Congressional Record—Senate S2036
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S2036 CONGRESSIONAL RECORD — SENATE March 26, 2012 TITLE IV—BUDGETARY EFFECTS (11) the Commodity Futures Trading Com- EXECUTIVE SESSION SEC. 401. DEFICIT REDUCTION. mission has a responsibility — (A) to ensure that the price discovery for SA 1952. Mr. SANDERS (for himself, oil and gasoline accurately reflects the fun- EXECUTIVE CALENDAR damentals of supply and demand; and Mr. BLUMENTHAL, Mrs. FEINSTEIN, Mr. (B) to take immediate action to implement Mr. DURBIN. Madam President, I ask TESTER, Mrs. MCCASKILL, Ms. KLO- strong and meaningful position limits to reg- unanimous consent that the Senate BUCHAR, Mr. LEVIN, Mr. FRANKEN, Mr. ulated exchange markets to eliminate exces- proceed to executive session to con- BROWN of Ohio, Mr. CARDIN, and Ms. sive oil speculation. sider the following nominations: Cal- MIKULSKI) submitted an amendment in- (b) ACTIONS.—Not later than 14 days after endar Nos. 615, 616, 617, 618, 619, 620, 621, tended to be proposed by him to the the date of enactment of this Act, the Com- 622, 623, 625, 626, 627, and 628, and all bill S. 2204, to eliminate unnecessary modity Futures Trading Commission shall nominations placed on the Secretary’s tax subsidies and promote renewable use the authority of the Commission (includ- ing emergency powers)— desk in the Air Force, Army, Marine energy and energy conservation; which Corps, and Navy; that the nominations was ordered to lie on the table; as fol- (1) to curb immediately the role of exces- be confirmed en bloc; that the motions lows: sive speculation in any contract market within the jurisdiction and control of the to reconsider be considered made and On page 22, strike lines 4 and 5 and insert Commission, on or through which energy fu- laid upon the table, with no inter- the following: tures or swaps are traded; and vening action or debate; that no fur- TITLE III—MISCELLANEOUS (2) to eliminate excessive speculation, ther motions be in order to any of the SEC. 301. ENERGY MARKETS. price distortion, sudden or unreasonable nominations; that any related state- (a) FINDINGS.—Congress finds that— fluctuations, or unwarranted changes in (1) the Commodity Futures Trading Com- prices, or other unlawful activity that is ments be printed in the Record; that mission was created as an independent agen- causing major market disturbances that pre- the President be immediately notified cy, in 1974, with a mandate— vent the market from accurately reflecting of the Senate’s action and the Senate (A) to enforce and administer the Com- the forces of supply and demand for energy resume legislative session. modity Exchange Act (7 U.S.C. 1 et seq.); commodities. The PRESIDING OFFICER. Without (B) to ensure market integrity; TITLE IV—BUDGETARY EFFECTS objection, it is so ordered. (C) to protect market users from fraud and abusive trading practices; and SEC. 401. DEFICIT REDUCTION. The nominations considered and con- firmed are as follows: (D) to prevent and prosecute manipulation f of the price of any commodity in interstate IN THE AIR FORCE commerce; NOTICE OF HEARING The following Air National Guard of the (2) Congress has given the Commodity Fu- JOINT CONGRESSIONAL COMMITTEE ON United States officer for appointment in the tures Trading Commission authority under INAUGURAL CEREMONIES Reserve of the Air Force to the grade indi- the Commodity Exchange Act (7 U.S.C. 1 et Mr. SCHUMER. Mr. President, I wish cated under title 10, U.S.C., sections 12203 seq.) to take necessary actions to address and 12212: market emergencies; to announce that the Joint Congres- To be brigadier general (3) the Commodity Futures Trading Com- sional Committee on Inaugural Cere- mission may use the emergency authority of monies will meet on Wednesday, March Col. Peter R. Masciola the Commission with respect to any major 28, 2012, at 10:30 a.m., to conduct its or- The following named officer for appoint- market disturbance that prevents the mar- ganization meeting. ment in the United States Air Force to the ket from accurately reflecting the forces of For further information regarding grade indicated under title 10, U.S.C., section supply and demand for a commodity; this meeting, please contact Lynden 624: (4) Congress declared in section 4a of the To be major general Commodity Exchange Act (7 U.S.C. 6a) that Armstrong at the Rules and Adminis- excessive speculation imposes an undue and tration Committee on (202) 224–6352. Brig. Gen. Mark A. Ediger The following named officer for appoint- unnecessary burden on interstate commerce; f (5) according to an article published in ment in the United States Air Force to the Forbes on February 27, 2012, excessive oil PRIVILEGE OF THE FLOOR grade indicated while assigned to a position speculation ‘‘translates out into a premium of importance and responsibility under title for gasoline at the pump of $.56 a gallon’’ Mr. BAUCUS. Mr. President, I ask 10, U.S.C., section 601: unanimous consent that the following based on a recent report from Goldman To be general Sachs; staff of the Finance Committee be al- Lt. Gen. Janet C. Wolfenbarger (6) on March 9, 2012— lowed on the Senate floor for the dura- (A) the supply of crude oil and gasoline was tion of today’s session and the debate The following Air National Guard of the higher than the supply was on March 6, 2009, on S. 2204: Juan Machado, David Sklar, United States officers for appointment in the Reserve of the Air Force to the grade indi- when the national average price for a gallon Harun Dogo, and Avital Barnea. of regular unleaded gasoline was just $1.94; cated under title 10, U.S.C., sections 12203 and The ACTING PRESIDENT pro tem- and 12212: (B) demand for gasoline in the United pore. Without objection, it is so or- To be brigadier general dered. States was lower than demand was on June Colonel Ondra L. Berry 20, 1997; f Colonel Allen D. Bolton (7) on March 12, 2012, the national average Colonel William D. Cobetto price of regular unleaded gasoline was over MEASURE READ THE FIRST Colonel Wade A. Lillegard $3.82 a gallon, the highest price ever recorded TIME—S. 2237 Colonel Thad L. Myers in the United States during the month of March; Mr. DURBIN. Madam President, I un- The following Air National Guard of the (8) during the last quarter of 2011, accord- derstand that S. 2237, introduced ear- United States officers for appointment in the ing to the International Energy Agency— lier today by Senator REID of Nevada, Reserve of the Air Force to the grade indi- (A) the world oil supply rose by 1,300,000 is at the desk, and I ask for its first cated under title 10, U.S.C., sections 12203 barrels per day while demand only increased reading. and 12212: by 700,000 barrels per day; but The PRESIDING OFFICER. The To be major general (B) the price of Texas light sweet crude clerk will report the bill by title. Brigadier General Steven A. Cray rose by over 12 percent; The legislative clerk read as follows: Brigadier General William J. Crisler, Jr. (9) on November 3, 2011, Gary Gensler, the Brigadier General Jon F. Fago Chairman of the Commodity Futures Trad- A bill (S. 2237) to provide a temporary in- Brigadier General Michael A. Loh ing Commission testified before the Senate come tax credit for increased payroll and ex- Brigadier General Eric W. Vollmecke Permanent Subcommittee on Investigations tend bonus depreciation for an additional The following named officers for appoint- that ‘‘80 to 87 percent of the [oil futures] year, and for other purposes. ment in the United States Air Force to the market’’ is dominated by ‘‘financial partici- Mr. DURBIN. Madam President, I ask grade indicated under title 10, U.S.C., section pants, swap dealers, hedge funds, and other for its second reading and object to my 624: financials,’’ a figure that has more than dou- own request. bled over the past decade; To be major general (10) excessive oil and gasoline speculation The PRESIDING OFFICER. Objec- Brigadier General David W. Allvin is creating major market disturbances that tion is heard. The bill will be read for Brigadier General Howard B. Baker prevent the market from accurately reflect- the second time on the next legislative Brigadier General Thomas W. Bergeson ing the forces of supply and demand; and day. Brigadier General Charles Q. Brown, Jr. VerDate Mar 15 2010 04:20 Mar 27, 2012 Jkt 019060 PO 00000 Frm 00028 Fmt 4624 Sfmt 0634 E:\CR\FM\A26MR6.018 S26MRPT1 jbell on DSK7SPTVN1PROD with SENATE March 26, 2012 CONGRESSIONAL RECORD — SENATE S2037 Brigadier General Darryl W. Burke Brigadier General William C. Hix by the Senate and appeared in the Congres- Brigadier General Richard M. Clark Brigadier General Stephen R. Lyons sional Record of January 31, 2012. Brigadier General Dwyer L. Dennis Brigadier General Herbert R. McMaster, Jr. PN1288 MARINE CORPS nomination of Brigadier General Mark C. Dillon Brigadier General John M. Murray Mark A. Mitchell, which was received by the Brigadier General Carlton D. Everhart, II Brigadier General Richard P. Mustion Senate and appeared in the Congressional Brigadier General Samuel A. R. Greaves Brigadier General Michael K. Nagata Record of January 31, 2012. Brigadier General Morris E. Haase Brigadier General Bryan R. Owens PN1295 MARINE CORPS nominations (2) Brigadier General Garrett Harencak Brigadier General James F. Pasquarette beginning ROBERT F. EMMINGER, and end- Brigadier General Paul T. Johnson Brigadier General Lawarren V. Patterson ing MICHAEL G. MARCHAND, which nomi- Brigadier General Randy A. Kee Brigadier General Aundre F. Piggee nations were received by the Senate and ap- Brigadier General Jim H.