E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 111 CONGRESS, SECOND SESSION

Vol. 156 WASHINGTON, TUESDAY, MAY 4, 2010 No. 65 House of Representatives The House met at 12:30 p.m. and was ior by many financial institutions to Asset Relief Program, initiated under called to order by the Speaker pro tem- subject the entire economy to unparal- President Bush, and its more than $170 pore (Mr. YARMUTH). leled peril. billion taxpayer funded bailout kept f We know the system was broken. AIG from actual collapse. Consumers weren’t protected. They It is important to ensure that tax- DESIGNATION OF SPEAKER PRO lost trillions of dollars in their retire- payer funds are never again used to TEMPORE ment funds, housing values declined to bail out private companies. We must The SPEAKER pro tempore laid be- record lows, and bank lending dried up. have a procedure in place that not only fore the House the following commu- Taxpayers weren’t protected. They ends the concept of too big to fail, but nication from the Speaker: were forced to bail out the very compa- also prevents the financial abuses from WASHINGTON, DC, nies that created the economic dis- endangering the economy in the first May 4, 2010. aster. Even Wall Street wasn’t pro- place. I hereby appoint the Honorable JOHN A. tected, as the irresponsible and reck- The value of the derivatives market YARMUTH to act as Speaker pro tempore on less actions of some institutions left as of October 2008 stood at $668 trillion. this day. the entire financial industry and the I did not misspeak. The value of the de- NANCY PELOSI, American economy in near collapse. rivatives bought and sold, completely Speaker of the House of Representatives. When no one is protected, everybody is unregulated, totaled more than 15 f endangered. times the entire world’s gross domestic MORNING-HOUR DEBATE We know the results: the worst reces- product. Although this does not rep- sion since World War II; the highest resent $668 trillion of real wealth, it The SPEAKER pro tempore. Pursu- unemployment since 1983, peaking in does indicate hundreds of trillions of ant to the order of the House of Janu- January 2009 with 740,000 jobs lost; a dollars worth of speculative invest- ary 6, 2009, the Chair will now recog- stock market that plummeted to less ments, which remain void of any trans- nize Members from lists submitted by than half its peak value; housing fore- parency today. the majority and minority leaders for closures that increasingly cast families How can we allow the massive deriva- morning-hour debate. out of their homes; millions of Ameri- tives market to remain completely un- The Chair will alternate recognition cans out of work, and a dramatically regulated after what we have gone between the parties, with each party shrinking gross domestic product. through? How can we allow the risky limited to 30 minutes and each Mem- Fannie Mae and Freddie Mac, holders and abusive actions of certain financial ber, other than the majority and mi- of more than two-thirds of all of the institutions to endanger an entire nority leaders and the minority whip, mortgages in this country, nearly col- economy? How can we allow American limited to 5 minutes. lapsed and are now in government re- taxpayers to be faced with the unten- f ceivership. General Motors and Chrys- able choice of risking further economic ler emerged from bankruptcy only with collapse or funding financial institu- THE NEED FOR FINANCIAL Federal taxpayers owning significant tions’ misdeeds? Big banks and other REFORM amounts of those companies as well. financial institutions cannot with one The SPEAKER pro tempore. The The financial sector was the epicenter hand wave a finger in America’s face Chair recognizes the gentleman from of the recession. Between 2000 and 2007, decrying any perceived threat to their Virginia (Mr. CONNOLLY) for 5 minutes. 27 banks failed. Since then, 215 have autonomy while simultaneously hold- Mr. CONNOLLY of Virginia. Mr. failed. ing out the other hand to the American Speaker, as the economy faced immi- The largest savings and loan failure taxpayer asking for a bailout. nent collapse in 2008, the choice be- in American history happened in July It is unconscionable to allow private tween allowing a complete meltdown of 2008 when IndyMac was seized. The risk to become public responsibility. the financial sector and initiating tax- largest bank failure in history hap- That is why the House took action last payer funded bailouts was at best a pened just 2 months later when Wash- December passing the Wall Street Re- choice between the lesser of two evils. ington Mutual, in existence for more form and Consumer Protection Act. It It was reflective of the fact that a com- than 100 years, collapsed, threatening is long past time for the Senate to join plete and thorough lack of financial its customers’ $307 billion in assets. us and assure American taxpayers that regulation by the previous administra- The largest insurance company failure never again will they be asked to bail tion and previous Congresses had al- in American history, AIG, also oc- out misbehaving financial institutions. lowed years of abuse and risky behav- curred in late 2008. Only the Troubled We must not allow the near-criminal

b This symbol represents the time of day during the House proceedings, e.g., b 1407 is 2:07 p.m. Matter set in this typeface indicates words inserted or appended, rather than spoken, by a Member of the House on the floor.

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VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00001 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE H3084 CONGRESSIONAL RECORD — HOUSE May 4, 2010 lack of oversight again. We must not And it is why I spend each day in PLEDGE OF ALLEGIANCE continue to turn a blind eye to the Congress working with my colleagues The SPEAKER. Will the gentleman abuses of the past. On behalf of the to fix our economy. I am working to from Illinois (Mr. JACKSON) come for- American taxpayers and consumers, we renew the American dream. ward and lead the House in the Pledge must enact financial reform now. Unfortunately, there are many obsta- of Allegiance. f cles in the way. Some Members of the Mr. JACKSON of Illinois led the other body have played games with ef- JOBS AND THE AMERICAN Pledge of Allegiance as follows: forts to extend unemployment benefits. ECONOMY I pledge allegiance to the Flag of the Others are more concerned about re- The SPEAKER pro tempore. The United States of America, and to the Repub- taining corporate tax giveaways than lic for which it stands, one nation under God, Chair recognizes the gentlewoman from they are in working to find solutions indivisible, with liberty and justice for all. California (Ms. LINDA T. SA´ NCHEZ) for 5 that would help us pay for job creation minutes. f ´ efforts, job creation efforts that would Ms. LINDA T. SANCHEZ of Cali- help families while helping to restore PASS THE WAXMAN-MARKEY fornia. Mr. Speaker, I rise today to dis- Federal revenues. CLIMATE CHANGE BILL cuss the need to create more jobs in Regardless of the obstacles we face, the American economy. We have had (Mr. HALL of New York asked and no matter how bitter our fights, noth- was given permission to address the some good news on jobs lately. The Na- ing we experience in Congress will ever tion’s unemployment rate has finally House for 1 minute.) compare to the challenge of supporting Mr. HALL of New York. Madam dipped below 10 percent, and the econ- a family without a job. That is why to omy added 162,000 jobs in March alone. Speaker, I rise today to discuss the ex- my neighbors back home in southern treme weather events that have oc- It is a start. California, I pledge to redouble my ef- The economic stimulus measures in curred over the last several months. forts, to keep fighting the good fight, last year’s Recovery Act are starting From the massive rains and flooding to work tirelessly to bring back jobs to pay off, but it is still not enough. this week in Tennessee, to the historic Over 44 percent of unemployed Ameri- and get America back on track. And to tornado in Mississippi, to this spring’s cans have been jobless for 6 months or make sure the light at the end of the flooding in New England and Con- longer, the highest rate since World tunnel really is a ray of hope for a necticut and Rhode Island, to the Feb- War II. For the long-term unemployed, brighter tomorrow. ruary mudslides in Madeira, to the that light at the end of the tunnel may f freak March Hurricane Xynthia that feel more like a freight train bearing RECESS killed 40 people on the coast of France, down on them. it is clear that storms are getting more The SPEAKER pro tempore. Pursu- Long-term unemployment cuts intense and weather patterns are ant to clause 12(a) of rule I, the Chair across nearly every industry and occu- changing, consistent with computer declares the House in recess until 2 pation, and happens to workers of all models of climate change. p.m. today. ages. Long-term unemployment is bad In Orange County, New York, my Accordingly (at 12 o’clock and 40 for families, and it is bad for the coun- farmers have had to cope with so-called minutes p.m.), the House stood in re- try. 50-year floods that now seem to occur cess until 2 p.m. Long-term unemployment can per- every year. Rivers may truly be the ca- manently depress a person’s future f nary in the coal mine of global climate wages. A study published by the Fed- b 1400 change. What more evidence do we eral Reserve Bank of Chicago followed AFTER RECESS need? up on workers who lost their jobs dur- It’s time to stop denying that this ing the recession of 2001 to 2003. It The recess having expired, the House change is happening and work together found that those working again by 2004 was called to order by the Speaker at 2 to stop the pollution that causes it. In earned 17 percent less per week than p.m. the House we have acted, and now it’s they would have if they had kept their f time for the Senate to take up and pass old job. PRAYER an energy and climate bill, which also Long-term unemployment also drains by the way is a big jobs bill. the Federal purse, not only increasing The Chaplain, the Reverend Daniel P. costs for unemployment, Medicaid, and Coughlin, offered the following prayer: f food assistance, but also severely re- Out of silence Your Word is heard. TEACHER AWARENESS WEEK AND ducing income tax revenue. From small evidence, an investigation NATIONAL TEACHER DAY I strongly support safety net pro- arises and justice is pursued. With at- grams to help families survive bouts of tentive listening, a child enjoys good (Mrs. BIGGERT asked and was given unemployment; but, in the end, Ameri- judgment and learns trouble can be permission to address the House for 1 cans would rather work. We must help avoided. From the bottom of the sea minute and to revise and extend her re- get them back to work in jobs that will comes oil and custodial wisdom. marks.) allow them to care for their families Within one conversation one Member Mrs. BIGGERT. Mr. Speaker, I rise and send their children to college. is affirmed; another ignored; another today to honor our Nation’s teachers. That is why I have introduced the offended. This week we celebrate National Public Lands Rehabilitation and Job For a moment, a hospital bed holds Teacher Appreciation Week. And Creation Act, which will create well- good news. While some fields are flood- today, May 4, is National Teacher Day. paying jobs fixing roads and buildings ed, the sun scorches life out of some As a former PTA president and as a in our Nation’s parks and forests. others. former school board president, I want It is why I introduced the Sustain- Lord, in this complex world give us to pay tribute to our Nation’s teachers able Property Grants Act, to create discernment in all circumstances that for the hard work, dedication, and self- jobs manufacturing and installing en- we may find You present both now and less sacrifice they make every day to ergy efficient equipment for commer- forever. educate our young people. cial properties throughout the Nation. Amen. One teacher I think can make all the It is why I am working to support the f difference in a child’s life. For me, that President’s export initiative, to create one person was Mrs. Oker, my fourth well-paying manufacturing jobs by ex- THE JOURNAL grade teacher. She taught me how to panding overseas markets for U.S.- The SPEAKER. The Chair has exam- think beyond the box. I remember try- made products. It is why I work hard to ined the Journal of the last day’s pro- ing to calculate how many Christmas ensure that our trade laws and agree- ceedings and announces to the House trees it would take end to end to go ments are enforced, so U.S. firms don’t her approval thereof. from the Earth to the Moon. I did cal- get undercut by countries that don’t Pursuant to clause 1, rule I, the Jour- culate that. I can’t remember how play by the rules. nal stands approved. many there were, but she taught me

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00002 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 4, 2010 CONGRESSIONAL RECORD — HOUSE H3085 that I could do most anything I set my Mr. SMITH of Texas. Mr. Speaker, Whereas the National Science Foundation mind to. That was really to think be- Arizona’s immigration enforcement supports science, technology, engineering, yond the box. law mirrors what is already in Federal and mathematics (STEM) education at all Today is an opportunity not only to levels, including support for undergraduate law. So why are some special interest and graduate students, early-career re- thank Mrs. Oker, but to thank all of groups in an uproar? It shouldn’t be searchers, and K–12 STEM teachers, and em- the teachers in the 13th District of Illi- surprising. The very same people who phasizes broadening participation in the Na- nois and the Nation for following their want to throw out Arizona’s new immi- tion’s science and engineering research and calling and enlightening the next gen- gration law also want Congress to education enterprises; eration of American leaders. throw out America’s immigration laws. Whereas the National Science Foundation, through its National Hazards Reduction Pro- f Open borders advocates want amnesty for millions of illegal immigrants, so gram, the George E. Brown, Jr., Network for CELEBRATING THE CONTRIBU- Earthquake Engineering Simulation, the Ap- they find fault with any law that tries TIONS OF MS. ELISE JONES proaches to Combat Terrorism program, and to reduce illegal immigration. MARTIN similar research activities, has contributed Arizona has every right to protect its to predicting and reducing the risk of devas- (Mr. WILSON of South Carolina residents and secure the border. The tation from natural and manmade disasters, asked and was given permission to ad- message from Arizona is not to pass an and during the past decade has funded quick- dress the House for 1 minute and to re- amnesty bill in Washington, but to en- response research at the sites of unprece- vise and extend his remarks.) force immigration laws and strengthen dented national and international tragedies, Mr. WILSON of South Carolina. Mr. border security. including the September 11 attacks on the Speaker, longtime South Carolina resi- United States, the South Asian earthquake f and tsunami, Hurricane Katrina, and the dent Ms. Elise Jones Martin is a leader Haitian earthquake, which in turn will con- throughout the communities in our ANNOUNCEMENT BY THE SPEAKER PRO TEMPORE tribute to further preventing and mitigating State, particularly in the capital of Co- the impact of future disasters; lumbia. It was on Washington Street The SPEAKER pro tempore. Pursu- Whereas the contributions of the National that she opened a thriving beauty ant to clause 8 of rule XX, the Chair Science Foundation to understanding the salon. It was at South Carolina State will postpone further proceedings fundamental nature of the universe included University that she furthered her edu- today on motions to suspend the rules the completion, during the past decade, of cation by taking teacher training on which a recorded vote or the yeas the Robert C. Byrd Green Bank Telescope, and nays are ordered, or on which the the Gemini South Telescope, the Long-Range courses. This eventually led to her Interferometer Gravitational-wave Observ- teaching position at Booker T. Wash- vote incurs objection under clause 6 of atory, the South Pole Telescope, and the ington High School, where she enriched rule XX. United States contribution to the Large the lives of many young students. Record votes on postponed questions Hadron Collider; and Ms. Elise Jones Martin has many will be taken after 6:30 p.m. today. Whereas the research and observations passions: teaching, politics, and philan- f supported by the National Science Founda- tion and conducted in the United States in thropy. Her contributions in each of HONORING THE NATIONAL these areas are extensive. But it was the polar regions and across the planet in- SCIENCE FOUNDATION creasingly contribute to our understanding Ms. Martin’s lifetime dedication of of the climate: Now, therefore, be it fighting for viable neighborhoods that Ms. FUDGE. Mr. Speaker, I move to suspend the rules and agree to the reso- Resolved, That the House of Representa- recently culminated in the launch of tives— the Elise Jones Martin Place. This lution (H. Res. 1307) honoring the Na- (1) recognizes the significance of the anni- housing community carries Ms. Elise tional Science Foundation for 60 years versary of the founding of the National Jones Martin’s name because of her of service to the Nation. Science Foundation; The Clerk read the title of the resolu- work to improve neighborhoods by es- (2) acknowledges that 60 years of National tion. Science Foundation achievements and serv- tablishing solid foundations for Amer- The text of the resolution is as fol- ice to the United States have advanced our ica’s young citizens. lows: Nation’s leadership in discovery, innovation, It is my honor to celebrate the con- H. RES. 1307 and learning in science, engineering, and tributions of Elise Jones Martin today mathematics; and Whereas Congress created the National (3) reaffirms its commitment to support in- and thank her for making Columbia a Science Foundation in 1950 to promote the stronger city and inspiring people of all vestments in basic research, education, and progress of science, to advance the national technological advancement through the Na- ages to give back to their commu- health, prosperity, and welfare, and to secure nities. tional Science Foundation, one of the pre- the national defense; mier scientific organizations in the World. In conclusion, God bless our troops, Whereas the National Science Foundation, The SPEAKER pro tempore. Pursu- and we will never forget September under the capable leadership of its directors, ant to the rule, the gentlewoman from 11th in the Global War on Terrorism. advised by the distinguished members of the Ohio (Ms. FUDGE) and the gentleman God bless Duane Jackson for stop- National Science Board, has worked continu- ously and successfully for 60 years to ensure from Texas (Mr. HALL) each will con- ping the terrorist attack on New York that the United States maintains its leader- trol 20 minutes. City. ship in discovery, innovation, and learning The Chair recognizes the gentle- f in science, engineering, and mathematics; woman from Ohio. Whereas the National Science Foundation ANNOUNCEMENT BY THE SPEAKER GENERAL LEAVE strengthens the economy and improves the Ms. FUDGE. Mr. Speaker, I ask PRO TEMPORE quality of life in the United States as the unanimous consent that all Members The SPEAKER pro tempore (Mr. Federal Government’s only agency dedicated may have 5 legislative days to revise JACKSON of Illinois). Pursuant to clause to the support of fundamental research and education in all scientific and engineering and extend their remarks and to in- 4 of rule I, the following enrolled bill clude extraneous material on H. Res. was signed by the Speaker on Friday, disciplines; Whereas the National Science Foundation 1307, the resolution now under consid- April 30, 2010: supports a network of 200,000 individuals eration. H.R. 5146, to provide that Members of each year, including scientists, engineers, The SPEAKER pro tempore. Is there Congress shall not receive a cost of liv- students, and educators at over 2,000 colleges objection to the request of the gentle- ing adjustment in pay during fiscal and universities, schools, nonprofit organiza- woman from Ohio? year 2011. tions, science centers and museums, and There was no objection. small businesses throughout our Nation, and f Ms. FUDGE. Mr. Speaker, I yield my- funds multi-user facilities and tools for con- self such time as I may consume. AMERICANS WANT SECURE ducting world-class research and research Mr. Speaker, I rise today to recognize BORDERS training; Whereas during the past decade, the Na- the National Science Foundation for 60 (Mr. SMITH of Texas asked and was tional Science Foundation has met increas- years of service in promoting the dis- given permission to address the House ingly challenging national needs with stra- coveries and innovations that have for 1 minute and to revise and extend tegic planning, hard work, and unrelenting made this country great. As the Fed- his remarks.) dedication; eral agency charged with ensuring U.S.

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00003 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE H3086 CONGRESSIONAL RECORD — HOUSE May 4, 2010 excellence in science, engineering, and NSF, basic research is, quote, ‘‘where action, spearheading the country’s first mathematics through basic research discoveries begin,’’ and I could not psoriasis fund-raising walk. In the last and education, the Foundation’s efforts agree more. 4 years, Lauren’s vision has spread na- have been critical to maintaining our NSF funds more than 10,000 new tionally, raising more than $750,000 for leadership in a competitive world. awardees a year. From those awards the National Psoriasis Foundation. In addition to its primary mission to have come discoveries that have revo- And in the spirit of this legislation and support fundamental research in all lutionized the way every American promoting research, I know we are all science and engineering disciplines, the lives in one way or another. It was proud of her accomplishments. Foundation supports many cross- NSF-funded research that led us to the When Lauren herself was diagnosed cutting and transformative research Internet and to the Web browsers that with psoriasis—and remember that she and education programs that should we use today. Fundamental research is 14 years old—she said the following: serve as models for other agencies and supported by NSF is responsible for I now understand that if anyone on other nations. I will cite just a few ex- what we now know as magnetic reso- earth should have been diagnosed, it amples here. nance imaging (MRI) technology. was me, so I could use all of my abili- First, the Foundation supports Engi- Bar codes appear on nearly every- ties to make a difference for the mil- neering Research Centers, which serve thing we purchase today, from toys to lions of sufferers around the world. as models for public-private partner- shoes to boxes of cereal, helping indus- Lauren, Taylor, through your ac- ships in areas of national needs. Today, tries with a range of activities from in- tions, you remind us that our capacity the Foundation is funding ERCs in ventory to marketing to pricing. This to help others is truly limitless. Con- such areas as smart lighting, nanotech- is yet another technology where the gratulations, you are both truly the nology, and robotics. National Science Foundation plays a pride of the Sunshine State. Second, the Foundation supports crucial role. The American Sign Lan- ANNOUNCEMENT BY THE SPEAKER PRO TEMPORE much of the basic climate science and guage Dictionary, speech recognition The SPEAKER pro tempore. The model development that will enable technology, fiber optics, Doppler Chair reminds all Members that it is scientists and policymakers to under- radar—all end results of NSF-sponsored not in order to refer to occupants of stand and predict changes to the cli- research. the gallery. mate on a regional scale. NSF-funded researchers have won Ms. EDDIE BERNICE JOHNSON of Texas. Finally, the Foundation supports the more than 180 Nobel Prizes in numer- Mr. Speaker, I rise today in support of H. Res. Noyce Teacher Scholarship program, a ous disciplines, and the agency leads a 1307 to honor the National Science Founda- central piece of the K–12 STEM edu- robust international research program tion for 60 years of service to the nation. cation initiatives included in the 2007 in the polar regions, including man- The National Science Foundation is a re- America COMPETES Act. The Noyce aging U.S. interests in Antarctica. markably important federal agency that is program provides scholarships to un- I would be remiss if I didn’t mention tasked with promoting the progress of science dergraduates who major in a STEM the role of the current director of the and advancing our national health, prosperity, welfare, and defense. Americans and people field while preparing to become cer- Foundation and its recent accomplish- across the world have led more fulfilling and tified or licensed to teach in a K–12 ments. Dr. Arden L. Bement, Jr., has dynamic lives due in large part to the techno- classroom. But this program is about led the agency with distinction for the logical revolution that has shaped our world in more than providing scholarships. It is past 6 years. He will be returning to the last half-century. It is important that we about reforming how K–12 STEM teach- Purdue University in June. This Con- give credit to the National Science Foundation ers are prepared. And no agency is bet- gress and Nation owe him a debt of for their role in engineering this transformation ter positioned to do this than the Na- gratitude for his service. and making our world safer, easier, and more tional Science Foundation. Likewise to those National Science Board members whose term is up next efficient. Keeping America competitive pro- One of the main roles of the National vides good jobs and a strong, growing week, including President Steven G. Beering. We also appreciate his hard Science Foundation is to fund and support economy. That process begins with a unique research proposals, and throughout the high-quality educational system and work and dedication in ensuring our scientific enterprise remains unsur- years, more than 180 Nobel prizes have been continues with investments in new awarded to foundation-funded researchers. ideas and skilled people. The National passed. I encourage our colleagues to join Additionally, the National Science Foundation Science Foundation’s capable leader- works diligently to ensure that young people Chairman GORDON and me in sup- ship and its staff meet these national are studying science, technology, engineering, needs with expertise and enthusiasm, porting this resolution. I reserve the balance of my time. and mathematics (STEM) fields. We know that and I commend them for the continued the jobs of tomorrow are going to rely heavily high caliber of their performance. b 1415 on a sound understanding of the hard I want to thank the chair and rank- Ms. FUDGE. Mr. Speaker, I yield 2 sciences, and this part of the National Science ing member of the Committee on minutes to the gentlewoman from Foundation’s mission is central to our coun- Science and Technology, Mr. GORDON Florida (Ms. WASSERMAN SCHULTZ). try’s longterm economic and technological via- and Mr. HALL, for introducing this res- Ms. WASSERMAN SCHULTZ. Mr. bility. olution, and I urge my colleagues to Speaker, I appreciate the indulgence of Mr. Speaker, I am delighted to celebrate the support its passage. my colleague from Ohio. 60th anniversary of the National Science Mr. Speaker, I reserve the balance of Mr. Speaker, I rise a little off topic Foundation, and I look forward to the next my time. to honor two extraordinary young sixty years of technological and scientific Mr. HALL of Texas. Mr. Speaker, I women who are here with us today in breakthroughs. The National Science Founda- yield myself as much time as I may the gallery, Lauren Henschel and Tay- tion truly is one of our country’s greatest treas- consume. lor Davis, for receiving the Prudential ures, and I ask my fellow colleagues to join I rise in support and as an original Spirit of Community Award. me today in honoring this foundation for the cosponsor of H. Res. 1307, honoring the At age 12, Taylor found out that due discoveries that they have achieved and their 60th anniversary of the National to budget constraints her school was long-lasting support of the sciences. Science Foundation. We are proud of considering canceling art education. So Ms. JACKSON LEE of Texas. Mr. Speaker, the work of this independent agency she sent handwritten letters to 45 art I rise today in strong support of H. Res. 1307, that focuses on basic research in the supply CEOs in United States and Eu- ‘‘Honoring the National Science Foundation for frontiers of knowledge and is a very rope, securing $30,000 worth of donated 60 years of service to the Nation.’’ As a former vital asset to our Nation. It’s the only art supplies. member of the House Science Committee, I Federal agency that supports all fields Now 13, Taylor has started a non- would like to thank my colleague Representa- of fundamental science and engineer- profit called The Traveling Canvas to tive BART GORDON for introducing this legisla- ing, and makes sure that research is in- provide arts education to students tion as it is important that we recognize the tegrated with education so that our around the world. important role that the National Science Foun- next generation of scientists and engi- At age 14, when Lauren saw her fa- dation has played in support of education, re- neers are also world class. According to ther struggling with psoriasis, she took search and innovation in our country.

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00004 Fmt 4634 Sfmt 9920 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 4, 2010 CONGRESSIONAL RECORD — HOUSE H3087 Mr. Speaker, the National Science Founda- reaffirming our national commitment and ap- the global competitiveness of the United tion was originally created by this very body— preciation for the National Science Foundation States; the United States Congress—in 1950. The in- as it celebrates its 60th anniversary. Whereas many STEM occupations do not I would also like to thank and praise the have representation of women and underrep- tent of Congress at the time was to promote resented minorities proportional to these the progress of science, to advance the na- thousands of scientists, engineers, research- groups in the population or their enrollment tional health, prosperity, and welfare, and to ers and administrators who have worked in in higher education; secure our nation through defense technology conjunction with the National Science Founda- Whereas strengthening partnerships be- and innovation. tion towards the creation of new technologies tween the Federal and State governments, Since that time, the National Science Foun- and the improvement of our collective stand- the private sector, nonprofit organizations, dation has worked diligently to ensure that the ards of living. professional societies, and the education United States maintains its expertise and pre- I ask my colleagues for their support of H. community will improve STEM education in cision in discovery and innovation in addition Res. 1307, as well as for their continued sup- our Nation’s schools; port for the National Science Foundation and Whereas the Bureau of Labor Statistics re- to education in science, engineering, and ports that science and engineering occupa- mathematics. its initiatives. By maintaining and increasing tions are projected to grow by 21.4 percent Additionally, the National Science Founda- the capacity of our nation to research and de- from 2004 to 2014, compared to a projected tion was created with the intent of helping to velop new technologies and innovations, I am growth of 13 percent in all occupations dur- educate the children of our nation and give confident that the United States will continue ing the same time period; them the tools necessary to become doctors, to be a leader in the market for technology Whereas an understanding of science and researchers, astronauts and chemists. As the products for years to come. mathematics is necessary not only for those Chairwoman of the Congressional Children’s I would like to again thank my colleague who will enter STEM fields as majors but for all citizens to understand scientific and Representative BART GORDON for his leader- Caucus, I fully support the National Science technical issues that affect their lives; Foundation in its efforts towards childhood ship in introducing this bill as well as for his Whereas scientific and technical skills are education and I understand the great impor- support of the National Science Foundation. a requirement for an increasingly wide range tance of educating our children in these areas. Mr. Speaker, I ask my colleagues to join me of occupations and hands-on inquiry-based Moreover, the National Science Foundation in supporting H. Res. 1307. learning in the STEM fields is an essential supports science, technology, engineering, Mr. HALL of Texas. Mr. Speaker, I element of a well-rounded education; and mathematics (STEM) education at all lev- yield back the balance of my time. Whereas the President has launched an els from elementary schools to national re- Ms. FUDGE. Mr. Speaker, I yield ‘‘Educate to Innovate campaign’’ which aims search universities. We all know the great im- back the balance of my time. to increase STEM literacy so that all stu- The SPEAKER pro tempore. The dents can learn deeply and think critically portance this type of education has on chil- in STEM, to move American students from dren and I applaud the National Science question is on the motion offered by the gentlewoman from Ohio (Ms. the middle of the pack to the top in the next Foundation for its dedication to high-quality decade, and to expand STEM education and education for the children of our nation. FUDGE) that the House suspend the career opportunities for underrepresented In addition, Mr. Speaker, the National rules and agree to the resolution, H. groups, including women and girls; Science Foundation had made many signifi- Res. 1307. Whereas National Lab Day is a nationwide cant contributions to our collective standard of The question was taken. initiative to foster community-based col- living and economy. By creating opportunities The SPEAKER pro tempore. In the laborations between educators and STEM opinion of the Chair, two-thirds being professionals and other volunteers across the for research and innovation in new areas, our country to support high-quality, hands-on, nation has benefited from cutting-edge med- in the affirmative, the ayes have it. Ms. FUDGE. Mr. Speaker, on that I discovery-based laboratory experiences for ical tools, safer cars and transportation sys- demand the yeas and nays. students; tems as well as defense innovations that have The yeas and nays were ordered. Whereas more than 200 business, science helped to protect the American people from The SPEAKER pro tempore. Pursu- and technology, and education organizations have declared their support for National Lab those that would seek to do us harm. ant to clause 8 of rule XX and the Through its research capacities, the Na- Day; and Chair’s prior announcement, further tional Science Foundation supports a network Whereas schools and educators across the proceedings on this motion will be of 200,000 individuals each year, including sci- country will celebrate the first National Lab postponed. Day during the first week of May at a time entists, engineers, students, and educators at f of their own choosing: Now, therefore, be it over 2,000 colleges and universities, schools, Resolved, That the House of Representa- nonprofit organizations, science centers and SUPPORTING THE IDEALS OF tives— museums, and small businesses throughout NATIONAL LAB DAY (1) supports the ideals of National Lab our Nation. The National Science Foundation Ms. FUDGE. Mr. Speaker, I move to Day; (2) calls upon the Office of Science and also works with and funds multi-user facilities suspend the rules and agree to the reso- and tools for conducting world-class research Technology Policy and the National Science lution (H. Res. 1213) recognizing the Foundation to continue fostering partner- and training initiatives. need to improve the participation and ships such as those involved in National Lab In addition to these efforts, the National performance of America’s students in Day; and Science Foundation has taken a protective Science, Technology, Engineering, and (3) encourages scientists, volunteers, and stance for our country against the threat of Mathematics (STEM) fields, supporting educators to participate in National Lab earthquakes and other natural and man-made the ideals of National Lab Day, and for Day. disasters. Through its National Hazards Re- other purposes. The SPEAKER pro tempore. Pursu- duction Program, Network for Earthquake En- The Clerk read the title of the resolu- ant to the rule, the gentlewoman from gineering Simulation, the Approaches to Com- tion. Ohio (Ms. FUDGE) and the gentleman bat Terrorism program, and similar research The text of the resolution is as fol- from Texas (Mr. HALL) each will con- activities the National Science Foundation has lows: trol 20 minutes. contributed to predicting and reducing the risk H. RES. 1213 The Chair recognizes the gentle- of devastation from natural and man-made Whereas in 2005 the National Academy of woman from Ohio. disasters during the past decade. Sciences published a report entitled ‘‘Rising GENERAL LEAVE The National Science Foundation has also Above the Gathering Storm’’, which esti- Ms. FUDGE. Mr. Speaker, I ask funded quick-response research at the sites of mated that in the United States innovations unanimous consent that all Members unprecedented national and international trag- generated by the Science, Technology, Engi- may have 5 legislative days in which to edies, including the September 11 attacks on neering, and Mathematics (STEM) fields ac- revise and extend their remarks and to the United States, the South Asian earthquake count for nearly half of the growth in gross include extraneous material on H. Res. and tsunami, Hurricane Katrina, and the Hai- domestic product; 1213. tian earthquake. These response and research Whereas in 2006 only 4.5 percent of college graduates in the United States received a di- The SPEAKER pro tempore. Is there efforts have helped to contribute to further pre- ploma in engineering, compared with 25.4 objection to the request of the gentle- venting and mitigating the impact of future dis- percent in South Korea, 33.3 percent in woman from Ohio? asters. China, and 39.1 percent in Singapore; There was no objection. I stand today with Representative BART Whereas increasing the number of students Ms. FUDGE. Mr. Speaker, I yield my- GORDON and other members of Congress in pursuing careers in STEM fields is vital to self such time as I may consume.

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00005 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE H3088 CONGRESSIONAL RECORD — HOUSE May 4, 2010 Mr. Speaker, H. Res. 1213 recognizes technology, engineering, and math Mr. Speaker, we can’t build rockets the need to improve the performance of fields, or STEM fields. In order for without rocket scientists, and other American students in the science, tech- America to continue its competitive countries know that. The United nology, engineering, and mathematics edge in technology and innovation, a States graduates about 70,000 engineers fields. This resolution support the solid foundation in STEM education for annually, a meager 15 percent. China ideals of National Lab Day, a nation- our students is very vital. Without graduates over half a million engineers wide effort to connect students, STEM early exposure to science in the class- every year. We not only need the next educators, and volunteers in order to room, students will either lack the in- generation of spacecraft to reach Mars build the STEM community. terest to pursue a career in STEM and beyond; we need the next genera- All children have an innate curiosity fields, or will lack the preparation and tion of space engineers to get us there. about the world around them. Research skills required to be successful. And if we are to maintain space domi- shows students begin to lose this in- H. Res. 1213 puts one step forward to nance when others, especially China, quisitiveness as early as middle school. ensuring that our children and grand- challenge us, we need more engineers. During National Lab Day, students in children, the innovators of tomorrow, While we are struggling to educate all grades participate in hands-on sci- have the well-rounded education they enough engineers to assume the torch entific educational projects to dem- need if they are to become the leading from those retiring, we are also losing onstrate real-life applications of the minds of America’s future. many of them to the sexy new world of STEM fields. For example, a teacher in National Lab Day’s purpose is to Internet technology. Building rockets my district posted a project requesting raise awareness of the importance of is losing luster to Facebook, eBay, a scientist to illustrate how chemistry STEM education by creating a ‘‘nation- Google and other IT firms. If we want is used in real-world applications and wide initiative to build local commu- to continue to be the world’s leader in careers. The National Lab Day Web nities of support that will foster ongo- space, we have to get our young people site will connect this teacher with a ing collaboration among volunteers, dreaming bigger, literally dreaming professional scientist to perform ex- students and educators. Volunteers, out of this world. We need to inspire periments and talk to students about university students, scientists, engi- our young people the same way Presi- careers in chemistry. These activities neers, other STEM professionals and, dent Kennedy did 50 years ago when he keep students interested and engaged more broadly, members of the commu- committed the United States to win- in math and science throughout pri- nity are working together with edu- ning the space race. mary and secondary school. We hope cators and students to bring discovery- STEM education is the key, Mr. that by keeping children interested based science experiences to students Speaker. I urge our colleagues to sup- early in life more American students in grades K–12.’’ port this worthy resolution. will enter STEM fields. I applaud those efforts that do not Mr. HALL of Texas. Mr. Speaker, I America has a rich history as a lead- rely on the Federal Government but yield 3 minutes to the gentleman from er in technology and information. How- engage our communities to become Georgia (Mr. GINGREY). ever, we are at serious risk of losing more involved in improving lab experi- Mr. GINGREY of Georgia. Mr. Speak- our world status if we don’t train and ences for students in kindergarten er, I rise in strong support of H. Res. encourage and engage our youth. Re- through high school, and hope my col- 1213, a resolution supporting the ideals search shows that the United States is leagues will join me today in recog- of National Lab Day. graduating significantly lower percent- nizing the importance of what National I would also like to commend the two ages of students in STEM fields than Lab Day presents. principal sponsors of this legislation, other nations. In 2006, for example, a Mr. Speaker, I reserve the balance of the gentlewoman from Ohio (Ms. little over 4 percent of American stu- my time. FUDGE) and the gentleman from Michi- dents received undergraduate degrees Ms. FUDGE. Mr. Speaker, I yield 3 gan (Mr. EHLERS), for their continued in engineering compared to 33 percent minutes to the gentlewoman from Cali- leadership on the promotion of STEM in China. We can change this trend. fornia (Ms. HARMAN). education. Last week, I was visited by a con- Ms. HARMAN. Mr. Speaker, I thank And I want to join my colleague, the stituent named Sheari Rice. Sheari is a the gentlewoman for yielding and com- gentlewoman from California (Ms. full-time engineer working toward a mend her leadership. As a former mem- HARMAN), and I too am a former mem- Ph.D. at Cleveland State University in ber of the Science Committee myself, I ber of the Science Committee, and I my district. She is a strong, powerful think this is a very important resolu- agree completely with her remarks on role model for female minority stu- tion which highlights an issue that di- this issue. dents and said she would be thrilled to rectly impacts not just national secu- Science, technology, engineering, volunteer for National Lab Day. People rity but employment in my district and mathematics, better known as like Sheari will make this initiative and many others. STEM, education is instrumental to successful and teach our children that Science, technology, engineering, our ability to stay on the cutting edge careers such as hers are within their and mathematics are the backbone of of the global economy. Yet the United reach. California’s 36th District economy. We States is indeed falling behind the rest There are Shearis in every district, are the home to the Los Angeles Air of the world in the number of students and I hope my colleagues will join me Force Base Space and Missile Systems that are graduating from STEM fields. in reaching out to these role models. Center and to large facilities of all of Mr. Speaker, according to a 2006 As- Tell them they can visit the major aerospace firms, as well as sociation of American Universities www.nationallabday.org to sign up for critically important innovative second study that is noted in the findings of H. projects in their communities. I look and third tier suppliers. As I am fond of Res. 1213, 33.3 percent of students in forward to seeing successful lab days saying, my district is the aerospace China receive their undergraduate de- all around the Nation and eventually a center of the universe. grees in engineering; in Singapore, that more technologically competitive L.A. County’s unemployment rate is number is 39.1 percent; and 25.4 percent America. over 13 percent, but the 36th Congres- of South Korea’s graduates fall into Mr. Speaker, I reserve the balance of sional District’s unemployment is half these fields. Unfortunately, the United my time. that, almost entirely because of States is lagging so far behind with a Mr. HALL of Texas. Mr. Speaker, I science and technology jobs, especially staggering 4.5 percent of graduates in yield myself such time as I may con- in the aerospace industry. But the in- engineering. In order for us to remain sume. I thank Ms. FUDGE for her good dustry faces a coming ‘‘gray wave.’’ competitive in a global marketplace, it presentation, and I rise in support of H. Some 60 percent of aerospace workers is imperative that we find ways to in- Res. 1213, supporting the ideals of Na- are over age 50, and almost 26 percent crease the number of students coming tional Lab Day. are already eligible for retirement. Not out of college with a degree in a STEM- H. Res. 1213 recognizes the need to enough young scientists and engineers related field. That means that we need improve the participation and perform- are coming out of college to fill their to build the interest level within STEM ance of America’s students in science, ranks. education for students at all levels.

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00006 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 4, 2010 CONGRESSIONAL RECORD — HOUSE H3089 Mr. Speaker, as a graduate of Geor- turn their educations into careers. and scientific knowledge necessary to com- gia Tech with a degree in chemistry, They don’t have to take the careers of pete in a globalized economy. Further, within STEM education is an issue that is STEM, but they have to be prepared to the context of globalization, I strongly believe near and dear to me, and I am very make those choices by the time they that this country’s ability to achieve and main- happy to see that this body consider in get to college. tain a high standard of living is dependent on a bipartisan way a resolution that sup- That is why I sponsored the Patsy T. the extent to which it can harness science and ports National Lab Day. This is a na- Mink Fellowships, which President technology. Thus, in order to enhance the tionwide initiative that provides a Bush signed into law in 2008 as part of international competitiveness of the country, it forum for scientists to work directly the Higher Education Reauthorization is critical for us to promote and support stu- with students in a hands-on learning Act. The Patsy T. Mink Fellowships dents pursuing careers in meteorology, clima- experience. By allowing students the provide encouragement for women and tology and atmospheric research. opportunity to collaborate with sci- minorities to go into the graduate pro- From Ben Franklin to NASA to Silicon Val- entists in this way, National Lab Day grams where they are represented, such ley, America has a great history of scientific can provide them with the tools to as into the STEM programs, and then innovation. In recent years, however, we have keep them engaged in STEM fields, to move into teaching in these fields. diverged from this path and have endangered with the hope that those students will I am also preparing to reintroduce a our reputation as a nation at the forefront of pursue higher education opportunities bill, Go Girl, as it has been previously science and technology. In 2006 only 4.5 per- and careers in these cutting-edge entitled for the many, many years that cent of college graduates in the United States fields. I’ve been here, which will provide received a diploma in engineering, compared During the 110th Congress, I believe grants to schools to promote STEM with 25.4 percent in South Korea, 33.3 percent our Nation took a very crucial step, education for girls, and we have in- in China, and 39.1 percent in Singapore. due in large part to the leadership of cluded underrepresented minorities for Today, American students rank 21st out of 30 K–12 students. Chairman BART GORDON and Ranking in scientific literacy among students from de- Mr. Speaker, helping young women Member RALPH HALL of the Science veloped countries, and 25th out of 30 in math and minorities go into these STEM Committee, to address this issue in the literacy. fields is an investment in our future as America COMPETES Act, and that was If this trend continues, there are dire con- a country, so I urge my colleagues to passed in a bipartisan way in 2007 and sequences for our children and our economy. join me in voting for H. Res. 1213. signed into law by former President As this bill notes, ‘‘In 2005 the National Acad- Ms. EDDIE BERNICE JOHNSON of Texas. Bush. emy of Sciences published a report entitled Mr. Speaker, I rise today in support of H. Res. ‘Rising Above the Gathering Storm’, which es- b 1430 1213 to support the goals and ideals of Na- timated that in the United States innovations As the former ranking member of the tional Lab Day. generated by the Science, Technology, Engi- Science Committee’s Technology and I want to commend National Lab Day and neering, and Mathematics (STEM) fields ac- Innovation Subcommittee, I was so its partners for their efforts to ensure Amer- count for nearly half of the growth in gross do- proud to support that important legis- ica’s workforce is proficient in Science, Tech- mestic product.’’ lation, which will make STEM edu- nology, Engineering, and Mathematics Mr. Speaker, it is essential that we invest in cation a priority both now and in the (STEM). In order to keep the United States at a workforce ready for global competition by future. the leading edge of discovery, it will take com- creating a new generation of innovators and The SPEAKER pro tempore. The mitted partnerships with volunteers, university make a sustained commitment to federal re- time of the gentleman has expired. students, scientists, engineers, other STEM search and development. We need to spur Mr. HALL of Texas. I yield the gen- professionals, and communities to inspire and and expand affordable access to broadband, tleman 1 additional minute. cultivate our youth. achieve energy independence, and provide I strongly believe that in order for a child to Mr. GINGREY of Georgia. As we like- small business with tools to encourage entre- believe, they must first see. Today, our chil- ly consider the reauthorization of the preneurial innovation. dren are in desperate need of positive role America COMPETES Reauthorization The establishment and maintenance of a models. When STEM professionals enter the Act next week, I hope this body will capable science and technological workforce classroom and work with children, they are approach this legislation in the same remains an important facet of U.S. efforts to providing an example of what one day they maintain economic competitiveness. Pre-col- manner. too can become. We need to increase profes- I urge all of my colleagues to support lege instruction in mathematics and scientific sional involvement with our youth throughout fields is crucial to the development of U.S. this great resolution, H. Res. 1213. our educational pipeline. Efforts such as Na- science and technological personnel, as well Ms. FUDGE. Mr. Speaker, I yield 5 tional Lab Day will help bring about positive as our overall scientific literacy as a nation. minutes to the gentlewoman from Cali- change for our country. The value of education in science and mathe- fornia (Ms. WOOLSEY). It is no mystery that STEM professionals will matics is not limited to those students pur- Ms. WOOLSEY. Mr. Speaker, I want cure the next epidemic and invent the next suing a degree in one of these fields, and to compliment our chairman, BART technological breakthrough. Ultimately, a na- even students pursuing nonscientific and non- GORDON, and I would like to com- tion that graduates a high amount of STEM mathematical fields are likely to require basic pliment Congresswoman FUDGE and our professionals will be a nation that will thrive in knowledge in these subjects. ranking member, Mr. HALL, for this the 21st century. These fields are among the In particular, there is a need to extend ac- resolution because it is greatly impor- highest paying and the most stable. Their rate cess to mathematics and scientific education tant. of growth is increasing exponentially as our to a number of specific groups. Even as cer- I support H. Res. 1213, a resolution in society grows increasingly technological and tain minorities, including African Americans, support of improving participation in our world becomes more interconnected. Hispanics, and Native Americans, comprise an the STEM fields, STEM—Science, Mr. Speaker, the time to act is now. I ask increasingly large proportion of the U.S. popu- Technology, Engineering, and Mathe- my fellow colleagues today to join me in hon- lation, they continue to be underrepresented in matics. oring National Lab Day and efforts that will science and engineering disciplines. Together, As a member of the House Education raise standards, improve teaching, and moti- these three groups comprise over 25 percent and Labor Committee and of the House vate more students to pursue careers in of the population, but earn only 16.2 percent Science and Technology Committee, it science and math. of the bachelor degrees, 10.7 percent of the is absolutely clear to me that our Ms. JACKSON LEE of Texas. Mr. Speaker, masters degrees, and 5.4 percent of the doc- country’s ability to develop, to pros- as a former member of the Science Com- torate degrees in these fields. per, and to compete will depend upon mittee and a strong supporter of education, I Mr. Speaker, as we develop the reauthoriza- investing in our children’s educations rise in strong support of this resolution Recog- tion of the Elementary and Secondary Edu- and in the scientific community. nizing the need to improve the participation cation Act (ESEA), we must fully integrate and A central piece of this effort must be and performance of America’s students in fund STEM education programs. Such pro- to encourage girls and underrep- Science, Technology, Engineering and Math grams are vital to the future of our nation. resented minorities to be involved in (STEM) fields. Mr. HALL of Texas. Mr. Speaker, I STEM at the K–12 undergrad and grad- This legislation recognizes the importance of have no further requests for time, and uate levels so they can, if they choose, equipping young minds with the technological I yield back the balance of my time.

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00007 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE H3090 CONGRESSIONAL RECORD — HOUSE May 4, 2010 Ms. FUDGE. Mr. Speaker, at this Whereas LaserFest is a year-long celebra- standing that, in a prior life, Dr. time, I would ask that my colleagues tion of the 50th anniversary intended to EHLERS knew one of the persons cited support H. Res. 1213. bring public awareness to the story of the in this resolution, Dr. Townes, so it is I yield back the balance of my time. laser and scientific achievement generally, especially fitting that he is the spon- and was founded by the following partners: The SPEAKER pro tempore. The the Optical Society of America, the Amer- sor. question is on the motion offered by ican Physical Society, the International So- Mr. Speaker, I urge my colleagues to the gentlewoman from Ohio (Ms. ciety for Optical Engineering, and IEEE: support the resolution, and I reserve FUDGE) that the House suspend the Now, therefore, be it the balance of my time. rules and agree to the resolution, H. Resolved, That the House of Representa- Mr. HALL of Texas. I yield myself Res. 1213. tives— such time as I may consume. The question was taken. (1) recognizes the 50th anniversary of the Mr. Speaker, H. Res. 1310 celebrates The SPEAKER pro tempore. In the laser; and the 50th anniversary of the construc- opinion of the Chair, two-thirds being (2) recognizes the need for continued sup- tion of the laser, marking a major port of scientific research to maintain Amer- in the affirmative, the ayes have it. ica’s future competitiveness. milestone in scientific discovery. Ms. FUDGE. Mr. Speaker, on that I In 1953, Charles Townes produced demand the yeas and nays. The SPEAKER pro tempore. Pursu- what would become a precursor to the The yeas and nays were ordered. ant to the rule, the gentlewoman from laser—the first microwave amplifier. The SPEAKER pro tempore. Pursu- Ohio (Ms. FUDGE) and the gentleman Townes and his colleagues teamed up ant to clause 8 of rule XX and the from Texas (Mr. HALL) each will con- with Bell Laboratories in 1957 to begin Chair’s prior announcement, further trol 20 minutes. extensive research on the amplification proceedings on this motion will be The Chair recognizes the gentle- devices. Their focus shifted only to postponed. woman from Ohio. those amplifiers which produced visible GENERAL LEAVE f light. In 1958, Bell Laboratories sub- Ms. FUDGE. Mr. Speaker, I ask mitted a patent for an optical laser. RECOGNIZING THE 50TH unanimous consent that all Members However, such a device had yet to be ANNIVERSARY OF THE LASER may have 5 legislative days to revise successfully created. It was not until Ms. FUDGE. Mr. Speaker, I move to and extend their remarks and to in- Charles Townes and Gordon Gould met suspend the rules and agree to the reso- clude extraneous material on H. Res. in 1958 that the fundamentals of the lution (H. Res. 1310) recognizing the 1310, the resolution now under consid- laser and of the open resonator design 50th anniversary of the laser. eration. were first discussed. In 1960, Theodore The Clerk read the title of the resolu- The SPEAKER pro tempore. Is there Maiman constructed the first oper- tion. objection to the request of the gentle- ational laser. He used theories and The text of the resolution is as fol- woman from Ohio? plans published by Bell Labs, Gould, lows: There was no objection. and Townes to construct this remark- H. RES. 1310 Ms. FUDGE. I yield myself such time able device. Whereas the invention of the laser was one as I may consume. Charles Townes was later awarded of the groundbreaking scientific achieve- Mr. Speaker, I rise in support of the Nobel Prize for Physics, along with ments of the 20th century; House Resolution 1310, which cele- scientists Nikolay Basov and Alek- Whereas in 1953, Charles H. Townes, along brates the 50th anniversary of the cre- sandr Prokhorov, for their work in with graduate students James Gordon and ation of the first laser. quantum electronics, which laid the Herbert Zeiger produced the first master de- The world’s first laser was operated groundwork for the construction of la- vice, which was a precursor to the laser that on May 16, 1960. It was constructed by relied on microwave radiation instead of sers. visible or infrared radiation; Theodore Maiman at Hughes Research We rely on lasers in our daily lives, Whereas concurrent to Charles H. Townes’ Laboratories in Malibu, California. and they are found in everyday prod- activities, Nikolay Basov and Aleksandr This was a significant engineering and ucts, such as laser printers, barcode Prokhorov of the Soviet Union independ- scientific feat. scanners, and numerous medical de- ently produced a maser with significant Theodore Maiman’s work was pre- vices. The world sales of lasers are esti- technical advances which allowed contin- ceded by theoretical work by Charles mated at well over $5 billion to date. uous output; Townes, James Gordon, Herbert Zeiger, Today, in large part, we realize that Whereas Charles H. Townes, Nikolay Nikolay Basov, and Aleksandr Basov, and Aleksandr Prokhorov shared the great success stories, such as the con- 1964 Nobel Prize in Physics for their ‘‘funda- Prokhorov. Townes, Basov, and struction of lasers, are due to Amer- mental work in the field of quantum elec- Prokhorov won the 1964 Nobel Prize in ican ingenuity, which stems directly tronics’’, which led to the construction of Physics for their work. from the investment in basic research masers, and subsequently lasers; One of the peculiarities of the and in our outstanding institutions of Whereas in 1960, Theodore H. Maiman con- achievement of the invention of the higher learning. The laser is a prime structed the first functioning laser at laser is that, for many years after its example of basic research that ended Hughes Research Laboratories in Malibu, creation, the laser was an invention up having multiple applications well California, and the laser was first operated without many practical applications. on May 16, 1960; beyond what its creators could have Whereas Theodore H. Maiman was the re- However, as time went on, scientists ever conceived. cipient of the 1983/1984 Wolf Prize in Physics and engineers recognized the incredible The construction of the laser is but for his realization of the first operating potential of the laser. Today, the laser one example that leaves me confident laser; is almost ubiquitous. It can be found in in America’s place at the top of the sci- Whereas since being created in 1960, lasers almost every home, office, and auto- entific world. I applaud these great sci- have become an integral and essential part mobile in America. Lasers are also big entists for their contributions to our of our daily lives. Lasers can be found in a business, with annual laser sales ap- community, and I urge my colleagues wide range of applications including in com- proaching $6 billion per year, and grow- pact disc players, laser printers, barcode to do the same. scanners, digital video devices (DVDs), in- ing. Mr. Speaker, I yield back the balance dustrial welders, and surgical apparatus, The story of the laser is illustrative of my time. amongst others; of how investments in basic R&D can Ms. FUDGE. Mr. Speaker, I would Whereas total global sales of lasers in 2010 have huge economic and scientific im- just ask that my colleagues support is expected to top 5.9 billion dollars; plications down the road. It is a story this resolution, H. Res. 1310, and I yield Whereas innovations flowing from basic re- to remember well as this Congress pre- back the balance of my time. search such as the laser have made America pares to take up the America COM- The SPEAKER pro tempore. The into the world leader in technology develop- PETES Reauthorization Act in the question is on the motion offered by ment; Whereas continued support of scientific re- coming weeks. the gentlewoman from Ohio (Ms. search programs is indispensible to main- I would like to take a moment to rec- FUDGE) that the House suspend the taining America’s position as the global ognize the sponsor of this resolution, rules and agree to the resolution, H. leader in technology and innovation; and Dr. VERN EHLERS. It is my under- Res. 1310.

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00008 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 4, 2010 CONGRESSIONAL RECORD — HOUSE H3091 The question was taken; and (two- tional pride and confidence in the space pro- April 1, 1960, the United States Tele- thirds being in the affirmative) the gram; vision Infrared Observation Satellite, rules were suspended and the resolu- Whereas, since the launch of TIROS I, the better known as TIROS I, dem- tion was agreed to. United States has launched over 82 experi- onstrated the beginning of a new Amer- A motion to reconsider was laid on mental and operational meteorological sat- ellites; ican capability—the ability to examine the table. Whereas NASA’s Nimbus Satellites and weather patterns from space and to en- f Advanced Communications Technology Sat- able the early warnings of storms. The TIROS I spacecraft gave the CELEBRATING 50TH ANNIVERSARY ellite continued to enhance understanding and performance by further testing and de- United States crucial experience re- OF THE U.S. TELEVISION INFRA- velopment of space power systems, sensor de- lated to satellite technology and appli- RED OBSERVATION SATELLITE velopment, and other technologies; cations. Over the past 50 years, NASA Ms. FUDGE. Mr. Speaker, I move to Whereas the National Oceanic and Atmos- has continued to develop increasingly suspend the rules and agree to the reso- pheric Administration (NOAA) manages and capable weather satellites for oper- lution (H. Res. 1231) celebrating the operates fleets of satellites for the purposes ation by the National Oceanic and At- 50th anniversary of the United States of environmental and weather monitoring; Whereas similar TIROS missions employed mospheric Administration. Because of Television Infrared Observation Sat- launch vehicles, spacecraft, and imaging the technology pioneered by TIROS I, ellite, the world’s first meteorological equipment that was developed by NASA, the meteorologists have access to informa- satellite, launched by the National United States Air Force and their contrac- tion that helps to save lives and prop- Aeronautics and Space Administration tors and has performed in an outstanding erty around the world. Today, Amer- on April 1, 1960, and fulfilling the prom- manner; ican Earth observation satellites track ise of President Eisenhower to all na- Whereas the next 50 years of United States everything from the movements of vol- tions of the world to promote the accomplishments in space, like other impor- canic ash over Europe to the spread of peaceful use of space for the benefit of tant fields, will rely on individuals pos- petroleum over the Gulf of Mexico. sessing strong mathematics, science, and en- TIROS I is a shining example of the all mankind. gineering skills and the educators who will The Clerk read the title of the resolu- train such individuals; and peaceful use of outer space and of the tion. Whereas the United States space program benefits that our civil space program The text of the resolution is as fol- enables the development of advanced tech- provides for the United States and for lows: nologies, skills, and capabilities that support the world. H. RES. 1231 the competitiveness and economic growth of I want to thank my colleague from Whereas, April 1, 2010, is the 50th anniver- the United States: Now, therefore, be it New Jersey (Mr. HOLT) for introducing sary of the launch by the United States of Resolved, That the House of Representa- this resolution, and I urge my col- the Television Infrared Observation Satellite tives— leagues to join me in supporting H. (TIROS I), the first weather observation sat- (1) celebrates the achievement of the Na- Res. 1231, marking the 50th anniversary ellite, that was capable of taking television tional Aeronautics and Space Administra- tion and the Television Infrared Observation of TIROS I. images on command and remotely at loca- Mr. Speaker, I reserve the balance of tions around the world, and either recording Satellite (TIROS I) team who worked to- gether to enable the successful launch and my time. the pictures as television signals for subse- Mr. HALL of Texas. I yield myself quent playback or transmitting the images operation of TIROS I by the United States to to ground stations in real time; establish applications of space systems and such time as I may consume. Whereas TIROS resulted from the actions technology for the benefit of people world- Mr. Speaker, I rise today in support by President Eisenhower and Congress to wide; of House Resolution 1231, celebrating create the National Aeronautics and Space (2) supports science, technology, engineer- the 50th anniversary of the United Administration (NASA), a civilian space ing, and mathematics education programs States Television Infrared Observation agency, which applied technology from sev- which are critical for preparing the next gen- Satellite, which is the world’s first me- eral military programs that had been di- eration of engineers and scientists to lead fu- teorological satellite, launched by the ture United States space endeavors; rected by the U.S. Army Signal Corps Devel- National Aeronautics and Space Ad- opment and Research Labs (USASCDRL) at (3) recognizes the role of the United States space program in strengthening the sci- ministration on April 1, 1960. Fort Monmouth, New Jersey, and the United The launching of Sputnik in 1957 sig- States Army Ballistic Missile Agency in entific and engineering foundation that con- Huntsville, Alabama; tributes to United States innovation and naled the Soviet Union’s advances in Whereas TIROS I images offered mete- economic growth; and the space race with the United States. orologists the ability to examine large-scale (4) looks forward to the next 50 years of This event caused the creation of weather patterns to improve weather fore- United States achievements in the peaceful NASA, and it precipitated the push by casting and enable early warning of ap- use of space to benefit all mankind. the U.S. to gain a technological advan- proaching storms, thus saving lives and The SPEAKER pro tempore. Pursu- tage in space. It was during this time property around the world; ant to the rule, the gentlewoman from that NASA launched the Television In- Whereas the TIROS I images led to a bet- Ohio (Ms. FUDGE) and the gentleman frared Observation Satellite, or TIROS, ter understanding of global patterns and sup- from Texas (Mr. HALL) each will con- to determine if satellites could be use- ported transmission of detailed local weath- trol 20 minutes. er information to national weather agencies ful in the study of the Earth. around the world; The Chair recognizes the gentle- It was unknown whether or not sat- Whereas the realization of TIROS I was woman from Ohio. ellite observations would be an effec- made possible by years of development of GENERAL LEAVE tive means to determine the meteoro- computers, missile systems, television imag- Ms. FUDGE. Mr. Speaker, I ask logical condition on the Earth’s sur- ing, magnetic recording, semiconductor de- unanimous consent that all Members face. Scientists postulated that space- vices, and solar cell applications, all of may have 5 legislative days to revise based observations would be highly which resulted from both Government and and extend their remarks and to in- useful for weather forecasting. private sector investments; clude extraneous material on H. Res. TIROS was equipped with two tele- Whereas Government investments in re- vision cameras, with a magnetic tape search and development made possible the 1231, the resolution now under consid- deployment of satellite tracking networks, eration. recorder and with antennas. This sim- worldwide WWV receiver time base systems, The SPEAKER pro tempore. Is there ple configuration relayed thousands of tracking data reduction for orbit element de- objection to the request of the gentle- pictures of the Earth’s cloud cover, giv- termination, and other facilities essential to woman from Ohio? ing scientists the first real insight into the satellite applications; There was no objection. the complexity of the Earth’s atmos- Whereas Government and contractor per- Ms. FUDGE. I yield myself such time phere. When the first accurate weather sonnel collaborated to observe and analyze as I may consume. forecasts based on data collected from the motion of TIROS I in the Earth’s mag- Mr. Speaker, I rise today in support TIROS were completed, it became obvi- netic field, and developed satellite magnetic attitude controls for later TIROS and other of H. Res. 1231, celebrating the 50th an- ous that this technology would revolu- spacecraft to utilize the Earth’s magnetic niversary of the United States Tele- tionize meteorology and that it would field to orient satellites in Earth orbit; vision Infrared Observation Satellite. have long-lasting impacts on society. Whereas the success of TIROS I was a sig- Launched by the National Aero- To demonstrate its usefulness to the nificant Cold War event that restored the na- nautics and Space Administration on world and to fulfill President Dwight

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00009 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE H3092 CONGRESSIONAL RECORD — HOUSE May 4, 2010 D. Eisenhower’s pledge to promote the poured energy and resources into basic TIROS is a reminder of what we can peaceful use of space for the benefit of research and development as well as achieve when we apply sufficient en- all mankind, NASA and the U.S. science, technology, engineering, and ergy and resources to research and de- Weather Bureau invited scientists from mathematics education. Less than 3 velopment in pursuit of a national 21 different nations to participate in years after the launch of Sputnik, goal. The story of TIROS should be a the analysis of weather data from suc- these investments were beginning to guide to rebuilding our economy. It’s a cessive satellites. pay off. The usefulness of satellites to blueprint for how we can create not It was due to this information that observe the Earth remained unproven, just jobs but whole new industries. It’s the Weather Bureau issued its first and by 1960, U.S. scientists and engi- the story of how America remains com- advisories on air pollution potential neers had designed and built a new se- petitive. over the eastern United States. Today, ries of satellites to test the proposition Let us honor this legacy by main- weather forecasting is used in every and to demonstrate American domi- taining the urgent spirit of discovery part of our society. It is used to help nance. and innovation embodied by the TIROS protect human welfare and to guard The first launch of TIROS in April of I team. against property damage; it is used to 1960 was a clear U.S. victory in the Mr. HALL of Texas. Mr. Speaker, I enhance commerce, and it is used to in- space race, and it was the world’s first yield back the balance of my time. form officials of dangerous environ- meteorological satellite and the first Ms. FUDGE. Mr. Speaker, I would mental conditions like hurricanes and to relay video images of the Earth from just ask that my colleagues would sup- above. TIROS represented a scientific blizzards. port House Resolution 1231, and I yield milestone and a clear message to our The technological advances that we back the balance of my time. rivals and to ourselves that we had an have made since then in satellite tech- The SPEAKER pro tempore. The ‘‘eye in the sky’’ and we could watch nology have been astronomical, and question is on the motion offered by the planet. the commercialization of this tech- During the 78 days that it was in op- the gentlewoman from Ohio (Ms. nology has brought us even more clar- eration, TIROS I sent home almost FUDGE) that the House suspend the ity about the world we live in than has 23,000 images, including those of a trop- rules and agree to the resolution, H. ever been known or appreciated before. ical storm, the cloud system of a large Res. 1231. b 1445 extratropical cyclone in the Gulf of The question was taken; and (two- Alaska, and the pack ice in the Gulf of thirds being in the affirmative) the TIROS was only operational for 78 rules were suspended and the resolu- days, but those short weeks dem- St. Lawrence. Meteorologists used the transmissions to make the first accu- tion was agreed to. onstrated the power and usefulness of rate weather forecasts based on data A motion to reconsider was laid on space-based observations. It has been 50 gathered from space. The TIROS I pro- the table. years since the U.S. launched the first gram initiated a revolution in mete- f meteorological satellite into space, but orological science and was the first COMMEMORATING 400TH ANNIVER- as with other groundbreaking ad- step in the establishment of satellite vances, it’s appropriate to look back SARY OF FIRST USE OF THE storm tracking and warning systems TELESCOPE and appreciate the momentum that that subsequently have saved countless brought this Earth into the space age. lives. It proved that satellites could be Ms. FUDGE. Mr. Speaker, I move to I urge my colleagues to support useful tools for studying the planet and suspend the rules and agree to the reso- House Resolution 1231. acquiring information to be used im- lution (H. Res. 1269) commemorating Mr. Speaker, I reserve the balance of mediately for predictions and decision- the 400th anniversary of the first use of my time. making. the telescope for astronomical observa- Ms. FUDGE. Mr. Speaker, I yield 5 The design, the construction, the tion by the Italian scientist Galileo minutes to the gentleman from New launch, and the operation of the TIROS Galilei. Jersey (Mr. HOLT). I was carried out by a team from The Clerk read the title of the resolu- Mr. HOLT. I thank the gentlewoman NASA, the U.S. Army Signal Corps, tion. for yielding. Fort Monmouth, the U.S. Weather Bu- The text of the resolution is as fol- Mr. Speaker, I rise to urge my col- reau, the U.S. Naval Photographic In- lows: leagues to support H. Res. 1231. terpretation Center, the Defense Ad- H. RES. 1269 Let’s review the technological, sci- vanced Research Projects Agency, Whereas 2009 is the 400th anniversary of entific, and political accomplishment Lockheed, Douglas, Martin Marietta. I the first use of the improved telescope capa- that the TIROS I satellite represents. am proud that central New Jersey can ble of astronomical observations by its de- In October of 1957, the launch by the rightly claim a large share of the cred- veloper, the Italian Renaissance scientist Soviet Union of the Sputnik satellite it for TIROS I, which was engineered Galileo Galilei; struck fear in the hearts of Americans. and manufactured in central New Jer- Whereas Galileo, born in Pisa, Italy, in Sputnik II went into space weighing sey by RCA Astro-Electronics. One of 1564, was educated at the University of Pisa where he became Professor of Mathematics; over 1,000 pounds and carrying a dog. the two command and data acquisition Meanwhile, the United States was de- Whereas he attained life tenure as Chair of centers was located at Camp Evans. Mathematics at University of Padua; veloping far smaller satellites and ex- Many of the scientists and technicians Whereas Galileo was appointed Chief Phi- periencing troubles and public set- and engineers who worked on this have losopher and Mathematician to the Grand backs. On December 6, 1957, a Vanguard recently gathered to celebrate this ac- Duke of Tuscany, Cosimo de’ Medici II, his rocket failed to launch a U.S. satellite complishment. patron; into space when it exploded on national But five decades later, it’s too easy Whereas Galileo had an integral role in the television. In January 1958, the U.S. to take for granted the U.S. victory in Scientific Revolution of the 17th Century successfully launched a 31-pound Ex- the space race and the technological due to his major contributions as a physi- plorer I satellite, but even this victory developments that were pioneered by cist, mathematician, astronomer, and philos- opher; was quickly followed by the loss of an- TIROS and its successors. Most of us Whereas Galileo is universally regarded as other Vanguard satellite in February. give little thought to the satellites the ‘‘Father of Modern Astronomy’’, ‘‘Father As the early space race continued that bring us our daily weather images. of Modern Physics’’, and ‘‘Father of Modern through 1958 and 1959, the Soviet Union There’s the story, perhaps apocryphal, Science’’; always seemed to be a step ahead of the of the politician who said, We don’t Whereas his experiments on the laws of United States. need weather satellites when we have motion, falling bodies, and the parabolic The shock of Sputnik and the fear the Weather Channel. Well, we do. paths of projectiles and his observations of that the United States was losing its From solar cells and tape recorders to astronomical bodies were scientific ad- vances; competitive edge inspired a national cell phone cameras and GPS systems, Whereas his inventions, the enhanced tele- effort to prove and improve American the contributions that derive from the scope; hydrostatic balance; geometric and leadership in the fields of science, TIROS program are not confined to military compass; thermoscope (thermom- math, and engineering. The U.S. outer space. eter); perfected compound microscope;

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00010 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 4, 2010 CONGRESSIONAL RECORD — HOUSE H3093 pulsilogium (pulsiometer), enabled practical of the universe and mankind’s understanding detail that was breathtaking, such as applications in the fields of military and of his place in the cosmos, and that the Con- valleys of the Moon, fellow planets in civil engineering, navigation, medicine, and gress of the United States of America joins our solar system, and the moons of Ju- astronomy; the world in celebration of ‘‘The Inter- piter. Whereas his newly designed instruments of national Year of Astronomy’’. Most importantly, unlike his peers measurement, coupled with his theory that The SPEAKER pro tempore. Pursu- the natural world was written in the lan- who trained their telescopes to look guage of mathematics, laid the groundwork ant to the rule, the gentlewoman from across the Earth’s terrain, Galileo in- for modern scientific method and research; Ohio (Ms. FUDGE) and the gentleman stead aimed his telescopes to look out Whereas Galileo’s use of his telescope, the from Texas (Mr. HALL) each will con- into the heavens. central instrument of the Scientific Revolu- trol 20 minutes. Four hundred years later, who could tion, enabled his discovery of certain fea- The Chair recognizes the gentle- have imagined the transformations un- tures of the surface of the moon, the moons woman from Ohio. leashed by Galileo and his search of the of Jupiter, the phases and motion of Venus, GENERAL LEAVE and sunspots; night skies, both in terms of designs Whereas these findings confirmed that the Ms. FUDGE. Mr. Speaker, I ask and capabilities of follow-on tele- Copernican Sun Centered Solar System was unanimous consent that all Members scopes, as well as informing Earth’s in- plausible; may have 5 legislative days to revise habitants of their genesis and their Whereas this changed human under- and extend their remarks and to in- place in the universe. standing of the cosmos; clude extraneous material on H. Res. Today, ground-based telescopes sit- Whereas Galileo published his theories and 1269, the resolution now under consid- ting high atop mountain peaks are col- findings in several treatises, letters, and books, most importantly, Siderius Nuncius eration. lecting immense amounts of data, ena- and the Dialogue Concerning the Two Chief The SPEAKER pro tempore. Is there bling astronomers to discover new de- World Systems; objection to the request of the gentle- tails about our solar system, our gal- Whereas Galileo’s body of work enabled woman from Ohio? axy, and our universe. Just as impor- subsequent generations, in particular in the There was no objection. tant, their findings raise new ques- United States, to build on the tradition of Ms. FUDGE. Mr. Speaker, I yield my- tions, leading to follow-on research scientific research, to be in the forefront of self such time as I may consume. campaigns all across the globe. new scientific endeavors, specifically in med- Mr. Speaker, I rise today in support Space-based telescopes, which have icine, technology, and space exploration, re- sulting in the betterment of mankind; of H. Res. 1269, a resolution commemo- only been launched in the last several Whereas the United States of America has rating the 400th anniversary of the decades, have been equally spectacular. previously honored the scientist through first use of the telescope for astronom- Virtually every citizen on Earth has naming a research aircraft, ‘‘Galileo’’, com- ical observation by the Italian sci- seen pictures produced by the Hubble, missioned for the Eclipse Expedition in 1965, entist Galileo Galilei. I want to con- Chandra, Compton, and Spitzer space and naming one of its major interplanetary gratulate the gentleman from Ohio telescopes. And the future of space- missions, the Galileo Expedition to Jupiter, (Mr. TIBERI) for introducing this impor- based and ground-based astronomy launched in 1989 and ending its 14-year odys- tant resolution recognizing the work of sey in 2003; promises to be just as exciting. To cite Whereas America also has built on the leg- a true Renaissance man, Galileo. one example, NASA is hard at work acy of Galileo with NASA’s most successful Galileo is known as the ‘‘father of completing construction of the James long-term science mission, the launch in 1990 science.’’ His numerous contributions Webb space telescope, scheduled to be of the Hubble Space Telescope, which con- in the areas of astronomy, mathe- launched in 2014. It is designed to look tributes to our understanding of the uni- matics, and physics laid the foundation at the infrared spectrum and will have verse; for modern science. In fact, Galileo was a mirror that’s 21 feet across, far larger Whereas as part of NASA’s tribute to the first scientist to apply the use of than the mirror on Hubble. The poten- Galileo, a replica of Galileo’s telescope, pro- mathematics to the study of motion. In vided by the Istituto e Museo di Storia della tial discoveries that await are un- Scienza, Florence, Italy, was carried into 1609, within months of learning about known. space by Italian American astronaut, Mi- the telescope, Galileo constructed his For men and women all across the chael Massimino, on the May 2009 Atlantis own more powerful version and began globe, probably no field of science is mission to repair and update the orbiting observing the night sky. more captivating and more exciting Hubble telescope; With his telescope Galileo discovered than astronomy. Galileo and his early Whereas 2009 also marks the 40th anniver- sunspots, examined the surface of the telescopes provided the foundation, and sary of the moon landing by the Apollo 11 as- moon, observed a supernova, and dis- this resolution rightly acknowledges tronauts, which gave mankind first hand proved the prevailing theory that the knowledge of the moon’s surface, first ob- his genius. served in detail when Galileo turned his tele- Earth was the center of the universe, Mr. Speaker, I have no further re- scope to the sky in 1609; instead observing that the Earth re- quests for time, and I yield back the Whereas the United Nations ‘‘The Inter- volved around the Sun. balance of my time. national Year of Astronomy 2009’’ is a global Galileo’s life and his many contribu- Mr. PASCRELL. Mr. Speaker, I rise in favor effort with over 140 countries participating, tions to science have made his name of H. Res. 1269, commemorating the 400th initiated by the International Astronomical synonymous with discovery. I want to anniversary of the first use of the telescope for Union (IAU) and UNESCO, at the request of once again commend Mr. TIBERI and astronomical observation by the Italian sci- Italy, Galileo’s native country; and his cosponsors for introducing this res- entist Galileo Galilei. Whereas organizations, educational insti- tutions, government entities, most notably olution and urge my colleagues to join Galileo, born in Pisa, Italy, in 1564, was in Italy, Istituto e Museo di Storia della me in recognizing the important astro- educated at the University of Pisa where he Scienza and in the United States, NASA, nomical observations made by Galileo became Professor of Mathematics; he later at- Smithsonian Institution, Franklin Institute by voting in support of House Resolu- tained life tenure as Chair of Mathematics at in Philiadelphia, Italian Embassy and tion 1269. University of Padua. Galileo was appointed Italian Consulates, National Italian Amer- Mr. Speaker, I reserve the balance of Chief Philosopher and Mathematician to the ican Foundation and Italian Heritage and my time. Grand Duke of Tuscany, Cosimo de’ Medici II, Culture Committee of New York, Inc., are Mr. HALL of Texas. Mr. Speaker, I his patron and had an integral role in the Sci- celebrating the genius of Galileo Galilei and ‘‘The International Year of Astronomy 2009’’ yield myself such time as I may con- entific Revolution of the 17th Century due to with numerous public programs, publica- sume. his major contributions as a physicist, mathe- tions, symposia, proclamation ceremonies, Mr. Speaker, I rise in strong support matician, astronomer, and philosopher. and tributes to Galileo and his legacy: Now, of H. Res. 1269, commemorating the Galileo Galilei is universally regarded as the therefore, be it 400th anniversary of the first use of the ‘Father of Modern Astronomy’, ‘Father of Mod- Resolved, That the Congress of the United telescope by Galileo Galilei to peer ern Physics’, and ’Father of Modern Science’ States of America commemorates the 400th into heavens. due to all the advances he made in those anniversary of the first use of the telescope by Galileo Galilei for astronomical observa- Galileo’s brilliant refinements of ex- fields. His experiments on the laws of motion, tion and marks this discovery as one of the isting telescope designs allowed hu- falling bodies, and the parabolic paths of pro- major events impacting mankind, and ex- mans for the first time to discern the jectiles and his observations of astronomical presses its gratitude for Galileo’s expansion Earth’s closest neighbors to a level of bodies were massive scientific advances. His

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00011 Fmt 4634 Sfmt 9920 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE H3094 CONGRESSIONAL RECORD — HOUSE May 4, 2010 inventions, the enhanced telescope; hydro- REDESIGNATING THE DEPART- amended by striking ‘‘Assistant Secretaries static balance; geometric and military com- MENT OF THE NAVY AS THE DE- of the Navy’’ and inserting ‘‘Assistant Secre- pass; thermoscope (thermometer); perfected PARTMENT OF THE NAVY AND taries of the Navy and Marine Corps’’. compound microscope; pulsilogium MARINE CORPS (B) The heading of section 5016 of such title, and the item relating to such section (pulsiometer), enabled practical applications in Mr. HEINRICH. Mr. Speaker, I move in the table of sections at the beginning of the fields of military and civil engineering, to suspend the rules and pass the bill chapter 503 of such title, are each amended navigation, medicine, and astronomy. (H.R. 24) to redesignate the Depart- by inserting ‘‘and Marine Corps’’ after ‘‘of His newly designed instruments of measure- ment of the Navy as the Department of the Navy’’, with the matter inserted in each ment, coupled with his theory that the natural the Navy and Marine Corps. case to be in the same typeface and typestyle world was written in the language of mathe- The Clerk read the title of the bill. as the matter amended. matics, laid the groundwork for modern sci- The text of the bill is as follows: SEC. 3. OTHER PROVISIONS OF LAW AND OTHER REFERENCES. entific method and research; Galileo’s use of H.R. 24 his telescope, the central instrument of the (a) TITLE 37, UNITED STATES CODE.—Title Be it enacted by the Senate and House of Rep- Scientific Revolution, enabled his discovery of 37, United States Code, is amended by strik- resentatives of the United States of America in ing ‘‘Department of the Navy’’ and ‘‘Sec- certain features of the surface of the moon, Congress assembled, retary of the Navy’’ each place they appear the moons of Jupiter, the phases and motion SECTION 1. REDESIGNATION OF THE DEPART- and inserting ‘‘Department of the Navy and of Venus, and sunspots. These findings con- MENT OF THE NAVY AS THE DEPART- Marine Corps’’ and ‘‘Secretary of the Navy firmed that the Copernican Sun Centered MENT OF THE NAVY AND MARINE and Marine Corps’’, respectively. CORPS. Solar System was plausible and changed (b) OTHER REFERENCES.—Any reference in human understanding of the cosmos. (a) REDESIGNATION OF MILITARY DEPART- any law other than in title 10 or title 37, MENT.—The military department designated Galileo published his theories and findings United States Code, or in any regulation, as the Department of the Navy is redesig- document, record, or other paper of the in several treatises, letters, and books, most nated as the Department of the Navy and importantly, Siderius Nuncius and the Dia- United States, to the Department of the Marine Corps. Navy shall be considered to be a reference to logue Concerning the Two Chief World Sys- EDESIGNATION OF ECRETARY AND (b) R S the Department of the Navy and Marine tems. Galileo’s body of work enabled subse- OTHER STATUTORY OFFICES.— Corps. Any such reference to an office speci- quent generations, in particular in the United (1) SECRETARY.—The position of the Sec- fied in section 2(b) shall be considered to be States, to build on the tradition of scientific re- retary of the Navy is redesignated as the a reference to that officer as redesignated by search, to be in the forefront of new scientific Secretary of the Navy and Marine Corps. that section. (2) OTHER STATUTORY OFFICES.—The posi- endeavors, specifically in medicine, tech- SEC. 4. EFFECTIVE DATE. tions of the Under Secretary of the Navy, the nology, and space exploration, resulting in the four Assistant Secretaries of the Navy, and This Act and the amendments made by betterment of mankind. The United States of the General Counsel of the Department of this Act shall take effect on the first day of America has previously honored the scientist the Navy are redesignated as the Under Sec- the first month beginning more than 60 days through naming a research aircraft, ‘Galileo’, retary of the Navy and Marine Corps, the As- after the date of the enactment of this Act. commissioned for the Eclipse Expedition in sistant Secretaries of the Navy and Marine The SPEAKER pro tempore. Pursu- 1965, and naming one of its major interplan- Corps, and the General Counsel of the De- ant to the rule, the gentleman from etary missions, the Galileo Expedition to Jupi- partment of the Navy and Marine Corps, re- New Mexico (Mr. HEINRICH) and the ter, launched in 1989 and ending its 14-year spectively. gentleman from North Carolina (Mr. odyssey in 2003. SEC. 2. CONFORMING AMENDMENTS TO TITLE 10, JONES) each will control 20 minutes. UNITED STATES CODE. America also has built on the legacy of (a) DEFINITION OF ‘‘MILITARY DEPART- The Chair recognizes the gentleman Galileo with NASA’s most successful long- MENT’’.—Paragraph (8) of section 101(a) of from New Mexico. term science mission, the launch in 1990 of title 10, United States Code, is amended to GENERAL LEAVE the Hubble Space Telescope, which contrib- read as follows: Mr. HEINRICH. Mr. Speaker, I ask utes to our understanding of the universe; as ‘‘(8) The term ‘military department’ means unanimous consent that all Members part of NASA’s tribute to Galileo, a replica of the Department of the Army, the Depart- have 5 legislative days within which to Galileo’s telescope, provided by the Istituto e ment of the Navy and Marine Corps, and the Department of the Air Force.’’. revise and extend their remarks on the Museo di Storia della Scienza, Florence, Italy, legislation under consideration. was carried into space by Italian American as- (b) ORGANIZATION OF DEPARTMENT.—The text of section 5011 of such title is amended The SPEAKER pro tempore. Is there tronaut, Michael Massimino, on the May 2009 to read as follows: ‘‘The Department of the objection to the request of the gen- Atlantis mission to repair and update the orbit- Navy and Marine Corps is separately orga- tleman from New Mexico? ing Hubble telescope. nized under the Secretary of the Navy and There was no objection. As the Co-Chair of the Italian American Marine Corps.’’. Mr. HEINRICH. Mr. Speaker, I yield (c) POSITION OF SECRETARY.—Section Congressional Caucus I am able to reinforce myself such time as I may consume. the deep and binding ties between the United 5013(a)(1) of such title is amended by striking ‘‘There is a Secretary of the Navy’’ and in- Mr. Speaker, I rise today in support States and Italy. I work to promote the strong of H.R. 24, to redesignate the Depart- relationship between our two nations and serting ‘‘There is a Secretary of the Navy ment of the Navy as the Department of honor our shared heritage. I am proud to com- and Marine Corps’’. (d) CHAPTER HEADINGS.— the Navy and Marine Corps. I want to memorate this anniversary and express my (1) The heading of chapter 503 of such title thank my colleagues for bringing this gratitude for Galileo’s expansion of the uni- is amended to read as follows: important measure before the House. verse through his use of the telescope and ‘‘CHAPTER 503—DEPARTMENT OF THE This bill has the cosponsorship of an mankind’s understanding of his place in the NAVY AND MARINE CORPS’’. overwhelming majority of this House. cosmos. The contributions of scientist like (2) The heading of chapter 507 of such title It has been part of the House-passed Galileo make the United States the great na- is amended to read as follows: National Defense Authorization Acts tion that it is today. His legacy is our shared ‘‘CHAPTER 507—COMPOSITION OF THE DE- for the last 8 years. It is time this American history. PARTMENT OF THE NAVY AND MARINE change was made, and I want to thank Ms. FUDGE. Mr. Speaker, I urge sup- CORPS’’. port of H. Res. 1269, and I yield back Representative JONES for his tireless (e) OTHER AMENDMENTS.— efforts in this regard. the balance of my time. (1) Title 10, United States Code, is amended The SPEAKER pro tempore. The by striking ‘‘Department of the Navy’’ and The National Security Act of 1947 de- question is on the motion offered by ‘‘Secretary of the Navy’’ each place they ap- fines the Marine Corps, Army, Navy, the gentlewoman from Ohio (Ms. pear other than as specified in subsections and Air Force as the separate services, FUDGE) that the House suspend the (a), (b), (c), and (d) (including in section each with distinct statutory missions. rules and agree to the resolution, H. headings, subsection captions, tables of By designating each service’s com- Res. 1269. chapters, and tables of sections) and insert- manding officer as an equal member of The question was taken; and (two- ing ‘‘Department of the Navy and Marine the Joint Chiefs of Staff, the Gold- Corps’’ and ‘‘Secretary of the Navy and Ma- water-Nichols Act of 1986 reinforced thirds being in the affirmative) the rine Corps’’, respectively, in each case with rules were suspended and the resolu- the matter inserted to be in the same type- the idea that we have four separate tion was agreed to. face and typestyle as the matter stricken. services. This bill supports that notion. A motion to reconsider was laid on (2)(A) Sections 5013(f), 5014(b)(2), 5016(a), Mr. Speaker, the purpose of this bill the table. 5017(2), 5032(a), and 5042(a) of such title are is to provide the Marine Corps the

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00012 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 4, 2010 CONGRESSIONAL RECORD — HOUSE H3095 equal recognition among the services and Marine Corps team is just that, a with the other branches of our armed that it deserves, even while it preserves dynamic partnership, and it is impor- services. the historical relationship that the tant to symbolically recognize the bal- After World War II, the War Depart- Navy and the Marine Corps have en- ance of that partnership.’’ ment was designated as the Depart- joyed for over 200 years. Mr. Speaker, in addition to that, I ment of Defense as a means to update would like to share with the debate tradition. In 1947, the Army Air Corps b 1500 today, it caught me by surprise back in separated from the Army and was es- I urge my colleagues to support this 2005 from your home State, I was noti- tablished as the United States Air important measure. fied that the Chicago Tribune had edi- Force. Mr. Speaker, I reserve the balance of torially supported this bill in 2006. I The Marines are not seeking separa- my time. just want to read a paragraph. tion from the Navy. The long and Mr. JONES. Mr. Speaker, I yield my- ‘‘Step up for the Marines. The Ma- proud tradition of our Navy and Marine self such time as I may consume. rines have not asked for complete au- Corps working side by side would sim- Mr. Speaker, I want to thank Mr. tonomy. Nothing structurally needs to ply be codified by the passing of H.R. 24 HEINRICH for his kind words about this change in their relationship with the and officially recognize the Marines legislation. I also want to take time to Navy, which has served both branches Corps as equal partners in protecting thank Chairman IKE SKELTON and well. The Corps only asks for recogni- our Nation. Ranking Member BUCK MCKEON, who tion. Having served their Nation proud- In his speech at a recent news con- have been very supportive of this legis- ly and courageously since colonial ference supporting this name change, lation for the last 8 years. It is because days, the leathernecks have earned a retired Gunnery Sergeant and a famil- of the leadership of both, and espe- promotion.’’ iar face to all of us who enjoy The His- cially the chairman, that this bill is on I want to thank this House again. All tory Channel, R. Lee Ermey, said: the floor today, for which I am very we are saying is, the Marine Corps de- ‘‘We’re not asking for a promotion. grateful. serves recognition. We’re not asking for more money. We Mr. Speaker, as Mr. HEINRICH said, it Mr. Speaker, if I could make a couple don’t want a uniform change. The only is kind of interesting that the Marine other points, and then I would reserve thing we want is for future Marines Corps, which has such a history, that is my time. who shed blood for their country to at so revered by so many Americans, just One of the opponents to this legisla- least get respect and receive honorable like those who serve in the Army, the tion is in the Senate. I looked up the mention in the department they fall Navy and the Air Force, yet it is a fact history. He was a member of the class under.’’ that the Marine Corps is somewhat like of 1958. In 1958, the football field at An- This name change does not increase a child at the family reunion, meaning napolis was known as the Navy Memo- military spending, increase the size of that they are part of the family, but rial Football Stadium. After that dis- the military, create another depart- they just aren’t seen as the family. tinguished gentleman graduated in ment, or change the internal budget I make that mention for this reason. 1959, they changed the name of the process for the Navy or the Marine A few years ago, this cap was given to football stadium at Annapolis to the Corps. Nor does the change diminish me by the Secretary of the Navy, and Navy-Marine Corps Memorial Football their proud traditions. This change the cap says, ‘‘Navy-Marine Corps, One Stadium. strengthens their relationship and Fighting Team,’’ and yet this one This year, when we were here on a shows the world that they stand to- fighting team doesn’t carry the name weekend, I was watching the Notre gether through a formal recognition of of both services. Dame-Navy football game, and I no- this partnership. Again, I want to thank the 426 co- ticed a jersey that Annapolis was wear- I urge all Members to support H.R. sponsors. We turned in 11 names today ing. I know you probably can’t see this, 24. so that for this debate they could be but I can make my point. Mr. JONES. Mr. Speaker, I want to part of the effort that Mr. HEINRICH Mr. Speaker, on the front it says thank Mr. SCHIFF for those excellent made reference to, so it is 426. ‘‘Navy.’’ On the left sleeve is the Ma- remarks about this bill and the need Many people would say, well, why do rine Corps anchor and globe. On the for this proper recognition. Again, it is you and others want so badly to build right sleeve is the Navy anchor. They no more, no less than just recognizing that type of support? It is because, as understand teamwork, they understand the Marine Corps as part of one fight- Mr. HEINRICH said, the Senate has al- one fighting team, and the House un- ing team, the Navy and Marine Corps. ways been the downfall of this effort, derstands one fighting team. That is Mr. Speaker, I want to thank Mr. and I can honestly say, Mr. Speaker, why it is so important today that we SCHIFF for also mentioning Gunnery that in the past 8 years there have been are having this debate. Sergeant Lee Ermey, who has become so many comments by people who sup- Again, I thank each and every one the national spokesman. In fact, there port this legislation and groups, that I that has been part of this. is a Web site called MarineCause.Com would just like to name a few in the I reserve the balance of my time. that anybody that would like to see time that I have. Mr. HEINRICH. Mr. Speaker, I yield 3 more about this issue and maybe join First of all, this year alone, H.R. 24 minutes to my friend and colleague, in on a petition, they could do that. has these associations that support it: the gentleman from California (Mr. We did a news conference about 5 The Fleet Reserve Association; the Ma- SCHIFF). weeks ago with the Marine Corps rine Corps League; the National De- Mr. SCHIFF. I thank the gentleman League, and I want to thank Mike fense Political Action Committee; Na- for yielding. Blum and the League for hosting this tional Association of Uniformed Serv- Mr. Speaker, I rise today in strong news conference. It was in the Cannon ices; Veterans of Foreign Wars; and support of H.R. 24. The proud history of Building. Lee Ermey came. He is quite Marine Parents. the United States Marine Corps began an interesting American. He is quite a Mr. Speaker, in addition to this, with the founding of the Continental patriot as well. years ago in this effort that Mr. Marines in 1775 to conduct ship-to-ship At the news conference, the speakers HEINRICH made reference to, 8 years, I fighting, provide ship security and dis- that day, I made the opening remarks, want to read just one statement from cipline, and assist in landing forces. and then Senator PAT ROBERTS, who the Honorable Wade Sanders, Deputy Today, the Marine Corps is an elite, has put a companion bill in on the Sen- Assistant Secretary of the Navy for Re- light, rapid deployment fighting force ate side, S. 504, and he himself is a re- serve Affairs. This is what he said, and which includes over 203,000 active duty tired Marine officer, he spoke. I read verbatim: personnel and almost 40,000 reservists. Then we had this young man named ‘‘As a combat veteran and former For almost 235 years, the men and Eddie Wright. I never will forget him. Naval officer, I understand the impor- women of the Marine Corps have served Eddie Wright lost both hands in Iraq tance of the team dynamic, and the im- a vital role in protecting the United for this country. He came, and at the portance of recognizing the contribu- States and Americans around the news conference he told the story of tions of team components. The Navy world. These warriors deserve equality how much he loved the Navy. He said,

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00013 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE H3096 CONGRESSIONAL RECORD — HOUSE May 4, 2010 ‘‘Here I am a Marine. I would have died H.R. 24 will recognize the Corps and their for the USS New Mexico’s crest, which sym- without the corpsmen saving my life.’’ overall importance to our country and our na- bolizes the beauty of New Mexico as well as He said, ‘‘We are one family. That is tional security. The long and proud history of the inscription ‘‘We Defend Our Land’’ in the why I think this legislation is so im- Spanish language; the Marine Corps more than justifies the rec- Whereas the USS New Mexico Commis- portant.’’ Again, Eddie Wright has lost ognition of equal status with our other service sioning Committee of the Navy League’s both hands. branches and making all Americans aware of New Mexico Council led a dedicated 5-year In addition, there was a father, Dick this is long overdue. statewide grassroots initiative to have the Lynn, from Richmond, Virginia. He Mr. JONES. Mr. Speaker, I yield sixth Virginia-class submarine named New was telling the story about when he re- back the balance of my time. Mexico and has played a tremendous role in ceived the condolence letter when his Mr. HEINRICH. Mr. Speaker, I have planning construction milestone ceremonies son died in Iraq for this country. This no further requests for time, and I and supporting crew activities throughout is the condolence letter. We have taken yield back the balance of my time. the vessel’s development; Whereas the USS New Mexico was commis- the names out of it. It is not the one The SPEAKER pro tempore. The sioned by the U.S. Navy on March 27, 2010, at that Mr. Lynn received. But it is just question is on the motion offered by the Norfolk Naval Base in Norfolk, Virginia; so ironic that the Marine family, whose the gentleman from New Mexico (Mr. and son died for this country, that they re- HEINRICH) that the House suspend the Whereas New Mexico, ‘‘The Land of En- ceive a letter that says ‘‘The Secretary rules and pass the bill, H.R. 24. chantment’’, is proud to be honored with the of the Navy, Washington, D.C.,’’ with a The question was taken; and (two- most modern and sophisticated attack sub- Navy flag, and it says, ‘‘On behalf of thirds being in the affirmative) the marine in the world, providing undersea su- the Department of Navy, please accept rules were suspended and the bill was premacy well into the 21st century: Now, therefore, be it our very sincere condolences.’’ passed. Resolved, That the House of Representa- A condolence letter certainly is im- A motion to reconsider was laid on tives— portant. But if this should become the the table. (1) honors the USS New Mexico (SSN 779) law, Mr. Speaker, Mr. Lynn and every f as one of the most advanced submarines in other family would receive a condo- the history of the U.S. Navy; lence letter that would say, ‘‘The Sec- HONORING THE USS NEW MEXICO (2) commends the diligence of the New Mexico Council, Navy league of the United retary of the Navy and Marine Corps,’’ Mr. HEINRICH. Mr. Speaker, I move with the Navy flag and the Marine flag. States, and the USS New Mexico Commis- to suspend the rules and agree to the sioning Committee who contributed to the ‘‘On behalf of the Department of the resolution (H. Res. 1132) honoring the support of the USS New Mexico; Navy and Marine Corps, please accept USS New Mexico as the sixth Virginia- (3) commends the dedicated craftsman, de- my sincere condolences on the loss of class submarine commissioned by the signers, engineers, and support staff of the your loved one.’’ U.S. Navy to protect and defend the Navy-industry team who contributed so vi- Mr. Lynn gave one example about the United States, as amended. tally to the construction, testing, and trials importance of ‘‘team.’’ He said, My fa- The Clerk read the title of the resolu- of USS New Mexico; and ther was a World War II Navy veteran. (4) honors Commander Mark Prokopius, tion. United States Navy, the ships first Com- He is buried in Culpeper, Virginia. Next The text of the resolution is as fol- to my father is buried my son, who was manding Officer, Senior Chief Petty Officer lows: Eric Murphy, United States Navy, the ships in the United States Marine Corps. And H. RES. 1132 first Chief of the Boat, the commissioning on both headstones, the father, Whereas the mission statement of the crew, and the sailors who will man this ship ‘‘United States Navy,’’ the son, United States Navy is to ‘‘maintain, train for the next three decades maintaining an ‘‘United States Marine Corps.’’ and equip combat-ready Naval forces capable ever present silent presence throughout the As I begin to close, I want to thank of winning wars, deterring aggression and oceans of the world ensuring the peace and Mr. HEINRICH for being on the floor maintaining freedom of the seas’’; safety of the United States. today and Mr. SCHIFF for being on the Whereas the Virginia-class submarine is The SPEAKER pro tempore. Pursu- floor today. I want to thank the chair- the first U.S. Navy attack submarine to be ant to the rule, the gentleman from man of the committee, IKE SKELTON, designed for post-Cold War missions and is New Mexico (Mr. HEINRICH) and the for being a supporter of this for over 8 capable of operating in the open ocean as gentleman from North Carolina (Mr. well as close to shore; JONES) each will control 20 minutes. years. I want to thank BUCK MCKEON Whereas the Virginia-class submarine is for being a supporter of this for over 8 capable of submerged speeds of more than 25 The Chair recognizes the gentleman years. knots and can stay submerged for extended from New Mexico. It is time that the Senate, I hope, periods at sea; GENERAL LEAVE will look at the fairness of this issue Whereas the Secretary of the Navy has Mr. HEINRICH. Mr. Speaker, I ask that will be sent to the United States named the U.S. Navy’s sixth Virginia-class unanimous consent that all Members Senate. That is all it is, is recognition fast-attack nuclear powered submarine the have 5 legislative days within which to and fairness to the United States Ma- USS New Mexico (SSN 779); revise and extend their remarks on the rine Corps, who are loved and endeared Whereas this submarine honors the legacy of the battleship USS New Mexico (BB–40), resolution under consideration. by the American people. which served in both the Pacific and Atlan- The SPEAKER pro tempore. Is there Mr. QUIGLEY. Mr. Speaker, I rise today in tic theaters during World War II; objection to the request of the gen- strong support of H.R. 24, a bill which will re- Whereas the USS New Mexico was con- tleman from New Mexico? designate the Department of the Navy as the structed 4 months ahead of schedule, achiev- There was no objection. Department of the Navy and Marine Corps, ing the shortest construction period of any Mr. HEINRICH. Mr. Speaker, I yield and to recognize George Mulvaney and the Virginia-class submarine; myself such time as I may consume. Veterans of America’s Heartland role in bring- Whereas the USS New Mexico is a state-of- I rise today to support House Resolu- ing this legislation to the floor. the-art, nuclear powered submarine that will tion 1132, honoring the USS New Mexico help fulfill the U.S. Navy’s mission to deter as the sixth Virginia-class submarine The Marine Corps is one of world’s most ca- aggression and maintain freedom of the seas; pable and premier fighting forces. Since 1775 Whereas the State of New Mexico and its commissioned by the U.S. Navy to pro- they have fought in every major armed conflict two national security laboratories, Sandia tect and defend the United States of that our country has been a part of. National Laboratories and Los Alamos Na- America. I want to thank my col- Previously Congress has declared that there tional Laboratory, have made significant leagues from New Mexico, Mr. TEAGUE are four branches of the military, however contributions to the Nation’s nuclear devel- and Mr. LUJA´ N, for their work in bring- today there are only three departments. opment, including the advancement of nu- ing this resolution to the floor. The perception that the Marine Corps is clear powered submarines; The USS New Mexico was commis- under the Navy rather than being equal is real Whereas the Commanding Officer of the sioned on March 27 of this year as the USS New Mexico embraced the sense of New newest Virginia-class fast attack sub- and evident, and should be corrected. Mexican culture within the submarine in- The Navy and the Marine Corps are a team, cluding naming the ship’s galley ‘‘La Posta’’ marine in the United States Navy. I and it is important that the American public be after a restaurant in Mesilla, New Mexico; was incredibly proud to be at Norfolk fully aware that these branches operate as Whereas Ms. Emilee Sena of Albuquerque, Naval Base that day to commission the partners and equals. New Mexico, submitted the winning design submarine and to salute the officers

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00014 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 4, 2010 CONGRESSIONAL RECORD — HOUSE H3097 and crew as they set out to protect our tack, nuclear-powered submarine, des- Accordingly (at 3 o’clock and 21 min- Nation at sea. ignated SSN 779, the USS New Mexico utes p.m.), the House stood in recess b 1515 in honor of the State of New Mexico. In until approximately 6:30 p.m. today. addition, this name honors the legacy f Constructed nearly 4 months ahead of the battleship USS New Mexico. The of schedule, this world-class platform battleship New Mexico was the first tur- b 1830 contains some of the most advanced boelectric-driven battleship, serving AFTER RECESS technologies in the entire force. Among both the Pacific and Atlantic theatres its many capabilities, this nuclear sub- during World War II, and earning six The recess having expired, the House marine will be able to attack targets battle stars. was called to order by the Speaker pro ashore with highly accurate Toma- Although the submarine USS New tempore (Mr. JACKSON of Illinois) at 6 hawk missiles while conducting covert Mexico has only just been commis- o’clock and 30 minutes p.m. surveillance missions in both deep and sioned in March of this year, it is well f littoral waters. This fast-attack sub on its way to living up to its name- will move at speeds of more than 25 sake’s legacy. She was built by Nor- ANNOUNCEMENT BY THE SPEAKER knots while submerged and remain un- throp Grumman Newport News in part- PRO TEMPORE derwater for extended periods of time. nership with General Dynamics Elec- The SPEAKER pro tempore. Pursu- Advances in technology have allowed tric Boat and constructed 4 months ant to clause 8 of rule XX, proceedings the submarine to no longer require ahead of schedule, achieving the short- will resume on motions to suspend the periscopes and instead use high-resolu- est construction period of any Vir- rules previously postponed. tion cameras incorporated with light ginia-class submarine to date. Votes will be taken in the following and infrared sensors to guide the ship. The naming of this latest submarine order: The New Mexico will provide important is also appropriate because the State of H. Res. 1307 by the yeas and nays; battle group and joint task force sup- New Mexico and its two national secu- H. Res. 1213, by the yeas and nays; port, ensuring stealth, endurance, and rity laboratories, Sandia National Lab- H. Res. 1132, by the yeas and nays. agility under the sea. oratories and Los Alamos National The first electronic vote will be con- As a proud New Mexican, I would like Laboratory, have made significant con- ducted as a 15-minute vote. Remaining to personally thank the USS New Mex- tributions to the Nation’s nuclear de- electronic votes will be conducted as 5- ico Commissioning Committee of the velopment, including the advancement minute votes. Navy League’s statewide council for of nuclear-powered submarines. For its f leading a 5-year initiative to name the own part, the State of New Mexico and sixth Virginia-class submarine after the its residents have embraced this vessel. HONORING THE NATIONAL ‘‘Land of Enchantment.’’ They have In fact, in response to a contest, Ms. SCIENCE FOUNDATION also played a tremendous role in pre- Emilee Sena, of Albuquerque, designed The SPEAKER pro tempore. The un- paring construction milestone cere- a crest for the USS New Mexico, as a finished business is the vote on the mo- monies and supporting crew activities senior at St. Pius X High School in tion to suspend the rules and agree to throughout the entire construction of 2007. the resolution, H. Res. 1307, on which this ship. Mr. Speaker, I am pleased to join my I would also wish to congratulate Ms. the yeas and nays were ordered. colleague in honoring the USS New The Clerk read the title of the resolu- Emilee Sena of Albuquerque for sub- Mexico as one of the most advanced mitting the winning design for the tion. submarines in the history of the United The SPEAKER pro tempore. The crest of the USS New Mexico. Finally, I States Navy and in commending all of would like to recognize Commander question is on the motion offered by the individuals and organizations who the gentlewoman from Ohio (Ms. Mark Prokopius, commanding officer worked tirelessly to ensure that the of the USS New Mexico, and his crew FUDGE) that the House suspend the latest Virginia-class submarine would rules and agree to the resolution, H. for working to incorporate a sense of bear the proud name of the State of New Mexican culture within the ship, Res. 1307. New Mexico. The vote was taken by electronic de- including naming the ship’s galley ‘‘La Mr. Speaker, I yield back the balance Posta’’ after a famous restaurant we vice, and there were—yeas 370, nays 2, of my time. not voting 58, as follows: all know in Mesilla, New Mexico. Mr. HEINRICH. Mr. Speaker, at this [Roll No. 243] Mr. Speaker, I hope my colleagues time I have no further requests for will join me in congratulating the U.S. time, and I yield back the balance of YEAS—370 Navy and the crew of the USS New my time. Ackerman Boren Cleaver Mexico on its commissioning and Aderholt Boswell Clyburn The SPEAKER pro tempore. The Adler (NJ) Boucher Coffman (CO) thanking the hardworking shipbuilders question is on the motion offered by Akin Boustany Cole who constructed one of the most ad- the gentleman from New Mexico (Mr. Alexander Boyd Connolly (VA) vanced ships to ever patrol the seas. HEINRICH) that the House suspend the Altmire Brady (PA) Cooper Mr. Speaker, I reserve the balance of Andrews Braley (IA) Courtney rules and agree to the resolution, H. Arcuri Bright Crenshaw my time. Res. 1132, as amended. Baca Brown (SC) Crowley Mr. JONES. Mr. Speaker, I yield my- The question was taken. Bachmann Brown, Corrine Cuellar self such time as I may consume. Bachus Brown-Waite, Culberson The SPEAKER pro tempore. In the Baird Ginny Cummings Today, I rise in support of the resolu- opinion of the Chair, two-thirds being Baldwin Buchanan Dahlkemper tion introduced by my colleague on the in the affirmative, the ayes have it. Barrett (SC) Burgess Davis (CA) Armed Services Committee, Represent- Mr. HEINRICH. Mr. Speaker, on that Barrow Calvert Davis (IL) ative MARTIN HEINRICH, honoring the Bartlett Camp Davis (KY) I demand the yeas and nays. Barton (TX) Cantor Davis (TN) USS New Mexico as the sixth submarine The yeas and nays were ordered. Becerra Cao DeFazio of the Virginia class. The Virginia-class The SPEAKER pro tempore. Pursu- Berkley Capito Delahunt submarine program is the first class of ant to clause 8 of rule XX and the Berman Capps DeLauro Berry Capuano Dent U.S. Navy attack submarines to be de- Chair’s prior announcement, further Biggert Carnahan Deutch signed for the variety of post-Cold War proceedings on this motion will be Bilbray Carney Diaz-Balart, L. missions faced by our sea service. postponed. Bilirakis Carter Diaz-Balart, M. These vessels are capable of operating Bishop (GA) Cassidy Dingell f Bishop (NY) Castle Doggett in the open ocean as well as the Bishop (UT) Castor (FL) Donnelly (IN) littorals, can travel at speeds in excess RECESS Blumenauer Chaffetz Doyle of 25 knots, and stay submerged for ex- The SPEAKER pro tempore. Pursu- Boccieri Chandler Dreier Boehner Childers Driehaus tended periods at sea. ant to clause 12(a) of rule I, the Chair Bonner Chu Duncan The Secretary of the Navy named the declares the House in recess until ap- Bono Mack Clarke Edwards (MD) U.S. Navy’s sixth Virginia-class fast-at- proximately 6:30 p.m. today. Boozman Clay Ehlers

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00015 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE H3098 CONGRESSIONAL RECORD — HOUSE May 4, 2010 Ellison Latta Richardson NOT VOTING—58 active in the neighborhoods in the Ellsworth Lee (NY) Rodriguez Austria Edwards (TX) Oberstar communities, and certainly is a legend Emerson Levin Roe (TN) Bean Fallin Payne Engel Lewis (CA) Rogers (AL) in New York State politics and govern- Blackburn Flake Perlmutter Eshoo Lewis (GA) Rogers (KY) ment. Angelo Roncallo, again, was a Blunt Fortenberry Peterson Etheridge Linder Rogers (MI) Brady (TX) Griffith Platts true friend, a mentor of mine, a person Farr Lipinski Rooney Burton (IN) Grijalva Radanovich for whom I have the greatest regard Fattah LoBiondo Ros-Lehtinen Butterfield Guthrie Rohrabacher Filner Loebsack Roskam and affection. Buyer Hinojosa Roybal-Allard Fleming Lofgren, Zoe Ross Campbell Hodes I yield to the gentleman from New Rush Forbes Lowey Rothman (NJ) Cardoza Hoekstra York. Scott (VA) Foster Luetkemeyer Royce Carson (IN) Kirk ´ Smith (NE) Mr. RANGEL. Thank you so much for Foxx Lujan Ruppersberger Coble Lamborn Taylor yielding. Frank (MA) Lungren, Daniel Ryan (OH) Cohen Larson (CT) Thompson (MS) Franks (AZ) E. Ryan (WI) Conaway Lee (CA) The entire delegation of New York Lynch Tonko Frelinghuysen Salazar Conyers Lucas would ask this body to join with us to Fudge Mack Towns Sa´ nchez, Linda Costa Lummis Maffei Watson pray for the family in hoping that his Gallegly T. Costello Markey (CO) Garamendi Maloney Welch loss would be made up by the gen- Sanchez, Loretta Davis (AL) McCaul Garrett (NJ) Manzullo DeGette McHenry Wilson (OH) Sarbanes erosity of God in blessing his family for Gerlach Marchant Dicks Melancon Scalise the good work done by the Congress- Giffords Markey (MA) Schakowsky man over the years. Gingrey (GA) Marshall ANNOUNCEMENT BY THE SPEAKER PRO TEMPORE Schauer Gohmert Matheson The SPEAKER pro tempore (during The SPEAKER pro tempore (Mrs. Schiff Gonzalez Matsui DAHLKEMPER). All Members will rise Schmidt the vote). Members have 2 minutes to Goodlatte McCarthy (CA) Schock record their vote. and observe a moment of silence. Gordon (TN) McCarthy (NY) Schrader Granger McClintock b 1859 f Graves McCollum Schwartz Grayson McCotter Scott (GA) Mr. PAUL changed his vote from SUPPORTING THE IDEALS OF Green, Al McDermott Sensenbrenner ‘‘yea’’ to ‘‘nay.’’ NATIONAL LAB DAY Green, Gene McGovern Serrano Sessions Mr. ELLISON changed his vote from The SPEAKER pro tempore. Without Gutierrez McIntyre ‘‘nay’’ to ‘‘yea.’’ Hall (NY) McKeon Sestak objection, 5-minute voting will con- Hall (TX) McMahon Shadegg So (two-thirds being in the affirma- Shea-Porter tinue. Halvorson McMorris tive) the rules were suspended and the There was no objection. Hare Rodgers Sherman resolution was agreed to. Shimkus The SPEAKER pro tempore. The un- Harman McNerney The result of the vote was announced Harper Meek (FL) Shuler finished business is the vote on the mo- Hastings (FL) Meeks (NY) Shuster as above recorded. tion to suspend the rules and agree to Simpson Hastings (WA) Mica A motion to reconsider was laid on the resolution, H. Res. 1213, on which Heinrich Michaud Sires the table. Skelton the yeas and nays were ordered. Heller Miller (FL) Stated for: Hensarling Miller (MI) Slaughter The Clerk read the title of the resolu- Herger Miller (NC) Smith (NJ) Mr. PERLMUTTER. Madam Speaker, on tion. Smith (TX) Herseth Sandlin Miller, Gary rollcall No. 243 I was unavoidably detained. The SPEAKER pro tempore. The Higgins Miller, George Smith (WA) Had I been present, I would have voted ‘‘yea.’’ Snyder question is on the motion offered by Hill Minnick Mr. GRIFFITH. Madam Speaker, on rollcall Himes Mitchell Souder the gentlewoman from Ohio (Ms. No. 243 I was unavoidably detained. Had I Hinchey Mollohan Space FUDGE) that the House suspend the Hirono Moore (KS) Speier been present, I would have voted ‘‘yea.’’ Holden Moore (WI) Spratt rules and agree to the resolution, H. Mr. TONKO. Madam Speaker, on rollcall Res. 1213. Holt Moran (KS) Stark No. 243 I was detained on business. Had I Honda Moran (VA) Stearns This will be a 5-minute vote. Hoyer Murphy (CT) Stupak been present, I would have voted ‘‘yea.’’ The vote was taken by electronic de- Hunter Murphy (NY) Sullivan f Inglis Murphy, Patrick Sutton vice, and there were—yeas 378, nays 2, Inslee Murphy, Tim Tanner ANNOUNCING THE PASSING OF not voting 50, as follows: Israel Myrick Teague FORMER REPRESENTATIVE AN- [Roll No. 244] Issa Nadler (NY) Terry GELO RONCALLO OF NEW YORK YEAS—378 Jackson (IL) Napolitano Thompson (CA) Jackson Lee Neal (MA) Thompson (PA) (Mr. KING of New York asked and Ackerman Brady (PA) Crenshaw (TX) Neugebauer Thornberry was given permission to address the Adler (NJ) Brady (TX) Crowley Jenkins Nunes Tiahrt House for 1 minute.) Akin Braley (IA) Cuellar Johnson (GA) Nye Tiberi Alexander Bright Culberson Johnson (IL) Obey Tierney Mr. KING of New York. Madam Altmire Brown (SC) Cummings Johnson, E. B. Olson Titus Speaker, it is my sad duty to inform Andrews Brown, Corrine Dahlkemper Johnson, Sam Olver Tsongas the Congress that former Congressman Arcuri Brown-Waite, Davis (CA) Jones Ortiz Turner Baca Ginny Davis (IL) Owens Angelo Roncallo of New York passed Bachmann Buchanan Davis (KY) Jordan (OH) Upton Kagen Pallone Bachus Burgess Davis (TN) Van Hollen away this week. Kanjorski Pascrell Baird Calvert DeFazio Vela´ zquez Angelo Roncallo was a predecessor of Kaptur Pastor (AZ) Baldwin Camp Delahunt Visclosky Kennedy Paulsen mine in the Third Congressional Dis- Barrett (SC) Cantor DeLauro Walden Kildee Pence trict. He served from 1973 to 1975. He Barrow Cao Dent Walz Kilpatrick (MI) Perriello was Nassau County Comptroller from Bartlett Capito Deutch Wamp Kilroy Peters 1967 to 1972 and a member of the Oyster Barton (TX) Capps Diaz-Balart, L. Kind Petri Wasserman Becerra Capuano Diaz-Balart, M. King (IA) Pingree (ME) Schultz Bay Town Board from 1965 to 1967. Berkley Carnahan Dingell King (NY) Pitts Waters Madam Speaker, Angelo Roncallo Berman Carney Doggett Kingston Poe (TX) Watt was an outstanding New Yorker. An- Berry Carter Donnelly (IN) Waxman Kirkpatrick (AZ) Polis (CO) gelo Roncallo went through some very Biggert Cassidy Doyle Kissell Pomeroy Weiner Bilbray Castle Dreier Klein (FL) Posey Westmoreland difficult times. He was a victim of a Bilirakis Castor (FL) Driehaus Kline (MN) Price (GA) Whitfield terrible miscarriage of justice, having Bishop (GA) Chaffetz Duncan Kosmas Price (NC) Wilson (SC) been indicted and then acquitted—the Bishop (NY) Chandler Edwards (MD) Bishop (UT) Childers Edwards (TX) Kratovil Putnam Wittman jury was out for only a matter of min- Kucinich Quigley Wolf Blumenauer Chu Ehlers Lance Rahall Woolsey utes, but by then his political career as Boccieri Clarke Ellison Langevin Rangel Wu a Congressman was ruined. However, Boehner Clay Ellsworth Larsen (WA) Rehberg Yarmuth he made a strong comeback, being Bonner Cleaver Emerson Latham Reichert Young (AK) Bono Mack Clyburn Engel LaTourette Reyes Young (FL) elected a Justice of the New York Boozman Coffman (CO) Eshoo State Supreme Court, where he served Boren Cole Etheridge NAYS—2 for many years with great distinction. Boswell Connolly (VA) Farr Boucher Cooper Fattah Broun (GA) Angelo Roncallo was very active in Boustany Costa Filner Paul the Italian-American community, very Boyd Courtney Fleming

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00016 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 4, 2010 CONGRESSIONAL RECORD — HOUSE H3099 Forbes LoBiondo Rogers (AL) Cardoza Guthrie Payne Frank (MA) Lofgren, Zoe Rogers (AL) Foster Loebsack Rogers (KY) Carson (IN) Hinojosa Pence Franks (AZ) Lowey Rogers (KY) Foxx Lofgren, Zoe Rogers (MI) Coble Hodes Peterson Frelinghuysen Luetkemeyer Rogers (MI) Frank (MA) Lowey Rooney Cohen Hoekstra Radanovich Fudge Luja´ n Rooney Franks (AZ) Luetkemeyer Ros-Lehtinen Conaway Kirk Rohrabacher Gallegly Lungren, Daniel Ros-Lehtinen Frelinghuysen Luja´ n Roskam Conyers Lamborn Roybal-Allard Garamendi E. Ross Fudge Lungren, Daniel Ross Costello Larson (CT) Rush Garrett (NJ) Lynch Rothman (NJ) Gallegly E. Rothman (NJ) Davis (AL) Lee (CA) Scott (VA) Gerlach Mack Royce Garamendi Lynch Royce DeGette Lucas Giffords Maffei Ruppersberger Smith (NE) Garrett (NJ) Mack Ruppersberger Dicks Lummis Gingrey (GA) Maloney Ryan (OH) Taylor Gerlach Maffei Ryan (OH) Fallin Markey (CO) Gohmert Manzullo Ryan (WI) Thompson (MS) Giffords Maloney Ryan (WI) Flake McHenry Gonzalez Marchant Salazar Gingrey (GA) Manzullo Salazar Fortenberry McKeon Towns Goodlatte Marshall Sa´ nchez, Linda Gohmert Marchant Sa´ nchez, Linda Grijalva Melancon Wilson (OH) Gordon (TN) Matheson T. Gonzalez Markey (MA) T. Granger Matsui Sanchez, Loretta Goodlatte Marshall Sanchez, Loretta ANNOUNCEMENT BY THE SPEAKER PRO TEMPORE Graves McCarthy (CA) Sarbanes Gordon (TN) Matheson Sarbanes The SPEAKER pro tempore (during Grayson McCarthy (NY) Scalise Granger Matsui Scalise the vote). Members have 1 minute to Green, Al McCaul Schakowsky Graves McCarthy (CA) Schakowsky Green, Gene McClintock Schauer Grayson McCarthy (NY) Schauer record their vote. Griffith McCollum Schiff Green, Al McCaul Schiff Gutierrez McCotter Schmidt Green, Gene McClintock Schmidt b 1909 Hall (NY) McDermott Schock Griffith McCollum Schock So (two-thirds being in the affirma- Hall (TX) McGovern Schrader Gutierrez McCotter Schrader Halvorson McIntyre Schwartz Hall (NY) McDermott Schwartz tive) the rules were suspended and the Hare McKeon Scott (GA) Hall (TX) McGovern Scott (GA) resolution was agreed to. Harman McMahon Sensenbrenner Halvorson McIntyre Sensenbrenner The result of the vote was announced Harper McMorris Serrano Hare McMahon Serrano Hastings (FL) Rodgers Sessions Harman McMorris Sessions as above recorded. Hastings (WA) McNerney Sestak Harper Rodgers Sestak A motion to reconsider was laid on Heinrich Meek (FL) Shadegg Hastings (FL) McNerney Shadegg the table. Heller Meeks (NY) Shea-Porter Hastings (WA) Meek (FL) Shea-Porter Hensarling Mica Sherman Heinrich Meeks (NY) Sherman f Herger Michaud Shimkus Heller Mica Shimkus Herseth Sandlin Miller (FL) Shuler Hensarling Michaud Shuler HONORING THE USS NEW MEXICO Higgins Miller (MI) Shuster Herger Miller (FL) Shuster Hill Miller (NC) Simpson Herseth Sandlin Miller (MI) Simpson The SPEAKER pro tempore. The un- Himes Miller, Gary Sires Higgins Miller (NC) Sires finished business is the vote on the mo- Hinchey Miller, George Skelton Hill Miller, Gary Skelton tion to suspend the rules and agree to Hirono Minnick Slaughter Himes Miller, George Slaughter the resolution, H. Res. 1132, as amend- Holden Mitchell Smith (NJ) Hinchey Minnick Smith (NJ) Holt Mollohan Smith (TX) Hirono Mitchell Smith (TX) ed, on which the yeas and nays were or- Honda Moore (KS) Smith (WA) Holden Mollohan Smith (WA) dered. Hoyer Moore (WI) Snyder Holt Moore (KS) Snyder The Clerk read the title of the resolu- Hunter Moran (KS) Souder Honda Moore (WI) Souder Inglis Moran (VA) Space Hoyer Moran (KS) Space tion. Inslee Murphy (CT) Speier Hunter Moran (VA) Speier The SPEAKER pro tempore. The Israel Murphy (NY) Spratt Inglis Murphy (CT) Spratt question is on the motion offered by Issa Murphy, Patrick Stark Inslee Murphy (NY) Stark the gentleman from New Mexico (Mr. Jackson (IL) Murphy, Tim Stearns Israel Murphy, Patrick Stearns Jackson Lee Myrick Stupak Issa Murphy, Tim Stupak HEINRICH) that the House suspend the (TX) Nadler (NY) Sullivan Jackson (IL) Myrick Sullivan rules and agree to the resolution, H. Jenkins Napolitano Sutton Jackson Lee Nadler (NY) Sutton Res. 1132, as amended. Johnson (GA) Neal (MA) Tanner (TX) Napolitano Tanner Johnson (IL) Neugebauer Teague Jenkins Neal (MA) Teague This will be a 5-minute vote. Johnson, E. B. Nunes Terry Johnson (GA) Neugebauer Terry The vote was taken by electronic de- Johnson, Sam Nye Thompson (CA) Johnson (IL) Nunes Thompson (CA) vice, and there were—yeas 378, nays 1, Jones Oberstar Thompson (PA) Johnson, E. B. Nye Thompson (PA) not voting 51, as follows: Jordan (OH) Obey Thornberry Johnson, Sam Oberstar Thornberry Kagen Olson Tiahrt Jones Obey Tiahrt [Roll No. 245] Kanjorski Olver Tiberi Jordan (OH) Olson Tiberi YEAS—378 Kaptur Ortiz Tierney Kagen Olver Tierney Kennedy Owens Titus Kanjorski Ortiz Titus Ackerman Braley (IA) Cuellar Kildee Pallone Tonko Kaptur Owens Tonko Adler (NJ) Bright Culberson Kilpatrick (MI) Pascrell Tsongas Kennedy Pallone Tsongas Akin Broun (GA) Cummings Kilroy Pastor (AZ) Turner Kildee Pascrell Turner Alexander Brown (SC) Dahlkemper Kind Paul Upton Kilpatrick (MI) Pastor (AZ) Upton Altmire Brown, Corrine Davis (CA) King (IA) Paulsen Van Hollen Kilroy Paulsen Van Hollen Andrews Brown-Waite, Davis (IL) King (NY) Perlmutter Vela´ zquez Kind Perlmutter Vela´ zquez Arcuri Ginny Davis (KY) Kingston Perriello Visclosky King (IA) Perriello Visclosky Baca Buchanan Davis (TN) Kirkpatrick (AZ) Peters Walden King (NY) Peters Walden Bachmann Burgess DeFazio Kissell Petri Walz Kingston Petri Walz Baird Calvert Delahunt Klein (FL) Pingree (ME) Wamp Kirkpatrick (AZ) Pingree (ME) Wamp Baldwin Camp DeLauro Kline (MN) Pitts Wasserman Kissell Pitts Wasserman Barrett (SC) Cantor Dent Kosmas Platts Schultz Klein (FL) Platts Schultz Barrow Cao Deutch Kratovil Poe (TX) Waters Kline (MN) Poe (TX) Waters Bartlett Capito Diaz-Balart, L. Kucinich Polis (CO) Watson Kosmas Polis (CO) Watson Barton (TX) Capps Diaz-Balart, M. Lance Pomeroy Watt Kratovil Pomeroy Watt Becerra Capuano Dingell Langevin Posey Waxman Kucinich Posey Waxman Berkley Carnahan Doggett Larsen (WA) Price (GA) Weiner Lance Price (GA) Weiner Berman Carney Donnelly (IN) Latham Price (NC) Welch Langevin Price (NC) Welch Berry Carter Doyle LaTourette Putnam Westmoreland Larsen (WA) Putnam Westmoreland Biggert Cassidy Dreier Latta Quigley Whitfield Latham Quigley Whitfield Bilbray Castle Driehaus Lee (NY) Rahall Wilson (SC) LaTourette Rahall Wilson (SC) Bilirakis Castor (FL) Duncan Levin Rangel Wittman Latta Rangel Wittman Bishop (GA) Chaffetz Edwards (MD) Lewis (CA) Rehberg Wolf Lee (NY) Rehberg Wolf Bishop (NY) Chandler Edwards (TX) Lewis (GA) Reichert Woolsey Levin Reichert Woolsey Bishop (UT) Childers Ehlers Linder Reyes Wu Lewis (CA) Reyes Wu Blumenauer Chu Ellison Lipinski Richardson Yarmuth Lewis (GA) Richardson Yarmuth Boccieri Clarke Ellsworth LoBiondo Rodriguez Young (AK) Linder Rodriguez Young (AK) Boehner Clay Emerson Loebsack Roe (TN) Young (FL) Lipinski Roe (TN) Young (FL) Bonner Cleaver Engel Bono Mack Clyburn Eshoo NAYS—1 NAYS—2 Boozman Coffman (CO) Etheridge Markey (MA) Boren Cole Farr Broun (GA) Paul Boswell Connolly (VA) Fattah NOT VOTING—51 Boucher Cooper Filner Aderholt Blackburn Buyer NOT VOTING—50 Boustany Costa Fleming Austria Blunt Campbell Aderholt Blackburn Butterfield Boyd Courtney Forbes Bachus Burton (IN) Cardoza Austria Blunt Buyer Brady (PA) Crenshaw Foster Bean Butterfield Carson (IN) Bean Burton (IN) Campbell Brady (TX) Crowley Foxx

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00017 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE H3100 CONGRESSIONAL RECORD — HOUSE May 4, 2010 Coble Hinojosa Pence Executive Order 13338 of May 11, 2004, on Monday. I have the great pleasure of Cohen Hodes Peterson Conaway Hoekstra Radanovich and relied upon for additional steps representing this club, which has had a Conyers Kirk Rohrabacher taken in Executive Order 13399 of April long and storied role improving the Costello Lamborn Roskam 25, 2006, and Executive Order 13460 of historic city of Key West. Davis (AL) Larson (CT) Roybal-Allard February 13, 2008, is to continue in ef- On May 13, 1915, Ms. Marie Cappick, DeGette Lee (CA) Rush Dicks Lucas Scott (VA) fect beyond May 11, 2010. with the help of a few friends, orga- Fallin Lummis Smith (NE) While the Syrian government has nized the Women’s Club of Key West. Flake Markey (CO) Taylor made some progress in suppressing for- The club operated the only public li- Fortenberry McHenry Thompson (MS) Grijalva Melancon Towns eign fighter networks infiltrating sui- brary in the city as its foremost Guthrie Payne Wilson (OH) cide bombers into Iraq, its actions and project for the next 44 years, when it policies, including continuing support was transformed into a major county ANNOUNCEMENT BY THE SPEAKER PRO TEMPORE for terrorist organizations and pursuit facility in 1959. The SPEAKER pro tempore (during of weapons of mass destruction and Among its many civic projects were the vote). Two minutes remain in this missile programs, pose a continuing everything from recognition of the vote. unusual and extraordinary threat to area’s fabled history to providing per- b 1916 the national security, foreign policy, sonal care for the area’s AIDS victims. So (two-thirds being in the affirma- and economy of the United States. For In recent years, with the leadership of tive) the rules were suspended and the these reasons, I have determined that President Eileen Kawaler, the club has resolution, as amended, was agreed to. it is necessary to continue in effect the set even higher records in fundraising The result of the vote was announced national emergency declared with re- for the less fortunate as well as many as above recorded. spect to this threat and to maintain in arts projects. A motion to reconsider was laid on force the sanctions to address this na- So it is my honor and privilege to the table. tional emergency. As we have commu- recognize today the many dedicated nicated to the Syrian government di- grassroots volunteers who have helped f rectly, Syrian actions will determine to make this a wonderful organization COMMUNICATION FROM THE whether this national emergency is re- of rich history and award-winning CLERK OF THE HOUSE newed or terminated in the future. women’s club of Florida. The SPEAKER pro tempore laid be- BARACK OBAMA. f THE WHITE HOUSE, May 3, 2010. fore the House the following commu- NAVY SEAL MATTHEW MCCABE nication from the Clerk of the House of f Representatives: (Mr. POE of Texas asked and was REMOVAL OF NAME OF MEMBER given permission to address the House MAY 3, 2010. AS COSPONSOR OF H.R. 2927 for 1 minute.) Hon. NANCY PELOSI, Speaker, The Capitol, Mr. BARRETT of South Carolina. Mr. POE of Texas. Madam Speaker, House of Representatives, Washington, DC. Madam Speaker, I ask unanimous con- the court-martial of Navy SEAL Mat- DEAR MADAM SPEAKER: Pursuant to the sent to remove my name as a cosponsor thew McCabe for assault started yes- permission granted in Clause 2(h) of Rule II of H.R. 2927. terday in Norfolk, Virginia. This re- of the Rules of the U.S. House of Representa- The SPEAKER pro tempore. Is there lentless American caught one of the tives, I have the honor to transmit a sealed worst terrorists in the world, Ahmed envelope received from the White House on objection to the request of the gen- tleman from South Carolina? Abed, a terrorist who massacred and Monday, May 3, 2010 at 3:23 p.m., and said to mutilated four Americans in Fallujah. contain a message from the President where- There was no objection. However, Abed accused Petty Officer by he submits to the Congress a copy of a no- f tice continuing the national emergency with McCabe of poking him in the tummy respect to the Syrian Government. REMOVAL OF NAME OF MEMBER once he was captured. Two other Navy With best wishes, I am AS COSPONSOR OF H.R. 2927 SEALs were acquitted in trials last Sincerely, Mr. WESTMORELAND. Madam month of these false charges. LORRAINE C. MILLER, It’s not like we don’t know the ter- Speaker, I ask unanimous consent to Clerk of the House. rorists are going to lie about being be removed as a cosponsor of H.R. 2927. f roughed up when they are caught. You The SPEAKER pro tempore. Is there see, the al-Qaeda training manual in- CONTINUATION OF NATIONAL objection to the request of the gen- structs terrorists to allege brutality EMERGENCY WITH RESPECT TO tleman from Georgia? when captured because it is the U.S. SYRIA—MESSAGE FROM THE There was no objection. PRESIDENT OF THE UNITED policy to take warriors off the battle- STATES (H. DOC. NO. 111–105) f field until such accusations are re- solved. The SPEAKER pro tempore laid be- REMOVAL OF NAME OF MEMBER AS COSPONSOR OF H.R. 2927 So we have three Navy SEALs sitting fore the House the following message on the sidelines for over 6 months wait- from the President of the United Mr. WILSON of South Carolina. ing. Meanwhile, news reports say Abed States; which was read and, together Madam Speaker, I ask unanimous con- is set to be executed by the Iraqi Gov- with the accompanying papers, referred sent to be removed as a cosponsor of ernment for crimes committed against to the Committee on Foreign Affairs H.R. 2927. his own people. and ordered to be printed: The SPEAKER pro tempore. Is there Madam Speaker, our priorities are To the Congress of the United States: objection to the request of the gen- backwards. Abed needs to be tried and Section 202(d) of the National Emer- tleman from South Carolina? executed for his crimes rather than our gencies Act, 50 U.S.C. 1622(d), provides There was no objection. government paying attention to his for the automatic termination of a na- f whining about his capture. tional emergency, unless, prior to the And that’s just the way it is. KEY WEST WOMEN’S CLUB anniversary date of its declaration, the f President publishes in the Federal Reg- CELEBRATES 95TH ANNIVERSARY ister and transmits to the Congress a (Ms. ROS-LEHTINEN asked and was TEACHER APPRECIATION DAY notice stating that the emergency is to given permission to address the House (Mr. THOMPSON of Pennsylvania continue in effect beyond the anniver- for 1 minute and to revise and extend asked and was given permission to ad- sary date. In accordance with this pro- her remarks.) dress the House for 1 minute and to re- vision, I have sent to the Federal Reg- Ms. ROS-LEHTINEN. Madam Speak- vise and extend his remarks.) ister for publication the enclosed no- er, I rise tonight to recognize one of Mr. THOMPSON of Pennsylvania. tice stating that the national emer- the oldest women’s organizations in Madam Speaker, revered scientist Al- gency with respect to the actions of Florida, the Key West Women’s Club, bert Einstein once said, ‘‘It is the su- the Government of Syria declared in which celebrated its 95th anniversary preme art of the teacher to awaken joy

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00018 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 4, 2010 CONGRESSIONAL RECORD — HOUSE H3101 in creative expression and knowledge.’’ uals who were able to quickly capture Mr. PRICE of North Carolina. Madam I believe when we look back on our the Times Square alleged bomber who Speaker, I rise today to honor a man lives, certain people come to mind who was attempting to kill many in the who has served his country and this in- have inspired us and given us the joy of United States—from the vendor who stitution with distinction as an officer which Einstein speaks. There are noticed and said that his motto is, for of the United States Marine Corps. I teachers who have touched our lives in the American people, ‘‘If you see, tell will be joined in this tribute by my remarkable ways and led us to a career someone’’; to the law enforcement offi- friend and colleague from the House path or opened us to the thrill of dis- cers, the mounties on horses; to the Democracy Partnership, the gentleman covery and research. SWAT team and the fire department from California (Mr. DREIER). The Chinese proverb reads, ‘‘Tell me that was part of making sure it did not Major Speros Koumparakis joined and I’ll forget; show me and I may re- go off; and certainly to the people of the Marine Corps Office of Legislative member; involve me and I’ll under- New York. Affairs in October 2006. He was hired stand.’’ It is the rare teacher who is I also want to thank the Obama ad- immediately for a yearlong fellowship never bored or boring and takes his or ministration, the Attorney General, by the gentleman from Missouri (Mr. her students on a creative adventure and Homeland Security, and, in par- AKIN). After completing his fellowship, each day. ticular, before we start asking ques- Major Koumparakis joined the House We ask much of our teachers today. tions about the no-fly list and the TSA, Liaison Office as a legislative liaison They must be babysitters and coun- let’s get the facts. But we do know that officer, and was promoted subsequently selors, surrogate parents, dieticians, we are going to have more homegrown to deputy director of this office. and police. We ask them to teach our terrorists. America now has to look Like many of my colleagues, I have children what they need to know to do very seriously, as we have done, at se- had the distinct honor and pleasure of well on SATs and other tests; and, in curing America. All of us are now in- getting to know Major Koumparakis between, we ask that they inspire our volved. over the past 21⁄2 years as he served as children to learn, to create, and to in- f the interface between the Marine Corps vent. and the U.S. House of Representatives STIMULATE JOB GROWTH Teachers have one of the hardest jobs on matters large and small. Through- around. So today, on Teacher Apprecia- (Mr. ROONEY asked and was given out this time, I have been deeply and tion Day during Teacher Appreciation permission to address the House for 1 consistently impressed by his dedica- Week, I salute and appreciate our minute.) tion, his professionalism, his ethnic of teachers. Mr. ROONEY. Madam Speaker, Flor- service, and above all his integrity— ida has a record 12.3 percent unemploy- f qualities which exemplify the ideals ment rate, with counties in my district promoted by the United States Marine 65TH ANNIVERSARY OF V-E DAY hovering closer to 15 percent. This is Corps. (Mr. PAULSEN asked and was given unacceptable. My neighbors have wait- Major Koumparakis has displayed a permission to address the House for 1 ed as the failed stimulus bill sent us unique ability to develop relationships minute and to revise and extend his re- further into debt and didn’t produce of trust and confidence with many marks.) the promised jobs. They waited while Members and staff of the House, com- Mr. PAULSEN. Madam Speaker, Sat- the House passed job-killing bills like bined with an uncanny ability to de- urday marks the 65th anniversary of V- cap-and-trade and the new health care liver results. Anybody who has ever E Day, Victory in Europe Day, one of mandated by the government. And interacted with him on a policy matter the most truly seminal days in history. they have waited long enough. of importance to the Marine Corps, an On May 8, 1945, the World War II al- Congress must act now to stimulate issue affecting a constituent service- lies formally accepted the uncondi- job growth in the private sector. I re- member, or a logistical challenge aris- tional surrender of Nazi Germany, cently cosponsored the Economic Free- ing in the course of an overseas delega- marking the end of Hitler’s Third dom Act, a bill that would help busi- tion can’t help but be struck by his Reich and the years of tyranny and war nesses grow and create jobs. It would equanimity in the face of crisis and his it brought to the continent. The mem- permanently eliminate the capital infectious confidence that everything bers of the Greatest Generation who gains tax and eliminate the death tax. will be resolved as expeditiously as made this victory possible are 65 years It would cut the payroll tax in half for possible. If anybody can pull it off, one removed from this V-E Day, yet their 2010 for employers and employees and is led to conclude, certainly it must be commitment to remembering the sac- reduce the corporate income tax rate Major Speros Koumparakis. rifices that made it possible are as to 12.5 percent. It would repeal spend- I have witnessed these traits person- strong as ever. ing in the stimulus bill and terminate ally in my capacity as chairman of the In fact, one of my constituents, the TARP program. House Democracy Partnership, a bipar- Freemont Gruss, will be in the Czech The time to act is now. We can do tisan commission that works to Republic this Saturday to mark the an- better for the people of Florida and for strengthen legislative institutions in 15 niversary with members of his former all Americans. They have waited long developing democracies around the division, which was credited with firing enough. world. Along with my distinguished the last shot against the Germans be- f colleague and friend, DAVID DREIER, the commission’s founding chairman fore V-E Day. SPECIAL ORDERS Today I honor each and every one of and now its ranking member, I have led the soldiers who made V-E Day pos- The SPEAKER pro tempore. Under or traveled on numerous congressional sible. I know that in another 65 years the Speaker’s announced policy of Jan- delegations which Major Koumparakis their accomplishment will still be one uary 6, 2009, and under a previous order has planned, coordinated and escorted. of the most important that our world of the House, the following Members By our count, House-wide he has es- has ever seen. will be recognized for 5 minutes each. corted no less than a dozen HDP con- f f gressional and staff delegations over b 1930 the last 2 years, and he has contributed THANKING THOSE INVOLVED IN in various ways to our programming STOPPING THE TIMES SQUARE RECOGNIZING MAJOR SPEROS right up until the very end of his tour. BOMBER KOUMPARAKIS’ SERVICE AS House-wide, Major Koumparakis has (Ms. JACKSON LEE of Texas asked DEPUTY DIRECTOR OF THE organized more than 50 congressional and was given permission to address UNITED STATES MARINE CORPS and staff delegations during his tour in the House for 1 minute.) LIAISON OFFICE the House Liaison Office, including Ms. JACKSON LEE of Texas. Madam The SPEAKER pro tempore. Under a trips for high-ranking Members such as Speaker, as a member of the House previous order of the House, the gen- the House minority leader and the Homeland Security Committee, I rise tleman from North Carolina (Mr. leadership of the House Armed Services today to thank all of the brave individ- PRICE) is recognized for 5 minutes. Committee. But we like to think that

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00019 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE H3102 CONGRESSIONAL RECORD — HOUSE May 4, 2010 he reserves a special place in his heart Mr. DREIER. Absolutely. I would say Director Koumparakis, among other for the House Democracy Partnership, that the gentleman has used all of my great people who have served in the often forgoing travel to more glam- talking points, so the challenge for me past, to take this task on because the orous destinations in order to escort will be following the completion of his United States Marine Corps are in fact our commission to countries such as remarks. on duty in embassies throughout the Liberia, Afghanistan and Timor Leste, Mr. PRICE of North Carolina. The world. They are on the frontline in where the need for the kind of institu- gentleman is never at a loss for talking those embassies and play a very impor- tional support we can provide is the points. I am assured of that. We do tant role. And I happen to believe— greatest. need to say something, and I want to well, I will say this. Many of the other On these trips, Major Koumparakis do it, acknowledging Major branches, with all due respect to every has not only excelled as an expert trav- Koumparakis’s wife Bree, who also de- single one of them, approached me and el coordinator, diplomat and logisti- serves our gratitude and our respect for said that they wanted to play a role in cian, he has also established himself as supporting her husband through 3 long doing this. And I said the answer was an adviser to HDP’s work, and an inte- years of early hours and frequent trav- yes, they could, as long as they en- gral part of our programming with els and an uncertain schedule. She listed in the United States Marine partner legislatures. And, of course, he shows a lot of the same dedication and Corps. has demonstrated his legendary ability selflessness that the major himself So I can’t say enough about Speros to solve problems and deliver results in does. And we are just hopeful that this Koumparakis and the work he has done the most difficult circumstances. new assignment in Buenos Aires is and the effort that the United States Let me give one striking example. On going to offer her some light at the end Marine Corps has put into especially one occasion last year, we had a par- of the tunnel, just as it will the major. the House Democracy Partnership. ticularly ambitious around-the-world Mr. DREIER. Madam Speaker, I What we have done, Madam Speaker, itinerary that included a stop in Hun- thank the gentleman, and let me just as Mr. PRICE said, 15 countries, 15 coun- gary to commemorate the fall of the say at the outset that it is very impor- tries around the world, new and re- Iron Curtain followed by working visits tant to note that Major Koumparakis emerging democracies, where we have with the legislatures of Mongolia, Indo- is going to be going to Buenos Aires by had the task of trying to help them nesia and Timor Leste. But, unfortu- way of California. He is going to be take these fragile democracies and nately, our arrival in Budapest was de- going for language training to Mon- build their parliaments. When we think layed twice by a vote on a major bill terey, California. about it, it is very important to recog- here and then weather. By the time we Let me say that my very good friend, nize that our relationship is so often were finally bound for Mongolia, we Mr. PRICE, has talked about the impor- simply with the head of state. But if we had nearly exhausted our window to tance of Speros’ work in dealing with are going to build up democratic insti- pass through Chinese air space. We the missions that have been put forth tutions, there is none more important faced the prospect of having to divert by this House, and specifically the than parliaments that have independ- our mission and forgo the opportunity House Democracy Partnership. And I ence and a very, very good grasp and to make progress with the Mongolian would just like to say that when we an opportunity for oversight at the ex- parliament. Well, Major Koumparakis look at the work of our partnership, ecutive branch. And Speros regularly came to the rescue. Working literally Madam Speaker, one of the very impor- understood that and played a key role through the night, he somehow man- tant things to note is the fact that we in making sure that the House Democ- aged to persuade an official of the U.S. have gone to, as Mr. PRICE indicated, racy Partnership could complete its Embassy in Beijing to rouse a Chinese some of the most troubled spots in the mission. official at his personal residence, on a world. When I think about trips to And so, Madam Speaker, I simply weekend, no less, and call in a favor to Ulan Bator, Mongolia; Monrovia, Libe- want to join with my colleague, Mr. get us the clearance we needed. That is ria; Nairobi, Kenya; and clearly Kabul, PRICE, in extending congratulations to an anecdote that says a lot about the Afghanistan, the notion of congres- Speros and to Bree. I know they are major. It is a small example of his sional travel is one where I think the going to continue that very fine service dedication and creativity and good perception is that most travel takes to the United States of America in humor. He has just been an indispen- place in other spots, when in fact this their work both in California and in sable member of the House Liaison Of- House Democracy Partnership has been Buenos Aires, and we look forward to fice, and he leaves some very large focused on a very important mission. getting great reports on him. shoes to fill. Four years ago this spring when I had f Now in recognition of his service and the privilege of beginning with Mr. leadership potential, he has been as- PRICE this partnership and took on the SOBERING REPORT ON signed to what can only be assigned as task of putting together the countries AFGHANISTAN a hardship billet in Buenos Aires, Ar- with which we were going to partner in The SPEAKER pro tempore. Under a gentina, where he will attend a com- working to build the parliaments, I at previous order of the House, the gentle- mand and staff program at the Argen- the very outset looked to the United woman from California (Ms. WOOLSEY) tine Naval War College. As he departs States Marine Corps. Now for full dis- is recognized for 5 minutes. Capitol Hill for this next step in his ca- closure, I have to say I am very partial. Ms. WOOLSEY. Madam Speaker, last reer, we bid him farewell with heartfelt My father, sometimes I regretted this, week the Pentagon released its 6- respect and admiration. Madam Speaker, but my father was a month status update on the war in Af- f drill instructor in the United States ghanistan. It is a sobering report in- Marine Corps. I regretted it the first 18 deed, one that should make all of us RECOGNIZING MAJOR SPEROS years of my life especially, but I sur- question the very legitimacy of this KOUMPARAKIS vived it. One of the things that hap- mission. The SPEAKER pro tempore. Under a pened when I first had the opportunity There has been a huge uptick in vio- previous order of the House, the gen- to chair the House Democracy Partner- lence, including a 240 percent increase tleman from California (Mr. DREIER) is ship, I made the decision that we want- in roadside bomb attacks. The Karzai recognized for 5 minutes. ed to have the United States Marine government’s support has sunk to em- Mr. DREIER. Madam Speaker, I Corps play the important role of or- barrassing lows as more than 80 per- would like to yield for him to conclude chestrating and leading with the as- cent of Afghan citizens say government his remarks to the very distinguished sistance that only they could provide corruption has an impact on their lives chairman of the House Democracy these efforts. and barely one in four Afghans rate Partnership and the Appropriations Frankly, as we looked, Madam U.S. and NATO forces as ‘‘good’’ or Subcommittee on Homeland Security. Speaker, at the task that was before ‘‘very good.’’ Mr. PRICE of North Carolina. I us, it was very appropriate for the This isn’t LYNN WOOLSEY or the Con- thank the gentleman. I will be very United States Marine Corps, and up gressional Progressive Caucus talking brief, but I do want to add a word. until now with the departure of Deputy at this moment, this is a report from

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00020 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 4, 2010 CONGRESSIONAL RECORD — HOUSE H3103 the very people responsible for the From the borders to the big cities, ernment plan in that case is for pas- strategy. And yet at the same time America’s national security is always sengers on the plane to tackle terror- contrary to all apparent evidence, we in critical, or seems to be in critical ists who are trying to explode bombs continue to get the same spin and disarray. In 1998, Osama bin Laden de- that are hidden in their underwear. happy talk from the Pentagon. clared war on America, but we didn’t That’s a plan? That’s our national sys- After the report was delivered to pay attention to it. What is it going to tem? Congress last week, one senior defense take for our leaders to understand that Combating terrorism takes vision. It official said: ‘‘We have the beginning of radical Islamic terrorists want to mur- takes moral clarity. There is no room the potential for real change.’’ der our people? for playing politics or politically cor- Madam Speaker, it is long past the b 1945 rect games. moment when we should be talking Ronald Reagan once explained it this about the ‘‘beginning of the potential Law enforcement in New York—Fed- way: for real change.’’ I think 81⁄2 years is eral, State, and city—has done an in- ‘‘Above all, we must realize that no plenty of time for real change and not credible job in a short amount of time arsenal or no weapon in the arsenals of just the beginning of its potential. to apprehend the Times Square ter- the world is so formidable as the will We have been patient. We have seen rorist despite dangerous political and moral courage of free men and more than a thousand of our fellow games being played by some officials. women. Americans killed. We have seen about In spite of politics, our lawmen acted ‘‘It is a weapon our adversaries in to- $270 billion in taxpayer money fly out swiftly, efficiently, and effectively in day’s world do not have. It is a weapon of the Treasury. And after all that, Af- the capture of this terrorist. that we as Americans do have. ghanistan is still a terrifyingly dan- But New York City Mayor Michael ‘‘Let that be understood by those gerous place that can’t stand on its Bloomberg told the media, ‘‘If I had to who practice terrorism and prey upon own two feet, unable to handle its own guess 25 cents, this would be . . . home- their neighbors.’’ security, with an incompetent govern- grown, maybe a mentally deranged per- And that’s just the way it is. ment that enjoys little confidence or son or someone with a political agenda credibility. that doesn’t like the health care bill or f The whole point of our counterinsur- something.’’ The SPEAKER pro tempore. Under a gency strategy was to get the people on Now, isn’t that helpful? previous order of the House, the gentle- the side of the government and our The Times Square terrorist, Faisal woman from Ohio (Ms. KAPTUR) is rec- military forces. But, Madam Speaker, Shahzad, was not a Tea Party-going ognized for 5 minutes. continued instability is instead driving taxpayer opposed to ObamaCare. There (Ms. KAPTUR addressed the House. the civilian population straight into is no excuse for this reckless smear of Her remarks will appear hereafter in the arms of the Taliban. Again, don’t the majority of Americans who opposes the Extensions of Remarks.) take it from me. The Pentagon report the government takeover of health f notes a ‘‘ready supply of recruits is care. It is irresponsible to play polit- The SPEAKER pro tempore. Under a drawn from the frustrated population, ical games with national security; and previous order of the House, the gen- where insurgents exploit poverty, trib- even though Homeland Security Sec- tleman from North Carolina (Mr. al friction and lack of governance to retary Napolitano won’t use the word JONES) is recognized for 5 minutes. grow their ranks.’’ ‘‘terrorist,’’ all of the indications are (Mr. JONES addressed the House. His Mr. Speaker, with the Kandahar of- that this was an act of terror. remarks will appear hereafter in the fensive about to begin, the situation The terrorist, Faisal Shahzad, was Extensions of Remarks.) figures to get even worse, especially captured last night on an airplane given that more than 80 percent of the f bound for Dubai. Reports say the air- Kandahar population embraces the line contacted the authorities to say HONORING THE WOMEN’S FUND OF Taliban as ‘‘Afghan brothers’’ while 94 that he made a last-minute reservation MIAMI-DADE percent oppose U.S. troop presence. for the flight and that he got on the The SPEAKER pro tempore. Under a That is according to the Army’s own plane after paying cash. He is from previous order of the House, the gentle- research, as cited by defense scholar Pakistan. Somehow, this radical ter- woman from Florida (Ms. ROS- Michael Cohen. The security situation rorist was granted American citizen- LEHTINEN) is recognized for 5 minutes. in Kandahar is already bad enough that ship in 2009. Shahzad told the FBI he Ms. ROS-LEHTINEN. Madam Speak- the U.N. has pulled its people out. Madam Speaker, we need a complete went through a terror training camp in er, in 1993, a group of south Florida reorientation of U.S. policy towards Pakistan in the region of Waziristan. women established the Women’s Fund Afghanistan. We need a smart security He sounds like a terrorist to me. of Miami-Dade, a nonprofit dedicated approach that rebuilds the country in- This is where the Taliban operates— to funding innovative community pro- stead of tearing it apart. We need to the same Pakistani Taliban that im- grams geared toward girls and young send legal scholars who can help estab- mediately claimed responsibility for women. lish rule of law and a functional judi- the Times Square foiled attack. Re- At the time of the fund’s creation, cial system. We need to send agricul- ports say Shahzad had been in Paki- gender-specific, community-based ini- tural experts who can give Afghan stan for the past several months. Eight tiatives were nearly nonexistent. Ac- farmers an alternative to the poppy people have now been arrested in Paki- cording to a survey undertaken by the trade which is controlled by the stan. Two of them are related to Women’s Fund in 1996, only five out of Taliban. Most of all, Madam Speaker, Shahzad. 142 local agencies had implemented we need an immediate military rede- Over the past year, we have had a programs exclusively for women. Ab- ployment. It is time to bring our surge of attacks from radical Islamic sent from our community were pro- troops home. jihadists who murder in the name of grams to assist young women who were hate. For example, the Fort Hood seeking to advance their educations, to f shooter killed 14 Americans and in- secure their economic futures, or to en- WHAT IS THE PLAN? jured 30 more. That was an act of ter- gage in professional leadership train- The SPEAKER pro tempore. Under a ror. The attack on the Arkansas mili- ing. previous order of the House, the gen- tary recruiting station by a radical The Women’s Fund of Miami-Dade tleman from Texas (Mr. POE) is recog- jihadist who killed an American soldier took this cause to our south Florida nized for 5 minutes. was an act of terror. Then there was community, and it has since generated Mr. POE of Texas. Madam Speaker, the Christmas Day underwear bomber. enough support to provide more than our homeland security today is para- That was an act of terror. 350 gender-specific programs with the lyzed by denial, ignorance and political In that case, Homeland Security Sec- funding they so desperately require. correctness. Systematic dependence on retary Janet Napolitano said ‘‘the sys- Last Friday, on April 30, more than luck is not a national security plan; it tem worked’’ when we caught the un- 800 women gathered together at the is a disaster waiting to happen. derwear bomber. That means the gov- Women’s Fund annual Power of the

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00021 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE H3104 CONGRESSIONAL RECORD — HOUSE May 4, 2010 Purse Luncheon to highlight the tre- have access to life-saving health having on our constituents. At the mendous success of past and current screening for heart disease and for same time, we want to talk about what programs supported by the fund. These breast cancer. we are going to do about it. How are we programs support women of all back- I am so grateful for the tremendous going to set straight the financial in- grounds and circumstances. leadership of local organizations such stitutions of America? The Women’s Fund provides financial as the Women’s Fund in working to- We know that the collapse was large- assistance to Lotus House, for example, ward these important and obtainable ly caused by some extraordinary she- which is a shelter for homeless women goals, and I look forward to collabo- nanigans on Wall Street. Shenanigans and infants in Overtown, an area of rating with the Women’s Fund of never should have been allowed to be Miami which is suffering from extreme Miami-Dade in the years to come. played, but they were due to a lack of poverty. Thanks to the generous assist- f regulation on the part of the SEC and ance by the Women’s Fund, the Lotus The SPEAKER pro tempore. Under a of others and due to an attitude that House is now providing career training previous order of the House, the gen- occurred during the 2000–2008 period of for women who are seeking entry-level tleman from Oregon (Mr. DEFAZIO) is ‘‘anything goes.’’ The free market positions in the restaurant and hospi- recognized for 5 minutes. would somehow regulate itself. Well, it tality industry. Programs such as (Mr. DEFAZIO addressed the House. didn’t. It actually put this Nation and these have changed the lives of thou- His remarks will appear hereafter in the entire world on the edge of total sands of young girls and women in our the Extensions of Remarks.) collapse. community. Joining me tonight are my col- One such woman is Tamara Brizard, f leagues from California and from Ohio. a former Lotus House resident. Tamara The SPEAKER pro tempore. Under a I would like to start with Congress- was a single mother of three when she previous order of the House, the gen- woman SPEIER. I was going to intro- was referred to the Lotus House. Dur- tleman from Kansas (Mr. MORAN) is duce Congresswoman SPEIER as the ing her time at the Lotus House, Ta- recognized for 5 minutes. senate chairman of the California leg- mara completed a course in food prepa- (Mr. MORAN of Kansas addressed the islature’s committee on banking and ration. The training soon led to a job House. His remarks will appear here- financial matters where she has gained in the food service industry. With new after in the Extensions of Remarks.) extraordinary knowledge about the skills and with a new job, Tamara has f banking industry. She is going to share a place of her own, and she is now bet- The SPEAKER pro tempore. Under a with us tonight her new position on the ter able to provide for her three chil- previous order of the House, the gen- House Financial Services Committee. dren. Of course, Tamara’s story is just tleman from California (Mr. CALVERT) Congresswoman SPEIER. one of many successes achieved by the is recognized for 5 minutes. Ms. SPEIER. Thank you to my very Women’s Fund. (Mr. CALVERT addressed the House. good friend and colleague from Cali- The Women’s Fund of Miami-Dade is His remarks will appear hereafter in fornia (Mr. GARAMENDI). also a powerful voice for social change. the Extensions of Remarks.) You know, as you were talking about the shenanigans, what we heard last Together with Miami-Dade County, the f Women’s Fund has launched a cam- week from the Senate Permanent Sub- The SPEAKER pro tempore. Under a paign to increase public awareness of committee on Investigations was deep- previous order of the House, the gen- local services that are available to vic- ly troubling to all of us, and the chair- tleman from Arizona (Mr. FRANKS) is tims of domestic violence. Termed man, Senator LEVIN, did an out- recognized for 5 minutes. ‘‘Voices Against Violence,’’ this initia- standing job in focusing in on what was (Mr. FRANKS of Arizona addressed tive implores abused victims to speak really going on at Goldman Sachs. So the House. His remarks will appear up, to get help, and to be safe. Domes- we started last week here on our House hereafter in the Extensions of Re- tic violence is a plague on our society floor looking at Goldman Sachs’ prin- marks.) that demands our constant attention ciples that they have espoused and that at the Federal, State, and local levels. f are on their Web site. We started tick- As an outspoken advocate of Federal The SPEAKER pro tempore. Under a ing off what some of their principles initiatives to protect the victims of do- previous order of the House, the gen- were and then what some of their mestic violence and abuse, I am so tleman from Texas (Mr. PAUL) is recog- emails from some of their employees proud of the efforts undertaken by the nized for 5 minutes. suggested they were really up to. Women’s Fund on this important issue. (Mr. PAUL addressed the House. His Tonight, I thought that we would The involvement of the Women’s remarks will appear hereafter in the just focus on one principle, at least for Fund in their relief work of Haiti is an- Extensions of Remarks.) my part. One of their principles is: We other inspiring story. In helping to re- f stress creativity and imagination in build this island nation, the Women’s everything we do. This is the top one THE IMPACT OF THE GREAT 2008 Fund and its supporters have shown up here. FINANCIAL COLLAPSE their unwavering commitment to serv- While recognizing that the old ways ice and have shown their generosity of The SPEAKER pro tempore. Under may still be the best way, we con- spirit. the Speaker’s announced policy of Jan- stantly strive to find a better solution According to Amnesty International, uary 6, 2009, the gentleman from Cali- to a client’s problems. We pride our- nearly half of all Haitian households fornia (Mr. GARAMENDI) is recognized selves on having pioneered many of the are headed by women. Experience has for 60 minutes as the designee of the practices and techniques that have be- shown that these women and girls will majority leader. come standard in the industry. be the key in helping to rebuild Haiti Mr. GARAMENDI. Madam Speaker, Now, an email from the vice presi- and in helping to create a safe, stable, tonight, it is really important that dent of Goldman Sachs, Fabrice and prosperous nation. The Women’s America comes to understand how the Tourre, said: Standing in the middle of Fund is in a unique position to high- great collapse of 2008 occurred and all of these complex, highly leveraged light this reality and to make sure what its impact has been. I think they exotic trades he created without nec- that Haiti’s future growth and trans- have a pretty good idea as to what the essarily understanding all of the impli- formation will touch all sectors of its impact is. We see it back home. We see cations of those monstrosities, it’s like society. it from our constituents and from our a little Frankenstein turning against Since I have come to Congress, own families as they face layoffs and as his own inventor. Madam Speaker, it has been one of my they face losing their homes and their Mr. Tourre called his Frankenstein foremost objectives to ensure that mortgages that they are no longer able creation a product of pure intellectual women have equal opportunity to a to afford. masturbation—the type of thing which higher education, that they are pro- How did all of this happen? you invent telling yourself, Well, what tected from harassment and intimida- We want to discuss this tonight, and if we created a thing which had no pur- tion in the workplace, and that they we want to discuss the effect that it is pose, which is absolutely conceptual

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00022 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 4, 2010 CONGRESSIONAL RECORD — HOUSE H3105 and highly theoretical and which no- made $15 million for actually servicing look what happened to them in the body knows how to price? that particular instrument. Then Gold- end. They all turned to junk. So they Mr. GARAMENDI. Is that the cre- man went out and sold garbage to an were rated improperly, so you can ding ativity that Goldman Sachs so prided unsuspecting American public. Oh, but the rating agencies. They were manipu- itself on, creating something that was they were sophisticated buyers, so lated by Goldman Sachs. And this is unpriceable, that nobody could figure therefore they knew what they were the kind of creativity on Wall Street out what it was and, therefore, it could getting into. And that’s the creativity that makes us proud. not price it? But what did they do with of Goldman Sachs. Mr. GARAMENDI. Well, there cer- this Frankenstein that was created? Mr. GARAMENDI. So what Goldman tainly ought to be a law. And we’re Ms. SPEIER. Well, this is what is Sachs was doing was essentially a very going to spend a few moments talking kind of interesting about it. These are dishonest, disreputable, and quite pos- about the law. But first I would like to some of the Frankensteins that they sibly fraudulent scheme to rip off some turn to our colleague from the great were creating. investors somewhere. They may have State of Ohio. Here is a tower, as they refer to it— been sophisticated, they may not have. Please. the Soundview Home Loan Trust. If But they were told that this was not a Ms. KILROY. Thank you very much you look at the bottom there, at that B-rated product but rather an A-rated for yielding. little yellow tranche as they refer to it, product because Standard and Poor’s, I am pleased to join my colleagues on there was, you know, some pretty bad perhaps playing a game, and part of the the floor this evening. And, of course, I stuff. These were mortgages that were game with Goldman, had reevaluated work with Congresswoman SPEIER on poorly rated. that particular tranche, that package the Financial Services Committee. And Mr. GARAMENDI. So, this was the of mortgages, and said now they are an she very aptly talked about what was packaging of the mortgages that were A because we’ve taken a look at the going on at Goldman and the effect being sold to people who couldn’t af- FICO score of some of the underlying that it has had on our economy. But ford to pay their mortgages? mortgage people who had taken out the this is not a case of just one bad com- Ms. SPEIER. These were the mort- loan. pany. We, unfortunately, had a culture gages that were then packaged and So from the whole thing, where is the all across Wall Street that allowed then sold to investors because, of honesty in the business? Where is the things like this to happen. And re- course, they were grade A, and they element of good faith to the customer? cently I asked Chairman FRANK if we would make them a lot of money. What Was Paulson the customer on one side could take a look at some of the prac- happened here is they took this one of the deal, or was it the investor on tices of Lehman Brothers. And we did. tranche, and then they brought it over the other side of the deal? And where is We had a hearing on Lehman Brothers. here. Now they are B grade. the good faith obligation that Goldman We both participated in that hearing. So how do you take something that surely must have had? Because Lehman Brothers gambled is a B grade and make it investment Ms. SPEIER. And you know who with the hard-earned money, the pen- quality? bought a lot of Abacus, who was on the sion funds of countless Americans. Cer- Mr. GARAMENDI. By lying? By de- other side of the trade with Paulson tainly people from Ohio, people from frauding somebody? who shorted them, so who was buying California’s pensions, people from Colo- Ms. SPEIER. By being creative. Abacus? You won’t be surprised to hear rado’s pensions had been invested in This is what Goldman Sachs did, and AIG, will you? Lehman products, and Lehman Broth- it was really well-described in a book Mr. GARAMENDI. AIG. Now, they re- ers did not tell those investors or other by Michael Lewis, called ‘‘The Big ceived almost $200 billion of taxpayer investors that they were so over-lever- Short,’’ in which he writes: In the proc- money? aged that their financial picture was ess, Goldman Sachs created a security Ms. SPEIER. One hundred and eighty pretty bleak. Instead, they tried to dis- so opaque and complex that it would billion dollars, yes. guise what was really going on at Leh- remain forever misunderstood by inves- Mr. GARAMENDI. Now, when AIG man by this tricky accounting practice tors and rating agencies—the synthetic got that money from the taxpayers in where they moved some of the prob- subprime mortgage bond-backed CDOs, the TARP bailout, the Wall Street bail- lems off the balance sheet at the time or collateralized debt obligations. out, what did they do with that money? when their quarterly report was due. He goes on to write: Triple B-rated Did they give it to the homeowner that If you look at the quarterly report, bonds were harder to sell than triple was going to lose their home, or did you would not get the real story from A—no surprise—but there were huge they give it to Goldman? Lehman because of this practice called sums of money to be made if you could Ms. SPEIER. Well, interestingly Repo 105. They did this very delib- somehow get them rerated as triple A, enough, Goldman had purchased credit erately. And they had become, like thereby lowering their perceived risk, default swaps from AIG, and, of course, Goldman, very leveraged into the however dishonestly or artificially. they were repaid in full by the tax- subprime mortgage market, the Alt-A So what did they do? payers of this country, $12 billion mortgage market, and even came up Goldman Sachs then went to the rat- worth, the highest recipient of money with this product called an Alt-B. And ing agency and said, Now, how is it from those CDS’s. Lehman Brothers, which is an invest- that you rate these particular Mr. GARAMENDI. I think that book ment house, did not have the same tranches? They found out. It was really is misnamed, ‘‘The Great Short.’’ I level of regulation that, say, a commu- a rating that went on by just looking think probably ‘‘The Great Fraud’’ nity bank in one of our localities would at FICO scores. So the mortgages were would be a better name for the whole have if they were engaging in mortgage not looked at based on whether they thing. practices. Nobody was watching them. were no-doc loans or whether there was Ms. SPEIER. I just want to show you The SEC wasn’t watching enough, and adequate income. They were rated one last chart. investors and advisors who maybe based on a homeowner’s mortgage So this is the creativity of Goldman would be sophisticated investors who FICO score. Sachs, creating these products, know- could look at a balance sheet, they ing they were bad, selling them off. weren’t getting the right picture either b 2000 And many of them were what are because of this on- and off-balance So if you could somehow bump up the called synthetic CDOs. So they didn’t sheet practice of disguising the true fi- FICO score on these mortgages, you actually have the mortgages on them. nancial picture. When Lehman did this, could turn a BBB into a AAA. And They were like a side bet on that tower when they gambled in the subprime that’s what they did. So then they we had seen in that earlier chart. But market, when they increased, bought went out and they sold the Abacus one look at what happened to all of them. more, bought more, bought more to try that we heard about last week where They were all, at one point or another, to make up for the losses and tried to John Paulson said he wanted to short a percent of the tower that was, in hide what was really going on, they all of them; so he put together the fact, AAA—71 percent, 77 percent, 72 hurt not just the sophisticated inves- worst of the worst, and then Goldman percent, 70 percent, 80 percent. But tor; they hurt hardworking Americans.

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00023 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE H3106 CONGRESSIONAL RECORD — HOUSE May 4, 2010 I asked for some public records. One er. It’s warranted to operate, not to have very, very well described, the sit- of our pension funds told us that they electrocute you. And yet we have noth- uation in which those Americans that took an actual loss of over $100 million ing of the same nature to protect us as may still have their job may very well as a result of this between December of consumers from fraudulent techniques have lost a good portion of their pen- 2007 and September of 2008. Over $100 that are being used by credit card com- sion either directly through Lehman million. That’s just one. I’m getting in- panies, by mortgage brokers. Brothers’ collapse or through the crash formation from the other public pen- This one chart that showed this CDO, of the stock market. sion funds in Ohio. And this isn’t right this was $38 million. It was actually b 2015 that they are allowed to gamble and sold and resold 30 times, 30 times, and The combination wiped out 401(k)s. not listen to the alarms that were created losses of over $280 million. The word around was they no longer sounded in their own company by the Now, derivatives haven’t been regu- lated in this country because Congress were 401(k)s, they had become 201(k)s. risk managers or the fixed asset man- So we really need to have that con- passed a law in 2000 prohibiting Con- ager. Instead, those people who were sumer protection agency in place to gress from regulating derivatives. It trying to tell the truth were forced monitor Wall Street, to monitor the was part of the financial services in- out. And it’s that same story: Every- mortgage lending markets out there, dustry wish list, and none of us were thing’s just fine, don’t look over here to make sure those products are appro- there at the time. at what’s on the off-balance sheet ac- priate for individuals. Without it, we Mr. GARAMENDI. The three of us counting tricks and give a different are going to go right back into the picture to the world. will not take credit for that bill. Ms. SPEIER. No, we won’t. same kind of problem that nearly took We need to hold the Lehman Broth- down this country’s economy and the ers and the Goldmans to account, and Mr. GARAMENDI. We were not in Congress when they passed that ter- world economy. it is time to really talk about real fi- Ms. SPEIER, it looks as though you nancial reform, real Wall Street reform rible piece of legislation. Ms. SPEIER. But imagine to allow want to add another element to this so that they are not allowed to hurt discussion about what the law should hardworking Americans and put their these kinds of complex instrumental- ities to be in the marketplace and not be. life savings in jeopardy again. Ms. SPEIER. The interesting element be regulated. That’s what will be regu- Mr. GARAMENDI. I know that the of the subprime market was that those lated as we move forward with finan- two of you both on the Financial Serv- who were selling the product, the origi- cial reform. There will be a protection ices Committee spent most of last nators of the loans, weren’t holding on agency for consumers that will help us year, 2009, working on a major reform to any of the instrument. They had no understand, hopefully—as I understand that actually passed the House in De- skin in the game. It was sold off to it, a credit card statement form con- cember. Now, I had the good fortune of Wall Street, where they put them in tract was 1 page and 700 words in 1985. being elected in November, arriving these tranches and then sold them off Today it’s something like 30 pages. The here just in time to vote for the health again and again. care bill and to take some credit by Consumer Financial Protection Bureau One of the things that is required in voting for the reform that the two of will provide greater assistance to Main this new bill is that you will have to you and the other members of the com- Street. have some skin in the game, that you mittee brought to the House floor. It Mr. GARAMENDI. Well—— will have to have reserves, that you Ms. KILROY. I think it’s really im- was a very, very significant reform and cannot leverage, like we have seen hap- portant when you take a look at what dealt with many of the underlying pen over the last couple of years. issues that both of you have discussed. went on in Wall Street after Bear But the interesting thing about the Let’s spend just a few moments talk- Stearns collapsed. The SEC and the subprime market that just came to ing about some of the critical elements New York Fed went into these major light, the industry also realized these of that reform bill. As I recall, there Wall Street investment houses and people weren’t equipped. If you were a was a Consumer Protection Agency in were there trying to look things over $14,000 a year gardener in East L.A., the reform bill, and there were also but either didn’t have the statutory au- you couldn’t afford a $700,000 home. But some definitions about the kinds of thority or the expertise to really take since there was no documentation, things that the banks could engage in. a look at these mortgage instruments since it was going to be sold, and after And in most recent days, we’ve seen or really take the kind of action that the teaser rate was no longer available the Senate wrestling with this issue. would have protected consumers, and to you, you were going to come back We saw the Republicans trying to stop even not waited until you got to a situ- and refinance that loan again, so the the Senate from enacting a reform bill ation with Bear Stearns but had gone fees to the originator, to the bank, by Senator DODD. Well, they tried for a in there much earlier and looked at it would be generated again. So there was few days, for a couple of weeks, and ul- from the eyes of the consumer. Not this huge churning that was going on timately the American public fol- how it’s doing for Wall Street traders in the industry as well. lowing the Goldman Sachs hearing in but what is its impact on consumers, Mr. GARAMENDI. So ultimately we the Senate said enough, and the Repub- the subprime mortgage solicitations wound up with a situation in which the lican effort to stop the bill collapsed, and all the things that went on around financial industry had set up a scheme and now that’s moving along. So we’re this. It’s so important, I think, that we to sell mortgages to people who in the final stages, I believe, of passing do have a Consumer Protection Agency couldn’t possibly pay those mortgages a very significant reform of Wall as part of Wall Street reform. over time. They were often sold with Street so that we can focus on Main Mr. GARAMENDI. And part of that teaser rates, low interest rates for a Street rather than on the excesses of Consumer Protection Agency focuses year or two, and then it reset to a Wall Street, bringing the money back directly on the mortgage market out much higher rate so the payments to Main Street, to local banks making there and deals with those mortgage would be impossible to make at that loans, and Wall Street getting its companies that were selling subprime point. comeuppance. mortgage opportunities to people that Then they took those products, those So would you share with us some of had really no ability to pay it back. So individual mortgages, put them all to- your thoughts about the reforms. those people may have invested what- gether and repackaged them into this Ms. SPEIER. The interesting thing is ever money they had in a home, and magnificent tower of—— the Consumer Financial Protection when it came time for the resetting of Ms. SPEIER. Tower of shame. Agency, which now on the Senate side the interest rates, they couldn’t afford Mr. GARAMENDI. We have to find a is being billed as a bureau within the it. They lost their investment. They good adjective, but the tower of shame. Fed, was really the brainchild of Pro- lost their home. They may have also Then they took individual pieces of fessor Elizabeth Warren from Harvard lost their job because of the collapse of those products, took them out and re- Law School. And she likened it to the the mortgage industry and the housing packaged them—— Consumer Product Safety Commission, industry, and so 8 million Americans Ms. SPEIER. As a side bet. As a side which we have. I mean you buy a toast- were out of work. And as both of you bet. So they stayed in this tower, but

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00024 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 4, 2010 CONGRESSIONAL RECORD — HOUSE H3107 they took them out in a manner that banks, so that they can make loans to when you have shareholders that may allowed you to just bet for and against people. be hedge funds or pension funds or mu- them, and as long as there was some- However, if you take a look at the tual funds, that they need to disclose one on the sell side and someone on the large banks, the leading United States also how their proxies are being exer- buy side, it was fine with Wall Street. banks in 2009, they reduced the number cised in these decisions about pay. Mr. GARAMENDI. So on the buy of loans that they made by 7.4 percent. Mr. GARAMENDI. You mentioned side, they would be giving information It was the steepest drop in lending by the issue of Wall Street pay. The num- that was inaccurate, that Standard & the large banks since 1942, and that was bers are really astounding. In 2007, be- Poor’s, the rating industries of the the beginning of World War II. fore the collapse, Wall Street paid out world would go out and use some, I The 22 firms that received the most $137 billion to its employees. In 2008, in don’t know, gimmick to re-rate this bailout money, this is the Wall Street the midst of the great collapse, they tranche, this piece of that tower, re- bailout money, cut small business actually reduced it. They went down to rate it as though it was more valuable loans by $12 billion in 2009. Meanwhile, $123 billion. But in 2009, while unem- and more secure than it really was. So and this was the point you were mak- ployment in America was hovering well we really had a cabal here, and that is ing a moment ago, the top 38 largest fi- over 10 percent, and in California 12 why the regulation of Wall Street is so nancial firms gave out $145 billion in percent, in 2009, the Wall Street fat critically important to us as individ- record pay to their employees in 2009. cats paid themselves $145 billion. uals, in our homes, in our ordinary life, That was an 18 percent increase from I believe a lot of that money was our in our ability to keep a job. 2008, which was also a very high year. taxpayer money that we put in Wall It is also important for the financial So what is happening here is that Street to shore up the banks, and in- system of America. Banking is crucial Wall Street’s philosophy seems to be stead of making loans to Main Street, to the economy, and when you get a all about greed for them and poverty to the contractor, to the fellow that banking industry that is playing finan- for the rest of the Nation. That has got wanted to manufacture more ladders, cial games rather than simply making to end. What we need is this reform of that wanted to improve his business loans, we are going to find ourselves in Wall Street. We need to put in place and hire people, instead of making trouble. The creativity of Goldman very clear rules: No more games with loans to them, it appears to me that Sachs, we now know from the hearings. derivatives. If you are a banker, you they took the money that was used to We also know that other major banks are a banker. You are not a loan shark bail out Wall Street, to stabilize the and mortgage lending companies were on the street selling a bad loan. You economy and stabilize the banks, they playing similar games. are a banker. You are to take deposits. took that money and they put it in So that is what we are trying to do as You are to make loans that are sound their own pockets. That is reprehen- Democrats, is to rein in Wall Street, to and secure, and make those loans on sible. set new rules in place that will force Main Street, not to another Wall There was a bill here circulating, it the banks to be banks; not to play Street shark. hasn’t passed, but I think it ought to risky financial games, but rather to do So what we want to do is take the de- pass, where these Wall Street bonuses, the everyday lending, taking deposits, rivatives out of the banking business. of which this $145 billion is part of, I making a loan that is sound, and mak- If somebody wants to play the games of think it ought to be taxed. I think ing those loans on Wall Street. a gambler, they are not going to gam- about an 80 or 90 percent tax on those What is happening in Ohio? What do ble with taxpayers money. They are bonuses in which they used our tax- you see from your constituents in Ohio not going to gamble with depositors payer money, that we ought to get that about Main Street? Is Main Street a money. They are going to have to do money back, and we ought to take that place where the banks are making that separate and apart from banking. money back and put it into the local loans? Fortunately, the Senate bill seems to banks so that their financial situation Ms. KILROY. I hear from so many of be moving in that direction. So when it is shored up so that they can make my constituents, people in business, passes the Senate and comes back to loans to the businesses in our commu- people who are developers, that the the House in a conference committee, I nities, and tell Wall Street, folks, the ability to obtain capital and then to really want to see derivatives out of big ripoff is over. The big short is over. expand their business, to hire more the banking business. Let them be han- The big fraud is over. There is going to people, just isn’t there. They are not dled by Wall Street firms that are not be a law. There is going to be a tough being able to get the loans. It is really banks. If they want to play the game, law regulating Wall Street, reining in important to get that moving again so let them play the game there. I think the excesses of those fat cats on Wall we can get our Main Street economy, that will make a difference back in Street who came to the U.S. Senate our real economy, going again. Main Street, back in Concord and Wal- with such arrogance that somehow Too much of the money is somewhere nut Creek in my district. they were the kings of the world, that else in the pipeline. We need to get it Ms. KILROY. If the gentleman will they were the financial managers of out there to Main Street. I know sev- yield, I agree that we really need to the world and they could create out of eral of us are working on a number of have strong regulation of derivatives nothing. bills and issues to help expand Small and, of course, make them much more Wasn’t there an Aesop’s fable about Business Administration loans and oth- transparent. But the point you have spinning gold from wool? Maybe that is ers, but we need to get the banks in a made just now about the Wall Street what those characters were doing. position where they are doing the kind pay is interesting. One of the things They were creating something that had of lending that helps small business that I think infuriates people is when the appearance of value, but actually and mortgages that make sense, be- they see they are being hurt, jobs have had no value, and it nearly cost us the cause there is the right kind of docu- been lost, shops have closed up, and yet American and the world economy. It mentation, down payment, and other they see the people that are responsible also cost some 10 percent, almost 11 finances are in order. for taking our economy to the brink of percent of every working man and Mr. GARAMENDI. The statistics are disaster are getting that kind of a re- woman in this country, their job. really frightening in what has hap- ward. That is reprehensible. And it is time pened with Wall Street. If you take a Also we need to see the corporate for Congress, it is time for the Senate— look, what is really happening is Wall boards and the corporate shareholders excuse me, Congress did its thing back Street is not making loans, and many take some more responsibility for what in December—it is time for the Senate of the small banks, the community their corporations are doing. I think to pass a strong bill, send it back, let’s banks, don’t have the capital to make some of them want to do that. One of get this thing done, and let’s rein in the loans, so the capital is being tied the things I would like to see happen is Wall Street. up in these huge banks. So what we are that shareholders get some kind of a Ms. KILROY. I absolutely agree with really looking to do as part of this re- say, some kind of an up-or-down vote you. I voted for the House bill. I sup- form is to push the capital down to the on this kind of compensation. And not ported the House bill. I would welcome local banks, down to the Main Street only do they get to vote, but I think an even stronger bill in the Senate if

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00025 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE H3108 CONGRESSIONAL RECORD — HOUSE May 4, 2010 they would pass something along those were losing about 800,000 jobs a quarter Mr. GARAMENDI. Well, there’s been lines to make sure that the excesses of in the final quarter of the Bush period. some very good work done, but the job Wall Street are reined in, that there is Now, when Obama came in, we see the is not finished. We’re seeing a stabiliza- appropriate regulation, that these ex- beginning of the turnaround with the tion of the American economy. We’ve otic products don’t bring our economy unemployment—monthly unemploy- got a long, long way to go. One major down again, that there is account- ment statistics changing so that, yes, piece of that is the work that is now ability, and if somebody, some big the first month of the Obama adminis- going on in the U.S. Senate. I beg them house gets in economic difficulty, that tration, in January, February, it was to send us back here to Congress a very it is not in the position where the gov- the same as the last month of the Bush strong regulatory bill on Wall Street. ernment and the taxpayers have to administration. But now we see a Rein in the excesses. Provide the trans- rush in and bail them out. steady decrease in the number of peo- parency so that everyone can see ex- We need to make very clear that ple losing their jobs. actly what the product is and how the there is not going to be a taxpayer- This is a result of three things hap- game is being played. Push the deriva- funded bailout, and that there needs to pening. The first is the Wall Street tives out of the bank business so that be the kind of resolution authority or turnaround, the Obama administration that’s all separate; the collateralized some kind of orderly method to protect getting control of Wall Street in the debt obligations, transparent. Regulate the rest of the economy from a com- early months of 2009, followed by a it. Regulate the derivatives, and make pany that has gotten into trouble. very courageous action taken by Con- sure that we never get back into this Mr. GARAMENDI. There is some- gress, which was called the American again. thing I learned long ago at the Univer- Recovery Act. The stimulus bill. That Maybe in the next month or so we sity of California when I was taking an began to put people back to work or will finish this critical piece of work. economics class, and that was the keep people employed. I know that in It’s, hopefully, going to be done with American private system of the econ- California it was an extremely impor- the support of the Republicans. We omy was dependent upon competition, tant piece of the puzzle of keeping our know that for a long time they tried to and that laws were put in place more schools open, keeping teachers in stall it here in Congress, but, fortu- than a century ago to eliminate con- place, and then preventing further ero- nately, the Democrats were able to put centration so that there are many, sion of the economy. So as that began our bill out, send it over to the Senate. many players in the marketplace. to take hold, we began to see the num- Now, with the Republicans in the Sen- It seems as though we have forgot- ber of people losing their jobs on a ate backing away from their support of ten, or at least the Republican admin- month-to-month basis declining so Wall Street, hopefully, we’ll get that istration in 2000 to 2008, forgot that one that now, in the last month, we are ac- bill over here; we’ll finish this job and of the key ingredients in a free market tually seeing the number of people em- do what is absolutely necessary for the system is many, many competitors. ployed rising—getting jobs, rising. American economy and, indeed, for the We still have an extraordinarily high b 2030 world’s economy. unemployment rate. We are not even So, with that, let’s let this night pass close to being home yet. So we’ve got a But what happened during the decade and we’ll get back to work tomorrow lot of work to do. Part of that work is of the nineties and 2000–2008 was a con- morning. centration in the banking industry so to make sure that Wall Street doesn’t f that now just a handful of companies, ever again put at risk the job of a fam- huge megabanks, control an enormous ily, put at risk home mortgages, put at HEALTH CARE BILL REVISITED proportion of the American economy. risk the American economy and, in- The SPEAKER pro tempore. Under And there’s a proposal that has now deed, the international economy. So the Speaker’s announced policy of Jan- been made by the Senator from, I be- that’s where we are headed. We’ve got uary 6, 2009, the gentleman from Texas lieve, Delaware to limit all financial some more work to do. (Mr. BURGESS) is recognized for 60 min- institutions to no more than 10 percent Ms. KILROY. We do have more work utes as the designee of the minority of the financial market, so that when to do. leader. Mr. GARAMENDI. If you would like they get to 10 percent, they can no Mr. BURGESS. I come to the floor to wrap this up from the perspective of longer grow. They would have to shed tonight for the leadership hour on our Ohio, one of the States hardest hit for the business and, in that way, keep side to talk more about this health many, many years now, but a State many, many players in the business. So care bill that we passed 6 weeks ago, that’s coming back with leadership there would be good competition and, because it was a pretty sweeping piece such as yours. simultaneously, create a situation in Ms. KILROY. You’re correct that of legislation. We passed it kind of which no one bank would be too big to things are improving and also correct quickly. A lot of people may not have fail, thereby eliminating the need for a that we’re not out of the woods yet. understood everything that was con- taxpayer bailout. The Recovery Act in Ohio, as in your tained therein or the implications of I kind of like that idea. It goes back State, helped keep teachers; police ca- the things contained therein. So from to something I learned many, many dets were able to get another class time to time it is worthwhile to study years ago in an economics class about going in the city of Columbus, Ohio; a little bit about what we did and how the role of competition and the need keep firefighters on the job, keep we got there and maybe why it was for many, many players in the market- teachers teaching in schools. done, and, if anything, a look at what place. We’ll see what happens with We also put money in the pockets of is ahead over the horizon for the people that, but financial regulation law in its hardworking Americans with the big- of this country as they begin to adjust final form has to deal with this issue of gest tax cut in our history to make to life with this bill. too big to fail. I don’t want, you don’t sure that middle-class families bene- Let me just say at the outset that I want, I don’t believe the American pub- fited from that Recovery Act. People did not vote for this bill. I do not ap- lic want to see another financial bail- who were unemployed or on food prove of this bill. The process was out with our taxpayer money going to stamps also got a raise—not the kind flawed. In fact, the process was abso- Wall Street so they can fatten their of raise that Wall Street gets, but they lutely toxic to this House, to the wallets on our hard-earned money. So got a raise. We know that that money United States Congress—in fact, to the we’ll see what happens here. We know goes directly back into the local econo- country at large. Never before has a things are coming back. mies. That helps build that path to piece of legislation this sweeping and But let’s not end this discussion in a economic recovery. with this sweeping in scope and its im- down mood. If we take a look at where We’ll continue to focus on jobs, on pact on the daily lives of the American the American economy is going, these our economy, and on holding Wall people, never before has a bill this lines here in the red are the Bush Street accountable, and passing a large passed with only the support of years, and this is the unemployment strong Wall Street regulation bill. I one side of the aisle. In fact, never has rate actually growing during the final look forward to working with you on a bill like this passed that did not at years of the Bush period so that we that. least have some measure of popular

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00026 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 4, 2010 CONGRESSIONAL RECORD — HOUSE H3109 support. But the bill passed with a included in the health care reform bill. after he lost an amendment vote early great deal of difficulty because it did I will admit those opportunities were in the process. But, nevertheless, we lack popular support from the Amer- few and far between, but they did exist. did have 8 days in committee to work ican people. Indeed, even individuals such as my- on the bill. Now, 6 weeks after the passage of self, so-called backbenchers, reached b 2045 this bill and the bill signing ceremony out to the other side, both to the tran- down in the East Wing of the White sition team and to the Democratic The other two committees had 24 House, now 6 weeks later, if anything, leadership of my committee, and said, hours, 24 hours to work on this bill. At opposition to this bill has hardened. Look, health care is important to me. the time it seemed like a big bill—it For that reason, I believe this bill ulti- I didn’t give up a 25-year medical ca- was 1,000 pages along. That’s a big bill. mately will have to be repealed, ripped reer to sit on the sidelines while you It got bigger when it came back to the out root and branch, and then get on guys did this. Let’s talk about the House in the fall and then got bigger about doing the things that people told areas where there perhaps can be some still after it left the Senate. But, nev- us they wanted us to do. Had we both- common ground. But those offers were ertheless, last July, the bill was 1,000 ered to listen during the summer town never seriously entertained by the pages long. And to work through and halls of August of 2009, perhaps we other side. They knew what they want- mark up a 1,000-page bill probably was could have delivered something mean- ed in their health care bill and they going to take longer than 4 working ingful for the American people. In- wrote them exactly as they wanted days—which is what we got in our com- stead, we decided to push again with a them. mittee—but it darn sure was going to very partisan agenda. Now, we finally got a chance to see take longer than 24 hours, which was And let’s be honest, Madam Speaker, the health care bill about the middle of the length of time that it was allotted the only thing that was bipartisan July last year. It came over the tran- in Ways and Means and the Committee about this bill was the opposition, be- som late one night with a note at- on Education and Labor. cause, indeed, at the end of the tached to it that said, Read fast. We’re The bill was amended in the com- evening, when we passed this bill, you going to mark it up in committee in a mittee work this summer by all three had some 35 or 36 Democrats join 178 day or two. Indeed, that’s just exactly committees. Interestingly enough, Republicans in voting against this bill. what happened. some of those amendments were Re- There was no bipartisan support for Now, Madam Speaker, I ask you to publican amendments. Interestingly this bill either in the House or over in think back to a piece of legislation not enough, after the bill was wrapped up, the other body. In fact, the bipartisan that many years ago, the Clean Air after the work was wrapped up in the nature of this bill was the opposition. Act, which passed in the early 1990s; committee process, the bill left the The American people are now sub- sweeping legislation that changed committee and went over to the Speak- scribed to that notion as well. things for a lot of people in this coun- er’s office. There it grew from 1,000 What is ahead for us? Well, there are try. Arguably, there were good things pages to 2,000 pages. some court challenges that attorneys in the bill. Arguably, there were things But significantly, while the bill was general in various States—I think the that were contentious in the bill. But doubling in size, it was shedding pages last count, it was 20 or 21 States—have there was, I’m told, in our committee, that were the past amendments that said that they are going to register the Committee on Energy and Com- were bipartisan at the committee level. challenges to this bill. That is a signifi- merce, an 8-month markup on this bill. Most of the amendments that were cant number. I suspect there will be Legitimately, members of the com- passed in the committee never saw the more over time. The concept of negat- mittee hated each other at the end of light of day when the bill came to the ing the bill through a Supreme Court that markup, but it was important. It full House floor last fall, even though challenge is one that is far from cer- was important for people to see the the bill was substantially larger, large- tain, but it is certainly worth the ef- process. It was important for people to ly because of input from folks down at fort that the attorneys general across understand that both sides did play a the White House who worked hard with the country are putting forward be- role in crafting this very, very complex the Speaker’s office for several months cause, again, the bill, at its very heart, piece of legislation, and the proof has to get a compromise package that they is so flawed and so toxic. been that, over time, the bill has deliv- could bring to the floor to get passed. If you go back and look at the things ered on what it was intended to do. In- But most of those Republican amend- that led up to the passage of this bill 6 deed, arguably, the Clean Air Act has ments were, in fact, deemed to be ex- weeks ago, you really have to go into improved the quality of air in many lo- cessive and expendable and, indeed, last year and deep into last year to find cations around the country, and the ef- they somehow lost out along the way. where the roots of the problem lay. It fects were significant as far as busi- Now, one of the things that was real- almost goes back to a year ago last nesses were concerned, but not crip- ly striking during the course of the February, with the passage of the stim- pling, and people were able to make ad- year and several months that we ulus bill. justments to the legislation after it worked on this bill was just about 1 The stimulus bill famously passed was passed. And, arguably, it has been year ago. There were six groups that without any Republican support. All of a difficult but good process for the met down at the White House along the pundits and commentators around American people. with members of the administration to the town were absolutely astounded Now, that is an example of how talk about things that they might do that not a single Republican would things can work. It wasn’t easy. It took to get a health care bill passed. So in vote for the stimulus package. But it months and months and months to do an effort to show good will toward the was in those negotiations, such as they it, but ultimately it did have support new administration, America’s Health were, the meetings that occurred down from both sides of the aisle. Contrast Insurance Plans, the Pharmaceutical in the Cabinet Room at the White that to the health care bill. The three Management Association, PhRMA, my House, where the Minority Whip, ERIC committees that worked on this bill— AMA, the American Medical Associa- CANTOR, tried to bring some ideas to my committee, the Committee on En- tion, the American Hospital Associa- the table about what this stimulus ergy and Commerce, also the Com- tion, Medical Device Manufacturers, ought to look like and what the Repub- mittee on Ways and Means and the and the Service Employees Inter- lican position was on the stimulus bill. Committee on Education and Labor, national Union all met down at the And it was, Wait, not so fast. We won. those three House committees worked White House and decided that there We won the election. What you all say on this bill. We actually had, by com- were things that they could bring to here doesn’t matter. It was really that parison, a lengthy markup in Energy the table and give up as far as financ- comment that set the tone for balance and Commerce. We had 8 days of mark- ing of this complex health care bill. of 2009. up. Now, 4 of those days we were in re- I will never forget: They went into Now, there were opportunities where cess subject to the call of the chair be- the Rose Garden and had a huge press both sides could have come together on cause the chairman of the committee conference where they described $2 tril- some aspects of what ultimately was was trying to get his Blue Dogs in line lion in savings that had been agreed to

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00027 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE H3110 CONGRESSIONAL RECORD — HOUSE May 4, 2010 by these different six groups, $2 trillion people and who was on the side of the the meetings were held 1 year ago in in savings over 10 years in things that special interests. This was the promise May and June of 2009, the initial re- were going to be given up, and this was that was made to the American people quest went out in September, the Reso- going to allow the House to pass or the during the course of a presidential lution of Inquiry was filed in Decem- Congress to pass a health care bill be- campaign. And I recognize that some- ber, it was brought up in committee at cause now everyone’s on the same page times things are said on the campaign the end of January, and clearly this and everyone’s working together. trail, and I recognize that sometimes a thing has moved with glacial speed. There’s just one problem: No one from promise is made that becomes very, But tonight, Madam Speaker, I want to the administration ever communicated very problematic or difficult to deliver, reassure you and Members of the House to at least those of us in the rank-and- but this was such a central part of the of Representatives—and, in fact, the file on the legislative end what was argument. White House—that I am going to be te- contained within those bargains, what Let me quote to you from what the nacious on this, I’m going to be relent- was contained within those deals. In President said when he was a candidate less. We do need to see that informa- fact, beginning in September, when I for office. He said, quoting now, tion; it should be made available to the began to question and ask, can we see ‘‘That’s what I’ll do, bringing all par- legislative body. what those deals were? Can we see the ties together, not negotiating behind And please understand, my beef here copies of the emails that were ex- closed doors, but bringing all parties is not with the American Hospital As- changed? Can we see the notes or the together and broadcasting those nego- sociation, the American Medical Asso- minutes that were transcribed during tiations on C–SPAN so that the Amer- ciation, PhRMA, the insurance compa- those meetings when all of these agree- ican people can see what the choices nies, or anyone else. Certainly, they ments were made to produce those $2 are, because part of what we have to do have the right and the obligation to go trillion in savings? And we didn’t write is enlist the American people in this down and negotiate and make argu- anything down. Now, Madam Speaker, process.’’ Well, that’s exactly right. ments in favor of their position and the I ask you, $2 trillion in savings, which Remember a few minutes ago I said clients that they represent. I have no was on the table—at least according to that part of the difficulty in passing problem with that. Where I have the problem is this all being done in secret, the President and the White House in this bill was it never enjoyed popular all being done behind closed doors, no May and June of last year—and no one support. It’s a big bill, there’s some paper trail to trace and hold anyone wrote down a single word as to what tough concepts contained within this accountable. And yet, when we get to those deals were? bill. It’s not something that people are the work of writing the legislation, not And the problem is, it kept surfacing. just going to embrace unless you bring so fast, we have a deal, you can’t do As we would deal with the bill in our them along and educate them as part that, we have a deal. Members of the committee and while they would deal of the process. But although it was legislative body should have access to with the bill over in the Senate, from promised that that would happen, that, the same information that members of time to time something would come up unfortunately, never came into being. the administration had access. and they would say, oh, no, wait, you In fact, after getting frustrated with Now, this bill passed in March, but it can’t tax the hospitals for this because being stonewalled by the White House was the bill that passed the Senate on that wasn’t part of the deal. Well, what in September and through the fall, in Christmas Eve, not the bill we passed was part of the deal? And why can’t we December I introduced in our com- out of committee in July, not the bill know what was agreed to down at the mittee what’s called a Resolution of In- that doubled in size and came back to White House so we can at least, if noth- quiry. A Resolution of Inquiry means the House in late October and then was ing else, even if we don’t agree with that after it’s filed, the committee, passed in early November. Those aren’t what happened, but so we can at least after a certain number of days, is re- the bills that we now talk about. There work around the deals that were craft- quired to bring it up and have a legisla- were some interesting things in those ed down at the White House? tive hearing on the resolution. If it bills—a lot of bad, a little bit of good— One night it was particularly stun- passes, obviously the requests go down but those aren’t the bills that are actu- ning. Senator MCCAIN, over in the Sen- to the White House. ally the point of discussion because ate, wanted to introduce an amend- Now, Chairman WAXMAN felt that, in when the Senate took up its health ment that would have allowed for re- fairness, some of the things for which I care bill, it decided to do something importation of prescription drugs. was asking would be protected by exec- different from what the House had Now, that is not a concept that I sup- utive privilege, and not wanting to be done. And that’s okay, the Senate is a port. I think there are real safety in a protracted fight that might well legislative body in its own right, and issues surrounding reimportation, but have resulted in an affirmation of exec- they certainly have the obligation and the Senator should have the right to utive privilege, he still recognized that it is correct for them to do their work offer his amendment and argue the as a member of the committee, as a the way they see fit. And under normal merits of his amendment. People on member of the legislative branch of circumstances, the House bill and the the other side should have the ability government I should have access, that Senate bill—if in fact they’re dif- to argue the merits of their case and other committee members should have ferent—would be joined together in then have the vote and make the deci- access to some of the things we were some type of conference process, and sion. But to stop Senator MCCAIN in requesting. So about 6 of the 11 things I’m sure that’s what everyone over on the middle of his discussion and say, I requested, the chairman said that’s the Senate side thought would happen, wait a minute, you can’t do that be- reasonable, you should have those but in reality what occurred was the cause we had a deal, well, people recog- things. And he and Ranking Member Senate picked up a bill that had al- nize that’s just not right, that’s not JOE BARTON sent a letter down to the ready been passed by the House, H.R. the way things should be done. White House counsel and said we would 3590. If you’ll remember, famously, It was particularly galling because like for you to produce this informa- that was the health care bill number. the President, when he was running, tion for the committee and for the Con- Now, that was a bill that the House when he was campaigning for the high- gressman who’s filed the Resolution of passed 1 year ago in the late summer or est office in the land, repeatedly said Inquiry because we feel this is informa- early fall of 2009. It was a housing bill that this was going to be a different tion that should be available. when we passed it on this side. We process, his would be a different presi- Now, unfortunately, while the White passed it and sent it over to the Senate dency, he would bring people together. House may argue that they complied to await further work on a housing It was going to be the age of with that request, all we have ever got- bill. But it was picked up on the Senate postpartisanship and people with good ten have been press releases and re- side, the housing language was all ideas would be welcomed and everyone prints of Web pages, never the depth of stripped out of the bill, and the empty would be around a table. And it would the documents that was asked for in shell then became the vehicle for in- be transparent. It would be covered on the Resolution of Inquiry. We are con- serting the health care language. And C–SPAN so everyone would be aware of tinuing to push that, but here we are that’s exactly what occurred between who was on the side of the American now in the early part of May—again, Thanksgiving and Christmas of 2009.

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00028 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 4, 2010 CONGRESSIONAL RECORD — HOUSE H3111 But the important part of this is, it ferent arithmetic problem here on Cap- health insurance and the health insur- was a bill that had already passed the itol Hill. You’ve got a Senate-passed ance for our staff because the way the House. And when it passed the Senate, bill, you’ve got a House-passed bill. bill was drawn, the way the bill was all that was necessary to do, it didn’t b 2100 drafted was that Members of Congress have to come back to a conference and their staff will be required to buy committee, you didn’t have to iron out They are vastly different. But the their insurance in one of the State ex- any differences, you simply could bring leaders on both sides said, you know, I changes. it back to the floor of the House of just don’t know that we can get this The problem is that the State ex- Representatives, ask the question as done in a conference committee. changes are not actually set up until was asked here late in the night of Now, it was also a big uphill climb to 2014. So as it stands right now, al- March 20th, ask the question, Will the get Democrats on the House side to though a health insurance premium is House now concur with the Senate agree to vote in favor of the Senate still deducted every month, right now amendment to H.R. 3590? And that health care bill. And with good reason. it’s not clear, if indeed with the bill amendment of course switched it from The House had worked long and hard having been signed into law and that a housing bill to a major sweeping on its health care product. And al- being one of the things that was going piece of health care legislation over though I didn’t agree with the policy to take effect immediately, just what 2,700 pages long. But the House did and I didn’t agree with the legislation the practical effect of that is. And oh, agree to the Senate amendment, and as as written, it was still a far better by the way, and just a little ironic a consequence, that bill left the House product. It had nowhere near the num- twist to that, members of the com- of Representatives late that Sunday ber of drafting errors, outright mis- mittee staff are exempt from that, night, zipped the quick trip down Penn- takes, and earmarks in it that the Sen- members of leadership staff are exempt sylvania Avenue and was signed into ate bill did. from that requirement that they buy law on Tuesday, and could move just So the Senate bill was thrown to- insurance on the State exchanges, that quickly because of the nature of gether quickly. And on top of that, it members and staff of the administra- how the bill was constructed and how was just riddled with errors. Who wants tion down at the White House are ex- the bill came to be in the Senate and to put their name next to a ‘‘yes’’ vote empt from that requirement, as are the how it was passed in the Senate. for a product like that when we got a political appointees at the Federal This became important because, deep health care bill on the House side that down inside, I don’t think Members of agencies. while it might not be perfect, and cer- So, again, it does seem somewhat the other body, as they put this health tainly I didn’t support it, still the ironic that the principal people in- care bill together on Christmas Eve, I product itself you could argue was a don’t know that they had in the upper- volved in drafting this legislation, that much more evolved product than what would be committee staff, leadership most part of their mind, how do we get had come out of the other body. the very best health care policy writ- staff, staff from the White House, and But the arithmetic problem was what staff from the political appointee side ten and included in this bill? They were it was. And it was felt that the only more thinking about an arithmetic of the Federal agencies, all of those way to get a health care bill passed in groups, which were essentially the ones problem that faced them: How do we this first session of the first term of get a bill that will get a ‘‘yes’’ vote that wrote this legislation, exempted President Obama was to pick up and themselves from this requirement that from 60 Senators so that we can cut off pass the Senate bill. I will always re- debate and pass this bill and get out of they buy insurance in the State ex- member being on a radio show the town before Christmas? And oh, by the changes. Members of Congress and Wednesday morning after that special way, a big snowstorm was bearing their personal staff are going to be re- election in Massachusetts, where the down on Washington on Christmas Eve quired to do that. question was posed, ‘‘Do you think that and there was a lot of anxiety in the Again, this is something that is cer- the Democrats have enough votes on other body, a lot of reason to want to tainly fixable at some point. It is sim- their side to simply pass the Senate get things done and get things wrapped ply going to require the will to do so. bill?’’ And I said, ‘‘No, I do not.’’ And up for the end of the year and then You do hope that no one gets into trou- someone broke into the radio show and come back and smooth out any rough ble before that fix can occur. And of said the Speaker of the House has just edges and put things together because, course it’s very difficult to generate after all, we always go to conference on asserted that she does not have the much sympathy with the American these things. And even if we decided votes to pass this bill on the House people, who feel that Congress probably not to go to conference, we would side. And I concurred. I said I think shouldn’t be covered by insurance when what’s called ‘‘preconference,’’ where that’s exactly right. This bill contains so many people are uninsured in the things would just be decided and the so many errors that no one is going to country anyway. And as a consequence, two bills put together and a finished be willing to put their name to it. that now is a talking point that Mem- product could then be passed by both But over the 6 weeks that ensued bers of Congress do have because we did bodies. since that time, there were multiple say, ‘‘If it’s good enough for the Amer- But when Massachusetts held a spe- discussions that resulted in a number ican people, it’s good enough for us as cial election and the Senate seat that of people on the Democratic side of the well.’’ had been held for years and years and aisle who had originally been a firm Another part of the bill that’s not years by a Democrat was now suddenly ‘‘no’’ on the Senate bill beginning to widely known, but it is significant, won by a Republican, the whole 60-vote waver and then saying, ‘‘well, maybe,’’ there has been a phenomenon in recent majority thing was kind of called into and then ultimately they ended up years of what are known as physician- question and it was not certain that being a ‘‘yes’’ vote for the bill. And owned hospitals. And there are some the Senate would have the 60 votes nec- just by the barest of margins they did Members of Congress who do not like essary to cut off debate because the get an affirmative answer to the ques- the concept of a physician-owned hos- person who won that race on the Re- tion, ‘‘Will the House now concur with pital because they feel it is an inherent publican side in the special Senate the Senate amendment to H.R. 3590?’’ conflict of interest. On the other hand, election had campaigned on the notion Now, drafting errors. The bill H.R. I will tell you that no one knows better that he would not be the 60th vote to 3590 is replete with drafting errors. We how a hospital ought to run and what push this health care bill across the are likely going to be encountering a well-run hospital looks like than the finish line, this health care bill that problems in the drafting of this now physician who uses the hospital every many Americans had looked at and re- law for years and years and years to day of his or her working life. And I jected. So a Senate race was held and come. Members of Congress were sur- will also tell you there is nothing quite won by someone who said don’t count prised to find in some of the published like the pride of ownership in wanting on me to be your 60th vote to get this reports in the little newspapers that to deliver a first class product for your thing passed. circulate up here in the Hill that in the patients. So now we’ve got an entirely dif- days following the passage of the bill Physicians who are in an ownership ferent equation and an entirely dif- we had actually canceled our own position of facilities, as long as there

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00029 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE H3112 CONGRESSIONAL RECORD — HOUSE May 4, 2010 are some parameters that are followed, United States. The actuary for the tirely different lens: Okay. We are pro- physicians who are owners of those fa- Centers for Medicare & Medicaid Serv- viding health benefits to our employees cilities want their facilities to be the ices actually works for the Federal now. It costs a lot. The costs are going best in the area because that’s the way agency. The actuary over at the Cen- up every year. The Senate and House of doctors generally are. We are intensely ters for Medicare & Medicaid Services Representatives just passed this large competitive, and we always want to be actually had a different read on the health care bill, but it did nothing to first, and we always want to do things cost of this bill and on the likely sav- contain costs. Rather, it added addi- for our patients that are first class. ings generated from this bill. tional requirements to what type of in- But written into the bill is language According to some news accounts, surance I am to provide my employees. that although it will allow the contin- the health care report generated by the So, in looking on the balance sheet at ued existence of physician-owned hos- actuary at Health and Human Services the cost of insurance, it is many, many pitals that were in existence on the day was given to Secretary Sebelius more millions or, perhaps, billions of dollars the bill was signed into law, it does not than a week before the health care for a large employer, and the cost of allow for the expansion of these facili- vote. If that is true, then officials with- the fines is significantly, significantly ties. So no new beds after March 20. in the Obama administration, perhaps less than that cost of insurance. But you have some situations, and I even the President, himself, continued You hope that employers will do the have one back in the district that I to sell their plan as a cost reducer right thing and will say, Well, it’s still represent in north Texas, in fact I just when they knew that costs would actu- important for my employees to have went to the ribbon cutting on Friday ally rise under the plan. this employer-sponsored insurance; but for this beautiful new medical facility According to the report: The reason in order to maintain whatever sort of for the people in Flower Mound, Texas, we were given was that they did not competitive edge or margin a business and they are justifiably proud of this want to influence the vote, said an is required to maintain, not every em- new facility that was inaugurated at HHS source, which is actually the ployer may feel that way. the end of last week, but here is the point of having a review like this, One company may say, Look, I can problem. Although the hospital, be- wouldn’t you think? offload a lot of cost by just simply pay- cause it was far enough along in the de- Well, that is exactly right. If you’ve ing the fine for not having insurance velopment process at the beginning of got information that significantly im- for my employees, which is a signifi- the year when all the bills were being pacts the cost or the savings of a piece cant shift in dollars and, in fairness, a written and passed, because it was far of legislation like this, yes, it does significant savings to the employer’s enough along, it is allowed to be li- seem reasonable to make that informa- bottom line. An employer can offload censed. But because of the very explicit tion available prior to the vote because the cost of relatively expensive em- language in the bill, it can be licensed it might influence whether or not the ployer-sponsored insurance and can for no more beds than those that were vote actually was in favor or opposed. now just pay the fine and let the com- in operation on March 20, the day the Many people were concerned about the pany’s employees compete for insur- bill was signed into law. cost of this bill, but they were reas- ance policies in the State exchanges as Well, as the hospital was still just sured by statements by the Speaker of those are set up. shy of completion on that date and had the House of Representatives, by the This is not going to happen over- no operating beds, they are now stuck President, and by the majority leader night. A lot of these things won’t be with a situation where they have a hos- that the bill’s costs were under control occurring until 2013 or 2014, but it is pital which has a license and a Medi- and, in fact, that the bill was deliv- important for people to be aware of the care number, but is licensed for zero ering a cost savings. types of changes that are pending out beds because no beds were in operation Imagine the surprise when the actu- there. Perhaps there will be some room on the day the bill was signed into law. ary produced a report that said, in ac- for modifying some of these things. Again, that is one of those problems tuality, the bill will cost significantly Perhaps there will be a way to remove that can be fixed. It is a technical cor- more than what the Congressional some of the more onerous things that rection. But it does require recognition Budget Office outlined and that, in are facing us in this bill. Perhaps there by the Federal agency, Health and fact, the purported savings in the bill will even be a way to remove the bill, Human Services, the Center for Medi- will not materialize. itself, and to get back to fixing those care and Medicaid Services, as well as Now, we have had a lot of discussion things that need to be fixed in the first tying up a good deal of staff time and on the effect of this bill on both large place. a good deal of time on the staff of the and small businesses. Small businesses You also had members of the busi- medical company that operates the are, obviously, concerned about the ef- ness community—the large employ- hospital to try to get everyone on the fects of the fines that they might be re- ers—telling Members of Congress and same page with this and get this prob- quired to pay if they either do not pro- leadership on my committee, Look, be lem ironed out. Because at least for vide health insurance or if too many of careful because we are going to incur right now they feel like they have been their employees seek subsidies in the some significant costs from what left with a fairly difficult position in State exchanges, because then the Fed- you’re doing in this bill. It may be nec- that they are open and generating bills eral Government will come in with a essary, and it may affect our bottom to pay, but they have no way of gener- fine for those businesses. line. ating the income to pay those bills. I think of entry-level-type positions You did have companies restate pro- that may be affected by the additional jected earnings shortly after the bill b 2110 cost burden put in place by putting was passed. The chairman of my com- The actuary for the Centers for Medi- these fines on these relatively small mittee was upset by this and said these care & Medicaid Services produced a employers. I have heard from a number companies are just doing this to em- report just after the health care bill of small employers in my district. Pri- barrass the President at the time of was signed into law. We are all familiar marily, these are people who employ the bill signing, so he sent out the with the arguments that were going on individuals at small restaurants and at word that all of these CEOs from these as the bill was being debated. The Con- fast-food franchises. Again, we are companies who had restated their earn- gressional Budget Office said that the talking about entry-level-type jobs ings would get the opportunity to come bill was going to cost just under $1 tril- that may now be reduced in number be- to our committee and to tell us all lion over 10 years’ time. In fact, there cause of the overall increased cost that about why they thought it was nec- was the very often repeated line that is going to come about as a result of essary to restate earnings on what the bill was going to save over $100 bil- the fines that might be levied if too should have been a national day of ex- lion in the first 10 years of its existence many of their employees seek subsidies ultation when the President signed the because of savings that were going to under the State exchanges. health care bill. Instead, they were occur from Medicare. Additionally, you have the effect on putting out press releases about the Now, the Congressional Budget Office large businesses. Large businesses may, fact that they were going to have to re- does work for the Congress of the in fact, look at this through an en- state earnings.

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00030 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 4, 2010 CONGRESSIONAL RECORD — HOUSE H3113 It turns out that the restatement of full implementation of this bill is oc- tremely problematic, number one, if earnings was because of requirements curring, that statement will be nothing any of those cuts will ever be, in fact, from the Securities and Exchange more than a distant memory. Over and ratified by Congress, and if they are, I Commission, requirements which pri- over again, we hear, To avoid addi- think people will find that that is marily said, if a company is going to tional costs and regulations, employers something that they really didn’t have a significant change from what it may consider exiting the employer count on and really didn’t plan on. And had previously published as its earn- health market and consider sending then the third area where the informa- ings projections, it is obligated to be employees to the exchange, which is tion that was put forward as the bill public with those and to tell people just as I was discussing a few minutes was being discussed, that this health what the restated earnings are and why ago. care law would improve coverage, in fact, the increased taxes and regulation they are restated. So, in fact, the heads b 2120 of these companies were just simply will lead to dropped coverage and bene- doing what they were required to do Larger companies are looking at this fits, and, again, we’ve already dis- under Federal law with the Securities and saying there are going to be sig- cussed that in some detail. and Exchange Commission. nificant costs with continuing to pro- But those are some of the things that As a consequence, when that was ex- vide this insurance. When Congress were marketed as truths. And I don’t plained to the committee, this hearing passed the law, they did nothing to remember how many times I heard, ‘‘If that was to occur on April 21 was post- hold down the cost of health care, you like what you have, you can keep poned, and it was postponed indefi- nothing to hold down the cost of insur- it.’’ But, again, I think that phrase will nitely but not before the word sort of ance, and what they have done instead be found to be inoperative as the ef- went out: Don’t you dare cross this ad- is complicate things, and we can now fects of this bill become more and more ministration because, if you do, you get out of it by paying a fine, which in apparent. may get to come to our Subcommittee the long run may be a great deal cheap- What’s ahead? What’s down the road? on Oversight and Investigations on the er to pay that fine or tax or whatever This was a very long bill, a very com- Committee of Energy and Commerce you want to call it and let our employ- plicated bill. Is the work finished now and explain your actions to members of ees find their insurance in the State that Congress has taken its final vote the committee and to the American exchanges. and sent it down to the White House people at large because, of course, The other affirmation that’s been for the signing ceremony? Is the work these proceedings are transparent and made that again is being found to be finished on this bill or are there still are covered by C–SPAN. less and less accurate is that this parts that have to be worked out? And The health care costs are likely to go health care law will lower costs. And I the answer is the work is just begin- up significantly for large employers. think we have already talked about ning on the second chapter of this bill. Remember, there is a separate new tax this and I think we see it over and over And I would encourage people who have on medical devices. Medtronic warned again that employers are already like- an interest in this, a Web site that I that new taxes on its products could ly to pass new costs on to their em- maintain that just simply deals with result in layoffs of 1,000 workers. Their ployees. Health care coverage may go health care policy, healthcaucus.org. accounting also estimated there would up in cost due to shifting of increased We had a forum today talking about be thousands of other layoffs and con- taxes and fees from the provider and what’s ahead with some of the rule- sumer cost increases in the ancillary insurance industries to the employers’ making and the proposed rules that are businesses—perhaps in the hospitals, employees. So that is, again, another going to be coming forward out of the perhaps in the centers that provide one of the cost shifts that are likely to Centers for Medicare and Medicaid those types of devices. occur under this law and gives lie to Services, and although today we were Those taxes are going to be levied, the statement that this law will lower talking about those rules as it affects but it’s not likely that those taxes are health care costs. In fact, the only the health information technology sec- going to come out of the CEOs’ sala- place where this law lowers costs is by tor, the same concepts are important ries. It is not likely they are going to rationing care in Medicare, and as a as we begin to get further and further come out of the lobbyists’ salaries. It is consequence, people are going to be down the road at the agency level with more likely that they are going to less satisfied with the cost contain- this health care bill. Over a year ago come out of the costs to the consumers ment measures that have been put when we passed the stimulus bill, the of those medical devices, and many of forth. information technology language was those costs will just simply have to be There is an unelected, unaccountable included in the stimulus bill. They borne by the hospital or doctor’s office. body, the Independent Payment Advi- spent the last year writing the policy The way things work in the medical sory Board, which was created in this and the rules and regulations that will world is, if you have a contract with an law, that is going to be convened to cover the rollout of the health informa- insurance company to provide a type of give recommendations to Congress as tion technology funding as it becomes service, you will not be able to go back to how to hold down the costs of Medi- available, and what we found in Janu- and append, Oh, by the way, I’ve been care. And again these are likely to ary was the rule that was proposed by asked to pay this 2.8 percent tax on come in the form of pure cuts to Medi- the Centers for Medicare and Medicaid every syringe I use and on every class care. Congress will then have the re- Services in many ways was so inflexi- 2 or class 3 medical device that I use in sponsibility to vote those packages of ble. All 23 benchmarks had to be met my office, surgery center, or hospital. cuts up or down. We will not be able to simultaneously, and it’s just not the That tax will likely, just simply, come modify, amend, or append those discus- way the world works, and very few peo- out of the bottom line of that physi- sions. It will simply be an up-or-down ple were going to be able to do that. So cian’s office, of that hospital, or of that vote. Historically, Congress, when for the bill to function as intended, surgery center. given those opportunities, has declined that is, provide additional funding for There are a couple of things which I to cut costs in those areas. Witness the hospitals and doctors’ offices to get think are just worth talking about. physician fee schedule that comes up this newer technology up and running There have been some statements, every—it used to be every year or two; sooner, to sort of jump-start it, if you some affirmations, that have been now it comes up every few months. And will, the net effect of the rulemaking made about the health care law that Congress invariably stays those cuts that was released by the Centers for was signed in March of this year. Over that were to be enacted, and as a con- Medicare and Medicaid Services in Jan- and over again, we heard the assertion, sequence, there is no holding down of uary was that, in fact, it was so draco- If you like your plan, you can keep it. health care costs. Nothing was intrinsi- nian that very few hospitals and pro- Well, I think, every day, as more and cally built into the bill itself or the law viders were actually going to be able to more is found out about what this bill itself that would intrinsically work to take advantage of it. So the intent of actually means as it is implemented, lower costs other than cuts that will be the bill that was passed as part of the that statement becomes less and less forthcoming through this Independent stimulus bill to get this information true. I rather suspect, by 2014, when the Payment Advisory Board. And it’s ex- technology up and running and reward

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00031 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE H3114 CONGRESSIONAL RECORD — HOUSE May 4, 2010 early adopters and encourage people to tion 1002, health insurance consumer people thought was not even included come along and get these things set up information; section 1004, the effective in the Senate bill, except it turns out in their offices, it’s going to be so dif- dates; section 1102, reinsurance for that it probably was. And it won’t be ficult to comply with the rule that early retirees; section 1103, immediate called a public option, it will be called many people will look at that and say information that allows consumers to a nonprofit under the exchange set up it’s just not worth the effort. You can identify affordable coverage options; at the Federal level. But, nevertheless, keep the additional funding that you section 1105, the effective date of same. the intent and the effect is identical to were offering, but I simply cannot go This thing goes on and on for 17 or 18 what was being talked about last sum- there with my practice or my business. pages, and if anyone is interested, I do mer as the public option. Well, that is Well, we are getting some—at least encourage you to go to the Web site for going to be administered through a the Centers for Medicare and Medicaid the Department of Health and Human small Federal agency, most people Services is willing to listen to what we Services and have a look at this for have never heard of it, the Office of have to say. Two hundred and forty- yourself. Don’t just take my word for Personnel Management. eight Members of this House, both Re- it. And the Internal Revenue Service, publicans and Democrats, signed a let- Now, an even larger and more for crying out loud, is going to have a ter to the Secretary of Health and daunting document is that prepared by role to play in the implementation of Human Services that said, please, let’s the minority staff on the Committee this legislation. How are people going try to work on this and get a more on Energy and Commerce, and this is to be made to buy insurance? How is a flexible and workable product out there available at the Committee on Energy mandate going to be enforced? Well, it into the hands of people. And the rea- and Commerce, up on the Web site. You will be up to the tender mercies of the son this is important is because this is do have to click on the minority side Internal Revenue Service to figure that one simple little rule and perhaps the to see this, but it is the health law im- out. first one to come out of—really not the plementation timeline. Now, it may not be as draconian as health care bill, because it came out of This document, again, relatively putting someone in jail for non- the stimulus bill, but it’s kind of a har- small font, but it is 53 pages in length payment of taxes, but it certainly binger of things to come. There is a and goes through in painstaking detail could be garnishment of a refund check flood of regulations, I mean a flood of what is going to happen sequentially as that someone thought that they were regulations and rulemaking that is a consequence of passing this bill and getting because they had overpaid going to happen over at the levels of signing it into law 6 weeks ago. their Federal income taxes during the the Federal agencies. Health and They start out in 2009, the events year. But if they don’t have proof of in- Human Services to be sure. Its subset, that were to occur prior to the date of surance, that may be something that the Centers for Medicare and Medicaid enactment, things that affect Med- the IRS will not be returning to them, Services, which only just recently an- icaid, Medicare, Indian Health Service, but will be using to offset the cost of nounced their designated head of that and then concludes way down the road providing them insurance in the ex- agency, has been without a political in 2020, January 1, 2020, the Medicaid change, because we will have the indi- appointee at its head since Inaugura- start date for States to pay 10 percent vidual mandate, unless the Supreme tion Day. So now we have a name that of the cost for providing health care Court agrees with the 20 or 21 Attor- has been offered up by the administra- coverage through Medicaid to people neys General across the country and tion, but that individual still has to go made newly eligible under the bill. The says that provision is unconstitutional. through the Senate confirmation proc- Federal taxpayer pays the remainder of I think one of the big travesties in ess, and it’s anyone’s guess as to how the cost. the passage of this bill, we do have a soon Dr. Berwick will be seated as the A lot of information is contained problem already in Medicare. We have new head, the new administrator, over therein, and for people who have an in- a problem with funding Medicare. We at the Centers for Medicare and Med- terest in what the implementation of do have unfunded liabilities. icaid Services. In the meantime dead- this bill is going to look like, people One of the big problems we have in lines are coming literally at the speed who have an interest of what the Medicare is that patients arriving into of light over at the Federal agency. Let timeline looks like, people who have Medicare, patients who are on Medi- me just give you an example of that. special concerns about, hey, I think care and change location and try to Part of the bill, part of the law, that there is something in that bill to help find a physician who takes Medicare, was signed by the President was that me, but I’m not sure when it kicks in are finding it increasingly difficult to the Secretary of Health and Human or when it starts, I encourage you to go get a physician to take on their care or Services was required to publish on its to the Web site and look at the bill. If their case. Web site by last Friday a list of all of you decide to print it out, do bear in The problem has been historically the authorities provided to the Sec- mind there are over 50 pages that are over the years we have decided that retary under the overhaul of the law, going to churn out of your printer after one of the ways that we can save and that is section 1552. And what the you click the print selection on the money in the Medicare system is to agency did, rather than go through the file. But I think it is important that ratchet down reimbursement rates for bill and compile that list, as they were people become familiar with this. providers. That has happened, and required to do by law, what it appears Again, we passed that bill 6 weeks there is an automatic formula that re- that they have done is just simply re- ago. That does not end our participa- quires that to happen every year. printed the table of contents from the tion, the agency’s participation, the Right now, doctors are facing what is bill, H.R. 3590. They just simply re- White House’s participation, and cer- called a funding cliff of a little over 20 printed the table of contents from the tainly doesn’t end the impact on lit- percent reduction in their reimburse- bill. Now, you can go to the Web site of erally every American alive today and ment rates. That will kick in the end Health and Human Services and look those who will be born in the genera- of May. We have done some stopgap at this document for yourself. It’s 18 tion to come. They will all be affected things. We go right up to the edge and pages of relatively small type of all of by things that are going to be hap- a little bit beyond, and then we do the requirements of the Secretary that pening, particularly things that are something at the last minute to keep are to be performed under this law. going to be happening at the agency them from going over the falls into the b 2130 level, Health and Human Services, Cen- abyss. But right now the abyss does Although at this point it does appear ter for Medicare and Medicaid Services. exist, and it is very real, and it is the to be simply a reprint of the table of The Office of Personnel Management, end of May. contents, it does give you a sense of a very small Federal agency that most There is another bill that would fix how daunting this task is ahead for the people have never heard about, but the things for a little bit longer, to the end Secretary of Health and Human Serv- Office of Personnel Management is es- of October. But that is right before ices. sentially going to set up the public in- election day, and who wants their doc- Section 1003, ensuring that con- surance, which is going to become the tor to take a 20 percent reduction right sumers get values for their dollars; sec- de facto public option, which many before election day?

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00032 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 4, 2010 CONGRESSIONAL RECORD — HOUSE H3115 These are things that we have his- they can collect this money for the nationalized, taken over by the Federal torically punted, and we did when our first 4 or more years and then charge Government. That means Federal own- side was in control as well. There was only 6 years of expenses against 10 ership or control, management influ- a real opportunity to fix this in this years of revenue and argue that it ence and control, three large invest- bill, and for whatever reason, for what- saves $132 billion. ments banks. AIG, to the tune of about ever reason, the Democratic leadership Now we find out that high-ranking $180 billion. Then we watched Fannie and indeed the American Medical Asso- people within the administration and Mae and Freddie Mac swallow up bil- ciation decided to take a pass on that. possibly the President himself under- lions of taxpayer dollars to recapitalize There is a lot more that is contained stood that the numbers that came in them for their losses. Then we saw, in this bill. I will be back to the floor were not accurate, that ObamaCare is right before Christmas, the President from time to time to talk about it over going to cost a lot more than they rep- issue an Executive order that takes on the coming year or two or three or four resented it to cost on the day that the all the contingent liabilities of Fannie or five, however long it takes. legislation was passed. and Freddie and completely national- Again, remember, the principle be- Now, I don’t think that is the reason izes Fannie Mae and Freddie Mac, all hind this is to kill this bill, root it out, to repeal ObamaCare. I have always of the markets that are the secondary rip it out, repeal the bill, and then get thought it was going to cost a lot more loan market of Fannie Mae and Freddie on to fixing the things we should have than they said it would. The reasons to Mac taken over by the Federal Govern- fixed in the first place. repeal ObamaCare are great in number ment. f and more varied than that. Then we saw General Motors and Chrysler taken over by the Federal IMPORTANT ISSUES FACING ALL b 2140 Government. At General Motors, the AMERICANS But we’re not going to get down to a Federal Government stepping in with The SPEAKER pro tempore (Mrs. financial calculation. In the end, there 61 percent of the shares, bought up the HALVORSON). Under the Speaker’s an- are enough people in America that share value of 61 percent; the Canadian nounced policy of January 6, 2009, the think somehow they’re going to get a Government, 12.5 percent; and the gentleman from Iowa (Mr. KING) is rec- free lunch, that they’re not going to unions got handed 17.5 percent, even ognized for 60 minutes. support the repeal of ObamaCare for though the secured bondholders got Mr. KING of Iowa. Madam Speaker, I that. But they understand this. They iced out. They had the secured collat- appreciate the privilege to be recog- understand when the government runs eral and they still were iced out in the nized to address you here on the floor, things, there are lines. There are lines leveraged negotiations that took place. and I appreciate the gentleman from at TSA to get into the airport. There And so we’ve seen one-third of the Texas’ previous hour and his discussion are lines to get your driver’s license. private sector activity taken over by on health care. There are lines outside of Federal the Federal Government, and along By the way, the gentleman from buildings. There are lines outside the came a $787 billion economic stimulus Texas, Congressman/Dr. BURGESS’ con- Cannon, the Longworth, and the Ray- plan, and then a along came the res- tribution on this health care debate burn Building of just citizens that urrection of the dead ObamaCare. The that has gone on now for months and want to come in and watch their gov- dead ObamaCare was brought to life, months and months, his intensity ernment function. barely squeezed out of it, on life sup- doesn’t let up. He understands the Free people don’t stand in line. Free port, limped out of this Congress, put issue. He is here on a cause, and this people, Madam Speaker, will go to the on the President’s desk in a fashion cause is to do what we can to salvage next place of business. If the line is too that it could not have passed this Con- the system that America has had and long at McDonald’s, they will go to gress on the day because the Senate improve that system and not capitu- Burger King. But when they’re dealing would not have approved it, Madam late to this system of ObamaCare. with government, it’s a monopoly. Speaker. Madam Speaker, I will take us to That’s why the line is there. The gov- And so we saw one-third of the pri- that, and I will cross a number of lines ernment doesn’t have any incentive to vate sector profits swallowed up in the into different subjects here this expedite the passage of people through banks, the AIG, Fannie, Freddie, Gen- evening. But with regard to the that service, except to turn down the eral Motors, and Chrysler, and another ObamaCare that we have heard about noise of the squeaky wheel, because sixth of the economy swallowed up in for the last hour and for the last 9 or so government doesn’t have to compete ObamaCare, where the most sovereign months, we have seen a Congress that for its customers. The government has and private thing that we have, which has passed legislation that on the day a monopoly. So free people, they don’t is our own bodies, our skin and every- it passed the House, it couldn’t have stand in line. They go someplace else. thing inside it, taken over by the Fed- passed the Senate. On the day it passed But our freedom is diminished every eral Government, called ObamaCare. the House, we don’t know what kind of time the government takes up a task Our skin and everything inside it, the bargains came in that brought about that the private sector can do, and most sovereign thing that we have. We just barely the votes to get it passed, health care is certainly one of those. manage our lives, we manage our bod- but we knew the President would sign So, Madam Speaker, here’s what I’m ies, and now the Federal Government it. He wanted anything that he could watching happen. This has taken place tells us what we can and can’t have for put his name on. over the last year and a half. A little tests, what we can and can’t have for By the way, the President of the bit of it began under the Bush adminis- insurance policies, what insurance United States is the one who gave the tration. But I’d start with this: $700 bil- policies will be approved and what in- moniker to this legislation, lion in TARP spending, half of that ap- surance policies are not approved. ‘‘ObamaCare.’’ He called it ObamaCare proved under the Bush administration, Every single insurance policy in February 25 at the Blair House at that essentially down the lame duck era of America under ObamaCare will be can- conference on health care that seemed his term. The other half of it—that was celled by 2014. Yes, many will be re- to have given the ObamaCare its legs. right before the election, if I remember issued. Some will be similar to the ones I am for 100 percent repeal of right. The other half of it was approved they have. But there isn’t a single pol- ObamaCare. There isn’t any part of by a Congress that was elected in No- icy that the President of the United that that I want to keep, that I want to vember of 2008 and signed in by a Presi- States can point to and say, This one hold, that I want to sustain or expand dent who was elected in November of will be a live, viable policy in 2015, and or continue into the next year or gen- 2008. That was President Obama. At the it won’t have to change. Every one gets eration. direction of Speaker PELOSI and the cancelled. Most of it is not enacted until the majority leader in the Senate, HARRY They’ve nationalized our bodies. And year 2014. There are some small pieces REID, $700 billion in TARP spending, they’ve done so, the very people that that are enacted right away, and then most of it, in my view, wasted. stood here and—before 1973, but at slowly over time. The tax increases, by And while this is going on, we had least 1973—said that, because of Roe v. the way, are enacted pretty soon so three large investment banks that were Wade, they said that government has

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00033 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE H3116 CONGRESSIONAL RECORD — HOUSE May 4, 2010 no business telling a woman what she including 100 percent of the student our liberty, but it diminishes the vital- can or can’t do with her body. Remem- loans. And where are we next? Well, ity of Americans, it saps us as a people ber when you said that? Remember the financial services industry. Why and makes us more dependent, Euro- that debate? Remember those argu- didn’t I see that coming? pean socialism, something worse than ments? You’ll make them again. You’ll If someone had given me the job to, that. make them again to the end of the in an Orwellian way, write the screen- The argument that comes from the Earth because that’s the bumper stick- play to a movie of how America could progressives in this Congress that want er discussion. But it’s not rational be taken over by a socialist agenda, I to nationalize the oil refinery industry thought. It doesn’t substitute for could not have imagined some of the in America—MAURICE HINCHEY—who thinking people. A woman should have things that have happened so far. I wants to nationalize the petroleum in- an unlimited right to elective abortion might have gotten half of these things. dustry in America—MAXINE WATERS— because government has no business I don’t think I could have gotten the 75 other progressives, the socialists and telling her what she can or can’t do scenario down. I might have been able their website say, we don’t run people with her body, while at the same time, to envision that the banks could be on the socialist ticket; we don’t have now the very same people, men and taken over. That was kind of an obvi- socialist candidates on the ballot, we women who have argued since 1973 that ous one. I’d have been able to envision have Democrats on the ballot who are the government has no business telling the takeover of the car companies be- progressives. They are our legislative a woman what she can or can’t do with cause that’s actually on the socialist arm, Madam Speaker. her body, now are arguing that the Web site. It’s actually supported by the So I continue to read through the so- Federal Government has every business Progressives, 77 of whom serve in the cialist Web site, the Progressive Web and every right to tell everyone in United States Congress. They are the site. And we will see the gentleman America what we can and can’t do with arm and the voice of the socialists in from Minnesota (Mr. ELLISON) come to our bodies and have taken over and na- America. this floor pretty regularly—maybe not tionalized the most sovereign thing If you just Google Socialists in every week, at least every other that we have—our own personhood. America, you will go to the Web site week—and he puts up a blue poster Our skin and everything inside it called DSAUSA.org, the Democratic that says ‘‘Progressives’’— managed now by the Federal Govern- Socialists of America, Madam Speaker. grijalva.com, or whatever that par- ment, by the people who said that gov- They’re proud to be Socialists. They ticular Web site might be—and he’s ernment had no business telling a start out and they say, We’re not Com- proud of the progressive agenda. But woman what she can or can’t do with munists. There’s a difference. Well, to the progressive agenda, if you go read her body. The men and women, most of start out with your advertisement that it, you find it on the socialist Web site; you sitting on this side of the aisle, you’re not a Communist, and there’s a they’re proud of it, too. And they’re have made the argument, and you difference—Socialists aren’t as bad as proud of the progressives claiming the don’t have a rebuttal for this argu- Communists is what they’re saying. So agenda that the socialists drive. Those ment. Not one of you has risen to rebut they’ll argue they don’t want to na- are facts. They’re not refutable. And I this argument that I’ve made. I’ve put tionalize all the real estate, all the real can flip the pages out here and put up the contradictions here. I pointed property in America. They don’t really them on posters on the floor of the out the hypocrisy. I made it clear on even have to nationalize real estate in House without too much difficulty. the dichotomy. If you’ve got an argu- America. They just want to take over Now, BERNIE SANDERS, who served in ment to rebut the one that I’ve made, the Fortune 500 companies. That’s on this House, a self-evolved socialist, ar- please stand up. I’ll recognize you. I’ll the Web site. It’s not a manufactured gued many times at these micro- yield time to you. But you don’t. You thing. It’s there. It’s on the Web site. phones—and I debated with him occa- will sit there and you won’t respond be- Then they say, We don’t have to do this sionally, although it was nothing par- cause you know you’re wrong. all at once. We can do it incrementally. ticularly memorable that I can think It reminds me of the statement made We can take over the Fortune 500 com- of—was elected to the United States by Art Laffer on economics when he panies and these other companies that Senate a few years ago and became the said, They are rebutting arguments are profitable. We can take them over first socialist in the United States Sen- that they know to be wrong in order to incrementally. We don’t have to do it ate. BERNIE SANDERS, progressive. He’s curry favor with their political bene- all at once. the only progressive in the United factors. Well, Madam Speaker, that’s Well, look what’s happened. Bank of States Senate—that’s listed at least on what’s going on. You have people here America, Citigroup. All together, three the Progressive’s Web site. He’s proud that realize where their power base is large investments banks—AIG, Fannie of that. He’s proud of being a socialist. in order to curry favor with their polit- Mae, Freddie Mac, General Motors, And the argument about where the ical benefactors. They’re making argu- Chrysler. All of them at one time were President stands is not an argument ments that are completely irrational. all private sector entities, all now about whether the President is a so- And when they’re caught in those irra- swallowed up and managed by the Fed- cialist because the President voted to tional arguments, they slink away out eral Government. Fannie and Freddie, the left of BERNIE SANDERS, the self- of the Chamber with their hands in $5.5 trillion in contingent liability. avowed socialist. The argument, if it their pockets, afraid to face the ration- Swallow all that up. was going to be made, should have been ality of it, afraid to face the debate, made by the President. He should have 2150 knowing all the while I’m happy to b made the argument that BERNIE SAND- yield to, but no, you’re gone. You won’t Well, they can control them, a large ERS isn’t a socialist; he’s just stick around this Chamber. You won’t sector of the economy. And I wondered, masquerading as a socialist. come to a microphone because you’re why would you want to take over For- Maybe a true socialist does some- rebutting arguments that you know to tune 500 companies and manage them thing different. Maybe a true socialist be wrong, because that’s what gravi- for the benefit of the people affected by nationalizes even fewer businesses. tates towards your political power them? What would be the motive to do When I see the President do his glad- base, and it’s disingenuous to make that? What would this be? Well, it’s handed, double-armed handshake with those illegitimate arguments in that power for one thing, and it creates a Hugo Chavez, and I see that that same fashion. dependency class for another, and it ex- week Hugo Chavez had nationalized a So here we are now. We have come all pands the dependency class. The Demo- rice processing plant that belonged to through this continuum jump of the crats in this Congress believe that if Cargill, a proud Minnesota company nationalization of one-third of the pri- they expand the dependency class, they that was taken over by Hugo Chavez, vate sector activities and you add will also at the same time be expanding while that was going on, General Mo- about 17 or 18 percent of health care on the constituent base that will get them tors and Chrysler were being taken top of that. Now we’ve gone over 50 reelected over and over and over again. over by President Obama. And I percent of our private sector economy Never mind that it’s a direct assault on thought, when I saw those two together taken over by the Federal Government, our Constitution, a direct assault on with the big grins on their face, that

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00034 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 4, 2010 CONGRESSIONAL RECORD — HOUSE H3117 Hugo Chavez is a piker when it comes and put a Federal mandate in, I’d turn not as hard as winning the World Se- to the nationalization of business. And this question back the other way: ries. We can accomplish this. We can the question isn’t, is the President a Where in the Constitution does it grant repeal ObamaCare. socialist? The question is, he votes to the authority for the Federal Govern- By the way, if the President vetoes a the left of BERNIE SANDERS, so what’s a ment to establish a mandate that discharge petition or we come back better description than the one that would require that insurance compa- after the elections and Republicans some are using? What’s a better de- nies offer health insurance to age 26 as have the majority, we can perhaps then scription than the one that BERNIE part of every policy, which certainly pass a repeal of ObamaCare, and maybe SANDERS, the one he uses on himself, raises the premium and means that the Senate will get that done too—and the socialist? health insurance is less affordable Senator DEMINT is working on this The President votes to the left of a rather than more affordable? mission over on the Senate side. And so self-evolved socialist in the United Many of these things will take place we set it on the President’s desk, and States Senate; I think that’s a matter and unfold in the upcoming next 2 to 3 he vetoes it, and we wouldn’t likely worth note. It’s a matter of fact; it’s years, but here’s the timing in the se- have the votes to override a presi- not a matter for debate. It is a matter quence in the repeal of ObamaCare. dential veto. Fair enough, that’s re- for consideration, Madam Speaker. And First, a maximum number of co-signa- ality. But here’s how the function of I think it tells us something about tures on my legislation, on that of this goes: All spending bills start in the America and about where America is MICHELE BACHMANN’s, and others. We House. A Republican majority in the being dragged and about where Amer- are somewhere around 63 or 64 cospon- House with a deep conviction to repeal ica will go if we don’t turn back around sors, Madam Speaker. And there isn’t a ObamaCare in its entirety can shut off and take this country up to the heights good reason why anybody that voted all funding to ObamaCare so that it that are destined for us, that are based ‘‘no’’ on ObamaCare can’t step up and cannot be implemented. upon individual liberties, rights that cosponsor legislation for repeal of b 2200 come from God—free enterprise cap- ObamaCare. When we net enough sig- italism, the religious foundation and natures on that, we’ll put a discharge No part of it could be implemented or our religious faith—not just the free- petition down here at the well. A dis- enforced if we say so in appropriations dom to worship freely, but the core of charge petition with 218 signatures on bills here in the House. And if we do our faith that gives us the moral val- it requires a bill to come to the floor that in 2011 and 2012, we will elect a ues that diminish the need for law en- for debate and vote without amend- President in 2012 whose number one forcement to be looking over our shoul- ments. If we could do that, we could plank in the platform needs to be that der and sapping our energy. pass out of the House, and if the Senate the first bill he will sign as President is I have seen a lot of energy sapped out could do that we could pass out of the full repeal of ObamaCare. of this country in the last year and a Senate a repeal of ObamaCare that So I just envision this: the inaugura- half of this Obama Presidency, Madam could then go to the President’s desk. tion of the President of the United Speaker, and I don’t know how much And President Obama would cer- States out here on the west portico of more this country can sustain. But I do tainly—well, almost certainly—veto the Capitol building, standing there believe that we have a chance, and the bill. taking the oath of office. And once he we’re going to step forward on that Some will argue it’s an exercise in fu- is sworn in as President of the United chance to turn this around and take tility, but I put on my Web site—the States by the Chief Justice John Rob- this country back to the heights where kingforcongress.com Web site—a poll- erts, he can take his hand down. And she was intended to be. That’s going to ing question that asks this question: the first act as President of the United mean an election result in November Do you believe that 100 percent of States, he can get out his pen, because that’s entirely different than the one ObamaCare is more likely to be re- we will gavel in January 3 of 2013, we we had the last couple of Novembers. pealed, or do you think that the Cubs can pass the repeal in the House and And it’s going to mean that this Re- are more likely to win the World Se- the Senate. We can set it up not on the publican party in this Congress, by ries? And do you know, we were 2–1, 2– President’s desk, let’s put it on the po- golly, better get the planks down on 1 of people answering the poll for pre- dium on the west portico so when he where we want to go. We had better be dicting that it was more likely that swears in he can have the pen in his unified behind them. And we better ObamaCare would be repealed than the hand for all of me, put it down, sign step this Nation forward so that when Cubs would win the World Series. the repeal of ObamaCare, and it’s gone the election comes people will know Now, I’d be happy to see the Cubs win from history. Pulled out root and what they’re voting for, and they will the World Series. I’m not coming here, branch, lock, stock and barrel, with no be able to get behind those things that Madam Speaker, to stir up any Cubs vestige, not one particle of DNA of we say we’re going to do. fans. I’m just pointing out that the ObamaCare left behind. Because that I will submit, Madam Speaker, the Cubs went to spring training this year. toxic stew has now become a malignant number one plank in the Republican They’re playing ball. They’re throwing, tumor, and we need to pull it out by agenda has got to be 100 percent repeal catching, hitting, running; they’re the roots before it metastasizes. of ObamaCare, not 99.9 percent or 99.8 practicing, they’re in shape, they’re That’s our duty to the American peo- or 98 percent; 100 percent repeal of getting their pitching up. They’re fo- ple and one of the things that I came ObamaCare. And if there are Repub- cused. And why? Because they believe here to do and one of the things that I licans that equivocate on that, if that they’re positioned to win the will work on. And I will challenge any- they’re afraid that they don’t want to World Series this year. They didn’t go body that can make a cogent argument take on the debate, that they don’t out with their dobber down. They that we have got to repeal ObamaCare want to put a Federal mandate in to didn’t think it didn’t pay to practice. before we can move forward because it provide for and require all insurance to They didn’t skip spring training; they is an agenda that you can find at be extended to age 26 for college kids, went to the field. Even though now dsausa.org. That is Democratic Social- for example—I want my kids to grow they know that most Americans think ists of America. You can also find that up; I don’t want to keep them depend- it’s more likely we will repeal agenda at the progressive Web site that ent. I don’t want to make their bed ObamaCare than the Cubs will win the is advertised so many times by those 77 when they’re 26. I want them on their World Series, they’re still playing ball. that are the ones that are run on the own well before they’re 26. And they’re not out of this at all. It’s ticket that the Socialists say they sup- The law has dealt with it this way: early. They’re not even out of it when port. That you are responsible for a child it’s late. Until it’s mathematically im- That’s what’s up, Madam Speaker. I until they’re 18 years old unless you’ve possible, the Cubs are always in it. But wanted to get that out and lay it out been divorced, in which case you might it tells you the degree of difficulty and get it off my chest before I asked be responsible for that child until they here. If the Cubs are only one out of my friend, the judge from Texas, if he graduate from college. I think that’s a three likely to win the World Series, had anything on his mind. And if he bit of an inequity. But to go to age 26 we can do this, it’s not that hard. It’s does, and he has never been without

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00035 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE H3118 CONGRESSIONAL RECORD — HOUSE May 4, 2010 anything on his mind, he was born with and had great personal interest in. He b 2210 things on his mind, but I am very was able to save them at great cost to Quite interesting. It’s not the mar- happy to yield as much time as he may the American way of life, to the free ginal group that some would have consume to the gentleman from Texas, market system. Just created a real dis- Americans believe. We are talking Judge LOUIE GOHMERT. aster. You can’t set aside free market about rank-and-file Americans who are Mr. GOHMERT. I thank my friend for principles to save the free market. pulling the weight with income tax. yielding. Steve Forbes was up here on But it all led up to desensitizing peo- Now, one of the things that would the Hill a couple of weeks ago. One of ple to just how much $700 or $787 bil- help a lot is if all of the President’s his comments was that we could do a lion is. It is an enormous amount of promises about jobs were to come true. complete repeal, and at the same time money. And so here we came into Jan- Then we would have more people able we could put some fixes in there that uary of 2009, and right off the bat have to pay income taxes. I know an awful Republicans had been proposing, that a $787 billion stimulus, most of which lot of folks who would welcome the we have had out there as alternatives has not been spent. Even though we chance to get back to paying income at the same time, just one fell swoop, were told that people didn’t have time taxes, but they can’t find jobs. This so that people would realize that we to read it, you got to just pass it, $787 health care bill is a real jobs killer. have not been the Party of No, we have billion dollars will be thrown out there I have had, as I’m sure my friend some fantastic ideas that would have and we will get the economy going. from Iowa has had as well, people revolutionized health care and gotten Had to be passed so fast, before people who’ve come up and who’ve said, I lost it back to where it had transparency, could read it. my job. My sister lost her job. These where it was affordable, and gotten in- And then yet the President took sev- folks lost their jobs. After the health surance companies out of the health eral days, kind of like he has getting care bill passed, they had to be let go. care management business and into the fired up to do anything about the gulf Others are saying, We’ve had our sala- health care insurance business, where coast. So he takes his time, waits for a ries cut. We’ve been told it’s coming. you insure against an unforeseeable ill- photo op to sign the stimulus bill into These are economy killers, and these effect. But the problem is you can’t ness or catastrophe down the road and things in the health care bill are rob- raise taxes the way this health care put patients back in charge of their bing America of people who would be bill did and think you are going to help health care. able to help with that income tax bur- I certainly had a proposal along that the economy in the long run. It’s not den. So it has been tragic, and it just line that we never could get CBO to going to happen. breaks my heart to hear from these And then we find out we have moved score nearly a year later, I guess about people who have lost their jobs because from the overly high 39 percent of 9 months to be fair, that they have sat they had to ram through this health Americans not paying Federal income on that to try to help kill—help work care deform bill instead of doing what tax to now the projection that 53 per- for the Democrats to help make sure was really right for America. We didn’t cent of American adults will be paying have to have people lose their jobs just that any of the good alternative plans all of the income tax. I think histo- could not get scored so that we to pass a health care bill, but they rians all pretty well acknowledge that didn’t care about what America couldn’t come in and say here is the in a democracy, including this repub- plan that saves money, gives more free- thought. lican form of government where people I want to mention one other thing dom, and does all these things. Any- can vote for candidates based upon about the Tea Party folks before I way, it’s been a bit of a tough year. what they promise to give them in the yield back to my friend from Iowa. But the problems didn’t just start way of benefits, once you get past one We’ve heard that people were rowdy with this President. My friend from more than 50 percent of those who are at the Tea Party on that weekend that Iowa knows as well. We have been voting receive benefits and not pay in- health care got rammed down Amer- heading in the wrong path for some come tax, or not pay the Federal taxes, ica’s throat. Some of us went out and time. Of course Republicans lost the you’ve lost it. You head to the dustbin walked and saw the folks. We walked majority, rightfully, in November 2006 of history. You’re done. There is no re- down the street. People were lining the because Republicans had gotten giddy covery from that, absent a miracle sidewalks pretty thick. They were after 2001 and had started spending too from God. yelling and cheering when some of us much money. And voters held them ac- And of course some of the people that came out because they were so vocally countable. And we hope they will con- are creating the problem don’t believe opposed to health care. tinue that trend this November. in God, so they are really in trouble be- On that weekend, as I was going back But I recall my favorite President, cause they can’t even expect a miracle to my office from a vote over here and from Texas that is, George W. Bush, I from God like some of us could. as people had crowded onto the side- think the world of him, he is smarter But 53 percent of Americans to pay walks and as most of my friends in than most people give him credit for, all of the income tax. And then I have Congress were walking through the but he got sold a bill of goods by a bad heard great disparagement, as my streets, I decided to get up on the side- Secretary of the Treasury, and he was friend from Iowa has, as we have been walk and walk through the middle of told a good way to stimulate the econ- to the tea parties and been asked to the crowd and thank them. This was omy in January 2008 was to have a speak at various tea parties, including not a group for which the SEIU, stimulus bill and have $160 billion, $40 the one down Pennsylvania Avenue a ACORN, or the Federal Government billion of which would just be given to few weeks ago, the one at the Wash- paid their way. These were people who people as a rebate who didn’t pay in- ington Monument, and you see all had come on their own money—nobody come tax. They would get an income these wonderful, peaceful, law-abiding else’s. They’d had to come up with tax rebate even though they didn’t pay people, and you talk to them and you their own money. Some of them had income tax. find out these are people paying in- taken time off from work and from And my friend from Iowa may re- come tax. family. They’d made sacrifices to get member as President Bush came down And we also have seen the latest sur- here in order to let their voices be the aisle here he shook hands with ev- vey that indicated that 28 percent of heard. So I wanted to personally make erybody, and made his speech, and then Americans, up from 20 percent, 28 per- sure I went through the crowd. I shook on the way back up I didn’t realize cent of Americans identify with the tea as many hands as I could, and I there was a mic open that picked me party. Well, what that means is since thanked as many people as I could. up asking him, ‘‘Mr. President, I want- those 28 percent pay income tax, it As I was going down the sidewalk, ed to ask you how do you give a rebate means that over half of the 53 percent people were patting me on the back to people that didn’t put any bate in?’’ projected to pay all the income tax this and were speaking encouragement to And that’s still a problem. year, those that are really carrying the me. I was just saying, Thank you for And then you come up, and bless his load for the country, pulling the wagon coming. Thank you for letting your heart, Hank Paulson saved his firm for everybody else, over half of them voice be heard. Goldman Sachs, saved the people that are tea party members, identify with About 10 people into the sidewalk, I he had worked with and chaired over the tea party. started to reach for this lady’s hand.

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00036 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 4, 2010 CONGRESSIONAL RECORD — HOUSE H3119 She probably was 40 to 50 years old. resentatives when we generally sit in a they were making signs on the fly. She was pleasant-looking enough. segregated fashion—Democrats on one When it was all over, it was as clean as She said, I’m for health care. side and Republicans on the other side. a whistle. It was as if it were a park I thought I misunderstood, so I said, Yes, we walk through and we talk to that they owned because they be- Well, I am, too—just not for this dis- each other and we do business; but gen- lieved—and they do—that they owned aster. erally speaking, it’s Democrats there that park. But she said, No. I support this bill. and Republicans here. Yet on occa- I am proud of the peaceful people who She wouldn’t shake my hand, and I sion—and especially on the occasions came here. I don’t have respect for the thought, well, that’s kind of strange. of the State of the Union addresses and folks who tried to infiltrate that and That’s kind of a party killer person of addresses of the joint sessions of who caused trouble. When I saw the right here in the middle of the crowd; Congress by President Obama—we have rallies against the Arizona immigra- but, oh, well. That’s fine. That’s Amer- Democrats who will come over to this tion law, when I saw the bottle bounc- ica. So I moved on. side of the aisle and who will sit in a ing off the head of a police officer, I was shaking hands and was thank- scattered fashion throughout over here when I heard the stories about refried ing people. They were so wonderful and so that, when the standing ovations beans being smeared on the State encouraging. They were saying ‘‘thank begin or when they don’t happen, buildings in Arizona, and when I heard you’’ for my thanking them. It was they’re blended and integrated in a dif- about a swastika that was, perhaps, really very moving at times. Those ferent way. painted there, those are the kinds of were some of the expressions we got. That’s by order of the Speaker of the activities you would never see happen About 15 feet down the sidewalk, I House. It isn’t infiltration—it’s pub- on the other side with the Tea Party met a guy who said, I’m not shaking lic—but it is clearly by order of the groups. There is no violence there. The your hand. Speaker of the House. They didn’t just violence is perpetrated by people on I realized this was another one like spontaneously decide to come over and the other side. the lady. Every 10 to 15 people, as I sit here and try to start standing ova- The allegation that the ‘‘N’’ word, shook hands with people on both sides, tions and, more or less, change the that the ‘‘F’’ word, or that spitting I ran into people who wouldn’t shake image of the State of the Union ad- took place could not be substantiated, my hand because they were for the dress. and I am coming close to the conclu- health care bill. Also, we know that the left has infil- sion that it was fabricated, not sub- When I got to Independence, I had a trated or has at least announced that stantiated. guy yell, Are you LOUIE GOHMERT? they were seeking to infiltrate the Tea As I feel a little better having vented I said, Yes. Party groups. Some of those subversive myself on that subject, I would yield He wanted to know why I hated ho- tactics come to mind especially in the back now to the gentleman from Texas. mosexuals, and I explained I don’t. You Mr. GOHMERT. Well, thank you. times that we’ve had these rallies— One of the other things that comes to know, as a Christian, I am supposed to they’re really press conferences—over love everyone, and I try very much to mind is we talk about our freedoms— on the West Lawn of the Capitol. We about the ability to assemble and do that, but it doesn’t mean I have to went out and took pictures of the lawn. about the freedom of speech, which is embrace lifestyles that the Bible says I know on one occasion I asked people the ability to say what is in your are inappropriate. to be careful and to pick up their lit- heart. Anyway, he used the ‘‘S’’ word and ter, but I don’t know of anybody else some things that I won’t use. I mean I who has ever made that request. I’m b 2220 know it’s appropriate for Senators like thinking of three occasions when the We come to what happened last week Senator LEVIN, but I’m not going to lawn was spotless. We took pictures. in England, where a man who was not use those words down here. I don’t We were trying to find some litter. We intentionally out being a nuisance, but think they’re appropriate here, but I were trying to find a cigarette butt— he was asked by an officer, according had them used on me out there on the anything out there on the grass. It was to the article I read, who looks for vio- sidewalk. He was, obviously, also not a all picked up and carried away. lations of this type of law, ethics type supporter of the Tea Party, of me, or of The cleanest group of people is the of law—and this person apparently was those who were walking through. Tea Party group that comes here. They homosexual in practice, and he asked After I got back to my office, I real- have the Constitution in their shirt the individual about the Bible, about ized, you know, those people were pockets or on their hearts. They love sin. He mentioned drunkenness and a placed about every 10 or 15 feet in the this country, and they wouldn’t dese- number of things that would be sins as middle of the crowd. I don’t know what crate any of the symbols of our liberty addressed in the Bible and was asked they did after they refused to shake my or any of the symbols of our freedom. about homosexuality, and he said, yes, hand, but there were certainly people Though, if you looked at the other under the Bible it’s a sin. It’s hard to placed regularly throughout the crowd folks, at the people on the other side of look at Romans 1 and think otherwise. who were just that—they were place- the aisle, at the people who make com- But anyway, this man was arrested. He ments. They were people who were put mon cause with the folks who gen- was put in jail and now is out awaiting in there. They were observers. Hope- erally sit over here, on the same day of trial on his charges. And it was one of fully, they weren’t the people who that major gathering of opponents to the things that concerned us greatly yelled epithets or things to try to ObamaCare, there was a pro-amnesty about the Hate Crimes Act because we make their conservative folks around rally. The differences were they were knew that bill was based on two lies. them look bad; but I can verify and I wearing the same T-shirts; they were And there were publications like Texas can testify that those people were out carrying signs that came off the print- Monthly that didn’t bother to look there and that they were amidst the ing press one after another, and they into the facts, many publications Tea Party folks. Most assuredly, they left litter all over this city. around the country that just ran off were not Tea Party people. While the Tea Party groups and the and jumped on the train of those who Mr. KING of Iowa. If I could tempo- anti-ObamaCare groups were here, they refused to read it, laws to read the rarily reclaim my time, I would just had homegrown signs. They didn’t have facts, to look at facts that were being appreciate an opportunity to comment any commonality of dress. They wore cited as basis and find that they were on what you said, Mr. GOHMERT. This what they had of their own. There was lies. But the two things on which that phrase comes to mind: Birds of a feath- some red, white, and blue out there and bill were based were both lies. Number er flock together. plenty of yellow hats and flags, but one, that there was an epidemic of hate That’s why it’s unusual to see some they were not at all an army that was crimes in America. Number two, that of those birds that are not of a feather uniformed, coached, or bussed in. They it would somehow have changed for the there in the flock of the Tea Party came in by their own transportation. better the outcome in the James Byrd faithful. Why would that be? They made their own signs. They wore case in Texas, the Matthew Shepard I think we’ve seen it here, occasion- a whole variety of different clothes. case. And the fact is that those are ally, on the floor of the House of Rep- They made up chants on the way, and lies.

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00037 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE H3120 CONGRESSIONAL RECORD — HOUSE May 4, 2010 The James Byrd case had two of the found words from that selfless man. try to push my religious beliefs on any- three—the two most culpable defend- And on the north inside wall is his sec- one else, that God normally allows us ants got the death penalty. The only ond inaugural speech. And it brings me to suffer the consequences of terrible effect the hate crimes bill would have to tears every time I read it because decisions. If you follow the rules, you had if it had been in place back then this is a man who is wrestling with how do what we are told allows your nation would be that those guys that got the a just God could allow the pain and suf- to be blessed, and your nation gets death penalty would have gotten life in fering to go on that he did. And it is a blessed. If you follow the things that prison instead of death. I felt like from beautiful theological discussion. If it cause your nation to be cursed, it just the evidence that I read and heard would be all right with the gentleman seems throughout history, that is usu- about that they deserved the death from Iowa, these are Abraham Lin- ally what happens. penalty. And in the Matthew Shepard coln’s words in his second inaugural. This is such an important time in our case, they got multiple life sentences; It’s there carved into the marble, and history. We have got people who would so it wouldn’t have affected those he was talking about the North and the gladly destroy everything we believe cases. South, trying to make sense of how in, all the liberties we have, and yet we The FBI statistics show there has you could have friends and family have people who are at the same time been no surge, uptick in hate crimes, fighting on two sides of an issue. He striking at our freedoms of speech, alleged hate crimes, and those include said: striking at our liberties to assemble as yelling of things inappropriate. ‘‘Both read the same Bible and pray we wish. Those things need to stop. We I don’t think my friend from Iowa or to the same God, and each invokes His need to stop those who by terror and by any of our friends, and those that I met aid against the other. It may seem warfare would try to take away those at TEA parties would condone nasty strange that any men should dare to things that the Founders and all those name calling. None of the people I met. ask a just God’s assistance in wringing who have fought and died since have But we get into a very dangerous area. their bread from the sweat of other put at our feet and given to us as a gift, There were Founders that fought and men’s faces, but let us judge not, that and we need to fight those from within died for this country and for that thing we be not judged. The prayers of both who attempt to take them away that would later become the First could not be answered. That of neither through misrepresentations of what Amendment. It didn’t exist during the has been answered fully. The Almighty are truly the facts in order to pass bills Revolution, but they believed the con- has his own purposes.’’ that actually are based on lies and hurt cept of freedom of speech. And they Then he quotes Scripture, and he the country. often cited Voltaire as the source. says: ‘‘Woe unto the world because of I appreciate my friend so much yield- ing to me. Some disagree, but Voltaire is usually offenses; for it must needs be that of- Mr. KING of Iowa. I thank the gen- given as the source for the saying ‘‘I fenses come, but woe to that man by disagree with what you say, but I will tleman from Texas. I was deeply en- whom the offense cometh. gaged in that presentation, and much defend to the death your right to say ‘‘If we shall suppose that American of it I reflect upon, having stood there it.’’ That helped form a basis for this slavery is one of those offenses which, many times at the Lincoln Memorial country. Yet now we have evolved in in the providence of God, must needs and read the second inaugural address. this country to where the thought po- come, but which, having continued It has been too long since I have been lice have a slogan that is more apt to through His appointed time, He now back down there. I need to go back. be, I disagree with what you say, and wills to remove, and that He gives to As the gentleman from Texas talked I’m going to destroy your life because both North and South this terrible war about Voltaire, another statement of of it. I’m going to see you’re fired. I’m as the woe due to those by whom the his, even though he was a bit of a going to see that you lose as much of offense came, shall we discern therein Utopianist and not necessarily one your assets, hopefully all of them, as I any departure from those divine at- whose teachings would fit the beliefs can. I am going to destroy your life. tributes which the believers in a living that I follow, there is one of his quotes So we have come a long way from God always ascribe to Him? that stands in mind for me, and I think those days when the Founders were ‘‘Fondly do we hope, fervently do we it is appropriate here in the United willing to fight and die so people could pray, that this mighty scourge of war States. say things they thought reprehensible may speedily pass away. Yet if God I’ve watched us turn from a nation of but at least they had the liberty to say wills that it continue until all the rugged, can-do, highly spirited people them. wealth piled by the bondsman’s 250 to a nation that is slowly, and I One of the things that gets very dan- years of unrequited toil shall be sunk, shouldn’t say slowly, dramatically gerous is when you start putting a lid and until every drop of blood drawn turning into a nanny state. on people’s freedom of speech, as the with the lash shall be paid by another I grew up in a society where we un- PC police around here, as the thought drawn with the sword, as was said 3,000 derstood we had freedom, and we exer- police have begun to do. When you pre- years ago, so still it must be said ‘the cised that freedom, and the prohibi- vent people from being able to say judgments of the Lord are true and tions were was there a law that prohib- what’s in their heart and vent a bit, righteous altogether.’ ited us. The gentleman from Texas and then you build up steam. If you don’t ‘‘With malice toward none, with I have exercised that American free- allow people to vent, they build up charity for all, with firmness in the dom, that American freedom, pretty steam, and then you have an explosion. right as God gives us to see the right, interestingly, in the country of Tibet, So I know there are those that say, let us strive on to finish the work we when it was the idea of Judge GOHMERT well, talk radio is hateful and whatnot. are in, to bind up the Nation’s wounds, that we should climb a mountain in the And actually talk radio, most of it, is to care for him who shall have borne Himalayas. not hateful at all. the battle and for his widow and his or- So we set about from Lhasa, Tibet, to But you go back to the President’s phan, to do all which may achieve and go do that. But we had Chinese mind- own statement that we’re not a Chris- cherish a just and lasting peace among ers. The Chinese minders’ job was to tian Nation. Well, I am not going to de- ourselves and with all nations.’’ mind us, to make sure we minded bate that. I know that we were founded Powerful, powerful words. And hav- them; that we didn’t get out of line; we by people who professed to be, although ing lost my brother a couple of weeks didn’t go do things they didn’t want us history is often rewritten nowadays, ago, sometimes it is a struggle when to do; that we didn’t see things that including in the early 1800s an early bi- you believe in God to know the kind of they didn’t want us to see; and we ography of Washington that was a com- hurt and suffering that goes on. didn’t hear Tibetans or Chinese tell us plete fraud. things that they didn’t want us to But if my gentleman friend from b 2230 hear. So they presented themselves Iowa would allow me, this has just But as Lincoln said, and so it must often as the interpreters, the protec- been on my heart because I go up from still be said, ‘‘The judgments of the tors. time to time to the Lincoln Memorial, Lord are true and righteous alto- So when we said, we are going to go and I stand there and read those pro- gether.’’ And I do believe, and I don’t climb a mountain in the Himalayas

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00038 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 4, 2010 CONGRESSIONAL RECORD — HOUSE H3121 here, they said, well, no, you can’t. You compete. I want free enterprise. I want lowing titles, which were thereupon are not authorized to go up there, and freedom, I want liberty, I want a signed by the Speaker: so you can’t. strong national defense. I want to have H.R. 3714. An act to amend the Foreign As- Well, China and Tibet is a society a tax policy that stops punishing pro- sistance Act of 1961 to include in the Annual where it has to be permissive for you to ductivity, and it can tax consumption, Country Reports on Human Rights Practices act. America has been a society where because that is an incentive for more information about freedom of the press in you have got permission to do every- consumption. I want that strong na- foreign countries, and for other purposes. thing that is not prohibited. We don’t tional defense, as I said. I want school H.R. 5146. An act to provide that Members of Congress shall not receive a cost of living ask the question, do we have permis- choice, so kids can be raised at the will adjustment in pay during fiscal year 2011. sion? We ask the question, is there a and the wishes of their parents with law against it? real American history and real Amer- f So we told the Chinese minders, well, ican values. BILLS PRESENTED TO THE you may say we are not going, but we If we can do all of those things, we PRESIDENT are Americans. We are going to go can take this Nation to the next level Lorraine C. Miller, Clerk of the climb this mountain in the Himalayas. of our destiny. And should we fail, we House, reports that on April 29, 2010 she And that is what we did, because we will trail in the dust the golden hopes presented to the President of the didn’t realize, I don’t think, we were in of men. United States, for his approval, the fol- a country where you had to have per- Thank you, Madam Speaker. I yield lowing bill: mission, because we have got the back the balance of my time. H.R. 5147. To amend the Internal Revenue American spirit. f Code of 1986 to extend the funding and ex- We went to the top of that mountain. penditure authority of the Airport and Air- And it is something that I will never LEAVE OF ABSENCE way Trust Fund, to amend title 49, United forget, that experience going up, being By unanimous consent, leave of ab- States Code, to extend authorizations for the there, looking at that vista of snow- sence was granted to: airport improvement program, and for other purposes. capped peaks all the way around the Mr. LUCAS (at the request of Mr. horizon, the huge glacial lake down BOEHNER) for today on account of trav- Lorraine C. Miller, Clerk of the below, that spot on the globe. I am so el delays. House, reports that on May 3, 2010 she glad we stepped forward and did that. Mr. BURTON of Indiana (at the re- presented to the President of the I don’t know if there are any other quest of Mr. BOEHNER) for today on ac- United States, for his approval, the fol- people on the planet that would have count of the Indiana primary. lowing bill: just gone up to the top of the moun- H.R. 5146. An act to provide that Members f tain, because that is what we do. We of Congress shall not receive a cost of living don’t wait for permission. If there is SPECIAL ORDERS GRANTED adjustment in pay during fiscal year 2011. not a law against it and we think it fits f within our moral standards, we go. By unanimous consent, permission to Well, this can-do America that we address the House, following the legis- ADJOURNMENT are has been an America that came in, lative program and any special orders Mr. KING of Iowa. Madam Speaker, I and by the sweat of our brows we built heretofore entered, was granted to: move that the House do now adjourn. a nation for hundreds of years, that (The following Members (at the re- The motion was agreed to; accord- can-do entrepreneurial spirit with free quest of Mr. PRICE of North Carolina) ingly (at 10 o’clock and 36 minutes enterprise and freedom and the lib- to revise and extend their remarks and p.m.), the House adjourned until to- erties that are laid out that come from include extraneous material:) morrow, Wednesday, May 5, 2010, at 10 God, that are in the Declaration, most Mr. PRICE of North Carolina, for 5 a.m. minutes, today. of them, not all of them. f Voltaire said back during that period Ms. WOOLSEY, for 5 minutes, today. of time, History is the sound of Ms. KAPTUR, for 5 minutes, today. EXECUTIVE COMMUNICATIONS, hobnailed boots storming up the stairs, Mr. DEFAZIO, for 5 minutes, today. ETC. and silver slippers coming down. (The following Members (at the re- Under clause 2 of rule XIV, executive That describes a lot of what goes on. quest of Mr. DREIER) to revise and ex- communications were taken from the The ascendency of history are the peo- tend their remarks and include extra- Speaker’s table and referred as follows: neous material:) ple that work hard, that are indus- 7306. A letter from the Assistant Secretary, Mr. BURTON of Indian, for 5 minutes, trious, that produce, that are competi- Department of Defense, transmitting the De- tive, and sometimes, Madam Speaker, May 5 and 6. partment’s annual report for 2009 on the combative. And when people get a lit- Mr. LINCOLN DIAZ-BALART of Florida, STARBASE Program, pursuant to 10 U.S.C. tle too soft and they are sitting on the for 5 minutes, May 5. 2193b(g); to the Committee on Armed Serv- silken pillows and they have the wait- Ms. ROS-LEHTINEN, for 5 minutes, ices. ers bringing the grapes to them and today and May 5. 7307. A letter from the Secretary, Depart- ment of the Army, transmitting report on popping the grape in their mouth while Mr. FRANKS of Arizona, for 5 minutes, today, May 5 and 6. future research and development of man- they fan them a little bit, like Ahab portable and vehicle mounted guided missile Mr. KING of New York, for 5 minutes, the Arab, the sheik of the burning systems; to the Committee on Armed Serv- sand, that is kind of the image of what May 5. ices. happens when a person lays back on Mr. DREIER, for 5 minutes, today. 7308. A letter from the Director, Office of the silk. Mr. MORAN of Kansas, for 5 minutes, Standards, Regulations, and Variances, De- What has happened with the Voltaire May 11. partment of Labor, transmitting the Depart- statement was hobnailed boots storm- Mr. PAUL, for 5 minutes, today and ment’s final rule — Coal Mine Dust Sampling Devices (RIN: 1219-AB61) received April 13, ing up the stairs, silver slippers coming May 5. Mr. POSEY, for 5 minutes, May 5. 2010, pursuant to 5 U.S.C. 801(a)(1)(A); to the down. And a lot of the French elite, the Committee on Education and Labor. Mr. POE of Texas, for 5 minutes, May aristocracy, were the silver slippers, 7309. A letter from the Director, Office of and they came down the stairs, because 11. Standards, Regulations, and Variances, De- they got too lazy and they got too laid Mr. JONES, for 5 minutes, May 11. partment of Labor, transmitting the Depart- back without being competitive. They Mr. THOMPSON of Pennsylvania, for 5 ment’s final rule — High-Voltage Continuous lost their sense of where they were minutes, May 5. Mining Machine Standard for Underground Coal Mines (RIN: 1219-AB34) received April going or why. f I don’t want to do that as a nation. I 13, 2010, pursuant to 5 U.S.C. 801(a)(1)(A); to ENROLLED BILLS SIGNED the Committee on Education and Labor. don’t want to watch the hobnailed 7310. A letter from the Director, Defense boots come up the stairs. I don’t want Lorraine C. Miller, Clerk of the Security Cooperation Agency, transmitting us to be the silver slippers coming House, reported and found truly en- Transmittal No. 10-04, pursuant to the re- down. I want us to step forward and rolled bills of the House of the fol- porting requirements of Section 36(b)(1) of

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00039 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE H3122 CONGRESSIONAL RECORD — HOUSE May 4, 2010 the Arms Export Control Act, as amended; to tion, transmitting the Administration’s final 7330. A letter from the Attorney-Advisor, the Committee on Foreign Affairs. rule — Fisheries of the Exclusive Economic Department of Homeland Security, transmit- 7311. A letter from the Acting Deputy Di- Zone Off Alaska; Pollock in the West Yak- ting the Department’s final rule — Draw- rector, Defense Security Cooperation Agen- utat District of the Gulf of Alaska [Docket bridge Operation Regulation; Bullards Ferry cy, transmitting Transmittal No. 10-14, pur- No.: 0910131362-0087-02] (RIN: 0648-XV51) re- Bridge, Coquille River, Bandon, OR [Docket suant to the reporting requirements of Sec- ceived April 20, 2010, pursuant to 5 U.S.C. No.: USCG-2009-0839] (RIN: 1625-AA09) re- tion 36(b)(1) of the Arms Export Control Act, 801(a)(1)(A); to the Committee on Natural ceived April 23, 2010, pursuant to 5 U.S.C. as amended; to the Committee on Foreign Resources. 801(a)(1)(A); to the Committee on Transpor- Affairs. 7321. A letter from the Attorney-Advisor, tation and Infrastructure. 7312. A letter from the Assistant Secretary, Department of Homeland Security, transmit- 7331. A letter from the Secretary, Depart- legislative Affairs, Department of State, ting the Department’s final rule — Safety ment of Transportation, transmitting the transmitting Transmittal No. DDTC 10-016 Zone; Invista Inc Facility Docks, Victoria Department’s report entitled, ‘‘25th Annual Certification of proposed issuance of an ex- Barge Canal, Victoria, TX [Docket No.: Report of Accomplishments Under the Air- port license, pursuant to sections 36(c) and USCG-2009-0797] (RIN: 1625-AA00) received port Improvement Program for Fiscal Year 36(d) of the Arms Export Control Act; to the April 13, 2010, pursuant to 5 U.S.C. (FY) 2008’’, pursuant to 49 U.S.C. 47131; to the Committee on Foreign Affairs. 801(a)(1)(A); to the Committee on Transpor- Committee on Transportation and Infra- 7313. A letter from the Assistant Secretary, tation and Infrastructure. structure. Legislative Affairs, Department of State, 7322. A letter from the Attorney-Advisor, 7332. A letter from the Director, National transmitting Transmittal No. DDTC 10-023, Department of Homeland Security, transmit- Intelligence, transmitting annual report on certification of a proposed manufacturing li- ting the Department’s final rule — Safety acquisition by foreign countries ‘‘dual-use cense agreement for the manufacture of sig- Zone: Congress Street Bridge, Pequonnock and other technology useful for the develop- River, Bridgeport, Connecticut [Docket No.: nificant military equipment abroad, pursu- ment or production of weapons of mass de- USCG-2009-1072] (RIN: 1625-AA00) received ant to section 36(d) of the Arms Export Con- struction (including nuclear weapons, chem- April 13, 2010, pursuant to 5 U.S.C. trol Act; to the Committee on Foreign Af- ical weapons, biological weapons) and ad- 801(a)(1)(A); to the Committee on Transpor- fairs. vanced conventional munitions’’ covering 7314. A letter from the Assistant Secretary, tation and Infrastructure. 7323. A letter from the Attorney, Depart- January 1, to December 31, 2009; to the Com- Legislative Affairs, Department of State, mittee on Intelligence (Permanent Select). transmitting Transmittal No. DDTC 10-026 ment of Homeland Security, transmitting the Department’s final rule — Safety Zone; 7333. A letter from the Assistant Secretary, Certification of proposed issuance of an ex- Legislative Affairs, Department of State, port license, pursuant to sections 36(c) and Todd Pacific Shipyards Vessel Launch, West Duwamish Waterway, Seattle, WA [Docket transmitting Memorandum of justification 36(d) of the Arms Export Control Act; to the for the President’s waiver of the restrictions Committee on Foreign Affairs. No.: USCG-2009-1073] (RIN: 1625-AA00) re- ceived April 13, 2010, pursuant to 5 U.S.C. on the provision of funds to the Palestinian 7315. A letter from the Assistant Secretary, Authority, pursuant to Public Law 111-8, sec- Legislative Affairs, Department of State, 801(a)(1)(A); to the Committee on Transpor- tation and Infrastructure. tion 7040(d); jointly to the Committees on transmitting Transmittal No. DDTC 10-015, Foreign Affairs and Appropriations. certification of a proposed technical assist- 7324. A letter from the Attorney Advisor, Department of Homeland Security, transmit- 7334. A letter from the Director, Congres- ance agreement to include the export of sional Budget Office, transmitting an esti- technical data, and defense services, pursu- ting the Department’s final rule — Security Zone; Escorted U.S. Navy Submarines in mate of the direct spending and revenue ef- ant to section 36(c) of the Arms Export Con- Sector Seattle Captain of the Port Zone fects of an amendment in the nature of a trol Act; to the Committee on Foreign Af- [Docket No.: USCG-2009-1057] (RIN: 1625- substitute to H.R. 4872, the Reconciliation fairs. Act of 2010; jointly to the Committees on En- 7316. A letter from the Assistant Secretary, AA87) received April 13, 2010, pursuant to 5 ergy and Commerce, Ways and Means, and Legislative Affairs, Department of State, U.S.C. 801(a)(1)(A); to the Committee on Education and Labor. transmitting Transmittal No. DDTC 10-019, Transportation and Infrastructure. 7325. A letter from the Attorney-Advisor, 7335. A letter from the Chairman, U.S.- certification of a proposed technical assist- Department of Homeland Security, transmit- China Economic & Security Review Commis- ance agreement to include the export of ting the Department’s final rule — Draw- sion, transmitting the Commission’s record technical data, and defense services, pursu- bridge Operation Regulations; Great Egg of the public hearing on ‘‘U.S. Debt to China: ant to section 36(c) of the Arms Export Con- Harbor Bay, between Beesleys Point and Implications and Repercussions’’; jointly to trol Act; to the Committee on Foreign Af- Somers Point, NJ [Docket No.: USCG-2009- the Committees on Ways and Means, Foreign fairs. 0453] (RIN: 1625-AA09) received April 13, 2010, Affairs, and Armed Services. 7317. A letter from the Deputy Secretary, pursuant to 5 U.S.C. 801(a)(1)(A); to the Com- Department of State, transmitting con- f mittee on Transportation and Infrastruc- sistent with the Authorization for Use of ture. REPORTS OF COMMITTEES ON Military Force Against Iraq Resolution of 7326. A letter from the Attorney-Advisor, PUBLIC BILLS AND RESOLUTIONS 2002 (Pub. L. 107-243), the Authorization for Department of Homeland Security, transmit- the Use of Force Against Iraq Resolution ting the Department’s final rule — Safety Under clause 2 of rule XIII, reports of (Pub. L. 102-1), and in order to keep the Con- Zone; Havasu Landing Annual Regatta; Colo- committees were delivered to the Clerk gress fully informed, reports prepared by the rado River, Lake Havasu Landing, CA [Dock- for printing and reference to the proper Department of State on a weekly basis for et No.: USCG-2009-1060] (RIN: 1625-AA00) re- calendar, as follows: the December 15 — February 15, 2010 report- ceived April 13, 2010, pursuant to 5 U.S.C. Mr. OBERSTAR: Committee on Transpor- ing period including matters relating to 801(a)(1)(A); to the Committee on Transpor- tation and Infrastructure. House Concurrent post-liberation Iraq under Section 7 of the tation and Infrastructure. Iraq Liberation Act of 1998 (Pub. L. 105-338); 7327. A letter from the Attorney, Depart- Resolution 263. Resolution authorizing the to the Committee on Foreign Affairs. ment of Homeland Security, transmitting use of the Capitol Grounds for the District of 7318. A letter from the Chief, Branch of the Department’s final rule — Safety Zone; Columbia Special Olympics Law Enforce- Listing, Department of the Interior, trans- AICW Closure Safety Zone for Ben Sawyer ment Torch Run (Rept. 111–470). Referred to mitting the Department’s final rule — En- Bridge Replacement Project, Sullivan’s Is- the House Calendar. dangered and Threatened Wildlife and land, SC [Docket No.: USCG-2009-0878) (RIN: Mr. OBERSTAR: Committee on Transpor- Plants; Designation of Critical Habitat for 1625-AA00) received April 13, 2010, pursuant tation and Infrastructure. House Concurrent the Salt Creek Tiger Beetle [Docket No.: to 5 U.S.C. 801(a)(1)(A); to the Committee on Resolution 247. Resolution authorizing the FWS-R6-ES-2007-0014] (RIN: 1018-AT79) re- Transportation and Infrastructure. use of the Capitol Grounds for the Greater ceived April 12, 2010, pursuant to 5 U.S.C. 7328. A letter from the Attorney-Advisor, Washington Soap Box Derby (Rept. 111–471). 801(a)(1)(A); to the Committee on Natural Department of Homeland Security, transmit- Referred to the House Calendar. Resources. ting the Department’s final rule — Safety Mr. OBERSTAR: Committee on Transpor- 7319. A letter from the Acting Director, Of- Zone; Baltimore Captain of Port Zone [Dock- tation and Infrastructure. House Resolution fice of Sustainable Fisheries, NMFS, Na- et No.: USCG-2009-1130] (RIN: 1625-AA00) re- 1301. Resolution supporting the goals and tional Oceanic and Atmospheric Administra- ceived April 13, 2010, pursuant to 5 U.S.C. ideals of National Train Day (Rept. 111–472). tion, transmitting the Administration’s final 801(a)(1)(A); to the Committee on Transpor- Referred to the House Calendar. rule — Fisheries of the Exclusive Economic tation and Infrastructure. Mr. OBERSTAR: Committee on Transpor- Zone Off Alaska; Reallocation of Pacific Cod 7329. A letter from the Attorney Advisor, tation and Infrastructure. House Resolution in the Bering Sea and Aleutian Islands Man- Department of Homeland Security, transmit- 1278. Resolution in support and recognition agement Area [Docket No.: 0910131363-0087-02] ting the Department’s final rule — Regu- of National Safe Digging Month, April, 2010; (RIN: 0648-XV34) received April 20, 2010, pur- lated Navigation Area; U.S. Navy Sub- with amendments (Rept. 111–473 Pt. 1). Re- suant to 5 U.S.C. 801(a)(1)(A); to the Com- marines, Hood Canal, WA [Docket No.: ferred to the House Calendar. mittee on Natural Resources. USCG-2009-1058] (RIN: 1625-AA11) received Mr. TOWNS: Committee on Oversight and 7320. A letter from the Acting Director, Of- April 22, 2010, pursuant to 5 U.S.C. Government Reform. H.R. 1722. A bill to im- fice of Sustainable Fisheries, NMFS, Na- 801(a)(1)(A); to the Committee on Transpor- prove teleworking in executive agencies by tional Oceanic and Atmospheric Administra- tation and Infrastructure. developing a telework program that allows

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00040 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 4, 2010 CONGRESSIONAL RECORD — HOUSE H3123 employees to telework at least 20 percent of H.R. 5205. A bill to establish certain wilder- H. Res. 1323. A resolution commemorating the hours worked in every 2 administrative ness areas in central Idaho and to authorize the 70th anniversary of the Katyn massacre; workweeks, and for other purposes; with various land conveyances involving National to the Committee on Foreign Affairs. amendments (Rept. 111–474). Referred to the Forest System land and Bureau of Land By Mr. MCMAHON (for himself, Mr. Committee of the Whole House on the State Management land in central Idaho; to the MANZULLO, Ms. RICHARDSON, Ms. of the Union. Committee on Natural Resources. SPEIER, Ms. LEE of California, Ms. DISCHARGE OF COMMITTEE By Mr. TEAGUE (for himself and Mr. BORDALLO, Mr. HONDA, Mr. SCHIFF, Pursuant to clause 2 of rule XIII the HEINRICH): and Mr. WILSON of South Carolina): H.R. 5206. A bill to amend title 38, United H. Res. 1324. A resolution expressing condo- Committee on Energy and Commerce States Code, to increase the maximum age lences and sympathies for the people of discharged from further consideration. for children eligible for medical care under China following the tragic earthquake in the House Resolution 1278 referred to the the CHAMPVA program; to the Committee Qinghai province of the Peoples Republic of House Calendar. on Veterans’ Affairs. China on April 14, 2010; to the Committee on Foreign Affairs. f By Mr. POE of Texas (for himself and Ms. GIFFORDS): By Mr. ROONEY: PUBLIC BILLS AND RESOLUTIONS H. Con. Res. 273. Concurrent resolution ex- H. Res. 1325. A resolution recognizing Na- tional Missing Children’s Day; to the Com- Under clause 2 of rule XII, public pressing the Sense of Congress that the esca- lating level of violence on the United States- mittee on the Judiciary. bills and resolutions of the following Mexico border is a serious threat to the na- f titles were introduced and severally re- tional security of the United States; to the ferred, as follows: Committee on Armed Services. ADDITIONAL SPONSORS By Mr. MCMAHON (for himself, Mr. By Mr. PAULSEN (for himself, Ms. Under clause 7 of rule XII, sponsors TITUS, Mr. GUTHRIE, Mr. LANCE, Mr. HIMES, Mr. HALL of New York, Mr. LEE of New York, and Mr. ROGERS of CROWLEY, Mr. NADLER of New York, were added to public bills and resolu- Michigan): Mr. THOMPSON of Mississippi, Ms. tions as follows: H.R. 5198. A bill to express the sense of CLARKE, Mr. WEINER, Mr. ISRAEL, H.R. 24: Mrs. MCMORRIS RODGERS, Mr. Congress that the Federal Pell Grant pro- Mrs. LOWEY, Mr. MURPHY of New WELCH, Mr. HINCHEY, Mr. TONKO, Mr. SPACE, gram should be a high funding priority; to York, Mrs. MALONEY, Mr. ENGEL, Mr. Mr. OLSON, Mr. LUJA´ N, Mr. PETERS, Mr. the Committee on Education and Labor. MEEKS of New York, Mr. RANGEL, Mr. SCALISE, and Mr. SENSENBRENNER. By Mr. WELCH: KING of New York, Mr. ACKERMAN, H.R. 40: Mr. CUMMINGS. H.R. 5199. A bill to authorize the Board of Mr. OWENS, Mr. MAFFEI, Mr. BISHOP H.R. 43: Mr. TEAGUE, Mr. COLE, Ms. TITUS, Governors of the Federal Reserve System to of New York, Mr. TONKO, Mr. ARCURI, and Mr. BERRY. promulgate regulations regarding inter- Mr. TOWNS, Mrs. MCCARTHY of New H.R. 197: Mr. YOUNG of Florida. change transaction fees and to amend the York, Mr. HIGGINS, Mr. SERRANO, Ms. H.R. 275: Mr. RUPPERSBERGER, Mr. ISRAEL, Truth in Lending Act to prohibit certain re- SLAUGHTER, Ms. VELA´ ZQUEZ, Mr. HIN- Mr. REHBERG, and Mr. TIAHRT. strictions put in place by credit card net- CHEY, Mr. LEE of New York, Mr. H.R. 422: Mr. MURPHY of Connecticut. works; to the Committee on Financial Serv- SIRES, Mr. KISSELL, and Mr. ADLER of H.R. 442: Mrs. DAHLKEMPER and Mr. CAMP. ices. New Jersey): H.R. 476: Ms. ROYBAL-ALLARD and Mr. By Mr. VAN HOLLEN (for himself, Mr. H. Res. 1320. A resolution expressing sup- MAFFEI. CONNOLLY of Virginia, Ms. NORTON, port for the vigilance and prompt response of H.R. 564: Mr. DEFAZIO. and Mrs. DAHLKEMPER): the citizens of New York City, the New York H.R. 658: Mr. FILNER. H.R. 5200. A bill to amend title 5, United Police Department, the New York Police De- H.R. 997: Mr. GRIFFITH. States Code, to extend eligibility for cov- partment Bomb Squad, the Fire Department H.R. 1020: Ms. HIRONO. erage under the Federal Employees Health of New York, other first responders, the Fed- H.R. 1021: Mr. MURPHY of Connecticut, Mr. Benefits Program with respect to certain eral Bureau of Investigation, United States MOORE of Kansas, and Ms. TITUS. adult dependents of Federal employees and Customs and Border Protection, the United H.R. 1036: Mr. BOYD, Mr. MOORE of Kansas, annuitants, in conformance with amend- States Attorney’s Office for the Southern Mr. MELANCON, and Mr. PALLONE. ments made by the Patient Protection and District of New York, the Department of H.R. 1067: Mr. MURPHY of Connecticut. Affordable Care Act; to the Committee on Homeland Security, the Department of Jus- H.R. 1175: Ms. BEAN. Oversight and Government Reform. tice, the New York Joint Terrorism Task H.R. 1177: Mr. ADLER of New Jersey, Mr. By Ms. HARMAN (for herself and Mr. Force, the Bridgeport Police Department, BAIRD, Mr. BECERRA, Mr. BOUCHER, Mr. UPTON): Detective Bureau, Patrol Division, and other ELLISON, Mr. AL GREEN of Texas, Mr. HALL of H.R. 5201. A bill to improve the energy effi- law enforcement agencies in Connecticut to New York, Ms. JACKSON LEE of Texas, Mr. ciency of outdoor lighting, and for other pur- the attempted terrorist attack in Times JACKSON of Illinois, Ms. EDDIE BERNICE JOHN- poses; to the Committee on Energy and Com- Square on May 1, 2010, their exceptional pro- SON of Texas, Mr. KANJORSKI, Mrs. KIRK- merce. fessionalism and investigative work fol- PATRICK of Arizona, Mr. LIPINSKI, Mr. By Ms. CHU (for herself, Mr. TONKO, lowing the attempted attack, and their con- MCDERMOTT, Mr. MITCHELL, Mr. MURPHY of and Mr. POLIS): sistent commitment to preparedness for and Connecticut, Mr. THOMPSON of Mississippi, H.R. 5202. A bill to direct the Secretary of collective response to terrorism; to the Com- Ms. WATSON, Mr. WELCH, Ms. WASSERMAN Agriculture to issue guidance to school food mittee on Homeland Security. SCHULTZ, Mr. FORBES, Mr. PENCE, and Mr. authorities on indirect costs, and for other By Mr. FALEOMAVAEGA: MCKEON. purposes; to the Committee on Education H. Res. 1321. A resolution expressing the H.R. 1179: Mr. MORAN of Virginia. and Labor, and in addition to the Committee sense of the House of Representatives that H.R. 1191: Mr. TERRY. on the Budget, for a period to be subse- the political situation in Thailand be solved H.R. 1193: Mr. JOHNSON of Georgia. quently determined by the Speaker, in each peacefully and through democratic means; to H.R. 1210: Mrs. NAPOLITANO and Ms. LINDA case for consideration of such provisions as the Committee on Foreign Affairs. T. SA´ NCHEZ of California. fall within the jurisdiction of the committee By Mr. HONDA (for himself, Mr. H.R. 1215: Mr. TOWNS. concerned. MCDERMOTT, Ms. BORDALLO, Mr. H.R. 1220: Mr. TIM MURPHY of Pennsyl- By Mr. COLE (for himself and Mr. GRIJALVA, Mr. CAO, Mr. COURTNEY, vania. TEAGUE): Mr. HINOJOSA, Mr. YOUNG of Alaska, H.R. 1240: Ms. DELAURO. H.R. 5203. A bill to direct the Secretary of Ms. RICHARDSON, Ms. MOORE of Wis- H.R. 1255: Mr. COBLE and Mr. ROHR- Defense to establish a center of excellence consin, Mr. HOLT, Ms. LEE of Cali- ABACHER. for the study of tinnitus, and for other pur- fornia, Mr. CONYERS, Mr. GEORGE H.R. 1326: Mr. CARSON of Indiana. poses; to the Committee on Armed Services. MILLER of California, and Mr. JOHN- H.R. 1340: Mr. HINCHEY. By Mr. CONYERS: SON of Georgia): H.R. 1392: Mr. MOORE of Kansas. H.R. 5204. A bill to establish the National H. Res. 1322. A resolution celebrating the H.R. 1410: Mr. GONZALEZ. Full Employment Trust Fund to create em- 20th anniversary of the Albert Einstein Dis- H.R. 1529: Mr. LEWIS of Georgia. ployment opportunities for the unemployed; tinguished Educator Fellowship Program H.R. 1547: Mr. WALZ and Mr. AUSTRIA. to the Committee on Education and Labor, and recognizing the significant contributions H.R. 1615: Mr. MOORE of Kansas. and in addition to the Committee on Ways of Albert Einstein Fellows; to the Committee H.R. 1693: Mr. GARAMENDI. and Means, for a period to be subsequently on Education and Labor. H.R. 1806: Mr. ALTMIRE. determined by the Speaker, in each case for By Mr. MCCOTTER (for himself, Mr. H.R. 1829: Mr. KING of Iowa. consideration of such provisions as fall with- LIPINSKI, Ms. ROS-LEHTINEN, Mr. H.R. 1873: Ms. CHU. in the jurisdiction of the committee con- SMITH of New Jersey, Mr. PASCRELL, H.R. 1884: Mr. TIAHRT, Mr. SALAZAR, Mr. cerned. Mrs. BACHMANN, Mr. TONKO, Mr. GARAMENDI, and Mr. SHIMKUS. By Mr. SIMPSON (for himself and Mr. FRANKS of Arizona, Mr. DINGELL, Ms. H.R. 1894: Mr. CHANDLER and Mr. MINNICK): KAPTUR, and Mr. WOLF): WHITFIELD.

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00041 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE H3124 CONGRESSIONAL RECORD — HOUSE May 4, 2010

H.R. 1972: Mr. HOLDEN, Ms. BERKLEY, and H.R. 4745: Mr. LINCOLN DIAZ-BALART of H.R. 5142: Mr. HIGGINS, Mr. CROWLEY, Mr. Mr. PATRICK J. MURPHY of Pennsylvania. Florida, Mr. HINCHEY, Mr. RAHALL, Mr. KLEIN CONNOLLY of Virginia, Ms. SUTTON, Mr. H.R. 2002: Mr. UPTON, Mr. GENE GREEN of of Florida, Mr. LEWIS of Georgia, Mr. HASTINGS of Florida, Mr. FATTAH, Mr. WU, Texas, Mr. SCHAUER, and Mr. MELANCON. HEINRICH, Mr. MURPHY of New York, and Mr. and Mr. CARNEY. H.R. 2109: Mr. CONNOLLY of Virginia, Mr. WITTMAN. H.R. 5144: Mr. AL GREEN of Texas. UPTON, Mr. BRALEY of Iowa, Ms. BALDWIN, H.R. 4755: Mr. HALL of New York. H.R. 5160: Mr. STARK, Mr. MCDERMOTT, Mr. Mr. MURPHY of Connecticut, and Mr. H.R. 4756: Mr. BISHOP of Georgia and Mr. LEWIS of Georgia, Mr. NEAL of Massachu- MCCAUL. BUTTERFIELD. setts, Mr TANNER, Mr. BECERRA, Mr. H.R. 2112: Ms. ZOE LOFGREN of California. H.R. 4780: Mr. DUNCAN, Mr. INGLIS, and Mr. DOGGETT, Mr. POMEROY, Mr. THOMPSON of H.R. 2142: Mr. GORDON of Tennessee and Mr. FRANKS of Arizona. California, Mr. LARSON of Connecticut, Mr. BARROW. H.R. 4785: Mr. SALAZAR, Mr. KISSELL, Mr. BLUMENAUER, Mr. KIND, Mr. PASCRELL, Ms. H.R. 2149: Mr. LUETKEMEYER and Mr. LIPIN- BOOZMAN, Mr. MOORE of Kansas, Mr. WILSON BERKLEY, Mr. CROWLEY, Mr. VAN HOLLEN, SKI. of Ohio, Mr. BOUCHER, and Mr. RODRIGUEZ. Mr. MEEK of Florida, Ms. SCHWARTZ, Mr. H.R. 2417: Mr. MCDERMOTT. H.R. 4812: Mr. RAHALL. DAVIS of Alabama, Mr. DAVIS of Illinois, Ms. H.R. 2441: Mr. FORBES. H.R. 4819: Mr. BACA and Mr. JOHNSON of LINDA T. SA´ NCHEZ of California, Mr. HIGGINS, H.R. 2478: Mr. COLE, Ms. RICHARDSON, Mr. Georgia. Mr. YARMUTH, Mr. MICHAUD, Mr. ENGEL, Mr. SALAZAR, Mr. RUPPERSBERGER, Mr. CARNEY, H.R. 4830: Ms. BALDWIN. SPRATT, Mr. HONDA, Mr. MEEKS of New York, Mr. CROWLEY, and Mr. VAN HOLLEN. H.R. 4844: Mr. COURTNEY and Mr. OLSON. Ms. CLARKE, Ms. CORRINE BROWN of Florida, H.R. 4850: Ms. LINDA T. SA´ NCHEZ of Cali- H.R. 2672: Mr. WILSON of South Carolina. Mr. RUSH, Mr. TOWNS, Ms. MOORE of Wis- fornia. H.R. 2732: Mrs. BACHMANN. consin, Ms. JACKSON LEE of Texas, Ms. RICH- H.R. 4859: Mr. HASTINGS of Washington. H.R. 2835: Mr. JOHNSON of Georgia. ARDSON, Ms. WATSON, Mr. HASTINGS of Flor- H.R. 4860: Mrs. CAPPS, Mr. KAGEN, and Ms. H.R. 3012: Mr. MELANCON. ida, Ms. LEE of California, Mr. AL GREEN of CASTOR of Florida. H.R. 3162: Mr. PLATTS. Texas, Ms. FUDGE, Mrs. CHRISTENSEN, Ms. H.R. 4868: Ms. MOORE of Wisconsin, Mr. H.R. 3185: Mr. MOORE of Kansas. KILPATRICK of Michigan, Ms. WASSERMAN SERRANO, Ms. ROYBAL-ALLARD, Ms. H.R. 3225: Mr. CAPUANO. SCHULTZ, Mr. CLAY, Mrs. NAPOLITANO, Mr. SCHAKOWSKY, and Mr. HOLT. H.R. 3333: Mr. GENE GREEN of Texas. SIRES, Mr. LUJA´ N, Mr. BRADY of Texas, Mr. H.R. 4870: Mr. FRANK of Massachusetts. H.R. 3383: Mr. HOEKSTRA. DAVIS of Kentucky, and Mr. REICHERT. H.R. 4886: Mr. THORNBERRY and Mr. H.R. 3441: Mr. WALZ. H.R. 5163: Mr. RYAN of Ohio. FALEOMAVAEGA. H.R. 3463: Mr. MCHENRY. H.R. 5164: Mr. RYAN of Ohio. H.R. 4914: Mr. HODES, Mr. MEEK of Florida, H.R. 3464: Mr. GOODLATTE and Mr. KIND. H.R. 5173: Mrs. MYRICK. and Mr. MOORE of Kansas. H.R. 3486: Mr. LIPINSKI. H.R. 5174: Mr. MURPHY of New York and H.R. 4943: Mr. NEUGEBAUER, Mr. YOUNG of H.R. 3487: Mr. MORAN of Virginia. Mr. HINCHEY. Florida, and Mr. GARY G. MILLER of Cali- H.R. 3531: Mr. FARR. fornia. H.R. 5177: Ms. FALLIN, Mr. DAVIS of Ten- H.R. 3564: Mr. MCNERNEY. nessee, Mr. BLUNT, and Mr. SENSENBRENNER. H.R. 4959: Ms. SHEA-PORTER. H.R. 3615: Mr. ELLSWORTH. H.R. 4961: Ms. WATSON, Mr. AL GREEN of H. Con. Res. 137: Mrs. MALONEY. H.R. 3781: Ms. GIFFORDS and Mr. DAVIS of H. Con. Res. 240: Ms. BALDWIN. Texas, Mr. HASTINGS of Florida, Mrs. Tennessee. H. Con. Res. 261: Mr. BOREN, Mr. LIPINSKI, CHRISTENSEN, Ms. RICHARDSON, Mr. BISHOP of H.R. 3790: Mrs. BIGGERT. Mr. RUPPERSBERGER, Mr. RYAN of Ohio, Mr. Georgia, and Ms. LEE of California. H.R. 3851: Ms. KOSMAS. H.R. 4971: Mr. BRADY of Pennsylvania, Mr. WHITFIELD, Mr. ROGERS of Alabama, and Mr. H.R. 3856: Mr. CHANDLER. BISHOP of Georgia, Mr. CLEAVER, Mr. RAN- BARTLETT. H.R. 3974: Mr. KENNEDY and Ms. HIRONO. H. Con. Res. 266: Mr. BOYD, Mr. TOWNS, Mr. GEL, and Mr. FATTAH. H.R. 4090: Mr. GUTIERREZ. H.R. 4999: Mr. MCCLINTOCK, Mr. GARY G. CRENSHAW, Ms. BORDALLO, Mr. ENGEL, Mr. H.R. 4116: Mr. BRALEY of Iowa. MILLER of California, and Mrs. BLACKBURN. HINCHEY, and Mr. SCOTT of Georgia. ORTON EWIS H.R. 4128: Ms. N and Mr. L of H.R. 5008: Mr. ELLSWORTH and Mr. TAYLOR. H. Con. Res. 267: Ms. BERKLEY. Georgia. H.R. 5015: Mr. PAUL. H. Con. Res. 271: Mr. KINGSTON, Mr. MORAN H.R. 4195: Mr. TOWNS, Mr. HIMES, and Ms. H.R. 5027: Ms. CHU. of Kansas, and Mr. LOBIONDO. SCHAKOWSKY. H.R. 5029: Mr. PITTS, Mr. SHADEGG, Mr. H. Res. 173: Mr. WU, Mr. ROSS, Mr. H.R. 4202: Mr. MOORE of Kansas, Ms. LEE of GINGREY of Georgia, Mrs. BACHMANN, Mr. COSTELLO, Mr. PETERS, Mr. TIERNEY, Mr. California, Mr. CUMMINGS, Mr. THOMPSON of PRICE of Georgia, Mr. AKIN, Mr. BILBRAY, Mr. PATRICK J. MURPHY of Pennsylvania, Mr. Mississippi, Mr. SIRES, Mr. YARMUTH, Mr. MARCHANT, Mr. LAMBORN, Mr. MCCLINTOCK, MURPHY of New York, Mr. LARSON of Con- PRICE of North Carolina, Mr. HIGGINS, and Mr. WILSON of South Carolina, Mr. POSEY, necticut, Mr. PALLONE, and Mr. HONDA. Mr. PASTOR of Arizona. Mr. HENSARLING, Mr. HERGER, Mr. KINGSTON, H. Res. 278: Mr. FORTENBERRY. H.R. 4241: Mr. BLUMENAUER. Mr. FRANKS of Arizona, Mr. ISSA, Mr. FLEM- H. Res. 287: Mr. LAMBORN. H.R. 4278: Mr. CAMP, Mr. BLUNT, and Mrs. ING, Mr. SMITH of Texas, and Mr. TIAHRT. H. Res. 407: Ms. RICHARDSON, Mr. YARMUTH, NAPOLITANO. H.R. 5034: Mr. DINGELL, Mr. SHUSTER, Mr. Mr. JOHNSON of Georgia, Ms. KOSMAS, Mr. H.R. 4306: Mr. KLINE of Minnesota. REYES, Mr. KRATOVIL, Mr.DRIEHAUS, Mr. MCNERNEY, Mr. DINGELL, Mr. ELLISON, Mr. H.R. 4309: Mr. CARNEY. MCHENRY, and Mr. NYE. AL GREEN of Texas, Mrs. BONO MACK, Mr. H.R. 4318: Ms. WOOLSEY and Mr. VISCLOSKY. H.R. 5040: Mr. PASTOR of Arizona and Mr. WU, and Mr. KLEIN of Florida. H.R. 4321: Mr. CUMMINGS. MOORE of Kansas. H. Res. 904: Mr. ANDREWS, and Mrs. H.R. 4322: Mr. KIND. H.R. 5044: Mr. HODES and Mrs. HALVORSON. MALONEY. H.R. 4376: Mr. STARK. H.R. 5054: Mrs. BLACKBURN. H. Res. 1006: Mr. CONAWAY. H.R. 4400: Mr. GORDON of Tennessee and H.R. 5078: Ms. KILPATRICK of Michigan. H. Res. 1149: Mr. KLINE of Minnesota. Mrs. BLACKBURN. H.R. 5092: Mr. CAPUANO, Mr. COURTNEY, Mr. H. Res. 1152: Ms. SLAUGHTER. H.R. 4402: Ms. ROYBAL-ALLARD. DICKS, Mr. DOGGETT, Mr. LANGEVIN, Mr. H. Res. 1213: Mr. AKIN, Mr. ALEXANDER, Mr. H.R. 4491: Mrs. CAPPS. LEVIN, Mrs. LOWEY, Mr. LYNCH, Mrs. BAIRD, Mr. CARNAHAN, Mr.COSTELLO, Mr. H.R. 4494: Mr. COSTELLO. MALONEY, Mr. RANGEL, Mr. DEUTCH, Ms. GARAMENDI, Mr. HOLT, Ms. KOSMAS, Ms. ZOE H.R. 4502: Mr. QUIGLEY and Mr. CARNAHAN. JACKSON LEE of Texas, Mr. LATOURETTE, Mr. LOFGREN of California, Ms. MARKEY of Colo- H.R. 4509: Mr. THOMPSON of California. DEFAZIO, Mr. NADLER of New York, Mr. rado, Mr. MARKEY of Massachusetts, Ms. H.R. 4517: Mrs. LOWEY. JONES, Mr. LIPINSKI, Mr. TIERNEY, Mr. GOR- MATSUI, Ms. NORTON, Ms. RICHARDSON, Mrs. H.R. 4530: Mr. LANGEVIN, Mr. DEFAZIO, Mr. DON of Tennessee, Mr. PATRICK J. MURPHY of NAPOLITANO, Mr. PAULSEN, Mr. REYES, Mr. SCOTT of Virginia, and Mrs. MCCARTHY of Pennsylvania, Mr. PITTS, Mr. DUNCAN, and ROTHMAN of New Jersey, Mr. ROHRABACHER, New York. Mr. OBERSTAR. Ms. SCHWARTZ, Mr. TONKO, Mr. WILSON of H.R. 4542: Mr. CALVERT. H.R. 5095: Mr. KLINE of Minnesota. Ohio, Ms. WOOLSEY, Ms. EDDIE BERNICE JOHN- H.R. 4544: Mr. SPACE, Mr. LUJA´ N, Mrs. H.R. 5121: Ms. NORTON and Mr. MCMAHON. SON of Texas, Mr. MCNERNEY, Ms. CHU, Ms. CAPPS, and Mr. GRIJALVA. H.R. 5125: Mr. BACA. WATSON, Mr. FORBES, and Mr. CONYERS. H.R. 4552: Mr. DAVIS of Illinois and Ms. H.R. 5126: Mr. PAUL. H. Res. 1226: Mr. CARSON of Indiana, Ms. RICHARDSON. H.R. 5128: Mr. HINCHEY, Mr. INSLEE, Mr. NORTON, Mr. MAFFEI, Mr. LOEBSACK, Mr. H.R. 4638: Mr. BOSWELL. ISRAEL, Mr. OBEY, Ms. LINDA T. SA´ NCHEZ of PAUL, Ms. GIFFORDS, and Mr. PITTS. H.R. 4662: Mr. MOORE of Kansas. California, Mr. RODRIGUEZ, Mr. OLVER, Ms. H. Res. 1231: Ms. GIFFORDS, Mr. FRELING- H.R. 4678: Mr. WEINER. RICHARDSON, Ms. SHEA-PORTER, Mr. ORTIZ, HUYSEN, and Mr. GARAMENDI. H.R. 4684: Mr. WALZ, Mr. MICHAUD, Mr. Mr. WAXMAN, Mrs. CHRISTENSEN, and Mr. H. Res. 1232: Mr. GUTHRIE, Ms. KILROY, Mr. MORAN of Kansas, Mr. SIRES, Mrs. BACA. KUCINICH, Ms. KAPTUR, and Mr. TURNER. CHRISTENSEN, Mr. WU, Mr. OLVER, Mr. MUR- H.R. 5131: Mr. MURPHY of Connecticut. H. Res. 1241: Mr. PENCE, Mr. CULBERSON, PHY of Connecticut, Mr. QUIGLEY, and Mr. H.R. 5138: Mr. INGLIS. Mrs. BLACKBURN, and Mr. SAM JOHNSON of SESTAK. H.R. 5141: Mr. GERLACH, Mr. SIMPSON, Mr. Texas. H.R. 4693: Ms. LEE of California. WALDEN, Mr. TERRY, Mr. YOUNG of Florida, H. Res. 1245: Mr. RADANOVICH. H.R. 4710: Mr. MCGOVERN and Ms. CLARKE. Mr. GRAVES, Mr. RADANOVICH, Mr. DENT, and H. Res. 1247: Mr. WITTMAN, Mr. PETRI, and H.R. 4734: Mr. CLAY and Mr. HINCHEY. Mr. MCCLINTOCK. Ms. SLAUGHTER.

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00042 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE May 4, 2010 CONGRESSIONAL RECORD — HOUSE H3125 H. Res. 1251: Mr. GOODLATTE, Mr. KIRK, Mr. Ms. SUTTON, Ms. BORDALLO, Mr. JONES, Mrs. CONGRESSIONAL EARMARKS, LIM- HALL of Texas, Mr. GARY G. MILLER of Cali- MILLER of Michigan, Mr. DONNELLY of Indi- ITED TAX BENEFITS, OR LIM- fornia, Ms. GIFFORDS, Mr. YOUNG of Florida, ana, Mr. DREIER, Mr. BURTON of Indiana, Mr. ITED TARIFF BENEFITS Mr. DINGELL, Mr. MCCLINTOCK, Mr. LINDER, BACHUS, and Mr. BOOZMAN. and Mr. CALVERT. H. Res. 1302: Ms. BORDALLO, Mr. BOUSTANY, Under clause 9 of rule XXI, lists or H. Res. 1264: Mr. TONKO. Mrs. CHRISTENSEN, Ms. CHU, Mr. DAVIS of Illi- statements on congressional earmarks, OSS H. Res. 1273: Mr. R . nois, Ms. LEE of California, Ms. NORTON, Mr. limited tax benefits, or limited tariff H. Res. 1277: Ms. BALDWIN, Mr. MORAN of WU, Ms. RICHARDSON, Mr. GRIJALVA, and Mr. benefits were submitted as follows: Kansas, and Mr. FORTENBERRY. KENNEDY. H. Res. 1285: Mr. INGLIS and Mr. FRANKS of The amendment to be offered by Rep- Arizona. H. Res. 1307: Mr. MORAN of Virginia, Mr. resentative WAXMAN, or a designee, to H.R. H. Res. 1290: Ms. RICHARDSON and Ms. NOR- GARAMENDI, Mr. LIPINSKI, and Mr. EHLERS. 5019, the Home Star Energy Retrofit Act of TON. H. Res. 1308: Mr. DICKS. 2010, does not contain any congressional ear- marks, limited tax benefits, or limited tariff H. Res. 1291: Mr. KLEIN of Florida, Mr. H. Res. 1310: Ms. KOSMAS and Mr. benefits as defined in clause 9 of rule XXI. BOCCIERI, and Mr. KENNEDY. GARAMENDI. H. Res. 1294: Mr. THORNBERRY, Mr. FARR, H. Res. 1312: Mr. HARE, Mr. CUMMINGS, Mr. Mrs. BLACKBURN, Mr. CRENSHAW, Mr. HARP- f DAVIS of Kentucky, Ms. MCCOLLUM, Mr. ER, Mrs. MILLER of Michigan, Mr. GRIFFITH, ORTIZ, Mr. YARMUTH, Mr. LOEBSACK, Mr. ROE Mr. LOBIONDO, Ms. CASTOR of Florida, Mr. of Tennessee, Mr. REYES, Mr. HOLDEN, Mr. HONDA, Mr. NUNES, Mr. DAVIS of Kentucky, DELETIONS OF SPONSORS FROM FOSTER, Mr. COURTNEY, Mrs. MALONEY, Mr. Mr. BLUMENAUER, and Mr. PIERLUISI. PUBLIC BILLS AND RESOLUTIONS RAHALL, Mr. PUTNAM, Mr. PASCRELL, Mr. H. Res. 1295: Ms. MATSUI and Ms. NORTON. Under clause 7 of rule XII, sponsors H. Res. 1297: Mr. LEWIS of Georgia and Mr. MCNERNEY, Mr. REICHERT, Mr. PATRICK J. were deleted from public bills and reso- CONYERS. MURPHY of Pennsylvania, Mr. GRIFFITH, Mr. H. Res. 1299: Mr. GRAVES, Ms. EDDIE BER- HALL of New York, Mr. WALZ, and Mr. lutions as follows: NICE JOHNSON of Texas, Ms. RICHARDSON, Mr. BRIGHT. H.R. 2927: Mr. WILSON of South Carolina, HOLDEN, Mr. MCGOVERN, Mr. BISHOP of Geor- H. Res. 1317: Mr. PENCE and Mr. GARY G. Mr. BARRETT of South Carolina, and Mr. gia, Ms. MOORE of Wisconsin, Mr. BOSWELL, MILLER of California. WESTMORELAND.

VerDate Mar 15 2010 04:51 Sep 24, 2010 Jkt 089060 PO 00000 Frm 00043 Fmt 4634 Sfmt 0634 E:\RECORD10\RECFILES\H04MY0.REC H04MY0 mmaher on DSKH9S0YB1PROD with CONG-REC-ONLINE E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 111 CONGRESS, SECOND SESSION

Vol. 156 WASHINGTON, TUESDAY, MAY 4, 2010 No. 65 Senate The Senate met at 10 a.m. and was Senator from the State of New Hampshire, Street firms by creating a way to liq- called to order by the Honorable to perform the duties of the Chair. uidate failed firms without taxpayer JEANNE SHAHEEN, a Senator from the ROBERT C. BYRD, money. That is going to be underlined State of New Hampshire. President pro tempore. and underscored with an amendment Mrs. SHAHEEN thereupon assumed that is first up, the Boxer amendment, PRAYER the chair as Acting President pro tem- which indicates that is, in fact, the The Chaplain, Dr. Barry C. Black, of- pore. case. It ends too big to fail with strict fered the following prayer: f new capital and leverage requirements to prevent firms from growing too big Let us pray. RECOGNITION OF THE MAJORITY to fail. It brings sunlight and trans- Eternal God, our only hope, our help LEADER in times of trouble, lead our Senators parency to shadowy markets. to use their power and influence with The ACTING PRESIDENT pro tem- It was really a revelation to me to faithfulness. May Your word rule in pore. The majority leader is recog- read a book entitled ‘‘The Big Short’’ their hearts, as they are led by Your nized. by Michael Lewis, who wrote the book wisdom. Lord, help them to seek Your f that was made into a movie and re- ceived an Academy Award, ‘‘The Blind will and see it clearly. May they work SCHEDULE out the issues that divide them, as Side.’’ This book is good. It indicates they strive to serve the welfare of our Mr. REID. Madam President, fol- to anyone who reads it the shadowy Nation and world. Empower our law- lowing leader remarks, we will be in a markets which are now in existence makers to not become so familiar with period of morning business for 60 min- and which we are trying to stop. This Your customary daily blessings that utes. The majority will control the legislation will stop them by bringing they lose the sense of expectancy for first half hour and the Republicans will in sunlight and transparency, where Your special interventions in the com- control the final 30 minutes. Following Wall Street executives make gambles plex challenges they face. morning business, we will resume con- that threaten the entire economy. We pray in Your great Name. Amen. sideration of the Wall Street reform The legislation reins in CEO pay by legislation. The Senate will recess giving shareholders a nonbinding vote f from 12:30 until 2:15 today to allow for on excessive compensation. It, again, the weekly caucus meetings. brings this into the light. It protects PLEDGE OF ALLEGIANCE f community banks and streamlines The Honorable JEANNE SHAHEEN led bank supervision to create clarity and the Pledge of Allegiance, as follows: FINANCIAL REGULATORY REFORM accountability. It protects a dual bank- I pledge allegiance to the Flag of the Mr. REID. Madam President, I ap- ing system that supports community United States of America, and to the Repub- plaud and commend my friend, the dis- banks and protects consumers in many lic for which it stands, one nation under God, tinguished chairman of the Banking different ways. It puts a new cop on the indivisible, with liberty and justice for all. Committee, Senator CHRIS DODD, for beat, creates an independent agency the bill we have on the floor. I also ex- f with broad authority to monitor firms press my appreciation for the work for abusive practices, and we allow APPOINTMENT OF ACTING done by the chair of the Agriculture intervention to protect consumers. PRESIDENT PRO TEMPORE Committee, Senator BLANCHE LINCOLN. An important provision the Amer- The work of these committees is the ican public will easily identify with: it The PRESIDING OFFICER. The bill on which we are working, offering guarantees clear information in plain clerk will please read a communication amendments to this most important English and ensures consumers get the to the Senate from the President pro piece of legislation. The bill that is information they need to shop for tempore (Mr. BYRD). now before the Senate is a strong bill. mortgages, credit cards, and other fi- The legislative clerk read the fol- I again express my appreciation to the nancial products, that it will be in lowing letter: two chairs for the good work they have English they can understand. There are U.S. SENATE, done. no more abusive practices. It protects PRESIDENT PRO TEMPORE, This bill will hold Wall Street ac- consumers from hidden fees, abusive Washington, DC, May 4, 2010. To the Senate: countable and put consumers in con- terms, and deceptive practices. It also Under the provisions of rule I, paragraph 3, trol. It ends taxpayer bailouts and protects against Bernie Madoff-type of the Standing Rules of the Senate, I hereby guarantees taxpayers will never again scams. It is a strong piece of legisla- appoint the Honorable JEANNE SHAHEEN, a be forced to bail out reckless Wall tion.

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

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VerDate Mar 15 2010 23:50 May 04, 2010 Jkt 089060 PO 00000 Frm 00001 Fmt 4624 Sfmt 0634 E:\CR\FM\A04MY6.000 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3052 CONGRESSIONAL RECORD — SENATE May 4, 2010 There will be efforts made to make it eled there at some point in the past the two leaders or their designees, with even stronger with amendments on our year. Hopefully the appropriate offi- Senators permitted to speak therein side. We hope Republicans will join cials are using this opportunity to ex- for up to 10 minutes each, with the ma- with us in passing this legislation. ploit as much intelligence as he may jority controlling the first half of the There are some who have said that by have about his overseas connections time and Republicans the second. the time this bill gets off the floor, a and any other plots against Americans Mr. BROWN of Ohio. Madam Presi- significant majority of Senators will either here or abroad. dent, I ask unanimous consent that vote for it. I hope that is the case. But this is very good news, and Senator KAUFMAN, the cosponsor of our I also hope we don’t get locked into again, we want to thank those who Wall Street reform amendment, and I something that appears to be the order work so hard to keep us safe and to be permitted to speak for up to 20 min- of the Congress around here; that is, protect us from ongoing threats. As I utes. everything has to have 60 votes. I can’t said yesterday, this plot is a reminder The ACTING PRESIDENT pro tem- speak for everyone, but I will certainly to all of us of the need for constant vig- pore. Without objection, it is so or- do everything within my power to tell ilance and to never drop our guard. dered. my Senators, let’s just have 50-vote KENTUCKY FLOODING f margins. Why do we need to have 60 I would also like to say a word about FINANCIAL REGULATORY REFORM votes on everything we do around here? the flooding in Kentucky. Mr. BROWN of Ohio. Madam Presi- It makes it so much more difficult. I Last night Governor Beshear said he dent, we all agree our financial system believe it is unnecessary. would seek a major disaster declara- should never again be on the brink of I hope we can move forward and get tion from the President to help recover total collapse. We all agree we must this legislation done. We have to finish from the devastation wrought by a never again allow Americans to fall it by next week. We will finish it one round of weekend storms and collateral victim to the unconscionable reckless- way or the other by next week. We flooding, and I will be sending a letter ness and unbridled greed we have seen have to do that. We have so much more to the President today in support of over the last decade. No longer should to do. We have the expiring provisions Kentucky’s request for a major dis- a no-show regulatory attitude rob of the tax extenders. Unemployment aster declaration which would provide Americans of their jobs, of their benefits will expire at the end of this direct Federal logistical support and homes, of their retirement savings, of month. We have the doctors, and we cost sharing assistance to mitigate the their credit ratings, and the list goes have to take care of them. That is a effects of the flooding. on and on. We all agree American tax- commitment we made, all of us, Demo- Emergency declarations have been payers should never again have to foot crats and Republicans—that we would made in 48 counties throughout the the bill for bailouts to the very firms take care of the doctors with the SGR. Commonwealth, and that number is whose cowboy attitudes got us into We were able to pass, with pay-go, a 5- likely to increase as recovery efforts this mess in the first place. year fix. They have a 10-year fix on the continue. Tragically, four people have So how do we put a stop to the mad- House side. But we have to take care of been confirmed dead as a result of ness that left our economy in a sham- these doctors. They deserve that. We flooding in Madison, Barren, Allen, and bles? We stop it in its tracks. That have to do that before the end of this Lincoln Counties. means hard decisions. It means deci- month. There are other important My office has been in contact with sive action. It means doing more than issues we would like to deal with. We the Governor’s office, and we will do all taking action when we recognize the have small business we would like to we can to assist him. It is my under- symptoms of collapse. It doesn’t mean deal with. There are many good things standing that Governor Beshear has waiting until it is too late and too we can do there that have partisan spoken with the President about the many people suffer. It means elimi- agreement, and we can move forward. situation and that FEMA is already nating the ingredients of collapse. I hope we can move quickly on this working with State authorities in Ken- Chairman DODD’s bill is strong. It legislation. I hope there can be some tucky to render assistance. sets the stage for recognizing trouble, work with the two managers to move Our prayers are with the victims of and it helps use regulatory tools to re- this legislation along, the two initial the flooding in both the Common- verse it. managers, Senators DODD and SHELBY, wealth and in her sister State of Ten- Senator KAUFMAN and I think we owe who will manage most of this bill. nessee and our gratitude goes out to it to the American people to take one When we get into the derivative sec- the first responders and emergency per- more significant step. We need to take tion, Senators LINCOLN and CHAMBLISS sonnel rendering aid to the impacted action now so trouble never has the will be managing that part. communities. chance to brew. That means taking on f I suggest the absence of a quorum. the financial institutions that are too big to fail and doing that now and RECOGNITION OF THE MINORITY The ACTING PRESIDENT pro tem- pore. The clerk will call the roll. doing that in this bill. LEADER Former FDIC Chair William Isaac The legislative clerk proceeded to The ACTING PRESIDENT pro tem- said these institutions are ‘‘too big to call the roll. pore. The Republican leader is recog- manage and too big to regulate.’’ Sen- Mr. BROWN of Ohio. I ask unanimous nized. ator KAUFMAN and I want to do more consent that the order for the quorum than monitor banks that must be f call be rescinded. bailed out if they gamble themselves NYC TERROR SUSPECT The ACTING PRESIDENT pro tem- into a corner. We want to put a hard pore. Without objection, it is so or- Mr. MCCONNELL. Madam President, limit on the size of these behemoth Americans were happy to learn this dered. banks so they don’t control so much of morning that late last night Federal f our economy that, come crisis time, we and local officials in New York City ap- RESERVATION OF LEADER TIME have to save them; we have to bail prehended the man they believe to them out to save the economy. We have attempted a terrorist attack in The ACTING PRESIDENT pro tem- want to limit their size so they can’t Times Square on Saturday. pore. Under the previous order, the back taxpayers into a corner, where it I join all Americans in thanking the leadership time is reserved. is either help them or hurt ourselves. law enforcement officials who worked f We don’t want that obsequent choice. around the clock these past two days. We think that should be a concern It looks like they got their man, and MORNING BUSINESS whether it comes through acquisition we are grateful for their efforts on our The ACTING PRESIDENT pro tem- or organic growth. Certainly, risk is behalf. pore. Under the previous order, there the biggest problem, but size is almost It is my understanding that the sus- will now be a period for the transaction as big a problem, and together they can pect, a naturalized American citizen, is of morning business for up to 1 hour spell disaster. Our measure only affects a native of Pakistan and that he trav- equally divided and controlled between the six largest megabanks.

VerDate Mar 15 2010 23:50 May 04, 2010 Jkt 089060 PO 00000 Frm 00002 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.009 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 4, 2010 CONGRESSIONAL RECORD — SENATE S3053 As this chart shows—and I have cited In 1911, we broke up Standard Oil. So what ing industry in America, the price of it often in recent weeks—the assets of happened? The individual parts became more housing in this country from 1990 until these six banks, the assets of the larg- valuable than the whole. Maybe that’s what about 2003 was just like that and then est six banks in the United States 15 we need to do. it went right through the roof. This is years ago was 17 percent of gross do- This is Alan Greenspan, who clearly a very bad sign in anything. The fact mestic product. The total assets of the has never come down on this side on that our banks are operating this thing six largest banks today are 63 percent issues such as this. is truly scary. of gross domestic product. Seventeen President Franklin Roosevelt inves- Let me show my colleagues another percent of gross domestic product 15 tigated and imposed structural regula- chart. This is average assets relative to years ago, six largest banks, 63 percent tions on utilities through the Public GDP. This is the concentration of the of gross domestic product today. These Utility Holding Company of 1935. That U.S. banking system. Does that chart banks have $9 trillion—that is $9,000 worked for the prosperity of business, look familiar? Let me tell my col- billion—in assets. and it worked for the prosperity of the leagues the worst thing about this. Research shows that a bank’s size country as a whole. This does not include what we did dur- stops providing benefits to its cus- In 1984, the court split AT&T into a ing the meltdown, when we took Wash- tomers once it reaches approximately group of regional Bells. That worked ington Mutual and pushed it into $100 billion. So we can get all the for business. That worked for the coun- JPMorgan Chase, when we took Merrill economies of scale in a bank with $100 try as a whole. Lynch and pushed it into Bank of billion—$100,000 million. Those are In all these cases, size was detri- America, and when we took Wachovia large banks, $100 billion banks. You mental to the marketplace. Now these and pushed it into Wells Fargo. That can get the economies of scale with megabanks have grown so large they doesn’t even include this. We can only $100 billion banks. You don’t need a control the fate of our economy. imagine where this line would be now. $11⁄2 trillion bank. The large banks have effectively be- I have to get the chart updated. This is I have heard some argue that smaller come huge securities and derivatives incredible. Of course, the red line is banks are actually less stable than trading operations grafted on top of when we passed Glass-Steagall. larger banks. Evidence shows, though, commercial banks. Right now they are So the clear indicator is Glass that larger banks actually exhibit using their trading businesses, and Steagall. In 1929, we had a credit melt- greater risk due to the higher vola- they are neglecting their lending busi- down in this country. Our forbears on tility of their assets and their activi- nesses. Ask people in Hanover. Ask this very floor said we have to do some- ties. Look what happened in the last 2 people in Mansfield. Ask people in To- thing about it. We have to pass laws, years. The simplest, most effective way ledo or Shelby, OH. Ask small busi- not go back to the regulators who to manage this risk is to spread it out, nesses, and they will tell you they sim- didn’t serve us well over the last 8 to have several modestly sized institu- ply can’t get the credit they need for years—no, no. We have to pass laws. So tions instead of a few giant ones. But manufacturing and other kinds of we passed Glass-Steagall that not only the risk in the financial system is small businesses. said you can’t be a commercial bank clearly collecting in a few gigantic These large banks have too often put and an investment bank under the banks. a virtual freeze on lending to small same roof—which, when I was in This chart shows the industry con- businesses, despite receiving a tax- school, we learned was one of the ba- centration in top bank holding compa- payer bailout. Three of the largest sics for our success and why we went 60 nies. When Gramm-Leach-Bliley passed banks slashed their SBA lending by 86 years without a bank panic, which we in 1999, the five biggest banks had 38 percent from 2008 to 2009. In Ohio, SBA- had all through the 19th century and percent of the assets of the financial backed loans went from 4,200 in 2007 to right up to 1929. industry. Today they hold 52 percent. 2,100—cut in half—in 2009. We should not have investment So we can add up all the community I have heard from manufacturers and banks and commercial banks under the banks in my State—and there are doz- entrepreneurs, from energy startups same roof. Commercial banks should be ens and dozens of them and they serve and mom-and-pop operations, from there to protect the small investor, the the communities well—you can add up small business owners to the local cor- small depositor, make sure it is safe, all the regional banks in my State; you ner store operator, all part of the mid- and that is why we gave it guaranteed can add up KeyBank and Fifth Third dle class who are struggling to get the FDIC insurance. We never thought we and Huntington and 1st Mariner—all credit they need to hire their workers. would have FDIC insurance for an or- the regional banks—and when we do Our amendment simply says too big ganization that had investment bank- that all over the country, these five to fail is too big. ing in it. banks still have most of the assets. We are going to call up the amend- Commercial banking should be a low- Five banks have 52 percent of the as- ment sometime this week. Senator risk, basically low-return business. sets. KAUFMAN is one of many cosponsors That is what we wanted. That is what I know some people think it is too who played a major role in crafting the vast majority of Americans have at late—the horses are out of the barn— this legislation. their local bank. It should not be in- and we can’t go back to a time when I yield to Senator KAUFMAN. cluded under the same roof as an in- we had a group of 15 modestly sized Mr. KAUFMAN. I thank the Senator. vestment banking operation that is banks, as opposed to 6 gargantuan I think Senator BROWN has given a high risk, high return. We could have banks. We allowed big financial firms presentation that is perfect and that had this argument 5 years ago, and I to merge into giant ones, and that led explains this. I am just going to make would have said: Oh, that is a good ar- to a $4 trillion bailout. In the last few a few points. I gave a speech on the gument. Let’s talk about it. Let’s see decades, the banking industry has be- floor yesterday, if anybody is inter- what happened and how we got to come so concentrated it no longer func- ested in more detail. where we are. tions as a competitive market. Since Let’s look at some charts that kind The other sentiment we hear, just to 1990, the 20 largest financial firms have of take what Senator BROWN says and expound on some of the points made by increased their control of banking as- slices and dices it in a slightly dif- my colleague from Ohio: We can’t sets. They once controlled 35 percent. ferent way. break up the banks. You don’t under- They now control 70 percent. Some This is the average assets relative to stand, TED. We need these banks to firms are now 30 percent, 40 percent, in gross domestic product of U.S. com- compete internationally. some cases, larger than they had been mercial banks. Would anybody like to Let me get one thing straight. Do my before the crisis. guess when Glass-Steagall was re- colleagues know what we are going to So what does it mean? We are pealed? How about right about here. I do under our bill if Brown-Kaufman twiddling our thumbs as Wall Street, don’t know if my colleagues have seen passes? We are going to ask Citigroup once again, places our Nation at risk. the charts. One of the reasons I to go back to what they were in 2003. Former Fed Chairman Alan Green- thought there was a housing bubble is, Was Citigroup competing internation- span said: if you look at the charts on the hous- ally in 2003? I think they were. So we

VerDate Mar 15 2010 23:50 May 04, 2010 Jkt 089060 PO 00000 Frm 00003 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.011 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3054 CONGRESSIONAL RECORD — SENATE May 4, 2010 are not saying we are going to take by Senator LEVIN and Senator Lorain County out of work and businesses them apart. All we are trying to do is MERKLEY, ask this question when they continue to close their doors. get them back to what they were. start laying out the problems: Are our I’m sure that there is no one single, simple Goldman Sachs. The balance sheet of solution, but holding the bankers responsible banks too big, No. 1; and No. 2, are they for what happened in our financial [industry an investment bank such as Goldman too big to fail? and our country], but it is necessary to help Sachs will be scaled down from $850 bil- I thank the Chair. remedy the financial crisis that most of us lion to a more reasonable level of Mr. BROWN of Ohio. Madam Presi- are in. above $300 billion or around $450 bil- dent, I thank the Senator from Dela- Please support law-abiding people by de- lion. That sounds pretty draconian, ware. manding integrity of the banking industry. right? We are asking them to go from It is so clear, first of all, that the We are depending on you. $850 billion down to $450 billion. Would Dodd bill is a huge step, a good step, a There are many people in my State anybody like to guess what Goldman solid bill in reforming Wall Street. of Ohio, and also in Dover and Wil- Sachs’ assets were in 2003? Would you It is what we ought to do. There will mington, DE, in the banking industry. believe $100 billion? We are allowing be three or four major chances. One of When institutions get this large—when them to grow to 31⁄2 to 4 times the size them is the amendment Senator KAUF- six institutions have this kind of eco- they were in 2003. MAN and I are working on. There will nomic power in our system, we know One of the people who didn’t do real be three or four major votes coming up that even someone as conservative as well during this last crisis was Alan to strengthen the bill. There will be ef- Alan Greenspan says that is a problem Greenspan. He is the one who said self- forts—particularly from my colleagues for our economy, risk is a big problem, regulation works. He said a whole lot on the other side of the aisle—to weak- size is a problem. This amendment will of other things, but he said two very en the bill. There are clearly many peo- affect only the six largest banks in the important things regarding where we ple in this institution who want to do country. They will operate better and are right now. One of them is the quote the work of Wall Street, and Wall more efficiently, and probably more Senator BROWN used: Too big to fail is Street has always been their bene- profitably, if they are a little bit too big. This is Alan Greenspan. This is factor. The big banks are their allies. smaller. This addresses that issue. not some populist in bib overalls, with They may do their bidding on the Sen- Mr. KAUFMAN. Madam President, I a pitchfork in the middle of the streets ate floor. There will be efforts to have a comment. I see common cause raising his hands. This is Alan Green- strengthen the bill, such as Merkley- here with the other side of the aisle. span. Levin, and some of the work we do When I talk to colleagues on the other I have to read this. You have to be- with derivatives. side of the aisle, it is not just the small lieve this. The next time somebody Let me close and put a bit of a businesses, it is the small banks that tells you we need these banks to com- human face on this. This is technical get hurt by these massive banks. I am pete and they need economies of scale, stuff. When you look at these charts a market guy. I am a free market guy. listen to what Alan Greenspan says: that we put up and what happened with It is one of the things that made this For years the Federal Reserve had been the size of these banks—again, I cite country great. There are two things, concerned about the ever larger size of our this number that astounds me every democracy and our capital markets. financial institutions. time I think about it: Only 15 years We almost lost our capital markets in Alan Greenspan: ago, the largest 6 banks in the country 2008. We cannot afford to risk that Federal Reserve research has been unable had assets of 17 percent of GDP. Today, again. I look to the markets to tell me. to find economies of scale in banking beyond it is 63 percent of GDP—some $9 tril- Do people think these six banks are too a modest-sized institution. lion. Those are astounding numbers. big to fail? What does the market say? There is a fellow named Andrew Hal- Let me shift and put a bit of a human Not me or some industry. See what the dane, who is the executive director of face on what this means. I want to market says about too big to fail. the Bank of England. Do my colleagues share two quick letters, one from Dean Baker and Travis McArthur, of know what he says the size is? He says someone in Columbus, and one in Lo- the Center for Economic and Policy $100 billion. That is what Haldane says. rain. Joann, from Franklin County, Research, compared the borrowing I commend everybody to read his re- says this: costs of the 18 largest banks, all of port. It is very good. Just realize right As a small family-owned business owner, which have over $100 billion in assets, now we have banks in this country that I’m trying to find help to keep our business to smaller banks, which make up the are $2 trillion and Haldane says $100 open. Our 20 employees and their families vast majority of banks in America. billion. Greenspan says we can’t find count on us to continue operating. They will They estimated that the effect of gov- economies of scale beyond a modest- end up unemployed and looking for work if ernment subsidy, because of the im- sized institution. we can’t keep money flowing. plicit guarantee that they are too big Alan Greenspan: They cannot get the kind of credit to fail—and this is what the market A decade ago, citing such evidence, I noted they need from these banks. says, not me or Senator BROWN—guess that megabanks being formed by growth and My neighbor had to close her business; she what. It results in a 70-to 80-basis point consolidation are increasingly complex enti- cut prices, selling everything she could. Now borrowing advantage for smaller ties that create the potential for unusually she works two part-time jobs. The building banks, resulting in lower borrowing large systemic risks in the national and her store was in sits empty. Banks didn’t costs, equaling approximately $34 bil- international economy should they fail. help her either. lion over smaller banks. Right now That is exactly what Senator BROWN The banking industry is responsible for the economic crash. They should be assisting these big banks, because the market and I have been saying and what a says they are too big to fail, don’t number of us have been saying about businessowners. Keeping us in business means jobs. Shutting us down is not helping worry, ABC down on the corner, they where we are. But this is Alan Green- the economy recover. give them a rate. But when it comes to span: Senator KAUFMAN and I don’t want the 6 big banks, they give them 70 to 80 Regrettably, we did little to address the retribution from the banks. We want basis points less because they know problem. the banks to pull their load and start they can fail. I just hope 2 years from now—I will treating small businesses and con- The ACTING PRESIDENT pro tem- not be here—somebody on the floor will sumers more fairly. They should be as- pore. The 20 minutes of the two Sen- not be saying: Regrettably, in 2010, we sisting businesses. ators has expired. did little to address this problem. Barbara, from Lorain County, west of Mr. KAUFMAN. I thank the Chair. This seems, to me, to be so incredibly Cleveland, says this: Mr. BROWN of Ohio. We yield the complex but at the same time so in- floor. credibly simple. I just ask my col- Please stand up for the working folk of the middle class. As a law-abiding taxpayer, I be- The ACTING PRESIDENT pro tem- leagues, every time someone says lieve that it is time for fiscal integrity of the pore. The Senator from Illinois is rec- something about the Brown-Kaufman U.S. bankers. ognized. bill, MARIA CANTWELL and JOHN We are holding on to our jobs and homes Mr. DURBIN. Madam President, I MCCAIN’s bill or the bill being offered by a thread. There are also many people in thank my colleagues for raising this

VerDate Mar 15 2010 23:50 May 04, 2010 Jkt 089060 PO 00000 Frm 00004 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.012 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 4, 2010 CONGRESSIONAL RECORD — SENATE S3055 important issue pending on the floor of lenged as they go about their daily It has been 23 years since Plyler v. the Senate, this major piece of legisla- business in a perfectly legal way. Doe was decided. As a result, millions tion, the Financial Stability Act. Of all Here is what the Arizona Daily Star of children have received an education the many amendments that will be of- newspaper said about the new law: and become citizens. They are doctors, fered, this is clearly a game changer. I The measure would turn legal residents soldiers, policemen, and others who am supportive of this amendment even into police targets, as well as those who are contribute to our society every day. though I know some of my friends in here illegally. It would foment racial Imagine what would have happened if the banking industry won’t be happy profiling of Hispanics. that Texas law had been allowed to with it. They are talking about dealing Phil Gordon, mayor of Phoenix, the stand and was the law of the land. I with the concentration of wealth and largest city in the State, said this of asked John Roberts, during his con- of economic power to a level that can the new Arizona law, signed by Gov- firmation hearing to the Supreme literally bring the economy down. That ernor Brewer: Court, if that law that was struck down is what we went through, leading into It unconstitutionally co-opts our police was settled law in America. He would this recession. That is what led to mas- force to enforce immigration laws that are not answer. It leaves some question on sive taxpayer bailout and that is what the rightful jurisdiction of the Federal Gov- what would happen if this law comes ernment. the Brown-Kaufman amendment ad- before his Court. dresses foursquare. I commend them Here is the reality: There are 450,000 Arizona faces serious law enforce- for their leadership on the amendment. undocumented immigrants in Arizona. ment challenges. There is intolerable Law enforcement clearly doesn’t have IMMIGRATION violence on Arizona’s border with Mex- the time to stop, prosecute, or remove I want to speak to an issue that is ico because of drug cartels. The reality anything near that number. Making timely in light of recent news events. is, it is the American appetite for nar- undocumented immigrants into crimi- Ninety-nine years ago, a boat pulled cotics that is fueling the drug war in nals will simply drive many of them into the harbor in Baltimore, MD, Mexico. It is American money and guns farther into the shadows. When we look which came over as a passenger ship flowing south of the border that has at this law, I also like to look at it from Germany. Down the gangplank created the situation, and we need to from the viewpoint of those in law en- walked three individuals—my grand- be more honest about it as well. But it forcement in Arizona. I have read their is a fact, and it is dangerous. I can un- mother, my uncle, my aunt, and my quotes. They feel this is an unneces- derstand why the people of Arizona mother, who was 2 years old, in the sary, at least an indefensible, burden would feel some trepidation and real arms of my grandmother. They had being placed on them. I have read that concern about that. come from Lithuania to the United one chief of police in a small town in Last month, Robert Krentz, an Ari- States. When they arrived, none of Arizona said: I am not going to be zona rancher, was murdered near the them spoke English. My grandmother going out and stopping people on the border with Mexico. To say violence is carried a slip of paper with her, which streets and seeing if they are gathering not part of the scene in Arizona is un- had the words ‘‘East St. Louis, Illi- on the street corner. My job is to fight realistic and unfair. nois’’ written on them, because she crime. I thought that is why they hired In March of 2009, I held a hearing in knew that is where her husband was me. If I want to keep this community the Senate Judiciary Committee on and that was her destination. I cannot safe, I cannot spend a lot of time Mexican drug cartels. I invited Terry imagine how they navigated them- checking the papers of people walking Goddard, Arizona’s attorney general, selves onto a train to East St. Louis to down the street. to testify about the situation in Ari- meet my grandfather, but they did it. I In 2005, there was a law passed in the zona. He told me this: am sure there were people standing by House of Representatives known as the Sophisticated, violent, highly organized that gangplank in Baltimore watching Sensenbrenner amendment, which was criminals . . . are smuggling drugs, human these foreigners coming in, saying: Oh, a step in the wrong direction as well. It beings, guns, and money across the border and are using unimaginable violence to pro- my God, not more of those people. made it a felony for anybody to provide It has been a natural reaction in this tect and grow the criminal enterprise. Law services or assistance to undocumented enforcement officers in the State of Arizona Nation of immigrants that we look at immigrants. I have some friends in Chi- have been on the front lines of the efforts to newcomers as perhaps new problems. cago who run a home for battered combat one of the most serious organized Those who are here and lucky enough women. It is in the Pilsen neighbor- crime threats of the 21st century. to be in America have historically been hood, which is a Hispanic neighbor- If the Arizona law is wrong, what is critical of new immigration. That is hood. They literally ran the risk of the right answer? I think, in the frame- nothing new in American history. being charged with a Federal felony by work of the bill that we brought before But what has happened in Arizona in allowing somebody to come through Members of the Senate, considered last the last several weeks has taken this their door, a woman who had been week, there are three elements to it. to a different level. The passage of the beaten by her husband, perhaps car- First, we have to do everything in our law in Arizona, in my mind, is not only rying a child, offering them any help or power to police our border, make sure unjust but unconstitutional. The Ari- protection made them unfortunately we have the right technology and peo- zona law requires police officers to subject to being arrested under the ple, and that we are doing everything check the immigration status of any Sensenbrenner amendment. I offered an to stop the flow of illegal immigration individual if they have ‘‘reasonable amendment on the floor of the Senate into the United States. Those who say suspicion’’ that he or she is an undocu- to remove this and even in a Repub- ‘‘seal the border first’’ are setting an mented immigrant. How will police de- lican-controlled Senate, I was success- impossible standard. Imagine, if we set termine whether there is reasonable ful. My colleagues believed, as I did, a standard that said seal Interstate 95 suspicion that someone is undocu- that this went too far. so that no vehicle passing over that mented? The law doesn’t tell them. I believe the Arizona law goes too interstate will be carrying illegal nar- Law enforcement experts say it is like- far. This is not the first time that we cotics or guns. Well, there are tens of ly that they are going to look for those have gone too far and have moved back thousands of vehicles and people pass- who appear to be Hispanic. to a more moderate position. In 1982, ing legally between the U.S. and Mex- Under this law, any undocumented there was a Texas law passed that said ico every day, and amidst this legal immigrant can be arrested and charged elementary schools could refuse entry flow is an illegal flow. We need to find with a State crime solely on the basis to undocumented children. a way to reduce that. of their immigration status, and it is a In the landmark Supreme Court deci- The second part of that bill, the crime for a legal immigrant to fail to sion of Plyler v. Doe, the Supreme framework, would say that the lure of carry their documents at all times. One Court struck down that Texas law. At America is the lure of jobs. Let us es- out of three people legally living in Ar- the time, Chief Justice John Roberts tablish a Social Security card with bio- izona are Hispanic. We understand the was a lawyer in the Justice Depart- metric identification so that it clearly anxiety they have over a law that ment, and he criticized the Justice De- shows whether a person is legal. I would at least lead to the suspicion partment for not supporting the Texas think that is a step in the right direc- that they may be illegal and be chal- law. tion.

VerDate Mar 15 2010 01:49 May 05, 2010 Jkt 089060 PO 00000 Frm 00005 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.013 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3056 CONGRESSIONAL RECORD — SENATE May 4, 2010 Third is to deal not with amnesty but Of course, the American people would These are the issues that are before setting up a process where they would like for us to focus on jobs. the American people on this bill: Is have to work their way and prove their I have great respect for the Demo- there a Washington takeover of Main way into legal status. It will never be cratic Governor of Tennessee who was Street lending? Community banks, automatic. It would not be uncondi- quoted in the Wall Street Journal yes- credit unions, plumbers, and dentists tional. terday saying the following: say there may be. We need to make The trouble we have is that many of ‘‘If I have 100 conversations with people, 95 sure there is not. those who say the Federal laws have of them will be about jobs and none of them The last thing we need to do is make broken down and we do not have a good will be about cap-and-trade and none of them it harder to get a loan in Nashville or immigration law are unwilling to stand will be about bank reform,’’ said Tennessee Manchester or Knoxville or San Anto- Gov. Phil Bredesen, a conservative Demo- up and join us in writing a new law. crat, in an interview. nio. Because if you cannot get a loan, I invite all of my friends on the other you can’t hire a person, you can’t in- That is according to the Wall Street side of the aisle to join with the Demo- vest in something, and you can’t create Journal. Financial regulation reform is crats in writing a good immigration a new job, and the economy does not the current topic and financial regula- move. That is the first issue: Is there a law. Doing nothing is not an option. It tion is important. The importance of it Washington takeover of Main Street invites more laws such as those in Ari- is that this is a country that produces, zona which, unfortunately, are going to year in and year out, about 25 percent lending. The second issue: What about this have results which I do not think are of all the money in the world. We czarina or czar? What about this person consistent with our values in this sometimes forget how privileged we are the President would appoint to be in country. in our standard of living. We are just charge of millions of transactions in I urge my colleagues to join me in about 5 percent of the people of the the consumer bureau? Unlike our other supporting the framework. I hope they world, but 25 percent of the wealth of independent agencies, this person will also consider cosponsoring the the world is created here. It is because would barely be accountable to the DREAM Act, a bill which I introduced entrepreneurs have an advantage. They many years ago—and Senator DICK can create new jobs one right after the President and would not be account- LUGAR is my cosponsor—which says other. able to the Congress. Doesn’t that lead those brought to America—undocu- Our well-being is not measured by to the possibility that this person mented, who finish school, no criminal the number of jobs we lose. It is meas- could write some rules and regulations record, who are willing to finish 2 years ured by the difference of jobs we create unaccountably and might make the of college and serve in our military— and the number of jobs we lose. The same sort of mistake we made when we will have a chance to become legal in problem we have right now is we are encouraged people to buy houses who the United States of America. It is a not creating enough new jobs in the could not afford to pay for them— step in the right direction. It was not a United States of America. We need to which most agree is the principal event step 99 years ago when my 2-year-old focus on doing that. that led us into the great recession mother came to this country. Thank One aspect of that is the kind of sys- that we now have? And that nearly led goodness she did. Thank goodness I am tem of financial regulation we have. us into another depression, which here today to tell the story. All of us were appalled by some of the brings us to the third issue: Why are we I yield the floor. hi-jinks on Wall Street that helped not dealing with the big housing agen- The ACTING PRESIDENT pro tem- lead us to the great recession in which cies? Fannie Mae and Freddie Mac have pore. The Senator from Tennessee. we find ourselves and for which we had about as much debt outstanding as the Mr. ALEXANDER. Madam President, to take extraordinary action. The pur- United States does, and we taxpayers are we in morning business? pose of the financial regulation bill implicitly guarantee their debt. The ACTING PRESIDENT pro tem- should be to minimize the possibility In the health care debate, it was said: pore. Yes. of those [Wall Street] hi-jinks occur- We do not add to the national debt f ring again, but at the same time, to with this bill. But we did not include leave an environment in the United doctors—we did not include paying doc- FINANCIAL REGULATORY REFORM States where we can create the largest tors in the health care bill. That would Mr. ALEXANDER. Madam President, number of good, new jobs. When I say be about like my going to the Congres- the business before the Senate this ‘‘we,’’ I do not mean the government. sional Budget Office and saying: Tell week is financial regulation reform. It We have had too much attention on me how much it is going to cost to run is hard to pick what the business creating government jobs. the University of Tennessee for the should be this week. There is so much The one place the stimulus has next 10 years, and the Congressional going on that is of great concern to so worked is Washington, DC. Salaries are Budget Office might say to me: With or many of us. up here. There are more jobs here. The without the professors? If I wanted a We have a briefing this afternoon on place where the stimulus is not work- low-ball number, I would say: Oh, give the dimensions of the oilspill in the ing is out across the country where, if me a number without paying the pro- Gulf of Mexico. we continued with the economy over fessors. Those of us in Tennessee are deeply the next year at the rate of growth it That is what we got in the health concerned about the 1,000-year rain—an had in the first quarter, which was 3.2 care bill. We left out $200 billion or $300 event that only happens every 1,000 percent, we are told the unemployment billion. The President’s budget says it years or so, according to some of the rate at the end of the year will still be is $371 billion over the next 10 years be- engineers in the Army Corps—that has about 9 or 10 percent. Why? Because we cause we assumed that we would not wreaked havoc on middle Tennessee are not creating enough new jobs in the increase pay for doctors to serve Medi- and which is beginning now to hurt private sector. care patients, which would create for west Tennessee. As we deal with financial regulation, them a 21-percent cut in pay. And for Also, we have the Arizona immigra- we must be careful to leave an environ- those Medicare patients, it begins to tion debate, which the distinguished ment in which we can continue to cre- create a health care bridge to nowhere Senator from Illinois was discussing a ate jobs, which is why there are five because no doctors are going to see little earlier. major issues that have come toward us. them if they are not properly reim- We have a new START treaty the I heard someone on television this bursed. President has asked us to consider. morning say: There go the Repub- We are doing the same thing in finan- Just around the corner, we have a licans. They want to slow down the fi- cial regulation reform when we leave nomination coming for a vacancy on nancial regulation bill. They cannot out Fannie Mae and Freddie Mac. Why the Supreme Court of the United agree on it in the Senate. are we leaving them out? It is not be- States which will dominate, as it What we want to do—especially after cause they didn’t make a contribution should, the attention of this body for 2 the health care debate—is provide some to the big recession we are in. Every- or 3 months or so until it is thoroughly checks and balances to make sure we one agrees they did. The Democrats are considered. have a good bill. leaving them out because if Democrats

VerDate Mar 15 2010 01:49 May 05, 2010 Jkt 089060 PO 00000 Frm 00006 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.014 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 4, 2010 CONGRESSIONAL RECORD — SENATE S3057 put them in, we would have to deal We will see what Senator SHELBY has Gary B. Gorton, a finance professor at with the $200 billion, $300 billion or $400 to say on that. But that still leaves the Yale, said the financial system would remain billion cost in the current year. Ac- question of whether we ought to have vulnerable to panics because the legislation cording to the Wall Street Journal an independent czarina or czar. That would not improve the reliability of the mar- kets where lenders get money, by issuing today, the Congressional Budget Office still leaves the question of whether we short-term debt called commercial paper or says the deficit would be about $291 bil- are dealing properly with derivatives. loans called repurchase agreements or lion bigger in 2009. So, Congress is That still leaves the question of wheth- ‘‘repos.’’ going to put them in the drawer or put er we ought to leave out of a financial The recent crisis began as investors nerv- them under the table or act like they reform bill the two great housing agen- ous about mounting subprime mortgage aren’t there, and say to the American cies that are just sticking there in losses started demanding higher returns, people: Hooray, we fixed financial regu- front of us like a sore thumb, remind- then withholding money altogether. The government is now moving to prevent abu- lation, but we’re not dealing with hous- ing us we have not done our job if we sive mortgage lending, but Mr. Gorton said ing? When we fix financial regulation don’t include them. And of great im- investors could just as easily be spooked by without addressing Fannie Mae and portance, why can’t we simply have a something else. Freddie Mac it’s like not paying doc- provision in the bill that eliminates The flight of investors is the modern tors when we pass a comprehensive any possibility that we have a Wash- version of a bank run, in which depositors health care bill. That is a third issue. ington takeover of Main Street? It is line up to withdraw their money. The bank- There are a couple more issues. One not the business of this bill to make it ing industry was plagued by runs until the is the so-called derivatives issue. The harder to extend and get credit up and government introduced deposit insurance during the Great Depression. Professor Gor- so-called derivatives issue is a com- down Main Street America. ton said the industry had now entered a new plicated issue for many people, but the Madam President, I ask unanimous era of instability. head of the Federal Deposit Insurance consent to have printed in the RECORD ‘‘It is unfortunate if we end up repeating Corporation says the bill before us may a series of articles. history,’’ Professor Gorton said. ‘‘It’s basi- actually create less regulation for There being no objection, the mate- cally tragic that we can’t understand the im- these complicated transactions rather rial was ordered to be printed in the portance of this issue.’’ Treasury Secretary Timothy F. Geithner than more. This is an area in which we RECORD, as follows: agreed in April testimony before the House want to make sure we do not make a [From the New York Times, May 3, 2010] Financial Services Committee that ‘‘more mistake. SENATE FINANCIAL BILL MISGUIDED, SOME work remains to be done in this area,’’ but Then there is the so-called big bank ACADEMICS SAY he said that regulators could address the bailout provision. Most Americans (By Andrew Ross Sorkin) issue without legislation. The government don’t want a provision in the law that plans to require lenders to hold larger re- As Democrats close in on their goal of serves against unexpected losses and to re- allows or encourages big banks to take overhauling the nation’s financial regula- quire that they keep money on hand to meet risks that cause them to fail and take tions, several prominent experts say that the short-term needs. the rest of us down with them. So, the legislation does not even address the right David A. Skeel Jr., a corporate law pro- problems, leaving the financial system vul- point of our debate ought to be to fessor at the University of Pennsylvania, nerable to another major crisis, Binyamin make sure in our financial regulation said it would be a mistake for Congress to Appelbaum and Sewell Chan report in The reform that we don’t provide incentives leave the drafting of these standards to the New York Times. for big banks to take imprudent risks discretion of regulators. that will cause them to fail and hurt us Some point to specific issues left largely ‘‘Regulators working right now will be untouched, like the instability of capital because they are so big. tough,’’ Professor Skeel said. ‘‘But we know markets that provide money for lenders, or from history that as soon as this legislative How are we making progress on this the government’s role in the housing mar- issue? As the Republican leader has moment passes, the ball is going to shift ket, including the future of the housing fi- back into Wall Street’s court. As soon as the said, we have Goldman Sachs and nance companies Fannie Mae and Freddie crisis passes, what inevitably happens is that Citibank that have said they like the Mac. the people that are paying the most atten- bill. I would say there are a number of Others simply argue that it is premature tion are the banks.’’ people worried about the bill. I am to pass sweeping legislation while so much A second group of critics say the govern- hearing from community banks, credit about the crisis remains unclear and so ment helped to seed the crisis through its ef- many inquiries are in progress. unions, auto dealers, dentists, fur- forts to increase home ownership, including ‘‘Until we understand what the causes the role of Fannie Mae and Freddie Mac in niture retailers, plumbers, and candy were, we may be implementing ineffective companies with concerns. buying mortgage loans to make more money and even counterproductive reforms,’’ said available for lending. The companies are now A New York Times article says: Andrew W. Lo, a finance professor at the owned by the government after incurring ‘‘Senate Financial Bill Misguided, Massachusetts Institute of Technology. ‘‘I enormous losses on loans that borrowers Some Academics Say.’’ That was yes- understand the need for action. I understand could not afford to repay. terday. A Professor at MIT says, ‘‘ . . . the need for something to be done. But what Lawrence J. White, a finance professor at we need to proceed about this in a I expect from political leaders is for them to New York University, said it made no sense much more deliberate and rational and demonstrate leadership in telling the public to overhaul financial regulation without ad- that we need to proceed about this in a much dressing the future of federal housing policy. thoughtful way.’’ That is what we more deliberate and rational and thoughtful would like to do. He said he was trying to find the strongest way.’’ possible words to describe the omission of A professor at New York University Senate Republicans echoed some of these Fannie Mae and Freddie Mac from the legis- says leaving out Fannie Mae and concerns as they delayed debate on the legis- lation. Freddie Mac from the discussion is lation last week. Democrats agree that sig- ‘‘It’s outrageous,’’ he finally said. ‘‘outrageous.’’ nificant issues remain to be addressed. But Republicans have repeatedly criticized the FDIC Chairman Sheila Bair warns they say that the government must press administration for advancing legislation against new curbs on bank trading that forward in responding to the problems that that does not address the companies’ future. I just mentioned. already are clear. The Obama administration says drafting a The bill, which was introduced by Chris- My point is that this is an oppor- new housing policy is on its agenda for next topher J. Dodd, chairman of the Senate year. tunity for us on the Republican side Banking Committee, would extend oversight Other critics warn that the proposed legis- and those on the Democratic side to to a wider range of financial institutions and lation would insert the government deeply take an important piece of legisla- activities. It would create a new agency to into the financial markets, creating new dis- tion—not such a visible piece of legis- protect borrowers from abuse by lenders, in- tortions and seeding future crises. They say lation today because we have issues cluding mortgage and credit card companies. the focus of financial reform should instead from immigration to the oilspill to the And it seeks to ensure that troubled compa- be on increased transparency. flooding in Tennessee—vastly impor- nies, however large, can be liquidated at no Andrew Redleaf and Richard Vigilante, cost to taxpayers. hedge fund managers who started warning tant for our country and work together A diverse group of critics, however, say the investors in 2006 that a housing crisis was in- to make it better. legislation focuses on the precipitators of evitable, proposed a minimalist version of Some progress, I understand, is being the recent crisis, like abusive mortgage lend- reform in their recent book ‘‘Panic.’’ They made on one of the five provisions. ing, rather than the mechanisms by which want to require all financial institutions, in- That is the too-big-to-fail provision. the crisis spread. cluding investment banks and hedge funds

VerDate Mar 15 2010 23:50 May 04, 2010 Jkt 089060 PO 00000 Frm 00007 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.016 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3058 CONGRESSIONAL RECORD — SENATE May 4, 2010 like their own, to disclose, at least once a that the provision could undermine the goal To date, the federal government has been week, every position in tradable securities. of making derivatives trading less opaque. forced to pump $126 billion into Fannie and ‘‘The Dodd bill is almost entirely irrele- ‘‘You’d rather make sure that it’s regu- Freddie. That’s far more than AIG, which ab- vant,’’ Mr. Vigilante said in a telephone lated,’’ said one administration official, who sorbed $70 billion of government largess, and interview. ‘‘All it does is strengthen what spoke on the condition of anonymity because General Motors and Chrysler, which shared we’ve had for years,’’ a system that depends the matter has not been resolved. ‘‘The $77 billion. Banks received $205 billion, of on judgments made by regulators behind whole principle of [regulatory] reform is not which $136 billion has been repaid. closed doors. to push things into dark corners.’’ Fannie and Freddie continue to operate Proponents of the legislation say that it Federal Reserve officials expressed their deeply in the red, with no end in sight. The significantly expands transparency, for ex- reservations to Lincoln’s staff members Congressional Budget Office estimated that ample by requiring many derivatives con- when they were working with their counter- if their operating costs and subsidies were tracts to trade in public view. But they say parts from the Senate banking committee to included in our accounting of the overall fed- that the government also needs to expand combine legislation passed by each panel. eral deficit—as properly they should be—the the scope of its oversight because the worst The agriculture and banking committees 2009 deficit would be greater by $291 billion. excesses that led to the crisis began and both have had a traditional interest in de- Worst of all are the tracts of foreclosed flourished at nonbank financial institutions rivatives, which originated decades ago with homes left behind by households lured into that were not subject to federal regulation. trading in farm products. inappropriate mortgages by the lax credit The most basic critique comes from Pro- In a memo, Fed officials said that forcing standards made possible by Fannie Mae and fessor Lo and others who say that Congress banks to separate derivatives trading from Freddie Mac and their promise to purchase is moving too quickly. The origins of the cri- banking operations would ‘‘impair financial and securitize millions of subprime mort- sis remain a subject of intense controversy. stability and strong prudential regulation of gages. Investigations continue to unearth sur- derivatives,’’ ‘‘have serious consequences for All this happened in the name of the prising information. The Financial Crisis In- the competitiveness of U.S. financial institu- ‘‘American Dream’’ of home ownership. But quiry Commission, a bipartisan panel cre- tions’’ and ‘‘be highly disruptive and costly, there’s no evidence Fannie and Freddie ated by Congress, is not scheduled to report both for banks and their customers.’’ helped much, if at all, to make this dream until December. Why not wait, they ask, Lincoln has stood by her proposal, which come true. Despite all their initiatives since until the targets are clearer? has garnered support from consumer advo- the early 1970s, shortly after they were incor- Phil Angelides, the chairman of the in- cates, saying she wants to protect bank de- porated as private corporations protected by quiry commission and a Democrat, says that positors from risky trading activities. ‘‘It government charters, the percentage of the problems raised by the crisis will not be ensures banks get back to the business of American households owning homes has in- solved in one stroke and that he supports the banking,’’ said Courtney Rowe, Lincoln’s creased by merely four percentage points to Democratic push to begin the process soon. spokeswoman. 67%. But the critics point to the words of Nich- But other lawmakers have raised concerns. In contrast, between 1991 and 2008, home olas F. Brady, a former Treasury secretary ‘‘As we try to put in place new rules ownership in Italy and the Netherlands in- who led the bipartisan investigation into the around derivatives, we don’t want to push creased by 12 percentage points. It increased 1987 stock market crash: ‘‘You can’t fix what the whole derivatives market offshore,’’ Sen. by nine points in Portugal and Greece. At you can’t explain.’’ Mark Warner (D–VA) said recently on the least 14 other developed countries have home Senate floor. ownership rates higher than in the U.S. They [From the Washington Post, May 4, 2010] Sen. Judd Gregg (R–NH) said Monday that include Hungary, Iceland, Ireland, Poland DERIVATIVES-SPINOFF PROPOSAL OPPOSED AS Lincoln’s measure would not only push de- and Spain. Canada doesn’t have the equivalent of PART OF OVERHAUL BILL rivatives transactions offshore but would constrict credit to Main Street businesses Fannie and Freddie. Nor does it permit the (By Brady Dennis) that benefit from the ability to hedge deduction of mortgage interest from an indi- A dramatic proposal that could force banks against changes in asset prices. vidual’s taxes. Nevertheless, its home owner- to spin off their derivatives businesses, po- ‘‘This is a real job killer. It would cause ship rate is 68%. Canadian banks have weath- tentially costing them billions of dollars in contraction in the economy,’’ Gregg said. ered the financial crisis particularly well revenue, has run into opposition on multiple ‘‘It’s really a poor idea, and it has no pur- and required no government bailouts. fronts as the Senate prepares to take up leg- pose, in my opinion, that’s constructive. It’s This mediocre U.S. home ownership record islation to remake financial regulations. just a punitive exercise aimed at Wall developed despite the fact that Fannie and Obama administration officials, industry Street.’’ Freddie were allowed to operate as a tax-ad- groups, banking regulators and lawmakers Amendments aimed at killing the Lincoln vantaged duopoly, supposedly to allow them from both sides of the aisle have taken aim provision are likely to emerge as lawmakers to lower the cost of mortgage finance. But a at the measure proposed by Sen. BLANCHE begin this week to consider dozens of great deal of their taxpayer subsidy did not LINCOLN (D–AR), chairman of the Senate ag- changes to the financial overhaul bill, ac- actually help make housing less expensive riculture committee. cording to congressional sources. for home buyers. Their main objection: If a central goal of According to a 2004 Congressional Budget regulatory overhaul is to make financial [From the Wall Street Journal, May 4, 2010] Office study, the two GSEs enjoyed $23 bil- markets more transparent and accountable, lion in subsidies in 2003—primarily in the WHAT ABOUT FAN AND FRED REFORM? Lincoln’s provision would have the opposite form of lower borrowing costs and exemption effect. Barring banks from trading in deriva- (By Robert G. Wilmers) from state and local taxation. But they tives would force those lucrative business Congress may be making progress crafting passed on only $13 billion to home buyers. into corners of the market where there’s new regulations for the financial-services in- Nevertheless, one former Fannie Mae CEO, even less oversight, critics warn. dustry, but it has yet to begin reforming two Franklin Raines, received $91 million in ‘‘If all derivatives market-making activi- institutions that played a key role in the compensation from 1998 through 2003. In 2006, ties were moved outside of bank holding 2008 credit crisis—Fannie Mae and Freddie the top five Fannie Mae executives shared companies, most of the activity would no Mac. $34 million in compensation, while their doubt continue, but in less regulated and We cannot reform these government-spon- counterparts at Freddie Mac shared $35 mil- more highly leveraged venues,’’ Federal De- sored enterprises unless we fully confront lion. In 2009, even after the financial crash posit Insurance Corp. Chairman Sheila C. the extent to which their outrageous behav- and as these two GSEs fell deeper into the Bair wrote in a recent letter to lawmakers. ior and reckless business practices have af- red, the top five executives at Fannie Mae She said that Lincoln’s measure could push fected the entire commercial banking sector received $19 million in compensation and the $294 trillion worth of derivatives deals be- and the U.S. economy as a whole. CEO earned $6 million. yond the reach of regulators. If some FDIC- At the end of 2009, their total debt out- This is not private enterprise—it’s crony insured banks simply transferred this type of standing—either held directly on their bal- capitalism, in which public subsidies are business to affiliated firms, it could still ance sheets or as guarantees on mortgage se- turned into private riches. From 2001 pose a danger because the affiliates would curities they’d sold to investors—was $8.1 through 2006, Fannie and Freddie spent $123 not be required to set aside as much capital trillion. That compares to $7.8 trillion in million to lobby Congress—the second-high- as banks to cover losses from derivatives total marketable debt outstanding for the est lobbying total (after the U.S. Chamber of trading, Bair said. entire U.S. government. The debt has the im- Commerce) in the country. That lobbying She added that a possible unintended con- plicit guarantee of the federal government was complemented by sizable direct political sequence of the legislation ‘‘would be weak- but is not reflected on the national balance contributions to members of Congress. ened, not strengthened, protection of the in- sheet. Changing this terrible situation will not be sured bank and the Deposit Insurance Fund, The public has focused more on taxpayer easy. The mortgage market has come to be which I know is not the result any of us bailouts of banks, auto makers and insur- structured around Fannie and Freddie and want.’’ She said this danger exists because fi- ance companies. But the scale of the rescue powerful interests are allied with the status nancial troubles at an affiliate could in required in September 2008 when Fannie and quo. I recall a personal conversation with a times of crisis threaten the bank. Some ad- Freddie were forced into conservatorship— member of Congress who, despite saying he ministration officials share Bair’s worry their version of bankruptcy—was staggering. understood my concerns about the two GSEs,

VerDate Mar 15 2010 01:49 May 05, 2010 Jkt 089060 PO 00000 Frm 00008 Fmt 4624 Sfmt 0634 E:\CR\FM\A04MY6.003 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 4, 2010 CONGRESSIONAL RECORD — SENATE S3059 admitted he would never push for significant Florida and our beaches and our com- tried to blow up a plane over the skies change because ‘‘they’ve done so much for mercial fishermen and our recreational of America, thankfully, that bomb did me, my colleagues and my staff.’’ fishermen. There is cause for great con- not explode. These are very dangerous Nonetheless, Congress must get to work on cern. times. the reform of Fannie Mae and Freddie Mac. The reason I come to the floor today I continue to come to the floor to say A healthy housing market, a healthy finan- cial system and even the bond rating of the is to make this point. There are those that we not only need to pay attention federal government depend on it. who are casting blame on British Pe- to the east, where this danger is stem- troleum. There are those who are cast- ming from, but we also have to pay at- The ACTING PRESIDENT pro tem- ing blame on the government. There tention to the south. We have to con- pore. The Senator from Florida. will be time for that. Whether the gov- tinue to pay attention to Venezuela f ernment has done a proper job of get- and the dangerous ties between Ven- GULF COAST OILSPILL ting on this problem from day one, as ezuela and Iran. I have come to the we are hearing; whether British Petro- floor to speak about the fact that Mr. LEMIEUX. Madam President, I leum properly worked along with the Hezbollah and Hamas are now in Iran. come to the floor of the Senate to talk folks who ran this rig, the Transocean We know a Spanish judge has accused about not only the environmental but folks; whether they made mistakes— Venezuelan authorities of conspiring economic disaster that has happened in certainly, mistakes were made—there with the ETA, a radical group in Spain, the Gulf of Mexico. will be time for us to evaluate that. to assassinate the President of Colom- Yesterday, I had the opportunity to What we must do now is spend all of bia. We know Venezuela is collabo- fly over the scene of the spill from the our energy and efforts stopping the rating with the FARC, the narcoter- Deepwater Horizon rig along with my leak from this well because if we don’t, rorist group, which is bringing in drugs colleagues Senator SESSIONS, Senator we may see an oilspill that is the en- and destabilizing all of Central Amer- SHELBY, and Congressman JEFF MILLER tire expansion of the Gulf of Mexico. ica all the way up into Mexico. We who represents Florida’s First Congres- We may see oil that not only hurts the know of this dangerous situation. We sional District. gulf coast of Florida, Mississippi, Ala- know there are flights now between What we saw was pretty startling. As bama, Louisiana, and Texas, but we po- Venezuela and Iran through Syria that we flew out over the ocean, we saw the tentially could see this oil go around don’t go through the normal customs beginning of a spill. At first, it looked the southern part of Florida, into the procedures, where folks get off the like a sheen, something one might see Everglades, into Florida Bay, into the plane in Venezuela and who knows with gasoline laying on a concrete Thousand Islands area—not to mention where they go. We also know now that floor at a gas station. But as we got the coast on the western side of Flor- Iran has sent shock troops to Ven- closer to where the Deepwater Horizon ida, come up on the Atlantic side and ezuela. We have also heard of a foiled oil platform was located before, where get in the Gulf of Mexico and come all attempt from a company called it fell into the water, we began to see the way up the coast. VenIran—presumably Venezuela-Iran— these great bands of orange, rust-col- I am here to urge that all my col- to ship alleged tractor parts to Ven- ored oil that streaked across the Gulf leagues support the administration and ezuela that turned out to be explosive of Mexico. We began to see small BP and everyone else who is working materials. clumps of what looked like tar. on this to stop the leak we have now. I come to the floor today to update As we got closer to the scene of the To me, it is the most important thing. this continuing story and to begin to incident, those small clumps turned There were obviously issues of neg- bring, hopefully, the focus of this Con- into what I would describe as large ligence that caused this disaster to gress and this administration on the pads of tar that floated to the surface. happen in the first place. The questions gathering storm that is Venezuela and We saw the new rigs that are being of whether the Federal Government did its contacts with Iran. It is not only set up to start the drilling to do escape everything it should have done in the that there are now shock troops from drilling to allow for the pressure to be beginning days when this happened will Iran in Venezuela, but we see the Chi- taken off the spill where it is located have to be answered, and folks are nese Government giving $20 billion to now. We saw some of the cleanup ves- going to have to come before our com- Venezuela for derivative—future—po- sels. There were about 10 vessels out mittees to answer those questions. But tential to purchase oil, apparently. So there. We understand there are close to right now, we have to stop this leak lots of questions need to be asked, and 100 involved in the total containment and we have to have an increased sense we need answers from this administra- of this spill. of urgency of stopping that leak and tion about a focus on Venezuela. Hugo What is concerning to me—and I containing the oil. Chavez is a dangerous man, and the know is concerning to many Members We are putting this dispersant in now continued attempts by the Venezuelan of Congress—is what could happen, at the site of the wellhead. That is ap- regime to work with Cuba to spread what might happen next. There are a parently having some good effect. BP disharmony throughout the region, to lot of folks working very hard in the has also been able—as we learned yes- try to bring other Latin American Coast Guard and the government. We terday from Captain Pullen at the Mo- countries along with his strong-man met with Captain Pullen at the Mobile bile station—to close one of the hy- tactics, are cause for concern. training facility for the Coast Guard, draulic fail-safe valves. We know it I will conclude with this, Mr. Presi- who briefed us on what is going on so wasn’t fail-safe, but at least some of dent. Two weekends ago, I had the op- far. that has been closed, which is stopping, portunity to go to the Joint Inter- If we do not get this wellhead to stop we hope, in some way the amount of oil agency Task Force in Key West, FL, leaking oil into the ocean, estimated going into the Gulf of Mexico. There is where tremendous work is done by the at 5,000 barrels a day—we don’t know a crisis now, but the crisis to come Coast Guard, the Navy, the FBI, DEA, how much is leaking. It could be less could be far worse if we do not stop the and all sorts of other agencies to inter- than that; it could be a lot more. If we leak from the wellhead. dict drug trafficking from South Amer- do not stop the wellhead from leaking, DANGEROUS TIES BETWEEN VENEZUELA AND ica, Central America, into the United we are going to have a lot bigger prob- IRAN States. We know Venezuela is allowing lem. This area has grown every day Mr. President, over the last 6 flights to go over its country from Co- since April 21 when we had this dis- months, we have seen two more at- lombia to bring those drugs into Cen- aster. It is measured by the size of tempts that we know of against the tral America. We know how violence States. First, it was Rhode Island, then United States from terrorist attacks— comes from those drugs, and we are it was Delaware. It is growing bigger most recently at Times Square. seeing the destabilization of Mexico be- and bigger. Thanks to the vigilance of some New cause of it. We also know there are When the storms subside, as they are Yorkers and the fine work of the New semisubmersible craft—minisubma- doing now, that sheen is going to York Police Department, a bombing rines, if you will—that ride just below spread out even further. It certainly is was stopped. We also remember that on the water that are being used by drug going to likely impact my State of Christmas day, when Abdulmutallab traffickers out of Colombia, with the

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Those same craft could be used case, not that they have been stellar, trarily having 100 Senators saying: to deliver a weapon of terror. certainly in these last couple of years Well, if you are X part of our GDP, you This administration and the world or the last 4 years—many of them are have to be taken down to size. have to focus not just on Iran but on beginning to look at these large insti- I wish to reiterate, as I did last week the dangerous ties between Iran and tutions in a different way because they on the floor, that our country has by Venezuela. believe we may pass legislation here on far the largest gross domestic product Mr. President, with that, I yield the the floor that says that if they fail, in the world. We dwarf everybody. Yet floor. I see my friend and colleague they actually go out of business. That we have no banks in the top 5 in the from Tennessee is here to speak. creates a situation where that moral world; we have 2 banks in the top 15. So The PRESIDING OFFICER (Mr. hazard doesn’t exist; where people, in I am not sure that as we work on UDALL of New Mexico). The Senator essence, loan money or give credit or globalization and as we hope to ship from Tennessee is recognized. invest in these larger institutions at goods and deal with people around the f rates that are less than what might be world, that our best solution is to handicap the ability of our companies FINANCIAL REGULATORY REFORM the case for smaller institutions. The best way we can sort of level the that work in that way and create great Mr. CORKER. Mr. President, before playing field is to ensure that if a big jobs in this country shipping goods my time to speak today, there were company fails, it fails. Again, I think across the world. I am not sure it is in some comments made by the junior we are on the verge of getting that our best interest to look at arbitrarily Senator from Delaware, but before get- solved. There will be many people on deciding what size a financial holding ting to that, I did want to mention my side of the aisle—and by the way, I company should be. that I hope very soon the administra- respect this position very much—who Mr. President, I appreciate being able tion will work closely—and I am sure think the only way to do that is to speak to this issue. I do hope over they will because I know they are very through bankruptcy, and they are talk- the course of the next couple of weeks understanding of what has happened in ing about either an 11(f) section of the that we can make significant changes Tennessee—with those who are dealing code or a section 14 of the Bankruptcy in the consumer title. I am hearing with the obvious disaster underway in Code, where highly complex financial from people all across the State of Ten- our State. We have people who have holding companies would go into bank- nessee—ordinary citizens who wake up lost their lives, people who have lost ruptcy if they fail. By the way, I think daily and who do things that are out- their homes, and people who have lost we should do everything we can to side the financial sphere, at least they their life’s work. I appreciate so much strengthen that. believe they are—who are very con- the work our Governor has underway, At the same time, I think—certainly cerned about the reach of our consumer and the many mayors, especially the in the interim, anyway—we need a res- protection agency as it is outlined in mayor of Nashville but also mayors olution mechanism so that we know this bill; the fact that it is unfettered, across our State. I appreciate the re- that if a large company fails, we have that there is no board in any way to sponse all of them have given in com- a mechanism to liquidate it. It may be control it, the fact that there is no ing to the aid of our citizens there. that you need both tools. Maybe you Federal preemption, the fact that there Again, I know this administration will let the resolution provision sunset will be 50 State attorneys general now begin to work very closely with them after the bankruptcy laws are com- dealing with our national banks, the in that same regard, and I thank them pleted and fixed in such a way that it fact that this consumer entity has the in advance. works for a large, highly complex bank ability to be involved in underwriting But I came to speak specifically holding company. loans. You can imagine some of the today about the comments of my friend But, again, what I would say to my problems that have occurred through from Delaware regarding the fact that friend, the Senator from Delaware, is— CRA recently. Think about this: It because large institutions in this coun- and I certainly love his passion on this would be CRA on steroids. try have a funding advantage over issue—the best way we can get that So those are some issues I do think some of the smaller institutions, we level playing field is to ensure these we need to address in this bill and I ought to break them up. large institutions fail when they fail, hope we will address in this bill. And I I certainly have concerns about some and that will change that funding level hope we will realize that this country of the situations we get ourselves into he is talking about. As a matter of has an overexpansive government that when a large institution gets into trou- fact, we are given regulators in this reaches out unnecessarily into their ble. I don’t think that having 100 Sen- bill, if it passes in its form right now. lives. ators here on the floor arbitrarily de- I sure hope we make lots of changes In closing, again, I applaud the ef- ciding what size a financial institution because I cannot support the bill as it forts the Senator from Connecticut and ought to be or when it should be bro- is today. But the bill actually address- the Senator from Alabama have under- ken up is necessarily the right ap- es capital levels. As institutions be- way to fix this resolution title in such proach. What I do think is a better ap- come larger and more risky, additional a way that we all know that if a firm proach—and I think this bill attempts capital requirements are required, fails, it is going to go out of business. to do this but doesn’t quite get it which automatically drives up the cost I think that will adequately address right—is to ensure that if an institu- of funding. There is a section Senator the concerns the junior Senator from tion fails, it actually fails; the share- WARNER and I worked on called contin- Delaware brought up earlier about holders of the company know they are gent capital, where the regulators can these big firms, in some cases, having going to be out of their entire invest- actually cause these institutions to funding advantages. I think once the ment; the creditors know what is going have contingent capital, where if a public understands these firms can go to happen. The bill attempts to do creditor has loaned money to an insti- out of business, just like any other en- that, and my sense is that Senator tution and this institution gets in tity, that will change. I think we are SHELBY and Senator DODD are working trouble, that turns to equity, so it is a already seeing that through early indi- together—and I think may actually buffer. Again, I think the cost of that cations with credit rating agencies and have come to an agreement—on a way is going to be more expensive than others that are looking at these enti- to close some of the loopholes that most credit that would be given to an ties. exist in this bill. institution such as this. Mr. President, I yield the floor. What I would suggest to my friend So, again, I think the best way to f from Delaware is just to support those deal with organizations that are large efforts because I think if that occurs— in this country is to deal with the CONCLUSION OF MORNING and my sense is it will, based on the many tools that exist in this bill that BUSINESS conversations I have had—what will need to be improved, no doubt, and The PRESIDING OFFICER. Morning happen very quickly is the credit rat- hopefully, over the course of the next 2 business is closed.

VerDate Mar 15 2010 23:50 May 04, 2010 Jkt 089060 PO 00000 Frm 00010 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.018 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 4, 2010 CONGRESSIONAL RECORD — SENATE S3061 RESTORING AMERICAN FINANCIAL I know Senator SNOWE and some oth- have on which they would like to be STABILITY ACT OF 2010 ers have amendments which we have heard, in order to meet the goals of the The PRESIDING OFFICER. Under worked on as well which we think are leadership to complete our work on the previous order, the Senate will re- helpful to agree to. this bill and move to the other items sume consideration of S. 3217, which Senators HUTCHISON and ROCKE- that must be debated in this Chamber, the clerk will report. FELLER on the Federal Trade Commis- aside from the financial services re- The assistant legislative clerk read sion, we have reached agreement on form. as follows: that as well. There are a number of We have a lot of work to do in the A bill (S. 3217) to promote the financial issues which I would like to at least coming 2 weeks on this matter. My stability of the United States by improving deal with here where we have con- hope is, people will bring their amend- accountability and transparency in the fi- sensus. ments early to us, to Senator SHELBY nancial system, to end ‘‘too big to fail,’’ to Then, obviously, there are going to and to myself or our committee mem- protect the American taxpayer by ending be some areas and amendments that bers, let us look at them and work on bailouts, to protect consumers from abusive will come up that are controversial, them. Where we can accept or modify financial services practices, and for other that will require a good debate on the them, we will try to do so; where we purposes. floor—hopefully, not an endless one but cannot, provide the time so we can Pending: debate on those matters. I wish to get have a debate and vote on your ideas. Reid (for Dodd-Lincoln) amendment No. to those soon. I know my colleagues That is where we stand. 3739, in the nature of a substitute. Reid (for Boxer) amendment No. 3737 (to who have those ideas wish to be heard, I have a number of requests for time. amendment No. 3739), to prohibit taxpayers and I certainly wish to give them the I am not going to make any unanimous from ever having to bail out the financial opportunity to do so. My hope is we consent requests for these, but a num- sector. will reach time agreements and have ber of Members have asked for some The PRESIDING OFFICER. The Sen- up-or-down votes on them. That is the time to speak today either on amend- ator from Connecticut is recognized. way this institution is supposed to op- ments they are going to be proposing Mr. DODD. Mr. President, I will be erate. We can avoid filibusters and or on the bill itself. I have that list. I brief at this point. those who want to extend the debate, will try to accommodate those Mem- First, let me thank the leadership even though they are not happy with bers, when I can, this afternoon. Again, and my colleagues, Democrats and Re- the amendment and don’t like the out- the first order of business would be on publicans, for allowing us to get to this come. I think we serve our interests the Boxer amendment. point. Now we are on the bill after all well if, with the exception of those that Let me just say about that amend- this time. deserve some sort of attention like ment, that again, the language of the I didn’t hear all the comments of my that, the overwhelming majority of Boxer amendment is rather straight- friend from Tennessee, but clearly we these issues ought to be debated and forward. I read it the other day. It is a are making an effort to reach agree- voted up or down and move on to the very brief amendment and very clear. ment where we can on some of the crit- next set of issues. It says: ical issues. Senator SHELBY and I and In the meantime, we try to work on At the end of title II add the following. our staffs have worked very hard over ones that we know are coming along to At the end of the resolution title, the weekend to try to come to closure see if we can’t reach consensus as we which is an elaborate title we spent on the resolution title of the bill, title have on a number of these items. months working on so as to make sure I and title II, that Senator CORKER That is sort of the game plan as I see we would get it right; that is, the pre- spent so much time working on. We it, but I obviously am not going to sumption is bankruptcy and, in the thought we had done a pretty good job, make any unanimous consent requests most painful alternative, a resolution but there is always room for improve- regarding time agreements until my but one that you would not like to take ment to satisfy the interests people colleague from Alabama is here in at all. It is bankruptcy, putting these have to make sure taxpayers will never order to agree with that, but my hope companies out of their misery and the be exposed. My hope is we will be able is to offer such unanimous consent pro- country out of its misery without ex- to present that, Senator SHELBY and I, posal that on the Boxer amendment we posing the taxpayers to the cost. The to our colleagues to be able to close reach a time certain fairly quickly. managers all get fired under our bill. that issue and move on to the other Again, it is a three-line amendment They are gone. Not only do they not areas of the bill that people have inter- that I think everyone has had a chance get bonuses, they don’t have a job hav- ests in. to hear us discuss over the last couple ing done what they did. The share- We have a number of amendments days. That goes to the heart of what holders lose, so shareholders have to that I believe should be relatively non- Senator CORKER was talking about; pay more attention to what is hap- controversial—either bipartisan that is, to emphatically state tax- pening to their companies of which amendments that Senators want to payers not be exposed to the costs of they are owners. Creditors also take offer dealing with the Federal Trade any institution that fails and is wound tremendous hits in this proposal as Commission or dealing with the con- down, either through resolution or well. sumer title. There are a number of more likely through bankruptcy—there Senator BOXER has offered some very amendments on which we have already is not taxpayer exposure. Since we all straightforward language, almost an reached some agreement. My hope is agree on that and the language is rath- exclamation point at the end of title II. we could have some understanding—ob- er clear, my hope is we could spend a I will read the amendment because it viously, I want to wait until Senator few minutes talking about it, making only takes about a minute to do so. SHELBY comes over—that we could that point and vote and then move on She says: enter a time agreement, a brief one, on to these other matters, seeking time LIQUIDATION REQUIRED.—All financial com- the Boxer amendment. We have all agreements where appropriate. panies put into receivership under this title talked about the Boxer amendment, so That is how we will proceed. I have shall be liquidated. talked to the leader. Obviously, we do maybe, hopefully, we could have that If there was any doubt about the pro- not have an endless amount of time for vote when we come back from our re- visions—sentence No. 2. spective caucus luncheons. this debate and this subject matter, I hope at some point shortly there- but my hope is, over the next week or No taxpayer funds shall be used to prevent the liquidation of any financial company after, Senator SHELBY and I will offer a two, to conclude, starting early, stay- under this title. proposal dealing with the resolution ti- ing a little later in the evening than we A very clear, declarative sentence. tles of the bill to close that. I am told normally do, even, if necessary, spend- (b) RECOVERY OF FUNDS.—All funds ex- Senator TESTER and Senator ing some time on the weekend. I know pended in the liquidation of a financial com- HUTCHISON have an amendment, which that is not normally done here, but, pany under this title shall be recovered from sounds pretty good to us, dealing with again, to get to the finish line on this the disposition of assets of such financial some issues involving assessments on bill is going to take some time, given company, or shall be the responsibility of small banks that we agree with. the numbers of amendments people the financial sector, through assessments.

VerDate Mar 15 2010 01:49 May 05, 2010 Jkt 089060 PO 00000 Frm 00011 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.020 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3062 CONGRESSIONAL RECORD — SENATE May 4, 2010 Then: rent an apartment, and get a phone or recting consumers to one of the Web (c) NO LOSSES TO TAXPAYERS.—Taxpayers even Internet service. sites claiming to offer a free credit shall [again, shall] bear no losses from the In 2003, Congress enacted legislation score. But there is more to the story. exercise of any authority under this title. requiring the three major consumer While it patently seems to offer a free Again, it is very straightforward, a credit reporting agencies to provide a score, this credit reporting agency re- very clear amendment, one that basi- free annual credit report to consumers. quires consumers to enter their credit cally incorporates the views shared by This law, known as the FACT Act, was card information and registers them all 100 Members of this body. an important step in ensuring financial for a costly credit monitoring service. Maybe there is someone who dis- records of American consumers are ac- We have to look closely at the top of agrees. If they do, I don’t know who curate. However, since that time, many the ad to read the fine print that actu- they are. Every Senator I heard ad- of my constituents have been misled to ally tells consumers the real story. dress this issue agrees with what Sen- believe they have free access to their They have to subscribe to the com- ator BOXER is suggesting with this very credit score, when what they have is pany’s service to receive the actual important language. It is not a sense- free access to a credit report. So we credit score. of-the-Senate resolution. This is statu- have the score versus the report. Even Members have probably seen this tory language in the bill. My hope is, thoughtful lawmakers in Congress do commercial which tells a sad story unless people want to have an elabo- not realize American consumers ulti- about an individual whose poor credit rate discussion about it, it seems pret- mately have to buy access to their score landed him in a dead-end job. If ty straightforward. I would like the credit score. only he had access to his credit score, first vote to be an amendment on To be clear, banks and lenders can the ad explains with a catchy jingle, he which we can all come together as we easily obtain these scores while con- would have been able to take action begin our debate in this Chamber. Not sumers cannot. That simply is not fair. and improve his credit and his quality all amendments are going to end up We have all seen the frequent tele- of life. Again, we have to look closely that way, but on this one I think there vision commercials or Internet adver- to read the fine print. If the consumer is clarity and we ought to get behind it tisements which claim to offer con- goes to this site, they once again have and demonstrate our willingness to sumers free access to their credit score. to enter their credit card information say, without any equivocation whatso- Unfortunately, consumers are often and register for a service costly of ever: The taxpayers will not be exposed disappointed to learn they only have nearly $200 a year. to the kind of charges and costs that access to their credit report, not the It says: they were in the fall of 2008. critical information they need to judge Free credit score and report with enroll- I will sit and wait for Senator SHEL- their own creditworthiness, their score. ment in Triple Advantage. BY to come over and, in the meantime, In the most troubling cases, consumers Ironically, these credit reporting I suggest the absence of a quorum. often believe they are signing up to get agencies are walking the halls of Con- The PRESIDING OFFICER. The a free credit score, only to find out gress telling Members that our bill is clerk will call the roll. later that they unwittingly signed up somehow ‘‘unfair and unfounded.’’ The assistant legislative clerk pro- for a costly monitoring service that They want to protect a Federal law ceeded to call the roll. could cost nearly $200 a year. that has given them a monopoly on Mr. UDALL of Colorado. I ask unani- In considering reforms to hold Wall this information and continues to di- mous consent that the order for the Street accountable and rein in their rect unwitting consumers their way. quorum call be rescinded. shady dealings, we believe Congress We agree, those of us who have spon- The PRESIDING OFFICER. Without should also work to protect consumers sored this legislation, with these credit objection, it is so ordered. from other unscrupulous financial reporting agencies that a credit score AMENDMENT NO. 3778 practices. When there is a deal that is important information. Perhaps Mr. UDALL of Colorado. Mr. Presi- often seems too good to be true, many their misleading ads have convinced dent. I rise to speak about a bipartisan Americans ask themselves: What is the consumers they need to know this in- amendment, No. 3778, which Senator catch. There certainly is a catch in formation. However, luring hard-work- LUGAR and I have filed based on our this instance. The problem is that Fed- ing Americans into a costly credit bill, the Fair Access to Credit Scores eral law tacitly supports it by direct- monitoring service is simply not fair, Act of 2010. This amendment has wide ing consumers to credit rating agencies especially when Federal law nudges and growing support, both with con- under false pretenses. We all know con- consumers in their direction. sumer groups and legislators of all po- sumers want their score, but it is the We have all come to the floor this litical persuasions. I thank Senators last thing they receive. We are lit- week from both sides of the aisle ex- BOND, BROWN of Massachusetts, BROWN erally sending Americans every day plaining what we want to do to protect of Ohio, HAGAN, LEVIN, LIEBERMAN, into a fine print trap. consumers and do what is right for MCCASKILL, and SHAHEEN who are also I am not surprised the credit report- Main Street. We have a chance to right sponsors of this amendment. ing agencies and their lobbyists have this wrong here and now, this week. Our amendment takes a common- been hard at work over the last several Put simply, this amendment accom- sense yet significant step toward put- days perpetuating fine print arguments plishes what the television commer- ting consumers back in control of their in opposing our amendment. They even cials and their fine print caveats have finances by offering Americans annual claim credit scores belong to them, not deceptively claimed for years—the access to their credit score when they the consumers whose livelihoods de- offer of a free credit score. That is why access their free annual credit report. pend on them. Would a doctor say that the Consumer Federation of America, I wish to clarify, because this is im- someone’s blood pressure reading is the Consumers Union, and a wide range portant. A credit report tells con- their information, not the patient’s? of consumer advocates support this leg- sumers what outstanding credit ac- These agencies have also been circu- islation. While free access to a con- counts they have open, such as student lating a document opposing our effort sumer’s credit score is only a small loans, credit cards, even, perhaps, a car because, according to them, it would part of the larger reforms needed, it ad- or a home loan. Unfortunately, it tells not provide consumers any greater ben- dresses one of the fundamental inequi- Americans little else. One’s credit efit than already available. Something ties that pervades the current financial score, on the other hand, which our is up. They oppose our bill because it system. Put simply, our one-sided mar- legislation makes available, has the does not offer consumers enough bene- ketplace today is often rigged to ben- critical information consumers need to fits. efit large financial institutions at the know. A credit score affects consumer This is precisely the kind of mis- expense of hard-working Americans interest rates, monthly payments on leading information included in their struggling to support their families home loans, and could be the difference advertisements, as we see here in this and save for retirement. between whether a child is able to af- photograph. This snapshot does not If we want to empower Americans to ford college. Credit scores even affect fully reflect the deception in this par- reclaim their financial health, we have the consumer’s ability to buy a car, ticular ad. It does picture a squirrel di- to start with a dose of transparency.

VerDate Mar 15 2010 01:49 May 05, 2010 Jkt 089060 PO 00000 Frm 00012 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.021 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 4, 2010 CONGRESSIONAL RECORD — SENATE S3063 When so much is at stake, this amend- credit score. We all have access to our work it out. So we have a very strong ment is a small step that will help re- credit reports. Those are important. amendment here that is not a sense of store balance and give Americans the But frankly, one ought to understand the Senate; it is real law. It is strong tools they need to take back control of what is in their credit report. It is the law. I hope it passes. I say to my friend their personal finances. loans, the financial obligations and li- Senator DODD I hope this passes by a My strong hope is that we will be abilities one has. It is much harder to huge number of votes. What we do here able to vote on this important amend- get one’s credit score. We hear a lot is summed up in part C: ment in order to restore an even great- about financial literacy, about taking Taxpayers shall bear no losses from the ex- er dose of fairness to consumers in my control of one’s own destiny when it ercise of any authority under this title. state of Colorado and all around the comes to their financial future. This This isn’t saying they shouldn’t bear Nation. would be an important tool to have in a loss; it says taxpayers shall bear no I urge and request that each one of the hands of consumers. loss. They shall bear no loss. The rest my colleagues support its passage. The agencies and the institutions of it basically says: No company is The PRESIDING OFFICER. The Sen- that develop these scores are saying, as going to be kept alive in this bill with ator from Connecticut is recognized. I said, that this is unfair and un- any taxpayer money. If a company is in Mr. DODD. Mr. President, briefly, let founded. But they have found, frankly, trouble and they need to be liquidated, me say to my colleague, I appreciate when they made the credit reports then the funds that are used will be re- his efforts in this regard. He and Sen- available on a one-time basis annually covered from the disposition of assets ator LUGAR and others have worked on for free, it actually created more traf- of such financial company or shall be it. They are absolutely right. People fic and more business. I predict that the responsibility of the financial sec- ought to have a right to know what when you get your score that one time tor, through assessments. their credit scores are. They are crit- each year for free, you will want to It is very similar to FDIC. As we ical when it comes to that home mort- check over time on that score, and that know, when we put our hard-earned gage. The interest rate that one pays, will create additional business for dollars into the bank, we are covered the downpayment they are required to these companies. Much like when I to now up to $250,000 because there is an meet, are all linked to what the credit go my ATM, I am always curious about insurance program which is paid for via score is. We have seen in the past how the flow in and out of my checking ac- an assessment on the banks. It is called credit scores can actually be very dif- count. Sometimes I check the last ten the FDIC, and we all know because we ferent than what they should be. When transactions. That results in a little worry about that. If there was any- people have had to fight for years to bit of income stream to the bank. I thing that was learned from the Great get a credit score restored because of don’t resent that because I have the in- Depression, it is that there was a run identity theft, all sorts of things can formation at hand. When I was given on the banks, and guess what. The happen. We had a hearing not too many the opportunity to have that informa- banks were out of money. People lit- years ago on this issue where the theft tion initially, that triggered a greater erally lost their world. So after those of identity requested in a person run- interest in being more financially en- years a long time ago, FDIC insured. It ning wild with some credit cards. The gaged. is very important. individual who had his credit cards sto- This is common sense. Its bipartisan We are doing the same thing here. We len then spent years trying to rehabili- support shows there is widespread sup- are saying that if there is a liquidation tate his own name and reputation be- port for this idea. I thank the chair- required of some of these hot-shot cause of what had happened and could man again for his interest and support. firms that continue to gamble, that never get access to his credit scores ex- I yield the floor. continue to take risks and something cept that every financial transaction The PRESIDING OFFICER. The Sen- goes wrong, they are not going to be he went to engage in, he paid an awful ator from California. kept alive, they are going to be put to price because the credit scores were ob- AMENDMENT NO. 3737 sleep and the money that is expended viously low, in light of the fact that Mrs. BOXER. Mr. President, I am de- to do that will come from the financial people had stolen his cards and had run lighted to be here this morning. I am sector itself, and taxpayers, again, up huge debt. So in, everything else he anxious to get started on voting on shall bear no losses from the exercise was involved in where an interest rate amendments so we can tackle the issue of any authority under this title. was involved, his family paid a price of Wall Street reform. We have to keep What else does the Dodd bill do? It for it. an eye on what happened to our econ- ends taxpayer bailouts and, with my Aside from having the knowledge of omy, because Wall Street had no rea- amendment, that is going to be even what it is, the ability to correct it as sonable regulation. Markets were oper- clearer. It puts a cop on the beat for well is something we have spent a lot ating in the dark. There was very little consumers. Why is this important? Be- of time on. There is hardly an Amer- fiduciary responsibility involved. cause the people who were trampled ican citizen at one point or another There was all of this gambling with upon during the whole Wall Street cri- who hasn’t run into this difficulty. credit default swaps and CDOs. I am sis were middle-class families who de- Today, in an era when so much of our reading a book called ‘‘The Big Short.’’ pended on these big firms to protect well-being depends upon our credit If anyone wants to try to understand their pension funds, to protect their as- scores, how we are rated, this becomes what happened, read that. It is unbe- sets that they might have had in mu- a critical point. People ought to know, lievable what happened with deriva- tual funds. Instead, all of that went out what is my credit score, so they can ei- tives, all operating in the dark. the window. ther strengthen it or understand why I wish to say to Senator DODD how We need to also have a cop on the they are being charged the various much I appreciate the work he has put beat to look at credit card companies rates they are. into this bill. To put it simply, what and the kinds of things they do that I commend my friend from Colorado the bill does is it ends taxpayer bail- harm our people. and Senator LUGAR. He mentioned oth- outs, flat out. That is why I was The third thing is it brings disclosure ers who are on the bill with him as shocked when Members of the Senate to dark markets. The bill eliminates well. I thank him for raising it. In the on the other side of the aisle came loopholes that allow reckless specula- coming days, my hope is we will be down to the Senate floor and started tive practices to go unnoticed, and it able to provide some time to further criticizing the bill, saying it didn’t end brings real regulation to the deriva- debate it, if he so desires, and maybe taxpayer bailouts, when that is what it tives markets and the shadow banking get agreement to adopt the amend- does. That led me to think I would like system that grew up around it. These ment. to work with Senator DODD on an kinds of instruments, as they are Mr. UDALL of Colorado. I thank the amendment that clarifies this main called—derivatives—they are based Banking Committee chairman for his point in the bill. on—let’s take an example of a bunch of interest in this bipartisan amendment. Senator DODD and his staff—and I mortgages that are packaged together I take to heart his comments on the worked with the Obama administration and sold. Somebody came up with the importance of having access to one’s on it as well—said let’s sit down and great idea: Well, maybe we should take

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We want disclosure for these you rate an instrument; it shouldn’t be going to this crisis—and I ask to show dark markets; otherwise, the regu- rated a certain way because the person the charts—we cannot sit around here lators simply don’t know what is going who is paying you wants it rated a cer- day after day and waste time. on. tain way. That should be criminal. These are some of the headlines we Risky behavior on Wall Street will be I think it is going to be very clear as had: ‘‘Economy In Crisis.’’ ‘‘What curbed. There are strict new capital we get into this bill. Now?’’ ‘‘Tax Problems.’’ ‘‘This Is A and borrowing requirements as finan- I am a little surprised it is taking so Nightmare.’’ cial companies grow in size and com- long. I say to Chairman DODD, I am a This is what we saw. plexity. There are restrictions on pro- little surprised it is taking so long to We have another chart that shows prietary trading, which means a bank get a vote on the simplest amendment the headlines. trading for their own interests. We had of them all. ‘‘U.S. Consumer Sentiment Decreases circumstances where a bank was tell- Let’s put this chart back up. What is to 28-year Low.’’ ‘‘Jobs, Wages No- ing its customers to buy a stock or a the problem here? If people want to where Near Rock Bottom yet.’’ bond and they were shorting. They talk about making this stronger, let’s What a mess. were making a bet that it would go talk, but don’t hold us up. I would ask ‘‘Wall Street Crash Leaves New down while they were selling it to peo- my friend, do we have any agreement Yorkers In The ‘Eye Of The Hurri- ple and saying, Oh, it has a great fu- yet on voting on the Boxer amend- cane.’ ’’ ture. There is something so unfair ment, which is so clear? Here it is on This is just a smattering of these about this and, frankly, corrupt about one board. This is the whole amend- headlines. this. Where is the fiduciary responsi- ment. Do we have an agreement yet? We have some more to share: bility? How do you go out and tell your Mr. DODD. Mr. President, if my col- ‘‘Where Do We Go From Here?’’ best customers: Hey, this is good. We league will yield. ‘‘Nightmare On Wall Street.’’ are going to go forward. Buy this. Then Mrs. BOXER. I will yield. This is what the country went they go back to their office and short The PRESIDING OFFICER. The Sen- through. I know we want to forget it. it so they can make money on it col- ator from Connecticut. We never want to have it happen again, lapsing. There is something very wrong Mr. DODD. I have read the amend- but we can’t wish it away. ‘‘Nightmare with that. We have lost our way. They ment so many times I could almost re- On Wall Street.’’ ‘‘Where Do We Go have lost their way. cite it verbatim. It is only four sen- From Here?’’ We have protection against securities tences. As I understand it, I don’t hear Today we are ready to answer the market scams, improvements at the any objection to it whatsoever. Some- question. No more nightmares and no FTC, where we will have the Office of one recently said can’t we just accept more taxpayer bailouts, and no more Credit Rating Agency that will it. I said I think my friend from Cali- gambling. strengthen the regulation of credit rat- fornia would like to have a vote on it Will this bill solve every single prob- ing agencies, many of which failed to and she has a right to a vote. So, again, lem? No. There will be people who correctly rate risky financial products. my hope is, frankly, we could have an think something else up. But here is My colleagues know that Moody’s is agreement to cast a vote on this at 2:15 the good news about this bill: It puts a one example, Standard & Poor’s is the when we return from the respective cop on the beat, so any of these new other. They said, Oh, this is a AAA. caucus lunches. I am waiting to hear ideas that come to the forefront—these These assets that are based on all of from my Republican friends and col- new instruments, these new deriva- these mortgages, this is a AAA, feel leagues because obviously I can’t make tives—will finally be under the watch- comfortable with it, when they knew, a unanimous consent without them ful eye of a consumer regulatory agen- frankly, it wasn’t. It was a conflict of being in the room. cy that has only one thing on its plate: interest. They were getting paid by the The PRESIDING OFFICER. The Sen- protecting consumers from the rip-offs people who wanted them to come out ator from California. and the gambling and the callous dis- and say they were rated AAA. There is Mrs. BOXER. Mr. President, I wish to regard for morality that we saw on something awful about this. If we can- thank my colleague. I would say the Wall Street. not trust a rating agency, how are we reason I think it is important to have So I say to my friends on the other going to know what we want to buy for a vote is because for days and days and side: Let’s go. Let’s do this. Let’s get our portfolio? I don’t care if you are a days, my friend, the Senator from Con- started. Let’s have the Senate work its very small investor or an institutional necticut, and my friend, the Senator will, and let’s be able to tell the people investor, an investor who is investing from Virginia, were down on this floor of this country that in a bipartisan say for a pension company that you defending this bill and making it clear fashion, we took a stand against the work for. I think we have to have even that this would finally put an end to nightmare on Wall Street and we basi- greater oversight over these rating too big to fail; that, in fact, taxpayers cally said those days are gone and we agencies than is in the bill. I applaud are not going to be on the hook. We are will get back to sensible rules of the what is in the bill. I am going to be of- going to wind these companies down road. fering something that holds these peo- and they are going to have to be gone. I will close with this. A lot of us I ple accountable. Again, if my col- They are going to go to sleep. They are think were interested in watching the leagues read the book I am reading, going to be gone. They are going to be Kentucky Derby, a few minutes of the they realize how the people who work liquidated, and then taxpayers are most exciting sport. I thought to my- at these rating agencies were doing the going to be made whole. This is clear. self as I watched that there are rules of bidding of those who wanted to get a Our colleagues on the other side were the road in this sport. It is all about AAA rate. all over national television. I don’t gambling. People out and out gamble. So we end taxpayer bailouts in this know how many times they said this There is no hiding it. bill. The Boxer amendment is going to bill is ensuring that there will be more They just go out and gamble. They ensure that is so clearly stated. We put taxpayer bailouts. That is why I wrote put the dollars on the horse they a cop on the beat for consumers. We this. It seems to me a little odd that choose. But there are rules of the road. bring disclosure to these formerly dark we are waiting and waiting. Since our You can’t have a horse running that markets. We curb risky behavior on friends say they want an amendment has been drugged. You cannot do that. Wall Street because we require them to such as this, why don’t we get started. You cannot have a jockey in the race have more capital, less gambling. We There are lots of amendments on who uses foul play to knock over an- create an early warning system with a both sides of the aisle, some of which other jockey or run in a fashion that financial stability oversight council to will make this bill stronger, in my would disqualify him. So even in a make sure we see trouble coming be- opinion, and some of which will make sport like horseracing, which is out-

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Well, it is com- a good place to start this debate, where people, our businesses, and our chil- plicated because we have to amend lan- we have that common cause. dren, that there need to be reasonable guage in so many parts of the Federal I yield the floor and suggest the ab- rules of the road and no more taxpayer law. But this is clear. We sum it up. We sence of a quorum. bailouts. Let’s get started and vote aye sum up the title in this way. The PRESIDING OFFICER. The on the Boxer amendment and make I am excited about voting on this. I clerk will call the roll. this bill even better. It is a terrific bill, will be back after the luncheon hour The legislative clerk proceeded to but we can make it even better. to—if I need to—make the case again— call the roll. I yield the floor. not that my colleague hasn’t done it Mr. DODD. Mr. President, I ask unan- The PRESIDING OFFICER. The Sen- for me, but I want to lift a little bit of imous consent that the order for the ator from Connecticut is recognized. the burden off his shoulders. quorum call be rescinded. Mr. DODD. Mr. President, I commend The PRESIDING OFFICER. The Sen- The PRESIDING OFFICER. Without my colleague from California who has ator from Virginia. objection, it is so ordered. been patient and has done a good job. I Mr. WARNER. Mr. President, I com- describe her statutory language as sort mend the Senator from California for f of the exclamation point in this. As the her amendment. As one of the people RECESS amendment reads, the very first line— who was charged by the chairman to Mr. DODD. Mr. President, I ask unan- and, again, I don’t have to read it—at work on this section of how we make imous consent that the Senate stand in the end of this title includes the fol- sure we put appropriate barriers to recess until the hour of 2:15 p.m. lowing. So it is at the end of the title. firms getting too large and barriers to There being no objection, the Senate, It is complicated to get this right, so firms being too big to fail, and should at 12:27 p.m., recessed until 2:15 p.m. we have a winding down and a disposi- they fail, making sure taxpayers are and reassembled when called to order tion in receivership and bankruptcy in never on the hook again, I think the by the Presiding Officer (Mr. BEGICH). these institutions. amendment of the Senator from Cali- In case anybody had doubts about fornia adds that emphasis. We took the f what the language does, the amend- chairman’s charge at his word. RESTORING AMERICAN FINANCIAL ment says the word ‘‘shall’’ in every This is an area where there was com- STABILITY ACT OF 2010—Continued sentence. There are no ‘‘mays.’’ The plete bipartisan agreement. I had the The PRESIDING OFFICER. The Sen- taxpayer ‘‘shall’’ not be exposed. There good fortune of working with my friend ator from Massachusetts. ‘‘shall’’ be liquidation. It is very clear and colleague, the Senator from Ten- Mr. GREGG. Mr. President, will the what we are trying to achieve. I know nessee, on this issue. We put a strong Senator yield for a second? nobody objects. preference in the bill toward bank- I ask unanimous consent that after We are on the bill. We ought to be ruptcy as the normal process, and even Senator BROWN speaks, Senator MIKUL- able to start on a positive note. We are put into place a new series of require- SKI be recognized and then I be recog- going to have times of significant divi- ments for large firms—particularly nized. sion and debate on this bill coming up. internationally significant firms—to The PRESIDING OFFICER. Without I thought it might be worthwhile for come forward to the regulators and de- objection, it is so ordered. the American public to witness a Sen- scribe how they can unwind themselves The Senator from Massachusetts. ate that can actually, as it begins de- through an orderly bankruptcy proc- bate, do so with some unanimity. That ess, that being the normal process. But HONORING OUR ARMED FORCES doesn’t happen with great frequency, in the event, as we saw in 2008, there SERGEANT ROBERT J. BARRETT but to start on that basis makes sense may be times, even with the best laid Mr. BROWN of Massachusetts. Mr. to me. plans, when you may reach a level of President, I rise today to say a few I hope our colleagues will agree with crisis that would require resolution, if words about a hero: Massachusetts that conclusion and allow this amend- there is resolution, it should not be Army National Guard SGT Robert J. ment to be voted on as soon as we come propping up firms the way we did it in Barrett who was killed in Afghanistan back from our caucuses and then move the fall of 2008. The resolution should on April 19. I had the sad honor of at- to other amendments, hopefully, where be a death knell for any firm that is tending his funeral this past weekend. there is agreement, demonstrating put into that process. It should be So everyone knows, Robert was on again that we are not fighting every something any logical management foot patrol south of Kabul when an IED single issue with each other. There is a team or series of shareholders would exploded, killing him and injuring lot of agreement about what ought to want to avoid at all costs. eight of his fellow soldiers of 1st Bat- be in the bill. We put forward a process where it is talion, 101st Field Artillery Regiment. Mrs. BOXER. I thank my colleague. postfunded. I think reasonable folks He was 21 years old. The reason I did this, frankly, was be- can agree on which is the best option. Robert was from Fall River, a city of cause the other side seemed to be mis- At the end of the day, if there are any 90,000 in the southeastern part of Mas- understanding what this bill did. So I funds used to make sure we can unwind sachusetts. He was a long-time member was hopeful that they would just say: this firm in an orderly process so that of the 54th Massachusetts Volunteer Terrific; now it is clear. No losses to it doesn’t cause any further systemic Regiment. He geared his life toward taxpayers—‘‘taxpayers shall bear no damage to the overall financial sys- helping others, especially veterans. losses from the exercise of any author- tem, and indirectly to the American He was selected for the regiment’s ity under this title.’’ taxpayer, and if the financial system is honor guard in early 2008 and took part I understand Senator KYL said yes- shored up by that action, that any in more than 350 events honoring our terday this was a sense of the Senate. costs not recouped—if this firm goes fallen soldiers, including marching in It is clear. It is not a sense of the Sen- out of business and it is being put out the President’s inaugural parade a lit- ate: liquidation required, recovery of of business, if there are funds expended tle more than a year ago. funds, taxpayers shall. There is no and they have to be recouped from His primary mission in Afghanistan ‘‘should.’’ It is real. So that is why I some source, that source should not be was of the utmost importance. He was am hopeful that if we can get started the American taxpayer. training Afghan soldiers so they would with a bipartisan vote, it will make the Again, I commend the Senator from be able to stand up and provide secu- life of our chairman a lot easier be- California for her efforts with this rity for their own country. Rather than cause at least we would come forward amendment. It adds that exclamation spend his free time relaxing, he gave of with something on which we can stand point. Again, I cannot imagine that my his time and knowledge by volun- together. colleagues on the other side, who I teering at local orphanages and

VerDate Mar 15 2010 23:50 May 04, 2010 Jkt 089060 PO 00000 Frm 00015 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.026 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3066 CONGRESSIONAL RECORD — SENATE May 4, 2010 schools. Robert was a shining example community was sidelined and red- crowd on visiting day, rather than of ‘‘selfless service,’’ one of the seven lined. What we saw were these local cruising parents’ weekends, maybe Army values. payday vendors who had names such as they will have some remorse, and Before his deployment, Robert wrote Happy Harry. Why was Harry so happy? maybe they will be ready to change the several lines that summarized his It was because he was charging 18 to 20 nature of their practices. thoughts about his service and our mis- percent interest for a loan. When I travel around my State, sion overseas. I wish to take one final I got together with the people in the whether it is in diners or grocery moment to read one of his thoughts: community at the parish council and stores, there is anger and frustration in I volunteered to put my life on the line for we were able to start a credit union so people’s voices. They are mad, and they freedom and country. For my fellow soldiers, there would be access to credit and end are scared. They have watched Wall for my little girl, for my weeping mother and the scamming and scheming and Street executives pay themselves lav- father. I am going to a land where American gouging of those hard-working people. ish salaries while they are worried freedom is just a dream, a hope, a slow re- I continued that fight in the Senate. about their job and being laid off. They ality. I am an American Soldier. I helped create a task force in Balti- have watched Wall Street mortgage That was by Robert J. Barrett before more to end that scheme and scam. I brokers profit off irresponsible lending he mobilized. also worked as the Chair of the Com- while their husbands work an extra Mr. President, I yield the floor. merce-Justice-Science Appropriations shift to make sure they can make the The PRESIDING OFFICER. The Sen- Subcommittee. I made sure in 2009, monthly mortgage payment. And they ator from Maryland. working with Senator SHELBY and lis- have watched big firms take very risky Ms. MIKULSKI. Mr. President, I rise tening to the comments of Senator gambles with their money without any to speak on the issue of financial serv- DODD, that we put extra money in the regulation. It essentially was casino ices. Before I do, I wish to say to the Federal checkbook so the FBI could economics. This is why people are mad, Senator from Massachusetts, Mr. come after the financial fraud crowds, and they are losing trust in govern- BROWN, that we in Maryland express the mortgage fraud, the securities ment. People they counted on to pro- our condolences to him and his loss. We fraud. tect them did not. have suffered many of our own. We are It sure was not the Securities and What infuriates the people of Mary- comrades in arms in this moment of Exchange Commission. They were too land and of this country and me is grief. We salute him and respect the busy sitting on their wingtips while there is no remorse by Wall Street family. money was flying out the door with about what they did. Nothing about Mr. BROWN of Massachusetts. I these terrible lending practices. their behavior suggests they have thank the Senator from Maryland. As we deal with this bill pending be- learned or even care what is wrong. Ms. MIKULSKI. Mr. President, I fore the Senate, the Restoring Amer- Look at what happened with AIG after come to the floor today to talk about ican Financial Stability Act, I want receiving $170 billion in taxpayer an issue about which I care very deeply you to know I support this bill. I have money. They paid themselves $165 mil- and have fought for all of my life. That been a reformer and a watchdog all of lion in bonuses. I stood on the floor and is financial services reform. my life. I have a deep suspicion of how said ‘‘AIG’’ stands for ‘‘ain’t I greedy.’’ I am not a Janie-come-lately to this big banks treat the little people and I do not want to have catchy phrases. issue. In 1999, I opposed the repeal of what they do with the little people’s I want to have concrete, enforceable, the Glass-Steagall Act which led to the money. Time and time again, we see tough regulations. Again, what bothers crisis we have today. I was one of eight the consequences of loose regulations me is the lack of remorse and a com- Senators to vote against the repeal of and wimpy and tepid enforcement. Yes, mitment to reform. the Glass-Steagall Act which tore down I said it, wimpy and tepid enforcement. Right or wrong, if you are in a 12-step the walls between conventional bank- Time and time again, I voted for program, people usually say that one of ing and investment banking. Had that more teeth and better regulation and the ways to right those wrongs is to bill been defeated in 1999, we would more enforcement. I always wanted to say ‘‘I am sorry’’ and mean it. I did have not had the crisis that faced us in be sure it was Main Street that got ac- wrong and I will never do it again. I the last 2 years. cess to credit, and I was against the want to make amends by making it My family, too, has fought over gen- unfair and abusive practices of Wall right. erations to protect consumers and ex- Street. Not these guys. They need us to have pand access to credit. At the beginning Here we are again in this financial a tough approach to this situation. of the old century when the downtown situation where we bailed out the big They say: We will never do anything banks would not lend to people such as banks. We bailed out the whales, we like that again. Actually they do not my family, whom they regarded as on bailed out the sharks, and we have left even say that. the other side of the tracks, my grand- the people in the community, the little What we need to do is to make sure father, along with other small business minnows, to swim upstream and be on we have the strongest regulations. We people in the area, got together and their own. have an opportunity now to choose be- started a savings and loan to serve that Now is the time to right this reform. tween real reform or business as usual. community. They lent to people who Now is the opportunity to pass real fi- Consumers need protection in regula- did not have access to credit. They lent nancial reform that puts the strongest tion to guarantee the safety of their to small business owners, such as my consumer protections in financial re- deposits and the availability of basic father, who opened a grocery store. form and to ensure that the greed of banking services. Small business needs They lent to women, such as my grand- Wall Street does not trump the needs credit to grow so that they can create mother, who opened a bakery. When of Main Street. a job for themselves and for those in tough times came during the Great De- We need to put government back on their community. And we need to hold pression, this savings and loan wanted the side of the middle class. If we can Wall Street accountable. We need to to make sure that people would not bail out the banks, how about we make make sure there are no taxpayer bail- lose their homes. If you paid a nickel a sure we protect the middle class outs ever again and to ensure when week on your mortgage, you were cur- against fraud, duplicity, and gouging? banks take risks, they do it with their rent. People with limited access to credit own money, not with money out of the I was raised in that sense that finan- are being victimized, abused, and de- deposits of hard-working people. cial institutions should be on the side frauded. It is both a crime and a The bill before us is an excellent bill. of the people and they should have ac- shame. It provides a 21st century regulatory cess to the American dream to buy a Since the people who do it have no framework for the financial system. No home, to start a business. shame, maybe we have to make it a more scheming, no more scamming, no As a young social worker working in crime. In fact, I think we ought to more preying. Baltimore’s African-American commu- make it a crime. When they get out of It is time to pass this bill. There are nity, I saw, once again, there was no their pinstripes and start wearing or- amendments pending that I think will access to credit. The African-American ange jumpsuits and stand out in the also help to improve the bill, but I

VerDate Mar 15 2010 00:03 May 05, 2010 Jkt 089060 PO 00000 Frm 00016 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.027 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 4, 2010 CONGRESSIONAL RECORD — SENATE S3067 think it is time that we pull the sharks their jobs—and there are still a lot of are complex products. But basically out of the tank, make sure the whales people experiencing trauma because of think of it this way: You are on Main do not crush the little guy, and to it—there are three or four main causes. Street, and you have a business—usu- make sure that the minnows get a I have talked about them before: ally a fairly large business—and you chance and that we have an economy One, of course, is that I believe the are making a product. You want to be that is swimming. money was made too easy to get, at too able to sell that product to somebody Mr. President, I yield the floor. low a price, for too long by the Fed. at the price you quote that person and The PRESIDING OFFICER. The Sen- Another was the fact that the Con- make the profit you expected at that ator from New Hampshire. gress specifically encouraged and, in quoted price. Mr. GREGG. Mr. President, I wish to fact, forced lenders, for all intents and But there are a lot of things that af- speak briefly on the bill that is before purposes, to lend to people who fect that product that you can’t con- us and how I think it can be improved. couldn’t afford the homes they were trol. If you are selling it to another First, I congratulate the chairman of buying because it became congres- country, you can’t control what the the committee, working with the rank- sional policy to do that. dollar is going to do in relationship to ing member. I understand they have Another was that people were shop- the currency of that country—for ex- reached an agreement on how to do the ping for the weakest regulators. This is ample, if you are selling it to Brazil, issue of resolution, which addresses the what happened in the derivatives mar- whether their currency goes up or issue of too big to fail, which is a very ket, and the derivatives were not struc- down vis-a-vis the dollar. If you enter critical part of this bill. I congratulate tured in a way that actually put cap- into a contract today and can’t sell them for making that type of initia- ital or liquidity or margin behind de- your product for 6 months, your whole tive. I hope the rumors are true and rivatives. profit could be wiped out by the mar- that such an amendment will address The fourth and I think probably the ket devaluing as relates to that cur- strong too-big-to-fail language so the most significant was that there was a rency. The materials you buy to make American taxpayers will not be on the total breakdown in underwriting stand- that product may change in value or hook for institutions that overextend ards. In other words, the people who viability. The person you are getting a themselves and take on too much risk were making the loans on subprime loan from to allow you to expand your but are institutions that are so large it mortgages and on other types of exotic business to build that product may is felt they are too big to fail, that con- instruments so that people could buy have financial troubles and you may cept will no longer be part of our lexi- houses who couldn’t afford them were have an issue there or, vice versa, you con, and we will essentially put an end making those loans and not looking at may have an issue with that person. to that. I congratulate the chairman the underlying value of the asset, and All of these are things which are usu- and ranking member. they weren’t looking at the ability of ally beyond the ability of the indi- There are, however, other major the person to pay back that loan. What vidual who is making the product—and issues in this bill that need to be ad- they were doing, quite simply, was in this case, I am talking about mak- dressed. They are substantial and rath- making the loan because they were ing products—to control. er complex. A few that are not even in going to get a fee for it and then they So there is something called a deriv- the bill—for example, how we address were going to sell the loan, securitize ative, which is an insurance item. Basi- Fannie Mae and Freddie Mac. We know it. It was going to be chopped up, sent cally, someone insures for you over that the American taxpayers today are out, and syndicated, and they didn’t those risks. There is a lot of com- on the hook for somewhere between really care what the loan did because plexity to this because these insurance $400 billion and $500 billion—$400 billion they were basically making a loan for items mutate into all sorts of different to $500 billion—that we are going to the purpose of making a fee. Those instruments. They can affect financial have to underwrite in order to stabilize were the one-off lenders. instruments, they can affect commod- those two entities on the credits which In the banking industry, you had a ities, they can affect goods, they can they have run up which have gone bad complete breakdown. Banks were lend- affect just plain currencies, but they and they have purchased. That is seri- ing to people they knew couldn’t repay are critical instruments—derivatives— ous. when these loans reset, and they knew for making the economic engine work. There will be a proposal that comes the value of the asset could only sup- They are sort of the grease you put in from our side of the aisle. It will not port that loan if there was an apprecia- the economic engine to make sure it totally be structured to Fannie and tion in the market, which was a gam- doesn’t seize up, to allow the economic Freddie. It should. I would like to see ble. engine to move down the road. They that. It is too complex to do in this This happens every time we go are so critical, in fact, that they are bill. It will at least address some of the through one of these events, by the approximately $600 trillion—trillion— core issues that ought to be addressed. way, one of these real estate-driven re- of notional value. Notional value is not For example, we ought to tell the cessionary events. It happened in the really what the risk is because there American people upfront and forth- late 1970s; it happened in the late 1980s are underlying assets here, but that is rightly how much they owe. It should when I was Governor of New Hampshire a big number—a big number. be put on budget. We ought to put on and New England went through a hor- So we have to make sure that when budget what the obligations are, be- rific contraction as a result of an ex- we amend the derivatives section of cause they are scoreable, relative to pansive effort of lending money in the this bill to try to have a stronger de- the costs the American taxpayers are real estate markets—underwriting rivatives industry, we don’t make big going to have to bear to bail out and standards break down. mistakes and basically undermine the maintain Fannie and Freddie. It is There needs to be a clear national ability of people to use this type of in- going to be somewhere around $400 bil- definition of what proper underwriting strument to get credit and to make the lion to $500 billion additional debt. It is standards are. Senator ISAKSON and I markets work and to create jobs on coming. We do not want to talk about and a number of other people—Senator Main Street because these all tie back it because it affects other debt obliga- CORKER—are going to put forward an to jobs on Main Street. Even if you are tions of this country in a lot of dif- amendment in that area. not working for the company that uses ferent ways, primarily in crowding out. One of the core areas here that needs the derivatives, you are probably work- Second, the bill has language on un- to be addressed and hopefully will be ing for somebody who does business derwriting but it is not strong enough. included in this bill and improve the with a company that does derivatives. If you want to look at what caused this bill in this area—one area of this bill In Nashua, NH, there are a bunch of big event at the end of 2008, what caused that simply has to be changed if it is to companies that do derivatives. There this traumatic event which almost be effective in doing what it is sup- are a lot more smaller companies that brought the entire financial system of posed to do is the language of deriva- sell products to those companies on America down, which almost put us tives. Main Street. So it will affect Main into a depression and put us into a very Most Americans don’t understand de- Street if we do this wrong because severe recession, cost a lot of people rivatives. It is understandable. They credit will contract.

VerDate Mar 15 2010 00:03 May 05, 2010 Jkt 089060 PO 00000 Frm 00017 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.028 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3068 CONGRESSIONAL RECORD — SENATE May 4, 2010 The unique advantage America has is doing these derivatives by taking basi- Let me read to you from the com- that we are the place in the world cally the market makers in these de- mentary of the Federal Reserve staff where, if you have a good idea and you rivatives—which are the swap desks— on section 106, which is now, I believe, are willing to take a risk yourself and and moving them out of the financial section 714. Here is what the Federal you are an entrepreneur, you can usu- institutions into separate institutions. Reserve staff said about this approach: ally get capital and credit to allow you Where this idea came from is hard to Section 106 would impair financial sta- to do that idea, to take that risk and fathom because on its face it makes ab- bility and strong prudential regulation of de- thus create jobs, which is the bottom solutely no sense. I mean, it is so coun- rivatives; would have serious consequences line for all of us; we want to create terproductive to the purpose of making for the competitiveness of United States fi- nancial institutions; and would be highly jobs. So derivatives play a large role in the derivatives market safer, sounder, and more efficient and, as a result, a disruptive and costly, both for banks and making that system work. This bill, their customers. unfortunately, adopted language which better market which creates credit in a transparent, fair, effective, and sound That is pretty specific. That is pretty was put forward in the Agriculture damning testimony as to the effect of Committee which literally undermines way. It is so counterproductive to that on its face, you would think anybody this language. It is going to reduce our the safety and soundness of the deriva- competitiveness because a lot of these tives market and, secondly, the ability who suggested it would have it imme- diately pointed out that this doesn’t derivatives will go overseas. It is going of America to be a leader in the deriva- to make it much more difficult to have tives market. work. But for some reason, it has found its way into this bill. sound regulatory policy toward deriva- Our goal here should be very simple. tives, and it will be highly disruptive Our goal should be two steps: One, The practical effect of doing this is that you will create these separate en- and costly not only for the banks but make our banking and financial system for their customers. That is called safer, sounder, and a system which tities. These separate entities are going to have to be capitalized because Main Street—the people who create the will, to the extent we can anticipate it, you have to have capital behind these jobs. This is a very inappropriate idea avoid systemic risk. While doing that, derivatives desks. That is the whole that has been put in this bill. our second goal must be to have a vi- point. You have to have something But don’t just rely on the Fed if you brant credit market and capital mar- standing behind these desks to make are a Fed hater—and there appear to be ket and be the primary place in the them viable so that you don’t end up a number in this body, for reasons I world where people come to create with an AIG. What was the AIG prob- still have trouble fathoming. They credit and capital because that gives us lem? There was nothing behind the de- must have something against having a a competitive advantage over the rest rivative contracts except for the name sound money policy. But if you don’t of the world. That creates jobs here in AIG. You don’t want to do that again. like the Fed, listen to the FDIC. I don’t the United States. Unfortunately, this You want capital. think anybody around here doesn’t bill, as structured, doesn’t accomplish It is estimated that it would cost $250 give great credibility to the way Sheila that. In fact, it undermines that. billion to set up these separate desks. Bair, the Chairman of the FDIC, han- A good derivatives reform bill would What does that mean? That means that dled the bank crisis. Very honestly, essentially create an atmosphere where capital is not going to be available for they stepped in, they settled out a lot derivatives are more transparent, the creation of credit. You will see an of major banks, and they did it in a where the pricing is more transparent, immediate contraction. It is estimated way that was extraordinarily profes- and where there is standing behind the by the industry—and again, this is an sional. As a result, the markets re- two parties to an agreement on a de- industry number, not mine, so you can mained calm, people got their money rivatives contract—assets, liquidity, take it with a grain of salt—that will back, and deposits were not at risk. margin—something that can be turned cause a $3⁄4 trillion contraction in cred- This is an agency which has high to should one of the parties fail to per- it. That is Main Street not being able credibility, and this is what Chairman form on the contract. This can be done to get credit. Let’s even say they have Sheila Bair has specifically said about by creating a reasonable exception for exaggerated. Say it is only going to this: end-use derivatives—those are the ones contract 80 percent. That is still $600 If all derivatives market-making activities where you basically have a purely com- billion to $700 billion of credit that is were moved outside the bank holding compa- mercial purpose—and if people don’t not available on Main Street to do nies, most of the activities would no doubt fall into that reasonable exception, continue, but in less regulated and more business, to create jobs, to take risk. It highly leveraged venues. then requiring essentially all the other is foolish to do that type of contraction In other words, be much more risky. derivatives to go through what is and to set up this structure. called a clearinghouse. Plus, you have nobody who is going Such affiliates would have to rely on less stable sources of liquidity which—as we saw The clearinghouse becomes basically to oversight this as effectively as the the situation where the two parties to during the past crisis—would be destabilizing people who oversight the present deriv- to the banking organizations in times of fi- the contract—there are multiple par- ative market makers. The FDIC won’t nancial distress, which in turn would put ad- ties to the contract—essentially put up be able to get on top of this. The Fed ditional pressure on the insured banks to collateral, margin, liquidity, so that probably will have trouble getting on provide stability. the contracts are supported—the top of this. You will create a less stable In other words, bad idea. It under- counterparties are supported. The platform from which to view these mines the banking industry to do it clearinghouse itself also has to be markets, when the whole purpose of this way. collateralized adequately, capitalized the bill was to make it more stable. It Finally: ‘‘Thus, one unintended’’—ac- adequately, so that it doesn’t become a makes absolutely no sense. tually, this is not finally. The whole risk because it is going to be the in- This is section 106 in the Agriculture letter is three pages long and has a lot surer, basically, of these contracts—all bill. I think it is section 714 in this bill. of strong points. But the final part I very doable through new regulatory re- And you don’t have to believe me on am going to read: structure or a modified regulatory re- this. I mean, two of the major, premier Thus, one unintended outcome of this pro- structure. regulatory agencies—which are the fair vision would be weakened, not strengthened, Then, as these contracts become arbiters here, really; I mean, they are protection of the insured bank and the De- more standardized or are standardized, the umpires—have come out in a very posit Insurance Fund, which I know is not they move over to an exchange. A lot unusual way, because they do not usu- the result any of us want. of them could do that right now, but ally comment in the middle of a legis- That is pretty specific. So you have some simply can’t because their con- lative process such as this, and said the Fed on one side, one of the major tracts are too customized to move di- that this—this is my paraphrasing—is regulators, saying this idea doesn’t rectly to an exchange. But over time, a stupid idea, a counterproductive idea, work, it will undermine the structure most of them probably will. And that is the type of idea which, if it were to be of the banking industry. You have the the way it should be structured. put in place, would be cutting off your FDIC on the other side saying this pro- Unfortunately, in this bill, it is di- nose to spite your face and we would posal doesn’t work, it is going to un- rected that we set up a new process for end up with a less sound system. dermine the insurance deposit system.

VerDate Mar 15 2010 00:03 May 05, 2010 Jkt 089060 PO 00000 Frm 00018 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.029 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 4, 2010 CONGRESSIONAL RECORD — SENATE S3069 So you do not have to listen to myself problem of risks from derivatives activities ditions of, swaps entered into by third par- or others who pointed out the failure of by prohibiting any bank, as well as any com- ties’’) appears to include entities whose pur- this section. Listen to these regulators. pany that owns a bank, from taking specula- pose is not related to acting as a central This section has to be removed from tive, proprietary derivative positions that record-keeping facility. For example, the are unrelated to customer needs. definition may sweep in trade comparison this bill. ii. Section 106 would impair financial sta- services and news organizations that collect There are other things that need to bility and strong prudential regulation of de- trading information. be done in the derivatives areas which rivatives; would have serious consequences b. Given its breadth, it will be difficult to would improve the language. For exam- for the competitiveness of U.S. financial in- apply core principles to such disparate ac- ple, once you are on a clearinghouse, stitutions; and would be highly disruptive tivities and organizations. you should not be mandated to go di- and costly, both for banks and their cus- 5. Data-sharing among regulators is unneces- rectly to an exchange because it simply tomers. sarily restricted. iii. Banks are subject to strong prudential will not work. There needs to be an a. The bill would require a swap data re- regulation, including capital regulations pository to notify the relevant Commission intermediary step as standardization that take account of a bank’s exposures to of any information requests from other regu- and then the best thing to do would be derivative transactions. The Basel Com- lators and require that those other regu- to require regulators to look at these mittee on Banking Supervision has recently lators indemnify the repository and the different instruments and then, if they proposed tough new capital and liquidity re- Commission from any claims stemming from quirements for derivatives that will further feel they can be standardized, tell the those requests. These provisions restrict ac- strengthen the prudential standards that people producing them they can be cess by relevant U.S. regulators to needed apply to bank derivative activities. Titles I, standardized and then move them over. data. III, VI, VII and VIII all add provisions fur- To unilaterally say everything has to b. These restrictions may lead foreign reg- ther strengthening the authority of the Fed- ulators to demand a local repository so that go to an exchange is, I think, going to eral supervisory agencies to address these they can have adequate access to the data. be counterproductive and again push a risks. lot of business offshore. Splitting the market data into repositories 2. The foreign exchange swap exclusion in different countries will make it signifi- But clearly this one section is dam- should not be limited to non-exchange- aging to our efforts to produce a safer, cantly more difficult for regulators to get a traded non-cleared transactions. holistic view of the market. sounder, more transparent derivatives a. The bill permits the Treasury to exclude c. The bill allows swap data to be shared regime which has adequate liquidity foreign exchange swaps and forwards from with foreign central banks, but not the U.S. and capital behind it and which keeps coverage as ‘‘swaps,’’ but the exclusion ap- central bank (the Federal Reserve). America as the primary place to do plies only if the transaction is not listed or 6. Prudential regulators should retain their credit in the world so our entre- traded on an exchange or a swap execution safety-and-soundness enforcement au- preneurs can get credit at a reasonable facility and not cleared through a deriva- thority over bank swap dealers and price, so they can go out and take the tives clearing organization. A substantial major swap participants. risks to create the jobs in America. share of foreign exchange swaps and forwards a. Section 131 provides the prudential regu- I ask unanimous consent to have are entered into using electronic trading lators with authority to enforce the pruden- platforms. The broad definition of swap exe- tial requirements of the Act over bank swap both these statements printed in the cution facility appears to capture these plat- RECORD, and I yield the floor. dealers and major swap participants and pro- forms, thereby rendering the Treasury’s ex- vides the CFTC with the authority to enforce There being no objection, the mate- emptive authority largely meaningless. rial was ordered to be printed in the non-prudential requirements. b. Foreign exchange forward and swap b. Although section 133 preserves the pru- RECORD, as follows: transactions should be treated in a way com- dential regulators’ authority under other COMMENTS ON SENATE AGRICULTURE parable to other physically settled forwards law, the conforming amendments in section COMMITTEE’S OTC DERIVATIVES BILL for securities and nonfinancial commodities 131 limit the prudential regulators’ author- that are exempted under the bill. Foreign ex- ity under section 8 of the Federal Deposit In- APRIL 24, 2010 change forwards and foreign exchange swaps surance Act over swap dealers and major 1. Section 106 should be deleted. are delayed purchases and sales in broad and swap participants. a. Lending to financial market utilities. deep cash markets. Prices for foreign ex- c. In order to carry out their obligations as Section 106 would prohibit any federal assist- change are already readily available and safety-and-soundness supervisors over banks, ance to swap dealers, major swap partici- transparent and that existing transparency, the prudential regulators need to retain pants, swap exchanges, clearinghouses and coupled with the breadth and depth of the their full Federal Deposit Insurance Act en- central counterparties. This would appear to foreign exchange markets, makes the foreign forcement authority over bank swap dealers override the provision of Title VIII that exchange markets not easy to manipulate. and major swap participants. would allow the Federal Reserve to provide 3. Core principles for financial market utili- 7. The Act should clarify that risk manage- emergency collateralized loans to system- ties should not be hard-wired in the stat- ment is part of prudential rules. ically important financial market utilities, ute. such as clearinghouses and central counter- a. Section 121 provides that the prudential a. The bill sets out specific core principles regulators are to prescribe prudential re- parties, to maintain financial stability and for derivatives clearing organizations, swap prevent serious adverse effects on the U.S. quirements, including capital and margin re- execution facilities, and swap data reposi- quirements, for bank swap dealers and major economy. tories, and would not give the CFTC or SEC i. As systemically important post-trade swap participants. Section 121 also requires leeway to adjust the core principles to re- swap dealers and major swap participants to ‘‘choke points’’ in the financial system, it is flect evolving U.S. and international stand- imperative that these utilities be able to set- establish robust and professional risk man- ards (as does the Dodd bill). agement systems. tle each day as expected to avoid systemic b. The current international standards for problems and allow for a wide range of finan- b. The bill is unclear about which agency central counterparties are under review for should set risk management rules. These cial markets and institutions to operate. The needed changes in light of market develop- failure of a systemically important utility to rules should be set by the prudential regu- ments, particularly in the OTC derivatives lator . . . settle for its markets would not only call market, and are expected to change, thus po- into question the soundness of the utility as tentially creating an immediate conflict FEDERAL DEPOSIT INSURANCE a critical market infrastructure but could with the bill. CORPORATION, also create systemic liquidity disruptions for c. Providing regulatory flexibility would Washington, DC, April 30, 2010. one or more markets and potentially other permit changes to the international stand- Hon. CHRISTOPHER J. DODD, financial market utilities. The increased im- ards and other future refinements in risk Chairman, Committee on Banking, Housing, portance that Title VIII places on central management standards to be addressed. In and Urban Affairs, U.S. Senate, Wash- counterparties and central clearinghouses to addition, such flexibility would facilitate the ington, DC. reduce risk in the financial system neces- ability of the U.S. regulatory agencies to Hon. BLANCHE L. LINCOLN, sitates ensuring that short-term secured work together to adopt consistent standards Chairman, Committee on Agriculture, Nutrition credit is available to these utilities in times across financial market utilities that per- and Forestry, U.S. Senate, Washington, DC. of stress. form similar functions. b. ‘‘Push-out’’ of bank swap activities. Sec- DEAR CHAIRMAN DODD AND CHAIRMAN LIN- tion 106 would in effect prohibit banks from 4. The definition of ‘‘swap data repository’’ is COLN: Thank you for reaching out to the Fed- engaging in derivative transactions as an overly broad. eral Deposit Insurance Corporation for our intermediary for customers or to hedge the a. The definition (‘‘any person that col- views on Title VII of the ‘‘Wall Street Trans- bank’s own exposures. lects, calculates, prepares, or maintains in- parency and Accountability Act’’ contained i. Title VI, which includes the so-called formation or records with respect to trans- in S. 3217, the ‘‘Restoring American Finan- Volcker rule provisions, better addresses the action or positions in or the terms and con- cial Stability Act of 2010.’’ At the outset, I

VerDate Mar 15 2010 01:49 May 05, 2010 Jkt 089060 PO 00000 Frm 00019 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.030 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3070 CONGRESSIONAL RECORD — SENATE May 4, 2010 would like to express my strong support for of the FDIC because we do not have the same sessment system that we currently enhanced regulation of ‘‘over-the-counter’’ comprehensive backup authority over the af- have—which unfairly burdens commu- (OTC) derivatives and the provisions of the filiates of banks as we do with the banks nity banks. bill which would require centralized clearing themselves. Such affiliates would have to The recent turmoil in the financial and exchange trading of standardized prod- rely on less stable sources of liquidity, ucts. If this requirement is applied rigor- which—as we saw during the past crisis— sector has placed significant strains on ously it will mean that most OTC contracts would be destabilizing to the banking organi- the FDIC’s Deposit Insurance Fund— will be centrally cleared, a desirable im- zation in times of financial distress, which in the first line of defense and resource provement from the bilateral clearing proc- turn would put additional pressure on the in- tapped to provide assistance to trou- esses used now. I would also like to express sured bank to provide stability. By concen- bled federally insured banks. my wholehearted endorsement of the ulti- trating the activity in an affiliate of the in- Since the beginning of 2008, the FDIC mate intent of the bill, to protect the deposit sured bank, we could end up with less and has closed 229 banks, including 7 banks insurance fund from high risk behavior. lower quality capital, less information and last week. That has left a wake of dev- I would like to share some concerns with oversight for the FDIC, and potentially less respect to section 716 of S. 3217, which would support for the insured bank in a time of cri- astation that has impacted the entire require most derivatives activities to be con- sis. Thus, one unintended outcome of this banking system. ducted outside of banks and bank holding provision would be weakened, not strength- Some of the larger failures—includ- companies. If enacted, this provision would ened, protection of the insured bank and the ing those of IndyMac and Bank require that some $294 trillion in notional Deposit Insurance Fund, which I know is not United—caused significant destruction. amount of derivatives be moved outside of the result any of us want. They have left the FDIC’s Deposit In- banks or from bank holding companies that A central lesson of this crisis is that it is own insured depository institutions, presum- surance Fund depleted and desta- difficult to insulate insured banks from risk bilized. In fact, the fund began the year ably to nonbank financial firms such as taking conducted by their nonbanking affili- hedge funds and futures commission mer- ated entities. When the crisis hit, the shadow with a negative balance of over $20 bil- chants, or to foreign banking organizations sector collapsed, leaving insured banks as lion. beyond the reach of federal regulation. I the only source of stability. Far from serving Why is that? We now know that some would note that credit derivatives—the as a source of strength, bank holding compa- of these institutions were engaged in riskiest—held by banks and bank holding nies and their affiliates had to draw stability risky activities—some far beyond the companies (when measured by notional from their insured deposit franchises. We traditional depository functions. amount) total $25.5 trillion, or slightly less must be careful not to reduce even further than nine percent of the total derivatives But, because the FDIC’s Deposit In- the availability of support to insured banks surance Fund was still based solely on held by these entities. from their holding companies. As a result, At the same time, it needs to be pointed the institution’s deposits—rather than we believe policies going forward should rec- out that the vast majority of banks that use ognize the damage regulatory arbitrage assets, the fund wasn’t able to take OTC derivatives confine their activity to caused our economy and craft policies that into account the impact that this risky hedging interest rate risk with straight- focus on the quality and strength of regula- behavior would have on the fund. forward interest rate derivatives. Given the tion as opposed to the business model used to In fact, under the current system, continuing uncertainty surrounding future support it. community banks pay 30 percent of movements in interest rates and the detri- The FDIC is pleased to continue working mental effects that these could have on total FDIC premiums while only hold- with you on this important issue to assure ing 20 percent of the Nation’s banking unhedged banks, I encourage you to adopt an that the final outcome serves all of our goals approach that would allow banks to easily for a safer and more stable financial sector. assets. hedge with OTC derivatives. Moreover, I be- We hope that a compromise can be achieved Let me repeat that Mr. President. lieve that directing standardized OTC prod- by perhaps moving some derivatives activity Under the current system, community ucts toward exchanges or other central into affiliates, so long as capital standards banks pay 30 percent of total FDIC pre- clearing facilities would accomplish the sta- remain as strict as they are for insured de- miums while only holding 20 percent of bilization of the OTC market that we seek to positories and banks continue to be able to the Nation’s banking assets. enhance, and would still allow banks to con- fully utilize derivatives for appropriate hedg- tinue the important market-making func- Our bipartisan amendment brings ing activities. some common sense back into the tions that they currently perform. Please do not hesitate to contact me or In addition, I urge you to carefully con- have your staff contact Paul Nash, Deputy equation. sider the underlying premise of this provi- Director for External Affairs. The FDIC—and the fund—have never sion—that the best way to protect the de- Sincerely, faced such troubling times. In light of posit insurance fund is to push higher risk SHEILA C. BAIR. these failures, the FDIC was forced to activities into the so-called shadow sector. make emergency, upfront assessments To be sure, there are certain activities, such The PRESIDING OFFICER. The Sen- as speculative derivatives trading, that ator from Montana. on all banks to protect the integrity of should have no place in banks or bank hold- AMENDMENT NO. 3749 the Fund. ing companies. We believe the Volcker rule Mr. TESTER. Mr. President, I rise Montana banks didn’t get involved in addresses that issue and indeed would be today to talk about amendment No. this risky behavior—they didn’t offer happy to work with you on a total ban on 3749, the Tester-Hutchison amendment. subprime mortgages or sell sophisti- speculative trading, at least in the CDS mar- Before I talk about this amendment, cated financial instruments meant to ket. At the same time, other types of deriva- I want to thank Chairman DODD for his manipulate markets. tives such as customized interest rate swaps work on a very strong Wall Street re- But Montana banks, like community and even some CDS do have legitimate and banks around the country, have had to important functions as risk management form bill. I think his work has been tools, and insured banks play an essential very much appreciated by me and other pay the price for the risky behavior of role in providing market-making functions members of the Banking Committee. I the larger banks that destabilized the for these products. look forward to getting to this bill and fund. Banks are not perfect but we do believe making it even stronger and passing it Mike Richter, President and CEO of that insured banks as a whole performed bet- out of this body to the President and the State Bank of Townsend in Town- ter during this crisis because they are sub- into law. send, MT, tells me that because of the ject to higher capital requirements in both emergency assessments in December, the amount and quality of capital. Insured This amendment would lift a burden banks also are subject to ongoing prudential inappropriately placed on our commu- his bank had to prepay 3 year’s worth supervision by their primary banking regu- nity banks in this country. of premiums—3 years. lators, as well as a second pair of eyes These are the banks that make rural For the Bank of Townsend, that was through the FDIC’s back up supervisory role, America run. They do not deserve to be a bill of $190,000 on top of the $70,000 which we are strengthening as a lesson of the left holding the bag for the risky be- that he already paid in 2009 assess- crisis. If all derivatives market-making ac- havior of big banks. ments. I am no banker, but I know that tivities were moved outside of bank holding What the Tester-Hutchison amend- is no way to run a business. companies, most of the activity would no ment does is hold big banks account- When I think about the impact that doubt continue, but in less regulated and the community banks have in my more highly leveraged venues. Even pushing able for their actions by basing FDIC the activity into a bank holding company af- deposit insurance premiums on risk. State and the role that they play— filiate would reduce the amount and quality Our amendment would force big originating mortgages and providing of capital required to be held against this ac- banks to pay their fair share of insur- small businesses and farms with cred- tivity. It would also be beyond the scrutiny ance. And it would fix the lopsided as- it—it pains me to see them suffer as a

VerDate Mar 15 2010 01:49 May 05, 2010 Jkt 089060 PO 00000 Frm 00020 Fmt 4624 Sfmt 0634 E:\CR\FM\A04MY6.013 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 4, 2010 CONGRESSIONAL RECORD — SENATE S3071 result of the risky activities of larger makes far more sense. This is a great up. Senator SHELBY and I have worked banks. help to community banks across the on a larger amendment to deal with That is why I have teamed up with country, of which Senator TESTER has the too-big-to-fail provisions. Again, my friend from Texas, Senator been a champion since his arrival in all of us want to see language, but let HUTCHISON, as well as Senators the Senate and as a member of our me say in the absence of language, we CONRAD, MURRAY, BURRIS, BROWN of Banking Committee. The change will have reached agreement. Obviously we Massachusetts, HARKIN and SHAHEEN in help ease the burden of FDIC assess- both need to look at the language of it offering this important, bipartisan ments on our community banks by re- before we can say that categorically. amendment. quiring the largest banks in the coun- But I am satisfied, as is, I believe, my We want to ensure that the FDIC im- try to shoulder a little more of the re- colleague from Alabama, that we have plements a genuine risk-based assess- sponsibility to rebuild and maintain a reached that agreement on the too-big- ment system to protect the health of sound deposit insurance fund. to-fail provisions which, with the the Deposit Insurance Fund and to en- The amendment is fundamentally Boxer amendment, takes that issue sure equity among FDIC-insured insti- about fairness, which I think is one of completely off the table as far as any tutions. its most important features. Commu- further debate goes about title I and This amendment builds on the under- nity banks, as we all know, have been title II of the bill. lying language included in the bill, di- victims of a severe economic recession We have other issues. Senator GREGG recting the FDIC to base assessments brought on by the behavior of major mentioned a couple that obviously are on assets rather than deposits. Wall Street firms. This has led to a going to need some work and some Specifically, the amendment would high rate of community bank failures amendments are going to be offered on require the FDIC to implement this and a sharp increase in premiums nec- those. But in my view the sooner we change, rather than permitting them essary to rebuild the FDIC’s insurance move along on the ones where we have to make the change as in the current fund. Meanwhile, the largest banks agreement, such as the Tester- language. have been saved by TARP moneys and Hutchison amendment, and some ideas It also further shifts the assessment other government programs that were I believe our colleague from Maine, base formula to benefit community necessary, obviously, as we all know, Senator SNOWE, wants to offer, we will banks by eliminating ‘‘long term unse- to avoid the economic meltdown and demonstrate, I think once again, that cured debt’’ as a factor in calculating catastrophe we were facing in the fall we have the capacity to work with assessments. And it includes language of 2008. each other to actually advance what directing the FDIC to implement risk The change required by this amend- we are all trying to achieve, and that is based assessments for banker’s banks ment will lead to a far more equitable reform of the financial system. My and custodial banks which have dif- distribution of the responsibility to hope is rather shortly we will get to maintain a strong deposit insurance ferent structures than traditional some agreements on time and bring up fund. It also will free up new resources banks. these efforts and not have another day for smaller banks to lend to house- The FDIC has already taken a step go by when we are not actually dealing forward in recognizing the risks that holds. So on every front, this amendment is with specific amendments in this bill. larger banks pose to the Deposit Insur- With that, I don’t see another Mem- a very positive contribution to this ance Fund, voting to base their emer- ber seeking recognition, so I suggest overall bill and one of the real features gency assessments on a bank’s assets the absence of a quorum. Members ought to keep in mind as we rather than deposits. The PRESIDING OFFICER. The try to get this bill done. Without this The Independent Community Bank- clerk will call the roll. amendment, which I support and want ers of America also support this The legislative clerk proceeded to to see included, this will make even ad- amendment. They believe that it will call the roll. codify these important changes and ditional pressures on our community Mr. DODD. Madam President, I ask banks. bring greater equity to the assessment unanimous consent that the order for I thank both our colleagues, from base. the quorum call be rescinded. Montana and Texas, as well as our new In closing, let me say how much I ap- The PRESIDING OFFICER (Mrs. Senate colleague from Massachusetts, preciate all of the work of my col- GILLIBRAND.) Without objection, it is so and Senator HARKIN as well, for their league from Texas, Senator HUTCHISON, ordered. contribution. As soon as we find a win- Mr. DODD. I ask unanimous consent and how much I appreciate the com- dow here to bring this up, we wish to that the pending Boxer amendment No. mittee’s willingness to work with us on see this amendment get adopted and be 3737 be temporarily set aside and that this important amendment. part of the bill. I yield the floor. The PRESIDING OFFICER. The Sen- Senator SNOWE of Maine be recognized Mr. DODD. Will my colleague yield ator from Montana. to call up two amendments, Nos. 3755 before yielding the floor? Mr. TESTER. I very much thank and 3757; that no amendments be in Mr. TESTER. I will. Senator DODD. I think he is right. It is order to either amendment; that upon Mr. DODD. Mr. President, I commend about equity. It is about assessing the the conclusion of debate with respect my colleague and friend and our col- premiums for the FDIC insurance fund to the Snowe amendments, they be set league from Texas, Senator HUTCHISON. to the banks that pose the most risk. aside and the Boxer amendment reoc- This is exactly the kind of effort we are Community banks are not among cur. trying to achieve in this bill. It is a them. They played by the rules, they The PRESIDING OFFICER. Without complicated area of law. I appreciate have done things right, and they have objection, it is so ordered. the work of Senator TESTER and oth- not tried to manipulate the market. I The Senator from Maine is recog- ers. I didn’t hear all. I gather it is Sen- very much appreciate my colleague’s nized. ator TESTER, Senator HUTCHISON, Sen- comments and appreciate his support. AMENDMENT NO. 3755 TO AMENDMENT NO. 3739 ator SCOTT BROWN, Senator HARKIN— Mr. DODD. Mr. President, we have Ms. SNOWE. Madam President, the you have a list of Democrats and Re- some potential action here. I hope in a pending amendment was set aside. I publicans here who have worked on few minutes to move along. The call up the Snowe amendment No. 3755. this amendment to bring it to this amendment of Senator TESTER and The PRESIDING OFFICER. The point. I support the amendment. I Senator HUTCHISON is an amendment I clerk will report. think this is a strong amendment that hope we can deal with at some point The assistant legislative clerk read will require the FDIC, as I understand fairly quickly. Again, it is one of those as follows: it—my colleague will correct me—to amendments where we have reached an The Senator from Maine [Ms. SNOWE] pro- change how it charges for deposit in- agreement on both sides. My experi- poses an amendment numbered 3755 to surance, which I think makes a lot of ence is when you have an agreement amendment No. 3739. sense—from charging each bank’s do- such as that, you better move on it. Ms. SNOWE. I ask unanimous con- mestic deposits as it does now, to I know there are others as well. The sent that further reading of the amend- charging its total liabilities, which Boxer amendment I hope we can get ment be dispensed with.

VerDate Mar 15 2010 00:03 May 05, 2010 Jkt 089060 PO 00000 Frm 00021 Fmt 4624 Sfmt 0634 E:\CR\FM\A04MY6.009 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3072 CONGRESSIONAL RECORD — SENATE May 4, 2010 The PRESIDING OFFICER. Without The legislation does contain a provi- basis to conclude that . . . substantial objection, it is so ordered. sion requiring that the personal identi- injury is not outweighed by counter- The amendment is as follows: ties of all customers be removed, but veiling benefits to consumers.’’ (Purpose: To strike section 1071) one slip could result in the intimate fi- This means if the Consumer Finan- Strike section 1071. nancial details of bank customers cial Protection Bureau finds that the Ms. SNOWE. Madam President, I ask being revealed to unscrupulous com- injury of a loan product is outweighed unanimous consent that Senator puter hackers. by the benefit it might create, the Bu- SHAHEEN be added as a cosponsor. I would note both the Independent reau can prevent a financial institution The PRESIDING OFFICER. Without Community Bankers Association and from offering it. objection, it is so ordered. the Credit Union National Association The problem with the manner in Ms. SNOWE. I would like to thank are supporting this amendment due to which the bill is drafted is that it does the distinguished chairman of the its regulatory burden. I am pleased not take into account that many entre- Banking Committee, Senator DODD, for that we have reached agreement to preneurs use home mortgage loans working with me so constructively, as have it accepted in this legislation. with customized repayment terms for well as his staff, on these two amend- AMENDMENT NO. 3757 TO AMENDMENT NO. 3739 business purposes. Accordingly, over- ments I am calling up this afternoon. I ask unanimous consent the pending zealous regulators could determine And I thank Senator SHELBY, as well, amendment be set aside, and I call up that such loans, which are consumer for agreeing to the substance of these Snowe amendment No. 3757. products, are abusive and thereby ei- amendments. The PRESIDING OFFICER. The ther prevent or make it extremely dif- I think it is important to address clerk will report. ficult for financial institutions to con- these issues that are so fundamental to The assistant legislative clerk read tinue offering these types of critical so many small businesses across the as follows: products. country. The first amendment I have For example, a loan to a borrower made pending would reduce cum- The Senator from Maine [Ms. SNOWE] pro- with balloon payments in June, July poses amendment No. 3755 to amendment No. bersome and unnecessary restrictions 3739. and August and interest-only payments on the banking industry that may po- for the rest of the year might look sus- Ms. SNOWE. I ask unanimous con- tentially infringe on Americans’ pri- picious to the Bureau and be declared vacy rights and curtail the ability of fi- sent that the reading of the amend- abusive. Yet this is exactly how many nancial institutions to serve their cus- ment be dispensed with. seasonal firms in Maine and through- The PRESIDING OFFICER. Without tomers. out the Nation finance their busi- objection, it is so ordered. Specifically, the underlying legisla- nesses. tion contains language that would The amendment is as follows: My amendment simply preserves the compel banks to make the following (Purpose: To provide for consideration of ability of small business owners to use disclosures to the Consumer Financial seasonal income in mortgage loans) their homes as collateral and to make Protection Bureau: Banks would have At the end of section 1031, add the fol- payments based on an alternate lend- to report from each deposit-taking fa- lowing: ing cycle by clarifying that the CFPB (f) CONSIDERATION OF SEASONAL INCOME.— cility, including each individual auto- The rules of the Bureau under this section must allow banks to offer home loan mated teller machine, a record of the shall provide, with respect to an extension of products with customized payment number and dollar amount of the de- credit secured by residential real estate or a terms for small businesses. posit accounts of customers; a geo-cod- dwelling, if documented income of the bor- I originally raised my concern that ing, by census tract, of the residence or rower, including income from a small busi- the underlying bill could inadvertently business location of each customer; and ness, is a repayment source for an extension harm small business lending during a record of whether each customer is of credit secured by residential real estate or meetings with Treasury Secretary Tim transacting commercial or residential a dwelling, the creditor may consider the Geithner and National Economic Coun- business. seasonality and irregularity of such income cil Chairman Larry Summers. They in the underwriting of and scheduling of pay- This type of detailed reporting im- ments for such credit. were both immediately receptive and poses a regulatory cost on banks and agreed that the bill, if not altered, provides an extraordinarily large Ms. SNOWE. This second amendment could have unintended consequences amount of data to the Federal Govern- would fix an unintended consequence of that would restrain access to capital ment. the Consumer Financial Protection Bu- for small businesses. While many have advanced the image reau in the underlying legislation, The necessity of this amendment is of banks as monolithically large enti- which would have the effect of choking especially critical given the small busi- ties with tens of thousands of employ- off access to credit by small business. ness credit crisis that continues to ees spread across the globe, the vast According to the February 2010 sur- plague the Nation. This fact has been majority of banks are small commu- vey of the National Federation of Inde- underscored by numerous studies in- nity-centered institutions. For small pendent Business on the state of credit: cluding the Federal Deposit Insurance community banks, every dollar spent . . . 16 percent of all small employers have a Corporation’s survey that found out- on complying with government regula- mortgage on their residence that helps to fi- standing loan balances have dropped by tions is another dollar that cannot be nance the(ir) business. . . . the largest margin since 1942. Further- used for customer service or extending The Small Business Administration’s more, the Federal Reserve’s April 2010 credit. While these existing processes Office of Advocacy has calculated that Senior Loan Officer Opinion Survey may be in place at large banks—and there are nearly 30 million small busi- shows that only 1.9 percent of banks even if not, their procurement would be nesses in America. Taken together, surveyed had loosened credit terms for relatively inexpensive—for a small this means approximately 4.8 million small businesses in the past quarter. bank this could have a sizeable impact small firms, hardly an unsubstantial While harming small businesses, lack on their bottom line and prove to be an number, rely on a home mortgage for of access to affordable capital also has extremely large regulatory burden. their financing. a ripple effect across the greater econ- In addition, the Federal Govern- Many of those small business owners omy. In his April 14 testimony before ment’s track record when it comes to also make loan payments intended to the Finance Committee, Dr. Mark securing its citizens’ privacy data is reflect the cashflow of their business Zandi, the chief economist for Moody’s less than stellar. As we all recall, in models. For example, innkeepers often Analytics, stated that ‘‘small business May of 2006 the Department of Vet- make larger loan payments during credit (is) key to job creation.’’ erans Affairs lost Social Security num- their busier seasons, and farmers and By preserving financing flexibility bers and dates of birth of more than 26 fishermen borrow funds based on their for small business owners, this amend- million veterans. I cannot imagine crop or catch cycles. ment ensures that home equity will re- what would occur if the sensitive de- As brought before the Senate, the un- main as a possible means for entre- posit data that banks are required to derlying bill would prohibit lending preneurs to secure funds to start or track under this legislation was inad- products if the Consumer Financial grow their businesses. With small busi- vertently lost. Protection Bureau has a ‘‘reasonable nesses adding two-thirds of all net new

VerDate Mar 15 2010 00:03 May 05, 2010 Jkt 089060 PO 00000 Frm 00022 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.033 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 4, 2010 CONGRESSIONAL RECORD — SENATE S3073 jobs, this provision will help small Mr. LEVIN. I ask unanimous consent status of public education in Michigan business owners create jobs, finance that the order for the quorum call be and has been cited by courts through- their businesses, and help us reduce our rescinded. out the country where public education current 9.7 percent unemployment The PRESIDING OFFICER. Without has come under attack. rate. objection, it is so ordered. Today’s announcement adds to the We understand how instrumental Mr. LEVIN. I ask unanimous consent rich history of public education in small businesses are to job creation. to speak as in morning business for 3 Kalamazoo. It is a fitting honor for the We have to remain deeply concerned minutes. students, educators, parents, and citi- that in the last 3 months, we have had The PRESIDING OFFICER. Without zens of a community that has once static employment growth with a 9.7- objection, it is so ordered. again demonstrated its commitment to percent unemployment rate. Small CONGRATULATING KALAMAZOO CENTRAL HIGH academic excellence. businesses are the engine that will SCHOOL I spoke after today’s announcement drive this recovery and will lead us out Mr. LEVIN. Madam President, I come with the principal of Kalamazoo Cen- of a jobless recovery. A jobless recov- to the floor to congratulate the stu- tral High, Von Washington, and offered ery is not a true recovery. Anything we dents, faculty, staff, and parents at my congratulations. He told me the do here, particularly on this legisla- Kalamazoo Central High School in news brought cheers and excitement to tion, that could affect small business’s Kalamazoo, MI, who learned today that the high school students and even a few access to capital will certainly infringe President Obama will deliver the com- tears as the word spread quickly upon our ability to promote job cre- mencement address for their high throughout the entire Kalamazoo com- ation. I reiterated that this morning in school next month. It is a tremendous munity—the justifiably proud commu- the Finance Committee hearing, where honor to host a President, particularly nity. Treasury Secretary Geithner indicated this President. I am proud not only So we all look forward to President he shared my deep concerns about stag- that Kalamazoo Central High has been Obama’s visit to Kalamazoo, and I nation when it comes to lending. It is accorded this honor but how the school know that a proud city and a proud important to improve upon these regu- earned it. More than 1,000 schools sub- school will offer both the best in hospi- lations that are vetted in the under- mitted applications for a competition tality and an example for other schools lying legislation. called Race to the Top Commencement to follow. I appreciate the chairman’s effort to Challenge. This competition encour- I yield the floor. be flexible and to address and modify aged academic excellence and innova- The PRESIDING OFFICER. The Sen- some of these issues and these con- tion. Evaluators narrowed the contest- ator from Texas. straints, and for allowing me to offer ants down to six who were finalists. Mrs. HUTCHISON. Madam President, these amendments and agreeing to Public voting selected the final three, I rise to speak on my amendment with them. and the White House then announced Senator TESTER because we are trying I yield the floor. today that the President had chosen to ensure that safe community banks The PRESIDING OFFICER. The Sen- Kalamazoo Central from those three fi- and large financial institutions are ator from Connecticut. nalists. treated equally. I heard Senator TEST- Mr. DODD. Madam President, I I am not going to make any claim ER’s speech on the floor just a little thank my fellow New Englander and that I am unbiased here, but I believe while ago on our amendment, and I am colleague for her two amendments. it is meaningful that this Michigan very pleased we are able to put this They are very strong and positive con- school represents what is possible for a amendment forward. I am also pleased tributions to the bill. She raises very large, urban public school, open to all the chairman has said he supports my worthwhile points. We have a tendency students. Kalamazoo, similar to many amendment. I think that is a great to think of small businesses all oper- communities in my State, is not with- first step for us, for the chairman to ating the same way, and they obvi- out its challenges. The tough economic support an amendment, because we all ously don’t. Particularly, the seasonal times have given public educators an know this bill came to the floor on businesses have moments of peak ac- extremely difficult task. Kalamazoo good faith, the good faith that we tivity and then periods when not much has had to cope with the effects of would have amendments and we would happens, whether we are talking about plant closings, corporate mergers, and try to address the legitimate concerns farming or fishing or tourism, other downsizings that meant administrators of many in our country, from small such industries. It was never our intent have had to do more with less. businesspeople such as dentists to food that they be adversely affected, but the But the people of Kalamazoo have manufacturers, as well as community amendment she has offered makes a not allowed those challenges to stand bankers. We don’t want—and I know huge difference in that regard. I thank in the way of excellence. Kalamazoo is the chairman doesn’t want and no one her. The Consumer Financial Protec- the home of the Kalamazoo Promise. wants—to hurt our economy with fi- tion Agency to allow mortgages to be Every graduate of the Kalamazoo pub- nancial reform. made on the basis of seasonal income is lic schools is entitled to a scholarship I also think I can say we all have a of great value. covering a portion of their higher edu- goal of good reform that eliminates The second amendment, 3755, on the cation costs at a Michigan public uni- some of the things that happened a collection of deposit account data, is a versity, up to 100 percent for those who couple years ago that American tax- very good suggestion. The last thing attended Kalamazoo schools from kin- payers are paying dearly for right now. we want to do is overburden the regu- dergarten through 12th grade. Since We don’t want bailouts. We don’t want latory environment. The intentions the Promise was established, thanks to taxpayer-funded bailouts of financial were sound enough. We have an awful the generosity of a small group of institutions that have taken great lot of people who go into the sort of anonymous donors, more than 90 per- risk, and we certainly don’t want to nonbank, nontraditional sources of cent of Kalamazoo High graduates have hurt our economy, which is not all that support financially. That was sort of gone on to college. great right now, we all must admit. I the motivation behind it. Her concern, This commitment to quality edu- think that going forward we must ad- that this could be burdensome—and the cation for all is nothing new to Kala- dress the issues that caused the finan- last thing we need is more burdens—is mazoo. In 1873, a small group of prop- cial meltdown and stop the misuse of worthwhile. I thank her for her con- erty owners, convinced that they did derivatives and get our financial house tributions. I support these efforts. not need to pay taxes to support a pub- in order while also protecting our fi- I believe, at the appropriate moment, lic high school, sued the Kalamazoo nancial house. we can adopt these amendments. School Board. In the ‘‘Kalamazoo So that is what the Hutchison-Tester I suggest the absence of a quorum. Case,’’ as it became known, the Michi- amendment tries to do. We want to en- The PRESIDING OFFICER. The gan Supreme Court upheld the estab- sure that large banks pay their fair clerk will call the roll. lishment of a public high school sup- share in deposit insurance premiums The assistant editor of the Daily Di- ported by tax dollars and open to all. and community banks are not over-as- gest proceeded to call the roll. The case settled, once and for all, the sessed and, therefore, can continue to

VerDate Mar 15 2010 00:03 May 05, 2010 Jkt 089060 PO 00000 Frm 00023 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.036 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3074 CONGRESSIONAL RECORD — SENATE May 4, 2010 provide lending and depository services the crisis. Numerous banks have failed additional parity between banks on to creditworthy American families and over the past 2 years, forcing the FDIC Wall Street and those on Main Street. small businesses. I am very pleased we to dip more and more into the fund to I thank my colleagues who have co- have a group of cosponsors. Senator cover insured deposits of customers. sponsored the amendment. I thank the TESTER and I are joined by Senator In February 2009, with the fund al- chairman for supporting the amend- BURRIS, Senator CONRAD, and Senator ready in a precarious state and more ment. This is one step we can take. I HARKIN in this amendment. failures expected, the FDIC made an would love for the first amendment While much debate has centered on unprecedented move and levied a $5 bil- taken up to be one that would have bi- systemic risk and the $50 billion fund lion special assessment on all insured partisan support, and I hope it is over- to unwind large financial firms, the institutions. Originally, the FDIC in- whelming support, because our commu- Hutchison-Tester amendment focuses tended this assessment to be eight nity banks did not participate in the fi- on bringing parity to the existing FDIC basis points of an institution’s domes- nancial meltdown and are not at fault. deposit insurance fund. Our amend- tic deposits. Yet they are paying a much heavier ment will reform the FDIC’s assess- This assessment stood to penalize price. But if we ask the small ment base to ensure that banks pay as- community banks by forcing them to businesspeople in Texas and probably sessments into the deposit insurance pay for the faults of others, despite in most parts of the country where are fund based on the risk they pose to the having nothing to do with the risky they getting the loans they need for banking system. practices that caused the crisis and en- their businesses to continue to operate, Currently, the FDIC levies deposit in- suing bank failures. To add insult to it is mostly from community banks. It surance premiums on a bank’s total do- injury, community banks would have is the community banks that have mestic deposits. Unfortunately, domes- paid a disproportionate amount based stepped forward in this crisis and have tic deposits are not the best measure to on domestic deposits in the assessment done the best they could to make sure analyze the safety of banks. Financial base. that in every way possible we keep our assets, other than deposits, also create The FDIC had the regulatory author- economy growing with small busi- risk in the system but are not consid- ity to broaden its base to total assets. nesses that are the economic engine of ered in determining FDIC assessments. I raised this point with the FDIC fol- America. So I hope we can have a time Yet because the system does not lowing the announcement of their as- agreement very shortly and be able to charge assessments based on assets, it sessment. I was pleased the FDIC lis- vote on the Hutchison-Tester amend- doesn’t fairly assess all the risks in the tened. They altered their special as- ment, and I look forward to working on system. sessment to a base of total assets less this bill for the next few weeks. Community banks with less than $10 tangible capital. There are many amendments that I billion in assets rely heavily on cus- As a result, the assessment was low- think are quite legitimate that will tomer deposits for funding, which pe- ered to 5 percent of assets—a move help this bill to be one that will fix nalizes these safe institutions by forc- which ensured that large banks with what was bad in our economic system ing them to pay deposit insurance pre- heavy assets paid an assessment which that caused the financial meltdown but miums above and beyond the risk they fairly accounted for the added risk at the same time will protect the le- pose to the banking system. How? De- they posed to the banking system. So I gitimate uses of the derivatives, the le- spite making up just 20 percent of the applaud Chairman Sheila Bair for mak- gitimate banking concerns of our com- Nation’s assets, these community ing that decision. munity banks, our Main Street banks, banks contribute 30 percent of the pre- However, the broader base was only our small businesses needs, and cer- miums to the deposit insurance fund. used one time and the FDIC has now tainly not create another new level of At the same time, large banks hold 80 reverted to the traditional annual pre- government bureaucracy piled on top percent of the banking industry’s as- mium based on domestic deposits as- of banks that are already regulated. I sets but pay 70 percent of the pre- sessments. The Dodd bill continues to just hope we don’t do overkill, as I miums. give the FDIC the authority to con- would say the Sarbanes-Oxley bill did, We must fix this inequity. This is a tinue using this narrow base of domes- which was passed in the aftermath of clear imbalance. We must ensure that tic deposits. the Enron scandal. Back then I think banks of all sizes pay deposit insurance The Hutchison-Tester amendment there was overkill that hopefully we premiums based on the risk they pose will put in place a statute which en- will be able to go back and address so to the system. The Hutchison-Tester sures that we will have the fair assess- we keep the bad things from hap- amendment will do this by requiring ment. That will be the mandate. There pening, while assuring that our econ- the FDIC to change the assessment will not be options to create this omy can go forward and compete not base to one which is a more accurate unlevel playing field between the big only in the communities across our Na- measure—a bank’s total assets less banks and the community banks. It tion but globally. tangible capital. This change will just makes sure the community banks The PRESIDING OFFICER. The Sen- broaden the assessment base from $8.5 will never have to pay a higher portion ator from Connecticut. trillion to $11.5 trillion, and it will bet- of the deposit insurance when they Mr. DODD. Madam President, very ter measure the risk a bank poses. have a lower amount of the assets. Our briefly, let me thank my colleague Throughout Senator DODD’s legisla- amendment levels the playing field. from Texas. I already commented when tion, a bright line asset test is used to Since the beginning of 2008, 229 banks Senator TESTER of Montana spoke, but measure risk to the system. A bank’s from across the United States have I will again thank her and the Senator assets include its loans outstanding failed, and because of these failures, it from Montana and others cosponsoring and securities held. One need only look has left the deposit insurance fund this amendment. It is a very solid con- back over the last 2 years to realize below the statutory minimum require- tribution to the bill. that assets show a bank’s exposure to ment, despite last spring’s special as- Again, I think the idea of considering risk. It wasn’t a bank’s deposits that sessment. The discouraging state of the the total liabilities obviously makes a contributed to the financial meltdown. fund has led the FDIC to make yet an- lot more sense. It alleviates the burden Instead, the meltdown was caused by other unprecedented move. The FDIC is financially on smaller institutions. It bad mortgages that were packaged up requiring its banks to prepay deposit adds that larger institutions have a into risky mortgage-backed securities insurance premiums, all due over the greater capacity to share more equi- and used to create derivatives. These next 3 years, by the end of this fiscal tably in these costs. Whether it is in risky financial instruments, and the year. We must act now to ensure that our State or not, we read accounts of— large banks which created and held these prepaid deposit premiums and all as we have seen over the last year and them, were what led to the financial premiums in the future are assessed a half—small banks having to close crisis. proportionately so banks pay pre- their doors. The pressures on the FDIC Our amendment is especially timely miums based on the risk they pose. are mounting. Again, you don’t want to because of the great strains placed on I ask my colleagues to support the keep adding assessments on institu- the deposit insurance fund because of Hutchison-Tester amendment, to bring tions that are already trying to lend to

VerDate Mar 15 2010 00:03 May 05, 2010 Jkt 089060 PO 00000 Frm 00024 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.042 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 4, 2010 CONGRESSIONAL RECORD — SENATE S3075 businesses in their communities, to things to regulate an out-of-control Well, it did not take long for the big provide mortgages and the like. Wall Street, to end the pernicious prac- banks to see the loophole this very nar- This is a very constructive amend- tice of too big to fail, and to provide row decision created. This loophole was ment and a very solid idea to add to for regular consumers an independent never sanctioned by Congress, appar- the bill. I thank the Senator from financial protection agency to look out ently never intended by the Supreme Texas and the Senator from Montana for their interests against all the big Court, but it was a significant loop- and the others involved. As soon as we sharks and lobbyists and lawyers who hole. It allowed banks to, for the first work out time agreements, hopefully are ganged up against them on con- time in the Nation’s history, avoid in- we can conclude and give the Senator sumer debt. I appreciate the work terest rate restrictions by the States of from Texas a couple of minutes before Chairman DODD and Chairman LINCOLN their consumers. It allowed them to we vote. It is exactly the way I want to have done, and I look forward to con- get through that loophole by reorga- manage this bill, if I can. There is a lot tinuing to work with them on this im- nizing as national banks and moving to of commonality and many common in- portant piece of legislation. States with comparatively weak con- terests, and too often the public only My amendment is cosponsored by sumer protection. sees the fights we have and they don’t Senators MERKLEY, DURBIN, SANDERS, Once the banks figured out that loop- realize how many issues we agree on. LEVIN, BURRIS, FRANKEN, BROWN of hole, what is called ‘‘a race to the bot- We are making the effort to try to Ohio, and MENENDEZ, and we are con- tom’’ ensued. Bank credit card centers reach agreements with each other. Ob- tinuing to solicit cosponsorships. We moved to States with the worst con- viously, it is not as interesting a story are also receiving endorsements from sumer protections, and in some cases when we agree. It is not as exciting as outside of this body. States made their consumer protec- when there is a brawl on the floor over The amendment would address an tions even worse in order to attract some issue. I appreciate the media’s area that is not yet covered by the that business to their State. The result appreciation of the brawls, but my in- Wall Street reform bill; that is, run- of that is that today the credit card di- tention is to limit that and get us to away credit card interest rates. It visions of major banks are based in just the point where we have common inter- would do so not by imposing new re- a few States. That deal with the bank ests in putting a good bill together. strictions on lending but, rather, by re- State causes consumers in all other Senator HUTCHISON’s contribution to storing historic State powers—powers States to be denied their traditional, this amendment does exactly that, just that were eliminated in the relatively historic, lawful protection against out- as our colleague from Maine, who recent past. rageous interest rates and fees. talked about her amendment a moment Madam President, when you and I With millennia of interest rate pro- ago. Senator WARNER has also been were growing up, a credit card offer tections behind us and hundreds of very helpful in this bill. I see Senator with a 20-percent or 30-percent interest years of protection by the sovereign WHITEHOUSE here. He is also interested rate might have been a matter to bring States of our Nation, the current sys- in the subject matter. I thank my col- to the attention of the authorities. tem that has developed since that 1978 league from Texas. Such interest rates were illegal under decision is the oddity in our history. Mrs. HUTCHISON. Madam President, the laws of most, if not all, of the 50 My amendment would do nothing there is certainly one thing we can all States. Laws against charging exces- more than reinstate the historic, long- agree on, and that is our assessment of sive interest rates go much further standing powers of our sovereign the media and what they really like to back than our youth, however. The States to protect their citizens against write about. I hope we can make Code of Hammurabi in the third mil- excessive usurious interest rates. Let progress on this bill and do something lennium B.C. limited interest rates. me be clear about what this amend- good for our country and the economy. Hindu laws of the second century B.C. ment would not do. It would not man- I think we have the same goals, and if limited interest rates. Roman law lim- date anything. It would not even rec- we really work for the next 3 weeks or ited interest rates. So when America ommend interest rate caps. It would so trying to get amendments through, was established, there was already a not impose any other lending limita- that would be great. long tradition of protecting citizens tions. It would just restore to our sov- Mr. DODD. Madam President, one of against excessive interest rates, and ereign States the power they enjoyed the important things about this that tradition carried to the founding for over 200 years from the founding of amendment is this: There will be of the United States of America. the Republic—the power to say: amendments offered in which we will For the first 202 years of our Repub- Enough. Thirty percent or 50 percent take things out of the bill or put things lic, each State had the sovereign power or 100 percent is too much interest to in, but this is an idea which has great to enforce usury laws against any lend- be charged to its citizens. value as a freestanding idea in many er doing business with its citizens. Dur- The current system is unfair to con- ways. That is why it has great value. ing those two centuries, our economy sumers, but it is also unfair to local This is something we clearly need to grew and flourished, and lenders prof- banks—banks that continue to be do. You can talk about other parts of ited while complying with those laws. bound by the laws of the State in the bill, but this is an idea that brings Then, in 1978 came an apparently un- which they are located. A small local value to the bill—significant value, in eventful Supreme Court case. It was bank has to play by the rules of fair in- my view, in light of the economic cir- little noticed at the time it was de- terest rates. The gigantic national cumstances we are in. I appreciate this cided. The case was called Marquette credit card companies can avoid having amendment more than kind of a strike National Bank of Minneapolis v. First any rules at all. That is not fair. We something in the bill or modify some- of Omaha Service Corporation. The Su- need to level the playing field to elimi- thing. This adds real value to the legis- preme Court there had to determine nate this unfair and lucrative advan- lation. I am appreciative of that. what the word ‘‘located’’ meant in an tage for Wall Street banks against our The PRESIDING OFFICER. The Sen- old statute, the National Bank Act of local Main Street community banks. ator from Rhode Island is recognized. 1863—whether it meant that the trans- To make sure lenders cannot find an- Mr. WHITEHOUSE. Madam Presi- action between a bank in one State and other statute to use to once again dent, I had planned to offer an amend- a consumer in another State was gov- avoid State law, my amendment would ment this afternoon. I have been in- erned by the law of the bank State or apply to all types of consumer lending formed by the managers that the of the consumer State. The resolution institutions and not just national amendment slots are full at the mo- was that the term ‘‘located’’ referred banks. So no more changing your char- ment. I wish to speak about my amend- to the location of the bank and not the ter or your means of business to avoid ment and then return to the floor at location of the consumer. This meant limitations on gouging your customers. the earliest opportunity to offer it for that in a transaction between a bank My amendment gives State legisla- a vote. in one State and a consumer in an- tures ample time to revise their usury First, I say to the chairman of the other, the transaction would be gov- statutes if they wish and gives lenders Banking Committee that the bill we erned by the State in which the bank ample time to adjust. The amendment are currently debating would do great was domiciled. would not go into effect until 1 year

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So there should not That will still be up to the State. He this legislation, in particular my col- be a large shock when this amendment doesn’t say it will happen overnight. leagues on the other side of the aisle. If goes into effect as law. It is the 30-per- He gives a year for them to phase it in. you believe in States rights, this is a cent-and-over interest rates that are It will also level the playing field for good piece of legislation. the recent anomaly, the historic pecu- a lot of community banks and local fi- If you believe in States as labora- liarity, the oddity, and cruelty to con- nancial institutions in each State tories of democracy, as centers of inno- sumers that States have traditionally bound by State law. vation, as places where you multiply been able to defend against. When the community banks in Illi- times 50 the chance of getting the right We should go back to the historic nois are doing business with me as a answer when you allow a little bit of norm, the way the Founding Fathers resident of Illinois, there are laws that innovation to take place, you should saw things under the doctrine of fed- can apply, and in other States as well. support this legislation. eralism, and close this modern bureau- But when it comes to credit cards, they If you take comfort in more than 200 cratic loophole that allows big Wall can charge me whatever they want be- years of solid American history prov- Street banks to gouge local citizens cause the States they say they do busi- ing that this is the right way to go, and compete unfairly with local banks. ness in have no rules whatsoever. you should support this amendment. I ask my colleagues for their consid- The net result of this most people un- If you want to protect consumers in eration of this amendment and urge derstand. If the interest rates are not your State from out-of-State banks them to support it. I think it is a good regulated, if they literally go to the that are out of control and have no re- amendment. high heavens, people end up paying strictions on interest rates they can I see the distinguished majority whip enormous sums of money. The pen- charge your consumers, you should on the floor. I yield back my time so alties involved go through the roof as support this amendment. that he may speak. well. If you think the Federal Government The PRESIDING OFFICER. The Sen- This is a legitimate issue and a le- has too much power and you want the ator from Illinois. gitimate subject for us to raise. I be- States to have more say about what Mr. DURBIN. Madam President, I lieve, as the Senator from Rhode Island can take place with its own citizens, thank the Senator. I hope to join him does, that there is a reasonable level of you should support this amendment. as a cosponsor. It wasn’t that long interest rates where a reputable insti- I look forward to continuing to push ago—the Senator will remember—when tution can make a good profit. Beyond for a vote on this amendment. I think we had a debate on the floor about that, it turns out to be a trap that a lot it is an important one. credit card reform. People across of people fall into because they do not I yield the floor. I suggest the ab- America said: There are some things realize there is no ceiling whatsoever sence of a quorum. going on with credit cards that aren’t on the interest rates they are being The PRESIDING OFFICER. The fair and right, and we need you to po- charged. clerk will call the roll. lice these credit cards and make sure There will be other amendments on The bill clerk proceeded to call the they don’t do outrageous things and this financial stability bill. This is one roll. charge people unreasonably. that I think most people will under- Mr. SCHUMER. Mr. President, I ask I think we made some progress in the stand completely. The law of your unanimous consent that the order for law we passed, but we made one crit- State will determine the interest rate the quorum call be rescinded. ical error: we gave the credit card com- you are going to pay on your credit The PRESIDING OFFICER. Without panies a long grace period to adjust to card, not the law of some other State. objection, it is so ordered. the changes. If you will notice, over I do not think it is an unreasonable Mr. SCHUMER. Mr. President, more the last year or so you received no- amendment. It is a very reasonable than 18 months after the collapse of tices—I got them at my home in one. It reduces the cost for families and Lehman Brothers put our financial sys- Springfield, IL—from credit card com- businesses and the life they lead, and it tem into a deep freeze, we are at a panies saying they were going to raise gives to each State the authority to de- crossroads in history. We can continue interest rates on the credit cards be- cide what that limit will be within to turn a blind eye to the very real fore the new law went into effect. My each State. For those who argue threat that excessive risk taking and wife saved them and said: Mr. Smart against Federal control, the Senator reckless deregulation pose to our econ- Senator, how did you let this happen? from Rhode Island is taking this right omy or we can choose to learn from the It turned out that we had no control on back to the local level where the deci- financial disaster that nearly brought those interest rates during that period sions will be made. our economy to a screeching halt. I of time and very little after the reform I am happy to support his amend- urge my colleagues to choose reform. bill. ment, and I encourage my colleagues We can’t wait any longer to take on What the Senator from Rhode Island to join us in cosponsoring it. the challenge of overhauling the rules is challenging us to look at is this: The PRESIDING OFFICER (Mr. of the road for our financial system. What is a reasonable amount to charge KAUFMAN). The Senator from Rhode Is- We have a regulatory system based on for an interest rate? His decision—and land. the 1930s and 1970s and a financial I concur with it—is, let’s let each State Mr. WHITEHOUSE. Mr. President, I world in the year 2010. We have an eco- make that decision. thank the Senate majority whip for co- nomic imperative to pass a strong set Thirty-two years ago, the Supreme sponsoring our legislation. I appreciate of financial reforms. The shock waves Court incorrectly removed the author- his support immensely. He has a won- in the real economy that resulted from ity of States to make that decision. derful way of making things clear and the financial crisis are still being felt They said: If your credit card company helping people understand how basic today by the millions of Americans is located in State X, you are bound by and simple and historic this amend- who can’t find a job or are facing fore- the laws of State X when it comes to ment is. It takes us back to the way closure, who can’t pay their children’s interest rates for all of your customers the country was through the vast ma- college tuition or have to put off re- across the United States. You don’t jority of its history. tirement because their savings have have to change for a customer living in The ‘‘greatest generation’’ served in been decimated. Arkansas, which has a cap on interest World War II, came home, and went to We have 9.7 percent unemployment in rates, or for a customer living in Illi- college and built the society we now this country, not because of any reform nois. You just take the law of State X live in under these rules. George Wash- proposal that has yet to become law

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And while selves facing a similar crisis in the not economy. large companies can pose a greater risk too distant future. I believe this bill will strengthen jobs to the system as a whole, small compa- Senator DODD and my colleagues on and income creation in my State of nies can pose every bit as great a risk the Banking Committee have put to- New York, not leak it, because it will to the individual consumer, and the gether a bill with strong forward-look- make the system stronger. It will distinction between the two is faceted ing reforms that make our financial make people have more confidence in and unfair. system stronger and more stable so it that system, and money from around I also think the bill could go farther can return to its fundamental role— the world will flow into New York, in dealing with credit rating agencies, helping our economy grow and inno- which is the capital of the financial and I am working with Senator vate and create jobs. The bill lays out system for our Nation and our world. FRANKEN on a proposal that would re- new rules of the road, fills gaps in our The bill Senator DODD put together is duce the conflicts of interest inherent regulations, and protects consumers stronger in many ways than most peo- in their current business model. There and investors. Most importantly, by ple expected it to be a couple of months are other changes I will proposal as creating a new resolution authority— ago. It contains several core reforms well. which I know my colleague from Vir- that will go a long way toward fixing In conclusion, we have many tasks in ginia, who is sitting on the floor here the problems that crept up in our fi- front of us if we are to rebuild the now, has worked very hard on—this bill nancial system over decades. The bill American economy, but a stronger fi- ensures that taxpayers will never again would make sure taxpayers never again nancial system focused on the needs of have to bail out large financial institu- have to foot the bill when large institu- the real economy is crucial in that ef- tions. Firms that fail, will fail, period. tions fail; make sure every large finan- fort. There should be no doubt that There will be no rescue or bailout, only cial institution has a regulator looking part of putting us back on the path to an orderly unwinding that forces over its shoulder to prevent excesses, prosperity requires instituting smart, stockholders and bondholders to suffer, and a council of regulators looking at thoughtful financial reforms. Mr. President, I yield the floor. not taxpayers. risks across the whole system; make ENEMY COMBATANTS As a New Yorker, I see the connec- sure derivatives—which, when abused, The PRESIDING OFFICER. The Sen- tion between Wall Street and Main can put the whole system at risk—are Street every day. The financial indus- ator from Alabama. traded transparently, at the very least, Mr. SESSIONS. Mr. President, I wish try is responsible for 500,000 jobs in and on an exchange whenever possible. to share a few remarks about the re- New York City, and most of them are I should note this is a huge change cent arrest of the Faisal Shahzad, the not the kind of fancy, high-paying jobs from the way the derivatives market individual who allegedly attempted to you read about or see in the movies. works now. We would go from a totally detonate a car bomb in Times Square The average salary for these jobs is unregulated market to one that is reg- in a plot to kill a lot of Americans. about $70,000. But I realize the finan- ulated, where regulators know every I have been asked about that incident cial system plays a special role far be- trade that happens and risks can’t several times over the last several yond Manhattan. There are many anal- build up in the system without anyone days, and I think I was incorrect in ogies. It is the heart of the economy, knowing better. making comments to reporters and the lifeblood, the circulatory system, The bill will also make sure there are even to friends about the precise legal the engine of the economy or the oil stronger consumer protections to en- situation in which we are involved. Let that greases the gears. Whatever image sure institutions can’t take advantage me briefly summarize what I think the you choose, it is absolutely critical to of average Americans in their mort- current state of the law is, and all of us helping businesses grow and innovate gages, credit cards, or other financial will then be better able to respond to and create new jobs. So our reform instruments. It would give investors the questions we may be asked. must be forward thinking and strong additional power to hold their boards The Christmas Day bombing suspect, but not punitive or vindictive or venge- accountable so they are not asleep at Umar Farouk Abdulmutallab, as was ful, because that will hurt the whole the wheel the next time their manage- established pretty quickly, is an economy. ment is loading up the company with unprivileged enemy belligerent and is With the special status of the finan- risk. thus eligible to be tried for his offenses cial system come special responsibil- Like many of my colleagues, how- and detained as a person at war against ities. The industry has reacted to many ever, I believe there are areas of the the United States. Mr. Abdulmutallab of the new proposals by arguing that bill I wish to see improved, and I will is an individual who could be held as a they will kill innovation. But because continue to work with my colleagues prisoner of war, if the military so we can make cars that go 200 miles per on the floor to do that. First, I wish to chooses, for so long as the hostilities hour doesn’t mean we shouldn’t have see even stronger consumer protection continue, just as we did in World War speed limits. In general, I think this in the financial services area, and I am II and every war the United States has bill strikes the necessary balance be- working with Senators REID and DUR- been part of. Also, the military would tween maintaining an innovative and BIN and others to strengthen this part be entitled to try Mr. Abdulmutallab, competitive financial system while en- of the bill. This is an area where I have the Christmas Day bomber, by military suring that the recklessness that oc- worked hard for decades now in Con- commission. That is what we would curred by some on Wall Street will gress, both in the House and Senate. It normally do, and that is what was done never again threaten the financial is clear to me we can’t force Congress in World War II when we caught Nazi health of Americans on Main Street. to pass a new law every time a credit saboteurs plotting to blow up targets Make no mistake about it, these re- card company figures out a way to in the U.S. forms will be good for both Wall Street skirt the old laws. We need an inde- I believed the administration made a and Main Street. pendent agency whose only mission is mistake when they treated Mr. The bill will create a financial sys- to protect consumers, and that agency Abdulmutallab as a civilian criminal tem where consumers and investors on needs to write and enforce rulings and provided him Miranda rights and Main Street can have confidence in the across the board for all financial insti- appointed him a lawyer, which we have products and services they receive and tutions. to do if we are going to treat somebody where they put their money; a finan- I am sponsoring an amendment to ex- as a criminal rather than an cial system focused on getting capital pand the enforcement authority of the unprivileged enemy belligerent. I be- into the real economy, so people can Consumer Protection Bureau over all lieve firmly that was an error, and the

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My allowed the commission to go forward Since war is won or lost so often on initial thought was that the Supreme with his trial, and I think he was exe- the question of who has the best intel- Court has clearly held that a U.S. cit- cuted. A number of the people involved ligence, we should not provide lawyers izen who has joined the enemy to fight in that case—most of those who to individuals who are at war with us against this country can be designated sneaked into the country by sub- and seek to destroy our country and as an unlawful enemy belligerent and marine, as I recall, off our coast, to kill innocent men, women, and chil- could be detained for the duration of blow up our cities and infrastructure dren. hostilities. That is a fact Abraham Lin- and kill civilians—were tried for being I think that is the basic state of the coln never had any doubt about when in violation of the rules of law, very law today. I have been a bit confused he took people prisoners. I guess much unlike a German soldier who was myself, and I am glad my staff has George Washington, when there was captured on the battlefield during the helped me get correct. the Whiskey Rebellion, he never had Battle of the Bulge. They were de- I yield the floor. any doubt he had the ability to attack, tained as prisoners of war throughout The PRESIDING OFFICER. The Sen- destroy, or arrest people when they the war. Because these people had vio- ator from South Dakota. were at war with the United States. lated the rules of war they could be Mr. JOHNSON. Mr. President, this Fortunately, he did not have to go so tried by a military commission. week, as the Senate moves forward far, but that is the kind of thing the But what happened in the Haupt case with consideration of Wall Street re- Supreme Court reaffirmed in Hamdi v. ex parte Quirin is no longer law. Since form legislation, I am optimistic that Rumsfeld. 2006, the Military Commissions Act legislation will be passed that reforms In the Hamdi case, Justice Sandra that Congress passed required and our financial system and prevents Day O’Connor, who wrote the opinion, made it clear that the military com- those who nearly brought down the made clear that a citizen who has mission trials are only available for economy from ever being able to do taken up arms in hostilities against alien unprivileged enemy belligerents. that again. the United States can be designated as Accordingly, the Times Square bomb- As we have heard many times over an unlawful enemy combatant—‘‘un- ing suspect who appears to be a citizen the last several weeks, the bill creates lawful enemy belligerent’’ is the phrase must be prosecuted, if he is prosecuted a mechanism to monitor the economy she used—and she wrote the opinion and tried at all, in Federal court—if for nationwide trends and risky pat- which said: the reports are accurate that he is a terns that could lead to problems. It There is no bar to this Nation’s holding citizen. establishes a consumer watchdog dedi- one of its own citizens as an enemy combat- I want to be sure. I think we have cated to identifying and preventing ant. . . . A citizen, no less than an alien, can this matter straight. I believe an alien lending trends that are harmful to con- be ‘‘part of or supporting forces hostile to the United States or coalition partners’’ and unlawful belligerent who is captured sumers. In addition to preventing fu- ‘‘engaged in an armed conflict against the should not be treated like a criminal. ture bailouts, the bill also requires United States’’; such a citizen, if released, They should not be appointed a lawyer that most financial speculation be done would pose the same threat to returning to that day to tell them don’t say any- in the open, while addressing the un- the front during the ongoing conflict. thing. They should not be advised of derlying problem that allowed the That is perfectly sound and perfectly their rights because they are prisoners banks to go casino-crazy in the first reasonable. She concluded that Mr. of war. If their actions amount to a place. It also brings derivatives into a Hamdi, who was captured alongside the violation of the rules of war, an alien transparent marketplace. I believe all Taliban in Afghanistan but who was an unlawful enemy belligerent can be these changes will make the American American citizen, could be detained for tried in civilian court, if we choose, or financial system more transparent, ac- the duration of the hostilities author- tried by a military commission. But if countable and responsive to future ized by the Authorization for the Use they are a citizen and they are caught risks. of Military Force that Congress passed, under these circumstances, they can be It has been discouraging to see some authorizing military force against him detained in military custody, but they Members and special interests opposed in order to keep him from rejoining the can’t be tried by a military commis- to these changes. In fact, I believe it is enemy. sion. They can only be tried by the ci- hard to argue against these reforms We have had quite a number of people vilian courts in civilian trials. with a straight face. Yet those against who have been released from Guanta- With regard to the matter of Miranda reforming Wall Street have been doing namo, who have been captured in the warnings, Miranda is not a constitu- just that, asserting that making mar- process, who have returned to the com- tional requirement. It was never part kets fair and transparent will somehow bat and attacked us. So it is clear that of American law until recently—40 hurt the economy. These reforms will under Hamdi, the administration has years ago, 50 years ago. No nation in help, not hurt, American consumers, the authority to detain the Times the world I think—except perhaps one, small banks and small businesses. Square terror suspect as an I forget which one—provides that you As I have said before, our community unprivileged enemy combatant if he have to warn people they have a right banks in South Dakota, and across the can be linked to our terrorist enemies to remain silent. We can ask them Nation, have acted responsibly. It was within the definitions of the Military questions. They can remain silent. We the actions of large, interconnected fi- Commission’s Act. can’t force them to talk, but we don’t nancial institutions that endangered But I want to be clear. There is a dis- have to read them the Constitution be- our economy and received Federal bail- tinction: this suspect, unlike the fore we ask them questions. But we do. outs. Christmas Day bomber and the 9/11 So, to me, it makes no sense that we This bill eliminates the likelihood plotters, cannot be tried via military would provide this extra constitutional that the government would once again commission under current law. He can right to unlawful enemy alien combat- be forced to throw billions of dollars at be detained by the military, but not ants like a Christmas Day bomber. Wall Street or run the risk of bringing tried by military commission. In pre- They should be detained by military down our entire economy. vious conflicts, military commissions custody. If they need to be tried, the The community banks in South Da- were used to try civilians who took up choice should be made between wheth- kota, and across the country, are a arms against the United States in ways er to be tried in civilian courts or mili- vital part of our economy, as they rein- that violated the rules of war. For ex- tary courts. The ability to obtain good vest money back into the communities ample, Herbert Haupt was one of the intelligence about the operation is they serve. This legislation will help Nazi saboteurs who was prosecuted via more enhanced, in my view, without community banks since it levels the

VerDate Mar 15 2010 00:30 May 05, 2010 Jkt 089060 PO 00000 Frm 00028 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.048 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 4, 2010 CONGRESSIONAL RECORD — SENATE S3079 playing field between banks and The PRESIDING OFFICER. The Sen- very aggressive pieces of legislation nonbank financials, such as mortgage ator from Connecticut. were put into place to protect our lenders. Mr. DODD. Mr. President, I just wish country and make certain that could In addition, the bill fills many regu- to say to my friend how much I appre- not happen again. Those pieces of legis- latory gaps, helping solve the problem ciate his involvement and support and lation enacted into law lasted for a of charter shopping, meaning financial effort over the past many months that long time—70 or 80 years—to protect institutions will no longer be able to we have worked in this area, since the this country’s economic interests. But choose the regulator they think will be collapse of our economy back in the what happened was that a number of the friendliest. fall of—well, it began earlier than that, people decided they were old-fashioned I would also like to see the legisla- actually, as we witnessed early in 2007 provisions and needed to be modern- tion go further in some areas, such as the mortgage crisis occurring across ized, so we had modernization legisla- the registration of private equity and the country. tion that I did not support. We had to venture capital with the SEC, in addi- Senator JOHNSON has been tremen- modernize the system. That moderniza- tion to hedge fund registration. dously helpful and valuable. He is my tion a decade ago caused massive prob- I also believe the legislation fills im- seatmate on the Banking Committee. lems. So now we are back having expe- portant regulatory gaps relating to in- We have been sitting next to each rienced the last couple of years and a surance regulation. This legislation es- other on that committee for the past 3 very deep recession that is not a nat- tablishes the Office of National Insur- years and working on these issues to- ural economic disaster; it is manmade. ance, and gives this office the ability gether. He brought great value to this I think it is caused by the most unprec- to negotiate international agreements, debate and discussion, contributed sig- edented greed this country has ever a task that is currently a struggle for nificantly to the product before us, and seen among some of its largest finan- our country in a global marketplace. I wished to thank him for that. cial institutions. These provisions will give us a better We have some work to do, obviously, It is important to say that banking is picture of what is happening in this na- in the next number of days on this bill. critical to this country’s economic ex- tional and international industry, But it is a good bill. I appreciate his istence. You need production and you something we do not have now. We comments about how it has been a bill need finance. I don’t think we ought to should resist efforts to take authority crafted not by one member, not by a suggest—and nobody has—that finance away from the Office of National Insur- chairman of a committee but by a is not worthwhile. It is very important. ance. group of us on that committee, Demo- You can’t produce or have businesses This bill has had substantial input crats as well as Republicans who con- without the ability to provide finance from Republicans and Democrats. As tributed to this bill. for those businesses. But over a couple the legislation process moves forward, So I thank him for his work. of centuries of economic history in this I hope that bipartisan language on in- I suggest the absence of a quorum. country, sometimes producers have had vestor protection can be retained, that The PRESIDING OFFICER (Mrs. the upper hand; sometimes those in the we can find common ground on na- HAGAN). The clerk will call the roll. finance production have had the upper tional preemption and State AG en- The legislative clerk proceeded to hand. For the last 15, 20 years, those in forcement, and that additional good call the roll. finance production in this country ideas from both sides of the aisle can Mr. DORGAN. Madam President, I have had an unbelievable amount of be incorporated into this legislation ask unanimous consent that the order clout and sway and the upper hand. through the amendment process. for the quorum call be rescinded. That has caused us serious problems. I believe all Members of this body The PRESIDING OFFICER. Without Today, I am not talking about the want to support bipartisan legislation objection, it is so ordered. origins of this latest economic wreck— to reform Wall Street. But, as we seek Mr. DORGAN. Madam President, I I have done that many times before— bipartisan consensus, we should assess know the Senator from Connecticut but starting with the subprime loan all amendments from a Main Street, has been on the floor all of this day scandal that permeated much of the commonsense perspective. managing a piece of legislation, and it country, there was unbelievable greed South Dakota’s small farms, ranches appears to be kind of a lonely process and excess, securitization of bad mort- and business operate with transparency here. He is managing what is a very gages that were rated AAA and passed and accountability. It is time for that important piece of legislation dealing from one to another, from mortgage same transparency and accountability with financial reform or Wall Street bankers, to hedge funds, to investment to be extended to Wall Street. reform. I know he is perhaps as frus- banks, and back and forth. Taxpayers, consumers, and busi- trated as everybody else that we are Then even that wasn’t enough. They nesses across our Nation have been af- not making more progress and voting were passing a bunch of bad paper fected by the gambling of Wall Street. on amendments. I know work is going around where everybody was making The fallout of Wall Street’s reckless- on behind the scenes as well. big fees, not knowing what they were ness has affected all of us, whether it is I hope we will be able to move ahead buying, and buying things they would job loss, foreclosure, loss of retirement and get a good piece of legislation not get from people who never had it. funds, or decreased access to a loan or through the Senate. I don’t know what That wasn’t enough. Then we created other type of credit. time it will take, but what is far more synthetic securities and naked swaps. I Nearly 2 years have passed since the important is that we get it right. The guess that was a natural extension by financial crisis. It is time to move for- consequences of not making the those who were greedy enough to be- ward and fix our failed system of finan- changes necessary would be that we lieve you have to have something to cial services regulation. would experience again at some point trade no matter what the cir- A young South Dakotan was in my in the future the kind of financial cri- cumstances. So they created instru- office last week, and said that he sis we have seen in the last couple ments—debt instruments, securities, thought this bill represents South Da- years. It is a significant crisis for a lot and others—that had no value. They kota values, because he was raised with of Americans—about $15 trillion of lost were debt instruments related to val- the value that you should be careful value, but that is an aggregate number ues of things that were extraneous, so with your money, and even more care- that doesn’t mean much. there was no insurable interest. ful with someone else’s money. That is What means something is that mil- A naked credit default swap is some- something that Wall Street forgot. lions of people are losing their jobs, thing that has no insurable interest on Any legislation that passes this body their homes, and many are losing hope. either end. It is simply two people who must make our markets safer, better That is the consequence of this kind of have decided to bet on whether a bond- protect consumers, create a level play- very deep recession—the deepest reces- holder over there may or may not de- ing field for industry, and remind Wall sion since the Great Depression. fault, despite the fact that neither of Street that our Nation’s economy is Following the Great Depression, if these people has an economic interest not something they are free to gamble you read the economic history of the in the bond. They are just making a away. country, you will find that a number of wager. They could have just as well put

VerDate Mar 15 2010 00:30 May 05, 2010 Jkt 089060 PO 00000 Frm 00029 Fmt 4624 Sfmt 0634 E:\CR\FM\A04MY6.016 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3080 CONGRESSIONAL RECORD — SENATE May 4, 2010 it on black or red at the roulette wheel the construct and size of that organiza- being of America. I do not think any- or played the craps table or played tion would create a moral hazard to body wants to take apart a system of blackjack. It is not an investment; it is this country, would create unaccept- finance that has the different levels of just betting. able risks and grave risks to the entire FDIC insured banking, commercial That all went on, and there was a future of the American economy—if banking, investment banking, venture dramatic amount of new leverage and that is the case, if that is the judg- capitals, hedge funds—all those are im- borrowing. I cannot begin to describe ment, then it seems to me you have to portant to this country’s long-term fu- the excess that occurred. I guess the pare back portions of that enterprise ture. I personally would like to see final circumstance for me to see what until it is not any longer too big to fail hedge funds and derivatives regulated. was wrong with all of this was that in and causing grave risk to the future of I have talked about that with Senator 2008 the ‘‘Wall Street’’ firms earned a this economy. FEINSTEIN and others for a long time. It net negative of about $36 billion, that In my judgment, the most direct and is very important that we have a sys- is, they had $36 billion of losses, and reasonable thing to do is to simply re- tem of finance that has the confidence still paid, I believe, $17 billion in bo- quire that you restructure and require of the American people and that we nuses. That represents sort of the most divestiture, where necessary, of those need in order to finance the production egregious excesses you can imagine. portions of an institution that have be- in this country. The question now and the cir- come too big to fail and cause a grave Ultimately, all of us would like the cumstance that exists that I know the risk to the future of this country’s productive sector to be repaired, to Senator from Connecticut cares a lot economy, should they fail. grow and hire people once again, em- about is how do we restore confidence? I will be offering that amendment. I ploy people, and have ‘‘Made in Amer- How do we restore some confidence for know it is different than some others. ica’’ put on products once again. All of the American people going forward? If My colleagues, Senator BROWN and us would like to see that happen. That we do not have confidence, this econ- Senator KAUFMAN, have an amendment will not happen unless we have a work- omy is not going to expand and re- which I will vote for and support as ing system of finance as well. bound. well on this issue. I think this is prob- We had a hearing where representa- The answer is, we put together a ably the most direct and probably the tives from three businesses came to piece of legislation called Wall Street most effective amendment on the issue that hearing. All three were small- to or financial reform and construct it the of too big to fail. medium-sized businesses. All three had right way to try to make certain the Finally, I am going to offer an sailed through this deep recession, with things that were done cannot be done amendment that would ban what are some difficulty, but were still profit- again, to make certain the kind of eco- called naked credit default swaps. If able. All three were ready to expand, nomic wreck that occurred cannot hap- people want to gamble, just bet one an- ready to hire more people, and none of pen again. other. There are plenty of places to do them could find any financing to do it. My colleague from the Banking Com- that in America. Las Vegas comes to None of them have been delinquent. All mittee, the chairman of the Banking mind. Atlantic City comes to mind. It of them had existing banking enter- Committee, Senator DODD, and others seems to me, we should not mistake prises with which they had a relation- have done quite a good job of putting betting for investing. We ought to get ship and always paid back everything together a piece of legislation that back to basics in our financial institu- they owed. They had never been delin- moves in that direction. It can be im- tions. quent. Yet they could not find the proved, in my judgment, and perhaps I think we have something close to funding to expand their business and will be. I know he will agree with that $25 trillion of credit default swaps that hire more people. That is what is as well. There are other ideas that can exist now. I don’t know what percent of wrong. be brought to the floor of the Senate them have no insurable interest, that Even today, by the way, some of on this legislation. represent just wagers, just flatout bets these record profits that are coming I am going to talk about two of them rather than investments. In England, a from some of the biggest financial in- ever so briefly—actually three, but one study suggested that about 80 percent stitutions are coming not as a result of of them will be very quick. of credit default swaps are what are their lending money to people but as a Senator GRASSLEY and I intend to called naked credit default swaps with result of their trading, in many cases offer an amendment that says to the no insurable interest. If that is the in some of the same securities that Federal Reserve Board: You must dis- case on this side, we are talking about caused some of the same problems a close to whom you were providing a notional value of perhaps $16 trillion, couple years ago and over the last dec- emergency assistance during the finan- $17 trillion of instruments out there ade. cial debacle on Wall Street, including that simply allow for the making of This reform legislation is essential. loans out of the discount window to in- wagers that have nothing at all to do This is one of the most important vestment banks for the first time in with the insurable interest and bonds. pieces of legislation we will have con- history. You must disclose whom you I mentioned earlier that Mr. sidered in this Congress—probably the provided loans to, what the terms were, Pearlstein, who writes for the Wash- most important. In many ways, the and how much those loans amounted ington Post, once observed a pretty consequences of what we do will be to. Two Federal courts—the district simple question: Why should there be with us for a decade or more. That is court and now the appeals court—have more insurance policies to insure bonds why it is important to get this right. ordered the Fed to do so. The American than there are bonds to insure? The an- I say to my colleague from Con- people, they said, deserve to know. The swer is obvious. They created these ex- necticut, I wish to be helpful to him. Fed announced they intend to appeal cess insurance policies that have no in- He has written a piece of legislation that once again. surable interest so people could just that has much to commend it. This Tomorrow, Senator GRASSLEY and I gamble. It is fine if you are gambling Senate owes him a debt of thanks and will offer an amendment that says the with your own money, but once you the Banking Committee a debt of law will require them to make that dis- start gambling with the taxpayers’ thanks. That does not mean we cannot closure. The American people deserve money, if you are a federally insured offer amendments that might improve to know. bank and the taxpayers are going to pieces here and there. But this is an On the other two issues, one is on too bear the risk, that is a different mat- awfully good start. big to fail. This is central to the bill. ter. My hope is, Senator DODD will have There are a lot of ideas about too big I am going to offer these amend- sufficient cooperation in the Senate to to fail. Mine is, I think, the most di- ments. I say, again, as I said when I begin getting votes on amendments so rect, the most decisive, and the most started, all of us who come to this de- we can get through this, have the de- effective. bate about financial reform or Wall bate, and get the best ideas that every- If the Financial Stability Oversight Street reform understand that an effec- body has to offer and get a piece of leg- Council decides that an institution is tive, functioning system of finance in islation that will give the American too big to fail—that is, by definition, this country is essential to the well- people some confidence once again.

VerDate Mar 15 2010 00:30 May 05, 2010 Jkt 089060 PO 00000 Frm 00030 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.050 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 4, 2010 CONGRESSIONAL RECORD — SENATE S3081 I yield the floor. I suggest the ab- During a subsequent visit to an eth- idle and 90 percent of the biodiesel em- sence of a quorum. anol facility in Missouri, President ployees have been laid off simply as a The PRESIDING OFFICER. The Obama stated unequivocally that his result of the tax credit lapse. Accord- clerk will call the roll. administration would ensure the do- ing to Mr. Albin, President Obama as- The assistant legislative clerk pro- mestic biofuel industry would be suc- sured him that he would not let the ceeded to call the roll. cessful. The President and I are in biodiesel industry die. Mr. GRASSLEY. Madam President, I strong agreement that renewable He recalls the President saying some- ask unanimous consent that the order biofuels are a key part of our future. thing like this—and I want to quote for the quorum call be rescinded. Unfortunately, I believe President what I suppose was a paraphrase by Mr. The PRESIDING OFFICER. Without Obama missed an important oppor- Albin: objection, it is so ordered. tunity to make a push for the message I’m the President and I promise I will do Mr. GRASSLEY. Madam President, I of the biodiesel tax credit. While the whatever I can. Look, I’m on your side, but wish to speak as in morning business President was in Iowa touting green I’ve got a Congress to deal with. for 15 minutes. jobs, this Democratic Congress has, in Well, I can understand what the The PRESIDING OFFICER. Without effect, sent pink slips to about 18,000 President would say. I happen to be- objection, it is so ordered. people who depend on the production of lieve that in my 4 years of serving with EXTENSION OF THE BIODIESEL TAX CREDIT biodiesel for their livelihood. then-Senator Obama, that Senator Mr. GRASSLEY. Madam President, On December 31, 2009, the biodiesel Obama, now President Obama, is very last Tuesday, President Obama trav- tax credit, which is essential to keep a sincere about the promotion of ethanol eled to Iowa. He visited counties and young bioindustry competitive, ex- and biodiesel or biofuels—whatever you towns that have been hit particularly pired. In anticipation of the expiration want to call it. In fact, I had the good hard by the economic downturn. While of the tax credit, Senator CANTWELL occasion of working with then-Senator Iowa’s average unemployment rate and I introduced a long-term extension Obama on a Senate bill when I was still stands at 6.8 percent, Lee County’s un- in August of 2009. That bill was never chairman of the Finance Committee to employment rate stands near 11 per- considered last year. promote the tax credit that is now in cent. Wapello County’s unemployment In December, as the expiration place so that filling stations can get a rate is at 9.5 percent. These were the loomed, I came to the Senate floor to tax credit for putting in for E85 eth- counties that President Obama visited. implore my colleagues to put partisan anol, as an example. So I don’t ques- Over 1,000 jobs have been lost in each of politics aside and pass a clean exten- tion President Obama’s response to Mr. the 3 counties he visited since the re- sion of the biodiesel tax credit because, Albin. Of course, we do have checks cession began. without an extension, I knew the in- and balances in government and the The visit to Iowa was billed as an ef- dustry would come to a grinding halt, President has Congress to deal with. fort to highlight the steps taken to and it has. But I hope President Obama will take achieve long-term growth and pros- For whatever reason, the Democratic strong action to insert himself into perity by creating a new, clean energy leadership in the House and the Senate this debate in the Congress. economy. have never considered this extension a It seems that even President Obama, During his trip, the President visited priority. Now the industry is experi- from this quote, is frustrated by the a Siemens wind blade manufacturing encing the dire situation I predicted. lack of action by the Democratic con- facility in Fort Madison. I had the op- On January 1 of this year, about gressional leadership on this issue. portunity to visit there about a year 23,000 people were employed in the bio- Mr. President, I ask unanimous con- and a half ago. The President touted diesel industry. Because of the lapse in sent to have printed in the RECORD this Iowa’s leadership in the production of the credit, nearly every biodiesel facil- press release from Iowa RFA at the wind energy. This Siemens facility is a ity in the country is idle or operating conclusion of my remarks. great facility. I recall just a few years at a fraction of capacity. Nearly all of The PRESIDING OFFICER (Mr. ago speaking to Siemens manufac- Iowa’s 15 biodiesel refineries have com- UDALL of Colorado). Without objection, turing when they were looking for a pletely halted production. This has led it is so ordered. site for their first wind production fa- to the loss of about 2,000 jobs in Iowa (See exhibit 1.) cility in the United States. I told the alone. Mr. GRASSLEY. The board president executives at Siemens they would not The thousands of jobs created by the of Western Iowa Energy in Wall Lake, be disappointed if they chose Fort wind industry in Iowa have essentially IA, recently stated: been offset by the thousands of jobs Madison for their facility because Due to the continued lapse of the biodiesel Iowans are some of the hardest work- lost in the biodiesel industry. tax credit, Western Iowa Energy continues ing and honest people in the country. You do not have to take my word for to suffer from significantly limited sales and I am particularly proud of the sec- the dire state of the industry. A $50 reduced sales forecasts. Due to these market ond-in-the-Nation status of Iowa’s wind million biodiesel facility in Farley, conditions, we have made the difficult deci- production. I first authored and won IA—that is in northeast Iowa—an- sion to idle our facility. Today we are laying enactment of the wind production tax nounced that they just laid off 23 work- off 15 full-time employees. This represents credit in 1992. This incentive has led to ers and cut the pay of the rest of the more than 50 percent of our staff. the exponential growth in the produc- staff. Renewable Energy Group laid off On February 10, Senator BAUCUS, tion of wind across our entire United 9 employees in a facility in Ralston, chairman of the Finance Committee, States. IA, and 13 in Newton, IA. Ironically, and I worked in a bipartisan fashion to It has also helped my State of Iowa the Newton biodiesel facility is 1 mile develop an $84 billion jobs package that to become a leader in the production of down the road from a wind manufac- included a 1-year extension of several wind energy component manufac- turing facility that President Obama energy tax credits, including the bio- turing. visited on Earth Day just last year. diesel tax incentive. Before the ink was The emerging wind industry has cre- During President Obama’s trip to Iowa, even dry on the paper, Majority Leader ated thousands of jobs in recent years he was within a few miles of three bio- REID scuttled our bipartisan package in the cities of Newton, West Branch, diesel facilities that are idle: one in in favor of a partisan approach. That Cedar Rapids, and Fort Madison. Keokuk, IA, one in Washington, IA, delayed passage of an extension in the When President Obama says energy and another in Crawfordsville, IA. Senate for well over a month, until the security should be a top priority, I According to a press release from the month of March. agree with our President. When he says Iowa Renewable Fuels Association, an Now it has been languishing for 6 we need to rely more on homegrown Iowan affiliated with biodiesel industry weeks. Where is the urgency? This Con- fuels and clean energy, I agree with our was able to speak to President Obama gress jammed through a stimulus bill President. When he says our security very briefly following a townhall ses- that spent $800 billion to keep the un- and our economy depend on making sion in Ottumwa, IA. Mr. Albin, vice employment rate below 8 percent, and America more energy independent, I president at Renewable Energy Group, of course it didn’t stay below 8 percent. agree with our President. told President Obama that plants are Yet we can’t find the time to pass a

VerDate Mar 15 2010 00:30 May 05, 2010 Jkt 089060 PO 00000 Frm 00031 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.051 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3082 CONGRESSIONAL RECORD — SENATE May 4, 2010 simple tax extension that will likely man Sander Levin of the House Ways and that issuer is going to go back to the reinstate 20,000 jobs overnight. We are 4 Means Committee promised as a reinstate- next time? Of course, the agency that months delinquent in our obligation to ment deadline for the biodiesel tax credit gave them the higher rating. Does any- during an energy hearing earlier this month. these biofuel producers with no end ‘‘The President heard me ask him again one see a problem? I do. game in sight. The lack of action on about the May 31 date. He turned back to me Well, the problem is that the entire this issue defies logic or common and said, ‘I’m the President and I promise credit rating structure is basically one sense. I’ll do whatever I can,’ ’’ Albin recalled of the enormous conflict of interest. Issuers So while the Democratic leadership exchange. ‘‘President Obama then assured want high ratings, and raters want talks about creating green jobs, their me of his commitment to clean energy by business. The market offers incentives action has led to job cuts. Americans saying, ‘Look, I’m on your side, but I’ve got for inflated ratings not accurate rat- are unemployed today because of the a Congress to deal with.’ ’’ ings. These perverse incentives have ‘‘I believe he now has our urgent message action—or more aptly the inaction—of straight from the state where the tax credit driven the behavior of all participants. the Democratic congressional leader- lapse is having the most impact—the na- Any rating agency looking to enter the ship, particularly on this biodiesel tion’s top biodiesel state,’’ Albin said. ‘‘It market with better methods or any issue. really was a miracle to be in that right spot rating agency that refuses to inflate its The United States is more dependent at the right moment to be able to get the ratings will never be able to compete. upon foreign oil because of the inaction biodiesel message straight to the President My friend and colleague, Senator of the Congress. Automobiles are pro- of the United States of America.’’ LEVIN, held a hearing not long ago in The Iowa Renewable Fuels Association was the Permanent Subcommittee on In- ducing more pollution because we have formed in 2002 to represent the state’s eth- essentially eliminated this renewable, anol and biodiesel producers. The trade vestigations. His PSI investigative cleaner-burning biofuel. Rural econo- group fosters the development and growth of team unearthed some very unsavory e- mies are being stripped of the eco- the renewable fuels industry in Iowa through mail exchanges between issuers and nomic gain of this value-added agricul- education, promotion, legislation and infra- raters—e-mails which implied that an tural product. structure development. issuer could obtain a higher rating if So I urge the Senate to take imme- The PRESIDING OFFICER. The Sen- he paid more money. And money— diate action to extend this tax incen- ator from Minnesota is recognized. money—is what drove this industry not tive and reduce our dependence upon Mr. FRANKEN. Mr. President, I rise performance. As an example, the New foreign oil and save green jobs. today to discuss an amendment that I York Times reported Sunday that 93 Mr. President, I yield the floor. have just filed. But before I begin, I percent of AAA-rated subprime mort- EXHIBIT 1 would like to thank Chairman DODD for gage-backed securities issued in 2006 PRESIDENT OBAMA GETS BIODIESEL MESSAGE his exemplary work on this Wall Street have since been downgraded to junk IN OTTUMWA reform bill. It is the result of months status. IRFA SECRETARY ALBIN USES 90 SECONDS WITH of tireless work and many hours of ne- This might be easy to dismiss if these THE PRESIDENT TO SHARE URGENCY OF TAX gotiation by Chairman DODD and his junk bonds simply cost some Wall CREDIT staff. Street speculators a few bucks here OTTUMWA, IA.—During his Iowa visit on This Wall Street reform bill will and there. But, in fact, these junk se- April 27, 2010, President Barack Obama heard vastly improve the regulatory struc- curities permeated the entire market. firsthand of the urgency to reinstate the bio- ture currently on the books. It creates These junk securities were in older diesel tax credit from Brad Albin, Vice Presi- a strong consumer watchdog within the workers’ pension funds and working dent at Renewable Energy Group and Sec- Fed—a bureau that will put consumers peoples’ retirement funds. These junk retary of the Iowa Renewable Fuels Associa- first, ahead of Wall Street profits. This bonds contributed to the loss of $3.4 tion (IRFA). Following President Obama’s speech and bill also brings derivatives out of the trillion in retirement savings during town hall session at Indian Hills Community shadows and onto exchanges so that this crisis. College, Albin grabbed the President’s atten- Wall Street’s bets upon bets never To me, it is obvious we need an en- tion. During a 90 second exchange, Albin again threaten to bring down our en- tirely different model. My amendment, shared the message of the biodiesel indus- tire economy. This bill accomplishes which I am introducing with Senators try’s state of disruption and uncertainty re- many things and brings us a long way SCHUMER and NELSON, would finally en- sulting from the lapse of the federal bio- toward robust reform. courage competition and—get this—ac- diesel blenders tax credit since January 1, But there is one area we need to curacy, in an industry that has little of 2010. ‘‘I shook his hand and told him that we’re make stronger. We need to go further either. Specifically, my amendment losing jobs as we stand here, which seemed in addressing the rampant problems creates a credit rating agency board—a to get his attention,’’ explained Albin, who plaguing the credit rating industry. self-regulatory organization—tasked had been sitting in the second row. ‘‘I told That is why I intend to introduce an with developing a system in which the him about plants idling and that more than amendment to change the way the ini- board assigns a rating agency to pro- 90 percent of manufacturing staff at U.S. bio- tial credit ratings are assigned and en- vide a product’s initial rating. Requir- diesel plants have been laid off as a result of courage competition within the credit ing an initial rating by an agency not the tax credit lapse.’’ rating industry. of the issuer’s choosing will put a President Obama acknowledged that his Currently, Wall Street firms that biodiesel tax credit updates are coming check on the accuracy of ratings. Sim- through USDA Secretary Vilsack. The Presi- issue complex securities request and ple. dent continued to listen as Albin explained purchase ratings from nationally rec- My amendment leaves flexibility to that for 20 years Americans have worked to ognized statistical rating organiza- the board to determine assignment meet the challenge of increasing energy tions—or NRSROs. I am sure all of you process. But the board will be inclined independence, that farmers and families are familiar with them—Moody’s, to make the process one that have invested billions, and that now compa- Standard & Poor’s, and Fitch. What incentivizes accuracy because the rep- nies are bleeding to death or bankrupt. Albin you may not know is that there are ac- resentatives of the investor community further explained that the five month lapse tually a handful of other credit rating will make up a majority of the board— of the tax credit could not have come at a worse time as the Renewable Fuels Standard agencies doing the same work. But the for example, pension fund managers goes into effect July 1, 2010. big three agencies have effectively shut and endowment directors; folks who ‘‘We’re going to die without this tax cred- all others out of the market. It is easy have a vested interest in the AAA it,’’ Albin added even after the President’s to see how. bonds they have selected actually per- assurances. ‘‘The President then responded, In the current system, the issuer of forming as AAA bonds. The board gets ‘We won’t let you die.’ ’’ the bond pays the credit rating agency. to design the assignment process it ‘‘Those that know me know I want to So there is an incentive to rate every sees fit. It can be random, it can be make sure my message is clearly understood; product that comes across your desk as so as the President was walking away to based on a formula, just as long as the shake another hand, I asked him if he could AAA. If you give a risky product a low issuer doesn’t get to choose the rating commit to the tax credit being in place by rating, the issuer can just go to one of agency. May 31,’’ Albin said. May 31, 2010, the start of the other agencies and shop around for The board will select a subset of the Memorial Day recess, is the date Chair- a better rating. Guess which agency qualified credit rating agencies to be

VerDate Mar 15 2010 01:49 May 05, 2010 Jkt 089060 PO 00000 Frm 00032 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.053 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 4, 2010 CONGRESSIONAL RECORD — SENATE S3083 eligible for the assignment pool. The prominent consumer groups, supports I support the Boxer amendment be- board will be required to monitor the it. cause I believe it is time to put an end performance of the agencies in the I would like to thank my colleagues, to all taxpayer bailouts. pool. If the board so chooses, it can re- Senator SCHUMER and Senator NELSON, Mrs. FEINSTEIN. I have filed an ward good performance with more rat- for their leadership on this issue and amendment to the Wall Street reform ing assignments. It can recognize poor for their expertise in helping me craft bill before us that would remove one performance with fewer rating assign- this amendment. I also thank my col- barrier between the unemployed and a ments. If the rater is bad enough, that leagues, Senators BROWN, WHITEHOUSE, job. might even be zero assignments. and MURRAY for joining us in cospon- Forty-seven percent of employers use My amendment gives the SEC a year soring it. credit reports to screen at least some and a half to carefully implement this Going forward, I hope that more of potential hires, according to the Soci- new system with input from the board my colleagues will join with us in tak- ety for Human Resource Management. members. The result will be increased ing action to restore integrity to the Thirteen percent of employers checked competition among the credit raters, credit rating industry. the credit history of all hires. generally, and incentives to produce I yield the floor. Unfortunately, many of our country’s 15 million unemployed are facing more accurate ratings, not inflated ratings. Ms. MIKULSKI. Mr. President, if challenges than ever. For instance, The amendment does not prohibit an there is one thing that we should all be some have seen their credit drop pre- issuer from then seeking a second or a able to agree on, it is that the Amer- ican taxpayer should never again have cipitously as a result of the economic third or a fourth rating from an agency to bail out a Wall Street firm. We need downturn. In some cases, their credit of its choice. history is affecting their ability to find But rating agencies will be dis- to be fighting for Main Street, not Wall employment. inclined to give inflated ratings to a Street, and the Boxer amendment is a step in the right direction on that My amendment would prohibit em- product if the initial rating reflects its ployers from using a consumer credit true value. Some smaller credit rating path. This amendment sends a clear mes- report as a condition of employment. It agencies, which haven’t taken part in sage to Wall Street firms that they can would impact potential hires and cur- the inflated ratings game, would fi- no longer take risks with our financial rent workers. nally have a chance to compete. An as- security and then expect the taxpayers Put simply, an employer would not signment mechanism for initial ratings to be there to prop them up. Wall be able to hire or fire someone based will break up today’s credit rating oli- Street must be held accountable. It is upon their credit history. gopoly, promote real competition, and time to end to taxpayer bailouts once I certainly understand that some jobs produce more accurate ratings. More and for all. require workers to display a pattern of accurate ratings will decrease risk and When I talk to people in Maryland, I financial responsibility. To that end, create more stability in our financial hear their frustration and I feel their my amendment would exempt those ap- system. And that is what this is all anger. They want to know, why should plying for the following: about. AIG receive a bailout, when nobody is Positions at financial institutions, Now, Wall Street lobbyists may bailing out them from this economic including banks and credit unions, that claim this issue is too complex for Con- crisis? They wonder, who is on their require substantive work with cus- gress to address, but imagine that your side? Who is going to bail out their tomer accounts and funds; jobs that re- child came home from school one day stagnant wages? Who is going to bail quire a national security or Federal saying their chemistry teacher was of- them out when they are trying to pay Deposit Insurance Corporation clear- ance; State or local government jobs fering an A to anyone who wanted to their utilities and put gas in the car? that otherwise require a credit report; skip the final exam and instead pay And, seniors wonder who will bail them and, positions otherwise requiring $100. out as they try to make sure they do You don’t need to know anything credit checks by law. not lose their income. This amendment is similar to a bill about chemistry to understand that This amendment shows that we heard introduced in the House of Representa- this system of rewards is harmful. Not their concerns and we are on their side. tives by Representative STEVE COHEN only is the teacher making easy It sends a message to Wall Street that known as the Equal Employment for money, but nobody is holding the stu- their time of running around acting dent accountable for doing good work. All Act, H.R. 3149. like masters of the universe—with irre- Why is this legislation needed? As of Now I don’t know any teachers that sponsible lending practices and risky corrupt. But the credit rating agencies March 2010, 15 million Americans con- investments—has come to an end. And, tinue to struggle with unemployment, have demonstrated that they have it sends a message to American fami- blindly followed the perverse incen- and over 2.3 million of them live in my lies and small businesses that their State alone. tives of the current market. Congress government is looking out for them. It is critical that obstacles to em- should not sit idly by and let the credit We are here fighting for them—fighting ployment be removed for these victims rating industry continue to expose our so that consumers can be sure that of the economic downturn. economy to great risk just because their deposits are safe; fighting so that During these difficult times, many Wall Street insists the problem doesn’t small businesses have access to the unemployed Americans have seen their have an easy solution. Now, my amend- credit they need to create and retain credit scores reduced precipitously for ment may not fix the entire system, jobs; and fighting to make sure that events largely outside of their control. but it will provide checks, encourage taxpayers’ money is protected. These events include bankruptcy, fore- accuracy, and increase competition. We teach our kids at a young age closure, and credit card debt. And there is no need to take my word that they will be held responsible for Millions of American homeowners for it—the idea in my amendment was their own actions. When they make a have also experienced foreclosure over actually first proposed by several well- mess, they must take responsibility the past 3 years. Through the first 3 respected academics. Matthew Rich- and clean it up. We must pass this months of this year alone, 216,000 have ardson, a leading expert and professor amendment so that corporate America been filed in California. Last year, of applied financial economics at can see that the same lesson applies to more than 1 million foreclosures were NYU’s Stern School of Business, sup- them, and to show the taxpayers that filed in my State. ports this proposal, and has been inte- we are serious about being stewards of Foreclosures can have a devastating gral in the development of my amend- their money. This amendment makes impact on one’s credit history. More- ment, and I would like to thank him sure that if a Wall Street firm gets in over, responsible alternatives to fore- for his assistance. trouble, they will be required by law to closure, such as a short sale or loan Economist Paul Krugman has sug- clean up their own mess. If a company modification can also affect a home- gested this model as a step toward im- gets in trouble from this point forward, owner’s credit. provement. And so has economist Dean the responsibility will be placed where A short sale can reduce a home- Baker. Americans for Financial Re- it belongs—on the financial sector. No owner’s credit score between 200 to 300 form, which includes the Nation’s most longer will taxpayers be standing by. points, according to the Third Way.

VerDate Mar 15 2010 01:49 May 05, 2010 Jkt 089060 PO 00000 Frm 00033 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.054 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3084 CONGRESSIONAL RECORD — SENATE May 4, 2010 And in a report prepared by First The unemployment situation in Cali- fornia, some States, such as Delaware American CoreLogic, in February 2010, fornia is untenable. It is my goal to de- and Wisconsin, have no interest rate 35 percent of California homeowners velop fiscally responsible solutions to limit at all. were underwater, or owed more on help those in need. The maximum payday loan that can their mortgage than the value of their My amendment does just that. be extended to a borrower at any one home. This means that short sales, in Workers should not be prevented time in California is $300. which a homeowner sells a home for from a job they are well-qualified for, So in practical terms, a borrower less than they owe, will likely continue on account of reasons beyond their wishing to take out the maximum $300 as an alternative to foreclosure. control. payday loan will pay $45 in fees just to According to the National Bank- If my colleagues have concerns about borrow $255. ruptcy Research Center, more than 1.4 this legislation, I am happy to work Often, borrowers must take out addi- million individuals and businesses filed with them to improve it. tional payday loans in order to pay off for bankruptcy in 2009. This is a 32-per- I hope this amendment will be adopt- their current debts. In 2006, approxi- cent increase over the prior year 2008. ed and provide assurance to workers mately 450,000 borrowers in California Federal Reserve statistics show that that their credit will not keep them made more than six back-to-back pay- average credit card debt in the U.S. per out of work. day loans. household is over $16,000. Mr. President, I have also filed an Such reliance on this form of credit These are disturbing trends, and dis- amendment to the Wall Street Reform can lead some working families to fall play a pattern of difficult financial sit- legislation that would require the Con- into a harmful spiral of debt. uations facing many Americans. sumer Financial Protection Bureau to Over 2.3 million people in California Unfortunately, if you have lost your undertake a study on the availability are out work and roughly 100,000 of job in this economy, these cir- them have reached the 99-week max- cumstances are often out of your con- of credit to the unemployed. An article in the Los Angeles Times imum for receiving unemployment ben- trol. But, they should not impede your efits. ability to find another job. in March 2010 highlighted a disturbing new trend in the payday lending indus- The average unemployed Californian I have received many heartbreaking receives roughly $300 a week in bene- letters from Californians facing these try targeting the unemployed. Specifi- cally, payday lenders are providing fits, which is also the State’s limit for situations. They can’t pay off debt be- a payday loan. cause their debt is limiting their abil- cash advances to individuals using un- employment checks as collateral. Typically, payday loans are offered ity to find work. as advances on paychecks and should For example, a chemist from San This is a troubling practice, espe- be used in cases of emergency. Such Diego wrote to me about her student cially for those surviving solely on cases include falling short on bills or loans, which have ballooned from their unemployment benefits. rent during a difficult month. $60,000 to $110,000. At the time she In California, payday loans can carry However, unemployment, especially wrote, she had been unemployed for 15 interest rates of up to 459 percent. in this economy, can be long-term. months. In light of this, I believe more must But, she feels she cannot find a job in be done to ensure reasonable and fair Payday loans may not offer a sustain- the field she trained for due to her poor credit terms are available to the unem- able solution. Unemployment is one of the under- credit score. ployed. A former job recruiter from Corona This Wall Street Reform bill creates lying factors contributing to the rise in wrote to share her firsthand experience a research unit within the Bureau of foreclosures throughout our country. with this practice, which prevented her Consumer Financial Protection housed In California alone, over 215,000 fore- from hiring well-qualified, experienced at the Federal Reserve. closures were filed in just the first 3 candidates. This constituent, herself My amendment would require this months of this year. In tough months, now unemployed and late on her mort- unit to conduct a study on the fol- those facing the dual threat of unem- gage payment, is worried that her cred- lowing: ployment and foreclosure need to ac- it will now prevent her from finding a The effects of payday lending on the cess credit more than ever. And now, payday lenders have made new job in the recruiting field. unemployed; the potential impacts, it easier for the unemployed to fall These are just two examples of how both positive and negative, of pro- into a cycle of debt. credit history is posing an unnecessary viding payday loans to individuals By offering cash advances on their obstacle for the long-term unemployed. using their unemployment checks as primary source of income, Federal or An April 9, 2010, article in the New collateral; alternative credit options State unemployment benefit checks, York Times highlighted the issue that for the unemployed, including the ac- payday lenders are specifically tar- my amendment seeks to address. cessibility and costs associated with It cited testimony provided by an ex- geting this vulnerable group of bor- them; and policy recommendations ecutive of the credit bureau rowers. that the Bureau of Consumer Financial TransUnion before the Oregon legisla- Now is not the time to be doing this. Protection could implement to prevent ture. He stated that he was not aware Such high loan fees are a burden for unscrupulous lending practices. of research linking job performance to those surviving solely on their unem- This report would be completed with- the contents of a worker’s credit re- ployment benefits. in 1-year of the bill’s enactment and be port. So why is this study important? Research by Professor Jerry K. Palm- made available to the public. Studies and reports on the effects of er of Eastern Kentucky University has To be clear, my amendment would payday lending are already available, also found no correlation between not provide the Bureau of Consumer some of which consider its benefits and worker performance and the strength Financial Protection with any new au- others its burden to borrowers. But the of their credit report. thorities, nor require it to carry out study required by my amendment While credit bureaus argue that cred- the study’s recommendations. It is in- should offer much more than just the it background checks are a helpful tool tended as a guide for the Bureau as it pros and cons of payday lending. in preventing employee theft and work- works on rules to protect consumers, I hope this study will determine if place violence, little evidence supports notably the unemployed, from decep- payday lending practices, including that conclusion. tive and predatory lending practices. cash advances on unemployment To be clear, I recognize that in some In California, those individuals who checks, are useful credit options for cases, a credit history is important. turn to cash advances from payday the unemployed. Mortgage brokers or bank employees lenders can expect to pay roughly $15 If they provide a benefit, I hope the working with deposits should be able to in fees for every $100 they borrow. study’s recommendations will make demonstrate a responsible credit his- This interest rate, when expressed in these loans more fair and reasonable to tory. terms of an annual percentage rate, borrowers. That is why my bill would exempt amounts to 459 percent. While this is If not, the study should review and these industries from the prohibition the maximum rate that may be recommend alternative credit options in my amendment. charged for a payday loan in Cali- for the unemployed.

VerDate Mar 15 2010 00:30 May 05, 2010 Jkt 089060 PO 00000 Frm 00034 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.005 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 4, 2010 CONGRESSIONAL RECORD — SENATE S3085 As I mentioned, we all agree this is The Federal employee I have selected cash management, trust fund adminis- not the time to be exploiting the unem- to honor this week served as Chief of tration, and a range of services. ployed. Many of the unemployed are U.S. Flag Deepdraft Vessels and Plan One of his lasting legacies will be the experiencing some desperate financial Review for the Coast Guard at the time ability to use a national debit card to straits right now. of the September 11 attacks. receive Social Security benefits—a pro- I believe policymakers should be pro- Kenneth Concepcion was based on gram he helped implement. vided with clear options to help im- Staten Island, within view of the twin Kenneth Edward Carfine lost his bat- prove the financial situation for them. towers of the World Trade Center. On tle to cancer last week. He is survived Mr. WYDEN. Mr. President, along that fateful morning, Kenneth was the by his wife of over 40 years, Deborah, with Senator GRASSLEY, I am intro- first Coast Guard employee on the as well as by his two sons, Ken Jr. and ducing as an amendment to the finan- scene, arriving at New York’s Pier Greg, their families, and his two grand- cial reform bill, S. 3217, our bipartisan Eleven just 20 minutes after the col- daughters. resolution to amend Senate rules to lapse of the second tower. Ken worked at the Treasury Depart- eliminate secret holds. What he found there was disorder and ment for 37 years, and I know there lit- The legislation now before the Sen- masses of frightened people with no erally must be hundreds of Treasury ate is intended to bring greater open- way to get home. Kenneth took charge employees, past and present, who are ness and accountability to Wall Street and recruited NYPD officers and Trans- grieving deeply today for this incred- and other financial institutions. At the portation Department officials to help ibly fine person and dedicated public same time the Senate is reforming how him organize the crowds into lines servant. His passing is a great loss for financial markets do business, there is based on intended destination. He as- all of them, the Department and for no better time for the Senate to reform sumed control of all the vessels at the the nation he served so ably. the process for how the Senate con- pier and prioritized the safe evacuation My thoughts are with his family, ducts its own business. of first-responders who had been in- friends and colleagues at the Treasury Under current Senate rules, it is still jured in the attacks. Department, and I hope my Senate col- possible for Senators to use secret Thanks to Kenneth’s leadership and leagues will join me in offering our holds to block legislation or nomina- steady hand, the Coast Guard was able condolences. tions from coming to the floor without to evacuate 70,000 people from Lower I suggest the absence of a quorum. having to give any reason. There is no Manhattan that morning to points The PRESIDING OFFICER. The openness or accountability to anyone across the Hudson River. In addition, clerk will call the roll. when a Senator places a secret hold. he made sure that commercial ships The clerk proceeded to call the roll. The Senate should not have a double continued to have safe passage in and Mr. INHOFE. Mr. President, I ask standard that requires greater open- out of New York Harbor, keeping some unanimous consent that the order for ness and accountability on Wall Street of America’s vital ports open for busi- the quorum call be rescinded. while tolerating a practice that keeps ness. The PRESIDING OFFICER. Without both the public and colleagues in the But Kenneth’s heroism doesn’t end objection, it is so ordered. dark with no accountability to anyone. there. Two months after the attacks, Mr. INHOFE. Mr. President, with all That is why Senator GRASSLEY and I American Airlines flight 587 crashed of the trauma that is going on right are offering our bipartisan proposal to tragically near JFK airport in Queens. now with the oilspill and all of the end the practice of secret Senate holds Kenneth served as the on-scene coordi- other problems that are out there and, as an amendment to the financial re- nator for the maritime recovery of de- of course, the bill under consideration, form bill. Because our amendment bris. Under his leadership, and as a re- I ask unanimous consent that I be rec- would eliminate secret holds by sult of his ability to get different agen- ognized as in morning business for 15 amending Senate rules, I hereby give cies to work well together, all signifi- minutes. notice of our intent to amend the Sen- cant debris from the crash was recov- The PRESIDING OFFICER. Without ate rules by filing the Wyden-Grassley ered in less than 2 days. objection, it is so ordered. amendment to S. 3217. Our Coast Guard members, like Ken- EPA LEAD PAINT RULES I urge colleagues to support this bi- neth Concepcion, stand ever at the Mr. INHOFE. On April 22, a new EPA partisan reform of Senate rules. ready to keep our maritime interests lead-based paint rule went into effect The PRESIDING OFFICER. The Sen- safe and to serve as our Nation’s first that has caused all kinds of serious ator from Delaware is recognized. line of search and rescue when disaster problems, not just in my State of Okla- IN PRAISE OF KENNETH CONCEPCION strikes. We rely on them to protect us, homa but throughout the country. My Mr. KAUFMAN. Mr. President, I rise and I hope my colleagues will join me office has received an incredible num- once again to recognize the service of in thanking Kenneth and all members ber of calls and e-mails from constitu- one of America’s Great Federal Em- of the Coast Guard for their service to ents, from homeowners, from contrac- ployees. our Nation. tors, to landlords, to plumbers, all try- So many of our outstanding Federal They are all truly great Federal em- ing to get information about a rule employees spend their careers in our ployees. that, in most cases, they had never uniformed services, standing at the REMEMBERING KENNETH EDWARD CARFINE heard of until last week. I think every- ready to guard our liberties and pro- Before I yield the floor, I want to one in this Chamber stands strongly tect lives. One of these services has a note with sadness the passing of one of behind the intent of the rule, which is unique mission that combines coastal my previous honorees. to protect women who might be preg- defense, maritime search and rescue, On October 19 of last year, I stood at nant, children, and others from harm- and environmental protection. this desk and spoke about an out- ful effects of lead. With over 20 kids I am speaking about the U.S. Coast standing employee from the Depart- and grandkids, I understand that. I ap- Guard. ment of the Treasury, Kenneth Edward preciate the importance of the rule and The 42,000 men and women who serve Carfine. the potential it has to future decrease in the Coast Guard embody the highest He served in the Treasury Depart- lead exposure. But, as even the Obama principles of our nation. Their dual re- ment since 1973 and worked over the administration admits, implementa- sponsibilities in both civil and military last 37 years in banking, cash manage- tion of the rule has been painfully slow matters require Guardians to dem- ment, payments, check claims, and and seriously flawed. onstrate flexibility, patience, and re- government-wide accounting. Specifically, the rule requires that solve. Recently, he had served under the renovations to homes built before 1978 This year is 95th anniversary of the Fiscal Assistant Secretary as an ad- that disturb more than 6 square feet of Coast Guard’s creation from the old viser to senior department officials. surface area have to be supervised by a Revenue Cutter Service. That earlier Ken’s intellect and diligence had been certified renovator and conducted by a service evolved from our nation’s first critical to the Treasury’s economic re- certified renovation firm. In order to maritime force in the infant years of covery efforts. He helped shape how the be certified, contractors have to sub- our republic. Treasury deals with debt financing, mit an application with a fee to the

VerDate Mar 15 2010 00:30 May 05, 2010 Jkt 089060 PO 00000 Frm 00035 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.006 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3086 CONGRESSIONAL RECORD — SENATE May 4, 2010 EPA and complete a training course for implemented. That would have been The issue has also been raised before instruction on lead-safe workplaces. April 21. During our meeting, I was the Senate Energy and Natural Re- Now, that sounds simple enough. There pleased that Cass Sunstein, head of the sources Committee. In testimony be- is one serious problem; that is, there Obama administration’s Office of Infor- fore the committee on March 11, Bob aren’t any instructors around to cer- mation and Regulatory Affairs, was Hanbury, speaking on behalf of the Na- tify these people. available to hear from my constituents tional Association of Home Builders, What is worse than that, those who about their concerns with the rule. raised concerns about potential con- violate the rule; that is, they go and As the Tulsa World reported: flicts between Homestar and the lead they try to do something to their own Kane explained the difficulty local con- rule. Members may recall that home, if it was a home that was built tractors are having in getting certified, add- Homestar is one of President Obama’s prior to 1978, if they violate this, they ing that only one trainer in the entire State signature issues. It is a program that can be fined up to $37,500 a day. Just of Oklahoma has been certified, and that helps homeowners increase the energy that person has been certified only a few imagine how hysterical people are, not weeks. Moreover, he told Sunstein, that per- efficiency of their homes. But Mr. just in Oklahoma but throughout the son is not offering training to the public but Hanbury believes the lead rule won’t country. is limiting his classes to his own organiza- allow the Star program to move for- There are not nearly enough contrac- tion. ward. tors who have been certified, and that So we have one guy who can teach As we can see, there were plenty of is because there are far too few people these classes in the State of Oklahoma. concerns raised about the lead rule im- certified to teach the classes. Yet there are literally thousands out plementation before it went into effect. That is why today, with 23 cospon- there who are out of work until such Nevertheless, EPA repeatedly said, in sors, I am introducing legislation, S. time as they can go back and start the 2-year period leading up to the 3296, to remedy this implementation working again. rule, that it could meet these imple- travesty. This bill provides additional I really appreciate the fact that Mr. mentation challenges. As the ranking time for contractors and others to get Sunstein was listening to the concerns member of the committee with juris- certified so they can become qualified of my Oklahoma constituents. He told diction over the EPA, I wrote to the to go ahead and do these things and not us he recognized that the implementa- EPA two times that I believed EPA ap- be subjected to fines. It actually ex- tion of the rule was causing economic peared to be far from prepared. In both tends the time for a period of 1 year or hardship. He raised the possibility of cases, EPA said they were ready. In a until the EPA can have enough people providing a 60-day delay to help sort June 3, 2009 letter responding to my to certify people around the country so out of some of the implementation concerns, the EPA wrote: that this can be done. problems. In the end, however, this op- I agree that both EPA and the regulated The need for the bill is on display in tion was not workable, and we simply community have a great deal of preparation Oklahoma, where, until yesterday, no ran out of options to stop the rule from in front of us as we approach next April’s deadline. I am confident, however, that the one was teaching classes publicly. Keep going into effect. Now, that was the ten months between now and April of 2010 in mind, no one is teaching these class- day before the rule became finalized. will allow us to meet these deadlines. es. Yet, if they try to do any renova- But we certainly appreciate his atten- That was a year ago. Of course, it tion, they can be fined up to $37,500 a tion, looking into it, and we are going didn’t happen. day. to try to work with his staff. In a letter dated December 1, 2009, I am pleased to hear that Metro Tech My staff also spoke with a property EPA wrote me explaining: of Oklahoma City has finally received owner who rents homes to low-income We are confident there will be enough its certification from the EPA and will residents in Tulsa. He has been unable training providers to meet the demand. EPA begin teaching classes on May 13. I to get contractors out to his properties does not plan to revise the April 2010 effec- should note that because the demand is to replace carpet or even paint because tive date [for the] rule. so high, they anticipate having full they do not have EPA certification, The EPA also stated in the letter: classes until July. which means they can get fined by the Currently, the capacity for training is in Because access to courses is so lim- agency if they work without it. So it is excess of the demand as several training ited, renovators and contractors can- no surprise that my constituent is con- courses have been canceled for lack of at- not be trained and they cannot pass cerned that his housing units could fall tendance. along the benefits of their lead-safe into disrepair and that people would What they are saying is they have work practices to homeowners and help lose their access to affordable hous- been providing all these people, but it protect pregnant women and children ing—not not only losing access to af- is just flat not true. In light of this sit- from further lead exposure. Without fordable housing but exposing people to uation, what can lawmakers do to help enough certified renovators, we will lead paint. provide guidance for constituents back simply not get the benefits this rule Additionally, we heard from a paint- home? can provide. er in Oklahoma City who has experi- First and foremost, we have to get Let me give you a couple of statistics enced delays in getting trained for the out the word. I have raised the issue to help illustrate the problem. As of simple reason that his trainer has not both in my travel around Oklahoma April 22—that was implementation yet been certified by the EPA. This and on Oklahoma radio. Last week I day—the EPA had only accredited 204 issue reaches far beyond Oklahoma. sent out a ‘‘Dear Colleague’’ letter to training providers. Those providers There are a number of Senators, Re- all Senators with information to help have conducted more than 6,900 publicans and Democrats, who have ex- them navigate the confusion associated courses. They trained an estimated pressed concerns about the implemen- with the rule’s implementation. In- 160,000 people in the construction and tation of the rule. Several Members cluded are Web links to EPA’s Web site remodeling industries to use lead-safe weighed in before the rule went into ef- which take constituents to important work practices. This is far too few peo- fect. Senators BYRON DORGAN and KENT information about the lead rule as well ple to ensure everyone who works on a CONRAD of North Dakota and a bipar- as the rule itself. It also provides a link pre-1978 home, including roofers, tisan group of Members of the House of to the EPA and the Ad Council’s new plumbers, painters, general contrac- Representatives sent a letter outlining Web site, www. Leadfreekids.org, which tors, or just individual homeowners, these concerns to the EPA. is a consumer friendly Web page with can have access to training to get cer- During a recent EPW subcommittee information on protecting yourself tification they have to have. hearing, Senator AMY KLOBUCHAR from lead. I wish also to commend the Let me share with you a few exam- urged the EPA to come up with a solu- coverage of the rule by the Tulsa ples from Oklahoma. tion that will ensure contractors have World. The paper’s reporting has in- Paul Kane, executive vice president the opportunity to come into compli- formed the public and even resulted in and CEO of the Home Builders Associa- ance with this rule. We are talking more classes being taught throughout tion of Greater Tulsa, was in my office about everybody, Members of the Oklahoma. with a number of Oklahoma home- House, the Senate, Democrats, Repub- Further, along with Senator COBURN builders the day before the rule was licans. They are all affected the same. and some 23 of my fellow Senators, I

VerDate Mar 15 2010 00:30 May 05, 2010 Jkt 089060 PO 00000 Frm 00036 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.057 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 4, 2010 CONGRESSIONAL RECORD — SENATE S3087 have introduced S. 3296 to delay the Because the party of no says no to ev- same parties are preventing us from implementation of the rule by several erything we try. Listen to this one. making any progress on this important months, giving contractors, trainers, This is something. They will not let us legislation. and the EPA breathing room to get vote on amendments the Republicans One Senator I saw quoted in the more people through classes. The EPA have offered and amendments we have newspaper last week said I had has said the people have had a year to agreed to they would not let us vote stopped—I had told that person I was get ready for this rule. However, the on. going to move to a certain bill—a Re- first training class wasn’t even held I came to the floor of the Senate publican Senator—and that Senator until June 16, 2009. Renovation firms today to let everyone know the frustra- said: He hasn’t done that. I wrote that could not apply for certification until tion the American people must feel and person a letter today going over the October of last year. Our bill would the frustration many people feel in the long list of filibusters to prevent us delay the implementation and give Senate as a result of the party of no from moving to that and many other people time to comply with this. continually doing what they are doing. pieces of legislation. This is in a way bureaucracy at its I want to make sure everyone under- We haven’t had a single vote on this worst. We say we are going to demand stands the facts in more detail than legislation, not a single vote. People that no one is going to be able to do what I have given. are waiting around on both sides, I am something to their very own home if it On Thursday, April 15, Wall Street told, to offer amendments. We can’t get disturbs as much as 6 square feet. And reform legislation was introduced and votes on even the amendments we have if they do, they could be fined $37,500 a placed on the Legislative Calendar. agreed to and one Senator SNOWE has day. Imagine how frightening that is. Thursday, April 22, I sought consent to offered. Yet they don’t have enough instructors proceed to that bill. The Republicans We have to finish this legislation. We to teach people to be certificated. This objected, and I was forced to file clo- have provisions that are expiring at is one we have to address. ture. I don’t want to get into a lot of the end of this month that are ex- I think the only thing we can do the procedural problems we have, but tremely important. A jobs bill—the ex- right now is to get an extension. That remember, the Republicans have piring provisions and all the stuff we is what I am doing with this Senate caused us to file cloture almost 100 have put in that bill that we passed bill. I certainly call on my colleagues, times this Congress. So everyone un- once before are extremely important to Democrats and Republicans. The prob- derstands, it is more than just a word— our country and will create lots and lem I am pointing out in Oklahoma is ‘‘filibustering.’’ That is what they have lots of jobs. But we can’t get to that not just in Oklahoma; it is in all done almost 100 times. because of what is going on here. Food States. We will have to address this I moved to the bill. They would not safety—we can’t get to that. Why? Be- thing, get something done, or we have let me—I had taken it off the calendar cause the Republicans are stopping us a lot of risk out there. We have chil- and tried to bring it to the floor. They from moving to anything. dren and pregnant women who could be said no. I had to file a motion signed by I had a conference call just from the at risk of exposure to lead and lead 17 or 18 Senators. It took 2 days for sparsely populated State of Nevada paint. Of course, one of the things that that to ripen before we could vote on with a few of the people who have suf- is almost as bad is the fact that we it. Once we voted on it and we got clo- fered terrible injuries as a result of eat- have literally, only in Oklahoma, thou- ture, they got another 30 hours. So in ing contaminated food. sands of people out of work because this instance, they had a new game. One little girl has missed a year of they cannot do renovation. Most of the They said: Go ahead and move to the school. Her growth is stunted. People homes they deal with are pre-1978. It is bill. We are not going to use the 30 have spent—one woman I talked to—or something that will have to be dealt hours. We are going to use a week. We I talked to her husband because they with. I certainly encourage others to have done nothing for a week waiting were getting first aid. They went home. join the cause to relieve us of this for this phantom amendment they She had been in the hospital for problem. The rule will affect more than think is floating around here some- months and months from eating con- 70 million homes. The implementation place, this so-called Shelby amend- taminated food. We are trying to do of this rule to date has been a disaster. ment. something about that. We can’t do Congress will have to ensure that Monday, April 26, when my cloture that. It is a bipartisan bill. It is noth- enough people are trained and cer- motion had ripened, we failed to get ing the Democrats are trying to jam tified. That way, the rule can do what cloture 57 to 41. We did some other down the throats of the Republicans. it is supposed to do—protect the health things—moved to reconsider, some par- They won’t let us move to anything. of young people and pregnant women. liamentary maneuvers so we could get Scores of nominations. The House I suggest the absence of a quorum. has passed more than 300 measures that The PRESIDING OFFICER. The this bill moving along. Tuesday, April are stuck over here because the Repub- clerk will call the roll. 27, cloture failed, 57 to 41, the same The legislative clerk proceeded to vote as the day before. Wednesday, licans won’t let us move to them, call the roll. April 28, cloture vote failed, 56 to 42. measures in years passed that would Mr. REID. I ask unanimous consent One of their Members, I guess, was pass by unanimous consent. that the order for the quorum call be gone or maybe somebody switched a I hope everyone understands. I know rescinded. vote. I really don’t know. Remember, my caucus understands what is going The PRESIDING OFFICER. Without each time I voted on the prevailing on, but I hope the Republicans will ac- objection, it is so ordered. side. I had to change my vote so I could cept reality and understand why we are Mr. REID. Mr. President, I am for- move to reconsider. not going to have all of the amend- ever amazed at my friends on the other So on April 28, after the cloture vote ments they want to offer be able to be side of the aisle. They have clearly es- failed, they said: OK, we give up. You offered. We are not going to be on the tablished themselves as the party of can start legislating for the American bill that long. We can’t be. We are try- no. America knows that. But what they people. But that wasn’t being fair and ing to do something with this legisla- have done on this bill dealing with square with the American people. They tion that will change America forever Wall Street reform is hard to com- had no intention of doing that. They for the better. What has happened as a prehend. We started on this bill a week are stalling on everything we do. We result of Wall Street doing business not before last. We filed cloture on it. On know they have said publicly they in the shadows but in the dark of night, Monday, we had a cloture vote last want health care to be Obama’s Water- the blackest dark you could ever see is week; Tuesday, a cloture vote last loo. where they have been doing their work, week; Wednesday, a cloture vote last So just to be very clear, we were causing people in Colorado, in Nevada, week. Finally, they said: OK, we don’t ready to start debate on this last Mon- and all over this country to suffer ir- need any more cloture votes. Let’s day—actually, frankly, the Thursday reparable damage. People have lost start legislating on the bill. before that. Even though we were able their homes, their jobs as a result of Tomorrow is Wednesday. It has been to overcome the objections to begin what went on in Wall Street, the shady a week. Nothing has happened. Why? this debate, we now find many of the deals that are worse than any illegal

VerDate Mar 15 2010 00:30 May 05, 2010 Jkt 089060 PO 00000 Frm 00037 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.058 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3088 CONGRESSIONAL RECORD — SENATE May 4, 2010 gambling game that was ever con- MORNING BUSINESS for all students regardless of family ducted in America. That is what they Mr. REID. Mr. President, I ask unan- background or financial means. were doing up there: betting our imous consent that the Senate proceed Mr. President, I commend DePaul’s money—our money. If they win, they to a period of morning business with celebration of the 350th anniversary of keep our money. If they lose, they Senators permitted to speak for up to St. Vincent and St. Louise and praise want more of our money. We are trying 10 minutes each. their continuing pursuit of excellence to stop that. That is what this legisla- The PRESIDING OFFICER. Without in higher education. tion is all about. This is a good bill. objection, it is so ordered. f Obviously, from the shenanigans the Republicans have performed on this f MEDICARE DIABETES SELF- legislation, they don’t want us to do MANAGEMENT TRAINING ACT RECOGNIZING DEPAUL anything about Wall Street reform; Mrs. SHAHEEN. Mr. President, I rise UNIVERSITY otherwise, they wouldn’t have done all today to talk about the Medicare Dia- of these efforts to stop us from moving Mr. DURBIN. Mr. President, I rise betes Self-Management Training Act, a to the bill. We want to hold Wall Street today to honor the memories of St. bill I have recently introduced along accountable. We want to end taxpayer Vincent DePaul and St. Louise de with Senators STABENOW, HAGAN, bailouts. We want to guarantee the Marillac and to note their legacy on FRANKEN and LANDRIEU. This bill will taxpayers will never again be forced to DePaul University in Chicago. This improve the lives of Medicare bene- bail out reckless Wall Street. We want year DePaul is marking the 350th anni- ficiaries with diabetes by improving to end too big to fail, restrict new cap- versary of the deaths of St. Vincent their access to high quality informa- ital and leverage requirements to pre- and St. Louise. tion and care from certified diabetes vent firms from becoming too big to Providing access to social services educators. fail. such as health care and education, St. Diabetes affects many individuals As I said before, and I say again: We Vincent and St. Louise attended to the and families in New Hampshire and want to bring sunlight and trans- needs of those afflicted by poverty, ill- across the country. My own family was parency to these shadowy markets ness, and injustice in the 17th century. touched by the disease in 2007 when my where Wall Street executives make St. Vincent DePaul and St. Louise de eldest granddaughter Elle was diag- gambles that threaten our entire econ- Marillac dedicated their lives to serv- nosed with type 1 diabetes. We have ex- omy, the same laws that are in effect ing the underprivileged. It was by their perienced firsthand the challenges that basically today that were in effect example that the Vincentians founded diabetics and their families confront in when Wall Street crashed and caused DePaul University in Chicago, Illinois having to continuously monitor and us all this harm. We are trying to in 1898. manage blood sugar levels, administer change that so it can’t happen again. DePaul University was established daily injections, and face a lifetime of We want to rein in these big shots who with a fundamental mission centered worrying about the possibility of seri- have unlimited control of money and on service and civic engagement, en- ous complications arising from the dis- get these huge bonuses—not bonuses of suring academic excellence, providing ease. Diabetes can be managed effec- $50,000, which is huge in most people’s access to affordable education, and pro- tively but it requires a sustained co- lives, but they get bonuses in the hun- moting respect for the dignity of all ordinated team effort among patients dreds of millions of dollars. persons. The spirit of St. Vincent and and their health care providers. Cer- We want to protect consumers. We St. Louise lives admirably in the Uni- tified diabetes educators, as defined by want to put a new cop on the beat, a versity’s traditions. Since its founding, the American Association of Diabetes consumer protection entity that will DePaul has been a home for students Educators, ‘‘are licensed healthcare look at all of these different financial struggling to attain their dreams for professionals who specialize in edu- shenanigans that are going on. We higher education. Historically, DePaul cating people with diabetes about their want to make sure people who get has educated many students who would condition. The training, counseling and something in the mail from—however have otherwise seen the door to college support that diabetes educators pro- they get it. They take them out and closed for them. DePaul was one of the vide to patients is known as diabetes they look at it, they can’t understand first universities to admit female stu- education or diabetes self-management it. We want it in plain, simple English dents in a coed setting. The university training.’’ This education teaches pa- so the American people can understand also has a long and distinguished his- tients how to stay healthy, and the dia- what they are being asked to sign. We tory of providing an education to first- betes educator is an important part of want to protect consumers from these generation college students and chil- the health care team. hidden fees, abusive terms, and decep- dren of immigrants. Take for example a case from Ray- tive practices that are running ramp- Today, DePaul is one of the largest mond, NH. The patient, Rachel, is 45 ant in America. and most diverse private institutions So despite the party of no saying no years old and has type 2 diabetes. For in the Nation. The student body of over again and again, we are going to be pa- years she struggled, trying to under- 25,000 represents a wide variety of reli- tient and do our best to work through stand how her eating habits and lack of gious, geographical, ethnic, and eco- physical activity negatively impacted this. Chairman DODD is working with, it seems, this never-ending amendment nomic backgrounds that honor the her diabetes and general health. Her the ranking member wants. It has been memory of St. Vincent and St. Louise. medical provider followed all the ap- weeks and weeks. Remember, there And DePaul passes the noble tradition propriate American Diabetes Associa- have been negotiations going on in this of serving others on to its students. tion guidelines, tried several oral medi- matter for months—not weeks, not Students at DePaul live the legacy of cations and insulin, but in spite of this, days—months. I guess the Republicans St. Vincent and St. Louise when they Rachel’s diabetes remained poorly con- are saying, until that amendment participate in community service trolled. In fact, not only were her blood comes, there is not going to be any- through a variety of university-wide sugar levels elevated, but she was al- thing else happening on this bill. That programs, including the annual ready starting to suffer from complica- is the decision they have made. They Vincentian Service Day. tions related to diabetes. won’t even let us set amendments aside The year 2010 marks the 350th anni- However, once Rachel began working and move to amendments that are versary of the deaths of St. Vincent with a certified diabetes educator, agreed upon. and St. Louise. Today, a commitment CDE, things started turning around. There is only so much I can do—we to service and a celebration of diver- The CDE was able to assess and accom- can do—in the face of determined ob- sity is more important than ever before modate Rachel’s individual learning structionism that is so clearly the in our Nation. DePaul embodies these style and barriers to change. Through brand the Republicans have now. goals. The University continues to pro- ongoing support and positive reinforce- I yield the floor, Mr. President. mote socially responsible leadership in ment, Rachel began to recognize her The PRESIDING OFFICER. The ma- its students and upholds its Vincentian ability to control her diabetes with a jority leader. mission to make education accessible few lifestyle changes. Successful, long-

VerDate Mar 15 2010 01:49 May 05, 2010 Jkt 089060 PO 00000 Frm 00038 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.059 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 4, 2010 CONGRESSIONAL RECORD — SENATE S3089 term behavior change is difficult to HONORING OUR ARMED FORCES country will never forget him. We are achieve in the best of circumstances. SERGEANT MICHAEL K. INGRAM humbled by his service and his sac- One only has to look at the current Mr. BENNET. Mr. President, it is rifice. obesity epidemic in the U.S. to appre- with a heavy heart that I rise today to f ciate the difficulty in learning how to honor the life and heroic service of Ser- NATIONAL TEACHERS DAY eat healthily. Rachel’s success in eat- geant Michael K. Ingram, Jr. Sergeant ing less and healthier and walking Ingram, a member of the 1st Battalion, Mr. BURRIS. Mr. President, as I am daily was due in large part to the rela- 12th Infantry Regiment, 4th Infantry sure many of my colleagues are aware, tionship that developed between her Division at Fort Carson, CO, died on today is National Teachers Day, and and her diabetes educator. Rachel now April 17, 2010. Sergeant Ingram was this week is Teacher Appreciation understood the lifestyle changes nec- serving in support of Operation Endur- week—an opportunity to recognize and essary to achieve success and was able ing Freedom in Kandahar, Afghanistan. celebrate the enormous contributions to bring her blood sugar into a safe He was killed by injuries sustained made by America’s educators at every range. She reported having more en- when an improvised explosive device level. ergy and was able to cut her insulin detonated while he was on patrol. He The work they do—and the impact dose in half. was 23 years old. they have—can hardly be overstated. Teachers are charged with helping to Over the years Congress has made A native of Monroe, MI, Sergeant shape young minds, and providing our strong efforts to improve the care of Ingram moved to Fort Carson when he students with the tools and inspiration individuals with diabetes. This includes was assigned to the 4th Infantry Divi- that will lead them to success at every authorizing the diabetes self-manage- sion. Sergeant Ingram joined the Army level of our global society. ment training, DSMT, as a Medicare in February 2006, and he was deployed This work could not be more impor- benefit in 1997, with the goal of pro- to Afghanistan in May 2009. tant. Our educators truly impact eter- viding a more comprehensive level of During over 4 years of service, Ser- geant Ingram distinguished himself nity. support to educate beneficiaries about But, as I address this Chamber today, diabetes and self-management tech- through his courage, dedication to duty, and willingness to take on any they face a climate that is increasingly niques, reduce the known risks and inhospitable to their work, and their complications of diabetes, and improve challenge—no matter how dangerous. Commanders recognized his extraor- goals. overall health outcomes. Studies show that today’s teachers dinary bravery and talent, bestowing However, there is a significant gap in are more experienced and more edu- on Sergeant Ingram numerous awards the 1997 DSMT benefit that holds it cated than ever. and medals, including the Army Good back from achieving its full potential. Almost half of all public school Conduct Medal, the National Defense Under the DSMT, Medicare covers the teachers hold at least a master’s de- Service Medal, the Afghanistan Cam- critical types of health care services gree, and more than 75 percent regu- paign Medal with Bronze Service Star, necessary for diabetes control, but does larly participate in professional devel- the Global War on Terrorism Service not recognize the health care profes- opment programs. sionals who deliver those services. Cer- Medal, the Army Service Ribbon, and Yet every single year we ask these tified diabetes educators are the pri- the Overseas Service Ribbon. dedicated professionals to work longer Sergeant Ingram worked on the front mary group of health care professionals hours for less pay. lines of battle, patrolling the most dan- who work most closely with the pa- And in some cases we even expect gerous areas of Kandahar. He is re- tient to provide essential training and them to spend their own hard-earned membered by those who knew him as a education in diabetes self-manage- money to provide school supplies for consummate professional with an ment. My legislation is designed to ad- their students. unending commitment to excellence. dress this gap by ensuring that cer- This is unacceptable. We can—and we Family and friends remember him for tified diabetes educators are des- must—do better. his smile and his commitment to serv- ignated providers under Medicare for At every stage in my career, I have ice. After sustaining a mild injury, Ser- these vitally important services. raised my voice on behalf of America’s geant Ingram was recently offered a Under the Medicare Diabetes Self- students and educators. chance to come home for surgery. He Today, on National Teachers Day, I Management Training Act, a certified chose to stay with his unit and finish diabetes educator would be a covered urge my colleagues to join me in this out his service. He planned on pursuing call to action. provider of Medicare DSMT services. a career in law enforcement after his This health care professional, who is We need to step up our investment in time in the Army. America’s future, and provide our edu- State licensed or registered, is most Mark Twain once said, ‘‘The fear of typically a nurse, dietician, or phar- cators with the support they need. death follows from the fear of life. A We need to meet competence and macist, who specializes in teaching man who lives fully is prepared to die dedication with gratitude, fair pay, and people with diabetes how to stay at any time.’’ Sergeant Ingram’s serv- adequate classroom resources. healthy and who maintains rigorous ice was in keeping with this senti- And we need to do so without delay. certification and continuing education ment—by selflessly putting country Because, if we fail to keep these com- credentials. This bill also increases first, he lived life to the fullest. He mitments, if we fail to provide the sup- education and outreach to primary lived with a sense of the highest honor- port our educators need, we will lose care physicians about the importance able purpose. quality educators and the invaluable of DSMT for their patients with diabe- At substantial personal risk, he services they provide. tes. I am proud to have introduced this braved the chaos of combat zones In my home State of Illinois, roughly bill along with my colleagues Senators throughout Afghanistan. And though 9,000 public school teachers have re- STABENOW, FRANKEN, HAGAN and his fate on the battlefield was uncer- ceived layoff notices this year. LANDRIEU. tain, he pushed forward, protecting And as many as 300,000 will lose their Diabetes is an incredibly costly dis- America’s citizens, her safety, and the jobs nationwide. ease. It is among the chief contributing freedoms we hold dear. For his service This will result in more crowded causes of adult blindness, lower ex- and the lives he touched, Sergeant classrooms, less individual attention tremity amputations, heart disease, pe- Ingram will forever be remembered as for students who need it, reduced ac- riodontal disease, kidney disease, vas- one of our country’s bravest. cess to extracurricular programs, and a cular disease and infections. There is To Sergeant Ingram’s mother Patri- school faculty and staff that is increas- no cure yet but with the proper tools it cia, his father Michael, and all his ingly stretched thin. can be well managed and complications friends and family I cannot imagine I invite my colleagues to consider the can be prevented. I believe this bill is the sorrow you must be feeling. I hope impact these massive layoffs will have an important step along that path. I that, in time, the pain of your loss will on our students. urge my colleagues to support this im- be eased by your pride in Michael’s I invite them to think of the con- portant cause. service and by your knowledge that his sequences for America’s future.

VerDate Mar 15 2010 00:30 May 05, 2010 Jkt 089060 PO 00000 Frm 00039 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.001 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3090 CONGRESSIONAL RECORD — SENATE May 4, 2010 We cannot let this stand. in Washington, DC, Shomrei Emunah. success and growth. In recent years, That is why I am proud to be an In 1961, the synagogue was renamed the university has had seen record lev- original cosponsor of S. 3206—the Keep Young Israel Shomrei Emunah of els of enrollment, the opening of a sec- Our Educators Working Act, which I Greater Washington, YISE, and later ond campus in Owings Mills, and the have introduced with my good friend moved to Silver Spring, becoming the opening of a new School of Business Senator HARKIN. first Orthodox synagogue in Mont- and Leadership in 2008. This legislation would create a $23 gomery County. Dr. Manning has provided critical billion Education Jobs Fund, which In Silver Spring, Rabbi Anemer and guidance to the development of the would help provide resources to states YISE became a ‘‘cornerstone’’ of the university’s Career Architecture Pro- and local districts that are finding it Kemp Mill Orthodox community. Rabbi gram, for which he received the Mary- hard to make ends meet. Anemer’s energy and enthusiasm for land Innovator of the Year Award from This money would be used to retain his congregants, for his neighbors, and the Daily Record in September 2003. current educators, hire new ones, and for the Jewish people could be observed The Career Architecture Program pro- provide important on-the-job training in his daily endeavors: Holding minyon vides career guidance and counseling to activities to those in education-related in his basement, leading services for undergraduate students at Stevenson careers. his congregation, presiding as the head University. It would keep good teachers where of the Rabbinical Council of Greater Dr. Manning also has been com- they belong: in the classroom—and Washington’s beit din, or religious mitted to the community surrounding would help to close the budget gap that court, and acting as a mentor and con- Stevenson University. He sits on the currently threatens to leave many fidant to his community. board of directors of numerous commu- school districts high and dry. Under his leadership, YISE flour- nity and professional organizations, in- So I urge my colleagues in this ished. The shul originally started by cluding the United Way of Central Chamber to support this bill, and make holding services in private homes. As it Maryland, the Independent College education a priority again. grew, YISE moved to a number of dif- Fund of Maryland, the Greater Balti- Let us give teachers and students the ferent locations—a clubhouse, the base- more Committee, the Maryland Cham- support they need—so we can recruit ment of an apartment building, a con- ber of Commerce, and the Maryland the best teachers, fund afterschool pro- demned house awaiting demolition, and Business Roundtable for Education. I ask my colleagues to join me in ap- grams, and keep more schools open. a Masonic building—before settling plauding Kevin J. Manning for his out- I applaud President Obama for his into its own, newly constructed build- standing accomplishments at Steven- unwavering commitment to our edu- ing. Services were held in Hebrew and son University and for his dedication cation system. And today, I call upon English because the majority of the to his students and colleagues, to high- him to follow through on that commit- congregation’s participants were sci- er education, and to the larger commu- ment. entists and engineers who did not have nity.∑ To work with my colleagues and I, on a Yeshiva education. Rabbi Anemer both sides of the aisle, to pass the Edu- also sponsored a number of Jewish f cation Jobs Fund Act, reinvest in our learning activities including children’s TRIBUTE TO JOHN TAYLOR schools, and make sure that America’s services, Talmud night, and regular ∑ Mr. KAUFMAN. Mr. President, last future is secure. adult education classes. He became the week, at an event of the Delaware And I would ask that they join with spiritual leader of a congregation that Chapter of Common Cause, I had the me in celebrating the dedication and grew from 30 families in 1963 to more pleasure of introducing the recipient of hard work of our teachers—without than 500 families today. their prestigious Open Government whom none of us would be where we are Rabbi Anemer wore many hats in his Award, John Taylor. today. career and in his personal life. He was It is hard to believe that it has been f a loving husband, a devoted father to 40 years since I saw John Taylor on TV four children, a caring brother, and a and signed up as an original member of ADDITIONAL STATEMENTS fiercely compassionate friend. I ask my Common Cause. It has been a great ride colleagues to join me in remembering for Common Cause and especially for REMEMBERING RABBI GEDALIAH the many accomplishments of Rabbi its Delaware chapter. ANEMER Gedaliah Anemer and in recognizing My home State’s chapter of Common him as a pioneer and friend to the Jew- Cause is known for its efforts to hold ∑ Mr. CARDIN. Mr. President, I would ish Orthodox community of the Great- the government accountable and make like to take this opportunity to honor er Washington area.∑ sure that it is as ethical and trans- Rabbi Gedaliah Anemer, a beloved Or- f parent as possible. Admittedly, I am bi- thodox Jewish leader and scholar who ased, but I know that the group is TRIBUTE TO KEVIN MANNING passed away at age 78 on April 15, 2010. doing a great job. From tackling cam- For more than 50 years, Rabbi ∑ Mr. CARDIN. Mr. President, today I paign finance reform to election re- Anemer served as a religious guide, pay special tribute to the outstanding form, the members are working on the compassionate counselor, and an au- accomplishments of Kevin J. Manning, tough but important issues. thority on Jewish practices and laws to Ph.D., president of Stevenson Univer- From the beginning they have had his Silver Spring congregation. His sity. May 21, 2010, is Commencement excellent people on board who know leadership and spiritualism helped to Day at Stevenson University, a day how to get the job done. I am not the nurture a strong, vibrant Orthodox when student accomplishments are re- only one who thinks this. In a Feb- Jewish community in the Greater warded and recognized. This year’s ruary 2010 article in the News Journal, Washington area and strengthened his Commencement Day also marks the their group was termed the ‘‘Who’s congregants’ love of Judaism and con- end of Kevin J. Manning’s 10th year as Who of academia, business and govern- nection to Israel. He also founded the president of Stevenson University. ment.’’ John Taylor truly belongs on Yeshiva of Greater Washington in Sil- During Dr. Manning’s 10 years as the ‘‘Who’s Who’’ list for Delaware, and ver Spring, helping to educate a future president, the university has Common Cause’s selection of him for generation of Jewish spiritual leaders. transitioned itself from a liberal arts its Open Government Award could not Rabbi Anemer was born in Akron, college to a university that emphasizes have been more appropriate. OH, in 1932 and studied as a boy at the a core liberal arts curriculum and has Most Delawareans know John from Tiferes Yerushalayim in New York. In a unique focus on career preparation. his 22-year stint as editorial page edi- 1952, he was ordained from the Telshe Stevenson University students are well tor at the News Journal. It was obliga- Yeshiva. For the 5 years following his prepared and have a strong record of tory in Delaware to see what John Tay- ordination, Rabbi Anemer was the head excelling in academics, community lor had to say each week—and he did it of the Yeshiva of the Boston Rab- service, and postgraduate work. in 700 words or fewer. binical Seminary. In 1957, he became With Dr. Manning’s guidance, Ste- John is a traditional journalist in spiritual leader of a small congregation venson University has seen tremendous many ways, starting his career as a

VerDate Mar 15 2010 00:30 May 05, 2010 Jkt 089060 PO 00000 Frm 00040 Fmt 4624 Sfmt 0634 E:\CR\FM\A04MY6.019 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 4, 2010 CONGRESSIONAL RECORD — SENATE S3091 freshman reporter in 1966. He fought to announced that the Speaker has signed S. 3304. A bill to increase the access of per- get to the bottom of the story, paid the following enrolled bill: sons with disabilities to modern communica- tions, and for other purposes; to the Com- close attention to the details, and pos- H.R. 3714. An act to amend the Foreign As- mittee on Commerce, Science, and Transpor- sessed that sixth sense to know where sistance Act of 1961 to include the Annual tation. Country Reports on Human Rights Practices the real stories lie. But he also took By Mr. MENENDEZ (for himself, Mr. information about freedom of the press in time away from the newsroom to pur- NELSON of Florida, Mr. LAUTENBERG, foreign countries, and for other purposes. sue his other passion of education. Mr. CARDIN, Mr. SCHUMER, Mr. From the late 1960s to the early 1970s, f WHITEHOUSE, and Mr. SANDERS): he served as assistant to the super- INTRODUCTION OF BILLS AND S. 3305. A bill to amend the Oil Pollution intendent of the Wilmington Public JOINT RESOLUTIONS Act of 1990 to require oil polluters to pay the Schools. Before joining the newspaper full cost of oil spills, and for other purposes; The following bills and joint resolu- to the Committee on Environment and Pub- business, he taught English and history tions were introduced, read the first lic Works. at St. Mary’s Secondary School in and second times by unanimous con- By Mr. MENENDEZ (for himself, Mr. Tilbury, England. sent, and referred as indicated: NELSON of Florida, Mr. LAUTENBERG, His awards and honors are too many Mr. CARDIN, Mr. SCHUMER, Mr. By Mr. INHOFE (for himself, Mr. to name here, but he has received the WHITEHOUSE, and Mr. SANDERS): Helen Wise Friend of Education Award COBURN, Mr. VITTER, Mr. BARRASSO, S. 3306. A bill to amend the Internal Rev- Mr. CRAPO, Mr. ALEXANDER, Mr. from the Delaware State Education As- enue Code of 1986 to require polluters to pay BOND, Mr. HATCH, Mr. DEMINT, Mr. sociation and four Mark Twain Awards the full cost of oil spills, and for other pur- BUNNING, Mr. BROWN of Massachu- poses; to the Committee on Finance. for column writing from the Associated setts, Mr. CORNYN, Ms. COLLINS, Mr. f Press. He was also the 1999 recipient of ENZI, Mrs. HUTCHISON, Mr. GRASSLEY, the Chairman’s Award from the United Mr. RISCH, Mr. BROWNBACK, Mr. COCH- SUBMISSION OF CONCURRENT AND Way of Delaware. RAN, Mr. MCCONNELL, Mr. ISAKSON, SENATE RESOLUTIONS Mr. WICKER, Mr. CHAMBLISS, Mr. ROB- After a triumphant and successful ca- The following concurrent resolutions reer in the news business, John found ERTS, and Mr. BURR): S. 3296. A bill to delay the implementation and Senate resolutions were read, and another calling in the realm of public of certain final rules of the Environmental referred (or acted upon), as indicated: policy and government. Today, he is a Protection Agency in States until accredita- By Mr. TESTER (for himself and Mr. senior vice president of the Delaware tion classes are held in the States for a pe- BURR): State Chamber of Commerce and exec- riod of at least 1 year; to the Committee on S. Res. 513. A resolution designating July utive director of the Delaware Public Environment and Public Works. 9, 2010, as ‘‘Collector Car Appreciation Day’’ Policy Institute. He is the driving force By Mr. FEINGOLD (for himself, Mr. and recognizing that the collection and res- behind Vision 2015, and the children of ISAKSON, and Mr. KERRY): toration of historic and classic cars is an im- Delaware will have increased opportu- S. 3297. A bill to update United States pol- portant part of preserving the technological icy and authorities to help advance a gen- nities because of his efforts. achievements and cultural heritage of the uine transition to democracy and to promote United States; considered and agreed to. It only makes sense that, after dec- recovery in Zimbabwe; to the Committee on f ades of writing and following politics, Foreign Relations. he would pick up a thing or two. I am By Mr. UDALL of Colorado (for himself ADDITIONAL COSPONSORS pleased to see that his skills are being and Mr. FRANKEN): S. 632 well used at a center that promotes the S. 3298. A bill to establish a pilot program to reduce the increasing prevalence of over- At the request of Mr. BAUCUS, the discussion of policies, programs, and names of the Senator from Oklahoma issues affecting the State of Delaware. weight/obesity among 0–5 year-olds in-child care settings; to the Committee on Health, (Mr. COBURN) and the Senator from Ar- The entire Delaware community has Education, Labor, and Pensions. izona (Mr. MCCAIN) were added as co- profited from John’s efforts. From his By Mr. WYDEN (for himself, Mr. sponsors of S. 632, a bill to amend the serving on the Delaware Community KERRY, Mr. CARPER, Ms. CANTWELL, Internal Revenue Code of 1986 to re- Foundation Board of Directors and the Mr. MERKLEY, and Mrs. GILLIBRAND): quire that the payment of the manu- Christiana Care Board of Trustees, to S. 3299. A bill to amend the Help America Vote Act of 2002 to allow all eligible voters facturers’ excise tax on recreational the boards of environmental, health, equipment be paid quarterly. community, and educational groups, to vote by mail in Federal elections; to the S. 1215 John has been an advocate for some of Committee on Rules and Administration. By Mr. WYDEN (for himself, Mr. At the request of Mr. CASEY, the the most important issues of our day. KERRY, Mr. CARPER, Ms. CANTWELL, name of the Senator from Wisconsin He did not just write about what was or Mr. MERKLEY, and Mrs. GILLIBRAND): (Mr. FEINGOLD) was added as a cospon- wasn’t happening, although that is im- S. 3300. A bill to establish a Vote by Mail sor of S. 1215, a bill to amend the Safe portant: he has also pitched in to cre- grant program; to the Committee on Rules Drinking Water Act to repeal a certain ate positive headlines on his own and Administration. exemption for hydraulic fracturing, terms. By Mr. WYDEN (for himself and Mr. John Taylor undoubtedly deserves KERRY): and for other purposes. his most recent honor of the Open Gov- S. 3301. A bill to establish an Online Voter S. 1228 Registration grant program; to the Com- ernment Award. In his long and distin- At the request of Mr. AKAKA, the mittee on Rules and Administration. name of the Senator from Louisiana guished career, he has written about By Mr. ROCKEFELLER (for himself, (Ms. LANDRIEU) was added as a cospon- those in government, held their feet to Mr. PRYOR, Mrs. BOXER, Ms. CANT- the fire, and followed up to make sure WELL, Mr. LAUTENBERG, Ms. sor of S. 1228, a bill to amend chapter that they were held accountable. He KLOBUCHAR, Mr. BEGICH, and Mr. 63 of title 5, United States Code, to has taught tomorrow’s leaders, inter- UDALL of New Mexico): modify the rate of accrual of annual viewed the movers and shakers of yes- S. 3302. A bill to amend title 49, United leave for administrative law judges, terday, and now informs the policy States Code, to establish new automobile contract appeals board members, and safety standards, make better motor vehicle immigration judges. makers in our day. safety information available to the National S. 1345 I extend my congratulations to the Highway Traffic Safety Administration and national Common Cause organization the public, and for other purposes; to the At the request of Mr. REED, the name on the occasion of its 40th anniversary Committee on Commerce, Science, and of the Senator from North Carolina and to John Taylor for his achieve- Transportation. (Mrs. HAGAN) was added as a cosponsor ment.∑ By Mr. BENNET (for himself and Mr. of S. 1345, a bill to aid and support pe- UDALL of Colorado): f diatric involvement in reading and S. 3303. A bill to establish the Chimney education. Rock National Monument in the State of MESSAGE FROM THE HOUSE S. 1353 Colorado; to the Committee on Energy and ENROLLED BILL SIGNED Natural Resources. At the request of Mr. LEAHY, the At 3:27 p.m., a message from the By Mr. PRYOR (for himself, Mr. name of the Senator from North Da- House of Representatives, delivered by KERRY, Mr. CONRAD, and Mr. DOR- kota (Mr. CONRAD) was added as a co- Mr. Novotny, one of its reading clerks, GAN): sponsor of S. 1353, a bill to amend title

VerDate Mar 15 2010 00:30 May 05, 2010 Jkt 089060 PO 00000 Frm 00041 Fmt 4624 Sfmt 0634 E:\CR\FM\G04MY6.038 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3092 CONGRESSIONAL RECORD — SENATE May 4, 2010 1 of the Omnibus Crime Control and Missouri (Mr. BOND), the Senator from AMENDMENT NO. 3738 Safe Streets Act of 1986 to include non- Mississippi (Mr. COCHRAN) and the Sen- At the request of Mr. SANDERS, the profit and volunteer ground and air ator from New Jersey (Mr. LAUTEN- name of the Senator from New Hamp- ambulance crew members and first re- BERG) were added as cosponsors of S. shire (Mrs. SHAHEEN) was added as a co- sponders for certain benefits. 3247, a bill to amend the Fair Credit sponsor of amendment No. 3738 in- S. 1611 Reporting Act with respect to fair and tended to be proposed to S. 3217, an original bill to promote the financial At the request of Mr. GREGG, the reasonable fees for credit scores. stability of the United States by im- name of the Senator from Massachu- S. 3275 proving accountability and trans- setts (Mr. BROWN) was added as a co- At the request of Mr. BAUCUS, the parency in the financial system, to end sponsor of S. 1611, a bill to provide col- names of the Senator from New Jersey ‘‘too big to fail’’, to protect the Amer- lective bargaining rights for public (Mr. MENENDEZ) and the Senator from ican taxpayer by ending bailouts, to safety officers employed by States or Florida (Mr. LEMIEUX) were added as protect consumers from abusive finan- their political subdivisions. cosponsors of S. 3275, a bill to extend cial services practices, and for other S. 3058 the Caribbean Basin Economic Recov- purposes. ery Act, to provide customs support At the request of Mr. DORGAN, the AMENDMENT NO. 3747 services to Haiti, and for other pur- names of the Senator from Arkansas At the request of Mr. BENNET, the (Mr. PRYOR), the Senator from Con- poses. name of the Senator from Colorado necticut (Mr. LIEBERMAN) and the Sen- S. 3283 (Mr. UDALL) was added as a cosponsor ator from Indiana (Mr. BAYH) were At the request of Mrs. BOXER, the of amendment No. 3747 intended to be added as cosponsors of S. 3058, a bill to name of the Senator from California proposed to S. 3217, an original bill to amend the Public Health Service Act (Mrs. FEINSTEIN) was added as a co- promote the financial stability of the to reauthorize the special diabetes pro- sponsor of S. 3283, a bill to designate United States by improving account- grams for Type I diabetes and Indians Mt. Andrea Lawrence. ability and transparency in the finan- under that Act. S. 3295 cial system, to end ‘‘too big to fail’’, to S. 3102 At the request of Mr. SCHUMER, the protect the American taxpayer by end- At the request of Mr. MERKLEY, the name of the Senator from Connecticut ing bailouts, to protect consumers from abusive financial services prac- name of the Senator from Illinois (Mr. (Mr. LIEBERMAN) was added as a co- BURRIS) was added as a cosponsor of S. sponsor of S. 3295, a bill to amend the tices, and for other purposes. 3102, a bill to amend the miscellaneous Federal Election Campaign Act of 1971 AMENDMENT NO. 3749 rural development provisions of the to prohibit foreign influence in Federal At the request of Mr. TESTER, the Farm Security and Rural Investment elections, to prohibit government con- names of the Senator from Massachu- Act of 2002 to authorize the Secretary tractors from making expenditures setts (Mr. BROWN), the Senator from of Agriculture to make loans to certain with respect to such elections, and to Iowa (Mr. HARKIN) and the Senator from New Hampshire (Mrs. SHAHEEN) entities that will use the funds to establish additional disclosure require- were added as cosponsors of amend- make loans to consumers to implement ments with respect to spending in such ment No. 3749 intended to be proposed energy efficiency measures involving elections, and for other purposes. to S. 3217, an original bill to promote structural improvements and invest- S. RES. 507 ments in cost-effective, commercial the financial stability of the United At the request of Mr. MENENDEZ, the off-the-shelf technologies to reduce States by improving accountability name of the Senator from Idaho (Mr. and transparency in the financial sys- home energy use. CRAPO) was added as a cosponsor of S. tem, to end ‘‘too big to fail’’, to protect S. 3116 Res. 507, a resolution designating April the American taxpayer by ending bail- At the request of Mr. KERRY, the 30, 2010, as ‘‘Dia de los Ninos: Cele- outs, to protect consumers from abu- name of the Senator from Vermont brating Young Americans’’. sive financial services practices, and (Mr. SANDERS) was added as a cospon- S. RES. 511 for other purposes. sor of S. 3116, a bill to amend the Whale At the request of Mr. LEAHY, the At the request of Mr. CORNYN, his Conservation and Protection Study Act names of the Senator from Alabama name was added as a cosponsor of to promote international whale con- (Mr. SESSIONS), the Senator from Illi- amendment No. 3749 intended to be pro- servation, protection, and research, nois (Mr. DURBIN), the Senator from posed to S. 3217, supra. and for other purposes. At the request of Mr. JOHANNS, his Pennsylvania (Mr. SPECTER), the Sen- name was added as a cosponsor of S. 3117 ator from Wisconsin (Mr. KOHL), the amendment No. 3749 intended to be pro- At the request of Mr. WYDEN, the Senator from Minnesota (Ms. posed to S. 3217, supra. name of the Senator from Minnesota KLOBUCHAR), the Senator from Cali- AMENDMENT NO. 3755 (Ms. KLOBUCHAR) was added as a co- fornia (Mrs. FEINSTEIN), the Senator At the request of Ms. SNOWE, the sponsor of S. 3117, a bill to strengthen from Rhode Island (Mr. WHITEHOUSE) name of the Senator from New Hamp- the capacity of eligible institutions to and the Senator from South Carolina shire (Mrs. SHAHEEN) was added as a co- provide instruction in nanotechnology. (Mr. GRAHAM) were added as cosponsors sponsor of amendment No. 3755 pro- S. 3151 of S. Res. 511, a resolution commemo- posed to S. 3217, an original bill to pro- At the request of Mr. KERRY, the rating and acknowledging the dedica- mote the financial stability of the names of the Senator from New Hamp- tion and sacrifices made by the Fed- United States by improving account- shire (Mrs. SHAHEEN), the Senator from eral, State, and local law enforcement ability and transparency in the finan- Maryland (Mr. CARDIN) and the Senator officers who have been killed or injured cial system, to end ‘‘too big to fail’’, to from New Jersey (Mr. LAUTENBERG) in the line of duty. protect the American taxpayer by end- were added as cosponsors of S. 3151, a AMENDMENT NO. 3737 ing bailouts, to protect consumers bill to establish the Office for Global At the request of Mrs. BOXER, the from abusive financial services prac- Women’s Issues and the Women’s De- name of the Senator from New Hamp- tices, and for other purposes. velopment Advisor to facilitate inter- shire (Mrs. SHAHEEN) was added as a co- AMENDMENT NO. 3759 agency coordination and the integra- sponsor of amendment No. 3737 pro- At the request of Mrs. HUTCHISON, the tion of gender considerations into the posed to S. 3217, an original bill to pro- names of the Senator from Kansas (Mr. strategies, programming, and associ- mote the financial stability of the ROBERTS) and the Senator from Ne- ated outcomes of the Department of United States by improving account- braska (Mr. NELSON) were added as co- State and the United States Agency for ability and transparency in the finan- sponsors of amendment No. 3759 in- International Development, and for cial system, to end ‘‘too big to fail’’, to tended to be proposed to S. 3217, an other purposes. protect the American taxpayer by end- original bill to promote the financial S. 3247 ing bailouts, to protect consumers stability of the United States by im- At the request of Mr. UDALL of Colo- from abusive financial services prac- proving accountability and trans- rado, the names of the Senator from tices, and for other purposes. parency in the financial system, to end

VerDate Mar 15 2010 00:30 May 05, 2010 Jkt 089060 PO 00000 Frm 00042 Fmt 4624 Sfmt 0634 E:\CR\FM\A04MY6.023 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 4, 2010 CONGRESSIONAL RECORD — SENATE S3093 ‘‘too big to fail’’, to protect the Amer- protect consumers from abusive finan- Mr. FEINGOLD. Mr. President, today ican taxpayer by ending bailouts, to cial services practices, and for other I am pleased to introduce the protect consumers from abusive finan- purposes. Zimbabwe Transition to Democracy cial services practices, and for other AMENDMENT NO. 3778 and Economic Recovery Act with Sen- purposes. At the request of Mr. UDALL of Colo- ator ISAKSON and Senator KERRY. This AMENDMENT NO. 3765 rado, the names of the Senator from legislation aims to update U.S. policy At the request of Mr. FRANKEN, the Mississippi (Mr. COCHRAN), the Senator and to provide the necessary direction name of the Senator from Ohio (Mr. from New Jersey (Mr. LAUTENBERG), and flexibility for the United States to BROWN) was added as a cosponsor of the Senator from New Jersey (Mr. proactively push for democracy and amendment No. 3765 intended to be pro- MENENDEZ), the Senator from New economic recovery in Zimbabwe. In posed to S. 3217, an original bill to pro- York (Mr. SCHUMER) and the Senator September 2008, the parties in mote the financial stability of the from New Mexico (Mr. UDALL) were Zimbabwe signed the Global Political United States by improving account- added as cosponsors of amendment No. Agreement, the GPA, and committed ability and transparency in the finan- 3778 intended to be proposed to S. 3217, to work together to chart a new polit- cial system, to end ‘‘too big to fail’’, to an original bill to promote the finan- ical direction for the country. Unfortu- protect the American taxpayer by end- cial stability of the United States by nately, that commitment has not yet been fulfilled and political and human ing bailouts, to protect consumers improving accountability and trans- rights abuses continue at a disturbing from abusive financial services prac- parency in the financial system, to end rate. Nonetheless, the GPA and the for- tices, and for other purposes. ‘‘too big to fail’’, to protect the Amer- mation of the transitional government AMENDMENT NO. 3769 ican taxpayer by ending bailouts, to protect consumers from abusive finan- have created new political realities and At the request of Mr. DURBIN, the realignment in Zimbabwe, and subse- names of the Senator from Rhode Is- cial services practices, and for other purposes. quently, new opportunities to push for land (Mr. WHITEHOUSE) and the Senator a genuine transition to democracy and AMENDMENT NO. 3780 from Pennsylvania (Mr. SPECTER) were for economic recovery. The United added as cosponsors of amendment No. At the request of Mr. FEINGOLD, the name of the Senator from Ohio (Mr. States and other international stake- 3769 intended to be proposed to S. 3217, holders can seize those opportunities BROWN) was added as a cosponsor of an original bill to promote the finan- by supporting reformers, while renew- cial stability of the United States by amendment No. 3780 intended to be pro- posed to S. 3217, an original bill to pro- ing and ramping up pressure on those improving accountability and trans- who obstruct implementation of the mote the financial stability of the parency in the financial system, to end GPA. Our bill aims to promote such a United States by improving account- ‘‘too big to fail’’, to protect the Amer- dynamic approach. ican taxpayer by ending bailouts, to ability and transparency in the finan- We are all familiar with the tragic cial system, to end ‘‘too big to fail’’, to protect consumers from abusive finan- story of Zimbabwe’s descent. Zimbabwe protect the American taxpayer by end- cial services practices, and for other was one of Africa’s most prosperous ing bailouts, to protect consumers purposes. countries, a major food producer and from abusive financial services prac- home to the continent’s best education AMENDMENT NO. 3770 tices, and for other purposes. At the request of Mr. DURBIN, the system. Its leader Robert Mugabe was AMENDMENT NO. 3781 name of the Senator from Rhode Island considered one of the great liberation At the request of Ms. COLLINS, the leaders of southern Africa. Yet over (Mr. WHITEHOUSE) was added as a co- name of the Senator from Massachu- sponsor of amendment No. 3770 in- time, Mugabe and his regime moved to setts (Mr. BROWN) was added as a co- tighten their grip on power, using in- tended to be proposed to S. 3217, an sponsor of amendment No. 3781 in- original bill to promote the financial creasingly violent tactics to stop the tended to be proposed to S. 3217, an political opposition, stifle independent stability of the United States by im- original bill to promote the financial proving accountability and trans- media, and take over private property. stability of the United States by im- The results, particularly in the last parency in the financial system, to end proving accountability and trans- ‘‘too big to fail’’, to protect the Amer- decade, have been disastrous. Mugabe parency in the financial system, to end has presided over the collapse of ican taxpayer by ending bailouts, to ‘‘too big to fail’’, to protect the Amer- protect consumers from abusive finan- Zimbabwe’s economy and a dramatic ican taxpayer by ending bailouts, to decline in the living conditions of his cial services practices, and for other protect consumers from abusive finan- purposes. people. At the end of 2008, Zimbabwe’s cial services practices, and for other economy reached a low point with AMENDMENT NO. 3772 purposes. world-record inflation, millions of peo- At the request of Mr. SCHUMER, the AMENDMENT NO. 3784 ple at risk of starvation, and unem- name of the Senator from Ohio (Mr. At the request of Mr. CORKER, the ployment over 90 percent. Meanwhile, BROWN) was added as a cosponsor of name of the Senator from Nebraska Mugabe and his party have had to re- amendment No. 3772 intended to be pro- (Mr. JOHANNS) was added as a cospon- sort to increasing violence to repress posed to S. 3217, an original bill to pro- sor of amendment No. 3784 intended to the will of the people. Most recently, mote the financial stability of the be proposed to S. 3217, an original bill following the March 2008 election, the United States by improving account- to promote the financial stability of Mugabe regime and its cronies ability and transparency in the finan- the United States by improving ac- launched a brutal campaign of violence cial system, to end ‘‘too big to fail’’, to countability and transparency in the against members and supporters of the protect the American taxpayer by end- financial system, to end ‘‘too big to opposition MDC after Morgan ing bailouts, to protect consumers fail’’, to protect the American taxpayer Tsvangirai won the first round of vot- from abusive financial services prac- by ending bailouts, to protect con- ing. tices, and for other purposes. sumers from abusive financial services I have closely followed the situation AMENDMENT NO. 3775 practices, and for other purposes. in Zimbabwe since 1999 when I traveled At the request of Mr. WYDEN, the f to Harare and witnessed then the early names of the Senator from Colorado stages of this political crisis. During (Mr. UDALL) and the Senator from STATEMENTS ON INTRODUCED that trip, I also met some incredibly Oklahoma (Mr. INHOFE) were added as BILLS AND JOINT RESOLUTIONS dynamic, committed and inspiring civil cosponsors of amendment No. 3775 in- By Mr. FEINGOLD (for himself, society leaders. Upon returning, I said tended to be proposed to S. 3217, an Mr. ISAKSON, and Mr. KERRY): on the Senate floor that we must not original bill to promote the financial S. 3297. A bill to update United abandon these leaders; that the inter- stability of the United States by im- States policy and authorities to help national community should move to proving accountability and trans- advance a genuine transition to democ- arrest Zimbabwe’s descent before it be- parency in the financial system, to end racy and to promote recovery in came more complex. I teamed up then ‘‘too big to fail’’, to protect the Amer- Zimbabwe; to the Committee on For- with Senator Bill Frist to author legis- ican taxpayer by ending bailouts, to eign Relations. lation on U.S. policy toward Zimbabwe.

VerDate Mar 15 2010 00:30 May 05, 2010 Jkt 089060 PO 00000 Frm 00043 Fmt 4624 Sfmt 0634 E:\CR\FM\A04MY6.024 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3094 CONGRESSIONAL RECORD — SENATE May 4, 2010 And in 2001, President Bush signed that taken root. Reformist elements in the as well as to the Parliament as it seeks legislation, the Zimbabwe Democracy government continue to lack the lever- to repeal or amend repressive laws. It and Economic Recovery Act, into law. age as well as the qualified personnel also amends the funding restrictions on ZDERA, as that bill is known, placed and resources to overcome the resist- Zimbabwe in the fiscal year 2010 State restrictions on U.S. support for any ance of hardliners and to break their and Foreign Operations appropriations new international loan, credit or debt hold on the security sector. They need bill to allow for greater engagement in reduction for Zimbabwe until the greater support if they are going to win the areas of health and education. Fur- President certifies that a number of po- this struggle and achieve a genuine thermore, it encourages the United litical conditions have been met, name- transition to democracy and economic States to promote agricultural devel- ly an end to abuses and the restoration recovery. opment as much as possible within our of rule of law. The bill also called for I respect those who are cautious food assistance efforts, while we ac- targeted sanctions against individuals about changing the international pos- tively press the government to reestab- responsible for politically motivated ture toward Zimbabwe until there is lish security of tenure for all land- violence. greater progress and a clear transition owners. At the same time, ZDERA also underway. I too am cautious, as there In addition, our bill would amend spelled out the United States’ commit- is good reason to be so. But at the ZDERA to allow the United States ment to the Zimbabwean people in same time, I also believe we must sup- greater flexibility and leverage when their struggle to effect peaceful and port the Zimbabwean people in their engaging with the International Finan- democratic change. And it stated our ongoing struggle for peaceful, demo- cial Institutions on Zimbabwe. The law commitment to be a strong partner in cratic change and we can best do that from 2001 restricts U.S. support for any helping the Zimbabwean people to re- by reconsidering some of the strict po- international loan, credit or debt re- build their country when that change lices of years prior. We must realize duction to Zimbabwe until the Presi- was achieved. I have not given up on that the dynamics of that struggle dent certifies that certain political that commitment, despite the Mugabe have changed—not as much as we conditions have been achieved in the regime’s relentless and violent efforts would like them to go, not even close country. This restriction currently has to hold onto power. In 2002, I tried to but there has been change. Adhering to no discernible impact as Zimbabwe can return to the country, but my visa was a strict wait-and-see approach allows only be eligible for such international revoked and the government blocked Mugabe and his allies to continue to support when it deals with its arrears, my entry into the country. In 2003, I marginalize reformers in the transi- which now total billions of dollars. traveled to South Africa and Botswana, tional government and manipulate the Nonetheless, this restriction has be- in part to discuss the crisis in political environment, while relying on come a powerful symbol and it func- Zimbabwe and the regional con- their usual anti-Western propaganda to tionally ties the hands of the State and sequences. Most recently, in 2008 and win local and regional support. Alter- Treasury Departments to actively en- 2009, in my capacity as the Chairman of natively, through proactive and tar- gage with the IMF, African Develop- the Africa Subcommittee, I have held geted engagement, there may be ways ment Bank and other institutions to hearings specifically on Zimbabwe and that we can better support reformers in develop plans for supporting U.S. policy options. government, create incentives for oth- Zimbabwe’s longer-term recovery when With the signing of the GPA, I was ers in the government to embrace such there is a genuine transition. Our bill skeptical that Robert Mugabe and his reform, and isolate the hardliners. If would amend ZDERA to allow for such allies had any real intention to share we are to see institutional change in engagement, making U.S. support con- power and respect the agreement. I re- Zimbabwe, it is in our interest to pur- ditional on the proposed assistance main skeptical as at almost every turn, sue those possibilities. itself, specifically whether there are hardliners in the transitional govern- The United States has a key role to sufficient controls for transparency ment have resisted any moves that play in this regard. We continue to be and oversight, and whether funds will would undermine their historic patron- very active in Zimbabwe, providing hu- be administered by ministries that age system and power structures. manitarian assistance and support for have demonstrated a commitment to Mugabe has refused to implement sev- civil society. In Fiscal Year 2009, the reform. eral parts of the agreement, continuing United States provided nearly $300 mil- Amending ZDERA will help to pro- to use Western sanctions as a scape- lion to Zimbabwe, over half of which vide flexibility and leverage for the goat. Meanwhile, state security forces was food assistance. Over the last year, U.S. government, but also to undercut remain largely under the control of some within the administration have Mugabe’s propaganda. Over the years, ZANU-PF and continue to harass civil begun to explore ways we can better Mugabe and his allies have conven- society activists and participate in il- target our assistance to help reformers iently portrayed ZDERA as a symbol of legal, often violent, seizures of private in order to consolidate democratic re- Western hostility and blanket sanc- land and property. In this sense, little forms and lay the groundwork for eco- tions on Zimbabwe. While those allega- has changed in Zimbabwe. nomic recovery. We have already pro- tions are clearly false, the changes Yet at the same time, for many vided some technical assistance to help made by our bill will go a long way to- Zimbabweans, the establishment of a certain ministries in the government. wards ensuring they have a much hard- transitional government that includes This is the right approach and we er time spinning this lie and deflecting former opposition leaders who were im- should continue to look for ways to responsibility from their own disas- prisoned and tortured as part of proceed, both symbolically and sub- trous policies. Zimbabwe’s democratic struggle has stantively. At the same time, we ZDERA, of course, is not to be brought forth a sense of possibility should continue to update and increase conflated with our targeted sanctions that has not existed for years. It has targeted pressure on those individuals against specific individuals and finan- brought their struggle for democracy and institutions that are actively ob- cial institutions that are directly in- into the halls of government. And over structing reform. We should also look volved in the breakdown of the rule of the last year, some progress has been for innovative ways to address illegal law and abuses of power. Our bill calls made toward enacting reforms. Most activities that are in violation of the for the continuation of that program as notably, the Finance Ministry has GPA. I see no reason to terminate this sanc- managed to halt Zimbabwe’s economic The Zimbabwe Transition to Democ- tions program until we see an end to decline and put an end to some of the racy and Economic Recovery Act of widespread abuses. Instead, our bill disastrous fiscal activities of the pre- 2010 seeks to encourage and provide the calls for the continued review and up- vious regime. That said, progress has authority and flexibility for the Obama dating of those sanctions. It also en- been slow and limited mostly to the administration to pursue such a dy- courages new action to address illegal economic sector. We cannot deceive namic approach toward Zimbabwe. Our activities involving diamonds in ourselves into thinking that the return bill authorizes continued and expanded Zimbabwe that are reportedly fueling of food and other goods to stores is an technical assistance to reformist min- abuses and undermining democratic indication that true democracy has istries of the transitional government progress. Specifically, it urges the

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In Oregon, the Elections Di- participation in the Kimberley Process today are prime examples of progress vision estimated that costs were re- undermines the integrity and impor- that was pioneered at the state level. duced by 30 percent when Vote by Mail tant work of that process. It’s now time to take that proven suc- replaced polling place elections. Finally, whenever it happens, cess to the national level. One of the greatest results that Vote Zimbabwe’s next election will be a crit- An increasing number of voters by Mail has had on Oregon’s election is ical step toward any genuine transition across the country now Vote by Mail. that it has increased voter turnout and to democratic rule and a sustainable In fact, in the 2008 presidential elec- that’s an outcome that every state economic recovery. The past elections tion, one-fifth of ballots nationwide should want. In the three Presidential have been flashpoints for increased vio- were cast by mail. I am proud to say elections in Oregon since Vote by Mail lence and the breakdown of the rule of that the State that blazed the trail for was adopted, turnout has been 84 per- law. This cannot be the case this next Vote by Mail is my home State of Or- cent—an increase of 6 percent over the time around if Zimbabwe is to move egon. There were many steps along this three prior Presidential elections. Vote forward. The international community path, but the turning point came in by Mail has an even stronger beneficial needs to prepare a coordinated strategy 1996. That year, Oregon conducted its impact on turnout for lower-profile to help reduce the risk of violence and first State-wide primary and general elections, such as off-year, municipal, other abuses around such elections. election for a Federal race exclusively or referenda elections. Our bill directs the Obama administra- by mail. That election, of course, sent Vote by Mail also reduces election tion to begin engaging with inter- me to the U.S. Senate. But that elec- fraud. This may sound counter-intu- national partners now toward devel- tion was not just a success for my cam- itive to skeptics who believe voting by oping such a strategy. paign, it was a win for the voters of Or- mail is less secure than voting at a International actions alone will not egon. polling place. However, a Vote by Mail determine whether real and lasting Through the success of Vote by Mail system offers many safeguards that are democratic change is achieved in for that special election, folks in Or- not available in conventional elections. Zimbabwe; that will ultimately be de- egon saw that elections could be con- There is a paper trail for each and termined by the Zimbabwean people ducted without long lines, malfunc- every vote, and the processing is con- themselves. But I do believe that we tioning equipment, and the risks of ducted at a central, secure location can help Zimbabweans pursue a gen- fraud inherent at polling places. The that can be viewed by the public. By uine transition toward democracy and resounding success of that first Vote expanding the voting period—rather economic recovery. To do this, we need by Mail, State-wide, Federal election than compressing it into one day—Vote an approach that is flexible and respon- led directly to the passage of a ref- by Mail affords election officials the sive to evolving conditions and chal- erendum in Oregon on Vote by Mail time to identify problems, fix errors, lenges on the ground. I believe this bill two years later. In 1998, an over- and investigate any questionable bal- helps move us toward such an ap- whelming majority—70 percent—of Or- lots. If the goal of our country’s elec- proach. egonians voted to adopt Vote by Mail tions is to make sure the voice of every Nearly a decade ago, in passing for all elections. The Vote by Mail sys- voter is heard clearly and securely, ZDERA, the U.S. Congress committed tem was fully in place for the next there is no greater tool than Vote by to support the people of Zimbabwe in election cycle, meaning that since 2000, Mail. their struggle to effect peaceful, demo- all Oregon voters have voted exclu- Oregon’s experience has shown that cratic change, achieve economic sively by mail. in a Vote by Mail system fraud is al- growth and restore the rule of law. The three bills I am introducing most non-existent. Every ballot enve- Today, we can reaffirm that commit- today draw upon the success that Or- lope is scrutinized before it is opened, ment by passing the Zimbabwe Transi- egon has experienced with Vote by and the voter’s signature on it is re- tion to Democracy and Economic Re- Mail and more recently with online viewed to make sure it matches the covery Act. I hope my colleagues will voter registration. The first is the Uni- one on file for the voter. With the join us in doing so. versal Right to Vote by Mail Act. This longer time period involved—typically bill would put into law the fact that about two and a half weeks—in a Vote By Mr. WYDEN (for himself, Mr. every citizen has the right to vote by by Mail election, there is ample oppor- KERRY, Mr. CARPER, Ms. CANT- mail. Under this bill, any voter who re- tunity to determine whether a ballot is WELL, Mr. MERKLEY, and Mrs. quests an absentee ballot would receive valid before it is counted and to inves- GILLIBRAND): one. No longer would arbitrary require- tigate any allegations of fraud. If a bal- S. 3299. A bill to amend the Help ments block voters from choosing to lot is fraudulent, it never gets counted. America Vote Act of 2002 to allow all Vote by Mail. That could never happen in a polling eligible voters to vote by mail in Fed- The second bill is the Vote by Mail place election where, by the time fraud eral elections; to the Committee on Act. It would provide grants to states, is found, the vote has already been Rules and Administration. or smaller jurisdictions, that wish to counted and can’t be retrieved. Since Mr. WYDEN. Mr. President, today I make the transition to Vote by Mail. Oregon converted to exclusive Vote by am introducing a package of three bills Finally, the Online Voter Registra- Mail elections, over 15 million ballots to improve the administration of U.S. tion Act would provide grants to states have been cast. During this time, thou- elections. These bills would empower that wish to implement an online sys- sands of ballots have been challenged voters—giving them a greater ability tem that would allow voters to register and investigated for allegations of to control how and when they partici- to vote, update voter information, and fraud. Thorough investigation of every pate in the electoral process. Just as request an absentee ballot using the allegation, however, has revealed only technological developments have internet. In Oregon, Washington, and nine instances of vote fraud. There has changed the way people manage every- Arizona, online systems are already been absolutely no evidence of any thing from their bank accounts to working to reduce administrative costs large-scale, systemic vote fraud that their communication with friends and and make it easier for voters to par- some predicted when Vote by Mail was family, they can also give voters more ticipate in elections. first adopted in Oregon. power to control their involvement in Ten years of proven results with Or- Vote by Mail offers additional advan- the electoral process. By empowering egon’s Vote by Mail system has shown tages that may not be readily appar- individual voters, my bills would in- that this policy experiment has been a ent. For example, on Election Day in crease turnout and lower administra- resounding success. Voters in Oregon 2006, Tillamook County, Oregon, expe- tive costs, while improving the secu- strongly support Vote by Mail. An aca- rienced a deluge of 13 inches of rain. rity and integrity of elections. demic study conducted in 2005 found Roads were closed, parts of the county

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It is not only bad weather that can be This Act may be cited as the ‘‘Universal Voter Registration Act to help give Right to Vote by Mail Act of 2010’’. overcome with Vote by Mail—an ill- voters the ability to register, update ness, caring for a loved one, pregnancy, SEC. 2. FINDINGS. voter information, and request absen- Congress finds the following: work, travel, or religious obligations tee ballots using the internet. This bill (1) An inequity of voting rights exists in can all keep citizens from exercising would empower voters and would re- the United States because voters in some their right to vote at a polling place on duce administrative costs. In 2008, States have the universal right to vote by a one-day election. Vote by Mail three quarters of folks in our country mail while voters in other States do not. trumps all of these obstacles. Such bar- reported using the internet, and 87 per- (2) Many voters often have work, family, or riers are not an issue in Oregon, but other commitments that make getting to cent of young adults did so. These are polls on the date of an election difficult or they may prevent voters in 28 states the very people who will be registering and territories from voting. In those impossible. Under current State laws, many to vote for the first time, and they ex- of these voters are not permitted to vote by states and territories, voters must pect the government to accommodate mail. meet arbitrary requirements to get an the way they live their lives. But this (3) 28 States currently allow universal ab- absentee ballot. I believe the decision bill isn’t just about making things sentee voting (also known as ‘‘no-excuse’’ ab- to obtain an absentee ballot should be easier for young adults. The internet is sentee voting), which permits any voter to made by the voter. I can see no jus- well-suited to this work and can save request a mail-in ballot without providing a reason for the request, and no State which tification for allowing arbitrary, bu- time, protect voters’ privacy, reduce reaucratic rules to disenfranchise any has implemented no-excuse absentee voting paper, and lower costs. Many States al- has repealed it. voter anywhere in America. ready allow citizens to renew their I would also note that excuse require- (4) Voting by mail gives voters more time driver’s licenses or register their cars to consider their choices, which is especially ments for obtaining an absentee ballot online. Expanding the list of those gov- important as many ballots contain greater constitute an unwarranted invasion of ernment services offered online to numbers of questions about complex issues voter privacy. All information sub- Voter Registration simply makes than in the past due to the expanded use of mitted on an absentee ballot request sense. the initiative and referendum process in form becomes part of the public record. many States. Oregon, Washington, and Arizona There is no reason why voters should (5) Voting by mail is cost effective. After have already established online voter be forced to reveal sensitive personal the State of Oregon adopted vote by mail for registration systems. In the initial information simply to have the oppor- all voters, the cost to administer an election election cycle of implementation for in the State dropped by nearly 30 percent tunity to vote. I believe all voters Washington’s system, the State re- over the next few elections, from $3.07 per should enjoy equal access to mail bal- ported saving over $87,000 in less than a voter to $2.21 per voter. lots while having their privacy en- year. Expanding access to online voter (6) Allowing all voters the option to vote sured. by mail can reduce waiting times for those registration makes sense, but design- That is why I am introducing the voters who choose to vote at the polls. Universal Right to Vote by Mail Act. ing and implementing such systems re- (7) Voting by mail is preferable to many This bill is, fundamentally, about ac- quires considerable start-up expenses. voters as an alternative to going to the polls. cess and fairness. No citizen should That’s why the Online Voter Registra- Voting by mail has become increasingly pop- have to miss an election because they tion Act would provide grants of ular with voters who want to be certain that they are able to vote no matter what comes have to work, are ill, are caring for a $150,000 to States to help cover the im- plementation costs. up on Election Day. loved one, traveling, or have a religious (8) No evidence exists suggesting the po- obligation. When voting for President, I would like to thank those who have tential for fraud in absentee balloting is Oregonians shouldn’t have an advan- supported Vote by Mail, including the greater than the potential for fraud by any tage over New Yorkers or Virginians. original cosponsors of the two bills: other method of voting. The Universal Right to Vote by Mail Senators KERRY, CARPER, CANTWELL, (9) Many of the reasons which voters in Act doesn’t force anyone to Vote by MERKLEY, and GILLIBRAND. I would also many States are required to provide in order Mail, nor does it require states to im- like to thank the many organizations to vote by mail require the revelation of per- sonal information about health, travel plans, plement any new voting systems. All that support Vote by Mail, including the National Association of Letter Car- or religious activities, which violate voters’ States are already required to have an privacy while doing nothing to prevent voter absentee ballot system. This bill mere- riers, National Association of Post- fraud. ly says all voters should have equal masters, National Association of Post- (10) State laws which require voters to ob- protection in choosing how to partici- al Supervisors, American Postal Work- tain a notary signature to vote by mail only pate in elections. ers Union, National Postal Mail Han- add cost and inconvenience to voters without I am also introducing today the Vote dlers Union, National Rural Letter increasing security. by Mail Act of 2010, which would create Carriers’ Association, and other labor SEC. 3. PROMOTING ABILITY OF VOTERS TO organizations including the AFL–CIO VOTE BY MAIL IN FEDERAL ELEC- a three-year, $18 million grant program TIONS. to help states, or smaller jurisdictions, and SEIU. Vote by Mail also has the (a) IN GENERAL.—Subtitle A of title III of transition to Vote by Mail systems like support of many civil rights and elec- the Help America Vote Act of 2002 (42 U.S.C. the one in Oregon. This bill would not tions organizations, including Common 15481 et seq.) is amended by inserting after mandate that any state adopt Vote by Cause, the NAACP, the ACLU, and The section 303 the following new section: Mail. However, the bill would provide League of Rural Voters. ‘‘SEC. 303A. PROMOTING ABILITY OF VOTERS TO I urge my colleagues to give voters VOTE BY MAIL. funding for state or local jurisdictions ‘‘(a) IN GENERAL.—If an individual in a that choose to take advantage of the more choice and greater opportunity to State is eligible to cast a vote in an election benefits that Vote by Mail offers. The participate in elections by supporting for Federal office, the State may not impose bill would provide grants of $2 million these important bills. It’s time to move any additional conditions or requirements on dollars to states, or grants of $1 million the nation’s elections systems into the the eligibility of the individual to cast the to smaller jurisdictions, to help pay for 21st century and answer the needs of vote in such election by mail, except to the the costs of implementing a Vote by today’s voters. These bills are an im- extent that the State imposes a deadline for portant step in that direction. requesting the ballot and related voting ma- Mail system. I believe Vote by Mail terials from the appropriate State or local can improve elections in any state that Mr. President, I ask unanimous con- election official and for returning the ballot adopts it. But rather than simply as- sent that the text of the bill be printed to the appropriate State or local election of- sume that Vote by Mail delivers bene- in the RECORD. ficial.

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‘‘(b) RULE OF CONSTRUCTION.—Nothing in (6) Vote by Mail is 1 factor making voter in implementing mail-in voting for elections subsection (a) shall be construed to affect turnout in Oregon consistently higher than at the State or local government level if the authority of States to conduct elections the average national voter turnout. In the such costs were incurred prior to the date of for Federal office through the use of polling 2004 presidential election, for example, Or- enactment of this Act. places at which individuals cast ballots on egon had a turnout rate of 86.48 percent of (d) APPLICATION.—A State seeking to par- the date of the election. registered voters, compared to 69.96 percent ticipate in the program under this section ‘‘(c) EFFECTIVE DATE.—A State shall be re- turnout of registered voters nationally. shall submit an application to the Election quired to comply with the requirements of (7) Women, younger voters, and home- Assistance Commission containing such in- subsection (a) with respect to elections for makers also report that they vote more formation, and at such time, as the Election Federal office held in years beginning with often using Vote by Mail. Assistance Commission may specify. 2012.’’. (8) Vote by Mail reduces election costs by (e) AMOUNT AND AWARDING OF IMPLEMENTA- TION GRANTS; DURATION OF PROGRAM.— (b) CONFORMING AMENDMENT RELATING TO eliminating the need to transport equipment (1) AMOUNT OF IMPLEMENTATION GRANTS.— ENFORCEMENT.—Section 401 of such Act (42 to polling stations and to hire and train poll (A) IN GENERAL.—Subject to subparagraph U.S.C. 15511) is amended by striking ‘‘and workers. Oregon reduced its costs to admin- (B), the amount of an implementation grant 303’’ and inserting ‘‘303, and 303A’’. ister elections by nearly 30 percent after im- made to a participating State shall be, in the (c) CLERICAL AMENDMENT.—The table of plementing Vote by Mail. In Oregon’s last case of a State that certifies that it will im- contents for such Act is amended by insert- polling place election in 1998, the cost per plement all elections by mail in accordance ing after the item relating to section 303 the voter was $3.07. By 2004, the cost per voter in with the requirements of subsection (f), with following new item: Oregon had dropped to $2.21. respect to— (9) Vote by Mail allows voters to educate ‘‘Sec. 303A. Promoting ability of voters to (i) the entire State, $2,000,000; or themselves because they receive ballots well vote by mail.’’. (ii) any single unit or multiple units of before election day, which provides them local government within the State, $1,000,000. with ample time to research issues, study By Mr. WYDEN (for himself, Mr. (B) EXCESS FUNDS.— ballots, and deliberate in a way that is not KERRY, Mr. CARPER, Ms. CANT- (i) IN GENERAL.—To the extent that there WELL, Mr. MERKLEY, and Mrs. possible at a polling place. are excess funds in either of the first 2 years (10) Vote by Mail is accurate—at least 2 GILLIBRAND): of the program, such funds may be used to studies comparing voting technologies show award implementation grants to partici- S. 3300. A bill to establish a Vote by that absentee voting methods, including Mail grant program; to the Committee pating States in subsequent years. Vote by Mail systems, result in a more accu- (ii) EXCESS FUNDS DEFINED.—For purposes on Rules and Administration. rate vote count. Mr. WYDEN. Mr. President, I ask of clause (i), the term ‘‘excess funds’’ means (11) Vote by Mail results in more up-to- any amounts appropriated pursuant to the unanimous consent that the text of the date voter rolls, since election officials use authorization under subsection (h)(1) with bill be printed in the RECORD. forwarding information from the post office respect to a fiscal year that are not awarded There being no objection, the text of to update voter registration. to a participating State under an implemen- the bill was ordered to be printed in (12) Vote by Mail allows voters to visually tation grant during such fiscal year. verify that their votes were cast correctly the RECORD, as follows: (C) CONTINUING AVAILABILITY OF FUNDS and produces a paper trail for election re- S. 3300 AFTER APPROPRIATION.—An implementation counts. grant made to a participating State under Be it enacted by the Senate and House of Rep- (13) In a survey taken 5 years after Oregon this section shall be available to the State resentatives of the United States of America in implemented the Vote by Mail system, more without fiscal year limitation. Congress assembled, than 8 in 10 Oregon voters said they pre- (2) AWARDING OF IMPLEMENTATION SECTION 1. SHORT TITLE. ferred voting by mail to traditional voting. GRANTS.— This Act may be cited as the ‘‘Vote by (14) Voters in other States are moving to- (A) IN GENERAL.—The Election Assistance Mail Act of 2010’’. ward Vote by Mail as well. In 2008, 89 percent Commission shall award implementation SEC. 2. FINDINGS. of voters in Washington State who cast bal- grants during each year in which the pro- Congress makes the following findings: lots voted by mail, 64 percent of voters in gram is conducted. (1) The Supreme Court declared in Rey- Colorado voted by mail, and 44 percent of (B) ONE GRANT PER STATE.—The Election nolds v. Sims that ‘‘øi¿t has been repeatedly voters in California voted by mail. Assistance Commission shall not award more recognized that all qualified voters have a SEC. 3. DEFINITIONS. than 1 implementation grant to any partici- constitutionally protected right to vote . . . In this Act: pating State under this section over the du- and to have their votes counted.’’ (1) ELECTION.—The term ‘‘election’’ means ration of the program. (2) In recent presidential elections, voting any general, special, primary, or runoff elec- (3) DURATION.—The program shall be con- technology failures, procedural irregular- tion. ducted for a period of 3 years. ities, and long lines for polling places de- (2) PARTICIPATING STATE.—The term ‘‘par- (f) REQUIREMENTS.— prived some Americans of their fundamental ticipating State’’ means a State receiving a (1) REQUIRED PROCEDURES.—A participating right to vote. grant under the Vote by Mail grant program State shall establish and implement proce- (3) Under the Oregon Vote by Mail system, under section 4. dures for conducting all elections by mail in election officials mail ballots to all reg- (3) RESIDUAL VOTE RATE.—The term ‘‘resid- the area with respect to which it receives an istered voters at least 2 weeks before elec- ual vote rate’’ means the sum of all votes implementation grant to conduct such elec- tion day. Voters mark their ballots, seal the that cannot be counted in an election (over- tions, including the following: ballots in both unmarked secrecy envelopes votes, undervotes, and otherwise spoiled bal- (A) A process for recording electronically and signed return envelopes, and return the lots) divided by the total number of votes each voter’s registration information and ballots by mail or to secure drop boxes. Once cast. signature. a ballot is received, election officials scan (4) STATE.—The term ‘‘State’’ means a (B) A process for mailing ballots to all eli- the bar code on the ballot envelope, which State of the United States, the District of gible voters. brings up the voter’s signature on a com- Columbia, the Commonwealth of Puerto (C) The designation of places for the de- puter screen. The election official compares Rico, or a territory or possession of the posit of ballots cast in an election. the signature on the screen and the signa- United States. (D) A process for ensuring the secrecy and ture on the ballot envelope. Only if the sig- (5) VOTING SYSTEM.—The term ‘‘voting sys- integrity of ballots cast in the election. nature on the ballot envelope is determined tem’’ has the meaning given such term under (E) Procedures and penalties for preventing to be authentic is the ballot forwarded on to section 301(b) of the Help America Vote Act election fraud and ballot tampering, includ- be counted. of 2002 (42 U.S.C. 15481(b)). ing procedures for the verification of the sig- (4) Oregon’s Vote by Mail system has de- SEC. 4. VOTE BY MAIL GRANT PROGRAM. nature of the voter accompanying the ballot terred voter fraud because the system in- (a) ESTABLISHMENT.—Not later than 270 through comparison of such signature with cludes numerous security measures such as days after the date of enactment of this Act, the signature of the voter maintained by the the signature authentication system. Poten- the Election Assistance Commission shall es- State in accordance with subparagraph (A). tial misconduct is also discouraged by the tablish a Vote by Mail grant program (in (F) Procedures for verifying that a ballot power of the State to punish those who en- this section referred to as the ‘‘program’’). has been received by the appropriate author- gage in voter fraud with up to 5 years in pris- (b) PURPOSE.—The purpose of the program ity. on, $100,000 in fines, and the loss of their is to make implementation grants to partici- (G) Procedures for obtaining a replacement vote. pating States solely for the implementation ballot in the case of a ballot which is de- (5) Oregon’s Vote by Mail system promotes of procedures for the conduct of all elections stroyed, spoiled, lost, or not received by the uniformity and strict compliance with Fed- by mail at the State or local government voter. eral and State voting laws because ballot level. (H) A plan for training election workers in processing is centralized in county clerks’ (c) LIMITATION ON USE OF FUNDS.—In no signature verification techniques. offices, rather than at numerous polling case may grants made under this section be (I) Plans and procedures to ensure that places. used to reimburse a State for costs incurred voters who are blind, visually-impaired, or

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otherwise disabled have the opportunity to (1) IN GENERAL.—The Comptroller General ported using the Internet to find informa- participate in elections conducted by mail of the United States (in this section referred tion, 71 percent made purchases over the and to ensure compliance with the Help to as the ‘‘Comptroller General’’) shall con- Internet, 70 percent read news online, 56 per- America Vote Act of 2002. Such plans and duct a study evaluating the benefits of cent looked up campaign or political infor- procedures shall be developed in consulta- broader implementation of mail-in voting in mation, 55 percent utilized online banking, tion with disabled and other civil rights or- elections, taking into consideration the an- and 59 percent visited Government Internet ganizations, voting rights groups, State elec- nual reports submitted by the Election As- websites. tion officials, voter protection groups, and sistance Commission under section (3) The Internet is well-suited to allow in- other interested community organizations. 4(g)(1)(C)(i) before November 1, 2013. dividuals to provide and update personal in- (J) Plans and procedures to ensure the (2) SPECIFIC ISSUES STUDIED.—The study formation. Completing such tasks online translation of ballots and voting materials conducted under paragraph (1) shall include saves time, reduces paper, increases effi- in accordance with section 203 of the Voting a comparison of traditional voting methods ciency, and lowers costs. Rights Act of 1965 (42 U.S.C. 1973aa–1a)). and mail-in voting with respect to— (4) Many States already allow citizens to (g) BEST PRACTICES, TECHNICAL ASSIST- (A) the likelihood of voter fraud and mis- access Government services online, including ANCE, AND REPORTS.— conduct; renewing driver’s licenses and registering (1) IN GENERAL.—The Election Assistance (B) the accuracy of voter rolls; cars. Commission shall— (C) the accuracy of election results; (5) Two States, Arizona and Washington, (A) develop, periodically issue, and, as ap- (D) voter participation in urban and rural have already implemented online voter reg- propriate, update best practices for con- communities and by minorities, language istration systems, and a number of other ducting elections by mail; minorities (as defined in section 203 of the States are in the process of adopting online (B) provide technical assistance to partici- Voting Rights Act of 1965 (42 U.S.C. 1973aa– voter registration systems. pating States for the purpose of imple- 1a)), and individuals with disabilities and by (6) Although 2008 was the first election menting procedures for conducting elections individuals who are homeless or who fre- cycle that the online voter registration sys- by mail; and quently change their official residences; tem was in place in Washington State, in the (C) submit to the appropriate committees (E) public confidence in the election sys- month prior to the general election, voter of Congress— tem; use of the online voter registration system (i) annual reports on the implementation (F) the residual vote rate, including such exceeded that of mail-in registration cards of such procedures by participating States rate based on voter age, education, income, by more than 20 percent. during each year in which the program is race, or ethnicity or whether a voter lives in (7) Younger adults who are registering to conducted; and an urban or rural community, is disabled, or vote for the first time are the most adept (ii) upon completion of the program con- is a language minority (as so defined); and Internet users and expect to be able to ac- ducted under this section, a final report on (G) cost savings. complish most tasks online. In 2008, 87 per- cent of adults age 18 to 29 used the Internet. the program, together with recommenda- (3) CONSULTATION.—In conducting the tions for such legislation or administrative study under paragraph (1), the Comptroller In Washington State, voters age 18 to 24 had the highest rate of use of its online voter action as the Election Assistance Commis- General shall consult with interested par- registration system. sion determines to be appropriate. ties, including— (8) During the 2008 election cycle, Wash- (2) CONSULTATION.—In developing, issuing, (A) State and local election officials; ington State processed about 130,000 online and updating best practices, developing ma- (B) the United States Postal Service; voter registration transactions. terials to provide technical assistance to (C) the Postal Regulatory Commission es- (9) Implementing an online voter registra- participating States, and developing the an- tablished under section 501 of title 39, United tion requires an initial investment to pur- nual and final reports under paragraph (1), States Code; and chase the needed technology and to input ex- the Election Assistance Commission shall (D) voting rights groups, voter protection isting voter information into the registra- consult with interested parties, including— groups, groups representing the disabled, and tion database. Washington State, for exam- other civil rights or community organiza- (A) State and local election officials; ple, spent $278,000 to establish its online tions. (B) the United States Postal Service; voter registration system. (b) REPORT.—Not later than November 1, (C) the Postal Regulatory Commission es- (10) Once in place, online voter registration 2013, the Comptroller General shall prepare tablished under section 501 of title 39, United systems allow the processing of new voter States Code; and and submit to the appropriate committees of registrations, changes of address or party, (D) voting rights groups, voter protection Congress a report on the study conducted and requests for absentee ballots. groups, groups representing the disabled, and under subsection (a), together with such rec- (11) Washington State reports that it costs other civil rights or community organiza- ommendations for legislation or administra- approximately 25 cents to process paper tions. tive action as the Comptroller General deter- voter registration cards and 43 cents to proc- (h) AUTHORIZATION OF APPROPRIATIONS.— mines to be appropriate. ess those submitted via the department of (1) GRANTS.—There are authorized to be ap- motor vehicles in compliance with the Na- propriated to award grants under this sec- By Mr. WYDEN (for himself and tional Voter Registration Act of 1993 (42 tion, for each of fiscal years 2012 through Mr. KERRY): U.S.C. 1973gg et seq.). Voters must also pay 2014, $6,000,000, to remain available without S. 3301. A bill to establish an Online postage costs for registration cards sent fiscal year limitation until expended. Voter Registration grant program; to through the mail. Once in place, the online (2) ADMINISTRATION.—There are authorized the Committee on Rules and Adminis- voter registration system requires no proc- to be appropriated to administer the pro- tration. essing by staff in order to complete a trans- gram under this section, $200,000 for the pe- action, and therefore has no per transaction riod of fiscal years 2012 through 2014, to re- Mr. WYDEN. Mr. President, I ask unanimous consent that the text of the cost. For the 2008 general election, the online main available without fiscal year limita- voter registration system saved Washington tion until expended. bill be printed in the RECORD. State $32,500, and saved consumers $54,600 in (i) RULE OF CONSTRUCTION.—Nothing in this There being no objeciton, the text of postage costs, which resulted in total sav- Act may be construed to authorize or require the bill was ordered to be printed in ings to the State and consumers of over conduct prohibited under any of the fol- the RECORD, as follows: $87,000. lowing laws, or to supersede, restrict, or S. 3301 SEC. 3. DEFINITIONS. limit the application of such laws: Be it enacted by the Senate and House of Rep- In this Act: (1) The Help America Vote Act of 2002 (42 (1) ELECTION.—The term ‘‘election’’ means U.S.C. 15301 et seq.). resentatives of the United States of America in Congress assembled, any general, special, primary, or runoff elec- (2) The Voting Rights Act of 1965 (42 U.S.C. tion. SECTION 1. SHORT TITLE. 1973 et seq.). (2) PARTICIPATING STATE.—The term ‘‘par- (3) The Voting Accessibility for the Elderly This Act may be cited as the ‘‘Online Voter ticipating State’’ means a State receiving a and Handicapped Act (42 U.S.C. 1973ee et Registration Act of 2010’’. grant under the Online Voter Registration seq.). SEC. 2. FINDINGS. grant program under section 4. (4) The Uniformed and Overseas Citizens Congress makes the following findings: (3) STATE.—The term ‘‘State’’ means a Absentee Voting Act (42 U.S.C. 1973ff et seq.). (1) Americans have become increasingly State of the United States, the District of (5) The National Voter Registration Act of comfortable with using the Internet for a Columbia, the Commonwealth of Puerto 1993 (42 U.S.C. 1973gg et seq.). wide range of purposes, including gathering Rico, or a territory or possession of the (6) The Americans with Disabilities Act of information, purchasing items, performing United States. 1990 (42 U.S.C. 12101 et seq.). financial transactions, and obtaining infor- SEC. 4. ONLINE VOTER REGISTRATION GRANT (7) The Rehabilitation Act of 1973 (29 U.S.C. mation and services from the Government. PROGRAM. 701 et seq.). (2) In 2008, 74 percent of adults in the (a) ESTABLISHMENT.—The Election Assist- SEC. 5. STUDY ON IMPLEMENTATION OF MAIL-IN United States reported using the Internet, ance Commission shall establish an Online VOTING FOR ELECTIONS. according to the Pew Internet and American Voter Registration grant program (in this (a) STUDY.— Life Project. Of those adults, 89 percent re- section referred to as the ‘‘program’’).

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(b) PURPOSE.—The purpose of the program (2) ADMINISTRATION.—There are authorized and other Federal agencies to support events is to make grants to participating States to be appropriated to administer the pro- and commemorations of ‘‘Collector Car Ap- solely for the implementation of online voter gram under this section, $200,000 for the pe- preciation Day’’, including exhibitions and registration systems. riod of fiscal years 2010 through 2016, to re- educational and cultural activities for young (c) LIMITATION ON USE OF FUNDS.—In no main available without fiscal year limita- people; and case may grants made under this section be tion until expended. (4) encourages the people of the United used to reimburse a State for costs incurred (i) RULE OF CONSTRUCTION.—Nothing in this States to engage in events and commemora- in implementing online voter registration Act may be construed to authorize or require tions of ‘‘Collector Car Appreciation Day’’ systems at the State or local government conduct prohibited under any of the fol- that create opportunities for collector car level if such costs were incurred prior to Oc- lowing laws, or to supersede, restrict, or owners to educate young people on the im- tober 1, 2009. limit the application of such laws: portance of preserving the cultural heritage (d) APPLICATION.—A State seeking to par- (1) The Help America Vote Act of 2002 (42 of the United States, including through the ticipate in the program under this section U.S.C. 15301 et seq.). collection and restoration of collector cars. shall submit an application to the Election (2) The Voting Rights Act of 1965 (42 U.S.C. f Assistance Commission containing such in- 1973 et seq.). formation, and at such time, as the Election (3) The Voting Accessibility for the Elderly AMENDMENTS SUBMITTED AND Assistance Commission may specify. and Handicapped Act (42 U.S.C. 1973ee et PROPOSED (e) AMOUNT AND AWARDING OF IMPLEMENTA- seq.). SA 3785. Mrs. HUTCHISON (for herself, Ms. TION GRANTS; DURATION OF PROGRAM.— (4) The Uniformed and Overseas Citizens LANDRIEU, Mr. DEMINT, Mr. CRAPO, Mr. BEN- (1) AMOUNT OF IMPLEMENTATION GRANTS.— Absentee Voting Act (42 U.S.C. 1973ff et seq.). NETT, and Mr. BROWN of Massachusetts) sub- (A) IN GENERAL.—The amount of an imple- (5) The National Voter Registration Act of mentation grant made to a participating mitted an amendment intended to be pro- 1993 (42 U.S.C. 1973gg et seq.). posed to amendment SA 3739 proposed by Mr. State shall be $150,000. (6) The Americans with Disabilities Act of REID (for Mr. DODD (for himself and Mrs. LIN- (B) CONTINUING AVAILABILITY OF FUNDS 1990 (42 U.S.C. 12101 et seq.). AFTER APPROPRIATION.—An implementation COLN)) to the bill S. 3217, to promote the fi- (7) The Rehabilitation Act of 1973 (29 U.S.C. nancial stability of the United States by im- grant made to a participating State under 701 et seq.). this section shall be available to the State proving accountability and transparency in without fiscal year limitation. f the financial system, to end ‘‘too big to (2) AWARDING OF IMPLEMENTATION SUBMITTED RESOLUTIONS fail’’, to protect the American taxpayer by GRANTS.— ending bailouts, to protect consumers from (A) IN GENERAL.—The Election Assistance abusive financial services practices, and for other purposes; which was ordered to lie on Commission shall award implementation SENATE RESOLUTION 513—DESIG- grants during each year in which the pro- the table. NATING JULY 9, 2010, AS ‘‘COL- SA 3786. Ms. CANTWELL (for herself, Mr. gram is conducted. LECTOR CAR APPRECIATION WHITEHOUSE, and Mr. SANDERS) submitted an (B) ONE GRANT PER STATE.—The Election amendment intended to be proposed to Assistance Commission shall not award more DAY’’ AND RECOGNIZING THAT amendment SA 3739 proposed by Mr. REID than 1 implementation grant to any partici- THE COLLECTION AND RESTORA- (for Mr. DODD (for himself and Mrs. LINCOLN)) pating State under this section over the du- TION OF HISTORIC AND CLASSIC to the bill S. 3217, supra; which was ordered ration of the program. CARS IS AN IMPORTANT PART to lie on the table. (3) DURATION.—The program shall be con- OF PRESERVING THE TECHNO- SA 3787. Mr. BROWN of Ohio (for himself ducted for a period of 5 years. LOGICAL ACHIEVEMENTS AND and Mr. KAUFMAN) submitted an amendment (f) REQUIREMENTS.—A participating State CULTURAL HERITAGE OF THE intended to be proposed to amendment SA shall establish and implement an online 3739 proposed by Mr. REID (for Mr. DODD (for voter registration system which individuals UNITED STATES himself and Mrs. LINCOLN)) to the bill S. 3217, may use to register to vote, update voter Mr. TESTER (for himself and Mr. supra; which was ordered to lie on the table. registration information, and request an ab- BURR) submitted the following resolu- SA 3788. Mr. KOHL submitted an amend- sentee ballot in the State. tion; which was considered and agreed ment intended to be proposed to amendment (g) BEST PRACTICES, TECHNICAL ASSIST- to: SA 3739 proposed by Mr. REID (for Mr. DODD ANCE, AND REPORTS.— (for himself and Mrs. LINCOLN)) to the bill S. (1) IN GENERAL.—The Election Assistance S. RES. 513 3217, supra; which was ordered to lie on the Commission shall— Whereas many people in the United States table. maintain classic automobiles as a pastime (A) develop, periodically issue, and, as ap- SA 3789. Mr. BROWNBACK (for himself, propriate, update best practices for imple- and do so with great passion and as a means Mr. BOND, and Mr. INHOFE) submitted an menting online voter registration systems; of individual expression; amendment intended to be proposed to (B) provide technical assistance to partici- Whereas the Senate recognizes the effect amendment SA 3739 proposed by Mr. REID pating States for the purpose of imple- that the more than 100-year history of the (for Mr. DODD (for himself and Mrs. LINCOLN)) menting online voter registration systems; automobile has had on the economic to the bill S. 3217, supra; which was ordered and progress of the Nation and supports whole- to lie on the table. (C) submit to the appropriate committees heartedly all activities involved in the res- SA 3790. Mr. BROWNBACK (for himself, of Congress— toration and exhibition of classic auto- Mr. BOND, and Mr. INHOFE) submitted an (i) annual reports on the implementation mobiles; amendment intended to be proposed to of such online voter registration systems by Whereas collection, restoration, and pres- amendment SA 3739 proposed by Mr. REID participating States during each year in ervation of automobiles is an activity shared (for Mr. DODD (for himself and Mrs. LINCOLN)) which the program is conducted; and across generations and across all segments of to the bill S. 3217, supra; which was ordered (ii) upon completion of the program con- society; to lie on the table. ducted under this section, a final report on Whereas thousands of local car clubs and SA 3791. Mr. BROWNBACK (for himself, the program, together with recommenda- related businesses have been instrumental in Mr. FEINGOLD, Mr. DURBIN, Mr. SPECTER, Mr. tions for such legislation or administrative preserving a historic part of the heritage of BROWN of Ohio, and Mr. WHITEHOUSE) sub- action as the Election Assistance Commis- this Nation by encouraging the restoration mitted an amendment intended to be pro- sion determines to be appropriate. and exhibition of such vintage works of art; posed to amendment SA 3739 proposed by Mr. (2) CONSULTATION.—In developing, issuing, Whereas automotive restoration provides REID (for Mr. DODD (for himself and Mrs. LIN- and updating best practices, developing ma- well-paying, high-skilled jobs for people in COLN)) to the bill S. 3217, supra; which was terials to provide technical assistance to all 50 States; and ordered to lie on the table. participating States, and developing the an- Whereas automobiles have provided the in- SA 3792. Mrs. BOXER submitted an amend- nual and final reports under paragraph (1), spiration for music, photography, cinema, ment intended to be proposed to amendment the Election Assistance Commission shall fashion, and other artistic pursuits that have SA 3739 proposed by Mr. REID (for Mr. DODD consult with interested parties, including— become part of the popular culture of the (for himself and Mrs. LINCOLN)) to the bill S. (A) State and local election officials; and United States: Now therefore, be it 3217, supra; which was ordered to lie on the (B) voting rights groups, voter protection Resolved, That the Senate— table. groups, groups representing the disabled, and (1) designates July 9, 2010, as ‘‘Collector SA 3793. Mrs. MCCASKILL submitted an other civil rights or community organiza- Car Appreciation Day’’; amendment intended to be proposed by her tions. (2) recognizes that the collection and res- to the bill S. 3217, supra; which was ordered (h) AUTHORIZATION OF APPROPRIATIONS.— toration of historic and classic cars is an im- to lie on the table. (1) GRANTS.—There are authorized to be ap- portant part of preserving the technological SA 3794. Mr. LEAHY (for himself, Mr. propriated to award grants under this sec- achievements and cultural heritage of the GRASSLEY, Mr. SPECTER, and Mr. KAUFMAN) tion, for each of fiscal years 2010 through United States; submitted an amendment intended to be pro- 2016, $1,800,000, to remain available without (3) encourages the Department of Edu- posed by him to the bill S. 3217, supra; which fiscal year limitation until expended. cation, the Department of Transportation, was ordered to lie on the table.

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SA 3795. Mrs. FEINSTEIN submitted an BYRD, Mr. HARKIN, and Mr. VOINOVICH) sub- that are not affiliates of the issuer is amendment intended to be proposed by her mitted an amendment intended to be pro- $150,000,000 or more, and not more than to the bill S. 3217, supra; which was ordered posed to amendment SA 3739 proposed by Mr. $700,000,000, while maintaining investor pro- to lie on the table. REID (for Mr. DODD (for himself and Mrs. LIN- tections for such companies. SA 3796. Mrs. FEINSTEIN submitted an COLN)) to the bill S. 3217, supra; which was (2) REPORT.—Not later than 1 year after amendment intended to be proposed by her ordered to lie on the table. the date of enactment of this Act, the Chief to the bill S. 3217, supra; which was ordered SA 3810. Mr. DORGAN (for himself and Mr. Economist of the Commission shall submit to lie on the table. GRASSLEY) submitted an amendment in- to the Committee on Banking, Housing, and SA 3797. Mr. SCHUMER (for himself, Mr. tended to be proposed to amendment SA 3739 Urban Affairs of the Senate and the Com- REED, and Mr. AKAKA) submitted an amend- proposed by Mr. REID (for Mr. DODD (for him- mittee on Financial Services of the House of ment intended to be proposed to amendment self and Mrs. LINCOLN)) to the bill S. 3217, Representatives a report on the results of SA 3739 proposed by Mr. REID (for Mr. DODD supra; which was ordered to lie on the table. the study conducted under paragraph (1) that (for himself and Mrs. LINCOLN)) to the bill S. SA 3811. Mr. DORGAN (for himself, Mr. includes— 3217, supra; which was ordered to lie on the FEINGOLD, and Mr. KAUFMAN) submitted an (A) an analysis of the costs and benefits of table. amendment intended to be proposed by him complying with section 404(b) of the Sar- SA 3798. Mrs. HAGAN submitted an amend- to the bill S. 3217, supra; which was ordered banes-Oxley Act of 2002 (15 U.S.C. 7262); ment intended to be proposed to amendment to lie on the table. (B) an analysis of whether reducing the SA 3739 proposed by Mr. REID (for Mr. DODD SA 3812. Mr. HARKIN (for himself, Mr. compliance burden for companies described (for himself and Mrs. LINCOLN)) to the bill S. SCHUMER, and Mr. SANDERS) submitted an in paragraph (1) or providing a complete ex- 3217, supra; which was ordered to lie on the amendment intended to be proposed to emption from compliance with such section table. amendment SA 3739 proposed by Mr. REID SA 3799. Mrs. HAGAN (for herself, Mrs. 404(b) for such companies would encourage (for Mr. DODD (for himself and Mrs. LINCOLN)) the companies to list on exchanges in the HUTCHISON, Mr. CARPER, Mr. CORNYN, and Mr. to the bill S. 3217, supra; which was ordered BROWN of Massachusetts) submitted an United States in the initial public offerings to lie on the table. amendment intended to be proposed to of such companies or otherwise facilitate SA 3813. Ms. KLOBUCHAR (for herself and amendment SA 3739 proposed by Mr. REID capital formation; and Mr. BENNET) submitted an amendment in- (for Mr. DODD (for himself and Mrs. LINCOLN)) (C) recommendations about whether the tended to be proposed to amendment SA 3739 to the bill S. 3217, supra; which was ordered exemption under section 404(c) Sarbanes- proposed by Mr. REID (for Mr. DODD (for him- to lie on the table. Oxley Act of 2002, a added by subsection (a), SA 3800. Mr. CORKER submitted an amend- self and Mrs. LINCOLN)) to the bill S. 3217, should be extended to larger issuers. ment intended to be proposed to amendment supra; which was ordered to lie on the table. SA 3814. Mr. GRASSLEY submitted an SA 3739 proposed by Mr. REID (for Mr. DODD amendment intended to be proposed to SA 3786. Ms. CANTWELL (for herself, (for himself and Mrs. LINCOLN)) to the bill S. amendment SA 3739 proposed by Mr. REID Mr. WHITEHOUSE, and Mr. SANDERS) 3217, supra; which was ordered to lie on the submitted an amendment intended to table. (for Mr. DODD (for himself and Mrs. LINCOLN)) SA 3801. Mr. HATCH (for himself, Mr. ENZI, to the bill S. 3217, supra; which was ordered be proposed to amendment SA 3739 pro- and Mr. BROWN of Massachusetts) submitted to lie on the table. posed by Mr. REID (for Mr. DODD (for an amendment intended to be proposed to f himself and Mrs. LINCOLN)) to the bill amendment SA 3739 proposed by Mr. REID TEXT OF AMENDMENTS S. 3217, to promote the financial sta- (for Mr. DODD (for himself and Mrs. LINCOLN)) bility of the United States by improv- to the bill S. 3217, supra; which was ordered SA 3785. Mrs. HUTCHISON (for her- ing accountability and transparency in to lie on the table. self, Ms. LANDRIEU, Mr. DEMINT, Mr. SA 3802. Mr. CORKER submitted an amend- the financial system, to end ‘‘too big to CRAPO, Mr. BENNETT, and Mr. BROWN of fail,’’ to protect the American taxpayer ment intended to be proposed to amendment Massachusetts) submitted an amend- SA 3739 proposed by Mr. REID (for Mr. DODD by ending bailouts, to protect con- (for himself and Mrs. LINCOLN)) to the bill S. ment intended to be proposed to sumers from abusive financial services 3217, supra; which was ordered to lie on the amendment SA 3739 proposed by Mr. practices, and for other purposes; table. REID (for Mr. DODD (for himself and which was ordered to lie on the table; SA 3803. Mr. MENENDEZ submitted an Mrs. LINCOLN)) to the bill S. 3217, to as follows: amendment intended to be proposed to promote the financial stability of the amendment SA 3739 proposed by Mr. REID United States by improving account- On page 762, between lines 5 and 6, insert the following: (for Mr. DODD (for himself and Mrs. LINCOLN)) ability and transparency in the finan- to the bill S. 3217, supra; which was ordered cial system, to end ‘‘too big to fail,’’ to SEC. lll. ANTIMARKET MANIPULATION AU- to lie on the table. THORITY. protect the American taxpayer by end- SA 3804. Mr. MENENDEZ submitted an (a) PROHIBITION REGARDING MANIPULATION ing bailouts, to protect consumers amendment intended to be proposed to AND FALSE INFORMATION.—Subsection (c) of amendment SA 3739 proposed by Mr. REID from abusive financial services prac- section 6 of the Commodity Exchange Act (7 (for Mr. DODD (for himself and Mrs. LINCOLN)) tices, and for other purposes; which U.S.C. 9, 15) is amended to read as follows: to the bill S. 3217, supra; which was ordered was ordered to lie on the table; as fol- ‘‘(c) PROHIBITION REGARDING MANIPULATION to lie on the table. lows: SA 3805. Mrs. BOXER submitted an amend- AND FALSE INFORMATION.— ment intended to be proposed to amendment On page 1090, between lines 18 and 19, add ‘‘(1) PROHIBITION AGAINST MANIPULATION.— It shall be unlawful for any person, directly SA 3739 proposed by Mr. REID (for Mr. DODD the following: or indirectly, to use or employ, or attempt (for himself and Mrs. LINCOLN)) to the bill S. SEC. 974. EXEMPTION FOR SMALLER ISSUERS 3217, supra; which was ordered to lie on the UNDER THE SARBANES-OXLEY ACT to use or employ, in connection with any table. OF 2002. swap, or a contract of sale of any commodity SA 3806. Mr. SPECTER (for himself and (a) EXEMPTION.—Section 404 of the Sar- in interstate commerce, or for future deliv- Mr. KAUFMAN) submitted an amendment in- banes-Oxley Act of 2002 (15 U.S.C. 7262) is ery on or subject to the rules of any reg- tended to be proposed to amendment SA 3739 amended— istered entity, any manipulative or decep- proposed by Mr. REID (for Mr. DODD (for him- (1) in subsection (b), by striking ‘‘With re- tive device or contrivance, in contravention self and Mrs. LINCOLN)) to the bill S. 3217, spect’’ and inserting ‘‘Except as provided in of such rules and regulations as the Commis- supra; which was ordered to lie on the table. subsection (c), with respect’’; and sion shall promulgate by not later than 1 SA 3807. Mrs. HAGAN (for herself and Mr. (2) by adding at the end the following: year after the date of enactment of the Re- BROWN of Massachusetts) submitted an ‘‘(c) EXEMPTION FOR SMALLER ISSUERS.— storing American Financial Stability Act of amendment intended to be proposed to Subsection (b) shall not apply with respect 2010. amendment SA 3739 proposed by Mr. REID to any audit report prepared for an issuer for ‘‘(A) SPECIAL PROVISION FOR MANIPULATION (for Mr. DODD (for himself and Mrs. LINCOLN)) which the aggregate worldwide market value BY FALSE REPORTING.—Unlawful manipula- to the bill S. 3217, supra; which was ordered of the voting and nonvoting common equity tion for purposes of this paragraph shall in- to lie on the table. held by persons that are not affiliates of the clude, but not be limited to, delivering, or SA 3808. Mr. FRANKEN (for himself, Mr. issuer is less than $150,000,000.’’. causing to be delivered for transmission SCHUMER, Mr. NELSON of Florida, Mr. (b) STUDY AND REPORT.— through the mails or interstate commerce, WHITEHOUSE, Mr. BROWN of Ohio, and Mrs. (1) STUDY.—The Chief Economist of the by any means of communication whatsoever, MURRAY) submitted an amendment intended Commission shall conduct a study to deter- a false or misleading or inaccurate report to be proposed to amendment SA 3739 pro- mine how the Commission could reduce the concerning crop or market information or posed by Mr. REID (for Mr. DODD (for himself burden of complying with section 404(b) of conditions that affect or tend to affect the and Mrs. LINCOLN)) to the bill S. 3217, supra; the Sarbanes-Oxley Act of 2002 (15 U.S.C. price of any commodity in interstate com- which was ordered to lie on the table. 7262) for companies for which the aggregate merce, knowing, or acting in reckless dis- SA 3809. Mr. INOUYE (for himself, Mr. worldwide market value of the voting and regard of the fact, that such report is false, COCHRAN, Mr. DURBIN, Ms. COLLINS, Mr. nonvoting common equity held by persons misleading or inaccurate.

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‘‘(B) EFFECT ON OTHER LAW.—Nothing in States in such manner as the Federal Rules ‘‘(II) in the case of an order denying reg- this paragraph shall affect, or be construed of Civil Procedure prescribe for service of istration, the circuit in which the principal to affect, the applicability of section 9(a)(2). process in a foreign country, except that a place of business of the petitioner is located, ‘‘(2) PROHIBITION REGARDING FALSE INFOR- subpoena to be served on a person who is not as listed on the application for registration MATION.—It shall be unlawful for any person to be found within the territorial jurisdic- of the petitioner. to make any false or misleading statement tion of any court of the United States may ‘‘(C) PROCEDURE.— of a material fact to the Commission, includ- be issued only on the prior approval of the ‘‘(i) DUTY OF CLERK OF APPROPRIATE ing in any registration application or any re- Commission. COURT.—The clerk of the appropriate court port filed with the Commission under this ‘‘(7) REFUSAL TO OBEY.—In case of contu- under subparagraph (B)(ii) shall transmit to Act, or any other information relating to a macy by, or refusal to obey a subpoena the Commission a copy of a petition filed swap, or a contract of sale of a commodity, issued to, any person, the Commission may under subparagraph (B)(ii). in interstate commerce, or for future deliv- invoke the aid of any court of the United ‘‘(ii) DUTY OF COMMISSION.—In accordance ery on or subject to the rules of any reg- States within the jurisdiction in which the with section 2112 of title 28, United States istered entity, or to omit to state in any investigation or proceeding is conducted, or Code, the Commission shall file in the appro- such statement any material fact that is where such person resides or transacts busi- priate court described in subparagraph (B)(ii) necessary to make any statement of a mate- ness, in requiring the attendance and testi- the record theretofore made. rial fact made not misleading in any mate- mony of witnesses and the production of ‘‘(iii) JURISDICTION OF APPROPRIATE rial respect, if the person knew, or reason- books, papers, correspondence, memoranda, COURT.—Upon the filing of a petition under ably should have known, the statement to be and other records. Such court may issue an subparagraph (B)(ii), the appropriate court false or misleading. order requiring such person to appear before described in subparagraph (B)(ii) shall have ‘‘(3) ENFORCEMENT.— the Commission or member or Administra- jurisdiction to affirm, set aside, or modify ‘‘(A) AUTHORITY OF COMMISSION.—If the tive Law Judge or other officer designated the order of the Commission, and the find- Commission has reason to believe that any by the Commission, there to produce records, ings of the Commission as to the facts, if person (other than a registered entity) is vio- if so ordered, or to give testimony touching supported by the weight of evidence, shall in lating or has violated this subsection, or any like manner be conclusive.’’. other provision of this Act (including any the matter under investigation or in ques- tion. (b) CEASE AND DESIST ORDERS, FINES.—Sec- rule, regulation, or order of the Commission tion 6(d) of the Commodity Exchange Act (7 promulgated in accordance with this sub- ‘‘(8) FAILURE TO OBEY.—Any failure to obey such order of the court may be punished by U.S.C. 13b) is amended to read as follows: section or any other provision of this Act), ‘‘(d) If any person (other than a registered the court as a contempt thereof. All process the Commission may serve upon the person a entity), directly or indirectly, is using or in any such case may be served in the judi- complaint. employing, or attempting to use or employ, cial district wherein such person is an inhab- ‘‘(B) CONTENTS OF COMPLAINT.—A com- in connection with a swap, or a contract of itant or transacts business or wherever such plaint under subparagraph (A) shall— sale of a commodity, in interstate com- person may be found. ‘‘(i) contain a description of the charges merce, or for future delivery on or subject to ‘‘(9) EVIDENCE.—On the receipt of evidence against the person that is the subject of the the rules of any registered entity, any ma- under paragraph (3)(C)(iii), the Commission complaint; and nipulative or deceptive device or contriv- ‘‘(ii) have attached or contain a notice of may— ance, in contravention of such rules and reg- hearing that specifies the date and location ‘‘(A) prohibit the person that is the subject ulations as the Commission shall promulgate of the hearing regarding the complaint. of the hearing from trading on, or subject to by not later than 1 year after the date of en- ‘‘(C) HEARING.—A hearing described in sub- the rules of, any registered entity and re- actment of the Restoring American Finan- paragraph (B)(ii)— quire all registered entities to refuse the per- cial Stability Act of 2010, is violating or has ‘‘(i) shall be held not later than 3 days son all privileges on the registered entities violated any of the provisions of this Act or after service of the complaint described in for such period as the Commission may re- of the rules, regulations, or orders of the subparagraph (A); quire in the order; Commission thereunder, the Commission ‘‘(ii) shall require the person to show cause ‘‘(B) if the person is registered with the may, upon notice and hearing, and subject to regarding why— Commission in any capacity, suspend, for a appeal as in other cases provided for in sub- ‘‘(I) an order should not be made— period not to exceed 180 days, or revoke, the section (c), make and enter an order direct- ‘‘(aa) to prohibit the person from trading registration of the person; ing that such person shall cease and desist on, or subject to the rules of, any registered ‘‘(C) assess such person— therefrom and, if such person thereafter and entity; and ‘‘(i) a civil penalty of not more than an after the lapse of the period allowed for ap- ‘‘(bb) to direct all registered entities to amount equal to the greater of— peal of such order or after the affirmance of refuse all privileges to the person until fur- ‘‘(I) $140,000; or such order, shall fail or refuse to obey or ther notice of the Commission; and ‘‘(II) triple the monetary gain to such per- comply with such order, such person shall be ‘‘(II) the registration of the person, if reg- son for each such violation; or guilty of a misdemeanor and, upon convic- istered with the Commission in any capac- ‘‘(ii) in any case of manipulation or at- tion thereof, shall be fined not more than the ity, should not be suspended or revoked; and tempted manipulation in violation of this higher of $140,000 or triple the monetary gain ‘‘(iii) may be held before— subsection or section 9(a)(2), a civil penalty to such person, or imprisoned for not less ‘‘(I) the Commission; or of not more than an amount equal to the than six months nor more than one year, or ‘‘(II) an administrative law judge des- greater of— both, except that if such failure or refusal to ignated by the Commission, under which the ‘‘(I) $1,000,000; or obey or comply with such order involves any administrative law judge shall ensure that ‘‘(II) triple the monetary gain to the per- offense within subsection (a) or (b) of section all evidence is recorded in written form and son for each such violation; and 9 of this Act, such person shall be guilty of submitted to the Commission. ‘‘(D) require restitution to customers of a felony and, upon conviction thereof, shall ‘‘(4) SUBPOENA.—For the purpose of secur- damages proximately caused by violations of be subject to the penalties of said subsection ing effective enforcement of the provisions of the person. (a) or (b): Provided, That any such cease and this Act, for the purpose of any investigation ‘‘(10) ORDERS.— desist order under this subsection against or proceeding under this Act, and for the ‘‘(A) NOTICE.—The Commission shall pro- any respondent in any case of manipulation purpose of any action taken under section vide to a person described in paragraph (9) shall be issued only in conjunction with an 12(f) of this Act, any member of the Commis- and the appropriate governing board of the order issued against such respondent under sion or any Administrative Law Judge or registered entity notice of the order de- subsection (c). Each day during which such other officer designated by the Commission scribed in paragraph (9) by— failure or refusal to obey or comply with (except as provided in paragraph (6)) may ad- ‘‘(i) registered mail; such order continues shall be deemed a sepa- minister oaths and affirmations, subpoena ‘‘(ii) certified mail; or rate offense.’’. witnesses, compel their attendance, take evi- ‘‘(iii) personal delivery. (c) MANIPULATIONS; PRIVATE RIGHTS OF AC- dence, and require the production of any ‘‘(B) REVIEW.— TION.—Section 22(a)(1) of the Commodity Ex- books, papers, correspondence, memoranda, ‘‘(i) IN GENERAL.—A person described in change Act (7 U.S.C. 25(a)(1)) is amended by or other records that the Commission deems paragraph (9) may obtain a review of the striking subparagraph (D) and inserting the relevant or material to the inquiry. order or such other equitable relief as deter- following: ‘‘(5) WITNESSES.—The attendance of wit- mined to be appropriate by a court described ‘‘(D) who purchased or sold a contract re- nesses and the production of any such in clause (ii). ferred to in subparagraph (B) hereof if the records may be required from any place in ‘‘(ii) PETITION.—To obtain a review or violation constitutes the use or employment the United States, any State, or any foreign other relief under clause (i), a person may, of, or an attempt to use or employ, in con- country or jurisdiction at any designated not later than 15 days after notice is given to nection with a swap, or a contract of sale of place of hearing. the person under clause (i), file a written pe- a commodity, in interstate commerce, or for ‘‘(6) SERVICE.—A subpoena issued under tition to set aside the order with the United future delivery on or subject to the rules of this section may be served upon any person States Court of Appeals— any registered entity, any manipulative de- who is not to be found within the territorial ‘‘(I) for the circuit in which the petitioner vice or contrivance in contravention of such jurisdiction of any court of the United carries out the business of the petitioner; or rules and regulations as the Commission

VerDate Mar 15 2010 00:30 May 05, 2010 Jkt 089060 PO 00000 Frm 00051 Fmt 4624 Sfmt 0634 E:\CR\FM\A04MY6.036 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3102 CONGRESSIONAL RECORD — SENATE May 4, 2010 shall promulgate by not later than 1 year ‘‘(I) the tier 1 capital of the bank holding Services of the House of Representatives a after the date of enactment of the Restoring company, taking into account any off-bal- plan detailing the manner by which the bank American Financial Stability Act of 2010.’’. ance-sheet liabilities; and holding company or financial company will (d) EFFECTIVE DATE.—The amendments ‘‘(II) the FDIC-assessed deposits of the be brought into compliance with subsection made by this section shall take effect on the bank holding company; and (a). date on which the final rule promulgated by ‘‘(B) with respect to a financial company— ‘‘(3) REPORTS TO CONGRESS.— the Commodity Futures Trading Commission ‘‘(i) the total assets of the financial com- ‘‘(A) WRITTEN REPORTS.—At the end of each pursuant to this Act takes effect. pany; minus 60-day period following the date on which the ‘‘(ii) the tier 1 capital of the financial com- Board submits a plan under paragraph (1) SA 3787. Mr. BROWN of Ohio (for pany, taking into account any off-balance- during which a bank holding company or fi- himself and Mr. KAUFMAN) submitted sheet liabilities. nancial company remains in violation of sub- an amendment intended to be proposed ‘‘(5) INCORPORATED TERMS.—The terms ‘av- section (a), the Board shall submit to the to amendment SA 3739 proposed by Mr. erage total consolidated assets’ and ‘tier 1 Committee on Banking, Housing, and Urban capital’ have the meanings given those terms REID (for Mr. DODD (for himself and Affairs of the Senate and the Committee on in part 225 of title 12, Code of Federal Regu- Financial Services of the House of Rep- Mrs. LINCOLN)) to the bill S. 3217, to lations, or any successor thereto. promote the financial stability of the resentatives a report on the compliance of ‘‘(b) LIMIT ON NONDEPOSIT LIABILITIES FOR the bank holding company or financial hold- United States by improving account- BANK HOLDING COMPANIES.— ing company with the plan. ability and transparency in the finan- ‘‘(1) LIMITS FOR BANK HOLDING COMPANIES.— ‘‘(B) TESTIMONY.—At the end of each 120- cial system, to end ‘‘too big to fail’’, to No bank holding company may control non- day period following the date on which the protect the American taxpayer by end- deposit liabilities that exceed 2 percent of Board submits a plan under paragraph (1) ing bailouts, to protect consumers the annual gross domestic product of the during which a bank holding company or fi- United States. from abusive financial services prac- nancial company remains in violation of sub- ‘‘(2) LIMITS FOR FINANCIAL COMPANIES.—No section (a), the Board shall testify before the tices, and for other purposes; which financial company may control nondeposit was ordered to lie on the table; as fol- Committee on Banking, Housing, and Urban liabilities that exceed 3 percent of the an- Affairs of the Senate and the Committee on lows: nual gross domestic product of the United Financial Services of the House of Rep- On page 497, strike line 9 and all that fol- States. resentatives with respect to the compliance ‘‘(3) DETERMINATION OF GROSS DOMESTIC lows through page 500, line 15, and insert the of the bank holding company or financial PRODUCT.—For purposes of this subsection, following: holding company with the plan. SEC. 620. CONCENTRATION LIMITS FOR BANK the annual gross domestic product of the United States shall be determined using the ‘‘SEC. 14. CAPITAL ASSESSMENT PROGRAM. HOLDING COMPANIES AND FINAN- ‘‘(a) ANNUAL CAPITAL ASSESSMENT RE- CIAL COMPANIES. average of the annual gross domestic product QUIRED.—Not later than 1 year after the date (a) DEPOSIT CONCENTRATION LIMIT.— of the United States, as calculated by the of enactment of the Restoring American Fi- (1) AMENDMENT.—Section 3 of the Bank Bureau of Economic Analysis of the Depart- nancial Stability Act of 2010, and annually Holding Company Act of 1956 (12 U.S.C. 1842) ment of Commerce, during the 16 calendar thereafter, the Board shall conduct a capital is amended by striking subsection (f) and in- quarters most recently completed at the assessment of each bank holding company serting the following: time of the determination under paragraph and financial company, to estimate the ‘‘(f) NATIONWIDE CONCENTRATION LIMITS.— (1). losses, revenues, and reserve needs for the ‘‘(1) CONCENTRATION LIMIT ESTABLISHED.— ‘‘(4) TREATMENT OF INSURANCE COMPANIES.— bank holding company or financial company. No single bank holding company may con- ‘‘(A) IN GENERAL.—Notwithstanding the EPORT.—The Board shall submit an limits under paragraphs (1) and (2), the ‘‘(b) R trol more than 10 percent of the total annual report on the results of the capital amount of deposits of all insured depository Board may establish a separate liability limit for a bank holding company or finan- assessments under subsection (a) to the Sec- institutions in the United States. retary of the Treasury, the Committee on ALE OR TRANSFER REQUIRED.—The cial company that the Board determines is ‘‘(2) S Banking, Housing, and Urban Affairs of the Board shall require any bank holding com- primarily engaged in the business of insur- Senate, and the Committee on Financial pany that the Board determines is in viola- ance, if the Board determines that such a Services of the House of Representatives.’’. tion of paragraph (1) to sell or otherwise limit is necessary in order to provide for con- (2) EFFECTIVE DATE.—The amendment transfer assets to an unaffiliated company, sistent and equitable treatment of the bank holding company or financial company. made by this subsection shall take effect 3 to the extent that the Board determines is years after the date of enactment of this ‘‘(B) CONSULTATION.—In establishing a li- necessary to bring the company into compli- Act. ance with paragraph (1).’’. ability limit under subparagraph (A), the (2) EFFECTIVE DATE.—The amendment Board shall consult with the State insurance SA 3788. Mr. KOHL submitted an regulator for any bank holding company or made by this subsection shall take effect 1 amendment intended to be proposed to year after the date of enactment of this Act. financial company described in subparagraph (b) SIZE REQUIREMENTS FOR BANK HOLDING (A) having a subsidiary that is regulated by amendment SA 3739 proposed by Mr. COMPANIES AND FINANCIAL COMPANIES.— a State insurance regulator. REID (for Mr. DODD (for himself and (1) AMENDMENT.—The Bank Holding Com- ‘‘(5) TREATMENT OF FOREIGN DEPOSITS.—The Mrs. LINCOLN)) to the bill S. 3217, to pany Act of 1956 (12 U.S.C. 1841 et seq.) is Board may exclude from the calculation of promote the financial stability of the amended by adding at the end the following: nondeposit liabilities under this subsection United States by improving account- ‘‘SEC. 13. LIMITS ON NONDEPOSIT LIABILITIES any foreign or other deposits that are not ability and transparency in the finan- FOR BANK HOLDING COMPANIES FDIC-assessed deposits, if the Board deter- cial system, to end ‘‘too big to fail,’’ to AND FINANCIAL COMPANIES. mines that such action is necessary to en- ‘‘(a) DEFINITIONS.—In this section, the fol- sure the consistent and equitable treatment protect the American taxpayer by end- lowing definitions shall apply: of institutions with international oper- ing bailouts, to protect consumers ‘‘(1) FDIC-ASSESSED DEPOSITS.—The term ations. from abusive financial services prac- ‘FDIC-assessed deposits’ means the assess- ‘‘(c) PROMPT CORRECTIVE ACTION.— tices, and for other purposes; which ment base of a bank holding company, as ‘‘(1) AUTHORITIES.—The Board shall require was ordered to lie on the table; as fol- calculated under part 327 of title 12 Code of a bank holding company or financial com- lows: Federal Regulations, or any successor there- pany that violates subsection (a) to comply At the end of the amendment, insert the to. with the limit under subsection (a) by— following: ‘‘(2) FINANCIAL COMPANY.—The term ‘finan- ‘‘(A) selling or otherwise transferring as- cial company’ means any nonbank financial sets or off-balance-sheet items to unaffili- TITLE lll—DISCOUNT PRICING CONSUMER PROTECTION ACT company supervised by the Board. ated firms; SEC. lll. DISCOUNT PRICING CONSUMER PRO- ‘‘(3) NONBANK FINANCIAL COMPANY DEFINI- ‘‘(B) terminating 1 or more activities of TECTION ACT. TIONS.—The terms ‘foreign nonbank financial the bank holding company or financial com- (a) SHORT TITLE.—This section may be company’, ‘nonbank financial company’, and pany; or cited as the ‘‘Discount Pricing Consumer ‘U.S. nonbank financial company’ have the ‘‘(C) imposing conditions on the manner in Protection Act’’. same meanings as in section 102 of the Re- which the bank holding company or financial (b) PROHIBITION ON VERTICAL PRICE FIX- storing American Financial Stability Act of company conducts an activity of the bank ING.— 2010. holding company or financial company. (1) AMENDMENT TO THE SHERMAN ACT.—Sec- ‘‘(4) NON-DEPOSIT LIABILITIES.—The term ‘‘(2) CORRECTIVE ACTION PLAN.—Not later tion 1 of the Sherman Act (15 U.S.C. 1) is ‘non-deposit liabilities’ means— than 60 days after the Board determines that amended by adding after the first sentence ‘‘(A) with respect to a bank holding com- a bank holding company or financial holding the following: ‘‘Any contract, combination, pany— company has violated subsection (a), the conspiracy or agreement setting a minimum ‘‘(i) the total assets of the banking holding Board shall submit to the Committee on price below which a product or service can- company; minus Banking, Housing, and Urban Affairs of the not be sold by a retailer, wholesaler, or dis- ‘‘(ii) the sum of— Senate and the Committee on Financial tributor shall violate this Act.’’.

VerDate Mar 15 2010 00:30 May 05, 2010 Jkt 089060 PO 00000 Frm 00052 Fmt 4624 Sfmt 0634 E:\CR\FM\A04MY6.036 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 4, 2010 CONGRESSIONAL RECORD — SENATE S3103 (2) EFFECTIVE DATE.—The amendment SA 3790. Mr. BROWNBACK (for him- by ending bailouts, to protect con- made by paragraph (1) shall take effect 90 self and Mr. BOND) submitted an sumers from abusive financial services days after the date of enactment of this Act. amendment intended to be proposed to practices, and for other purposes; SA 3789. Mr. BROWNBACK (for him- amendment SA 3739 proposed by Mr. which was ordered to lie on the table; self and Mr. BOND) submitted an REID (for Mr. DODD (for himself and as follows: amendment intended to be proposed to Mrs. LINCOLN)) to the bill S. 3217, to On page 1565, after line 23, add the fol- amendment SA 3739 proposed by Mr. promote the financial stability of the lowing: REID (for Mr. DODD (for himself and United States by improving account- TITLE XIII—CONGO CONFLICT MINERALS Mrs. LINCOLN)) to the bill S. 3217, to ability and transparency in the finan- SEC. 1301. DISCLOSURE TO SECURITIES AND EX- cial system, to end ‘‘too big to fail,’’ to CHANGE COMMISSION RELATING TO promote the financial stability of the COLUMBITE-TANTALITE, CAS- United States by improving account- protect the American taxpayer by end- SITERITE, GOLD, AND WOLFRAMITE ability and transparency in the finan- ing bailouts, to protect consumers ORIGINATING IN DEMOCRATIC RE- cial system, to end ‘‘too big to fail,’’ to from abusive financial services prac- PUBLIC OF CONGO. Section 13 of the Securities Exchange Act protect the American taxpayer by end- tices, and for other purposes; which was ordered to lie on the table; as fol- of 1934 (15 U.S.C. 78m), as amended by section ing bailouts, to protect consumers 763 of this Act, is further amended by adding from abusive financial services prac- lows: at the end the following new subsection: tices, and for other purposes; which At the end of subtitle B of title X, add the ‘‘(o) DISCLOSURES TO COMMISSION RELATING was ordered to lie on the table; as fol- following: TO COLUMBITE-TANTALITE, CASSITERITE, lows: SEC. 1030. EXCLUSION FOR AUTO DEALERS. GOLD, AND WOLFRAMITE ORIGINATING IN At the end of subtitle B of title X, add the (a) IN GENERAL.—The Director and the Bu- DEMOCRATIC REPUBLIC OF CONGO.— following: reau may not exercise any rulemaking, su- ‘‘(1) IN GENERAL.—Not later than 180 days pervisory, enforcement, or any other author- after the date of the enactment of this sub- SEC. 1030. EXCLUSION FOR AUTO DEALERS. ity, including authority to order assessments section, the Commission shall promulgate (a) IN GENERAL.—The Director and the Bu- rules requiring any person described in para- reau may not exercise any rulemaking, su- over a motor vehicle dealer that is primarily graph (2)— pervisory, enforcement, or any other author- engaged in the sale and servicing of motor ity, including authority to order assessments vehicles, the leasing and servicing of motor ‘‘(A) to disclose annually to the Commis- over a motor vehicle dealer that is primarily vehicles, or both. sion in a report— (b) CERTAIN FUNCTIONS EXCEPTED.—The engaged in the sale and servicing of motor ‘‘(i) whether the columbite-tantalite, cas- provisions of subsection (a) shall not apply vehicles, the leasing and servicing of motor siterite, gold, or wolframite that was nec- to any person, to the extent that such per- vehicles, or both. essary as described in paragraph (2)(A)(ii) in (b) CERTAIN FUNCTIONS EXCEPTED.—The son— the year for which such report is submitted provisions of subsection (a) shall not apply (1) provides consumers with any services originated or may have originated in the to any person, to the extent that such per- related to residential mortgages; or Democratic Republic of Congo or an adjoin- son— (2) operates a line of business that involves ing country; and (1) provides consumers with any services the extension of retail credit or retail leases ‘‘(ii) a description of the measures taken related to residential mortgages; or involving motor vehicles, and in which— by the person, which may include an inde- (2) operates a line of business that involves (A) the extension of retail credit or retail pendent audit, to exercise due diligence on the extension of retail credit or retail leases leases is routinely provided directly to con- the source and chain of custody of such co- involving motor vehicles, and in which— sumers; and lumbite-tantalite, cassiterite, gold, or wolf- (A) the extension of retail credit or retail (B) the contract governing such extension ramite, or derivatives of such minerals, in leases is routinely provided directly to con- of retail credit or retail leases is not rou- order to ensure that the activities of such sumers; and tinely assigned to a third-party finance or person that involve such minerals or deriva- (B) the contract governing such extension leasing source. tives did not directly or indirectly finance or of retail credit or retail leases is not rou- (c) NO IMPACT ON PRIOR AUTHORITY.—Noth- benefit armed groups in the Democratic Re- tinely assigned to a third-party finance or ing in this section shall be construed to mod- public of Congo or an adjoining country; and leasing source. ify, limit, or supersede the rulemaking or en- ‘‘(B) make the information disclosed under (c) NO IMPACT ON PRIOR AUTHORITY.—Noth- forcement authority over motor vehicle subparagraph (A) available to the public on ing in this section shall be construed to mod- dealers that could be exercised by any Fed- the Internet website of the person. ify, limit, or supersede the rulemaking or en- eral department or agency on the day before ‘‘(2) PERSON DESCRIBED.— forcement authority over motor vehicle the date of enactment of this Act. ‘‘(A) IN GENERAL.—A person is described in dealers that could be exercised by any Fed- (d) NO TRANSFER OF CERTAIN AUTHORITY.— this paragraph if— eral department or agency on the day before Notwithstanding any other provision of law, ‘‘(i) the person is required to file reports to the date of enactment of this Act. the consumer financial protection functions the Commission under subsection (a)(2); and (d) NO TRANSFER OF CERTAIN AUTHORITY.— of the Board of Governors and the Federal ‘‘(ii) columbite-tantalite, cassiterite, gold, Notwithstanding any other provision of law, Trade Commission shall not be transferred or wolframite is necessary to the the consumer financial protection functions to the Director or the Bureau to the extent functionality or production of a product of of the Board of Governors and the Federal such functions are with respect to a person such person. Trade Commission shall not be transferred described under subsection (a). ‘‘(B) DERIVATIVES.—For purposes of this to the Director or the Bureau to the extent (e) DEFINITIONS.—For purposes of this sec- paragraph, if a derivative of a mineral is nec- such functions are with respect to a person tion, the following definitions shall apply: essary to the functionality or production of described under subsection (a). (1) MOTOR VEHICLE.—The term ‘‘motor ve- a product of a person, such mineral shall also (e) DEFINITIONS.—For purposes of this sec- hicle’’ means any self-propelled vehicle de- be considered material to the functionality tion, the following definitions shall apply: signed for transporting persons or property or production of a product of the person. (1) MOTOR VEHICLE.—The term ‘‘motor ve- on a street, highway, or other road. ‘‘(3) REVISIONS AND WAIVERS.—The Commis- hicle’’ means— (2) MOTOR VEHICLE DEALER.—The term sion shall revise or temporarily waive the re- (A) any self-propelled vehicle designed for ‘‘motor vehicle dealer’’ means any person quirements described in paragraph (1) if the transporting persons or property on a street, resident in the United States or any terri- President determines that such revision or highway, or other road; tory of the United States, licensed by a waiver is in the public interest. (B) recreational boats and marine equip- State, a territory of the United States, or ‘‘(4) TERMINATION OF DISCLOSURE REQUIRE- ment; the District of Columbia, to engage in the MENTS.— (C) motorcycles; sale of motor vehicles. ‘‘(A) IN GENERAL.—Except as provided in (D) motor homes, recreational vehicle subparagraph (B), the requirements of para- trailers, and slide-in campers, as those terms SA 3791. Mr. BROWNBACK (for him- graph (1) shall terminate on the date that is are defined in sections 571.3 and 575.103 (d) of self, Mr. FEINGOLD, Mr. DURBIN, Mr. 5 years after the date of the enactment of title 49, Code of Federal Regulations, or any SPECTER, and Mr. BROWN of Ohio) sub- this subsection. successor thereto; and mitted an amendment intended to be ‘‘(B) EXTENSION BY SECRETARY OF STATE.— (E) other vehicles that are titled and sold proposed to amendment SA 3739 pro- The date described in subparagraph (A) shall through dealers. posed by Mr. REID (for Mr. DODD (for be extended by 1 year for each year in which (2) MOTOR VEHICLE DEALER.—The term himself and Mrs. LINCOLN)) to the bill the Secretary of State certifies that armed ‘‘motor vehicle dealer’’ means any person or S. 3217, to promote the financial sta- parties to the ongoing armed conflict in the resident in the United States, or any terri- Democratic Republic of Congo or adjoining tory of the United States, who is licensed by bility of the United States by improv- countries continue to be directly involved a State, a territory of the United States, or ing accountability and transparency in and benefitting from commercial activity in- the District of Columbia to engage in the the financial system, to end ‘‘too big to volving columbite-tantalite, cassiterite, sale of motor vehicles. fail,’’ to protect the American taxpayer gold, or wolframite.

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‘‘(5) ADJOINING COUNTRY DEFINED.—In this ‘‘(C) by State attorneys general or State ‘‘(A) a security, as defined in section 2(a)(1) subsection, the term ‘adjoining country’, administrative agencies in State courts; and of the Securities Act of 1933 (15 U.S.C. with respect to the Democratic Republic of ‘‘(2) as to persons who are not described in 77b(a)(1)); Congo, means a country that shares an inter- paragraph (1)— ‘‘(B) any CEA-regulated financial instru- nationally recognized border with the Demo- ‘‘(A) by the Securities and Exchange Com- ment; or cratic Republic of Congo.’’. mission or the Commodity Futures Trading ‘‘(C) any financial instrument the value of SEC. 1302. REPORT. Commission in Federal courts; which is derived from a security, CEA-regu- Not later than 2 years after the date of the ‘‘(B) by the office of the Attorney General lated financial instrument, or other finan- enactment of this Act, the Comptroller Gen- of the United States in Federal courts; or cial instrument. eral of the United States shall submit to ‘‘(C) by State attorneys general or State ‘‘(2) ENFORCEMENT.—This section shall be Congress a report that includes the fol- administrative agencies in State courts. enforced— lowing: ‘‘(c) AUTHORITY TO DEFINE DUTY.—As to ‘‘(A) as to persons who are subject to the (1) An assessment of the effectiveness of persons who are subject to the jurisdiction of jurisdiction of a Federal functional regu- section 13(o) of the Securities Exchange Act a Federal functional regulator, that regu- lator— of 1934, as added by section 1301, in pro- lator may, by rule, define and clarify the fi- ‘‘(i) by that regulator in Federal courts; moting peace and security in the eastern duciary duty referred to in subsection (a) ‘‘(ii) by the office the Attorney General of Democratic Republic of Congo. with respect to such persons. the United States in Federal courts; or ‘‘(d) LIMITATION.—The fiduciary duty re- (2) A description of the problems, if any, ‘‘(iii) by State attorneys general or State ferred to in subsection (a) shall not apply to encountered by the Securities and Exchange administrative agencies in State courts; and advice that is subject to the fiduciary duty Commission in carrying out the provisions of ‘‘(B) as to other persons— under section 404(a) of the Employee Retire- such section 13(o). ‘‘(i) by the Securities and Exchange Com- ment Income Security Act of 1974 (29 U.S.C. mission or the Commodity Futures Trading (3) A description of the adverse impacts of 1104(a)) in connection with a relationship carrying out the provisions of such section Commission in Federal courts; that is subject to that section. ‘‘(ii) by the office the Attorney General of 13(o), if any, on communities in the eastern ‘‘(e) DEFINITIONS.—For purposes of this sec- Democratic Republic of Congo. the United State in Federal courts; or tion— ‘‘(iii) by State attorneys general or State (4) Recommendations for legislative or reg- ‘‘(1) the term ‘financial services provider’ ulatory actions that can be taken— administrative agencies in State courts. means any person who, for compensation, is ‘‘(3) AUTHORITY TO DEFINE DUTY.—As to per- (A) to improve the effectiveness of the pro- in the business of providing advice regarding, visions of such section 13(o) to promote sons who are subject to the jurisdiction of a creating, underwriting, buying, selling, ef- Federal functional regulator, that regulator peace and security in the eastern Democratic fecting transactions in or dealing in the fi- may, by rule, define and clarify the fiduciary Republic of Congo; nancial instruments described in subpara- duty referred to in paragraph (1) with respect (B) to resolve the problems described pur- graphs (1), (2), or (3) of subsection (a); to such persons. suant to paragraph (2), if any; and ‘‘(2) the term ‘individualized’ means any ‘‘(4) LIMITATION.—The fiduciary duty re- (C) to mitigate the adverse impacts de- advice or recommendation that reflects the ferred to in paragraph (1) shall not apply to scribed pursuant paragraph (3), if any. particular needs or circumstances of the cov- advice that is subject to the fiduciary duty ered client to which it is provided; SA 3792. Mrs. BOXER submitted an under section 404(a) of the Employee Retire- ‘‘(3) the term ‘covered client’ means— ment Income Security Act of 1974 (29 U.S.C. amendment intended to be proposed to ‘‘(A) any pension plan as defined in section 1104(a)) in connection with a relationship amendment SA 3739 proposed by Mr. 3(2)(A) of the Employee Retirement and In- that is subject to that section. REID (for Mr. DODD (for himself and come Security Act of 1974 (29 U.S.C. ‘‘(5) DEFINITIONS.—For purposes of this sub- Mrs. LINCOLN)) to the bill S. 3217, to 1002(2)(A)); section— promote the financial stability of the ‘‘(B) any employee benefit plan described ‘‘(A) the term ‘financial services provider’ United States by improving account- under paragraph (1) or (3) of section 4(b) of means any person who, for compensation, en- ability and transparency in the finan- the Employee Retirement Income Security gages in the business of providing advice re- Act of 1974 (29 U.S.C. 1003(b)(1), (3)); and cial system, to end ‘‘too big to fail,’’ to garding, creating, underwriting, buying, sell- ‘‘(C) any State and any county, munici- ing, effecting transactions in or dealing in protect the American taxpayer by end- pality, political subdivision, agency or in- the financial instruments described in sub- ing bailouts, to protect consumers strumentality of a State and any Federal paragraphs (A), (B), or (C) of paragraph (1); from abusive financial services prac- agency or instrumentality thereof; ‘‘(B) the term ‘individualized’ means any tices, and for other purposes; which ‘‘(4) the term ‘CEA-regulated financial in- advice or recommendation that reflects the was ordered to lie on the table; as fol- strument’ means any financial instrument particular needs or circumstances of the cov- lows: regulated by the Commodity Futures Trad- ered client to which it is provided; ing Commission or under the Commodity Ex- ‘‘(C) the term ‘covered client’ means— At the end of title VII, add the following: change Act (7 U.S.C. 1 et seq.); and ‘‘(i) any pension plan as defined in section Subtitle C—Fiduciary Duty ‘‘(5) the term ‘Federal functional regu- 3(2)(A) of the Employee Retirement and In- SEC. 781. SECURITIES EXCHANGE ACT. lator’ means— come Security Act of 1974 (29 U.S.C. The Securities Exchange Act of 1934 (15 ‘‘(A) the Board of Governors of the Federal 1002(2)(A); U.S.C. 78a et seq.), as amended by this Act, is Reserve System; ‘‘(ii) any employee benefit plan described further amended by inserting after section ‘‘(B) the Office of the Comptroller of the under paragraph (1) or (3) of section 4(b) of 10D, the following: Currency; the Employee Retirement Income Security ‘‘SEC. 10E. FIDUCIARY DUTY. ‘‘(C) the Board of Directors of the Federal Act of 1974 (29 U.S.C. 1003(b)(1), (3)); and ‘‘(a) IN GENERAL.—Each financial services Deposit Insurance Corporation; ‘‘(iii) any State and any county, munici- provider shall be subject to a fiduciary duty, ‘‘(D) the National Credit Union Adminis- pality, political subdivision, agency or in- the obligations of which shall depend upon tration; strumentality of a State and any Federal the particular facts and circumstances, to ‘‘(E) the Securities and Exchange Commis- agency or instrumentality thereof; any covered client with respect to any indi- sion; ‘‘(D) the term ‘CEA-regulated financial in- vidualized advice or individualized rec- ‘‘(F) the Commodity Futures Trading Com- strument’ means any financial instrument ommendation provided, directly or indi- mission; regulated by the Commission or under this rectly, to such client in connection with any ‘‘(G) the Director of the Federal Housing Act; and transaction involving the purchase or sale Finance Agency; and ‘‘(E) the term ‘Federal functional regu- of— ‘‘(H) the Bureau of Consumer Financial lator’ means— ‘‘(1) a security, as defined in section 2(a)(1) Protection.’’. ‘‘(i) the Board of Governors of the Federal of the Securities Act of 1933 (15 U.S.C. SEC. 782. COMMODITY EXCHANGE ACT. Reserve System; 77b(a)(1)); Section 6b of the Commodity Exchange Act ‘‘(ii) the Office of the Comptroller of the ‘‘(2) any CEA-regulated financial instru- (7 U.S.C. 6b) is amended by adding at the end Currency; ment; or the following: ‘‘(iii) the Board of Directors of the Federal ‘‘(3) any financial instrument, the value of ‘‘(e) FIDUCIARY DUTY.— Deposit Insurance Corporation; which is derived from a security, CEA-regu- ‘‘(1) IN GENERAL.—A financial services pro- ‘‘(iv) the National Credit Union Adminis- lated financial instrument, or other finan- vider shall be subject to a fiduciary duty, the tration; cial instrument. obligations of which shall depend upon the ‘‘(v) the Securities and Exchange Commis- ‘‘(b) ENFORCEMENT.—This section shall be particular facts and circumstances, to any sion; enforced— covered client with respect to any individ- ‘‘(vi) the Commodity Futures Trading ‘‘(1) as to persons who are subject to the ju- ualized advice or individualized rec- Commission; risdiction of a Federal functional regulator— ommendation provided, directly or indi- ‘‘(vii) the Director of the Federal Housing ‘‘(A) by that regulator in Federal courts; rectly, to such client in connection with any Finance Agency; and ‘‘(B) by the office of the Attorney General transaction involving the purchase or sale ‘‘(viii) the Bureau of Consumer Financial of the United States in Federal courts; or of— Protection.’’.

VerDate Mar 15 2010 00:30 May 05, 2010 Jkt 089060 PO 00000 Frm 00054 Fmt 4624 Sfmt 0634 E:\CR\FM\A04MY6.040 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 4, 2010 CONGRESSIONAL RECORD — SENATE S3105 SA 3793. Mrs. MCCASKILL submitted (ii) PERSONNEL AND RESOURCES.—The in- ments under subparagraph (A), the United an amendment intended to be proposed spectors general who are members of the States Sentencing Commission shall— by her to the bill S. 3217, to promote Council of Inspectors General may detail (i) ensure that the guidelines and policy the financial stability of the United staff and resources to a Council of Inspectors statements, particularly section 2B1.1(b)(14) States by improving accountability General Working Group established under and section 2B1.1(b)(17) (and any successors this subparagraph to enable it to carry out thereto), reflect— and transparency in the financial sys- its duties. (I) the serious nature of the offenses de- tem, to end ‘‘too big to fail,’’ to protect (iii) REPORTS.—A Council of Inspectors scribed in subparagraph (A); the American taxpayer by ending bail- General Working Group established under (II) the need for an effective deterrent and outs, to protect consumers from abu- this subparagraph shall submit regular re- appropriate punishment to prevent the of- sive financial services practices, and ports to the Council and to Congress on its fenses; and for other purposes; which was ordered evaluations pursuant to this subparagraph. (III) the effectiveness of incarceration in to lie on the table; as follows: (B) WORKING GROUPS FOR FINANCIAL COMPA- furthering the objectives described in sub- At the end of subtitle A of title I, insert NIES UNDERGOING RESOLUTION.— clauses (I) and (II); the following: (i) CONVENING A WORKING GROUP.—The (ii) consider the extent to which the guide- Council of Inspectors General shall convene lines appropriately account for the potential SEC. 122. ADDITIONAL OVERSIGHT OF FINANCIAL REGULATORY SYSTEM. a Council of Inspectors General Working and actual harm to the public and the finan- (a) COUNCIL OF INSPECTORS GENERAL ON FI- Group for each financial company for which cial markets resulting from the offenses; NANCIAL OVERSIGHT.— the Federal Deposit Insurance Corporation is (iii) ensure reasonable consistency with (1) ESTABLISHMENT AND MEMBERSHIP.— appointed as receiver under section 202. other relevant directives and guidelines and There is established a Council of Inspectors (ii) PERSONNEL AND RESOURCES.—The in- Federal statutes; General on Financial Oversight (in this sec- spectors general who are members of the (iv) make any necessary conforming tion referred to as the ‘‘Council of Inspectors Council of Inspectors General may detail changes to guidelines; and General’’) chaired by the Inspector General staff and resources to a Council of Inspectors (v) ensure that the guidelines adequately of the Department of the Treasury and com- General Working Group established under meet the purposes of sentencing, as set forth posed of the inspectors general of the fol- this subparagraph to enable it to carry out in section 3553(a)(2) of title 18, United States lowing: its duties. Code. (A) The Board of Governors of the Federal (iii) REPORTS.—Not later than 270 days (2) FINANCIAL INSTITUTION FRAUD.— Reserve System. after the appointment of the Federal Deposit (A) DIRECTIVE.—Pursuant to its authority (B) The Commodity Futures Trading Com- Insurance Corporation as receiver for the fi- under section 994 of title 28, United States mission. nancial company for which a Council of In- Code, and in accordance with this paragraph, (C) The Department of Housing and Urban spectors General Working Group is convened the United States Sentencing Commission Development. under clause (i), such Working Group shall shall review and amend the Federal Sen- (D) The Department of the Treasury. submit to the primary financial regulatory tencing Guidelines and policy statements ap- (E) The Federal Deposit Insurance Cor- agency and to Congress a report that in- plicable to persons convicted of fraud of- poration. cludes— fenses relating to financial institutions or (F) The Federal Housing Finance Agency. (I) the reasons for such financial com- federally related mortgage loans and any (G) The National Credit Union Administra- pany’s failure; other similar provisions of law, to reflect the tion. (II) the reasons for the appointment of the intent of Congress that the penalties for the (H) The Securities and Exchange Commis- Federal Deposit Insurance Corporation as re- offenses be increased in comparison to those sion. ceiver for such financial company; and provided on the date of enactment of this (I) The Troubled Asset Relief Program (III) recommendations for preventing fu- Act under the guidelines and policy state- (until the termination of the authority of ture failures of financial companies. ments and to ensure a term of imprisonment the Special Inspector General for such pro- (b) RESPONSE TO REPORT BY COUNCIL.—The for offenders involved in substantial bank gram under section 121(h) of the Emergency Council shall respond to the concerns raised frauds or other frauds relating to financial Economic Stabilization Act of 2008 (12 U.S.C. in the report of the Council of Inspectors institutions. 5231(h))). General under subsection (a)(2)(B) for such (B) REQUIREMENTS.—In amending the Fed- year. (2) DUTIES.— eral Sentencing Guidelines and policy state- ments under subparagraph (A), the United (A) MEETINGS.—The Council of Inspectors SA 3794. Mr. LEAHY (for himself, Mr. General shall meet not less than once each States Sentencing Commission shall— GRASSLEY, Mr. SPECTER, and Mr. KAUF- quarter, or more frequently if the chair con- (i) ensure that the guidelines and policy siders it appropriate, to facilitate the shar- MAN) submitted an amendment in- statements reflect— ing of information among inspectors general tended to be proposed by him to the (I) the serious nature of the offenses de- and to discuss the ongoing work of each in- bill S. 3217, to promote the financial scribed in subparagraph (A); spector general who is a member of the stability of the United States by im- (II) the need for an effective deterrent and Council of Inspectors General, with a focus proving accountability and trans- appropriate punishment to prevent the of- on concerns that may apply to the broader parency in the financial system, to end fenses; and financial sector and ways to improve finan- ‘‘too big to fail,’’ to protect the Amer- (III) the effectiveness of incarceration in cial oversight. furthering the objectives described in sub- ican taxpayer by ending bailouts, to clauses (I) and (II); (B) ANNUAL REPORT.—Each year the Coun- protect consumers from abusive finan- cil of Inspectors General shall submit to the (ii) consider the extent to which the guide- Council and to Congress a report including— cial services practices, and for other lines appropriately account for the potential (i) for each inspector general who is a purposes; which was ordered to lie on and actual harm to the public and the finan- member of the Council of Inspectors General, the table; as follows: cial markets resulting from the offenses; a section within the exclusive editorial con- At the appropriate place, insert the fol- (iii) ensure reasonable consistency with trol of such inspector general that highlights lowing: other relevant directives and guidelines and the concerns and recommendations of such SEC. lll. FINANCIAL FRAUD PROVISIONS. Federal statutes; inspector general in such inspector general’s (a) SENTENCING GUIDELINES.— (iv) make any necessary conforming ongoing and completed work, with a focus on (1) SECURITIES FRAUD.— changes to guidelines; and issues that may apply to the broader finan- (A) DIRECTIVE.—Pursuant to its authority (v) ensure that the guidelines adequately cial sector; and under section 994 of title 28, United States meet the purposes of sentencing, as set forth (ii) a summary of the general observations Code, and in accordance with this paragraph, in section 3553(a)(2) of title 18, United States of the Council of Inspectors General based on the United States Sentencing Commission Code. the views expressed by each inspector gen- shall review and amend the Federal Sen- (b) EXTENSION OF STATUTE OF LIMITATIONS eral as required by clause (i), with a focus on tencing Guidelines and policy statements ap- FOR SECURITIES FRAUD VIOLATIONS.— measures that should be taken to improve fi- plicable to persons convicted of offenses re- (1) IN GENERAL.—Chapter 213 of title 18, nancial oversight. lating to securities fraud or any other simi- United States Code, is amended by adding at (3) COUNCIL OF INSPECTORS GENERAL WORK- lar provision of law, in order to reflect the the end the following: ING GROUPS.— intent of Congress that penalties for the of- ‘‘§ 3301. Securities fraud offenses (A) WORKING GROUPS TO EVALUATE COUN- fenses be increased in comparison to those ‘‘(a) DEFINITION.—In this section, the term CIL.— provided on the date of enactment of this ‘securities fraud offense’ means a violation (i) CONVENING A WORKING GROUP.—The Act under the guidelines and policy state- of, or a conspiracy or an attempt to violate— Council of Inspectors General may, by ma- ments, and appropriately account for the po- ‘‘(1) section 1348; jority vote, convene a Council of Inspectors tential and actual harm to the public and ‘‘(2) section 32(a) of the Securities Ex- General Working Group to evaluate the ef- the financial markets from the offenses. change Act of 1934 (15 U.S.C. 78ff(a)); fectiveness and internal operations of the (B) REQUIREMENTS.—In amending the Fed- ‘‘(3) section 24 of the Securities Act of 1933 Council. eral Sentencing Guidelines and policy state- (15 U.S.C. 77x);

VerDate Mar 15 2010 02:08 May 05, 2010 Jkt 089060 PO 00000 Frm 00055 Fmt 4624 Sfmt 0634 E:\CR\FM\A04MY6.038 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3106 CONGRESSIONAL RECORD — SENATE May 4, 2010 ‘‘(4) section 217 of the Investment Advisers a civil investigative demand, the Attorney consents or otherwise authorizes the pro- Act of 1940 (15 U.S.C. 80b–17); General shall be deemed to have determined curement or use of a consumer report for em- ‘‘(5) section 49 of the Investment Company that issuing the civil investigative demand ployment purposes or in connection with an Act of 1940 (15 U.S.C. 80a–48); or would be consistent with the guidelines adverse action with respect to such con- ‘‘(6) section 325 of the Trust Indenture Act issued under subparagraph (C). sumer. of 1939 (15 U.S.C. 77yyy). (C) GUIDELINES.— ‘‘(3) EXCEPTIONS.—Notwithstanding the ‘‘(b) LIMITATION.—No person shall be pros- (i) IN GENERAL.—Not later than 180 days prohibitions set forth in this subsection, and ecuted, tried, or punished for a securities after the date of enactment of this Act, the consistent with the other provisions of this fraud offense, unless the indictment is found Attorney General, in consultation with the title, an employer may use a consumer re- or the information is instituted within 6 Bureau, shall promulgate guidelines for par- port with respect to a consumer in any case years after the commission of the offense.’’. allel proceedings involving the Federal con- in which — (2) TECHNICAL AND CONFORMING AMEND- sumer financial laws. ‘‘(A) the consumer applies for, or currently MENT.—The table of sections for chapter 213 (ii) CONSIDERATIONS.—In promulgating holds, employment that requires national se- of title 18, United States Code, is amended by guidelines under this subparagraph, the At- curity or Federal Deposit Insurance Corpora- adding at the end the following: torney General and the Bureau shall con- tion clearance; ‘‘3301. Securities fraud offenses.’’. sider— ‘‘(B) the consumer applies for, or currently holds, employment with a State or local gov- (c) FALSE CLAIMS AND INTERNATIONAL (I) the significant deterrent and punitive ernment agency which otherwise requires MONEY LAUNDERING.— effects of criminal sanctions; use of a consumer report; (1) AMENDMENTS TO THE FALSE CLAIMS ACT (II) the ability to use a criminal conviction ‘‘(C) the consumer applies for, or currently RELATING TO LIMITATIONS ON ACTIONS.—Sec- as collateral estoppel in a subsequent civil case; holds, any management position or other po- tion 3730(h) of title 31, United States Code, is sition involving the handling or supervision amended— (III) the possibility that the imposition of civil penalties might undermine a prosecu- of, or access to, customer funds or accounts (A) in paragraph (1), by striking ‘‘or agent at a financial institution (including any on behalf of the employee, contractor, or tion or the severity of a subsequent criminal sentence; credit union); and agent or associated others in furtherance of ‘‘(D) use of the consumer report with re- other efforts to stop 1 or more violations of (IV) preservation of the secrecy of a crimi- nal investigation, including the use of covert spect to the consumer is otherwise required this subchapter’’ and inserting ‘‘agent or as- by law. sociated others in furtherance of an action investigative techniques; (V) prevention of the premature discovery ‘‘(4) EFFECT ON DISCLOSURE AND NOTIFICA- under this section or other efforts to stop 1 TION REQUIREMENTS.—The exceptions de- or more violations of this subchapter’’; and of evidence by a defendant in a criminal case through the exploitation by the defendant of scribed in paragraph (3) shall have no effect (B) by adding at the end the following: on the other requirements of this title, in- ‘‘(3) LIMITATION ON BRINGING CIVIL ACTION.— the civil discovery process; (VI) avoidance of unnecessary litigation cluding requirements in regards to disclosure A civil action under this subsection may not and notification to a consumer when permis- be brought more than 3 years after the date issues, such as unfounded defense claims of misuse of process in a civil or criminal ac- sibly using a consumer report for employ- when the retaliation occurred.’’. ment purposes or for taking an adverse ac- tion; and (2) AMENDMENTS TO THE FALSE CLAIMS ACT tion with respect to such consumer.’’. (VII) avoidance of duplicative interviews of RELATING TO AWARDS TO QUI TAM PLAIN- (b) CONFORMING AMENDMENTS AND CROSS witnesses and subjects. TIFFS.—Section 3730(d)(1) of title 31, United REFERENCES.—The Fair Credit Reporting Act States Code, is amended, in the second sen- SA 3795. Mrs. FEINSTEIN submitted (15 U.S.C. 1681 et seq.) is amended— tence, by striking ‘‘in a criminal, civil, or (1) in section 603 (15 U.S.C. 1681a)— administrative hearing, in a congressional, an amendment intended to be proposed (A) in subsection (d)(3), by striking administrative, or Government Accounting by her to the bill S. 3217, to promote ‘‘604(g)(3)’’ and inserting ‘‘604(h)(3)’’; and Office report, hearing, audit, or investiga- the financial stability of the United (B) in subsection (o), by striking ‘‘A’’ and tion, or from the news media,’’ and inserting States by improving accountability inserting ‘‘Subject to the restrictions set ‘‘in a Federal criminal, civil or administra- and transparency in the financial sys- forth in section 604(b), a’’; tive hearing in which the Government or its tem, to end ‘‘too big to fail,’’ to protect (2) in section 604 (15 U.S.C. 1681b)— agent is a party, in a congressional, Govern- the American taxpayer by ending bail- (A) in subsection (a), by striking ‘‘sub- section (c)’’ and inserting ‘‘subsection (d)’’; ment Accountability Office, or other Federal outs, to protect consumers from abu- audit, report, hearing or investigation, or in (B) in subsection (c), as redesignated by the news media,’’. sive financial services practices, and subsection (a)(2) of this section— (3) APPLICATION OF THE INTERNATIONAL for other purposes; which was ordered (i) in paragraph (2)(A), by inserting ‘‘and MONEY LAUNDERING STATUTE TO TAX EVA- to lie on the table; as follows: subject to the restrictions set forth in sub- SION.—Section 1956(a)(2)(A) of title 18, United At the end of subtitle G of title X, add the section (b)’’ after ‘‘subparagraph (B)’’; and States Code, is amended by— following: (ii) in paragraph (3)(A), by inserting ‘‘and (A) inserting ‘‘(i)’’ before ‘‘with the intent SEC. 1077. USE OF CREDIT CHECKS PROHIBITED subject to the restrictions set forth in sub- to promote’’; and FOR EMPLOYMENT PURPOSES. section (b)’’ after ‘‘subparagraph (B)’’; (B) adding at the end the following: (a) PROHIBITION FOR EMPLOYMENT AND AD- (C) in subsection (d)(1), as redesignated by ‘‘(ii) with the intent to engage in conduct VERSE ACTION.—Section 604 of the Fair Cred- subsection (a)(2) of this section, by striking constituting a violation of section 7201 or it Reporting Act (15 U.S.C. 1681b) is amend- ‘‘subsection (e)’’ in both places it appears 7206 of the Internal Revenue Code of 1986; ed— and inserting ‘‘subsection (f)’’; or’’. (1) in subsection (a)(3)(B), by inserting (D) in subsection (f), as redesignated by (d) PROMOTING CRIMINAL ACCOUNTABILITY.— ‘‘within the restrictions set forth in sub- subsection (a)(2) of this section— (1) DEFINITIONS.—In this subsection— section (b)’’ after ‘‘purposes’’; (i) in paragraph (1), by striking ‘‘sub- (A) the terms ‘‘Bureau’’ and ‘‘Federal con- (2) by redesignating subsections (b) section (c)(1)(B)’’ and inserting ‘‘subsection sumer financial law’’ have the meanings through (g) as subsections (c) through (h), re- (d)(1)(B)’’; and given those terms in section 1002; and spectively; and (ii) in paragraph (5), by striking ‘‘sub- (B) the term ‘‘civil investigative demand’’ (3) by inserting after subsection (a) the fol- section (c)(1)(B)’’ and inserting ‘‘subsection has the meaning given that term in section lowing new subsection: (d)(1)(B)’’; 1051. ‘‘(b) USE OF CERTAIN CONSUMER REPORT (3) in section 607(e)(3)(A) (15 U.S.C. (2) REVIEW OF CIVIL INVESTIGATIVE DEMANDS PROHIBITED FOR EMPLOYMENT PURPOSES OR 1681e(e)(3)(A)), by striking ‘‘604(b)(4)(E)(i)’’ BY ATTORNEY GENERAL.— ADVERSE ACTIONS.— and inserting ‘‘604(c)(4)(E)(i)’’; (A) IN GENERAL.—Notwithstanding any ‘‘(1) GENERAL PROHIBITION.—Except as pro- (4) in section 609 (15 U.S.C. 1681g)— other provision of this Act, the Bureau may vided in paragraph (3), a person, including a (A) in subsection (a)(3)(C)(i), by striking not issue a civil investigative demand un- prospective employer or current employer, ‘‘604(b)(4)(E)(i)’’ and inserting less— may not use a consumer report or investiga- ‘‘604(c)(4)(E)(i)’’; and (i) the Bureau consults with the Attorney tive consumer report, or cause a consumer (B) in subsection (a)(3)(C)(ii), by striking General of the United States regarding the report or investigative consumer report to be ‘‘604(b)(4)(A)’’ and inserting ‘‘604(c)(4)(A)’’; civil investigative demand; and procured, with respect to any consumer (5) in section 613(a) (15 U.S.C. 1681k(a)), by (ii) the Attorney General determines that where any information contained in the re- striking ‘‘section 604(b)(4)(A)’’ and inserting issuing the civil investigative demand would port bears on the consumer’s creditworthi- ‘‘section 604(c)(4)(A)’’; and be consistent with the guidelines issued ness, credit standing, or credit capacity— (6) in section 615 (15 U.S.C. 1681m)— under subparagraph (C). ‘‘(A) for employment purposes; or (A) in subsection (d)(1), by striking ‘‘sec- (B) PERIOD FOR REVIEW.—If the Attorney ‘‘(B) for making an adverse action, as de- tion 604(c)(1)(B)’’ and inserting ‘‘section General has not made a determination de- scribed in section 603(k)(1)(B)(ii). 604(d)(1)(B)’’; scribed in subparagraph (A)(ii) as of the date ‘‘(2) SOURCE OF CONSUMER REPORT IRRELE- (B) in subsection (d)(1)(E), by striking that is 45 days after the date on which the VANT.—The prohibition described in para- ‘‘section 604(e)’’ and inserting ‘‘section Attorney General receives a request to issue graph (1) shall apply even if the consumer 604(f)’’; and

VerDate Mar 15 2010 02:08 May 05, 2010 Jkt 089060 PO 00000 Frm 00056 Fmt 4624 Sfmt 0634 E:\CR\FM\A04MY6.042 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 4, 2010 CONGRESSIONAL RECORD — SENATE S3107 (C) in subsection (d)(2)(A), by striking eral Trade Commission may provide notice investment laws, regulations, and written ‘‘section 604(e)’’ and inserting ‘‘section immediately upon initiating such enforce- guidance of the State or jurisdiction in 604(f)’’. ment action. which each such insurance company is domi- ‘‘(B) COORDINATION.—The Bureau’’. ciled; and SA 3796. Mrs. FEINSTEIN submitted On page 1255, line 10, strike ‘‘(1)(A)’’. (ii) the Federal banking agencies, after an amendment intended to be proposed On page 1255, line 19, strike ‘‘(B)’’ and in- consultation with the Council and the rel- by her to the bill S. 3217, to promote sert ‘‘(C)’’. evant insurance commissioners of the States the financial stability of the United On page 1256, line 15, strike ‘‘(C)’’ and in- and territories of the United States, have sert ‘‘(D)’’. not jointly determined, after notice and States by improving accountability On page 1256, line 19, strike ‘‘(D)’’ and in- and transparency in the financial sys- comment, that a law, a regulation, or writ- sert ‘‘(E)’’. ten guidance described in clause (i) is insuffi- On page 1255, line 10, strike ‘‘(1)(A)’’. tem, to end ‘‘too big to fail,’’ to protect cient to accomplish the purposes of this sec- the American taxpayer by ending bail- tion; and outs, to protect consumers from abu- SA 3798. Mrs. HAGAN submitted an amendment intended to be proposed to sive financial services practices, and Mr. CORKER submitted an amendment SA 3739 proposed by Mr. SA 3800. for other purposes; which was ordered amendment intended to be proposed to REID (for Mr. DODD (for himself and to lie on the table; as follows: amendment SA 3739 proposed by Mr. Mrs. LINCOLN)) to the bill S. 3217, to At the end of subtitle G of title X, add the REID (for Mr. DODD (for himself and promote the financial stability of the following: Mrs. LINCOLN)) to the bill S. 3217, to United States by improving account- SEC. 1077. STUDY AND REPORT ON PAYDAY LEND- promote the financial stability of the ability and transparency in the finan- ING. United States by improving account- (a) STUDY REQUIRED.—The research unit es- cial system, to end ‘‘too big to fail,’’ to ability and transparency in the finan- tablished by the director under section 1013 protect the American taxpayer by end- cial system, to end ‘‘too big to fail,’’ to shall conduct a study on the ability of the ing bailouts; to protect consumers protect the American taxpayer by end- unemployed to access credit under reason- from abusive financial services prac- able terms, including an analysis of— ing bailouts; to protect consumers tices, and for other purposes; which (1) the effects of the practice of ‘‘payday from abusive financial services prac- was ordered to lie on the table; as fol- lending’’ on the unemployed; tices, and for other purposes; which lows: (2) the potential impacts, both positive and was ordered to lie on the table; as fol- On page 1235, line 12, strike ‘‘or other’’ and negative, of using Federal or State unem- lows: ployment benefit checks as collateral for ob- insert ‘‘, appropriate representatives of State taining a payday loan; banking regulators, as such representatives On page 94, between lines 4 and 5, insert (3) alternative credit options for the unem- are to be designated by a selection process the following: ployed, including the accessibility and costs determined by the State banking regulators, (4) CONSULTATION.—Before imposing pru- associated with such options; and and other’’. dential standards or any other requirements (4) such other considerations as are deter- On page 1249, line 13, after ‘‘Commission’’ pursuant to this section, including notices of mined to be relevant. insert ‘‘and appropriate representatives of deficiencies in resolution plans and more (b) REPORT TO THE BUREAU.—Not later than State banking regulators, as such represent- stringent requirements or divestiture orders 1 year after the date of enactment of this atives are to be designated by a selection resulting from such notices, that are likely Act, the research unit established under sec- process determined by the State banking to have a significant impact on a function- tion 1013 shall— regulators,’’. ally regulated subsidiary or depository insti- (1) provide to the Bureau a report on the On page 1251, line 17, after ‘‘authorities,’’ tution subsidiary of a nonbank financial results of the study conducted under sub- insert ‘‘including any formal committee es- company supervised by the Board of Gov- section (a), together with recommendations tablished by State regulators to coordinate ernors or a bank holding company described to help the unemployed to access credit on multi-state examinations or enforcement ef- in subsection (a), the Board of Governors reasonable terms; and forts for a class of covered persons,’’. shall consult with each Council member that (2) shall make such report available to the primarily supervises any such subsidiary public. SA 3799. Mrs. HAGAN (for herself, with respect to any such standard or require- Mrs. HUTCHISON, Mr. CARPER, Mr. ment. SA 3797. Mr. SCHUMER (for himself, CORNYN, and Mr. BROWN of Massachu- Mr. REED, and Mr. AKAKA,) submitted setts) submitted an amendment in- SA 3801. Mr. HATCH (for himself, Mr. an amendment intended to be proposed tended to be proposed to amendment ENZI, and Mr. BROWN of Massachusetts) to amendment SA 3739 proposed by Mr. SA 3739 proposed by Mr. REID (for Mr. submitted an amendment intended to REID (for Mr. DODD (for himself and DODD (for himself and Mrs. LINCOLN)) be proposed to amendment SA 3739 pro- Mrs. LINCOLN)) to the bill S. 3217, to to the bill S. 3217, to promote the fi- posed by Mr. REID (for Mr. DODD (for promote the financial stability of the nancial stability of the United States himself and Mrs. LINCOLN)) to the bill United States by improving account- by improving accountability and trans- S. 3217, to promote the financial sta- ability and transparency in the finan- parency in the financial system, to end bility of the United States by improv- cial system, to end ‘‘too big to fail,’’ to ‘‘too big to fail,’’ to protect the Amer- ing accountability and transparency in protect the American taxpayer by end- ican taxpayer by ending bailouts; to the financial system, to end ‘‘too big to ing bailouts; to protect consumers protect consumers from abusive finan- fail,’’ to protect the American taxpayer from abusive financial services prac- cial services practices, and for other by ending bailouts; to protect con- tices, and for other purposes; which purposes; which was ordered to lie on sumers from abusive financial services was ordered to lie on the table; as fol- the table; as follows: practices, and for other purposes; lows: On page 485, line 14, strike ‘‘and’’ and all which was ordered to lie on the table; On page 1248, strike line 22 and all that fol- that follows through line 25 and insert the as follows: lows through page 1249, line 10 and insert the following: At the end of title XII, insert the fol- following: (B) subject to such restrictions as the Fed- lowing: (1) COVERED PERSONS.—This section shall eral banking agencies may determine, does apply to any covered person who is not a per- not include purchasing or selling, or other- TITLE XIII—TREATMENT OF FANNIE MAE son described in section 1025(a) or 1026(a). wise acquiring or disposing of, stocks, bonds, AND FREDDIE MAC On page 1255, line 5, strike ‘‘(A) IN GEN- options, commodities, derivatives, or other SEC. 1301. PLAN ON REFORMING FANNIE MAE ERAL.—The Bureau’’ and insert the fol- financial instruments on behalf of a cus- AND FREDDIE MAC. lowing: tomer, as part of market making activities, (a) IN GENERAL.—Not later than 6 months ‘‘(A) NOTICE.—If the Federal Trade Com- or otherwise in connection with or in facili- after the date of the enactment of this Act, mission is authorized to enforce any Federal tation of customer relationships, including the Secretary of the Treasury, the Director consumer financial law described in para- risk-mitigating hedging activities related to of the Federal Housing Finance Agency, and graph (1), either the Bureau or the Federal such a purchase, sale, acquisition, or dis- the Secretary of Housing and Urban Develop- Trade Commission shall serve written notice posal; and ment shall propose and submit to Congress a to the other of the intent to take any en- (C) does not include the investments of a plan to end the conservatorship of the Fed- forcement action, prior to initiating such an regulated insurance company, or a regulated eral National Mortgage Association and the enforcement action, except that if the Bu- insurance affiliate or regulated insurance Federal Home Loan Mortgage Corporation, reau or the Federal Trade Commission, in subsidiary thereof, if— and to reform such entities. filing the action, determines that prior no- (i) such investments are in compliance (b) REQUIREMENTS.—The plan required tice is not feasible, the Bureau or the Fed- with, and subject to, the insurance company under subsection (a) shall be drafted so as to

VerDate Mar 15 2010 02:08 May 05, 2010 Jkt 089060 PO 00000 Frm 00057 Fmt 4624 Sfmt 0634 E:\CR\FM\A04MY6.044 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3108 CONGRESSIONAL RECORD — SENATE May 4, 2010 have the least amount of impact as possible subject to enhanced standards under title I ‘‘(i) the mortgage originator receives no on— of the Restoring American Financial Sta- other compensation, however denominated, (1) the provision of affordable housing to bility Act of 2010, and that is required to file directly or indirectly, from the consumer or underserved areas; and periodic reports with the Commission, and any other person; (2) the cost to the taxpayer. any other issuers that the Commission deter- ‘‘(ii) the loan does not include discount mines appropriate— points, origination points, or rate reduction SA 3802. Mr. CORKER submitted an ‘‘(A) require each such issuer to provide, points, however denominated, or any pay- amendment intended to be proposed to together with its annual reports to the Com- ment reduction fee, however denominated; amendment SA 3739 proposed by Mr. mission, a detailed written description of all ‘‘(iii) the loan does not contain a prepay- ment penalty; REID (for Mr. DODD (for himself and off balance sheet activities of the issuer and a detailed justification for not putting each ‘‘(iv) the total points and fees payable in Mrs. LINCOLN)) to the bill S. 3217, to of those activities on the balance sheet; and connection with the loan do not exceed 2 per- promote the financial stability of the ‘‘(B) pursuant to its authority under sec- cent of the total loan amount, where the United States by improving account- tion 13 and 15(d), require each such issuer to term ‘points and fees’ has the same meaning ability and transparency in the finan- disclose in each quarterly and annual filings as in section 103(aa)(4); cial system, to end ‘‘too big to fail’’, to required by the rules of the Commission— ‘‘(v) the loan does not allow a consumer to protect the American taxpayer by end- ‘‘(i) the total liabilities of the issuer as of defer repayment of principal or interest, or ing bailouts, to protect consumers period end and total assets as of period end; is not otherwise deemed a ‘non-traditional ‘‘(ii) the average daily liabilities during mortgage’ under guidance, advisories, or reg- from abusive financial services prac- ulations prescribed by the Federal banking tices, and for other purposes; which the measured period and average daily assets during the measured period; agencies; and was ordered to lie on the table; as fol- ‘‘(iii) any short term borrowings, including ‘‘(vi) there is no other conflict of interest lows: separately presenting securities sold under between the mortgage originator and the On page 124, line 9, insert after the semi- agreements to repurchase, shown as of the consumer. colon, ‘‘and’’ end of the period and as a daily average dur- ‘‘(3) MORTGAGE ORIGINATOR.—As used in ‘‘(ii) whether amendments should be made ing the period; this subsection, the term ‘mortgage origi- to the Bankruptcy Code, the Federal Deposit ‘‘(iv) a period end leverage ratio, measured nator’— Insurance Act, and other insolvency laws to as total equity capital as of period end, di- ‘‘(A) means any person who, for direct or enhance their effectiveness in liquidating vided by total assets as of period end; indirect compensation or gain, or in the ex- and reorganizing financial companies, in- ‘‘(v) an average daily leverage ratio, meas- pectation of direct or indirect compensation cluding whether provisions relating to quali- ured as average daily equity capital during or gain— fied financial contracts should be modified.’’ the measured period, divided by average ‘‘(i) takes a residential mortgage loan ap- daily assets during the measured period; and plication; SA 3803. Mr. MENENDEZ submitted ‘‘(vi) any other leverage or liquidity ratios ‘‘(ii) assists a consumer in obtaining or ap- that the Commission determines, by rule, to plying to obtain a residential mortgage loan; an amendment intended to be proposed or be appropriate. to amendment SA 3739 proposed by Mr. ‘‘(iii) offers or negotiates terms of a resi- ‘‘(2) TRANSACTIONS AFFECTING FUTURE LI- REID (for Mr. DODD (for himself and dential mortgage loan; QUIDITY.—The Commission shall issue rules Mrs. LINCOLN)) to the bill S. 3217, to ‘‘(B) includes any person who represents to requiring the disclosure of information on the public, through advertising or other promote the financial stability of the transactions that were accounted for as sales means of communicating or providing infor- United States by improving account- by the issuer, but have implications for fu- mation (including the use of business cards, ability and transparency in the finan- ture liquidity. stationery, brochures, signs, rate lists, or ‘‘(3) GRAPHIC REPRESENTATIONS AUTHOR- cial system, to end ‘‘too big to fail’’, to other promotional items), that such person IZED.—The disclosures under this subsection protect the American taxpayer by end- can or will provide any of the services or per- may include a graphic representation of the ing bailouts, to protect consumers form any of the activities described in sub- from abusive financial services prac- information required to be disclosed.’’. paragraph (A); tices, and for other purposes; which ‘‘(C) does not include any person who is— Mrs. BOXER submitted an was ordered to lie on the table; as fol- SA 3805. ‘‘(i) not otherwise described in subpara- amendment intended to be proposed to lows: graph (A) or (B), and who performs purely amendment SA 3739 proposed by Mr. administrative or clerical tasks on behalf of On page 278 line 23, strike ‘‘$50,000,000,000’’ REID (for Mr. DODD (for himself and a person who is described in any such sub- and insert ‘‘$150,000,000,000’’. paragraph; or On page 284, between lines 10 and 11, insert Mrs. LINCOLN)) to the bill S. 3217, to promote the financial stability of the ‘‘(ii) an employee of a retailer of manufac- the following: tured homes who is not described in clause ‘‘(15) LIMITATION ON USE OF FUND.—Not- United States by improving account- (i) or (iii) of subparagraph (A), and who does withstanding any other provision of law, ability and transparency in the finan- not advise a consumer on loan terms (includ- amounts in the Orderly Liquidation Fund cial system, to end ‘‘too big to fail’’, to ing rates, fees, and other costs); may not be used under any circumstances to protect the American taxpayer by end- ‘‘(D) does not include a person or entity ‘bail out’ or maintain the solvency of any ing bailouts, to protect consumers that only performs real estate brokerage ac- covered institution.’’. from abusive financial services prac- tivities and is licensed or registered in ac- cordance with applicable State law, unless SA 3804. Mr. MENENDEZ submitted tices, and for other purposes; which was ordered to lie on the table; as fol- such person or entity is compensated for per- an amendment intended to be proposed forming such brokerage activities by a lend- to amendment SA 3739 proposed by Mr. lows: er, a mortgage broker, or other mortgage REID (for Mr. DODD (for himself and On page 1435, line 19, strike ‘‘(g)’’and insert originator or by any agent of such lender, Mrs. LINCOLN)) to the bill S. 3217, to the following: mortgage broker, or other mortgage origi- promote the financial stability of the ‘‘(g) PROHIBITION ON STEERING INCEN- nator; United States by improving account- TIVES.— ‘‘(E) does not include, with respect to a ‘‘(1) IN GENERAL.—For any loan secured by residential mortgage loan, a person, estate, ability and transparency in the finan- real property or a dwelling, the total amount or trust that provides mortgage financing for cial system, to end ‘‘too big to fail’’, to of direct and indirect compensation from the sale of 1 property in any 36-month pe- protect the American taxpayer by end- any source permitted to a mortgage origi- riod, provided that such loan— ing bailouts, to protect consumers nator may not vary based on the terms or ‘‘(i) is fully amortizing; from abusive financial services prac- conditions of the loan. ‘‘(ii) is with respect to a sale for which the tices, and for other purposes; which ‘‘(2) LIMITATIONS ON FINANCING OF ORIGINA- seller determines in good faith and docu- was ordered to lie on the table; as fol- TION FEES AND COSTS.— ments that the buyer has a reasonable abil- lows: ‘‘(A) IN GENERAL.—For any loan secured by ity to repay the loan; real property or a dwelling, a mortgage ‘‘(iii) has a fixed rate or an adjustable rate At the end of subtitle A of title I, add the originator may not arrange for a consumer that is adjustable after 5 or more years, sub- following: to finance through the rate any origination ject to reasonable annual and lifetime limi- SEC. 122. ENHANCED DISCLOSURES. fee or cost except bona fide third party set- tations on interest rate increases; and Section 13 of the Securities Exchange Act tlement charges not retained by the creditor ‘‘(iv) meets any other criteria that the of 1934 (15 U.S.C. 78m) is amended by adding or mortgage originator. Federal banking agencies may prescribe; and at the end the following: ‘‘(B) EXCEPTION.—Notwithstanding sub- ‘‘(F) does not include a servicer or servicer ‘‘(n) ENHANCED DISCLOSURES REQUIRED.— paragraph (A), a mortgage originator may employees, agents and contractors, including ‘‘(1) IN GENERAL.—The Commission shall, arrange for a consumer to finance an origi- but not limited to those who offer or nego- by rule, with respect to each issuer that is nation fee or cost through the rate, if— tiate terms of a residential mortgage loan

VerDate Mar 15 2010 01:27 May 05, 2010 Jkt 089060 PO 00000 Frm 00058 Fmt 4624 Sfmt 0634 E:\CR\FM\A04MY6.045 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 4, 2010 CONGRESSIONAL RECORD — SENATE S3109 for purposes of renegotiating, modifying, re- which was ordered to lie on the table; cluding the selection method by which the placing and subordinating principal of exist- as follows: Credit Rating Agency Board assigns nation- ally recognized statistical rating organiza- ing mortgages where borrowers are behind in On page 486, strike lines 1 through 12, and tions to provide initial credit ratings. their payments, in default or have a reason- insert the following: able likelihood of being in default or falling On page 1044, between lines 2 and 3, insert (3) the term ‘‘sponsoring or investing’’, the following: behind. when used with respect to a hedge fund or ‘‘(h)’’. SEC. 939D. INITIAL CREDIT RATING ASSIGN- private equity fund— MENTS. SA 3806. Mr. SPECTER (for himself (A) means— Section 15E of the Securities Exchange Act (i) serving as a general partner, managing of 1934 (15 U.S.C. 78o–7), as amended by this and Mr. KAUFMAN), submitted an member, or trustee of the fund; amendment intended to be proposed to Act, is amended by adding at the end the fol- (ii) in any manner selecting or controlling lowing: amendment SA 3739 proposed by Mr. (or having employees, officers, directors, or ‘‘(w) INITIAL CREDIT RATING ASSIGN- REID (for Mr. DODD (for himself and agents who constitute) a majority of the di- MENTS.— Mrs. LINCOLN)) to the bill S. 3217, to rectors, trustees, or management of the ‘‘(1) DEFINITIONS.—In this subsection the promote the financial stability of the fund; or following definitions shall apply: United States by improving account- (iii) sharing with the fund, for corporate, ‘‘(A) BOARD.—The term ‘Board’ means the ability and transparency in the finan- marketing, promotional, or other purposes, Credit Rating Agency Board established the same name or a variation of the same cial system, to end ‘‘too big to fail’’, to under paragraph (2). name; ‘‘(B) QUALIFIED NATIONALLY RECOGNIZED protect the American taxpayer by end- (B) includes any activity that would cause STATISTICAL RATING ORGANIZATION.—The ing bailouts, to protect consumers the aggregate investment of an insured de- term ‘qualified nationally recognized statis- from abusive financial services prac- pository institution, a company that con- tical rating organization’, with respect to a tices, and for other purposes; which trols, directly or indirectly, an insured de- category of structured finance products, was ordered to lie on the table; as fol- pository institution or is treated as a bank means a nationally recognized statistical lows: holding company for purposes of the Bank rating organization that the Commission de- Holding Company Act of 1956 (12 U.S.C. 1841 termines, under paragraph (3)(B), to be quali- At the end of title IV, insert the following: et seq.), or any subsidiary of such institution fied to issue credit ratings with respect to SEC. lll. FIDUCIARY STANDARD OF CARE FOR or company, in hedge funds and private eq- such category. BROKER-DEALERS. uity funds to exceed 10 percent of the total ‘‘(C) REGULATIONS.— Section 15(a) of the Securities Exchange Tier 1 capital (as that term is defined in sec- ‘‘(i) CATEGORY OF STRUCTURED FINANCE Act of 1934 (15 U.S.C. 78o(a)) is amended by tion 2(o) of the Bank Holding Company Act PRODUCTS.— inserting at the end the following: of 1956 (12 U.S.C. 1841(o)) of the institution, ‘‘(I) IN GENERAL.—The term ‘category of ‘‘(3)(A)(i) A registered broker or dealer, or company, or subsidiary; and structured finance products’— any agent, employee or other person acting (C) except as provided in subparagraph (B), ‘‘(aa) shall include any asset backed secu- on behalf of such a broker or dealer, that does not include any activity described rity and any structured product based on an provides investment advice regarding the under this paragraph— asset-backed security; and purchase or sale of a security or a security (i) that is conducted in connection with, or ‘‘(bb) shall be further defined and expanded based swap, or solicits or offers to enter into, in facilitation of, customer relationships or by the Commission, by rule, as necessary. or enters into a purchase or sale of a secu- on behalf of unaffiliated customers; ‘‘(II) CONSIDERATIONS.—In issuing the regu- rity or a security-based swap, shall have a fi- (ii) that is related to investing a de mini- lations required subclause (I), the Commis- duciary duty to act in the best interests of mis amount, as determined by the Council, sion shall consider— the investor and to disclose the specific facts in any hedge fund or private equity fund, not ‘‘(aa) the types of issuers that issue struc- relating to any actual or reasonably antici- to exceed 10 percent of the total equity of tured finance products; pated conflict of interest relating to that se- any such fund; and ‘‘(bb) the types of investors who purchase curity or transaction or contemplated trans- (iii) for which the obligations of any hedge structured finance products; action. ‘‘(cc) the different categories of structured ‘‘(ii) The Commission may adopt rules and or private equity funds are not guaranteed, finance products according to— regulations to define the full scope and ap- directly or indirectly, by any affiliate. On page 490, strike line 9 and all that fol- ‘‘(AA) the types of capital flow and legal plication of the duty referred to in clause (i), lows through page 491, line 10. structure used; to grant exceptions, and to adopt safe har- ‘‘(BB) the types of underlying products bors, if and to the extent the Commission SA 3808. Mr. FRANKEN (for himself, used; and finds that such additional rules, regulations, Mr. SCHUMER, Mr. NELSON of Florida, ‘‘(CC) the types of terms used in debt secu- exceptions, and safe harbors are necessary or rities; appropriate as in the public interest or for Mr. WHITEHOUSE, Mr. BROWN of Ohio, ‘‘(dd) the different values of debt securi- the protection of investors. and Mr. MURRAY) submitted an amend- ties; and ‘‘(B)(i) It shall be unlawful for any person ment intended to be proposed to ‘‘(ee) the different numbers of units of debt subject to a fiduciary duty under subpara- amendment SA 3739 proposed by Mr. securities that are issued together. graph (A) to effect, directly or indirectly, by REID (for Mr. DODD (for himself and ‘‘(ii) REASONABLE FEE.—The Board shall the use of any instrumentality of interstate Mrs. LINCOLN)) to the bill S. 3217, to issue regulations to define the term ‘reason- commerce or of the mails, or of any facility promote the financial stability of the able fee’. of any national securities exchange, any United States by improving account- ‘‘(2) CREDIT RATING AGENCY BOARD.— transaction in, or to induce or attempt to in- ‘‘(A) IN GENERAL.—Not later than 180 days duce, the purchase or sale of any security or ability and transparency in the finan- after the date of enactment of the Restoring security-based swap, if in connection with cial system, to end ‘‘too big to fail’’, to American Financial Stability Act of 2010, the such purchase or sale, or attempted purchase protect the American taxpayer by end- Commission shall— or sale, such person willfully violates that ing bailouts, to protect consumers ‘‘(i) establish the Credit Rating Agency duty or disclosure obligation. from abusive financial services prac- ‘‘(ii) Any person who violates clause (i) Board, which shall be a self-regulatory orga- tices, and for other purposes; which nization; shall be fined under title 18, United States was ordered to lie on the table; as fol- Code, or imprisoned not more than 25 years, ‘‘(ii) subject to subparagraph (C), select the or both.’’. lows: initial members of the Board; and On page 1006, line 7, strike ‘‘Such inaccu- ‘‘(iii) establish a schedule to ensure that SA 3807. Mrs. HAGAN (for herself and racy’’ and all that follows through line 9, and the Board begins assigning qualified nation- ally recognized statistical rating organiza- Mr. BROWN of Massachusetts) sub- insert the following: ‘‘Such inaccuracy ne- tions to provide initial ratings not later than mitted an amendment intended to be cessitates changes in the way initial credit ratings are assigned.’’. 1 year after the selection of the members of proposed to amendment SA 3739 pro- On page 1042, strike lines 17 through 24, and the Board. posed by Mr. REID (for Mr. DODD (for insert the following: ‘‘(B) SCHEDULE.—The schedule established himself and Mrs. LINCOLN)) to the bill (a) STUDY.—Not later than 1 year after the under subparagraph (A)(iii) shall prescribe S. 3217, to promote the financial sta- Credit Rating Agency Board, as established when— bility of the United States by improv- under section 15E(w) of the Securities Ex- ‘‘(i) the Board will conduct a study of the ing accountability and transparency in change Act of 1934, begins to assign nation- securitization and ratings process and pro- the financial system, to end ‘‘too big to ally recognized statistical rating organiza- vide recommendations to the Commission; tions to provide initial credit ratings, the ‘‘(ii) the Commission will issue rules and fail,’’ to protect the American taxpayer Comptroller General of the United States regulations under this section; by ending bailouts, to protect con- shall conduct a study on the effectiveness of ‘‘(iii) the Board may issue rules under this sumers from abusive financial services the implementation of the changes made to subsection; and practices, and for other purposes; that section by section 939D of this Act, in- ‘‘(iv) the Board will—

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‘‘(I) begin accepting applications to select ‘‘(iii) REJECTION OF APPLICATIONS.—The ‘‘(I) notifying the Board of such refusal; qualified national recognized statistical rat- Board may reject an application submitted and ing organizations; and under this paragraph if the nationally recog- ‘‘(II) submitting to the Board a written ex- ‘‘(II) begin assigning qualified national rec- nized statistical rating organization has planation of the refusal. ognized statistical rating organizations to been exempted by the Commission from any ‘‘(ii) SELECTION.—Upon receipt of a notifi- provide initial ratings. requirements under any other provision of cation under clause (i), the Board shall make ‘‘(C) MEMBERSHIP.— this section. an additional selection under subparagraph ‘‘(i) IN GENERAL.—The Board shall initially ‘‘(B) SELECTION.—The Board shall select (A). be composed of an odd number of members qualified national recognized statistical rat- ‘‘(iii) INSPECTION REPORTS.—The Board selected from the industry, with the total ing organizations with respect to each cat- shall annually submit any explanations of numerical membership of the Board to be de- egory of structured finance products from refusals received under clause (i)(II) to the termined by the Commission. among nationally recognized statistical rat- Commission, and such explanatory submis- ‘‘(ii) SPECIFICATIONS.—Of the members ini- ing organizations that submit applications sions shall be published in the annual inspec- tially selected to serve on the Board— under subparagraph (A). tion reports required under subsection ‘‘(I) not less than a majority of the mem- ‘‘(C) RETENTION OF STATUS AND OBLIGATIONS (p)(3)(C). bers shall be representatives of the investor ‘‘(6) EVALUATION OF PERFORMANCE.— AFTER SELECTION.—An entity selected as a industry, including both institutional and qualified nationally recognized statistical ‘‘(A) IN GENERAL.—The Board shall pre- retail investors who do not represent issuers; rating organization shall retain its status scribe rules by which the Board will evaluate ‘‘(II) not less than 1 member should be a the performance of each qualified nationally and obligations under the law as a nationally representative of the issuer industry; recognized statistical rating organization, recognized statistical rating organization, ‘‘(III) not less than 1 member should be a including rules that require, at a minimum, and nothing in this subsection grants au- representative of the credit rating agency in- an annual evaluation of each qualified na- thority to the Commission or the Board to dustry; and tionally recognized statistical rating organi- exempt qualified nationally recognized sta- ‘‘(IV) not less than 1 member should be an zation. tistical rating organizations from obliga- independent member. ‘‘(B) CONSIDERATIONS.—The Board, in con- tions or requirements otherwise imposed by ‘‘(iii) TERMS.—Initial members shall be ap- ducting an evaluation under subparagraph pointed by the Commission for a term of 4 Federal law on nationally recognized statis- (A), shall consider— years. tical rating organizations ‘‘(i) the results of the annual examination ‘‘(4) REQUESTING AN INITIAL CREDIT RAT- ‘‘(iv) NOMINATION AND ELECTION OF MEM- conducted under subsection (p)(3); ING.—An issuer that seeks an initial credit BERS.— ‘‘(ii) surveillance of credit ratings con- rating for a structured finance product— ‘‘(I) IN GENERAL.—Prior to the expiration of ducted by the qualified nationally recognized the terms of office of the initial members, ‘‘(A) may not request an initial credit rat- statistical rating organization after the the Commission shall establish fair proce- ing from a nationally recognized statistical credit ratings are issued, including— dures for the nomination and election of fu- rating organization; and ‘‘(I) how the rated instruments perform; ture members of the Board. ‘‘(B) shall submit a request for an initial ‘‘(II) the accuracy of the ratings provided ‘‘(II) MODIFICATIONS OF THE BOARD.—Prior credit rating to the Board, in such form and by the qualified nationally recognized statis- to the expiration of the terms of office of the manner as the Board may prescribe. tical rating organization as compared to the initial members, the Commission— ‘‘(5) ASSIGNMENT OF RATING DUTIES.— other nationally recognized statistical rat- ‘‘(aa) may increase the size of the board to ‘‘(A) IN GENERAL.—For each request re- ing organizations; and a larger odd number and adjust the length of ceived by the Board under paragraph (4)(B), ‘‘(III) the effectiveness of the methodolo- future terms; and the Board shall select a qualified nationally gies used by the qualified nationally recog- ‘‘(bb) shall retain the composition of mem- recognized statistical rating organization to nized statistical rating organization; and bers described in clause (ii). provide the initial credit rating to the ‘‘(iii) any additional factors the Board de- ‘‘(v) RESPONSIBILITIES OF MEMBERS.—Mem- issuer. termines to be relevant. bers shall perform, at a minimum, the duties ‘‘(B) METHOD OF SELECTION.— ‘‘(C) REQUEST FOR REEVALUATION.—Subject described in this subsection. ‘‘(i) IN GENERAL.—The Board shall— to rules prescribed by the Board, and not less ‘‘(vi) RULEMAKING AUTHORITY.—The Com- ‘‘(I) evaluate a number of selection meth- frequently than once a year, a qualified na- mission shall, if it determines necessary and ods, including a lottery or rotating assign- tionally recognized statistical rating organi- appropriate, issue further rules and regula- ment system, incorporating the factors de- zation may request that the Board conduct tions on the composition of the membership scribed in clause (ii), to reduce the conflicts an evaluation under this paragraph. of the Board and the responsibilities of the of interest that exist under the issuer-pays ‘‘(D) DISCLOSURE.—The Board shall make members. model; and the evaluations conducted under this para- ‘‘(D) OTHER AUTHORITIES OF THE BOARD.— ‘‘(II) prescribe and publish the selection graph available to Congress. The Board shall have the authority to levy method to be used under subparagraph (A). ‘‘(7) RATING FEES CHARGED TO ISSUERS.— fees from qualified nationally recognized sta- ‘‘(ii) CONSIDERATION.—In evaluating a se- ‘‘(A) LIMITED TO REASONABLE FEES.—A tistical rating organization applicants, and lection method described in clause (i)(I), the qualified nationally recognized statistical periodically from qualified nationally recog- Board shall consider— rating organization shall charge an issuer a nized statistical rating organizations as nec- ‘‘(I) the information submitted by the reasonable fee, as determined by the Com- essary to fund expenses of the Board. qualified nationally recognized statistical mission, for an initial credit rating provided ‘‘(E) REGULATION.—The Commission has rating organization under paragraph under this section. the authority to regulate the activities of (3)(A)(ii) regarding the institutional and ‘‘(B) FEES.—Fees may be determined by the Board, and issue any further regulations technical capacity of the qualified nation- the qualified national recognized statistical of the Board it deems necessary, not in con- ally recognized statistical rating organiza- rating organizations unless the Board deter- travention with the intent of this section. tion to issue credit ratings; mines it is necessary to issue rules on fees. ‘‘(3) BOARD SELECTION OF QUALIFIED NATION- ‘‘(II) evaluations conducted under para- ‘‘(8) NO PROHIBITION ON ADDITIONAL RAT- ALLY RECOGNIZED STATISTICAL RATING ORGANI- graph (6); INGS.—Nothing in this section shall prohibit ZATION.— ‘‘(III) formal feedback from institutional an issuer from requesting or receiving addi- ‘‘(A) APPLICATION.— and retail investors; and tional credit ratings with respect to a debt ‘‘(i) IN GENERAL.—A nationally recognized ‘‘(IV) information from subclauses (I) and security, if the initial credit rating is pro- statistical rating organization may submit (II) to implement a mechanism which in- vided in accordance with this section. an application to the Board, in such form creases or decreases assignments based on ‘‘(9) NO PROHIBITION ON INDEPENDENT RAT- and manner as the Board may require, to be- past performance. INGS OFFERED BY NATIONALLY RECOGNIZED come a qualified nationally recognized sta- ‘‘(iii) PROHIBITION.—The Board, in choosing STATISTICAL RATING ORGANIZATIONS.— tistical rating organization with respect to a a selection method, may not use a method ‘‘(A) IN GENERAL.—Nothing in this section category of structured financial products. that would allow for the solicitation or con- shall prohibit a nationally recognized statis- ‘‘(ii) CONTENTS.—An application submitted sideration of the preferred national recog- tical rating organization from independently under clause (i) shall contain— nized statistical rating organizations of the providing a credit rating with respect to a ‘‘(I) information regarding the institu- issuer. debt security, if— tional and technical capacity of the nation- ‘‘(iv) ADJUSTMENT OF PROCESS.—The Board ‘‘(i) the nationally recognized statistical ally recognized statistical rating organiza- shall issue rules describing the process by rating organization does not enter into a tion to issue credit ratings; which it can modify the assignment process contract with the issuer of the debt security ‘‘(II) information on whether the nation- described in clause (i). to provide the initial credit rating; and ally recognized statistical rating organiza- ‘‘(C) RIGHT OF REFUSAL.— ‘‘(ii) the nationally recognized statistical tion has been exempted by the Commission ‘‘(i) REFUSAL.—A qualified nationally rec- rating organization is not paid by the issuer from any requirements under any other pro- ognized statistical rating organization se- of the debt security to provide the initial vision of this section; and lected under subparagraph (A) may refuse to credit rating. ‘‘(III) any additional information the accept a selection for a particular request ‘‘(B) RULE OF CONSTRUCTION.—For purposes Board may require. by— of this section, a credit rating described in

VerDate Mar 15 2010 01:27 May 05, 2010 Jkt 089060 PO 00000 Frm 00060 Fmt 4624 Sfmt 0634 E:\CR\FM\A04MY6.054 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 4, 2010 CONGRESSIONAL RECORD — SENATE S3111 subparagraph (A) may not be construed to be SA 3809. Mr. INOUYE (for himself, ‘‘(M) identify all financial institutions an initial credit rating. Mr. COCHRAN, Mr. DURBIN, Ms. COLLINS, that have domestic or international (or both) operations or activities of a significant size, ‘‘(10) PUBLIC COMMUNICATIONS.—Any com- Mr. BYRD, Mr. HARKIN, and Mr. munications made with the public by an scope, nature, scale, concentration, volume, issuer with respect to the credit rating of a VOINOVICH) submitted an amendment frequency of transactions, or in any other debt security shall clearly specify whether intended to be proposed to amendment manner or method, resulting or arising from the credit rating was made by— SA 3739 proposed by Mr. REID (for Mr. stand alone operations or activities individ- ‘‘(A) a qualified nationally recognized sta- DODD (for himself and Mrs. LINCOLN)) ually, or as a mix or combination of such tistical rating organization selected under to the bill S. 3217, to promote the fi- international operations or activities that paragraph (5)(A) to provide the initial credit nancial stability of the United States may pose a grave threat to the financial sta- rating for such debt security; or bility of the United States; and by improving accountability and trans- ‘‘(N) annually report’’. ‘‘(B) a nationally recognized statistical parency in the financial system, to end rating organization not selected under para- On page 33, strike line 3 and all that fol- graph (5)(A). ‘‘too big to fail,’’ to protect the Amer- lows through page 61, line 12 and insert the ‘‘(11) PROHIBITION ON MISREPRESENTATION.— ican taxpayer by ending bailouts, to following: With respect to a debt security, it shall be protect consumers from abusive finan- SEC. 113. AUTHORITY TO REQUIRE SUPERVISION unlawful for any person to misrepresent any cial services practices, and for other AND REGULATION OF CERTAIN subsequent credit rating provided for such NONBANK FINANCIAL COMPANIES. purposes; which was ordered to lie on (a) U.S. NONBANK FINANCIAL COMPANIES SU- debt security as an initial credit rating pro- the table; as follows: vided for such debt security by a qualified PERVISED BY THE BOARD OF GOVERNORS.— nationally recognized statistical rating orga- On page 1171, strike line 6 and all that fol- (1) DETERMINATION.—The Council, on a nization selected under paragraph (5)(A). lows through page 1187, line 9. nondelegable basis and by a vote of 50 per- ‘‘(12) INITIAL CREDIT RATING REVISION AFTER cent or more of the members then serving, MATERIAL CHANGE IN CIRCUMSTANCE.—If the SA 3810. Mr. DORGAN (for himself shall determine that a U.S. nonbank finan- Board determines that it is necessary or ap- and Mr. GRASSLEY), submitted an cial company shall be supervised by the propriate in the public interest or for the amendment intended to be proposed to Board of Governors and shall be subject to protection of investors, the Board may issue amendment SA 3739 proposed by Mr. this Act, if the Council determines that ma- terial financial distress at the U.S. nonbank regulations requiring that an issuer that has REID (for Mr. DODD (for himself and received an initial credit rating under this financial company would pose a threat to the Mrs. LINCOLN)) to the bill S. 3217, to financial stability of the United States or subsection request a revised initial credit promote the financial stability of the rating, using the same method as provided such company has significant international under paragraph (4), each time the issuer ex- United States by improving account- operations or activities. periences a material change in cir- ability and transparency in the finan- (2) CONSIDERATIONS.—Each determination cumstances, as defined by the Board. cial system, to end ‘‘too big to fail,’’ to under paragraph (1) shall be based on a con- ‘‘(13) CONFLICTS.— protect the American taxpayer by end- sideration by the Council of— ‘‘(A) MEMBERS OR EMPLOYEES OF THE ing bailouts, to protect consumers (A) the degree of leverage of the company; BOARD.— from abusive financial services prac- (B) the amount and nature of the financial assets of the company; ‘‘(i) LOAN OF MONEY OR SECURITIES PROHIB- tices, and for other purposes; which ITED.— (C) the amount and types of the liabilities was ordered to lie on the table; as fol- ‘‘(I) IN GENERAL.—A member or employee of the company, including the degree of reli- of the Board shall not accept any loan of lows: ance on short-term funding; money or securities, or anything above On page 1533, line 5, strike ‘‘Section’’ and (D) the extent and types of the off-balance- nominal value, from any nationally recog- insert the following: sheet exposures of the company; nized statistical rating organization, issuer, ‘‘(a) IN GENERAL.—The Board of Governors (E) the extent and types of the trans- or investor. shall disclose to Congress and to the public, actions and relationships of the company ‘‘(II) EXCEPTION.—The prohibition in sub- with respect to any emergency financial as- with other significant nonbank financial clause (I) does not apply to a loan made in sistance provided during the 5-year period companies and significant bank holding com- the context of disclosed, routine banking and preceding the date of enactment of this Act panies; brokerage agreements, or a loan that is under the authority of the Board of Gov- (F) the importance of the company as a clearly motivated by a personal or family re- ernors in the third undesignated paragraph source of credit for households, businesses, lationship. of section 13 of the Federal Reserve Act (12 and State and local governments and as a ‘‘(ii) EMPLOYMENT NEGOTIATIONS PROHIBI- U.S.C. 343)— source of liquidity for the United States fi- TION.—A member or employee of the Board ‘‘(1) the name of each financial company nancial system; shall not engage in employment negotiations that received such assistance; (G) the recommendation, if any, of a mem- with any nationally recognized statistical ‘‘(2) the value or amount and description of ber of the Council; rating organization, issuer, or investor, un- the emergency assistance provided, includ- (H) the operation of, or ownership interest less the member or employee— ing loans to investment banks from the Fed- in, any clearing, settlement, or payment ‘‘(I) discloses the negotiations immediately eral Reserve discount lending program or business of the company; upon initiation of the negotiations; and special purpose entities; (I) the extent to which— ‘‘(II) recuses himself from all proceedings ‘‘(3) the date on which the financial assist- (i) assets are managed rather than owned concerning the entity involved in the nego- ance was provided; by the company; and tiations until termination of negotiations or ‘‘(4) the terms and conditions for the emer- (ii) ownership of assets under management until termination of his employment by the gency assistance; and is diffuse; and Board, if an offer of employment is accepted. ‘‘(5) a full description of any collateral re- (J) any other factors that the Council ‘‘(B) CREDIT ANALYSTS.— quired by the Board of Governors and se- deems appropriate. ‘‘(i) IN GENERAL.—A credit analyst of a cured from the recipients of such emergency (b) FOREIGN NONBANK FINANCIAL COMPANIES qualified nationally recognized statistical assistance. SUPERVISED BY THE BOARD OF GOVERNORS.— rating organization shall not accept any loan ‘‘(b) PUBLIC DISCLOSURE.—Section’’. (1) DETERMINATION.—The Council, on a of money or securities, or anything above nondelegable basis and by a vote of 50 per- nominal value, from any issuer or investor. SA 3811. Mr. DORGAN (for himself, cent of the members then serving, shall de- ‘‘(ii) EXCEPTION.—The prohibition de- Mr. FEINGOLD, and Mr. KAUFMAN) sub- termine that a foreign nonbank financial scribed in clause (i) does not apply to a loan mitted an amendment intended to be company that has substantial assets or oper- made in the context of disclosed, routine proposed by him to the bill S. 3217, to ations in the United States shall be super- banking and brokerage agreements, or a loan vised by the Board of Governors and shall be that is clearly motivated by a personal or promote the financial stability of the subject to this Act, if the Council determines family relationship. United States by improving account- that material financial distress at the for- ‘‘(14) EVALUATION OF CREDIT RATING AGENCY ability and transparency in the finan- eign nonbank financial company would pose BOARD.—Not later than 5 years after the date cial system, to end ‘‘too big to fail,’’ to a threat to the financial stability of the that the Board begins assigning qualified na- protect the American taxpayer by end- United States, or such company has signifi- tionally recognized statistical rating organi- ing bailouts, to protect consumers cant international operations or activities. zations to provide initial ratings, the Com- from abusive financial services prac- (2) CONSIDERATIONS.—Each determination mission shall submit to Congress a report tices, and for other purposes; which under paragraph (1) shall be based on a con- that provides recommendations of— sideration by the Council of— ‘‘(A) the continuation of the Board; was ordered to lie on the table; as fol- (A) the degree of leverage of the company; ‘‘(B) any modification to the procedures of lows: (B) the amount and nature of the United the Board; and On page 29, line 14, strike ‘‘and’’ and all States financial assets of the company; ‘‘(C) modifications to the provisions in this that follows through ‘‘annually report’’ on (C) the amount and types of the liabilities subsection.’’. line 15 and insert the following: of the company used to fund activities and

VerDate Mar 15 2010 02:47 May 05, 2010 Jkt 089060 PO 00000 Frm 00061 Fmt 4624 Sfmt 0634 E:\CR\FM\A04MY6.054 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3112 CONGRESSIONAL RECORD — SENATE May 4, 2010 operations in the United States, including nancial company to the financial stability of Board of Governors concerning the establish- the degree of reliance on short-term funding; the United States. ment and refinement of prudential standards (D) the extent of the United States-related (2) NOTICE.—The Council shall provide no- and reporting and disclosure requirements off-balance-sheet exposure of the company; tice of a waiver or modification under this applicable to nonbank financial companies (E) the extent and type of the transactions paragraph to the nonbank financial company supervised by the Board of Governors and and relationships of the company with other concerned as soon as practicable, but not large, interconnected bank holding compa- significant nonbank financial companies and later than 24 hours after the waiver or modi- nies, that— bank holding companies; fication is granted. (A) are more stringent than those applica- (F) the importance of the company as a (3) OPPORTUNITY FOR HEARING.—The Coun- ble to other nonbank financial companies source of credit for United States house- cil shall allow a nonbank financial company and bank holding companies that do not holds, businesses, and State and local gov- to request, in writing, an opportunity for a present similar risks to the financial sta- ernments, and as a source of liquidity for the written or oral hearing before the Council to bility of the United States; and United States financial system; contest a waiver or modification under this (B) increase in stringency, based on the (G) the recommendation, if any, of a mem- paragraph, not later than 10 days after the considerations identified in subsection (b)(3). ber of the Council; date of receipt of notice of the waiver or (2) LIMITATION ON BANK HOLDING COMPA- (H) the extent to which— modification by the company. Upon receipt NIES.—Any standards recommended under (i) assets are managed rather than owned of a timely request, the Council shall fix a subsections (b) through (f) shall not apply to by the company; and time (not later than 15 days after the date of any bank holding company with total con- (ii) ownership of assets under management receipt of the request) and place at which the solidated assets of less than $50,000,000,000. is diffuse; and nonbank financial company may appear, per- The Council may recommend an asset (I) any other factors that the Council sonally or through counsel, to submit writ- threshold greater than $50,000,000,000 for the deems appropriate. ten materials (or, at the sole discretion of applicability of any particular standard (c) REEVALUATION AND RESCISSION.—The the Council, oral testimony and oral argu- under those subsections. (b) DEVELOPMENT OF PRUDENTIAL STAND- Council shall— ment). ARDS.— (1) not less frequently than annually, re- (4) NOTICE OF FINAL DETERMINATION.—Not (1) IN GENERAL.—The recommendations of evaluate each determination made under later than 30 days after the date of any hear- the Council under subsection (a) may in- subsections (a) and (b) with respect to each ing under paragraph (3), the Council shall no- clude— nonbank financial company supervised by tify the subject nonbank financial company (A) risk-based capital requirements; the Board of Governors; and of the final determination of the Council (B) leverage limits; under this paragraph, which shall contain a (2) rescind any such determination, if the (C) liquidity requirements; 2 statement of the basis for the decision of the Council, by a vote of not fewer than ⁄3 of the (D) resolution plan and credit exposure re- Council. members then serving, including an affirma- port requirements; (f) CONSULTATION.—The Council shall con- tive vote by the Chairperson, determines (E) concentration limits; sult with the primary financial regulatory that the nonbank financial company no (F) a contingent capital requirement; agency, if any, for each nonbank financial longer meets the standards under subsection (G) enhanced public disclosures; and company or subsidiary of a nonbank finan- (a) or (b), as applicable. (H) overall risk management requirements. cial company that is being considered for su- (d) NOTICE AND OPPORTUNITY FOR HEARING (2) PRUDENTIAL STANDARDS FOR FOREIGN FI- pervision by the Board of Governors under AND FINAL DETERMINATION.— NANCIAL COMPANIES.—In making rec- this section before the Council makes any (1) IN GENERAL.—The Council shall provide ommendations concerning the standards set final determination with respect to such to a nonbank financial company written no- forth in paragraph (1) that would apply to nonbank financial company under subsection tice of a proposed determination of the Coun- foreign nonbank financial companies super- cil, including an explanation of the basis of (a), (b), or (c). vised by the Board of Governors or foreign- (g) JUDICIAL REVIEW.—If the Council makes the proposed determination of the Council, based bank holding companies, the Council a final determination under this section with that such nonbank financial company shall shall give due regard to the principle of na- respect to a nonbank financial company, be supervised by the Board of Governors and tional treatment and competitive equity. such nonbank financial company may, not shall be subject to prudential standards in (3) CONSIDERATIONS.—In making rec- later than 30 days after the date of receipt of accordance with this title. ommendations concerning prudential stand- the notice of final determination under sub- (2) HEARING.—Not later than 30 days after ards under paragraph (1), the Council shall— section (d)(3) or (e)(4), bring an action in the the date of receipt of any notice of a pro- (A) take into account differences among United States district court for the judicial posed determination under paragraph (1), the nonbank financial companies supervised by district in which the home office of such nonbank financial company may request, in the Board of Governors and bank holding nonbank financial company is located, or in writing, an opportunity for a written or oral companies described in subsection (a), based the United States District Court for the Dis- hearing before the Council to contest the on— trict of Columbia, for an order requiring that proposed determination. Upon receipt of a (i) the factors described in subsections (a) the final determination be rescinded, and the timely request, the Council shall fix a time and (b) of section 113; court shall, upon review, dismiss such action (not later than 30 days after the date of re- (ii) whether the company owns an insured or direct the final determination to be re- ceipt of the request) and place at which such depository institution; scinded. Review of such an action shall be company may appear, personally or through (iii) nonfinancial activities and affiliations limited to whether the final determination counsel, to submit written materials (or, at of the company; and made under this section was arbitrary and the sole discretion of the Council, oral testi- (iv) any other factors that the Council de- capricious. mony and oral argument). termines appropriate; and (3) FINAL DETERMINATION.—Not later than SEC. 114. REGISTRATION OF NONBANK FINAN- (B) to the extent possible, ensure that 60 days after the date of a hearing under CIAL COMPANIES SUPERVISED BY THE BOARD OF GOVERNORS. small changes in the factors listed in sub- paragraph (2), the Council shall notify the sections (a) and (b) of section 113 would not nonbank financial company of the final de- Not later than 180 days after the date of a final Council determination under section result in sharp, discontinuous changes in the termination of the Council, which shall con- prudential standards established under para- tain a statement of the basis for the decision 113 that a nonbank financial company is to be supervised by the Board of Governors, graph (1). of the Council. (c) CONTINGENT CAPITAL.— such company shall register with the Board (4) NO HEARING REQUESTED.—If a nonbank (1) STUDY REQUIRED.—The Council shall of Governors, on forms prescribed by the financial company does not make a timely conduct a study of the feasibility, benefits, Board of Governors, which shall include such request for a hearing, the Council shall no- costs, and structure of a contingent capital information as the Board of Governors, in tify the nonbank financial company, in writ- requirement for nonbank financial compa- consultation with the Council, may deem ing, of the final determination of the Council nies supervised by the Board of Governors necessary or appropriate to carry out this under subsection (a) or (b), as applicable, not and bank holding companies described in title. later than 10 days after the date by which subsection (a), which study shall include— the company may request a hearing under SEC. 115. ENHANCED SUPERVISION AND PRUDEN- (A) an evaluation of the degree to which paragraph (2). TIAL STANDARDS FOR NONBANK FI- NANCIAL COMPANIES SUPERVISED such requirement would enhance the safety (e) EMERGENCY EXCEPTION.— BY THE BOARD OF GOVERNORS AND and soundness of companies subject to the (1) IN GENERAL.—The Council may waive or CERTAIN BANK HOLDING COMPA- requirement, promote the financial stability modify the requirements of subsection (d) NIES. of the United States, and reduce risks to with respect to a nonbank financial com- (a) IN GENERAL.— United States taxpayers; pany, if the Council determines, by a vote of (1) PURPOSE.—In order to prevent or miti- (B) an evaluation of the characteristics not fewer than 2⁄3 of the members then serv- gate risks to the financial stability of the and amounts of convertible debt that should ing, including an affirmative vote by the United States that could arise from the ma- be required; Chairperson, that such waiver or modifica- terial financial distress or failure of large, (C) an analysis of potential prudential tion is necessary or appropriate to prevent interconnected financial institutions, the standards that should be used to determine or mitigate threats posed by the nonbank fi- Council may make recommendations to the whether the contingent capital of a company

VerDate Mar 15 2010 01:27 May 05, 2010 Jkt 089060 PO 00000 Frm 00062 Fmt 4624 Sfmt 0634 E:\CR\FM\A04MY6.050 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 4, 2010 CONGRESSIONAL RECORD — SENATE S3113 would be converted to equity in times of fi- Board of Governors to require periodic public such entity may appear, personally or nancial stress; disclosures by bank holding companies de- through counsel, to submit written mate- (D) an evaluation of the costs to compa- scribed in subsection (a) and by nonbank fi- rials (or, at the sole discretion of the Coun- nies, the effects on the structure and oper- nancial companies supervised by the Board cil, oral testimony and oral argument). ation of credit and other financial markets, of Governors, in order to support market (2) DECISION.— and other economic effects of requiring con- evaluation of the risk profile, capital ade- (A) PROPOSED DECISION.—Not later than 60 tingent capital; quacy, and risk management capabilities days after the date of a hearing under para- (E) an evaluation of the effects of such re- thereof. graph (1), the Council shall submit a report quirement on the international competitive- SEC. 116. REPORTS. to, and may testify before, the Committee on ness of companies subject to the requirement (a) IN GENERAL.—Subject to subsection (b), Banking, Housing, and Urban Affairs of the and the prospects for international coordina- the Council, acting through the Office of Fi- Senate and the Committee on Financial tion in establishing such requirement; and nancial Research, may require a bank hold- Services of the House of Representatives on (F) recommendations for implementing ing company with total consolidated assets the proposed decision of the Council regard- regulations. of $50,000,000,000 or greater or a nonbank fi- ing an appeal under paragraph (1), which re- (2) REPORT.—The Council shall submit a re- nancial company supervised by the Board of port shall include a statement of the basis port to Congress regarding the study re- Governors, and any subsidiary thereof, to for the proposed decision of the Council. quired by paragraph (1) not later than 2 (B) NOTICE OF FINAL DECISION.—The Council submit certified reports to keep the Council years after the date of enactment of this shall notify the subject entity of the final informed as to— Act. decision of the Council regarding an appeal (1) the financial condition of the company; (3) RECOMMENDATIONS.— under paragraph (1), which notice shall con- (2) systems for monitoring and controlling (A) IN GENERAL.—Subsequent to submitting tain a statement of the basis for the final de- financial, operating, and other risks; a report to Congress under paragraph (2), the cision of the Council, not later than 60 days (3) transactions with any subsidiary that is Council may make recommendations to the after the later of— a depository institution; and Board of Governors to require any nonbank (i) the date of the submission of the report (4) the extent to which the activities and financial company supervised by the Board under subparagraph (A); or operations of the company and any sub- of Governors and any bank holding company (ii) if the Committee on Banking, Housing, sidiary thereof, could, under adverse cir- described in subsection (a) to maintain a and Urban Affairs of the Senate or the Com- cumstances, have the potential to disrupt fi- minimum amount of long-term hybrid debt mittee on Financial Services of the House of nancial markets or affect the overall finan- that is convertible to equity in times of fi- Representatives holds one or more hearings cial stability of the United States. nancial stress. regarding such report, the date of the last (b) USE OF EXISTING REPORTS.— (B) FACTORS TO CONSIDER.—In making rec- such hearing. (1) IN GENERAL.—For purposes of compli- ommendations under this subsection, the (C) CONSIDERATIONS.—In making a decision ance with subsection (a), the Council, acting Council shall consider— regarding an appeal under paragraph (1), the through the Office of Financial Research, (i) an appropriate transition period for im- Council shall consider whether the company shall, to the fullest extent possible, use— plementation of a conversion under this sub- meets the standards under section 113(a) or (A) reports that a bank holding company, section; 113(b), as applicable, and the definition of the nonbank financial company supervised by (ii) the factors described in subsection term ‘‘nonbank financial company’’ under the Board of Governors, or any functionally (b)(3); section 102. The decision of the Council shall regulated subsidiary of such company has (iii) capital requirements applicable to a be final, subject to the review under para- been required to provide to other Federal or nonbank financial company supervised by graph (3). State regulatory agencies; the Board of Governors or a bank holding (3) REVIEW.—If the Council denies an ap- (B) information that is otherwise required company described in subsection (a), and peal under this subsection, the Council shall, to be reported publicly; and subsidiaries thereof; not less frequently than annually, review (C) externally audited financial state- (iv) results of the study required by para- and reevaluate the decision. ments. graph (1); and SEC. 118. COUNCIL FUNDING. (2) AVAILABILITY.—Each bank holding com- (v) any other factor that the Council deems pany described in subsection (a) and nonbank Any expenses of the Council shall be treat- appropriate. ed as expenses of, and paid by, the Office of financial company supervised by the Board (d) RESOLUTION PLAN AND CREDIT EXPOSURE Financial Research. of Governors, and any subsidiary thereof, REPORTS.— shall provide to the Council, at the request SEC. 119. RESOLUTION OF SUPERVISORY JURIS- (1) RESOLUTION PLAN.—The Council may DICTIONAL DISPUTES AMONG MEM- make recommendations to the Board of Gov- of the Council, copies of all reports referred BER AGENCIES. to in paragraph (1). ernors concerning the requirement that each (a) REQUEST FOR DISPUTE RESOLUTION.— nonbank financial company supervised by (3) CONFIDENTIALITY.—The Council shall The Council shall resolve a dispute among 2 the Board of Governors and each bank hold- maintain the confidentiality of the reports or more member agencies, if— ing company described in subsection (a) re- obtained under subsection (a) and paragraph (1) a member agency has a dispute with an- port periodically to the Council, the Board of (1)(A) of this subsection. other member agency about the respective Governors, and the Corporation, the plan of SEC. 117. TREATMENT OF CERTAIN COMPANIES jurisdiction over a particular bank holding such company for rapid and orderly resolu- THAT CEASE TO BE BANK HOLDING company, nonbank financial company, or fi- COMPANIES. tion in the event of material financial dis- nancial activity or product (excluding mat- tress or failure. (a) APPLICABILITY.—This section shall ters for which another dispute mechanism apply to any entity or a successor entity (2) CREDIT EXPOSURE REPORT.—The Council specifically has been provided under Federal may make recommendations to the Board of that— law); Governors concerning the advisability of re- (1) was a bank holding company having (2) the Council determines that the dis- quiring each nonbank financial company su- total consolidated assets equal to or greater puting agencies cannot, after a demonstrated pervised by the Board of Governors and bank than $50,000,000,000 as of January 1, 2010; and good faith effort, resolve the dispute without holding company described in subsection (a) (2) received financial assistance under or the intervention of the Council; and to report periodically to the Council, the participated in the Capital Purchase Pro- (3) any of the member agencies involved in Board of Governors, and the Corporation gram established under the Troubled Asset the dispute— on— Relief Program authorized by the Emergency (A) provides all other disputants prior no- (A) the nature and extent to which the Economic Stabilization Act of 2008. tice of the intent to request dispute resolu- company has credit exposure to other signifi- (b) TREATMENT.—If an entity described in tion by the Council; and cant nonbank financial companies and sig- subsection (a) ceases to be a bank holding (B) requests in writing, not earlier than 14 nificant bank holding companies; and company at any time after January 1, 2010, days after providing the notice described in (B) the nature and extent to which other then such entity shall be treated as a subparagraph (A), that the Council resolve such significant nonbank financial compa- nonbank financial company supervised by the dispute. nies and significant bank holding companies the Board of Governors, as if the Council had (b) COUNCIL DECISION.—The Council shall have credit exposure to that company. made a determination under section 113 with resolve each dispute described in subsection (e) CONCENTRATION LIMITS.—In order to respect to that entity. (a)— limit the risks that the failure of any indi- (c) APPEAL.— (1) within a reasonable time after receiving vidual company could pose to nonbank finan- (1) REQUEST FOR HEARING.—An entity may the dispute resolution request; cial companies supervised by the Board of request, in writing, an opportunity for a (2) after consideration of relevant informa- Governors or bank holding companies de- written or oral hearing before the Council to tion provided by each agency party to the scribed in subsection (a), the Council may appeal its treatment as a nonbank financial dispute; and make recommendations to the Board of Gov- company supervised by the Board of Gov- (3) by agreeing with 1 of the disputants re- ernors to prescribe standards to limit such ernors in accordance with this section. Upon garding the entirety of the matter, or by de- risks, as set forth in section 165. receipt of the request, the Council shall fix a termining a compromise position. (f) ENHANCED PUBLIC DISCLOSURES.—The time (not later than 30 days after the date of (c) FORM AND BINDING EFFECT.—A Council Council may make recommendations to the receipt of the request) and place at which decision under this section shall—

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ADDITIONAL STANDARDS APPLICABLE the financial system of the United States. activities to unaffiliated entities; or TO ACTIVITIES OR PRACTICES FOR (e) EFFECT OF RESCISSION OF IDENTIFICA- (D) to take any combination of the actions FINANCIAL STABILITY PURPOSES. TION.— described in subparagraphs (A) through (C). (a) IN GENERAL.—The Council may issue (1) NOTICE.—The Council may recommend (3) INTERNATIONAL RESOLUTION MECHA- recommendations to the primary financial to the relevant primary financial regulatory NISM.—Because only a binding comprehen- regulatory agencies to apply new or height- agency that a financial activity or practice sive international resolution mechanism will ened standards and safeguards, including no longer requires any standards or safe- mitigate the grave threat such a subject standards enumerated in section 115, for a fi- guards implemented under this section. company poses to the United States, this re- nancial activity or practice conducted by (2) DETERMINATION OF PRIMARY FINANCIAL quirement shall remain in effect until the bank holding companies or nonbank finan- REGULATORY AGENCY TO CONTINUE.— Council, upon an affirmative vote of not cial companies under their respective juris- (A) IN GENERAL.—Upon receipt of a rec- fewer than 2⁄3 of the Council members then dictions, if the Council determines that the ommendation under paragraph (1), a primary serving, votes that there is a binding, effec- conduct of such activity or practice could financial regulatory agency that has im- tive, and comprehensive international reso- create or increase the risk of significant li- lution mechanism. At such time, all such quidity, credit, or other problems spreading posed standards under this section shall de- among bank holding companies and nonbank termine whether standards that it has im- companies shall be transitioned to regula- financial companies or the financial markets posed under this section should remain in ef- tion under paragraph (1). of the United States. fect. (4) INTERNATIONAL COOPERATION.—The (b) PROCEDURE FOR RECOMMENDATIONS TO (B) APPEAL PROCESS.—Each primary finan- Council shall work promptly and urgently REGULATORS.— cial regulatory agency that has imposed with all appropriate countries and inter- (1) NOTICE AND OPPORTUNITY FOR COM- standards under this section shall promul- national authorities to establish a binding, MENT.—The Council shall consult with the gate regulations to establish a procedure effective, and comprehensive international primary financial regulatory agencies and under which entities under its jurisdiction resolution mechanism, and shall report to provide notice to the public and opportunity may appeal a determination by such agency Congress not less than once every 6 months for comment for any proposed recommenda- under this paragraph that standards imposed on all activities taken in connection with tion that the primary financial regulatory under this section should remain in effect. such effort, including actions taken or not agencies apply new or heightened standards SEC. 121. MITIGATION OF RISKS TO FINANCIAL taken by other countries and international and safeguards for a financial activity or STABILITY. organizations. The Council shall designate a practice. (a) MITIGATORY ACTIONS FOR COMPANIES Vice Chairperson with the sole responsibility (2) CRITERIA.—The new or heightened WITHOUT SIGNIFICANT INTERNATIONAL OPER- for working with international authorities standards and safeguards for a financial ac- ATIONS.— to establish such a resolution mechanism. tivity or practice recommended under para- (1) IN GENERAL.—If the Council determines (c) The Council shall determine the appro- graph (1)— that a bank holding company with total con- priate time periods for any actions pursuant (A) shall take costs to long-term economic solidated assets of $50,000,000,000 or more, or to this subsection, but any such time periods growth into account; and a nonbank financial company supervised by shall be as soon as prudently possible, and in (B) may include prescribing the conduct of the Board of Governors, that does not have no event later than 2 years after such action the activity or practice in specific ways significant international operations or ac- is ordered. (such as by limiting its scope, or applying tivities, may pose a grave threat to the fi- (d) NOTICE AND HEARING.— particular capital or risk management re- nancial stability of the United States, the (1) IN GENERAL.—The Council, in consulta- quirements to the conduct of the activity) or Council, upon an affirmative vote of 50 per- tion with the Board of Governors, shall pro- prohibiting the activity or practice. cent or more of the Council members then vide to a company described in subsection (a) (c) IMPLEMENTATION OF RECOMMENDED serving, shall require the subject company to or (b) written notice that such company is STANDARDS.— take one or more of the actions described in being considered for mitigatory action pur- (1) ROLE OF PRIMARY FINANCIAL REGU- paragraph (2), until such company does not suant to this section, including an expla- LATORY AGENCY.— pose a grave threat to the financial stability nation of the basis for, and description of, (A) IN GENERAL.—Each primary financial of the United States. the proposed mitigatory action. regulatory agency may impose, require re- (2) ACTIONS.—The Council may require an (2) HEARING.—Not later than 30 days after ports regarding, examine for compliance entity described in paragraph (1)— the date of receipt of notice under paragraph with, and enforce standards in accordance (A) to terminate one or more activities; (1), the company may request, in writing, an with this section with respect to those enti- (B) to impose conditions on the manner in opportunity for a written or oral hearing be- ties for which it is the primary financial reg- which the company conducts one or more ac- fore the Council to contest the proposed ulatory agency. tivities; mitigatory action. Upon receipt of a timely (B) RULE OF CONSTRUCTION.—The authority (C) to divest, sell or otherwise transfer as- request, the Council shall fix a time (not under this paragraph is in addition to, and sets, operations or off balance sheet items or later than 30 days after the date of receipt of does not limit, any other authority of a pri- activities to unaffiliated entities; or the request) and place at which such com- mary financial regulatory agency. Compli- (D) take any combination of the actions pany may appear, personally or through ance by an entity with actions taken by a described in subparagraphs (A) through (C). counsel, to submit written materials (or, at primary financial regulatory agency under the discretion of the Council, in consultation this section shall be enforceable in accord- (b) MITIGATORY ACTIONS FOR COMPANIES with the Board of Governors, oral testimony ance with the statutes governing the respec- WITH SIGNIFICANT INTERNATIONAL OPER- and oral argument). tive jurisdiction of the primary financial ATIONS.— (3) DECISION.—Not later than 60 days after regulatory agency over the entity, as if the (1) IN GENERAL.—If the Council determines the date of a hearing under paragraph (2), or agency action were taken under those stat- that a bank holding company with total con- not later than 60 days after the provision of utes. solidated assets of $50,000,000,000 or more, or a notice under paragraph (1) if no hearing (2) IMPOSITION OF STANDARDS.—The pri- a nonbank financial company supervised by was held, the Council shall notify the com- mary financial regulatory agency shall im- the Board of Governors, has significant pose the standards recommended by the international operations or activities of a pany of the final decision of the Council, in- Council in accordance with subsection (a), or size, scope, nature, scale, concentration, vol- cluding the results of the vote of the Coun- similar standards that the Council deems ac- ume, frequency of transactions, or in any cil, as described in subsection (a) or (b). ceptable, or shall explain in writing to the other manner or method, and would pose a (e) FACTORS FOR CONSIDERATION.—The Council, not later than 90 days after the date grave threat to the financial stability of the Council and the Board of Governors shall on which the Council issues the rec- United States, and would, therefore, require take into consideration the factors set forth ommendation, why the agency has deter- international or cross-border resolution in in subsection (a) or (b) of section 113, as ap- mined not to follow the recommendation of the event of failure, the Council, upon an af- plicable, in a determination described in sub- the Council. firmative vote of 50 percent or more of the section (a) and (b), and in a decision de- (d) REPORT TO CONGRESS.—The Council Council members then serving, shall require scribed in subsection (d). shall report to Congress on— the subject company to take one or more of (f) APPLICATION TO FOREIGN FINANCIAL COM- (1) any recommendations issued by the the actions described in subparagraph (B), PANIES.—The Council may prescribe regula- Council under this section; until such company’s international oper- tions regarding the application of this sec- (2) the implementation of, or failure to im- ations or activities no longer pose such a tion to foreign nonbank financial companies plement such recommendation on the part of threat. supervised by the Board of Governors and a primary financial regulatory agency; and (2) ACTIONS.—The Council may require an foreign-based bank holding companies, giv- (3) in any case in which no primary finan- entity described in paragraph (1)— ing due regard to the principle of national cial regulatory agency exists for the (A) to terminate one or more activities; treatment and competitive equity.

VerDate Mar 15 2010 01:27 May 05, 2010 Jkt 089060 PO 00000 Frm 00064 Fmt 4624 Sfmt 0634 E:\CR\FM\A04MY6.050 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE May 4, 2010 CONGRESSIONAL RECORD — SENATE S3115 SA 3812. Mr. HARKIN (for himself, any consumer credit transaction secured by ‘‘(II) the reasons that the products and Mr. SCHUMER, and Mr. SANDERS) sub- the principal dwelling of a consumer without services offered by the mortgage originator mitted an amendment intended to be first verifying the reasonable ability of the are not available to or reasonably advan- proposed to amendment SA 3739 pro- consumer to pay the scheduled payments of, tageous for the consumer. as applicable— ‘‘(C) PROHIBITED CONDUCT.—In connection posed by Mr. REID (for Mr. DODD (for ‘‘(i) principal; with a credit transaction secured by the himself and Mrs. LINCOLN)) to the bill ‘‘(ii) interest; principal dwelling, a mortgage originator S. 3217, to promote the financial sta- ‘‘(iii) real estate taxes; and may not— bility of the United States by improv- ‘‘(iv) homeowner insurance, assessments, ‘‘(i) mischaracterize the credit history of a ing accountability and transparency in and mortgage insurance premiums. consumer or the home loans available to a the financial system, to end ‘‘too big to ‘‘(B) VARIABLE INTEREST RATE.—In the case consumer; fail,’’ to protect the American taxpayer of any consumer credit transaction secured ‘‘(ii) mischaracterize or suborn the by the principal dwelling of a consumer for by ending bailouts, to protect con- mischaracterization of the appraised value of which the applicable annual percentage rate the property securing the extension of cred- sumers from abusive financial services may vary over the life of the credit, the rea- it; and practices, and for other purposes; sonable ability to pay shall be determined, ‘‘(iii) if unable to suggest, offer, or rec- which was ordered to lie on the table; for purposes of this paragraph, on the basis ommend to a consumer a loan that is not as follows: of a fully indexed rate plus 200 basis points more expensive than a loan for which the At the end of subtitle G of title X, add the and a repayment schedule which achieves consumer qualifies, discourage a consumer following: full amortization over the life of the exten- from seeking a home mortgage loan from an- sion of credit. SEC. 1077. FAIR ATM FEES. other creditor or with another mortgage ‘‘(C) VERIFICATION OF CONSUMER INCOME AND originator.’’. (a) AMENDMENT TO THE ELECTRONIC FUND FINANCIAL RESOURCES.— TRANSFER ACT.—Section 904(d)(3) of the Elec- ‘‘(i) IN GENERAL.—In the case of any con- tronic Fund Transfer Act (15 U.S.C. SA 3814. Mr. GRASSLEY submitted sumer credit transaction secured by the an amendment intended to be proposed 1693b(d)(3)) is amended— principal dwelling of a consumer, the income (1) in subparagraph (A), by striking the and financial resources of the consumer shall to amendment SA 3739 proposed by Mr. subparagraph heading and inserting the fol- be verified for purposes of this paragraph by REID (for Mr. DODD (for himself and lowing: tax returns, payroll receipts, bank records, Mrs. LINCOLN)) to the bill S. 3217, to ‘‘(A) FEE DISCLOSURE.—’’ ; or other similarly reliable documents. promote the financial stability of the (2) by redesignating subparagraph (D) as ‘‘(ii) CONSUMER STATEMENT INSUFFICIENT.— United States by improving account- subparagraph (E); and A statement by a consumer of income or fi- (3) by inserting after subparagraph (C) the ability and transparency in the finan- nancial resources shall not be sufficient to cial system, to end ‘‘too big to fail,’’ to following: establish the existence of any income or fi- ‘‘(D) REGULATION OF FEES.—The regula- nancial resources when verifying the reason- protect the American taxpayer by end- tions prescribed under paragraph (1) shall re- able ability of the consumer to repay any ing bailouts, to protect consumers quire any fee charged by an automated teller consumer credit transaction secured by the from abusive financial services prac- machine operator for a transaction con- principal dwelling of the consumer for pur- tices, and for other purposes; which ducted at that automated teller machine to poses of this paragraph. was ordered to lie on the table; as fol- bear a reasonable relation to the cost of ‘‘(D) OTHER CRITERIA.—A creditor or mort- lows: processing the transaction, and in no case gage broker may rely on additional criteria shall any such fee exceed $0.50.’’. other than income and financial resources to Strike 989B, insert the following: (b) EFFECTIVE DATE.—The amendments establish the reasonable ability of a con- SEC. 989B. DESIGNATED FEDERAL ENTITY IN- made by this section shall become effective sumer to repay any consumer credit trans- SPECTORS GENERAL INDEPEND- not later than 6 months after the date of en- action secured by the principal dwelling of ENCE. actment of this Act. the consumer, to the extent such other cri- Section 8G of the Inspector General Act of (c) RULEMAKING.—The Bureau shall issue teria are also verified through reasonably re- 1978 (5 U.S.C. App.) is amended— such rules as may be necessary to carry out liable methods and documentation. (1) in subsection (a)(4)— this section, not later than 6 months after ‘‘(E) EQUITY IN DWELLING NOT TO BE TAKEN (A) in the matter preceding subparagraph the date of enactment of this Act. INTO ACCOUNT.—The consumer’s equity in the (A), by inserting ‘‘the board or commission principal dwelling that secures or would se- of the designated Federal entity, or in the SA 3813. Ms. KLOBUCHAR (for her- cure the consumer credit transaction may event the designated Federal entity does not self and Mr. BENNET), submitted an not be used to establish the ability to make have a board or commission,’’ after ‘‘means’’; amendment intended to be proposed to the payments described in subparagraph (A) (B) in subparagraph (A), by striking ‘‘and’’ amendment SA 3739 proposed by Mr. with respect to such transaction. after the semicolon; and ‘‘(2) PROHIBITION ON STEERING.— (C) by adding after subparagraph (B) the REID (for Mr. DODD (for himself and ‘‘(A) IN GENERAL.—In connection with a following: Mrs. LINCOLN)) to the bill S. 3217, to credit transaction secured by the principal ‘‘(C) with respect to the Federal Labor Re- promote the financial stability of the dwelling, a mortgage broker or creditor may lations Authority, such term means the United States by improving account- not— members of the Authority (described under ability and transparency in the finan- ‘‘(i) steer, counsel, or direct a consumer to section 7104 of title 5, United States Code); cial system, to end ‘‘too big to fail,’’ to rates, charges, principal amount, or prepay- ‘‘(D) with respect to the National Archives protect the American taxpayer by end- ment terms that are more expensive for that and Records Administration, such term ing bailouts, to protect consumers which the consumer qualifies; or means the Archivist of the United States; ‘‘(E) with respect to the National Credit from abusive financial services prac- ‘‘(ii) make, provide, or arrange for any con- sumer credit transaction secured by the Union Administration, such term means the tices, and for other purposes; which principal dwelling of a consumer that is National Credit Union Administration Board was ordered to lie on the table; as fol- more expensive than that for which the con- (described under section 102 of the Federal lows: sumer qualifies. Credit Union Act (12 U.S.C. 1752a); On page 1440, after line 21, insert the fol- ‘‘(B) DUTIES TO CONSUMERS.—If unable to ‘‘(F) with respect to the National Endow- lowing: suggest, offer, or recommend to a consumer ment of the Arts, such term means the Na- (c) REQUIREMENTS ON MORTGAGE ORIGINA- a home loan that is not more expensive than tional Council on the Arts; TORS.—Section 129 of the Truth in Lending that for which the consumer qualifies, a ‘‘(G) with respect to the National Endow- Act (15 U.S.C. 1639) is amended— mortgage originator shall— ment for the Humanities, such term means (1) by striking subsection (j) and inserting ‘‘(i) based on the information reasonably the National Council on the Humanities; and the following: available and using the skill, care, and dili- ‘‘(H) with respect to the Peace Corps, such ‘‘(j) CONSEQUENCE OF FAILURE TO COMPLY.— gence reasonably expected for a mortgage term means the Director of the Peace Any mortgage made in violation of a provi- originator, originate or otherwise facilitate Corps;’’; and sion of this section shall be deemed a failure a suitable home mortgage loan by another (2) in subsection (h), by inserting ‘‘if the to deliver the material disclosures required creditor to a consumer, if permitted by and designated Federal entity is not a board or under this title, for the purpose of section in accordance with all otherwise applicable commission, include’’ after ‘‘designated Fed- 125.’’; and law; or eral entities and’’. (2) by adding at the end the following: ‘‘(ii) disclose to the consumer— SEC. 989C. STRENGTHENING INSPECTOR GEN- ‘‘(n) REQUIREMENTS FOR MORTGAGE ORIGI- ‘‘(I) that the creditor does not offer a home ERAL ACCOUNTABILITY. NATORS.— mortgage loan that is not more expensive Section 5(a) of the Inspector General Act of ‘‘(1) ABILITY TO PAY.— than a loan for which the consumer qualifies, 1978 (5 U.S.C. App.) is amended— ‘‘(A) IN GENERAL.—No creditor or mortgage but that other creditors may offer such a (1) in paragraph (12), by striking ‘‘and’’ broker may make, provide, or arrange for loan; and after the semicolon;

VerDate Mar 15 2010 02:08 May 05, 2010 Jkt 089060 PO 00000 Frm 00065 Fmt 4624 Sfmt 0634 E:\CR\FM\A04MY6.051 S04MYPT1 tjames on DSKG8SOYB1PROD with SENATE S3116 CONGRESSIONAL RECORD — SENATE May 4, 2010 (2) in paragraph (13), by striking the period ‘‘The President’s Proposed Fee on Fi- The PRESIDING OFFICER. Without and inserting a semicolon; and nancial Institutions Regarding TARP: objection, it is so ordered. (3) by adding at the end the following: Part 2’’. The resolution (S. Res. 513) was ‘‘(14)(A) an appendix containing the results The PRESIDING OFFICER. Without agreed to. of any peer review conducted by another Of- objection, it is so ordered. The preamble was agreed to. fice of Inspector General during the report- The resolution, with its preamble, COMMITTEE ON HEALTH, EDUCATION, LABOR, ing period; or reads as follows: ‘‘(B) if no peer review was conducted with- AND PENSIONS in that reporting period, a statement identi- Mr. DODD. Mr. President, I ask unan- S. RES. 513 fying the date of the last peer review con- imous consent that the Committee on Whereas many people in the United States ducted by another Office of Inspector Gen- Health, Education, Labor, and Pen- maintain classic automobiles as a pastime and do so with great passion and as a means eral; sions be authorized to meet, during the ‘‘(15) a list of any outstanding rec- of individual expression; ommendations from any peer review con- session of the Senate, to conduct a Whereas the Senate recognizes the effect ducted by another Office of Inspector Gen- hearing entitled ‘‘ESEA Reauthoriza- that the more than 100-year history of the eral that have not been fully implemented, tion: Improving America’s Secondary automobile has had on the economic including a statement describing the status Schools’’ on Tuesday, May 4, 2010. The progress of the Nation and supports whole- of the implementation and why implementa- hearing will commence at 2 p.m. in heartedly all activities involved in the res- tion is not complete; and room 430 of the Dirksen Senate Office toration and exhibition of classic auto- ‘‘(16) a list of any peer reviews conducted Building. mobiles; by the Inspector General of another Office of Whereas collection, restoration, and pres- The PRESIDING OFFICER. Without ervation of automobiles is an activity shared the Inspector General during the reporting objection, it is so ordered. period, including a list of any outstanding across generations and across all segments of recommendations made from any previous SUBCOMMITTEE ON CRIME AND DRUGS society; peer review (including any peer review con- Mr. DODD. Mr. President, I ask unan- Whereas thousands of local car clubs and ducted before the reporting period) that re- imous consent that the Committee on related businesses have been instrumental in main outstanding or have not been fully im- the Judiciary, Subcommittee on Crime preserving a historic part of the heritage of plemented.’’. and Drugs, be authorized to meet dur- this Nation by encouraging the restoration SEC. 989D. REMOVAL OF INSPECTORS GENERAL and exhibition of such vintage works of art; ing the session of the Senate, on May 4, Whereas automotive restoration provides OF DESIGNATED FEDERAL ENTITIES. 2010, at 9:30 a.m., in room SD–226 of the Section 8G(e) of the Inspector General Act well-paying, high-skilled jobs for people in of 1978 (5 U.S.C. App.) is amended— Dirksen Senate Office Building, to con- all 50 States; and (1) by redesignating the sentences fol- duct a hearing entitled ‘‘Wall Street Whereas automobiles have provided the in- lowing ‘‘(e)’’ as paragraph (2); and Fraud and Fiduciary Duties: Can Jail spiration for music, photography, cinema, (2) by striking ‘‘(e)’’ and inserting the fol- Time Serve as an Adequate Deterrent fashion, and other artistic pursuits that have lowing: for Willful Violations?’’ become part of the popular culture of the ‘‘(e)(1) Each Inspector General of a des- United States: Now therefore, be it The PRESIDING OFFICER. Without Resolved, That the Senate— ignated Federal entity may at any time be objection, it is so ordered. removed, but only for cause. In the case of a (1) designates July 9, 2010, as ‘‘Collector SUBCOMMITTEE ON OVERSIGHT OF GOVERNMENT designated Federal entity for which a board Car Appreciation Day’’; MANAGEMENT, THE FEDERAL WORKFORCE, or commission is the head of the designated (2) recognizes that the collection and res- AND THE DISTRICT OF COLUMBIA Federal entity, a removal under this sub- toration of historic and classic cars is an im- section may only be made upon the written Mr. DODD. Mr. President, I ask unan- portant part of preserving the technological achievements and cultural heritage of the concurrence of a 2⁄3 majority of the board or imous consent that the Committee on commission.’’. Homeland Security and Governmental United States; (3) encourages the Department of Edu- f Affairs’ Subcommittee on Oversight of cation, the Department of Transportation, Government Management, the Federal and other Federal agencies to support events NOTICE OF HEARING Workforce, and the District of Colum- and commemorations of ‘‘Collector Car Ap- COMMITTEE ON ENERGY AND NATURAL bia be authorized to meet during the preciation Day’’, including exhibitions and RESOURCES session of the Senate on May 4, 2010, at educational and cultural activities for young Mr. BINGAMAN. Mr. President, I 2:30 p.m. to conduct a hearing titled, people; and would like to announce for the infor- ‘‘Recruiting and Retaining a Robust (4) encourages the people of the United States to engage in events and commemora- mation of the Senate and the public Federal Workforce.’’ The PRESIDING OFFICER. Without tions of ‘‘Collector Car Appreciation Day’’ that the hearing scheduled before the that create opportunities for collector car Senate Committee on Energy and Nat- objection, it is so ordered. owners to educate young people on the im- ural Resources previously announced f portance of preserving the cultural heritage for May 6, 2010, at 9:30 a.m., has been COLLECTOR CAR APPRECIATION of the United States, including through the collection and restoration of collector cars. rescheduled and will now be held on DAY Tuesday, May 11, 2010, at 10 a.m., in Mr. REID. Mr. President, we have room SR–325 of the Russell Senate Of- Mr. REID. Mr. President, I ask unan- had a big day in the Senate. Because of fice Building. imous consent that the Senate proceed my Republican friends, we have been The purpose of the hearing is to re- to S. Res. 513. able to accomplish almost nothing— view issues related to deepwater off- The PRESIDING OFFICER. The not quite but almost nothing. I love old shore exploration for petroleum and clerk will report the resolution by cars, and I am glad we are able to pass the accident in the Gulf of Mexico in- title. this important legislation: Collector volving the offshore oil rig Deepwater The assistant legislative clerk read Car Appreciation Day. Collector Car Horizon. as follows: Appreciation Day. For further information, please con- A resolution (S. Res. 513) designating July While people out there are looking tact Linda Lance at (202) 224–7556 or 9, 2010 as ‘‘Collector Car Appreciation Day’’ for jobs, trying to save their homes, we Allyson Anderson at (202) 224–7143 or and recognizing that the collection and res- are doing what the Republicans let us toration of historic and classic cars is an im- Abigail Campbell at (202) 224–1219. do: Collector Car Appreciation Day. portant part of preserving the technological That is the extent of our work because f achievements and cultural heritage of the the Republicans have objected to ev- United States. AUTHORITY FOR COMMITTEES TO erything we have tried to do on trying There being no objection, the Senate MEET to reform Wall Street—for obvious rea- proceeded to consider the resolution. sons. COMMITTEE ON FINANCE Mr. REID. Mr. President, I ask unan- We all read the press saying the lob- Mr. DODD. Mr. President, I ask unan- imous consent that the resolution be byists are here lined up with their imous consent that the Committee on agreed to, the preamble be agreed to, Gucci shoes and their new suits and a Finance be authorized to meet during the motions to reconsider be laid upon lot of new ties because we are told they the session on May 4, 2010, at 10 a.m., in the table, there be no intervening ac- are spending millions of dollars a week room 215 of the Dirksen Senate Office tion or debate, and any statements be on these people to stop us from reform- Building, to conduct a hearing entitled printed in the RECORD. ing Wall Street.

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HONORING MR. SAMUEL OGNIBENE edge, curiosity and commitment to community bombed the Philippines after Pearl Harbor, Mr. that they will need to become our future lead- Reuter and his fellow soldiers at Clark Air HON. BRIAN HIGGINS ers. Field were captured and forced to take part in OF NEW YORK Let’s get behind our teachers—let’s follow the infamous Bataan Death March across the the lead of Tucson Values Teachers. Let’s all IN THE HOUSE OF REPRESENTATIVES island as prisoners of war. They spent five work together toward an America that Values weeks in the notorious Tabayas Road detail Tuesday, May 4, 2010 Teachers. When teachers are paid and re- during which an estimated 18,000 men died Mr. HIGGINS. Madam Speaker, I rise today vered as much as our top athletes, we will live while being forced to cut a road through the to pay tribute to the years of service given to in a nation that leads all others in innovation, mosquito and snake infested jungle with little the people of Chautauqua County by Mr. creativity and achievement. food, rest or water. Samuel Ognibene. Mr. Ognibene served his f After Bataan, Mr. Reuter spent over three constituency faithfully and justly during his ten- years in Japanese prison camps, forced to ure as the Ellicott Town Justice. ARNOLD JOHN JACOBS perform slave labor in Japan’s Seitetsu Steel Public service is a difficult and fulfilling ca- Plant. Upon his liberation on September 9, reer. Any person with a dream may enter but HON. JOHN H. ADLER 1945, shortly after the bombing of Hiroshima, only a few are able to reach the end. Mr. OF NEW JERSEY and Nagasaki, Mr. Reuter weighed a mere 90 Ognibene served his term with his head held IN THE HOUSE OF REPRESENTATIVES pounds. He credited his ability to avoid starva- high and a smile on his face the entire way. Tuesday, May 4, 2010 tion due to growing up during the Depression. I have no doubt that his kind demeanor left a lasting impression on the people of Chau- Mr. ADLER of New Jersey. Madam Speak- Nothing his captors fed him, which included tauqua County. er, I am pleased to have this opportunity to bug infested rice, was too rich for his pallet. We are truly blessed to have such strong in- express my gratitude to Mr. Arnold John Ja- Through this dark time, his deep religious con- dividuals with a desire to make this county the cobs, of Forked River, NJ, for his dedicated victions, love of country and desire to be re- wonderful place that we all know it can be. Mr. and tireless service to the United States of united with his family kept him mentally strong, Ognibene is one of those people and that is America. For his heroism during WWII, Mr. Ja- if not physically. why, Madam Speaker, I rise in tribute to him cobs is rightfully being honored with the Phil- Even after such sacrifice, Mr. Reuter’s pas- today. ippine Republic Presidential Unit Citation sion to serve and protect his country remained f Badge and the Philippine Liberation Medal on undiminished. He would go on to serve in the May 8, 2010. military for 15 more years, rising to the rank of HONORING K–12 EDUCATORS Mr. Jacobs was born in Philadelphia in 1918 Master Sergeant. In 1960, he hung up his fa- and enlisted in the United States Navy at the tigues for good, but shortly thereafter joined HON. RAU´ L M. GRIJALVA age of 17. For the next few years, he honor- NASA. A strong believer in the value of an OF ARIZONA ably served aboard the USS Nitro and the education, Paul went to school at night to earn IN THE HOUSE OF REPRESENTATIVES USS Davis (DD-395). In November 1942, he his associates degree in Applied Science, a put the USS Phillip (DD-498) into commission Tuesday, May 4, 2010 path he likely would have taken earlier but for and served throughout WWII until receiving an the war. At NASA, Mr. Reuter got a front row Mr. GRIJALVA. Madam Speaker, I rise honorable discharge in November 1945. As an seat for history and one of America’s proudest today on behalf of the 10,000 school teachers active member of Squadron #22, he partici- moments, serving as part of the team that in Southern Arizona, and for K–12 teachers pated in 23 offensive operations in 26 months helped put the first man on the moon. across the Nation. I am honored to stand up during the war and helped in the Philippine lib- here today, during National Teacher Apprecia- eration campaign. Following his retirement from NASA, after tion Week, to recognize how tirelessly these We, as a nation, are indebted to Mr. Arnold 40 years of government service, Paul turned men and women work to educate all of our John Jacobs for his honorable service and for his focus to helping his fellow veterans, the children. the sacrifices he made in protecting our coun- ‘‘Battling Bastards of Bataan.’’ He served as We have an organization in Southern Ari- try. I am proud to honor him today and hope an officer with the American Defenders of Ba- zona that works every day to remind everyone my colleagues in the House of Representa- taan and Corregidor, an organization which of just how much K–12 teachers contribute to tives will join me in congratulating this honor- fought for Bataan veterans’ rights and sought the economic and societal well-being of all of able man for his outstanding contributions to to serve as a reminder that ‘‘the precepts of our communities. Tucson Values Teachers is the United States of America. courage, devotion to duty and sacrifice dis- played by the men and women of Bataan, not quite 2 years old, but it has made great f strides in getting the word out about the value both Filipino and American, have not and will of teachers. And more than that, the organiza- HONORING THE LIFE OF PAUL not become outmoded.’’ In the 1980’s, Paul tion has been working very hard to ease the REUTER received his long overdue Bronze Star for economic burden so many of our teachers combat, along with a Purple Heart. face in trying to raise families on salaries that HON. ELIJAH E. CUMMINGS Over the years, Mr. Reuter has been quoted are too small. OF MARYLAND extensively in books, interviewed on television During this week, we all need to stop and IN THE HOUSE OF REPRESENTATIVES and participated in any number of history spe- think about how much more we need to do to cials recalling his wartime experiences. support our K–12 teachers. More than 50% of Tuesday, May 4, 2010 A dedicated husband and father, he and his all beginning teachers leave the profession Mr. CUMMINGS. Madam Speaker, I rise within the first five years. Salary is one part of today to honor the life of a recently departed wife Nickolena were married 62 years until her the problem, but the lack of support, men- constituent, Mr. Paul Reuter, a proud WWII passing in 2008. They were proud parents to toring and adequate classroom supplies and veteran, family man and kind soul well thought five children, grandparents to 12 grand- assistance are also critical factors. of by all who knew him. children, and Paul was about to be blessed It is time for our Nation to elevate the teach- Born in 1920 in Shamokin, Pennsylvania, with his fourth great grandchild. ing profession to new levels of respect and re- Paul enlisted in the Army Air Corps right out Mr. Reuter left us on April 16, 2010 at the muneration. Teachers literally hold our future of high school, serving as a radio operator on age of 89. He was a man who lived enough in their hands—they are the ones who, every B–18 and B–17 aircraft. He was soon trans- for five men, never forgetting to show appre- day, stand in front of our children, working ferred to the 14th Bomb Squadron located in ciation for those around him, dedicated to the hard to instill in each one of them the knowl- the Philippine Islands. When the Japanese common good for all.

∑ This ‘‘bullet’’ symbol identifies statements or insertions which are not spoken by a Member of the Senate on the floor. Matter set in this typeface indicates words inserted or appended, rather than spoken, by a Member of the House on the floor.

VerDate Mar 15 2010 03:57 May 05, 2010 Jkt 089060 PO 00000 Frm 00001 Fmt 0626 Sfmt 0634 E:\CR\FM\K04MY8.001 E04MYPT1 rfrederick on DSKD9S0YB1PROD with REMARKS E734 CONGRESSIONAL RECORD — Extensions of Remarks May 4, 2010 RECOGNIZING RON YEAKLE ON HIS Witcraft, one of Iowa and America’s everyday office—to make a difference, a difference for 87TH BIRTHDAY heroes for his service and his constant consid- the better. eration for the well-being of others in his com- Representative Bukta has made ‘‘a dif- HON. JEFF MILLER munity. ference for the better’’ for her constituents and OF FLORIDA f the state of Iowa. Madam Speaker, please join IN THE HOUSE OF REPRESENTATIVES me in thanking Representative Bukta and her HONORING THE MICHAEL JAZZ family for their service. Tuesday, May 4, 2010 TRIO FOR THEIR MUSICAL GIFT f Mr. MILLER of Florida. Madam Speaker, it TO THE COMMUNITY is with great pleasure that I rise to honor the IN HONOR OF POLISH life and service of Mr. Ron Yeakle on his 87th HON. STEVE ISRAEL CONSTITUTION DAY, 2010 birthday. Mr. Yeakle is a true patriot. His story OF NEW YORK of extraordinary heroism and commitment to IN THE HOUSE OF REPRESENTATIVES HON. DENNIS J. KUCINICH country has been an inspiration to many. Tuesday, May 4, 2010 OF OHIO Ron Yeakle was born and raised in Balti- IN THE HOUSE OF REPRESENTATIVES more, Maryland. In World War II, Mr. Yeakle Mr. ISRAEL. Madam Speaker, I rise today served as a bomber pilot. During a bombing to acknowledge a unique group of young mu- Tuesday, May 4, 2010 mission near Vienna, Austria, his B–24 Lib- sicians from my district, the Michael Jazz Trio. Mr. KUCINICH. Madam Speaker, I rise erator was shelled at over 22,000 feet. In a The Michael Jazz Trio is comprised of three today in honor of the Polish American Con- harrowing feat of courage and bravery, Mr. brothers from Central Islip, New York: Mat- gress, Ohio Division and of Polish Constitution Yeakle survived the jump and was later cap- thew, David and Jordan Godfrey. These young Day, which is celebrated this year on May 2, tured by enemy soldiers and forced to spend men have shared with the Long Island com- 2010. Polish Constitution Day is a time for 14 months in German concentration camps. In munity not only their extraordinary talent, but Poles to honor the struggles, sacrifices and what must have seemed like a hopeless situa- also their passion for philanthropy. On Satur- victories of their ancestors. It is a day when tion at times, Mr. Yeakle and the other captors day, May 1st, 2010, they performed at Central people of all cultures join with the Polish com- managed to encourage each other to endure Islip High School to raise money for the Amer- munity to celebrate the rich culture, traditions this horrific experience until they were liber- ican Cancer Society. and history of Poland. ated by General George Patton and his men. I am proud to honor the Michael Jazz Trio After almost five centuries of struggle and After the war, Mr. Yeakle and his wife Doro- for sharing their musical gift with the commu- perseverance, the Governmental Statute of thy moved to Pensacola, Florida. In 1969, Mr. nity. Poland became the first written constitution in Yeakle was a co-founder of Piping and Equip- f Europe on May 3, 1791. An important docu- ment, Inc., where he still serves as a consult- ment in the history of democracy, the Polish THANKING STATE LEGISLATOR ant. Additionally, Mr. Yeakle has served on the Constitution established the separation of gov- POLLY BUKTA FOR HER SERVICE West Florida Hospital Board and the Ellyson ernment powers, freedom of religion, and Industrial Park Board. Ron and his wife have abolished key elements of serfdom. two daughters, Priscilla Carroll and Suzanne HON. BRUCE L. BRALEY Formed in 1949, the Polish American Con- O’Meara. OF IOWA gress is a national umbrella organization rep- It is with great honor, Madam Speaker, that IN THE HOUSE OF REPRESENTATIVES resenting over ten million Polish-Americans. It I recognize the life and deeds of Mr. Ron Tuesday, May 4, 2010 serves as a unifying force for both Polish- Yeakle on his 87th birthday. He has been a Americans and Polish citizens living in Amer- leader both at times of war and times of Mr. BRALEY of Iowa. Madam Speaker, I ica. Additionally, the Polish American Con- peace. My wife Vicki and I wish him a happy rise to thank Iowa State Legislator Polly Bukta gress has helped integrate Poles into the birthday and his entire family all the best for for her service to Iowa and our country. Rep- United States with programs like the Displaced the future. resentative Bukta is retiring from the Iowa Persons Program, which allowed almost State Legislature at the end of the 2010 state f 150,000 Polish immigrants to enter the U.S. legislative session. after World War II. TRIBUTE TO KIM WITCRAFT Representative Bukta has represented the The Polish-American community in Cleve- Clinton region in the Iowa legislature since land is deeply rooted in its commitment to the HON. TOM LATHAM 1997. She has been a principled, pragmatic values of family, faith, democracy and hard leader. In addition to serving on several com- OF IOWA work. As in years past, the Greater Cleveland mittees in the Iowa House—including the Edu- IN THE HOUSE OF REPRESENTATIVES community will join in celebration of Poland’s cation, Local Government, and Transportation, Tuesday, May 4, 2010 rich history and culture by attending events and Veterans Affairs Committees—Represent- such as the Polonia Ball, the Grand Parade Mr. LATHAM. Madam Speaker, I rise today ative Bukta is Speaker Pro Tem of the Iowa and the Photographic Exhibition. to recognize Kim Witcraft of Charles City, Iowa House. She was elected to this position be- Madam Speaker and colleagues, please join for his achievement as a 2010 Stars of Life cause she has earned the trust and respect of me in honor of the Polish American Congress award recipient. her colleagues. as they celebrate Polish Constitution Day. The Stars of Life award publicly recognizes On the first day of the 2010 Iowa Legislative Their dedication to preserving and promoting and celebrates the achievements of all people Session, Representative Bukta delivered the their heritage, history and culture with Greater working in the selfless and heroic ambulance following remarks to the Iowa House: Cleveland serves to enrich and illuminate the industry. The Stars of Life Program seeks to Honor the institution. Thomas Jefferson did brilliant and diverse fabric of our entire honor outstanding individuals as a thank you it, and so did James Madison, George Wash- community. for their service, their sacrifice and the inspira- ington, Alexander Hamilton and other builders tion they bring to all Americans. of our governmental institutions. They worked f Kim has been recognized as a hero who tirelessly to make representative government PUERTO RICO DEMOCRACY ACT OF has assumed several roles to ensure that the work. Now the well-being of our state legisla- 2009 American Ambulance Association’s Charles ture is in our hands. Preserve and protect it so City small operation succeeds and continues it remains a strong, co-equal branch of gov- SPEECH OF to provide much needed help to area citizens. ernment. Legislative service is one of democ- He is a state-certified EMS instructor and han- racy’s worthiest pursuits. It is an important HON. MADELEINE Z. BORDALLO dles all clinical and education services and duty that deserves our time, attention and OF GUAM schedules most of the trainings for his oper- dedication. To work well, government requires IN THE HOUSE OF REPRESENTATIVES ation. Kim also handles safety training for fifth a bond of trust between citizens and their rep- Thursday, April 29, 2010 and sixth graders in the area and presents resentatives. Try to appeal to the best instincts The House in Committee of the Whole many safety talks each year to Iowa elemen- of the electorate, talk about what you stand House on the State of the Union had under tary school students. for, what you intend to do during your time in consideration the bill (H.R. 2499) to provide I know that my colleagues in Congress join office and then work as hard as you can to ful- for a federally sanctioned self-determination me in congratulating and thanking Kim fill those promises. Remember why you ran for process for the people of Puerto Rico:

VerDate Mar 15 2010 03:57 May 05, 2010 Jkt 089060 PO 00000 Frm 00002 Fmt 0626 Sfmt 9920 E:\CR\FM\K04MY8.005 E04MYPT1 rfrederick on DSKD9S0YB1PROD with REMARKS May 4, 2010 CONGRESSIONAL RECORD — Extensions of Remarks E735 Ms. BORDALLO. Mr. Chairman, I rise in Marshall and others. Ten years later they served in the United States Army from 1964 support of H.R. 2499, the Puerto Rico Democ- called their first pastor, Reverend A.W. Porter. until 1966 as a private first class prior to at- racy Act of 2009, introduced by our colleague The first revival service was held at a livery taining his associates degree from the County Congressman PEDRO PIERLUISI. As the chair- stable. Since those humble beginnings, five College of Morris in 1968. woman of the Subcommittee on Insular Af- pastors have shepherded this faithful con- Mr. Marek dedicated his career to improving fairs, Oceans and Wildlife, I fully support this gregation: A.W. Porter (1895–1931), Walter R. healthcare in New Jersey. He worked for bill, which the full Natural Resources com- Murray (1929–1953), Leroy Crinel (1953– Healthcare Materials Purchasing at Morristown mittee reported out favorably on July 22nd of 1960), Enoch Jones (1961–1994) and William Memorial Hospital from 1970 to 1980 before last year. F. Buchanan (1994–present). becoming Vice President of Purchasing at the H.R. 2499 is an important bill for both Puer- Under the leadership of Pastor Buchanan, a New Jersey Hospital Association. Mr. Marek to Rico and the other U.S. Territories. As the new model of ministry was initiated. The then joined FJD Ventures in 1994 before retir- delegate from Guam, I understand the desire image he had for this faith community was ing in 2005. He came out of retirement to work of residents in the territories to decide their fu- ‘‘Servant Model’’—a church that exists to for Liberty Health in Secaucus, NJ, from 2008 ture and make a determination about their po- serve others. The ministries include a ‘‘Love until 2010. In addition, Mr. Marek was a mem- litical future. Guam and Puerto Rico were both Kitchen’’ that serves weekly hot meals to the ber and president of the Hospital Materials ceded to the United States after the Spanish homeless; a seniors ministry that provides a Management Society of New Jersey. Mr. American War in 1898. The communities in place for seniors in the community to come Marek inspired all those around him and has Guam and Puerto Rico have long traditions of and fellowship, play games and have a hot passed along his love of politics, reading, and patriotism and loyalty to the United States. In meal weekly; a community development cor- classic movies to his children and grand- fact, both Guam and Puerto Rico boast some poration that delivers services to assist people children. of the highest per-capita rates of military serv- in meeting their physical, emotional and spir- He was diagnosed with cancer in 2008 and ice in the United States. But while we are itual needs; ‘‘Christ Fund,’’ an endowment that bravely fought the disease for 2 years, con- proud and fortunate to be Americans, we must provides scholarships for high school grad- tinuing to work full time at Liberty Health until be given an opportunity to decide our future uates; ‘‘Life Spring,’’ a grief and pastoral coun- January of 2010 and serving on the Board of political status. H.R. 2499 will provide the peo- seling ministry; ‘‘Psalm 46,’’ a disaster pre- Hospital Materials Management Society of ple of Puerto Rico a congressionally-sanc- paredness ministry; ‘‘Ninevah,’’ an outreach New Jersey until March 3rd of 2010. He tioned process to express their preferences re- program that provides holistic ministry from passed quietly in his sleep on the morning of garding their political status. The bill’s broad, the church to the community; a prison min- March 14 surrounded by family and friends bipartisan base of cosponsors as well as the istry; bus ministry; radio worship program, and and was laid to rest next to his mother and fa- unified support it enjoys among Puerto Rico’s many other initiatives that expand the church ther at Greenwood Cemetery in Boonton, New elected and governing leaders should not be beyond the walls of the physical building. Jersey. overlooked, and in fact, should prompt us For 125 years, the Fifteenth Avenue Baptist Madam Speaker, Cornelius Marek, Jr.’s today to decisively pass this bill. Appropriate Church has been an invaluable presence in commitment to his family and to healthcare in deference on questions about ballot format the North Nashville community. When many his country should not go unrecognized. I ex- and process should be given to Governor growing congregations were faced with the di- press my deepest condolences to his family Fortun˜o, the legislature leaders of Puerto Rico, lemma of remaining in the inner-city or moving for their loss and pay tribute to the memory of this outstanding individual. and our colleague, Congressman PIERLUISI of to the suburbs, Fifteenth Avenue Baptist Puerto Rico. They are the democratically Church voted unanimously not only to remain f elected leaders of the people desiring Con- an urban congregation, but also to be an IN HONOR OF POLISH gress to sanction a process for them to exer- agent for transformational change in North CONSTITUTION DAY, 2010 cise their fundamental right to self-determina- Nashville. tion. Several years ago, a local newspaper wrote, HON. DENNIS J. KUCINICH ‘‘what’s exciting about Fifteenth Avenue Bap- Mr. Chairman, Article 4, Section 3 of the OF OHIO tist Church is they have taken ownership in Constitution makes it clear that Congress has IN THE HOUSE OF REPRESENTATIVES the power to make needful rules and regula- their neighborhood to address conditions in tions governing the territories. Passing the their community to make it better for all the Tuesday, May 4, 2010 Puerto Rico Democracy Act will fulfill the re- people there.’’ Additionally, a nationwide sur- Mr. KUCINICH. Madam Speaker, I rise sponsibility this body has to over 4 million vey funded by the Lilly Endowment cited Fif- today in honor of Poles, Polish-Americans and American citizens. teenth Avenue Baptist Church as one of 300 the Honorable Ambassador from Poland, Rob- Each territory is on a different path toward outstanding Protestant churches in America ert Kupiecki, and his wife, Malgorzata self-determination, and what is appropriate for and Canada. Kupiecki, on the occasion of Polish Constitu- Puerto Rico may not be suitable for the other Madam Speaker, today I ask my colleagues tion Day, celebrated on May 2, 2010. territories. But I firmly believe that the process to join me in congratulating Pastor William F. Polish Constitution Day is a day when peo- established by H.R. 2499 is the best way for Buchanan, and the entire congregation of Fif- ple of all cultures, in America and around the the people of Puerto Rico to exercise their teenth Avenue Baptist Church on the occasion world, join with the people of Poland to cele- right to self-determination and express their of their 125th anniversary and wish them brate the rich culture, traditions and history of desires to Congress to ultimately resolve their many more years of service to our great na- Poland. After almost five centuries of struggle political status. I urge my colleagues to vote tion. and perseverance, the Governmental Statute yes on this important and needed legislation. f of Poland became the first written constitution f in Europe on May 3, 1791. An important docu- IN MEMORY OF CORNELIUS E. ment in the history of democracy, the Polish CELEBRATING THE 125TH ANNI- MAREK, JR., BELOVED FATHER Constitution established the separation of gov- VERSARY OF FIFTEENTH AVE- AND GRANDFATHER ernment powers, freedom of religion, and NUE BAPTIST CHURCH abolished key elements of serfdom. HON. ROBERT E. ANDREWS The first Polish immigrants arrived on Amer- HON. JIM COOPER OF NEW JERSEY ican shores in 1608 at Jamestown, Virginia. OF TENNESSEE IN THE HOUSE OF REPRESENTATIVES Today, more than 10 million Americans trace IN THE HOUSE OF REPRESENTATIVES their ancestry to Poland and nearly 700,000 Tuesday, May 4, 2010 report that they speak Polish at home. Many Tuesday, May 4, 2010 Mr. ANDREWS. Madam Speaker, I rise Polish-Americans find strength from their fam- Mr. COOPER. Madam Speaker, today I rise today to honor the life and memory of ily, faith, and hard work. They also find to recognize the members of Fifteenth Avenue Cornelius E. Marek, Jr., of Morris Plains, New strength and inspiration in their unbreakable Baptist Church, located in Nashville, Ten- Jersey, who passed away on March 14, 2010. bonds to their heritage and their homeland. nessee as they celebrate their 125th Anniver- Mr. Marek’s contributions should not go unrec- From Poland’s courageous freedom fighters to sary. ognized. the Solidarity leaders who rose from the union The church was organized in 1885, just 20 Mr. Marek, the son of Cornelius Marek, Sr., lines, Poles have been an inspiration. years after the end of the Civil War, by a loyal and Grace Bowden-Marek, was born January Madam Speaker and colleagues, please join band that included Irene Smart, Bill Smith, Ed 28, 1942, in Morris Plains, New Jersey. He me today, Polish Constitution Day, in honoring

VerDate Mar 15 2010 03:57 May 05, 2010 Jkt 089060 PO 00000 Frm 00003 Fmt 0626 Sfmt 9920 E:\CR\FM\A04MY8.001 E04MYPT1 rfrederick on DSKD9S0YB1PROD with REMARKS E736 CONGRESSIONAL RECORD — Extensions of Remarks May 4, 2010 the struggles, courage and triumphs of the This is an especially important year in DOLORES HUERTA people of Poland and honoring all people of United States-Japan relations as it marks the Polish descent. Through their successive 50th anniversary of the signing of the Treaty HON. HOWARD L. BERMAN struggles for freedom, the people of Poland of Mutual Cooperation and Security between OF CALIFORNIA have given the world hope. Japan and the United States. The treaty forms IN THE HOUSE OF REPRESENTATIVES the bedrock of our bilateral relationship, which f Tuesday, May 4, 2010 in turn plays an indispensable role in ensuring IN RECOGNITION OF DR. STAN security and prosperity for the United States Mr. BERMAN. Madam Speaker, I am joined ROCKMAN OF THE SAN MATEO and Japan, as well as for the broader Asia-Pa- by my colleagues Congressmen XAVIER MEDICAL CENTER cific. BECERRA, LINDA T. SA´NCHEZ, LORETTA Both of our countries are guided by a SANCHEZ, LUCILLE ROYBAL-ALLARD, ADAM HON. JACKIE SPEIER shared respect for democracy and freedom, SCHIFF, and HENRY WAXMAN in paying tribute OF CALIFORNIA by the enduring ties we have forged over the to our dear friend Dolores Huerta, who is IN THE HOUSE OF REPRESENTATIVES last 65 years and by the personal relationships being honored by the Feminist Majority Foun- dation with the Eleanor Roosevelt Award. This Tuesday, May 4, 2010 formed through the tireless work of leaders such as Matsuda-san. coveted award is given annually to a select Ms. SPEIER. Madam Speaker, I rise to few individuals who have contributed signifi- honor Dr. Stan Rockman who after 35 years Matsuda-san’s distinguished career began cantly—often against great odds and at great has this to say about his choice to practice at Japan’s Ministry of International Trade and personal risk—to advance the rights of women public healthcare: ‘‘I love providing high quality Industry, MITI, where he served for more than and girls and to increase awareness of the care to patients with few options.’’ He asserts 20 years. This period included a posting in the challenges women face on account of their that the patient mix at the San Mateo Medical United States where he did critical work on the gender. Center enables him to practice international expanding bilateral trade relationship. Dolores is a world renowned activist and is medicine. After leaving the civil service, he ran suc- regarded as one of the most prominent Dr. Rockman is the Chief of Gastro- cessfully for public office, serving for 10 years Chicana labor leaders in the United States. At enterology and was appointed to the San in the Lower House of the Diet. During his ten- the age of 80, she is currently the President Mateo Medical Center in 1971. I have person- ure, when United States-Japan trade frictions of the Dolores Huerta Foundation. The mis- ally known him for 30 years and have wit- were becoming ever more heated, Matsuda- sion of her foundation is to build active com- nessed his passion for healing. san had the foresight to develop the United munities in disadvantaged areas and to work A favorite story of Dr. Rockman’s involves States-Japan Legislative Exchange Program, towards fair and equal access to healthcare, the day his 16-year-old son paid him a visit at LEP, which brought Members of the Diet and housing, education, jobs, civic participation lunchtime. His son waited in the lobby where U.S. Congress together semiannually to ad- and economic resources with an emphasis on he observed a man in a hospital gown drag- dress key issues in United States-Japan rela- women and youth. ging himself down the hallway, posterior ex- tions. Several of us have known Dolores since the posed, an IV still attached to his arm and two As a long-time participant in the LEP, I can early 1970’s when we were members of the security guards in close pursuit—another futile personally attest to its valuable contribution to- California State Legislature and Dolores was attempt to escape from drug rehab. ward improving ties and finding common the Vice President and Co-Founder of the Dr. Rockman says his son was in awe that ground. And today it is as valuable as ever United Farm Workers of America. During the his father worked in a place like this on a daily given the new problems confronting the United last 50 years, she has worked tirelessly on basis. States-Japan bilateral relationship, including many social justice and public policy issues. Madam Speaker, Dr. Stan Rockman is a basing issues and other matters. Matsuda- We know firsthand of her outstanding contribu- true hero of healthcare in our county and san’s exemplary leadership through the LEP tions to our community. state. The San Mateo Medical Foundation was has demonstrated that even the most vexing In 1955, when she was only 25 years old, right to honor his contributions at a special issues can be resolved when viewed in the Dolores found her calling as an organizer ceremony on April 30th. context of our shared interests, values and while serving in the leadership of the Stockton f goals. Community Service Organization (CSO), a grassroots organization that battled segrega- In 1998, Matsuda-san was elected to serve COMMENDING THE HONORABLE tion and police brutality, led voter registration in the Upper House of the Diet and held in- IWAO MATSUDA FOR HIS PUBLIC drives, pushed for improved public services, creasingly important government posts, includ- SERVICE AND LEADERSHIP IN and fought to enact new legislation. Through ing Senior Vice Minister of the Ministry of UNITED STATES-JAPAN her diligent lobbying efforts, she succeeded in Economy, Trade and Industry, Chairman of BILATERIAL AND UNITED removing the citizenship requirements from the House of Councilors’ Research Committee STATES-JAPAN-SOUTH KOREA pension and public assistance programs. She on International Affairs and, ultimately, Min- TRILATERAL RELATIONS was the leading force in the passage of legis- ister of State for Science and Technology Pol- lation allowing voters the right to vote in Span- icy, Food Safety and Information Technology ish and securing the rights of individuals to HON. ENI F.H. FALEOMAVAEGA in the cabinet of Junichiro Koizumi. During this take the driver’s license examination in their OF AMERICAN SAMOA period, he created the United States-Japan- native language. IN THE HOUSE OF REPRESENTATIVES South Korea Trilateral Legislative Exchange Dolores has been arrested 22 times for par- Program, TLEP, a complement to the LEP and Tuesday, May 4, 2010 ticipating in non-violent civil disobedience ac- an organization that has demonstrably im- Mr. FALEOMAVAEGA. Madam Speaker, I tivities and strikes to protect farmers and proved ties among the three nations. rise today to commend the Honorable Iwao women, which has resulted in great benefits to Matsuda, a Member of the Diet of Japan and This year marks the LEP’s 22d year and both groups. Largely due to her solid support visionary leader of the United States-Japan Bi- 43d consecutive session and the TLEP’s 7th for the grape boycott, the farm workers were lateral Legislative Exchange Program, LEP, year and 12th consecutive session. All of us in provided with their first health and benefit and of the United States-Japan-South Korea this body are grateful for Matsuda-san’s lead- plans and those who had lived, worked, and Trilateral Legislative Exchange Program, ership and vision. Even with his retirement, paid taxes in the United States for many years TLEP. Matsuda-san will soon be retiring after Matsuda-san’s legacy will endure. The LEP were granted amnesty. She fought tirelessly to decades of exemplary public service to his and TLEP will continue and the bilateral and provide a better working environment and stop own country and to a more peaceful and pros- trilateral relationships will advance so long as the abuse of female immigrants across the perous Northeast Asia. we hold to the principles of open discussion, U.S.-Mexican border by convincing law en- The United States-Japan relationship is as friendship and trust that Matsuda-san has ex- forcement agencies to address the brutal rape important as ever, and Matsuda’s contributions emplified. and the murder of these immigrants. to that relationship and to the LEP have been We will miss Iwao Matsuda. But I know he Dolores was given the Outstanding Labor vital and unswerving. His leadership and the will continue to play a critical role in advancing Leader Award in 1984 by the California State sorts of exchanges exemplified by the LEP relations among the United States, Japan and Senate. In 1993, she was inducted into the and TLEP form the foundation for our strong South Korea and that we will always be able National Women’s Hall of Fame. That same ties. to count on his friendship and support. year she received the American Civil Liberties

VerDate Mar 15 2010 03:57 May 05, 2010 Jkt 089060 PO 00000 Frm 00004 Fmt 0626 Sfmt 9920 E:\CR\FM\K04MY8.010 E04MYPT1 rfrederick on DSKD9S0YB1PROD with REMARKS May 4, 2010 CONGRESSIONAL RECORD — Extensions of Remarks E737 Union (ACLU) Roger Baldwin Medal of Liberty Professor of Pediatrics at Stanford University Union. I should therefore like to thank you, Award; the Eugene V. Debs Foundation Out- School of Medicine and a member of the Mr. Ambassador, for holding this reception standing American Award, and the Ellis Island Community Clinical Faculty of Lucile Packard so that we might meet and celebrate to- gether one of the key events in Polish his- Medal of Freedom Award. She is also the re- Children’s Hospital. tory. cipient of the Consumers’ Union Trumpeter’s In the 1970s he took a special interest in A few short steps away lies a park con- Award. In 1998, she was one of three Ms. treating children who might be victims of taining monuments to great heroes of free- Magazine’s, ‘‘Women of the Year,’’ and the abuse. He says he thought of himself as a dom and democracy. For the last century Ladies Home Journal’s, ‘‘100 Most Important pioneer in those days as he helped the center and more, it has housed a monument to Women of the 20th Century.’’ In addition, she develop an interdisciplinary approach to treat- Tadeusz Kos´ciuszko, a hero of two nations— has received three honorary doctorate de- ment. He eventually assisted in the establish- Poland and the United States—and a staunch defender of the Polish Constitution of 3 May grees for her extraordinary career. ment of the Children’s SAFE Center which 1791—Europe’s first, and the world’s second, Madam Speaker and distinguished col- was on the cutting edge of detecting and treat- such document. leagues, we ask you to join us in saluting Do- ing child sex abuse. He is now a member of This year’s Polish Constitution Day cele- lores Huerta for her impressive efforts and the San Mateo County Pediatric Death Review brations are overshadowed by the tragic unyielding commitment to empowering women Team. events of 10 April, which have shown how im- and improving the lives of farm workers. Although Dr. Kaplan admits to having a few portant a modern constitution is to Poland, as indeed to any democratic country. During f bouts with the lure of private practice, he says those moments passed, replaced by the satis- this difficult period, the 1997 Constitution has ensured continuity of government and a NATIONAL CHILD ABUSE faction of providing pediatric care to families PREVENTION MONTH stable Presidency in our country. that normally wouldn’t have access to an array Ladies and Gentlemen, Having joined the European Union, Poland SPEECH OF of services. Clearly, this Brooklyn native has been California’s gain. now enjoys a two-fold partnership with the HON. LORETTA SANCHEZ Madam Speaker, the San Mateo Medical United States: both as a sovereign state and OF CALIFORNIA Foundation is right to honor the contributions as an important member of a unique commu- nity of 27 countries and close to half a billion IN THE HOUSE OF REPRESENTATIVES of Dr. Kaplan at a special ceremony on April people. Tuesday, April 27, 2010 30. He has truly been a hero of healthcare for The European Parliament, with its more our county and State. Ms. LORETTA SANCHEZ of California. Mr. than 700 directly elected Members, is the f most democratic of the EU institutions. I be- Speaker, I rise today in recognition of this past lieve that the time has now come for closer April as National Child Abuse Prevention HONORING POLISH NATIONAL DAY relations to be forged between our Par- Month where Americans across the country liament and the U.S. Congress. Day-to-day worked to raise awareness of child abuse pre- HON. CLIFF STEARNS responsibility for doing so will lie with our vention and services available to victims. newly opened office in Washington, which OF FLORIDA Child abuse is a tragic, destructive, and a Piotr Nowina-Konopka was recently ap- IN THE HOUSE OF REPRESENTATIVES largely silent epidemic that affects millions of pointed to head up. Tuesday, May 4, 2010 In today’s world, the partnership between Americans—both children and adults. Europe and the United States is an alliance And it is never more tragic than when it is Mr. STEARNS. Madam Speaker, on May 3, whose importance cannot be overstated. And sexual in nature. Unfortunately one in six chil- the people of Poland celebrated the 219-year it is because we are democracies that that dren in our country experience this in their life- anniversary of the passage of the Constitution alliance should have a parliamentary dimen- time. of May 3, 1791. This Constitution is regarded sion. The commemoration of 3 May is an ap- In fact, in my district, there was a young around the world as Europe’s first and the propriate occasion to draw attention to this woman who was abused by a teacher she world’s second modern codified national con- fact, because constitutions are the supreme expression of parliamentary law-making in knew and respected over a decade ago. I am stitution, following only the ratification of the proud to say that she has not only recovered the majority of the world’s democracies. United States Constitution in 1788. This is a May this anniversary inspire us, as politi- and is leading a happy life, but is also one of great day not only for the Polish people but cians, to be ever more effective in our efforts the officers in a group headquartered in Santa also for freedom loving people around the to ensure the good of our free nations. Ana called The Innocence Mission, which is world. f working to help prevent abuse. The United States and Poland share similar The Innocence Mission is putting forward a values and the two Constitutions reflect that IN RECOGNITION OF DR. JAMES message of empowerment, one that tells par- shared commitment to liberty for all people. In MEIER OF THE SAN MATEO MED- ents they CAN prevent child sexual abuse. A fact, according to one Polish historian, the ICAL CENTER message that speaks directly to children and May 3 Constitution was ‘‘founded principally adult survivors and says to them—they are not on those of England and the United States of HON. JACKIE SPEIER alone. Victims have the support of their com- America . . . and adapted as much as pos- OF CALIFORNIA munities, and have nothing to be ashamed of. sible to the local and particular circumstances IN THE HOUSE OF REPRESENTATIVES Far too often we read stories of child abuse of the country.’’ In addition, historians have Tuesday, May 4, 2010 in the headlines. It is heartbreaking and pre- pointed out a number of similarities between ventable, and that is why we must work to Ms. SPEIER. Madam Speaker, I rise to the two Constitutions, including an advocacy honor Dr. James Meier, a dedicated physician raise awareness not only just in April but year of a separation and balance of powers and a round. in my district who has devoted his career to bicameral legislature. Article V of the May 3 providing quality care to a generation of the f Constitution states that, ‘‘the integrity of the poor and less fortunate in San Mateo County. IN RECOGNITION OF DR. HARVEY states, civil liberty, and social order remain al- I have had the pleasure of knowing Dr. Meier KAPLAN OF THE SAN MATEO ways in equilibrium.’’ The United States and for 30 years and have witnessed his passion MEDICAL CENTER Poland share an unbreakable commitment to and dedication to his work. freedom and liberty. I congratulate the people Dr. Meier took a three-month temporary as- of Poland on this momentous day. signment at the San Mateo Medical Center HON. JACKIE SPEIER In honor of this special day, I would like to OF CALIFORNIA and stretched it to more than 40 years and put into the RECORD a speech given by the IN THE HOUSE OF REPRESENTATIVES counting. President of the European Parliament, Jerzy He has worked through the lean years when Tuesday, May 4, 2010 Buzek, in honor of Polish National Day. the county board of supervisors nearly voted Ms. SPEIER. Madam Speaker, I rise to Dear Ambassador, Distinguished Guests, to close the hospital. Those votes spurred an honor Dr. Harvey Kaplan who proudly states Ladies and Gentlemen, effort to raise community awareness of the that he has spent his entire career as a pedia- I am delighted to be here in this wonderful Center’s services. Dr. Meier played a lead role old building, the Renwick Gallery, in the in forming the San Mateo Medical Center trician. I have been friends with Dr. Kaplan for heart of this nation’s capital. three decades and have witnessed his pas- Over the past few days, in my capacity as Foundation which has helped garner the need- sion for those entering the world. President of the European Parliament, I ed public support to keep the hospital func- Dr. Kaplan was appointed to the San Mateo have been holding discussions here in Wash- tioning as a provider of high quality medical Medical Center in 1969. He also is a Clinical ington on issues relating to the European care.

VerDate Mar 15 2010 03:57 May 05, 2010 Jkt 089060 PO 00000 Frm 00005 Fmt 0626 Sfmt 9920 E:\CR\FM\A04MY8.005 E04MYPT1 rfrederick on DSKD9S0YB1PROD with REMARKS E738 CONGRESSIONAL RECORD — Extensions of Remarks May 4, 2010 Dr. Meier’s reason for coming to work each of knowledge beyond the fundamentals. In trict was able to provide over 3,000,000 bus day is captured in his positive attitude. He what has become recognized as a typical rides to passengers this past year. heaps praise on the other doctors, nurses and American trait of every generation, they want- During its 40 years of service to the Greater support staff who combine to make the center ed their children to achieve more than they Peoria area, innovation has been key to the a wonderful place to practice medicine. had and they knew education was the key. success of the transit district. Citylink was the Madam Speaker, the San Mateo Medical They also knew there needed to be a facility first transit system in the country to take ad- Foundation is right to honor Dr. Meier’s con- where the work of education could be com- vantage of local commodities by implementing tributions in a special ceremony on April 30th. pleted. ethanol-fueled buses into its fleet. A relation- He is without question a hero of healthcare in The first permanent high school in Fond du ship with the Peoria Historical Society was the county and State. Lac was built in 1865 at a cost of $17,000. also established in order to bring trolley-buses f That building burned to the ground in 1868 into the district’s fleet. These trolleys were ob- but, undaunted, the community responded by tained in order to provide for historical tours of PERSONAL EXPLANATION building a four-story, brick and stone facility, the area with the guide of local Peoria Histor- which was completed in 1871 at a cost of ical Society Members. HON. JOHN J. HALL $45,000. As the city grew, its citizens re- Catering to the needs of its passengers has sponded by building larger schools, expanding OF NEW YORK been another key to the success of the transit them, and when necessary replacing them, in IN THE HOUSE OF REPRESENTATIVES district. Citylink has extended early morning a cycle that has been repeated many times Tuesday, May 4, 2010 and late night routes in order to help those over. How far we have come from the first passengers with work shifts starting early or Mr. HALL of New York. Madam Speaker, on high school classes held in the Sewell Store ending late in the night. Along with these March 16th, I missed rollcall vote 118 on pas- on Main Street to the expansive, multimillion- hours of extended service, special fares were sage of H. Res. 605. If I were present, I would dollar, high-tech school we have today. established to help seniors, students and pas- have voted ‘‘aye’’ in support of recognizing the But a high school is more than just bricks sengers who may be physically or mentally continued campaign to persecute, intimidate, and mortar; more important are the people challenged. In fact, over 118,000 trips were imprison, and torture Falun Gong practitioners who have worked there and have been a part given to paratransit riders during this past year in China. I strongly supported this legislation. of its development. As Fond du Lac celebrates alone. The Chinese Government has conducted an this important milestone, it is appropriate to re- member individuals like George B. Eastman, I wish to congratulate and thank the Greater official program of persecution and suppres- Peoria Mass Transit District and all the staff sion of practitioners of Falun Gong for ten the first Superintendent of the Fond du Lac Union High School District; Edwin Johnson members who have provided stellar service to years. I join my colleagues in Congress in ex- the entire Peoria area over the past 40 years. pressing sympathy to practitioners of Falun and M.S. Merrill, Fond du Lac High School’s first teachers; and Julia Gibbons and John P. It is my honor this day to congratulate them, Gong in China, the United States and around 40 years after their inception. the world, and in calling on the Chinese Gov- McGalloway, who were among those who ernment to end their campaign of discrimina- served on the first elected school board in the f tion, intimidation and imprisonment of Falun 1920s. Those who belong to more recent gen- erations will tell you not to forget Lowell P. Gong practitioners. IN RECOGNITION OF DR. MARK Goodrich, who served as Superintendent from HIGHMAN OF THE SAN MATEO f 1923 through 1940 and after whom the high MEDICAL CENTER FOND DU LAC HIGH SCHOOL school would be named for many years. SESQUICENTENNIAL Through the generations, Fond du Lac High School has graduated students who have HON. JACKIE SPEIER gone on to contribute to their communities and HON. THOMAS E. PETRI OF CALIFORNIA professions in a wide array of occupations and OF WISCONSIN pursuits, demonstrating that education is in- IN THE HOUSE OF REPRESENTATIVES IN THE HOUSE OF REPRESENTATIVES deed ‘‘the soul of a society.’’ Tuesday, May 4, 2010 Tuesday, May 4, 2010 As we reflect on the profound impact of education, please join me in congratulating the Ms. SPEIER. Madam Speaker, I rise to Mr. PETRI. Madam Speaker, few events people of Fond du Lac, Wisconsin as they cel- honor Dr. Mark Highman, a cardiologist who resonate more within a community than mark- ebrate the sesquicentennial of their high willingly chose the career path of public serv- ing a major anniversary of its only public high school this year. ice medicine over the more lucrative road of school. This year, in my home town of Fond private practice. I feel very fortunate to have du Lac, Wisconsin, we are celebrating 150 f known Dr. Highman for 30 years. Clearly, dec- years of continuing commitment to academic HONORING CITYLINK ON 40 YEARS ades of patients at the center who lacked in- excellence that has been achieved by Fond du OF SERVICE surance or the money to pay for it appreciate Lac High School. his decision to practice at the San Mateo Med- As described by G.K. Chesterton, one of the ical Center. most influential English writers of the 20th HON. AARON SCHOCK He was appointed Medical Director of the century, ‘‘Education is simply the soul of a so- OF ILLINOIS Special Care Unit, Vice Chief of Medicine and ciety as it passes from one generation to an- IN THE HOUSE OF REPRESENTATIVES other.’’ I believe the generations of those who Chief of Cardiology to the center in 1977. Dr. Tuesday, May 4, 2010 have lived in Fond du Lac since the high Highman also is an Associate Clinical Pro- school first opened its doors in January of Mr. SCHOCK. Madam Speaker, I rise today fessor of Medicine at Stanford University. 1859 have been very well served. to honor the 10th anniversary of the Greater The diversity of patients and their medical Fond du Lac is similar to many cities of its Peoria Mass Transit District, also known as challenges prompted Dr. Highman to become size throughout this great nation. Its citizens Citylink. certified in critical care. He considers treating are hardworking and civic-minded; they are The Greater Peoria Mass Transit District the less fortunate to be, in his own words, family-oriented and committed to their chil- was first formed on May 4, 1970 to provide ‘‘richly rewarding’’ and that speaks volumes to dren; and they understand the value of a high- public transportation to the Village of Peoria what this healer is all about. As a career-long quality education. It is for these reasons the Heights, West Peoria Township and the City medical musketeer he is the embodiment of high school is such a source of community of Peoria. the esprit de corps at the center. pride and so tightly woven into the fabric of In its first year of operation over 667,000 Madam Speaker, Dr. Mark Highman is a the community. passengers rode the Citylink system. Since hero of healthcare to a generation of the less It was this commitment to education that ini- that time the Greater Peoria Mass Transit Dis- fortunate in our county and State. The San tially drove concerned parents to petition for trict has expanded its area of operations to in- Mateo Medical Foundation is right to honor his the creation of a high school in October of clude East Peoria, Pekin and Bartonville. With contributions at a special ceremony on April 1858 in order to develop their children’s base this expanded area of service the transit dis- 30th.

VerDate Mar 15 2010 03:57 May 05, 2010 Jkt 089060 PO 00000 Frm 00006 Fmt 0626 Sfmt 0634 E:\CR\FM\K04MY8.013 E04MYPT1 rfrederick on DSKD9S0YB1PROD with REMARKS May 4, 2010 CONGRESSIONAL RECORD — Extensions of Remarks E739 COMMENDING MR. IWAO MATSUDA and build lasting friendships that we all cher- selected earlier this year by Lifestyle Maga- ish. zine as one of Central Florida’s ‘‘Top Teach- HON. DANA ROHRABACHER My wife Cheryl and I wish our good friend ers.’’ Mrs. Gordon was born in Orlando, Florida OF CALIFORNIA Mr. Iwao Matsuda all the best. As he makes where she attended Lake Silver Elementary, IN THE HOUSE OF REPRESENTATIVES a change to the private sector, we both know that Matsuda will continue make Japan proud. Lee Middle School, and graduated from Lake Tuesday, May 4, 2010 I look forward to finding new ways to work Highland Preparatory School. Being born into Mr. ROHRABACHER. Madam Speaker, I with my friend and I wish him well with future a family of teachers (her aunt, mother, and rise to commend Mr. Iwao Matsuda for his dili- endeavors. older sister are also teachers), it is no surprise gence and many years of hard work in bring- f that Patti graduated from Clemson University ing about closer United States-Japanese-Ko- with honors where she majored in Elementary rean relations. We can all thank him for the HONORING MR. IWAO MATSUDA Education and Graphic Design. Mrs. Gordon development of very close ties between the received her Master’s degree in elementary legislatures of Japan and the United States. HON. JEAN SCHMIDT school counseling from the University of Cen- tral Florida. She is a National Board-Certified The legislative exchange program he cre- OF OHIO teacher, who has taught pre-school, 1st grade, ated evolved into semiannual meetings be- IN THE HOUSE OF REPRESENTATIVES tween Members of the Diet and the U.S. Con- 3rd grade, 5th grade, and was the elementary Tuesday, May 4, 2010 gress. The personal and professional relation- school guidance counselor at Lake Highland ships that have developed are key to the long Mrs. SCHMIDT. Madam Speaker, I rise Preparatory School for 3 years. For the past seven years, Mrs. Gordon has worked at and solid alliance between our two democratic today to honor Mr. Iwao Matsuda and his Princeton Elementary school as a gifted edu- nations. many contributions toward strengthening the relationship between the U.S., Japan, and cation teacher. He also played a key role in expanding Patti has gone above and beyond a tradi- these exchanges to include South Korea once South Korea. His efforts in establishing the bi- lateral Legislative Exchange Program between tional role of a teacher. She believes in teach- it became a strong and vibrant democracy. ing through hands-on activities, service learn- the United States and Japan and his efforts to I note Mr. Matsuda was selected by Prime ing projects, and uses modern technology expand the program to include South Korea Minister Koizumi to serve in the very pres- whenever she can in her instruction. She not have cultivated the strong bond between our tigious position as Minister of State for only founded a Science Club in her school, countries and served to reinforce and uphold Science and Technology Policy, Food Safety she also coordinates and teaches in the pro- and Information Technology. our common democratic values. gram. Through her leadership and enthu- Madam Speaker, it is therefore appropriate Mr. Matsuda has worked tirelessly toward siasm, over 125 students volunteer to partici- for us to commend and thank Mr. Matsuda for improving relations between Japan and the pate in the Science Club after school. The en- helping to foster peace and democracy in Asia United States. In 1989, after becoming a vironment is a passion for Patti and can be and I wish him well in his future endeavors. member of the Japanese Diet he helped seen through her ‘‘Green Team’’ initiative, f launch the first Legislative Exchange Program. which has led to a complete ecological change Troubled by bitter trade disputes between the HONORING MR. IWAO MATSUDA for her school. United States and Japan, his idea was to Madam Speaker, Mrs. Gordon is a remark- bring together Members of Congress and able example to educators all over our coun- HON. F. JAMES SENSENBRENNER, JR. members of the Japanese Diet in an informal try. It is an honor to pay tribute to her accom- OF WISCONSIN setting to have a candid exchange of ideas to plishments. I know the crucial impact teachers IN THE HOUSE OF REPRESENTATIVES address these key issues in United States- can and do have on their students. Mrs. Gor- Japanese relations. Tuesday, May 4, 2010 don’s passion and dedication for teaching is This bi-lateral exchange has continued suc- not only seen through her many awards, but Mr. SENSENBRENNER. Madam Speaker, I cessfully for the last twenty years and was ex- through the success of her students. Central rise today in honor of my good friend from panded in 2003 to include South Korea. The Florida is lucky, and grateful, to have an edu- Japan, Mr. Iwao Matsuda. He is a patriot who semi-annual meeting between Members of cator like Patti MacLeish Gordon. has dedicated his life to his country and to the Congress, the Japanese Diet, and the South f people of Japan. I have worked with Mr. Korean National Assembly continues to foster Matsuda for many years and am saddened by candid discussions and is an important com- IN RECOGNITION OF THE TOWN OF his retirement from the United States-Japan ponent in the close alliance between our three HILLSBOROUGH, CALIFORNIA Legislative Exchange Program (LEP). countries. Mr. Iwao Matsuda served Japan for many Madam Speaker, after twenty years of work- HON. JACKIE SPEIER years in a variety of roles. One such role was ing to cultivate the relationship between the OF CALIFORNIA as a civil servant in the Ministry of Inter- United States, Japan, and South Korea, Mr. IN THE HOUSE OF REPRESENTATIVES national Trade and Industry. Having served in Iwao Matsuda is retiring from public office. It Tuesday, May 4, 2010 the Ministry for more than twenty years, he is only appropriate that we take a moment to Ms. SPEIER. Madam Speaker, I rise to learned the importance of the United States- honor his service and applaud his commitment honor the 100th Anniversary of the Town of Japan friendship. Later in his career, as Mem- to the promotion of open dialogue and demo- Hillsborough in my district. In fact, I am a ber of the Japanese Diet, Mr. Matsuda con- cratic ideals. proud resident of this town. My children were stantly forged new pathways to improve f raised here and they have benefited from an United States-Japan relations and he recog- excellent public education system, particularly RECOGNIZING THE CONTRIBU- nized that at the core of improved relations in the middle grades where, aside from mas- TIONS OF PATTI MACLEISH GOR- was a deeper cultural understanding of our tering the basics, they confronted the chal- DON two countries. As a Member of the Diet, he lenges of malnutrition in Africa, homelessness was in a unique position to forge a pathway to in our own country and the importance of pro- closer ties. Thus, Mr. Matsuda helped launch HON. ALAN GRAYSON tecting the environment. The spirit of altruism the LEP which is now one of the most suc- OF FLORIDA that was instilled in them is one that per- cessful exchange programs in Congress. IN THE HOUSE OF REPRESENTATIVES meates the entire community. As a founding father of the LEP, Mr. We often talk about good citizenship, a Tuesday, May 4, 2010 Matsuda has been a leader in building a long- sense of neighborhood and civic responsibility lasting friendship between the United States Mr. GRAYSON. Madam Speaker, I rise in as if they were things in our past. I can attest and Japan. His in-depth knowledge of the honor of National Teacher Day. Today, I that those values are alive and well in United States has been a key to building the would like to recognize an extraordinary teach- Hillsborough under the able leadership of LEP into the successful program that it is er from Central Florida who is making a sig- Mayor Christine Krolik who states that 7,000 today. Members of Congress, including my- nificant impact in the field of education in my of the 11,000 total residents are registered to self, welcomed the knowledge and wisdom district and in the State of Florida, Patti vote. And that 11,000 number includes chil- that Matsuda shared at LEP meetings. Under MacLeish Gordon. Mrs. Gordon was one of dren as well as adults, so a truly extraordinary his leadership, Members of Congress and the five finalists for the Orange County Public number of voting-age adults are actively par- Diet have been able to break down barriers Schools 2011 Teacher of the Year and was ticipating in our democracy.

VerDate Mar 15 2010 03:57 May 05, 2010 Jkt 089060 PO 00000 Frm 00007 Fmt 0626 Sfmt 9920 E:\CR\FM\K04MY8.015 E04MYPT1 rfrederick on DSKD9S0YB1PROD with REMARKS E740 CONGRESSIONAL RECORD — Extensions of Remarks May 4, 2010 The people of Hillsborough have a real con- HONORING RONALD L. LYNN, PERSONAL EXPLANATION nection to their town. The public schools are PRESIDENT OF THE INTER- a source of shining pride to the entire commu- NATIONAL CODE COUNCIL BOARD HON. MIKE ROSS OF DIRECTORS nity, and indeed diplomas my children earned OF ARKANSAS at Hillsborough public schools have a place of IN THE HOUSE OF REPRESENTATIVES distinction in our home. The dedicated public servants of the Police, Fire, Public Works and HON. SHELLEY BERKLEY Tuesday, May 4, 2010 Administration Departments are among the OF NEVADA Mr. ROSS. Madam Speaker, on Thursday, very best in our great state of California. The IN THE HOUSE OF REPRESENTATIVES April 29, 2010, I was not present for rollcall town cares deeply about their natural re- vote 241. sources, and Hillsborough has set a very high Tuesday, May 4, 2010 Had I been present for rollcall vote 241, a standard for preservation of public space and Ms. BERKLEY. Madam Speaker, I rise motion to recommit H.R. 2499, the Puerto preservation of natural beauty. Indeed, on the today to recognize the importance of building Rico Democracy Act, I would have voted occasion of the 100th anniversary, the town safety, and to recognize the leadership of the ‘‘aye.’’ will dedicate a new Centennial Park, which will International Code Council (ICC). The ICC de- be donated by the Hillsborough Beautification f velops and publishes the building safety, en- Foundation, which privately raised all of the ergy efficiency and fire safety model codes CELEBRATING THE 100TH ANNI- funds for this wonderful community treasure. used in most cities and States of the United VERSARY OF THE ASSOCIATION The town of Hillsborough has a rich tapestry States, as well as in many other nations. OF CALIFORNIA WATER AGEN- of history. Hillsborough has hosted Theodore CIES Roosevelt for a Presidential visit, as well as We don’t have to look far to see how impor- Jimmy Carter, Bill Clinton and George W. tant the issue of building safety is to people in Bush. Residents of Hillsborough have included America and around the world. This year, we HON. JIM COSTA such notable citizens as Bing Crosby, William had sobering reminders of the importance of OF CALIFORNIA Randolph Hearst, William Crocker and Rickey properly enforced building codes in the after- IN THE HOUSE OF REPRESENTATIVES math of devastating earthquakes in Haiti and Henderson. Tuesday, May 4, 2010 Chile. The loss of life and catastrophic prop- There will be a Memorial Day Parade of the erty damage of those disasters might have Mr. COSTA. Madam Speaker, I rise today to Century planned for May 31. There is much to largely been avoided had modern building pay tribute to the Association of California celebrate in the past 100 years in codes been in place and enforced, as they are Water Agencies on the occasion of their 100th Hillsborough, and I join my many friends and throughout the U.S. anniversary, aptly recognized as ‘‘A Century of neighbors there in recognizing the 100th Anni- Leadership, Vision for the Future.’’ versary of Hillsborough. With those tragedies in mind, I want to con- gratulate the leaders of the ICC who sponsor The Association of California Water Agen- Madam Speaker, please join me in cele- Building Safety Month, celebrated in May. The cies, ACWA, was established in 1910 after brating this great occasion for this great town. leaders of the ICC, including my constituent five irrigation districts united as one voice to and the Director of Development Services for lay the groundwork for developing California’s f Clark County, the President of the Board of water supply and delivery system. The Asso- Directors, Ronald L. Lynn, of Las Vegas, Ne- ciation represents the interests of its members HONORING STATE SENATOR at the State and Federal levels, and assists ROGER STEWART’S SERVICE vada; Vice President, James Brothers, from Decatur, Alabama; Secretary/Treasurer, Wil- them in promoting the development, manage- liam Dupler, from Chesterfield, Virginia; Imme- ment, and use of quality water in an environ- HON. BRUCE L. BRALEY diate Past President, Adolf Zubia, from Las mentally balanced and cost-effective manner. Since its inception, the work of the ACWA has OF IOWA Cruces, New Mexico; and Director Guy been reflected in scores of local, regional and IN THE HOUSE OF REPRESENTATIVES Tomberlin, from Fairfax County, Virginia, have joined ICC’s Chief Executive Officer Rick statewide water projects. Tuesday, May 4, 2010 Weiland in Washington this week to discuss As the largest coalition of public water agen- cies in the Nation, the ACWA has become a Mr. BRALEY of Iowa. Madam Speaker, I the critical need to support the adoption and administration of the latest building codes, to leader on California water issues and a re- rise to thank Iowa State Senator Roger Stew- spected voice in both the legislative and regu- art for his service to Iowa and our country. make sure Americans are safe at home, at work, at school and at play. latory arenas in Sacramento and Washington, Senator Stewart is retiring from the Iowa State DC. In 1991, the ACWA expanded its offices Senate at the end of the 2010 state legislative In particular, I am pleased to take this op- to the District of Columbia to advocate for session. portunity to celebrate the many accomplish- California water communities on Federal Senator Stewart has represented Dubuque, ments and contributions of Ron Lynn. During issues. Since that time, the ACWA has partici- Jackson, and Clinton County in the Iowa legis- a career that has spanned almost 30 years, pated in efforts that led to enactment of the lature for the past eight years. He has been a Ron has been an incredible asset to the Las Safe Drinking Water Act Amendments of principled, pragmatic leader. Communities Vegas community and has played a central 1996; efforts to keep MTBE out of drinking throughout Iowa have benefited from his com- role in helping our city grow. We have all ben- water; efforts leading to the issuance of the mitment to responsible economic development efitted from his involvement in groups such as CALFED Record of Decision; efforts to derail and common sense business practices. Sen- the McCarran Airport Hazards Area Board of a Federal chlorate cleanup exemption and ator Stewart is chair of the Economic Growth Adjustment, Nevada Earthquake Safety Coun- produced ‘‘No Time to Waste: A Blueprint for Committee and a member of the Ways and cil, Nevada Organization of Building Officials, California’s Water Future’’ for the California Means Committee. He serves on the Rebuild the Western States Seismic Policy Council’s congressional delegation, among other Iowa Committee which is creating conditions Architecture, Engineering and Construction achievements. for sustainable development in communities Committee, the Nevada State Hazard Mitiga- The Association of California Water Agen- damaged during the 2008 Midwest floods and tion Planning Steering Committee, and the Ne- cies has been a guiding force in California’s tornados. vada Bureau of Mines and Geology Advisory water policy for the past century, and they Senator Stewart has also been an effective Committee. continue to help shape the laws, policies and advocate for Iowa farmers and agribusinesses. Ron is among the very best of the thou- regulations that affect the State’s urban and He has received several awards for his work sands of men and women who work every day agricultural water users. I ask my colleagues on agriculture issues including the Chamber to make sure our buildings comply with build- to join me in recognizing the Association of Friends of Agriculture Award and the National ing and fire codes. Their work, largely unseen California Water Agencies for their advocacy Banking Award for work during the 1980’s and often unnoticed, is critical to keeping and leadership on California water issues, and farm crisis. Americans safe. commending them for the role they have Madam Speaker, the Hawkeye State is for- Congratulations, Ron, on a distinguished ca- played in developing the State’s water policies tunate to have great leaders like Roger Stew- reer spent ensuring the safety of your fellow and regulations. Again, congratulations to the art. Please join me in thanking the Senator, citizens, and congratulations to the hard work- Association of California Water Agencies on his wife Jennie, and the entire Stewart family. ing members and leadership of the ICC. their centennial.

VerDate Mar 15 2010 03:57 May 05, 2010 Jkt 089060 PO 00000 Frm 00008 Fmt 0626 Sfmt 0634 E:\CR\FM\K04MY8.016 E04MYPT1 rfrederick on DSKD9S0YB1PROD with REMARKS May 4, 2010 CONGRESSIONAL RECORD — Extensions of Remarks E741 TRIBUTE TO JOHN WARE PUERTO RICO DEMOCRACY ACT OF Born in Gifu-City, Japan, in 1937, Mr. 2009 Matsuda graduated from the University of Tokyo in 1967. He started his career in public HON. EDDIE BERNICE JOHNSON SPEECH OF service at the Ministry of International Trade and Industry (MITI) with posting in various lo- OF TEXAS HON. TODD TIAHRT OF KANSAS cations around the world—including the United IN THE HOUSE OF REPRESENTATIVES IN THE HOUSE OF REPRESENTATIVES States. He served in the House of Represent- atives of the Japanese Diet from 1986 to 1996 Thursday, April 29, 2010 Tuesday, May 4, 2010 and was elected to the House of Councilors in The House in Committee of the Whole 1998. Throughout his public service career, he Ms. EDDIE BERNICE JOHNSON of Texas. House on the State of the Union had under Madam Speaker, it is with a heavy heart that has served in a variety of distinguished posi- consideration the bill (H.R. 2499) to provide tions, such as the Minister of State for Science I honor the life and memory of John Ware. for a federally sanctioned self-determination and Technology Policy, Food Safety and Infor- John was a remarkable person, and his vision process for the people of Puerto Rico: mation Technology. and ability truly embody the spirit of Dallas. As Mr. TIAHRT. Mr. Chairman, I stand in oppo- Early in his career in the Diet, Mr. Matsuda city manager from December 1993 to August sition to H.R. 2499, the Puerto Rico Democ- saw the need for more open communications 1998, he was credited with leading the city’s racy Act. I believe that H.R. 2499 will lead to between the U.S. and Japan. During that time, negotiations for the construction of American a situation where the government of Puerto when Japan-U.S. relations could be tense re- Airlines Center and was the driving force in Rico could demand recognition as the 51st garding trade and other issues, Mr. Matsuda creating the city we know today. After coura- state in the Union despite the will of the Puer- knew that personal interaction between Mem- geously battling cancer, John passed away at to Rican people. This bill represents the fourth bers of Congress and Members of the Diet the age of 62. time since 1991 that Puerto Ricans have been could lead to greater understanding and co- asked to vote on their status, and all four John was born on March 16, 1948, in operation between our two countries. In 1989, times they have rejected statehood as their along with Rep. Norm Shumway and with as- Arkadelphia, Arkansas, to J.A. and Allie Ware. desired political status. The two-step voting He was married to Shirley Porter in 1974 and sistance from professors at George Wash- process contained in this bill will skew the re- ington University and others, the first meeting to this union two sons were born. John was an sults in favor of a minority of the people who of the United States-Japan Legislative Ex- active member of Friendship West Baptist support statehood, and drown out the voices change Program was held. Semi-annual meet- Church in Dallas, Texas. He also actively of the majority who do not. ings have been held since and, in 2003, the served in the United States Army, and during I am also deeply troubled by the provision in exchange was expanded to include Members his tour of duty in Vietnam he earned a the bill that would allow anyone born in Puerto of the South Korean National Assembly. Bronze Star and Purple Heart. Rico, but not currently residing there, to vote I have had the privilege of participating in John earned his B.A. degree from Ouachita in this plebiscite. With hundreds of thousands many meetings over the years, and consider Baptist University, where he graduated Cum of people born in Puerto Rico, but not residing Mr. Matsuda to be a colleague and a friend. Laude and was a member of the Inaugural there, I believe this aspect of the bill dilutes He is an example to all of us in his leadership, Honors Program. He received his M.P.A. de- the voices of Puerto Rican residents and commitment to democratic values, and under- gree in 1974 from the Maxwell School at Syra- again sets the stage for a skewed result sup- standing of the importance of maintaining alli- porting statehood. cuse University where, in addition to earning ances with friends in good times and bad. Finally, I believe that as a condition of pos- an academic scholarship, he was named an Through his resolve in establishing the ex- sible statehood, Puerto Rico must officially change, we are able to discuss issues of com- Andrew Mellon Fellow. He holds certificates adopt English as its primary language. It is from the University of Chicago Graduate mon concern in an open, informal way that currently officially a bilingual territory, where leads to better understanding and stronger School of Business, the Jesse H. Jones Grad- only 1 in 5 people speak English fluently. The partnerships. uate School of Management at Rice Univer- last states admitted to the Union, Alaska and So it is altogether fitting that we recognize sity, the Kellogg Graduate School of Manage- Hawaii, both adopted English as their official the many contributions of Iwao Matsuda as his ment at Northwestern University, the Wharton language and, although they respect the cul- final exchange program begins. He has had a School at the University of Pennsylvania, Co- ture and language of their native population, lasting impact on United States-Japan-South lumbia University Business School, the Cox the vast majority of their populations are fluent Korean relations, and we are thankful for—and School of Business at Southern Methodist Uni- in English. honor—his leadership, service and friendship versity, and the Lyndon B. Johnson School of For these reasons, I cannot vote to support today. Public Affairs at the University of Texas at H.R. 2499 or the Burton/Young Amendment, f Austin. which does not adequately ensure that English would be the official language of Puerto Rico. THANKING GEORGE BARTON AND John’s innovative ideas and education were COMMUNITY HEALTH CARE INC. truly profound, but it was really John’s person- f ality and personal investment in his work that RECOGNIZING IWAO MATSUDA HON. BRUCE L. BRALEY people remember. Truly, no one knew this OF IOWA better than those who will miss him most—his HON. THOMAS E. PETRI IN THE HOUSE OF REPRESENTATIVES family. He is survived by his beloved wife, OF WISCONSIN Tuesday, May 4, 2010 Shirley Ware of Dallas; two sons, Jawn Ware IN THE HOUSE OF REPRESENTATIVES Mr. BRALEY of Iowa. Madam Speaker, I and Brandon Ware; four sisters, Cathie Mur- Tuesday, May 4, 2010 phy, Rose Gale Jones, Gloria Hart, and An- rise to recognize and thank Mr. George Barton gela Helms; five brothers, Joshua Ware, Ollie Mr. PETRI. Madam Speaker, later this and the entire Community Health Care Inc. Charles Ware, Melvin Ware, Ronald Ware, week, the 43rd Session of the United States- (CHC) team for working to meet the health and Sabian Ware; and one grandchild. Japan Legislative Exchange Program and the care and wellness needs of the Iowa and Illi- 11th Session of the United States-Japan- nois Quad Cities. This spring George starts as Madam Speaker, it is my privilege to be South Korea Trilateral Exchange Program will CEO of the federally qualified health center able to bring the life and contributions of John commence here in the U.S. Capitol. These (FQHC) in Madison, Wisconsin, but Commu- Ware to the attention of Congress and this na- meetings are the result of the vision and initia- nity Health Care will continue to thrive be- tion. His passion and dedication to his work tive of Iwao Matsuda, a Member of the House cause of the foundation this team has built serve as an example to us all. John will be of Councilors of the Japanese Diet. Sadly, it over the past years. deeply missed by those whose lives he also will be the last that we will have the privi- In the Quad Cities—like so many commu- touched, but his memory will live on through lege of meeting with Mr. Matsuda as a Mem- nities in America—we have an urgent need for his contributions to Dallas and the work from ber of the Diet, as he will be retiring. For this health care services for low and moderate in- which we have all benefitted immensely. Dur- reason, I want to honor Mr. Matsuda and offi- come families, individuals who are under- ing this difficult time I would like to extend my cially recognize his many contributions to insured or have no insurance, Medicaid eligi- deepest sympathies to his family, and I ask United States-Japan relations and for fostering ble patients, and children who rely on state my fellow colleagues to join me in recognizing greater friendship and cooperation between children’s health insurance programs. Fortu- and honoring this great man. the U.S. Congress and the Japanese Diet. nately there are three FQHC’s in my district—

VerDate Mar 15 2010 03:57 May 05, 2010 Jkt 089060 PO 00000 Frm 00009 Fmt 0626 Sfmt 9920 E:\CR\FM\A04MY8.018 E04MYPT1 rfrederick on DSKD9S0YB1PROD with REMARKS E742 CONGRESSIONAL RECORD — Extensions of Remarks May 4, 2010 including Community Health Care—where IN HONOR AND RECOGNITION OF for charitable organizations in Pettis County, thousands of my constituents can get access MS. CHRISTINE MILES and he currently serves on the board as first to high quality care with payment options that vice president. meet their specific needs. CHC alone serves HON. DENNIS J. KUCINICH Over the years, he has also served as 31,000 patients throughout the Quad Cities OF OHIO president of the Liberty Center Association for and manages 119,000 unique visits per year. IN THE HOUSE OF REPRESENTATIVES the Arts, a member of the Salvation Army Ad- By 2012 the CHC team will be serving 40,000 visory Board, and a board member of the Se- patients annually. Under George’s leadership, Tuesday, May 4, 2010 dalia Rotary Club. For 2 years, he was presi- CHC has dramatically expanded their services Mr. KUCINICH. Madam Speaker, I rise dent of the Sedalia Area Chamber of Com- by opening new outpatient clinics, enhancing today in honor and recognition of Ms. Chris- merce, and he was awarded the ‘‘Volunteer of relationships with regional hospitals physician tine Miles of Berea, Ohio, a remarkable the Year’’ award in 2002 for his service with groups, and adding multiple dental suites to woman who has dedicated her life to her dual the Chamber. meet the incredible need for childhood and passions of music and helping children. Ms. Though his commitments are wide and di- adult dental care. Miles has worked on my staff for 14 years, but verse, few have meant more to Mr. Madam Speaker, I advocate for our federal she has been my friend for almost 40 years. Thomlinson than his work with Ducks Unlim- community health centers because people like She brings joy into the lives of thousands of ited, an organization that has conserved, re- George Barton and the CHC team get results. young men and women through her work as stored, and protected over 12 million acres of They dramatically improve health and wellness a music therapist and her role in creating and habitat in North America. After serving as the in our communities and are invaluable to solv- managing the 10th Congressional District Art Missouri State chairman for 3 years, this year ing one of the most critical issues facing our Contest, which she has organized for 14 con- he will be nominated to become a regional country today—access to health care. Please secutive years. vice president. join me in thanking George and this team for Ms. Miles is simply one of the most inter- Madam Speaker, let me take this means to their service. esting people you could ever hope to meet. recognize Mr. Thomlinson for his tireless serv- She has a deep passion for cooking and gar- ice to our community and for the impeccable f dening. Her home is a calming oasis of his- example he and his wife Holly have set for RWANDAN GENOCIDE tory, warmth and love. She has dedicated her their daughter Vanessa and us all. life to the arts and to service to her commu- f nity. An alumna of Baldwin-Wallace Conserv- HON. TED POE atory of Music, Ms. Miles has been honored IMPLEMENTING MANAGEMENT OF TEXAS for her to devotion to music as a performer, a FOR PERFORMANCE AND RE- IN THE HOUSE OF REPRESENTATIVES teacher and as a music therapist for children. LATED REFORMS TO OBTAIN VALUE IN EVERY ACQUISITION Tuesday, May 4, 2010 Ms. Miles was elected to the Berea City Council in 1972 and in 1976, she became a ACT OF 2010 Mr. POE of Texas. Madam Speaker, I’ve special aid to U.S. Congressman Ron Mottl. spent my entire career advocating for victims, She was the first woman to Chair the Ohio SPEECH OF for those that have suffered at the hands of Democratic Delegation to a presidential con- perpetrators both as a former judge in Texas HON. LAURA RICHARDSON vention where she was a delegate for Jimmy OF CALIFORNIA and as founder and co-chair of the Victims’ Carter. She served as President Carter’s dep- IN THE HOUSE OF REPRESENTATIVES Rights Caucus. It grieves me that people re- uty co-coordinator for his Ohio Campaign. She sort to violence and commit such atrocities to later served on the National Advisory Board Wednesday, April 28, 2010 their fellow neighbor. On April 6, 1994 and for on Ambassadorial Appointments. She has also The House in Committee of the Whole the next three months our world learned an served as a Member of the Advisory Com- House on the State of the Union had under important lesson—violence is not the answer, mittee on the Arts at the John F. Kennedy consideration the bill (H.R. 5013) to amend nor is watching and doing nothing. Center for the Performing Arts. title 10, United States Code, to provide for Sixteen years ago, beginning on April 6, Madam Speaker and Colleagues, please performance management of the defense ac- quisition system, and for other purposes: 1994 more than 800,000 persons were killed join me in honor and recognition of Ms. Chris- in the Rwandan genocide, many being Tutsis. tine Miles, a strong supporter of the arts who Ms. RICHARDSON. Mr. Chair, I rise today A shot-down plane of Rwandan President has made Northeast Ohio a more beautiful in support of H.R. 5013, the IMPROVE Acqui- Juvenal Habyarimana, a Hutu, and his death place to live through her work, her consistent sition Act of 2010, which will implement re- sparked the beginnings of the genocide be- dedication to the well being of children, and forms that reduce waste within the Department cause the very next day, April 7, 1994, the her very presence. Thank you, Chris. of Defense, DOD. This important legislation Rwandan Armed Forces (FAR) and the will help ensure that our government’s second f interahamwe went out and slaughtered thou- largest department acts efficiently and effec- sands of people by setting up roadblocks and IN RECOGNITION OF GEORGE tively in its pursuit of our national security. then going house to house killing Tutsis and THOMLINSON I thank Chairman SKELTON for his leadership moderate Hutus. The slaying went on for the in bringing this bill to the floor. I also thank the next 100 days. HON. IKE SKELTON sponsor of this legislation, Congressman ROB- On June 22, 1994 the U.S. used the word OF MISSOURI ERT ANDREWS, for his dedication to enacting ‘‘genocide’’ only after the Security Council de- IN THE HOUSE OF REPRESENTATIVES substantive government reform that protects ployed French forces in South West Rwanda. taxpayers and makes our Federal Government On February 19, 1995 Western countries com- Tuesday, May 4, 2010 work more efficiently on behalf of the Amer- mitted to sending $600 million in aid, with $60 Mr. SKELTON. Madam Speaker, allow me ican people. million coming from the United States. Rwan- to recognize and pay tribute to Mr. George Mr. Chair, in 2009, the DOD’s budget was da bears a deep and grave loss from this trag- Thomlinson who recently received the Spirit of $680 billion, the second largest budget of all edy, and the international community has Service award from the Warrensburg Stake of executive branch departments. The American come around them to support, encourage and the Church of Jesus Christ of Latter-day taxpayer deserves our best effort to ensure comfort. Saints. This annual award recognizes a mem- that this money is spent efficiently, effectively, Much was said during this conflict, but little ber of the community who shows an out- and in areas of the most need. H.R. 5013 will was done. We can do better. We must do bet- standing commitment to service and vol- aid in this effort by ensuring the DOD gets the ter. unteerism. maximum value possible from its acquisitions. We send our sympathies out to the loved Although Mr. Thomlinson has worked for 31 The bill will require that the DOD set perform- ones who died in the Rwandan genocide. We years as an insurance agent with Farmers In- ance standards and goals for all acquisitions. know that they are still greatly missed even surance Group in Sedalia, Missouri, volun- It then requires all acquisitions to be subjected sixteen years later. May we remember this teering remains his true calling. Since 1995, to regular assessments to ensure that these time when so many lost their lives, and may Mr. Thomlinson has been involved with the goals are being met. we do better in interceding during future con- Sedalia-Pettis County United Way. As presi- This legislation also directs the Secretary of flicts. Let us always take a stand against vio- dent and campaign chair, Mr. Thomlinson Defense to manage and develop a highly lence. helped raise hundreds of thousands of dollars skilled workforce that ensures that the DOD

VerDate Mar 15 2010 03:57 May 05, 2010 Jkt 089060 PO 00000 Frm 00010 Fmt 0626 Sfmt 9920 E:\CR\FM\K04MY8.018 E04MYPT1 rfrederick on DSKD9S0YB1PROD with REMARKS May 4, 2010 CONGRESSIONAL RECORD — Extensions of Remarks E743 gets the best possible value out of its expendi- At Dulles International, a new security mez- I honor my friend Matsuda-san’s life and tures. The bill requires that an enhanced sys- zanine and the state-of-the-art AeroTrain, work, and I wish him a peaceful retirement. tem of incentives be put in place to encourage were recently put into service. These monu- My colleagues and I will never forget his kind employees to reach performance goals. Fi- mental improvements return Dulles Inter- hospitality, both in official and personal set- nally, H.R. 5013 will require that all companies national to the form and function that Architect tings, and I look forward to continuing our receiving DOD contracts are subjected to Eero Saarinen, envisioned for this beautiful friendship in the years to come. comprehensive audits that ensure that their landmark when it opened in 1962. At Reagan f federal dollars are spent wisely and efficiently. National, Mr. Bennett guided the addition of I have long been an advocate of increased expanded parking and completion of a new CONGRESSIONAL CERTIFICATE OF government efficiency and accountability. As Public Safety Communications Center to ex- MERIT WINNERS the holder of a master’s degree in business pand the Airports Authority’s emergency oper- administration and a former employee in the ations capabilities. HON. MICHELE BACHMANN private sector, I understand the importance of In everything Jim Bennett has done, the in- OF MINNESOTA government being as economically efficient as terests of the public have been paramount. He IN THE HOUSE OF REPRESENTATIVES possible. At a time of economic hardship has guided reinvestments in Washington Dul- Tuesday, May 4, 2010 across in the United States, government les and Reagan National Airports ensuring that these valuable facilities are equipped to Mrs. BACHMANN. Madam Speaker, I rise should spend its money carefully and effi- today to honor the accomplished students who ciently, just like households and businesses serve travelers throughout the next decades, continuing to be important economic catalysts, earned the Certificate of Congressional Merit across the country. for their exemplary citizenship and academic Moreover, increased efficient and account- providing jobs and business development op- excellence. Eleven students from Minnesota’s ability is the fair thing for the American people. portunities for the region. He took on the Dul- Sixth District were nominated by their schools The American people deserve a government les Metrorail Project, proposing an innovative for this prestigious award and it is a great that works for them. If government is going to financing plan to bring transit service to Dulles privilege to be able to share their accomplish- spend their hard-earned tax-payer dollars, it Airport and the entire Dulles Corridor. The project is on budget and on schedule, indic- ments with this Congress. must do so in a way that gets the best pos- These students have shown that they can sible value out of every single dollar. H.R. ative of Mr. Bennett’s stellar management skills. set and achieve goals, work as a team mem- 5013 will help achieve this goal. By ensuring ber or a leader, and contribute to a larger that the DOD limits waste, this bill will play a This region has had the unique benefit of having had one the country’s finest airport cause all while making time for study and critical part in the effort to run our government friendships as well. They have made signifi- more effectively and in a way that protects the managers, as well as a consummate public servant, in Jim Bennett. We all owe him a cant contributions to their schools and commu- American taxpayer. nities and stand out to faculty and staff as stu- I urge my colleagues to join me in sup- debt of gratitude for his leadership, integrity, dents that would never ask for recognitions for porting H.R. 5013. humility and inspiration. I ask that my col- leagues join me and the National Capital re- their efforts. f gion in expressing our heartfelt gratitude to I rise today, Madam Speaker, to honor IN HONOR OF JAMES E. BENNETT Jim Bennett for his vision and legacy of trans- these 11 students for their successful high portation improvements that he has left for the school careers and to wish them all the best HON. STENY H. HOYER region and the Nation. in their bright futures: Kaia Larson, Meadow f Creek Christian School; Kara Peterson, Beck- OF MARYLAND er High School; Danielle Liebl, Rocori High IN THE HOUSE OF REPRESENTATIVES HONORING IWAO MATSUDA School; Taylor Haag, Paynesville Area High Tuesday, May 4, 2010 School; Matthew Vogel, Saint Francis High Mr. HOYER. Madam Speaker, I rise on be- HON. JIM McDERMOTT School; Zachary Johnson, Monticello High OF WASHINGTON half of myself, Representative FRANK WOLF, School; Duy Nguyen, Spring Lake Park High IN THE HOUSE OF REPRESENTATIVES Congresswoman ELEANOR HOLMES NORTON, School; Travis Taylor, New Life Academy; Representative JIM MORAN, Representative Tuesday, May 4, 2010 Sandra Arnold, Delano High School; Emily CHRIS VAN HOLLEN, and Representative GER- Mr. MCDERMOTT. Madam Speaker, I rise Bloch, Immaculate Conception Academy; and ALD CONNOLLY to recognize James E. Bennett, today to honor my longtime friend and re- Kelsey Vigoren, Kimball Area High School. the President and Chief Executive Officer of spected colleague, Iwao Matsuda. Matsuda- Madam Speaker, please join me in con- the Metropolitan Washington Airports Author- san is arriving in Washington today for a gratulating these students for their hard work ity, Airports Authority, who has announced his meeting of the United States-Japan Legislative and wishing them the best of luck. As the Irish retirement after 14 years of exceptional public Exchange Program, a project he founded to poet and Noble Peace Prize winner William service to the agency, the region, and the Na- encourage meaningful dialogue between our Butler Yeats said, ‘‘Education is not the filling tion. During his tenure at the Airports Author- two countries. He has a long and honorable of a pail, but the lighting of a fire.’’ In these ity, Mr. Bennett expertly guided the significant history of service to Japan as an elected offi- students, a fire has been lit. They are the expansion and modernization of Washington cial, first in the House of Representatives and bright future we have to look forward to in Dulles International Airport and Ronald later in the House of Councilors in the Diet. Minnesota, and in our Nation. Reagan Washington National Airport, while si- Matsuda-san has always been interested in f multaneously undertaking the challenge of resolving tensions and improving the relation- OUR UNCONSCIONABLE NATIONAL managing the Dulles Toll Road and con- ship between the United States and Japan, DEBT structing the long planned Metrorail line to and it was this drive that led to the creation Dulles Airport and Loudoun County. and continuing success of the Legislative Ex- HON. MIKE COFFMAN Whether one is a visitor to either of these change Program. OF COLORADO world-class airports or watching the construc- Members of the Diet and the Congress have tion of the Metrorail line, it is not difficult to ap- grown to understand the importance of the IN THE HOUSE OF REPRESENTATIVES preciate the bold vision and many accomplish- United States-Japan Legislative Exchange Tuesday, May 4, 2010 ments of Jim Bennett. Reagan National and Program. The two delegations have had the Mr. COFFMAN of Colorado. Madam Speak- Dulles International Airports combined served privilege of getting to know each other, and if er, today our national debt is a total of more than 40 million passengers in there is ever a problem, we know who to call $12,876,734,073,745.72. 2009. In difficult economic times, both airports to find out more about it. These personal con- On January 6, 2009, the start of the 111th retained service to all top 50 domestic mar- nections are vital to creating understanding Congress, the national debt was kets, bringing valuable, new air service to the between our legislatures and our nations. But $10,638,425,746,293.80. metropolitan Washington region. Mr. Bennett’s I would like to point out another facet of This means the national debt has increased leadership also brought to completion $3 bil- Matsuda-san’s contribution. Not only has he by $2,288,594,800,033.30 so far this Con- lion of capital development projects, providing helped us to know each other and to create gress. improved passenger service and enhanced personal relationships, but his work has tran- This debt and its interest payments we are ability to accommodate increased air service scended his own personal relationships and passing to our children and all future Ameri- and passenger volume. left us all with an enduring legacy. cans.

VerDate Mar 15 2010 03:57 May 05, 2010 Jkt 089060 PO 00000 Frm 00011 Fmt 0626 Sfmt 0634 E:\CR\FM\A04MY8.022 E04MYPT1 rfrederick on DSKD9S0YB1PROD with REMARKS E744 CONGRESSIONAL RECORD — Extensions of Remarks May 4, 2010 NATIONAL TEACHER As time passed, Mr. Matsuda sought to ex- over the past two years that he has served as APPRECIATION WEEK pand the U.S.-Japan Legislative Exchange part of U.S. Marine Corps Office of Legislative Program to include members of the South Ko- Affairs and as the Director of the USMC Liai- rean National Assembly and initiated in 2003 son Office in the U.S. House of Representa- HON. SANFORD D. BISHOP, JR. the U.S.-Japan-South Korea Trilateral Legisla- tives. OF GEORGIA tive Exchange Program (TLEP), which meets Colonel Furness expertly represented the IN THE HOUSE OF REPRESENTATIVES regularly with LEP to foster closer ties and un- Marine Corps on all matters in the U.S. House derstanding among the democratic legislatures of Representatives and spearheaded the Ma- Tuesday, May 4, 2010 of the three countries. rine Corps’ most difficult and challenging legis- Mr. BISHOP of Georgia. Madam Speaker, I After twenty-plus years of public service, Mr. lative initiatives from June 2008 to May 2010. am pleased to support this resolution to com- Matsuda, a true visionary of the promotion of Through his direct and skillful interaction with memorate National Teacher Appreciation democratic ideals, will be retiring, and this will Members of Congress, he ensured that Marine Week and to recognize the importance of be his last LEP session. Corps requirements were widely understood teachers in ensuring that Americans receive a Mahalo nui loa (thank you very much), Mr. by key Members and staff to guarantee the quality education. Matsuda, for all that you have done to best possible support to the Marine Corps. He Teachers are heroes in our communities. strengthen U.S.-Japan-South Korean friend- also successfully oversaw, planned, coordi- None of us in Congress would be where we ships and expand understanding among the nated, and escorted more than 150 inter- are today without the influence of those teach- free peoples of the Asian-Pacific region and national and domestic trips for high-level Con- ers who shaped our lives. They corrected us the world at large. gressional and Staff Delegations. Furthermore, Colonel Furness managed, when we were wrong and they praised us f when we were right. They taught us how to trained and mentored a team of Legislative Li- read and write, think critically, add and sub- PERSONAL EXPLANATION aison Officers and House Legislative Fellows tract, and they opened our minds to past and created an environment that fostered events, scientific discoveries, and different cul- teamwork and professionalism. He led Com- tures and civilizations. They encouraged us to HON. GENE GREEN pany and Field Grade Officers and ensured they better understood both the message of follow our dreams and inspired us to reach our OF TEXAS the Commandant and the role of the Congress full potential. IN THE HOUSE OF REPRESENTATIVES My parents were educators in this vein. My in National Security matters. Colonel Furness father served as the first President of Bishop Tuesday, May 4, 2010 contributed immeasurably to making capable College in Mobile, Alabama, and my mother Liaison Officers who will return to the Marine Mr. GENE GREEN of Texas. Madam Corps Fleet with a better understanding of worked as a librarian. I saw through them how Speaker, I rise today to explain how I would our teachers work miracles in the classroom how Congress and the Corps work closely to- have voted on rollcall votes cast on April 29, gether to win our Nation’s battles. day in and day out. They truly deserve the 2010. Due to prior commitments in Houston, I strongest praise we have to offer. Through it all, Colonel Furness has been was returning home and was not able to make able to ensure that Members of Congress and Benjamin Franklin once said that ‘‘an invest- the last series of votes. Had I been present, ment in education pays the best dividends.’’ It their staffs never forget the purpose and focus I would have voted on the following: of the Marine Corps: the Marines themselves. is our teachers who are responsible for the ‘‘No,’’ on rollcall vote #234, the Foxx of value of that investment, and I urge all of my Madam Speaker, through all of these ac- North Carolina Amendment; tions, and many more, Colonel Furness has colleagues to join me in commemorating them ‘‘No,’’ on rollcall vote #235, the Gutierrez of for their outstanding work. maintained and improved the U.S. House of Illinois Amendment No. Two; Representatives’ view of the Marine Corps. f ‘‘No,’’ on rollcall vote #236, the Gutierrez of His performance has made a lasting impact on Illinois Amendment No. Three; the readiness of the Marine Corps, laying the RECOGNIZING THE CONTRIBU- ‘‘Yes,’’ on rollcall vote #237, the Burton of groundwork for continued Marine successes TIONS OF IWAO MATSUDA TO Indiana Amendment; on Capitol Hill. THE US-JAPAN LEGISLATIVE EX- ‘‘No,’’ on rollcall vote #238, the Vela´zquez of CHANGE PROGRAM New York Amendment No. Five; f ‘‘No,’’ on rollcall vote #239, the Vela´zquez of INTRODUCTION OF OUTDOOR New York Amendment No. Six; HON. MAZIE K. HIRONO LIGHTING EFFICIENCY BILL, H.R. ‘‘No,’’ on rollcall vote #240, the Vela´zquez of OF HAWAII New York Amendment No. Seven; 5201 IN THE HOUSE OF REPRESENTATIVES ‘‘No,’’ on rollcall vote #241, the Motion to Tuesday, May 4, 2010 Recommit on H.R. 2499 the Puerto Rico De- HON. JANE HARMAN mocracy Act; OF CALIFORNIA Ms. HIRONO. Madam Speaker, I rise today ‘‘Yes,’’ on rollcall vote #242, on passage of to recognize the contributions of Iwao H.R. 2499 the Puerto Rico Democracy Act. IN THE HOUSE OF REPRESENTATIVES Matsuda, Co-chairman of the U.S.-Japan Leg- Madam Speaker, I am a cosponsor of H.R. Tuesday, May 4, 2010 islative Exchange Program (LEP). 2499, and strongly supported its passage in a LEP is the longest standing and among the statement made last week. I am pleased this Ms. HARMAN. Madam Speaker, three years most successful legislative exchange pro- legislation has passed the House and hope to ago, Congressman UPTON and I introduced grams in the U.S. Congress. This week marks see it move forward in the Senate to give the legislation—which became law in 2007 as part LEP’s 22nd year and 43rd consecutive ses- people of Puerto Rico and opportunity to de- of the Energy Independence and Security sion. Mr. Matsuda has played a tremendous termine their future. Act—that will revolutionize the way Americans role in making LEP a rewarding program. light their homes. I have had the privilege of participating in f Our legislation banned the famously ineffi- several LEP meetings with Mr. Matsuda. He cient 100-watt incandescent light bulb by has been a remarkable leader of LEP and rep- IN RECOGNITION OF COLONEL 2012, will phase out remaining inefficient light resentative of the people of Japan. DAVID FURNESS, USMC bulbs by 2014, and requires that light bulbs be As a member of the Japan Diet, Mr. at least three times as efficient as today’s 100- Matsuda was troubled by the sometimes bitter HON. IKE SKELTON watt incandescent bulb by 2020. trade disputes between the United States and That bill was the product of bipartisan and Japan and wanted to find a way to improve OF MISSOURI bicameral efforts to forge a consensus be- communications and understanding among the IN THE HOUSE OF REPRESENTATIVES tween industry and environmental groups. The legislatures of Japan and the United States. In Tuesday, May 4, 2010 result was not only broadly accepted, it was 1988, Mr. Matsuda took the far-sighted initia- groundbreaking. The Alliance to Save Energy tive of contacting friends in the U.S. Congress Mr. SKELTON. Madam Speaker, today I estimates that the provisions will eventually and at the George Washington University to recognize and pay tribute to Colonel David save $18 billion in energy costs every year, create a program that would encourage per- Furness, United States Marine Corps, on the and prevent the emission of 100 million tons sonal and informal discussions among U.S. occasion of his transfer from the liaison office. of carbon dioxide annually by 2030. That’s the and Japanese parliamentarians. This was the I, and many other members of this chamber, equivalent of taking 20 million cars off the beginnings of LEP. have had the pleasure of working with him road.

VerDate Mar 15 2010 03:57 May 05, 2010 Jkt 089060 PO 00000 Frm 00012 Fmt 0626 Sfmt 8470 E:\CR\FM\A04MY8.027 E04MYPT1 rfrederick on DSKD9S0YB1PROD with REMARKS May 4, 2010 CONGRESSIONAL RECORD — Extensions of Remarks E745 If we are serious about getting our arms Park library systems. Mr. Lonsak has worked all regions and walks of life. In particular, it is around both climate change and reducing our to promote and develop innovative projects certain that Arliss has inspired many Alaska dependence on oil, we now have to address and programs hosted at the Rocky River Li- women to either seek public office or to be- outdoor lighting. It is the other side of the coin. brary and throughout the Rocky River commu- come otherwise involved as political, business Lighting consumes 22 percent of all electricity nity. He served as past president of the Cleve- and community leaders, to the great benefit of generated in the U.S. Outdoor lighting for land Metropolitan Library system and is a life- Alaskans everywhere. streets, parking lots and area lighting con- long member of the Ohio Library Council and I would like to congratulate Arliss and Con- sumes about 20 percent of that total. Up to 25 the American Library Association. In 2001, Mr. gregation Beth Sholom on the occasion of this percent of household electricity goes to light Lonsak was honored with the Director Award well-deserved award. outdoor spaces, according to the California by the Ohio Library Council and was named Energy Commission. the Librarian of the Year for his development f H.R. 5201, the bipartisan bill we are intro- of a universal library card. ducing today, is identical to legislation intro- Mr. Lonsak’s enthusiasm for libraries began SUPPORTING THE GOALS AND duced by Senators BINGAMAN and MURKOWSKI. in childhood when his mother regularly IDEALS OF WORKERS’ MEMO- It reflects a compromise with industry and the brought him to story hours at the Eastman RIAL DAY environmental community. And it builds on the branch of the Cleveland Public Library. He provision we added to the American Clean En- earned a bachelor’s degree from Cleveland SPEECH OF ergy and Security Act reported by the House State University and a Master of Library Energy and Commerce Committee last May. Science from Case Western University. When HON. LAURA RICHARDSON he became director of the Rocky River library The legislation imposes standards for out- OF CALIFORNIA door lights in three tiers. The first tier takes ef- six years ago, Mr. Lonsak worked to oversee fect three years after the bill becomes law, the an expansive renovation project, which in- IN THE HOUSE OF REPRESENTATIVES second in 2016 and the third in 2021. cluded the restoration of the interior built in Tuesday, April 27, 2010 By 2030 the new efficient outdoor lights are 1928, an expansion of the children’s depart- expected to save the equivalent power output ment and the renovation of the public com- Ms. RICHARDSON. Mr. Speaker, I rise of three to six nuclear plants or 6 to 10 large puter center. A new lobby and children’s room today as a cosponsor of H. Res. 375, which coal fired plants every year. were also included in the renovation. supports the goals and ideals of Workers’ Me- morial Day, recognizes the importance of It will also save us money. As the Grandma Madam Speaker and colleagues, please join me in honor and recognition of John Lonsak, worker health and safety, and encourages the of the Blue Dogs, that’s important to me. And Occupational Safety and Health Administra- given skyrocketing deficits and the ongoing re- whose service to the Greater Cleveland Com- munity is deeply appreciated. tion, OSHA, employers, and employees to cession, it ought to be important to this Con- support activities aimed at increasing aware- gress. Annual savings will be in the range of f ness of the importance of workplace safety. $2.8 billion to $5.1 billion by 2030. CONGRATULATING ARLISS STUR- This legislation serves as an important tribute By 2030 carbon emissions will also be re- to the men and women who have been killed duced in a major way—from 4.48 to 7.95 met- GULEWSKI AND CONGREGATION BETH SHOLOM or injured in the workplace and a reminder of ric tons annually, the equivalent of taking ap- the need for a national effort to ensure that proximately 3 to 5.4 million cars off the road workplaces across the country are as safe as The bill also protects the efforts of early HON. DON YOUNG possible. innovators like California, which has already OF ALASKA I thank Chairman MILLER for his leadership passed an aggressive outdoor lighting stand- IN THE HOUSE OF REPRESENTATIVES in bringing this resolution to the floor. I also ard. Tuesday, May 4, 2010 thank the sponsor of this legislation, Con- And this bill is consensus legislation at its gresswoman EDDIE BERNICE JOHNSON, for her best. It shows what we can do when Demo- Mr. YOUNG of Alaska. Madam Speaker, dedication to ensuring a safe and healthy en- crats and Republicans and manufacturers and each year Congregation Beth Sholom of An- vironment for all workers in the United States. environmentalists work toward the same goal. chorage selects a distinguished Alaskan to re- Mr. Speaker, every year, about 5,000 indi- I urge its prompt enactment. ceive its annual ‘‘Shining Lights’’ award. The viduals are killed due to workplace related in- f Shining Lights award has a dual purpose, in juries. That is an average of 14 workers each that it expresses appreciation for the hon- day that die due to an accident in the work- PERSONAL EXPLANATION oree’s contributions to the 49th State and its place. In an advanced, industrialized society, people, and also inspires others to emulate these numbers are simply unacceptable. Many HON. RON KLEIN the honoree’s good works, in the spirit of workers in my district are employed by the ‘‘Tikkun Olam’’—the repair of the world. This Port of Long Beach, where they operate com- OF FLORIDA year, 2010, Congregation Beth Sholom has plicated machinery and move heavy equip- IN THE HOUSE OF REPRESENTATIVES chosen former State Senator Arliss ment to help facilitate the movement of goods Tuesday, May 4, 2010 Sturgulewski to receive the Shining Lights throughout the United States. They deserve Award. our best effort to provide them with a safe Mr. KLEIN of Florida. Madam Speaker, I I proudly commend the selection of Arliss workplace as they perform this important work. rise today to state how I would have voted on Sturgulewski as the recipient of the 2010 Shin- Recent workplace tragedies, such as the Thursday, April 29, 2010 when I was unavoid- ing Lights Award. I remember when Arliss was death of the 29 coal miners in the disaster at ably detained. a state senator between 1978 and 1992, was the Upper Big Branch Mine in Raleigh County, Had I voted, I would have voted ‘‘yes’’ on the Republican candidate for Governor of West Virginia, and the explosion of the rollcall No. 242. Alaska in 1986 and 1990, and served as an Transocean Deepwater Horizon oil rig in the f elected member of the Anchorage Charter Gulf of Mexico that left 17 workers injured and Commission and the Anchorage Assembly. In 11 missing, have made even clearer the need IN HONOR AND RECOGNITION OF addition to her elective offices, Arliss has for increased workplace protections in the JOHN LONSAK served on numerous boards and commissions, United States. Hopefully, we can take these such as the Municipality of Anchorage’s Plan- horrible tragedies as a call to ensure that the ning and Zoning Commission and the Board of necessary workplace safety and health regula- HON. DENNIS J. KUCINICH Examiners and Appeals. tions are in place for all Americans. Regard- OF OHIO A parent herself, Arliss’s interest in Alaska’s less of whether you work in an office complex IN THE HOUSE OF REPRESENTATIVES youth has been made manifest by her leader- or a textile mill, a steel plant or on an oil rig, every American deserves the assurance of Tuesday, May 4, 2010 ship as a trustee for the Anchorage YMCA, and at the University of Alaska through her knowing that he or she is safe at work. Mr. KUCINICH. Madam Speaker, I rise service as a member of the Advisory Council Mr. Speaker, our nation needs a sustained today in honor and recognition of John Lonsak for the School of Fisheries and Ocean Serv- and heightened focus on safety in the work- on the occasion of his retirement after 41 ices, the University of Alaska Foundation, and place, so that every employee in the United years of service to the library system of Great- the Anchorage Chancellor’s Council. A grad- States can work in a healthy environment and er Cleveland. uate of the University of Washington, Arliss return home safely to his or her family at the For eight years, Mr. Lonsak served as exec- was awarded an honorary Doctor of Laws de- end of the day. This resolution is an important utive director of the Cuyahoga County Public gree from the University of Alaska Anchorage. step in that effort. Library system. He also served as regional li- The immeasurable contributions of Arliss I urge my colleagues to join me in sup- brary manager for the Parma and Fairview Sturgulewski are an inspiration to Alaskans in porting H. Res. 375.

VerDate Mar 15 2010 03:57 May 05, 2010 Jkt 089060 PO 00000 Frm 00013 Fmt 0626 Sfmt 8470 E:\CR\FM\A04MY8.031 E04MYPT1 rfrederick on DSKD9S0YB1PROD with REMARKS Tuesday, May 4, 2010 Daily Digest Senate Statements on Introduced Bills/Resolutions: Chamber Action Pages S3093–99 Routine Proceedings, pages S3051–S3117 Additional Statements: Pages S3090–91 Measures Introduced: Eleven bills and one resolu- Amendments Submitted: Pages S3099–S3116 tion were introduced, as follows: S. 3296–3306, and S. Res. 513. Page S3091 Notices of Hearings/Meetings: Page S3116 Measures Passed: Authorities for Committees to Meet: Page S3116 Collector Car Appreciation Day: Senate agreed to Adjournment: Senate convened at 10 a.m. and ad- S. Res. 513, designating July 9, 2010, as ‘‘Collector journed at 7:10 p.m., until 9:30 a.m. on Wednes- Car Appreciation Day’’ and recognizing that the col- day, May 5, 2010. (For Senate’s program, see the re- lection and restoration of historic and classic cars is marks of the Majority Leader in today’s Record on an important part of preserving the technological page S3117.) achievements and cultural heritage of the United States. Pages S3116–17 Committee Meetings Measures Considered: (Committees not listed did not meet) Restoring American Financial Stability Act— Agreement: Senate continued consideration of S. TROUBLED ASSET RELIEF PROGRAM 3217, to promote the financial stability of the Committee on Finance: Committee continued hearings United States by improving accountability and trans- to examine the President’s proposed fee on financial parency in the financial system, to end ‘‘too big to institutions regarding the Troubled Asset Relief Pro- fail’’, to protect the American taxpayer by ending gram (TARP), after receiving testimony from Tim- bailouts, to protect consumers from abusive financial othy F. Geithner, Secretary of the Treasury; Steve services practices, taking action on the following Bartlett, The Financial Services Roundtable, and amendments proposed thereto: Pages S3061–88 James Chessen, American Bankers Association Pending: (ABA), both of Washington, D.C.; John K. Reid (for Dodd/Lincoln) Amendment No. 3739, Sorensen, Iowa Bankers Association, Johnston; and in the nature of a substitute. Page S3061 Patrick S. Baird, AEGON USA, LLC, Cedar Rapids, Reid (for Boxer) Amendment No. 3737 (to Iowa, on behalf of the American Council of Life In- Amendment No. 3739), to prohibit taxpayers from surers (ACLI). ever having to bail out the financial sector. Pages S3061, S3063–70 WORK-LIFE PROGRAMS Snowe/Shaheen Amendment No. 3755 (to Committee on Homeland Security and Governmental Af- Amendment No. 3739), to strike section 1071. fairs: Subcommittee on Oversight of Government Pages S3071–72 Management, the Federal Workforce, and the Dis- Snowe Amendment No. 3757 (to Amendment trict of Columbia concluded a hearing to examine No. 3739), to provide for consideration of seasonal work-life programs, focusing on attracting, retaining income in mortgage loans. Pages S3072–88 and empowering the Federal workforce, after receiv- A unanimous-consent agreement was reached pro- ing testimony from Cecilia Elena Rouse, Member, viding for further consideration of the bill at ap- Council of Economic Advisers; Jonathan Foley, Sen- proximately 9:30 a.m., on Wednesday, May 5, 2010. ior Advisor to the Director, Office of Personnel Man- Page S3117 agement; Kathleen Lingle, WorldatWork, Scottsdale, Arizona; and Max Stier, Partnership for Public Serv- Messages from the House: Page S3091 ice, Colleen M. Kelley, National Treasury Employees Additional Cosponsors: Pages S3091–93 Union, and Joseph P. Flynn, American Federation of D478

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Government Employees, AFL–CIO, all of Wash- WALL STREET FRAUD AND FIDUCIARY ington, D.C. DUTIES Committee on the Judiciary: Subcommittee on Crime ELEMENTARY AND SECONDARY and Drugs concluded a hearing to examine Wall EDUCATION ACT Street fraud and fiduciary duties, focusing on if jail Committee on Health, Education, Labor, and Pensions: time can serve as an adequate deterrent for willful Committee continued hearings to examine Elemen- violations, after receiving testimony from Lanny A. tary and Secondary Education Act (ESEA) reauthor- Breuer, Assistant Attorney General, Criminal Divi- ization, focusing on improving America’s secondary sion, Department of Justice; Barbara Roper, Con- schools, after receiving testimony from John Capozzi, sumer Federation of America (CFA), Pueblo, Colo- Elmont Memorial High School, Elmont, New York; rado; Andrew Weissmann, Jenner & Block LLP, and Donald D. Deshler, University of Kansas Center for John C. Coffee, Jr., Columbia University Law School, Research and Learning, Lawrence; Richard Harrison, both of New York, New York; Damon A. Silvers, Denver School of Science and Technology (DSST), American Federation of Labor and Congress of In- Denver, Colorado; Tony Habit, North Carolina New dustrial Organizations (AFL–CIO), Washington, Schools Project, Raleigh; Cassius O. Johnson, Jobs D.C.; Henry N. Pontell, University of California, for the Future, Boston, Massachusetts; and Karen Irvine; J.W. Verret, George Mason University School Webber-N’Dour, National Academy Foundation of Law, Arlington, Virginia; and Larry E. Ribstein, High School, Baltimore, Maryland. University of Illinois College of Law, Champaign. h House of Representatives Recess: The House recessed at 12:40 p.m. and re- Chamber Action convened at 2 p.m. Page H3084 Public Bills and Resolutions Introduced: 12 pub- Suspensions: The House agreed to suspend the rules lic bills, H.R. 5198–5206; and 7 resolutions, H. and pass the following measures: Con. Res. 273; and H. Res. 1320–1325 were intro- duced. Page H3123 Honoring the National Science Foundation for 60 years of service to the Nation: H. Res. 1307, to Additional Cosponsors: Pages H3123–25 honor the National Science Foundation for 60 years Reports Filed: Reports were filed today as follows: of service to the Nation, by a 2⁄3 yea-and-nay vote H. Con. Res. 263, authorizing the use of the Cap- of 370 yeas to 2 nays, Roll No. 243; itol Grounds for the District of Columbia Special Pages H3085–87, H3097–98 Olympics Law Enforcement Torch Run (H. Rept. 111–470); Recognizing the need to improve the participa- H. Con. Res. 247, authorizing the use of the Cap- tion and performance of America’s students in itol Grounds for the Greater Washington Soap Box Science, Technology, Engineering, and Mathe- Derby (H. Rept. 111–471); matics (STEM) fields: H. Res. 1213, to recognize H. Res. 1301, supporting the goals and ideals of the need to improve the participation and perform- National Train Day (H. Rept. 111–472); ance of America’s students in Science, Technology, Engineering, and Mathematics (STEM) fields and to H. Res. 1278, in support and recognition of Na- 2 tional Safe Digging Month, April, 2010, with support the ideals of National Lab Day, by a ⁄3 yea- amendments (H. Rept. 111–473, Pt. 1); and and-nay vote of 378 yeas to 2 nays, Roll No. 244; H.R. 1722, to improve teleworking in executive Pages H3087–90, H3098–99 agencies by developing a telework program that al- Recognizing the 50th anniversary of the laser: lows employees to telework at least 20 percent of the H. Res. 1310, to recognize the 50th anniversary of hours worked in every 2 administrative workweeks, the laser; Pages H3090–91 with amendments (H. Rept. 111–474). Celebrating the 50th anniversary of the United Pages H3122–23 States Television Infrared Observation Satellite: Speaker: Read a letter from the Speaker wherein she H. Res. 1231, to celebrate the 50th anniversary of appointed Representative Yarmuth to act as Speaker the United States Television Infrared Observation pro tempore for today. Page H3083 Satellite, the world’s first meteorological satellite,

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Next Meeting of the SENATE to the United States; (4) H. Res. 1312—Recognizing the 9:30 a.m., Wednesday, May 5 roles and contributions of America’s teachers to building and enhancing our Nation’s civic, cultural, and economic well-being; (5) H. Res. 1149—Supporting the goals and Senate Chamber ideals of National Charter School Week, to be held May 2 through May 8, 2010; (6) H.R. 2421—Mother’s Day Program for Wednesday: Senate will continue consider- Centennial Commemorative Coin Act; (7) H. Res. ation of S. 3217, Restoring American Financial Stability 1295—Celebrating the role of mothers in the United Act. States and supporting the goals and ideals of Mother’s Day; (8) H. Res. 1247—Expressing the sense of the House of Representatives that public servants should be Next Meeting of the HOUSE OF REPRESENTATIVES commended for their dedication and continued service to 10 a.m., Wednesday, May 5 the Nation during Public Service Recognition Week, May 3 through 9, 2010, and throughout the year; (9) H.R. 1722—Telework Improvements Act; (10) H. Res. House Chamber 1301—Supporting the goals and ideals of National Train Day; (11) H. Con. Res. 247—Authorizing the use of the Program for Wednesday: Consideration of the following Capitol Grounds for the Greater Washington Soap Box suspensions: (1) H.R. 5160—Haiti Economic Lift Pro- Derby; (12) H. Con. Res. 263—Authorizing the use of gram Act of 2010; (2) H. Res. 1272—Commemorating the Capitol Grounds for the District of Columbia Special the 40th anniversary of the May 4, 1970, Kent State Olympics Law Enforcement Torch Run; and (13) H. Res. University shootings; (3) H. Res. 1157—Congratulating 1278—In support and recognition of National Safe the National Urban League on its 100th year of service Digging Month, April, 2010.

Extensions of Remarks, as inserted in this issue

HOUSE Grayson, Alan, Fla., E739 Petri, Thomas E., Wisc., E738, E741 Green, Gene, Tex., E744 Poe, Ted, Tex., E742 Adler, John H., N.J., E733 Grijalva, Rau´ l M., Ariz., E733 Richardson, Laura, Calif., E742, E745 Andrews, Robert E., N.J., E735 Hall, John J., N.Y., E738 Rohrabacher, Dana, Calif., E739 Bachmann, Michele, Minn., E743 Harman, Jane, Calif., E744 Ross, Mike, Ark., E740 Berkley, Shelley, Nev., E740 Higgins, Brian, N.Y., E733 Sanchez, Loretta, Calif., E737 Berman, Howard L., Calif., E736 Hirono, Mazie K., Hawaii, E744 Schmidt, Jean, Ohio, E739 Bishop, Sanford D., Jr., Ga., E744 Hoyer, Steny H., Md., E743 Schock, Aaron, Ill., E738 Bordallo, Madeleine Z., Guam, E734 Israel, Steve, N.Y., E734 Sensenbrenner, F. James, Jr., Wisc., E739 Braley, Bruce L., Iowa, E734, E740, E741 Johnson, Eddie Bernice, Tex., E741 Skelton, Ike, Mo., E742, E744 Coffman, Mike, Colo., E743 Klein, Ron, Fla., E745 Speier, Jackie, Calif., E736, E737, E737, E738, E739 Cooper, Jim, Tenn., E735 Kucinich, Dennis J., Ohio, E734, E735, E742, E745 Stearns, Cliff, Fla., E737 Costa, Jim, Calif., E740 Latham, Tom, Iowa, E734 Tiahrt, Todd, Kans., E741 Cummings, Elijah E., Md., E733 McDermott, Jim, Wash., E743 Young, Don, Alaska, E745 Faleomavaega, Eni F.H., American Samoa, E736 Miller, Jeff, Fla., E734

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