Michael Oxley

Mr. OXLEY

Mr. OXLEY. Yes, Mr. Chairman.

Mr. OXLEY. Mr. Chairman, let me just say, having participated obviously in the markup and listening to the debate on the floor, I think all Members want to preserve the protected class. I do not think that is really an issue. Also, I think there is some concern that very small agencies ought to have some exemption from the free credit report. I would indicate to the gentleman from Massachusetts (Mr. Frank) my efforts to try to solve that problem. I think it is going to be impossible at this point in the process, but going forward, particularly in conference, I have every reason to think that we can come to a good conclusion. We all, I think, recognize that the protected class should continue to have access to free credit reports, as they always have had, as the gentlewoman from Oregon (Ms. Hooley) so carefully pointed out. The real issue is the exemptions of the small agencies that represent approximately 10 percent of those credit reports. I do not think at the end of the day the position of the gentleman from Massachusetts (Mr. Frank) and the gentleman from Louisiana (Mr. Baker) are all that different, and I would simply say that I would pledge my efforts towards reaching a good conclusion towards both gentlemen's aims.

Mr. OXLEY. Mr. Chairman, I yield 3 minutes to the gentleman from Alabama (Mr. Bachus).

Mr. OXLEY. Mr. Chairman, I yield myself such time as I may consume, and in conclusion I would say to my good friend from Pennsylvania that this is a philosophical difference. Clearly, he makes some interesting arguments. The amendment was, in fact, rejected in the committee. In fact, FCRA, as other Members have said on both sides of the aisle today, has been a very successful piece of legislation. It has provided consistency, reliability, certainty, and uniformity in our credit laws. And that has had enormous consequences for our economy and for consumers, as has been chronicled time and time again during the period of this debate. I would suggest that this act that we are now seeking to make permanent has stood the test of time for 7 years, and it is now time that we make this permanent so that credit agencies, people who get credit, issuers, furnishers, everybody concerned knows what the rules are, knows that those rules are effective and work well, and that they will be permanent. So I respectfully oppose the Kanjorski amendment. Mr. Chairman, I yield back the balance of my time.

Mr. OXLEY. Mr. Chairman, I reserve a point of order.

Mr. OXLEY. What number is that?

Mr. OXLEY. Mr. Chairman, I yield myself the balance of my time. Mr. Chairman, in only 1 minute it will be difficult to thank everybody, but let me try. First, the chairman of the subcommittee, the gentleman from Alabama (Mr. Bachus), who has shown enormous leadership, the main sponsor of this bill. He held over eight hearings with over 100 witnesses. The gentleman from North Carolina is right, everybody who wanted to be heard on this bill was heard, sometimes more than once. I would like to express thanks to the gentleman from Massachusetts (Mr. Frank) for his leadership and direction and for helping us all along the way; to the gentlewoman from Oregon (Ms. Hooley), and to the gentleman from Ohio (Mr. LaTourette), particularly on their efforts on identity theft; and to the gentlewoman from Illinois (Mrs. Biggert) for her contributions as well. It is a real honor roll of members on our committee. Frankly, over the last 2\1/2\ years, our committee has established a pretty solid record of bipartisan cooperation and production, whether it was the Sarbanes-Oxley bill, or whether it was tourism risk insurance, and the list goes on. This, I think, is one more addition to that honor roll. For that I am extremely grateful to the members of the committee on both sides of the aisle. We have been clearly blessed with a cooperation, and I think it will be reflected in the final vote.

Mr. OXLEY. Mr. Chairman, I yield 2 minutes to the gentlewoman from Pennsylvania (Ms. Hart), a valuable member of our committee from the Keystone State.

Mr. OXLEY. Mr. Chairman, I designate the gentleman from Alabama (Mr. Bachus) to control the 10 minutes on this side.

Mr. OXLEY. Mr. Chairman, I understand the gentleman's concern and we have had some discussion about it. I would be pleased to work with him to explore what might be done to remedy these situations. It is certainly unfortunate that under our current system some situations like the ones you mentioned do arise preventing consumers, who are low credit risks, from obtaining credit quickly. I look forward to working with the gentleman from Michigan (Mr. Ehlers) to see if we can address the legitimate concerns he raises.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I rise today to honor the late General John D. Lavelle, who was born on this day in 1916. A proud son of Ohio, Jack Lavelle was born and raised in Cleveland and graduated from John Carroll University in 1938. On the eve of war, he enlisted in the Army Air Corps and was commissioned as a second lieutenant in June 1940. During World War II, he flew combat missions in the European Theater, where he served with the 412th Fighter Squadron. Following the war, Jack Lavelle was assigned to Wright Field, Ohio. A career airman, his service would span 32 years and include assignments around the globe. He rose to the rank of four-star general as commander of the U.S. Seventh Air Force in 1971. During his career, Jack Lavelle was awarded the Distinguished Service Medal, the Legion of Merit with three oak leaf clusters, the Air Medal with oak leaf cluster, the Air Force Commendation Medal with oak leaf cluster, and the Belgian Fourragere. Jack Lavelle passed away on July 10, 1979. He is buried in Arlington National Cemetery. Mr. Speaker, I ask my colleagues to join me in remembrance of this courageous and patriotic American.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, pursuant to section 423(f)(2) of the Congressional Budget Act, I am hereby submitting for printing in the Congressional Record the statement of private-sector mandates for H.R. 2622, the Fair and Accurate Credit Transactions Act of 2003, prepared by the Director of the Congressional Budget Office pursuant to section 424(b) of the Congressional Budget Act. This statement was not available for printing in the report by the Committee on Financial Services to accompany that bill (H. Rept. 108-263). U.S. Congress, Congressional Budget Office, Washington, DC, September 9, 2003. Hon. Michael G. Oxley, Chairman, Committee on Financial Services, House of Representatives, Washington, DC. Dear Mr. Chairman: The Congressional Budget Office has prepared the enclosed statement on private-sector mandates for H.R. 2622, the Fair and Accurate Credit Transactions Act of 2003, CBO completed a federal cost estimate and an assessment of the bill's effects on state, local, and tribal governments on September 3, 2003. If you wish further details on the private-sector statement, we will be pleased to provide them. The CBO staff contact is Paige Piper/Bach, who can be reached at 226-2940. Sincerely, Douglas Holtz-Eakin, Director. H.R. 2622--Fair and Accurate Credit Transactions Act of 2003 Summary: H.R. 2622 would permanently extend the national credit reporting standards in the Fair Credit Reporting Act (FCRA) which is scheduled to expire on January 1, 2004. The bill would prevent states from imposing new restrictions on how financial institutions share consumer information. The bill also would provide new consumer protections against identity theft (that is, fraud committed using another person's identifying information). In addition, H.R. 2622 would give consumers access to certain financial records, promote increased accuracy of credit reports, and provide protections of consumers' medical information. H.R. 2622 would impose several private-sector mandates, as defined in the Unfunded Mandates Reform Act (UMRA), on consumer reporting agencies, individuals and businesses that print electronic credit card receipts, certain mortgage lenders, financial institutions, credit and debit card issuers, and debt collection agencies. CBO expects the direct costs of those mandates would exceed the annual threshold for private-sector mandates ($117 million in 2003, adjusted annually for inflation) in at least one of the first five years the mandates are in effect. Private-sector mandates contained in bill: H.R. 2622 would impose private-sector mandates, on consumer reporting agencies, individuals and businesses that print electronic credit card receipts, certain mortgage lenders, financial institutions, credit and debit card issuers, and debt collection agencies by: Requiring free credit reports upon the request of an individual; Requiring truncation of credit card account numbers on receipts printed electronically; Requiring disclosure of credit scores when approving certain loans; and Requiring certain fraud alerts and blocks in consumer credit files. Estimated Direct Cost of the Private Sector: CBO expects the aggregate direct costs of the private-sector mandates in the bill would exceed the annual threshold established by UMRA ($117 million in 2003, adjusted annually for inflation) in at least one of the first five years the mandates are in effect. Consumer access to credit reports Section 501 would require consumer reporting agencies to provide an annual free credit report upon the request of an individual. Based on information from industry and government sources, CBO assumes a threefold increase in the number of individuals requesting a free credit report each year. CBO estimates that the additional direct consumer reporting agencies for providing mandatory free credit reports would be $1.00 to $2.00 per report with a total cost ranging from $30 million to $60 million per year. Under current law, if a consumer disputes information contained in their consumer file at a consumer reporting agency, the agency must reinvestigate the disputed information free of charge. The mandate requiring free credit reports would have a secondary effect. The number of consumers who would exercise their option to receive a free annual credit report would likely increase the number of subsequent reinvestigations. According to industry sources, the cost for additional reinvestigations would be $7.00 to $8.00 per reinvestigation. Assuming half of those individuals who receive a free credit report dispute the information requiring a reinvestigation, the total cost would range from $110 million to $125 million per year. Such cost would not be direct cost, as defined in UMRA, and would not count towards the statutory threshold. Truncation of credit card account numbers Section 203 would impose a private-sector mandate by requiring individuals and businesses that accept credit cards to truncate the credit card account numbers by including no more than the last five numbers on an electronically printed cardholder receipt. The mandate would take effect three years from the date of enactment for machines currently in use and beginning in 2006 for machines put into service after January 1, 2005. According to the credit card processing industry, some systems are currently in compliance because they are capable of electronically printing truncated account numbers on customer receipts. In order to comply with this mandate, some merchants would have to make modifications to their systems, including software reprogramming, formatting changes to dial-up terminals, and purchase of new printing devices. Costs to replace machines would range from $300 to $1,000 per unit. Assuming merchants would have to replace 25 percent of the currently used machines in 2007, the cost to replace such machines, including programming modifications, would amount to at least $85 million in that year. Disclosure of consumer credit score Section 502 would require certain mortgage lenders that use a consumer credit score in approving loans to provide a copy of the credit score and associated information received from a consumer reporting agency to the customer as soon us reasonably practicable. Based on approximately 13 million annual mortgage loan applications affected by this provision, and handling and mailing costs provided by the industry, CBO expects that the direct cost to provide such information would range from $35 million to $55 million per year. Fraud alert in credit file Section 202 would require consumer reporting agencies to include a fraud alert in the file of a consumer and disclose to the consumer that they may request a free copy of the file when the agency receives a direct request that a consumer has been or is about to become a victim of fraud, including identity theft. A consumer reporting agency would also be required to include an active-duty alert in the file of an active-duty military consumer upon their request. In addition, section 205 would require consumer reporting agencies to block any information in the file of a consumer that the consumer identifies as resulting from an alleged identity theft and confirms with a police report. An agency also would be required to notify the furnisher of the information identified by the consumer of certain information regarding such a block. According to the consumer reporting industry and government sources, the national consumer reporting agencies generally provide such alerts and blocks voluntarily. Therefore, CBO estimates that the direct cost to comply with those mandates would not be significant. Other notification and disclosure requirements Other provisions of the bill would impose private-sector mandates as follows: Prohibit any person who receives a copy of a police report from a consumer regarding identity theft from furnishing any negative information on the consumer to a consumer reporting agency; Require a financial institution that extends credit to provide a one-time notice in writing to a customer, no later than 30 days after the institution furnishes negative information to a consumer reporting agency regarding credit extended to the customer; Require credit card issuers to clearly and conspicuously disclose to a consumer their ability to increase an annual percentage rate in certain circumstances when making unsolicited offers of credit to consumers; and Require a debt collection agency that learns information in a consumer report is the result of identity theft or otherwise is fraudulent to notify the furnisher of the information or the relevant consumer reporting agency that the information is fraudulent. Based on information from various industry and government sources, CBO expects the direct cost to comply with those mandates would not be as significant as the direct costs of other mandates in the bill. In addition, the bill would impose other private-sector mandates as follows: Require a consumer reporting agency that receives a request for a consumer report using an address substantially different for the addresses in the consumer's file to notify the requester of the existence of the discrepancy; Require credit and debit card issuers that receive a request for additional or replacement cards on an existing account within a short period of time after receiving a change of address form to notify the cardholder at the former address or use other means to confirm the address change; and Prohibit a consumer reporting agency from providing credit reports that contain medical information with some exceptions and would require medical companies to identify themselves as such when reporting credit information. According to industry sources, many entities currently comply with such requirements voluntarily, and therefore, the direct cost to comply with those mandates would not be significant. Estimate prepared by: Paige Piper/Bach. Estimate approved by: Roger Hitchner, Assistant Director for Microeconomics and Financial Studies Division.

Mr. OXLEY

Mr. OXLEY. Mr. Chairman, I rise in opposition to H.R. 2989, the Transportation-Treasury spending bill for fiscal year 2004. While there are several important provisions in this legislation that I support, the bill also includes a provision that encroaches on the jurisdiction of the Financial Services Committee and undermines the public policy goals of the landmark Gramm-Leach-Bliley financial modernization law. Title I of Gramm-Leach-Bliley, which Congress approved in 1999, allows financial holding companies and banks to engage in a broad range of activities that are considered ``financial in nature'' or complementary to such financial activities. In addition, GLB grants the Federal Reserve Board and the Treasury Department the ability to identify additional activities that they deem to be financial in nature or incidental to such activities, and therefore permissible for financial holding companies and financial subsidiaries. Over two years ago, the Federal Reserve and the Treasury, acting under their grant of authority in GLB, issued a regulatory proposal to permit banks to conduct real estate brokerage and management activities. The National Association of Realtors, in an attempt to avoid a new source of competition and preserve their monopoly in the real estate brokerage business, launched a scorched earth lobbying campaign to derail the Fed-Treasury proposal. Bowing to this pressure, the Appropriations Committee has now adopted in two successive appropriations cycles language that prohibits the Federal Reserve and the Treasury from moving forward with their proposal, thereby denying consumers greater choices in obtaining real estate brokerage services and the benefits of increased market competition. Legislative attempts to stymie the rulemaking process--particularly as part of the appropriations process--are counterproductive and undermine the future of any legislation that relies on the expert judgment of regulators for its implementation. The amendment that the Appropriations Committee has chosen to include in this bill serves only to needlessly delay innovation in the financial services industry and runs contrary to the clear congressional intent of GLB, which was to encourage free market competition and increase consumer choice.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I am pleased to offer my strong support for H.R. 1533, a bill to equalize the treatment of church and governmental pension plans. I want to commend a great member of the Financial Services Committee, Mrs. Biggert, for drafting excellent, bipartisan legislation and the gentleman from Louisiana (Mr. Baker), Chairman of the Capital Markets subcommittee, for his leadership in bringing this measure to the Floor today. The purpose of this bill is straightforward: it provides parallel securities law treatment of church plan assets with those of governmental plans. Under current law, there is a basic inequity with respect to church plans. This disparate treatment has real consequences. The inability of church plans to participate with other pension plans in collective trusts unnecessarily increases the costs for these investments and makes it more difficult for church plans to diversify their investments. Mr. Speaker, there is no rational basis for treating church plans differently. Mrs. Biggert's legislation imposes fairness by eliminating this unnecessary burden on church pension plans. I urge all of my colleagues to support the bill.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, the American Political Science Association (APSA) is commemorating the 50th anniversary of its Congressional Fellowship Program this year. I join my colleagues in commending APSA for the service that it has provided to the U.S. Congress. APSA fellows have made a valuable contribution to the work of personal and committee offices in both the House and Senate. The program draws on the talents of a variety of professionals who are interested in learning about and contributing to the legislative process. The APSA program is held in high regard by Members for the quality of the fellows it makes available to offices at no charge. Among its distinguished alumni is Vice President Dick Cheney. My office has been pleased to host two fellows in recent years. Tim Johnson, a 1994 journalism fellow, remained on my staff and currently serves as my Legislative Director and Press Secretary. Ben Brown, a 2001 fellow from the FDIC, brought valuable banking expertise to the House Financial Services Committee during its formative first months. The APSA Congressional Fellows Program merits our recognition for the ongoing contributions that it makes to the legislative process.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I appreciate the opportunity to support H.R. 23--``The Tornado Shelters Act,'' introduced by my Colleague, the Gentleman from Alabama, Mr. Bachus. The legislation would permit the use of CDBG (Community Development Block Grant) funds to construct or enhance tornado shelters in manufactured housing communities or for residents of manufactured housing. Mr. Speaker, while my area of the country suffers outbreaks of tornadoes, it is far from ``Tornado Alley'' located in other parts of the Midwest and the Deep South. Therefore, I understand and appreciate the urgency to pass this legislation. As many of you may know, the tornado season started in early March and usually continues through July. In this calendar year-2003, 54 people have died from 18 tornadoes, with the two worst in Tennessee and Missouri on May 4th with 11 and 8 fatalities, respectfully. In 2002, 55 people died from tornadoes. The biggest outbreak of tornadoes occurred on April 3 and 4, 1974, and 147 tornadoes touching down in 13 U.S. states. The outbreak killed 310 in the U.S., 8 in Canada, with 5,454 U.S. injuries and 23 hurt in Canada. Forty-eight of the tornadoes were killers. Seven produced damage rated F5--the maximum possible--and 23 more were rated F4. This was one of only two outbreaks with over 100 confirmed tornadoes, the other being with Hurricane Beulah in 1967 (115 tornadoes). The most destructive tornado in history was the Bridge Creek-Moore- Oklahoma City-Midwest City, OK, tornado of May 3, 1999, with over $1 billion in damage, both in absolute amount and normalized to 1999 dollars. Community tornado shelters are excellent ideas for apartment complexes, schools, mobile home parks, factories, office complexes and other facilities where large groups of people live, work or study. I am struck by the words of my colleague from Alabama, the site of far too many of these killer storms. Mr. Bachus says that in the face of the tornado threat we can do two things--pray and prepare. Pray it won't happen again, and prepare for the next line of twisters. While the citizens can pray, our government can help us prepare. This common-sense legislation would allow communities to build or improve tornado shelters in manufactured housing communities. Mr. Speaker, I support this legislation and thank Mr. Bachus for his leadership. I urge passage of this legislation.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, it is a great honor to be in the well of the House and to announce that the baseball game which was played last Thursday night between the Republicans and Democrats ended in a Republican victory, 5-3. I want to congratulate all of my Republican colleagues who played so well on the diamond, but particularly our most valuable player, the gentleman from Illinois (Mr. Shimkus). The coveted Roll Call trophy stands behind me. This is the first game in a new series, a 5-game series. I also want to congratulate the gentleman from Minnesota (Mr. Sabo), the manager of the Democrats, a real sportsman and a great individual, and all of the Democrats who participated. Ultimately, this is a big victory for charity. We raised close to $100,000 for various charities, and ultimately that is what this game is all about. For folks back home who think this was a softball game, I assure you, we play hard ball here in Washington. Indeed, it was a great night and a great victory in Prince George's Stadium where the Bowie Bay Sox play. We want to thank the Bay Sox for their hospitality. A good time was had by all, and also to the sponsors who put up the funds to make this available and particularly to the charities. Again, a great victory and bragging rights for 364 days, which is not all bad.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I was unavoidably absent from the House floor earlier today due to business in my congressional district. Had I been present, I would have voted in favor of both H. Res. 316, providing for consideration of the Foreign Relations Authorization Act, and H.R. 2330, the Burmese Freedom and Democracy Act.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, at noon today in New Bremen, Ohio, an Ohio Historical Society marker was dedicated to commemorate New Bremen and the Miami and Erie Canal. I am proud to send my best wishes to everyone celebrating this event. One hundred seventy years ago, work commenced on a connector between the Miami Canal in Dayton and the Wabash and Erie Canal in Junction. This connector, dubbed the Miami Extension, was completed in June of 1845. In that month, the packet boat Banner became the first vessel to travel the canal from Cincinnati to Toledo, taking three days for the journey. In 1849, the Ohio General Assembly gave the name ``Miami and Erie Canal'' to the entire system. Even as railroad track was laid throughout western Ohio in the decades to follow, the canal remained an important commercial and military transport route. The Great Flood of 1913, however, washed out many major sections of the Miami and Erie Canal, rendering it impassable and leading to its abandonment. The Village of New Bremen in my congressional district was founded in 1833, the same year the Miami Extension was started. Many of New Bremen's founders, mostly Hanoverian German Protestants, came to Ohio via the National Road and the Ohio River, landing in Cincinnati. There, they formed the City of Bremen Society and agreed to purchase 80 acres of land in Ohio to found a Protestant community. First called ``Bremen,'' the village's plat was officially recorded on June 11, 1833. New Bremen, the midpoint on the Cincinnati-Toledo segment of the Miami and Erie Canal, is celebrating its 170th birthday this year. Mr. Speaker, I applaud the New Bremen Historic Association and the New Bremen-New Knoxville Rotary Club for their efforts in securing this historical marker from the State of Ohio. I also thank Doug Harrod and Darrin Klinger for their research on New Bremen's history and the importance of the Miami and Erie in our state's past.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I rise today in support of H.R. 2330, the ``Burmese Freedom and Democracy Act of 2003.'' I would like to commend both Chairman Hyde and Mr. Lantos for their efforts on this important legislation. The House Financial Services Committee received a referral on H.R. 2330 as a result of sections four and five of the bill, which address Burma's relationship with the international financial institutions. Specificaly, section four of this legislation directs the Secretary of the Treasury to freeze any assets of the Burmese regime located within the United States. Section five directs the Secretary of the Treasury to instruct the U.S. director at each international financial institution in which the U.S. participates to oppose and vote against the extension of any loan or financial assistance to Burma until certain conditions are met. The House Financial Services Committee waived consideration of this bill in the hopes of expediting the legislative process and providing needed relief to the Burmese people. This bill accomplishes that end by supporting democratic forces in Burma and recognizing the National League of Democracy as the legitimate representative of the Burmese people. As a fervent supporter of free trade, free minds, and free people, I call on the Burmese regime to allow the benefits of democracy to grow. I urge my colleagues to support H.R. 2330.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, it is my honor today to salute the life of William K. Davenport. Although Bill passed away in 1999, his personal accomplishments and contributions to the community of Lima, Ohio, are still celebrated today. Bill became the Chief of the Lima Police Department on May 1, 1968, making him the first African-American in Lima's history to acquire this rank. He earned this commission solely by his own merit, obtaining the highest score on the civil service competition examination. Prior to his appointment as chief, Bill compiled a commendable record as a law enforcement officer. He served 8 years as patrolman, 5 years as detective, 4 years as sergeant, 7 years as lieutenant and 2 years as inspector of the uniform division before becoming chief. Bill was known and respected by his colleagues as an amiable and admired leader. A humble man, he faced the brewing racial tension of the Sixties without compromising his principles, even at one point in his career disagreeing with the Mayor of Lima. Bill is remembered as an exemplary citizen who frequently went above and beyond his official duties to help others. The community of Lima has truly been affected by the noble life Bill led and the excellent public service he gave to the city. Mr. Speaker, William K. Davenport was a dignified law enforcement officer who earned a wide array of accolades during his 36 year career, including serving as the first African-American Chief of Police in Lima, Ohio. Because of his diligent service to his community, he is worthy of receiving our recognition. I know my colleagues join me in honoring this truly exceptional man.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, Members should speak for themselves about being liberal on this side of the aisle. Let me try to draw the debate back to what we had initially anticipated, which was to honor Tony Blair with a Congressional Gold Medal and discuss exactly why we were able to secure 290 co-sponsors for this legislation. It is because Tony Blair represents all that is good. It is because of that that the gentlewoman from Florida (Ms. Brown- Waite), a distinguished member of our committee, introduced this legislation and worked very hard, along with our friend, the gentlewoman from New York (Mrs. Maloney) to gather 290 signatures, and under the leadership of the gentleman from New York (Mr. King), the chairman of the subcommittee, that we are here today. That means that this House will go on record as supporting, with a strong bipartisan vote, exactly what Tony Blair means to the process and what he means to our country. We have had a special relationship with Great Britain for so many years, after we got the initial argument out of the way some 200 plus years ago, and since that time have worked harmoniously with Great Britain, no matter who was in charge over here, or who was in charge over there. And here we have a situation where the Prime Minister of the Labor Party is being supported by a Republican Congress and a Republican President, because of what he brings to our relationship and what he means to all of us. I think all of us were thrilled when almost a week after the terrible events of September 11, 2001, when President Bush spoke to the Nation from this very spot and said, America has no truer friend than Great Britain. And then, looking up to Tony Blair in the gallery right up behind me, and said, ``Thank you for coming, friend,'' meaning not just the Prime Minister, but all of his countrymen. That is the special relationship that we enjoy through good times and bad with Great Britain. My family on my dad's side was from England, and I have a great deal of respect for their traditions, and I certainly have a great deal of respect for their current leadership. So despite all of the arguments about weapons of mass destruction, despite all of the differences that we displayed over Iraq, it was Great Britain in the presence of Tony Blair who came to our defense. It was Tony Blair who made a special trip over to the United States to bring us condolences and talk about unification and working together with Great Britain, and yes, it was Tony Blair who defied public opinion, who did not stick his finger up in the wind and see which way the wind was blowing, to say that he was going to do something right and support the United States in our efforts against the brutal dictator, Saddam Hussein. For that and many, many other reasons, he deserves these accolades, and he deserves this Congressional Gold Medal. I urge all of my colleagues to support this meaningful tribute to a great world leader, Tony Blair.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I rise in support of S. Con. Res. 43, which expresses the sense that Congress should participate in and support activities to provide decent homes for the people of the United States. I urge my colleagues to not only join me in supporting this resolution, but to also join the thousands of Americans who volunteer their time to provide for those less fortunate. This resolution calls upon Congress to support activities to provide decent homes for Americans and recognizes an organization that has been working towards improving housing conditions for over 27 years now. Of course, I'm talking about Habitat for Humanity, an organization that has built nearly 150,000 affordable houses for families worldwide and is planning to complete another 50,000 homes by 2005. In fact, Habitat for Humanity just dedicated two homes in my district in Mansfield, Ohio on Father's Day and more houses are being dedicated all over Ohio on an ongoing basis. Several local businesses and charitable organizations also help support the building of these homes. This kind of effort provides a great example of what we can accomplish when communities come together to assist their residents. The resolution outlines a plan for a new initiative called Congress Building America, which calls upon the Members of Congress to demonstrate the importance of volunteer work by working with Habitat for Humanity and other contributing organizations to construct homes across the nation. This simple, but adequate, housing for less fortunate families, symbolizes the self-help approach to homeownership. Under this model, homeowners contribute sweat equity toward their new home, building it alongside trained volunteers. The new homeowner then has the opportunity to buy the home with a no interest mortgage. The average cost of these homes is $53,000 with a monthly payment of around $266. In most cases, the payment is even lower than what they were paying for substandard rental units. Beyond the obvious benefit to the new homeowner, Habitat's work to provide safe, decent and affordable shelter for thousands of needy families adds to the national economy because it spurs the production and sale of goods and services, generates new jobs, encourages savings and investment, promotes economic and civic responsibility, and enhances the financial security of all Americans. One of the greatest attributes of organizations such as Habitat is that the benefits of service go both ways. Not only are families in need of housing receiving benefits, but volunteers often find their service extremely rewarding as well. It is great to see so many young people serving their fellow citizens by volunteering to help those less fortunate. Over 10,000 students have signed up to help Habitat for Humanity build houses through their Collegiate Challenge program breaking down barriers to homeownership and breaking down the stereotype of a typical college kid on spring break at the same time. Clearly, there is still much work to be done. We are focusing our efforts to increase the availability of affordable housing in communities across the country. Today we are here to reaffirm that commitment and recognize all the hard work that has already been done. I would therefore like to take this opportunity during National Homeownership Month to thank those organizations, such as Habitat for Humanity, that work to help families achieve the dream of homeownership. I would also like to commend the Housing Subcommittee, chaired by Representative Bob Ney, today for its hard work to break down the barriers to homeownership faced by too many Americans. By the end of this week the subcommittee will have held 11 hearings as part of its effort to pursue an aggressive legislative agenda. At the top of that list is the American Dream Downpayment Act which will provide $200 million in grant funds assisting approximately 40,000 low-income families with down payment and closing costs on their first homes. I encourage my colleagues to join me in participating in the Congress Building America program and look forward to the many continued efforts which will build communities across the nation and help thousands of American families buy homes.

Mr. OXLEY

Mr. OXLEY. Madam Speaker, this no-cost, commonsense legislation will help the Securities and Exchange Commission carry out its critical mission of protecting investors and promoting capital formation and economic growth. With the passage of last year's corporate accountability legislation and a substantial budgetary increase, this year the understaffed SEC must hire over 800 new professionals--accountants, securities compliance examiners, and economists--in order to fulfill its regulatory obligations. In a troubling development, the Commission has had an extraordinarily difficult time hiring these accountants and other professionals responsible for monitoring compliance with the securities laws. Under current bureaucratic rules, it takes the Commission up to 6 months to hire a single accountant, examiner, or economist. Attorneys are classified as ``excepted service'' employees and thus fall outside these burdensome hiring requirements. Quite simply, this legislation will make it easier for the SEC to hire these professionals in an expeditious manner. That is good news for investors, and will help restore public confidence in the markets. It is strongly supported by both the union and management at the Commission. I want to commend Chairman Baker for crafting an excellent bipartisan bill and urge all my colleagues to join me in support. I yield back. Madam Speaker, I also want to thank the gentleman from Virginia (Mr. Davis), the chairman of the Committee on Government Reform, for his cooperation and assistance in moving this important measure forward. I am placing in the Record an exchange of correspondence regarding our committees' jurisdiction on this matter. House of Representatives, Committee on Government Reform, Washington, DC, June 16, 2003. Hon. Michael G. Oxley, Chairman, Committee on Financial Services, House of Representatives, Washington, DC. Dear Mr. Oxley: Thank you for working with me in developing H.R. 658, ``Accountant, Compliance, and Enforcement Staffing Act of 2003.'' As you know, the Committee on Government Reform reported the bill, H.R. 1836, the Civil Service and National Security Personnel Improvement Act. Included in that Act was Title III, Subtitle A, Securities and Exchange Commission. It is my understanding that you intend to move H.R. 658 to the floor through the suspension process with an amendment that will be substantially the same as Title III, Subtitle A of H.R. 1836, as reported. In the interests of moving this important legislation forward, I am supporting your request to move H.R. 658 through the suspension process with an amendment in the jurisdiction of the Committee on Government Reform. The Committee does hold an interest in preserving its future jurisdiction with respect to issues raised in the amendment, and its jurisdictional prerogatives should the provisions of this bill or any Senate amendments thereto be considered in a conference with the Senate. Therefore, I respectfully request your support for the appointment of an appropriate number of Members from our respective Committees should such a conference arise. Finally, I would ask that you include a copy of our exchange of letters on this matter in the Congressional Record during floor consideration. Thank you for your assistance and cooperation in this matter. Sincerely, Tom Davis, Chairman.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I ask unanimous consent that in the engrossment of the bill, H.R. 2143, the Clerk be authorized to correct section numbers, punctuation cross-references and to make such other technical and conforming changes as may be necessary to reflect the actions of the House.