Paul Kanjorski

Mr. KANJORSKI

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

Mr. KANJORSKI. 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. KANJORSKI. 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. KANJORSKI. 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. KANJORSKI. 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. KANJORSKI

Mr. KANJORSKI. 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. KANJORSKI

Mr. KANJORSKI. 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.

Mr. KANJORSKI

Mr. KANJORSKI. 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.

Mr. KANJORSKI

Mr. KANJORSKI. 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. KANJORSKI

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

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

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

Mr. KANJORSKI. 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. KANJORSKI. Mr. Speaker, I yield myself 4\1/2\ minutes. (Mr. KANJORSKI asked and was given permission to revise and extend his remarks.)

Mr. KANJORSKI. 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.

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

Mr. KANJORSKI. 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.

Mr. KANJORSKI. 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. KANJORSKI

Mr. KANJORSKI. 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.

Mr. KANJORSKI

Mr. KANJORSKI. 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.

Mr. KANJORSKI

Mr. KANJORSKI. 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.

Mr. KANJORSKI

Mr. KANJORSKI. Madam Speaker, I rise today to ask you and my esteemed colleagues in the House of Representatives to pay tribute to James J. Haggerty. Esq., 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 destabilize neighborhoods and local economies and helped to revitalize and strengthen neighborhoods. Named as a tribute to the late Pennsylvania Governor 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. As a former Secretary of State for the Commonwealth of Pennsylvania, James J. Haggerty has a dedication to public service that is the hallmark of his professional life. Attorney Haggerty served as general counsel to his friend, Governor Robert P. Casey and steadfastly advanced their shared values for the betterment of the common good in the civic arena. He is a highly accomplished businessman, community leader and man of the law, though topping the list of his many accomplishments is that of devoted family man. As a father of seven and the grandfather of 12, his unique pride of heritage, ethic of service and spirited wit has been deeply instilled in his family and will no doubt continue to have a positive impact on the region for generations to come. Madam Speaker, please join me in congratulating Attorney Haggerty on this auspicious occasion. His example and commitment to service is an inspiration to all whose lives he has touched.

Mr. KANJORSKI

Mr. KANJORSKI. Madam Speaker, I rise today to ask you and my esteemed colleagues in the House of Representatives to pay tribute to Jeanne Bovard, 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 destabilize 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. Ms. Bovard is a special friend to northeastern Pennsylvania. As executive director of the Scranton Area Foundation, she has provided dynamic leadership to an organization that has served this community as a catalyst for change and as a vital convener of diverse groups passionate about community action. Throughout her career, she has overseen direct and measureable improvements to our region's health. education, arts, environment, human services and civic affairs. Although she consistently and humbly credits the foundation for its remarkable success, it is widely known that it is her own kindness, intelligence, compassion and love for this community that have been the key ingredients to its amazing impact on our region. Madam Speaker, please join me in congratulating Jeanne Bovard on this auspicious occasion. Her example and commitment is an inspiration to all whose lives she has touched.

Mr. KANJORSKI

Mr. KANJORSKI. Mr. Speaker, I rise in support of the amendments to H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act of 2008, which the House is considering today. This urgently needed legislation makes a number of surgical reforms to help address the problems we are currently facing in our Nation's housing markets. In particular, I am pleased that one of the amendments that we will consider today contains H.R. 5579, the Emergency Mortgage Loan Modification Act of 2008. I have worked with the gentleman from Delaware (Mr. Castle) to refine his original proposal and introduce a new bill. We also held a productive hearing on H.R. 5579 before the House Financial Services Capital Markets Subcommittee and made a number of revisions to the bill before bringing it to the floor today. During the hearings on H.R. 5579 and throughout its legislative development, I have been clear about the intended goals of this legislation: to provide servicers a safe harbor from investor lawsuits. Servicers, in turn, would have to meet prescribed duties and enter into a ``qualified loan modification'' or ``workout plan'' which the legislation defines. It is my firm belief that with such an arrangement in place, servicers will more readily assist troubled homeowners and will have more tools at their disposal to prevent defaults and foreclosures. Moreover, I would like to be clear about what the bill does not intend. H.R. 5579 does not intend to create a statutory preference for loss mitigation activities generally, nor does it limit the ability of servicers to pursue the full scope of available options. In drafting this legislation we sought to create a bill that honors the terms of existing contracts while at the same time recognizing that foreclosure is not in the best interests of the investor or borrower. In closing, Mr. Speaker, Americans have been hit hard both by the current housing crisis and by the broader credit crunch. We can delay action no longer. I therefore urge my colleagues to support H.R. 3221, and especially the incorporated language from H.R. 5579. Parliamentary Inquiries