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Senate (Legislative Day of Thursday, March 13, 2008)

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Senate (Legislative Day of Thursday, March 13, 2008) E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 110 CONGRESS, SECOND SESSION Vol. 154 WASHINGTON, MONDAY, MARCH 31, 2008 No. 49 Senate (Legislative day of Thursday, March 13, 2008) The Senate met at 2 p.m., on the ex- appoint the Honorable JIM WEBB, a Senator I do not want to limit myself to politics. I piration of the recess, and was called to from the Commonwealth of Virginia, to per- do not want to feel that I am addressing an order by the Honorable JIM WEBB, a form the duties of the Chair. audience of Democrats or that I speak mere- Senator from the Commonwealth of ROBERT C. BYRD, ly as a Democrat myself. The present condi- President pro tempore. tion of our national affairs is too serious to Virginia. Mr. WEBB thereupon assumed the be viewed through partisan eyes for partisan purposes. PRAYER chair as Acting President pro tempore. He went on to say that troubled The Chaplain, Dr. Barry C. Black, of- f times call for us to: fered the following prayer: RECOGNITION OF THE MAJORITY put [our] faith once more in the forgotten Let us pray. LEADER man at the bottom of the economic pyr- Eternal God, Sovereign Lord of all, amid.... The two billion dollar fund which The ACTING PRESIDENT pro tem- help our Senators to remember today President Hoover and Congress have put at pore. The majority leader is recog- that they serve here by divine appoint- the disposal of big banks, the railroads and nized. ment and are accountable to You for the corporations is not for [the average per- f son]. their work. Give them wisdom as they Here should be an objective of government wrestle with complex issues. Empower SCHEDULE itself—to provide at least as much assistance them with clarity in debate and cour- to the little fellow as it is now giving to the Mr. REID. Mr. President, following age to vote their convictions. Deliver large banks and corporations. This is [an] ex- my remarks and those of the Repub- them from any compromises that sac- ample of building from the bottom up. lican leader, if he chooses to make rifice principles, as You help them Mr. President, the more things some, there will be a period of morning make just and compassionate deci- change, the more they seem to stay the business, with Senators permitted to sions. Let Your grace guide their delib- same. Recently, the Federal Reserve speak therein for up to 10 minutes erations and Your blessings crown provided taxpayers’ money to prevent each. As previously announced, there their labors for the glory of Your the collapse of Bear Stearns. The Fed will be no rollcall votes today. Sen- Name. Amen. took the additional unprecedented step ators should be prepared to vote tomor- of opening its discount lending window f row at about 2:15 p.m. or thereabouts to securities firms, even though—un- PLEDGE OF ALLEGIANCE on the motion to invoke cloture on the like banks—those firms aren’t regu- motion to proceed to H.R. 3221, the leg- lated by the Fed. The Honorable JIM WEBB led the islative vehicle for the housing bill. Pledge of Allegiance, as follows: I understand the need to take some f bold steps. I believe the Federal Re- I pledge allegiance to the Flag of the serve is doing what they think is best United States of America, and to the Repub- HOUSING AND THE ECONOMY lic for which it stands, one nation under God, in the face of a deep and growing eco- indivisible, with liberty and justice for all. Mr. REID. Mr. President, 76 years nomic crisis. While on principle the ago, Franklin Roosevelt, who was then spirit of capitalism would call for Wall f the Governor of New York, was en- Street firms to shoulder the burden of APPOINTMENT OF ACTING gaged in a fierce Presidential cam- loss along with the spoils of profit, it is PRESIDENT PRO TEMPORE paign. The country was reeling from incumbent upon our Government to The PRESIDING OFFICER. The the stock market crash of 1929. Con- look for the greater good. But we must clerk will please read a communication sumer confidence in banks had plum- not neglect the lessons of history. If we to the Senate from the President pro meted. The Great Depression was in agree that it is a responsibility of Gov- full force at that time, and the Amer- tempore (Mr. BYRD). ernment to provide liquidity and secu- The assistant legislative clerk read ican people had lost confidence that rity to the titans of Wall Street—and the following letter: President Herbert Hoover had what it we do—then how can we think it is any took to lead the country out of eco- less our responsibility to do the same U.S. SENATE, nomic darkness. for Main Street? PRESIDENT PRO TEMPORE, Washington, DC, March 31, 2008. In April 1932, Governor Roosevelt, The American people are suffering. To the Senate: seeking the Democratic nomination for We are paying more than ever for gaso- Under the provisions of rule I, paragraph 3, President, took to the radio waves and line, groceries, and heat for our homes. of the Standing Rules of the Senate, I hereby said this: Home values are falling—in January ∑ This ‘‘bullet’’ symbol identifies statements or insertions which are not spoken by a Member of the Senate on the floor. S2207 . VerDate Aug 31 2005 02:28 Apr 01, 2008 Jkt 069060 PO 00000 Frm 00001 Fmt 4624 Sfmt 0634 E:\CR\FM\A31MR6.000 S31MRPT1 ccoleman on PROD1PC77 with SENATE S2208 CONGRESSIONAL RECORD — SENATE March 31, 2008 alone, almost 13 percent. Millions face opportunity to propose amendments. Last week, the President marked the foreclosure, and communities are suf- Mr. President, I have said on this floor, beginning of the sixth year of this war fering because of the housing melt- I have said privately, I have said at by delivering more of the same discon- down. This crisis is real, it is imme- press conferences—the record will nected rhetoric. But at the same time diate, and it calls for Congress to take clearly show—Democrats are happy to he was giving this talk of progress, the action. Every day that Congress and allow amendments. Democrats want to facts on the ground betrayed this the President do nothing is another offer amendments. Republicans want to happy-talk. As Republican Senator day closer to another American family offer amendments. We would like noth- CHUCK HAGEL said, the President’s losing their home. This is not the time ing more than an open debate on this words—compared with the real facts on for politics or partisanship. It is, as bill and how we might be able to make the ground—are like ‘‘Alice in Wonder- President Roosevelt said, time to give it better. I have told my distinguished land.’’ That is what Senator HAGEL some ‘‘assistance to the little fellow’’— counterpart, Senator MCCONNELL, if said. The situation on the ground in those were his words—it is time to do Republicans object to parts of our bill, Iraq is fluid and rapidly changing. the right thing, the responsible thing, they are welcome to seek enough votes Mr. President, I was stunned this for the American people—the little fel- to amend it, to change it. That is how morning when I got up and listened to low. the legislative process is supposed to the radio. Sadr has said: OK, lay down Last work period, Democrats intro- work. your arms on a couple conditions—re- duced a housing bill. The President and It would be a fool’s errand to put our lease all the prisoners, don’t do any his Republican Senators filibustered proposal up and the Republican pro- more arrests, and leave us alone. and blocked this much needed legisla- posal up and move to invoke cloture on Mr. President, within a couple of tion. This legislation is not a catch-all each one of those. It would take 60 months after this war started, the com- or a silver bullet, but financial experts votes. That is not what we need to do. manders on the ground in Iraq came agree it is a good start. If passed, it It would be failure for sure. and told us that this man was a crimi- would have an immediate positive im- Why don’t we move forward on our nal and he would be in jail within a pact on struggling homeowners and bill? There will be a vote at 2:15 tomor- matter of a couple weeks. Now, wheth- hard-hit neighborhoods. row. If my colleagues want to have a er that is true or not, that is up for Mr. President, I have talked in limited number of amendments, fine, others to decide, but that is what we length about this legislation to Chair- let’s have a limited number of amend- were told. And here is this man now, 5 man Bernanke. I have spoken to Sec- ments dealing with this problem. Ex- years later, who in effect is telling the retary Paulson. I think they have done perts say we are in a crisis and have to elected leader of Iraq what to do and good work. But I think if they were do something now. what not to do. asked point blank—and I am not going I respect Secretary Paulson very It is clear that the Iraqi civil war to, certainly, state here publicly any of much.
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