Congressional Record United States Th of America PROCEEDINGS and DEBATES of the 110 CONGRESS, FIRST SESSION
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E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 110 CONGRESS, FIRST SESSION Vol. 153 WASHINGTON, TUESDAY, MAY 1, 2007 No. 70 Senate The Senate met at 10 a.m. and was Senator from the State of Ohio, to perform PERFORMANCE OF THE MEDIA called to order by the Honorable the duties of the Chair. Mr. BENNETT. Mr. President, my SHERROD BROWN, a Senator from the ROBERT C. BYRD, President pro tempore. theme today has to do with our friends State of Ohio. in the media, or the fourth estate as Mr. BROWN thereupon assumed the they like to call themselves. There are chair as Acting President pro tempore. PRAYER two items I wish to call to the atten- The Chaplain, Dr. Barry C. Black, of- f tion of the Senate and anyone else who fered the following prayer: RECOGNITION OF THE ACTING might be listening with respect to the Let us pray. MAJORITY LEADER performance of the media. The first one O God, our rock, fortress, and deliv- The ACTING PRESIDENT pro tem- is highlighted in an editorial that ap- erer, we trust You to strengthen us pore. The acting majority leader is rec- peared this morning in the Wall Street today. ognized. Journal entitled ‘‘Frist’s Vindication.’’ Empower our Senators with humility All of us in this Chamber know Sen- f to listen, wisdom to understand, cour- ator FRIST. We know him as a man of age to attempt, and power to obey. ORDER OF PROCEDURE integrity, intelligence, and grace. He May they devote themselves to the Ms. STABENOW. Mr. President, I presided over the Senate as the major- honorable, the noble, and the good. now ask unanimous consent that when ity leader for 4 years. He has a long Keep them from self-indulgence, men- the Senate resumes S. 1082 this morn- history as a humanitarian, as a sci- tal lethargy, and negative expectations ing, it be for debate only until 12:30 entist, as a skilled doctor who pio- as You guide their hearts and minds in p.m., with no amendments in order neered procedures in the process of the knowledge of Your love. Purify during that time, with the time equal- heart and lung transplants. their ambitions so that they may set ly divided and controlled between the We also know him as the target of their hearts only on that which pleases two leaders or their designees. media attack for insider trading, and You. May they find even in problems The ACTING PRESIDENT pro tem- we know groups that are self-anointed opportunities to discover Your power. pore. Is there objection? as watchdogs of the public conscious- We pray in Your great Name. Amen. Without objection, it is so ordered. ness that picked that up and kept the drumbeat alive. Our friends in the f f media also kept the drumbeat alive PLEDGE OF ALLEGIANCE RESERVATION OF LEADER TIME saying, over and over again, Dr. Frist The ACTING PRESIDENT pro tem- was a hypocrite, Dr. Frist engaged in The Honorable SHERROD BROWN led the Pledge of Allegiance, as follows: pore. Under the previous order, the insider trading, Dr. Frist used his posi- I pledge allegiance to the Flag of the leadership time is reserved. tion to enrich himself while he was United States of America, and to the Repub- f here in the Senate. lic for which it stands, one nation under God, Well, the Securities and Exchange indivisible, with liberty and justice for all. MORNING BUSINESS Commission was sufficiently aroused The ACTING PRESIDENT pro tem- by those attacks that they entered into f pore. Under the previous order, there an investigation of Dr. Frist’s activi- APPOINTMENT OF ACTING will now be a period for the transaction ties with respect to his stock. That in- PRESIDENT PRO TEMPORE of morning business for up to 60 min- vestigation is now closed. I did not re- utes, with Senators permitted to speak The PRESIDING OFFICER. The alize the investigation was closed be- for up to 10 minutes each, with the clerk will please read a communication cause there has been no hue and cry first half of the time under the control to the Senate from the President pro whatsoever in the media. There has of the Republicans and the second half been no mention that came to my at- tempore (Mr. BYRD). of the time under the control of the The assistant legislative clerk read tention in the media, until I picked up majority. the following letter: this morning’s Wall Street Journal and The Senator from Utah is recognized. saw this editorial. U.S. SENATE, Mr. BENNETT. Mr. President, I ask I would like to quote from it. Under PRESIDENT PRO TEMPORE, unanimous consent that I be allowed to Washington, DC, May 1, 2007. the title ‘‘Frist’s Vindication’’ and the To the Senate: speak for up to 15 minutes. subhead ‘‘So much for that ‘insider Under the provisions of rule I, paragraph 3, The ACTING PRESIDENT pro tem- trading’ smear,’’ here is what it says: of the Standing Rules of the Senate, I hereby pore. Without objection, it is so or- When insider-trading allegations against appoint the Honorable SHERROD BROWN, a dered. former Senate Majority Leader Bill Frist ∑ This ‘‘bullet’’ symbol identifies statements or insertions which are not spoken by a Member of the Senate on the floor. S5315 . VerDate Aug 31 2005 01:47 May 02, 2007 Jkt 059060 PO 00000 Frm 00001 Fmt 0624 Sfmt 0634 E:\CR\FM\A01MY6.000 S01MYPT1 hmoore on PRODPC68 with HMSENATE S5316 CONGRESSIONAL RECORD — SENATE May 1, 2007 surfaced back in 2005, they were splashed on and those self-appointed leaders of eth- China is the nation of the future. We the pages of major newspapers from coast to ics who are quick to criticize but slow have heard in the media statements coast. Now that Dr. Frist has been vindi- to apologize. about the 20th century being the Amer- cated, the silence is instructive. Is anybody Now, Mr. President, the next issue I ican century; the 21st century is going out there? would like to raise with respect to the to be the Chinese century. It goes on to describe the allegations media has to do with the hysteria over Well, let me put up another chart against Dr. Frist. I shall not repeat America’s trade deficit with China. I that I think will demonstrate that them. Basically, it says he used his po- have some charts I would like to put up might be a little bit premature. sition in the Senate to get insider in- to show some historical evidence with Let’s look at the size of the two formation and started selling his stock respect to this issue. economies. The size of the economy is in HCA in advance of a drop in the Let’s talk about China and the trade measured in gross domestic product. stock that occurred because of earn- deficit and the rise of China. This chart The gross domestic product of the ings reports. has two lines on it, one in red, which is United States in 2000 was $9.8 trillion. The editorial says: American exports to China, and one in The gross domestic product in China in Thanks in part to his meticulous email ar- blue, which is American imports from 2000 was $1.2 trillion. This is the begin- chives, Dr. Frist was able to show that he China. ning of the Chinese century? The Chi- had begun the process of selling his HCA Let’s go back to 1975, before people nese are starting off pretty far behind stock in April of 2005, months before he was were all excited about China and how alleged to have received the inside whispers. in this race if they are going to turn China was destroying us in the age of the 21st century into the Chinese cen- It goes on to discuss the groups that globalization, how China’s cheap labor tury. They are at $1.2 trillion and we attacked him. Again quoting: was taking all of our jobs, and we were are at $9.8 trillion. We have sprinted For years he was harassed by such liberal flooded with Chinese imports. We no- into what the media is calling the Chi- lobbies as Public Citizen, and Citizens for tice on the chart there was a gap be- nese century now for the first 6 years. Responsibility and Ethics in Washington, which alleged conflicts of interest. These tween American exports to China and Where are we? These statistics are groups objected even to those stocks he held American imports from China. No one for the first 5 years, the first 5 percent. in the blind trust he had created to avoid the felt that gap was ready to threaten and In that period of time, our annual GDP appearance of a conflict of interest. Yet destroy the American economy. No one growth has been 3.2 percent. The Chi- when he sold those stocks, with a possible got excited about it. All right. nese has been 10 percent. Those are the eye on higher office, he was pilloried for You go to 1990, and you find that nei- numbers that say they are going to doing what the ethicists had asked him to do ther line has moved up very much, but overtake us. Ten percent is clearly bet- all along. the gap remains virtually the same.