[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]

 
                  THE RETIREMENT OF SENATOR DON RIEGLE

  Mr. DODD. Mr. President. I rise to pay tribute to our retiring 
colleague, Don Riegle, whose career here will come to an end with the 
close of this session.
  Throughout his career in public service, Don Riegle has demonstrated 
hard work, sound political judgment and strong leadership. He has never 
forgotten his roots in Flint, MI, and he has devoted himself to 
bettering the lives of the people who live there and in the thousands 
of communities like it across this country.
  Senator Riegle has a distinguished track record of standing up for an 
international trading system based on fairness, of fighting for the 
economic interests of his constituents, and of looking out for the 
interests of our society's most vulnerable people.
  He has also made considerable contributions to the health and well-
being of our financial system. Those of us who served with Senator 
Riegle on the Senate Banking Committee, which he has chaired for the 
past 6 years, will especially miss him. Under Don Riegle's leadership, 
the Banking Committee has been among the Senate's most active 
committees.
  As chairman, Senator Reigle shephered critical legislation through 
the Senate to address the savings and loan crisis. the Financial 
Institutions Reform, Recovery, and Enforcement Act [FIRREA] attacked 
thrift industry problems head-on by cutting the flow of S&L losses, 
providing authority to investigate and sanction criminal abuses, and 
establishing the Resolution Trust Corporation to seize and sell thrift 
assets.
  Senate Riegle's leadership was also instrumental in the passage of 
landmark legislation in 1990, the Federal Deposit Insurance Corporation 
Improvement Act. This important bill strengthened the banking industry 
by raising capital standards and created prompt corrective action 
procedures to avert future financial crises.
  Don Riegle's legislative achievements also include passage of the $3 
billion National Affordable Housing Act to expand access to home 
ownership to more Americans, as well as the HUD Reform Act passed to 
respond to agency mismanagement and abuse.
  And just within the last 2 months, we passed the community 
development banking bill and what will go down as one of Senator 
Riegle's foremost achievements, the Riegle-Neal Interstate Banking and 
Branching Act of 1994. Thanks to that legislation, which was years in 
the making, consumers will soon begin to enjoy a wealth of new 
benefits, and our banking system will be strengthened for years to 
come.
  Since I succeeded Senator Riegle as chairman of the Securities 
Subcommittee, we have worked closely on a host of legislative 
initiatives to increase the integrity of the securities market, reduce 
the credit crunch, and provide increased capital to consumers, industry 
and the economy.
  Senator Riegle's invaluable support and leadership as my full 
committee chairman helped us rack up the most significant legislative 
achievements in the securities field in the past 15 years. The list 
includes the Securities Market Reform Act and the Securities Law 
Enforcement Act.
  Like Majority Leader Mitchell, Senator Riegle had hoped we would pass 
health care reform before his Senate career came to an end. We failed 
as a Congress to pass health care reform this year, and we must all 
accept responsibility for that outcome. But if there is anyone in this 
body who will go home at the end of this session sure in the knowledge 
that he did everything he was humanly capable of for this cause, it is 
Don Riegle.
  Starting more than 2 years ago, Senator Riegle has talked about more 
than 60 Michigan families in a series of Senate speeches called ``Faces 
of the Health Care Crisis.'' He has told the tales of people throughout 
Michigan whose lives have been wrecked, whose children have suffered 
needlessly, whose job prospects have been dashed--all because of the 
inadequacies of our health care system. These speeches periodically 
reminded all of us about why this fight really mattered.
  During the Finance Committee's markup of health care legislation, he 
made sure that the package that finally emerged included a strong set 
of benefits for pregnant women and children.
  We didn't succeed this year, but in the end, we will. And when we do, 
we will be guided by the inspiration of Don Riegle. It is with 
admiration for a long career of effective public service and with 
sadness for the departure of a dear colleague and dear friend, that I 
bid farewell to Don Riegle.

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