Sue Kelly

Mrs. KELLY

Mrs. KELLY. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, H.R. 1077 was introduced by the gentleman from Arizona (Mr. Shadegg). It is a noncontroversial bill that will extend the ability of American investors to access information about security dealers. In 1990, Congress ordered that the National Association of Securities Dealers make this information available to all investors through a toll-free number. Unfortunately, the authorization was not broad enough to extend to Internet access. H.R. 1077 corrects this problem while maintaining toll-free telephone access to dealer information for those who prefer not to use the Internet. I urge Members to join me in supporting this important legislation. Mr. Speaker, I reserve the balance of my time.

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

Mrs. KELLY. Mr. Speaker, I yield such time as he may consume to the gentleman from Arizona (Mr. Shadegg), the author of the bill.

Mrs. KELLY

Mrs. KELLY. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 436) to amend the Investment Company Act of 1940 to provide incentives for small business investment, and for other purposes.

Mrs. KELLY. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks and include extraneous material on the bill under consideration.

Mrs. KELLY. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I thank the Speaker very much for allowing me to bring this important legislation to the floor for consideration today. I also thank the gentlewoman from New York (Ms. Velazquez) for working with me on this important issue that will help small businesses. Small businesses are the backbone of our economy, and the Congress must ensure that they have every opportunity to succeed. It is crucial that small businesses have sufficient access to capital in order to create jobs and ensure a strong and growing economy. Today the legislation before us, the Increased Capital Access For Growing Business Act, will ensure that small businesses have better access to capital by modernizing outdated security laws. In 1980, Congress created business development companies to encourage investments in small, developing and financially troubled businesses known as ``eligible portfolio companies.'' BDCs are publicly traded investment companies that invest in both public and private companies and generate an injection of capital for businesses. BDCs have provided significant benefits to the economy, including the opportunity for the public to invest in small, developing companies while also supplying much-needed financing. The legislation we are considering today makes important changes to the securities laws that ensure the viability of BDCs and expands the businesses these entities are able to assist. In 1980, BDCs were able to invest in approximately 66 percent of the 12,000 publicly held operating companies. Since that time, however, the Federal Reserve has amended its margin rules on several occasions, resulting in a clear decrease in the number of eligible portfolio companies. In order to correct these unintended consequences, this legislation amends the definition of an eligible portfolio company to enable the BDCs to have a greater flexibility in selecting appropriate investments. To accomplish this goal, the legislation permits BDCs to provide capital to a larger number of companies by increasing the size of companies that BDCs can invest in to reflect changes in the market since the creation of the act. The legislation also includes specific authority for the Securities and Exchange Commission to modify dollar thresholds in the future. This would enable the SEC to review these thresholds on a regular basis and consider changes that are in the interest of the companies trying to access capital and shareholders of BDCs. Small and developing businesses should be able to devote their energies towards their customers growing their business, and not worrying about their access to capital. As BDCs are able to provide financing to additional small and medium- sized businesses, the economy will experience greater growth and much more job creation. I also would like to commend the chairman of the Committee on Financial Services, the gentleman from Ohio (Mr. Oxley), and the ranking member, the gentleman from Massachusetts (Mr. Frank), for recognizing the importance and urgency of this legislation and agreeing to move it quickly. This is a no-cost commonsense piece of legislation that will help small businesses and increase capital formation. That is a good, healthy economic structure for all. I urge my colleagues to join me in support of this important legislation for investors and small businesses. Mr. Speaker, I reserve the balance of my time.

Mrs. KELLY. Mr. Speaker, I thank my collegue, the gentleman from Georgia (Mr. Scott) for his kind words about this bill. Mr. Speaker, I have no further requests for time, and I yield back the balance of my time.

Mrs. KELLY

Mrs. KELLY. Mr. Chairman, I offer an amendment.

Mrs. KELLY. Mr. Chairman, my amendment is offered to force the government of Nigeria to transfer the indicted war criminal Charles Taylor to the United Nations Special Court in Sierra Leone. Mr. Taylor is currently residing in Calabar, Nigeria and maintaining his active role fomenting terror and crime throughout West Africa from this base. The United States Government has asked that Mr. Taylor be turned over to the U.N. court, but the government of Nigeria has refused. Charles Taylor has been the leading force for evil in West Africa since his overthrow of the Doe government in 1990. Hundreds of thousands of Liberians were killed during his reign of terror, or forced to flee. Mr. Taylor enabled Liberia to become a base for international organized crime and has subverted the governments of his neighbors. In 2003, Mr. Taylor was overthrown by the people of Liberia and sought sanctuary in Nigeria, despite his indictment by the U.N. Special Court for Sierra Leone in the light of his terrorist activities in his own country. The government of Nigeria has promised to keep Mr. Taylor contained, but reliable sources have confirmed political operations in Liberia, transfer assets in Europe and receive funds from crime in West Africa. Recently Mr. Taylor traveled to Burkina Faso to meet with Islamist groups in that country. Most disturbing of all, Charles Taylor organized and paid for an assassination attempt against the President of Guinea earlier this year. Peace in West Africa will not come until Charles Taylor is brought to justice for his crime and removed as a threat from the region. The Nigerian government must be shown that harboring a war criminal and a terrorist is not in their best interest. I urge the House to join me in passing this amendment and standing for justice and the rule of law in West Africa. Mr. Chairman, I yield to the gentleman from Virginia (Mr. Wolf).

Mrs. KELLY. Mr. Chairman, I yield to the gentleman from California (Mr. Lantos).

Mrs. KELLY. Mr. Chairman, I ask unanimous consent to withdraw my amendment.

Mrs. KELLY

Mrs. KELLY. Mr. Speaker, I rise today to extol the dedicated public service and achievements of two fellow New Yorkers who are retiring from Congress. Amo Houghton and Jack Quinn have both exemplified commitment and effectiveness during the time they served their constituents in Washington. Their outstanding presence in this chamber will be missed. When it comes to obtaining federal assistance toward New York's widespread transportation needs, Jack Quinn has fought and won millions of dollars for our state. It has been an honor to work together with him on the House Transportation and Infrastructure Committee. During his 12 years in Congress, Jack Quinn also has distinguished himself by enhancing New York's agriculture industry, protecting our veterans, and advocating the American worker on labor issues. Amo Houghton saved one of his best achievements for last when he successfully fought this year to keep open the Canandaigua VA hospital that serves New York veterans. He has made a profound impact on both the domestic and international issues considered in this chamber during his 18 years in Congress, and he has worked tirelessly to boost the economy of New York's Southern Tier. Mr. Speaker, surely I echo the sentiments of many in our state when I say thank you to Jack Quinn and Amo Houghton for taking such a positive and effective approach to representing New York in Washington. They always put the interests of their constituents first, and both can now retire from Congress extremely proud of their storied careers in the U.S. House of Representatives.

Mrs. KELLY

Mrs. KELLY. Mr. Speaker, I rise today in support of this measure, H.R. 5213, the Research Review Act of 2004. This bill represents an important step forward in a long struggle by so many important people in the Crohn's and colitis advocacy communities, patients and their families who have worked so hard to support and advance this legislation. My legislation was H.R. 290, the Inflammatory Bowel Disease Act. We have rolled that bill into this act, and I am very grateful to my colleague, the gentleman from Florida (Mr. Bilirakis), for his interest in this issue and for his leadership in getting this bill to the Floor. Crohn's Disease and ulcerative colitis, collectively known as inflammatory bowel disease, are chronic disorders of the gastrointestinal tract that cause severe pain and suffering in the more than 1 million Americans who are afflicted. We are at an exciting time with respect to the prospect for research and advances on these challenging diseases. A few years ago, the scientific community discovered the first gene associated with Crohn's disease. This landmark discovery and other advancements in the field have opened up exciting new research pathways which have the potential to lead to better treatments and, hopefully, soon, one day, a cure. However, more needs to be done. This legislation seeks to further this momentum by capitalizing on these promising opportunities. The IBD epidemiologic study at the Centers for Disease Control is critical to our understanding of the scope of this group of diseases. The CDC, together with the Crohn's and Colitis Foundation of America, have made significant strides toward uncovering vital information about the people who are afflicted with digestive disorders and how many there are out there. This will provide the foundation to move forward with research and disease management and then a cure. We should encourage this type of public-private partnership, and I hope that the CDC will support this worthy project on a long-term basis. Again, I really want to thank my colleague, the gentleman from Florida (Mr. Bilirakis), and my colleague, the gentleman from Texas (Mr. Barton), and my colleague, the gentleman from Ohio (Mr. Brown), for their work on this. I encourage all Members to support this measure. Mr. Speaker, I hope that all Members will vote for this bill.

Mrs. KELLY

Mrs. KELLY. Mr. Chairman, I ask unanimous consent to return to page 66 of this bill.

Mrs. KELLY. Mr. Chairman, I have an amendment at the desk.

Mrs. KELLY. Mr. Chairman, I move to strike the last word. Mr. Chairman, my unanimous consent request has been turned down. However, that unanimous consent request was for an amendment to be considered as the Kelly - Oxley - Frank - Gutierrez - Royce - Maloney - Lowey amendment. Today I have a solidly bipartisan amendment to offer to this bill on page 66 to increase funding for the Financial Crimes Enforcement Network within the Treasury Department also known as FinCEN. FinCEN is probably not one of the more well known agencies within our government, but it is an increasingly important one as we continue to sharpen our government's abilities to fight terror finance. I want to thank the gentleman from Oklahoma (Mr. Istook) because I know that he recognizes the important role of FinCEN which he did by meeting the level of the administration at the start of this year. I offer this amendment, however, because I believe that a relatively modest increase for FinCEN above the current House level would significantly improve our government's efforts to combat terrorist financing and other financial crimes. Mr. Chairman, I have held 3 years of hearings on following terrorist crimes and terrorist financing. As many Members know, FinCEN is the Treasury bureau responsible for administering our anti-money laundering system. They are also the bureau responsible for collecting, analyzing and when necessary sharing information with law enforcement and intelligence agencies regarding illicit financial activity. The importance of these responsibilities to our national security is very clear. As Secretary Snow pointed out earlier this year, our ability to combat terrorist financing is linked with our ability to combat money laundering. And as many of my fellow members of the Committee on Financial Services will remember, 9/11 Commissioner Vice Chairman Lee Hamilton recently testified before our committee about the critical importance of enforcing our anti-money laundering law. I am quoting his statement. ``Vigilance in this area assists in preventing notorious and open fund-raising. It forces terrorists and their sympathizers to raise and move money clandestinely, therefore raising the costs and risks involved.'' Unfortunately, it has become clear that we are not doing as well in this fundamental aspect of our fight against terror finance. In spite of this important role in our fight against terrorism, FinCEN still lacks important resources it sorely needs to be an effective center point in combating terror financing and money laundering. It must be understood by Members that FinCEN while responsible for our anti-money laundering law has few tools of its own. It is reliant on eight different regulatory bodies, most of which do not fall within the Treasury Department's jurisdiction, and as we have found through the Inspector General reports and highly publicized regulatory failures such as Riggs Bank, this fragmented system has had a serious interaction problem which has prevented the synchronized effective regime that circumstances clearly want. This amendment would bring forth more effective and streamlined focus to our efforts to trace money laundering and combat terrorist financing. Progress can only be made through a strong, substantive commitment to equipping FinCEN with new assets, which is what this amendment would do. I would like to point out that the President's request of FinCEN was made prior to several high profile regulatory failures. This legislation before us was considered in committee prior to the 9/11 Commission's report and the Commission's subsequent testimony to the Committee on Financial Services on terrorist financing. Since then, there has been significant evidence that our government has made many improvements to combat money laundering. However, we must enhance the tools that we have to combat terrorist financing and FinCEN is one of those. The authorities have all indicated it requires new and different tools. That is why there is such strong bipartisan support for my amendment. Increasing funding for FinCEN by a small amount will have a significant impact on our government's ability to fight the war against terrorism in a more negative way than it would if my amendment were accepted. In fact, it is estimated that the agency needs $25.5 million to expand and improve its capabilities. This additional funding will help FinCEN secure the appropriate application of state of the art technology that would dramatically improve its ability to track terrorist financing. It will also enable the agency to hire much needed full-time employees to support more effective and extensive examination. That being said, having heard my plea, I would again ask unanimous consent to return to page 66.

Mrs. KELLY. Mr. Chairman, I offer an amendment.

Mrs. KELLY. Mr. Chairman, I ask unanimous consent that the amendment be considered as the Kelly-Oxley-Frank-Gutierrez-Royce-Maloney-Lowey amendment.

Mrs. KELLY. Mr. Chairman, I yield myself such time as I may consume. This is a solidly bipartisan amendment to increase funding for the Financial Crimes Enforcement Network within the Treasury Department, which is known as FinCEN. This amendment increases funding for the Financial Crimes Enforcement Network, FinCEN, by $25.5 million to provide new tools to expand and improve the agency's ability to combat terrorist financing. This money would be used to secure the appropriate application of state-of-the-art technology that would dramatically improve FinCEN's ability to track terrorist financing and enable the agency to hire very much-needed, full-time employees to improve compliance with the anti-terror finance laws. Mr. Chairman, I want to thank the gentleman from Oklahoma (Chairman Istook) for allowing me to offer this amendment at this time. I know he recognizes the important role of FinCEN, and he did that by meeting the level requested by the administration at the start of this year, but things have changed since the start of this year. The need for FinCEN to have more money is more acute than was originally thought. I offer this amendment because I think the modest funding in this bill will not be enough, and that is based on the amount of hearings that we have held and the testimony of the GAO in front of my committee. They testified that FinCEN needs $25.5 million in order to do the job that FinCEN must do, and that is, to disseminate the information that FinCEN collects to the appropriate agencies. This is a piece of the fight against terrorism. Mr. Chairman, I yield such time as he might consume to the gentleman from Ohio (Mr. Oxley), the chairman of the full Committee on Financial Services.

Mrs. KELLY. Mr. Chairman, I reserve the balance of my time.

Mrs. KELLY. Mr. Chairman, I yield 2 minutes to the gentleman from Illinois (Mr. Gutierrez).

Mrs. KELLY. Mr. Chairman, I yield 2 minutes to the gentlewoman from New York (Mrs. Maloney), my colleague.

Mrs. KELLY. Mr. Chairman, how much time do I have remaining?

Mrs. KELLY. Mr. Chairman, I yield myself the balance of my time. Mr. Chairman, the President's request for FinCEN was made prior to several high-profile regulatory failures. Since then, the 9/11 Commission has testified before our committee, and the Committee on Financial Services has also looked at this and has also considered this legislation. It is very important to FinCEN. It is very important in our fight against the terrorists financing that we give FinCEN the appropriate amount of appropriate money that they deserve. So I urge Members to support my amendment. Mr. Chairman, I yield back the balance of my time.

Mrs. KELLY. Mr. Chairman, I demand a recorded vote.