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Congressional Record United States Th of America PROCEEDINGS and DEBATES of the 111 CONGRESS, SECOND SESSION

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Congressional Record United States Th of America PROCEEDINGS and DEBATES of the 111 CONGRESS, SECOND SESSION E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 111 CONGRESS, SECOND SESSION Vol. 156 WASHINGTON, WEDNESDAY, JULY 14, 2010 No. 104 Senate The Senate met at 10 a.m. and was appoint the Honorable TOM UDALL, a Senator The legislative clerk read as follows: called to order by the Honorable TOM from the State of New Mexico, to perform A bill (H.R. 5618) to continue Federal un- UDALL, a Senator from the State of the duties of the Chair. employment programs. New Mexico. DANIEL K. INOUYE, President pro tempore. Mr. REID. I object to any further proceedings at this time. Mr. UDALL of New Mexico thereupon PRAYER The ACTING PRESIDENT pro tem- assumed the chair as Acting President The Chaplain, Dr. Barry C. Black, of- pore. Objection is heard. The bill will pro tempore. fered the following prayer: be placed on the calendar. f Let us pray. f Almighty God, by Your providence, RECOGNITION OF THE MAJORITY RECOGNITION OF THE MINORITY You gave us a nation conceived in lib- LEADER erty and dedicated to equal justice for LEADER all. The ACTING PRESIDENT pro tem- The ACTING PRESIDENT pro tem- Today, infuse our lawmakers with pore. The majority leader is recog- pore. The minority leader is recog- this spirit of liberty and justice so that nized. nized. their labors will reflect Your purposes f f and plans. May their knowledge of your SCHEDULE providential purposes keep them from SMALL BUSINESS JOBS BILL detours that lead away from abundant Mr. REID. Mr. President, following Mr. MCCONNELL. Mr. President, my living. May their small successes leader remarks, the Senate will pro- friend the majority leader mentioned prompt them to attempt larger under- ceed to a period of morning business the small business jobs bill. I recently takings for human betterment. As they until noon. Senators will be allowed to had an opportunity to talk to Senator seek to do Your will, bless them with speak for 10 minutes each during that SNOWE, who is the author of that legis- the awareness of the constancy of Your period. The majority will control the lation. I assured her we are anxious to presence. Lord, guide them by Your first 30 minutes and Republicans will move forward. I appreciate his bringing higher wisdom and keep their hearts at control the next 30 minutes. up the discussion we have been having peace with You. We are working hard to come to about reaching a consent agreement We pray in Your great Name. Amen. agreement on amendments dealing that would allow us to expedite the f with the small business jobs bill. I had bill. I know my friend from Nevada a conversation with the Republican shares my view that small business is PLEDGE OF ALLEGIANCE leader last night. We are hopeful we an area that needs attention. We are The Honorable TOM UDALL led the can reach agreement to move forward going to continue to try to come to Pledge of Allegiance, as follows: on that legislation today. We have to agreement to move forward with that I pledge allegiance to the Flag of the have consent to move off Wall Street very important piece of legislation United States of America, and to the Repub- reform, but I think that will not be a which I support and I believe most lic for which it stands, one nation under God, problem. Members of my conference do as well. indivisible, with liberty and justice for all. As a reminder, yesterday I filed clo- Mr. REID. Mr. President, as I have f ture on the conference report to ac- said before, this legislation is bipar- APPOINTMENT OF ACTING company H.R. 4173. That cloture vote tisan. Most of the bill has been crafted PRESIDENT PRO TEMPORE will occur sometime tomorrow morn- in the past when Senator SNOWE was ing. I will work with the Republican chairman of the Small Business Com- The PRESIDING OFFICER. The leader to come up with a time that is mittee. I am glad to hear my friend clerk will please read a communication convenient to both sides. Senator SNOWE has had a conversation to the Senate from the President pro with the Republican leader. That is tempore (Mr. INOUYE). f good news. We will see what we can do The legislative clerk read the fol- MEASURE PLACED ON THE to move on. I hope everyone realizes lowing letter: CALENDAR—H.R. 5618 that jobs in America are not created in U.S. SENATE, Mr. REID. I understand H.R. 5618 is large numbers by big companies; it is PRESIDENT PRO TEMPORE, Washington, DC, July 14, 2010. due for a second reading. small businesses. To the Senate: The ACTING PRESIDENT pro tem- In the past few months, we passed a Under the provisions of rule I, paragraph 3, pore. The clerk will read the bill for relatively small piece of legislation, of the Standing Rules of the Senate, I hereby the second time. but it has been extremely helpful to ∑ This ‘‘bullet’’ symbol identifies statements or insertions which are not spoken by a Member of the Senate on the floor. S5797 . VerDate Mar 15 2010 23:43 Jul 14, 2010 Jkt 089060 PO 00000 Frm 00001 Fmt 4624 Sfmt 0634 E:\CR\FM\A14JY6.000 S14JYPT1 pwalker on DSK8KYBLC1PROD with SENATE July 14, 2010 CONGRESSIONAL RECORD — SENATE S5801 be with the Wood family and all those company, would come in and make the said Jack, who is an extraordinarily who mourn his death and celebrate his parties whole. talented public servant, is fit for the life and his accomplishments. We will They overextended themselves. In so Hall of Fame. I am sure Jack Lew, a remember Specialist Wood when recall- doing, as these commercial trans- modest man, would dispute that. The ing the Nation’s warriors who gave actions started to fail, AIG did not record speaks for itself. their lives so we might live in peace. have sufficient reserves to meet their In his former capacity as Budget Di- Their names are etched on the con- promises. There was a fear that if they rector under President Clinton, Jack science of this Nation. started this cascading effect of failures Lew, in January of 2001, left President I offer my prayers to all those serv- and the inability of AIG to keep its George W. Bush a surplus in the Fed- ing in uniform today and especially promise, it would result in a panic in eral Treasury of $236 billion. That is an those serving in peril overseas. May our economy and a decline, which amazing legacy, to end 8 years of Presi- God bless them and their families and would have been even more precipitous dent Clinton’s administration with a see them through these difficult times. than what we had imagined. surplus in the Federal Treasury, the Mr. President, I yield the floor. It was at this meeting that Ben deficit coming down, Social Security I note the absence of a quorum. Bernanke of the Federal Reserve said getting stronger, and to hand it off to The ACTING PRESIDENT pro tem- they were going to provide significant President Bush. At that moment in pore. The clerk will call the roll. resources to AIG to help them weather time, the accumulated debt of the The legislative clerk proceeded to this crisis. It came as a surprise to United States of America from the call the roll. many of us in the room, unaware of the time of George Washington until the Mr. DURBIN. Mr. President, I ask fact that the Federal Reserve had both end of the Clinton Presidency was ap- unanimous consent that the order for the resources and the legal authority proximately $5 trillion. Eight years the quorum call be rescinded. to do that. It is an authority that had later when President George W. Bush The ACTING PRESIDENT pro tem- not been exercised, to my knowledge, left office, the accumulated debt of pore. Without objection, it is so or- since it was first created almost 80 America had grown from $5 trillion to dered. years ago. $12 trillion—more than doubled in an 8- Mr. DURBIN. Mr. President, I ask That was the first meeting. It was an year period of time. Instead of leaving unanimous consent to speak as in indication of a terrible, rocky, rough to President Obama a surplus, as Presi- morning business, and I ask I be given road ahead for America and ultimately dent Bush had inherited from President as much time as needed. I promise not for the world. Subsequent meetings Clinton, he left him a $1.3 trillion def- to abuse that, but it may go slightly were even more alarming, as we were icit. President Bush’s administration, beyond the 10 minutes. told by Secretary of the Treasury Hank which was dedicated to balancing the The ACTING PRESIDENT pro tem- Paulson that unless we came up with budget and conservative fiscal policy, pore. Without objection, it is so or- $800 billion in what was known as the more than doubled the national debt dered. TARP fund, which would be used to ba- that had been accumulated by America The Senator from Illinois is recog- sically bail out the largest financial in- in its entire history, and instead of nized. stitutions in America, America’s econ- leaving a surplus for incoming Presi- f omy and the global economy could col- dent Obama, left him a gaping hole in lapse. I have been involved in public FINANCIAL REGULATORY REFORM the budget.
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