[Congressional Record Volume 145, Number 21 (Saturday, February 6, 1999)]
[Daily Digest]
[Pages D110-D111]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

Committee Meetings
(Committees not listed did not meet)
SUBCOMMITTEE ASSIGNMENTS
Committee on Banking, Housing, and Urban Affairs: Committee announced 
the following Subcommittee assignments:
  Subcommittee on Securities: Senators Grams (Chairman), Bunning, 
Shelby, Allard, Bennett, Hagel, Santorum, Crapo, Dodd, Schumer, Bayh, 
Johnson, Bryan, Reed, and Edwards.
  Subcommittee on International Trade and Finance: Senators Enzi 
(Chairman), Crapo, Grams, Hagel, Mack, Johnson, Kerry, Bayh, and 
Schumer.
  Subcommittee on Housing and Transportation: Senators Allard 
(Chairman), Santorum, Grams, Shelby, Gramm, Kerry, Edwards, Dodd, and 
Bryan.
  Subcommittee on Economic Policy: Senators Mack (Chairman), Bennett, 
Enzi, Bunning, Reed, Dodd, and Kerry.
  Subcommittee on Financial Institutions: Senators Bennett (Chairman), 
Hagel, Mack, Enzi, Santorum, Bunning, Crapo, Shelby, Allard, Bryan, 
Reed, Schumer, Edwards, Johnson, Bayh, and Sarbanes.
BUSINESS MEETING
Committee on Small Business: On Friday, February 5, Committee ordered 
favorably reported the following business items:
  S. 314, to require the Small Business Administration to establish a 
limited-term loan guarantee program under which the SBA would guarantee 
loans made by private lenders to assist small businesses in correcting 
Year 2000 (Y2K) computer problems;
  S. 364, to amend the Small Business Investment Act of 1958 to permit 
Small Business Investment Company (SBIC) to receive contingent 
obligations, such as warrants and royalties, when financing a

[[Page D111]]

small business, to increase the funding level for Participating 
Securities, to strike the requirement for SBA to reserve 50% of the 
leverage for SBICs with less than $20 million in private capital, to 
provide for an assumed tax rate for the purposes of determining whether 
``after-tax'' income of a small business organized as a ``pass-
through'' entity for tax purposes is within the limits required if the 
small business is to qualify for SBIC financing, and to reduce the 
requirement for SBA to issue SBIC guarantees and trust certificates to 
once every twelve months; and
  The nomination of Phyllis K. Fong, of Maryland, to be Inspector 
General, Small Business Administration.
  Also, the committee approved their rules of procedure for the 106th 
Congress.
Y2K IMPACT ON FOOD SUPPLY
Special Committee on the Year 2000 Technology Problem: On Friday, 
February 5, Committee concluded hearings to examine Y2K problem within 
the food supply industry, focusing on the Department of Agriculture's 
assessment of the food industry's Y2K preparedness, food processing and 
distribution, Y2K impacts on food producers, dairy industry, precision 
farming and general crop farming, after receiving testimony from 
Senator Lugar; Daniel R. Glickman, Secretary of Agriculture; Tyrone K. 
Thayer, Cargill Inc., Minneapolis, Minnesota; Allen Dickason, Suiza 
Foods Corporation, Dallas, Texas; and Ken Evans, Arizona Farm Bureau 
Federation, Yuma.