E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 115 CONGRESS, SECOND SESSION Vol. 164 WASHINGTON, TUESDAY, MARCH 6, 2018 No. 39 Senate The Senate met at 10 a.m. and was appoint the Honorable BEN SASSE, a Senator Since the day he arrived in this called to order by the Honorable BEN from the State of Nebraska, to perform the Chamber, THAD’s focus has been SASSE, a Senator from the State of Ne- duties of the Chair. squarely on serving the people of Mis- braska. ORRIN G. HATCH, sissippi with integrity. For nearly four President pro tempore. f decades, he has done exactly that, and Mr. SASSE thereupon assumed the he has earned the admiration and grat- PRAYER Chair as Acting President pro tempore. itude of countless friends and col- The Chaplain, Dr. Barry C. Black, of- f leagues along the way. fered the following prayer: Those of us here today are proud to RESERVATION OF LEADER TIME Let us pray. have had the privilege of working with O God, You are our refuge. Give us The ACTING PRESIDENT pro tem- Senator COCHRAN. His expertise as wisdom to live so we never disgrace pore. Under the previous order, the chairman of the Appropriations Com- Your Name. Provide our lawmakers leadership time is reserved. mittee will be sorely missed. So too with power and insight to accomplish f will be the collegiality, warmth, and Your will on Earth as they look to You grace that is so characteristic of the for help. Please become for them their CONCLUSION OF MORNING senior Senator from Mississippi. shade by day and defense by night. As BUSINESS But the Senate’s loss is THAD’s fam- they acknowledge that You alone are The ACTING PRESIDENT pro tem- ily’s gain. As we say our farewells over the source of their strength, surround pore. Morning business is closed. the next few weeks, I know all of our them with the shield of Your favor, and f colleagues will join me in wishing him direct their steps. every happiness in his next chapter. Lord, we also ask You to bring a spir- ECONOMIC GROWTH, REGULATORY Mr. President, on another matter, itual awakening to our Nation and RELIEF, AND CONSUMER PRO- the Senate will vote today to begin world, prompting people to experience TECTION ACT—MOTION TO PRO- consideration of S. 2155, the Economic the transformative power of Your CEED Growth, Regulatory Relief, and Con- mercy and grace. Arise, O God, and de- The ACTING PRESIDENT pro tem- sumer Protection Act. fend Your purposes in these grand and pore. Under the previous order, the This bill recognizes a simple truth: challenging times. Senate will resume consideration of Small community banks and Main We pray in Your great Name. Amen. the motion to proceed to S. 2155, which Street credit unions are not the same f the clerk will report. as the multitrillion-dollar banks on Wall Street. It is a simple enough ob- PLEDGE OF ALLEGIANCE The senior assistant legislative clerk read as follows: servation, I might add, but, at present, The Presiding Officer led the Pledge our laws fail to account for it. of Allegiance, as follows: Motion to proceed to Calendar No. 287, S. 2155, a bill to promote economic growth, pro- Since Washington imposed the Dodd- I pledge allegiance to the Flag of the vide tailored regulatory relief, and enhance Frank financial regulations back in United States of America, and to the Repub- consumer protections, and for other pur- 2010, small-scale lenders have been sub- lic for which it stands, one nation under God, poses. jected to a litany of new regulatory, indivisible, with liberty and justice for all. The ACTING PRESIDENT pro tem- compliance, and examiner demands f pore. Under the previous order, the that were designed with the country’s APPOINTMENT OF ACTING time until 11 a.m. will be equally di- largest banks in mind. Dodd-Frank’s PRESIDENT PRO TEMPORE vided between the two leaders or their enormous regulatory burden has been The PRESIDING OFFICER. The designees. inefficient and unhelpful for financial institutions of all sizes, but it has hit clerk will please read a communication RECOGNITION OF THE MAJORITY LEADER to the Senate from the President pro Main Street lenders especially hard. The majority leader is recognized. Many small banks have had to hire tempore (Mr. HATCH). RETIREMENT OF THAD COCHRAN additional staff and expend additional The senior assistant legislative clerk Mr. MCCONNELL. Mr. President, yes- resources solely to deal with the stag- read the following letter: terday, the Senate learned that its gering compliance burden. According U.S. SENATE, quiet persuader will be leaving us after to a survey conducted last year, com- PRESIDENT PRO TEMPORE, a long and distinguished career. Sen- Washington, DC, March 6, 2018. munity bank compliance costs have To the Senate: ator THAD COCHRAN’s retirement will risen to an average of 24 percent of net Under the provisions of rule I, paragraph 3, mark the end of a tenure defined by income. Let me say that again. Com- of the Standing Rules of the Senate, I hereby steady, honorable leadership. munity bank compliance costs have ∑ This ‘‘bullet’’ symbol identifies statements or insertions which are not spoken by a Member of the Senate on the floor. S1343 . VerDate Sep 11 2014 00:11 Mar 07, 2018 Jkt 079060 PO 00000 Frm 00001 Fmt 4624 Sfmt 0634 E:\CR\FM\A06MR6.000 S06MRPT1 rfrederick on DSKBCBPHB2PROD with SENATE S1344 CONGRESSIONAL RECORD — SENATE March 6, 2018 risen to an average of 24 percent of net today’s expenses. Recent estimates months. I know the President and all income. suggest that two-thirds of Americans of us are concerned about manufac- This regulatory burden crowds out do not contribute to a 401(k). A lack of turing moving offshore because the the capital that is available to Amer- retirement savings can seem like an cost of doing business in some places ican families and small businesses, es- abstract concept for young workers, around the world is much lower than it pecially in rural communities. Accord- but for some senior citizens, it becomes is in the United States, but we should ing to researchers at the Harvard Ken- a harsh reality. While the poverty rate all be excited about the fact that nedy School, community banks provide for Americans under 65 has decreased 186,000 manufacturing jobs have been over 50 percent of all small business since 2015, it has increased among added in the last 12 months. loans and nearly 80 percent of agricul- those 65 and older. As I mentioned, consumer confidence tural loans. In Kentucky, for example, Tax reform is already helping remedy is now at its highest level since Novem- there are more than 100 community a part of the problem. Many companies ber 2000, and real disposable incomes banks and more than 20 credit unions. and small businesses alike have an- have seen their biggest gain since April Many of them are the only financial in- nounced plans to reinvest tax reform 2015. stitutions that are present in rural and savings in their employees’ retirement According to a National Federation underserved communities. accounts. Cigna is adding $30 million to of Independent Business survey, more But while Dodd-Frank supposedly its employee 401(k) program. Aflac is small businesses than ever now believe took aim at too big to fail, in the first doubling its 401(k) match for its 10,000 it is a good time to expand. This is a 4 years after it passed, the share of employees. In Kentucky, workers will very important part of the equation, U.S. deposits in small banks shrunk by benefit from increased or accelerated and I will say more about small busi- nearly a quarter. Deposits in small retirement contributions by major em- nesses in just a moment. banks shrunk by a quarter in the first ployers such as UPS, Brown-Forman, In Texas, where I am from, a survey 4 years of Dodd-Frank. That means less Anthem, and FedEx. of Houston businesses found that 2 out access to capital for young couples who As employers of all sizes continue of 3 companies there will increase hir- are looking to purchase their first following suit, more American families ing and wages, while nearly 9 out of 10 home, less credit for aspiring small will have more flexibility as they plan said they expected to see an increase in business owners who need help in turn- for the future. At the same time, of their revenue. The head economist of ing dreams into reality, and fewer op- course, lower tax rates are increasing the bank that conducted the survey tions for farmers and ranchers who are take-home pay, making it a little easi- didn’t waste any words, saying that hoping to expand. er to cover today’s expenses. More ‘‘something real is happening in the The bill before us this week will con- money in workers’ pockets for today economy.’’ I agree. The positive gains tinue to unwind the damage caused by and more money in their retirement from the Tax Cuts and Jobs Act are an administration and Democrat-run plans for tomorrow—all thanks to tax real and undeniable. Congress that kept its foot firmly on reform. Recently, my office heard from one of the brake of the American economy. I suggest the absence of a quorum. This is a modest but critical bill. By The ACTING PRESIDENT pro tem- my constituents by the name of Judy streamlining regulations, it will bring pore.