Floor Statements

Mr. Speaker, I ask unanimous consent that the Committee on House Administration have until midnight, Thursday, February 24, 2005, to file a report to accompany H.R. 841.

Mr. Speaker, in accordance with clause 2(a)(2) of rule XI of the Rules of the House of Representatives, I am reporting that the Committee on Financial Services adopted the following rules for the 109th Congress on February 2, 2005 in open session, a quorum being present, and submit those rules for publication in the Congressional Record:

Rules of the Committee on Financial Services

U.S. House of Representatives, 109th Congress, First Session

rule 1: general provisions

(a) The rules of the House are the rules of the Committee

on Financial Services (hereinafter in these rules referred to

as the ``Committee'') and its subcommittees so far as

applicable, except that a motion to recess from day to day,

and a motion to dispense with the first reading (in full) of

a bill or resolution, if printed copies are available, are

privileged motions in the Committee and shall be considered

without debate. A proposed investigative or oversight report

shall be considered as read if it has been available to the

members of the Committee for at least 24 hours (excluding

Saturdays, Sundays, or legal holidays except when the House

is in session on such day).

(b) Each subcommittee is a part of the Committee, and is

subject to the authority and direction of the Committee and

to its rules so far as applicable.

(c) The provisions of clause 2 of rule XI of the Rules of

the House are incorporated by reference as the rules of the

Committee to the extent applicable.

rule 2: meetings

Calling of Meetings

(a)(1) The Committee shall regularly meet on the first

Tuesday of each month when the House is in session.

(2) A regular meeting of the Committee may be dispensed

with if, in the judgment of the Chairman of the Committee

(hereinafter in these rules referred to as the ``Chair''),

there is no need for the meeting.

(3) Additional regular meetings and hearings of the

Committee may be called by the Chair, in accordance with

clause 2(g)(3) of rule XI of the rules of the House.

(4) Special meetings shall be called and convened by the

Chair as provided in clause 2(c)(2) of rule XI of the Rules

of the House.

Notice for Meetings

(b)(1) The Chair shall notify each member of the Committee

of the agenda of each regular meeting of the Committee at

least two calendar days before the time of the meeting.

(2) The Chair shall provide to each member of the

Committee, at least two calendar days before the time of each

regular meeting for each measure or matter on the agenda a

copy of--

(A) the measure or materials relating to the matter in

question; and

(B) an explanation of the measure or matter to be

considered, which, in the case of an explanation of a bill,

resolution, or similar measure, shall include a summary of

the major provisions of the legislation, an explanation of

the relationship of the measure to present law, and a summary

of the need for the legislation.

(3) The agenda and materials required under this subsection

shall be provided to each member of the Committee at least

three calendar days before the time of the meeting where the

measure or matter to be considered was not approved for full

Committee consideration by a subcommittee of jurisdiction.

(4) The provisions of this subsection may be waived by a

two-thirds vote of the Committee, or by the Chair with the

concurrence of the ranking minority member.

rule 3: meeting and hearing procedures

In General

(a)(1) Meetings and hearings of the Committee shall be

called to order and presided over by the Chair or, in the

Chair's absence, by the member designated by the Chair as the

Vice Chair of the Committee, or by the ranking majority

member of the Committee present as Acting Chair.

(2) Meetings and hearings of the committee shall be open to

the public unless closed in accordance with clause 2(g) of

rule XI of the Rules of the House.

(3) Any meeting or hearing of the Committee that is open to

the public shall be open to coverage by television broadcast,

radio broadcast, and still photography in accordance with the

provisions of clause 4 of rule XI of the Rules of the House

(which are incorporated by reference as part of these

rules). Operation and use of any Committee operated

broadcast system shall be fair and nonpartisan and in

accordance with clause 4(b) of rule XI and all other

applicable rules of the Committee and the House.

(4) Opening statements by members at the beginning of any

hearing or meeting of the Committee shall be limited to 5

minutes each for the Chair or ranking minority member, or

their respective designee, and 3 minutes each for all other

members.

(5) No person, other than a Member of Congress, Committee

staff, or an employee of a Member when that Member has an

amendment under consideration, may stand in or be seated at

the rostrum area of the Committee rooms unless the Chair

determines otherwise.

Quorum

(b)(1) For the purpose of taking testimony and receiving

evidence, two members of the Committee shall constitute a

quorum.

(2) A majority of the members of the Committee shall

constitute a quorum for the purposes of reporting any measure

or matter, of authorizing a subpoena, of closing a meeting

or hearing pursuant to clause 2(g) of rule XI of the rules of

the House (except as provided in clause 2(g)(2)(A) and (B))

or of releasing executive session material pursuant to clause

2(k)(7) of rule XI of the rules of the House.

(3) For the purpose of taking any action other than those

specified in paragraph (2) one-third of the members of the

Committee shall constitute a quorum.

Voting

(c)(1) No vote may be conducted on any measure or matter

pending before the Committee unless the requisite number of

members of the Committee is actually present for such

purpose.

(2) A record vote of the Committee shall be provided on any

question before the Committee upon the request of one-fifth

of the members present.

(3) No vote by any member of the Committee on any measure

or matter may be cast by proxy.

(4) In accordance with clause 2(e)(1)(B) of rule XI, a

record of the vote of each member of the Committee on each

record vote on any measure or matter before the Committee

shall be available for public inspection at the offices of

the Committee, and, with respect to any record vote on any

motion to report or on any amendment, shall be included in

the report of the Committee showing the total number of votes

cast for and against and the names of those members voting

for and against.

(5) Postponed record votes.--(A) Subject to subparagraph

(B), the Chairman may postpone further proceedings when a

record vote is ordered on the question of approving any

measure or matter or adopting an amendment. The Chairman may

resume proceedings on a postponed request at any time, but no

later than the next meeting day.

(B) In exercising postponement authority under subparagraph

(A), the Chairman shall take all reasonable steps necessary

to notify members on the resumption of proceedings on any

postponed record vote;

(C) When proceedings resume on a postponed question,

notwithstanding any intervening order for the previous

question, an underlying proposition shall remain subject to

further debate or amendment to the same extent as when the

question was postponed.

Hearing Procedures

(d)(1)(A) The Chair shall make public announcement of the

date, place, and subject matter of any committee hearing at

least one week before the commencement of the hearing, unless

the Chair, with the concurrence of the ranking minority

member, or the Committee by majority vote with a quorum

present for the transaction of business, determines there is

good cause to begin the hearing sooner, in which case the

Chair shall make the announcement at the earliest possible

date.

(B) Not less than three days before the commencement of a

hearing announced under this paragraph, the Chair shall

provide to the members of the Committee a concise summary of

the subject of the hearing, or, in the case of a hearing on a

measure or matter, a copy of the measure or materials

relating to the matter in question and a concise explanation

of the measure or matter to be considered. (2) To the

greatest extent practicable--

(A) each witness who is to appear before the Committee

shall file with the Committee two business days in advance of

the appearance sufficient copies (including a copy in

electronic form), as determined by the Chair, of a written

statement of proposed testimony and shall limit the oral

presentation to the Committee to brief summary thereof; and

(B) each witness appearing in a non-governmental capacity

shall include with the written statement of proposed

testimony a curriculum vitae and a disclosure of the amount

and source (by agency and program) of any Federal grant (or

subgrant thereof) or contract (or subcontract thereof)

received during the current fiscal year or either of the two

preceding fiscal years.

(3) The requirements of paragraph (2)(A) may be modified or

waived by the Chair when the Chair determines it to be in the

best interest of the Committee.

(4) The five-minute rule shall be observed in the

interrogation of witnesses before the Committee until each

member of the Committee has had an opportunity to question

the witnesses. No member shall be recognized for a second

period of 5 minutes to interrogate witnesses until each

member of the Committee present has been recognized once for

that purpose.

(5) Whenever any hearing is conducted by the Committee on

any measure or matter, the minority party members of the

Committee shall be entitled, upon the request of a majority

of them before the completion of the hearing, to call

witnesses with respect to that measure or matter during at

least one day of hearing thereon.

Subpoenas and Oaths

(e)(1) Pursuant to clause 2(m) of rule XI of the Rules of

the House, a subpoena may be authorized and issued by the

Committee or a subcommittee in the conduct of any

investigation or series of investigations or activities, only

when authorized by a majority of the members voting, a

majority being present, or pursuant to paragraph (2).

(2) The Chair, with the concurrence of the ranking minority

member, may authorize and issue subpoenas under such clause

during any period for which the House has adjourned for a

period in excess of 3 days when, in the opinion of the Chair,

authorization and issuance of the subpoena is necessary to

obtain the material or testimony set forth in the subpoena.

The Chair shall report to the members of the Committee on the

authorization and issuance of a subpoena during the recess

period as soon as practicable, but in no event later than one

week after service of such subpoena.

(3) Authorized subpoenas shall be signed by the Chair or by

any member designated by the Committee, and may be served by

any person designated by the Chair or such member.

(4) The Chair, or any member of the Committee designated by

the Chair, may administer oaths to witnesses before the

Committee.

Special Procedures

(f)(1)(A) Commemorative medals and coins.--It shall not be

in order for the Subcommittee on Domestic and International

Monetary Policy, Trade, and Technology to hold a hearing on

any commemorative medal or commemorative coin legislation

unless the legislation is cosponsored by at least two-thirds

of the members of the House.

(B) It shall not be in order for the subcommittee to

approve a bill or measure authorizing commemorative coins for

consideration by the full Committee which does not conform

with the mintage restrictions established by section 5112 of

title 31, United States Code.

(C) In considering legislation authorizing Congressional

gold medals, the subcommittee shall apply the following

standards--

(i) the recipient shall be a natural person;

(ii) the recipient shall have performed an achievement that

has an impact on American history and culture that is likely

to be recognized as a major achievement in the recipient's

field long after the achievement;

(iii) the recipient shall not have received a medal

previously for the same or substantially the same

achievement;

(iv) the recipient shall be living or, if deceased, shall

have been deceased for not less than 5 years and not more

than 25 years;

(v) the achievements were performed in the recipient's

field of endeavor, and represent either a lifetime of

continuous superior achievements or a single achievement so

significant that the recipient is recognized and acclaimed by

others in the same field, as evidenced by the recipient

having received the highest honors in the field.

(2) Testimony of certain officials.--

(A) Notwithstanding subsection (a)(4), when the Chair

announces a hearing of the Committee for the purpose of

receiving--

(i) testimony from the Chairman of the Federal Reserve

Board pursuant to section 2B of the Federal Reserve Act (12

U.S.C. 221 et seq.), or

(ii) testimony from the Chairman of the Federal Reserve

Board or a member of the President's cabinet at the

invitation of the Chair, the Chair may, in consultation with

the ranking minority member, limit the number and duration of

opening statements to be delivered at such hearing. The

limitation shall be included in the announcement made

pursuant to subsection (d)(1)(A), and shall provide that the

opening statements of all members of the Committee shall be

made a part of the hearing record.

rule 4: procedures for reporting measures or matters

(a) No measure or matter shall be reported from the

Committee unless a majority of the Committee is actually

present.

(b) The Chair of the Committee shall report or cause to be

reported promptly to the House any measure approved by the

Committee and take necessary steps to bring a matter to a

vote.

(c) The report of the Committee on a measure which has been

approved by the Committee shall be filed within seven

calendar days (exclusive of days on which the House is not in

session) after the day on which there has been filed with the

clerk of the Committee a written request, signed by a

majority of the members of the Committee, for the reporting

of that measure pursuant to the provisions of clause 2(b)(2)

of rule XIII of the Rules of the House.

(d) All reports printed by the Committee pursuant to a

legislative study or investigation and not approved by a

majority vote of the Committee shall contain the following

disclaimer on the cover of such report: ``This report has not

been officially adopted by the Committee on Financial

Services and may not necessarily reflect the views of its

Members.''

(e) The Chair is directed to offer a motion under clause 1

of rule XXII of the House whenever the Chair considers it

appropriate.

rule 5: subcommittees

Establishment and Responsibilities of Subcommittees

(a)(1) There shall be 5 subcommittees of the Committee as

follows:

(A) Subcommittee on capital markets, insurance, and

government sponsored enterprises.--The jurisdiction of the

Subcommittee on Capital Markets, Insurance, and Government

Sponsored Enterprises includes--

(i) securities, exchanges, and finance;

(ii) capital markets activities;

(iii) activities involving futures, forwards, options, and

other types of derivative instruments;

(iv) secondary market organizations for home mortgages

including the Federal National Mortgage Association, the

Federal

Home Loan Mortgage Corporation, and the Federal Agricultural

Mortgage Corporation;

(v) the Office of Federal Housing Enterprise Oversight;

(vi) the Federal Home Loan Banks; and

(vii) insurance generally.

(B) Subcommittee on domestic and international monetary

policy, trade, and technology.--The jurisdiction of the

Subcommittee on Domestic and International Monetary Policy,

Trade, and Technology includes--

(i) financial aid to all sectors and elements within the

economy;

(ii) economic growth and stabilization;

(iii) defense production matters as contained in the

Defense Production Act of 1950, as amended;

(iv) domestic monetary policy, and agencies which directly

or indirectly affect domestic monetary policy, including the

effect of such policy and other financial actions on interest

rates, the allocation of credit, and the structure and

functioning of domestic financial institutions;

(v) coins, coinage, currency, and medals, including

commemorative coins and medals, proof and mint sets and other

special coins, the Coinage Act of 1965, gold and silver,

including the coinage thereof (but not the par value of

gold), gold medals, counterfeiting, currency denominations

and design, the distribution of coins, and the operations of

the Bureau of the Mint and the Bureau of Engraving and

Printing;

(vi) development of new or alternative forms of currency;

(vii) multilateral development lending institutions,

including activities of the National Advisory Council on

International Monetary and Financial Policies as related

thereto, and monetary and financial developments as they

relate to the activities and objectives of such institutions;

(viii) international trade, including but not limited to

the activities of the Export-Import Bank;

(ix) the International Monetary Fund, its permanent and

temporary agencies, and all matters related thereto; and

(x) international investment policies, both as they relate

to United States investments for trade purposes by citizens

of the United States and investments made by all foreign

entities in the United States.

(C) Subcommittee on financial institutions and consumer

credit.--The jurisdiction of the Subcommittee on Financial

Institutions and Consumer Credit includes--

(i) all agencies, including the Office of the Comptroller

of the Currency, the Federal Deposit Insurance Corporation,

the Board of Governors of the Federal Reserve System and the

Federal Reserve System, the Office of Thrift Supervision, and

the National Credit Union Administration, which directly or

indirectly exercise supervisory or regulatory authority in

connection with, or provide deposit insurance for, financial

institutions, and the establishment of interest rate ceilings

on deposits;

(ii) the chartering, branching, merger, acquisition,

consolidation, or conversion of financial institutions;

(iii) consumer credit, including the provision of consumer

credit by insurance companies, and further including those

matters in the Consumer Credit Protection Act dealing with

truth in lending, extortionate credit transactions,

restrictions on garnishments, fair credit reporting and the

use of credit information by credit bureaus and credit

providers, equal credit opportunity, debt collection

practices, and electronic funds transfers;

(iv) creditor remedies and debtor defenses, Federal aspects

of the Uniform Consumer Credit Code, credit and debit cards,

and the preemption of State usury laws;

(v) consumer access to financial services, including the

Home Mortgage Disclosure Act and the Community Reinvestment

Act;

(vi) the terms and rules of disclosure of financial

services, including the advertisement, promotion and pricing

of financial services, and availability of government check

cashing services;

(vii) deposit insurance; and

(viii) consumer access to savings accounts and checking

accounts in financial institutions, including lifeline

banking and other consumer accounts.

(D) Subcommittee on housing and community opportunity.--The

jurisdiction of the Subcommittee on Housing and Community

Opportunity includes--

(i) housing (except programs administered by the Department

of Veterans Affairs), including mortgage and loan insurance

pursuant to the National Housing Act; rural housing; housing

and homeless assistance programs; all activities of the

Government National Mortgage Association; private mortgage

insurance; housing construction and design and safety

standards; housing-related energy conservation; housing

research and demonstration programs; financial and technical

assistance for nonprofit housing sponsors; housing counseling

and technical assistance; regulation of the housing industry

(including landlord/tenant relations); and real estate

lending including regulation of settlement procedures;

(ii) community development and community and neighborhood

planning, training and research; national urban growth

policies; urban/rural research and technologies; and

regulation of interstate land sales;

(iii) government sponsored insurance programs, including

those offering protection against crime, fire, flood (and

related land use controls), earthquake and other natural

hazards; and

(iv) the qualifications for and designation of Empowerment

Zones and Enterprise Communities (other than matters relating

to tax benefits).

(E) Subcommittee on oversight and investigations.--The

jurisdiction of the Subcommittee on Oversight and

Investigations includes--

(i) the oversight of all agencies, departments, programs,

and matters within the jurisdiction of the Committee,

including the development of recommendations with regard to

the necessity or desirability of enacting, changing, or

repealing any legislation within the jurisdiction of the

Committee, and for conducting investigations within such

jurisdiction; and

(ii) research and analysis regarding matters within the

jurisdiction of the Committee, including the impact or

probable impact of tax policies affecting matters within the

jurisdiction of the Committee.

(2) In addition, each such subcommittee shall have specific

responsibility for such other measures or matters as the

Chair refers to it.

(3) Each subcommittee of the Committee shall review and

study, on a continuing basis, the application,

administration, execution, and effectiveness of those laws,

or parts of laws, the subject matter of which is within its

general responsibility.

Referral of Measures and Matters to Subcommittees

(b)(1) The Chair shall regularly refer to one or more

subcommittees such measures and matters as the Chair deems

appropriate given its jurisdiction and responsibilities. In

making such a referral, the Chair may designate a

subcommittee of primary jurisdiction and subcommittees of

additional or sequential jurisdiction.

(2) All other measures or matters shall be subject to

consideration by the full Committee.

(3) In referring any measure or matter to a subcommittee,

the Chair may specify a date by which the subcommittee shall

report thereon to the Committee.

(4) The Committee by motion may discharge a subcommittee

from consideration of any measure or matter referred to a

subcommittee of the Committee.

Composition of Subcommittees

(c)(1) Members shall be elected to each subcommittee and to

the positions of chair and ranking minority member thereof,

in accordance with the rules of the respective party

caucuses. The Chair of the Committee shall designate a member

of the majority party on each subcommittee as its vice chair.

(2) The Chair and ranking minority member of the Committee

shall be ex officio members with voting privileges of each

subcommittee of which they are not assigned as members and

may be counted for purposes of establishing a quorum in such

subcommittees.

(3) The subcommittees shall be comprised as follows:

(A) The Subcommittee on Capital Markets, Insurance, and

Government Sponsored Enterprises shall be comprised of 49

members, 26 elected by the majority caucus and 23 elected by

the minority caucus.

(B) The Subcommittee on Domestic and International Monetary

Policy, Trade, and Technology shall be comprised of 26

members, 14 elected by the majority caucus and 12 elected by

the minority caucus.

(C) The Subcommittee on Financial Institutions and

Commercial Credit shall be comprised of 47 members, 25

elected by the majority caucus and 22 elected by the minority

caucus.

(D) The Subcommittee on Housing and Community Opportunity

shall be comprised of 26 members, 14 elected by the majority

caucus and 12 elected by the minority caucus.

(E) The Subcommittee on Oversight and Investigations shall

be comprised of 20 members, 11 elected by the majority caucus

and 9 elected by the minority caucus.

Subcommittee Meetings and Hearings

(d)(1) Each subcommittee of the Committee is authorized to

meet, hold hearings, receive testimony, mark up legislation,

and report to the full Committee on any measure or matter

referred to it, consistent with subsection (a).

(2) No subcommittee of the Committee may meet or hold a

hearing at the same time as a meeting or hearing of the

Committee.

(3) The chair of each subcommittee shall set hearing and

meeting dates only with the approval of the Chair with a view

toward assuring the availability of meeting rooms and

avoiding simultaneous scheduling of Committee and

subcommittee meetings or hearings.

Effect of a Vacancy

(e) Any vacancy in the membership of a subcommittee shall

not affect the power of the remaining members to execute the

functions of the subcommittee as long as the required quorum

is present.

Records

(f) Each subcommittee of the Committee shall provide the

full Committee with copies of such records of votes taken in

the subcommittee and such other records with respect to the

subcommittee as the Chair deems necessary for the Committee

to comply with all rules and regulations of the House.

rule 6: staff

In General

(a)(1) Except as provided in paragraph (2), the

professional and other staff of the Committee shall be

appointed, and may be removed by the Chair, and shall work

under

the general supervision and direction of the Chair.

(2) All professional and other staff provided to the

minority party members of the Committee shall be appointed,

and may be removed, by the ranking minority member of the

Committee, and shall work under the general supervision and

direction of such member.

(3) It is intended that the skills and experience of all

members of the Committee staff be available to all members of

the Committee.

Subcommittee Staff

(b) From funds made available for the appointment of staff,

the Chair of the Committee shall, pursuant to clause 6(d) of

rule X of the Rules of the House, ensure that sufficient

staff is made available so that each subcommittee can carry

out its responsibilities under the rules of the Committee and

that the minority party is treated fairly in the appointment

of such staff.

Compensation of Staff

(c)(1) Except as provided in paragraph (2), the Chair shall

fix the compensation of all professional and other staff of

the Committee.

(2) The ranking minority member shall fix the compensation

of all professional and other staff provided to the minority

party members of the Committee.

rule 7: budget and travel

Budget

(a)(1) The Chair, in consultation with other members of the

Committee, shall prepare for each Congress a budget providing

amounts for staff, necessary travel, investigation, and other

expenses of the Committee and its subcommittees.

(2) From the amount provided to the Committee in the

primary expense resolution adopted by the House of

Representatives, the Chair, after consultation with the

ranking minority member, shall designate an amount to be

under the direction of the ranking minority member for the

compensation of the minority staff, travel expenses of

minority members and staff, and minority office expenses. All

expenses of minority members and staff shall be paid for out

of the amount so set aside.

Travel

(b)(1) The Chair may authorize travel for any member and

any staff member of the Committee in connection with

activities or subject matters under the general jurisdiction

of the Committee. Before such authorization is granted, there

shall be submitted to the Chair in writing the following:

(A) The purpose of the travel.

(B) The dates during which the travel is to occur.

(C) The names of the States or countries to be visited and

the length of time to be spent in each.

(D) The names of members and staff of the Committee for

whom the authorization is sought.

(2) Members and staff of the Committee shall make a written

report to the Chair on any travel they have conducted under

this subsection, including a description of their itinerary,

expenses, and activities, and of pertinent information gained

as a result of such travel.

(3) Members and staff of the Committee performing

authorized travel on official business shall be governed by

applicable laws, resolutions, and regulations of the House

and of the Committee on House Administration.

rule 8: committee administration

Records

(a)(1) There shall be a transcript made of each regular

meeting and hearing of the Committee, and the transcript may

be printed if the Chair decides it is appropriate or if a

majority of the members of the Committee requests such

printing. Any such transcripts shall be a substantially

verbatim account of remarks actually made during the

proceedings, subject only to technical, grammatical, and

typographical corrections authorized by the person making the

remarks. Nothing in this paragraph shall be construed to

require that all such transcripts be subject to correction

and publication.

(2) The Committee shall keep a record of all actions of the

Committee and of its subcommittees. The record shall contain

all information required by clause 2(e)(1) of rule XI of the

Rules of the House and shall be available for public

inspection at reasonable times in the offices of the

Committee.

(3) All Committee hearings, records, data, charts, and

files shall be kept separate and distinct from the

congressional office records of the Chair, shall be the

property of the House, and all Members of the House shall

have access thereto as provided in clause 2(e)(2) of rule XI

of the Rules of the House.

(4) The records of the Committee at the National Archives

and Records Administration shall be made available for public

use in accordance with rule VII of the Rules of the House of

Representatives. The Chair shall notify the ranking minority

member of any decision, pursuant to clause 3(b)(3) or clause

4(b) of the rule, to withhold a record otherwise available,

and the matter shall be presented to the Committee for a

determination on written request of any member of the

Committee.

Committee Publications on the Internet

(b) To the maximum extent feasible, the Committee shall

make its publications available in electronic form.

Mr. Speaker, I'm proud to join my colleagues from Ohio in cosponsoring H.R. 548, which will designate the Tony Hall Federal Building and United States Courthouse in his hometown of Dayton. I thank the gentleman from Springfield, Mr. Hobson, for introducing this legislation to honor our exemplary former colleague.

Tony Hall continues to be a tireless advocate for human rights around the world. His dedication to combating world hunger and helping the poor and needy made him the ideal choice to oversee the United Nations Agencies for Food and Agriculture, a job for which he was tapped in 2002. While we miss his leadership and friendship here in the House, we know that President Bush could not have picked a greater humanitarian or man of faith for this vital role.

I was honored to serve with Tony for more than two decades, and was grateful for the leading role he played and the stellar example he provided to all of us. In 2000, when Ohio's official State motto-- ``With God All things Are Possible''--was struck down by the courts, I was proud to join with Tony in a House resolution supporting our State's expression of optimism and faith.

Mr. Speaker, this resolution is a fitting tribute to a true public servant and Nobel Peace Prize nominee who has committed his life's work to helping those in need. I urge all my colleagues to support this bill to honor our good friend and former colleague whose service to others is an example for us all.

Mr. Speaker, it is my honor today to salute the Leo Council 957 of the Knights of Columbus of Findlay, Ohio as they celebrate their centennial year jubilee.

The Knights of Columbus of Findlay have sustained a rich tradition built upon the foundations of faith and philanthropic service. Leo Council 957 was started by a small group of Catholic men with the assistance of State Deputy John O'Dwyer of Toledo in the fall and winter of 1903-1904. Their hopes were to organize a fraternal organization to support their church and serve their community. After tireless work and recruiting, 75 new members joined from Findlay, Carey, North Baltimore, Cygnet and Bowling Green. The Supreme Council issued the original charter for the newly established Leo Council 957 on January 26, 1905, which was signed by 86 people.

Since its founding 100 years ago, Leo Council has grown to nearly 500 members. Through the dedication and efforts of the members of Leo Council, the Knights of Columbus has become a positive influence in the church and community.

The spirit of volunteerism and service of the Knights of Columbus is encouraging to all of us. Since their founding, they have provided

support though a variety of charitable works both domestically as well as internationally. For the past century, the Knights have provided an insurance program for widows and orphans of its deceased members. Additionally, the Knights have raised substantial funds to assist mentally challenged and disabled individuals. Most recently, they have worked along with Catholic Relief Services to raise funds for the victims of the devastating tsunami that hit Southeast Asia in December.

The patriotism and positive influence of the Knights is recognized every morning by students reciting the Pledge of Allegiance in classrooms across the Nation. In 1954, it was the Knights of Columbus who petitioned President Eisenhower and Congress to add the words ``under God'' to the Pledge of Allegiance.

Today, I would like to remember those committed men who organized Leo Council 100 years ago and those who have strived to maintain its membership's vigor and progress. I am proud to congratulate the members, their spouses and families on this momentous occasion.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks and include extraneous material on H.R. 54, the Congressional Gold Medal Enhancement Act of 2005.

Mr. Chairman, I yield myself such time as I may consume.

Today, I rise in support of H.R. 54, the Congressional Gold Medal Enhancement Act of 2005, authored by the gentleman from Delaware (Mr. Castle), and urge its immediate passage. The legislation is a commonsense effort to maintain the prestige of this award.

As the Members know, the gold medal is the highest civilian honor bestowed by Congress. It has been awarded to a long and distinguished line of individuals who have made significant contributions to this country, beginning with General George Washington even before the Declaration of Independence. Recipients have included civil rights leaders, cultural icons and leaders in science.

But a disturbing trend has emerged since the gentleman from Delaware (Mr. Castle) sensibly reformed the commemorative coin program a decade ago. Until that point, Congress approved the awarding of only a few, usually one or two, gold medals each Congress, but approved as many as a dozen commemorative coin programs, often at great cost to taxpayers. Chairman Castle's reforms eliminated the cost to the taxpayers, restoring the dignity to the commemorative coin program. He also instituted a requirement that two-thirds of the House should sponsor legislation for either commemorative coins or gold medals before consideration could take place so that support would be broad and bipartisan.

Those reforms have been successful, but denied the opportunity to enact numerous commemorative coin programs, Congress increasingly has turned to the gold medal program, and we now find ourselves in a situation of having fewer honorees for commemorative coins than we do from gold medals. During the last Congress, only three commemorative coins were struck, and we approved five medal programs honoring seven individuals. By comparison, in the first 123 years of the gold medal, only 45 people were so honored.

Mr. Chairman, all medal honorees to date have been good choices and well deserving of the honor. However, we could be faced with a quandary: Either approve a medal for an individual who has had some accomplishment, but probably is not at the same level as a General Washington or a Jonas Salk, or else decline to approve the legislation.

We should not let ourselves get into that situation, Mr. Chairman. Chairman Castle's common-sense limit of two gold medals a year, and limiting the recipients to individuals rather than groups, maintains the prestige and honor of receiving a Congressional Gold Medal. Combined with the requirement of a minimum cosponsorship level of two- thirds of the House is the best way to preserve the integrity of the gold medal.

At the appropriate time, I will offer a manager's amendment that seeks to change the effective date of this legislation from December 31 of this year to immediately upon enactment so that the rules for awarding medals would remain the same throughout this Congress and not change midsession.

Mr. Chairman, I urge immediate passage of this legislation.

Mr. Chairman, I reserve the balance of my time.

Mr. Chairman, I yield such time as he may consume to the gentleman from Delaware (Mr. Castle), the sponsor of the legislation.

Mr. Chairman, I yield myself such time as I may consume.

Mr. Chairman, let me close by first indicating to the gentleman from New York (Mr. Crowley) that the gentleman from Delaware (Mr. Castle) as well as myself acknowledge that the folks who received the medal in the past were most deserving.

I would point out, in fact, that the medal that was awarded, for example, to Ronald and Nancy Reagan, was one medal, and the same thing with Dr. King and Coretta Scott King, and Betty and Gerald Ford. Couples are treated much differently from a group. I guess perhaps what I found in studying this, perhaps the most egregious example of going beyond what the initial scope of the medal was was in the 106th Congress where we awarded five medal bills, one of them was for the Navajo Code Talkers which did not go in regular order. It was attached at the last minute to an appropriations bill. It not only covered the 29 original code talkers but also an additional 275 of those who qualified as code talkers.

I guess, and I do not want to speak for the sponsor of the legislation, but I think it points out the need to tighten these requirements. That is what the purpose of this legislation is all about.

I yield to the gentleman from New York.

If the bill were passed, the answer is no, they would not.

Mr. Chairman, let me point out in the case of the Navajo Code Talkers, there were other tribes also that had code talkers, not just the Navajo. Again, the issue is where do we start and where do we finish in this area.

Again, going back to the history of the medal, and the first recipient was George Washington, it was to an individual and was to an individual for a very, very long period of time.

The gentleman from Delaware (Mr. Castle) pointed out correctly, historically the gold medal was given out quite rarely, 45 in 123 years, to individuals. The change ironically was brought about with the change in the Commemorative Coin Program that did in fact move the Congress to adopting more gold medals.

This is an effort to try to get back to where history started us, awarding that medal to an individual and awarding it not to a group, no matter how small or how large, and that really was the intent of the legislation.

I yield to the gentleman from New York.

I yield to my friend from Delaware, the sponsor of the legislation.

Reclaiming my time, and the gentleman may want to respond. Let me just comment. There is an avenue, I would suggest to my friend from New York, to honor large groups. That would be the commemorative coin. It is somewhat ironic that after the reforms that were made by the gentleman from Delaware where we tightened the restrictions on commemorative coins, and for good reason, that we then had this increase in the gold medal. I think we can safely say that the gold medal traditionally supports the concept of honoring an individual for service to the country, and that the commemorative coin, which has been essentially put on the back burner, presents a very appropriate avenue for recognizing groups that heretofore have not been honored.

I think that the reforms in the past and the ones that the gentleman from Delaware is now propounding in this bill makes excellent sense. I think once the Members understand the changes, that they are going to gravitate toward the concept of a commemorative coin as opposed to the gold medal. That is precisely what the gentleman from Delaware proposes in this legislation.

Let me, in closing, Mr. Chairman, indicate, first of all, my respect for the Members who have undertaken the responsibility of going out and getting 290 signatures. Virtually everyone I have talked to said, never again, because of the difficulty. I said, well, think of it this way. You get a chance to meet a lot of new friends. Every time you walk over or ride over for a vote, every time you see a Member in the dining room, wherever it may be, you are getting their support. But it is a difficult process.

I think the gentleman from Delaware was right in raising that bar to where it is now, because it really does focus one's attention on how difficult that process is. It does make it, by definition, a bipartisan process. That is a fact of life that we deal with time and time again. The legislation before us, I think, does restore the medal to what it was envisioned to be way back in 1776.

Mr. Chairman, I yield back the balance of my time.

Mr. Chairman, I offer an amendment.

Mr. Chairman, I yield myself as much time as I may consume. Mr. Chairman, the amendment changes the effective date of the introduced version of the bill from after December 31, 2005 to instead make the new limitation on the number of congressional gold medals effective on enactment of the bill. The change will be made so that uniform guidelines governing the medal program will be in effect for the whole 109th Congress and beyond and not change in the middle of the Congress. If we were to pass the bill but leave the effective date until the end of the session there would be a land rush to enact bills on gold medals that would place Members in an awkward position.

Mr. Chairman, I yield back the balance of my time.

Mr. Chairman, I yield myself such time as I may consume.

The amendment offered by the gentleman from New York is really in many ways contrary to the reforms that are already enacted, led by the gentleman from Delaware and the one that is now before us. The institution of two-thirds of the Members was very important, and the reforms in the Commemorative Coin Reform Act, which was adopted almost 10 years ago, instituted a two-coin-per-year maximum. The reforms in that program have worked perfectly. Congress has not passed more than two programs for issue in any year since the law passed in 1996. One year, in 2003, only one coin was issued. The reforms have restored the dignity of the commemorative coin program, which had spun out of control; and similar reforms will do the same for a Congressional Gold Medal. So it seems to me a natural progression in the reform process. And, indeed, the Founding Fathers found the need to award only 45 medals in the first 123 years of our country, but over the last decade Congresses have awarded nearly 10 times that many in just 10 years. I think those numbers are critical in understanding why the necessity for this reform effort, and for that I am opposed to the amendment.

Mr. Chairman, I reserve the balance of my time.

Mr. Chairman, I yield such time as he may consume to the gentleman from Delaware (Mr. Castle).

Mr. Chairman, I yield myself such time as I may consume.

I do oppose the amendment. I have some empathy for the first amendment offered by the gentleman from New York, but certainly not this one. Clearly, if there is a bipartisan element to this whole idea of getting two-thirds of the people supporting it, it is the Congressional Gold Medal, and I think the gentleman somewhat undercuts his own argument by giving us the figures that he did because, in fact, I do not think most Members, when they are approached by a Member carrying that bill, really are concerned about whether it is a Republican sponsor or a Democrat sponsor. They are concerned about who that individual being honored is. And just by the definition of having two-thirds sponsor would indicate a strong bipartisan support and historically that has always been the case.

And I think that the amendment would tend to compartmentalize the authors of these gold medal resolutions that would be difficult to enforce and perhaps would cause some kind of a rush to try to get the necessary signatures prematurely. So I think it is really difficult for the committee, for example. As the gentleman knows, who has served on my committee with great distinction, we pride ourselves on the bipartisanship of the committee and the leadership of the committee, and we have continued to do so. So I think this is superfluous at best and, as a result, would oppose the amendment.

Mr. Chairman, I reserve the balance of my time.

Mr. Chairman, I yield such time as he may consume to the gentleman from Delaware (Mr. Castle), the sponsor of the legislation.

Mr. Chairman, I yield myself such time as I may consume.

Mr. Chairman, to close, and again in opposition, I think it is unfortunate and really not necessary to put Republican-Democrat in the statute. That is really what we are trying to do; that is what the gentleman from New York is trying to do. This is an issue that needs to be worked out at the leadership level, which traditionally has been the case.

The last example that the gentleman mentioned, I do not know what all that had to do with, but I think it was above our pay grade. But at the same time, that is how it works, and to encase Republican and Democrat in the statute I think at this time would certainly not be in the best interests of the process, and that is why I continue to oppose my friend's amendment.

Mr. Chairman, I yield back the balance of my time.

Mr. Speaker, I rise in opposition to the motion to recommit.

(Mr. OXLEY asked and was given permission to revise and extend his remarks.)

First of all, Mr. Speaker, let me point out that this is a motion with instructions, so it does not go back to the Committee on Financial Services, it would automatically come back to the floor.

Secondly, I want to applaud the gentleman from Delaware, who sponsored this legislation. The concept behind the gold medal, the highest award that the Congress can provide, has historically been given, historically, to an individual. The first individual was George Washington, even before the Declaration of Independence. Historically that was the case.

In the first 123 years of the existence of our country, only 45 medals were given out, all of them to individuals. Since that time, we have had a tenfold increase in the next subsequent 100 years. And the gentleman from Delaware is right, we need to reform the system.

There is bipartisanship in the existing system because it involves 290 cosponsors, so everybody gets an opportunity to weigh in on the importance of the medal. There is an opportunity now with commemorative coins to honor groups as opposed to the individual medal. So the gentleman from Delaware needs to be congratulated on forward-looking reforms, just as he did in the commemorative coin program.

This is an effort, really, to gut these reforms, this so-called motion to recommit, and that is why I oppose it. We had extensive debate during general debate, as well as the two amendments offered by my friend from New York, and so I would ask that the motion to recommit be defeated; that we pass this legislation; and then get on to the work of defining two medals each year, a maximum of two medals each year, four for the Congress, to honor individuals who have had extraordinary contributions to our country.

Let us go back to what the original intent of the Founding Fathers was in this gold medal. I think it is important to do so.

I thank the gentleman for yielding.

Mr. Speaker, I want to associate myself with the remarks of my good friend and colleague from Ohio. I am amazed at how many experts on Ohio election law we have in this Chamber. I had no idea that so many Members from all over the country would have such a working knowledge of the Ohio electoral process. My friend from Ohio and others have explained it quite well how we work very well on a bipartisan basis. Indeed, our election laws in Ohio are quite adequate to the task despite the fact that we had a huge number of voters, an unprecedented number of registrants, and some adjustments to the new voting system; but I think we, by everybody's estimation, did quite well.

I know my friend from Michigan had a tough November with the Buckeyes beating the Wolverines and, of course, earlier in November with the loss of his Presidential candidate; but we should not try to overturn the presidential race any more than we should try to overturn the outcome of the Ohio State-Michigan game despite what my friend from Michigan might want. This is a time, as my friend from Ohio said, for reflection, for healing, for getting on with the business of the Nation.

This exercise, unfortunately, has distracted our country from that worthy goal. For that, I am truly sorry.

Mr. Speaker, I join my colleagues in paying tribute to Congressman Bob Matsui of California. The American people will miss this outstanding public servant, and we in the House of Representatives will miss a skilled legislator who approached every issue with a fair mind.

I've lost a friend. Bob and his wife Doris were friends of my wife Pat and me. Our son Chadd and their son, Brian, grew up together as congressional kids.

For the past 2 years, Bob and I were hallmates. In fact, I moved into his old office on the third floor of the Rayburn building. He always had a smile and hello for anyone he passed in the hall, whether it was a fellow Member, a staffer, or a visitor.

Bob Matsui was a courageous legislator. He showed great resolve in helping to win approval for the North American Free Trade Agreement. There isn't a tax or trade bill in the last 20 years that doesn't have his stamp on it. He was positively heroic when he had Congress squarely face the issue of the treatment of Japanese-Americans during World War II. Bob Matsui showed us the meaning of dignity and humility as he helped us to acknowledge a wrong. He and his parents were among those held in internment camps, but what was more important to him than his personal history was righting history for thousands of innocent Americans.

Our thoughts and prayers are with Bob's family. As we start a new session of Congress, we should all look to the distinguished career of Bob Matsui as an example of how we can remain true to our ideals and beliefs while ultimately working together for the good of all Americans.

Mr. Speaker, I rise in support of this historic bipartisan legislation and of all the work this House has done to bring it to the floor today. This was by no means an easy task we set out to achieve when we received the 9/11 Commission report this past summer and set to work holding hearings during the August recess.

The Financial Services Committee's contributions to S. 2845 continues some of the most important work it, and the Congress, has ever done. Work that began in the tense hours and days after the tragic attacks on September 11, 2001, and continues today in the efforts on this House to synthesize the 9/11 Commission report into momentous legislation.

It is a testament to the work of the Financial Services Committee that the 9/11 Commission report cited with approval Title III of the USA PATRIOT Act, and said that on anti-terror financing and anti-money laundering the various elements of the government are doing a good job.

The Commission also urged Congress, law enforcement, and the intelligence community not to become complacent and to engage in ongoing and rigorous examinations of the financial system. I believe this legislation rises to meet that challenge.

The Financial Services Committee has once again come together to create bipartisan legislation aimed at disrupting the financing of terrorism and strengthening the country's anti-money laundering laws.

The package that the Committee assembled centers on four broad themes: (1) additional finding for the fight against terrorist financing; (2) new tools for the government to combat terrorist financing schemes; (3) improved international cooperation and coordination on anti-money laundering and counterterrorist financing initiatives; and (4) enhanced preparedness of the financial services sector in case of another large-scale terrorist attack.

Among the key provisions in S. 2845 that reflect the contributions by the Financial Services Committee are the following:

Technical amendments to the anti-terror finance title of the USA PATRIOT Act, which was largely drafted in the Financial Services Committee;

An authorization for additional funding for Treasury's Financial Crimes Enforcement Network, which serves as the Federal government's financial intelligence unit and plays a critical role in the collection and analysis of data on suspicious financial activity;

A reauthorization of the national anti-money laundering strategy, along with grants to State and local law-enforcement agencies to investigate the financing of terror and other financial crimes;

A provision that allows the SEC to take action in an ``emergency'' to maintain or restore fair and orderly securities markets, ensure ``prompt, accurate and safe'' transaction settlement, and prevent disruptions of markets or market activities. The Secretary of the Treasury is given comparable authority over markets for government securities;

An authorization for the Secretary of the Treasury to produce currency and other security documents at the request of foreign governments;

A directive to the Secretary of Treasury to prescribe regulations requiring the reporting to FINCEN of certain cross border transmittals of funds relevant to the Department of Treasury's anti money laundering and anti terrorist financing efforts;

A restriction on federal examiners of financial institutions, for one year upon leaving the federal government, from accepting compensation for employment from a financial institution which the examiner had responsibility for examining;

A requirement for better coordination and building of international coalitions;

A Sense of Congress that the Secretary of the Treasury should continue to promote the dissemination of international anti-money laundering and counter-terrorist financing;

A requirement that the Secretary of Treasury convene an inter-agency council to develop policies to be pursued by the United States regarding the development of common international anti-money laundering and counter-terrorist financing standards;

A provision that enhances the delegation authority for the Secretary of the Treasury to appoint a Fiscal Assistant Secretary in the absence or inability to serve of the current Fiscal Assistant Secretary;

A Sense of Congress that insurance and credit rating firms should consider a firm's ``compliance with standards for private sector disaster and emergency preparedness'' when assessing the firm's insurability and creditworthiness. This is consistent with the 9/11 Commission Report, which made the identical recommendation.

I want to especially thank the Members of the Financial Services Committee that were instrumental in bringing the success of this legislation. I would especially like to recognize Financial Institutions and Consumer Credit Subcommittee Chairman Spencer Bachus (AL), Oversight and Investigations Subcommittee Chairwoman Sue Kelly (NY), Domestic and International Monetary Policy, Trade, and Technology Vice Chair Judy Biggert (IL), Ranking Member Barney Frank (MA), and Committee Member Luis Gutierrez. I also want to thank our counterparts in the other body for there help in resolving our issues quickly.

In sum, Mr. Speaker the Financial Services Committee's contribution to S. 2845 makes needed changes that respond directly to the 9/11 Commission's call for a continuous examination of the U.S. financial system to identify loopholes capable of being exploited by al Qaeda and other terrorist organizations, and to close down those gaps.

Mr. Speaker, I rise in strong support of H.R. 3204, the Benjamin Franklin Commemorative Coin Act of 2004. I want to thank the gentleman from Delaware (Mr. Castle) for his efforts on this bill's behalf and the gentleman from Massachusetts (Mr. Frank) for allowing us to move forward with this legislation.

I also want to thank the gentleman from California (Mr. Thomas), the Chairman of the Committee on Ways and Means for his efforts in speeding consideration of the bill. Mr. Speaker, I am inserting at this point an exchange of correspondence between myself and the gentleman from California confirming our understanding regarding the jurisdiction of our two committees.

I urge my colleagues to support this bill.

Congress of the United States,

U.S. House of Representatives,

Washington, DC, October 8, 2004.

Hon. Michael G. Oxley,

Chairman, Committee on Financial Services,

Washington, DC.

Dear Chairman Oxley: I am writing concerning H.R. 3204, the

``Benjamin Franklin Commemorative Coin Act,'' which is

scheduled for floor consideration today.

As you know, the Committee on Ways and Means has

jurisdiction over matters that concern raising revenue.

Section 7 of the bill establishes a surcharge for each sale

of the commemorative coins that are minted under the bill,

and thus falls within the jurisdiction of the Committee on

Ways and Means.

However, in order to expedite this legislation for floor

consideration, the Committee will forgo action on this bill.

This is being done with the understanding that it does not in

any way prejudice the Committee with respect to the

appointment of conferees or its jurisdictional prerogatives

on this or similar legislation.

I would appreciate your response to this letter, confirming

this understanding with respect to H.R. 3204, and would ask

that a copy of our exchange of letters on this matter be

included in the Congressional Record during floor

consideration.

Best regards,

Bill Thomas,

Chairman.

Mr. Speaker, I stand before you today to commend Sidney Tool and Die on its 50th anniversary. Under the ownership of Sargeant and Bensman families, Sidney Tool and Die has been a distinguished corporate citizen in the Sidney community since 1954. It has demonstrated its commitment to its customers by developing state-of- the-art tooling and assembly equipment and speciality machines for rubber and plastic product manufacturers. It takes exceptional leadership to maintain a business that prides itself on high quality products, hardworking employees and superior customer service.

Sidney Tool and Die has also given so much back to the community whose name it bears. Its owner, employees, retirees, and their families can be rightfully proud of this anniversary. Ohio is rightfully proud of its industrial base, and businesses like Sidney Tool and Die help to keep this tradition strong.

Mr. Speaker, we reach the close of the 108th Congress, I rise to note the retirement of Allen J. Weltmann after 39 years of service to PricewaterhouseCoopers. Allen is a Certified Public Accountant and joined the legacy firm of Coopers & Lybrand in 1965 after graduating from Penn State. Price Waterhouse and Coopers & Lybrand merged in 1998.

Allen began his career as an auditor in Syracuse before moving on to Philadelphia and New York. He started the firm's first government affairs unit in 1978 and has been one of the accounting profession's principal spokespersons in the public policy arena for 20 years. In that role I have worked with him on several landmark pieces of securities legislation, including the Sarbanes-Oxley Act of 2002, the Securities Litigation Uniform Standards Act of 1998 and the Private Securities Litigation Reform Act of 1995. Allen has always been held in esteem by members of Congress and his colleagues in the private sector for his grasp of technical detail and professional demeanor.

In addition to his work on accounting policy, Allen served as the Working Chair of the Transatlantic Business Dialogue, a collaboration of US and EU businesses working to reduce trade barriers between countries. He also advises the Department of Commerce on accounting issues through his seat on the Industry Services Advisory Council.

Allen belongs to the Pennsylvania Institute of Certified Public Accountants and the Greater Washington Society of Certified Public Accountants. He and his wife, Judi, live in Chevy Chase, Maryland and have four children and eight grandchildren. He plans to remain in the Washington area and to serve as Chairman of the Libraries Development Advisory Board of Penn State.

Mr. Chairman, I yield myself such time as I may consume. I rise to address those provisions of H.R. 10 favorably reported by the Committee on Financial Services that have been included in the legislation that we are considering today. The committee's additions to H.R. 10 continue the work it, and Congress, began in the tense hours and days after the tragic attacks of September 11, 2001. During that unsettled time, the committee pulled together to produce comprehensive, bipartisan legislation that aimed to disrupt the financing of terrorism and to strengthen the country's anti-money laundering laws. That bill, H.R. 3004, later became title III, the anti-terror finance title of the USA PATRIOT Act, signed into law less than 7 weeks after the attacks.

It is a testament to that legislation that the 9/11 Commission report issued a month ago cited it with approval and said that on anti-terror finance and anti-money laundering issues, the various elements of the government generally are doing a good job.

But we must not be complacent. The 9/11 Commission's final report states that ``vigorous efforts to track terrorist financing must remain front and center in U.S. counterterrorism efforts.'' The commission urged Congress and both the law enforcement and intelligence communities to engage in an ongoing and rigorous examination of the financial system for ``loopholes that al Qaeda can exploit, and to close them as they are uncovered.''

In response to this challenge, the Committee on Financial Services assembled a bipartisan legislative package that centers on four broad themes: one, additional funding for the fight against terrorist financing; two, new tools for the government to combat terrorist financing schemes; three, improved international cooperation and coordination on anti-money laundering and counterterrorist financing initiatives; and, four, enhanced preparedness of the financial services sector in the event of another large-scale terrorist attack.

Among the key provisions in H.R. 10 that reflect contributions by the Committee on Financial Services are the following:

Technical amendments to the anti-terror finance title of the USA PATRIOT Act, which was largely drafted in the Committee on Financial Services;

Authorization of additional funding for Treasury's Financial Crimes Enforcement Network, which serves as the Federal Government's financial intelligence unit and plays a critical role in the collection and analysis of data on suspicious financial activity;

A reauthorization of the national anti-money laundering strategy, along with grants to State and local law enforcement agencies to investigate the financing of terror and other financial crimes;

Additional enforcement tools to prevent the counterfeiting of U.S. currency;

Enhanced authority for the SEC to respond to extraordinary market disruptions caused by terrorist attacks or other catastrophic events; and

Codification of strong interagency cooperation and communication on international financial standard-setting matters related to anti- terrorist financing where the Treasury Department is in the lead.

At the committee's markup last week, several thoughtful and largely noncontroversial amendments were adopted, including one offered by the gentlewoman from New York (Mrs. Kelly) that seeks to address the vulnerability identified by the 9/11 Commission of the international funds-transfer system to terrorist financing; related amendments by the gentlewoman from Illinois (Mrs. Biggert) and the gentleman from Illinois (Mr. Emanuel) to promote greater public-private coordination on preparedness issues relating to the financial services sector; an amendment offered by the gentlewoman from Illinois (Mrs. Biggert) and the gentleman from New York (Mr. King) to strengthen interagency cooperation and clarify negotiating authorities between the State Department and the Treasury Department with respect to international financial institutions and other multilateral financial policymaking bodies; and a bipartisan amendment offered by the gentleman from Illinois (Mr. Gutierrez) and the gentlewoman from New York (Mrs. Kelly) to prohibit Federal bank examiners who serve a lead role in the supervision of an insured depository institution from accepting employment with that institution for 1 year after leaving the government.

In sum, Mr. Chairman, the Financial Services Committee's contribution to H.R. 10 makes needed changes that respond directly to the 9/11 Commission's call for a continuous examination of the U.S. financial system to identify loopholes capable of being exploited by al Qaeda and other terrorist organizations, and to close those loopholes both at home and abroad.

As for the larger body of legislation, I support H.R. 10 and urge its swift passage, a speedy conference, and quick adoption of the conference report. That will require a lot of work over the next several weeks, but it is work that is absolutely vital to the security of our Nation.

Finally, I hope the conferees will be able to resist the suggestions of some that the final legislative package be limited strictly to reshuffling the intelligence community's architecture. There are very important pieces of anti-terror legislation in H.R. 10 from a number of committees of jurisdiction, and the fact that they do not deal precisely with who directs the course or funding of the intelligence community does not mean they are any less important, or that they can wait for another year.

Mr. Chairman, I reserve the balance of my time.

Mr. Chairman, I yield 3 minutes to the gentlewoman from Illinois (Mrs. Biggert).

Mr. Chairman, I yield 4 minutes to the gentleman from Alabama (Mr. Bachus), the chairman of the Financial Institutions and Consumer Credit Subcommittee.

Mr. Chairman, I yield 2\1/2\ minutes to the gentlewoman from Wyoming (Mrs. Cubin).

Mr. Chairman, I yield myself the balance of my time.

This section of the bill we are debating from the Committee on Financial Services was a great bipartisan effort. We had testimony from Lee Hamilton, our former colleague, who was praiseworthy of what our committee was able to do in the PATRIOT Act and moving forward and trying to deal with terrorist financing.

I think this process has been pretty good. I think that, overall, I understand over 200 Members have been able to offer amendments in the committee process, with regular order in the committee process. Our committee was no exception. I think the product that we have come up with in H.R. 10 is positive.

I yield to the gentleman from Massachusetts.

Mr. Chairman, I yield back my time.

Mr. Speaker, I rise in support of H.R. 5011, the Military Personnel Financial Services Protection Act. This legislation, introduced by my good friend Max Burns of Georgia, will protect the men and women who put their lives on the line each day for our Nation.

Mr. Speaker, since the awful day of September 11, 2001, our country has been at war with radical Islamic terrorists. In the prosecution of this war, our armed services have performed heroically. Indeed, many have made the ultimate sacrifice for the cause of freedom.

Sadly, at the same time, there are a few bad actors in the securities and insurance industries determined to take financial advantage of our service men and women. These unscrupulous companies and salesmen gain access to military installations and use aggressive, misleading, and often illegal sales tactics, to sell high-cost products of dubious value that are unsuitable for any investor.

The Pentagon has issued several directives intended to curtail these abuses. But for a whole host of reasons, it is clear that the abuses will not stop unless Congress passes this legislation.

H.R. 5011 prohibits bad products and bad sales practices, clarifies regulatory jurisdiction on U.S. installations here and abroad, adds strong consumer protections and disclosures, and ensures proper reporting systems between our military and the financial regulators to ensure that bad actors cannot continue their predatory behavior. It also makes the process of selecting a broker more transparent for all investors, by providing online access to background information-- including disciplinary actions--on broker-dealers. These are tough measures that will greatly enhance consumer protections for military services members, and make financial transactions on base more transparent and investor-friendly.

Our Committee reported this bill to protect our service men and women on a unanimous 68-0 vote. This overwhelming bipartisan consensus is the result of strong leadership by Mr. Burns, the author of this legislation; by Mr. Emanuel for highlighting this issue for the Committee and working with us on a bipartisan basis; the Chairman of the Subcommittee on Capital Markets, Mr. Baker, who led our investigation into the abusive practices and bad products; Mr. Jim Ryun and Mr. Israel who worked closely together on the reporting requirements of this bill; and last but not least, Congresswoman Ginny Brown-Waite for ensuring appropriate SEC oversight of broker-dealer sales practices on military installations. Their hard work and leadership is well-reflected in this legislation.

Mr. Speaker, I am also including for the record an exchange of letters between myself and the Chairman of the Committee on Armed Services regarding their jurisdictional interest on this legislation. I want to thank the distinguished Chairman for his assistance in moving this legislation forward in an expeditious fashion.

Committee on Armed Services,

House of Representatives,

Washington, DC, October 4, 2004.

Hon. Michael G. Oxley,

Chairman, Committee on Financial Services,

Rayburn House Office Building.

Dear Mr. Chairman: On September 29, 2004, the Committee on

Financial Services reported H.R. 5011, a bill to prevent the

sale of abusive insurance and investment products to military

personnel. As you know, H.R. 5011, as ordered reported,

contained provisions within the jurisdiction of the Committee

on Armed Services.

Because of your willingness to consult with this Committee,

and because of your desire to move this legislation

expeditiously, I will waive consideration of the bill by the

Committee on Armed Services. By agreeing to waive this

consideration of the bill, the Committee does not waive its

jurisdiction over H.R. 5011. In addition, should a conference

be convened on this legislation, the Committee reserves its

authority to seek

conferees on any provisions of the bill that are within its

jurisdiction. I ask for your commitment to support any

request for conferees by the Committee on H.R. 5011 or

similar legislation.

I request that you include this letter and your response in

the Congressional Record during your consideration of the

legislation on the House floor. Thank you for your

consideration of these matters.

With best wishes.

Sincerely,

Duncan Hunter,

Chairman.