October 3, 2008 CONGRESSIONAL RECORD — Extensions of Remarks E2219 

Proposed Funds Utilization: Logistics Support: $100,000 System/Personnel Deployment 

Costs. 

Salaries/Wages: $575,000 5–7 project technical personnel. 

Equipment: $200,000 Lab, Test, Production, 

Application. 

Testing Ballistic/Blast/Performance/Labs: 

$200,000. 

Facility Costs: $50,000. 

Material: $75,000. 

Total: $1,200,000. 

f 

IN RECOGNITION OF THE LATE 

ELINOR GUGGENHEIMER 

HON. CAROLYN B. MALONEY OF NEW YORK

IN THE HOUSE OF REPRESENTATIVES

Friday, October 3, 2008 

Mrs. MALONEY of New York. Madam 

Speaker, it is with a heavy heart that I rise to 

pay tribute to the late Elinor Guggenheimer, 

an outstanding New Yorker who devoted herself to her city and her country throughout her 

life. It is with both profound sadness but also 

an enduring sense of gratitude for the tremendous inspiration that she provided that I note 

Elinor Guggenheimer’s passing last Monday at 

the age of 96. 

Elinor Guggenheimer was not just a leader, 

but a pioneering figure in the history of the 

movement for women’s equality. A graduate of 

Barnard College, following the end of World 

War II she launched into a career of activism 

on behalf of women, children, and the elderly. 

She developed a well-deserved reputation as 

a tireless crusader for better and more child 

care options for working parents, stronger consumer protections, and the advancement of 

women into all sectors of society, including 

government and elective office. 

In 1961, Elinor Guggenheimer became the 

first woman to serve on the New York City 

Planning Commission, where she focused on 

helping to guide City policies on parks and 

prisons. As part of municipal government’s 

anti-poverty efforts, she was also named by 

Mayor Robert F. Wagner to the Head Start 

Committee of New York City. She later became one of the first women to seek citywide 

office in New York, running for President of 

the New York City Council in 1969. She went 

on to become the City’s Commissioner of 

Consumer Affairs in the administration of 

Mayor Abraham Beame in the 1970’s, earning 

a reputation as a fearless advocate who unmasked fraudulent merchants and inspired 

consumers to boycott overpriced goods. 

But it was perhaps through her grass-roots 

activism that Elinor Guggenheimer made her 

greatest impact. In 1948, she founded the Day 

Care Council of New York. She went on to establish the Child Care Action Campaign, the 

National Committee for the Day Care of Children, and the Staten Island Children’s Campaign. She became perhaps the most prominent advocate in the nation for better child 

care, not just for the convenience of working 

mothers, but for the welfare of their children. 

A tireless activist, Elinor Guggenheimer also 

founded the New York Women’s Forum to 

help women establish social and professional 

networks. She went on to found the New York 

Women’s Agenda and the National Women’s 

Political Caucus. In those roles, Elinor 

Guggenheimer inspired generations of 

women—including a young schoolteacher 

named CAROLYN MALONEY—to engage in the 

political process and to run and hold public office. 

Elinor Guggenheimer dedicated her life to 

serving others. In addition to her remarkable 

career as an activist, she was a philanthropist 

and humanitarian. Her efforts were credited as 

indispensable in securing the acquisition of the 

fabled Temple of Dendur by the Metropolitan 

Museum of Art, located just a few blocks from 

her home on Manhattan’s Upper East Side. 

She also served as Chair of the Women’s Division of the United Jewish Appeal–Federation 

of New York and as an officer at its predecessor organization, the Federation of Jewish 

Philanthropies. 

Throughout her whirlwind career as an activist, Elinor Guggenheimer remained devoted 

to her family. She was devoted to her late 

husband Randolph, who died in 1999; to her 

sons, Charles and Randolph, Jr.; and to her 

three grandchildren and seven great-grandchildren. 

Madam Speaker, I ask that my distinguished 

colleagues join me in recognizing the enormous contributions to civic and political life 

made by Elinor Guggenheimer, a true pioneer 

and civil rights activist in the finest traditions of 

our great republic. 

f 

INTRODUCTION OF ‘‘DERIVATIVES 

MARKET REFORM ACT’’ 

HON. EDWARD J. MARKEY OF MASSACHUSETTS

IN THE HOUSE OF REPRESENTATIVES

Friday, October 3, 2008 

Mr. MARKEY. Madam Speaker, today I am 

re-introducing the ‘‘Derivatives Market Reform 

Act.’’ This bill is largely based on legislation 

that I first introduced on July 14, 1994 as H.R. 

4745, and then subsequently reintroduced in 

1995 (as H.R. 1063), and introduced again in 

1999, as H.R. 3483. 

I am reintroducing the bill again today, on 

the same day that Congress is passing emergency legislation to respond to the crisis 

caused by Wall Street’s irresponsible and risky 

use of derivatives, because I believe that if 

Congress had adopted this type of legislation, 

we might have been able to avoid some of the 

turmoil that has recently affected our Nation’s 

financial markets. 

In 1992, as Chairman of the House Telecommunications and Finance Subcommittee, I 

asked the General Accounting Office to undertake an investigation into the derivatives markets, including the size of the markets for 

these financial instruments, their economic rationale, and associated risks. In 1994, the 

GAO submitted its report to the Subcommittee, entitled ‘‘Financial Derivatives: Actions Needed to Protect the Financial System.’’ This report contained a number of important recommendations for the financial 

services industry, Federal financial regulators, 

and for the Congress. The GAO suggested 

that Congress needed to extend Federal authority to currently unregulated derivatives 

dealers, improve coordination among Federal 

regulators with responsibilities over key participants in this market, and restructure the regulations applicable to the derivatives markets. 

My legislation was aimed at responding to 

the GAO’s recommendations by providing a 

framework for improved supervision and regulation of previously unregulated derivatives 

dealers, assuring appropriate protections for 

their customers, and establishing certain reporting requirements for hedge funds. During 

the 103rd Congress, the Subcommittee held 

five oversight hearing on key issues relating to 

the derivatives market. As Chairman of the 

legislative Subcommittee with jurisdiction over 

the Securities and Exchange Commission, it 

was my intention to move forward with derivatives legislation in the 104th Congress. 

Unfortunately, the Democrats lost control of 

the House of Representatives in the 2004 

elections, and the new Republican Majority 

that took control of the House in January 

of2005 had little interest in increasing financial 

regulation. Indeed, one of the first bills that the 

House passed as part of Speaker Newt Gingrich’s ‘‘Contract with America’’ was H.R. 1058, 

the Private Securities Litigation Reform Act. 

This legislation was ostensibly aimed at curbing ‘‘frivolous’’ securities class action lawsuits, 

but in fact was drafted in such a way to make 

it more difficult for defrauded investors to sue 

those whose fraud or recklessness had 

caused them harm. During House floor consideration of that bill, I offered an amendment 

(House Amendment 270), which would have 

exempted securities fraud cases involving derivatives from the bill’s harsh restrictions. Unfortunately, my amendment was defeated by a 

voted of 162–261. 

Following the derivatives-related collapse of 

the hedge fund Long-Term Capital Management, I joined with Senator Byron Dorgan to 

ask the GAO to undertake another investigation into the derivatives markets, focusing this 

time on the role that derivatives played in the 

collapse of the hedge fund, Long-Term Capital 

Management. The GAO’s report on this matter, entitled, ‘‘Long-Term Capital Management: 

Regulators Need to Focus Greater Attention 

on System Risk,’’ identified a need for Federal 

financial regulators to better coordinate their 

efforts to identify and respond to risks across 

markets and industries, and has called for 

Federal oversight over currently unregulated 

derivatives dealers who may have significant 

risk exposure to hedge funds and other highly 

leveraged entities. These recommendations 

came in addition to those made by the President’s Working Group on Financial Markets 

earlier in 1999 that legislation be adopted 

which would require some public reporting by 

hedge funds regarding their investments. 

The ‘‘Derivatives Dealers and Hedge Fund 

Disclosure Act of 1999’’ that Senator DORGAN

and I are introduced back then responded to 

GAO’s and the regulators’ recommendations 

for reforms in the aftermath of the LTCM affair. 

Again, the Republican-controlled Congress 

took no action to strengthen derivatives regulation. Instead, Congress passed two bills that 

made the situation worse. First, the GrammLeach-Bliley Act of 1999 effectively tied the 

SEC’s hands when it came to overseeing the 

derivatives activities of banks. Second, the 

Commodities Futures Modernization Act of 

2000 largely exempted derivatives from any 

effective oversight or regulation by the Commodities Futures Trading Commission. 

And so, with no action on legislation to 

strengthen derivatives regulation, with Congress instead taking steps to make it more difficult for federal financial regulators to oversee 

these markets, the foundation was set for our 

current crisis. 


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E2220 CONGRESSIONAL RECORD — Extensions of Remarks October 3, 2008 

This crisis was, of course, exacerbated by 

the failure of the financial regulators to effectively use the tools that they still had at their 

disposal to avert a meltdown. In recent weeks 

we have read how the Federal Reserve turned 

a blind eye to the growing systemic threat facing our financial system. We have read how 

the SEC failed to use its broker-dealer holding 

company risk authority to oversee and respond to this crisis. We have read about how 

they weakened capital rules that allowed securities firms to take on far too much leverage. 

And in the weeks and months to come, we will 

all learn a lot more about the causes and consequences of this crisis. 

The bill that I am reintroducing today is 

aimed at opening a dialogue on solutions. I 

have made some modifications in the text to 

try to address some of the harmful deregulatory provisions enacted into law in recent 

years. But I know that the bill may need further refinement. I offer it as a baseline for how 

we might begin thinking about fixing the mess 

on Wall Street. There may be additional ideas 

that could improve the bill. There may be 

changes needed to ensure that these provisions are fully effective. I look forward to talking with my colleagues, and with outside 

stakeholders, about how we can begin to address this problem. Because we do need to 

act. 

I urge my colleagues to support this important legislation. 

f 

IN RECOGNITION OF DR. JAMES 

FELDMAN 

HON. DENNIS J. KUCINICH OF OHIO

IN THE HOUSE OF REPRESENTATIVES

Friday, October 3, 2008 

Mr. KUCINICH. Madam Speaker, I rise 

today in honor of Dr. James Feldman, a profoundly respected, inspiring and beloved figure 

to countless students, colleagues, friends and 

family. His career at Baldwin Wallace College 

Conservatory of Music in Berea spanned thirty-two years, during which time he molded 

young talent in music theory, composition and 

performance as well as coaching, mentoring 

and encouraging students in every aspect of 

life. 

James Feldman was born and raised in 

Rochester, New York. His passion from childhood was music. He earned his MA from the 

Eastman School of Music at the University of 

Rochester. He was awarded his PhD in Music 

Theory from Kent State University and became a full professor at BW. 

Jim has always strived to live in accordance 

with the ethical principles of Judaism and has 

been active in religious community life. He met 

his wife, Charlotte, while playing piano at their 

synagogue in Rochester. Together with Charlotte and their two sons, Benjamin and Joel, 

he moved to Berea in 1975 to begin his teaching career at BW. He was active in Beth 

Israel-West Temple co-writing and producing 

yearly musicals with Charlotte that elicited enthusiastic reviews citing their ingenuity and delicious sense of humor. 

Dr. Feldman was diagnosed with ALS in the 

fall of 2007. He braved a difficult teaching semester and went on disability in 2008. 

Madam Speaker and colleagues, please join 

me in tribute to Jim Feldman, who has dedicated his life’s work to his students and his 

family. 

f 

EARMARK DECLARATION 

HON. JOHN J. DUNCAN JR. OF TENNESSEE

IN THE HOUSE OF REPRESENTATIVES

Friday, October 3, 2008 

Mr. DUNCAN. Madam Speaker, consistent 

with House Republican Earmark Standards, I 

am submitting the following earmark disclosure information for project requests that I 

made and which were included within the 

House Amendment to the Senate Amendment 

for H.R. 2638, the ‘‘Consolidated Security, Disaster Assistance, and Continuing Appropriations Act, 2009.’’ 

Requesting Member: Congressman JOHN

DUNCAN. 

Account: Research, Development, Test and 

Evaluation, Air Force. 

Project Amount: $1,600,000. 

Legal Name of Requesting Entity: University 

of Tennessee, 328 Ferris Hall, 1508 Middle 

Drive, Knoxville, TN 37996. 

Description of Request: This funding will be 

used to explore novel energy harvesting methods, including bio fuels, hydrogen-based systems, miniature nuclear batteries, etc. 

Requesting Member: Congressman JOHN

DUNCAN. 

Account: Research, Development, Test and 

Evaluation, Defense-Wide. 

Project Amount: $1,600,000. 

Legal Name of Requesting Entity: 

Diamondview Glass Ceramic, 110 West Old 

AJ Highway, Jefferson City, TN 37760. 

Description of Request: This funding will be 

used for the rapid development of an innovative ceramic crystallite reinforced glass system 

for light-weight, low-cost ballistic windows for 

architectural use for threats including small 

arms and explosions. 

Requesting Member: Congressman JOHN

DUNCAN. 

Account: Military Construction, ANG. 

Project Amount: $8,000,000. 

Legal Name of Requesting Entity: McGee 

Tyson ANG Base, located at 320 Post Avenue, McGee Tyson ANG Base, TN 37777. 

Description of Request: The funding will be 

used to replace the current KC–135 Squadron 

Operations Facility located at the 134th Air 

Refueling Wing, McGee Tyson Air National 

Guard Base. The Squadron Operation’s are 

currently housed in a facility that is antiquated 

and not properly laid out to allow for the 

smooth flow of KC–135 operations. 

f 

BREAST CANCER AWARENESS AND 

BOCA RATON COMMUNITY HOSPITAL’S LYNNE CANCER INSTITUTE 

HON. RON KLEIN OF FLORIDA

IN THE HOUSE OF REPRESENTATIVES

Friday, October 3, 2008 

Mr. KLEIN of Florida. Madam Speaker, 

today I rise to recognize the month of October 

as Breast Cancer Awareness Month, and to 

commend the Boca Raton Community Hospital for its renewed efforts to fight breast cancer and to raise awareness of this disease. 

Breast cancer claims the lives of thousands 

of our mothers, daughters and sisters each 

year. The disease is the second most common type of cancer and the fifth most common 

cause of cancer death. Yet, if discovered early 

breast cancer can be treated and the victim’s 

chances of survival greatly increased. 

Currently, 61 percent of breast cancers are 

diagnosed at a localized stage, due largely to 

early detection by mammography screening 

and improvements in treatment. 

In October, the Boca Raton Community 

Hospital hosts its 5th annual Go Pink Cancer 

Awareness Luncheon and later this year, the 

hospital will open the Eugene and Christine 

Lynne Cancer Institute at the Sandler Pavilion. 

This 98,000-square-foot facility will house oncology, chemotherapy and clinical research 

that will lead the fight against cancer in my 

South Florida community. 

With over 20 oncology physicians, the Institute will treat over 3,000 patients each year. 

These outstanding physicians and early detection programs will allow more breast cancer 

patients and their families win the battle 

against this disease. 

Like many other families in my community, 

mine has been affected by breast cancer. This 

month allows each and every one of us to remember those who died from this disease and 

celebrate the triumph of those who have survived. I look forward to continuing the fight 

against cancer here in Congress and at home 

in South Florida. 

f 

INTRODUCTION OF THE SECURITY 

CLEARANCE OVERSIGHT AND ACCOUNTABILITY ACT 

HON. ANNA G. ESHOO OF CALIFORNIA

IN THE HOUSE OF REPRESENTATIVES

Friday, October 3, 2008 

Ms. ESHOO. Madam Speaker, today I’m 

proud to introduce the Security Clearance 

Oversight and Accountability Act and I’m 

pleased that the Ranking Member of the Subcommittee on Intelligence Community Management of the House Permanent Select 

Committee on Intelligence, Mr. ISSA, has 

joined me as a co-sponsor of this legislation. 

We have spent this Congress conducting 

oversight of the security clearance process. 

Security clearances are determinations that 

a person is trusted to have access to our nation’s secrets. They are the gateway to serving 

our nation in national security, homeland security, and many foreign policy positions. In recent decades, the number of federal government employees and contractors requiring 

clearances expanded. This was especially true 

after the tragic attacks on September 11, 

2001. We also realized the importance of 

sharing information and promoting collaboration across government agencies. 

Sadly, our security clearance system was 

still cumbersome and outdated. We were 

using a cold-war system in the Internet age, 

where the process was primarily paper-based, 

and relied on investigators going door-to-door 

to talk to neighbors. It did not take advantage 

of the vast stores of data collected on people 

on line to verify their trustworthiness and it did 

not use electronic tools to speed the process. 

In 2004, Congress passed the Intelligence 

Reform and Terrorism Prevention Act, which 


smartinez on PROD1PC64 with REMARKS