November 13, 2001 CONGRESSIONAL RECORD — HOUSE H8067 Mr. Speaker, I want to commend all held no hearings or had any other process CONFERENCE REPORT ON H.R. 2330, the members of committee, the staff of with respect to whether granting the SEC AGRICULTURE, RURAL DEVELOP- our committee, both Republican and emergency powers to grant exemptions to MENT, FOOD AND DRUG ADMIN- Democrat, and the staff and members PUHCA was warranted or in the public inter- ISTRATION, AND RELATED of the SEC. I urge everyone to support est. Given the Commission’s rather shoddy AGENCIES APPROPRIATIONS this bill. record in recent years of administering the ACT, 2002 Mr. Speaker, I reserve the balance of Act, I am not comfortable with granting such Mr. BONILLA. Mr. Speaker, pursuant my time. an exemption today. I am particularly con- to the previous order of the House, I Mr. OXLEY. Mr. Speaker, I am cerned when I have seen no justification from call up the conference report on the awaiting the subcommittee chairman, the SEC or its staff for giving the SEC such bill (H.R. 2330) making appropriations the gentleman from Louisiana (Mr. authority, no analysis of the possible impact of for Agriculture, Rural Development, BAKER) who has indicated he would this on PUHCA or on our nation’s electricity or Food and Drug Administration, and come over to the floor. natural gas markets, and no indication that the Related Agencies programs for the fis- If I could inquire of the Chair as to lack of such authority has posed any problems cal year ending September 30, 2002, and how much time is remaining on this for PUHCA-companies post-September 11. for other purposes. side. I would also note that while H.R. 3060 has The Clerk read the title of the bill. The SPEAKER pro tempore (Mr. provisions requiring the SEC to consult with The SPEAKER pro tempore. Pursu- CULBERSON). The gentleman from Ohio and consider the views of the CFTC whenever ant to the order of the House of Thurs- (Mr. OXLEY) has 14 minutes remaining. exercising its emergency authorities with re- day, November 8, 2001, the conference The gentleman from New York (Mr. spect to a stock-index future, there is no simi- report is considered as having been LAFALCE) has 16 minutes remaining. lar requirement with respect to the FERC read. Mr. MARKEY. Mr. Speaker, I rise in reluc- when PUHCA is concerned. Given the fact (For conference report and state- tant opposition to H.R. 3060, the Emergency that PUHCA and the Federal Power Act were ment, see proceedings of the House of Securities Response Act. passed simultaneously, and that both laws November 9, 2001, at page H7962.) This legislation amends a provision that I The SPEAKER pro tempore. The gen- authored, which the Congress approved as deal with regulation of energy markets, such consultation may be needed in this area as tleman from Texas (Mr. BONILLA) and part of the H.R. 3657, Market Reform Act of the gentlewoman from Ohio (Ms. KAP- 1990, to give the SEC the power to suspend well. We at least should have been given the chance to consider it. TUR) each will control 30 minutes. trading of securities and to issue emergency The Chair recognizes the gentleman orders consistent with the public interest and At the very minimum, the Energy and Com- from Texas (Mr. BONILLA). the protection of investors (See CONGRESS merce Committee should have been given a Mr. BONILLA. Mr. Speaker, I yield RECORD, September 28, 1990, at H8376– referral of this bill so that it could consider the myself such time as I may consume. 8383). This provision grew out of the inves- need for this provision and any amendments Mr. Speaker, I am pleased to bring tigations that the Subcommittee on Tele- to it affecting matters within our jurisdiction. I before the House today the conference communications and Finance, which I then have been informed that in lieu of such a re- report on H.R. 2330, providing appro- chaired, carried out into the 1987 stock market ferral, the Majority may have exchanged let- priations for Agriculture, Rural Devel- cash. One of the things we found was that the ters on this matter. However, no one on the opment, the Food and Drug Adminis- SEC lacked many of the types of emergency Minority of the Committee has been granted tration and Related Agencies for fiscal authorities that the CFTC had, and we felt it access to these letters, so I have no idea what year 2002. was desirable that they be granted broader they say or whether the Committee’s sub- Mr. Speaker, I want to acknowledge emergency authorities. stantive and jurisdictional interests have been the good work of my friend, the gentle- My objection to the legislation is not that it preserved. woman from Ohio (Ms. KAPTUR), my expands the SEC’s authority to suspend trad- This is not the proper way to legislate. I ob- ranking member who has contributed ing or issue emergency orders from 10 days ject to bringing up this bill today. greatly to this process. It has been a real pleasure working with her and all up to 30 days, with further extensions of up to Mr. LAFALCE. Mr. Speaker, I yield 90 days possible. Indeed, in an earlier version back the balance of my time. the members of the subcommittee in of this legislation (H.R. 4997, introduced in getting to this point today. It has real- 1988, I had actually proposed allowing the Mr. OXLEY. Mr. Speaker, I have no ly been a pleasure, and I want to ac- SEC to exercise its emergency authorities for further requests for time, and I yield knowledge that as we present this con- periods of up to 30 days). So, I have no prob- back the balance of my time. ference report. lem with doing so today. The SPEAKER pro tempore. The Mr. Speaker, I believe we have pro- Instead, my concerns about the bill we are question is on the motion offered by duced a good, bipartisan conference debating today is that it expands the range of the gentleman from Ohio (Mr. OXLEY) agreement that does a lot to advance coverage of this emergency provision from the that the House suspend the rules and important nutrition, research and Securities Exchange Act of 1934 to the full pass the bill, H.R. 3060. rural development programs and still range of federal securities laws. This has the The question was taken; and (two- meet our conference allocations on dis- effect of expanding coverage of the provision thirds having voted in favor thereof) cretionary and mandatory spending. to cover all the federal securities laws. And the rules were suspended and the bill My goal this year has been to produce while there may be some good reasons to ex- was passed. a bipartisan bill, and I believe we have tend these authorities to the Securities Act of done a good job in reaching that goal. A motion to reconsider was laid on 1933, the Investment Company Act of 1940, This conference agreement does have the table. the Investment Advisors Act of 1940, the Trust significant increases over fiscal year Indenture Act of 1939, and the Securities In- 2001 for programs that have always en- vestors Protection Act of 1970, I believe that f joyed strong bipartisan support, and the effect of this provision is to extend the they include: Agriculture Research reach of section 12(k) of the Securities Ex- GENERAL LEAVE Service, $83 million for salaries and ex- penses and $45 million for buildings and change Act of 1934 (15 U.S.C. 781(k)(2)) to Mr. BONILLA. Mr. Speaker, I ask facilities; Cooperative State Research allow the SEC to issue exemptions from the unanimous consent that all Members Education and Extension Service, $45 Public Utilities Holding Company Act of 1935 may have 5 legislative days within million; Animal and Plant Health In- (known as ‘‘PUHCA’’), which regulates the ac- which to revise and extend their re- spection Service, $83 million; Food tivities of large, multi-state, electric or natural marks on the conference report to ac- Safety and Inspection Service, $20 mil- gas holding companies. company H.R. 2330, and that I may in- lion; Farm Service Agency, $240 mil- While the Financial Services Committee clude tabular and extraneous material. may successfully have absconded with the lion; Federal Crop Insurance Corpora- Energy and Commerce Committee’s securities The SPEAKER pro tempore. Is there tion Fund $232 million; Natural Re- jurisdiction, the last time I checked PUHCA objection to the request of the gen- sources Conservation Service, $55 mil- was within the jurisdiction of the Energy and tleman from Texas? lion; Rural Economic and Community Commerce Committee. Our Committee has There was no objection. Development Programs, $101 million; VerDate 06-NOV-2001 03:19 Nov 14, 2001 Jkt 099060 PO 00000 Frm 00033 Fmt 7634 Sfmt 0634 E:\CR\FM\K13NO7.091 pfrm02 PsN: H13PT1 H8068 CONGRESSIONAL RECORD — HOUSE November 13, 2001 Domestic Food Programs, $3.7 billion, chairman of the full Committee on Ap- tlewoman from Ohio (Ms. KAPTUR), for including the Food Stamp Program, propriations, as well as the gentleman all her hard work. $1.9 billion in reserve to respond to eco- from Wisconsin (Mr. OBEY), the distin- Mr. Speaker, we have tried our best nomic conditions; and WIC, $305 mil- guished ranking member of the Com- to put together a good, solid bill that lion to respond to economic conditions mittee on Appropriations, who put in a works for all of America.