macleginn/stanford_congress_record_longer_speeches huggingface dataset:
Date: 1988-10-05
Speaker: DE LUGO (democrat)
Chamber: H

Mr. Speaker. I yield 10 minutes to the Committee on Foreign Affairs. the time to be managed by the gentleman from Florida [Mr.
Date: 1988-10-05
Speaker: DE LUGO (democrat)
Chamber: H

Mr. Speaker. I yield myself 3 minutes. the balance of my time. Mr. Speaker. I would also like to thank the gentleman from Connecticut . who participated in a key meeting. He is a member both of our committee and of the Committee on Foreign Affairs. Again I want to thank the chairman of the Committee on Foreign Affairs. the gentleman from Florida . I join the chairman of the full committee In saying that we really mean this. that is for sure. because it was his flexibility and his leadership that really were crucial in this.
Date: 1988-10-05
Speaker: DE LUGO (democrat)
Chamber: H

Mr. Speaker. let me say that there has been a revision. and it was worked out by the people of Palau and the banks. They came to a compromise. My understanding is tha. it has been supported by the administration.
Date: 1988-10-05
Speaker: DE LUGO (democrat)
Chamber: H

Mr. Speaker. may I say to the gentleman from Nebraska that I know of his deep concern In this matter. The agreement that was reached before would have provided for some $45 million of taxpayer funds going to resolve this matter. This new agreement cuts that back to $32 million.
Date: 1988-10-05
Speaker: DE LUGO (democrat)
Chamber: H

The $3 million cap would have worked out to some $45 million over the period of 15 years. and this cuts it back to $32 million.
Date: 1988-10-05
Speaker: DE LUGO (democrat)
Chamber: H

Mr. Speaker. I ask unanimous corLsent that I may be permitted to insert a statement in tile RECORD immediately preceding the rollcall vote on House Joint Resolution 597.
Date: 1988-10-05
Speaker: THOMAS A. LUKEN (democrat)
Chamber: H

Mr. Speaker. I move to suspend the rules and pass the bill to amend the Toxic Substances Control Act to assist States in responding to the threat to human health posed by exposure to radon as amended.
Date: 1988-10-05
Speaker: THOMAS A. LUKEN (democrat)
Chamber: H

Mr. Speaker. I yield such time as he may consume to the gentleman from California . the chairman of the Subcommittee on Health and the Environment. which had joint referral of this and also reported out this bill.
Date: 1988-10-05
Speaker: THOMAS A. LUKEN (democrat)
Chamber: H

The gentleman is correct. The Committee on Energy and Commerce agrees that the Center for Building Technology. which is a part of the National Institute of Standards and Technology and is under the jurisdiction of the Committee on Science. Space and Technology. should be reimbursed if it performs work to assist the EPA in establishing the radon building standards. The intent of the provision. however. was to insure that the EPA did not ignore the valuable contribution that industry organizations. such as the National Association of Homebuilders. could make In carrying out the responsibilities of section 304. If appropriate. EPA can also consult with the National Institute of Standards and Technology. Mr. Speaker. I yield 3 additional minutes to the gentleman from New Jersey .
Date: 1988-10-05
Speaker: THOMAS A. LUKEN (democrat)
Chamber: H

Mr. Speaker. I thank the gentleman from New Jersey for helping to bring the bill to the floor. Mr. Speaker. I yield back the balance of my time.
Date: 1988-10-05
Speaker: THOMAS A. LUKEN (democrat)
Chamber: H

Mr. Speaker. I ask unanimous consent that in the engrossment of the bill. H.R. 2837. the Clerk be authorized to correct section numbers. punctuation. and cross references. and to make such other technnical and conforming changes as may be necessary to reflect the actions of the House in passing the bill.
Date: 1988-10-05
Speaker: THOMAS A. LUKEN (democrat)
Chamber: H

Mr. Speaker. I ask unanimous consent that all Members may have 5 legislative days in whch to revise and extend their remarks. and include extraneous matter. on H.R. 2837. the bill Just passed.
Date: 1988-10-05
Speaker: THOMAS A. LUKEN (democrat)
Chamber: H

Mr. Speaker. I ask unanimous consent that the Committee on Energy and Commerce be discharged from further consideration of the Senate bill to authorize the Environmental Protection Agency to assist States in development of radon programs. to conduct a study to determine the extent to which radon in the Nations schools poses a threat to children and employees in such schools. and for other purposes. and ask for its immediate consideration in the House.
Date: 1988-10-05
Speaker: DE LUGO (democrat)
Chamber: H

Mr. Speaker. I am honored to join in this special order to EDDIE BOLAND. for the gentleman from Massachusetts has touched the lives of my people in the U.S. Virgin Islands as well as people all across our country. EDDIE BOLANDs retirement is a loss for all of us who have been privileged to know him and work with him. In his 36 years in Congressan era that spans the administration of seven different Presidentshe has always been a voice for reason and quiet persuasion. We could always look to him for leadership when we were divided. When It appeared we were at an impasse in this House. EDDIE BOLAND was one of those special Members who had the trust of all of his colleagues and who could find a way to move us forward. Somehow. among his countless interests. EDDIE BOLAND found time to attend to the needs of the U.S. Vii in Islands and the entire Caribbean. He has visited my home islands several times. to get to know our people and our special place in the American family. Even on vacation. I assure you. he was a keen observer of our islands who took a genuine interest in our efforts to strengthen our community. I am still grateful that I could turn to EDDIE BOLAND when I needed help to get funds to expand our airport on the island of St. Croix. He led the way in the Appropriations Committee to secure funds to study the extension of that airport runway so it can handle large Jets and even accept direct flights from Europe. which will further boost our tourism industry. That was .n 1985. but it is appropriate to remember it now because just last week the Virgin Islands learned that it will get a loan from the Department of the Interior to help fund the actual runway extension. Without EDDIE BOLANDS crucial support for the initial funding three years ago. we would not be moving ahead on this project that will mean jobs and revenues for my people on St. Croix. I also will always remember my opportunity to travel with EDDIE BOLAND in 1983 when he joined the congressional trip to Grenada to investigate the causes and effects of the United States invasion of that island in the Caribbean. He had the unique ability to closely listen to people and to sort out the real facts in a very turbulent situation. EDDIE BOLAND has served his country with dedication and distinction for 36 years. He has been a model for all of us in this House. and his example will long be remembered. I am sad to see him retire. but I hope he will enjoy his new freedom to spend time with his wonderful wife. Mary. and their fine children. I also take some consolation in the hope that they all will be able to make many more visits to the U.S. Virgin Islands.
Date: 1988-10-05
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Speaker. since 19. when he ascended to the chairmanship of the HUD/Independent Agencies Subcommittee. EDDIE BOLAND and I have worked side by side to assure that the Congress keep its promise that ours would be a nation of homeowners. As a member of the Housing Subcommittee and later as chairman of the House Banking Committee. I have worked assiduously to pass legislation in committee that will provide for housing for the poor and elderly. But my efforts would have been for nought had EDDIE not appropriated the necessary funds for these programs. His membership on the Appropriations Committee has enabled him to help revitalize distressed cities. provide emergency housing. shelter. and food programs for the homeless. and fund innovative now lowand moderateincome housing programs such as the Nehemiah Housing Program which is designed to promote the pride of home ownership. I am not alone in paying tribute to my fellow New Englander. EDDIES biography notes 15yes 15awards and honorary degrees he has received over the years. Many come from colleges and universities in New England. Its not hard to recognize that he is truly a "native son." This Democrat from the Second District of Massachusetts has selflessly devoted himself to his congressional duties over the past 36 years. EDDIE has worked long and hard to become a ranking member of the Appropriations Committee. where. besides working on housing issues. he has provided funding for the Veterans Administration. the Environmental Protection Agency. the National Science Foundation. and NASA. This weeks successful launching and flight of the space shuttle Discovery must be particularly sweet to EDDIE. who has been actively involved in determining the direction of Americas space program. EDDIE also served well as the first chairman of the House Permanent Select Committee on Intelligence where he oversaw the CIA and the Nations other intelligencegathering agenciesand developed a reputation for fairness and impartiality. After EDDIES many long and productive years in Congress he will be sorely missed by this Member.
Date: 1988-10-06
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Speaker. I move to suspend the rules and pass the bill to require the Federal Savings and Loan Insurance Corporation to revoke the charter of the Federal Asset Disposition Association and reform the process for liquidating assets of failed thrift institutions. and for other purposes. as amended.
Date: 1988-10-06
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Speaker. I ask unanimous consent that all Members may have 5 legislative days In which to revise and extend their remarks on the legislation now under consideration.
Date: 1988-10-06
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Speaker. I yield myself such time as I may consume. Mr. Speaker. H.R. 4646 gives the House a rare opportunitya chance to eliminate a wasteful. costly. unresponsive bureaucracy. Mr. Speaker. the Federal Asset Disposition Associationcreated by edict and whim of the Federal Home Loan Bank Boardis an experiment that has produced little other than big salaries. big expense accounts. and resuits that are practically invisible. The Banking. Finance and Urban Affairs Committee. on a bipartisan 42to8 vote. reported out H.R. 4646 which abolishes the FADA bureaucracy. The House. I hope. will deliver a similar margin for H.R. 4646 and against waste and inefficiency today. FADA was organized on the theory that it would be useful in selling the masive inventory of assets recovered from failed savings and loan associations. The recovery from these assets are moneys that belong to FSLICa governmental entity. Under H.R. 4646. FSLIC would be given controlwithout FADA as middlemanand it could contract on a casebycase basis where necessary to obtain outside or additional expertise. FSLIC has carried out a liquidation function since its beginning and it is clearly equipped to oversee the disposition of these assets. The General Accounting Office. in a draft report soon to be officially released. also concludes that FADAs functions are nonessential and that FSLIC can carry out the necessary duties. The report states: We found no compelling evidence that FADA Is essential to the management and disposition of assets acquired by FSLIC. Such functions could be done by a combination of other private sector asset management firms. receivership employees. and FSLIC headquarters and regional employecs. The GAO findings essentially ratify the conclusions of the Banking Conmittees long investigation of FADA. The Banking Committees investigation. conducted over a 15month period. clearly established the need to abolish FADA and to return a more sane and sound approach to handling the governnicits assets. Mr. Speaker. the entie committee has participated in the oversight efforts of FADA. Special mention. however. should go to the hard work and to the persistence of our colilc a.ue. he gentleman from Pennsylvauna [Mr. KANJORSKIl. and our colleague. fhe gentleman from Maryland who have done so much to keep this issue in the forefront. Mr. Speaker. again I hope the House will cast an overwhelming vote to eliminate an unneeded. a wasteful and unnecessarily expensive bureaucracy.
Date: 1988-10-06
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Speaker. ie said lie disposed of hundreds of millions of dollars of assets? My information is that since its Inception FADA has disposed of a little under $800 million in assets. much of which has been restructuring of loans that have to be restructured again. and some of it was the payoff of loans by the original borrowers. I think if we would find the real numbers. if we could ever get. anything out of the Home Loan Bank Board and FADA. we are probably talking over the whole period of time of maybe $200 or $300 million of assets disposed of.
Date: 1988-10-06
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Speaker. an analysis that was prepared at nine of FSLICs own receiverships showed that if these receiverships were allowed to terminate FADAs services and deal with assetmanagement firms directly with additional staff hired. they could have saved FSLIC at least $10 million in 1088 alone. and in a draft report. to the Senate. the GAO confirms the fact that estimates provided by FSLIC managing offices. and they know their business. were all lower. considerably lower. than the fees billed and the cost incurred by FADA. so not only would we continue to dispose of the assets. but we would not have to be paying for the exorbitant fees that we are paying to FADA.
Date: 1988-10-06
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Speaker. I yield myself 1 minute. and I will be back again. I would like to state that the report that. I read from GAO is so current that it has not been released yet. and. in fact. I notice that this draft is restricted to official use. and I Just found out. from staff that I am now allowed to utilize this. but in that report they make very clear the conclusion that. "We found no compelling evidence that FADA is essential to the manngement and disposition of assets acquired by FSLIC. Such functions could be done by a combination of other privatesector management firms. receivership employees and FSLIC headquarters and rvegional em"ployees." Prom a cost standpoint. t he tldy found that FADA cost about the same as receivership costs and lotnd that FADA cost the samte or wais loer thin the cost of privatesector .etitiati agenlent cost s.
Date: 1988-10-06
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Speaker. I yield myself I minute and 30 seconds. Mr. Speaker. I would say to the Members of the House that. as the gentleman from Maryland . just stated. the only one actually pleading for the continued existence of FADA is the Home Loan Bank Board. And the Home Loan Bank Board performed some internal studies where they think FADA Is doing a great job. By golly. If we look at the performance of the Home Loan Bank Board and their numbers and their calculations and their projections. ladies and gentlemen. no one. no one In the history of the Congress has been so far off the mark. so far off the mark. Where did we go? We went from $10 billion to $15 billion for the cost of bailing out S&Ls that are troubled to $45 to $50 billion and. therefore. are we going to take the word of the Iome Loan Bank Board when they say they are tile only ones. the voice crying in the wilderness. the only ones who maintain the FADA is cost effective. Everyone else. including the General Accounting Office. that we always rely upon. states that it is a boondoggle. it is costly. It is ineffective. it is Inefficient. and FSLIC. if allowed to take over the assets themselves. can manage this much better and where necessary hire outside contract employees and firms to do the job at a savings to the taxpayers and to the FSLIC fund.
Date: 1988-10-06
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Speaker. I yield 1 minute to myself. The letter. tile August letter from CBO was a response to the cost of the major banking bill that was reported from the Committee on Banking.
Date: 1988-10-06
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Speaker. the bill before us eliminates the golden parachutes and the severance pay of 4 months. Let me repeat one more time. the only people asking Members of Congress to continue the existence of FADA is FADA and the Ilome Loan Bank Board. and frankly. I think the credibility of the Home Loan Bank Board today is at the lowest ebb in history. Once again. the GAO made recomimendations. ladies and gentlemen. for them to say what they said Is unheard of. and that is because they probably had to hold their noses it was so bad. They said in conclusion "We found no compelling evidence that FADA is essential to the management and disposition of assets acquired by FSLIC." Let FSLIC. the experts. do the things they have been doing for years. Listen to what Bill Seidman of the FDIC said. do away with FADA. save the taxpayers money and let us dispose of the assets in the best way possible and most profitable way possible for the U.S. Government and for the taxpayer and for the FSLIC fund.
Date: 1988-10-06
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Speaker. I ask unaninoils consent that the managers have until midnight tonight to file the conference report on the bill to provide for more detailed and uniform disclosure by credit and charge card issuers with respect to information relating to interest rates and other fees which may be incurred by consumers through the use of any credit or charge card.
Date: 1988-10-06
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Speaker. I move to suspend tle rules and pass flit bill (h.R. 4879) to amend the Depository i..tituton Management Interlocks Act to revise the manner in which the service of directors of depository institutions and depository holding companies are regulated. and for other purposes.
Date: 1988-10-06
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Speaker. I ask unarinious consent that all Merbers have 5 legislative days In which to revise and extend their remarks on I.R. 4879. the bill presently under consideration.
Date: 1988-10-06
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Speaker. I yield myself such time as I may consumne. Mr. Speaker. the Management Interlocks Revision act of 1988 is ai imposing title that belies a simple inlent. That intent is to prevent disruption of existing director arrangements that were grandfathered for 10 years under the 1978 Interlocks Act and to allow flexibility In the future where otherwise sound managetnent arrangements would be compromised or prevented by the requirements of the act. Briefly. the act extends grandfathering arrangements of the 1978 legislation for another 5 years. Ii addition it exempts certain advisory and honorary directors from the prohibitions of the act where the depository institution involved has total assets of less that $100 million. This eased the compliance burden of smaller institutions where qualified directors are not always readily available. Perhaps most importantly. the act provides for the acquisition of a failed or failing institution where such institution is acquired by another depository holding company. The exception is limited to 5 years from the date of acquisition. Finally. the legislation provides a very limited exception for diversified savings and loan holding companies. A director of an unaffiliated depository Institution or holding company may also serve as a director of the diversified holding company but not as director of the holding companys subsidiary depository Institution. Federal regulators must receive notice of the arrangenient and they have the right to object to any such arrangement. I urge my colleagues to support this legislation. During the past 10 years. no abuses have occurred relating to the grandfather arrangements yet the disruption that would occur If the provisions expired would be significant for those so affected. Many companies. such as insurance firms. have tried to diversify their financial service activities through the acquisition of institutions. They need their experienced directors to oversee these activities. Where there is the slightest danger of anticompetitive behavior. the regulators have a veto. The bill was reported out of the Committee on Banking. Finance and Urban Affairs by unanimous voice vote on October 4. 1988. It is supported by all the bank and savings and loan regulatory agencies and the Department of the Treasury. I urge its adoption. Mr. Speaker. I reserve the balance of my time.
Date: 1988-10-06
Speaker: THOMAS A. LUKEN (democrat)
Chamber: H

Mr. Speaker. I rise in support this legislation and to inquire of the chairman about his amendment regarding brakes and brake systems. It is my understanding. Mr. Speaker. that the amendment incorporates the provisions of tH.R. 5379 which provided for a study and a report to Congress regarding brakes and brakes systems for commercial vehicles. It does not require a rulemaking. Is that correct?
Date: 1988-10-06
Speaker: THOMAS A. LUKEN (democrat)
Chamber: H

Mr. Speaker. I thank the genileman. We have worked closely on this matter As he knows our committee has bcen in correspondence with the Speaker regarding rulemaking provisions in S. 861 as passed by the Senate. and I am pleased that the bill being returned to the Senate does not address this rulemaking issue. I know that the chairman will keep us informed of any efforts by the Senate to reintroduce this controversial issue. I thank the gentleman. At this point. I insert the following correspondence:
Date: 1988-10-06
Speaker: DE LA GARZA (democrat)
Chamber: H

Mr. Speaker. I thank the distinguished gentleman from California for yielding this time to me. Mr. Speaker. I very much appreciate his cooperation and that of the staff in working with us In trying to address an issue that impacted on the border with Mexico. I join in the comments of the distinguished gentleman from Maryland that it is not our intention. and we commend the gentleman from California for insisting that safety standards be enforced and that we do everything that we can. that we possibly can. to see that all of our vehicles are safe. Mr. Speaker. we had a special need on the border. and we appreciate the gentleman for accommodating us. but our pled7e to him is that we will do everything that we can to insure that safety standards are met. that safe vehicles go on the roads and that our need for special assistance Is not to the safety factor. but rather to some peculiar situations on the border in relation to Mexico. But we commend him. I appreciate his concern and his assistance to us. and we will work with him to see that every vehicle. to the extent possible. is safe that travels our highways.
Date: 1988-10-06
Speaker: DE LA GARZA (democrat)
Chamber: H

Mr. Speaker. I move to suspend the rules and concur in the Senate concurrent resolution (S. Con. Res. 153) to correct the enrollment of the Senate bill . an Act to amend the Federal Insecticide. Fungicide. and Rodenticide Act. and for other purposes.
Date: 1988-10-06
Speaker: DE LA GARZA (democrat)
Chamber: H

Mr. Speaker. I yield myself such time as I may consume. Mr. Speaker. somewhere in its passage from the House to the Senate to the Bureau of Engraving to the Government Printing Office some crossreference were missed or misnumbered. and this resolution authorizes the Clerk of the Senate to make the appropriate corrections. It changes no part of the bill at all. Mr. Speaker. I appreciate the Members approving this resolution.