REP. NORMAN SISISKY (D-VA)

On October 18, 1993, Rep. Sisisky purchased between 15,000 and 50,000 dollars worth of stock in Raytheon.

At the time of his puchase, Congress was actively working on H.R. 2401/S. 1298: DEPARTMENT OF DEFENSE AUTHORIZATION ACT FOR FY 94, and H.R. 3116: DEPARTMENT OF DEFENSE APPROPRIATIONS ACT FOR FY 94.

Raytheon was very interested in a particular section of the authorization bill. Specifically, Section 1052 of S. 1298 -- Defense Conversion and Reinvestment; Export Loan Guarantees. Known as the Kempthorne Amendment, section 1052 authorized $25 million in loan guarantees for $1.0 billion in U.S. weapons exports. In short, this section of the defense authorization act sets up an export loan program specifically for U.S. weapons manufacturers. In an October 18, 1993 article in Defense News, Mr. James Hickey (Raytheon congressional relations executive) urged members of Congress to support the export loan program when the conference committees met.

H.R. 2401/S. 1298 moved into conference on October 19, 1993 (the day after Rep. Sisisky's purchase). Bill tracking services do not indicate whether Rep. Sisisky was a conferee.

Apparently, the Kempthorne Amendment caused some controversy. Some members of the House were concerned that funds authorized for defense conversion would be used to sell arms overseas. The conference committee ironed out the concerns and struck a compromise. On November 5, 1993, Sen. Nunn and Sen. Thurmond held a news conference to discuss the Defense Authorization Act. Here is Sen. Nunn's statement concerning the outcome of the Kempthorne Amendment:

...I believe the number was $25 million that was in there for export guarantees. That was guarantees -- some of the news reports haven't reflected this, but that was limited to only our allies, the NATO allies, and I believe Japan and Israel and Australia were included in that. It was discretionary. When the Senate passed it, we had a big debate on the floor of the Senate, passed two to one. The House conferees were concerned about it. We had good faith negotiations. We ended up making clear, absolutely clear it was discretionary. The President is not mandated to start the program, he's permitted to start the program. There is a termination of this program at the end of six months if the President has not started the program. So that was the conference compromise.

POLITICAL MONEY NOTES: Since 1989, Rep. Sisisky has accepted at least $2,000 in campaign contributions from Raytheon's PAC.

NOTES: Rep. Sisisky is # 8 on the House Armed Services Committee; he is # 16 on the House Armed Services Subcommittee on Military Acquisition.

During the time that the US was engaged in a war with Iraq, Rep. Sisisky made a quick-trade stock purchase in a defense company--General Electric.

On January 12, 1991, Congress voted AYE to use force against Iraq.

On January 14, 1991, Rep. Sisisky purchased between 15,000 and 50,000 dollars worth of stock in General Electric. He later sold this stock on February 12, 1991 for an estimated profit of 23.3 percent.

STOCK NOTES: Before his Gulf-War quick-trade, Rep. Sisisky reported owning between 100,000 and 250,000 dollars worth of stock in General Electric. Thus, his quick-trade really stands out as a speculative venture on the Gulf War.

OTHER STOCK NOTES: Rep. Sisisky is an active stock trader. However, he executed only THREE stock purchases during January 1991 (General Electric, Markel, and Albertsons).

POLITICAL MONEY NOTES: From May 1987 thru March 1992, Rep. Sisisky has accepted $3,500 in campaign contributions from General Electric's PAC.

VOTE NOTES: Rep. Sisisky voted AYE on the resolution to use force against Iraq.

NOTES: Rep. Sisisky is # 8 on the House Armed Services Committee; he is # 16 on the House Armed Services Subcommittee on Military Acquisition.