Michael Oxley

Mr. OXLEY

Mr. OXLEY. Mr. Chairman, I yield myself 3 minutes. Mr. Chairman, as we have heard throughout this debate, H.R. 3763 is a tough bill which imposes much-needed reforms in the areas of auditor and corporate responsibility and accountability. The legislation ensures that investors in America's capital markets will know that they have access to accurate and understandable information regarding publicly traded companies. In the committee's hearings and debate on H.R. 3763, we had an opportunity to hear from a broad group of regulators, investors, and corporate employees. We were told by some that our proposal went too far. Others, not far enough. At the end of the day we decided to strike a balance, create a bill that is tough but fair, which punishes those who do wrong, while encouraging the vast number of America's honest and ethical companies to keep up the good work. During the debate on the bill, the committee had the opportunity to consider a similar substitute amendment to the one Ranking Member LaFalce is offering today. After a fair debate, the committee rejected the amendment by voice vote. The committee then adopted H.R. 3763 along bipartisan lines with a vote of 49 to 12 with more Members of the minority voting for the bill than against it. We should not overturn the bipartisan consensus reached by our committee. We should not reject the balanced approach taken by the members of the committee, both Republican and Democrat, which will make our markets stronger. I commend the ranking member, the gentleman from New York (Mr. LaFalce) for his efforts throughout this process. In fact, many of his ideas were adopted by the committee. But his substitute amendment represents an honest difference of opinion between us. I do not believe we should micromanage the tough, new accountant regulatory body that we create. I do not believe we should preempt the laws of the States with regard to how corporations are governed, and I do not believe we should overturn the will of the committee when it adopted this legislation. The President supports H.R. 3763. This legislation represents the ideas he presented in his 10-point plan on corporate responsibility. Where the President requests legislation, we legislate. Where the plan urges that the regulators be given the freedom to act, we give them that freedom. Mr. Chairman, I urge my colleagues to support the President's plan. I urge my colleagues to support the bipartisan approach that the committee took in passing CARTA. I ask all of my colleagues to reject the LaFalce amendment and to pass H.R. 3763. Mr. Chairman, I reserve the balance of my time.

Mr. OXLEY. Mr. Chairman, I am pleased to yield 5 minutes to the gentleman from Pennsylvania (Mr. Toomey).

Mr. OXLEY. Mr. Chairman, I am pleased to yield 2 minutes to the gentlewoman from New York (Mrs. Kelly).

Mr. OXLEY. Mr. Chairman, I yield 1 minute to the gentlewoman from Illinois (Mrs. Biggert).

Mr. OXLEY. Mr. Chairman, I yield myself the balance of my time. Mr. Chairman, we have had a good debate here today about competing ideas. We made some decisions about our direction and now it comes time to cast our vote. Today we are acting for America's employees, retirees and investors. At the same time, we recognize that every company in America is not an Enron, every company is not a Global Crossing. The vast majority of American companies are led and managed by good, hard-working citizens. They want to provide benefits and a good living for their employees and they want their companies to prosper and grow. Similarly, the vast majority of accountants are honest and trustworthy individuals who make an invaluable contribution to our financial systems. If we have learned anything in recent months, we have learned that we need a strong and vibrant accounting community to give us that objective view of companies' financial conditions. We understand to overreact would make things worse, not better as Chairman Greenspan and Chairman Pitt both admonished in testimony before our committee. So we are not going to make life even more difficult for every American company that is just trying to come out of a slump. We will ask them to provide more and better information. We will ask them to take on some more corporate responsibility, and we will support the accounting industry with a solid and effective oversight organization, while strengthening the Securities and Exchange Commission. We will ensure that the new rules for analysts are working as they are intended, to provide higher-quality information for investors. We are going to review corporate governance practices to ensure that they adequately protect shareholders and employees. We will look at the credit reporting agencies to ensure they are free of conflicts of interest and provide accurate reports. CARTA really gets to the heart of what went wrong. CEOs and other corporate insiders will have to publicly reveal in 2 days when they sell their company stock, as compared with 60 days now. It will be a crime to try to interfere with an audit. And never again will employees be locked into owning company stock while the executives are selling. Mr. Chairman, today we have the chance to offer more than just talk. Today we have a chance to take a scandal and offer a real solution. Today, Mr. Chairman, we have an opportunity to pass a bipartisan product that came out of the Committee on Financial Services. Oppose the LaFalce substitute and pass CARTA.

Mr. OXLEY. Mr. Chairman, I yield back the balance of my time.

Mr. OXLEY. Mr. Speaker, I rise in strong opposition to the motion to recommit.

Mr. OXLEY. Mr. Speaker, reclaiming my time, the first provision in the amendment which deals with removal of unfit corporate officers is more appropriately addressed in the underlying bill. CARTA, the bill before us, gives the SEC the authority to administratively bar directors and officers from serving in public companies. Under our legislation, the commission no longer would have to go to Federal Court to do this. The SEC must consider a number of factors, longstanding standards used by the courts, in order to make that determination. Our language is endorsed by the White House. CARTA also prevents corporate officers from profiting from erroneous financial statements. Our legislation was carefully crafted with the focus on bad actors. This language is also endorsed by the White House. On the issue of CEO certification, we are sympathetic to this well- intentioned legislative provision, but it is important to note that the President never requested legislation to accomplish this objective. The SEC already has the authority to require certification and is currently considering whether to do so. The SEC is in the best position to decide whether and how such a requirement would operate. It would do more harm than good to legislatively mandate what such a rule would look like, and that is exactly what we were told by Chairman Greenspan and Chairman Pitt. Proponents say this is the President's plan. The fact is, nothing could be further from the truth. Let us be clear. The President endorses the underlying legislation, the CARTA legislation. If my friends want to advance the President's agenda, they should support the underlying bill and reject the motion. Oppose the motion to recommit. Pass this CARTA legislation, this historic legislation. It is in the best interest of the investing public and the United States.

Mr. OXLEY. Mr. Chairman, I thank the gentleman from Michigan and I want to commend him for his efforts on this bill, for his fight for the integrity of America's financial markets. The gentleman is right; we need to act quickly on this important issue. We are calling on our colleagues to take this opportunity to restore transparency and accountability to the audited financial statements of America's companies.

Mr. OXLEY. Mr. Chairman, if the gentleman will continue to yield, that is correct. We are giving the SEC the tools to oversee this new PRO, but it is going to be funded by the private sector.

Mr. OXLEY. That is correct. Under the legislation, the SEC or the PRO could consult or contract with private sector regulators and companies to get the necessary insight as well as the systems and processes to get this organization on its feet in a timely manner. I am confident the SEC and the PRO will take such measures as necessary to move with all deliberate speed.

Mr. OXLEY. Mr. Chairman, I yield 3 minutes to the gentlewoman from New York (Mrs. Kelly), the chair of the Subcommittee on Oversight and Investigations.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I ask unanimous consent that the Committee on Financial Services be permitted to file a supplemental report on H.R. 3764.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I ask unanimous consent that in the engrossment of the bill, H.R. 3763, the Clerk be authorized to correct section numbers, punctuation, and cross references and to make such other technical and conforming changes as may be necessary to reflect the actions of the House.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days to revise and extend their remarks and include extraneous material on H.R. 3763, the bill just passed.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I rise today in strong support of H.R. 3762. This important legislation makes significant improvements in protecting the retirement accounts of America's working men and women. H.R. 3762 takes a sensible approach in ensuring that employees have the best access to their retirement accounts possible, and are able to make informed investment decisions in those accounts. In particular, I'd like to congratulate the sponsors of this legislation for a provision in the bill dealing with restricting insiders from selling their shares during periods when their employees don't have the same freedom. When the facts of the Enron bankruptcy became known, all of us were horrified to learn that at the same time Enron's hard working employees were helplessly watching their retirement dreams disappear, Enron insiders were reaping millions of dollars in profits from selling their shares. No employee should be forced to sit idly by while his or her retirement account plummets. Although it is understood that at times these accounts must be serviced in such a way that there must be temporary restrictions on transactions, it is only fair that corporate insiders face these same restrictions when these lockdowns happen by surprise. H.R. 3762 is primarily about giving employees greater freedom in preparing for their retirement. When this freedom is unexpectedly taken away, corporate officers and directors have a duty, indeed a moral obligation, to share that burden. H.R. 3762's provisions on retirement account lockdowns are a sensible way to ensure that insiders are held accountable. Mr. Chairman, section 108 of the bill contains language which falls within the jurisdiction of the Committee on Financial Services. Our own legislation, H.R. 3763, contains similar language. I am including for the record an exchange of letters between myself and the other gentleman from Ohio, Mr. Boehner, indicating that we have no objection to the consideration of this language in this bill. I congratulate Chairman Boehner, Chairman Thomas, Mr. Portman, and all the Members who have worked so hard to protect America's workers. I strongly urge my colleagues to vote for these much needed reforms, and I thank the Leadership for bringing H.R. 3762 to the floor today. House of Representatives, Committee on Financial Services, Washington, DC, April 9, 2002. Hon. John Boehner, Chairman, Committee on Education and the Workforce, Rayburn House Office Building, Washington, DC. Dear Chairman Boehner: I am writing regarding H.R. 3762, the Pension Security Act of 2002. As you know, section 107 of the bill reported by your Committee contains a provision addressing the sale of stock by the directors and officers of public companies during 401(k) blackout periods. Clause 1(g) of rule X of the Rules of the House of Representatives grants the Committee on Financial Services jurisdiction over securities and exchanges and the Committee was given an additional referral of this bill upon its introduction. Because of your willingness to consult with the Committee on Financial Services on this matter, and the need to move this legislation expeditiously, I will waive consideration of the bill by the Financial Services Committee. By agreeing to waive its consideration of the bill, the Financial Services Committee does not waive its jurisdiction over H.R. 3762. In addition, the Committee on Financial Services reserves its authority to seek conferees on any provisions of the bill that are within the Financial Services Committee's jurisdiction during any House-Senate conference that may be convened on this legislation. I ask your commitment to support any request by the Committee on Financial Services for conferees on H.R. 3762 or related legislation. I request that you include this letter and your response in the portion of the Congressional Record pertaining to consideration of this legislation. Thank you for your assistance in this matter. Sincerely, Michael G. Oxley, Chairman.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, the legislation the House considers today represents the Financial Services Committee's continuing efforts to modernize America's laws so that they promote economic growth and the free market. Today's legislation is but one of many needed reforms to ensure that outdated thinking doesn't stifle the competitive forces of markets, and the changes made by H.R. 1009 are long overdue. Under current law, small businesses are the only entities which must leave their capital lying idle in non-interest bearing accounts. The Business Checking Freedom Act of 2002 corrects this problem. This change is simply common sense, which is why a similar measure sponsored by Representative Kelly was passed by this body over a year ago. Unfortunately, as has been the case with so many important reforms passed by the House this Congress, the other body has refused to take up Representative Kelly's bill for consideration. While the other body waits, millions of small businesses across America are denied the opportunity to earn interest, which they could put towards hiring more workers and improving their operations. H.R. 1009 is an important reform that will have tangible effects on our economy. That's why the President included these reforms in his plan for revitalizing small business and entrepreneurship. It is also why Federal Reserve Chairman Alan Greenspan supports this bill. By passing this legislation today the House will continue to demonstrate its leadership in improving our laws to reflect the realities of the 21st century. Mr. Speaker, it is time for the other body to follow our lead. I thank Representative Toomey for his outstanding leadership in this area. His efforts will help small businessmen and women across America, and as Chairman of the Financial Services Committee I am grateful. I urge all of my colleagues to support H.R. 1009.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I rise in strong support of this measure and encourage my colleagues to join me in voting in favor of extending the authorization of the Export-Import for an additional thirty days while the details of the full authorization are finalized. The Financial Service Committee has been working diligently to bring this authorization to completion, however; the events of September 11 and the anthrax contamination on Capitol Hill have delayed the process considerably. The full reauthorization makes several strong improvements to the Ex-Im charter, which will enable it to deliver more U.S. goods to foreign customers. We are currently in negotiations with the Department of the Treasury to finalize some technical concerns with the full reauthorization and expect to have resolution of these issues soon. This thirty day extension of Ex-Im's authorization will enable the Bank to continue its important work of encouraging U.S. exports overseas and promoting U.S. jobs. Ex-Im plays a key role in leveling the playing field between U.S. and foreign based exporters. Without the activities of Ex-Im, U.S. exporters would be at a distinct disadvantage against foreign exporters who receive subsidies from their foreign export credit agencies. With the help of Ex-Im loans, insurance and guarantees, U.S. exporters can counter export credits offered to foreign competitors and reach critical overseas markets. Ex-Im helps increase the number of U.S. exports, it encourages trade and it helps sustain U.S. jobs. Without this extension, Ex-Im will have to wind up its current outstanding business and will not be able to make any new commitments for the export of U.S. manufactured goods. This will have a negative effect on jobs and will inhibit our economic recovery at a time when we are working to emerge from a period of high unemployment and low growth. Passage of this measure is critical to the U.S. economy, to U.S. workers and to U.S. manufacturers. In a perfect marketplace there would be no need for export credit agencies, however; the realities of today's international trading system demand that Ex-Im operate aggressively to support the sale of U.S. products abroad. Every major actor in international trade utilizes an export credit agency similar to the Ex-Im Bank to promote its trade initiatives. Ex-Im keeps U.S. exporters competitive, without it foreign manufacturers would be able to enter important emerging markets without any competition from U.S. business. Mr. Speaker, by opening foreign markets to U.S. products, the U.S. economy improves and more American workers have good paying manufacturing jobs. I encourage all Members to vote in favor of this 30 day extension, which will help maintain U.S. based jobs and drive our economic recovery.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, the problem of counterfeiting of currency is serious and getting worse in a number of places throughout the world. Terrorists, rebels and drug traders seek more money with which to ply their deadly trades. Some seek to destabilize economies or governments, or merely to get something for nothing. And with the rapidly improving computer technology--scanners, color printers and powerful PC's available very inexpensively--it isn't even necessary anymore for counterfeiters to know how to run a complicated printing press. Recognizing this trend, the Committee on Financial Services, and then the House last fall, included two items aimed at strengthening anti- counterfeiting efforts around the world as part of the anti-money laundering portion of the USA PATRIOT Act, the first major Congressional reaction to the terror attacks of September 11. One of the pieces of legislative language was aimed at helping our Secret Service, the government's anti-counterfeiting agency, help arrest and more severely punish people who counterfeit U.S. currency, or people who counterfeit foreign currency while on U.S. soil. The other sought to allow the Treasury Department's currency printing arm, the Bureau of Engraving and Printing, to print currency for foreign governments on request. One of the two provisions survived conference with the other body, Mr. Speaker, and the Secret Service has been using those authorities aggressively to pursue and incarcerate counterfeiters in this country and, in some cases, to assist foreign governments in tracking down those who would counterfeit U.S. currency overseas. We are here today to again pass the other provision, Mr. Speaker, and I urge strong support for this bill both here and in the other chamber. I should note that the House has passed this legislation now three times--this will be the fourth--but that for reasons of timing as much as anything else the Senate has not yet acted on the bill. I hope that by sending H.R. 2509 across the Rotunda early enough in this legislative session there will be adequate time for them to act, and that there will be a renewed appetite to pass this bill that manifestly helps the United States, as well as those whose currency we may end up printing in a more secure fashion. Mr. Speaker, counterfeiters are clever and determined, because the payoff if they are successful is so great. Imagine the level of profit in a country in, say, South America, with a standard of living much lower than ours, if one can produce high-denomination banknotes for a few pennies' worth of materials. Many countries simply lack the printing capability, or the research- and-development skills, to design and produce currency that is difficult to counterfeit even at a time they most need a strong currency. Mr. Speaker, passage of this bill will allow, if a set of very carefully defined conditions are met, countries to ask the BEP to print their currency. The bill stipulates that there be no cost to U.S. taxpayers, no interference with the production of U.S. banknotes and that such work be in harmony with U.S. foreign policy goals. Passage of H.R. 2509 would create benefits to the United States beyond strengthening the currency and economies of our friends, although the value of that should not be underestimated. The sheer number of banknotes printed for the U.S. economy is so great that security features used in each note must be foolproof and uniform. However, gaining the expertise to produce those features in high volumes is often a long, tedious process. Printing the much smaller volumes of currency for smaller countries would allow our top-notch printers and engravers to work with cutting-edge techniques that, as Mr. Baker of Louisiana points out, may someday end up in use in our own money. This is important because the Secret Service and the Bureau of Engraving have told Congress that it will be necessary to redesign U.S. banknotes regularly every six or seven years from here on out to keep them secure. Indeed, while the first redesign of U.S. currency since the 1920s began in 1996, the next new series is expected to be issued starting next year. Mr. Speaker, H.R. 2509 would, if enacted, have an added advantage: if counterfeiting of world currencies becomes too difficult, it will be more difficult for counterfeiters to fund their lethal schemes. That, in turn, means not only fewer attacks on the integrity of foreign currency but, as the Secret Service notes, fewer attacks on the integrity of U.S. currency as well. Mr. Speaker, the United States Secret Service does a terrific job of policing counterfeiting of U.S. banknotes--so good that although we should really pay more attention to the money in our pocket, few if any of us actually examine it for fakes, because we know there aren't going to be any. Passing this legislation and allowing the Treasury Department and the Department of State to work with other countries to move their own currencies in the direction of similar security--all at no cost to the taxpayer--seems to me to be such an easy call that I cannot imagine any serious opposition. I urge immediate passage of this legislation.

Mr. OXLEY

Mr. OXLEY. Mr. Chairman, we have all witnessed the amazing growth of the Internet as it has become embedded in the U.S. economy in what seems like just a few short years. Businesses, schools, and home users are demanding faster, more dependable service. It is important for our economy and international competitiveness that the best quality Internet service be made available to the widest audience as soon as possible. By reducing unnecessary regulatory burdens, Congress can promote the kind of competition that will increase the availability and affordability of high-speed Internet access. For all of the advantages of advanced communications, however, there is a dark side. Terrorists and criminals can use the Internet and cell phones to communicate confidentially. Our law enforcement has been scrambling to keep up with the advanced technologies that the bad guys are using. CALEA--The Communications Assistance to Law Enforcement Act--was passed in 1994 to make sure that the FBI and local police have the technical ability to conduct legal electronic surveillance to protect our society. It has disturbed me that full compliance with CALEA has been painfully slow in coming. The original version of H.R. 1542 could have further clouded the compliance issue by calling the Federal Communications Commission's ability to implement CALEA into question. I was prepared to offer an amendment making it clear that the bill would not jeopardize CALEA. The Buyer-Towns amendment does address this concern. I believe that, in light of the events of September 11, it is imperative that CALEA be revisited. The compensation system has been a long-standing source of contention. Delivery and interface methods would benefit from greater specification. It should be clarified that CALEA applied to new telecommunications technologies. I want to encourage the telecommunications industry, the FBI, and interested parties to resolve these issues and am prepared to advocate needed legislative changes. The spread of broadband, as envisioned by H.R. 1542, will do much good for our society. But like previous technologies, we also need to make sure that our society is equipped to thwart those who would use it for the wrong purposes.

Mr. OXLEY

Mr. OXLEY. Mr. Chairman, I thank the gentleman for yielding me this time, and let me first pay tribute to my good friend and colleague from the Buckeye State, the gentleman from Ohio (Mr. Ney). He has done this body enormous service in his chairmanship and his leadership on this important issue of campaign finance reform. Let us make no mistake about where we are today. A vote for the Ney substitute is really a vote about campaign finance reform. It addresses the real issues underlying what we are here for today, and I want to pay particular tribute to him. He has been steadfast and consistent, unlike the sponsors of the original bill that was introduced, which has changed so many times I cannot keep track of it. But I wish to say to the gentleman from Ohio (Mr. Ney) and to the gentleman from Maryland (Mr. Wynn) that they have remained consistent throughout. I have been concerned that our approach to campaign finance reform, driven by, I think, some well-meaning reformers and also some folks that may have a special interest, that we are punishing the political parties in our attempt to clean up the system. The political parties are really the essence of our system here. Nothing in the Constitution talks about political parties. Political parties developed as part of our democracy, and they have been a critical part of our democracy. Why would we want to take power, influence, and ability away from a political party and give it to special interests or to the media? I just do not understand that. Why would we want to say to the Republican Party in Ohio that they cannot have the ability to go out and recruit candidates and talk to voters and send out mailings and, yes, give contributions to candidates who proudly wear their party label? I thought that was what political parties were all about. Under this legislation, under the underlying legislation, the Shays- Meehan bill, we treat political parties like they are another special interest. Just the contrary. Our political parties represent the ideals that we both share as Republicans and Democrats. If the Republican Party in Ohio thought it was important enough that I get reelected, why should they not be able to contribute any amount of money they want to my campaign? After all, their job is to recruit and find candidates to fill public offices. That is what they do. So we are going to say to them, oh, this is terrible, you cannot take soft money, you cannot be involved in contributing to candidates' races because you would be unduly influencing the donees. I am sorry, but I just do not accept that. I also do not accept the fact that we are going to give the media total control of the airwaves and the newspapers the ability to influence voters when, in fact, other groups who have maybe the same first amendment rights, I would like to think have the same first amendment rights, are going to be constricted in what they are able to spend and what they are able to say. So the media says to us, you need to clean up the system. Oh, by the way, we want to make sure that we get top dollar for our ads that we run during the political season, but at the same time we want to be able to control the discourse. So the first amendment applies to the newspapers, it applies to The New York Times, it applies to the networks, but it does not apply to political discourse by organized groups. What a shame that is. Let us support the Ney substitute and get on with the business.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, it is my honor today to salute a good American, Donald Goulet, at the close of his 30-year career as a U.S. Customs Inspector and an FBI Agent. Don's distinguished service to his nation began in 1966, when he joined the United States Marine Corps. Although as a college student he was exempt from military service, his patriotism and love of country led him to this service. In Vietnam, Don earned the National Defense Service Medal, the Vietnam Service Medal with One Star, two Purple Hearts, and numerous other citations and decorations. Honorably discharged in 1967, Don returned to the University of Maine to continue his educational career, graduating in 1972. Don joined the Customs Service shortly after his graduation, first serving as an inspector at the border crossing in St. Aurelie, Maine. Over the next decade, he worked at various Customs checkpoints, including a two-year stint in Montreal, Quebec. In 1982, Don was selected for FBI service and attended the FBI Academy in Quantico, Virginia. After assignment in Boston, Muncie, and New York City, he returned to Maine and worked in the Bangor office for much of the 1990s. Don's last assignment, a three-year tour in Boston, ends this month. A devoted public servant, Don is even more dedicated to his family. He and his wife of thirty-two years, Donna, are the proud parents of Karen, Keith, and Kristen. An avid hunter and fisherman, Don will have plenty to keep him busy in retirement. He especially enjoys cheering on the Red Sox, the Bruins, and Super Bowl champions New England Patriots. As a former FBI agent myself, it is my honor to recognize Don Goulet for his selfless service to the Bureau and to our nation. He is rightly proud of his years of service as a Marine, a Customs Inspector, and an FBI agent. I am honored to join his family, friends, and colleagues in thanking him for his dedication and saluting his distinguished career.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, during today's rollcall votes on S. 1888, H. Con. Res. 312, H.J. Res. 82, and ordering the previous question on H. Res. 342, I was in Ohio attending the funeral of a family member. Had I been present, I would have voted in favor of each of these measures.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, today I rise to commemorate the life, community service, and family devotion of Jesse Faye Fields, the mother of my good friend and former congressional colleague, Jack Fields, Jr. Mrs. Fields recently passed away at the age of 76. With her late husband, Mrs. Fields owned and operated Rosewood Funeral Homes and Cemeteries in Humble, TX, for several decades. Together they built the business into one of the most successful cemeteries in the area. They had a special ability to comfort and console others in their time of need. Mrs. Fields was a true child of Texas. She was born in Pearsall, TX, and graduated from Aldine High School. The eldest child in her family, she helped raise her siblings after her father died when she was 9. Nothing in her life was more important to her than her family. An example of her loving spirit can be found in her custom of cooking dinner for her family and other relatives after church each Sunday. Mrs. Fields touched numerous lives through Rosewood. But she touched even more as a respected citizen of the community, church attendee, and as a family beacon. Her love and steady direction served as an inspiration to her children, and with Jack, made her the mother of an esteemed U.S. Congressman. Jesse Faye Fields will be remembered as a devoted wife, loving mother, and cherished citizen of her community.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I was absent from the House floor during Thursday's rollcall vote on S. 1762, amending the Higher Education Act with respect to student loan interest rates. Had I been present, I would have voted in favor of this measure.