Floor Statements

Mr. Speaker, I rise today to ask you and my respected colleagues in the House of Representatives to pay tribute to the Taylor Lions Club as it celebrates its 50th Anniversary at St. George's Hall in Taylor.

The Lions Club of Taylor began its charter on Nov. 15, 1954. Sponsored by the Old Forge Lions Club, the Taylor Club chose Jay Fahringer as its Inaugural President. Over the next 46 years, the Club would have two members, Lion Dominic DeAngelo and Lion Joseph Canjar, serve in the esteemed position of Area District Governor.

Canjar and Lion Francis Scott received the Melvin Jones Fellowship Award for Dedicated Humanitarian Service from the Lions Club International Foundation, the highest award that a member can receive.

The Lions Club has a long-standing tradition of civic duty and pride. I cannot think of a better example for our young people than business people taking responsibility for their communities and neighbors. Lions Club members have been dedicated to giving their time, talent and resources to help our world become a better place since 1917. The Lions Club is one of the largest service organizations worldwide.

Lions Clubs are best known for their work with sight conservation, taking on the challenge after Helen Keller proposed it in 1925. Lions Clubs raise money for a variety of sight-preserving activities, from providing eyeglasses to paying for cataract surgery for needy people.

The District 14-H Lions Eye Bank was initiated by then-District Governor Dominic DeAngelo in 1958. Lion Merwyn Howells was instrumental with the inception of the Sergeant Seymore Program, sponsored by the Lackawanna Blind Association. The program educates third-graders about sight conservation and eye safety, and it concludes with a poster contest.

The District 14-H Lions Eye Bank Banner Patch for the most Cornea Eye Pledge Cards in a year was achieved in 1992, during Lion President John Souter's term. The Taylor Lions Club has continually provided eyeglasses to senior citizens and other members of the community throughout the years.

The District 14-H Hearing Committee's annual donation to the Scranton School for the Deaf began during Lion Joe Canjar's term in 1980. This tradition continues today.

Since the Club's beginning, members have provided wheelchairs, commodes, walkers, crutches, canes and personal safety items for all citizens of the community.

Over the past 15 years, the Taylor Lions Club's principal fundraiser has been a Holiday Basketball Tournament that features both girls' and boys' high school teams from Riverside School District and the surrounding area. This annual tournament is the only one of its kind to feature both a girls' and a boys' division. Eugene Evanish, Ted Evanish and Joseph Roberts have co-chaired the event since it began.

The Taylor Lions Club is also the first club in the history of District 14-H to have its Club Pin voted No. 1 in the state of Pennsylvania. Member Francis Scott designed the winning emblem.

The Taylor Lions Club has also taken an active role in District 14-H with members Joe Canjar (as past District Governor), Mike Cole, Gene King, Fran DeAngelo, Gene Evanish, Ted Evanish, Neil DeAngelo, Robert Thomas, Lisa Mekilo and Francis Scott all serving in the District Cabinet in recent years.

The Taylor Lions Club has sponsored teams in the Taylor Little League, Taylor Girls' Softball Association, Boys Biddy Basketball League, T.C.C. Girls Basketball League, Boy Scout Troop 85 and Cub Scout Troop 90.

The Taylor Lions Junior Football Organization was even named after the club, which sponsored it from 1970 through 2000. Lion Frank Messoline was one of the primary organizers of the program, while Lion Mike Krypel was primarily responsible for its present complex.

The Taylor Lions Club, in conjunction with the R&L Civic Club, American Legion Post 306 and the Taylor Borough Council, organized an Easter Egg Hunt in 1985 that has become an annual event for the area's children.

Lion J. Dennis Kryzanowski began the Taylor Lions Scholarship Award at Riverside Junior/Senior High School.

Two hundred and fifty-seven residents of Taylor have been past or present members of the Lions Club since its beginning in 1954. Lion Lisa Scott Mekilo was the first woman to join the Taylor Lions Club and became the Club's first female president in 2003.

Mr. Speaker, I ask that you join me today in paying tribute to such a wonderful service organization. It is my honor to represent the members of the Taylor Lions Club in the United States Congress.

Mr. Speaker, I rise today to pay tribute to my good friend George Vitanovec, who is retiring from the Teamsters Local 401. He was honored at the Greater Wilkes-Barre Labor Council Dinner at Pittston Convention Hall on October 29, 2004.

George Vitanovec has been a dedicated Teamster since 1968. He worked for Acme Warehouse in Forty Fort for 22 years and represented the members as their shop steward. George was first elected as Vice President of Local 401 in 1990 and then elected President of Local 401 in 1993. He was elected for five consecutive terms and retired on June 30, 2004.

George was a veteran of the United States Army and served a tour of duty in Vietnam from 1965-1966. He was honorably discharged in 1967.

George has been involved with many organizations such as the Greater Wilkes-Barre Labor Council, Teamsters Joint Council, Teamsters International and also the United Way just to name a few. He has been dedicated to many organizations within the community. He was a coach for St. Therese Little League, South Wilkes-Barre Mini Mohawks, Founder and President for the YMCA wrestling program and was also a baseball coach for Meyers High School. He is a member of the St. Nicholas Church, Holy Name Society, North End Slovak Club and the Brookside American Legion. He is also an avid fisherman and hunter.

George is above all a dedicated husband, father and grandfather. He is married to Shirley Morio Vitanovec. He has a daughter Kerry Ann, a son George Jr., a son-in-law Kevin and a daughter-in-law Susan. He has twin grandsons Michael and Patrick Flaherty.

Mr. Speaker, I ask that you and my esteemed colleagues in the House of Representatives please join me in congratulating George Vitanovec and wish him all the best for a well deserved retirement.

Mr. Speaker, I rise today to ask you and my esteemed colleagues in the House of Representatives to pay tribute to my good friend David Schwager as he is honored upon the completion of his term as president of Temple Israel in Wilkes-Barre, PA.

David is a partner in the law firm of Chariton and Schwager. He is the past president of the Luzerne County Bar Association Young Lawyers Division and a member of the Pennsylvania Bar Association House of Delegates. He chairs the Association's Statutory Law Committee. He is a past vice-chairman of the Business Law and Real Property Law Sections of the American Bar Association Young Lawyers Division. A past Assistant District Attorney, David is treasurer of the Middle District Bankruptcy Bar Association. David also serves as solicitor to District 16 Little League and The Music Box Players.

David graduated from Lafayette College in 1984 and received his J.D. from the Dickinson School of Law in 1988. David is married to the former Laurie Mersay, assistant vice president of First National Community Bank. They have two children, Max and Melissa.

Among his many civic activities, David serves as vice president of the JCC, vice president of the American Cancer Society Wyoming Valley Unit, vice president of the S.J. Strauss Lodge of B'nai B'rith Housing Foundation and secretary of the UHI School Board. A past president of the Wyoming Seminary Alumni Association and a past president of B'nai B'rith Lodge No. 139, David serves on the Wyoming Valley Sanitary Authority, a past director and officer of Jewish Family Service, and a past director of Junior Leadership Wilkes-Barre. David serves as a class fund manager and alumni admissions representative for Lafayette College.

Mr. Speaker, it is a privilege and honor to represent a man who is so dedicated to serving his community. I ask that my colleagues pay tribute to David Schwager as he receives this well-deserved honor.

Mr. Speaker, I rise today to recognize Magee Rieter Automotive Systems of Bloomsburg, Pennsylvania for winning the ``Supplier of the Year'' award for quality and service for the 12th consecutive year from General Motors Corporation. I ask that my colleagues pay tribute to Magee Rieter, its President and Chief Executive Officer Mike Katerman and to all the employees for winning this international recognition.

Not only is this the 12th straight award for Magee Rieter and its employees, they now have the distinction of being the only company in all of North America to earn the honor for so many consecutive years. Each year, fewer than 100 companies out of 30,000 win this distinction. Additionally, only one other company in the world can match this incredible record of quality.

As Mr. Katerman puts it, Magee Rieter manufactures the highest quality fabricated floor carpet and acoustical systems. General Motors is their largest customer.

Mr. Speaker, it is a privilege and honor to represent a company that has been internationally recognized for its commitment to quality, service, technology and value. It is equally rewarding to represent employees who are acclaimed for their hard work and ingenuity.

Mr. Speaker, I rise today to call the attention of my esteemed colleagues in the House of Representatives to St. Mary's, Our Lady of Perpetual Help Church in Mocanaqua, Pennsylvania.

The church building itself is a landmark in Northeastern Pennsylvania with a gleaming gold and white steeple, partially encircled by 85-year- old pine trees. Travelers see the gold cross and towering pine trees as they cross the Susquehanna River on Route 11. But more importantly, St. Mary's Parish has a rich history.

St. Mary's, also known as Our Lady of Perpetual Help, has roots that date back to the late 19th Century when 10 Polish and three Slovak mining families petitioned the local coal company for a place to worship.

The coal company gave them an old, abandoned schoolhouse, which became the public place of worship in Mocanaqua.

I would like to recognize the contributions of the 10 founders of St. Mary's Parish: John Bizup, Joseph Bolinski, Joseph Fraj, Charles Kadtke, Frank Kadtke, John Kadtke, John Kollar, John Kowalski, John Strzelczak and Joseph Wywiorski.

I would also like to call the attention of my colleagues to a parishioner named Mrs. Mary Kowalski Stapinski, the only immediate descendant of one of the Parish's founders. Mrs. Stapinski is 97 years old now and the oldest living member of the Parish.

Father J. Signorski celebrated the first Mass in the improvised chapel in 1885. Father Signorski traveled from Sacred Hearts of Jesus and Mary in Scranton to perform the Mass.

In 1887, Bishop William O'Hara ordered the parish to become a mission church of St. Stanislaus Parish in Nanticoke. Father Beneventus Gramlewicz ministered to the spiritual needs of the people of Mocanaqua, traveling from St. Stanislaus in Nanticoke each month.

In 1890, the Church was made a mission of St. Adalbert's in Glen Lyon, and its pastor, Monsignor Andrew Zychowicz, traveled to Mocanaqua once each month to celebrate Mass at St. Mary's. As the years went on, Monsignor Zychowicz and his parishioners saw the need for a larger place of worship because the number of families there had grown so rapidly.

Parishioners began a fundraising drive for a new church in 1897. They raised $400, and it is believed that this was the start of the annual Church picnic, which has since become a popular and beloved tradition.

The parish sought to purchase land for their fundraiser. The coal company sold parishioners a piece of land for $1 because it wanted to keep the cheap labor pool content. The men of the parish leveled the land, cleared boulders, and dug a well. The park was named Sobieski Park and was formally dedicated in 1933.

Several years ago, the Library of Congress asked Members of Congress to submit nominations for the Local Legacies Project of the American Folklife Center. The Library asked for documentation of at least one significant cultural event or tradition that is important to each district or state, and I was more than happy to nominate St. Mary's Annual Homecoming Picnic. St. Mary's annual picnic is a celebration of ethnic heritage and diversity in Northeastern Pennsylvania.

Father Stanislaus Siedlicki of Glen Lyon succeeded Monsignor Zychowicz, who was made pastor of Sacred Hearts of Jesus and Mary Church in Scranton. Construction of a new church building began in 1904. The church was located near Mocanaqua's current underpass and near the railroad.

In a tragic accident several years later, the church burned to the ground when a spark from a passing locomotive ignited the wooden structure on fire. However, the parishioners were not deterred. They again raised money for a new church, which was dedicated in 1914 at its present site, safely out of reach from the railroad.

The Rev. Andrew Smeltz took over ministering to St. Mary's, which was still a Mission Church, in 1908. In 1910, the members of the Mission felt that they deserved a full-time pastor. Bishop Michael Hoban appointed the parish's first resident pastor, the Rev. Felix Nowak, on Dec. 10, 1910.

During this time, coal miners were fighting for better wages. Many of them had left their wives and children in Europe while they came to America to earn the sufficient money to bring their families to Mocanaqua.

The miners threatened the West End Coal Company that they would quit and return to Europe if their wages were not raised. Not only were their wages raised, but they also successfully negotiated for the coal company to arrange passage for their families to come to America.

The provision of land for a cemetery was also provided in the negotiations. The first parishioner to be laid to rest in the cemetery was Basil Petrow, who lost his life at the age of 30 while working in the coal mines.

At this time I would like to pay tribute to 10 heroic servicemen from St. Mary's Parish who lost their lives during World War II and the Korean War: Michael Giunta, Edward Kadlubowski, Joseph Kalinowski, Edward Matak, Chester Okoneski, John Orzechowski, Vincent Yamilkoski, Michael Yaszczemski, John Zak, Stanley Zakrzewski.

By 1954--the year of the church's Golden Jubilee--the St. Mary's Parish had grown to include more than 400 families.

In 1976, to show their patriotism during our nation's bicentennial, the parishioners removed the historic bronze church bell which had been cast in 1914 from the steeple and placed it on permanent display in the Church yard. A bronze plaque marks the site.

Pope John Paul II has given St. Mary's Parish a special Apostolic Blessing on the occasion of its 100th Anniversary. The Library of Congress has also recognized the occasion with a congratulatory letter.

Mr. Speaker, I ask that my distinguished colleagues in the House of Representatives join me in paying tribute to St. Mary's Parish in Mocanaqua. I am honored to represent a parish with such long-standing roots in Northeastern Pennsylvania.

Mr. Speaker, I rise today to pay tribute to Frank Mattei as he is named Person of the Year by the Italian American Association of Luzerne County. It is an honor to join the members of this organization in paying tribute to his numerous achievements as he is honored at a dinner this Sunday.

A member of the Italian American Association for 10 years, Frank is also active in Rotary Club. As a member of the Rotary Club, Frank spent a great deal of time with the Rotary Exchange Students Program. Many students from many nations were greeted with the hospitality and warmth of the Mattei home.

Frank was born in Pergola, Italy, in 1932. He is the son of the late Marino and Celeste Mattei. He has been married to Anna Biscontini for 46 years. Frank and Anna have two children, Maria and Frank Jr., and three grandchildren. Maria lives with her daughter, Violeta, in Plains. Frank Jr. and his wife Susan live in Malvern, PA, with their daughters Daniella and Julianna.

Frank came to America in 1947. He settled in the Hilldale section of Plains and graduated from Plains Memorial High School in 1952.

Frank served his country for 2 years in the U.S. Army, and 18 of the 24 months were served in the United States forces in Austria, USFA. After that, he spent many years in the retail shoe business as the owner of Penn-Lee Footwear for 22 years.

Mr. Speaker, it is a privilege and honor to represent a man who has served his country and who has been a leader in his community. I ask that my colleagues pay tribute to Frank Mattei as he receives this well deserved honor.

Mr. Speaker, I rise today to pay tribute to Calvary United Methodist Church in Berwick as its parishioners celebrate the joyful occasion of its 100th anniversary.

Calvary United Methodist arose because Christians living in the west end of Berwick had a need for a place to worship. The increase in population left the need for a second Church. Calvary United Methodist, located on the corner of Orange and Warren Streets in Berwick, became a parish on October 6, 1904.

Parishioners have chosen the motto for the 100th anniversary fittingly from the Bible: ``One generation shall praise thy works to another, and shall declare thy mighty acts,'' Psalms, 145:4.

Rev. Fred Fields is the pastor of Calvary United, and I ask my distinguished colleagues to join me in congratulating Reverend Fields today. The parishioners of this church should be proud of their long- standing tradition of faith.

Mr. Speaker, I rise today to offer my thoughts about House Concurrent Resolution 461, which I helped to introduce with the gentlelady from Illinois (Mrs. Biggert). House Concurrent Resolution 461 would designate September as National Life Insurance Awareness Month.

Life insurance is a financial planning tool that all families should explore. It can provide security in the event of an untimely death. In families where a premature death occurs, surviving family members are often required to work additional jobs or longer hours, borrow money, withdraw money from savings and investment accounts, and, in too many cases, move to smaller, less expensive housing.

By designating September as National Life Insurance Awareness Month, we will hopefully highlight the importance of this financial instrument for the nearly 50 million Americans who presently lack the life insurance coverage needed to meet the long-term financial needs of their families.

In closing, I urge my colleagues to support this important resolution to promote financial literacy.

Mr. Speaker, I rise today to call the attention of the House of Representatives to St. Mary's Antiochian Orthodox Church in Wilkes-Barre, Pennsylvania, on the joyous occasion of its 100th anniversary.

This church has a rich history in Northeastern Pennsylvania. The first immigrants to the area from Syria and Lebanon traveled to our region in the 1890s. By 1904, there were about 35 families who grouped together to form the first parish of St. Mary. On March 13, 1904, Archimandrite Raphael Hawaweeney organized St. Mary's Syrian Orthodox Men's Group. In the Spring of 1904, a young man named John Michael Curry Saba was ordained as the first priest of St. Mary's.

The parish bought the land on which to build a church at 132 High Street for $300. From 1904 through 1908, the congregation gathered in a private home. In 1907, Father George Kattouf was ordained and became pastor of St. Mary's.

By 1907, the parish had grown to about 65 families. A Russian Orthodox contractor named Michael Hlipko offered to build the church for $8,500.

St. Mary's was the first Antiochian parish established in the United States. On November 3, 1908, the parish received its official charter of incorporation for Luzeme County and the state of Pennsylvania. The official name was St. Mary's Syrian Greek Orthodox Catholic Church of Wilkes-Barre and vicinity.

The first liturgy was held in 1908 and the Church was consecrated by Bishop Raphael during a visit in 1911 to celebrate the burning of the church's mortgage.

A rectory was built in 1912 and the old part of the Church cemetery in Hanover Township was also acquired. Father Joseph Elia Xanthopoulos became the pastor in 1912 when Father George moved to Allentown. Father Joseph was fluent in Arabic and Greek, and he chanted in Byzantine. He started a Syrian school for young people, who had begun to chant with him during the service.

The community began to split in 1914 because the Syrian Mission in America began to divide. During this time, services were held at the church on High Street for those following the Russian Patriarch, and at 107 Blackman Street, for those following the Antiochian Patriarch.

Several pastors served the Church through the years: Father Daniel George, Father Abdallah Khoury, Father Constantine Abou-Adal, Archbishop Aftimios Ofeish and Father George Mitchell, Father Anthony Sakey, Father Nicholas Hussan and Father Herbert Nahas.

In 1958, the parishioners decided they wanted to build a new Church, Hall and Rectory. They chose a site at the south end of Main Street and purchased it for $28,500 in 1964. This turned out to be a blessing in disguise, as the other three sites that had been considered were completely submerged in 16 feet of water by Hurricane Agnes in June 1972.

When Agnes hit Wilkes-Barre, 108 families from the parish were left homeless. The businesses of 35 parishioners were closed for months. Miraculously, the flood waters stopped just outside the parish hall doors, and the building became one of many shelters. The men and women of St. Mary's worked tirelessly to help the victims of the devastating flood.

In 1985, Father Edward Hughes became pastor of the Church, followed by Father Mark Sahady in 1994. Father Thomas Zain came to St. Mary's in 1994 and served as pastor until 1997. Father John Winfrey became pastor of the Church in 1997. The Very Reverend Father David Hester came to St. Mary's in 2000 and currently serves as pastor.

Mr. Speaker, it is my pleasure to represent a parish community with such a rich history. The parishioners at St. Mary's have preserved their heritage and kept meticulous records of their history to pass on to future generations, and I congratulate them on the joyful occasion of the Church's 100th anniversary.

Mr. Speaker, I rise today to call the attention of the House of Representatives to the Catherine McAuley Center in Dallas, PA, on the occasion of its 20 years of service to homeless mothers and children in Lackawanna and Luzerne Counties.

Since 1984, the center has provided emergency shelter, transitional and permanent housing, food, furniture, and support services to thousands of women and children in my district.

The Catherine McAuley Center is sponsored by the Sisters of Mercy and is named after their founder. Catherine McAuley devoted her life to serving others. Even on her deathbed, she is said to have told those around her to ``be sure to have a comfortable cup of tea for them when I am gone.''

Mr. Speaker, it is truly an honor to represent an organization whose mission is helping women in need. Please join me in congratulating the selfless staff, volunteers, and friends of the Catherine McAuley Center on 20 years of service to the women and children of Lackawanna and Luzerne Counties.

Mr. Speaker, today I call the attention of the House of Representatives to the Very Reverend John Terry, who will celebrate his 25th year as director of the Catholic Youth Center in Wilkes-Barre, Pennsylvania, tonight.

Father Terry is a Scranton native who attended St. Michael's elementary school in Jessup. He went on to Scranton Preparatory High School, where he was influenced by the Jesuit priests who taught him. It was at a school retreat in Easton, Pennsylvania, that he first expressed his interest in the priesthood. He credits Father Burner, SJ, Father John Dugan, SJ and Scholastic Jesuit Robert Waldman for helping him explore the priesthood as a vocation.

Father Terry studied different religious communities and their missions, but realized he felt the call to do parish work in the Scranton Diocese. Upon his high school graduation in 1967, Father Terry applied to the Diocese of Scranton. He met with Monsignor Thomas Horan, director of the Saint Pius X Seminary.

Father Terry was accepted as a pre-seminarian and began studies at the University of Scranton. After two years at the University, Father Terry continued on at Saint Pius X. Father Terry recalls that when he was assigned to his room, he knelt and prayed, saying ``Oh God, if this is your will, help me.''

Monsignor Andrew McGowan was in charge at the Seminary, assisted by Father Banish, Father Kelly, Father Bergamo, Father Louis and Father Walsh.

In the Spring of 1971, Father Terry was sent to Our Lady of Angels Theological Seminary in Albany, New York. Halfway during his second semester, the Seminary closed because of budgetary shortfalls. Father Terry then went on to St. Bonaventure University in Olean, New York.

In May 1974, Father Terry was ordained as a deacon and assigned to a small community in Ellicottville, New York--an assignment that helped him understand what parish life really meant. Father Terry was then assigned to the Diocese of Buffalo Seminary in East Aurora, New York. In that year, Father Terry spent a good deal of time in the Diocese of Scranton.

Bishop J. Carroll McCormack of Scranton assigned Father Terry as a deacon to St. Mary's Church of the Immaculate Conception in Wilkes- Barre. He served with Monsignor Joseph Madden as pastor and mentor.

Father Terry was ordained on May 2, 1975 by Bishop McCormack in the Diocese of Scranton. He was assigned to St. Mary's in Wilkes-Barre. During this time, Father Terry's mother was diagnosed with cancer. She died a few months after her son was ordained, and the parishioners at St. Mary's helped Father Terry during this tragic time. Father Terry also began working with children, which was a great boost for his morale.

In 1979, Monsignor John Dougherty, Chancellor of the Diocese, asked Father Terry to become director of the Catholic Youth Center in Wilkes- Barre and to serve as an assistant at St. Patrick's Parish in Wilkes- Barre. Working with young people and youth programs was a dream come true for Father Terry.

Father Terry also worked with GAR High School's football program, and was named ``Our Angel in the Backfield'' by the students he coached. After three years at St. Patrick's, he went to Holy Savior/St. Christopher Churches.

Father Terry enjoyed devoting his time and energy to working with troubled youth and helping to solve their problems. The assignment at the CYC also afforded Father Terry the opportunity to work with Tony English, Jr., executive director of the CYC. The success of the CYC is a result of the wonderful working relationship between the two.

In December 1990, Father Terry was assigned on a temporary basis to Sugar Notch to minister to the Churches of Saints Peter and Paul and St. Charles Boromeo until Father Tom Hudak returned from the Persian Gulf. In 1992, Father Terry was named Pastor of all the churches in Sugar Notch, including Holy Family.

Mr. Speaker, it is truly an honor to represent a man who has devoted his life to making the lives of others, especially young people, better. Please join me in congratulating Father Terry today on 25 years of service.

Mr. Speaker, on September 9, 2004, I was away from Washington on official business in my district and unable to vote on several matters.

Had I been present, on rollcall 434 I would have voted ``yea.'' On rollcall 435, I would have voted ``nay.'' On rollcall 436, I would have voted ``yea.'' On rollcall 437, I would have voted ``yea.'' On rollcall 438, I would have noted ``nay.'' On rollcall 439, I would have voted ``yea.'' And on rollcall 440, I would have voted ``yea.''

Mr. Chairman, I yield myself 6 minutes.

Mr. Chairman, we are unfortunately meeting today to consider the Stock Option Accounting Reform Act. This bill would begin the process of repealing the reforms we enacted in the historic Sarbanes-Oxley Act just 2 years ago. As I repeatedly noted during the Committee on Financial Services' consideration of these matters, deciding what should be accounted for and how it should be accounted for is the job of the Financial Accounting Standards Board, not the Congress.

Nevertheless, I recognize the strong feelings and deep concerns expressed by the parties on the other side of this contentious issue. The accounting treatment of stock options has caused significant controversy for more than a decade and FASB's decision to revisit this matter has rekindled a fiery debate.

Although I have great sympathy for those individuals in the high-tech community who have raised considerable reservations about the expensing of stock options and the effects on business operations and compensation plans, H.R. 3574 would interfere with FASB's independence. It could also undermine the credibility of financial reports.

We need to work in Washington, particularly in the wake of recent accounting scandals, to improve the transparency of financial reporting statements in order to help average investors make better decisions. A decade ago, the Congress strong-armed FASB into abandoning an effort to adopt a rule requiring stock option expensing. We now know that this retreat helped contribute to a recent financial storm on Wall Street. In fact, a recent study by economists at Texas A&M found that companies where CEOs had options equal to 52 times their annual salary were 70 percent more likely to have a restatement than similar-sized companies in similar industries where CEO had little option wealth.

In considering this bill today, we may, therefore, ultimately allow history to repeat itself. We would for the first time also be making the Congress an appeals board for the development of accounting standards. Support in the business community for mandatory expensing has increased significantly in the wake of the recent tidal wave of accounting scandals. A Merrill Lynch study found more than 90 percent of institutional investors want stock options expensed. This view is shared by the American Institute of Certified Public Accountants, the Investment Company Institute, and the Council for Institutional Investors. Our largest accounting firms have also called for the expensing of stock options.

In addition, nearly 600 companies have already voluntarily adopted or are in the process of adopting fair-value expensing of stock options. Respected corporations like Home Depot, General Motors, General Electric, Wal-Mart, Microsoft, and Amazon have all decided to treat stock options as expenses.

In a recent letter to FASB, Citigroup emphasized its ``strong support for private sector standard setting'' and ``its opposition to congressional intervention on the accounting for stock options.''

Furthermore, in recent proxy votes at IBM, Peoplesoft, Hewlett- Packard, and Texas Instruments, the shareholders of these leading high- tech companies have voted in favor of stock options expensing. Moreover, in May the shareholders of Intel approved a proposal asking the company to expense stock options. This proposal passed with 54 percent of the 5.7 billion votes cast. To date, however, Intel's management has disregarded the decision of its stockholders.

Numerous consumer groups, including the Consumer Federation of America, Consumers Union, and Consumer Action, are also supporting the expensing of stock options. They have determined that the legislation we are considering would deprive investors of comprehensive and transparent financial transactions. Many in the labor movement share these concerns. These entities include the AFL-CIO, the Teamsters, and AFSCME, among others. Each of these groups has called on us to reject

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

Mr. Chairman, I yield 4 minutes to the gentlewoman from California (Ms. Eshoo), a chief sponsor of the bill.

Mr. Chairman, I yield 3 minutes to the gentleman from Ohio (Mr. Gillmor).

Mr. Chairman, I yield 2\1/2\ minutes to the gentlewoman from Illinois (Ms. Schakowsky).

(Ms. SCHAKOWSKY asked and was given permission to revise and extend her remarks.)

Mr. Chairman, I yield 3 minutes to the gentleman from Massachusetts (Mr. Frank), the ranking member of the Committee on Financial Services.

Mr. Chairman, I yield 3\1/2\ minutes to the gentleman from Florida (Mr. Stearns).

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

Mr. Chairman, I yield 2 minutes to the gentlewoman from New York (Mrs. Maloney).

Mr. Chairman, I yield 2 minutes to the gentleman from Georgia (Mr. Marshall).

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

Mr. Chairman, I yield 2 minutes to the gentleman from California (Mr. Sherman).

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

Mr. Chairman, I yield 2 minutes to the gentleman from Illinois (Mr. Emanuel).

Mr. Chairman, we have no objection to the manager's amendment and support it.

Mr. Chairman, I offer an amendment.

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

Mr. Chairman, the Kanjorski-Castle-Dingell-Maloney-Emanuel substitute is simple in its structure and intent. In short, it would replace the current text of H.R. 3574 with language designed to preserve the independence of the Financial Accounting Standards Board in establishing accounting standards.

Specifically, the substitute incorporates a series of findings concerning SEC authority over standards setting and the importance of credible accounting standards to the economy and investors. It also puts forward a sense of Congress that preserving the integrity of the accounting standards setting process is crucial to the financial reporting systems and markets.

Finally, it provides direction to the SEC to oversee the process of setting standards for equity-based compensation to ensure that all comments, including those of the high-tech industry, are appropriately reviewed and that any modifications necessary to ensure the highest quality accounting standards are adopted.

Mr. Chairman, deciding what should be accounted for and how it should be accounted for is the job of the Financial Accounting Standards Board, not the Congress. As a Washington Post recently editorialized, ``The accounting standards, like interest rates and determinations of drug safety, should not be set by Congress.'' They should be set by the experts at the Financial Accounting Standards Board.

Moreover, we should not start proceeding down a slippery slope of establishing accounting standards via political process. As the Financial Accounting Foundation has noted, ``Once Congress starts setting accounting standards through its political process, the integrity of the United States accounting standards-setting and the credibility of the U.S. financial reporting will be dangerously compromised.''

In short, we should ensure that the Congress does not become an appellate court for accounting standards. I hope my colleagues, therefore, would support our bipartisan substitute.

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

Mr. Chairman, I yield 3 minutes to the gentleman from Delaware (Mr. Castle), a co-sponsor of the substitute amendment.

Mr. Chairman, I yield 2 minutes to the gentleman from Massachusetts (Mr. Frank), the ranking member of the Committee on Financial Services.

MR. FRANK of Massachusetts. Mr. Chairman, I am delighted to take up where the previous speaker left off.

No, I do not want to see an end to venture capital in the Silicon Valley, and my argument is that this is greatly overblown. Here is the argument; we have just heard it.

We have this very valuable resource in America, these high-tech start-ups. They are, on the whole, quite productive; they generate wealth, venture capitalists give them money, and we are being told that the venture capitalists in America are so stupid that a change in accounting, which represents no change in reality, will drive them away from this business.

Now, I agree with those who say that the options are a good thing. I do not

think investors are misled. If you are going to invest in a company, read the footnotes, and if you did not read the footnotes when you invested, do not complain to me. I have got constituents with real problems.

On the other hand, the argument that if you change the accounting and the reality is not changed, remember this has not been the issue. Nothing about what FASB is proposing would stop the issuance of options. It simply changes the way they are accounted for literally.

The argument is that the most sophisticated investors in America will see a change in the accounting and they will say, Oh, my God, I had better stop investing in these companies; I did not know that they were doing this. Well, of course they know. Both sides know. No one is getting any new information out of this.

The question is, if the accounting takes them from a gain on paper to a loss on paper with no change in reality, will that dry up capital?

Now, I understand where if you are one company out of many and you did this and others did not, maybe you would be at a disadvantage, but are venture capitalists so dumb that they do not know what apparently everybody here does? I think they at least tie us in intelligence and understanding of economic processes. Are they going to say, Oh, now that the accounting is changed, now that this is expensed, even though the realities are the same, I will withdraw my investment? I am wholly skeptical of that argument.

Mr. Chairman, I yield 1\1/2\ minutes to the gentleman from Ohio (Mr. Kucinich).

Mr. Chairman, I yield 1\1/2\ minutes to the gentleman from California (Mr. Sherman).

Mr. Chairman, I demand a recorded vote.

Mr. Speaker, I rise today to speak in support of the resolution congratulating the Pennsylvania State University on its 150th Anniversary and reaffirming its designation as a land grant university.

On February 22, 1855, Pennsylvania Governor William Pollock signed the charter that created what eventually became The Pennsylvania State University. Penn State will be celebrating its 150th anniversary from July 1, 2004 to June 30, 2005. I would like to take this opportunity to congratulate Penn State on its achievements over the years. In addition, I would also like to recognize the importance of the branch campuses to the success of Penn State University.

Initially a small college dedicated to the study of scientific agriculture, Penn State was designated the Commonwealth's sole land- grant institution in 1863. In 1874, the Agriculture College of Pennsylvania became the Pennsylvania State College and in 1954 became the Pennsylvania State University.

Currently, Penn State has an enrollment of 83,000 students, which consists of individuals at the main campus in University Park, the 20 branch campuses, located across Pennsylvania and students at the College of Medicine, the Dickinson School of Law and the Pennsylvania College of Technology. As a result, 1 in every 8 Pennsylvanians with a college degree attended the Pennsylvania State University.

In particular, I would like to take this opportunity to commend the branch campuses in my district for the role they play in educating Penn State students. There are three branch campuses located in my district: Penn State Hazleton, Penn State Wilkes-Barre and Penn State Worthington-Scranton. These branch campuses came about in the 1930's when students could no longer afford to travel away from home to college because of the Depression.

Since then, these branch campuses have evolved, offering the four- year bachelor degrees, associates degrees and a wide range of continuing education classes to students in our area. In addition, the branch campuses offer certificates and professional development credits. As a result, many businesses in my area encourage their employees to take classes at the branch campuses. The branch campuses, therefore, have not only increased the educational attainment level of the workforce in my district, they have also helped promote economic development in the region.

Over the next year, the Pennsylvania State University will mark its anniversary with series of special events highlighting the achievements of the university. I wish them well over the next year and in the years to come as they continue to provide quality education to students in Pennsylvania.

Mr. Speaker, I rise today to ask you to join me in congratulating Monsignor Alexander Kulik, who recently celebrated the 50th Anniversary of his ordination at St. Mary's Church of the Maternity in Wilkes-Barre with a testimonial dinner following at Convention Hall in Pittston.

Monsignor Kulik is the son of the late Frank and Jennie Pesta Kulik. His family includes a sister, Mrs. Shirley Polaski, and brothers, Rev. Francis Kulik and Mr. Daniel Kulik. Monsignor was born and raised in Avoca, Pennsylvania. He received his bachelor of science degree from St. Mary's College in Orchard Lake, Michigan, in 1950. After that, he went on to complete his theological studies at St. Cyril and Methodius Seminary, Orchard Lake, Michigan.

Monsignor Kulik was ordained into the priesthood on June 5, 1954 by the late Auxiliary Bishop of Scranton, the Most Reverend Henry Klonowski, at St. Peter's Cathedral in Scranton.

Monsignor Kulik's first assignment was as assistant pastor at St. Ann's Church in Tobyhanna. He went on to Transfiguration Church in West Hazleton, St. Mary's Church of the Nativity in Plymouth and St. Mary's Church of the Visitation in Dickson City.

On the diocesan level, Monsignor Kulik served as assistant rector and professor of Catechetics and Pastoral Theology at St. Pius X Seminary in Dalton. He also worked as Director of Camp St. Andrew Diocesan Boys' Camp.

Monsignor Kulik became pastor of Corpus Christi Church in Montdale in 1971. He subsequently became pastor of St. Mary's Church of the Maternity. In 1978, he was elevated to the rank of Chaplain to His Holiness by Pope John Paul I with the title of Monsignor.

During his 50 years in the priesthood, Monsignor Kulik has been active in many religious and civic organizations. He currently serves on the board of the St. Vincent de Paul Kitchen and the Reverend Walter Ciszek Prayer League.

Of his many accomplishments, Monsignor Kulik is perhaps best known as a gifted spiritual leader. With all the fundraising, renovating and administration that are the daily routine of a Pastor, first and foremost to Monsignor Kulik has always been the spiritual guidance and needs of his parishioners.

With social ministry in mind, Monsignor Kulik established a food pantry for people so that people would not go hungry. He also established a grief support group to help people through their times of bereavement.

Mr. Speaker, it is my pleasure to represent a man who has demonstrated such devotion and service to his fellow man throughout his life. I ask you and my esteemed colleagues in the House of Representatives to congratulate Monsignor Alexander Kulik on the occasion of his Golden Jubilee.