Johnny Isakson

Mr. ISAKSON

Mr. ISAKSON. Mr. Speaker, most of us in Congress utilize these moments of Special Orders and morning hour debates to speak about correcting a problem. We oftentimes rise and chastise others. We even sometimes use it for political gain or political statement. Five weeks ago I made a speech in this well on a Thursday, and I spent that 5 minutes talking about the silence of the good in corporate America who had not begun to take action to correct what are the perceived and, in fact, in some cases real problems on Wall Street and corporate America. I asked the rhetorical question why in the world cannot the companies that are good, the CEOs that are responsible, speak out and take actions to restore the confidence of the American people. We can create all of the laws and disclosures and regulations in the world, but we all know morality and integrity is the propriety of the man and woman, and their responsibility. I listened and waited for 4\1/2\ weeks and got more disappointed as the days went on. I just could not understand why actions could not be taken to send the signal to the American people that corporate America had gotten the American people's message. Then yesterday it happened. I rise today to respond to that speech by heaping praise on the Coca- Cola Company. And some will think that is because they are housed in Atlanta, Georgia, and I represent Georgia in Congress. That is not the reason. Yesterday they did what the rest of corporate America should do; they came out and said they will begin recognizing in the fourth quarter of this year stock options as expenses on their financial statements, and take the cost of those options prior to reporting the profitability of their company. In other words, they are going to make it clear when they use stock options for compensation, it is disclosed and expensed in a timely fashion so that the profitability of the company is real, as real as it can be. There are only three Fortune 500 companies that do that, with Coca-Cola now joining the other two. It is a step in the right direction, it is a step for a company to take the voluntary initiative to respond to the crisis in confidence and do what is right. I hope in the weeks and months ahead, corporate America will take those steps to take the disciplined and conservative approach to financial reporting and financial accounting that will ensure those too few wrongdoers who have so drastically impacted America's investment and economic interest over the past year will be truly just a small minority and that the actions of companies like the Coca-Cola Company will become pervasive, so that instead of rhetoric from this well, men and women of morality and integrity in corporate America will come forward and do what is right for the right reasons, and this great engine that we know as capitalism and the great free enterprise system will enjoy the credibility and the confidence of investment that it so richly deserves. Mr. Speaker, I pause 5 weeks after the first speech asking where are the good voices to respond to the first one I have heard, the Coca-Cola Company, and say thank you for doing the right thing at the right time in the right way for America, its economy, and her investors.

Mr. ISAKSON

Mr. ISAKSON. Mr. Speaker, I thank the chairman for the introduction of this resolution, and I rise to pay tribute to the Professional Golf Association of America for what they are doing with the First Tee program. The previous speaker did an outstanding job talking about the accessibility it gives to those that otherwise would not have it. He talked about the disciplines that the game of golf teaches to those who so desperately need disciplines. Mr. Speaker, I would like to tell another story for a minute about how meaningful a program like this can be as the seed to not only change a life but change a community. In Atlanta, Georgia, there is an area known as East Lake. In Atlanta, Georgia, the East Lake community was the home golf course of Bobby Jones. It is where Bobby Jones grew up. Over the years, East Lake became an abandoned country club. The East Lake community of Atlanta became the worst of Atlanta's inner-city poverty, crime-ridden neighborhoods. This fall the PGA championship will be played at East Lake. What happened? What happened is a man named Tom Cousins in Atlanta bought the property and decided to change the lives and change that community. He redid the golf club. He bought abandoned houses and homes. He leased for $1 a year the public school and built a $28 million YMCA day care center and public school, and he established fundraisers for First Tee. The first professional to come to Atlanta for that fundraiser was Tiger Woods. Since that time, other professional golfers have come to raise money to make golf accessible to those who previously thought it was not accessible. In the meantime, he transformed a neighborhood. It is now a multi- income, multiracial, multiethnic pristine golf community that just years ago was devastation to our city. There are a lot of lives in America that are just like East Lake was. They are impoverished. They have no hope. They have no mentor. They have no discipline, and they think there is no future. Through the PGA and through the First Tee program, those in America most in need of all those things they do not have have it accessible to them. The First Tee's growth throughout the country is going to ensure that many Americans who might not have had a chance will have it. I commend the professional sport and its athletes for giving of their time and their money to make a difference in lives; and I would comment that not all professional sports of this day and time can take credits to that mantle, but the PGA can. The First Tee changes lives, and we are right to commend the PGA tour, its commissioner, and all of its players for making a difference in the lives of young Americans.

Mr. ISAKSON

Mr. ISAKSON. Mr. Speaker, for those Members who paid attention to this debate and are about to vote, they should know the following: Every speaker who has risen in opposition of the bill has endorsed every provision in the bill, and so they would vote for it except for concerns of theirs. Every speaker on the bill 2\1/2\ hours ago sat with me in a hearing before presidents of historically black colleges and minority and poor institutions who talked about the bureaucratic, technical and monetary impediments to deserving students getting a college education, 400,000 this year in America. We should subordinate our political interests to the better interests of Americans trying to better their lives. If, in fact, there is no objection to a provision in the bill, we should vote for the recipients and the beneficiaries of student aid and improve their lives, not for our parochial or our political interests.

Mr. ISAKSON

Mr. ISAKSON. Mr. Speaker, I am pleased to stand today and pay tribute to a man of great vision in my district, Alfred Watkins. Twenty years ago, he took over the leadership of a brand-new high school in my community. He built a music program from 78 participants to the largest music program in public education east of the Mississippi River. His children have won the John Philip Sousa Award, the Louis Sudler Flag Award, a Grammy for the best music program in a public school, twice marched in the Grand Parade at the Tournament of Roses, the World's Fair, and the Macy's Thanksgiving Day Parade. But is his legacy the great music or the great music his children perform? No. It is countless numbers of young people who, through the discipline of participation and through the appreciation of music, are changing the lives of other people all over this country. Alfred Watkins has been a visionary leader who has been great for our community and great for its children. Dr. Theodore Hesburgh once said, ``Leadership requires that you have a vision, for without a vision, you cannot blow an uncertain trumpet.'' It is ironic that Alfred Watkins was a trumpeter, and his music are my district's children, who are a symphony of perfection in my district and in the lives of countless thousands of Americans.

Mr. ISAKSON

Mr. ISAKSON. Mr. Speaker, I was absent for roll call votes 239 and 240. Had I been present I would have voted yes for both votes.

Mr. ISAKSON

Mr. ISAKSON. Mr. Speaker, this morning I read the following quote from Matthew Ruane, director of listed trading at Gerard Klauer Mattison and Company: ``There's a lack of liquidity, a lack of reason to buy, terrorism fears and earnings issues out there, especially in the drug sector.'' The statement was in response to a question regarding the continued decline of the major stock indexes in America. I have no quarrel with the facts included in this statement. It is the omission that troubles me. In the mind of many Americans, this American included, there is an integrity crisis on Wall Street and in corporate America. I am a businessman of 34 years, former director of two banks, an investor in the stock market and a strong believer in the power of the free enterprise system. Yet with that power comes responsibility. In the past year, the American investor has seen a host of disturbing news stories centered on the issue of corporate integrity and few, if any, have been encouraging. I have great confidence and respect for American businesses and the men and women who run them. But the silence of these good men and women is becoming deafening. Enron, Arthur Andersen, Wall Street brokerage houses, executive compensation, document shredding, insider trading and other stories confront the average American every day, with little or no response from corporate America, other than an explanation. Corporate America is not a fraternity, nor should it be. Neither should Wall Street brokerage houses be a fraternity. I acknowledge they have common interests, but those interests are secondary to the interest of the American economy, the American investor and their individual stockholder. What is my point? Simply put, corporate America and Wall Street face a crisis that will not pass on its own; and just as the shareholders of Enron were the big losers in their crisis, many Americans now fear that they, not the corporate boardroom, will be the big losers. It is time for corporate executives to speak out. Wall Street needs to look in the mirror and ask itself serious questions, the answer to which is not ``this too shall pass.'' Unlike 20 years ago, more and more Americans depend on their 401(k) and investments for their retirement; and, because of that, more Americans than ever are in the stock market. Wall Street has become an insider's game played with outsider's money. The strength of the market has become more dependent on individual confidence of average Americans, but that confidence is eroding. Endless reports of questionable practices and alleged crimes have only served to accelerate investor concerns that began with the market's decline in the first quarter of 2000. It is my judgment there is too little accountability on Wall Street. Some will tell you that corporations and their leaders are accountable because they lose equity and lose value when their stock declines. While true to an extent, individual investors lose too, and collectively far more than corporate executives. If corporate America wants to improve the environment on Wall Street, then it is time for corporate executives and corporate directors to hold themselves more accountable and demonstrate to the market a zero tolerance for questionable practices and poor judgment. Every investor understands, or should understand, that investing in the market involves risk; but that risk should not be compounded by moral and ethical failure in the corporate office, executive office, or the corporate boardroom.

Mr. ISAKSON

Mr. ISAKSON. Mr. Speaker, I thank the gentleman for the clarification, and I thank the chairman for his diligent work. I, for one, will vote in favor of this bill to empower the American people.

Mr. ISAKSON. Mr. Speaker, I thank the distinguished gentleman for yielding me this time. I commend him on his hard work, and I rise in support of H.R. 4737. Mr. Speaker, I have to make an observation. The well-intended birth of aid to families with dependent children and welfare in the 1960s was a temporary assistance to help Americans in need. It became a generational entitlement that trapped generations of Americans in subsistence. In 1996, Members on both sides of the aisle voted for a bill that some called at that time a bill that would increase the welfare rolls, children in hunger and in poverty. And today, 5 million American families that were on welfare are off and their self-esteem is high. They are now the taxpayers that the gentleman from New Jersey (Mr. Andrews) referred to, who would have answered his question with a resounding no. They would have said yes, we do believe the rest of ours who are entrapped in poverty should be uplifted like we have been as well. I find it unfortunate that Members of this House would condemn a success and try and make the fact that it is not incrementally as good as they would like it to be the reason why we ought to go back to generational entrapment. One last thing. We gave waivers to States and Governors like Tommy Thompson and Engler and others, and they created programs that work. There have been some questions about waivers, but let me tell my colleagues this. The creativity at the local level in Georgia and in California and in Hawaii and Ohio has made the lives of poor Americans richer and has made welfare-to-work a reality. To that end I would like to engage the gentleman from California (Mr. McKeon) in a colloquy to make sure the clarifications are clear on the authority at the local level. Mr. Speaker, this bill stipulates that the entity that administers a qualified program must join in any application proposing to conduct a demonstration program involving such a program. As the gentleman knows, local business-led workforce investment boards administer the adult dislocated worker and youth employment training programs authorized by the Workforce Investment Act. Is it the gentleman's intent that such boards would need to be a party to any application that is submitted to include WIA programs within a demonstration project?

Mr. ISAKSON. I yield to the gentleman from California.

Mr. ISAKSON

Mr. ISAKSON. Mr. Speaker, I rise today to acknowledge Lake Allatoona Awareness Week as proclaimed by Governor Roy Barnes of Georgia. Lake Allatoona is located north of Atlanta in the foothills of north Georgia, and covers parts of Cherokee, Cobb, and Bartow Counties. It provides drinking water for over 500,000 people and recreation activities for millions. Two years ago the Lake Allatoona Preservation Authority, LAPA, was created to lead the effort to protect and preserve this vital resource. The lake provides habitat for a number of endangered species, including the Etowah Darter, Gray Bat, Southern Acornshell, and the American Bald Eagle. Mr. Speaker, on Tuesday, May 7, LAPA and the Army Corp of Engineers signed a historic $5 million joint study to plan for the preservation of the lake for generations to come. There is no greater way to preserve than to plan for the future, and for the citizens of North Georgia and this great natural resource the future is bright.

Mr. ISAKSON

Mr. ISAKSON. Mr. Speaker, I rise today to commend an American who exemplifies the opportunities and possibilities our free enterprise system brings to all Americans and, like so many Americans, an individual who has taken his success and its rewards and found a way to share it in a meaningful way. I am pleased to rise today and commend Mr. Jerry Rich of Sugar Grove, Illinois, and I am very pleased to be joined by Speaker Dennis Hastert in this tribute. As the age of technology dawned in the 1970s, Jerry Rich applied his entrepreneurial spirit and personal dedication to develop a technology system capable of providing those in the financial markets with the ability to monitor disparate information on a single screen. Jerry Rich's innovation is now shared in the capital markets and on Wall Street by everyone. His innovation and success ultimately led to a merger of his company with Reuters and retirement from his business in 1988. But like so many Americans, Jerry Rich applied his success to his passion, and his passion to benefit America's youth. Jerry Rich bought eight farms and combined them into what is now known as Sugar Grove Estate. A passionate golfer, Jerry set out to build and develop a unique golf course, and unique it is. Originally nine holes with three separate tees, Rich Harvest Links is now an eighteen-hole championship golf course, ranked by Golf Magazine as one of the top ten new private golf courses in America. Rich Harvest Acres has a staff of forty-five attending to this challenging 7,446-yard, par 72 golf course. While Rich Harvest Links is one of the most exclusive in America, currently with twenty-five members and a plan for twenty- five more in the future, it also is a golf course that Jerry Rich shares with amateur golfers in the great State of Illinois. Jerry is very active in the youth program, ``Hook a Kid on Golf,'' which introduces youths to the game of golf and has spread to twenty- nine states in America and Canada. He started a foundation that funds the operation for ``Hook a Kid on Golf'' in Illinois where, last year alone, one thousand five hundred children attended five-day clinics. Jerry Rich embodies everything the American entrepreneurial spirit represents. Throughout his life he has taken risks, applied knowledge,sought innovation and built a business. From its success he has been rewarded, and with that success he shared with others. This is what America is all about, and Rich Harvest Links is not just a tribute to golf, but a tribute to a great man of Illinois who cares: Jerry Rich.

Mr. ISAKSON

Mr. ISAKSON. Mr. Speaker, yesterday the people of Atlanta, Georgia suffered a great loss with the passing of Mr. Harry Norman. Harry Norman was one of the great leaders in America's real estate industry. Mr. Norman built Harry Norman Realtors into one of the nations great real estate brokerage companies. Through his tireless efforts in the Atlanta Board of Realtors, he ensured the highest standards of ethics and professionalism in the industry. There was not a community cause or charity of importance in Atlanta that was not blessed to have the support of Harry Norman. In every sense of the word Harry Norman was a gentleman's gentleman. On a personal note, Mr. Speaker, Harry Norman was an inspiration to me during my real estate career in Atlanta. Next to my father, I know of no one in the business that I admired more. I extend my sympathy to his wife, Amy, and the extended family at Harry Norman Realtors.

Mr. ISAKSON

Mr. ISAKSON. Mr. Speaker, I yield myself such time as I may consume. I rise in support of House Concurrent Resolution 391, a resolution that congratulates the University of Minnesota men's hockey and wrestling teams and University of Minnesota-Duluth women's hockey team for winning the 2002 National Collegiate Athletic Association Championships. I am very pleased to commend the gentleman from Minnesota (Mr. Kennedy) for bringing this resolution, and I encourage all the Members of the House to support it. Mr. Speaker, I reserve the balance of my time.

Mr. ISAKSON. Mr. Speaker, I am pleased to yield 2 minutes to the distinguished gentleman from Minnesota (Mr. Gutknecht).

Mr. ISAKSON. Mr. Speaker, I move to suspend the rules and agree to the concurrent resolution (H. Con. Res. 391) honoring the University of Minnesota Golden Gophers men's hockey and wrestling teams and the University of Minnesota-Duluth Bulldogs women's hockey team for winning the 2002 National Collegiate Athletic Association championships.

Mr. ISAKSON. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks on H. Con. Res. 391.

Mr. ISAKSON. Mr. Speaker, I yield myself such time as I may consume to conclude by commending the gentleman from Minnesota (Mr. Kennedy) on offering the resolution, and I encourage my colleagues in the House to support it. Mr. Speaker, I have no further requests for time, and I yield back the balance of my time.

Mr. ISAKSON. Mr. Speaker, I yield 2 minutes to the gentleman from Minnesota (Mr. Kennedy), the author of the resolution.

Mr. ISAKSON

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

Mr. ISAKSON. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I have no further questions, but I join with the gentlewoman from Connecticut (Ms. DeLauro), the gentleman from Connecticut (Mr. Simmons), the author of this legislation, the gentlewoman from Connecticut (Mrs. Johnson), and the gentleman from Connecticut (Mr. Shays) and others. I commend it to the House and urge its adoption.

Mr. ISAKSON. Mr. Speaker, I yield 3 minutes to the distinguished gentleman from Connecticut (Mr. Shays).

Mr. ISAKSON. Mr. Speaker, I am pleased to yield 3 minutes to the distinguished gentleman from Connecticut (Mr. Simmons), the author of the resolution.

Mr. ISAKSON. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in support of House Resolution 401. This resolution congratulates the University of Connecticut Huskies for winning the 2002 NCAA Division I women's basketball championship. This is the University of Connecticut's second NCAA championship in 3 years. As my colleagues may know, the team finished the 2002 season with an unblemished perfect record of 39 and 0 and became only the fourth NCAA Division I women's team to finish the season undefeated. This is an amazing accomplishment and one worthy of recognition. Mr. Speaker, I want to thank the gentleman from Connecticut (Mr. Simmons) for introducing this resolution, and I extend my congratulations to the team, their coach, and the university. I ask all of my colleagues to support this resolution. Mr. Speaker, I reserve the balance of my time.

Mr. ISAKSON. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks on H. Res. 401.

Mr. ISAKSON

Mr. ISAKSON. Mr. Speaker, I thank the gentleman from Delaware for yielding time to me. Mr. Speaker, I am pleased to rise in support of this resolution. I commend the gentleman from Florida (Mr. Keller) for introducing it, because it recognizes an important principle: We in government know that regulation, with the best of intentions, is not always successful. The charter school movement recognizes that empowerment of parents, teachers, and the children is almost always successful. That is the basic principle of the charter school movement. It engages the parents in setting the goals, it engages the faculty with the parents in setting the goals, and it asks for regulation waivers in return for the accountability for achievement and higher standards. In my district in Georgia, the first charter school in our State was approved, and it has subsequently been reapproved. The results are remarkable. The parents are proud, the kids are engaged, and the faculty is a part of the decision-making process, the change, and the reform that has made the school movement a success. So I commend the gentleman from Florida (Mr. Keller), I commend those parents, as the gentleman from Ohio (Chairman Boehner) has said, and I commend those around the country that are trying to help public schools with that key process of parental involvement and teacher involvement in higher goals and better achievement. Lastly, I want to add a comment. At our recess a few weeks ago, I traveled with USAID to Egypt and Ethiopia. In Ethiopia, I observed a program known as BESO, sponsored by Save the Children, CARE, World Learning, and USAID. It is a program that engaged, due to the following: It is basic educational structural overhaul. The result is, it is charter schools. There in Ethiopia, where we have problems with AIDS, problems with Muslim children being able to go to school, problems with economic development because of poor job training, we are bringing in parents, most of whom never had an education, to be part of the school with their children and the teachers to set goals. We saw children in the worst of impoverished situations achieving higher goals because their parents were involved, their government supported change, and because teachers, parents, and students were partners together. The resolution of the gentleman from Florida (Mr. Keller) is a good one. The charter school movement is a tremendous asset to public education. I commend the gentleman from Florida for its introduction. I support the resolution.