen- I hope not. In the past, those huge for reform now. As is stated by lit- ator from Alabama. piles of money that have consistently erally every expert in America, it was The PRESIDING OFFICER. The Sen- been spent found their way into the the housing meltdown, abetted by the ator from Alabama. pockets of Democratic operatives such Mr. SHELBY. Mr. President, how enablers Fannie and Freddie, that as Frank Raines, Jim Johnson, Jamie much time is remaining? caused the financial meltdown. So we Gorelick, Tim Howard, and President The PRESIDING OFFICER. There is are doing nothing about it except ask- Obama’s Chief of Staff, . 4 minutes 30 seconds remaining. ing the Secretary of Treasury to con- Now similar piles are floating around, Mr. SHELBY. Mr. President, earlier duct a study. Remarkable. Remark- not necessarily to Democrats but cer- today in the Senate I spoke about the able. tainly on behalf of their pet initiatives. Again I want to quote from the Wall past actions or, rather, inactions of The only constant in either scenario Street Journal that says it well this body that led us to the current sit- has been the taxpayer has been stuck enough. It says: uation with Fannie Mae and Freddie with footing the bill. I believe this This action confirms the decade-long con- Mac. I now will take just a few minutes afternoon this must end. It is finally gressional failure to more closely regulate to discuss the current status of these time to protect the taxpayer. The these two government-sponsored enterprises institutions as Senator MCCAIN has McCain-Shelby-Gregg amendment will will rank for U.S. taxpayers as one of the mentioned. I will also explain the spe- worst policy disasters in our history. do that. cifics of the McCain-Shelby-Gregg The PRESIDING OFFICER. The Sen- One of the worst policy disasters in amendment and why I believe we must ator from Connecticut. our history, and we are doing nothing adopt it. Mr. DODD. All time has expired, I about it except conduct a study. That Since September of 2008, we have had hope. ought to do it. to spend more than $150 billion to bail The PRESIDING OFFICER. The Sen- I am not calling for the abolition of out these GSEs. By some estimates, ator from Arizona has 1 minute re- Fannie and Freddie. I am calling for this amount exceeds the total cost of maining. them to stop being in the government the savings and loan bailouts that oc- Mr. DODD. I think it is safe to say we trough. I am saying that Fannie and curred in the late 1980s and early 1990s. can yield back our time. Freddie ought to be doing their job in Let me repeat that. Bailing out the I ask for the yeas and nays on the competition with everybody else who GSEs has now cost as much or more Dodd amendment. finances home loan mortgages in than the entire savings and loan crisis, The PRESIDING OFFICER. Is there a America. The history of these organi- and it is continuing. sufficient second? zations is replete with enabling by the Having spent such considerable There appears to be a sufficient sec- Congress of the United States—includ- amounts of taxpayer dollars, one would ond. The question is on agreeing to the ing, by the way, incredible compensa- think that the GSEs would be topic No. Dodd amendment. tion for the so-called people who were 1 as we consider financial reform. Un- The clerk will call the roll. supervising these organizations as they fortunately, that is not the case. As re- The bill clerk called the roll. went into the tank—one of them $93 cently reported by Gretchen Morgen- Mr. DURBIN. I announce that the million for a year or two of supervising son, a Pulitzer Prize writer of the New Senator from West Virginia (Mr. BYRD) going farther and farther into toxic as- York Times: is necessarily absent. sets. Freddie [has] warned that its credit losses The PRESIDING OFFICER. Are there All I can say is if we pass this legisla- were likely to continue rising throughout any other Senators in the Chamber de- tion without this amendment, do not 2010. siring to vote?

VerDate Mar 15 2010 04:57 May 12, 2010 Jkt 089060 PO 00000 Frm 00022 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.038 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3509 The result was announced—yeas 63, NAYS—56 and then we could have a voice vote on nays 36, as follows: Akaka Hagan Nelson (NE) that amendment. We do not even need Baucus Harkin [Rollcall Vote No. 139 Leg.] Nelson (FL) a recorded vote on that amendment. It Begich Inouye Pryor is a bipartisan amendment. YEAS—63 Bennet Johnson Reed Bingaman Kaufman Mr. MCCONNELL. Right, and then Akaka Gillibrand Murray Reid Boxer Kerry Rockefeller Senator CORKER and Senator MERKLEY Baucus Hagan Nelson (NE) Brown (OH) Klobuchar Bayh Harkin Nelson (FL) Sanders and a vote. Burris Kohl Schumer Begich Inouye Pryor Cantwell Landrieu Mr. DODD. And 30 minutes equally Shaheen Bennet Johanns Reed Cardin Lautenberg divided, I think we are talking about, Specter Bingaman Johnson Reid Carper Leahy for both amendments. Boxer Kaufman Rockefeller Stabenow Casey Levin Mr. MCCONNELL. Yes. Brown (MA) Kerry Sanders Conrad Lieberman Tester Brown (OH) Klobuchar Schumer Dodd Lincoln Udall (CO) Mr. REID. If we could do the judges Burris Kohl Shaheen Dorgan McCaskill Udall (NM) now. Cantwell Landrieu Snowe Durbin Menendez Warner Mr. LEAHY. Mr. Presdient, this Cardin Lautenberg Specter Feinstein Merkley Webb week, the President nominated Elena Carper Leahy Stabenow Franken Mikulski Whitehouse Casey Levin Tester Gillibrand Murray Wyden Kagan to the Supreme Court. I trust Collins Lieberman Udall (CO) that her nomination will be treated Conrad Lincoln Udall (NM) NOT VOTING—1 Dodd McCaskill Voinovich better than President Obama’s other Byrd Dorgan Menendez Warner judicial nominations, including these. Durbin Merkley Webb The amendment (No. 3839) was re- President Obama nominated Jon Feinstein Mikulski Whitehouse jected. DeGuilio to fill a judicial emergency Franken Murkowski Wyden The PRESIDING OFFICER. The ma- vacancy in Indiana last year. He was NAYS—36 jority leader is recognized. unanimously reported by the bipar- Alexander Crapo Kyl Mr. REID. Mr. President, I have spo- tisan membership of the Senate Judici- Barrasso DeMint LeMieux ken to the distinguished Republican ary Committee in early March. His Bennett Ensign Lugar Bond Enzi McCain leader. It is my understanding we are nomination has been held hostage for 2 Brownback Feingold McConnell going to do these two judges by voice months. President Obama nominated Bunning Graham Risch vote, and following that, it is my un- Judge Timothy Black last January, Burr Grassley Roberts derstanding the two managers have and he was reported unanimously in Chambliss Gregg Sessions Coburn Hatch Shelby worked out an arrangement to have a early February. His nomination has Cochran Hutchison Thune couple more amendments voted on been held hostage for 3 months for no Corker Inhofe Vitter within the next half hour or 45 min- good purpose and with no explanation. Cornyn Isakson Wicker utes. Republican objection to their consider- NOT VOTING—1 f ation has stalled both these nomina- Byrd tions. Now that they are finally receiv- EXECUTIVE SESSION ing votes, I suspect they will be con- The amendment (No. 3938) was agreed firmed unanimously, as have so many to. of President Obama’s nominations. So Mr. INOUYE. I move to reconsider TIMOTHY S. BLACK TO BE UNITED why the delay? Why the weeks and and to lay that motion on the table. STATES DISTRICT JUDGE FOR weeks, and months and months, of ob- The motion to lay on the table was THE SOUTHERN DISTRICT OF struction? This obstruction is of nomi- agreed to. OHIO nees that Senate Republicans support. VOTE ON AMENDMENT NO. 3839 This is wrong. I have called for it to end, but the Republican Senate leader- The PRESIDING OFFICER. The JON E. DEGUILIO TO BE UNITED ship persists in this practice. question is on agreeing to amendment STATES DISTRICT JUDGE FOR By this date in President Bush’s first No. 3839. THE NORTHERN DISTRICT OF IN- term, 56 of President Bush’s judicial Mr. MCCAIN. I ask for the yeas and DIANA nominations had been confirmed. Now nays. The PRESIDING OFFICER. Under that President Obama is in the White The PRESIDING OFFICER. Is there a the previous order, the Senate will pro- House, Republicans have allowed votes sufficient second? ceed to executive session to consider on only 23 of his Federal circuit and There appears to be a sufficient sec- the following nominations, which the district court nominees. ond. clerk will report. The two nominations we consider The clerk will call the roll. The legislative clerk read the nomi- today, that of Timothy S. Black to the The bill clerk called the roll. nations of Timothy S. Black, of Ohio, Southern District of Ohio and Jon E. Mr. DURBIN. I announce that the to be United States District Judge for DeGuilio to the Northern District of Senator from West Virgina (Mr. BYRD) the Southern District of Ohio and Jon Indiana, should have been considered is necessarily absent. E. DeGuilio, of Indiana, to be United and confirmed months ago. Both nomi- The PRESIDING OFFICER. Are there States District Judge for the Northern nations have the support of Democratic any other Senators in the Chamber de- District of Indiana. and Republican home State senators. siring to vote? The PRESIDING OFFICER. Is there Both received positive ratings from the further debate? American Bar Association’s Standing The result was announced—yeas 43, The Republican leader is recognized. Committee on the Federal judiciary. nays 56, as follows: Mr. MCCONNELL. Yes. I just want to Both were reported favorably by the [Rollcall Vote No. 140 Leg.] address the majority leader. Judiciary Committee months ago by YEAS—43 I say to my friend from Nevada, we voice vote, without any dissent—Judge Alexander Crapo Lugar are having voice votes on two judges? Black on February 11 and Mr. DeGuilio Barrasso DeMint McCain Mr. REID. Yes. on March 4. Bayh Ensign McConnell Mr. MCCONNELL. Let me indicate As of today, there are 24 of President Bennett Enzi Murkowski that Senator CORKER is prepared to Obama’s judicial nominations favor- Bond Feingold Risch Brown (MA) Graham Roberts offer an amendment and take a very ably reported by the Senate Judiciary Brownback Grassley Sessions short time agreement. Committee stalled on the Senate’s Ex- Bunning Gregg Shelby Burr Hatch Mr. REID. And Senator MERKLEY has ecutive Calendar. The Senate has con- Snowe Chambliss Hutchison agreed, also, and Senator KLOBUCHAR. firmed only 23, even though these Thune Coburn Inhofe Vitter Mr. DODD. If I could just interject, I nominations were reported as far back Cochran Isakson believe Senator BENNET, after the as November. Even after the Senate Collins Johanns Voinovich Corker Kyl Wicker judges, would be prepared to speak for acts today, there will be 22 judicial Cornyn LeMieux about 10 minutes on his amendment, nominees still pending, and 16 of those

VerDate Mar 15 2010 04:57 May 12, 2010 Jkt 089060 PO 00000 Frm 00023 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.012 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3510 CONGRESSIONAL RECORD — SENATE May 11, 2010 nominations were reported without a by restoring the Senate’s tradition of tween the Black Lawyers Association single negative vote. These should be moving promptly to consider non- of Cincinnati and the Cincinnati Bar easy for the Senate to consider in a controversial nominees with up-or- Association to improve diversity and timely manner and confirm. Yet Re- down votes in a matter of days, not inclusion in the legal profession. publicans continue to stall. weeks and certainly not months. For Additionally, his valiant efforts as The majority leader has had to file those nominees Republicans wish to de- vice president and member of the board cloture petitions to cut off the Repub- bate, they should come to time agree- of ProKids, an organization that rep- lican stalling by filibuster on President ment to have those debates and votes. resents abused and neglected children— Obama’s nominees 22 times. Four times It is past time to end the destructive Judge Black’s service extends beyond he has had to file cloture to proceed delaying tactics of stalling nominees the judges chamber and into neighbor- with judicial nominees, only to eventu- for no good purpose. hoods and communities in which he ally see those nominees confirmed, two The confirmation of the two nomina- lives and works. which were confirmed unanimously. tions we consider today is long over- President Obama nominated Judge This stalling and obstruction is wrong. due. Black last year, stating that he has the We should be doing the business of Judge Black has served the Southern ‘‘evenhandedness, intellect, and spirit the American people, like reining in District of Ohio for 6 years as a Federal of service that Americans expect and the abuses on Wall Street, rather than magistrate judge. Before that, he spent deserve from their federal judges.’’ having to waste weeks and months con- a decade as a municipal court judge, Judge Black is more than ready to sidering nominations that should be and he also had a long career as a civil serve and should be confirmed without easily confirmed. Several Senators litigator. His nomination has the sup- delay. The PRESIDING OFFICER. Is there have gone to the floor in recent weeks port of both of his home State sen- further debate on the nominations? and have been outspoken about these ators, Senator GEORGE VOINOVICH and If not, the question is, Will the Sen- delays and secret holds on judicial Senator SHERROD BROWN, one a Repub- ate advise and consent to the nomina- nominations, as well as scores of other lican and one a Democrat. tions of Timothy S. Black, of Ohio, to Presidential nominations on which the Mr. DeGuilio served the Northern be United States District Judge for the Republican minority refuses to act. Re- District of Indiana for 6 years as its Southern District of Ohio, and Jon E. grettably, Republicans have objected U.S. attorney. In addition, he has more DeGuilio, of Indiana, to be United to live requests for action on these than a decade of experience as a lawyer States District Judge for the Northern nominations. They have also refused to in private practice, and he also worked District of Indiana? identify who is objecting and the rea- as a local prosecutor. He has the sup- The nominations were confirmed. sons for the objections, in accordance port of both of his home State sen- The PRESIDING OFFICER. Under with the Senate rules. ators, Senator RICHARD LUGAR and the previous order, the motions to re- The action of the Republican minor- Senator EVAN BAYH, one a Republican consider are considered made and laid ity to place politics ahead of constitu- and one a Democrat. upon the table, the President will be tional duty by refusing to adhere to I congratulate the nominees and immediately notified of the Senate’s the Senate’s tradition of quickly con- their families on their confirmations action, and the Senate will resume leg- sidering noncontroversial nominees re- today. I urge the Republican leadership islative session. minds me of the 1996 session when the to restore the Senate’s tradition prac- Republican majority considered only 17 tice and agree to prompt consideration f of President Clinton’s judicial nomina- of the additional 22 judicial nominees LEGISLATIVE SESSION tions. That was a low point I thought they continue to stall. The PRESIDING OFFICER. The Sen- would not be repeated. Their failing to Mr. BROWN of Ohio. Mr. President, I ate will now return to legislative ses- fill judicial vacancies led to rebuke by am here today to express my unquali- sion. Chief Justice Rehnquist. But they are fied support for the confirmation of f repeating this unfortunate history Judge Timothy Black to be U.S. dis- today, again allowing vacancies to sky- trict judge for the Southern District of RESTORING AMERICAN FINANCIAL rocket to over a 100, more than 40 of Ohio. STABILITY ACT OF 2010—Continued which have been declared ‘‘judicial I am proud to say that I worked Mr. DODD. Mr. President, I ask unan- emergencies’’ by the Administrative closely with my fellow Ohioan, Senator imous consent that the following be Office of the U.S. Courts. VOINOVICH, to establish a bipartisan se- the next amendments in order: Bennet Despite the fact that President lection process that resulted in the se- of Colorado amendment No. 3928; Cork- Obama began sending judicial nomina- lection of Judge Black as a candidate er amendment No. 3955; Merkley- tions to the Senate 2 months earlier for submission to the President. Klobuchar amendment No. 3962, a side- than President Bush, the Senate is far I would like to thank the members of by-side to the Corker amendment; that behind the pace we set during the Bush the Southern District Judicial Advi- the Senate resume consideration of S. administration. As I noted earlier, by sory Commission, particularly Mr. 3217; that Senator BENNET of Colorado this date in George W. Bush’s Presi- Paul Harris, Chair, for all their efforts be recognized to call up his amend- dency, the Senate had confirmed 56 in vetting numerous candidates for the ment; that after his statement, the Federal circuit and district court nomination. amendment be set aside and Senator judges. In the second half of 2001 and Of all the candidates reviewed for CORKER be recognized to call up his through 2002, the Senate with a Demo- this vacancy, the commission was most amendment; that immediately after cratic majority confirmed 100 of Presi- impressed with Judge Black. The com- the amendment is reported by number dent Bush’s judicial nominees. Given mission recognized his leadership, his it be temporarily set aside and Sen- Republican delay and obstruction, this commitment to legal excellence, and ators MERKLEY and KLOBUCHAR be rec- Senate may not achieve half of that. temperament as qualities that make ognized to call up their side-by-side Last year the Senate was allowed to Judge Black well-suited to serve in this amendment. confirm only 12 Federal circuit and dis- capacity. Mr. SHELBY. Mr. President, reserv- trict court judges all year. That was Judge Black has served the Southern ing the right to object, I ask the chair- the lowest total in more than 50 years. District of Ohio with excellence for 6 man, after the Corker amendment is So far this year, despite two dozen years as a Federal magistrate judge. disposed of, is it possible to bring up nominations on the Executive Cal- Before that, he spent a decade as a mu- the Klobuchar-Hutchison amendment endar, we have confirmed only 11 more. nicipal court judge, and he also had a and have a debate and vote tomorrow? The Republican pattern of obstruc- long career as a civil litigator. Mr. DODD. After the side-by-side on tionism we have seen since President In addition to his commitment to the Senators CORKER and MERKLEY—after Obama took office has led to this un- legal profession, Judge Black has ex- that, I would be happy to set a time precedented backlog in nominations on emplified a commitment to service and either debate this evening and vote the Senate calendar awaiting final con- through his work as a coconvener of in the morning, however the Senators sideration. We should end the backlog the Round Table, a partnership be- want to do it.

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00024 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.044 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3511 Mr. SHELBY. Can we agree on that, SEC. 1302. AMENDMENT TO REDUCE TARP AU- (c) SALE OF FEDERAL HOME LOAN BANKS OB- to have a vote at what time in the THORIZATION. LIGATIONS BY THE TREASURY; DEFICIT REDUC- morning? Section 115(a) of the Emergency Economic TION.—Section 11(l)(2) of the Federal Home Mrs. HUTCHISON. Could the vote be Stabilization Act of 2008 (12 U.S.C. 5225(a)) is Loan Bank Act (12 U.S.C. 1431(l)(2)) is amend- amended— ed— at 9:30 in the morning? (1) in paragraph (3)— Mr. SHELBY. Can they have a vote (1) by redesignating subparagraph (C) as (A) by striking ‘‘If’’ and inserting ‘‘Except subparagraph (D); and tonight? as provided in paragraph (4), if’’; (2) by inserting after subparagraph (B) the Mr. DODD. I am worried about an ob- (B) by striking ‘‘, $700,000,000,000, as such following: ligation that we all have this evening. amount is reduced by $1,259,000,000, as such ‘‘(C) DEFICIT REDUCTION.—The Secretary of We are getting pressed. I want to be amount is reduced by $1,244,000,000’’ and in- the Treasury shall deposit in the General careful about asking Members to hang serting ‘‘$550,000,000,000’’; and Fund of the Treasury any amounts received around when we all have an obliga- (C) by striking ‘‘outstanding at any one by the Secretary from the sale of any obliga- tion—100 of us. I suggest that we enter time’’; and tion acquired by the Secretary under this into an agreement if we can. I am hope- (2) by adding at the end the following: subsection, where such amounts shall be— ‘‘(4) If the Secretary, with the concurrence ful this can be worked out. There may ‘‘(i) dedicated for the sole purpose of def- of the Chairman of the Board of Governors of icit reduction; and be a side-by-side. I would be agreeable the Federal Reserve System, determines that ‘‘(ii) prohibited from use as an offset for to setting a time certain tonight—pref- there is an immediate and substantial threat other spending increases or revenue reduc- erably tomorrow, with debate tonight to the economy arising from financial insta- tions.’’. and a vote in the morning—maybe an bility, the Secretary is authorized to pur- (d) REPAYMENT OF FEES.—Any periodic hour after we come in, or a half hour chase troubled assets under this Act in an commitment fee or any other fee or assess- after we come in. We will have to make amount equal to amounts received by the ment paid by the Federal National Mortgage sure the leadership is fine with that. Secretary before, on, or after the date of en- Association or Federal Home Loan Mortgage Mrs. HUTCHISON. Mr. President, we actment of the Pay It Back Act for repay- Corporation to the Secretary of the Treasury could certainly have 30 minutes equal- ment of the principal of financial assistance as a result of any preferred stock purchase by an entity that has received financial as- ly divided on the Hutchison-Klobuchar agreement, mortgage-backed security pur- sistance under the TARP or any other pro- chase program, or any other program or ac- amendment, and we can agree to vote gram enacted by the Secretary under the au- tivity authorized or carried out pursuant to 30 minutes after we come in, whatever thorities granted to the Secretary under this the authorities granted to the Secretary of time that is. Act, but only— the Treasury under section 1117 of the Hous- Mr. DODD. We will work this out. ‘‘(A) to the extent necessary to address the ing and Economic Recovery Act of 2008 (Pub- Let’s get the vote here. threat; and lic Law 110–289; 122 Stat. 2683), including any The PRESIDING OFFICER. Without ‘‘(B) upon transmittal of such determina- fee agreed to by contract between the Sec- objection, it is so ordered. tion, in writing, to the appropriate commit- retary and the Association or Corporation, The Senator from Colorado is recog- tees of Congress.’’. shall be deposited in the General Fund of the nized. SEC. 1303. REPORT. Treasury where such amounts shall be— (1) dedicated for the sole purpose of deficit AMENDMENT NO. 3928 TO AMENDMENT NO. 3739 Section 106 of the Emergency Economic reduction; and Mr. BENNET. Mr. President, I will Stabilization Act of 2008 (12 U.S.C. 5216) is amended by inserting at the end the fol- (2) prohibited from use as an offset for reserve 2 minutes for Senator TESTER lowing: other spending increases or revenue reduc- out of my time. ‘‘(f) REPORT.—The Secretary of the Treas- tions. As I mentioned earlier this week, we ury shall report to Congress every 6 months SEC. 1305. FEDERAL HOUSING FINANCE AGENCY have an important opportunity to safe- on amounts received and transferred to the REPORT. guard our economy from the conditions general fund under subsection (d).’’. The Director of the Federal Housing Fi- that drove our country into this cata- SEC. 1304. AMENDMENTS TO HOUSING AND ECO- nance Agency shall submit to Congress a re- strophic financial meltdown. NOMIC RECOVERY ACT OF 2008. port on the plans of the Agency to continue The Wall Street reform bill we have (a) SALE OF FANNIE MAE OBLIGATIONS AND to support and maintain the Nation’s vital before us takes critically important SECURITIES BY THE TREASURY; DEFICIT RE- housing industry, while at the same time steps forward, helping to stabilize and DUCTION.—Section 304(g)(2) of the Federal Na- guaranteeing that the American taxpayer safeguard our financial institutions, tional Mortgage Association Charter Act (12 will not suffer unnecessary losses. our financial system for consumers and U.S.C. 1719(g)(2)) is amended— SEC. 1306. REPAYMENT OF UNOBLIGATED ARRA (1) by redesignating subparagraph (C) as FUNDS. businesses alike. But we should not subparagraph (D); and (a) REJECTION OF ARRA FUNDS BY STATE.— stop here. This debate must be about (2) by inserting after subparagraph (B) the Section 1607 of the American Recovery and making the underlying bill better. following: Reinvestment Act of 2009 (Public Law 111–5; I rise today to suggest one substan- ‘‘(C) DEFICIT REDUCTION.—The Secretary of 123 Stat. 305) is amended by adding at the tial way that we can rebuild the credi- the Treasury shall deposit in the General end the following: bility of our financial system, save tax- Fund of the Treasury any amounts received ‘‘(d) STATEWIDE REJECTION OF FUNDS.—If payers billions of dollars, and finally by the Secretary from the sale of any obliga- funds provided to any State in any division move to end the TARP. tion acquired by the Secretary under this of this Act are not accepted for use by the Mr. President, I have an amendment subsection, where such amounts shall be— Governor of the State pursuant to subsection at the desk, No. 3928, and I wish to call ‘‘(i) dedicated for the sole purpose of def- (a) or by the State legislature pursuant to subsection (b), then all such funds shall be— it up and ask unanimous consent to icit reduction; and ‘‘(ii) prohibited from use as an offset for ‘‘(1) rescinded; and add Senator BROWN of Massachusetts other spending increases or revenue reduc- ‘‘(2) deposited in the General Fund of the as a cosponsor. tions.’’. Treasury where such amounts shall be— The PRESIDING OFFICER. Without (b) SALE OF FREDDIE MAC OBLIGATIONS AND ‘‘(A) dedicated for the sole purpose of def- objection, it is so ordered. SECURITIES BY THE TREASURY; DEFICIT RE- icit reduction; and The clerk will report. DUCTION.—Section 306(l)(2) of the Federal ‘‘(B) prohibited from use as an offset for The legislative clerk read as follows: Home Loan Mortgage Corporation Act (12 other spending increases or revenue reduc- The Senator from Colorado (Mr. BENNET), U.S.C. 1455(l)(2)) is amended— tions.’’. for himself, Mr. TESTER, Mr. ISAKSON, Ms. (1) by redesignating subparagraph (C) as (b) WITHDRAWAL OR RECAPTURE OF UNOBLI- KLOBUCHAR, Mr. BEGICH, Mr. UDALL of Colo- subparagraph (D); and GATED FUNDS.—Title XVI of the American rado, Mr. LEMIEUX, and Mr. BROWN of Massa- (2) by inserting after subparagraph (B) the Recovery and Reinvestment Act of 2009 (Pub- chusetts, proposes an amendment numbered following: lic Law 111–5; 123 Stat. 302) is amended by 3928 to Amendment No. 3739. ‘‘(C) DEFICIT REDUCTION.—The Secretary of adding at the end the following: The amendment is as follows: the Treasury shall deposit in the General ‘‘SEC. 1613. WITHDRAWAL OR RECAPTURE OF UN- Fund of the Treasury any amounts received OBLIGATED FUNDS. (Purpose: To apply recaptured taxpayer in- by the Secretary from the sale of any obliga- ‘‘Notwithstanding any other provision of vestments toward reducing the national tion acquired by the Secretary under this this Act, if the head of any executive agency debt) subsection, where such amounts shall be— withdraws or recaptures for any reason funds At the end of the bill, insert the following: ‘‘(i) dedicated for the sole purpose of def- appropriated or otherwise made available TITLE XIII—PAY IT BACK ACT icit reduction; and under this division, and such funds have not SEC. 1301. SHORT TITLE. ‘‘(ii) prohibited from use as an offset for been obligated by a State to a local govern- This title may be cited as the ‘‘Pay It Back other spending increases or revenue reduc- ment or for a specific project, such recap- Act’’. tions.’’. tured funds shall be—

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00025 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.046 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3512 CONGRESSIONAL RECORD — SENATE May 11, 2010 ‘‘(1) rescinded; and plicit guarantee of government support biggest bailout of them all and making ‘‘(2) deposited in the General Fund of the for excessive and sloppy risk taking. sure taxpayers get the best possible re- Treasury where such amounts shall be— This amendment reinforces this impor- turn on their money. ‘‘(A) dedicated for the sole purpose of def- tant principle by reducing TARP’s au- I thank my colleagues who are co- icit reduction; and sponsors of the bill, and I ask all of my ‘‘(B) prohibited from use as an offset for thority. In short, it begins to wind other spending increases or revenue reduc- down the TARP and ensures that the colleagues to support this important tions.’’. government doesn’t use the excess amendment. I thank Senator DODD and (c) RETURN OF UNOBLIGATED FUNDS BY END funding for new spending initiatives. It Senator LINCOLN and the ranking mem- OF 2012.—Section 1603 of the American Re- is a commonsense way forward for a bers of the Banking and Agriculture covery and Reinvestment Act of 2009 (Public program whose time has come and Committees for their hard work to Law 111–5; 123 Stat. 302) is amended by— thankfully is almost gone. bring Wall Street reform to the floor. (1) striking ‘‘All funds’’ and inserting ‘‘(a) But that is not enough. As we wind I know the Senator from Montana IN GENERAL.—All funds’’; and down TARP, we need to make sure that wants to take a couple of minutes. I (2) adding at the end the following: will say this. Americans have been ‘‘(b) REPAYMENT OF UNOBLIGATED FUNDS.— taxpayers realize a fair return on their Any discretionary appropriations made investment. That is why the second watching the news in Europe this available in this division that have not been element of the Pay It Back Act amend- week, and they are seeing what is hap- obligated as of December 31, 2012, are hereby ment is that it takes captured, repaid pening in Greece and the rest of Eu- rescinded, and such amounts shall be depos- TARP funds and applies them to deficit rope. If we don’t think that is a canary ited in the General Fund of the Treasury reduction. It does it by severely re- in the coal mine, we do that at our where such amounts shall be— stricting TARP’s revolving door of peril. This bill will not solve our deficit ‘‘(1) dedicated for the sole purpose of def- credit. and debt problem, but it takes a stand icit reduction; and that says we are not going to leave a ‘‘(2) prohibited from use as an offset for Although some companies have al- other spending increases or revenue reduc- ready repaid the money they received, legacy of $12 trillion behind for our tions. TARP currently allows the Treasury to kids and grandkids. ‘‘(c) PRESIDENTIAL WAIVER AUTHORITY.— keep $700 billion ‘‘outstanding at any With that, I yield the floor. ‘‘(1) IN GENERAL.—The President may waive one time.’’ The PRESIDING OFFICER. The Sen- the requirements under subsection (b), if the Let me make this clear. The Treas- ator from Montana is recognized. President determines that it is not in the ury has already received about $180 bil- Mr. TESTER. Mr. President, I rise to best interest of the Nation to rescind a spe- speak in strong support of Senator cific unobligated amount after December 31, lion in repaid funds from banks that are now in a position to repay the tax- BENNET’s amendment to begin winding 2012. down the Wall Street bailout once and ‘‘(2) REQUESTS.—The head of an executive payers. But right now, Treasury can turn around and lend that same money for all. agency may also apply to the President for a I also want to express my apprecia- waiver from the requirements under sub- to some other financial institution. It tion for Senator BENNET’s effectiveness section (b).’’. can use our money again and again. and stick-to-itiveness in working on Mr. BENNET. Mr. President, my And since the TARP money is bor- this for some time and being able to amendment is based on bipartisan leg- rowed against our kids’ and grandkids’ get this through. This is a very impor- islation I introduced earlier this Con- futures, that is using their money tant amendment. As Senator BENNET gress called the Pay It Back Act. I was again and again and again. I can tell has said, it will not solve our debt greatly encouraged at that time by the you for sure that my daughters don’t problems, but it is a step in the right broad bipartisan support in this body want to be stuck footing the bill for direction. I appreciate his vision and for winding down the TARP, getting keeping the TARP around even 1 day leadership. serious about deficit reduction, and longer than we have to. By supporting Montanans were disgusted by the spurring our economy back to health. my amendment, this body can move reckless actions of big, greedy Wall As I talk with Coloradans all across forcefully toward ending the TARP and Street banks that brought this country my State, I hear the same concerns restoring fiscal sanity. to the brink of another Depression. again and again. People are deeply con- The amendment also creates a sunset I voted against both the bailouts of cerned and worried about the economy. for unused Recovery Act funds. Any Wall Street and the U.S. auto industry They worry about jobs and they worry funds not obligated by the Federal because I thought taxpayers were get- about our rising Federal deficit. But Government by December 31, 2012, will ting a raw deal. I don’t believe in bail- mostly they just want a fair shake—a be returned to the Treasury to pay outs. chance to achieve their own vision of down the national deficit. Congress Why? Whether you are a family farm- success through hard work. passed the Recovery Act to jolt our er or a hot-shot executive, the oppor- That is why they don’t understand struggling economy back to life and tunity that allows us to fail is the the behavior of some of our largest fi- help create and save jobs now. Yet, if same opportunity that allows us to nancial institutions. They don’t under- funds have not been used by the end of succeed. stand how these behemoths could have 2012, can we say they have been used to And America’s taxpayers—Main made bad bets, lose billions of dollars, ease our current recession? The tax- Street small businesses and working and then be bailed out by the Federal payers deserve to see stimulus funds families—should never have to pay for Government. That doesn’t make sense used for real stimulus. If not, they the sins of Wall Street. to most people in Colorado, and it cer- should be used to pay down our debt. That is why I am pleased to join Sen- tainly doesn’t make sense to anybody The pay it back amendment sets a ator BENNET on this amendment to en- running a business. schedule for getting the government sure that we get the maximum value This pay it back amendment takes a out of the business of owning busi- for the taxpayer dollars spent through big step forward in our efforts to wind nesses. It lets excessive risk takers the TARP bailout. down and eventually end the TARP. It know that Washington no longer pro- I opposed the bailout then and I op- prevents further government spending, vides a backstop for greed, pose it now. But at a minimum, we recaptures taxpayers’ investments in overleveraging, reckless levels of risk, should recapture taxpayer investments financial institutions, and ensures that and irresponsibility. If big financial in- and unused Recovery Act funds to pay repaid funds are used for deficit reduc- stitutions want to behave that way, down the debt. tion. they must know that they do so with- This amendment not only achieves It does this in a couple of ways. out the TARP—without money from that but also begins to wind down First, it reduces the TARP’s authority Main Street—to bail them out any TARP by reducing its authority by by about $150 billion, which will ensure longer. over $190 billion. And it prevents the that unused TARP funds are not used In short, it is time for this assistance Treasury from redirecting funds for for new government spending. to come to a responsible end. At the other purposes. Chairman DODD’s bill sends a strong heart of the Wall Street reform bill is The amendment would also establish message to Wall Street and our broader an effort to prevent future bailouts. So a sunset for unused Recovery Act funds markets that there is no longer an im- let’s start by finally winding down the and improve oversight of unused funds.

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00026 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.017 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3513 Additionally, it would ensure that I am prepared to do a voice vote, un- Mr. CORKER. It sounds like there the proceeds from taxpayer invest- less someone objects to a voice vote on was no objection, Mr. President. ments in Fannie and Freddie are used the Bennet amendment, so we can The PRESIDING OFFICER. Is there to pay down the debt. move to finalize how we deal with the objection to the sequence the Senator We have a commitment to the Amer- Corker amendment and the other from—— ican people to spend their hard-earned issues before us. Mr. CORKER. To restate, Senator money as wisely as we would spend our Mr. SHELBY. We have no objection SHELBY, Senator ISAKSON, Senator own. to the Bennet amendment. GREGG, and then anybody else on our Our national debt is something both The PRESIDING OFFICER (Mr. side. parties have ignored for far too long. PRYOR). Is there further debate? If not, The PRESIDING OFFICER. Without How do we get our arms around it? the question is on agreeing to the objection, it is so ordered. It is going to take smart—and very amendment. Mr. CORKER. Mr. President, the tough—decisions. It is going to take The amendment (No. 3928) was agreed Dodd bill attempts to deal with quar- working together. and it is going to to. terly liquidation. I know there have take rebuilding our economy by cre- Mr. DODD. Mr. President, I move to been discussions about the pros and ating jobs and new opportunities, not reconsider the vote, and I move to lay cons. There have been attempts to deal more taxpayer-funded bailouts. that motion on the table. with the derivatives title. My sense is, This amendment will get things back The motion to lay on the table was before it is all said and done, there is a on track to return taxpayer dollars. agreed to. chance that may work out well. I think And to begin paying down the debt The PRESIDING OFFICER. The Sen- we have overly dealt with consumer that we have inherited. ator from Tennessee. protection and hope that somehow in Once again, I thank Senator BENNET AMENDMENT NO. 3955 TO AMENDMENT NO. 3739 this body we will bring that back into for his leadership. balance. With that, I yield the floor. (Purpose: To provide for a study of the asset- This bill glaringly does not deal with The PRESIDING OFFICER. The Sen- backed securitization process and for resi- ator from Connecticut. dential mortgage underwriting standards.) some of the core issues of this last cri- Mr. DODD. Mr. President, very brief- Mr. CORKER. Mr. President, I call up sis. We just voted on GSEs, an amend- ly, I commend our colleague from Colo- amendment No. 3955. ment that would have dealt with that rado for reaching out on this. The The PRESIDING OFFICER. The over the next couple of years in a way amendment is authored by the Senator clerk will report the amendment. that does not prescribe exactly a solu- from Colorado, and he has attracted The assistant legislative clerk read tion but makes sure we deal with it. good bipartisan support from Senators as follows: We just voted it down. Even more glaring, the Dodd bill does TESTER, ISAKSON, KLOBUCHAR, BEGICH, The Senator from Tennessee [Mr. CORKER], LEMIEUX, MARK UDALL, and BROWN of for himself, Mr. GREGG, Mr. LEMIEUX, Mr. not deal with the essence of what cre- Massachusetts on how this ought to be COBURN, and Mr. BROWN of Massachusetts, ated this last crisis. At the base of this done. The substance of the amendment proposes an amendment numbered 3955 to crisis—an inverted pyramid—was the is critically important. He worked with amendment No. 3739. fact that we had a lot of loans that Treasury to ensure that we are respon- Mr. CORKER. Mr. President, I ask were written that should never have sibly winding down the TARP and get- unanimous consent that the reading of been written. Those loans were done by ting the government out of the busi- the amendment be dispensed with. companies that were leveraged 30, 40, 50 ness of owning businesses. We can all The PRESIDING OFFICER. Without to 1, and then $600 trillion worth of no- agree with that, and I commend him objection, it is so ordered. tional value of these loans that should for that amendment. It also ensures (The amendment is printed in today’s never have been written were spread that unused TARP funds are used to RECORD under ‘‘Text of Amendments.’’) across the world. That, in essence, pay down the deficit. We have heard a Mr. CORKER. Mr. President, my un- brought down our financial system. lot of talk about fiscal responsibility derstanding is we have about 30 min- It seems to me if we are going to do and watching what is happening in Eu- utes on each side—is that correct—on a financial regulation bill, we ought to rope and other countries and knowing this amendment—30 minutes on this at least deal with the core issue, which the fiscal problems of those nations are amendment and 30 minutes on is very poor underwriting. I have of- the root cause of a lot of the problems Merkley; is that correct? fered an amendment. I know there is they are going through today. The PRESIDING OFFICER. There is going to be a side-by-side. I might add, This amendment actually dedicates no order in effect. the side-by-side—and I want to make these resources to deficit reduction. I Mr. CORKER. I know Senator sure the people on my side know this— think all of us applaud his leadership ISAKSON, Senator GREGG, and Senator lets the consumer protection agency on it. SHELBY wish to speak on our side. deal with underwriting, which is pretty There are signs our economy is re- Mr. DODD. Technically, there is no incredible to me. covering. In the last 3 months of 2010, time agreement. It seems to me that what we want to our economy added roughly 187,000 jobs Mr. CORKER. I will be very brief. ensure is that the underwriting we do a month. Last year, it was 290,000 jobs, The PRESIDING OFFICER. The Sen- does not undermine the safety and which is the largest number in over 4 ator from New Hampshire. soundness of our financial institutions years. Compare that to the first 3 Mr. GREGG. Mr. President, I ask and, therefore, should be dealt with by months of 2009 when we were losing unanimous consent that after Senator those regulators. 750,000 jobs a month. In the first quar- CORKER finishes his remarks, Senator This amendment is very simple. It ter, the economy grew 3.2 percent, a ISAKSON be recognized and then I be does some things that have been very swing upwards of nearly 10 percent in 1 recognized. If Senator SHELBY wants to basic to making our country strong as year, something many economists say be recognized, he should be recognized it relates to residential lending. Here is is largely due to the Recovery Act. before Senator ISAKSON. Senator SHEL- what it does: It establishes that there Just over a year ago, the economy was BY should start, then Senator ISAKSON, will be a minimum of a 5-percent down- shrinking about 6 percent on an annual and then myself. payment. If I was left to my own ac- basis. Mr. DODD. If a Member on this side cord, I might do something more strin- This amendment is tremendously somewhere in the midst of this can be gent than that. It causes any loan that valuable to this bill. We have all had heard as well—— is written at above an 85 percent loan discussions about it—our colleague Mr. GREGG. That would be totally to value to have private mortgage in- from Georgia, Senator ISAKSON, Sen- reasonable. surance. It actually requests the ator LEMIEUX, and Senator TESTER. Be- Mr. DODD. That was not a sophisti- persons’s income; that this loan has to cause of the leadership of MIKE BEN- cated request. be fully documented, including credit NET, he has brought us to this point. I Mr. CORKER. If we can move along history and employment history. It thank him immensely. I thank all of on our side—— seems this is something at a minimum our colleagues. Mr. DODD. Move along. in this country we would like to see

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And we ought to do not in the retained risk of the origi- same type of underwriting problems we one simple thing today: We ought to nator. just had with this last episode. This learn from history. I want to give ev- does not apply to the VA. VA is an en- I commend Senator CORKER, Senator erybody a small history lesson. SHELBY, Senator GREGG, Senator titlement, something we have given to The underlying bill answers the ques- LEMIEUX, and the others who have those who serve our country. It does tion of better underwriting by putting not apply to rural housing. Regulators worked on this issue. If this amend- risk retention as a requirement on a ment fails, then this entire legislation have to update the standards no less newly originated mortgage, a risk re- than every 5 years. fails in meeting the standard it set tention of 5 percent. The tier 1 min- upon itself. That would be a tragedy For those people who may be con- imum capital requirement of a nation- cerned about organizations such as and a mistake for the United States of ally chartered bank is 8 percent. You America. Habitat for Humanity and others that are going to tell me the banks of Amer- use sweat equity and do not use money ica are going to reserve another 5 per- I yield to the distinguished Senator down, this gives the regulators the cent against the mortgages they origi- from New Hampshire. ability to exempt nonprofits that meet nate? No, they are just not going to The PRESIDING OFFICER. The Sen- certain criteria on a case-by-case basis. originate mortgages whatsoever. ator from New Hampshire. So if there is a nonprofit in your com- Secondly, risk retention is no insur- Mr. GREGG. Mr. President, I wish to munity that is involved in allowing ance for a better mortgage having been join in congratulating Senator CORKER, people to create sweat equity for hous- made. The fact is, in the late 1980s, the Senator ISAKSON, Senator SHELBY, and ing, they would not be hurt. This re- American savings and loan industry, others who have come together around quires a review of exemptions every 2 which was chartered for the purpose of this issue of better underwriting stand- years to make sure they are within financing American homes, went ards. that criteria and it prohibits an exemp- under, and they had a 100-percent risk tion going to organizations that are It is hard for me to understand why retention. this would be resisted in this bill be- prohibited from receiving Federal fund- What causes bad lending is bad un- ing. We know of some of those. This cause this has been outlined both by derwriting. Risk retention has nothing Senator CORKER and by Senator also requires a study of FHA to make to do with it if you have bad under- sure their underwriting standards are ISAKSON. It was underwriting that cre- writing or, as we had in late 2007, 2008, intact. ated the problems which led our Nation 2009, no underwriting at all. The way the Dodd bill addresses un- to the brink of a fiscal collapse. First of all, Senator CORKER’s amend- derwriting, it deals with something The way I have described it is this: ment is an outstanding amendment called risk retention on securiti- What we had was an inverted pyramid. that strikes at the heart of the prob- zations. I think most people realize We had this situation where an indi- lem that got us here, while at the same that is a flawed model. It has nothing vidual made a loan to another indi- time according the opportunity for the to do with the loans underneath those vidual or a corporation made a loan to American finance industry to bring securities. I think Chairman DODD is an individual based on the value of a even trying to find a better solution. back competitive mortgage lending. If piece of property. Unfortunately, when This bill also strikes the 5-percent re- it is not FHA and it is not VA and it is that loan was made, it was made in a tention that most people in this room not a Freddie Mac or Fannie Mae loan way where nobody looked at the value think is going to actually shut down right now, you are not getting one. We of the property relative to the loan and the securitization process and make do not have people in the market any- nobody looked at whether the person less credit available, especially in the more because they are scared. There is who was getting the loan could pay it commercial areas. This, instead, puts no standard. back because the system no longer had This brings us back to a standard of in place a study so we can actually de- strong underwriting standards. underwriting that is right. It recog- termine the best way to look at Then that loan was taken and it was securitizations and know what type of nizes somebody has a job, has an abil- ity to pay, has reasonable credit, and syndicated, it was securitized, it was risk retention should be in place. synthesized, and it became multiplied, I urge all colleagues on both sides of has some skin in the game so they will as the Senator from Tennessee said, the aisle to do something that is real, pay that loan back. Historically, the into $600 trillion of notional value. We that is substantive, that gets at the default rate on the mortgage industry ended up with this huge pyramid of heart of this issue, that actually causes in the United States of America, out- debt built on the basis of this loan us to put in law proper underwriting side the last 3 years, was around 1.2 down here at the bottom between this standards. I cannot imagine there are percent to 1.4 percent—very little; in corporation and this individual, this many people in America who do not fact, probably the highest best risk in- loan which was based on value which think this, at a minimum, ought to be vestment an investor could make. was not there, and ability to repay, done as part of underwriting home What happened was, when under- which was not there once the rates of mortgages. writing failed and we got into exotic I yield time now to the Senator from instruments, when Congress told the loan were reset. Alabama, who may not be here. I divert Freddie and Fannie to make affordable Why did this happen? Why was this and yield to Senator ISAKSON from loans and they created market loan so inappropriately made? It was Georgia. subprime loans, the genie got out of inappropriately made because we had a The PRESIDING OFFICER. The Sen- the bottle and everything failed. breakdown in underwriting standards. I ator from Georgia. I want to say to the body, if we let have been through three of these Mr. ISAKSON. Mr. President, I thank this bill pass with risk retention in it events in my professional career: once the Senator from Tennessee. I com- thinking we have done something, the in the late seventies when I was in- mend the Senator from Tennessee who only thing we will have accomplished volved in representing a bank in New has worked tirelessly for months on is a total absence of mortgage money Hampshire, once in the late eighties this legislation but in particular has for the American home buyer and when I was Governor of New Hamp- worked tirelessly on this particular American real estate industry. That is shire, and now. Three major financial amendment. a bad mistake. disruptions which were created almost I rise to try and make my point as Facts are stubborn things. If a guy entirely by a failure in underwriting strongly as I can. This body, I know, has a job, makes a downpayment, he standards, where people were making

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Mr. President, I rise back on the debacle that happened in So if you are going to fix this prob- specifically to support the important 2008, that one of the key reasons it hap- lem, if you are going to put in place a steps the Corker amendment takes to pened, one of the key things that made regulatory reform system which actu- establish sound underwriting standards it fertile for this problem to grow was ally fixes the issues which caused the for mortgages. If there is any clear the fact that there weren’t under- crisis, you have to address under- message from the crisis we have been writing standards. writing standards. That is why the through, it is that much of what went What Senator CORKER does in his bill Corker amendment is so critical, be- wrong began when loans were made to is he puts these mortgage underwriting cause this bill does not address under- individuals who couldn’t repay them. standards back into law the way they writing standards in any other way, in The Corker amendment makes com- were when everything operated the any significant manner. So if you are monsense changes. It requires min- right way—a 5-percent downpayment, going to have a legitimate effort to try imum downpayments on mortgages, credit enhancement to get you to an to make sure this type of an event which makes it more likely that bor- 80-percent loan to value, fully docu- doesn’t occur again, you have to put in rowers remain committed to paying mented income, including credit his- place underwriting standards which es- their mortgages. It requires, among tory and employment history, and a tablish the rules of the road, which say other things, that lenders verify a bor- method for determining the borrower’s that in the future America will not rower’s income and their ability to ability to repay. All those things make allow this sort of proliferation of lend- repay these loans. These might sound common sense. But that common sense ing which is not properly secured, simple, but remarkably they have been didn’t prevail in the mid-2000s. where we know that the person getting overlooked by the Dodd bill. In the Last year, in an initiative the Wall the loan can’t repay the obligation. past, they have worked. We used to not Street Journal put forward, it talked Ironically, in this situation, these have these kinds of problems. The about the 20 most important things loans were made, in some instances, Corker amendment, if we adopt this— that could be done to avert the finan- with the full understanding that this and I urge my colleagues to vote for cial collapse that happened, and the wouldn’t happen, that they couldn’t it—will go a long way in taking the No. 1 most important thing was to repay and the value wasn’t there. Why? right steps to bring common sense to strengthen underwriting standards. But this bill we are considering which Because we separated underwriting our mortgage market. standards from the process of actually Mr. CORKER. Mr. President, how is supposed to get at the problems that making the loan. The people making much time remains of our 30 minutes? caused this meltdown in 2008—it is 1,409 loans were only interested in making a The PRESIDING OFFICER. There is pages long—doesn’t address perhaps fee. They were not interested in mak- 13 minutes 40 seconds remaining. the No. 1 biggest reason we had a finan- ing sure there was value of the secu- Mr. CORKER. I yield a few minutes, cial failure in 2008. Senator CORKER, along with Senators rity. They weren’t interested in mak- if I could, to the Senator from Florida. ISAKSON, SHELBY, GREGG, and to a ing sure the people could repay. They The PRESIDING OFFICER. The Sen- smaller extent myself, have worked on were just interested in the fee. ator from Florida. this, and I commend my colleague from This should stop. The language Sen- Mr. LEMIEUX. Mr. President, I wish Tennessee. There is absolutely no rea- ator CORKER has put before us would to congratulate my colleague from accomplish that. It would put in place Tennessee on his amendment, and I son not to pass this. If any of our col- leagues are serious about really re- not unusual underwriting standards, rise in support of it. forming our financial system and pre- not new underwriting standards, it In Florida, we know this was the very venting this problem from happening would simply go back essentially to problem that started this whole crisis. again, then they must support this the types of standards—and they are We called them NINJO loans—no in- very fine amendment. come, no job. Underwriting standards not quite as strict, honestly—we had at I thank the Chair. a prior time when we didn’t have this went out the window because of the Mr. CORKER. Mr. President, not see- kind of risk in the marketplace be- hunger of Wall Street to suck up these ing other Senators at this time wishing cause people knew when they borrowed mortgages, to bundle them into these to speak, I want to recap, if I could. money to buy a house they were going large securitized packages and then We spend a year and a half working to have to put money down, and if they sell them off. So as Wall Street de- on financial regulation in this body, didn’t put the full amount of the value manded more and more, underwriting and there are a lot of fancy things we down, they would have to have insur- went out the window. And what does are looking at that certainly need to be ance to cover the difference. They the bank or the mortgage broker care looked at, no question. We are looking knew their creditworthiness was going if they can just ship off their mortgage at clearing trades with derivatives. We to be checked, and thoroughly checked, and sell it off to Wall Street? What do are looking at all kinds of section 106 and their ability to pay the loan was they care if the person they are giving issues and other kinds of things, many going to be checked. So it is a totally the mortgage to can’t pay it back? of which I have issues with. But it is reasonable approach. What do they care if that person can’t amazing that after all this time, we are If you are going to do one thing in afford the home to start with? So we still not dealing with the core issue. this bill to avoid a future event like got ourselves into this perfect storm of It is hard for me to imagine that any- the one we confronted in late 2008 a situation, and one of the key ele- body in this body would think that a 5- where basically the entire financial in- ments that allowed this to happen was percent downpayment on a loan would dustry of this country almost melted the fact that there weren’t under- be something that is extraordinary. down, if you are going to do one thing writing standards. This puts in place, as the other Sen- to prevent that event, you should When I bought my first home back in ators have mentioned—and I certainly adopt the Corker amendment. This 1995, I didn’t have 20 percent to put appreciate those who have joined me in should be a bipartisan amendment. I down; I had 15 percent. So I had to get cosponsoring. I have had a couple of don’t understand any opposition to it. I mortgage insurance to cover the other folks on the other side of the aisle don’t understand the concept which 5 percent of my downpayment. Until today come up and say: Look, this would oppose it because it is basically such time as my family—my wife and I makes common sense. I am going to good banking and good lending. It is at the time, before we had any of our support this. It is amazing to me that also good for the people who borrow kids—could make a payoff to get the 20 we are not focusing on those very money because they are not going to percent of equity value to the loan, we things that we think are the core get money just arbitrarily but only if had to pay for the mortgage insurance. issues.

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00029 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.051 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3516 CONGRESSIONAL RECORD — SENATE May 11, 2010 We had a chance a minute ago to deal people who volunteer in that way. This amendment, including Senator SNOWE, with Fannie Mae and Freddie Mac, and, amendment does nothing other than Senator SCOTT BROWN, and Members on of course, we didn’t. I know it is a com- allow them to operate as they do both sides—my colleague, Senator plex issue, but I felt the McCain through exemptions through our regu- KLOBUCHAR, will be speaking in a mo- amendment gave us a timeframe with- lators. ment—Senator BEGICH, Senator BOXER, in which we could deal with Fannie I know the other side of the aisle, as as I mentioned, Senator KERRY, Sen- Mae and Freddie Mac. We didn’t. We I mentioned earlier, has tried to deal ator FRANKEN, and Senator SCHUMER. decided to have another study. with this issue, and they haven’t fig- I would like to applaud my colleague But I would say to my friends on the ured out a way to deal with it yet. I from Tennessee. Virtually every word other side of the aisle, while there is an know we have a side-by-side amend- that Senator CORKER stated tonight is unwillingness to deal with the issues ment that is coming up, and I thank an argument for this amendment that over Fannie Mae and Freddie Mac and those on the other side of the aisle who Senator KLOBUCHAR and I are cospon- some of the problems that exist right have put some effort into trying to do soring. I will get into the details later now within FHFA, what this amend- this same thing. But this, again, is a because I want to yield time to my col- ment would do is to put in place under- commonsense effort. And my guess is league from Minnesota and then my writing standards that would at least that if you laid this out in front of colleague from Connecticut to speak to ensure the mortgages Fannie Mae and most citizens back home in every State the bill. Then I will offer my remarks. Freddie Mac are purchasing themselves we come from, they would say: You I do think it is important to recog- would have proper underwriting stand- know, this is just basic. If you are nize that the bulk of what Senator ards. I think that is very important. going to loan money to someone, these CORKER addressed goes right to the It is amazing that sometimes we will basic underwriting standards ought to heart of this amendment as well. There spend a year and a half in this body— be in place. is a point of distinction between the a year, 6 months, whatever—on dif- Mr. President, I urge everyone in this two amendments, a critical point of ferent types of issues, and we focus on body to please at least look at this se- distinction; that is, the 5-percent un- lots of things that industry brings us, riously. This is one thing we can do derwriting absolute line. That line is a that other people bring us, but we don’t that is tangible, that is not a study, line of great concern for those of us get down to just the commonsense core that is not putting something off and who have had experience with first- issues that Americans know work. hoping regulators might do something time home buyers, those who have had I thank the Senator from Florida and down the road. This is something tan- experience with families who are at the others who have joined in this effort to gible that we can do to ensure that the bottom of the income spectrum. I ensure we have appropriate under- core issue that created this financial should make it clear that the downpay- writing standards. Again, let me just crisis over the last 24 months is dealt ment is only a portion of the skin in recap. These are not Draconian steps. with and that the individual loan that the game that such families have be- Basically, Federal banking regulators is made from a lender to somebody who cause there are tremendous closing themselves—the regulators of our fi- is borrowing money is done with proper costs associated with these loans that nancial institutions—would set criteria underwriting standards in place. the families must bear as well. So the for underwriting. There would be a Mr. President, I see the Senator from inflexibility of that standard is a great minimum of a 5-percent downpayment. Connecticut is ready to move on to the concern and a great point of distinc- Any loan that is above 80 percent loan next issue, so I yield the rest of my tion between these two amendments. to value would have a credit enhance- time, and I thank the Chair for his pa- I will continue on after my col- ment—such as has been done for years tience. leagues have spoken to address some of in the past—of private mortgage insur- The PRESIDING OFFICER. The Sen- the major challenges this amendment ance. There would be fully documented ator from Oregon. addresses, but I would like to yield 5 income—I can’t imagine anybody in AMENDMENT NO. 3962 TO AMENDMENT NO. 3739 minutes to Senator KLOBUCHAR. this body not thinking that wouldn’t (Purpose: To prohibit certain payments to The PRESIDING OFFICER. The Sen- be a good idea for people taking out a loan originators and to require verification ator is recognized. loan that many people expect to pay by lenders of the ability of consumers to Ms. KLOBUCHAR. Mr. President, I off over a 30-year period—including a repay loans) thank Senator MERKLEY for his leader- credit history and employment history. Mr. MERKLEY. Mr. President, I call ship on this issue. I was proud to work There would be a method for deter- up amendment No. 3962, the Merkley- with him on this issue. I thank Chair- mining the borrower’s ability to repay. Klobuchar amendment. man DODD as well for advancing this This is something the regulators them- The PRESIDING OFFICER. The amendment, for the work he has done selves would get together and lay out. clerk will report. in this area. I also want to mention my It would also include consideration— The assistant legislative clerk read good colleague in the House, Rep- imagine this—of the debt-to-income as follows: resentative ELLISON, who was a leader ratio—again, just a basic element of The Senator from Oregon (Mr. MERKLEY), on this in the State legislature in Min- lending. This does not apply to VA, for himself, Ms. KLOBUCHAR, Mr. SCHUMER, nesota and now in Congress. We worked where we have made guarantees to vet- Ms. SNOWE, Mr. BROWN of Massachusetts, Mr. on this issue in this bill together. erans. It does not apply to rural hous- BEGICH, Mrs. BOXER, Mr. DODD, Mr. KERRY, Complex and deceitful lending prac- ing. Mr. FRANKEN, and Mr. LEVIN, proposes an tices were at the heart of the financial For those people who may hear from amendment numbered 3962 to amendment crisis, and as we work to reform Wall some of the nonprofit organizations No. 3739. Street we must ensure that the homes that I have worked with and some oth- Mr. MERKLEY. I ask unanimous and the home equity of Americans are ers in this body have worked with—I consent to dispense with the reading of not put at unnecessary risk. With 1 in helped create one in Chattanooga in the amendment. 7 homeowners—1 in 7, who would have 1986 that helped over 10,000 families The PRESIDING OFFICER. Without ever thought that—delinquent on their have decent housing—those types of or- objection, it is so ordered. mortgage or already in foreclosure, and ganizations have the ability to be ex- (The text of the amendment is print- many home loans delinquent, the hous- empted if they are the types that allow ed in today’s RECORD under ‘‘Text of ing market continues to slow economic people, through sweat equity and other Amendments.’’) recovery. kinds of things, to have sort of skin in Mr. MERKLEY. I ask unanimous It has been estimated that each year the game in other ways. We applaud consent Senator KERRY, Senator predatory mortgage lending results in those efforts and applaud people who FRANKEN, and Senator LEVIN be added a loss of $1.9 billion for American fami- go out and volunteer and take care of as cosponsors. lies. It is critical that families have ac- their fellow citizens by helping them The PRESIDING OFFICER. Without cess to safe, fair, and affordable mort- have homes, helping people who are objection, it is so ordered. gages. less fortunate. I know all of us support Mr. MERKLEY. Mr. President, I I see my colleague from Illinois, Sen- that. We go to events where we thank thank the bipartisan cosponsors of this ator DURBIN, who has seen firsthand in

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00030 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.052 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3517 his State people losing their homes, Ultimately, this disregard for under- on this bill, but I wanted at least at the people at the mercy of call-lines where writing standards spread risk through- outset of this debate and discussion to they cannot reach anyone when they out the financial system as these un- thank him for his wonderful efforts on are calling for help. sound loans were securitized and sold, this legislation. Important borrower protections such chopped up and sold again. No one had Let me begin and thank, of course, as those we have in Minnesota should any skin in the game. Senator MERKLEY and Senator be a national policy to help safeguard Although the market for some prime KLOBUCHAR, as well as their other co- families across the country. A decade mortgages was less than 1 percent of sponsors of this, for the bipartisan sup- ago, just 5 percent of mortgage loan global financial assets, the faults in port for their amendment. I will ask to originations were subprime, meaning the system that started with unscrupu- have printed in the RECORD some cor- they were made to borrowers who lous origination practices allowed the respondence. I have a letter we sent would not qualify for regular mort- turmoil in the housing market to spill out in 2006. It will give you an idea—it gages—only 5 percent. By 2005 it was 20 over into other sectors. When sound was 4 years ago. It was signed by my- percent of mortgages that were mortgage loans are made they provide self, Wayne Allard, who is no longer subprime. It was a disaster waiting to families with a piece of the American with us, of Colorado, Senator Sarbanes, happen. dream. But when loans are made reck- JIM BUNNING of Kentucky, JACK REED This expanded home ownership to lessly, without concern for the con- of Rhode Island, and . millions of people, but it also greatly sumer, these loans become night- The letter was pushing the regulators increased the risk to our financial sys- mares—not just for the families who to establish some underwriting guid- tem. In Minnesota, in 2000 there were are left on the hook but for our entire ance for subprime mortgages. That is 8,347 subprime mortgages issued. By economy. We need to make sure those in 2006 that we sent that first letter. 2005 it had increased more than fivefold abusive and exploitative mortgage We were in the minority, we Demo- to more than 47,000 subprime mort- practices come to an end. crats. gages. However, we now know that be- For far too long, subprime lenders In April of 2007 we sent another letter tween 60 and 65 percent of people who have put the homes and home equity of to Chairman Bernanke. Here we said ended up with subprime mortgages ac- Americans at unnecessary risk. These that our committee had held two hear- tually qualified for traditional mort- commonsense protections are essential ings this year on the problem in gages. We need to make sure this never to restoring our economy and pre- subprime mortgage rates. This was in happens again. That is why last year I introduced venting a future crisis in the housing February and March of 2007, 3 years the Homeowner Fairness Act, which is market. ago. I ask my colleagues to support the comprehensive housing reform legisla- At the hearings, a number of committee Merkley-Klobuchar amendment, and I tion that proposes tough new national members raised concerns that the regulators yield the floor to my friend and great have not kept pace with deteriorating credit standards based on the successes of the leader on this issue, Senator MERKLEY standards on the growth of abusive, unfair Minnesota mortgage lending law and deceptive lending practices. In addition, passed in 2007. That is why I have of Oregon. The PRESIDING OFFICER. The Sen- we are concerned that the Federal Reserve joined Senator MERKLEY on an amend- ator from Oregon. Board has not exercised its obligations under ment that will ensure several key ideas the Home Ownership and Equity Protection Mr. MERKLEY. Mr. President, I com- from this bill are included in the Wall Act of 1994 to issue regulations that address pliment my colleague from Minnesota Street reform bill. the problems of predatory lending. for the incredibly solid and important These are not radical ideas. The fact The letter goes on for two or three work she has done on this topic. It goes that practices were ever allowed to pages. That was signed by myself, Sen- right to the heart of building a family’s take place should be shocking to those ator REED, Senator SCHUMER, Senator financial foundations. There is a lot of who have not even heard about them. BAYH, Senator CARPER, Senator movement that needs to be made to re- First, this amendment would require MENENDEZ, Senator AKAKA, Senator store a framework that will build those all mortgage originators to verify a SHERROD BROWN, Senator BOB CASEY, foundations rather than destroy those borrower has the ability to repay a and Senator TESTER. mortgage before giving loan approval. foundations. In December of 2007 we sent another I yield to my colleague from Con- Let me repeat that. This amendment letter to Chairman Bernanke. would require mortgage originators to necticut if he wishes to make remarks on this amendment? In light of the deepening crisis in the mort- verify a borrower has the ability to gage markets, a crisis you correctly at- repay a mortgage before they approve The PRESIDING OFFICER. The Sen- tribute to abusive practices and lax under- the loan. It may just sound like com- ator from Connecticut is recognized. writing standards in the subprime market, mon sense that you wouldn’t loan Mr. DODD. Mr. President, first let we want to reiterate to you the importance someone money without first figuring me thank my colleague from Oregon of acting forcefully to protect consumers in out if they were able to pay, but these and my colleague from Minnesota as the rulemaking the Federal Reserve Board is lenders never intended to keep the well for their contribution. While he currently undertaking under the Home- owners Equity Protection Act. loans they originated long enough for has left the floor, I would be remiss if it to matter. They simply sold their I did not express my gratitude to BOB We go on for two or three pages. risky bets to someone else and put the CORKER from Tennessee. Putting aside Again, I say respectfully, but not a sin- profits on the bank. whatever differences we may have on gle member of our committee from the Second, this amendment would pro- this amendment, he has been a very other side signed that letter or the one hibit a mortgage originator from steer- valuable member of our committee. in April of 2007. This letter was signed ing a borrower toward terms that are This bill that is right here, all 1400 by myself, Senator JOHNSON, Senator more expensive than those for which he pages of it—substantial parts of this REED, Senator SCHUMER, Senator BAYH, can qualify. In recent years, loan origi- bill can be attributed to the work of Senator CARPER, Senator MENENDEZ, nators were often paid more if they got BOB CORKER of Tennessee. I want my Senator AKAKA, Senator BROWN, Sen- borrowers to take out predatory colleagues to know how grateful I am ator CASEY, Senator TESTER, and Sen- subprime loans, even when the bor- to him, to his staff, and others for ator JOHN KERRY of Massachusetts. rower qualified for a prime loan. It is some valuable ideas and thoughts. Those are just three pieces of cor- important to remember that the crisis While not every one was included in respondence going back years ago, try- we are addressing today with this com- the bill, he played a consistent role, ing to get some attention to the preda- prehensive Wall Street reform bill was showing up every time there was a tory lending practices that were going first triggered by the downturn in the meeting or gathering on this legisla- on. Had we acted in 2006 or even in 2007, national housing market. This down- tion. He spent a lot of hours with our we would not even be close to the dis- turn brought to light the prevalence of colleague from Virginia, Mark Warner, astrous effects that have occurred with unsound lending practices, especially particularly on titles I and II of this 7 million homes lost, 4 million today predatory lending tactics in the bill. I will say more about Senator underwater in the country—in danger subprime market. CORKER’s contribution during debate of falling into foreclosure, 250,000. A

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00031 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.053 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3518 CONGRESSIONAL RECORD — SENATE May 11, 2010 quarter of a million homes this year Let me start by discussing the first to 10 weeks. Then they sell it. It goes have been seized in foreclosure pro- part of this amendment. The bill, sec- right out the door. So the broker could ceedings. Here were three pieces of tion 941 of our bill, requires care less. He got me to sign up with a lengthy correspondence signed, in one securitizers to retain an economic in- deal I could not afford. The old bank case on a bipartisan basis in 2006; in terest in the material portion of the does not care anymore, because they 2007 unfortunately on a partisan basis— credit risk for any asset that are selling it, and bundling them to- not because we didn’t seek additional securitizers transfer, sell, or convey to gether and shipping them out the door, signatures on the letter—to highlight a third party. What does this mean? and some unwitting investor may be the importance of underwriting stand- Very simply put, it is skin in the game. purchasing these. Because they have ards and the need to step up. Skin in the game—a skin-in-the game been branded by the rating agencies as I also want to add at this point a let- requirement that creates incentives AAA or AA, they think they are pretty ter from the National Association of that encourage sound lending prac- good. REALTORS, expressing strong opposi- tices, restores investor confidence, and So why am I putting skin in the tion to the Corker-Gregg amendment. permits securitization markets to re- game? Because if you do not have skin In their letter to the Senate—to all sume their important role as a source in the game, if you do not have a vest- Senators, this letter went—they say of credit for households and businesses. ed interest financially in the outcome, the following. Excesses and abuses in the you do not care what happens, unfortu- The Corker-Gregg-Isakson amendment re- securitization process played a very nately, in too many cases. You have places the risk retention provisions . . . of major role in this crisis under what is been paid. You have got out your dol- the credit risk retention with a study on a called the ‘‘originate to distribute’’ lar. You have been compensated as the feasibility of risk retention requirements for financial institutions and implements the model. Loans were made expressly to broker; you have been compensated as residential mortgage underwriting standards be sold into the securitization pools, the lending institution; you wash your that include a mandatory 5 percent down- which meant the lenders did not expect hands of the whole thing. payment for all mortgages. As our Nation to bear the credit risk of borrower de- That is what created this domino ef- continues to recover from the worst eco- fault. fect, because there were not people nomic downturn since the Great Depression, What does that mean? Well, if you watching and caring what went on. So REALTORS are cognizant that lax under- are the broker out cutting the deal, in my bill I said: Well, why not keep a writing standards brought us to this point. It what was the first piece of advice on must be curtailed. However we caution that little skin in the game or drop the skin swinging the pendulum too far in the oppo- their Web page to the brokers, the un- in the game but write underwriting site direction may reverse the fragile recov- regulated brokers? The first piece of standards. You make the choice. But if ery. advice to them was, from their associa- you have got skin in the game, I sus- Based on data from the National Associa- tion: Convince the borrower. Convince pect you are going to be careful about tion of REALTORS, of home buyers and sell- the borrower you are their financial underwriting standards. If you write ers, 11 percent of all home purchasers sur- adviser. the underwriting standards, I do not veyed had downpayments of 5 percent or less. Well, of course, they were anything When considering only first-time home buy- want to take a pound of your flesh ers, the percentage utilizing a downpayment but their financial adviser. Their job from the lending institution, if you are of under 5 percent increases to 18 percent of was, of course, to get people to sign up going to meet those obligations. all purchases. Improving underwriting to en- and commit to these mortgages, which That is exactly what Senator sure that the consumer has the ability to they knew, in too many cases, could MERKLEY and our colleague from Min- pay their obligation is in the best interests never, ever be met; that is, they, the nesota and others are suggesting here: of everyone, but eliminating the possibility borrower, would never possibly meet it. Let’s get good underwriting standards for some creditworthy customers to buy a If you had some skin in the game if here. That is why I support what they home will have significant detrimental rami- you are the broker, you may be a little fications for American families, the housing are talking about. So I apologize for sector, and those businesses that support it. more careful about that. But, of going into all of that ‘‘originate to dis- course, the broker was acting on behalf Let me take a couple of minutes. I tribute,’’ but originate the mortgage to of the lending institutions. Now you know my colleague from Texas is here, distribute it. That is exactly what it think, well, the lending institution is and others, but this is important, that means. people understand what happened. Be- going to care about this. You know, This led to significant, of course, de- cause 5 percent sounds pretty reason- when I bought my first home back X terioration in credit and loan under- able. Why not 5 percent? Let me ex- numbers of years ago, my mortgage writing standards, particularly in resi- plain why that provision poses some stayed at the Old Stone Bank. I signed dential mortgages. With the onset of risk to all of us. The Senator’s amend- those papers. I could go down every day the crisis, there was widespread uncer- ment as offered has two parts to it. and I could pull out that drawer, wher- tainty regarding the true financial con- They almost kind of run into each ever it was, and look at my mortgage. dition of holders of asset-backed secu- other in a way. It did not leave the Old Stone Bank. It rities, for obvious reasons, freezing The first half of the amendment stayed right there. interbank lending, constricting the strikes the government-imposed risk Let me tell you, that fellow at the general flow of credit. Complexity and retention requirements in the under- Old Stone Bank wanted to make darn opacity in the securitization markets lying bill. These requirements, as ex- sure that this young lawyer in Con- prolonged and deepened the crisis, and plained before, and I will in a second necticut was going to meet his finan- it made recovery efforts that much again, would result in strong market- cial obligations. So they had under- more difficult. based underwriting standards in the writing standards for me. It did not My proposal in the bill has a meas- residential mortgage market. cost me a lot on a downpayment. I was ured approach which requires, of Then in the second half of the amend- a new buyer, first-time home buyer. I course, separate rulemaking require- ment, the amendment puts in govern- had just gotten licensed to practice law ments for different assets. I will not ment-dictated, hard-wired under- in Connecticut, so they had a little bother you with all of that. writing standards that would have very confidence I might be able to meet my A lot of people support this, by the serious consequences, as the National obligations. So they had underwriting way, including the Consumer Federa- Association of Realtors points out, for standards. tion of America, the Investors Working first-time home buyers, minority home Today it is vastly different. That fel- Group, the America Securitization buyers, and others who are seeking to low, a young lawyer today, who goes Forum, CalPERS, the Group of 30, even attain the American dream of home and gets that mortgage, the lending in- a former Republican Secretary of the ownership. stitution frankly could care less Treasury, John Snow. And he says: whether you have the underwriting Like the earlier debates we have had, Because of the lack of participant account- it does this at a time, as we all know, standards. Why? Because it is going to ability, the originate-to-distribute model of that the housing markets are just sell that mortgage. That is what mortgage finance, with its once great prom- starting to recover, potentially putting securitization is: I am going to sell it. ise of managing risk, became itself a massive that recovery at risk. On average they hold your mortgage 8 generator of risk.

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00032 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.054 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3519 A study is not a credible response. I fellow citizens. Many nonprofits such disposes them to failure, and will cause sig- say that respectfully of the amendment as Habitat for Humanity, the Enter- nificant angst for homebuyers and the na- of the Senator from Tennessee. He calls prise Foundation, church-related hous- tion’s housing markets. Furthermore, the requirements that this for a study in all of this. Our bill pro- ing groups—in fact, I have a letter amendment places on Fannie Mae and vides for comprehensive regulation of signed by a number of these nonprofit Freddie Mac, when they become viable, will securitization markets, to prevent ex- organizations in opposition to the effectively prohibit them from participating cesses and eliminate a potential source Corker amendment. I ask unanimous in the secondary mortgage market. of financial instability. consent that all these letters I have re- First, the aggressive reduction of their Let me add quickly, I am a strong ferred to be printed in the RECORD. portfolio will prevent them from being an ef- supporter of securitization. That has There being no objection, the mate- fective buffer during future economic provided liquidity, which has made rial was ordered to be printed in the downturns. A key element of NAR’s rec- ommendation for the restructure of the home ownership more available to RECORD, as follows: GSEs is that their portfolios should only be more people. But you have got to do it NATIONAL ASSOCIATION large enough to support their business needs carefully. If you are packaging these OF REALTORS®, and ensure a stable supply of mortgage cap- mortgages with no regard to whether Washington, DC, May 6, 2010. ital when necessary because of insufficient they are available, and sending them U.S. SENATE, private investment. The requirements estab- out the door to be sold off, then you Washington, DC. lished in this amendment would thwart the jeopardize securitization. If you get DEAR SENATOR: On behalf of more than 1.1 GSEs ability to be an effective buffer. million members of the National Association Second, the amendment repeals all in- good underwriting standards, as the of REALTORS® (NAR) involved in residen- creases to loan limits, both permanent and Senator from Oregon and Minnesota tial and commercial real estate as brokers, temporary. The loan limits would return to: are requiring, then you are going to sales people, property managers, appraisers, $417,000. Moreover, the GSEs would be pro- build in some safeguards; then counselors, and others engaged in all aspects hibited from purchasing homes that had securitization, with proper branding of of the real estate industry, I respectfully re- prices over the median-home price, for prop- what they are worth, and you are back quest that you oppose the Corker-Gregg erties of the same size, for the area in which on track again, and we can start to see (#3834) and the McCain-Shelby-Gregg (#3839) the property was purchased. This would re- housing improve for everybody. amendments to S. 3217, the Restoring Amer- duce loan limits to less than $100,000 in some ican Financial Stability Act of 2010. The Corker amendment also requires, areas, less than half the current FHA floor. CORKER-GREGG-ISAKSON AMENDMENT NAR advocated for the increase of the loan of course, here a 5-percent downpay- limits for high cost areas and is actively ad- ment for all loans, no matter what the The Corker-Gregg-Isakson (#3834) amend- ment replaces the risk retention provisions vocating that the current limits be made circumstance. That is a government- of S. 3217, Title VII, Subtitle D, (b) Credit permanent in order to ensure that credit- mandated requirement in a sense in Risk Retention—with a study on the feasi- worthy homebuyers have access to affordable this amendment. Even with FHA loans, bility of risk retention requirements for fi- capital. The housing market remains fragile, hardwiring in statutes that as a re- nancial institutions and implements residen- and private capital has not returned to ei- quirement is very ill-considered, I tial mortgage underwriting standards that ther the mortgage or MBS markets to the extent that is needed to support the housing would say. include a mandatory 5% down payment for all mortgages. As our nation continues to re- industry. Reducing the GSEs’ loan limits to The key cause of the crisis, as I have the suggested levels will significantly limit said many times over the past almost 4 cover from the worst economic downturn ® the ability of homebuyers to obtain mort- years on the floor of this body, was the since the Great Depression, REALTORS are cognizant that lax underwriting standards gage funding throughout the country, and unscrupulous mortgage brokers and brought us to this point, and must be cur- damage the business sectors supported by mortgage lenders who sold unafford- tailed. However, we caution that swinging mortgage finance. Third, the amendment establishes an esca- able mortgages to people who could not the pendulum too far in the opposite direc- lating mandatory down payment percentage pay those mortgages. tion may reverse our fragile recovery. ® In the majority of the cases, those Based on data from NAR’s 2009 Profile of that REALTORS believe unfairly and un- necessarily denies the opportunity to many loans were refinance loans, they were Home Buyers and Sellers, 11% of all home purchasers surveyed had downpayments of families who have the potential to succeed as not even original mortgages. It was re- homeowners. Beginning 1-year after the 24- financing. No downpayments are re- 5% or less. When considering only first-time homebuyers, the percentage utilizing a month assessment period, the minimum quired in refinancing at all. Down- downpayment below 5% increases to 18%. down payment requirement will be 5%. 2- payments did not even come up or Improving underwriting to ensure that the years out, the down payment will be 7.5%. come into play for these borrowers. consumer has the ability to repay their obli- After three years, the down payment will be But the mortgages were still out- gation is in the best interest of everyone, but 10% for conventional-conforming loans. The removal of flexible down payment op- eliminating the possibility for some credit- rageous and unaffordable. They still tions will significantly reduce the ability of worthy consumers to buy a home will have led to the foreclosures and contributed creditworthy consumers to purchase a home. significant detrimental ramifications for to the economic crisis we are in. As mentioned with regard to the Corker- American families, the housing sector and Why was this? Well, it was because Greg-Isakson amendment, a 5% down pay- those businesses that support it. the brokers and bankers had no skin in ment requirement excludes 11% of all cur- the game. So they not only did not pay MCCAIN-SHELBY-GREGG AMENDMENT rent homebuyers and 18% of all current first- attention, in too many cases they did The McCain-Shelby-Gregg (#3839) amend- time homebuyers, based on NAR’s most re- not even care whether the borrowers ment, which creates Title XII to S. 3217, cent homebuyers survey. Increasing the places Fannie Mae and Freddie Mac on the had the ability to pay back those down payment to requirement to 10% would fast track to dissolution. REALTORS® be- exclude nearly 25% of all current credit- loans. The Merkley-Klobuchar amend- lieve that reform of these institutions, that worthy borrowers, and up to 37% of current ment specifically addresses this prob- have played a pivotal role in the evolution of creditworthy first-time homebuyers. Under- lem, by specifically requiring that the U.S. housing market, is necessary; how- writing standards have already been cor- lenders take into account the bor- ever, now is not the time for drastic action. rected and loans are only available for bor- rower’s ability to pay, and laying out Especially, considering their current role in rowers who can afford them. There is no rea- important criteria for determining stabilizing the housing market, and that the son to over-correct by imposing higher down- that. McCain-Shelby-Gregg amendment does not payment requirements. offer a replacement to fill the enormous gap It will end the steering payments As we have seen, without the GSEs, the that the shuttered GSEs will leave. current crisis would have been even more that caused so much of the trouble in As NAR mentioned in our testimony before catastrophic for the housing market and the the first place. And while the 5-percent the House Financial Services Committee, overall economy, as virtually no activity downpayment may sound reasonable, March 23rd, 2010, on the ‘‘Future of the Hous- would have occurred within the housing sec- and in some cases it is, there are many ing Finance,’’ the transition of these organi- tor because little private capital would have lending programs out there that allow zations to their new form must be conducted been available. REALTORS® support re- for downpayments that are lower than in a fashion that is the least disruptive to forming our housing finance system, and the 5 percent: FHA, which is struggling the marketplace and ensures mortgage cap- GSEs. However, taking a measured approach ital continues to flow to all markets in all now, has traditionally allowed for is critical to ensuring that our economic re- market conditions. The establishment of ag- covery remains viable. downpayments less than 5 percent. gressive timetables for the GSEs to return to I appreciate the opportunity to share with FHA has been a path to home owner- profitability, prior to the full recovery of our you the views of more than 1.1 million real ship, as we know, for millions of our nation’s economy and housing market, pre- estate practitioners respectfully request that

VerDate Mar 15 2010 04:57 May 12, 2010 Jkt 089060 PO 00000 Frm 00033 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.055 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3520 CONGRESSIONAL RECORD — SENATE May 11, 2010 you oppose the McCain-Shelby-Gregg (# ) firms. The GSEs have provided critical cap- amendment provides for those under- and the Corker-Gregg-Isakson (# ) amend- ital to the housing market, ensuring that writing safeguards, does not put such ments to S. 3217, the Restoring American Fi- more Americans can benefit from homeown- tight restrictions, even on FHA mort- nancial Stability Act of 2010. ership. Though we must be careful only to gages, that would make it impossible Sincerely, extend mortgage loans to those who can af- VICKI COX GOLDER, ford to pay the loans over the life of the for an awful lot of people. 2010 President, mortgage, we must be equally careful not to I thank my colleagues. I have spoken National Association of cut off mortgage lending at a time when the a long time here. I apologize. But I REALTORS®. markets are recovering. think it is important to know the his- The problems in the housing market were tory of how we got into the mess and MAY 11, 2010. caused by a confluence of factors. We must what happened out there that led us to Hon. CHRISTOPHER DODD, address all of them, instead of singling out these difficulties, why underwriting is Chairman, Senate Committee on Banking, Hous- one or two reasons or entities, and, inadvert- important. ing, and Urban Affairs, Russell Senate Of- ently, making homeownership unattainable fice Building, Washington, DC. for many working families. What Senator MERKLEY and Senator Hon. RICHARD SHELBY, Thank you for taking the time to address KLOBUCHAR have offered is to get back Ranking Member, Senate Committee on Bank- these concerns. to that sensible requirement here with- ing, Housing, and Urban Affairs, Russell Sincerely, out writing these stringent require- Senate Office Building, Washington, DC. Enterprise Community Partners; Na- ments in this legislation that would be DEAR CHAIRMAN DODD AND SENATOR SHEL- tional NeighborWorks Association; so difficult. So I urge my colleagues to BY: We write in opposition to amendments to Habitat for Humanity International; support the Merkley-Klobuchar amend- the Restoring American Financial Stability Community Resources and Housing De- ment and respectfully oppose the Cork- Act that would mandate a one-size-fits-all velopment Corporation; National Com- approach to mortgage underwriting and munity Reinvestment Coalition; Kala- er amendment. those amendments that would undercut the mazoo Neighborhood Housing Services, By the way, their amendment is en- current mortgage finance system by elimi- Inc.; Nuestra Comunidad Development dorsed by a number of our colleagues nating Government Sponsor Enterprises Corporation; Manna, Inc; Community on both sides of the aisle. I thank Sen- (GSEs) without having a successor system in Frameworks; UNHS NeighborWorks ator SCOTT BROWN of Massachusetts, place. HomeOwnership Center; Frontier Hous- who is involved with this amendment, Certain amendments currently being con- ing, Inc.; Boston LISC; Chicago LISC; by Senator MERKLEY and others. I com- sidered, such as a mandatory 5 percent down Connecticut Statewide LISC; Duluth payment requirement, would undermine suc- mend him for it. It is a good proposal. LISC; Houston LISC; Jacksonville The PRESIDING OFFICER (Mr. cessful first-time homebuyer and workforce LISC; Los Angeles LISC; Mid South housing programs offered by qualified non- Delta LISC; New York City LISC; UDALL of Colorado.) The Senator from profits and state and local governments. Un- Philadelphia LISC; Pittsburgh Partner- Rhode Island. like the broader mortgage market, these ship for Neighborhood Development Mr. WHITEHOUSE. May I interject nonprofit and government sponsored lending (SWPA LISC); San Diego LISC; Toledo myself in this debate for 1 minute to programs require borrower financial edu- LISC; Virginia LISC; Impact Capital ask unanimous consent with respect to cation and have very low default rates. For (Washington State LISC); Local Initia- example, the program administered by NYC’s the Whitehouse amendment that re- tives Support Corporation; Housing As- Department of Housing Preservation and De- stores States rights to protect against sistance Council; Homes for America, velopment had only five foreclosures out of exorbitant, out-of-State lenders doing Inc.; Housing Partnership Network; 17,000 loans. The reason is that programs Neighborhood Housing Services of business in one’s own State. such as these utilize stringent underwriting Phoenix; Cambridge Neighborhood I ask unanimous consent that Sen- standards that were lacking in some seg- Apartment Housing Services; NHS of ator COCHRAN of Mississippi be added as ments of the mortgage finance market. Yet, the Lehigh Valley, Inc.; a cosponsor. I want to take a moment local government and nonprofit loan pro- NeighborWorks Columbus; Ithaca to let him know how much I appreciate grams would be virtually eliminated by a na- Neighborhood Housing Services; Knox tional mandate for a 5 percent down pay- his cosponsorship of what is now a bi- Housing Partnership; NHS of Orange ment because these programs utilize alter- partisan amendment, and I look for- County; Buffalo LISC; Greater Cin- native down payment requirements to ensure ward to continuing to secure additional cinnati & NE Kentucky LISC; Detroit that the homebuyer has ‘‘skin in the game.’’ sponsors from both sides of the aisle. LISC; Hartford LISC; Indianapolis For example, self-help homebuyer programs LISC; Greater Kansas City LISC; The PRESIDING OFFICER. Without allow hours spent in building homes to com- Michigan Statewide LISC; Milwaukee objection, it is so ordered. pensate as part of the down payment. Other LISC; Greater Newark & Jersey City The Senator from Oregon. programs require extensive financial lit- LISC; Phoenix LISC; Rhode Island Mr. MERKLEY. Mr. President, before eracy, including pre- and post-purchase LISC; San Francisco Bay Area LISC; I speak on this amendment, I want to counseling, and state or local government Twin Cities LISC; Washington DC issued loans coupled with sound under- applaud my colleague from Con- LISC. writing standards that have proved success- necticut who spoke so passionately and ful in enabling low income and workforce Mr. DODD. These are groups, it ap- knowledgeably about the challenge families to achieve the American dream of pears that, in fact, I should say in fair- that had been faced by subprime under- homeownership, build wealth, and remain in ness to Senator CORKER, in the latest writing gone astray. their homes. version of his amendment, that allows If only the letters that he and his Moreover, buyers who receive financial lit- for some exceptions on a case-by-case colleagues wrote in 2006 and in 2007, eracy training and homeownership coun- seling with traditional loan products, irre- basis of these nonprofits, where each those multiple appeals, if only those spective of the down payment percentage, individual nonprofit has to go to the who had the power to establish those are critical to our nation’s ability to address regulators for such an exemption. But underwriting standards had been lis- the foreclosure crisis and stabilize the hous- they simply may not get it. They get tened to, had been followed up on, then ing market. A one-size-fits-all approach and to apply. It is optional to give that. we would have a much smaller chal- flat down payment amounts eliminate the Many insured depositors, of course, lenge today. We would not have had ability for local communities to rely on the have mortgage programs that require this big meltdown in 2008 and 2009, with experience and strong track records of local less than 5-percent downpayments. so many millions of American families non-profit and government lenders who have built successful homeownership programs They are performing well, and have having the value of their home de- that did not contribute to the housing crisis. done so in the past. And we want low- stroyed. I applaud him for his advocacy In addition to avoiding flat down payments and moderate-income families to go to year after year after year. and federally mandated underwriting stand- banks and get loans, qualified low- and I am pleased to be able to join him in ards, we also believe that Congress should moderate-income people to have to this effort now. I particularly applaud employ a thoughtful and analytic approach meet those standards. We do not want the efforts to establish standards for to examining the role of the two Government to simply shut them off to nonprofits. skin in the game. This is a very respon- Sponsored Entities (GSEs) in the mortgage We want to get them into the financial sible way to create accountability for crisis and what the future of the U.S. mort- gage finance system should look like versus mainstream. our mortgage originators. I do want to an immediate wind down of both GSEs. We The Corker amendment would create note that there are three issues that urge Congress to ensure that a successor sys- a new barrier to accomplishing that particularly contributed to dysfunction tem is in place prior to dissolving the two goal. But the Merkley-Klobuchar at the retail mortgage level.

VerDate Mar 15 2010 04:57 May 12, 2010 Jkt 089060 PO 00000 Frm 00034 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.024 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3521 The first is liar loans, undocumented impossible situation that mortgage This is a bipartisan sentiment to re- income, where a mortgage originator originators were put in, where their in- store solid mortgage underwriting would tell the client: Well, we will just terests were 180 degrees reversed from standards. I appreciate the thoughtful- pencil in here that you earn $150,000. It the client. Yet it is a trust relation- ness and energy that has gone into it does not matter. Don’t you worry ship, it puts them in sync, where the from both sides of the aisle to craft about what you are earning. We will broker has no incentive to steer a fam- ways to approach this. When we vote put this in here. That obviously led to ily into an exploding interest rate, no tomorrow morning, I ask all my col- a complete corruption of the quality of incentive to steer a family into a loan leagues to vote yes for strong under- the mortgage. Certainly the families with a prepayment penalty, no incen- writing standards. Vote yes for putting involved had no prospect of paying for tive to steer a family into a loan that mortgage originators in sync with those mortgages and the interest rates has other hidden clauses designed to their clients rather than radically op- they were being signed up for. strip wealth from working families. pose the interests of their clients. Vote A second was to fail to employ basic Finally, this amendment provides a yes to end liar loans. Certainly, vote underwriting measures, measures like safe harbor to make sure mortgage yes for the young families and those loan to value and credit history and originators are on sound ground if they families with lower income who wish to employment history, and current obli- follow this set of originating principles get into that first home so they can get gations and debt to income, and so and, in the process, makes sure they do their share of the American dream. forth. not do balloon payments or fees that I yield the floor. These are the types of measures any exceed 3 percent, a series of sound busi- The PRESIDING OFFICER. The Sen- responsible originator goes through to ness practices that serve the industry ator from Texas. understand whether this loan makes and serve the family. AMENDMENT NO. 3759, AS MODIFIED sense for this family, whether there I mentioned before that my colleague Mrs. HUTCHISON. Mr. President, I will be the ability to repay. from Tennessee has a bill that has rise to talk about the Hutchison- The third piece is the incentives that many of these mortgage underwriting Klobuchar amendment, which will be were provided to mortgage originators standards. I applaud him for his long in order after votes on the Merkley and put those originators 180 degrees out of experience and concern in helping fam- Corker amendments. The votes will sync with their customers. Essentially, ilies to succeed. But we do disagree come tomorrow, but my colleague, it worked like this. If a loan was good about two provisions. One provision is Senator KLOBUCHAR, and I are very for a family, it didn’t make as much stripping the skin in the game that concerned about the underlying bill money for the lender. If it was bad for makes sure mortgage originators have only putting Fed supervision over bank a family, it made a lot of money for the a stake in the quality of the mortgage. holding companies that are $50 billion lender. So the lender and the home The second is to establish a solid line and above. One of the key parts of reg- buyer have different interests; one on a 5-percent standard. Many families, ulatory reform in this financial arena wants a low-interest mortgage, a fair when they are buying a modest home, is that nobody wants too big to fail mortgage; the other wants a mortgage have a significant expenditure in all anymore. My colleague, the cosponsor that has hidden clauses, prepayment kinds of closing costs, independent of of this amendment, and I wish to as- penalties, and exploding interest rates. their downpayment. They may well sure there is no indication in any way But incentive payments, sometimes have thousands of dollars, $5,000, $8,000 that only bank holding companies that called steering payments, technically of skin in the game before they ever are $50 billion and above would be hav- called yield spread premiums—these get to the downpayment. So we want to ing supervision of and access to the were paid to the mortgage originators create the flexibility for first-time Fed. to induce them to sign those families home buyers and for families on the We want to make sure of two things. they had taken into their trust into a lower end of the income spectrum to be First, that there is a level playing loan that was good for the lender but able to get into home ownership. field, that everyone who wants to be a not good for the family, corrupting a In fact, frankly, it is these families member of the Fed, who wants to have transaction at the heart of the most for whom it is so important we make access to the Fed, will be able to do important financial moment in a fam- the mortgage process available. Be- that, including State banks. ily’s experience, the moment of buying cause a young family who is able to The underlying bill would prohibit their family home. buy that first home and do so with the State banks from being able to be This amendment addresses all three responsible underwriting principles members of the Fed. That is a real con- of these core pieces of dysfunction in laid out in this amendment, in 5 years cern for community bankers all over the mortgage market. It ends no-docu- they will be buying their second home, America. The second concern is that mentation or liar loans as they are maybe a bit nicer home, maybe an we have regional Feds. When the Fed- called, where income is created like extra bedroom or two for the children, eral Reserve was established, there was writing a work of fiction. It sets min- and maybe later on they are able to a debate about whether we would have imum underwriting standards related move up again to the sort of home they regional offices or whether there would to loan to value, ability to repay, and have always dreamed about having or just be the Federal Reserve Board sit- ability to repay not based on some the sort of yard with the trees in it ting in Washington. The decision was teaser rate but on any rate the loan that the treehouse is going into and so made to have Federal banks in key could potentially go up to in the first 5 forth. That is the American dream, to parts all over the country that would years. So you make sure, if this has a be able to engage in this progression. be regional banks. The purpose was variable rate clause, that this family You engage in that progression because that we needed to know what was hap- will be able to manage those payments you build equity. You build equity by pening all over the country, not only in in the first 5 years and certainly verifi- getting into home ownership at the New York, not only in Washington, DC, cation of income in the process. So you start. Having solid underwriting stand- but throughout the country, because it have documentation and verification, ards but not an inflexible line is the is the community banks that are the essentially the sound underwriting way to go on this. depository institutions that are the process that was in place for decades I do note that the amendment Sen- mainstay of our economy and our fi- before it all went awry over the last 10 ator KLOBUCHAR and I are offering is nancial community. If you take the years. supported by a host of organizations: Federal Reserve supervisory authority This amendment will apply to all The Center for American Progress, the away from all those community banks loans. It amends the Truth in Lending Center for Responsible Lending, the around the country and regional banks Act or TILA, which applies to all loans. National Association of Consumer Ad- no longer have input into what is going It will base broker compensation on vocates, the National Consumer Law on in smaller communities, we will the size of the loan and on the loan Center, the National Fair Housing Alli- have too big to fail in reality, and we value or the loan amount and the vol- ance, Consumer Action, the Housing will also have a monetary policy that ume of loans a broker makes, rather Finance Alliance, and Mortgage Insur- is going to cater to the big financial in- than on the type of loan. We take this ance Companies of America. stitutions, which are what utterly

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[The Amer- where we are today, that the Fed would Board oversight of state member banks and ican Bankers Association] is strongly op- have supervisory power over State smaller holding companies. posed to this provision, as this would take banks that choose to go into the Fed, I ask unanimous consent to have this away the Federal Reserve’s ability to regu- and it would be universal for all the letter printed in the RECORD. late state member banks and would under- holding companies and the banks in There being no objection, the mate- mine the Federal Reserve’s ability to fully the system. rial was ordered to be printed in the understand small and mid-size institutions Before my colleague from Minnesota and the communities they serve. RECORD, as follows: As early as Wednesday, May 5, the Senate speaks, I wish to submit for the CHAMBER OF COMMERCE OF THE will consider an ABA-supported amendment RECORD a couple letters that have been UNITED STATES OF AMERICA, . . . by Senators Kay Bailey Hutchison and written, one by the Independent Com- Washington, DC, May 6, 2010. Amy Klobuchar that would restore current munity Bankers of America. TO THE MEMBERS OF THE UNITED STATES law by returning oversight of state member Dear Senator, SENATE: The U.S. Chamber of Commerce, the banks and holding companies to the Federal On behalf of the nearly 5,000 members of world’s largest business federation rep- Reserve. the Independent Community Bankers of resenting the interests of more than three It is very important that our amend- million businesses and organizations of every America, I write to urge your support for an ment be passed by the Senate. It will amendment to S. 3217 to be offered by Sen- size, sector, and region, strongly supports an amendment expected to be offered by Sen- make a great improvement to this bill ators Hutchison and Klobuchar . . . that in that it will restore the law as it is would restore the Federal Reserve’s author- ators Hutchison and Klobuchar to S. 3217, ity to examine state-chartered community the ‘‘Restoring American Financial Stability today. It will not have the mixup of the banks and small bank holding companies. Act of 2010 (RAFSA),’’ which would maintain varying regulatory bodies having con- Federal Reserve Board oversight of state That is the amendment we are dis- trol in one area, where a bank across member banks and smaller holding compa- the street does not have the ability to cussing tonight. nies. I ask unanimous consent to have this S. 3217 would focus the attention of the go to the Fed and one across the street letter printed in the RECORD. Federal Reserve on just the largest institu- does. We don’t need that. What we There being no objection, the mate- tions and could serve to limit the Federal want in this regulatory reform is to rial was ordered to be printed in the Reserve’s understanding of the importance of allow all the banks to be members of community banks. Federal Reserve super- RECORD, as follows: the Federal Reserve, to have the same vision enhances the ability of the Federal discounts, the same backing of that su- INDEPENDENT COMMUNITY Reserve to assess credit impact in local com- pervisory authority so Federal Reserve BANKERS OF AMERICA®, munities. Smaller banks tend to fund small- Washington, DC, May 6, 2010. er businesses, which is an important source banks all over our country will have DEAR SENATOR: On behalf of the nearly of jobs for the economy. Removing Federal the input of the community banks in 5,000 members of the Independent Commu- Reserve supervision of community banks our system rather than making mone- nity Bankers of America, I write to urge could mean the Federal Reserve would lose tary policy from New York and Wash- your support for an amendment to S. 3217 to timely information about the flow of credit ington, DC. The last thing we need is be offered by Senators Hutchison and to small businesses. more people who are out of touch with Klobuchar (#3759) that would restore the The Chamber looks forward to working mainstream America doing the regula- Federal Reserve’s authority to examine with the Senate on meaningful, bipartisan state-chartered community banks and small legislation to ensure that the U.S. financial tion of our financial industry. bank holding companies. system is protected and that small busi- Mr. President, I commend my col- The Federal Reserve System comprises 12 nesses continue to have access to the capital league, Senator KLOBUCHAR from Min- regional Federal Reserve Banks overseen by they need to sustain, grow, and create jobs. nesota, and would like to ask her to a Board in Washington. The virtue of this Sincerely, speak at this time because I think this structure is that it prevents the Federal Re- R. BRUCE JOSTEN. bipartisan amendment will improve serve from being focused exclusively on the Mrs. HUTCHISON. I also wish to read this bill greatly, and I look forward to power-centers of Washington and New York. a couple excerpts from a letter by the having the vote tomorrow. Through their examination of state-char- The PRESIDING OFFICER. The Sen- tered community banks and bank holding Federal Reserve Bank of Kansas City companies, the regional Federal Reserve to Senator BENNET. It goes into a lot of ator from Minnesota. Banks keep their finger on the pulse of a di- other things, but the relevant part Ms. KLOBUCHAR. Mr. President, I verse range of institutions in diverse re- says: thank my colleague, Senator gional economies and the Main Street small Unfortunately, if the Senate divides the HUTCHISON, for her great leadership on businesses and municipalities served by oversight of the [bank holding companies] this issue. We have worked together these institutions. As Chairman Bernanke between the banking regulators, it will mul- from the beginning on this amendment, has testified, the Federal Reserve’s author- tiply and complicate this oversight signifi- and you can see there is support for ity gives them insight into what’s happening cantly. This is hardly an improvement. And, this amendment from the Lone Star in the entire banking system. This insight is limiting the regional Reserve Banks’ source State to the North Star State, span- crucial not only to the Federal Reserve’s ex- of industry information gained through their ning this country—as you look at the ercise of its monetary functions, but to its contact with all institutions and bank regu- ability to gauge the impact of banking regu- lators will greatly compromise its ability to many States across this country that lations across diverse institutions. understand industry trends and deal with fu- truly believe it is important to have The Federal Reserve must be the central ture crises. This is a mistake and I hope you the regional Federal Reserve involved bank of the United States, not the central will consider it carefully in your delibera- in decisions, not have anything and ev- bank of Wall Street and a handful of too-big- tions. erything concentrated in Washington to-fail institutions. Your support for the That is signed by Thomas Hoenig, and New York City, which we believe Hutchison/Klobuchar amendment will help president of the Federal Reserve Bank got us into lots of this trouble in the ensure that the Federal Reserve serves the entire economy. of Kansas City. first place. Thank you for your attention to this mat- In addition, the President of the Dal- The amendment we have offered is ter. las Federal Reserve Bank, Richard important because what it does is seek Sincerely, Fisher, came to my office to make this to preserve a system that ensures that CAMDEN R. FINE, point most affirmatively, that he want- the institution charged with our Na- President and CEO. ed to make sure he still had the super- tion’s monetary policy has a connec- Mrs. HUTCHISON. I also will include visory power and the ability to learn tion to Main Street, not just Wall a letter from the Chamber of Com- from the State banks, the community Street—Main Street in Benson, MN; merce of the United States of America, banks in the whole region where the Main Street in Austin, TX; Main Street signed by the executive vice president. Dallas Federal Reserve Bank sits. in Denver, CO. That is what we are The U.S. Chamber of Commerce, the Last, I wish to read an excerpt from talking about. world’s largest business federation rep- the alert of the American Bankers As- As I have said before, Main Street resenting the interests of more than three sociation: banks pretty much stayed away from

VerDate Mar 15 2010 04:57 May 12, 2010 Jkt 089060 PO 00000 Frm 00036 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.057 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3523 the high flying, way-too-risky deals of far from these banks and the commu- understanding of the markets that ul- the past decade, and when the pave- nities they serve. That is why I believe timately aid them in their loan making ment on Wall Street began to buckle Mr. Wilcox’s—the guy from Grand Rap- decisions. and collapse, these banks—these small ids, the banker—statement rings espe- Through their working relationships community banks—did not panic and cially true. He was not just advocating with community banks, the regional run to Washington with tin cups and for his bank or other banks in Min- Federal Reserve banks also collect and outstretched hands. nesota or across the country. He said analyze important information about Like the rest of Main Street, they the Federal Reserve was created for the movements and trends in local suffered because of bad bets made on ‘‘all of America.’’ economies. Because community banks Wall Street. But they kept doing their The Federal Reserve Bank of Min- interact with so many parts of the work. They kept serving their cus- neapolis just does not supervise banks, economy—from the ordinary folks who tomers. So now, with us debating a it also partners with the communities bank with them, to the small busi- Wall Street reform that will affect how it serves by providing resources and nesses they provide loans, to real es- these small banks, these community sharing expertise. I will give you one tate developers, and even local govern- banks do business, I think they have a example. We have Art Rolnick, known ments—their connections to the com- right to speak up. That is what this nationally for the work he has done on munities they serve provide a unique amendment is about. early childhood development. He works perspective for the Fed to tap. I would like to give a lot of credit to with the Federal Reserve. He is one of This relationship is a two-way street, Chairman DODD, who is here as usual in their policy experts. He is retiring this as it also provides a voice for our com- the late evening hours, as well as summer. He has literally devoted the munity banks that would be lost if the Ranking Member SHELBY, along with last few years of his career looking at Federal Reserve were to only supervise the rest of their Banking Committee early childhood development—the in- the largest banks. A system like this who worked so incredibly hard. Chair- vestment. He has put out numbers. He would certainly limit, and potentially man DODD has been working with us on has put out studies straight from the distort, the picture the Federal Re- this amendment and has been working Federal Reserve because he had that serve gets of what is happening in our with us on many issues affecting the information on the ground to show the Nation’s banking system. I repeat, this crisis did not happen community banks. I thank him for kind of return of investment you get because of this little bank in Grand that. when you invest in kids early on. I do Rapids, MN. It happened because eyes I think we took another important not think we would see that coming were not watching what was going on step yesterday when we passed the out of the Federal Reserve in Wash- on Wall Street. Eyes were not watching Tester-Hutchison amendment that will ington. This came out of the regional what was going on in these big banks. make sure community banks pay only banks. The rest of these guys—these small their fair share when it comes to Fed- This interaction with regional banks banks—they were the ones who were eral bank insurance. can clearly be seen in the interdiscipli- But the issue my colleague, Senator the victims of this crisis. nary research it conducts in Minnesota As the president of the Federal Re- HUTCHISON, so eloquently discussed is with the University of Minnesota and serve Bank in Minneapolis pointed out whether the Federal Reserve will con- in its partnerships with financial insti- in a speech this past March, it would be tinue to oversee our State member tutions and community-based organi- shortsighted to conclude that the Fed- community banks. That issue still re- zations to provide investment in low- eral Reserve ‘‘can safely be stripped of mains. and moderate-income communities. its role as a supervisor of small Like I am sure all of you have, I have Together the regional banks provide banks.’’ As he noted, disruptions in the heard from my community banks. I a presence across this country that financial system can come from all sec- have heard from the Fed. I have gives the Fed grassroots connections— tors and the connection the regional thought about this a lot. I just want to not just in board rooms in New York, Federal Reserve banks provide to local give you an example of what those not just in the hallways of Congress in economies can be vital in ensuring the community banks—the bankers out Washington, but right there in Grand stability of the financial system. there in the heartland, who basically Rapids, MN, on Main Street—insights Opponents will argue that the Fed- are standing out there with their feet into local economies. What is hap- eral Reserve does not need to supervise firmly on the ground, with their brief- pening with the timber industry? What banks to gain insight into them, that cases in their hands. They were not is happening with the medical device they can get this information by other there as these credit default swaps industry? They know that on the front means and through other sources. But, swallowed and swirled around their line. What is happening to the high- currently, much of the Federal Re- heads. They were there just doing their tech industry? What is happening with serve’s interaction with community job. the telecommunications industry in banks comes from the supervision done Here is what Noah Wilcox, the presi- Denver? That is what the regional by its examiners. Many of these exam- dent of Grand Rapids State Bank in banks do for us. iners have lived and worked in the dis- Grand Rapids, MN—Grand Rapids, MN, They also provide legitimacy when tricts they serve for many years, and home of the Judy Garland Museum. If they have to make tough decisions— the information they provide is critical you ever want to go there, you can ac- when the Fed has to make those tough to the Fed’s understanding of local tually put your head in a cut-out hole decisions—to have those regional economies. of the Tin Man. Yes, you can. The Tin banks out there with legitimacy in the This system—a system that serves Man—right—needed a heart. The lion banking community and the business all Americans—is threatened if we do needed courage. And the scare crow community to say: This is not just not act. Currently, the Federal Reserve needed a brain. You could go there to about Wall Street; this is also about Bank of Minneapolis—and I am sure Grand Rapids. Main Street. you see this in Texas, in Missouri, in Well, this is what the president of the Their geographic diversity also al- Colorado, and the Federal Reserve’s Grand Rapids State Bank said: lows the regional banks to develop banks all across this country—cur- All Senators should be reminded that the unique expertise. For instance, the rently, the Federal Reserve Bank of Federal Reserve System was created to serve Federal Reserve Bank in Minneapolis Minneapolis oversees over 600 banks in all of America, not just Wall Street. has a wide breadth of knowledge in the the Ninth District. Without this From the Lone Star State to the agricultural economies of Minnesota amendment, it would oversee one— North Star State. and the other States in its district. one—bank. When Congress established the Fed- You are not going to get that in the This is what my friend, the Senator eral Reserve in 1913, Congress pur- middle of New York City. You are not from Texas, is talking about. You posely created a system of regional going to get that in the middle of would go from 600 banks—in an area banks, overseen by a board in Wash- Washington, DC. Through the Federal that did not cause this financial crisis, ington, to ensure that the power of this Reserve of Minneapolis, the commu- that was simply a victim of this finan- institution would not be concentrated nity banks they supervise have a better cial crisis—you would take 600 banks

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This means connections to the Director of the Office of Thrift Super- ing company.’’. over 600 communities will be lost, not vision (including the authority to issue or- (2) FEDERAL DEPOSIT INSURANCE ACT.— just in Minnesota, but in Montana, ders) relating to— (A) APPLICATION.—Section 8(b)(3) of the North Dakota, South Dakota, Wis- (A) the supervision of— Federal Deposit Insurance Act (12 U.S.C. consin, and Michigan. That is the re- (i) any savings and loan holding company; 1818(b)(3)) is amended to read as follows: gion. and ‘‘(3) APPLICATION TO BANK HOLDING COMPA- The Federal Reserve System was de- (ii) any subsidiary (other than a depository NIES, SAVINGS AND LOAN HOLDING COMPANIES, signed to prevent it from being focused institution) of a savings and loan holding AND EDGE AND AGREEMENT CORPORATIONS.— just on Wall Street, at the expense of company; and ‘‘(A) APPLICATION.—This subsection, sub- Main Street. That is why the (B) all rulemaking authority of the Office sections (c) through (s) and subsection (u) of of Thrift Supervision and the Director of the this section, and section 50 shall apply to— Hutchison-Klobuchar amendment is so Office of Thrift Supervision relating to sav- important, to put this bill in a place ‘‘(i) any bank holding company, and any ings and loan holding companies. subsidiary (other than a bank) of a bank where we not only get the great ac- (2) ALL OTHER FUNCTIONS TRANSFERRED.— countability of the bill, with the great holding company, as those terms are defined (A) BOARD OF GOVERNORS.—All rulemaking in section 2 of the Bank Holding Company work that is being done in every single authority of the Office of Thrift Supervision Act of 1956 (12 U.S.C. 1841), as if such com- sector, so we do not make these mis- and the Director of the Office of Thrift Su- pany or subsidiary was an insured depository takes again that were made that pervision under section 11 of the Home Own- institution for which the appropriate Federal brought us to the brink of a financial ers’ Loan Act (12 U.S.C. 1468) relating to banking agency for the bank holding com- crisis that allowed all of these banks to transactions with affiliates and extensions of pany was the appropriate Federal banking be on the verge of collapse—and some credit to executive officers, directors, and agency; principal shareholders and under section 5(q) ‘‘(ii) any savings and loan holding com- of them, in fact, collapsed on Wall of such Act relating to tying arrangements Street—that is an important piece— pany, and any subsidiary (other than a de- is transferred to the Board of Governors. pository institution) of a savings and loan but it is equally important to make (B) COMPTROLLER OF THE CURRENCY.—Ex- sure our Main Street community banks holding company, as those terms are defined cept as provided in paragraph (1) and sub- in section 10 of the Home Owners’ Loan Act get a fair shake and that the Federal paragraph (A), there are transferred to the (12 U.S.C. 1467a), as if such company or sub- Reserve in the regional areas of this Comptroller of the Currency all functions of sidiary was an insured depository institution country—from the Lone Star State to the Office of Thrift Supervision and the Di- for which the appropriate Federal banking the North Star State—be allowed to rector of the Office of Thrift Supervision re- agency for the savings and loan holding com- continue to get the information they lating to Federal savings associations. pany was the appropriate Federal banking need to do their job. (C) CORPORATION.—Except as provided in agency; and I urge other Senators to join Senator paragraph (1) and subparagraph (A), all func- ‘‘(iii) any organization organized and oper- tions of the Office of Thrift Supervision and HUTCHISON and me in supporting this ated under section 25A of the Federal Re- the Director of the Office of Thrift Super- serve Act (12 U.S.C. 611 et seq.) or operating amendment, to make sure the voices of vision relating to State savings associations our community banks, the voices of under section 25 of the Federal Reserve Act are transferred to the Corporation. (12 U.S.C. 601 et seq.) and any noninsured our small towns across the country and (D) COMPTROLLER OF THE CURRENCY AND State member bank, as if such organization the local economies they serve, con- THE CORPORATION.—Except as provided in or bank was a bank holding company. tinue to be heard. paragraph (1) and subparagraph (A), all rule- ‘‘(B) RULES OF CONSTRUCTION.— Mr. President, I yield back to Sen- making authority of the Office of Thrift Su- ‘‘(i) EFFECT ON OTHER AUTHORITY.—Nothing ator HUTCHISON. pervision and the Director of the Office of in this paragraph may be construed to alter The PRESIDING OFFICER. The Sen- Thrift Supervision relating to savings asso- or affect the authority of an appropriate ator from Texas. ciations is transferred to the Office of the Federal banking agency to initiate enforce- Mrs. HUTCHISON. Mr. President, I Comptroller of the Currency. ment proceedings, issue directives, or take call up the amendment Senator (c) CONFORMING AMENDMENTS.— other remedial action under any other provi- KLOBUCHAR and I have just been dis- (1) FEDERAL DEPOSIT INSURANCE ACT.—Sec- sion of law. cussing, and the amendment, as modi- tion 3(q) of the Federal Deposit Insurance ‘‘(ii) HOLDING COMPANIES.—Nothing in this fied, is at the desk. It is No. 3759, as Act (12 U.S.C. 1813(q)) is amended by striking paragraph or subsection (c) may be con- paragraphs (1) through (4) and inserting the modified. strued as authorizing any Federal banking following: agency other than the appropriate Federal The PRESIDING OFFICER. Without ‘‘(1) the Office of the Comptroller of the banking agency for a bank holding company objection, the clerk will report the Currency, in the case of— or a savings and loan holding company to amendment, as modified. ‘‘(A) any national banking association; initiate enforcement proceedings, issue di- The assistant editor of the Daily Di- ‘‘(B) any Federal branch or agency of a for- rectives, or take other remedial action gest read as follows: eign bank; and against a bank holding company, a savings The Senator from Texas [Mrs. HUTCHISON], ‘‘(C) any Federal savings association; and loan holding company, or any subsidiary for herself, Ms. KLOBUCHAR, Mr. JOHANNS, ‘‘(2) the Federal Deposit Insurance Cor- thereof (other than a depository institu- Mr. CORKER, Mr. VITTER, Mr. BOND, Mr. poration, in the case of— tion).’’. SHELBY, Mr. CRAPO, Mr. BROWN of Massachu- ‘‘(A) any insured State nonmember bank; (B) CONFORMING AMENDMENT.—Section setts, and Mr. BENNETT proposes an amend- ‘‘(B) any foreign bank having an insured 8(b)(9) of the Federal Deposit Insurance Act ment numbered 3759, as modified, to amend- branch; and (12 U.S.C. 1818(b)(9)) is amended to read as ment No. 3739. ‘‘(C) any State savings association; follows: Mrs. HUTCHISON. Mr. President, I ‘‘(3) the Board of Governors of the Federal ‘‘(9) [Reserved].’’. Reserve System, in the case of— ask unanimous consent that reading of (d) CONSUMER PROTECTION.—Nothing in the amendment be dispensed with. ‘‘(A) any State member bank; this section may be construed to limit or The PRESIDING OFFICER. Without ‘‘(B) any branch or agency of a foreign otherwise affect the transfer of powers under bank with respect to any provision of the title X. objection, it is so ordered. Federal Reserve Act which is made applica- The amendment, as modified, is as ble under the International Banking Act of SEC. 313. ABOLISHMENT. follows: 1978; Effective 90 days after the transfer date, (Purpose: To maintain the role of the Board ‘‘(C) any foreign bank which does not oper- the Office of Thrift Supervision and the posi- of Governors as the supervisor of holding ate an insured branch; tion of Director of the Office of Thrift Super- companies and State member banks) ‘‘(D) any agency or commercial lending vision are abolished. On page 299, strike line 3 and all that fol- company other than a Federal agency; lows through page 367, line 19, and insert the ‘‘(E) supervisory or regulatory proceedings SEC. 314. AMENDMENTS TO THE REVISED STAT- following: arising from the authority given to the UTES. SEC. 312. POWERS AND DUTIES TRANSFERRED. Board of Governors under section 7(c)(1) of (a) AMENDMENT TO SECTION 324.—Section (a) EFFECTIVE DATE.—This section, and the the International Banking Act of 1978, in- 324 of the Revised Statutes of the United amendments made by this section, shall take cluding such proceedings under the Financial States (12 U.S.C. 1) is amended to read as fol- effect on the transfer date. Institutions Supervisory Act of 1966; lows:

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‘‘SEC. 324. COMPTROLLER OF THE CURRENCY. (b) CONTINUATION OF EXISTING ORDERS, vision or the Office of Thrift Supervision ‘‘(a) OFFICE OF THE COMPTROLLER OF THE RESOLUTIONS, DETERMINATIONS, AGREEMENTS, transferred under section 312(b) or any other CURRENCY ESTABLISHED.—There is estab- REGULATIONS, AND OTHER MATERIALS.—All provision of this subtitle, shall be deemed to lished in the Department of the Treasury a orders, resolutions, determinations, agree- be a reference to the Comptroller of the Cur- bureau to be known as the ‘Office of the ments, regulations, interpretative rules, rency, the Office of the Comptroller of the Comptroller of the Currency’ which is other interpretations, guidelines, procedures, Currency, the Chairperson of the Corpora- charged with assuring the safety and sound- and other advisory materials that have been tion, the Corporation, the Chairman of the ness of, and compliance with laws and regu- issued, made, prescribed, or allowed to be- Board of Governors, or the Board of Gov- lations, fair access to financial services, and come effective by the Office of Thrift Super- ernors, as appropriate. fair treatment of customers by, the institu- vision, or by a court of competent jurisdic- SEC. 318. FUNDING. tions and other persons subject to its juris- tion, in the performance of functions of the (a) FUNDING OF OFFICE OF THE COMP- diction. Office of Thrift Supervision that are trans- TROLLER OF THE CURRENCY.—Chapter 4 of ‘‘(b) COMPTROLLER OF THE CURRENCY.— ferred by this subtitle and that are in effect title LXII of the Revised Statutes is amend- ‘‘(1) IN GENERAL.—The chief officer of the on the day before the transfer date, shall ed by inserting after section 5240 (12 U.S.C. Office of the Comptroller of the Currency continue in effect according to the terms of 481, 482) the following: shall be known as the Comptroller of the those materials, and shall be enforceable by ‘‘SEC. 5240A. The Comptroller of the Cur- Currency. The Comptroller of the Currency or against the Office of the Comptroller of rency may collect an assessment, fee, or shall perform the duties of the Comptroller the Currency, the Corporation, or the Board other charge from any entity described in of the Currency under the general direction of Governors, as appropriate, until modified, of the Secretary of the Treasury. The Sec- terminated, set aside, or superseded in ac- section 3(q)(1) of the Federal Deposit Insur- retary of the Treasury may not delay or pre- cordance with applicable law by the Office of ance Act (12 U.S.C. 1813(q)(1)), as the Comp- vent the issuance of any rule or the promul- the Comptroller of the Currency, the Cor- troller determines is necessary or appro- gation of any regulation by the Comptroller poration, or the Board of Governors, as ap- priate to carry out the responsibilities of the of the Currency, and may not intervene in propriate, by any court of competent juris- Office of the Comptroller of the Currency. In any matter or proceeding before the Comp- diction, or by operation of law. establishing the amount of an assessment, troller of the Currency (including agency en- (c) IDENTIFICATION OF REGULATIONS CONTIN- fee, or charge collected from an entity under forcement actions), unless otherwise specifi- UED.— this section, the Comptroller of the Currency cally provided by law. (1) BY THE OFFICE OF THE COMPTROLLER OF may take into account the funds transferred ‘‘(2) ADDITIONAL AUTHORITY.—The Comp- THE CURRENCY.—Not later than the transfer to the Office of the Comptroller of the Cur- troller of the Currency shall have the same date, the Office of the Comptroller of the rency under this section, the nature and authority with respect to functions trans- Currency shall— scope of the activities of the entity, the ferred to the Comptroller of the Currency (A) in consultation with the Corporation, amount and type of assets that the entity under the Enhancing Financial Institution identify the regulations continued under holds, the financial and managerial condi- Safety and Soundness Act of 2010 (including subsection (b) that will be enforced by the tion of the entity, and any other factor, as matters that were within the jurisdiction of Office of the Comptroller of the Currency; the Comptroller of the Currency determines the Director of the Office of Thrift Super- and is appropriate. Funds derived from any as- vision or the Office of Thrift Supervision on (B) publish a list of such regulations in the sessment, fee, or charge collected or pay- the day before the transfer date under that Federal Register. ment made pursuant to this section may be Act) as was vested in the Director of the Of- (2) BY THE CORPORATION.—Not later than deposited by the Comptroller of the Currency fice of Thrift Supervision on the transfer the transfer date, the Corporation shall— in accordance with the provisions of section date under that Act.’’. (A) in consultation with the Office of the 5234. Such funds shall not be construed to be (b) AMENDMENT TO SECTION 329.—Section Comptroller of the Currency, identify the Government funds or appropriated monies, 329 of the Revised Statutes of the United regulations continued under subsection (b) and shall not be subject to apportionment States (12 U.S.C. 11) is amended by inserting that will be enforced by the Corporation; and for purposes of chapter 15 of title 31, United before the period at the end the following: (B) publish a list of such regulations in the States Code, or any other provision of law. ‘‘or any Federal savings association’’. Federal Register. The authority of the Comptroller of the Cur- (c) EFFECTIVE DATE.—This section, and the (3) BY THE BOARD OF GOVERNORS.—Not later rency under this section shall be in addition amendments made by this section, shall take than the transfer date, the Board of Gov- to the authority under section 5240. effect on the transfer date. ernors shall— ‘‘The Comptroller of the Currency shall SEC. 315. FEDERAL INFORMATION POLICY. (A) in consultation with the Office of the have sole authority to determine the manner Section 3502(5) of title 44, United States Comptroller of the Currency and the Cor- in which the obligations of the Office of the Code, is amended by inserting ‘‘Office of the poration, identify the regulations continued Comptroller of the Currency shall be in- Comptroller of the Currency,’’ after ‘‘the Se- under subsection (b) that will be enforced by curred and its disbursements and expenses curities and Exchange Commission,’’. the Board of Governors; and allowed and paid, in accordance with this SEC. 316. SAVINGS PROVISIONS. (B) publish a list of such regulations in the section.’’. (a) OFFICE OF THRIFT SUPERVISION.— Federal Register. (b) FUNDING OF BOARD OF GOVERNORS.—Sec- (1) EXISTING RIGHTS, DUTIES, AND OBLIGA- (d) STATUS OF REGULATIONS PROPOSED OR tion 11 of the Federal Reserve Act (12 U.S.C. TIONS NOT AFFECTED.—Sections 312(b) and 313 NOT YET EFFECTIVE.— 248) is amended by adding at the end the fol- shall not affect the validity of any right, (1) PROPOSED REGULATIONS.—Any proposed lowing: duty, or obligation of the United States, the regulation of the Office of Thrift Supervision ‘‘(s) ASSESSMENTS, FEES, AND OTHER Director of the Office of Thrift Supervision, that the Office of Thrift Supervision, in per- CHARGES FOR CERTAIN COMPANIES.— the Office of Thrift Supervision, or any other forming functions transferred by this sub- ‘‘(1) IN GENERAL.—The Board shall collect a person, that existed on the day before the title, has proposed before the transfer date, total amount of assessments, fees, or other transfer date. but has not published as a final regulation charges from the companies described in (2) CONTINUATION OF SUITS.—This title shall before that date, shall be deemed to be a pro- paragraph (2) that is equal to the total ex- not abate any action or proceeding com- posed regulation of the Office of the Comp- penses the Board estimates are necessary or menced by or against the Director of the Of- troller of the Currency or the Board of Gov- appropriate to carry out the responsibilities fice of Thrift Supervision or the Office of ernors, as appropriate, according to its of the Board with respect to such companies. Thrift Supervision before the transfer date, terms. ‘‘(2) COMPANIES.—The companies described except that, for any action or proceeding (2) REGULATIONS NOT YET EFFECTIVE.—Any in this paragraph are— arising out of a function of the Director of interim or final regulation of the Office of ‘‘(A) all bank holding companies having the Office of Thrift Supervision or the Office Thrift Supervision that the Office of Thrift total consolidated assets of $50,000,000,000 or of Thrift Supervision that is transferred to Supervision, in performing functions trans- more; the Comptroller of the Currency, the Office ferred by this subtitle, has published before ‘‘(B) all savings and loan holding compa- of the Comptroller of the Currency, the the transfer date, but which has not become nies having total consolidated assets of Chairperson of the Corporation, the Corpora- effective before that date, shall become ef- $50,000,000,000 or more; and tion, the Chairman of the Board of Gov- fective as a regulation of the Office of the ‘‘(C) all nonbank financial companies su- ernors, or the Board of Governors by this Comptroller of the Currency or the Board of pervised by the Board under section 113 of subtitle, the Comptroller of the Currency, Governors, as appropriate, according to its the Restoring American Financial Stability the Office of the Comptroller of the Cur- terms. Act of 2010.’’. rency, the Chairperson of the Corporation, SEC. 317. REFERENCES IN FEDERAL LAW TO FED- (c) CORPORATION EXAMINATION FEES.—Sec- the Corporation, the Chairman of the Board ERAL BANKING AGENCIES. tion 10(e) of the Federal Deposit Insurance of Governors, or the Board of Governors Except as provided in section 312(d)(2), on Act (12 U.S.C. 1820(e)) is amended by striking shall be substituted for the Director of the and after the transfer date, any reference in paragraph (1) and inserting the following: Office of Thrift Supervision or the Office of Federal law to the Director of the Office of ‘‘(1) REGULAR AND SPECIAL EXAMINATIONS OF Thrift Supervision, as appropriate, as a Thrift Supervision or the Office of Thrift Su- DEPOSITORY INSTITUTIONS.—The cost of con- party to the action or proceeding as of the pervision, in connection with any function of ducting any regular examination or special transfer date. the Director of the Office of Thrift Super- examination of any depository institution

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00039 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.022 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3526 CONGRESSIONAL RECORD — SENATE May 11, 2010 under subsection (b)(2), (b)(3), or (d) or of any (3) make available to the Office of the after the effective date of the transfer of the entity described in section 3(q)(2) may be as- Comptroller of the Currency, the Corpora- employee. sessed by the Corporation against the insti- tion, or the Board of Governors, as applica- (c) TRANSFER OF FUNCTIONS.— tution or entity to meet the expenses of the ble, such property and provide to the Office (1) IN GENERAL.—Notwithstanding any Corporation in carrying out such examina- of the Comptroller of the Currency, the Cor- other provision of law, the transfer of em- tions, or as the Corporation determines is poration, or the Board of Governors, as ap- ployees under this subtitle shall be deemed a necessary or appropriate to carry out the re- plicable, such administrative services as the transfer of functions for the purpose of sec- sponsibilities of the Corporation.’’. Office of the Comptroller of the Currency, tion 3503 of title 5, United States Code. (d) EFFECTIVE DATE.—This section, and the the Corporation, and the Board of Governors (2) PRIORITY.—If any provision of this sub- amendments made by this section, shall take jointly determine to be necessary under sub- title conflicts with any protection provided effect on the transfer date. section (a). to a transferred employee under section 3503 SEC. 319. CONTRACTING AND LEASING AUTHOR- (c) NOTICE REQUIRED.—The Office of the of title 5, United States Code, the provisions ITY. Comptroller of the Currency, the Corpora- of this subtitle shall control. Notwithstanding the Federal Property and tion, and the Board of Governors shall joint- (d) EMPLOYEE STATUS AND ELIGIBILITY.— Administrative Services Act of 1949 (41 ly give the Office of Thrift Supervision rea- The transfer of functions and employees U.S.C. 251 et seq.) or any other provision of sonable prior notice of any request that the under this subtitle, and the abolishment of law, the Office of the Comptroller of the Cur- Office of the Comptroller of the Currency, the Office of Thrift Supervision under sec- tion 313, shall not affect the status of the rency may— the Corporation, and the Board of Governors transferred employees as employees of an (1) enter into and perform contracts, exe- jointly intend to make under subsection (b). agency of the United States under any provi- cute instruments, and acquire, in any lawful SEC. 322. TRANSFER OF EMPLOYEES. sion of law. manner, such goods and services, or personal (a) IN GENERAL.— (e) EQUAL STATUS AND TENURE POSITIONS.— or real property (or property interest) as the (1) OFFICE OF THRIFT SUPERVISION EMPLOY- EES.— (1) STATUS AND TENURE.—Each transferred Comptroller deems necessary to carry out employee from the Office of Thrift Super- the duties and responsibilities of the Office (A) IN GENERAL.—All employees of the Of- fice of Thrift Supervision shall be trans- vision shall be placed in a position at the Of- of the Comptroller of the Currency; and fice of the Comptroller of the Currency or (2) hold, maintain, sell, lease, or otherwise ferred to the Office of the Comptroller of the Currency or the Corporation for employment the Corporation with the same status and dispose of the property (or property interest) in accordance with this section. tenure as the transferred employee held on acquired under paragraph (1). (B) ALLOCATING EMPLOYEES FOR TRANSFER the day before the date on which the em- Subtitle B—Transitional Provisions TO RECEIVING AGENCIES.—The Director of the ployee was transferred. SEC. 321. INTERIM USE OF FUNDS, PERSONNEL, Office of Thrift Supervision, the Comptroller (2) FUNCTIONS.—To the extent practicable, AND PROPERTY OF THE OFFICE OF of the Currency, and the Chairperson of the each transferred employee shall be placed in THRIFT SUPERVISION. Corporation shall— a position at the Office of the Comptroller of (a) IN GENERAL.—Before the transfer date, (i) jointly determine the number of em- the Currency or the Corporation, as applica- the Office of the Comptroller of the Cur- ployees of the Office of Thrift Supervision ble, responsible for the same functions and rency, the Corporation, and the Board of necessary to perform or support the func- duties as the transferred employee had on Governors shall— tions that are transferred to the Office of the the day before the date on which the em- (1) consult and cooperate with the Office of Comptroller of the Currency or the Corpora- ployee was transferred, in accordance with Thrift Supervision to facilitate the orderly tion by this title; and the expertise and preferences of the trans- transfer of functions to the Office of the (ii) consistent with the determination ferred employee. Comptroller of the Currency, the Corpora- under clause (i), jointly identify employees (f) NO ADDITIONAL CERTIFICATION REQUIRE- tion, and the Board of Governors in accord- of the Office of Thrift Supervision for trans- MENTS.—An examiner who is a transferred ance with this title; fer to the Office of the Comptroller of the employee shall not be subject to any addi- (2) determine jointly, from time to time— Currency or the Corporation. tional certification requirements before being placed in a comparable position at the (A) the amount of funds necessary to pay (2) EMPLOYEES TRANSFERRED; SERVICE PERI- Office of the Comptroller of the Currency or any expenses associated with the transfer of ODS CREDITED.—For purposes of this section, the Corporation, if the examiner carries out functions (including expenses for personnel, periods of service with a Federal home loan examinations of the same type of institu- property, and administrative services) dur- bank, a joint office of Federal home loan ing the period beginning on the date of en- tions as an employee of the Office of the banks, or a Federal reserve bank shall be Comptroller of the Currency or the Corpora- actment of this Act and ending on the trans- credited as periods of service with a Federal tion as the employee was responsible for car- fer date; agency. rying out before the date on which the em- (B) which personnel are appropriate to fa- (3) APPOINTMENT AUTHORITY FOR EXCEPTED ployee was transferred. cilitate the orderly transfer of functions by SERVICE TRANSFERRED.— (g) PERSONNEL ACTIONS LIMITED.— this title; and (A) IN GENERAL.—Except as provided in (1) 2-YEAR PROTECTION.—Except as provided (C) what property and administrative serv- subparagraph (B), any appointment author- in paragraph (2), during the 2-year period be- ices are necessary to support the Office of ity of the Office of Thrift Supervision under ginning on the transfer date, an employee the Comptroller of the Currency, the Cor- Federal law that relates to the functions holding a permanent position on the day be- poration, and the Board of Governors during transferred under section 312, including the fore the date on which the employee was the period beginning on the date of enact- regulations of the Office of Personnel Man- transferred shall not be involuntarily sepa- ment of this Act and ending on the transfer agement, for filling the positions of employ- rated or involuntarily reassigned outside the date; and ees in the excepted service shall be trans- locality pay area (as defined by the Office of (3) take such actions as may be necessary ferred to the Comptroller of the Currency or Personnel Management) of the employee. to provide for the orderly implementation of the Chairperson of the Corporation, as appro- (2) EXCEPTIONS.—The Comptroller of the this title. priate. Currency and the Chairperson of the Cor- (b) AGENCY CONSULTATION.—When re- (B) DECLINING TRANSFERS ALLOWED.—The poration, as applicable, may— quested jointly by the Office of the Comp- Office of the Comptroller of the Currency or (A) separate a transferred employee for troller of the Currency, the Corporation, and the Chairperson of the Corporation may de- cause, including for unacceptable perform- the Board of Governors to do so before the cline to accept a transfer of authority under ance; or transfer date, the Office of Thrift Super- subparagraph (A) (and the employees ap- (B) terminate an appointment to a position vision shall— pointed under that authority) to the extent excepted from the competitive service be- (1) pay to the Office of the Comptroller of that such authority relates to positions ex- cause of its confidential policy-making, pol- the Currency, the Corporation, or the Board cepted from the competitive service because icy-determining, or policy-advocating char- of Governors, as applicable, from funds ob- of their confidential, policy-making, policy- acter. tained by the Office of Thrift Supervision determining, or policy-advocating character. (h) PAY.— through assessments, fees, or other charges (4) ADDITIONAL APPOINTMENT AUTHORITY.— (1) 2-YEAR PROTECTION.—Except as provided that the Office of Thrift Supervision is au- Notwithstanding any other provision of law, in paragraph (2), during the 2-year period be- thorized by law to impose, such amounts as the Office of the Comptroller of the Currency ginning on the date on which the employee the Office of the Comptroller of the Cur- and the Corporation may appoint transferred was transferred under this subtitle, a trans- rency, the Corporation, and the Board of employees to positions in the Office of the ferred employee shall be paid at a rate that Governors jointly determine to be necessary Comptroller of the Currency or the Corpora- is not less than the basic rate of pay, includ- under subsection (a); tion, respectively. ing any geographic differential, that the (2) detail to the Office of the Comptroller (b) TIMING OF TRANSFERS AND POSITION AS- transferred employee received during the of the Currency, the Corporation, or the SIGNMENTS.—Each employee to be trans- pay period immediately preceding the date Board of Governors, as applicable, such per- ferred under subsection (a)(1) shall— on which the employee was transferred. sonnel as the Office of the Comptroller of the (1) be transferred not later than 90 days (2) EXCEPTIONS.—The Comptroller of the Currency, the Corporation, and the Board of after the transfer date; and Currency or the Chairman of the Board of Governors jointly determine to be appro- (2) receive notice of the position assign- Governors may reduce the rate of basic pay priate under subsection (a); and ment of the employee not later than 120 days of a transferred employee—

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00040 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.022 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3527 (A) for cause, including for unacceptable on the transfer date, the Office of the Comp- by the Director of the Office of Personnel performance; or troller of the Currency or the Corporation Management, after consultation with the (B) with the consent of the transferred em- determines that the Office of the Comp- Comptroller of the Currency or the Chair- ployee. troller of the Currency or the Corporation, person of the Corporation, as the case may (3) PROTECTION ONLY WHILE EMPLOYED.— as appropriate, will not continue to partici- be, and the Office of Management and Budg- This subsection shall apply to a transferred pate in any long term care insurance pro- et, to be necessary to reimburse the Federal employee only during the period that the gram of an agency from which an employee Employees’ Group Life Insurance Fund for transferred employee remains employed by transferred, a transferred employee who is a the cost to the Federal Employees’ Group Office of the Comptroller of the Currency or member of such a program may, before the Life Insurance Fund of providing benefits the Corporation. decision takes effect, elect to apply for cov- under this subparagraph not otherwise paid (4) PAY INCREASES PERMITTED.—Nothing in erage under the Federal Long Term Care In- for by a transferred employee under sub- this subsection shall limit the authority of surance Program established under chapter clause (I). the Comptroller of the Currency or the 90 of title 5, United States Code, under the (IV) CREDIT FOR TIME ENROLLED IN OTHER Chairperson of the Corporation to increase underwriting requirements applicable to a PLANS.—For any transferred employee, en- the pay of a transferred employee. new active workforce member, as described rollment in a life insurance plan adminis- (i) BENEFITS.— in part 875 of title 5, Code of Federal Regula- tered by the agency from which the em- (1) RETIREMENT BENEFITS FOR TRANSFERRED tions (or any successor thereto). ployee transferred, immediately before en- EMPLOYEES.— (D) CONTRIBUTION OF TRANSFERRED EM- rollment in a life insurance plan under chap- (A) IN GENERAL.— PLOYEE.— ter 87 of title 5, United States Code, shall be (i) CONTINUATION OF EXISTING RETIREMENT (i) IN GENERAL.—Subject to clause (ii), a considered as enrollment in a life insurance PLAN.—Each transferred employee shall re- transferred employee who is enrolled in a plan under that chapter for purposes of sec- main enrolled in the retirement plan of the plan under the Federal Employees Health tion 8706(b)(1)(A) of title 5, United States transferred employee, for as long as the Benefits Program shall pay any employee Code. transferred employee is employed by the Of- contribution required under the plan. (j) INCORPORATION INTO AGENCY PAY SYS- fice of the Comptroller of the Currency or (ii) COST DIFFERENTIAL.—The Office of the TEM.—Not later than 2 years after the trans- the Corporation. Comptroller of the Currency or the Corpora- fer date, the Comptroller of the Currency (ii) EMPLOYER’S CONTRIBUTION.—The Comp- tion, as applicable, shall pay any difference and the Chairperson of the Corporation shall troller of the Currency or the Chairperson of in cost between the employee contribution place each transferred employee into the es- the Corporation, as appropriate, shall pay required under the plan provided to trans- tablished pay system and structure of the any employer contributions to the existing ferred employees by the agency from which appropriate employing agency. retirement plan of each transferred em- the employee transferred on the date of en- (k) EQUITABLE TREATMENT.—In admin- ployee, as required under each such existing actment of this Act and the plan provided by istering the provisions of this section, the retirement plan. the Office of the Comptroller of the Currency Comptroller of the Currency and the Chair- (B) DEFINITION.—In this paragraph, the or the Corporation, as the case may be, person of the Corporation— term ‘‘existing retirement plan’’ means, with under this section. (1) may not take any action that would un- respect to a transferred employee, the retire- UNDS TRANSFER.—The Office of the (iii) F fairly disadvantage a transferred employee ment plan (including the Financial Institu- Comptroller of the Currency or the Corpora- relative to any other employee of the Office tions Retirement Fund), and any associated tion, as the case may be, shall transfer to of the Comptroller of the Currency or the thrift savings plan, of the agency from which the Employees Health Benefits Fund estab- Corporation on the basis of prior employ- the employee was transferred in which the lished under section 8909 of title 5, United ment by the Office of Thrift Supervision; and employee was enrolled on the day before the States Code, an amount determined by the (2) may take such action as is appropriate date on which the employee was transferred. Director of the Office of Personnel Manage- in an individual case to ensure that a trans- (2) BENEFITS OTHER THAN RETIREMENT BENE- ment, after consultation with the Comp- ferred employee receives equitable treat- FITS.— troller of the Currency or the Chairperson of ment, with respect to the status, tenure, (A) DURING FIRST YEAR.— the Corporation, as the case may be, and the pay, benefits (other than benefits under pro- (i) EXISTING PLANS CONTINUE.—During the Office of Management and Budget, to be nec- 1-year period following the transfer date, essary to reimburse the Fund for the cost to grams administered by the Office of Per- each transferred employee may retain mem- the Fund of providing any benefits under sonnel Management), and accrued leave or bership in any employee benefit program this subparagraph that are not otherwise vacation time for prior periods of service (other than a retirement benefit program) of paid for by a transferred employee under with any Federal agency of the transferred the agency from which the employee was clause (i). employee. EORGANIZATION transferred under this title, including any (E) SPECIAL PROVISIONS TO ENSURE CONTINU- (l) R .— dental, vision, long term care, or life insur- ATION OF LIFE INSURANCE BENEFITS.— (1) IN GENERAL.—If the Comptroller of the ance program to which the employee be- (i) IN GENERAL.—An annuitant, as defined Currency or the Chairperson of the Corpora- longed on the day before the transfer date. in section 8901 of title 5, United States Code, tion determines, during the 2-year period be- (ii) EMPLOYER’S CONTRIBUTION.—The Office who is enrolled in a life insurance plan ad- ginning 1 year after the transfer date, that a of the Comptroller of the Currency or the ministered by an agency from which employ- reorganization of the staff of the Office of Corporation, as appropriate, shall pay any ees are transferred under this title on the the Comptroller of the Currency or the Cor- employer cost required to extend coverage in day before the transfer date shall be eligible poration, respectively, is required, the reor- the benefit program to the transferred em- for coverage by a life insurance plan under ganization shall be deemed a ‘‘major reorga- ployee as required under that program or ne- sections 8706(b), 8714a, 8714b, or 8714c of title nization’’ for purposes of affording affected gotiated agreements. 5, United States Code, or by a life insurance employees retirement under section (B) DENTAL, VISION, OR LIFE INSURANCE plan established by the Office of the Comp- 8336(d)(2) or 8414(b)(1)(B) of title 5, United AFTER FIRST YEAR.—If, after the 1-year period troller of the Currency or the Corporation, States Code. beginning on the transfer date, the Office of as applicable, without regard to any regu- (2) SERVICE CREDIT.—For purposes of this the Comptroller of the Currency or the Cor- larly scheduled open season or any require- subsection, periods of service with a Federal poration determines that the Office of the ment of insurability. home loan bank or a joint office of Federal Comptroller of the Currency or the Corpora- (ii) CONTRIBUTION OF TRANSFERRED EM- home loan banks shall be credited as periods tion, as the case may be, will not continue to PLOYEE.— of service with a Federal agency. participate in any dental, vision, or life in- (I) IN GENERAL.—Subject to subclause (II), SEC. 323. PROPERTY TRANSFERRED. surance program of an agency from which an a transferred employee enrolled in a life in- (a) PROPERTY DEFINED.—For purposes of employee was transferred, a transferred em- surance plan under this subparagraph shall this section, the term ‘‘property’’ includes ployee who is a member of the program may, pay any employee contribution required by all real property (including leaseholds) and before the decision takes effect and without the plan. all personal property, including computers, regard to any regularly scheduled open sea- (II) COST DIFFERENTIAL.—The Office of the furniture, fixtures, equipment, books, ac- son, elect to enroll in— Comptroller of the Currency or the Corpora- counts, records, reports, files, memoranda, (i) the enhanced dental benefits program tion, as the case may be, shall pay any dif- paper, reports of examination, work papers, established under chapter 89A of title 5, ference in cost between the benefits provided and correspondence related to such reports, United States Code; by the agency from which the employee and any other information or materials. (ii) the enhanced vision benefits estab- transferred on the date of enactment of this (b) PROPERTY OF THE OFFICE OF THRIFT SU- lished under chapter 89B of title 5, United Act and the benefits provided under this sec- PERVISION.—Not later than 90 days after the States Code; and tion. transfer date, all property of the Office of (iii) the Federal Employees’ Group Life In- (III) FUNDS TRANSFER.—The Office of the Thrift Supervision that the Comptroller of surance Program established under chapter Comptroller of the Currency or the Corpora- the Currency and the Chairperson of the Cor- 87 of title 5, United States Code, without re- tion, as the case may be, shall transfer to poration jointly determine is used, on the gard to any requirement of insurability. the Federal Employees’ Group Life Insurance day before the transfer date, to perform or (C) LONG TERM CARE INSURANCE AFTER 1ST Fund established under section 8714 of title 5, support the functions of the Office of Thrift YEAR.—If, after the 1-year period beginning United States Code, an amount determined Supervision transferred to the Office of the

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00041 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.022 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3528 CONGRESSIONAL RECORD — SENATE May 11, 2010 Comptroller of the Currency or the Corpora- period beginning on the transfer date, con- Republican cosponsors, Democratic co- tion under this title, shall be transferred to tinue to be— sponsors, and I am very hopeful we will the Office of the Comptroller of the Currency (A) treated as an officer of the United have a vote early tomorrow in this mix or the Corporation in a manner consistent States; and because I think this will add a lot of with the transfer of employees under this (B) entitled to receive compensation at the support from our community banks to subtitle. same annual rate of basic pay that the Direc- (c) CONTRACTS RELATED TO PROPERTY tor of the Office of Thrift Supervision re- know they are not going to be shut out TRANSFERRED.—Each contract, agreement, ceived on the day before the transfer date. of access to the Federal Reserve, and lease, license, permit, and similar arrange- SEC. 326. CONTINUATION OF SERVICES. that the Federal Reserve banks will ment relating to property transferred to the Any agency, department, or other instru- not be shut out from the community Office of the Comptroller of the Currency or mentality of the United States, and any suc- banks that are so important for the the Corporation by this section shall be cessor to any such agency, department, or knowledge base of our monetary policy transferred to the Office of the Comptroller instrumentality, that was, before the trans- that is made and, frankly, is the main of the Currency or the Corporation, as appro- fer date, providing support services to the stay of the stability of our economic priate, together with the property to which Office of Thrift Supervision in connection it relates. with functions transferred to the Office of system. (d) PRESERVATION OF PROPERTY.—Property the Comptroller of the Currency, the Cor- So I thank the distinguished chair- identified for transfer under this section poration or the Board of Governors under man of the committee for staying and shall not be altered, destroyed, or deleted be- this title, shall— letting us talk tonight, and I look for- fore transfer under this section. (1) continue to provide such services, sub- ward to having the vote tomorrow on SEC. 324. FUNDS TRANSFERRED. ject to reimbursement by the Office of the our amendment. The funds that, on the day before the Comptroller of the Currency, the Corpora- The PRESIDING OFFICER. The Sen- transfer date, the Director of the Office of tion, or the Board of Governors, until the ator from Connecticut. Thrift Supervision (in consultation with the transfer of functions under this title is com- Mr. DODD. First of all, let me just Comptroller of the Currency, the Chair- plete; and say regarding the Merkley-Klobuchar person of the Corporation, and the Chairman (2) consult with the Comptroller of the amendment to the Corker—not amend- Currency, the Chairperson of the Corpora- of the Board of Governors) determines are ment to it, but the side-by-side—I wish not necessary to dispose of the affairs of the tion, or the Chairman of the Board of Gov- to thank Senator SCOTT BROWN of Mas- Office of Thrift Supervision under section 325 ernors, as appropriate, to coordinate and fa- and are available to the Office of Thrift Su- cilitate a prompt and orderly transition. sachusetts and OLYMPIA SNOWE of pervision to pay the expenses of the Office of On page 459, line 17, strike ‘‘bank’’ and in- Maine for cosponsoring that amend- Thrift Supervision— sert ‘‘nonmember bank, and the Board may, ment on the underwriting standards. I (1) relating to the functions of the Office of by order, exempt a transaction of a State appreciate that very much. Thrift Supervision transferred under section member bank,’’. Let me say to both of my colleagues, On page 1045, line 19, insert after ‘‘Cur- 312(b)(1)(B), shall be transferred to the Office Senator HUTCHISON and Senator of the Comptroller of the Currency on the rency’’ the following: ‘‘, the Board of Gov- ernors of the Federal Reserve System,’’. KLOBUCHAR, as my colleagues know, I transfer date; started out many months ago with the Mrs. HUTCHISON. Mr. President, we (2) relating to the functions of the Office of idea of trying to come down to a single Thrift Supervision transferred under section are restoring section 605 of the under- 312(b)(1)(C), shall be transferred to the Cor- prudential regulator as one of the re- lying bill. But I just think it is so im- forms in this bill. One of my concerns, poration on the transfer date; and portant we take this action. Senator (3) relating to the functions of the Office of as my colleagues know, was we had KLOBUCHAR made a great statement Thrift Supervision transferred under section some nine agencies. It was an alphabet 312(b)(1)(A), shall be transferred to the Board about what would happen with the soup out there with a lot of overlap in of Governors on the transfer date. Minnesota Fed going down to one terms of actually who is responsible, SEC. 325. DISPOSITION OF AFFAIRS. bank. How are they going to have the who is going to be accountable for (a) AUTHORITY OF DIRECTOR.—During the input to talk to the Federal Reserve things that occur. Obviously, we want 90-day period beginning on the transfer date, Board about monetary policy if their to have a dual banking system, the the Director of the Office of Thrift Super- supervision is over one bank? In fact, I State banks and so forth, that don’t vision— understood they might be closing some want to be drawn into a Federal sys- (1) shall, solely for the purpose of winding of the local offices of the Fed because up the affairs of the Office of Thrift Super- tem unnecessarily. So it began to there will be nothing to supervise, and break down from a single prudential vision relating to any function transferred to there will be no input, there will be no the Office of the Comptroller of the Cur- regulator to maybe two. rency, the Corporation, or the Board of Gov- knowledge of what is going on in some I say this with great respect, but I ernors under this title— of the communities. would point out that the Federal Re- (A) manage the employees of the Office of I think the Federal Reserve Bank of serve Board, of course, never imple- Thrift Supervision who have not yet been Dallas is in much the same situation. mented the requirements on mortgage transferred and provide for the payment of It would also go down to one from lending that passed in 1994. A lot of the the compensation and benefits of the em- about over 400. I will get the numbers major financial institutions were basi- ployees that accrue before the date on which exactly by tomorrow. But that is just cally unregulated institutions. My con- the employees are transferred under this going to make a huge difference in the title; and cern has been that the Fed did not ex- (B) manage any property of the Office of knowledge base of our Federal Reserve actly live up to its reputation during Thrift Supervision, until the date on which Board. It would be unthinkable to have this period of time and contributed in the property is transferred under section 323; monetary policy made without the major ways to the problems we are in and input from all of our States that the today. (2) may take any other action necessary to regional banks give at this time. So I have great respect for their mon- wind up the affairs of the Office of Thrift Su- The regional banks do a great job. I etary function, which is the core func- pervision. have dealt with many of the regional tion; the payment system, which is (b) STATUS OF DIRECTOR.— banks. They have great influence on their core function; their primarily (1) IN GENERAL.—Notwithstanding the monetary policy. The presidents of the transfer of functions under this subtitle, dur- monetary function, determining the ing the 90-day period beginning on the trans- regional banks rotate in the Open Mar- credibility of our currency. We had an fer date, the Director of the Office of Thrift ket Committee that makes our Fed de- earlier debate today on that very issue. Supervision shall retain and may exercise cisions, and it is a very good system. It The system was established in 1914, any authority vested in the Director of the was carefully put together so it would 1917, almost 100 years ago. Office of Thrift Supervision on the day be- be a monetary system that represents At some point down the road we are fore the transfer date, only to the extent our whole country. That is probably going to need to think about the Fed- necessary— one of the reasons why our economy eral Reserve System. We have two Fed- (A) to wind up the Office of Thrift Super- has remained so stable through the eral Reserve regional banks in the vision; and (B) to carry out the transfer under this years since the Federal Reserve was State of Missouri. The next one is in subtitle during such 90-day period. created. San Francisco. So I think the idea of (2) OTHER PROVISIONS.—For purposes of So I appreciate the support of the thinking through how to make it more paragraph (1), the Director of the Office of Senator from Minnesota. This is a relevant is a legitimate issue. Obvi- Thrift Supervision shall, during the 90-day truly bipartisan amendment. We have ously, we are not going to deal with

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00042 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.022 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3529 that in this bill. We will leave that for a long day. We covered a lot of ground Over nearly a year and a half, our bi- a later Congress to work on those today—some major amendments. We partisan investigation examined mil- issues. will vote tomorrow and move along. lions of pages of documents, conducted I appreciate what my colleagues are Again, I make the point that this al- over 100 interviews, and culminated in trying to do, and I recognize the impor- most seems like a throwback. When I four hearings during April, with over tance at these regional levels that arrived some 30 years ago, this was the 2,500 pages of hearing exhibits and want to maintain some involvement in way we did things. We haven’t had a more than 30 hours of testimony. The all of this for the reasons that Senator single tabling motion. We haven’t had American people, having suffered so KLOBUCHAR and Senator HUTCHISON a single filibuster. I would argue maybe much in this crisis and having had to have identified. Again, I know how we this is one of the top two pieces of leg- pay so much of their hard-earned have been talking about how to work islation to be considered in this Con- money to keep it from getting even on this a bit. Let me just make one gress on regulatory reform. It is a worse, deserve to know what happened. plea. One of the major concerns that major undertaking. The patience and But more than establishing a record happened with this proliferation of reg- the involvement of my colleagues has of what went wrong, we sought infor- ulators—it happened with AIG classi- been terrific, and I wish to thank them mation to help keep us from repeating cally and in other cases; it happened as well. the same mistakes in the future. Like back in the thrift crisis days as well— The PRESIDING OFFICER. The Sen- all of the subcommittee’s investiga- is that industries go out and shop and ator from Minnesota. tions, our eye was on both establishing Ms. KLOBUCHAR. Mr. President, can they look for the regulator of least re- a factual record and on using that I just commend Senator DODD and Sen- sistance, the ones they can get away record to support legislation that ator SHELBY for setting this tone. would rebuild Main Street’s defenses the most with. That was one of the There was an article this weekend against the excesses of Wall Street. major problems that happened here. about how we are working together on So I want to avoid wherever possible The recklessness, lax oversight, and a major piece of legislation. As my col- conflicts of interest our investigation this, what they call regulatory arbi- leagues can see from the amendment, trage; that is, the shopping that goes has uncovered cry out for legislated re- Senator HUTCHISON and I have a bipar- form. The hearings revealed that mort- on: Let me find the regulator that will tisan amendment, and I appreciate the gage lenders such as Washington Mu- let me get away with the most. Of chairman’s openness to this amend- course, the Federal Reserve has a lot to ment and his kind words. I thank him tual dumped hundreds of billions of demonstrate in the years ahead that for his work. dollars of high risk and sometimes they got the message, as they didn’t do Mr. DODD. I thank you both. fraudulent home loans into the U.S. fi- a very good job when they had the re- The PRESIDING OFFICER. The Sen- nancial system; banking regulators, sponsibility. ator from Texas. such as the Office of Thrift Super- So coming Congresses will have to Mrs. HUTCHISON. Mr. President, I vision, observed and understood the keep an eye on this to make sure they would also say that this shouldn’t be a flaws and the risks, failed to stop are going to not only want the job, but political bill. This should be a bill that them, and even impeded the examina- also to assume the responsibility in is hammered out on the floor and that tion efforts of the Federal Deposit In- doing this so we don’t end up with does have bipartisan amendments be- surance Corporation; credit rating problems running haywire again. It is cause it is complicated. It does have to agencies, such as Moody’s and Stand- true, small banks didn’t create a prob- fit together a lot of different needs, dif- ard & Poor’s, gave inflated ratings to lem. Only about 800 out of the 8,000 are ferent regulatory standards, different risky structured finance products in an regulated by the Federal Reserve. The types of banks and financial institu- effort to keep market share and please overwhelming majority, of course, are tions and nonbank financial institu- their investment bank clients; and in- not regulated by the Federal Reserve. tions. I hope it is going to be a product vestment banks such as Goldman And, of course, they didn’t do much in that—regardless of how big the vote Sachs, assembled, marketed, and sold it because they didn’t get involved in is—will make the system better. I high risk mortgage-related products, subprime lending. So it wasn’t a prob- think this process has been the best I while betting against the very products lem. There was a reason they didn’t get have seen this year in accommodating they created. involved in subprime lending, which is different concerns that have been That is why I and Senator KAUFMAN for another day, but nonetheless I un- raised by both sides. have assembled a package of amend- derstand they got in trouble with com- So I thank the chairman and the ments to the financial regulatory re- mercial loans which was their major ranking member for that. I yield the form bill now before the Senate. We be- problem. floor. lieve these amendments would help So I hope on the arbitrage issue that The PRESIDING OFFICER. The Sen- stop the bad loans, misleading credit we try to create as much of a level ator from Connecticut. ratings, poor quality securitizations, Mr. DODD. Mr. President, there is no playing field as possible so we don’t and other problems we saw in our in- more debate this evening. find institutions shopping around be- Mr. LEVIN. Mr. President, I come to vestigation, as well as slow down the cause of assessment costs or other mat- the Senate floor today to speak in sup- existing revolving door for regulators. ters which can once again find this mi- port of a package of amendments to They are intended to strengthen an al- gration into an area, not because it is the financial reform bill that is a re- ready strong bill that so many of our a right place to be but because it is sult of an investigation by the Perma- colleagues have worked so hard to where you would prefer to be. The deci- nent Subcommittee on Investigations, bring to this point. Let me outline sion by institutions as to where they which I chair. I am submitting these briefly what our amendments would ac- want to be ought not be the criteria by amendments with the support of my complish. which we determine regulation. We colleague, Senator KAUFMAN, who is Ban on Stated-Income and Negative have to have a better set of rules than not only a member of the sub- Amortization Loans. First, in response that or we end up back where we were committee but also sat with me to the hundreds of billions of dollars in before. through hours of subcommittee hear- high-risk mortgage loans that began My colleagues have done a great job. ings over a period of 2 weeks to exam- this crisis and that were featured in They have been faithful in reaching out ine some of the causes and con- our first hearing, our amendment and trying to find accommodation sequences of the crisis that nearly would sharply limit two of the most where they can. So I am very grateful brought down our financial system, dubious practices: stated-income loans to both of my colleagues and their co- that necessitated billions of dollars in and negatively amortizing loans. Stat- sponsors. We look forward to tomorrow taxpayer money to arrest, and that was ed-income loans, also known as ‘‘liar having a vote. In the meantime, I have a principal cause of the worst recession loans,’’ are ones in which lenders allow made an appeal to work on a couple of in nearly a century. borrowers simply to state their income pieces of this thing. We would not go We also are submitting the package on the loan applications without any into that right now. I thank them both as eight separate amendments to facili- confirmation of the borrower’s income and I thank my colleagues. It has been tate their consideration. or assets. Negative amortization loans

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00043 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.063 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3530 CONGRESSIONAL RECORD — SENATE May 11, 2010 are loans in which lenders allow the existing provision in the Dodd bill by quickly to deal with endangered finan- borrowers, for a specified period of requiring that securitizers keep an cial institutions before their failure time, to pay less than the monthly ownership interest in the securities threatens the FDIC insurance fund or amount needed to cover the interest, they create. While the existing provi- the safety of the financial system. resulting in loan balances that increase sion would require securitizers to keep Credit Rating Agencies. Fifth, our rather than decrease over time, and a 5 percent interest in the amendment would strengthen a host of then impose a much higher loan pay- securitization as a whole, it does not provisions in the Dodd bill dealing with ment to make up for the earlier low specify whether that 5 percent interest credit rating agencies. Credit rating payments. That leads to payment could be concentrated in a single por- agencies did not originate the bad shock and loan defaults by a large tion, or tranche, of securities, such as loans or risky securities that led to the number of borrowers. the low-risk, supersenior tranche at crisis. But their disastrously inac- Washington Mutual, which was the the top or the high-risk equity tranche curate ratings made those loans and se- case history in our first hearing, used at the bottom, which is often what curities easy to sell and helped spread stated-income and negative amortiza- happened during the crisis. Our amend- risk throughout the financial system. tion loans with disastrous results, lead- ment would make it clear that the The subcommittee’s third hearing ing to the largest bank failure in U.S. ownership interest would have to be showed a clear conflict of interest in- history. Stated-income loans made up distributed throughout the capital herent in the credit rating agencies’ 90 percent of its home equity loans, for structure—not just in a single business model: They are dependent for example, and 70 percent of its option tranche—so that the securitizer’s in- revenue upon the same financial firms ARMs, adjustable-rate mortgages, terests would be aligned with the inter- whose products they are supposed to which often are negatively amortizing. ests of all levels of investors buying impartially rate. Our amendment Because both types of loans default at the securities and would give the would eliminate that conflict by re- much higher rates than traditional 30- securitizer a stake in the success of all quiring rating agencies to receive their year fixed rate mortgages, lenders such of the tranches, not just one. fees through an intermediary to be es- as Washington Mutual quickly sold In addition, our amendment would tablished or designated by the SEC. them to remove the risk from their make it clear that regulators could In addition, the amendment would books. But those high-risk loans did allow lenders to go below the 5 percent strike the existing statutory ban that not disappear; they were packaged into requirement only if they are including prohibits direct SEC oversight of the securities and sold to investors, spread- high-quality, low-risk assets in their credit rating models, methodologies, ing risk throughout the financial sys- securities, such as 30-year fixed rate and criteria that failed so catastroph- tem. Eventually, when housing prices mortgages. Inclusion of this low-risk ically in this crisis, and would explic- stopped rising and borrowers could not standard in the provision allowing itly direct the SEC to oversee them. refinance their mortgages, the loans lenders to avoid the 5 percent require- We would also require the agencies to defaulted in record numbers, the secu- ment would create an enormous incen- rate as more risky products that, for rities plummeted in value, and the tive for securitizers to use low-risk example, lack past performance data; securitization market crashed. Our loans in their securitizations. that are provided by an issuer with a amendment would ensure that stated- Gustafson Fix. Third, we would ad- history of issuing poorly performing in- income and negative amortization dress the effects of a 1995 Supreme struments; that receive prior credit loans could not again be used to foist Court ruling in the Gustafson case that ratings already subject to downgrade; high-risk, poor quality loans off on in- has left investors in private securities that consist of synthetic instruments vestors in securitizations. offerings without protection from ma- in which no income is being contrib- Skin in the Game Securitizations. terial misstatements or omissions in uted by actual assets; or that consist of Second, our amendment would the security’s prospectus. The Gustaf- instruments whose complexity or nov- strengthen an existing provision in the son ruling interpreted the securities elty make it difficult to reliably pre- bill that requires financial firms to re- laws as depriving purchasers in private dict their performance. We would also tain some of the risk of the mortgage- offerings of the same protections build upon a Dodd provision requiring backed securities they assemble. Too against material misstatements or that certain information be provided often, lenders such as Washington Mu- omissions that apply to public offer- about each credit rating issued by an tual and investment banks such as ings. Our amendment would restore agency, including a requirement that Goldman Sachs were in the business of congressional intent and close that ratings come with an ‘‘expiration date’’ packaging high-risk mortgages into loophole. indicating whether they are intended structured financial instruments, slic- FDIC Examination Authority. to be effective for more or less than a ing and dicing them in new ways, ob- Fourth, we would strengthen protec- year. We would also bar credit rating taining credit ratings indicating that tions for the Federal deposit insurance agencies from relying on due diligence portions of these instruments carried fund and against the need for taxpayer reviews of financial products when the no more risk than Treasury securities bailouts by enhancing the FDIC’s au- agencies have reason to believe that but significantly higher returns, and thority to initiate bank exams and en- the due diligence is inadequate. To- then passing the risk to others, selling forcement actions. Under our amend- gether, these provisions would help en- them to investors without retaining ment, the FDIC’s chairperson would sure that the SEC has the authority it any risk on their books. In many cases, have the authority to initiate an exam, needs to conduct vigorous and mean- as our hearings showed, these financial authority that now rests solely with ingful oversight of credit rating agen- institutions knew the products they the FDIC’s board, which is cumbersome cies, instead of the current system that had assembled were of dubious quality and includes other regulators that can provides for SEC oversight in theory but were happy to sell them so long as prevent FDIC from acting quickly. but denies it in practice. they made a fee and knew that none of During the subcommittee’s second Restriction on Synthetic Asset- the risk could come back to harm hearing, documents and testimony Backed Securities. Sixth, we would them. This short-term pursuit of prof- showed how the Office of Thrift Super- rein in the pernicious effects of syn- its, with no concern for customers or vision thwarted FDIC efforts to partici- thetic asset-backed securities on the fi- for the toxic securities polluting the fi- pate in examinations of Washington nancial system. These securities con- nancial system, so damaged the Mutual and take enforcement action to tain no real assets. Their value is tied securitization markets that they are reduce the bank’s unsustainable high- to the assets that they reference, but still struggling to recover. risk lending. The Federal agency the securitizer and the investors need Our amendment would help stop charged with protecting the deposit in- not, and often do not, have any eco- these short-sighted and dangerous surance fund should not have to jump nomic interest in those assets. Too securitization practices by requiring fi- through hoops to look at bank records often, these instruments have amount- nancial institutions that securitize or stop unsafe or unsound practices. ed to nothing more than bets on wheth- mortgages to keep some of their own Our amendment would make it clear er a security or other asset would go up skin in the game. It would build on an that the FDIC can act decisively and or down in value. Such transactions,

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00044 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.032 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3531 usually embodied in collateralized debt banks from aiding or abetting tax eva- the Intercontinental Exchange in Lon- obligations, or CDOs, greatly magnified sion. don. This contract has what is called a the damage that resulted when poor We offer this amendment in the hope price discovery impact because it is quality mortgage-backed securities de- of improving what is already a strong commonly referenced as the standard faulted and helped bring down storied bill, either as a package or divided into market price of oil. financial firms such as Lehman Broth- its separate elements. It is not all that The practical implication of this is ers and Bear Stearns. needs to be done—for example, I have that U.S. traders can use electronic ex- Under our amendment, synthetic joined with Senator MERKLEY in an changes based overseas to artificially asset-backed securities that lack any amendment submitted to limit propri- drive up the prices of U.S. commod- substantial or material economic pur- etary trading and conflicts of interest ities—without any consequences from pose other than speculation on the by financial institutions—additional our Nation’s market regulators. This is value or condition of referenced assets problems examined during the sub- a major problem. could no longer be sold. Wall Street committee hearings. It is clear that A 2008 CFTC report found that trad- firms that claim a synthetic asset- the evidence revealed by the sub- ers using this London exchange to backed security has a substantial eco- committee’s lengthy investigation and trade U.S. crude oil futures held posi- nomic benefit apart from wagering on four hearings requires Congress to act tions far larger than would be allowed asset values will have an opportunity now to protect Main Street from finan- by American regulators. In fact, from to prove those claims to the SEC. We cial abuses that have so damaged our 2006 to 2008 at least one trader position must end the pollution of the U.S. fi- economy and American families. exceeded U.S. speculation limits every nancial system with these dangerous Mrs. FEINSTEIN. Mr. President, I single week on the London exchange, financial instruments that spread risk rise to speak in support of an amend- and British regulators had done noth- without adding anything of substance ment I am offering to the Wall Street ing about it. to the real economy. reform bill. The good news is that some steps Slowing the Revolving Door. Sev- The Dodd-Lincoln bill, as currently have been taken administratively to enth, we would seek to slow down the drafted, takes major steps to reform address this loophole. revolving door between financial regu- the $900 trillion derivative markets. It In 2008, the CFTC negotiated an latory agencies and the financial sector would require every trade to be re- agreement with British regulators to by requiring a 1-year ‘‘cooling off’’ pe- ported in real time to the CFTC; re- bring greater oversight to American riod before a Federal financial regu- quire all cleared contracts to be traded commodities contracts traded in Lon- lator could work for a financial institu- on an exchange or on a swap execution don. The agreement called for specula- tion he or she regulated. In 2005, we en- facility; require speculative position tion limits for the electronic trading of acted a 1-year cooling off period for limits set in ‘‘aggregate’’ for each com- U.S. energy commodities—like crude bank examiners, after Riggs Bank modity, instead of contract by con- oil—on foreign exchanges, and required hired the bank examiner who used to tract; and require foreign boards of recording-keeping and an audit trail. oversee its operations and who took trade to adhere to minimum standards But CFTC has limited legal authority some questionable regulatory actions comparable to those in the United to enforce this agreement. before switching his employment. That States, including reporting require- Bottom Line: We need to make sure law has been on the books for 5 years, ments—this provision is designed to the CFTC can oversee trading of Amer- providing a healthy deterrent to bank address the underlying problem of the ican commodities, whether it happens examiners that get too close to the so-called London Loophole. through a computer server located on banks they regulate. Our amendment I very much support these provisions. Wall Street or in Shanghai. would expand this approach to all Fed- However, I am concerned that the bill The Dodd-Lincoln bill currently be- eral financial regulators, from the Fed- doesn’t go far enough to address the fore us does include some important eral Reserve to the SEC to the CFTC to London loophole. This loophole has al- provisions to help close the London the new Consumer Financial Protec- lowed for the trading of U.S. energy loophole. As drafted, the bill will re- tion Bureau. It would prevent a regu- commodities—such as crude oil—on quire foreign boards of trade that pro- lator who participated personally and foreign exchanges without strong over- vide access to American traders to substantially in the regulation or over- sight from U.S. regulators. comply with comparable rules enforced sight of a particular financial institu- This means that there is no cop on by a foreign regulator, publish trading tion or took an enforcement action the beat to shield U.S. oil prices from information daily, supply data to against a specific financial institution manipulation or excessive speculation CFTC, and enforce position limits. from taking a job with the same insti- when they are traded in foreign mar- However, CFTC may be unable to tution for at least a year. kets, like commodities exchanges in force a Foreign Board of Trade to com- Foreign Bank Anti-Tax Evasion London or Shanghai. ply with these requirements. Remedy. Finally, based upon a number The amendment I am proposing This is because the CFTC’s current of previous subcommittee investiga- would allow CFTC to require foreign method of overseeing foreign ex- tions showing how some foreign banks boards of trade to register with CFTC, changes has tenuous legal have been deliberately assisting U.S. which would give CFTC the enforce- underpinnings, due to a Commodity clients to evade U.S. taxes, our amend- ment authority it needs. This provision Exchange Act provision forbidding ment would give the Treasury Depart- was in President Obama’s original pro- CFTC from ‘‘regulating’’ foreign boards ment discretionary authority to take posed financial reform bill, and it is of trade. measures against foreign financial in- strongly supported by CFTC Chairman In many instances, the CFTC can stitutions or foreign jurisdictions that Gensler. take action against a U.S. trader on a impede U.S. tax enforcement. Those First, let me explain what has be- foreign exchange to prevent manipula- measures include such actions as im- come known as the London loophole. tion or excessive speculation only with posing additional recordkeeping re- As Congress has taken steps to im- the cooperation and consent of the for- quirements, refusing to honor credit prove regulatory oversight of domestic eign regulator. The other, more con- cards issued by a foreign bank or, in commodity trading markets, Wall troversial option is for the CFTC to the most extreme cases, prohibiting Street traders have increasingly turned completely ban the foreign exchange U.S. financial institutions from doing to offshore markets to electronically from all U.S. operations. Not surpris- business with the offending foreign fi- trade U.S. energy futures—in order to ingly, the CFTC often shies away from nancial institution or jurisdiction. evade American market oversight and enforcement, in the face of these regu- This provision would build upon a Pa- speculation limits. latory obstacles. triot Act provision that has proven This new regulatory loophole earned That is why I am offering a proposal highly effective in stopping foreign its nickname—the London loophole— to allow CFTC to require foreign banks from engaging in money laun- because America’s most important boards of trade to register with CFTC, dering activities and would take the crude oil contract—known as West which would give CFTC the enforce- same approach in discouraging foreign Texas Intermediate—is today traded on ment authority it needs.

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00045 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.032 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3532 CONGRESSIONAL RECORD — SENATE May 11, 2010 Here are the benefits of this amend- modified; provided further, that the dents, customs, practices, traditions, ment: next two amendments in order would and courtesies of the Senate have been First, the registration process itself be the Landrieu-Isakson amendment forged over hundreds of years and after would give CFTC the authority to im- regarding risk retention and the much trial and experience. After all, pose appropriate regulatory require- Snowe-Landrieu amendment No. 3918. the benefit of this experience is to pre- ments as a condition of registration. The PRESIDING OFFICER. Without serve the institutional protection of all Second, a formal registration process objection, it is so ordered. Senators and their efforts to fairly rep- would assure that foreign boards of f resent the people of their States. The trade all follow the same set of rules. Senate is not the House of Representa- Third, the registration process would MORNING BUSINESS tives and was never intended to func- provide a much clearer basis for CFTC Mr. DODD. Mr. President, I ask unan- tion as such. The Senate’s purpose is to decisions to refuse or withdraw permis- imous consent that the Senate proceed carefully and critically examine, not to sion to foreign boards of trade wishing to a period of morning business, with expedite. to allow American traders on their ex- Senators permitted to speak therein Unfortunately, when the Senate rules change. for up to 10 minutes each. and customs are abused and Senators Finally, and most importantly, all of The PRESIDING OFFICER. Without become frustrated, it can lead to ill- CFTC’s existing enforcement authori- objection, it is so ordered. considered changes, and sometimes the ties apply to registered entities under pendulum can swing too far. Let us try the Commodity Exchange Act. f to keep the institutional purpose of the This amendment would therefore (At the request of Mr. REID, the fol- Senate uppermost in mind. The Nation allow CFTC to enforce its own statute lowing statement was ordered to be certainly requires the extended debate with regard to foreign exchanges oper- printed in the RECORD.) and deliberation that those time-hon- ating in the United States. SECRET HOLDS ored rules, precedents, and customs are This is a very moderate, practical designed to guarantee.∑ amendment to assure that we give ∑ Mr. BYRD. Mr. President, I recently CFTC the authority to enforce the declined to sign a letter that is circu- f statutory provisions already in the lating, in which certain Senators LRA DISARMAMENT AND NORTH- proposed legislation. It would only pro- pledge not to place ‘‘secret’’ holds on ERN UGANDA RECOVERY ACT vide the CFTC with equivalent author- legislation and nominations. The letter Mr. LEVIN. Mr. President, for more ity to that held by virtually all foreign features a very broad promise by the than 20 years, a group called the Lord’s futures regulators—including the Brit- signers to refrain from asking the lead- Resistance Army, or LRA, has operated ish. ership to delay Senate consideration of in central Africa, perpetrating some of I have worked for many years to a matter, without a full public expla- the most horrific acts of violence one bring about meaningful regulation of nation of the request. can envision. The LRA began as a rebel the derivatives markets, and that is When a small minority—often a mi- group saying it drew its guidance from why I am so pleased that Senators LIN- nority of one—abuses senatorial cour- the Ten Commandments, but in the COLN and DODD have brought forward tesy and misuses anonymous holds to two decades since it began, it has rou- the strongest derivatives regulatory indefinitely delay action on matters, tinely violated those commandments proposal considered by this Congress. then I am as adamant as any of my col- in the most gruesome and unimagi- But as we crack down on traders in leagues in insisting that Senators nable ways. Its continued campaign of our markets, we must be ever vigilant should come to the Senate floor and violence calls out for Congress and the to assure that traders sitting on Wall make their objections known. When United States to act. Street do not avoid our regulations by abuses of this courtesy have occurred, I Recently the United Nations uncov- trading on electronic exchanges with have supported efforts by others, and ered the latest of the LRA’s violent computer servers in London, or Dubai, proposed some of my own, to ignore acts, the rounding up and massacring or Singapore. holds after a certain period of time. I This amendment would improve the am ready to support such efforts again. of more than 100 innocent villagers in a London loophole provisions in the But I also believe that there are situ- remote part of the Democratic Repub- Dodd-Lincoln bill, by making those ations when it is appropriate and even lic of the Congo. The New York Times provisions more easily enforceable. important for Senators to raise a pri- reported on May 1 that U.N. officials It is the final piece necessary to close vate objection to the immediate con- had learned of the massacre, which oc- the London loophole, ensuring that our sideration of a matter with the leader- curred in February. U.N. officials inter- government has what it needs to pro- ship and to request a reasonable viewed several witnesses, including one tect American markets from manipula- amount of time to try to have concerns woman whose lips were cut off by LRA tion and excessive speculation, no mat- addressed. There are times when Sen- rebels, who told the woman she was ter where U.S. energy commodities are ators put holds on nominations or bills talking too much. traded. not to delay action but to be notified The LRA’s actions were described in I ask my colleagues to support this before a matter is coming to the floor brutally clear terms in a recent Human amendment. so that they can prepare amendments Rights Watch report entitled ‘‘Trail of Mr. DODD. Mr. President, I ask unan- or more easily plan schedules. These Death.’’ In it Human Rights Watch in- imous consent that on Wednesday, May are courtesies afforded to all Senators. vestigators describe the typical tac- 12, following any leader time, the Sen- In many cases, there is nothing nefar- tics, techniques, and procedures of this ate then resume consideration of S. ious or diabolical about reasonable re- terrible group of people: 3217, and that the time until 10 a.m. be quests for holds. Certainly, public dis- The LRA used similar tactics in each vil- for debate with respect to the following closures are not necessary every time lage they attacked during their four-day op- three amendments, with the time Senators want to slightly alter the eration: they pretended to be Congolese and Ugandan army soldiers on patrol, reassured equally divided and controlled between Senate schedule for the coming week. people in broken Lingala (the common lan- the leaders or their designees; that at Certainly, public disclosures are not guage of northern Congo) not to be afraid, 10 a.m., the Senate proceed to vote in necessary every time Senators request and, once people had gathered, captured relation to the amendments in the consultation or advanced notification their victims and tied them up. LRA combat- order listed, with no amendments in on a matter coming to the floor. ants specifically searched out areas where order to the amendments prior to a I appreciate that some Senators may people might gather—such as markets, vote, with 2 minutes of debate prior to be frustrated with what they believe churches, and water points—and repeatedly the succeeding votes and with the suc- are abuses of the Senate rules, but I asked those they encountered about the lo- cation of schools, indicating that one of ceeding votes limited to 10 minutes: also hope that Senators will endeavor their objectives was to abduct children. Merkley amendment No. 3962, Corker to understand—before they suggest Those who were abducted, including many amendment No 3955, Hutchison- pledges or propose less than well-rea- children aged 10 to 15 years old, were tied up Klobuchar amendment No. 3759, as soned changes—that the rules, prece- with ropes or metal wire at the waist, often

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00046 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.013 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3533 in human chains of five to 15 people. They Mr. President, I ask unanimous con- NATIONAL ALCOHOL- AND OTHER were made to carry the goods the LRA had sent that a recent New York Times ar- DRUG-RELATED BIRTH DEFECTS pillaged and then forced to march off with ticle on this incident be printed in the WEEK them. Anyone who refused, walked too slow- RECORD. ly, or who tried to escape was killed. Chil- Mr. JOHNSON. Mr. President, I rise dren were not spared. There being no objection, the mate- today in recognition of National Alco- rial was ordered to be printed in the The LRA got its start in Uganda, hol and Other Drug-Related Birth De- RECORD, as follows: where it has done and continues to do fects Week. Substance abuse during horrific damage. At one time, about 2 [From the New York Times, May 1, 2010] pregnancy is the leading known cause of birth defects and mental retardation million Ugandans were displaced from U.N. SAYS CONGO REBELS KILLED SCORES IN their homes by LRA violence; the VILLAGE in the United States. Each year thou- sands of babies are born with the phys- rebels massacred, mutilated and ab- (By Jeffrey Gettleman) ical signs and intellectual disabilities ducted civilians, and forced many into KISANGANI, CONGO—United Nations offi- related to prenatal substance abuse. sexual servitude; and an estimated cials said Saturday that the Lord’s Resist- Of all the substances of abuse—in- 66,000 Ugandan children were forced to ance Army rebel force killed up to l00 people cluding heroin, cocaine, and mari- in a previously unreported massacre in the fight for the group. juana—alcohol produces the most seri- Uganda is still recovering from the remote northeastern corner of this country. Details are still emerging of exactly what ous physical and mental effects in the LRA’s campaign of violence. Having fetus, according to the Institute of been forced out of Uganda, LRA bands happened. But according to John Holmes, the United Nation’s top humanitarian offi- Medicine. Referred to as fetal alcohol have moved into neighboring nations, cial, the L.R.A. struck a small village in spectrum disorders, or FASD, the po- including Sudan, the Democratic Re- February, two months after it killed more tential outcomes of alcohol abuse dur- public of the Congo, and the Central than 300 people from several villages in the ing pregnancy include mental retarda- African Republic—countries already surrounding area. tion, growth deficits, altered facial ravaged by man-made and natural dis- United Nations investigators have spoken characteristics, organ defects, behav- asters. As the latest report shows, it is with several witnesses and victims of the ioral problems, delayed motor skills, still a grave threat. As John Holmes, massacre in February, including two fisher- and various learning disabilities. the U.N. under secretary general for men who said they saw dozens of bodies. Researchers estimate that more than humanitarian affairs, put it, ‘‘they are But the investigators have been unable to 3 million Americans live with an FASD reach the exact location because of the dif- still capable of wreaking absolute ficulties of traveling in one of the most rug- and as many as 40,000 infants are annu- havoc—and they still do.’’ ged and isolated corners of Africa. ally born with an FASD. The tragedy Because of the havoc the LRA has Mr. Holmes said that while recent military of alcohol- and other drug-related birth caused across central Africa, I am one operations may have weakened the L.R.A., defects is entirely preventable and of more than 60 Senators who have co- ‘‘they are still capable of wreaking absolute must be addressed. We must increase sponsored S. 1067, the LRA Disar- havoc—and they still do.’’ efforts to reach out to all women of mament and Northern Uganda Recov- He said he learned about the February at- childbearing age and connect those ery Act, introduced by Senators FEIN- tack on Saturday, when he met with local most at risk to treatment and coun- authorities and victims in Niangara, an old GOLD and BROWNBACK. The act would seling services. Increased awareness trading post hidden away in the Congolese require that within 6 months, the and education about the effects of sub- jungle that has recently been ringed by rov- stance abuse during pregnancy is the United States develop a comprehensive ing bands of L.R.A. marauders. best way to reduce the prevalence of strategy for dealing with the LRA, in- One of the people he met was a young cluding an outline of steps to protect woman whose lips had been sliced off last devastating birth defects. the civilian population against LRA vi- month. She was attacked by rebels while I recently joined Senators MUR- olence. The act would authorize fund- working in her field, she said Saturday, sit- KOWSKI, INOUYE, and LANDRIEU in intro- ing to provide humanitarian assistance ting in a hospital bed, her face a mask of ducing the Advancing FASD Research, in areas affected by the LRA. And it gauze and tape. Prevention, and Services Act, in an ef- fort to improve the surveillance, iden- would provide assistance for recon- ‘‘They told me I was talking too much,’’ she said. tification, and prevention of FASD. struction and for promotion of justice The L.R.A. has been waging a brutal and This legislation will make grants and reconciliation in areas of Uganda bizarre rebellion for more than 20 years, available to federally qualified health recovering from the LRA’s depreda- starting in northern Uganda in the late 1980s. centers to provide training to health tions. Originally, it said it was guided by the Ten care providers on identifying and edu- This legislation would establish, as a Commandments, but soon it was breaking cating women who are at risk for alco- matter of policy, a U.S. commitment every one, massacring and mutilating civil- ians and becoming notorious for kidnapping hol consumption during pregnancy and to working with regional governments on screening children for FASD. to end the conflict in Uganda and sur- young children and turning them into 4-foot- tall killing machines. Through national public and education rounding nations by providing support campaigns, this bill will reach millions to multilateral efforts to protect civil- The Ugandan Army eventually drove the L.R.A. out of Uganda but the rebels simply and raise awareness of the risks associ- ians, apprehend top LRA leaders and marched into neighboring northeastern ated with alcohol consumption during disarm their followers; providing hu- Congo, where they set up bases in isolated pregnancy. manitarian assistance to relieve the areas. There is no cure for FASD and other immense suffering the LRA has caused; Recently, the Ugandan military has killed drug-related birth defects. Yet the dev- and supporting efforts to promote jus- dozens of fighters hiding out in Congo and astating effects are entirely prevent- tice and reconciliation in the region af- the Central African Republic, though the able when pregnant women abstain fected by LRA violence. L.R.A.’s leader, Joseph Kony, who has been indicted by the International Criminal Court from substance use. It is therefore im- We have delayed too long in enacting perative to reach at-risk women and this legislation. The Senate passed this on crimes against humanity, is still on the loose. ensure they have knowledge of the dan- important legislation in March, and In the December massacre, the L.R.A. gers of substance abuse, as well as ac- the House Foreign Affairs Committee killed more than 300 people in a brutal re- cess to quality reproductive and pre- favorably reported the bill to the full cruitment campaign near Niangara, in which natal care. When we move past the House last week. I am hopeful that the a few dozen rebel fighters abducted hundreds stigma associated with this disease, we committee’s approval signals the like- of civilians, marching them in a human can truly help those and their families lihood of approval by the full House chain from village to village. Along the way, who are affected get the health, edu- soon. I hope our colleagues in the the fighters beat to death men, women and cation, counseling, and support serv- House will move swiftly to pass this children they did not want to keep in their ranks. ices they need and deserve. legislation and send it to the President ‘‘For anyone saying that the L.R.A. is fin- I have long supported efforts to put for his signature; to do anything less ished, I would be careful not to count them an end to this entirely preventable and would be a failure to act with the ur- out,’’ Mr. Holmes said. ‘‘They have an amaz- destructive disease. In my home State gency, and the humanity, that the ing capacity to regenerate themselves, espe- of South Dakota, over 7,800 individuals LRA’s campaign of terror demands. cially by kidnapping children.’’ are suspected of living with an FASD.

VerDate Mar 15 2010 04:57 May 12, 2010 Jkt 089060 PO 00000 Frm 00047 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.020 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3534 CONGRESSIONAL RECORD — SENATE May 11, 2010 With the leadership of the health profes- more, the fact that the winner of the referendum, planning must also include sionals at our esteemed universities, parents, Presidential election has been indicted clear guidance on how to deal with the and teachers, among countless others, we by the International Criminal Court possibility that the different actors have made some important progress in ad- for war crimes is problematic. In no could seek to manipulate, or disrupt, dressing this issue. However, there is more work to be done to prevent alcohol- and way should the international commu- the results of that referendum. other drug-related birth defects in South Da- nity allow this outcome to take away I continue to be concerned that the kota and at the national level. The goal is to from the serious charges President NCP could foment insecurity in the one day entirely eliminate the heart- Bashir faces. south as it has done in the past, but I breaking, lifelong effects of fetal alcohol and The White House statement after the am particularly concerned by the in- drug exposure. Sudanese election was thoughtful and ternal security challenges within f balanced. It acknowledged the signifi- South Sudan. They are considerable SUDAN cant problems with the process but and will not be easily resolved. Human- also distinguished between the credi- itarian organizations reported that Mr. FEINGOLD. Mr. President, there bility of elections and the potential over 2,500 people were killed and an ad- are many important issues that de- still for democratic progress. These ditional 350,000 were displaced by inter- mand Congress’s attention, but one elections were seriously flawed, but in- ethnic and communal violence within that we cannot afford to neglect the deed there was evidence of the begin- southern Sudan throughout 2009. The situation is Sudan. We are in the midst nings of citizen engagement at the Lord’s Resistance Army continues to of a decisive period that will determine local levels that did not exist before. It wreak havoc on communities in the the future of that country and shape will be important to build on that mo- southwestern corner of the country. In the conflicts that have long besieged mentum going forward. his testimony to the Senate Intel- its people. The White House statement rightly ligence Committee in February, the Di- In less than 9 months, the people of pointed out that continued pressure rector of National Intelligence identi- South Sudan will hold their ref- will be critical to make progress for fied South Sudan as the area in which erendum on self-determination, with the civil and political rights of all Su- ‘‘a new mass killing or genocide is the option to forge an independent danese people. That pressure must most likely to occur.’’ state. There are serious challenges in- come first and foremost from within The task of transforming the army volved with the holding of that ref- the country, but there remains an im- and police into modern security organs erendum and any subsequent transition portant role for the United States and that protect civilians and respect to independence. The potential for in- other members of the international human rights is daunting but vital. We stability is high. community. need to roll up our sleeves and get to Meanwhile, the conflict in Darfur re- Over the last year, I have been con- work on helping the South Sudanese to mains unresolved and is likely to get cerned at times that the Obama admin- accomplish this task, while empow- worse. Over 2 million displaced people istration has not exerted the requisite ering UNMIS in the meantime to bet- are still living in camps, and earlier pressure to hold Khartoum accountable ter protect civilians and monitor this week, one of the largest rebel for a failure to live up to its commit- flashpoints. groups in Darfur suspended their in- ments. There are too many promises, Of course security sector reform can- volvement in peace talks after alleging commitments, and agreements broken not be separated from the other gov- that the Sudanese Government has without consequence. Theoretically, I ernance and economic challenges fac- launched fresh attacks. am not opposed to engaging the Gov- ing the region. Most South Sudanese Finally, the peace in eastern Sudan, ernment of Sudan, but I share Nicholas have not seen much progress in the 5 one of the country’s most impoverished Kristof’s concern that our engagement years since the signing of the CPA. regions, continues to be fragile. The ‘‘ends up as a policy to go soft on Communities continue to lack access dynamics in each of Sudan’s regions [Bashir] and to reduce pressure on to basic services including water, and the future of the country in gen- Khartoum to honor the referendum in health, and infrastructure. It is no se- eral will have profound implications the south.’’ cret that the Government of South for neighboring countries, as well as With the election now concluded, the Sudan still has limited capacity, and in the wider region. international community must redou- some cases limited will, to provide this Last month, the people of Sudan held ble its efforts to prepare for South Su- assistance or manage its own revenues. their first multiparty elections in 24 dan’s referendum and its outcome, This lack of will and capacity concerns years. I join the White House in com- whatever that may be. It is critical me particularly because it is closely mending the Sudanese people for their that this referendum be held on time linked with the growing problem of efforts to make these elections peace- and that it be held as fairly and peace- corruption within the government. A ful and meaningful, and I am pleased fully as possible. lack of transparency plagues this that the voting witnessed no major In order for this to happen, there is young government by complicating and armed violence. However, I was dis- much work to be done both logistically undermining efforts to distribute serv- appointed by statements of the U.S. and politically including efforts to re- ices and reform the security services. Special Envoy in the runup to the elec- solve the outstanding issues the CPA, This is not cause for delaying the ref- tion suggesting that the elections as well as ambiguous postreferenda erendum, as to do so would be a retreat would be ‘‘as free and as fair as pos- matters, such as resource allocation from our commitment as guarantors of sible.’’ This was clearly not the case. and citizenship rights. In the case of the CPA and could be seen as a reason For months beforehand, many of us separation, these two issues are likely to abrogate the agreement by either had expressed concern about the polit- to be the most inflammatory and dif- party. Instead, it is cause for increas- ical, security, and logistical challenges ficult to address. The international ing our efforts in South Sudan and to credible elections. The environment community, as well as countries in the helping the region to reach a basic was clearly not conducive for opposi- region, has an active role to play in ad- level of political and economic sta- tion parties to freely operate and cam- vancing related negotiations and prep- bility. paign, nor was it conducive for all vot- arations for the referendum. Sudan’s I am pleased that the Obama admin- ers to safely and confidently go to the neighboring states especially have in- istration is in the process of scaling up polls. The inability of the government terests at stake that could be directly our diplomatic and development per- both in the north and in the south—to affected by either a peaceful separation sonnel and activities in South Sudan to adequately address the significant in- or a return to conflict. prepare for the referendum and its frastructure and logistical challenges We must see serious and detailed con- aftermath. I urge other governments to resulted in decreased voter access. tingency planning for all possible sce- do the same, if they are not already. There is good reason for the inter- narios, both pre- and post-referendum The regional states and international national community to question the and they must get underway now. community all have a stake in facili- extent to which the results reflect the While the most obvious tripwire for a tating an orderly process and pre- will of the Sudanese people. Further- return to war would be a delay of the venting an outbreak of violence. It is

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00048 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.036 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3535 in our interest to work together and 2010 NATIONAL DRUG CONTROL munities better places to live, work, coordinate our efforts to help the STRATEGY—PM 54 and raise our families. South Sudanese meet the many chal- BARACK OBAMA. lenges in front of them. The PRESIDING OFFICER laid be- THE WHITE HOUSE, May 11, 2010. fore the Senate the following message Finally, as we do this, we should not f turn our backs on the other conflicts from the President of the United within Sudan, particularly the situa- States, together with an accompanying MESSAGE FROM THE HOUSE tion in Darfur. We have seen in the report; which was referred to the Com- ENROLLED BILLS SIGNED past how the National Congress Party mittee on the Judiciary: At 2:15 p.m., a message from the can effectively manipulate the inter- To the Congress of the United States: House of Representatives, delivered by national community’s narrow focus on I am pleased to transmit the 2010 Na- Ms. Niland, one of its reading clerks, one region or conflict at the expense of tional Drug Control Strategy, a blue- announced that the Speaker has signed another. Despite some small successes, print for reducing illicit drug use and the following enrolled bills: the situation in Darfur is unresolved its harmful consequences in America. I H.R. 2802. An act to provide for an exten- and the events of recent weeks have am committed to restoring balance in sion of the legislative authority of the shown that a peace deal remains elu- Adams Memorial Foundation to establish a our efforts to combat the drug prob- sive. The situation could become more commemorative work in honor of former lems that plague our communities. difficult and complex to resolve over President John Adams and his legacy, and While I remain steadfast in my com- time, especially if the CPA collapses for other purposes. mitment to continue our strong en- H.R. 5148. An act to amend title 39, United and the north-south war is reignited. forcement efforts, especially along the States Code, to clarify the instances in The Obama administration must southwest border, I directed the Office which the term ‘‘census’’ may appear on maintain its focus on building a cred- of National Drug Control Policy to re- mailable matter. ible peace process for Darfur at the engage in efforts to prevent drug use H.R. 5160. An act to extend the Caribbean same time that it seeks to shore up the Basin Economic Recovery Act, to provide and addiction and to make treatment CPA. We need to keep the pressure on customs support services to Haiti, and for available for those who seek recovery. to ensure there is a cessation of at- other purposes. This new, balanced approach will ex- tacks and to begin seriously addressing f pand efforts for the three critical ways the legitimate grievances of that we can address the drug problem: MEASURES READ THE FIRST TIME Darfurians. prevention, treatment, and law en- Mr. President, in the critical months The following bill was read the first forcement. ahead, we need to have a bold, com- time: prehensive approach toward all of Drug use endangers the health and S. 3347. A bill to extend the National Flood Sudan that brings resources to bear safety of every American, depletes fi- Insurance Program through December 31, and ensures consistent, high-level en- nancial and human resources, and 2010. gagement from the White House as well deadens the spirit of many of our com- f as here in Congress. To that end, I will munities. Whether struggling with an addiction, worrying about a loved one’s INTRODUCTION OF BILLS AND continue to do my part, and I encour- JOINT RESOLUTIONS age my colleagues to do the same. substance abuse, or being a victim of drug-related crime, millions of people The following bills and joint resolu- f in this country live with the dev- tions were introduced, read the first ADDITIONAL STATEMENTS astating impact of illicit drug use and second times by unanimous con- every day. This stark reality demands sent, and referred as indicated: a new direction in drug policy—one By Mr. COBURN (for himself, Mr. RECOGNIZING THE HARRISON based on common sense, sound science, MCCAIN, Mr. FEINGOLD, Mrs. GILLIBRAND, Mr. BENNET, Mr. ENSIGN, PUBLIC SCHOOL DISTRICT and practical experience. That is why my new Strategy includes efforts to Mr. CORKER, and Mr. UDALL of Colo- ∑ Mrs. LINCOLN. Mr. President, I wish educate young people who are the most rado): to congratulate Harrison Public School S. 3335. A bill to require Congress to estab- at-risk about the dangers of substance lish a unified and searchable database on a District for being named to the na- abuse, allocates unprecedented funding tional ‘‘GreatSchools’’ list by Forbes public website for congressional earmarks as for treatment efforts in federally quali- called for by the President in his 2010 State magazine. Under the leadership of fied health centers, reinvigorates drug of the Union Address to Congress; to the superintendant Jerry Moody, Harrison courts and other criminal justice inno- Committee on Homeland Security and Gov- was named the top public school dis- vations, and strengthens our enforce- ernmental Affairs. trict in the country for markets of me- ment efforts to rid our streets of the By Mrs. FEINSTEIN (for herself and dian home price under $100,000. Har- drug dealers who infect our commu- Mr. BROWN of Ohio): S. 3336. A bill to amend the Internal Rev- rison was the only Arkansas school dis- nities. trict to make Forbes’ top 10 list. enue Code of 1986 to provide for the treat- Harrison received this designation I am confident that if we take these ment of bonds issued to finance renewable needed steps, we will make our country energy resources facilities, conservation and based on criteria including quality of efficiency facilities, and other specified education, affordable housing, and the stronger, our people healthier, and our streets safer. If we boost community- greenhouse gas emission technologies; to the unemployment rate. Calling Harrison a Committee on Finance. ‘‘rural gem,’’ the magazine commented based prevention efforts, expand treat- By Ms. LANDRIEU: that ‘‘with its well-developed gifted ment opportunities, strengthen law en- S. 3337. A bill to amend the Public Works and talented program and an intimate forcement capabilities, and work col- and Economic Development Administration 12.5-to-1 student-teacher ratio, Har- laboratively with our global partners, Act of 1965 to establish a program to provide rison offers serious book learning in a we will reduce drug use and its result- technical assistance grants for use by orga- ing damage. nizations in assisting individuals and busi- mountain idyll.’’ nesses affected by the Deepwater Horizon oil Forbes has found out what Harrison While I am proud of the new direc- spill in the Gulf of Mexico; to the Committee residents have known for years: that tion described here, a well-crafted on Environment and Public Works. hard work, dedication, and a commit- strategy is only as successful as its im- By Mr. NELSON of Florida: ment to education are integral to a plementation. To succeed, we will need S. 3338. A bill to amend the Internal Rev- community’s success. When students, to rely on the hard work, dedication, enue Code of 1986 to provide an investment teachers, administrators and parents and perseverance of every concerned tax credit for advanced biofuel production work together, great things can be American. I look forward to working property; to the Committee on Finance. By Mr. KERRY (for himself, Mr. achieved. with the Congress, Federal, State, and CRAPO, Mr. WYDEN, and Ms. SNOWE): Along with all Arkansans, I extend local officials, tribal leaders, and citi- S. 3339. A bill to amend the Internal Rev- my congratulations to each member of zens across the country as we imple- enue Code of 1986 to provide a reduced rate of the Harrison community.∑ ment this Strategy and make our com- excise tax on beer produced domestically by

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00049 Fmt 4624 Sfmt 0634 E:\CR\FM\G11MY6.034 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3536 CONGRESSIONAL RECORD — SENATE May 11, 2010 certain small producers; to the Committee ADDITIONAL COSPONSORS fication of trade enforcement prior- on Finance. ities, and for other purposes. By Mr. UDALL of New Mexico: S. 678 S. 2924 S. 3340. A bill to create jobs, increase en- At the request of Mr. LEAHY, the ergy efficiency, and promote technology name of the Senator from New Jersey At the request of Mr. LEAHY, the transfer, and for other purposes; to the Com- (Mr. MENENDEZ) was added as a cospon- name of the Senator from Minnesota mittee on Commerce, Science, and Transpor- sor of S. 678, a bill to reauthorize and (Ms. KLOBUCHAR) was added as a co- tation. improve the Juvenile Justice and De- sponsor of S. 2924, a bill to reauthorize By Mr. CARDIN (for himself, Ms. COL- linquency Prevention Act of 1974, and the Boys & Girls Clubs of America, in LINS, Mr. AKAKA, Mr. ROCKEFELLER, for other purposes. the wake of its Centennial, and its pro- Ms. MIKULSKI, Mr. BINGAMAN, Mr. grams and activities. JOHNSON, Mr. KAUFMAN, Mr. KERRY, S. 695 S. 3055 Ms. LANDRIEU, Ms. STABENOW, and At the request of Ms. SNOWE, the Mr. WARNER): name of the Senator from California At the request of Mr. CASEY, the name of the Senator from Pennsyl- S. 3341. A bill to amend title 5, United (Mrs. BOXER) was added as a cosponsor States Code, to extend eligibility for cov- of S. 695, a bill to authorize the Sec- vania (Mr. SPECTER) was added as a co- erage under the Federal Employees Health sponsor of S. 3055, a bill to require the Benefits Program with respect to certain retary of Commerce to reduce the matching requirement for participants Secretary of Commerce to award adult dependents of Federal employees and grants to municipalities to carry out annuitants, in conformance with amend- in the Hollings Manufacturing Partner- ments made by the Patient Protection and ship Program. community greening initiatives, and for other purposes. Affordable Care Act; to the Committee on S. 941 Homeland Security and Governmental Af- S. 3102 At the request of Mr. CRAPO, the fairs. At the request of Mr. MERKLEY, the name of the Senator from Maine (Ms. By Mr. DURBIN: name of the Senator from Minnesota COLLINS) was added as a cosponsor of S. S. 3342. A bill to amend the Richard B. Rus- (Mr. FRANKEN) was added as a cospon- 941, a bill to reform the Bureau of Alco- sell National School Lunch Act to establish sor of S. 3102, a bill to amend the mis- a demonstration project to promote collabo- hol, Tobacco, Firearms, and Explo- cellaneous rural development provi- rations to improve school nutrition; to the sives, modernize firearm laws and regu- sions of the Farm Security and Rural Committee on Agriculture, Nutrition, and lations, protect the community from Investment Act of 2002 to authorize the Forestry. criminals, and for other purposes. By Mr. LAUTENBERG: Secretary of Agriculture to make loans S. 3343. A bill to direct the Secretary of the S. 1072 to certain entities that will use the Interior to establish an annual fee on Fed- At the request of Mrs. LINCOLN, the funds to make loans to consumers to eral offshore areas that are subject to a lease name of the Senator from Indiana (Mr. implement energy efficiency measures for production of oil or natural gas and to es- BAYH) was added as a cosponsor of S. tablish a fund to reduce pollution and the de- involving structural improvements and 1072, a bill to amend chapter 1606 of investments in cost-effective, commer- pendence of the United States on oil; to the title 10, United States Code, to modify Committee on Energy and Natural Re- cial off-the-shelf technologies to reduce sources. the basis utilized for annual adjust- home energy use. ments in amounts of educational as- By Mr. WHITEHOUSE (for himself, Mr. S. 3201 sistance for members of the Selected MENENDEZ, and Mrs. BOXER): At the request of Mr. UDALL of Colo- S. 3344. A bill to establish an independent, Reserve. rado, the name of the Senator from Il- nonpartisan commission to investigate the S. 1317 causes and impact of, and evaluate and im- linois (Mr. BURRIS) was added as a co- At the request of Mr. LAUTENBERG, prove the response to, the explosion, fire, sponsor of S. 3201, a bill to amend title and loss of life on and sinking of the Mobile the name of the Senator from Cali- 10, United States Code, to extend Drilling Unit Deepwater Horizon and the re- fornia (Mrs. BOXER) was added as a co- TRICARE coverage to certain depend- sulting uncontrolled release of crude oil into sponsor of S. 1317, a bill to increase ents under the age of 26. the Gulf of Mexico, and to ensure that a public safety by permitting the Attor- S. 3211 similar disaster is not repeated; to the Com- ney General to deny the transfer of At the request of Mrs. SHAHEEN, the mittee on Energy and Natural Resources . firearms or the issuance of firearms name of the Senator from Ohio (Mr. By Mr. WHITEHOUSE (for himself, Mr. and explosives licenses to known or MENENDEZ, and Mr. LEAHY): BROWN) was added as a cosponsor of S. S. 3345. A bill to amend title 46, United suspected dangerous terrorists. 3211, a bill to amend title XVIII of the States Code, to remove the cap on punitive S. 1645 Social Security Act to improve access damages established by the Supreme Court At the request of Mr. SPECTER, the to diabetes self-management training in Exxon Shipping Company v. Baker; to the name of the Senator from Pennsyl- by designating certain certified diabe- Committee on Commerce, Science, and vania (Mr. CASEY) was added as a co- tes educators as certified providers for Transportation. sponsor of S. 1645, a bill to amend the purposes of outpatient diabetes self- By Mr. WHITEHOUSE (for himself and Agricultural Adjustment Act to re- Mr. MENENDEZ): management training services under S. 3346. A bill to increase the limits on li- quire the Secretary of Agriculture to part B of the Medicare Prorgram. ability under the Outer Continental Shelf determine the price of all milk used for S. 3255 Lands Act; to the Committee on Energy and manufactured purposes, which shall be At the request of Mrs. LINCOLN, the Natural Resources. classified as Class II milk, by using the name of the Senator from New York By Mr. VITTER: national average cost of production, (Mrs. GILLIBRAND) was added as a co- S. 3347. A bill to extend the National Flood and for other purposes. Insurance Program through December 31, sponsor of S. 3255, a bill to amend title 2010; read the first time. S. 1709 XVIII of the Social Security Act to By Mr. ISAKSON (for himself, Mr. AL- At the request of Ms. STABENOW, the provide coverage for custom fabricated EXANDER, Mr. BARRASSO, Mr. COBURN, name of the Senator from Minnesota breast prostheses following a mastec- Mr. DEMINT, Mr. GREGG, Mr. BURR, (Mr. FRANKEN) was added as a cospon- tomy. Mr. ROBERTS, Mr. WICKER, Mr. sor of S. 1709, a bill to amend the Na- S. 3295 JOHANNS, Mr. GRASSLEY, Mr. tional Agricultural Research, Exten- At the request of Mr. SCHUMER, the LEMIEUX, Mr. CHAMBLISS, Ms. COL- sion, and Teaching Policy Act of 1977 LINS, Mr. HATCH, Mr. VOINOVICH, Mr. name of the Senator from North Da- to establish a grant program to pro- CRAPO, Mr. ENZI, Mr. BROWNBACK, Mr. kota (Mr. DORGAN) was added as a co- BUNNING, Ms. MURKOWSKI, Mr. CORK- mote efforts to develop, implement, sponsor of S. 3295, a bill to amend the ER, Mr. SESSIONS, Mr. LUGAR, Mr. and sustain veterinary services, and for Federal Election Campaign Act of 1971 THUNE, and Mr. BENNETT): other purposes. to prohibit foreign influence in Federal S.J. Res. 30. A joint resolution providing S. 1982 elections, to prohibit government con- for congressional disapproval under chapter 8 At the request of Mr. BROWN of Ohio, tractors from making expenditures of title 5, United States Code, of the rule submitted by the National Mediation Board the name of the Senator from Oregon with respect to such elections, and to relating to representation election proce- (Mr. WYDEN) was added as a cosponsor establish additional disclosure require- dures; to the Committee on Health, Edu- of S. 1982, a bill to renew and extend ments with respect to spending in such cation, Labor, and Pensions. the provisions relating to the identi- elections, and for other purposes.

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00050 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.030 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3537 S. 3297 ment officers who have been killed or ing bailouts, to protect consumers At the request of Mr. FEINGOLD, the injured in the line of duty. from abusive financial services prac- name of the Senator from Maryland AMENDMENT NO. 3730 tices, and for other purposes. (Mr. CARDIN) was added as a cosponsor At the request of Mr. FEINGOLD, the AMENDMENT NO. 3759 of S. 3297, a bill to update United name of the Senator from Ohio (Mr. At the request of Mrs. HUTCHISON, the States policy and authorities to help BROWN) was added as a cosponsor of names of the Senator from Nevada (Mr. advance a genuine transition to democ- amendment No. 3730 intended to be pro- ENSIGN), the Senator from Louisiana racy and to promote recovery in posed to S. 3217, an original bill to pro- (Ms. LANDRIEU), the Senator from Wyo- Zimbabwe. mote the financial stability of the ming (Mr. BARRASSO), the Senator from S. 3308 United States by improving account- Wyoming (Mr. ENZI), the Senator from At the request of Mr. NELSON of Flor- ability and transparency in the finan- Indiana (Mr. LUGAR), the Senator from ida, the name of the Senator from cial system, to end ‘‘too big to fail’’, to Georgia (Mr. CHAMBLISS), the Senator Rhode Island (Mr. WHITEHOUSE) was protect the American taxpayer by end- from Oklahoma (Mr. COBURN), the Sen- added as a cosponsor of S. 3308, a bill to ing bailouts, to protect consumers ator from Georgia (Mr. ISAKSON) and suspend certain activities in the outer from abusive financial services prac- the Senator from Washington (Ms. Continental Shelf until the date on tices, and for other purposes. CANTWELL) were added as cosponsors of which the joint investigation into the AMENDMENT NO. 3736 amendment No. 3759 proposed to S. Deepwater Horizon incident in the Gulf At the request of Mr. WEBB, the name 3217, an original bill to promote the fi- of Mexico has been completed, and for of the Senator from Ohio (Mr. BROWN) nancial stability of the United States other purposes. was added as a cosponsor of amend- by improving accountability and trans- S. 3315 ment No. 3736 intended to be proposed parency in the financial system, to end At the request of Ms. COLLINS, the to S. 3217, an original bill to promote ‘‘too big to fail’’, to protect the Amer- name of the Senator from Washington the financial stability of the United ican taxpayer by ending bailouts, to (Mrs. MURRAY) was added as a cospon- States by improving accountability protect consumers from abusive finan- sor of S. 3315, a bill to amend title and transparency in the financial sys- cial services practices, and for other XVIII of the Social Security Act to tem, to end ‘‘too big to fail’’, to protect purposes. protect Medicare beneficiaries’ access the American taxpayer by ending bail- AMENDMENT NO. 3760 to home health services under the outs, to protect consumers from abu- At the request of Mr. VITTER, the Medicare program. sive financial services practices, and names of the Senator from South Caro- E INT S. 3324 for other purposes. lina (Mr. D M ), the Senator from AMENDMENT NO. 3738 Iowa (Mr. GRASSLEY), the Senator from At the request of Mr. BROWN of Ohio, the name of the Senator from Michigan At the request of Mr. SANDERS, the Utah (Mr. HATCH), the Senator from Arizona (Mr. MCCAIN), the Senator (Ms. STABENOW) was added as a cospon- names of the Senator from Massachu- sor of S. 3324, a bill to amend the Inter- setts (Mr. BROWN), the Senator from from Kentucky (Mr. BUNNING), the Sen- nal Revenue Code of 1986 to extend the Massachusetts (Mr. KERRY) and the ator from Idaho (Mr. CRAPO) and the qualifying advanced energy project Senator from Washington (Mrs. MUR- Senator from Idaho (Mr. RISCH) were credit. RAY) were added as cosponsors of added as cosponsors of amendment No. amendment No. 3738 proposed to S. 3760 proposed to S. 3217, an original bill S. 3326 3217, an original bill to promote the fi- to promote the financial stability of At the request of Ms. CANTWELL, the nancial stability of the United States the United States by improving ac- name of the Senator from New York by improving accountability and trans- countability and transparency in the (Mr. SCHUMER) was added as a cospon- parency in the financial system, to end financial system, to end ‘‘too big to sor of S. 3326, a bill to provide grants to ‘‘too big to fail’’, to protect the Amer- fail’’, to protect the American taxpayer States for low-income housing projects ican taxpayer by ending bailouts, to by ending bailouts, to protect con- in lieu of low-income housing credits, protect consumers from abusive finan- sumers from abusive financial services and to amend the Internal Revenue cial services practices, and for other practices, and for other purposes. Code of 1986 to allow a 5-year purposes. AMENDMENT NO. 3762 carryback of the low-income housing At the request of Mr. BINGAMAN, his At the request of Mr. LEAHY, the credit, and for other purposes. name was added as a cosponsor of name of the Senator from Ohio (Mr. S. 3329 amendment No. 3738 proposed to S. BROWN) was added as a cosponsor of At the request of Mr. LAUTENBERG, 3217, supra. amendment No. 3762 intended to be pro- the name of the Senator from Pennsyl- AMENDMENT NO. 3746 posed to S. 3217, an original bill to pro- vania (Mr. SPECTER) was added as a co- At the request of Mr. WHITEHOUSE, mote the financial stability of the sponsor of S. 3329, a bill to provide tri- the name of the Senator from Mis- United States by improving account- ple credits for renewable energy on sissippi (Mr. COCHRAN) was added as a ability and transparency in the finan- brownfields, and for other purposes. cosponsor of amendment No. 3746 in- cial system, to end ‘‘too big to fail’’, to S. RES. 410 tended to be proposed to S. 3217, an protect the American taxpayer by end- At the request of Mr. BAYH, the original bill to promote the financial ing bailouts, to protect consumers names of the Senator from Oregon (Mr. stability of the United States by im- from abusive financial services prac- MERKLEY), the Senator from New York proving accountability and trans- tices, and for other purposes. (Mr. SCHUMER), the Senator from Ohio parency in the financial system, to end AMENDMENT NO. 3767 (Mr. VOINOVICH) and the Senator from ‘‘too big to fail’’, to protect the Amer- At the request of Mr. DURBIN, the Oregon (Mr. WYDEN) were added as co- ican taxpayer by ending bailouts, to name of the Senator from Vermont sponsors of S. Res. 410, a resolution protect consumers from abusive finan- (Mr. SANDERS) was added as a cospon- supporting and recognizing the goals cial services practices, and for other sor of amendment No. 3767 intended to and ideals of ‘‘RV Centennial Celebra- purposes. be proposed to S. 3217, an original bill tion Month’’ to commemorate 100 years AMENDMENT NO. 3751 to promote the financial stability of of enjoyment of recreation vehicles in At the request of Mr. NELSON of Flor- the United States by improving ac- the United States. ida, the name of the Senator from Ohio countability and transparency in the S. RES. 511 (Mr. BROWN) was added as a cosponsor financial system, to end ‘‘too big to At the request of Mr. LEAHY, the of amendment No. 3751 intended to be fail’’, to protect the American taxpayer name of the Senator from Minnesota proposed to S. 3217, an original bill to by ending bailouts, to protect con- (Mr. FRANKEN) was added as a cospon- promote the financial stability of the sumers from abusive financial services sor of S. Res. 511, a resolution com- United States by improving account- practices, and for other purposes. memorating and acknowledging the ability and transparency in the finan- AMENDMENT NO. 3768 dedication and sacrifices made by the cial system, to end ‘‘too big to fail’’, to At the request of Mr. DURBIN, the Federal, State, and local law enforce- protect the American taxpayer by end- name of the Senator from Vermont

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00051 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.032 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3538 CONGRESSIONAL RECORD — SENATE May 11, 2010 (Mr. SANDERS) was added as a cospon- ‘‘too big to fail’’, to protect the Amer- fail’’, to protect the American taxpayer sor of amendment No. 3768 intended to ican taxpayer by ending bailouts, to by ending bailouts, to protect con- be proposed to S. 3217, an original bill protect consumers from abusive finan- sumers from abusive financial services to promote the financial stability of cial services practices, and for other practices, and for other purposes. the United States by improving ac- purposes. AMENDMENT NO. 3877 countability and transparency in the AMENDMENT NO. 3808 At the request of Mr. MENENDEZ, the financial system, to end ‘‘too big to At the request of Mr. FRANKEN, the names of the Senator from New York fail’’, to protect the American taxpayer names of the Senator from Delaware (Mr. SCHUMER) and the Senator from by ending bailouts, to protect con- (Mr. KAUFMAN), the Senator from Iowa South Dakota (Mr. JOHNSON) were sumers from abusive financial services (Mr. GRASSLEY) and the Senator from added as cosponsors of amendment No. practices, and for other purposes. Illinois (Mr. DURBIN) were added as co- 3877 intended to be proposed to S. 3217, AMENDMENT NO. 3769 sponsors of amendment No. 3808 in- an original bill to promote the finan- At the request of Mr. DURBIN, the tended to be proposed to S. 3217, an cial stability of the United States by name of the Senator from Vermont original bill to promote the financial improving accountability and trans- (Mr. SANDERS) was added as a cospon- stability of the United States by im- parency in the financial system, to end sor of amendment No. 3769 intended to proving accountability and trans- ‘‘too big to fail’’, to protect the Amer- be proposed to S. 3217, an original bill parency in the financial system, to end ican taxpayer by ending bailouts, to to promote the financial stability of ‘‘too big to fail’’, to protect the Amer- protect consumers from abusive finan- the United States by improving ac- ican taxpayer by ending bailouts, to cial services practices, and for other countability and transparency in the protect consumers from abusive finan- purposes. financial system, to end ‘‘too big to cial services practices, and for other AMENDMENT NO. 3879 fail’’, to protect the American taxpayer purposes. At the request of Ms. COLLINS, the by ending bailouts, to protect con- AMENDMENT NO. 3811 name of the Senator from Kansas (Mr. sumers from abusive financial services At the request of Mr. DORGAN, the BROWNBACK) was added as a cosponsor practices, and for other purposes. name of the Senator from Ohio (Mr. of amendment No. 3879 intended to be proposed to S. 3217, an original bill to AMENDMENT NO. 3771 BROWN) was added as a cosponsor of promote the financial stability of the At the request of Mr. DURBIN, the amendment No. 3811 intended to be pro- name of the Senator from Vermont posed to S. 3217, an original bill to pro- United States by improving account- ability and transparency in the finan- (Mr. SANDERS) was added as a cospon- mote the financial stability of the sor of amendment No. 3771 intended to United States by improving account- cial system, to end ‘‘too big to fail’’, to be proposed to S. 3217, an original bill ability and transparency in the finan- protect the American taxpayer by end- to promote the financial stability of cial system, to end ‘‘too big to fail’’, to ing bailouts, to protect consumers from abusive financial services prac- the United States by improving ac- protect the American taxpayer by end- tices, and for other purposes. countability and transparency in the ing bailouts, to protect consumers financial system, to end ‘‘too big to from abusive financial services prac- AMENDMENT NO. 3889 fail’’, to protect the American taxpayer tices, and for other purposes. At the request of Mr. AKAKA, the name of the Senator from Delaware by ending bailouts, to protect con- AMENDMENT NO. 3816 sumers from abusive financial services (Mr. KAUFMAN) was added as a cospon- At the request of Mr. CHAMBLISS, the sor of amendment No. 3889 intended to practices, and for other purposes. name of the Senator from Missouri be proposed to S. 3217, an original bill AMENDMENT NO. 3775 (Mr. BOND) was added as a cosponsor of to promote the financial stability of At the request of Mr. WYDEN, the amendment No. 3816 intended to be pro- the United States by improving ac- name of the Senator from Ohio (Mr. posed to S. 3217, an original bill to pro- countability and transparency in the BROWN) was added as a cosponsor of mote the financial stability of the financial system, to end ‘‘too big to amendment No. 3775 intended to be pro- United States by improving account- fail’’, to protect the American taxpayer posed to S. 3217, an original bill to pro- ability and transparency in the finan- by ending bailouts, to protect con- mote the financial stability of the cial system, to end ‘‘too big to fail’’, to sumers from abusive financial services United States by improving account- protect the American taxpayer by end- practices, and for other purposes. ability and transparency in the finan- ing bailouts, to protect consumers AMENDMENT NO. 3897 cial system, to end ‘‘too big to fail’’, to from abusive financial services prac- At the request of Mr. DORGAN, the protect the American taxpayer by end- tices, and for other purposes. names of the Senator from Wisconsin ing bailouts, to protect consumers AMENDMENT NO. 3818 (Mr. FEINGOLD) and the Senator from from abusive financial services prac- At the request of Mr. MENENDEZ, the Vermont (Mr. SANDERS) were added as tices, and for other purposes. name of the Senator from New Jersey cosponsors of amendment No. 3897 in- AMENDMENT NO. 3785 (Mr. LAUTENBERG) was added as a co- tended to be proposed to S. 3217, an At the request of Mrs. HUTCHISON, the sponsor of amendment No. 3818 in- original bill to promote the financial name of the Senator from Utah (Mr. tended to be proposed to S. 3217, an stability of the United States by im- HATCH) was added as a cosponsor of original bill to promote the financial proving accountability and trans- amendment No. 3785 intended to be pro- stability of the United States by im- parency in the financial system, to end posed to S. 3217, an original bill to pro- proving accountability and trans- ‘‘too big to fail’’, to protect the Amer- mote the financial stability of the parency in the financial system, to end ican taxpayer by ending bailouts, to United States by improving account- ‘‘too big to fail’’, to protect the Amer- protect consumers from abusive finan- ability and transparency in the finan- ican taxpayer by ending bailouts, to cial services practices, and for other cial system, to end ‘‘too big to fail’’, to protect consumers from abusive finan- purposes. protect the American taxpayer by end- cial services practices, and for other AMENDMENT NO. 3919 ing bailouts, to protect consumers purposes. At the request of Mr. CONRAD, the from abusive financial services prac- AMENDMENT NO. 3839 name of the Senator from Nebraska tices, and for other purposes. At the request of Mr. MCCAIN, the (Mr. NELSON) was added as a cosponsor AMENDMENT NO. 3804 names of the Senator from North Caro- of amendment No. 3919 intended to be At the request of Mr. MENENDEZ, the lina (Mr. BURR), the Senator from proposed to S. 3217, an original bill to name of the Senator from New Jersey Texas (Mrs. HUTCHISON) and the Sen- promote the financial stability of the (Mr. LAUTENBERG) was added as a co- ator from Kansas (Mr. ROBERTS) were United States by improving account- sponsor of amendment No. 3804 in- added as cosponsors of amendment No. ability and transparency in the finan- tended to be proposed to S. 3217, an 3839 proposed to S. 3217, an original bill cial system, to end ‘‘too big to fail’’, to original bill to promote the financial to promote the financial stability of protect the American taxpayer by end- stability of the United States by im- the United States by improving ac- ing bailouts, to protect consumers proving accountability and trans- countability and transparency in the from abusive financial services prac- parency in the financial system, to end financial system, to end ‘‘too big to tices, and for other purposes.

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00052 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.033 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3539 AMENDMENT NO. 3922 Mrs. FEINSTEIN. Mr. President, I Hospital of Orange County, Catholic At the request of Mr. MERKLEY, the rise to introduce the Private Activity Healthcare West in San Francisco, and names of the Senator from Florida (Mr. Renewable Energy Bonds Act, legisla- many, many important facilities and NELSON) and the Senator from tion to enable low-cost Private Activ- projects. Vermont (Mr. LEAHY) were added as co- ity Bond financing for businesses and With proper access to capital, we’ve sponsors of amendment No. 3922 in- local governments which seek to create already seen partnerships between tended to be proposed to S. 3217, an renewable, clean and efficient sources States, municipalities and businesses original bill to promote the financial of energy. develop into successful renewable en- stability of the United States by im- The bill is cosponsored by Senator ergy programs. proving accountability and trans- BROWN of Ohio. In the United States In California, Energy Financing Dis- parency in the financial system, to end House of Representatives, Congressman tricts finance residents who choose to ‘‘too big to fail’’, to protect the Amer- MIKE THOMPSON has introduced a bipar- install clean energy projects such as ican taxpayer by ending bailouts, to tisan companion bill cosponsored by distributed solar panels on their protect consumers from abusive finan- Representatives DEAN HELLER and homes. cial services practices, and for other MARY BONO MACK. The cost of the solar panel installa- purposes. The bill is supported by a host of tion or other device is paid back AMENDMENT NO. 3928 business and government leaders and through an increase in property tax only for those property owners who At the request of Mr. BENNET, the renewable energy companies including names of the Senator from Ohio (Mr. the Solar Energy Industries Associa- choose to participate in the program. Now, going solar or installing a geo- BROWN) and the Senator from Massa- tion, Solar Millennium, Nano Solar, thermal heat pump, which once cost chusetts (Mr. BROWN) were added as co- the National Association of Energy sponsors of amendment No. 3928 pro- Service Companies, EnLink tens of thousands of dollars upfront, posed to S. 3217, an original bill to pro- GeoEnergy, Johnson Controls, A123 has little or no upfront cost to the mote the financial stability of the Systems, the Center for Energy Effi- property owner. It is no wonder why 150 United States by improving account- ciency and Renewable Technologies, of these programs have been estab- ability and transparency in the finan- and the U.S. Fuel Cell Council, as well lished throughout the country. This low cost solar opportunity is cial system, to end ‘‘too big to fail’’, to as California Treasurer Bill Lockyer. just one example of the type of pro- protect the American taxpayer by end- The bill provides businesses access to grams this bill seeks to support. In ing bailouts, to protect consumers low interest tax free Private Activity partnership, businesses and local gov- from abusive financial services prac- Bonds, in order to fund projects that ernments will develop new and innova- tices, and for other purposes. generate renewable energy; produce en- ergy or water savings, or; develop high- tive was to create the new high quality AMENDMENT NO. 3931 ly efficient vehicles. jobs of the 21st century. At the request of Mr. MERKLEY, the To promote such activity in a fis- This Congress and this President names of the Senator from Illinois (Mr. cally responsible manner, the legisla- have outlined goals to ensure this DURBIN) and the Senator from Virginia tion caps the value of bonds at $2.5 bil- country leads the world in the creation (Mr. WEBB) were added as cosponsors of lion annually. This represents the in- of a robust, green economy. amendment No. 3931 intended to be pro- vestment necessary to replace at least This bill looks to connect that laud- posed to S. 3217, an original bill to pro- one percent of U.S. electricity genera- able goal with proven financing tools mote the financial stability of the tion with renewable sources over the to get us there by aligning private sec- United States by improving account- next ten years. tor investment power and job growth ability and transparency in the finan- Private Activity Bonds have long with good public policy. cial system, to end ‘‘too big to fail’’, to been used to generate private involve- Mr. President, I ask unanimous con- protect the American taxpayer by end- ment and investment in critically im- sent that the text of the bill be printed ing bailouts, to protect consumers portant infrastructure for our Nation— in the RECORD. from abusive financial services prac- from wharves to airports, intercity rail There being no objection, the text of tices, and for other purposes. to solid waste disposal facilities and the bill was ordered to be printed in AMENDMENT NO. 3932 hospitals. the RECORD, as follows: At the request of Mr. DURBIN, the In this century, however, we have S. 3336 names of the Senator from Vermont new national goals. Be it enacted by the Senate and House of Rep- (Mr. SANDERS), the Senator from Mary- Renewable, clean and efficient en- resentatives of the United States of America in land (Mr. CARDIN) and the Senator from ergy projects will produce jobs, get our Congress assembled, Pennsylvania (Mr. SPECTER) were economy back-on-track and sustain us SECTION 1. SHORT TITLE. added as cosponsors of amendment No. as the global leader of a greener cen- This Act may be cited as the ‘‘Private Ac- tivity Renewable Energy Bonds Act’’. 3932 intended to be proposed to S. 3217, tury. SEC. 2. TREATMENT OF BONDS ISSUED TO FI- an original bill to promote the finan- These projects, however, require sig- NANCE RENEWABLE ENERGY RE- cial stability of the United States by nificant front-end capital investment SOURCE FACILITIES AND CON- improving accountability and trans- to which the federal government can- SERVATION AND EFFICIENCY FA- parency in the financial system, to end not be the sole provider. Private Activ- CILITIES AND OTHER SPECIFIED GREENHOUSE GAS EMISSION TECH- ‘‘too big to fail’’, to protect the Amer- ity Bonds can prove a critical tool in NOLOGIES. ican taxpayer by ending bailouts, to garnering private investment, because (a) IN GENERAL.—Section 142(a) of the In- protect consumers from abusive finan- their interest rates typically run a few ternal Revenue Code of 1986 is amended by cial services practices, and for other percent points under commercially striking ‘‘or’’ at the end of paragraph (14), by purposes. available loans. striking the period at the end of paragraph (15) and inserting a comma, and by inserting f Investors have long responded to this type of incentive. According to the after paragraph (15) the following new para- graphs: STATEMENTS ON INTRODUCED IRS, Private Activity Bond issuance in BILLS AND JOINT RESOLUTIONS ‘‘(16) renewable energy resource facilities, 2007 was over $130 billion—supplying ‘‘(17) conservation and efficiency facilities By Mrs. FEINSTEIN (for herself capital to our markets, providing the and projects, or and Mr. BROWN of Ohio): financing to get projects off the ‘‘(18) high efficiency vehicles and related S. 3336. A bill to amend the internal ground. facilities or projects.’’. Revenue Code of 1986 to provide for the Projects financed in part by Private (b) RENEWABLE ENERGY RESOURCE FACIL- treatment of bonds issued to finance Activity Bonds include additions to the ITY.—Section 142 of the Internal Revenue renewable energy resources facilities, San Jose and San Francisco Inter- Code of 1986 is amended by adding at the end the following new subsection: conservation and efficiency facilities, national Airports, the Capitol Beltway ‘‘(n) RENEWABLE ENERGY RESOURCE FACILI- and other specified greenhouse gas High Occupancy Vehicle lanes, infra- TIES.—For purposes of subsection (a)(16)— emission technologies; to the Com- structure improvements to the Port of ‘‘(1) IN GENERAL.—The term ‘renewable en- mittee on Finance. Seattle, and upgrades to Children’s ergy resource facility’ means—

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‘‘(A) any facility used to produce electric section (b), is amended by adding at the end ‘‘(1) IN GENERAL.—An issue shall not be or thermal energy (including a distributed the following new subsection: treated as an issue described in paragraph generation facility) from— ‘‘(o) CONSERVATION AND EFFICIENCY FACILI- (16), (17), or (18) of subsection (a) if the aggre- ‘‘(i) solar, wind, or geothermal energy, TIES AND PROJECTS.— gate face amount of bonds issued by the ‘‘(ii) marine and hydrokinetic renewable ‘‘(1) IN GENERAL.—For purposes of sub- State pursuant thereto (when added to the energy, section (a)(17), the term ‘conservation and aggregate face amount of bonds previously ‘‘(iii) incremental hydropower, efficiency facility or project’ means— so issued during the calendar year) exceeds ‘‘(iv) biogas and solids produced in the ‘‘(A) any facility used for the conservation the amount allocated to the State by the wastewater treatment process, or or the efficient use of energy, including en- Secretary under paragraph (2) for such cal- ‘‘(v) biomass (as defined in section 203(b)(1) ergy efficient retrofitting of existing build- endar year. of the Energy Policy Act of 2005 (42 U.S.C. ings, or for the efficient storage, trans- ‘‘(2) ALLOCATION RULES.— 15852(b)(1))), mission, or distribution of energy, including ‘‘(A) ALLOCATION AMONG STATES BY POPU- ‘‘(B) any facility used to produce biogas, or any facility or project designed to imple- LATION.—The Secretary shall allocate au- ‘‘(C) any facility or project used for the ment smart grid technologies (as described thority to issue bonds described in paragraph manufacture of facilities referred to in sub- in title XIII of the Energy Independence and (16), (17), or (18) of subsection (a) to each paragraph (A) or (B). Security Act of 2007, or individual compo- State by population for each calendar year ‘‘(2) SPECIAL REQUIREMENTS FOR FACILITIES nents of such technologies as listed in sec- in an aggregate amount to all States not to PRODUCING BIOGAS.— tion 1301 of such Act), exceed $2,500,000,000. ‘‘(A) IN GENERAL.—A facility shall not be ‘‘(B) any facility used for the conservation ‘‘(B) STATE ALLOCATION.—The State may treated as described in paragraph (1)(B), un- of or the efficient use of water, including— allocate the amount allocated to the State less the biogas produced— ‘‘(i) any facility or project designed to— under subparagraph (A) for any calendar ‘‘(i) is of pipeline quality and distributed ‘‘(I) reduce the demand for water, year among facilities or projects described in into a vehicle for transportation or into an ‘‘(II) improve efficiency in use and reduce paragraphs (16), (17), and (18) of subsection intrastate, interstate, or LDC pipeline sys- losses and waste of water, including water (a) in such manner as the State determines tem, or reuse, and appropriate. ‘‘(ii) is used to produce onsite electricity or ‘‘(III) improve land management practices ‘‘(C) UNUSED RENEWABLE ENERGY BOND CAR- hydrogen fuel for use in vehicular or sta- to conserve water, or RYOVER TO BE ALLOCATED AMONG QUALIFIED tionary fuel cell applications and has a Brit- ‘‘(ii) any individual component of a facility STATES.— ish thermal unit content of at least 500 per or project referred to in clause (i), or ‘‘(i) IN GENERAL.—Any unused bond alloca- cubic foot. ‘‘(C) any facility or project used for the tion for any State for any calendar year ‘‘(B) PIPELINE QUALITY.—For purposes of manufacture of facilities referred to in sub- under subparagraph (A) shall carryover to subparagraph (A)(i), with respect to biogas, paragraphs (A) and (B). the succeeding calendar year and be assigned the term ‘pipeline quality’ means biogas For purposes of subparagraph (B)(i), facility to the Secretary for allocation among quali- with a British thermal unit content of at or project does not include any facility or fied States for the succeeding calendar year. least 930 per cubic foot. project that stores water. ‘‘(ii) UNUSED BOND ALLOCATION CARRY- ‘‘(3) DEFINITIONS.—For purposes of this sub- ‘‘(2) SPECIAL RULES FOR ENERGY LOAN TAX OVER.—For purposes of this subparagraph, section— ASSESSMENT FINANCING.— unused bond allocations are bond allocations ‘‘(A) GEOTHERMAL ENERGY.—The term ‘geo- ‘‘(A) IN GENERAL.—In the case of any con- described in subparagraph (A) of any State thermal energy’ means energy derived from servation and efficiency facility or project which remain unused by November 1 of any a geothermal deposit (within the meaning of provided from the proceeds of a bond secured calendar year. section 613(e)(2)) or from geothermal heat by any tax assessment loan upon real prop- ‘‘(iii) FORMULA FOR ALLOCATION OF UNUSED pumps. erty, the term ‘facility’ in paragraph (1)(A) BOND ALLOCATION CARRYOVERS AMONG QUALI- ‘‘(B) MARINE AND HYDROKINETIC RENEWABLE includes— FIED STATES.—The amount allocated under ENERGY.—The term ‘marine and hydrokinetic ‘‘(i) a prepayment for the principal purpose this subparagraph to a qualified State for renewable energy’ has the meaning given of purchasing electricity from conservation any calendar year shall bear the same ratio such term in section 45(c)(10). and efficiency property, and to all States from the preceding calendar ‘‘(C) INCREMENTAL HYDROPOWER.—The term ‘‘(ii) a prepayment of a lease or license of year under subparagraph (A), excluding ‘incremental hydropower’ means additional such property, but only if the prepayment States which are not a qualified State. energy generated as a result of efficiency im- agreement provides that it shall not be can- ‘‘(iv) TIMING OF ALLOCATION.—The Sec- provements or capacity additions to existing celed prior to the expiration of the tax as- retary shall allocate the unused bond alloca- hydropower facilities made on or after the sessment loan. tion carried over from the preceding year date of enactment of this subsection. The ‘‘(B) TAX ASSESSMENT LOAN.—For purposes among qualified States not later than March term ‘incremental hydropower’ does not in- of subparagraph (A), the term ‘tax assess- 1 of the succeeding year. clude additional energy generated as a result ment loan’ shall mean a governmental as- ‘‘(v) QUALIFIED STATE.—For purposes of of operational changes not directly associ- sessment, special tax or similar charge upon this subparagraph, the term ‘qualified State’ ated with efficiency improvements or capac- real property.’’. means, with respect to a calendar year, any ity additions. (d) HIGH EFFICIENCY VEHICLES AND RELATED State— ‘‘(D) BIOGAS.—The term ‘biogas’ means a FACILITIES OR PROJECTS.—Section 142 of the ‘‘(I) which allocated its entire bond alloca- gaseous fuel derived from landfill, municipal Internal Revenue Code of 1986, as amended tion under subparagraph (A) for the pre- solid waste, food waste, wastewater or bio- by subsections (b) and (c), is amended by ceding calendar year, and solids, or biomass (as defined in section adding at the end the following new sub- ‘‘(II) for which a request is made (not later 203(b)(1) of the Energy Policy Act of 2005 (42 section: than August 1 of the calendar year) to re- ‘‘(p) HIGH EFFICIENCY VEHICLES AND RE- U.S.C. 15852(b))). ceive an allocation under clause (iii). LATED FACILITIES OR PROJECTS.—For pur- ‘‘(4) SPECIAL RULES FOR ENERGY LOAN TAX ‘‘(vi) REPORTING.—States shall report an- poses of subsection (a)(18)— ASSESSMENT FINANCING.— nually to the Secretary on their use of bonds ‘‘(1) HIGH EFFICIENCY VEHICLES.—The term ‘‘(A) IN GENERAL.—In the case of any re- described in paragraph (16), (17), and (18) of ‘high efficiency vehicle’ means any vehicle newable recovery energy resource facility subsection (a), including description of that will exceed by at least 150 percent the provided from the proceeds of a bond secured projects, amount spent per project, total average combined fuel economy for vehicles by any tax assessment loan upon real prop- amount of unused bonds, and expected green- with substantially similar attributes in the erty, the term ‘facility’ in paragraph (1) in- house gas or water savings per project with model year in which the production of such cludes— a description of how such savings were cal- vehicle is expected to begin at the facility. ‘‘(i) a prepayment for the principal purpose culated. Such reporting shall be submitted ‘‘(2) FACILITIES RELATED TO HIGH EFFICIENCY of purchasing electricity from renewable en- not later than November 1 of any calendar VEHICLES.—A facility or project is related to ergy resource property, and year.’’. a high efficiency vehicle if the facility is any ‘‘(ii) a prepayment of a lease or license of real or personal property to be used in the (f) COORDINATION WITH SECTION 45.—Para- such property, but only if the prepayment design, technology transfer, manufacture, graph (3) of section 45(b) of the Internal Rev- agreement provides that it shall not be can- production, assembly, distribution, re- enue Code of 1986 is amended by adding at celed prior to the expiration of the tax as- charging or refueling, or service of high effi- the end the following new sentence: ‘‘Clause sessment loan. ciency vehicles.’’. (ii) of subparagraph (A) shall not apply with ‘‘(B) TAX ASSESSMENT LOAN.—For purposes (e) NATIONAL LIMITATION ON AMOUNT OF RE- of subparagraph (A), the term ‘tax assess- respect to any facility described in para- NEWABLE ENERGY BONDS.—Section 142 of the graph (16), (17), or (18) of section 142(a).’’. ment loan’ shall mean a governmental as- Internal Revenue Code of 1986, as amended sessment, special tax, or similar charge upon by subsections (b), (c), and (d), is amended by (g) COORDINATION WITH SECTION 45K.—Sub- real property.’’. adding at the end the following new sub- paragraph (A) of section 45K(b)(3) of the In- (c) CONSERVATION AND EFFICIENCY FACILITY section: ternal Revenue Code of 1986 is amended by OR PROJECT.—Section 142 of the Internal ‘‘(q) NATIONAL LIMITATION ON AMOUNT OF adding at the end the following flush sen- Revenue Code of 1986, as amended by sub- RENEWABLE ENERGY BONDS.— tence:

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00054 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.038 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3541 ‘‘Subclause (II) of clause (i) shall not apply economy that promotes energy effi- turing sector and improving our Na- with respect to any facility described in ciency and independence for our coun- tion’s energy independence. paragraph (16), (17), or (18) of section 142(a).’’. try. I therefore urge the support of all my (h) COORDINATION WITH SECTION 48.—Sub- Since manufacturing now plays an colleagues for this legislation. paragraph (A) of section 48(a)(4) of the Inter- increasingly important role in the con- nal Revenue Code of 1986 is amended by add- By Mr. DURBIN: ing at the end the following flush sentence: struction industry, there is an impor- ‘‘Clause (ii) shall not apply with respect to tant opportunity for the MEP program S. 3342. A bill to amend the Richard any facility described in paragraph (16), (17), to strengthen its support of small man- B. Russell National School Lunch Act or (18) of section 142(a).’’. ufacturers while also promoting green to establish a demonstration project to (i) COORDINATION WITH SECTION 146(g)(3).— jobs and energy independence. promote collaborations to improve Section 146(g)(3) of the Internal Revenue Builders today already rely on manu- school nutrition; to the Committee on Code of 1986 is amended by striking ‘‘or (15)’’ factured components and sub-assem- Agriculture, Nutrition, and Forestry. and inserting ‘‘(15), (16), (17), or (18)’’. blies. Manufacturing will become even Mr. DURBIN. Mr. President, child- (j) EFFECTIVE DATE.—The amendments hood obesity is a growing concern in made by this section shall apply to obliga- more important to construction as tions issued after the date of the enactment homes are increasingly ‘‘assembled’’ on the U.S. and I am pleased that the of this Act. site from components made in a fac- President and First Lady have decided tory. Now that lean, high-quality man- to tackle this issue with the goal of Mr. UDALL of New Mexico: ufacturing is applicable to construc- solving the problem in a generation. S. 3340. A bill to create jobs, increase tion, it is not a stretch for MEP Cen- Today, one in three children is over- energy efficiency, and promote tech- ters to teach the same skills to the weight or obese, which means that nology transfer, and for other purposes; construction industry, where small they are at a greater risk of developing to the Committee on Commerce, firms are the norm. diabetes, heart disease and cancer over Science, and Transportation. Technologies exist today for green the course of their lives. We are spend- Mr. UDALL of New Mexico. Mr. building construction and retrofitting ing nearly $150 billion a year to treat President, I rise today to introduce the that can reduce energy use and green- obesity-related medical conditions, and NIST GREEN JOBS Act, to provide house gas emissions. Yet many small this problem will only become worse if NIST Grants for green jobs, improved firms, especially in the construction we don’t do something about it now. energy efficiency, and small business sector, do not have the skills or exper- One way that the Federal Govern- growth. tise to take advantage of new tech- ment can play an important role in ad- It has never been easy to be an entre- nologies to improve the energy effi- dressing this problem is by helping to preneur or small business owner, and ciency. Moreover, NIST researchers at make schools healthier. Students spend this is especially true since the reces- the Buildings and Fire Research Lab an average of nearly 7 hours a day at sion began 2 years ago. Many small already help develop standards and school, and it is one of the places where firms in the manufacturing sector, in technologies to improve buildings. kids formally learn and then can prac- particular, have struggled during a Buildings today consume 73 percent of tice healthy habits related to nutrition time of tight credit markets and re- electricity and 40 percent of overall en- and physical activity. While education duced consumer demand. In the last 2 ergy. is primarily funded by the states, the years, the manufacturing sector lost These companies would benefit from Federal government plays a significant over 2 million jobs. the type of training and business anal- role in this issue as well because of its Twenty years ago, when Americans ysis activities that MEP Centers al- funding of the National School Lunch worried about how our small compa- ready provide to manufacturers. The Program. This year, the U.S. Depart- nies would compete globally in the face MEP system could thus be a powerful ment of Agriculture, USDA, will spend of stiff competition from Asia, Con- and transformational force to create $10.2 billion on the school lunch pro- gress established the Hollings Manu- green jobs, increase energy efficiency, gram, which serves 31 million children facturing Extension Partnership, MEP, and promote technological transfer in across the country every day. In my Program to assist small manufactur- the construction industry. home State of Illinois, 1.1 million stu- ers. That is why I ask for the support of dents in over 4,000 schools participate. The MEP program has since helped my Senate colleagues for the NIST The National School Lunch Program thousands of small- and medium-sized GREEN JOBS Act, to fund MEP Center was started after World War II, because manufacturers across the nation in- pilot projects for green jobs related to our leaders then understood the impor- crease their profit-lines and streamline energy efficiency. This proposal builds tance of investing in good nutrition to their business processes through lean on provisions already authorized by ensure that the country’s youth were manufacturing techniques. The Na- America COMPETES legislation. well nourished and healthy. When tional Institute of Standards and Tech- My bill simply broadens this existing President Harry Truman signed the nology, NIST, is the Federal steward competitive grant program for MEP National School Lunch Act, he said for the nationwide MEP network, pilot projects to include activities re- that ‘‘in the long view, no nation is which has MEP Centers in all 50 lated to energy efficiency. It also al- healthier than its children.’’ States. lows MEP Centers to extend services to Today, we know that the program is The New Mexico Manufacturing Ex- companies in the construction industry making a real difference in millions of tension Partnership in Albuquerque working in these areas. Awarded on a kids’ lives, by ensuring they don’t go was one of the first such centers, and it competitive basis, these pilot projects hungry during the school day and are provides small- and medium-sized man- could last up to 3 years and would be ready to learn. We also know that ufacturers with the tools they need to located in each region of the country. there are some clear nutritional bene- grow, improve productivity and expand The pilot projects would thus create fits of the program. USDA reports that capacity. Since its creation, the New models for new MEP activities and research on the school lunches consist- Mexico MEP has helped create or services that could be replicated at ently shows that participants consume maintain more than 2,600 jobs in the MEP Centers regionally or nationwide. more milk and vegetables at lunch; State and achieve $24 million in annual The NIST GREEN JOBS Act author- have higher vitamin intakes; and con- cost savings for partner companies. izes $7 million in annual funding for 3 sume fewer sweets, sweetened bev- Today, as the U.S. continues to years. This funding would allow at erages, and snack foods than non- emerge from the worst recession since least one MEP Center in each region to participants. the Great Depression, the resources conduct a pilot project. The MEP Cen- However, much of the difference in and expertise MEP provides manufac- ters would not need to provide local vegetable consumption may be due to a turers are more valuable than ever. matching funds for these competitively higher consumption of French fries and Our MEP Centers do great work—and I awarded pilot projects. other potato products, and many believe they can do even more as com- I believe this modest proposal would lunches contain a higher percentage of panies look for ways to take advantage be a positive step toward both helping calories from fat than currently rec- of new opportunities in a clean energy create and retain jobs in the manufac- ommended. USDA’s current nutrition

VerDate Mar 15 2010 04:57 May 12, 2010 Jkt 089060 PO 00000 Frm 00055 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.038 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3542 CONGRESSIONAL RECORD — SENATE May 11, 2010 standards for school meals have not SEC. 2. HEALTHY SCHOOLS PARTNERSHIPS DEM- food being served in cafeterias and available been updated since 1995 and are not in ONSTRATION PROGRAM. a la carte; Section 18 of the Richard B. Russell Na- ‘‘(ii) increased nutrition education; line with the most recent Dietary tional School Lunch Act (42 U.S.C. 1769) is Guidelines for Americans. I think we ‘‘(iii) improved ability of students to iden- amended by adding at the end the following: tify healthier choices; need to take President Truman’s words ‘‘(j) HEALTHY SCHOOLS PARTNERSHIPS DEM- ‘‘(iv) changes in attitudes of students to- to heart, and make long-term invest- ONSTRATION PROGRAM.— wards healthier food; ments in this program to ensure that ‘‘(1) DEFINITION OF ELIGIBLE ENTITY.—In ‘‘(v) student involvement in making school this section, the term ‘eligible entity’ means kids are eating healthy meals. environments healthier; a school food authority that demonstrates I support the President’s goal of in- ‘‘(vi) increased access to physical activity, that the school food authority has collabo- creased funding, so that schools can af- physical education, and recess; rated, or will collaborate, with 1 or more ‘‘(vii) professional development and con- ford to purchase healthier ingredients local partner organizations (including aca- tinuing education opportunities for school to make school lunches. However I demic experts, registered dietitians or other administrators, teachers, and school nurses; know that the nutritional quality of nutrition professionals, community partners, and school meals varies greatly across the or non-profit organizations) to achieve the ‘‘(viii) changes in school policies that pro- purposes described in paragraph (2). country, and providing every school mote access to healthier food and physical with adequate funding to improve their ‘‘(2) PURPOSES.—The purposes of the dem- onstration project established under this activity; meals will be challenging. Some ‘‘(C) to implement the plan or intervention schools have already shown that even subsection are— ‘‘(A) to assist schools in improving the nu- in partnership with outside partners; with limited resources they can make tritional standards of school meals and the ‘‘(D) to measure and evaluate effectiveness real improvements in the nutritional overall school environment; and of the intervention; or quality of their school meals, and ‘‘(B) to use local resources and expertise to ‘‘(E) to assess the sustainability and make other changes to make school en- promote collaborations and develop sustain- replicability of this model. vironments healthier. able and replicable models for making sys- ‘‘(7) AUTHORIZATION OF APPROPRIATIONS.— I would like to build on that concept, temic changes that promote good nutrition There is authorized to be appropriated to and healthy living among students. carry out this subsection $2,000,000 for each which is why I am pleased today to in- of fiscal years 2011 through 2015.’’. troduce the Healthy School Partner- ‘‘(3) ESTABLISHMENT.—The Secretary shall establish a demonstration project under f ships Act of 2010. This bill will create a which the Secretary shall make grants to el- competitive grant program at USDA to igible entities to fund collaborations of aca- AMENDMENTS SUBMITTED AND allow public schools to explore innova- demic experts, nonprofit organizations, reg- PROPOSED tive, sustainable programs that im- istered dietitians or other nutrition profes- SA 3938. Mr. DODD submitted an amend- prove the nutritional profile of school sionals, community partners, and local ment intended to be proposed to amendment meals and make other improvements schools to test and evaluate innovative mod- SA 3739 proposed by Mr. REID (for Mr. DODD to make school environments els to improve nutrition education, student (for himself and Mrs. LINCOLN)) to the bill S. healthier. The bill authorizes $2 mil- decision making, and healthy school envi- 3217, to promote the financial stability of the lion per year for 5 years to fund col- ronments. United States by improving accountability ‘‘(4) APPLICATION.— laborations of academic experts, dieti- and transparency in the financial system, to ‘‘(A) IN GENERAL.—An eligible entity shall end ‘‘too big to fail’’, to protect the Amer- cians and nutrition professionals, com- submit to the Secretary an application at ican taxpayer by ending bailouts, to protect munity partners, and local schools to such time, in such manner, and containing consumers from abusive financial services implement and evaluate innovative such information as the Secretary may re- practices, and for other purposes. models to improve food quality, stu- quire. SA 3939. Mrs. FEINSTEIN (for herself and dent choices in food, and healthy ‘‘(B) CONTENTS.—In addition to any other Mr. LEVIN) submitted an amendment in- school environments. This could in- requirements of the Secretary, each applica- tended to be proposed to amendment SA 3739 clude starting programs to improve the tion shall— proposed by Mr. REID (for Mr. DODD (for him- nutritional content of school meals; ‘‘(i) identify the 1 or more problems that self and Mrs. LINCOLN)) to the bill S. 3217, the eligible entity will address; providing more nutrition education; supra; which was ordered to lie on the table. ‘‘(ii) identify the activity that the grant SA 3940. Mr. BARRASSO (for himself and changing school policies to promote will be used to fund; Mr. ENZI) submitted an amendment intended greater access to healthier foods and ‘‘(iii) describe the means by which the ac- to be proposed by him to the bill S. 3217, physical activity; training teachers, tivity will improve the health and nutrition supra; which was ordered to lie on the table. school administrators and nurses; or of the school environment; SA 3941. Mrs. McCASKILL (for herself and making other changes to make school ‘‘(iv) list the partner organizations that Mr. KOHL) submitted an amendment in- environments healthier. We need grass will participate in the activity funded by the tended to be proposed to amendment SA 3739 roots involvement and real-world mod- grant; and proposed by Mr. REID (for Mr. DODD (for him- ‘‘(v) describe the metrics used to measure els to solve the childhood obesity prob- self and Mrs. LINCOLN)) to the bill S. 3217, success in achieving the stated goals. supra; which was ordered to lie on the table. lem going forward, and this bill pro- ‘‘(5) PRIORITY.—In making grants under SA 3942. Mr. REED submitted an amend- vides the funding to develop those. this subsection, the Secretary shall give pri- ment intended to be proposed to amendment Childhood obesity is a complex prob- ority to eligible entities that demonstrate— SA 3739 proposed by Mr. REID (for Mr. DODD lem, and to effectively tackle it we will ‘‘(A) a severe need to improve the school (for himself and Mrs. LINCOLN)) to the bill S. need the commitment of the public and environment, as demonstrated by high num- 3217, supra; which was ordered to lie on the private sectors. The Healthy Schools bers of students receiving free or reduced table. Partnerships Act of is one part of the price lunches, high levels of obesity or other SA 3943. Mr. REED (for himself and Mr. solution. By tapping local resources indicators of poor health status, and health BROWN of Massachusetts) submitted an disparities in the community served by the and expertise, we can promote collabo- amendment intended to be proposed to school; amendment SA 3739 proposed by Mr. REID rations and develop sustainable and ‘‘(B) a commitment by community part- (for Mr. DODD (for himself and Mrs. LINCOLN)) replicable models for making systemic ners to make in-kind or cash contributions; to the bill S. 3217, supra; which was ordered changes that promote good nutrition and to lie on the table. and healthy living among students. ‘‘(C) the ability to measure results. SA 3944. Mr. CORKER submitted an amend- Mr. President, I ask unanimous con- ‘‘(6) USE OF FUNDS.—An eligible entity ment intended to be proposed to amendment sent that the text of the bill be printed shall use a grant received under this sub- SA 3739 proposed by Mr. REID (for Mr. DODD in the RECORD. section— (for himself and Mrs. LINCOLN)) to the bill S. There being no objection, the text of ‘‘(A) to assess the problem of childhood 3217, supra; which was ordered to lie on the the bill was ordered to be printed in obesity and poor nutrition in the school en- table. vironment; SA 3945. Mr. CORKER submitted an amend- the RECORD, as follows: ‘‘(B) to develop an innovative plan or inter- ment intended to be proposed to amendment S. 3342 vention to address specific causes of the SA 3739 proposed by Mr. REID (for Mr. DODD Be it enacted by the Senate and House of Rep- problem in coordination with outside part- (for himself and Mrs. LINCOLN)) to the bill S. resentatives of the United States of America in ners, including by developing and testing in- 3217, supra; which was ordered to lie on the Congress assembled, novative models to improve student health table. SECTION 1. SHORT TITLE. and nutrition as measured by— SA 3946. Mr. CORKER submitted an amend- This Act may be cited as the ‘‘Healthy ‘‘(i) changes that result in healthier school ment intended to be proposed to amendment Schools Partnerships Act of 2010’’. environments, including more nutritious SA 3739 proposed by Mr. REID (for Mr. DODD

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(for himself and Mrs. LINCOLN)) to the bill S. amendment SA 3739 proposed by Mr. REID SA 3976. Mr. LEVIN (for himself, Mr. 3217, supra; which was ordered to lie on the (for Mr. DODD (for himself and Mrs. LINCOLN)) COBURN, Mr. REED, and Mr. KAUFMAN) sub- table. to the bill S. 3217, supra; which was ordered mitted an amendment intended to be pro- SA 3947. Mr. HATCH submitted an amend- to lie on the table. posed by him to the bill S. 3217, supra; which ment intended to be proposed by him to the SA 3962. Mr. MERKLEY (for himself, Ms. was ordered to lie on the table. bill S. 3217, supra; which was ordered to lie KLOBUCHAR, Mr. SCHUMER, Ms. SNOWE, Mr. SA 3977. Mr. LEVIN (for himself, Mr. on the table. BROWN of Massachusetts, Mr . BEGICH, Mrs. COBURN, and Mr. KAUFMAN) submitted an SA 3948. Mr. HATCH submitted an amend- BOXER, Mr. DODD, Mr. KERRY, Mr. FRANKEN, amendment intended to be proposed by him ment intended to be proposed by him to the and Mr. LEVIN) submitted an amendment in- to the bill S. 3217, supra; which was ordered bill S. 3217, supra; which was ordered to lie tended to be proposed to amendment SA 3739 to lie on the table. on the table. proposed by Mr. REID (for Mr. DODD (for him- SA 3978. Mr. JOHNSON (for himself, Ms. ANDRIEU URRIS ARDIN SA 3949. Mr. CARPER (for himself, Mr. self and Mrs. LINCOLN)) to the bill S. 3217, L , Mr. B , Mr. C , Mr. CORKER, Mr. BAYH, Mr. ENSIGN, Mr. JOHNSON, supra. BROWNBACK, Ms. MURKOWSKI, Mr. BENNETT, and Mr. WARNER) submitted an amendment SA 3963. Mr. BROWN of Massachusetts sub- and Mr. CRAPO) submitted an amendment in- intended to be proposed to amendment SA mitted an amendment intended to be pro- tended to be proposed to amendment SA 3739 3739 proposed by Mr. REID (for Mr. DODD (for posed to amendment SA 3739 proposed by Mr. proposed by Mr. REID (for Mr. DODD (for him- self and Mrs. LINCOLN)) to the bill S. 3217, himself and Mrs. LINCOLN)) to the bill S. 3217, REID (for Mr. DODD (for himself and Mrs. LIN- supra; which was ordered to lie on the table. supra; which was ordered to lie on the table. COLN)) to the bill S. 3217, supra; which was SA 3950. Ms. CANTWELL submitted an ordered to lie on the table. f amendment intended to be proposed to SA 3964. Mr. HARKIN (for himself and Ms. amendment SA 3739 proposed by Mr. REID TEXT OF AMENDMENTS CANTWELL) submitted an amendment in- (for Mr. DODD (for himself and Mrs. LINCOLN)) tended to be proposed to amendment SA 3739 SA 3938. Mr. DODD submitted an to the bill S. 3217, supra; which was ordered proposed by Mr. REID (for Mr. DODD (for him- amendment intended to be proposed to to lie on the table. self and Mrs. LINCOLN)) to the bill S. 3217, SA 3951. Mr. MENENDEZ (for himself and amendment SA 3739 proposed by Mr. supra; which was ordered to lie on the table. Mr. BAYH) submitted an amendment in- REID (for Mr. DODD (for himself and SA 3965. Mr. HARKIN submitted an amend- tended to be proposed to amendment SA 3739 Mrs. LINCOLN)) to the bill S. 3217, to ment intended to be proposed to amendment proposed by Mr. REID (for Mr. DODD (for him- promote the financial stability of the SA 3739 proposed by Mr. REID (for Mr. DODD self and Mrs. LINCOLN)) to the bill S. 3217, United States by improving account- (for himself and Mrs. LINCOLN)) to the bill S. supra; which was ordered to lie on the table. 3217, supra; which was ordered to lie on the ability and transparency in the finan- SA 3952. Mr. SCHUMER submitted an cial system, to end ‘‘too big to fail’’, to amendment intended to be proposed to table. SA 3966. Mr. GRASSLEY submitted an protect the American taxpayer by end- amendment SA 3739 proposed by Mr. REID amendment intended to be proposed by him ing bailouts, to protect consumers (for Mr. DODD (for himself and Mrs. LINCOLN)) to the bill S. 3217, supra; which was ordered to the bill S. 3217, supra; which was ordered from abusive financial services prac- to lie on the table. to lie on the table. tices, and for other purposes; as fol- SA 3953. Mr. SCHUMER submitted an SA 3967. Mr. BINGAMAN submitted an lows: amendment intended to be proposed to amendment intended to be proposed to On page 1455, after line 25, insert the fol- amendment SA 3739 proposed by Mr. REID amendment SA 3739 proposed by Mr. REID lowing: (for Mr. DODD (for himself and Mrs. LINCOLN)) (for Mr. DODD (for himself and Mrs. LINCOLN)) SEC. 1077. DEPARTMENT OF THE TREASURY to the bill S. 3217, supra; which was ordered to the bill S. 3217, supra; which was ordered STUDY ON ENDING THE CON- to lie on the table. to lie on the table. SERVATORSHIP OF FANNIE MAE, SA 3954. Mr. JOHNSON (for himself and SA 3968. Mr. TESTER (for himself, Mrs. FREDDIE MAC, AND REFORMING Mr. ENZI) submitted an amendment intended MURRAY, and Mr. BAUCUS) submitted an THE HOUSING FINANCE SYSTEM. to be proposed to amendment SA 3739 pro- amendment intended to be proposed to (a) STUDY REQUIRED.— N GENERAL posed by Mr. REID (for Mr. DODD (for himself amendment SA 3739 proposed by Mr. REID (1) I .—The Secretary of the Treasury shall conduct a study of and de- and Mrs. LINCOLN)) to the bill S. 3217, supra; (for Mr. DODD (for himself and Mrs. LINCOLN)) which was ordered to lie on the table. to the bill S. 3217, supra; which was ordered velop recommendations regarding the op- SA 3955. Mr. CORKER (for himself, Mr. to lie on the table. tions for ending the conservatorship of the GREGG, Mr. LEMIEUX, Mr. COBURN, and Mr. SA 3969. Mr. LEVIN (for himself and Mr. Federal National Mortgage Association (in BROWN of Massachusetts) submitted an KAUFMAN) submitted an amendment in- this section referred to as ‘‘Fannie Mae’’) amendment intended to be proposed to tended to be proposed to amendment SA 3739 and the Federal Home Loan Mortgage Cor- amendment SA 3739 proposed by Mr. REID proposed by Mr. REID (for Mr. DODD (for him- poration (in this section referred to as (for Mr. DODD (for himself and Mrs. LINCOLN)) self and Mrs. LINCOLN)) to the bill S. 3217, ‘‘Freddie Mac’’), while minimizing the cost to the bill S. 3217, supra. supra; which was ordered to lie on the table. to taxpayers, including such options as— SA 3956. Ms. LANDRIEU (for herself, Mr. SA 3970. Mr. LEVIN (for himself, Mr. KAUF- (A) the gradual wind-down and liquidation ISAKSON, Mrs. HAGAN, Mr. WARNER, and Mr. MAN, Mrs. MCCASKILL, and Mr. WHITEHOUSE) of such entities; MENENDEZ) submitted an amendment in- submitted an amendment intended to be pro- (B) the privatization of such entities; tended to be proposed to amendment SA 3739 posed by him to the bill S. 3217, supra; which (C) the incorporation of the functions of proposed by Mr. REID (for Mr. DODD (for him- was ordered to lie on the table. such entities into a Federal agency; self and Mrs. LINCOLN)) to the bill S. 3217, SA 3971. Mr. LEVIN (for himself and Mr. (D) the dissolution of Fannie Mae and supra; which was ordered to lie on the table. KAUFMAN) submitted an amendment in- Freddie Mac into smaller companies; or SA 3957. Mr. REED submitted an amend- tended to be proposed by him to the bill S. (E) any other measures the Secretary de- ment intended to be proposed to amendment 3217, supra; which was ordered to lie on the termines appropriate. SA 3739 proposed by Mr. REID (for Mr. DODD table. (2) ANALYSES.—The study required under (for himself and Mrs. LINCOLN)) to the bill S. SA 3972. Mr. LEVIN (for himself and Mr. paragraph (1) shall include an analysis of— 3217, supra; which was ordered to lie on the KAUFMAN) submitted an amendment in- (A) the role of the Federal Government in table. tended to be proposed to amendment SA 3739 supporting a stable, well-functioning housing SA 3958. Mr. REED (for himself, Mr. JOHN- proposed by Mr. REID (for Mr. DODD (for him- finance system, and whether and to what ex- SON, and Mr. BROWN of Ohio) submitted an self and Mrs. LINCOLN)) to the bill S. 3217, tent the Federal Government should bear amendment intended to be proposed to supra; which was ordered to lie on the table. risks in meeting Federal housing finance ob- amendment SA 3739 proposed by Mr. REID SA 3973. Mr. LEVIN (for himself and Mr. jectives; (for Mr. DODD (for himself and Mrs. LINCOLN)) KAUFMAN) submitted an amendment in- (B) how the current structure of the hous- to the bill S. 3217, supra; which was ordered tended to be proposed to amendment SA 3739 ing finance system can be improved; to lie on the table. proposed by Mr. REID (for Mr. DODD (for him- (C) how the housing finance system should SA 3959. Mrs. MURRAY submitted an self and Mrs. LINCOLN)) to the bill S. 3217, support the continued availability of mort- amendment intended to be proposed to supra; which was ordered to lie on the table. gage credit to all segments of the market; amendment SA 3739 proposed by Mr. REID SA 3974. Mr. LEVIN (for himself, Mr. KAUF- (D) how the housing finance system should (for Mr. DODD (for himself and Mrs. LINCOLN)) MAN, and Mrs. MCCASKILL) submitted an be structured to ensure that consumers con- to the bill S. 3217, supra; which was ordered amendment intended to be proposed to tinue to have access to 30-year, fixed rate, to lie on the table. amendment SA 3739 proposed by Mr. REID pre-payable mortgages and other mortgage SA 3960. Mr. SCHUMER (for himself and (for Mr. DODD (for himself and Mrs. LINCOLN)) products that have simple terms that can be Mrs. MCCASKILL) submitted an amendment to the bill S. 3217, supra; which was ordered easily understood; intended to be proposed to amendment SA to lie on the table. (E) the role of the Federal Housing Admin- 3739 proposed by Mr. REID (for Mr. DODD (for SA 3975. Mr. LEVIN (for himself and Mr. istration and the Department of Veterans himself and Mrs. LINCOLN)) to the bill S. 3217, KAUFMAN) submitted an amendment in- Affairs in a future housing system; supra; which was ordered to lie on the table. tended to be proposed by him to the bill S. (F) the impact of reforms of the housing fi- SA 3961. Mr. BROWNBACK submitted an 3217, supra; which was ordered to lie on the nance system on the financing of rental amendment intended to be proposed to table. housing;

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00057 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.040 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3544 CONGRESSIONAL RECORD — SENATE May 11, 2010 (G) the impact of reforms of the housing fi- chartered as a for-profit or nonprofit entity (iv) whether a reverse mortgage will affect nance system on secondary market liquidity; shall be eligible to sell, purchase, or trade the eligibility of the mortgagor to receive (H) the role of standardization in the hous- carbon derivatives as the result of the estab- Government benefits; ing finance system; lishment by the Federal Government of a (v) whether the mortgagor intends to pass (I) how housing finance systems in other carbon market. the residence to an heir and the ability of countries offer insights that can help inform such heir to repay the reverse mortgage options for reform in the United States; and SA 3941. Mrs. MCCASKILL (for her- loan; (J) the options for transition to a reformed self and Mr. KOHL) submitted an (vi) whether a resident of the home who is housing finance system. not the mortgagor could be displaced at the (b) REPORT AND RECOMMENDATIONS.—Not amendment intended to be proposed to amendment SA 3739 proposed by Mr. maturity of the reverse mortgage against later than January 31, 2011, the Secretary of the wishes of the mortgagor, and, if any such the Treasury shall submit the report and REID (for Mr. DODD (for himself and resident is disabled, the consequences of the recommendations required under subsection Mrs. LINCOLN)) to the bill S. 3217, to displacement for such resident; and (a) to the Committee on Banking, Housing, promote the financial stability of the (vii) any other circumstances, as the Direc- and Urban Affairs of the Senate and the United States by improving account- tor may require; Committee on Financial Services of the ability and transparency in the finan- (2) with respect to the requirements under House of Representatives. cial system, to end ‘‘to big to fail’’, to paragraph (1), be consistent with require- protect the American taxpayer by end- ments prescribed by the Director in connec- SA 3939. Mrs. FEINSTEIN (for herself tion with other consumer mortgage products and Mr. LEVIN) submitted an amend- ing bailouts, to protect consumers from abusive financial services prac- or services under this title; ment intended to be proposed to (3) provide for an integrated disclosure amendment SA 3739 proposed by Mr. tices, and for other purposes; which standard and model disclosures for reverse REID (for Mr. DODD (for himself and was ordered to lie on the table; as fol- mortgage transactions, that combines the Mrs. LINCOLN)) to the bill S. 3217, to lows: relevant disclosures required under the promote the financial stability of the On page 1455, line 25, strike the period at Truth in Lending Act (15 U.S.C. 1601 et seq.) United States by improving account- the end and insert the following: ‘‘. and the Real Estate Settlement Procedures Act, with the disclosures required to be pro- ability and transparency in the finan- SEC. 1077. TREATMENT OF REVERSE MORT- GAGES. vided to consumers for home equity conver- cial system, to end ‘‘too big to fail’’, to sion mortgages under section 255 of the Na- (a) IN GENERAL.—The Director shall exam- protect the American taxpayer by end- tional Housing Act (12 U.S.C. 1715z–20); ine the practices of covered persons in con- ing bailouts, to protect consumers (4) prohibit any person from advertising a nection with any reverse mortgage trans- from abusive financial services prac- reverse mortgage in a manner that— action (as defined in section 103(bb) of the tices, and for other purposes; which (A) is false or misleading; Truth in Lending Act (15 U.S.C. 1602)) and (B) fails to present equally the risks and was ordered to lie on the table; as fol- shall prescribe regulations identifying any benefits of reverse mortgages; or lows: acts or practices as unlawful, unfair, decep- (C) fails to reveal— On page 699, strike line 20 and insert the tive, or abusive in connection with a reverse (i) negative facts that are material to a following: mortgage transaction or the recommenda- representation made in such advertisement; ‘‘(A) REGISTRATION.—The Commission may tion or offering of a reverse mortgage. adopt rules and regulations requiring reg- (ii) facts relating to the responsibilities of (b) REGULATIONS.—In prescribing regula- the mortgagor for property taxes, insurance, istration with the Commission for a foreign tions under subsection (a), the Director shall maintenance, or repairs and the con- board of trade that provides the members of ensure that such regulations shall— sequences of failing to meet such responsibil- the foreign board of trade or other partici- (1) include requirements for the purpose ities, including default and foreclosure; pants located in the United States with di- of— (iii) the consequences of obtaining a re- rect access to the electronic trading and (A) preventing unlawful, unfair, deceptive verse mortgage; or order matching system of the foreign board or abusive acts and practices in connection (iv) any forms of default that might lead to of trade, including rules and regulations pre- with a reverse mortgage transaction (includ- foreclosure; scribing procedures and requirements appli- ing the solicitation or recommendation of a (5) prohibit a mortgagee from requiring or cable to the registration of such foreign reverse mortgage transaction); recommending that a mortgagor purchase boards of trade. For purposes of this para- (B) providing timely, appropriate, and ef- insurance (except for title, flood, and other graph, ‘direct access’ refers to an explicit fective disclosures to consumers in connec- peril insurance, as determined by the Direc- grant of authority by a foreign board of tion with a reverse mortgage transaction trade to an identified member or other par- that incorporate the requirements of section tor), an annuity, or other similar product in ticipant located in the United States to 138 of the Truth in Lending Act (15 U.S.C. connection with a reverse mortgage; enter trades directly into the trade matching 1648), and otherwise are consistent with re- (6) require that each reverse mortgage pro- system of the foreign board of trade. quirements prescribed by the Director in vide that prepayment, in whole or in part, ‘‘(B) LINKED CONTRACTS.—It shall be unlaw- connection with other consumer mortgage may be made without penalty at any time ful products or services under this title, includ- during the period of the mortgage; On page 703, line 14, strike ‘‘(B)’’ and insert ing— (7) require that any mortgagor under a re- ‘‘(C)’’. (i) an annual statement of the total avail- verse mortgage receive adequate counseling, On page 703, line 15, strike ‘‘Subparagraph able principal and outstanding balance of the including— (A)’’ and insert ‘‘Subparagraphs (A) and (B)’’. reverse mortgage; and (A) in the case of a reverse mortgage in On page 704, line 13, strike ‘‘paragraphs (1) (ii) a statement at the closing of the re- which a person was removed from the title to and (2) of subsection (b)’’ and insert ‘‘sub- verse mortgage of the total projected cost of the dwelling, information about— paragraphs (A) and (B) of subsection (b)(1)’’. the reverse mortgage; and (i) the consequences of being removed from (C) a determination of the suitability of a such title; and SA 3940. Mr. BARRASSO (for himself reverse mortgage for a consumer, taking (ii) the consequences upon the death of the and Mr. ENZI) submitted an amend- into consideration— mortgagor or a divorce settlement; ment intended to be proposed by him (i) whether the mortgagor intends to reside (B) general information about the poten- in the property on a long-term basis; tial consequences of borrowing more funds to the bill S. 3217, to promote the fi- than are necessary to meet the immediate nancial stability of the United States (ii) in the case of a mortgagor who plans to use the funds obtained from the reverse personal financial goals of the mortgagor; by improving accountability and trans- mortgage to purchase an annuity or make an (C) the responsibilities of the mortgagor parency in the financial system, to end investment— relating to property taxes, insurance, main- ‘‘too big to fail’’, to protect the Amer- (I) whether the annuity or investment is in tenance, and repairs and the consequences of ican taxpayer by ending bailouts, to the best interests of the mortgagor; failing to meet such responsibilities, includ- protect consumers from abusive finan- (II) whether the costs of obtaining such ing default and foreclosure; cial services practices, and for other mortgage exceeds the anticipated earnings (D) an explanation of the actions that purposes; which was ordered to lie on from such annuity or investment; and would constitute a default under the terms of the reverse mortgage and how a default the table; as follows: (III) whether the date on which the annu- ity or investment is scheduled to mature is might lead to foreclosure; and On page lll, between lines ll and ll, beyond the life expectancy of the mortgagor; (E) any other information that the Direc- insert the following: (iii) if the mortgagor is married or has a tor may require; and SEC. ll. PROHIBITION. dependent, the potential impact of a reverse (8) require that any person that provides Notwithstanding any other provision of mortgage on the future economic security of counseling to a mortgagor under a reverse law, no person or corporation, limited part- the spouse or dependent of the mortgagor mortgage report to the Bureau any suspected nership, trust, or affiliate of any such entity and all tenants of the home; mortgage-related fraud against a mortgagor.

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(c) CONSULTATION.—In connection with the consumer financial products and services of- tion requirements are sufficient to ensure issuance of any regulations under this sec- fered to, or used by, service members and the long-term accountability of originators tion, the Director shall consult with the Fed- their families. for loans they originate; and eral banking agencies, State bank super- ‘‘(2) COORDINATION.— (bb) methodologies for establishing addi- visors, the Federal Trade Commission, and ‘‘(A) REGIONAL SERVICES.—The Director is tional statutory credit risk retention re- the Department of Housing and Urban Devel- authorized to assign employees of the Bu- quirements; opment, as appropriate, to ensure that any reau as may be deemed necessary to conduct (II) the Financial Accounting Statements proposed regulation— the business of the Office of Service Member 166 and 167 issued by the Financial Account- (1) imposes substantially similar require- Affairs, including by establishing and main- ing Standards Board, as well as any other ments on all covered persons; and taining the functions of the Office in re- statements issued before or after the date of (2) is consistent with prudential, consumer gional offices of the Bureau located near enactment of this section the Federal bank- protection, civil rights, market, or systemic military bases, military treatment facilities, ing agencies determine to be relevant; objectives administered by such agencies or or other similar military facilities. (ii) the impact of the factors described supervisors. ‘‘(B) AGREEMENTS.—The Director is author- under subsection (i) of this section on— (d) DEADLINE FOR RULEMAKING.—The Direc- ized to enter into memoranda of under- (I) different classes of assets, such as resi- tor shall commence the rulemaking required standing and similar agreements with the dential mortgages, commercial mortgages, under subsection (a) not later than 12 Department of Defense, including any branch commercial loans, auto loans, and other months after the date of enactment of this or agency as authorized by the department, classes of assets; Act. in order to carry out the business of the Of- (II) loan originators; fice of Service Member Affairs. (III) securitizers; SA 3942. Mr. REED submitted an ‘‘(3) DEFINITION.—As used in this sub- (IV) access of consumers and businesses to amendment intended to be proposed to section, the term ‘service member’ means credit on reasonable terms. amendment SA 3739 proposed by Mr. any member of the United States Armed (2) REPORT.—Not later than 18 months REID (for Mr. DODD (for himself and Forces and any member of the National after the date of enactment of this section, Mrs. LINCOLN)) to the bill S. 3217, to Guard or Reserves.’’. the Board of Governors shall submit to Con- promote the financial stability of the gress a report on the study conducted under United States by improving account- SA 3944. Mr. CORKER submitted an paragraph (1). Such report shall include stat- ability and transparency in the finan- amendment intended to be proposed to utory and regulatory recommendations for eliminating any negative impacts on the cial system, to end ‘‘too big to fail’’, to amendment SA 3739 proposed by Mr. REID (for Mr. DODD (for himself and continued viability of the asset-backed protect the American taxpayer by end- Mrs. LINCOLN)) to the bill S. 3217, to securitization markets and on the avail- ing bailouts, to protect consumers promote the financial stability of the ability of credit for new lending identified by from abusive financial services prac- United States by improving account- the study conducted under paragraph (1). tices, and for other purposes; which ability and transparency in the finan- SEC. 942. RESIDENTIAL MORTGAGE UNDER- was ordered to lie on the table; as fol- WRITING STANDARDS. cial system, to end ‘‘too big to fail’’, to lows: (a) STANDARDS ESTABLISHED.—Notwith- protect the American taxpayer by end- standing any other provision of this Act or On page 74, between lines 2 and 3, insert ing bailouts, to protect consumers the following: any other provision of Federal, State, or (D) PROHIBITION ON COLLECTION OF NON- from abusive financial services prac- local law, the Federal banking agencies, in PUBLIC PERSONAL INFORMATION.—Notwith- tices, and for other purposes; which consultation with the Federal Housing Fi- standing any other provision of law, the was ordered to lie on the table; as fol- nance Agency and the Department of Hous- Council and the Office of Financial Research lows: ing and Urban Development, shall jointly es- may not require the submission of nonpublic On page 1089, strike line 6 and all that fol- tablish specific minimum standards for personal information (as that term is defined lows through ‘‘SEC. 973.’’ mortgage underwriting, including— in section 509 of the Gramm-Leach-Bliley (1) a requirement that the mortgagee Act (12 U.S.C. 6809)) of any customer by any SA 3945. Mr. CORKER submitted an verify and document the income and assets financial company or in any other manner. amendment intended to be proposed to relied upon to qualify the mortgagor on the amendment SA 3739 proposed by Mr. residential mortgage, including the previous SA 3943. Mr. REED (for himself and employment and credit history of the mort- REID (for Mr. DODD (for himself and Mr. BROWN of Massachusetts) sub- gagor; Mrs. LINCOLN)) to the bill S. 3217, to (2) a down payment requirement that— mitted an amendment intended to be promote the financial stability of the proposed to amendment SA 3739 pro- (A) is equal to not less than 5 percent of United States by improving account- the purchase price of the property securing posed by Mr. REID (for Mr. DODD (for ability and transparency in the finan- the residential mortgage; and himself and Mrs. LINCOLN)) to the bill cial system, to end ‘‘too big to fail’’, to (B) in the case of a first lien residential S. 3217, to promote the financial sta- protect the American taxpayer by end- mortgage loan with an initial loan to value bility of the United States by improv- ing bailouts, to protect consumers ratio that is more than 80 percent and not more than 95 percent, includes a requirement ing accountability and transparency in from abusive financial services prac- the financial system, to end ‘‘too big to for credit enhancements, as defined by the tices, and for other purposes; which Federal banking agencies, until the loan to fail’’, to protect the American taxpayer was ordered to lie on the table; as fol- by ending bailouts, to protect con- value ratio of the residential mortgage loan lows: amortizes to a value that is less than 80 per- sumers from abusive financial services On page 1045, strike line 12 and all that fol- cent of the purchase price; practices, and for other purposes; lows through ‘‘SEC. 942.’’ on page 1052, line 3, (3) a method for determining the ability of which was ordered to lie on the table; and insert the following: the mortgagor to repay the residential mort- as follows: (b) STUDY ON RISK RETENTION.— gage that is based on factors including— On page 1219, after line 25, insert the fol- (1) STUDY.— (A) all terms of the residential mortgage, lowing: (A) IN GENERAL.—The Board of Governors, including principal payments that fully am- ‘‘(e) OFFICE OF SERVICE MEMBER AFFAIRS.— in coordination and consultation with the ortize the balance of the residential mort- ‘‘(1) IN GENERAL.—The Director shall estab- Comptroller of the Currency, the Corpora- gage over the term of the residential mort- lish an Office of Service Member Affairs, tion, the Federal Housing Finance Agency, gage; and which shall be responsible for developing and and the Commission, shall conduct a study (B) the debt to income ratio of the mort- implementing initiatives for service mem- of the asset-backed securitization process. gagor; and bers and their families intended to— (B) ISSUES TO BE STUDIED.—In conducting (4) any other specific standards the Federal ‘‘(A) educate and empower service mem- the study under subparagraph (A), the Board banking agencies jointly determine are ap- bers and their families to make better in- of Governors shall evaluate— propriate to ensure prudent underwriting of formed decisions regarding consumer finan- (i) the separate and combined impact of— residential mortgages. cial products and services; (I) requiring loan originators or (b) UPDATES TO STANDARDS.—The Federal ‘‘(B) coordinate with the unit of the Bu- securitizers to retain an economic interest in banking agencies, in consultation with the reau established under subsection (b)(3), in a portion of the credit risk for any asset that Federal Housing Finance Agency and the De- order to monitor complaints by service the securitizer, through the issuance of an partment of Housing and Urban Develop- members and their families and responses to asset-backed security, transfers, sells, or ment— those complaints by the Bureau or other ap- conveys to a third party; including— (1) shall review the standards established propriate Federal or State agency; and (aa) whether existing risk retention re- under this section not less frequently than ‘‘(C) coordinate efforts among Federal and quirements such as contractual representa- every 5 years; and State agencies, as appropriate, regarding tions and warranties, and statutory and reg- (2) based on the review under paragraph (1), consumer protection measures relating to ulatory underwriting and consumer protec- may revise the standards established under

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Federal law— zero percent; (a) STUDY.— (1) for any mortgage loan originator to fail (iii) does not gain a monetary profit from (1) IN GENERAL.—The Comptroller General to comply with the minimum standards for any residential mortgage product or service of the United States shall conduct a study mortgage underwriting established under provided; evaluating whether the underwriting criteria subsection (a) in originating a residential (iv) has the primary purpose of serving low used by the Federal Housing Administration mortgage loan; income housing needs; are sufficient to ensure the solvency of the (2) for any company to maintain an exten- (v) has not been specifically prohibited, by Mutual Mortgage Insurance Fund of the Fed- sion of credit on a revolving basis to any per- statute, from receiving Federal funding; and eral Housing Administration and the safety son to fund a residential mortgage loan, un- (vi) meets any other requirements that the and soundness of the banking system of the less the company reasonably determines that Federal banking agencies jointly determine United States. are appropriate for ensuring that a mortgage the residential mortgage loan funded by such (2) ISSUES TO BE STUDIED.—In conducting credit was subject to underwriting standards loan originator that receives an exemption the study under paragraph (1), the Comp- no less stringent than the minimum stand- under this subsection does not threaten the troller General shall evaluate— ards for mortgage underwriting established safety and soundness of the banking system (A) down payment requirements for Fed- under subsection (a); or of the United States. eral Housing Administration borrowers; EPORTS REQUIRED.—Before the (3) for any company to purchase, fund by (3) R (B) default rates of mortgages insured by issuance of final rules under subsection (a), assignment, or guarantee a residential mort- the Federal Housing Administration; and annually thereafter, the Federal banking gage loan, unless the company reasonably (C) characteristics of Federal Housing Ad- agencies shall jointly submit to the Com- determines that the residential mortgage ministration borrowers who are most likely mittee on Banking, Housing, and Urban Af- loan was subject to underwriting standards to default; fairs of the Senate and the Committee on Fi- no less stringent than the minimum stand- (D) taxpayer exposure to losses incurred by nancial Services of the House of Representa- ards for mortgage underwriting established the Federal Housing Administration; tives a report that— under subsection (a). (E) the impact of the market share of the (A) identifies the mortgage loan origina- (d) IMPLEMENTATION.— Federal Housing Administration on efforts tors that receive an exemption under this (1) REGULATIONS REQUIRED.—The Federal subsection; and to sustain a viable private mortgage market; banking agencies, in consultation with the (B) for each mortgage loan originator iden- and Federal Housing Finance Agency, shall issue tified under subparagraph (A), the rationale (F) any other factors that Comptroller regulations to implement subsections (a) and for providing an exemption. General determines are appropriate. (c), which shall take effect not later than 270 (4) UPDATES TO EXEMPTIONS.—The Federal (b) REPORT.—Not later than 6 months after days after the date of enactment of this Act. banking agencies, in consultation with the the date of enactment of this Act, the Comp- (2) REPORT REQUIRED.—If the Federal bank- Secretary of Housing and Urban Develop- troller General shall submit to Congress a ing agencies have not issued final regula- ment and the Secretary of the Treasury— report on the study conducted under sub- tions under subsections (a) and (c) before the (A) shall review the exemptions estab- section (a) that includes recommendations date that is 270 days after the date of enact- lished under this subsection not less fre- for statutory improvements to be made to ment of this Act, the Federal banking agen- quently than every 2 years; and the underwriting criteria used by the Fed- cies shall jointly submit to the Committee (B) based on the review under subpara- eral Housing Administration, to ensure the on Banking, Housing, and Urban Affairs of graph (A), may revise the standards estab- solvency of the Mutual Mortgage Insurance the Senate and the Committee on Financial lished under this subsection, as the Federal Fund of the Federal Housing Administration Services of the House of Representatives a banking agencies, in consultation with the and the safety and soundness of the banking report that— Secretary of Housing and Urban Develop- system of the United States. (A) explains why final regulations have not ment and the Secretary of the Treasury, de- SEC. 944. been issued under subsections (a) and (c); and termine to be necessary. (B) provides a timeline for the issuance of (g) RULES OF CONSTRUCTION.—Nothing in final regulations under subsections (a) and this section may be construed to permit— SA 3946. Mr. CORKER submitted an (c). (1) the Federal National Mortgage Associa- amendment intended to be proposed to (e) ENFORCEMENT.—Compliance with the tion or the Federal Home Loan Mortgage amendment SA 3739 proposed by Mr. rules issued under this section shall be en- Corporation to make or guarantee a residen- REID (for Mr. DODD (for himself and forced by— tial mortgage loan that does not meet the Mrs. LINCOLN)) to the bill S. 3217, to (1) the primary financial regulatory agency minimum underwriting standards estab- promote the financial stability of the of an entity, with respect to an entity sub- lished under this section; or United States by improving account- ject to the jurisdiction of a primary finan- (2) the Federal banking agencies to issue cial regulatory agency, in accordance with an exemption under subsection (f) that is not ability and transparency in the finan- the statutes governing the jurisdiction of the on a case-by-case basis. cial system, to end ‘‘too big to fail’’, to primary financial regulatory agency over the (h) DEFINITIONS.—In this section, the fol- protect the American taxpayer by end- entity and as if the action of the primary fi- lowing definitions shall apply: ing bailouts, to protect consumers nancial regulatory agency were taken under (1) COMPANY.—The term ‘‘company’’— from abusive financial services prac- such statutes; and (A) has the same meaning as in section 2(b) tices, and for other purposes; which (2) the Bureau, with respect to a company of the Bank Holding Company Act of 1956 (12 was ordered to lie on the table; as fol- that is not subject to the jurisdiction of a U.S.C. 1841(b)); and primary financial regulatory agency. (B) includes a sole proprietorship. lows: (f) EXEMPTIONS FOR CERTAIN NONPROFIT (2) MORTGAGE LOAN ORIGINATOR.—The term On page 1045, strike line 12 and all that fol- MORTGAGE LOAN ORIGINATORS.— ‘‘mortgage loan originator’’ means any com- lows through ‘‘SEC. 942.’’ on page 1052, line 3, (1) IN GENERAL.—Not later than 180 days pany that takes residential mortgage loan and insert the following: after the date of enactment of this Act, the applications and offers or negotiates terms (b) STUDY ON RISK RETENTION.— Federal banking agencies, in consultation of residential mortgage loans. (1) STUDY.— with the Secretary of Housing and Urban De- (3) RESIDENTIAL MORTGAGE LOAN.—The (A) IN GENERAL.—The Board of Governors, velopment and the Secretary of the Treas- term ‘‘residential mortgage loan’’— in coordination and consultation with the ury, may jointly issue rules to exempt from (A) means any extension of credit pri- Comptroller of the Currency, the Corpora- the requirements under subsection (a)(2), marily for personal, family, or household use tion, the Federal Housing Finance Agency, mortgage loan originators that are exempt that is secured by a mortgage, deed of trust, and the Commission, shall conduct a study from taxation under section 501(c)(3) of the or other equivalent security interest in a of the asset-backed securitization process. Internal Revenue Code of 1986. dwelling or residential real estate upon (B) ISSUES TO BE STUDIED.—In conducting (2) DETERMINING FACTORS.—The Federal which is constructed or intended to be con- the study under subparagraph (A), the Board banking agencies shall ensure that— structed a dwelling; and of Governors shall evaluate— (A) the lending activities of a mortgage (B) does not include a mortgage loan for (i) the separate and combined impact of— loan originator that receives an exemption which mortgage insurance is provided by the (I) requiring loan originators or under this subsection do not threaten the Department of Veterans Affairs, the Federal securitizers to retain an economic interest in safety and soundness of the banking system Housing Administration, or the Rural Hous- a portion of the credit risk for any asset that of the United States; and ing Administration. the securitizer, through the issuance of an (B) a mortgage loan originator that re- (4) EXTENSION OF CREDIT; DWELLING.—The asset-backed security, transfers, sells, or ceives an exemption under this subsection— terms ‘‘extension of credit’’ and ‘‘dwelling’’ conveys to a third party; including—

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00060 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.047 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3547 (aa) whether existing risk retention re- mortgage underwriting established under Department of Veterans Affairs, the Federal quirements such as contractual representa- subsection (a) in originating a residential Housing Administration, and the Rural tions and warranties, and statutory and reg- mortgage loan; Housing Administration. ulatory underwriting and consumer protec- (2) for any company to maintain an exten- (4) EXTENSION OF CREDIT; DWELLING.—The tion requirements are sufficient to ensure sion of credit on a revolving basis to any per- terms ‘‘extension of credit’’ and ‘‘dwelling’’ the long-term accountability of originators son to fund a residential mortgage loan, un- shall have the same meaning as in section for loans they originate; and less the company reasonably determines that 103 of the Truth in Lending Act (15 U.S.C. (bb) methodologies for establishing addi- the residential mortgage loan funded by such 1602). tional statutory credit risk retention re- credit was subject to underwriting standards SEC. 943. quirements; no less stringent than the minimum stand- (II) the Financial Accounting Statements ards for mortgage underwriting established SA 3947. Mr. HATCH submitted an 166 and 167 issued by the Financial Account- under subsection (a); or ing Standards Board, as well as any other (3) for any company to purchase, fund by amendment intended to be proposed by statements issued before or after the date of assignment, or guarantee a residential mort- him to the bill S. 3217, to promote the enactment of this section the Federal bank- gage loan, unless the company reasonably financial stability of the United States ing agencies determine to be relevant; determines that the residential mortgage by improving accountability and trans- (ii) the impact of the factors described loan was subject to underwriting standards parency in the financial system, to end under subsection (i) of this section on— no less stringent than the minimum stand- ‘‘too big to fail’’, to protect the Amer- (I) different classes of assets, such as resi- ards for mortgage underwriting established ican taxpayer by ending bailouts, to dential mortgages, commercial mortgages, under subsection (a). protect consumers from abusive finan- commercial loans, auto loans, and other (d) IMPLEMENTATION.— classes of assets; (1) REGULATIONS REQUIRED.—The Federal cial services practices, and for other (II) loan originators; banking agencies, in consultation with the purposes; which was ordered to lie on (III) securitizers; Federal Housing Finance Agency, shall issue the table; as follows: (IV) access of consumers and businesses to regulations to implement subsections (a) and At the end of title II, insert the following: credit on reasonable terms. (c), which shall take effect not later than 270 SEC. lll. PREVENT THE DISSOLUTION OF ANY (2) REPORT.—Not later than 18 months days after the date of enactment of this Act. LARGE FINANCIAL COMPANY BY after the date of enactment of this section, (2) REPORT REQUIRED.—If the Federal bank- THE FDIC IF THE DISSOLUTION the Board of Governors shall submit to Con- ing agencies have not issued final regula- WOULD INCREASE THE DEFICIT. gress a report on the study conducted under tions under subsections (a) and (c) before the The Corporation may not dissolve any paragraph (1). Such report shall include stat- date that is 270 days after the date of enact- large financial company unless the dissolu- utory and regulatory recommendations for ment of this Act, the Federal banking agen- tion has been reviewed by the Director of the eliminating any negative impacts on the cies shall jointly submit to the Committee Office of Management and Budget and the continued viability of the asset-backed on Banking, Housing, and Urban Affairs of Director has certified that the dissolution securitization markets and on the avail- the Senate and the Committee on Financial will not increase the Federal deficit. ability of credit for new lending identified by Services of the House of Representatives a the study conducted under paragraph (1). report that— SA 3948. Mr. HATCH submitted an SEC. 942. RESIDENTIAL MORTGAGE UNDER- (A) explains why final regulations have not amendment intended to be proposed by WRITING STANDARDS. been issued under subsections (a) and (c); and him to the bill S. 3217, to promote the (a) STANDARDS ESTABLISHED.—Notwith- (B) provides a timeline for the issuance of financial stability of the United States standing any other provision of this Act or final regulations under subsections (a) and by improving accountability and trans- any other provision of Federal, State, or (c). parency in the financial system, to end local law, the Federal banking agencies, in (e) ENFORCEMENT.—Compliance with the consultation with the Federal Housing Fi- rules issued under this section shall be en- ‘‘too big to fail’’, to protect the Amer- nance Agency and the Department of Hous- forced by— ican taxpayer by ending bailouts, to ing and Urban Development, shall jointly es- (1) the primary financial regulatory agency protect consumers from abusive finan- tablish specific minimum standards for of an entity, with respect to an entity sub- cial services practices, and for other mortgage underwriting, including— ject to the jurisdiction of a primary finan- purposes; which was ordered to lie on (1) a requirement that the mortgagee cial regulatory agency, in accordance with the table; as follows: verify and document the income and assets the statutes governing the jurisdiction of the At the end of title X, insert the following: relied upon to qualify the mortgagor on the primary financial regulatory agency over the residential mortgage, including the previous entity and as if the action of the primary fi- SEC. lll. PREVENT COMPLIANCE COSTS FOR employment and credit history of the mort- nancial regulatory agency were taken under BCFP REGULATION FROM BEING PASSED TO THE CONSUMER. gagor; such statutes; and The Bureau of Consumer Financial Protec- (2) a down payment requirement; (2) the Bureau, with respect to a company tion may not adopt any regulation unless (3) a method for determining the ability of that is not subject to the jurisdiction of a the regulation has been reviewed by the Di- the mortgagor to repay the residential mort- primary financial regulatory agency. rector of the Office of Management and gage that is based on factors including— (f) RULE OF CONSTRUCTION.—Nothing in this Budget and the Director has certified that (A) all terms of the residential mortgage, section may be construed to permit the Fed- the regulation will not bear any costs onto including principal payments that fully am- eral National Mortgage Association or the consumers. ortize the balance of the residential mort- Federal Home Loan Mortgage Corporation to make or guarantee a residential mortgage gage over the term of the residential mort- SA 3949. Mr. CARPER (for himself, gage; and loan that does not meet the minimum under- (B) the debt to income ratio of the mort- writing standards established under this sec- Mr. CORKER, Mr. BAYH, Mr. ENSIGN, Mr. gagor; and tion. JOHNSON, and Mr. WARNER) submitted (4) any other specific standards the Federal (g) DEFINITIONS.—In this section, the fol- an amendment intended to be proposed banking agencies jointly determine are ap- lowing definitions shall apply: to amendment SA 3739 proposed by Mr. (1) COMPANY.—The term ‘‘company’’— propriate to ensure prudent underwriting of REID (for Mr. DODD (for himself and residential mortgages. (A) has the same meaning as in section 2(b) of the Bank Holding Company Act of 1956 (12 Mrs. LINCOLN)) to the bill S. 3217, to (b) UPDATES TO STANDARDS.—The Federal promote the financial stability of the banking agencies, in consultation with the U.S.C. 1841(b)); and Federal Housing Finance Agency and the De- (B) includes a sole proprietorship. United States by improving account- partment of Housing and Urban Develop- (2) MORTGAGE LOAN ORIGINATOR.—The term ability and transparency in the finan- ment— ‘‘mortgage loan originator’’ means any com- cial system, to end ‘‘too big to fail’’, to (1) shall review the standards established pany that takes residential mortgage loan protect the American taxpayer by end- under this section not less frequently than applications and offers or negotiates terms ing bailouts, to protect consumers every 5 years; and of residential mortgage loans. from abusive financial services prac- (3) RESIDENTIAL MORTGAGE LOAN.—The (2) based on the review under paragraph (1), tices, and for other purposes; which may revise the standards established under term ‘‘residential mortgage loan’’— this section, as the Federal banking agen- (A) means any extension of credit pri- was ordered to lie on the table; as fol- cies, in consultation with the Federal Hous- marily for personal, family, or household use lows: ing Finance Agency and the Department of that is secured by a mortgage, deed of trust, On page 1315, strike line 18, and all that Housing and Urban Development, determine or other equivalent security interest in a follows through page 1325, line 20 and insert to be necessary. dwelling or residential real estate upon the following: (c) COMPLIANCE.—It shall be a violation of which is constructed or intended to be con- ‘‘(B) the State consumer financial law is Federal law— structed a dwelling; and preempted in accordance with the legal (1) for any mortgage loan originator to fail (B) does not include a mortgage loan for standards of the decision of the Supreme to comply with the minimum standards for which mortgage insurance is provided by the Court in Barnett Bank v. Nelson (517 U.S. 25

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00061 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.049 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3548 CONGRESSIONAL RECORD — SENATE May 11, 2010 (1996)), and any preemption determination year period thereafter. After conducting the SEC. 1046. STATE LAW PREEMPTION STANDARDS under this subparagraph may be made by a review of, and inspecting the comments FOR FEDERAL SAVINGS ASSOCIA- court or by regulation or order of the Comp- made on, the determination, the agency TIONS AND SUBSIDIARIES CLARI- troller of the Currency, on a case-by-case shall publish a notice in the Federal Register FIED. basis, in accordance with applicable law; or announcing the decision to continue or re- (a) IN GENERAL.—The Home Owners’ Loan ‘‘(C) the State consumer financial law is scind the determination or a proposal to Act (12 U.S.C. 1461 et seq.) is amended by in- preempted by a provision of Federal law amend the determination. Any such notice of serting after section 5 the following new sec- other than this title. a proposal to amend a determination and the tion: ‘‘(2) SAVINGS CLAUSE.—This title does not subsequent resolution of such proposal shall ‘‘SEC. 6. STATE LAW PREEMPTION STANDARDS preempt, annul, or affect the applicability of comply with the procedures set forth in sub- FOR FEDERAL SAVINGS ASSOCIA- TIONS CLARIFIED. any State law to any subsidiary or affiliate sections (a) and (b) of section 5244 of the Re- of a national bank (other than a subsidiary vised Statutes of the United States (12 U.S.C. ‘‘(a) IN GENERAL.—Any determination by a or affiliate that is chartered as a national 43 (a), (b)). court or by the Director or any successor of- ficer or agency regarding the relation of bank). ‘‘(2) REPORTS TO CONGRESS.—At the time of ‘‘(3) CASE-BY-CASE BASIS.— issuing a review conducted under paragraph State law to a provision of this Act or any ‘‘(A) DEFINITION.—As used in this section (1), the Comptroller of the Currency shall regulation or order prescribed under this Act the term ‘case-by-case basis’ refers to a de- submit a report regarding such review to the shall be made in accordance with the laws termination pursuant to this section made Committee on Financial Services of the and legal standards applicable to national by the Comptroller concerning the impact of House of Representatives and the Committee banks regarding the preemption of State a particular State consumer financial law on on Banking, Housing, and Urban Affairs of law. any national bank that is subject to that the Senate. The report submitted to the re- ‘‘(b) PRINCIPLES OF CONFLICT PREEMPTION law, or the law of any other State with sub- spective committees shall address whether APPLICABLE.—Notwithstanding the authori- stantively equivalent terms. the agency intends to continue, rescind, or ties granted under sections 4 and 5, this Act ‘‘(B) CONSULTATION.—When making a de- propose to amend any determination that a does not occupy the field in any area of termination on a case-by-case basis that a provision of Federal law preempts a State State law.’’. State consumer financial law of another consumer financial law, and the reasons (b) CLERICAL AMENDMENT.—The table of State has substantively equivalent terms as therefor. sections for the Home Owners’ Loan Act (12 one that the Comptroller is preempting, the ‘‘(e) APPLICATION OF STATE CONSUMER FI- U.S.C. 1461 et seq.) is amended by striking Comptroller shall first consult with the Bu- NANCIAL LAW TO SUBSIDIARIES AND AFFILI- the item relating to section 6 and inserting reau of Consumer Financial Protection and ATES.—Notwithstanding any provision of this the following new item: shall take the views of the Bureau into ac- title, a State consumer financial law shall ‘‘Sec. 6. State law preemption standards count when making the determination. apply to a subsidiary or affiliate of a na- for Federal savings associations ‘‘(4) RULE OF CONSTRUCTION.—This title tional bank (other than a subsidiary or affil- and subsidiaries clarified.’’. does not occupy the field in any area of iate that is chartered as a national bank) to SEC. 1047. VISITORIAL STANDARDS FOR NA- State law. the same extent that the State consumer fi- TIONAL BANKS AND SAVINGS ASSO- ‘‘(5) STANDARDS OF REVIEW.— nancial law applies to any person, corpora- CIATIONS. ‘‘(A) PREEMPTION.—A court reviewing any tion, or other entity subject to such State (a) NATIONAL BANKS.—Section 5136C of the determinations made by the Comptroller re- law. Revised Statutes of the United States (as garding preemption of a State law by this ‘‘(f) PRESERVATION OF POWERS RELATED TO added by this subtitle) is amended by adding title shall assess the validity of such deter- CHARGING INTEREST.—No provision of this at the end the following: minations, depending upon the thoroughness title shall be construed as altering or other- ‘‘(j) VISITORIAL POWERS.— evident in the consideration of the agency, wise affecting the authority conferred by ‘‘(1) IN GENERAL.—In accordance with the the validity of the reasoning of the agency, section 5197 of the Revised Statutes of the decision of the Supreme Court of the United the consistency with other valid determina- United States (12 U.S.C. 85) for the charging States in Cuomo v. Clearing House Assn., L. tions made by the agency, and other factors of interest by a national bank at the rate al- L. C., 5 (129 S. Ct. 2710 (2009)), no provision of which the court finds persuasive and rel- lowed by the laws of the State, territory, or this title which relates to visitorial powers evant to its decision. district where the bank is located, including or otherwise limits or restricts the visitorial ‘‘(B) SAVINGS CLAUSE.—Except as provided with respect to the meaning of ‘interest’ authority to which any national bank is sub- in subparagraph (A), nothing in this section under such provision. ject shall be construed as limiting or re- shall affect the deference that a court may ‘‘(g) TRANSPARENCY OF OCC PREEMPTION stricting the authority of any attorney gen- afford to the Comptroller in making deter- DETERMINATIONS.—The Comptroller of the eral (or other chief law enforcement officer) minations regarding the meaning or inter- Currency shall publish and update no less of any State to bring an action in a court of pretation of title LXII of the Revised Stat- frequently than quarterly, a list of preemp- appropriate jurisdiction to enforce an appli- utes of the United States or other Federal tion determinations by the Comptroller of cable nonpreempted State law against a na- laws. the Currency then in effect that identifies tional bank, as authorized by such law, and ‘‘(6) COMPTROLLER DETERMINATION NOT DEL- the activities and practices covered by each to seek relief as authorized by such law. EGABLE.—Any regulation, order, or deter- determination and the requirements and ‘‘(2) EXCLUSION.—The powers granted to mination made by the Comptroller of the constraints determined to be preempted.’’. State attorneys general and State regulators Currency under paragraph (1)(B) shall be (b) CLERICAL AMENDMENT.—The table of under section 1042 of the Restoring American made by the Comptroller, and shall not be sections for chapter one of title LXII of the Financial Stability Act of 2010 shall not delegable to another officer or employee of Revised Statutes of the United States is apply to any national bank, or any sub- the Comptroller of the Currency. amended by inserting after the item relating sidiary thereof, regulated by the Office of the to section 5136B the following new item: ‘‘(c) SUBSTANTIAL EVIDENCE.—No regula- Comptroller of the Currency. tion or order of the Comptroller of the Cur- ‘‘Sec. 5136C. State law preemption standards ‘‘(k) ENFORCEMENT ACTIONS.—The ability of rency prescribed under subsection (b)(1)(B), for national banks and subsidi- the Comptroller of the Currency to bring an shall be interpreted or applied so as to inval- aries clarified.’’. enforcement action under this title or sec- idate, or otherwise declare inapplicable to a SEC. 1045. CLARIFICATION OF LAW APPLICABLE tion 5 of the Federal Trade Commission Act national bank, the provision of the State TO NONDEPOSITORY INSTITUTION does not preclude any private party from en- consumer financial law, unless substantial SUBSIDIARIES. forcing rights granted under Federal or Section 5136C of the Revised Statutes of evidence, made on the record of the pro- State law in the courts.’’. the United States (as added by this subtitle) ceeding, supports the specific finding regard- (b) SAVINGS ASSOCIATIONS.—Section 6 of is amended by adding at the end the fol- ing the preemption of such provision in ac- the Home Owners’ Loan Act (as added by this lowing: cordance with the legal standard of the deci- title) is amended by adding at the end the ‘‘(i) CLARIFICATION OF LAW APPLICABLE TO sion of the Supreme Court of the United following: States in Barnett Bank of Marion County, NONDEPOSITORY INSTITUTION SUBSIDIARIES ‘‘(c) VISITORIAL POWERS.—The provisions of AND AFFILIATES OF NATIONAL BANKS.— N.A. v. Nelson, Florida Insurance Commis- sections 5136C(j) of the Revised Statutes of sioner, et al., 517 U.S. 25 (1996). ‘‘(1) DEFINITIONS.—For purposes of this sub- the United States shall apply to Federal sav- ‘‘(d) PERIODIC REVIEW OF PREEMPTION DE- section, the terms ‘depository institution’, ings associations, and any subsidiary there- TERMINATIONS.— ‘subsidiary’, and ‘affiliate’ have the same of, to the same extent and in the same man- ‘‘(1) IN GENERAL.—The Comptroller of the meanings as in section 3 of the Federal De- Currency shall periodically conduct a re- posit Insurance Act. ner as if such savings associations, or sub- sidiaries thereof, were national banks or sub- view, through notice and public comment, of ‘‘(2) RULE OF CONSTRUCTION.—No provision each determination that a provision of Fed- of this title shall be construed as pre- sidiaries of national banks, respectively. eral law preempts a State consumer finan- empting, annulling, or affecting the applica- cial law. The agency shall conduct such re- bility of State law to any subsidiary, affil- SA 3950. Ms. CANTWELL submitted view within the 5-year period after pre- iate, or agent of a national bank (other than an amendment intended to be proposed scribing or otherwise issuing such deter- a subsidiary, affiliate, or agent that is char- to amendment SA 3739 proposed by Mr. mination, and at least once during each 5- tered as a national bank).’’. REID (for Mr. DODD (for himself and

VerDate Mar 15 2010 04:57 May 12, 2010 Jkt 089060 PO 00000 Frm 00062 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.051 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3549 Mrs. LINCOLN)) to the bill S. 3217, to On page 837, lines 3 and 4, strike ‘‘but are On page 627, between lines 20 and 21, insert promote the financial stability of the subject to the requirements of section the following: United States by improving account- 3C(a)(8)’’ and insert ‘‘pursuant to section ‘‘(2) REPOSITORY FOR EACH ASSET CLASS.— ability and transparency in the finan- 3C(a)(9)’’. ‘‘(A) REGISTRATION.—The Commission shall On page 842, line 9, before the semicolon in- register at least 1 swap data repository for cial system, to end ‘‘to big to fail’’, to sert ‘‘on an aggregate basis for both cleared each asset class of a swap, or of a group, cat- protect the American taxpayer by end- and uncleared trades, including compliance egory, type, or class of swaps. ing bailouts, to protect consumers and frequency of end user clearing exemp- ‘‘(B) RULEMAKING.—If more than 1 such from abusive financial services prac- tion claims by individual and affiliated enti- swap data repository exists, the Commission tices, and for other purposes; which ties’’. shall by rule provide for— was ordered to lie on the table; as fol- On page 883, strike line 7 and all that fol- ‘‘(i) the reporting of consistent data by lows: lows through page 884, line 9. each registered swap data repository; and ‘‘(ii) timely access, by the Commission and On page 706, line 5, strike ‘‘transaction’’ SA 3952. Mr. SCHUMER submitted an the public, to the data collected and main- and all that follows through the period on amendment intended to be proposed to tained by each such registered swap data re- line 9, and insert the following: ‘‘transaction amendment SA 3739 proposed by Mr. pository.’’. to meet the definition of a swap under sec- On page 627, line 21, strike ‘‘(2)’’ and insert tion 1a.’’. REID (for Mr. DODD (for himself and Mrs. LINCOLN)) to the bill S. 3217, to ‘‘(3)’’. On page 627, line 25, strike ‘‘(3)’’ and insert SA 3951. Mr. MENENDEZ (for himself promote the financial stability of the ‘‘(4)’’. and Mr. BAYH) submitted an amend- United States by improving account- On page 628, between lines 9 and 10, insert ment intended to be proposed to ability and transparency in the finan- the following: amendment SA 3739 proposed by Mr. cial system, to end ‘‘too big to fail’’, to ‘‘(B) ADDITIONAL CORE PRINCIPLES.—The REID (for Mr. DODD (for himself and protect the American taxpayer by end- Commission may develop additional core Mrs. LINCOLN)) to the bill S. 3217, to ing bailouts, to protect consumers principles applicable to swap data reposi- promote the financial stability of the from abusive financial services prac- tories, and in developing such additional tices, and for other purposes; which core principles, the Commission may con- United States by improving account- form such core principles to reflect evolving ability and transparency in the finan- was ordered to lie on the table; as fol- United States and international standards.’’. cial system, to end ‘‘to big to fail’’, to lows: On page 628, line 10, strike ‘‘(B)’’ and insert protect the American taxpayer by end- On page 510, strike lines 1 through 7. ‘‘(C)’’. ing bailouts, to protect consumers On page 525, strike lines 5 through 9. On page 628, between lines 18 and 19, insert from abusive financial services prac- the following: tices, and for other purposes; which SA 3953. Mr. SCHUMER submitted an ‘‘(1) CONSULTATION WITH OTHER REGU- amendment intended to be proposed to LATORS.—The Commission shall consult with was ordered to lie on the table; as fol- the Securities and Exchange Commission, lows: amendment SA 3739 proposed by Mr. REID (for Mr. DODD (for himself and and the appropriate Federal banking agen- On page 615, line 18, strike ‘‘all’’ and all cies or the appropriate governmental agen- Mrs. LINCOLN)) to the bill S. 3217, to that follows through line 21, and insert the cies prior to prescribing standards under this following: ‘‘and the registered swap data re- promote the financial stability of the section.’’. positories all information that is determined United States by improving account- On page 628, line 19, strike ‘‘(1)’’ and insert by the Commission to be necessary for the ability and transparency in the finan- ‘‘(2)’’. Commission and each of the swap data re- cial system, to end ‘‘too big to fail’’, to On page 628, line 23, strike ‘‘(2)’’ and insert positories to perform their respective re- protect the American taxpayer by end- ‘‘(3)’’. sponsibilities under this Act’’. ing bailouts, to protect consumers On page 629, line 3, strike ‘‘(3)’’ and insert On page 623, line 12, strike ‘‘In this para- from abusive financial services prac- ‘‘(4)’’. graph’’ and insert ‘‘Subject to subparagraph On page 629, strike lines 8 through 19, and (E), in this paragraph’’. tices, and for other purposes; which insert the following: On page 624, line 18, strike ‘‘With’’ and all was ordered to lie on the table; as fol- ‘‘(5) INFORMATION ACCESS FOR THE SECURI- that follows through ‘‘subsection (h),’’ on lows: TIES AND EXCHANGE COMMISSION.—The Securi- line 22, and insert the following: ‘‘The reg- On page 553, strike line 18 and all that fol- ties and Exchange Commission shall have di- istered swap data repositories or’’. lows through page 554, line 2, and insert the rect access to registered swap data reposi- On page 625, strike line 2, and insert the following: tories that accept data on security-based following: ‘‘swap trading volumes and posi- ‘‘(iii) REPORTING.—All foreign exchange swap agreements.’’. tions for both cleared and uncleared swaps and foreign exchange forwards shall be On page 630, lines 21 through 23, strike ‘‘, trades.’’. reported to a registered swap data repository and after notifying the Commission of the On page 625, line 3, strike ‘‘With respect’’ described under section 21 within such time request,’’. and insert ‘‘Subject to subparagraph (E), period as the Commission may by rule or On page 631, line 18, strike ‘‘AND INDEM- with respect’’. regulation prescribe.’’. NIFICATION AGREEMENT’’. On page 625, line 6, strike ‘‘(10)’’ and insert On page 555, line 12, strike ‘‘, calculates, On page 631, line 20, strike ‘‘above—’’ and ‘‘(9)’’. prepares, or’’ and insert ‘‘and’’. all that follows through ‘‘the swap’’ on line On page 630, line 14, insert ‘‘on an aggre- On page 555, line 13, strike ‘‘transactions 21, and insert ‘‘under subsection (c)(7) the gate basis for both cleared and uncleared or’’. swap’’. trades’’ after ‘‘swap data’’. On page 555, line 14, strike ‘‘and condi- On page 631, line 25, strike ‘‘; and’’ and in- On page 637, strike line 17 and all that fol- tions’’. sert a period. lows through page 638, line 12. On page 555, line 15, before the period in- On page 632, strike lines 1 through 4. On page 810, line 22, after the first period, sert ‘‘for the purpose of providing a central- On page 635, between lines 23 and 24, insert insert the following: ized record-keeping facility for swaps’’. the following: ‘‘(m) DUTY OF CLEARING AGENCY.—Each On page 575, line 5, strike ‘‘such a swap ei- ‘‘(h) ACCESS TO SWAP DATA REPOSITORY clearing agency that clears security-based ther’’. SERVICES.— swaps shall provide to the Commission and On page 575, line 6, strike ‘‘or’’ and all that ‘‘(1) COMMISSION REVIEW.—Any prohibition the registered security-based swap data re- follows through ‘‘4r’’ on line 8. or limitation to any person on access to positories all information that is determined On page 575, line 24, strike ‘‘or the Com- services offered, directly or indirectly, by a by the Commission to be necessary for the mission’’. registered swap data repository shall be sub- Commission and each of the security-based On page 576, lines 7 and 8, strike ‘‘or the ject to review by the Commission on its own swap data repositories to perform their re- Commission’’. motion, or upon application by any person spective responsibilities under this Act. On page 615, line 18, strike ‘‘all’’ and all aggrieved thereby filed within 30 days after On page 835, line 7, strike ‘‘In this para- that follows through line 21, and insert the such notice has been filed with the Commis- graph’’ and insert ‘‘Subject to subparagraph following: ‘‘and the registered swap data re- sion and received by such aggrieved person, (E), in this paragraph’’. positories all information that is determined or within such longer period as the Commis- On page 836, line 14, strike ‘‘With’’ and all by the Commission to be necessary for the sion may determine. Application to the Com- that follows through ‘‘section 3C(a),’’ on line Commission and each of the swap data re- mission for review, or the institution of re- 18, and insert the following: ‘‘The registered positories to perform their respective re- view by the Commission on its own motion, security-based swap data repositories or’’. sponsibilities under this Act’’. shall not operate as a stay of such prohibi- On page 836, strike lines 23 and 24, and in- On page 624, lines 21 through 23, strike ‘‘or tion or limitation, unless the Commission sert the following: ‘‘security-based swap the Commission under subsection (h), the otherwise orders, summarily or after notice trading volumes and positions for both Commission’’ and insert ‘‘, the swap data re- and opportunity for a hearing on the ques- cleared and uncleared trades.’’. pository’’. tion of the stay (which hearing may consist

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solely of the submission of affidavits or pres- ‘‘(B) RULEMAKING.—If more than 1 such se- based swap data repository, if the Commis- entation of oral arguments). The Commis- curity-based swap data repository exists, the sion finds after notice and opportunity for a sion shall establish for appropriate cases an Commission shall by rule provide for— hearing, that such prohibition or limitation expedited procedure for consideration and ‘‘(i) the reporting of consistent data by is consistent with the provisions of this sec- determination of the question of the stay. each registered security-based swap data re- tion, and the rules and regulations there- ‘‘(2) COMMISSION ACTION.—In any pro- pository; and under, and that such person has not been dis- ceeding to review the prohibition or limita- ‘‘(ii) timely access, by the Commission and criminated against unfairly, the Commis- tion of any person in respect of access to the public, to the data collected and main- sion, by order, shall dismiss the proceeding. services offered by a registered swap data re- tained by each such registered security- If the Commission does not make any such pository, if the Commission finds after no- based swap data repository.’’. finding or if it finds that such prohibition or tice and opportunity for a hearing, that such On page 839, line 20, strike ‘‘(2)’’ and insert limitation imposes any burden on competi- prohibition or limitation is consistent with ‘‘(3)’’. tion not necessary or appropriate in further- the provisions of this section, and the rules On page 839, line 24, strike ‘‘(3)’’ and insert ance of this section, the Commission, by and regulations thereunder, and that such ‘‘(4)’’. order, shall set aside the prohibition or limi- person has not been discriminated against On page 840, between lines 8 and 9, insert tation, and require the registered security- unfairly, the Commission, by order, shall dis- the following: based swap data repository to permit such miss the proceeding. If the Commission does ‘‘(B) ADDITIONAL CORE PRINCIPLES.—The person access to the services offered by the not make any such finding or if it finds that Commission may develop additional core registered security-based swap data reposi- such prohibition or limitation imposes any principles applicable to security-based swap tory to which the prohibition or limitation burden on competition not necessary or ap- data repositories, and in developing such ad- applied. propriate in furtherance of this section, the ditional core principles, the Commission ‘‘(10) ADMINISTRATIVE PROCEEDING AUTHOR- Commission, by order, shall set aside the may conform such core principles to reflect ITY.—The Commission, by order, may cen- prohibition or limitation, and require the evolving United States and international sure or place limitations upon the activities, registered swap data repository to permit standards.’’. functions, or operations of, suspend for a pe- such person access to the services offered by On page 840, line 9, strike ‘‘(B)’’ and insert riod not exceeding 12 months the registra- the registered swap data repository to which ‘‘(C)’’. tion of, or revoke the registration of, any the prohibition or limitation applied. On page 840, line 18, strike ‘‘(4)’’ and insert such security-based swap data repository, if ‘‘(i) ADMINISTRATIVE PROCEEDING AUTHOR- ‘‘(5)’’. the Commission finds, on the record after no- ITY.—The Commission, by order, may cen- On page 840, between lines 18 and 19, insert tice and opportunity for a hearing, that such sure or place limitations upon the activities, the following: censure, placing of limitations, suspension, functions, or operations of, suspend for a pe- ‘‘(A) CONSULTATION WITH REGULATORS.—The or revocation is necessary or appropriate in riod not exceeding 12 months the registra- Commission shall consult with the Com- the public interest, for the protection of in- tion of, or revoke the registration of, any modity Futures Trading Commission, and vestors, or otherwise in furtherance of the such swap data repository, if the Commis- the appropriate Federal banking agencies or purposes of this section, and that such secu- sion finds, on the record after notice and op- the appropriate governmental agencies prior rity-based swap data repository has violated portunity for a hearing, that such censure, to prescribing standards under this sub- or is unable to comply with any provision of placing of limitations, suspension, or revoca- section.’’. this section, or the rules and regulations tion is necessary or appropriate in the public On page 840, line 19, strike ‘‘(A)’’ and insert thereunder.’’. interest, for the protection of investors, or ‘‘(B)’’. On page 848, line 13, strike ‘‘(9)’’ and insert otherwise in furtherance of the purposes of On page 840, line 24, strike ‘‘(B)’’ and insert ‘‘(11)’’. this section, and that such swap data reposi- ‘‘(C)’’. On page 881, line 19, strike ‘‘reported to—’’ tory has violated or is unable to comply with On page 841, line 3, strike ‘‘(C)’’ and insert and all that follows through ‘‘a security- any provision of this section, or the rules ‘‘(D)’’. based swap’’ on line 20, and insert ‘‘reported On page 842, lines 16 through 18, strike ‘‘, and regulations thereunder.’’. to a security-based swap’’. On page 635, line 24, strike ‘‘(h)’’ and insert and after notifying the Commission of the On page 881, line 21, strike ‘‘; or’’ and insert ‘‘(j)’’. request,’’. a period. On page 636, line 10, strike ‘‘reported to—’’ On page 843, lines 11 and 12, strike ‘‘AND IN- On page 881, strike line 22 and all that fol- and all that follows through ‘‘a swap’’ on line DEMNIFICATION’’. lows through page 882, line 2. On page 843, line 15, strike ‘‘(G)—’’ and all 11, and insert ‘‘reported to a swap’’. On page 882, lines 14 and 15, strike ‘‘or the On page 636, line 12, strike ‘‘; or’’ and insert that follows through ‘‘the security-based Commission’’. a period. swap’’ on line 16, and insert ‘‘(G) the secu- On page 636, strike lines 13 through 17. rity-based swap’’. SA 3954. Mr. JOHNSON (for himself On page 637, line 2, strike ‘‘or the Commis- On page 843, line 22, strike ‘‘; and’’ and in- and Mr. ENZI) submitted an amend- sion’’. sert a period. ment intended to be proposed to On page 791, line 11, strike ‘‘either’’. On page 843, strike line 23 and all that fol- amendment SA 3739 proposed by Mr. lows through page 844, line 2. On page 791, line 13, strike ‘‘, or’’ and all REID (for Mr. DODD (for himself and that follows through ‘‘13A’’ on line 15. On page 848, between lines 12 and 13, insert Mrs. LINCOLN)) to the bill S. 3217, to On page 792, lines 4 and 5, strike ‘‘or the the following: Commission’’. ‘‘(9) ACCESS TO SECURITY-BASED SWAP DATA promote the financial stability of the On page 792, line 10, strike ‘‘or the Com- REPOSITORY SERVICES.— United States by improving account- mission’’. ‘‘(A) COMMISSION REVIEW.—Any prohibition ability and transparency in the finan- On page 801, lines 22 and 23, strike ‘‘or the or limitation to any person on access to cial system, to end ‘‘too big to fail’’, to Commission under subsection (a)’’. services offered, directly or indirectly, by a protect the American taxpayer by end- On page 810, line 22, after the first period, registered security-based swap data reposi- ing bailouts, to protect consumers tory shall be subject to review by the Com- insert the following: from abusive financial services prac- ‘‘(m) DUTY OF CLEARING AGENCY.—Each mission on its own motion, or upon applica- clearing agency that clears security-based tion by any person aggrieved thereby filed tices, and for other purposes; which swaps shall provide to the Commission and within 30 days after such notice has been was ordered to lie on the table; as fol- the registered security-based swap data re- filed with the Commission and received by lows: positories all information that is determined such aggrieved person, or within such longer On page 370, between lines 13 and 14, insert by the Commission to be necessary for the period as the Commission may determine. the following: Commission and each of the security-based Application to the Commission for review, or SEC. 333. TEMPORARY EXTENSION OF THE swap data repositories to perform their re- the institution of review by the Commission TRANSACTION ACCOUNT GUAR- spective responsibilities under this Act.’’. on its own motion, shall not operate as a ANTEE PROGRAM. On page 812, line 16, before the semicolon stay of such prohibition or limitation, unless (a) TRANSACTION ACCOUNT GUARANTEE PRO- insert ‘‘and this title’’. the Commission otherwise orders, summarily GRAM EXTENSION.—Section 11(a)(1) of the On page 836, lines 17 through 19, strike ‘‘or or after notice and opportunity for a hearing Federal Deposit Insurance Act (12 U.S.C. the Commission under section 3C(a), the on the question of the stay (which hearing 1821(a)(1)) is amended— Commission shall’’ and insert ‘‘, the secu- may consist solely of the submission of affi- (1) in subparagraph (B)— rity-based swap data repository shall’’. davits or presentation of oral arguments). (A) by striking ‘‘The net amount’’ and in- On page 839, between lines 19 and 20, insert The Commission shall establish for appro- serting the following: the following: priate cases an expedited procedure for con- ‘‘(i) IN GENERAL.—Except as provided in ‘‘(2) REPOSITORY FOR EACH ASSET CLASS.— sideration and determination of the question clause (ii), the net amount’’; and ‘‘(A) REGISTRATION.—The Commission shall of the stay. (B) by adding at the end the following: register at least 1 security-based swap data ‘‘(B) COMMISSION ACTION.—In any pro- ‘‘(ii) INSURANCE FOR NONINTEREST-BEARING repository for each asset class of a security- ceeding to review the prohibition or limita- TRANSACTION ACCOUNTS.—The Corporation based swap, or of a group, category, type, or tion of any person in respect of access to shall fully insure the net amount that a de- class of security-based swaps. services offered by a registered security- positor at an insured depository institution

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00064 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.060 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3551 maintains in a noninterest-bearing trans- and Mr. BROWN of Massachusetts) sub- residential mortgage, including the previous action account. Such amount shall not be mitted an amendment intended to be employment and credit history of the mort- taken into account when determining the proposed to amendment SA 3739 pro- gagor; net amount due to such a depositor under (2) a down payment requirement that— posed by Mr. REID (for Mr. DODD (for clause (i). (A) is equal to not less than 5 percent of himself and Mrs. LINCOLN)) to the bill ‘‘(iii) ‘NONINTEREST-BEARING TRANSACTION the purchase price of the property securing ACCOUNT’ DEFINED.—For purposes of this sub- S. 3217, to promote the financial sta- the residential mortgage; and paragraph, the term ‘noninterest-bearing bility of the United States by improv- (B) in the case of a first lien residential transaction account’ means— ing accountability and transparency in mortgage loan with an initial loan to value ‘‘(I) a deposit or account maintained at an the financial system, to end ‘‘too big to ratio that is more than 80 percent and not insured depository institution— fail’’, to protect the American taxpayer more than 95 percent, includes a requirement ‘‘(aa) with respect to which interest is nei- by ending bailouts, to protect con- for credit enhancements, as defined by the ther accrued nor paid; sumers from abusive financial services Federal banking agencies, until the loan to ‘‘(bb) on which the depositor or account practices, and for other purposes; as value ratio of the residential mortgage loan amortizes to a value that is less than 80 per- holder is permitted to make withdrawals by follows: negotiable or transferable instrument, pay- cent of the purchase price; ment orders of withdrawal, telephone or On page 1045, strike line 12 and all that fol- (3) a method for determining the ability of other electronic media transfers, or other lows through ‘‘SEC. 942.’’ on page 1052, line 3, the mortgagor to repay the residential mort- similar means for the purpose of making and insert the following: gage that is based on factors including— (b) STUDY ON RISK RETENTION.— payments or transfers to third parties; and (A) all terms of the residential mortgage, (1) STUDY.— ‘‘(cc) on which the insured depository in- including principal payments that fully am- (A) IN GENERAL.—The Board of Governors, stitution does not reserve the right to re- ortize the balance of the residential mort- in coordination and consultation with the quire advance notice of an intended with- gage over the term of the residential mort- Comptroller of the Currency, the Corpora- drawal; and gage; and tion, the Federal Housing Finance Agency, ‘‘(II) a trust account established by an at- (B) the debt to income ratio of the mort- and the Commission, shall conduct a study torney on behalf of a client, commonly re- gagor; and of the asset-backed securitization process. ferred to as an ‘Interest on Lawyers Trust (4) any other specific standards the Federal (B) ISSUES TO BE STUDIED.—In conducting Account’ or ‘IOLTA’.’’; and banking agencies jointly determine are ap- the study under subparagraph (A), the Board (2) in subparagraph (C), by striking ‘‘sub- propriate to ensure prudent underwriting of of Governors shall evaluate— paragraph (B)’’ and inserting ‘‘subparagraph residential mortgages. (i) the separate and combined impact of— (B)(i)’’. (b) UPDATES TO STANDARDS.—The Federal (I) requiring loan originators or (b) EFFECTIVE DATE.—The amendments banking agencies, in consultation with the made by subsection (a) shall take effect on securitizers to retain an economic interest in Federal Housing Finance Agency and the De- January 1, 2011. a portion of the credit risk for any asset that partment of Housing and Urban Develop- (c) PROSPECTIVE REPEAL.—Effective Janu- the securitizer, through the issuance of an ment— ary 1, 2013, section 11(a)(1) of the Federal De- asset-backed security, transfers, sells, or (1) shall review the standards established posit Insurance Act (12 U.S.C. 1821(a)(1)), as conveys to a third party; including— under this section not less frequently than amended by subsection (a), is amended— (aa) whether existing risk retention re- every 5 years; and (1) in subparagraph (B)— quirements such as contractual representa- (2) based on the review under paragraph (1), (A) by striking ‘‘DEPOSIT.—’’ and all that tions and warranties, and statutory and reg- may revise the standards established under follows through ‘‘clause (ii), the net ulatory underwriting and consumer protec- this section, as the Federal banking agen- amount’’ and inserting ‘‘DEPOSIT.—The net tion requirements are sufficient to ensure cies, in consultation with the Federal Hous- amount’’; and the long-term accountability of originators ing Finance Agency and the Department of (B) by striking clauses (ii) and (iii); and for loans they originate; and Housing and Urban Development, determine (2) in subparagraph (C), by striking ‘‘sub- (bb) methodologies for establishing addi- to be necessary. paragraph (B)(i)’’ and inserting ‘‘subpara- tional statutory credit risk retention re- (c) COMPLIANCE.—It shall be a violation of graph (B)’’. quirements; Federal law— SEC. 334. IMPROVEMENTS TO THE DEPOSIT IN- (II) the Financial Accounting Statements (1) for any mortgage loan originator to fail SURANCE FUND. 166 and 167 issued by the Financial Account- to comply with the minimum standards for Section 7 of the Federal Deposit Insurance ing Standards Board, as well as any other mortgage underwriting established under Act (12 U.S.C. 1817) is amended— statements issued before or after the date of subsection (a) in originating a residential (1) in subsection (b)(3)(B)(i), by striking enactment of this section the Federal bank- mortgage loan; ‘‘1.5 percent’’ and inserting ‘‘1.75 percent’’; ing agencies determine to be relevant; (2) for any company to maintain an exten- and (ii) the impact of the factors described sion of credit on a revolving basis to any per- (2) in subsection (e)— under subsection (i) of this section on— son to fund a residential mortgage loan, un- (A) in paragraph (2)— (I) different classes of assets, such as resi- less the company reasonably determines that (i) in subparagraph (A), by striking ‘‘1.5’’ dential mortgages, commercial mortgages, the residential mortgage loan funded by such each place that term appears and inserting commercial loans, auto loans, and other credit was subject to underwriting standards ‘‘1.75’’; classes of assets; no less stringent than the minimum stand- (ii) by striking subparagraphs (B), (C), (E), (II) loan originators; ards for mortgage underwriting established (F), and (G); (III) securitizers; under subsection (a); or (iii) by redesignating subparagraph (D) as (IV) access of consumers and businesses to (3) for any company to purchase, fund by subparagraph (C); and credit on reasonable terms. assignment, or guarantee a residential mort- (iv) by inserting after subparagraph (A) the (2) REPORT.—Not later than 18 months gage loan, unless the company reasonably following: after the date of enactment of this section, determines that the residential mortgage ‘‘(B) LIMITATION.—The Board of Directors the Board of Governors shall submit to Con- loan was subject to underwriting standards may, in the sole discretion of the Board of gress a report on the study conducted under no less stringent than the minimum stand- Directors, suspend or limit the declaration paragraph (1). Such report shall include stat- ards for mortgage underwriting established or payment of dividends under subparagraph utory and regulatory recommendations for under subsection (a). (A).’’; and eliminating any negative impacts on the (d) IMPLEMENTATION.— (B) in paragraph (4), by striking ‘‘para- continued viability of the asset-backed (1) REGULATIONS REQUIRED.—The Federal graphs (2)(D)’’ and inserting ‘‘paragraphs securitization markets and on the avail- banking agencies, in consultation with the (2)(C)’’. ability of credit for new lending identified by Federal Housing Finance Agency, shall issue SEC. 335. ENHANCED ACCESS TO INFORMATION the study conducted under paragraph (1). regulations to implement subsections (a) and FOR DEPOSIT INSURANCE PUR- SEC. 942. RESIDENTIAL MORTGAGE UNDER- (c), which shall take effect not later than 270 POSES. WRITING STANDARDS. days after the date of enactment of this Act. Section 7 of the Federal Deposit Insurance (a) STANDARDS ESTABLISHED.—Notwith- (2) REPORT REQUIRED.—If the Federal bank- Act (12 U.S.C. 1817) is amended— standing any other provision of this Act or ing agencies have not issued final regula- (1) in subsection (a)(2)(B), by striking any other provision of Federal, State, or tions under subsections (a) and (c) before the ‘‘agreement’’ and inserting ‘‘consultation’’; local law, the Federal banking agencies, in date that is 270 days after the date of enact- and consultation with the Federal Housing Fi- ment of this Act, the Federal banking agen- (2) in subsection (b)(1)(E)— nance Agency and the Department of Hous- cies shall jointly submit to the Committee (A) in clause (i), by striking ‘‘such as’’ and ing and Urban Development, shall jointly es- on Banking, Housing, and Urban Affairs of inserting ‘‘including’’; and tablish specific minimum standards for the Senate and the Committee on Financial (B) by striking clause (iii). mortgage underwriting, including— Services of the House of Representatives a (1) a requirement that the mortgagee report that— SA 3955. Mr. CORKER (for himself, verify and document the income and assets (A) explains why final regulations have not Mr. GREGG, Mr. LEMIEUX, Mr. COBURN, relied upon to qualify the mortgagor on the been issued under subsections (a) and (c); and

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00065 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.066 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3552 CONGRESSIONAL RECORD — SENATE May 11, 2010 (B) provides a timeline for the issuance of (g) RULES OF CONSTRUCTION.—Nothing in and Mr. MENENDEZ) submitted an final regulations under subsections (a) and this section may be construed to permit— amendment intended to be proposed to (c). (1) the Federal National Mortgage Associa- amendment SA 3739 proposed by Mr. (e) ENFORCEMENT.—Compliance with the tion or the Federal Home Loan Mortgage rules issued under this section shall be en- Corporation to make or guarantee a residen- REID (for Mr. DODD (for himself and forced by— tial mortgage loan that does not meet the Mrs. LINCOLN)) to the bill S. 3217, to (1) the primary financial regulatory agency minimum underwriting standards estab- promote the financial stability of the of an entity, with respect to an entity sub- lished under this section; or United States by improving account- ject to the jurisdiction of a primary finan- (2) the Federal banking agencies to issue ability and transparency in the finan- cial regulatory agency, in accordance with an exemption under subsection (f) that is not cial system, to end ‘‘too big to fail’’, to the statutes governing the jurisdiction of the on a case-by-case basis. protect the American taxpayer by end- primary financial regulatory agency over the (h) DEFINITIONS.—In this section, the fol- entity and as if the action of the primary fi- lowing definitions shall apply: ing bailouts, to protect consumers nancial regulatory agency were taken under (1) COMPANY.—The term ‘‘company’’— from abusive financial services prac- such statutes; and (A) has the same meaning as in section 2(b) tices, and for other purposes; which (2) the Bureau, with respect to a company of the Bank Holding Company Act of 1956 (12 was ordered to lie on the table; as fol- that is not subject to the jurisdiction of a U.S.C. 1841(b)); and lows: primary financial regulatory agency. (B) includes a sole proprietorship. (f) EXEMPTIONS FOR CERTAIN NONPROFIT (2) MORTGAGE LOAN ORIGINATOR.—The term On page 1047, strike line 4 and all that fol- MORTGAGE LOAN ORIGINATORS.— ‘‘mortgage loan originator’’ means any com- lows through line 20 and insert the following: (1) IN GENERAL.—Not later than 180 days pany that takes residential mortgage loan ‘‘(i) not less than 5 percent of the credit after the date of enactment of this Act, the applications and offers or negotiates terms risk for any asset— Federal banking agencies, in consultation of residential mortgage loans. ‘‘(I) that is not a qualified residential with the Secretary of Housing and Urban De- (3) RESIDENTIAL MORTGAGE LOAN.—The mortgage that is transferred, sold, or con- velopment and the Secretary of the Treas- term ‘‘residential mortgage loan’’— veyed through the issuance of an asset- ury, may jointly issue rules to exempt from (A) means any extension of credit pri- backed security by the securitizer; or the requirements under subsection (a)(2), marily for personal, family, or household use ‘‘(II) that is a qualified residential mort- mortgage loan originators that are exempt that is secured by a mortgage, deed of trust, gage that is transferred, sold, or conveyed from taxation under section 501(c)(3) of the or other equivalent security interest in a through the issuance of an asset-backed se- Internal Revenue Code of 1986. dwelling or residential real estate upon curity by the securitizer, if 1 or more of the (2) DETERMINING FACTORS.—The Federal which is constructed or intended to be con- assets that collateralize the asset-backed se- banking agencies shall ensure that— structed a dwelling; and curity are not qualified residential mort- (A) the lending activities of a mortgage (B) does not include a mortgage loan for gages; or loan originator that receives an exemption which mortgage insurance is provided by the ‘‘(ii) less than 5 percent of the credit risk under this subsection do not threaten the Department of Veterans Affairs, or the Rural for an asset that is not a qualified residen- safety and soundness of the banking system Housing Administration. tial mortgage that is transferred, sold, or of the United States; and (4) EXTENSION OF CREDIT; DWELLING.—The conveyed through the issuance of an asset- (B) a mortgage loan originator that re- terms ‘‘extension of credit’’ and ‘‘dwelling’’ backed security by the securitizer, if the ceives an exemption under this subsection— shall have the same meaning as in section originator of the asset meets the under- (i) is not compensated based on the number 103 of the Truth in Lending Act (15 U.S.C. writing standards prescribed under para- or value of residential mortgage loan appli- 1602). graph (2)(B); cations accepted, offered, or negotiated by SEC. 943. STUDY ON FEDERAL HOUSING ADMINIS- ‘‘(C) specify— the mortgage loan originator; TRATION UNDERWRITING STAND- ‘‘(i) the permissible forms of risk retention (ii) does not offer residential mortgage ARDS. for purposes of this section; loans that have an interest rate greater than (a) STUDY.— ‘‘(ii) the minimum duration of the risk re- zero percent; (1) IN GENERAL.—The Comptroller General tention required under this section; and (iii) does not gain a monetary profit from of the United States shall conduct a study ‘‘(iii) that a securitizer is not required to any residential mortgage product or service evaluating whether the underwriting criteria retain any part of the credit risk for an asset provided; used by the Federal Housing Administration that is transferred, sold or conveyed through (iv) has the primary purpose of serving low are sufficient to ensure the solvency of the the issuance of an asset-backed security by income housing needs; Mutual Mortgage Insurance Fund of the Fed- the securitizer, if all of the assets that (v) has not been specifically prohibited, by eral Housing Administration and the safety collateralize the asset-backed security are statute, from receiving Federal funding; and and soundness of the banking system of the qualified residential mortgages; (vi) meets any other requirements that the United States. Federal banking agencies jointly determine (2) ISSUES TO BE STUDIED.—In conducting On page 1051, between lines 3 and 4, insert are appropriate for ensuring that a mortgage the study under paragraph (1), the Comp- the following: loan originator that receives an exemption troller General shall evaluate— ‘‘(4) EXEMPTION FOR QUALIFIED RESIDENTIAL under this subsection does not threaten the (A) down payment requirements for Fed- MORTGAGES.— safety and soundness of the banking system eral Housing Administration borrowers; ‘‘(A) IN GENERAL.—The Federal banking of the United States. (B) default rates of mortgages insured by agencies, the Commission, the Secretary of (3) REPORTS REQUIRED.—Before the the Federal Housing Administration; Housing and Urban Development, and the Di- issuance of final rules under subsection (a), (C) characteristics of Federal Housing Ad- rector of the Federal Housing Finance Agen- and annually thereafter, the Federal banking ministration borrowers who are most likely cy shall jointly issue regulations to exempt agencies shall jointly submit to the Com- to default; qualified residential mortgages from the risk mittee on Banking, Housing, and Urban Af- (D) taxpayer exposure to losses incurred by retention requirements of this subsection. fairs of the Senate and the Committee on Fi- the Federal Housing Administration; ‘‘(B) QUALIFIED RESIDENTIAL MORTGAGE.— nancial Services of the House of Representa- (E) the impact of the market share of the The Federal banking agencies, the Commis- tives a report that— Federal Housing Administration on efforts sion, the Secretary of Housing and Urban De- (A) identifies the mortgage loan origina- to sustain a viable private mortgage market; velopment, and the Director of the Federal tors that receive an exemption under this and Housing Finance Agency shall jointly define subsection; and (F) any other factors that Comptroller the term ‘qualified residential mortgage’ for (B) for each mortgage loan originator iden- General determines are appropriate. purposes of this subsection, taking into con- tified under subparagraph (A), the rationale (b) REPORT.—Not later than 6 months after sideration underwriting and product features for providing an exemption. the date of enactment of this Act, the Comp- that historical loan performance data indi- (4) UPDATES TO EXEMPTIONS.—The Federal troller General shall submit to Congress a cate result in a lower risk of default, such banking agencies, in consultation with the report on the study conducted under sub- as— Secretary of Housing and Urban Develop- section (a) that includes recommendations ‘‘(i) documentation and verification of the ment and the Secretary of the Treasury— for statutory improvements to be made to financial resources relied upon to qualify the (A) shall review the exemptions estab- the underwriting criteria used by the Fed- mortgagor; lished under this subsection not less fre- eral Housing Administration, to ensure the ‘‘(ii) standards with respect to— quently than every 2 years; and solvency of the Mutual Mortgage Insurance ‘‘(I) the residual income of the mortgagor (B) based on the review under subpara- Fund of the Federal Housing Administration after all monthly obligations; graph (A), may revise the standards estab- and the safety and soundness of the banking ‘‘(II) the ratio of the housing payments of lished under this subsection, as the Federal system of the United States. the mortgagor to the monthly income of the banking agencies, in consultation with the SEC. 944. mortgagor; Secretary of Housing and Urban Develop- ‘‘(III) the ratio of total monthly install- ment and the Secretary of the Treasury, de- SA 3956. Ms. LANDRIEU (for herself, ment payments of the mortgagor to the in- termine to be necessary. Mr. ISAKSON, Mrs. HAGAN, Mr. WARNER, come of the mortgagor;

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‘‘(iii) mitigating the potential for payment TION.—The regulations of the Office shall On page 387, line 13, strike ‘‘412’’ and insert shock on adjustable rate mortgages through apply directly to reporting financial compa- ‘‘410’’. product features and underwriting standards; nies that are not otherwise under the juris- On page 388, line 4, strike ‘‘413’’ and insert ‘‘(iv) mortgage guarantee insurance ob- diction of a Council member agency. ‘‘411’’. tained at the time of origination for loans On page 73, between lines 20 and 21, insert On page 388, line 16, strike ‘‘414’’ and insert with combined loan-to-value ratios of great- the following: ‘‘412’’. er than 80 percent; and (iii) COLLECTION OF FINANCIAL TRANSACTION On page 389, line 3, strike ‘‘415’’ and insert ‘‘(v) prohibiting or restricting the use of AND POSITION DATA.—The Office shall collect, ‘‘413’’. balloon payments, negative amortization, on a schedule determined by the Director, in On page 390, line 1, strike ‘‘416’’ and insert prepayment penalties, interest-only pay- consultation with the Council, comprehen- ‘‘414’’. ments, and other features that have been sive financial transaction data and position demonstrated to exhibit a higher risk of bor- data from financial companies. SA 3959. Mrs. MURRAY submitted an rower default. amendment intended to be proposed to SA 3958. Mr. REED (for himself, Mr. ‘‘(5) CONDITION FOR QUALIFIED RESIDENTIAL amendment SA 3739 proposed by Mr. JOHNSON, and Mr. BROWN of Ohio) sub- MORTGAGE EXEMPTION.—The regulations REID (for Mr. DODD (for himself and issued under paragraph (4) shall provide that mitted an amendment intended to be Mrs. LINCOLN)) to the bill S. 3217, to an asset-backed security that is proposed to amendment SA 3739 pro- collateralized by tranches of other asset- posed by Mr. REID (for Mr. DODD (for promote the financial stability of the backed securities shall not be exempt from himself and Mrs. LINCOLN)) to the bill United States by improving account- the risk retention requirements of this sub- S. 3217, to promote the financial sta- ability and transparency in the finan- section. bility of the United States by improv- cial system, to end ‘‘too big to fail’’, to ‘‘(6) CERTIFICATION.—The Commission shall ing accountability and transparency in protect the American taxpayer by end- require an issuer to certify, for each issuance the financial system, to end ‘‘too big to ing bailouts, to protect consumers of an asset-backed security collateralized ex- fail’’, to protect the American taxpayer from abusive financial services prac- clusively by qualified residential mortgages, tices, and for other purposes; which that the issuer has evaluated the effective- by ending bailouts, to protect con- ness of the internal supervisory controls of sumers from abusive financial services was ordered to lie on the table; as fol- the issuer with respect to the process for en- practices, and for other purposes; lows: suring that all assets that collateralize the which was ordered to lie on the table; On page 441, strike line 8 and all that fol- asset-backed security are qualified residen- as follows: lows through ‘‘Section’’ on line 9 and insert tial mortgages. On page 384, strike line 1 and all that fol- the following: lows through page 385, line 15. (e) NOTICE PROCEDURES FOR ACQUISITIONS SA 3957. Mr. REED submitted an On page 385, line 16, strike ‘‘409’’ and insert OF NONBANKS.—Section amendment intended to be proposed to ‘‘407’’. On page 441, strike line 15 and all that fol- amendment SA 3739 proposed by Mr. On page 386, strike line 10 and all that fol- lows through page 442, line 12. REID (for Mr. DODD (for himself and lows through page 387, line 2 and insert the On page 501, line 15, strike the second pe- Mrs. LINCOLN)) to the bill S. 3217, to following: riod and insert the following: ‘‘. promote the financial stability of the SEC. 408. STATE AND FEDERAL RESPONSIBIL- SEC. 621. INTERSTATE MERGER TRANSACTIONS. ITIES; ASSET THRESHOLD FOR FED- (a) INTERSTATE MERGER TRANSACTIONS.— United States by improving account- ERAL REGISTRATION OF INVEST- Section 18(c) of the Federal Deposit Insur- ability and transparency in the finan- MENT ADVISERS. cial system, to end ‘‘too big to fail’’, to Section 203A(a) of the of the Investment ance Act (12 U.S.C. 1828(c)) is amended by Advisers Act of 1940 (15 U.S.C. 80b–3a(a)) is adding at the end the following: protect the American taxpayer by end- ‘‘(13)(A) Except as provided in subpara- ing bailouts, to protect consumers amended— (1) by redesignating paragraph (2) as para- graph (B), the responsible agency may not from abusive financial services prac- graph (3); and approve an application for an interstate tices, and for other purposes; which (2) by inserting after paragraph (1) the fol- merger transaction if the resulting insured was ordered to lie on the table; as fol- lowing: depository institution (including all insured lows: ‘‘(2) TREATMENT OF MID-SIZED INVESTMENT depository institutions which are affiliates On page 62, strike lines 8 through 10 and in- ADVISERS.— of the resulting insured depository institu- sert the following: ‘‘(A) IN GENERAL.—No investment adviser tion), upon consummation of the trans- (2) the term ‘‘financial company’’ has the described in subparagraph (B) shall register action, would control more than 10 percent same meaning as in title II, and includes— under section 203, unless the investment ad- of the total amount of deposits of insured de- (A) an insured depository institution, an viser is an adviser to an investment company pository institutions in the United States. insurance company, and a nonbank financial registered under the Investment Company ‘‘(B) Subparagraph (A) shall not apply to company, and any subsidiary thereof; and Act of 1940, or a company which has elected an interstate merger transaction that in- (B) any other entity (and any subsidiary to be a business development company pur- volves 1 or more insured depository institu- thereof)— suant to section 54 of the Investment Com- tions in default or in danger of default, or (i) as determined by the Director, based on pany Act of 1940, and has not withdrawn the with respect to which the Corporation pro- the size, scale, scope, concentration, activi- election, except that, if by effect of this vides assistance under section 13. ties, interconnectedness, or management of paragraph an investment adviser would be ‘‘(C) In this paragraph— critical data, such that the entity could indi- required to register with 5 or more States, ‘‘(i) the term ‘interstate merger trans- vidually or as a group threaten the stability then the adviser may register under section action’ means a merger transaction involv- of the United States financial system; and 203. ing 2 or more insured depository institutions (ii) that is not excluded from such defini- ‘‘(B) COVERED PERSONS.—An investment ad- that have different home States and that are tion by a 2/3 vote of the Council; viser described in this subparagraph is an in- not affiliates; and ‘‘(ii) the term ‘home State’ means— On page 62, line 16, strike ‘‘(5) the’’ and in- vestment adviser that— ‘‘(I) with respect to a national bank, the sert the following: ‘‘(i) is required to be registered as an in- State in which the main office of the bank is (5) the term ‘‘financial transaction’’ means vestment adviser with the securities com- located; the explicit or implicit creation of a finan- missioner (or any agency or office per- ‘‘(II) with respect to a State bank or State cial contract, where at least one of the forming like functions) of the State in which savings association, the State by which the counterparties is required to report to the it maintains its principal office and place of State bank or State savings association is Office; business and, if registered, would be subject chartered; and (6) the to examination as an investment adviser by On page 62, line 21, strike ‘‘(6)’’ and insert any such commissioner, agency, or office; ‘‘(III) with respect to a Federal savings as- ‘‘(7)’’. and sociation, the State in which the home office On page 63, line 8, strike ‘‘(7)’’ and insert ‘‘(ii) has assets under management be- (as defined by the regulations of the Director ‘‘(8)’’. tween— of the Office of Thrift Supervision, or, on and On page 63, line 13, strike ‘‘(8)’’ and insert ‘‘(I) the amount specified under subpara- after the transfer date, the Comptroller of ‘‘(9)’’. graph (A) of paragraph (1), as such amount the Currency) of the Federal savings associa- On page 69, beginning on line 7, strike ‘‘and may have been adjusted by the Commission tion is located.’’. member agencies’’ and insert ‘‘, member pursuant to that subparagraph; and (b) ACQUISITIONS BY BANK HOLDING COMPA- agencies, and the Bureau of Economic Anal- ‘‘(II) $100,000,000, or such higher amount as NIES.— ysis’’. the Commission may, by rule, deem appro- (1) IN GENERAL.—Section 4 of the Bank On page 70, between lines 12 and 13, insert priate in accordance with the purposes of Holding Company Act of 1956 (12 U.S.C. 1843) the following: this title.’’. is amended— (3) REGULATION OF FINANCIAL COMPANIES On page 387, line 3, strike ‘‘411’’ and insert (A) in subsection (i), by adding at the end NOT UNDER COUNCIL MEMBER AGENCY JURISDIC- ‘‘409’’ the following:

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‘‘(8) INTERSTATE ACQUISITIONS.— ‘‘(i) with respect to a national bank, the ‘‘(B) EXCEPTION.—The term ‘debt settle- ‘‘(A) IN GENERAL.—The Board may not ap- State in which the main office of the bank is ment provider’ does not include the fol- prove an application by a bank holding com- located; lowing: pany to acquire an insured depository insti- ‘‘(ii) with respect to a State bank or State ‘‘(i) An attorney providing a debt settle- tution under subsection (c)(8) or any other savings association, the State by which the ment service to a consumer who— provision of this Act if— savings association is chartered; ‘‘(I) is licensed to practice law and in good ‘‘(i) the home State of such insured deposi- ‘‘(iii) with respect to a Federal savings as- standing in the jurisdiction where the con- tory institution is a State other than the sociation, the State in which the home office sumer resides; home State of the bank holding company; (as defined by the regulations of the Director ‘‘(II) personally provides such service while and of the Office of Thrift Supervision, or, on and acting in the ordinary practice of law; ‘‘(ii) the applicant (including all insured after the transfer date, the Comptroller of ‘‘(III) puts any advance fee received from depository institutions which are affiliates the Currency) of the Federal savings associa- the consumer in a client trust account until of the applicant) controls, or upon con- tion is located; and earned pursuant to the terms of a written summation of the transaction would control, ‘‘(iv) with respect to a savings and loan agreement that details the work to be per- more than 10 percent of the total amount of holding company, the State in which the formed by the attorney and the fee schedule deposits of insured depository institutions in amount of total deposits of all insured depos- for the attorney’s work; the United States. itory institution subsidiaries of such com- ‘‘(IV) is engaged in the practice of law ‘‘(B) EXCEPTION.—Subparagraph (A) shall pany was the greatest on the date on which through the same business entity ordinarily not apply to an acquisition that involves an the company became a savings and loan used by the attorney when providing legal insured depository institution in default or holding company.’’. services that are not part of a debt settle- in danger of default, or with respect to which ment service; the Federal Deposit Insurance Corporation SA 3960. Mr. SCHUMER (for himself ‘‘(V) does not share any fee received for the provides assistance under section 13 of the and Mrs. MCCASKILL) submitted an provision of such service with a person who Federal Deposit Insurance Act (12 U.S.C. amendment intended to be proposed to is not an attorney; and 1823).’’; and amendment SA 3739 proposed by Mr. ‘‘(VI) does not provide such service (B) in subsection (k)(6)(B), by striking REID (for Mr. DODD (for himself and through a partnership, corporation, associa- ‘‘savings association’’ and inserting ‘‘insured Mrs. LINCOLN)) to the bill S. 3217, to tion, referral arrangement, or other entity depository institution’’. promote the financial stability of the or arrangement— (2) DEFINITIONS.—Section 2(o)(4) of the ‘‘(aa) that is directed or controlled, in Bank Holding Company Act of 1956 (12 U.S.C. United States by improving account- ability and transparency in the finan- whole or in part, by an individual who is not 1841(o)(4)) is amended— an attorney; (A) in subparagraph (B), by striking ‘‘and’’ cial system, to end ‘‘too big to fail’’, to ‘‘(bb) in which an individual who is not an at the end; protect the American taxpayer by end- attorney holds any interest; (B) in subparagraph (C)(ii), by striking the ing bailouts, to protect consumers ‘‘(cc) in which an individual who is not an period at the end and inserting a semicolon; from abusive financial services prac- attorney is a director or officer thereof or and tices, and for other purposes; which occupies a position of similar responsibility; (C) by adding at the end the following: was ordered to lie on the table; as fol- ‘‘(dd) in which an individual who is not an ‘‘(D) with respect to a State savings asso- lows: attorney has the right to direct, control, or ciation, the State by which the savings asso- regulate the professional judgment of the at- On page 1565, after line 23, add the fol- ciation is chartered; and torney; or lowing: ‘‘(E) with respect to a Federal savings as- ‘‘(ee) in which an individual who is not an sociation, the State in which the home office TITLE XIII—REGULATION OF DEBT attorney and who is not under the super- (as defined by the regulations of the Director SETTLEMENT SERVICES vision and control of the attorney delivers of the Office of Thrift Supervision, or, on and SEC. 1301. AMENDMENT TO CONSUMER CREDIT such service or exercises professional judg- after the transfer date, the Comptroller of PROTECTION ACT. ment with respect to the provision of such the Currency) of the Federal savings associa- The Consumer Credit Protection Act (15 service. tion is located.’’. U.S.C. 1601 et seq.) is amended by adding at ‘‘(ii) Escrow agents, accountants, broker (c) ACQUISITIONS BY SAVINGS AND LOAN the end the following: dealers in securities, or investment advisors HOLDING COMPANIES.—Section 10(e)(2) of the ‘‘TITLE X—DEBT SETTLEMENT SERVICES in securities, when acting— Home Owners’ Loan Act (12 U.S.C. ‘‘SEC. 1001. DEFINITIONS. ‘‘(I) in the ordinary practice of their pro- 1467a(e)(2)) is amended— ‘‘In this title: fessions; and (1) in paragraph (2)— ‘‘(1) ATTORNEY GENERAL OF A STATE.—The ‘‘(II) through the same entity used in the (A) in subparagraph (C), by striking ‘‘or’’ term ‘attorney general of a State’ means the ordinary practice of their profession. at the end; attorney general or other chief law enforce- ‘‘(iii) Any bank, agent of a bank, trust (B) in subparagraph (D), by striking the pe- ment officer of a State. company, savings and loan association, sav- riod at the end and inserting ‘‘, or’’; and ‘‘(2) COMMISSION.—The term ‘Commission’ ings bank, credit union, crop credit associa- (C) by adding at the end the following: means the Federal Trade Commission. tion, development credit corporation, indus- ‘‘(E) in the case of an application by a sav- ‘‘(3) CONSUMER.—The term ‘consumer’ trial development corporation, title insur- ings and loan holding company to acquire an means any person. ance company, or insurance company oper- insured depository institution, if— ‘‘(4) CONSUMER SETTLEMENT ACCOUNT.—The ating or organized under the laws of a State ‘‘(i) the home State of the insured deposi- term ‘consumer settlement account’ means or the United States. tory institution is a State other than the any account or other means or device in ‘‘(iv) Mortgage servicers (as such term is home State of the savings and loan holding which payments, deposits, or other transfers defined in section 6(i) of the Real Estate Set- company; from a consumer are held or transferred to a tlement Procedures Act of 1974 (12 U.S.C. ‘‘(ii) the applicant (including all insured debt settlement provider for the accumula- 2605(i)(2))) carrying out mortgage loan modi- depository institutions which are affiliates tion of the consumer’s funds in anticipation fications. of the applicant) controls, or upon con- of proffering an adjustment or settlement of ‘‘(v) Any person who performs credit serv- summation of the transaction would control, a debt or obligation of the consumer to a ices for such person’s employer while receiv- more than 10 percent of the total amount of creditor on behalf of the consumer. ing a regular salary or wage when the em- deposits of insured depository institutions in ‘‘(5) DEBT SETTLEMENT PROGRAM.—The ployer is not engaged in the business of offer- the United States; and term ‘debt settlement program’ means the ing or providing debt settlement service. ‘‘(iii) the acquisition does not involve an actions and activities undertaken by a debt ‘‘(vi) An organization that is described in insured depository institution in default or settlement provider and a consumer in con- section 501(c)(3) and subject to section 501(q) in danger of default, or with respect to which nection with the provision of debt settle- of the Internal Revenue Code of 1986 and ex- the Federal Deposit Insurance Corporation ment service. empt from tax under section 501(a) of such provides assistance under section 13 of the ‘‘(6) DEBT SETTLEMENT PROVIDER.— Code. Federal Deposit Insurance Act (12 U.S.C. ‘‘(A) IN GENERAL.—Except as provided in ‘‘(vii) Public officers while acting in their 1823).’’; and subparagraph (B), the term ‘debt settlement official capacities and persons acting under (2) by adding at the end the following: provider’ means any person or entity engag- court order. ‘‘(7) DEFINITIONS.—For purposes of para- ing in, or holding itself out as engaging in, ‘‘(viii) Any person while performing serv- graph (2)(E)— the business of providing debt settlement ices incidental to the dissolution, winding ‘‘(A) the terms ‘default’, ‘in danger of de- services in exchange for a fee or compensa- up, or liquidating of a partnership, corpora- fault’, and ‘insured depository institution’ tion, or any person who solicits for or acts tion, or other business enterprise. have the same meanings as in section 3 of on behalf of any person or entity engaging ‘‘(7) DEBT SETTLEMENT SERVICE.— the Federal Deposit Insurance Act (12 U.S.C. in, or holding itself out as engaging in, the ‘‘(A) IN GENERAL.—Except as provided in 1813); and business of providing debt settlement serv- subparagraph (B), the term ‘debt settlement ‘‘(B) the term ‘home State’ means— ices in exchange for any fee or compensation. service’ means—

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00068 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.056 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3555 ‘‘(i) offering to provide advice or service, or provider to obtain a license or registration ‘‘(4) A clear and conspicuous statement to act or acting as an intermediary between as a condition of providing debt settlement that— or on behalf of a consumer and one or more service in that State. ‘‘(A) the consumer remains legally obli- of a consumer’s creditors, where the primary ‘‘(F) The telephone number at which the gated to make periodic or scheduled pay- purpose of the advice, service, or action is to consumer may speak with a representative ments to creditors while participating in a obtain a settlement, adjustment, or satisfac- of the debt settlement provider during nor- debt settlement program; and tion of the consumer’s debt to a creditor in mal business hours. ‘‘(B) the debt settlement provider will not an amount less than the full amount of the ‘‘(G) A complete list of the consumer’s ac- make any periodic or scheduled payments to principal amount of the debt or in an counts, debts, and obligations covered under creditors on behalf of the consumer. amount less than the current outstanding the debt settlement service covered by the ‘‘(5) A clear and conspicuous notice to the balance of the debt; or contract, including the name of each cred- consumer that— ‘‘(ii) offering to provide services related to itor and principal amount of each debt. ‘‘(A) the utilization of debt settlement or providing services advising, encouraging, ‘‘(H) A description of the services to be service may not be suitable for all con- assisting, or counseling a consumer to accu- provided by the debt settlement provider, in- sumers; mulate funds for the primary purpose of pro- cluding the expected timeframe for settle- ‘‘(B) the utilization of debt settlement posing, obtaining, or seeking to obtain a set- ment for each account, debt, or obligation service may adversely impact the con- tlement, adjustment, or satisfaction of the included in subparagraph (G). sumer’s credit history and credit score; consumer’s debt to a creditor in an amount ‘‘(I) A clear and conspicuous itemized list ‘‘(C) the consumer may inquire about other less than the full amount of the principal of all fees, including any enrollment fee and means of dealing with indebtedness, includ- amount of the debt or in an amount less than settlement fees to be paid by the consumer ing nonprofit credit counseling and bank- the current outstanding balance of the debt. to the debt settlement provider, and the ruptcy; ‘‘(B) EXCEPTION.—The term ‘debt settle- date, approximate date, or circumstances ‘‘(D) the failure to make periodic or sched- ment service’ does not include services of an under which each fee will become due. uled payments to a creditor— attorney in providing information, advice, or ‘‘(J) A clear and conspicuous statement of ‘‘(i) is likely to affect adversely the con- legal representation with respect to filing a a good faith estimate of the total amount of sumer’s creditworthiness; case or proceeding under title 11, United all fees to be collected by the debt settle- ‘‘(ii) may result in continued collection ac- States Code. ment provider from the consumer for the tivity by creditors or debt collectors; ‘‘(8) ENROLLMENT FEE.—The term ‘enroll- provision of debt settlement service under ‘‘(iii) may result in the consumer being ment fee’ means any fee, obligation, or com- the contract. sued by one or more creditors or debt collec- pensation paid or to be paid by the consumer ‘‘(K) A clear and conspicuous statement of tors, and in the garnishment of the con- to a debt settlement provider in consider- the proposed savings goals for the consumer, sumer’s wages; and ation of or in connection with establishing a stating the amount to be saved per month or ‘‘(iv) may increase the amount of money contract or other agreement with a con- other period, the time period over which the the consumer owes to one or more creditors sumer related to the provision of debt settle- savings goals extend, and the total amount or debt collectors due to the imposition by ment service. of the savings expected to be paid by the con- the creditor of interest charges, late fees, sumer pursuant to the terms of the contract. ‘‘(9) MAINTENANCE FEE.—The term ‘mainte- and other penalty fees; and ‘‘(L) A notice to the consumer that unless nance fee’ means any fee, obligation, or com- ‘‘(E) any savings the consumer realizes the consumer is insolvent, if a creditor set- pensation paid or to be paid by a consumer from use of a debt settlement service may be tles a debt for an amount less than the con- on a periodic basis to a debt settlement pro- taxable income. sumer’s current outstanding balance at the vider in consideration of maintaining the re- ‘‘(c) DETERMINATION OF BENEFIT TO CON- time of settlement, the consumer may incur lationship and services to be provided by a SUMERS REQUIRED.—A debt settlement pro- a tax liability. debt settlement provider in accordance with vider may not enter into a written contract ‘‘(M) A written notice to the consumer, a contract with a consumer related to the with a consumer unless the debt settlement which includes a form that the consumer provision of debt settlement service. provider makes written determinations, sup- may use and the address to which the form ‘‘(10) PRINCIPAL AMOUNT OF THE DEBT.—The ported by the financial analysis, that— may be returned to the debt settlement pro- term ‘principal amount of the debt’ means ‘‘(1) the consumer can reasonably meet the vider, that the consumer may cancel the the total amount or outstanding balance requirements of the proposed debt settle- contract pursuant to the provisions of sec- owed by a consumer to one or more creditors ment program included in the debt settle- tion 1006. for a debt that is included in a contract for ment service offered to the consumer, in- ‘‘(N) A written notice to the consumer of debt settlement service at the time when the cluding the fees and the periodic savings the cancellation and refund rights set forth consumer enters into a contract for debt set- amounts set forth in the savings goals under in section 1006, including notice of any re- tlement service pursuant to section 1002(a). the program; lated rules promulgated by the Commission ‘‘(11) SETTLEMENT FEE.—The term ‘settle- ‘‘(2) there is a net tangible financial ben- under section 1010. ment fee’ means any fee, obligation, or com- efit to the consumer of entering into the pro- ‘‘(b) NOTIFICATION REQUIRED.—A debt set- posed debt settlement program; and pensation paid or to be paid by a consumer tlement provider shall, before the earlier of ‘‘(3) the debt settlement program is suit- to a debt settlement provider in consider- the date of entering into a written contract able for the consumer at the time the con- ation of or in connection with an agreement with a consumer for debt settlement services tract is to be signed. or other arrangement on the part of a cred- or rendering debt settlement services to a itor to accept less than the principal amount ‘‘(d) CHOICE OF LANGUAGE.—If a debt settle- consumer, provide to the consumer in writ- ment provider communicates with a con- of the debt as satisfaction of the creditor’s ing the following: claim against the consumer. sumer primarily in a language other than ‘‘(1) An individualized financial analysis of English, the debt settlement provider shall ‘‘SEC. 1002. REQUIRED ACTS. the consumer, including an assessment of furnish to the consumer a translation of the ‘‘(a) CONTRACT REQUIRED.— the consumer’s income, expenses, and debts. disclosures and documents required by this ‘‘(1) IN GENERAL.—A debt settlement pro- ‘‘(2) A description of the debt settlement title in that other language. vider may not provide a debt settlement service being offered to the consumer by the ‘‘(e) MONTHLY STATEMENTS REQUIRED.—A service to a consumer or receive any fee debt settlement provider, including the fol- debt settlement provider shall, not less fre- from a consumer for a debt settlement serv- lowing: quently than monthly, provide each con- ice without a written contract described in ‘‘(A) A description of the debt settlement sumer with which it has a contract for the paragraph (2) that is signed by the consumer. program being offered as part of the service. provision of debt settlement service a state- ‘‘(2) CONTRACT CONTENTS.—A contract de- ‘‘(B) A list of each of the consumer’s debts, ment of account balances, fees paid, settle- scribed in this paragraph is a contract be- creditors, and debt collectors that will be ments completed, remaining debts, and any tween a debt settlement provider and a con- covered under the program. other term considered appropriate by the sumer for debt settlement services that in- ‘‘(3) A statement containing the following: Commission. cludes the following: ‘‘(A) A good-faith estimate of the length of ‘‘SEC. 1003. PROHIBITED ACTS. ‘‘(A) The name and address of the con- time it will take to achieve settlement of ‘‘(a) LOANS.—A debt settlement provider sumer. each debt covered under the program. may not make loans or offer credit or solicit ‘‘(B) The date of execution of the contract. ‘‘(B) The specific time by which the debt or accept any note, mortgage, or negotiable ‘‘(C) The legal name of the debt settlement settlement service provider will make a bona instrument other than a check signed by the provider, including any other business names fide settlement offer to each creditor and consumer and dated no later than the date of used by the debt settlement provider. debt collector covered under the program. signature. ‘‘(D) The corporate address and regular ‘‘(C) The total amount of debt owed by the ‘‘(b) CONFESSION OF JUDGMENT.—A debt set- business address, including a street address, consumer to each creditor covered under the tlement provider may not take any confes- of the debt settlement provider. program. sion of judgment or power of attorney to ‘‘(E) The license or registration number ‘‘(D) An estimate of the total and the confess judgment against the consumer or under which the debt settlement provider is monthly savings the consumer will be re- appear as the consumer or on behalf of the licensed or registered if the consumer resides quired to accumulate to complete the pro- consumer in any judicial or non-judicial pro- in a State that requires a debt settlement gram. ceedings.

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‘‘(c) RELEASE OR WAIVER OF OBLIGATION.—A ‘‘(2) Settlement fees. ‘‘(5) obtain any information about a con- debt settlement provider may not take any ‘‘(b) TYPES OF FEES PROHIBITED.—All fee sumer’s bank account from any person other release or waiver of any obligation to be per- types not included under subsection (a) are than the consumer, except information ob- formed on the part of the debt settlement prohibited, including maintenance fees. tained with the consumer’s permission from provider or any right of the consumer. ‘‘(c) ENROLLMENT FEE AMOUNTS.—The the consumer’s settlement account as nec- ‘‘(d) RECEIPT OF THIRD-PARTY COMPENSA- amount of an enrollment fee charged by a essary to comply with the requirements of TION.—A debt settlement provider may not debt settlement provider shall not exceed the section 1002(e). receive any cash, fee, gift, bonus, premium, lesser of— ‘‘SEC. 1006. CANCELLATION OF CONTRACT. reward, or other compensation from any per- ‘‘(1) the amount that is reasonable and ‘‘(a) IN GENERAL.—A consumer may cancel son other than the consumer explicitly for commensurate to the debt settlement serv- a contract with a debt settlement provider the provision of debt settlement service to ice provided to a consumer; and at any time. that consumer, without prior disclosure of ‘‘(2) $50. ‘‘(b) REFUNDS.— ‘‘(d) DEBT SETTLEMENT FEE AMOUNTS.—The such to the consumer. ‘‘(1) CANCELLATION WITHIN 90 DAYS OR UPON amount of a settlement fee charged by a debt ‘‘(e) CONFIDENTIALITY.—In the absence of a VIOLATION OF THIS TITLE.—If a consumer can- settlement provider shall not exceed the subpoena issued to compel disclosure, a debt cels a contract with a debt settlement pro- lesser of— vider not later than 90 days after the date of settlement provider may not (without prior ‘‘(1) the amount that is reasonable and written consent of the consumer) disclose to the execution of the contract or at any time commensurate to the debt settlement serv- upon a violation of a provision of this title anyone the name or any personal informa- ice provided to a consumer; and tion of a consumer for whom the debt settle- by the debt settlement provider, the debt ‘‘(2) the amount that is 10 percent of the settlement provider shall refund to the con- ment provider has provided or is providing difference between— debt settlement service other than to a con- sumer all— ‘‘(A) the principal amount of that debt; and ‘‘(A) fees paid to the debt settlement pro- sumer’s own creditors or the debt settlement ‘‘(B) the amount— provider’s agents, affiliates, or contractors vider by the consumer, with the exception of ‘‘(i) paid by the debt settlement provider to any earned settlement fee; and for the purpose of providing debt or settle- the creditor pursuant to a settlement nego- ment service. ‘‘(B) funds paid by the consumer to the tiated by the debt settlement provider on be- debt settlement provider that— ‘‘(f) MISREPRESENTATION, OMISSION, AND half of the consumer as full and complete FALSE PROMISES.—A debt settlement pro- ‘‘(i) have accumulated in a consumer set- satisfaction of the creditor’s claim with re- tlement account; and vider may not misrepresent, directly or by gard to that debt; or implication, any material fact, make a ma- ‘‘(ii) the debt settlement provider has not ‘‘(ii) negotiated by the debt settlement disbursed to creditors. terial omission, or make a false promise di- provider and paid by the consumer to the rected to one or more consumers in connec- ‘‘(2) CANCELLATIONS AFTER 90 DAYS.—If a creditor pursuant to a settlement negotiated consumer cancels a contract with a debt set- tion with the solicitation, offering, con- by the debt settlement provider on behalf of tracting or provision of debt settlement serv- tlement provider later than 90 days after the the consumer as full and complete satisfac- date of the execution of the contract and for ice, including the following: tion of the creditor’s claim with regard to ‘‘(1) The total costs to purchase, receive, or any reason other than for a violation of a that debt. provision of this title by the debt settlement use the services, or the nature of the services ‘‘(e) TIMING OF DEBT SETTLEMENT FEES.—A provider, the debt settlement provider shall to be provided. debt settlement provider shall not collect refund to the consumer— ‘‘(2) Any material restriction, limitation, any debt settlement fee from a consumer ‘‘(A) half of all of the fees collected from or condition to receive the offered debt set- until— tlement service. ‘‘(1) a creditor enters into a legally en- the consumer, with the exception of any ‘‘(3) Any material aspect of the perform- forceable written agreement with the con- earned settlement fees; and ance, efficacy, nature, or central character- sumer, in a form prescribed by the Commis- ‘‘(B) all funds paid by the consumer to the istics of the offered debt settlement service. sion, to accept funds in a specific dollar debt settlement provider that have accumu- ‘‘(4) Any material aspect of the nature of amount as full and complete satisfaction of lated in a consumer settlement account and terms of the seller’s cancellation policies. the creditor’s claim with regard to that debt; which the debt service provider has not dis- ‘‘(5) Any claim of affiliation with, or en- and bursed to creditors. dorsement or sponsorship by, any person or ‘‘(2) those funds are provided— ‘‘(3) TIMING OF REFUNDS.—A debt settle- government entity. ‘‘(A) by the debt settlement provider on be- ment provider shall make any refund re- ‘‘(6) Any material aspect of any debt set- half of the consumer; or quired under this subsection not later than 5 tlement service, including the following: ‘‘(B) directly by the consumer to the cred- business days after a notice of cancellation ‘‘(A) The amount of time necessary to itor pursuant to a settlement negotiated by is made on behalf of the consumer under sub- achieve settlement of all debt. the debt settlement provider. section (d). ‘‘(4) STATEMENT OF ACCOUNT.—A debt set- ‘‘(B) The amount of money or the percent- ‘‘SEC. 1005. CONSUMER SETTLEMENT ACCOUNTS. tlement provider making a refund to a con- age of the debt amount that the consumer ‘‘(a) TRUST ACCOUNT REQUIRED.—A debt must accumulate before the provider will settlement provider who receives funds from sumer under this subsection shall include initiate attempts with the consumer’s credi- a consumer shall hold all funds received for with such refund a full statement of account tors or debt collectors to settle the debt. a consumer settlement account in a properly showing the following: ‘‘(C) The effect of the service on a con- designated trust account in a federally in- ‘‘(A) The fees received by the debt settle- sumer’s creditworthiness. sured depository institution. Such funds ment provider from the consumer. ‘‘(D) Whether the provider is a nonprofit or shall remain the property of the consumer ‘‘(B) The fees refunded to the consumer by a for-profit entity. until the debt settlement provider disburses the debt settlement provider. ‘‘(C) The savings of the consumer held by ‘‘(g) PURCHASING OF DEBTS.—A debt settle- the funds to a creditor on behalf of the con- ment provider may not purchase debts or en- sumer as full or partial satisfaction of the the debt settlement provider. gage in the practice or business of debt col- consumer’s debt to the creditor or the credi- ‘‘(D) The payments made by the debt set- lection. tor’s claim against the consumer. tlement provider to creditors on behalf of ‘‘(b) INDEPENDENT ADMINISTRATION OF AC- the consumer. ‘‘(h) SECURED DEBT.—A debt settlement COUNT.—A debt settlement provider may not provider may not include in a debt settle- ‘‘(E) The settlement fees earned, if any, by hold funds received for a consumer settle- ment agreement any secured debt. the debt settlement provider by settling debt ment account under subsection (a) in an ac- on behalf of the consumer. ‘‘(i) UNFAIR OR DECEPTIVE ACTS OR PRAC- count administered by an entity that— ‘‘(F) The savings of the consumer refunded TICES.—A debt settlement provider may not ‘‘(1) is owned by, controlled by, or in any to the consumer by the debt settlement pro- employ any unfair, or deceptive act or prac- way affiliated with the debt settlement serv- tice, including the omission of any material vider. ice provider; or ‘‘(c) REVOCATION OF POWERS OF ATTORNEY information. ‘‘(2) gives or accepts any money or other AND DIRECT DEBIT AUTHORIZATIONS.—Upon ‘‘(j) LIMITATION ON COMMUNICATION.—A debt compensation in exchange for referrals of cancellation of a contract by a consumer— settlement provider may not— business involving the debt settlement serv- ‘‘(1) all powers of attorney and direct debit ‘‘(1) obtain a power of attorney or other au- ice provider. authorizations granted to the debt settle- thorization from a consumer that prohibits ‘‘(c) LIMITATIONS.—A debt settlement serv- ment provider by the consumer are revoked or limits the consumer or any creditor from ice provider shall not— and voided; and communication directly with one another; or ‘‘(1) be named on a consumer’s bank ac- ‘‘(2) the debt settlement provider shall im- ‘‘(2) represent, expressly or by implication, count; mediately take any action necessary to re- that a consumer cannot or should not con- ‘‘(2) take a power of attorney in a con- flect cancellation of the contract, including tact or communicate with any creditor. sumer’s bank account; notifying the recipient of any direct debit ‘‘SEC. 1004. FEES. ‘‘(3) create a demand draft on a consumer’s authorization. ‘‘(a) TYPES OF FEES PERMITTED.—The types bank account; ‘‘(d) NOTICE OF CANCELLATION TO CREDI- of fees that a debt settlement provider may ‘‘(4) exercise any control over any bank ac- TORS.—Upon the cancellation of a contract charge a consumer are the following: count held by or on behalf of the consumer; under this section of the Act, the debt settle- ‘‘(1) Enrollment fees. or ment provider shall provide timely notice of

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00070 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.061 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3557 the cancellation of such contract to each of including a reduction in the balance, interest action on behalf of the residents of the State the creditors with whom the debt settlement rate, or fees owed by a consumer to an unse- in an appropriate district court of the United provider has had any prior communication cured creditor or debt collector. States or other court of competent jurisdic- on behalf of the consumer in connection with ‘‘(c) PROCEDURE.—All rulemaking under tion— the provision of any debt settlement service. this title shall be conducted in accordance ‘‘(1) to enjoin that practice; ‘‘SEC. 1007. OBLIGATION OF GOOD FAITH. with section 553 of title 5, United States ‘‘(2) to enforce compliance with the provi- ‘‘A debt settlement provider shall act in Code, and shall not be subject to other proce- sion or rule; or good faith in all matters under this title. dures set forth in section 18 of the Federal ‘‘(3) to obtain damages under section 1011 ‘‘SEC. 1008. INVALIDATION OF CONTRACTS. Trade Commission Act (15 U.S.C. 57a). on behalf of residents of the State. ‘‘(a) CONSUMER WAIVERS INVALID.—A waiv- ‘‘SEC. 1011. CIVIL LIABILITY. ‘‘(b) ATTORNEYS’ FEES.—In the case of any er by a consumer of any protection provided ‘‘(a) LIABILITY ESTABLISHED.—Any debt set- successful action under paragraph (1), (2), or or any right of the consumer under this tlement provider who fails to comply with (3) of subsection (a), the attorney general of title— any provision of this title with respect to the State bringing the action shall be award- ‘‘(1) is void; and any consumer shall be liable to such con- ed the costs of the action and reasonable at- ‘‘(2) may not be enforced by any other per- sumer in an amount equal to the sum of the torneys’ fees as determined by the court. son. amounts determined under each of the fol- ‘‘(c) RIGHTS OF FEDERAL TRADE COMMIS- ‘‘(b) ATTEMPT TO OBTAIN WAIVER.—Any at- lowing: SION.— tempt by any person to obtain a waiver from ‘‘(1) ACTUAL DAMAGES.—The greater of— ‘‘(1) NOTICE TO FEDERAL TRADE COMMIS- any consumer of any protection provided by ‘‘(A) the amount of any actual damage sus- SION.— or any right or protection of the consumer or tained by such consumer as a result of such ‘‘(A) IN GENERAL.—Except as provided in any obligation or requirement of the debt failure; or subparagraph (C), the attorney general of a settlement provider under this title shall be ‘‘(B) any amount paid by the consumer to State shall notify the Federal Trade Com- considered a violation of a provision of this the debt settlement provider. mission in writing of any civil action under title. ‘‘(2) STATUTORY DAMAGES.—An amount de- subsection (a), prior to initiating such civil ‘‘(c) CONTRACTS NOT IN COMPLIANCE.—Any termined by the court of not less than $1,000 action. contract for a debt settlement service that nor more than $5,000 per violation. ‘‘(B) CONTENTS.—The notice required by does not comply with the provisions of this ‘‘(3) PUNITIVE DAMAGES.— subparagraph (A) shall include a copy of the title— ‘‘(A) INDIVIDUAL ACTIONS.—In the case of complaint to be filed to initiate such civil ‘‘(1) shall be treated as void; any action by an individual, such additional action. ‘‘(2) may not be enforced by any other per- amount as the court may allow. ‘‘(C) EXCEPTION.—If it is not feasible for son; and ‘‘(B) CLASS ACTIONS.—In the case of a class the attorney general of a State to provide ‘‘(3) upon notice of a void contract, a re- action, the sum of— the notice required by subparagraph (A), the fund by the debt settlement provider to the ‘‘(i) the aggregate of the amount which the State shall provide notice immediately upon consumer shall be made as if the contract court may allow for each named plaintiff; instituting a civil action under subsection had been cancelled as provided in section and (a). 1006(b)(1) of this title. ‘‘(ii) the aggregate of the amount which ‘‘(2) INTERVENTION BY FEDERAL TRADE COM- ‘‘SEC. 1009. ADVERTISING, MARKETING, AND COM- the court may allow for each other class MISSION.—Upon receiving notice required by MUNICATION PRACTICES. member, without regard to any minimum in- paragraph (1) with respect to a civil action, ‘‘A debt settlement provider shall not state dividual recovery. the Commission may— or imply claims, results, or outcomes in any ‘‘(4) ATTORNEYS’ FEES.—In the case of any ‘‘(A) intervene in such action; and advertising, marketing, or other commu- successful action to enforce any liability ‘‘(B) upon intervening— nication with consumers that represent or under paragraph (1), (2), or (3), the costs of ‘‘(i) be heard on all matters arising in such reflect results or outcomes, including about the action, together with reasonable attor- civil action; the percentage or dollar amount by which neys’ fees. ‘‘(ii) remove the action to the appropriate debt may be reduced or the amount a con- ‘‘(b) FACTORS TO BE CONSIDERED IN AWARD- district court of the United States; and sumer may save or the historical experience ING PUNITIVE DAMAGES.—In determining the ‘‘(iii) file petitions for appeal of a decision of its customers with respect to debt reduc- amount of any liability of any debt settle- in such action. tion, that— ment provider under subsection (a)(2), the ‘‘(d) INVESTIGATORY POWERS.—Nothing in ‘‘(1) are materially different from the ac- court shall consider, among other relevant this section may be construed to prevent the tual average result or outcome achieved by factors— attorney general of a State from exercising that debt settlement provider on all of the ‘‘(1) the frequency and persistence of non- the powers conferred on such attorney gen- debt of consumers who enter the program; or compliance by the debt settlement provider; eral by the laws of such State to conduct in- ‘‘(2) are not verified by an independent ‘‘(2) the nature of the noncompliance; vestigations or to administer oaths or affir- audit that documents that the described re- ‘‘(3) the extent to which such noncompli- mations or to compel the attendance of wit- sult or outcome was achieved for all debt en- ance was intentional; and nesses or the production of documentary and rolled in the program by at least 80 percent ‘‘(4) in the case of any class action, the other evidence. of the customers who began the service in number of consumers adversely affected. ‘‘(e) EFFECT OF ACTION BY FEDERAL TRADE the most recent 2 calendar year period. ‘‘SEC. 1012. ENFORCEMENT BY FEDERAL TRADE COMMISSION.—If the Federal Trade Commis- ‘‘SEC. 1010. RULEMAKING BY FEDERAL TRADE COMMISSION. sion institutes a civil action or an adminis- COMMISSION. ‘‘(a) IN GENERAL.—Notwithstanding title X trative action to enforce a violation of a pro- ‘‘(a) IN GENERAL.—Notwithstanding title X of the Restoring American Financial Sta- vision of this title or a rule prescribed under of the Restoring American Financial Sta- bility Act of 2010, the Commission shall en- section 1010, no State may, during the pend- bility Act of 2010, the Commission may pre- force the provisions of this title in the same ency of such action, bring a civil action scribe rules with respect to advertising and manner, by the same means, and with the under subsection (a) against any defendant marketing practices, record retention, provi- same jurisdiction, powers, and duties as named in the complaint of the Commission sion of accountings to consumers, and such though all applicable terms and provisions of for violation of a provision of this title or other matters as the Commission considers the Federal Trade Commission Act (15 U.S.C. rule prescribed under section 1010 that is al- necessary to improve the consumer experi- 41 et seq.) were incorporated into and made leged in such complaint. ence with debt settlement providers. part of this title. ‘‘(f) ACTIONS BY OTHER STATE OFFICIALS.— ‘‘(b) DEBT RELIEF SERVICE RULES.— ‘‘(b) UNFAIR OR DECEPTIVE ACTS OR PRAC- ‘‘(1) IN GENERAL.—In addition to actions ‘‘(1) IN GENERAL.—Except as provided in TICES.—A failure to comply with a provision brought by an attorney general of a State paragraph (2), the Commission may prescribe of this title or a violation of a rule pre- under subsection (a), an action may be rules with respect to the providers of debt re- scribed under section 1010 shall be treated as brought by officials in a State who are so au- lief service not otherwise covered by this a violation of a rule defining an unfair or de- thorized. title. ceptive act or practice prescribed under sec- ‘‘(2) SAVINGS PROVISION.—Nothing con- ‘‘(2) EXCEPTION.—Any rule prescribed under tion 18(a)(1)(B) of the Federal Trade Commis- tained in this section may be construed to paragraph (1) shall not be applicable to or sion Act (15 U.S.C. 57a(a)(1)(B)). prohibit an authorized official of a State otherwise include services provided by those ‘‘SEC. 1013. ACTION BY STATES. from proceeding in a court of such State on persons or entities identified in section ‘‘(a) IN GENERAL.—In any case in which the the basis of an alleged violation of any civil 1001(6)(B) or section 1001(7)(B). attorney general of a State has reason to be- or criminal statute of such State. ‘‘(3) DEBT RELIEF SERVICE DEFINED.—In this lieve that an interest of the residents of the ‘‘SEC. 1014. STATUTE OF LIMITATIONS. subsection, the term ‘debt relief service’ State has been or is threatened or adversely ‘‘Any action to enforce any liability under means any service represented, directly or affected by the engagement of any person section 1011 may be brought before the later by implication, to renegotiate, or in any way subject to a provision of this title or a rule of— alter the terms of payment or other terms of prescribed under section 1010 in a practice ‘‘(1) the end of the 5-year period beginning the debt between a consumer and one or that violates such provision or rule, the on the date of the occurrence of the violation more unsecured creditors or debt collectors, State may, as parens patriae, bring a civil involved; or

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00071 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.061 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3558 CONGRESSIONAL RECORD — SENATE May 11, 2010 ‘‘(2) in any case in which any debt settle- On page 1267, line 20, insert before the pe- ‘‘(ii) no person who knows or has reason to ment provider has materially and willfully riod ‘‘, as such amount is indexed for infla- know of the consumer-paid compensation to misrepresented any information that the tion’’. the loan originator, other than the con- debt settlement provider is required, by any On page 1267, strike line 21 and all that fol- sumer, pays any compensation to the loan provision of this title, to disclose to any con- lows through page 1270, line 21, and insert originator, directly or indirectly, in connec- sumer and that is material to the establish- the following: tion with the transaction; and ment of the debt settlement provider’s liabil- (b) ENFORCEMENT.—Notwithstanding any ‘‘(iii) the consumer does not make an up- ity to the consumer under this title, the end other provision of this title, the prudential front payment of discount points, origina- of the 5-year period beginning on the date of regulator of a person described in subsection tion points, or fees, however denominated the discovery by the consumer of the viola- (a) shall have exclusive authority to enforce (other than bona fide third party settlement tion. compliance with respect to such person. charges). (c) RULEMAKING AUTHORITY.— ‘‘SEC. 1015. RELATION TO STATE LAW. ‘‘(3) RULES OF CONSTRUCTION.—No provision (1) IN GENERAL.—Notwithstanding any ‘‘This title shall not annul, alter, affect, or of this subsection shall be construed as— exempt any person subject to the provisions other provision of this title, the prudential ‘‘(A) limiting or affecting the amount of of this title from complying with the law of regulators may exercise concurrent author- compensation received by a creditor upon any State except to the extent that such law ity with the Bureau to promulgate regula- the sale of a consummated loan to a subse- is inconsistent with any provision of this tions under the federal consumer laws with quent purchaser; title, and then only to the extent of the in- respect to a person described in subsection ‘‘(B) restricting a consumer’s ability to fi- consistency. For purposes of this section, a (a). nance, at the option of the consumer, includ- State statute, regulation, order, or interpre- (2) PREEMPTION.—A regulation promul- ing through principal or rate, any origina- tation is not inconsistent with the provi- gated by the prudential regulators under the tion fees or costs permitted under this sub- sions of this title if the protection such stat- enumerated consumer laws shall occupy the section, or the loan originator’s right to re- ute, regulation, order, or interpretation af- field and preempt any regulation promul- ceive such fees or costs (including compensa- fords any person is greater than the protec- gated by the Bureau. tion) from any person, subject to paragraph (d) CLARIFICATION OF EXISTING AUTHORITY tion provided under this title and any subse- (2)(B), so long as such fees or costs do not OF PRUDENTIAL REGULATORS.—No provision quent amendments. Nothing in this title vary based on the terms of the loan (other of this title may be construed as altering, shall limit or prohibit a State from prohib- than the amount of the principal) or the con- amending, or affecting the authority of the iting or otherwise restricting the provision sumer’s decision about whether to finance of debt settlement services, or imposing and prudential regulators to exercise supervisory or enforcement authority, order assess- such fees or costs; or administering a system of additional re- ‘‘(C) prohibiting incentive payments to a quirements, prohibitions, registration, or li- ments, or initiate enforcement proceedings with respect to a person described in sub- loan originator based on the number of loans censure.’’. originated within a specified period of time. SEC. 1302. INITIAL REGULATIONS. section (a). ‘‘(4) LOAN ORIGINATOR.—For the purposes of (a) IN GENERAL.—Not later than 60 days this section, the term ‘loan originator’— after the date of the enactment of this Act, SA 3962. Mr. MERKLEY (for himself, Ms. KLOBUCHAR, Mr. SCHUMER, Ms. ‘‘(A) means any person who, for direct or the Federal Trade Commission shall com- indirect compensation or gain, or in the ex- mence a rulemaking to prescribe the fol- SNOWE, Mr. BROWN of Massachusetts, pectation of direct or indirect compensation lowing: Mr. BEGICH, Mrs. BOXER, Mr. DODD, Mr. or gain, with respect to credit to be secured (1) The form of the written notices re- KERRY, Mr. FRANKEN, and Mr. LEVIN) by real property or a dwelling— quired under subparagraphs (M) and (N) of submitted an amendment intended to ‘‘(i) arranges for an extension, renewal, or subsection (a)(2) and subsection (b)(5) of sec- be proposed to amendment SA 3739 pro- continuation of such credit; tion 1002 of the Consumer Credit Protection posed by Mr. REID (for Mr. DODD (for ‘‘(ii) takes an application for credit or as- Act, as added by section 1301 of this title. sists a consumer in applying for such credit; (2) The form of the statement required himself and Mrs. LINCOLN)) to the bill or under subsection (e) of such section 1002. S. 3217, to promote the financial sta- ‘‘(iii) offers or negotiates terms of such (3) The form for an agreement described in bility of the United States by improv- credit; section 1004(e)(1) of such Act. ing accountability and transparency in ‘‘(B) does not include any person who is not (b) DEADLINE.—The Federal Trade Commis- the financial system, to end ‘‘too big to otherwise described in subparagraph (A) and sion shall complete the rulemaking required fail’’, to protect the American taxpayer by subsection (a) not later than 1 year after who performs purely administrative or cler- the date of the enactment of this Act. by ending bailouts, to protect con- ical tasks on behalf of a person who is de- (c) PROCEDURE.—All rulemaking under sub- sumers from abusive financial services scribed in subparagraph (A); and section (a) shall be conducted in accordance practices, and for other purposes; as ‘‘(C) does not include a person that only with section 553 of title 5, United States follows: performs real estate brokerage activities and Code, and shall not be subject to other proce- On page 1430, between lines 7 and 8, insert is licensed or registered in accordance with dures set forth in section 18 of the Federal the following: applicable State law, unless the person is compensated by a lender or other loan origi- Trade Commission Act (15 U.S.C. 57a). SEC. 1074. PROHIBITED PAYMENTS TO MORT- SEC. 1303. EFFECTIVE DATE. GAGE ORIGINATORS. nator or by any agent of such lender or other Title X of the Consumer Credit Protection Section 129 of the Truth in Lending Act (15 loan originator.’’. Act, as added by section 1301 of this title, U.S.C. 1639) is amended by inserting after SEC. 1075. MINIMUM STANDARDS FOR RESIDEN- shall take effect on the date that is 60 days subsection (j) the following: TIAL MORTGAGE LOANS. after the date of the enactment of this Act. ‘‘(k) PROHIBITION ON STEERING INCEN- (a) IN GENERAL.—No rule, order, or guid- TIVES.— ance issued by the Bureau under this title SA 3961. Mr. BROWNBACK submitted ‘‘(1) IN GENERAL.—For any consumer credit shall be construed as requiring a depository an amendment intended to be proposed transaction secured by real property or a institution to apply mortgage underwriting to amendment SA 3739 proposed by Mr. dwelling, no loan originator shall receive standards that do not meet the minimum un- REID (for Mr. DODD (for himself and from any person and no person shall pay to derwriting standards required by the appro- Mrs. LINCOLN)) to the bill S. 3217, to a loan originator, directly or indirectly, priate prudential regulator of the depository promote the financial stability of the compensation that varies based on the terms institution. United States by improving account- of the loan (other than the amount of the (b) ABILITY TO REPAY.— ability and transparency in the finan- principal). (1) TILA AMENDMENT.—Section 129 of the cial system, to end ‘‘to big to fail’’, to ‘‘(2) RESTRUCTURING OF FINANCING ORIGINA- Truth in Lending Act (15 U.S.C. 1639), as TION FEE.— amended by section 1074 of this Act, is fur- protect the American taxpayer by end- ‘‘(A) IN GENERAL.—For any consumer credit ther amended by inserting after subsection ing bailouts, to protect consumers transaction secured by real property or a (k) the following: from abusive financial services prac- dwelling, a loan originator may not arrange ‘‘(l) ABILITY TO REPAY.— tices, and for other purposes; which for a consumer to finance through the rate ‘‘(1) IN GENERAL.—No creditor may make a was ordered to lie on the table; as fol- any origination fee or cost except bona fide loan secured by real property or a dwelling lows: third party settlement charges not retained unless the creditor, based on verified and On page 1258, line 7, insert ‘‘, as such by the creditor or loan originator. documented information, determines that, amount is indexed for inflation,’’ before ‘‘(B) EXCEPTION.—Notwithstanding sub- at the time the loan is consummated, the ‘‘and’’. paragraph (A), a loan originator may arrange consumer has a reasonable ability to repay On page 1258, line 10, insert ‘‘, as such for a consumer to finance through the rate the loan, according to its terms, and all ap- amount is indexed for inflation,’’ before an origination fee or cost if— plicable taxes, insurance, and assessments. ‘‘and’’. ‘‘(i) the loan originator does not receive ‘‘(2) MULTIPLE LOANS.—If the creditor On page 1267, line 18, insert before the any other compensation, directly or indi- knows, or has reason to know, that 1 or more semicolon ‘‘, as such amount is indexed for rectly, from the consumer except the com- loans secured by the same real property or inflation’’. pensation that is financed through the rate; dwelling will be made to the same consumer,

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00072 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.061 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3559 the creditor shall, based on verified and doc- ‘‘(A) The Board may revise, add to, or sub- ‘swap execution facility’ means an electronic umented information, determine that the tract from the criteria under paragraphs (5) trading system with pre-trade and post-trade consumer has a reasonable ability to repay and (6) and subparagraphs (B) and (C) of this transparency in which multiple participants the combined payments of all loans on the paragraph upon a finding that such regula- have the ability to execute or trade swaps by same real property or dwelling according to tions are necessary or appropriate to effec- accepting bids and offers made by other par- the terms of those loans and all applicable tuate the purposes of this title, to prevent ticipants that are open to multiple partici- taxes, insurance, and assessments. circumvention or evasion thereof, or to fa- pants in the system, but which is not a des- ‘‘(3) BASIS FOR DETERMINATION.—A deter- cilitate compliance with this subsection. ignated contract market.’’; and mination under this subsection of a con- ‘‘(B) BRIDGE LOANS.—This subsection does Beginning on page 773, strike line 24 and sumer’s ability to repay a loan described in not apply to a temporary or ‘bridge’ loan all that follows through page 774, line 7, and paragraph (1) shall include consideration of with a term of 12 months or less, including insert the following: the consumer’s credit history, current in- to any loan to purchase a new dwelling ‘swap execution facility’ means an electronic come, expected income the consumer is rea- where the consumer plans to sell a current trading system with pre-trade and post-trade sonably assured of receiving, current obliga- dwelling within 12 months. transparency in which multiple participants tions, debt-to-income ratio or the residual ‘‘(C) REVERSE MORTGAGES.—This subsection have the ability to execute or trade swaps by income the consumer will have after paying does not apply with respect to any reverse accepting bids and offers made by other par- non-mortgage debt and mortgage-related ob- mortgage. ticipants that are open to multiple partici- ligations, employment status, and other fi- ‘‘(8) SEASONAL INCOME.—If documented in- nancial resources other than the consumer’s pants in the system, but which is not a des- come, including income from a small busi- ignated contract market. equity in the dwelling or real property that ness, is a repayment source for an extension secures repayment of the loan. of credit secured by residential real estate or SA 3965. Mr. HARKIN submitted an ‘‘(4) INCOME VERIFICATION.—A creditor shall a dwelling, a creditor may consider the verify amounts of income or assets that such amendment intended to be proposed to seasonality and irregularity of such income amendment SA 3739 proposed by Mr. creditor relies on to determine repayment in the underwriting of and scheduling of pay- REID (for Mr. DODD (for himself and ability, including expected income or assets, ments for such credit.’’. Mrs. LINCOLN)) to the bill S. 3217, to by reviewing the consumer’s Internal Rev- (2) CONFORMING AMENDMENT.—Section 129 enue Service Form W–2, tax returns, payroll of the Truth in Lending Act (15 U.S.C. 1639), promote the financial stability of the receipts, financial institution records, or as amended by this Act, is amended— United States by improving account- other third-party documents that provide (A) by redesignating subsections (k), (l), ability and transparency in the finan- reasonably reliable evidence of the con- and (m) as subsections (m), (n), and (o), re- cial system, to end ‘‘too big to fail’’, to sumer’s income or assets. In order to safe- spectively; and protect the American taxpayer by end- guard against fraudulent reporting, any con- (B) in subsection (o), as so redesignated, by sideration of a consumer’s income history in ing bailouts, to protect consumers striking ‘‘(l)(2)’’ and inserting ‘‘(n)(2)’’. from abusive financial services prac- making a determination under this sub- On page 1430, line 8, ‘‘SEC. 1074’’ and insert section shall include the verification of such ‘‘SEC. 1076’’. tices, and for other purposes; which income by the use of— On page 1441, line 1, ‘‘SEC. 1075’’ and insert was ordered to lie on the table; as fol- ‘‘(A) Internal Revenue Service transcripts ‘‘SEC. 1077’’. lows: of tax returns; or On page 1442, line 10, ‘‘SEC. 1076’’ and in- On page 691, strike lines 10 through 12 and ‘‘(B) a method that quickly and effectively sert ‘‘SEC. 1078’’. insert the following: verifies income documentation by a third party subject to rules prescribed by the SA 3963. Mr. BROWN of Massachu- CONTRACT MARKETS.—The governing body of Board. setts submitted an amendment in- the board of trade shall be constituted to fa- ‘‘(5) PRESUMPTION OF ABILITY TO REPAY.— cilitate, consistent with other applicable tended to be proposed to amendment core principles and duties, consideration of Any creditor with respect to any consumer SA 3739 proposed by Mr. REID (for Mr. loan secured by real property or a dwelling is the views and objectives of market partici- DODD (for himself and Mrs. LINCOLN)) presumed to have complied with this sub- pants. section with respect to such loan if the cred- to the bill S. 3217, to promote the fi- itor— nancial stability of the United States SA 3966. Mr. GRASSLEY submitted ‘‘(A) verifies the consumer’s ability to by improving accountability and trans- an amendment intended to be proposed repay as provided in paragraphs (1), (2), (3), parency in the financial system, to end by him to the bill S. 3217, to promote and (4); and ‘‘too big to fail’’, to protect the Amer- the financial stability of the United ‘‘(B) determines the consumer’s ability to ican taxpayer by ending bailouts, to States by improving accountability repay using the maximum rate permitted protect consumers from abusive finan- and transparency in the financial sys- under the loan during the first 5 years fol- cial services practices, and for other tem, to end ‘‘too big to fail’’, to protect lowing consummation and a payment sched- the American taxpayer by ending bail- ule that fully amortizes the loan and taking purposes; which was ordered to lie on into account current obligations and all ap- the table; as follows: outs, to protect consumers from abu- plicable taxes, insurance, and assessments. On page 387, line 15, strike ‘‘by rule’’ and sive financial services practices, and ‘‘(6) EXCEPTIONS TO PRESUMPTION.—Not- all that follows through page 387, line 3 and for other purposes; which was ordered withstanding paragraph (5), no presumption insert the following: ‘‘by rule, adjust the fi- to lie on the table; as follows: of compliance shall be applied to a loan— nancial threshold for an accredited investor, At the appropriate place, insert the fol- ‘‘(A) for which the regular periodic pay- as set forth in the rules of the Commission lowing: ments for the loan may— under the Securities Act of 1933, not less fre- SEC. ll. REVOLVING DOOR PROHIBITIONS FOR ‘‘(i) result in an increase of the principal quently than once every 5 years, to reflect FINANCIAL REGULATORS. balance; or the percentage increase in the cost of living (a) IN GENERAL.—Section 207(c)(2)(A) of ‘‘(ii) allow the consumer to defer repay- following the date of enactment of this title 18, United States Code, is amended— ment of principal. Act.’’. (1) in clause (iv), by striking ‘‘or’’ at the ‘‘(B) the terms of which result in a balloon end; payment, where a ‘balloon payment’ is a SA 3964. Mr. HARKIN (for himself (2) in clause (v), by striking the period at scheduled payment that is more than twice and Ms. CANTWELL) submitted an the end and inserting a semicolon; and as large as the average of earlier scheduled amendment intended to be proposed to (3) by adding at the end the following: payments; or amendment SA 3739 proposed by Mr. ‘‘(vi) employed by the Securities and Ex- ‘‘(C) for which the total points and fees change Commission as an officer, attorney, REID (for Mr. DODD (for himself and payable in connection with the loan exceed 3 economist, examiner, or other employee de- percent of the total loan amount, where Mrs. LINCOLN)) to the bill S. 3217, to scribed in section 4802(b) of title 5 and who ‘points and fees’ means points and fees as de- promote the financial stability of the receives increased pay or additional benefits fined by section 103(aa)(4) of the Truth in United States by improving account- or compensation under subsection (c) or (d) Lending Act (15 U.S.C. 1602(aa)(4)), except ability and transparency in the finan- of that section; or that, for the purposes of computing the total cial system, to end ‘‘too big to fail’’, to ‘‘(vii)(I) employed by— points and fees under this subparagraph, the protect the American taxpayer by end- ‘‘(aa) the Federal Reserve System as an total points and fees attributable to any pre- ing bailouts, to protect consumers employee described in section 11(l) of the mium for mortgage guarantee insurance pro- from abusive financial services prac- Federal Reserve Act (12 U.S.C. 248(l)); vided by an agency of the Federal Govern- ‘‘(bb) the Farm Credit Administration as ment or an agency of a State shall exclude tices, and for other purposes; which an employee described in section 5.11(c)(2) of any amount of the points and fees for such was ordered to lie on the table; as fol- the Farm Credit Act of 1971 (12 U.S.C. insurance greater than 1 percent of the total lows: 2245(c)(2)); loan amount. On page 557, strike lines 4 through 14 and ‘‘(cc) the Federal Deposit Insurance Cor- ‘‘(7) EXEMPTION.— insert the following: poration as an employee described in section

VerDate Mar 15 2010 04:57 May 12, 2010 Jkt 089060 PO 00000 Frm 00073 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.058 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3560 CONGRESSIONAL RECORD — SENATE May 11, 2010 9(a) of the Federal Deposit Insurance Act (12 (VI) a description of any restriction on the to consumer financial products or services U.S.C. 1819(a)); representation of the individual, corpora- resulting from such rule; and ‘‘(dd) the National Credit Union Adminis- tion, or other entity under Federal law, rule, (ii) the impact of proposed rules on covered tration as an employee described in section regulation, or order of the covered financial persons, as described in section 1026, and the 120 of the Federal Credit Union Act (12 U.S.C. regulator; impact on consumers in rural areas; 1766); (ii) shall, if any information provided ‘‘(ee) the Office of the Comptroller of Cur- under clause (i) changes, provide updated in- SA 3969. Mr. LEVIN (for himself and rency as an employee described in section formation to the covered financial regulator; Mr. KAUFMAN) submitted an amend- 5240 of the Revised Statutes (12 U.S.C. 482) or and ment intended to be proposed to section 206 of the Bank Conservation Act (12 (iii) may not, during the 2-year period be- amendment SA 3739 proposed by Mr. U.S.C. 206); ginning on the date on which the employ- REID (for Mr. DODD (for himself and ‘‘(ff) the Office of Federal Housing Enter- ment of the covered employee with the cov- Mrs. LINCOLN)) to the bill S. 3217, to prise Oversight as an employee described in ered financial regulator terminates, influ- promote the financial stability of the section 1315 of the Federal Housing Enter- ence any communication to, or appearance prises Financial Safety and Soundness Act of before any officer or employee of the covered United States by improving account- 1992 (12 U.S.C. 4515); financial regulator in connection with any ability and transparency in the finan- ‘‘(gg) the Office of Thrift Supervision as an matter on which an individual, corporation, cial system, to end ‘‘too big to fail’’, to employee described in section 3(h) of the or other entity represented by the covered protect the American taxpayer by end- Home Owners’ Loan Act (12 U.S.C. 1462a(h)); employee seeks official action by any officer ing bailouts, to protect consumers or or employee of the covered financial regu- from abusive financial services prac- ‘‘(hh) the Commodities Futures Trading lator. tices, and for other purposes; which Commission as an employee described in sec- (3) ENFORCEMENT.—A covered financial reg- tion 2(a)(7) of the Commodity Exchange Act was ordered to lie on the table; as fol- ulator may impose a civil monetary penalty lows: (7 U.S.C. 2(a)(7)); and on any person that violates paragraph (2)(B) On page 370, between lines 13 and 14, insert ‘‘(II) who receives increased pay or addi- in an amount not less than $10,000 and not the following: tional benefits or compensation in excess of more than $100,000 for each violation. SEC. 333. FDIC EXAMINATION AUTHORITY. any pay limitation under title 5, as author- (4) PUBLIC AVAILABILITY.—Not later than 14 ized by the board, commission, or agency.’’. days after the date on which information is (a) EXAMINATION AUTHORITY FOR INSURANCE EVOLVING DOOR REGISTRATION.— AND ORDERLY LIQUIDATION PURPOSES.—Sec- (b) R provided to a covered financial regulator (1) DEFINITIONS.—In this subsection— tion 10(b)(3) of the Federal Deposit Insurance under paragraph (2)(B), the covered financial (A) the term ‘‘covered employee’’ means a Act (12 U.S.C. 1820(b)(3)) is amended by strik- regulator shall make the information pub- former employee of a covered financial regu- ing ‘‘whenever the Board’’ and all that fol- licly available on the website of the covered lator who— lows through the period at the end and in- financial regulator in a searchable form. (i) received increased pay or additional serting the following: ‘‘or depository institu- benefits or compensation in excess of any SA 3967. Mr. BINGAMAN submitted tion holding company whenever the Chair- pay limitation under title 5, United States an amendment intended to be proposed person or the Board of Directors determines Code, as authorized by the covered financial that a special examination of any such de- regulator on or after the date of enactment to amendment SA 3739 proposed by Mr. pository institution or depository institu- of this Act; and REID (for Mr. DODD (for himself and tion holding company is necessary to deter- (ii) represents any individual, corporation, Mrs. LINCOLN)) to the bill S. 3217, to mine the condition of such depository insti- or other entity with business before the cov- promote the financial stability of the tution or depository institution holding ered financial regulator that employed the United States by improving account- company for insurance purposes or for pur- employee; and ability and transparency in the finan- poses of title II of the Restoring American (B) the term ‘‘covered financial regulator’’ cial system, to end ‘‘too big to fail’’, to Financial Stability Act of 2010.’’. (b) ENFORCEMENT AUTHORITY.—Section 8(t) means— protect the American taxpayer by end- (i) the Commission of the Federal Deposit Insurance Act (12 (ii) the Federal Reserve System; ing bailouts, to protect consumers U.S.C. 1818(t)) is amended— (iii) the Farm Credit Administration; from abusive financial services prac- (1) in paragraph (1)— (iv) the Corporation; tices, and for other purposes; which (A) by striking ‘‘based on an examination (v) the National Credit Union Administra- was ordered to lie on the table; as fol- of an insured depository institution’’ and in- tion; lows: serting ‘‘based on an examination of an in- (vi) the Office of the Comptroller of Cur- On page 100, line 23, strike ‘‘and’’ and all sured depository institution or depository rency; that follows through ‘‘(G) any’’ on line 24 and institution holding company’’; and (vii) the Office of Federal Housing Enter- insert the following: (B) by striking ‘‘with respect to any in- prise Oversight; (G) potential obligations to third parties in sured depository institution or’’ and insert- (viii) the Office of Thrift Supervision; and connection with credit derivative trans- ing ‘‘with respect to any insured depository (ix) the Commodities Futures Trading actions between the nonbank financial com- institution, depository institution holding Commission. pany supervised by the Board of Governors company, or’’; (2) REGISTRATION.— or a bank holding company described in sub- (2) in paragraph (2)— (A) IN GENERAL.—Not later than 120 days section (a) and the third parties that ref- (A) by striking ‘‘Board of Directors deter- after the date of enactment of this Act, each erence the company or obligations of the mines, upon a vote of its members,’’ and in- covered financial regulator shall establish a company; and serting ‘‘Board of Directors, upon a vote of website through which a covered employee (H) any its members, or the Chairperson deter- may register and update information in ac- mines’’; cordance with subparagraph (B) SA 3968. Mr. TESTER (for himself, (B) in subparagraph (B), by striking ‘‘or’’ (B) REGISTRATION BY COVERED EMPLOY- Mrs. MURRAY, and Mr. BAUCUS) sub- at the end; EES.—A covered employee— mitted an amendment intended to be (C) in subparagraph (C), by striking the pe- (i) shall register with the covered financial proposed to amendment SA 3739 pro- riod at the end and inserting ‘‘; or’’; and regulator that employed the covered em- (D) by adding at the end the following: ployee before representing any individual, posed by Mr. REID (for Mr. DODD (for ‘‘(D) the conduct or threatened conduct corporation, or other entity with business himself and Mrs. LINCOLN)) to the bill (including any acts or omissions) of the de- before the covered financial regulator, which S. 3217, to promote the financial sta- pository institution holding company poses a shall include providing— bility of the United States by improv- risk to the Deposit Insurance Fund or of the (I) the name of the covered employee and ing accountability and transparency in exercise of authority under title II of the Re- the last job title held by the covered em- the financial system, to end ‘‘too big to storing American Financial Stability Act of ployee at the covered financial regulator; fail’’, to protect the American taxpayer 2010, or may prejudice the interests of the de- (II) the name of the individual, corpora- by ending bailouts, to protect con- positors of an affiliated institution.’’; tion, or other entity; sumers from abusive financial services (3) in paragraph (3)(A), by striking ‘‘upon a (III) a description of the purpose of the rep- vote of the Board of Directors’’ and inserting resentation of the individual, corporation, or practices, and for other purposes; ‘‘upon a determination by the Chairperson or other entity; which was ordered to lie on the table; upon a vote of the Board of Directors’’; (IV) a comprehensive list of all matters as follows: (4) in paragraph (4)(A)— that the representation of the individual, On page 1235, strike lines 6 through 10 and (A) by striking ‘‘any insured depository in- corporation, or other entity will include; insert the following: stitution’’ and inserting ‘‘any insured deposi- (V) a comprehensive list of all matters in (A) the Bureau shall consider— tory institution, depository institution hold- which the covered employee personally and (i) the potential benefits and costs to con- ing company,’’; and substantially participated while employed sumers and covered persons, including the (B) by striking ‘‘the institution’’ and in- by the covered financial regulator; and potential reduction of access by consumers serting ‘‘the institution, holding company,’’;

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00074 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.067 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3561 (5) in paragraph (4)(B), by striking ‘‘the in- data and models, used by nationally recog- this Act, the Commission, through the Office stitution’’ each place that term appears and nized statistical rating organizations, to en- of Credit Ratings, shall issue a notice of pro- inserting ‘‘the institution, holding com- sure that the credit ratings issued by the na- posed rulemaking— pany,’’; and tionally recognized statistical rating organi- (1) to establish a system that— (6) in paragraph (5)(A), by striking ‘‘an in- zations have a reasonable foundation in fact (A) allows an intermediary to handle the sured depository institution’’ and inserting and analysis. Nothing in this paragraph may fees provided by issuers to obtain credit rat- ‘‘an insured depository institution, deposi- be construed to afford a defense against any ings from nationally recognized statistical tory institution holding company,’’. action or proceeding brought by the Commis- rating organizations, in order to avoid con- (c) BACK-UP EXAMINATION AUTHORITY FOR sion to enforce the antifraud provisions of flicts of interest that arise when an issuer ORDERLY LIQUIDATION PURPOSES.—The Fed- the securities laws.’’; and pays for a credit rating with respect to a fi- eral Deposit Insurance Act (12 U.S.C. 1811 et On page 1019, line 14, strike ‘‘with respect nancial product or transaction that the seq.) is amended by adding at the end the fol- to’’ and all that follows through ‘‘organiza- issuer plans to sell or execute; and lowing: tion’’ on line 18 and insert ‘‘to ensure that (B) enables such intermediary to receive ‘‘SEC. 51. BACK-UP EXAMINATION AUTHORITY the qualitative and quantitative data and fees from issuers, direct fees to nationally FOR ORDERLY LIQUIDATION PUR- models used by nationally recognized statis- recognized statistical rating organizations, POSES. tical rating organizations produce credit rat- and create incentives to reward accurate rat- ‘‘The Corporation may conduct a special ings that have a reasonable foundation in ings; and examination of a nonbank financial company fact and analysis. The rules prescribed under (2) that directs or facilitates the formation supervised by the Board of Governors of the this subsection shall require each nationally of, or identifies, an intermediary to carry Federal Reserve System under section 113 of recognized statistical rating organization’’. out the system described in paragraph (1). the Restoring American Financial Stability On page 1020, line 25, strike ‘‘and’’. On page 1044, between lines 2 and 3, insert Act of 2010, if the Chairperson or the Board On page 1021, line 15, strike the period at the following: of Directors determines an examination is the end and insert the following: ‘‘; and SEC. 939D. STRENGTHENING THE ENFORCEMENT necessary to determine the condition of the ‘‘(4) to assign relatively greater credit risk AUTHORITY OF THE COMMISSION company for purposes of title II of that to a financial product or transaction for OVER NATIONALLY RECOGNIZED Act.’’. which— STATISTICAL RATING ORGANIZA- (d) ACCESS TO INFORMATION FOR INSURANCE ‘‘(A) the rating organization lacks ade- TIONS. AND ORDERLY LIQUIDATION PURPOSES.—The quate historical performance data; (a) REQUIREMENT TO FILE APPLICATIONS AND Federal Deposit Insurance Act is amended by ‘‘(B) the assets are provided by persons REPORTS WITH COMMISSION.—Section 15E of adding at the end the following: with a history of providing poorly per- the Securities Exchange Act of 1934 (15 ‘‘SEC. 52. ACCESS TO INFORMATION FOR INSUR- forming assets; U.S.C. 78o–7) is amended— ANCE AND ORDERLY LIQUIDATION ‘‘(C) income from the assets will not be di- (1) in subsection (a)— PURPOSES. rectly contributed to the securitization, (A) in paragraph (1)(A), by striking ‘‘fur- ‘‘(a) ACCESS TO INFORMATION.—The Cor- product, or transaction; nish to’’ and inserting ‘‘file with’’; and poration may, if the Corporation determines ‘‘(D) publicly available information, in- (B) in paragraph (2), by striking ‘‘furnished that such action is necessary to carry out its cluding trading information, indicates that a to’’ each place that term appears and insert- responsibilities relating to deposit insurance prior rating misjudged the credit risk of the ing ‘‘filed with’’; or orderly liquidation under this Act, title II product or transaction; (2) in subsection (b)— of the Restoring American Financial Sta- ‘‘(E) the product or transaction is of suffi- (A) in paragraph (1)(A), by striking ‘‘fur- bility Act of 2010, or otherwise applicable cient complexity or novelty that the per- nished’’ and inserting ‘‘filed’’; Federal law— formance of the product or transaction can- (B) in paragraph (2), in the matter pre- ‘‘(1) obtain information from an insured de- not be reliably evaluated; or ceding subparagraph (A), by striking ‘‘fur- pository institution, depository institution ‘‘(F) there is any other feature that the nish to’’ and inserting ‘‘file with’’; and holding company, or nonbank financial com- Commission may specify. (C) by striking ‘‘furnishing’’ each place pany supervised by the Board of Governors of On page 1023, line 5, strike ‘‘(A)’’ and insert that term appears and inserting ‘‘filing’’; the Federal Reserve System under section the following: (3) in subsection (d)(1), as so redesignated 113 of the Restoring American Financial Sta- ‘‘(A) BASIC INFORMATION.—Each nationally by this Act— bility Act of 2010; recognized statistical rating organization (A) in subparagraph (B), by striking ‘‘fur- ‘‘(2) obtain information from the appro- shall disclose at the beginning of the form nished to’’ and inserting ‘‘filed with’’; and priate Federal banking agency, or any regu- developed under paragraph (1) basic informa- (B) in subparagraph (D), by striking ‘‘fur- lator of a nonbank financial company super- tion about each of the credit ratings that is nish’’ and inserting ‘‘file’’; vised by the Board of Governors of the Fed- the subject of the disclosure, including— (4) in subsection (e)(1), by striking ‘‘fur- eral Reserve System under section 113 of the ‘‘(i) the latest rating provided for the prod- nishing a written notice of withdrawal to the Restoring American Financial Stability Act uct or transaction that is the subject of the Commission’’ and inserting ‘‘filing a written of 2010, including examination reports; and disclosure; notice of withdrawal with the Commission’’; ‘‘(3) participate in any examination, visita- ‘‘(ii) the date upon which the rating de- (5) in subsection (k), by striking ‘‘furnish tion, or risk-scoping activity of an insured scribed in clause (i) was issued; to’’ and inserting ‘‘file with’’; depository institution, depository institu- ‘‘(iii) whether that rating described in (6) in subsection (l)(2)(A)(i), by striking tion holding company, or nonbank financial clause (i) was intended to be effective for less ‘‘furnished’’ and inserting ‘‘filed’’; and company supervised by the Board of Gov- or more than 1 year after the date of (7) in subsection (m)(2), by striking ‘‘fur- ernors of the Federal Reserve System under issuance of the rating; nished’’ and inserting ‘‘filed’’. section 113 of the Restoring American Finan- ‘‘(iv) the type of asset to which the rating (b) AUTHORITY TO SANCTION ASSOCIATED cial Stability Act of 2010. described in clause (i) applies; PERSONS.—Section 15E(d)(1) of the Securities ‘‘(b) ENFORCEMENT.—The Corporation shall ‘‘(v) the history and date of any prior rat- Exchange Act of 1934 (15 U.S.C. 78o–7), as have the authority to take any enforcement ing with respect to the product or trans- amended by this Act, is amended— action under section 8 against any institu- action during the 5-year period preceding the (1) by inserting after ‘‘or revoke the reg- tion or company described in paragraph (1) of date of the disclosure; and istration of any nationally recognized statis- subsection (a) that fails to provide any infor- ‘‘(vi) any other basic information, as the tical rating organization’’ the following: ‘‘, mation requested under that paragraph. Commission may require. or take enforcement action against or sanc- ‘‘(c) USE OF AVAILABLE INFORMATION.—The ‘‘(B) tion any person who is or was associated, or Corporation shall use, in lieu of a request for On page 1025, line 19, strike ‘‘(B)’’ and in- is or was seeking to become associated, with information under subsection (a), informa- sert ‘‘(C)’’. a nationally recognized statistical rating or- tion provided to another Federal or State On page 1028 between lines 4 and 5 insert ganization,’’; and regulatory agency, publicly available infor- the following: (2) by inserting ‘‘bar,’’ after ‘‘placing of mation, or externally audited financial ‘‘(E) NO RELIANCE ON INADEQUATE REPORT.— limitations, suspension,’’. statements to the extent that the Corpora- A nationally recognized statistical rating or- On page 1047, strike lines 3 through 15 and tion determines such information is ade- ganization may not rely on a third-party due insert the following: quate to the needs of the Corporation.’’. diligence report if the nationally recognized ‘‘(B) require a securitizer to retain an eco- On page 1006, strike line 17 and all that fol- statistical rating organization has reason to nomic interest— lows through page 1007, line 2, and insert the believe that the report is inadequate. ‘‘(i) of not less than 5 percent of the credit following: On page 1042, strike line 15 and all that fol- risk associated with a pool of assets used to (A) by striking paragraph (2) and inserting lows through page 1043, line 9, and insert the create a series of asset-backed securities, the following: following: and ensure that such economic interest is ‘‘(2) STANDARDS AND OVERSIGHT.—The Com- SEC. 939B. ELIMINATING CONFLICTS OF INTER- applied to multiple credit tranches derived mission shall set standards and exercise EST THROUGH INTERMEDIATION. from the pool of assets in a manner reason- oversight of the procedures and methodolo- (a) INTERMEDIATION PROPOSAL.—Not later ably designed to ensure that the securitizer gies, including qualitative and quantitative than 180 days after the date of enactment of retains an economic interest in the success

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of each class of securities resulting from the ‘‘(3) RULE OF CONSTRUCTION.—As used in ‘‘(C) the term ‘consultant’ means a person securitization of the asset pool; or this section, the term ‘mortgage’ shall not who works personally and substantially on ‘‘(ii) of less than 5 percent of the credit be construed to be restricted or limited only matters for, or on behalf of, a financial insti- risk associated with a pool of assets used to to mortgages referred to in section 103(aa).’’. tution or holding company. create a series of asset-backed securities, if (b) EFFECTIVE DATE.—The requirements ‘‘(3) REGULATIONS.— and only if each of the assets in the pool pose under subsection (n)(1) of section 129 of the ‘‘(A) IN GENERAL.—Each covered Federal a low credit risk, the originator meets the Truth in Lending Act (as added by sub- agency may prescribe rules or guidance to underwriting standards prescribed under section (a)) shall take effect not later than administer and carry out this section, in- paragraph (2)(B), and the securitizer con- 180 days after the date of the enactment of cluding to define the scope of persons re- ducts a due diligence review reasonably de- this Act, whether or not any rulemaking ferred to in paragraphs (1) and (2)(C), and the signed to ensure the assets and originator under subsection (n)(2) of such Act has been financial institutions and holding companies meet the requirements of this paragraph; initiated or completed. referred to in paragraph (2)(B). On page 1056, line 17, strike the second pe- SEC. 1222. GUSTAFSON FIX. ‘‘(B) CONSULTATION.—A covered Federal riod and insert the following: ‘‘. (a) DEFINITION OF PROSPECTUS.—Section agency may consult with other covered Fed- SEC. 946. RESTRICTION ON SYNTHETIC ASSET- 2(a)(10) of the Securities Act of 1933 (15 eral agencies for the purpose of ensuring BACKED SECURITIES. U.S.C. 77b(a)(10)) is amended— that the rules and guidance issued by the The Securities Exchange Act of 1934 (15 (1) by inserting before ‘‘except that’’ the agencies under subparagraph (A) are, to the U.S.C. 78a et seq.) is amended by inserting following: ‘‘(whether or not such security is extent possible, consistent, comparable, and after section 15G, as added by this Act, the offered or sold pursuant to a registration practicable, taking into account any dif- following new section: statement or the security or the transaction ferences in the regulatory and oversight pro- ‘‘SEC. 15H. RESTRICTION ON SYNTHETIC ASSET- is exempt from this title or from section 5 of grams used by the covered Federal agencies BACKED SECURITIES. this title pursuant to the provisions of sec- for the supervision of financial institutions ‘‘(a) DEFINITION.—For purposes of this sec- tions 3 or 4)’’; and and holding companies. (2) by striking ‘‘at the time of such’’ and tion, the term ‘synthetic asset-backed secu- ‘‘(4) WAIVER.—A Federal agency may grant rity’ means an asset-backed security with re- inserting ‘‘at the time such’’. a waiver, on a case by case basis, of the re- (b) CIVIL LIABILITIES.—Section 12(a)(2) of spect to which, by design, the self-liqui- striction imposed by this subsection to any the Securities Act of 1933 (15 U.S.C. 77l(a)(2)) dating financial assets referenced in the syn- officer or employee (including any special is amended by inserting ‘‘(as defined in sec- thetic securitization do not provide any di- Government employee) of the covered Fed- rect payment or cash flow to the holder of tion 2(a)(10) of this title)’’ after ‘‘pro- spectus’’. eral agency, if the head of the covered Fed- the security. eral agency, or the chairman of its board of ‘‘(b) RESTRICTION.— SEC. 1223. COOLING OFF PERIOD. directors, certifies in writing that granting ‘‘(1) IN GENERAL.—No issuer, underwriter, Section 207 of title 18, United States Code, the waiver would not impair the integrity of placement agent, sponsor, or initial pur- is amended by adding at the end the fol- the regulatory and oversight efforts of the chaser may offer, sell, or transfer a synthetic lowing: asset-backed security that has no substan- ‘‘(m) ONE-YEAR RESTRICTION ON FEDERAL covered Federal agency. tial or material economic purpose apart FINANCIAL REGULATORS.— ‘‘(5) PENALTIES.—In addition to any other from speculation on a possible future gain or ‘‘(1) IN GENERAL.—In addition to the re- administrative, civil, or criminal remedy or loss associated with the value or condition of strictions set forth in subsections (a) and (b), penalty that may otherwise apply, whenever the referenced assets. The Commission may any person who— a Federal agency determines that a person determine whether a synthetic asset-backed ‘‘(A) was an officer or employee (including subject to paragraph (1) has become associ- security meets the requirements of this sec- any special Government employee) of a cov- ated, in the manner described in paragraph tion. A determination by the Commission ered Federal agency; (1)(C), with a financial institution, holding under the preceding sentence is not subject ‘‘(B) served 2 or more months during the company, or other company in violation of to judicial review. final 12 months of the employment of the this section, the agency shall impose upon ‘‘(2) RULEMAKING.—Not later than 180 days person with the covered Federal agency par- such person one or more of the following after the date of enactment of this section, ticipating personally and substantially on penalties: the Commission shall issue rules to carry behalf of the covered Federal agency in the ‘‘(A) INDUSTRY-WIDE PROHIBITION ORDER.— out this section and to prevent evasions regulation or oversight of, or in an enforce- The Federal agency may, subject to notice thereof.’’. ment action against, a particular financial and an administrative hearing, issue an order— At the end of the bill, add the following: institution or holding company; and ‘‘(i) to remove such person from office or to SEC. 1221. MORTGAGE STANDARDS. ‘‘(C) within 1 year after the completion prohibit such person from further participa- (a) PROHIBITION ON STATED INCOME AND date of the service or employment of the per- tion in the conduct of the affairs of the fi- NEGATIVELY AMORTIZING MORTGAGES.—Sec- son with the covered Federal agency, know- nancial institution, holding company, or tion 129 of the Truth in Lending Act (15 ingly accepts compensation as an employee, U.S.C. 1639) is amended by adding at the end officer, director, or consultant from— other company for a period of up to 5 years; following: ‘‘(i) the financial institution described in and ‘‘(n) PROHIBITION ON STATED INCOME AND subparagraph (B), any holding company that ‘‘(ii) to prohibit any further participation NEGATIVELY AMORTIZING MORTGAGES.— controls the financial institution, or any by such person, in any manner, in the con- ‘‘(1) IN GENERAL.—Any person who sells, other company that controls the financial duct of the affairs of any financial institu- transfers, or plans to sell or transfer at least institution; or tion or holding company subject to regula- 1,000 mortgages, mortgage-backed securities, ‘‘(ii) the holding company described in sub- tion or oversight by the agency for a period or similar financial instruments within a paragraph (B), or any other financial institu- of up to 5 years. calendar year shall not include or reference tion that is controlled by such holding com- ‘‘(B) CIVIL MONETARY PENALTY.—The Fed- in any of such financial instruments any pany, eral agency may, in an administrative pro- mortgage in which the borrower’s income shall be punished as provided in section 216 ceeding or civil action in an appropriate was not verified or in which the loan balance of this title. United States district court, impose upon may negatively amortize. ‘‘(2) DEFINITIONS.—For purposes of this sub- such person a civil monetary penalty of not ‘‘(2) JOINT RULEMAKING.—The Chairman of section— more than $250,000. In lieu of an action by the Board, the Chairperson of the Federal ‘‘(A) the term ‘covered Federal agency’ the Federal agency under this subparagraph, Deposit Insurance Corporation, and the Di- means the Office of the Comptroller of the the Attorney General of the United States rector of the Bureau of Consumer Financial Currency, the Federal Deposit Insurance may bring a civil action under this subpara- Protection may issue joint rules to carry out Corporation, the Board of Governors of the graph in the appropriate United States dis- the purposes of this subsection. Rules issued Federal Reserve System, each Federal Re- trict court.’’. under this paragraph may— serve Bank, the National Credit Union Ad- SEC. 1224. FOREIGN BANK ANTI-TAX EVASION FIX. ‘‘(A) specify what documentation may be ministration, the Financial Stability Over- Section 5318A of title 31, United States used to verify the income of a borrower sight Council, the Securities and Exchange Code, is amended— under paragraph (1), including tax informa- Commission, the Commodities Futures Trad- (1) by striking the section heading and in- tion, asset statements, prior loan repayment ing Commission, the Bureau of Consumer Fi- serting the following: information, or any other documentation nancial Protection, and the Public Company ‘‘§ 5318A. Special measures for jurisdictions, that the Chairmen and the Director jointly Accounting Oversight Board; financial institutions, or international deem necessary and appropriate; and ‘‘(B) the term ‘financial institution’ means transactions that are of primary money ‘‘(B) define ‘negatively amortize’, includ- any business or holding company that is reg- laundering concern or impede United ing by making an exception for home equity istered with or regulated by a covered Fed- States tax enforcement’’; conversion mortgages, as defined under sec- eral agency, including any foreign financial (2) in subsection (a), by striking the sub- tion 255 of the National Housing Act (com- institution or holding company that has a section heading and inserting the following: monly referred to as ‘reverse mortgages’) physical location in any State and is reg- ‘‘(a) SPECIAL MEASURES TO COUNTER MONEY that are otherwise regulated by a Federal or istered with or regulated by a covered Fed- LAUNDERING AND EFFORTS TO IMPEDE UNITED State agency. eral agency; and STATES TAX ENFORCEMENT.—’’;

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00076 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.068 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3563 (3) in subsection (c), by striking the sub- (D) in clause (vi), by inserting ‘‘, tax trea- United States, and in the sole discretion of section heading and inserting the following: ty, or tax information exchange agreement’’ the Secretary, such other agencies and inter- ‘‘(c) CONSULTATIONS AND INFORMATION TO after ‘‘treaty’’; ested parties as the Secretary may find to be BE CONSIDERED IN FINDING JURISDICTIONS, IN- (10) in subsection (c)(2)(B)— appropriate; and’’; STITUTIONS, TYPES OF ACCOUNTS, OR TRANS- (A) in clause (i), by inserting ‘‘or tax eva- (6) in each of paragraphs (1)(A), (2), (3), and ACTIONS TO BEOFPRIMARY MONEY LAUN- sion’’ after ‘‘money laundering’’; and (4) of subsection (b), by inserting ‘‘or to be DERING CONCERN OR TO BE IMPEDING UNITED (B) in clause (iii), by inserting ‘‘, tax eva- impeding United States tax enforcement’’ STATES TAX ENFORCEMENT.—’’; sion,’’ after ‘‘money laundering’’; and after ‘‘primary money laundering concern’’ (4) in subsection (a)(1), by inserting ‘‘or is (11) in subsection (d), by inserting ‘‘involv- each place that term appears; impeding United States tax enforcement’’ ing money laundering, and shall notify, in (7) in subsection (b), by striking paragraph after ‘‘primary money laundering concern’’; writing, the Committee on Finance of the (5) and inserting the following: (5) in subsection (a)(4)— Senate and the Committee on Ways and ‘‘(5) PROHIBITIONS OR CONDITIONS ON OPEN- (A) in subparagraph (A)— Means of the House of Representatives of ING OR MAINTAINING CERTAIN CORRESPONDENT (i) by inserting ‘‘in matters involving any such action involving United States tax OR PAYABLE-THROUGH ACCOUNTS OR AUTHOR- money laundering,’’ before ‘‘shall consult’’; enforcement’’ after ‘‘such action’’. IZING CERTAIN PAYMENT CARDS.—If the Sec- retary finds a jurisdiction outside of the and United States, 1 or more financial institu- (ii) by striking ‘‘and’’ at the end; SA 3970. Mr. LEVIN (for himself, Mr. tions operating outside of the United States, (B) by redesignating subparagraph (B) as KAUFMAN, Mrs. MCCASKILL, and Mr. or 1 or more classes of transactions within or subparagraph (C); and WHITEHOUSE) submitted an amendment involving a jurisdiction outside of the United (C) by inserting after subparagraph (A) the intended to be proposed by him to the States to be of primary money laundering following: bill S. 3217, to promote the financial concern or to be impeding United States tax ‘‘(B) in matters involving United States stability of the United States by im- enforcement, the Secretary, in consultation tax enforcement, shall consult with the Com- proving accountability and trans- with the Secretary of State, the Attorney missioner of Internal Revenue, the Secretary parency in the financial system, to end General of the United States, and the Chair- of State, the Attorney General of the United ‘‘too big to fail’’, to protect the Amer- man of the Board of Governors of the Federal States, and in the sole discretion of the Sec- Reserve System, may prohibit, or impose retary, such other agencies and interested ican taxpayer by ending bailouts, to protect consumers from abusive finan- conditions upon— parties as the Secretary may find to be ap- ‘‘(A) the opening or maintaining in the propriate; and’’; cial services practices, and for other United States of a correspondent account or (6) in each of paragraphs (1)(A), (2), (3), and purposes; which was ordered to lie on payable-through account; or (4) of subsection (b), by inserting ‘‘or to be the table; as follows: ‘‘(B) the authorization, approval, or use in impeding United States tax enforcement’’ At the end of the amendment, insert the the United States of a credit card, charge after ‘‘primary money laundering concern’’ following: card, debit card, or similar credit or debit fi- each place that term appears; TITLE ll—AUTHORIZING SPECIAL MEAS- nancial instrument by any domestic finan- (7) in subsection (b), by striking paragraph URES FOR JURISDICTIONS, FINANCIAL cial institution, financial agency, or credit (5) and inserting the following: INSTITUTIONS, INTERNATIONAL TRANS- card company or association, for or on behalf ‘‘(5) PROHIBITIONS OR CONDITIONS ON OPEN- ACTIONS, OR TYPES OF ACCOUNTS of a foreign banking institution, if such cor- ING OR MAINTAINING CERTAIN CORRESPONDENT THAT ARE OF PRIMARY MONEY LAUN- respondent account, payable-through ac- OR PAYABLE-THROUGH ACCOUNTS OR AUTHOR- DERING CONCERN OR IMPEDE UNITED count, credit card, charge card, debit card, or IZING CERTAIN PAYMENT CARDS.—If the Sec- STATES TAX ENFORCEMENT similar credit or debit financial instrument, retary finds a jurisdiction outside of the SEC. lll. AUTHORIZING SPECIAL MEASURES involves any such jurisdiction or institution, United States, 1 or more financial institu- or if any such transaction may be conducted tions operating outside of the United States, FOR JURISDICTIONS, FINANCIAL IN- STITUTIONS, INTERNATIONAL through such correspondent account, pay- or 1 or more classes of transactions within or TRANSACTIONS, OR TYPES OF AC- able-through account, credit card, charge involving a jurisdiction outside of the United COUNTS THAT ARE OF PRIMARY card, debit card, or similar credit or debit fi- States to be of primary money laundering MONEY LAUNDERING CONCERN OR nancial instrument.’’; and concern or to be impeding United States tax IMPEDE UNITED STATES TAX EN- (8) in subsection (c)(1), by inserting ‘‘or is FORCEMENT. enforcement, the Secretary, in consultation impeding United States tax enforcement’’ Section 5318A of title 31, United States with the Secretary of State, the Attorney after ‘‘primary money laundering concern’’; Code, is amended— General of the United States, and the Chair- (9) in subsection (c)(2)(A)— (1) by striking the section heading and in- man of the Board of Governors of the Federal (A) in clause (ii), by striking ‘‘bank secrecy serting the following: Reserve System, may prohibit, or impose or special regulatory advantages’’ and in- conditions upon— ‘‘§ 5318A. Special measures for jurisdictions, serting ‘‘bank, tax, corporate, trust, or fi- ‘‘(A) the opening or maintaining in the financial institutions, or international nancial secrecy or regulatory advantages’’; United States of a correspondent account or transactions that are of primary money (B) in clause (iii), by striking ‘‘supervisory payable-through account; or laundering concern or impede United and counter-money’’ and inserting ‘‘super- ‘‘(B) the authorization, approval, or use in States tax enforcement’’; visory, international tax enforcement, and the United States of a credit card, charge (2) in subsection (a), by striking the sub- counter-money’’; card, debit card, or similar credit or debit fi- section heading and inserting the following: (C) in clause (v), by striking ‘‘banking or nancial instrument by any domestic finan- ‘‘(a) SPECIAL MEASURES TO COUNTER MONEY secrecy’’ and inserting ‘‘banking, tax, or se- cial institution, financial agency, or credit LAUNDERING AND EFFORTS TO IMPEDE UNITED crecy’’; and card company or association, for or on behalf STATES TAX ENFORCEMENT.—’’; (D) in clause (vi), by inserting ‘‘, tax trea- of a foreign banking institution, if such cor- (3) in subsection (c), by striking the sub- ty, or tax information exchange agreement’’ respondent account, payable-through ac- section heading and inserting the following: after ‘‘treaty’’; count, credit card, charge card, debit card, or ‘‘(c) CONSULTATIONS AND INFORMATION TO (10) in subsection (c)(2)(B)— similar credit or debit financial instrument, BE CONSIDERED IN FINDING JURISDICTIONS, IN- (A) in clause (i), by inserting ‘‘or tax eva- involves any such jurisdiction or institution, STITUTIONS, TYPES OF ACCOUNTS, OR TRANS- sion’’ after ‘‘money laundering’’; and or if any such transaction may be conducted ACTIONS TO BEOFPRIMARY MONEY LAUN- (B) in clause (iii), by inserting ‘‘, tax eva- through such correspondent account, pay- DERING CONCERN OR TO BE IMPEDING UNITED sion,’’ after ‘‘money laundering’’; and able-through account, credit card, charge STATES TAX ENFORCEMENT.—’’; (11) in subsection (d), by inserting ‘‘involv- card, debit card, or similar credit or debit fi- (4) in subsection (a)(1), by inserting ‘‘or is ing money laundering, and shall notify, in nancial instrument.’’; and impeding United States tax enforcement’’ writing, the Committee on Finance of the (8) in subsection (c)(1), by inserting ‘‘or is after ‘‘primary money laundering concern’’; Senate and the Committee on Ways and impeding United States tax enforcement’’ (5) in subsection (a)(4)— Means of the House of Representatives of after ‘‘primary money laundering concern’’; (A) in subparagraph (A)— any such action involving United States tax (9) in subsection (c)(2)(A)— (i) by inserting ‘‘in matters involving enforcement’’ after ‘‘such action’’. (A) in clause (ii), by striking ‘‘bank secrecy money laundering,’’ before ‘‘shall consult’’; or special regulatory advantages’’ and in- and SA 3971. Mr. LEVIN (for himself and serting ‘‘bank, tax, corporate, trust, or fi- (ii) by striking ‘‘and’’ at the end; Mr. KAUFMAN) submitted an amend- nancial secrecy or regulatory advantages’’; (B) by redesignating subparagraph (B) as ment intended to be proposed by him (B) in clause (iii), by striking ‘‘supervisory subparagraph (C); and to the bill S. 3217, to promote the fi- and counter-money’’ and inserting ‘‘super- (C) by inserting after subparagraph (A) the visory, international tax enforcement, and following: nancial stability of the United States counter-money’’; ‘‘(B) in matters involving United States by improving accountability and trans- (C) in clause (v), by striking ‘‘banking or tax enforcement, shall consult with the Com- parency in the financial system, to end secrecy’’ and inserting ‘‘banking, tax, or se- missioner of the Internal Revenue, the Sec- ‘‘too big to fail’’, to protect the Amer- crecy’’; and retary of State, the Attorney General of the ican taxpayer by ending bailouts, to

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EXAMINATION AND ENFORCEMENT AU- (d) ACCESS TO INFORMATION FOR INSURANCE sion to enforce the antifraud provisions of THORITY FOR INSURANCE AND OR- AND ORDERLY LIQUIDATION PURPOSES.—The the securities laws.’’; and DERLY LIQUIDATION PURPOSES. Federal Deposit Insurance Act is amended by On page 1019, line 14, strike ‘‘with respect (a) EXAMINATION AUTHORITY FOR INSURANCE adding at the end the following: to’’ and all that follows through ‘‘organiza- AND ORDERLY LIQUIDATION PURPOSES.—Sec- ‘‘SEC. 52. ACCESS TO INFORMATION FOR INSUR- tion’’ on line 18 and insert ‘‘to ensure that tion 10(b)(3) of the Federal Deposit Insurance ANCE AND ORDERLY LIQUIDATION the qualitative and quantitative data and Act (12 U.S.C. 1820(b)(3)) is amended by strik- PURPOSES. models used by nationally recognized statis- ing ‘‘whenever the Board’’ and all that fol- ‘‘(a) ACCESS TO INFORMATION.—The Cor- tical rating organizations produce credit rat- lows through the period at the end and in- poration may, if the Corporation determines ings that have a reasonable foundation in serting the following: ‘‘or depository institu- that such action is necessary to carry out its fact and analysis. The rules prescribed under tion holding company whenever the Chair- responsibilities relating to deposit insurance this subsection shall require each nationally person or the Board of Directors determines or orderly liquidation under this Act, title II recognized statistical rating organization’’. that a special examination of any such de- of the Restoring American Financial Sta- On page 1020, line 25, strike ‘‘and’’. pository institution or depository institu- bility Act of 2010, or otherwise applicable On page 1021, line 15, strike the period at tion holding company is necessary to deter- Federal law— the end and insert the following: ‘‘; and mine the condition of such depository insti- ‘‘(1) obtain information from an insured de- ‘‘(4) to assign relatively greater credit risk tution or depository institution holding pository institution, depository institution to a financial product or transaction for company for insurance purposes or for pur- holding company, or nonbank financial com- which— poses of title II of the Restoring American pany supervised by the Board of Governors of ‘‘(A) the rating organization lacks ade- Financial Stability Act of 2010.’’. the Federal Reserve System under section quate historical performance data; (b) ENFORCEMENT AUTHORITY.—Section 8(t) 113 of the Restoring American Financial Sta- ‘‘(B) the assets are provided by persons of the Federal Deposit Insurance Act (12 bility Act of 2010; with a history of providing poorly per- U.S.C. 1818(t)) is amended— ‘‘(2) obtain information from the appro- forming assets; (1) in paragraph (1)— priate Federal banking agency, or any regu- ‘‘(C) income from the assets will not be di- (A) by striking ‘‘based on an examination lator of a nonbank financial company super- rectly contributed to the securitization, of an insured depository institution’’ and in- vised by the Board of Governors of the Fed- product, or transaction; serting ‘‘based on an examination of an in- eral Reserve System under section 113 of the ‘‘(D) publicly available information, in- sured depository institution or depository Restoring American Financial Stability Act cluding trading information, indicates that a institution holding company’’; and of 2010, including examination reports; and prior rating misjudged the credit risk of the (B) by striking ‘‘with respect to any in- ‘‘(3) participate in any examination, visita- product or transaction; sured depository institution or’’ and insert- tion, or risk-scoping activity of an insured ‘‘(E) the product or transaction is of suffi- ing ‘‘with respect to any insured depository depository institution, depository institu- cient complexity or novelty that the per- formance of the product or transaction can- institution, depository institution holding tion holding company, or nonbank financial not be reliably evaluated; or company, or’’; company supervised by the Board of Gov- ‘‘(F) there is any other feature that the (2) in paragraph (2)— ernors of the Federal Reserve System under (A) by inserting ‘‘Chairperson or’’ before Commission may specify. section 113 of the Restoring American Finan- On page 1023, line 5, strike ‘‘(A)’’ and insert ‘‘Board of Directors determines, upon a cial Stability Act of 2010. the following: vote’’; ‘‘(b) ENFORCEMENT.—The Corporation shall ‘‘(A) BASIC INFORMATION.—Each nationally (B) in subparagraph (B), by striking ‘‘or’’ have the authority to take any enforcement recognized statistical rating organization at the end; action under section 8 against any institu- shall disclose at the beginning of the form (C) in subparagraph (C), by striking the pe- tion or company described in paragraph (1) of developed under paragraph (1) basic informa- riod at the end and inserting ‘‘; or’’; and subsection (a) that fails to provide any infor- tion about each of the credit ratings that is (D) by adding at the end the following: mation requested under that paragraph. the subject of the disclosure, including— ‘‘(c) USE OF AVAILABLE INFORMATION.—The ‘‘(D) the conduct or threatened conduct ‘‘(i) the latest rating provided for the prod- Corporation shall use, in lieu of a request for (including any acts or omissions) of the de- uct or transaction that is the subject of the information under subsection (a), informa- pository institution holding company poses a disclosure; tion provided to another Federal or State risk to the Deposit Insurance Fund or of the ‘‘(ii) the date upon which the rating de- regulatory agency, publicly available infor- exercise of authority under title II of the Re- scribed in clause (i) was issued; mation, or externally audited financial storing American Financial Stability Act of ‘‘(iii) whether that rating described in statements to the extent that the Corpora- 2010, or may prejudice the interests of the de- clause (i) was intended to be effective for less tion determines such information is ade- positors of an affiliated institution.’’; or more than 1 year after the date of quate to the needs of the Corporation.’’. (3) in paragraph (3)(A), by striking ‘‘upon a issuance of the rating; vote of the Board of Directors’’ and inserting SA 3972. Mr. LEVIN (for himself and ‘‘(iv) the type of asset to which the rating ‘‘upon a determination by the Chairperson or described in clause (i) applies; Mr. KAUFMAN) submitted an amend- upon a vote of the Board of Directors’’; ‘‘(v) the history and date of any prior rat- (4) in paragraph (4)(A)— ment intended to be proposed to ing with respect to the product or trans- (A) by striking ‘‘any insured depository in- amendment SA 3739 proposed by Mr. action during the 5-year period preceding the stitution’’ and inserting ‘‘any insured deposi- REID (for Mr. DODD (for himself and date of the disclosure; and tory institution, depository institution hold- Mrs. LINCOLN)) to the bill S. 3217, to ‘‘(vi) any other basic information, as the ing company,’’; and promote the financial stability of the Commission may require. (B) by striking ‘‘the institution’’ and in- ‘‘(B) serting ‘‘the institution, holding company,’’; United States by improving account- ability and transparency in the finan- On page 1025, line 19, strike ‘‘(B)’’ and in- (5) in paragraph (4)(B), by striking ‘‘the in- sert ‘‘(C)’’. stitution’’ each place that term appears and cial system, to end ‘‘too big to fail’’, to On page 1028 between lines 4 and 5 insert inserting ‘‘the institution, holding com- protect the American taxpayer by end- the following: pany,’’; and ing bailouts, to protect consumers ‘‘(E) NO RELIANCE ON INADEQUATE REPORT.— (6) in paragraph (5)(A), by striking ‘‘an in- from abusive financial services prac- A nationally recognized statistical rating or- sured depository institution’’ and inserting tices, and for other purposes; which ganization may not rely on a third-party due ‘‘an insured depository institution, deposi- was ordered to lie on the table; as fol- diligence report if the nationally recognized tory institution holding company,’’. lows: statistical rating organization has reason to (c) BACK-UP EXAMINATION AUTHORITY FOR believe that the report is inadequate. ORDERLY LIQUIDATION PURPOSES.—The Fed- On page 1006, strike line 17 and all that fol- On page 1042, strike line 15 and all that fol- eral Deposit Insurance Act (12 U.S.C. 1811 et lows through page 1007, line 2, and insert the lows through page 1043, line 9, and insert the seq.) is amended by adding at the end the fol- following: following: lowing: (A) by striking paragraph (2) and inserting SEC. 939B. ELIMINATING CONFLICTS OF INTER- ‘‘SEC. 51. BACK-UP EXAMINATION AUTHORITY the following: EST THROUGH INTERMEDIATION. FOR ORDERLY LIQUIDATION PUR- ‘‘(2) STANDARDS AND OVERSIGHT.—The Com- (a) INTERMEDIATION PROPOSAL.—Not later POSES. mission shall set standards and exercise than 180 days after the date of enactment of ‘‘The Corporation may conduct a special oversight of the procedures and methodolo- this Act, the Commission, through the Office examination of a nonbank financial company gies, including qualitative and quantitative of Credit Ratings, shall issue a notice of pro- supervised by the Board of Governors of the data and models, used by nationally recog- posed rulemaking—

VerDate Mar 15 2010 04:57 May 12, 2010 Jkt 089060 PO 00000 Frm 00078 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.069 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3565 (1) to establish a system that— tices, and for other purposes; which to the bill S. 3217, to promote the fi- (A) allows an intermediary to handle the was ordered to lie on the table; as fol- nancial stability of the United States fees provided by issuers to obtain credit rat- lows: by improving accountability and trans- ings from nationally recognized statistical On page 1047, strike lines 3 through 15 and parency in the financial system, to end rating organizations, in order to avoid con- insert the following: flicts of interest that arise when an issuer ‘‘too big to fail’’, to protect the Amer- ‘‘(B) require a securitizer to retain an eco- pays for a credit rating with respect to a fi- ican taxpayer by ending bailouts, to nomic interest— nancial product or transaction that the protect consumers from abusive finan- ‘‘(i) of not less than 5 percent of the credit issuer plans to sell or execute; and cial services practices, and for other risk associated with a pool of assets used to (B) enables such intermediary to receive create a series of asset-backed securities, purposes; which was ordered to lie on fees from issuers, direct fees to nationally and ensure that such economic interest is the table; as follows: recognized statistical rating organizations, applied to multiple credit tranches derived At the appropriate place, insert the fol- and create incentives to reward accurate rat- from the pool of assets in a manner reason- lowing: ings; and ably designed to ensure that the securitizer (2) that directs or facilitates the formation SEC. llll. PROHIBITION ON STATED INCOME retains an economic interest in the success AND NEGATIVELY AMORTIZING of, or identifies, an intermediary to carry of each class of securities resulting from the MORTGAGES. out the system described in paragraph (1). securitization of the asset pool; or (a) FINDINGS.—Congress finds the fol- On page 1044, between lines 2 and 3, insert ‘‘(ii) of less than 5 percent of the credit lowing: the following: risk associated with a pool of assets used to (1) The 2008 financial crisis was caused, in SEC. 939D. STRENGTHENING THE ENFORCEMENT create a series of asset-backed securities, if part, by poor quality, high risk mortgages AUTHORITY OF THE COMMISSION and only if each of the assets in the pool pose that were included in mortgage-backed secu- OVER NATIONALLY RECOGNIZED rities, and that incurred higher rates of de- STATISTICAL RATING ORGANIZA- a low credit risk, the originator meets the TIONS. underwriting standards prescribed under linquency and loss than traditional mort- (a) REQUIREMENT TO FILE APPLICATIONS AND paragraph (2)(B), and the securitizer con- gages, damaging thousands of financial insti- REPORTS WITH COMMISSION.—Section 15E of ducts a due diligence review reasonably de- tutions holding the mortgages. Those poor the Securities Exchange Act of 1934 (15 signed to ensure the assets and originator quality, high risk mortgages included bil- U.S.C. 78o–7) is amended— meet the requirements of this paragraph;’’. lions of dollars in stated income and nega- (1) in subsection (a)— tively amortizing mortgages. (A) in paragraph (1)(A), by striking ‘‘fur- SA 3974. Mr. LEVIN (for himself, Mr. (2) Banks that issue stated income mort- nish to’’ and inserting ‘‘file with’’; and KAUFMAN, and Mrs. MCCASKILL) sub- gages do not verify the borrower’s income or (B) in paragraph (2), by striking ‘‘furnished mitted an amendment intended to be assets, or ability to repay the loan, thereby to’’ each place that term appears and insert- proposed to amendment SA 3739 pro- increasing the risk of loan default. Stated in- come loans also encourage fraud by the bor- ing ‘‘filed with’’; posed by Mr. REID (for Mr. DODD (for rowers seeking to obtain the funding and by (2) in subsection (b)— himself and Mrs. LINCOLN)) to the bill (A) in paragraph (1)(A), by striking ‘‘fur- lenders seeking to earn fees from selling the S. 3217, to promote the financial sta- mortgages. nished’’ and inserting ‘‘filed’’; bility of the United States by improv- (B) in paragraph (2), in the matter pre- (3) Negative amortization of mortgage ceding subparagraph (A), by striking ‘‘fur- ing accountability and transparency in loans leads to increased monthly loan pay- nish to’’ and inserting ‘‘file with’’; and the financial system, to end ‘‘too big to ments for borrowers, which, in turn, in- (C) by striking ‘‘furnishing’’ each place fail’’, to protect the American taxpayer creases the risk of loan default. During the that term appears and inserting ‘‘filing’’; by ending bailouts, to protect con- recent financial crisis, negatively amortized (3) in subsection (d)(1), as so redesignated sumers from abusive financial services loans defaulted in record numbers, damaging financial institutions and other investors by this Act— practices, and for other purposes; (A) in subparagraph (B), by striking ‘‘fur- holding those assets. which was ordered to lie on the table; (4) Years ago, Federal banking regulators nished to’’ and inserting ‘‘filed with’’; and as follows: (B) in subparagraph (D), by striking ‘‘fur- banned negatively amortizing credit card nish’’ and inserting ‘‘file’’; On page 1056, line 17, strike the second pe- loans as a threat to the safety and soundness (4) in subsection (e)(1), by striking ‘‘fur- riod and insert the following: ‘‘. of banking institutions. nishing a written notice of withdrawal to the SEC. 946. RESTRICTION ON SYNTHETIC ASSET- (5) Federal financial regulators and Inspec- Commission’’ and inserting ‘‘filing a written BACKED SECURITIES. tors General have testified before Congress notice of withdrawal with the Commission’’; The Securities Exchange Act of 1934 (15 that stated income and negatively amor- (5) in subsection (k), by striking ‘‘furnish U.S.C. 78a et seq.) is amended by inserting tizing loans pose a threat to the safety and to’’ and inserting ‘‘file with’’; after section 15G, as added by this Act, the soundness of United States banks, and to the (6) in subsection (l)(2)(A)(i), by striking following new section: financial markets where these high risk ‘‘furnished’’ and inserting ‘‘filed’’; and ‘‘SEC. 15H. RESTRICTION ON SYNTHETIC ASSET- mortgages are sold and securitized. (7) in subsection (m)(2), by striking ‘‘fur- BACKED SECURITIES. (b) PROHIBITION ON STATED INCOME AND ‘‘(a) DEFINITION.—For purposes of this sec- nished’’ and inserting ‘‘filed’’. NEGATIVELY AMORTIZING MORTGAGES.—Sec- tion, the term ‘synthetic asset-backed secu- tion 129 of the Truth in Lending Act (15 (b) AUTHORITY TO SANCTION ASSOCIATED rity’ means an asset-backed security with re- U.S.C. 1639) is amended by adding at the end PERSONS.—Section 15E(d)(1) of the Securities spect to which, by design, the self-liqui- Exchange Act of 1934 (15 U.S.C. 78o–7), as following: dating financial assets referenced in the syn- ‘‘(n) PROHIBITION ON STATED INCOME AND amended by this Act, is amended— thetic securitization do not provide any di- NEGATIVELY AMORTIZING MORTGAGES.— (1) by inserting after ‘‘or revoke the reg- rect payment or cash flow to the holder of ‘‘(1) IN GENERAL.—Any person who sells, istration of any nationally recognized statis- the security. transfers, or plans to sell or transfer at least tical rating organization’’ the following: ‘‘, ‘‘(b) RESTRICTION.— 1,000 mortgages, mortgage-backed securities, or take enforcement action against or sanc- ‘‘(1) IN GENERAL.—No issuer, underwriter, or similar financial instruments within a tion any person who is or was associated, or placement agent, sponsor, or initial pur- calendar year shall not include or reference is or was seeking to become associated, with chaser may offer, sell, or transfer a synthetic in any of such financial instruments any a nationally recognized statistical rating or- asset-backed security that has no substan- mortgage in which the borrower’s income ganization,’’; and tial or material economic purpose apart was not verified or in which the loan balance (2) by inserting ‘‘bar,’’ after ‘‘placing of from speculation on a possible future gain or may negatively amortize. limitations, suspension,’’. loss associated with the value or condition of ‘‘(2) JOINT RULEMAKING.—The Chairman of the referenced assets. The Commission may Mr. LEVIN (for himself and the Board, the Chairman of the Federal De- SA 3973. determine whether a synthetic asset-backed posit Insurance Corporation, and the Direc- Mr. KAUFMAN) submitted an amend- security meets the requirements of this sec- tor of the Bureau of Consumer Financial ment intended to be proposed to tion. A determination by the Commission Protection may issue joint rules to carry out amendment SA 3739 proposed by Mr. under the preceding sentence is not subject the purposes of this subsection. Rules issued REID (for Mr. DODD (for himself and to judicial review. under this paragraph may— Mrs. LINCOLN)) to the bill S. 3217, to ‘‘(2) RULEMAKING.—Not later than 180 days ‘‘(A) specify what documentation may be promote the financial stability of the after the date of enactment of this section, used to verify the income of a borrower United States by improving account- the Commission shall issue rules to carry under paragraph (1), including tax informa- out this section and to prevent evasions ability and transparency in the finan- tion, asset statements, prior loan repayment thereof.’’. information, or any other documentation cial system, to end ‘‘too big to fail’’, to that the Chairmen and the Director jointly protect the American taxpayer by end- SA 3975. Mr. LEVIN (for himself and deem necessary and appropriate; and ing bailouts, to protect consumers Mr. KAUFMAN) submitted an amend- ‘‘(B) define ‘negatively amortize’, includ- from abusive financial services prac- ment intended to be proposed by him ing by making an exception for home equity

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00079 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.064 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3566 CONGRESSIONAL RECORD — SENATE May 11, 2010 conversion mortgages, as defined under sec- person with the covered Federal agency par- such person one or more of the following tion 255 of the National Housing Act (com- ticipating personally and substantially on penalties: monly referred to as ‘reverse mortgages’) behalf of the covered Federal agency in the ‘‘(A) INDUSTRY-WIDE PROHIBITION ORDER.— that are otherwise regulated by a Federal or regulation or oversight of, or in an enforce- The Federal agency may, subject to notice State agency. ment action against, a particular financial and an administrative hearing, issue an ‘‘(3) RULE OF CONSTRUCTION.—As used in institution or holding company; and order— this section, the term ‘mortgage’ shall not ‘‘(C) within 1 year after the completion ‘‘(i) to remove such person from office or to be construed to be restricted or limited only date of the service or employment of the per- prohibit such person from further participa- to mortgages referred to in section 103(aa).’’. son with the covered Federal agency, know- tion in the conduct of the affairs of the fi- (c) EFFECTIVE DATE.—The requirements ingly accepts compensation as an employee, nancial institution, holding company, or under subsection (n)(1) of section 129 of the officer, director, or consultant from— other company for a period of up to 5 years; Truth in Lending Act (as added by sub- ‘‘(i) the financial institution described in and section (b)) shall take effect not later than subparagraph (B), any holding company that ‘‘(ii) to prohibit any further participation 180 days after the date of the enactment of controls the financial institution, or any by such person, in any manner, in the con- this Act, whether or not any rulemaking other company that controls the financial duct of the affairs of any financial institu- under subsection (n)(2) of such Act has been institution; or tion or holding company subject to regula- initiated or completed. ‘‘(ii) the holding company described in sub- tion or oversight by the agency for a period paragraph (B), or any other financial institu- of up to 5 years. SA 3976. Mr. LEVIN (for himself, Mr. tion that is controlled by such holding com- ‘‘(B) CIVIL MONETARY PENALTY.—The Fed- COBURN, Mr. REID, and Mr. KAUFMAN), pany, eral agency may, in an administrative pro- submitted an amendment intended to shall be punished as provided in section 216 ceeding or civil action in an appropriate be proposed by him to the bill S. 3217, of this title. United States district court, impose upon to promote the financial stability of ‘‘(2) DEFINITIONS.—For purposes of this sub- such person a civil monetary penalty of not the United States by improving ac- section— more than $250,000. In lieu of an action by ‘‘(A) the term ‘covered Federal agency’ the Federal agency under this subparagraph, countability and transparency in the the Attorney General of the United States financial system, to end ‘‘too big to means the Office of the Comptroller of the Currency, the Federal Deposit Insurance may bring a civil action under this subpara- fail’’, to protect the American taxpayer Corporation, the Board of Governors of the graph in the appropriate United States dis- by ending bailouts, to protect con- Federal Reserve System, each Federal Re- trict court.’’. sumers from abusive financial services serve Bank, the National Credit Union Ad- practices, and for other purposes; ministration, the Financial Stability Over- SA 3978. Mr. JOHNSON (for himself, which was ordered to lie on the table; sight Council, the Securities and Exchange Ms. LANDRIEU, Mr. BURRIS, Mr. CARDIN, as follows: Commission, the Commodities Futures Trad- Mr. BROWNBACK, Ms. MURKOWSKI, Mr. ing Commission, the Bureau of Consumer Fi- At the end of subtitle I of title IX, insert BENNETT, and Mr. CRAPO) submitted an nancial Protection, and the Public Company the following: amendment intended to be proposed to Accounting Oversight Board; amendment SA 3739 proposed by Mr. SEC. lll. RESTORATION OF CONGRESSIONAL ‘‘(B) the term ‘financial institution’ means INTENT THAT PROSPECTUS IS NOT REID (for Mr. DODD (for himself and RESTRICTED TO PUBLIC OFFER- any business or holding company that is reg- istered with or regulated by a covered Fed- Mrs. LINCOLN)) to the bill S. 3217, to INGS. promote the financial stability of the (a) DEFINITION OF PROSPECTUS.—Section eral agency, including any foreign financial 2(a)(10) of the Securities Act of 1933 (15 institution or holding company that has a United States by improving account- U.S.C. 77b(a)(10)) is amended— physical location in any State and is reg- ability and transparency in the finan- (1) by inserting before ‘‘except that’’ the istered with or regulated by a covered Fed- cial system, to end ‘‘too big to fail’’, to following: ‘‘(whether or not such security is eral agency; and protect the American taxpayer by end- offered or sold pursuant to a registration ‘‘(C) the term ‘consultant’ means a person ing bailouts, to protect consumers statement or the security or the transaction who works personally and substantially on matters for, or on behalf of, a financial insti- from abusive financial services prac- is exempt from this title or from section 5 of tices, and for other purposes; which this title pursuant to the provisions of sec- tution or holding company. tions 3 or 4)’’; and ‘‘(3) REGULATIONS.— was ordered to lie on the table; as fol- (2) by striking ‘‘at the time of such’’ and ‘‘(A) IN GENERAL.—Each covered Federal lows: inserting ‘‘at the time such’’. agency may prescribe rules or guidance to On page 58, line 3, insert after ‘‘Council.’’ (b) CIVIL LIABILITIES.—Section 12(a)(2) of administer and carry out this section, in- the following: ‘‘Notwithstanding the fore- the Securities Act of 1933 (15 U.S.C. 77l(a)(2)) cluding to define the scope of persons re- going, the Federal Housing Finance Agency is amended by inserting ‘‘(as defined in sec- ferred to in paragraphs (1) and (2)(C), and the shall consider, but is not required to adopt, tion 2(a)(10) of this title)’’ after ‘‘pro- financial institutions and holding companies any Council recommendation regarding con- spectus’’. referred to in paragraph (2)(B). centration limits on fully secured extensions ‘‘(B) CONSULTATION.—A covered Federal of credit by a Federal home loan bank to any SA 3977. Mr. LEVIN (for himself, Mr. agency may consult with other covered Fed- member or former member institution made COBURN, and Mr. KAUFMAN) submitted eral agencies for the purpose of ensuring in compliance with Federal Housing Finance an amendment intended to be proposed that the rules and guidance issued by the Agency regulations.’’. by him to the bill S. 3217, to promote agencies under subparagraph (A) are, to the On page 99, line 14, insert after ‘‘risks.’’ the extent possible, consistent, comparable, and the financial stability of the United following: ‘‘Notwithstanding any other pro- practicable, taking into account any dif- vision of this title, the Board of Governors States by improving accountability ferences in the regulatory and oversight pro- shall not prescribe standards that limit fully and transparency in the financial sys- grams used by the covered Federal agencies secured extensions of credit by a Federal tem, to end ‘‘too big to fail’’, to protect for the supervision of financial institutions home loan bank to any member or former the American taxpayer by ending bail- and holding companies. member institution made in compliance with outs, to protect consumers from abu- ‘‘(4) WAIVER.—A Federal agency may grant Federal Housing Finance Agency regula- sive financial services practices, and a waiver, on a case by case basis, of the re- tions.’’. for other purposes; which was ordered striction imposed by this subsection to any officer or employee (including any special f to lie on the table; as follows: Government employee) of the covered Fed- At the end, add the following: eral agency, if the head of the covered Fed- AUTHORITY FOR COMMITTEES TO SEC. 1211. COOLING OFF PERIOD. eral agency, or the chairman of its board of MEET Section 207 of title 18, United States Code, directors, certifies in writing that granting is amended by adding at the end the fol- the waiver would not impair the integrity of COMMITTEE ON ENERGY AND NATURAL lowing: the regulatory and oversight efforts of the RESOURCES ‘‘(m) ONE-YEAR RESTRICTION ON FEDERAL covered Federal agency. Mr. DODD. Mr. President, I ask unan- FINANCIAL REGULATORS.— ‘‘(5) PENALTIES.—In addition to any other imous consent that the Committee on ‘‘(1) IN GENERAL.—In addition to the re- administrative, civil, or criminal remedy or Energy and Natural Resources be au- strictions set forth in subsections (a) and (b), penalty that may otherwise apply, whenever thorized to meet during the session of any person who— a Federal agency determines that a person the Senate to conduct a hearing on ‘‘(A) was an officer or employee (including subject to paragraph (1) has become associ- any special Government employee) of a cov- ated, in the manner described in paragraph May 11, 2010, at 10 a.m., in room SR–325 ered Federal agency; (1)(C), with a financial institution, holding of the Russell Senate Office Building. ‘‘(B) served 2 or more months during the company, or other company in violation of The PRESIDING OFFICER. Without final 12 months of the employment of the this section, the agency shall impose upon objection, it is so ordered.

VerDate Mar 15 2010 03:14 May 12, 2010 Jkt 089060 PO 00000 Frm 00080 Fmt 4624 Sfmt 0634 E:\CR\FM\A11MY6.071 S11MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 11, 2010 CONGRESSIONAL RECORD — SENATE S3567 COMMITTEE ON ENVIRONMENT AND PUBLIC to the immediate consideration of Cal- Whereas more than 900,000 men and WORKS endar No. 370, S. Res. 511. women, at great risk to their personal safe- Mr. DODD. Mr. President, I ask unan- The PRESIDING OFFICER. Without ty, serve the people of the United States as imous consent that the Committee on objection, it is so ordered. guardians of the peace; Environment and Public Works be au- The clerk will report. Whereas peace officers are on the front The legislative clerk read as follows: lines in protecting the schools and school- thorized to meet during the session of children of the United States; the Senate on Tuesday, May 11, 2010, at A resolution (S. Res. 511) commemorating Whereas in 2009, 116 peace officers across 2:30 p.m. in room 406 of the Dirksen Of- and acknowledging the dedication and sac- the United States were killed in the line of fice Building. rifices made by the Federal, State, and local duty; The PRESIDING OFFICER. Without law enforcement officers who have been Whereas Congress should strongly support killed or injured in the line of duty. objection, it is so ordered. initiatives to reduce violent crime and in- There being no objection, the Senate crease the factors that contribute to the COMMITTEE ON FINANCE proceeded to consider the resolution. safety of law enforcement officers, includ- Mr. DODD. Mr. President, I ask unan- Mr. LEAHY. Mr. President, I am ing— imous consent that the Committee on pleased that today the Senate will (1) equipment of the highest quality and Finance be authorized to meet during unanimously agree to a resolution to modernity; the session of the Senate on May 11, honor the service of our Nation’s law (2) increased availability and use of bullet- 2010, at 10 a.m., in room 215 of the Dirk- enforcement officers. With this action resistant vests; (3) improved training; and sen Senate Office Building, to conduct we demonstrate the Senate’s strong a hearing entitled ‘‘The President’s (4) advanced emergency medical care; support as we observe and celebrate Whereas the names of 18,983 Federal, State, Proposed Fee on Financial Institutions National Police Week. I thank Senator and local law enforcement officers who lost Regarding TARP: Part 3’’. SESSIONS, ranking member of the Judi- their lives in the line of duty protecting the The PRESIDING OFFICER. Without ciary Committee, for joining me as the people of the United States are engraved on objection, it is so ordered. lead cosponsor of this resolution, and the National Law Enforcement Officers Me- morial in Washington, District of Columbia; COMMITTEE ON HEALTH, EDUCATION, LABOR, Senators DURBIN, SPECTER, KOHL, Whereas in 1962, President John F. Ken- AND PENSIONS KLOBUCHAR, FEINSTEIN, WHITEHOUSE, nedy designated May 15 as National Peace Mr. DODD. Mr. President, I ask unan- GRAHAM, GRASSLEY, FEINGOLD, SCHU- imous consent that the Committee on Officers Memorial Day; MER, HATCH and BOXER for lending Whereas, on May 15, 2010, more than 20,000 Health, Education, Labor, and Pen- their support as well. peace officers are expected to gather in sions be authorized to meet during the This week we will reflect on the ex- Washington, District of Columbia, to join session of the Senate to conduct a traordinary service and sacrifice given with the families of recently fallen comrades hearing entitled ‘‘Safe Patient Han- year after year by the men and women to honor those comrades and all others who dling & Lifting Standards for a Safer of our police forces. As thousands of went before the peace officers: Now, there- American Workforce’’ on May 11, 2010. law enforcement officers arrive in fore, be it Resolved, That the Senate— The hearing will commence at 2:30 p.m. Washington this week to pay tribute to in room 430 of the Dirksen Senate Of- (1) commemorates and acknowledges the those whose lives were lost in the line dedication and sacrifices made by the Fed- fice Building. of duty, I hope they all know that the eral, State, and local law enforcement offi- The PRESIDING OFFICER. Without Senate stands with them and honors cers who have been killed or injured in the objection, it is so ordered. their service and their sacrifice. We line of duty; COMMITTEE ON THE JUDICIARY welcome these men and women and (2) recognizes May 15, 2010, as ‘‘National Mr. DODD. Mr. President, I ask unan- their families and friends to the Na- Peace Officers Memorial Day’’; and imous consent that the Committee on tion’s Capital. (3) calls on the people of the United States This year the names of two brave to observe that day with appropriate cere- the Judiciary be authorized to meet mony, solemnity, appreciation, and respect. during the session of the Senate on Vermonters who gave their lives in the f May 11, 2010, at 10 a.m., in room SD–226 line of duty will be added to the Memo- of the Dirksen Senate Office Building, rial: John Henry Collette of the MEASURE READ THE FIRST to conduct a hearing entitled ‘‘Over- Addison County Sheriffs Office, died TIME—S. 3347 sight of U.S. Citizenship and Immigra- July 17, 1932, and Robert Daniel Rossier Mr. DODD. Mr. President, I under- tion Services.’’ of the Vermont Highway Patrol, died stand there is a bill at the desk, and I The PRESIDING OFFICER. Without September 9, 1935. The inscription of ask for its first reading. objection, it is so ordered. their names on the National Law En- The PRESIDING OFFICER. The SUBCOMMITTEE ON OVERSIGHT AND forcement Memorial ensures that their clerk will report the bill by title for SUBCOMMITTEE ON WATER AND WILDLIFE service and sacrifice will not be forgot- the first time. Mr. DODD. Mr. President, I ask unan- ten. The legislative clerk read as follows: imous consent that the Subcommittee Once again, I am proud that the Sen- ate has unanimously approved this res- A bill (S. 3347) to extend the National on Oversight and the Subcommittee on Flood Insurance Program through December Water and Wildlife be authorized to olution and formally recognized Na- 31, 2010. tional Police Week and National Peace meet during the session of the Senate Mr. DODD. Mr. President, I now ask Officers Memorial Day. on May 11, 2010, at 10 a.m., in room 406 for its second reading, and in order to of the Dirksen Office Building. Mr. DODD. Mr. President, I ask unan- imous consent that the resolution be place the bill on the calendar under The PRESIDING OFFICER. Without provisions of rule XIV, I object to my objection, it is so ordered. agreed to, the preamble be agreed to, the motions to reconsider be laid upon own request. SELECT COMMITTEE ON INTELLIGENCE the table, with no intervening action The PRESIDING OFFICER. Objec- Mr. DODD. Mr. President, I ask unan- or debate, and that any statements re- tion is heard. imous consent that the Select Com- lated to the resolution be printed in The bill will be read for the second time on the next legislative day. mittee on Intelligence be authorized to the RECORD, as if read. meet during the session of the Senate The PRESIDING OFFICER. Without f on May 11, 2010, at 2:30 p.m. objection, it is so ordered. ORDERS FOR WEDNESDAY, MAY 12, The PRESIDING OFFICER. Without The resolution (S. Res. 511) was 2010 objection, it is so ordered. agreed to. f The preamble was agreed to. Mr. DODD. Mr. President, I ask unan- The resolution, with its preamble, imous consent that when the Senate COMMEMORATING THE DEDICA- reads as follows: completes its business today, it ad- TION AND SACRIFICES OF FED- S. RES. 511 journ until 9:30 a.m. on Wednesday, ERAL, STATE, AND LOCAL LAW May 12; that following the prayer and ENFORCEMENT OFFICERS Whereas the well-being of the people of the United States is preserved and enhanced as a pledge, the Journal of proceedings be Mr. DODD. Mr. President, I ask unan- direct result of the vigilance and dedication approved to date, the morning hour be imous consent that the Senate proceed of law enforcement personnel; deemed expired, the time for the two

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IN HONOR OF BERNIE EPWORTH RECOGNIZING THE PASSING OF shortness of breath. Upon his return home, ANTHONY J. ‘‘TED’’ CIANO Grayson listened carefully as his father, Joe, described his symptoms—shortness of breath, HON. JOHN H. ADLER HON. JEFF MILLER sweating, pain, and being thirsty. With his Readyman training in first-aid, Grayson recog- OF NEW JERSEY OF FLORIDA nized that his father was having a heart attack IN THE HOUSE OF REPRESENTATIVES IN THE HOUSE OF REPRESENTATIVES and insisted that his mother call 911. The Tuesday, May 11, 2010 paramedics arrived and quickly rushed Mr. Tuesday, May 11, 2010 Mr. MILLER of Florida. Madam Speaker, it James to the hospital for surgery to repair the Mr. ADLER of New Jersey. Madam Speak- is with a heavy heart that I rise to recognize blockage in his heart. Grayson’s quick think- er, I would like to congratulate Mr. Bernie the passing of one of Pensacola, Florida’s ing, presence of mind, and the utilization of his scouting skills saved his father’s life. Epworth upon the highly successful comple- most respected residents, Mr. Anthony Ciano. His life will not soon be forgotten. Instead, his tion of his term as the Department Com- For this courageous act, the Boy Scouts of life will be remembered as one embodying the mander for the State of New Jersey Jewish America are awarding Grayson with the Medal purest virtues of loyalty, hard work and self- of Merit. This prestigious award is given to War Veterans. He was appointed to this posi- lessness. For that reason, Madam Speaker, I those who have performed a significant act of tion in June 2009 and throughout his term, am honored to recognize the life and deeds of service that is deserving of national recogni- has been extremely dedicated to New Jersey’s Anthony Ciano on this day. tion. He handled the situation with a great veterans community. Born in Akron, Ohio as the son of Italian im- sense of calm and confidence, reassuring his Mr. Epworth was born in Brooklyn, New migrants, Mr. Ciano moved to Florida to begin family in the midst of this urgent situation. I York. He is a graduate of New York University his career. Starting out as an automobile me- am tremendously proud of Grayson for apply- and served as a First Lieutenant in the Ar- chanic in a new environment, it could have be- ing the principles and skills he learned in mored Calvary and in the New York National come very easy for him to lose heart and be- Scouting and for being prepared. come discouraged. However, never losing Guard. While serving as Vice President with Madam Speaker, I ask my esteemed col- sight of the American Dream, Mr. Ciano leagues to join me in congratulating Grayson Temple Beth Sholom in Fair Lawn, NJ, Mr. worked hard and eventually became the man- Epworth earned several awards, including the for receiving the Medal of Merit and in recog- ager of several automobile dealerships. In nizing him for his courage. Centennial Award of Honor from the Jewish 1968, Anthony Ciano moved to Pensacola and Theological Seminary and the Jewish Commu- purchased his first automobile dealership. With f nity Relations Council’s ‘Community Relations much diligence and commitment, Mr. Ciano Award.’ built his Ford dealership into one of the most WE THE PEOPLE: THE CITIZEN Mr. Epworth has achieved many great successful in the region and in the entire AND THE CONSTITUTION NA- things throughout the past year in his position country. TIONAL FINALS In addition to understanding the importance of Department Commander for the State of of hard work, Mr. Ciano also knew the value New Jersey Jewish War Veterans. Some high- of community service and charity. With an al- HON. ROB BISHOP lights of his administration have been orga- ways grateful heart, Mr. Ciano eagerly looked OF UTAH nizing the sending of packages to overseas for ways to give to others and contribute to the IN THE HOUSE OF REPRESENTATIVES troops through the JWV–SOS Program, help- community. He was involved in numerous civic ing organize the NJ Coalition of Veterans Or- and charitable organizations throughout North- Tuesday, May 11, 2010 ganizations, working on the consolidation of west Florida. Whether it was his work to begin Mr. BISHOP of Utah. Madam Speaker, from inactive posts, and incorporating programs the Boys’ Club of Escambia and his participa- April 24–26, 2010 more than 1,200 students and outside speakers on topics of interest for tion in the Rotary Club, or his support of local from across the country visited Washington, DCA meetings. law enforcement and the Miracle League D.C. to take part in the We the People: The Baseball Park for handicapped children, Mr. Additionally, he helped to organize this Citizen and the Constitution National Finals. Anthony Ciano was a leader who was ready to I am proud to announce that a class from year’s ‘March on the Hill,’ Co-chaired the Vet- give selflessly of himself for the betterment of Sky View High School represented the State eran’s Concert, a fundraiser, and set up a those around him and in his community. of Utah at this prestigious national event. Thanksgiving Dinner for the troops. He lobbied Madam Speaker, though Mr. Ciano may These outstanding students, through their for and accomplished free package shipping to have passed, the impact of his life, actions knowledge of the U.S. Constitution, won their troops via military transport, and assisted in and deeds will forever remain. My wife Vicki statewide competition and earned the chance and I express the deepest sympathies to his the inauguration of Operation Slam Dunk, to come to our nation’s capital and compete at loving wife Natalie and his children. which is a project that provides veterans and the national level. At the National Finals, Sky troops to participate together at Philadelphia f View High School won the Unit One Award by 76ers games. IN HONOR OF GRAYSON JAMES earning the most points in that unit of the text- His Commander’s Project this year was the book, which discusses the philosophical and furnishing of a Day Room at the Wounded historical foundations of the American political HON. PETE SESSIONS system. Warrior Building at Fort Dix. This is currently OF TEXAS I also wish to commend the teacher of the a work in progress and is to be dedicated as IN THE HOUSE OF REPRESENTATIVES the ‘‘NJ-Jewish War Veterans Day Room’’ in class, Mike Rigby, who is responsible for pre- Tuesday, May 11, 2010 June 2010. paring these young constitutional experts for Mr. SESSIONS. Madam Speaker, I rise the National Finals. Also worthy of special rec- Mr. Epworth has given so much of his time today to recognize a young man that I have ognition are Kathy Dryer, the State coordinator and effort for the Jewish War Veterans of New known his entire life, Grayson James. He is a and Shanna Futral, the district coordinator Jersey and I am very proud to have him as a Cub Scout with Pack 437 and saved his fa- who are responsible for implementing the We constituent. Madam Speaker, I hope you will ther’s life on the evening of Thursday, Feb- the People program in my district. join me in congratulating this honorable man ruary 11, 2010. I congratulate these young ‘‘constitutional for his contributions to his community and to After an afternoon of sledding with his experts’’ on their outstanding achievement at our Nation. daughter, Mr. Joe James began experiencing the We the People National Finals.

∑ This ‘‘bullet’’ symbol identifies statements or insertions which are not spoken by a Member of the Senate on the floor. Matter set in this typeface indicates words inserted or appended, rather than spoken, by a Member of the House on the floor.

VerDate Mar 15 2010 04:59 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00001 Fmt 0626 Sfmt 9920 E:\RECORD10\RECFILES\E11MY0.REC E11MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE E798 CONGRESSIONAL RECORD — Extensions of Remarks May 11, 2010 HONORING JAMES E. MCERLANE needs and makes requests to the Disabled We also must do everything we can to con- FOR HIS SERVICE TO SCOUTING American Veterans to purchase items not rou- tinue to encourage the development of an en- tinely supplied by the VA. Once a month, ergy efficiency industry in this country. Foreign HON. JIM GERLACH Diane creates a fun activity for the residents, countries are threatening to take our market OF PENNSYLVANIA including parties with watermelon, cupcakes, share in manufacturing energy efficient tech- IN THE HOUSE OF REPRESENTATIVES fried chicken, strawberry shortcake and hot nologies and we cannot let this huge market dogs. Through her chapter, a juke box was go offshore. This bill will help create a larger Tuesday, May 11, 2010 donated to the center. market for these products and solidify our po- Mr. GERLACH. Madam Speaker, I rise Ms. Collins does things simply because she sition as a market leader. today to honor James E. McErlane, who has believes they are ‘‘the right thing to do.’’ She This bill is a win-win-win, and I urge all of earned the 2010 Distinguished Citizen Award exceeds expectations in all respects. To the my colleagues to support it. from the Chester County Council of Boy veterans’ delight, she brings young people with her to visit with them and regularly baby- Scouts of America. f Scouting has been a part of Mr. McErlane’s sits for a severely disabled neighbor. Her col- life since he joined Troop 7 in Malvern, Penn- leagues say she exemplifies the VA’s mission CELEBRATING THE DESIGNATION sylvania as a youth. He achieved the rank of statement of creating an environment that fos- OF THE EASTERN BAND OF Eagle Scout and earned his Parvuli Dei ters respect, compassion, and excellence. CHEROKEE AS AN ADVANTAGE Catholic Scouting Award. A man of tremen- Madam Speaker, I ask that you join with me WEST CERTIFIED ENTREPRE- dous character, Mr. McErlane epitomizes the today to honor Diane Collins. Her compassion NEURIAL COMMUNITY principles of leadership, self-discipline, hard and dedication to veterans of the U.S. Armed work and a duty to serve his country and com- Forces are an inspiration to us all, and are de- munity that Scouting instilled in him. serving of the utmost gratitude. It is with great HON. HEATH SHULER Mr. McErlane has worked to promote the pride that I congratulate Diane Collins on her traditions and enhance the experience of exemplary service as an advocate and a vol- OF NORTH CAROLINA Scouting for area youth, serving on the Ches- unteer. IN THE HOUSE OF REPRESENTATIVES ter County Council’s Executive Board of Direc- f tors and as a member on several Distin- Tuesday, May 11, 2010 HOME STAR ENERGY RETROFIT guished Citizen Award Dinner committees. He ACT OF 2010 also chaired the Eagle Scout Alumni Com- Mr. SHULER. Madam Speaker, I rise today to congratulate the Eastern Band of Cherokee mittee. SPEECH OF In addition to being a Senior Partner at in Cherokee, North Carolina on becoming a Lamb McErlane Law Offices, Mr. McErlane HON. LAURA RICHARDSON Certified Entrepreneurial Community by the continues serving as an active member of the OF CALIFORNIA AdvantageWest Economic Development Chester County Library Trust and the Chester IN THE HOUSE OF REPRESENTATIVES Group. AdvantageWest, an economic develop- County Food Bank. Thursday, May 6, 2010 ment commission which serves 23 Western North Carolina counties, created the ‘‘Certified His extremely successful legal career and The House in Committee of the Whole tireless work in the community have earned Entrepreneurial Community Program’’ to train House on the State of the Union had under local communities to encourage small busi- Mr. McErlane the respect and admiration of consideration the bill (H.R. 5019) to provide his peers and all who know him. for the establishment of the Home Star Ret- ness start-ups in the mountain region and to Madam Speaker, I ask that my colleagues rofit Rebate Program, and for other pur- help such businesses thrive. join me today in recognizing James E. poses: The Eastern Band of Cherokee, North Caro- McErlane for his valuable contributions to im- Ms. RICHARDSON. Madam Chair, I rise in lina has an over 11,000-year history rich with proving the quality of life in his community and strong support of H.R. 5019—Home Star En- culture, arts, and a heritage of magnificent sto- his exemplary commitment to the values of ergy Retrofit Act of 2010. I want to thank my rytelling. Being designated as a Certified En- Scouting. colleague Representative WELCH for bringing trepreneurial Community is just one example f this important bill to the floor. of the continuation of the remarkable history, In our current economic crisis we need to and a tribute to the vision of the Eastern Band HONORING MS. DIANE COLLINS seize on opportunities to create jobs, and with of Cherokee. The focus on youth and edu- our need to find the energy to power our cation as integral components of their Certified HON. C.A. DUTCH RUPPERSBERGER country, we need to find every kilowatt of sav- Entrepreneurial Community vision ensures that OF MARYLAND ings we can. This bill will help accomplish both the future leaders of the community will have IN THE HOUSE OF REPRESENTATIVES of those goals. the tools to continue their strong legacy. Home Star is a short-term program to create Tuesday, May 11, 2010 The Certification, developed by the jobs, save energy, and lower families’ energy AdvantageWest Economic Development Mr. RUPPERSBERGER. Madam Speaker, I bills. Home Star will restart the assembly lines Group, contains a strict set of guidelines that rise before you today to honor the tireless at factories that manufacture energy efficiency highlight a community’s enthusiasm and readi- service of Diane Collins for her remarkable technologies and will put construction workers ness to support entrepreneurship and small dedication as a volunteer at the Loch Raven back on the job installing these improvements business. While several communities through- VA Community Living and Rehabilitation Cen- in the homes of millions of American families. ter and Chapter 451 in Dundalk. To salute her There are huge energy savings available out Western North Carolina have become cer- service, Ms. Collins was awarded the 2009 through basic retrofits, which will save people tified as entrepreneurial communities, the Congressional Volunteer Recognition Award money and reduce our dependence on foreign Eastern Band of Cherokee is the first nation to by the Veterans Advisory Council for Mary- oil. By encouraging people to help themselves receive this designation. This designation land’s 2nd District. through the installation of specific energy-sav- showcases the Eastern Band of Cherokee’s Veterans of the United States Armed Forces ing technologies, including insulation, duct foresight in creating and fostering an environ- have dedicated themselves to protecting the sealing, windows and doors, air sealing, and ment in which prosperity can be achieved. As lives of every American. Their service to our water heaters, we will all benefit. a Certified Entrepreneurial Community, the Nation deserves the highest level of gratitude. Home Star is expected to allow 3 million Eastern Band will build upon the success of its It is important that we take the time to recog- families to retrofit their homes to be more en- marketing campaign to further promote the po- nize the individuals who give of their time and ergy efficient. Consumers are predicted to tential of its people to the United States and talents to support veterans and ensure their save $9.2 billion on their energy bills over the abroad. comfort, care, and well-being. next 10 years as a result of Home Star’s en- Madam Speaker, I urge my colleagues As a member of the Disabled American Vet- ergy efficiency investments. And Home Star today to celebrate this remarkable honor be- erans Representatives for the Loch Raven VA will create 168,000 new jobs here in the stowed on the Eastern Band of Cherokee Indi- Community Living and Rehabilitation Center, United States. Construction jobs cannot be ans in Cherokee, North Carolina, and their Ms. Collins is an active fundraiser and friend, outsourced, and more than 90 percent of en- commitment to the future of their people. I giving 506 hours of volunteer service to date. ergy efficiency technologies are manufactured urge my colleagues to join me in celebrating She makes certain she is aware of all patient here in America. their outstanding achievement.

VerDate Mar 15 2010 04:59 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00002 Fmt 0626 Sfmt 9920 E:\RECORD10\RECFILES\E11MY0.REC E11MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 11, 2010 CONGRESSIONAL RECORD — Extensions of Remarks E799 HONORING 50TH ANNIVERSARY OF RECOGNIZING MR. RALPH WIL- RECOGNIZING THE INDUCTION OF SPRING CITY ELEMENTARY LIAMS FOR HIS COMMITMENT TO 42 SEVENTH GRADE STUDENTS SCHOOL STUDENTS AND EDUCATION IN OF CHESTNUT RIDGE MIDDLE THE STATE OF ARKANSAS SCHOOL OF FISHERTOWN INTO HON. JIM GERLACH THE NATIONAL JUNIOR HONOR OF PENNSYLVANIA SOCIETY IN THE HOUSE OF REPRESENTATIVES HON. JOHN BOOZMAN Tuesday, May 11, 2010 OF ARKANSAS HON. BILL SHUSTER OF PENNSYLVANIA Mr. GERLACH. Madam Speaker, I rise IN THE HOUSE OF REPRESENTATIVES IN THE HOUSE OF REPRESENTATIVES today to congratulate the students, parents, teachers, administrators and staff of Spring Tuesday, May 11, 2010 Tuesday, May 11, 2010 City Elementary School in Chester County, Mr. BOOZMAN. Madam Speaker, I rise Mr. SHUSTER. Madam Speaker, I rise Pennsylvania as they celebrate the school’s today to recognize Mr. Ralph Williams, who today to recognize the induction of 42 seventh 50th anniversary. after dedicating his life to education, is retiring grade students of Chestnut Ridge Middle During the last half century, Spring City Ele- School of Fishertown into the National Junior mentary has been a cornerstone in the com- after 39 years of service to the Fort Smith Public Schools. Honor Society. The Chestnut Ridge chapter munity and the starting point for students’ edu- will holds its induction ceremony on Monday, cational journeys. Mr. Williams has worn many hats during his May 3, 2010. Spring City Elementary was built on the time as an educator. From teacher, principal, Induction into the National Junior Honor So- former site of the Spring City Race Track on social worker and now Student Services Su- ciety is reserved for students with impressive South Wall Street just a few years after the pervisor for the school district, he has always academic achievement and a high potential for formal establishment of the Spring-Ford stepped up to a new challenge with enthu- personal and intellectual growth. The incoming School District. When the school opened in siasm. students of the Chestnut Ridge Chapter have the spring of 1960, 305 students were en- His commitment to students earned well-de- distinguished themselves in the areas of rolled. served honors, including being named the Re- scholarship, leadership, service, citizenship, Spring City Elementary is tremendously gional Principal of the Year, the Arkansas and character. As NJHS members, these proud of the supportive, caring environment young men and women will build on their com- for learning and working. That nurturing at- Principal of the Year and the National Distin- mosphere creates a sense of community that guished Principal—all while a principal at Fair- mendable dedication to academic and per- is as sturdy as the bricks and steel used to view Elementary School. sonal excellence. They have taken an impor- build the school. Mr. Williams has always worked to create a tant step of growing into the leaders of the Madam Speaker, I ask that my colleagues learning environment that can benefit all stu- next generation. join me today in congratulating the Spring City dents. His efforts to bring technology into the The following Chestnut Ridge Middle School Elementary School community as it com- classroom and provide challenging programs students have been inducted: Rachel Dikum, memorates this memorable milestone and in are helping mold our future leaders. Now at Cassandra Brown, Hannah Miller, Jennifer offering the students, parents, teachers, ad- his current position Mr. Williams works to en- Carthew, Nativa O’Brien, Emily Sprigg, Mat- ministrators and staff best wishes for contin- courage at-risk students to do better in school thew Claar, Katie Weaver, Abby Barnes, Der- ued success. and make the most of their educational oppor- rick Claar, Casey Fleegle, Lucas Berkey, f tunities. Megan Anderson, Kimberly Bischof, Shane Davis, Christian Collins, Holly Davis, Toshia MARIALAINA PRECIADO I am proud of Mr. Ralph Williams for his Rush, Harold Wentz, Natalie Dumin, Cas- commitment to education and his efforts to im- sandra Wright, Kenzie Bowser, Nicholas Hyde, HON. ED PERLMUTTER prove the lives of students in Fort Smith, Ar- Austin Taylor, Brittany Finnegan, Caitlyn Fer- OF COLORADO kansas, and wish him the best of luck in retire- guson, Brandon Mowry, Paul Sims, Trent IN THE HOUSE OF REPRESENTATIVES ment. Crouse, Dakota Kauffman, Kylee Snyder, Tuesday, May 11, 2010 Jarret Dunn, Luke Stultz, Jonathon Heming, f Alesha Rightenour, Lakyn Code, Bradley Mr. PERLMUTTER. Madam Speaker, I rise Frankenberry, Makayla Weaverling, Mylee today to recognize and applaud Marialaina MARIE BANKS Preciado who has received the Arvada Wheat Dull, Derek Gardner, Andrew Loar, and Colby Ridge Service Ambassadors for Youth award. Hillegass. These inductees have already displayed re- Marialaina Preciado is an 8th grader at Wheat HON. ED PERLMUTTER markable talent and depth of character. I con- Ridge Middle School and received this award OF COLORADO because her determination and hard work gratulate the new members of the Chestnut have allowed her to overcome adversities. IN THE HOUSE OF REPRESENTATIVES Ridge Middle School National Junior Honor The dedication demonstrated by Marialaina Society on the honor they are receiving, and Preciado is exemplary of the type of achieve- Tuesday, May 11, 2010 I look forward to many more great achieve- ments. ment that can be attained with hard work and Mr. PERLMUTTER. Madam Speaker, I rise f perseverance. It is essential students at all today to recognize and applaud Marie Banks levels strive to make the most of their edu- who has received the Arvada Wheat Ridge HONORING MR. ROBERT T. cation and develop a work ethic which will Service Ambassadors for Youth award. Marie CIANELLI guide them for the rest of their lives. Banks is a 7th grader at Mandalay Middle I extend my deepest congratulations once School and received this award because her again to Marialaina Preciado for winning the HON. C.A. DUTCH RUPPERSBERGER Arvada Wheat Ridge Service Ambassadors for determination and hard work have allowed her OF MARYLAND Youth award. I have no doubt she will exhibit to overcome adversities. IN THE HOUSE OF REPRESENTATIVES the same dedication and character to all her The dedication demonstrated by Marie Tuesday, May 11, 2010 future accomplishments. Banks is exemplary of the type of achieve- Mr. RUPPERSBERGER. Madam Speaker, I f ment that can be attained with hard work and rise before you today to honor the tireless perseverance. It is essential students at all PERSONAL EXPLANATION service of Mr. Robert T. Cianelli as a volunteer levels strive to make the most of their edu- driver for the Disabled American Veterans cation and develop a work ethic which will HON. KAY GRANGER Transportation Network and a dedicated sup- guide them for the rest of their lives. porter of America’s military personnel. To sa- OF TEXAS I extend my deepest congratulations once lute his service, Mr. Cianelli was awarded the IN THE HOUSE OF REPRESENTATIVES again to Marie Banks for winning the Arvada 2009 Congressional Volunteer Recognition Tuesday, May 11, 2010 Wheat Ridge Service Ambassadors for Youth Award by the Veterans Advisory Council for Ms. GRANGER. Madam Speaker, on rollcall award. I have no doubt she will exhibit the Maryland’s 2nd District. No. 241, I was absent from the House. Had I same dedication and character to all her future Veterans of the United States Armed Forces been present, I would have voted ‘‘aye.’’ accomplishments. have dedicated themselves to protecting the

VerDate Mar 15 2010 04:59 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00003 Fmt 0626 Sfmt 9920 E:\RECORD10\RECFILES\E11MY0.REC E11MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE E800 CONGRESSIONAL RECORD — Extensions of Remarks May 11, 2010 lives of every American. Their service to our vada Wheat Ridge Service Ambassadors for MARQUIS SKINNER Nation deserves the highest level of gratitude. Youth award. I have no doubt she will exhibit It is important that we take the time to recog- the same dedication and character to all her HON. ED PERLMUTTER nize the individuals who give of their time and future accomplishments. OF COLORADO talents to support veterans and ensure their IN THE HOUSE OF REPRESENTATIVES comfort, care, and well-being. f For the past 5 years, Mr. Cianelli has made Tuesday, May 11, 2010 sure patients at the Glen Burnie VA Commu- TEXAS ASSOCIATION OF HOMES Mr. PERLMUTTER. Madam Speaker, I rise nity Based Outpatient Clinic are picked up for AND SERVICES FOR THE AGING today to recognize and applaud Marquis Skin- their appointment on time and safely returned 2010 PHILANTHROPIST OF THE ner who has received the Arvada Wheat to their home. To date, he has logged 1,300 YEAR Ridge Service Ambassadors for Youth award. driving hours and more than 20,000 miles. Mr. Marquis Skinner is a 7th grader at Drake Mid- Cianelli’s experience as a computer scientist dle School and received this award because has significantly improved the efficiency and HON. LAMAR SMITH his determination and hard work have allowed effectiveness of the transportation network, him to overcome adversities. providing a program to maintain driver statis- OF TEXAS The dedication demonstrated by Marquis tics, automating vehicle expense reports and IN THE HOUSE OF REPRESENTATIVES Skinner is exemplary of the type of achieve- developing a route sheet to expedite driver ment that can be attained with hard work and pick-up times. Robert’s colleagues say that it Tuesday, May 11, 2010 perseverance. It is essential students at all would be hard to find an individual that con- levels strive to make the most of their edu- Mr. SMITH of Texas. Madam Speaker, tributes more than he does to guarantee the cation and develop a work ethic which will today I’d like to honor my constituent, Mr. success of the Disabled American Veterans guide them for the rest of their lives. Transportation program. Glenn Biggs, a great American and Texan, I extend my deepest congratulations once In addition to his service at the Glen Burnie who has been selected by the Texas Associa- again to Marquis Skinner for winning the Ar- VA Community Based Outpatient Clinic, Mr. tion of Homes and Services for the Aging as vada Wheat Ridge Service Ambassadors for Cianelli volunteers with Operation Welcome the 2010 Philanthropist of the Year. Youth award. I have no doubt he will exhibit Home at BWI Airport, welcoming thousands of Mr. Biggs, born in a small West Texas town the same dedication and character to all his troops home and providing them with care in the depths of the Great Depression, has future accomplishments. packages to hold them over while they wait for used his knowledge and experience as a f connecting flights. Mr. Cianelli raised funds to banker and business leader to guide get the program off the ground and continues RECOGNITION OF THE 85TH ANNI- to do so. Morningside Ministries in San Antonio in es- VERSARY OF THE COMMEMORA- As a member of the Baltimore Marine Corps tablishing an innovative, progressive program, TION OF MENLO PARK League, Mr. Cianelli helped raise $27,000 for mmLearn.org. It delivers high quality training the ‘‘Wounded Marine Program’’ at the Na- through online videos to caregivers not only in HON. FRANK PALLONE, JR. San Antonio, but also to communities as large tional Naval Medical Center in Bethesda and OF NEW JERSEY as New York City and as small as Homer, the Walter Reed Army Hospital. The program IN THE HOUSE OF REPRESENTATIVES fed hundreds of meals to family members at Alaska. Tuesday, May 11, 2010 the hospital during the height of the fighting in Through online training, geriatric physicians the Iraqi city of Fallujah when there were sig- can be in the homes and offices of health pro- Mr. PALLONE. Madam Speaker, I rise today nificant casualties arriving. It paid for Christ- fessionals, family caregivers, pastoral care to recognize the 85th Anniversary of the 1925 mas baskets, lodging and taxi coupons for Commemoration of Menlo Park. On May 16, providers and older adults who have internet families, as well as televisions and video 1925, Thomas Alva Edison and 600 guests connectivity. In a recent webcast, Dr. Thomas games for wounded soldiers. came to Menlo Park to celebrate the inventor’s Madam Speaker, I ask that you join me Weiss, a geriatric psychiatrist with a specialty historic accomplishments by commemorating today to honor Mr. Robert T. Cianelli. His in addiction, had a presentation about alco- Menlo Park. Eighty-five years later the Town- compassion and dedication to veterans of the holism and the elderly. ship of Edison, New Jersey and the non-profit U.S. Armed Forces are an inspiration to us all, Most would never have an opportunity to Edison Memorial Tower Corporation will host a and are deserving of the utmost gratitude. It is benefit from Dr. Weiss’ expertise, but 382 special celebration at the Thomas Edison with great pride that I congratulate Mr. Robert viewers joined the webcast and interacted by Center at Menlo Park to honor both the inven- T. Cianelli on his exemplary service as an ad- providing online comments and questions. The tor and the community named in his honor. vocate and a volunteer for American service- webcast is now available on demand and will The event will take place at 2 p.m. on Sun- men and women everywhere. continue to be a training resource. Mr. Biggs’ day May 16, 2010. This is a great opportunity f vision, commitment and dedication have made to learn about Thomas Edison’s life, his work, and his legacy of invention. A great-grandson MARINA MODECKER this level of service possible. of the inventor will share stories about his fa- Mr. Biggs’ philanthropy and leadership are mous relative, and community leaders will ex- HON. ED PERLMUTTER not only recognized in the field of aging, but hibit plans to restore Menlo Tower, build a OF COLORADO benefit many other worthy causes. The San new museum, and redevelop the parkland in IN THE HOUSE OF REPRESENTATIVES Antonio Business Journal has written of Mr. Edison State Park. The Edison Community Tuesday, May 11, 2010 Biggs: ‘‘. . . (This) gentle giant with a boom- and the Edison Memorial Tower Corporation Mr. PERLMUTTER. Madam Speaker, I rise ing voice spends countless hours trying to get encourage contributions and attendance at the today to recognize and applaud Marina wealthy South Texans to give to causes which event in order to help honor the memory of Modecker who has received the Arvada he believes are important. Time after time, he Thomas Edison and support the spirit of inno- Wheat Ridge Service Ambassadors for Youth is called upon to advise college presidents vation that defines Menlo Park. award. Marina Modecker is an 11th grader at and board chairmen who are seeking access The Edison Memorial Tower Corporation is Warren Tech North and received this award to the network of former politicians and busi- a nonprofit organization that works to pre- because her determination and hard work ness millionaires who are willing to part with serve, promote, and manage the Edison Me- have allowed her to overcome adversities. their fortunes for the right cause.’’ morial Tower and Museum in the Menlo Park The dedication demonstrated by Marina section of Edison Township. The Corporation Modecker is exemplary of the type of achieve- Numerous organizations and countless indi- strives to honor Edison’s memory and educate ment that can be attained with hard work and viduals have benefitted from the philanthropic the public about Edison, his significant accom- perseverance. It is essential students at all leadership of Glenn Biggs. He is preparing plishments at this site, and his impact on mod- levels strive to make the most of their edu- and inspiring generations to step forward and ern research and development. cation and develop a work ethic which will become the philanthropists for decades to Madam Speaker, I sincerely hope my col- guide them for the rest of their lives. come. Glenn Biggs sets an example for all of leagues will join me in recognizing the Edison I extend my deepest congratulations once us to follow. And I ask that my colleagues join community’s continued efforts to improve again to Marina Modecker for winning the Ar- me in honoring this great man. Menlo Park and honor the enduring legacy of

VerDate Mar 15 2010 04:59 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00004 Fmt 0626 Sfmt 9920 E:\RECORD10\RECFILES\E11MY0.REC E11MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 11, 2010 CONGRESSIONAL RECORD — Extensions of Remarks E801 Thomas Alva Edison, and wish them the best West Point, and serving the last five years as Known originally as the ‘‘Banda Regione on this historic anniversary. the Dean of the Academic Board. During Gen- d’Italia,’’ the band has undergone several f eral Finnegan’s tenure, Forbes Magazine name changes as its role in the city evolved rated West Point as the best college in Amer- and its membership diversified. It became the HONORING JAN VERHAGE ica. ‘‘Italian Colonial Band,’’ and later the ‘‘Leomin- As Dean, General Finnegan envisioned and ster Colonial Band.’’ HON. JAMES P. MORAN fostered an Academic Program relevant to the The history of the Leominster Colonial Band is interwoven with the history of Leominster. OF VIRGINIA needs of the Army that contributes to the intel- lectual and professional development of ca- Over the years, the band has played at nu- IN THE HOUSE OF REPRESENTATIVES dets. His visionary leadership led to the transi- merous civic events and parades. The band Tuesday, May 11, 2010 tion and expansion of the Academy’s foreign performed in celebrations at the end of World Mr. MORAN of Virginia. Madam Speaker, I language program, which places a greater em- War I and led Leominster’s welcoming parade rise today to honor Jan Verhage for her out- phasis on global and cultural awareness and when American troops returned from World standing service as Executive Director of the includes a robust Study Abroad Program. War II. The band also played at the dedication Girl Scout Council of the Nation’s Capital for Madam Speaker, the Academic Program at of Leominster’s Spanish-American War monu- the past 25 years. For a quarter century, Jan the United States Military Academy has never ment. has dedicated her life to building girls of cour- been stronger, more connected to the Army, During the Great Depression, Gaspare age, confidence, and character who make the or more revered by our Nation. During his ten- Bisceglia established a free summer concert world a better place. Many of our daughters ure, General Finnegan sponsored several suc- series on the downtown common. This tradi- and granddaughters who live here in the cessful accreditation visits from the Accredita- tion has continued over the years and the Washington area benefit directly from the tion Board for Engineering and Technology, band now performs five free concerts every amazing, innovative and outstanding programs ABET, and the Middle States Commission on year at Leominster’s historic Carter Park. The organized under Jan’s purview. Higher Education, MSCHE. West Point was band plays an annual Christmas concert and Under her guidance and leadership, the Girl also named the #1 Public College in the Na- regularly plays at Italian feasts in Leominster, Scout Council of the Nation’s Capital has ex- tion by Forbes Magazine and best Public Lib- Boston and throughout Massachusetts. It fre- perienced unprecedented growth, including a eral Arts College by the Princeton Review. quently participates in church celebrations in membership that has tripled in size. Today, Moreover, USMA cadets have won 84 inter- the Worcester and Greater Boston areas and the council serves 90,000 members in the Dis- national scholarships during this period, and plays in processions for weddings and funer- trict of Columbia and 25 surrounding counties West Point leads the nation in terms of Rotary als. in Maryland, Virginia and West Virginia. During International Scholarship winners. In 2006, the Leominster Colonial Band re- Ms. Verhage’s tenure as Executive Director, Fondly referred to by cadets as the ‘‘Peo- ceived the ‘‘Citizen of the Year’’ award from more than 2,700 girls earned the Gold Award, ple’s Dean,’’ General Finnegan’s focus on ca- the Center for Italian Culture at Fitchburg the Girl Scouts’ highest honor, earned for de- dets and enrichment opportunities was never State College, in recognition of its contribu- veloping a sustainable community service limited to the Academic Program. He was an tions and dedication to Italian culture. In the project. avid and faithful supporter of cadet sports pro- spring of 2010, the band will be honored with the City of Leominster’s ‘‘Citizen of the Year’’ Jan has also been instrumental in reaching grams and the Dean’s teams, and his per- award. out to underserved communities, by targeting sonal participation in community and post-level I am very proud to represent the town of girls of different racial, ethnic, or language events was unprecedented. Leominster, which is rich in history and public backgrounds and by providing financial assist- Madam Speaker, General Finnegan’s record spirit. The members of the Leominster Colo- ance to girls from low-income families, in order of achievement and manner of service in posi- nial Band demonstrate a spirit of community to deliver Girl Scouting to all girls. Her innova- tions of enormous responsibility epitomize the involvement, a dedication to upholding Italian tive initiatives include training college students type of soldier for whom an award such as the cultural traditions, and a commitment to per- to lead troops in at-risk communities; a road Distinguished Service Medal is intended. He forming quality band music. Please join me in safety program for teen girls; and programs has discharged his duty with immeasurable congratulating the Leominster Colonial Band that address critical issues such as self-es- skill, diplomacy, and humility, while his dedica- as it celebrates its 100th Anniversary. teem, healthy living, financial literacy and peer tion to excellence and devotion to duty, honor, pressure. and country is unparalleled. f I ask my colleagues to join me in thanking On behalf of the Board of Visitors, I thank MATTHEW DEANDA Jan Verhage for 25 years of dedicated service General Finnegan for his service to West to girls in the Greater Washington Region. I Point. HON. ED PERLMUTTER wish her the best in her future as Chief Oper- f ating Officer of Girl Scouts of the USA. OF COLORADO TRIBUTE TO THE LEOMINSTER CO- IN THE HOUSE OF REPRESENTATIVES f LONIAL BAND ON THE OCCASION Tuesday, May 11, 2010 TRIBUTE TO BRIGADIER GENERAL OF ITS CENTENNIAL ANNIVER- Mr. PERLMUTTER. Madam Speaker, I rise PATRICK FINNEGAN SARY today to recognize and applaud Matthew Deanda who has received the Arvada Wheat HON. JIM MARSHALL HON. JOHN W. OLVER Ridge Service Ambassadors for Youth award. OF GEORGIA OF MASSACHUSETTS Matthew Deanda is a 12th grader at Pamona IN THE HOUSE OF REPRESENTATIVES IN THE HOUSE OF REPRESENTATIVES High School and received this award because his determination and hard work have allowed Tuesday, May 11, 2010 Tuesday, May 11, 2010 him to overcome adversities. Mr. MARSHALL. Madam Speaker, it is with Mr. OLVER. Madam Speaker, I rise today to The dedication demonstrated by Matthew great pleasure that I rise today not only as the recognize the Leominster Colonial Band for its Deanda is exemplary of the type of achieve- Representative of the 8th District of Georgia, 100 years of active involvement in the Leomin- ment that can be attained with hard work and but also as the Chairman of the Board of Visi- ster community. perseverance. It is essential students at all tors to the United States Military Academy at The Leominster Colonial Band started as a levels strive to make the most of their edu- West Point, to honor the service and accom- group of Italian immigrant musicians gathering cation and develop a work ethic which will plishments of Brigadier General Patrick together and soon became an institution in guide them for the rest of their lives. Finnegan. Leominster. The band was founded by I extend my deepest congratulations once General Finnegan distinguished himself Gaspare Bisceglia, a 16-year-old apprentice again to Matthew Deanda for winning the Ar- through exceptionally meritorious service to bandmaster, who immigrated to Leominster vada Wheat Ridge Service Ambassadors for the Nation during more than thirty-nine years from San Giovanni, Italy. The band gave its Youth award. I have no doubt he will exhibit of active military service in peace and war, first concert on the Leominster common on the same dedication and character to all his culminating in six years as a professor at August 16, 1910. future accomplishments.

VerDate Mar 15 2010 04:59 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00005 Fmt 0626 Sfmt 9920 E:\RECORD10\RECFILES\E11MY0.REC E11MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE E802 CONGRESSIONAL RECORD — Extensions of Remarks May 11, 2010 10TH ANNIVERSARY OF SERVICIOS I extend my deepest congratulations once his determination and hard work have allowed LATINOS OF BURLINGTON COUNTY again to Lauren Archer for winning the Arvada him to overcome adversities. Wheat Ridge Service Ambassadors for Youth The dedication demonstrated by Levi HON. JOHN H. ADLER award. I have no doubt she will exhibit the Lockling is exemplary of the type of achieve- OF NEW JERSEY same dedication and character to all her future ment that can be attained with hard work and perseverance. It is essential students at all IN THE HOUSE OF REPRESENTATIVES accomplishments. f levels strive to make the most of their edu- Tuesday, May 11, 2010 cation and develop a work ethic which will Mr. ADLER of New Jersey. Madam Speak- HONORING MR. JOHN ALEXANDER guide them for the rest of their lives. er, I rise today to honor ‘‘Servicios Latinos de I extend my deepest congratulations once Burlington County’’ as they commemorate HON. C.A. DUTCH RUPPERSBERGER again to Levi Lockling for winning the Arvada their 10th anniversary. OF MARYLAND Wheat Ridge Service Ambassadors for Youth The people of our great nation share a com- IN THE HOUSE OF REPRESENTATIVES award. I have no doubt he will exhibit the same dedication and character in all his future mon spirit and heritage. We believe in the Tuesday, May 11, 2010 American dream, and the promise that through accomplishments. our labors we can achieve educational and Mr. RUPPERSBERGER. Madam Speaker, I f economic success. Throughout the past dec- rise before you today to honor the service of John Alexander for his remarkable dedication HONORING WILBURN BROWN OF ade, Servicios Latinos has helped more than MENDOCINO COUNTY 2,500 Burlington County families in achieving as a volunteer at the Loch Raven VA Commu- this dream. nity Living and Rehabilitation Center. To salute Servicios Latinos is a social services agency his service, Mr. Alexander was awarded the HON. MIKE THOMPSON that provides those in need with the resources 2009 Congressional Volunteer Recognition OF CALIFORNIA they need to become informed, educated, and Award by the Veterans Advisory Council for IN THE HOUSE OF REPRESENTATIVES independently able to utilize vital services to Maryland’s Second District. Tuesday, May 11, 2010 become productive and healthy citizens. Veterans of the United States Armed Forces Mr. THOMPSON of California. Madam In addition to providing critical services in have dedicated themselves to protecting the Speaker, I rise today to commemorate the the areas of health, education, housing, and lives of every American. Their service to our civic accomplishments of Wilburn ‘‘Webb’’ employment, they have also sponsored the bi- Nation deserves the highest level of gratitude. Brown, on the occasion of his 100th birthday. lingual health and higher education fairs and a It is important that we take the time to recog- As an exemplary citizen his service has bene- Hispanic heritage festival. For the organiza- nize the individuals who give of their time and fitted the ruggedly beautiful Mendocino County tion’s inspiring work in the community, they talents to support veterans and ensure their in northern California where he has lived his have been honored by several national and comfort, care, and well-being. entire life. His contributions are long lasting state institutions and community partners. As the Disabled American Veterans Rep- and statewide. During their 10th anniversary celebration, resentative for the Loch Raven VA Community Born in Ukiah on May 7, 1910, he grew up Servicios Latinos will acknowledge and honor Living and Rehabilitation Center, Mr. Alex- on ranches leased by his parents in Hopland Dr. Robert C. Messina, Jr., President of Bur- ander is an active fundraiser and friend. Mr. and Talmage. He moved to Potter Valley in lington County College, and State Senator Alexander makes certain he is aware of all pa- 1943 and began raising dairy cattle when Diane Allen, with the ‘‘Champion of Diversity tient needs and makes requests to the DAV to there were 14 dairies in this picturesque com- Award’’ for being cornerstones in the Servicios purchase items not routinely supplied by the munity where he still resides. Latinos’ establishment. VA. His fundraising efforts have enabled Loch A retired rancher, Webb Brown was a long- I would also like to commend Ms. Angela Raven VA residents to receive televisions and time Mendocino County Assessor, an elected Mateo Gonzalez, the Founder and Executive body pillows for hospice patients. It also en- position he held from 1955 through 1977. He Director of Servicios Latinos for her commend- ables residents to travel out-of-state to partici- was President of the California Assessors As- able work with Servicios Latinos, which has pate in the Golden Age Games, a recreational sociation in 1963. As head of its legislative made a dramatic, positive impact on the lives ‘‘Olympics’’ style event. program, Webb Brown was responsible for 12 of thousands of South Jersey families. I thank Twice per month, Mr. Alexander visits the major bills dealing with tax assessment and her for her dedication and commitment to the residents and spends time talking with them. passed by the State legislature. He is re- community. Annually, he coordinates Veterans Day at the nowned for creation of property-tax practices Madam Speaker, I hope that you will join Golden Corral, advertising, greeting guests favoring the preservation of farmland and me in commending Ms. Gonzalez and the and raffling a television. It is an event that open space. Servicios Latinos de Burlington County for community veterans thoroughly enjoy. Some- He was a leader on passing a timber yield helping so many in our community fulfill the times working 10-hours straight, Mr. Alexander tax that required owners of woodlands to pay American dream throughout the past ten is always kind and compassionate, upbeat and taxes only on trees they harvested. In 1965 he years. pleasant. His colleagues describe him as an played a statewide leadership role in the pas- f ‘‘awesome human being. sage of the Williamson Act of 1965, which Madam Speaker, I ask that you join with me greatly limited what farmers and ranchers had LAUREN ARCHER today to honor Mr. John Alexander. His com- to pay in property taxes as long as they kept passion and dedication to veterans of the U.S. their land undeveloped. HON. ED PERLMUTTER Armed Forces is an inspiration to us all, and Upon his retirement from the Assessor’s of- OF COLORADO is deserving of the utmost gratitude. It is with fice he was honored as ‘‘one of the State of IN THE HOUSE OF REPRESENTATIVES great pride that I congratulate Mr. John Alex- California’s highest respected assessors.’’ He ander on his exemplary service as an advo- is known for his willingness to meet problems Tuesday, May 11, 2010 cate and a volunteer. head on and his courage in making unpopular Mr. PERLMUTTER. Madam Speaker, I rise f decisions as well as his fair application of today to recognize and applaud Lauren Archer state tax laws to everyone. who has received the Arvada Wheat Ridge LEVI LOCKLING He also served on the Mendocino Air Man- Service Ambassadors for Youth award. Lauren agement District Hearing Board, the Potter Archer is a 12th grader at Pamona High HON. ED PERLMUTTER Valley Board of Education, the Ukiah Unified School and received this award because her OF COLORADO School Board and he was the Chair of the determination and hard work have allowed her IN THE HOUSE OF REPRESENTATIVES Save the College Committee for Mendocino to overcome adversities. College. He is committed to improving the Tuesday, May 11, 2010 The dedication demonstrated by Lauren Ar- quality of education and the hiring of capable cher is exemplary of the type of achievement Mr. PERLMUTTER. Madam Speaker, I rise teachers as well as seeking competitive sala- that can be attained with hard work and perse- today to recognize and applaud Levi Lockling ries for teachers. In 1980 he was awarded the verance. It is essential students at all levels who has received the Arvada Wheat Ridge Distinguished Citizen Award by Mendocino strive to make the most of their education and Service Ambassadors for Youth award. Levi College for helping establish the college. develop a work ethic which will guide them for Lockling is an 8th grader at Wheat Ridge Mid- In addition to his community service and the rest of their lives. dle School and received this award because ranching skill, Webb Brown is known for being

VerDate Mar 15 2010 04:59 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00006 Fmt 0626 Sfmt 9920 E:\RECORD10\RECFILES\E11MY0.REC E11MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 11, 2010 CONGRESSIONAL RECORD — Extensions of Remarks E803 a loving husband, father, stepfather and the Partnership for Peace, and the European attended the United States Army War College grandfather. He has four children, three step- Union. at Carlisle Barracks, Carlisle, Pennsylvania. children, 18 grandchildren, 28 great-grand- The Croatian American Association has also He graduated with the Class of 1994 and was children and seven great-great grandchildren worked to establish an Embassy of The Re- a lifetime member of the Army War College’s and a host of nieces and nephews who will public of Croatia, and to further provide serv- Alumni Association. join the celebration of his 100th birthday. ices to Croatian-Americans by establishing a He held the following military positions be- Madam Speaker and colleagues, Webb number of consulates in many major U.S. cit- fore being appointed the Adjutant General of Brown has earned the admiration and respect ies. the United States Virgin Islands National of his peers, his community and his family. He Madam Speaker, I ask my colleagues to join Guard: Commander, 652nd Heavy Equipment is a friend and a mentor in Mendocino County me in honoring the Croatian American Asso- Maintenance Company; Personnel Administra- and his legacy is long lasting. For these rea- ciation and its members for their 20 years of tive Officer; Detachment Commander, Head- sons, it is appropriate that we honor Wilburn service as an invaluable partner to Croatians quarters TERARC; Assistant Chief of Staff ‘‘Webb’’ Brown. throughout the world, and to wish them many Personnel; Commander, Troop Commander; and Assistant Chief of Staff Logistics and f more years of continued success. Services. f LOGAN REED Major General Romney’s military decora- HONORING THE SERVICE OF JEAN tions and awards include the following: The HON. ED PERLMUTTER AUGUSTINE ROMNEY, FORMER Meritorious Service Medal with one Oak Leaf ADJUTANT GENERAL OF THE Cluster; The Army Commendation Medal; OF COLORADO UNITED STATES VIRGIN IS- Army Achievement Medal; Army Reserve IN THE HOUSE OF REPRESENTATIVES LANDS NATIONAL GUARD Component Medal with two Oak Leaf Clusters; Tuesday, May 11, 2010 Good Conduct Medal; Army of Occupation Mr. PERLMUTTER. Madam Speaker, I rise HON. DONNA M. CHRISTENSEN (Berlin); National Defense Service Medal; today to recognize and applaud Logan Reed Armed Forces Expeditionary Medal; Humani- OF THE VIRGIN ISLANDS tarian Service Medal; Armed Forces Reserve who has received the Arvada Wheat Ridge IN THE HOUSE OF REPRESENTATIVES Medal with one Oak Leaf Cluster; Army Serv- Service Ambassadors for Youth award. Logan Tuesday, May 11, 2010 ice Ribbon; Army Reserve Overseas Deploy- Reed is a 7th grader at Oberon Middle School ment Training Medal; Virgin Islands Long and and received this award because his deter- Mrs. CHRISTENSEN. Madam Speaker, I Faithful Medal with First Clasp; and, the Virgin mination and hard work have allowed him to rise to pay posthumous recognition and tribute to the late Major General Jean Augustine Islands Emergency Service Ribbon with Num- overcome adversities. ber. Romney, former Adjutant General of the The dedication demonstrated by Logan Major General Romney was married to the Reed is exemplary of the type of achievement United States Virgin Islands National Guard, former Beverly Cedelle Walcott of Christian- that can be attained with hard work and perse- for dedicating his life to the needs of the com- sted, St. Croix,Virgin Islands. At the time of his verance. It is essential students at all levels munity in which he lived and the Nation that passing, they had two daughters, Ayanna and strive to make the most of their education and he served with distinction. Chivonne and two grandchildren, Marcus and develop a work ethic which will guide them for Major General Jean A. Romney was born Makeda. We, the Nation and the Territory of the rest of their lives. on December 14, 1941, and raised in Chris- the United States Virgin Islands are indebted I extend my deepest congratulations once tiansted, St. Croix, U.S. Virgin Islands. He at- to him and to them for his dedicated service. again to Logan Reed for winning the Arvada tended and graduated from St. Mary’s Catholic School before enlisting in the U.S. Army. He Wheat Ridge Service Ambassadors for Youth f award. I have no doubt he will exhibit the did his basic training at Ft. Jackson, South same dedication and character in all his future Carolina and his advance training at Ft. IN TRIBUTE TO SANDE ROBINSON accomplishments. Benning, Georgia. He was then assigned to f the 1st Battle Group, 15th Infantry, 3rd Infantry HON. GWEN MOORE Division, in Bamberg, Germany. He concluded OF WISCONSIN HONORING THE CROATIAN Active Duty in the 7th Army NCO Academy as IN THE HOUSE OF REPRESENTATIVES AMERICAN ASSOCIATION Sergeant and the 1st Battle Group, 28th Infan- Tuesday, May 11, 2010 try Division, AKA ‘‘The Big Red One’’. Ms. MOORE of Wisconsin. Madam Speak- Major General Romney returned to the U.S. HON. MIKE QUIGLEY er, I rise today to recognize Sande Robinson, Virgin Islands and enrolled in the Catholic Uni- OF ILLINOIS Director of the Educational Opportunity Pro- versity of Puerto Rico, in Ponce, Puerto Rico IN THE HOUSE OF REPRESENTATIVES gram (EOP) at Marquette University. EOP from 1963 to 1966, receiving a Bachelor’s De- Tuesday, May 11, 2010 helps low-income, disadvantaged, first genera- gree in Business Administration. He was a tion college students to receive a college de- Mr. QUIGLEY. Madam Speaker, I rise today member of the prestigious Phi Epsilon Chi gree. Ms. Robinson will retire in June 2010 to recognize and honor the contributions made Fraternity of Puerto Rico. He continued his after 35 years of distinguished service at Mar- by the Croatian American Association for en- education and earned a Master’s Degree in quette University. riching the lives of native Croatians and Cro- Interpersonal Relations and Personal Manage- Ms. Robinson began her career at Mar- atian-Americans alike for the past 20 years. ment at the Inter American University of Puer- quette in 1974 and has been a part of the The Croatian American Association was es- to Rico Graduate School in San German, great success of the EOP program during 35 tablished in 1990, when it began advocating Puerto Rico. years of its 40-year history. She received a for the establishment of a sovereign and inde- Major General Romney served as a Senator bachelor’s degree from Kent State in Early pendent Democratic Republic of Croatia. Its in the 11th Legislature of the U.S. Virgin Is- Childhood Education and a Master’s degree efforts led to public demonstrations in Wash- lands from 1975 to 1977. In Apri1 1977, he re- from Kent State with a major in College Stu- ington, DC attended by over 50,000 people in sumed his military career by joining the Virgin dent Personnel. Ms. Robinson’s first position support of Croatian democracy. Furthermore, Islands National Guard and receiving a direct was as a financial aid counselor in the EOP; its members have organized rallies throughout commission as Captain. In 1978 he attended she ultimately became the director in 1986. America to raise money for the defense of and completed his Officer Advance Course at Even as the director, she maintained close Croatia and to make humanitarian aid avail- the Aberdeen Proving Ground in Maryland. interaction with students by continuing to able for Croatians living at home and abroad. Although employed by the Virgin Islands counsel students as she had since coming to The Croatian American Association has also National Guard, he was on loan from the Fed- the EOP. worked tirelessly with the U.S. government in eral Government to the Virgin Islands Govern- Ms. Robinson collaborates with the national order to help address the concerns of many ment from 1980 to 1984, during the Adminis- TRIO organization, the Council for Opportunity Croatian-Americans. It has established an of- tration of Governor Juan F. Luis, serving as in Education to ensure the highest standards fice in Washington, DC to help lobby and edu- the Christiansted Administrator. in available support services are provided na- cate Members of Congress about Croatian In 1988, he completed the Command and tionwide for minority and other underserved history, and the desire for a sovereign Demo- General Staff College and later attended a students. EOP is one of the TRIO federally- cratic Republic of Croatia. In addition, it has Battalion/Brigade Pre-Command Course at Ft. funded college opportunity programs that pro- pushed for the inclusion of Croatia into NATO, Leavenworth, Kansas. From 1993 to 1994 he vide academic tutoring, personal counselling,

VerDate Mar 15 2010 04:59 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00007 Fmt 0626 Sfmt 9920 E:\RECORD10\RECFILES\E11MY0.REC E11MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE E804 CONGRESSIONAL RECORD — Extensions of Remarks May 11, 2010 mentoring, financial guidance, and other sup- Wisconsin, they demonstrated a commitment RECOGNIZING DIANNE COSTA FOR ports necessary for educational access and to taking their teaching practice and the teach- HER SERVICE TO THE TOWN OF retention and relevant training for directors ing profession to a different level. HIGHLAND VILLAGE, TEXAS and staff. We entrust teachers with the nurture and Ms. Robinson has served as the president care of our most precious resource—our chil- HON. MICHAEL C. BURGESS of Wisconsin Association of Educational Op- dren, and we are grateful to them not only for OF TEXAS portunity Program Personnel. While at Mar- the security they provide, but for the example IN THE HOUSE OF REPRESENTATIVES quette, she has successfully secured federal they set. Tuesday, May 11, 2010 funding for EOP throughout its history and For Jennifer Koenecke and Nancie Brennan, served as a member of the Friends of the their leadership and the example they set ex- Mr. BURGESS. Madam Speaker, I proudly Haggerty Museum Board, a member of the Di- tends not only to the students they teach, but rise today to recognize Dianne Costa, the versity Task Force, and many scholarship se- to the peers who surround them. Mayor of Highland Village, Texas. After years lection committees. She has been active at Like board-certified medical doctors, teach- of impressive leadership and commitment to the national level in presenting successful ers who become National Board Certified go the community, Dianne will be retiring from the models of support program innovation and has through a rigorous year-long evaluation of City Council. been a reader of grant applications for the their performance. Mayor Costa was elected Mayor of Highland U.S. Department of Education Student Sup- Each educator is measured against the Village in May 2006, and re-elected in May port Services grant competitions. most rigorous standards through an extensive 2008. Previously, she had served as Mayor Madam Speaker, for these reasons, I am series of performance-based assessments that Pro Tem from 2005–2006, and before that she honored to pay tribute to Sande Robinson who include thorough analysis of the candidate’s served as Deputy Mayor Pro Tem from 2003– leaves behind a wonderful legacy of assisting classroom teaching and student learning. 2005. hundreds of students in their efforts to receive As a physician who has been three times Mayor Costa’s dedication to Highland Vil- a higher education and become alumni of my board certified, I have a keen appreciation for lage has spanned more than a decade. She alma mater, Marquette University. Sande Rob- the initiative and effort these women have began her service by participating with the inson’s contributions have greatly enriched made on behalf of the future of our children. Highland Village Women’s Club, and served and benefitted the citizens of the Fourth Con- After all, if we get public education right, ev- as the Outreach Chairman until 2001. Dianne gressional District. erything else will follow. But if we get edu- continued her involvement through positions f cation wrong, not much else will matter. with Parks and Recreation, Police Auxiliary, and was awarded for her excellence in 2000 MARIA DAY Today I’m proud to recognize Greenville Middle School’s Jennifer Koenecke and Green by receiving the Police Department Commu- Bay Edison’s Nancie Brennan for getting it nity Service Award. HON. ED PERLMUTTER right. Mayor Costa and her husband Dennis live OF COLORADO in Highland Village with their sons and she is co-owner of Sharp Focus Centers. In addition IN THE HOUSE OF REPRESENTATIVES f to being Mayor, she currently serves as a Tuesday, May 11, 2010 RECOGNITION OF TROVER HEALTH member of the National Transportation and In- Mr. PERLMUTTER. Madam Speaker, I rise SYSTEM frastructure Committee, Board of Directors for today to recognize and applaud Maria Day the Highland Village Community Development who has received the Arvada Wheat Ridge Corporation, the Texas Association of Medi- Service Ambassadors for Youth award. Maria HON. ED WHITFIELD ators, the National Council on Family Rela- Day is a 7th grader at Drake Middle School OF KENTUCKY tions, and Rockpointe Church. and received this award because her deter- IN THE HOUSE OF REPRESENTATIVES Madam Speaker, it is with great honor that mination and hard work have allowed her to Tuesday, May 11, 2010 I rise today to commemorate the accomplish- overcome adversities. ments and service of Highland Village Mayor The dedication demonstrated by Maria Day Mr. WHITFIELD. Madam Speaker, I rise in Dianne Costa. It is my honor to represent is exemplary of the type of achievement that recognition of Trover Health System, a hos- such a dedicated community member in the can be attained with hard work and persever- pital in the City of Madisonville located in my United States House of Representatives. District, the First Congressional District of ance. It is essential students at all levels strive f to make the most of their education and de- Kentucky. On March 28, 2010, Trover was velop a work ethic which will guide them for named one of the nation’s 100 Top Hospitals HONORING THE SERVICE OF the rest of their lives. by Thomson Reuters, a leading provider of in- CADET NURSES DURING NA- I extend my deepest congratulations once formation and solutions to improve the cost TIONAL NURSES WEEK again to Maria Day for winning the Arvada and quality of healthcare. The award recog- Wheat Ridge Service Ambassadors for Youth nizes hospitals that have achieved excellence HON. DANIEL LIPINSKI in clinical outcomes, patient safety, patient sat- award. I have no doubt she will exhibit the OF ILLINOIS isfaction, financial performance, and oper- same dedication and character in all her future IN THE HOUSE OF REPRESENTATIVES accomplishments. ational efficiency. This is the second time Tro- ver has been recognized with this honor. Tuesday, May 11, 2010 f Trover Health System is an integrated Mr. LIPINSKI. Madam Speaker, I rise today A SHOW OF APPRECIATION FOR health provider serving western Kentucky resi- to honor the work of our Nation’s nurses as TWO OUTSTANDING NORTHEAST dents for more than 50 years. With nine loca- we commemorate National Nurses Week and WISCONSIN TEACHERS tions in six counties, Trover proudly offers 55 in particular to remember the service of the services and specialties to meet the needs of Cadet Nurse Program participants during HON. STEVE KAGEN Kentuckians close to home. With more than World War II. OF WISCONSIN 130 primary care, mid-level and specialist phy- Nurses have long provided invaluable serv- IN THE HOUSE OF REPRESENTATIVES sicians, 500 registered nurses, and 1,000 li- ice in a wide array of medical settings. But few censed health care professionals, Trover is circumstances call for greater service to others Tuesday, May 11, 2010 made up of an experienced team of dedicated or place more demands on society than times Mr. KAGEN. Madam Speaker, in honor of staff. Trover provides healthcare solutions with of conflict and war. Sixty-seven years ago, Teacher Appreciation Day, I come to the floor compassion and respect for the uniqueness of thousands of nurses answered this call and to recognize two outstanding educators from every individual. rose to these demands by taking part in the Northeast Wisconsin. Madam Speaker, it is with great pride that I Cadet Nurse Program established in the midst Greenville Middle School’s Jennifer bring to the attention of this House the histor- of one of the greatest conflicts of the last cen- Koenecke and Green Bay Edison’s Nancie ical significance and sense of this notable tury. Brennan exemplify what we hope to see in all achievement. Trover’s commitment to patients The demand for medical services caused by of our teachers. is evident in everything they do—and they WWII led to a critical shortage of nurses both As the newest National Board Certified have shown themselves as a model for quality within the military and domestically. Congress teachers in the 8th Congressional District of care. responded by passing the Nurse Training Act

VerDate Mar 15 2010 04:59 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00008 Fmt 0626 Sfmt 9920 E:\RECORD10\RECFILES\E11MY0.REC E11MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 11, 2010 CONGRESSIONAL RECORD — Extensions of Remarks E805 of 1943, which provided an opportunity for ac- constituents, Marsha Shapiro. She coura- benefit information to members of the Reserve credited nursing schools to offer accelerated geously shared with me her experience with Component before they separate or retire. training programs, greatly increasing the num- her husband Joel’s battle with esophageal For too many years, members of the Guard ber of nurses available to serve at home and cancer. Marsha was kind enough to tell me a and Reserve have left the service without a overseas. In addition, nursing students were little about her husband and the type of man clear picture of the benefits their service has able to receive subsidies for the cost of their he was. She told me that for 30 years Joel earned them. This legislation ensures that training and a modest living stipend, which worked as a New York City public school these individuals and their families are edu- permitted many students to advance economi- teacher at P.S.176 in Brooklyn. He also spent cated on how to access benefits like VA cally. 16 years as an English high school principal at health care and Tricare health care programs. However, the Cadet Nurses’ path through Yeshiva of Brooklyn, a position he held in con- For years the Guard and Reserve have this program was not simple or easy. In addi- junction with his public school duties. played a critical strategic role in our national tion to the daily stresses and high demands of She said that Joel was a humble man, but defense. I am grateful to these individuals for nursing work, these future nurses faced the to his family and his students, he was a giant. their service to the Nation. They have made additional burdens of completing their studies For several summers he worked at the Italian great sacrifices, and I believe that Congress faster than regular students and learning crit- Federation in an athletic program sponsoring has a moral obligation to educate these he- ical skills on the job instead of in the class- Say No To Drugs. Music was also a very im- roes on the benefits they have earned. This room. Yet, by responding to these challenges, portant part of his life having been a violinist bill is just one way we can begin to re-pay the nursing students receiving training through in the Brooklyn Heights Orchestra and at St. them for all that they have done to protect this the Cadet Nurse Program were critical to sup- Ann’s Church. Furthermore, he performed with country. I strongly believe that Congress has porting the increased need for services during the Staten Island Orchestra at St. John’s Uni- a moral obligation to keep the promises made this difficult time in our Nation’s history. versity and Kingsborough Community Orches- to our troops in return for their service. As we celebrate National Nurses Week, let tra Brooklyn, NY. I look forward to working with my colleagues us remember the difficult work that all nurses Mrs. Shapiro shared with me how Joel’s in the coming weeks to pass this important carry out. They serve at the front lines of med- battle with esophageal cancer began on May legislation in the House. ical care: often, they are the first and most fa- 15, 2009. Over the course of the next several f miliar medical provider patients will see. months he received the recognized chemo This week, I ask you to join me in remem- and radiation treatments but unfortunately they RECOGNIZING THE SERVICE OF bering and honoring the work of Cadet Nurses did not shrink his tumor. On November 18, HIGHLAND VILLAGE CITY COUN- and making sure that their outstanding service 2009, after just 6 months and 3 days of treat- CIL MEMBER DON COMBS to their communities and our Nation is not for- ment, Joel passed away. He is survived by his gotten. wife Marsha, two sons Adam and Glenn and HON. MICHAEL C. BURGESS f three grandchildren, Jonathan, Naomi and OF TEXAS RECOGNIZING DICK COOK FOR HIS Zachary. IN THE HOUSE OF REPRESENTATIVES My colleagues, sadly, Joel’s battle with SERVICE TO THE TOWN OF DOU- Tuesday, May 11, 2010 BLE OAK, TEXAS esophageal cancer is not out of the ordinary. Unfortunately, it is too often the norm. The Mr. BURGESS. Madam Speaker, I proudly HON. MICHAEL C. BURGESS five-year survival rate for those diagnosed with rise today to recognize City Council Member Don Combs of Highland Village, Texas. After OF TEXAS esophageal cancer is less than 20 percent eight years of strong leadership and commit- IN THE HOUSE OF REPRESENTATIVES and many, like Mr. Shapiro, die within a year of being diagnosed. The American Cancer So- ment to the community, Don will be retiring Tuesday, May 11, 2010 ciety estimates that this year alone more than from the City Council. Mr. BURGESS. Madam Speaker, I proudly 16,000 new cases of esophageal cancer will Don was first elected to the City Council in rise today to recognize Dick Cook and his be diagnosed in the United States and nearly May of 2002. He served as Mayor of Highland dedication to the town of Double Oak. On May 14,500 deaths from esophageal cancer will Village from January to May of 2006 and 17, 2010, after over 17 years of distinguished occur. again as Mayor Pro Tem from May 2009 to service, Dick will retire from the City Council. In fact, the rates of esophageal cancer have May 2010. He served as a member of the Dick has held many positions throughout the been rising dramatically for the past several Planning and Zoning Commission and the years. He has served as Mayor of Double Oak decades, increasing by more than 400 per- Highland Village Community Center Com- for 9 years, and also as Mayor Pro-Tem, Dep- cent, and there is still a lack of effective treat- mittee. uty Mayor Pro-Tem, Town Treasurer, and City ments for cancer of the esophagus. With such Don currently serves on the Board of Direc- Council Member. If that isn’t impressive a significant increase in the number of cases tors for the Highland Village Community De- enough, Dick has also served on the Planning and with a mortality rate of nearly 80 percent, velopment Corporation, where he directly and Zoning Commission and the Board of Ad- too often those diagnosed with esophageal helps to promote and implement projects to justment. cancer are diagnosed too late and the disease benefit economic development in the area. He Dick and his wife Georgette have been resi- has progressed too much for current treat- and his wife, Janet, and their family have lived dents of Double Oak for 25 years. Not only ments to be effective. in Highland Village since 1985. has he served the town of Double Oak, but he I encourage my colleagues to join with me, Madam Speaker, it is with great honor that served as an officer in the and my colleague Congressman RUSH HOLT, I rise today to commemorate the accomplish- from 1950 to 1981. When Mr. Cook retired, he in sponsoring a bipartisan resolution recog- ments and service of Highland Village City held the highest rank in the Fleet Reserve, nizing the importance of detecting esophageal Council Member, Don Combs. I am proud to Navy Lieutenant. cancer during its earliest stages, advancing represent such a devoted community member Madam Speaker, it is with great honor that medical research, and supporting the goals in the United States House of Representa- I rise today to recognize an outstanding public and ideals of Esophageal Cancer Awareness tives. servant to both his community and the nation, Month. f Mr. Dick Cook. It is my honor to represent such a dedicated community member in the f COMMEMORATING VIETNAM United States House of Representatives. INTRODUCING THE EQUAL ACCESS HUMAN RIGHTS DAY f TO PRE-SEPARATION ACT OF 2010 RAISING AWARENESS ABOUT HON. ZOE LOFGREN ESOPHAGEAL CANCER HON. CHELLIE PINGREE OF CALIFORNIA OF MAINE IN THE HOUSE OF REPRESENTATIVES HON. BILL POSEY IN THE HOUSE OF REPRESENTATIVES Tuesday, May 11, 2010 OF FLORIDA Tuesday, May 11, 2010 Ms. ZOE LOFGREN of California. Madam IN THE HOUSE OF REPRESENTATIVES Ms. PINGREE of Maine. Madam Speaker, Speaker, I rise in honor of the 16th Com- Tuesday, May 11, 2010 today I am proud to be introducing the Equal memoration of Vietnam Human Rights Day. Mr. POSEY. Madam Speaker, several Access to Pre-Separation Act of 2010. This bill I am proud to represent San Jose, home to weeks ago, I received a call from one of my requires the Department of Defense to give the largest Vietnamese population outside of

VerDate Mar 15 2010 04:59 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00009 Fmt 0626 Sfmt 9920 E:\RECORD10\RECFILES\E11MY0.REC E11MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE E806 CONGRESSIONAL RECORD — Extensions of Remarks May 11, 2010 Vietnam itself. Many of my constituents have snow-covered Ardennes Mountains of Belgium Madam Speaker, I know my fellow members family and friends still in Vietnam, and the re- and Luxembourg. It ended with an Allied vic- of the House of Representatives agree that ports about the human rights situation in that tory. This courageous stand by American Gene Vincenti has been a part of the fabric of country are concerning. troops proved to be a major turning point in Newark Rutgers and that his departure will Beginning in 1994, Congress has des- the war; it contributed to the defeat of the leave a void that will not easily be filled. We ignated May 11th as Vietnam Human Rights Nazis and the liberation of Europe. wish him well in this new phase of his life. Day—a day to reflect on the struggles of the The VBOB Chapter XXXVI was chartered f thousands of innocent Vietnamese citizens on July 16, 1994. Forever connected by their that seek basic human rights and freedom. shared experience, Veterans from throughout HONORING MARK MADDEN Sadly, in the sixteen years since Congress northern Ohio gathered to meet on a regular first established this day calling for Hanoi to basis. Though the Chapter is now disbanding, HON. DALE E. KILDEE respect basic human rights, the situation has its members were active. They held annual OF MICHIGAN not improved. In fact, after the United States commemoration dinners in honor of their IN THE HOUSE OF REPRESENTATIVES granted Vietnam Permanent Normal Trade friends who lost their lives and led the effort to Tuesday, May 11, 2010 Relations in 2006, conditions worsened as the construct a memorial in honor of the soldiers Vietnamese government, having received the who fought in the Battle of the Bulge. That Mr. KILDEE. Madam Speaker, I rise today trade agreement it sought, returned to its vio- monument, located in The Ohio Western Re- to pay tribute to Mark Madden as he retires as lent and incursive methods of silencing free serve National Cemetery in Rittman, Ohio, Superintendent of Atherton Community speech. was dedicated on June 6th, 2002. Schools in Burton, Michigan. A Mark Madden While the Vietnamese government presents Madam Speaker and Colleagues, please hour is planned at Atherton High School to- a facade of democracy to the world, journal- join me in honor of and gratitude to the sol- morrow to honor his work. ists, bloggers, and whistleblowers are impris- diers who fought in the Battle of the Bulge, Mark Madden started working for Atherton oned for merely raising questions about gov- many of whom made the ultimate sacrifice on Community Schools in 1969 as an English ernment policies or calling attention to corrupt behalf of our nation. I also stand in honor of teacher. Over the years he taught English, behavior. Pro-democracy activists are arrested the Veterans of the Battle of the Bulge, the French, and Drama at Atherton Middle School, and jailed under arbitrary, expansive, and Ohio North Coast Chapter XXXVl. The heart Atherton Senior High School and in the Ath- vague anti-propaganda laws, often without due and grit that each young soldier exhibited in erton Adult Education program. Outside the process. Despite years of pressure from Con- the midst of that battle will be honored forever. classroom, Mark worked as the Red Cross gress and humanitarian organizations, the Vi- f sponsor for the Freshman and Junior Classes, etnamese government continues to deny was the advisor for the Foreign Study League, these charges, show a lack of a serious com- TRIBUTE TO GENE A. VINCENTI ON the producer of the Atherton Senior High mitment to reform, and openly violate both its HIS RETIREMENT School plays, was an announcer, scorekeeper own constitution as well as its international and crowd control technician for sporting human rights obligations. HON. DONALD M. PAYNE events. Moreover, religious freedom remains an OF NEW JERSEY He initiated and coached the Varsity Tennis issue. Reports of harassment, discrimination, IN THE HOUSE OF REPRESENTATIVES Team and the Junior Varsity Tennis Team. As a member of the Michigan High School Tennis and repression related to religion continue. In Tuesday, May 11, 2010 its Annual Report for 2010, released this Coaches Association, his commitment to the month, the U.S. Commission on International Mr. PAYNE. Madam Speaker, I ask my col- sport was recognized in 2002, when he was Religious Freedom has renewed its call for leagues here in the House of Representatives inducted into the High School Tennis Coaches Vietnam to be designated as a Country of Par- to join me as I rise to pay tribute to the won- Hall of Fame. ticular Concern by the State Department. I derful accomplishments of Gene A. Vincenti Mark spent 32 years as a teacher, 4 years wholeheartedly agree with this recommenda- as he retires from Rutgers Newark. It is in- as a principal and 5 years as superintendent. tion, and strongly urge the State Department deed a pleasure for me to add my congratula- In addition to his work with Atherton Commu- to follow it. tions to that of his family, friends and col- nity Schools, he also found time to teach On this May 11th, I ask my colleagues to leagues of the Rutgers Newark community as English and Education at Baker College. He honor the efforts of those who are fighting for they celebrate in honor of ‘‘Mr. Rutgers New- also participated in the Big Brothers, Big Sis- freedom and democracy in Vietnam, and to ark.’’ For all the contributions he has made ters program. He has been honored as Re- consider how we might be of assistance in over the years, Mr. Vincenti deserves to be gional Tennis Coach of the Year, the Teacher their difficult and courageous struggle for the feted on this marvelous although melancholy of the Year and Northwood Institute Out- basic human rights that we, as Americans, occasion. standing Influencer. enjoy. Rarely has an individual been such an inte- Madam Speaker, I ask the House of Rep- gral part of a university by having received f resentatives to join me in applauding the out- both undergraduate and graduate degrees and standing work and contributions of Mark Mad- IN HONOR AND RECOGNITION OF going on to work at the same institution for den. He has been a committed educator both VETERANS OF THE BATTLE OF over 38 years. However, that is exactly what in and out of the classroom and I wish him the THE BULGE, (VBOB) OHIO NORTH Gene has done. His career at Rutgers Newark best as he enters the next phase of his life. COAST CHAPTER XXXVI can only be described as mutually beneficial. f Having worked with three provosts and three HON. DENNIS J. KUCINICH presidents, Gene has been instrumental in HONORING GERALDIN E. WOOD JOYNER OF OHIO helping to develop the current landscape of IN THE HOUSE OF REPRESENTATIVES Newark. In addition to his involvement with the Council for Higher Education in Newark, Tuesday, May 11, 2010 HON. THADDEUS G. McCOTTER CHEN, alliance, Gene had a hand in deter- OF MICHIGAN Mr. KUCINICH. Madam Speaker, I rise mining the locations of the New Jersey Per- IN THE HOUSE OF REPRESENTATIVES today in honor and recognition of Veterans of forming Arts Center and the Prudential Arena. the Battle of the Bulge, (VBOB) Ohio North He also had input on redeveloping the Broad Tuesday, May 11, 2010 Coast Chapter XXXVI. Their individual and Street train station and the Broad and Halsey Mr. MCCOTTER. Madam Speaker, today I collective courage, sacrifice and service on Street areas near the campus. rise to honor Geraldine Wood Joyner, a de- behalf of our nation will be forever remem- Gene’s involvement in CHEN and his nu- voted wife, mother and community activist and bered. merous years as a champion of Rutgers New- to mourn her upon her passing at the age of The Battle of the Bulge was the largest land ark helped to create some dynamic improve- 89. battle of World War II and one of the deadliest ments and image boosting initiatives for the Geraldine Wood, the oldest of the three chil- battles in American history. By the end of the City of Newark. His sphere of influence in the dren of William and Hilda Wood, was born in battle, nearly 20,000 American soldiers were community and the synergy he helped to cre- Stockton, California on May 20, 1920. Al- dead and more than 80,000 were wounded. ate through CHEN will always be remembered though her life was adversely affected and for- The German surprise attack on American by the many students, administrators and resi- ever changed by the polio epidemic of 1921, troops began on December 16, 1944 in the dents of the Greater Newark area. Jeri was never deterred from living life to the

VerDate Mar 15 2010 04:59 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00010 Fmt 0626 Sfmt 9920 E:\RECORD10\RECFILES\E11MY0.REC E11MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 11, 2010 CONGRESSIONAL RECORD — Extensions of Remarks E807 fullest. At the tender age of 4, Jeri was ac- Mr. Sullivan followed the path set by his fa- as the Assistant Director (1935–1958) and Di- cepted as a patient at San Francisco Shriners ther and joined the Asbestos Workers Local rector (1958–1969). In November of 1973, Hospital and endured multiple surgeries. Al- No. 3. He served as an Executive Board Laserium premiered—a program that contin- though she was home and hospital schooled member and later was elected President, an ued until January 2002. After Dr. William through her eighth grade year, Jeri was office which he held for six years. In 1973, he Kaufman’s resignation as Director (1970– healthy enough to attend high school, grad- was elected Business Manager of the Asbes- 1974), Dr. E.C. Krupp became the fourth Di- uating in 1937. She then went on to attend tos Workers union and he held the position for rector of the Observatory, a position he cur- Stockton College of Commerce. During World fifteen years. Mr. Sullivan was a tireless advo- rently holds after over 36 years, making him War II Miss Wood worked on a United States cate on behalf of asbestos workers. He the longest-serving Director. The 1970s also Army base in the state of Washington, meet- brought their concerns to national fora and saw Griffith Observatory designated as Los ing and eventually marrying Army Technical represented the union at international con- Angeles Historic-Cultural Monument No. 168 Sergeant Richard Joyner when the war ended. ferences. Most significantly, under his leader- and the official incorporation of the Friends Of Mr. and Mrs. Joyner and their young family ship, pension and hospitalization plans were The Observatory by Dr. Krupp and Debra and moved to Livonia, Michigan in 1960 where Jeri first established for asbestos workers. Harold Griffith. quickly became involved in the local PTA thus Mr. Sullivan was also a dedicated husband In 1985, the fiftieth anniversary was cele- beginning a storied career of service to the and father. He married his high school sweet- brated on May 14, Halley’s Comet brought in community she loved. Jeri served a combined heart, Helen, in 1952. Together, they raised unprecedented crowds, and on January 1, 20 years with the Livonia School Board and six children: James ‘‘Scott’’, Jeffrey, Brian, 1989, the Observatory was featured on a the Wayne County Intermediate School District Danny, Bobby and Kelly. All five sons are Rose Parade float in the Pasadena Tour- between 1964 and 1984. Perhaps because members of the Heat & Frost Insulators Local nament of Roses Parade. In the 1990s, a she was denied a normal educational experi- No. 3 in Cleveland. Mr. Sullivan was also a master plan for the Observatory’s future was ence, Jeri felt impassioned to guarantee other devoted grandfather of twelve, and great- approved, the Astronomers Monument restora- children ample opportunities through their grandfather of two. tion was completed, and huge crowds saw live school years. Madam Speaker and Colleagues, please telescopic viewing of Comet Shoemaker-Levy Geraldine Joyner served her community join me in honor and remembrance of James 9 crashing into Jupiter. In 2002, the Observ- with devotion, never waiting to be asked but Francis Sullivan. I offer my condolences to his atory closed to the public after 67 years of stepping up to communicate and to identify family and friends. Mr. Sullivan lived life with service for renovation and expansion and on important issues. Jeri was a longtime member a generous heart and an unwavering love for October 30, the groundbreaking for the project of the League of Women Voters, spending his family. He will never be forgotten. occurred. After a $93 million makeover, the many years as an election precinct chair- f Observatory building and grounds reopened to person. She was an active member of the the public on November 2, 2006. Since that Livonia Prayer Breakfast and the Livonia Town A TRIBUTE TO GRIFFITH time, the Observatory has continued serving Hall speakers program. This truly was a OBSERVATORY the public with new educational school pro- woman who inspired those around her. grams and events. On May 2, 2010, Geraldine Joyner’s driven HON. ADAM B. SCHIFF I consider it a great privilege to represent heart failed and the Livonia community lost a OF CALIFORNIA Griffith Observatory and I ask all Members to champion. She will long be remembered as a IN THE HOUSE OF REPRESENTATIVES join me in congratulating this iconic, cultural mother devoted to her family, especially Rich- Tuesday, May 11, 2010 landmark upon its seventy-fifth anniversary. ard, her husband of 62 years, and her sons f Richard William ‘‘Bill’’ Joyner, a former Wayne Mr. SCHIFF. Madam Speaker, I rise today County commissioner and Dr. Robert Wood to honor the seventy-fifth anniversary of the PERSONAL EXPLANATION Joyner. Jeri leaves a legacy in her grand- Griffith Observatory in Los Angeles, California. children Richard Paul, Jonathan, Jason and In 1896, Griffith J. Griffith donated 3,015 HON. J. GRESHAM BARRETT Kimberly Ann Joyner. Jeri was a wonderful acres to the City of Los Angeles for Griffith OF SOUTH CAROLINA woman, kind to all she encountered. She will Park and several years later in December of IN THE HOUSE OF REPRESENTATIVES 1912, he offered funding for a public observ- be truly and sorrowfully missed. Tuesday, May 11, 2010 Madam Speaker, during her lifetime, Geral- atory to the Los Angeles City Council. When dine Wood Joyner enriched the lives of every- Mr. Griffith died in 1919, he left funds for con- Mr. BARRETT of South Carolina. Madam one around her. As we bid farewell to this struction of the Observatory and the Greek Speaker, unfortunately, I missed the following wonderful woman, I ask my colleagues to join Theatre in his will. The groundbreaking for the recorded votes on the House floor the legisla- me in mourning her passing and honoring her new Observatory building occurred in June of tive week of Tuesday, May 4, 2010. years of loyal service to our community and 1920, and in 1934, the Astronomers Monu- For Tuesday, May 4, 2010, had I been country. ment was dedicated. present I would have voted ‘‘aye’’ on Rollcall f The formal dedication of Griffith Observatory vote No. 243 (on motion to suspend the rules was on May 14, 1935, and it opened to the and agree to H. Res. 1307), ‘‘aye’’ on Rollcall IN HONOR AND REMEMBRANCE OF public the next day. Soon afterward, the Ob- vote No. 244 (on motion to suspend the rules JAMES FRANCIS SULLIVAN servatory began its school field trip program, and agree to H. Res. 1213), ‘‘aye’’ on Rollcall which ran continuously until 2001 and brought vote No. 245 (on motion to suspend the rules HON. DENNIS J. KUCINICH millions of students to the Observatory. and agree to H. Res. 1132). OF OHIO The Observatory has played a crucial role in For Wednesday, May 5, 2010, had I been IN THE HOUSE OF REPRESENTATIVES our nation’s history—whether during the present I Would have voted ‘‘aye’’ on Rollcall 1940s, when military pilots trained in the plan- vote No. 246 (on motion to suspend the rules Tuesday, May 11, 2010 etarium theater to learn to navigate by the and agree to H. Res. 1320), ‘‘aye’’ on Rollcall Mr. KUCINICH. Madam Speaker, I rise stars and the 121st Coast Artillery members vote No. 247 (on motion to suspend the rules today in honor and remembrance of James were garrisoned at the Observatory, or in the and agree to H. Res. 1272), ‘‘no’’ on Rollcall Francis Sullivan, beloved husband, father, hundreds of motion pictures filmed at the Ob- vote No. 248 (on motion to suspend the rules grandfather, great-grandfather and friend. Mr. servatory, including The Phantom Empire, and agree to H. Res. 1301). Sullivan lived his life with energy, joy and a Rebel Without a Cause, and Jurassic Park. For Thursday, May 6, 2010, had I been commitment to his community. The 75 years have brought many exciting present I would have voted ‘‘no’’ on Rollcall Mr. Sullivan was born on June 19, 1932. His additions and changes at the Observatory. vote No. 249 (on agreeing to H. Res. 1329, mother, Sarah, was from Ireland, and his fa- 1958 saw the retirement of the first Observ- providing for consideration of H.R. 5019), ther, John, was from Pittsburgh. The youngest atory Director, Dr. Dinsmore Alter, after 23 ‘‘aye’’ on Rollcall vote No. 250 (on motion to of eleven brothers and sisters, Mr. Sullivan years. In the 1960s, the original Zeiss Mark II suspend the rules and agree to H. Res. 1295), was raised in Cleveland, Ohio, where he planetarium projector was replaced with a ‘‘no’’ on Rollcall vote No. 251 (on motion to learned the value of hard work and the impor- Zeiss Mark IV projector, Apollo astronauts suspend the rules and agree to HR. 1722), tance of family. He attended St. Coleman’s were trained to navigate by the stars in the ‘‘aye’’ on Rollcall vote No. 252 (on agreeing to Grade School and graduated from West High planetarium theater, and Dr. Clarence the Barton amendment to H.R. 5019), ‘‘aye’’ School. Cleminshaw retired after 34 years of service on Rollcall vote No. 253 (on agreeing to the

VerDate Mar 15 2010 04:59 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00011 Fmt 0626 Sfmt 9920 E:\RECORD10\RECFILES\E11MY0.REC E11MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE E808 CONGRESSIONAL RECORD — Extensions of Remarks May 11, 2010 Burgess amendment to H.R. 5019), ‘‘aye’’ on IN COMMEMORATION OF THE 70TH email or cell phones. We will not be able to Rollcall vote No. 254 (on motion to recommit ANNIVERSARY OF THE KATYN communicate with anyone. We don’t know H.R. 5019 with instructions), ‘‘no’’ on Rollcall MASSACRE how long this will last.’’ The International Superpowers—US Gov- vote No. 255 (on passage of H.R. 5019). ernment and China, have all given their si- f HON. DENNIS J. KUCINICH lent approval in support of the Genocidal President of Sudan. Omar Al-Bashir is a RECOGNIZING THE VISION OF OF OHIO IN THE HOUSE OF REPRESENTATIVES wanted war criminal who ran, and won the JOHN W. WEEKS AND HIS CON- recent, rigged and fraudulent elections. By TRIBUTION TO THE CONSERVA- Tuesday, May 11, 2010 standing silent the US Government has al- TION MOVEMENT Mr. KUCINICH. Madam Speaker, I rise lowed a continued reign of terror to besiege today in commemoration of the 70th anniver- the people of Sudan. The US government has sary of the Katyn Massacre, when Soviet chosen its path, to stand with the Sudanese HON. JAMES P. MORAN President while he targets the people and OF VIRGINIA forces executed nearly 25,000 Polish military strips them from their land, families and IN THE HOUSE OF REPRESENTATIVES personnel and civilians including 4,443 military often their lives. Tuesday, May 11, 2010 officers in the spring of 1940. The last several days have seen the ten- In September, 1939, the Soviet Union in- sions and terror increase inside the state of Mr. MORAN of Virginia. Madam Speaker, I vaded eastern Poland and imprisoned nearly Darfur; bombings, clashes and protests have am on the floor today acknowledging the up- 5,000 Polish military personnel. Polish officers left many dead, injured or displaced. coming 100th year anniversary of the passage According to sources on the ground, this were separated by the Soviet NKVD, the pre- of the Weeks Act, a significant conservation was to be expected, with information begin- cursor to the KGB. The officers were system- achievement in the history of the United ning to leak its way out of Darfur and their atically lined up, shot in the back, and buried States. John W. Weeks, a Republican Con- voices coming together in unity. The govern- in the Katyn forest near Smolensk. Thousands ment (GoS) is trouncing hard on the people gressman from the Commonwealth of Massa- more Polish soldiers and civilians were taken of El Fasher. Those inside report that the chusetts, was relentless in his efforts to pass government is not only stopping all commu- this legislation, which authorized the federal to other sites to be killed. In 1990, Soviet Premier Mikhail Gorbachev nication they are confiscating cell phones, purchase of cutover and denuded forestlands publicly admitted that the Soviet NKVD had or- cameras and computers in an effort to ebb in the headwaters of navigable streams for the the flow of information leaving the state. dered the execution of up to 25,000 Polish purpose of conserving the flow of streams and Sources say to brace for more to happen, military members and citizens. Gorbachev’s rivers and to restore lands for future timber there have been too many to count, arrested production. Despite a fierce two year battle, admission was a first step toward reconcili- and beaten. Many of those being taken are Rep. Weeks was successful and the Weeks ation between Poland and Russia; a process the same that stood in strength and pro- that continues to progress today. tested against the government’s horror and Act cleared Congress on March 1, 1911. deception. At the turn of the 19th century, vast Madam Speaker and colleagues, please join in remembrance of the 70th anniversary of the 2 May 2010 in El Fasher, also known as Al amounts of private forested land in the eastern Fashir United States had been ravaged by clear cut tragedy that became known as the Katyn Mas- The GoS Ponzi scam that was earlier re- logging. In the absence of trees, vast areas of sacre. As the people of Poland and Russia ported not only stole money from the hard the East were prone to flooding and soil ero- continue the work of reconciliation, we must working Darfuri’s but also allowed the GoS sion, as well as destructive forest fires. No support their efforts and continue to work to- to compile a list of names and addresses. longer productive, these lands were often ward diplomacy and peace. Together, we can This list is not being used not to repay those that the government owes money, but to tar- abandoned and came into state and local create a world where nations rely on the prin- ciples of diplomacy and peace to resolve con- get with violence and harassment. Many on ownership for nonpayment of taxes. To bring this list have already been taken away or ar- these lands back from the ecological brink, flicts. rested; reports Indicate they are being sent Rep. John Weeks introduced legislation direct- f to Shalla prison. ing the federal government to relieve state and ‘‘Shalla is a very bad, terrible place’’. AL BASHIR EXECUTES MARTIAL We previously reported over 300 people local governments from managing these lands LAW TO SILENCE EL-FASHER and restore them to their former condition. were arrested in the two days following the UNITY: US AND UN UNSPOKEN protest. Today 26 eastern states are home to 52 Our source says, ‘‘Over 100 arrested today National Forests encompassing almost 25 mil- and still arresting more based on the gov- lion acres. These forests provide significant HON. FRANK R. WOLF ernor’s order this evening.’’ economic benefits. Not only are the forests OF VIRGINIA Sources indicate this may be a very long recreational sanctuaries, they are also a major IN THE HOUSE OF REPRESENTATIVES lockdown; they cannot leave their homes and contributor in keeping America’s drinking water Tuesday, May 11, 2010 the market has been shut down. A majority clean. Many eastern municipal water supplies of people inside El Fasher do not have run- Mr. WOLF. Madam Speaker, I would like to ning water and rely on every day trips to the depend on National Forest watersheds and share with our colleagues an article which ran market to feed their families. currently $450 billion in food and fiber, manu- last week reporting that Sudan’s leader, the ‘‘How are we going to survive if we can’t factured goods, and tourism depends on clean internationally indicted war criminal, Bashir, get food and water, we can’t last a week? If water and healthy watersheds. In addition, the declared martial law inside El-Fasher, Darfur. we leave our homes we are arrested or timber supply managed by the Forest Service What’s remarkable is the headline: Al-Bashir killed.’’ provides a significant monetary benefit. The Omar Al-Bashir has been known in the past Executes Martial Law to Silence El Fasher to use starvation as a weapon of war. The timber resource was almost nonexistent when Unity: US and UN Unspoken. goal and ideology has been consistent within the federal government purchased the land, Silence in the face of martial law? this government; to clear Darfur of its peo- but today these lands host an estimated 42 Once again, I urge this administration to find ple. billion cubic feet of growing stock and about its voice on Sudan. ‘‘They can do anything that they want and 210 billion board feet of saw timber. [From Salem-News.com, May 4, 2010] get away with it, anything beyond your imagination, that is what they can do,’’ Re- With this resolution we recognize and com- AL-BASHIR EXECUTES MARTIAL LAW TO SI- memorate the vision of John W. Weeks and porter Mohammed Yahya said. LENCE EL FASHER UNITY: US AND UN Oil, gold, copper and uranium are all found his contribution to the conservation effort. Both UNSPOKEN in ground of Darfur. Omar Al-Bashir’s ac- Republicans and Democrats recognized the (By Alysha Atma) tions suggest that the Sudanese people are importance of federal government in con- ‘‘I know there are many good, compas- dispensable; wipe out the people and the land serving the forests and the water supply for sionate people in this world, who will listen is his, this equals money. He has successfully long term environmental goals. Today I en- to us and help us’’—Mohammed Yahya managed to wipe out over 80% of the vil- courage both Congress and the Forest Serv- (EL FASHER/PORTLAND)—‘‘Martial Law lages. El Fasher is one of the largest towns ice to begin preparing a centennial celebration has been declared inside El Fasher, Darfur. in Darfur with a population of over 250,000, commemorating this major bipartisan accom- We have to stay in our homes; the Police and how many will survive? Government Army are searching house to The citizens of El Fasher no longer having plishment. Our 52 National Forests in 26 east- house looking for people, cell phones, cam- anything to lose; with no other direction and ern states may never have existed if the eras and pictures,’’ a source on the ground with many facing death or imprisonment, Weeks Act of 1911 had not been passed. there tells Salem-News.com. the U.S. and UN still stand silent. Their hope I encourage my colleagues to support this All communications have been severed, is for world to hear them and not allow an- resolution. ‘‘They are going to cut the network, no other hundred people to disappear into

VerDate Mar 15 2010 04:59 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00012 Fmt 0626 Sfmt 0634 E:\RECORD10\RECFILES\E11MY0.REC E11MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 11, 2010 CONGRESSIONAL RECORD — Extensions of Remarks E809 Shalla prison today and thousands to starve HONORING MR. JOSEPH RIHEL by the City of Parma and other organizations while Al-Bashir smiles for the camera during for his efforts. Mr. Smallwood was an active his re-election photos. member and leader within many community Mohammed Yahya said, ‘‘I know there are HON. C.A. DUTCH RUPPERSBERGER OF MARYLAND organizations and initiatives, including Proud many good, compassionate people in this of Parma, the Parma Chamber of Commerce, world, who will listen to us and help us.’’ IN THE HOUSE OF REPRESENTATIVES the Parma Amateur Athletic Association, and Tuesday, May 11, 2010 the Parma Rib and Rock. He was also an avid f Mr. RUPPERSBERGER. Madam Speaker, I softball and volleyball player and enjoyed trav- HONORING KEVIN DOWLING rise before you today to honor the tireless eling. service of Joseph Rihel as a dedicated volun- Madam Speaker and Colleagues, please teer for the Glen Burnie VA Outpatient Clinic. join me in honor and remembrance of Richard HON. FORTNEY PETE STARK To salute his service, Mr. Rihel was awarded Smallwood, a man who will be deeply missed OF CALIFORNIA the 2009 Congressional Volunteer Recognition by all who knew and loved him. I offer my IN THE HOUSE OF REPRESENTATIVES Award by the Veterans Advisory Council for condolences to his wife of 41 years, Donna; to Maryland’s 2nd District. his children, Dave, Terri, Scott, Bruce, Vicki Tuesday, May 11, 2010 Veterans of the United States Armed Forces and Sherri; to his daughters-in-law, Barb, Mr. STARK. Madam Speaker, I rise today to have dedicated themselves to protecting the Karen and Mary; to his sons-in-law, Ken, John pay tribute to Kevin Dowling, who is retiring lives of every American. Their service to our and Bob; to his 21 grandchildren and 21 from the Hayward, California City Council after Nation deserves the highest level of gratitude. great-grandchildren; and to his extended fam- 26 years of public service. Over the course of It is important that we take the time to recog- ily members and numerous friends. his career, he has served on many Council nize the individuals who give of their time and f commissions and intergovernmental agencies, talents to support veterans and ensure their PERSONAL EXPLANATION including the Hayward Economic Development comfort, care, and well-being. Committee, City Council Commercial Center, A retired Baltimore City firefighter and re- Hayward Youth Commission, Hayward Eco- servist in the U.S. Navy, Mr. Rihel continues HON. EDWARD J. MARKEY nomic Development Committee, and the Ala- to serve his county and community as a volun- OF MASSACHUSETTS meda County Transportation Improvement teer at the Glen Burnie VA Outpatient Clinic. IN THE HOUSE OF REPRESENTATIVES Mr. Rihel has driven more than 20,000 miles Agency. Tuesday, May 11, 2010 Mr. Dowling has been a Hayward resident transporting veterans to their clinic appoint- since 1962. He received his high school di- ments and back home. To date, he has given Mr. MARKEY of Massachusetts. Madam ploma from Moreau Catholic High School in more than 1,700 hours of volunteer time to the Speaker, on rollcall No. 245, I inadvertently 1980 and graduated with a Bachelor of Disabled American Veterans Transportation. voted ‘‘no,’’ but intended to vote ‘‘yes.’’ Science degree from Santa Clara University in Time and again, Mr. Rihel has gone above f and beyond expectations. When an illness dis- 1984. TRIBUTE TO LIEUTENANT GEN- rupted the regular driving schedule, he worked Before becoming a council member for the ERAL FRANKLIN L. ‘‘BUSTER’’ overtime to keep the office moving. After a city of Hayward, Mr. Dowling served as an HAGENBECK aide to Alameda County Supervisors Gail major snow fall, he cleared the snow off the vans, then moved them to a snow-free area Steele and Alice Lai-Bitker. He was Alumni Di- HON. JIM MARSHALL rector for Moreau Catholic High School and so that Veteran patients and other drivers OF GEORGIA Development Director for Eden Information could access them safely. Mr. Rihel’s col- IN THE HOUSE OF REPRESENTATIVES and Referral. He serves as Development Di- leagues describe him as ‘‘phenomenal.’’ rector for the Boys and Girls Clubs of San Madam Speaker, I ask that you join with me Tuesday, May 11, 2010 Leandro. today to honor Mr. Joseph Rihel. His compas- sion and dedication to veterans of the U.S. Mr. MARSHALL. Madam Speaker, it is with Mr. Dowling has been a vital part of many Armed Forces are an inspiration to us all, and great pleasure that I rise today not only as the projects in the city of Hayward, including are deserving of the utmost gratitude. It is with Representative of the 8th District of Georgia downtown redevelopment and neighborhood great pride that I congratulate Mr. Joseph but also as the Chairman of the Board of Visi- improvements. His leadership and exemplary Rihel on his exemplary service as an advocate tors to the United States Military Academy at public service have made an impact in Hay- and a volunteer. West Point, to honor the service and accom- ward and beyond. plishments of Lieutenant General Franklin L. f He is retiring from the City Council at the ‘‘Buster’’ Hagenbeck, the 57th Superintendent. end of his term on July 13, 2010. I join the city IN HONOR AND REMEMBRANCE OF LTG Hagenbeck distinguished himself of Hayward in expressing appreciation for his RICHARD SMALLWOOD through exceptionally meritorious service to many years of public service. the Nation during more than thirty-nine years HON. DENNIS J. KUCINICH of active military service in peace and war, f OF OHIO culminating as the Commanding General and IN THE HOUSE OF REPRESENTATIVES 57th Superintendent of the United States Mili- OUR UNCONSCIONABLE NATIONAL tary Academy, West Point. DEBT Tuesday, May 11, 2010 Madam Speaker, during LTG Hagenbeck’s Mr. KUCINICH. Madam Speaker, I rise tenure as Superintendent, West Point was rec- HON. MIKE COFFMAN today in honor and remembrance of Richard ognized as the number one college in the Na- Smallwood, a beloved husband, father and tion by Forbes Magazine (2009) and the num- OF COLORADO friend who lived life with a sense of joy. ber one liberal arts college by US News and IN THE HOUSE OF REPRESENTATIVES Mr. Smallwood served in the Seabees divi- World Report (2010). West Point also won Tuesday, May 11, 2010 sion of the U.S. Navy. After his service he met twenty-four national championships in athletics and married the love of his life, Donna Reese. and earned twenty-eight competitive scholar- Mr. COFFMAN of Colorado. Madam Speak- Together, he and Donna raised their six chil- ships (Rhodes, Truman, Fulbright, East-West, er, today our national debt is dren with an abundance of love and devotion. Gates, and Rotary). $12,926,785,477,772.98. He instilled within them a positive attitude, a LTG Hagenbeck instituted the first signifi- On January 6, 2009, the start of the 111th strong work ethic, and an unwavering commit- cant change to the cadet program since 1987 Congress, the national debt was ment to family and service. He worked for by establishing a measured leadership devel- $10,638,425,746,293.80. many years at Cleveland Electric Illuminating opment experience during the summer of sen- This means the national debt has increased Company, the City of Parma Recreation De- ior year. In only one year, he achieved a sub- by $2,288,359,731,479.18 so far this Con- partment, and he also ran a family business; stantial improvement in the battlefield tested gress. a gift store called the Treasure Isle. leadership qualities of West Point graduates This debt and its interest payments we are A modest man, Mr. Smallwood never sought based on feedback from battalion com- passing to our children and all future Ameri- the spotlight, but his volunteer work did not go manders. Through the establishment of Cen- cans. unnoticed. He was honored numerous times ters of Excellence at West Point, LTG

VerDate Mar 15 2010 04:59 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00013 Fmt 0626 Sfmt 9920 E:\RECORD10\RECFILES\E11MY0.REC E11MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE E810 CONGRESSIONAL RECORD — Extensions of Remarks May 11, 2010 Hagenbeck also developed an integration be- a passion for the arts and politics, and he had RECOGNIZING REVEREND DAVID tween Army applied problem sets and West a lifelong mission to make the world a better EVERSON DAY Point research and intellectual capital, drawing place. from across West Point to stand up the Na- Mr. Palevsky, the son of Jewish Polish im- HON. RON PAUL tional Military Academy of Afghanistan and migrants, was born and raised in Chicago dur- OF TEXAS graduate the first class into the Afghan Army ing the Great Depression. His mother was a IN THE HOUSE OF REPRESENTATIVES in 2009. homemaker and his father worked as a house Tuesday, May 11, 2010 Madam Speaker, LTG Hagenbeck com- painter; neither spoke much English. During manded West Point while our Nation was at World War II, he served as an electronics offi- Mr. PAUL. Madam Speaker, on May 16, war. And it is well known within military circles cer in the Army Air Forces. Following his serv- 2010, Galveston, Texas will celebrate Rev- that field commanders competed to bring his ice, he studied math and philosophy at the erend David Everson Day in honor of Rev- graduating cadets into their units. This is testi- University of Chicago, where he earned a erend Everson’s eleven years of service as mony both to the quality of the graduates and bachelor’s degree in 1948. Mr. Palevsky be- the pastor of the First Union Baptist Church. I to LTG Hagenbeck’s exemplary leadership as came a titan in the computer industry as a am pleased to join the First Union Baptist con- the 57th Superintendent of West Point. founding member of Intel Corp. He used his gregation, and all the people of Galveston, in On behalf of the Board of Visitors to West vast wealth to finance political campaigns, celebrating Reverend Everson’s 11 years of Point, I thank General Hagenbeck for his serv- build notable art collections, help finance films service. ice. And on a personal note, let me take this and help save troubled publications like Roll- First Union Baptist has had numerous opportunity to formally congratulate Buster and ing Stone Magazine. achievements under Reverend Everson’s lead- West Point’s 1970 speed football team for Mr. Palevsky first became active in politics ership. For example, First Union Baptist’s Hall thoroughly stomping me and my fellow Prince- in the 1960s by supporting Tom Braden, a Chapel was repaired and adapted to serve as ton teammates. That memorable whipping newspaper publisher, for California’s lieutenant a computer school and resource center for cost me a dollar a point on a bet with my fa- governor. He became active in the anti-war youth and adult literacy. Reverend Everson ther, MG Robert C. Marshall, a 1942 West movement and served as a leader in Business also led efforts to repair the church parson- Point grad. Executives Move for Vietnam Peace. His ac- age. In the aftermath of Hurricane Ike; Reverend tivism against the war led to his efforts in sup- f Everson worked tirelessly to meet the imme- port of Robert Kennedy’s 1968 presidential diate spiritual needs of the First Union Baptist PERSONAL EXPLANATION campaign. He met George McGovern at the congregation while ensuring that First Union notorious Chicago Democratic National Con- Baptist could resume its schedule of regular vention and became an early supporter. He is HON. KAY GRANGER weekly services and ancillary activities as credited with helping elect the first African- OF TEXAS soon as possible. Reverend Everson contin- American mayor of Los Angeles, Tom Bradley, IN THE HOUSE OF REPRESENTATIVES ued to demonstrate exceptional commitment who held office for twenty years. Mr. Tuesday, May 11, 2010 to his parish while leading the efforts to repair Palevsky’s bipartisan advocacy of campaign fi- the damage the church suffered during Hurri- Ms. GRANGER. Madam Speaker, on rollcall nance reform is evidence that he prioritized cane Ike. No. 242, I was absent from the House. policy over politics. Reverend Everson has contributed greatly Had I been present, I would have voted Madam Speaker and colleagues, please join to both the church, and the entire Galveston ‘‘no.’’ me in honor and remembrance of Alex community, by being there for all who need a Palevsky, whose innovative mind and pas- f friend, comforter, and spiritual counselor. Rev- sionate heart led not only to great accomplish- erend Everson not only cares for those in his TO CONGRATULATE ROY WELCH ment in America’s technical industries, but congregation, he is always seeking to bring ON HIS FIFTIETH BIRTHDAY also led to great contributions in art and poli- new people into the First Union Baptist con- tics. I offer my condolences to his wife, Jodie gregation. The people of First Union Baptist, HON. HEATH SHULER Evans; to his daughter, Madeleine; to his and all of Galveston, are certainly lucky to OF NORTH CAROLINA sons, Nicholas, Alexander, Jonathan and Mat- have such a dedicated man as Reverend thew; to his stepson, Jan; to his sister, Helen; IN THE HOUSE OF REPRESENTATIVES Everson in their community. I, therefore, join to his four grandchildren; and to his extended Tuesday, May 11, 2010 the congregation of First Union Baptist Church family members and many friends. and all of the people of Galveston in cele- Mr. SHULER. Madam Speaker, I rise today f to congratulate Roy Welch on his 50th birth- brating Reverend David Everson Day. day. Born with Down Syndrome in 1960 in my HONORING THE CITY OF TERRELL f home town of Bryson City, North Carolina, the IN RECOGNITION OF THE LIFE OF doctors told his parents he would not live long HON. JEB HENSARLING CAPTAIN KYLE A. COMFORT enough to take him home from the hospital. OF TEXAS Fifty years later, Mr. Welch is a standing testa- IN THE HOUSE OF REPRESENTATIVES HON. MIKE ROGERS ment to the importance of faith, strength, and Tuesday, May 11, 2010 OF ALABAMA the desire to live a fulfilling and fruitful life. IN THE HOUSE OF REPRESENTATIVES Madam Speaker, I ask my colleagues today Mr. HENSARLING. Madam Speaker, today I to rise with me in recognizing the incredible would like to recognize the community and city Tuesday, May 11, 2010 story of Roy Welch, and the inspiration he has leaders of Terrell, Texas. Terrell has been rec- Mr. ROGERS of Alabama. Madam Speaker, provided to all of Western North Carolina. I ognized in the state and by national publica- I would like to request the House’s attention urge my colleagues to join me in celebrating tions for planning excellence and innovative, today to recognize the life of a proud Amer- the courage, character, and vitality of Mr. sustainable city planning. ican hero, Captain Kyle A. Comfort. Welch. Kaufman County is not only one of the fast- Captain Comfort, of Jacksonville, Alabama, f est growing counties in the State of Texas, but died in Afghanistan on May 8, 2010, in service also the entire country. In 2008, U.S. Census to our Nation. He is survived by his wife Kath- IN HONOR AND REMEMBRANCE OF data showed a 44% increase in the county’s erine Brooke Comfort, their daughter Kinleigh MAX PALEVSKY population from 2000. The City of Terrell is Ann and his mother Ellen Comfort. currently home to about 18,952 people, but is Like all those who have paid the ultimate HON. DENNIS J. KUCINICH expected to be home to over 50,000 new resi- sacrifice in this conflict, words cannot express OF OHIO dents by 2025. the sense of sadness we have for his family, IN THE HOUSE OF REPRESENTATIVES I would like to recognize Mayor Hal Rich- and the gratitude our country feels for his ards and the city council, as well as Terrell service. Captain Comfort died serving the Tuesday, May 11, 2010 City Manager Torry Edwards and the city staff, United States and the entire cause of liberty, Mr. KUCINICH. Madam Speaker, I rise for their efforts and contributions to ensure on a mission to bring stability to a troubled re- today in honor and remembrance of Max Kaufman County residents will have a commu- gion and liberty to a formerly oppressed peo- Palevsky, a kind man who was devoted to his nity that is equipped to handle the growth in ple. He was a true patriot for serving our Na- family and friends. He had an innovative spirit, the years to come. tion, and he will be missed.

VerDate Mar 15 2010 04:59 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00014 Fmt 0626 Sfmt 9920 E:\RECORD10\RECFILES\E11MY0.REC E11MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 11, 2010 CONGRESSIONAL RECORD — Extensions of Remarks E811 We will forever hold him closely in our HONORING THE 250TH ANNIVER- in introducing this bipartisan extension of the hearts, and remember his sacrifice and that of SARY OF BERNARDS TOWNSHIP Burmese Freedom and Democracy Act. It is his family as a remembrance of his bravery abundantly clear that we need tougher and a and willingness to serve. Thank you, Madam HON. RODNEY P. FRELINGHUYSEN more robust application of sanctions on Speaker, for the House’s remembrance on this OF NEW JERSEY Burma, and we need to start soon because mournful day. IN THE HOUSE OF REPRESENTATIVES the Burmese regime continues to commit Tuesday, May 11, 2010 crimes against humanity and war crimes f against its people. Mr. FRELINGHUYSEN. Madam Speaker, I IN RECOGNITION OF GILLS ON- rise today to honor Bernards Township, in Many of us in this Congress, as well as IONS’ GRAND CONCEPTOR Somerset County, New Jersey, which is cele- credible human rights organizations, have AWARD brating its 250th Anniversary in 2010. been saying this for years, but now even the Originally inhabited by the Lenni-Lenape In- United Nations Special Rapporteur on Human HON. ELTON GALLEGLY dians, the area that is now Bernards Township Rights in Burma has said that it is highly likely OF CALIFORNIA was purchased by John Harrison in 1717 on the regime has committed crimes. This is a re- behalf of King George I of England. In 1760, IN THE HOUSE OF REPRESENTATIVES gime that has destroyed or forced the aban- the land was named Bernardston Township by donment of 3,500 villages, raped countless Tuesday, May 11, 2010 King George II in recognition of the fifth pro- ethnic minority women and recruited thou- Mr. GALLEGLY. Madam Speaker, I rise in vincial governor of New Jersey, Francis Ber- sands of child soldiers. There is no shortage recognition of Gills Onions, a Ventura County, nard. There were many buildings erected fol- of evidence of these crimes—which continue California, company recently awarded the lowing this period that still stand today: The to this day. It is my hope the Administration Grand Conceptor Award from the American Lord Stirling Manor site, Basking Ridge Clas- will support the United Nations’ findings, both Council of Engineering Companies (ACEC), sical School and the Basking Ridge Pres- by acknowledging the Burmese regime is considered the Academy Awards for engineer- byterian Church, all rich in history. In the yard committing crimes against humanity and by ing. of the Basking Ridge Presbyterian Church seeking a strong international investigation. Gills Onions, owned by Steve and David stands a great oak tree where General I am also concerned that the Burmese mili- Gill, teamed with HDR Engineering to develop George Washington and Marquis de Lafayette tary regime has completely rejected true co- a groundbreaking waste-to-energy system picnicked and colonial troops practiced their operation with the legitimate leaders of fueled solely from onions. drill steps. The Classical School provided edu- Burma—Aung San Suu Kyi and the National Gills Onions and HDR were chosen from a cation to many distinguished leaders of our field of eight finalists selected from among 163 country; graduates include Samuel Lewis League for Democracy. The regime recently projects worldwide. ACEC represents more Southard, New Jersey’s tenth governor, who released a new constitution and electoral law than 5,600 engineering firms throughout the along with his father, Henry, became the first that makes it impossible for Nobel Peace United States. Other finalists included the new father and son pair to serve in Congress; Prize recipient Aung San Suu Kyi to run for of- $1.3 billion Dallas Cowboys Stadium in Arling- Theodore Frelinghuysen, U.S. Senator and fice. The Burmese regime’s ‘‘laws’’ makes a ton, Texas, and the Sea-to-Sky Highway vice-presidential candidate in 1844; and Wil- mockery of constitutionalism, and for that rea- project in British Columbia, Canada. liam Lewis Dayton, U.S. Senator and Minister son Aung San Suu Kyi’s political party is sim- Gills Onions hired HDR Engineering to de- to France. ply not able to register to participate in the velop the Advanced Energy Recovery System Today, Bernards Township consists of election. (AERS), which converts 200,000 pounds of Basking Ridge, Liberty Corner and Lyons. It is We must stand with Aung San Suu Kyi and daily onion waste (peels, stems, and tops) into home of the Lyons Campus of the Veterans the legitimate leaders of Burma and show our biogas. The biogas, in turn, powers 300-kilo- Administration New Jersey Health Care Sys- support through concrete actions—by imple- watt fuel cells to supply plant operations. tem, the Bonnie Brae Educational Center and menting tougher sanctions and action on Gills Onions is the world’s largest processor Verizon Corporate Headquarters and many crimes against humanity—moves that have of fresh-cut onions and distributes them excellent schools. This vibrant municipality is real teeth. When I led the Tom Lantos Block across the nation. home to approximately 28,000 residents who Burmese JADE Act, which was signed into law AERS satisfies 60 percent of Gills Onions’ look enthusiastically toward their future but in 2008, I believed the Administration should annual power needs—an estimated $1.1 mil- also cherish and preserve their history. use the measure to implement tough sanc- Madam Speaker, I ask you and my col- lion savings. In addition to increased energy tions—now is the time for that implementation leagues to join me in congratulating Bernards independence, AERS has allowed Gills On- to begin. ions to eliminate a waste stream, reduce its Township as they celebrate their 250th Anni- Lastly, I would like to convey a message to operational costs and provide a smaller car- versary. Aung San Suu Kyi and the people of Burma: bon footprint. f the people and Congress of the United States The combination of the energy produced, BURMESE FREEDOM AND stand with you. We will not waver in our sup- cost savings generated and grant funding DEMOCRACY ACT achieved by the project will result in a full pay- port for your struggle. back in less than six years. HON. JOSEPH CROWLEY Aung San Suu Kyi has appealed to the Madam Speaker, I know my colleagues will world to support the fight for human rights and OF NEW YORK join me congratulating Steve and David Gill democracy, stating ‘‘Please, use your liberty to IN THE HOUSE OF REPRESENTATIVES and Gills Onions for being awarded the Grand promote ours.’’ It is time for us to re-double Conceptor Award and for their out-the-box Tuesday, May 11, 2010 our efforts for a better, more democratic thinking that has possibly revolutionized how Mr. CROWLEY. Madam Speaker, I am Burma, and I urge my colleagues to join me food processing waste is treated. proud to join with so many of my colleagues in the expeditious passage of this legislation.

VerDate Mar 15 2010 04:59 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00015 Fmt 0626 Sfmt 9920 E:\RECORD10\RECFILES\E11MY0.REC E11MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE Tuesday, May 11, 2010 Daily Digest Senate Bennet Amendment No. 3928 (to Amendment Chamber Action No. 3739), to apply recaptured taxpayer investments Routine Proceedings, pages S3487–S3568 toward reducing the national debt. Pages S3511–13 Measures Introduced: Thirteen bills and one reso- Rejected: lution were introduced, as follows: S. 3335–3347, By 37 yeas to 62 nays (Vote No. 138), Vitter Amendment No. 3760 (to Amendment No. 3739), and S.J. Res. 30. Pages S3535–36 to address availability of information concerning the Measures Passed: meetings of the Federal Open Market Committee. Commemorating the Dedication and Sacrifices Pages S3488–95 of Law Enforcement Officers: Senate agreed to S. By 43 yeas to 56 nays (Vote No. 140), McCain Res. 511, commemorating and acknowledging the Amendment No. 3839 (to Amendment No. 3739), dedication and sacrifices made by the Federal, State, to provide for enhanced regulation of, and to estab- and local law enforcement officers who have been lish a term certain for the conservatorships of Fannie Mae and Freddie Mac, to provide conditions for con- killed or injured in the line of duty. Page S3567 tinued operation of such enterprises, to provide for Measures Considered: the wind down of such operations and the dissolu- Restoring American Financial Stability Act— tion of such enterprises, and to address budgetary Agreement: Senate continued consideration of S. treatment of such enterprises. Pages S3496–97, S3509 3217, to promote the financial stability of the Pending: United States by improving accountability and trans- Reid (for Dodd/Lincoln) Amendment No. 3739, parency in the financial system, to end ‘‘too big to in the nature of a substitute. fail’’, to protect the American taxpayer by ending Pages S3488–96, S3496–S3509, S3510–32 bailouts, to protect consumers from abusive financial Corker Amendment No. 3955 (to Amendment services practices, taking action on the following No. 3739), to provide for a study of the asset-backed securitization process and for residential mortgage amendments proposed thereto: underwriting standards. Pages S3513–16 Pages S3488–96, S3496–S3509, S3510–32 Merkley Amendment No. 3962 (to Amendment Adopted: No. 3739), to prohibit certain payments to loan By an unanimous vote of 96 yeas (Vote No. 137), originators and to require verification by lenders of Sanders/Dodd Modified Amendment No. 3738 (to the ability of consumers to repay loans. Amendment No. 3739), to require the non-partisan Pages S3516–21 Government Accountability Office to conduct an Hutchison Modified Amendment No. 3759 (to independent audit of the Board of Governors of the Amendment No. 3739), to maintain the role of the Federal Reserve System that does not interfere with Board of Governors as the supervisor of holding monetary policy, to let the American people know companies and State member banks. Pages S3521–32 the names of the recipients of over A unanimous-consent-time agreement was reached $2,000,000,000,000 in taxpayer assistance from the providing for further consideration of the bill on Federal Reserve System. Wednesday, May 12, 2010, following any Leader Pages S3488, S3490–95, S3510–32 time, and that the time until 10 a.m., be for debate By 63 yeas to 36 nays (Vote No. 139), Dodd with respect to the following three amendments; Amendment No. 3938 (to Amendment No. 3739), with the time equally divided and controlled be- to require the Secretary of Transportation to conduct tween the two Leaders, or their designees; that at 10 a study on ending the conservatorship of Fannie Mae a.m., Senate vote on or in relation to the amend- and Freddie Mac, and reforming the housing finance ments in the order listed, with no amendment in system. Pages S3497–S3509 order to the amendments prior to a vote, with 2 minutes of debate prior to the succeeding votes, and D512

VerDate Mar 15 2010 05:40 May 12, 2010 Jkt 089060 PO 00000 Frm 00001 Fmt 0627 Sfmt 0627 E:\CR\FM\D11MY0.REC D11MYPT1 pwalker on DSK8KYBLC1PROD with DIGEST May 11, 2010 CONGRESSIONAL RECORD — DAILY DIGEST D513 with the succeeding votes limited to 10 minutes: Program, Minerals Management Service, Department Merkley Amendment No. 3962 (to Amendment No. of the Interior; F.E. Beck, Texas A&M University, 3739) (listed above); Corker Amendment No. 3955 College Station; and Lamar McKay, BP America, (to Amendment No. 3739) (listed above); Hutchison Steven Newman, Transocean, Ltd., and Tim Probert, Modified Amendment No. 3759 (to Amendment Global Business Lines, all of Houston, Texas. No. 3739); provided further, that the next two amendments in order would be: Landrieu-Isakson re- EPA’S ROLE IN PROTECTING OCEAN garding risk retention; and Snowe-Landrieu Amend- HEALTH ment No. 3918. Page S3532 Committee on Environment and Public Works: Sub- Message from the President: Senate received the committee on Oversight concluded a joint hearing following message from the President of the United with the Subcommittee on Water and Wildlife to States: examine the Environmental Protection Agency’s Transmitting, pursuant to law, the 2010 National (EPA) role in protecting ocean health, after receiving Drug Control Strategy; which was referred to the testimony from Nancy Stoner, Deputy Assistant Ad- Committee on the Judiciary. (PM–54) Page S3535 ministrator, Office of Water, and James J. Jones, Nominations Confirmed: Senate confirmed the fol- Deputy Assistant Administrator, Office of Chemical lowing nominations: Safety and Pollution Prevention, both of the Envi- Timothy S. Black, of Ohio, to be United States ronmental Protection Agency; Roger Payne, Ocean District Judge for the Southern District of Ohio. Alliance, Lincoln, Massachusetts; Carys L. Jon E. DeGuilio, of Indiana, to be United States Mitchelmore, University of Maryland Center for En- District Judge for the Northern District of Indiana. vironmental Science, Solomons; Sam Waterston, Pages S3509–10, S3568 Oceana, Washington, D.C.; and John T. Everett, Messages from the House: Page S3535 Ocean Associates, Inc., Arlington, Virginia. Measures Read the First Time: Pages S3535, S3567 ENVIRONMENTAL IMPACTS OF RECENT Additional Cosponsors: Pages S3536–39 OIL SPILL Statements on Introduced Bills/Resolutions: Committee on Environment and Public Works: Com- Pages S3539–42 mittee concluded a hearing to examine economic and Additional Statements: Page S3535 environmental impacts of the recent oil spill in the Amendments Submitted: Pages S3542–66 Gulf of Mexico, after receiving testimony from Authorities for Committees to Meet: Lamar McKay, BP America, Tim Probert, Global Pages S3566–67 Business Lines, and Steven Newman, Transocean, Ltd., all of Houston, Texas; Stephen A. Bortone, Record Votes: Four record votes were taken today. Gulf of Mexico Fishery Management Council, (Total—140) Pages S3495, S3509 Tampa, Florida; Keith Overton, TradeWinds Island Adjournment: Senate convened at 10 a.m. and ad- Resorts, St. Pete Beach, Florida; Eric B. May, Uni- journed at 7:01 p.m., until 9:30 a.m. on Wednes- versity of Maryland Eastern Shore, Princess Anne; day, May 12, 2010. (For Senate’s program, see the Margaret R. Caldwell, Stanford Law School, Stan- remarks of the Acting Majority Leader in today’s ford, California; and Lieutenant General Thomas G. Record on pages S3567–68.) McInerney, United States Army, (Ret.), Clifton, Vir- ginia. Committee Meetings TROUBLED ASSET RELIEF PROGRAM (Committees not listed did not meet) Committee on Finance: Committee concluded a hearing OFFSHORE OIL AND GAS DEVELOPMENT to examine the President’s proposed fee on financial institutions regarding the Troubled Asset Relief Pro- Committee on Energy and Natural Resources: Committee gram, after receiving testimony from Edward J. concluded a hearing to examine current issues related to offshore oil and gas development including the DeMarco, Acting Director, Federal Housing Finance Department of the Interior’s recent five year plan- Agency; David C. John, The Heritage Foundation, ning announcements and the accident in the Gulf of and Nancy L. McLernon, Organization for Inter- Mexico involving the offshore oil rig Deepwater Ho- national Investment (OFII), both of Washington, rizon, after receiving testimony from Elmer P. D.C.; and Douglas J. Elliott, Brookings Institution, Danenberger III, former Chief, Offshore Regulatory New York, New York.

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STANDARDS FOR A SAFER AMERICAN stein, Washington State Department of Labor and WORKFORCE Industries, Olympia; Bettye Shogren, Minnesota Committee on Health, Education, Labor, and Pensions: Nurses Association, St. Paul; June M. Altaras, Swed- Subcommittee on Employment and Workplace Safe- ish Health Services, Seattle, Washington; and Doug- ty concluded a hearing to examine safe patient han- las S. Erickson, Facility Guidelines Institute, Chi- dling and lifting standards for a safer American cago, Illinois. workforce, including S. 1788, to direct the Secretary of Labor to issue an occupational safety and health CITIZENSHIP AND IMMIGRATION standard to reduce injuries to patients, direct-care SERVICES OVERSIGHT registered nurses, and all other health care workers Committee on the Judiciary: Committee concluded an by establishing a safe patient handling and injury oversight hearing to examine United States Citizen- prevention standard, after receiving testimony from ship and Immigration Services, after receiving testi- Captain James W. Collins, Associate Director for mony from Alejandro Mayorkas, Director, United Science, Division of Safety Research, National Insti- States Citizenship and Immigration Services, Depart- tute for Occupational Safety and Health, Centers for ment of Homeland Security. Disease Control and Prevention, Department of Health and Human Services; Michael Hodgson, INTELLIGENCE Chief Consultant, Occupational Health Strategic Select Committee on Intelligence: Committee held Health Care Group, Office of Public Health and En- closed hearings on intelligence matters, receiving tes- vironmental Hazards, Veterans Health Administra- timony from officials of the intelligence community. tion, Department of Veterans Affairs; Barbara Silver- Committee recessed subject to the call. h House of Representatives Street in Hornell, New York, as the ‘‘Zachary Smith Chamber Action Post Office Building’’; Pages H3282–83 Public Bills and Resolutions Introduced: 22 pub- Expressing support for designation of the first lic bills, H.R. 5256–5277; and 8 resolutions, H.J. Saturday in May as National Explosive Ordnance Res. 83; and H. Res. 1343, 1345–1350 were intro- Disposal Day: H. Res. 1294, to express support for duced. Pages H3309–11 designation of the first Saturday in May as National Additional Cosponsors: Pages H3311–12 Explosive Ordnance Disposal Day to honor those Reports Filed: Reports were filed today as follows: who are serving and have served in the noble and self-sacrificing profession of Explosive Ordnance Dis- H. Res. 1344, providing for consideration of the 2 bill (H.R. 5116) to invest in innovation through re- posal in the United States Armed Forces, by a ⁄3 search and development and to improve the competi- yea-and-nay vote of 388 yeas with none voting tiveness of the United States (H. Rept. 111–479) ‘‘nay’’, Roll No. 256; Pages H3283–84, H3294 and Honoring the life and legacy of William Earnest H. Res. 1254, directing the Secretary of the Inte- ‘‘Ernie’’ Harwell: H. Res. 1328, to honor the life rior to transmit to the House of Representatives cer- and legacy of William Earnest ‘‘Ernie’’ Harwell, by tain information relating to the Secretary’s Treasured a 2⁄3 yea-and-nay vote of 394 yeas with none voting Landscape Initiative, potential designation of Na- ‘‘nay’’, Roll No. 257; Pages H3286–87, H3294–95 tional Monuments, and High Priority Land-Ration- Expressing the sense of the House of Representa- alization Efforts (H. Rept. 111–480). Page H3296 tives with respect to raising public awareness of Recess: The House recessed at 12:50 p.m. and re- and helping to prevent attacks against Federal em- convened at 2 p.m. Page H3280 ployees while engaged in or on account of the per- formance of official duties: H. Res. 1187, amended, Suspensions: The House agreed to suspend the rules to express the sense of the House of Representatives and pass the following measures: with respect to raising public awareness of and help- Zachary Smith Post Office Building Designa- ing to prevent attacks against Federal employees tion Act: H.R. 5051, to designate the facility of the while engaged in or on account of the performance United States Postal Service located at 23 Genesee of official duties; Pages H3287–89

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1 hour of general debate equally divided and con- COMMITTEE MEETINGS FOR WEDNESDAY, trolled by the chair and ranking minority member MAY 12, 2010 of the Committee on Science and Technology. The (Committee meetings are open unless otherwise indicated) rule provides that the amendment in the nature of a substitute recommended by the Committee on Senate Science and Technology modified by the amendment Committee on Appropriations: Subcommittee on Defense, printed in part A of the Rules Committee report to hold hearings to examine proposed budget estimates shall be considered as an original bill for the purpose for fiscal year 2011 for the Air Force, 10:30 a.m., of amendment and shall be considered as read. The SD–192. rule waives all points of order against the amend- Committee on Armed Services: Subcommittee on Per- sonnel, to hold hearings to examine Reserve component ment in the nature of a substitute except those aris- programs in review of the Defense Authorization request ing under clause 10 of rule XXI. The rule makes in for fiscal year 2011 and the Future Years Defense Pro- order only those amendments printed in part B of gram, 10 a.m., SR–222. this report, and the amendments en bloc described Committee on Commerce, Science, and Transportation: to in section 3. The amendments made in order may be hold hearings to examine the future of United States offered only in the order printed in the report, may human space flight, 2:30 p.m., SR–253. be offered only by a Member designated in the re- Committee on Foreign Relations: to hold hearings to exam- port, shall be considered as read, shall be debatable ine Sudan, focusing on the Comprehensive Peace Agree- ment (CPA), Darfur and the region, 10:30 a.m., SD–419. for the time specified in the report equally divided Committee on Homeland Security and Governmental Affairs: and controlled by the proponent and opponent, shall to hold hearings to examine Iran sanctions, focusing on not be subject to amendment, and shall not be sub- why the United States Government does business with ject to a demand for division of the question. All companies who do business with Iran, 10 a.m., SD–342. points of order against the amendments printed in Ad Hoc Subcommittee on Disaster Recovery, to hold part B of the report or amendments en bloc are hearings to examine Stafford Act reform, focusing on waived except those arising under clause 9 or 10 of sharper tools for a smarter recovery, 2:30 p.m., SD–342. Committee on the Judiciary: Subcommittee on Terrorism rule XXI. The rule provides that the chair of the and Homeland Security, to hold hearings to examine es- Committee on Committee on Science and Tech- pionage statutes, 10 a.m., SD–226. nology or his designee may offer amendments en bloc consisting of amendments printed in part B of House the report not earlier disposed of. Amendments en Committee on Agriculture, Subcommittee on Conserva- bloc shall be considered as read, shall be debatable tion, Credit, Energy and Research, hearing on H.R. 4785, for 40 minutes equally divided and controlled by the Rural Energy Savings Program Act, 10 a.m., 1334 Long- chair and ranking minority member of the Com- worth. mittee on Committee on Science and Technology or Committee on Appropriations, Subcommittee on Labor, Health and Human Services, Education, and Related their designees, shall not be subject to amendment, Agencies, on Public Witnesses, 10 a.m., and 2 p.m., and shall not be subject to a demand for division of 2358–C Rayburn. the question. The original proponent of an amend- Committee on Armed Services, Subcommittee on Military ment included in such amendments en bloc may in- Personnel, to mark up H.R. 5136, National Defense Au- sert a statement in the Congressional Record imme- thorization Act for Fiscal Year 2011, 9 a.m., 2118 Ray- diately before the disposition of the amendments en burn. bloc. The rule provides one motion to recommit Subcommittee on Strategic Forces, to mark up H.R. with or without instructions. The rule provides that 5136, National Defense Authorization Act for Fiscal Year 2011, 11 a.m., 2212 Rayburn. the Chair may entertain a motion that the Com- Committee on Energy and Commerce, Subcommittee on mittee rise only if offered by the chair of the Com- Health, hearing on Prematurity and Infant Mortality: mittee on Science and Technology or his designee. What Happens When Babies are Born Too Early? 2 p.m., Finally, the rule provides that the Chair may not en- 2322 Rayburn. tertain a motion to strike out the enacting words of Subcommittee on Oversight and Investigations, hearing the bill. Testimony was heard from Chairman Bart entitled ‘‘Inquiry into the Deepwater Horizon Gulf Coast Gordon and Representatives Hall (TX), Mario Diaz- Oil Spill,’’ 10 a.m., 2123 Rayburn. Balart (FL), Bilbray, and Gingrey. Committee on Financial Services, Subcommittee on Finan- cial Institutions and Consumer Credit, hearing entitled ‘‘Use of Credit Information Beyond Lending: Issues and Reform Proposals,’’ 10 a.m., 2128 Rayburn. Joint Meetings Subcommittee on Oversight and Investigations No joint committee meetings were held. and the Subcommittee on Housing and Community

VerDate Mar 15 2010 05:40 May 12, 2010 Jkt 089060 PO 00000 Frm 00005 Fmt 0627 Sfmt 0627 E:\CR\FM\D11MY0.REC D11MYPT1 pwalker on DSK8KYBLC1PROD with DIGEST May 11, 2010 CONGRESSIONAL RECORD — DAILY DIGEST D517 Opportunity, joint hearing entitled ‘‘Minorities and Subcommittee on Government Management, Organiza- Women in Financial Regulatory Reform: The Need tion, and Procurement, to mark up H.R. 2142, Govern- for Increasing Participation and Opportunities for ment Efficiency, Effectiveness, and Performance Improve- Qualified Persons and Businesses,’’ 2 p.m., 2128 ment Act of 2009, 2 p.m., 2247 Rayburn. Rayburn. Committee on Small Business, hearing entitled ‘‘Small Committee on Homeland Security, Subcommittee on Intel- Businesses and Broadband: An Engine for Economic ligence, Information Sharing and Terrorism Risk Assess- Growth and Job Creation,’’ 1 p.m., 2360 Rayburn. ment, hearing entitled ‘‘A DHS Intelligence Enterprise: Committee on Veterans’ Affairs, to mark up the following Still Just a Vision or Reality?’’ 10 a.m., 311 Cannon. bills: H.R. 1017, Chiropractic Care Available to All Vet- Committee on Oversight and Government Reform, hearing on erans Act; H.R. 5145, Assuring Quality Care for Veterans H.R. 4869, Restroom Gender Parity in Federal Buildings Act; and H.R. 3885, Veterans Dog Training Therapy Act, 10 a.m., 2154 Rayburn. Act, 10 a.m., 334 Cannon. Subcommittee on Federal Workforce, Postal Service Permanent Select Committee on Intelligence, Subcommittee and the District of Columbia, oversight hearing entitled on Terrorism, Human Intelligence, Analysis and Counter- ‘‘The Price is Right, or is it?: An Examination of USPS intelligence, executive, briefing on Indication and Warn- Workshare Discounts and Products that Do Not Cover ing Methodolgies, 10:30 a.m., and, executive, briefing on Their Costs,’’ 2 p.m., 2154 Rayburn. Financial Intelligence, 1 p.m., 304–HVC.

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Next Meeting of the SENATE Res. 1333—Expressing support for the goals and ideals of 9:30 a.m., Wednesday, May 12 Children’s Book Week; (5) S. Con. Res. 61—A concurrent res- olution expressing the sense of the Congress that general avia- Senate Chamber tion pilots and industry should be recognized for the contribu- tions made in response to Haiti earthquake relief efforts; (6) H. Program for Wednesday: Senate will continue consideration Res. 1284—Supporting the goals and ideals of National Learn of S. 3217, Restoring American Financial Stability Act, and to Fly Day; (7) H. Res.llExpressing the sympathy and con- after a period of debate, vote on or in relation to Merkley dolences of the House of Representatives to those affected by Amendment No. 3962, Corker Amendment No. 3955, and the flooding in Tennessee, Kentucky, and Mississippi in May, Hutchison Modified Amendment No. 3759 at 10 a.m. 2010; (8) H. Res. 1143—Commending the Community of De- mocracies; (9) H. Res. 1155—Commending the progress made by anti-tuberculosis programs; (10) H. Res. 1303—Recog- Next Meeting of the HOUSE OF REPRESENTATIVES nizing the close friendship and historical ties between the 10 a.m., Wednesday, May 12 United Kingdom and the United States; (11) S. 1067—Lord’s Resistance Army Disarmament and Northern Uganda Recovery Act; (12) S. 3333—To extend the statutory license for sec- House Chamber ondary transmissions under title 17, United States Code; (13) Program for Wednesday: Consideration of the following sus- H.R. 1514—Juvenile Accountability Block Grants Program pensions: (1) H. Res. 1261—Recognizing National Nurses Reauthorization Act; and (14) H. Res.llExpressing Support Week; (2) H. Res. 1338—Recognizing the significant accom- for May as National Foster Care Month. Begin consideration of plishments of AmeriCorps; (3) H.R. 959—Officer Daniel H.R. 5116—America COMPETES Reauthorization Act of Faulkner Children of Fallen Heroes Scholarship Act; (4) H. 2010 (Subject to a Rule).

Extensions of Remarks, as inserted in this issue

HOUSE Gallegly, Elton, Calif., E811 Miller, Jeff, Fla., E797 Rogers, Mike, Ala., E810 Gerlach, Jim, Pa., E798, E799 Moore, Gwen, Wisc., E803 Ruppersberger, C.A. Dutch, Md., E798, Adler, John H., N.J., E797, E802 Granger, Kay, Tex., E799, E810 Moran, James P., Va., E801, E808 E799, E802, E809 Barrett, J. Gresham, S.C., E807 Hensarling, Jeb, Tex., E810 Olver, John W., Mass., E801 Schiff, Adam B., Calif., E807 Bishop, Rob, Utah, E797 Kagen, Steve, Wisc., E804 Pallone, Frank, Jr., N.J., E800 Sessions, Pete, Tex., E797 Boozman, John, Ark., E799 Kildee, Dale E., Mich., E806 Paul, Ron, Tex., E810 Shuler, Heath, N.C., E798, E810 Burgess, Michael C., Tex., E804, E805, Kucinich, Dennis J., Ohio, E806, E807, Payne, Donald M., N.J., E806 Shuster, Bill, Pa., E799 E805 E808, E809, E810 Perlmutter, Ed, Colo., E799, E799, E800, Christensen, Donna M., The Virgin Lipinski, Daniel, Ill., E804 E800, E801, E802, E802, E803, E804 Smith, Lamar, Tex., E800 Islands, E803 Lofgren, Zoe, Calif., E805 Pingree, Chellie, Me., E805 Stark, Fortney Pete, Calif., E809 Coffman, Mike, Colo., E809 McCotter, Thaddeus G., Mich., E806 Posey, Bill, Fla., E805 Thompson, Mike, Calif., E802 Crowley, Joseph, N.Y., E811 Markey, Edward J., Mass., E809 Quigley, Mike, Ill., E803 Whitfield, Ed, Ky., E804 Frelinghuysen, Rodney P., N.J., E811 Marshall, Jim, Ga., E801, E809 Richardson, Laura, Calif., E798 Wolf, Frank R., Va., E808

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