Floor Statements

Madam Speaker, I congratulate the chairman on a job well done.

I guess nobody is happy with this bill. I am less happy with this bill as it has come back from the Senate. But the reality is, we are facing an abyss, and it is important that this House of Representatives act not as a composite of Republicans or Democrats but as Americans.

America is watching us now. The world is watching America now. It is up to us to do the job, and this bill is the best at this time that we can do. I urge my colleagues on both sides of the aisle to gather today and get the internal courage to make a vote for what is good for America and not what is necessarily good for us individually or for our party as a single party. This is a vote for America.

Madam Speaker, I rise today to ask you and my esteemed colleagues in the House of Representatives to pay tribute to Dr. Robert D'Alessandri, president and dean of the Commonwealth Medical College in Scranton, Pennsylvania, who was named ``Man of the Year'' by the Columbus Day Association of Lackawanna County.

Dr. D'Alessandri was selected to be the first president and dean of the fledgling medical college where he serves as chief executive officer and chief academic officer. He comes to northeastern Pennsylvania following 18 years of experience in senior leadership positions at West Virginia University including 15 years as dean of the WVU School of Medicine.

Instrumental in expanding health professional programs at WVU and establishing programs in occupational medicine and public health, he was also involved in the development of the Strategic Research Plan at the WVU Health Sciences Center, a $54 million investment in biomedical research and economic development.

Dr. D'Alessandri faces the enormous challenge of establishing the region's first medical

college, the mission of which is to educate aspiring physicians and scientists to serve society using a community-based, patient-centered, interprofessional and evidence-based model of education that promotes discovery and utilizes innovative techniques.

The goal of the Commonwealth Medical College is to increase the number of physicians in northeastern Pennsylvania. During the next 20 years, the facility is expected to add 425 practicing physicians to the region. It is also expected to add $70 million to the local economy once it opens and create 1,000 new jobs that directly and indirectly supports the facility's operations.

Ultimately, the project intends to create a unique medical education experience that fosters collaboration among interdisciplinary team members, patient-centered care and improving the health of the regional population.

A graduate of New York Medical College, Dr. D'Alessandri earned his MD in 1971. He did an internship at Metropolitan Hospital in New York and was a fellow at the University of Florida, Division of Infectious Diseases.

He is board certified in infectious diseases and a diplomat of the American Board of Internal Medicine. He is a member emeritus of the Association of American Medical Colleges and he served as chair of several committees. He was a member of the Accreditation Council for Graduate Medical Education Executive Committee and was Chairman in 1995-96. He served on the advisory committee for the AHC/HASA Center for Interdisciplinary, Community-Based, Learning of the Association of Academic Health Centers and was on the Regional Policy Board of the American Hospital Association. Dr. D'Alessandri is well published on a variety of subjects and has received numerous honors and awards throughout his career.

Madam Speaker, please join me in congratulating Dr. D'Alessandri on this auspicious occasion. His selection as ``Man of the Year'' is a reflection of the respect with which he is held by the entire community and the high expectations the community has for the important mission he is leading.

Mr. Chairman, if I may just make a comment in the beginning here and ask you the question:

Is it correct to say that nothing in this act is meant to distract from any rights of recovery against private parties to redress wrongdoing that exists under Federal or State law?

Thank you, Mr. Chairman.

Madam Speaker, I rise today with a heavy heart. The reality is, as my friend from Virginia (Mr. Davis) said, we don't have a perfect bill here. We do have a perfect storm, however, and we have a bad situation. The inaction, or the failure to act, could be exacerbating to this situation to the extent that most of us can't even imagine how bad it could get.

I'm not here in defense of Wall Street fat cats nor am I here in defense of those who perpetrated this greed and this expansion over the last 5 to 7 years that has caused this problem. I'm not here as a faultfinder of who is responsible politically, economically, socially or otherwise.

I am here because I recognize that there is going to be hurt, extreme hurt, if we do nothing, and I want to make sure that my constituents and that the rest of the public watching this understand that we're not bailing someone out in a far-off place called Wall Street. We're making sure that next week and that next month a worker in my hometown of Nanticoke, Pennsylvania will be able to go to his ATM machine and draw out money, that he will be able to be paid by a check or by a cash transfer that will give money to his account so that he can spend it on his family. I'm here so that he can continue to negotiate to buy a new home or a used home or so that he can provide for his family goods or services that are necessary and that may disappear.

So often, many of us get so far removed from history and from circumstances of the past that we hardly remember or recall what people told us could be. I think it would be a good thing for all of us to refer back to some of the movies that depicted the Great Depression and for all of us to just look at what can happen when there is the total collapse and failure of an economic system. I don't want to see that happen again in America.

In order to see that that does not happen, it is necessary that we take action on this bill. This is not an easy vote for any Member in this Chamber, and I will be the last one who will cast dispersions as to what the motivations for voting ``yes'' or ``no'' will be by my fellow Members. However, I will tell you this:

It is time for all good men to come to the defense of their country and to the times. In my opinion, that means we must put aside our own personal careers and our own personal thoughts and even our own ideas of what would be the right thing and vote to save this country's economic system. If we fail to do this in this 11th hour, we are already starting to see around the world, through the window of television, just what can happen to the markets of this world and, eventually, to all of the small towns across this world.

I think that we've done a hard job in trying to put into this bill the safeguards for the taxpayers, the modifications that are necessary. It was an extreme bill, three and a half pages, giving total dictatorial power to the Secretary Treasurer.

We have modified it over these last 7 to 10 days to make it more livable, but not perfect. What I urge my colleagues to do is put aside partisanship, put aside fear, and realize why we're here. Only a couple of times in a decade are we asked to stand up and be counted; this is one of those historic moments. I urge my colleagues to show the fortitude to vote ``yes.''

Introduction

Madam Speaker, as our great Nation faces one of the most severe economic crises in its history, I share the sense of outrage of the American people that we find ourselves in this situation. I am angry at our regulators who did not do enough to prevent this deeply troubling situation. I am angry that we have reached a moment in which those who followed the rules are now being asked to help those who flaunted the rules. But most of all, I am furious at the greed of the fat cats on Wall Street who created the financial products that led to this mess.

Today, the Members of this storied institution must choose between two bad alternatives. First, we could opt to do nothing. According to many reputable economists, this choice carries the grave risk of resulting in an almost certain global financial meltdown. Second, we could choose to act by voting for the legislation before us. This choice--while admittedly an expensive and imperfect one--provides the urgent injection of vast government resources to unclog the financial arteries of our capital markets so that our economy can, hopefully, begin to function more normally once again.

Ironically, the choice of inaction, which is the risky choice for the good of our Nation, is the safer choice for the good of the lawmaker. But political expediency must sometimes yield to practical necessity. In this situation, we ultimately have to do what is right. So, to resist the call of duty by voting against this package is, for me, simply not an option. I urge my colleagues to be brave, put partisanship aside, and send a message of consensus to the Amierican people. By working to restore confidence in our credit markets, we will ultimately prevent severe economic consequences for the families living and the small businesses operating on Main Street.

In the midst of another global economic crisis 75 years ago, President Franklin Roosevelt said, ``One thing is sure. We have to do something. We have to do the best we know how at the moment. If it doesn't turn out right, we can modify it as we go along.'' I have concluded that this bill is the best we know how to do at this moment. We should all support it for the good of our Nation, and we can always change it later.

In sum, only action will protect the hard-working American people who, if we do not act, will lose their jobs, their paychecks, their pensions, their homes, and their very way of life as a result of the severe hardships a severe economic downturn will bring. Because I cannot in good conscience sit idly by as disaster is looming, and because I understand the potentially devastating effects on middle class families and retirees if we fail to act, I must vote for this bill.

How the Economy Reached this Point

The causes of our current financial turmoil are many. Some of the contributors to this paralyzing credit crisis include an environment of easy credit and low interest rates, lax mortgage underwriting standards, and a national housing bubble, wherein prices rose to levels well beyond the reasonable values of homes.

My concerns about the rapid growth in home values led me in July 2002 to question Alan Greenspan about the potential of a valuation bubble in the housing markets and about what could happen to the economy if the bubble burst. Chairman Greenspan responded that he saw ``no evidence'' of ``a national bubble in home values'' and that the matter did not need to be addressed by policy reforms. If only he had answered differently, we might have been able to take action in time to prevent the economic turmoil that we are now experiencing.

The unfettered creation of new, complex financial products also contributed to the present crisis. Financial wizards first packaged faulty loans into securities and then divided and combined these financial instruments into novel products like collateralized debt obligations, which received strong estimates of creditworthiness from ratings agencies. The geniuses of Wall Street also insured their bets with flawed credit default swaps. They additionally developed and sold financial derivatives whose risks few participants in the marketplace fully appreciated.

This financial house of cards began to collapse once borrowers with subprime mortgages began to default on their loans in greater and greater numbers. These defaults undermined the associated mortgage- backed securities, collateralized debt obligations, credit default swaps, and derivatives. Eventually, the

collapse of the subprime mortgage market infected the prime mortgage market, which in turn infected the American financial system.

Once the contagion spread into our increasingly interconnected global financial system, banks and other financial institutions began to lose confidence in one another as they could not determine the true exposure of their partners to the underlying problems. As a result, they stopped lending to one another.

Our present predicament also results from one of the cardinal sins: greed. The titans at investment banks simply could not make enough money, and they increasingly leveraged their investments with fewer and fewer assets. Further, they created, bought, and sold financial instruments for which they neither completely understood nor fully appreciated the risks. In pursuit of the dream of homeownership, far too many Americans also borrowed too much and lived beyond their means with the help of low interest rates and access to easy credit.

Rather than lament the past, however, we must rise up to overcome this challenge, correct our mistakes, and reestablish an economically sound America for ourselves and future generations. The economy is a man-made construct. Man made it, and man can fix it. We are working to fix our economy with this legislation.

Why We Must Act Now

We should not underestimate the urgency that this credit crisis demands. Money and credit are the lifeblood of an economy, and during the last year the credit markets have become increasingly clogged as financial institutions' trust in one another has worn away because of the troubled assets that they hold. As a result of this lack of confidence, bank lending to other banks has come to a virtual halt. When banks stop lending to one another and hoard their cash reserves, small businesses and consumers are the ones who are ultimately hurt the most.

Lines of credit that were once open could be, and in some cases have already been, closed. Without access to credit, businesses might not have the money they need to pay their workers and workers could lose their jobs. A shutdown of the credit system would also result in difficulty in getting loans to go to school, buy a home, pay for emergency needs, or expand a business. It could also result in further significant drops in the prices of stocks and bonds held in the retirement plans of workers and the pensions of senior citizens.

Moreover, a pervasive lack of confidence by the participants in our capital markets has now created a vicious cycle. After pursuing in recent months a number of piecemeal, makeshift fixes at several financial services companies to address specific problems resulting from the credit crisis, Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke determined on September 18 that they needed even more power to repair the problems in the credit markets, restore confidence, and promote a sense of optimism.

Secretary Paulson and Chairman Bernanke, along with many highly regarded experts, have therefore advised the Congress to take bold action to shield average Americans from the harm caused by the credit crisis. In analyzing the contributing factors that led to the Great Depression, many have concluded that the Government should have taken decisive action earlier to prevent, forestall, and lessen the effects of that sizable economic downturn. By taking bold action now in response to this latest economic crisis, we are learning from the lessons of the past.

Many Americans view this Government intervention as a bailout of Wall Street and as an unjust reward for bad decisions and irresponsible behavior. Americans have good instincts, and they are not wrong to view the situation in this light. After all, irresponsibility and greed on Wall Street have provoked anger in nearly all of us in recent days.

Americans also feel isolated from the consequences of the current economic strife because most of them have yet to experience its direct effects. As countless economists, however, have warned us, Americans have a false sense of security about their current economic prospects: They wake up, go to work, get paid, make a withdrawal from an ATM, fill up their gas tank, buy some food, and go home. To them, things still seem relatively normal.

To protect hard-working Americans and retirees from this economic tidal wave, the Congress must act now before it is too late. In voting for this legislation, I am not voting to help Wall Street fat cats. Instead, I am voting to safeguard the jobs, paychecks, pensions, savings, homes, and security of average Americans. In short, I am voting to protect their very way of life.

The Faulty Initial Plan

Like every American who read the initial 3-page legislative proposal, I had very strong concerns about the plan that Treasury Secretary Paulson sent to the Congress to create a program of $700 billion to permit the Government to purchase the troubled assets of financial institutions. It would have essentially provided the Treasury Secretary with an open-ended, blank check. It lacked needed controls, it failed to reform business-as-usual on Wall Street, and it did not do enough to protect the interests of taxpayers. Moreover, the initial plan would have granted the Treasury Secretary vast, unchecked powers without oversight by the courts and the Congress.

This unacceptable package would have given Americans a raw deal because executives suffered no consequences for their reckless behavior. Taxpayers also received no promise of repayment for their contribution. Corporations additionally would have been bailed out by the taxpayers and then allowed to walk away with all of the profits, leaving average Americans to fall behind even further.

In sum, the first version of the plan that the Congress received from Secretary Paulson was ill-conceived and unfair to the taxpayers. The Congress rightly rejected this first draft.

The Vastly Improved Plan

Fortunately, we live in a democracy, and as the Chairman of the House Financial Services Capital Markets Subcommittee, I worked with Financial Services Committee Chairman Barney Frank and other leaders in the Congress to make significant changes, negotiate a bipartisan compromise, and improve this legislation as much as possible and as quickly as possible. In brief, we revised the plan to protect taxpayers, limit executive pay at distressed companies getting help, establish strong oversight and accountability, and cut overall costs. As a result, the original proposal of less than 3 pages grew into a final bill of 110 pages.

The final bill protects taxpayers in many ways. It cuts the initial outlay of $700 billion in half and conditions the installment above $350 billion on legislative review. It also gives taxpayers an ownership stake in the companies assisted by the program. This change will ensure that Americans share in any future profits of the distressed entities that it helps with the chance to buy stocks low and sell them high. The bill also protects taxpayers by requiring the program's managers to minimize short-term costs, maximize long-term gains, establish fair contracting procedures, and curtail conflicts of interest.

This bill now protects taxpayers in one other important way. During my opening comments to Secretary Paulson and Chairman Bernanke at last week's hearing of the Financial Services Committee, I said that we needed to seek ways to pay for this massive Government intervention, including placing surcharges on millionaires' incomes and raising fees on securities transactions. I am therefore pleased that the final bill now before us guarantees that taxpayers will be paid in full, if other protections have failed to produce a profit. Specifically, if after 5 years the program has a shortfall, then the President must submit to the Congress a proposal that recoups from the financial industry any projected losses to the taxpayer. This reform is sensible and prudent.

In developing this bill, I also sought to prevent those who contributed the most to this crisis from further profiting by revising the initial Treasury plan to ensure that the Wall Street executives who ask for the Government's help do not continue to get fat paychecks. The final bill also blocks multi-million dollar golden parachutes at distressed companies so that CEOs land just as hard as average workers when they lose their jobs. Moreover, the final bill claws back big bonuses earned by CEOs as a result of financial statements later found to be false or inaccurate.

The final bill also checks the Treasury Department's power in several ways. The Congress will now have the full authority and resources to examine executive decisions with a Congressional Oversight Panel. The revised legislation additionally provides for meaningful judicial review. Our constitutional system works well because of a balance of powers among the branches of government. In short, the final bill recognizes the importance of this balance. These changes helped to correct some of the most flagrant excesses of the initial Treasury plan.

In addition, I worked to ensure that the final bill provides for strong accountability and real transparency. The final bill puts in place a permanent, in-house watchdog to stop waste, fraud, and abuse. It also provides for the real-time disclosure of business transactions on the Internet so that the American public can inspect the assets they are buying. I strongly support the provisions in the bill to force Federal financial regulators to cooperate with the Federal Bureau of Investigation in its efforts to find the wrongdoers who committed crimes in the development, advertising, and sale of the financial products that contributed to this crisis.

This final bill, moreover, will help struggling homeowners because it allows the Government, as the holder of mortgages and mortgage-backed securities, to do all that it reasonably can to prevent foreclosures through loss mitigation efforts. Among these provisions is a new duty for servicers to modify loans based on the best interest of all investors in a

pool of mortgages rather than the interest of any individual investor. This change in the law is based on those reforms found in the Emergency Mortgage Loan Modification Act, which I introduced with the gentleman from Delaware (Mr. Castle). This reform and the other foreclosure mitigation requirements in the final bill will help to keep people in their homes and spur economic recovery by preventing real estate prices from falling further and perhaps even helping prices to rise.

Providing Oversight and Regulation Going Forward

The public should view passage of an economic stabilization package to forestall disastrous consequences for average Americans as only the beginning of our work in the Congress. In the months ahead, we must all commit to examining what went wrong and to writing tough new laws to improve the regulation of our financial system and safeguard consumers. We must also enact new laws to control excessive greed and protect against future risks to our entire economic system.

Our capital markets have evolved significantly in recent years, and our outdated regulatory structure was clearly not up to the task of regulating today's marketplace. Moreover, the recent events in our markets have clearly put a tombstone on the era of deregulation. As many of us on this side of the aisle have long believed, only Government can save capitalism from its own excess. To control a free market, I therefore believe that we need sensible regulation and strong enforcement. We also need greater coordination in our financial regulation, as is the case in other countries like the United Kingdom.

Our regulatory system must also have the flexibility to respond to innovation. The financial services industry has created a number of complex products like derivatives and credit default swaps in recent years, but we have yet to properly regulate these instruments. In July, before American International Group collapsed under the weight of its sizable credit default swaps, I began working with the Government Accountability Office to identify appropriate legislative and regulatory reforms to improve the oversight for structured finance products.

Because we live in a global economy that is interconnected, protecting against systemic risk must additionally become one of our highest reform priorities. If one proverbial domino falls, we cannot allow the chain to continue. The recent crisis has vividly demonstrated the consequences of not effectively regulating against systemic risk. Failure in one segment of the market inevitably brings other segments down with it.

Still further, we must act to pass new laws to protect consumers from lax underwriting standards, compromised appraisals, and faulty mortgage servicing practices. I introduced a strong consumer protection bill to achieve these goals more than 3 years ago, and last year the House passed H.R. 3915, the Mortgage Reform and Anti-Predatory Lending Act. This latest bill to crack down on predatory lending practices is substantially similar to the content of the bill I first proposed in 2005. The Senate now needs to complete its work on these matters.

summation

In conclusion, the bill before us is still imperfect, but for the good of our Nation we should pass it. The adoption of this legislation will, first and foremost, help to safeguard the jobs, pensions, and paychecks of average Americans. We have made significant improvements to this bill during the last 10 days to protect taxpayers, provide robust oversight, and limit excessive compensation for CEOs and executives, among other things. This bill is now much better, and it deserves everyone's support because our Nation's economy depends on it.

Today, the eye of an economic hurricane is fast approaching. To protect the way of life for average Americans, we must rise up to meet this challenge and come together. We cannot sit on our hands. Instead, we must act and pass this bill. As my fellow Pennsylvanian, Benjamin Franklin, said at the founding of our country, ``We must all hang together, or surely we will all hang separately.'' I urge support for the Emergency Economic Stabilization Act of 2008.

Madam Speaker, I rise today to ask you and my esteemed colleagues in the House of Representatives to pay tribute to Ecumenical Enterprises Inc., of Dallas, Luzerne County, Pennsylvania, for 40 years of providing quality housing to those with low or moderate incomes and those who are elderly, handicapped or disabled.

Recognizing the need for such housing in the late 1960s, a group of concerned religious and lay leaders headed by the late Rev. Dr. Jule Ayers and Monsignor Donald McAndrews began meeting to discuss ways and means to address this growing housing issue.

That effort led to the formation of Ecumenical enterprises Inc. sponsored by four diverse but socially committed religious bodies including the First Presbyterian Church of Wilkes-Barre; the Roman Catholic Diocese of Scranton, the Jewish Federation of Greater Wilkes- Barre and the Metropolitan Lutheran Council of Wyoming Valley.

Subsequently, this fledgling agency began experimenting with single family home development and later moved into larger, multi-family, apartment complexes in Wilkes-Barre City, Dallas Borough and Wyoming Borough. EEI at this time also began addressing the needs of the elderly, the disabled and the handicapped.

As EEI moved into the 1980s, it realized there was a need for housing for those who could no longer live independently. After a tremendous effort, EEI began the construction of a skilled nursing facility in 1983.

In due course, EEI developed more housing facilities in West Pittston Borough, Kingston Township and Glen Lyon in Luzerne County and at Honesdale, in Wayne County.

Throughout its history, Monsignor McAndrews has remained a remarkable counselor and a leader committed to improving the quality of life for others. In appreciation, Msgr. McAndrews is being presented with a ``Founders'' award by EEI.

EEI has also been blessed with the fine cooperation of Wachovia Bank, now under the leadership of Thomas F. Capone, Area Executive Officer. Wachovia is also being honored by EEI with its ``Partners in Caring'' award this year.

Madam Speaker, please join me in congratulating Ecumenical Enterprises Inc. for the extraordinary leadership in community service it has provided for four decades during which it has touched the lives of thousands of people and endeared itself to multiple generations who lives have been comforted and enriched by its very existence.

Madam Speaker, I rise today to ask you and my esteemed colleagues in the House of Representatives to pay tribute to Mr. Arnold Romaldini, who was chosen by the Italian American Association of Luzerne County to be their 2008 ``Person of the Year'' to be honored at their annual Columbus Day observance.

Born in the Hilldale section of Plains Township, Luzerne County, Pennsylvania, Mr. Romaldini is a son of the late Sante and Elia Benzi Romaldini and a stepson of Ubaldo Mosca. He has two sisters, Thelma Stella and Adelia James. He also had two brothers, Carlo and Eugene, both of whom are deceased.

Mr. Romaldini had five children from his first marriage to the late Joan Urban, of Duryea, and seven grandchildren. He is currently married to Elena DeSimone of Naples, Italy, and has two stepchildren and several stepgrandchildren.

Mr. Romaldini attended public schools in Plains Township and graduated from Jenkins Township High School. He attended Wilkes College and graduated from the Kingston Vocational School, specializing in automotive technology. He worked at several local car dealerships before accepting a management position at an out of state business.

He subsequently went into business for himself with an associate and operated a multifaceted repair shop which he later built into three automobile franchises as well as other business ventures. At the height of his business career, he employed approximately 50 people with a payroll in excess of $1 million. He traveled extensively throughout North America and Europe attending auto industry seminars.

Still a member of the National Automobile Dealers Association and the American Imported Auto Dealers Association, he was area District Dealer representative for numerous automobile manufacturers. He is a long standing member of the New York Auto Dealers Association and was a founding member and chairman of the Nissan Advertising Association of New York. He has been retired since selling his business in 1996.

He is a proud and active member of the Italian American Association of Luzerne County.

Madam Speaker, please join me in congratulating Mr. Romaldini. His determination to become a leading businessman has enriched the lives of all he has employed and all with whom he has been associated over many years. Moreover, his contributions to his family and his community has been extraordinary and an inspiration to all who know him.

Madam Speaker, I rise today to ask you and my esteemed colleagues in the House of Representatives to pay tribute to Dr. Joseph M. Lombardo, of Pittston, Luzerne County, Pennsylvania, who was chosen by the Italian American Association of Luzerne County to receive its 2008 ``Lifetime Achievement Award.'' I can think of no one more deserving of this great honor.

Born in the city of Pittston, Pennsylvania, Dr. Lombardo is a son of the late Michael and Louise Ross Lombardo. He has a sister, Colette, and a brother, Michael. He has been married to Mary Elizabeth Smith Lombardo for 45 years. They are the parents of eight children: Michael, Joseph, James, John (deceased), Lisa, Francis, Michelle and Robert. The couple also has 13 grandchildren.

Dr. Lombardo was class president and a summa cum laude graduate of Pittston High School in 1956. He graduated with honors from Scranton University with a bachelor's degree in biology. He graduated from Stritch School of Medicine in Chicago, Illinois, in 1964. He served his internship at Wilkes-Barre General Hospital from 1964 to 1965.

Dr. Lombardo served in the United States Army from 1965 to 1966 at the rank of Captain. He served for 30 years in the inactive reserve at the rank of Colonel. He received a commendation from President Richard Nixon and Gov. Milton Schapp for meritorious service during the Vietnam conflict. He served as medical director for Selective Service Board No. 97 until the end of the military draft. He was a consultant for the U. S. Military at AFEES Induction Center, Wilkes-Barre, Pennsylvania. He was medical director for the Blood Plasma Unit in Wilkes-Barre; medical director for Social Security, Wilkes-Barre, from 1974 to 1988 and medical director, Wesley Village, 1976 to 1996.

Dr. Lombardo started his medical practice in greater Pittston 40 years ago. He was medical director for Heritage House and Hampton House. He has been the sports doctor for Pittston Area High School for 40 years. He instituted the Department of Family Practice at Wilkes- Barre General Hospital from 1985 to 1987. He was a member of the Hospital Board from 1985 to 1987. He was a board member of Retreat State Hospital from 1972 to 1976; a board member of Luzerne County Community College from 1981 to the present, the longest serving member of that board and he is a member of the Wilkes Hahnemann Board that secured a 6 year medical program and served as clinical instructor at Loyola Medical College and Hahnemann Medical School.

Dr. Lombardo was elected to Wilkes-Barre General Hospital Hall of Fame for Meritorious Service to the hospital and staff. He was also elected to the Luzerne County Sports Hall of Fame for the Sam Falcone Lifetime Award along with Dr. Nicholas Ruggiero and Dr. Charles Myers. He started the Anthracosilicosis Clinic at Wilkes-Barre General Hospital and served pro bono at that clinic for 15 years. He was the first full-time emergency room doctor at Wilkes-Barre General Hospital along with Dr. Pat DeGennaro. He served 15 years at Charity Clinic of Wilkes-Barre General Hospital and 5 years as physician for the Pittston Blood Drive. He is also a former Rotarian.

Madam Speaker, please join me in congratulating Dr. Lombardo on the occasion of this auspicious honor. His devotion and commitment to the community in which he was born and raised has been extraordinary and is an inspiration to others. He is truly deserving of this special award.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 6513) to amend the Federal securities laws to enhance the effectiveness of the Securities and Exchange Commission's enforcement, corporation finance, trading and markets, investment management, and examination programs, and for other purposes, as amended.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks on this legislation and insert extraneous material thereon.

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

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

Mr. Speaker, I rise today in support of H.R. 6513, the Securities Act of 2008.

This commonsense legislation enjoys broad bipartisan support. H.R. 6513 will also better protect investors, promote greater confidence in our capital markets at a crucial time, as investor anxieties persist because of this ongoing financial turmoil.

Additionally, H.R. 6513 increases the effectiveness of the Securities and Exchange Commission by strengthening its enforcement authority.

The current economic woes have once again highlighted the need for the Congress to vest regulators with the authority they need to keep markets balanced and their participants honest. The Securities Act of 2008 thus provides the commission with many of the important regulatory tools that it has sought as part of its annual authorization requests in recent years.

In particular, the commission's enforcement program will benefit greatly from the provisions authorizing the nationwide service of subpoenas and the imposition of collateral bars. These provisions respectively will allow the commission to allocate its funds more efficiently and prevent bad actors from re-entering other parts of the industry.

Securities Exchange Chairman Cox has expressed a letter of his support for this legislation to implement the commission's recommendations. Chairman Cox has also commended the Financial Services Committee's bipartisan leadership in developing this bill. The North American Securities Administrators Association has also endorsed this bill by noting that now is the time to strengthen securities regulation, given what has happened on Wall Street in recent years.

In addition to updating the Federal securities laws by making numerous technical corrections, this bill improves investor protection in at least three other ways.

First, it provides greater clarity about the commission's authority to impose sanctions on and seek remedies from individuals who violated the law but who are no longer associated with a regulated entity.

Second, the bill conforms the language of the law to existing interpretations about when unlawful margin lending occurs.

Third, this bill helps investors by extending the insurance provided by the Securities Investor Protection Corporation to securities futures held within their portfolio. As a result, this bill enhances the competitiveness of the U.S. markets by advancing portfolio-based margining for the customers of broker-dealers.

Capital flows to the most efficient markets, and because most financially developed countries allow this risk-based, investor protection hedging practice, the U.S. equity markets simply must keep pace to compete in today's global economy by allowing it as well.

As per my earlier unanimous consent request, I am inserting in the Congressional Record a more detailed statement about these three important investor protection measures in order to provide greater legislative history on them.

Before closing, I should note that previously the House has unanimously passed during the 110th Congress several of the provisions contained in this larger reform package. Moreover, this bill has strong bipartisan support, and my colleagues on both sides of the aisle therefore deserve tremendous credit for working together on this legislation. In particular, the gentleman from New York (Mr. Meeks), the gentleman from Illinois (Mr. Roskam), the gentleman from Kentucky (Mr. Davis), and the gentleman from California (Mr. Campbell) have worked diligently on many of these provisions in this bill. I appreciate their prior efforts and their support as cosponsors of this larger legislative package.

The chairman, Mr. Frank, and the ranking member, Mr. Bachus, of the Financial Services Committee, in addition to my ranking member (Ms. Pryce) on the Capital Markets Subcommittee all support this bill.

Our cooperative effort on this bill illustrates that good policy can emerge from this body when ideology and partisanship yield to practicality and the common good.

I would just like to comment that that sentence represents the career, to some extent, of Ms. Pryce. Ms. Pryce is joining us on the floor today, possibly for the last time in her congressional career. She has been my chairman and my ranking member as my career through Congress has occurred. Deborah knows that when I first heard of her intentions to retire, I was greatly saddened, because this body will be losing an individual on either side of the aisle who has been most cooperative, most nonpartisan, and most productive as a legislator of anyone I can remember in my years here in this body.

I wish her well in her retirement. I know it will only be a retirement in terms of leaving the Congress, not leaving active, productive, and contributing life in another form in Ohio or somewhere else. But we will miss you on the committee, on the subcommittee, and in this Congress, Ms. Pryce.

In sum, I urge all my colleagues to vote ``yes'' on H.R. 6513.

Mr. Speaker, I rise today to express further support for the Securities Act of 2008, to explain why this legislation confirms certain existing authorities of the Securities and Exchange Commission, and to provide for the legislative history some background on the facts that informed the drafting of this bill.

In regard to section 3 on Formerly Associated Persons in H.R. 6513, many provisions of the Federal securities laws that authorize the sanctioning of a person who engages in misconduct while associated with a regulated or supervised entity explicitly provide that such

authority exists even if the person is no longer associated with that entity.

Several provisions, however, do not explicitly address this issue, although the intent of earlier Congresses appears to have been that the Securities and Exchange Commission had such authority, and no contrary statutory language or legislative history exists. In fact, the Congress has earlier amended several statutory provisions to ratify and confirm the authority of the Commission to discipline a person formerly associated with a regulated entity for conduct while an associated person, but it did not express intent to provide such authority only for those provisions being amended.

To build on these previous efforts, section 3 of H.R. 6513 amends additional provisions of the securities laws that do not explicitly address this issue. These changes confirm that the Commission may sanction or discipline persons who engage in misconduct while associated with a regulated or supervised entity, even if they are no longer associated with that entity. Accordingly, the amendments would not alter or expand the Commission's current authority. They would only ratify and confirm it.

As a general rule, it is the intent of the Congress that the securities laws, including but not limited to those provisions amended by this section, apply to and provide meaningful remedies for sanctioning persons who engage in misconduct while associated with a regulated or supervised entity, even if the person is no longer associated with that entity.

Also, the Capital Markets Efficiency Act of 1996 inter alia exempted from Federal margin requirements, adopted under section 7 of the Securities Exchange Act of 1934, credit extended, maintained, or arranged to or for a member of a national securities exchange or registered broker-dealer under certain circumstances. In the portion of section 7 that was not substantively amended by the Capital Markets Efficiency Act, the word ``and'' was inserted, which could be read to mean that margin lending would be unlawful only if both elements of the pre-existing prohibitions were violated, when prior to the Capital Markets Efficiency Act violation of either prong was sufficient to make such margin lending unlawful.

Specifically, the first prong, section 7(c)(1)(A), states that margin lending is unlawful if done in contravention of the Federal Reserve Board's rules, and the second prong, section 7(c)(1)(B), states that margin lending is unlawful without collateral or on any collateral other than securities, except in accordance with the Federal Reserve Board's rules. The proposed change would clarify that a violation of either prong remains sufficient to establish a cause of action for improper margin lending. This technical drafting amendment contained in section 7 of H.R. 6513 conforms the statutory language of section 7 of the Exchange Act to existing interpretations that provide that the two clauses represent independent requirements.

Additionally, section 8 of H.R. 6513 would amend the Securities Investor Protection Act of 1970 to extend Securities Investor Protection Corporation insurance to futures positions held in a portfolio margining account under a program approved by the Commission. In paragraph (b)(2)(B)(iii) of this section, the word ``such'' refers to those securities positions described in paragraphs (b)(2)(A) and (b)(2)(B)(ii). The purpose of paragraph (b)(2)(B)(iii) is to extend protection to any person who has a claim against the debtor arising out of sales or conversions of securities described in either paragraph. Any claims for security futures under this section are claims for cash and not for a ``security.'' In addition, ``security futures contract'' as used in this section has the same meaning as ``security future'' as defined in 15 USC 78111 (14).

With this additional legislative history in mind, I will vote for this bill. I urge my colleagues to do the same.

I reserve the balance of my time.

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

Madam Speaker, I rise today to ask you and my esteemed colleagues in the House of Representatives to pay tribute to the St. Vincent de Paul Kitchen in Wilkes-Barre, Pennsylvania, which is observing its 25th year of continuous service to those in great need.

In 1983, Catholic Social Services in Wilkes-Barre recognized that a growing number of people in the community were suffering and in need of material assistance. Monsignor Donald McAndrews, the executive director of CSS, laid the groundwork for the kitchen with the belief that if people in need could be fed, they could attend to other needs more easily.

Monsignor believed that the kitchen project would be needed for 2 to 3 years and could then be dissolved once the regional economy improved.

He purchased a vacant automotive garage that was being targeted for sheriff sale due to tax delinquency. Local labor unions donated manpower to accomplish minimal renovations. Used kitchen equipment was purchased and CSS obtained a restaurant license.

Sister Lucille Brislin, the kitchen's first director, recruited volunteers and the first meal served 60 people. The kitchen continued to serve one meal a day 7 days a week. Local supermarkets helped by donating leftover bread and pastries. The kitchen depended on private donations and the community responded to that call for help.

Five years after it opened, the kitchen added a free clinic to assist in caring for the homeless. A used clothing room and a food bank were added later to expand services.

However, the need continued to grow. More than 300 meals a day were being served. In 2003, major renovations were undertaken to accommodate the growing demand. Those renovations were completed in 2005.

In 2007, an evening meal was added 3 nights per week which is served to about 125 people.

Donations are still encouraged and CSS conducts two organized fundraisers each year to help continue the services available at the kitchen. A core group of 60 volunteers come at least once each week and groups of volunteers come once or twice a year.

Madam Speaker, please join me in congratulating those who make possible the humanitarian services that emanate from the St. Vincent de Paul Kitchen in Wilkes-Barre. Without fanfare, demand for recognition, or monetary compensation, the volunteers who dispense nutritional, medical, and clothing services are helping those in the greatest need sustain not only their very lives but also their hope that new opportunities will emerge to end their dependence on others and restore their ability to become self-sufficient.

Mr. Speaker, I rise today with a heavy heart, like my compatriot on the other side, who is my ranking member on the subcommittee that I chair.

This is not a perfect bill. And I have heard the ranking member of the full committee unfortunately take the position that he is opposed to the bill. That sort of hurts my feelings and my best judgment that we're not here to pick the best bill or to argue on the particulars or even at this time to find fault.

But let me make a salient point, because I have heard a lot of discussion on the other side of the aisle about responsibility. Let me point out that what we're doing here is increasing the Federal debt limit by $800 billion. That is more money than the entire debt of the United States from the beginning of the United States in 1776 until the beginning of the Ronald Reagan administration, when we only had a debt of $800 billion. In the succeeding 28 years, since the first day of the Reagan administration, we've run up more than $8 trillion in debt. And now we're jumping $800 billion more. That is what we ought to really be talking about. That is what we should have reserved time on. That is what we should be discussing.

But I ask you a very simple question, and I'm going to leave it as a question: Who occupied the White House and led this country in that 28- year period?

Mr. Speaker, I rise today to express support--albeit with some reluctance--for this latest version of H.R. 3221, now known as the Housing and Economic Recovery Act. While we must act quickly to stabilize our economy and mortgage markets by passing this bill, the package before us is somewhat imperfect. That being said, I will vote for this legislation in order to help working Americans to purchase or remain in their homes, protect the assets of senior citizens, and assist veterans with their housing needs.

H.R. 3221 contains many desirable policy reforms. It will put in place a strong, independent regulator with robust bank-like powers to ensure the safety and soundness of Fannie Mae and Freddie Mac. I have worked for more than 8 years as a leader on the Capital Markets Subcommittee to reach a consensus on world-class regulatory reform for these sizable financial institutions.

The bill sensibly modernizes the existing operations of the Federal Housing Administration, too. Further, H.R. 3221 improves the ability of the FHA to help many homeowners now facing the prospect of a foreclosure to remain in their homes, but only at a significant cost to the financial institutions currently holding the loans and the promise that the government can share in the gains in the values of the homes that it helps to save.

In addition to altering the regulation of the Federal Home Loan Banks, the bill will permit these institutions to provide credit enhancements for tax-exempt municipal bonds, as first proposed in my bill, H.R. 2091. The ongoing problems in the bond insurance markets have affected the ability of municipalities to issue affordable bonds to construct roads, build schools, and expand hospitals. This important reform helps to fix that problem in the short term.

H.R. 3221 further includes several important provisions that will enable the Federal Home Loan Bank System to accomplish more in the broad area of economic development, community development, public finance, and public infrastructure. The System is uniquely positioned to promote such activities, and these reforms build on the 1999 law I worked to enact.

Specifically, we have added explicit economic and community development language to the System's mission in guiding the new Deputy Director. Our intention is that the regulator should apply this direction on mission to all approved activities, including advance programs, new business activities, letters of credit, acquired member asset programs, and the full use of their investment powers.

This bill also includes a number of promising reforms to help the manufactured housing industry. To provide more affordable housing, the bill will require Fannie Mae and Freddie Mac to serve this market sector. The bill also updates FHA loan requirements for these homes.

Moreover, this bill contains two significant reforms on which I have worked for some time. More than 3 years ago, I proposed legislation to require the licensing and registration of those individuals who originate mortgages. The new registry and broker licensing conditions in this bill closely adhere to the proposal I first made. The legislation also contains my amendments to protect the independence of appraisers and allow them to serve as honest referees of a home's value.

While there is much to like in this bill, we could have employed a better process in bringing up several matters now found in this extensive package. In this regard, I would like to focus on the GSE backstop and the increase in the debt limit.

Less than 2 weeks ago, the Bush administration put forward an expansive GSE liquidity backstop proposal. Because this initial plan caused significant concerns for many, we modified this standby authority before inserting it into this package.

As a result, the backstop now includes several taxpayer protections like limiting dividends, capping executive pay, and ensuring the government receives preferences and priorities in repayment by the GSEs. We could have, however, gone even further in these safeguards by capping the government's total exposure. We also should have allowed for more public scrutiny of these matters than time allowed us.

Ironically, the Administration's last-minute request on the backstop alters the balance we previously sought to achieve on GSE structural reforms. In particular, the package before us will remove presidential appointees from the boards of Fannie Mae and Freddie Mac. It also eliminates governmental appointees to the boards of the Federal Home Loan Banks.

If the government now has a greater potential to provide more capital to the GSEs, it should have maintained a seat at the table in their daily governance. I very strongly believe that these public appointees have helped to focus the GSEs on their public missions and protect taxpayers. I will therefore very closely monitor the implementation of these changes to safeguard the government's interests.

The decision to use this package as the ultimate vehicle for increasing the national debt ceiling by $800 billion to $10.6 trillion is also very concerning. When Ronald Reagan first took office, we had only $800 billion in national debt. Because this increase in the public debt limit requested by the Bush administration equals the amount the country ran up in its first 204 years, we should have considered the matter separately rather than pursuing this expedient path.

On the whole, however, the somewhat imperfect compromise before us is necessary and important. We cannot allow the proverbial perfect to be the enemy of the good. We need to take strong, swift action in order to end the negative feedback loop that continues to occur in our capital markets and the housing sector. Because this consensus product is designed to achieve that goal, I will vote for H.R. 3221.

Madam Speaker, I rise today to ask you and my esteemed colleagues in the House of Representatives to pay tribute to Sallyanne and Harold Rosenn, the recipients of the Monsignor McGowan Cornerstone Award for their years of service to Northeastern Pennsylvania.

This prestigious award was created by the collaborative efforts of various nonprofit organizations in northeast Pennsylvania as well as the mid-Atlantic region that prospered from Monsignor McGowan's aid.

The Monsignor McGowan Cornerstone Award is presented annually to an individual whose tireless efforts in the areas of service, leadership, humanitarianism, and philanthropy make them an invaluable resource to their community.

Sallyanne and Harold Rosenn are textbook examples of kindness and dedication. Harold Rosenn received his law degree from the University of Michigan in 1941 and enlisted in the United States Air Force shortly after, earning three medals for his service.

Mrs. Sallyanne Rosenn met her husband when she was the executive director of the Girl Scouts while he was chairman to the Community Chest, predecessor of the United Way. This is the first of many positions she held that were dedicated to helping the area's youth. She was employed as field and camp director of the Wyoming Valley Council of Girl Scouts and served as president of the Penn's Woods Girl Scout Council; the Council on Juvenile Justice and Youth Service Commission of Luzerne County.

Mrs. Rosenn was the recipient of the Woman of the Year Award from the National Council of Jewish Women in 1961. She received the Hannah G. Solomon Award in 1966, and the Woman of the Year Award from the Seekers of Mercy. She was also the first woman to run for the office of councilwoman in Kingston, in which she served a full term.

Harold Rosenn has held the position of commander of the Kingston American Legion Post No. 395 where he started a blood donor program which would eventually be adopted as the American Legion Blood Donor Program for Pennsylvania. He has chaired the United Way Campaign of the Wyoming Valley, twice chaired the United Jewish Campaign and served as chairman and president of Temple Israel. He also served on the boards of United Penn Bank, Franklin First Savings Bank, and Governor George Leader's nursing homes.

His community bonds extend to not only public service, but appreciation for the education of the region's youth. He has been extensively involved with his wife's alma mater, Misericordia University. He served as a member of Misericordia's board of trustees for almost 25 years and became a Director Emeritus in 1985. The plaza in the center of campus has been named ``Rosenn Plaza'' in their honor and they were the first recipients of the Trustees Award for their dedication. Atty. Rosenn was awarded an honorary doctorate of law degree and the McAuley Medal in 1991.

Madam Speaker, please join me in congratulating Sallyanne and Harold Rosenn on this auspicious occasion. Their inexhaustible efforts and dedication to community service is an inspiration to all.

Madam Speaker, I rise today to ask you and my esteemed colleagues in the House of Representatives to congratulate Jake Miller, on his acceptance of the 2008 House Fellows Program from the 11th Congressional District of Pennsylvania.

The House Fellows Program, an initiative created three years ago by the Office of the Historian, extends the opportunity for high school Social Studies teachers to visit Washington, D.C. in order to learn, first hand, the intricate structure and proceedings of the U.S. House of Representatives. The program brings together twelve teachers during this week-long workshop, from June 23-27, 2008, selected from Congressional Districts throughout the country.

The purpose of this program is to advance the knowledge of the history and practices of ``The People's Branch'' so that the selected teachers can bring back an enriched understanding of the legislative process. While the focus of the program is Congress, the Fellows will also participate in conferences at the National Archives, the Smithsonian Institution, and the Library of Congress. These teachers will then be able to take these details they learn back to their students.

Jake Miller is recipient of this honor from our 11th Congressional District of Pennsylvania. He is a resident of Summit Hill and is a teacher at Panther Valley High School located in Lansford. As a teacher at the high school, Jake instructs freshman in U.S government and seniors in economics. To help aid his professional development as a teacher, Jake tutored students in biology, algebra, and literature and co-founded an organization that assisted in registering and counseling individuals on the voting process. When he is not supporting students in the classroom, he is the faculty advisor for numerous student activities including student council and yearbook.

Additionally, Jake worked for Pennsylvania State Senator John Gordner where Jake coordinated various activities in Senator Gordner's office including issues pertaining to schools within the state. The knowledge gained by this professional experience undoubtedly has a positively impacted on the lessons he passes on to his students in the classroom.

Madam Speaker, please join me in congratulating Jake Miller on his acceptance to the competitive House Fellows Program. His commitment to education, the government and his community greatly benefits his own students and those throughout the Pennsylvania educational system.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 6312) to advance credit union efforts to promote economic growth, modify credit union regulatory standards and reduce burdens, to provide regulatory relief and improve productivity for insured depository institutions, and for other purposes.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks as to this legislation and to insert extraneous material thereon.

Mr. Speaker, I yield myself 4\1/2\ minutes.

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

Mr. Speaker, I rise today in strong support of H.R. 6312. This bill will make a number of statutory improvements in the laws concerning credit unions, banks and thrifts. It will also help consumers assist businesses, ease paperwork burdens and promote economic development in underserved communities.

In developing this bill, we have sought to identify an appropriate balance between competing interests. I am

especially pleased that this legislation contains a number of important provisions affecting credit unions. Some of these provisions have previously passed the House, including the sections concerning the treatment of loans made by credit unions to nonprofit religious organizations, the authority of credit unions to invest in high-grade securities and the governance of credit unions.

The bill also contains a number of new provisions based on the proposals first set out in the Credit Union Regulatory Improvements Act, or CURIA. The inclusion of these provisions in this bill is an important step forward in our legislative debates about how best to ensure that credit unions can better serve their members.

One provision found in CURIA and contained in this bill we are now considering will permit all Federal credit unions, regardless of charter type, to expand services to eligible communities that the Treasury Department determines meets income, unemployment and other distress criteria. This change fixes a drafting error made nearly a decade ago when the Congress passed H.R. 1151, the Credit Union Membership Access Act.

Like CURIA, we also make in this bill important and sensible modifications to the definition of an ``underserved area.'' Moreover, the legislation will allow credit unions to help underserved communities in two other important ways:

First, at the request of the chairman of the Financial Services Committee, it will permit credit unions to provide short-term, unsecured loans to anyone in their field of membership. Second, it will exempt loans made to small businesses operating in underserved areas, consensus tracks from the existing member business lending caps. Together, these two provisions will help to promote economic development and will provide a stable source of funds for businesses and individuals.

Another provision in this bill that permits financial institutions to pay interest on business checking accounts will also help small business growth. I have worked for more than a decade on this issue, and have previously introduced legislation to implement the recommendations first made by regulators in 1996.

Before closing, Mr. Speaker, I want to thank several of my colleagues for their assistance in bringing this legislation forward today: The gentleman from Massachusetts (Mr. Frank) provided essential guidance and assistance in developing this legislative product. Additionally, the gentleman from California (Mr. Royce) has stood with me for 5 years as we have worked on a bipartisan basis to update the laws governing credit unions. I am grateful for his support. The gentleman from Kansas (Mr. Moore) also provided important contributions to the package before us, especially regarding the reduction of paperwork burdens and the collection of needed information about consumer banking services and costs.

In sum, Mr. Speaker, this bill will help credit unions to provide better services and to promote economic growth in underdeveloped areas. Moreover, H.R. 6312 is, without question, the most significant piece of credit union legislation considered in the House in nearly a decade. H.R. 6312 will also appropriately ease regulatory burdens but will still protect the interests of consumers. It also addresses some of the concerns of banks and thrifts.

Because it is a balanced product, I urge all of my colleagues to support H.R. 6312.

I reserve the balance of my time.

I yield 5 minutes to the gentleman from Kansas (Mr. Moore).

Mr. Speaker, I yield 1 minute to the gentleman from Pennsylvania (Mr. Altmire).

Mr. Speaker, I yield to the gentleman from Kansas (Mr. Moore) who wishes to enter into a colloquy.

Yes, the provision would exempt from the cap those loans that are used to support business operations in an underserved area in order to stimulate economic growth in these areas.

Yes, you have. As the title of the section indicates, the intent of this section is to promote economic growth by encouraging small business development in underserved urban and rural communities. We want to help businesses and business owners that have a presence there, like a mom-and-pop operation with an Internet store. Moreover, we have taken steps in the legislation to ensure that a locally owned franchise that consists only of local operations shall not be treated as a business operating on a nationwide basis.

Mr. Speaker, I have no further requests for time, and I yield back the balance of my time.

Madam Speaker, I rise today to ask you and my esteemed colleagues in the House of Representatives to pay tribute to Attorney Larry S. Keiser, outgoing president of Temple Israel in Wilkes-Barre, Pennsylvania.

Attorney Keiser is engaged in the practice of civil litigation since 1971, focusing his professional time on commercial disputes, personal injury claims, workers' compensation and unemployment matters.

A graduate of E.L. Meyers High School in Wilkes-Barre, Attorney Keiser graduated from Pennsylvania State University and Temple University School of Law. At Temple Law, he was a member of the Law Review, the Legal Aid Society and was named the Sylvan Balder Memorial Scholar.

Attorney Keiser is a former examiner for the Pennsylvania Board of Law Examiners, where he wrote and graded Bar Examination questions in the areas of torts and evidence.

He currently serves the Luzerne County Bar Association as Continuing Legal Education Chairman, an office he has held continuously since 1991. Attorney Keiser is also frequently called upon to serve as a neutral arbitrator and he has been a lecturer in programs run by the Pennsylvania Bar Institute and the Luzerne County Bar Association.

Attorney Keiser is solicitor for the Jackson Township Planning Commission and he is listed in the Martindale-Hubbell Bar Register of Preeminent Lawyers.

In addition to having served as a Temple Israel board member and officer, Attorney Keiser has served terms on the boards of the Jewish Community Center, the Jewish Federation of Greater Wilkes-Barre and the Jewish Family Service. He has served several terms on the Federation Allocation Committee and is a past president of the United Hebrew Institute and the S.J. Strauss Lodge No. 139 of B'nai B'rith.

Attorney Keiser is married to the former Lynn Kaufman, who is the owner/chef of Supreme Cuisine catering. They are the parents of Jonathan, OBM; Lauren, an implementation manager for a software development company and Daniel, a student at Connecticut College in New London, Connecticut.

Madam Speaker, please join me in congratulating Attorney Keiser on this auspicious occasion. His leadership and commitment to Temple Israel has been an inspiration to all whose lives he has touched.

Madam Speaker, I rise today to ask you and my esteemed colleagues in the House of Representatives to pay tribute to James C. France, vice chairman and executive vice president of NASCAR and chairman and CEO of International Speedway Corporation, who was named 2008 recipient of the Pocono Raceway's Bill France Award of Excellence.

This award has been presented annually since 1977 to the person, corporation or organization that has made outstanding contributions to the sport of NASCAR Sprint Cup Series Racing.

The award is dedicated to the inspiration of William H.G. France, founder of NASCAR and the father of this year's recipient.

Jim France grew up in the early years of stock car racing, living and learning every aspect of the sport from his own experience and from his father and brother.

Mr. France joined ISC in 1959, working in all phases of operations. He was elected to the ISC board in 1970 and has served as the company's secretary, assistant treasurer, vice president, chief operating officer and executive vice president before being named the company's president and chief operating officer in 1987. He was also named to the NASCAR board of directors in 2000.

France has been involved in motorsports most of his life. He has been a strong supporter of motorcycle racing in the United States, as evidenced by his professional involvement in the sport. He was active in Legends car racing and the Allison ``Legacy'' Car Series. He was BF Goodrich Legends Cars national tour champion in 1992 and had a good deal of success in the Gatorade Florida Legends Series.

He served as starter for the U.S. Motorcycle Grand Prix in the late 1960s, raced dirt track races for nearly five years and has been a member of the American Motorcyclist Association for more than 30 years. In addition, France has raced karts on both dirt and asphalt and he has served as a board member of the Automobile Competition Committee of the United States.

Dr. Joseph Mattioli, chairman and CEO of Pocono International Raceway, has stated that Mr. France was ``a driving force behind NASCAR's success . . .'' He added that he is proud to announce that Mr. France has been selected as this year's award recipient.

Madam Speaker, please join me in congratulating Mr. France on this auspicious occasion. Certainly, his lifelong commitment to the motorsport industry has had a tremendously positive economic impact for thousands of families in this great nation and has created a permanent place of honor for Jim France and the entire France family.

Madam Speaker, I rise today to ask you and my esteemed colleagues in the House of Representatives to pay tribute to Frank Karam, recipient of the 2008 Governor Robert P. Casey Medal for a Lifetime of Service presented by the Neighborhood Housing Services of Lackawanna County, Pennsylvania.

For more than a quarter of a century, the NHS has faithfully served the greater northeastern Pennsylvania community by empowering individuals and families through home ownership, education and promotion, property rehabilitation and affordable lending. This work has resulted in thousands of educated homebuyers, over a hundred improved properties and millions of dollars worth of investment into local neighborhoods.

NHS, as part of a national network of more than 230 community-based nonprofit organizations in all 50 states, the District of Columbia and Puerto Rico, has created home ownership for lower income families, produced and managed affordable, high-quality rental properties, stemmed the tide of foreclosures that threaten to de-stabilize neighborhoods and local economies and helped to revitalize and strengthen neighborhoods.

Named as a tribute to the late Pennsylvania Gov. Robert P. Casey, this award is intended to acknowledge the efforts of individuals who have faithfully invested their time and talents to the betterment of the quality of life in northeastern Pennsylvania and, equally as importantly, to allow others to learn from their service.

Frank Karam chose law enforcement as his professional outlet to relentlessly pursue making his community a better place to live.

He was a fair. honest and upright police chief for the City of Scranton. More importantly, he is a fair, honest and upright man.

Chief Karam's vision, counsel, indomitable spirit and respect for his fellow citizen have served his community well. While long in devoted service retired from public service, he has never wavered in devoted service to his family, friends and neighborhood.

He lives a life of commitment to living his faith expressed as a dutiful daily participant in early morning Mass. He lives in Scranton and remains active in business, civic, church and community, affairs.

Madam Speaker, please join me in congratulating Frank Karam on this auspicious occasion. His example and commitment to service has been an inspiration to all whose lives he has touched.