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, THURSDAY, JULY 15, 2010 No. 105 Senate The Senate met at 9:30 a.m. and was APPOINTMENT OF ACTING She has been the chaplain at the Ari- called to order by the Honorable PRESIDENT PRO TEMPORE zona State Legislature for over 10 KIRSTEN E. GILLIBRAND, a Senator from The PRESIDING OFFICER. The years through her nonprofit organiza- the State of New York. clerk will please read a communication tion called Leadership Challenge of Ar- to the Senate from the President pro izona. She also serves as the Arizona PRAYER tempore (Mr. INOUYE). area coordinator of the Daughters of The PRESIDING OFFICER. Today’s The assistant legislative clerk read Destiny Network, which is a women’s opening prayer will be offered by the the following letter: prison ministry based out of Colorado Springs. She travels throughout the Reverend Donna R. Kafer, Chaplain of U.S. SENATE, the Arizona State Legislature. PRESIDENT PRO TEMPORE, United States sharing her testimony The guest Chaplain offered the fol- Washington, DC, July 15, 2010. with incarcerated women, encouraging lowing prayer: To the Senate: them and sharing the freedom that is Let us pray. Under the provisions of rule I, paragraph 3, offered through the saving grace of Dear Holy and Righteous Father, we of the Standing Rules of the Senate, I hereby Jesus Christ. come before You this day with humble appoint the Honorable KIRSTEN E. Donna is an Arizona native. She and GILLIBRAND, a Senator from the State of New hearts, thoughtful minds, and a pro- her husband Ross, a firefighter para- York, to perform the duties of the Chair. medic for almost 20 years, live in the found understanding of Your majesty. DANIEL K. INOUYE, As the Senate body convenes today, I President pro tempore. Phoenix metropolitan area and have a daughter, Andrea Elizabeth. ask, Lord, that You give each and Mrs. GILLIBRAND thereupon as- every one of our Senators a unique It is our proud opportunity to help to sumed the chair as Acting President host her today and thank her for open- sense of their role in shaping this great pro tempore. Nation. We understand this mantle of ing the Senate with that beautiful leadership holds a great measure of re- f prayer. sponsibility, so we petition You, Fa- RESERVATION OF LEADER TIME f ther, to impart Your wisdom, peace, The ACTING PRESIDENT pro tem- RECOGNITION OF THE MAJORITY and comfort to each one of them. Pro- pore. Under the previous order, the LEADER vide them, Lord, with clarity of mind, leadership time is reserved. vision for the future, and a renewed The ACTING PRESIDENT pro tem- sense of purpose. Fill their hearts with f pore. The majority leader is recog- nized. compassion, discernment, focus, and RECOGNITION OF THE ACTING Mr. REID. Madam President, every the strength to meet the complex tasks MINORITY LEADER at hand. Father, give them complete Thursday Senator ENSIGN and I greet health: mentally, physically, emotion- The ACTING PRESIDENT pro tem- people from Nevada. We had a lot of ally, and spiritually. Embrace them pore. The Senator from Arizona. them today. I was late getting here. I with Your love that they may know f am sorry to have missed the prayer. But I will read the prayer and recog- Your boundless affection for them and WELCOMING THE GUEST nize what Senator KYL said about the Your indepth concern for their well- CHAPLAIN being. We thank You, Lord, for hearing guest Chaplain. She is welcome to the our petitions this day. Mr. KYL. Madam President, it is my Senate. It is in Your precious Name we pray. honor to help host our guest Chaplain f Amen. from Arizona, Rev. Donna Kafer. On be- half of Senator MCCAIN and myself, I SCHEDULE f thank the Senate Chaplain and all oth- Mr. REID. Madam President, fol- ers who have been so courteous to Rev- lowing leader remarks, the Senate will PLEDGE OF ALLEGIANCE erend Kafer on her visit to Washington. resume consideration of the conference The Honorable KIRSTEN E. She, I understand from the Chaplain, is report to accompany H.R. 4173, which is GILLIBRAND led the Pledge of Alle- the first legislative chaplain to provide the Wall Street reform legislation. At giance, as follows: the opening prayer in the Senate and about 11 a.m. this morning, the Senate I pledge allegiance to the Flag of the only the second woman to have done will proceed to a rollcall vote on the United States of America, and to the Repub- so. There are milestones achieved motion to invoke cloture on that con- lic for which it stands, one nation under God, today, and we appreciate her being ference report. If cloture is invoked, we indivisible, with liberty and justice for all. with us. would like to yield back some of the ∑ This ‘‘bullet’’ symbol identifies statements or insertions which are not spoken by a Member of the Senate on the floor. S5869 . VerDate Mar 15 2010 04:29 Jul 16, 2010 Jkt 089060 PO 00000 Frm 00001 Fmt 4624 Sfmt 0634 E:\CR\FM\A15JY6.000 S15JYPT1 smartinez on DSKB9S0YB1PROD with SENATE S5870 CONGRESSIONAL RECORD — SENATE July 15, 2010 postcloture debate time so we may urable goals and benchmarks, must be such as the mishandling of information complete action on the Wall Street re- developed. The administrator of the bu- that could have exposed ponzi schemes form legislation today. There could be reau will serve as vice-chairman of the much earlier. We also worked with our additional rollcall votes this afternoon. Financial Literacy and Education colleagues in the other Chamber to in- For the benefit of Senators, I have Commission to ensure meaningful par- clude an ombudsman that will be ap- spoken to the two Republican leaders. ticipation in Federal efforts intended pointed by and report to the investor We still have some hope of being able to help educate, protect, and empower advocate. to set up votes on the small business working families. I also worked to include in the legis- jobs bill. I hope we can do that; other- The conference report also addresses lation clarified authority for the SEC wise, we will have to proceed to a clo- investor literacy. A financial literacy to effectively require disclosures prior ture vote on that sometime next week. study must be conducted by the Securi- to the sale of financial products and f ties and Exchange Commission, SEC. services. Working families rely on The SEC will be required to develop an their mutual fund investments and MEASURE PLACED ON THE investor financial literacy strategy in- other financial products to pay for CALENDAR—S. 3588 tended to bring about positive behav- their children’s education, prepare for Mr. REID. Madam President, S. 3588 ioral change among investors. retirement, and be better able to attain is at the desk and due for a second Essential consumer and investor pro- other financial goals. This provision reading. tections for working families are in- will ensure that working families have The ACTING PRESIDENT pro tem- cluded in the conference report. A reg- the relevant and useful information pore. The clerk will read the bill for ulatory structure that will have a they need when they are making deci- the second time. greater emphasis on investor and con- sions that determine their financial fu- The assistant legislative clerk read sumer protections is established. Regu- ture. as follows: lators failed to protect consumers and Unfortunately, too many investors A bill (S. 3588) to limit the moratorium on that contributed significantly to the fi- do not know the difference between a certain permitting and drilling activities nancial crisis. Prospective homebuyers broker and an investment advisor. issued by the Secretary of the Interior, and were steered into mortgage products Even fewer are likely to know that for other purposes. that had risks and costs that they their broker has no obligation to act in Mr. REID. I object to any further could not understand or afford. The their best interest. Investment advi- proceedings with respect to this bill. Consumer Financial Protection Bureau sors currently have fiduciary obliga- The ACTING PRESIDENT pro tem- will be empowered to restrict preda- tions. However, brokers must only pore. Objection is heard. The bill will tory financial products and unfair busi- meet a suitability standard that fails be placed on the calendar. ness practices in order to prevent un- to sufficiently protect investors. f scrupulous financial services providers In a complicated financial market- from taking advantage of consumers. place, for investors in which revenue WALL STREET REFORM AND CON- I take great pride in my contribu- sharing agreements and commissions SUMER PROTECTION ACT—CON- tions to the investor protection portion can vary significantly for similar prod- FERENCE REPORT of the legislation. Section 915 will ucts, we must ensure that all invest- The ACTING PRESIDENT pro tem- strengthen the ability of the Securities ment professionals that offer personal- pore. Under the previous order, the and Exchange Commission to better ized investment advice have a fiduciary Senate will resume consideration of represent the interests of retail inves- duty imposed on them. the conference report to company H.R. tors by creating an investor advocate In 2005, I first introduced legislation 4173, which the clerk will report. within the SEC. The investor advocate that would have imposed a fiduciary The assistant legislative clerk read is tasked with assisting retail investors duty on brokers. I knew then that ac- as follows: to resolve significant problems with tion was necessary.