Ed Perlmutter

Mr. PERLMUTTER

Mr. PERLMUTTER. Mr. Speaker, how much time does each side have?

Mr. PERLMUTTER. Mr. Speaker, I continue to reserve the balance of my time.

Mr. PERLMUTTER. I yield the gentleman 1 additional minute.

Mr. PERLMUTTER. Mr. Speaker, I yield 4 minutes to my friend from Florida, a member of the Financial Services Committee, Mr. Klein.

Mr. PERLMUTTER. I yield myself as much time as I may consume. As much as I enjoy listening to my friend from California, I'm afraid that I would have to say, Mr. Speaker, he hasn't read much of this bill. And the reason I would say that is that under the proposal the Republicans presented to us in Financial Services, they were going to allow this thing to linger through a chapter 11. If there was a failed banking institution, it would linger, as opposed to the proposal by the Democrats which says, and which is the bill before us, a financial company that comes within the coverage of this title for resolution shall be placed in liquidation, period. It's over. It's done. Number one. Number two, with respect to this comment or his comments and general comments about job creation and the debacle that occurred last fall, it came under the watch of President Bush, who has the worst track record for job creation of any President since the job creation records have been taken. Also, we've lost trillions of dollars because of the types of casino-like approaches that were taken in and on Wall Street and other places that cost millions of investors thousands and thousands of dollars each and cost so many jobs. I would like to now yield 4\1/2\ minutes to my friend from Kansas (Mr. Moore).

Mr. PERLMUTTER. Mr. Speaker, I yield myself such time as I may consume. House Resolution 956 provides for general debate on the bill, H.R. 4173, the Wall Street Reform and Consumer Protection Act of 2009. It provides 3 hours of general debate, which will be evenly divided between the chairmen and ranking members of the various committees of jurisdiction. It self-executes an amendment to resolve jurisdictional concerns among the committees of jurisdiction of this bill. The amendment also includes the text of H.R. 1728, regarding predatory lending, which the House passed earlier this year overwhelmingly. It also makes certain revisions to the bill to ensure it complies with pay-as-you-go rules. Mr. Speaker, for more than a year, the Financial Services Committee, of which I am a member, has held hearings and conducted a thorough oversight into the causes of last year's financial meltdown which caused our current economic troubles. After exhaustive work, the House now has before it a comprehensive package of reforms to address the numerous failures that led to the near collapse of our financial system last year. The banking system is our Nation's circulatory system for our economy; and last year that circulatory system had a heart attack. We cannot and will not let the banking system fail, which is why this House had to take bold action last year to stabilize it. However, now we must turn and look to the causes at the root of the meltdown and make targeted reforms and repairs to address the inefficiencies and failures we found in the system. The legislation before us is the most significant reform to our financial system since the New Deal of the 1930s. The bill creates a Financial Stability Oversight Council to monitor systemically significant institutions, counter-parties and potential threats to the financial system. This ensures that there is no place to hide by closing loopholes, improving consolidated supervision, and establishing robust regulatory oversights. We provide for the orderly wind-down of failing firms that are systemically significant, ending the notion of ``too big to fail.'' By dissolving these firms, we end them. We kill them. We put them out of their misery, so we say ``no'' to any more taxpayer bailouts. This legislation also makes robust consumer protection repair and reform. It puts the regulation of consumer protection on a level playing field with the regulation of safety and soundness of our financial institutions. It creates an independent agency focused solely on writing meaningful consumer protection standards and keeping watch over predatory practices that some lenders have shown a propensity to pursue. Additionally, we increase transparency and accountability by establishing a regulatory system for the over-the-counter derivative market. Now most derivative trades will be done on exchanges or through clearinghouses. Again, we have made sure that there is no place to hide. Other important pieces of this legislation include the registration of hedge funds and the doubling of SEC funding to hire more experts and investigators. Investor protection is substantially strengthened. A Federal insurance office is created to gather information, mitigate systemic risk and provide for insurance expertise to the Federal Government. In this legislation, we have also included two very important measures which passed the House earlier this year. First, is the say- on-pay, and the second is on mortgage reform aimed at curbing the abusive and predatory practices that led to the subprime lending problems. This legislation is critical to protect taxpayers and consumers by reining in the abuses of Wall Street, while enabling a balanced environment for the financial markets to grow and stabilize our economy. These changes are essential to rebuilding Main Street and getting credit flowing to small businesses, creating jobs, and rebuilding our economy. I'm proud to stand here with my colleagues today while we consider this important set of reforms. We cannot afford another collapse as we had last fall. It cost this Nation trillions of dollars and millions of jobs, and is no longer acceptable. We need to repair and restore the system so that confidence is restored by the American public and people around world. We make these necessary reforms that establish robust regulatory oversight. This bill is another step toward economic recovery, and I urge its adoption. I reserve the balance of my time.

Mr. PERLMUTTER

Mr. PERLMUTTER. Mr. Speaker, I demand a recorded vote.

Mr. PERLMUTTER

Mr. PERLMUTTER. I yield back the balance of my time.

Mr. PERLMUTTER. I thank my friend from Nebraska. And yes, I entirely agree with him. According to the most recent U.S. Fire Administration fire department census, my own State of Colorado has 323 fire departments. Of those, 35 are career departments, 165 are volunteer departments, and 123 are combination. Each has it own needs, faces its own threats, and relies on different funding streams. The recent downturn in the economy has hurt fire departments all across the country. So, of course, the task force established in this amendment should reflect the differences among the three types of departments and the challenges that they face. As written, my amendment would include on the task force ``representatives of national organizations representing firefighters and fire chiefs.'' It is a reasonable implication that volunteer firefighters are included on the task force, and I will work with the gentleman to ensure that this is the case. Although needs of each fire department are unique, I do feel there are several areas of general agreement among them, which is precisely why I propose to establish this task force. As I said, I agree with the gentleman and his concerns.

Mr. PERLMUTTER. Again, I agree with my friend. First, I'd like to note this survey is an undertaking which I intend to do similarly to the U.S. Fire Administration's periodic census, which determines the number of fire departments in the Nation, as well as the number of firefighters. The census is done by mail, and I would expect this survey to be done similarly or even electronically to save on costs. To the specific point about funding, I believe FIRE and SAFER funds are best used going to fire departments. I also believe the U.S. Fire Administration is cash-strapped. This year's Homeland Security Appropriations Act funded it at $45.6 billion. If I were an appropriator, I would have doubled that figure. To avoid funding this provision through the grants themselves or the USFA, I have an additional authorization of appropriation from outside those funds. I wish to continue to work with the gentleman to perfect and clarify this intent. I thank the gentleman from Nebraska and give him notice now to be aware of my Colorado Buffaloes next week. We aren't going to a bowl game this year, but our bowl game is against the University of Nebraska--and we will win.

Mr. PERLMUTTER. Mr. Chair, I have an amendment at the desk that was made in order under the rule.

Mr. PERLMUTTER. I want to start by thanking my friend, Bart Gordon; David Wu; Ranking Member Ralph Hall; Harry Mitchell; and my friend, Adrian Smith, for their leadership on this bill. They have put together a strong bill which every Member should feel proud of supporting when they speak to their local firefighters. Members should be proud this legislation gives those local firefighters the resources they need to best keep their communities safe and secure. Members should be proud that the training, protective equipment, and personnel this bill provides could potentially save the lives of those very firefighters. My amendment will, I believe, make this bill even better. Every year, roughly 100 firefighters die in the line duty. This is a tragedy, and each one of those brave men and women is a hero for their sacrifice. But we think some of these deaths were preventable, so we must act. Studies have shown that all too often a contributing factor in their deaths was failure to comply with national voluntary consensus standards. These national voluntary standards are developed over years of collaboration and debate within the National Fire Protection Association, which I will call the NFPA. As the independent experts on fire policy, the NFPA has developed these standards for over a hundred years to keep communities and the firefighters who protect them safe, yet the Federal Government does not have a thorough understanding of how fire departments follow various NFPA standards. We in the Congress dedicate a great deal of time and resources to help our fire departments, but we cannot gauge our overall effectiveness without knowing where we are successful and where we fall short. My amendment authorizes the U.S. Fire Administration to conduct a first-of-its-kind survey of our Nation's fire departments to measure how well they are adhering to these safety standards. Once the study is complete, a task force of industry stakeholders will make recommendations to Congress on the methods to increase compliance. Especially in the post 9/11 world, where firefighters play a vital role in our homeland security, a stronger emergency response capability means a weakened threat of terrorist attack. I should add that this amendment is nearly identical to my bill, the Firefighter Fatality Reduction Act. That bill has broad, bipartisan support of 31 Members from rural, urban, and suburban districts. It is supported by the International Association of Firefighters, the International Association of Fire Chiefs, and the National Fire Protection Association. This amendment is simple. These safety standards can save firefighters' lives. Let us study how well our fire services are using these standards and bring in an industry task force to think creatively about ways to boost compliance. It's good for our firefighters, it's good for our local communities, and it's good for homeland security. With that, I reserve the balance of my time.

Mr. PERLMUTTER. Yes.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to honor and applaud Kathleen Allen for her outstanding service to our community. Kathleen Allen is an incredible tri-athlete who has overcome a severe injury to again compete in her sport and win. Kathleen's work with Girls on the Run furthers women's issues by ``educating and preparing girls for a lifetime of self respect and healthy living.'' The dedication demonstrated by Kathleen Allen directly benefits her community, and is exemplary of high personal and professional standards. Kathleen has spent countless hours volunteering with JeffCo Parents Focus on School Nutrition, a group which lobbies for improved school nutrition. In addition, Kathleen has volunteered abroad, spending time in Tanzania bringing technology to hospitals and schools in that country. I extend my deepest congratulations once again to Kathleen Allen for her recognition by the West Chamber of Jefferson County. I have no doubt she will exhibit the same dedication and character in all her future accomplishments.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to honor and applaud Angela D'Aurio for her outstanding service to our community. Angela D'Aurio has served Jefferson County for many years as a politically active citizen. She has managed several local campaigns, and is active in many civic organizations. Angela D'Aurio is also a supporter of the area Kiwanis Denver West Soccer Club. The dedication demonstrated by Angela D'Aurio directly benefits her community, and is exemplary of her high personal and professional standards. She serves as a leader who inspires those around her to continually strive for a safer environment for America's children through her work protecting children from internet predators. I extend my deepest congratulations once again to Angela D'Aurio for her recognition by the West Chamber of Jefferson County. I have no doubt she will exhibit the same dedication and character in all her future accomplishments.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to honor and applaud Ann Evans for her outstanding service to our community. Ann Evans exhibits a rare combination of drive, leadership, compassion and generosity. She is a nursing professional with extensive experience in both classroom and hospital settings and is committed to ensuring safe, high quality delivery of care in our community. Ann Evans has worked hard to improve patient care at Lutheran by incorporating a cultural belief model as a foundation for improving patient satisfaction. She has been recognized professionally for her efforts by the American Heart Association and is a fellow of both the American Heart Association and the American Academy of Nursing. In her dedication to furthering women's issues, Ann introduced a program called Inspire to Jefferson County which focuses on non- traditional approaches which encourage women to practice self care and preventative care. She also introduced the Daisy award, a monthly patient-nominated award for exceptional nurses, and provided the lead gift to the Friends of Nursing Fund dedicated to the advancement of nursing excellence in the community. In addition to her work in healthcare, Ann Evans serves as Board secretary/treasurer of The Cloud Foundation, a group which focuses on the preservation of wild horses on public lands. She served on the Jefferson County Symphony Board of Directors, has been appointed to the Colorado Center for Nursing Excellence and the Daisy Foundation's Board of Directors, and has served on the Board and as President of the American Association of Critical Care Nurses. I extend my deepest congratulations once again to Ann Evans for her recognition by the West Chamber of Jefferson County. I have no doubt she will exhibit the same dedication and character in all her future accomplishments.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to recognize and applaud Adele O'Toole for her outstanding service to our community. Adele O'Toole has lived in Jefferson County Colorado for 20 years, and during that time has been very active in PTA, co-founded a local book club, served as a Cub Scout den mother, Girl Scout leader, and a frequent volunteer at her children's school events. She sponsored a team for the Relay for Life event in Wheat Ridge, and frequently participates in Race for the Cure. The dedication demonstrated by Adele O'Toole directly benefits her community. Not only does she run a multimillion dollar business, O'Tooles Garden Centers but finds time to serve her community. In her service to the area homeless Adele O'Toole frequently organized Thanksgiving and Easter Basket drives for the homeless and regularly prepares meals for families who stay at the JeffCo Action Center's shelter. I extend my deepest congratulations once again to Adele O'Toole for her recognition by the West Chamber of Jefferson County. I have no doubt she will exhibit the same dedication and character in all her future accomplishments.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to honor and applaud Dr. Wanda Bedinghaus for her outstanding service to our community. The dedication demonstrated by Dr. Wanda Bedinghaus directly benefits her community in countless ways. A Jefferson County resident since 1992, Dr. Bedinghaus has made significant efforts to improve the health of individuals in the community. She founded and served as senior minister of Lakewood Unity Church, a center for creative spirituality, as well as Harmonia Center for Healing and co-founded Healing Unleashed. A pediatrician by training, Dr. Bedinghaus was recently made an assistant professor of pediatrics at the University of Colorado's Health Science Center, Department of Pediatrics. She works steadfastly to transform our current medical system into a true system of prevention and wellness. Currently, Dr. Bedinghaus is studying clinical nutrition in order to better serve the health needs of Jefferson County residents. In addition, Dr. Bedinghaus is bringing wellness workshops to area businesses, helping improve the health of their employees. I extend my deepest congratulations once again to Dr. Wanda Bedinghaus for her recognition by the West Chamber of Jefferson County. I have no doubt she will exhibit the same dedication and character in all her future accomplishments.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to honor and applaud Sergeant Jo Ann Rzeppa for her outstanding service to our community. Sergeant Rzeppa's career in the field of law enforcement began over 30 years ago, in what was then a male-dominated profession. She earned respect among her co-workers while serving as a patrol officer, in under-cover narcotics, and as a detective. She is a symbol of the Arvada Police Department's desire to maintain a strong relationship with area schools by serving as the sergeant in charge of School Resource Officers for Arvada schools. Sergeant Rzeppa's participation in the after school club ``Police Pals'' allows her to provide an excellent example for young women interested in pursuing careers in law-enforcement. The dedication demonstrated by Sergeant Jo Ann Rzeppa directly benefits her community, and is exemplary of her high personal and professional standards. Those who know Sergeant Jo Ann Rzeppa personally comment on her passion for living, enthusiasm for her work, and confident, friendly manner. I extend my deepest congratulations once again to Sergeant Jo Ann Rzeppa for her recognition by the West Chamber of Jefferson County. I have no doubt she will exhibit the same dedication and character in all her future accomplishments.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to honor and applaud Jo Lynn Osborne for her outstanding service to our community. Jo Lynn Osborne has served as an advocate for the rights of the disabled since 1980. She began her career as a secretary at the Arc in Jefferson County where she quickly moved into program development. In 1989 she created the Mobilizing Families program, which has won national awards and has been translated into several languages. The dedication demonstrated by Jo Lynn Osborne directly benefits her community, and is exemplary of her high personal and professional standards. Through individualized advocacy, Jo Lynn Osborne has personally helped thousands of individuals and families achieve greater levels of independence. Today Jo Lynn Osborne is interim executive director for the Arc in Jefferson County, an active member of the Alameda West Kiwanis Club, and a strong community leader. I extend my deepest congratulations once again to Jo Lynn Osborne for her recognition by the West Chamber of Jefferson County. I have no doubt she will exhibit the same dedication and character in all her future accomplishments.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to honor and applaud Kristen Anderson for her outstanding service to our community. Kirsten Anderson is Senior Vice President and Business Banking Manager for Wells Fargo in the metropolitan area of Denver. She has worked with Wells Fargo for 22 years and has filled many positions in the company. Kirsten Anderson's dedication to her community is demonstrated by her sense of social responsibility and the many organizations she is affiliated with, including the Executive Committees of Red Rocks Community College Foundation Board and the Jefferson Economic Council. In addition, she is the 2009 Board of Directors Chair for the Jefferson Economic Council, and is an active member of the Kiwanis Club of Denver West. Kirsten Anderson's passion lies in her two daughters and is always very supportive of her daughters' success, spending countless hours cheering them on and helping to coach their teams. I extend my deepest congratulations once again to Kristen Anderson for her recognition by the West Chamber of Jefferson County. I have no doubt she will exhibit the same dedication and character in all her future accomplishments.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to honor and applaud M.L. Richardson for her outstanding service to our community. M.L. Richardson has served the Jefferson County community in numerous ways since 1994. Currently, M.L. is serving as the Director of Strategy and Sustainable Development for two area corporations. M.L. Richardson's dedication directly benefits her community with continued service to Jefferson County through countless volunteer hours spent for area organizations, serving on area Chambers of Commerce and boards including the Jefferson County School District's Bond-oversight committee, the Jefferson Economic Council, Community First Foundation, the Golden Civic Foundation and many others. Additionally, M.L. works to raise funds for area charities such as the Mother Cabrini Shrine. In the words of one of her colleagues, ``M.L. is a woman who exhibits leadership through her everyday actions and has a professional and entrepreneurial spirit that has been proven over and over through countless accomplishments.'' I extend my deepest congratulations once again to M.L. Richardson for her recognition by the West Chamber of Jefferson County. I have no doubt she will exhibit the same dedication and character in all her future accomplishments.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to honor applaud Peggy Halderman for her outstanding service to our community. The dedication demonstrated by Peggy Halderman directly benefits her community, and is exemplary of her high personal and professional standards. She started the Golden Backpack Program which currently feeds 242 children in 3 area schools by providing packs of food for the children to take home on weekends. In addition to Peggy Halderman's dedicated efforts to feed hungry local children, as a professional chef she volunteers and supervises members of the Golden Rotary Club as they provide monthly luncheons at one of the two subsidized housing complexes located in Golden. I extend my deepest congratulations once again to Peggy Halderman for her recognition by the West Chamber of Jefferson County. I have no doubt she will exhibit the same dedication and character in all her future accomplishments.

Mr. PERLMUTTER

Mr. PERLMUTTER. Mr. Speaker, I yield myself such time as I may consume. I think that my friend from North Carolina and I are going to have a lot of time on the Rules Committee to debate health care issues, so I am going to just remind her that the health care matter was never addressed by a Republican Congress and really not addressed by the President of the United States, except to create the doughnut hole for seniors. That is about the sum and substance of 12 years of Republicans in Congress and 8 years of President Bush in the White House. Now, we've had three committees debate this health care bill over time, many, many amendments, lots of discussion, lots of conversations all across America dealing with the health care bill. So we're going to see that come up here very soon and we will continue to have this kind of spirited debate. As it applies to the elections, I'm not sure if I want to remind my good friend from North Carolina that the Democrats picked up a seat in New York that they hadn't held for 154 years. So there was good news and bad news for both Democrats and Republicans in yesterday's elections. But I would remind my friend we are here on the credit card bill. This is to move up the date for the rules and regulations to go into place to December 1 to stop the sharp practices that we see occurring today, which is the increase of interest rates, the continued use of double billing cycles, and the like, which are hurting everyday Americans. And that's got to stop. Mr. Speaker, I reserve the balance of my time.

Mr. PERLMUTTER. Mr. Speaker, how much time do I have and how much time does Ms. Foxx have?