macleginn/stanford_congress_record_longer_speeches huggingface dataset:
Date: 1987-05-05
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Chairman. the amendment offered for consideration provides FSLIC with $15 billion in funding over 5 years. with an annual cap for new financing of $3.5 billion. In addition. language is included to provide for a sunset of the funding by joint resolution. Title I is also amended to include a provision allowing the $3.5 billion ceiling to be raised under emergency conditionsalso by joint resolution. The critical need for recapitalization has become more acute than ever as evidenced by the growing drain on FSLICs resources and the insurance fund in addressing current problems facing the savings and loan industry. The magnitude of the problem and the condition of the industry has not improved. The latest figures released by the Bank Board indicate that those severely troubled institutions being monitored by the Bank Board are incurring net operating losses of $10 million a day or $3.6 billion- a year. up from $6 million a day and $2.2 billion a year. As of April 17. 1987. the Bank Board also released statistics revealing that 26 percent of insured institutions were unprofitable during the fourth quarter of 1986. a substantial increase from 20 percent in the beginning of the year. For all of 1986. unprofitable thrifts had aggregate losses of $8.3 billion of which $3.2 billion occurred in the fourth quarter of 1986. In addition. GAO. as of yesterday. has increased its December 31. 1986. estimate of FSLICs contingent liability from $8 billion to over $10 billion which will increase FSLICs insolvency to an estimated negative $6 billion. Based upon the significance of this recent information. we believe that a recapitalization plan of $15 billion is absolutely essential to restore public confidence and preserve those depository institutions dedicated to home ownership financing. o 1740 Mr. Chairman. may I inquire as to how much time I have consumed?
Date: 1987-05-05
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Chairman. I yield 3 minutes to the gentleman from Ohio . the distinguished ranking minority member of the committee.
Date: 1987-05-05
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Chairman. I yield 1 minute to the gentleman from Massachusetts . a member of the committee. :(Mr. KENNEDY asked and was given permission to. revise and extend his remarks.):.
Date: 1987-05-05
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Chairman. I yield myself the balance of my time. Mr. Chairman. No. 1. let me point out that the plan was devised by the Federal Home Loan Banks. not by the Home Loan Bank Board. not by Ed Gray. not by the Treasury. and not by the chairman of the Banking Committee. It was devised by the industry. The Home Loan Bank Boards presidents are responsive to the banks. to the S&Ls and their districts. They have signed a letter to me dated April 28. 1987. all 12 of them. representing California. Arkansas. Bostonall of themand this is what they say. referring to the plan. the $15 billion plan: The plan uses no taxpayer dollars. It would raise $15 billion over five years in capital markets. using the resources of the Federal Home Loan Banks and the FSLIC insured institutions. The $5 billiontwoyear bill as reported by the House Banking Committee with an "exit fee" of only two years and statutory forbearance is clearly inadequate. and virtually ensures that a taxpayer bailout of the FSLIC will ultimately be required. Mr. Chairman. I ask that the Members check the bill. The bill itself says. the full faith and credit of the U.S. Treasury. and the U.S. Government stands behind this bill. That means taxpayer dollars. I say to the Members. and I repeat that the banks. the S&Ls themselves. came up with this plan. We did not. the Treasury did not. I ask the Members to back them up.
Date: 1987-05-05
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Chairman. I would say that the staff of the Banking Committee and .many of our members have worked with Chairman PEPPER and the gentleman from Florida on the committee. along with the minority people. the gentleman from Maryland on my committee. and they agree that what we do is add minorities to the forbearance section. Mr. Chairman. I know of no opposition. All I know of Is acclamation for a job well done. and at this point I would ask for adoption of the amendment.
Date: 1987-05-05
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Chairman. I have discussed this amendment with the gentleman from Virginia. a member of the committee. We are in total agreement on this amendment. As a matter of fact. it is a perfection of what is already in the bill and I wholeheartedly support the amendment.
Date: 1987-05-05
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Chairman. my colleague from Texas is correct in his Interpretation of the intent of this accounting provision of the bill. The Bank Board should rededicate itself to working closely with troubled thrifts so that as many as possible can return to financial health and again be sources of home ownership financing. In the short term. this worthy goal suggests that institutions be able to select. either from RAP or GAAP. those accounting rules which are most conducive to their recovery. In that regard. no situation would require an institution to record losses in excess of what GAAP would produce.
Date: 1987-05-05
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Chairman. In other words. the State legislais the gentleman talking about the tures or the State regulators are giving morator.ium that Is contained in the extraordinary powers. powers to invest Senate bill? on the part of the S&Ls not just in
Date: 1987-05-05
Speaker: ST GERMAIN (democrat)
Chamber: H

We have not have so often heralded as being their had hearings or anything on this side. main flagship activity as far as the so we will probably have hearings at S&L industry but rather investing in some point in time. all sorts of exotictype investments. I am not at this point prepared to The fact of the matter is that there beat the drums for anybody. We -are has been no control at the Federal onthe Leach amendment on direct in- Home Loan Bank Board or that the investment here. and we are not consid- surance agency the FSLIC has over ering the Senate bill. these particular institutions. We are considering FSLIC recap Today. however. the Federal Home period along with forbearance. Loan Bank Board should be commend-
Date: 1987-05-05
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Chairman. I move to strike the requisite number of words. and I yield to the gentleman from Texas . a member of the committee. the birthday boy. Is that 59 or 39?
Date: 1987-05-05
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Chairman. the gentleman as a sponsor of the minority participation amendment is absolutely correct that the committee intends that participation to be far more than token participation. We used the words "to a significant degree" and in our discussion of the amendment at the time of its offering. we made it clear that minority firms should be utilized to the fullest extent of their capability. What- the gentleman had stated is really spelling out that we are including the entire underwriting process. and most assuredly the gentleman from Texas has correctly defined the term "minority." which I might note will appear elsewhere in this bill as part of the Pepper amendment.
Date: 1987-05-05
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr Chairman. as the gentleman from Iowa knows. in the past Iwould have supported this amendment. However. in view. of the regulations adopted by the Home Loan Bank. Board. in- view. furthermore. of the language in the bill before us requiring a very detailed study and in view of the clause in there that says that prior to changing the regs. they must report to the House and Senate committee. I think that at this point in time. we do have a good handle on what the Home Loan Bank Board is doing. I am very satisfied with the direct investment regs that they have adopted and I am hopeful that we can wait a little while and see how they work. see how the study comes out and we can revisit it when the study comes back. I would hope that the gentleman would join me In being patient in that area. I yield to the gentleman from Iowa .
Date: 1987-05-05
Speaker: ST GERMAIN (democrat)
Chamber: H

Let me just say to the gentleman that if it came to the attention of this chairman and to the committee that. as a result of abuse of direct investment. I think the gentleman realizes I would be very. very amenable to Immediate hearings. looking upon it as an emergency.
Date: 1987-05-05
Speaker: ST GERMAIN (democrat)
Chamber: H

I thank the gentleman for yielding. Mr. Chairman. I have discussed this with parties on both sides of the issue. At this point I ask unanimous consent that debate on the Kleczka amendment be limited to 30 minutes. 15 minutes for and 15 minutes against.
Date: 1987-05-05
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Chairman. with respect to the previous colloquy. the chairman has doubts about that which was enunciated. and for that reason I felt that I should put It in the REcoRD immediately after the affirmation by the gentleman from Wisconsin . I shall be looking at it further between now and the time we go to conference.
Date: 1987-05-05
Speaker: ST GERMAIN (democrat)
Chamber: H

I thank the gentleman for yielding. I would say to the gentleman we have discussed both of these situations and it is unfortunate that. if indeed in the case of the testamentary trust as well as the case of the rural water association that they were given what obviously was. false information. and whether or not they were lulled into a sense of security remains to be seen. Certainly they have available to them in both instances the legal -process. By the same token. I would be happy to have the committee staff. as well. look into the situation and determine if anything could be done short of legal proceedings. But I must say to the gentleman that at first blush I have my doubts. We certainly will have the committee staff look into it.
Date: 1987-05-05
Speaker: ST GERMAIN (democrat)
Chamber: H

Yes. The Bank Board itself has acknowledged the need for these types of deadlines. Comparable time restrictions already exist for the Federal Reserve Board with respect to bank holding company applications and for the Attorney General with respect to antitrust review of merger proposals.
Date: 1987-05-07
Speaker: THOMAS A. LUKEN (democrat)
Chamber: H

Mr. Speaker. it is my pleasure to be a Representative of the district of Sister Jean Patrice. who just gave the prayer. As many of the gentlemen in the Chamber know. it is rather unprecedented for a nun to give the prayer here. but Sister Jean Patrice has continued to do unprecedented things. As a matter of fact she Is retiring this year. and she has so many credits and is so popular In my district that it is my fond hope In the interest of my own job security that she does not go Into politics. Sister Jean Patrice recently received the St. Francis Xavier Medal from Xavier University. my own alma mater. to honor persons of action. of courage and innovation who have had a direct impact on their fellow man and woman. Since her arrival in 1977 she has led Mount St. Joseph to many heights. through several major reforms. In 1983 she started the Excel Programa program designed to get collegebound students with learning disabilities Into college. She has also displayed her commitment to the community. She serves on many boards of directors of companies. actively serves on those boards of directors in Cincinnati and In the Ohio region. Her wisdom and contagious energy Is most evident in her view of retirement as a time to move on to new visions and new vitality. and it is appropriate to leave when things are going well. So I am very proud to represent Sister Jean Patrice. and I think that we are all very proud that we have had this good representative of the Sisters of Charityhere this morning.
Date: 1987-05-07
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Speaker. during his 16 years on the House Banking Committe. STEW MCKINNEY was a shining light and a true man of humility. The Connecticut Yankee. the product of Yale education and a pedigree background. yet he was always fighting for the low- and middleincome people of this Nation. Whether it meant supporting the consumers right to timely access to his or her deposited funds. or providing housing for all Americans. STEW was at the forefront of the effort. no matter what the opposition. I cannot remember how many times STEW would lament that he was not a lawyer. but only a lowly English major. His English background gave him a way with words that proved invaluable when dissecting the sanitized statements of many of our witnesses. He made the issues understandable to both his colleagues and the public at large. I remember his lambasting the "high rollers" in the thrift industry for their excessive and risky loans. He was a constant champion of a safe and sound banking system. He always spoke up for the consumer and I am sure he was pleased to learn that the House passed the checkhold bill this week. I cannot tell you how sorely STEW will be missed by his colleagues in the House. and especially this committee chairman. I feel privileged to have been able to have spent nine terms alongside my colleague from New England. STEW McKINNEY.
Date: 1987-05-08
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Speaker. I ask unanimous consent to take from the Speakers table the bill to provide urgently needed assistance to protect and improve the lives and safety of the homeless. with special emphasis on elderly persons. handicapped persons. and families with children. with a Senate amendment thereto. disagree to the Senate amendment. and request a conference with the Senate thereon.
Date: 1987-05-08
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Speaker. I say to the gentleman that the problem that we have on this side is. quite frankly. not looking at the debate or colloquy in the other body. but looking at the very language of this section. when our staff has met with and checked with staff on the other side. both sides of the aisle. nobody really knows what this means or says. Will the gentleman be kind enough to tell us what. in his opinion. this verbiage contained in his motion means. What is the impact of it?
Date: 1987-05-08
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Speaker. I must say one thing to the gentleman from Illinois. repeating what I said initially. if the gentleman will yield.
Date: 1987-05-08
Speaker: ST GERMAIN (democrat)
Chamber: H

Again I have consulted with our staffs. both here and in the Senate. There is a great deal of misunderstanding or lack of understanding as to the import and the impact of the content of the gentlemans motion. to wit. the Senate amendment that he is asking us to instruct the conferees to agree to. Under the circumstances. I shall have no alternative but to object to the motion and to ask for a vote.
Date: 1987-05-08
Speaker: ST GERMAIN (democrat)
Chamber: H

The gentleman Is saying that he and no one else has been able at this point to give us a clear interpretation and explanation of what this amendment says. and I think it is not proper to instruct conferees to accept language that nobody really understands.
Date: 1987-05-08
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Speaker. as the chairman of the House conferees on this particular title. I would reassure the gentleman that certainly if the interpretations that have been given here today in the colloquy between the gentleman from California and himself. we would have no problem with it. The problem is whether or not that is the case. Under the circumstances. I would say to the gentleman that I do notv see any need for the motion because if indeed that is the Impact of this amendment. we would have no problem with it.
Date: 1987-05-08
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Speaker. if the gentleman will yield further. sometimes specificity on that which one does not really understand could be dangerous.
Date: 1987-05-08
Speaker: DE LA GARZA (democrat)
Chamber: H

Mr. Speaker. I ask unanimous consent for the immediate consideration of the joint resolution (H.J. Res. 270) to recognize the 125th anniversary of the U.S. Department of Agriculture.
Date: 1987-05-11
Speaker: DE LA GARZA (democrat)
Chamber: H

Mr. Speaker. few Texans will ever forget the morning of April 16. 1947. when a freighter loaded with 2.300 tons of ammonium nitrate caught fire and touched off one of the single most disastrous events in U.S. history. As you remember. this took place at the huge petrochemical refining port in Texas City. TX. The survivors still talk of the magnitude of this catastrophe. and one of my constituentsnow living in the Washington areahas reminded me that his mother was among the survivors that dayand that she still grieves for the loss of her husband on that fateful day. In the memory of .Genaro Garza. I would like. to share with my colleagues an article written for the McAllen Monitor newspaper in my congressional district. The article tells the story of Genaros work for MonsantoChemical Co.-and theday onwhich his wife. Maria Collegio Garza. bid her 33yearold husband a last farewell as he went off to work on the morning of April 16. 1947.
Date: 1987-05-12
Speaker: DE LA GARZA (democrat)
Chamber: H

Mr. Speaker. I ask unanimous consent that it be in order to consider the conference report on H.R. 1157 on Wednesday. May 13. 1987. or any day thereafter.
Date: 1987-05-13
Speaker: DE LA GARZA (democrat)
Chamber: H

Mr. Speaker. pursuant to the order of the House of May 12. 1987. I call up the conference report on the bill to provide for an acreage diversion program applicable to producers of the crop of winter wheat harvested in 1987. and otherwise to extend assistance to farmers adversely affected by natural disaster in 1986. and ask unanimous consent that the statement of the managers be read in lieu of the report.
Date: 1987-05-13
Speaker: DE LA GARZA (democrat)
Chamber: H

Mr. Speaker. I yield myself such time as I may consume. Mr. Speaker. I urge the House to approve the conference report on H.R. 1157. the Farm Disaster Assistance Act of 1987. The conference agreement on H.R. 1157 will fulfill the commitment Congress made last fall. in the Continuing Appropriations Act for Fiscal Year 1987. to assist those of our Nations farmers who were victims of catastrophic natural disasters in 1986. The bill will ensure that all farmers who suffered severe losses in 1986 will be treated equitably and that farmers will obtain assistance at the levels intended by Congress in the Appropriations Act. At the same time. the bill will have the effect of ensuring that a substantial amount of acreage is not put into production in 1987. thereby reducing some commodity program costs. The conference agreement essentially adopts the House bill and accepts the Senate amendments except for the provision for a required. sunflower marketing loan program.
Date: 1987-05-13
Speaker: DE LA GARZA (democrat)
Chamber: H

Mr. Speaker. I move the previous question on the conference report. The previous question was ordered. The conference report was agreed to. A motion to reconsider was laid on the table.
Date: 1987-05-21
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Speaker. during the course of the Banking Committees efforts to enact truthinsavings legislation. we have uncovered yet another gimmick in the banking industrys creative schemes to skim the cream from their customers hardearned savings dollarsinvestable income. Now. we learn that some banking institutionsInstead of paying interest on the full amount of the savings accountdeduct from the principalbefore applying the interesta sum equal to the reserves the banks maintain behind their accounts. The Consumer Federation of America. in a telephone survey. found sums ranging from 3 percent to 12 percent of the account were being deducted before banks applied interest. Mr. Speaker. most customersall customersassume that $1.000 of savings is $1.000 of savings that is earning money In the bank. But. now we learn that $1.000 in a savings account may be regarded as only $970 in one bank. $880 in another bank when the interest is calculated. A dollar is a dollar everywhere but in banking. Mr. Speaker. it Is bad enough that many banks mislead their customers about interest rates and other terms on savings accounts. It is bad enough that the banks often pay exceedingly low interest on small savings. But it is unconscionable when they skim the reserves right off the top of the customers accounts. The American Bankers Association should use some of Its massive budget to let its member banks know that the American public will not accept such deceptive practices as investable income.
Date: 1987-05-27
Speaker: DE LA GARZA (democrat)
Chamber: H

Mr. Speaker. I move to suspend the rules and pass the bill to direct the Secretary of Agriculture to release a reversionary interest of the United States in certain land located in Putnam County. FL. and to direct the Secretary of the Interior to convey certain mineral interests of the United States in such land to the State of Florida. as amended.
Date: 1987-05-27
Speaker: DE LA GARZA (democrat)
Chamber: H

Mr. Speaker. I yield myself such time as I may consume. Mr. Speaker. I rise today in support of H.R. 1205. a bill to release a reversionary interest of the United States In certain land located in Putnam County. FL. and for other purposes. H.R. 1205 was Introduced by the Honorable BILL CHAPPELL on February 24. 1987. and was referred to the Committee on Agriculture. The bill was reviewed by the Subcommittee on Forests. Family Farms. and Energy and reported. with technical amendments. to the full committee. Subsequently the Agriculture Committee considered H.R. 1205. as amended. and ordered it reported on April 1. with a recommendation for passage of the measure. H.R. 1205. as amended. would direct the Secretary of Agriculture to release a reversionary interest of the United State in 1.1 acres of land in Putnam County. FL. that is currently owned by the State of Florida. This reversionary interest. which stipulates that the land be returned to the United States if It is no longer used for public purposes. is contained in the deed which granted the land to the State of Florida in accordance with the BankheadJones Farm Tenant Act. H.R. 1205 would also direct the Secretary of the Interior to convey the mineral rights of the property to the State of Florida for their fair market value or $1. if the mineral rights have no value. As I understand it. the Forest Service has made a preliminary determination that the value of minerals on this tract is minimal. The State of Florida seeks release of this reversionary interest. as well purchase of any mineral rights associated with the property. in order to provide for an exchange of the tract for another parcel of equal value that is currently in private ownership. The release is necessary to permit the land to be transferred to private ownership with clear title. The exchange will benefit both the private landowner who seeks to acquire the land for access to other lands in his ownership and the State of Florida. which will acquire a tract of land that is adjacent to a larger parcel currently administered by the University of Florida. . To protect the interests of the United States. H.R. 1205 would require the State of Florida to agree to place a similar reversionary restriction on the parcel of land that it will acquire in this land exchange. According to the USDA Forest Service. this represents a reasonable and efficient approach to conveying BankheadJones lands to a third party. Accordingly. the Administrator has indicated that he has no objection to H.R. 1205. The Congressional Budget Office reports that H.R. 1205 will result in no cost to the Federal Government if enacted. Mr. Speaker. I do not believe that there is any controversy regarding H.R. 1205 and I recommend its immediate passage. Mr. Speaker. I yield such time as he may consume to the gentleman from Florida .