Bill Posey

Mr. POSEY

Mr. POSEY. Mr. Speaker, on December 15, 2012, Palm Bay families, businesses and local community organizations will gather together to celebrate the Fourth Annual Christmas Extravaganza. This wonderful event, which will take place at the Max K. Rodes Park in West Melbourne, will provide an uplifting message of hope during this Christmas season as so many families are still facing difficult challenges. ``The House'' of Palm Bay (House of Prayer International), Brevard County Parks & Recreation and their partners have recognized the importance of providing a positive venue for residents and children to celebrate Christmas. What makes the Christmas Extravaganza so special is that there is no cost to attend--everything is free to the public. From cotton candy and hot dogs, to live music and fun activities for kids, the sponsors of this annual event have committed to serving others during this Christmas season and giving back to their community in order to make a difference in someone's life. This year, over forty local businesses and organizations have made donations of food, gift certificates, equipment, cash and goodie bags. Toys for Tots donated hundreds of books for local children while police and firemen have volunteered their time. Even ``Chagy the Clown'', a former Ringling Brothers & Barnum and Bailey Circus clown, will be in attendance. Pastor Ken Delgado of The House of Palm Bay said, ``At this time, especially at this season, when economic difficulty has been rampant, there's only a small window of opportunity to bring out the smiles in children's faces. To see the business community come together and create a venue where families can find hope and joy--it's really an example of the kind of peace and love as expressed to us through the life of Jesus Christ 2000 years ago.'' I commend all those who have given so much to make the Annual Christmas Extravaganza possible, and applaud all the communities across our great nation who have seized upon this opportunity to spread the Christmas spirit through good deeds and charitable acts.

Mr. POSEY

Mr. POSEY. I thank the gentleman for yielding. Mr. Speaker, today we take an important step to honor the lives of Harry T. Moore and his wife, Harriette Moore. These leaders in the struggle for civil rights were taken from us 61 years ago this Christmas. Harry T. and Harriette Moore propelled the struggle for justice and equality far beyond the borders of their home in Brevard County, Florida. Leaders in the modern civil rights movement, they are remembered for their dignity, compassion, and emphasis on education. They left a legacy that remains close to the hearts of community leaders and one that is sure to outlast the length of their lives that were so tragically cut short. At a young age, the Moores were dedicated teachers and educators in our local community. Harry began his first job as an elementary teacher at Monroe Elementary School in Cocoa in 1925. Two years later, he began a decade of service as a high school principal in Titusville. Then, from 1936 to 1946, he served as a principal and fifth- and sixth-grade teacher at Mims. The couple first met in Brevard County when Harry was serving as a principal in Titusville and Harriette was an elementary schoolteacher. They were married on Christmas Day in 1926, and were later blessed with two daughters. They committed the remainder of their lives to the pursuit of civil justice for African Americans. The Moores first founded the Brevard County chapter of the NAACP in 1934, which led to a statewide NAACP conference in 1941. Mr. Moore served as president of the Florida State Conference of the NAACP chapters, as well as the founder and executive director of the Progressive Voters League, as was mentioned earlier. It was through these channels that the Moores championed such issues as equality, education, and voter registration. But their steadfast adherence to equality was not without a price, as both Mr. and Mrs. Moore were fired from their teaching jobs and found it difficult to find employment. To proclaim them as pillars of the community would be an understatement. The couple celebrated their 25th wedding anniversary on Christmas Eve 1951. As they celebrated, a bomb exploded beneath their home. Mr. Moore died on his way to the hospital, and Mrs. Moore died as a result of her injuries 9 days later. The tragic murders sparked an even more resounding outcry for civil rights. Harry T. Moore has been called the first American civil rights martyr. Brevard County has honored the Moores' deep impact on the community by designating their homesite a Florida Historical Heritage Landmark, creating the Harry T. and Harriette Moore Memorial Park and Interpretive Center, and naming its Justice Center after the trailblazing couple. Additionally, the NAACP posthumously awarded Mr. Moore the Spingarn Medal for outstanding achievement by an African American. Both these fine citizens undoubtedly touched the lives of others with the dedication, integrity, persistence, compassion, and commitment each of them so courageously demonstrated. I am pleased that the U.S. House of Representatives is acting today to pass this legislation to name the U.S. Post Office in Cocoa, Florida, in honor of Harry T. and Harriette Moore. Passage of H.R. 2338 will further honor the achievements and sacrifices of the Moores, the leaders and first martyrs of our Nation's modern civil rights era. Designating the United States Post Office at 600 Florida Avenue in Cocoa as the Harry T. and Harriette Moore Post Office will commemorate the Moores' legacy in a town where Mr. Moore began his service to others. This will serve as a constant reminder to our community of the important and lasting contributions the Moores made to Cocoa and the Nation. I urge my colleagues to join me in passing this legislation.

Mr. POSEY

Mr. POSEY. I thank the gentleman for yielding. I appreciate the opportunity to join with my colleagues in recognizing Chairman Ralph Hall for his tenure and as chairman of the House Science Committee. During his service, Congressman Hall has been one to reach across the aisle and forge bipartisan coalitions to support important legislation. And no program, in my view, has benefited more from his bipartisan commitment than the United States space program. Representative Hall has been an especially strong voice for our Nation's human space flight program, which has benefited not only Texas and Florida, but has propelled our Nation on a path of unprecedented scientific and technological advancements. We can all learn a lot from our colleague. Congressman Hall leads by example, and he is well known for calling a spade a spade. His word truly is his bond, and you can always take that to the bank. Advancing our Nation's human space flight program has been a hallmark for Chairman Hall. And as we look out at America's next generation of explorers, space is their destiny. And he'll help ensure that they reach it. Ralph, there's a lot of work to do, and I'm truly honored by the opportunity to serve with you to get 'er done. I only hope and pray that when I'm 65 years old, I'll be in half as good shape or half as smart as you. God bless you, Ralph.

Mr. POSEY

Mr. POSEY. Mr. Speaker, on September 15th families and businesses across the nation will begin observing National Hispanic Heritage Month in order to recognize the many outstanding contributions to our nation that are made by Americans of Hispanic descent. One celebration taking place in the City of Palm Bay, Florida, will be the First Annual Viva Brevard festival. Al Dia Today along with local businesses, non-profit organizations, and residents of Brevard County will gather together on Saturday October 13, 2012, near the Ted Whitlock Community Center in Palm Bay Regional Park to commemorate Hispanic Heritage Month with a day full of great Latin American cuisine, culture and entertainment. Throughout Hispanic Heritage Month we also honor Hispanic Americans for their strong tradition of service in our Armed Forces. These proud patriots have fought in every war since our founding, and many have earned the Medal of Honor for their courage. Hispanic service men and women have shown their love for the United States by answering the call to serve, and we owe them and their families a tremendous debt of gratitude. Their patriotism and valor have added to the character and strength of our nation. The first Hispanic American to serve in the U.S. Congress represented Florida. Joseph Marion Hernandez was born in St. Augustine when Florida was a Spanish colony. In 1822 when Florida became a U.S. Territory, Hernandez transferred his allegiance to the United States and was elected a Delegate to the U.S. House of Representatives serving in our nation's Seventeenth Congress. He also served as a brigadier general and was the presiding officer of Florida's Territorial House of Representatives. There have been many Hispanic Americans with notable achievements in science and medicine. The first Hispanic American Astronaut, Franklin Chang-Diaz of Costa Rican descent, earned his doctorate in applied physics from MIT and flew an astounding seven Shuttle Missions. Astronaut Ellen Ochoa was the first Hispanic female in space, flying four Shuttle missions. Hispanic Americans have been awarded the Nobel Prize for Physics and Medicine, the Medal of Honor; have won the Pulitzer, Oscar and Tony Awards, achieved sports fame, and have been inducted into the Rock and Roll Hall of Fame. National Hispanic Heritage Month is an opportunity to celebrate the spirit and accomplishments of Hispanic Americans everywhere and events like the Viva Brevard festival provide an opportunity to share and experience the diversity of cultures from Latin American countries and bring us all closer together as a community.

Mr. POSEY

Mr. POSEY. Mr. Speaker, I rise to pay tribute to stock car racing legend Dumont Smith of Satellite Beach, Florida who passed away on Labor Day at the age of 81. A hard-working building contractor by trade, Dumont Smith was born near Union Cross, North Carolina, and at an early age developed a love for racing. In 1946, at just 15 years old, Dumont began his stock car racing career on the dirt oval speedways in North Carolina. He won the first race he ever entered, after starting 44th in the field with a car he built in his back yard with his cousin Jimmy Caudle. Then, after hanging around and watching High Point, North Carolina driver Fred Harb work on his car at a nearby shop, Dumont refined his car-building skills. A big part of Dumont Smith's early racing was done at Bowman Gray Stadium in Winston-Salem, NC, where he was racing fairly regularly by 1948. That year was also NASCAR's very first year of operation, and Dumont was one of its pioneer members. In fact, when Dumont surrendered his NASCAR license after coming to Florida to race on the independent tracks, it was Richard Petty who took over Dumont's registered car number 43. Dumont's racing career in Florida saw many titles and track championships as he raced for various car owners and excited fans across the state. He won the Florida State Late Model Governor's Cup in 1967 at the Golden Gate Speedway in Tampa, the Late Model Championship in 1968 and 1969 at the Palm Beach Fairgrounds Speedway in West Palm Beach and the 1969 Late Model Championships at New Smyrna Speedway in New Smyrna Beach and Treasure Coast Raceway in Fort Pierce. At the Eau Gallie Speedway in Melbourne, a local track I once owned and raced on many times, Dumont won a staggering 6 late model championships in 1962, 1963, 1964, 1966, 1968 and 1969. He was also the Platinum Coast 100 annual event winner for five years and held the track record in 1967. In all, his racing career in Florida lasted through 1976. As a building contractor, Dumont along with his brothers, Percy and Jack, plus his cousins Percy Hedgecock and Jimmy Caudle, founded Satellite Beach by developing most of the initial housing neighborhoods. Dumont actually built his first house in North Carolina in 1948 at the age of 17. Just the year before, he had met his wife-to- be, Sarah. They were married in 1949, and December of 2012 would have been their 63rd anniversary. Dumont is survived by his wife Sarah, his son Lance, his daughter Linda and three grandchildren Brandon, Amber and Grant. My favorite Dumont Smith story is from the 1966 Governor's Cup, the year before he won. Dumont was running second to Bobby Brack with just a few laps to go. Instead of driving through Bobby, running him off the track, Dumont made a bold choice--risk second place and try to pass on the outside around the turn. But the track was very slick from all the grease and leaky oil, and Dumont lost the number two position to ultimately finish fourth. One of the spectators next to me commented that it wasn't a smart move; that Dumont gave up a sure second place. I simply replied that Dumont didn't race to finish second, he came to win. And Dumont was an honorable racer. He raced to win straight-up, no dirty tricks or rough driving. That's just one of the many qualities I liked so much about Dumont and why he had so many fans.

Mr. POSEY

Mr. POSEY. Mr. Speaker, I rise today to pay tribute to an American hero, Neil Alden Armstrong whose recent passing has impacted not only family members and those who were close to him, but also a nation that will forever salute his unforgettable step onto the surface of our moon. Born August 5, 1930; Armstrong lifted off the runway for the first time at the age of two on a Ford Trimotor nicknamed ``The Tin Goose.'' As a young man, he found a passion in flying planes, becoming flight certified early in life at the age of fifteen. It is no surprise that he studied aerospace engineering at Purdue University as a member of the Naval Reserve Officer Training Corps under the Holloway Plan. After completing two years of college, Armstrong was ordered to enroll in flight training in Pensacola, Florida on the path to becoming an active duty Naval Aviator. Armstrong's resolute character and bravery reached a new pedestal after he was shot down in combat during the Korean War. He returned to Purdue University, graduated in 1955, and took an assignment to continue his Navy service at Edward's Air Force Base, where he subsequently earned a masters degree in aeronautics. Soon after, he flew as a civilian pilot for NASA's parent agency, the National Advisory Committee for Aeronautics (NACA), in Cleveland, Ohio. As a test pilot, Armstrong was exposed to innovative military aircraft, playing a central role in helping to refine and improve aeronautic technologies. Armstrong's ascension as a strong leader was inevitable as respect for his reliable character and yet humble personality was recognized within the ranks of the military and space elite. In 1958, after a successful tenure piloting aircraft as both a civilian and military airman, Armstrong was recruited into the Air Force's ``Man in Space Soonest,'' division. He piloted some of the earliest aircraft to be engineered to breach the Earth's atmosphere and outpace the speed of sound surpassing 4,000 miles per hour. This was a very exciting era in space innovation, which remains close to our hearts in Florida's Space Coast, where many residents, including myself, were fortunate enough to be employed by NASA's Apollo program in the late 1960's. Over the course of Armstrong's career as an astronaut he logged thousands of hours in preparation for space travel. Relentless in the pursuit to harvest knowledge, he became a college professor after his retirement from NASA. Armstrong's commitment to his work and his unwavering receptiveness of challenge after challenge set a precedent, hand in hand, complimenting the world-shadowing message of the American space revolution. He was not simply a man with a technical ability to fly, rather a renaissance example of humble character and passionate conviction for the advancement of humankind. Those of us who were alive on July 20, 1969, will never forget what we felt as an American space pioneer, Neil Armstrong, stepped from the lunar module and was the first human to place foot on the moon. ``That's one small step for man, one giant leap for mankind'' are a constant reminder of human achievement and American ingenuity and they serve as a constant reminder to that the seemingly impossible can be achieved. An American icon has passed after eighty-two fulfilling years. Neil Armstrong's chronicled achievements will be forever observed in history and he will never be forgotten as the father of lunar exploration. He was a wonderful human being, a true gentleman, honest, sincere, and seemingly unaffected by his many accomplishments and notoriety. He will continue to serve as a role model and an inspiration for generations to come.

Mr. POSEY

Mr. POSEY. Mr. Speaker, I rise today to congratulate the Rockledge Junior League Baseball team for winning the Junior League World Series championship at Heritage Park in Taylor, Michigan on August 18, 2012. Thirty-two years after the Junior League Baseball World Series was established in 1981, Rockledge became the tenth Florida team to bring home a championship. The team dominated across the state of Florida, with a record of 11- 0. Rockledge continued forward to defeat five state champions from Virginia, Tennessee, North Carolina, Georgia, and Alabama. They traveled for 1,158 miles and 19 hours to Michigan with a record of 16-0 as the USA Southeast regional title holder, and triumphed to become the USA bracket leader. Only team Aruba, the international title holder, was standing between the ambitions of Rockledge team members, who were led by Manager David Clanton and Coaches Tom Hall and Robbie Robedeau. The championship began with a quick 5-2 lead as Rockledge asserted its presence. Justin Robedeau, Kevin Clanton, Trevor Payne, Andrew Parrish, Mason Studstill, Blake Beyel, Brady Martello, Michael Hall, Gavin Spinneweber, and Jackson Parker each maintained their confidence while Aruba inched closer, shortening the gap 9-8 in the 6th inning. The Rockledge All Stars kept their composure and brought home a 12-10 win in the 8th inning. Managed by an exceptional coaching staff, each teammate played a major role in winning the World Series title, with a final 22-0 post season record. We salute the Rockledge Junior League Baseball team for their success and the measure to which they represented our community and state.

Mr. POSEY

Mr. POSEY. Madam Chair, I have an amendment at the desk.

Mr. POSEY. Madam Chairman, I have an amendment at the desk.

Mr. POSEY. Madam Chair, I yield myself such time as I may consume. Madam Chair, today in Washington, bureaucrats are able to craft and enforce rules that cost our economy billions of dollars while remaining aloof to the consequences of their actions. There remains a disconnect between those who write these rules in the comfort of the Beltway, generating reams of red tape, and the actions taken by the courts or Congress to delay or roll back those same rules. When a regulator has overreached, they have wrongfully robbed American citizens of their benefits, of their labor, and their means of productivity. Today there is really no penalty for those who overreach. I believe regulators should be more prudent and measured when drafting and issuing rules and regulations. My amendment simply calls agency bureaucrats to account when they exceed their delegated authority. Section 104 of the underlying bill permits a court to award reasonable attorney's fees and costs to a small business when they prevail in a suit against an agency that has exceeded their statutory regulatory authority. My amendment takes this as a step further by requiring any attorney's fees and costs be paid out of the administrative budget of the particular office that is found to have exceeded that authority. I believe this will give regulators greater pause before they issue regulations and will cause them to double-check to make sure that they are on solid ground. When an agency overreaches, what they are fundamentally doing is denying an American citizen their right to pursue opportunity, create jobs, or enjoy the benefits of their labor. In a sense, they are basically robbing someone of their opportunity. Outside of the regulatory environment, when someone takes property that belongs to someone else, there are criminal sanctions if we catch them doing it. In the regulatory environment, however, the best that an American citizen can expect from the Federal Government is ``I'm sorry,'' and that's at best. We change that in this bill. With the adoption of my amendment, we change that for the particular regulators that exceed their authority. If adopted, this amendment will give more certainty to the regulatory process, and it ensure regulators are more prudent when drafting regulations. We make sure that any damages are not paid out of the agency slush fund but, rather, out of the administrative budget of the offending office. That brings personal and government accountability to the regulatory process, something that's desperately needed. Now they will have some skin in the game, so to speak. I urge my colleagues to support this good amendment, and I reserve the balance of my time.

Mr. POSEY. Madam Chair, how much time do I have?

Mr. POSEY. I yield 1 minute to the gentleman from Arkansas (Mr. Griffin).

Mr. POSEY. Let me tell anyone who may not have ever seen a war with an agency over agency rules before, they dig in and they fight to the death anyway, whether it's coming out of their budget or not. I've seen them lose at three levels with a private citizen and go after them yet a fourth time because their pockets are bottomless and they hope they can break the back of a citizen like that. You know, what make this country unique is we believe we get our rights from God. We believe in inalienable human rights here, and we give rights to government. Government doesn't give us rights. We give rights to our government. And we're charged with administering the rights that were given to our government here in Congress. And we give the administration, we give the agencies the right to write rules, specific rules. We don't allow them, without our authority and beyond the scope of their authority, to abuse citizens, to steal their productivity, their labor, and the benefits that they've worked hard for. And that's what the agencies have done. We have asked them not to do it. They've reformed the Administrative Procedures Act a number of times. The agencies just don't get the message. They see it as their goal and their destiny to be the boss. Congress is supposed to have dominion over the bureaucrats, and this is one of the ways that we're going to enforce that dominion. We don't let the fox run the henhouse. I yield back the balance of my time.

Mr. POSEY. I demand a recorded vote.

Mr. POSEY. I have endured about all I care to, and I think a large percentage of the people in this Chamber and a lot of people in this country have endured about all the finger-pointing and blame that they can endure. I don't care who shot John. I don't care who was in charge of the SEC before. The point of this bill is to keep the SEC focused on protecting investors. I reserve the balance of my time.

Mr. POSEY. Madam Chair, I yield myself such time as I may consume. Madam Chair, my amendment stops the Securities and Exchange Commission from pursuing an agenda on climate change and keeps its focus, instead, on its core mission of protecting investors. In recent years, we've seen the Madoff and Stanford Ponzi schemes bilk people out of over $70 billion. Many of these victims live in our districts. They are shocked and outraged that such a travesty could happen. One would think that after such embarrassments, the SEC would do whatever it could to focus its finite resources on stopping the next Ponzi scheme. At the very minimum, it would make sense for the SEC to appear to get serious in safeguarding the public from fraud and corruption. However, early in 2010, the SEC issued an interpretative guidance for companies to disclose the impact global climate change might have on their businesses. The SEC published this controversial guidance over the objections of dissenting commissioners. This was done without direction from Congress and outside the traditional rulemaking process. There are no laws in the United States explicitly addressing climate change. The guidance is inappropriate considering the SEC has bigger priorities. I don't have to tell my colleagues that climate change is a controversial and an unresolved issue. From a securities perspective especially, climate change information on a disclosure is highly speculative, and dubious at best. If allowed to proceed, it invites all kinds of compliance costs and confusion down the road. And guess who will ultimately pay all those costs? Our constituents, the American public. Importantly, my amendment does not stop companies from mentioning bona fide weather and environmental risks in disclosures. And if a company really wants to weigh in climate change for some reason, they're free to volunteer that information. It just keeps the SEC focused on what they're supposed to be doing, and that is protecting people and not forcing unrelated agendas down their throats. I urge my colleagues to support the amendment and reserve the balance of my time.

Mr. POSEY. Madam Chair, how much time do I have remaining?

Mr. POSEY. The gentleman's points about disclosure are on point. They simply don't apply to what this amendment does. It does not deny required disclosure of risks. Let me be clear, thousands and thousands of American families were devastated by Madoff, by Stanford, MF Global and the like. People lost their homes, people lost their cars, people lost their children's education funds, and people lost their lifelong retirement savings. I could go on and on forever, but we have a limited amount of time. The job of the SEC is to protect those people. The job of the SEC is to protect honest people from dishonest corporations and persons. It's not to impose other agendas on the American public. It's not to talk about the environmental stewardship of corporations. If a corporation dealing with securities does not disclose a significant environmental risk, then they're going to be liable for that failure to disclose. But it's not the SEC's job to talk about their stewardship. The SEC knew for a decade--a decade--a full 10 years--over 10 years-- that Madoff was stealing from people; and they refused to take any action for over a decade, and over $70 billion evaporated. People's lives were devastated. People died. People died. There are dead people because of what Madoff did. And the SEC didn't lift a finger. They were too busy doing other things. Now, here we intend to put SEC back on the job and focus on what they're supposed to do: protect honest people from dishonest people. I reserve the balance of my time.

Mr. POSEY. Madam Chair, how much time do I have remaining?

Mr. POSEY. Very poetic, but it's off point. The amendment wants SEC to focus on protecting honest people from dishonest corporations and people, nothing more, nothing less, and nothing else. I reserve the balance of my time.

Mr. POSEY. Madam Chairman, I appreciate the comments; and, once again, I implore my colleagues to support this good amendment to keep the SEC on task. Their job is to protect investors from dishonest people and dishonest corporations; and with the passage of this amendment, we will do that. I yield back the balance of my time.

Mr. POSEY. Madam Chairman, I have an amendment at the desk.

Mr. POSEY. Madam Chair, I yield myself such time as I may consume. The Florida International Bankers Association has reported to me that, over the past several months, they have seen as much as $300 million leaving United States banks for overseas banks. Why is this money leaving the United States, and what can we do to stop the hemorrhaging? The adoption of this amendment will stop the hemorrhaging of hundreds of millions of dollars--soon to be billions of dollars if this amendment is not adopted. This is according to the studies on earlier, scaled-back proposals by the Internal Revenue Service. For nearly 100 years, the United States has had in place a policy that encourages foreigners to put their money in our banks in the United States. We have told them that the United States is a welcoming and safe place for their deposits. Earlier this year, apparently clueless about the financial conditions we were in as a Nation, the IRS finalized a new rule to take effect in January 2013 that basically sends the message to law-abiding foreign depositors that U.S. banks don't want their money. Under this rule, the United States would no longer provide these law-abiding depositors with the confidentiality that they've had and that they need. The new IRS rules would impose cumbersome new reporting requirements for law-abiding foreign depositors and for foreign depositors who live in nations where corruption is rampant. They will simply withdraw their money from the United States institutions and put their money to work in other nations around the world. This is bad for the United States economy. There has been strong bipartisan opposition to the IRS proposal. The entire Florida delegation--all 25 members, every Republican and every Democrat--wrote the Treasury last year, asking them to withdraw the regulation. Bipartisan letters have gone to the Internal Revenue Service urging them to withdraw the regulation, and bipartisan legislation has been filed in the House and in the Senate to stop the regulation. Each day Congress refuses to act, deposits are leaving the United States for Singapore, Panama, the Bahamas, the Cayman Islands, and elsewhere. This money will not return to the United States once it leaves. Most importantly for our communities, this capital will not be available to our small businesses and families when they need it to build in America. The new regulation will harm the U.S. economy, and we must stop its implementation. Ironically, this same regulation from the IRS was rejected about 8 years ago when the bureaucrats at the IRS thought it was a good idea then. A strong bipartisan effort in Congress led to the IRS withdrawal of the rule, and we must do that again today. If you share my commitment to economic recovery and believe that the United States should be a welcoming place for foreign depositors who want to put their money to work in the United States, then I urge you to join in support of this amendment. Please vote ``yes.'' I reserve the balance of my time.

Mr. POSEY. Madam Chair, how much time do I have remaining?

Mr. POSEY. This is not just about banks. This is about jobs, this is about mortgages, this is about the economy, and this is about our communities prospering. Information can be shared today on a case-by- case basis. If the IRS suggests to you otherwise, it's just not true. There's a common misperception. Let's not forget how fortunate we are to live in the United States of America. Too often, too many people forget this, it seems. We live under a stable government and a relatively stable economy compared to some of the other countries we receive deposits from. Many nonresident deposits come from countries where the governments themselves are very unstable, where their personal security or their property are major concerns. It's very probable that the depositor's personal bank account information could be leaked to unauthorized persons in their home country--to governments, criminals, or terrorist groups--which could make the depositors and their families targets of extortion, kidnappings, and other potentially fatal criminal activities. Imagine living with that over your shoulder every day. Assurance from the IRS bureaucrats that your information is safe won't calm those fears. Our Pentagon has been hacked. I asked the Secretary of the Treasury if we would stand personally liable for any breaches that would cause a loss of life or harm to people whose information was betrayed. They said they would not be willing to do that. With that, I reserve the balance of my time.