[Congressional Record (Bound Edition), Volume 145 (1999), Part 13]
[House]
[Page 17977]
[From the U.S. Government Publishing Office, www.gpo.gov]



                        PORKER OF THE WEEK AWARD

  (Mr. HEFLEY asked and was given permission to address the House for 1 
minute.)
  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.

                          ____________________