Michael Oxley

Mr. OXLEY

Mr. OXLEY. Madam Speaker, I move to suspend the rules and pass the bill (H.R. 974) to increase the number of interaccount transfers which may be made from business accounts at depository institutions, to authorize the Board of Governors of the Federal Reserve System to pay interest on reserves, and for other purposes, as amended.

Mr. OXLEY. Mr. Speaker, I yield 3 minutes to the gentleman from Pennsylvania (Mr. Toomey) who has been a leader and one of the original sponsors of this legislation. (Mr. TOOMEY asked and was given permission to revise and extend his remarks.)

Mr. OXLEY. Mr. Speaker, I am pleased to yield 2 minutes to the gentlewoman from New Jersey (Mrs. Roukema), the chairwoman of the Subcommittee on Housing and Community Opportunity. (Mrs. ROUKEMA asked and was given permission to revise and extend her remarks.)

Mr. OXLEY. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I would point out that this was a brilliant maneuver on the part of the committee. There were arguments whether it should be an extension of 3 years or 1 year, and after great deliberation and a lot of hard work we decided to compromise on 2 years. They said it could not be done, but we were able to do that; and I want to thank everybody for their participation. Mr. Speaker, I yield 2 minutes to the gentlewoman from Pennsylvania (Ms. Hart), a new member of our committee and a very valuable member.

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

Mr. OXLEY. Mr. Speaker, I yield 3 minutes to the gentleman from Alabama (Mr. Bachus), the chairman of the Subcommittee on Financial Institutions and Consumer Credit.

Mr. OXLEY. Madam Speaker, I yield myself 5 minutes, and I rise today in support of H.R. 974, the Small Business Interest Checking Act. H.R. 974 lifts the ban on the payment of interest on checking accounts, increases the number of transfers which may be made from business accounts to depository institutions, authorizes the Federal Reserve to pay interest on sterile reserves, and gives the Fed flexibility in setting reserve limits. The changes in current law made by H.R. 974 are long overdue and represent our continued efforts to update outdated laws that ultimately limit the choices of small businesses and consumers. The legislation provides that after 2 years banks will be able to offer interest-bearing checking accounts to all customers. Because of a quirk in current law, America's small businesses are the only entities that currently have little choice but to allow their money to sit idly in banks. This legislation will allow those small businesses to put their money to work. The bill will also allow banks to earn interest on the money they are required by law to hold with the Federal Reserve. Like small businesses, America's banks currently must hold money in accounts which give them no return. This has created an incentive for banks to put their money elsewhere, which in turn can damage the Federal Reserve's ability to conduct monetary policy. The Federal Reserve supports us in this long-overdue change. The bill will also give the Federal Reserve flexibility in setting reserve requirements, so that the market can respond to changing economic conditions. The amendment will allow certain depository institutions to offer NOW accounts to all of their customers and clarify that certain transactions in connection with real estate escrow accounts are not to be treated as ``interest'' for any purpose under the legislation that we are considering. The only difference between H.R. 974 that we consider today and the reported bill is an amendment requested by the Fed that describes the types of depository institutions which will be able to offer business NOW accounts. Madam Speaker, I thank the gentlewoman from New York Mrs. Kelly) and the gentleman from Pennsylvania Mr. Toomey) for their leadership that they have shown on this issue. I also thank the gentleman from New York Mr. LaFalce), the ranking member, for his cooperation in moving this important bill. Madam Speaker, the legislation we consider today advances the work begun by Congress with the passage of the Gramm-Leach-Bliley Act to make America's financial services industry more efficient, and to provide consumers with more options. Madam Speaker, I urge my colleagues to support passage of H.R. 974. Madam Speaker, I reserve the balance of my time.

Mr. OXLEY. Madam Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks and to include extraneous material on H.R. 974, the bill now under consideration.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I offer a privileged concurrent resolution (H. Con. Res. 93), and ask for its immediate consideration.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I ask unanimous consent that the Committee on Financial Services be permitted to file the report to accompany H.R. 1088 no later than midnight, Tuesday, April 17, 2001.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, let me first begin by thanking the gentleman from Ohio (Mr. Ney), my good friend and colleague, for a virtuoso performance on this. I think probably, at least certainly in my almost 20 years in the House, this is the first time I can remember that we have had such a great working relationship between the gentleman from Ohio (Mr. Ney), chairman of the Committee on House Administration, and the gentleman from Maryland (Mr. Hoyer), my good friend, to put this package together that satisfied just about everybody in what we wanted to try to accomplish in the way of committee funding. From the hearings, where I had an opportunity to participate, along with the gentleman from New York (Mr. LaFalce), the ranking member on the Subcommittee on Financial Institutions and Consumer Credit, to the efforts to make certain that not only were the chairmen but the ranking members satisfied with the numbers, has brought us today on the floor and on the verge of passing this legislation by an overwhelming margin. It is in no small part due to the efforts of the gentleman from Ohio (Mr. Ney) as well as the gentleman from Maryland (Mr. Hoyer) for their dedication to the work. I suspect that not any of us got all that we had asked for, it is rare around this place that we get everything that we ask for, but I have to say that I have not talked to one Member, either chairman or ranking member, who felt that they did not get a fair shake from the Committee on House Administration, and that ultimately is what counts. Mr. Speaker, our committee, as you know, is a new committee. It is the second largest committee in the House. We have assumed enormous new responsibilities particularly dealing with the Wall Street issues of securities and exchanges, as well as insurance added on to the traditional banking issues, as well as the IMF, World Bank, and others; but we have a wide range of issues, and we needed that kind of extra staff to carry out our functions. Mr. Speaker, to show my colleagues how fair this whole process worked out to be, particularly with the two-thirds, one-third, we will receive in our committee nine new staffing slots, five of which will go to the minority. Clearly, the gentleman's efforts have borne fruit in moving this bipartisan effort and making certain that the committees were funded properly and have the opportunity to do and carry out the agendas that we have before us. I have nothing but praise for the process and particularly for the gentleman from Ohio (Mr. Ney), the chairman, and the gentleman from Maryland (Mr. Hoyer), my good friend, for what they have been able to accomplish and bring to the floor today.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks and include extraneous material on H.R. 247, the bill just passed.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I ask unanimous consent that in the engrossment of the bill, H.R. 247, 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 commend to my colleagues' attention the following article, ``Can the U.S. Live With a Sounder, Saner Stock Market?'' The author correctly points out that despite all of the recent attention on interest rates, the condition of our capital markets and the health of the U.S. economy are strongly influenced by the decisions that are made on trade policy, regulatory relief, and tax cuts. If we get those growth policies right, we will do a great service for the increasing number of Americans who are investing to improve their everyday lives and saving for their retirement. [From the Wall Street Journal, Mar. 20, 2001] Can the U.S. Live With a Sounder, Saner Stock Market? (By George Melloan) Alan Greenspan has demonstrated that he can curb ``irrational exuberance'' in the stock markets, or so the conventional wisdom goes. Today, he presumably will try to perform a more difficult feat, arresting the world-wide decline in equities that he has been widely accused of--or credited with--causing. The auguries for his success are not especially favorable. The markets weeks ago factored into prices the likelihood of a Federal Reserve rate target reduction, but that didn't prevent last week's steep slide. The concept of Mr. Greenspan as a deus ex machina who intervenes occasionally to change the course of markets is overrated. His ``irrational exuberance'' speech in December 1996 rattled investors. But that may only have been because he was remarking on something that was obvious to almost everyone: Some stocks were selling at prices far in excess of their underlying values. It certainly didn't stop the bull run, which continued another three years until its peak early last year. Probably, a series of rate-target increases in the late 1990s by the Fed acted as something of a brake on stock markets and an American economy heavily fueled by credit. But the overriding factor was that stock averages last year had reached a never- never land that even the most optimistic logic could not justify. Consumers, responding to the ``wealth effect'' of their paper riches, piled up debt. When stocks sank last year, household net worth declined for the first time since records have been kept. Quite likely, household balance sheets have deteriorated further this year. Up until last week it appeared that the Dow had stabilized at around the 10500 level, despite a slowdown in economic growth and a series of warnings of lower-than-expected earnings from major corporations. But the Nasdaq, which had reflected some of the greatest price excesses, continued its downward spiral and the Dow ultimately followed, dropping below 10000. The evaporation of liquidity caused by falling prices in one or two markets ultimately affects all markets in this age of globalization, so Europe, Japan and Southeast Asia all took big losses as well. Europe, as measured by the FTSE index, was hardest hit, with a 9% decline, compared to 7.7% in the Dow. Many investors in high-flying stocks are licking their wounds. Money runners on Wall Street have lost some of the brash self-confidence of a year ago. Brokers who for years have been assuring customers that no investment can beat equities over time have a bit less confidence in that assertion. There is a realization dawning that maybe stock values do have some link to earnings and that a stock price that might take the company 40 years to earn could be a tad high. This new sobriety is a healthy thing. The economists who have been arguing that the U.S. was developing an asset bubble, like Japan in the 1980s, have been appeased. Their concept that there is such a thing as asset inflation, fueled by liberal credit policies, has been reinforced. Yet the oversold markets pretty much have taken care of themselves, without tempting interventions by politicians, who sometimes in the past (in the 1930s, for example) have jumped in to make things worse. Investors now know that stocks go down as well as up, a useful lesson. The new sobriety befits equity markets that now have a different function from the one they had 10 or 15 years ago when they were mainly the province of the well-to-do. Today, some 60% of Americans have a beneficial ownership in stocks. Mutual funds have replaced savings accounts as the preferred investment of small savers. Private pension funds holding the retirement money of millions of Americans are heavily invested in stocks. These new, steady, sources of funding give stock markets a greater stability than before. But they also mean that stocks play a greater role in household balance sheets, and hence in the holder's perception of whether he is getting richer or poorer. It is for this reason that policy makers need to give attention to the macroeconomy that underlies corporate stocks. It suffered from great neglect during the latter stages of the Clinton administration, even as the signs of an economic slowdown mounted. The administration allowed the beginnings of a new round of trade opening negotiations in Seattle to be scuttled by organized labor, the Naderites and assorted zanies. Mr. Clinton made only a feeble and belated effort to get fast track legislation to speed new trade agreements. Thus years have been wasted in starting negotiations for new multilateral trade and investment pacts that invariably re-energize the global economy. Regulatory burdens continued to pile up. The EPA was set on automatic to crank out new restrictions that impose costs and yield either no benefits, or negative consequences. The previous administration kow-towed to ``environmentalist'' claims of a coming ``global warming'' disaster, despite a large body of scientific proof that no such trend exists. More public lands, including sites rich in oil and gas, were locked up as ``wilderness'' areas. The passage of federal tax cuts last year, when they would have come in time to stimulate a flagging economy, was blocked by President Clinton. Democrats this year are still resisting even the modest initial tax cut tranches proposed by George W. Bush, styling themselves as the new guardians of fiscal responsibility. In other words, the economy is not going to get any help soon from tax cuts. That vaunted federal surplus could vanish quite rapidly if the American economy goes into recession. The old saying, penny wise and pound foolish, applies here. Despite all these forms of neglect, the U.S. still has a powerful economic base, U.S. demand kept Asia afloat after the 1997 meltdown. It has helped revive Mexico and has given Europe a market. The discovery by Americans of the marvelous communications potential of the Internet moved computers from the purely business realm into the home as a consumer product. Information technology is for real, even if it was oversold on stock markets during the dot-com rage. Consumer confidence, as measured by a monthly University of Michigan survey, remains reasonably upbeat. Employment is high, despite prospects of some big corporate layoffs. All that has happened to the American economy so far has been a slowing of growth, not a recession. The Fed is trying to ensure adequate liquidity while at the same time tending to its fundamental job of trying to keep the dollar sound. And finally, stock markets are safer places for money than they were a year ago, which is no bad thing.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I applaud my colleagues Mr. Fossella, Mr. Baker, Mrs. Kelly, and Mrs. Maloney for introducing legislation that is vitally important to every American investor indeed, to every American business seeking access to our capital markets. It's called the Investor and Capital Markets Fee Relief Act, and it will save investors and market participants $14 billion dollars over the next ten years. Congress must take action. If nothing is done to stop the flow of investors' cash into government coffers, more than $24 billion overcharges will be collected over the next ten years. This fee Relief legislation reduces fees to a level more consistent with Congress's original intent. Fees will recover the Commission's costs of supervising the markets, but they will no longer be a burdensome tax on investors and capital formation. The bill reduces all excess SEC fees: transaction, registration, merger/tender, single stock futures, and the trust indenture fee. The fee relief bill provides a stable funding structure for the SEC by ensuring that appropriators have sufficient funds to meet the agency's funding needs. The fee relief bill also includes a pay parity provision to help the Commission attract and retain first-rate attorneys, accountants, and economists. In the post-Gramm-Leach-Bliley financial services world, SEC professionals performing the same work as their colleagues in the banking agencies should receive similar compensation. I would like to commend our colleagues in the other Body, specifically Senators Phil Gramm and Chuck Schumer, for their excellent work in moving similar legislation, S. 143, through the Senate Banking Committee. I look forward to seeing the Senate act on that legislation soon. Here in the House, I thank my numerous colleagues from both sides of the aisle who have joined Mr. Fossella as original cosponsors of this legislation and given it such strong bipartisan support right from the start. I look forward to moving this bill through the financial Services Committee expeditiously.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I am honored today to salute an exceptional citizen and good friend of mine, John E. Rudolph. John, the founder of Lima, Ohio-based Rudolph Foods Company, was recently presented with the Snack Food Association's (SFA) 2001 Circle of Honor Award. John and his wife, Mary, have transformed their small company that sold Mexican specialty snacks into the world's largest producer of pork rinds. In 1984 he was the first non-potato chip manufacturer to be elected SFA chairman. John's career path certainly exemplifies the American dream. John has been an asset not only to his business, but also our country and his community. After graduating from college he served as an artilleryman in World War II. An active member in the community; he has been president of the Lima Rotary Club, president of St. Luke's Lutheran Church, chairman of the Lima YMCA and a member of the board of directors of Lima Memorial Hospital. I would like to thank John on behalf of the people in the snack food industry, and the city of Lima for all of his service and devotion. Congratulations, John, on the fine award.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I was unavoidably detained from the House floor during last night's vote on S.J. Res. 6 (rollcall vote No. 33). Had I been present, I would have voted ``aye,'' as I did on the rule earlier in the day. OSHA's burdensome and excessively costly ergonomics regulations were not based on sound science, and were not subjected to the requisite legislative consideration. The estimated cost of compliance for their 600-page plan to regulate every nook and cranny of American workplaces ranged into the hundreds of billions of dollars. No one could even guarantee that OSHA's proposal would protect workers from injury--but we do know that businesses would have to terminate employees just to be able to afford to implement the plan. Mr. Speaker, owners of small and large businesses through the Fourth Ohio District know the vital importance of maintaining a safe and healthy workplace for their employees. Without exception, all of them have voluntarily taken steps to protect their workers--without the heavy hand of government forcing them to do so. Employers know that their productivity will suffer otherwise, as will their workers' paychecks. I am gratified that our first use of the Congressional Review Act will stop these new rules from going into effect, and look forward to President Bush's signature on this joint resolution of disapproval.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, I returned to Ohio yesterday afternoon for the funeral of former Ohio Governor James A. Rhodes, under whom I served as a member of the Ohio House of Representatives. Consequently, I was absent from the House floor during yesterday's rollcall votes on H. Con. Res. 31, H.R. 624, and H. Con. Res. 47. Had I been present, I would have voted ``yea'' on each of those bills.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, Hal Shoup, one of the key leaders in the advertising industry, a man who is both a professional colleague and good friend of mine, is retiring and moving to his mountain top home in Marshall, Virginia. Hal is not actually a native of my home state of Ohio. He spent the first few years of his life in Michigan, but spent much of his professional career as the head of one of the largest advertising agencies in Cleveland, Ohio. As president of Liggett-Stashower, he played a major part in the rejuvenation of downtown Cleveland and was involved is the social and cultural rebirth of the area. When he moved to Washington in 1989 as Executive Vice President of the AAAA's office, he brought with him the same reputation for integrity and humor that made him such a leader in Cleveland. I should add, he also brought with him the same very effective golf game. Hal has been an insightful and thoughtful industry spokesman and a highly respected representative of the advertising agency business. I would like to extend to Hal Shoup warm congratulations on his retirement.

Mr. OXLEY

Mr. OXLEY. Mr. Speaker, pursuant to clause 2(a)(2) of Rule XI of the Rules of the House of Representatives, the Committee on Financial Services reports that it adopted the following rules for the 107th Congress on February 14, 2001, and submits such rules for publication in the Congressional Record: Rules of the Committee on Financial Services 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 Chairman 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. 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, 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 Monetary Policy, Technology, and Economic Growth 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 and has been recommended by the U.S. Mint's Citizens Commemorative Coin Advisory Committee in the case of a commemorative coin. (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.

Mr. OXLEY

Mr. OXLEY. Mr. Chairman, I offer amendment No. 4.

Mr. OXLEY. Mr. Chairman, I yield myself such time as I may consume. Mr. Chairman, let me thank again the chairman of the Committee on the Judiciary, the gentleman from Wisconsin (Mr. Sensenbrenner), for his leadership on this issue, as well as my colleague, the gentleman from New York (Mr. LaFalce), and the ranking member of the Committee. Mr. Chairman, I am pleased to yield such time as he may consume to the gentleman from Alabama (Mr. Bachus).

Mr. OXLEY. Mr. Chairman, I yield myself such time as I may consume. Mr. Chairman, I again thank the chairman of the Subcommittee on Financial Institutions of the Committee on Financial Services for his good work in this area. Mr. Chairman, in summary, there were some other changes that the President's working group had requested that are not contained in this amendment, but we will hopefully reserve the right to seek those changes in conference, working very closely with all of the major players in this historic legislation.

Mr. OXLEY. I thank the gentleman for yielding. Mr. Speaker, I also rise in opposition to the motion. First let me associate myself with the remarks of the gentleman from Wisconsin, the chairman of the Committee on the Judiciary. As chairman of the Committee on Financial Services, I find some of the same concerns that the gentleman from Wisconsin has. We are again talking about people who are of legal age, 18. I thought it was interesting that the title is, issuance of credit cards to underage consumers. By whose definition are they under age? By Federal law, they can vote. By most State laws, as the gentleman from Wisconsin (Mr. Sensenbrenner) indicated, they can engage in contracts. These are, for the most part, responsible people. We are really dealing here with stereotypes that are unfortunate because many of these people are responsible and treat credit in a responsible way, and they learn from their experience. In Ohio, we had a young fellow just elected to the Ohio General Assembly just out of high school; he was 18 years old, a member of the Ohio General Assembly. Can Members imagine if he wanted to get a credit card to use, he would have to get his parents' consent. Here is a person who was duly elected by the people of Ohio to serve in the General Assembly. This is I think a well-meaning amendment, but certainly wrongly directed. I would ask that the motion be defeated.

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