June 15, 2004 CONGRESSIONAL RECORD — SENATE S6791 the 1988 World Series, he got on the Sparks is a city of about 80,000 resi- able on their Web site, and I ask unani- phone and dictated a story about the dents in Washoe County, which is in mous consent that the CBO cost esti- quake. northern Nevada. Under the leadership mate be printed in the RECORD for the Royce is best known for covering of Mayor Tony Armstrong, it is a won- information of the Senate. boxing in Las Vegas. He has reported derful place to live, even better than it There being no objection, the mate- on nearly every major championship has been in the past. rial was ordered to be printed in the fight in the city, going back to the The All-America City Award is spon- RECORD, as follows: Sonny Liston-Floyd Patterson heavy- sored by the National Civic League, weight title bout at the Las Vegas Con- which was founded 110 years ago by S. 1582—Valles Caldera Preservation Act of 2004 vention Center in 1963. He has chron- Theodore Roosevelt to promote citizen- Summary: Public Law 106–248 established icled the careers of boxing legends such ship and democracy. the Valles Caldera Preserve in New Mexico. as Muhammed Ali, Lennox Lewis, Roy Since the award was initiated in 1949, That law also established the Valles Caldera Jones, Evander Holyfield, Riddick more than 4,000 communities have Trust, a government-owned corporation, to Bowe, Julio Cesar Chavez, Roberto competed for the coveted designation manage the preserve. S. 1582 would make Duran, Larry Holmes, Mike Tyson, as an All-America City. This year, hun- several changes to Public Law 106–248. One of Sugar Ray Leonard, Marvin Hagler, dreds of cities began the process, which those changes would authorize the Secretary Roy Jones Jr., Thomas Hearns and requires extensive documentation of of Agriculture to acquire, by taking, certain subsurface rights to the Baca Ranch, which how the community is responding to Oscar de La Hoya. lies within the preserve. Under the bill, the For his incredible work, Royce has challenges. Sparks was selected as one owners of those subsurface rights would be earned several Nevada Press Associa- of the 30 finalists. entitled to just compensation as determined tion awards and was named Writer of Nevada is the fastest growing State by a court. the Year by the North American Box- in the country. Sparks is doing a great CBO estimates that S. 1582 would increase ing Federation. He was the Las Vegas job of absorbing growth, while pre- direct spending by about $3 million in 2007. Boxing Hall of Fame’s Local Media serving the hometown family atmos- Enacting the bill would not affect revenues. Man of the Year. And in 1996, he was phere that makes it so attractive to S. 1582 contains no intergovernmental man- awarded the Nat Fleischer Award for longtime residents and newcomers dates as defined in the Unfunded Mandates ‘‘Excellence in Boxing Journalism’’ by alike. Reform Act (UMRA) and would have no sig- the Boxing Writers Association of Sparks has also done a great job of nificant impact on the budgets of state, America. revitalizing its infrastructure, espe- local, or tribal governments. That is the highest honor that can be cially in the wake of a massive flood a In the event that the Secretary of Agri- given to a boxing reporter. But I honor few years ago. Sparks Marina Park and culture uses a declaration of taking to ac- Royce for his brand of friendship. the Victorian Square redevelopment quire certain mineral interests of the Baca Royce, thanks for being my friend. project are two examples of this re- Ranch, such an acquisition would constitute a private-sector mandate as defined by Royce Feour’s exceptional skills and newal. UMRA. The cost of the mandate would be lasting devotion to his trade are re- Sparks has always been a great place the fair market value of the mineral inter- markable. He is truly one of the to live and raise a family. Now it can ests and expenses incurred by the private- heavyweights of the Nevada press. boast of being an All-America City fi- sector owners in transferring those interests Please join me in honoring his years of nalist. Once again, I congratulate the to the federal government. Based on infor- extraordinary work, and wishing him Mayor, City Council and the citizens of mation from government sources, CBO esti- well in his retirement. Sparks, NV. mates that the direct cost of the mandate would fall well below the annual threshold f f established by UMRA for private-sector man- CONGRATULATIONS TO SPARKS, CBO REPORT dates ($120 million in 2002, adjusted annually for inflation). NEVADA Mr. DOMENICI. Mr. President, at the Estimated Cost to the Federal Govern- Mr. REID. Mr. President, I rise to time S. Rep. No. 108–269 was filed, the ment: The estimated budgetary impact of S. offer my congratulations to the City of Congressional Budget Office report was 1582 is shown in the following table. The Sparks, NV, which was recently se- not available. At the following link, costs of this legislation fall within budget lected as a finalist in the 2004 All- ftp://ftp.cho.gov/54xx/doc5479/s1582.pdf, function 300 (natural resources and environ- America City competition. the CBO report for S. 1582 is now avail- ment) and 800 (general government).

By fiscal year, in millions of dollars— 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

CHANGES IN DIRECT SPENDING Estimated budget authority ...... 0 0 1 0 0 0 0 0 0 0 Estimated outlays ...... 0 0 3 0 0 0 0 0 0 0

Basis of Estimate: For this estimate, CBO rights. Hence, we estimate that payments to Estimated Impact on State, Local, and assumes that S. 1582 will be enacted near the those parties would total about $3 million in Tribal Governments: S. 1582 contains no start of fiscal year 2005 and that the federal 2007. intergovernment mandates as defined in government will assume ownership of the S. 1582 specifies two sources of funds to UMRA and would have no significant impact subsurface rights soon thereafter. Based on make that payment. First, the bill would re- on the budgets of state, local, or tribal gov- information from the Department of the In- quire the Forest Service to use existing ernments. terior about the length of time typically re- funds to compensate the owners of the sub- Estimated Impact on the Private Sector: quired to resolve similar cases, we assume surface rights for the appraised value of that a court would award a total of $3 mil- those rights. Second, S. 1582 would provide In the event that the Secretary of Agri- lion in compensation to the owners of those authority to use the Claims and Judgments culture uses a declaration of taking to ac- subsurface rights during fiscal year 2007. Fund to pay additional amounts awarded by quire certain mineral interests of the Baca According to the Forest Service, the ap- the court. For this estimate, CBO assumes Ranch, such an acquisition would constitute praised value of the subsurface rights to be that the agency would use $2 million of funds a private-sector mandate as defined by taken is about $2 million. In addition, based appropriated for land acquisition in fiscal UMRA. The cost of the mandate would be on information about historical differences year 2004—funds that CBO estimates are the fair market value of the mineral inter- between federal appraisals and amounts available but not likely to be spent under ests and expenses incurred by the private- awarded by courts to compensate takings of current law—to pay a portion of the com- sector owners in transferring those interests private property in New Mexico, CBO esti- pensation amount. Hence, we estimate that to the federal government. Based on mates that an additional $1 million would be the bill would provide new budget authority awarded to the owners of those subsurface of $1 million in 2007.

VerDate Mar 15 2010 22:11 Jan 29, 2014 Jkt 081600 PO 00000 Frm 00043 Fmt 4624 Sfmt 0634 E:\2004SENATE\S15JN4.REC S15JN4 mmaher on DSKCGSP4G1 with SOCIALSECURITY S6792 CONGRESSIONAL RECORD — SENATE June 15, 2004 information from government sources, CBO The mandate of the U.S.-China Com- The United States certainly has such estimates that the direct cost of the man- mission is to ‘‘monitor, investigate, influence at this period, and for the date would fall well below the annual thresh- and report to Congress on the national next few years, because of the enor- old established by UMRA for private-sector security implications of the bilateral mous dependence of China on our good mandates ($120 million in 2002, adjusted an- nually for inflation). trade and economic relationship be- will, our consumer markets, our manu- The bill would direct the Secretary of Ag- tween the United States and the Peo- facturing capability, our technology riculture to acquire the mineral interests ple’s Republic of China.’’ The commis- and our cooperation in many fields. without the seller’s consent should negotia- sion, therefore, takes an expansive Such dependence will not last forever, tions for a sale fail after 60 days. Should view of U.S. national security, which is however, and it is time that we begin those negotiations fail, the Secretary of Ag- that our economic health and well- to manage this relationship in ways riculture would be required to file a declara- being are fundamental national secu- that will produce more positive and fa- tion of taking with the court. The declara- rity matters, including the mainte- vorable outcomes. tion of taking would force the owners of the nance of a strong manufacturing base, geothermal and mineral interests to give up Lastly, Mr. President, this report is ownership in exchange for a sum equal to the and the ability to maintain U.S. global competitiveness and a healthy employ- studded with recommendations for fair market value as determined by the Congressional action and for joint pol- court. As noted above, an appraisal done by ment level and growth rate. These cen- icy-making efforts between the Con- the Forest Service in 2001 concluded that the tral economic factors are just as essen- privately held mineral and geothermal inter- tial to the national security and de- gress and the Executive Branch. It rec- ests on the Baca Ranch have a fair market fense of our Nation as are strong and ognizes that good policy proceeds from value of almost $2 million. In December 2001, ready standing armies, navies and air building a strong consensus between the Forest Service’s offer for purchase of the forces equipped with the best weap- our two branches, as well as between interests based on this appraisal was re- onry, leadership and operational doc- our two countries. I encourage my col- jected. trines. leagues, many of whom have testified Estimate Prepared by: Federal Costs: on these matters before the Commis- Megan Carroll. Impact on State, Local, and In addition, the commission has Tribal Governments: Marjorie Miller. Impact treated, very thoroughly, a series of sion, to examine the recommendations on the Private Sector: Selena Caldera. specific topics mandated in amend- offered for our consideration. Estimate Approved by: Peter H. Fontaine, ments to its charter last year, includ- Mr. President, the Commission has Deputy Assistant Director for Budget Anal- ing China’s proliferation practices, today issued this fulsome report, and I ysis. China’s economic reforms and U.S. eco- ask unanimous consent to have printed f nomic transfers to China, China’s en- in the RECORD the Commission’s list of ergy needs, Chinese firms’ access to the recommendations. ANNUAL REPORT OF THE U.S.- U.S. capital markets, U.S. investments CHINA ECONOMIC AND SECURITY into China, China’s economic and secu- There being no objection, the mate- REVIEW COMMISSION rity impacts in Asia, U.S.-China bilat- rial was ordered to be printed in the Mr. BYRD. Mr. President, today the eral programs and agreements, China’s RECORD, as follows: U.S.-China Economic and Security Re- record of compliance with its World RECOMMENDATIONS TO CONGRESS view Commission issued its second Trade Organization, WTO, commit- major annual report to the Congress, ments, and the Chinese government’s CHAPTER 1—CHINA’S INDUSTRIAL, INVESTMENT, as mandated by the Congress in its en- media control efforts. AND EXCHANGE RATE POLICIES abling statute, P.L. 106–398, October 30, Mr. President, I will not recite all Recommendations for dealing with China’s 2000, as amended by Division P of P.L. the many important conclusions and currency manipulation 108–7 February 20, 2003. I commend it to recommendations for action contained The 1988 Omnibus Trade and Competitive- my colleagues as a comprehensive, in- in this timely report. But I point out ness Act requires the Treasury Department sightful and useful examination of the that the United States needs to be to examine whether countries are manipu- key trends, policies and realities inher- much more proactive and clear-think- lating their exchange rates for purposes of ent in the U.S./China relationship, and ing in managing our overall relation- gaining international competitive advan- featuring a number of recommenda- ship with China, and far more focused tage. The Treasury is to arrive at its finding tions for the Congress to consider. on what our goals are in the relation- in consultation with the IMF, which defines It is noteworthy that the Commis- ship if we are to advance our national manipulation as ‘‘protracted large-scale sion adopted this report by a unani- economic and security interests. intervention in one direction in the exchange mous, bipartisan vote of 11–0. The com- The report concludes, overall, that market.’’ The Treasury has repeatedly mission is composed of an equal num- evaded reporting on this test. The Commis- the U.S.-China economic relationship sion recommends that Congress require the ber of Democratic and Republican ap- lacks active management. U.S. goals Treasury to explicitly address this test in its pointees, three each by the four leaders for specific elements of the relation- required report to Congress. Furthermore, a of the Senate and the House of Rep- ship are too vague or even nonexistent. condition for taking action against a coun- resentatives. It is refreshing, indeed, in This is particularly highlighted in the try that manipulates its currency is that an an era characterized by far too much enormous goods trade deficit, some $123 offending country be running a material partisanship and divisiveness, that in billion in 2003, and growing rapidly. global current account surplus in addition to its treatment of the often contentious The United States has the capability to a bilateral surplus. The Commission rec- and important issues regarding this nudge the Chinese into more positive ommends that Congress amend this provi- growing bilateral relationship, the sion so that a material global current ac- policies and actions, thereby leveling a count surplus is not a required condition. Commission could reach a unanimous playing field which China has tilted in vote. Debates over foreign policy, it the direction of mercantilist behavior, The administration should use all appro- has often been said, to be effective, priate and available tools at its disposal to including, in some arenas, intimidating address and correct the problem of currency should end at the water’s edge, and we tactics. Issues which have been fes- manipulation by China and other East Asian should speak as a Nation with one tering in the WTO, for instance, such countries. With regard to China, this means voice to the world. Mr. President, in as China’s artificial manipulation of bringing about a substantial upward revalu- this report, bipartisan unanimity has the value of her currency, continued ation of the yuan against the dollar. There- been achieved, and by a very diverse tolerance of high levels of Intellectual after, the yuan should be pegged to a trade- group of thoughtful and independent Property Crimes, massive illegal sub- weighted basket of currencies, and provi- minded Commissioners. I would also sidization of Chinese enterprises, re- sions should be established to guide future point out that this is a purely congres- sistance to good faith compliance with adjustments if needed. As part of this proc- sional body, in that all of the commis- ess, the Treasury Department should engage important WTO procedures, and with in meaningful bilateral negotiation with the sioners are appointed by the congres- many pledges made for progress in pro- Chinese government, and it should also en- sional leadership, and the report which liferation of WMD, all require height- gage in meaningful bilateral negotiations is issued is intended to be exclusively ened levels of attention and manage- with Japan, Taiwan, and South Korea re- advisory to the Congress. ment by the United States garding ending their long-standing exchange

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