Tim Johnson

Mr. JOHNSON

Mr. JOHNSON. Mr. President, I rise today to express my warmest congratulations to Pioneer Memorial Hospital in Viborg, SD. Pioneer Memorial Hospital is celebrating 40 years of dedicated service to the residents of Viborg and the surrounding area. It is an outstanding example of continued excellence in the delivery of health care services to rural South Dakota. In an era when the high cost of medical care has driven a wedge between the patient and the provider, small, rural hospitals like Pioneer Memorial Hospital remind us of the true ethic of medical care; compassion, commitment and dedication to those in need. There is no reward great enough for the hard work and long hours that the staff at Pioneer Memorial Hospital have sacrificed on the behalf of others. They have brought into the world the newborn babies of friends and neighbors and cared for those who have lived long and noble lives. Perhaps most importantly, they should be recognized for the hand that they extended to those whom they did not know but reached out to in times of need. Therefore, it is with great honor that I recognize Pioneer Memorial Hospital for its dedication to service and excellence in providing quality medical care to Viborg and the surrounding area. I applaud the efforts of every individual involved with the hospital throughout the years and offer my best wishes for another 40 years of service and excellence.

Mr. JOHNSON

Mr. JOHNSON. Mr. President, I rise to express my appreciation of my colleagues for their overwhelming and bipartisan support for confirmation of Karen Schreier as a United States Federal District Judge for South Dakota. Karen Schreier has established an extraordinary reputation for skill and integrity during her years of private law practice, and as a very successful United States Attorney. It is of historic note, that Karen is about to become the first female federal judge in South Dakota's 110-year history, and her outstanding achievements as an attorney, community leader, and federal judge will serve as a model for countless other talented young people throughout our state--both men and women. Most importantly, however, her ascension to the federal bench is a victory for justice and the rule of law. South Dakota and our nation will be very well served by Karen Schreier's tenure as Federal District Judge for South Dakota. I also must observe that even the most talented of individuals does not achieve the highest career success without the support and assistance of other important people in their lives. I had the great honor and pleasure of serving in the South Dakota legislature with Karen's father, Harold Schreier. Harold represented the very best of public service in our state, and I know that Karen's success would be of enormous pride and satisfaction to him. Karen's mother, Maysie Schreier, has been a wonderful resource in the Flandreau community in her own right, and her values and determination are reflected in her daughter. Karen's husband, Tim Dougherty, is a talented lawyer, community leader and source of never-ending support and encouragement. Tim's father, Bill Dougherty, has for many years been one of South Dakota's foremost political leaders and voice for common-sense and progressive public policy. Bill has been the father of a great deal of legislative accomplishment in our state, but I have a feeling that Karen's success will always be one of his greatest sources of pride. Mr. President, it is with wonderful personal satisfaction, that I can today offer my congratulations to Karen Schreier on her confirmation. Congratulations as well, to the Schreier and Dougherty families-- outstanding South Dakota families, and valued personal friends!

Mr. JOHNSON

Mr. JOHNSON. Mr. President, I rise today to express my warmest congratulations to the South Dakota State University Central Research Station in Highmore, SD. Today the experiment station is celebrating one hundred years of dedicated service to the agriculture industry in the Northern Plains. It is an outstanding example of the continued application of technological advancements by our farmers and ranchers in an ever- changing competitive environment. The Highmore Research Farm, also known as the Central Crops and Soils Research Station, was the first research farm created in the north- central United States. It was created in 1899 at the request of livestock producers who desired drought-resistant forage plants on the prairie. It was determined that a substation was to be established between the James and Missouri Rivers and a location was eventually secured near Highmore. Initially the work at the experiment station was centered around testing drought-resisting forage and devising ways and means for livestock producers to obtain winter forage as well. Later, crop production and rotation became an integral part of the research station. Affiliated with South Dakota State University in Brookings, this experiment station has been a leader in providing and conducting state- of-the-art agriculture research. In Highmore and at the various other South Dakota Agricultural Experiment Stations across the state, researchers cover a variety of aspects of agriculture, ranging from crop to livestock production. Over 150 different projects demand the time and effort by these dedicated researchers at this time. Through sound science and a problem solving attitude these researchers expand the knowledge base for all of agriculture and those affected by it on a daily basis. In this critical time in production agriculture while depressed crop and livestock prices are driving agriculture producers from their operations, it is all the more essential that we encourage the research taking place at the experiment stations. As we enter a new millennium we must develop ways for producers to afford and adapt to the technological advancements that can make United States agriculture more competitive. This is crucial in order for South Dakota to compete in the ever-changing global market. The research and knowledge gained from these experiment stations benefit not only agriculture producers, but also consumers living in rural towns and urban cities. Learning from the past and building towards the future is a daily mission at the Highmore Experiment Station. I applaud the efforts of each researcher and all of those who dedicated their time and effort to this farm in the last 100 years. I extend my best wishes to the Central Research Station in Highmore for another 100 years of successful research and service to South Dakota agriculture.

Mr. JOHNSON

Mr. JOHNSON. Mr. President, I rise today to express my strong support of S. 880, the Fuels Regulatory Relief Act. This bill will provide relief to hundreds of propane suppliers, farmers, and ranchers in my State of South Dakota. The Fuels Regulatory Relief Act would exempt propane from being included under the Environmental Protection Agency's Risk Management Program, or RMP, rule. The RMP rule was crafted as a way to increase awareness among state and local governments and the public of hazardous chemicals in communities. The thinking behind this rule was that if chemical companies had to develop and make public information about a worst case scenario in the event of an accidental release, the companies would take steps to lower the possibility of such an accident. Also, the authors of this rule thought local emergency teams would be able to respond more quickly and efficiently to an accident at a hazardous chemical site if the teams knew in advance how much damage to expect. I do not have any problems with the RMP rule in that respect. I think communities can benefit from knowing the potential for chemical accidents that could happen within their borders. I do, however, have deep concerns about the inclusion of substances that are not toxic but are flammable. The RMP rule was not created to regulate flammable substances, as demonstrated by the EPA's decision not to include gasoline under the rule. Yet propane is included under the rule, and people who have more than 16,000 pounds of propane on their property will have to submit an RMP. Complying with this rule is a great burden on propane suppliers, farmers, and ranchers, as the cost per site may be as much as several thousand dollars. I have been contacted by a number of propane suppliers in my State who have expressed their frustration with having to submit an RMP, and the American Farm Bureau has voiced its concerns about the effects of this rule on farmers who use propane for fuel purposes. Small business owners, farmers, and ranchers who possess and use large amounts of propane should not be forced to comply with a rule directed at curbing accidents involving hazardous chemicals, especially when flammable substances are subject to a number of other federal regulations. For these reasons, I am proud to be a cosponsor of S. 880, the Fuels Regulatory Relief Act. I believe that exempting propane from inclusion under the RMP rule is consistent with the purpose of the rule, as it does not change the way hazardous and toxic chemicals are regulated. The Fuels Regulatory Relief Act will save propane users and suppliers in my State thousands of dollars in compliance costs, and I urge my colleagues to support its expeditious passage.

Mr. JOHNSON

Mr. JOHNSON. Mr. President, I rise today to pay tribute to KELO television in Sioux Falls, which has earned the ``Friend in Need'' Service to America Award from The National Association of Broadcasters (NAB). The station is being recognized for its outstanding efforts before, during, and after the devastating tornado which struck the town of Spencer, South Dakota last spring. As weather conditions deteriorated on May 30, 1998, KELO provided quick, expert warnings to the Spencer area, giving viewers 20 minutes of advance warning. While we lost six citizens in the tornado, the losses could have been much worse if not for the advance warning that gave the community the critical time needed to take cover. KELO provided continual coverage throughout the night of the storm, without regard to the advertising revenues that would surely be lost. KELO did not stop there. After the tornado ripped through Spencer, KELO documented the widespread destruction of homes, businesses, and infrastructure. The community desperately needed help, and KELO turned their cameras on themselves to host a telethon which raised more than $750,000 to assist victims as they struggled to rebuild their homes and lives. During the rebuilding efforts, KELO continued extended coverage that helped bring closure to the tragedy. Our broadcast stations provide many important community services, but none as important as tracking severe weather and providing warnings. KELO has proven it is a true community partner, and South Dakota will be forever grateful to KELO and our other broadcasters who often put themselves in harm's way to serve others. I congratulate KELO on this very special recognition from the National Association of Broadcasters and extend my personal thanks for a job well done.

Mr. JOHNSON

Mr. JOHNSON. Mr. President, I would like to recognize the important contribution Taiwan has made to the international effort to provide humanitarian assistance to the refugees of Kosovo. Taiwan recently announced that it will grant $300 million in an aid package to the Kosovars. The aid package will include emergency support for food, shelters, medical care, and education for Kosovar refugees who were driven from their homes and forced to live in exile. In addition, I am pleased that Taiwan has offered short-term accommodations for Kosovar refugees in Taiwan along with technical training in Taiwan to help the refugees be better equipped for the restoration of their homeland upon their return. Slobadan Milosevic initiated a brutal and calculated effort to rid Kosovo of ethnic Albanians and fracture Europe. The United States and its NATO allies moved quickly and decisively to stop the massacres of innocent women and children inside Kosovo, and the international community joined the effort to provide relief to the hundreds of thousands of refugees who fled homes burned by Yugoslav police. Over two months of NATO bombings resulted in the withdrawal of all Yugoslav military and police from Kosovo and Milosevic's acceptance of a NATO-led peacekeeping force to secure Kosovo for the refugees return. The rebuilding and recovery efforts that are now beginning in Kosovo will take many years and many resources. Taiwan has contributed significant financial and technical resources to this effort. However, more importantly, Taiwan's generous actions should give comfort to the people of Kosovo that the world's leaders will help them through this difficult time.

Mr. JOHNSON

Mr. JOHNSON. Mr. President, as we enter the twilight of the Twentieth Century, we can look back at the immense multitude of achievements that led to the ascension of the United States of America as the preeminent nation in modern history. We owe this title as world's greatest superpower in large part to the twenty-five million men and women who served in our armed services and who defended the principles and ideals of our nation. Before we embark upon the Twenty-First Century, the Veterans of Foreign Wars (VFW) will celebrate an historic milestone. On September 29, the VFW will celebrate the 100th anniversary of the organization's founding. For over one hundred years, the VFW has supported our armed forces from the battlefields to the home front. From letter-writing campaigns in WWI to ``welcome home'' rallies after the Persian Gulf War to care packages sent to Bosnia, the VFW continues to take pride in supporting American troops overseas. The VFW's support for our nation's armed forces has been exemplary over the last one hundred years, but it is the VFW's work with our nation's veterans that has been most impressive. The original intention of the VFW, in fact, was to ensure that the veterans of the Spanish- American war would not be forgotten and that they received medical care and support in return for their service and sacrifice. The VFW's motto, ``Honor The Dead By Honoring The Living'', resonates to this day and will carry forth into the next century. Since organizing the first national veterans service office in 1919, to today's nationwide network of service offices, the VFW provides the assistance veterans need in order to obtain much-deserved benefits. To celebrate this prestigious occasion, a resolution, S. J. Resolution 21, has been introduced in the United States Senate designating September 29, 1999 as ``Veterans of Foreign Wars of the United States Day'', and the President of the United States is authorized and requested to issue a proclamation calling upon all Government agencies and the people of the United States to observe the day with appropriate ceremonies, programs, and activities. I am a proud cosponsor of this resolution which honors the VFW's recognition of military service and remembrance of the sacrifices made in our nation's defense. I feel this resolution presents an opportunity to recognize, honor, and pay tribute to the more than 2,000,000 veterans of the armed forces represented by the VFW, and to all the individuals who have served in the armed forces Throughout my service in Congress, I have long appreciated the leadership of both the South Dakota VFW and the Ladies Auxiliary for their input on a variety of issues impacting veterans and their families in recent years. Their insight and efforts have proven very valuable to me and my staff, and I commend each and every one of them for their leadership on issues of importance to all veterans of the armed forces. I was honored to have the VFW's strong support when I offered my amendment to increase veterans health care in this year's budget to $3 billion. Even though it wasn't the full amount of my amendment, the final Budget Resolution contained a $1.7 billion increase above what the Clinton Administration had requested for veterans health care. This never would have been possible without the grassroots support of the VFW. Mr. President, as Americans, we should never forget the men and women who served our nation with such dedication and patriotism. I close my remarks by offering my gratitude and support for all the achievements performed by the Veterans of Foreign Wars. For a century, this organization has been the standard bearer in the representation of our veterans, as well as their undying patronage to our armed forces and support for the maintenance of a strong national defense.

Mr. JOHNSON

Mr. JOHNSON. Mr. President, as we enter the twilight of the Twentieth Century, we can look back at the immense multitude of achievements that led to the ascension of the United States of America as the preeminent nation in modern history. We owe this title as world's greatest superpower in large part to the twenty-five million men and women who served in our armed services and who defended the principles and ideals of our nation. Before we embark upon the Twenty-First Century, the American Legion will celebrate its 80th anniversary serving our nation's veterans. Since the first gathering of American World War I Doughboys in Paris, France on March 15th, 1919, the American Legion has upheld the values of freedom, justice, respect and equality. The American Legion eventually was chartered by Congress in 1919 as a patriotic, mutual- help, war-time veterans organization. A community-service organization which now numbers nearly 3 million members--men and women--in nearly 15,000 American Legion Posts worldwide. The American Legion's support for our nation's veterans has been exemplary over the last eighty years. Shortly after it's founding, the American Legion successfully lobbied for the creation of a federal veterans bureau. With the American Legion's support, the agency developed a veterans hospital system in the 1930s. In 1989, another American Legion plan became reality: the elevation of the Department of Veterans Affairs as a cabinet-level agency. The American Legion also successfully advocated for the compensatory rights of veterans, victims of atomic radiation, PTSD, Agent Orange, and Persian Gulf syndrome. Over the past eighty years, the American Legion also has been active in promoting the values of patriotism and competition with our nation's young people. There are many sons and daughters participating in American Legion sponsored programs such as American Legion Boys and Girls State, Boys and Girls Nation, the National High School Oratorical Contest, and the Junior Shooting Sports and American Legion Baseball. Throughout my service in Congress, I have long appreciated the leadership of the South Dakota American Legion for its input on a variety of issues impacting veterans and their families in recent years. The American Legion's insight and efforts have proven very valuable to me and my staff, and I commend each and every one of them for their leadership on issues of importance to all veterans of the armed forces. Mr. President, as Americans, we should never forget the men and women who served our nation with such dedication and patriotism. I close my remarks by offering my gratitude and support for all the achievements performed by the American Legion. For eighty years now, the American Legion has been the standard bearer in the representation of our veterans. I want to extend my sincerest appreciation to the American Legion for its continued leadership.

Mr. JOHNSON

Mr. JOHNSON. I thank the Senator. It would seem to me at this point there is no constitutional mandate that for some reason we must go down the road of mixing banking and commerce, that that is some of an irretrievable decision that is made and we are unable now to change that policy. This is an opportunity, I believe, to do what needs to be done in this legislation. One, to strike the provision of the bill which would, as it stands, permit commercial firms to acquire any of the 500 existing unitary thrift holding companies. And our amendment inserts a provision to allow existing unitary thrift holding companies to be transferred only to financial firms. There are thousands of financial firms. The marketability of these unitary thrifts will remain high; there is no question about that. So I believe this is an amendment that is badly needed if this bill is going to ultimately be signed by the President. But it is also an amendment that is necessary for us to embark on what I think is a sensible and prudent fiscal policy, financial policy for this country. I ask support for the Johnson-Thomas amendment. I yield back such time as I may have remaining.

Mr. JOHNSON. I yield the Senator 30 more seconds.

Mr. JOHNSON. Does the Senator not agree that the Winstar case was a contract violation case as opposed to the statutory change of regulation being proposed here?

Mr. JOHNSON. Will the Senator yield?

Mr. JOHNSON. Two or 3 minutes would be fine.

Mr. JOHNSON. Mr. President, I send an amendment to the desk.

Mr. JOHNSON. Mr. President, I ask unanimous consent that reading of the amendment be dispensed with.

Mr. JOHNSON. Certainly.

Mr. JOHNSON. Mr. President, I ask unanimous consent that Mr. Steven Miteff, who has served in my office for 2 months as a participant in USDA's Senior Executive Service Candidate Development Program, be provided floor privileges during today's consideration of S. 900.

Mr. JOHNSON. Mr. President, today I am offering an amendment for myself and Senators Thomas and Kerrey. I thank Senators Daschle, Dorgan, Kohl, and Lincoln, who are also cosponsors of this amendment. I believe that several of my colleagues plan to speak in behalf of this important effort. This amendment addresses the issue of unitary thrift charters. Initially this amendment also dealt with an unnecessary owners provision that needlessly penalizes thrifts by removing the FICO insurance differential from the underlying bill. However, Chairman Gramm has offered an amendment that accomplishes that portion of the original amendment. Nonetheless, the remaining unitary thrift issue must be addressed, and that is what this amendment does. Thrifts are different from banks. Many believe that a thrift charter is superior to a bank charter. It gives thrifts more flexibility. It also demands certain specific things of them. We recently went through an extensive debate over the merits of the thrift charter. I don't want to open old debates. I do seek, however, to close a loophole that permits the dangerous combination of banking and commerce. Under current law, commercial firms can own and operate unitary thrifts. That is the only breach of the banking and commerce firewalls currently allowed under our financial services law. Of course, the Glass-Steagall repeal and other opponents of this legislation open a range of financial activities to each other. But this bill is carefully structured to prevent the mixing of banking and commerce and closes the single loophole that remains where banking and commerce can mix. Let me explain what this amendment would to. There has been some misperception floating around about it. But I have made the language available for review now for a number of days. The Johnson-Thomas-Kerrey amendment does not interfere with the current ownership of thrifts. Any commercial firms that currently own a unitary thrift charter will be able to continue to own and operate their institution without restriction. Their current status would be undisturbed. Existing unitary thrifts would be grandfathered and can still sell themselves to any of the thousands of other financial entities that exist in our country. There will remain a strong market for the sale of unitary thrifts--no doubt about that. The only limitation this amendment would impose involves the transferability of the charter. The charter would not be transferable to another commercial entity. Any bank, insurance company, or security firm that wanted to acquire a charter could do so. A new entity could be created to operate that thrift. This amendment brings the two issues that concern the thrift industry to a consensus compromise which addresses the issues most critical to average banks and average thrifts. It restores the language agreed to in last year's agreement effort in H.R. 10. That agreement, which is embodied in this amendment, was supported by the banks and by the thrifts. It also received the overwhelming support of the Senate Banking Committee. House Banking Committee Chairman Leach also supports closing this loophole. Moreover, this amendment would further the goals of financial modernization by leveling the playing field between banks and thrifts and remove the dangerous threat of further weakening the walls between banking and commerce. OTS Director Seidman acknowledges that requests have been made by thrifts to relax the current restrictions on commercial lending, and as we enter a new world of one-stop-shopping financial services, pressure will no doubt only increase to allow more charters to be further exploited. This amendment has the strong support of the American Bankers Associations and the Independent Community Banks of America. The amendment is the top priority of the banking associations relative to this bill, which is the most important legislation, as we all know, impacting financial institutions which Congress will address this year. This week, bankers from all across the country were here in Washington to speak with their Senators about the importance of this amendment. The amendment also has the strong support of the Secretary of the Treasury, Robert Rubin. Secretary Rubin has long articulated the dangers of mixing banking and commerce and expressed concern about the unitary thrift loophole. The Chairman of the Federal Reserve Board, Alan Greenspan, advocates closing this loophole. He testified before the Senate Banking Committee several times on this point. Let me quote Chairman Greenspan directly: In light of the dangers of mixing banking and commerce, the [Federal Reserve] Board supports elimination of the unitary thrift loophole, which currently allows any type of commercial firm to control a federally insured depository institution. Failure to close this loophole now would allow the conflicts inherent in banking and commerce combinations to further develop in our economy and complicate efforts to create a fair and level playing field for all financial service providers. We might keep in mind the recent experiences in Japan. Part of their economic and financial crisis can be directly attributable to the keiretsu system that closely binds banks and commercial firms. Although our current system is a long way from that level of mixing banking and commerce, I concur with Secretary Rubin and Chairman Greenspan in the potential dangers. Other observers have noted the dangers posed by the unitary thrift loophole, including former Federal Reserve Governor Paul Volcker, who said: Recent experience with the banking crises in countries as different in their stages of development as Japan, Indonesia and Russia demonstrates the folly of permitting industrial- financial conglomerates to dominate financial markets and potentially larger areas of the economy. But we need look no further than our own savings and loan crisis in the 1980s. Combinations of insured depository institutions and speculative real estate developers cost American taxpayers, who ultimately stood behind the thrift insurance funds, tens of billions of dollars. That is former Chairman Volcker. There are other amendments pending which will purport to address these issues, but we should be clear; this Johnson-Thomas-Kerrey amendment is the only amendment that helps average banks and average thrifts. It improves the safety and soundness of our financial system by eliminating the mix of banking and commerce. I urge support of this effort to join with the expression of views of Secretary Rubin and Chairman Greenspan in what I believe is a commonsense, compromise approach to this critically important issue. I reserve the remainder of my time.

Mr. JOHNSON. Mr. President, I yield 5 minutes to my colleague from Nebraska, Senator Kerrey, a cosponsor of the amendment.

Mr. JOHNSON. How much time remains on our side?

Mr. JOHNSON. I yield 5 minutes to my colleague and cosponsor of this amendment, Senator Thomas from Wyoming.

Mr. JOHNSON. I yield 5 minutes to my ranking member of the committee, Senator Sarbanes.

Mr. JOHNSON

Mr. JOHNSON. Mr. President, I rise today to introduce the Railroad Car Visibility Act, which would require all railroad cars--including those on passenger an commuter trains--to have some form of reflective marker. This legislation provides a simply way to improve rail car visibility at rail crossings and sidings, sites where many accidents have occurred in recent years. When crossings and sidings are in rural areas or near small towns--as is often the case in South Dakota--they usually are unlit or very poorly lit, increasing the potential for disaster. While locomotives are required to use lighting such as ditch lights to increase visibility, rail cars are often unmarked, which means they are difficult for automobile drivers to see. This legislation attempts to remedy this problem by requiring that all rail cars display some form of visible marker, such as reflectors of reflective tape. Last year, the Department of Transportation (DOT) issued a memorandum on reflective markings and their effectiveness for increasing visibility. DOT tested several different types of reflectors, including different colors and patterns, The memorandum concludes that ``bright color patterns distributed to give an indication of the size or shape of the rail car make the most effective marking systems.'' Fitting rail cars with reflective materials would be relatively inexpensive but, by increasing visibility, would reduce the number of accidents, unnecessary injuries and deaths at rail crossings and sidings. As one railroad executive has said, ``It's sort of a tragedy that something that makes so much common sense has to be legislated. Everyone should do it. The railroad industry is its own worst enemy sometimes. This legislation has the support of both South Dakota's legislature and Governor Janklow. I urge my colleagues to support this legislation and work with me to secure its passage. Mr. President, I ask unanimous consent to have the bill printed in the Record.

Mr. JOHNSON

Mr. JOHNSON. Mr. President, I rise today to introduce the Railroad Car Visibility Act, which would require all railroad cars--including those on passenger an commuter trains--to have some form of reflective marker. This legislation provides a simply way to improve rail car visibility at rail crossings and sidings, sites where many accidents have occurred in recent years. When crossings and sidings are in rural areas or near small towns--as is often the case in South Dakota--they usually are unlit or very poorly lit, increasing the potential for disaster. While locomotives are required to use lighting such as ditch lights to increase visibility, rail cars are often unmarked, which means they are difficult for automobile drivers to see. This legislation attempts to remedy this problem by requiring that all rail cars display some form of visible marker, such as reflectors of reflective tape. Last year, the Department of Transportation (DOT) issued a memorandum on reflective markings and their effectiveness for increasing visibility. DOT tested several different types of reflectors, including different colors and patterns, The memorandum concludes that ``bright color patterns distributed to give an indication of the size or shape of the rail car make the most effective marking systems.'' Fitting rail cars with reflective materials would be relatively inexpensive but, by increasing visibility, would reduce the number of accidents, unnecessary injuries and deaths at rail crossings and sidings. As one railroad executive has said, ``It's sort of a tragedy that something that makes so much common sense has to be legislated. Everyone should do it. The railroad industry is its own worst enemy sometimes. This legislation has the support of both South Dakota's legislature and Governor Janklow. I urge my colleagues to support this legislation and work with me to secure its passage. Mr. President, I ask unanimous consent to have the bill printed in the Record.

Mr. JOHNSON

Mr. JOHNSON. Mr. President, financial modernization should go forward but without mixing financial services and commerce. Preserving the unitary thrift loophole should not be allowed. Who believes this should be closed? Chairman Leach, Chairman of the House Banking Committee, Fed Chairman Greenspan, and former Fed Chairman Volcker, Treasury Secretary Rubin, and banking and consumer organizations. There is bipartisan and, frankly, overwhelming support for loophole closure. I think there is a sense we do not want to go down the road of financial services and commerce mixing at this particular juncture. Allowing financial modernization to go forward should occur, but allowing unitary thrifts to merge with other financial institutions is the road to go rather than allowing merger with commerce at large. I think we need to heed the urgent warnings of our Nation's leading economic minds. We appreciate that this issue is arcane in the minds of many in this body, no doubt. But when we have the support for closure of this loophole coming from the chairman of the House Banking Committee, Mr. Greenspan, Mr. Rubin, and Mr. Volcker, I think that ought to be compelling support for taking this step to make sure, in fact, we get a financial modernization bill out of this body that will, in fact, be signed by the President and will serve this country in good stead. I yield the floor.