Member of Congress

Christopher Lee

Role
Former Representative
State
NY
Party
Republican

Speeches

HONORING SECRETARY JOHN McHUGH2009-10-28

Mr. LEE of New York

Mr. LEE of New York. Mr. Speaker, while I only had a few months to serve with Secretary McHugh, I enjoyed the opportunity to get to know this great statesman. As one of the first Members I met, he was not only gracious but mindful of how to respect this institution and make a positive contribution. It's no surprise that Members on both sides of the aisle like and respect him. Moreover, his unparalleled dedication to serving the people of the 23rd District rightfully earned him a record of strong constituent service. Given his commitment to fighting for our servicemembers overseas and at home, I can think of no one better suited to serve as Secretary of the Army. I know he's greatly invested in our future in Afghanistan--especially given that Fort Drum was located in his district. While this is certainly a loss for our New York delegation, I look forward to working with Secretary McHugh in the future to meet the needs of our military personnel and their families. I know my colleagues on both sides of the aisle will join us in wishing Secretary McHugh well and thank him for his distinguished service to this body and our Nation.

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IT'S TIME FOR CONGRESS TO GET TO WORK ON REAL HEALTH CARE REFORM2009-10-27

Mr. LEE of New York

Mr. LEE of New York. Mr. Speaker, yesterday the House voted on two resolutions congratulating sports teams for winning national championships. Today, we're considering four noncontroversial suspensions, just four, and one of them marking the anniversary of the birth of Confucius. Congress just doesn't get it. We should be working on real health care reform that lowers costs and expands access to all, such as real liability reform which is not on the table. We should be working to make America more energy independent and lower costs for all. We should be working to rein in Federal spending and addressing the $60 billion in Medicare and Medicaid fraud that we saw on ``60 Minutes'' on Sunday. Instead, we are congratulating sports teams and marking the birthdays of ancient philosophers. I hope my colleagues across the aisle will get down to some real reform so that the American people can start trusting Congress again.

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RECOGNIZING THE 80TH ANNIVERSARY OF THE BUFFALO POST OF THE JEWISH WAR VETERANS2009-10-26

Mr. LEE of New York

Mr. LEE of New York. Madam Speaker, I rise today with great pride to commemorate the 80th anniversary of the Buffalo Post of the Jewish War Veterans. Comprised of members of the Jewish faith who have served in the Wars of the United States of America, the Buffalo Post began meeting in 1929. Over the past 80 years, membership in the post has grown to more to more than 120 active participants The Jewish War Veterans have a proud tradition of patriotism and service to our country and to the Jewish community in the United States and abroad. The Jewish War Veterans advocate for those who have fought our nation's battles to ensure that they receive the treatment and the respect they deserve from our grateful nation. Through their constant support of the state of Israel, fighting anti-Semitism around the world, and participating in civic betterment projects, the Jewish War Veterans Buffalo Post are having a strong positive impact and I thank them for their dedicated efforts. Madam Speaker, in recognition of 80 years of proud service to our grateful nation, I ask that this Honorable Body join me in honoring the Buffalo Post of the Jewish War Veterans.

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FAIR CREDIT REPORTING ACT AMENDMENT2009-10-20

Mr. LEE of New York

Mr. LEE of New York. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise today in strong support of H.R. 3763, which will exempt small businesses from cumbersome government regulations regarding identity theft, and I appreciate the leadership of my friend from New Jersey. There is no question that identity theft is a serious problem in this country. Millions of Americans every year have their credit affected by identity thieves, prompting previous Congresses to enact measures to increase awareness and education about the issue. These actions have played a significant role in decreasing the number of Americans impacted by identity theft each and every year. Additionally, a policy change enacted in 2003 required large financial institutions and creditors to develop and implement identity theft programs to increase consumer protections. Unfortunately, however, the Federal Trade Commission, the government body responsible for enforcing these guidelines, has gone too far in defining the intent of the law and has chosen to apply the guidelines to all businesses, large and small. While these reporting requirements are no doubt necessary for large businesses and corporations with thousands of customers, FTC has issued rules that it will soon begin to impose, forcing the same regulation requirements for small businesses as well. Small businesses know their customers, and they have a more personal relationship with those they do business with. If not addressed by this Congress, small businesses will soon be mandated to follow these excessive requirements that will place an undue burden on them while not providing any real increase to consumer protections. Specifically, the bill before us today will exempt accounting, legal and the health care practices with 20 or fewer employees from the reporting requirement. Importantly, it also provides FTC with the option of excluding other small businesses that know all its customers individually and perform services near where its customers live. By passing this fix today, Congress can provide the FTC a clear definition of how Congress intended the policy to be enacted and protect small businesses and their customers from unnecessary government intervention. As a cosponsor of this important legislation, I urge its immediate adoption. I reserve the balance of my time.

Mr. LEE of New York. With that, I would like to yield 3 minutes to my good friend from Georgia (Mr. Broun).

Mr. LEE of New York. Mr. Speaker, I have no further requests for time, so I will close by encouraging my colleagues on both sides of the aisle to support this much-needed legislation that will ensure that small businesses are not encumbered with more burdensome Federal regulation and ensure that we can get this economy back and moving forward. With that, I yield back the balance of my time.

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CONGRATULATING THE VILLAGE OF ALEXANDER, NEW YORK, ON ITS 175TH ANNIVERSARY2009-10-14

Mr. LEE of New York

Mr. LEE of New York. Madam Speaker, it is with great pride that I commemorate the 175th anniversary of the Village of Alexander, New York, a beautiful community home to nearly 500 Genesee County residents. Incorporated in 1834, the Village of Alexander is named after Alexander Rhea, who purchased the first land from his employer, the Holland Land Company, in 1802. Alexander's history is closely tied to the Tonawanda Creek, which flows northeasterly through the town. The lands along the creek attracted numerous settlers, and Alexander continued to grow throughout the early 1800s and quickly became one of the most populous towns in Genesee County. By 1812, more than 100 families had taken up land in the town. A tavern, tannery, blacksmith shop, general store, and a library were all soon built. A literary society was then formed out of the library, and after residents were able to raise $6,000, the Alexander Classical School and later the Genesee and Wyoming Seminary were formed, leading to some of the first secondary education institutions in Genesee County. Rich in history and community pride, the Village of Alexander and its residents are a true asset to Western New York. Madam Speaker, in recognition of its 175th Anniversary, I ask this Honorable Body to join me in commemorating the Village of Alexander, New York.

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AIRLINE SAFETY AND PILOT TRAINING IMPROVEMENT ACT OF 20092009-10-14

Mr. LEE of New York

Mr. LEE of New York. Mr. Speaker, I rise in support today of H.R. 3371, the Airline Safety and Pilot Training Improvement Act which I introduced with my western New York colleagues, Ms. Slaughter and Mr. Higgins. Mr. Speaker, this bill, unfortunately, arose out of a tragedy. This past February on an icy evening in Buffalo, Continental Connection Flight 3407, operated by regional carrier Colgan Air, crashed into a home killing all 49 people on board and one person on the ground. Among those on board Flight 3407: a prominent human rights activist, a 9/11 widow, a retired Air Force Reservist, an accomplished jazz guitarist, a cantor at a Williamsville temple, the director of a youth services program, an expectant mother who was going to be due at the end of May, a program manager for Northrop Grumman, a second-year law student, the daughter of a Holocaust survivor, and a Vietnam veteran with two Purple Hearts. The families of these victims--many of whom are here, and I am honored that they are here today. I've used their personal heartache to advocate for stronger standards for commercial airline pilots. It is due to their tireless efforts that we have come so far. Being a commercial airline pilot is not an entry-level position. Commercial pilots are entrusted with the lives of our mothers, daughters, sons, and fathers, and we and they both deserve to have them as well-trained as possible. This bill dramatically improves training by requiring commercial airline pilots an FAA airline transport pilot license which requires a minimum of 1,500 flight hours. In addition, H.R. 3371 requires the first page of a Web site that sells airline tickets to disclose the airline carrier that operates each segment of the flight. From combating pilot fatigue to improving training practices, establishing an electronic pilot records database, and increasing transparency, H.R. 3371 is an important first step in improving commercial airline safety. I would like to thank again my colleagues, Mr. Higgins and Ms. Slaughter, for the support they have given to the families and victims of the Flight 3407 tragedy, as well as Chairmen Costello and Oberstar and Ranking Members Petri and Mica for their hard work on these issues. While it's horrifying to think that this tragedy could have been avoided, this legislation is a testament to the courage and the strength of the Flight 3407 families who, again, have worked tirelessly to enact these meaningful reforms. I urge my colleagues to support this legislation and enable these long-overdue reforms.

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CREDIT CARD TECHNICAL CORRECTIONS ACT OF 20092009-10-13

Mr. LEE of New York

Mr. LEE of New York. Mr. Speaker, I yield myself such time as I may consume. I rise today in support of H.R. 3606, the Credit CARD Technical Corrections Act of 2009, and appreciate my friend from Vermont (Mr. Welch) for his leadership in bringing this important measure to the floor. Earlier this year, Congress enacted the Credit Card Accountability, Responsibility, and Disclosure Act in order to provide consumers with more transparency regarding their credit card accounts and protect them from potential predatory practices, including unwarranted rate increases on existing balances and short-cycle billing. One important provision of this new law required that financial institutions deliver credit card statements to customers no later than 21 days before the payment due date. Unfortunately, between the time when the House passed the CARD Act and when it was signed into law, a change was made to suggest that this new requirement should be applied to all open-ended loan accounts, including home equity lines of credit, rather than just to credit card accounts. This is especially problematic for credit unions who offer their members monthly consolidated statements covering all loan accounts, the flexibility of determining their payment dates, and the convenience of payroll deductions. Because these services will in many cases violate the new 21-day rule, financial institutions will be forced to discontinue these important benefits to customers. In addition, if left as-is, the resources needed to comply with these new rules will no doubt force institutions to pass on increased costs to consumers through higher loan fees and interest rates and not to mention the confusion many will face, all from a law that was intended originally for their benefit. This is clearly an unintended consequence that needs to be rectified immediately. The legislation before us right now will correct this and ensure that credit unions and community banks can continue to offer quality service to their members and customers. As a cosponsor of this important change which will simply ensure that the 21-day requirement only applies to credit card accounts, I urge immediate passage of H.R. 3606. I reserve the balance of my time.

Mr. LEE of New York. Mr. Speaker, I have no further requests for time and yield back the balance of my time. General Leave

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BAD PROCESS LEADS TO BAD POLICY2009-10-07

Mr. LEE of New York

Mr. LEE of New York. Millions of Americans are frustrated with the lack of transparency and the Federal Government, and rightfully so. I was dismayed earlier this year when the cap-and-trade national energy tax and the enormous stimulus spending bill were rushed to the House floor just a few hours before Congress would vote on these massive pieces of legislation. There was simply no way for the public, the press, or Members of Congress to know exactly what was in these bills before they were required to vote on them. Bad process leads to bad policy. Taxpayers deserve the ability to weigh in on these complicated pieces of legislation, and the leaders of Congress have denied the American public the right to full transparency in this process. Along with more than 180 of my colleagues, Republican and Democrat, I have signed on to a discharge petition to force the Democratic House leadership to make legislation available for public viewing at least 72 hours before a scheduled vote. This commonsense rule will allow western New Yorkers and Americans everywhere the ability to know what Congress is voting on and ensure a transparent legislative process.

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RECOGNIZING OLIVIA PATRICIA THOMAS, THE OLDEST LIVING NATURAL BORN U.S. CITIZEN2009-10-06

Mr. LEE of New York

Mr. LEE of New York. Madam Speaker, I rise today to recognize Williamsville, New York resident Olivia Patricia Thomas, who recently became the oldest living natural born United States citizen. Born on June 29, 1895, Olivia, or Pat as she prefers to be called, recently celebrated her 114th birthday with family and friends. Originally from Iowa, Pat met her late husband Frederick in grade school in 1923, and the couple then moved to Buffalo in 1946 when Frederick began teaching engineering at the University at Buffalo. Described as a ``social butterfly'' by friends, Pat can often be seen moving to the beat of music in group activities classes at St. Francis Home, where she has lived for the last few years. An avid plant lover, Pat is affectionately referred to as ``the plant lady'' by her former neighbors for her love of foliage and always keeping a beautiful garden at her previous home, where she lived by herself until she was 109 years of age. Pat is a wonderful woman and an inspiration to us all. Madam Speaker, in recognition of her incredible achievement, I ask that this Honorable Body join me in honoring Olivia Patricia Thomas.

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PAYING TRIBUTE TO MARINE GUNNERY SERGEANT AARON KENEFICK2009-09-15

Mr. LEE of New York

Mr. LEE of New York. Mr. Speaker, today I rise to pay tribute to Marine Gunnery Sergeant Aaron Kenefick, a Williamsville, New York, native who made the ultimate sacrifice earlier this month in Kunar province, Afghanistan. Sergeant Kenefick followed in his grandfather's footsteps when he signed up for the Marines. Nothing made his grandfather prouder. He was twice named Marine of the Year, and was the Distinguished Honor Graduate at Fort Benning, assigned to Central Command. Just 2 days before he lost his life, Sergeant Kenefick earned a Purple Heart after being hit by shrapnel in a rocket attack. I want to recognize the courage of Sergeant Kenefick's family: his father, Donnie; his mother, Susan; and his sisters, Jade and Jacquelyn, to whom he was extremely close. They will surely fill the coming days with stories about Aaron, including the Thanksgiving a few years ago when he was pushing to have dinner as quickly as possible because he wanted to get to the VA hospital. He said, That's where the true heroes are. Now Aaron stands firmly among our Nation's truest heroes. The example he has set and the sacrifices he has made will always be with us.

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21ST CENTURY FHA HOUSING ACT OF 20092009-09-15

Mr. LEE of New York

Mr. LEE of New York. Mr. Speaker, I yield myself such time as I may consume. I rise today in support of H.R. 3146, the 21 Century FHA Housing Act of 2009. I want to thank my colleague from New Jersey (Mr. Adler) for helping to drive this legislation. It will get the job done, and it is about time we start doing what the American people want. I think this is a wonderful piece of bipartisan legislation that will take important steps towards restoring the stability of our housing market and helping our overall economic recovery. While western New Yorkers never had a housing boom to bust, I still often hear from my constituents who have been responsible homeowners and who are increasingly frustrated by the level of fraud and abuse in our mortgage system. Western New Yorkers understand you cannot take risks without accepting the consequences. We have all seen the aftereffects of irresponsible lenders, and Congress has rightfully looked at outdated mortgage structures to ensure responsible homeowners have access to safe and affordable mortgages without burdening them with the mistakes of others. That's why we have crafted legislation to address this pressing need in the current mortgage market. In order to ensure a stable housing market and help first-time home buyers, we need to modernize the Federal Housing Administration, which is now one of the primary sources of mortgage financing. It is imperative that the FHA has the resources it needs to effectively oversee mortgages and ensure that no bad actors are allowed to function in this marketplace. During recent years, as private lenders have fled the market, the demand for FHA mortgages grew exponentially. FHA mortgages tripled in 2008, and in 2009 the amounts are expected to exceed $290 billion. In order to effectively meet the new influx of work, several legislative changes are needed to modernize the system. H.R. 3146 will address concerns about proper review and oversight of FHA lenders and loans by improving target reviews of loan performances. In addition, this legislation ensures that FHA has the staff, the technology, and risk management processes in place to protect American taxpayers from unacceptable losses. Finally, the measure provides the HUD Secretary with the authority to implement new and innovative ideas to minimize foreclosures going forward. We cannot keep this dream of homeownership alive and within reach of working families unless we have an FHA that works better. Again, I want to express my appreciation to my friend and colleague from New Jersey for his cooperation in crafting this measure. It is important for the American people to see that both parties are working together on this vital issue. I urge immediate passage of H.R. 3146. I reserve the balance of my time.

Mr. LEE of New York. I have no more speakers, but I yield myself the balance of my time to close. When I looked at this piece of legislation going back several months ago, it was very important that we found a solution for this. I talked to constituents in my district, and they are so hard-pressed dealing with other forms of lending and getting FHA stable, it was incredibly important, as was the idea of making sure that we use taxpayer dollars wisely. We were fortunate enough from the hearings to understand some of the challenges that FHA has had in terms of technology, and the fact that we really haven't funded this program to its fullest extent by not having enough staff in support of FHA, thereby the potential for fraud or waste or abuse has risen, and that's why, again, taking a piece of legislation like this and moving it forward is incredibly important. As I look forward to trying to move this along, I know people in our district will be pleased, not only in my district but throughout the country, that we are pushing this type of bipartisan legislation. Mr. Adler has taken a very firsthand approach in trying to ensure that this happens. At this time, I yield back the balance of my time.

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HONORING SGT RICHARD F. CANNON2009-09-14

Mr. LEE of New York

Mr. LEE of New York. Madam Speaker, it is with great pride that I rise today to honor a WWII Veteran, SGT Richard F. Cannon. Sergeant Cannon recently passed away at the age of 84. A true patriot, Sergeant Cannon played an instrumental role in ending WWII. Sergeant Cannon was a member of U.S. Army Air Forces and was part of the mission that dropped the atomic bomb on Nagasaki on Aug. 9, 1945. Born and raised in Buffalo, Sergeant Cannon graduated from Bennett High School and earned a degree in accounting from Canisius College in 1950. During World War II, he served in the Army Air Forces as a radar operator, attaining the rank of Sergeant. As part of the 509th Composite Group, Sergeant Cannon normally flew aboard a B-29 named Necessary Evil. His crew was reassigned to the Big Stink, a B-29 Superfortress, to provide camera support to the Bockscar, a B-29 bomber, as it dropped the A-bomb on Nagasaki on Aug. 9, 1945. After the war, Sergeant Cannon returned to Buffalo and started a food broker company, the R.F. Cannon Company, which he ran until his retirement in 2000. He was president of Buffalo Food Brokers Association and served as commissioner of Williamsville Junior Football for 8 years. He was also the president of the North Forest Civic Association. Mr. Cannon is survived by his wife of nearly 61 years, the former Marion Dauphinee; two daughters, Kathleen Lane and Maureen Chiofalo; four sons, Richard Jr., Timothy, Kevin and Gregory; one sister, Annette Marmion; and 17 grandchildren. Madam Speaker, in recognition this brave patriot, I ask this Honorable Body to join me in honoring the legacy of SGT Richard F. Cannon.

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PROMOTING TRANSPARENCY IN FINANCIAL REPORTING ACT OF 20092009-09-09

Mr. LEE of New York

Mr. LEE of New York. I yield myself such time as I may consume. Mr. Speaker, I rise today in support of H.R. 2664, the Promoting Transparency in Financial Reporting Act. I would like to thank the cosponsors of this bipartisan measure, including Mr. Davis of Kentucky, who championed this proposal in earlier Congresses, Mr. Putnam, Mr. Castle, and Mr. Scott of Georgia. Every day, I hear from constituents who are experiencing a great amount of anxiety over what is happening to their portfolios--from younger families who are trying to save for their first homes or older workers who have had to put off long-planned retirements. While they certainly understand most of these losses can be attributed to the turmoil of our economy, we now know the role that faulty financial reporting, be it intentional or otherwise, played in affecting investors' decisions. This issue, of course, features prominently in ongoing discussions of regulatory reform frameworks, and rightly so. We won't be able to fully restore investor and consumer confidence unless we have a system that allows for the clearest and most accurate financial reporting. That's why we need transparency. It's not enough, however, just to pursue and to promote transparency for its own sake. Having run a business, I know that, if you want to have a healthy corporate environment, you have to have sound financial reporting. I also understand how time-consuming and costly these accounting processes can be. So it is critical, in bringing information to light, that we also take care to identify the complexities that trip up everyone from small businesses to large corporations and then pursue reforms that may simplify and improve the process. That's why, with this simple bipartisan measure, we would require annual congressional testimony by the Securities and Exchange Commission, by the Financial Accounting Standards Board and by the Public Company Accounting Oversight Board on efforts being undertaken to reduce the complexity and costs of financial reporting and to increase transparency for investors. Specifically, H.R. 2664 helps Congress exercise legitimate oversight authority to hold these institutions accountable for protecting taxpayers and for making progress on the following critical issues: First, reassessing complex and outdated accounting standards; second, increasing the usability of the existing accounting and auditing literature; third, developing principle-based accounting standards; fourth, encouraging the use and acceptance of interactive data; and fifth, promoting disclosure in plain English. This bipartisan Promoting Transparency in Financial Reporting Act represents a critical step towards protecting taxpayers by creating a process for simplifying and for improving our financial reporting framework. I urge the immediate passage of this important bipartisan legislation. I yield back the balance of my time.

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STAR-SPANGLED BANNER COMMEMORATIVE COIN ACT2009-09-09

Mr. LEE of New York

Mr. LEE of New York. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise today in support of H.R. 2097, the Star-Spangled Banner Commemorative Coin Act introduced by the gentleman from Maryland (Mr. Ruppersberger). This simple measure is designed to ensure that the United States properly pays tribute to an important moment in its history, namely, the writing of the ``Star-Spangled Banner.'' The story of Francis Scott Key at Fort McHenry is familiar to Americans old and young alike, but it bears some retelling. It was on the night of September 13, 1814, that Mr. Key negotiated the release of Dr. William Beanes, taken captive by the British and held on board a vessel in Baltimore Harbor. Not long after securing the doctor's release, Key and his party were not allowed to leave because they had become familiar with the British strength and positioning, as well as their attack strategy. Over the next 25 hours they waited in the harbor as the British mercilessly bombarded Fort McHenry, all while remaining out of range of U.S. firepower. When the barrage ended, Key peered out through the clearing smoke at daybreak to see in the distance the flag of the United States, its 15 stars and 15 stripes tattered but standing tall. Inspired, Key scribbled down a poem that he later set to a British melody. More than a century later, an act of Congress declared that tune was this Nation's anthem. Mr. Speaker, as our Nation prepares to mark the 8th anniversary of the September 11 terrorist attacks, we are reminded not only of the many challenges that this Nation has faced in its history, but the symbols and words that have brought us together to endure these trials. Five years from now the people of the State of Maryland will be joined by all Americans in celebrating the bicentennial of the writing of the ``Star-Spangled Banner.'' H.R. 2097, the Star-Spangled Banner Commemorative Coin Act, provides for the minting of coins in commemoration of this historic event and ensures that surcharges on the sales of these coins will be used to support activities related to the bicentennial, including education and outreach activities. All of these will be done at no cost to the taxpayers. I want to again commend my colleague from Maryland (Mr. Ruppersberger) for introducing this bipartisan measure. I urge its immediate passage. I reserve the balance of my time.

Mr. LEE of New York. Mr. Speaker, I have no further requests for time. I yield back.

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HONORING MARINE LANCE CORPORAL BRIAN K. SCHRAMM2009-09-08

Mr. LEE of New York

Mr. LEE of New York. Madam Speaker, it is with great pride that I rise today to honor fallen Marine Brian Schramm, the first resident of the 26th Congressional District to lose his life in Operation Iraqi Freedom. On June 20, 2009, President Obama signed into law H.R. 1595, legislation renaming the post office at 3245 Latta Road in Greece. New York in honor of Lance Corporal Schramm. Brian Schramm made the ultimate sacrifice to protect the values that sustain this country--family, community, hard work, and freedom. It is no surprise that one friend of Brian's described him as the ``most genuine person you'd ever meet in your entire life.'' That is why I introduced legislation to rename the post office just a few miles down the road from where Brian grew up in his honor. I am heartened that the people of the Town of Greece will have this opportunity to pay lasting tribute to Brian's life and legacy. Lance Corporal Schramm was born and raised in the Town of Greece, Brian fulfilled a lifelong dream by signing up for the Marines shortly after graduating from Greece Olympia High School in 2001. On his second tour of Iraq, Marine Lance Corporal Schramm was assigned to the 2nd Assault Amphibian Battalion, 2nd Marine Division, II Marine Expeditionary Force, based out of Camp Lejeune, N.C. On Oct. 15, 2004, he died as a result of enemy action in Babil province, Iraq. He was 22. Brian is survived by his parents, Keith and Mary Ellen, his older sister, Jennifer, and his two younger brothers, Kyle and Michael. Mary Ellen is a co-founder of the Rochester chapter of Gold Star Mothers. Madam Speaker, in recognition this selfless individual and brave patriot who gave his life to protect this nation, I ask this Honorable Body to join me in honoring the legacy of Lance Corporal Brian K. Schramm.

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CORPORATE AND FINANCIAL INSTITUTION COMPENSATION FAIRNESS ACT OF 20092009-07-31

Mr. LEE of New York

Mr. LEE of New York. Mr. Speaker, on rollcall No. 686, had I been present, I would have voted ``no.''

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IMPROVED OVERSIGHT BY FINANCIAL INSPECTORS GENERAL ACT OF 20092009-07-29

Mr. LEE of New York

Mr. LEE of New York. Mr. Speaker, at this time I yield myself such time as I may consume. I want to applaud my friend from Ohio (Mr. Driehaus) for showing leadership on this very bipartisan bill that will have a very positive effect in helping to turn around very important agencies that provide oversight. I also want to thank the chairman of our Oversight and Investigations Subcommittee, Mr. Moore, and our ranking member, Mrs. Biggert, for holding that hearing and helping this legislation come to the floor. The IG for Treasury said, ``We have either shut down or indefinitely deferred nearly all critical audits in other Treasury high-risk programs.'' And as Mr. Driehaus pointed out, this is a significant problem. As a matter of comparison, Treasury is currently conducting 16 MLRs. Before 2007, the office had not conducted a review of this nature in almost 5 years. Meanwhile, the IG for the Federal Reserve said that these reviews make up almost 40 percent of her workload. The FDIC IG informed us that the 36 employees in his audit office are currently handling 20 reviews. At the end of the day, when you have these auditors focus solely on bank failures, that's time taken away from other aspects of this economic crisis, not to mention critical oversight areas like terrorist financing. The measure we are considering today, the Improved Oversight by Financial Inspectors General Act, raises the threshold for material loss reviews from $25 million to $200 million for banks and from $10 million to $25 million for credit unions. This will help give the Inspectors General the leeway they need to hone in on the cases in need of the most attention, because it's through that work that we will find what actions need to be addressed to restore taxpayer and investor confidence in our financial system. I also want to note that this legislation is crafted responsibly and that it takes steps forward to ensure fraud does not go undetected. So, if the IGs see a need to conduct a review below the threshold, there is no problem. And when fraud is suspected, they will be able to move forward. Mr. Speaker, it's an easy fix we can implement right now to lend our financial watchdogs a hand and provide them with the tools and resources they need to get the job done. I urge my colleagues to support the adoption of this important bipartisan measure. I reserve the balance of my time.

Mr. LEE of New York. Mr. Speaker, I yield 3 minutes to the gentlelady from the fine State of Illinois (Mrs. Biggert).

Mr. LEE of New York. Mr. Speaker, I yield 2 minutes to my good friend from Minnesota (Mr. Paulsen).

Mr. LEE of New York. Mr. Speaker, this is a good, commonsense, bipartisan bill. I urge its passage, and I yield back the balance of my time.

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