House Proceeding on Dec 11th, 2009 :: 0:49:30 to 0:51:15
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0:49:11 to 0:49:31( Edit History Discussion )

Paul E. Kanjorski: amendment at the desk. the chair: does the gentleman rise as the designee of the gentleman from massachusetts? mr. kanjorski: yes. the chair: the clerk will designate the amendment. the clerk: amendment number 18, printed in house report number 111-370, offered kanjorski of pennsylvania. the chair: purs

0:49:30 to 0:51:15( Edit History Discussion )
Speech By: Paul E. Kanjorski

0:49:32 to 0:49:53( Edit History Discussion )

Paul E. Kanjorski: -- pursuant to house resolution 964, the gentleman from pennsylvania, mr. kanjorski, and a member opposed, each will control five minutes. the chai gentleman from pennsylvania. mr. kanjorski: madam chairman, i rise in support of this amendment. nationally recognized statistical rating organizations are those credit rating agencies that are registered with the securities

0:49:54 to 0:50:14( Edit History Discussion )

Paul E. Kanjorski: and exch therefore regulated. most often the phase is shortened nrsro. however in formal contracts and statutes, the words are spelled out and each word matters. unfortunately an amendment to change one of these words was

0:50:15 to 0:50:35( Edit History Discussion )

Paul E. Kanjorski: inadvertently accepte during the markup. we switched out the word recognize for the word register. if enacted into law, such a change would put thousands of contracts in default and upset numerous federal and state laws, rules, and regulations. although well intended, such a

0:50:36 to 0:50:57( Edit History Discussion )

Paul E. Kanjorski: emingly minuscule change could have disaster's unintended consequences. we must not put contracts in and regulations. therefore i urge my colleagues to support this amendment and rein this important legislation. i reserve the balance of my time.

0:50:58 to 0:51:16( Edit History Discussion )

Paul E. Kanjorski: reserves. for what purpose does the gentleman from new jersey seek >> to claim time in opposition. the chair: the gentleman is recognized for five minutes. >> thank you, i yield myself four minutes. the chair: the gentleman is recognized for four