E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 115 CONGRESS, SECOND SESSION

Vol. 164 WASHINGTON, TUESDAY, MARCH 6, 2018 No. 39 Senate The Senate met at 10 a.m. and was appoint the Honorable BEN SASSE, a Senator Since the day he arrived in this called to order by the Honorable BEN from the State of Nebraska, to perform the Chamber, THAD’s focus has been SASSE, a Senator from the State of Ne- duties of the Chair. squarely on serving the people of Mis- braska. ORRIN G. HATCH, sissippi with integrity. For nearly four President pro tempore. f decades, he has done exactly that, and Mr. SASSE thereupon assumed the he has earned the admiration and grat- PRAYER Chair as Acting President pro tempore. itude of countless friends and col- The Chaplain, Dr. Barry C. Black, of- f leagues along the way. fered the following prayer: Those of us here today are proud to RESERVATION OF LEADER TIME Let us pray. have had the privilege of working with O God, You are our refuge. Give us The ACTING PRESIDENT pro tem- Senator COCHRAN. His expertise as wisdom to live so we never disgrace pore. Under the previous order, the chairman of the Appropriations Com- Your Name. Provide our lawmakers leadership time is reserved. mittee will be sorely missed. So too with power and insight to accomplish f will be the collegiality, warmth, and Your will on Earth as they look to You grace that is so characteristic of the for help. Please become for them their CONCLUSION OF MORNING senior Senator from Mississippi. shade by day and defense by night. As BUSINESS But the Senate’s loss is THAD’s fam- they acknowledge that You alone are The ACTING PRESIDENT pro tem- ily’s gain. As we say our farewells over the source of their strength, surround pore. Morning business is closed. the next few weeks, I know all of our them with the shield of Your favor, and f colleagues will join me in wishing him direct their steps. every happiness in his next chapter. Lord, we also ask You to bring a spir- ECONOMIC GROWTH, REGULATORY Mr. President, on another matter, itual awakening to our Nation and RELIEF, AND CONSUMER PRO- the Senate will vote today to begin world, prompting people to experience TECTION ACT—MOTION TO PRO- consideration of S. 2155, the Economic the transformative power of Your CEED Growth, Regulatory Relief, and Con- mercy and grace. Arise, O God, and de- The ACTING PRESIDENT pro tem- sumer Protection Act. fend Your purposes in these grand and pore. Under the previous order, the This bill recognizes a simple truth: challenging times. Senate will resume consideration of Small community banks and Main We pray in Your great Name. Amen. the motion to proceed to S. 2155, which Street credit unions are not the same f the clerk will report. as the multitrillion-dollar banks on Wall Street. It is a simple enough ob- PLEDGE OF ALLEGIANCE The senior assistant legislative clerk read as follows: servation, I might add, but, at present, The Presiding Officer led the Pledge our laws fail to account for it. of Allegiance, as follows: Motion to proceed to Calendar No. 287, S. 2155, a bill to promote economic growth, pro- Since Washington imposed the Dodd- I pledge allegiance to the Flag of the vide tailored regulatory relief, and enhance Frank financial regulations back in United States of America, and to the Repub- consumer protections, and for other pur- 2010, small-scale lenders have been sub- lic for which it stands, one nation under God, poses. jected to a litany of new regulatory, indivisible, with liberty and justice for all. The ACTING PRESIDENT pro tem- compliance, and examiner demands f pore. Under the previous order, the that were designed with the country’s APPOINTMENT OF ACTING time until 11 a.m. will be equally di- largest banks in mind. Dodd-Frank’s PRESIDENT PRO TEMPORE vided between the two leaders or their enormous regulatory burden has been The PRESIDING OFFICER. The designees. inefficient and unhelpful for financial institutions of all sizes, but it has hit clerk will please read a communication RECOGNITION OF THE MAJORITY LEADER to the Senate from the President pro Main Street lenders especially hard. The majority leader is recognized. Many small banks have had to hire tempore (Mr. HATCH). RETIREMENT OF THAD COCHRAN additional staff and expend additional The senior assistant legislative clerk Mr. MCCONNELL. Mr. President, yes- resources solely to deal with the stag- read the following letter: terday, the Senate learned that its gering compliance burden. According U.S. SENATE, quiet persuader will be leaving us after to a survey conducted last year, com- PRESIDENT PRO TEMPORE, a long and distinguished career. Sen- Washington, DC, March 6, 2018. munity bank compliance costs have To the Senate: ator THAD COCHRAN’s retirement will risen to an average of 24 percent of net Under the provisions of rule I, paragraph 3, mark the end of a tenure defined by income. Let me say that again. Com- of the Standing Rules of the Senate, I hereby steady, honorable leadership. munity bank compliance costs have

∑ This ‘‘bullet’’ symbol identifies statements or insertions which are not spoken by a Member of the Senate on the floor.

S1343

.

VerDate Sep 11 2014 00:11 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00001 Fmt 4624 Sfmt 0634 E:\CR\FM\A06MR6.000 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1344 CONGRESSIONAL RECORD — SENATE March 6, 2018 risen to an average of 24 percent of net today’s expenses. Recent estimates months. I know the President and all income. suggest that two-thirds of Americans of us are concerned about manufac- This regulatory burden crowds out do not contribute to a 401(k). A lack of turing moving offshore because the the capital that is available to Amer- retirement savings can seem like an cost of doing business in some places ican families and small businesses, es- abstract concept for young workers, around the world is much lower than it pecially in rural communities. Accord- but for some senior citizens, it becomes is in the United States, but we should ing to researchers at the Harvard Ken- a harsh reality. While the poverty rate all be excited about the fact that nedy School, community banks provide for Americans under 65 has decreased 186,000 manufacturing jobs have been over 50 percent of all small business since 2015, it has increased among added in the last 12 months. loans and nearly 80 percent of agricul- those 65 and older. As I mentioned, consumer confidence tural loans. In Kentucky, for example, Tax reform is already helping remedy is now at its highest level since Novem- there are more than 100 community a part of the problem. Many companies ber 2000, and real disposable incomes banks and more than 20 credit unions. and small businesses alike have an- have seen their biggest gain since April Many of them are the only financial in- nounced plans to reinvest tax reform 2015. stitutions that are present in rural and savings in their employees’ retirement According to a National Federation underserved communities. accounts. Cigna is adding $30 million to of Independent Business survey, more But while Dodd-Frank supposedly its employee 401(k) program. Aflac is small businesses than ever now believe took aim at too big to fail, in the first doubling its 401(k) match for its 10,000 it is a good time to expand. This is a 4 years after it passed, the share of employees. In Kentucky, workers will very important part of the equation, U.S. deposits in small banks shrunk by benefit from increased or accelerated and I will say more about small busi- nearly a quarter. Deposits in small retirement contributions by major em- nesses in just a moment. banks shrunk by a quarter in the first ployers such as UPS, Brown-Forman, In Texas, where I am from, a survey 4 years of Dodd-Frank. That means less Anthem, and FedEx. of Houston businesses found that 2 out access to capital for young couples who As employers of all sizes continue of 3 companies there will increase hir- are looking to purchase their first following suit, more American families ing and wages, while nearly 9 out of 10 home, less credit for aspiring small will have more flexibility as they plan said they expected to see an increase in business owners who need help in turn- for the future. At the same time, of their revenue. The head economist of ing dreams into reality, and fewer op- course, lower tax rates are increasing the bank that conducted the survey tions for farmers and ranchers who are take-home pay, making it a little easi- didn’t waste any words, saying that hoping to expand. er to cover today’s expenses. More ‘‘something real is happening in the The bill before us this week will con- money in workers’ pockets for today economy.’’ I agree. The positive gains tinue to unwind the damage caused by and more money in their retirement from the Tax Cuts and Jobs Act are an administration and Democrat-run plans for tomorrow—all thanks to tax real and undeniable. Congress that kept its foot firmly on reform. Recently, my office heard from one of the brake of the American economy. I suggest the absence of a quorum. This is a modest but critical bill. By The ACTING PRESIDENT pro tem- my constituents by the name of Judy streamlining regulations, it will bring pore. The clerk will call the roll. Patton. Judy lives in Cleburne, TX, relief to the small financial institu- The senior assistant legislative clerk which is roughly an hour from Dallas, tions that have been hurt by Dodd- proceeded to call the roll. down U.S. Highway 67. Judy owns a Frank’s one-size-fits-all approach. Mr. CORNYN. Mr. President, I ask plumbing company called P&P. She In a certain respect, this bill is a per- unanimous consent that the order for said that her plumbing company will fect complement to tax reform—fur- the quorum call be rescinded. be giving both raises and bonuses to all ther expanding opportunities for Amer- The ACTING PRESIDENT pro tem- of its employees this year because of ican families, communities, and small pore. Without objection, it is so or- the Tax Cuts and Jobs Act, and she just businesses. It is the product of years of dered. wanted to let us know that she appre- work and a robust committee process. Mr. CORNYN. Mr. President, ever ciates what we are doing. It is also a truly bipartisan bill, co- since President Trump signed the Tax Well, all of us who have the honor of sponsored by an equal number of Re- Cuts and Jobs Act on December 22, we representing constituents here in the publicans and Democrats or Independ- have seen how one law can literally Senate hear from our constituents ents. Senators had and still have a transform the economic landscape from time to time, and they don’t al- wide diversity of views on Dodd-Frank, across the country. The New York ways give us an ‘‘attaboy’’ or words of but there is a widening agreement that Times has reported that there is a encouragement. Frequently they say we should not continue allowing this wave of optimism surging among job ‘‘Can’t you all do better’’ or ‘‘You have unintended consequence to wreak creators. done this, and I don’t like that much.’’ havoc on community banks and small Let me just footnote that the New So it is nice to hear from people like credit unions. I hope that soon we can York Times was certainly a skeptic as Judy the encouragement that she has turn that consensus into law. to what the impact of the Tax Cuts and given us for the Tax Cuts and Jobs Act. TAX REFORM Jobs Act would be, but they now report I can say, for my part, to Judy that we Mr. President, on one final matter, that a wave of optimism is surging are thrilled you decided to pay the sav- every day we hear more ways that tax among job creators. ings forward to other folks in the reform is immediately helping Amer- Since January 2017, 2.3 million jobs Cleburne area. Plumbers are a good ex- ican workers, job creators, and middle- have been added in the United States, ample of the untold stories on tax re- class families across our country, but and unemployment is at a 17-year low. form. this generational reform was not de- U.S. weekly jobless claims are at their Here in Washington, we are not al- signed to be a flash in the pan. We are lowest since 1969. Many people who ways conscious of the ripple effect—the already seeing ways it will continue to thought that stagnant growth and flat way in which the changes we have en- benefit hard-working Americans even wages were the new normal have been acted affect small businesses and indi- decades down the road. surprised—and maybe a better word is vidual lives. Judy reminds us of the Along with bonuses and wage in- ‘‘gratified’’—to see what the impact of positive impacts that are felt all over. creases, many of the 400-plus compa- this policy has been on their take- It is not just the big players, the For- nies that have announced enhanced home pay, on their confidence in their tune 500 companies with thousands of employee benefits are also signifi- future, and on investments and new employees and operations around the cantly expanding their contributions jobs. It is pretty exciting. In 2017, aver- world; it is small businesses like P&P to workers’ retirement savings ac- age unemployment rates decreased in in Cleburne, too, that are busy helping counts. 32 States according to the Bureau of out those small communities and mak- In recent years, tight budgets have Labor Statistics. ing lives better. Those examples are forced too many families to forgo in- Mr. President, 186,000 manufacturing just as important as those in the For- vesting for the future in order to cover jobs have been added over the last 12 tune 500.

VerDate Sep 11 2014 00:11 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00002 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.001 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1345 FIX NICS BILL and we have taken zero steps forward, opposition and have bipartisan support Mr. President, another issue I will even though the Fix NICS bill is now and they still don’t go anywhere. continue to be focused on concerns a cosponsored by 50 Senators on a bipar- The Dallas Morning News said the bill that I cosponsored with the junior tisan basis. The majority leader, a Re- bill ‘‘keeps deadly weapons away from Senator from Connecticut, Mr. MUR- publican, and the minority leader, a people already prohibited from owning PHY, called Fix NICS. The President, Democrat, are cosponsors of the bill. them.’’ The San Antonio Express News when we were over at the White House Senator MURPHY from Connecticut and calls Fix NICS a ‘‘relatively easy place last week, said: Well, maybe you need a Senator CORNYN from Texas—we are to start.’’ That would be wonderful if it better name for the bill. I had to ex- the principal cosponsors of the bill. We were true in the Senate. The Express plain that NICS was the National In- agree about very little in other areas of News calls the bill ‘‘narrow’’ and ‘‘nec- stant Criminal Background Check Sys- public policy, but we agree in this case essary.’’ tem and that we believed it was broken that this is simply too important of an I am not suggesting it is a panacea, and needed to be fixed; hence the name issue and that we really need to dem- but why don’t we want to take the first ‘‘Fix NICS.’’ But I take the President’s onstrate our competence and to try to step in the direction of passing legisla- point—maybe we ought to do a better regain the public’s confidence in our tion, which essentially enforces exist- job branding what it is we are selling ability to actually function in a way ing law and one that will save lives? here, and what we are selling is some- that will save lives in the future. If the shooter at Sutherland Springs thing vitally important that will save Well, unfortunately, much like the had run into the FBI background check lives. DACA debate, people want to make system in the Air Force, in that case, The Fix NICS bill will fix holes in the this bill a Christmas tree, trying to and they uploaded his felony convic- background check system that is uti- decorate it with other legislative orna- tion as well as his conviction for do- lized when firearms are purchased by ments that look nice to their political mestic violence, where he fractured the individuals in the United States. As we base but stand no chance of passing skull of his infant stepson—if they had know, when you go buy a gun at a gun this body or the House. I think we have uploaded that information into the store, there is a background check that to call that what it is—political pos- background check system, he would has to be conducted. That is current turing. It is not about getting a result. not have been able to legally purchase law. When federally licensed firearm It is not about passing a bill that will a firearm, but he did purchase those dealers like McBride’s Guns, Inc., in actually improve the background firearms, and he used them to walk Austin, TX, that I patronize—when you check system to prevent people like around a little Baptist Church in Suth- go in to buy a new shotgun to go bird the shooter at Sutherland Springs, for erland Springs one Sunday morning hunting or something like that, they example, from actually purchasing a when people were worshiping inside. He will run a background check. Of course firearm by lying on the background didn’t go inside at first. He shot they ask you to answer the questions, check. through the wall. It wasn’t a stone but the problem we discovered in Suth- Thankfully, Andrew Pollack sees all building. It wasn’t a brick building. It erland Springs is that not everybody is this with clear eyes. He has said to me was made out of wood. It was a simple performing their responsibility and and Senator RUBIO that we need to little Baptist Church in Sutherland uploading the information that would focus on what is achievable. He, him- Springs. People were gathered to wor- show that people who are purchasing self, is focused on school safety, and I ship, and 26 of them were gunned down. guns are lying on their background certainly support that. He walked into the church, after he check and are legally disqualified from I know my colleague Senator HATCH shot dozens of rounds through the purchasing those firearms. has introduced a bill that is bipartisan building, and he went inside and shot For many, the aftereffects of the and widely supported by all sides, them and killed them—26 people. There shooting last month at Stoneman which I support. were 20 more wounded. Fortunately, Douglas High School in Parkland, FL, Another reform that is achievable they did not die from their wounds. still resonate—I know that is true for today, if we were allowed to vote on it, I believe, with all my heart, that all of us—and the pain and frustration is Fix NICS—to fix our broken back- those 26 people would be alive today if aren’t going away. I always worry, ground check system. We should start we made sure our broken background though, after one of these events oc- with what is achievable and what will check system worked by enforcing cur- curs, that given the relentless carpet- actually save lives, and that describes rent law and passing a bill like Fix bombing of news and other information the Fix NICS bill. It will help prevent NICS. I believe that would have saved that we all sustain here in Washington, dangerous individuals with criminal their lives, and it would have stopped in the Nation’s Capital, it is too easy convictions and history of mental ill- the change that the 20 who were to begin to lose sight of our objective ness from buying firearms. This bill wounded are now going to experience to make things different and to im- could easily pass the Senate. It has al- as a result of their life-altering inju- prove outcomes when it comes to ter- ready passed the House. The President ries. rible events like this. Sometimes we would sign it, as he told me when he I told myself, at that time, I am not get distracted and we move on to other called me last Thursday night. He said going to come back to that small com- topics, but we can’t allow ourselves to he supports the Fix NICS bill. There munity and look those families in the do that. We have heard from Stoneman are other things he would like to do. face unless I have done everything hu- Douglas students themselves who are There are other suggestions people manly possible to change the outcome angry and deserve to be so. have made, but we need to do what is in the future. How can any of us, in Last week, the junior Senator from achievable, and we need to do that as good conscience, look our constituents Florida, Mr. RUBIO, and I met with An- soon as we possibly can. in the face, those who lose their loved drew Pollack, the father of a victim Several publications have endorsed ones to incidents like this—how can we who lost her life at Stoneman Douglas. the Fix NICS bill, saying it is a com- look them in the face, in good con- Mr. Pollack’s daughter isn’t coming monsense proposal that is a ‘‘test of science, and say we have done our back, sadly, but the least we can do is [Democrats’] sincerity.’’ Do our col- duty, when we failed to act where we to prevent others like her from losing leagues really want to work together could on an achievable bill, with no op- their lives in similar incidents in the to prevent further shootings at church- position and broad bipartisan support? future. es and schools? Voting on this bill The Waco Tribune says: ‘‘Second I wanted to tell Andrew that steps would be one way to do it. Amendment advocates who regularly have already been taken, and I wanted The New York Times calls Fix NICS stress the need to enforce existing gun to say: This will not happen again. a ‘‘rare piece of gun legislation that laws rather than forging new laws Your daughter and other future vic- has no meaningful opposition and that should welcome’’ the bill. This bill is tims have pushed us, finally, to change. has bipartisan support.’’ That is one of supported by the whole political spec- But I couldn’t do that, not with a the most maddening things about trum when it comes to guns and the straight face, and I still can’t. Here we working here in Washington, DC—when Second Amendment, from the NRA to are almost a week after the meeting there are bills that have no meaningful people who say, well, they really have

VerDate Sep 11 2014 00:11 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00003 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.003 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1346 CONGRESSIONAL RECORD — SENATE March 6, 2018 reservations about law-abiding citizens An analysis by Just Capital found that ies could be slower if you don’t pay up. owning guns even for their own defense 6 percent of the savings companies re- Public schools that don’t pay for pre- or for recreation or hunting purposes. ceived from the tax bill are going to mium service could be put at a signifi- The whole political spectrum agrees employees, while 58 percent are going cant disadvantage. In rural America, this is a commonsense, achievable bill, to shareholders in the form of divi- where there is less competition, ISPs and so do 49 colleagues in the Senate, dends, share buybacks, and retained will wield even greater power to raise both Republicans and Democrats. earnings. The problem is, buybacks the price on consumers without fear of I have said it before, but I am here to don’t really help workers or average losing business. say it again: Let’s pass Fix NICS now. Americans. They don’t really grow the An internet without net neutrality is Andrew Pollack and the rest of the Na- economy. In fact, the money corpora- a tale of two internets where the best tion are waiting for a sign that we are tions spend on buybacks crowds out in- internet goes to the highest bidder, serious about preventing wanton acts vestment in the things that do help those with the money, and everyone of violence that should not and cannot workers and help our economy—re- else loses. continue. search, development, new equipment, Democrats want to keep the internet I yield the floor. new hires, better pay for employees. free and open, like our highways, ac- I suggest the absence of a quorum. But those benefits are in the long term. cessible and affordable to all Ameri- The ACTING PRESIDENT pro tem- The corporate CEOs, the boards, the cans regardless of your ability to pay, pore. The clerk will call the roll. leaders of the corporations—the big where you live, or the size of your busi- The senior assistant legislative clerk ones—get an immediate benefit when ness, no slow lanes, no paying for inter- proceeded to call the roll. they buy back stock. The stock goes net packages, like cable, no one set of Mr. SCHUMER. Mr. President, I ask up, the shareholders are happy, but rules for big corporations and another unanimous consent that the order for workers and America get no benefit. for everyone else. Every American the quorum call be rescinded. What buybacks accomplish is the should be able to affordably and easily The ACTING PRESIDENT pro tem- funneling of even more money to cor- access the internet. That is what pore. Without objection, it is so or- porate executives and wealthy share- Democrats believe. dered. holders. Buybacks don’t help the Amer- I am glad Washington State has al- RECOGNITION OF THE MINORITY LEADER ican workers. They don’t grow the ready taken action to reinstitute net The Democratic leader is recognized. economy. By taking stock off the mar- neutrality, but we need to do it across the country. Democrats have put to- REPUBLICAN TAX BILL ket, corporations inflate the value of Mr. SCHUMER. Mr. President, when their stockholdings. gether a CRA that would undo the the Republican majority forced Who holds all this stock? Not average FCC’s decision and put net neutrality through a $1.5 trillion tax cut to big Americans. The richest 10 percent of back on the books. As you know, Mr. corporations and the richest Ameri- America owns 80 percent of the stock. President, we will be able to bring that cans, a big question was, What will That is including pension funds and ev- to the floor. Every Democrat has those companies do with the money? erything else. When corporations goose signed on, but only one Republican Roughly, $1 trillion of that $1.5 trillion their stock, those benefits go to a tiny has—SUSAN COLLINS. I say to the other was aimed at the biggest corporations. piece of the pie—the upper crust. 50 Republicans who are in this Cham- Republicans promised that corpora- (Mr. CRAPO assumed the Chair.) ber: Whose side are you on? Whose side tions would reinvest the savings from This is the legacy of the tax bill: fur- are you on—the big cable providers or the tax bill, stimulating jobs and eco- ther benefits to the wealthy, incentives the average consumer who depends on nomic growth. We Democrats warned to raise corporate pay and stocks, and the internet? This vote will determine that corporations would do what is no real help—minimal real help for that. I urge all Americans—particularly best for themselves, not necessarily workers. Just as Democrats predicted, our younger people—to contact their what is best for workers or the econ- the Republican bill has unleashed a Senators and demand that they sign up omy. There is often a dichotomy, as we tsunami of corporate backslapping, while working Americans get left be- to save the internet. have learned over the years. One final point. President Trump hind. It has been only a few months since campaigned as a populist, but what he the Republican tax cut was signed into NET NEUTRALITY and our Republican colleagues have law, and while a few corporations here Mr. President, now on an entirely dif- been doing over and over again—wheth- and there announced annual bonuses ferent matter, yesterday Washington er it is what they tried to do on with a whole lot of hoopla from the became the first State to institute its healthcare, whether it is the tax bill, President and the Republicans, we own net neutrality requirements after net neutrality, or anything else—they don’t hear a peep now that they have the Republican-led FCC voted to repeal want to help the wealthiest and the been announcing an avalanche of cor- net neutrality in December, helping most powerful. They are the ones who porate stock buybacks—an absolute bo- the big ISPs and hurting the average backed them and funded their cam- nanza for corporate leaders and for consumer. That is typical of what the paigns. That is wrong. That is not what wealthy shareholders. Over $200 billion Senate on the Republican side and America wants. in corporate buybacks have been an- what our President have been doing. The only good news I can see out of nounced since January, putting cor- Over half of the States have similar this is that Americans are realizing porations on pace to spend over $1 tril- legislation pending in their legisla- this. Over 70 percent of people believe lion this year buying back their own tures. The States are rightly concerned that Donald Trump favors the wealthy stock. about what the end of net neutrality over the middle class, despite how he This morning, the oil and gas giant may mean for their residents. campaigns and despite his occasional Chevron announced it expects to re- When the Republican-led FCC re- rhetoric and tweets. They are realizing start its share repurchasing program pealed net neutrality, they handed the that the Republican Party seems to since halting it in 2015. Why? Because large internet service providers—your favor them. It is just that the Demo- they just reaped $2 billion in savings cable company—all the cards. They crats, whether we had the Presidency from the Republican tax bill. Chevron said: Do what you will with the inter- or the majority in the House or the told the Houston Chronicle last week it net. ISPs could charge consumers more Senate, were able to block these things is planning no major changes or bene- for faster service or start segmenting until now. Now the wealthy and power- fits given to its workers. Let me repeat the internet into packages, forcing ful are getting far too much, and I be- that. Chevron is planning no major consumers to purchase faster times for lieve my Republican colleagues will benefits to its workers but huge stock their favorite websites. Big companies reap the whirlwind. buybacks. Is that what America wants? could pay to get faster internet service, I yield the floor. No, but that is what is happening, as while startups, small businesses, and The ACTING PRESIDENT pro tem- we predicted, with this tax bill. average Americans are left in the slow pore. The Senator from Idaho. The Chevron example is not alone, lane. High-demand websites that offer Mr. CRAPO. Mr. President, I rise unfortunately, my fellow Americans. streaming television, sports, and mov- today to discuss S. 2155, the Economic

VerDate Sep 11 2014 00:11 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00004 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.004 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1347 Growth, Regulatory Relief, and Con- The passage of this legislation holds a less regular stress test, will mean sumer Protection Act, and to urge my real promise for local economies across many of the larger banks simply will colleagues to support its passage. America, and I encourage all of my col- not be under the intense examination In just a few minutes, we will have leagues to support its passage. that we have done in the past. What the first vote to vote on cloture to Mr. President, I suggest the absence does that mean? What that means is bring this bill to the floor, cloture on of a quorum. those banks are more likely to jeop- the motion to proceed—a very critical The ACTING PRESIDENT pro tem- ardize the safety and soundness of the vote. Again, I encourage all of my col- pore. The clerk will call the roll. banking system. Again, we know what leagues to support bringing this bill The senior assistant legislative clerk happened 10 years ago when we had to forward to the floor for a full debate proceeded to call the roll. bail them out. and vote. Mr. BROWN. Mr. President, I ask There is a Washington Post article First, let me thank each of the co- unanimous consent that the order for that came out today. The headline is sponsors of this bill, including the the quorum call be rescinded. ‘‘Senate banking bill likely to boost many members of the Banking Com- The ACTING PRESIDENT pro tem- chances of bank bailouts, CBO says.’’ mittee, for their interest and involve- pore. Without objection, it is so or- The CBO says that the Senate banking ment in the many discussions, hear- dered. bill is likely to boost chances of bank ings, personal negotiations, and con- Mr. BROWN. Mr. President, I would bailouts. Why would we do that when versations we have had to get to this like to have been here today to offer banks are doing very well? Banks of all point. Originally introduced by 10 Re- strong bipartisan support for a bill sizes are very profitable these days. We publicans and 10 Democrats, this pack- that would help with rules and regula- just did a tax bill that gives the largest age of commonsense reforms now has tions for the smallest banks and credit banks—the financial services industry 26 Senate cosponsors, including 16 unions in the country. There is a real overall but especially the Wall Street members of the Banking Committee. effort on the part of a lot of us to come banks—huge tax breaks. So we are Community banks and credit unions to an agreement particularly aimed at going to pass a bill that the Congres- across the country have long struggled those banks, the community banks and sional Budget Office—a neutral scorer to keep up with ever-increasing regu- the regional banks. I have three. Sen- here, the referee—the Congressional latory compliance and examiner de- ator PORTMAN’s and my State is the Budget Office says that this will cost mands coming out of Washington. In only State in the country that has taxpayers $671 million, and it will in- local economies, this places a strain on three regional banks, the banks that crease the chances of a bailout. Why small businesses looking to open or to have $50 billion, $100 billion, $150 bil- would we pass a bill to give the banks grow. lion—Huntington, KeyCorp, and Fifth breaks and then give them $671 million In fact, when the Dodd-Frank legisla- Third. of taxpayer dollars? I just don’t under- tion was initially proposed and we were Unfortunately, this bill started off stand why we as a Senate would want debating it on the floor of this Senate, that way, but it has become something to do such a thing. I held a news conference in Idaho, on else, and the something else is that Nobody in Ohio, except for some Main Street in one of our cities. I said this bill seems to me and many others bank executives, are clamoring for this that this bill was not targeted at Wall to be more concerned with the largest bill. Nobody is saying: Oh, we have to Street, as it was being marketed; in- banks and Wall Street than it does deregulate the banks. We have to help stead, it was being targeted at Main with community banks. the biggest banks. We have to help Street—our small financial institu- There are lots of things that can these banks that drove us into the tions and communities. That has come out of this bill. The bill gives reg- ditch 10 years ago. It simply doesn’t turned out to be exactly the case. ulators way too much flexibility—regu- make sense. Since the passage of Dodd-Frank, our lators such as Mulvaney, Otting, I ask for a ‘‘no’’ vote on the motion big banks have profited wonderfully, Quarles, and others. It vests more to proceed. but our small banks, our small finan- power in FSOC—something that the CLOTURE MOTION cial institutions—credit unions and Republicans didn’t want to do until The PRESIDING OFFICER (Mr. KEN- community banks—have suffered ter- they got regulators like Mnuchin, NEDY). ribly. Mulvaney, and people like that who are Pursuant to rule XXII, the Chair lays S. 2155 is aimed at right-sizing the before the Senate the pending cloture regulation for financial institutions, much more likely to side with Wall Street. The White House is increas- motion, which the clerk will state. primarily community banks and credit The senior assistant legislative clerk ingly looking like a retreat for Wall unions, which makes it easier for con- read as follows: Street executives, and these are the sumers to get mortgages or obtain CLOTURE MOTION people who are going to be doing the credit. It also increases important con- We, the undersigned Senators, in accord- sumer protections for veterans, senior regulation of this bill. ance with the provisions of rule XXII of the citizens, victims of fraud, and those Republicans and Democrats alike Standing Rules of the Senate, do hereby who fall on tough financial times. who believe in the need for regulation move to bring to a close debate on the mo- Congress has held numerous hearings are concerned about this bill or are op- tion to proceed to Calendar No. 287, S. 2155, in prior years exploring many of these posed to this bill, people like Dan a bill to promote economic growth, provide issues, and the product before us today Tarullo, who used to be a member of tailored regulatory relief, and enhance con- the Board of Governors at the Federal sumer protections, and for other purposes. is the result of a years-long process and Mitch McConnell, Ben Sasse, John Cor- careful vetting. Reserve in charge of regulation; Paul Volcker, a Federal Reserve Chair who nyn, Pat Roberts, Jerry Moran, John This bill has received widespread sup- Kennedy, David Perdue, Tim Scott, port from commentators, regulators, was selected by a Republican and a Thom Tillis, Dean Heller, Mike Crapo, businesses, and institutions rep- Democratic President; Sarah Bloom James E. Risch, Roger F. Wicker, resenting millions of hard-working Raskin; Gary Gensler; Tom Hoenig, a James M. Inhofe, Tom Cotton, Richard Americans and consumers, including Republican; Sheila Bair, President Burr, Lindsey Graham. over 10,000 community bankers, more Bush’s nominee at the FDIC; Phil The PRESIDING OFFICER. By unan- than 100 million credit union consumer Angelides, who did a good analysis of imous consent, the mandatory quorum members, and thousands of small busi- what actually happened 10 years ago call has been waived. ness owners and entrepreneurs, among when Wall Street almost collapsed our The question is, Is it the sense of the others. economy. Senate that debate on the motion to The reforms in this bipartisan bill This body seems to have experienced proceed to S. 2155, a bill to promote help tailor the current regulatory land- sort of a collective amnesia. Take a economic growth, provide tailored reg- scape, while ensuring safety and sound- look at what happened to the economy ulatory relief, and enhance consumer ness and relieving the burden on Amer- 10 years ago, and today we are giving protections, and for other purposes, ican businesses that are unfairly being relief to many of the largest banks in shall be brought to a close? treated like the largest companies in this country, relief that these things The yeas and nays are mandatory our economy. on the stress test—a weaker stress test, under the rule.

VerDate Sep 11 2014 05:00 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00005 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.006 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1348 CONGRESSIONAL RECORD — SENATE March 6, 2018 The clerk will call the roll. Mr. DURBIN. I announce that the Sen- Acknowledging the damage Dodd- The senior assistant legislative clerk ator from California (Mrs. FEINSTEIN) Frank has wrought for our local econo- called the roll. is necessarily absent. mies is long overdue, and it is high Mr. CORNYN. The following Senator The result was announced—yeas 98, time we did something about it. is necessarily absent: the Senator from nays 0, as follows: In my State of Louisiana, out-of-con- Arizona (Mr. MCCAIN). [Rollcall Vote No. 49 Ex.] trol compliance costs have led to banks The PRESIDING OFFICER. Are there YEAS—98 boarding up their windows. That any other Senators in the Chamber de- means, at this point in time, in at least Alexander Gardner Nelson siring to vote? Baldwin Gillibrand Paul 15 communities in my State, folks do The yeas and nays resulted—yeas 67, Barrasso Graham Perdue not have access to a bank or to a credit nays 32, as follows: Bennet Grassley Peters union. For Louisianians living in these [Rollcall Vote No. 48 Leg.] Blumenthal Harris Portman Blunt Hassan banking deserts, getting a check or a YEAS—67 Reed Booker Hatch Risch savings account may be little more Alexander Gardner Paul Boozman Heinrich Roberts than a pipedream. Barrasso Graham Perdue Brown Heitkamp Rounds I am not suggesting to you that ev- Burr Heller Bennet Grassley Peters Rubio erything in Dodd-Frank was misguided. Blunt Hassan Portman Cantwell Hirono Sanders Capito Hoeven Boozman Hatch Risch Sasse I think we had a handful of institutions Cardin Inhofe Burr Heitkamp Roberts Schatz that precipitated, in part, the melt- Carper Isakson Capito Heller Rounds Schumer Casey Johnson down in 2008, and Dodd-Frank regulates Carper Hoeven Rubio Scott Cassidy Inhofe Cassidy Jones those institutions, but not every finan- Sasse Shaheen Cochran Isakson Cochran Kaine cial institution, particularly a commu- Scott Shelby Collins Johnson Collins Kennedy Shaheen Smith nity bank and a small credit union, Coons Jones Coons King Stabenow Corker Kaine Shelby Corker Klobuchar should be lumped in with the larger fi- Sullivan Cornyn Kennedy Stabenow Cornyn Lankford nancial institutions. Tester Cotton King Sullivan Cortez Masto Leahy To return to my point, even the ordi- Thune Crapo Lankford Tester Cotton Lee nary act of cashing a paycheck—some- Cruz Lee Thune Crapo Manchin Tillis Daines Manchin Tillis Cruz Markey Toomey thing that goes sight unseen for most Donnelly McCaskill Toomey Daines McCaskill Udall Americans—is next to impossible with- Enzi McConnell Warner Donnelly McConnell Van Hollen out paying high fees at the convenience Warner Ernst Moran Wicker Duckworth Menendez store, a pawn shop, or a payday lender. Fischer Murkowski Young Durbin Merkley Warren Flake Nelson Enzi Moran Whitehouse Because of the shrinkage in the bank- Ernst Murkowski Wicker ing community in Louisiana, every NAYS—32 Fischer Murphy Wyden day, ordinary Louisianians are being Flake Murray Young Baldwin Gillibrand Reed told to participate in the economy, Blumenthal Harris Sanders NOT VOTING—2 Booker Heinrich Schatz manage their finances, save for their Brown Hirono Schumer Feinstein McCain kids’ future, and plan for their retire- Cantwell Klobuchar Smith ments when, thanks to Dodd-Frank Cardin Leahy The nomination was confirmed. Udall and its overregulation of medium-sized Casey Markey Van Hollen The PRESIDING OFFICER (Mr. Cortez Masto Menendez Warren CRUZ). Under the previous order, the and community banks and credit Duckworth Merkley Whitehouse motion to reconsider is considered unions, too many Louisianians don’t Durbin Murphy Wyden Feinstein Murray made and laid upon the table and the even have a bank branch in their com- President will be immediately notified munity. NOT VOTING—1 of the Senate’s action. I think it is time to swing the pen- McCain dulum back toward simple, sensible f The PRESIDING OFFICER. On this regulations. We have legislation that vote, the yeas are 67, the nays are 32. LEGISLATIVE SESSION will be on the floor this week in the Three-fifths of the Senators duly cho- Senate that will do that. It is called sen and sworn having voted in the af- the Economic Growth, Regulatory Re- ECONOMIC GROWTH, REGULATORY firmative, the motion is agreed to. lief, and Consumer Protection Act. I RELIEF, AND CONSUMER PRO- call it the Dodd-Frank fix bill or the f TECTION ACT—MOTION TO PRO- Dodd-Frank reform bill. It doesn’t de- EXECUTIVE SESSION CEED—Continued stroy Dodd-Frank. It doesn’t eliminate The PRESIDING OFFICER. Under it entirely. It just brings some common EXECUTIVE CALENDAR the previous order, the Senate will re- sense to the legislation. I think it is a sume legislative session and consider- vital step in the right direction. Dodd- The PRESIDING OFFICER. Under ation of the motion to proceed to S. Frank, to some extent, particularly for the previous order, the Senate will pro- 2155. medium-sized and smaller financial in- ceed to executive session and resume The Senator from Louisiana. stitutions, was like using a sledge- consideration of the following nomina- Mr. KENNEDY. Mr. President, some- hammer to kill a gnat. All our reform tion, which the clerk will report. times—not always—but sometimes The legislative clerk read the nomi- bill does is suggest that we ought to Congress operates under the principle nation of Terry A. Doughty, of Lou- try using a flyswatter instead of a that anything worth doing is worth isiana, to be United States District sledgehammer. overdoing, and that, to some extent, is Judge for the Western District of Lou- The changes made in our bill will not what happened with Dodd-Frank. isiana. mean the banks that are given relief The PRESIDING OFFICER. The It has been almost 8 years since will go unregulated—far from it. They question is, Will the Senate advise and Dodd-Frank took effect, and in that will still be heavily regulated. They consent to the Doughty nomination? time, well over 1,700 community banks just will not be overly regulated as a Mr. HELLER. I ask for the yeas and have consolidated, merged, or shut result of the Dodd-Frank bill. nays. their doors forever. We are going back- Everybody in America knows that The PRESIDING OFFICER. Is there a ward. That is an average of one every 3 community banks and credit unions, sufficient second? days. which I refer to as relationship bank- There appears to be a sufficient sec- I was reading this morning that in ers, played no role—none, zero, zilch— ond. the last 3 years, only 13 new banks in the 2008 financial crisis. When The clerk will call the roll. have been formed in America. That is former Chair of the Federal Reserve The legislative clerk called the roll. not 13 per year, that is 13 total. Before Yellen testified during her term in of- Mr. CORNYN. The following Senator is Dodd-Frank, we averaged about 100 a fice before the Banking Committee, I necessarily absent: the Senator from year. Across America, banks of all sizes asked her point-blank: Chairwoman Arizona (Mr. MCCAIN). have closed more than 10,000 branches. Yellen, what did the community banks

VerDate Sep 11 2014 00:11 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00006 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.009 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1349 do wrong to contribute to the economic reform legislation to protect con- ployees And Surrounding Commu- meltdown in 2008, and she responded: sumers. Americans shouldn’t have to nities.’’ Nothing. spend months fighting to correct inac- ‘‘Largest Health Insurer in New Jer- The businesses of these small institu- curate information on their credit re- sey Says It Will Use Tax Refunds for tions revolve around lending. I am port when they didn’t consent to have Members.’’ talking about community banks and it collected in the first place. They ‘‘Tax reform payday: Kid’s clothing credit unions. They lend to farms, shouldn’t be penalized because a credit giant Carter’s giving bonuses, boosting mom-and-pop businesses, and home- reporting agency, such as Equifax, retirement funds.’’ owners. They are not hedge fund man- can’t keep their data safe. ‘‘Tax reform positive for farmers, agers. They are not playing the mar- Our proposal would require that the ranchers.’’ gins. Yet the small banks are the ones Big Three credit reporting agencies ‘‘Express scripts giving employee bo- that are suffocating under the weight work together to create an online por- nuses averaging $1,200 following impact of Dodd-Frank’s 20,000 pages of regula- tal that gives consumers access to from tax law.’’ tions. Let me say that again. Dodd- their credit reports and their credit ‘‘Franklin Savings Bank to Give Em- Frank is about a 900-page bill, and it scores. This website would allow folks ployees $1,000 Bonus; Cites New Tax has 20,000 pages of regulations. to see what information has been col- Reform.’’ Ultimately, our communities pay the lected about them, see who has viewed ‘‘Sprouts plans to invest tax reform price for the costs that have been im- their credit report and why, and opt savings in employee programs.’’ posed upon small- and medium-sized out of having their information pack- ‘‘First Horizon announces minimum banks to comply with Dodd-Frank, aged and sold to third parties. It would pay level increase.’’ when these banks did nothing wrong in make it simple for people to dispute in- ‘‘NC Blue Cross: Tax cut will hold 2008. accuracies on their credit reports. In down rate increases, workers to get Studies show that when a bank short, it would give consumers control $1,000 bonuses.’’ branch shuts its doors, on average, the over their financial information once ‘‘Hormel to give employees stock number of small business loans made in again. shares, increase wages.’’ that community falls by 3 percent, and I respectfully urge my colleagues in I could keep reading. These are all that has certainly been the case in the Senate to support this necessary headlines—headlines from the past 2 Louisiana. The experts say the neigh- amendment. weeks that have come from news orga- borhoods can take more than 8 years to To conclude, the Economic Growth, nizations around the country, high- recover. You multiply that by 10,000 Regulatory Relief, and Consumer Pro- lighting the ways in which tax reform branches that have closed across this tection Act—the Dodd-Frank reform is benefiting American workers. country, and the figure is breath- bill that I have been talking about— Businesses large and small are seeing taking. It doesn’t take an economist to will help promote stability in our fi- the benefits of tax reform, and they are see that the ultimate cost of Dodd- nancial markets. It will protect Amer- passing them on. More than 400 compa- Frank on our communities in Lou- ican consumers, and it will give breath- nies, and counting, have announced isiana, in Texas, and elsewhere has ing room to some of our smaller banks good news for American workers, from been job losses and economic decline. and to our credit unions. It will ensure wage increases to increased retirement Fortunately, I think we can start to that consumers and small businesses benefits. Utility companies in at least see a light at the end of the tunnel—at continue to have access to mortgage 39 States are passing tax savings on to least if our Dodd-Frank reform bill credit and to capital. I respectfully consumers. passes. Dodd-Frank, as you know, said submit that it will help ensure that our CNBC reports that small business that all banks are created with equal relationship bankers—95 percent of the confidence has hit a record high in 2018, risks and should be subject to the same bankers in America, the ones on whose driven by small business owners’ opti- regulations. From the largest bank to back this country was built—can afford mism about the new tax law. In other the smallest bank, they all create to keep their doors open and continue words, tax reform is working exactly equal risk for the American financial lending to the middle-class drivers of the way it was supposed to. It is put- system, and they should be subject to our economy. ting more money into Americans’ the same regulations. Whoever came up Thank you. pockets and giving them access to new with that rule must have parachuted in I suggest the absence of a quorum. jobs, higher wages, and increased op- from another planet. The PRESIDING OFFICER. The portunity. I am cosponsoring the Dodd-Frank clerk will call the roll. I don’t need to tell anyone that reform bill because I believe an inter- The bill clerk proceeded to call the Americans had a tough time during the national bank—and I think common roll. last administration or that our econ- Mr. THUNE. Mr. President, I ask sense tells us this—with $50 billion in omy had stagnated. All you have to do unanimous consent that the order for assets poses a different risk to our is look at the numbers. A chief priority the quorum call be rescinded. economy than a community bank in of the Republican majority of this Con- The PRESIDING OFFICER. Without Bossier City with 30 employees. The gress has been turning things around objection, it is so ordered. Dodd-Frank reform bill acknowledges Mr. THUNE. Mr. President, I ask for American families, and that is why that banks come in all different shapes unanimous consent to speak for up to 7 we took up tax reform. The Tax Code might not be the first and sizes and purposes, and it treats minutes. them accordingly. The PRESIDING OFFICER. Without thing people think of when they think We have had 8 years under Dodd- objection, it is so ordered. of economic prosperity, but it actually Frank to see what this level of govern- plays a key role in determining the TAX REFORM ment regulation means for our econ- Mr. THUNE. Mr. President, the success of individual families and of omy, and it is time to find some bal- steady stream of good news for Amer- our economy as a whole. ance. Dodd-Frank’s purpose was to pre- ican workers continues. Just take a The more money the Federal Govern- vent another financial crisis. Yet, in look at the headlines: ment takes from you in taxes, the less practice, banks across this country are ‘‘Craft brewers putting tax savings money you have to save or pay bills or now able to offer fewer products, fewer toward expansions and new jobs.’’ That buy a house or repair your car. The services, and fewer loans at much, is one headline. more money a business has to give to much higher prices as a result of over- ‘‘Grocery chain investing in employ- the Federal Government, the less regulation by Dodd-Frank. If we want ees and brand after tax reform.’’ money it has to grow the business and to get our economy back on track for ‘‘Quad/Graphics to give $22 million in invest in its workers. If businesses are working and middle-class Americans, stock to employees.’’ struggling to grow and succeed, that is it has to stop. ‘‘Entergy Arkansas files plan to pass a big problem for American workers. I have been working closely with my corporate tax cuts to customers.’’ In order for American workers to colleague Senator SCHATZ on a bipar- ‘‘Taco John’s International Inc. thrive, American businesses have to tisan amendment to our Dodd-Frank Shares Tax Reform Benefits With Em- thrive. It is pretty hard for a small

VerDate Sep 11 2014 01:09 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00007 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.011 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1350 CONGRESSIONAL RECORD — SENATE March 6, 2018 business to hire a new worker or to ECONOMIC GROWTH, REGULATORY the middle class was being looted— raise wages if the owner can barely pay RELIEF, AND CONSUMER PRO- those people, thank you very much, the tax bill. TECTION ACT—MOTION TO PRO- weathered the crisis just fine. No one It is unlikely that an American com- CEED—Continued with a cable show had their home fore- pany is going to have a lot of spare The PRESIDING OFFICER. The Sen- closed on. Nobody on Wall Street who cash for investing in its workforce if it ator from Ohio. tanked the economy went to jail. In is struggling to compete with foreign Mr. BROWN. Mr. President, 10 years fact, many of these same people now companies that are paying far less in ago almost to the day, this country have fancy jobs in fancy buildings and taxes. And it is unlikely that Amer- was on the verge of a financial crisis dress in fancy clothes and have fancy ica’s global companies are going to that would wreck the lives of millions titles and work on Wall Street and in focus on reinvesting in the United of families. The experts—let’s say the the White House. But in ZIP Codes like States if they face a tax penalty for so-called experts—had their heads in 44105, in Slavic Village and Cleveland, bringing foreign earnings back home. the sand. They shrugged off the warn- OH, and places like it across the coun- When it came time to draft a tax re- ings. They told the public everything try, parents were sitting down at form bill, Republicans knew that the was fine. kitchen tables to have painful con- bill had to do two things. First, it had Jim Cramer was telling hard-working versations with their children. Think about what this means. You to lower the tax burden on American Americans to invest their money in lose your job, or you can’t keep up families and put more money in Ameri- Bear Stearns. Maybe younger Members with your mortgage payment. The hus- cans’ pockets right away, and it had to of the Senate don’t really remember band, the wife, two teenage children. create the kind of economy that would what Bear Stearns was. Jim Cramer You have a family pet, a dog. You real- give American families access to secu- said: ‘‘I’m not giving up on the thing.’’ ize you are falling further and further rity and prosperity for the long term. Bank of America was putting the fin- ishing touches on its plan to buy the behind. You are still working and you To achieve the first goal, we lowered subprime lender Countrywide, which are still trying, but things aren’t going tax rates across the board for Amer- they called ‘‘the best domestic mort- well. The first thing you do—your dog ican families. We nearly doubled the gage platform.’’ has to go to the vet. You can’t pay for standard deduction, and we doubled the Hank Paulson, the last Treasury Sec- that. You simply don’t have the child tax credit. retary who got plucked from Goldman money. You take the dog to the shel- To meet the second goal, we lowered Sachs—we have had at least one ter. You do what a lot of families in our Nation’s massive corporate tax since—downplayed homeowners’ pain. Cleveland unfortunately do; you just rate, which, until January 1, was the He said: ‘‘You know, the stock market try to give your dog away or do some- highest corporate tax rate in the devel- goes up and down every day more than thing. oped world. We lowered tax rates the entire value of the subprime mort- You then face your children. You say across the board for owners of small gages in the country.’’ to your children: We are going to lose and medium-sized businesses, farms, Meanwhile, advocates in commu- our home. We are going to have to and ranches. We expanded the ability nities—the people who were actually move. We don’t know where we are of business owners to recover invest- dealing with the consequences of the going to move yet. We don’t know ments they make in their businesses, crisis—were sounding the alarm. The which school district. We don’t know which will free up cash so that they fair lending group Greenlining began where your friends will be because we can reinvest in their operations and meeting with Federal Reserve Chair- are going to have to move. their workers. We brought the U.S. man Alan Greenspan at least once a I don’t think people around here real- international tax system into the 21st year, starting in 1999—1999—to warn ly think much about what foreclosures century by replacing our outdated about predatory mortgage lending. At- mean to families. Remember what I worldwide system with a modernized torneys general from across the coun- said—5,900 foreclosures in Cuyahoga territorial tax system so that Amer- try started to caution about troubling County in 2000 and 15,000 by 2007. Hun- ican businesses are not operating at a trends. dreds of those were in ZIP Code 44105. disadvantage next to their foreign In Cleveland, which is in the Pre- Think what that does to those families. counterparts. It is working. siding Officer’s home State, we saw My colleagues, when we vote today and In less than 3 months, we have seen home prices climb 66 percent in 10 tomorrow and Thursday on whether we lower tax burdens for American fami- years, with the housing market juiced are going to pass this giveaway bill to lies, pay increases, bonuses, new jobs, by ‘‘flipping on mega-steroids,’’ accord- Wall Street, just think about that. increased investment in the American ing to a government panel that inves- The CEOs and the boards at the economy, better employee benefits, tigated the crisis. City officials in banks and people in Washington who and other kinds of benefits, such as Cleveland began to hear reports that are supposed to be watching failed lower utility bills. All of that means predatory home refinances were being these Americans. That is why Con- more money in Americans’ pockets. It pushed on buyers regardless of whether gress, including some Republicans, did means more money to put toward a they could afford to repay the loans. something about it 10 years ago, some- child’s education, more money to save Those refinances mean fees to bankers. thing to stop this from ever happening for a house or a car, and more money Foreclosures began to shoot up in again. We passed a law. We created im- to save for retirement. Cuyahoga County—5,900 foreclosure fil- portant protections for the financial ings in 2000, and by 2007, 15,000. My wife system, for taxpayers, for homeowners. Tax reform is accomplishing our goal and I live in ZIP Code 44105, which in- We held banks and watchdogs account- of making life better for American cludes Slavic Village in Cleveland, OH. able to prevent another crisis. families, and the benefits have just In the first half of 2007, that ZIP Code Fundamentally, we did it right a dec- begun. had more foreclosures than any ZIP ade ago, but Wall Street never gives up I yield the floor. Code in the United States of America. that easily. They didn’t like that bill. The city of Cleveland went to the Fed They opposed that bill—most of them. f and asked it to use its authority to re- Big bank lobbyists, the same ones who strain subprime lending. The Fed did were so sure the 2000s crisis wasn’t RECESS nothing. The people in charge in Wash- going to happen, those who flippantly ington were too certain, too detached, said that things are all right—remem- The PRESIDING OFFICER. Under and perhaps too comfortable to listen ber what Hank Paulson said. Hank the previous order, the Senate stands to the warnings from Ohioans and from Paulson, the Bush Secretary of the in recess until 2:15 p.m. people across the country. Treasury, said: You know, the stock Thereupon, the Senate, at 12:43 p.m., We saw what happened. All of these market goes up and down every day recessed until 2:15 p.m. and reassem- people who had the hubris to say that more than the entire value of subprime bled when called to order by the Pre- the economy could keep growing and mortgages in the country. Well, Hank siding Officer (Mr. PORTMAN). keep growing and keep growing while Paulson didn’t pay much of a price.

VerDate Sep 11 2014 01:09 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00008 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.013 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1351 None of the regulators paid much of a their offices and making calls and but then they get $671 million extra price. doing all that. from taxpayers. So, again, thank you Ten years ago, we did it right. As I The Vice President of the United very much, taxpayers, for taking care said, the big banks never gave up. Big States came to this Senate Chamber to of the banks. So we are going to weak- bank lobbyists went to work. break a tie, to cast a tie-breaking vote en the rules, and we will pay Wall Get this: The day the President to vote against hard-working American Street for the privilege of doing it. signed the Dodd-Frank bill imple- families. Instead of protecting these This bill weakens stress tests for all menting these safety rules and regula- families, the Vice President and his al- large banks, even Wall Street tions—implementing the consumer lies in the Senate—they voted for Wells megabanks that are designated as glob- protections, making sure that the gov- Fargo, they voted for Equifax, they al, systemically important banks—like ernment was actually on the side of voted for Citigroup. The rule is gone. JPMorgan Chase, $2.5 trillion in assets. consumers and people paying their That rule to ensure that consumers Now, 2.5 trillion is 2,500 billion, and a mortgage and homeowners—the same have their day in court if their bank billion is a thousand million. So $2.5 day President Obama put his ‘‘Barack cheated them, that rule is gone, piece trillion—that is hard to calculate, but Obama’’ signature on the Dodd-Frank by piece by piece. that is a lot of money. So JPMorgan law, the top financial services lobbyists The watchdogs who are supposed to Chase gets a break. They get their $2.5 in Washington said: Now it is half be protecting Main Street all come to trillion in assets. Bank of America gets time. In other words, we may have lost their jobs fresh from—surprise—Wall a break. They get $2.3 trillion in assets. the first half. They passed this bill. We Street and K Street. The President’s Wells Fargo, which can’t stay out of didn’t want it, but don’t worry about Cabinet looks like an executive retreat trouble—every week there seems to be us in the second half. for Wall Street bankers. They have re- something new—$1.9 trillion in assets. To these people, the economy is a leased blueprint after blueprint on how Citibank, $1.9 trillion in assets. These game. They can’t tell the difference be- to dismantle all the rules put in place banks—and the Wall Street Journal, tween putting millions of Americans’ after the crisis, and they are putting hardly a paper hostile to business or a lives and homes and savings at risk and their people in place to do it. They just bank that is really always close to a game of pickup basketball. rammed through Congress a bill to give Wall Street. Wall Street Journal head- Piece by piece, Wall Street has gone Wall Street an enormous tax break line this morning: ‘‘[Wall Street] to the agencies, they have gone to the that will cost American families $1.5 Banks Get a Big Win in Senate Roll- courts, they have gone to Congress to trillion, but it gives big bank CEO’s a back Bill.’’ dismantle the consumer protections we huge raise. So don’t let my colleagues—don’t let put in place. The drumbeat is constant. That is 10,000 times more than what anybody who supports this bill—tell It is ongoing. It has been happening for we spend at HUD every year to protect you this is all for the community 10 years. They always want a new ex- kids from toxic levels. Back to ZIP banks. The community banks get some emption, they always want a weaker Code 44105, the health department of things in this bill. I would love to sup- standard, they always want a new tax the city of Cleveland told me almost port the community banks and make break, and do you know what? They all those homes built before World War this a bill about community banks, can always find a whole lot of Senators II, 99 percent of them have levels of about credit unions, even about the re- and House Members who will write a toxic lead that will make children gional banks like the ones in my State letter to the Federal Reserve, who will sick—99 percent of those homes. Yet we that generally do the right thing—Hun- make a call to the Office of Consumer can do this big tax cut and not take tington and Fifth Third and KeyBank. Counsel, who will go at it and will at- care of those families. But this bill, this is the Wall Street tack in public the Consumer Bureau. Not long ago, another bank lobbyist Journal: ‘‘Big Banks Get a Big Win in They can always find Members in this told us their plan: We don’t want a seat Senate Rollback Bill.’’ body who are fueled by lots of Wall at the table, he said, we want the This is about those four banks I men- Street contributions and a lot of allies whole table—and they are about to get tioned: JPMorgan Chase, Bank of in New York. They can always find it under the bill the Senate will con- America, Wells Fargo, Citigroup. These people to do their bidding. That is why sider this week. Piece by piece, they banks hold 51 percent—more than you see this drum. That is how you tear these protections down. This bill half—of all industry assets. They are a hear this drumbeat. They want a new gives them the whole table. It leaves pretty darned big part of our economy, exemption, a new weaker standard, a nothing for working families. and we are doing things for them. As new tax break. If you thought the Secretary of they are profitable, as their executives The last year has been a really good HUD’s $31,000 he spent to buy that make maybe tens of millions of dollars, time to be a bank lobbyist. After the fancy table for his dining room—31,000 as they are doing stock buybacks to crisis, we had created the Consumer taxpayer dollars—if you thought that make even more millions of dollars, we Protection Bureau to represent the in- was a bad deal for taxpayers, wait until are doing things for them. We are not terests of regular Americans who have I tell you about the billions and bil- dealing with infrastructure, we are not to fight with their bank or their credit lions of dollars at risk that are packed dealing with the opioid crisis, we are card company. Now, in this administra- into this effort. doing nothing here about guns, but we tion, the Consumer Bureau, unbeliev- This bill puts Americans at risk of have time to do a lot for America’s ably so, is run by a guy who believes— another bank bailout. The Congres- largest banks. With this deregulation, publicly said it—it shouldn’t even sional Budget Office, the independent, these are banks whose collapse could exist. The Consumer Bureau’s new pro- nonpartisan scorekeeper, confirmed cause ripples across the world. tections are under attack. yesterday that this bill would increase Together, the country’s biggest One quick story. All Democrats, even the probability of a big bank failure banks took $239 billion in taxpayer some Republicans, agreed we should and a financial crisis. It will add $671 bailouts. So without the rigorous an- protect consumers’ right to take their million to the deficit. The Washington nual stress test that we put in Dodd- bank to court. What is more American Post said: ‘‘Senate banking bill likely Frank a decade ago and we are relaxing than that; if you think your bank to boost chances of bank bailouts.’’ now, taxpayers could, once again, be on cheated you, that you should be able to It is bad enough we are going to the hook if too-big-to-fail banks col- go to court. pass—after banks have been so profit- lapse, and we don’t have the right tools Bank lobbyists, with a lot of allies on able the last decade, after they were in place to see it coming. this side of the aisle, convinced the bailed out by the public—thank you This is maybe even more unbeliev- Vice President of the United States to very much—they have had a really, able than the fact that this body has come to this very Senate Chamber late pretty darned good decade. Then they fallen all over itself to help the biggest at night—late at night here, at 9 or 10, got a big tax cut. Now they want this banks. This bill also weakens the over- the public is not watching, but you can and a little cherry on top. First, they sight for foreign megabanks operating be damned sure the special interests get this bill, which is about to pass— in the United States—the same banks are alive and well and watching in which will be really good for bankers— that repeatedly violate U.S. laws. Let’s

VerDate Sep 11 2014 01:09 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00009 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.014 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1352 CONGRESSIONAL RECORD — SENATE March 6, 2018 run through the rap sheets of some of today that helps those local banks in- the bank regulation with the Federal these banks. vest more in their communities while Reserve, has outlined a long series of Deutsche Bank, a big German bank, keeping in place strict rules for Wall concerns. Sarah Bloom Raskin, Anto- manipulated the benchmark interest Street megabanks, but Wall Street and nio Weiss, Gary Gensler, law profes- rates used to set mortgages. It is also Republicans don’t want to do that. sors, fair housing advocates, big bank known as the only large bank in the They want to use the little guys, the experts, people who provide legal serv- world that will finance the President’s community banks we all want to help. ices across this country who deal with businesses. They want to use the little guys to ex- foreclosures and civil rights groups are Santander, a Spanish bank, illegally tract something for the big guys. It is telling us we can’t go down that path repossessed cars from members of the the oldest trick in the book around again. military who were serving our country here. We know what happens next. It is hu- overseas. So we are going to give a We are going to cut taxes for the bris to think we can gut the rules on break to a Spanish bank that repos- middle class. Well, really we are kind these banks again but avoid the next sessed the cars of men and women at of hoping we can give big tax breaks to crisis. If you strip the rules away from Wright-Patterson Air Force Base and the richest 1 percent. We are going to the big banks and you turn your back others when they were serving over- help the community banks, but really as regulators on misfeasance and mal- seas. Santander repossessed their cars, we are hoping—we know we are going feasance, that collective amnesia—we a Spanish bank, and we are going to de- to help Wall Street. are going to pay for it, and we know we regulate and make them more profit- This city, Washington, this govern- are. able with less accountability. ment, this Senate, this Senate Banking There are so many important things Barclays, a British bank, manipu- Committee are all suffering from col- we should be doing here instead. We lated electric energy prices. If you live lective amnesia. They just forgot what should be addressing the fact—and the on the West Coast—I don’t; my con- happened 10 years ago. Maybe it is con- Presiding Officer and I have been work- stituents weren’t affected—but a whole venient they don’t want to remember ing on this bill—that workers and re- lot of people were as they manipulated what happened. Thankfully, the IMF, tirees in Ohio and across the country energy prices. the International Monetary Fund—an might have their pensions they have Credit Suisse and UBS, two Switzer- agency of international financial ex- spent a lifetime earning slashed in half land banks—one of them illegally did perts—has done us a favor, to help jog if Congress doesn’t act. We can be business with Iran. We have tried to memories. They have cataloged 300 doing that. We could be addressing the tighten the sanctions on Iran to get years of history of bank deregulation fact that 400,000 Ohioans pay more than Iran to behave better so they don’t efforts all across the globe. Do you half their income each month on rent continue to harass—or worse—Israel know what they found? We deregulate, to keep a roof over their head. We and all the threats they make. We are the economy explodes. We put in pro- could be creating jobs. We could be at- going to help a bank that did business tections, the economy gets better. We tacking the opioid epidemic. We could with Iran, and UBS sold toxic mort- deregulate again, the economy ex- be fighting against high drug prices. gage-backed securities. plodes. We put in protections, the econ- We could be investing in our crumbling It didn’t have to be this way. I tried omy gets better. We deregulate again— roads and bridges. Instead, guess what. for months to work with the chairman wash, rinse, repeat. We are here helping the big banks. Ev- of the committee—and I like Senator We can do better. We owe it to the erybody is willing to work full time to CRAPO a lot. We work together well. I people we serve to do better. The Sen- help Wall Street. tried for months to work in a common- ate owes it to 176,000 kids in Ohio and It is a question of whose side are we sense package of reforms aimed at lift- other kids across the country whose on? Are we on the side of megabank ing up community banks and credit lives and education were disrupted by lobbyists or are we on the side of unions. That is what we ought to do. the foreclosure crisis. Think how many American taxpayers and homeowners That is what we could do. That is what children lived in homes when their par- and students and workers? we still could do. These are the local fi- ents were foreclosed on or their parents I yield the floor. nancial institutions that fuel home were evicted, and everything in their The PRESIDING OFFICER. The Sen- ownership and small businesses. I know lives turned upside down. We don’t care ator from Montana. a lot of them. They come to see me about them. We are going to forget when they are in Washington. I see about them, this collective amnesia. PROTECT PUBLIC USE OF PUBLIC LANDS BILL them in their communities. I see them We are going to forget about them be- Mr. DAINES. Mr. President, Mon- in Sycamore, Columbus, and Mansfield, cause we want to help the big banks tanans want to access and enjoy our and all over the State. These are not get bigger and bigger and bigger. Is State’s public lands, and for a very the people who caused the meltdown 10 that what we are going to do? We owe good reason. Nothing beats our way of years ago. These are the ones who got it to the millions of people whose re- life in Montana—our hunting, fishing, dragged down when big banks crashed tirements were wiped out. Millions of hiking, biking, skiing, backpacking, the economy. I support relief to those Americans lost big chunks of their re- climbing, all with a backdrop of banks and regional banks that do tirement, but we bailed out the big breathtaking views and a very rich his- things right and play by the rules. I banks at the same time. We owe it to tory of conservation. That is why Con- want to do more to help average Amer- the students who graduated in the gressman GIANFORTE and I introduced icans who have to cope with unfair great recession and may have low earn- the Protect Public Use of Public Lands tricks and traps, but that is not what ings for the rest of their lives. Act. this bill does. That is how it started The watchdogs who understand these Our bill protects our pristine natural out. That is what Wall Street wants markets are trying to warn us. Paul resources while also ensuring that you to think; this is a bill for the com- Volcker, former Chair of the Federal Montanans are able to recreate in U.S. munity banks. Reserve, has cautioned us about this Forest Service lands that are not wil- Don’t forget, they said that about the bill. He was the Fed Chair for a Demo- derness, but they have been locked up tax cut bill: It is a tax cut for the mid- crat and a Republican President. Shei- in regulatory limbo for decades. Con- dle class. Well, 81 percent of the bene- la Bair, who helped us put protections gressman GIANFORTE’s second bill deals fits of the tax cut go to the richest 1 in place after the crisis, is a Repub- with similarly locked-up Bureau of percent. So don’t always believe what lican warning us about this bill. Tom Land Management lands. they say when they talk about this. Hoenig, the current Vice Chair at the Here is what the Protect Public Use This was a false choice. Why should FDIC, selected to that position by Re- of Public Lands Act does. It ensures we have to roll back rules for the larg- publicans, has told us this bill is harm- public access to land within five wil- est banks in Switzerland to help out ful. Barney Frank, as in Dodd-Frank, derness study areas across Montana. community banks or credit unions in has said he would vote no if he were They are also called WSAs. While there Ohio? Of course we shouldn’t. It has here. Former member of the Federal are thousands more acres of public land been a false choice. We could pass a bill Reserve Dan Tarullo, who used to do that are still in limbo, I put these five

VerDate Sep 11 2014 01:09 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00010 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.016 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1353 WSAs in my bill for two simple rea- banks, credit unions, midsized banks, What are we celebrating today? We sons. First, the Forest Service deter- and regional banks to promote eco- haven’t quite gotten it over the finish mined that these lands were not suit- nomic growth. line, but certainly the vote we just had able for wilderness in their final plan. Many of us represent rural States a couple of hours ago, which was broad In fact, that was a charge given by where community banks and credit bipartisan support on a cloture vote, is Congress in 1977. They said: Go out and unions are the primary providers of not something we see very often in this study these Forest Service lands and credit and financial services. These in- body. I think what we have to say is tell us which acres are suitable for wil- stitutions hold a competitive advan- that this bill is a piece of almost old- derness and which are not. tage over their larger counterparts, op- fashioned legislating. It is a prime ex- The acreages I am proposing we erating with a relationship-based ample of how Senators can work to- should release are those that were knowledge of their customers and an gether to effectively achieve a result deemed not suitable for wilderness in understanding of their unique needs. and do it in a bipartisan way. the final plan by the Forest Service. They are decidedly disadvantaged when Despite the Washington gridlock of Second, there is strong local support it comes to keeping up with the ever- partisanship, a group of us on Banking for unlocking these lands from the increasing compliance and examiner wrote and introduced this bipartisan grassroots up, including the Montana demands coming out of Washington. bill through a good-faith negotiation, State Legislature, countless local com- Our bill offers much needed reforms which lasted literally years. I have munity members, and dozens of sports- that will reduce unnecessary burdens been working on this since coming to men, county commissioners, and wild- on smaller financial institutions so the U.S. Senate and being assigned to life groups, including the Western Mon- that they can use more of their capital the Banking Committee. In fact, I have tana Fish & Game Association and the serving customers rather than com- been working on these reforms since Montana Sportsmen for Fish and Wild- plying with Federal regulations that 2013. life. were never intended for them. It also The bill didn’t come together over- Unlocking these lands from a WSA adds protections against fraud and night. It was carefully crafted. It was does not—does not—automatically au- identity theft for consumers, veterans, done not just with these regulators in thorize any particular use of the land. senior citizens, and others, as well as discussion but also the Obama-era reg- It simply opens up and allows for pub- for those falling on hard financial ulators as well. We know that we have lic conversation about how the lands times. an opportunity to do something that should be used by setting up the plan- This bill is the product of robust, bi- no one thought was possible—take a ning process for public comment. In partisan negotiation. It was years in piece of legislation that didn’t come fact, protections like the 2001 roadless the making. It is the outgrowth of through in rule XIV, didn’t come rule, the Endangered Species Act, and feedback and input garnered from a through in reconciliation. It came the existing forest and travel manage- process we initiated in the Banking through in the traditional way, ment plans remain intact. Do you Committee across all stakeholders in through a Banking Committee process know what this means? You can’t con- America, as well as from previous where we sat—and I will again applaud struct a new road, and that would be meetings, briefings, and many con- the Chairman. No amendment was told kept after the release of the WSAs. versations and negotiations among the it was out of order. No amendment This has been a bottom-up approach members. wasn’t given an opportunity to be from the get-go, and here is the bottom I see Senator HEITKAMP is here, and I heard or voted on. In fact, we sat for 7 line. Montana’s public lands are meant am going to ask her to talk about this hours and voted on amendments and for everyone. They are meant for peo- process, how we reached this point listened to debate on this bill. Those ple who like to recreate in many dif- today, and what it means for North Da- people who think it came quickly are ferent ways—for those who love to kotans. wrong. This did not come quickly. It hike, of course, but also folks who Senator HEITKAMP. came over a long period of time, enjoy recreating with mountain bikes, Ms. HEITKAMP. Thank you. I was through extensive discussions. hunting, snowmobiling, and riding going to say ‘‘Mr. Chairman,’’ but I I want to talk about why I care so ATVs. guess at this point he is just Senator much about this bill. When I was going Creating access to our public lands is CRAPO. around the State in 2012, talking to critical to Montana’s jobs and our $7 Mr. President, I want to take a mo- folks who had opinions about the Fed- billion outdoor economy. In fact, com- ment and personally thank Senator eral Government, one of the things I munities in Montana understand this is CRAPO from Idaho for his incredible frequently heard from my small credit an important local economic driver leadership. Frequently we are asked: unions and my independent community that will strengthen local economies What is wrong in the U.S. Senate? Why bankers and my bankers—in North Da- that depend on outdoor jobs. In fact, can’t you seem to get anything done, kota, independent community bankers just recently, the Bureau of Economic even though there is common purpose; frequently tend to be members of the Analysis agreed. They said that out- that is, to protect the American public, North Dakota Bankers Association. door recreation generates $373 billion defend the American public, and help They said one thing to me that really of the GDP across our country, mostly the American public be prosperous? resonated, and that was: How is it that from motorized vehicles, boating, fish- Frequently my response is that many Dodd-Frank, which was supposed to ing, hunting, and shooting. Our bill times it is a lack of leadership. It is a deal with the largest lenders in this will help Montanans recreate with all lack of willingness to sit down, listen, country, the largest institutions in of these uses by unlocking our public and prepare a product that can get re- this country—how is it that you have lands. sults. That hasn’t been our problem this Dodd-Frank bill that was supposed The PRESIDING OFFICER. The Sen- with Senator CRAPO. He has been there to stop too big to fail, and it has be- ator from Idaho. personally every step along the way, come too small to succeed? The com- Mr. CRAPO. Mr. President, I am not delegating to staff but working pliance burdens are overwhelming. The going to be joined today by some of my with us one on one—sometimes, maybe, confusion that we have about this—we colleagues from the Banking Com- four on one. He may feel a little bit wonder why all of this is on us when we mittee who are also supporters of the ganged up on, but I think it was fair weren’t part of the problem. We are Economic Growth, Regulatory Relief, odds for him, I might say. I also know getting punished for being a financial and Consumer Protection Act. We rise that this would not be here without the institution and for no good reason, today to speak about this bipartisan leadership of Senator CRAPO and the other than we are in a class that in- legislation, which advanced out of the Banking Committee, a committee that cludes much bigger actors. committee last year by a vote of 16 to historically has a reputation for being One of the things I would tell you is 7, a bipartisan vote. The primary pur- notoriously bipartisan. I want to ex- that this bill is critical to rural Amer- pose of this legislation is to make tar- tend my great appreciation for his ica. When you look at the challenges geted changes to simplify and improve work and for his willingness to listen that rural America faces, access to cap- the regulatory regime for community and to work with all of us. ital has to be on top of the list. Plus, I

VerDate Sep 11 2014 01:09 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00011 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.018 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1354 CONGRESSIONAL RECORD — SENATE March 6, 2018 think all of those who have been to a In America, we have to bring back re- bringing forward today. The Senator Class B basketball tournament or a lationship lending. You can say: Well, from North Dakota was a shining star Class B basketball game can look at none of these regulations really apply in that debate, one that reminded both the program, turn it over, and what to them. Why don’t you talk to these sides of what was most important—the they will see is sponsorship from their folks who are in the banking world and people back home. The Senator has re- local lending institution; they will see realize that they have retracted from minded me today of something that I a part of the community. Whether it is mortgage lending because they are have come prepared to talk about but helping host fundraisers, whether it is fearful that they will do something that, I think, warrants merit. being involved in cancer drives, that wrong and will not be able to afford the The Citizens State Bank was my Main Street institution of the commu- fines that they may be assessed. They hometown bank, and it has been nity bank is there every step of the are fearful that they will not be able to bought and sold a few times. My father, way. We are seeing more and more contribute and be part of the commu- who was a schoolteacher and a school those institutions being challenged by nity effort because we have overregu- superintendent, was actually on that things such as overregulation. lated the smallest institutions to the board. It was my first exposure as to I want to talk a little bit about my point at which they wonder if their how banking worked. I remember going hometown bank, the first bank in children, who could inherit their insti- with my dad then, who was a school- which I had a checking account and a tutions, really want to stay in busi- teacher and didn’t make a lot of money savings account. It is a little bit of a ness. but who wanted a loan to buy a car. At funny story. The statute of limitations There will be a lot of discussion that time, I was a little older, but this has probably run, but back in the day, about this bill. There has been a lot of was a 1954 Ford that my dad had been in every small town, there was illegal discussion already. The one thing I driving. I am not really that old, but it was an old car, and he wanted to buy a gambling. I know, people might be want to say is that we stand ready to new car. I remember sitting off to the shocked. defend any of these provisions. My dad put my name in a raffle they Before I close and turn this over to side and listening to the conversation. When you talk about relationship were having. That night at the stag the Senator from Georgia, I want to lending, relationship lending could not party, I won the raffle. It was $30, just say that one of the things we need go very long if that relationship lend- which years ago was a lot of money. to be very careful of here when we de- ing didn’t lead to a loan that got paid The first thing my dad did was take me bate this bill is that we do not in any back. I knew the lending officer be- to Lincoln State Bank to open a sav- way misstate the effects of this bill, be- cause he taught me in Sunday school. ings account. I put that $30 into a sav- cause that misstatement will become We saw him every week in church. His ings account. That institution was part of the public record. I am going to children went to the school where my there, and from there, we had our first be very aggressive in making sure that dad was the principal. checking account. From there, I knew we push back against statements that I This is a different time today—I un- that my dad had a relationship with believe are false, statements that char- derstand that—but the fact still re- his banker that would help him acterize this bill in a way that was not mains that relationship lending, as the through some tough times when he intended and that, in fact, is not part Senator from North Dakota just re- needed a little bit of extra cash and of the legislative language. minded us, should be at the core of help him through times when he need- Mr. CRAPO. Before the Senator what we consider here when we talk ed a car loan. yields to the Senator from Georgia, about this being a lending institution, When we lose those local lenders, may I make one comment? making a transaction with an indi- when we lose the ability of those local Ms. HEITKAMP. Yes. vidual for him to then pay that loan lenders to do business, that means the Mr. CRAPO. I just want to express back. That is what we tend to forget opportunity for relationship banking is appreciation for the Senator’s chart. sometimes because of the debacle in gone. What do I mean by that? I have For those who cannot see the chart, 2008. told this story many times in com- this is a chart that the Senator from Since Dodd-Frank has become law, mittee. You are the small town banker. North Dakota has put up that shows over 1,700 banks have been closed. Let A guy comes in, and maybe he has a the intersection of Main Street and re- me say that again. Since Dodd-Frank shoebox full of receipts. He doesn’t lief for Main Street. The reason I men- has become law, 1,700 banks have been have a fancy cash flow statement. He tion this is that back when we were de- shut down. Most of these are commu- doesn’t have a fancy work plan. But bating this regulatory system that was nity banks and regional banks—enti- you know that this guy has never not put into place that we are now trying ties that had nothing whatsoever to do paid a bill. He owes nobody any money. to rightsize and correct, I had held a with the financial situation in 2008. That is part of his character—who he news conference on Main Street in While some in this body may see that is. He never cheats anyone. He fixes the Boise, ID. I had said: This legislation is as encouraging signs that Big Govern- plumbing. He fixes the furnace, and it being promoted as targeting Wall ment is now getting more control of stays fixed. He doesn’t ask for a lot in Street excesses, but the bulls-eye is on the lending principal in the banking in- return, but maybe he needs a new piece Main Street across this country, which dustry, I think they are misguided. I of equipment. Maybe he needs a new is what we are trying to fix today. think they are overlooking the reality car. He goes to the local lender. That So I just wanted to tell the Senator that these 1,700 banks aren’t the mas- may not pencil out. It may not be the how much I love her chart. sive big banks or the very few banks best loan they are going to make, but Ms. HEITKAMP. The Senator from that had responsibility in the 2008 fi- it is who they are, and it is what they Idaho can borrow it at any time. I have nancial crisis. These are local banks, contribute to that institution. no pride of authorship, and there is no credit unions, regional banks—the They give that guy the loan, not copyright on here. He may pass it banks supporting our Main Street, as based on any paperwork in that around. the Senator from North Dakota just re- shoebox. They give that guy the loan Mr. CRAPO. I will take the Senator minded us. They are providing small based on who they know he is. up on that. businesses with capital and sponsoring Then, there is the other guy in the I yield to the Senator from Georgia. Little League Baseball games. small town who comes in. He may have Mr. PERDUE. Mr. President, I thank I grew up in Little League, as many a fancy cash flow statement, and he the Senator and am honored to follow Senators here did—and in softball may have a wonderful statement of net my good friend from North Dakota. leagues and so forth. Right there in worth that he can present to the bank. It took courage for the Senator from center field was The Citizens State Yet one thing the banker knows North Dakota to be a leader on this Bank sign, for, every year, they were about him is that there may be some issue in committee. The Banking Com- involved in that effort in that commu- unpaid bills and that he may be the mittee fought hard and long on this nity. Yet, for nearly 8 years, those guy who takes out a loan but then issue. I think there were 30 amend- same small town entities have been wants to negotiate 80 cents on the dol- ments that we discussed and voted on hammered by Big Government regula- lar. in coming to this bill that we are tions that had been enacted by the

VerDate Sep 11 2014 01:09 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00012 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.019 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1355 Dodd-Frank Act. Credit unions, com- Look, we are not trying to blow up example of what people back home ex- munity banks, regional banks were Dodd-Frank. Many of us have taken a pect us to do up here—our job. No, it is simply not responsible for the financial big step back in terms of what we not perfect from my perspective. It is crisis of 2008, period. None of the draco- think we need to do in terms of grow- not perfect from the Senator from nian rules put on them make them ing the economy in order to accommo- North Dakota’s perspective, but do you safer today than they were in 2007. date this bill. I think there are some 14 know what? Between us, there is com- These onerous rules have subjected cosponsors on the other side of the mon ground, and we have found it. This these small lenders to the same regula- aisle, and I applaud them for the cour- bill will bring relief to rural commu- tion and compliance costs to which the age that it has taken to work with us nities and help small businesses, which major four or five banks are now being to get to a bill on which we both give will, in turn, grow our economy—some- subjected. Overall, it is estimated that and take. In the Senate, the No. 1 criti- thing that both sides want dearly. This compliance costs for community banks cism we get back home is: Why can’t bill also preserves and improves con- have risen by at least 20 percent, but I you guys work together to get any- sumer credit protections. think it is much higher than that. thing done? Here is a shining example. A vote on this plan is a vote for Main I met with a regional bank just this If we can get it across the finish line Street growth, obviously. It is a vote morning from Georgia, and their com- here and get a vote on this, we may for rural communities and small busi- pliance costs have gone up $400 million have a tremendous example that will nesses. It is a vote for people who work because of Dodd-Frank. That is money have a dramatic impact on Main Street with their local banks to secure capital that could be in the community in the back home. so that they can keep building the form of loans; yet it is now coming in Small banks tend to spend too much American dream. the form of higher compliance costs. time and resources dealing with the I commend my colleagues on both Some of those are fines, by the way, regulation and compliance costs that sides of the aisle for coming together coming from the Federal Government this Dodd-Frank law has created. Put in support of this bipartisan effort, and up here. That is another topic for an- simply, Dodd-Frank is just another I encourage every Member of this body other day that we don’t address in this one-size-fits-all, Washington bureau- to think seriously about this and to cratic policy that hurts the very people bill. support this bill in its final passage. This is eating up those small banks’ it claims to champion—the middle I thank the chairman of the Banking bottom lines and is discouraging some class and the working poor and those Committee, the Senator from Idaho. I banks from offering some services to communities that have the least access cannot tell him how much I appreciate their communities—services that small to capital to borrow. Fortunately, we his leadership. This has been a yeo- businesses and Main Street rely on for have an opportunity to do something man’s effort, and I am committed to capital every day as they try to grow. today to fix these problems. seeing this through, across the finish The Economic Growth, Regulatory What happens when a bank grows? line, and getting a vote on it this week. Relief, and Consumer Protection Act Lending grows. That means small busi- I thank him for his leadership. takes major steps to roll back Dodd- Mr. CRAPO. I thank very much the nesses grow. What happens when small Frank’s overreach. It will bring relief Senator from Georgia. businesses grow? Jobs are created. to the more than 5,000 community I next ask Senator CORKER if he Compliance costs run diametrically op- banks across the country. It will help would like to weigh in and let us know posite to that dynamic and do not in- free up capital for small businesses to his thoughts on this. crease or lower the risk. invest in our economy and put people Mr. CORKER. Mr. President, I will be The CFPB’s qualified mortgage rule to work. It will help minority-owned very brief as I know numbers of people is a perfect example. This rule has driv- banks, again, to provide a wider range here would like to speak to this bill, en many community banks actually of services. which will be an accomplishment for out of the mortgage lending business In my State, the Citizens Trust Bank us, and we greatly appreciate the Sen- altogether. So, while it was intended to is a minority-owned bank in Atlanta. ator’s leadership in making it happen. protect the consumer, yes, it protected Why is that important? You may have I was here when Dodd-Frank was the consumer all right. It protected heard of that bank. Martin Luther passed. I was on the Banking Com- him from being able to get a mortgage. King, Jr., was a customer of the Citi- mittee at that time. I didn’t support it. Government restrictions on recip- zens Trust Bank. Martin Luther King, The reason I didn’t support it is for the rocal deposits are what is at topic here Sr., served on its board. Many distin- many reasons and the many things we in this bill. Reciprocal deposits have guished Atlantans and Georgians have are doing today to correct it. created uncertainty around this crit- been customers and members of the Whenever regulation passes, it begins ical lifeline for community banks and board of this auspicious bank in Geor- at the targeted group, which, in this especially minority-owned banks that gia. Citizens Trust, though, has been case, was made up of the larger institu- have specialized in serving customers forced to draw back its entire mort- tions in our country which failed. with limited discretionary income and gage business because of the regulatory Then, over time, the regulatory proc- limited access to capital. Dodd-Frank costs that have been imposed by Dodd- esses seeped down to the smaller enti- is crippling the ability of community Frank. This is counterintuitive. ties, the smaller banks, that were banks and regional banks to serve Thanks to the action we are taking housed in the communities all across these communities. this week in the U.S. Senate, Citizens our respective States—the members of We recently heard from one commu- Trust will be able to grow its mortgage the Rotary Club, the Kiwanis Club, the nity bank in Georgia that has not even business again because of safe harbor Lions Clubs International, the Cham- established a residential mortgage de- provisions in this plan. ber of Commerce—the people who partment to serve the community be- Citizens Trust is not alone. Carver make things happen in our commu- cause of these draconian compliance Bank is a minority-owned bank that nities back home. We have ended up in regulations. Why isn’t it doing this? It has been serving Savannah, GA, for 90 a situation now in which our commu- is simply because the Federal Govern- years. The restrictions and regulatory nity banks and credit unions, which ment—the people in this room—decided uncertainty on reciprocal deposits have serve our communities and cause eco- a few years ago in the Dodd-Frank Act limited its resources. This bill we are nomic growth to occur, have these that they knew more about the free en- voting on this week will more than re- large back office operations that are terprise system, the capital formation move government restrictions on recip- spread over a smaller asset base. It has dynamic, the relationship between a rocal deposits, meaning Carver Bank made them noncompetitive and has lending entity and a borrowing entity, and Citizens Trust and many others made it very difficult for them to do and how all of that translates into jobs will have additional lending capacity the jobs we all cherish that they do and economic growth. Because of that, and lower compliance costs, which is back home, which is to help to grow we have ended up with this arcane another way to provide more capital to those economies. This bill is focused on Dodd-Frank rule that overregulates the community. them. these small regional and community This bill was written by both Demo- Senator TESTER, I know, has been fo- banks. crats and Republicans. It is a shining cused on this for many years, but what

VerDate Sep 11 2014 01:09 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00013 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.020 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1356 CONGRESSIONAL RECORD — SENATE March 6, 2018 we are doing here is giving relief to WARNER, we have struck a bipartisan Dodd-Frank has been successful, but, those institutions. It is about time. We agreement that is needed to provide an like all major bills, Dodd-Frank had have had enough time to see what economic boost for rural America. some unintended consequences. Since needs to happen. This was done in a bi- Folks from both parties put their dif- its passage, small business lending has partisan way, for which I am thankful. ferences aside. We negotiated from our declined by 41 percent. That is why our Mr. President, I would like to thank points of agreement, and we empha- bill is needed—to bring more capital to Senator CRAPO for his leadership here sized common ground. We kept work- Main Streets across America and to in working with people on both sides of ing toward our shared goal of strength- protect community banks from further the aisle to create a responsible bill ening America’s economy by providing consolidation. that is not an overreach. Some of the commonsense regulatory reform to Our bill provides small and midsized provisions of Dodd-Frank, we all know, small- and medium-sized banks, com- banks and credit unions with more are good. Some of them are good, and munity banks, and credit unions. flexibility to meet the unique needs of we are leaving many of those in place. During the committee process, this the communities they serve. It also At the same time, what we are doing is bill was marked up and debated for 7 provides our community banks with taking a very constructive step to hours. We voted on 36 amendments dur- much needed regulatory relief and cuts make sure that these smaller institu- ing an open amendment process. The the redtape to keep our local banks tions, which represent a very small chairman handled that committee competitive. It includes critical con- amount of the assets in our Nation but process incredibly professionally. sumer protection provisions to better have such outsized impact on the com- Since this bill was introduced in the protect our veterans, our seniors, and munities they are in, have the ability Banking Committee last year, it has tenants. This bipartisan bill makes it again to flourish and do the things that been strengthened by Senators who are easier for young families to purchase are necessary for our economies back not on that committee, and it has been their first home. It helps family farm- home to grow. endorsed by regulators, veterans ers and ranchers secure the capital I thank Senator CRAPO. I am proud to groups, and job creators from both par- they need to survive a tough year when be a part of this and a cosponsor. I ties. This bipartisan bill has support Mother Nature doesn’t cooperate. It thank Senator CRAPO for letting us be from folks of all walks of life and is co- helps small businesses and startups se- a part of it, and I hope that collec- sponsored by more than a quarter of cure the funding they need to grow tively we will ensure that this is a very this body because they know that re- their businesses and create more jobs. successful effort. form is desperately needed. It protects the small banks that serve I yield the floor. In my home State of Montana, prior as a cornerstone of rural communities (Mr. HOEVEN assumed the Chair.) to the financial crisis in 2008, there from being eaten alive by the big boys Mr. CRAPO. I thank Senator CORKER. were 72 chartered banks. Today that on Wall Street. I appreciate that. number has dropped to 49. What we In addition to banking reform, this Next, I would like to turn to my col- have seen in Montana is not unique bill strengthens the rights of con- league from the other side of the throughout this country. Across rural sumers. It provides consumers with un- aisle—another colleague from the America, bank consolidation is leaving limited free credit freezes and other side of the aisle, just showing the communities underserved. Community unfreezes. It prevents mortgage compa- bipartisanship we have here on this banks and credit unions didn’t cause nies from immediately kicking tenants bill—Senator TESTER from Montana. the financial crisis back in 2008, but out of their homes if a landlord is fore- Mr. TESTER. Mr. President, I thank they have suffered under a one-size- closed on. It increases safeguards Chairman CRAPO. I want to associate fits-all set of regulations specifically against fraud for veterans, Active-Duty myself with my good friend from Ten- designed to rein in the behavior on servicemembers, seniors, and children. Over the course of this debate, there nessee, Senator BOB CORKER. We al- Wall Street. As a result of complying are going to be some folks who come to ways say ‘‘good friend,’’ but the truth with these regulations, many of our this floor and peddle misinformation, is that Senator CORKER has truly been community bankers are hanging up so let me be clear about what this bill a good friend. We came to this body to- their hats, and our local banks are does not do. It does not roll back the gether, and he has exhibited uncom- being swallowed up by bigger banks. regulations on Wall Street’s fat cats. It mon common sense in this body time Ultimately, they will be swallowed up does not make structural changes to and again, and once again, he has by the folks on Wall Street. the Consumer Financial Protection Bu- today. I thank Senator CORKER for his Furthermore, when a community reau. It does not weaken or repeal the remarks about this bill. bank is bought out by a big bank, its Volcker rule for large banks. It does Mr. President, time and again over business model changes and it is no not change the way the Federal Re- the past year, I have been here on the longer tailored to fit that community. serve regulates foreign banks. It does Senate floor raising my concerns about Despite being a small portion of the not weaken efforts to combat lending the direction this body is heading—se- banking industry, community banks discrimination. cret backroom deals on the healthcare provide—listen to this—48 percent of I have already seen a lot of false- bill, a ‘‘take it or leave it’’ tax bill that the small business loans in this coun- hoods about this bill claimed out there, was dropped on our desks literally try, 15 percent of the residential mort- so I hope this debate stays grounded in hours before the vote, and the floor gage lending, 43 percent of farmland the facts, and the fact is that folks in time that has been wasted to score po- and farm lending, and 34 percent of rural America need this bill. litical points. Quite frankly, this dys- commercial real estate loans. These Take for instance the Community function has turned the world’s most banks are designed and built to serve Bank in Polson, MT. Polson’s popu- deliberative body into a shell of its their communities. lation is 5,000, and that might be gen- former self. Since the passage of Dodd-Frank, the erous. The Community Bank had faith- Folks in Washington have shied away number of banks in this country has fully served this community for dec- from the big debates and refused to declined by 14 percent, and in our State ades, but the regulations from Dodd- tackle the tough issues that are facing of Montana, with some quick math, it Frank were so burdensome on that hard-working Americans every day, is closer to 30 percent. If you are a small bank and so costly that it was but this week I am hopeful that can product of rural America like I am, you forced to sell out to a larger bank. change. know full well the consequences when a But it is not just Polson. Here is Today we begin the debate on the bi- bank leaves town. It is just a matter of what other folks in my State are say- partisan Economic Growth, Regulatory time before that community shrivels ing about the bill. A small credit union Relief, and Consumer Protection Act. up. Folks, something must be done. in Billings, MT, said: This bill is the product of years of bi- Eight years ago, during the dark As a small credit union, we spend a ridicu- partisan negotiations, hearings, and days of the financial crisis, I proudly lous amount of time complying with com- compromises. Under the leadership of supported Dodd-Frank. Dodd-Frank plex rules and I am pleased to see a bill that Chairman CRAPO and my good friends was needed to crack down on risky fi- would eliminate some of this red tape so I Senators HEITKAMP, DONNELLY, and nancial behavior. For the most part, can focus my resources on serving members.

VerDate Sep 11 2014 01:09 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00014 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.021 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1357 That was from Sydney El-Bakken, everybody’s opinion, respecting ranches—and in the absence of access manager of Homestead Federal Credit everybody’s opinion, and walking that to credit, the ability for us to continue Union in Billings, MT. line to allow for negotiations and hav- to earn a living in smalltown America This is a quote from another bank in ing a good bill as the final product. I disappears. Jordan, MT: don’t know what is going to be in the It was a sad day when the Banking Dodd-Frank has disproportionately af- final managers’ package, but I hope it Committee—now 3 years or so ago— fected small banks like mine who have lim- doesn’t change this bill dramatically passed Dodd-Frank reform legislation ited staff and resources to comply with the because I think this bill really fits the but did so with only Republican votes. regulations created by the bill. Prior to needs of our economy, especially in The sadness is that we were unable to Dodd-Frank’s passage, my bank was able to find common ground and make a dif- keep up with compliance regulations with rural America right now. With that, I would just say, look, we ference in a piece of legislation that one staff member. Now, in addition to our was passed in years gone by. We were one staff person, we also have outside com- have some work to do. Hopefully we pliance consultants that cost us over $23,000 can do it in a timely fashion and get unable to make the improvements that last year alone. this bill off to the House. Hopefully the were necessary, the changes, the alter- I am going to get back to that figure House doesn’t screw it up and we can ations that could make Dodd-Frank in a second. get it to the President’s desk for his work for rural America, that could limit its scope to Wall Street, not Main I have talked to many of my fellow bank- signature. ers who decided to sell to, or merge with, an- I yield the floor. Street. other bank. Almost every one of them has Mr. CRAPO. Mr. President, I thank I think when Dodd-Frank was passed told me that the regulatory burden was one my colleague from Montana, Senator and many of us voted against it, Re- of the main reasons for them to sell or TESTER. Earlier in my remarks, I said publicans were saying: We are going to merge. that this bill had been years in the repeal Dodd-Frank. That caused many The loss of small community banks is not making, and Senator TESTER is one of Democrats to say: We are not going to good for our country, our consumers, or our let you touch Dodd-Frank. So we have economy. This bill provides many remedies those who have been involved the en- tire time, helping us to get here, as are been at an impasse when Republicans to lessen the regulatory burden on small and Democrats alike know that this banks, which allow us to remain competi- Senator DONNELLY from Indiana and tive, viable, and able to serve the needs of Senator WARNER, who is here—he had legislation, Dodd-Frank, is causing se- our communities. to step out for just a second—and Sen- rious harm to places across the coun- The reason I bring up the $23,000 is ator HEITKAMP, who was here earlier. try. But we have gone to our corners. that there are some out there who may I now want to turn to one of our col- We have argued for full repeal, and you be listening and may say that $23,000 is leagues on the Republican side, Sen- have argued that we are not going to touch it. This is a good day in which we not even a rounding error in a lot of ator MORAN from Kansas, who also is businesses. Rex Phipps is the CEO of one of those who have been with us for have decided that it is neither one of Garfield County Bank in Jordan, MT. years, working to make sure we get those extremes. It is the idea that we Their total assets are $86 million. This this critically needed legislation to the can find the solutions to problems that is a small bank that is getting pounded floor. exist as a result of legislation that Congress approved. and that this bill is going to help in a Senator MORAN. This legislation is important, and it big, big way. Mr. MORAN. Mr. President, I thank matters. It is important because it I am going to tell you, I could go on the Senator from Idaho for his kind re- demonstrates that the Senate can func- reading the words of community bank- marks, and I join my colleagues in ex- tion in its proper form, that we can ac- ers and credit union leaders and busi- pressing our gratitude for his efforts to complish good, commonsense things. It nesses in Montana that support this make certain we are here today. What is also important because it will alter bill, but the bottom line is this: Folks a long time it has been to get us to this the landscape in the future for commu- sent us to the Senate to do something point. nities across Kansas and around the to help out the folks we represent. For This is important legislation, and we country. ought not suggest that because there is too long, this body has been dragged In rural America, we need access to into the mud, and as a result, we have such bipartisan support, that this is a credit. It is too often that access to had partisan and zero-sum policies and minor accomplishment. We come to- credit is only available from that zero-sum politics. Dysfunction has gether, it seems, on the small things smalltown lender—that local bank, kept this Congress from doing its job, around here, but on the big things, it that credit union—and they know the and part of that job is to fine-tune laws seems awfully impossible for us to community and know their borrowers. to ensure that regulation fits the risk. bridge the gap. Therefore, to suggest Earlier, one of my colleagues talked Enough is enough already. We must that what we are doing here today is about relationship banking. It is the do something. And I am proud to work nothing important would be a total banking system that many of us grew with 13 Republicans, 12 Democrats, and mistake,would be a fabrication of the up with, and it is the banking system 1 Independent who worked so hard to facts. that still works for us in smalltown compromise on this bill that I think If we are successful in passing this America. In the absence of the reforms works very well for rural America. The legislation and the House accepting it included in this legislation, the ability Economic Growth, Regulatory Relief, in a form that is acceptable to the Sen- of many of my banks in Kansas to and Consumer Protection Act is a jobs ate and having it signed by the Presi- make home loans will continue to be bill, and it is a much needed solution dent, this legislation will make a sig- absent. for the folks who power our local nificant and tremendous difference in For the years that I have been on the economies. I look forward to this America and especially on Main Street, Banking Committee, I have questioned week’s debate. in farms and small businesses across the examiners, the FDIC, the Comp- It is encouraging to see that the Sen- the country. troller of the Currency, and the State ate is back here doing the job we were A significant component of what I banking commissioners: What are you sent here to do. It is encouraging that am about in my work in the Senate is doing to make certain that the regula- we have a bill here that has gone trying to make certain that my col- tions don’t put out of business the through the process to gather public leagues from places that are not rural smalltown lenders who are so impor- input, gather bipartisan support, and it understand the rural nature of much of tant to the communities that I rep- is now on the floor so that we can de- America and understand how we do resent? bate it. I look forward to that debate, business and how things get done. It seems that we have gotten lip- and I hope that debate is based on the As has been indicated by many of my service: We have a committee. We have facts. colleagues, in smalltown America, a commission. We study these things. I want to say one more thing before nothing gets done without the support When you ask ‘‘What rule or regulation I yield the floor. We would not be here of your local financial institution. We have you eliminated?’’ there is never today without Chairman CRAPO. Chair- earn a living in much of Kansas by an answer that outlines that that has man CRAPO has done a fine job getting small businesses—by farms and happened.

VerDate Sep 11 2014 01:09 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00015 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.023 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1358 CONGRESSIONAL RECORD — SENATE March 6, 2018 Today, we are altering the oppor- month, nearly 80 percent of Clark This is a good day, and I commend tunity for the regulators to continue to County, KS, was consumed in a wild- my colleagues. It is a good day for the overregulate financial institutions that fire. It is a ranching community. Ash- Senate, to see us working together, Re- are only important to the communities land, the county seat, has a population publicans and Democrats, to reach a they serve, and if they have financial of 900. That is rural. That is the biggest result that will make a difference. It is challenges, it does not create a threat town in the county. As a result of those a good day for America. It is a good to the rest of our banking system or to fires, thousands of head of cattle were day for rural America. It is an oppor- our country’s economy and fiscal con- killed in the fire or had to be tunity for us to correct when we went dition. Relationship banking matters. euthanized. As you would think, there too far following the financial collapse Today we have a regulatory environ- was a terrible economic consequence to of 2008. ment in which bankers are fearful of the community. You would wonder, Thank you for the opportunity to making a home loan to a citizen within how do we recover? One of the things speak. I appreciate my colleagues, es- their community. If somebody wants to you would think about is, well, I can go pecially the chairman, the Senator buy a home or build a home, they are to my bank and borrow money to keep from Idaho, for his tremendous efforts told by their local bank: We can’t af- my farm or my cattle operation in in bringing us together and getting us ford the cost associated with the regu- business. But those cattlemen no to this point. lations for making these loans. We longer had any collateral. There was no Mr. CRAPO. Mr. President, I thank can’t afford the risk that if we make a collateral. You could not tell your the Senator from Kansas, Mr. MORAN, technical error, the financial con- banker: I pledge my cattle to repay the for his kind comments and especially sequences to our bank will be so great, loan. If I don’t repay the loan, you get for so clearly explaining the true bene- we will be out of the home loan busi- my cattle. The fire consumed their op- ficiaries of this legislation. ness. portunity to rebuild. There is a lot of talk about financial Who would ever expect to go to their The Presiding Officer is a member of institutions and even small banks and hometown bank and discover they the Agriculture Committee. He will be credit unions, but the real beneficiaries don’t make home loans? And it is not asked about the safety net that is in a are the borrowers. They are the small because there is not the opportunity to farm bill, and that is important to us. businesses and the individuals who live make a loan that will be repaid—the But the safety net that many farmers in small and rural communities across bank will make money, and the bor- and ranchers have in Kansas is the re- this country and, frankly, even in some rower will get the benefit of the loan— lationship they have with their banker, of our larger communities across this it is because, upon a mistake, the regu- who makes a decision. It is not based country. I thank you for explaining upon a computer program or that every lations are so onerous and so expensive that so well. ‘‘t’’ is crossed and every ‘‘i’’ is dotted. The first words in the name of this that the business decision is made not That banker makes a decision based bill are the ‘‘Economic Growth,’’ then that this person is not creditworthy upon the character and the relation- ‘‘Regulatory Relief, and Consumer Pro- but that the risk associated with the ship and the history. tection Bill.’’ regulations is so great that they can’t Many of our banks in Kansas are I would like to turn to Senator DON- make the loan. owned by families. They have been in NELLY from Indiana—another one of We need more banks, more financial the family for generations. The same is the giants in terms of sticking to it institutions making home loans in true of our farms and ranches. That re- and helping us get this important legis- more communities so that more people lationship allows a banker to make a lation drafted and moved to the floor. in rural American can access the loan even when there is no cattle due Mr. DONNELLY. Mr. President, I American dream. If we create a bank- to the result of a natural disaster. The want to thank Chairman CRAPO and my ing system in which the rules and regu- collateral is gone, but the banker good friend from Kansas, whose state- lations dictate that every ‘‘t’’ must be knows the family. He knows the his- ment is so similar to mine in many crossed and every ‘‘i’’ must be dotted, tory and knows whether this potential ways. and it is like you have a computer pro- borrower has character. They know In rural Indiana—you talked about gram and plug in the numbers and that if he or she makes a promise to relationship banking. That is, in many make a decision whether that local repay, that he or she will. ways, the heartbeat of a community. banker can make a loan, rural America All too often, those decisions have Our small businesses, our farms that will no longer be here. been taken away from those relation- are handed down from generation to For much of the time I have served in ship lenders and reside here in Wash- generation—you find the grandsons of Congress and tried to explain rural ington, DC, with a myriad of regulators our farmers dealing with the grandsons America to my colleagues, I have indi- who are telling our bankers through of the person who developed the bank. cated that in communities that I rep- their examiners, through the examina- It is a privilege to be part of this. resent, it is often true that economic tion process, this is a loan you can’t I thank the chairman of the Banking development can be the difference be- make or this is a loan we will write for Committee, Senator CRAPO, for leading tween whether or not there is a grocery you. this debate and for his good-faith ef- store in town. Most people in Wash- Today, we make another step in the forts to make this a bipartisan process. ington, DC, don’t understand the na- process toward returning the ability As we debate the Economic Growth, ture of that small town. Is there a for smalltown America—its businesses, Regulatory Relief, and Consumer Pro- hardware store? Can the newspaper its farmers, and its ranchers—to have a tection Act, the Senate is on the verge continue to print newspapers and sell future. This is important legislation of doing something significant. We are enough advertising and subscriptions that will make a significant difference breaking through the gridlock on a bi- to make ends meet? When you lose in the future of communities and the partisan legislative package to reduce your grocery store, you begin to lose people who live in rural America and in unnecessary regulatory burdens on your home town. rural Kansas. Main Street banks and credit unions, What I have learned over time is that This is not about taking care of while also expanding protections for if only that local financial institution bankers. It is not about taking care of consumers, servicemembers, and vet- is making a loan, are we going to have credit unions. It is about taking care of erans. a grocery store in our town? That local the people they serve, their borrowers, This is an example of what we can relationship lender knows their com- and that means a bright future for the achieve when we work together. I am munity, knows their borrowers, and rest of rural America, for the other proud to have worked closely with my knows whether they have the character people who live in the communities, friend the chairman, Senator CRAPO, to repay the loan. because access to credit determines among others, to craft this bipartisan I saw this happen recently, and we whether there is a grocery store in legislation that, as my friend Senator are experiencing this in Kansas again town or whether a farmer or a rancher TESTER mentioned—13 Republicans, 12 this month. Wildfires are consuming can borrow money to keep their busi- Democrats, 1 Independent. acres of land across rural Kansas. Our ness going, to keep their farm or ranch I have worked on this issue since I grasslands are burning. A year ago this going. came to the Senate in 2013. This bill is

VerDate Sep 11 2014 01:09 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00016 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.026 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1359 the result of dozens of meetings, Bank- emption to allow consumers to receive cutting some of the excessive regula- ing Committee hearings, and a 71⁄2-hour general financing information from a tions on community banks and credit committee markup, where more than manufacturer, while creating new dis- unions, as well as a number of the con- 100 amendments from both sides were closures to prevent conflicts of interest sumer protection items and others that filed, and 36 were considered and voted and prohibiting retailers from directly have been put forward. It also provides on. This bill is carefully written and advising consumers on financial trans- some relief for regional banks and, as narrowly tailored. actions. mentioned, major expansion of con- This commonsense legislation is in- This legislation has broad bipartisan sumer protections. tended to help Main Street community support, it maintains strong financial Let me also step back. As somebody banks and local credit unions to focus oversight, and it adds new consumer who got to the Senate right after the more on traditional banking—our protections. It is reasonable, it is bal- financial crisis, we all know the system small businesses, our farms, our fami- anced, and it is the result of very needed stronger financial reform a dec- lies—while maintaining the safety and thoughtful negotiation and hard work. ade ago, and I am very proud of the soundness of our financial system. I am very hopeful it will pass the Sen- role I played, in some small way, on In rural areas and in many towns ate soon. drafting Dodd-Frank. Title I and title across my beloved home State of Indi- Again, I thank our chairman, Sen- II were areas that then-Chairman Dodd ana, Main Street community banks ator CRAPO, for his bipartisan work, for gave me a great deal of responsibility. and credit unions are the institutions his willingness to be flexible, to stay Let me be clear that I will do nothing that Hoosiers turn to—whether it is a with it when it looked so difficult to and support no legislation that seri- family seeking a mortgage for their get done. As a result, there are families ously undermines or cuts back on the first home to make their dreams come who are going to be in homes for the provisions and the systemic protec- true or an entrepreneur with a dream first time from loans they were able to tions that were put in place by title I who is looking to start a small busi- get from a banker who knew them in and title II and, for that matter, for all ness, create more jobs, and make his or town, who, when every computer pro- of Dodd-Frank, but 8 years later—2 her community grow. gram showed something different, they years it took us to do the bill—there is Unfortunately, the 103 community knew the family was worth investing widespread agreement that some of the banks and 154 credit unions in Indiana in. That is what this bill is going to do. standards we set in Dodd-Frank needed have been unintentionally burdened by I very much thank the chairman. time for review. rules and regulations that were in- Mr. CRAPO. Mr. President, I very One of those was the standard we put tended to hold Wall Street account- much thank Senator DONNELLY. I truly in place at the $50 billion threshold for able, to make sure they would never appreciate the Senator’s solid, strong, enhanced prudential standards. We damage our economy again. Since 2008, and continued commitment to making know, 8 years later, that number is just the number of small business loans is this bill work, come to be a reality, too low. There is a legitimate debate down 41 percent nationally. That is ac- and now helping to get it across the about where that standard should be cording to our Federal banking regu- floor of the Senate. The Senator truly reset, but recognizing that this stand- lators. is appreciated. ard was set 8 years ago at $50 billion, if This package includes a number of Next, I turn to my good friend and you just take inflation and growth in important new consumer protections another great colleague on the Demo- the economy, it would be dramatically as well, including for servicemembers, cratic side of the aisle, Senator WAR- different. That is a view shared by Fed- as I mentioned, for veterans, seniors, NER from Virginia, another one of eral Reserve Gov. Dan Tarullo, who is and tenants. those who has consistently been there the architect of much of the legislation One provision is based on my bipar- for years working to help us get to implementing Dodd-Frank. It is also tisan Protecting Veterans Credit Act. these solutions and to get them right. the view of former Federal Reserve It ensures that veterans are not wrong- Senator WARNER. Chair Janet Yellen and current Reserve ly penalized when the Department of Mr. WARNER. I thank the distin- Chair Jay Powell. Veterans Affairs is late in paying a guished chair. The fact is, there is an awful lot of vet’s medical bills. Mr. President, first of all, let me difference even between some of these In response to Equifax’s massive data thank my good friend, the Senator In- regional banks and some of the largest breach and other data breaches, for the diana, for his great work on this and six banks in our country. At this point, first time, every American—let me re- actually getting rid of half of my they still control about 60 percent of peat that—every American would be speech. I think he started to go all total assets. able to freeze and unfreeze their credit through, in very good detail, a number If we don’t do this legislation, what free of charge and set year-long fraud of the new consumer protections that we will see—and this is where, again, I alerts. are put into this legislation, and a lot have to disagree with some of my This bill also provides free credit of that is due to his good work. Democratic colleagues—is there will be monitoring for all Active-Duty service- The truth is, in a few days, we may more pressure on consolidation, not members. actually do something that hasn’t been only for community banks and credit This makes a big difference. It helps seen in a really long time—the Senate unions but, for that matter, more con- folks like Cpl Logan Hartz, a Hoosier, producing a meaningful piece of legis- solidation among regional banks, who serves proudly in the U.S. Marine lation with a strong bipartisan coali- which will place more and more power Corps. He was training at Camp tion. in those largest of institutions, where I Lejeune when he learned his personal Now, neither side got everything think we have pretty good protections information may have been com- they wanted. I compliment the chair- and protections that we don’t want promised by Equifax. He said it was man for his good work, but as my back at all in this legislation, but I really stressful to try to figure out friend from Indiana—you should have don’t think we ought to encourage that what to do and challenging to get his seen the original list of wants of the greater consolidation. So, again, we credit frozen. Corporal Hartz says the Senator from Idaho. The truth is, we focus not only on community banks free credit monitoring in this bill are only here because, at the end of the and credit unions but also on some of would provide peace of mind to service- day, we all went back and recognized these regional banks. members like him whose first focus is the people we work for—our constitu- I want to make clear, what we have on protecting our country. ents in our respective States and, for done is make no changes to the appli- I also want to highlight another pro- that matter, Americans at large—one, cability of enhanced prudential stand- vision I authored on manufactured they want to see the Senate work; and, ards for the big banks with assets housing, which serves as a vital source two, they want to see it work in a above $250 billion. These are both the of affordable housing not only in Indi- meaningful way to protect people’s largest and, in many ways, because of ana but across our country, particu- lives. What this legislation will do is, some of their products, the riskiest fi- larly in rural and underserved commu- bottom line, make sure there is more nancial institutions, and the full set of nities. This effort provides a narrow ex- access to capital on Main Street by postcrisis regulations should apply to

VerDate Sep 11 2014 01:09 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00017 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.027 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1360 CONGRESSIONAL RECORD — SENATE March 6, 2018 them, but we have required the Fed to All foreign G-SIBs that have total supplemental leverage issue, which ex- tailor those standards appropriately consolidated assets greater than $250 cludes deposits from the calculation of for banks with total assets between billion have enhanced prudential supplemental leverage ratio for cus- $100 billion and $250 billion. I want to standards, and those enhanced pruden- tody banks—this exclusion for custody highlight that the bill actually sets a tial standards will continue to apply to banks, those assets deposited within a very low bar for the Fed to apply en- these largest and systemic important central bank, such as the Fed, while we hanced standards to regional banks. foreign banks, and the Fed will con- are carving out this one exclusion, it Under the bill, the Fed can apply en- tinue to have the authority to apply does not mean that I support removing hanced prudential standards to a bank these enhanced prudential standards on other assets from the calculation of with assets larger than $100 billion for foreign banks with total consolidated that leverage ratio. financial stability reasons or to pro- assets of more than $100 billion. Again, there is widespread agreement mote the safety and soundness of the So a large foreign bank—let’s say from former Governor Tarullo to cur- bank—part of their traditional pruden- Deutsche Bank, for example, that had rent Chair Powell that the leverage tial regulations as they stand, but I problems recently—that may have only ratio should not be the binding capital don’t think every enhanced prudential $100 billion or less than $250 billion of constraint on custody banks because of standard should apply to every bank American assets, but the fact that a unique business model that relies on with assets larger than $100 billion. their consolidated balance sheet has less risky business. There is a broad agreement that stand- greater than $250 billion will mean that When the leverage ratio is the bind- ards should be tailored for this group. the Fed will continue to enhance the ing constraint on a business, it encour- Again, let me cite someone whom full G-SIB regulation. ages actually riskier activity and re- most of the folks on this side of the Again, let’s move to Chairman Pow- wards making bets that tend to de- aisle, myself included, have a great ell. He was approved by 84 Senators to crease, rather than increase, safety and deal of respect for: former Fed Chair this post—40 Democrats. He made clear soundness. That gives the wrong incen- Janet Yellen. She called this bill ‘‘a in his Banking Committee testimony tive. This bill will fix the narrow prob- move in a direction that we think that the Fed requires establishment of lem that exists for custody banks and would be good.’’ intermediate holding companies by goes no further. More recently, Chairman Powell tes- certain foreign banking organizations I personally say that I would have no tified that the Fed will implement independently of Dodd-Frank. Chair support for any movement further than standards over the next 18 months for Powell made clear that nothing in this what is narrowly carved out in this banks with assets between $100 billion bill requires any change to the IHC re- bill. and $250 billion. Chairman Powell also quirement. This is by design, as we be- I know my friend the Senator from testified that the regional banks will lieve the IHC requirement is an impor- Vermont is here, and he will have a dif- continue to be subject to the most im- tant innovation that greatly helps ferent opinion on some of these issues, portant enhanced prudential standard: international holding companies. For but I want to again thank Senator meaningful, strong, and frequent stress those keeping track of these com- CRAPO. As well, I do hope we will have tests. Those are his words, not mine. ments, it is an important innovation a chance to enter into further colloquy He called himself a strong believer in that greatly helps the Federal Reserve on this debate and to further make stress testing. Again, let me say, so am clear for the record both his and my I. supervise and apply enhanced pruden- Critically, again, this bill does not tial standards to the U.S. operations of support for strong capital, that our change the existing requirement that foreign banks. system is stronger and, particularly for the Fed conduct annual stress tests on As explained by the Federal Reserve the largest institutions, that nothing banks with assets larger than $250 bil- in its final rule, in applying enhanced we are doing will reverse keeping lion. I know I am getting into a lot of prudential standards to foreign bank- American banks the strongest in the details, but details in banking regula- ing organizations, there were unique fi- world. tions are important. Again, unfortu- nancial stability issues associated with I know there are strong opinions on nately, I don’t think some of my col- some of the large foreign banks’ oper- the other side. I look forward to the leagues who are in opposition to the ations in the United States during the continued debate. I look forward to a bill are setting out what this bill truly crisis. managers’ package that I believe will does or doesn’t do. We remember that it was some of the actually continue to expand certain Again, let me point out another foreign banks and operations in the areas around consumer protections and thing on stress tests. The bill also does United States that were part of causing other areas where there is broad-based not alter the comprehensive capital the crisis back in 2008, and those en- general agreement. I look forward to analysis and review or what banking hanced standards need to stay in place. the conclusion of this debate and an regulators call the CCAR process. The In that final rule and in other rules amendment process that again allows Fed capital planning process is actu- implementing prudential requirements other issues to be vetted. ally not part of Dodd-Frank, but it is for the intermediate holding companies With that, I thank the chairman, and another core pillar of the Fed’s super- of foreign banks, the Federal Reserve I look forward to further discussions. visory regime. We believe it should has distinguished between which stand- Mr. CRAPO. Mr. President, I thank continue to apply as much as it does ards should apply to U.S. banks and the Senator WARNER, my good friend and today. IHCs of foreign banks and how they colleague from Virginia. I see that Sen- So for banks within this $100 billion should apply it. ator SANDERS from Vermont is here to $250 billion range, you have not only The Federal Reserve remains fully and the time has arrived for his time CCAR, but you have the chairman him- capable of assessing the unique risks on the floor. self saying he will put in place—some- associated with large foreign banks’ I will just conclude by saying that I what similar to the existing DFAST U.S. operations and applying appro- agree with Senator WARNER. We both stress test—meaningful, strong, and priate enhanced prudential standards support strong capital standards for frequent stress tests. As has been men- on these institutions and their IHCs, our banks. I have a pretty solid, long tioned as well, banks with assets above giving due regard to the principle of speech on that that I was going to give $250 billion should expect to have the competitive equality, while remaining if there was time. I will give it later. annual stress test. focused on the mandate under this bill I agree with Senator WARNER that Let me touch on another subject, for- and under section 165 of Dodd-Frank to one thing we need to make clear is that eign banks. Another thing this bill protect financial stability and safety the foreign banks with $250 billion in does not do is change the enhanced and soundness. global consolidated assets will con- prudential standards applied to the This is the final point I want to tinue and still be subject to enhanced largest foreign banks’ U.S. operations. make. I also want to make clear that standards. Our bill does nothing to This gets pretty technical, but I think my support for section 402 in this bill— change that. for the record it is important that it is again, which deals with a technical Mr. WARNER. Mr. President, if I reflected. issue but a very important issue, the could ask the Senator a question—we

VerDate Sep 11 2014 02:30 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00018 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.028 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1361 may come back for a more formal col- and say: Bernie, we have to deregulate stopped working altogether because loquy at some point. We are working 25 of the largest banks in this country they could not find employment. on some additional language to further with cumulative assets of $3.5 trillion. Fifteen million families, as a result reinforce this point. No one has ever come up to me and of that financial crisis, lost their I thank the chairman for his good said that is a major priority for the homes to foreclosure as more and more work on this bill. I am thankful for the American people. No one has ever sug- people could not afford to pay their fact that the legislative RECORD will gested to me that instead of talking mortgages. Thousands of Americans reflect at least this short conversation this week about and moving forward on set up tent cities in Sacramento, Fres- and other speeches and conversations gun safety legislation or the DACA no, Tampa Bay, and Reno because they which recognize that a consolidated issue or the high cost of prescription had no place left to live. balance sheet of foreign banks, if they drugs, we should be here on the floor of As a result of the illegal behavior of only have $100 billion in assets in the the U.S. Senate talking about the Wall Street, American households lost United States but $1 trillion in total needs of some of the largest banks in over $13 trillion in savings, which shat- assets, will still be subject to the en- this country. But that is precisely tered retirement dreams, wiped out life hanced prudential standards. what the Senate will be discussing this savings, and made it impossible for Again, I thank the chairman and week and probably next week as well. parents to send their kids to college. look forward to continued debate. If you want to know why the Amer- That is what Wall Street did 10 years Mr. CRAPO. I thank the Senator ican people, in very, very strong num- ago. Against my strong opposition from Virginia. bers, hold the U.S. Congress in con- then, Congress and the Federal Reserve I yield the floor. tempt, it is precisely because we have a provided the largest taxpayer bailout The PRESIDING OFFICER (Mr. Republican leadership that does ex- in the history of the world to these FLAKE). The Senator from Vermont. actly the opposite of what the Amer- huge banks because they were too big Mr. SANDERS. Mr. President, I get ican people want. And it is not just not to fail. around my own State of Vermont a lot. dealing with the DACA issue or dealing But now, 10 years later, hoping that In fact, I get around the country a lot. with the gun violence issue. Over the we forget all about that, these large fi- I hear from a lot of people and I talk to last year, despite the overwhelming ob- nancial institutions are back again. a lot of people about what is on their jections of the American people, Re- How pathetic is that? Just yesterday, minds. publican leadership tried to throw the Congressional Budget Office told us Needless to say, in these very com- some 32 million Americans off of that the legislation we are debating plicated and difficult times, there is a health insurance. Thank God we were today will ‘‘increase the likelihood lot the American people are concerned able to beat that back. that a large financial firm with assets about. They are concerned about gun At a time of massive income and of between $100 billion and $250 billion violence, and they want strong legisla- wealth inequality, the American people would fail.’’ That is from the CBO. tion to be passed as soon as possible to do not believe that the Koch brothers In other words, this legislation protect their kids and the American and other billionaires should receive makes it more likely that we will see people. massive tax breaks. That is exactly another financial crisis and makes it Overwhelmingly, they want legisla- what the Republican leadership pro- more likely that there will be another tion—over 80 percent of the American vided. huge taxpayer bailout and massive dis- people in poll after poll—want legisla- And on and on it goes. location of our economy. tion to protect the 1.8 million young The needs of the middle class and Under this bill, large banks with as- people who are eligible for the DACA working families are ignored while the sets of up to $250 billion will no longer Program. That is what people talk needs of the wealthy and powerful, in- have to submit comprehensive plans on about. cluding Wall Street, are addressed. winding down if they fail. They will no People talk about the high cost of Today, my Republican colleagues, longer have to hold sufficient capital healthcare, and they talk about the along with some Democrats, tell us in case their loans go bad. And they fact that they cannot afford prescrip- that what we should be doing right now may never have to undergo a stress tion drugs because the drug companies is spending our time on deregulating test to find out if they are adequately are ripping us off every single day. some of the largest banks in America. prepared to withstand an economic They talk about climate change and How absurd is that? Not gun violence, downturn. their fear about what kind of planet we not the DACA crisis, not the high cost Further, this legislation makes it are going to be leaving our kids and of prescription drugs, not 30 million easier for financial institutions to offer our grandchildren if we don’t trans- people without health insurance, but bogus subprime mortgages that caused form our energy system away from fos- deregulating some of the largest banks so many Americans to suffer during sil fuel. in America. the 2008 financial crisis. The people I talk to in Vermont and Are our memories so short that we This legislation makes it easier for throughout the country talk about our learned nothing from the 2008 Wall large banks to steer African Ameri- crumbling infrastructure. Street crash? Have we learned nothing cans, Hispanics, and the elderly into They talk about the need for decent- from the savings and loan disaster of mortgages with high interest rates and paying jobs. the early 1990s or the thievery of Wells hidden fees. They talk about the high cost of a Fargo over the last couple of years or This legislation deregulates foreign college education. I just talked to a the dishonesty of Equifax or the ac- banks like Deutsche Bank—a bank teacher the other day in Wisconsin. counting fraud at Enron and Arthur that in January of 2017 agreed to a $7.2 She had tears in our eyes because she Anderson or the failure of long-term billion settlement for selling toxic cannot afford to send her own daughter capital management or the billions of mortgages during the financial crisis. to college. I talk, every day it seems, dollars in fines that financial institu- This legislation guts the Volker rule, to people who graduate from college, tion after financial institution has paid allowing banks all over this country to $30,000, $50,000, $100,000 in debt, and out for illegal or deceptive activities? gamble with the bank deposits of their they wonder how that debt will impact Just 10 years ago, as a result of the customers on risky derivative schemes the rest of their lives. greed and the recklessness and the ille- that were at the heart of the financial I talk to people in Vermont and gal behavior on Wall Street, this coun- meltdown. around the country about the childcare try was plunged into the worst eco- Let us be very clear. The major crisis that we have and about the lack nomic crisis since the Great Depres- banks that we are deregulating in this of affordable housing and about a mil- sion. The official unemployment rate bill were forced to pay over $49 billion lion other issues that are on the minds shot up to 10 percent and the real un- in fines for a wide variety of fraudulent of people in Arizona, in Vermont, and employment rate jumped to over 17 and deceptive activity. These very all across this country. percent. At the height of the financial same banks received a taxpayer bailout But I can honestly say that I have crisis, more than 27 million Americans of $47 billion from the Treasury and not heard one person come up to me were unemployed, underemployed, or trillions in financial assistance from

VerDate Sep 11 2014 02:30 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00019 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.030 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1362 CONGRESSIONAL RECORD — SENATE March 6, 2018 the Federal Reserve. Many of these stitutions—quite the contrary. If a fi- ondary Education Act to hire more banks, it should be pointed out, like nancial institution is too big to fail, in counselors. Wall Street in general, have enjoyed my view, it is too big to exist. Now is About a fifth of all children age 9 to record-breaking profits over the last 2 the time to take on the greed and 17 have ‘‘a diagnosable mental or ad- years. They are not coming here be- power of Wall Street and break up the dictive disorder that causes at least cause they are losing money. Over the largest financial institutions in this minimal impairment.’’ In the 2014-to- last 2 years, most of these banks have country, and I will be introducing an 2015 school year, there was a counselor- done very, very well. amendment to this bill to do just that. to-student ratio of 482 to 1, while the So how does it happen that Congress I understand fully, as the American American School Counselor Associa- finds itself worrying about the needs of people do, the power of Wall Street and tion recommends a counselor-to-stu- huge financial institutions but ignores the huge amounts of money they spend dent ratio of 250 to 1. This bill would the concerns of ordinary Americans? on campaign contributions and lob- help schools make up that difference. The answer, as I think most Americans bying. That should not, however, in- No. 2, make it clear that schools can understand, has everything to do with timidate us. Now is the time for us to use federal funding they are already re- following the money. Follow the have the courage to stand up to these ceiving through titles II and IV under money. very wealthy and powerful institu- the Every Student Succeeds Act to im- Since the 1990s, the financial sector tions, defeat this legislation, and sup- prove the professional development of has given more than $3.2 billion in port the needs of the American people. school counselors and to improve the campaign contributions and last year The PRESIDING OFFICER. The Sen- school safety infrastructure, including alone spent over $200 million on lob- ator from Tennessee. installing new alarm systems, improv- bying. If you want to hear about the corrup- SCHOOL SAFETY AND MENTAL HEALTH SERVICES ing entrances and exits of schools, in- tion of the American political system, here Mr. ALEXANDER. Mr. President, stalling security cameras, and other in- it is. Since the 1990s, the financial sector has later this week Senators Blunt, Cas- frastructure upgrades. given more than $3.2 billion in campaign con- No. 3, our bill renews and updates a sidy, Collins, Roberts, and Young will tributions and last year alone spent over $200 law to expand a successful program join me in introducing the School Safe- million on lobbying. That is why Congress that helped to train education per- ty and Mental Health Services Im- will be spending day after day trying to sonnel and ensure children have the provement Act. make life easier for these large financial in- services they need after a violent inci- stitutions, while at the same time ignoring Three weeks ago, 14 high school stu- dent. This program was piloted after the needs of working families. dents, a teacher, a coach, and an ath- the shooting in Newtown, CT, and has No, we can’t get a bill on the floor of letic director were killed at Marjory shown to be effective. the Senate that will lower the cost of Stoneman Douglas High School in prescription drugs. We can’t do that. No. 4, create an interagency task Parkland, FL. As the authorities tried force led by the Secretary of Edu- The American people overwhelmingly to get to the bottom of exactly what want us to act on gun violence. We cation, with the Departments of Health happened in the shooting, many of us and Human Services, Justice, Home- can’t do that. We are not able to pro- in local, state, and federal government land Security, Interior, and Defense, to tect the 1.8 million young people who have been looking at what can be done make recommendations—not man- are eligible for the DACA Program. We to help keep students safe at school. dates; recommendations—on best prac- can’t do that. But we can spend a week We can’t stand still and do nothing tices, policies, and procedures to im- or two worrying about the needs of while our children are being killed. prove school safety and school safety some of the largest financial institu- I am the chairman of the Senate infrastructure. tions in this country. And that is why Health and Education Committee and This bill would encourage and rein- the American people are disgusted with sponsor, with Senator MURRAY, of the force for Tennessee and for all other what goes on in Washington, DC. Every Student Succeeds Act of 2015, States that Federal dollars may be I have a radical idea, and that is that which reauthorized the law overseeing used to hire more counselors, psycholo- maybe—just maybe—instead of listen- kindergarten, elementary, and sec- gists, and other mental health profes- ing to the lobbyists here in DC, maybe ondary education. I also sponsored sionals at schools; to build safety infra- we should listen to the American peo- with Senator MURRAY the 21st Century structure—such as securing doors, ple, who believe that we should Cures Act of 2016, which made the first automatic locks, and smart en- strengthen, not weaken, Wall Street major mental health reforms in a dec- trances—to prevent intruders; and to regulations. ade, focusing the federal government’s develop mental health programs to Believe it or not—of course we are efforts on early intervention. identify children who might be dan- not going to hear any discussion of this The bill I am introducing this week gerous to other children. at all—believe it or not, the four larg- with several of my colleagues will help While most of the responsibility for est banks in America are, on average, States use every federal dollar avail- improving the safety of our schools and 80 percent bigger today than they were able to them to keep their schools safer the environment or climate of our before we bailed them out because they from violence and have the mental schools rests with local and State offi- were too big to fail. Incredibly, the six health services they need. This is com- cials, the federal government has a role largest banks in America—this is plementary to a bill Senator HATCH in- to play. wealth. This is power. This is who owns troduced this week that addresses pro- In conclusion, in addition to the poli- America. The six largest banks in grams in the Judiciary Committee to cies in this bill that I described, I sup- America have over $10 trillion in as- improve school safety and stop school port President Trump’s directive to the sets—six banks, $10 trillion—equivalent violence. Department of Justice to craft regula- to 54 percent of the GDP of this Nation. There are 100,000 public schools in the tions to ban so-called ‘‘bump stocks,’’ The six largest banks hold more than United States, and most of the respon- which have the effect of making a half of all credit card debt, control over sibility for making them safer for chil- semiautomatic firearm function more 90 percent of all bank derivatives, un- dren lies with the State and local gov- like an automatic firearm. derwrite a third of all mortgages, and ernments and families and commu- I, along with 49 other Senators, have control over 40 percent of all bank de- nities that provide 90 percent of school cosponsored bipartisan legislation to posits. If any of these financial institu- funding. But the Federal Government have more effective background tions were to get into financial trouble can and should help create an environ- checks. This legislation, sponsored by again, there is no doubt in my mind ment where communities, school Senator MURPHY and Senator CORNYN, that once again the taxpayers of this boards, and States can create safer would ensure that Federal agencies and country would be asked to bail them schools. States get information about individ- out—except this time, the bailout Under this bill, the Federal Govern- uals who should be prohibited from might be even larger than it was in ment can help in the following four buying a gun through the National In- 2008. ways: stant Background Check System. Now is not the time to be talking No. 1, allow schools to use title II I hope my colleagues will cosponsor about deregulating large financial in- funding under the Elementary and Sec- and support our legislation to help

VerDate Sep 11 2014 02:30 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00020 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.031 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1363 States use every Federal resource My mother usually picked me up nancial records to make sure you can available to them to keep their schools from school in our bronze, two-toned repay the loan. That is good. American safer from violence and have the men- station wagon, and one day she showed families don’t want to take out loans tal health services they need. up driving the old, off-white Stude- they can’t afford, and banks don’t want Mr. President, I yield the floor. baker that daddy had been driving to make loans that can’t be repaid. The PRESIDING OFFICER. The Sen- back and forth to work. As I climbed Before the financial crisis, that ator from Massachusetts. into the car, I asked where our station whole process went haywire. Lenders Ms. WARREN. Mr. President, this wagon was. were making crazy loans with balloon week we are considering a bill to roll It is gone. payments and exotic features that con- back the rules on some of the biggest Gone where? sumers didn’t understand. Lenders banks in the country. Over the course Gone. didn’t care if their customers could of this week, I am going to be spending I just kept pushing. My mother was repay. Why? Because they got their a lot of time on the Senate floor talk- staring straight ahead, fingers tight on fees up front and then sold the loans to ing about the problems with this bill the steering wheel, and after one more distant investors, and the original and how it threatens working families ‘‘Where?’’ from me, she answered in a lender was long gone before the home- and American taxpayers, but I want to low voice: We couldn’t pay. They took owner got in trouble. But the families start by looking back to 2008 and the it. were stuck. Eventually, the payments reason we have these rules in the first The house was next in line. My fam- skyrocketed, and homeowners who place. ily was right on the brink of fore- couldn’t keep up defaulted and lost Ten years ago next week, Americans closure when my mom put on her best their homes. started holding our breaths. For years, dress, walked into the Sears, and land- After the crisis, Congress changed financial institutions had been riding ed a minimum-wage job. But that feel- the rules. They told lenders that they high, selling dangerous products to ing—the feeling of being on the brink, had to start underwriting their loans consumers, and making risky bets. All the feeling of no security, nothing again to protect consumers and the the while, Washington looked the other under your feet—is a feeling no family economy. But that takes time and way, cozying up to big banks, loosening in this country should have, especially money, so Congress told the Consumer rules left and right, and shrugging off not have it because Congress decided it Financial Protection Bureau to write a rules they couldn’t get rid of. And no was OK to let the big banks gamble rule that says that there is no need to wonder—the revolving door was spin- with the economy again. Yet here we investigate if the lender knows that it ning like crazy. Bank officials became are, on the verge of making the same is issuing a super-safe, boring, plain-va- regulators and then went back to the mistake Congress has made so many nilla loan. OK. That sounds reasonable. banks, getting richer and richer. Bank times before. But section 101 of this bill is not rea- profits were sky high and getting high- The banks don’t want you to know sonable. It takes the CFPB rule and er. what is in this bill because if you did But business built on scams and hype stretches it in all directions, tearing know, you would fight back. It was can’t grow forever. Ten years ago this open big, dangerous loopholes. This bill written by Senators in back rooms and month, Bear Stearns, an 85-year-old in- that is on the floor says: Banks, have jammed through the Banking Com- stitution on Wall Street, went belly up some fun out there. It says: Bring back mittee, where its authors voted down because of $46 billion in scam mort- the greatest hits of the financial crisis gages and other questionable invest- every single amendment, every single housing scams. Scoop up profits on the ments on its books. The failure gave idea to make the bill even one smidgen front end, and leave families holding the rest of the world a glimpse of Wall better or protect consumers just one the bag on the back end. Street’s addiction to risky bets. The tiny bit more. They voted against I understand breaks for banks that disease spread. It turned out that a lot every amendment, even if they agreed make straightforward loans, but these of other banks had invested heavily in with it, because Republicans and loans in this bill are too risky and they scam mortgages too. Investors pan- Democrats had locked arms to do the come at a bad time. Rising interest icked, sending the markets into a nose- bidding of the big banks. rates mean that exotic products like dive. There is a lot of dangerous stuff in adjustable rate mortgages are starting When the American economy fell off this bill. Today I want to focus on the to make a comeback. Bank lobbyists a cliff in 2008, American families got harm it will do to America’s con- are dragging us back to the bad old crushed. Almost 9 million people lost sumers, but I will start with what is days when banks had free reign to their jobs. Workers lost $2.6 trillion not in the bill because what is not in scam their customers. from their retirement accounts—about the bill should make Congress Here is another section. Section 104 25 percent of their savings for someone ashamed. Strong consumer protec- makes it harder to enforce anti-dis- who had been working for 20 years. In tions—that is what is not in this bill. crimination laws by telling loads of in- 2008 alone, foreclosures spiked 81 per- Banks get their wish list, but con- stitutions that they don’t have to com- cent, and 3.1 million notices went out sumers get next to nothing. This bill is ply with a law called the Home Mort- to homeowners across the country tell- called the Economic Growth, Regu- gage Disclosure Act, or HMDA. HMDA ing them they would lose their homes. latory Relief, and Consumer Protection requires most financial institutions to In a single year, 1 out of 54 homes in Act, but in all 148 pages, there are only tell the public and the CFPB who they the United States was in foreclosure. a few watered-down provisions to help are lending to and at what rates and Behind those enormous numbers were consumers. what terms. Regulators and law en- real people and real families whose Equifax loses data for nearly half of forcement then use that data to make lives were shaken up and turned upside all adults in America, lies about it, and sure that American families don’t have down, little kids who worried about this Congress, these Senators, still a harder time getting one of those where they were going to live, and big- can’t manage to pass a bill with some loans because of who they are or where ger kids who worried about whether teeth in it to hold the company ac- they come from. they would lose their chance to go to countable. That says it all. This bill takes a sledgehammer to college. This bill was written by big banks to HMDA by exempting 85 percent of I know that feeling. I lived in Okla- help big banks. It is not a bill to help banks from reporting HMDA data. If homa City, and my folks had picked American families who are still getting this bill passes, there will be entire out our house because it was right in- cheated by the companies that make communities in America where there side the boundary line of what my huge profits off them. will be no data whatsoever, which mother believed was the best school What is actually in this bill? Start means there will be no ability to mon- district in the county. Our lives seemed with the first part of the bill, section itor whether people are getting cheated to be on track right up until the day 101, ‘‘Improving Consumer Access to because of their race or their gender. my daddy had a heart attack, and then Mortgage Credit.’’ When you get a Once again, this couldn’t come at a it all started sliding sideways. He was mortgage, usually your lender spends worse time. Lending discrimination is out of work for a very long time. some time combing through your fi- real. A new, comprehensive report that

VerDate Sep 11 2014 02:30 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00021 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.033 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1364 CONGRESSIONAL RECORD — SENATE March 6, 2018 looked at housing markets all across You can probably guess the end of lenders who discriminate against their the country just came out from the the story. The Ackleys signed, the customers, and harder to police giant Center for Investigative Reporting and lender wouldn’t refinance, they lost all monopolies that build, sell, and offer Reveal, and its findings should make us the money they had put in up front, financing to mobile home buyers. Only all sick to our stomachs. and they lost their home. It turns out a bunch of bank lobbyists and their In 2015 and 2016, nearly two-thirds of that the homebuilder, the dealer, and friends in Washington would call this a mortgage lenders denied loans to peo- the mortgage lender—all three of consumer protection bill. ple of color at higher rates than for them—were owned by one company, American families weren’t in the White people. According to Reveal, in Clayton Homes. All the incentives were back room when this bill was written. the Washington metro area, ‘‘in 2016, to push the Ackleys into a loan they They don’t have millions of dollars in Native American applicants were 2.3 couldn’t afford because Clayton got the campaign cash to get Senators’ atten- times as likely to be denied a conven- purchase price, the commissions, and tion. They don’t keep an army of lob- tional home mortgage as white appli- the fees, and they got the mobile home byists on their payroll. No. American cants. For black applicants, it was 2.2 back again. No one was looking out for families are busy going to work, help- times as likely. For Latino applicants, the Ackleys. ing the kids with homework, and try- it was 1.9 times as likely. For Asian ap- The backers of this bill say that this ing to catch up on a thousand things. plicants, it was 1.6 times as likely. provision will help small lenders, but They are trying to pay off student The Reveal report showed that this the truth is that manufactured home loans or maybe save a little for their problem happens in giant banks and lending is mostly done by giant lenders own kids to go to college. Some are also in small banks. like Clayton. In fact, in 2013, Clayton trying to put aside a few bucks for a Here is the thing: None of that anal- alone—one company—provided 39 per- mortgage so they can buy a home. ysis—none of it—would have been pos- cent of mobile home loans. Savings They trust us to stand up for them and sible without HMDA data from big in- from rolling back these consumer pro- make sure they have a fair shot at stitutions and small ones. Without the tections would go right out of the home ownership, at the American data, we would all be sitting in the pockets of working families like the dark, wondering if maybe some mort- dream. They trust us to make sure we Ackleys and right into the pockets of gage lenders discriminated against Af- are not turning over the keys to our dealers like Clayton. rican Americans or women or Native economy to the same people who The Ackleys’ story is not unique. I crashed it 10 years ago and ran over a Americans, but we wouldn’t have any wish it were. These same problems hap- way to know. That means we wouldn’t bunch of American families on the pen all over the country, and they are way. have any way to change it if it was exacerbated by the special characteris- happening. Gutting HMDA allows us— I know we are outnumbered, but this tics of mobile homes. The lifespan of a actually forces us—to look the other fight isn’t over. Make no mistake—I manufactured home is shorter than a way when discrimination happens, and am going to do whatever I can to con- traditional home. That means the pur- that is disgraceful. vince enough other Senators that this There is one more section in this bill chaser may not be able to take out eq- is a bad deal for American families and that really hurts consumers; that is, uity by reselling it. a dangerous one. I will push and I will A woman from Oklahoma told the section 107, ‘‘Protecting Access to Man- tug and I will talk to anyone who will CFPB: ufactured Homes.’’ Eighteen million listen about how this bill will hurt the Americans live in manufactured I was given a loan for a single width mobile people we were sent here to represent. home through [a mortgage company]. They homes. Many are low-income, elderly, And maybe, just maybe, for once, the switched it to Green Tree and next to Senate will start listening to voters in- or disabled. It is a good option for Ditech. The home started deteriorating in 10 many Americans, especially in rural years and is now unsafe to live in, as I have stead of donors. areas, but it is very important to make had electrical problems and many of the Mr. President, I yield the floor. sure buyers don’t get scammed. pipes are broken where the bathtub and fau- I suggest the absence of a quorum. Under today’s law, mortgage lenders cets in the master bathroom are not func- The PRESIDING OFFICER (Mr. cannot steer a borrower toward a high- tioning. The floor under the shower has com- JOHNSON). The clerk will call the roll. er cost loan so the lender can get a pletely caved in, windows are crooked and The bill clerk proceeded to call the kickback. That is the law today but allow flies to get into the house in warm roll. weather. Most of the floors have buckled Mr. FLAKE. Mr. President, I ask not if this bill passes. Instead, the rules under the legs of furniture, and the rain has unanimous consent that the order for for mobile home lenders will be weaker caused the areas around the windows to the quorum call be rescinded. rules, and that means it will be much buckle. Walls are little more than cardboard. The PRESIDING OFFICER. Without easier to cheat buyers of mobile homes. I believe the flooring is waferboard and unfit objection, it is so ordered. Congress imposed strict requirements for floor foundation. on loan originators because Congress When I tried to trade this [model], the UNANIMOUS CONSENT REQUEST—H.R. 1551 knew most of us don’t buy a lot of dealer [] told me he couldn’t because the Mr. FLAKE. Mr. President, I have homes in our lifetime, and we rely on house is worth much less than what I owe been in Congress now for about 18 and that this sounded like a Predatory Mort- years—12 years in the House and now 6 the people helping us through the proc- gage Loan. He said that mobile homes do not ess to tell it straight. Owners of mobile in the Senate. It is an honor of a life- have 30 year mortgages because they don’t time, obviously, to represent Arizona homes deserve the same protection as last that long. He said my loan should have people who buy brick-and-mortar been a 15 year loan at the most. Also, right here. homes. They need that protection. before Ditech took the predatory loan over, After being here so long, I have to Abusive lending practices are ramp- they added about {$100.00} to my monthly say I get a little defensive when I hear ant in the manufactured housing indus- payments, which went from {$360.00} to somebody say that Congress is incapa- try. In 2015, the Seattle Times wrote {$460.00} a month. Ditech claims the {$100.00} ble of solving big problems. Yet it is a about Kirk and Patricia Ackley in Eph- is for insurance; however, as of yet they have hard point to argue after watching the rata, WA. Kirk worked construction, repaired nothing, although I have made sev- Senate squander the best opportunity eral claims. and Patricia worked at Walmart. They I was also told I should complain because we have had in a long time to pass leg- had already bought the foundation for when they put the mobile home on my prop- islation to protect young immigrants their new mobile home when they sat erty, they did not put it on a cement founda- who are impacted by an uncertain fu- down to close on their mortgage. What tion and instead put it on the ground, which ture of the DACA Program and to happened at closing? Surprise. The in- has caused the home to sink. strengthen security along the border. terest rate was higher than they had This bill is designed to make it easier Somehow, despite sweeping public sup- been told, and the payments were larg- for the lender/dealer to squeeze people port for both of these items, we have er than they could afford. The mort- like this woman from Oklahoma. been incapable of finding a compromise gage broker then convinced them to go This bill is a punch in the gut to that can garner the support of 60 Sen- ahead and sign up anyway, promising American consumers. If it passes, it ators. To say this has been a dis- that they could refinance that loan will be harder to police banks that sell appointment would be an understate- later on. abusive mortgages, harder to police ment.

VerDate Sep 11 2014 02:30 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00022 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.036 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1365 I do appreciate Majority Leader The Senator from Oklahoma. that one. Let’s get on it. Let’s resolve MCCONNELL’s attempt to facilitate an Mr. LANKFORD. Mr. President, I re- it long term, and let’s provide a sense open debate. I truly believe he wanted serve the right to object. There is no of permanency to this solution, not an- this process to provide the necessary question that I want to see legislative other temporary patch that will end up dialogue so as to deliver an effective solutions here, and I am actually glad being the same temporary patch we bipartisan solution. I am certainly not to stand with my colleague from Ari- will do 3 years from now, 3 years after alone in my efforts to forge genuine zona to talk about how we get a solu- that, and 3 years after that. consensus on these subjects. There are tion on this issue. May I remind our body that we are a lot of Senators on both sides of the As we have seen from Congress, espe- on our fourth continuing resolution aisle who want to fix this problem. Un- cially over the last 20 years, the chal- just this year. We need to resolve this fortunately, as too often happens, the lenge has been, if Congress does a tem- and take the moment to be able to do siren call of politics brought too many porary patch once, it will do it 20 times that. of us back into partisan trenches and again. My concern is for the 7,500 UNANIMOUS CONSENT REQUEST—H.R. 2579 blocked any hope of real results. DACA kids who are in my State of Mr. President, I ask unanimous con- There are teachers and students and Oklahoma. They are looking for an ac- sent that the Senator modify his re- members of the military who are DACA tual solution. They want a sense of per- quest so that the Senate resume con- recipients. They are friends and col- manence. Their status has been in sideration of H.R. 2579. I further ask leagues who represent the very best limbo since 2012. The question is, Can that the pending amendments be with- ideas of America. They are hard work- we actually resolve this for them? drawn with the exception of the Grass- ers and productive members of their I have put forward a presentation— ley amendment No. 1959. Finally, I ask families and communities. They don’t Senator FLAKE has been passionate that the Grassley amendment be have the luxury of being able to admit about this as well—for those individ- agreed to, the bill, as amended, be con- defeat and move on to the next topic. uals to actually end up toward natu- sidered read a third time and passed, Likewise, those of us from border ralization, not to have a temporary and the motion to reconsider be consid- States, like Arizona, know that law en- patch of just being in limbo status ered made and laid upon the table with forcement officers who are tasked with again. It would be to work them no intervening action or debate. patrolling the borders and protecting through a process to get them in a line The PRESIDING OFFICER. Does the our neighborhoods just can’t give up in which they actually end up in natu- Senator from Arizona wish to modify and go home. We have neighbors and ralization at the end of it. At the same his request? family members who simply cannot time, there would be border security Mr. FLAKE. Mr. President, reserving shrug off failure and accept the status and some other things that we think the right to object, let me just say that quo when it comes to securing the bor- would be connected to it. I would like we had a debate for a week, and I com- der. to see us work through this process to mend the Senator from Oklahoma for That is why I have introduced legis- actually get to a resolution. A couple his hard work on this topic and con- lation to extend DACA protections for of Federal courts have pushed back on structive contribution during that en- 3 years and to provide 3 years of in- the administration and have bought tire time. We considered several pro- creased funding for border security. I Congress a little more time to be able posals, one of which was this proposal, am the first to admit that this is far to resolve this issue. I would like for us the Grassley amendment. It did get bi- from a perfect solution, but it does pro- to use the better wisdom of that to ac- partisan support, but it still fell well vide a temporary fix to these crucial tually get to a solution during this short of the goal. I think there were 39 problems. It begins the process of im- time period. votes in favor. We had bipartisan sup- proving border security, and it ensures The goal is: How do we get this re- port for a countermeasure that I sup- that DACA recipients will not lose pro- solved? ported, but we failed to get the 60 votes tections and be left to face potential I am pleased to say the President has as well. We got only 54. deportation. moved a long way on this issue. The I would love to get a permanent solu- We in Congress have too regularly President has laid out naturalization tion. I have been working my entire 18 confused action with results and have for 1.8 million people, has dealt with years in this body to try to get com- been entirely too comfortable with ig- border security, and has engaged in a prehensive immigration reform noring problems when they seem too conversation to actually get it re- through. The problem is what has been difficult to actually solve. To put it as solved. We had a completely failed ef- proposed as an amendment here is, for bluntly as possible, this is not some- fort a couple of weeks ago with four all intents and purposes, comprehen- thing we can ignore any longer. different proposals coming up, with all sive immigration reform, which, in I thank Senator HEITKAMP for joining four of them getting bipartisan sup- moving ahead, would make changes to me as a cosponsor on this bill and for port, but with all four of them failing. the legal immigration structure. That illustrating that the drive to get some- I would love to see us get on any one of is, simply, too much to bite off at this thing done on these issues is a bipar- them and start amending it. time. tisan effort. She has been a trusted The Senator from Arizona and I have As much as I don’t like to do it, I am partner on border security and sensible already had conversations about offering something that is a stopgap, immigration reform measures. changes that I would like to see even in but at least it is for 3 years. At least it We may not be able to deliver a per- some of the bills that I supported, but will give 3 years to those who are af- manent solution to these problems, but the way to resolve that is get on one of fected and give us in Congress some we cannot completely abdicate the re- them. Let’s actually start amending time to actually come to a solution. sponsibility of Congress to solve them. one, and at the end of it, let’s let this What we cannot do is force these kids There are many people whose lives and body work its will. The frustration I through more uncertainty. I would love well-being depend on our ability to de- have had with this body in these 3 to get to a permanent solution. That is liver meaningful results here. short years that I have been here is, what I have tried to do for a number of Mr. President, I ask unanimous con- most of the time, we fail to even debate years here. I know the Senator from sent that the Senate proceed to the im- an issue. When it requires 60 votes to Oklahoma has, as well, but we just can- mediate consideration of Calendar No. even open debate on something, we not do it right now. 300, H.R. 1551. I further ask that the just, simply, start the process, never I prefer to simply go with the 3 for 3 Flake substitute amendment at the get 60, never debate it, never resolve it. amendment for which I am asking 3 desk be considered and agreed to, the Then this body just moves on to an- years of extended protections on DACA bill, as amended, be considered read a other topic. in exchange for 3 years of border secu- third time and passed, and the motion I commend my colleague from Ari- rity funding at the President’s request to reconsider be considered made and zona for reminding this body again for this year. I think that is a realistic laid upon the table. that we have an unanswered issue still proposal for which we can get bipar- The PRESIDING OFFICER. Is there sitting out there that needs to be re- tisan support here and in the House. I objection? solved. I agree with him completely on believe the White House can support it

VerDate Sep 11 2014 02:30 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00023 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.038 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1366 CONGRESSIONAL RECORD — SENATE March 6, 2018 as well. So I object to a modification of The time urgency is that it is fair to On that point, I believe there is broad the request. say there is a high probability that consensus, and on that point is where I The PRESIDING OFFICER. Objec- somewhere in America today there is think we should start. Let’s act. If tion to the modification is heard. someone like the killer in Parkland there is a law we can pass or a program Is there objection to the original re- who has ideas about doing something we can put in place to prevent one of quest? similar, and we do not have the luxury these things from happening, let’s do Mr. LANKFORD. I do object. of waiting until November or waiting it. Obviously, we may part ways on dif- The PRESIDING OFFICER. Objec- until next year before we act, espe- ferent views on the other parts of this, tion is heard. cially if there are things we agree on. but at least, for now, we are together The Senator from Florida. Something remarkable happened to get these things done. This is the GUN VIOLENCE over the weekend. Almost all of the 17 commonsense way forward. This is the Mr. RUBIO. Mr. President, since the families impacted by this horrifying way people operate in real life. tragedy 3 weeks ago tomorrow in Park- event came together and spent a sig- In real life, if you and another group land, FL, we have all, as a nation, had nificant amount of time meeting and of people agree on something, you do a conversation about how did this hap- talking because they wanted to issue a the thing you agree on first, you get pen, why did it happen, and what can joint statement as families. It was dif- that out of the way, and then you have we do to make sure something like this ficult because these families and some the debate and the vote on the things never happens again. As part of that of the people in these families have you may not have a consensus on. We conversation, we have spent a signifi- very different views on a number of have a chance to do some things, and cant amount of time talking to all issues, including on the Second Amend- they are meaningful. sorts of different groups and individ- ment, but the one thing they all agreed The first is a bill Senator HATCH in- uals—from students and teachers im- on is, our schools should be safe places troduced yesterday. We joined him, pacted by this to experts across the and that when we drop our children at along with a broad bipartisan coali- country, to other communities that school in the morning, they should be tion, on the STOP School Violence Act. have put in place policies to address safe, and no one should be worried Senator HATCH’s bill is a bill that was this. We have learned a lot about not there is a possibility their children innovated by Sandy Hook Promise. It just this particular incident but some may not come home that afternoon be- is their No. 1 legislative priority right of the dangers around the country. cause someone walked into the school now, and it is a bill I cannot imagine It is interesting, just in the last cou- and took their life. having a single ‘‘no’’ vote in the U.S. ple of weeks since it happened, you I would say that is not just true of Senate. What the bill does is it basi- have seen a significant increase in the these 17 families; I think that is true of cally creates a Federal grant program number of potential shooters who have the country. No matter where you are through the Department of Justice for been reported to law enforcement and on the issues regarding the Second States and through the States’ local people who have been arrested. I think Amendment—how much or how little communities to create risk assessment one of the lessons from this terrible you believe our laws should govern and programs—in essence, to have pro- tragedy is, we live in a day and age regulate the sale of guns and what type grams in place to train teachers, ad- when someone who is out there talking of guns should be sold—I cannot imag- ministrators, and students to identify about hurting people has to be taken ine there is anyone in this country in the warning signs of someone who may seriously. We can no longer afford to be their right mind who does not believe hurt themselves or may hurt other peo- a country in which people make these our schools should be safe. I also do not ple. It also sets up a task force in each sorts of threats, and they are taken believe there is anyone in this country one of these school districts to monitor lightly. in their right mind who would disagree, these students, to identify them collec- Based on all of this information we if we have the opportunity to identify tively. For example, if it had existed in have gathered, last week I came to the someone before they act, we should act Broward County or something like it floor and announced a number of ini- against them and stop them. Because that was effective, you can only imag- tiatives that I hope the Senate will there is such broad consensus on those ine a room where the sheriff’s office move forward on to make sure these issues, those are the first steps I be- and the school and the Department of things never happen again. It is impor- lieve we should try to take. Children and Families and potentially tant to begin by recognizing that those Now, sometimes when you describe it even the FBI were all there comparing of us who serve here are in the business that way, people think, ‘‘Well, that is notes. If those entities had been to- of passing laws and making public pol- all you are going to do or that is all gether in one room comparing notes, icy. Making public policy isn’t just you want to talk about,’’ and that is the sheriff’s office would have said we about coming up with the best idea you not true. That can’t be true because have been to his house 40 times for all can come up with, but it is also about these Second Amendment issues sorts of things. The school would have coming up with the best idea you can preexist Parkland. We have debated said we had to kick him out, and we come up with that actually has a them in the past, and we will continue had to do all kinds of things because he chance of being implemented into law. to debate them in the future. They had fights, he was violent, and made What that means is, in order to get often find their ways into court. So threats. The FBI would say someone something done, we need 60 votes in those issues aren’t going anywhere, actually called our hotline and said the Senate on virtually any issue, we and they will continue to be here for us this guy was going to shoot up a need a majority of the votes in the to debate and act on, if the body so school. I cannot imagine, through that House, and we need a White House that chooses. collaboration, there would not have is willing to sign it. If those three The issue that I am afraid will go been action or, at least, the oppor- things don’t happen, you do not have a away, the issue I am afraid may be for- tunity for action. It didn’t happen that law. gotten in a number of weeks is the fact way, and we have a chance now to So what we spent time trying to do is that, in this case, there was the chance change that. identify what can we get 60 votes for in to stop the shooter before he acted. By the way, I saw last week where it the Senate, can pass in the House, and There were clear signs. It is one of the was described by some media outlets as be signed by the President that will things you see in every single one of a modest bill. This is not modest. Just make a difference. That has been our these events. It isn’t like from one mo- because it is not controversial doesn’t criteria. That does not mean there are ment to the next they woke up one make it modest. Preventing an attack, not other important issues that de- morning in a bad mood and did these identifying an attacker, and stopping serve to be debated—and they will con- sorts of things. They had been showing them before they act is the best thing tinue to be debated—but it means what signs, for a significant period of time, we could possibly do. can we pass quickly and put in place in case after case after case. If we know Hopefully, the STOP School Violence because, unlike tax policy or some of this, should we not then create systems Act is something we will be able to the other issues we talk about here, in this country to identify people be- move on fairly quickly. The House an- there is a time urgency related to this. fore they act and stop them? nounced earlier today that they will be

VerDate Sep 11 2014 02:30 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00024 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.039 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1367 taking that bill up next week on the enforcement can end up having some ple. You don’t want courts to misuse it floor, and I hope we will move quickly very serious repercussions as we saw. or have it being used for false claims, to pass Senator HATCH’s bill that has So no matter how laudable this goal is, but we need to have a tool at our dis- already over 20 other Senators involved it is not worth risking the safety of our posal. If the schools and local law en- in it. children or losing the public’s trust forcement, and others, identify some- Another bill that has been filed that and the trust of our parents about one who poses a threat but has yet to we have joined with as well, with Sen- sending their kids to school. This di- commit a crime, there has to be a tool ators TOOMEY and COONS, is ‘‘Lie and rective needs to be refined. It has to available to stop them from buying Try.’’ Another problem we have identi- allow for schools and law enforcement guns or using the ones they already fied in the broader scheme of things is to communicate, when warranted, for have. that local law enforcement may not al- the safety of the student and the com- The State of Florida is probably ways have sufficient information to in- munity, and furthermore we need clear going to be passing, either today or to- vestigate individuals who try to buy a pathways of intervention and repercus- morrow, a law that puts that in State firearm, knowing that they are prohib- sions that need to be established and law. Other States like Indiana and ited from doing so. Under our current followed so local education agencies California have one as well. What can law, when a person fails an FBI back- and law enforcement are effectively we do at the Federal level to ground check, some State law enforce- able to work together to either navi- incentivize more States to do this and ment authorities are not even made gate students back onto the correct have these tools? That is what we are aware of the failed background check. path, properly identify and address red working on. Individuals who are willing to lie and flags that can lead to severe con- Hopefully, we will have the resolu- try to buy a gun in these situations sequences or prevent a student from tion on a bill that doesn’t just work, could very well be very dangerous, and being lost in the system altogether. but that can pass. We can all file the laws are only as good as our willing- Yesterday, I wrote to the Depart- perfect bill in our own minds, but if it ness and our ability to enforce them. ment of Education and the Department doesn’t have 60 votes, it is nothing but We have to crack down on this. If of Justice, and I asked them to imme- a piece of paper. That is why we need someone who is ineligible to buy a fire- diately revise this directive from 2014, to work toward that. I want to conclude by mentioning arm is trying to buy a firearm, and any associated guidance, to make one of the students, Kyle Kashuv, who shouldn’t law enforcement already, at sure that schools are appropriately re- is a junior at Marjory Stoneman Doug- least, know that—because they may be porting violence and dangerous actions las High School. Like many students at able to take that piece of information to local law enforcement. that school, he is motivated to advo- and put it together with other pieces of In addition to asking them to do cate for changes in our laws to prevent information to realize this is someone that, proactively, I will also be intro- ducing legislation to make sure that something like what happened in his we need to be looking at because they the Federal Government does not fail school from ever happening again. In might be up to something. his advocacy, he wants to make sure I hope we can pass that. Again, I can- our children in this way. Finally, I believe the Parkland shoot- that the Second Amendment is pro- not imagine anyone not being in favor ing has identified an area of law that tected. His No. 1 concern is to make of it. This law would require Federal can be improved to reduce gun violence sure that the rights of innocent Ameri- authorities to alert State law enforce- of all kinds, particularly school shoot- cans aren’t infringed upon. ment within 24 hours when someone ings. Amidst the many systems that we His opinion on this issue might be who is prohibited from buying a fire- have in place, law enforcement often different from some of his other class- arm lies and tries to do so. lacks a flexible tool that they can use mates, but that doesn’t change their The third thing I hope we will look to prevent the sale or the possession of shared goal, which is to stop this from at—and we are working on the lan- guns to someone who should not have happening to anyone ever again. Al- guage now to address this—is the them, based on their behavior and the though their opinions may vary, he and PROMISE Initiative in schools. As I al- behavior that they have exhibited his classmates still go to school to- ready said, improving our prevention around those who know them best. gether and still root for the same and information sharing systems as the There has to be a way to identify and sports teams at their school. They take first two pieces of legislation would do prevent circumstances like what oc- the same classes with the same teach- is the best thing we can do to stop curred in Parkland, while also pre- ers, and they still faced the same dan- school shootings before they happen, serving the Second Amendment con- ger on February 14. As they lift their but these systems will not work if the stitutional right of law-abiding Ameri- voices in political discourse to advo- clearest warning signs of school shoot- cans and the right to due process. That cate for change, they have differences. ings—suspicious and violent mis- is why we are working to try to figure They have differences on some issues, behavior at the school—are not re- out a way to encourage States to enact but they share a common goal, to keep ported in the appropriate places in the policies like the gun violence restrain- themselves and students like them first place. Anything blocking this flow ing order, so State and local law en- safe. of information is very dangerous, and forcement and families who have iden- I think we can learn something from it is a risk to our children. For this tified someone who is at risk of either this example—from them and from reason, a directive to schools issued by taking their own life or hurting other their parents. The lessons learned from the Federal Government during the people could petition a court to obtain Parkland are that changes can be previous administration deserves for us a court order that allows law enforce- made. Some of them I just mentioned to look at it again. ment temporarily to stop that person action on would immediately reduce In 2014, the Department of Education, either from buying a gun or from pos- the chances of school shootings but working with the Department of Jus- sessing that gun and the ammunition. would not infringe upon the Second tice, issued guidance which used the This would put power back in the Amendment rights of all Americans. threat of reduced Federal funding to hands of people who see something, not The Members elected to the Senate, encourage schools to alter how and just to say something, but they have like the students at Parkland, have a which misconduct at school is reported the opportunity to do something about wide array of opinions on many of to law enforcement. Now, the goal of it. these issues, but I think we all share a this directive was to reduce the school- We continue to work on what the common goal. We all agree that our to-prison pipeline, to reduce suspen- right formulation of that is. The most schools should be safe. So I am here to sions and expulsions, to prevent ra- effective implementation is at the urge my colleagues to remember that cially biased discipline. These are laud- State level. We are trying to figure it we have to share a country, no matter able goals, which I share and support, out with our colleagues. There are dif- what our views may be on any political but we have to balance that with some ferent ideas floating around about the issue. We have to find a way not just to common sense. The failure to report right way to structure it. live together but to thrive as a nation. violent misbehavior from students— It has to have strong due process. We have to find a way to keep our chil- like the shooter in Parkland—to law You don’t want this used to abuse peo- dren safe. If we keep that in mind, I am

VerDate Sep 11 2014 02:30 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00025 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.041 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1368 CONGRESSIONAL RECORD — SENATE March 6, 2018 sure we can work together to create elections are a part of our Constitu- at the FBI, not at the NSA, and not at real, enduring consensus on solutions, tion. Yet there is nothing—crickets. the State Department. on things we agree on that will stop Where is the proposal? Where are the As far as I can tell, there actually is these from happening again. congressional hearings on our pro- no formal executive branch inter- We can have respectful and produc- posals? Where are the markups? Where agency process that is designed to ex- tive debates on the issues upon which are the bills? We are seeing an extraor- amine what the Russians did and put our Nation and this body are still di- dinary lack of interest and initiative in together legislative recommendations vided, but let us first come together something about which we have been for Congress to follow up on. In na- and do the things we agree on. Then we very forcefully warned. tional security matters, that is the will have the time to argue and debate The failure at the White House is President’s role; that is the executive and solve the things we may not agree very profound. Over and over again, we branch’s role. We have the authority to on. This is the opportunity before us, have heard senior Trump officials say make the laws, but because they are and we should not let it pass us by. that they have not been instructed by doing the day-to-day work, we count I yield the floor. the President to take this seriously. on the executive branch to put the pro- The PRESIDING OFFICER. The Sen- My senior colleague, Senator JACK posals together for us. And again, there ator from Rhode Island. REED, asked Director Chris Wray of the is nothing. RUSSIAN ELECTION INTERFERENCE FBI about whether the FBI had taken There is one thing that we did do. We Mr. WHITEHOUSE. Mr. President, I specific actions to confront and blunt wanted to send a strong signal to will be joined by a series of my col- Russian influence and disinformation Vladimir Putin that there was a price leagues who are coming to the floor activities. On February 13, in the Sen- to be paid for this kind of mis- this afternoon to talk about the No- ate Intelligence Committee, he said, behavior—manipulating our elections. vember 2018 elections coming up and ‘‘not as specifically directed by the We voted, virtually unanimously, in the steps we need to take to make sure President, no.’’ this Chamber, 98 to 2. I don’t know the that the Russian influence effort that To read the transcript more com- numbers on the House side, but it was equally virtually unanimous on the bedeviled our 2016 election is not rep- pletely, Senator REED asked: licated in the 2018 election. House side. So let me begin with Mr. Wray and say, has It was 98 to 2 here in the Senate. We I guess the first question to answer the President directed you and your agency is, Is this a realistic prospect? Is this to take specific actions to confront and passed tough sanctions to hit Vladimir something we should concern ourselves blunt Russian influence activities that are Putin where it hurts, which is right in with—that the Russians would come ongoing? the oligarchs. That is what he cares back again in 2018 and try to meddle in Wray: We’re taking a lot of specific efforts about, the oligarchs who support him, our elections? to blunt Russian . . . the oligarchs whose corrupt enterprises Reed: . . . directed by the President? Everyone in the Trump administra- he has corruptly engaged with. That Wray: Not—not as specifically directed by whole racketeering enterprise that tion who has been asked about this, the President, no. perhaps outside of the Oval Office runs the Russian Government is what Similarly, 2 weeks later, February 27, itself, has said: Yes, absolutely. They the sanctions would go after. in testimony before the Senate Armed Well, the administration has refused are coming. The Director of the CIA, Services Committee, the NSA’s Direc- to implement them. The State Depart- the Director of National Intelligence, tor, ADM Mike Rogers, said that he ment has said that they are not need- the head of the FBI, the Attorney Gen- had not been granted the authority nor ed. Not needed? We are hearing from eral, the Department of Justice—there directed specifically by the President all of the Trump administration’s own is no contest. There is no disagree- to take action to disrupt Russian elec- senior executive agencies that they are ment. There is no doubt, even among tion hacking operations. going to come and do this again in 2018. the President’s senior national secu- Again, Senator REED asked: How are they not needed if this is no rity and law enforcement team that deterrence for what they did in 2016? It they are coming back, that they are So, you would need, basically, to be di- rected by the President, through the Sec- would be one thing to say they are not going to do this again. That leads us to retary of Defense, to get— needed if the evidence was: OK, they the question of what we are doing Rogers interrupts: got the message. They are not going to about it. Yes, sir, as I—I mentioned that in my do this again. We are fine in 2018. It seems that the silence from the But that is not what Trump’s own Oval Office on this subject is deafening. statement. Reed: Have you been directed to do so, Cabinet officials and national intel- The White House doesn’t ever want to given the strategic threat that faces the ligence leaders are telling us. They are talk about doing anything about this. United States and the significant con- telling us that they are needed because To the extent that we get signals from sequences you recognize already? they are coming at us again. So this tweets and things like that, they are Rogers: No, I have not. added bit of deterrence would be very usually nonfactual and highly politi- There is a lot of room for improve- important. cized challenges to the basic facts that ment here. You can also add to this list When it came to something as simple all of the President’s senior Cabinet the failures of activity at the State De- as putting together the list of targeted staff seem to agree with. partment, which was allocated $120 oligarchs to put maximum pressure on I don’t know why they haven’t sorted million to counter foreign efforts to President Putin, they didn’t even put a out why the President says one thing meddle in elections to sow distrust in list together on their own; they went and all of his Cabinet officials say democracy. According to the March 4 to Forbes magazine and took the list something else, but that is for them. story in the New York Times: out of a public magazine. That doesn’t What is for us is to review this in Con- Not one of the 23 analysts working in the look like a serious or conscientious ef- gress, to do oversight, and to do what department’s Global Engagement Center— fort. legislation might be necessary to raise which has been tasked with countering Mos- So right up and down the administra- our defenses to make sure that we can cow’s disinformation campaign—speaks Rus- tion, you see failure to take this seri- effectively counter what we have been sian, and a department hiring freeze has hin- ously traceable directly to the White warned is coming at us. dered efforts to recruit the computer experts House, and that is very, very regret- We have no proposal from the admin- needed to track the Russian efforts. table. istration. One would think with some- So when Congress provides $120 mil- The other thing that we don’t know thing like this, where we have an elec- lion to the State Department to take is what the White House has been up to tion that has been attacked by a hos- steps to protect against Russian elec- with respect to Congress. There was a tile foreign country—one would think tion interference, what we get back is lot of talk early on about how we need- that would be the kind of thing that that none of that money gets spent, ed to have an independent committee would bring our country together and and a hiring freeze prevents the people to take a look at this, to be inde- would get the President’s attention. He with the necessary qualifications from pendent, to put together a package of swore an oath to protect and defend even coming in to do the job. That is reforms, observations, and rec- the Constitution, and last I heard, the not taking the problem seriously—not ommendations, and we have had no

VerDate Sep 11 2014 02:30 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00026 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.042 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1369 support for doing that. What we were mittee, that is one set of problems. If mocracy, and they see a lot of return. told was: Don’t worry. Work through this is the Congress of the United That is because this country is doing the committees. States taking its oversight authority little or nothing—or I should say more Well, the committees aren’t doing and handing it over to the executive accurately that this administration is much, to tell you the truth. It is like branch of government, handing it over doing absolutely nothing to make Rus- the gavels are made out of foam rubber to White House operatives when the sia pay a price. In effect, that is the around here. We could do a lot better, White House itself is the subject of the testimony from representatives of the and there is no independent commis- inquiry, that is a very different prob- intelligence community, including, sion. lem. And we are owed an answer as to most recently today, the Director of It raises the question, what was the what the communications were be- National Intelligence, Dan Coats, and role of the White House? What was the tween the White House, the Trump GEN Robert Ashley. role of the President in stopping an legal team, and the staff of the House When I asked what was being done to independent commission? How active Intelligence Committee that prepared deter, counter, or retaliate against the were they in doing that? Those are the Nunez report. Russians, Director Coats said, in effect, questions that need answers, but obvi- I have been joined by the distin- that it is everyone’s responsibility, ously, if there aren’t serious investiga- guished Senator from Connecticut, so I which means, in effect, it is no one’s tive processes going on in our commit- will leave my remarks there. responsibility; that it was the whole of tees, it is hard to get those answers. I yield the floor government responding, which means Here is another question: What was The PRESIDING OFFICER (Mr. no single agency, and there is no plan the role of the White House in coordi- RUBIO). The Senator from Connecticut. and no action underway. There is at nating or colluding with the House In- Mr. BLUMENTHAL. Thank you, Mr. most perhaps some kind of study of telligence Committee—with Represent- President. what should be done. ative Nunez and/or his staff—in prepa- We are here at a critical time for our But the denial of meddling is really ration for the so-called Nunez memo? democracy because our country is the reason why nothing has been done We have learned a lot about that under attack. In fact, we are here be- and why no action is underway, and memo since it came out. We have cause Russia is attacking our democ- that denial comes from one person—the learned that it was essentially phony. racy as part of a campaign of informa- President of the United States. He has It had a couple of basic accusations. tional warfare. That term is not mine; refused to acknowledge that the Rus- One was that the FBI had misled the it is Russia’s. It is quoted in an indict- sians interfered on the scale and scope FISA Court. They were misled that one ment that was handed down by the spe- that they did, and that denial or re- of the sources that supported the affi- cial counsel less than a month ago fusal to acknowledge is itself a tremen- davit that got the FISA warrant for against 13 individuals and 3 entities. dous boon to the Russians continuing the surveillance of Carter Page—that That document is absolutely stunning. to attack our democracy. one of those sources had been in touch It is chilling in its detail and breadth As recently as this afternoon, at his with or had been funded by a political and in its revelations about the appa- press conference with the Swedish campaign; that this was a phony effort ratus and personnel, the skills and ex- Prime Minister, the President said, in cooked up on behalf of the Clinton pertise that Russia methodically and effect, that perhaps Russia might have campaign and run before the Foreign relentlessly brought to bear in the 2016 meddled, other countries might have Intelligence Surveillance Court. election, in its attack on our democ- meddled, and other individuals might Well, as it turns out, the FISA appli- racy. have meddled, but he has refused to ac- cation stated specifically the FBI’s That attack began in 2014. It was not knowledge the extent and the depth speculation that the source, Steele, a few hackers in the basement of some and breadth of past and continuing had been hired to ‘‘find information Moscow apartment; it was literally Russian interference in our democracy. that could be used to discredit Can- thousands of people, divided into dif- Make no mistake—others of us on didate #1’s campaign’’—Trump’s cam- ferent departments with different both sides of the aisle have said that paign. As somebody who has pursued skills, pursuing disinformation, cyber the Russians will escalate in the so- affidavits for search warrants and for attack, misinformation, and propa- phistication of their attacks, in the surveillance warrants before, I can tell ganda directed at undermining our de- depth of their interference, in the types you that it is common and standard mocracy and, in fact, our election. of tools used through cyber and social FBI and Department of Justice prac- Let’s remember, constitutionally, media and platforms that are now tice to leave out unnecessary names. elections are foundational to our de- being developed. They will use Amer- So the fact that Mrs. Clinton wasn’t mocracy, and Russia sought not just to ican voices. There will no longer be the mentioned is perfectly consistent with sow discord and dissension but to affect broken English, no longer be the pay- longstanding Department practice. the outcome. According to the indict- ment in rubles. They will become ever- The other thing that it omitted was ment, its effort to affect the outcome more astute and adroit in their attack that the Steele information was actu- was to assist then-Candidate Donald on our democracy. ally corroborating information for a Trump and to disparage and damage So the question is, Why? Why has the lot of other information that had Hillary Clinton. We will never know President declined to acknowledge this begun this investigation beforehand. how much it affected the outcome, but attack—a continuing assault on our So the theory that this all depended on it certainly impacted the views and the democratic institutions, particularly this particular source and that this votes of some people in the United on our elections, which are source had an undisclosed relationship States of America. foundational to our democracy? Some with a political opponent was simply That attack is now continuing. Our have put it this way: What do the Rus- baloney. The fact is that that was dis- intelligence community is unanimous sians have on him? But my view is that closed in the warrant, and there were in the view that Russia interfered in we need to look back at the knowledge additional sources. our last election and that this effort is that the Trump campaign had of that That leaves me with the question of continuing. Indeed, all of the intel- attack in 2016 as it was proceeding. why. Why would a legislative com- ligence community that has come be- To take one example, the stolen or mittee apparently deliberately put to- fore the Armed Services Committee in hacked emails. Clearly, Trump cam- gether a report that contained mis- the last 2 weeks has been unanimous paign contacts with WikiLeaks and leading or false statements but tried to that Russia is continuing its attack. Russia show that the campaign knew create an erroneous or false impression In his testimony, Admiral Rogers is about those stolen or hacked emails, about something that had taken place? very clear that they will continue that which were then used to attack the Well, did the White House have any attack because they are paying no Clinton campaign. If those members of connections in that process? That is price for it. The cost to them is mini- the Trump campaign knew about it— the question we are entitled answers mal, if any, and the benefit is highly those in responsible positions—the to. If this was just a botched job by a asymmetrical. In other words, they pay question is, How could the President partisan crew in a legislative com- very, very little to undermine our de- not have known?

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00027 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.047 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1370 CONGRESSIONAL RECORD — SENATE March 6, 2018 In April of 2016, George So we are in a dangerous time be- bluntly acknowledged what most of us Papadopoulous, a member of the cause, in fact, Russia will continue to already know; that President Trump is Trump foreign policy team for at least interfere and undermine our democracy doing nothing—nothing—to protect Il- a substantial period of time, was eager if it pays no price for it. The only way linois or any other State against Rus- to communicate with senior staff of to make sure Russia will pay a price to sia’s ongoing and future attacks on our the Trump campaign that he knew the counter, deter, or retaliate is for the election process. In fact, President Russians had hacked emails and that President of the United States to dem- Trump reportedly refuses to even talk those emails could help the Trump onstrate leadership and to put aside about the issue. campaign. He was anxious to ingratiate whatever concern about legitimacy Admiral Rogers told the Armed Serv- himself with his connections to make there may be. No one is relitigating the ices Committee that Vladimir Putin himself more valuable in their eyes. So 2016 election as to what the outcome has paid ‘‘little price’’ for his previous he boasted, in effect, about his con- was, in fact. We have a President in of- and ongoing attacks and, therefore, tacts with Russians and with Russian fice, but that President now must act hasn’t been stopped. Incredibly, the ad- officials. Papadopoulous was already to protect our democracy and our elec- miral said President Trump has not working overtime to ingratiate himself tions going forward from this day into granted him any new authorities to with the Trump campaign leadership, the future. strike at Russian cyber operations. and he certainly was not likely to keep Thank you. Can anyone here imagine what Presi- valuable information about stolen I yield the floor to my distinguished dent Ronald Reagan would have said at emails possessed by the Russians to colleague from Illinois. the stunning abdication of responsi- himself. Mr. DURBIN. Mr. President, I thank bility in addressing this Russian threat Remember, when the Trump cam- my colleague from Connecticut as well to America? paign—specifically Donald Trump, as our colleague from Rhode Island for In the face of this fundamental Jr.—was offered dirt on Hillary Clin- calling us together on the Senate floor threat of Russian attack on our democ- ton, he replied: ‘‘I love it.’’ From ev- today to discuss a timely and impor- racy, we should have spent the last erything we know about Donald tant topic. year coming together, on a bipartisan Trump, Jr.’s relationship to his father, We know that Vladimir Putin and basis, establishing a sound national de- he is unlikely to have kept that infor- Russia attacked America’s democracy fense when it comes to the exercise of mation to himself. in 2016, and it is clear Vladimir Putin our democracy. We should be work- George Papadopoulous is one of sev- will try again. CIA Director Pompeo ing—Republicans and Democrats to- eral Trump associates who seemed to recently said he had ‘‘every expecta- know that Russia was trying to help gether—to hold anyone accountable tion’’ that Russia would try to influ- the Trump campaign win the 2016 elec- who participated in this Russian effort. tion. Donald Trump, Jr., again, was in ence our 2018 election. We have been We should be strengthening our laws contact with WikiLeaks beginning in warned. against foreign election interference—a We can expect Russia to continue to September of 2016, and we know this responsibility of the Senate Judiciary use the tactics they have used before communication continued at least Committee, which has never even through July of 2017. We know that and to come up with new ones. We can taken up that issue—and we should Donald Trump, Jr., turned over these expect them to hack and leak sensitive punish and deter Russia and other na- messages to investigators. When information. We can expect these Rus- tions from ever attacking our Demo- Trump, Jr., received the first message sians to use social media and propa- cratic process again. from WikiLeaks, he emailed other sen- ganda to spread false information. We Instead, we have seen the Trump ad- ior officers within the Trump cam- see it almost every week. We can ex- ministration consistently refuse to paign. Those officers included Steve pect them to try to hack into State hold the Russians accountable for their Bannon, Kellyanne Conway, Brad election systems and more. election interference or impose mean- Parscale, and Trump’s son-in-law, I was home over the weekend in ingful sanctions. President Trump has Jared Kushner. How could that infor- Springfield, IL—of course, the State even gone out of his way to invite top mation and other similar communica- capital—and ran into a fellow who Russian officials to the Oval Office and tions not have been transmitted to works for the State Board of Elections. to call Russia’s election interference a Donald Trump himself? We talked for a few minutes about the ‘‘hoax.’’ Despite the fact that all of our Donald Trump, Jr., received an email experience we had in our State in the intelligence agencies say he is wrong, in which Rob Goldstone offered to pro- last election cycle when the Russians President Trump calls Russia election vide the Trump campaign with some hacked into the computer network of interference a hoax. official documents from Russia that the Illinois State Board of Elections. So what are Republicans in Congress would supposedly incriminate Hillary We were the only State, of those that doing about this? With a few excep- Clinton. We know now that Donald were hacked, to come forward and iden- tions like Senator JOHN MCCAIN, they Trump, Jr., jumped at the chance to re- tify the culprit. It was Russia. We also have mostly tried to change the sub- ceive this information, responding with came forward and notified hundreds of ject. In fact, instead of trying to get a the famous: ‘‘If it’s what you say, I thousands of our voters that their iden- full accounting of what Russia did to love it.’’ That, then, led to the meeting tity—at least in terms of the State us, Republicans have focused far more involving Trump, Jr., Jared Kushner, election agency is concerned—had been on scrutinizing and criticizing anyone and Paul Manafort at Trump Tower. compromised by the Russians. We were who suggests that the Russians inter- There is more here that raises the open about it. fered. likelihood of collusion. There is a cred- I asked the individual what was being We need to take a step back and re- ible case of obstruction of justice done for the next election cycle. He member what this is all about; specifi- against the President of the United said we have patched the problem that cally, that a foreign adversary of the States. There is a solid factual basis to gave the Russians entry into the sys- United States interfered in America’s believe that the Trump campaign not tem in 2016, and we spent over $100,000 election. They continue to use only knew but encouraged and cooper- as a State to put in new security, new weaponized cyber campaigns against us ated and even colluded with the Rus- cyber protections. We are taking it se- and our allies, and most in the major- sians in this effort. If motive is nec- riously in Illinois because we know ity party of Congress and the President essary for the Trump campaign to have what the Russians tried to do to us. We seem not to care at all. done this kind of collusion—certainly don’t believe they changed a vote or How have we let it get to this point? it is in the prospect of impacting the changed a ballot, but we are not sure Have we forgotten our obligation to outcome. If motive is necessary for they will not try in the future. our Constitution and to this country? President Trump now refusing to ac- That is the reality of what we face in For those who watched the devastating knowledge Russian meddling during Illinois, and that is the reality of what two-part episode of the PBS documen- the election campaign and now con- America faces. tary ‘‘Frontline’’ last year entitled tinuing meddling, it is collusion as Just last week, NSA and U.S. Cyber ‘‘Putin’s Revenge,’’ there was a deeply well. Command head ADM Mike Rogers telling moment.

VerDate Sep 11 2014 05:00 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00028 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.049 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1371 Months before the 2016 election, our This can’t be tolerated. We don’t fore. Throughout the past year, the Nation’s top intelligence officials came want to make America great by letting President’s remarks with respect to and told key congressional leaders foreign powers undermine it. NATO’s Article 5, the alliance’s bed- about Russia’s efforts. These intel- So I ask my Republican friends; in rock principle that guarantees mutual ligence officials were deeply concerned fact, I invite them: Join us to get to defense, have been wholly inconsistent. about what Russia was trying to do to the bottom of this. Let’s pass legisla- But there is one thing that President the 2016 election. President Obama had tion together that helps request these Trump has shown rock-solid consist- wanted a bipartisan message con- States secure their election systems. ency on since taking office, and that is demning Putin for his efforts so as to Let’s pass legislation together that his shameful embrace of Russian Presi- avoid any hint of partisanship as we forces the administrations—this one dent Vladimir Putin and his refusal to approached the election and so we and future administrations—to protect protect American democratic institu- could put a common face on this com- our national infrastructure against tions. mon view of unity on this effort. these cyber threats. Let’s work to- President Trump’s embrace of Putin What was the response of the Repub- gether on a bipartisan basis to ensure has put a straitjacket on U.S. policy lican Party leadership after hearing that Russia and others are genuinely toward Russia. In many ways, we are this bombshell revelation by our intel- deterred from such actions. Let’s use more vulnerable today than we were in ligence agencies, this threat from sanctions when necessary, and other 2016. Think about it. Mr. Putin made a Vladimir Putin, which actually goes to measures, and let’s work together to serious gamble when he decided to the heart of our democracy—the elec- denounce the Russian disinformation interfere in our election—a gamble tion process? The response of the Re- campaign regardless of who it might that would normally draw the ire of publican leader was: No thanks. We help on any given day. any American President, regardless of don’t want to get involved. And they We have a lot of work to do, and we their political party. But, as we know, didn’t. are only months away from this No- nothing about this administration is Is there anybody in the Senate—any- vember election. In just 6 months or so, normal, and the truth is that we are in body who took the oath to protect the there will be early voting in this elec- far greater peril today because Mr. Nation against enemies, foreign and tion. Are the Russians going to get to Putin knows that he has a friend in the domestic—who thinks that any of us, vote? Maybe not directly, but indi- White House—a friend who won’t do regardless of political party, should get rectly? Will they be able to invade anything to stop him from interfering help from a foreign adversary to be America’s political machinery, elec- in our democracy, nor those of our al- elected? lies; a friend who won’t even issue a Yet here we are, with aggressive ef- tion machinery? Will they make a dif- statement condemning Putin’s nuclear forts to discredit investigations into ference in this next election campaign? sabre rattling last week when he this threat, with a White House that Shame on us if we can’t answer those ignores Russian sanctions, with the questions, and shame on us if we do proudly showed a video simulating a majority party blocking legislation nothing to stop them. nuclear attack on Florida. It is time for the President to recog- that offers aid to States that request it Mr. President, I yield the floor. The PRESIDING OFFICER. The Sen- nize that Mr. Putin’s intentions are not to secure our election systems, with ator from New Jersey. up for debate. From the spread of ex- the failure of this Congress or this Mr. MENENDEZ. Mr. President, I am tremist propaganda across Europe, to White House to do anything to protect stunned by President Trump’s willful Russia’s continued attack on Ukrain- against the next such threat, and all paralysis when it comes to holding the while, Russia continues to conduct ian sovereignty, to the latest revela- Russia accountable on threats made disinformation campaigns right under tions made public by Special Counsel crystal clear by our intelligence com- our noses. Mueller’s investigation, the Kremlin is On February 14, the tragedy in Park- munity. orchestrating a systematic and ongo- land, FL, invited comments of those Indeed, it has been more than a year ing campaign to undermine the democ- who wanted more gun safety and those since 17 U.S. intelligence agencies racies at the heart of the post-World who opposed it. When we traced the issued their report on how the Kremlin War II international order. source of many of the comments, we sought to ‘‘blend covert intelligence Consider President Trump’s response found out they were Russians—Rus- operations—such as cyber activity— to the revelations made public by Spe- sians preaching to the United States on with overt efforts by Russian Govern- cial Counsel Mueller when he indicted both sides of the issue, trying to rile us ment agencies, state-funded media, 13 Russians for interfering in our de- up at this moment of great human third-party intermediaries, and paid mocracy 3 weeks ago. The special coun- tragedy. That is now commonplace. social media users, or ‘trolls’ ’’ in order sel’s findings left many Americans We need to wake up. Russian cyber to undermine our 2016 elections. shocked by Russia’s outstanding, so- campaigns were pushing for the release Today, even the administration’s phisticated effort to defraud American of the discredited Nunes memo from own national security strategy warns voters, stoke division on Facebook, and the House of Representatives. They that Russia will continue to challenge sow doubt in our electoral process in have tried to undermine the FBI’s American power, influence, and secu- 2016. Yet President Trump’s only re- credibility. They are at work every sin- rity interests, at home and abroad. sponse to these stunning revelations of gle day trying to undermine our de- These threats are precisely why Con- foreign interference—nothing. Nothing. mocracy. Russian cyber campaigns gress imposed a mandate on President Not a word from the President beyond have attacked even Republican Sen- Trump to act. Yet, time and again, this a victorious tweet once again pro- ators who have been critical of Presi- President has refused to hold Russia claiming no collusion. dent Trump. accountable and refuses to take steps At every turn, President Trump has So I say to my Republican friends to defend our democracy and our na- dismissed the significance of Russia’s that not one of us is immune from tional security. It is alarming, it is interference in our elections, and his these threats, and it is long overdue reckless, and it is absolutely unaccept- willful paralysis on Russia is in full that we put Nation before party in this able, and, to be honest, I also find it display through the White House’s re- extremely important matter. The next baffling. Here is why. fusal to impose sanctions under time it might be China or North Korea Pick any policy issue. Chances are, CAATSA, as well as the unacceptable taking different sides or pushing a dif- since taking office, President Trump delays in establishing a strategy for ferent agenda when it comes to the has changed his mind about it at least countering the Kremlin’s propaganda American political process, but, of once. Last week he changed his posi- and disinformation. course, it doesn’t matter whom a for- tions on gun safety so many times in 24 Let’s remember why Congress passed eign adversary is trying to help. An at- hours, it could make your head spin. A CAATSA in the first place, why the tack on any American political party few weeks before that, he rejected a bi- Senate voted 98 to 2 and the House of or Democratic institution by any Na- partisan deal to protect Dreamers that Representatives voted 419 to 3 despite tion is an attack on all of us—at least met the very specifications he outlined overwhelming opposition from the it should be. to my colleagues and me just days be- Trump administration. We voted to

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00029 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.050 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1372 CONGRESSIONAL RECORD — SENATE March 6, 2018 hold Russia accountable for its assault branch of government for a reason, and The Defense Department last week on our democracy, and we voted to in- I take very seriously our responsibility transferred $40 million—a third of what crease pressure on the Kremlin to stop to hold the executive branch account- was authorized—to the State Depart- its illegal war against our friends in able. ment’s Global Engagement Center, al- Ukraine and its aiding and abetting of Given what we know about Russia’s though not a penny’s worth of action war crimes in Syria. But apparently interference in European elections over has been taken. Why the ridiculous President Trump fails to see that these the last year alone, I am especially dis- delay? Why not the full amount? are real threats from a real foreign ad- appointed in the White House’s failure Any responsible President would be versary—real threats that undermine to implement sanctions under section vigorously working to protect Ameri- the integrity of our elections and 224. That section targets anyone know- cans from foreign interference aimed therefore the security of our country; ingly undermining the cyber security at undermining our democracy. Any re- real threats from a brutal leader who of an individual or a democratic insti- sponsible President would have com- seeks the erosion of Western democ- tution on behalf of the Russian Govern- municated to the American people the racy as a strategic imperative for Rus- ment. I find it hard to believe this ad- seriousness of the threat and rallied sia’s future. ministration has yet to identify one our citizens to respond with classic We saw it in March of 2014, when Rus- single sanctionable offense, but in case American resilience and courage. Any sia authorized the use of military force they need some tips, here are two they responsible President would have to illegally occupy Crimea, blatantly can look into. worked with Congress on a robust violating the sovereignty of the In November, Spain’s Government strategy and secured funding for it, and Ukrainian people—violence that con- discovered Russian state-sponsored once he got the resources, any respon- tinues in eastern Ukraine to this day. groups using social media to spread sible President would have moved We saw it in 2016, when the Kremlin’s disinformation and influence political swiftly to spend them, to empower all disinformation campaign targeted events in Catalonia. Just last week, the relevant security agencies to mobi- American voters on Facebook. We see the German Government pointed to a lize a collective effort to protect the it today, as Russia continues to spread massive cyber hack against its foreign integrity of our democracy. We don’t propaganda throughout Western Eu- ministry, allegedly carried out by a have a responsible President. We have rope. Meanwhile, in the Middle East, Russian state-sponsored group called a President asleep at the wheel or Russia continues to prop up Assad’s Snake. maybe even too scared to get into the Meanwhile, our intelligence leaders, brutal dictatorship, dropping bombs on car at all. including many who were appointed by hospitals, homes, and humanitarian aid We cannot afford further delays that President Trump himself, have testi- convoys working to help the Syrian only cede more ground to Putin on the fied that Russia continues to interfere people under siege. battlefield of information. Our Global here in the United States and looks This President’s schoolyard swagger Engagement Center must immediately forward to doing so during the midterm stops cold when it comes to con- put these funds to use blunting the ef- elections. fronting the world’s biggest bully: I have cosponsored a resolution call- fects of Russian Government Vladimir Putin. It has been 7 months— ing upon President Trump to imple- disinformation. Most urgently, we need 7 months—since Congress passed the ment these sanctions, and while we the Trump administration to finally CAATSA sanctions law. While the ad- shouldn’t have to pass a resolution develop a comprehensive strategy to ministration has upheld some sanc- calling on the administration to en- shore up American democracy against tions imposed by Obama-era Executive force the law we passed, which was Russian malign influence and imple- orders, it is appalling to see this White mandatory, we clearly do. Fortunately, menting it without delay. I will close with this. Every day that House refuse to implement sanctions we will have the opportunity to do so that Congress made mandatory—man- next week when the Foreign Relations ticks by, the Russian Government bur- datory. Let me say that again: provi- Committee meets to mark up legisla- rows deeper into our society, culti- sions that were made mandatory. tion, and I urge the chairman of the vating extremists and sowing discord. So let me tell you what I have Foreign Relations Committee to take Consider Alexander Torshin. NPR re- learned about CAATSA’s implementa- up this important resolution. ported that for 6 years, he traveled to tion in the recent briefings I have re- Let’s remember that Congress also the United States to deepen his friend- ceived as the ranking member on the gave the administration additional ships with the NRA, one of the most Foreign Relations Committee and tools to thwart Russia’s disinformation active groups in our country. Mr. membership on the Banking Com- campaigns—an essential priority if we Torshin cultivated its leadership, mittee. want to protect the integrity of our de- meeting with them in Moscow, and now President Trump has imposed no mocracy. Yet it seems that Russia’s the FBI is reportedly investigating sanctions in response to Russia’s cyber disinformation campaigns continue to whether he funneled money through aggression, as required by section 224. sow chaos online unabated. the NRA to support Trump’s campaign. President Trump has imposed no sanc- Every day that ticks by is one that It is disturbing to think the NRA is so tions related to Russian crude oil prod- the Russian Government continues to eager to cultivate ties with Putin’s ucts, as required by section 225. Presi- sharpen its tools and go on the attack. inner circle. As we all know, this orga- dent Trump has imposed no sanctions Every day that ticks by, the Russian nization’s efforts has left our country a on serious human rights abusers in the Government has further encroached on more dangerous place, from our schools Russian Federation, as required by sec- sovereign democracies. We saw it most to our movie theaters, to our concerts, tion 228. President Trump has imposed recently when Russian trolls amplified to our churches. no sanctions on those facilitating the rightwing hysteria over Congressman The American people overwhelm- transfer of assets owned by the Russian DEVIN NUNES’ memo with the Twitter ingly want Congress to uphold its sol- people to oligarchs, handpicked by hashtag #releasethememo. According emn responsibility to keep our families Putin, as required under section 233. to Politico, ‘‘Russian bots and their safe. Yet the NRA’s opposition to com- President Trump has imposed no sanc- American allies gamed social media to monsense gun safety laws have made tions punishing Russia for its transfer put a flawed intelligence document this Congress more dysfunctional and of arms to Syria, as required under sec- atop the political agenda.’’ less responsive to the needs of our citi- tion 234. I could go on, but you get the Just this week, the New York Times zens. That, to me, sounds right in line picture. reported on an ‘‘American strategic with Kremlin policy. The Trump administration has re- void’’ in response to Russian threats, More than anything, I hope President fused to implement the law despite the highlighting the administration’s in- Trump and our Secretary of State will overwhelming, bipartisan will of Con- ability to spend even one dollar—even start treating this threat with the seri- gress—a Congress that decided to put one dollar—of the $120 million that ousness it deserves. They should appre- ‘‘shall’’ in that legislation versus Congress authorized over a year ago to ciate the level of careful planning, re- ‘‘may,’’ which made it mandatory. The counter the Kremlin’s information sources, and energy the Russian Gov- Constitution made Congress a coequal warfare. ernment invests into destabilizing

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00030 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.052 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1373 American democracy. It is time to pro- ing stories in the press about these newspapers with accountants and law- tect the integrity of our elections and connections. The special counsel’s in- yers and others in the Palm Beach area secure our democracy against the dictments of the Trump campaign saying they thought this transaction cyber threats of the 21st century, manager, Paul Manafort, and the cam- smelled. They thought it was sus- whether they come in the form of elec- paign aide, Richard Gates, contained picious. They thought it was question- tion machine tampering or paid propa- voluminous information about money able. They couldn’t see why anybody ganda on social media or targeted laundering and tax evasion intended to would pay that amount on top of the hacks on public officials. hide money from pro-Russian Ukrain- purchase price without there being In the meantime, President Trump’s ian entities. some more sinister kind of motive. inaction speaks louder than his words. The distinguished Presiding Officer In addition to getting no response His willful paralysis only serves to em- and I know a bit about money laun- from Secretary Mnuchin on that, I bolden our adversaries and weaken dering because we have introduced bi- have also written to Secretary democratic institutions at home and partisan legislation to deal with shell Mnuchin about press reports regarding abroad. That simply cannot stand, and companies and money laundering. It is connections between the National Rifle it cannot stand with the silence we clear that this is a serious matter be- Association and yet another Russian hear from too many of our colleagues cause when you are talking about oligarch. I wanted to know if there on this issue. We need to speak up. We money laundering and tax evasion, par- were records held by the Department of need to act. We need to make sure the ticularly as it relates to national secu- the Treasury that would shine a light law we pass gets enforced. Otherwise, rity and American sovereignty, it has on these reported connections. we neuter the very essence of this in- great implications. As the ranking Democrat on the Sen- stitution. Donald Trump and his administra- ate Finance Committee, we have juris- With that, I yield. tion have consistently tried to prevent diction over the Department of the The PRESIDING OFFICER. The Sen- the American people from seeing not Treasury and the work done by the ator from Oregon. only his finances but the activities of Secretary and his associates. You Mr. WYDEN. Mr. President, as I was Russian oligarchs. The President’s al- would think that just as a matter of walking into the Chamber tonight, the lies, both here in the Senate and else- courtesy Secretary Mnuchin would re- press outside was telling me that they where in Washington, are just going spond. We have received no response on had just been told—and I hope to hear along with it. Americans need to see that matter as well. otherwise tomorrow—that the Senate both sides of this. They need to under- I intend to pursue this matter until Select Committee on Intelligence, on stand the corruption in both Russia we get some answers. If the President, which the distinguished Presiding Offi- and in the United States in order to de- his associates, or powerful political en- cer and I both serve, would not be hold- termine how they may be connected. tities, like the NRA, have been cor- That is why the Congress required ing any public hearings on the finan- rupted by Russian money, the Congress the administration to provide—and I cial issues so central to holding the and the public need the full story. want to emphasize this—a public re- President of the United States ac- There needs to be open hearings, and port on the Russian oligarchs, their re- countable. they need to be in the Senate Intel- lationship with President Putin, and What I am going to describe for a few ligence Committee. indications of corruption. Secretary minutes is how the executive branch, The President’s associates have not Mnuchin released nothing other than a particularly officials such as Secretary been shy about releasing their side of list of rich Russians taken from public Mnuchin, are ducking these issues, and the story, and they ought to face ques- now it appears the President’s Repub- sources. I have wanted to know if the intel- tions from Members of Congress. Sec- lican allies on the Hill are ducking the ligence community had warned the retary Mnuchin needs to testify about issues as well. Secretary of Treasury against releas- whether the Department of the Treas- I especially believe it is a great mis- ing what they saw as sensitive sources ury knows about these financial entan- take for the Senate Select Committee or methods. When I asked the leaders glements. on Intelligence, on which the distin- of the intelligence community whether I would like to close simply by say- guished Presiding Officer and I both they had weighed in, they all said no. ing that these questions of following serve, to fail to follow up on the follow- What you have, in effect, is a white- the money, which I have made my top the-money questions. Following the washing of the responsibilities of the priority since the period in which the money, as the Presiding Officer knows, Secretary of Treasury, possibly the Intelligence Committee began to dig is counterintelligence 101. Right at the White House, and possibly senior Re- into these issues, are central to holding heart of our duties on the Intelligence publicans in the Congress on this issue. the President accountable. The execu- Committee is our mandate to vigor- I then asked Secretary Mnuchin why tive branch and their allies in the Con- ously pursue issues relating to counter- the Russian oligarch report was cov- gress simply cannot justify ducking intelligence. The reason that is so ex- ered up. I have gotten no answer to these questions, as apparently the traordinarily important, it is money that either. This is just part of the press is about to report on the basis of that is one of the best and easiest tools stonewalling that is preventing the conversations I had walking into the to compromise people, to take advan- public and the Congress from following Chamber. tage of counterintelligence measures the money. In addition, I have inquired The American people deserve to that, for example, would compromise of Secretary Mnuchin about Treasury know the extent to which Russian American public officials. documents associated with a suspicious money has corrupted their leaders and I believe it is a great mistake for the real estate transaction in which a Rus- their democracy. It is long past time to executive branch, particularly Treas- sian oligarch bought an estate in Flor- open this up and, for the sake of Amer- ury Secretary Mnuchin—and as the ida from Donald Trump for more than ican national security and sovereignty, ranking Democrat on the Finance twice what the President paid for it. I get this information out. I intend, as Committee, we have jurisdiction over have gotten no response from the Sec- the ranking Democrat on the Senate his agency—and the Senate Select retary on this matter either. Finance Committee and a member of Committee on Intelligence to just punt What you have is a period of time— the Intelligence Committee, to stay on these issues that are central to the and I just speak from popular news ac- with it, the issue of how this adminis- question tonight, that Senator WHITE- counts—when President Trump bought tration and its financial entanglements HOUSE deserves great credit in terms of this property, essentially did nothing may have affected policies important pursuing, which is holding the Presi- with it. It was at a time when it was to all Americans. dent accountable. very hard in our country to get access I yield the floor. The public, in particular, deserves to money, and the President sold it to The PRESIDING OFFICER. The Sen- the full story about financial entangle- a Russian oligarch for tens of millions ator from Minnesota. ments between Russia and the Presi- of dollars beyond what he paid for it. Ms. KLOBUCHAR. Mr. President, I dent and his associates. Obviously, the I was particularly concerned when I rise tonight to join my colleagues in American people are constantly read- read the press accounts of Florida speaking to the need to immediately

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00031 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.054 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1374 CONGRESSIONAL RECORD — SENATE March 6, 2018 respond to Russian interference. I will continue to be a target for foreign grant funding for States to secure their would like to thank Senator WHITE- adversaries. Intelligence reports make elections systems. It is paid for. We HOUSE for bringing us together. it clear that Russia used covert cyber found a pay-for. This evening, many of my colleagues attacks, espionage, and harmful propa- We have a similar bill that is led by have spoken about how Russian aggres- ganda to attack our political system. Congressman MEADOWS in the House— sion affects Americans and our allies I mentioned the attempts on 21 State the head of the Freedom Caucus—be- across the world. Some have discussed election systems. Do you know when cause they understand that freedom is the need for sanctions to defer Russia the real election—the general elec- not cheap, that to guarantee freedom, and the fact that the administration tion—is? It is 245 days away, with pri- you must have a secure democracy, and has not yet imposed sanctions, the maries beginning today. We have not $386 million is just 3 percent of the cost same sanctions that were passed by the imposed the sanctions—the administra- of one aircraft carrier. Senate 98 to 2 and 419 to 3 in the House tion hasn’t—despite this body’s taking I think most Americans would agree of Representatives. Those were the ad- firm action that we wanted to see these that, as we see more and more sophisti- ditional sanctions that were directly sanctions imposed. cated types of warfare happening, to related to the interference in the elec- We have had six security heads from not even pay attention to helping the tions and what we saw take place over this administration—not from the States fund this election equipment the last year. They sit dormant. Obama administration; they already that has been woefully underfunded is Others have talked about the impor- spoke out on this. The head of the CIA, a huge mistake. tance of Special Counsel Mueller’s in- the Director of National Intelligence, The second thing that we need to vestigation and the fact that it must and the head of the FBI have all testi- do—by the way we can do this now. We move forward without interference fied before U.S. Senate committees can do this in the omnibus bill. The from the White House. Nearly a dozen that, in fact, this is happening now. It second thing we need to do is improve Senators have come to the floor to was Director Coats, who was once a information sharing so that local elec- highlight the need to stand up to Rus- Senator here, who said that, in fact, he tion officials know when they are at- sia. I am here to talk about the critical believes the Russians are getting bold- tacked and how to respond. It took the need to safeguard the most funda- er. These are not the words of Obama’s Federal Government nearly a year to mental part of our democracy—the security people. These are the words of notify these 21 States that were tar- U.S. elections. Trump’s security people. geted by Russian-backed hackers. That Today, I heard the Prime Minister of Last week, NSA Director Rogers said cannot happen again. Sweden address our Nation. When this about Russia: ‘‘They haven’t paid Finally, we need a reliable backup standing next to the President, he was a price at least that is sufficient to get system. I am talking about paper asked a question about this, and he put them to change their behavior.’’ backup ballots—the old-fashioned way. it simply. He said that in their coun- Earlier this year, CIA Director There are 10 States that don’t have try, they believe that the people, the Pompeo said that he has seen no signs them. citizens of their country, should be the that Russia has decreased its activity The integrity of our election system ones who make the decisions about and that Russia is currently working is the cornerstone of our democracy. their elections, that they are the ones to disrupt the upcoming 2018 elections. Americans have fought and died for our who should be able to vote, that they It is the policy of the United States democracy since our country was are the ones who should be able to have of America to defend against and re- founded, and we must guarantee that their own opinions not be influenced by spond to threats to our Nation. This is democracy continues. foreign countries acting as if they are a cyber attack. It is not with bullets, I thank the Presiding Officer. people in their country. and it is not with tanks. It is not with I yield the floor. It is the Presiding Officer who made aircraft, but it is an attack. It is, sim- The PRESIDING OFFICER. The ma- the statement that I have quoted so ply, using the computer system. In jority leader. many times—that in the last election, every briefing that I have gone to, this f it was one candidate and one party, is always listed as one of the major and in the next election, it could be the ways in which foreign adversaries are MORNING BUSINESS other candidate and the other party. going to attack our Nation—they are Mr. MCCONNELL. Mr. President, I We do not come here in a partisan way. going to use the internet. Here we have ask unanimous consent that the Sen- We come here because the clock is it happening right here on our very de- ate be in a period of morning business, ticking. mocracy, itself. with Senators permitted to speak Today marks an important day in In order to protect our election sys- therein for up to 10 minutes each. the 2018 election cycle. Texas is holding tem, we need to do three key things. The PRESIDING OFFICER. Without the first State primary, and others First, we must give State and local objection, it is so ordered. begin in the coming weeks, including officials the tools and resources they f in Illinois. Illinois was one of 21 States need to prevent hacks and safeguard that the Russians attempted to hack election infrastructure from foreign in- ADDITIONAL STATEMENTS into—Illinois, where they actually terference. They need those resources hacked into their voter data, which is now, not after the election, not after the personal information about their the primaries. Today, more than 40 REMEMBERING DANA MARSHALL- voters. Those elections are coming. We States, as I mentioned, rely on elec- BERNSTEIN are glad that we have a decentralized tronic voting systems that are at least ∑ Ms. CORTEZ MASTO. Mr. President, system so that they have different sys- 10 years old. Do you think the Russians it is with a heavy heart that I honor tems. It is easier to hack into one cen- don’t know that? Do you think I am the life and memory of Dana Marshall- tralized system. It also means that giving away some state secret here? Of Bernstein and express my deepest con- they have many things to choose from, course they know that. dolences to her parents, family, and and we have 40 States that haven’t up- Ten years ago, on February 6, 2008, it friends. dated their equipment in over 10 years. was Super Tuesday for the 2008 Presi- Dana was diagnosed as a young child We have 10 States that don’t even have dential election. A lot has changed in with Crohn’s disease, which she suc- backup paper ballots, and we sit here the last 10 years but not our voting cumbed to at age 28, but Dana did not doing nothing when the solution is equipment. It has remained the same. allow her disease to define her and in- right in front of us. That is why I am leading bipartisan stead will be remembered for her infal- Over the course of the last year, I legislation with Senator LANKFORD. lible spirit, perseverance, strength, and have come to the floor a number of This is a bipartisan effort. We also ap- courage. Through her large collection times to urge this body to take imme- preciate our cosponsors Senators HAR- of hats and artistic spirit, Dana diate action to beef up our election cy- RIS, GRAHAM, COLLINS, and HEINRICH. brought joy to so many. She was a bersecurity. There is no longer any We call this bill the Secure Elections light in the lives around her, as a doubt that our elections have been and Act. It would provide $386 million in ‘‘spiritual warrior,’’ giving hope and

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00032 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.055 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1375 support through her work with the businesses in the city. With a history ing on the military and political his- southwest chapter of the Crohn’s and dating back to as early as 1661, the tory of the Civil War. Colitis Foundation. residents of Sanford have worked to de- Dennis is a highly sought after tour Dana lived life to the fullest—skiing, velop and improve their community guide, having worked with the Smith- playing piano, creating art, and singing over time. This year the city will see sonian, National Geographic, and nu- every chance she got. Dana’s intel- the opening of a new combined high merous colleges and universities. He ligence, brilliance, amazing sense of school and technical center designed to has a remarkable gift for storytelling humor and wit, loving compassionate prepare students with the skills needed and has certainly made history a favor- heart, and all-around remarkable soul for the 21st century in area industries; ite subject for countless students. will always be in the hearts and minds the launch of a 50 MW solar array at West Virginia is great because our of her loving family and in those who the Seacoast Regional Airport which people are great—Mountaineers who had the fortune of knowing her.∑ will be the largest solar project in will always be free. In fact, when visi- f Maine and the largest solar array on tors come to West Virginia, I jump at any airport in the United States; and the chance to tell them about our won- 250TH ANNIVERSARY OF SANFORD, the construction of SanfordNet Fiber, a derful State. We have more veterans MAINE 45-mile dark fiber extension to Maine’s per capita than most any State in the ∑ Mr. KING. Mr. President, today I 3 Ring Binder high-speed internet sys- Nation. We have fought in more wars, wish to recognize the city of Sanford, tem. shed more blood, and lost more lives ME, on their 250th anniversary. As a I would like to congratulate and cele- for the cause of freedom than most any southern Maine community, Sanford’s brate with the citizens of Sanford on State. We have always done the heavy residents have access to the country- its 250th anniversary. I wish the city lifting and never complained. We have side and a downtown area, while also continued success and look forward to mined the coal and forged the steel being close to Maine’s coastal commu- seeing the celebration of this milestone that built the guns, ships, and factories nities. Sanford prides itself on being a throughout the year.∑ that have protected and continue to business friendly community, and the f protect our country. I am so deeply economic growth council has promoted proud of what our citizens have accom- a plan for the future of business which TRIBUTE TO DENNIS FRYE plished and what they will continue to includes greater development and revi- accomplish in the days and years talization of the city. ∑ Mr. MANCHIN. Mr. President, today ahead. On February 27, Sanford began their I wish to honor a prominent Civil War Dennis has been a vital part of keep- year of celebration with a kick-off historian, whose work spans the globe ing the legacy of our State alive and event in Central Park where residents as a lecturer, guide, and preserva- inspiring the next generation to re- had the opportunity to ice skate, drink tionist. Dennis Frye is the chief histo- search, learn, and appreciate what hot chocolate, enjoy music performed rian at Harpers Ferry National Park in makes West Virginia so special. by the high school chorus, and end the my home State of West Virginia. While he is retiring and everyone is night with a fireworks show. The city Born out of the fiery turmoil of the sure to miss his strong leadership, has a year to celebrate this milestone Civil War, the Mountain State was Dennis’s unwavering dedication pas- and will do so through events focusing founded by courageous patriots who sion for his work will leave a lasting on community engagement and pro- were willing to risk their lives and for- legacy with the countless lives he has motion of local business. tunes in a united pursuit of justice and touched. I am sincerely grateful for his In 1661, William Phillips purchased freedom for all. As West Virginians, we remarkable work and for showcasing land from two Native American leaders take great pride in our history, and it our beautiful State to the rest of the which would be called Phillipstown. is so important to instill this commit- Nation. I am deeply honored to wish The land was first inhabited in 1739, ment to our values in the next genera- good health and much happiness to and in 1768, the residents of tion. That is Dennis’s legacy. Dennis and his family in the days and Phillipstown received town status. The As a preservationist, Dennis is a co- years ahead.∑ Governor of Massachusetts chose the founder and first president of the Save f name for the new town, as Maine was a Historic Antietam Foundation and is province of Massachusetts at the time. also a cofounder and former president TRIBUTE TO EVERETT LEE The name ‘‘Sanford’’ was chosen in of the Civil War Trust. His lifetime ∑ Mr. MANCHIN. Mr. President, today honor of Peleg Sanford, the stepson of achievements in the Civil War history I wish to honor the legacy of a trail- William Phillips, who served as Gov- community have earned him numerous blazing musician and conductor from ernor of Rhode Island. In Sanford, work awards and recognitions, including the beautiful Wheeling, WV: Everett Lee. in sawmills saw growth in the early Shelby Foote Award by the Civil War Everett has not only been witness to 19th century, followed by development Trust and the Nevins-Freeman Award changes in the classical music industry in agriculture and textiles. The estab- by the Civil War Roundtable of Chi- in the last century, but he has been an lishment of Goodall Mills in the late cago—the first and oldest Civil War integral part of the change as well. His 1860s attracted skilled workers from roundtable. story began while working at a hotel in Canada and Europe. Looking forward Dennis has authored nearly 100 arti- Cleveland, OH, where he met the Cleve- to present day, Sanford achieved city cles and 10 books and also helped land Orchestra music director, Artur status in January of 2013, making it produce the Emmy Award-winning tel- Rodzinkski. The director, having al- the newest city in the State of Maine. evision features about the Battle of ready heard of Everett’s remarkable Today Sanford is home to 21,000 resi- Antietam, abolitionist John Brown, talent, invited him to attend concerts dents that span residential areas and and Maryland during the Civil War. He on Saturdays. Rodzinkski was a men- woodlands, including access to three has been published in countless pres- tor to Everett and inspired him to con- different trail ways. In addition to en- tigious Civil War magazines, including tinue his violin training and eventually joying the nature surrounding Sanford, Civil War Times Illustrated, America’s enroll at the Cleveland Institute of the parks and recreation department Civil War, Blue & Gray Magazine, Music. also hosts a variety of events that North and South Magazine, and Hal- Everett enlisted in the military of meet the interests of all generations, lowed Ground and has been featured as June 1943, serving as an aviation cadet including line-dancing, pickleball a guest contributor to the Washington at the Tuskegee Army Air Field. Fol- games, activities at the YMCA, and an Post. His book, ‘‘Harpers Ferry Under lowing an injury in the military, Ever- annual Winterfest. Fire,’’ received the national book of ett made his way to New York to serve For its 250th anniversary, Sanford is the year award from the Association of in the orchestra for Broadway’s ‘‘Car- celebrating this milestone with the de- Partners for Public Lands. ‘‘September men Jones,’’ a reimagining of Bizet’s sign of a new anniversary logo, the cre- Suspense: Lincoln’s Union in Peril’’ opera with an all African-American ation of a commemorative coin, and a was awarded the 2012 Laney Book Prize cast. One evening, the conductor was communitywide promotion to support for distinguished scholarship and writ- unable to attend a performance, and

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00033 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.044 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1376 CONGRESSIONAL RECORD — SENATE March 6, 2018 Everett stepped up to fill the role, a States submitting sundry nominations H.R. 2673. An act to designate the facility move that launched his talent and pro- which were referred to the appropriate of the United States Postal Service located fessionalism into the spotlight. committees. at 514 Broadway Street in Pekin, Illinois, as In 1945, Everett served as the music (The messages received today are the ‘‘Lance Corporal Jordan S. Bastean Post Office’’; to the Committee on Homeland Se- director of ‘‘On the Town,’’ a printed at the end of the Senate curity and Governmental Affairs. groundbreaking show for having an in- proceedings.) H.R. 3183. An act to designate the facility tegrated cast. Still, despite his success, f of the United States Postal Service located Everett faced adversity and was once at 13683 James Madison Highway in Palmyra, advised against auditioning for a seat MESSAGES FROM THE HOUSE Virginia, as the ‘‘U.S. Navy Seaman Dakota in the New York Philharmonic. Many At 10:16 a.m., a message from the Kyle Rigsby Post Office’’; to the Committee on Homeland Security and Governmental Af- thought the South would not yet em- House of Representatives, delivered by brace him either. His response was to fairs. Mrs. Cole, one of its reading clerks, an- H.R. 4406. An act to designate the facility aim even higher and pursue an even nounced that the House has passed the of the United States Postal Service located more challenging career path as a con- following bill, without amendment: at 99 Macombs Place in New York, New ductor. In 1947, he founded the Cos- S. 831. An act to designate the facility of York, as the ‘‘Tuskegee Airman Post Office mopolitan Symphony, which became the United States Postal Service located at Building’’; to the Committee on Homeland famous for its inclusion of all 120 West Pike Street in Canonsburg, Penn- Security and Governmental Affairs. ethnicities and backgrounds. sylvania, as the ‘‘Police Officer Scott H.R. 4646. An act to designate the facility In time, Everett was invited by na- Bashioum Post Office Building’’. of the United States Postal Service located tional and international symphonies to at 1900 Corporate Drive in Birmingham, Ala- The message also announced that the bama, as the ‘‘Lance Corporal Thomas E. conduct, including the Louisville Sym- House has passed the following bills, in Rivers, Jr. Post Office Building’’; to the phony, which in 1953 made Everett the which it requests the concurrence of Committee on Homeland Security and Gov- first African-American to lead a major the Senate: ernmental Affairs. symphony orchestra in the U.S. South. H.R. 1209. An act to designate the facility H.R. 4685. An act to designate the facility He went on to break even more barriers of the United States Postal Service located of the United States Postal Service located and rise above any challenge that came at 901 N. Francisco Avenue, Mission, Texas, at 515 Hope Street in Bristol, Rhode Island, his way. Conducting an acclaimed New as the ‘‘Mission Veterans Post Office Build- as the ‘‘First Sergeant P. Andrew McKenna York City Opera production of ‘‘La ing’’. Jr. Post Office’’; to the Committee on Home- land Security and Governmental Affairs. Traviata’’ in 1955 made him the first H.R. 2673. An act to designate the facility African-American to conduct a profes- of the United States Postal Service located f at 514 Broadway Street in Pekin, Illinois, as sional grand opera in the United the ‘‘Lance Corporal Jordan S. Bastean Post EXECUTIVE AND OTHER States. Office’’. COMMUNICATIONS Deciding that he would find better H.R. 3183. An act to designate the facility The following communications were opportunities outside of America, Ever- of the United States Postal Service located laid before the Senate, together with ett and his family moved to Germany at 13683 James Madison Highway in Palmyra, accompanying papers, reports, and doc- in 1957. He held the position as chief Virginia, as the ‘‘U.S. Navy Seaman Dakota uments, and were referred as indicated: conductor of the Norrkoping Sym- Kyle Rigsby Post Office’’. phony Orchestra in Sweden for a dec- H.R. 4406. An act to designate the facility EC–4485. A communication from the Sec- of the United States Postal Service located ade. In 1976, he conducted the New retary of Defense, transmitting a report on at 99 Macombs Place in New York, New the approved retirement of Lieutenant Gen- York Philharmonic for the first time. York, as the ‘‘Tuskegee Airmen Post Office eral Sean B. MacFarland, United States It was a concert in honor of Dr. Martin Building’’. Army, and his advancement to the grade of Luther King, Jr., which was particu- H.R. 4646. An act to designate the facility lieutenant general on the retired list; to the larly fitting; both men held the ideal of the United States Postal Service located Committee on Armed Services. that they could embody the change at 1900 Corporate Drive in Birmingham, Ala- EC–4486. A communication from the Presi- they wanted to see in the world and bama, as the ‘‘Lance Corporal Thomas E. dent of the United States, transmitting, pur- created opportunities for those who Rivers, Jr. Post Office Building’’. suant to law, the continuation of the na- H.R. 4685. An act to designate the facility wanted to follow in their footsteps. tional emergency originally declared in exec- of the United States Postal Service located utive order 13288 on March 6, 2003, with re- Time and time again, sheer talent at 515 Hope Street in Bristol, Rhode Island, spect to the actions and policies of certain and strength of character have tran- as the ‘‘First Sergeant P. Andrew McKenna members of the Government of Zimbabwe scended societal obstacles. It is be- Jr. Post Office’’. and other persons to undermine Zimbabwe’s cause of individuals such as Everett ENROLLED BILL SIGNED democratic processes or institutions; to the Lee that countless musicians, regard- At 12:36 p.m., a message from the Committee on Banking, Housing, and Urban less of their background or ethnicity, Affairs. House of Representatives, delivered by EC–4487. A communication from the Presi- have pursued their dreams. Mrs. Cole, one of its reading clerks, an- On his 100th birthday, the Mayor of dent of the United States, transmitting, pur- nounced that the Speaker has signed suant to law, a report relative to the con- Wheeling designated August 31 as the following enrolled bill: tinuation of the national emergency origi- ‘‘Everett Lee Day’’ so we could all cele- H.R. 3656. An act to amend title 38, United nally declared in Executive Order 13692 on brate his extraordinary talent and States Code, to provide for a consistent eligi- March 8, 2015, with respect to Venezuela; to strength of character. We are truly bility date for provision of Department of the Committee on Banking, Housing, and blessed to have such an international Veterans Affairs memorial headstones and Urban Affairs. treasure as a part of our West Virginia markers for eligible spouses and dependent EC–4488. A communication from the Presi- family. Again, it is a great honor and children of veterans whose remains are un- dent of the United States, transmitting, pur- privilege to recognize his many accom- available. suant to law, a report relative to the con- tinuation of the national emergency origi- plishments, and I wish him and his The enrolled bill was subsequently nally declared in Executive Order 13660 on family the very best.∑ signed by the President pro tempore March 6, 2014, with respect to Ukraine; to the f (Mr. HATCH). Committee on Banking, Housing, and Urban f Affairs. MESSAGES FROM THE PRESIDENT EC–4489. A communication from the Pro- Messages from the President of the MEASURES REFERRED gram Specialist (Paperwork Reduction Act), United States were communicated to The following bills were read the first Office of the Comptroller of the Currency, Department of the Treasury, transmitting, the Senate by Ms. Ridgway, one of his and the second times by unanimous secretaries. pursuant to law, the report of a rule entitled consent, and referred as indicated: ‘‘Annual Stress Test—Technical and Con- f H.R. 1209. An act to designate the facility forming Changes’’ (RIN1557–AE28) received in EXECUTIVE MESSAGES REFERRED of the United States Postal Service located the Office of the President of the Senate on at 901 N. Francisco Avenue, Mission, Texas, March 5, 2018; to the Committee on Banking, As in executive session the Presiding as the ‘‘Mission Veterans Post Office Build- Housing, and Urban Affairs. Officer laid before the Senate messages ing’’; to the Committee on Homeland Secu- EC–4490. A communication from the Chief from the President of the United rity and Governmental Affairs. of the Publications and Regulations Branch,

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00034 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.046 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1377 Internal Revenue Service, Department of the Aviation Administration, Department of Senate on March 5, 2018; to the Committee Treasury, transmitting, pursuant to law, the Transportation, transmitting, pursuant to on Commerce, Science, and Transportation. report of a rule entitled ‘‘Health Insurance law, the report of a rule entitled ‘‘Airworthi- EC–4508. A communication from the Man- Providers Fee’’ ((RIN1545–BM52) (TD 9830)) ness Directives; Airbus Airplanes’’ ((RIN2120– agement and Program Analyst, Federal received in the Office of the President pro AA64) (Docket No. FAA–2018–0069)) received Aviation Administration, Department of tempore of the Senate; to the Committee on in the Office of the President of the Senate Transportation, transmitting, pursuant to Finance. on March 5, 2018; to the Committee on Com- law, the report of a rule entitled ‘‘Amend- EC–4491. A communication from the Chief merce, Science, and Transportation. ment of Class E Airspace; Millersburg, OH of the Publications and Regulations Branch, EC–4500. A communication from the Man- and Coshocton, OH’’ ((RIN2120–AA66) (Docket Internal Revenue Service, Department of the agement and Program Analyst, Federal No. FAA–2017–0342)) received in the Office of Treasury, transmitting, pursuant to law, the Aviation Administration, Department of the President of the Senate on March 5, 2018; report of a rule entitled ‘‘Presence of Certain Transportation, transmitting, pursuant to to the Committee on Commerce, Science, Individuals in the Commonwealth of Puerto law, the report of a rule entitled ‘‘Airworthi- and Transportation. Rico or the United States Virgin Islands ness Directives; Airbus Airplanes’’ ((RIN2120– EC–4509. A communication from the Man- Under Section 937(a) Following Hurricane AA64) (Docket No. FAA–2018–0030)) received agement and Program Analyst, Federal Irma or Hurricane Maria’’ (Notice 2018–19) re- in the Office of the President of the Senate Aviation Administration, Department of ceived in the Office of the President pro tem- on March 5, 2018; to the Committee on Com- Transportation, transmitting, pursuant to pore of the Senate; to the Committee on Fi- merce, Science, and Transportation. law, the report of a rule entitled ‘‘Amend- nance. EC–4501. A communication from the Man- ment of Class E Airspace; Fort Scott, KS and EC–4492. A communication from the Assist- agement and Program Analyst, Federal Phillipsburg, KS’’ ((RIN2120–AA66) (Docket ant General Counsel, General Law, Ethics, Aviation Administration, Department of No. FAA–2017–0523)) received in the Office of and Regulation, Department of the Treasury, Transportation, transmitting, pursuant to the President of the Senate on March 5, 2018; transmitting, pursuant to law, five (5) re- law, the report of a rule entitled ‘‘Airworthi- to the Committee on Commerce, Science, ports relative to vacancies in the Depart- ness Directives; Airbus Airplanes’’ ((RIN2120– and Transportation. ment of the Treasury, received in the Office AA64) (Docket No. FAA–2018–0070)) received EC–4510. A communication from the Man- of the President of the Senate on March 1, in the Office of the President of the Senate agement and Program Analyst, Federal 2018; to the Committee on Finance. on March 5, 2018; to the Committee on Com- Aviation Administration, Department of EC–4493. A communication from the Assist- merce, Science, and Transportation. Transportation, transmitting, pursuant to ant General Counsel for Regulatory Services, EC–4502. A communication from the Man- law, the report of a rule entitled ‘‘Establish- Office of General Counsel, Department of agement and Program Analyst, Federal ment of Class E Airspace; Spanish Fork, UT’’ Education, transmitting, pursuant to law, Aviation Administration, Department of ((RIN2120–AA66) (Docket No. FAA–2017–0897)) the report of a rule entitled ‘‘Secretary’s Transportation, transmitting, pursuant to received in the Office of the President of the Final Supplemental Priorities and Defini- law, the report of a rule entitled ‘‘Airworthi- Senate on March 5, 2018; to the Committee tions for Discretionary Grant Programs’’ ness Directives; Airbus Airplanes’’ ((RIN2120– on Commerce, Science, and Transportation. (RIN1894–AA09) received in the Office of the AA64) (Docket No. FAA–2017–0713)) received EC–4511. A communication from the Man- President of the Senate on March 5, 2018; to in the Office of the President of the Senate agement and Program Analyst, Federal the Committee on Health, Education, Labor, on March 5, 2018; to the Committee on Com- Aviation Administration, Department of and Pensions. merce, Science, and Transportation. Transportation, transmitting, pursuant to EC–4494. A communication from the Assist- EC–4503. A communication from the Man- law, the report of a rule entitled ‘‘Establish- ant General Counsel, General Law, Ethics, agement and Program Analyst, Federal ment of Class E Airspace; Johnson City, TN’’ and Regulation, Department of the Treasury, Aviation Administration, Department of ((RIN2120–AA66) (Docket No. FAA–2017–0279)) transmitting, pursuant to law, two (2) re- Transportation, transmitting, pursuant to received in the Office of the President of the ports relative to vacancies in the Depart- law, the report of a rule entitled ‘‘Airworthi- Senate on March 5, 2018; to the Committee ment of the Treasury, received in the Office ness Directives; Airbus Airplanes’’ ((RIN2120– on Commerce, Science, and Transportation. of the President of the Senate on March 1, AA64) (Docket No. FAA–2018–0076)) received EC–4512. A communication from the Man- 2018; to the Select Committee on Intel- in the Office of the President of the Senate agement and Program Analyst, Federal ligence. Aviation Administration, Department of EC–4495. A communication from the Assist- on March 5, 2018; to the Committee on Com- Transportation, transmitting, pursuant to ant Attorney General, Office of Legislative merce, Science, and Transportation. Affairs, Department of Justice, transmit- EC–4504. A communication from the Man- law, the report of a rule entitled ‘‘Revoca- ting, pursuant to law, a report entitled ‘‘The agement and Program Analyst, Federal tion of Class E Airspace; Pulaski, WI’’ Department of Justice Freedom of Informa- Aviation Administration, Department of ((RIN2120–AA66) (Docket No. FAA–2017–0818)) tion Act 2017 Litigation and Compliance Re- Transportation, transmitting, pursuant to received in the Office of the President of the port’’, the Uniform Resource Locator (URL) law, the report of a rule entitled ‘‘Airworthi- Senate on March 5, 2018; to the Committee for all federal agencies’ Freedom of Informa- ness Directives; Airbus Airplanes’’ ((RIN2120– on Commerce, Science, and Transportation. EC–4513. A communication from the Man- tion Act reports; to the Committee on the AA64) (Docket No. FAA–2017–0707)) received Judiciary. in the Office of the President of the Senate agement and Program Analyst, Federal EC–4496. A communication from the Man- on March 5, 2018; to the Committee on Com- Aviation Administration, Department of agement and Program Analyst, Federal merce, Science, and Transportation. Transportation, transmitting, pursuant to Aviation Administration, Department of EC–4505. A communication from the Man- law, the report of a rule entitled ‘‘Amend- Transportation, transmitting, pursuant to agement and Program Analyst, Federal ment of Class D and E Airspace; Cape law, the report of a rule entitled ‘‘Airworthi- Aviation Administration, Department of Girardeau, MO; St. Louis, MO; and Macon, ness Directives; Airbus Airplanes’’ ((RIN2120– Transportation, transmitting, pursuant to MO’’ ((RIN2120–AA66) (Docket No. FAA–2016– AA64) (Docket No. FAA–2018–0075)) received law, the report of a rule entitled ‘‘Airworthi- 9559)) received in the Office of the President in the Office of the President of the Senate ness Directives; The Boeing Company Air- of the Senate on March 5, 2018; to the Com- on March 5, 2018; to the Committee on Com- planes’’ ((RIN2120–AA64) (Docket No. FAA– mittee on Commerce, Science, and Transpor- merce, Science, and Transportation. 2017–0630)) received in the Office of the Presi- tation. EC–4497. A communication from the Man- dent of the Senate on March 5, 2018; to the EC–4514. A communication from the Man- agement and Program Analyst, Federal Committee on Commerce, Science, and agement and Program Analyst, Federal Aviation Administration, Department of Transportation. Aviation Administration, Department of Transportation, transmitting, pursuant to EC–4506. A communication from the Man- Transportation, transmitting, pursuant to law, the report of a rule entitled ‘‘Airworthi- agement and Program Analyst, Federal law, the report of a rule entitled ‘‘Airworthi- ness Directives; Airbus Airplanes’’ ((RIN2120– Aviation Administration, Department of ness Directives; GE Aviation Czech s.r.o. AA64) (Docket No. FAA–2018–0024)) received Transportation, transmitting, pursuant to Turboprop Engines’’ ((RIN2120–AA64) (Dock- in the Office of the President of the Senate law, the report of a rule entitled ‘‘Airworthi- et No. FAA–2017–0658)) received in the Office on March 5, 2018; to the Committee on Com- ness Directives; The Boeing Company Air- of the President of the Senate on March 5, merce, Science, and Transportation. planes’’ ((RIN2120–AA64) (Docket No. FAA– 2018; to the Committee on Commerce, EC–4498. A communication from the Man- 2017–0901)) received in the Office of the Presi- Science, and Transportation. agement and Program Analyst, Federal dent of the Senate on March 5, 2018; to the EC–4515. A communication from the Man- Aviation Administration, Department of Committee on Commerce, Science, and agement and Program Analyst, Federal Transportation, transmitting, pursuant to Transportation. Aviation Administration, Department of law, the report of a rule entitled ‘‘Airworthi- EC–4507. A communication from the Man- Transportation, transmitting, pursuant to ness Directives; Airbus Airplanes’’ ((RIN2120– agement and Program Analyst, Federal law, the report of a rule entitled ‘‘Airworthi- AA64) (Docket No. FAA–2018–0029)) received Aviation Administration, Department of ness Directives; Rosemont Aerospace, Inc. in the Office of the President of the Senate Transportation, transmitting, pursuant to Pilot Probes’’ ((RIN2120–AA64) (Docket No. on March 5, 2018; to the Committee on Com- law, the report of a rule entitled ‘‘Airworthi- FAA–2016–6616)) received in the Office of the merce, Science, and Transportation. ness Directives; Bombardier, Inc., Airplanes’’ President of the Senate on March 5, 2018; to EC–4499. A communication from the Man- ((RIN2120–AA64) (Docket No. FAA–2017–0811)) the Committee on Commerce, Science, and agement and Program Analyst, Federal received in the Office of the President of the Transportation.

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00035 Fmt 4624 Sfmt 0634 E:\CR\FM\A06MR6.018 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1378 CONGRESSIONAL RECORD — SENATE March 6, 2018 EC–4516. A communication from the Man- Committee on Commerce, Science, and INTRODUCTION OF BILLS AND agement and Program Analyst, Federal Transportation. JOINT RESOLUTIONS Aviation Administration, Department of EC–4524. A communication from the Man- Transportation, transmitting, pursuant to agement and Program Analyst, Federal The following bills and joint resolu- law, the report of a rule entitled ‘‘Airworthi- Aviation Administration, Department of tions were introduced, read the first ness Directives; Stemme AG Gliders’’ Transportation, transmitting, pursuant to and second times by unanimous con- ((RIN2120–AA64) (Docket No. FAA–2017–0952)) law, the report of a rule entitled ‘‘Modifica- sent, and referred as indicated: received in the Office of the President of the tion of Air Traffic Service (ATS) Routes; By Ms. WARREN: Senate on March 5, 2018; to the Committee Western United States’’ ((RIN2120–AA66) S. 2499. A bill to require the Financial In- on Commerce, Science, and Transportation. (Docket No. FAA–2017–0344)) received in the dustry Regulatory Authority to establish a EC–4517. A communication from the Man- Office of the President of the Senate on relief fund to provide investors with the full agement and Program Analyst, Federal March 5, 2018; to the Committee on Com- value of unpaid arbitration awards issued Aviation Administration, Department of merce, Science, and Transportation. Transportation, transmitting, pursuant to against brokerage firms or brokers regulated EC–4525. A communication from the Man- by the Authority; to the Committee on law, the report of a rule entitled ‘‘Airworthi- agement and Program Analyst, Federal ness Directives; Pacific Aerospace Limited Banking, Housing, and Urban Affairs. Aviation Administration, Department of By Mr. CASEY (for himself and Ms. Airplanes’’ ((RIN2120–AA64) (Docket No. Transportation, transmitting, pursuant to COLLINS): FAA–2018–0066)) received in the Office of the law, the report of a rule entitled ‘‘Amend- S. 2500. A bill to award a Congressional President of the Senate on March 5, 2018; to ment of Multiple Air Traffic Service (ATS) Gold Medal, collectively, to the women in the Committee on Commerce, Science, and Routes; North Central United States’’ the United States who joined the workforce Transportation. ((RIN2120–AA66) (Docket No. FAA–2017–1082)) EC–4518. A communication from the Man- during World War II, providing the vehicles, received in the Office of the President of the agement and Program Analyst, Federal weaponry, and ammunition to win the war, Senate on March 5, 2018; to the Committee Aviation Administration, Department of that were referred to as ‘‘Rosie the Riveter’’, on Commerce, Science, and Transportation. Transportation, transmitting, pursuant to in recognition of their contributions to the EC–4526. A communication from the Man- law, the report of a rule entitled ‘‘Airworthi- United States and the inspiration they have agement and Program Analyst, Federal ness Directives; Aeroclubul Romaniei Glid- provided to ensuing generations; to the Com- Aviation Administration, Department of ers’’ ((RIN2120–AA64) (Docket No. FAA–2017– mittee on Banking, Housing, and Urban Af- Transportation, transmitting, pursuant to 1068)) received in the Office of the President fairs. law, the report of a rule entitled ‘‘Standard of the Senate on March 5, 2018; to the Com- By Mr. GARDNER (for himself, Mr. Instrument Approach Procedures, and Take- mittee on Commerce, Science, and Transpor- BENNET, and Mr. WYDEN): off Minimums and Obstacle Departure Proce- tation. S. 2501. A bill to amend the Omnibus Parks dures; Miscellaneous Amendments (71); EC–4519. A communication from the Man- and Public Lands Management Act of 1996 to Amdt. No. 3785’’ (RIN2120–AA65) received in agement and Program Analyst, Federal provide for the establishment of a Ski Area the Office of the President of the Senate on Aviation Administration, Department of Fee Retention Account; to the Committee on March 5, 2018; to the Committee on Com- Transportation, transmitting, pursuant to Energy and Natural Resources. merce, Science, and Transportation. law, the report of a rule entitled ‘‘Airworthi- By Mr. GRASSLEY (for himself and ness Directives; Dassault Aviation Air- EC–4527. A communication from the Man- Mr. CRUZ): planes’’ ((RIN2120–AA64) (Docket No. FAA– agement and Program Analyst, Federal S. 2502. A bill to address gun violence, im- 2017–0694)) received in the Office of the Presi- Aviation Administration, Department of prove the availability of records to the Na- dent of the Senate on March 5, 2018; to the Transportation, transmitting, pursuant to tional Instant Criminal Background Check Committee on Commerce, Science, and law, the report of a rule entitled ‘‘Standard System, address mental illness in the crimi- Transportation. Instrument Approach Procedures, and Take- nal justice system, and end straw purchases EC–4520. A communication from the Man- off Minimums and Obstacle Departure Proce- and trafficking of illegal firearms, and for agement and Program Analyst, Federal dures; Miscellaneous Amendments (3); Amdt. other purposes; to the Committee on the Ju- Aviation Administration, Department of No. 3786’’ (RIN2120–AA65) received in the Of- diciary. Transportation, transmitting, pursuant to fice of the President of the Senate on March By Ms. MURKOWSKI (for herself and 5, 2018; to the Committee on Commerce, law, the report of a rule entitled ‘‘Airworthi- Ms. CANTWELL): Science, and Transportation. ness Directives; General Electric Company S. 2503. A bill to establish Department of Turboprop Engines’’ ((RIN2120–AA64) (Dock- EC–4528. A communication from the Pro- Energy policy for science and energy re- et No. FAA–2017–0943)) received in the Office gram Analyst, National Highway Traffic search and development programs, and re- of the President of the Senate on March 5, Safety Administration, Department of form National Laboratory management and 2018; to the Committee on Commerce, Transportation, transmitting, pursuant to technology transfer programs, and for other Science, and Transportation. law, the report of a rule entitled ‘‘Federal purposes; to the Committee on Energy and EC–4521. A communication from the Man- Motor Vehicle Safety Standard No. 141, Min- Natural Resources. agement and Program Analyst, Federal imum Sound Requirements for Hybrid and By Mr. PETERS (for himself, Mr. CRUZ, Aviation Administration, Department of Electric Vehicles’’ (RIN2127–AL84) received Mr. NELSON, and Mr. GARDNER): Transportation, transmitting, pursuant to in the Office of the President of the Senate S. 2504. A bill to provide for continuing co- law, the report of a rule entitled ‘‘Airworthi- on March 5, 2018; to the Committee on Com- operation between the National Aeronautics ness Directives; 328 Support Services GmbH merce, Science, and Transportation. and Space Administration and the Israel (Type Certificate Previously Held by AvCraft Space Agency, and for other purposes; to the Aerospace GmbH; Fairchild Dornier GmbH; f Committee on Foreign Relations. Dornier Luftfahrt GmbH) Airplanes’’ By Mr. BOOKER (for himself and Mr. ((RIN2120–AA64) (Docket No. FAA–2018–0026)) CASEY): received in the Office of the President of the EXECUTIVE REPORTS OF Senate on March 5, 2018; to the Committee COMMITTEE S. 2505. A bill to amend the Internal Rev- on Commerce, Science, and Transportation. enue Code of 1986 to ensure that workers and EC–4522. A communication from the Man- The following executive reports of communities that are responsible for record agement and Program Analyst, Federal nominations were submitted: corporate profits benefit from the wealth that those workers and communities help to Aviation Administration, Department of By Mr. INHOFE for Mr. MCCAIN for the Transportation, transmitting, pursuant to Committee on Armed Services. create, and for other purposes; to the Com- mittee on Finance. law, the report of a rule entitled ‘‘Airworthi- Army nomination of Lt. Gen. Paul M. ness Directives; Various Aircraft Equipped Nakasone, to be General. with BRP–Rotax GmbH & Co KG 912 A Series *Brent K. Park, of Tennessee, to be Deputy f Engine’’ ((RIN2120–AA64) (Docket No. FAA– Administrator for Defense Nuclear Non- 2017–1078)) received in the Office of the Presi- proliferation, National Nuclear Security Ad- SUBMISSION OF CONCURRENT AND dent of the Senate on March 5, 2018; to the ministration. Committee on Commerce, Science, and SENATE RESOLUTIONS Transportation. *Nomination was reported with rec- The following concurrent resolutions EC–4523. A communication from the Man- ommendation that it be confirmed sub- and Senate resolutions were read, and agement and Program Analyst, Federal ject to the nominee’s commitment to referred (or acted upon), as indicated: Aviation Administration, Department of respond to requests to appear and tes- Transportation, transmitting, pursuant to tify before any duly constituted com- By Ms. BALDWIN (for herself and Mr. PERDUE): law, the report of a rule entitled ‘‘Airworthi- mittee of the Senate. ness Directives; Textron Aviation Inc. Air- S. Res. 424. A resolution honoring the 25th planes’’ ((RIN2120–AA64) (Docket No. FAA– (Nominations without an asterisk anniversary of the National Guard Youth 2018–0068)) received in the Office of the Presi- were reported with the recommenda- Challenge Program; to the Committee on dent of the Senate on March 5, 2018; to the tion that they be confirmed.) Armed Services.

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00036 Fmt 4624 Sfmt 0634 E:\CR\FM\A06MR6.020 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1379 ADDITIONAL COSPONSORS the Government pension offset and MERKLEY) and the Senator from Oregon S. 170 windfall elimination provisions. (Mr. WYDEN) were added as cosponsors of S. 2095, a bill to regulate assault At the request of Mr. RUBIO, the S. 1539 name of the Senator from Idaho (Mr. At the request of Ms. KLOBUCHAR, the weapons, to ensure that the right to keep and bear arms is not unlimited, RISCH) was added as a cosponsor of S. name of the Senator from Michigan 170, a bill to provide for nonpreemption (Ms. STABENOW) was added as a cospon- and for other purposes. of measures by State and local govern- sor of S. 1539, a bill to protect victims S. 2135 ments to divest from entities that en- of stalking from gun violence. At the request of Mr. CORNYN, the gage in commerce-related or invest- S. 1600 names of the Senator from North Caro- ment-related boycott, divestment, or At the request of Ms. HIRONO, the lina (Mr. BURR), the Senator from sanctions activities targeting Israel, name of the Senator from Missouri Oklahoma (Mr. INHOFE), the Senator and for other purposes. (Mrs. MCCASKILL) was added as a co- from West Virginia (Mr. MANCHIN) and S. 266 sponsor of S. 1600, a bill to amend title the Senator from Indiana (Mr. DON- At the request of Mr. HATCH, the II of the Social Security Act and the NELLY) were added as cosponsors of S. name of the Senator from West Vir- Internal Revenue Code of 1986 to make 2135, a bill to enforce current law re- ginia (Mr. MANCHIN) was added as a co- improvements in the old-age, sur- garding the National Instant Criminal sponsor of S. 266, a bill to award the vivors, and disability insurance pro- Background Check System. Congressional Gold Medal to Anwar gram, and to provide for Social Secu- S. 2147 Sadat in recognition of his heroic rity benefit protection. At the request of Mr. BROWN, the achievements and courageous contribu- S. 1667 name of the Senator from Massachu- tions to peace in the Middle East. At the request of Mrs. FEINSTEIN, the setts (Ms. WARREN) was added as a co- S. 407 name of the Senator from Massachu- sponsor of S. 2147, a bill to amend the At the request of Mr. CRAPO, the setts (Ms. WARREN) was added as a co- Internal Revenue Code of 1986 to create name of the Senator from Minnesota sponsor of S. 1667, a bill to amend the a Pension Rehabilitation Trust Fund (Ms. SMITH) was added as a cosponsor Public Health Service Act to provide to establish a Pension Rehabilitation of S. 407, a bill to amend the Internal protections for consumers against ex- Administration within the Department Revenue Code of 1986 to permanently cessive, unjustified, or unfairly dis- of the Treasury to make loans to mul- extend the railroad track maintenance criminatory increases in premium tiemployer defined benefit plans, and credit. rates. for other purposes. S. 517 S. 1676 S. 2268 At the request of Mrs. FISCHER, the At the request of Mrs. GILLIBRAND, At the request of Mr. BOOKER, the name of the Senator from Minnesota the name of the Senator from Min- name of the Senator from Missouri (Ms. SMITH) was added as a cosponsor nesota (Ms. SMITH) was added as a co- (Mrs. MCCASKILL) was added as a co- of S. 517, a bill to amend the Clean Air sponsor of S. 1676, a bill to amend the sponsor of S. 2268, a bill to amend the Act with respect to the ethanol waiver Rural Electrification Act of 1936 to pro- Higher Education Act of 1965 to modify for Reid vapor pressure limitations vide grants for access to broadband certain provisions relating to the cap- under such Act. telecommunications services in rural ital financing of historically Black col- S. 607 areas, and for other purposes. leges and universities. At the request of Mr. UDALL, the S. 1697 S. 2271 name of the Senator from Massachu- At the request of Mr. GRAHAM, the At the request of Mr. REED, the name setts (Ms. WARREN) was added as a co- names of the Senator from Connecticut of the Senator from New Hampshire sponsor of S. 607, a bill to establish a (Mr. BLUMENTHAL), the Senator from (Ms. HASSAN) was added as a cosponsor business incubators program within Nevada (Mr. HELLER) and the Senator of S. 2271, a bill to reauthorize the Mu- the Department of the Interior to pro- from Maine (Ms. COLLINS) were added seum and Library Services Act. mote economic development in Indian as cosponsors of S. 1697, a bill to condi- S. 2286 reservation communities. tion assistance to the West Bank and At the request of Mrs. FEINSTEIN, the S. 720 Gaza on steps by the Palestinian Au- name of the Senator from Maryland At the request of Mr. CARDIN, the thority to end violence and terrorism (Mr. VAN HOLLEN) was added as a co- names of the Senator from North Da- against Israeli citizens and United sponsor of S. 2286, a bill to amend the kota (Ms. HEITKAMP) and the Senator States Citizens. Peace Corps Act to provide greater pro- from Idaho (Mr. RISCH) were added as S. 1911 tection and services for Peace Corps cosponsors of S. 720, a bill to amend the At the request of Mr. MANCHIN, the volunteers, and for other purposes. Export Administration Act of 1979 to name of the Senator from Alabama S. 2289 include in the prohibitions on boycotts (Mr. JONES) was added as a cosponsor At the request of Ms. WARREN, the against allies of the United States boy- of S. 1911, a bill to amend the Surface name of the Senator from Michigan cotts fostered by international govern- Mining Control and Reclamation Act of (Ms. STABENOW) was added as a cospon- mental organizations against Israel 1977 to transfer certain funds to the sor of S. 2289, a bill to create an Office and to direct the Export-Import Bank 1974 United Mine Workers of America of Cybersecurity at the Federal Trade of the United States to oppose boycotts Pension Plan, and for other purposes. Commission for supervision of data se- against Israel, and for other purposes. S. 2009 curity at consumer reporting agencies, S. 834 At the request of Mr. MURPHY, the to require the promulgation of regula- At the request of Mr. MARKEY, the name of the Senator from Michigan tions establishing standards for effec- name of the Senator from Michigan (Ms. STABENOW) was added as a cospon- tive cybersecurity at consumer report- (Ms. STABENOW) was added as a cospon- sor of S. 2009, a bill to require a back- ing agencies, to impose penalties on sor of S. 834, a bill to authorize the ap- ground check for every firearm sale. credit reporting agencies for cyberse- propriation of funds to the Centers for S. 2047 curity breaches that put sensitive con- Disease Control and Prevention for At the request of Mr. MURPHY, the sumer data at risk, and for other pur- conducting or supporting research on names of the Senator from Oregon (Mr. poses. firearms safety or gun violence preven- WYDEN) and the Senator from Cali- S. 2334 tion. fornia (Mrs. FEINSTEIN) were added as At the request of Mr. HATCH, the S. 915 cosponsors of S. 2047, a bill to restrict names of the Senator from Louisiana At the request of Mr. BROWN, the the use of funds for kinetic military (Mr. KENNEDY) and the Senator from name of the Senator from Maryland operations in North Korea. Vermont (Mr. LEAHY) were added as co- (Mr. VAN HOLLEN) was added as a co- S. 2095 sponsors of S. 2334, a bill to amend title sponsor of S. 915, a bill to amend title At the request of Mrs. FEINSTEIN, the 17, United States Code, to provide clar- II of the Social Security Act to repeal names of the Senator from Oregon (Mr. ity with respect to, and to modernize,

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00037 Fmt 4624 Sfmt 0634 E:\CR\FM\A06MR6.014 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1380 CONGRESSIONAL RECORD — SENATE March 6, 2018 the licensing system for musical works from Alaska (Ms. MURKOWSKI) were free alternative education and structured under section 115 of that title, to en- added as cosponsors of S. 2497, a bill to discipline to at-risk youth between the ages sure fairness in the establishment of amend the Foreign Assistance Act of of 16 and 18; Whereas the Youth Challenge Program was certain rates and fees under sections 1961 and the Arms Export Control Act born from the visionary concept of using a 114 and 115 of that title, and for other to make improvements to certain de- ‘‘whole person’’ intervention model to com- purposes. fense and security assistance provi- bat the effects of gangs, violence, high rates S. 2343 sions and to authorize the appropria- of school dropout, and drug abuse on a gen- At the request of Mr. WICKER, the tions of funds to Israel, and for other eration of youth; names of the Senator from Missouri purposes. Whereas the Youth Challenge Program is a federally and State-funded program that of- S.J. RES. 54 (Mr. BLUNT) and the Senator from Min- fers a unique opportunity for at-risk youth nesota (Ms. SMITH) were added as co- At the request of Mr. SANDERS, the to change course at a critical time in life; sponsors of S. 2343, a bill to require the name of the Senator from Massachu- Whereas the multiphased Youth Challenge Federal Communications Commission setts (Mr. MARKEY) was added as a co- Program uses quasi-military discipline and to establish a task force for meeting sponsor of S.J. Res. 54, a joint resolu- training, coupled with educational instruc- the connectivity and technology needs tion to direct the removal of United tion, learning, and mentorship, to promote of precision agriculture in the United States Armed Forces from hostilities the character development and resilience of at-risk youth; States. in the Republic of Yemen that have not Whereas one phase of the Youth Challenge S. 2360 been authorized by Congress. Program is a 5-month residential program At the request of Ms. HEITKAMP, the S. CON. RES. 7 that focuses on the following 8 core compo- name of the Senator from California At the request of Mr. ROBERTS, the nents: life-coping skills, leadership and (Mrs. FEINSTEIN) was added as a co- name of the Senator from Pennsyl- followership, service to community, job sponsor of S. 2360, a bill to provide for skills, academic excellence, responsible citi- vania (Mr. CASEY) was added as a co- zenship, health and hygiene, and physical fit- the minimum size of crews of freight sponsor of S. Con. Res. 7, a concurrent ness; trains, and for other purposes. resolution expressing the sense of Con- Whereas another phase of the Youth Chal- S. 2381 gress that tax-exempt fraternal benefit lenge Program is a 12-month mentoring At the request of Ms. KLOBUCHAR, the societies have historically provided phase that builds on the 8 core components name of the Senator from Colorado and continue to provide critical bene- to help shape youth into productive citizens ready for societal success; (Mr. BENNET) was added as a cosponsor fits to the people and communities of the United States. Whereas the Youth Challenge Program of- of S. 2381, a bill to amend title 23, fers more than 10,000 cadets annually an op- United States Code, to direct the Sec- S. RES. 377 portunity to succeed outside of a traditional retary of Transportation to require At the request of Ms. WARREN, the high school environment; that broadband conduits be installed as name of the Senator from Indiana (Mr. Whereas there are currently 40 Youth Chal- a part of certain highway construction YOUNG) was added as a cosponsor of S. lenge programs operating in 28 States, Puer- projects, and for other purposes. Res. 377, a resolution recognizing the to Rico, and the District of Columbia; Whereas more than 160,000 cadets have S. 2383 importance of paying tribute to those graduated from the Youth Challenge Pro- At the request of Mr. HATCH, the individuals who have faithfully served gram; name of the Senator from North Caro- and retired from the Armed Forces of Whereas more than 110,000 academic cre- lina (Mr. BURR) was added as a cospon- the United States, designating April 18, dentials have been awarded under the Youth sor of S. 2383, a bill to amend title 18, 2018, as ‘‘Military Retiree Appreciation Challenge Program; and United States Code, to improve law en- Day’’, and encouraging the people of Whereas graduates of the Youth Challenge forcement access to data stored across the United States to honor the past Program have improved physically and men- borders, and for other purposes. and continued service of military retir- tally and are poised to become assets to the ees to their local communities and the communities of the graduates and to the S. 2467 United States: Now, therefore, be it At the request of Ms. HARRIS, the United States. Resolved, That the Senate— name of the Senator from Hawaii (Ms. S. RES. 402 (1) recognizes that the National Guard HIRONO) was added as a cosponsor of S. At the request of Mr. CARDIN, the Youth Challenge Program has been success- 2467, a bill to direct the Joint Com- name of the Senator from New Jersey fully helping at-risk youth for 25 years; (2) commends the accomplishments of all mittee on the Library to obtain a stat- (Mr. BOOKER) was added as a cosponsor of the graduates of the National Guard ue of Shirley Chisholm for placement of S. Res. 402, a resolution calling upon Youth Challenge Program; and in the United States Capitol. the President to exercise relevant man- (3) reaffirms the commitment of the Sen- S. 2490 datory sanctions authorities under the ate to support— At the request of Mr. SCOTT, the Countering America’s Adversaries (A) the National Guard Youth Challenge name of the Senator from Iowa (Mrs. Through Sanctions Act in response to Program; and (B) the critical mission of the National ERNST) was added as a cosponsor of S. the Government of the Russian Federa- Guard Youth Challenge Program to help and 2490, a bill to amend the Real Estate tion’s continued aggression in Ukraine and illegal occupation of Crimea and develop the character of at-risk youth in the Settlement Procedures Act of 1974 to United States. assault on democratic institutions modify requirements related to mort- f gage disclosures. around the world, including through cyber attacks. S. 2494 AMENDMENTS SUBMITTED AND PROPOSED At the request of Ms. BALDWIN, the f names of the Senator from Pennsyl- SUBMITTED RESOLUTIONS SA 2045. Mr. WICKER (for himself, Ms. vania (Mr. CASEY) and the Senator DUCKWORTH, Mr. COCHRAN, and Ms. BALDWIN) submitted an amendment intended to be pro- from Florida (Mr. NELSON) were added posed by him to the bill S. 2155, to promote as cosponsors of S. 2494, a bill to pro- SENATE RESOLUTION 424—HON- economic growth, provide tailored regu- vide standards for short-term limited ORING THE 25TH ANNIVERSARY latory relief, and enhance consumer protec- duration health insurance policies. OF THE NATIONAL GUARD tions, and for other purposes; which was or- S. 2497 YOUTH CHALLENGE PROGRAM dered to lie on the table. SA 2046. Mr. PAUL (for himself, Mr. BLUNT, UBIO At the request of Mr. R , the Ms. BALDWIN (for herself and Mr. Mr. HELLER, Mr. SCOTT, and Mr. DAINES) sub- names of the Senator from Pennsyl- PERDUE) submitted the following reso- mitted an amendment intended to be pro- vania (Mr. CASEY), the Senator from lution; which was referred to the Com- posed by him to the bill S. 2155, supra; which Connecticut (Mr. BLUMENTHAL), the mittee on Armed Services: was ordered to lie on the table. Senator from Minnesota (Ms. KLO- SA 2047. Mr. ENZI submitted an amend- S. RES. 424 ment intended to be proposed by him to the BUCHAR), the Senator from Maryland Whereas the National Guard Youth Chal- bill S. 2155, supra; which was ordered to lie (Mr. CARDIN), the Senator from Kansas lenge Program (referred to in this preamble on the table. (Mr. ROBERTS), the Senator from South as the ‘‘Youth Challenge Program’’) is cele- SA 2048. Mr. RUBIO submitted an amend- Dakota (Mr. ROUNDS) and the Senator brating 25 years of providing successful and ment intended to be proposed by him to the

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00038 Fmt 4624 Sfmt 0634 E:\CR\FM\A06MR6.016 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1381 bill S. 2155, supra; which was ordered to lie 2155, supra; which was ordered to lie on the growth, provide tailored regulatory re- on the table. table. lief, and enhance consumer protec- SA 2049. Mr. RUBIO submitted an amend- SA 2070. Ms. WARREN submitted an tions, and for other purposes; which ment intended to be proposed by him to the amendment intended to be proposed by her was ordered to lie on the table; as fol- bill S. 2155, supra; which was ordered to lie to the bill S. 2155, supra; which was ordered on the table. to lie on the table. lows: SA 2050. Mr. NELSON (for himself and Mr. At the appropriate place, insert the fol- f RUBIO) submitted an amendment intended to lowing: be proposed by him to the bill S. 2155, supra; TEXT OF AMENDMENTS SEC. lll. AUDIT REFORM AND TRANSPARENCY which was ordered to lie on the table. FOR THE BOARD OF GOVERNORS OF SA 2051. Ms. STABENOW submitted an SA 2045. Mr. WICKER (for himself, THE FEDERAL RESERVE SYSTEM. amendment intended to be proposed by her Ms. DUCKWORTH, Mr. COCHRAN, and Ms. (a) IN GENERAL.—Notwithstanding section to the bill S. 2155, supra; which was ordered BALDWIN) submitted an amendment in- 714 of title 31, United States Code, or any to lie on the table. tended to be proposed by him to the other provision of law, the Comptroller Gen- SA 2052. Ms. STABENOW submitted an bill S. 2155, to promote economic eral of the United States shall complete an amendment intended to be proposed by her growth, provide tailored regulatory re- audit of the Board of Governors of the Fed- to the bill S. 2155, supra; which was ordered eral Reserve System and the Federal reserve lief, and enhance consumer protec- banks under subsection (b) of such section to lie on the table. tions, and for other purposes; which SA 2053. Ms. STABENOW submitted an 714 within 12 months after the date of the en- amendment intended to be proposed by her was ordered to lie on the table; as fol- actment of this Act. to the bill S. 2155, supra; which was ordered lows: (b) REPORT.— to lie on the table. At the appropriate place, insert the fol- (1) IN GENERAL.—Not later than 90 days SA 2054. Ms. WARREN (for herself and Mrs. lowing: after the audit required pursuant to sub- section (a) is completed, the Comptroller FEINSTEIN) submitted an amendment in- SEC. lll. TREATMENT OF CERTAIN NON- tended to be proposed by her to the bill S. SIGNIFICANT INVESTMENTS IN THE General— 2155, supra; which was ordered to lie on the CAPITAL OF UNCONSOLIDATED FI- (A) shall submit to Congress a report on table. NANCIAL INSTITUTIONS. such audit; and SA 2055. Ms. WARREN submitted an (a) IN GENERAL.—Section 18 of the Federal (B) shall make such report available to the amendment intended to be proposed by her Deposit Insurance Act (12 U.S.C. 1828), as Speaker of the House, the majority and mi- to the bill S. 2155, supra; which was ordered amended by section 403(a), is amended by nority leaders of the House of Representa- to lie on the table. adding at the end the following: tives, the majority and minority leaders of SA 2056. Ms. WARREN submitted an ‘‘(bb) TREATMENT OF NONSIGNIFICANT IN- the Senate, the Chairman and Ranking Mem- amendment intended to be proposed by her VESTMENTS IN THE CAPITAL OF UNCONSOLI- ber of the committee and each subcommittee to the bill S. 2155, supra; which was ordered DATED FINANCIAL INSTITUTIONS.—For pur- of jurisdiction in the House of Representa- to lie on the table. poses of the final rules titled ‘Regulatory tives and the Senate, and any other Member SA 2057. Ms. WARREN submitted an Capital Rules: Regulatory Capital, Imple- of Congress who requests the report. amendment intended to be proposed by her mentation of Basel III, Capital Adequacy, (2) CONTENTS.—The report under paragraph to the bill S. 2155, supra; which was ordered Transition Provisions, Prompt Corrective (1) shall include a detailed description of the to lie on the table. Action, Standardized Approach for Risk- findings and conclusion of the Comptroller SA 2058. Ms. WARREN submitted an weighted Assets, Market Discipline and Dis- General with respect to the audit that is the amendment intended to be proposed by her closure Requirements, Advanced Approaches subject of the report, together with such rec- to the bill S. 2155, supra; which was ordered Risk-Based Capital Rule, and Market Risk ommendations for legislative or administra- to lie on the table. Capital Rule’ (78 Fed. Reg. 62018; published tive action as the Comptroller General may SA 2059. Ms. WARREN submitted an Oct. 11, 2013 and 79 Fed. Reg. 20754; published determine to be appropriate. amendment intended to be proposed by her April 14, 2014) and any other regulation (c) REPEAL OF CERTAIN LIMITATIONS.—Sub- to the bill S. 2155, supra; which was ordered which incorporates a definition of the term section (b) of section 714 of title 31, United to lie on the table. ‘nonsignificant investments in the capital of States Code, is amended by striking the sec- SA 2060. Ms. WARREN submitted an unconsolidated financial institutions’, the ond sentence. amendment intended to be proposed by her appropriate Federal banking agencies shall (d) TECHNICAL AND CONFORMING AMEND- to the bill S. 2155, supra; which was ordered provide that investments in trust preferred MENTS.— to lie on the table. securities (pooled and individual instru- (1) IN GENERAL.—Section 714 of title 31, SA 2061. Ms. WARREN submitted an ments) by a depository institution with as- United States Code, is amended— amendment intended to be proposed by her sets of less than $15,000,000,000 as of July 21, (A) in subsection (d)(3), by striking ‘‘or (f)’’ to the bill S. 2155, supra; which was ordered 2010, or a depository institution holding com- each place such term appears; to lie on the table. pany with assets of less than $15,000,000,000 as (B) in subsection (e), by striking ‘‘the third SA 2062. Ms. WARREN submitted an of July 21, 2010, shall not be subject to deduc- undesignated paragraph of section 13’’ and amendment intended to be proposed by her tion from the regulatory capital of such de- inserting ‘‘section 13(3)’’; and to the bill S. 2155, supra; which was ordered pository institution or depository institu- (C) by striking subsection (f). to lie on the table. tion holding company or any depository in- (2) FEDERAL RESERVE ACT.—Subsection (s) SA 2063. Ms. WARREN submitted an stitution holding company of such an insti- (relating to ‘‘Federal Reserve Transparency amendment intended to be proposed by her tution, provided such investments were held and Release of Information’’) of section 11 of to the bill S. 2155, supra; which was ordered prior to July 21, 2010.’’. the Federal Reserve Act (12 U.S.C. 248) is amended— to lie on the table. (b) AMENDMENT TO BASEL III CAPITAL REG- (A) in paragraph (4)(A), by striking ‘‘has SA 2064. Ms. WARREN (for herself and Mr. ULATIONS.—Not later than the end of the 3- DURBIN) submitted an amendment intended month period beginning on the date of the the same meaning as in section 714(f)(1)(A) of to be proposed by her to the bill S. 2155, enactment of this Act, the Federal Deposit title 31, United States Code’’ and inserting supra; which was ordered to lie on the table. Insurance Corporation, the Board of Gov- ‘‘means a program or facility, including any SA 2065. Ms. WARREN (for herself, Mr. ernors of the Federal Reserve System, and special purpose vehicle or other entity estab- WARNER, and Mrs. SHAHEEN) submitted an the Comptroller of the Currency shall amend lished by or on behalf of the Board of Gov- amendment intended to be proposed by her the final rules titled ‘‘Regulatory Capital ernors of the Federal Reserve System or a to the bill S. 2155, supra; which was ordered Rules: Regulatory Capital, Implementation Federal reserve bank, authorized by the to lie on the table. of Basel III, Capital Adequacy, Transition Board of Governors under section 13(3), that SA 2066. Ms. WARREN (for herself and Mr. Provisions, Prompt Corrective Action, is not subject to audit under section 714(e) of DURBIN) submitted an amendment intended Standardized Approach for Risk-weighted title 31, United States Code’’; to be proposed by her to the bill S. 2155, Assets, Market Discipline and Disclosure Re- (B) in paragraph (6), by striking ‘‘or in sec- supra; which was ordered to lie on the table. quirements, Advanced Approaches Risk- tion 714(f)(3)(C) of title 31, United States SA 2067. Ms. WARREN (for herself, Mr. Based Capital Rule, and Market Risk Capital Code, the information described in paragraph BLUMENTHAL, and Mrs. SHAHEEN) submitted Rule’’ (78 Fed. Reg. 62018; published Oct. 11, (1) and information concerning the trans- an amendment intended to be proposed by 2013 and 79 Fed. Reg. 20754; published April actions described in section 714(f) of such her to the bill S. 2155, supra; which was or- 14, 2014) to implement the amendments made title,’’ and inserting ‘‘the information de- dered to lie on the table. by this Act. scribed in paragraph (1)’’; and SA 2068. Ms. WARREN submitted an (C) in paragraph (7), by striking ‘‘and sec- amendment intended to be proposed by her SA 2046. Mr. PAUL (for himself, Mr. tion 13(3)(C), section 714(f)(3)(C) of title 31, to the bill S. 2155, supra; which was ordered United States Code, and’’ and inserting ‘‘, to lie on the table. BLUNT, Mr. HELLER, Mr. SCOTT, and Mr. section 13(3)(C), and’’. SA 2069. Ms. WARREN (for herself and Ms. DAINES) submitted an amendment in- CANTWELL) submitted an amendment in- tended to be proposed by him to the SA 2047. Mr. ENZI submitted an tended to be proposed by her to the bill S. bill S. 2155, to promote economic amendment intended to be proposed by

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00039 Fmt 4624 Sfmt 0634 E:\CR\FM\A06MR6.013 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1382 CONGRESSIONAL RECORD — SENATE March 6, 2018 him to the bill S. 2155, to promote eco- committees a report on foreign investment SEC. ll. STANDARDS FOR PHYSICAL CONDITION nomic growth, provide tailored regu- in real estate in the United States that in- AND MANAGEMENT OF HOUSING RE- CEIVING ASSISTANCE PAYMENTS. latory relief, and enhance consumer cludes the following: protections, and for other purposes; (1) For each of the 30 years preceding such (a) IN GENERAL.—Section 8 of the United date of enactment, an estimate of the fol- States Housing Act of 1937 (42 U.S.C. 1437f) is which was ordered to lie on the table; lowing: as follows: amended by inserting after subsection (v) the (A) The total amount of foreign invest- following: At the appropriate place, insert the fol- ment in real estate in the United States. lowing: (B) The amount of investment described in ‘‘(w) STANDARDS FOR PHYSICAL CONDITION AND MANAGEMENT OF HOUSING RECEIVING AS- SEC. lll. RATE OF PAY FOR EMPLOYEES OF subparagraph (A), disaggregated by— THE BUREAU OF CONSUMER FINAN- (i) each of the 10 foreign countries from SISTANCE PAYMENTS.— CIAL PROTECTION. which the most such investment originates; ‘‘(1) STANDARDS FOR PHYSICAL CONDITION (a) IN GENERAL.—Section 1013(a)(2) of the (ii) each covered foreign country; and AND MANAGEMENT OF HOUSING.—Any entity Consumer Financial Protection Act of 2010 (iii) investment by public and private enti- receiving assistance payments under this (12 U.S.C. 5493(a)(2)) is amended to read as ties. section shall maintain decent, safe, and sani- follows: (C) The total amount of foreign investment tary conditions, as determined by the Sec- ‘‘(2) COMPENSATION.—The rates of basic pay in real estate in the United States in the 20 retary, for any structure covered under a for all employees of the Bureau shall be set metropolitan statistical areas with the most housing assistance payment contract. and adjusted by the Director in accordance such investment. ‘‘(2) SURVEY OF TENANTS.—The Secretary with the General Schedule set forth in sec- (D) The amount of investment described in shall develop a process by which a Perform- tion 5332 of title 5, United States Code.’’. subparagraph (C), disaggregated by— ance-Based Contract Administrator shall, on (b) EFFECTIVE DATE.—The amendment (i) each of the metropolitan statistical a semiannual basis, conduct a survey of the made by subsection (a) shall apply to service areas described in that subparagraph; tenants of each structure covered under a by an employee of the Bureau of Consumer (ii) each covered foreign country; and housing assistance payment contract for the Financial Protection following the 90-day pe- (iii) investment by public and private enti- purpose of identifying consistent or per- riod beginning on the date of enactment of ties. sistent problems with the physical condition this Act. (E) The total amount of foreign investment of the structure or performance of the man- in real estate in the United States in the 10 ager of the structure. SA 2048. Mr. RUBIO submitted an States with the most such investment. ‘‘(3) REMEDIATION.—A structure covered amendment intended to be proposed by (F) The amount of investment described in under a housing assistance payment contract him to the bill S. 2155, to promote eco- subparagraph (E), disaggregated by— shall be referred to the Secretary for remedi- (i) each of the States described in that sub- ation if a Performance-Based Contract Ad- nomic growth, provide tailored regu- ministrator identifies a consistent or per- latory relief, and enhance consumer paragraph; (ii) each covered foreign country; and sistent problem with the structure or the protections, and for other purposes; (iii) investment by public and private enti- management of the structure based on— which was ordered to lie on the table; ties. ‘‘(A) a survey conducted under paragraph as follows: (2) An estimate of the percentage of the av- (2); or At the end of title V, add the following: erage home price in the metropolitan statis- ‘‘(B) any other observation made by the Performance-Based Contract Administrator SEC. lll. GAO REPORT ON PUERTO RICO FORE- tical areas described in paragraph (1)(C) at- CLOSURES. tributable to foreign investment in real es- during the normal course of business. Not later than 1 year after the date of en- tate. ‘‘(4) PENALTY FOR FAILURE TO UPHOLD actment of this Act, the Comptroller General (3) An estimate of the percentage of the av- STANDARDS.— of the United States shall submit to the erage home price in the States described in ‘‘(A) IN GENERAL.—The Secretary may im- Committee on Banking, Housing, and Urban paragraph (1)(E) attributable to foreign in- pose a penalty on any owner of a structure Affairs of the Senate and the Committee on vestment in real estate. covered under a housing assistance payment Financial Services of the House of Rep- (b) DEFINITIONS.—In this section: contract if the Secretary finds that the resentatives a report on foreclosures in the (1) APPROPRIATE CONGRESSIONAL COMMIT- structure or manager of the structure— Commonwealth of Puerto Rico, including— TEES.—The term ‘‘appropriate congressional ‘‘(i) did not satisfactorily meet the require- (1) the rate of foreclosures in the Common- committees’’ means— ments under paragraph (1); or wealth of Puerto Rico before and after Hurri- (A) the Committee on Banking, Housing, ‘‘(ii) is repeatedly referred to the Secretary cane Maria and Urban Affairs and the Committee on for remediation by a Performance Based (2) the rate of return for housing devel- Foreign Relations of the Senate; and Contract Administrator through the process opers in the Commonwealth of Puerto Rico (B) the Committee on Financial Services established under paragraph (3). before and after Hurricane Maria; and the Committee on Foreign Affairs of the ‘‘(B) AMOUNT.—A penalty imposed under (3) the rate of delinquency in the Common- House of Representatives. subparagraph (A) shall be in an amount wealth of Puerto Rico before and after Hurri- (2) COVERED COUNTRY.—The term ‘‘covered equal to not less than 1 percent of the annual cane Maria; country’’ means— budget authority the owner is allocated (4) the rate of homeownership in the Com- (A) Argentina; under a housing assistance payment con- monwealth of Puerto Rico before and after (B) Brazil; tract. Hurricane Maria; (C) Canada; ‘‘(C) USE OF AMOUNTS.—Any amounts col- (5) the rate of defaults on federally insured (D) Colombia; lected under this paragraph shall be used mortgages in the Commonwealth of Puerto (E) Germany; solely for the purpose of supporting safe and Rico before and after Hurricane Maria; and (F) Japan; sanitary conditions at applicable structures (6) policy recommendations to address ad- (G) Norway; or for tenant relocation, as designated by the verse impacts of Hurricane Maria on the (H) the People’s Republic of China; Secretary, with priority given to the tenants rates of foreclosure, delinquency, homeown- (I) Singapore; of the structure that led to the penalty. ership, and default rates in the Common- (J) South Korea; ‘‘(5) APPLICABILITY.—This subsection shall wealth of Puerto Rico. (K) Switzerland; not apply to any property assisted under sub- (L) the United Arab Emirates; and section (o).’’. SA 2049. Mr. RUBIO submitted an (M) Venezuela. (b) ISSUANCE OF REPORT.—Not later than 1 amendment intended to be proposed by (3) METROPOLITAN STATISTICAL AREA.—The year after the date of enactment of this Act, him to the bill S. 2155, to promote eco- term ‘‘metropolitan statistical area’’ has the the Secretary of Housing and Urban Develop- meaning given that term by the Office of ment shall submit to Congress a report nomic growth, provide tailored regu- Management and Budget. latory relief, and enhance consumer that— protections, and for other purposes; (1) examines the adequacy of capital re- SA 2050. Mr. NELSON (for himself serves for each structure covered under a which was ordered to lie on the table; and Mr. RUBIO) submitted an amend- housing assistance payment contract under as follows: ment intended to be proposed by him section 8 of the United States Housing Act of At the end of title V, add the following: to the bill S. 2155, to promote economic 1937 (42 U.S.C. 1437f); SEC. 504. REPORT ON FOREIGN INVESTMENT IN growth, provide tailored regulatory re- (2) examines the use of funds derived from REAL ESTATE IN THE UNITED lief, and enhance consumer protec- a housing assistance payment contract for STATES. tions, and for other purposes; which purposes unrelated to the maintenance and (a) IN GENERAL.—Not later than one year capitalization of the structure covered under after the date of the enactment of this Act, was ordered to lie on the table; as fol- the contract; and the Secretary of the Treasury, in consulta- lows: (3) includes any administrative or legisla- tion with the Secretary of Commerce, shall At the appropriate place, insert the fol- tive recommendations to further improve submit to the appropriate congressional lowing: the living conditions at those structures.

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00040 Fmt 4624 Sfmt 0634 E:\CR\FM\A06MR6.022 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1383 SA 2051. Ms. STABENOW submitted and willfully makes a false certification At the end of section 401, add the fol- an amendment intended to be proposed under section 36.4340(k)(2) of title 38, Code of lowing: by her to the bill S. 2155, to promote Federal Regulations, or successor regulation, (g) TARP FUNDS.—Any financial institu- shall be liable to the United States Govern- tion that received more than $1,000,000,000 economic growth, provide tailored reg- from any funds made available under the ulatory relief, and enhance consumer ment for a civil penalty equal to four times the amount of the Secretary’s loss on the Emergency Economic Stabilization Act of protections, and for other purposes; loan involved or another appropriate 2008 (12 U.S.C. 5201 et seq.) shall be subject to which was ordered to lie on the table; amount, not to exceed $50,000, whichever is the provisions amended by this section in ef- as follows: greater. fect on the day before the date of enactment At the appropriate place, insert the fol- ‘‘(b) PATTERN OR PRACTICE.—(1) In any case of this Act. lowing: in which a lender described in paragraph (2) Ms. WARREN submitted an SEC. ll. PROHIBITION ON FEDERAL CON- makes a false certification under section SA 2057. TRACTS IN EVENT OF DATA BREACH. 36.4340(k)(2) of title 38, Code of Federal Regu- amendment intended to be proposed by (a) IN GENERAL.—No entity that has been lations, or successor regulation, that is a her to the bill S. 2155, to promote eco- subject to a data breach impacting over part of a pattern or practice of knowingly nomic growth, provide tailored regu- 10,000,000 individuals may be awarded any and willfully making false certifications latory relief, and enhance consumer Federal contract until the Federal Trade under such section that has had an effect on protections, and for other purposes; Commission certifies, after appropriate con- 500 or more veterans, the lender shall be lia- which was ordered to lie on the table; sultation with the entity, that the issues or ble to the United States Government for a as follows: failures to adequately protect consumer data civil penalty equal to $1,000,000 per veteran At the appropriate place, insert the fol- that led to the breach have been adequately affected in addition to any amounts the lend- lowing: resolved. er may be liable for under subsection (a). (b) POLICIES.— ‘‘(2) A lender described in this paragraph is SEC. ll. USE OF CREDIT CHECKS PROHIBITED FOR EMPLOYMENT PURPOSES. (1) IN GENERAL.—Effective December 31, a lender which has been identified as a global (a) PROHIBITION FOR EMPLOYMENT AND AD- 2018, no entity shall be eligible to be awarded systematically important BHC under section any Federal contract unless they have a pol- VERSE ACTION.—Section 604 of the Fair Cred- 217.402 of title 12, Code of Federal Regula- it Reporting Act (15 U.S.C. 1681b) is amend- icy in place to notify consumers within 30 tions, or successor regulation, or subject to a days of being subject to a data breach. ed— determination under section 113 of the Dodd- (1) in subsection (a)(3)(B), by inserting (2) REGULATIONS.—The Administrator for Frank Wall Street Reform and Consumer Federal Procurement Policy shall promul- ‘‘within the restrictions set forth in sub- Protection Act (12 U.S.C. 5323). section (b)’’ after ‘‘purposes’’; gate regulations that carry out this sub- ‘‘(c) ADDITIONAL REMEDIES.—Any assess- (2) by redesignating subsections (b) section. ment under this section may be in addition through (g) as subsections (c) through (h), re- to other remedies available to the Sec- SA 2052. Ms. STABENOW submitted spectively; and retary.’’. (3) by inserting after subsection (a) the fol- an amendment intended to be proposed (b) CLERICAL AMENDMENT.—The table of lowing: sections at the beginning of chapter 37 of by her to the bill S. 2155, to promote ‘‘(b) USE OF CERTAIN CONSUMER REPORT such title is amended by inserting after the economic growth, provide tailored reg- PROHIBITED FOR EMPLOYMENT PURPOSES OR ulatory relief, and enhance consumer item relating to section 3736 the following ADVERSE ACTION.— protections, and for other purposes; new item: ‘‘(1) GENERAL PROHIBITION.—Except as pro- which was ordered to lie on the table; ‘‘3737. Civil penalties for lenders making vided in paragraph (3), a person, including a as follows: false certifications regarding prospective employer or current employer, home loans.’’. At the appropriate place, insert the fol- may not use a consumer report or investiga- lowing: tive consumer report, or cause a consumer SA 2054. Ms. WARREN (for herself report or investigative consumer report to be SEC. ll. REQUIREMENT TO INVESTIGATE SIG- and Mrs. FEINSTEIN) submitted an NIFICANT VIOLATIONS AND DATA procured, with respect to any consumer BREACHES. amendment intended to be proposed by where any information contained in the re- In the case of a potential violation of laws her to the bill S. 2155, to promote eco- port bears on the creditworthiness, credit or regulations within its jurisdiction known nomic growth, provide tailored regu- standing, or credit capacity of the con- to affect or reasonably believed to affect at latory relief, and enhance consumer sumer— least 1,000,000 consumers, or a data breach protections, and for other purposes; ‘‘(A) for employment purposes; or known to affect or reasonably believed to af- ‘‘(B) for making an adverse action, as de- fect at least 1,000,000 consumers, the Bureau which was ordered to lie on the table; scribed in section 603(k)(1)(B)(ii). of Consumer Financial Protection shall in- as follows: ‘‘(2) SOURCE OF CONSUMER REPORT IRRELE- vestigate the incident and promptly submit In section 303(a)(2)(A), in the matter pre- VANT.—The prohibition described in para- to Congress a report detailing why the Bu- ceding clause (i), insert ‘‘under section 502 of graph (1) shall apply even if the consumer reau of Consumer Financial Protection did the Gramm-Leach-Bliley Act (15 U.S.C. consents or otherwise authorizes the pro- or did not assess fines and penalties or take 6802)’’ after ‘‘shall not be liable’’. curement or use of a consumer report for em- other corrective actions. Such report shall In section 303(a)(2)(B), in the matter pre- ployment purposes or in connection with an be posted contemporaneously on the website ceding clause (i), insert ‘‘under section 502 of adverse action with respect to the consumer. of the Bureau of Consumer Financial Protec- the Gramm-Leach-Bliley Act (15 U.S.C. ‘‘(3) EXCEPTIONS.—Notwithstanding the tion at a location that is conspicuous and 6802)’’ after ‘‘shall not be liable’’. prohibitions set forth in this subsection, and available to the public. consistent with the other sections of this SA 2055. Ms. WARREN submitted an Act, an employer may use a consumer report SA 2053. Ms. STABENOW submitted amendment intended to be proposed by with respect to a consumer in the following an amendment intended to be proposed her to the bill S. 2155, to promote eco- situations: by her to the bill S. 2155, to promote nomic growth, provide tailored regu- ‘‘(A) When the consumer applies for, or economic growth, provide tailored reg- latory relief, and enhance consumer currently holds, employment that requires ulatory relief, and enhance consumer national security clearance. protections, and for other purposes; ‘‘(B) When otherwise required by law. protections, and for other purposes; which was ordered to lie on the table; ‘‘(4) EFFECT ON DISCLOSURE AND NOTIFICA- which was ordered to lie on the table; as follows: TION REQUIREMENTS.—The exceptions de- as follows: In section 401(a)(1), strike subparagraph (B) scribed in paragraph (3) shall have no effect At the appropriate place, insert the fol- and insert the following: upon the other requirements of this Act, in- lowing: (B) in paragraph (2)— cluding requirements in regards to disclosure SEC. lll. INCREASED CIVIL PENALTIES FOR (i) in subparagraph (B), by striking and notification to a consumer when permis- CERTAIN FALSE CERTIFICATIONS TO ‘‘$50,000,000,000’’ and inserting ‘‘the applica- sibly using a consumer report for employ- SECRETARY OF VETERANS AFFAIRS ble threshold’’; and ment purposes or for making an adverse ac- REGARDING HOME LOANS TO BE (ii) by adding at the end the following: tion against the consumer.’’. GUARANTEED OR INSURED BY DE- (b) CONFORMING AMENDMENTS AND CROSS PARTMENT OF VETERANS AFFAIRS. SA 2056. Ms. WARREN submitted an REFERENCES.—The Fair Credit Reporting Act (a) IN GENERAL.—Subchapter III of chapter amendment intended to be proposed by (15 U.S.C. 1681 et seq.) is further amended as 37 of title 38, United States Code, is amended follows: by adding at the end the following new sec- her to the bill S. 2155, to promote eco- nomic growth, provide tailored regu- (1) In section 603 (15 U.S.C. 1681a)— tion: (A) in subsection (d)(3), by striking ‘‘§ 3737. Civil penalties for lenders making latory relief, and enhance consumer ‘‘604(g)(3)’’ and inserting ‘‘604(h)(3)’’; and false certifications regarding home loans protections, and for other purposes; (B) in subsection (o), by striking ‘‘A’’ and ‘‘(a) IN GENERAL.—Notwithstanding section which was ordered to lie on the table; inserting ‘‘Subject to the restrictions set 3802 of title 31, any lender who knowingly as follows: forth in subsection 604(b), a’’.

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00041 Fmt 4624 Sfmt 0634 E:\CR\FM\A06MR6.022 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1384 CONGRESSIONAL RECORD — SENATE March 6, 2018 (2) In section 604 (15 U.S.C. 1681b)— SEC. 3ll. PREDISPUTE ARBITRATION. (B) the term ‘‘covered entity’’ means a (A) in subsection (a), by striking ‘‘sub- Section 128(e) of the Truth in Lending Act bank holding company or a nonbank finan- section (c)’’ and inserting ‘‘subsection (d)’’; (15 U.S.C. 1638(e)) is amended by adding at cial company supervised by the Board of (B) in subsection (c), as redesignated by the end the following: Governors that is not subject to prudential subsection (a)(2) of this section— ‘‘(12) PREDISPUTE AGREEMENTS AND WAIV- standards under section 165 of the Financial (i) in paragraph (2)(A), by inserting ‘‘and ERS.— Stability Act of 2010 (12 U.S.C. 5365) because subject to the restrictions set forth in sub- ‘‘(A) DEFINITIONS.—In this paragraph: of the amendments made by this section. section (b)’’ after ‘‘subparagraph (B)’’; and ‘‘(i) POSTSECONDARY EDUCATION LOAN.—The (2) PROHIBITION.—During the 5-year period (ii) in paragraph (3)(A), by inserting ‘‘and term ‘postsecondary education loan’— beginning on the date of enactment of this subject to the restrictions set forth in sub- ‘‘(I) means a loan that is— Act, no covered entity may buy back the section (b)’’ after ‘‘subparagraph (B)’’; ‘‘(aa) made, insured, or guaranteed under stock of that covered entity. (C) in subsection (d)(1), as redesignated by part B, D, or E of title IV of the Higher Edu- subsection (a)(2) of this section, by striking cation Act of 1965 (20 U.S.C. 1071 et seq., 1087a SA 2061. Ms. WARREN submitted an ‘‘subsection (e)’’ each place that term ap- et seq., 1087aa et seq.); or amendment intended to be proposed by pears and inserting ‘‘subsection (f)’’; and ‘‘(bb) issued or made by a postsecondary her to the bill S. 2155, to promote eco- (D) in subsection (f), as redesignated by education lender and is— nomic growth, provide tailored regu- subsection (a)(2) of this section— ‘‘(AA) extended to a borrower with the ex- latory relief, and enhance consumer (i) in paragraph (1), by striking ‘‘sub- pectation that the amounts extended will be protections, and for other purposes; section (c)(1)(B)’’ and inserting ‘‘subsection used in whole or in part to pay postsec- (d)(1)(B)’’; and ondary education expenses; or which was ordered to lie on the table; (ii) in paragraph (5), by striking ‘‘sub- ‘‘(BB) extended for the purpose of refi- as follows: section (c)(1)(B)’’ and inserting ‘‘subsection nancing or consolidating 1 or more loans de- At the end of section 401, add the fol- (d)(1)(B)’’. scribed in item (aa) or (bb); lowing: (3) In section 607(e)(3)(A) (15 U.S.C. ‘‘(II) includes a private education loan; and (l) OUTSOURCING OF JOBS.— 1681e(e)(3)(A)), by striking ‘‘604(b)(4)(E)(i)’’ ‘‘(III) does not include a loan— (1) IN GENERAL.—Any financial institution and inserting ‘‘604(c)(4)(E)(i)’’. ‘‘(aa) made under an open-end credit plan; that has outsourced more than 50 jobs in any (4) In section 609(a)(3)(C) (15 U.S.C. or given year during the 5-year period ending 1681g(a)(3)(C))— ‘‘(bb) that is secured by real property. on the date of enactment of this Act shall be (A) in clause (i), by striking ‘‘(ii) STUDENT LOAN SERVICER.—The term subject to the provisions amended by this ‘‘604(b)(4)(E)(i)’’ and inserting ‘student loan servicer’— section in effect on the day before the date of ‘‘604(c)(4)(E)(i)’’; and ‘‘(I) means a person who performs student enactment of this Act. (B) in clause (ii), by striking ‘‘604(b)(4)(A)’’ loan servicing; (2) STUDY AND RULEMAKING.—Not later than and inserting ‘‘604(c)(4)(A)’’. ‘‘(II) includes a person performing student 180 days after the date of enactment of this (5) In section 613(b) (15 U.S.C. 1681k(b)), by loan servicing for a postsecondary education Act, the Board of Governors of the Federal striking section ‘‘604(b)(4)(A)’’ and inserting loan on behalf of an institution of higher Reserve System, in consultation with the ‘‘section 604(c)(4)(A)’’. education or the Secretary of Education Secretary of Labor, shall publish a list of fi- (6) In section 615(d) (15 U.S.C. 1681m(d))— under a contract or other agreement; nancial institutions that have outsourced (A) in paragraph (1)— ‘‘(III) does not include the Secretary of more than 50 jobs in any given year during (i) in the matter preceding subparagraph Education to the extent the Secretary di- the 5-year period ending on the date of en- (A), by striking ‘‘section 604(c)(1)(B)’’ and in- rectly performs student loan servicing for a actment of this Act. serting ‘‘section 604(d)(1)(B)’’; and postsecondary education loan; and (ii) in subparagraph (E), by striking ‘‘sec- ‘‘(IV) does not include an institution of SA 2062. Ms. WARREN submitted an tion 604(e)’’ and inserting ‘‘section 604(f)’’; higher education, to the extent that the in- amendment intended to be proposed by and stitution directly performs student loan her to the bill S. 2155, to promote eco- (B) in paragraph (2)(A), by striking ‘‘sec- servicing for a Federal Perkins Loan made nomic growth, provide tailored regu- tion 604(e)’’ and inserting ‘‘section 604(f)’’. by the institution. latory relief, and enhance consumer ‘‘(B) NO WAIVER.— protections, and for other purposes; SA 2058. Ms. WARREN submitted an ‘‘(i) IN GENERAL.—A borrower may not which was ordered to lie on the table; amendment intended to be proposed by waive any right or remedy relating to a pri- as follows: her to the bill S. 2155, to promote eco- vate education loan that is available to the nomic growth, provide tailored regu- borrower against a private educational lend- At the end of title III, add the following: latory relief, and enhance consumer er, postsecondary education lender, loan SEC. 3ll. REVENUE SHARING AND DISCLOSURE OF AFFILIATION. protections, and for other purposes; holder, or student loan servicer before the dispute as to which the right or remedy re- Chapter 2 of title I of the Truth in Lending which was ordered to lie on the table; Act (15 U.S.C. 1631 et seq.) is amended by as follows: lates arises. ‘‘(ii) NO FORCE OR EFFECT.—Any waiver de- adding at the end the following: At the end of section 401, add the fol- scribed in clause (i) agreed to before, on, or ‘‘SEC. 140B. PREVENTING UNFAIR AND DECEP- lowing: after the date of enactment of this paragraph TIVE MARKETING OF CONSUMER FI- (g) RESTRICTION ON CERTAIN BANK HOLDING NANCIAL PRODUCTS AND SERVICES shall not be enforceable and shall have no COMPANIES.— TO STUDENTS OF INSTITUTIONS OF force or effect. (1) DEFINITION.—In this subsection, the HIGHER EDUCATION. ‘‘(C) PREDISPUTE ARBITRATION AGREE- term ‘‘covered bank holding company’’ ‘‘(a) DEFINITIONS.—In this section: MENTS.—An agreement entered before, on, or means a bank holding company that— ‘‘(1) AFFILIATE.—The term ‘affiliate’ means after the date of enactment of this paragraph (A) on the day before the date of enact- any person that controls, is controlled by, or to arbitrate a dispute relating to a private ment of this Act, was subject to the pruden- is under common control with another per- education loan that had not arisen at the tial standards under section 165 of the Finan- son. time the agreement was entered shall not be cial Stability Act of 2010 (12 U.S.C. 5365); and ‘‘(2) AFFILIATED.— enforceable and shall have no force or ef- (B) on or after the date of enactment of ‘‘(A) IN GENERAL.—The term ‘affiliated’, fect.’’. this Act, is no longer subject to the pruden- when used with respect to a consumer finan- tial standards described in subparagraph (A). cial product or service and an institution of SA 2060. Ms. WARREN submitted an (2) RESTRICTION.—During the 5-year period higher education, means an association be- beginning on the date on which a covered amendment intended to be proposed by tween such institution and product or serv- bank holding company is no longer subject her to the bill S. 2155, to promote eco- ice resulting from— to the prudential standards described in nomic growth, provide tailored regu- ‘‘(i) the name, emblem, mascot, or logo of paragraph (1)(A), a covered bank holding latory relief, and enhance consumer the institution being used with respect to company may not merge with or acquire an- protections, and for other purposes; such product or service; or other bank holding company. ‘‘(ii) some other word, picture, or symbol which was ordered to lie on the table; readily identified with the institution in the SA 2059. Ms. WARREN submitted an as follows: marketing of the consumer financial product amendment intended to be proposed by In section 401, add at the end the following: or service in any way that implies that the her to the bill S. 2155, to promote eco- (g) PROHIBITION ON STOCK BUYBACKS.— institution endorses the consumer financial nomic growth, provide tailored regu- (1) DEFINITIONS.—In this subsection— product or service. (A) the terms ‘‘bank holding company’’ and ‘‘(B) RULE OF CONSTRUCTION.—Nothing in latory relief, and enhance consumer ‘‘nonbank financial company supervised by subparagraph (A) shall be construed to deem protections, and for other purposes; the Board of Governors’’ have the meanings an association between an institution of which was ordered to lie on the table; given the terms in section 102(a) of the Fi- higher education and a consumer financial as follows: nancial Stability Act of 2010 (12 U.S.C. product or service to be affiliated if such as- At the end of title III, add the following: 5311(a)); and sociation is solely based on an advertisement

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00042 Fmt 4624 Sfmt 0634 E:\CR\FM\A06MR6.023 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1385 by a financial institution that is delivered to tion shall submit a report to the Bureau con- stitution and the institution of higher edu- a wide and general audience consisting of taining the terms and conditions of all busi- cation for each affiliated consumer financial more than enrolled students at the institu- ness, marketing, and promotional agree- product or service; and tion of higher education. ments that the financial institution has with ‘‘(B) is not shared with any other affiliate, ‘‘(3) CONSUMER FINANCIAL PRODUCT OR SERV- any institution of higher education, or an person, or entity except for the purpose de- ICE.—The term ‘consumer financial product alumni organization or foundation that is an scribed in subparagraph (A); or service’ has the meaning given the term affiliate of or related to an institution of ‘‘(3) inform the student of the terms and in section 1002 of the Consumer Financial higher education, relating to any consumer conditions of the consumer financial product Protection Act of 2010 (12 U.S.C. 5481). financial product or service offered to col- or service, before the student uses the con- ‘‘(4) FINANCIAL INSTITUTION.—The term ‘fi- lege students at institutions of higher edu- sumer financial product or service; nancial institution’ means— cation. ‘‘(4) not charge the student any cost for ‘‘(A) any person that engages in offering or ‘‘(B) DETAILS OF REPORT.—The information using the consumer financial product or providing a consumer financial product or required to be reported by a financial insti- service for any purpose, including when the service; and tution under subparagraph (A) includes— student conducts point-of-sale transactions, ‘‘(B) any affiliate of such person described ‘‘(i) any memorandum of understanding be- a balance inquiry, or withdrawal of funds; in subparagraph (A) if such affiliate acts as tween or among the financial institution and and a service provider to such person. an institution of higher education, alumni ‘‘(5) ensure that— ‘‘(5) INSTITUTION OF HIGHER EDUCATION.— association, or foundation that directly or ‘‘(A) consumer financial product or service The term ‘institution of higher education’ indirectly relates to any aspect of an agree- is not marketed or portrayed as, or con- has the meaning given that term in section ment referred to in subparagraph (A) or con- verted into, a credit card; and 102 of the Higher Education Act of 1965 (20 trols or directs any obligations or distribu- ‘‘(B) no credit is extended or associated U.S.C. 1002). tion of benefits between or among the enti- with the consumer financial product or serv- ‘‘(6) PERSON.—The term ‘person’ means an ties; and ice, and no fee is charged to the student for individual, partnership, company, corpora- ‘‘(ii) the number and dollar amount out- any transaction or withdrawal. tion, association (incorporated or unincor- standing of consumer financial products or ‘‘(d) PROHIBITION OF REVENUE-SHARING AR- porated), trust, estate, cooperative organiza- services accounts covered by any such agree- RANGEMENT.—A financial institution that of- tion, or other entity. ment that were originated during the period fers a consumer financial product or service ‘‘(7) REVENUE-SHARING ARRANGEMENT.—The covered by the report, and the total number that is affiliated with an institution of high- term ‘revenue-sharing arrangement’— and dollar amount of consumer financial er education may not enter into a revenue- ‘‘(A) means an arrangement between an in- products or services accounts covered by the sharing arrangement with the institution of stitution of higher education and a financial agreement that were outstanding at the end higher education. institution under which— of such period. ‘‘(e) STUDENT’S BEST FINANCIAL INTER- ‘‘(i) a financial institution provides or ‘‘(C) AGGREGATION BY INSTITUTION.—The in- EST.— issues a consumer financial product or serv- formation required to be reported under sub- ‘‘(1) IN GENERAL.—A financial institution ice to college students attending the institu- paragraph (A) shall be aggregated with re- or service provider that offers a consumer fi- tion of higher education; spect to each institution of higher education nancial product or service that is affiliated ‘‘(ii) the institution of higher education or alumni organization or foundation that is with an institution of higher education shall recommends, promotes, sponsors, or other- an affiliate of or related to the institution of ensure that the terms and conditions of all wise endorses the financial institution, or higher education. agreements that the financial institution the consumer financial products or services ‘‘(2) REPORTS BY BUREAU.—The Bureau has with any institution of higher education, offered by the financial institution; and shall submit to Congress, and make available or an alumni organization or foundation that ‘‘(iii) the financial institution pays a fee or to the public, an annual report that lists the is an affiliate of or related to an institution provides other material benefits, including information submitted to the Bureau under of higher education, relating to any con- revenue or profit sharing, to the institution paragraph (1). sumer financial product or service offered to of higher education, or to an officer, em- ‘‘(3) ELECTRONIC DISCLOSURES.— college students at institutions of higher ployee, or agent of the institution of higher ‘‘(A) POSTING AGREEMENTS.—Each financial education are consistent with the best finan- education, in connection with the consumer institution shall establish and maintain an cial interests of the students using the con- financial products and services provided to Internet site on which the financial institu- sumer financial product or service, as de- college students attending the institution of tion shall post the written agreement be- scribed in paragraph (2). higher education; and tween the financial institution and the insti- ‘‘(2) STUDENT’S BEST INTEREST.—A financial ‘‘(B) does not include an arrangement sole- tution of higher education for each affiliated institution or service provider shall be con- ly based on a financial institution paying a consumer financial product or service. sidered to meet the requirement described in fair market price to an institution of higher ‘‘(B) FINANCIAL INSTITUTION TO PROVIDE paragraph (1) if that financial institution— education for the institution of higher edu- CONTRACTS TO THE BUREAU.—Each financial ‘‘(A) ensures that all agreements that the cation to advertise or market the financial institution shall provide to the Bureau, in financial institution has with any institu- institution to the general public. electronic format, the written agreements tion of higher education relating to any con- ‘‘(8) SERVICE PROVIDER.—The term ‘service that it publishes on its Internet site pursu- sumer financial product or service offered to provider’— ant to this paragraph. college students enrolled at institutions of ‘‘(A) means any person that provides a ma- ‘‘(C) RECORD REPOSITORY.—The Bureau higher education— terial service to another person in connec- shall establish and maintain on its publicly ‘‘(i) make provisions for termination of the tion with the offering or provision by such available Internet site a central repository arrangement by the institution of higher other person of a consumer financial product of the agreements received from financial in- education based on complaints received from or service, including a person that— stitutions pursuant to this paragraph, and students enrolled at the institution; and ‘‘(i) participates in designing, operating, or such agreements shall be easily accessible ‘‘(ii) do not require students enrolled at maintaining the consumer financial product and retrievable by the public. the institution of higher education to use or service; or ‘‘(D) EXCEPTION.—This paragraph shall not consumer financial products or services of- ‘‘(ii) processes transactions relating to the apply to individually negotiated changes to fered by the financial institution in order to consumer financial product or service (other contractual terms, such as individually receive Federal student aid financial assist- than unknowingly or incidentally transmit- modified workouts or renegotiations of ance funding authorized by title IV of the ting or processing financial data in a manner amounts owed by an institution of higher Higher Education Act of 1965; that such data is undifferentiated from other education. ‘‘(B) ensures that requirements of this sec- types of data of the same form as the person ‘‘(c) CONSUMER FINANCIAL PRODUCTS OR tion are met. transmits or processes); and SERVICE REQUIREMENTS.—A financial institu- ‘‘(f) RULE OF CONSTRUCTION.—Nothing in ‘‘(B) does not include a person solely by tion or service provider that offers a con- this section shall be construed to prohibit a virtue of such person offering or providing to sumer financial product or service that is af- financial institution from establishing a con- another person— filiated with an institution of higher edu- sumer product or service affiliated with an ‘‘(i) a support service of a type provided to cation shall— institution of higher education if— businesses generally or a similar ministerial ‘‘(1) work with the institution of higher ‘‘(1) the consumer product or service will— service; or education to obtain a student’s consent to ‘‘(A) assist college students in reducing ‘‘(ii) time or space for an advertisement for offer a consumer financial product or service costs or fees associated with the use of con- a consumer financial product or service before a consumer financial product or serv- sumer financial products or services; through print, newspaper, or electronic ice is provided to the student; ‘‘(B) increase consumer choice; and media. ‘‘(2) ensure that any personally identifiable ‘‘(C) enhance consumer protections; and ‘‘(b) DISCLOSURE OF AFFILIATION.— information about a student that is received ‘‘(2) the financial institution is in compli- ‘‘(1) REPORTS BY FINANCIAL INSTITUTIONS.— by the financial institution or service pro- ance with the requirements of this Act.’’. ‘‘(A) IN GENERAL.—Not later than 180 days vider— after the date of enactment of this Act, and ‘‘(A) is used solely for activities in the SA 2063. Ms. WARREN submitted an annually thereafter, each financial institu- written agreement between the financial in- amendment intended to be proposed by

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00043 Fmt 4624 Sfmt 0634 E:\CR\FM\A06MR6.032 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1386 CONGRESSIONAL RECORD — SENATE March 6, 2018 her to the bill S. 2155, to promote eco- TITLE VI—DATA BREACH PREVENTION (CC) secure configurations for hardware nomic growth, provide tailored regu- AND COMPENSATION and software; latory relief, and enhance consumer SEC. 601. SHORT TITLE. (bb) network management and monitoring, protections, and for other purposes; This title may be cited as the ‘‘Data including— (AA) mapped data flows, including func- which was ordered to lie on the table; Breach Prevention and Compensation Act of 2018’’. tional mission mapping; as follows: SEC. 602. DEFINITIONS. (BB) maintenance, monitoring, and anal- ysis of audit logs; In section 401, add at the end the following: In this title: (1) CAREER APPOINTEE.—The term ‘‘career (CC) network segmentation; and (g) APPLICATION.— appointee’’ has the meaning given the term (DD) local and remote access privileges, (1) DEFINITIONS.—In this subsection— in section 3132(a) of title 5, United States defined and managed; and (A) the terms ‘‘bank holding company’’ and Code. (cc) application management, including— ‘‘nonbank financial company supervised by (2) COMMISSION.—The term ‘‘Commission’’ (AA) continuous vulnerability assessment the Board of Governors’’ have the meanings means the Federal Trade Commission. and remediation; given the terms in section 102(a) of the Fi- (3) COVERED BREACH.—The term ‘‘covered (BB) server application hardening; nancial Stability Act of 2010 (12 U.S.C. breach’’ means any instance in which at (CC) vulnerability handling such as coordi- 5311(a)); and least 1 piece of personally identifying infor- nated vulnerability disclosure policy; and (B) the term ‘‘covered entity’’ means a mation is exposed or is reasonably likely to (DD) patch management, including at, or bank holding company or a nonbank finan- have been exposed to an unauthorized party. near, real-time dashboards of patch imple- cial company supervised by the Board of (4) COVERED CONSUMER REPORTING AGEN- mentation across network hosts; and Governors— CY.—The term ‘‘covered consumer reporting (II) data security, including— (i) that would not be subject to prudential agency’’ means— (aa) data-centric security mechanisms standards under section 165 of the Financial (A) a consumer reporting agency described such as format-preserving encryption, cryp- Stability Act of 2010 (12 U.S.C. 5365) because in section 603(p) of the Fair Credit Reporting tographic data-splitting, and data-tagging of the amendments made by this section; and Act (15 U.S.C. 1681a(p)); or and lineage; (ii) on which the Attorney General, or the (B) a consumer reporting agency that (bb) encryption for data at rest; head of any other Federal agency, has im- earns not less than $7,000,000 in annual rev- (cc) encryption for data in transit; posed more than $10,000,000 in fines during enue from the sales of consumer reports. (dd) systemwide data minimization evalua- the 10-year period preceding the date of en- (5) DIRECTOR.—The term ‘‘Director’’ means tions and policies; and actment of this Act. the Director of the Office of Cybersecurity. (ee) data recovery capability; and (2) APPLICATION TO CERTAIN FINANCIAL IN- (6) DETAIL.—The term ‘‘detail’’ means a (ii) create and maintain documentation STITUTIONS.—This section, and the amend- temporary assignment of an employee to a demonstrating that the covered consumer re- ments made by this section, shall not apply different position for a specified period, with porting agency is employing reasonable with respect to a covered entity. the employee returning to his or her regular technical measures and corporate govern- duties at the end of the detail. ance processes for continuous monitoring of data, intrusion detection, and continuous SA 2064. Ms. WARREN (for herself (7) PERSONALLY IDENTIFYING INFORMA- TION.—The term ‘‘personally identifying in- evaluation and timely patching of and Mr. DURBIN) submitted an amend- formation’’ means— vulnerabilities; ment intended to be proposed by her to (A) a Social Security number; (C) annually examine the data security the bill S. 2155, to promote economic (B) a driver’s license number; measures of covered consumer reporting growth, provide tailored regulatory re- (C) a passport number; agencies for compliance with the standards lief, and enhance consumer protec- (D) an alien registration number or other promulgated under subparagraph (B); tions, and for other purposes; which government-issued unique identification (D) investigate any covered consumer re- number; porting agency if the Office has reason to was ordered to lie on the table; as fol- suspect a potential covered breach or non- lows: (E) unique biometric data, such as faceprint, fingerprint, voice print, iris compliance with the standards promulgated In section 401, add at the end the following: image, or other unique physical representa- under subparagraph (B); tions; (E) after consultation with members of the (g) APPLICATION.— (F) an individual’s first and last name or technical and academic communities, de- (1) DEFINITIONS.—In this subsection— first initial and last name in combination velop a rigorous, repeatable methodology for (A) the terms ‘‘bank holding company’’ and evaluating, testing, and measuring effective ‘‘nonbank financial company supervised by with any information that relates to the in- dividual’s past, present, or future physical or data security practices of covered consumer the Board of Governors’’ have the meanings reporting agencies, that employs forms of given the terms in section 102(a) of the Fi- mental health or condition, or to the provi- sion of health care to or diagnosis of the in- static and dynamic software analysis and nancial Stability Act of 2010 (12 U.S.C. penetration testing; 5311(a)); and dividual; (G)(i) a financial account number, debit (F) submit to Congress an annual report on (B) the term ‘‘covered entity’’ means a the findings on any investigation under sub- bank holding company or a nonbank finan- card number, or credit card number of the consumer; or paragraph (C); cial company supervised by the Board of (G) determine whether covered consumer Governors— (ii) any passcode required to access an ac- count described in clause (i); and reporting agencies are complying with the (i) that is not subject to prudential stand- regulations promulgated under subparagraph ards under section 165 of the Financial Sta- (H) such additional information, as deter- mined by the Director. (B); and bility Act of 2010 (12 U.S.C. 5365) because of (H) coordinate with the National Institute SEC. 603. CYBERSECURITY STANDARDS AND FTC the amendments made by this section; and of Standards and Technology and the Na- (ii)(I) that is subject to a consent decree or AUTHORITY. (a) ESTABLISHMENT.—There is established tional Cybersecurity and Communications a deferred prosecution agreement; or in the Commission an Office of Cybersecu- Integration Center of the Department of (II) with respect to which a monitor has rity, which shall be headed by a Director, Homeland Security; and been appointed pursuant to a settlement who shall be a career appointee. (2) may— with the Federal Government or a State (b) DUTIES.—The Office of Cybersecurity— (A) investigate any breach to determine if agency. (1) shall— the covered consumer reporting agency was (2) APPLICATION TO CERTAIN FINANCIAL IN- (A) supervise covered consumer reporting in compliance with the regulations promul- STITUTIONS.—This section, and the amend- agencies with respect to data security; gated under paragraph (1)(B); and ments made by this section, shall not apply (B) promulgate regulations for effective (B) if the Commission has reason to believe with respect to a covered entity. data security for covered consumer reporting that any covered consumer reporting agency agencies, including regulations that require is violating, or is about to violate, a regula- tion promulgated under paragraph (1)(B), SA 2065. Ms. WARREN (for herself, covered consumer reporting agencies to— (i) provide the Commission with descrip- bring a suit in a district court of the United Mr. WARNER, and Mrs. SHAHEEN) sub- tions of technical and organizational secu- States to enjoin any such act or practice. mitted an amendment intended to be rity measures, including— (c) STAFF.— proposed by her to the bill S. 2155, to (I) system and network security measures, (1) IN GENERAL.—The Director shall, with- promote economic growth, provide tai- including— out regard to the civil service laws and regu- lored regulatory relief, and enhance (aa) asset management, including— lations, appoint such personnel, including consumer protections, and for other (AA) an inventory of authorized and unau- computer security researchers and practi- purposes; which was ordered to lie on thorized devices; tioners with technical expertise in computer the table; as follows: (BB) an inventory of authorized and unau- science, engineering, and cybersecurity, as thorized software, including application the Director determines are necessary to At the end, add the following: whitelisting; and carry out the duties of the Office.

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00044 Fmt 4624 Sfmt 0634 E:\CR\FM\A06MR6.024 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1387 (2) DETAILS.—An employee of the National ment intended to be proposed by her to ‘‘(C) the term ‘covered issuer’ means an Institute of Standards and Technology, the the bill S. 2155, to promote economic issuer that is required to file Form 10–K; Bureau of Consumer Financial Protection, or growth, provide tailored regulatory re- ‘‘(D) the term ‘Form 10–K’ means the form the National Cybersecurity and Communica- lief, and enhance consumer protec- described in section 249.310 of title 17, Code of tions Integration Center of the Department Federal Regulations, as in effect on the date of Homeland Security may be detailed to the tions, and for other purposes; which of enactment of this subsection; Office, without reimbursement, and such de- was ordered to lie on the table; as fol- ‘‘(E) the term ‘gender identity’ means the tail shall be without interruption or loss of lows: gender-related identity, appearance, manner- civil service status or privilege. At the appropriate place, insert the fol- isms, or other gender-related characteristics SEC. 604. NOTIFICATION AND ENFORCEMENT. lowing: of an individual, regardless of the designated (a) NOTIFICATION.—Not later than 10 days SEC. ll. DISCLOSURE OF PAYMENTS FOR SET- sex of the individual at birth; after a covered breach, the covered consumer TLEMENTS OF DISPUTES REGARD- ‘‘(F) the term ‘settlement’ means any com- reporting agency that was subject to the ING SEXUAL ABUSE AND CERTAIN mitment or agreement— covered breach shall notify the Commission TYPES OF HARASSMENT AND DIS- ‘‘(i) without regard to whether the com- of the covered breach. CRIMINATION. mitment or agreement, as applicable, is in (b) PENALTY.— Section 13 of the Securities Exchange Act writing; and (1) IN GENERAL.—In the event of a covered of 1934 (15 U.S.C. 78m) is amended by adding ‘‘(ii) under which an issuer directly or indi- breach, the Commission shall, not later than at the end the following: rectly— ‘‘(s) DISCLOSURE OF CERTAIN ACTIVITIES RE- 30 days after the date on which the Commis- ‘‘(I) provides to an individual compensa- GARDING SETTLEMENTS OF DISPUTES RELAT- sion receives notification of the covered tion or other consideration because of an al- ING TO SEXUAL ABUSE AND CERTAIN TYPES OF breach, commence a civil action to recover a legation that the individual has been a vic- HARASSMENT OR DISCRIMINATION.— civil penalty in a district court of the United tim of covered harassment, covered discrimi- ‘‘(1) DEFINITIONS.—In this subsection— States against the covered consumer report- nation, or sexual abuse; or ‘‘(A) the term ‘covered discrimination’ ing agency that was subject to the covered ‘‘(II) establishes conditions that affect the means— breach. terms of the employment, including by ter- ‘‘(i) discrimination described in any of (2) DETERMINING PENALTY AMOUNT.— minating the employment, of the individual clauses (i) through (vi) of subparagraph (B); (A) IN GENERAL.—Except as provided in with the issuer— subparagraph (B), in determining the or ‘‘(aa) because of the experience of the indi- amount of a civil penalty under paragraph ‘‘(ii)(I) a violation of section 704(a) of the vidual with, or the participation of the indi- (1), the court shall impose a civil penalty on Civil Rights Act of 1964 (42 U.S.C. 2000e–3(a)) vidual in, an alleged act of covered harass- a covered consumer reporting agency of— that is related to discrimination described in ment, covered discrimination, or sexual (i) $100 for each consumer whose first and subparagraph (B)(i) or (B)(vi)(I); abuse; and last name, or first initial and last name, and ‘‘(II) a violation of section 4(d) of the Age ‘‘(bb) in exchange for which the individual at least 1 item of personally identifying in- Discrimination in Employment Act of 1967 agrees or commits not to— formation was compromised; and (29 U.S.C. 623(d)) that is related to discrimi- ‘‘(AA) bring legal, administrative, or any (ii) an additional $50 for each additional nation described in subparagraph (B)(ii); other type of action against the issuer; or item of personally identifying information ‘‘(III) a violation of subsection (a) or (b) of ‘‘(BB) publicly disclose, for a period of compromised for each consumer. section 503 of the Americans with Disabil- time of any length, any portion of the al- (B) EXCEPTION.— ities Act of 1990 (42 U.S.C. 12203) that is re- leged act described in item (aa) on which the (i) IN GENERAL.—Except as provided in lated to discrimination described in subpara- commitment or agreement, as applicable, is clause (ii), a court may not impose a civil graph (B)(iii); based; penalty under this subsection in an amount ‘‘(IV) a violation of section 207(f) of the Ge- ‘‘(G) the term ‘sexual abuse’ means any greater than 50 percent of the gross revenue netic Information Nondiscrimination Act of type of sexual contact or behavior that oc- of the covered consumer reporting agency for 2008 (42 U.S.C. 2000ff–6(f)) that is related to curs without the explicit consent of the re- the previous fiscal year before the date on discrimination described in subparagraph cipient, including forced sexual intercourse, which the covered consumer reporting agen- (B)(iv); forcible sodomy, child molestation, incest, cy became aware of the covered breach. ‘‘(V) a violation of section 4311(b) of title fondling, and attempted rape; and (ii) PENALTY DOUBLED.—A court shall im- 38, United States Code, that is related to dis- ‘‘(H) the term ‘sexual orientation’ means pose a civil penalty on a covered consumer crimination described in subparagraph homosexuality, heterosexuality, or bisex- reporting agency double the penalty de- (B)(v); and uality. scribed in subparagraph (A), but not greater ‘‘(VI) a violation of section 40002(b)(13)(A) ‘‘(2) DISCLOSURE REQUIREMENTS.— than 75 percent of the gross revenue of the of the Violence Against Women Act of 1994 ‘‘(A) IN GENERAL.—Beginning in the first covered consumer reporting agency for the (34 U.S.C. 12291(b)(13)(A)) that— fiscal year that begins after the date of en- previous fiscal year before the date on which ‘‘(aa) may cover retaliation described in a actment of this subsection, each covered the covered consumer reporting agency be- provision specified in any of subclauses (I) issuer shall disclose annually on Form 10–K, came aware of the covered breach if— through (V); and to shareholders of the covered issuer, and to (I) the covered consumer reporting agency ‘‘(bb) is related to discrimination described the public— fails to notify the Commission of a covered in subparagraph (B)(vi)(II); ‘‘(i) with respect to the previous year— breach before the deadline established under ‘‘(B) the term ‘covered harassment’ means ‘‘(I) the total number of settlements en- subsection (a); or harassment that is— tered into by the covered issuer, a sub- (II) the covered consumer reporting agency ‘‘(i) discrimination because of race, color, sidiary, contractor, or subcontractor of the violates any regulation promulgated under religion, sex, or national origin under title covered issuer, or a corporate executive of section 603(b)(1)(C). VII of the Civil Rights Act of 1964 (42 U.S.C. the covered issuer that relate to any alleged (3) PROCEEDS OF THE PENALTIES.—Of the 2000e et seq.); act of sexual abuse, covered harassment, or penalties assessed under this subsection— ‘‘(ii) discrimination because of age under covered discrimination that— (A) 50 percent shall be used for cybersecu- the Age Discrimination in Employment Act ‘‘(aa) occurred in the workplace of the cov- rity research and inspections by the Office of of 1967 (29 U.S.C. 621 et seq.); ered issuer or a subsidiary, contractor, or Cybersecurity; and ‘‘(iii) discrimination on the basis of dis- subcontractor of the covered issuer; or (B) 50 percent shall be used by the Commis- ability under— ‘‘(bb) involves the behavior of an employee sion to be divided fairly among consumers ‘‘(I) title I of the Americans with Disabil- of the covered issuer, or a subsidiary, con- affected by the covered breach. ities Act of 1990 (42 U.S.C. 12111 et seq.); or tractor, or subcontractor of the covered (4) NO PREEMPTION.—Nothing in this sub- ‘‘(II) section 501 of the Rehabilitation Act issuer, toward another such employee, with- section shall preclude an action by a con- of 1973 (29 U.S.C. 791); out regard to whether that behavior oc- sumer under State or other Federal law. ‘‘(iv) discrimination because of genetic in- curred in the workplace of the covered issuer (c) INJUNCTIVE RELIEF.—The Commission formation under title II of the Genetic Infor- or the subsidiary, contractor, or subcon- may bring suit in a district court of the mation Nondiscrimination Act of 2008 (42 tractor, as applicable; United States or in the United States court U.S.C. 2000ff et seq.); ‘‘(II) the total dollar amount paid with re- of any Territory to enjoin a covered con- ‘‘(v) discrimination on the basis of status spect to the settlements described in sub- sumer reporting agency to implement or cor- concerning service in a uniformed service clause (I); rect a particular security measure in order under section 4311(a) of title 38, United ‘‘(III) the total number of settlements en- to promote effective security. States Code; or tered into by the covered issuer, a sub- SEC. 605. AUTHORIZATION OF APPROPRIATIONS. ‘‘(vi) discrimination because of sexual ori- sidiary, contractor, or subcontractor of the There are authorized to be appropriated entation or gender identity under— covered issuer, or a corporate executive of $100,000,000 to carry out this title, to remain ‘‘(I) title VII of the Civil Rights Act of 1964 the covered issuer that relate to any alleged available until expended. (42 U.S.C. 2000e et seq.); or act of sexual abuse, covered harassment, or ‘‘(II) section 40002(b)(13)(A) of the Violence covered discrimination that— SA 2066. Ms. WARREN (for herself Against Women Act of 1994 (34 U.S.C. ‘‘(aa) was committed by a corporate execu- and Mr. DURBIN) submitted an amend- 12291(b)(13)(A)); tive of—

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00045 Fmt 4624 Sfmt 0634 E:\CR\FM\A06MR6.024 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1388 CONGRESSIONAL RECORD — SENATE March 6, 2018 ‘‘(AA) the covered issuer; or under subparagraph (A) whether any objec- ‘‘(viii) Any person acting pursuant to an ‘‘(BB) a subsidiary, contractor, or subcon- tion has been made under subclause (I)(bb) of authorization from a consumer to use their tractor of the covered issuer; and this clause. consumer report for employment purposes.’’. ‘‘(bb)(AA) occurred in the workplace of the ‘‘(ii) PROHIBITION ON DISCLOSURES BY THE (b) ENHANCEMENT OF FRAUD ALERT PROTEC- covered issuer or a subsidiary, contractor, or COMMISSION.—The Commission may not dis- TIONS.—Section 605A of the Fair Credit Re- subcontractor of the covered issuer, as appli- close the name of a victim of an alleged act porting Act (15 U.S.C. 1681c–1) is amended— cable; or of sexual abuse, covered harassment, or cov- (1) in subsection (a)— ‘‘(BB) involved the behavior of a corporate ered discrimination on which a settlement or (A) in the subsection heading, by striking executive described in item (aa) toward an- complaint, as applicable, described in sub- ‘‘ONE-CALL’’ and inserting ‘‘ONE-YEAR’’; other employee of the covered issuer or a paragraph (A) is based. (B) in paragraph (1)— subsidiary, contractor, or subcontractor of ‘‘(D) PREVENTION OF SEXUAL ABUSE, COV- (i) in the paragraph heading, by striking the covered issuer, as applicable, without re- ERED HARASSMENT, AND COVERED DISCRIMINA- ‘‘INITIAL ALERTS’’ and inserting ‘‘IN GEN- gard to whether that behavior occurred in TION.—In each disclosure required under sub- ERAL’’; the workplace of the covered issuer or a sub- paragraph (A), the covered issuer making the (ii) in the matter preceding subparagraph sidiary, contractor, or subcontractor of the disclosure shall include a description of the (A), by inserting ‘‘or harmed by the unau- covered issuer; measures taken by the covered issuer and thorized disclosure of the financial or per- ‘‘(IV) the total dollar amount with respect any subsidiary, contractor, or subcontractor sonally identifiable information of the con- to the settlements described in subclause of the covered issuer to prevent employees of sumer,’’ after ‘‘identity theft,’’; (III); and the covered issuer and any subsidiary, con- (iii) in subparagraph (A)— ‘‘(V) the average length of time required tractor, or subcontractor of the covered (I) by striking ‘‘90 days’’ and inserting ‘‘1 for the covered issuer to resolve a complaint issuer from committing or engaging in sex- year’’; and relating to covered discrimination, covered ual abuse, covered harassment, or covered (II) by striking ‘‘and’’ at the end; harassment, or sexual abuse; and discrimination. (iv) in subparagraph (B)— ‘‘(ii) as of the date on which the disclosure ‘‘(3) REGULATIONS.—The Commission may (I) by inserting ‘‘1-year’’ before ‘‘fraud is made, the total number of complaints re- promulgate such regulations as the Commis- alert’’; and lating to covered discrimination, covered sion considers necessary to implement the (II) by striking the period at the end and harassment, and sexual abuse that the cov- requirements under paragraph (2).’’. inserting ‘‘; and’’; and ered issuer is working to resolve through— (v) by adding at the end the following: ‘‘(I) processes that are internal to the cov- SA 2067. Ms. WARREN (for herself, ‘‘(C) upon the expiration of the 1-year pe- ered issuer; and Mr. BLUMENTHAL, and Mrs. SHAHEEN) riod described in subparagraph (A) or a sub- ‘‘(II) litigation. submitted an amendment intended to sequent 1-year period, and in response to a ‘‘(B) CATEGORIES.—Subject to subpara- be proposed by her to the bill S. 2155, to direct request by the consumer or such rep- graph (C), in each disclosure required under promote economic growth, provide tai- resentative, continue the fraud alert for an additional period of 1 year if the information subparagraph (A), a covered issuer shall re- lored regulatory relief, and enhance port the total number of settlements in sub- asserted in this paragraph remains applica- clauses (I) and (III) of subparagraph (A)(i) consumer protections, and for other ble.’’; and and the total dollar amounts in subclauses purposes; which was ordered to lie on (C) in paragraph (2)— (II) and (IV) of subparagraph (A)(i) in the ag- the table; as follows: (i) in the matter preceding subparagraph gregate and list each such settlement by any Strike section 301 and insert the following: (A), by inserting ‘‘1-year’’ before ‘‘fraud of the following categories that apply to the SEC. 301. PROTECTING CONSUMERS’ CREDIT. alert’’; and settlement: (a) DEFINITION OF CREDIT FREEZE.—Section (ii) in subparagraph (B), by striking ‘‘any ‘‘(i) Settlements relating to sexual abuse, 603(q) of the Fair Credit Reporting Act (15 request described in subparagraph (A)’’ and covered discrimination, or covered harass- U.S.C. 1681a(q)) is amended by adding at the inserting ‘‘the consumer reporting agency ment because of sex. end the following: includes the 1-year fraud alert in the file of ‘‘(ii) Settlements relating to covered dis- ‘‘(6) CREDIT FREEZE.— the consumer’’; crimination or covered harassment because ‘‘(A) IN GENERAL.—The term ‘credit freeze’ (2) in subsection (b)— of race, color, or national origin. means a restriction placed at the request of (A) in the subsection heading, by striking ‘‘(iii) Settlements relating to covered dis- a consumer or a personal representative of ‘‘EXTENDED’’ and inserting ‘‘SEVEN-YEAR’’; crimination or covered harassment because the consumer, on the consumer report of the (B) in paragraph (1)— of religion. consumer, that prohibits a consumer report- (i) in subparagraph (B)— ‘‘(iv) Settlements relating to covered dis- ing agency from releasing the consumer re- (I) by striking ‘‘5-year period beginning on crimination or covered harassment because port for a purpose relating to the extension the date of such request’’ and inserting ‘‘the of age. of credit without the express authorization 7-year period described in subparagraph (A)’’; ‘‘(v) Settlements relating to covered dis- of the consumer. and crimination or covered harassment on the ‘‘(B) EXCEPTION.—A credit freeze shall not (II) by striking ‘‘and’’ at the end; basis of disability. apply to the use of a consumer report by any (ii) in subparagraph (C)— ‘‘(vi) Settlements relating to covered dis- of the following: (I) by striking ‘‘extended’’ and inserting crimination or covered harassment because ‘‘(i) A person, or the subsidiary, affiliate, ‘‘7-year’’; and of genetic information. agent, subcontractor, or assignee of the per- (II) by striking the period at the end and ‘‘(vii) Settlements relating to covered dis- son, with whom the consumer has, or prior inserting ‘‘; and’’; and crimination or covered harassment on the to assignment had, an account, contract, or (iii) by adding at the end the following: basis of status concerning service in a uni- debtor-creditor relationship for the purposes ‘‘(D) upon the expiration of the 7-year pe- formed service. of reviewing the active account or collecting riod described in subparagraph (A) or a sub- ‘‘(viii) Settlements relating to covered dis- the financial obligation owed on the account, sequent 7-year period, and in response to a crimination or covered harassment because contract, or debt. direct request by the consumer or such rep- of sexual orientation or gender identity. ‘‘(ii) A person, or the subsidiary, affiliate, resentative, continue the fraud alert for an ‘‘(C) PROHIBITIONS ON CERTAIN DISCLO- agent, subcontractor, or assignee of the per- additional period of 7 years if the consumer SURES.— son, to whom access has been granted pursu- or such representative submits an updated ‘‘(i) PROHIBITION ON DISCLOSURES BY COV- ant to a request by the consumer described identity theft report.’’; and ERED ISSUERS.— under section 605A(i)(1)(B), for purposes of fa- (C) in paragraph (2), by amending subpara- ‘‘(I) IN GENERAL.—A covered issuer may cilitating the extension of credit or other graph (A) to read as follows: not— permissible use. ‘‘(A) disclose to the consumer that the con- ‘‘(aa) in any disclosure made under sub- ‘‘(iii) Any person acting pursuant to a sumer may request a free copy of the file of paragraph (A), or in any other public disclo- court order, warrant, or subpoena. the consumer pursuant to section 612(d) dur- sure, disclose the name of a victim of an al- ‘‘(iv) A Federal, State, or local govern- ing each 12-month period beginning on the leged act of sexual abuse, covered harass- ment, or an agent or assignee thereof. date on which the 7-year fraud alert was in- ment, or covered discrimination on which a ‘‘(v) Any person for the sole purpose of pro- cluded in the file and ending on the date of settlement or complaint, as applicable, de- viding a credit monitoring or identity theft the last day that the 7-year fraud alert ap- scribed in subparagraph (A) is based; or protection service to which the consumer plies to the file of the consumer; and’’; ‘‘(bb) under subparagraph (B), categorize a has subscribed. (3) in subsection (c)— settlement described in subclause (I) or (III) ‘‘(vi) Any person for the purpose of pro- (A) by redesignating paragraphs (1), (2), of subparagraph (A)(i) if the victim of the al- viding a consumer with a copy of the con- and (3), as subparagraphs (A), (B), and (C), re- leged act of sexual abuse, covered harass- sumer report or credit score of the consumer spectively, and adjusting the margins ac- ment, or covered discrimination on which upon request by the consumer. cordingly; the settlement is based objects to that cat- ‘‘(vii) Any person or entity for insurance (B) in the matter preceding subparagraph egorization. purposes, including use in setting or adjust- (A), as so redesignated, by striking ‘‘Upon ‘‘(II) INDICATION OF OBJECTION.—A covered ing a rate, adjusting a claim, or under- the direct request’’ and inserting the fol- issuer shall indicate in any disclosure made writing. lowing:

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00046 Fmt 4624 Sfmt 0634 E:\CR\FM\A06MR6.025 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1389

‘‘(1) IN GENERAL.—Upon the direct re- consumer, a consumer reporting agency that consumers prepared by the consumer report- quest’’; and maintains a file on the consumer and has re- ing agency and provided to any third party (C) by adding at the end the following: ceived appropriate proof of the identity of to offer credit or insurance to the consumer ‘‘(2) ACCESS TO FREE REPORTS.—If a con- the requester (as described in section 1022.123 as part of a transaction that was not initi- sumer reporting agency includes an active of title 12, Code of Federal Regulations, or ated by the consumer, unless the consumer duty alert in the file of an active duty mili- any successor thereto) shall— or that representative requests that the ex- tary consumer, the consumer reporting agen- ‘‘(A)(i) not later than 1 business day after clusion be rescinded before end of the pe- cy shall— receiving the request sent by postal mail, riod.’’. ‘‘(A) disclose to the active duty military toll-free telephone, or secure electronic (d) ADDITIONAL FREE CONSUMER REPORT.— consumer that the active duty military con- means as established by the agency, place a Section 612 of the Fair Credit Reporting Act sumer may request a free copy of the file of credit freeze on the file of the consumer; (15 U.S.C. 1681j) is amended— the active duty military consumer pursuant ‘‘(ii) not later than 5 business days after (1) in subsection (f)(1), in the matter pre- to section 612(d), during each 12-month pe- placing a credit freeze described in clause (i), ceding subparagraph (A), by inserting ‘‘or riod beginning on the date on which the ac- provide the consumer with written confirma- subsection (h)’’ after ‘‘through (d)’’; and tivity duty military alert is requested and tion of the credit freeze and a unique per- (2) by adding at the end the following: ending on the date of the last day that the sonal identification number or password ‘‘(h) FREE DISCLOSURES IN CONNECTION active duty alert applies to the file of the ac- (other than the social security number of the WITH CREDIT FREEZE.—In addition to the free tive duty military consumer; and consumer) for use to authorize the release of annual disclosure required under subsection ‘‘(B) not later than 3 business days after the file of the consumer for a specific period (a)(1)(A), each consumer reporting agency the date on which the active duty military of time; and that maintains a file on a consumer who re- consumer makes a request described in sub- ‘‘(iii) disclose all relevant information to quests a credit freeze under section 605A(i) paragraph (A), provide to the active duty the consumer relating to the procedures for shall make all disclosures pursuant to sec- military consumer all disclosures required to temporarily lifting and fully removing a tion 609 once during any 12-month period be made under section 609, without charge to credit freeze, including a statement about without charge to the consumer if the con- the active duty military consumer.’’; the maximum amount of time given to an sumer makes a request under section 609.’’. (4) by amending subsection (d) to read as agency to conduct those actions; (e) REFUNDS.— follows: ‘‘(B) if the consumer provides a correct (1) DEFINITIONS.—In this section, the terms ‘‘(d) PROCEDURES.—Each consumer report- personal identification number or password, ‘‘consumer’’, ‘‘consumer reporting agency’’, ing agency described in section 603(p) shall temporarily lift an existing credit freeze and ‘‘credit freeze’’ have the meanings given establish and make available to the public from the file of the consumer for a period of those terms in section 603 of the Fair Credit on the Internet website of the consumer re- time specified by the consumer for a specific Reporting Act (15 U.S.C. 1681a), as amended porting agency policies and procedures to user or category of users, as determined by by subsection (a). comply with this section, including policies the consumer— (2) REFUNDS.—With respect to any con- and procedures— ‘‘(i) not later than 1 business day after re- sumer who requested a credit freeze from a ‘‘(1) that inform consumers of the avail- ceiving the request by postal mail; or consumer reporting agency during the period ability of 1-year fraud alerts, 7-year fraud ‘‘(ii) not later than 15 minutes after receiv- beginning on September 7, 2017, and ending alerts, active duty alerts, and credit freezes, ing the request by toll-free telephone num- on the day before the date of enactment of as applicable; ber or secure electronic means established this Act, the consumer reporting agency— ‘‘(2) that allow consumers to request 1-year by the agency, if the request is received dur- (A) shall issue a refund to the consumer for ing regular business hours, except if the abil- fraud alerts, 7-year fraud alerts, and active any fees charged to the consumer relating to ity of the consumer reporting agency to tem- duty alerts, as applicable, and to place, tem- the request for a credit freeze; and porarily lift the credit freeze is prevented porarily lift, or fully remove a credit freeze (B) may not impose a fee on the consumer by— in a simple and easy manner; and to temporarily lift or fully remove the credit ‘‘(I) an act of God, including earthquakes, ‘‘(3) for asserting in good faith a suspicion freeze. that the consumer has been or is about to be- hurricanes, storms, or similar natural dis- aster or phenomenon, or fire; come a victim of identity theft, fraud, or a SA 2068. Ms. WARREN submitted an related crime, or harmed by the unauthor- ‘‘(II) unauthorized or illegal acts by a third ized disclosure of the financial or personally party including terrorism, sabotage, riot, amendment intended to be proposed by identifiable information of the consumer, for vandalism, labor strikes or disputes dis- her to the bill S. 2155, to promote eco- a consumer seeking a 1-year fraud alert or rupting operations, or a similar occurrence; nomic growth, provide tailored regu- credit freeze.’’; ‘‘(III) an operational interruption, includ- latory relief, and enhance consumer (5) in subsection (e), in the matter pre- ing electrical failure, unanticipated delay in protections, and for other purposes; ceding paragraph (1), by inserting ‘‘1-year or equipment or replacement part delivery, which was ordered to lie on the table; 7-year’’ before ‘‘fraud alert’’; computer hardware or software failures in- as follows: (6) in subsection (f), by striking ‘‘or active hibiting response time, or a similar disrup- duty alert’’ and inserting ‘‘active duty alert, tion; At the end of title III, add the following: or credit freeze, as applicable,’’; ‘‘(IV) governmental action, including SEC. 308. IMPROVED CONSUMER PROTECTIONS (7) in subsection (g)— emergency orders or regulations, judicial or FOR PRIVATE EDUCATION LOANS. (A) by inserting ‘‘or has been harmed by law enforcement action, or a similar direc- (a) IN GENERAL.—Section 128(e) of the the unauthorized disclosure of the financial tive; Truth in Lending Act (15 U.S.C. 1638(e)) is or personally identifiable information of the ‘‘(V) regularly scheduled maintenance or amended by adding at the end the following: consumer,’’ after ‘‘identity theft,’’; and updates to the systems of the consumer re- ‘‘(12) DISCHARGE OF PRIVATE EDUCATION (B) by inserting ‘‘or credit freezes’’ after porting agency occurring outside of normal LOANS IN THE EVENT OF DEATH OR DISABILITY ‘‘request alerts’’; and business hours; or OF THE BORROWER.—Each private education (8) in subsection (h)— ‘‘(VI) commercially reasonable mainte- loan shall include terms that provide that (A) in paragraph (1)— nance of, or repair to, the systems of the the liability to repay the loan shall be can- (i) in the paragraph heading, by striking consumer reporting agency that is unex- celled— ‘‘INITIAL’’ and inserting ‘‘1-YEAR’’; pected or unscheduled; or ‘‘(A) upon the death of the borrower; (ii) in subparagraph (A), by striking ‘‘ini- ‘‘(C) if the consumer provides a correct per- ‘‘(B) if the borrower becomes permanently tial’’ and inserting ‘‘1-year’’; and sonal identification number or password, and totally disabled, as determined under (iii) in subparagraph (B)(i), by striking ‘‘an fully remove an existing credit freeze from paragraph (1) or (3) of section 437(a) of the initial’’ and inserting ‘‘a 1-year’’; and the file of the consumer not later than 21 Higher Education Act of 1965 (20 U.S.C. (B) in paragraph (2)— business days after receiving the request by 1087(a)) and the regulations promulgated by (i) in the paragraph heading, by striking postal mail, toll-free telephone, or secure the Secretary of Education under that sec- ‘‘EXTENDED’’ and inserting ‘‘7-YEAR’’; electronic means established by the con- tion; and (ii) in subparagraph (A), in the matter pre- sumer reporting agency. ‘‘(C) if the Secretary of Veterans Affairs or ceding clause (i), by striking ‘‘extended’’ and ‘‘(2) NO FEE.—A consumer reporting agency the Secretary of Defense determines that the inserting ‘‘7-year’’; and may not charge a consumer a fee to place, borrower is unemployable due to a service- (iii) in subparagraph (B), by striking ‘‘an temporarily lift, or fully remove a credit connected condition or disability, in accord- extended’’ and inserting ‘‘a 7-year’’. freeze. ance with the requirements of section (c) PROVIDING FREE ACCESS TO CREDIT ‘‘(3) EXCLUSION FROM THIRD-PARTY LISTS.— 437(a)(2) of that Act and the regulations pro- FREEZES.—Section 605A of the Fair Credit During the period beginning on the date on mulgated by the Secretary of Education Reporting Act (15 U.S.C. 1681c–1) is amended which a consumer or a representative of the under that section. by adding at the end the following: consumer requests to place a credit freeze ‘‘(13) TRANSFER OF SERVICING.— ‘‘(i) CREDIT FREEZES.— and ending the date on which the consumer ‘‘(A) DISCLOSURE TO APPLICANT RELATING TO ‘‘(1) IN GENERAL.—Upon the direct request or representative requests to fully remove a TRANSFER OF SERVICING.—A private edu- of a consumer, or an individual acting on be- credit freeze, a consumer reporting agency cation lender shall disclose to each person half of or as a personal representative of a shall exclude the consumer from any list of who applies for a private education loan, at

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00047 Fmt 4624 Sfmt 0634 E:\CR\FM\A06MR6.026 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1390 CONGRESSIONAL RECORD — SENATE March 6, 2018

the time of application for the private edu- ‘‘(CC) the amount of the last payment allo- ‘‘(14) PAYMENTS AND FEES.— cation loan, whether there may be a transfer cated to principal, interest, and other ‘‘(A) PROHIBITION ON RECOMMENDING DE- of servicing of the private education loan at charges; FAULT.—A loan holder or student loan any time during which the private education ‘‘(bb) the status of the borrower’s private servicer may not recommend or encourage loan is outstanding. education loan as of the effective date of the default or delinquency on an existing private ‘‘(B) NOTICE BY TRANSFEROR SERVICER AT transfer, including whether the loan is in de- education loan prior to and in connection TIME OF TRANSFER OF SERVICING.— fault; with the process of qualifying for or enroll- ‘‘(i) NOTICE REQUIREMENT.—A transferor ‘‘(cc) whether any application for an alter- ing in an alternative repayment arrange- servicer shall notify the borrower under a native repayment arrangement submitted by ment, including the origination of a new pri- private education loan, in writing, of any the borrower is pending; and vate education loan that refinances all or transfer of student loan servicing for the pri- ‘‘(dd) an itemization and explanation for any portion of such existing loan or debt. vate education loan (with respect to which all arrearages claimed to be due as of the ef- ‘‘(B) LATE FEES.— such notice is made). fective date of the transfer; ‘‘(i) IN GENERAL.—A late fee may not be ‘‘(ii) TIME OF NOTICE.— ‘‘(IX) a detailed description of any benefit, charged to a borrower under a private edu- ‘‘(I) IN GENERAL.—Except as provided under alternative repayment arrangement, or cation loan under any of the following cir- subclause (II), the notice required under other term or condition arranged between cumstances, either individually or in com- clause (i) shall be made to the borrower not the transferor servicer and the borrower that bination: less than 15 days before the effective date of is not included in the terms of the promis- ‘‘(I) On a per-loan basis when a borrower transfer of the student loan servicing of the sory note; has multiple private education loans in a private education loan. ‘‘(X) a detailed description of any item billing group. ‘‘(II) EXCEPTION FOR CERTAIN PRO- identified under subclause (VIII) that will ‘‘(II) In an amount greater than 4 percent CEEDINGS.—The notice required under clause cease to apply upon transfer, including an of the amount of the payment past due. (i) shall be made to the borrower not more explanation; and ‘‘(III) Before the end of the 15-day period than 30 days after the effective date of trans- ‘‘(XI) information on how to file a com- beginning on the date the payment is due. fer of the student loan servicing of the bor- plaint with the Bureau. ‘‘(IV) More than once with respect to a sin- rower’s private education loan if the transfer ‘‘(D) NOTICE BY TRANSFEREE SERVICER AT gle late payment. of student loan servicing is preceded by— TIME OF TRANSFER OF SERVICING.— ‘‘(V) The borrower fails to make a singular, ‘‘(aa) termination of the contract for stu- ‘‘(i) NOTICE REQUIREMENT.—A transferee non successive regularly-scheduled payment dent loan servicing of the private education servicer shall notify the borrower under a on the private education loan. loan for cause; private education loan, in writing, of any ‘‘(ii) COORDINATION WITH SUBSEQUENT LATE ‘‘(bb) commencement of bankruptcy pro- transfer of servicing of the private education FEES.—No late fee may be charged to a bor- ceedings of the transferor servicer; or loan. rower under a private education loan relat- ‘‘(cc) any other situation in which the Bu- ‘‘(ii) TIME OF NOTICE.— ing to an insufficient payment if the pay- reau determines that such exception is war- ‘‘(I) IN GENERAL.—Except as provided in ment is made on or before the due date of the ranted. subclause (II), the notice required under payment, or within any applicable grace pe- ONTENTS OF NOTICE.—The notice re- clause (i) shall be made to the borrower not ‘‘(C) C riod for the payment, if the insufficiency is quired under subparagraph (B) shall— more than 15 days after the effective date of attributable only to a late fee relating to an ‘‘(i) be made in writing and, if the trans- transfer of the student loan servicing of the earlier payment, and the payment is other- feror servicer has an email address for the borrower’s private education loan. wise a full payment for the applicable period. borrower, by email; and ‘‘(II) EXCEPTION FOR CERTAIN PRO- ‘‘(15) MODIFICATION AND DEFERRAL FEES ‘‘(ii) include— CEEDINGS.—The notice required under clause PROHIBITED.—A loan holder or student loan ‘‘(I) the effective date of the transfer; (i) shall be made to the borrower not more servicer may not charge a borrower any fee ‘‘(II) the name, address, website, and toll- than 30 days after the effective date of trans- to modify, renew, extend, or amend a private free or collect-call telephone number of the fer of the student loan servicing of the stu- education loan, or to defer any payment due transferee servicer; dent loan servicing of borrower’s private under the terms of a private education ‘‘(III) a toll-free or collect-call telephone education loan if the transfer of servicing is number for an individual employed by the preceded by— loan.’’. (b) PROHIBITION OF ACCELERATION OF PAY- transferor servicer, or the office or depart- ‘‘(aa) termination of the contract for stu- MENTS ON PRIVATE EDUCATION LOANS.— ment of, the transferor servicer that can be dent loan servicing the private education (1) IN GENERAL.—Except as provided in contacted by the borrower to answer inquir- loan for cause; paragraph (2), a private education loan (as ies relating to the transfer of servicing; ‘‘(bb) commencement of bankruptcy pro- defined in section 140(a) of the Truth in ‘‘(IV) the name and toll-free or collect-call ceedings of the transferor servicer; or Lending Act (15 U.S.C. 1650(a)) executed after telephone number for an individual em- ‘‘(cc) any other situation in which the Bu- the date of enactment of this Act may not ployed by the transferee servicer, or the of- reau determines that such exception is war- include a provision that permits the loan fice or department of, the transferee servicer ranted. holder or student loan servicer to accelerate, that can be contacted by the borrower to an- ‘‘(E) METHOD OF NOTIFICATION.—The notifi- swer inquiries relating to the transfer of cation required under this subsection shall in whole or in part, payments on the private servicing; be provided in writing. education loan. (2) ACCELERATION CAUSED BY A PAYMENT DE- ‘‘(V) the date on which the transferor ‘‘(F) TREATMENT OF LOAN PAYMENTS DURING FAULT.—A private education loan may in- servicer will cease to accept payments relat- TRANSFER PERIOD.— ing to the borrower’s private education loan ‘‘(i) IN GENERAL.—During the 60-day period clude a provision that permits acceleration and the date on which the transferee servicer beginning on the effective date of transfer of the loan in cases of payment default. will begin to accept such payments; relating to a borrower’s private education SA 2069. Ms. WARREN (for herself ‘‘(VI) a statement that the transfer of stu- loan, a late fee may not be imposed on the dent loan servicing of the private education borrower with respect to any payment on the and Ms. CANTWELL) submitted an loan does not affect any term or condition of private education loan, and no such payment amendment intended to be proposed by the private education loan other than terms may be treated as late for any other pur- her to the bill S. 2155, to promote eco- directly related to the student loan servicing poses, if the payment is received by the nomic growth, provide tailored regu- of the private education loan; transferor servicer (rather than the trans- latory relief, and enhance consumer ‘‘(VII) a statement disclosing— feree servicer who should properly receive protections, and for other purposes; ‘‘(aa) whether borrower authorization for payment) before the due date applicable to which was ordered to lie on the table; recurring electronic funds transfers will be such payment. as follows: transferred to the transferee servicer; and ‘‘(ii) NOTICE.—To the maximum extent ‘‘(bb) if any such recurring electronic funds practicable, a transferor servicer shall notify At the end add the following: transfers cannot be transferred, information a borrower, both in writing and by tele- TITLE VI—MISCELLANEOUS as to how the borrower may establish new phone, regarding any payment received by SEC. 601. SHORT TITLE. recurring electronic funds transfers in con- the transferor servicer (rather than the This title may be cited as the ‘‘21st Cen- nection with transfer of servicing to the transferee servicer who should properly re- tury Glass-Steagall Act of 2017’’. transferee servicer; ceive payment). SEC. 602. FINDINGS AND PURPOSE. ‘‘(VIII) a statement disclosing— ‘‘(G) ELECTRONIC FUND TRANSFER AUTHOR- (a) FINDINGS.—Congress finds that— ‘‘(aa) the application of all payments and ITY.—A transferee servicer shall make avail- (1) in response to a financial crisis and the charges relating to the borrower’s private able to a borrower whose student loan serv- ensuing Great Depression, Congress enacted education loan as of the effective date of the icing is transferred to the transferee servicer the Banking Act of 1933, known as the transfer, including— a simple, online process through which the ‘‘Glass-Steagall Act’’, to prohibit commer- ‘‘(AA) the date the last payment of the borrower may transfer to the transferee cial banks from offering investment banking borrower was received; servicer any existing authority for an elec- and insurance services; ‘‘(BB) the date the last late fee, arrearages, tronic fund transfer that the borrower had (2) a series of deregulatory decisions by the or other charge was applied; and provided to the transferor servicer. Board of Governors of the Federal Reserve

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00048 Fmt 4624 Sfmt 0634 E:\CR\FM\A06MR6.027 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1391 System and the Office of the Comptroller of (10) private sector actors prefer having ac- ‘‘(II) the advice that the institution pro- the Currency, in addition to decisions by cess to underpriced public sector insurance, vides to customers. Federal courts, permitted commercial banks whether explicit (for insured deposits) or im- ‘‘(iii) TERMINATION OF SERVICE.—Subject to to engage in an increasing number of risky plicit (for ‘‘too big to fail’’ financial institu- a determination under clause (i), any indi- financial activities that had previously been tions), to subsidize dangerous levels of risk- vidual described in clause (i) who, as of the restricted under the Glass-Steagall Act, and taking, which, from a broader social perspec- date of enactment of the 21st Century Glass- also vastly expanded the meaning of the tive, is not an advantageous arrangement; Steagall Act of 2017, is serving as an officer, ‘‘business of banking’’ and ‘‘closely related and director, employee, or other institution-af- activities’’ in banking law; (11) the financial crisis, and the regulatory filiated party of any insured depository in- (3) in 1999, Congress enacted the ‘‘Gramm- response to the crisis, has led to more merg- stitution shall terminate such service as Leach-Bliley Act’’, which repealed the Glass- ers between financial institutions, creating soon as is practicable after such date of en- Steagall Act separation between commercial greater financial sector consolidation and in- actment, and in no event, later than the end and investment banking and allowed for creasing the dominance of a few large, com- of the 60-day period beginning on that date complex cross-subsidies and interconnec- plex financial institutions that are generally of enactment. tions between commercial and investment considered to be ‘‘too big to fail’’, and there- ‘‘(C) TERMINATION OF EXISTING AFFILIATIONS banks; fore are perceived by the markets as having AND ACTIVITIES.— (4) former Kansas City Federal Reserve an implicit guarantee from the Federal Gov- ‘‘(i) ORDERLY TERMINATION OF EXISTING AF- President Thomas Hoenig observed that ernment to bail them out in the event of FILIATIONS AND ACTIVITIES.—Any affiliation, common ownership or control, or activity of ‘‘with the elimination of Glass-Steagall, the their failure. an insured depository institution with any largest institutions with the greatest ability (b) PURPOSES.—The purposes of this title securities entity, insurance company, swaps to leverage their balance sheets increased are— entity, or any other person, as of the date of their risk profile by getting into trading, (1) to reduce risks to the financial system enactment of the 21st Century Glass-Steagall market making, and hedge fund activities, by limiting the ability of banks to engage in Act of 2017, which is prohibited under sub- adding ever greater complexity to their bal- activities other than socially valuable core paragraph (A) shall be terminated as soon as ance sheets.’’; banking activities; is practicable, and in no event later than the (5) the Financial Crisis Inquiry Report (2) to protect taxpayers and reduce moral hazard by removing explicit and implicit end of the 5-year period beginning on that issued by the Financial Crisis Inquiry Com- date of enactment. mission concluded that, in the years between government guarantees for high-risk activi- ‘‘(ii) EARLY TERMINATION.—The appropriate the passage of the Gramm-Leach Bliley Act ties outside of the core business of banking; and Federal banking agency, at any time after and the global financial crisis, ‘‘regulation opportunity for hearing, may order termi- and supervision of traditional banking had (3) to eliminate any conflict of interest that arises from banks engaging in activities nation of an affiliation, common ownership been weakened significantly, allowing com- or control, or activity prohibited by clause mercial banks and thrifts to operate with from which their profits are earned at the expense of their customers or clients. (i) before the end of the 5-year period de- fewer constraints and to engage in a wider scribed in clause (i), if the agency deter- SEC. 603. DEFINITIONS. range of financial activities, including ac- mines that such action— In this title— tivities in the shadow banking system.’’. The ‘‘(I) is necessary to prevent undue con- (1) the term ‘‘bank holding company’’ has Commission also concluded that ‘‘[t]his de- centration of resources, decreased or unfair regulation made the financial system espe- the meaning given the term in section 2 of competition, conflicts of interest, or un- cially vulnerable to the financial crisis and the Bank Holding Company Act of 1956 (12 sound banking practices; and exacerbated its effects.’’; U.S.C. 1841); and ‘‘(II) is in the public interest. (2) the terms ‘‘insurance company’’, ‘‘in- (6) a report by the Financial Stability ‘‘(iii) EXTENSION.—Subject to a determina- Oversight Council pursuant to section 123 of sured depository institution’’, ‘‘securities en- tion under clause (ii), an appropriate Federal the Dodd-Frank Wall Street Reform and tity’’, and ‘‘swaps entity’’ have the meanings banking agency may extend the 5-year pe- Consumer Protection Act (12 U.S.C. 5333) given those terms in section 18(s)(6)(D) of the riod described in clause (i) as to any par- states that increased complexity and diver- Federal Deposit Insurance Act, as added by ticular insured depository institution for not sity of financial activities at financial insti- section 604(a) of this title. more than an additional 6 months at a time, tutions may ‘‘shift institutions towards SEC. 604. SAFE AND SOUND BANKING. if— more risk-taking, increase the level of inter- (a) INSURED DEPOSITORY INSTITUTIONS.— ‘‘(I) the agency certifies that such exten- connectedness among financial firms, and Section 18(s) of the Federal Deposit Insur- sion would promote the public interest and therefore may increase systemic default ance Act (12 U.S.C. 1828(s)) is amended by would not pose a significant threat to the risk. These potential costs may be exacer- adding at the end the following: stability of the banking system or financial bated in cases where the market perceives ‘‘(6) LIMITATIONS ON BANKING AFFILI- markets in the United States; and diverse and complex financial institutions as ATIONS.— ‘‘(II) such extension, in the aggregate, does ‘too big to fail,’ which may lead to excessive ‘‘(A) PROHIBITION ON AFFILIATIONS WITH not exceed 1 year for any single insured de- risk taking and concerns about moral haz- NONDEPOSITORY ENTITIES.—An insured deposi- pository institution. ard.’’; tory institution may not— ‘‘(iv) REQUIREMENTS FOR ENTITIES RECEIV- (7) the Senate Permanent Subcommittee ‘‘(i) be or become an affiliate of any insur- ING AN EXTENSION.—Upon receipt of an exten- on Investigations report, ‘‘Wall Street and ance company, securities entity, or swaps sion under clause (iii), the insured depository the Financial Crisis: Anatomy of a Financial entity; institution shall notify shareholders of the Collapse’’, states that repeal of the Glass- ‘‘(ii) be in common ownership or control insured depository institution and the gen- Steagall Act ‘‘made it more difficult for reg- with any insurance company, securities enti- eral public that it has failed to comply with ulators to distinguish between activities in- ty, or swaps entity; or the requirements of clause (i). tended to benefit customers versus the finan- ‘‘(iii) engage in any activity that would ‘‘(D) DEFINITIONS.—For purposes of this cial institution itself. The expanded set of fi- cause the insured depository institution to paragraph, the following definitions shall nancial services investment banks were al- qualify as an insurance company, securities apply: lowed to offer also contributed to the mul- entity, or swaps entity. ‘‘(i) INSURANCE COMPANY.—The term ‘insur- tiple and significant conflicts of interest ‘‘(B) INDIVIDUALS ELIGIBLE TO SERVE ON ance company’ has the meaning given the that arose between some investment banks BOARDS OF DEPOSITORY INSTITUTIONS.— term in section 2(q) of the Bank Holding and their clients during the financial cri- ‘‘(i) IN GENERAL.—An individual who is an Company Act of 1956 (12 U.S.C. 1841(q)). sis.’’; officer, director, partner, or employee of any ‘‘(ii) INSURED DEPOSITORY INSTITUTION.— (8) the Senate Permanent Subcommittee securities entity, insurance company, or The term ‘insured depository institution’— on Investigations report, ‘‘JPMorgan Chase swaps entity may not serve at the same time ‘‘(I) has the meaning given the term in sec- Whale Trades: A Case History of Derivatives as an officer, director, employee, or other in- tion 3(c)(2); and Risks and Abuses’’, describes how traders at stitution-affiliated party of any insured de- ‘‘(II) does not include a savings association JPMorgan Chase made risky bets using ex- pository institution. controlled by a savings and loan holding cess deposits that were partly insured by the ‘‘(ii) EXCEPTION.—Clause (i) shall not apply company, as described in section 10(c)(9)(C) Federal Government; with respect to service by any individual of the Home Owners’ Loan Act (12 U.S.C. (9) in Europe, the Vickers Independent which is otherwise prohibited under clause 1467a(c)(9)(C)). Commission on Banking (for the United (i), if the appropriate Federal banking agen- ‘‘(iii) SECURITIES ENTITY.—The term ‘secu- Kingdom) and the Liikanen Report (for the cy determines, by regulation with respect to rities entity’— Euro area) have both found that there is no a limited number of cases, that service by ‘‘(I) includes any entity engaged in— inherent reason to bundle ‘‘retail banking’’ such an individual as an officer, director, ‘‘(aa) the issue, flotation, underwriting, with ‘‘investment banking’’ or other forms of employee, or other institution-affiliated public sale, or distribution of stocks, bonds, relatively high risk securities trading, and party of an insured depository institution debentures, notes, or other securities; European countries are set on a path of sepa- would not unduly influence— ‘‘(bb) market making; rating various activities that are currently ‘‘(I) the investment policies of the deposi- ‘‘(cc) activities of a broker or dealer, as bundled together in the business of banking; tory institution; or those terms are defined in section 3(a) of the

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00049 Fmt 4624 Sfmt 0634 E:\CR\FM\A06MR6.028 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1392 CONGRESSIONAL RECORD — SENATE March 6, 2018 Securities Exchange Act of 1934 (15 U.S.C. ‘‘(cc) the Board of Governors of the Federal (4) by inserting after paragraph (13) the fol- 78c(a)); Reserve System. lowing: ‘‘(dd) activities of a futures commission ‘‘(II) LIMITATIONS.—The business of dealing ‘‘(14) purchasing, as an end user, any swap, merchant; in securities and stock by the association to the extent that— ‘‘(ee) activities of an investment adviser or shall be limited to— ‘‘(A) the purchase of any such swap occurs investment company, as those terms are de- ‘‘(aa) purchasing and selling such securi- contemporaneously with the underlying fined in section 202(a) of the Investment Ad- ties and stock without recourse, solely upon hedged item or hedged transaction; visers Act of 1940 (15 U.S.C. 80b–2(a)) and sec- the order, and for the account of, customers, ‘‘(B) there is formal documentation identi- tion 3(a)(1) of the Investment Company Act and in no case for its own account, and the fying the hedging relationship with particu- of 1940 (15 U.S.C. 80a–3(a)(1)), respectively; or association shall not underwrite any issue of larity at the inception of the hedge; and ‘‘(ff) hedge fund or private equity invest- securities or stock; and ‘‘(C) the swap is being used to hedge ments in the securities of either privately or ‘‘(bb) purchasing for its own account in- against exposure to— publicly held companies; and vestment securities under such limitations ‘‘(i) changes in the value of an individual ‘‘(II) does not include a bank that, pursu- and restrictions as the Comptroller of the recognized asset or liability or an identified ant to its authorized trust and fiduciary ac- Currency, the Federal Deposit Insurance portion thereof that is attributable to a par- tivities— Corporation, and the Board of Governors of ticular risk; ‘‘(aa) purchases and sells investments for the Federal Reserve System may jointly pre- ‘‘(ii) changes in interest rates; or the account of its customers; or scribe, by regulation. ‘‘(iii) changes in the value of currency; or’’. ‘‘(bb) provides financial or investment ad- ‘‘(III) PROHIBITION ON AMOUNT OF INVEST- (f) PROHIBITED ACTIVITIES.—Section 4(a) of vice to its customers. MENT.—In no event shall the total amount of the Bank Holding Company Act of 1956 (12 ‘‘(iv) SWAPS ENTITY.—The term ‘swaps enti- the investment securities of any single obli- U.S.C. 1843(a)) is amended— ty’ means any swap dealer, security-based gor or maker, held by the association for its (1) in paragraph (1), by striking ‘‘, or’’ and swap dealer, major swap participant, or own account, exceed 10 percent of its capital inserting a semicolon; major security-based swap participant, that stock actually paid in and unimpaired and 10 (2) in paragraph (2), by striking the ‘‘re- is registered under— percent of its unimpaired surplus fund, ex- quirements of this Act.’’ and inserting ‘‘re- ‘‘(I) the Commodity Exchange Act (7 U.S.C. cept that such limitation shall not require quirements of this Act; or’’; and (3) by inserting before the undesignated 1 et seq.); or any association to dispose of any securities matter following paragraph (2) the following: ‘‘(II) the Securities Exchange Act of 1934 lawfully held by it on August 23, 1935. ‘‘(3) with the exception of the activities (15 U.S.C. 78a et seq.).’’. ‘‘(C) PROHIBITION AGAINST TRANSACTIONS IN- VOLVING STRUCTURED OR SYNTHETIC PROD- permitted under subsection (c), engage in the (b) LIMITATION ON BANKING ACTIVITIES.— UCTS.—A national banking association may business of a ‘securities entity’ or a ‘swaps Section 21 of the Banking Act of 1933 (12 not— entity’, as those terms are defined in section U.S.C. 378) is amended by adding at the end ‘‘(i) invest in a structured or synthetic 18(s)(6)(D) of the Federal Deposit Insurance the following: product, a financial instrument in which a Act (12 U.S.C. 1828(s)(6)(D)), including dealing ‘‘(c) BUSINESS OF RECEIVING DEPOSITS.—For return is calculated based on the value of, or or making markets in securities, repurchase purposes of this section, the term ‘business by reference to the performance of, a secu- agreements, exchange traded and over-the- of receiving deposits’ includes the establish- rity, commodity, swap, other asset, or an en- counter swaps, as defined by the Commodity ment and maintenance of any transaction tity, or any index or basket composed of se- Futures Trading Commission and the Securi- account (as defined in section 19(b)(1)(C) of curities, commodities, swaps, other assets, ties and Exchange Commission, or struc- the Federal Reserve Act (12 U.S.C. or entities, other than customarily deter- tured or synthetic products, as defined in the 461(b)(1)(C))).’’. mined interest rates; or paragraph designated as ‘Seventh’ of section (c) PERMITTED ACTIVITIES OF NATIONAL ‘‘(ii) otherwise engage in the business of re- 24 of the Revised Statutes (12 U.S.C. 24), or BANKS.—The paragraph designated as ‘‘Sev- ceiving deposits or extending credit for any other over-the-counter securities, swaps, enth’’ of section 24 of the Revised Statutes transactions involving structured or syn- contracts, or any other agreement that de- (12 U.S.C. 24) is amended to read as follows: thetic products.’’. rives its value from, or takes on the form of, ‘‘Seventh. (A) To exercise by its board of (d) PERMITTED ACTIVITIES OF FEDERAL SAV- such securities, derivatives, or contracts; directors or duly authorized officers or INGS ASSOCIATIONS.—Section 5(c)(1) of the ‘‘(4) engage in proprietary trading, as pro- agents, subject to law, all such powers as are Home Owners’ Loan Act (12 U.S.C. 1464(c)(1)) vided by section 13, or any rule or regulation necessary to carry on the business of bank- is amended— under that section; ing. (1) by striking subparagraph (Q); and ‘‘(5) own, sponsor, or invest in a hedge ‘‘(B) As used in this paragraph, the term (2) by redesignating subparagraphs (R) fund, or private equity fund, or any other ‘business of banking’ shall be limited to the through (U) as subparagraphs (Q) through fund, as provided by section 13, or any rule or following core banking services: (T), respectively. regulation under that section, or any other ‘‘(i) RECEIVING DEPOSITS.—A national bank- (e) CLOSELY RELATED ACTIVITIES.—Section fund that exhibits the characteristics of a ing association may engage in the business 4(c) of the Bank Holding Company Act of 1956 fund that takes on proprietary trading ac- of receiving deposits. (12 U.S.C. 1843(c)) is amended— tivities or positions; ‘‘(ii) EXTENSIONS OF CREDIT.—A national (1) in paragraph (8), by striking ‘‘had been ‘‘(6) hold ineligible securities or deriva- banking association may— determined’’ and all that follows through the tives; ‘‘(I) extend credit to individuals, busi- end and inserting the following: ‘‘are so ‘‘(7) engage in market-making; or nesses, not for profit organizations, and closely related to banking so as to be a prop- ‘‘(8) engage in prime brokerage activi- other entities; er incident thereto, as provided under this ties.’’. ‘‘(II) discount and negotiate promissory paragraph or any rule or regulation issued (g) ANTI-EVASION.— notes, drafts, bills of exchange, and other by the Board under this paragraph, provided (1) IN GENERAL.—Any attempt to structure evidences of debt; and that for purposes of this paragraph, closely any contract, investment, instrument, or ‘‘(III) loan money on personal security. related shall not be considered to include— product in such a manner that the purpose or ‘‘(iii) PAYMENT SYSTEMS.—A national bank- ‘‘(A) serving as an investment adviser (as effect of such contract, investment, instru- ing association may participate in payment defined in section 2(a) of the Investment ment, or product is to evade or attempt to systems, defined as instruments, banking Company Act of 1940 (15 U.S.C. 80a–2(a))) to evade the prohibitions described in section procedures, and interbank funds transfer sys- an investment company registered under 18(s)(6) of the Federal Deposit Insurance Act tems that ensure the circulation of money. that Act, including sponsoring, organizing, (12 U.S.C. 1828(s)(6)), section 21(c) of the ‘‘(iv) COIN AND BULLION.—A national bank- and managing a closed-end investment com- Banking Act of 1933 (12 U.S.C. 378(c)), the ing association may buy, sell, and exchange pany; paragraph designated as ‘‘Seventh’’ of sec- coin and bullion. ‘‘(B) agency transactional services for cus- tion 24 of the Revised Statutes (12 U.S.C. 24), ‘‘(v) INVESTMENTS IN SECURITIES.— tomer investments, except that this subpara- section 5(c)(1) of the Home Owners’ Loan Act ‘‘(I) IN GENERAL.—A national banking asso- graph may not be construed as prohibiting (12 U.S.C. 1464(c)(1)), or section 4(a) of the ciation may invest in investment securities, purchases and sales of investments for the Bank Holding Company Act of 1956 (12 U.S.C. defined as marketable obligations evidencing account of customers conducted by a bank 1843(a)), as added or amended by this section, indebtedness of any person, copartnership, (or subsidiary thereof) pursuant to the shall be considered a violation of the Federal association, or corporation in the form of bank’s trust and fiduciary powers; Deposit Insurance Act (12 U.S.C. 1811 et seq.), bonds, notes, or debentures (commonly ‘‘(C) investment transactions as principal, the Banking Act of 1933 (Public Law 73–66; 48 known as ‘investment securities’), obliga- except for activities specifically allowed by Stat. 162), section 24 of the Revised Statutes tions of the Federal Government, or any paragraph (14); and (12 U.S.C. 24), the Home Owners’ Loan Act (12 State or subdivision thereof, and includes ‘‘(D) management consulting and coun- U.S.C. 1461 et seq.), and the Bank Holding the definition of ‘investment securities’, as seling activities;’’; Company Act of 1956 (12 U.S.C. 1841 et seq.), may be jointly prescribed by regulation by— (2) in paragraph (13), by striking ‘‘or’’ at respectively. ‘‘(aa) the Comptroller of the Currency; the end; (2) TERMINATION.— ‘‘(bb) the Federal Deposit Insurance Cor- (3) by redesignating paragraph (14) as para- (A) IN GENERAL.—Notwithstanding any poration; and graph (15); and other provision of law, if a Federal agency

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00050 Fmt 4624 Sfmt 0634 E:\CR\FM\A06MR6.028 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1393

has reasonable cause to believe that an in- (B) EARLY TERMINATION.—The Board of Revised Statutes is amended by striking the sured depository institution, securities enti- Governors of the Federal Reserve System (in item relating to section 5136A. ty, swaps entity, insurance company, bank this section referred to as the ‘‘Board’’), (c) REPEAL OF PROVISION RELATING TO FOR- holding company, or other entity over which after opportunity for hearing, at any time, EIGN BANKS FILING AS FINANCIAL HOLDING that Federal agency has regulatory author- may terminate an affiliation prohibited by COMPANIES.—Section 8(c) of the Inter- ity has made an investment or engaged in an subparagraph (A) before the end of the 5-year national Banking Act of 1978 (12 U.S.C. activity in a manner that functions as an period described in subparagraph (A) if the 3106(c)) is amended by striking paragraph (3). evasion of the prohibitions described in para- Board determines that such action— SEC. 606. REPEAL OF BANKRUPTCY PROVISIONS. graph (1) (including through an abuse of any (i) is necessary to prevent undue con- Title 11, United States Code, is amended by permitted activity) or otherwise violates centration of resources, decreased or unfair repealing sections 555, 559, 560, and 562. competition, conflicts of interest, or un- such prohibitions, the Federal agency shall— SEC. 607. TECHNICAL AND CONFORMING AMEND- (i) order, after due notice and opportunity sound banking practices; and MENTS. (ii) is in the public interest. for hearing, the entity to terminate the ac- (a) BANK HOLDING COMPANY ACT OF 1956.— (C) EXTENSION.—Subject to a determina- tivity and, as relevant, dispose of the invest- The Bank Holding Company Act of 1956 (12 tion under subparagraph (B), the Board may ment; U.S.C. 1841 et seq.) is amended— extend the 5-year period described in sub- (ii) order, after the procedures described in (1) in section 2 (12 U.S.C. 1841)— paragraph (A), as to any particular bank clause (i), the entity to pay a penalty equal (A) by striking subsection (p); and holding company, for not more than an addi- to 10 percent of the entity’s net profits, aver- (B) by redesignating subsection (q) as sub- tional 6 months at a time, if— aged over the previous 3 years, into the section (p); and Treasury of the United States; and (i) the Board certifies that such extension would promote the public interest and would (2) in section 5 (12 U.S.C. 1844)— (iii) initiate proceedings described in sec- (A) in subsection (a), by striking the last tion 8(e) of the Federal Deposit Insurance not pose a significant risk to the stability of the banking system or financial markets of sentence; Act (12 U.S.C. 1818(e)) for individuals in- (B) in subsection (c), by striking para- volved in evading the prohibitions described the United States; and (ii) such extension, in the aggregate, does graphs (3), (4), and (5); and in paragraph (1). (C) by striking subsection (g). (B) CONSTRUCTION.—Nothing in this para- not exceed 1 year for any single bank holding company. (b) BANK HOLDING COMPANY ACT AMEND- graph shall be construed to limit the inher- MENTS OF (D) REQUIREMENTS FOR ENTITIES RECEIVING 1970.—Section 106(a) of the Bank ent authority of any Federal agency or State Holding Company Act Amendments of 1970 regulatory authority to further restrict any AN EXTENSION.—Upon receipt of an extension under subparagraph (C), a bank holding com- (12 U.S.C. 1971(a)) is amended by striking the investments or activities under otherwise last sentence. applicable provisions of law. pany shall notify the shareholders of the bank holding company and the general pub- (c) CLAYTON ACT.—Section 7A(c) of the (3) REPORTING REQUIREMENT.— lic that the bank holding company has failed Clayton Act (15 U.S.C. 18a(c)) is amended— (A) IN GENERAL.—Not later than 1 year to comply with the requirements of subpara- (1) in paragraph (7), by striking ‘‘, except after the date of enactment of this Act, and that’’ and all that follows and inserting a every year thereafter, each Federal agency graph (A). (b) FINANCIAL SUBSIDIARIES OF NATIONAL semicolon; and having regulatory authority over any entity BANKS DISALLOWED.— (2) in paragraph (8), by striking ‘‘, except described in paragraph (2)(A) shall submit to (1) IN GENERAL.—Section 5136A of the Re- that’’ and all that follows and inserting a the Committee on Banking, Housing, and vised Statutes (12 U.S.C. 24a) is repealed. semicolon. Urban Affairs of the Senate and the Com- (2) TRANSITION.— (d) COMMODITY EXCHANGE ACT.—The Com- mittee on Financial Services of the House of (A) ORDERLY TERMINATION OF EXISTING AF- modity Exchange Act (7 U.S.C. 1 et seq.) is Representatives and make available to the FILIATION.—In the case of a national bank amended— public a report, which shall identify— which, pursuant to the amendment made by (1) in section 1a(21)(G) (7 U.S.C. 1a(21)(G)), (i) the number and character of any activi- paragraph (1), is no longer authorized to con- by striking ‘‘(as defined in section 2 of the ties that took place in the preceding year trol or be affiliated with a financial sub- Bank Holding Company Act of 1956)’’; that function as an evasion of the prohibi- sidiary as of the date of enactment of this (2) in section 2(c)(2)(B)(i)(II)(dd) (7 U.S.C. tions described in paragraph (1); Act, such affiliation, ownership or control, 2(c)(2)(B)(i)(II)(dd)), by striking ‘‘(as defined (ii) the names of the particular entities en- or activity shall be terminated as soon as is in section 2 of the Bank Holding Company gaged in those activities; and practicable, and in no event later than the Act of 1956)’’; and (iii) the actions of the Federal agency end of the 5-year period beginning on the (3) in section 2(h)(7)(C)(i)(VIII) (7 U.S.C. taken under paragraph (2). date of enactment of this Act. 2(h)(7)(C)(i)(VIII)), by striking ‘‘, as defined (h) ATTESTATION.—Section 4 of the Bank (B) EARLY TERMINATION.—The Comptroller in section 4(k) of the Bank Holding Company Holding Company Act of 1956 (12 U.S.C. 1843), of the Currency (in this section referred to as Act of 1956’’. as amended by section 604(a)(1) of this title, the ‘‘Comptroller’’), after opportunity for (e) COMMUNITY REINVESTMENT ACT OF is amended by adding at the end the fol- hearing, at any time, may terminate an af- 1977.—Section 804 of the Community Rein- lowing: filiation prohibited by subparagraph (A) be- vestment Act of 1977 (12 U.S.C. 2903) is ‘‘(k) ATTESTATION.—Executives of any fore the end of the 5-year period described in amended— bank holding company or its affiliate shall subparagraph (A) if the Comptroller deter- (1) by striking subsection (c); and attest in writing, under penalty of perjury, mines, having due regard for the purposes of (2) by redesignating subsection (d) as sub- that the bank holding company or affiliate is this title, that such action— section (c). not engaged in any activity that is prohib- (i) is necessary to prevent undue con- (f) DODD-FRANK WALL STREET REFORM AND ited under subsection (a), except to the ex- centration of resources, decreased or unfair CONSUMER PROTECTION ACT.—Section tent that such activity is permitted under competition, conflicts of interest, or un- 201(a)(11)(B) of the Dodd-Frank Wall Street subsection (c).’’. sound banking practices; and Reform and Consumer Protection Act (12 SEC. 605. REPEAL OF GRAMM-LEACH-BLILEY ACT (ii) is in the public interest. U.S.C. 5381(a)(11)(B)) is amended by striking PROVISIONS. (C) EXTENSION.—Subject to a determina- ‘‘for purposes of section 4(k) of the Bank (a) TERMINATION OF FINANCIAL HOLDING tion under subparagraph (B), the Comp- Holding Company Act of 1956 (12 U.S.C. COMPANY DESIGNATION.— troller may extend the 5-year period de- 1843(k))’’ each place that term appears. (1) IN GENERAL.—Section 4 of the Bank scribed in subparagraph (A) as to any par- (g) FEDERAL DEPOSIT INSURANCE ACT.—The Holding Company Act of 1956 (12 U.S.C. 1843) ticular national bank for not more than an Federal Deposit Insurance Act (12 U.S.C. 1811 is amended by striking subsections (k), (l), additional 6 months at a time, if— et seq.) is amended— (m), (n), and (o). (i) the Comptroller certifies that such ex- (1) in section 8(b)(3) (12 U.S.C. 1818(b)(3)), (2) TRANSITION.— tension would promote the public interest by striking ‘‘section 50’’ and inserting ‘‘sec- (A) ORDERLY TERMINATION OF EXISTING AF- and would not pose a significant risk to the tion 48’’; FILIATION.—In the case of a bank holding stability of the banking system or financial (2) in section 18(u)(1)(B) (12 U.S.C. company which, pursuant to the amend- markets of the United States; and 1828(u)(1)(B)), by striking ‘‘or section 45 of ments made by paragraph (1), is no longer (ii) such extension, in the aggregate, does this Act’’; authorized to control or be affiliated with not exceed 1 year for any single national (3) by striking sections 45 and 46 (12 U.S.C. any entity that was permissible for a finan- bank. 1831v and 1831w); and cial holding company on the day before the (D) REQUIREMENTS FOR ENTITIES RECEIVING (4) by redesignating sections 47 through 50 date of enactment of this Act, any affili- AN EXTENSION.—Upon receipt of an extension as sections 45 through 48, respectively. ation, ownership or control, or activity by under subparagraph (C), a national bank (h) FEDERAL RESERVE ACT.—The Federal the bank holding company that is not per- shall notify the shareholders of the national Reserve Act (12 U.S.C. 221 et seq.) is amend- mitted for a bank holding company shall be bank and the general public that the na- ed— terminated as soon as is practicable, and in tional bank has failed to comply with the re- (1) in the 20th undesignated paragraph of no event later than the end of the 5-year pe- quirements described in subparagraph (A). section 9 (12 U.S.C. 335), by striking the last riod beginning on the date of enactment of (3) CLERICAL AMENDMENT.—The table of sentence; and this Act. sections for chapter one of title LXII of the (2) in section 23A (12 U.S.C. 371c)—

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00051 Fmt 4624 Sfmt 0634 E:\CR\FM\A06MR6.028 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1394 CONGRESSIONAL RECORD — SENATE March 6, 2018 (A) in subsection (b)(11), by striking ‘‘sub- (B) in paragraph (47)(A)(v), by striking ‘‘, ‘‘(ii) is not required for a period of 1 or paragraph (H) or (I) of section 4(k)(4) of the measured in accordance with section 562 of more months in order to satisfy the terms of Bank Holding Company Act of 1956 or’’; this title’’; and the postsecondary education loan. (B) by striking subsection (e); and (C) in paragraph (53B)(A)(vi), by striking ‘‘, ‘‘(2) BILLING GROUP.—The term ‘billing (C) by redesignating subsection (f) as sub- measured in accordance with section 562’’; group’ means a postsecondary education loan section (e). (2) in section 103(a), by striking ‘‘555 account that— (i) FINANCIAL STABILITY ACT OF 2010.—The through 557, and 559 through 562’’ and insert- ‘‘(A) is serviced by a student loan servicer; Financial Stability Act of 2010 (12 U.S.C. 5301 ing ‘‘556, 557, and 561’’; and et seq.) is amended— (3) in section 362(b)— ‘‘(B) includes 2 or more postsecondary edu- (1) in section 113(c)(5) (12 U.S.C. 5323(c)(5)), (A) in paragraph (6), by striking ‘‘555 or’’ cation loans that are in repayment status. by striking ‘‘(as defined in section 4(k) of the each place that term appears; ‘‘(3) BUREAU.—The term ‘Bureau’ means Bank Holding Company Act of 1956)’’; (B) in paragraph (7), by striking ‘‘(as de- the Bureau of Consumer Financial Protec- (2) in section 163 (12 U.S.C. 5363)— fined in section 559)’’ each place that term tion. (A) by striking subsection (b); and appears; ‘‘(4) EFFECTIVE DATE OF TRANSFER.—The (B) in subsection (a), by striking ‘‘(a)’’ and (C) in paragraph (17), by striking ‘‘(as de- term ‘effective date of transfer’ means the all that follows through ‘‘For purposes’’ and fined in section 560)’’ each place that term date on which the first payment is due to a inserting ‘‘For purposes’’; appears; and transferee servicer from a borrower under a (3) in section 167(b) (12 U.S.C. 5367(b)), by (D) in paragraph (27), by striking ‘‘(as de- postsecondary education loan. striking ‘‘under section 4(k) of the Bank fined in section 555, 556, 559, or 560)’’ each ‘‘(5) FEDERAL DIRECT LOAN.—The term ‘Fed- Holding Company Act of 1956’’ each place place that term appears and inserting ‘‘(as eral Direct Loan’ means a loan made under that term appears; and defined in section 556)’’; part D of title IV of the Higher Education (4) in section 171(b) (12 U.S.C. 5371(b))— (4) in section 502(g)— Act of 1965 (20 U.S.C. 1087a et seq.). (A) by striking paragraph (3); and (A) by striking ‘‘(1)’’ before ‘‘A claim’’; and ‘‘(6) FEDERAL PERKINS LOAN.—The term (B) by redesignating paragraphs (4) (B) by striking paragraph (2); ‘Federal Perkins Loan’ means a loan made through (7) as paragraphs (3) through (6), re- (5) in section 553— under part E of title IV of the Higher Edu- spectively. (A) in subsection (a)— cation Act of 1965 (20 U.S.C. 1087aa et seq.). (j) GRAMM-LEACH-BLILEY ACT.—The (i) in paragraph (2)(B)(ii), by striking ‘‘555, ‘‘(7) INSTITUTION OF HIGHER EDUCATION.— Gramm-Leach-Bliley Act (Public Law 106– 556, 559, 560, or 561’’ and inserting ‘‘556 or The term ‘institution of higher education’ 102; 113 Stat. 1338) is amended— has the meaning given that term in section (1) by striking section 115 (12 U.S.C. 1820a); 561’’; and (ii) in paragraph (3)(C), by striking ‘‘555, 102 of the Higher Education Act of 1965 (20 (2) in section 307(f) (15 U.S.C. 6715(f)), by U.S.C. 1002). amending paragraph (2) to read as follows: 556, 559, 560, or 561’’ and inserting ‘‘556 or 561’’; and ‘‘(8) LATE FEE.—The term ‘late fee’ means ‘‘(2) BOARD.—The term ‘Board’ has the (B) in subsection (b)(1), by striking ‘‘555, a late fee, penalty, or adjustment to prin- meaning given the term in section 2 of the cipal, imposed because of a late payment or Bank Holding Company Act of 1956 (12 U.S.C. 556, 559, 560, 561’’ and inserting ‘‘556, 561’’; (6) in section 561(b)(1), by striking ‘‘555, 556, delinquency by the borrower under a postsec- 1841).’’; ondary education loan. 559, or 560’’ and inserting ‘‘556’’; (3) in section 505(c) (15 U.S.C. 6805(c))— ‘‘(9) LOAN HOLDER.—The term ‘loan holder’ (7) in section 741(7)(A)(xi), by striking ‘‘, (A) by striking ‘‘section 47(g)(2)(B)(iii) of means a person who owns the title to or measured in accordance with section 562’’; the Federal Deposit Insurance Act’’ and in- promissory note for a postsecondary edu- (8) in section 761(4)(J), by striking ‘‘, meas- serting ‘‘section 45(g)(2)(B)(iii) of the Federal cation loan (except for a Federal Direct Loan ured in accordance with section 562’’; and Deposit Insurance Act’’; and or a Federal Perkins Loan). (9) in section 901(a), by striking ‘‘555, 556, (B) by striking ‘‘section 47(a)’’ and insert- ‘‘(10) OPEN END CREDIT PLAN.—The term 557, 559, 560, 561, 562’’ and inserting ‘‘556, 557, ing ‘‘section 45(a)’’; and ‘open end credit plan’ has the meaning given 561’’. (4) in section 509(3)(A) (15 U.S.C. 6809(3)(A)), that term in section 103. by striking ‘‘as described in section 4(k) of SA 2070. Ms. WARREN submitted an ‘‘(11) POSTSECONDARY EDUCATION EX- the Bank Holding Company Act of 1956’’. PENSE.—The term ‘postsecondary education (k) HOME OWNERS’ LOAN ACT.—Section amendment intended to be proposed by expense’ means any expense that is included 10(c) of the Home Owners’ Loan Act (12 her to the bill S. 2155, to promote eco- as part of the cost of attendance (as that U.S.C. 1467a(c)) is amended— nomic growth, provide tailored regu- term is defined in section 472 of the Higher (1) in paragraph (2), by striking subpara- latory relief, and enhance consumer Education Act of 1965 (20 U.S.C. 1087ll)) of a graph (H); and protections, and for other purposes; student. (2) in paragraph (9)(A), by striking ‘‘per- ‘‘(12) POSTSECONDARY EDUCATION LENDER.— mitted’’ and all that follows and inserting which was ordered to lie on the table; as follows: The term ‘postsecondary education lender’— ‘‘permitted under paragraph (1)(C) or (2) of ‘‘(A) means — this subsection.’’. At the end of title III, add the following: ‘‘(i) a financial institution, as defined in (l) INTERNAL REVENUE CODE.—Section SEC. 308. IMPROVED CONSUMER PROTECTIONS section 3 of the Federal Deposit Insurance 864(f)(4)(C)(ii) of the Internal Revenue Code FOR STUDENT LOAN SERVICING. Act (12 U.S.C. 1813) that solicits, makes, or of 1986 is amended by striking ‘‘(within the (a) IN GENERAL.—The Truth in Lending Act extends postsecondary education loans; meaning of section 2(p) of the Bank Holding (15 U.S.C. 1601 et seq.) is amended by adding ‘‘(ii) a Federal credit union, as defined in Company Act of 1956 (12 U.S.C. 1841(p))’’. at the end the following new chapter: section 101 of the Federal Credit Union Act (m) PAYMENT, CLEARING, AND SETTLEMENT ‘‘CHAPTER 6—POSTSECONDARY (12 U.S.C. 1752) that solicits, makes, or ex- SUPERVISION ACT OF 2010.—Section 803(5)(A) EDUCATION LOANS of the Payment, Clearing, and Settlement tends postsecondary education loans; and Supervision Act of 2010 (12 U.S.C. 5462(5)(A)) ‘‘Sec. ‘‘(iii) any other person engaged in the busi- is amended— ‘‘188. Definitions. ness of soliciting, making, or extending post- ‘‘189. Servicing of postsecondary education (1) in clause (viii), by adding ‘‘and’’ at the secondary education loans; and loans. end; ‘‘(B) does not include— ‘‘190. Payments and fees. ‘‘(i) the Secretary of Education; or (2) in clause (ix), by striking ‘‘; and’’ and ‘‘191. Authority of Bureau. inserting a period; and ‘‘(ii) an institution of higher education ‘‘192. State laws unaffected; inconsistent with respect to any Federal Perkins Loan (3) by striking clause (x). Federal and State provisions. (n) SECURITIES EXCHANGE ACT OF 1934.—The made by the institution. Securities Exchange Act of 1934 (15 U.S.C. 78a ‘‘§ 188. Definitions ‘‘(13) POSTSECONDARY EDUCATION LOAN.— et seq.) is amended— ‘‘In this chapter: The term ‘postsecondary education loan’— (1) in section 3(a)(4)(B)(vi)(II) (15 U.S.C. ‘‘(1) ALTERNATIVE REPAYMENT ARRANGE- ‘‘(A) means a loan that is— 78c(a)(4)(B)(vi)(II)), by striking ‘‘other than’’ MENT.—The term ‘alternative repayment ar- ‘‘(i) made, insured, or guaranteed under and all that follows and inserting ‘‘other rangement’ means an agreed upon arrange- part B, D, or E of title IV of the Higher Edu- than a registered broker or dealer.’’; and ment between a loan holder (or, for a Federal cation Act of 1965 (20 U.S.C. 1071 et seq., 1087a (2) in section 3C(g)(3)(A) (15 U.S.C. 78c– Direct Loan or a Federal Perkins Loan, the et seq., 1087aa et seq.); or 3(g)(3)(A))— Secretary of Education or the institution of ‘‘(ii) issued or made by a postsecondary (A) in clause (vi), by adding ‘‘and’’ at the higher education that made such loan, re- education lender and is— end; spectively) or student loan servicer and a ‘‘(I) extended to a borrower with the expec- (B) in clause (vii), by striking the semi- borrower— tation that the amounts extended will be colon and inserting a period; and ‘‘(A) that is different than the terms under used in whole or in part to pay postsec- (C) by striking clause (viii). an existing postsecondary education loan; ondary education expenses; or (o) TITLE 11.—Title 11, United States Code, and ‘‘(II) extended for the purpose of refi- is amended— ‘‘(B) pursuant to which remittance of a nancing or consolidating 1 or more loans de- (1) in section 101— monthly payment— scribed in subclause (I) or clause (i); (A) in paragraph (25)(E), by striking ‘‘, ‘‘(i) satisfies the terms of the postsec- ‘‘(B) includes a private education loan; and measured in accordance with section 562’’; ondary education loan; or ‘‘(C) does not include a loan—

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00052 Fmt 4624 Sfmt 0634 E:\CR\FM\A06MR6.028 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1395 ‘‘(i) made under an open-end credit plan; or ‘‘(C) During a period in which no payment to the qualified written request of the bor- ‘‘(ii) that is secured by real property. is required on the postsecondary education rower, the student loan servicer shall— ‘‘(14) PRIVATE EDUCATION LOAN.—The term loan— ‘‘(i) make appropriate corrections in the ‘private education loan’ has the meaning ‘‘(i) maintaining account records for the account of the borrower, including the cred- given the term in section 140(a). postsecondary education loan; and iting of any late fees, and transmit to the ‘‘(15) QUALIFIED WRITTEN REQUEST.— ‘‘(ii) communicating with the borrower on borrower a written notification of such cor- ‘‘(A) IN GENERAL.—Subject to subparagraph behalf of the loan holder or, with respect to rection (which shall include the name and (B), the term ‘qualified written request’ a Federal Direct Loan or Federal Perkins toll-free or collect-call telephone number of means a written correspondence of a bor- Loan, the Secretary of Education or the in- a representative of the student loan servicer rower (other than notice on a payment me- stitution of higher education that made the who can provide assistance to the borrower); dium supplied by the student loan servicer) loan, respectively. ‘‘(ii) after conducting an investigation, transmitted by mail, facsimile, or electroni- ‘‘(D) Interacting with a borrower to facili- provide the borrower with a written expla- cally through an email address or website tate the activities described in subpara- nation or clarification that includes— designated by the student loan servicer to graphs (A), (B), and (C), including activities ‘‘(I) to the extent applicable, a statement receive communications from borrowers to help prevent default by the borrower of of the reasons for which the student loan that— the obligations arising from the postsec- servicer believes the account of the borrower ‘‘(i) includes, or otherwise enables the stu- ondary education loan. is correct as determined by the student loan dent loan servicer to identify, the name and ‘‘(18) TRANSFER OF SERVICING.—The term servicer; and account of the borrower; and ‘transfer of servicing’ means the assignment, ‘‘(II) the name and toll-free or collect-call ‘‘(ii) includes, to the extent applicable— sale, or transfer of any student loan serv- telephone number of an individual employed ‘‘(I) sufficient detail regarding the infor- icing of a postsecondary education loan from by, or the office or department of, the stu- mation sought by the borrower; or a transferor servicer to a transferee servicer. dent loan servicer who can provide assist- ‘‘(II) a statement of the reasons for the be- ‘‘(19) TRANSFEREE SERVICER.—The term ance to the borrower; or lief of the borrower that there is an error re- ‘transferee servicer’ means the person to ‘‘(iii) after conducting an investigation, garding the account of the borrower. whom any student loan servicing of a post- provide the borrower with a written expla- ‘‘(B) CORRESPONDENCE DELIVERED TO OTHER secondary education loan is assigned, sold, nation or clarification that includes— ADDRESSES.— or transferred. ‘‘(I) information requested by the borrower ‘‘(i) IN GENERAL.—A written correspond- ‘‘(20) TRANSFEROR SERVICER.—The term ence of a borrower is a qualified written re- or an explanation of why the information re- ‘transferor servicer’ means the person who quested is unavailable or cannot be obtained quest if the written correspondence— assigns, sells, or transfers any student loan ‘‘(I) meets the requirements under clauses by the student loan servicer; and servicing of a postsecondary education loan ‘‘(II) the name and toll-free or collect-call (i) and (ii) of subparagraph (A); and to another person. ‘‘(II) is transmitted to and received by a telephone number of an individual employed student loan servicer at a mailing address, ‘‘§ 189. Servicing of postsecondary education by, or the office or department of, the stu- facsimile number, email address, or website loans dent loan servicer who can provide assist- address other than the address or number ‘‘(a) STUDENT LOAN SERVICER REQUIRE- ance to the borrower. designated by that student loan servicer to MENTS.—A student loan servicer may not— ‘‘(C) LIMITED EXTENSION OF RESPONSE receive communications from borrowers. ‘‘(1) charge a fee for responding to a quali- TIME.— ‘‘(ii) DUTY TO TRANSFER.—A student loan fied written request under this chapter; ‘‘(i) IN GENERAL.—There may be 1 extension servicer shall, within a reasonable period of ‘‘(2) fail to take timely action to respond of the 30-day period described in subpara- time, transfer a written correspondence of a to a qualified written request from a bor- graph (B) of not more than 15 days if, before borrower received by the student loan rower to correct an error relating to an allo- the end of such 30-day period, the student servicer at a mailing address, facsimile num- cation of payment or the payoff amount of loan servicer notifies the borrower of the ex- ber, email address, or website address other the postsecondary education loan; tension and the reasons for the delay in re- than the address or number designated by ‘‘(3) fail to take reasonable steps to avail sponding. that student loan servicer to receive commu- the borrower of all possible alternative re- ‘‘(ii) REPORTS TO BUREAU.—Each student nications from borrowers to the correct ad- payment arrangements to avoid default; loan servicer shall, on an annual basis, re- dress or appropriate office or other unit of ‘‘(4) fail to perform the obligations re- port to the Bureau the aggregate number of the student loan servicer. quired under title IV of the Higher Edu- extensions sought by the student loan ‘‘(iii) DATE OF RECEIPT.—A written cor- cation Act of 1965 (20 U.S.C. 1070 et seq.); servicer under clause (i). respondence of a borrower transferred in ac- ‘‘(5) fail to respond within 10 business days ‘‘(2) PROTECTION OF CREDIT INFORMATION.— cordance with clause (ii) shall be deemed to to a request from a borrower to provide the During the 60-day period beginning on the be received by the student loan servicer on name, address, and other relevant contact date on which a student loan servicer re- the date on which the written correspond- information of the loan holder of the bor- ceives a qualified written request from a bor- ence is transferred to the correct address or rower’s postsecondary education loan or, for rower relating to a dispute regarding pay- appropriate office or other unit of the stu- a Federal Direct Loan or a Federal Perkins ments by the borrower, a student loan dent loan servicer. Loan, the Secretary of Education or the in- servicer may not provide negative credit in- ‘‘(16) STUDENT LOAN SERVICER.—The term stitution of higher education who made the formation to any consumer reporting agency ‘student loan servicer’— loan, respectively; (as defined in section 603 of the Truth in ‘‘(A) means a person who performs student ‘‘(6) fail to comply with any applicable re- Lending Act (15 U.S.C. 1681a)) relating to the loan servicing; quirement of the Servicemembers Civil Re- subject of the qualified written request or to ‘‘(B) includes a person performing student lief Act (50 U.S.C. App. 501 et seq.); such period, including any information relat- loan servicing for a postsecondary education ‘‘(7) fail to comply with any other obliga- ing to a late payment or payment owed by loan on behalf of an institution of higher tion that the Bureau, by regulation, has de- the borrower on the borrower’s postsec- education or the Secretary of Education termined to be appropriate to carry out the ondary education loan. under a contract or other agreement; consumer protection purposes of this chap- ‘‘(3) HIGH-TOUCH STUDENT LOAN SERVICING.— ‘‘(C) does not include the Secretary of Edu- ter; or A student loan servicer shall designate an of- cation to the extent the Secretary directly ‘‘(8) fail to perform other standard fice or other unit of the student loan servicer performs student loan servicing for a post- servicer’s duties. to act as a point of contact regarding post- secondary education loan; and ‘‘(b) BORROWER INQUIRIES.— secondary education loans for borrowers con- ‘‘(D) does not include an institution of ‘‘(1) DUTY OF STUDENT LOAN SERVICERS TO sidered to be at risk of default, including— higher education, to the extent that the in- RESPOND TO BORROWER INQUIRIES.— ‘‘(A) any borrower who requests informa- stitution directly performs student loan ‘‘(A) NOTICE OF RECEIPT OF REQUEST.—If a tion related to options to reduce or suspend servicing for a Federal Perkins Loan made borrower under a postsecondary education his or her monthly payment, or otherwise in- by the institution. loan submits a qualified written request to dicates that he or she is experiencing or is ‘‘(17) STUDENT LOAN SERVICING.—The term the student loan servicer for information re- about to experience financial hardship or ‘student loan servicing’ includes any of the lating to the student loan servicing of the distress; following activities: postsecondary education loan, the student ‘‘(B) any borrower who becomes 60 calendar ‘‘(A) Receiving any scheduled periodic pay- loan servicer shall provide a written re- days delinquent on any loan; ments from a borrower under a postsec- sponse acknowledging receipt of the quali- ‘‘(C) any borrower who has not completed ondary education loan (or notification of fied written request within 5 business days the program of study for which the borrower such payments). unless any action requested by the borrower received the loan; ‘‘(B) Applying payments described in sub- is taken within such period. ‘‘(D) any borrower who is enrolled in dis- paragraph (A) to an account of the borrower ‘‘(B) ACTION WITH RESPECT TO INQUIRY.—Not cretionary forbearance for more than 9 pursuant to the terms of the postsecondary later than 30 business days after the receipt months of the previous 12 months; education loan or of the contract governing from any borrower of any qualified written ‘‘(E) any borrower who has rehabilitated or the servicing of the postsecondary education request under subparagraph (A) and, if appli- consolidated one or more student loans out loan. cable, before taking any action with respect of default within the prior 12 months;

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00053 Fmt 4624 Sfmt 0634 E:\CR\FM\A06MR6.029 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1396 CONGRESSIONAL RECORD — SENATE March 6, 2018 ‘‘(F) a borrower under a private education informing or transmitting to a borrower or a creases due to such completion or failure); loan who is seeking to modify the terms of person authorized by the borrower the bal- and the repayment of the postsecondary edu- ance due to pay off the outstanding balance ‘‘(C) an increase in interest rate due to a cation loan because of hardship; and on a postsecondary education loan. provision included within the terms of a ‘‘(G) any borrower or segment of borrowers ‘‘(B) TRANSACTION FEE.—If a loan holder or postsecondary education loan that provides determined by the Director of the Bureau to student loan servicer provides the informa- for a lower interest rate based on the bor- be at risk of default. tion described in subparagraph (A) by fac- rower’s agreement to a prearranged plan ‘‘(c) LIAISON FOR MEMBERS OF THE ARMED simile transmission or courier service, the that authorizes recurring electronic funds FORCES AND VETERANS.— loan holder or student loan servicer may transfers if— ‘‘(1) DEFINITION.—In this subsection, the charge a processing fee to cover the cost of ‘‘(i) the borrower withdraws the borrower’s term ‘veteran’ has the meaning given that such transmission or service in an amount authorization of the prearranged recurring term in section 101 of title 38, United States that is not more than a comparable fee im- electronic funds transfer plan; and Code. posed for similar services provided in con- ‘‘(ii) after withdrawal of the borrower’s au- ‘‘(2) DESIGNATION.—A student loan servicer nection with consumer credit transactions. thorization and prior to increasing the inter- shall designate 1 or more employees to act as ‘‘(C) FEE DISCLOSURE.—A loan holder or est rate, the loan holder or student loan a liaison for members of the Armed Forces, student loan servicer shall disclose to the servicer has provided the borrower with clear veterans, and spouses and dependents of a borrower that payoff balances are available and conspicuous disclosure of the impending member of the Armed Forces or a veteran, for free pursuant to subparagraph (A) before change in borrower’s interest rate and a rea- who shall be— charging a transaction fee under subpara- sonable opportunity to reauthorize the pre- ‘‘(A) responsible for answering inquiries re- graph (B). arranged electronic funds transfers plan. lating to postsecondary education loans from ‘‘(D) MULTIPLE REQUESTS.—If a loan holder ‘‘(e) PROMPT AND FAIR CREDITING OF PAY- members of the Armed Forces, veterans, and or student loan servicer has provided the in- MENTS.— spouses and dependents of a member of the formation described in subparagraph (A) ‘‘(1) PROMPT CREDITING.—Payments re- Armed Forces or a veteran; and without charge, other than the transaction ceived from a borrower under a postsec- ‘‘(B) specially trained on the benefits fee permitted under subparagraph (B), on 4 ondary education loan by the student loan available to members of the Armed Forces or more occasions during a calendar year, servicer shall be posted promptly to the ac- and veterans under the Servicemembers the loan holder or student loan servicer may count of the borrower as specified in regula- Civil Relief Act (50 U.S.C. App. 501 et seq.) thereafter charge a reasonable fee for pro- tions of the Bureau. Such regulations shall and other Federal and State laws relating to viding such information during the remain- prevent a fee from being imposed on any bor- postsecondary education loans. der of the calendar year. rower if the student loan servicer has re- ceived the borrower’s payment in readily ‘‘(3) TOLL FREE NUMBER.—A student loan ‘‘(2) PROMPT DELIVERY.—A loan holder or a servicer shall establish and maintain a toll- student loan servicer that has received a re- identifiable form, by 5:00 p.m. on the date on which such payment is due, in the amount, free telephone number that— quest by a borrower or a person authorized manner, and location specified by the stu- ‘‘(A) may be used by a member of the by a borrower for the information described dent loan servicer. Armed Forces, veteran, or spouse or depend- in paragraph (1)(A) shall provide such infor- ‘‘(2) APPLICATION OF PAYMENTS.— ent of a member of the Armed Forces or a mation to the borrower or person authorized ‘‘(A) IN GENERAL.— veteran to connect directly to the liaison by the borrower not later than 5 business ‘‘(i) TREATMENTS OF PREPAYMENTS.—A stu- designated under paragraph (2); and days after receiving such request. ‘‘(d) INTEREST RATE AND TERM CHANGES dent loan servicer that services a billing ‘‘(B) shall be listed on the primary Internet FOR CERTAIN POSTSECONDARY EDUCATION group of a borrower shall, upon receipt of a website of the student loan servicer and on LOANS.— payment from the borrower, apply amounts monthly billing statements. ‘‘(1) NOTIFICATION REQUIREMENTS.— in excess of the monthly payment amount ‘‘§ 190. Payments and fees ‘‘(A) IN GENERAL.—Except as provided in first to the principal of the postsecondary ‘‘(a) PROHIBITION ON RECOMMENDING DE- paragraph (3), a student loan servicer shall education loan bearing the highest interest FAULT.—A loan holder or student loan provide written notice to a borrower of any rate, and then to each successive principal servicer may not recommend or encourage material change in the terms of the postsec- balance bearing the next highest interest default or delinquency on an existing post- ondary education loan, including an increase rate until the payment is exhausted, unless secondary education loan prior to and in in the interest rate, not later than 45 days otherwise specified in writing by the bor- connection with the process of qualifying for before the effective date of the change or in- rower. or enrolling in an alternative repayment ar- crease. ‘‘(ii) TREATMENT OF UNDERPAYMENTS.— rangement, including the origination of a ‘‘(B) MATERIAL CHANGES IN TERMS.—The ‘‘(I) REGULATIONS REQUIRED.—Not later new postsecondary education loan that refi- Bureau shall, by regulation, establish guide- than 1 year after the date of enactment of nances all or any portion of such existing lines for determining which changes in terms the Economic Growth, Regulatory Relief, loan or debt. are material under subparagraph (A). and Consumer Protection Act, the Bureau ‘‘(b) LATE FEES.— ‘‘(2) LIMITS ON INTEREST RATE AND FEE IN- shall issue regulations establishing the man- ‘‘(1) IN GENERAL.—A late fee may not be CREASES APPLICABLE TO OUTSTANDING BAL- ner in which a student loan servicer shall charged to a borrower under a postsecondary ANCE.—Except as provided in paragraph (3), a apply amounts less than the total payment education loan under any of the following loan holder or student loan servicer may not due during the billing cycle. circumstances, either individually or in com- increase the interest rate or other fee appli- ‘‘(II) CONSIDERATIONS.—In issuing the regu- bination: cable to an outstanding balance on a postsec- lations required under subclause (I), the Bu- ‘‘(A) On a per-loan basis when a borrower ondary education loan. reau shall consider— has multiple postsecondary education loans ‘‘(3) EXCEPTIONS.—The requirements under ‘‘(aa) the impact of the regulations on— in a billing group. paragraphs (1) and (2) shall not apply to— ‘‘(AA) outstanding debt of borrowers and ‘‘(B) In an amount greater than 4 percent ‘‘(A) an increase in any applicable variable the imposition of late fees; of the amount of the payment past due. interest rate incorporated in the terms of a ‘‘(BB) credit ratings of borrowers; and ‘‘(C) Before the end of the 15-day period be- postsecondary education loan that provides ‘‘(CC) continued availability of alternative ginning on the date the payment is due. for changes in the interest rate according to repayment arrangements; and ‘‘(D) More than once with respect to a sin- operation of an index that is not under the ‘‘(bb) any other factors the Bureau deter- gle late payment. control of the loan holder or student loan mines are appropriate. ‘‘(E) The borrower fails to make a singular, servicer and is published for viewing by the ‘‘(B) CHANGES BY STUDENT LOAN SERVICER.— non successive regularly-scheduled payment general public; If a student loan servicer makes a material on the postsecondary education loan. ‘‘(B) an increase in interest rate due to the change in the mailing address, office, or pro- ‘‘(2) COORDINATION WITH SUBSEQUENT LATE completion of a workout or temporary hard- cedures for handling borrower payments, and FEES.—No late fee may be charged to a bor- ship arrangement by the borrower or the such change causes a material delay in the rower under a postsecondary education loan failure of the borrower to comply with the crediting of a payment made during the 60- relating to an insufficient payment if the terms of a workout or temporary hardship day period following the date on which such payment is made on or before the due date of arrangement if— change took effect, the student loan servicer the payment, or within any applicable grace ‘‘(i) the interest rate applicable to a cat- may not impose any late fee for a late pay- period for the payment, if the insufficiency egory of transactions following any such in- ment on the postsecondary education loan to is attributable only to a late fee relating to crease does not exceed the rate or fee that which such payment was credited. an earlier payment, and the payment is oth- applied to that category of transactions ‘‘(f) ADDITIONAL REQUIREMENTS FOR PRE- erwise a full payment for the applicable pe- prior to commencement of the arrangement; PAYMENTS.— riod. and ‘‘(1) ADVANCEMENT OF DATE DUE.—A student ‘‘(c) PAYOFF STATEMENT.— ‘‘(ii) the loan holder or student loan loan servicer may advance the date due of ‘‘(1) FEES.— servicer has provided the borrower, prior to the next regularly scheduled installment ‘‘(A) IN GENERAL.—Except as provided in the commencement of such arrangement, payment of a postsecondary education loan subparagraph (B) or (D), a loan holder or stu- with clear and conspicuous disclosure of the upon remittance of a prepayment by the bor- dent loan servicer may not charge a fee for terms of the arrangement (including any in- rower, if—

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00054 Fmt 4624 Sfmt 0634 E:\CR\FM\A06MR6.029 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1397 ‘‘(A) the borrower’s payment is sufficient Consumer Protection Act (12 U.S.C. 5535); tions, make such interpretations, and grant to satisfy at least 1 additional installment and such reasonable exemptions, in accordance payment; ‘‘(L) any other information determined by with, and as may be necessary to achieve the ‘‘(B) the number of billing cycles for which the Bureau, which may include information purposes of, this chapter. the date due is advanced is equal to total in the Bureau’s Student Loan Payback Play- ‘‘(b) DISCLOSURE REQUIREMENTS.— number of installment payments satisfied by book. ‘‘(1) IN GENERAL.—The Bureau shall issue the prepayment; and ‘‘(2) PAYMENT DEADLINES AND PENALTIES.— regulations requiring disclosures to bor- ‘‘(C) upon receipt by the student loan ‘‘(A) DISCLOSURE OF PAYMENT DEADLINES.— rowers that clearly and conspicuously in- servicer, the prepayment is applied— In the case of a postsecondary education form borrowers of the protections afforded to ‘‘(i) to the principal balance of the postsec- loan account under which a late fee or them under this chapter and under other ondary education loan; or charge may be imposed due to the failure of provisions relating to postsecondary edu- ‘‘(ii) if the student loan servicer services a the borrower to make payment on or before cation loans. The Bureau shall consider billing group of a borrower, to the principal the due date for such payment, the billing whether special disclosures are required to balance of the postsecondary education loan statement required under paragraph (1) with accommodate the unique needs of borrowers with the highest interest rate in such billing respect to the account shall include, in a who are members of the Armed Forces or group. conspicuous location on the billing state- veterans. ‘‘(2) BORROWER RIGHTS.—A student loan ment, the date on which the payment is due ‘‘(2) REGULATIONS REQUIRED.—The regula- servicer shall provide a clear, understand- or, if different, the date on which a late fee tions issued under paragraph (1) shall— able and transparent means, including will be charged, together with the amount of ‘‘(A) ensure that a borrower is made aware through submission of an online form, for the late fee to be imposed if payment is of— the borrower to elect to— made after that date. ‘‘(i) all repayment options available to the ‘‘(A) instruct the servicer not to advance ‘‘(B) PAYMENTS AT LOCAL BRANCHES.—If the borrower, including the availability of refi- the date due of future installment payments loan holder, in the case of a postsecondary nancing products, and the effect of each re- as described in paragraph (1); and education loan account referred to in sub- payment option on the total amount owed ‘‘(B) voluntarily make payments in excess paragraph (A), is a financial institution that under, total cost of, and time to repay the of the borrower’s regularly scheduled install- maintains a branch or office at which pay- postsecondary education loan; ment payment amount on a periodic basis ments on any such account are accepted ‘‘(ii) the risks and costs associated with de- via recurring electronic funds transfers or from the borrower in person, the date on fault; and other automatic payment arrangement. which the borrower makes a payment on the ‘‘(iii) the eligibility of certain borrowers ‘‘(g) TIMING OF PAYMENTS.—A student loan account at such branch or office shall be con- for discharge of certain postsecondary edu- servicer may not treat a payment on a post- sidered to be the date on which the payment cation loans; and secondary education loan as late for any pur- is made for purposes of determining whether ‘‘(B) require provision of information about pose unless the student loan servicer has a late fee may be imposed due to the failure how a borrower can file a complaint with the adopted reasonable procedures designed to of the borrower to make payment on or be- Bureau relating to an alleged violation of ensure that each billing statement required fore the due date for such payment. this chapter. under subsection (j)(1) is mailed or delivered ‘‘(i) CORRECTIONS AND UNINTENTIONAL VIO- ‘‘(3) TIMING OF DISCLOSURES.—The regula- to the consumer not later than 21 days before LATIONS.—A loan holder or student loan tions issued under paragraph (1) shall specify the payment due date. servicer who, when acting in good faith, fails the timing of the disclosures described in ‘‘(h) OTHER REQUIREMENTS FOR POSTSEC- to comply with any requirement under this ONDARY EDUCATION LOANS.— section will to be deemed to have not vio- paragraph (2)(A). Such timing may include— ‘‘(1) STATEMENT REQUIRED WITH EACH BILL- lated such requirement if the loan holder or ‘‘(A) before the first payment is due under ING CYCLE.—A student loan servicer for each student loan servicer establishes that — the postsecondary education loan; or borrower’s account that is being serviced by ‘‘(1) not later than 30 days after the date of ‘‘(B) when the borrower— that student loan servicer and that includes execution of the postsecondary education ‘‘(i) first exhibits difficulty in making pay- a postsecondary education loan shall trans- loan and prior to the institution of any ac- ments under the postsecondary education mit to the borrower, for each billing cycle at tion under subtitle E of title X of the Dodd- loan; the end of which there is an outstanding bal- Frank Wall Street Reform and Consumer ‘‘(ii) is 30 days delinquent under the post- ance in that account, a statement that in- Protection Act (12 U.S.C. 5561 et seq.)— secondary education loan; cludes— ‘‘(A) the borrower is notified of or dis- ‘‘(iii) is 60 days delinquent under the post- ‘‘(A) the outstanding balance in the ac- covers the compliance failure; secondary education loan; count at the beginning of the billing cycle; ‘‘(B) appropriate restitution to the bor- ‘‘(iv) notifies the student loan servicer of ‘‘(B) the total amount credited to the ac- rower is made; and the intent of the borrower to forbear or defer count during the billing cycle; ‘‘(C) necessary adjustments are made to payment under the postsecondary education ‘‘(C) the amount of any fee added to the ac- the postsecondary education loan that are loan; count during the billing cycle, itemized to necessary to bring the postsecondary edu- ‘‘(v) inquires about or requests the refi- show the amounts, if any, due to the applica- cation loan into compliance with the re- nancing or consolidation of the postsec- tion of an increased interest rate, and the quirements of this section; or ondary education loan; or amount, if any, imposed as a minimum or ‘‘(2) not later than 60 days after the loan ‘‘(vi) informs the student loan servicer, or fixed charge; holder or student loan servicer discovers or a postsecondary education lender acting on ‘‘(D) the balance on which the fee described is notified of an unintentional violation or behalf of the borrower informs the student in subparagraph (C) was computed and a bona fide error and prior to the institution of loan servicer, that the borrower will be refi- statement of how the balance was deter- any action under subtitle E of title X of the nancing or consolidating the loan. mined; Dodd-Frank Wall Street Reform and Con- ‘‘(c) UNFAIR, DECEPTIVE, AND ABUSIVE ACTS ‘‘(E) whether the balance described in sub- sumer Protection Act (12 U.S.C. 5561 et OR LENDING PRACTICES.—The Bureau, by reg- paragraph (D) was determined without first seq.)— ulation or order, shall prohibit acts or prac- deducting all payments and other credits ‘‘(A) the borrower is notified of the compli- tices in connection with— during the billing cycle, and the amount of ance failure; ‘‘(1) a postsecondary education loan that any such payments and credits; ‘‘(B) appropriate restitution to the bor- the Bureau finds to be unfair, deceptive, or ‘‘(F) the outstanding balance in the ac- rower is made; and designed to evade the provisions of this chap- count at the end of the billing cycle; ‘‘(C) necessary adjustments are made to ter; or ‘‘(G) the date by which, or the period with- the postsecondary education loan that are ‘‘(2) the refinancing of a postsecondary in which, payment must be made to avoid necessary to bring the postsecondary edu- education loan, including facilitation of refi- late fees, if any; cation loan into compliance with the re- nancing or enrollment in an alternative re- ‘‘(H) the address of the student loan quirements of this section. payment arrangement, that the Bureau finds servicer to which the borrower may direct ‘‘(j) RULE OF CONSTRUCTION FOR FEDERAL to be associated with abusive lending prac- billing inquiries; POSTSECONDARY EDUCATION LOANS.—Nothing tices, or that are otherwise not in the inter- ‘‘(I) the amount of any payments or other in this section shall be construed to est of the borrower. credits during the billing cycle that was ap- supercede any reporting or disclosure re- ‘‘(d) CONSULTATION WITH SECRETARY OF plied to pay down principal, and the amount quirement required for a postsecondary edu- EDUCATION.—In order to avoid duplication, to applied to interest; cation loan that is made, issued, or guaran- the extent practicable, the Bureau, in con- ‘‘(J) in the case of a billing group, the allo- teed under part B, D, or E of title IV of the sultation with the Secretary of Education, cation of any payments or other credits dur- Higher Education Act of 1965 (20 U.S.C. 1070 may consider obligations of student loan ing the billing cycle to each of the postsec- et seq.), if such reporting requirement does servicers under title IV of the Higher Edu- ondary education loans in the billing group; not directly conflict with the requirements cation Act of 1965 (20 U.S.C. 1070 et seq.). ‘‘(K) information on how to file a com- of this section. ‘‘§ 192. State laws unaffected; inconsistent plaint with the Bureau and with the ombuds- ‘‘§ 191. Authority of Bureau Federal and State provisions man designated pursuant to section 1035 of ‘‘(a) AUTHORIZATION.—The Bureau is au- ‘‘Nothing in this chapter shall annul, alter, the Dodd-Frank Wall Street Reform and thorized to prescribe such rules and regula- or affect, or exempt any person subject to

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00055 Fmt 4624 Sfmt 0634 E:\CR\FM\A06MR6.029 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1398 CONGRESSIONAL RECORD — SENATE March 6, 2018 the provisions of this chapter from com- education lender, loan holder, or student The PRESIDING OFFICER. Without plying with the laws of any State with re- loan servicer’’; and objection, it is so ordered. spect to student loan servicing practices, (B) by striking ‘‘creditor’s or assignee’s li- Mr. SANDERS. Mr. President, I ask fees on postsecondary education loans, or ability’’ and inserting ‘‘liability of the cred- unanimous consent that Ari Rabin- other requirements relating to postsec- itor, assignee, postsecondary education lend- ondary education loans, except to the extent er, loan holder, or student loan servicer’’. Havt be granted floor privileges for the remainder of this Congress. that those laws are inconsistent with any f provision of this chapter, and then only to The PRESIDING OFFICER. Without the extent of the inconsistency. The Bureau NOTICE OF INTENT TO OBJECT TO objection, it is so ordered. is authorized to determine whether such in- PROCEEDING Mr. WHITEHOUSE. Mr. President, I consistencies exist. The Bureau may not de- I, Senator TAMMY DUCKWORTH, intend ask unanimous consent that Senator termine that any State law is inconsistent to object to proceeding to the nomina- BLUMENTHAL’s legislative fellow Mary with any provision of this chapter if the Bu- Miller Flowers be granted floor privi- reau determines that such law gives greater tion of Howard C. Nielson, Jr., of Utah, protection to the consumer. In making these to be United States District Judge for leges until the end of June 2018. determinations the Bureau shall consult the District of Utah, dated March 6, The PRESIDING OFFICER. Without with the appropriate Federal agencies.’’. 2018. objection, it is so ordered. (b) EXEMPTED TRANSACTIONS.—Section 104 f f of the Truth in Lending Act (15 U.S.C. 1603) is amended— AUTHORITY FOR COMMITTEES TO ORDERS FOR WEDNESDAY, MARCH (1) in the matter preceding paragraph (1), MEET 7, 2018 by striking ‘‘This title’’ and inserting ‘‘(A) IN Mr. THUNE. Mr. President, I have 6 Mr. MCCONNELL. Mr. President, I GENERAL.—This title’’; and requests for committees to meet during (2) by adding at the end the following: ask unanimous consent that when the today’s session of the Senate. They ‘‘(b) RULE OF CONSTRUCTION.—Nothing in Senate completes its business today, it subsection (a) shall prevent or be construed have the approval of the Majority and adjourn until 9:30 a.m., Wednesday, to prevent the provisions of chapter 6 from Minority leaders. March 7; further, that following the applying to any postsecondary education Pursuant to rule XXVI, paragraph prayer and pledge, the morning hour be lender, loan holder, or student loan servicer 5(a), of the Standing Rules of the Sen- deemed expired, the Journal of pro- (as those terms are defined in section 188).’’. ate, the following committees are au- ceedings be approved to date, the time (c) CIVIL LIABILITY.—Section 130 of the thorized to meet during today’s session for the two leaders be reserved for their Truth in Lending Act (15 U.S.C. 1640) is of the Senate: amended— use later in the day, and morning busi- COMMITTEE ON ARMED SERVICES (1) in subsection (a)— ness be closed. Finally, I ask that fol- (A) in the matter preceding paragraph (1), The Committee on Armed Services is lowing leader remarks, the Senate re- by inserting ‘‘and any postsecondary edu- authorized to meet during the session sume consideration of the motion to cation lender, loan holder, or student loan of the Senate on Tuesday, March 6, proceed to S. 2155. servicer (as such terms are defined in section 2018, at 9:30 a.m., to conduct a hearing. The PRESIDING OFFICER. Without 188) who fails to comply with any require- COMMITTEE ON ENERGY AND NATURAL objection, it is so ordered. ment imposed under chapter 6 with respect RESOURCES f to any person’’ before ‘‘is liable to such per- The Committee on Energy and Nat- son’’; ORDER FOR ADJOURNMENT (B) in paragraph (2)— ural Resources is authorized to meet (i) in subparagraph (A)— during the session of the Senate on Mr. MCCONNELL. Mr. President, if (I) by striking ‘‘; or (iv)’’ and inserting ‘‘, Tuesday, March 6, 2018, at 10 a.m., to there is no further business to come be- or (iv)’’; and conduct a hearing on the nomination of fore the Senate, I ask unanimous con- (II) by inserting ‘‘, or (v) in the case of a James Reilly, of Colorado, to be Direc- sent that it stand adjourned under the postsecondary education lender, loan holder, tor of the United States Geological previous order, following the remarks or student loan servicer (as such terms are Survey, Department of the Interior. defined in section 188) who fails to comply of Senator PORTMAN and our Demo- with any requirement imposed under chapter COMMITTEE ON FINANCE cratic colleagues. 6, not less than $400 or greater than $4,000’’ The Committee on Finance is author- The PRESIDING OFFICER. Without before the semicolon; and ized to meet during the session of the objection, it is so ordered. (ii) in subparagraph (B), by inserting ‘‘, Senate on Tuesday, March 6, 2018, at 10 The Senator from Florida. postsecondary education lender, loan holder, a.m., to conduct a hearing entitled f or student loan servicer’’ after ‘‘creditor’’ ‘‘Protecting E-Commerce Consumers each place it appears; and and from Counterfeits.’’ RUSSIAN ELECTION (C) in the matter following paragraph (4)— INTERFERENCE (i) in the first sentence— COMMITTEE ON VETERANS’ AFFAIRS (I) by inserting ‘‘, postsecondary education The Committee on Veterans’ Affairs Mr. NELSON. Mr. President, I join lender, loan holder, or student loan servicer’’ is authorized to meet during the ses- our colleagues who have spoken about after ‘‘creditor’’ each place it appears; and sion of the Senate on Tuesday, March the concern of the Russian cyber at- (II) by striking ‘‘creditor’s failure’’ and in- 6, 2018, at 2 p.m., to conduct a joint tacks on this country. serting ‘‘failure by the creditor, postsec- hearing. Every day that passes, we gather new ondary education lender, loan holder, or stu- SELECT COMMITTEE ON INTELLIGENCE dent loan servicer’’; information about how Russia, at (ii) in the fourth sentence, by inserting The Select Committee on Intel- Vladimir Putin’s direction, has gone ‘‘other than the disclosures required under ligence is authorized to meet during about interfering by committing cyber section 128(e)(12),’’ after ‘‘referred to in sec- the session of the Senate on Tuesday, attacks on this country, not only in its tion 128,’’; and March 6, 2018, at 2:30 p.m., to conduct a stealing names and personal informa- (iii) in the fifth sentence, by inserting ‘‘, closed briefing. tion but now in its interfering in our postsecondary education lender, loan holder, SUBCOMMITTEE ON SEAPOWER elections. or student loan servicer’’ after ‘‘creditor’’; In a long indictment, Special Counsel (2) in subsection (c), by striking ‘‘creditor The Subcommittee on Seapower of or assignee’’ each place it appears and insert- the Committee Armed Services is au- Robert Mueller spelled out how the so- ing ‘‘creditor, assignee, postsecondary edu- thorized to meet during the session of called Internet Research Agency—a cation lender, loan holder, or student loan the Senate on Tuesday, March 6, 2018 at front in Russia—created fake accounts servicer’’; 10 a.m. to conduct a hearing. on social media and other internet (3) in subsection (e)— f platforms. It spread divisive content, (A) in the second sentence, by inserting and it even organized political rallies ‘‘or chapter 6’’ after ‘‘section 129, 129B, or PRIVILEGES OF THE FLOOR in the United States with the help of 129C’’; and Mr. BROWN. Mr. President, I ask unwitting Americans—all backed by (B) in the fourth sentence, by inserting ‘‘or chapter 6’’ after ‘‘or 129H’’; and unanimous consent that Reilly Steel, a one of Putin’s cronies through a so- (4) in subsection (h)— fellow with the Banking Committee, be called catering company. This indict- (A) by striking ‘‘creditor or assignee’’ and granted floor privileges during the ment tells a pretty remarkable and inserting ‘‘creditor, assignee, postsecondary pendency of S. 2155. alarming story, and if you are still not

VerDate Sep 11 2014 07:16 Jun 10, 2018 Jkt 079060 PO 00000 Frm 00056 Fmt 4624 Sfmt 0634 E:\RECORD18\MARCH\S06MR8.REC S06MR8 bjneal on DSKBBX8HB2PROD with CONG-REC-ONLINE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1399 sure what this was all about, just read ting better and better, but they are fend against the cyber attacks to undo the Internet Research Agency’s own only good if they are put to work and and undermine our democratic institu- words: ‘‘information warfare against given the task of defending us. tions by attacking our elections. the United States of America.’’ That So, Mr. President, I ask unanimous I yield the floor. says it all. consent that this letter that several of The PRESIDING OFFICER (Mr. I know there has been a lot of discus- us sent to the Secretary of Defense be TILLIS). The Senator from Ohio. sion about Russian interference in our printed in the RECORD. f elections, and there should be. We have There being no objection, the mate- ECONOMIC GROWTH, REGULATORY to get to the bottom of this. It is com- rial was ordered to be printed in the RELIEF, AND CONSUMER PRO- ing fast and furious, and it is going to RECORD, as follows: TECTION BILL be happening in the elections this year. U.S. SENATE, We know what Russia did in the last Washington, DC, February 6, 2018. Mr. PORTMAN. Mr. President, I rise election. Just as the CIA Director and Hon. JAMES N. MATTIS, tonight to talk about the bipartisan the Director of National Intelligence Secretary of Defense, legislation that is before the body. It is told us, we know, in their words, that Washington, DC. an opportunity that provides signifi- Russia will do it again. The more we DEAR SECRETARY MATTIS: The Government cant needed regulatory relief, pri- of Russia, at President Vladimir Putin’s di- marily to smaller financial institu- learn, though, the more it becomes rection, conducted an extensive campaign to clear that we are not doing enough to tions like community banks and credit influence our elections in 2016. The Russian unions. protect ourselves from further attacks. campaign—a mix of covert intelligence oper- The Economic Growth, Regulatory This is not a partisan issue; it is an ations, disinformation, and propaganda Relief, and Consumer Protection Act attack on the very foundation of our spread through traditional and social will modernize the Federal Dodd-Frank democracy. At a time when it is get- media—represents a serious and unprece- regulations to ensure that small- and ting harder and harder to come to- dented attack on American democracy. medium-sized banks, as well as credit gether as a country—when polarization While the Obama Administration imposed targeted sanctions on Russia in response to unions, can lower their compliance is so rampant, when excessive partisan- the attack, just last week, the Trump Ad- costs, which will mean more loans to ship is so evident—what Russia is ministration elected not to impose further small businesses and better deals for doing is particularly sinister. It is try- sanctions. Yet, Russia’s influence activities their customers. ing to exacerbate our divisions and un- continue in the United States and elsewhere, For years, Dodd-Frank has hurt these dermine Americans’ faith in their in- according to the Director of the Central In- smaller community banks and credit stitutions. telligence Agency. As the 2018 midterm elec- tions are now only months away, there is no unions that have been caught up in this Months away from an election, the broader effort to rein in a select few question is, What are we going to do time to lose in countering Russian influence through multiple means. larger financial institutions—primarily about it? We are just days away from Because Russian influence is conducted financial institutions on Wall Street. an election in Texas and about 8 largely through cyberspace, National Mis- In effect, these smaller banks were months away from the November gen- sion Teams (NMTs), part of the U.S. Cyber caught in the web. eral election. What are we going to do? Command’s Cyber Mission Force, should be Last week, I met with some of Ohio’s One thing we ought to do is to start de- ordered to prepare to engage Russian cyber community banks. I meet with them fending ourselves. operators and disrupt their activities as they regularly, and they tell me these sto- Last month, Senator SHAHEEN, Sen- conduct clandestine influence operations against our forthcoming elections. The mis- ries. Their view, of course, is these ator BLUMENTHAL, and I wrote to the Dodd-Frank rules targeted at the big Secretary of Defense and urged him to sion of these forces is to defend the Nation, including critical infrastructure like our banks are actually hurting the little use our cyber forces—U.S. Cyber Com- election systems, from foreign attack and we guys. Over the past several years, they mand, which is the one instructed with urge the Department of Defense to consider have told me story after story about protecting us—to disrupt Russian employing them as soon as possible. how their compliance costs have in- cyber operations that target our elec- Additionally, we urge you to implement creased. A small bank will say they tions. We urged the Secretary of De- the recommendations of the Department’s used to have one person doing compli- fense to implement the recommenda- own Defense Science Board’s Task Force on ance, but now they have three people Cyber Deterrence. The Task Force’s report tions of the Department’s own task doing compliance, and those costs get force to deter these cyber operations. outlined a strategy to deter further Russian attacks on our democracy by threatening passed along to their consumers. They Those were the recommendations of those things that our adversaries hold most also say, with the redtape and regula- the Department of Defense’s own task dear through tailored campaigns of both tions and rules they live under, it force. cyber and information operations. To my makes it harder for them to lend to Just a few days ago, four-star Admi- knowledge, the Department has yet to imple- small businesses, which is one of the ral Rogers, commander of Cyber Com- ment these critical recommendations. problems we have today in our econ- mand, told our Armed Services Com- Defending our democracy must rank omy. As the economy is beginning to mittee that he had still not been di- among the most important responsibilities grow, we need to ensure that startups rected to counter these cyber oper- of our government, including our military cyber forces. We are grateful for your contin- and people who are interested in taking ations and that he needed approval ued service to the country and appreciate a risk and may not have a lot of busi- from the White House. The White your prompt attention to this most pressing ness experience are able to get that House, unbelievably, hasn’t authorized threat. loan to get started. him to act. Sincerely, What has happened is, there has been Until the Trump administration BILL NELSON. a consolidation of these community starts cracking down on Russia, Vladi- RICHARD BLUMENTHAL. banks because of these costs. In fact, mir Putin is going to continue to get JEANNE SHAHEEN. they say one community bank is be- away with his cyber attacks on our Mr. NELSON. Mr. President, I want coming insolvent every day in this elections and all of his other cyber at- to take this opportunity to say that all country because of these big compli- tacks on our country. Admiral Rogers of us have to get to work—the White ance costs, but others are consoli- also told the committee that Russia House, our cyber forces, and the whole dating into larger banks. That may be has not paid a sufficient enough price of government. When it comes to de- fine in some cases, but I like these for what it has done to us to get it to fending our democracy, many of us community banks. change its behavior. have taken up arms, many of us have I like the fact that these community This is the kind of thing—defending worn the uniform of this country to de- banks are close to the people in the the Nation—for which our cyber forces fend it, many of us, in civilian perform- neighborhood, and they know the busi- were created. This Senator is the rank- ance of the duties of this government, nesses that are coming to them for ing member of the Cybersecurity Sub- have likewise performed duties to de- loans. Again, it is easier for small busi- committee of the Armed Services Com- fend this Nation. We now have to de- nesses to get loans when you actually mittee. I can tell you that our cyber fend this Nation against cyber attacks, have a banking relationship. They also forces are growing, and they are get- and more immediately we have to de- are very involved in our communities.

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00057 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.057 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1400 CONGRESSIONAL RECORD — SENATE March 6, 2018 So these community banks, which to congratulate him and his colleagues talk about what they were doing, and are really the backbone of America’s on the Banking Committee for their bi- when I was there, they announced cash financial sector, are what this bill is partisan work on this legislation, deal- bonuses of $1,000 and up to $2,000 for all primarily about. The bill on the floor ing with the very real problem we of their hourly employees, higher this week makes it easier for them to have, which is the burdens, the red- wages for their frontline positions, an extend credit, loans, mortgages, and tape, the compliance costs, and coming increased 401(k) match, greater com- provide other products and services to up with a balanced product that can be pany investment in employee wellness working families in Ohio and around supported on both sides of the aisle, get and recognition programs, and signifi- the country. through the House, get through the cantly more charitable giving. As The legislation does more than that Senate, get to the President for signa- Worldpay’s executive chair said, tax re- though. It also focuses on the regional ture, and begin to improve this econ- form is ‘‘ensuring Ohio companies like banks in Ohio. These are banks that omy even more. Worldpay can remain competitive and recruit the region’s top talent.’’ were not part of the financial crisis. f They had nothing to do with it, but de- They merged recently with a foreign spite that, they have been required to TAX REFORM company. Thank goodness they stayed live under the onerous systemically Mr. PORTMAN. Mr. President, on an- in Ohio, but now they are rewarded for important financial institution rules other economic issue, I want to talk that because, although they were pun- and regulations or the SIFI designa- for a minute about the good news com- ished for being a U.S. company before, tion. It has caused higher compliance ing out of my State of Ohio with regard now with our Tax Code changes in costs for them. Again, it has hurt lend- to the tax reform legislation. In just place, they are actually benefiting ing to Ohio businesses. the past few weeks, I have visited eight from being an American company, In Ohio, we happened to have three separate businesses across the State where it is more beneficial to make the very big employers in the State that talking about this issue, asking them investment here rather than, in their are regional banks—Fifth Third Bank, what has been the impact of the tax re- case, in the United Kingdom. A more competitive business tax Huntington Bank, and KeyBank. They form bill, what are they doing with code, an international tax code that are all examples of well-capitalized their savings. encourages investments in this country There are three of these I want to Ohio regional banks that will benefit rather than overseas, and incentives talk about tonight, briefly. One is a from this legislation, and the benefit like immediate expensing that is in the small auto parts manufacturing busi- will go to their thousands of employ- Tax Code now are helping to create ness in Zanesville, OH. They have three ees, but it will also go to their many jobs in my home State of Ohio. It is thousands of customers. auto parts stores. One is a multi- helping Worldpay continue to be an This legislation also increases impor- national credit card processing com- American company and to be strong. It tant consumer protections for vet- pany headquartered in Cincinnati, OH, also is helping foreign direct invest- erans, senior citizens, victims of fraud, and one is a premier medical center in ment in my home State because com- and those who have fallen on tough fi- Cleveland, OH. They are very different panies that are not American compa- nancial times. businesses in different sectors of our nies but foreign companies invested in Another thing I like about the legis- economy, but all are benefiting from Ohio are more likely to increase that lation that is particularly important to the tax legislation. investment rather than an investment me is it includes a specific piece of leg- GKM is the small auto parts store in somewhere else in the world because of islation I authored to make it easier Zanesville. They are reinstating the tax reform legislation. Immediate for a group called Habitat for Human- healthcare benefits to their employees expensing and lower tax rates, this all ity to carry out their mission of pro- directly as a result of this tax reform helps to create good American jobs. viding safe and affordable housing to bill. Under the Affordable Care Act, the The most recent Federal jobs report those in need. Habitat is a great orga- company’s healthcare costs increased shows strong job gains and the fastest nization. I volunteer at Habitat regu- dramatically—like so many other busi- wage growth since 2009. According to a larly. I see firsthand the great work nesses—by double digits every year. recent National Federation of Inde- they are doing back in my home State They had a 22-percent increase in their pendent Business survey, the NFIB, of Ohio. costs in 2016, and the company went to which represents a lot of small busi- My legislation is called the Housing its employees and said: We simply can- nesses in Ohio, 32 percent of their com- Opportunity Made Easier Act or HOME not afford to pay for this 22-percent in- panies now say they are going to ex- Act, and it simply ensures that Habitat crease on top of other double-digit in- pand. By the way, that is the highest affiliates and other organizations— creases. We don’t know what to do. We level in the survey’s history, and it is nonprofits—can receive donated ap- are going to have to have you go out on the highest level of optimism also in praisals of the homes they build. This your own and find healthcare, includ- their survey about the future among is a really important issue for Habitat ing in the exchanges. these small businesses. A lot of that is because Dodd-Frank disallows this do- Now, with the money GKM Auto from the increased opportunity and the nated appraisal, and the affiliates have Parts is saving as the result of this tax optimism that comes from this tax re- traditionally accepted the donations. reform, all of their full-time employees form legislation. That has allowed them to have lower are once again able to get healthcare One website I saw here in Washington costs. When they have to pay the ap- through the company, and they are tells us that across the country more praisal fees, it increases the cost of the very grateful, having talked to some of than 400 businesses have now an- homes to the families that are so badly the employees who had to go out to the nounced bonuses, higher wages, in- in need of affordable housing. So get- exchanges, while others chose to pay creased benefits, or a combination of ting rid of this redtape is something the penalty. They are really happy to these things as the result of the tax re- that should be bipartisan and even non- have their healthcare back. form law. Four hundred is impressive, partisan. It has been tough for us to These kinds of real, tangible benefits but I have to tell you it is a lot more get this legislation moving because are exactly what we intended to ac- businesses than that. I have been to people have wanted to block anything complish in developing tax reform, but small business roundtable discussions that has to with Dodd-Frank, but this businesses small and large are bene- and individual businesses over the past obviously, I hope, was inadvertent. So fiting from these pro-growth changes several weeks in Ohio and talked to in this legislation we have the ability to the Tax Code. over two dozen individual companies— for Habitat and other nonprofits to The second company I want to talk none of whom are on the list of 400 be- take advantage of these donated ap- about is a big C corporation— cause they are not big companies that praisals. Getting rid of that redtape is Worldpay, Inc. It is the largest credit made a big public announcement—but going to help create more affordable card processing company in the world every single one of them are taking housing for families in need. now by volume. It has about 2,000 em- this tax reform and the benefits they I want to thank Chairman CRAPO for ployees in Ohio at their headquarters. I are getting from that, and they are re- including that legislation. I also want recently went to their headquarters to investing it into their people, their

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00058 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.059 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1401 workers, their company’s plant, equip- gress. Last week, the House of Rep- are protected by a Federal law—a law ment, technology, making their work- resentatives actually offered the that we passed over two decades ago— ers more productive. So 400 is impres- SESTA legislation as an amendment called the Communications Decency sive, but I know it is much larger than on the floor to a broader bill, and it Act that protects these websites from that. Thousands of businesses are tak- passed by an overwhelming vote—over liability for crimes users commit ing advantage of this and therefore 300 votes. Just a couple of days later, through their site, no matter how their employers are and therefore you the White House expressed their sup- complicit they are in those crimes. It are seeing this increased optimism. port for this legislation. was certainly not the intent of Con- The final example I want to talk It is now the Senate’s turn to act on gress to permit this, but that is how about is one that has to do with our this critically important issue, and the courts have interpreted it. communities. I recently visited the Leader MCCONNELL—the leadership in Prosecutors and courts from across University Hospital Rainbow Center the Senate—again has made a commit- the country, including 50 State attor- for Women and Children in Cleveland, ment to me and my colleagues that we neys general, have called on Congress OH—a really impressive new facility will hold a vote on this sex trafficking to fix this injustice. In one of the most they are building. This is a new $26 legislation, the SESTA legislation, in direct calls that I have seen, a Sac- million medical facility, and I learned the next couple of weeks. We now have ramento judge last year dropped pimp- during this visit that it was the new 67 Senate cosponsors for SESTA. That ing charges against backpage.com, markets tax credit that was key to is not typical around here. stating: ‘‘If and until Congress sees fit making this project possible. New mar- It is a majority of Democrats; it is a to amend the immunity law, the broad kets is a tax incentive to spur eco- majority of Republicans—two-thirds of reach of Section 230 of the Communica- nomic growth and community redevel- the Senators in this body. By the way, tions Decency Act even applies to opment projects, and it helps to spur this is a diverse group with wide-rang- those alleged to support the exploi- private investment, as it did in this ing political and ideological back- tation of others by human trafficking.’’ case. In this Cleveland case, it spawned grounds. They have all signed on to In other words, this judge is saying significant private investment from this legislation because they want to that there is now an immunity—a pro- foundations and from individuals. This be part of the solution. It is a common- tection under Federal law—that allows is something that has worked in the sense solution to what is unfortunately these people, even when they are know- cities I represent in Ohio. We fought to a growing problem here in our country ingly involved with sex trafficking, to preserve the new markets tax credit in and in every State represented here in continue to do what they are doing. this body. the Senate version of the tax legisla- Our legislation makes two very sim- Unbelievably, sex trafficking is actu- tion, and the final agreement that be- ple changes to the Federal law that ally increasing in this country right currently protects websites like came law has the new markets tax now. In this century, in this country, credit made permanent. That is crit- backpage in an effort to restore justice. sex trafficking is actually increasing. First, SESTA says that if you are ical for economic development oppor- How can that be? What the experts tell violating a Federal law, the Federal tunities like this new university hos- us is that it is because of the online law on trafficking—and that is a law pital medical center I talked about. presence of these evil websites that are So these benefits from tax reform are that was in existence long before we selling women and children online. The started this investigation. It is a law not abstract. They are very real. They ruthless efficiency of social media—of that is well established. If you are vio- are extra money in your paycheck, the online presence of these websites— lating the Federal law on trafficking, they are more affordable healthcare is what is causing this increase. coverage, they are increased invest- Victims of sex trafficking in Ohio assisting, supporting, or facilitating ments in emerging communities, and have told me, as I have met with them: sex trafficking, and if you are doing it much more. Rob, this has moved from the street knowingly, which is a very high stand- As the good news continues to roll in corner to the smartphone. One website ard to prove, then you can be held lia- from tax reform, I will keep traveling called backpage.com is the industry ble and held to account. Again, this is Ohio, meeting with businesses, fami- leader in online sex trafficking. They very narrowly targeted legislation to lies, and workers to discuss ways tax are involved in nearly 75 percent of all deal with this specific problem. reform can help them achieve a better child trafficking reports that the Na- Second, the legislation will allow economic future. A brighter future is tional Center for Missing and Exploited State attorneys general—who cannot really what our tax reform and tax cut Children receives from the public. Sev- now but would be able under this legis- legislation was all about. enty-five percent of the reports that lation—to prosecute websites that vio- f this great organization receives to try late Federal sex trafficking laws. It is very important because that is where SESTA to stop sex trafficking relate to this one site. you are going to see most of the ac- Mr. PORTMAN. Mr. President, fi- The Permanent Subcommittee on In- tion—at the State level, the State nally, I want to talk about something vestigations here in the Senate, which prosecutors. else we were working on in Congress to I chair, conducted an 18-month inves- We have tailored this legislation nar- create a brighter future for many tigation into this issue. We looked at rowly to ensure no threat to the free- Americans. I am talking about our ef- what the online presence was and why dom of the internet but ensure we are forts to provide justice for victims of it was happening. We learned, of getting at this problem and actually sex trafficking and to hold accountable course, that backpage.com was by far dealing with immunity in Federal law. those online entities, those websites the biggest problem. We found that Sex trafficking survivors, their fami- that knowingly facilitate these evil backpage not only had the vast major- lies, and anti-trafficking advocates crimes. I am talking about this be- ity of the commercial sex traffic on have shown great courage by sharing cause, although this week we are fo- their site, but they had knowingly fa- their tragic stories and personal ac- cused on these reforms to Dodd-Frank cilitated and assisted criminal sex traf- counts of injustice at the hands of on- to help our smaller banks make the ficking and covered up evidence of line sex traffickers as we worked with economy stronger and help individuals those crimes in order to increase their them to develop this narrowly crafted and small companies, next week we own profits. legislation. hope to take up this issue of sex traf- For years, unbelievably, we have al- In testimony before the Permanent ficking. lowed them to get away with it. I think Subcommittee on Investigations and in We are closer than ever to getting that is a stain on our national char- testimony before the Commerce Com- this legislation passed, and just re- acter. I think we need to address it, mittee—which unanimously endorsed cently we had some good news in our particularly because we have the op- this legislation—we heard from victims bipartisan effort. The Stop Enabling portunity here in the Senate to change and their families. We heard from Sex Traffickers Act, or SESTA, a bill I a Federal law to help stop this. moms who told us about their teenage introduced with 24 Senators back in Courts have consistently ruled that daughters having been trafficked on- August, is gaining momentum in Con- backpage.com and these other websites line.

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00059 Fmt 4624 Sfmt 0634 E:\CR\FM\G06MR6.061 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1402 CONGRESSIONAL RECORD — SENATE March 6, 2018 One mom talked about her daughter MANITIES FOR A TERM OF FOUR YEARS, VICE WILLIAM SCOTT T. MCNEAR D. ADAMS. STEVE B. MIN who, at 14, was trafficked. She had CRISTIN A. MOUNT IN THE AIR FORCE been missing for 10 weeks. She finally JEANNIE M. MUIR THE FOLLOWING NAMED OFFICER FOR APPOINTMENT LAUREL A. NEFF found a photograph of her daughter on AS DIRECTOR OF ADMISSIONS AT THE UNITED STATES DANA R. NGUYEN backpage. She called and said: I found AIR FORCE ACADEMY IN THE GRADE INDICATED UNDER CHARLES D. NOBLE TITLE 10, U.S.C., SECTIONS 9333(C) AND 9336(B): PETER D. OCONNOR my daughter. She is on your website. STEPHEN W. OLSON To be colonel JEREMY C. PAMPLIN Thank you for taking her off your IOANNIS B. PAPADOPOULOS website. She is 14 years old. ARTHUR W. PRIMAS, JR. DINA S. PAREKH The person at the other end of the THE FOLLOWING NAMED INDIVIDUAL FOR APPOINT- PARESH R. PATEL MENT TO THE GRADE INDICATED IN THE RESERVE OF BENJAMIN K. POTTER line from backpage said: Did you pay THE AIR FORCE UNDER TITLE 10, U.S.C., SECTION 12203: NICOLE C. POWELLDUNFORD GORDON K. RAINEY for the ad? To be colonel ROSEANNE A. RESSNER PEACHES A. RICHARDS The mom said: No, I didn’t pay for GREGORY J. PAYNE ERIC A. ROBERGE the ad. That is my daughter. THE FOLLOWING NAMED OFFICER FOR APPOINTMENT JEFFERSON R. ROBERTS They said: Then we can’t take down IN THE GRADE INDICATED IN THE REGULAR AIR FORCE DAVID RUFFIN the ad. UNDER TITLE 10, U.S.C., SECTIONS 531 AND 716: KEVIN E. SCHLEGEL To be lieutenant colonel MICHELE A. SOLTIS That is who these people are. MARK E. STACKLE They have shown great courage by MICHAEL J. PATTERSON NEIL R. STOCKMASTER ABRAHAM W. SUHR coming forward with their stories. Now THE FOLLOWING NAMED OFFICER FOR APPOINTMENT TIMOTHY L. SWITAJ it is our turn to show courage by com- TO THE GRADE INDICATED IN THE UNITED STATES AIR NATHAN TAGG FORCE UNDER TITLE 10, U.S.C., SECTION 624: WILLIAM THOMAS ing together and voting on this bill, To be lieutenant colonel CHRISTOPHER TROLLMAN DAVID C. VANECHO sending it to the President’s desk, and BRAD R. MATHERNE PETER H. VANGEERTRUYDEN fixing this problem, fixing the Federal THE FOLLOWING NAMED INDIVIDUAL FOR APPOINT- LUTHER WIEST law to allow justice for the trafficking MENT TO THE GRADE INDICATED IN THE REGULAR AIR HARRY J. WRIGHT FORCE UNDER TITLE 10, U.S.C., SECTION 531: BELINDA J. YAUGER victims and to finally hold accountable D011955 those who knowingly facilitate these To be major THE FOLLOWING NAMED OFFICERS FOR APPOINTMENT JONATHAN A. MORRIS TO THE GRADE INDICATED IN THE UNITED STATES ARMY crimes. VETERINARY CORPS UNDER TITLE 10, U.S.C., SECTIONS We have an opportunity to do some- IN THE ARMY 624 AND 3064: thing important here to create a bet- THE FOLLOWING NAMED OFFICERS FOR APPOINTMENT To be major TO THE GRADE INDICATED IN THE UNITED STATES ARMY ter, safer, and more just society. I am HAYLEY R. ASHBAUGH DENTAL CORPS UNDER TITLE 10, U.S.C., SECTIONS 624 PEGGY I. BAIN AND 3064: hopeful that next week we will have CHAD E. BROWN that legislation before this body. We To be colonel CRAIG M. CALKINS AMI D. CAMPBELL will have the debate. We will pass the ERIC T. ASHLEY ANDREW J. CHAMBERS legislation and begin to provide these BRENT W. CLARK JAMES S. CORRIGAN KEN JO JENNIFER D. CWIKLA victims of trafficking the justice they ROBERT KEELER LINDSEY S. DAY deserve and, most importantly, stop NAM K. KIM HANNAH S. DOLLAR BENJAMIN R. METHVIN NATALIE A. ERKER women and children from being ex- DALE A. NICHOLS BRIAN D. FARR ploited online. DAVID OLSON DANIEL K. FINNEGAN Thank you, Mr. President. KARL RICHARDS KIMBERLY M. FOX MICHAEL J. RYHN CASSANDRA M. FRAMSTAD I yield back my time. THE FOLLOWING NAMED OFFICERS FOR APPOINTMENT JEREMY L. GALLMAN f TO THE GRADE INDICATED IN THE UNITED STATES ARMY AMBRE N. GEJER MEDICAL CORPS UNDER TITLE 10, U.S.C., SECTIONS 624 JANAS L. GRAY AND 3064: ERIN C. HENNESSEY ADJOURNMENT UNTIL 9:30 A.M. AIMEE M. HUNTER TOMORROW To be colonel ASHLEY M. HYDRICK DAVID A. JOHNSTON GILBERT AIDINIAN AMORY L. KOCH The PRESIDING OFFICER. Under ROGER A. ANDERSON KELLY M. MALLETTE THOMAS J. BACKENSON the previous order, the Senate stands BRITTANY M. MARBLE KIMBERLY R. BARRETT JACOB G. MARCEK adjourned until 9:30 a.m. tomorrow. TYSON E. BECKER BRET A. MILLER Thereupon, the Senate, at 7:06 p.m., RONALD D. BEESLEY LYNN J. MILLER PHILIP J. BERRAN adjourned until Wednesday, March 7, JESSICA A. PERPICH WILLIAM F. BIMSON LAUREN M. SEAL 2018, at 9:30 a.m. JAMES B. BRANCH TERESA M. VAUGHN JAMES M. BROWN WHITNEY E. VICKERY f KEVIN L. BUFORD SARAH T. WATKINS JASON B. CABOOT HEATHER L. WEAVER NOMINATIONS MICKEY S. CHO JORDAN N. YOLLES PATRICK J. CONTINO Executive nominations received by CORD W. CUNNINGHAM THE FOLLOWING NAMED OFFICERS FOR APPOINTMENT the Senate: KARLA L. DAVIS TO THE GRADE INDICATED IN THE UNITED STATES ARMY DAVID H. DENNISON MEDICAL SPECIALIST CORPS UNDER TITLE 10, U.S.C., DEPARTMENT OF DEFENSE JEANNE C. DILLON SECTIONS 624 AND 3064: CRAIG P. DOBSON LISA PORTER, OF VIRGINIA, TO BE A DEPUTY UNDER To be major JOSEPH G. DOUGHERTY SECRETARY OF DEFENSE. (NEW POSITION) JEREMY V. EDWARDS JEFFREY A. ANDERSON DEPARTMENT OF TRANSPORTATION THOMAS E. ELLWOOD JOSEPH R. BONGIORNO MATTHEW V. FARGO ALLEN R. BYRNE PATRICK FUCHS, OF WISCONSIN, TO BE A MEMBER OF ROBERT G. FOWERS PATRICK R. CASEY THE SURFACE TRANSPORTATION BOARD FOR THE TERM DUNCAN A. GILLIES II ROBYN L. CHALUPA OF FIVE YEARS. (NEW POSITION) BABETTE GLISTERCARLSON DONALD W. CHASE MICHELLE A. SCHULTZ, OF PENNSYLVANIA, TO BE A THOMAS J. HAIR WILLIAM R. CONKRIGHT MEMBER OF THE SURFACE TRANSPORTATION BOARD BRIAN T. HALL CARLY R. COOPER FOR THE TERM OF FIVE YEARS. (NEW POSITION) DAWN M. HAROLD ROMMEL B. DAFFON DEPARTMENT OF ENERGY DAVID P. HARPER PATRICK T. DEPRIEST TYLER E. HARRIS ROBERT C. DICHIERA JAMES EDWARD CAMPOS, OF NEVADA, TO BE DIREC- WAYNE J. HARSHA ADRIAN DONIAS TOR OF THE OFFICE OF MINORITY ECONOMIC IMPACT, JASON S. HAWLEY ABE R. DUMMAR DEPARTMENT OF ENERGY, VICE LADORIS GUESS HAR- GARTH S. HERBERT BRIAN G. GOMEZ RIS. MATTHEW H. HOEFER JOSEPH N. GOMEZ ENVIRONMENTAL PROTECTION AGENCY AARON B. HOLLEY CHARISSE L. GONZALEZ NELSON HOWARD SETH GRUBBS PETER C. WRIGHT, OF MICHIGAN, TO BE ASSISTANT AD- PAULA J. JACKSON JAMES R. GRUENEWALD MINISTRATOR, OFFICE OF SOLID WASTE, ENVIRON- MARK L. JACQUES DANNY L. HARRIS MENTAL PROTECTION AGENCY, VICE MATHY JEFFERSON W. JEX JEFFERY L. HEILESON STANISLAUS. DAVID E. JOHNSON GARY L. HELTON RYAN J. KENEALLY ALLISON F. HOWELL DEPARTMENT OF THE TREASURY EUGENE H. KIM STEVEN D. HURTLE, JR. WON I. KIM ADAM R. IRBY MICHAEL J. DESMOND, OF CALIFORNIA, TO BE CHIEF JACQUELINE N. KING MACKENZIE J. JONES COUNSEL FOR THE INTERNAL REVENUE SERVICE AND JUDY KOVELL ANNA L. KAUS AN ASSISTANT GENERAL COUNSEL IN THE DEPARTMENT DAVID G. LAWTON CHRISTINA M. KOREERAT OF THE TREASURY, VICE WILLIAM J. WILKINS. LLEWELLYN V. LEE NICHOLAS R. KOREERAT NATIONAL FOUNDATION ON THE ARTS AND THE DOWNING LU KURT D. KRESTA HUMANITIES RODD E. MARCUM FRANCES P. LANG JENNIFER W. MBUTHIA JOSEPH M. LANG JON PARRISH PEEDE, OF MISSISSIPPI, TO BE CHAIR- THANE MCCANN DEANA M. LAWRENCE PERSON OF THE NATIONAL ENDOWMENT FOR THE HU- MICHAEL Y. MCCOWN KAREN M. LONG

VerDate Sep 11 2014 07:22 Jun 10, 2018 Jkt 079060 PO 00000 Frm 00060 Fmt 4624 Sfmt 9801 E:\RECORD18\MARCH\S06MR8.REC S06MR8 bjneal on DSKBBX8HB2PROD with CONG-REC-ONLINE March 6, 2018 CONGRESSIONAL RECORD — SENATE S1403

NICOLE T. LOPEZ NICHOLAS C. KUCAN, SR. IVONNE E. CARTAGENA PRESTON E. LOPEZ JENNIFER S. KUNTZ ANTHONY L. CARTHON JOHN B. LOSCH JOSHUA D. KUPER MARIACRISTINA CARUSO MAYA L. LOWELL MARCUS H. LAI JESSICA M. CASSIDY MARK R. MATEJA LAKESHA L. LEE KIRT D. CLINE KEVIN E. MAYBERRY ERICA J. LINDROTH LUANE D. COVINGTON TAMARA J. MAYBERRY DAVID M. MARSHALL LUTISHA T. CRAWFORD SHANE D. MCDONALD MATTHEW N. MASCITELLI SHAYNA L. DEBARROS ROBERT M. MEADOWS RANDAL MAURER JARRETT M. EDWARDS ROBERT B. MILLER MATTHEW P. MCCREERY SUIN C. ELLISON BRIAN J. MIMS SEAN A. MCFARLING GLORIA J. ERNEST JACOB A. NAYLOR MARK J. MEDLEY II JENNIFER ESPARZA LARISSA R. PARSEK LAKISHA S. MERCER MATTHEW M. FANNING ANTHONY K. RAKOFSKY TERRY L. MERCIER DANIEL J. FEDDERSON CLAY T. RANDLES JONATHAN D. METCALF ALVIN G. FERRER CHRISTOPHER P. ROGERS RICHARD H. MILLER CLIFF FONTANEZ CHRISTOPHER R. SMITH CLINT H. MITCHELL GHARIWAYNE A. FORNILLOS JEFFERY G. TAYLOR ZACHARY R. MITCHELL STEPHANIE FOSCANTEBOWLING JON M. THIBODEAU ANDREA MOUNTNEY PAMELA L. FRANCIS CHARLES A. TRINGO JANESSA R. MOYER MAYA A. FRAZIER SHAVANA TURAY ERIC M. NEUTKENS MICHELLE L. FREDACH VERN WAGNER LAURA M. NEWELL KIMBERLY A. GENKOV ANGELA R. WESTON TIFFANY T. NGUYEN STACIE M. GIBSON MELISSA D. WILKES TOSHA M. NICHOLS JOHN M. GILLESPIE JEFFREY A. WITTKOPP LINDSEY E. NIELSEN LYDIA A. ZELLERS RONALD E. NIXON, JR. MARSHALL P. GLENISTER D012178 JENNIFER M. NOETZEL MARIA L. GONZALEZ D012189 SAMUEL P. OCHINANG TRAVIS J. GRAHAM D012878 RALPH M. ODOM MICHELLE L. GRANT AZUWUIKE N. OHUKA ERIC S. GRAYBILL THE FOLLOWING NAMED OFFICERS FOR APPOINTMENT JASMIN A. GREGORY TO THE GRADE INDICATED IN THE UNITED STATES ARMY JEB S. ORR ELBERT T. OSBORNE, JR. SAMANTHA M. HANSON MEDICAL SERVICE CORPS UNDER TITLE 10, U.S.C., SEC- STEPHEN C. HARMON TIONS 624 AND 3064: EDWARD K. OSEI GLORIA I. OSORIOGIRAUD JESSE M. HARTMANN To be major KIRSTEN B. OUIMETTE KRISTINA M. HERRIOTT JAMES J. PAK ELIZABETH HICKSON AHMAD B. ALEXANDER JUSTIN C. PAO LESLEY A. HUCKABY MONICA I. ALLEN CHOICEY L. PELLERIN ANDREA R. HUDSON JAMIE R. ARRUIZA HALI J. PICCIANO RENATA K. HUNLEY ERICA V. ATKISSON DENISE L. QUINTANA JEFFERSON U. HUNTER BRIAN V. BAGGETT DREW D. REINBOLDWASSON SUWAIBA IBRAHIM VIRGINIA B. BAILEY ROSALINDA C. REYES PAULA JABBOUR ROBERT L. BAKER BRANDON C. RITCHEY GILBERT C. JARAMILLO BRUCE W. BARNES YASHEBA M. ROBINSON MONIQUE JEANBAPTISTE MATTHEW L. BARRETT GILBERTO RODRIGUEZ MARLIN L. JOLLY DAVID M. BARRY ROBERT E. ROSENBERG CHANEL D. JONES NATHANIEL D. BASTIAN PRESTON D. ROY MATTHEW A. KALIS LEBARON D. BATES SHARLEEN M. RUPP BENJAMIN M. KAUFMAN RICHARD H. BENSON RENATA M. RUSSO WILLIAM KELLY ANDREW J. BODWELL TOMMY W. SANDMEL STEPHANIE K. KESSINGER STEPHEN T. BONNEY DAWN E. SERVIDIO JANETTE J. KIM DANIEL M. BOUDREAUX ERNEST A. SEVERE SUSAN KING AMY L. BREGUET ROBYN M. SHARIER ELAINE B. KIRISH LACHARLES M. BROWN ERICKA SHELDON ALBERT R. KNIGHT MEREDITH A. BROWN VERONICA C. SIMMONS LORI S. KUYT JENNA M. BURNESKIS JOSHUA T. SINGLETON CHRISTIE M. LANG CLINTON J. BURROUGHS LEONARD D. SKIPPER CARLOS O. BUSTAMANTE RACHEL H. LAROSE LOUISA M. SLAYDEN ELISA MARIE K. CALACE MARIA A. LIGHTFOOT MATTHEW D. SLYKHUIS VERN E. CAMPIGOTTO, JR. MEGAN E. LUCCIOLA JASON R. SMEDBERG JOSE A. CAPELLAN BECKY LUX AMBER L. SMITH KEYIA N. CARLTON AIMEE A. MACK CARL D. SMITH JOSHUA M. CARMEN SCOTT A. MADDOX MARIETTA M. SQUIRE JINO I. CARO TODD B. MALONE ISAAC A. STEPHEN MAXWELL G. CARROLL MARIMON I. MASKELL ALLISON S. STERNBERG WILLIAM A. CEBALLOS PATRICIA MAUVAIS MATTHEW B. STOKLEY MICHAEL C. CHASE TIERRA L. MCDEARMON MICHAEL E. SUDWEEKS JAMES E. CHRISTENSEN CODY J. MCDONALD RAJINDER N. SUMAIR ERIKA CHU MARCUS L. MCGEE LAUREN N. TEAL JAE H. CHUNG TAMELA J. MCGRAWSCHENCK LUIS A. TEJADA AMANDA A. CLINE PAUL D. MCLEMORE NICHOLAS K. TONEY MATTHEW A. COOLEY JOSE E. MENDOZA TAMARA K. TRAN ADAM D. COOPER JOSEPH A. MICHNA NICHOLAS M. TRICHE MICHAEL L. COOPER JASON MILLER TOAN M. TRINH GARION E. DAVENPORT JENNIFER A. MILLER CAROLYN D. TYSON DANIEL C. DAVIS BRENDA F. MITCHELL REMINGTON W. VANDERGRIFF SEAN T. DAVIS SUNNIE R. MURRAY CASSANDRA O. WEBB DAVID W. DRAPER LAURA M. OGLE RHONDA M. WELLS ASHLEY H. FAIR JOEL J. OSTERHOUT TRAVIS E. WHITESIDE KENT A. FISHER WINCESS PAPIUS KENNETH S. WILDER ALEXANDER F. FLYNN ALEX J. PASSMORE CHARLES R. WILLIAMS DEREK K. FOLK ELZONA M. PATTERSON GLENNDALE L. WILLIAMS ALHAJI FONAH NAJUMA A. PEMBERTON JONATHAN W. WILLIAMS JAMES S. FOX DONALD W. PITCOCK WILLIAM J. WILTBANK MIGUEL A. FRAGUEIRO JEFFREY C. RANSOM MEAGAN L. WISNIEWSKI GREG A. FULLER LUCAS R. REAVIS MICHAEL B. WRIGHT JORDAN T. GARRETT ASHLEA RICHMOND RONALD O. YOUNG, JR. LOTISHA E. GARVIN YADIRA RODRIGUEZ STEVEN D. ZUMBRUN DANIEL M. GAZZANO KENNETH J. ROMITO JESSICA L. GIDWANI THE FOLLOWING NAMED OFFICERS FOR APPOINTMENT JASON F. RYNCARZ JINA A. GILMORE TO THE GRADE INDICATED IN THE UNITED STATES ARMY SABAS SALGADO RAQUEL L. GIUNTA NURSE CORPS UNDER TITLE 10, U.S.C., SECTIONS 624 AND DALE R. SCOTT, JR. BRIAN J. GOMES 3064: LISA M. SHROPSHIRE FABIA M. GOMEZSALAS To be major JENNIFER L. SIEGERT KENNETH R. GONZALES JESSIE M. SMITH BRADLEY J. GREGORY ASHLEY K. AITON MICHAEL D. SMITHERS HELEN L. HAMPTON JACQUELINE K. ALLEN RYAN L. STAAB JESSIE G. HART CYNTHIA A. ANDERSON SERENA K. STAPLES JOHN HENIGER DEANNA R. ANDREWS JUSTIN R. STEPHENS FRANCIS J. HEREL III KEREN E. ANDUJAR CYNTHIA L. STYNER ROBERT N. HJULER JESSICA M. ARNOLD ANGELA SUMMERS THOMAS J. HOLMES LEROY A. BARBOUR ELIZABETH A. SZAKEL HEATHER L. HOLUB MARIE A. BAUTISTA LISA TAYLOR TIMOTHY J. HOPPER LANCE M. BELL SAMUEL G. TEAGUE THOMAS J. HORAL MARKO PAULO M. BENITO PAUL B. TENPENNY CHIH C. HUANG MARQUS O. BERRY JUSTIN T. TETREAULT ERIKA G. HUERTA MOLLY M. BLACK GERALDINE M. WATERS MATTHEW S. JEWETT ERICA L. BLOCK LAURENCE B. WEBB ANTHONY L. JOHN II MELISSA A. BOETIG BRETT S. WEIR JEFF A. JOHNSON TANYA L. BOLDEN MYRA D. WHITE WAYNE D. JOHNSON SARAH E. BOLIN ANNETTE E. WICKETT JOSHUA I. JONES DAVID G. BOWEN ANGELA N. WILHOIT TREVOR P. JOSEPH MYLINH P. BRUHN FELICIA M. WILLIAMS SEUNGHO KANG MARCUS R. BURGESS TERESA A. WILLIAMS NADIA T. KENDALLDIAZ LINDSAY J. BURGNER EDWARD L. WITHERS SHAWN A. KIRBY KATRINA D. BURRUS KEVIN M. WOODSON MELISSA A. KOTTKE RUBY L. CANNON TRACY L. ZINN

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00061 Fmt 4624 Sfmt 9801 E:\CR\FM\A06MR6.004 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1404 CONGRESSIONAL RECORD — SENATE March 6, 2018 THE FOLLOWING NAMED OFFICER FOR APPOINTMENT To be lieutenant colonel To be commander TO THE GRADE INDICATED IN THE RESERVE OF THE ARMY UNDER TITLE 10, U.S.C., SECTION 12203: ANDREW K. SINDEN JUSTIN M. ADCOCK To be colonel THE FOLLOWING NAMED OFFICERS FOR APPOINTMENT THE FOLLOWING NAMED OFFICER FOR APPOINTMENT TO THE GRADE INDICATED IN THE UNITED STATES ARMY TO THE GRADE INDICATED IN THE UNITED STATES NAVY WILSON R. RAMOS UNDER TITLE 10, U.S.C. SECTION 624: UNDER TITLE 10, U.S.C., SECTION 624: THE FOLLOWING NAMED OFFICER FOR APPOINTMENT To be major To be lieutenant commander TO THE GRADE INDICATED IN THE UNITED STATES ARMY UNDER TITLE 10, U.S.C., SECTION 624: D013264 DANIEL A. WARD To be lieutenant colonel D013298 THE FOLLOWING NAMED OFFICER FOR APPOINTMENT THE FOLLOWING NAMED OFFICER FOR APPOINTMENT TO THE GRADE INDICATED IN THE UNITED STATES NAVY CURTIS D. BOWE TO THE GRADE INDICATED IN THE UNITED STATES ARMY UNDER TITLE 10, U.S.C., SECTION 624: THE FOLLOWING NAMED OFFICER FOR APPOINTMENT UNDER TITLE 10, U.S.C., SECTION 624: To be lieutenant commander TO THE GRADE INDICATED IN THE UNITED STATES ARMY To be major UNDER TITLE 10, U.S.C., SECTION 624: ROBERT M. HESS CHRISTOPHER F. RUDER To be lieutenant colonel f CARL E. FOSTER III IN THE NAVY THE FOLLOWING NAMED OFFICER FOR APPOINTMENT THE FOLLOWING NAMED OFFICER FOR APPOINTMENT CONFIRMATION TO THE GRADE INDICATED IN THE UNITED STATES ARMY TO THE GRADE INDICATED IN THE UNITED STATES NAVY UNDER TITLE 10, U.S.C., SECTION 624: UNDER TITLE 10, U.S.C., SECTION 624: Executive nomination confirmed by To be lieutenant colonel To be commander the Senate March 6, 2018: MICHAEL A. FOWLES BRIAN P. WALSH THE JUDICIARY THE FOLLOWING NAMED OFFICER FOR APPOINTMENT THE FOLLOWING NAMED OFFICER FOR APPOINTMENT TERRY A. DOUGHTY, OF LOUISIANA, TO BE UNITED TO THE GRADE INDICATED IN THE UNITED STATES ARMY TO THE GRADE INDICATED IN THE UNITED STATES NAVY STATES DISTRICT JUDGE FOR THE WESTERN DISTRICT UNDER TITLE 10, U.S.C., SECTION 624: UNDER TITLE 10, U.S.C., SECTION 624: OF LOUISIANA.

VerDate Sep 11 2014 03:01 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00062 Fmt 4624 Sfmt 9801 E:\CR\FM\A06MR6.006 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE