Michael Oxley

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, on that I demand the yeas and nays.

Mr. OXLEY. Mr. Chairman, will the gentlewoman yield?

Mr. OXLEY. Mr. Chairman, I thank the gentlewoman for yielding, and I appreciate her cooperation in this area. I think all of us recognize some of the potential issues that are inherent in passage of Check 21. It is also important to notice that about 1 percent of the checks today are being truncated, so we are early into the process here. It is also important to note that under the provision of Check 21, the Fed is empowered should they see an imbalance between the deposits and withdrawals to not only draw attention to it, but to deal with it. The study, of course, will not be completed for about 2 years. And as a result I think it is important for the committee, as we have discussed before and I discussed with the ranking member, to have the committee continue to monitor the situation, and we would do so, and to that end, I would indicate to my friend, the gentlewoman from New York (Mrs. Maloney) that we would plan to hold an oversight hearing on that specific issue. I will be glad to work with the gentlewoman from New York (Mrs. Maloney) as far as the potential witnesses are concerned.

Mr. OXLEY. Mr. Chairman, will the gentleman yield?

Mr. OXLEY. Mr. Chairman, it occurred to me as I was listening to my friend from California, we could go back to the old days of giving out toasters for deposits. I would say that the system we have now, I have not heard of toaster promotion for a long time, mercifully, but it certainly seems to me that the consumer, saver, investor is a lot more sophisticated than they ever were and they will not be lured by toaster opportunities as opposed to depositing it into an institution where they feel comfortable that their deposit is indeed insured.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I rise today in strong support of H.R. 902, the ``Presidential $1 Coin Act of 2005,'' that the gentleman from Delaware, Mr. Castle, has written. The dollar coin has the potential to save consumers and business billions of dollars if it is available for the niche population that has need of it. However, for number of reasons the so-called ``golden'' dollar coin never has achieved the success it should have when it was introduced in 2000. I think the Castle bill addresses all of those, creating a demand for the coin rather than trying to force it into circulation. I like the educational opportunities the coin presents, and I particularly like that the bill would put the Statue of Liberty on the reverse of the coin. Mr. Castle isn't going to say this, but I will: In 1997, when Congress approved the original Golden Dollar program, the legislation left the House with more than 400 votes to put the Statue of Liberty on the coin. Somehow, before it got to the President, that important symbol disappeared. Especially after 9/11, I think all of us believe that having Lady Liberty on our currency will be terrific. Mr. Speaker, H.R. 902, introduced by Mr. Castle for himself and Mrs. Maloney, seeks to improve demand for and thus circulation of the current one-dollar coin, with the intent of saving money for business and thus restraining price increases for consumers. The legislation directs the Secretary of the Treasury to redesign the new ``golden'' one-dollar coin, beginning in 2007, issuing four different designs a year. Each design would depict the image and pertinent information about a President of the United States, in order of service, on the front. The reverse of the coin would depict an image of the Statue of Liberty. Additionally, the legislation directs the Treasury Secretary to begin issuing, concurrently with the Presidential dollars, pure-gold ``bullion'' coins honoring and depicting the First Spouses. The bill also allows striking of an inexpensive bronze copy of the Spouse coin so that schoolchildren could collect affordable President-and-First Spouse sets, and proposes a number of methods to increase the circulation of the dollar coin. Essentially similar legislation passed both subcommittee and full committee last year. Changes to this version include moving the starting date back one year, to 2007, and explicit guarantees that the so-called ``Sacagawea'' design currently being minted and issued, will continue to be minted and issued during the life of the Presidential Dollar program, as well as becoming the sole design after the end of that program. Finally the legislation incorporates as a separate title the text of H.R. 767, introduced by Mr. LaHood for himself and Mr. Jackson, which calls for a temporary redesign of the reverse of the one-cent coin in 2009 honoring the bicentennial of the birth of President Abraham Lincoln. With that, I urge unanimous support for H.R. 902.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I rise in support of H.R. 436, the Increased Capital Access for Growing Business Act. This bill creates an improved regulatory environment for small business, the undisputed engine of our economy. A quarter of a century ago, Congress created business development companies to encourage investments in small businesses. Unrelated rules promulgated by regulators since that time have had the unintended consequence of limiting the investment opportunities of business development companies. This bill will restore the true intent of Congress by modernizing the securities laws governing these companies. Small businesses will once again have the important capital access provided by business development companies. This is crucial as small businesses must have efficient access to capital to create jobs and promote economic growth. I would like to commend my good friend and subcommittee chair, Mrs. Kelly of New York, for her fine work in crafting this bill. I urge my colleagues to join me in support of this important bipartisan legislation for investors and small businesses.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I rise in support of H.R. 1025, the ``Mortgage Servicing Clarification Act,'' providing a narrow but necessary exemption for mortgage servicers from certain requirements of the Fair Debt Collection Practices Act (FDCPA) with respect to federally related mortgage loans secured by a first lien. I want to commend Congressman Royce and Congressman Kanjorski for introducing this legislation, as well as Ranking Member Frank for helping to guide this important measure through the legislative process. This legislation passed by a voice vote in the 107th Congress and passed last Congress on a vote of 424-0. When a mortgage servicer acquires the right to service a loan portfolio, the servicer is generally exempt from complying with the FDCPA because the Act extends the creditor's exemption to the new servicer. The problem arises because in a typical loan servicing transfer, a percentage of the loans transferred are delinquent or in default. These loans are technically covered by FDCPA provisions requiring the new mortgage servicer to include harshly worded notices to its borrowers identifying the servicer as a ``debt collector'' and warning the borrower that any information he or she discloses to the servicer will be used in the debt collection process. These notices are commonly referred to as ``Miranda notices,'' and they can have the unintended consequences of discouraging borrowers from contacting their new service provider. Under the exemption made by H.R. 1025, a mortgage servicer would not be required to provide a Miranda notice upon the first contact with its new customer, as well as in all subsequent contacts, on those loans that were in default at the time of transfer. However, mortgage services would not qualify for this exemption with respect to other loans that may go into default after the transfer occurs. Let me close by saying that this bill is drafted to be consistent with previous recommendations by the Federal Trade Commission, the agency charged with the enforcement of the FDCPA, and is supported by a variety of financial services trade groups, including the Consumer Mortgage Coalition, American Financial Services Association, and Mortgage Bankers Association. I urge my colleagues to support this bill.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I rise in strong support of H.R. 797, the Native American Housing Enhancement Act of 2005 and want to commend the sponsor of the legislation, the gentleman from Arizona, Rick Renzi, for his tireless work and continued dedication to improving the housing conditions for Native Americans in this country. Native Americans are three times more likely to live in overcrowded housing, and are more likely than other Americans to lack sewage and water systems, telephone lines and electricity, according to the 2000 U.S. Census. Nearly 12 percent of Native Americans lack complete plumbing, compared with 1.2 percent of the general population. Native Americans have the highest poverty rates at 26 percent and have the highest unemployment rate in the country at nearly 14 percent. Last year, in May, this Committee held the first Indian Housing Congressional hearing in Tuba City, Arizona in Indian country. At that hearing, members were able to witness first hand the substandard conditions experienced by Native Americans and learned of the many barriers to housing development on reservations. After that hearing, this Committee took action and enacted H.R. 4471, the Homeownership Opportunities for Native Americans Act of 2004 to provide more chances to provide quality housing for Native Americans. That legislation restored the government repayment under the Title VI Loan Guarantee Program from 80 percent to 95 percent in case of default. The bill we are considering today represents another installment in this Committee's commitment to addressing the many housing needs facing Native Americans. The legislation we are considering today, H.R. 797, represents another small step toward improving housing for Native Americans in this country. First, it requires federally recognized, self-governing Indian Tribes (whose self-governing status would otherwise make them exempt) to comply with the Indian Civil Rights Act--title II of the Civil Rights Act of 1968--if they receive financial assistance from the Agriculture Department for farm housing. Under current law, the department can provide loans to farm owners to improve housing conditions for themselves or their workers. The Indian Civil Rights Act prohibits tribes from making laws that restrict freedom of religion, speech or the press. It also sets other requirements pertaining to fair due process for people who are arrested. The measure also exempts tribes currently in compliance with the Indian Civil Rights Act and tribes acting under other federal affordable housing programs from compliance with certain sections relating to fair housing under other civil rights laws, which overlap with provisions in the Indian Civil Rights Act. The bill makes Indian tribes or their housing entities eligible for Youthbuild grants. The grants are part of a Housing and Urban Development Department program that provides job training and academic assistance to low-income young people. Finally, the measure clarifies that the Interior Department cannot restrict access to or reduce funds going to tribes receiving block grants under the Native American Housing Assistance and Self- Determination Act of 1996 (PL 104-330). While this legislation does not make monumental changes, it makes changes that will help stretch the housing resources available to Native Americans. I urge my colleagues to support.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I rise in support of the Real-time Investor Protection Act and would like to commend my good friend from Arizona, Mr. Shadegg, for his excellent work on this important legislation. Informed investors are critical to our Nation's markets. Ready access to complete information about securities firms and brokers is critical to informing investors and building investor confidence. NASD, the self-regulatory organization for broker-dealers, has been providing this information to the public since 1990 when Congress mandated that NASD make relevant portions of the information available to the public without charge through a toll-free telephone number. At the time, the telephone was the easiest and most convenient solution. However, investors today have embraced the Internet as their preferred means of obtaining information. Therefore NASD seeks to use the Internet to disseminate this information. Investors want and need online access to disclosure of information to assist them in deciding whether to do business with a securities firm or broker. When Congress mandated that NASD release this information, it accorded NASD immunity form liability for the release of such information to the public--recognizing that the disclosure of key information about securities firms and brokers is a critical part of NASD's regulatory and investor protection mission. I would like to clarify that under prevailing Federal case law there is no private right of action against NASD for acts or omissions taken pursuant to its regulatory responsibilities under the Federal securities laws. I want to be clear that this legislation is not intended to change existing law pertaining to private rights of action under those laws. In addition, courts have historically granted NASD absolute immunity for its regulatory actions. This legislation is not intended to limit NASD's immunity for regulatory actions. I urge all of my colleagues to support this bipartisan investor protection bill.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I want to express my support of House leadership for working on our behalf to give Terri Schiavo her day in Federal court. From our founding days, the Federal system we enjoy has reserved significant authority to the States to settle disputes. However, Federal courts have always been able to review possible violations of a citizen's constitutional rights. The narrowly drawn language of S. 686 merely gives a Federal court the chance to review the unique circumstances of the Schiavo case in accordance with her Fourteenth Amendment guarantee: That no State shall deprive her of life without due process of law. In seeking this Federal review, Congress ensures that the basic protections available to all citizens are available to Terri Schiavo as well. No federally guaranteed right is more sacred than this right to life. I applaud the authors of this legislation for crafting language allowing for a more thorough examination of Terri Schiavo's rights under the Constitution of the United States.

Mr. OXLEY

Mr. OXLEY. Mr. Chairman, I stand in support of H.R. 3, the Transportation Equity Act: A Legacy for Users (TEA-LU). In my congressional district, the rural highways that have served my constituents for years can no longer sustain the increased traffic levels they see every day. Many of these roads cannot meet the growing needs of the communities and economies that they serve. U.S. Route 30, the prime east-west truck route in my district, exemplifies this problem. As the main alternative to the Ohio Turnpike and Interstate 70, Route 30 has seen huge increases in truck traffic over the years--roughly 65 percent in the last decade. This has led to a tragic number of fatal accidents on the narrow two-lane segments of this road. Obviously, the need for a four-lane upgrade has never been more crucial. Seven years ago, as part of TEA-21, I was able to secure more than $11 million for the purchase of right-of-ways for the Route 30 modernization throughout my congressional district. Since that time, I have been honored to join my constituents at groundbreaking and ribbon- cutting ceremonies to mark continuing progress on this lifesaving project, for which they have been waiting for more than four decades. The four-lane segment between Upper Sandusky and Bucyrus opened just last December, and completion of the Bucyrus-Ontario section is expected by August of this year. As soon as next week, construction work could begin on the longest uncompleted section in the Fourth District between State Route 235 and Upper Sandusky. I'm grateful that TEA-LU will provide an additional $10 million in direct funding for Route 30 modernization to bring much needed relief to those who drive and live near this major highway. I'm also pleased that the bill provides $2.3 million to continue U.S. Route 68 bypass construction efforts in Urbana. Nearly fifty years ago, the State of Ohio launched this project to connect Interstate 70 to U.S. Route 33 west of Columbus, purchasing significant parcels of land for the new road. Little progress has been made on it, though, hindering economic development on the west side of the city. This bill will advance the second phase of the overall project by providing needed design and right-of-way funding. In accord with TEA-LU's expansion of rail/highway crossing safety programs, I am grateful to the Committee for including important rail grade separation projects in the reauthorization as well. In the city of Lima, the construction of new grade separations will alleviate the potential dangers that arise when stopped trains cut off an entire sector of the populace from emergency services. A similar project in Urbana will allow for the rehabilitation of the rail bridge over U.S. Route 36. Mr. Chairman, I salute the commitment of Chairmen Don Young and Tom Petri in setting a course toward meeting our nation's growing transportation needs. I applaud the continuing hard work of Steve LaTourette and Bob Ney in securing the best possible rate of return for Ohio and other donor states to the Highway Trust Fund. As we move to conference, their efforts in support of highway funding equity will help our state to complete the many vital infrastructure projects that have been on the shelf for years due to lack of funding. I also thank them and our outstanding senators, Mike DeWine and George Voinovich, for their leadership in fixing the ethanol tax penalty last year--a fix that will result in an additional $160 million in highway funds for Ohio each year. Their work is ensuring that our state and our nation have the best and most modern transportation systems in the world.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, it is my honor today to salute Champaign County, Ohio, in my congressional district, which is celebrating its bicentennial on March 1. Champaign County is an area rich in history and tradition that prides itself as a fine place to work, live and raise a family. Champaign County takes its name from a French word describing its flat surface. It became the 18th of Ohio's 88 counties on March 1, 1805. The area was first inhabited by the North American Indian mound builders and became the hunting grounds of the Shawnee tribe. As the State of Ohio grew, Champaign County also grew in business and agriculture. Of particular note was the great success of the railway industry. During the Civil War, this small county sent 3,235 men to fight for the Union Army. A memorial, the Man on the Monument, stands in the town square of Urbana to remember the ultimate sacrifice made by 578 soldiers from Champaign County. Champaign County has continued to thrive with successful businesses, industry and agriculture for 200 years. It boasts five school systems and one accredited university in the county seat of Urbana. Urbana University, founded in 1850, has 24 majors for students and houses the largest collection of Johnny Appleseed memorabilia and information known to exist. Today, 36,000 people live and work in the county's city, towns and villages. Mr. Speaker, I would like to congratulate Champaign County on this momentous occasion. I know my colleagues will join me in honoring the county's success over the past 200 years.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I ask unanimous consent that the Committee on House Administration have until midnight, Thursday, February 24, 2005, to file a report to accompany H.R. 841.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, in accordance with clause 2(a)(2) of rule XI of the Rules of the House of Representatives, I am reporting that the Committee on Financial Services adopted the following rules for the 109th Congress on February 2, 2005 in open session, a quorum being present, and submit those rules for publication in the Congressional Record: Rules of the Committee on Financial Services U.S. House of Representatives, 109th Congress, First Session rule 1: general provisions (a) The rules of the House are the rules of the Committee on Financial Services (hereinafter in these rules referred to as the ``Committee'') and its subcommittees so far as applicable, except that a motion to recess from day to day, and a motion to dispense with the first reading (in full) of a bill or resolution, if printed copies are available, are privileged motions in the Committee and shall be considered without debate. A proposed investigative or oversight report shall be considered as read if it has been available to the members of the Committee for at least 24 hours (excluding Saturdays, Sundays, or legal holidays except when the House is in session on such day). (b) Each subcommittee is a part of the Committee, and is subject to the authority and direction of the Committee and to its rules so far as applicable. (c) The provisions of clause 2 of rule XI of the Rules of the House are incorporated by reference as the rules of the Committee to the extent applicable. rule 2: meetings Calling of Meetings (a)(1) The Committee shall regularly meet on the first Tuesday of each month when the House is in session. (2) A regular meeting of the Committee may be dispensed with if, in the judgment of the Chairman of the Committee (hereinafter in these rules referred to as the ``Chair''), there is no need for the meeting. (3) Additional regular meetings and hearings of the Committee may be called by the Chair, in accordance with clause 2(g)(3) of rule XI of the rules of the House. (4) Special meetings shall be called and convened by the Chair as provided in clause 2(c)(2) of rule XI of the Rules of the House. Notice for Meetings (b)(1) The Chair shall notify each member of the Committee of the agenda of each regular meeting of the Committee at least two calendar days before the time of the meeting. (2) The Chair shall provide to each member of the Committee, at least two calendar days before the time of each regular meeting for each measure or matter on the agenda a copy of-- (A) the measure or materials relating to the matter in question; and (B) an explanation of the measure or matter to be considered, which, in the case of an explanation of a bill, resolution, or similar measure, shall include a summary of the major provisions of the legislation, an explanation of the relationship of the measure to present law, and a summary of the need for the legislation. (3) The agenda and materials required under this subsection shall be provided to each member of the Committee at least three calendar days before the time of the meeting where the measure or matter to be considered was not approved for full Committee consideration by a subcommittee of jurisdiction. (4) The provisions of this subsection may be waived by a two-thirds vote of the Committee, or by the Chair with the concurrence of the ranking minority member. rule 3: meeting and hearing procedures In General (a)(1) Meetings and hearings of the Committee shall be called to order and presided over by the Chair or, in the Chair's absence, by the member designated by the Chair as the Vice Chair of the Committee, or by the ranking majority member of the Committee present as Acting Chair. (2) Meetings and hearings of the committee shall be open to the public unless closed in accordance with clause 2(g) of rule XI of the Rules of the House. (3) Any meeting or hearing of the Committee that is open to the public shall be open to coverage by television broadcast, radio broadcast, and still photography in accordance with the provisions of clause 4 of rule XI of the Rules of the House (which are incorporated by reference as part of these rules). Operation and use of any Committee operated broadcast system shall be fair and nonpartisan and in accordance with clause 4(b) of rule XI and all other applicable rules of the Committee and the House. (4) Opening statements by members at the beginning of any hearing or meeting of the Committee shall be limited to 5 minutes each for the Chair or ranking minority member, or their respective designee, and 3 minutes each for all other members. (5) No person, other than a Member of Congress, Committee staff, or an employee of a Member when that Member has an amendment under consideration, may stand in or be seated at the rostrum area of the Committee rooms unless the Chair determines otherwise. Quorum (b)(1) For the purpose of taking testimony and receiving evidence, two members of the Committee shall constitute a quorum. (2) A majority of the members of the Committee shall constitute a quorum for the purposes of reporting any measure or matter, of authorizing a subpoena, of closing a meeting or hearing pursuant to clause 2(g) of rule XI of the rules of the House (except as provided in clause 2(g)(2)(A) and (B)) or of releasing executive session material pursuant to clause 2(k)(7) of rule XI of the rules of the House. (3) For the purpose of taking any action other than those specified in paragraph (2) one-third of the members of the Committee shall constitute a quorum. Voting (c)(1) No vote may be conducted on any measure or matter pending before the Committee unless the requisite number of members of the Committee is actually present for such purpose. (2) A record vote of the Committee shall be provided on any question before the Committee upon the request of one-fifth of the members present. (3) No vote by any member of the Committee on any measure or matter may be cast by proxy. (4) In accordance with clause 2(e)(1)(B) of rule XI, a record of the vote of each member of the Committee on each record vote on any measure or matter before the Committee shall be available for public inspection at the offices of the Committee, and, with respect to any record vote on any motion to report or on any amendment, shall be included in the report of the Committee showing the total number of votes cast for and against and the names of those members voting for and against. (5) Postponed record votes.--(A) Subject to subparagraph (B), the Chairman may postpone further proceedings when a record vote is ordered on the question of approving any measure or matter or adopting an amendment. The Chairman may resume proceedings on a postponed request at any time, but no later than the next meeting day. (B) In exercising postponement authority under subparagraph (A), the Chairman shall take all reasonable steps necessary to notify members on the resumption of proceedings on any postponed record vote; (C) When proceedings resume on a postponed question, notwithstanding any intervening order for the previous question, an underlying proposition shall remain subject to further debate or amendment to the same extent as when the question was postponed. Hearing Procedures (d)(1)(A) The Chair shall make public announcement of the date, place, and subject matter of any committee hearing at least one week before the commencement of the hearing, unless the Chair, with the concurrence of the ranking minority member, or the Committee by majority vote with a quorum present for the transaction of business, determines there is good cause to begin the hearing sooner, in which case the Chair shall make the announcement at the earliest possible date. (B) Not less than three days before the commencement of a hearing announced under this paragraph, the Chair shall provide to the members of the Committee a concise summary of the subject of the hearing, or, in the case of a hearing on a measure or matter, a copy of the measure or materials relating to the matter in question and a concise explanation of the measure or matter to be considered. (2) To the greatest extent practicable-- (A) each witness who is to appear before the Committee shall file with the Committee two business days in advance of the appearance sufficient copies (including a copy in electronic form), as determined by the Chair, of a written statement of proposed testimony and shall limit the oral presentation to the Committee to brief summary thereof; and (B) each witness appearing in a non-governmental capacity shall include with the written statement of proposed testimony a curriculum vitae and a disclosure of the amount and source (by agency and program) of any Federal grant (or subgrant thereof) or contract (or subcontract thereof) received during the current fiscal year or either of the two preceding fiscal years. (3) The requirements of paragraph (2)(A) may be modified or waived by the Chair when the Chair determines it to be in the best interest of the Committee. (4) The five-minute rule shall be observed in the interrogation of witnesses before the Committee until each member of the Committee has had an opportunity to question the witnesses. No member shall be recognized for a second period of 5 minutes to interrogate witnesses until each member of the Committee present has been recognized once for that purpose. (5) Whenever any hearing is conducted by the Committee on any measure or matter, the minority party members of the Committee shall be entitled, upon the request of a majority of them before the completion of the hearing, to call witnesses with respect to that measure or matter during at least one day of hearing thereon. Subpoenas and Oaths (e)(1) Pursuant to clause 2(m) of rule XI of the Rules of the House, a subpoena may be authorized and issued by the Committee or a subcommittee in the conduct of any investigation or series of investigations or activities, only when authorized by a majority of the members voting, a majority being present, or pursuant to paragraph (2). (2) The Chair, with the concurrence of the ranking minority member, may authorize and issue subpoenas under such clause during any period for which the House has adjourned for a period in excess of 3 days when, in the opinion of the Chair, authorization and issuance of the subpoena is necessary to obtain the material or testimony set forth in the subpoena. The Chair shall report to the members of the Committee on the authorization and issuance of a subpoena during the recess period as soon as practicable, but in no event later than one week after service of such subpoena. (3) Authorized subpoenas shall be signed by the Chair or by any member designated by the Committee, and may be served by any person designated by the Chair or such member. (4) The Chair, or any member of the Committee designated by the Chair, may administer oaths to witnesses before the Committee. Special Procedures (f)(1)(A) Commemorative medals and coins.--It shall not be in order for the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology to hold a hearing on any commemorative medal or commemorative coin legislation unless the legislation is cosponsored by at least two-thirds of the members of the House. (B) It shall not be in order for the subcommittee to approve a bill or measure authorizing commemorative coins for consideration by the full Committee which does not conform with the mintage restrictions established by section 5112 of title 31, United States Code. (C) In considering legislation authorizing Congressional gold medals, the subcommittee shall apply the following standards-- (i) the recipient shall be a natural person; (ii) the recipient shall have performed an achievement that has an impact on American history and culture that is likely to be recognized as a major achievement in the recipient's field long after the achievement; (iii) the recipient shall not have received a medal previously for the same or substantially the same achievement; (iv) the recipient shall be living or, if deceased, shall have been deceased for not less than 5 years and not more than 25 years; (v) the achievements were performed in the recipient's field of endeavor, and represent either a lifetime of continuous superior achievements or a single achievement so significant that the recipient is recognized and acclaimed by others in the same field, as evidenced by the recipient having received the highest honors in the field. (2) Testimony of certain officials.-- (A) Notwithstanding subsection (a)(4), when the Chair announces a hearing of the Committee for the purpose of receiving-- (i) testimony from the Chairman of the Federal Reserve Board pursuant to section 2B of the Federal Reserve Act (12 U.S.C. 221 et seq.), or (ii) testimony from the Chairman of the Federal Reserve Board or a member of the President's cabinet at the invitation of the Chair, the Chair may, in consultation with the ranking minority member, limit the number and duration of opening statements to be delivered at such hearing. The limitation shall be included in the announcement made pursuant to subsection (d)(1)(A), and shall provide that the opening statements of all members of the Committee shall be made a part of the hearing record. rule 4: procedures for reporting measures or matters (a) No measure or matter shall be reported from the Committee unless a majority of the Committee is actually present. (b) The Chair of the Committee shall report or cause to be reported promptly to the House any measure approved by the Committee and take necessary steps to bring a matter to a vote. (c) The report of the Committee on a measure which has been approved by the Committee shall be filed within seven calendar days (exclusive of days on which the House is not in session) after the day on which there has been filed with the clerk of the Committee a written request, signed by a majority of the members of the Committee, for the reporting of that measure pursuant to the provisions of clause 2(b)(2) of rule XIII of the Rules of the House. (d) All reports printed by the Committee pursuant to a legislative study or investigation and not approved by a majority vote of the Committee shall contain the following disclaimer on the cover of such report: ``This report has not been officially adopted by the Committee on Financial Services and may not necessarily reflect the views of its Members.'' (e) The Chair is directed to offer a motion under clause 1 of rule XXII of the House whenever the Chair considers it appropriate. rule 5: subcommittees Establishment and Responsibilities of Subcommittees (a)(1) There shall be 5 subcommittees of the Committee as follows: (A) Subcommittee on capital markets, insurance, and government sponsored enterprises.--The jurisdiction of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises includes-- (i) securities, exchanges, and finance; (ii) capital markets activities; (iii) activities involving futures, forwards, options, and other types of derivative instruments; (iv) secondary market organizations for home mortgages including the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Federal Agricultural Mortgage Corporation; (v) the Office of Federal Housing Enterprise Oversight; (vi) the Federal Home Loan Banks; and (vii) insurance generally. (B) Subcommittee on domestic and international monetary policy, trade, and technology.--The jurisdiction of the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology includes-- (i) financial aid to all sectors and elements within the economy; (ii) economic growth and stabilization; (iii) defense production matters as contained in the Defense Production Act of 1950, as amended; (iv) domestic monetary policy, and agencies which directly or indirectly affect domestic monetary policy, including the effect of such policy and other financial actions on interest rates, the allocation of credit, and the structure and functioning of domestic financial institutions; (v) coins, coinage, currency, and medals, including commemorative coins and medals, proof and mint sets and other special coins, the Coinage Act of 1965, gold and silver, including the coinage thereof (but not the par value of gold), gold medals, counterfeiting, currency denominations and design, the distribution of coins, and the operations of the Bureau of the Mint and the Bureau of Engraving and Printing; (vi) development of new or alternative forms of currency; (vii) multilateral development lending institutions, including activities of the National Advisory Council on International Monetary and Financial Policies as related thereto, and monetary and financial developments as they relate to the activities and objectives of such institutions; (viii) international trade, including but not limited to the activities of the Export-Import Bank; (ix) the International Monetary Fund, its permanent and temporary agencies, and all matters related thereto; and (x) international investment policies, both as they relate to United States investments for trade purposes by citizens of the United States and investments made by all foreign entities in the United States. (C) Subcommittee on financial institutions and consumer credit.--The jurisdiction of the Subcommittee on Financial Institutions and Consumer Credit includes-- (i) all agencies, including the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System and the Federal Reserve System, the Office of Thrift Supervision, and the National Credit Union Administration, which directly or indirectly exercise supervisory or regulatory authority in connection with, or provide deposit insurance for, financial institutions, and the establishment of interest rate ceilings on deposits; (ii) the chartering, branching, merger, acquisition, consolidation, or conversion of financial institutions; (iii) consumer credit, including the provision of consumer credit by insurance companies, and further including those matters in the Consumer Credit Protection Act dealing with truth in lending, extortionate credit transactions, restrictions on garnishments, fair credit reporting and the use of credit information by credit bureaus and credit providers, equal credit opportunity, debt collection practices, and electronic funds transfers; (iv) creditor remedies and debtor defenses, Federal aspects of the Uniform Consumer Credit Code, credit and debit cards, and the preemption of State usury laws; (v) consumer access to financial services, including the Home Mortgage Disclosure Act and the Community Reinvestment Act; (vi) the terms and rules of disclosure of financial services, including the advertisement, promotion and pricing of financial services, and availability of government check cashing services; (vii) deposit insurance; and (viii) consumer access to savings accounts and checking accounts in financial institutions, including lifeline banking and other consumer accounts. (D) Subcommittee on housing and community opportunity.--The jurisdiction of the Subcommittee on Housing and Community Opportunity includes-- (i) housing (except programs administered by the Department of Veterans Affairs), including mortgage and loan insurance pursuant to the National Housing Act; rural housing; housing and homeless assistance programs; all activities of the Government National Mortgage Association; private mortgage insurance; housing construction and design and safety standards; housing-related energy conservation; housing research and demonstration programs; financial and technical assistance for nonprofit housing sponsors; housing counseling and technical assistance; regulation of the housing industry (including landlord/tenant relations); and real estate lending including regulation of settlement procedures; (ii) community development and community and neighborhood planning, training and research; national urban growth policies; urban/rural research and technologies; and regulation of interstate land sales; (iii) government sponsored insurance programs, including those offering protection against crime, fire, flood (and related land use controls), earthquake and other natural hazards; and (iv) the qualifications for and designation of Empowerment Zones and Enterprise Communities (other than matters relating to tax benefits). (E) Subcommittee on oversight and investigations.--The jurisdiction of the Subcommittee on Oversight and Investigations includes-- (i) the oversight of all agencies, departments, programs, and matters within the jurisdiction of the Committee, including the development of recommendations with regard to the necessity or desirability of enacting, changing, or repealing any legislation within the jurisdiction of the Committee, and for conducting investigations within such jurisdiction; and (ii) research and analysis regarding matters within the jurisdiction of the Committee, including the impact or probable impact of tax policies affecting matters within the jurisdiction of the Committee. (2) In addition, each such subcommittee shall have specific responsibility for such other measures or matters as the Chair refers to it. (3) Each subcommittee of the Committee shall review and study, on a continuing basis, the application, administration, execution, and effectiveness of those laws, or parts of laws, the subject matter of which is within its general responsibility. Referral of Measures and Matters to Subcommittees (b)(1) The Chair shall regularly refer to one or more subcommittees such measures and matters as the Chair deems appropriate given its jurisdiction and responsibilities. In making such a referral, the Chair may designate a subcommittee of primary jurisdiction and subcommittees of additional or sequential jurisdiction. (2) All other measures or matters shall be subject to consideration by the full Committee. (3) In referring any measure or matter to a subcommittee, the Chair may specify a date by which the subcommittee shall report thereon to the Committee. (4) The Committee by motion may discharge a subcommittee from consideration of any measure or matter referred to a subcommittee of the Committee. Composition of Subcommittees (c)(1) Members shall be elected to each subcommittee and to the positions of chair and ranking minority member thereof, in accordance with the rules of the respective party caucuses. The Chair of the Committee shall designate a member of the majority party on each subcommittee as its vice chair. (2) The Chair and ranking minority member of the Committee shall be ex officio members with voting privileges of each subcommittee of which they are not assigned as members and may be counted for purposes of establishing a quorum in such subcommittees. (3) The subcommittees shall be comprised as follows: (A) The Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises shall be comprised of 49 members, 26 elected by the majority caucus and 23 elected by the minority caucus. (B) The Subcommittee on Domestic and International Monetary Policy, Trade, and Technology shall be comprised of 26 members, 14 elected by the majority caucus and 12 elected by the minority caucus. (C) The Subcommittee on Financial Institutions and Commercial Credit shall be comprised of 47 members, 25 elected by the majority caucus and 22 elected by the minority caucus. (D) The Subcommittee on Housing and Community Opportunity shall be comprised of 26 members, 14 elected by the majority caucus and 12 elected by the minority caucus. (E) The Subcommittee on Oversight and Investigations shall be comprised of 20 members, 11 elected by the majority caucus and 9 elected by the minority caucus. Subcommittee Meetings and Hearings (d)(1) Each subcommittee of the Committee is authorized to meet, hold hearings, receive testimony, mark up legislation, and report to the full Committee on any measure or matter referred to it, consistent with subsection (a). (2) No subcommittee of the Committee may meet or hold a hearing at the same time as a meeting or hearing of the Committee. (3) The chair of each subcommittee shall set hearing and meeting dates only with the approval of the Chair with a view toward assuring the availability of meeting rooms and avoiding simultaneous scheduling of Committee and subcommittee meetings or hearings. Effect of a Vacancy (e) Any vacancy in the membership of a subcommittee shall not affect the power of the remaining members to execute the functions of the subcommittee as long as the required quorum is present. Records (f) Each subcommittee of the Committee shall provide the full Committee with copies of such records of votes taken in the subcommittee and such other records with respect to the subcommittee as the Chair deems necessary for the Committee to comply with all rules and regulations of the House. rule 6: staff In General (a)(1) Except as provided in paragraph (2), the professional and other staff of the Committee shall be appointed, and may be removed by the Chair, and shall work under the general supervision and direction of the Chair. (2) All professional and other staff provided to the minority party members of the Committee shall be appointed, and may be removed, by the ranking minority member of the Committee, and shall work under the general supervision and direction of such member. (3) It is intended that the skills and experience of all members of the Committee staff be available to all members of the Committee. Subcommittee Staff (b) From funds made available for the appointment of staff, the Chair of the Committee shall, pursuant to clause 6(d) of rule X of the Rules of the House, ensure that sufficient staff is made available so that each subcommittee can carry out its responsibilities under the rules of the Committee and that the minority party is treated fairly in the appointment of such staff. Compensation of Staff (c)(1) Except as provided in paragraph (2), the Chair shall fix the compensation of all professional and other staff of the Committee. (2) The ranking minority member shall fix the compensation of all professional and other staff provided to the minority party members of the Committee. rule 7: budget and travel Budget (a)(1) The Chair, in consultation with other members of the Committee, shall prepare for each Congress a budget providing amounts for staff, necessary travel, investigation, and other expenses of the Committee and its subcommittees. (2) From the amount provided to the Committee in the primary expense resolution adopted by the House of Representatives, the Chair, after consultation with the ranking minority member, shall designate an amount to be under the direction of the ranking minority member for the compensation of the minority staff, travel expenses of minority members and staff, and minority office expenses. All expenses of minority members and staff shall be paid for out of the amount so set aside. Travel (b)(1) The Chair may authorize travel for any member and any staff member of the Committee in connection with activities or subject matters under the general jurisdiction of the Committee. Before such authorization is granted, there shall be submitted to the Chair in writing the following: (A) The purpose of the travel. (B) The dates during which the travel is to occur. (C) The names of the States or countries to be visited and the length of time to be spent in each. (D) The names of members and staff of the Committee for whom the authorization is sought. (2) Members and staff of the Committee shall make a written report to the Chair on any travel they have conducted under this subsection, including a description of their itinerary, expenses, and activities, and of pertinent information gained as a result of such travel. (3) Members and staff of the Committee performing authorized travel on official business shall be governed by applicable laws, resolutions, and regulations of the House and of the Committee on House Administration. rule 8: committee administration Records (a)(1) There shall be a transcript made of each regular meeting and hearing of the Committee, and the transcript may be printed if the Chair decides it is appropriate or if a majority of the members of the Committee requests such printing. Any such transcripts shall be a substantially verbatim account of remarks actually made during the proceedings, subject only to technical, grammatical, and typographical corrections authorized by the person making the remarks. Nothing in this paragraph shall be construed to require that all such transcripts be subject to correction and publication. (2) The Committee shall keep a record of all actions of the Committee and of its subcommittees. The record shall contain all information required by clause 2(e)(1) of rule XI of the Rules of the House and shall be available for public inspection at reasonable times in the offices of the Committee. (3) All Committee hearings, records, data, charts, and files shall be kept separate and distinct from the congressional office records of the Chair, shall be the property of the House, and all Members of the House shall have access thereto as provided in clause 2(e)(2) of rule XI of the Rules of the House. (4) The records of the Committee at the National Archives and Records Administration shall be made available for public use in accordance with rule VII of the Rules of the House of Representatives. The Chair shall notify the ranking minority member of any decision, pursuant to clause 3(b)(3) or clause 4(b) of the rule, to withhold a record otherwise available, and the matter shall be presented to the Committee for a determination on written request of any member of the Committee. Committee Publications on the Internet (b) To the maximum extent feasible, the Committee shall make its publications available in electronic form.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I'm proud to join my colleagues from Ohio in cosponsoring H.R. 548, which will designate the Tony Hall Federal Building and United States Courthouse in his hometown of Dayton. I thank the gentleman from Springfield, Mr. Hobson, for introducing this legislation to honor our exemplary former colleague. Tony Hall continues to be a tireless advocate for human rights around the world. His dedication to combating world hunger and helping the poor and needy made him the ideal choice to oversee the United Nations Agencies for Food and Agriculture, a job for which he was tapped in 2002. While we miss his leadership and friendship here in the House, we know that President Bush could not have picked a greater humanitarian or man of faith for this vital role. I was honored to serve with Tony for more than two decades, and was grateful for the leading role he played and the stellar example he provided to all of us. In 2000, when Ohio's official State motto-- ``With God All things Are Possible''--was struck down by the courts, I was proud to join with Tony in a House resolution supporting our State's expression of optimism and faith. Mr. Speaker, this resolution is a fitting tribute to a true public servant and Nobel Peace Prize nominee who has committed his life's work to helping those in need. I urge all my colleagues to support this bill to honor our good friend and former colleague whose service to others is an example for us all.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, it is my honor today to salute the Leo Council 957 of the Knights of Columbus of Findlay, Ohio as they celebrate their centennial year jubilee. The Knights of Columbus of Findlay have sustained a rich tradition built upon the foundations of faith and philanthropic service. Leo Council 957 was started by a small group of Catholic men with the assistance of State Deputy John O'Dwyer of Toledo in the fall and winter of 1903-1904. Their hopes were to organize a fraternal organization to support their church and serve their community. After tireless work and recruiting, 75 new members joined from Findlay, Carey, North Baltimore, Cygnet and Bowling Green. The Supreme Council issued the original charter for the newly established Leo Council 957 on January 26, 1905, which was signed by 86 people. Since its founding 100 years ago, Leo Council has grown to nearly 500 members. Through the dedication and efforts of the members of Leo Council, the Knights of Columbus has become a positive influence in the church and community. The spirit of volunteerism and service of the Knights of Columbus is encouraging to all of us. Since their founding, they have provided support though a variety of charitable works both domestically as well as internationally. For the past century, the Knights have provided an insurance program for widows and orphans of its deceased members. Additionally, the Knights have raised substantial funds to assist mentally challenged and disabled individuals. Most recently, they have worked along with Catholic Relief Services to raise funds for the victims of the devastating tsunami that hit Southeast Asia in December. The patriotism and positive influence of the Knights is recognized every morning by students reciting the Pledge of Allegiance in classrooms across the Nation. In 1954, it was the Knights of Columbus who petitioned President Eisenhower and Congress to add the words ``under God'' to the Pledge of Allegiance. Today, I would like to remember those committed men who organized Leo Council 100 years ago and those who have strived to maintain its membership's vigor and progress. I am proud to congratulate the members, their spouses and families on this momentous occasion.

Mr. OXLEY

Mr. OXLEY. Mr. Chairman, I yield myself such time as I may consume. Today, I rise in support of H.R. 54, the Congressional Gold Medal Enhancement Act of 2005, authored by the gentleman from Delaware (Mr. Castle), and urge its immediate passage. The legislation is a commonsense effort to maintain the prestige of this award. As the Members know, the gold medal is the highest civilian honor bestowed by Congress. It has been awarded to a long and distinguished line of individuals who have made significant contributions to this country, beginning with General George Washington even before the Declaration of Independence. Recipients have included civil rights leaders, cultural icons and leaders in science. But a disturbing trend has emerged since the gentleman from Delaware (Mr. Castle) sensibly reformed the commemorative coin program a decade ago. Until that point, Congress approved the awarding of only a few, usually one or two, gold medals each Congress, but approved as many as a dozen commemorative coin programs, often at great cost to taxpayers. Chairman Castle's reforms eliminated the cost to the taxpayers, restoring the dignity to the commemorative coin program. He also instituted a requirement that two-thirds of the House should sponsor legislation for either commemorative coins or gold medals before consideration could take place so that support would be broad and bipartisan. Those reforms have been successful, but denied the opportunity to enact numerous commemorative coin programs, Congress increasingly has turned to the gold medal program, and we now find ourselves in a situation of having fewer honorees for commemorative coins than we do from gold medals. During the last Congress, only three commemorative coins were struck, and we approved five medal programs honoring seven individuals. By comparison, in the first 123 years of the gold medal, only 45 people were so honored. Mr. Chairman, all medal honorees to date have been good choices and well deserving of the honor. However, we could be faced with a quandary: Either approve a medal for an individual who has had some accomplishment, but probably is not at the same level as a General Washington or a Jonas Salk, or else decline to approve the legislation. We should not let ourselves get into that situation, Mr. Chairman. Chairman Castle's common-sense limit of two gold medals a year, and limiting the recipients to individuals rather than groups, maintains the prestige and honor of receiving a Congressional Gold Medal. Combined with the requirement of a minimum cosponsorship level of two- thirds of the House is the best way to preserve the integrity of the gold medal. At the appropriate time, I will offer a manager's amendment that seeks to change the effective date of this legislation from December 31 of this year to immediately upon enactment so that the rules for awarding medals would remain the same throughout this Congress and not change midsession. Mr. Chairman, I urge immediate passage of this legislation. Mr. Chairman, I reserve the balance of my time.

Mr. OXLEY. Mr. Chairman, I yield such time as he may consume to the gentleman from Delaware (Mr. Castle), the sponsor of the legislation.

Mr. OXLEY. Mr. Chairman, I yield myself such time as I may consume. Mr. Chairman, let me close by first indicating to the gentleman from New York (Mr. Crowley) that the gentleman from Delaware (Mr. Castle) as well as myself acknowledge that the folks who received the medal in the past were most deserving. I would point out, in fact, that the medal that was awarded, for example, to Ronald and Nancy Reagan, was one medal, and the same thing with Dr. King and Coretta Scott King, and Betty and Gerald Ford. Couples are treated much differently from a group. I guess perhaps what I found in studying this, perhaps the most egregious example of going beyond what the initial scope of the medal was was in the 106th Congress where we awarded five medal bills, one of them was for the Navajo Code Talkers which did not go in regular order. It was attached at the last minute to an appropriations bill. It not only covered the 29 original code talkers but also an additional 275 of those who qualified as code talkers. I guess, and I do not want to speak for the sponsor of the legislation, but I think it points out the need to tighten these requirements. That is what the purpose of this legislation is all about.

Mr. OXLEY. I yield to the gentleman from New York.

Mr. OXLEY. If the bill were passed, the answer is no, they would not.

Mr. OXLEY. Mr. Chairman, let me point out in the case of the Navajo Code Talkers, there were other tribes also that had code talkers, not just the Navajo. Again, the issue is where do we start and where do we finish in this area. Again, going back to the history of the medal, and the first recipient was George Washington, it was to an individual and was to an individual for a very, very long period of time. The gentleman from Delaware (Mr. Castle) pointed out correctly, historically the gold medal was given out quite rarely, 45 in 123 years, to individuals. The change ironically was brought about with the change in the Commemorative Coin Program that did in fact move the Congress to adopting more gold medals. This is an effort to try to get back to where history started us, awarding that medal to an individual and awarding it not to a group, no matter how small or how large, and that really was the intent of the legislation.

Mr. OXLEY. I yield to the gentleman from New York.

Mr. OXLEY. I yield to my friend from Delaware, the sponsor of the legislation.