[Congressional Record (Bound Edition), Volume 150 (2004), Part 18]
[Senate]
[Pages 24249-24250]
[From the U.S. Government Publishing Office, www.gpo.gov]




                      TRIBUTE TO JIMMY RAY LOYLESS

 Mr. JOHNSON. Mr. President, I rise today to pay tribute to 
Jimmy Loyless, who has worked as a congressional fellow in my office 
since January of 2004. On behalf of my staff and the people of South 
Dakota, I would like to thank Jimmy for his hard work, his dedication, 
and his considerable contributions to my State and to this great 
Nation.
  Jimmy chose a Presidential election year to join our staff to work on 
banking and tax issues, and he has spent the past year learning about 
what can and can't happen in the United States Senate in a politically 
charged atmosphere. Jimmy left the Federal Deposit Insurance 
Corporation, his home for the past 24 years, to spend a year learning 
about the legislative process. And what a year it has been.
  Jimmy came on board around the time that a series of scandals rocked 
the mutual fund industry, and almost immediately Jimmy was called upon 
to sit through a long series of hearings and witnesses. While learning 
the nitty-gritty of an industry may not be the most glamorous of 
duties, I am hopeful that at the very least, Jimmy learned a thing or 
two that may help him manage his own finances as well. In the end, 
Congress chose to let the Securities and Exchange Commission work 
through a series of regulatory changes to clean up the industry, but I 
am confident that the Committee's thorough investigation played a key 
role in forcing both the SEC and the industry itself to adopt critical 
changes to protect small investors.
  Jimmy also got a close-up view of how Congress crafts tax 
legislation. For the better part of a year, the Senate crafted and 
debated the Jumpstart our Business Strength Act, S. 1637. Jimmy played 
a key role for our office, and helped to ensure that key provisions 
regarding tribal bonding authority were drafted and inserted into the 
bill. Unfortunately, those provisions, which would have provided 
critical economic development tools to Native Americans, were stripped 
out by the Republican majority in the House of Representatives as part 
of election year politics. This was a particularly demoralizing moment 
for those of us

[[Page 24250]]

who care so deeply about South Dakota and Native American communities 
throughout the United States, yet Jimmy managed to remain optimistic 
and cheerful about what we can accomplish in the next round.
  Having a financial services expert on board was indispensable when a 
large foreign conglomerate, Rabobank, announced its proposed takeover 
of South Dakota's local Farm Credit Service lender. Jimmy took the lead 
on analyzing the possible impact on South Dakota farmers, ranchers and 
lenders, and displayed a deep understanding of the needs of rural 
America.
  Jimmy got a bit more than he bargained for when our lead banking 
staffer went out on maternity leave. Jimmy rose to the occasion, 
however, and performed admirably on such issues as reauthorization of 
the National Flood Insurance Program, tracking progress on the Basel II 
capital accords, evaluating the merits of a controversial preemption 
ruling by the Office of the Comptroller of the Currency, and developing 
proposals to reduce, in a responsible manner, the regulatory burden on 
our nation's financial institutions. In addition, Jimmy has provided 
key insights into the development of a South Dakota program to develop 
cybersecurity programs for financial institutions.
  Finally, I would be remiss if I did not mention Jimmy's role in our 
continued efforts to pass comprehensive deposit insurance reform. 
Although we were hopeful that Jimmy would be the Johnny Damon of 
deposit insurance reform, the Boston Red Sox managed to win the World 
Series while our reform bill will live to see yet another Congress.
  It is my pleasure and honor to stand before the Senate today to thank 
Jimmy Loyless publicly for his service to the United States Senate. I 
am pleased he will continue to serve our country by returning to the 
FDIC, which is lucky to have him.

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