Paul Kanjorski

Mr. KANJORSKI

Mr. KANJORSKI. Thank you, Mr. Murphy. Mr. Speaker, I yield to the last of the Pennsylvania delegation, Representative Dahlkemper of Erie.

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

Mr. KANJORSKI. Thank you very much, Mr. Larson. I now yield to the gentleman from Pennsylvania (Mr. Carney).

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

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

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

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

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

Mr. KANJORSKI. Mr. Speaker and colleagues, I rise today to honor our friend and one of the outstanding Members of this House, Jack Murtha, who represented Pennsylvania's 12th district, and to remember his devotion to his work in this Congress, his strength of character, and his hard-fought efforts for his district in Pennsylvania and our country. Additionally, I feel privileged to have called Jack my friend, and I know that many other Members in this Chamber feel the same way. As first votes were called this week and Members gathered on the House floor, it was very apparent to most of us that someone was missing. I walked in on Monday almost expecting to see Jack seated in the far chair in the Pennsylvania corner as I had seen since I had first joined Congress 25 years ago. While Jack is no longer with us, his spirit will live in this Chamber and in the Halls of Congress. For now, the chair will remain empty, as he could never be replaced. Jack left us too soon. But his legacy will surely live as a symbol of the great work that one man can do and is something that we can all strive to achieve. He will be sorely missed by all of his fellow colleagues, his friends, and definitely, the Pennsylvania delegation. Mr. Chairman, I'd like to yield to the gentleman from Pennsylvania (Mr. Holden).

Mr. KANJORSKI

Mr. KANJORSKI. Mr. Speaker, I rise in support of H.R. 4626. Mr. Speaker, as the Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises and on behalf of the Financial Services Committee and its Chairman (the gentleman from Massachusetts, Mr. Frank), I would like to thank the Chairman of the Judiciary Committee (the gentleman from Michigan, Mr. Conyers), the gentleman from Virginia (Mr. Perriello), the gentlewoman from Colorado (Ms. Markey), and others for their leadership in bringing this important legislation to the floor. I also appreciate their cooperation with the Financial Services Committee-- which has primary jurisdiction over most insurance regulatory issues, except for health insurance matters--in developing this bill. In particular, I appreciate that the legislation before us is narrowly tailored to repeal the McCarran-Ferguson antitrust exemption only for the business of health insurance. Today, Congress is engaged in robust debate on reforming the health insurance marketplace for the nation. There are also many additional types of insurance that impact citizens' lives on a daily basis. When looking broader at insurance regulatory reform and allowing insurers to cross state lines, Congress should look at these matters comprehensively across all lines of insurance. I look forward to working together with House leadership and multiple committees on these important matters in the future.

Mr. KANJORSKI

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

Mr. KANJORSKI. Madam Speaker and colleagues, it is with great sadness as well as a great deal of honor that I rise this evening to commemorate and to celebrate the life of our friend and colleague, Congressman John Murtha of Pennsylvania's 12th District. As we mourn the loss of Jack Murtha and remember his life, I pass along my thoughts and prayers to his family and friends. Just days before his passing, Jack became the longest serving Member of Congress ever from Pennsylvania. I am privileged to have had the opportunity to work closely with Jack during our time together in Congress, and I am honored to have called him my friend. I thought the other day, upon returning from Pittsburgh and the funeral in Johnstown, that Jack and I had spent more than 5,000 days together, and more than 2 or 3 hours each day, during our service in Congress together. That is probably longer than most husbands and wives spend together. And maybe that accounts for the fact that I feel such a loss. I looked up to Jack for his dedication to our country and our military troops, his strength to work in a bipartisan way, and his passion for his work and the Pennsylvanians he represented. Throughout his career in public service, Jack has been a symbol of the hardworking Pennsylvanians throughout the Commonwealth. Jack dedicated his life to serving our country both in the military, in the halls of Congress, and the State legislature of Pennsylvania. A former Marine, he became the first Vietnam combat veteran elected to the United States Congress. When he arrived here in 1974, he quickly attracted the attention of then majority leader and future Speaker Tip O'Neill, who became Jack's mentor. Tip taught him that all politics is local, which enabled him to become an effective advocate for his own congressional district and for initiatives throughout our State. Jack's contributions to Pennsylvania are endless. When Pennsylvania's Children's Health Insurance Program, CHIP, was slated to be eliminated by Federal regulations, Jack convinced the Clinton administration to be more flexible, and ultimately saved the program. When our steel industry was in crisis, he convinced the Reagan administration to impose higher tariffs on foreign steel, giving domestic producers an edge. When the Philadelphia Shipyard was threatened with closure, he secured funding to keep ship production going. When the United States Army was forming the Stryker Brigades, Jack helped convince Army leaders to field one within the Pennsylvania National Guard, creating the first and only brigade of its kind in the reserve component. When the National Park Service wanted to construct a new museum and visitors center at Gettysburg, he secured funding to make the project possible. When a decades-long mine fire threatened the residents of Centralia, Pennsylvania, Jack worked to secure funding to buy the town and relocate the residents. When the health care benefits of retired miners were in trouble, he twice secured funding to help save their benefits from termination. When Flight 93 crashed in Stonycreek Township, Pennsylvania, Jack was there the next day to survey the scene, and later introduced legislation which was enacted establishing a national memorial in honor of the passengers and crew. When he found out that diabetes was becoming an epidemic in the military and throughout Pennsylvania, Jack secured over $150 million for research, prevention, education, and outreach programs. Jack led our Pennsylvania delegation for almost 36 years with passion and dedication. The legacy that he has left will surely live on as a symbol of the great work that one man can do, and is something that we can all strive to achieve. The Pennsylvania delegation is honored to pay tribute to his life this evening and say good-bye to a dear friend and colleague. Madam Speaker, I yield to the gentleman from Pennsylvania (Mr. Thompson).

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

Mr. KANJORSKI

Mr. KANJORSKI. As most Members of this Chamber know, we recently lost a dear friend and colleague. Congressman Jack Murtha passed away on February 8 after complications from gallbladder surgery. Jack recently became the longest-serving Member of Congress from Pennsylvania ever. Jack was dedicated to his country, our military troops, and the people of Pennsylvania that he represented for 36 years. He will be greatly missed by our delegation, our State, and the entire Nation. On Wednesday, there will be a Special Order following votes in memory of Jack Murtha. Anyone wishing to speak may contact my office for that privilege. In closing, I respectfully request a moment of silence in memory of our dear friend, Jack Murtha. I yield to the gentleman from Pennsylvania (Mr. Pitts).

Mr. KANJORSKI

Mr. KANJORSKI. Madam Speaker, on behalf of Representative Jason Altmire, Representative Robert A. Brady, Representative Christopher P. Carney, Representative Kathleen A. Dahlkemper, Representative Charles W. Dent, Representative Michael F. Doyle, Representative Chaka Fattah, Representative Tim Holden, Representative Tim Murphy, Representative Todd Russell Platts, Representative Allyson Y. Schwartz, Representative Joe Sestak, Representative Bill Shuster, Representative Glenn Thompson, and myself, we rise today to acknowledge and celebrate a milestone in the Commonwealth of Pennsylvania. Thirty-six years ago today, our colleague, Representative John ``Jack'' P. Murtha (PA-12), was elected to the United States House of Representatives to fill the seat vacated by the death of former Representative John P. Saylor. Tomorrow, he surpasses the career of our former colleague, Representative Joseph M. McDade (PA-10), and officially becomes the longest serving Member of Congress ever from the Commonwealth of Pennsylvania. Jack has dedicated his life to serving our country both in the military and in the halls of Congress. A former Marine, he became the first Vietnam War combat veteran elected to the United States Congress. When he arrived here in 1974, he quickly attracted the attention of then Majority Leader, and future Speaker, ``Tip'' O'Neill, who became Jack's mentor. Tip taught him that ``all politics is local,'' which has enabled him to become an effective advocate for his own Congressional district and for initiatives throughout our State. Jack's contributions to Pennsylvania are endless. When Pennsylvania's Children's Health Insurance Program (CHIP) was slated to be eliminated by Federal regulations, Jack convinced the Clinton administration to be more flexible and ultimately saved the program. When our steel industry was in crisis, he convinced the Reagan administration to impose higher tariffs on foreign steel, giving domestic producers an edge. When the Philadelphia Shipyard was threatened with closure, he secured funding to keep ship production going. When the U.S. Army was forming Stryker Brigades, Jack helped convince Army leaders to field one within the Pennsylvania National Guard, creating the first and only brigade of its kind in the reserve component. When the National Park Service wanted to construct a new museum and visitor center at Gettysburg, he secured funding to make the project possible. When a decades-long mine fire threatened the residents of Centralia, PA, Jack worked to secure funding to buy the town and relocate the residents. When the healthcare benefits of retired miners were in trouble, he twice secured funding to help save their benefits from termination. When Flight 93 crashed in Stonycreek Township, PA, Jack was there the next day to survey the scene and later introduced legislation, which was enacted, establishing a national memorial to honor the passengers and crew. When he found out that diabetes was becoming an epidemic in the military and throughout Pennsylvania, Jack secured over $150 million for research, prevention, education and outreach programs. As the Dean of our Congressional Delegation, Jack exemplifies the hard work and dedication seen throughout our Commonwealth. He has always been there when Pennsylvania needed him. Jack is emblematic of the hardworking Pennsylvanians that he has represented for 36 years, as well as those that each of us represent. He has led our delegation with passion and perseverance. We look forward to continue working with him, and congratulate him on this milestone.

Mr. KANJORSKI

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

Mr. KANJORSKI. Madam Chair, before I address the merits of the Republican substitute, I want to note that I had hoped we could have achieved bipartisanship during this debate on regulatory reform. As such, I hosted about a dozen gatherings, inviting Members from both sides of the aisle to hear diverse viewpoints from some of the brightest economic minds and business leaders in the country. I was also pleased that three of the four capital markets legislative proposals in this bill, the Democratic bill, gained bipartisan support during markup. The Republicans also incorporated one of those bills, to create the Federal Insurance Office, into their substitute. Ultimately, however, the Republicans opted against supporting strong reform of financial regulation. Their substitute is inadequate and seems designed to protect Wall Street rather than to reform it. Regulation of hedge funds and private pools of capital is a very important piece of the Democratic bill. In committee, this provision passed 67-1, and yet the Republican substitute ignores this issue. As the rating agencies were reformed, which many Republicans voted for in the committee markup, the GOP substitute does absolutely nothing to address the issue of liability. And without liability, the Republican plan provides no accountability for the rating agencies. Because the status quo is not an option, rating agency reform is an essential part of the Democratic plan. The Republican plan also does little to improve investor protections. Just this week, the Capital Markets Subcommittee held a hearing on the largest Ponzi scheme in U.S. history. The colossal failure of the Securities and Exchange Commission to detect and investigate this massive fraud after numerous leads demonstrates that we need reform. And yet under the Republican alternative it appears that nothing ever happened. We double the funding of the commission and push for comprehensive organizational reform. They give the agency very little and do little to change the agency. The GOP plan additionally chooses bankruptcy for systemically significant firms. Well, Lehman Brothers went through bankruptcy and is still in bankruptcy, which resulted in credit markets freezing up around the world. This is not a real solution. In sum, H.R. 4173 reforms Wall Street for the protection of the consumer and the investor on Main Street. The Republican alternative, in contrast, represents business as usual for Wall Street. We don't need more of the same contained in their plan. We need substantial reform found in H.R. 4173. Vote ``no'' on the Republican substitute.

Mr. KANJORSKI

Mr. KANJORSKI. Madam Chairman, under current law, credit rating agencies operate under a voluntary system of registration with the United States Securities and Exchange Commission. We changed that with a provision in the manager's amendment that would require all rating agencies with appropriate exemptions to register with the Commission. The gentleman from New Jersey's amendment inserts a voluntary withdrawal from registration with the Commission for those rating agencies who earn less than $250 million of net revenue. This amendment would have the effect of allowing the smallest of rating agencies, now registered as Nationally Recognized Statistical Rating Organizations, to opt out of the system at some time in the future. The proposal would also maintain the close supervision of the largest rating agencies, the ones most likely to issue the ratings used by investors. Based on that, Madam Chairman, I have no opposition to this amendment. I yield back the balance of my time.

Mr. KANJORSKI. I claim the time in opposition.

Mr. KANJORSKI. Madam Chair, I reserve the balance of my time.

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

Mr. KANJORSKI. Madam Chair, I rise in support of this amendment. Nationally Recognized Statistical Rating Organizations are those credit rating agencies that are registered with the Securities and Exchange Commission and, therefore, regulated. Most often, the phrase is shortened to its initials, NRSRO; however, in formal contracts and statutes, the words are spelled out and each word matters. Unfortunately, an amendment to change one of these words was inadvertently accepted during the markup. We switched out the word ``recognized'' for the word ``registered.'' If enacted into law, such a change would put thousands of contracts in default and upset numerous Federal and State laws, rules, and regulations. Although well intended, such a seemingly minuscule change could have disastrous unintended consequences. We must not put contracts in default or undermine other laws and regulations. Therefore, I urge my colleagues to support this amendment and reinstate the correct word in this important legislation. I reserve the balance of my time.

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

Mr. KANJORSKI

Mr. KANJORSKI. Madam Chairman, I think I heard the gentleman from New Jersey on the other side indicate that we should leave this up to the Securities and Exchange Commission and let them proceed under normal order. That's a unique statement tonight. I don't think I heard that argument all night. Suddenly, the Securities and Exchange Commission can be relied upon to act promptly. I'm happy to hear the other side is willing to assume that. What we're trying to do with this amendment is to get uniformity. We should not have one standard of lawsuit and another standard not allowed. Everyone recognizes, including the Securities and Exchange Commission, that this needs reform. They have a role pending. There is no question about that. But we can fix this problem, and the great lady from Ohio took it upon herself to do so at the committee. And I urge my colleagues to support her thoughtful amendment--or the opposition to this amendment by supporting the underlying bill and making uniformity a call of the day.

Mr. KANJORSKI. Madam Chairman, this was a very close vote in the committee and a highly contested issue, and I understand that there are hard and good feelings on both sides. I think the proponents of the amendment that carried in the committee, which now this amendment is trying to reverse here on the floor, were trying to say that government is hurting, in some way, small companies, about 5,000 of them, if we continue to impose 404(b). That's not correct. First and foremost, 404(b), to the companies that are less than $75 million in capitalization are not presently compelled to follow any of the existing Sarbanes-Oxley proposals. As a matter of fact, in the underlying bill, it won't be until 2011 that there will be an imposition of that, and only after a study that has already been ordered is made, which, as the chairman of the full committee recognized in his presentation, is that we will have plenty of time, that if that study comes back and says we should make adjustments to 404(b), we'll be able to do that. The problem of our friends like Mr. Levitt, Mr. Volcker, and many other leading economists in the country and people of high position in economics, they know that for 20 years there has been a fight in this country to try and protect investors from unscrupulous activity. We saw, 7 years ago, Enron and WorldCom, and that's the genesis of where this rule came from. To now summarily reverse this rule because it's not very nice to have companies spend money to protect their shareholders is very appealing. I haven't any doubt that it will appeal. But we're not talking about--when our adversaries on this particular proposition talk about small business, this isn't small business. These are companies that are registered public companies on the stock exchange and have up to $75 million in capitalization. That's a pretty large company in most places. It certainly doesn't classify itself, under governmentspeak, to be a small business.