[Congressional Record Volume 140, Number 106 (Thursday, August 4, 1994)]
[House]
[Page H]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: August 4, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
  PROVIDING FOR CONSIDERATION OF CONFERENCE REPORT TO ACCOMPANY H.R. 
 3474, RIEGLE COMMUNITY DEVELOPMENT AND REGULATORY IMPROVEMENT ACT OF 
                                  1994

  Mr. FROST. Mr. Speaker, by direction of the Committee on Rules, I 
call up House Resolution 506 and ask for its immediate consideration.
  The Clerk read the resolution, as follows:

                              H. Res. 506

       Resolved, That upon adoption of this resolution it shall be 
     in order to consider the conference report to accompany the 
     bill (H.R. 3474) to reduce administrative requirements for 
     insured depository institutions to the extent consistent with 
     safe and sound banking practices, to facilitate the 
     establishment of community development financial 
     institutions, and for other purposes. All points of order 
     against the conference report and against its consideration 
     are waived. The conference report shall be considered as 
     read.

  The SPEAKER pro tempore. The gentleman from Texas [Mr. Frost] is 
recognized for 1 hour.
  Mr. FROST. Mr. Speaker, for purposes of debate only, I yield the 
customary 30 minutes to the gentleman from California [Mr. Dreier], 
pending which I yield myself such time as I may consume. During 
consideration of this resolution, all time yielded is for the purposes 
of debate only.
  (Mr. FROST asked and was given permission to revise and extend his 
remarks.)
  Mr. FROST. Mr. Speaker, House Resolution 506 is the rule allowing the 
House to consider the conference report for H.R. 3474, the Community 
Development Banking and Financial Institutions Act of 1994.
  The rule waives all points of order against the conference report and 
against its consideration.
  Mr. Speaker, these waivers are needed because the Senate added 
several unrelated banking provisions to the original House bill, which 
was passed last November, creating germaneness problems.
  The Senate provisions accepted by the conferees include subtile B of 
title I, dealing with home ownership and equity protection; Title II, 
Small Business Loan Capitalization; title IV, on money laundering; 
title V, reauthorizing the flood insurance program; and the general 
provisions in title VI.
  Mr. Speaker, the Banking Committee filed its report August 2, which 
also requires a waiver of the 3-day layover rule.
  Mr. Speaker, H.R. 3474 is based on the President's initiative to 
encourage community development lending and establishes the Community 
Development Financial Institutions Fund to provide assistance to those 
institutions. To be eligible for assistance, community development 
lending institutions would have to operate in communities underserved 
by traditional lenders.
  Mr. Speaker, I urge my colleagues to approve this rule so that we may 
proceed to the consideration of the conference report on H.R. 3474 
today.
  Mr. Speaker, to repeat, this rule waives points of order that lie 
against the consideration of this conference report. The need for the 
waivers is clear; I urge my colleagues to accept this resolution so 
that we may consider the conference report today.
  Mr. Speaker, I reserve the balance of my time.
  Mr. DREIER. Mr. Speaker, I yield myself such time as I may consume.
  (Mr. DREIER asked and was given permission to revise and extend his 
remarks.)
  Mr. DREIER. Mr. Speaker, it was very clear that the conference report 
on the interstate banking bill was not going to advance unless the 
community bank conference report was approved as well. As I stated on 
the previous rule, the interstate banking bill is critical to the long-
term health of our banking system. It is primarily for this reason, 
despite the fact that this rule waives all points of order against the 
conference report, that I am going to reluctantly support the rule.
  In fact, H.R. 3474 is a less onerous and more reasonable alternative 
to President Clinton's proposal to build a network of 100 community 
development banks.
  More important, the conference report does not include the other 
body's controversial Fair Trade in Financial Services provision that 
would instigate a spiraling round of trade retaliation actions between 
the United States and Europe over market access for financial services 
companies.
  Therefore, Mr. Speaker, I urge adoption of the rule.
  Mr. Speaker, I reserve the balance of my time.
  Mr. FROST. Mr. Speaker, for purposes of debate only, I yield 2 
minutes to the distinguished gentleman from Massachusetts [Mr. Frank].
  Mr. FRANK of Massachusetts. Mr. Speaker, I thank the gentleman for 
yielding time to me.
  Mr. Speaker, I was going to say this during the general debate, so I 
can do it here.
  Mr. Speaker, the point I want to make is that as the gentleman from 
North Carolina [Mr. Neal] and I and the gentleman from Nebraska [Mr. 
Bereuter] and other members of the Committee on Banking, Finance and 
Urban Affairs are here; most of the Committee on Banking, Finance and 
Urban Affairs is in the Rayburn Building having a hearing on the 
questions of Whitewater.
  I want to stress that, Mr. Speaker, because people who do not 
understand how this institution works, and frankly, sometimes, 
underestimate its maturity and its ability to function, have been 
speculating that the fact that we are having a hearing over which there 
is a very sharp difference of opinion would somehow interfere with 
important work.

                              {time}  1130

  The fact that we are hear passing two significant bills that will 
improve the way the banking system functions, we are passing them in an 
atmosphere of no controversy with broad bipartisan support, is very 
important to note. In other words, we are capable as mature human 
beings of having some sharp differences of opinion in a hearing, and 
simultaneously having a conference, which we had during this period 
putting these bills together, dealing with some difficult issues, some 
of which everybody alluded to on the floor, and bringing them forward. 
As members of the Committee on Banking, Finance and Urban Affairs, I 
think it is appropriate to call attention to our ability and the 
ability of the Banking Committee on the Senate side to work together 
with the leadership of both parties, with Senator Riegle and Senator 
D'Amato, and Mr. Gonzalez and Mr. Leach, to bring this forward.
  The gentleman from North Carolina [Mr. Neal] has been an outstanding 
coordinator of these activities, as well as someone who has provided a 
great deal of leadership for this. It does seem to me worthy of note 
that not only the bad news ought to be brought forward while we are 
having hearings that are contentious on some levels, we are 
simultaneously, the very same people, bringing forward for passage two 
very significant and constructive banking bills.
  Mr. Speaker, I thank the gentleman from Texas.
  Mr. DREIER. Mr. Speaker, I yield back the balance of my time.
  Mr. FROST. Mr. Speaker, I yield back the balance of my time, and I 
move the previous question on the resolution.
  The previous question was ordered.
  The resolution was agreed to.
  A motion to reconsider was laid on the table.

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