[Congressional Record Volume 147, Number 83 (Thursday, June 14, 2001)]
[House]
[Pages H3156-H3159]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




PROVIDING FOR CONSIDERATION OF H.R. 1088, INVESTOR AND CAPITAL MARKETS 
                             FEE RELIEF ACT

  Mr. LINDER. Mr. Speaker, by direction of the Committee on Rules, I 
call up House Resolution 161 and ask for its immediate consideration.
  The Clerk read the resolution, as follows:

                              H. Res. 161

       Resolved, That upon the adoption of this resolution it 
     shall be in order without intervention of any point of order 
     to consider in the House the bill (H.R. 1088) to amend the 
     Securities Exchange Act of 1934 to reduce fees collected by 
     the Securities and Exchange Commission, and for other 
     purposes. The bill shall be considered as read for amendment. 
     In lieu of the amendment recommended by the Committee on 
     Financial Services now printed in the bill, the amendment in 
     the nature of a substitute printed in the Congressional 
     Record and numbered 1 pursuant to clause 8 of rule XVIII 
     shall be considered as adopted. The previous question shall 
     be considered as ordered on the bill, as amended, and on any 
     further amendment thereto to final passage without 
     intervening motion except: (1) one hour of debate on the 
     bill, as amended, equally divided and controlled by the 
     chairman and ranking minority member of the Committee on 
     Financial Services; (2) the further amendment printed in the 
     Congressional Record and numbered 2 pursuant to clause 8 of 
     rule XVIII, if offered by Representative LaFalce of New York 
     or his designee, which shall be in order without intervention 
     of any point of order, shall be considered as read, and shall 
     be separately debatable for one hour equally divided and 
     controlled by the proponent and an opponent; and (3) one 
     motion to recommit with or without instructions.

  The SPEAKER pro tempore (Mr. Isakson). The gentleman from Georgia 
(Mr. Linder) is recognized for 1 hour.
  Mr. LINDER. Mr. Speaker, for purposes of debate only, I yield the 
customary 30 minutes to the gentlewoman from New York (Ms. Slaughter); 
pending which I yield myself such time as I may consume. During 
consideration of this resolution, all time yielded is for the purpose 
of debate only.
  Mr. Speaker, House Resolution 161 is a modified closed rule providing 
for the consideration of H.R. 1088, the Investor and Capital Markets 
Fee Relief Act. This bill is designed to provide tax relief to 
investors and market participants by reducing or eliminating many of 
the user fees imposed by the Securities and Exchange Commission for 
buying and selling securities.
  H. Res. 161 provides for 1 hour of debate equally divided and 
controlled by the chairman and the ranking minority member of the 
Committee on Financial Services. Upon the adoption of this rule, an 
amendment in the nature of a substitute, printed in the Congressional 
Record and offered by the gentleman from Ohio (Mr. Oxley), chairman of 
the Committee on Financial Services, will be considered as adopted in 
lieu of the amendment originally recommended by the Committee on 
Financial Services.
  The rule also makes in order a substitute amendment for the minority, 
offered by the gentleman from New York (Mr. LaFalce) or his designee, 
which can be debated for up to 1 hour, evenly divided.
  The rule also waives all points of order against consideration of 
both amendments. Finally, the rule provides for one motion to recommit 
with or without instructions as is the right of the minority.
  Mr. Speaker, the purpose of H.R. 1088 is to provide significant tax 
relief to millions and millions of investors and market participants. 
When it was originally established, the SEC was supposed to be a user 
fee-funded entity. The SEC currently taxes investors and companies 
trading in securities with user fees, using the monies generated by 
these fees to fund its enforcement of Federal securities' laws and 
regulations.
  As investments in mutual funds, 401(k) plans, and retirement funds 
have dramatically increased over the last 20 years, the SEC's current 
fee schedule has unfortunately not been changed to reflect these new 
circumstances. This has, in turn, created a situation in which billions 
of dollars in SEC fees, above and beyond the level needed to fund its 
enforcement activities, are being used for other purposes. H.Res. 161 
modernizes the fee schedule, saving investors and companies $14 billion 
over the next 10 years by significantly reducing five SEC taxes on 
securities transactions.
  The bill provides much needed relief for investors and companies by 
also terminating the mandatory application fees and reducing 
registration fees. Also, the new fee schedule gives the SEC the 
necessary funding to continue enforcing our laws while retaining top 
quality employees.

                              {time}  1030

  Mr. Speaker, I hope my friends on both sides of the aisle will join 
me in supporting this legislation to return a greater portion of the 
Federal Government's excess funds to our investors so they can use 
these moneys as they see fit.
  The Committee on Rules approved this rule by voice vote yesterday, 
and I urge my colleagues to support it so we may proceed with debate 
and consideration of this bipartisan bill.
  Mr. Speaker, I reserve the balance of my time.
  (Ms. SLAUGHTER asked and was given permission to revise and extend 
her remarks.)
  Ms. SLAUGHTER. Mr. Speaker, I yield myself such time as I may 
consume; and I thank my colleague from Georgia (Mr. Linder) for 
yielding me the customary time.
  Mr. Speaker, this is a modified closed rule that will allow for the 
consideration of H.R. 1088, the Investor and Capital Markets Fee Relief 
Act.
  Under this restrictive rule, a Democratic substitute may be offered 
on the floor by the gentleman from New York (Mr. LaFalce). 
Unfortunately, no other amendments may be offered.
  The underlying bill reduces fees levied by the Securities and 
Exchange Commission for stock-related transactions. This will result in 
a loss of about $14 billion in Federal receipts between the years 2002 
and 2011. This general budget effect is a large revenue depletion. In 
the year 2002 alone, CBO estimates this will be more than $1.3 billion. 
It is a drain on the treasury.
  The reduction of fees is motivated by an increase in collections, 
which is the result of greater stock market activity in the last few 
years. It makes perfect sense to reduce fees that might benefit 
individual investors. In fact, the Democratic substitute would do just 
that. However, given the uncertain future of financial markets and the 
unforeseeable need for regulation and enforcement, it seems imprudent 
to reduce revenues by such a large amount as this bill does. Moreover, 
minority

[[Page H3157]]

members of the Committee on Financial Services warn that these cuts 
could ultimately result in cuts in important government programs like 
Head Start, medical research, and transportation and infrastructure 
improvements.
  A more sound approach would be to examine the long-term needs of the 
Securities and Exchange Commission as well as other government 
activities involved with protecting the securities markets, including 
the Federal Bureau of Investigation inquiries, Department of Justice 
criminal prosecutions, and any other Federal resources needed to 
prosecute securities cases. Only then would we have a sound basis for 
establishing an appropriate fee reduction.
  Mr. Speaker, for these reasons, I urge my colleagues to support the 
Democratic substitute at the proper time.
  Mr. Speaker, I reserve the balance of my time.
  Mr. LINDER. Mr. Speaker, I yield such time as he may consume to the 
gentleman from Ohio (Mr. Oxley), the chairman of the Committee on 
Financial Services.
  (Mr. OXLEY asked and was given permission to revise and extend his 
remarks.)
  Mr. OXLEY. Mr. Speaker, I thank the gentleman from Georgia (Mr. 
Linder), the gentleman from California (Mr. Dreier), and the rest of 
the Committee on Rules for crafting a very effective rule; a rule that 
allows the gentleman from New York (Mr. LaFalce), the ranking member of 
the Committee on Financial Services, to offer his substitute amendment 
for consideration by the House.
  Congress has authorized the Securities and Exchange Commission to 
impose user fees on investors and market participants. The fee, 
intended to fund Securities and Exchange Commission operations, has 
turned into a cash cow for the U.S. Treasury. The government now 
collects fee revenues that far exceed the operating cost of the 
Securities and Exchange Commission. In fiscal year 2002, actual 
Securities and Exchange Commission collections reached a staggering 
$2.27 billion. That is over six times the Securities and Exchange 
Commission's $377 million budget.
  H.R. 1088, the Investor and Capital Markets Fee Relief Act, addresses 
this excess collections problem. It is important legislation that 
returns some $14 billion over the next 10 years to America's investors 
and those seeking access to our markets. It reduces or eliminates all 
of the excess securities fees in a responsible way, holding the 
appropriators harmless and ensuring that the Securities and Exchange 
Commission has a long-term stable funding source for its important 
mission of protecting investors and promoting capital formation.
  Mr. Speaker, the legislation introduced by my good friend, the 
gentleman from New York (Mr. Fossella), will help America's nearly 100 
million investors save and invest for college, retirement, or simply 
for a better life.
  H.R. 1088 includes pay parity for the Securities and Exchange 
Commission staff. The SEC is experiencing severe recruiting and 
retention problems. In the last 3 years, more than 1,000 employees, 
over one-third of the agency staff, have left the agency. The 
Securities and Exchange Commission's overall attrition rate is more 
than twice the government average.
  In an effort to combat this staffing crisis, the Securities and 
Exchange Commission has explored every available tool, including 
recruitment bonuses, retention allowances, emergency child care and 
other measures. There is no justification whatsoever for paying 
Securities and Exchange Commission staff 24 to 39 percent less than the 
Federal banking regulators, especially in light of the passage of 
Gramm-Leach-Bliley which requires the SEC staff to work side by side 
with the Federal banking regulators.
  Mr. Speaker, I urge my colleagues to support this very fair rule, and 
support this needed legislation. Let us give money back to investors 
and strengthen the Securities and Exchange Commission at the same time.
  Ms. SLAUGHTER. Mr. Speaker, I yield 2\1/2\ minutes to the gentlewoman 
from New York (Mrs. Maloney).
  Mrs. MALONEY of New York. Mr. Speaker, I rise in support of the rule 
and the underlying bill. Investors and capital market participants were 
overcharged $9.2 billion over the last 10 years in fees that support 
the operations of the Securities and Exchange Commission. These 
overcharges will grow to $14 billion over the next 10 years without fee 
relief now.
  For fiscal year 2001, the Securities and Exchange Commission's budget 
is $423 million, but the agency is set to collect $2.5 billion in fees, 
over 6 times the Securities and Exchange Commission's budget. Congress 
created the fee structure so that the operating costs of the Securities 
and Exchange Commission would be funded by those benefiting from 
securities regulation. The fees have evolved into a tax on investors 
which was not the original intent of Congress.
  The Investor and Capital Markets Fee Relief Act reduces the fees on 
stock transactions, mergers, tender offers and new issues that 
investors and market participants pay to support the Securities and 
Exchange Commission. These fees, many of which are paid by individual 
investors and pension funds, were never intended to grow so 
dramatically. At the same time, the legislation provides pay parity for 
Securities and Exchange Commission employees.
  Mr. Speaker, the Investor and Capital Markets Fee Relief Act will 
save $14 billion that can potentially be reinvested in the capital 
markets. It allows fees to be readjusted if the Securities and Exchange 
Commission ever faces a funding shortage. It provides pay parity for 
Securities and Exchange Commission employees. The agency has lost one-
third of its employees in the last 3 years, and is truly facing a 
staffing crisis.
  Mr. Speaker, this particular bill passed the Committee on Financial 
Services and the full Senate by unanimous consent. I urge my colleagues 
to support both the rule and the underlying bill.
  Ms. SLAUGHTER. Mr. Speaker, I have no further requests for time; and 
I yield back the balance of my time.
  Mr. LINDER. Mr. Speaker, I urge my colleagues to support this rule so 
we can move on to debate on this important bill.
  Mr. Speaker, I yield back the balance of my time, and I move the 
previous question on the resolution.
  The SPEAKER pro tempore (Mr. Isakson). The question is on ordering 
the previous question.
  The question was taken; and the Speaker pro tempore announced that 
the ayes appeared to have it.
  Ms. SLAUGHTER. Mr. Speaker, I object to the vote on the ground that a 
quorum is not present and make the point of order that a quorum is not 
present.
  The SPEAKER pro tempore. Evidently a quorum is not present.
  The Sergeant at Arms will notify absent Members.
  Pursuant to clause 9 of rule XX, the Chair announces that he will 
reduce to a minimum of 5 minutes the period of time within which a vote 
by electronic device, if ordered, will be taken on the question of 
agreeing to the resolution.
  The vote was taken by electronic device, and there were--yeas 418, 
nays 1, not voting 13, as follows:

                             [Roll No. 162]

                               YEAS--418

     Abercrombie
     Ackerman
     Aderholt
     Akin
     Allen
     Andrews
     Armey
     Baca
     Bachus
     Baird
     Baker
     Baldacci
     Baldwin
     Ballenger
     Barcia
     Barr
     Barrett
     Bartlett
     Barton
     Bass
     Becerra
     Bentsen
     Bereuter
     Berkley
     Berman
     Berry
     Biggert
     Bilirakis
     Bishop
     Blagojevich
     Blumenauer
     Blunt
     Boehlert
     Boehner
     Bonilla
     Bonior
     Bono
     Borski
     Boswell
     Boucher
     Boyd
     Brady (PA)
     Brady (TX)
     Brown (OH)
     Brown (SC)
     Bryant
     Burr
     Burton
     Buyer
     Callahan
     Calvert
     Camp
     Cannon
     Cantor
     Capito
     Capps
     Capuano
     Cardin
     Carson (OK)
     Castle
     Chabot
     Chambliss
     Clay
     Clayton
     Clement
     Clyburn
     Coble
     Collins
     Combest
     Condit
     Conyers
     Cooksey
     Costello
     Cox
     Coyne
     Cramer
     Crane
     Crenshaw
     Crowley
     Culberson
     Cunningham
     Davis (CA)
     Davis (FL)
     Davis (IL)
     Davis, Jo Ann
     Davis, Tom
     Deal
     DeFazio
     Delahunt
     DeLauro
     DeLay
     DeMint
     Deutsch
     Diaz-Balart
     Dicks
     Dingell
     Doggett
     Dooley
     Doolittle
     Doyle
     Dreier
     Duncan
     Dunn
     Edwards
     Ehlers
     Ehrlich
     Emerson
     English
     Eshoo
     Etheridge
     Evans
     Everett
     Farr
     Fattah
     Filner
     Flake
     Fletcher
     Foley
     Ford
     Fossella
     Frank
     Frelinghuysen
     Gallegly

[[Page H3158]]


     Ganske
     Gekas
     Gephardt
     Gibbons
     Gilchrest
     Gillmor
     Gilman
     Gonzalez
     Goode
     Goodlatte
     Gordon
     Goss
     Graham
     Granger
     Graves
     Green (TX)
     Green (WI)
     Greenwood
     Grucci
     Gutierrez
     Gutknecht
     Hall (OH)
     Hall (TX)
     Hansen
     Harman
     Hart
     Hastings (FL)
     Hastings (WA)
     Hayes
     Hayworth
     Hefley
     Herger
     Hill
     Hilleary
     Hilliard
     Hinchey
     Hinojosa
     Hobson
     Hoeffel
     Hoekstra
     Holden
     Holt
     Honda
     Hooley
     Horn
     Hostettler
     Hoyer
     Hulshof
     Hunter
     Hutchinson
     Hyde
     Inslee
     Isakson
     Israel
     Issa
     Istook
     Jackson (IL)
     Jackson-Lee (TX)
     Jefferson
     Jenkins
     John
     Johnson (CT)
     Johnson (IL)
     Johnson, Sam
     Jones (NC)
     Kaptur
     Keller
     Kelly
     Kennedy (MN)
     Kennedy (RI)
     Kerns
     Kildee
     Kilpatrick
     Kind (WI)
     King (NY)
     Kingston
     Kirk
     Kleczka
     Knollenberg
     Kolbe
     Kucinich
     LaFalce
     LaHood
     Lampson
     Langevin
     Lantos
     Largent
     Larsen (WA)
     Larson (CT)
     Latham
     LaTourette
     Leach
     Lee
     Levin
     Lewis (CA)
     Lewis (GA)
     Lewis (KY)
     Linder
     Lipinski
     LoBiondo
     Lofgren
     Lowey
     Lucas (KY)
     Lucas (OK)
     Luther
     Maloney (CT)
     Maloney (NY)
     Manzullo
     Markey
     Mascara
     Matheson
     Matsui
     McCarthy (MO)
     McCarthy (NY)
     McCollum
     McCrery
     McDermott
     McGovern
     McHugh
     McInnis
     McIntyre
     McKeon
     McKinney
     McNulty
     Meehan
     Meek (FL)
     Meeks (NY)
     Menendez
     Mica
     Millender-McDonald
     Miller (FL)
     Miller, Gary
     Miller, George
     Mink
     Mollohan
     Moore
     Moran (KS)
     Moran (VA)
     Morella
     Murtha
     Myrick
     Nadler
     Napolitano
     Neal
     Nethercutt
     Ney
     Northup
     Norwood
     Nussle
     Oberstar
     Obey
     Olver
     Ortiz
     Osborne
     Ose
     Otter
     Owens
     Oxley
     Pallone
     Pascrell
     Pastor
     Paul
     Payne
     Pelosi
     Pence
     Peterson (MN)
     Peterson (PA)
     Petri
     Phelps
     Pickering
     Pitts
     Platts
     Pombo
     Pomeroy
     Portman
     Price (NC)
     Pryce (OH)
     Putnam
     Quinn
     Radanovich
     Rahall
     Ramstad
     Rangel
     Regula
     Rehberg
     Reyes
     Reynolds
     Riley
     Rivers
     Rodriguez
     Roemer
     Rogers (KY)
     Rogers (MI)
     Rohrabacher
     Ros-Lehtinen
     Ross
     Rothman
     Roukema
     Roybal-Allard
     Royce
     Rush
     Ryan (WI)
     Ryun (KS)
     Sabo
     Sanchez
     Sanders
     Sandlin
     Sawyer
     Saxton
     Scarborough
     Schaffer
     Schakowsky
     Schiff
     Schrock
     Scott
     Sensenbrenner
     Serrano
     Sessions
     Shadegg
     Shaw
     Shays
     Sherman
     Sherwood
     Shimkus
     Shows
     Shuster
     Simmons
     Simpson
     Skeen
     Skelton
     Slaughter
     Smith (MI)
     Smith (NJ)
     Smith (TX)
     Smith (WA)
     Snyder
     Solis
     Souder
     Spence
     Spratt
     Stark
     Stearns
     Stenholm
     Strickland
     Stump
     Stupak
     Sununu
     Sweeney
     Tancredo
     Tanner
     Tauscher
     Tauzin
     Taylor (MS)
     Taylor (NC)
     Terry
     Thomas
     Thompson (CA)
     Thompson (MS)
     Thornberry
     Thune
     Thurman
     Tiahrt
     Tiberi
     Tierney
     Toomey
     Towns
     Traficant
     Turner
     Udall (CO)
     Udall (NM)
     Upton
     Velazquez
     Visclosky
     Vitter
     Walden
     Walsh
     Wamp
     Waters
     Watkins (OK)
     Watson (CA)
     Watt (NC)
     Watts (OK)
     Waxman
     Weiner
     Weldon (FL)
     Weldon (PA)
     Weller
     Wexler
     Wicker
     Wilson
     Wolf
     Woolsey
     Wu
     Wynn
     Young (FL)

                                NAYS--1

       
     Kanjorski
       

                             NOT VOTING--13

     Brown (FL)
     Carson (IN)
     Cubin
     Cummings
     DeGette
     Engel
     Ferguson
     Frost
     Houghton
     Johnson, E. B.
     Jones (OH)
     Whitfield
     Young (AK)

                              {time}  1103

  Mr. BURTON of Indiana and Mrs. NORTHUP changed their vote from 
``nay'' to ``yea.''
  So the previous question was ordered.
  The result of the vote was announced as above recorded.
  Stated for:
  Ms. CARSON of Indiana. Mr. Speaker, for reasons beyond my control, 
the voting machine would not accept my voting card on Thursday, June 
14, 2001, and therefore, I was unable to vote on rollcall vote 162. I 
alerted the Speaker pro tempore, Mr. Quinn, to the problem, but by the 
time I reached the well, the voting was closed. Had I been able to cast 
my vote I would have voted ``yea''.
  The SPEAKER pro tempore (Mr. Isakson). The question is on the 
resolution.
  The question was taken; and the Speaker pro tempore announced that 
the ayes appeared to have it.


                             Recorded Vote

  Ms. SLAUGHTER. Mr. Speaker, I demand a recorded vote.
  A recorded vote was ordered.
  The SPEAKER pro tempore. This will be a 5-minute vote.
  The vote was taken by electronic device, and there were--ayes 408, 
noes 12, not voting 12, as follows:

                             [Roll No. 163]

                               AYES--408

     Abercrombie
     Ackerman
     Aderholt
     Akin
     Allen
     Andrews
     Armey
     Baca
     Bachus
     Baird
     Baker
     Baldacci
     Baldwin
     Ballenger
     Barcia
     Barr
     Barrett
     Bartlett
     Barton
     Bass
     Becerra
     Bentsen
     Bereuter
     Berkley
     Berman
     Berry
     Biggert
     Bilirakis
     Bishop
     Blagojevich
     Blumenauer
     Blunt
     Boehlert
     Boehner
     Bonilla
     Bonior
     Bono
     Borski
     Boswell
     Boucher
     Boyd
     Brady (PA)
     Brady (TX)
     Brown (OH)
     Brown (SC)
     Bryant
     Burr
     Buyer
     Callahan
     Calvert
     Camp
     Cannon
     Cantor
     Capito
     Capps
     Capuano
     Cardin
     Carson (IN)
     Carson (OK)
     Castle
     Chabot
     Chambliss
     Clay
     Clayton
     Clement
     Clyburn
     Coble
     Collins
     Combest
     Condit
     Conyers
     Cooksey
     Cox
     Coyne
     Cramer
     Crane
     Crenshaw
     Crowley
     Culberson
     Cummings
     Cunningham
     Davis (CA)
     Davis (FL)
     Davis (IL)
     Davis, Jo Ann
     Davis, Tom
     Deal
     Delahunt
     DeLauro
     DeLay
     DeMint
     Deutsch
     Diaz-Balart
     Dicks
     Dingell
     Doggett
     Dooley
     Doolittle
     Doyle
     Dreier
     Duncan
     Dunn
     Edwards
     Ehlers
     Ehrlich
     Emerson
     Engel
     English
     Eshoo
     Etheridge
     Evans
     Everett
     Farr
     Fattah
     Filner
     Flake
     Fletcher
     Foley
     Ford
     Fossella
     Frelinghuysen
     Gallegly
     Ganske
     Gekas
     Gephardt
     Gibbons
     Gilchrest
     Gillmor
     Gilman
     Gonzalez
     Goode
     Goodlatte
     Gordon
     Goss
     Graham
     Granger
     Graves
     Green (TX)
     Green (WI)
     Greenwood
     Grucci
     Gutierrez
     Gutknecht
     Hall (OH)
     Hall (TX)
     Hansen
     Harman
     Hart
     Hastings (FL)
     Hastings (WA)
     Hayes
     Hayworth
     Hefley
     Herger
     Hill
     Hilleary
     Hinchey
     Hinojosa
     Hobson
     Hoeffel
     Hoekstra
     Holden
     Holt
     Honda
     Hooley
     Horn
     Hostettler
     Hoyer
     Hulshof
     Hunter
     Hutchinson
     Hyde
     Inslee
     Isakson
     Israel
     Issa
     Istook
     Jackson (IL)
     Jackson-Lee (TX)
     Jefferson
     Jenkins
     Johnson (CT)
     Johnson (IL)
     Johnson, Sam
     Jones (NC)
     Kaptur
     Keller
     Kelly
     Kennedy (MN)
     Kennedy (RI)
     Kerns
     Kildee
     Kilpatrick
     Kind (WI)
     King (NY)
     Kingston
     Kirk
     Kleczka
     Knollenberg
     Kolbe
     Kucinich
     LaHood
     Lampson
     Langevin
     Lantos
     Largent
     Larsen (WA)
     Larson (CT)
     Latham
     LaTourette
     Leach
     Lee
     Levin
     Lewis (CA)
     Lewis (GA)
     Lewis (KY)
     Linder
     Lipinski
     LoBiondo
     Lofgren
     Lowey
     Lucas (KY)
     Lucas (OK)
     Luther
     Maloney (CT)
     Maloney (NY)
     Manzullo
     Markey
     Mascara
     Matheson
     Matsui
     McCarthy (MO)
     McCarthy (NY)
     McCollum
     McCrery
     McDermott
     McGovern
     McHugh
     McInnis
     McIntyre
     McKeon
     McKinney
     McNulty
     Meehan
     Meek (FL)
     Meeks (NY)
     Menendez
     Mica
     Millender-McDonald
     Miller (FL)
     Miller, Gary
     Miller, George
     Mink
     Mollohan
     Moore
     Moran (KS)
     Moran (VA)
     Morella
     Murtha
     Myrick
     Nadler
     Napolitano
     Neal
     Nethercutt
     Ney
     Northup
     Norwood
     Nussle
     Oberstar
     Obey
     Olver
     Ortiz
     Osborne
     Ose
     Otter
     Owens
     Oxley
     Pallone
     Pascrell
     Pastor
     Paul
     Payne
     Pelosi
     Pence
     Peterson (MN)
     Peterson (PA)
     Petri
     Phelps
     Pickering
     Pitts
     Platts
     Pombo
     Pomeroy
     Portman
     Price (NC)
     Pryce (OH)
     Putnam
     Quinn
     Radanovich
     Ramstad
     Rangel
     Regula
     Rehberg
     Reyes
     Reynolds
     Riley
     Rivers
     Rodriguez
     Roemer
     Rogers (KY)
     Rogers (MI)
     Rohrabacher
     Ros-Lehtinen
     Ross
     Rothman
     Roukema
     Roybal-Allard
     Royce
     Rush
     Ryan (WI)
     Ryun (KS)
     Sabo
     Sanchez
     Sanders
     Sandlin
     Sawyer
     Saxton
     Scarborough
     Schaffer
     Schakowsky
     Schiff
     Schrock
     Scott
     Sensenbrenner
     Serrano
     Sessions
     Shadegg
     Shaw
     Shays
     Sherman
     Sherwood
     Shimkus
     Shows
     Shuster
     Simmons
     Simpson
     Skeen
     Skelton
     Slaughter
     Smith (MI)
     Smith (NJ)
     Smith (TX)
     Smith (WA)
     Snyder
     Solis
     Souder
     Spence
     Spratt
     Stark
     Stearns
     Stenholm
     Strickland
     Stump
     Stupak
     Sununu
     Sweeney
     Tancredo
     Tanner
     Tauscher
     Tauzin
     Taylor (NC)
     Terry
     Thomas
     Thompson (CA)
     Thompson (MS)
     Thornberry
     Thune
     Thurman
     Tiahrt
     Tiberi
     Tierney
     Toomey
     Towns
     Traficant
     Turner
     Udall (CO)
     Udall (NM)
     Upton
     Vitter
     Walden
     Walsh
     Wamp
     Watkins (OK)
     Watson (CA)
     Watt (NC)
     Watts (OK)
     Waxman
     Weiner
     Weldon (FL)
     Weldon (PA)
     Weller
     Wexler
     Wicker
     Wilson
     Wolf
     Woolsey
     Wynn
     Young (FL)

                                NOES--12

     Burton
     Costello
     DeFazio
     Frank
     Hilliard
     Kanjorski

[[Page H3159]]


     LaFalce
     Rahall
     Taylor (MS)
     Visclosky
     Waters
     Wu

                             NOT VOTING--12

     Brown (FL)
     Cubin
     DeGette
     Ferguson
     Frost
     Houghton
     John
     Johnson, E. B.
     Jones (OH)
     Velazquez
     Whitfield
     Young (AK)

                              {time}  1114

  So the resolution was agreed to.
  The result of the vote was announced as above recorded.
  A motion to reconsider was laid on the table.

                          ____________________