REP. JACK BROOKS (D-TX)

In addition to serving in Congress, Rep. Brooks is also a director of the First National Bank of Silsbee, TX; his spouse also draws a salary from this bank.

• On November 7, 1991, Rep. Brooks purchased between 15,000 and 50,000 dollars worth of PRIVATE PLACEMENT stock in the First National Bank of Silsbee (the stock is not publically traded).

One week after his purchase (on November 14, 1991), Rep. Brooks' Texas colleague (Rep. Gonzales) introduced H.R. 3768: FEDERAL DEPOSIT INSURANCE CORPORATION IMPROVEMENT ACT...To require the least-cost resolution of insured depository institutions, to improve supervision and examinations, to provide additional resources to the Bank Insurance Fund (Referred to the House Banking Committee). A key provision in this bill increased the amount of credit available from the Treasury to the FDIC from 5 billion to 30 billion dollars.

One week after introduction of H.R. 3768 (on November 21, 1991), the House voted to pass the bill. Rep. Brooks recused himself from the vote.

• On March 9 and March 27, 1992, Rep. Brooks again purchased between 15,000 and 50,000 dollars worth of PRIVATE PLACEMENT stock in the First National Bank of Silsbee. These purchases coincide directly with two pieces of banking legislation.

The first was introduced on March 10, 1992 by a Texas colleague (Rep. Gonzales). The bill was H.R. 4415: DEPOSIT INSURANCE REFORM ACT...To establish a measure for determining deposit insurance that is fair to depositors and taxpayers (Referred to the House Banking Committee).

The second was introduced on March 25, 1992 by another Texas colleague (Rep. Sarpalius). The bill was H.R. 4584: SAVINGS ASSOCIATIONS INTERSTATE BRANCHING REFORM ACT...To permit adequately capitalized savings associations to branch interstate to the extent expressly authorized by State law (Referred to the House Banking Committee).

• On February 18, 1993, Rep. Brooks again purchased between 15,000 and 50,000 dollars worth of PRIVATE PLACEMENT stock in the First National Bank of Silsbee.

Two days earlier (on February 16, 1993), Rep. Frank (D-MA) who sits on the House Judiciary Committee with Rep. Brooks introduced H.R. 890: UNCLAIMED DEPOSITS AMENDMENTS ACT...To amend the Federal Deposit Insurance Act to provide for extended periods of time for claims on insured deposits (Referred to the House Banking Committee; Became P.L. 103-44 on June 28, 1993).

The House voted to pass H.R. 890 on March 2, 1993; Rep. Brooks recused himself from the vote.

NOTES: Rep. Brooks is Chairman of the House Judiciary Committee.