Floor Statements

Madam Speaker, I rise today to ask you and my esteemed colleagues in the House of Representatives to pay tribute to Joseph A. Heffers, the 2010 recipient of the Achievement Award from the Greater Pittston Friendly Sons of St. Patrick.

A son of the late John Heffers and Mary Golden Heffers, Mr. Heffers was born and raised in Pittston City, Luzerne County, Pennsylvania.

A graduate of Pittston City High School and Wilkes-Barre Business College, where he earned a degree in business and accounting, Mr. Heffers served in the United States Army from 1964 to 1967 in the Special Troops Unit at Fort Dix, New Jersey.

Mr. Heifers worked at Eberhard Faber Company in Mountaintop, Pennsylvania, as a project manager for 21 years, receiving the President's Award from Mr. Eberhard Faber in 1986.

He later worked for Cooper Industries in Weatherly, Carbon County, Pennsylvania, as a production specialist and later retired from Intermetro Industries in Wilkes-Barre, Luzerne County, Pennsylvania.

Mr. Heffers is currently the Chief Executive Officer and Manager of the Metro Wire Federal Credit Union in Plains Township, Pennsylvania.

A past president of the Greater Pittston Friendly Sons of St. Patrick, Mr. Heffers serves on the advisory board of the Salvation Army in West Pittston and also is a member and former financial secretary of President John F. Kennedy Council 372 Knights of Columbus, their Council Choir and the Fourth Degree Assembly.

Mr. Heffers coached several youth athletic teams including Stoners Soccer, Jenkins Township Girls Softball and Girls Varsity Basketball at St. Mary's Assumption School in Pittston.

He is a member of St. John the Evangelist Church, Pittston.

Mr. Heffers resides in Port Griffith with his wife of 38 years, the former Mary Catherine Shea. They are the parents of two children, Joseph, Elizabethtown, Pennsylvania and Mary Elizabeth Gregor, Plains Township, Pennsylvania. The couple also has two grandchildren, Maxwell Wallace Gregor and Declan Joseph Gregor.

Madam Speaker, please join me in congratulating Mr. Heffers on this notable occasion. His exemplary service to his family and community has earned him widespread respect and recognition.

Madam Speaker, I rise today to ask you and my esteemed colleagues in the House of Representatives to pay tribute to Martin F. Quinn, who was named ``Man of the Year'' by the Greater Pittston Friendly Sons of St. Patrick in Luzerne County, Pennsylvania.

Mr. Quinn is a son of the late Martin J. Quinn and Margaret Mitchell Quinn and was raised in the Cork Lane section of Pittston Township. He graduated from Pittston Central Catholic High School. He also attended Fairleigh Dickinson University and the Electrical Programming Institute, both in New Jersey.

He served and was honorably discharged from the United States Army. He was employed by the Lehigh Valley Railroad and ConRail Inc. for over 30 years, retiring as a line foreman in 1999. He is a licensed electrician and was recording secretary of the International Brotherhood of Electrical Workers, Local 1153 for many years. He is also a licensed projectionist.

Prior to returning to the Greater Pittston area in 1973, Mr. Quinn was employed in the trucking industry in New Jersey and was vice- president of the Teamsters' Union Local 701.

In addition to his extensive railroad career, Mr. Quinn has contributed a great amount of time to many community activities in the Greater Pittston area. He has served his community for over 20 years as a member of the Pittston Area Board of Education and is actively involved in many local clubs and political organizations. He is a sustaining member of the Greater Pittston Friendly Sons of St. Patrick and is also a charter member of Wolfe Tone Luzerne County Division 1, Ancient Order of Hibernian.

He is a member of the President John F. Kennedy Council #372, Knights of Columbus, and its Fourth Degree Assembly. He is a member of the board of the Parking Authority of the City of Pittston. He is active with the Third District Democrats and served many years as a committeeman in his ward. He is a member of St. Mary's Help of Christians Church.

Mr. Quinn resides in Pittston with his wife, the former Barbara Brigido. They are the proud parents of three sons, Mitch, Mike, and Brian and have four grandchildren, Zach, Samantha, Katie, and Kearney.

Madam Speaker, please join me in congratulating Mr. Quinn on this very special occasion. His love of his family and community is evident in all the good works he has been responsible for over many years. Moreover, his example inspires others to emulate him and to share in improving the quality of life throughout the region.

Madam Speaker, I rise today to ask you and my esteemed colleagues in the House of Representatives to pay tribute to John D. McCarthy, who was named ``Man of the Year'' by the Wilkes-Barre Friendly Sons of St. Patrick.

Born in Wilkes-Barre, June 19, 1935, Mr. McCarthy graduated from St. Mary's High School and King's College where he earned a Bachelor of Science degree in business administration.

Mr. McCarthy is chairman of the board of McCarthy Tire Service Company, Inc., one of the largest tire distributorships in North America and also Chairman of the Board of McCarthy Realty, Inc.

Mr. McCarthy has, for many years, left an indelible and positive imprint on many groups and organizations in the Greater Wyoming Valley. He served on the boards of directors of the Wyoming Valley Health Care Systems,

Inc., Pennsylvania American Water Company, Blue Cross/Blue Shield, Continental Bank and the Wilkes-Barre Housing Authority.

He served as chairman of the board at the Wyoming Valley Health Care System and at the Wilkes-Barre Housing Authority.

A member of the Fox Hill Country Club, he is also a member of the Knights of Columbus, Fourth Degree.

Mr. McCarthy was awarded the ``Citizen of the Year'' by the Wilkes- Bane Lions Club and ``Small Businessman of the Year'' by the Wilkes- Barre Chamber of Commerce.

Mr. McCarthy is married to the former Cecelia M. Corgan and they are the parents of Mary Ellen Horn, Kathleen Lambert and John D. McCarthy Jr. They also have seven grandchildren.

Madam Speaker, please join me in congratulating Mr. McCarthy on this auspicious occasion. His extraordinary service to the community and his personal example has been inspirational to many. The contribution he has made has greatly enhanced the quality of life throughout the region and has earned him widespread respect and admiration.

Madam Speaker, I rise today to ask you and my esteemed colleagues in the House of Representatives to pay tribute to Hon. James M. Munley, senior Federal District Court Judge of the Middle District of Pennsylvania, who is being honored for 25 years of service to the Friendly Sons of St. Patrick of Lackawanna County, Pennsylvania.

Judge Munley was nominated by President William Clinton, confirmed by the United States Senate and sworn in as a federal district judge on October 26, 1998.

A graduate of the University of Scranton and Temple Law School, he also graduated from the National College of State Trial Judges in Nevada and pursued additional legal studies at Harvard Law School, Massachusetts, and participated in national security seminars at the U.S. Army War College in Carlisle, Pennsylvania.

He served in the United States Army from 1958 to 1960 during which he was stationed in Germany.

Formerly engaged in the practice of law with his brother, Attorney Robert W. Munley, from 1964 to 1978, he was elected as Judge of the Court of Common Pleas November 8, 1977, and was retained for additional terms in 1987 and 1997.

In 1986 he was appointed by the Pennsylvania Supreme Court to serve on the Judicial Inquiry and Review Board. He was elected chairman of that board in 1989.

He has lectured, taught and written extensively on the law over the years and has remained active in the Lackawanna County, Pennsylvania and American Bar Associations.

Judge Munley has also been active in the Boy Scouts, Friendly Sons of St. Patrick, Ancient Order of Hibernians, Knights of Columbus and the Country Club of Scranton.

He has also been actively involved in Lourdesmont, Good Shepherd Youth and Family Services, St. Joseph's Hospital School of Nursing, Lackawanna County United Way, Everhart Museum, First National Bank, Peckville; Pennsylvania Trial Lawyers Association, Pennsylvania Trial Judges Association and its State Ethics Committee.

He has received numerous awards from Marywood University, University of Scranton, Women's Resource Center of Scranton, Boy

Scouts, American Legion, Temple University, Young Lawyers of the Lackawanna County Bar Association, Judicial Inquiry and Review Board, Dickinson School of Law and Bethel A.M.E. Church of Scranton.

Married to Dr. Kathleen P. Munley, a professor at Marywood University, they are the parents of two daughters, Attorney Julia K. Munley and Gwendolyn Munley.

Madam Speaker, please join me in congratulating Judge Munley on this auspicious occasion. His exemplary service to his profession and to his community has improved the quality of life throughout the region.

Madam Speaker, I rise today to ask you and my esteemed colleagues in the House of Representatives to pay tribute to the Rev. Bernard R. McIlhenny, S. J., who is being honored by the Friendly Sons of St. Patrick of Lackawanna County, Pennsylvania, with their 2010 President's Award.

Currently the Dean of Admissions Emeritus at the University of Scranton and minister of the Jesuit Community at Scranton, Father McIlhenny was ordained a priest at Woodstock College on June 17, 1956. He spent the last year of his training at Auriesville, New York.

On July 1, 1958, he was named fourth headmaster at Scranton Preparatory School where he spent the next eight years. In 1966, he was assigned as Dean of Admissions at the University of Scranton where he remained for the next 31 years.

On June 1, 1997, Father McIlhenny retired as Dean of Admissions to become Administrator of the Scranton Jesuit Community.

He received an honorary degree from the University of Scranton on May 26, 1998, and, on September 13, 2009, the University recognized Father McIlhenny's years of dedicated service by naming the Rev. Bernard R. McIlhenny Ballroom in his honor.

Born in Philadelphia on March 27th, 1926, Father McIlhenny is the son of Bernard and Marie Seiberlich McIlhenny. He graduated from St. Joseph's Preparatory School in Philadelphia. He entered St. Joseph's University in 1943 and entered the Novitiate of the Society of Jesus in Wernersville, Pennsylvania, in February, 1944.

Father McIlhenny attended his first Friendly Sons of St. Patrick dinner in 1959 and has been enjoying the event ever since.

Father McIlhenny has distinguished himself throughout northeastern Pennsylvania over the years for his extraordinary service to his Church, to his community and to the Friendly Sons of St. Patrick of Lackawanna County.

Madam Speaker, please join me in congratulating Father McIlhenny on this auspicious occasion. His personal example has been an inspiration to many and he has contributed greatly to the improvement of the quality of life throughout the region.

Madam Speaker, I rise today to ask you and my esteemed colleagues in the House of Representatives to pay tribute to James A. Gilmartin, who was selected to receive the ``W. Francis Swingle Award'' from the Greater Pittston Friendly Sons of St. Patrick in Luzerne County, Pennsylvania.

Born in Pittston, Pennsylvania, Mr. Gilmartin graduated from Pittston High School, Class of 1952.

He worked in private industry for six years before enrolling in King's College Night School in 1958. In 1960, he became a full-time student and graduated with a bachelor's degree in economics in 1962.

Mr. Gilmartin returned to his high school alma mater where he was appointed as a teacher of social studies for five years until he moved to Hamburg, Pennsylvania, to accept a position as assistant junior- senior high school principal.

He moved through the ranks, serving as assistant superintendent for seven years and, in 1978, was named superintendent of schools, a position he held until his retirement.

Subsequently, he has served in eight school districts and the Intermediate Unit in temporary capacities.

Mr. Gilmartin continues to be involved in education, serving as a reader for the Educational Testing Service and as a special education auditor for the Pennsylvania Department of Education. During the last school year, he served as a mentor to two new administrators as part of the Principal's Leadership Initiative and as an advisor to the Superintendent of the Pittston Area School District.

He is a member of the Board of Trustees of the Reading Area Community College, Hamburg Center Board of Trustees, a member of the Berks County Municipal Authority and he also serves on U.S. Congressman Tim Holden's Academy Selection Team.

He has been active with the volunteer fire and ambulance units in Pittston.

He has also written a weekly newspaper column for the Pittston Sunday Dispatch in recent years.

Mr. Gilmartin has noted that it was W. Francis Swingle, a former King's College professor, who guided him through the college enrollment process more than 50 years ago. In 2002, Mr. Gilmartin established a scholarship at King's College that provides a substantial four-year award to a student from the Greater Pittston Area. The application and selection process is determined by the Greater Pittston Friendly Sons of St. Patrick.

Madam Speaker, please join me in congratulating Mr. Gilmartin on this notable occasion. His commitment to the education of our young people is evidence of the positive influence W. Francis Swingle had on him more than a half century ago and his selection to receive the Swingle Award is a fitting tribute to both.

Madam Speaker, I rise today to ask you and my esteemed colleagues in the House of Representatives to pay tribute to Mr. Hugh D. Dugan, who was named Grand Marshall for the Carbon County St. Patrick's Day Parade.

Mr. Dugan was born in Coaldale, Pennsylvania, July 29, 1943, a son of the late Dennis and Margaret Hogan Dugan. Mr. Dugan was raised in Jim Thorpe with his older brother, John.

He attended Immaculate Conception Elementary School and graduated from Jim Thorpe High School in 1961.

Mr. Dugan enlisted in the U.S. Coast Guard in 1962 and served for 22 years until his retirement as a Master Chief Petty Officer in 1984. During his military service, he was stationed in New Jersey, New York, Washington, D.C., New London, Connecticut, and London, England. During that period, Mr. Dugan was awarded two Coast Guard Achievement Medals as well as numerous other citations.

Mr. Dugan was also employed by the U.S. Post Office in Jim Thorpe, where he worked for 20 years.

Mr. Dugan and his wife, Fran, have resided in Jim Thorpe since 1977. They have been married for 45 years and have three daughters, Theresa, Denise and Maureen, and a son, Michael. They also have nine grandchildren. They are members of the Immaculate Conception Church in Jim Thorpe.

Mr. Dugan is a charter member and co-founder of the Ancient Order of Hibernians. He served as its first vice president and two terms as president. He is currently financial secretary of that organization. He has also served as co-chairman of the St. Patrick's Day Parade for the past several years.

Mr. Dugan also served as Division Representative for the Children's Friendship Project for Northern Ireland, a program that brought teens from Northern Ireland to the United States to live with host families for six weeks. Mr. and Mrs. Dugan served as host for four Irish teens over the years.

Madam Speaker, please join me in congratulating Mr. Dugan on this auspicious occasion. His commitment to his family, his community and his Nation is exemplary and inspirational. Clearly, he has improved the quality of life throughout northeastern Pennsylvania.

Mr. Speaker, I rise in support of H.R. 4626.

Mr. Speaker, as the Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises and on behalf of the Financial Services Committee and its Chairman (the gentleman from Massachusetts, Mr. Frank), I would like to thank the Chairman of the Judiciary Committee (the gentleman from Michigan, Mr. Conyers), the gentleman from Virginia (Mr. Perriello), the gentlewoman from Colorado (Ms. Markey), and others for their leadership in bringing this important legislation to the floor. I also appreciate their cooperation with the Financial Services Committee-- which has primary jurisdiction over most insurance regulatory issues, except for health insurance matters--in developing this bill. In particular, I appreciate that the legislation before us is narrowly tailored to repeal the McCarran-Ferguson antitrust exemption only for the business of health insurance.

Today, Congress is engaged in robust debate on reforming the health insurance marketplace for the nation. There are also many additional types of insurance that impact citizens' lives on a daily basis. When looking broader at insurance regulatory reform and allowing insurers to cross state lines, Congress should look at these matters comprehensively across all lines of insurance. I look forward to working together with House leadership and multiple committees on these important matters in the future.

Mr. Speaker and colleagues, I rise today to honor our friend and one of the outstanding Members of this House, Jack Murtha, who represented Pennsylvania's 12th district, and to remember his devotion to his work in this Congress, his strength of character, and his hard-fought efforts for his district in Pennsylvania and our country.

Additionally, I feel privileged to have called Jack my friend, and I know that many other Members in this Chamber feel the same way.

As first votes were called this week and Members gathered on the House floor, it was very apparent to most of us that someone was missing. I walked in on Monday almost expecting to see Jack seated in the far chair in the Pennsylvania corner as I had seen since I had first joined Congress 25 years ago.

While Jack is no longer with us, his spirit will live in this Chamber and in the Halls of Congress. For now, the chair will remain empty, as he could never be replaced.

Jack left us too soon. But his legacy will surely live as a symbol of the great work that one man can do and is something that we can all strive to achieve. He will be sorely missed by all of his fellow colleagues, his friends, and definitely, the Pennsylvania delegation.

Mr. Chairman, I'd like to yield to the gentleman from Pennsylvania (Mr. Holden).

Mr. Speaker, I would like to introduce Mr. Mike Doyle. Before he speaks a word, he was commissioned as the jokester of the Pennsylvania Corner purposely to keep Jack in his good spirits during his presence there.

Mr. Speaker, Jack's chairman as chairman of the Appropriations Committee, David Obey.

Mr. Speaker, I would now like to yield to the gentleman from Indiana (Mr. Visclosky).

Mr. Speaker, I now yield time to the gentleman from western Pennsylvania, one of Jack's prodigies, Jason Altmire.

I would now like to yield to part of our leadership, Mr. Larson.

Thank you very much, Mr. Larson.

I now yield to the gentleman from Pennsylvania (Mr. Carney).

Mr. Speaker, I recognize the gentleman from Pennsylvania (Mr. Patrick J. Murphy).

Thank you, Mr. Murphy.

Mr. Speaker, I yield to the last of the Pennsylvania delegation, Representative Dahlkemper of Erie.

Thank you, Mrs. Dahlkemper.

Now we will hear from the gentlewoman from Michigan (Ms. Kilpatrick).

Thank you very much, Ms. Kilpatrick.

Now we will hear from the gentleman from New York (Mr. Hinchey).

Thank you very much, Mr. Hinchey.

Now we will hear from the gentleman from Georgia.

Mr. Speaker, I yield now to the gentleman from New Jersey (Mr. Holt).

Mr. Speaker, I yield to the gentleman from New Jersey (Mr. Pascrell).

I yield to the gentleman from Illinois (Mr. Lipinski).

Madam Speaker, we have the Speaker who will be arriving and, as I understand it, we have additional Members who will make requests to speak for 5 minutes.

As most Members of this Chamber know, we recently lost a dear friend and colleague. Congressman Jack Murtha passed away on February 8 after complications from gallbladder surgery.

Jack recently became the longest-serving Member of Congress from Pennsylvania ever. Jack was dedicated to his country, our military troops, and the people of Pennsylvania that he represented for 36 years. He will be greatly missed by our delegation, our State, and the entire Nation.

On Wednesday, there will be a Special Order following votes in memory of Jack Murtha. Anyone wishing to speak may contact my office for that privilege.

In closing, I respectfully request a moment of silence in memory of our dear friend, Jack Murtha.

I yield to the gentleman from Pennsylvania (Mr. Pitts).

Madam Speaker, I offer a privileged resolution and ask for its immediate consideration.

Madam Speaker and colleagues, it is with great sadness as well as a great deal of honor that I rise this evening to commemorate and to celebrate the life of our friend and colleague, Congressman John Murtha of Pennsylvania's 12th District.

As we mourn the loss of Jack Murtha and remember his life, I pass along my thoughts and prayers to his family and friends. Just days before his passing, Jack became the longest serving Member of Congress ever from Pennsylvania.

I am privileged to have had the opportunity to work closely with Jack during our time together in Congress, and I am honored to have called him my friend. I thought the other day, upon returning from Pittsburgh and the funeral in Johnstown, that Jack and I had spent more than 5,000 days together, and more than 2 or 3 hours each day, during our service in Congress together. That is probably longer than most husbands and wives spend together. And maybe that accounts for the fact that I feel such a loss.

I looked up to Jack for his dedication to our country and our military troops, his strength to work in a bipartisan way, and his passion for his work and the Pennsylvanians he represented. Throughout his career in public service, Jack has been a symbol of the hardworking Pennsylvanians throughout the Commonwealth.

Jack dedicated his life to serving our country both in the military, in the halls of Congress, and the State legislature of Pennsylvania. A former Marine, he became the first Vietnam combat veteran elected to the United States Congress.

When he arrived here in 1974, he quickly attracted the attention of then majority leader and future Speaker Tip O'Neill, who became Jack's mentor. Tip taught him that all politics is local, which enabled him to become an effective advocate for his own congressional district and for initiatives throughout our State.

Jack's contributions to Pennsylvania are endless. When Pennsylvania's Children's Health Insurance Program, CHIP, was slated to be eliminated by Federal regulations, Jack convinced the Clinton administration to be more flexible, and ultimately saved the program. When our steel industry was in crisis, he convinced the Reagan administration to impose higher tariffs on foreign steel, giving domestic producers an edge.

When the Philadelphia Shipyard was threatened with closure, he secured funding to keep ship production going. When the United States Army was forming the Stryker Brigades, Jack helped convince Army leaders to field one within the Pennsylvania National Guard, creating the first and only brigade of its kind in the reserve component. When the National Park Service wanted to construct a new museum and visitors center at Gettysburg, he secured funding to make the project possible.

When a decades-long mine fire threatened the residents of Centralia, Pennsylvania, Jack worked to secure funding to buy the town and relocate the residents. When the health care benefits of retired miners were in trouble, he twice secured funding to help save their benefits from termination.

When Flight 93 crashed in Stonycreek Township, Pennsylvania, Jack was there the next day to survey the scene, and later introduced legislation which was enacted establishing a

national memorial in honor of the passengers and crew.

When he found out that diabetes was becoming an epidemic in the military and throughout Pennsylvania, Jack secured over $150 million for research, prevention, education, and outreach programs.

Jack led our Pennsylvania delegation for almost 36 years with passion and dedication. The legacy that he has left will surely live on as a symbol of the great work that one man can do, and is something that we can all strive to achieve. The Pennsylvania delegation is honored to pay tribute to his life this evening and say good-bye to a dear friend and colleague.

Madam Speaker, I yield to the gentleman from Pennsylvania (Mr. Thompson).

Madam Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous material on H. Res. 1084.

Madam Speaker, on behalf of Representative Jason Altmire, Representative Robert A. Brady, Representative Christopher P. Carney, Representative Kathleen A. Dahlkemper, Representative Charles W. Dent, Representative Michael F. Doyle, Representative Chaka Fattah, Representative Tim Holden, Representative Tim Murphy, Representative Todd Russell Platts, Representative Allyson Y. Schwartz, Representative Joe Sestak, Representative Bill Shuster, Representative Glenn Thompson, and myself, we rise today to acknowledge and celebrate a milestone in the Commonwealth of Pennsylvania.

Thirty-six years ago today, our colleague, Representative John ``Jack'' P. Murtha (PA-12), was elected to the United States House of Representatives to fill the seat vacated by the death of former Representative John P. Saylor.

Tomorrow, he surpasses the career of our former colleague, Representative Joseph M. McDade (PA-10), and officially becomes the longest serving Member of Congress ever from the Commonwealth of Pennsylvania.

Jack has dedicated his life to serving our country both in the military and in the halls of Congress. A former Marine, he became the first Vietnam War combat veteran elected to the United States Congress.

When he arrived here in 1974, he quickly attracted the attention of then Majority Leader, and future Speaker, ``Tip'' O'Neill, who became Jack's mentor. Tip taught him that ``all politics is local,'' which has enabled him to become an effective advocate for his own Congressional district and for initiatives throughout our State.

Jack's contributions to Pennsylvania are endless. When Pennsylvania's Children's Health Insurance Program (CHIP) was slated to be eliminated by Federal regulations, Jack convinced the Clinton administration to be more flexible and ultimately saved the program. When our steel industry was in crisis, he convinced the Reagan administration to impose higher tariffs on foreign steel, giving domestic producers an edge. When the Philadelphia Shipyard was threatened with closure, he secured funding to keep ship production going. When the U.S. Army was forming Stryker Brigades, Jack helped convince Army leaders to field one within the Pennsylvania National Guard, creating the first and only brigade of its kind in the reserve component. When the National Park Service wanted to construct a new museum and visitor center at Gettysburg, he secured funding to make the project possible. When a decades-long mine fire threatened the residents of Centralia, PA, Jack worked to secure funding to buy the town and relocate the residents. When the healthcare benefits of retired miners were in trouble, he twice secured funding to help save their benefits from termination. When Flight 93 crashed in Stonycreek Township, PA, Jack was there the next day to survey the scene and later introduced legislation, which was enacted, establishing a national memorial to honor the passengers and crew. When he found out that diabetes was becoming an epidemic in the military and throughout Pennsylvania, Jack secured over $150 million for research, prevention, education and outreach programs.

As the Dean of our Congressional Delegation, Jack exemplifies the hard work and dedication seen throughout our Commonwealth. He has always been there when Pennsylvania needed him. Jack is emblematic of the hardworking Pennsylvanians that he has represented for 36 years, as well as those that each of us represent. He has led our delegation with passion and perseverance. We look forward to continue working with him, and congratulate him on this milestone.

I have an amendment at the desk as the designee of the gentleman from Massachusetts.

Madam Chair, I rise in support of this amendment.

Nationally Recognized Statistical Rating Organizations are those credit rating agencies that are registered with the Securities and Exchange Commission and, therefore, regulated. Most often, the phrase is shortened to its initials, NRSRO; however, in formal contracts and statutes, the words are spelled out and each word matters. Unfortunately, an amendment to change one of these words was inadvertently accepted during the markup. We switched out the word ``recognized'' for the word ``registered.'' If enacted into law, such a change would put thousands of contracts in default and upset numerous Federal and State laws, rules, and regulations.

Although well intended, such a seemingly minuscule change could have disastrous unintended consequences. We must not put contracts in default or undermine other laws and regulations. Therefore, I urge my colleagues to support this amendment and reinstate the correct word in this important legislation.

I reserve the balance of my time.

Madam Chair, I yield such time as he may require to the chairman.

Madam Chair, I reserve the balance of my time.

I claim the time in opposition.

Madam Chairman, under current law, credit rating agencies operate under a voluntary system of registration with the United States Securities and Exchange Commission. We changed that with a provision in the manager's amendment that would require all rating agencies with appropriate exemptions to register with the Commission.

The gentleman from New Jersey's amendment inserts a voluntary withdrawal from registration with the Commission for those rating agencies who earn less than $250 million of net revenue. This amendment would have the effect of allowing the smallest of rating agencies, now registered as Nationally Recognized Statistical Rating Organizations, to opt out of the system at some time in the future.

The proposal would also maintain the close supervision of the largest rating agencies, the ones most likely to issue the ratings used by investors.

Based on that, Madam Chairman, I have no opposition to this amendment.

I yield back the balance of my time.

Madam Chair, before I address the merits of the Republican substitute, I want to note that I had hoped we could have achieved bipartisanship during this debate on regulatory reform. As such, I hosted about a dozen gatherings, inviting Members from both sides of the aisle to hear diverse viewpoints from some of the brightest economic minds and business leaders in the country. I was also pleased that three of the four capital markets legislative proposals in this bill, the Democratic bill, gained bipartisan support during markup.

The Republicans also incorporated one of those bills, to create the Federal Insurance Office, into their substitute. Ultimately, however, the Republicans opted against supporting strong reform of financial regulation. Their substitute is inadequate and seems designed to protect Wall Street rather than to reform it.

Regulation of hedge funds and private pools of capital is a very important piece of the Democratic bill. In committee, this provision passed 67-1, and yet the Republican substitute ignores this issue.

As the rating agencies were reformed, which many Republicans voted for in the committee markup, the GOP substitute does absolutely nothing to address the issue of liability. And without liability, the Republican plan provides no accountability for the rating agencies. Because the status quo is not an option, rating agency reform is an essential part of the Democratic plan.

The Republican plan also does little to improve investor protections. Just this week, the Capital Markets Subcommittee held a hearing on the largest Ponzi scheme in U.S. history. The colossal failure of the Securities and Exchange Commission to detect and investigate this massive fraud after numerous leads demonstrates that we need reform. And yet under the Republican alternative it appears that nothing ever happened.

We double the funding of the commission and push for comprehensive organizational reform. They give the agency very little and do little to change the agency.

The GOP plan additionally chooses bankruptcy for systemically significant firms. Well, Lehman Brothers went through bankruptcy and is still in bankruptcy, which resulted in credit markets freezing up around the world. This is not a real solution.

In sum, H.R. 4173 reforms Wall Street for the protection of the consumer and the investor on Main Street. The Republican alternative, in contrast, represents business as usual for Wall Street.

We don't need more of the same contained in their plan. We need substantial reform found in H.R. 4173. Vote ``no'' on the Republican substitute.

Madam Chair, I continue to reserve the balance of my time.

Madam Chairman, I rise in opposition to this amendment.

During the argument, my good friend, the ranking member of my subcommittee from New Jersey, made a point. Now I understand why we're at loggerheads here. His comment was that we were enacting this piece of legislation to prevent any further bailouts. I only want to call your attention to the promise I made to the American people that we have no more financial crises. The bailouts follow the crises. We won't have to have bailouts if we don't have crises.

And if we had responsible activity by rating agencies we wouldn't have had the tremendous failure last year of so many securitized operations that our friends around the world and most of the American people felt they were outright cheated by the American government, because there were agencies out there that had gave them 3-plus ratings to securities that didn't deserve it.

Now, what we're doing here is saying a simple thing. You want to make those bad ratings? You don't want to follow the decorum of your own plans? If you want to put at risk investors, you will suffer the consequences and pay for your gross negligence. This is an integral part of this amendment and absolutely essential.

Madam Chairman, I have an amendment at the desk.

Madam Chairman, I yield 1 minute to the son of one of the original authors of the Sarbanes-Oxley bill, Representative Sarbanes of Maryland.

Madam Chair, I yield 1 minute for the gentleman from Tennessee (Mr. Cohen).

Madam Chairman, I yield 1 minute to the chairman of the full committee, Mr. Frank.

As I understand, we are down to our last speaker on the other side; is that correct?

I will take the remaining time on our side.

Madam Chairman, this was a very close vote in the committee and a highly contested issue, and I understand that there are hard and good feelings on both sides.

I think the proponents of the amendment that carried in the committee, which now this amendment is trying to reverse here on the floor, were trying to say that government is hurting, in some way, small companies, about 5,000 of them, if we continue to impose 404(b). That's not correct.

First and foremost, 404(b), to the companies that are less than $75 million in capitalization are not presently compelled to follow any of the existing Sarbanes-Oxley proposals. As a matter of fact, in the underlying bill, it won't be until 2011 that there will be an imposition of that, and only after a study that has already been ordered is made, which, as the chairman of the full committee recognized in his presentation, is that we will have plenty of time, that if that study comes back and says we should make adjustments to 404(b), we'll be able to do that.

The problem of our friends like Mr. Levitt, Mr. Volcker, and many other leading economists in the country and people of high position in economics, they know that for 20 years there has been a fight in this country to try and protect investors from unscrupulous activity. We saw, 7 years ago, Enron and WorldCom, and that's the genesis of where this rule came from. To now summarily reverse this rule because it's not very nice to have companies spend money to protect their shareholders is very appealing. I haven't any doubt that it will appeal.

But we're not talking about--when our adversaries on this particular proposition talk about small business, this isn't small business. These are companies that are registered public companies on the stock exchange and have up to $75 million in capitalization. That's

a pretty large company in most places. It certainly doesn't classify itself, under governmentspeak, to be a small business.

Madam Chairman, I think I heard the gentleman from New Jersey on the other side indicate that we should leave this up to the Securities and Exchange Commission and let them proceed under normal order. That's a unique statement tonight. I don't think I heard that argument all night. Suddenly, the Securities and Exchange Commission can be relied upon to act promptly. I'm happy to hear the other side is willing to assume that.

What we're trying to do with this amendment is to get uniformity. We

should not have one standard of lawsuit and another standard not allowed. Everyone recognizes, including the Securities and Exchange Commission, that this needs reform. They have a role pending. There is no question about that. But we can fix this problem, and the great lady from Ohio took it upon herself to do so at the committee. And I urge my colleagues to support her thoughtful amendment--or the opposition to this amendment by supporting the underlying bill and making uniformity a call of the day.