E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 111 CONGRESS, SECOND SESSION Vol. 156 WASHINGTON, WEDNESDAY, APRIL 28, 2010 No. 61 House of Representatives The House met at 10 a.m. and was PLEDGE OF ALLEGIANCE Meanwhile, Goldman Sachs and oth- called to order by the Speaker pro tem- The SPEAKER pro tempore. Will the ers reaped millions of dollars in bo- pore (Mr. ISRAEL). gentleman from North Carolina (Mr. nuses even as the economy was crash- ing. These synthetic CDOs were syn- f COBLE) come forward and lead the House in the Pledge of Allegiance. thetic garbage. DESIGNATION OF THE SPEAKER Mr. COBLE led the Pledge of Alle- Unscrupulous individuals on Wall Street PRO TEMPORE giance as follows: worsened the financial crisis by creating gar- The SPEAKER pro tempore laid be- I pledge allegiance to the Flag of the bage, selling it and betting against it. Oh, they United States of America, and to the Repub- drove away with a garbage truck full of cash. fore the House the following commu- lic for which it stands, one nation under God, nication from the Speaker: Let’s ban the creation and sale of them, and indivisible, with liberty and justice for all. prevent this from ever happening again. WASHINGTON, DC, f April 28, 2010. f I hereby appoint the Honorable STEVE ANNOUNCEMENT BY THE SPEAKER ISRAEL to act as Speaker pro tempore on this PRO TEMPORE AMERICANS ABROAD FACE day. The SPEAKER pro tempore. The BANKING ROADBLOCKS NANCY PELOSI, Speaker of the House of Representatives. Chair will entertain up to 15 requests (Mr. WILSON of South Carolina for 1-minute speeches on each side of asked and was given permission to ad- f the aisle. dress the House for 1 minute and to re- PRAYER f vise and extend his remarks.) Mr. WILSON of South Carolina. Mr. The Chaplain, the Reverend Daniel P. GAMBLING ON SYNTHETIC Speaker, Americans living abroad con- Coughlin, offered the following prayer: GARBAGE tinue to face unnecessary roadblocks O Divine Peace, bless this place, (Ms. SPEIER asked and was given not only to U.S. banks, but increas- holding in its silence human hopes and permission to address the House for 1 ingly at foreign banks as well. The re- America’s dreams. Plant seeds of minute and to revise and extend her re- quests from expats continue to come in equality and hopefulness in other na- marks.) at a startling rate. tions as well. May the history of our Ms. SPEIER. Mr. Speaker, as I I want to thank Congresswoman struggles make us patient as the map watched yesterday’s Senate investiga- CAROLYN MALONEY for helping to bring of the world changes. tions subcommittee hearing, I was dis- these banking roadblocks to the atten- In all our efforts to establish peace, appointed to discover it was not just tion of the Treasury Department. We fair trade, civil rights, and freedom of the greedy, irresponsible, and likely il- are hoping that the Financial Services religion, may we provide learning and legal actions of some of Goldman Committee will soon hold hearings to experience to others. Lift all beyond Sachs’ more dubious employees that review current U.S. banking laws and mere material prosperity to seek true were the center of attention. In fact, regulations that may prevent Ameri- compassion for those most in need and the useless and dangerous financial in- cans living overseas from accessing create a spiritual dynamic that will struments known as synthetic U.S. banking services. build a kingdom of unity and happiness collateralized debt obligations, or International Herald Tribune re- where Your Presence will be realized. CDOs, shared the spotlight as well. porter Brian Knowlton recently high- This we ask calling forth Your Spirit Fabrice Tourre, one of Goldman’s lighted that ‘‘amid mounting frustra- upon us and the whole world both now hotshot young stars who created and tion over taxation and banking prob- and forever. Amen. sold these so-called investments to Goldman’s clients, testified yesterday lems, small but growing numbers of f that they were, quote, ‘‘things which overseas Americans are taking the had no purpose,’’ and likened them to weighty step of renouncing their citi- THE JOURNAL Frankenstein’s monster. Sadly, he’s zenship.’’ I encourage the Financial The SPEAKER pro tempore. The right. These CDOs did nothing for our Services Committee to read Knowlton’s Chair has examined the Journal of the economy and spread billions of dollars article and schedule a hearing in the last day’s proceedings and announces in toxic assets, heightened speculation, very near future. to the House his approval thereof. and added dangerous risk to our finan- In conclusion, God bless our troops Pursuant to clause 1, rule I, the Jour- cial system that ultimately was borne and we will never forget September nal stands approved. by the U.S. taxpayers. 11th in the Global War on Terrorism. 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. H2939 . VerDate Mar 15 2010 00:10 Apr 29, 2010 Jkt 089060 PO 00000 Frm 00001 Fmt 4634 Sfmt 0634 E:\CR\FM\A28AP7.000 H28APPT1 cprice-sewell on DSK8KYBLC1PROD with HOUSE H2940 CONGRESSIONAL RECORD — HOUSE April 28, 2010 CUT CONGRESSIONAL PAY who are asked for legal documents and will recover from this disaster. We will (Mrs. KIRKPATRICK of Arizona those that are not. Anyone who values continue working with authorities at asked and was given permission to ad- fairness is opposed to this kind of hate all levels of government toward the dress the House for 1 minute and to re- and should not spend one cent of shared goal of recovery. vise and extend her remarks.) money in Arizona except to create jobs. I ask my colleagues to join me in ex- Mrs. KIRKPATRICK of Arizona. Mr. I urge Americans to show their sup- pressing our condolences for those who Speaker, yesterday the House passed a port of the boycott by wearing red, yel- lost their lives during this weekend’s bill to stop the 2011 congressional pay low, and blue wristbands. This mis- storm, praying for those who were in- hike. I am proud to cosponsor this ef- guided law is another example why we jured or lost their homes or businesses, fort. Member salaries come out of tax- must act now. We need Republicans to and wishing Mississippi a swift recov- payer dollars. Washington needs to stand with Democrats in a bipartisan ery. know it would be unacceptable to have fashion to support comprehensive re- taxpayers who are making less pay us form now. f more. f When millions of Americans are A NUCLEAR IRAN IS A SEVERE PROMOTING DISTRICT EVENT—RE- THREAT tightening their belts, folks have the CESSION PROOF YOUR FINANCES right to expect their elected officials to (Mr. FLEMING asked and was given (Mr. SAM JOHNSON of Texas asked do the same. Blocking the pay hike was permission to address the House for 1 and was given permission to address a necessary first step, but it cannot be minute.) the House for 1 minute and to revise the last. Washington can and must do Mr. FLEMING. Mr. Speaker, the and extend his remarks.) more. DOD’s recently released Military Mr. SAM JOHNSON of Texas. During Members have not reduced their sala- Power Report on Iran should be a these tough economic times, many peo- ries for 77 years, since the Great De- wake-up call for the President and the ple are experiencing financial uncer- pression. I do not know anyone back in leadership here in Congress. While I am tainty. That’s why on Saturday, May 8, Arizona who has gone eight decades glad the Pentagon undertook this as- at 9 a.m. in Plano, Texas, I will host a without a pay cut. Senators and Rep- sessment, I and most Americans didn’t free workshop titled Recession Proof- resentatives should be no different. need a report to confirm the Iranian ing Your Resources. I will host the free That is why I introduced legislation to threat is real and credible. seminar in conjunction with Consumer cut congressional pay by 5 percent. Iran’s extremist regime poses a sig- Credit Counseling Service of Greater This Congress needs to pass my bill nificant danger to the United States Dallas. now. Americans are tired of waiting for and our allies, particularly Israel. Also, Unplanned emergencies like job loss, Washington to get it. because of our failure to implement illness, natural disaster, or death can tough sanctions against Iran, many na- f be overwhelming and financially tax- tions will feel the need to develop ing. Financial knowledge and a sound VETERANS MEMORIAL nukes, while we are reducing our financial contingency plan are vital to DEDICATION stockpile and failing to modernize our ensuring that you and your family nuclear inventory. (Mr. COBLE asked and was given per- come out of this fiscal crisis in the In addition, we have halted the pro- mission to address the House for 1 black. duction of F–22s, allowed a window of minute and to revise and extend his re- Fortunately, there are ways to plan vulnerability in missile defense, and marks.) for unexpected life changes. An expert have delayed development of the Mr. COBLE. Mr. Speaker, last Sun- will be on hand to show people how to NextGen bomber.