Dennis Moore

Mr. MOORE of Kansas

Mr. MOORE of Kansas. I yield myself as much time as I may consume. Mr. Speaker, I rise today in support of H.R. 2571, the Nonadmitted and Reinsurance Reform Act of 2009. I drafted this bipartisan legislation with Congressman Scott Garrett, Congressman Paul Kanjorski, Chairman Barney Frank, and Ranking Member Spencer Bachus. I appreciate their support and the support of the bill's 22 cosponsors. This bill will provide much-needed reform in the nonadmitted and reinsurance markets. In the 109th Congress, this House unanimously approved the bill by a vote of 417-0. In the 110th Congress, our bill was unanimously approved by voice vote. Unfortunately, the Senate has yet to act, but I believe the third time will be the charm. Before he retired, Senator Mel Martinez introduced the Senate version of the bill with Senators Evan Bayh, Mike Crapo, and Bill Nelson. I know the other three will pick up where Senator Martinez left off to help enact this legislation into law. Often called the ``safety net of the insurance market,'' surplus lines provides for coverage when the traditional market is not available. Under today's laws, the regulation of the surplus lines market is, unfortunately, fragmented and cumbersome. This situation reduces insurance availability, leaving policyholders uninsured and with little choice in providers. Similarly, regulation of the reinsurance market is outdated and needs to be improved. Accordingly, H.R. 2571 specifies that only the tax policies, licensing and other regulatory requirements of the home State of the policyholder govern a surplus lines transaction; it allows sophisticated commercial entities direct access to the surplus lines market; and it prohibits States from voiding established contractual arbitration agreements between reinsurers and primary companies. Policyholders in a number of States are facing skyrocketing rates. The Nonadmitted and Reinsurance Reform Act provides commonsense solutions to the nonadmitted and reinsurance market. I urge my colleagues to support this bill. I reserve the balance of my time.

Mr. MOORE of Kansas. Mr. Speaker, I want to thank, again, my friend, the gentleman from New Jersey, Scott Garrett, for his work on the bill. The Nonadmitted and Reinsurance Reform Act provides bipartisan, commonsense solutions to improve the regulation of the nonadmitted and reinsurance markets. So I urge my colleagues to support this bill.

Mr. MOORE of Kansas. Mr. Speaker, I submit the following exchange of letters regarding H.R. 2571. House of Representatives, Committee on the Judiciary, Washington, DC, September 9, 2009. Hon. Barney Frank, Chairman, Committee on Financial Services, House of Representatives, Washington, DC. Dear Chairman Frank: In recognition of the desire to expedite consideration of H.R. 2571, the Nonadmitted and Reinsurance Reform Act of 2009, the Committee on the Judiciary agrees to waive formal consideration of the bill as to provisions that fall within its rule X jurisdiction. The Committee takes this action with our mutual understanding that by foregoing consideration of H.R. 2571 at this time, it does not waive any jurisdiction over subject matter contained in this or similar legislation, and that our Committee will be appropriately consulted and involved as the bill or similar legislation moves forward, so that we may address any remaining issues in our jurisdiction. The Committee also reserves the right to seek appointment of an appropriate number of conferees to any House-Senate conference involving this or similar legislation, and requests your support for any such request. I would appreciate your including this letter in the Congressional Record during consideration of the bill on the House floor. Thank you for your attention to this matter, and for the cooperative working relationship between our two committees. Sincerely, John Conyers, Jr., Chairman.

Mr. MOORE of Kansas. I yield back the balance of my time.

Mr. MOORE of Kansas

Mr. MOORE of Kansas. Madam Speaker, I rise today pay tribute former Kansas State Representative Eugene ``Gene'' Amos, who died on July 24th. Gene Amos, the owner of the Amos Funeral Home, served in the Kansas House of Representatives from 1987 to 1993, representing a district that was centered on the city of Shawnee. Earlier this year, he received the Shawnee Chamber of Commerce's Lifetime Achievement Award for advancing the interests of Shawnee, which bears the imprint of his ``good deeds, kind words and solid values'', the Chamber stated. Born in Liberal, Kansas, he moved to Shawnee with his family in 1945, attended Shawnee Mission Rural High School and graduated from Kansas City Missouri Junior College and the Kansas City College of Mortuary Science. After serving in the U.S. Navy during the Korean War, he married Margaret Zoll in 1953 and joined his father's funeral business. In addition to serving as president of the Kansas Funeral Directors Association and president of the State Board of Embalmers, Gene was an active member of the Shawnee Chamber of Commerce, the Shawnee Historical Society, the Shawnee Optimist Club, and Optimist International, where he served as president and district governor. He was a member of Merriam Christian Church, serving as a deacon, elder and chairman of the board. Additionally, he served as president and member of the Delaware Crossing Chapter of the Sons of the American Revolution. He often spoke to groups on the history of Shawnee, politics, the funeral business and family research, and he taught genealogy at Johnson County Community College. In 2007, he was named Shawnee Citizen of the Year by the Knights of Columbus Council 2332. He also was a charter member of the Ancient Form Masonic Lodge, and was a member of Scottish Rite Bodies, Abdallah Shrine, Beatrice Chamber, and Order of the Eastern Star. As a member of the Kansas House of Representatives, Gene served on the education, public health and agriculture committees. According to the Kansas City Star, when the Kansas Legislature approved a resolution earlier this year recognizing Amos, lawmakers recalled his humor: ``One legislator told how Amos would pass out business cards to fellow committee members who he said appeared lifeless. He once took the pulse of a sleeping legislator and said he was looking for a new client. Then the mood in the legislative chamber that day turned more somber, according to a transcript of the proceedings. Frank Weimer, who served with Amos as a state representative, spoke of Amos' honor, generosity and integrity. `There isn't a man on this earth I respect more than Gene Amos,' Weimer said.'' Madam Speaker, Gene Amos is survived by: his wife, Margaret; son, Gregg Amos; daughters, Joni Pflumm and Amy Ruo (John); sister, Paula Ramona Upton; six grandchildren and one great grandson. I have known Gene for many years and considered him a good friend. I join his many friends, neighbors and professional colleagues in celebrating his life and mourning our loss.

Mr. MOORE of Kansas

Mr. MOORE of Kansas. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3330) to amend the Federal Deposit Insurance Act and the Federal Credit Union Act to provide more effective reviews of losses in the Deposit Insurance Fund and the Share Insurance Fund by the Inspectors General of the several Federal banking agencies and the National Credit Union Administration Board, and for other purposes.

Mr. MOORE of Kansas. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks on this legislation and to insert extraneous material thereon.

Mr. MOORE of Kansas. Mr. Speaker, I yield 5 minutes to the chief sponsor to this bipartisan legislation, a strong proponent in this Congress for tougher oversight, the gentleman from Ohio (Mr. Driehaus).

Mr. MOORE of Kansas. Mr. Speaker, I yield myself 4 minutes. As a former district attorney for 12 years and chairman of the House Financial Services Oversight and Investigation Subcommittee, one of my priorities is to make sure that our Inspectors General have all of the tools and the resources they need to continue and improve their important oversight work. In January, the IGs for the Treasury, Fed, and FDIC wrote to request that Congress raise the material loss review, or MLR, threshold so they could focus on other high-priority areas of potential waste, fraud, and abuse. The National Credit Union Administration IG later made a similar request, Mr. Chairman. In addition to a higher threshold, the IGs suggested adding a requirement that for failed banks falling below the new threshold, an initial assessment still be taken to ``ensure that unusual or potentially significant situations are not missed.'' During an O&I hearing we held on this issue in May, I was disturbed to learn that without a modernized MLR system, the current system would limit the IGs' ``ability to effectively oversee many of the new and significant programs and initiatives that the Federal banking agencies are undertaking to address current economic conditions.'' We must address this problem. I commend Congressman Driehaus from Ohio, a member of our Oversight Subcommittee, for drafting a bipartisan bill that will do just that. I also thank our colleagues on the other side of the aisle, Congressman Lee of New York and our O&I Subcommittee ranking member, Congresswoman Biggert of Illinois, for their hard work in drafting this bill. The improved oversight by the Financial Inspectors General Act will put in place a $200 million MLR threshold for bank IGs and $25 million for the credit union IGs with new, stronger protections that will ensure proper oversight is conducted of any failed institution that costs even a dollar. In a letter dated July 17, Jon Rymer, the FDIC's Inspector General, commented on the bill, writing: ``I believe this legislation is a reasonable and prudent compromise that will our workload but preserve meaningful, independent oversight by my office, as well as other Inspectors General tasked with similar reviews.'' And I couldn't agree more, and I urge my colleagues to support H.R. 3330 to improve oversight of our financial agencies. I reserve the balance of my time.

Mr. MOORE of Kansas. Mr. Speaker, I include for the Record letters from the Inspectors General on these issues. January 9, 2009. Hon. Barney Frank, Chairman, Committee on Financial Services, House of Representatives, Washington, DC. Dear Chairman Frank: We are writing to request that the Congress consider increasing the threshold for conducting material loss reviews (MLR) on failed financial institutions. The current $25 million threshold has been in effect for about 25 years and, in light of the current economic environment, is no longer serving as a reasonable measure of materiality or a meaningful trigger point for an Office of Inspector General (OIG) review of the failed financial institution. If this current threshold remains in effect, we anticipate that the projected volume of MLR work--and the time and resources that this work demands--will limit the OIGs' ability to effectively oversee many of the new and significant programs and initiatives that the Federal banking agencies are undertaking to address current economic conditions. Section 38(k) of the Federal Deposit Insurance Act mandates OIG reviews of certain material losses to the Deposit Insurance Fund (the Fund) when federally supervised banks fail. In general terms, the purpose of the MLR is to determine the causes for the institution's failure and resulting loss to the Fund, and assess the banking agency's supervision of the failed institution. A loss is considered material if the loss is estimated to exceed $25 million or 2 percent of the institution's total assets at the time the Federal Deposit Insurance Corporation (FDIC) was appointed receiver. The Act further requires that the OIG report be completed within 6 months after it becomes apparent that a material loss has been incurred. As of today, the OIGs from the FDIC, Department of the Treasury, and the Board of Governors of the Federal Reserve System are performing a total of 18 MLRs, with projected losses ranging from $36 million to $8.9 billion. At the current threshold and as economic conditions continue to worsen, we anticipate the number of reviews to increase. As we are actively conducting these reviews, we are discovering that MLRs at the lower end of the threshold appear to provide little, if any, new perspectives or insights regarding the cause of the failure beyond what we initially discerned at the closure. We are, nevertheless, bound by professional standards to invest time and resources to conduct a thorough review of each individual failure. Expending our scarce resources on these reviews limits our ability to oversee the new initiatives that the banking agencies are undertaking to deal with the current economic crisis affecting open financial institutions. We believe that increasing the MLR threshold would better serve the Congress by providing the OIGs with increased flexibility to refocus scarce resources to the wide-ranging programs and initiatives that the agencies are now managing, while continuing to ensure that significant failures receive an appropriate, in-depth review. As such, we recommend modifying the threshold for a material loss to an amount between $300 and $500 million. The $500 million figure is the materiality threshold used by the Government Accountability Office (GAO) when conducting the Fund's financial statement audit, and has proven appropriate for that purpose over the years. Looking at the current inventory of 18 MLRs, only six would have been required with a $300-$500 million threshold. To ensure that unusual or potentially significant situations are not missed, we also recommend language that would allow the OIG to initiate an MLR of an institution with a projected loss below the increased threshold, should circumstances (i.e., indications of fraud) warrant. Last year, we participated in a discussion initiated by one of your professional staff members on the merits of increasing this threshold, and were encouraged to raise this issue if circumstances warranted. We believe such circumstances have arrived. We are sending a similar letter to the Committee's Ranking Member and the Chairman and Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs to share our concerns. Thank you for considering our request to amend Section 38(k) to increase the MLR threshold. We would welcome the opportunity to discuss our concerns and possible solutions with you in more detail. Sincerely, Jon T. Rymer, Inspector General, Federal Deposit Insurance Corporation. Eric M. Thorson, Inspector General, Department of the Treasury. Elizabeth A. Coleman, Inspector General, Board of Governors of the Federal Reserve System.

Mr. MOORE of Kansas. Thank you for making that clear. Thank you for the colloquy. Mr. Speaker, I reserve the balance of my time.

Mr. MOORE of Kansas. Mr. Speaker, I yield 1 minute to the gentleman from Ohio (Mr. Driehaus) to close.

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

Mr. MOORE of Kansas

Mr. MOORE of Kansas. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 2529) to amend the Federal Deposit Insurance Act to authorize depository institutions and depository institution holding companies to lease foreclosed property held by such institutions and companies for up to 5 years, and for other purposes, as amended.

Mr. MOORE of Kansas. Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days within which to revise and extend their remarks on this legislation and to insert extraneous material thereon.

Mr. MOORE of Kansas. Mr. Speaker, I yield such time as he may consume to the gentleman from Indiana (Mr. Donnelly), a chief sponsor of this legislation.

Mr. MOORE of Kansas. Mr. Speaker, I have no further requests for time, so I will let the other side close.

Mr. MOORE of Kansas. Mr. Speaker, I have no further requests for time, I urge my colleagues to support this bill, and I yield 1 minute to the gentleman from Indiana (Mr. Donnelly) to close.

Mr. MOORE of Kansas. I yield back the balance of my time.

Mr. MOORE of Kansas

Mr. MOORE of Kansas. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 2034) to permit refinancing of certain loans under the Rural Housing Service program for guaranteed loans for rural housing, and for other purposes.

Mr. MOORE of Kansas. I yield 3 minutes to the chief sponsor of this important legislation, the gentleman from Missouri (Mr. Clay).

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

Mr. MOORE of Kansas

Mr. MOORE of Kansas. Madam Speaker, I rise today in honor of a constituent and resident of Olathe, Kansas, who recently achieved international acclaim. On May 27, 2009, during her fourth appearance in the national finals, 13-year-old Kavya Shivashankar won the Scripps National Spelling Bee in Washington, D.C. In her first year of competition, Kavya finished an amazing 10th place in the 2006 national competition. While most of us would have been thrilled that we reached the finals of a prestigious national contest, let alone placed so high among such an elite group, that was not true for Kavya. A typical 9-year-old might have gladly reclaimed the hundreds of hours of practice and preparation time and used it instead for their own enjoyment. Instead, Kavya returned to her spelling studies, competed again in 2007 and this time finished in 8th place. Still not satisfied, Kavya returned again in 2008 and was considered one of the favorites to win the championship. Kavya was one of the ``Final Four,'' finishing in 4th place. Again, most of us would have been thrilled to be a national finalist three times--that would look pretty good on a college application in a few years! Instead, Kavya continued studying with her father and devoted much of her free time to preparation. And, this was in addition to her regular homework, music lessons and time with her family. This year, Kavya was in her last year of eligibility. Many of Kavya's fans, including many of my own staff members who look forward to cheering her on every year, worried that her heart would be broken in her last attempt. Instead, Kavya taught all of us a lesson in persistence and hard work. Poised and confident throughout the competition, she calmly wrote out a word in her hand that I do not even know how to pronounce--Laodicean--before spelling it correctly into the microphone and sealing her victory. I am perhaps even prouder of how she has handled her success. Immediately following her victory, Kavya did a round of media interviews all around the country that would make a presidential candidate's head spin. Always smiling, confident and polite, she repeatedly showed the world why she is a true champion. She was a wonderful representative of her family, her school (California Junior High School), her hometown (Olathe, Kansas), her sponsor (The Olathe Daily News), the state of Kansas and, indeed, our entire country. In addition to the pride and confidence she has from achieving her goal, she also won scholarship money and prizes totaling $40,000, which will come in handy, as Kavya aspires to become a neurosurgeon. Her interest in medicine was sparked when she prepared for--what else?--a spelling bee of medical terminology. We also learned a good spelling lesson from her family's identical t- shirts, worn the day after the tournament, which said, ``How do you spell `champion?' S-H-I-V-A-S-H-A-N-K-A-R.'' Finally, I would like to read into the Record an open letter written by Kavya, which was published in The Kansas City Star on June 21, 2009, and clearly shows the qualities that allowed her to reach this remarkable goal and that make Kavya such an inspiration to us all! What an incredible ride it has been for me in my quest for the spelling bee championship! I have been participating in the Scripps National Spelling Bee since 2006. I went from 10th to 8th to 4th place, and then I was finally able to take the much coveted trophy in 2009. I loved going to Washington, D.C., each year during the Memorial Day week! Bee Week has always been so much fun for me because I got to meet the contestants and socialize. Many of them are returning spellers whom I looked forward to meeting each year, and some whom I keep in touch with by e-mail. All the regional champions believe in camaraderie and understand that the dictionary, not the other spellers, is their biggest foe. The sportsmanship everyone has is inspiring. I feel sad that I am not able to participate in any more spelling bees because if you pass eighth grade or if you win the championship, you are not eligible to participate again. Preparing for spelling bees takes a lot of desire, dedication, effort and time. My technique is to study root words and etymological patterns instead of memorizing. This kind of preparation has greatly developed my vocabulary and has allowed me to learn so many new words and roots. But I have also learned so much more. This journey has taught me how to set a goal and achieve it through discipline and hard work. I have also learned how to stay composed under pressure and developed my confidence. It also has really developed my public speaking skills. After my victory, I was rushed into a whirlwind of media. My family and I traveled to New York so I could appear on ``Live! With Regis and Kelly.'' We then went to Los Angeles for ``Jimmy Kimmel Live.'' Those were both great shows, and I really enjoyed being on them. When we returned home, a few local TV stations came to greet me at the airport along with some friends. Many more friends and neighbors were lined up on my street to congratulate me, holding up large posters. It was great to know that so many people supported me! I received many calls, and I was especially thrilled when I received an invitation from the governor of Kansas, and calls and cards from senators and congressmen. It was exciting to know that I had their support and that they were able to take the time to congratulate me. My family and I are expecting an invitation from the White House in the coming months. I also received a letter from Children's Mercy Hospital inviting me to come to one of its hospitals to visit the neurology department and talk to the patients. This is a great opportunity, and I will be looking forward to more exciting opportunities like that, which will allow me to help the community in any way I can. I have had a great experience and have learned many valuable lessons to carry on in life. Most importantly, preparing for spelling bees has brought me closer to my family. They have been a great source of support and encouragement throughout the whole journey. The bonds that have been forged and strengthened through this process mean more to me than any other aspect of my spelling experience. I am thankful to everyone who has helped and supported me throughout this whole experience, especially everyone in the Kansas City area. My advice to my peers is to follow your dream, and be able to put in the hard work and effort to achieve it.

Mr. MOORE of Kansas

Mr. MOORE of Kansas. I thank Mr. Spratt. When I came to Congress in January 1999, our national debt stood at $5.6 trillion. Our country faced a very different fiscal situation than the one we have today. At that time fiscal restraint and the use of budget enforcement tools had helped turn around a dire financial situation and produce budget surpluses during the last 2 years of the Clinton administration. Unfortunately, the PAYGO requirements that had been so effective in bringing about responsible budgeting through the 1990s were allowed to expire in 2002 by the previous majority, and the results speak for themselves. Our national debt increased and almost doubled in the past 8 years. The $5.6 trillion debt we had when I first came to office in 1999 now stands at $11.4 trillion. Today, with H.R. 2920 we have a chance to help restore fiscal discipline in Washington and put our country back on a sustainable fiscal path. Our country should live as do most American families, within a budget. I have nine grandchildren; and it's absolutely wrong, it's immoral to mortgage their future and the future of other children and grandchildren in our country. We should vote and pass H.R. 2920 for future generations in our country.

Mr. MOORE of Kansas

Mr. MOORE of Kansas. Madam Speaker, I commend Chairmen Waxman and Markey for crafting this historic energy legislation that will help our country make the transition to a new clean-energy economy. I urge Members to vote in support of the underlying bill. Americans are demanding bold policies that will push our country in a new direction on energy and ensure a clean, secure energy future for America. This legislation is a positive step forward, but I urge Chairman Waxman's leadership to go even further to strengthen the renewable electricity standard during the conference committee. A strong standard would mean more jobs in the United States and a larger share of domestic and clean energy. Our children and grandchildren are watching. If we don't take this step for them today to leave them with a world that is healthy and more secure, when will we? As a proud grandfather of nine, I urge my colleagues to vote in favor of this legislation.