[Congressional Record Volume 140, Number 145 (Friday, October 7, 1994)]
[Senate]
[Page S]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: October 7, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
                  TRIBUTE TO SENATOR DONALD W. RIEGLE

  Mr. D'AMATO. Mr. President, I rise today to commend my friend and 
colleague, the Chairman of the Banking Committee, Senator Don Riegle.
  Recently, the Banking Committee held the final hearing that Don 
Riegle will chair on the condition of the bank, thrift, and credit 
union industries. The regulators gave these depository institutions a 
clean bill of health. They told the committee that the banking industry 
is reporting record profits, the credit union industry and the National 
Credit Union Share Insurance Fund are in strong shape, and the thrift 
industry is stable and on the road to recovery.
  Mr. President, this did not seem possible a few years ago as our 
financial system faced its greatest stress since the 1930's. The 
condition of all three of the depository industries was a matter of 
deep concern. But as a result of Chairman Riegle's legislative 
stewardship and hard work, assisted by stable economic conditions, 
these industries are again healthy, the most serious financial problems 
have been addressed, and public confidence in the stability of the 
financial system has been restored.
  Mr. President, the hallmark of Don Riegle's tenure as chairman of the 
Banking Committee has been his dedication to improving the supervision 
and regulation of the banking, thrift, and credit union industries. 
FIRREA and FDICIA are the best examples of legislation that he 
sponsored to prevent a reoccurrence of the freewheeling and 
inappropriate use of federally insured deposits and ultimately, to 
protect U.S. taxpayers. Most recently, in the community development 
bill that President Clinton signed last month, Congress successfully 
pruned costly and antiquated regulatory and paperwork burdens.
  Also, this year Chairman Riegle led the Banking Committee in the 
courageous, but unsuccessful effort, to consolidate the bank regulatory 
agencies. And he championed bills and amendments to make certain the 
bank and thrift regulators were truly independent--of both the Congress 
and the administration. Mr. President, Chairman Riegle's legislative 
accomplishments in this area are extensive and impressive.
  Mr. President, for the past 14 years, I have had the honor and 
privilege to serve with Don Riegle on the Banking Committee. For the 
past 2 years, we have sat next to one another, as chairman and as 
ranking. During this entire period, he has been an exemplary member and 
then leader of the committee in the tradition of his immediate 
predecessors with whom I have also been privileged to serve, both 
Democrat and Republican. He has always been extremely fair. This is the 
tradition of our committee. As a matter of fact, since Don Riegle 
has occupied the chairman's seat, I can only remember one straight 
party vote. I don't think any other Senate committee can claim such a 
bipartisan record. One explanation for this is that the issues we deal 
with on the Banking Committee aren't cut and dry Republican versus 
Democrat--the differences are more regional, urban versus rural or big 
city versus small community. The more significant explanation is Don 
Riegle's approach to his responsibilities as chairman and his basic 
good nature. Don Riegle has been open minded and fair to all sides of 
the issues. He loves ideas but he is a pragmatist. He is a fierce 
debater but a reasonable decisionmaker. He is an articulate and 
passionate advocate and, at the same time, he is conciliatory and 
collegial.

  Mr. President, I am especially proud of the Banking Committee's 
accomplishments this past Congress. As a result of the chairman's 
skills, we produced significant legislation with almost unanimous and 
bipartisan support on the committee--the community development bill, 
flood insurance reform, small business loan securitization, and 
interstate banking, to mention only a few highlights. At the same time, 
the committee conducted hearings on Whitewater and Madison. I know this 
was an assignment that Chairman Riegle did not volunteer for. 
Regardless of the potential for extreme partisanship, he played it 
right down the middle. Chairman Riegle conducted himself with 
objectivity, independence, and a judicious temperament. He was 
extremely fair in keeping the hearings within the guidelines 
established by Senate Resolution 229. Chairman Riegle gave equal and 
ample time to both the majority and minority. I think most importantly, 
Senator Riegle, along with his Democratic colleagues, did not shrink 
from asking tough questions. Chairman Riegle conducted the hearings, in 
the best traditions of the Senate, in a manner that has earned him 
accolades and respect from all of his Republican and Democratic 
colleagues on the committee and from seasoned observers in the press.
  Mr. President, I am sincere in saying that with the retirement of Don 
Riegle the people of Michigan and the American people are losing a 
strong and steady voice. And the Banking Committee is losing a valuable 
member and a steady hand at the helm.
  As Don Riegle casts his last votes in the Senate after a long career 
in public service, I want to take this moment to congratulate him.
  In tribute to Chairman Riegle, the conference committee for the 
Community Development Banking Act titled the bill the ``Riegle 
Community Development and Regulatory Improvement Act of 1994,'' and the 
conference committee for the Interstate Banking Efficiency Act titled 
the bill the ``Riegle-Neal Interstate Banking and Branching Efficiency 
Act of 1994.'' Both the bills were recently signed into law. Now, 
following nearly three decades of selfless devotion to his 
constituents, I hope Don follows through on his desire to spend more 
time with his wife and family and in his new home in his beloved State 
of Michigan.
  Senator Riegle, I wish you well in whatever endeavors you decide to 
pursue.

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