[Congressional Record Volume 140, Number 142 (Tuesday, October 4, 1994)]
[Senate]
[Page S]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


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

 
  REPUBLICAN DEPUTY STAFF DIRECTOR OF THE BANKING COMMITTEE IRA PAULL 
                           LEAVES THE SENATE

  Mr. DOMENICI. Mr. President, I would like to recognize the fine 
contribution Ira Paull has made to the Senate Banking Committee. When I 
first joined the committee in 1991, I quickly became aware that the 
committee had a vast and complicated jurisdiction.
  To exercise that jurisdiction, the Banking Committee under Chairman 
Riegle has been a hearing-intensive committee. It has not been uncommon 
for the committee to have three, four or even five hearings in any 
given week. When I first joined the committee, Ira was the senior 
counsel who always seemed to be on top of all the issues. From my first 
day on the Committee I knew I could count on Ira Paull for solid, 
straight answers. Over the years, I have found Ira to be an 
exceptionally knowledgeable and helpful professional staff member who 
can explain any issue quickly and concisely. He can always come up with 
the appropriate analogy, or phrase that says it all.
  Members will recall that the 102d Congress Banking Committee agenda 
was the ambitious modernization of our financial services laws. Ira 
took on the difficult but wave-of-the-future assignment of developing 
appropriate firewalls for banks and securities firms and the repeal of 
the Glass-Steagall Act. I was new to the committee and was impressed 
that we produced a fairly comprehensive reform. Unfortunately, the 
House was not as forward thinking.
  During this Congress financial system modernization moved from the 
top of the agenda and other issues took its place. With a billion 
dollars a day being invested in mutual funds and with many mutual funds 
investing in derivatives, these new products captured the committee's 
attention.
  While derivatives are created by mathematicians and physicists, Ira, 
a lawyer and CPA by training, understands the benefits and risks they 
pose to our capital markets.
  Another issue during the 103d Congress has been the credit crunch. 
The committee became concerned that banks had more funds invested in 
Treasury notes than in loans. We explored new ways to make more capital 
available to small businesses. One promising approach is 
securitization.
  Ira understands the securitization process and I have no doubt 
countless small businesses and commercial real estate ventures will 
find credit more available as a result of his work on the 
securitization legislation that was signed into law last month.
  During the 6 years Ira has worked in the Senate he was instrumental 
in crafting major securities legislation that has been enacted--market 
reform international securities enforcement and shareholder 
communications. His accounting expertise was invaluable in crafting 
thrift capital requirements and independent audit requirements for 
savings and loans.
  Since 1992, Ira has served as Republican staff director.
  I want to thank Ira Paull for his 6 years of service to the Senate. 
Ira is leaving the Senate to work for Freddie Mac. Freddie Mac's gain 
is the Senate's loss--the phrase that says it all.

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