[Congressional Record Volume 145, Number 107 (Tuesday, July 27, 1999)]
[House]
[Page H6432]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                        PORKER OF THE WEEK AWARD

  (Mr. HEFLEY asked and was given permission to address the House.)
  Mr. HEFLEY. Mr. Speaker, to prevent potential catastrophic nationwide 
computer meltdown, the Securities and Exchange Commission, or the SEC, 
is fighting brokers and firms to ensure that their computers actually 
read ``00'' as of January 1 of 2000.
  Recently an 87-year-old broker who has spent 50 years in the 
investment business was fined $5,000 for not being Y2K compliant. There 
is only one problem. This particular gentleman does not own a computer. 
His operation is so small, he does not actually sell them mutual funds; 
he just gives advice. He never touches any money at all.
  Mr. Speaker, that has not stopped the SEC from demanding a yearly 
audit of his firm which costs him another $5,000. He went ahead, and he 
paid the original Y2K fine because he could not afford the money to 
fight the bureaucracy.
  He will not be without a computer for long, however. New SEC 
regulations insist that all brokers have a computer so they can receive 
e-mail notices from the agencies.
  Here we have a legitimate businessman being harassed and intimidated 
by his own government agency paid for by his own tax dollars. 
Outrageous. It is inexcusable and a waste of taxpayers' time and money.
  The Securities and Exchange Commission gets my porker of the week 
award and my disgust.

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