November 15, 2017 CONGRESSIONAL RECORD — SENATE S7231 The PRESIDING OFFICER. Are there rasso, John Thune, James M. Inhofe, lions of people to finance tax cuts for any other Senators in the Chamber de- Bob Corker, John Cornyn. those who make millions of dollars in siring to vote? The PRESIDING OFFICER. By unan- income. All year the American people The result was announced—yeas 52, imous consent, the mandatory quorum have made it perfectly clear that this nays 46, as follows: call has been waived. was the opposite of what they wanted. [Rollcall Vote No. 275 Ex.] The question is, Is it the sense of the Fortunately, those repeal efforts failed. YEAS—52 Senate that debate on the nomination Now, instead of listening to the Alexander Flake Perdue of Joseph Otting, of Nevada, to be American people and learning from Barrasso Gardner Portman Comptroller of the Currency for a term that failure, the majority has doubled Blunt Graham Risch of five years, shall be brought to a down on its tax plan. Like healthcare, Boozman Grassley Roberts close? they have made no attempt to bring Burr Hatch Rounds The yeas and nays are mandatory both sides together. In the Senate, we Capito Heller Rubio Cassidy Hoeven Sasse under the rule. only saw the bill last Thursday. I am Cochran Inhofe Scott The clerk will call the roll. on the Finance Committee. I have been Collins Isakson Shelby The senior assistant legislative clerk Corker Johnson on there for years. It wasn’t even in Strange Cornyn Kennedy called the roll. legislative language on Thursday. Sullivan Cotton Lankford Mr. DURBIN. I announce that the Thune I remember back in the healthcare Crapo Lee Senator from New Jersey (Mr. BOOKER) Cruz McCain Tillis debate, 9 years ago, when people were Daines McConnell Toomey and the Senator from New Jersey (Mr. saying: Read the bill. Read the bill. We Enzi Moran Wicker MENENDEZ) are necessarily absent. came to the markup yesterday to offer Ernst Murkowski Young The PRESIDING OFFICER (Mr. amendments. There still wasn’t a bill. Fischer Paul TILLIS). Are there any other Senators There was not a bill. NAYS—46 in the Chamber desiring to vote? Thomas Jefferson used to say—and it Baldwin Harris Peters The yeas and nays resulted—yeas 54, didn’t happen—that he hoped that Bennet Hassan Reed nays 44, as follows: when these legislatures were put to- Blumenthal Heinrich Sanders [Rollcall Vote No. 276 Ex.] Brown Heitkamp Schatz gether in the U.S. Congress, you would Cantwell Hirono Schumer YEAS—54 have to introduce a bill and, then, it Cardin Kaine Shaheen Alexander Flake Murkowski would take 365 days before it could be Carper King Stabenow Barrasso Gardner Paul Casey Klobuchar enacted into legislation. Maybe that is Tester Blunt Graham Perdue Coons Leahy where the tea party got the idea in Udall Boozman Grassley Portman Cortez Masto Manchin Van Hollen Burr Hatch Risch 2009. Where are they now? We have not Donnelly Markey Warner Capito Heitkamp Roberts had a single hearing on this bill. Duckworth McCaskill Cassidy Heller Rounds Durbin Merkley Warren Now they are marking up the most Cochran Hoeven Rubio Feinstein Murphy Whitehouse Collins Inhofe Sasse consequential tax policy in 31 years, Franken Murray Wyden Corker Isakson Scott one affecting every single American Gillibrand Nelson Cornyn Johnson Shelby and moving around trillions of dollars NOT VOTING—2 Cotton Kennedy Strange in this economy. Crapo Lankford Sullivan Booker Menendez Cruz Lee Thune Remember back during the The nomination was confirmed. Daines Manchin Tillis healthcare debate when it was 16 per- Enzi McCain Toomey cent of our economy and people were The PRESIDING OFFICER. The Sen- Ernst McConnell Wicker ator from Arkansas. Fischer Moran Young saying: Read the bill. You had better read this bill. There is not a school Mr. COTTON. Mr. President, I ask NAYS—44 unanimous consent that with respect board in Colorado that would accept Baldwin Gillibrand Peters this process. There is not a city council to the Zatezalo nomination, the mo- Bennet Harris Reed tion to reconsider be considered made Blumenthal Hassan Sanders that would accept this process. We and laid upon the table and the Presi- Brown Heinrich Schatz have more process for a small decision dent be immediately notified of the Cantwell Hirono Schumer about where parking meters should go Cardin Kaine Shaheen Senate’s action. Carper King than we have had in this process. Stabenow People are upset for good reason. The PRESIDING OFFICER. Without Casey Klobuchar Tester Coons Leahy objection, it is so ordered. Udall When you rush big things, when you Cortez Masto Markey Van Hollen don’t listen to different views, you get Under the previous order, with re- Donnelly McCaskill Warner spect to the Esper nomination, the mo- Duckworth Merkley bad policy. I have heard the majority Durbin Murphy Warren leader say that on this floor. tion to reconsider is considered made Whitehouse Feinstein Murray There is a reason why they are trying and laid upon the table and the Presi- Franken Nelson Wyden dent will be immediately notified of to rush it through. There is a reason the Senate’s action. NOT VOTING—2 why they don’t want America to have a Booker Menendez chance to read the bill or for their rep- f The PRESIDING OFFICER. On this resentatives to this Chamber to read CLOTURE MOTION vote, the yeas are 54, the nays are 44. the bill. That is because, just like the The PRESIDING OFFICER. Pursuant The motion is agreed to. healthcare proposals they made, the to rule XXII, the Chair lays before the f majority’s tax plan is fundamentally Senate the pending cloture motion, flawed. Over the course of the cam- EXECUTIVE CALENDAR which the clerk will state. paign, President Trump—then Can- The senior assistant legislative clerk The PRESIDING OFFICER. The didate Trump—promised the American read as follows: clerk will report the nomination. people: ‘‘No cuts to Social Security, Medicare, or Medicaid.’’ That is not CLOTURE MOTION The senior assistant legislative clerk read the nomination of Joseph Otting, fake news. That is what he said. We, the undersigned Senators, in accord- ance with the provisions of rule XXII of the of Nevada, to be Comptroller of the He said that ‘‘everybody’s got to be Standing Rules of the Senate, do hereby Currency for a term of five years. covered,’’ speaking of health insurance. move to bring to a close debate on the nomi- The PRESIDING OFFICER. The Sen- He said: nation of Joseph Otting, of Nevada, to be ator from Colorado. Everybody’s got to be covered. . . . Comptroller of the Currency for a term of REPUBLICAN TAX PLAN Everybody’s going to be taken care of much five years. Mr. BENNET. Mr. President, all year better than they’re taken care of now. Mitch McConnell, John Barrasso, David Perdue, Tom Cotton, John Kennedy, the majority has tried to ram through He promised the public: ‘‘You’re Luther Strange, Roger F. Wicker, Roy legislation to repeal the Affordable going to end up with great healthcare Blunt, Cory Gardner, John Hoeven, Care Act and replace it with proposals for a fraction of the price.’’ That is Mike Rounds, Thom Tillis, John Bar- that, in effect, cut healthcare for mil- what he told the American people.

VerDate Sep 11 2014 03:46 Nov 16, 2017 Jkt 079060 PO 00000 Frm 00007 Fmt 0624 Sfmt 0634 E:\CR\FM\A15NO6.002 S15NOPT1 lotter on DSKBCFDHB2PROD with SENATE S7232 CONGRESSIONAL RECORD — SENATE November 15, 2017 Yesterday, a year after the election, they would actually see a tax increase. We would not accept it for any other and after 8 years of saying repeal and Another 54 million households would institution of government or business replace, repeal and replace, repeal and see virtually no benefit at all. on the planet. Certainly, we wouldn’t replace, it turned out that, because I agree that America needs tax re- accept it in Colorado. there was no idea how to replace it— form. It is not about a political impera- When I was superintendent of there was no consensus on the Repub- tive for doing tax reform. America schools, if I had told people: Well, we lican side about how to replace it; they needs tax reform. That is why I joined have a little bit of a disagreement; so I failed twice to do it until yesterday— the Finance Committee. Tax reform am going to shut the government down they added changes to a tax bill, lit- means we should clean up special inter- until we can deal with this continuing erally in the middle of the night, that est carve-outs. resolution, they would have thrown me would cause 13 million people, accord- I have to stop for a minute and pause out. But that is what we have been ing to the Congressional Budget Office, on that point. For years, as part of the doing here for the last 10 years. to lose health insurance. It would in- Gang of 8, as the Simpson-Bowles Com- Now we have sunk to a new low. crease premiums by up to 10 percent, mission came through and was crushed, There has been no attempt to bring the according to the Congressional Budget and as there were bipartisan discus- parties together on this—none. The re- Office, on the individual market each sions, always what people said was sult is a deeply flawed proposal, com- year. You can’t make it up. It would that, on the corporate side, what we pletely at odds with what our economy lead to a $25 billion cut in Medicare. are going to do is to lower the rate and needs. That is what is happening here while broaden the base. That was the plan. If you accept the logic of the Repub- people are distracted by what is going The way we were going to do that was lican plan, the problem with our econ- on in the Senate race in Alabama. by getting rid of a whole bunch of spe- omy is that the wealthiest institutions How does this proposal in any way cial interest loopholes. and individuals in the United States square with the President’s promises What this bill does is to lower the don’t have enough money to invest and during the campaign? All year we saw rate, but it forgets about the second create high-paying jobs for everyone tax cuts masquerading as a healthcare part of the equation. If you look at the else. point. broadening of the base, you actually Sometimes I hear people at home I went home to Colorado and people have to take away someone’s loophole, say: I don’t have anything against rich said: Michael, you work with people in and that is hard to do. So instead, what people—neither do I. But the logic that a bipartisan way all the time. Why they are doing is lowering the rate and somehow, if you give somebody at the aren’t you working on this healthcare leaving the loopholes where they are— top a tax cut, that is going to result in bill? There is no one in Colorado, in- what a disaster. It took 31 years to get an increase to other people’s income is cluding the critics of the Affordable tax reform in this Chamber, and that is completely contradicted by the facts. Care Act, who said to me: Michael, I the answer? Here is what has happened in Amer- have a good idea for helping me with Today, if you don’t like the situa- ica since 1987, over the last 30 years. my healthcare: Give the wealthiest tion, we have the highest published This is the median family income. This people in America a tax cut. Nobody corporate rate in the world. I don’t like is middle class in America, which basi- came and said: Let’s cut Medicaid by 40 that because that is uncompetitive for cally for 40 years hasn’t had a pay percent when we are facing the opioid the United States at 35 percent. But raise—has not had a pay raise. This crisis that we are facing. one of the things we know about it is can’t be blamed on some Socialist who So they masqueraded it as a that, because of all those loopholes, is named Barack Obama; this is 40 healthcare plan, and now we have a very few people pay the 35 percent. years of American economic history— healthcare plan masquerading as a tax Some do, and that is very unfair. The no pay raise. plan. On top of that, this plan doubles Over that period of time, here is what down on the claim that tax cuts for the average effective rate is more like 23 has happened to corporate profits. If wealthiest people in America and busi- percent, not 35 percent, and that is be- the logic were true, if the logic were nesses not only trickle down to every- cause companies can use loopholes. correct or right, we would see the mid- one else but also pay for themselves. They can move money overseas. If you That part is not surprising because are a newspaper company or you are a dle-class income rising more and doing that has been the Republican answer trucking company here, you can’t do better as corporate income statements for what ails our economy. that. That is why you pay the 35 per- and balance sheets hit alltime highs, When our economy was up and our cent. That is not fair, but this bill does which they have. Shown here is the deficit was down, they cut taxes for the nothing to take on those challenges— great recession. Here is where we are top 1 percent of Americans, making an nothing. today. Here is where we were before the average of $2 million. When our econ- We need tax reform to get rid of great recession. Here is median house- omy was down and our deficit was up, those special interest carve-outs. We hold income—stubbornly flat. they cut taxes on the top 1 percent, should take steps to help our busi- The balance sheets of the biggest making an average of $2 million. Now, nesses compete, to unlock our energy companies in this country are awash in they are embracing exactly the same economy, and to modernize the electric cash—awash in cash. It has not led game plan in their tax plan. grid. We need comprehensive and bipar- them to help lift this line. The result of The Senate bill overwhelmingly ben- tisan reform. this has been a huge widening of the in- efits people and businesses who have This cannot be done. I want to give come gap in America. done extremely well in this economy. Republicans the chance to blame If trickle-down economics really As a former businessperson myself, I Democrats for things they don’t like worked, every American would do bet- have nothing against that success. In and Democrats to do the same, so we ter as incomes at the top rose. Instead, fact, I embrace that success. My issue can actually get a result that is real what has happened is that the top 10 is that trickle-down economics as a reform, not something crammed percent, which is roughly 11 million theory for economic growth has been through with 51 votes and a healthcare people out of a total of 330 million peo- entirely discredited by our own experi- bill on top of it. It has been a terrible ple in America, are earning an average ences. This is not a theoretical exercise thing to see this Senate slide into the of $475,000. That top 10 percent now rep- anymore. It is not as if these argu- place where it is today. resents a larger share of America’s ments haven’t been made time and Mr. President, I say to the Presiding wealth than everyone else. again and then proven to be false. That Officer, I know enough about you to Look at this. Here is the 10 percent. leaves me to wonder why this plan or know that you are not satisfied with These are the folks who on average are at least the version we debated yester- the fact that we have been running this making $475,000. Obviously, many peo- day—I am not as sure about it today— government on 30 continuing resolu- ple in here make a lot more than that, gives roughly $50,000 in tax cuts to tions for the last 10 years and that we but that is the average. They now earn those making over $1 million. can’t pass a proper budget. We don’t more than the bottom 90 percent of For Americans earning under have an appropriations process any- earners in America. That is not the $200,000, which is 19 million households, more in the Senate. It is disgraceful. way this country has been. You have to

VerDate Sep 11 2014 23:55 Nov 15, 2017 Jkt 079060 PO 00000 Frm 00008 Fmt 0624 Sfmt 0634 E:\CR\FM\G15NO6.019 S15NOPT1 lotter on DSKBCFDHB2PROD with SENATE November 15, 2017 CONGRESSIONAL RECORD — SENATE S7233 go back to 1928—the year before the our monthly mortgage payment is only collect $1 for every $3 we spend in Great Depression—to see that level of 25 percent of our income. How are the Medicare is largely because of what income inequality in America. In be- pieces not fitting together?’’ was done under President Bush. tween then and now, what we saw was As the Presiding Officer knows, in When President Obama assumed of- a rise in the middle class, an economy America, consumer spending drives 70 fice, from day one, he inherited a $1.2 that benefited everybody and lifted up percent of our economy. When costs trillion annual deficit and an economy everyone and gave them a chance to rise and middle-class families’ wages in free fall. We were losing 800,000 jobs save and provide for their families. stay flat, families like Erin’s cut back, a month, and unemployment was That is not happening anymore. The forgoing books for their kids, birthday climbing to 10 percent. top 1 percent are earning about 20 per- presents, healthcare. Multiply that Back then—and I was here—during cent of the income. across millions of Americans—the 90 the worst downturn since the Great De- It seems to me that the challenge percent we are talking about here—and pression, Republican leaders all of a with our economy is not that the folks that has a dramatic effect on our econ- sudden remembered their conservative at the very top don’t have enough. omy because they are the folks who fiscal discipline, just when the Amer- They have more than they have ever drive the 70 percent of our economy ican people needed their help the most. had by a lot. The top 10 percent have that is driven by consumer spending. It was not when the economy was going over 50 percent of the income in Amer- That is the problem we need to solve. well at the beginning of the Bush ad- ica. The bottom 90 percent—it seems That should be our focus for their sake ministration, not when we had a sur- crazy to even say bottom 90 percent. It but also to drive our economy, not plus, but when we had a $1.2 trillion is not the bottom 10 percent; it is the folks who have done the best in the deficit caused by the policies of the rest of America, it is 90 percent of economy and who are doing great. I am previous administration and a failure America who earns less. That is the glad they are doing great. in the housing market. That drove us challenge we confront, the challenge One way to help families like Erin’s into the worst recession since the that incomes for everyone else haven’t is the American Family Act, which I Great Depression. kept pace with the rising costs of hous- wrote with Senator SHERROD BROWN, Citing the debt that we had then, ing or healthcare or higher education which triples the tax credit. Under our which Barack Obama had not put on or childcare. plan, Erin’s family would gain $300 per the balance sheets of the U.S. Govern- Several months ago, I met a mom in child each month. Not only does the ment, every Republican opposed Presi- Rifle, CO, at an early childhood center. Republican plan largely ignore families dent Obama’s economic recovery pack- That is on the West Slope of Colorado. like Erin’s, it burdens her children age to stabilize our economy, and not She and the other moms were so happy with another $1.5 trillion in debt for only that, they called it a Bolshevik that they had this early childhood cen- the favor of doing nothing for them. takeover of the United States of Amer- ter because before that, they had to You will hear over and over again the ica. drive 30 miles to Glenwood Springs for Republicans’ claim that their tax cuts Now, after inheriting a booming childcare. This mom said to me during pay for themselves. We heard that in stock market and 4 percent unemploy- the course of our conversation: ‘‘I have the committee today. Anybody who ment, Republicans propose to add $1.5 a job so I can have health insurance, has lived through what has happened trillion to our debt to give roughly and every single dollar I earn goes to since President Clinton was President $50,000 in tax cuts to those making over pay for this early childhood center so I of the United States knows that is $1 million in this country—again, to can work.’’ false. It was the logic that was used in this line, as shown on the chart. There are families all over my State 2001, the logic that was used in 2003, Today, America’s debt is over $20 who are stuck in that place, where at and it is what took us from having a $5 trillion. We could face another eco- the end of every month, they have to trillion projected surplus—you don’t nomic downturn 4 months from now or decide what they are going to go with- hear that word around here very 6 months from now or an armed con- out. They can’t afford housing. They often—when Bill Clinton finished being flict on the Korean Peninsula. The debt can’t afford college. They can’t afford President to the record deficits we suffocates our ability to respond, just early childhood education. Their not have today. as it has suffocated our ability to deal being able to afford housing is increas- Let me make sure I have the right with the opioid epidemic. ingly becoming a huge issue. There are chart up here. I do. When I got here, there was barely an too many Americans who are facing In 1981, Ronald Reagan signed major opioid epidemic in America, and over those unbelievably difficult choices. tax cuts and claimed they would pay the last decade, it has flooded our Those of you who are here might say: for themselves. By the end of his term, country. But if you live in a rural part Well, just tough it out. That is your our national debt had risen 62 percent. of my State, if you live in the San Luis issue. Work harder. In the 1990s, President Clinton raised Valley in Colorado, your access to ad- These folks are killing themselves. taxes at the top and cut spending to diction treatment is the same as it was They are killing themselves, but they balance the budget, and the economy 10 years ago because we are broke, be- are having to make choices and deci- boomed. That was with a Republican cause we can’t work in a bipartisan sions because our economy is not work- Congress, I was reminded today by way to deal with these issues. It is dis- ing well enough for everybody and not Chairman HATCH—one of the truly de- graceful, just as it was disgraceful to working at all for everybody. They are cent people in this place. cut taxes in 2003 just after we sent our having to make choices their parents By 1999, the U.S. Senate, believe it or troops into Iraq. That was maybe the and grandparents never had to make. not, actually held hearings on what to height of disgraceful. Erin Barnes is another one of my do with a $5.6 trillion projected sur- When we know there may be some- constituents. She lives in Thornton, plus. I am not making this up. thing imminent on the Korean Penin- CO, with her husband and two kids. I know that Democrats have a rep- sula, when we know the Middle East is Both Erin and her husband have col- utation for not caring about fiscal mat- in the turmoil it is in, is this really the lege degrees and middle-class jobs. ters and that Republicans have a rep- moment we want to do this? They are working. They are educated. utation for taking them seriously. I I will say this on this floor: If my col- Erin works in marketing, and her hus- don’t know how that happened, but leagues vote for this plan, they forfeit band runs an IT department. that is not the history. That is not the any right to claim they are fiscal con- Earlier this month, she wrote to my history. servatives. And I am sad to say this— office, describing how they ‘‘don’t have When George Bush was elected Presi- I really am; I think my colleague from luxuries like cable television, haircuts, dent, he passed two tax cuts, pros- Colorado would know I am telling the lattes, manicures, or even new clothes. ecuted two wars that were not paid for, truth when I say I am sad to say this— . . . My children all wear hand-me- and signed a $400 billion prescription but I have learned over the past 9 years downs from friends. And yet, we make drug benefit without paying for any of that the only time the majority seems $1,200 less per month than we spend. it. Medicare Part D—didn’t pay for a to care about fiscal responsibility is . . . It’s not that we’re irresponsible: dollar of it. The reason that today we when they are not actually responsible

VerDate Sep 11 2014 23:55 Nov 15, 2017 Jkt 079060 PO 00000 Frm 00009 Fmt 0624 Sfmt 0634 E:\CR\FM\G15NO6.020 S15NOPT1 lotter on DSKBCFDHB2PROD with SENATE S7234 CONGRESSIONAL RECORD — SENATE November 15, 2017 for it. In a sense, it is a devastatingly completely to the next generation. In- think that $200 a month makes a dif- brilliant political strategy. You come stead, we impose on them all the hard ference to them. At another level—at to Washington arguing that the gov- questions we fail to answer in our time. the $50,000 level—I think for that fam- ernment is incompetent, then you ex- We are burdening the future with our ily, it is about $1,100 a year, so $100 a plode the debt, then you point to the debts. We are burdening them with the month makes a difference as well. debt as evidence of Washington’s in- hard choices we avoid, with the easy This proposal would make our Tax competence. And here is how it all path we follow, with the baseless Code simpler and easier to understand ended in 2016: You elect a President claims we accept that tax cuts for folks by just simply cutting out all of the de- who promised that he would eliminate who are doing great somehow trickle ductions that only a few people are our debt ‘‘over a period of 8 years,’’ down and pay for themselves. That is able to take advantage of so everybody that he would deliver ‘‘a giant, beau- false. looks at the Tax Code and has more tiful, massive’’ tax cut, pass ‘‘one of If this plan passes, Washington will reason to believe that everybody is not the largest increases in defense spend- once again encroach on the rights of only going to be treated fairly, but ev- ing in American history,’’ while say- our children and our grandchildren to erybody is being treated the same. ing, ‘‘I’m not going to cut Social Secu- enjoy the same freedom and oppor- There are deductions in this bill we rity . . . and I’m not going to cut Medi- tunity our parents and grandparents should keep where they are. There are care or Medicaid.’’ Why not, he told the handed us. What a shameful legacy deductions like the child tax credit American people, since our national that would be. What a surrender of our that we should increase. In fact, the debt can be solved by ‘‘eliminating responsibility as Americans. Senate proposal that that committee waste, fraud, and abuse in the federal We have to set aside this flawed pro- will start, with the opportunity to government, ending redundant govern- posal and this broken process and in- amend further tomorrow—the Senate ment programs, growing the econ- stead have an honest, bipartisan effort proposal doubles the child tax credit to omy,’’ and ‘‘renegotiating all of our that contends forthrightly with the $2,000 per child. deals.’’ substantive challenges of our fiscal Senator KLOBUCHAR, my friend from Here is the real problem. And I real- condition and the political difficulties Minnesota and the cochairman of the ize my colleagues are here. I am going attendant to solving them. I may be adoption caucus, and I were on the to take a few more minutes, if that is wrong, but I suspect what history will floor yesterday, pleased to be talking OK. prove is, no meaningful solution can be about tax credits, and certainly I am Last year, two-thirds of the Federal found by one party alone. pleased to see that the adoption tax budget went to Medicare, Medicaid, So- I thank my colleagues for their in- credit continues to be in this bill. cial Security, and other mandatory dulgence, especially my friend from The new mark also reduces indi- spending. Of the remaining third, half Missouri who is here. vidual rates. The current rate of 22.5 goes to national defense. After interest I yield the floor. goes lower. The 25-percent rate goes to on the debt, that leaves just 10 percent The PRESIDING OFFICER (Mr. COT- 24 percent, and the 32.5 goes to 32 per- for all of our investments in the fu- TON). The Senator from Missouri. cent. What does that mean? That is all ture—in our future and our children’s TAX REFORM very complicated, but what people future—in infrastructure, research, in- Mr. BLUNT. Mr. President, for 8 know, or at least their accountant novation, and education. years, working families have seen their knows, is that everybody sort of pays Over the years, because of the insan- wages stay pretty much exactly where the same percentage on the first ity around this place, Washington has they were and, in some cases, they amount of income and then they pay a slashed that part of the budget—which have seen their wages go down and little higher percentage if they make it is called the domestic discretionary their income go down. into the second bracket and a little part of the budget—by 35 percent as a I will say again that the goal of this higher if they make it into the third percentage of GDP. We have been real- tax proposal should be to immediately bracket. When all of those percentages ly good at hacking on the stuff that is do what we can to see an increase in go down, the total tax benefit for tax- easy to get to. take-home pay for those families and payers is impacted by that. This should all seem deeply unfair to to do everything we can in the Tax There are direct benefits in this bill Americans in their twenties and Code to make us more competitive, to but also benefits that continue to en- younger to know that we are invest- see that they have better jobs to start courage small business. The estimation ing—simultaneously, we are investing with and more competition for the for small business is that 97 percent of less in them than our parents and good work they do. all business in Missouri are small busi- grandparents invested in us, and then Our Tax Code clearly is broken. It is nesses, and the average tax cut for we have the nerve to say you need to taking money out of the pockets of those businesses would be about $3,000 pay back the debt we accrued; we are hard-working families and standing in a year. These small businesses are the not going to pay it back. We are not the way of stronger economic growth, engines that drive the economy. They going to invest in you, and we are and we can and should and must do are the engines that drive growth. This going to make you pay it back. We are something about that. That is why the bill understands that. going to live in the house, but you are Senate is moving toward the passage of This bill understands working fami- going to be stuck with the mortgage. a bill that will address that Tax Code lies who haven’t had a break in their When I served as the superintendent from both ends—more take-home pay paycheck in 8 years now, and it is time of the Denver Public Schools, we had now, better jobs with more pay to start for them to be able to take home more to make hard choices to close schools, with, and more take-home pay later. of the money they earn. to modernize curriculums, and to fix According to the Tax Foundation, It is also time for us to do everything unfunded pensions. We had intense under the Senate’s proposal, middle-in- we can to see that they are going to fights. Like here, people had strong come families in Missouri will see an have more competition for the good and principled disagreements, but un- estimated increase of about $2,400 in work they do in the future. More com- like here—unlike in Washington—in their aftertax income. When we con- petition and more ability to compete Denver, the next generation was cause sider the fact that nearly 6 in 10 Ameri- with other countries and other compa- enough for us to set aside our dif- cans say they don’t have enough sav- nies mean better jobs. That is what ferences and move forward. We under- ings to cover a $500 emergency or a this is about. It is a tax bill about fam- stood that our children had no voice in $1,000 emergency, $200 a month really ilies and jobs. our townhalls. Their future had no matters. There may be people talking I look forward to everyone in the votes at the school board meetings. about how the Tax Code doesn’t do Senate having a chance to amend the They only had us to do it for them. enough of this and enough of that, and bill on the floor and to watch what I We have forgotten that here in Wash- at the higher end we should do more or think has been a significant improve- ington, in these marbled halls and on we should do less, but no family who is ment in the bill as the Finance Com- the carpeted floors of the Senate and working hard every day in the middle mittee has had a chance to look at it. the House. We have abdicated our duty range of income in our country doesn’t They will have a chance to amend it.

VerDate Sep 11 2014 23:55 Nov 15, 2017 Jkt 079060 PO 00000 Frm 00010 Fmt 0624 Sfmt 0634 E:\CR\FM\G15NO6.021 S15NOPT1 lotter on DSKBCFDHB2PROD with SENATE November 15, 2017 CONGRESSIONAL RECORD — SENATE S7235 Then we have a chance—those of us not Senate bill is going to be, what the rate, but I just want to remind our col- on that committee—to look at what House bill is going to be. Over the past leagues today that we are in a moment they have done and see what we can do several years, the Senate Finance Com- of crisis in the United States. to make it even better before we go to mittee has held over 70 committee Today we have a national debt crisis. conference with the House and put a hearings on the issue of tax reform, I have been to this floor many times, bill on the President’s desk. We will do countless reports, paperwork done, eco- and many of my colleagues have as that. I am confident we will be success- nomic models to show what this tax re- well, to talk about this debt crisis. It ful here, and successful this year, in a form needed to look like. We have had affects our ability to do the things that way that matters to working families. open debates from both sides of the we know are right to do—to deal with I see my colleague from Colorado is aisle, a chance to say how do we reduce the victims of hurricanes, with na- here. the tax burden on the American people tional security, and with our I yield the floor. and get this economy moving again. healthcare situation. The PRESIDING OFFICER. The Sen- What the Senate has come up with is Folks, we are losing the right to do ator from Colorado. a package that is estimated to create 1 the right thing. Mr. GARDNER. Mr. President, I ask million jobs across this country—1 mil- To solve this national debt crisis, we unanimous consent to join in a col- lion jobs across this country—accord- have to do many things. But one of the loquy with my freshmen colleagues. ing to the Tax Foundation. In Colo- ways we can deal with this debt crisis— The PRESIDING OFFICER. Without rado, that means a $3,000-plus increase and one of the first things we have to objection, it is so ordered. in average aftertax income. If you do—is to grow our economy. The way Mr. GARDNER. Mr. President, I want don’t think $3,000 is a heck of a lot of to grow the economy is to roll back to talk about the last time we did tax money to people, look at the statistics. regulations, unleash our energy poten- reform, in 1986. In 1986, I was in the The statistics show that the average tial, and, yes, finally, once and for all, sixth grade. I had just come back from American family—a significant per- fix this archaic tax system, which Camp Cheley, from sixth grade camp. I centage of them; percentages of Amer- keeps us from being competitive with think the Atari 7800 was the popular ican families—don’t have 24-hour ac- the rest of the world. model that we all wanted for Christ- cess to just a few hundred dollars. They In 1986, we had the third lowest cor- mas. I believe the Ford LTD station can’t find—they don’t have access to porate tax rate in history, in the world, wagon was rolling off the assembly just a couple hundred dollars in a 24- and over the next 15 years we benefited lines that year. ‘‘Top Gun’’ was No. 1 at hour time period. One-third of Ameri- from that. But at the same time, the the box office. cans, if they had to come up with $500 more our economy grew, the lower the That was 1986. It is important be- today, it would be a fiscal crisis for tax rates were taken in the rest of the cause that is the last time we did tax their household. world. Today, American businesses are reform in this Chamber. That is the We are talking about an opportunity taxed at one of the highest rates in the last time we enacted meaningful, com- to grow wages. In fact, the Tax Foun- developed world: 35 percent. Mean- prehensive tax reform. dation says a 4.4-percent increase in while, for example, Japan’s statutory This Congress has an incredible op- average aftertax income will occur as a corporate rate is just 23 percent; Ger- portunity before us today. Our col- result of the Senate bill. many is at 16 percent; Mexico is at 30 leagues have an opportunity to grow I will yield to my colleague from percent; the U.K. reduced theirs in 2009 this economy, to get wages growing Georgia. We are going to get this easel from 30 percent to 19 percent, and they again, and to create opportunity for out of his way, but first I want to show are about to go to 17 percent as we the American people that they haven’t one chart that shows how wage growth speak. As a matter of fact, the average seen in far too long. can happen. rate in Europe is just 18 percent, while Over the past decade, Americans If you look across the world and you in Asia the average corporate tax rate have been working harder than they see nations that have low statutory tax is 20 percent. ever have before, but they have rates and you see nations that have Why is the corporate tax rate so im- watched as the haves have more and high statutory tax rates, you will see portant to an American worker? The the have-nots have less, and they are that those nations that have the lowest corporate tax rate we have in America tired of it. We have seen stagnant statutory corporate tax rates see the is the greatest burden the American wages and work hours growing. That is highest wage growth. People who work worker has today. Why? Because it what this debate is about. It is about in these countries with low statutory makes that American corporation less people who want to stand up for Colo- tax rates, they see the highest average competitive with the rest of the world. radans and people around this country wage growth. Countries with high stat- It also makes that American corpora- to make sure we grow this economy so utory tax rates—this red line right tion vulnerable to foreign acquisitions people can stop working two or three here—their wage growth is less than 1 of U.S. companies and then the moving jobs that they have to now just to try percent. Do you know where the United of those headquarters and factories and to make ends meet, so they can finally States falls? The United States falls as jobs offshore. start to see wages grow. the highest statutory corporate tax The No. 1 thing we can do for the I am going to be joined throughout rate in the industrialized world. Our American worker is to become com- this afternoon’s debate by the class of wage growth is at the bottom. petitive from a tax standpoint with the 2014, Members of the Senate who were Low tax rates result in high wage rest of the world. I have lived this. I elected in 2014 as a result of a message growth. This fight is for the middle have lived in Asia; I have lived in Eu- of economic opportunity—Senators class of America. This fight is for hard- rope. I have worked here most of my from Georgia and North Carolina and working American families. This fight career, and I know when this gets out West Virginia and Arkansas elected be- is to grow wages across the State of of balance, and it is out of balance cause we believed in an America that Colorado, from the Eastern Plains to today. We are penalizing the American was growing again. We believed in an the Western Slope, and around the worker because of it. America that didn’t have to settle for country. I hope all of us will be en- It is no secret, a lower corporate tax second place, it didn’t have to settle gaged in this fight. rate would make us more competitive for mediocrity or decline, but an Amer- I am going to turn this debate over globally. Our tax plan fixes this. We ica that with the right economic poli- to our colleague from Georgia who has are one of the last countries that still cies, the right tax policies, we could experience in business and who under- has a tax on unrepatriated earnings. In lift the burdens off the backs of the stands how taxes work and who under- other words, if we have a U.S. company American people, off the backs of stands how to make sure he is pro- that makes money overseas, it pays American businesses, and get this viding for the people of Georgia. taxes over there; when they bring it country back to work. That is what Mr. PERDUE. Mr. President, I wish over here, they have to pay tax here. this debate is about. to thank my colleague from Colorado. I We are the last country in the world Over the past several weeks, we have will not tell him what I was doing in that really has double taxation. We heard a lot of debate about what the 1986, the last time we adjusted the tax need to end that repatriation tax so

VerDate Sep 11 2014 02:53 Nov 16, 2017 Jkt 079060 PO 00000 Frm 00011 Fmt 0624 Sfmt 0634 E:\CR\FM\G15NO6.023 S15NOPT1 lotter on DSKBCFDHB2PROD with SENATE S7236 CONGRESSIONAL RECORD — SENATE November 15, 2017 that we can free up almost $3 trillion of have also come out and spoken on this Ladies and gentlemen, I want to talk U.S. profits overseas and bring them point: a little bit about facts and fiction and back and invest in training, in plants, Today, 28 OECD countries and every other some of the things we will observe in facilities, and in research and devel- G–7 country has adopted some form of terri- here. In fact, I think probably the Ken- opment. Our plan makes that happen. torial tax system—and all these countries nedy Center is the only place you can We have an individual tax code that have lower corporate tax rates than the go to see a bigger theatrical perform- is 2.4 million words in length. Let me United States. This means that no matter what jurisdiction a U.S. multinational com- ance than what you are going to see on say that again: 2.4 million words in pany is competing in, they are competing at this floor over the next couple of length. Wasn’t that the tax simplifica- a disadvantage. weeks, because they are simply not tion law of 1986? I think it was. It is 2.4 That was the current Senate minor- consistent with what we are trying to million words in length. That is ridicu- ity leader in 2015. This is not a partisan do here, and I want to talk a little bit lous, and it is entirely too complex. We issue. about it. Let’s start with some of the all know that. Our plan will fix this. Another quote: ‘‘It is long past time fiction. It is also estimated that, if we can for tax reform that would lower the get it enacted, this tax plan will create I was just presiding before I came off corporate tax rate.’’ the dais about 30 minutes ago, and I over 1 million new jobs because of the That was House Minority Leader heard a 30-minute speech from someone changes that we are enveloping into PELOSI last year. This is not a partisan who said that they haven’t seen the this Tax Code right now. issue. In addition, it is estimated that the This tax bill is being done under reg- bill, said that it had been passed in the GDP growth will be more like 3.7 per- ular order, including a committee dark of night, that it is not being dis- cent, instead of the 1.9 percent we have markup this week, with plenty of cussed in committee. But then they become used to over the last 8 years. amendments, and it will go to the floor went on to have a 30-minute descrip- Frankly, I believe there is no reason it as soon as we can get it there for de- tion of why the bill is bad. can’t be significantly more. bate and more amendments. How could you not have seen some- We are getting closer to getting this I urge all my colleagues: Let’s put thing and have such a definitive posi- done, but I realize there is a lot more partisan politics aside once and for all tion on the provisions of the bill? To to do. It is more important now than and collaborate through the amend- me, it is just curious. ever that we don’t get bogged down in ment process to do something historic, something that American workers de- Here is something that is even more this Washington dysfunction and grid- curious. There are so many Members— lock. serve, and that is to become competi- Last week, I mentioned that many tive with the rest of the world again. many of them friends—on the other Democrats supported the changes we Renew your support for the same tax side of the aisle who are simply making are talking about in the Tax Code, changes your party has supported for a false claim that we are somehow right up until President Trump took years. going to raise taxes on working fami- office. In fact, over the last several I want to close with another quote lies, the middle class. Why would that years—in fact, over the last several from an individual I have long ad- make sense? What on Earth would the decades—many Democrats on the other mired, President John F. Kennedy, in voters of the United States and my side of the aisle and people in their 1962. voters in North Carolina do to me next place before agreed. I repeat: our practical choice is not be- year if I came out and declared victory This is not a partisan issue. This is tween a tax-cut deficit and a budget surplus. because I raised taxes on middle-in- about national security, if you want to It is between two kinds of deficits: a chronic come and working families? It doesn’t deficit of inertia, as the unwanted result of get right down to it. It is about making make sense, and it has been proven to inadequate revenues and a restricted econ- be false. America competitive again. Who would omy, or a temporary deficit of transition, re- be against that? There are decades of sulting from a tax cut designed to boost the The Washington Post has a rating quotes from Democrats and Repub- economy, increase tax revenues, and achieve, system they use. They call it the licans about this issue. This should be I believe—and I believe this can be done—a Pinocchio system. One Pinocchio a bipartisan issue. budget surplus. The first type of deficit is a means you are probably stretching the In 1963, a very famous American sign of waste and weakness; the second re- truth a little bit; four Pinocchios made this quote: flects an investment in the future. means there is not a shred of truth in A tax cut means higher family income and Again, these are words from Presi- what you are saying. These claims higher business profits and a balanced fed- dent John F. Kennedy, while he was about raising taxes on working fami- eral budget. President, in 1962. This is not a par- Every taxpayer and his family will have lies and middle-income families earned tisan issue. four Pinocchios; they are fiction. more money left over after taxes. . . . Every Our tax plan is an investment in our businessman can keep a higher percentage of future, just as John F. Kennedy said. It What we are trying to do is provide a his [or her] profits in his [or her] cash reg- is an investment that will help all tax break to the people who need it the ister or to put it to work expanding or im- most—to the people who are trying to proving his business, and as the national in- Americans. come grows, the Federal Government will ul- I know there is a lot of pay their bills, struggling to go to timately end up with more revenues. disinformation going on: This is only a school, actually struggling just to pay That noted American was President tax break for the wealthy, and so forth. the rent. That is what this tax bill is John F. Kennedy, in 1963. If he were When the facts come out—and they about. This tax cut is about getting the here today, I think he would admonish have already come out; four Pinocchios economy back on track so that we can all of us to put our partisan bickering have been given to those comments. also drive up wages. aside and get something like this done Our tax plan will prove that when we Not only do we want to provide you for the American people. get into the details. with more money in your pocketbook Another quote: Equally important, getting this tax and in your wallet at the end of the I think [the corporate rate] should be low- plan done to help all Americans is a month by reducing your tax burden, ered. We should try to get it as close to the critical part of developing a long-term but we also want to make it more like- international average as we can, so we’ll plan to solve the national debt crisis. ly that you are going to make more [once and for all] be competitive. I am proud to serve here with my col- league from North Carolina, Senator money, you are going to get a better That was Bill Clinton last year, 2016. job, and you are going to have more in- Another quote: TILLIS. I think, in North Carolina, they actually did this, and they had the re- come at the end of this process. I firm- Get rid of the loopholes. Level the playing ly believe that it will work. field. And use the savings to lower the cor- sults we are talking about here. porate tax rate for the first time in 25 years. Mr. TILLIS. Mr. President, I thank Let’s talk about the facts of this That was President Barack Obama in the Senator from Georgia and my col- plan. The facts are that we have to 2011, believe it or not. This is not a par- league from Colorado for their com- have tax relief. We have one of the tisan issue. ments—and the future comments of highest corporate tax rates in the There are more minority party lead- some of my colleagues who are in the world. There is no way the greatest ers in the House and the Senate who class of 2014. economy that has ever existed should

VerDate Sep 11 2014 04:18 Nov 16, 2017 Jkt 079060 PO 00000 Frm 00012 Fmt 0624 Sfmt 0634 E:\CR\FM\G15NO6.025 S15NOPT1 lotter on DSKBCFDHB2PROD with SENATE November 15, 2017 CONGRESSIONAL RECORD — SENATE S7237 be one of the least welcoming and least I thank my colleagues for their hard Let me talk to you about the middle hospitable to job growth. That is why work on this bill. I look forward to vot- class. we have to reduce the corporate tax ing for the bill. I know it is going to I can talk about the business side of rate. produce a result because I have seen it this bill, and this is going to help every We also have to reduce the tax rate produce a result in my experience as business in America. It is going to help on small businesses. Eighty percent of speaker of the house. It will work for C corps, LLCs, Sub S corps, family all jobs created in North Carolina are America. It will be one of the great farms, and single proprietorships. It is created by small businesses. The people things we are going to do in this Con- going to help large businesswomen and whom the gentleman from Colorado re- gress. businessmen, and it is going to help ferred to as ‘‘the rich people’’ are small At this point, again, I thank my col- small businesswomen and businessmen. business owners who actually file their leagues. I am going to pass it off to the But I want to talk about the personal taxes through their individual income. Senator from Louisiana, Mr. KENNEDY. income tax side. This bill will give a So perhaps they have a fair amount of The PRESIDING OFFICER. The Sen- tax cut to just about every American. revenue, but a lot of it has to go to pay ator from Louisiana. Our opponents can probably find one or for the business, and a little bit is left Mr. KENNEDY. Mr. President, it does two people under certain cir- behind for them and their families and not take a genius to see that some- cumstances who aren’t going to get a their employees. We have to reduce the thing is stalling the American econ- tax cut, but the fact remains, if you omy. The economy has been better tax burden on small businesses so that look at the numbers of the joint com- lately, I think, frankly, in anticipation they can create more jobs and, hope- mittee on the budget, if you make be- of the Congress’s passing these tax fully, some day, become very large tween $20,000 and $30,000 a year on aver- cuts. The fact remains that 2016 was businesses—hopefully, corporations— age, you are going to get a 10-percent the 11th straight year that our econ- creating more and more jobs and more tax cut. If you make between $50,000 omy—the greatest economy in the his- opportunities for more workers. and $70,000 a year, you are going to get tory of the world and the strongest At the end of the day, the middle-in- right around a 7-percent tax cut. If you economy in the history of the world, come tax break is going to be some- make $1 million or more a year, you even when it has the flu—failed to where between $1,500 and $2,000 a year. are going to get roughly a 5-percent achieve 3 percent annual growth, which It will vary a little bit from State to tax cut. As for the middle class, we can has been our average every year since State, but that is a lot of money in debate what the middle class is, but I 1960. these very difficult times. More impor- Something is wrong. The experts I consider the middle class to be some- tant than that are the opportunities have talked about tried everything. where between $30,000 and $100,000 a that will be created through economic They tried monetary policy, changing year. You can pick your own defini- growth. That is what I will leave you interest rates. They tried deficit spend- tion. They are the ones that I am con- with. I have seen this happen. ing. Do you remember President cerned about the most—not exclu- First, I have seen the false claims be- Obama’s stimulus program? The Fed- sively, but the most. Let me tell you fore. They were waged against me when eral Reserve has tried quantitative eas- what this bill is about in terms of the I was the speaker of the house in North ing out the wazoo. The experts have middle class: this, the wallet—their Carolina, and we had the courage in tried everything except what they wallet—because the middle class is the middle of a fiscal crisis to cut taxes should have done first; that is, to let angry in this country, and they ought and grow jobs. We had all the liberal the American people keep more of the to be angry. media, and we had some of my good money they earn, because they can Every day, they say: KENNEDY, I get friends on the other side of the aisle spend that money they earn better up every day. I go to work. I obey the whom I agreed with on many other than the government can. law. I pay my taxes. I try to do the issues but who disagreed with us on tax We have two groups of policymakers right thing by my children. I try to reform. But in North Carolina, no one in Washington, DC. I am sorry, but this teach my kids morals. I try to save for is complaining about the tax reform re- is what it has come down to. I am not retirement. But I am getting fed up. sults. In fact, we have one of the fast- talking about liberals or conservatives. They tell me: KENNEDY, I look est growing State economies in the I am not talking about Republicans around, and I see a rigged economy. I United States today, after being in the and Democrats. The two groups I am see too many undeserving people at the fourth quartile just 5 or 6 years ago. talking about are as follows. We have top getting bailouts, cutting corners, We have seen our median incomes go one group of policymakers in Wash- and making deals. I see too many up, and we have seen a number of peo- ington who believe in more freedom, undeserving people at the bottom get- ple lifted out of poverty at high levels. and we have another group of policy- ting handouts. I am in the middle, and I know it works. makers in Washington who believe in I get stuck with the bill. I can’t pay it It is not easy, but it is a promise we more free stuff. anymore, KENNEDY. My health insur- made to the American people last year, I am not criticizing policymakers for ance has gone up, thanks to the Afford- and it is a promise we are going to wanting to help people who are less for- able Care Act, and my kids’ tuition has keep—this Congress is going to keep— tunate than us. The fact of the matter gone up. My taxes have gone up. I will in the coming weeks. When we do this, is that the U.S. taxpayers at the State tell you what has not gone up—my in- then we can start working on an econ- and the local levels spend $1 trillion a come. omy that can pay down the debt and year helping people less fortunate than These are the American people, the make sure that these young people who us. That money didn’t just fall from middle class. They are busy earning a are pages here and the young people heaven. We thank heaven for it, but it living. They may not read Aristotle here in the gallery right now—you may came out of people’s pockets. We spend every day, but they are smart and they not know this, but you owe about $1 trillion a year in our country help- get it. They know the median house- $70,000, on average, to the Federal Gov- ing people who are less fortunate than hold income today is basically the ernment. That is your share of the na- us. In our country, if you are homeless, same as it was in 1999, and for that, tional debt. I don’t want you to have to we house you. If you are hungry, we every policy maker responsible for that pay it back. feed you. If you are too poor to be sick, fact in Washington, DC, and elsewhere I want an economy that is growing, we will pay for your doctor. I am very ought to hide their heads in a bag. that can ultimately resolve our debt proud of that. I am not criticizing. In This bill is going to fix that, and that problem. But you can do it only by pro- fact, I join my colleagues in wanting to is why it is so incredibly important ducing growth, you can do it only by help people who are less fortunate than that we pass it. Yes, it is important for becoming economically competitive, us. The fact of the matter is, it takes our business community. Yes, it is im- and you can do it only by lifting the money, and that money is generated by portant for the large corporations. Yes, tax burden on businesses and working the American taxpayer. The American it is important to repatriate those tril- families so that money can flow back taxpayer is not generating very much lions of dollars. But at the end of the through the private economy and out because the American taxpayer is not day, it is important primarily for ordi- of the coffers in Washington. making very much. nary people, you and me—the people

VerDate Sep 11 2014 02:57 Nov 16, 2017 Jkt 079060 PO 00000 Frm 00013 Fmt 0624 Sfmt 0634 E:\CR\FM\G15NO6.027 S15NOPT1 lotter on DSKBCFDHB2PROD with SENATE S7238 CONGRESSIONAL RECORD — SENATE November 15, 2017 who get up every day and go to work, in a State where 95 percent of our busi- Employers are eager to grow, reinvest and obey the law, pay their taxes, and nesses are small businesses. We want to reward employees with better wages. We made this country great. They have allow those small businesses to make hope Congress will act quickly to reduce and the decisions to grow employment op- simplify taxes ensuring a stronger [and] hurt long enough. more economically vigorous nation. Mr. President, I yield to my col- portunities or raise wages. We want to league from Colorado. We call him a make our bigger companies competi- This is something I don’t think we silver-tongued devil because he is so el- tive globally. talk about, either. If we had economic oquent. People say: You know, what is a big security in our families and economic Mr. GARDNER. Mr. President, I company really going to do for me, security in this country, we would be thank the Senator from Louisiana for working and living here in West Vir- stronger in a lot of ways that go be- that, and I recognize the Senator from ginia? yond being stronger economically. In West Virginia for comments on why I think if we looked at the major your family, if you have a decision that this is important to the country. companies that are invested in our you have to make and you have to Mrs. CAPITO. Thank you very much. State, we know that making those come up with some emergency funds, if Mr. President, I wish to thank the companies more competitive will re- you have to borrow or try to figure out Senator from Colorado for his leader- sult in those companies creating more a way to make ends meet, it makes you ship in bringing us, the class of 2014, to jobs, investing more capital, buying feel weaker. If you can do it yourself, the floor to talk about the common- more products, and raising wages for you are stronger. That is what we are sense tax reform measure that we have, workers. So making our companies doing in this bill. Also, I want to talk about the trans- the opportunity of decades to make a competitive globally is exceedingly im- parency here. We are hearing criti- difference—a big difference—in many portant. cisms that this is coming in the dead of of the lives of the people we represent. I have heard many of my colleagues night, that nobody has ever heard of it. I would even say most lives. say that statistics show that many Nothing could be further from the This is about the sixth time I have American families can’t even come up truth. The Finance Committee alone been to the floor to talk about what I with $400 for an emergency expenditure has held 70 hearings on this since the think is the best tax reform package I in their family. That is almost a flat year 2011. Senators from both parties have seen in my time here and also the tire and the towing expense to get your have had the opportunity to weigh in, different aspects of tax reform that I car fixed so you can go to work or take experts from both inside the Capitol think are great for the country and your kids to school or get to your job and outside the Capitol. Right now, it great for my State. I represent a small and get to your church. I think the tax is undergoing a full markup in com- State, the small State of West Vir- reform bill in the Senate meets many mittee, and the House has gone ginia. of these objectives. through the same procedure. This has I have talked about small businesses The nonpartisan Joint Committee on been done in the total light of day. and families and what it means for Taxation has found that the bill would This is how legislation is made. So I them—simplification and creating a provide tax relief to Americans in am very pleased that these tax reform competitive environment. But there is every single income category, with the principles in this bill are moving nothing like going home and talking to largest percent—and this was after through our Senate. people, whether we are at the grocery working the bill over several months— going where it should go, which is to We know that the President is very store or, as in this past week, when we enthusiastic about this. He will sign a were all in Veterans Day parades. Peo- the middle-income earner. The Tax Foundation has also found bill that will grow our economy and ple are generally so respectful and very that with the Senate bill, as many as benefit whom he wants it to benefit happy at a Veterans Day parade. I 925,000 new jobs can be created. That is and whom we all want it to—middle-in- can’t say the same for every parade, significant. That is significant because, come families. but I will say that for the Veterans I believe, some of those jobs—and I Each Senator has a choice here. We Day parade, they are generally pretty would hope a great deal of them— all have our choices. My friends from happy. I was really surprised because I would land in the great State of West South Dakota and Oklahoma and Lou- had several constituents—not just one Virginia. isiana and Colorado, who are on the or two but several—say to me: Pass In West Virginia, the studies showed floor with me, as well as the Presiding this bill; we want tax relief. that the average middle-income family Officer, who is from Arkansas, have It was totally unsolicited. So West would gain $1,952 in after-tax income, choices every day. You can either cling Virginians are paying attention to and the job creation for the State of to the status quo and say that, yes, ev- what we are doing in the Senate. West Virginia would be 4,784 jobs in our erything is working well or you could Right now, our colleagues on the Fi- State. For some people, that might not really grab this and say that this is nance Committee are working to ad- sound like very much, but in our State, good—this is good policy; this is good vance this bill as early as tomorrow. that is significant. It is almost 5,000 politics; it will make our country We are very hopeful that we will be more jobs. I will take them. We will stronger and our families stronger. able to consider this bill on the floor of take them, and we will provide good This will help our small businesses the Senate the week we get back from workers for them, too. And $1,900 more thrive, create more jobs, and raise Thanksgiving, as our colleagues in the from your taxes is a major infusion of wages. Above all else, this will benefit House are passing their bill this week. cash into a family, to make the deci- our families. I think that it allows for Do you know what? It has been dis- sions they want, which they make more growth and more opportunity. appointing to me and really to every- around their kitchen tables, not the de- The people whom I represent want body, I think, involved in this, as tax cisions that we are making here on the this. They want to have more of their reform has become a partisan issue, an floor. money at the end of the day to be able exercise. We have shared goals. We all Yesterday I heard from members of to make their own decisions. They want to go to the same place in this the West Virginia Chamber of Com- want their good, hard work rewarded. country—a prosperous place where ev- merce. Steve Roberts, who is the presi- They want to see a country that grows erybody can thrive and succeed—but to dent of that group, said that the cur- and is optimistic and is strong and turn your back on what I think is a rent system is full of ‘‘negative con- powerful. Economic strength can give well-thought-out, much studied plan on sequences’’ and reduces a business’s us that. tax relief, I think, is to turn a blind ability to hire new workers, invest in I just heard from a 70-year-old postal eye to every working American, every inventory and equipment, and boost worker from Wheeling, WV. He wrote American business, and every Amer- employee pay. to me: ‘‘The Senate needs to get these ican family, and, personally, I don’t These are the hallmarks. What he is tax cuts and tax reform done.’’ That is think it is fair. saying here is that the ‘‘negative con- the simple way that most people com- Our goals are shared by many Ameri- sequences’’ are the hallmarks of what municate in this country. I understand cans, regardless of their party, because we are fixing and what we are reform- that. I hope our friends on the other we want to grow small businesses. I am ing in this bill. He noted: side of the aisle understand that.

VerDate Sep 11 2014 02:57 Nov 16, 2017 Jkt 079060 PO 00000 Frm 00014 Fmt 0624 Sfmt 0634 E:\CR\FM\G15NO6.028 S15NOPT1 lotter on DSKBCFDHB2PROD with SENATE November 15, 2017 CONGRESSIONAL RECORD — SENATE S7239 It would be great to have us join to- ceptionally helpful for them to have a cent or to another spot where it is 35 gether as a Senate, as a country, to do larger tax credit. percent, guess where you will found the something we know is going to have Then we take out the individual business. It will be where it is lower. the right consequences and the right mandate in ObamaCare. We are the higher rate right now. If results of growing this country and We have already had folks who have we don’t fix that, businesses are going providing the relief that people want asked: What does ObamaCare have to to continue to move overseas. We can with a well-studied process, with well- do with tax policy? make fun of them in the news. We can researched data, and with the power of Let me tell you, very simply, that yell at them and tell them that they the American people behind us. the individual mandate is a tax. That are un-American, but they are going to Thank you. is what the Supreme Court labeled it continue to move where they pay less, I now yield to my colleague from Col- as, and that is what individuals under- exactly as every American does with orado and thank him again for leading stand it to be. If you don’t buy the type his online shopping. That is fixable. this. of insurance of which Washington, DC, In the middle of all of this, we have Mr. GARDNER. Mr. President, I approves—and you may sign up for dif- to deal with the debt and deficit. We thank the Senator from West Virginia. ferent insurance—you will get an addi- cannot ignore that reality. The things I ask unanimous consent that at 2:50 tional tax penalty on your taxes. that I am still going through in the p.m., Senator ROUNDS be recognized as Who pays for that? proposal that we are working through the leader of the colloquy. In Oklahoma, 81 percent of the people right now are the things that are unre- The PRESIDING OFFICER. Without who pay the individual mandate tax alistic in the proposal because, at the objection, it is so ordered. penalty make $50,000 or less a year. It end of the day, we have to get the econ- The Senator from Oklahoma. is a tax aimed directly at the middle omy growing again, but we have to Mr. LANKFORD. Mr. President, our class. deal with half a trillion dollars in over- economy has been stuck between 1.4- I think that this is unfair. We want spending from this government right and 1.9-percent growth over the last 10 to remove that tax penalty from the now. We can do both. We have to be years. Compare that to the 10-year cy- middle class and say that they do not able to do both. cles before that, over and over again, have that penalty and that they are al- I am encouraging this body to take all the way back to the Great Depres- lowed to buy insurance they can actu- seriously a proposal to be able to deal sion. Every group in a 10-year block ally afford. with how we get our economy going was at 3 percent or more growth. Lit- What does this mean for jobs? again. Let’s figure out how to get it erally, we have had half the growth in If small businesses have a better Tax done, and then let’s actually solve this our economy over the last 10 years Code and their passthroughs, then they for the American people. than we have had in any 10-year time are able to hire additional people. That I yield to the Senator from South Da- period, going all the way back to the means more jobs. kota. Great Depression. We have to be able Based on where our economy is right Mr. ROUNDS. Mr. President, I thank to deal with that. now, the unemployment rate has con- our colleague from Oklahoma for his I hear people over and over again say tinued to drop over the last several remarks. that regulations are choking our busi- years. At the spot it is right now, that Once again, he has talked about some nesses and are driving up the cost of means that there is more competition; commonsense solutions to our tax products for consumers. Yet our Tax there is more hiring; and more people challenges in the United States today. Code is full of loopholes, and it is full have to compete for those jobs. That At this time, I recognize Senator of confusion. It is complicated. When I means that employers have to pay a CASSIDY, of Louisiana, for his thoughts go through to fill out my individual little bit more money to get the people concerning what we have to do to fix taxes, it seems as though there are de- to be able to do it. That raises wages our tax challenges within our country. ductions for everybody else but for me, for people all around the country and The PRESIDING OFFICER. The Sen- and people want to get that fixed. means additional people who are not ator from Louisiana. Quite frankly, no one likes paying working will actually get back to Mr. CASSIDY. Mr. President, the last taxes, and everyone wants to make work. With more people working and 8 years were really hard for a lot of sure that whatever taxes they pay are actually paying taxes, it pays for itself. families. They have seen their wages spent efficiently and are the lowest Getting a growing economy going is stagnate and their benefits not go up. possible. I cannot tell them that right essential to us. The way you do that is Indeed, what they have been paying for now because the spending is not on you take care of the Tax Code for small health insurance and flood insurance track and is not efficient. I also cannot businesses, and you take care of the and many other things has risen even tell them that they are as low as pos- Tax Code for corporate businesses. though their wages have not. So the sible. We need to fix that. I have had folks who have asked me: goal of this bill is to decrease taxes on The tax reform that we are dis- If you drop the corporate rate from 35 those middle-income, working families cussing in the Senate right now deals percent to 20 percent, what does that in order to give them the opportunity with some very basic things. It begins really do? to have better wages, better benefits, with more take-home pay for individ- Again, it allows those big companies, and to bring relief to situations that uals. You can either be paid more by an as well as the small companies, to hire are peculiar. Are they peculiar to Lou- employer or you can be taxed less by more people, to engage in more invest- isiana? No, they are not peculiar to the government. Either one of those in- ment, to build more factories, and to Louisiana, and I will elaborate on that creases the take-home pay. This solves buy more machinery. That is what it in just a second. the ‘‘tax less’’ by the government so allows them to be able to do to grow What could middle-class families in that individuals can have more take- their businesses. Yet, on the inter- Louisiana do with better wages? They home pay—around $100 a month. That national stage right now, our Tax Code could pay off debt. They could provide is serious money for most Oklahomans is 35 percent. Compare that to those in more for their children. They could to have going back to their families. other countries that are somewhere just live life a little bit more robustly The way that happens is by starting around 22, 23, 24 percent. Some of them and not have to, perhaps, move out of with the standard deduction that dou- are less than that. one home and into another because bles, which is $24,000. To say it flat, if Let me make this simple. If you are they can no longer afford the mortgage you make between zero and $24,000 as a going online to buy a shirt and if you on the first. The goal of this is, first, to family, you wouldn’t have any tax at can see that shirt for $20 on one bring tax relief to working families and all on that first $24,000. That is a great website or $35 on another website, middle-class families. It is all part of help. Your tax does not even begin at where do you buy the shirt? It will an effort to cut taxes particularly for all until after $24,000. You would be in probably be from the one that is selling them. that zero percent bracket. it for $20. If you are starting a business Now let’s talk about raising their We double the Child Tax Credit. For or founding a business, and you can go wages. Folks want to have more money families who are raising kids, it is ex- to one spot where the tax rate is 20 per- in their take-home pay after taxes, but

VerDate Sep 11 2014 02:57 Nov 16, 2017 Jkt 079060 PO 00000 Frm 00015 Fmt 0624 Sfmt 0634 E:\CR\FM\G15NO6.030 S15NOPT1 lotter on DSKBCFDHB2PROD with SENATE S7240 CONGRESSIONAL RECORD — SENATE November 15, 2017 they also want to have higher wages This bill will cut taxes for those fam- The pages are looking at this chart, and better benefits. This bill definitely ilies. It will increase their wages and and they don’t even know what that creates that. bring relief not only from economic means. They don’t know what that Our current Tax Code encourages stagnation but also from a natural dis- means because of what has happened companies to move overseas. When aster that was one of the most expen- over the last 12 years. Boom. Look at they earn money overseas, they keep it sive storms in our Nation’s history. this. Everything is under 3 percent for there and build plants and factories in I am very pleased that this bill is ad- the entire Obama administration other countries. They employ folks in vancing, and I look forward to it being years. It never hit 3 percent GDP other countries but do not bring that passed. I look forward, most of all, to growth—not once. money home, employ Americans, or the increased wages, lower taxes, and We want to talk about what makes raise wages or give better benefits to the relief that it will bring to those America great. If we want to see what those Americans. This changes that. families in Louisiana. makes America great, look at these Not only do we have tax cuts for the I now yield the floor to the Senator years of growth. It doesn’t matter middle class, for working families, but from South Dakota. whether it was Democratic or Repub- we also encourage businesses to invest Mr. ROUNDS. Mr. President, I thank lican—3, 4, 5, 8 percent during the here, to create better paying jobs here. Senator CASSIDY for his words. Johnson administration. Now look—3 I have heard some say: Well, wait a Senator CASSIDY is also a Member of percent. second. Unemployment is low now. what we call our bear den, the class of What is surprising to me is that no- Why does it matter? 2014. He came here with the idea of get- body talks about this issue. Nobody Now is the time when workers most ting things done. talks about this issue of a lost decade Another Member of the class of 2014 benefit if there is investment that cre- of growth. Certainly, unfortunately, who is with us today is the Senator ates more opportunity for those here in my colleagues—I have been here 3 from Alaska, Mr. SULLIVAN. Senator the United States. If there is a worker years. I don’t think I have heard my SULLIVAN comes with a fine and distin- who is a welder and if he can either colleagues once come down to the Sen- work here or there, businesses are guished career in his having worked in ate floor and say: Holy cow, we have to going to bid for his services. They are the U.S. military, but he also has a fix this lost decade of growth, this sick going to pay more to get him to work. strong interest in seeing economic de- economy. The proxy for the American As they do that, just from supply and velopment in the United States con- dream is going away, and nobody talks demand, wages will go up for the aver- tinue. He recognizes the need for tax about it. relief. age American worker, for the average Former Senator and Secretary of At this time, I turn to Senator SUL- American family. Benefits will rise for State Hillary Clinton recently wrote a those families, and the children of LIVAN. book titled ‘‘What Happened.’’ Well, I those families will have more oppor- Mr. SULLIVAN. Mr. President, I think what happened is that there has tunity. This is what that is about. thank Senator ROUNDS, and I appre- There is another way in which we ciate all my colleagues coming down to been no growth for over 10 years, and bring relief to those middle-income the floor. A lot of my colleagues are nobody was talking about it. I think a families. Part of what we are doing from the class of 2014. lot of people in this country said: I am here is repealing the mandate of the Mr. President, there has been a not going to throw away the American Affordable Care Act. Americans hate theme in this colloquy. We have been dream. I believe in the American dream. The the government’s telling them what to talking about economic growth and American dream means we have to do. Yet, as part of the ObamaCare man- about this challenge of what I have date, it tells someone: Even if you can- been referring to as a lost decade of start growing at traditional levels of not afford that insurance, even if you economic growth. When talking about U.S. economic growth, at least above don’t buy it, we are going to make you tax reform, we have to go back through this depicted red line of 3 percent. I am pay a fine. the history and see what is meant by a optimistic because right now, for the In 2015, more than 100,000 folks in lost decade. first time in a long time, this body is Louisiana paid a fine for not having I have been coming down to the floor very focused on this issue with policies health insurance, and 37 percent—al- for a couple of years now with this that will hopefully get us there, includ- most 40 percent—of those folks had an chart. This chart says a lot. This chart ing tax reform, regulatory reform, tak- adjusted gross income of less than looks at the history of the United ing advantage of our huge energy op- $25,000; 78 percent had less than $50,000. States and where we have been with re- portunities, and many other measures. Think about this. The families who re- gard to economic growth. It is bipar- That is why this discussion and this de- port incomes of $50,000 or less cannot tisan—Democratic and Republican ad- bate we are having now with regard to afford insurance, and they are having ministrations—showing decade after tax reform is so critical—tax relief for to pay a fine because they have not. decade, starting with Presidents Eisen- middle-class families, tax relief for They are not millionaires or billion- hower, Kennedy, Johnson, Nixon, and small businesses. And this bill, as we aires. These are families who are try- what this chart states is that right have heard, has many provisions that ing to make ends meet, who make a de- now, something is wrong. we think are going to help jump-start cision because the exchange policies When we talk about GDP growth, this economy and get us back to at are too expensive for them to buy, and GDP growth is a proxy for the health of least 3 percent growth, at least this now they are getting fined. This is part the economy. Unfortunately, we have number where the red line is that we of the relief we are bringing to those had a sick economy. GDP growth is a haven’t seen in well over a decade. working families by getting rid of that proxy for the American dream, and un- The kinds of policies that we are pur- mandate. fortunately I think that a lot of people suing now, that the White House is fo- Lastly, there is another form of re- over the last 10 years started to worry cused on—tax reform, energy, permit- lief. Louisiana had its great flood of about whether it was something that ting reform—I would think and hope 2016, which was similar to Maria, Irma, can be obtained. that every Member of this body views and Harvey, but this was an unnamed Let’s look at the chart. Every admin- this as probably the most important storm that affected tens of thousands istration, Democratic or Republican, thing we can do—growing the U.S. of people. Through this bill, we bring shows strong levels of growth. My col- economy with policies that have wide- disaster relief to the folks in Lou- leagues were talking about at least 3 spread support across the country. isiana. They will be able to deduct percent or higher since the Great De- They certainly have support in my their losses from their incomes, which pression. Some of these years, during State of Alaska. will allow them to rebuild their homes Kennedy and Johnson, right here, the I am also optimistic because the and allow them to rebuild their busi- red line is at 3 percent, which is not Trump administration is off to a good nesses. As they rebuild those busi- great, but it is pretty good. Looking at start. This chart goes to the end of the nesses, it will allow them to employ Reagan and Carter, there were years in Obama administration, and we can see those who need jobs so that they may which we were growing at 4, 5, 6, and 7 that we never came even close to 3 per- rebuild their homes and their lives. percent. cent. But the last two quarters of 2017,

VerDate Sep 11 2014 02:57 Nov 16, 2017 Jkt 079060 PO 00000 Frm 00016 Fmt 0624 Sfmt 0634 E:\CR\FM\G15NO6.032 S15NOPT1 lotter on DSKBCFDHB2PROD with SENATE November 15, 2017 CONGRESSIONAL RECORD — SENATE S7241 we actually hit 3 percent—3.1 percent primarily benefit the wealthy, Con- paying better wages. We think that and 3 percent. We are off to a decent gress has an opportunity to lower tax over the last 10 years, the American start. rates for middle and lower income wage public hasn’t seen those higher wages But this body must do much more, earners. Likewise, by creating a more because the competition for jobs has and I am hopeful that my colleagues on competitive tax system for businesses, moved offshore into other parts of the the other side of the aisle will come we can foster greater growth and in- world where there is a more competi- down and talk about how important vestment in the United States and tive tax climate. this is because every American agrees boost wages for more Iowans. There is something else we have to with this. Growing the economy again Tax reform also provides Congress point out. We recognize at the Federal and tax reform are going to be critical with an opportunity to lead by example level that we have a deficit and that we components of getting us there. and offer up its own unnecessary tax have not been able to break that def- I say to Senator ROUNDS, I appreciate break. That is why I introduced the icit. the opportunity to say a few words on Stop Questionable, Unnecessary, and Today we have a deficit that is in ex- this important topic. We will be down Excessive Allowances for Legislators cess of $500 billion. Out of the $4.1 tril- here again, but growth, growth, growth Act, also known as the SQUEAL Act. lion in total payments that are out has to be what we are focused on. This legislation would eliminate a pro- there, that we spend on an annual Mr. ROUNDS. Mr. President, I would vision of the Tax Code that allows basis, our omnibus bill, as we call it— like to take this opportunity to thank Members of Congress to deduct up to that is for the defense and nondefense Senator SULLIVAN from Alaska. Once $3,000 annually in living expenses that discretionary side of the formula—we again, he comes in from the class of they incur while in Washington, DC. As vote on $1.1 trillion of the $4 trillion. 2014. we seek to achieve the ultimate goal of There is about $3 trillion that is auto- We have a specific request to basi- lowering rates for families and small matic, that is on auto pilot—Medicare, cally talk about what we see as being businesses, Congress should start by Medicaid, Social Security, interest on the appropriate way in which we create eliminating handouts to our politi- the debt. a healthy economy. cians. If we want to close that gap, then we I see that our colleague from Iowa It is long overdue for our country to have to see an economy which is grow- has arrived, and if our colleague from pursue a simpler tax code that provides ing, an economy which can support the Iowa, Senator ERNST, would care to much needed relief for hard-working programs that we believe are nec- speak, we would love to have her do Iowans and that puts our economy essary, the safety nets that we in that as well. back on track. I look forward to work- America have decided are very appro- Part of what Senator SULLIVAN has ing with my colleagues on a path for- priate for those who have no place else shared with us today is the move to get ward that reduces the burden of a com- to go. If we want to close the deficit, back to a growth of 3 percent, and in plicated tax system—the burden that is we need to have more revenues coming doing so, not only does that begin to placed upon our families, our hard- in. The only way we can pick up more move back into what most Americans working individuals, and our small revenues is by having an economy that would consider to be a healthy econ- businesses. is strong enough to support that. omy in which they can actually see With that, I will turn the floor back By actually reducing taxes, we bring their own families doing better, but we over to the distinguished Member from in more businesses, and those busi- will also see better movement in terms South Dakota, and I thank him for ac- nesses will make more profits. We are of shortfalls in revenues coming into commodating the Members of our able to lower the rate of tax on profits, the Federal Government. class. We are hopeful that we will be and that is returned to the American With that, let me welcome to the able to move forward with smart, effec- people in a number of ways—a lower floor Senator ERNST of Iowa, who also tive tax reform. tax burden through lower personal in- is a Member of the class of 2014. Mr. ROUNDS. Mr. President, I would come taxes and through subchapter C Senator ERNST. like to take this opportunity to express and S corporations, through lower The PRESIDING OFFICER. The Sen- my appreciation to the Senator from business taxes. ator from Iowa. Iowa for her remarks. Once again, we Finally and just as importantly, in Mrs. ERNST. Mr. President, thank call this midwestern common sense. terms of how we support the operations you very much. Let me finish this colloquy today of government, we support that be- Mr. President, I appreciate the point with a few thoughts. cause with a growing economy, the rev- made by the Senator from South Da- First of all, we want tax reform, but enue coming from that growing econ- kota, and I am glad to join in this con- what we want first is a healthier econ- omy can be utilized to eliminate the versation this afternoon. omy. That is what the people of the debt, which is a threat to our national About a decade ago, the worst eco- United States want. They want the defense. nomic recession since the Great De- ability to compete. Over the last 10 Mr. President, at this time, I thank pression devastated our middle class years, there have been 4,700 businesses my colleagues who have patiently households and families across the that have left our shores and moved worked their way through this process. country. In its aftermath, our economy overseas. The reason is that they can I also thank the Senator from Colorado consistently underachieved. survive better by leaving our country for beginning this colloquy. Last year, the United States saw less and going someplace else because of I yield the floor. than a 2-percent increase in the the tax consequences of doing so. The PRESIDING OFFICER (Mr. amount of goods and services we When we talk about the direction in TOOMEY). The Senator from Rhode Is- produce. The reason is our stagnant which we want to go in this country, land. economy, which suffers from an out- we want the people of America to un- Mr. WHITEHOUSE. Mr. President, I dated tax system that stifles economic derstand that our goal with this entire was very pleased to be here for the re- growth through high tax rates and an package is to make things better for marks of my colleagues and friends, unreasonable compliance burden. the American public. That means a and I would just respond by saying that Small businesses, which I am partial to healthier economy for them. It also we are all for growth. We are all for because they make up about 97 percent means, by doing so, that they will see growth of the American economy. I of employers in Iowa, are taxed as the bottom line in their own pockets— think, on this side, we are just a little much as 44.6 percent on their profits. more money that they can spend that bit less sure that you grow the econ- Every year, these job creators spend otherwise would go to the Federal Gov- omy by growing the share of the econ- over $18 billion just to comply with ernment. omy that goes to the superrich and to Federal tax laws and regulations. At the same time, businesses that big corporations or that you grow the Middle-class families and individuals may have left and taken their jobs and economy by growing benefits to cor- around this country need some relief. the opportunities to invest their dol- porations that move jobs from America By streamlining our cumbersome tax lars—we want them back in the United overseas, and I am pretty confident system and eliminating loopholes that States again, hiring more people and that on our side we don’t believe the

VerDate Sep 11 2014 02:57 Nov 16, 2017 Jkt 079060 PO 00000 Frm 00017 Fmt 0624 Sfmt 0634 E:\CR\FM\G15NO6.033 S15NOPT1 lotter on DSKBCFDHB2PROD with SENATE S7242 CONGRESSIONAL RECORD — SENATE November 15, 2017 solution to the deficit is a tax bill that over the last century, there is no con- especially emissions of greenhouse raises the deficit. vincing alternative explanation sup- gases, are primarily responsible for the CLIMATE CHANGE ported by the extent of the observa- observed climate changes in the Indus- Mr. President, I am here to talk tional evidence,’’ but this administra- trial era, especially over the last six about the U.N. Climate Change Con- tion’s industry hacks are not paying decades.’’ ference that we just got back from in attention, and instead of helping, they You could flip to the next page where Germany, where the United States are out busily doing things like delet- it says: ‘‘[T]here are no suggested fac- stood alone as the only Nation in the ing the words ‘‘climate change’’ from tors, even speculative ones that can ex- world—Syria and Nicaragua having left Agency websites. The Washington Post plain the timing or magnitude’’ of us—not a party to the historic Paris reported in September that EPA public what is happening in the climate or Agreement. Led by Senator CARDIN, my affairs officer John Kronkus ‘‘told staff ‘‘that would somehow cancel out the colleagues Senators MARKEY, SCHATZ, that he is on the lookout for ‘the dou- role of human factors.’’ Just last week, Kathleen Hartnett MERKLEY, and I went to Bonn to tell ble C-word’—climate change—and re- White rolled into the Environment and the nations gathered there that the peatedly has instructed grant officers Public Works Committee out of the Trump administration does not rep- to eliminate references to the subject President’s climate denial clown car. resent American views on this issue, in solicitations.’’ White is a prolific climate denier from nor American determination to tackle Maybe they think if they crawl under the fossil fuel-funded Texas Public Pol- the climate challenge. It was not just the bed and scrub out the words ‘‘cli- icy Foundation. She wrote that carbon us who went there to say we are still mate change,’’ the scientific phe- pollution in the atmosphere is ‘‘un- in. American Governors, mayors, uni- nomenon will disappear, but in science questionably a huge social benefit.’’ versities, and major corporations all it actually doesn’t work that way. Over at the Department of Energy is Unquestionably a huge social benefit? brought the same message that not- OK. She also compared climate science withstanding the Trump administra- Secretary Rick Perry, who called cli- mate change a ‘‘contrived, phony to a ‘‘cult,’’ which kind of lines her up tion’s efforts to separate us from the a little bit with that Heartland Insti- Paris goal, we are still in. mess’’ in his 2010 book. He backtracked his position in his January confirma- tute that has compared climate sci- The urgency of the experts at our Na- entists to the Unabomber, just to give tion’s universities and Federal agencies tion hearings but still said he ‘‘believe[s] some of it is naturally oc- you an idea of the intellectual rigor of is reflected in a major multi-agency the climate denial arguments. Now she climate report that was released last curring, but some of it is also man- made activity.’’ Well, the Energy Sec- is up for consideration as chair of the week and makes an astounding con- White House Council on Environmental trast to the position taken by the retary might want to read the report. Manmade activity is not some of it; it Quality. Trump administration. The ‘‘Climate In responding to our questions, Ms. Science Special Report’’ will serve as is the dominant cause. Then there is EPA Administrator White was, let’s just say, a little at a the scientific backbone for the ‘‘Fourth loss. She responded, for instance, that Scott Pruitt, who said about human National Climate Assessment’’ due she has ‘‘a very superficial under- activity causing climate change: next year. The authors list is a who’s standing’’ of ocean issues. She said on ‘‘There’s tremendous disagreement who of top university scientists and ocean acidification that there ‘‘are dif- about the degree of impact, so no, I Agency experts from NOAA, the EPA, ferent perspectives’’ and that acidity would not agree that it’s a primary NASA, our National Labs, the National ‘‘changes up and down are not inher- contributor to the global warming that Science Foundation, and the Depart- ently a problem.’’ Well, Kathleen Hart- we see.’’ The EPA Administrator needs ments of Agriculture, Defense, Energy, nett White needs to read this report to read the report too. He is wrong and Commerce, Interior, and State—in all, too. 13 Federal Agencies and Departments. wrong. ‘‘Dominant’’ is what the report According to the Climate Science This report was also peer-reviewed by says with ‘‘no convincing alternative.’’ Special Report, ‘‘The world’s oceans our American National Academy of If Perry or Pruitt bothered to look at are currently absorbing more than a the report their staffs helped write, Sciences. The New York Times prop- quarter of the CO2 emitted to the at- erly described it as ‘‘the United States’ they would see this graph: ‘‘Human Ac- mosphere annually from human activi- most definitive statement on climate tivities Are the Primary Driver of Re- ties, making them more acidic . . . change science.’’ cent Global Temperature Rise.’’ This is with potential detrimental impacts to The report wastes no time getting to the human activity column, this is marine ecosystems.’’ the heart of what is causing climate solar effects, and this is volcanic ef- How much more acidic are the oceans fects. change. It states: being made by the absorption of CO2? Every once in a while somebody says: This assessment concludes, based on exten- The report goes on to say that ‘‘the sive evidence, that it is extremely likely Oh, it is the volcanoes that are doing rate of acidification is unparalleled in that human activities, especially emissions it; it is not us. It turns out volcanoes at least the 66 million years.’’ from greenhouse gases, are the dominant are actually having a slight cooling ef- Sixty-six million years is way before cause of the observed warming since the mid- fect. humankind even existed. That is the 20th century. People say: No, it is solar radiation; kind of dice we are rolling with ocean It goes on to say: it is not us. You can barely see the acidification. The magnitude of climate change beyond amount of solar radiation warming. I pressed Ms. White on how much of the next few decades will depend primarily All of this is human-caused climate the heat greenhouse gas emissions add on the amount of greenhouse gases (espe- change. It is more than dominant. You to the atmosphere is absorbed by the cially carbon dioxide) emitted globally. can barely see other factors up against oceans. She couldn’t even tell me if it Further it says: it. was more or less than half of it. Yet There is broad consensus that the further As for Pruitt’s claim that humans she insisted she knew there ‘‘are dif- and faster the Earth system is pushed to- are not ‘‘a primary contributor to the ferences of opinion on that, that wards warming, the greater the risk of unan- global warming that we see,’’ well, you there’s not one right answer.’’ So, in a ticipated changes and impacts, some of can turn to the report’s page 31: nutshell, she doesn’t know what the which are potentially large and irreversible. ‘‘Human activities are now the domi- science is, but she sure knows that it is In a 2016 interview, President Trump nant cause of the observed trends in wrong. said there is ‘‘some connectivity’’ be- climate.’’ Flip forward to page 36, and Well, there actually is one right an- tween human activity and climate it states: ‘‘Many lines of evidence dem- swer, and wouldn’t you know it, it is in change, but, he said, ‘‘you can make onstrate human activities, especially the Climate Science Special Report, lots of cases for different views.’’ Well, emissions of greenhouse gases, are pri- which says: ‘‘Not only has ocean heat the President ought to read his admin- marily responsible.’’ content increased dramatically, but istration’s own report. There is more So, Administrator Pruitt, humans more than 90 percent of the energy than just ‘‘some connectivity.’’ To are not a primary contributor. The ac- gained in the combined ocean-atmos- quote the report, ‘‘For the warming tual science shows ‘‘human activities, phere system over recent decades has

VerDate Sep 11 2014 04:18 Nov 16, 2017 Jkt 079060 PO 00000 Frm 00018 Fmt 0624 Sfmt 0634 E:\CR\FM\G15NO6.035 S15NOPT1 lotter on DSKBCFDHB2PROD with SENATE November 15, 2017 CONGRESSIONAL RECORD — SENATE S7243 gone into the ocean.’’ In fact, to be about getting ahead of this problem— keep more, workers are better off every more precise, it is 93 percent. By the about achieving the goals of the U.N. time. way, that is heating the oceans at a framework. And the American people Republicans also want to bring down rate greater than setting off a Hiro- will carry forward American leadership the rates that Washington charges shima-style nuclear bomb in the oceans in combating climate change, no mat- other businesses. A lot of people work and having all of the heat of the nu- ter how evil the continuing influence of for small businesses, but a lot of people clear explosion absorbed by the oceans, the fossil fuel industry is in Congress. also work for large businesses as well. more than one explosion per second. So I yield the floor. If we are able to cut taxes for those it is quite a heat transfer. I suggest the absence of a quorum. businesses, then those workers can get I asked Ms. White about a basic sci- The PRESIDING OFFICER. The the same raise. How much more money entific principle: Do you think if the clerk will call the roll. are we talking about? Well, according ocean warms it expands? Does the law The assistant bill clerk proceeded to to the Tax Foundation, it amounts to of thermal expansion apply to sea- call the roll. about $2,600 for a typical middle-in- water? Mr. BARRASSO. Mr. President, I ask come family. That is what you get After a long pause, she replied, unanimous consent that the order for when you combine the tax cut and the ‘‘Again, I do not have any kind of ex- the quorum call be rescinded. pay raise that people will see across pertise or even such layman’s study of The PRESIDING OFFICER. Without the country. For that family, an extra the ocean dynamics and the climate objection, it is so ordered. $2,600 is going to be a very big deal. A change issues.’’ For somebody who The Senator from Wyoming. majority of Americans say that they wants to lead the White House Council TAX REFORM don’t have enough savings today to on Environmental Quality and help Mr. BARRASSO. Mr. President, the cover a $500 emergency expense if one guide the science in this area, it is a Senate Finance Committee is working came up. pretty rudimentary scientific principle this week on the Tax Cuts and Jobs Millions of American families will be that water expands as it warms. If you Act. It is a very important piece of leg- far better off because of the tax relief can’t grasp that, good luck grasping islation that the country is looking that Republicans are working on this the risks that sea level rise poses to forward to having passed. week. It will boost the economy, help coastal communities like ours in This is a Republican plan to give tax individual workers, and help their fam- Rhode Island. relief to the American people. Just as ilies. This is about tax cuts, and it is The ‘‘Climate Science Special Re- the name of the legislation says, it ac- about jobs. That is how you keep the port’’ states that ‘‘it is virtually cer- tually addresses both issues: tax cuts economy growing. That is how we keep tain that sea level rise this century and jobs. American families thriving. and beyond will pose a growing chal- First of all, the legislation will cut PROTECTING VETERAN MEMORIALS lenge to coastal communities, infra- the taxes for American workers. One of Mr. President, I also want to speak structure, and ecosystems.’’ Rhode Is- the biggest cuts in the plan is that it about an issue that is very important land has coastal communities, infra- roughly doubles the standard deduction to our veterans in Wyoming and across structure, and ecosystems so this chal- that people take. Right now, the stand- the country. The 2018 National Defense lenge is very real for my home State. ard deduction for a married couple is Authorization Act conference report Climate change, sea level rise, and about $12,000. If we double it, people includes a provision that allows Amer- ocean acidification are challenges that will not pay any Federal income taxes ica’s veteran memorials to be used as a require smart leadership and initiative. at all on the first $24,000 they earn. political bargaining chip. I think it is a We need to take action to bolster our That is a big tax cut. It is aimed very bad idea. infrastructure, fortify our coasts, and squarely at lower income and middle- There is a specific provision in this help communities prepare for those income families in this country. report that allows the Secretary of De- challenges on the horizon. Instead, in A lot of people will decide to take fense to dismantle a veteran memorial this administration, we get the likes of this deduction instead of going through and move it to a foreign nation. Perry, Pruitt, and White. the painstaking process of itemizing We have one of these memorials at I wish ignorance were what is driving deductions on their income tax re- the F.E. Warren Air Force Base in these administration officials. Igno- turns. It saves people a lot of time. It Cheyenne, WY. This memorial honors rance can be rectified with education, also saves them the cost of account- American soldiers who were massacred with information. We could assign ants and lawyers who help them figure more than 100 years ago in a town them to read the ‘‘Climate Science out the complicated taxes that they called Balangiga in the Philippines. On Special Report,’’ for instance. They end up paying in this country each September 28, 1901, a group of 400 Fili- might find it illuminating and realize year. pino insurgents, armed with machetes, that what they have been saying is fac- Republicans are also working to pre- attacked American soldiers in Com- tually false. Unfortunately, it is a serve other deductions that are impor- pany C of the 9th Infantry. It was a much more nefarious condition than tant to American families. When we sneak attack while the Americans were ignorance that afflicts this administra- put all of these together, we are going mostly unarmed and having breakfast. tion on climate change, and it is a con- to cut taxes for people and put money The insurgents signaled the attack dition that cannot be cured with facts. back in their pockets instead of send- by ringing the bells of the local church. This is about fossil fuel money. The ing it to Washington. Company C had 75 soldiers, and 48 of malady of fossil fuel money in politics The second thing to know about this them were killed in this attack or died is what prevents the stark warnings in tax relief legislation is that it is going of their wounds or went missing in ac- the ‘‘Climate Science Special Report’’ to be a big boost for jobs in America. In tion. It was the worst defeat for the from being a call to action in Congress. fact, it will help America create more American Army since the Battle of the In Bonn at the COP23 gathering, we than 900,000 new jobs. Little Bighorn in 1876. These bells were saw that the rest of the world is not It is also going to lead to higher pay. used in an act of war against American turning a blind eye to climate change. That is because the legislation will cut soldiers. The rest of the world is confronting it the taxes that small businesses have to The Army legally brought the bells head-on, along with many American pay. Small businesses create most of back to America to honor the troops of States, many American cities, major the jobs in America. If we let them Company C who were lost in this mas- American corporations, and virtually keep more of their money, they can sacre. The 11th Infantry Regiment every major American university. hire people and grow their businesses. brought them to Cheyenne, WY, and Those are all very hopeful signs. That is what happens in this country. today the bells of Balangiga are part of While our President and his adminis- That is how our economy works; people the memorial at F.E. Warren Air Force tration have bound themselves to the hiring people matter to grow the econ- Base. fossil fuel polluters, the American peo- omy. They can also give workers a Over the years, the Department of ple have not. Rhode Islanders and raise and offer better benefits. When Defense and the State Department Americans everywhere care deeply Washington takes less and businesses have tried a few times to move these

VerDate Sep 11 2014 02:57 Nov 16, 2017 Jkt 079060 PO 00000 Frm 00019 Fmt 0624 Sfmt 0634 E:\CR\FM\G15NO6.036 S15NOPT1 lotter on DSKBCFDHB2PROD with SENATE S7244 CONGRESSIONAL RECORD — SENATE November 15, 2017 bells to the Philippines. In 2012, Presi- tember 1901. On that morning seventy-five Filipino government or other groups to peti- dent Obama’s Department of Defense soldiers were present with the unit (seventy- tion the United States Government for the even tried to cover up the fact that it three members of Company C plus two men return of the church bells taken by Amer- attached to the unit). Of these, forty-eight ican military forces from the belfry of the was secretly making plans to move the were killed, died of wounds, or were listed as church in Balangiga, Samar, Philippines; and bells. I have opposed these efforts every missing and presumed dead (some bodies Whereas, Any return of a Federal or mili- step of the way. were burned beyond recognition). tary monument by the United States of The majority of veterans in Wyoming Key: KIA = killed in action; DoW = died of America would set a negative and dangerous oppose dismantling this veteran memo- wounds; MIA = missing and presumed dead. precedent on any and all Federal or military rial. The Wyoming Veterans of Foreign Officers: Major R.S. Griswold, Surgeon, monuments; and Wars and the American Legion have KIA; Captain Thomas W. Connell, com- Whereas, Military monuments honor those mander, Company C, KIA; First Lieutenant servicemen and servicewomen whose sac- both passed resolutions against moving Edward A. Bumpus, KIA. rifice for the United States of America has the bells. The American Legion has Non-Commissioned Officers: Quarter- preserved the nation and recognizes those also taken a stand on the national master Sergeant James M. Randles, KIA; who have sacrificed their lives in service to level. It has opposed the removal and Sergeant John F. Martin, KIA; Sergeant their country; and encouraged Congress to pass legislation Henry J. Scharer, KIA; Corporal Frank Whereas, Returning any military monu- to protect veteran memorials. McCormick, KIA; Corporal Leonard P. ment should never be considered as contrib- During the confirmation hearing for Schley, KIA; Corporal Proal Peters, KIA; uting to the enhancement or reaffirmation of Corporal Thomas E. Baird, DoW. any friendly relationship with foreign coun- Secretary of State Rex Tillerson, I Privates: Gustav F. Schnitzler (cook), KIA; tries; now, therefore, be it asked him specifically about the bells John L. Covington (musician), MIA; Joseph Resolved, by The American Legion, Depart- of Balangiga. He made a commitment R. Marr (artificer), KIA; Harry Wright (hos- ment of Wyoming Executive Committee to me that he would include Congress pital corpsman), MIA; Cornelius F. Donahue, through mail in vote on 14 March 2012, that and our veteran organizations in any DoW; Jerry J. Driscoll, MIA; Eli Fitzgerald, The American Legion, Department of Wyo- conversations regarding war memo- KIA; John D. Armini, KIA; Litto Armini, ming urge the Congress of the United States rials. KIA; John W. Aydelette, KIA; George Bony, to establish such laws to preserve and pro- KIA; Robert L. Booth, KIA; John D. Buhrer, tect all Federal and military monuments I recently received a letter from the KIA; James L. Cain, KIA; Charles E. Davis, within the United States from any foreign State Department, and they said that KIA; Byron Dent, KIA; Guy C. Dennis, KIA; government or religious order who attempts they are unaware of any plans to move Patrick J. Dobbins, MIA; Joseph I. Gordon, to have any Federal and military monument the bells to a foreign country. We need KIA; Joseph O. Kleinhampl, KIA; Richard removed from the United States of America. to make sure that no plans ever de- Long, KIA; James Martin, KIA; James F. And be it velop. McDermott, KIA; John H. Miller, KIA; Dan- Finally Resolved: That this resolution be This conference report will take iel S. Mullins, DoW; August F. Porczeng, forwarded to the National Executive Com- away any lines of communication be- MIA; Charles Powers, KIA; Chris F. Recard, mittee for action in May 2012. DoW; Floyd J Shoemaker, DoW; Evans tween the administration and the Con- South, MIA; Robert Sproull, KIA; Charles E. NINETY-EIGHTH NATIONAL gress on this issue. America needs to Sterling, KIA; Joseph Turner, KIA; Frank CONVENTION OF THE AMERICAN LEGION, make clear that we will never stop Vobayada, KIA; John Wannebo, KIA; Chris- Cincinnati, Ohio, Aug. 30, 31, Sept. 1, 2016. honoring our war dead, no matter tian S. Williams, MIA; Claud C. Wingo, MIA; Resolution No. 56: Protection, Preserva- where or when they sacrificed. To dis- Harry M. Wood, KIA. tion and Retention of Federal and Military mantle this memorial would be an in- SOURCES Monuments in the United States. Origin: Wyoming. sult to the memory of the men who Annual Reports of the War Department for Submitted by: Convention Committee on were massacred that day in the Phil- the Fiscal Year Ended June 30, 1902, Vol. IX National Security (Consolidated with Reso- ippines. (Washington, D.C.: Government Printing Of- lution No. 27 (NE)). Wyoming has a strong tradition of fice, 1902), pp. 628–32. Whereas, At different times through his- Fred R. Brown, History of the Ninth U.S. honoring our veterans, especially those tory there have been attempts by either the Infantry (Chicago, Ill.: R.R. Donnelley & Filipino government or other groups to peti- who gave their lives. The United States Sons, 1909), pp. 621–22. should not be using our veteran memo- tion the United States government for the return of the church bells taken by Amer- rials as bargaining chips to negotiate VETERANS OF FOREIGN WARS OF THE ican military forces from the belfry of the with foreign nations. For these rea- UNITED STATES DEPARTMENT OF church in Balangiga, Samar, Philippines; and sons, I oppose section 2864 of the con- WYOMING HEADQUARTERS, Whereas, Any return of a federal or mili- ference report on the National Defense Casper, WY, June 12, 2012. tary monument by the United States of Hon. JOHN BARRASSO, MD, America would set a negative and dangerous Authorization Act. U.S. Senate, I will continue my work to protect precedent on any and all federal or military Washington, DC. monuments; and our veteran memorials. I will continue DEAR SENATOR BARRASSO: At the Depart- Whereas, Military monuments honor those to use my voice for the soldiers of Com- ment of Wyoming VFW, 79th Annual State servicemen and servicewomen whose sac- pany C who have no voice of their own. Convention, June 9, 2012, the membership rifice for the United States of America has Mr. President, I ask unanimous con- voted on and passed a resolution concerning preserved the nation and recognizes those sent that the following be printed in the Balangiga Bells currently located on who have sacrificed their lives in service to F.E. Warren Air Base, Cheyenne, Wyoming. the RECORD: the names of the 48 sol- their country; and ‘‘Be it Resolved that the Veterans of For- Whereas, Returning any military monu- diers who were massacred in 1901; a let- eign Wars, Department of Wyoming strongly ter from the Wyoming Veterans of For- ment should never be considered as contrib- support keeping the Balangiga Bells here in uting to the enhancement or reaffirmation of eign Wars; a resolution from the Wyo- Wyoming at the F.E. Warren Air Base, Chey- any friendly relationship with foreign coun- ming American Legion in opposition to enne, Wyoming. Also, the membership is tries; now, therefore, be it moving the bells; National American against any compromise that would in any Resolved, By The American Legion in Na- Legion Resolution No. 56; a letter from way change the status or location of these or tional Convention assembled in Cincinnati, any ‘‘War Trophy’’ currently held by the the National American Legion in sup- Ohio, August 30, 31, September 1, 2016, That United States of America’’. The American Legion urge the Congress of port of Barrasso amendment No. 738; a This Resolution will remain in effect un- the United States to establish such laws to less changed by the full membership at a letter from the State Department say- preserve, protect and retain all federal and State Convention. ing that they are currently not plan- military monuments within the United For the Commander, ning to move the bells; and Secretary States from any foreign government or reli- BOB DEBERNARDO, Tillerson’s commitment to include gious order who attempts to have any federal , Adjutant Dept. of Wyoming and military monument removed from the Congress and our veterans in any dis- Member National Legislative Committee. cussion of our veteran memorials. United States of America. There being no objection, the mate- THE AMERICAN LEGION DEPARTMENT OF WYO- THE AMERICAN LEGION, rial was ordered to be printed in the MING HEADQUARTERS, CHEYENNE, WYOMING OFFICE OF THE NATIONAL COMMANDER, RECORD, as follows: RESOLUTION Washington, DC, September 14, 2017. U.S. ARMY CASUALTIES AT BALANGIGA, Subject: Protection, Preservation and Reten- Hon. JOHN BARRASSO, SAMAR, PHILIPPINE ISLANDS, 28 SEPTEMBER tion of Federal and Military Monuments in U.S. Senate, 1901 the United States Washington, DC. Filipino insurgents overran Company C, Whereas, At different times through his- DEAR SENATOR BARRASSO: On behalf of the 9th Infantry, at Balangiga, Samar, on 28 Sep- tory there have been attempts by either the 2 million members of The American Legion,

VerDate Sep 11 2014 04:18 Nov 16, 2017 Jkt 079060 PO 00000 Frm 00020 Fmt 0624 Sfmt 0634 E:\CR\FM\G15NO6.038 S15NOPT1 lotter on DSKBCFDHB2PROD with SENATE November 15, 2017 CONGRESSIONAL RECORD — SENATE S7245 we express support for Amendment Number Please do not hesitate to let us know if we you had no tax liability, you still paid 738 proposed for inclusion in the 2018 Na- can be of further assistance. a fair share for sustaining this great tional Defense Authorization Act (NDAA), as Sincerely, Nation that you call home. They want written. If adopted, this amendment would CHARLES S. FAULKNER, to get rid of that, too, or at least dra- require Congressional authorization to move Bureau of Legislative Affairs. war memorials overseas and prohibit moving matically modify it. They start off with the premise of the Bells of Balangiga from F.E. Warren Air SENATOR JOHN BARRASSO making these tax cuts for the wealthi- Force Base in Cheyenne, WY to the Phil- In 2012, the U.S. Department of State and ippines absent such authorization, The U.S. Department of Defense initiated a proc- est people in America the beginning American Legion was proud to support your ess to remove a war memorial in Wyoming, point of tax reform, these giveaways to amendment to the 2013 NDAA that requires called the Bells of Balangiga. It honors the people who are not even asking for Congressional authorization to move war lives of 48 soldiers who were massacred in them. They can’t help themselves. memorials overseas. As you know, that pro- their sleep by insurgents in the Philippines They always start there, and the Amer- hibition expires September 30, 2017. on September 28, 1901. The U.S. Department ican people know it. For more than two decades, there have of Defense in coordination with the U.S. De- When you ask the American people, been attempts by either the Filipino govern- partment of State intentionally withheld what is this tax reform all about, they ment or other groups to petition the United this information from Congress. The vet- States government for the return of the say it is tax cuts for wealthy people. erans in Wyoming overwhelmingly oppose That is where it always starts, and it church bells taken by American military taking down this veteran memorial. forces from the belfry of the church in 1. Will you commit to me that you will not does when the Republicans are the au- Balangiga, Samar, Philippines in 1901 during support any efforts to deconstruct our war thors. That is what we face again. the Philippine American War. Military memorials that honor our fallen soldiers and They try to argue that it is going to monuments honor those servicemen and moving them to foreign countries? help working families. It will help servicewomen whose sacrifice for this coun- 2. What is your position on the U.S. De- some—let me be honest about that— try has preserved the nation and recognizes partment of State withholding these actions and yet you are going to find many those who have sacrificed their lives in serv- from Congress? working families who are going to pay ice to their country. Returning any military The Bells of Balangiga are an important more instead of less because of this so- monument should never be considered as war memorial that holds real significance called tax reform. Why would we ever contributing to the enhancement or reaffir- for many Americans, especially our veterans. mation of any friendly relationship with for- If confirmed, I will support an inclusive do that? eign countries. process with the U.S. Department of Defense Why would we give tax breaks to the The American Legion Resolution 56, Pro- to ensure that Congress is fully informed and wealthiest people in America—perma- tection, Preservation and Retention of Fed- the views of local communities and veterans nent tax breaks—and then turn around eral and Military Monuments in the United are fully respected when evaluating the man- and say to working families: Sorry. States, passed at the 2016 National Conven- agement of war memorials. Some of you will get help, but many of tion, urges Congress to establish such laws Mr. BARRASSO. I yield the floor. you will not. to preserve, protect and retain all federal I suggest the absence of a quorum. In my home State of Illinois, the and military monuments within the United elimination of the State and local tax States from any foreign government or reli- The PRESIDING OFFICER. The gious order who attempts to have any federal clerk will call the roll. exemption is going to be devastating to and military monument removed from the The assistant bill clerk proceeded to our State. We are in the top five of United States of America. call the roll. States where the people in my State Again, The American Legion supports Mr. DURBIN. Mr. President, I ask who pay income tax, sales tax, and Amendment Number 738, and we thank you unanimous consent that the order for property tax can deduct those taxes for addressing this important issue facing the quorum call be rescinded. from their Federal income that is sub- America’s servicemembers and veterans. The PRESIDING OFFICER. Without ject to taxation. Sincerely, objection, it is so ordered. That is not a new idea. It has been DENISE H. ROHAN, around for decades. It really is pre- National Commander. Mr. DURBIN. Mr. President, I ask unanimous consent to speak as in mised on the following: Americans should not have to pay tax on a tax. If U.S. DEPARTMENT OF STATE, morning business. Washington, DC, November 2, 2017. The PRESIDING OFFICER. Without I pay $100 a month, and I pay my local Hon. JOHN BARRASSO, objection, it is so ordered. property taxes, I shouldn’t be taxed on U.S. Senate, that $100. It is a double hit. It is not REPUBLICAN TAX PLAN Washington, DC. fair, but the Republican plan believes Mr. DURBIN. Mr. President, I came DEAR SENATOR BARRASSO: Thank you for that is what we should do. your letter of September 6 to the President to the floor yesterday to speak on the I will tell the seven Republican Con- regarding the Bells of Balangiga. We were devastating impact the Republican tax gressmen in my State, they ought to asked to respond on the President’s behalf. plan would have on working families in go home and ask the people whom they We celebrate the proud and distinguished my home State of Illinois and other represent what they think about this service of Wyoming’s Sons and Daughters to States across the Nation. one, the idea of double taxation that our great nation, and we are humbled and It is no secret that the Republican they would vote for and go home and grateful for the service and sacrifice Amer- plan would finance massive tax cuts for ica’s Veterans have made in support of lib- try to defend. I think it is going to be erty and freedom at home and abroad. the wealthiest people in America. They tough, very tough. We understand and appreciate the impor- just can’t help themselves. Every time It is no secret that these tax cuts for tance of war memorials, and we share your they look at the Tax Code, they think the wealthy and large corporations will concern that memorials be properly man- there has to be a way to help the end up raising taxes on a lot of Ameri- aged and the service and sacrifice of fallen wealthiest people in our country. They cans and blowing a massive hole in the Americans and Veterans be recognized and usually look at the estate tax, which is deficit. honored appropriately. paid for by 1 out of every 1,000 Ameri- I am going to quote a fellow who has The Department of State is not aware of, cans, and say: We have just got to been retired a few years from Congress. nor involved in, any immediate plans to the spare these poor people who have a net His name is Dave Obey. He was a Con- remove or dismantle the Veteran’s War Me- morial, including the Bells of Balangiga, worth of over $11 million from paying gressman from Wisconsin. Dave Obey from F.E. Warren Air Force Base. any taxes to the government. We have used to say over and over again—and I There is a specific war memorial provision to spare them from paying this govern- am going to repeat it, and I have cred- included in the House version of the FY 18 ment for the benefit that this great Na- ited him with it: Too many times poli- National Defense Authorization Act (NDAA), tion has brought to them and their ticians are posing for holy pictures, but and the House and Senate versions of the families and businesses. That is where when it comes to the deficit and the NDAA bills are currently in conference com- they start. debt, many of my colleagues on the mittee. For more information about that Then they do the alternative min- other side of the aisle pose for holy pic- provision or activities on F.E. Warren Air Force Base we respectfully refer you to the imum tax, which is a tax that was cre- tures about the national debt whenever Department of Defense. ated so that if your accountants and there is a Democratic President and We thank you for raising this important bookkeepers and lawyers are the sharp- then get a swift case of amnesia when- issue. We hope this information is useful. est on Earth and ended up finding that ever there is a Republican President.

VerDate Sep 11 2014 02:57 Nov 16, 2017 Jkt 079060 PO 00000 Frm 00021 Fmt 0624 Sfmt 0634 E:\CR\FM\A15NO6.020 S15NOPT1 lotter on DSKBCFDHB2PROD with SENATE S7246 CONGRESSIONAL RECORD — SENATE November 15, 2017 Here we go again. They are ignoring I find it hard to believe the satisfac- How many other countries in the the reality that the tax cuts they are tion so many Republicans take to be world do you think go through this? promoting for the wealthiest and big- able to boast and brag that they passed How many other countries in the world gest corporations are going to end up a bill that took away health insurance are there where, when you turn on the blowing a hole in the deficit—a hole in for Americans. You are proud of that? television, you get ads for drugs? There the deficit, which is going to have to be I wouldn’t be. We should be doing the must be a lot of them, right? No. It paid for by future generations. opposite—expanding the reach of turns out there is only one other coun- I used to watch as my Republican health insurance, making sure every try in the world that does this—New colleagues would get red in the face American has the peace of mind and Zealand. The United States of America talking about our national debt, but health insurance they need for them and New Zealand are the only two that, of course, was under a Demo- and their families. countries in the world that allow di- cratic President. Under a Republican Remember when Republicans cam- rect-to-consumer pharmaceutical ad- President, it doesn’t seem to be a paigned on the promise of increasing vertising. major issue. Incidentally, there is a the number of people with insurance You ask yourself, when did this come way to plug that hole, and somewhere and decreasing premiums? This tax bill about? It seems relatively new, and it along the way someone slipped and told does just the opposite. is. This direct-to-consumer advertising us what it was. Haven’t my Republican colleagues was legalized in 1985, but it didn’t take If you want to plug the hole of $1.5 learned the lessons of the ACA—Afford- off until 1997—that is about 20 years able Care Act—repeal by now? We trillion in tax cuts to the wealthy and ago—when the Food and Drug Adminis- spent the whole year in a vain effort by big corporations, they propose cutting tration eased the requirements for de- the Republicans to repeal and barely Medicare benefits and Medicaid bene- tailing the side effects of the drugs replace. The American people don’t fits, cutting the basic health insurance that were being advertised. plans that seniors and people in low-in- want it. Overwhelmingly, they are After the FDA made that ruling, the come categories use. Is that a sound against it. drug companies decided to dive into My hospitals in Illinois and across policy, to try to patch a hole in the this in a big way. Now you see these this Nation don’t want what the Re- deficit by taking healthcare protection fancy commercials with popular music, away from senior citizens in America— publicans are proposing in their bill. Patients don’t want it. Nurses don’t with celebrity actors, golf clubs, lofty the 40-plus million who count on it—or treatment promises. Every hour on tel- those who are under Medicaid? I think want it. Clinics don’t want it. The dis- abled community doesn’t want it. The evision—every hour on television—an it is not. average of 80 drug ads are aired. The It turns out that Chairman HATCH Republicans are determined to do it average American sees nine of these had a new surprise for us this week. At anyway. pharmaceutical ads every day—nine of 10:30 p.m. last night, Chairman ORRIN Senior leaders are against it, faith them. In fact, drug companies spend HATCH released additional changes to leaders are against it, the American this bill, which is evolving before our people are against it, but this is going more each year on advertising and eyes. It is a bill which was not publicly to be the feather in the cap for the Re- sales than the entire budget of the announced until last Friday and is cur- publican majority; that by the end of Food and Drug Administration. These rently being debated in the hopes that this year, they hope to pass a tax re- ads saturate our airways so much that when we return a week after our form bill that is going to give tax there is now a national conference on Thanksgiving recess, we will take it up breaks to the wealthiest, give a perma- drug ads and a hall of fame for the best and vote on it. nent tax break to the biggest corpora- drug ads. Can you believe it? Does it seem like it is a hurried oper- tions, make the middle-income fami- As common as these direct-to-con- ation? Of course, it is. They know that lies pay for it, eliminate 13 to 14 mil- sumer drug ads are, drug companies if these bills sit out long enough and lion Americans’ health insurance, and spend four times as much as the cost of people read them and consider them, raise their premiums. What a package. these ads on an army of sales rep- there will be a lot of questions asked You have to work overtime to put to- resentatives who target doctors who that they can’t answer. gether a package that damaging to write prescriptions. These companies Chairman HATCH released additional working families in America, but that in America spend $20 billion a year try- changes to the bill, and they decided to is what they are pushing. That is what ing to get these drugs into the doctors’ fund permanent tax cuts for some cor- they are determined to do. offices and to get the doctors to pre- porations. That is a high priority for DRUG PRICE TRANSPARENCY scribe them. the Republicans—wealthy people, big Mr. President, maybe it is the time I I once talked to a young lady who did corporations. So how do they pay for turn on my television, but it seems to that for a living for a while. I said: How permanent tax cuts for the biggest cor- me I just can’t escape drug advertising does that work? She said: I knew the porations? It turns out that in addition on television. It just comes one after birthday of every nurse in every doc- to raising taxes on working families, the other, all kinds of drugs—many of tor’s office in my territory. I had a the Senate Republican tax bill would which I can’t even pronounce their standing order every day for birthday also raise health insurance premiums names, can’t remember their names. I cakes, which I delivered on behalf of on middle-income families. That is can’t remember why they are being ad- my drug company in the hopes that right. The Republicans propose that vertised, and then I listen to all of the that nurse and that doctor would pre- their tax bill would also repeal parts of things that follow when all these drug scribe my drug, and therefore I would the Affordable Care Act. As a result, ads come on. be financially rewarded. the Congressional Budget Office tells My favorite—favorite of all time—is I said: How did you know if they ever us that an estimated 13 to 14 million one of these drugs in which it says: Be prescribed it? Well, it turns out the Americans will lose their health insur- sure to tell your doctor if you have had drug companies can go to the local ance protection because of the Repub- a liver transplant. Be sure to tell your pharmacies, and although they can’t lican tax giveaway plan. I thought that doctor if you have had a liver trans- get the names of people receiving plan was supposed to help working plant. Imagine going to your doctor for them, they can test the volume of sales families. It ends up taking away their a checkup or physical and talking at each of the pharmacies close to the health insurance. about your condition and failing to doctors’ offices, and that is one of the For those who can still remain in the mention you had a liver transplant. ways they measure their success. market buying health insurance, they That is what one of the ads say, and So let me ask and answer an obvious can anticipate their premiums for many of the ads are just as baffling as question. Why do the biggest pharma- health insurance going up 10 percent. to the warnings and side effects. ceutical companies in America spend What kind of tax cut is this that ends One ad says: Don’t take Xarelto if billions of dollars to promote and ad- up raising the cost of health insurance you are allergic to Xarelto. Well, how vertise their drugs? For one reason—it for working families and ends up elimi- do I know if I am allergic if I don’t increases sales. It increases their prof- nating health insurance for many mid- take it? So many questions and so its. You see, patients are more likely dle-income families? many warnings. to ask their doctor for a specific drug

VerDate Sep 11 2014 02:57 Nov 16, 2017 Jkt 079060 PO 00000 Frm 00022 Fmt 0624 Sfmt 0634 E:\CR\FM\G15NO6.040 S15NOPT1 lotter on DSKBCFDHB2PROD with SENATE November 15, 2017 CONGRESSIONAL RECORD — SENATE S7247 when they have seen the ad for it, If a patient finally figures out how to as the required advertising on each of whether they need it or not. That is spell Xeljanz or Xarelto on the third these drug ads on television. why most countries have banned di- try and comes to the doctor demanding I have asked a lot of stakeholders for rect-to-consumer drug advertising. As I these drugs, the doctor often has a their suggestions about other ap- mentioned, only New Zealand and the choice. He or she can spend valuable proaches. I am open to them, but ev- United States make it legal. time explaining why the patient eryone understands this price estab- Why is that a problem? One reason is, doesn’t need the drug or why there is a lishment—this price bottom line—and it promotes overuse of medication for cheaper generic or just write the pre- that is why we used it. often benign conditions. That bit of dry scription. It is sad that too many doc- Further, my legislation allows drug skin that you have on your elbow, that tors just write the prescription. companies to explain that patients little stiffness in your knee, hooray. Sometimes, with these drug ads it is would pay less than the amount they There is a drug for it, and you are hard to tell whether the commercial is advertise. But let’s also remember that going to find out on your television set for a pharmaceutical or a sports car, somebody has to pay this high cost. If tonight exactly what it is. except you know the price of a BMW patients don’t pay the WAC price out- They push pills for every natural before you go buy it. With billions in of-pocket to the pharmacy, their insur- condition or cosmetic issue, and we targeted spending on drug advertising, ance company just might, which is why waste money on unnecessary drugs, patients and doctors are bombarded health premiums keep going up. Blue Cross Blue Shield of Illinois told costs that every one of us pays for with information—all of those side ef- me that they spend more on prescrip- when the overall cost of healthcare fects, and ‘‘be sure and tell the doctor tion pharmaceuticals than they do on goes up. if you had a liver transplant’’—but in-patient hospital care. This is one of Over the past 20 years, since these di- they are kept in the dark about one the big drivers in the cost of rect-to-consumer ads have been al- major, important element: What do healthcare. lowed, the number of people with five these drugs cost? Ultimately, some- Is it important that we disclose to or more prescriptions—five or more in body is going to pay for them—maybe consumers what the real costs are of America—has nearly tripled. A pri- your insurance company, if you are the drugs they are being bombarded mary problem with these ads is that lucky. If not, maybe it is you and your with on television? I think so. Doctors, they steer patients toward the most ex- family. Price disclosure is absent from patients, and families agree. If drug pensive drugs, and that raises the cost virtually all of these drug ads. makers can fill the airways with phar- of healthcare. So when a patient sees an advertise- maceutical ads, then they should tell Drugs with ads have nine times more ment for Xeljanz or Xarelto, or his the whole story and provide clear infor- prescriptions than those without. It family doctor writes a prescription for mation about drug costs. just stands to reason. What are the it, the moment of truth may only I yield the floor. most advertised drugs? Let’s take a occur when the patient finally goes to I suggest the absence of a quorum. look at a couple of them here. the pharmacy and sees for the first The PRESIDING OFFICER (Mr. Humira—incidentally, a prescription time what they are facing. No other in- GARDNER). The clerk will call the roll. for Humira, from the disclosure of the dustry conceals its prices when it The bill clerk proceeded to call the drug company, costs $3,743 a month. comes to consumer goods this way. I roll. Here is one you probably had to write think that needs to change. I think Mr. MERKLEY. Mr. President, I ask down three times before you could pro- American consumers have a right to unanimous consent that the order for nounce it, Xeljanz. That costs $3,100 a know—in front, on the ads. the quorum call be rescinded. month, a Pfizer drug. Humira costs That is why I will be introducing a The PRESIDING OFFICER. Without $3,700 a month; Xeljanz, $3,100. Both are bill, the Drug-price Transparency in objection, it is so ordered. for rheumatoid arthritis. Communications Act, or DTC Act, to HEALTHCARE The drug industry spent over $100 require the disclosure of prices in di- Mr. MERKLEY. Mr. President, our million in advertising for each of the rect-to-consumer ads and promotions Constitution starts with those three top 16 brand-name drugs in 2015, which to doctors. beautiful and powerful words: ‘‘We the means 50 percent of all direct-to-con- The American Medical Association People.’’ Our Founders envisioned a na- sumer advertising was just for these 16 recently adopted a resolution sup- tion with a form of government that medications. porting me. In addition to that, my bill wouldn’t result in a government by the Do you ever see an advertisement is endorsed by the American College of powerful and the privileged but instead during the Super Bowl for a generic, Physicians and the Consumers Union. would really deliver for the American lower cost medication? Of course not. It is a simple thing: Do American con- people a form of government that is the foundation for every American to It is the same story when it comes to sumers have the right to know when it thrive. What a contrast that is to many the $20 billion the same companies comes to the cost of these drugs? Do of the governments of Europe that they spend to butter up doctors so that they they have the right to know that if you had seen function on behalf of the priv- will prescribe these drugs. Doctors are take Xeljanz for rheumatoid arthritis, ileged and the powerful. more likely to prescribe a specific you are going to spend $3,100 per Well, we have an issue before us that brand-name drug if they have been month? This bill would have the FDA certainly is about government of, by, marketed by drug companies, while and the Federal Trade Commission and for the people. It is the issue of the they are more likely to prescribe oversee these communications, requir- Children’s Health Insurance Program, cheaper generics if not targeted with ing drug makers to disclose the whole- often referred to as CHIP. This pro- these ads. sale acquisition cost, known as the gram has been expired for 46 days—46 These ads often urge patients to ‘‘ask WAC, of the drug. days—putting children’s healthcare at your doctor if this drug is right for Now, I am sure the response from Big risk throughout our country. you.’’ Well, we asked the doctors Pharma, which makes a lot of money, Why isn’t this bill on the floor right whether direct-to-consumer drug ad- will be to say: Well, that is just not the now? Why isn’t it being passed by vertising was right for America, right right price for every patient. unanimous consent right now, or at for the health of America. We went I agree, but when we ask the pharma- least being debated and amended and straight to the American Medical Asso- ceutical companies for better price in- passed? We have five States—five ciation, the largest medical society in formation, they clam up. They will not States—that are running out of money the United States. The American Med- answer. As long as they refuse to dis- in this quarter. Oregon, my home ical Association has called for a ban on close the true cost of drugs and refuse State, is one of them. We are going to direct-to-consumer prescription drug to provide any transparency in the be out of money next month. We have advertising. Here is what they said: shell games they run between charging another 25 States that are going to be ‘‘Direct-to-consumer advertising in- different patients different amounts, running out of money in the first 3 flates demand for new and more expen- we have to stick with the one industry- months of 2018, disrupting the con- sive drugs even when these drugs may reported, verified number—the WAC— tinuity of essential services for our lit- not be appropriate.’’ and that price is what we have put in tle ones.

VerDate Sep 11 2014 02:57 Nov 16, 2017 Jkt 079060 PO 00000 Frm 00023 Fmt 0624 Sfmt 0634 E:\CR\FM\G15NO6.041 S15NOPT1 lotter on DSKBCFDHB2PROD with SENATE S7248 CONGRESSIONAL RECORD — SENATE November 15, 2017 For 20 years, the Children’s Health come to this floor because this bill has licing itself. We should have learned Insurance Program has ensured that no been waiting for 46 days to be ad- from that a decade ago. Mr. Otting is children fall through the cracks of our dressed. yet another bank executive who prof- healthcare system. It has covered There is a bipartisan bill ready and ited from the financial crisis and is checkups, immunizations, dental vis- waiting to be brought to the floor right being rewarded by the Trump adminis- its, and doctors’ visits, assisting our now. Senator HATCH and Senator tration with a powerful job overseeing struggling and low-income families WYDEN have worked together. They our Nation’s banking system. This is a who make too much to qualify for Med- passed this bill out of their committee. man who worked at OneWest and made icaid but not enough to be able to actu- It would extend the Children’s Health a fortune kicking military service- ally purchase health services or Insurance Program through 2022. We members, seniors, and working fami- healthcare for their children. Every could take up that bill right now and lies out of their homes, all while pock- single State in America—50 States out pass it. It had the full support of the eting $2.5 billion—that is billion with a of 50—has a program. Now, they tend to committee. The Republicans and the ‘‘b’’—from the FDIC to protect his operate at different levels. Forty-six Democrats were on board. So why isn’t bank from any losses. States cover children up to or above 200 it here? Why are we disrupting The bank, OneWest, in this behavior, percent of poverty. We have 24 States healthcare for America’s children? in this money from FDIC, in this ac- that cover families up to incomes of 215 To my colleagues: Set aside your am- tion of kicking military servicemem- percent of poverty. So 24 States go a bition of ripping off the Federal Gov- bers and seniors and working families little further. We have a handful of ernment to deliver benefits to the top 1 out of their homes—this all might States that expand coverage up to 300 percent of Americans and pay some at- sound familiar to my colleagues; it cer- percent of coverage. In my home State tention to America’s children. That is tainly sounds familiar to the people in of Oregon, 140,000 children rely on the our responsibility. That should be our the Finance Committee and the Bank- Children’s Health Insurance Program. mission. That is the purpose of our ing Committee. It is the same place It is just not acceptable that Mem- Constitution. Let’s get it done. Nine that Mr. Mnuchin—now-Secretary of bers of this body come to this floor to million American children are waiting. the Treasury—worked, doing the same talk about how to do trillions of dol- Mr. President, I suggest the absence kinds of things and work that Mnuchin lars of tax benefits for the very of a quorum. did. wealthiest of Americans while we are The PRESIDING OFFICER. The Mr. Otting and his former boss, Sec- failing to get a bill on the floor for clerk will call the roll. retary Mnuchin, refused to provide health insurance for America’s poor The bill clerk proceeded to call the Senators State-by-State data on and struggling children. There is a lot roll. OneWest’s foreclosures on seniors, I could say about that tax bill. It is Mr. BROWN. Mr. President, I ask servicemembers, and other borrowers. really a bank heist. It is designed to unanimous consent that the order for They refused to answer questions about deliver trillions of dollars to the rich- the quorum call be rescinded. OneWest loan modifications. I think est 1 percent of Americans, while doing The PRESIDING OFFICER. Without Ohioans—and I hope enough of my col- virtually nothing for the middle class objection, it is so ordered. leagues to constitute a majority— and absolutely nothing for the bottom Mr. BROWN. Mr. President, I rise to would like to know what they are hid- third of Americans. But doesn’t there speak in opposition to the nomination ing. seem to be something wrong in a ‘‘we of Joseph Otting to be Comptroller of It was pretty amazing to sit in the the People’’ democratic republic when the Currency. Finance Committee and listen to Sec- we have a bill on the floor that is a I appreciate Mr. Otting’s willingness retary Mnuchin and watch Secretary bank heist on the Federal Treasury to to enter public service. That said, he is Mnuchin—then-Secretary-Designee deliver benefits—trillions of dollars—to not the person we need in this very im- Mnuchin—refuse to release informa- the richest Americans and we can’t portant financial watchdog roll. We tion, refuse to disclose information. In have a debate on this floor on have learned lessons from the quality, fact, he had forgotten about a $100 mil- healthcare for the poorest children in the attitude, and the work of the per- lion investment he had when he testi- America? Well, certainly, I think it is son in this office, and I am virtually fied in front of the committee. We a perversion of the principle of a gov- sure he is not the right person. We found out later that he had this invest- ernment that serves the people to put have made a lot of progress in the last ment that he forgot to disclose; $100 the privileged and powerful ahead in 7 years since we passed Wall Street re- million is a lot of money. Even to Sec- line. form. The last thing we need is some- retary Mnuchin I think that is a lot of We have seen, certainly, many ren- one leading the Office of the Comp- money. Even to this administration, ditions of this. We have seen a broader troller of the Currency working to that is a lot of money. bill, a set of bills, including the weaken or eliminate important safe- What we do know, thanks to impor- TrumpCare, zombie healthcare bill guards, instead of looking out for tant work by our independent press, is that came to this floor. It was going to workers, borrowers, and the stability not pretty. What we do know about wipe out healthcare for 22 million of our financial system. what OneWest did is not pretty. In Jan- Americans. Then it came back in a dif- The financial watchdogs, including uary, the Columbus Dispatch—the ferent form that was kind of the fake the previous Comptroller, Thomas most conservative newspaper in my insurance form, and it was defeated Curry, took significant steps to right State, the second largest paper in our again. Then it came back as the skinny the wrongs that led to the 2008 finan- State—ran a front-page story on that bill, and it was defeated again. All of cial crisis. It is important that we not bank’s abuses. Their investigative jour- these bills wiped out healthcare for have this collective amnesia that nalism found that OneWest used so- millions and millions of America’s seems to permeate this body about called robosignings on mortgage docu- families. what happened to this country 10 years ments. According to the Dispatch, in Well, now we have a tax bill coming ago. Working together, Comptroller its fine investigative work, under Mr. to the floor that, once again, has a pro- Curry and other financial watchdogs Otting’s watch from 2009 to 2015, nearly vision put in it to wipe out healthcare strengthened rules for the largest 2,000 Ohioans in our six largest coun- for millions of American families. That banks. Independently, the OCC en- ties were foreclosed on by OneWest. is why we call it the zombie bill—the hanced the supervision and examina- The abuses were so bad that Mr. Otting fact that we kill this thing, try to put tion of these banks, took enforcement signed an OCC consent order—a legal a stake through its heart, knowing actions against bad actors, and took agreement that a bank and its regu- that we are supposed to be here serving steps to address concerns that the lator enter into when illegal practices the people—not the most privileged, agency had been captured by the indus- at the bank force the government to the people. That is what is in our Con- try. There was clear evidence of that step in. stitution. That is the vision of this Na- by previous people in this job. If you are signing an OCC consent tion, but apparently it is not the vision This administration is putting the order, it is a pretty serious problem. In for those who control the bills that banking industry back in charge of po- any other administration, this would

VerDate Sep 11 2014 02:57 Nov 16, 2017 Jkt 079060 PO 00000 Frm 00024 Fmt 0624 Sfmt 0634 E:\CR\FM\G15NO6.043 S15NOPT1 lotter on DSKBCFDHB2PROD with SENATE November 15, 2017 CONGRESSIONAL RECORD — SENATE S7249 have been disqualifying. In any other legal document proving that. Yet the by this body. Get this: His temporary administration, Mr. Otting—or for that administration chooses him to be role as a special government employee matter, Mr. Mnuchin, who was engaged Comptroller of the Currency. means he doesn’t have to live up to the in the same kind of practices—would It is a job most of America doesn’t same ethics or conflicts of interest have withdrawn their name. In any know much about. I didn’t either until rules as everyone else. He takes this other administration, if the nominee I came here. I acknowledge that. It is a job as Acting Comptroller while we didn’t withdraw their name, the admin- job that most Americans don’t think wait for Mr. Otting; he takes this job istration would have told them to much about. It is a job that most as Acting Comptroller, and he does the withdraw their name, but not in this Americans don’t think has a great im- bidding of all of these financial service White House. Frankly, when you walk pact in their lives, but Americans interest groups, all of the payday lend- into this White House, it looks like a know what happened 10 years ago. I ers, and all of the people who are prey- retreat for Wall Street executives and live in ZIP Code 44105, Cleveland, OH. ing on working families and preying on people like OneWest executives and My ZIP Code in 2007 had more fore- low-income people. He leaves and joins people who foreclosed on home after closures than any ZIP Code in the some of these companies, and he is home and, frankly, have almost no con- United States of America. I can’t leave very amply rewarded, and he doesn’t trition and paid almost nothing, suf- my house, if I go more than about 300 have to live under any ethics rules. fered almost no consequences for their yards, without seeing the devastation The people who run watchdog agen- action. caused by people like Mr. Otting—peo- cies are supposed to be independent The consent order documented ple who lost their homes, people who voices who protect workers in the OneWest’s breathtaking list of fore- lost their jobs, people who have suf- economy from financial crisis, not closure abuses, gouging borrowers with fered and lost their life savings because banking industry lapdogs who help excessive fees and unfairly evicting of Wall Street malfeasance, because of their former boardroom buddies on servicemembers on Active Duty. Think companies like OneWest. I am guessing Wall Street. If his record is any guide, about that. They not only evicted serv- that Mr. Otting doesn’t think about certainly Mr. Noreika didn’t serve the icemembers, they evicted servicemem- this, and I am guessing that most peo- public. He served as a lapdog. He served bers on Active Duty. In some cases, I ple here don’t think about this. the banking industry. If his records are assume the wife was serving overseas Pope Francis, soon after assuming any guide, I am concerned that Mr. and the husband was evicted because the Papacy, admonished parish priests Otting will be no different, that the he couldn’t make the payments, partly to go out and smell like the flock. It OCC’s independence will be com- because his wife is paid so little as a wouldn’t hurt all of us to do that a lit- promised under his leadership. He member of the Armed Forces. tle more around here, to talk to some- worked side by side with Secretary Mr. Otting was held accountable for body who has lost a job. It typically Mnuchin at OneWest Bank. Mr. one of the major abuses, robosigning, happened, in my neighborhood near Mnuchin hand-picked Mr. Otting for by the bank’s regulator in 2014. But Slavic Village, Cleveland, OH, where this job. during his Senate Banking Committee the spouse lost her job, and then the We are already seeing signs of Wall confirmation hearing, he continued to husband’s plant closed, and then they Street influence at some of the agen- deny wrongdoing, even when faced with couldn’t keep up with the payments. cies, consistent with Secretary a legal document proving otherwise. Then they had to tell their teenage Mnuchin’s agenda. They have pulled One of the things that amazes the daughter: Honey, we are going to lose back on Wall Street reforms. They American public is that nobody went our home. First, they had to give away have attacked other agencies for doing to jail for what they caused in the last their family dog, probably, because their jobs. decade, what they caused in 2007, 2008, owning a dog costs money, and they For wealthy bank executives and pri- and 2009—the pain and the hardship, were squeezed. They knew they were in vate investors like Mr. Otting, the cri- the pain of plant closings and lost jobs, trouble. Then they had to explain to sis wasn’t a life-changing event. Think the hardship of losing your home, the their daughter that she is going to go about that. The crisis for Mr. Otting terrible consequences of losing much of to a different school district—and all wasn’t a life-changing event, but those your retirement savings. The people the things of life have turned upside people who live in ZIP Code 441, in who caused this suffered almost no down. Your life turns upside down if Slavic Village in Cleveland, for those consequence. The American public, you are foreclosed on or if you are people whose homes I drive by every first of all, can’t believe none of them evicted. day, people who lost jobs because of the went to jail. Maybe they are not so sur- I am guessing Mr. Otting doesn’t financial crisis, people who lost homes prised anymore that there is no contri- think a lot about that. I am guessing because of the financial crisis, people tion. Then, we reward these people by Secretary Mnuchin doesn’t think a lot who lost their life savings because of making them Secretary of the Treas- about that, as he travels on private the financial crisis, those weren’t just ury or Comptroller of the Currency. planes and his wife brags about her ex- life-changing; those were life-destroy- Mr. Otting was held accountable. In pensive clothes. I am guessing very few ing kinds of events. Yet Mr. Otting and all of these legal proceedings—and I am in this White House think about that, Mr. Mnuchin go forward, and they not a lawyer so maybe I don’t exactly but maybe they should. If he is con- pocket their tens of millions of dollars, understand this, but these people firmed—and I assume he will be be- and then they are appointed by the signed some document, but they never cause the Republicans in this body gen- President of the United States to really admitted they did anything erally do whatever Wall Street and watch over these financial watchdogs. wrong. Mr. Otting followed that proc- whatever companies like OneWest want They saw the crisis. The crisis was ess. Even though we had this docu- them to do in confirming nominees life-changing to my neighbors. They mentation, he continued to deny like Mr. Otting, but I wish Mr. Otting saw a crisis as an opportunity to profit wrongdoing, even when we presented would think about a little bit more by flipping failing banks bought at him with that legal document. about the devastation to which he con- rock-bottom prices, but not before Instead of helping families recover tributed. foreclosing, as the Columbus Dispatch from the financial crisis as CEO of Sec- Right now at the OCC, Keith said, all while raking in taxpayer dol- retary Mnuchin’s—not Secretary Noreika—previously, a big bank law- lars. then—OneWest Bank, Mr. Otting con- yer—has spent his time rolling back If confirmed, Mr. Otting will be in tributed to devastation. So this admin- rules to protect Americans from preda- charge of ensuring that all national istration has chosen him to be in tory payday lenders. He has worked banks, including Wells Fargo—we cer- charge of one of the key agencies pro- against a Consumer Financial Protec- tainly heard about Wells Fargo’s abuse tecting ordinary Americans from Wall tion Bureau rule that would have al- of millions of its customers. His job Street. I will say that again. He was a lowed customers to take their banks to will be to ensure that all national big part of the problem, as CEO of court when they were cheated. banks, including banks like Wells OneWest Bank. He has committed Mr. Noreika has done all this as Act- Fargo, are complying with the law, wrongdoing; we presented him with a ing Comptroller. He wasn’t confirmed that they operate in a safe and sound

VerDate Sep 11 2014 02:57 Nov 16, 2017 Jkt 079060 PO 00000 Frm 00025 Fmt 0624 Sfmt 0634 E:\CR\FM\G15NO6.045 S15NOPT1 lotter on DSKBCFDHB2PROD with SENATE S7250 CONGRESSIONAL RECORD — SENATE November 15, 2017 manner, and that they protect cus- cat Wilbur Ross to lead the Commerce from underneath families, lying to tomers. Department. Randal Quarles went homeowners who were legally entitled To be real, do we think we can trust straight from his private equity fund to modify their mortgages and keep him to do that after the worst financial to the Federal Reserve, where he is their homes under a government pro- crisis since the Great Depression, the now responsible for regulating our big- gram and telling them the only way financial crisis that devastated Ohio, gest banks. forward was through foreclosure. Colorado, and Massachusetts families? Maybe the most important and most OneWest treated all of its home- After people lost their jobs, their ridiculous of all of the Wall Street im- owners like garbage, but its treatment homes, and their savings, Mr. Otting ports is Treasury Secretary Steven of minority homeowners was particu- clearly isn’t the right person for this Mnuchin. Mnuchin spent 17 years at larly disgusting. OneWest was nine job. Goldman Sachs. As the financial crisis times more likely to foreclose on a Yesterday, the Chair of the Federal was sweeping across the country, homeowner who was in a community of Deposit Insurance Corporation, Marty Mnuchin organized a team of billion- color than to offer him a mortgage. Gruenberg, said: aires to purchase IndyMac Bank out of All of this went down while the bank I confess to having a certain sense of deja Federal receivership. He rebranded the was busy vacuuming up more than $1 vu. Banking conditions today are strong and bank as OneWest and put himself in billion in taxpayer bailout money dur- the possibility of a serious downturn any- charge. Then Mr. Mnuchin and ing the financial crisis. These scams at time soon is generally viewed as remote. OneWest acted swiftly and decisively OneWest devastated a lot of American That was certainly true during the pre-crisis to boot more than 36,000 families out of homeowners and, at the same time, put years as well. If I have one key point to Mr. Otting in the same room with a lot make today, it is that we should guard their homes all over the country. The Senate should never have con- of regulators. against the temptation to become compla- After an investigation by the Treas- firmed that kind of person to run the cent about the risks facing the financial sys- ury Department found that OneWest tem. Treasury Department, but it did. Now, systematically cheated in foreclosure among other things, he leads the Coun- I would comment on Mr. Gruenberg’s proceedings, including by lying in cil that is responsible for making sure comments that 11 years ago or so—10, sworn statements to judges, cutting Wall Street does not blow up our econ- 11, 12 years ago—it didn’t seem all that corners, and failing to check to make omy again. I know it actually sounds likely to many, at least to those in the sure they had the right documents be- like a joke, but the risks for the rest of Bush administration, that there would fore foreclosing on families, Mr. Otting us are way too serious. be an implosion of the economy and an signed a consent decree with the gov- Republicans don’t seem to have any implosion of the banking system, a cri- ernment to agree that OneWest would problem with any of this. In fact, they sis; that there was, in fact, the new pay more than 10,000 people for improp- are doubling down. Today, they plan to head of supervision at the Federal Re- erly throwing them out of their homes, confirm Mnuchin’s former OneWest serve who pretty much said, as late as but that is not all. In 2015, OneWest business partner, Joseph Otting, to 2007: We really shouldn’t be concerned forked over more than $89 million in lead the Office of the Comptroller of about a housing crisis. It is only going fines to the Department of Justice for the Currency and take another seat on to hit the higher, upper end of home- defrauding the government and ille- owners, and it will not affect the econ- that same Council. gally putting taxpayers on the hook for The OCC is one of the most impor- omy. Those are the people this Presi- the loans if they went bad. dent has put in charge to be the watch- tant regulators you have probably So what happened to Mr. Otting after dogs of our financial system. never heard of. It is the main bank hurting all of those families, after Again, Mr. Gruenberg said: If I have overseer of the United States. It char- lying to judges, after admitting to de- one key point, it is this. We should ters, regulates, and supervises more frauding the U.S. Government? He got guard against the temptation to be- than 1,400 banks. The OCC writes rules a nice $12 million severance check and come complacent about the risks fac- to make the economy more secure, and a call from Donald Trump, asking if he ing our financial system. it puts examiners inside the big banks wanted a corner office right here in We need to take Chair Gruenberg’s in order to catch new tricks and scams Washington. warning seriously. Confirming a bank- before they harm consumers or, worse, It is crazy to expect a banker who er to the OCC—a banker who will give before they crash the economy, and has broken the law to turn around and Wall Street its wish list—is a high when banks mess up, it is the OCC’s job fight to enforce it. It is like putting price for working families to pay who to enforce the law. criminals in charge of the police sta- are still feeling the impact of the last Mr. Otting is buddies with the Treas- tion and expecting them not to look financial crisis. ury Secretary from their days of lead- the other way while their buddies keep I urge my colleagues to vote no on ing OneWest Bank. I guess that is why stealing. There is nothing in Mr. Mr. Otting. he got this nomination, but if you care Otting’s record to suggest he would The PRESIDING OFFICER. The Sen- about making sure regulators watch protect consumers from financial fraud ator from Massachusetts. out for families, businesses, and our or take the steps needed to rein in the Ms. WARREN. Mr. President, I thank economy, it is hard to think of anyone banks or avoid future financial melt- the Senator from Ohio for his leader- worse for this job other than Steve downs. ship in impressing on the American Mnuchin. We all know a segment of the You may not have heard of the OCC, people to take a look at Mr. Otting, banking industry specialized in squeez- but I promise you that when this agen- who has been named to be the head of ing American families, particularly cy refuses to stand up to the big banks the OCC. I rise and join my voice with after the financial meltdown, but and enforce the law, American families his in saying that this is a bad nomina- OneWest may have been the worst of get hurt. It is as simple as that. Before tion for America. the worst, especially when Otting was the financial crisis, the OCC buddied up Donald Trump promised during his president and CEO from 2010 to 2015. with the banks they were supposed to inaugural address to fight for the ‘‘for- What happened on Mr. Otting’s regulate, and everybody knew it. The gotten men and women of our coun- watch? result was the 2008 financial crisis that try.’’ Yet, even before his bags were un- OneWest ran a notorious foreclosure cost our economy $14 trillion. Millions packed at the White House, he started mill that threw thousands of families of families lost their homes. Millions bringing Wall Street to Washington, out of their homes and illegally—un- lost their jobs. Millions lost their sav- importing the worst of the worst bank- derline ‘‘illegally’’—foreclosed on doz- ings and their retirement money. Near- ers who had gambled away the econ- ens of servicemembers. The OneWest ly a decade later, many American fam- omy, putting them in charge of regu- crew didn’t just hurt families; it de- ilies are still hurting. Now the Trump lating the same companies they once stroyed whole communities when it administration is ready to take us worked for. It is a long list. foreclosed on dozens of properties in back to the bad old days, in which It is the former Goldman Sachs presi- the same neighborhoods, making it banks made gobs of money off risky dent, Gary Cohn, to lead the National even harder for families to start over bets while the regulators just looked Economic Council and Wall Street fat and rebuild. OneWest stole homes out the other way.

VerDate Sep 11 2014 02:57 Nov 16, 2017 Jkt 079060 PO 00000 Frm 00026 Fmt 0624 Sfmt 0634 E:\CR\FM\G15NO6.046 S15NOPT1 lotter on DSKBCFDHB2PROD with SENATE November 15, 2017 CONGRESSIONAL RECORD — SENATE S7251 Confirming Mr. Otting is kicking dirt American people learned of secret ex- tions raised by these messages as well in the faces of every one of OneWest’s changes between WikiLeaks and Don- as the interview conducted by our com- victims. It is a gut punch to every ald Trump, Jr., during the 2016 Presi- mittee staff of Donald Trump, Jr. That American who was hurt in the finan- dential campaign. The exchanges began is what I was expecting when these cial crisis. Even if none of that matters in September 2016—2 months before the messages were first provided to the Ju- to you, it is a terrible idea because election. Over the course of those ex- diciary Committee roughly 2 months leaving Mr. Otting in charge of bank changes, WikiLeaks sent literally doz- ago. My expectation was that Donald regulation will endanger our economy. ens of messages to Trump Junior, who Trump, Jr., would be compelled to tes- American families and businesses need sent back at least three messages. He tify and that he would be subpoenaed and deserve a cop on the beat who will acted at WikiLeaks’ behest at least one to provide a full record of his commu- fight hard to keep them safe. Every- time, tweeting out a link to the hacked nications relating to Russia’s inter- thing we know about Mr. Otting says emails of John Podesta, Jr., at ference in our elections. Surely those he will be out there fighting for the big WikiLeaks’ suggestion. He told other subpoenas that were discussed, even banks. high-ranking officials on the Trump issued over the summer, would now be I will be voting no on Mr. Otting’s campaign that WikiLeaks had reached reissued and enforced. nomination, and I urge all of my col- out to him in an extraordinarily re- The lack of action has been frus- leagues to do the same. vealing message. At no point did he re- trating to me. Likewise, I have been I yield the floor. buff the advances—in fact, just the op- disappointed that we have made vir- The PRESIDING OFFICER. The Sen- posite. At no point did he reject those tually no progress toward scheduling a ator from Connecticut. overtures from WikiLeaks. And what public hearing with Donald Trump, Jr., RUSSIA INVESTIGATION we are seeing, particularly in the fa- and other key individuals involved in Mr. BLUMENTHAL. Mr. President, miliar tone, almost intimate nature of this investigation. The subpoenas have we are at a critical juncture in our in- these exchanges back and forth, is the not been reissued. I have called repeat- vestigation into Russia’s interference possibility that what we have discov- edly for that action to be taken. The in last year’s election and potential ered is just the tip of the iceberg in documents have not been subpoenaed. collusion by Americans with Russia’s those exchanges. Those key documents that are so rel- meddling and obstruction of justice These revelations are stunning. They evant and necessary to our investiga- that may have occurred. Those issues are jaw-dropping. The son of the Presi- tion have not been subpoenaed, as I are under investigation by the Judici- dent of the United States—then can- have asked to be done repeatedly. ary Committee, which has a unique re- didate—actively engaged and may have That is why I am here today to raise sponsibility because we exercise over- coordinated strategy with a group that concerns about the Senate Judiciary sight concerning the Department of the current CIA Director has called a Committee’s investigation into Rus- sia’s interference in our election, pos- Justice and the FBI. So the firing of ‘‘hostile intelligence service.’’ The sible collusion by the Trump campaign, James Comey, among other actions present Director of the CIA, appointed and obstruction of justice. that raised issues regarding potential by the President of the United States, The threat is that the investigation collusion and obstruction of justice, is Donald Trump, characterized is stalling. The danger of lack of very much appropriate and necessary WikiLeaks as a ‘‘hostile intelligence progress is depriving the American peo- for our inquiry to determine. service’’—and that is a direct quote— ple of information they deserve. I rec- We also have a unique responsibility and then observed that it is often abet- ognize that congressional investiga- because only the Judiciary Committee ted by hostile Nation states like Rus- tions must operate methodically, sys- can make public for the American peo- sia. tematically, and in some cases con- ple to know and understand what hap- Without subpoenaing Donald Trump, fidentially until the committee is pened that may involve obstruction of Jr., to testify in public, we cannot be ready to release its findings. But that justice and, equally important, what sure we have the full record. confidentiality can serve an important can be done to prevent it in the future. One of the most stunning aspects of purpose if it aids an investigation—not The Committee on the Judiciary of the this exchange, indeed, was its very per- if it engenders the kind of lack of trust Senate can legislate. sonal tone. Many who read the cov- that is clearly a possibility here, not if There are other investigations ongo- erage may sense and feel, understand- it engenders that lack of trust, not if it ing involving the special counsel, who ably and rightly, that we are reading endangers confidence and trust in the will determine criminal culpability, fragments of a longer and larger con- process. There may be a need for con- and the Intelligence Committees of versation that may have involved other fidentiality to encourage cooperation both the House and the Senate, which participants or relied on other means of witnesses, but ultimately the Amer- have a counterterrorism responsibility, of communication. We are inevitably ican people deserve disclosure. but they rarely legislate in the way and inexorably left with some very key There is a need for impetus and ur- that the Judiciary Committee does. questions: gency in this investigation. The Amer- I am proud to serve on the Judiciary How did Donald Trump, Jr., know of ican people must be made aware of key Committee. I greatly respect the lead- WikiLeaks’ plan to leak Podesta’s facts and issues raised by these docu- ership of our committee: Chairman emails before they were even released? ments and the interviews conducted so GRASSLEY, who is a straight shooter, Why did WikiLeaks feel confident it far. My hope is that colleagues will cares deeply about the integrity of our could inform Trump Junior that they join me in asking for more progress, judicial process, and has a long- had hacked Podesta’s emails without more disclosure, and more trans- standing and distinguished record of worrying that he would turn this infor- parency, because the American people protecting whistleblowers; and our mation over to law enforcement? Hack- need and deserve that kind of disclo- ranking member, Senator DIANNE FEIN- ing is a crime. How could WikiLeaks be sure. STEIN of California, who has been a in the least bit confident that Donald Without the exposure provided by a steadfast champion of judicial integ- Trump, Jr., would not report that free and independent press, justice de- rity. crime to the proper authorities? And layed could have extended into justice Every week we are seeing cascading he did not. denied. That is the danger. Secrecy disclosures that reflect potential collu- Perhaps most crucially, why would threatens to stall the investigation, sion or cooperation between the Trump Trump Junior see an invitation from and my hope is that we will have the campaign and Russian officials. These WikiLeaks to coordinate efforts as kind of transparency in greater meas- disclosures reflect on the obstruction anything other than inappropriate, un- ure that is necessary for trust and con- of justice that is front and center of ethical, and a potentially illegal act? fidence in this investigation. the Judiciary Committee’s investiga- Given the stakes, my expectation I hope my colleagues on the Senate tion. was—and the American people could Judiciary Committee will join me in Just this week, through a stunning likewise expect the same—that our demanding that Donald Trump, Jr., expose´ in The Atlantic, later confirmed committee would act quickly and and other key figures in the investiga- by Donald Trump, Jr., himself, the transparently to answer those ques- tion testify under subpoena, in public,

VerDate Sep 11 2014 02:57 Nov 16, 2017 Jkt 079060 PO 00000 Frm 00027 Fmt 0624 Sfmt 0634 E:\CR\FM\G15NO6.052 S15NOPT1 lotter on DSKBCFDHB2PROD with SENATE S7252 CONGRESSIONAL RECORD — SENATE November 15, 2017 under oath, and that documents be sub- 12-percent drop in their effective tax our financial system from the whims of poenaed as well. The Senate Judiciary rates and an 18-percent increase in the executive branch. You don’t want Committee has a particularly critical their profits. This is at a time that the somebody at the head of the OCC who role in exposing the truth. Even if biggest banks in the United States— is simply the lackey for the adminis- criminal charges are never brought, not the community banks, but the big- tration—whatever administration the American people have a right to gest banks in this country—are already might be in power. know whether their public officials making huge profits, and this just pro- Now, the OCC is responsible for the have held themselves to the standard vides them with an extra tax windfall supervision of more than 1,400 national of honesty, loyalty, and integrity that that is going to be paid by millions of banks and Federal savings associations they have a right to expect. This body middle-class taxpayers and paid by in- and about 50 Federal branches and is in the best position to provide that creasing our national debt. agencies of foreign banks in the United measure of truth—hopefully the whole Of course, as the national debt goes States. These institutions together truth—to the American people. up, people will come around and say: comprise nearly two-thirds of the as- There are many Members whose lead- OK, let’s also pay for them by cutting sets of the commercial banking sys- ership on this issue I appreciate. As I Medicare and Medicaid. In fact, that is tem. They require prudent, smart, rea- mentioned, Senator FEINSTEIN is send- right there in the Senate Republican sonable regulation to ensure that they ing a second tranche of letters this budget. So the bottom line is that both comply with the laws that Congress afternoon on this investigation. But we the House and the Senate Republican has passed to prevent another financial are allowing time to pass without tax plans are big giveaways to big cor- crisis—to prevent another financial progress. That opportunity, once lost, porations, paid for by many other crisis in which it was not Wall Street cannot be recovered with the measure Americans. executives who, at the end of the day, of importance that it deserves. We Now, this is not the only way the were left holding the bag, but it was must issue subpoenas. We must hold Trump administration is working to the American people who had to pay public hearings. We must get to the provide big giveaways to the biggest the bill and who took it on the chin in truth, and it must be done now. banks. We remember back during the the form of a collapsing economy and Thank you. financial crisis and the meltdown that lost jobs and wages. I will refer these remarks to my col- taxpayers had to be brought in to save Yet we see this President and the leagues with great respect for them big financial institutions in order to Secretary of the Treasury, Mr. and for the leadership of this com- protect the larger economy. It was a Mnuchin, continuing down the path to mittee. And I will come back to the terribly difficult decision people had to lower those guardrails and expose tax- floor. I will return to this subject be- make to protect the economy, and at payers to greater risk. One of the cause I think it is so critically impor- that time we said: Never again are we things they need to do that is to have tant. The American people deserve going to allow the big banks on Wall somebody at the head of OCC who is more information, and they deserve Street to gamble in a way that leaves not going to be an independent person better. taxpayers—all of our constituents—on but somebody who is willing to do the Mr. President, I yield the floor. the hook. They can take risks, but bidding of the Secretary of the Treas- I suggest the absence of a quorum. they shouldn’t be taking risks with ury and the President of the United The PRESIDING OFFICER (Mr. LEE). taxpayer money. That was the whole States. The clerk will call the roll. purpose of the Wall Street reforms. As I said, normally the OCC leader is The legislative clerk proceeded to Now comes the Trump administra- supposed to go through the confirma- call the roll. tion, and in addition to a tax plan that tion process to preserve that independ- Mr. VAN HOLLEN. Mr. President, I wants to provide big corporate breaks ence, but under the Trump administra- ask unanimous consent that the order to the biggest banks, they want to take tion, they wanted to get going right for the quorum call be rescinded. down a lot of the guardrails that pre- away in lowering the guardrails and The PRESIDING OFFICER. Without vent banks from taking big risks that giving big banks more running room objection, it is so ordered. taxpayers will end up paying for. One even if that put taxpayers at risk. So REPUBLICAN TAX PLAN of the ways they are trying to bring rather than offer a Senate nominee Mr. VAN HOLLEN. Mr. President, we down those guardrails is by appointing early in the year, the President and are having a chance now to take a look people to very important positions Secretary Mnuchin used an under- at the House and Senate Republican within the government who oversee the handed tactic to install a person by the tax plans. Both of these plans were big banks but who have a history of name of Keith Noreika as Comptroller. cooked up largely in secret, and as very cozy relationships with those big By using this procedure, they more information comes out, we see banks, so that they can bring down the sidestepped the Senate confirmation more and more how much damage they guardrails which, once again, will ex- process and, by the way, also allowed are going to do to our country. pose taxpayers to the risks of gambling Mr. Noreika to sidestep the Trump ad- The plans have many features that on Wall Street. ministration’s ethics pledge and ethics overlap, and one of those overlapping Mr. President, that brings me to the requirements. So that is who is there features is that both of them provide a nomination that is before the Senate right now—Mr. Noreika—and he has massive tax giveaway to big corpora- today, the nomination of Joseph Otting spent most of his career, prior to tak- tions and powerful special interests. to be the next Comptroller of the Cur- ing that position, telling big banks how The Wall Street Journal, in an article rency. With so much going on right they can avoid regulations that are de- just a little while back that was look- now, I wish to take one moment to step signed to protect taxpayers and protect ing at the House plan, talked about a back and talk about what the Comp- the economy. In fact, if you look at the provision that is also in the Senate troller does, because the Comptroller ethics forms that he did file, he had to plan. They said that, at a 20-percent of the Currency plays a critical role in recuse himself from virtually all the corporate tax rate, banks stand to be ensuring the stability of our national major banks that the OCC regulates. among the biggest winners from tax re- banking system. It is there to make His work in the private sector created form according to S&P Global Market sure that our banks don’t blow up our an unprecedented series of conflicts of Intelligence. The five biggest diversi- financial system in the kind of way we interests far more than any other per- fied U.S. banks alone might have had saw happen in 2008 and the years lead- son in that position and underscoring tax savings of $11.5 billion in 2016 at ing up to that. the need for someone to have to go that rate. In other words, if that 20 per- The OCC has been an independent through the Senate confirmation proc- cent rate had been in place back in agency since the Civil War. The Comp- ess, rather than trying to short-circuit 2016, those big banks—the biggest troller has to be confirmed with the ad- that process with underhanded tactics. banks—would have seen that huge vice and consent of the Senate, and the I was very concerned about the use of windfall, that huge additional profit. reason that process was put in place this runaround and asked the Sec- A recent analysis from Bloomberg was to make sure we preserved the retary’s inspector general to initiate Law estimates that banks could see a agency’s independence and safeguarded an investigation into the means and

VerDate Sep 11 2014 02:57 Nov 16, 2017 Jkt 079060 PO 00000 Frm 00028 Fmt 0624 Sfmt 0634 E:\CR\FM\G15NO6.054 S15NOPT1 lotter on DSKBCFDHB2PROD with SENATE November 15, 2017 CONGRESSIONAL RECORD — SENATE S7253 manner of that appointment, because York Department of Financial Serv- nant, shocking, and repulsive.’’ Yet the what happened was that Mr. Noreika ices, and the OCC has refused to act in person who has now been nominated to was designated what is called ‘‘a spe- response to this effort by the financial lead the OCC—Office of the Comp- cial government employee,’’ or an SGE. institution to evade oversight. troller of the Currency—a person who When you use that mechanism, you are As a result, the Bank of Tokyo— is supposed to be looking out for con- only supposed to have the person serve which is a former client of the current sumers’ and taxpayers’ interests and in that position for 130 days of the head of the OCC, Mr. Noreika—is now providing for a sound banking system year. It is a very unusual type of ap- going to be supervised by his office. It that doesn’t melt down our economy, is pointment and almost never used when appears to have successfully dodged an Mr. Otting. He was the person who was it comes to the head of an agency. In active investigation into its clients’ in the middle of these OneWest fore- fact, this may be close to the first potential evasion of U.S. sanctions on closure transactions. time. foreign adversaries—in this case, North I hope this body will not support that Well, that 130-day deadline, if you Korea and Iran. So that is the person nomination. count by calendar days, expired in Sep- who was installed by the Trump admin- REPUBLICAN TAX PLAN tember. Yet now we have a new inter- istration during these first months, Mr. President, I started by talking pretation of the law, which is a wild from the beginning of the year until about the tax bill. I want to get back stretch, saying: Well, it is not calendar now, using this underhanded method. to making a few more remarks about days. We are going to count it as busi- Finally, we now have the nomination that tax bill. There is one thing that is ness days. But the whole point here is put forward for the person who will in common between the nomination of that this mechanism—this under- permanently be proposed to head up Mr. Otting to oversee much of the handed mechanism—has been used to the OCC, Joseph Otting. In Mr. Otting, banking system and the tax bill. Both allow this new person, Mr. Noreika, at we have another example of somebody of them are part of an effort to provide the OCC. whose entire career has been spent big gifts to big banks and to corporate In that period of time, by looking at working with banks and other major fi- America. We are seeing the Trump ad- what he has done, we can see he wasn’t nancial institutions to try to evade im- ministration trying to use government installed there just to be a caretaker. portant consumer protections and tax- power to help these large financial in- He has been very active in those early payer protections. stitutions at the expense of consumers months in working very hard to lower In fact, Mr. Otting and his bank were and at the expense of taxpayers. many of the protections we have put in able to profit very handsomely from Let’s just take a look at what hap- place for taxpayers and for our finan- the mortgage crisis. The CEO of pened yesterday and is continuing to cial system. He was in the middle of OneWest during part of that crisis was happen in the Senate Finance Com- the effort to repeal the Consumer Fi- the person who is now Secretary of the mittee. Republicans on that committee nancial Protection Bureau’s manda- Treasury, Stephen Mnuchin. He was and the Republican tax plan couldn’t tory arbitration rule, to roll back the the head of OneWest during the fore- have sent a clearer message than they OCC’s Community Reinvestment Act closure crisis. During that time, did just yesterday; that the Republican supervisory guidance, and to eliminate OneWest had what many have called a tax plan puts big corporate interests the deposit advance guidance rule, foreclosure machine in place. Mr. first and leaves the rest of the country which is a rule that makes it more dif- Otting, who is going to be the head of behind, including millions of people in the middle class who will be left hold- ficult for national banks to provide the OCC—and whom we would hope ing the bag. payday loans at outrageous rates that would be more independent, as required Under the new tax plan, the tax cuts are unaffordable to the people who by the charter of the OCC—was there for corporations—those big tax cuts, take them out. working for the Secretary of the Treas- reducing the rate from 35 percent to 20 Since Mr. Noreika has been at the ury, Steve Mnuchin, at OneWest. Mr. percent—go on forever. They go on for OCC, the OCC has been involved in Otting was there working at OneWest the first 10 years. They go on for the helping one of his former clients cir- when the bank foreclosed on nearly next 10 years. They go on forever, but cumvent Federal guidance intended to 40,000 Americans. OneWest received for everybody else, for those other prevent banks from shopping around more than $1 billion in taxpayer money Americans who get some tax cut under for hands-off regulators who will not to cover OneWest’s losses. this bill, all those tax cuts go away scrutinize their activities—in other Those are exactly the kind of losses after 10 years. They get sunsetted. words, forum shopping for bank regu- we are trying to avoid in the aftermath If you are one of the folks in the mid- lators. of the crisis; that we are trying to dle where Republicans say: Hey, this Just this morning, the Wall Street avoid by adopting the Wall Street re- bill is for you; you will get some ben- Journal reported that on November 7 form bill Dodd-Frank so taxpayers— efit, it is going away, but the corporate the Bank of Tokyo converted the li- our constituents—aren’t left holding tax cut is there forever. cense of its New York State branch the bag for decisions made by people I want to be clear. There are lots of from a State license to a Federal li- like Mr. Otting or Mr. Mnuchin. folks in the middle—millions—who cense. So why did they do that? Why According to one media summary, aren’t going to get to see any initial did they do that at this time? Well, OneWest Bank ‘‘rushed delinquent tax benefit. In fact, they are going to this decision to change regulators homeowners out of their homes by vio- be paying more in taxes. We also saw, came in the middle of an ongoing in- lating notice and waiting period stat- as part of this bill yesterday, an effort vestigation by the New York Depart- utes, illegally backdated key docu- to repeal important provisions of the ment of Financial Services into that ments, and effectively gamed fore- Affordable Care Act, changes that will bank’s lack of scrutiny of its clients, closure auctions.’’ result in 13 million Americans losing some of whom are suspected of evading In the reverse mortgage business, access to the Affordable Care Act and U.S. sanctions on Iran and North OneWest-controlled firm Financial premiums being jacked up by 10 per- Korea. Freedom engaged in practices that led cent on the individual market. Now, the OCC’s licensing manual to more than 16,000 foreclosures, a far Let’s do the math here. Thirteen mil- says that it draws heavily on informa- greater number than would be expected lion Americans lose access to the Af- tion received from the Office’s current based on the company’s market share. fordable Care Act; premiums go up by U.S. supervisor and other confidential Elderly individuals who had recently 10 percent; middle-class families—mil- and supervisory information available suffered the death of a spouse were vic- lions of them—pay higher taxes, all to to the OCC when considering the appli- timized. In one case, Financial Free- finance a permanent corporate tax cut. cation from a financial institution that dom attempted to evict a 90-year-old Let’s take a moment and look at who wants to switch from State supervision woman from her home over a 27-cent these multinational corporations are to Federal supervision. That courtesy error on her insurance payment. because ultimately the benefits, the and that guideline were not applied in In another case, a New York State profits, go to the CEOs, the executives, this case. That information and that Supreme Court judge called OneWest’s and of course they go to the share- notice were not provided to the New foreclosure practices ‘‘harsh, repug- holders.

VerDate Sep 11 2014 02:57 Nov 16, 2017 Jkt 079060 PO 00000 Frm 00029 Fmt 0624 Sfmt 0634 E:\CR\FM\G15NO6.056 S15NOPT1 lotter on DSKBCFDHB2PROD with SENATE S7254 CONGRESSIONAL RECORD — SENATE November 15, 2017 Let’s look at who some of these There is another way the Trump en- lies is the complete repeal in the Sen- shareholders are who are going to get terprises will benefit from this Repub- ate bill of people’s ability to deduct this whopping big tax benefit from cut- lican tax plan, and that is through the State and local taxes. More than 100 ting the corporate tax rate. When you so-called passthrough business provi- million American families use this de- dig under here a little bit, you discover sions. These are businesses that don’t duction today. Repealing it is double that 35 percent of U.S. corporate stock pay corporate taxes. Their profits are taxation, pure and simple. Those tax- is owned by foreigners—people who passed through and taxed on the indi- payers now pay a dollar in tax to their aren’t Americans. So 35 percent of the vidual returns of their owners. A lot of State, whether it be the State of Mary- people who get the benefit of that gi- people want the public to think all land, the State of Oklahoma, whatever gantic corporate tax cut are foreign these passthroughs are small mom-and- it may be. Now they are going to be stockholders. According to the Insti- pops. paying Federal taxes on the dollar that tute of Taxation and Economic Policy, I want to be there. We want to help they sent to support the State govern- those foreign stockholders are going to mom-and-pops. We should be providing ment. get a $31 billion windfall from the Re- some tax benefits and relief to mom- publican tax plan in 2019 alone. You and-pops, but everyone who looks at The Senate bill is even worse than have the sunset of the individual taxes, this knows a lot of those passthroughs the House bill. The House bill is bad on but corporate tax breaks go on forever. are not mom-and-pops. Many of them this issue, but it is hard to believe that Millionaires and billionaires are the are on the Fortune 500 list in the the Senate actually made this provi- biggest winners under the plan. United States—the 500 wealthiest enti- sion even worse. President Trump reportedly made ties. In fact, some of these passthrough If you look at this chart, it is inter- this phone call to a number of Senators entities are in the Fortune 100 list—not esting because what you find is that just the other day, saying: Hey, guess mom-and-pops. Guess who owns more the huge corporate tax cut helps a lot what. I am going to be a ‘‘big loser’’ than 500 passthrough entities—the of foreign investors. In fact, as I indi- under this Republican tax plan. That is Trump Organization. They will get a cated, approximately 35 percent of all what President Trump said. Well, Mr. big windfall. the stockholders are foreign investors. President, prove it. President Trump, President Trump, show the American So that is going to give them, in just release your tax returns, as Presidents public your tax forms before you go the year 2019, a $31 billion tax break. have routinely done for decades, and around telling people you are going to This is money we are sending to for- show the American people that this be a ‘‘big loser’’ from this plan. eigners, foreign stockholders. In that plan doesn’t enrich the Trump family Now, it is not just about President same year, we find out that Ameri- and the Trump businesses because here Trump; it is just one example of the cans—many folks who are in the mid- is what the Chicago Tribune says: very wealthy Americans who are going dle, middle-class Americans—are going ‘‘Trump says he’s a ‘big loser’ in GOP to get a windfall under this plan. to pay $34 billion more in taxes. So you tax plan; experts say it could save him A provision that was put into the are asking middle-class American fam- tens of millions.’’ Senate Republican plan will help a lot ilies to finance big tax cuts for for- In fact, just one part of the Repub- of very well-heeled lobbyists here in eigners who own stock in American lican tax plan—cutting the taxes on Washington, DC. Under the Senate Re- corporations. What a gift to American large estates—could give President publican plan, if you are a married lob- middle-class taxpayers. That is a direct Trump’s heirs a windfall of $4.4 million. byist making up to $500,000 a year, you transfer from them to foreign stock- That is because the plan doubles the get to claim a deduction for 17.4 per- holders. amount of money that is exempt from cent of your income. That is an $87,000 estate taxes. I am talking about the tax deduction if you are making When you deny people the ability to Senate plan. The Senate plan can pro- $500,000 a year. But if you are the sec- deduct their State and local taxes, you vide that $4.4 million windfall because retary working for that lobbying firm are also taxing decisions by State and the exemption today is for estates or if you are somebody hired to help local governments, which is ironic under $11 million. In other words, if clean up the firm, sorry—you are out of since our Republican colleagues have you are a couple with an estate under luck. You don’t get that special lob- always said that it is best to leave $11 million, you don’t pay a single byist passthrough tax rate. most decisions to our local and State penny in Federal estate tax. The Sen- The question is, Who is going to pay leaders because they are close to the ate Republican plan takes that up to for all of this at the end of the day? We people. Now you are taxing the deci- $22 million, and in doing so will provide are providing this huge tax giveaway sions that they make to support their President Trump’s heirs with a big to big corporations. We are providing schools, to support their firefighters, windfall. In fact, if you use the House tax breaks to the very wealthiest es- to make investments locally. Now tax- plan—which repeals it entirely—we are tates in the country—which, by the payers in those communities have to talking about a windfall of over $1 bil- way, are only about 2 out of 1,000 tax- pay their local government or pay lion. payers. There are fewer than 5,000 tax- their State, and then they have to pay The Republican plan also eliminates payers in the country each year who the Feds on that same money that they the alternative minimum tax. That end up paying that estate tax, the very just paid to their city or to their State was a provision put in the Tax Code to wealthiest in the country. Who is going for important services, such as schools provide some equity because a lot of to pay for all of this? Well, millions of for our kids. wealthy people with good lawyers are middle-class taxpayers are going to pay Here is the crazy thing about this Re- able to take advantage of lots of deduc- under this plan. publican tax plan. Even after you ask tions that many Americans in the mid- We know from the Joint Committee middle-class American families to pay dle are not able to claim. We wanted to on Taxation that in 2019, the Senate more—millions and millions of them— make sure folks who made a ton of Republican plan will raise taxes on so that foreign stockholders get can money couldn’t escape all of their re- more than 13 million middle-class fam- get a tax break, even after you do you sponsibility to the rest of the country ilies, people with incomes below all that, it raises the national debt by and paid their fair share of taxes. That $200,000. By 2025, more than 21 million $1.5 trillion. is why we adopted the alternative min- middle-class families are going to get a imum tax. tax hike. This is a plan that is being For many years, I served as the sen- Well, we know that back in 2005, sold to the public as something that ior Democrat on the House Budget President Trump, when he filed his tax provides middle-class tax relief, but Committee. At that time, the current returns, had to pay a tax in that year the Joint Committee on Taxation—the Speaker of the House, PAUL RYAN, was because of the alternative minimum pros, the nonpartisan experts here in the chairman of that committee, and tax. In fact, in that year it was $31 mil- Congress—tells us that plan is going to he talked all the time about the dan- lion. So let’s get rid of that provision. raise taxes on 21 million middle-class gers and risks of adding to our national That will help a lot of very wealthy families. debt. You know what. That is actually people escape any tax obligation—even One of the biggest sources of this in- an area in which we found some agree- as folks in the middle pay theirs. crease in taxes for middle-class fami- ment, because we shouldn’t have an

VerDate Sep 11 2014 02:57 Nov 16, 2017 Jkt 079060 PO 00000 Frm 00030 Fmt 0624 Sfmt 0634 E:\CR\FM\G15NO6.058 S15NOPT1 lotter on DSKBCFDHB2PROD with SENATE November 15, 2017 CONGRESSIONAL RECORD — SENATE S7255 ever-rising national debt. Yet this Re- standing rule XXII, that at 11:30 a.m. 150TH ANNIVERSARY OF THE publican tax plan is calculated to in- on Thursday, November 16, there be 30 SPENCER MAGNET crease the national debt by a whopping minutes of postcloture time remaining Mr. MCCONNELL. Mr. President, $1.5 trillion. on the Otting nomination, equally di- today I wish to celebrate an institution People cared about our national debt vided between the leaders or their des- in Spencer County marking 150 years of when that was used as a reason to pro- ignees, and that following the use or community journalism in Kentucky, pose cuts to Medicare and Medicaid yielding back of that time, the Senate the Spencer Magnet. Since the weekly and Social Security, but when it comes vote on the confirmation of the Otting newspaper began operations in 1867, it to financing tax breaks for foreign nomination; that if confirmed, the mo- has covered celebrations, tragedies, stockholders and big corporations, ap- tion to reconsider be considered made wars, elections, and so much more. parently that debt doesn’t matter. and laid upon the table and the Presi- Today the Spencer Magnet is the oldest I have a prediction to make. I have a dent be immediately notified of the continuously operated business in prediction that if this tax bill goes Senate’s action. I further ask consent Spencer County and reaches more than through and we blow up the national that following disposition of the Otting 4,000 homes each week. debt by $1.5 trillion, Speaker RYAN and nomination, the Senate vote on the Over the years, the paper has oper- everybody else who told us about the pending cloture motions on the ated under different names with dif- risks and dangers of a big national Coggins and Friedrich nominations in ferent owners. In 1925, the paper came debt—all of a sudden, they are going to the order filed, and that if cloture is in- under the ownership of Katie rediscover their commitment to reduc- voked, the postcloture time on the Beauchamp, and she changed its name ing the national debt. They forgot nominations run consecutively. from the Spencer Courier to its current about it when it came to financing big The PRESIDING OFFICER. Is there title. She justified the new name be- tax breaks, but you know what—gosh, objection? cause it matched her mission for the really, it is a big deal. And then they Without objection, it is so ordered. paper, to serve as a means to draw the are not going to talk about rolling f people of Spencer County together. back the tax breaks they just gave the EXECUTIVE CALENDAR For 150 years, the paper has done just big corporations; they are going to go that. The publication covered national Mr. MCCONNELL. Mr. President, I about cutting important investments— and international news, but the Spen- ask unanimous consent that the Sen- cutting Medicare, cutting Medicaid, cer Magnet’s focus on community jour- ate proceed to the en bloc consider- cutting education. nalism has endeared it to many of my Do you know why I am very con- ation of the following nominations: Ex- constituents in the area. ecutive Calendar Nos. 486 and 487. fident that we can predict that is what As the Spencer County community The PRESIDING OFFICER. Without is going to happen? Because our Repub- looks back on its history, it recognizes lican colleagues have told us. It is objection, it is so ordered. The clerk will report the nomina- great successes and painful challenges, right there in the budget. It is in their but the journalism from this newspaper budget that passed the Senate and tions en bloc. The senior assistant legislative clerk has been a constant presence in com- passed the House. Just open up those munity through it all. To properly budgets. There is almost a $500 billion read the nominations of Bobby L. Christine, of Georgia, to be United mark its sesquicentennial anniversary, cut to Medicare—$473 billion to be the Spencer Magnet is rededicating exact. There is a $1 trillion cut to Med- States Attorney for the Southern Dis- trict of Georgia for the term of four itself to its mission to draw the com- icaid in the Republican budget. There munity together. are big cuts to domestic investments, years; and David J. Freed, of Pennsyl- vania, to be United States Attorney for The population of Spencer County and that is the category of our budget continues to grow and change. Now, that funds education, modernizing our the Middle District of Pennsylvania for the term of four years. many residents work in Louisville and infrastructure, and medical research. It then come home to the rural Spencer is all right there in the Republican Thereupon, the Senate proceeded to consider the nominations en bloc. County to escape the city. Whatever budget. the future may bring, the Spencer Mag- I hope that the American public is Mr. MCCONNELL. Mr. President, I net stands ready to deliver the news to going to have a chance to focus on this. ask unanimous consent that the Sen- its readers. I understand why people are trying to ate vote on the nominations en bloc with no intervening action or debate; Kentucky is home to many commu- speed this through—speed it through nity newspapers, which have their fin- the House before Thanksgiving, speed that if confirmed, the motions to re- consider be considered made and laid ger on the pulse of their readers. Orga- it through the House and Senate before nizations like the Spencer Magnet are the end of the year—but people are be- upon the table en bloc; that the Presi- dent be immediately notified of the incredibly important for chronicling ginning to wake up to this. I can assure our past and for shaping the news of to- my colleagues that when they find out Senate’s action; that no further mo- tions be in order; and that any state- morrow. I am proud to help the Spen- exactly what is in this Republican cer Magnet celebrate this anniversary. plan, they are going to be very, very ments relating to the nominations be printed in the RECORD. I ask all of my colleagues to join me in angry because all those middle-class congratulating the Spencer Magnet on families who were sold a bill of goods, The PRESIDING OFFICER. Without objection, it is so ordered. many years of reporting. thinking they are going to get this big Mr. President, earlier this year, the tax cut—uh-uh. Millions of them are The question is, Will the Senate ad- vise and consent to the Christine and Spencer Magnet published an article going to see a tax increase to finance reflecting on its years of community tax breaks for big corporations and Freed nominations en bloc? The nominations were confirmed en reporting. I ask unanimous consent very wealthy Americans and will pay bloc. that excerpts of the article be printed for it by rising national debt and ulti- f in the RECORD. mately cuts to important health and There being no objection, the mate- retirement and security programs, as LEGISLATIVE SESSION rial was ordered to be printed in the well as education. RECORD, as follows: I hope people will turn back now. The [From the Spencer Magnet, March 29, 2017] way to do this is the way tax reform MORNING BUSINESS MARKING 150 YEARS OF THE SPENCER MAGNET was done in 1986—in a bipartisan, Mr. MCCONNELL. Mr. President, I transparent fashion. Let’s get back to ask unanimous consent that the Sen- (By John Shindlebower) doing this the right way. ate proceed to legislative session for a This community has been through a lot The PRESIDING OFFICER. The ma- over the past 150 years. We picked ourselves period of morning business, with Sen- up after a devastating Civil War that was es- jority leader. ators permitted to speak therein for up pecially brutal on a border state like Ken- ORDER OF PROCEDURE to 10 minutes each. tucky. We survived economic hardships in- Mr. MCCONNELL. Mr. President, I The PRESIDING OFFICER. Without cluding a great depression and a great reces- ask unanimous consent that notwith- objection, it is so ordered. sion and we saw our young men die in far off

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