| 00:00:00 | A JUDGE WHO DECIDES THAT QUESTION MUST BE IMPARTIAL AND THEY -- AND CAN'T BE CORRUPTED BY FRIENDSHIP, EMPATHY OR BIAS IN FAVOR OF THE PERSON WHO APPOINTED THEM. |
| 00:00:12 | IT'S JUST REALLY IMPORTANT. |
| 00:00:16 | SECONDLY, SENATOR BARRASSO, I QUESTION -- OUR QUESTION GOES TO A MORE SPECIFIC SITUATION WHICH COULD MANDATE RECUSAL, AND THAT IS WHETHER OR NOT THE NOMINEE HAS PARTICIPATED IN ANY DISCUSSIONS, STRATEGIES MAKE LEGAL ADVICE DESIGNED TO PROMOTE THIS LEGISLATION? |
| 00:00:37 | I THINK THAT WOULD BE A CLEAR SITUATION THAT WOULD REQUIRE RECUSAL. |
| 00:00:45 | ALSO SPECIFIC QUESTIONS COULD COME UP TO WHAT EXTENT HAVE THESE LAWSUITS THAT ARE FILED HAVE THE EFFECT ON HER, HAS SHE EXPRESSED ANY OPINIONS CONCERNING THOSE LAWSUITS. |
| 00:00:57 | AND, FINALLY, I DO NOT BELIEVE THE PRESIDENT IS ENTITLED TO LAUNCH ON TO THE SUPREME COURT A POLITICAL LOYALLEST THAT WILL BE A LEGAL RUBBER STAMP FOR ANYTHING THAT GETS PROPOSED WHETHER IT'S TO TAKEOVER A. |
| 00:01:15 | I.G. OR THE TAKEOVER OF AUTOMOBILE COMPANIES OR OTHER THINGS THAT MAY AT SOME POINT MAY BE DECIDED. |
| 00:01:20 | SO I THINK WE NEED TO BE CAREFUL ABOUT IT. |
| 00:01:24 | AND THIS NOMINEE NEEDS TO ANSWER THOSE QUESTIONS BECAUSE OF WHAT YOU'RE -- WHAT YOU'RE HEARING IS WHAT I'M HEARING. |
| 00:01:32 | MR. BARRASSO: IF I COULD JUST ASK MY COLLEAGUE, BECAUSE YOU PARTICIPATED FULLY IN ALL OF THE HEARINGS AND ALL OF THE QUESTIONING. |
| 00:01:40 | AND APPARENTLY MS. |
| 00:01:41 | KAGAN DID SAY THAT SHE WILL RECUSE HERSELF IN PARTICIPATING IN A NUMBER OF CASES, I THINK 11 CASES, WHERE SHE REPRESENTED THE GOVERNMENT IN HER CURRENT JOB AS SOLICITOR GENERAL. |
| 00:01:54 | SO IT SEEMS IN A CASE LIKE THIS, THE AREA THAT THE PRESIDENT OF THE UNITED STATES PUT ALL OF HIS CREDIBILITY, EFFORT INTO FORCING IN THROUGH -- THROUGH THIS BODY, IN THIS HOUSE, AND IN MY OPINION JAMMING DOWN THE THROATS OF THE AMERICAN PEOPLE, ON THIS ISSUE IF SHE'S ALREADY GOING TO RECUSE HERSELF ON 11 OTHERS, IT IS -- IT SEEMS TO ME THAT WE SHOULD ALSO GET THAT SORT OF COMMITMENT. |
| 00:02:19 | BECAUSE AS THE -- AS YOU HAVE SAID, AND YOU'VE PRACTICED THE LAW, RECUSAL ARISES AS A MATTER OF JUDICIAL ETHICS. |
| 00:02:27 | AND NOW WE'RE REALLY TALKING ABOUT THE ETHICS OF THE INDIVIDUAL INVOLVED AND THE DECISIONS THAT THAT PERSON WOULD THEN MAKE BASED ON THE POSITION TO WHICH THEY'RE NOMINATED. |
| 00:02:39 | MR. |
| 00:02:40 | SESSIONS: I BELIEVE THAT'S CORRECT. |
| 00:02:41 | AND THE STANDARD IS, AMONG OTHER THINGS, IF YOU'RE -- IMPARTIALITY MIGHT REASONABLY BE QUESTIONED. |
| 00:02:51 | AND MANY JUDGES ARE VERY SENSITIVE ABOUT THIS. |
| 00:02:56 | YOU KNOW, IF YOU GOT A -- A -- YOU OWN A BUNCH OF STOCK AND YOU'VE GOT ONE SHARE IN A BIG COMPANY LIKE G. |
| 00:03:04 | E. OR SOMETHING IN A CASE INVOLVING -- AND A CASE INVOLVING G. |
| 00:03:08 | E. COMES BEFORE YOU, YOU EXPECT TO RECUSE YOURSELF EVEN THOUGH IT IS UNLIKELY TO HAVE A REAL IMPACT ON YOUR FINANCE, BUT IT DOESN'T LOOK GOOD. |
| 00:03:16 | YOU COULD BE -- IT COULD BE IN QUESTION. |
| 00:03:20 | I THINK WE'RE ENTITLED TO KNOW HOW SENSITIVE THIS NOMINEE IS GOING TO BE TO THE DANGERS OF HER IMPARTIALITY BEING QUESTIONED EVEN IF THE -- HER ACTIONS ARE NOT SUCH THAT CLEARLY, AS A MATTER OF JUDICIAL ETHICS, MANDATES A RECUSAL. |
| 00:03:36 | SO I THINK WE NEED TO TALK ABOUT THAT AND SENATOR -- AND, SENATOR BARRASSO, I FEEL LIKE THE AMERICAN PEOPLE THAT YOU MEET WITH -- THE AMERICAN PEOPLE I MEET WITH WHO ARE CONCERNED ABOUT GOVERNMENTAL OVERREACH, WHO WONDER IF WE'VE LOST ALL SENSE OF THE LIMITED POWER OF THIS GOVERNMENT IN WASHINGTON, IF -- I BELIEVE THOSE PEOPLE ARE ENTITLED TO HAVE ABSOLUTE CONFIDENCE THAT ANYBODY CONFIRMED TO THE SUPREME COURT WILL NOT SIT ON A CASE IF THEY CAN'T BE IMPARTIAL OR IF THEIR IMPARTIALITY COULD EVEN RECENTLY BE -- REASONABLY BE QUESTIONED. |
| 00:04:21 | I THANK YOU FOR YOUR LEADERSHIP ON THIS ISSUE. |
| 00:04:23 | I THANK YOU FOR THE COLLOQUY. |
| 00:04:24 | I HOPE TO GET A COMPLETE ANSWER FROM THE NOMINEE SOON ABOUT ANY INVOLVEMENT SHE MAY HAVE HAD EXPLICITLY AND THEN TO PERHAPS ALSO TO INQUIRE FURTHER ABOUT TO WHAT EXTENT SHE WILL BE PREPARED TO NOT PARTICIPATE IF HER IMPARTIALITY COULD BE QUESTIONED. |
| 00:04:44 | MR. |
| 00:04:45 | BARRASSO: IF I COULD ASK ONE FINAL QUESTION TO MY COLLEAGUE. |
| 00:04:47 | I READ THE FINAL PARAGRAPH TO THE EDITORIAL THAT YOU INTRODUCED INTO THE RECORD. |
| 00:04:52 | IT SAYS AS SOMEONE WHO HOPES TO INFLUENCE THE COURT AND THE LAW FOR DECADES. |
| 00:04:57 | BECAUSE WE'RE TALKING ABOUT AN APPOINTMENT THAT COULD GO -- THAT WOULD LAST A LIFETIME. |
| 00:05:04 | 30, 40 YEARS. |
| 00:05:05 | LAST FOR DECADES, MS. |
| 00:05:07 | KAGAN SHOULD NOT UNDERMINE PUBLIC CONFIDENCE IN HER FAIR-MINDEDNESS BY SITTING IN JUDGMENT ON SUCH A CONTROVERSIAL CASE THAT BEGAN WHEN SHE WAS A SENIOR GOVERNMENT LEGAL OFFICIAL. |
| 00:05:21 | SO IT WOULD JUST SEEM TO ME, AND I WOULD ASK YOU AT THIS TIME, WHERE SOMEBODY MAY BE EMBARKING ON A LONG CAREER ON THE COURT WANTING TO GET OFF ON THE RIGHT FOOT, HEAD IN THE RIGHT DIRECTION, THAT IT WOULD SEEM TO ME THE BEST DECISION WOULD BE TO RECUSE HERSELF FROM THIS CASE AS HELP IF SHE IS CONFIRMED RATHER THAN GET INVOLVED IN IT AND THEN POTENTIAL HAVE AN IMPACT ON HER REPUTATION FOR DECADES TO COME. |
| 00:05:48 | MR. SESSIONS: I THINK THAT'S CORRECT. |
| 00:05:51 | I APPRECIATE THE WAY "THE WALL STREET JOURNAL," EXPRESSED THAT. |
| 00:05:54 | I THINK THAT'S A LEGITIMATE POSITION, AND I HOPE THAT THE NOMINEE WILL TAKE VERY SERIOUSLY THOSE CONCERNS AND WILL RESPOND PROMPTLY TO THE QUESTIONS THAT WE HAVE ASKED OF HER. |
| 00:06:07 | AND I THANK THE CHAIR AND WOULD YIELD THE FLOOR. |
| 00:06:09 | BEFORE I DO, I WOULD MAKE OFFICIALLY -- OFFICIALLY OFFER INTO THE RECORD "THE WALL STREET JOURNAL," EDITORIAL ON THIS SUBJECT. |
| 00:06:18 | THE PRESIDING OFFICER: WITHOUT OBJECTION, SO ORDERED. |
| 00:06:20 | MR. SESSIONS: I YIELD THE FLOOR. |
| 00:06:22 | MRS. MURRAY: MR. PRESIDENT? THE PRESIDING OFFICER: THE SENATOR FROM WASHINGTON IS RECOGNIZED. |
| 00:06:24 | MRS. |
| 00:06:25 | MURRAY: MR. PRESIDENT, I ASK UNANIMOUS CONSENT TO SPEAK AS IF IN MORNING BUSINESS. |
| 00:06:27 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 00:06:28 | MRS. |
| 00:06:29 | MURRAY: THANK YOU, MR. PRESIDENT. |
| 00:06:30 | MR. PRESIDENT, I HAVE BEEN FIGHTING HARD FOR A WALL STREET REFORM BILL THAT PROTECTS MY STATE'S FAMILIES, HOLDS WALL STREET ACCOUNTABLE, AND INCLUDES A GUARANTEE THAT AMERICAN TAXPAYERS WILL NEVER AGAIN HAVE TO PAY TO BAIL OUT WALL STREET OR TO CLEAN UP AFTER BIG BANK'S IN MESSES. |
| 00:06:53 | -- BIG BANGS' MESSES -- BIG BANKS MESSES AND FINALLY WE'RE SO CLOSE TO PASSING LEGISLATION THAT DOES EXACTLY WHAT. |
| 00:07:02 | -- THAT. MR. PRESIDENT, THIS SHOULDN'T BE A PARTISAN ISSUE. |
| 00:07:05 | IT SHOULDN'T BE ABOUT RIGHT VERSUS LEFT OR REPUBLICAN VERSUS DEMOCRAT. |
| 00:07:09 | IT SHOULD BE ABOUT WHAT'S DOING -- DOING WHAT'S RIGHT FOR OUR FAMILIES AND OUR SMALL BUSINESS OWNERS IN MY HOME STATE OF WASHINGTON AND ACROSS THE ENTIRE COUNTRY. |
| 00:07:18 | IT SHOULD BE ABOUT WHO IT IS WE CHOOSE TO STAND UP FOR AND WHO WE THINK NEEDS OUR SUPPORT RIGHT NOW. |
| 00:07:25 | NOW SOME PEOPLE HAVE SPENT THE LAST FEW MONTHS STANDING UP FOR WALL STREET AND BIG BANKS TRYING TO WATER THIS REFORM DOWN AND FIGHTING EVERY DAY AGAINST ANY CHANGES THAT WOULD PREVENT THE BIG BANKS FROM GOING BACK TO THEIR BONUSES AS USUAL MEN AT ICY. |
| 00:07:39 | BUT I HAVE -- MENTALITY. |
| 00:07:41 | BUT I HAVE BEEN VERY PROUD TO STAND WITH SO MANY OTHERS TO FIGHT AGAINST THE WALL STREET LOBBYISTS AND SPECIAL INTEREST GROUPS AND STAND UP FOR THE FAMILIES I REPRESENT IN THE STATE OF WASHINGTON. |
| 00:07:51 | FAMILIES WHO WANT US TO PASS STRONG REFORM THAT CANNOT BE IGNORED OR SIDE STEPPED IN THE FUTURE. |
| 00:07:58 | WHO WANT US TO END BAILOUTS AND MAKE SURE THAT WALL STREET IS ACCOUNTABLE FOR CLEANING UP THEIR OWN MESSES AND WHO WANTS US TO PUT IN PLACE STRONG CONSUMER PROTECTION TO MAKE SURE BIG BANKS CAN NEVER AGAIN TAKE ADVANTAGE OF OUR FAMILIES OR OUR STUDENTS OR OUR SENIORS. |
| 00:08:17 | YOU KNOW, FOR MOST AMERICANS, MR. |
| 00:08:19 | PRESIDENT, THIS DEBATE IS NOT COMPLEX. |
| 00:08:22 | IT'S PRETTY SIMPLE. |
| 00:08:23 | IT'S NOT ABOUT DERIVATIVES OR CREDIT DEFAULT SWAPS. |
| 00:08:27 | IT IS ABOUT FUNDAMENTAL FAIRNESS. |
| 00:08:29 | AND IT'S ABOUT MAKING SURE THAT WE HAVE GOOD, COMMONSENSE RULES THAT WORK FOR OUR FAMILIES AND OUR SMALL BUSINESS OWNERS. |
| 00:08:37 | IT'S ABOUT THE PERSON WHO WALKS INTO A BANK TO SIGN UP FOR A MORTGAGE OR APPLIES FOR A CREDIT CARD OR STARTS PLANNING THEIR RETIREMENT. |
| 00:08:45 | WE WANT TO MAKE SURE THE RULES NOW ARE ON THEIR SIDE AND -- AND NOT WITH THE BIG BANKS ON WALL STREET. |
| 00:08:52 | YOU KNOW, FOR FAR TOO LONG THE FINANCIAL RULES OF THE ROAD HAVE NOT FAVORED THE AMERICAN PEOPLE. |
| 00:09:00 | INSTEAD THEY DID FAVOR BIG BANKS AND CREDIT CARD COMPANIES AND WALL STREET. |
| 00:09:04 | FOR TOO LONG THOSE PEOPLE HAVE ABUSED THE RULES. |
| 00:09:07 | SO, MR. PRESIDENT, AS WE NOW APPROACH THIS VOTE, I THINK IT'S IMPORTANT FOR ALL OF US TO BE CLEAR ABOUT WHO IT IS WE ARE FIGHTING FOR. |
| 00:09:15 | I'M FIGHTING FOR PEOPLE LIKE DEVON GLAZER, HE IS A SCHOOL AIDE IN SEATTLE. |
| 00:09:21 | HE TOLD ME HE WORKED AND SAVED HIS MONEY AND BOUGHT A CONDO BEFORE THE RECESSION BEGAN. |
| 00:09:26 | HE TOLD ME HE PUT 20% DOWN ON A TRADITIONAL MORTGAGE AND WAS MAKING HIS PAYMENTS. |
| 00:09:33 | HOWEVER, LIKE A LOT OF PEOPLE WHO FOUND THEMSELVES UNDEREMPLOYED AS A RESULT OF THIS RECESSION, DEFON HAS BEEN UNABLE TO FIND WORK FOR MORE THAN 25 HOURS A WEEK. |
| 00:09:43 | HE TOLD ME HE'S NOW UNABLE TO PAY HIS MORTGAGE. |
| 00:09:46 | HE'S GOING TO BE FORECLOSED ANY DAY NOW. |
| 00:09:49 | I'M ALSO FIGHTING FOR PEOPLE LIKE ROB HAYES, A WASHINGTON STATE STUDENT WHOSE PARENTS PUT THEIR RETIREMENT ON HOLD AND WENT BACK TO WORK TO SEND HIM TO SCHOOL. |
| 00:09:58 | A FEW SHORT YEARS AGO ROB'S PARENTS WERE IN THE PROCESS OF SELLING THEIR HOME AND PREPARING TO RETIRE, BUT THEN THE FORECLOSURE CRISIS TOOK HOLD AND THEY COULDN'T FIND A BUYER. |
| 00:10:11 | AS A RESULT THEY WERE FORCED TO PAY TWO MORTGAGES WITH THE MONEY THEY SAVED FOR ROB'S SCHOOLING AND RETIME WAS PUT ON HOLD. |
| 00:10:19 | - MR. |
| 00:10:20 | PRESIDENT, I'M FIGHTING FOR PEOPLE LIKE JUDE LORRAINE, SMALL BUSINESS HONOR IN MY HOME STATE OF WASHINGTON WHO TOLD ME WHEN THE FINANCIAL CRISIS HIT, HIS LINE OF CREDIT WAS PULLED. |
| 00:10:29 | THAT FORCED HIM TO LAY OFF EMPLOYEES, GO DEEP INTO DEBT ON HIS OWN PERSONAL CREDIT CARD AND CUT BACK HIS INVENTORY, DESPITE THE FACT THAT HIS TOY STORE WAS MORE POPULAR THAN EVER. |
| 00:10:42 | MR. PRESIDENT, I'M FIGHTING FOR PEOPLE LIKE DEVIN AND ROB AND JUDE BECAUSE THEY ARE THE ONES BEING FORCED TO PAY THE PRICE NOW FOR WALL STREET'S GREED AND IRRESPONSIBILITY. |
| 00:10:52 | WHETHER IT WAS GAMBLING WITH BORROWED MONEY FROM OUR PENSION FUNDS, MAKING BETS THEY COULDN'T COVER OR PEDDLING MORTGAGES TO PEOPLE THAT THEY KNEW COULD NEVER PAY, WALL STREET MADE RECKLESS CHOICES THAT HAVE DEVASTATED A LOT OF WORKING FAMILIES. |
| 00:11:08 | IN MY HOME STATE OF WASHINGTON, WALL STREET'S MISTAKES COST US OVER 150,000 JOBS. |
| 00:11:17 | THEY COST AVERAGE FAMILIES THOUSANDS OF DOLLARS IN LOST INCOME. |
| 00:11:20 | THEY COST SMALL BUSINESSES THE ACCESS TO CREDIT THEY NEED TO EXPAND AND HIRE AND IN MANY CASES CAUSED THEM TO CLOSE. |
| 00:11:28 | THEY COST WORKERS THEIR RETIREMENT ACCOUNTS THEY WERE COUNTING ON TO CARRY THEM THROUGH THEIR GOLDEN YEARS AND STUDENTS THE COLLEGE SAVINGS THAT WOULD HAVE HELPED THEM LAUNCH THEIR EDUCATION AND CAREER. |
| 00:11:38 | THEY COST HOMEOWNERS THE VALUE OF THEIR MOST IMPORTANT FINANCIAL ASSET AS NEIGHBORHOODS HAVE BEEN DECIMATED BY FORECLOSURES. |
| 00:11:46 | THEY COST OUR SCHOOLTEACHERS AND OUR POLICE OFFICERS AND ALL OF OUR COMMUNITIES, AND THEY COST OUR WORKERS LIKE DEVIN, OUR STUDENTS LIKE ROB AND OUR SMALL BUSINESS OWNERS LIKE JUDE. |
| 00:11:58 | MR. |
| 00:11:59 | PRESIDENT, WE OWE IT TO PEOPLE LIKE THEM ALL ACROSS THE COUNTRY TO REFORM THIS SYSTEM THAT PUTS WALL STREET BEFORE MAIN STREET. |
| 00:12:06 | WE OWE IT TO THEM TO PUT THEIR FAMILIES BACK IN CONTROL OF THEIR OWN FINANCES. |
| 00:12:11 | WE OWE IT TO THEM TO MAKE SURE THAT THE RULES THAT PROTECT FAMILIES SITTING AROUND THAT DINNER TABLE AT NIGHT, BALANCING THEIR CHECKBOOK AND FINDING WAYS TO SAVE FOR THE FUTURE, NOT THOSE SITTING AROUND THE BOARD ROOM TABLE FINDING WAYS TO INCREASE PROFITS AT THE EXPENSE OF HARD-WORKING AMERICANS. |
| 00:12:27 | AND TO DO THAT, WE'VE GOT TO PASS THIS STRONG WALL STREET REFORM LEGISLATION. |
| 00:12:33 | MR. |
| 00:12:34 | PRESIDENT, IT'S IMPORTANT FOR FAMILIES TO UNDERSTAND WHAT THIS BILL DOES AND WHAT EXACTLY OPPONENTS OF THIS LEGISLATION ARE FIGHTING AGAINST. |
| 00:12:42 | THIS BILL CONTAINS EXPLICIT LANGUAGE GUARANTEEING THAT TAXPAYERS WILL NEVER AGAIN BE RESPONSIBLE FOR BAILING OUT WALL STREET. |
| 00:12:53 | IT CREATES BRAND-NEW CONSUMER FINANCIAL PROTECTION BUREAU THAT WILL PROTECT OUR CONSUMERS FROM BIG BANK RIP-OFFS AND END UNFAIR FEES AND CURB OUT-OF-CONTROL CREDIT CARD AND MORTGAGE RATES AND BE A NEW COP ON THE BEAT TO SAFEGUARD CONSUMERS AND PROTECT THEIR FAMILIES. |
| 00:13:10 | IT PUTS IN PLACE NEW RESTRICTIONS FOR SMALL BUSINESSES FROM UNFAIR TRANSACTION FEES THAT HAVE BEEN POSED BY CREDIT CARD COMPANIES. |
| 00:13:20 | IT ENFORCES LIMITATIONS ON EXCESSIVE COMPENSATION FOR WALL STREET EXECUTIVES, AND IT OFFERS NEW TOOLS TO PROMOTE FINANCIAL LITERACY AND MAKE SURE THAT OUR FAMILIES HAVE THE KNOWLEDGE TO PROTECT THEMSELVES AND TAKE PERSONAL RESPONSIBILITY FOR THEIR OWN FINANCES. |
| 00:13:36 | YOU KNOW, I'VE HEARD SO MANY STORIES FROM PEOPLE ACROSS WASHINGTON STATE WHO HAVE SCRIMPED AND SAVED AND MADE THE BEST WITH WHAT THEY HAD, BUT WERE DEVASTATED THROUGH NO FAULT OF THEIR OWN, PEOPLE WHO PLAYED BY THE RULES BUT ARE NOW PAYING THE PRICE FOR THOSE ON WALL STREET WHO DIDN'T. |
| 00:13:53 | THESE ARE THE PEOPLE WE HAVE GOT TO STAND UP FOR, THE PEOPLE WHOSE MAIN STREET VALUES I AND SO MANY OTHERS FIGHT FOR EVERY DAY. |
| 00:14:00 | SO, MR. PRESIDENT, WITH ALL THE NEW PROTECTIONS AND REFORMS THIS BILL CONTAINS FOR FAMILIES AND SMALL BUSINESSES, YOU'VE GOT TO ASK WHO ARE THE OPPONENTS OF THIS BILL FIGHTING FOR AND WHAT ARE THEY STANDING UP TO PROTECT? |
| 00:14:10 | YOU KNOW, I GREW UP WORKING AT MY DAD'S FIVE-AND-DIME STORE ON MAIN STREET IN BATHEL, WASHINGTON, ACTUALLY ON MAIN STREET. |
| 00:14:21 | LIKE A LOT OF PEOPLE IN THE COUNTRY, MAIN STREET IS WHERE I GOT MY VALUES. |
| 00:14:26 | I WAS TAUGHT BY MY DAD THAT THE PRODUCT OF YOUR WORK ISN'T JUST ABOUT THE DOLLARS IN THE TILL AT THE END OF THE DAY. |
| 00:14:31 | I LEARNED THAT A GOOD TRANSACTION WAS ONE THAT WAS GOOD FOR YOUR BUSINESS AND GOOD FOR YOUR CUSTOMER. |
| 00:14:37 | I LEARNED THAT STRONG CUSTOMER SERVICE AND LASTING RELATIONSHIPS OFTEN MADE YOUR BUSINESS MUCH STRONGER, THAT PERSONAL RESPONSIBILITY MEANT OWNING UP TO YOUR MISTAKES, MAKING THEM RIGHT. |
| 00:14:48 | AND I LEARNED THAT ONE BUSINESS RELIED ON ALL THE OTHERS ON THE SAME STREET. |
| 00:14:53 | I WAS TAUGHT THAT CUSTOMERS WERE NOT PREY AND BUSINESSES WERE NOT PREDATORS AND THAT AN HONEST BUSINESS WAS A SUCCESSFUL ONE. |
| 00:15:03 | MR. PRESIDENT, IT'S TIME FOR US TO BRING THOSE MAIN STREET VALUES BACK TO OUR FINANCIAL SYSTEM, TO BRING THEM BACK IN AN APPROACH THAT PUTS MAIN STREET AND FAMILIES OVER WALL STREET AND PROFITS, THAT PROTECTS CONSUMERS AND HOLDS BIG BANKS ACCOUNTABLE FOR THEIR ACTIONS AND MAKES SURE THAT PEOPLE LIKE DEVIN AND ROB AND JUDE ARE NEVER AGAIN FORCED TO BEAR THE BURDEN FOR BIG BANKS' MISTAKES. |
| 00:15:28 | SO I URGE MY COLLEAGUES TODAY TO STAND UP WITH US AGAINST THE STATUS QUO AND FOR THIS STRONG WALL STREET REFORM BILL THAT FAMILIES AND SMALL BUSINESSES IN WASHINGTON STATE AND ACROSS THE COUNTRY DESPERATELY NEED. |
| 00:15:41 | THANK YOU, MR. PRESIDENT, AND I YIELD THE FLOOR. |
| 00:15:54 | THE PRESIDING OFFICER: THE SENATOR FROM MISSOURI. |
| 00:15:57 | MR. |
| 00:15:58 | BOND: MR. PRESIDENT, I THANK THE CHAIR, AND I RISE TODAY TO SPEAK ABOUT THE FINANCIAL OVERREGULATION BILL. |
| 00:16:04 | THIS SO-CALLED FINANCE REFORM BILL BEFORE US IS BEING SOLD TO THE AMERICAN PEOPLE AS HOLDING WALL STREET ACCOUNTABLE FOR THE ECONOMIC CRISIS THAT HURT EVERY AMERICAN FAMILY AND BUSINESS IN EVERY COMMUNITY ACROSS THE NATION. |
| 00:16:19 | WE'RE TOLD THAT THIS BILL WILL END TOO BIG TO FAIL AND PREVENT FUTURE BAILOUTS. |
| 00:16:26 | UNFORTUNATELY, JUST AS THE STIMULUS BILL WAS SUPPOSED TO REDUCE UNEMPLOYMENT AND THE HEALTH CARE BILL WAS SUPPOSED TO LOWER HEALTH COSTS AND REDUCE THE DEFICIT, THIS BILL, TOO, WILL DO THE OPPOSITE OF WHAT IS ADVERTISED. |
| 00:16:43 | IT WILL NOT PREVENT FUTURE BAILOUTS. |
| 00:16:47 | IT WILL CREATE ANOTHER HUGE FEDERAL BUREAUCRACY. |
| 00:16:52 | INSTEAD OF PUNISHING WALL STREET, IT WILL PUNISH MAIN STREET AND THE FAMILIES WHO SUFFER THE MOST NOT CAUSED THE FINANCIAL MELTDOWN. |
| 00:17:03 | THIS BILL WAS WRITTEN TO REIN IN WALL STREET, YET THE BIGGEST OPPONENTS ARE COMMUNITY BANKS AND SMALL BUSINESSES IN EVERY CITY AND TOWN AND COMMUNITY IN THE NATION. |
| 00:17:14 | I THINK THAT TELLS YOU ALL YOU NEED TO KNOW ABOUT THIS BILL. |
| 00:17:17 | I WOULD URGE MY COLLEAGUES TO LISTEN TO THE FOLKS AT HOME, THE PEOPLE WHO HAVE TO MAKE A LIVING WHO ARE GOING TO BE BURDENED BY IT. |
| 00:17:24 | I STRONGLY OPPOSE CLOTURE ON THE BILL. |
| 00:17:27 | YES, THERE HAVE BEEN SOME IMPROVEMENTS MADE AND I HAVE WORKED WITH MY COLLEAGUE, SENATOR DODD, TO MAKE SURE WE DIDN'T DEVASTATE THE VENTURE CAPITAL AREA. |
| 00:17:38 | UNFORTUNATELY, THAT'S COMING IN ANOTHER BILL, BUT DESPITE SOME OF THE PROGRESS WE HAVE MADE, THE PROVISIONS MOST HARMFUL TO TAXPAYERS, FAMILIES AND SMALL BUSINESSES STILL REMAIN. |
| 00:17:48 | AS A MATTER OF FACT, NEW PROVISIONS HAVE BEEN AIR DROPPED INTO THE CONFERENCE REPORT THAT ARE SO PROBLEMATIC NEITHER CHAMBER COULD AGREE TO INCLUDE THEM IN EITHER VERSION. |
| 00:18:00 | IF WE'RE TRULY COMMITTED TO ENACTING REAL BIPARTISAN REFORM, THEN THE MAJORITY WOULD NOT ALLOW ITEMS THAT WERE NEVER DEBATED OR VOTED ON TO BE INCLUDED IN THE BILL. |
| 00:18:10 | I HOPE MY DEMOCRATIC COLLEAGUES WILL STAND UP FOR THESE PRINCIPLES THAT THEY HAVE TALKED SO LOUDLY ABOUT AND SAY NO TO THIS BACK ROOM PRACTICE OF AIR DROPPING TOTALLY NEW CONCEPTS INTO THE BILL. |
| 00:18:26 | I TALK NOW ABOUT SOME OF THE MOST EGREGIOUS PROVISIONS IN THE BILL. |
| 00:18:30 | FIRST, IT IS UNBELIEVABLE AND UNACCEPTABLE THAT SO MANY OF MY COLLEAGUES WANT TO TURN A BLIND EYE TO THE GOVERNMENT-SPONSORED ENTERPRISES, G. |
| 00:18:41 | S.E.'S, WHO CONTRIBUTED TO THE FINANCIAL MELTDOWN BY BUYING HIGH-RISK LOANS BANKS MADE TO PEOPLE WHO COULD NOT AFFORD THEM. |
| 00:18:49 | EVERYONE HERE KNOWS WHAT I'M TALKING ABOUT. |
| 00:18:52 | DESPITE THIS BILL 2,300 PAGES, IT COMPLETELY IGNORES THE 900-POUND GORILLA THAT'S IN THE ROOM, THE NEED TO REFORM FANNIE MAE AND LOUISFANNIEMAE AND FREDDIE MAC, THE NOT SO TOXIC TWINS. |
| 00:19:18 | THE AMERICAN DREAM HAS BEEN TURNED INTO THE AMERICAN NIGHTMARE BY TOO MANY FAMILIES WHO HAVE HAD THEIR HOMES FORECLOSED OR ARE HANGING ON BY A THREAD. |
| 00:19:24 | THE IRRESPONSIBLE ACTIONS PUSHED BY PREVIOUS ADMINISTRATIONS ON FANNIE AND FREDDIE DEVASTATED NEIGHBORHOODS AND COMMUNITIES AS PROPERTY VALUES DIMINISHED. |
| 00:19:34 | TO ADD INSULT TO INJURY, AFTER FANNIE AND FREDDIE WENT BELLY UP, IT WAS THE AMERICAN TAXPAYERS WHO SUFFERED FROM THE IRRESPONSIBLE ACTIONS WHO WERE LEFT TO FOOT THE BILL. |
| 00:19:46 | AS IF THAT WEREN'T BAD ENOUGH, UNLESS WE ACT NOW TO REFORM THE TOXIC TWINS OVER THE NEXT TEN YEARS, FANNIE AND FREDDIE WILL COST THE AMERICAN TAXPAYERS AT LEAST AN ADDITIONAL $389 BILLION. |
| 00:20:00 | IN THE JOY OF THE CHRISTMAS HOLIDAY LAST DECEMBER, THE ADMINISTRATION TOOK OFF THE $400 BILLION LIMIT ON IT. |
| 00:20:07 | I HAVE TO ASK HOW MUCH MONEY THEY THINK THEY CAN LOSE IF $400 BILLION IS NOT ENOUGH FOR THEM TO LOSE. |
| 00:20:16 | BUT WHAT'S IN THIS BILL TO ADDRESS THIS PROBLEM? |
| 00:20:20 | ABSOLUTELY NOTHING, ZIP, ZERO. |
| 00:20:22 | NEXT, THIS BILL LUMPS IN THE GOOD GUYS WITH THE BAD GUYS AND TREATS THEM ALL THE SAME, PARTICULARLY WHEN IT COMES TO DERIVATIVES. |
| 00:20:29 | NOW, FOLKS WHO ARE TRYING TO MANAGE AND CONTROL COSTS ARE TREATED THE SAME AS FOLKS WHO ARE SPENDING AND SPECULATING IN THE MARKET, MAKING SHADY BETS WITH MONEY THEY DIDN'T HAVE, MAKING INSURANCE BETS ON PROPERTY THEY DIDN'T OWN. |
| 00:20:44 | THIS WAS DESCRIBED IN THE BOOK "THE BIG SHORT" BY MICHAEL LEWIS. |
| 00:20:51 | THESE COMPUTER GAINED DERIVATIVES OR INSURANCE POLICIES WERE DREAMED UP BY WALL STREET GENIUSES, SOME WHO MADE BILLIONS, OTHERS WHO LOST BILLIONS. |
| 00:21:01 | THOSE BILLIONS OF LOSSES ALMOST DESTROYED OUR FINANCIAL SYSTEM AND POISONED THE WORLD'S FINANCIAL SYSTEM. |
| 00:21:07 | I HAVE HEARD SOME FOLKS SAY WHY DO THESE BAD PRACTICES MEAN SOMETHING IS GOING TO HAPPEN TO ME? |
| 00:21:16 | WELL, THE WAY THIS BILL IS DRAFTED, UTILITY COMPANIES MAY NOT BE ABLE TO LOCK IN A STEADY RATES FOR THEIR CUSTOMERS, LEAVING THEM INSTEAD AT THE WHIM OF A VOLATILE COMPANY. |
| 00:21:32 | THEY WILL HAVE TO PAY BILLIONS TO WALL STREET OR CHICAGO TO CLEAR THEIR NORMAL LONG-TERM CONTRACTS AND POST COLLATERAL WITH ENERGY SUPPLIERS THROUGH CLEARINGHOUSES RUN BY BIG FINANCIAL FIRMS. |
| 00:21:42 | AND THAT MONEY WILL BE IMMEDIATELY PASSED ALONG TO EVERY CONSUMER OF POWER FROM THAT UTILITY COMPANY. |
| 00:21:52 | THAT'S WHAT UTILITIES DO, THEY PASS IT ON TO YOU AND ME AS ELECTRICITY OR GAS OR OTHER CUSTOMERS OF THEIRS. |
| 00:22:02 | SO YOU AND I AND FOLKS IN EVERY COMMUNITY ACROSS THE COUNTRY COULD PAY HIGHER COSTS EVERY TIME WE FLIP ON THE LIGHT SWITCH, TURN ON THE AIR CONDITIONER AND HEAT OUR HOUSE. |
| 00:22:13 | THAT MEANS FAMILY FARMS MAY NOT BE ABLE TO GET LONG-TERM FINANCING, FORCING MANY TO QUIT FARMING AND PREVENTING MANY FROM BEGINNING TO FARM. |
| 00:22:21 | "THE WALL STREET JOURNAL" TODAY FRONT-PAGE ARTICLE DESCRIBED IN AN ARTICLE HEADED "FINANCE OVERHAUL CASTS SHADOW ON CLAIMS," IT TELLS ABOUT HOW THIS BILL WILL CLABBER THE FOLKS IN AG COMMUNITIES WHO HAVE TO HAVE FORWARD CONTRACTS. |
| 00:22:37 | THEY NEVER CAUSED THE PROBLEM, BUT IT WILL TIE UP CAPITAL AND MAKE THEM PAY TRIBUTE TO BIG FIRMS ON WALL STREET AND CHICAGO. |
| 00:22:49 | NO WONDER THOSE BIG FIRMS ARE FOR THEM. |
| 00:22:51 | A LOT OF BUSINESS FOR THEM. |
| 00:22:52 | A LOT OF EXPENSE FOR THE FARMER -- THE COMMODITY HAULER TRYING TO MAKE A LIVING. |
| 00:22:58 | I'M STUNNED THAT ANY SENATOR IN GOOD CONSCIENCE WOULD VOTE FOR A BILL THAT WILL INCREASE COSTS FOR EVERY AMERICAN, ESPECIALLY AT A TIME WHEN WORKING FAMILIES ARE STRUGGLING TO MAKE ENDS MEET. |
| 00:23:08 | ONE THING IS CERTAIN: THIS BILL WILL -- TODAY'S "WALL STREET JOURNAL" EDITORIAL OPINES THAT DODD-FRANK WITH UNLEASH THE BIGGEST WAVE OF NEW FINANCIAL RULE-MAKING IN GENERATIONS. |
| 00:23:26 | WHATEVER IT WILL DO, IT WILL NOT MAKE LENDING CHEAPER OR MORE CREDIT AVAILABLE. |
| 00:23:30 | " CLOSE QUOTES. |
| 00:23:31 | THEY GO ON TO STATE ONE LAW FIRM HAS ESTIMATED THAT THE NEW LAW WILL -- QUOTE -- "REQUIRE NO FEWER THAN 243 FORMER RULE MAKINGS BY 11 DIFFERENT AGENCIES. |
| 00:23:42 | " CLOSE QUOTES. WHAT WILL BE THE EFFECT? |
| 00:23:44 | MORE LAWYERS, MORE BUREAUCRACY, MORE TAXPAYER MONEY, MORE LAWSUITS. |
| 00:23:48 | CERTAINLY, I CANNOT VOTE FOR -- IN GOOD CONSCIENCE FOR A BILL THAT CREATES A MASSIVE NEW SUPERBUREAUCRACY WITH UNPRECEDENTED AUTHORITY TO I IMPOSE GOVERNMENT MANDATES. |
| 00:24:03 | WE'RE NOT TALKING ABOUT THE BIG GUYS, GOLDMAN SACHS, A. |
| 00:24:07 | I.G.S OF THE WORLD. |
| 00:24:08 | IN THE REAL WORLD, WE'RE TALKING ABOUT YOUR COMMUNITY BANK, YOUR SMALL RETAILERS AND EVEN YOUR DENTIST. |
| 00:24:14 | I HAVE TALKED TO A LOT OF SMALL BUSINESSES AND LISTENED TO THEM, AND A LOT OF PEOPLE ARE CONCERNED THIS PAST WEEK WHEN I WAS HOME ABOUT WHAT WAS GOING ON IN WASHINGTON. |
| 00:24:23 | AND I -- I WAS TALKING TO A GROUP IN MARYVILLE IN NORTHWEST MISSOURI, AND I SAID THE UNCERTAINTY IS REALLY A PROBLEM FOR SMALL BUSINESS. |
| 00:24:32 | ONE SMALL BUSINESSMAN CORRECTED ME. |
| 00:24:36 | HE SAID NO, IT'S THE CERTAINTY. |
| 00:24:37 | WE KNOW WHAT WASHINGTON HAS ALREADY DONE TO THE DEFICIT, TO THE DEBT, TO HEALTH CARE, WHAT IT IS GOING TO DO TO FINANCIAL REGULATION AND WHAT IT IS THREATENING TO DO TO ENERGY COSTS. |
| 00:24:55 | AND I ASKED EVERYBODY AROUND THE TABLE, I SAID SHOULD I HAVE SAID CERTAINTY RATHER THAN UNCERTAINTY, AND THEY SAID YOU CERTAINLY SHOULD, BECAUSE SMALL BUSINESSES NOT WILLING OR ABLE OR EVEN INCLINED TO CREATE JOBS WHEN THIS MASSIVE GOVERNMENT ROLLOUT OF SPENDING, TAXATION AND REGULATION IS COMING DOWN ON THEM. |
| 00:25:23 | LET'S NOT BE NAIVE. |
| 00:25:24 | ANY OF THE NEW COSTS AS A RESULT OF THE NEW MANDATES AND REGULATIONS, REGARDLESS OF THE ENTITY ON WHICH THEY ARE IMPOSED WILL BE PASSED DOWN TO THE VERY PEOPLE THAT THE BILL CLAIMS TO PROTECT. |
| 00:25:41 | UNDER THE NEW MISNAMED CONSUMER PROTECTION BUREAU, OR CFPB,THE DECISIONS ON ALLOCATING CREDIT WILL NO LONGER BE BASED ON THE SAFETY AND SOUNDNESS REQUIREMENT FOR HEALTHY BANKS. |
| 00:25:53 | INSTEAD, BY EMPOWERING THIS NEW SUPER BUREAUCRACY WITH UNPRECEDENTED POWER, DECISIONS ON CREDIT WILL BE DRIVEN BY THE ADMINISTRATION'S POLITICAL WILL AND AGENDA. |
| 00:26:03 | POLITICS WILL THEN DECIDE HOW TO ALLOCATE CREDIT WHILE OPERATING OUTSIDE THE FRAMEWORK OF SAFETY AND SOUNDNESS, THUS PUTTING MORE RISK BACK INTO THE SYSTEM WHEN WE WERE SUPPOSED TO BE TAKING RISK OUT OF THE SYSTEM. |
| 00:26:19 | THIS GIANT BILL ALSO CONTAINS A PROVISION CREATING A NEW OFFICE OF FINANCIAL RESEARCH. |
| 00:26:26 | YOU'LL GET TO KNOW THIS ONE. |
| 00:26:28 | IT'S GIVEN THE AUTHORITY TO ACCESS PERSONAL FINANCIAL INFORMATION OF ANY CITIZEN IN THE UNITED STATES. |
| 00:26:36 | I DON'T KNOW ABOUT YOU, BUT I'D PREFER NOT TO HAVE A NEW BUREAUCRACY RIFLING THROUGH MY PERSONAL ACCOUNT INFORMATION IN AN ERA OF ECONOMIC AND ELECTRONIC COMMUNICATIONS, WHERE FRAUD AND IDENTITY THEFT RUN RAMPANT. |
| 00:26:50 | ORDINARY AMERICANS WHO DID NOT CAUSE THE FINANCIAL MELTDOWN SHOULD NOT BE PUNISHED AND PLACED AT RISK BECAUSE THE GOVERNMENT WISHES TO CREATE THIS NEW UNNECESSARY OFFICE. |
| 00:27:01 | NOW, I COULD CONTINUE TO LIST PROVISION AFTER PROVISION, POINTING OUT EXPANSIONS OF GOVERNMENT AND ILL-INTENDED POLICIES THAT WILL CREATE MORE UNCERTAINTY WHILE FAILING TO HIT THE OBJECTIVE OF REGULAR TORY REFORM -- OF REGULATORY REFORM. |
| 00:27:14 | HOWEVER, THIS CHAMBER DOESN'T HAVE THE HOURS FOR MY SPEECH ALONE. |
| 00:27:17 | I COULD SAY HARSH LETTER TO FOLLOW. |
| 00:27:20 | IF ANYBODY WANTS TO KNOW, WE'LL BE HAPPY TO SEND THEM LOTS OF CHAPTERS AND LOTS OF VERSUS. |
| 00:27:29 | BUT MUCH LIKE THE HEALTH CARE BILL RECENTLY SIGNED INTO LAW, I FEAR THAT SMALL BUSINESSES WILL SOON LEARN OF MANY MORE UNINTENDED CONSEQUENCES WHICH HAVE YET TO BE SEEN. |
| 00:27:39 | EVEN THE BILL'S SPONSORS ADMIT THAT THE BILL'S LONG REACH WILL NOT BE FULLY KNOWN UNTIL IT'S IN PLACE. |
| 00:27:46 | REMEMBER WHEN THE LEADER ON THE OTHER SIDE OF THIS BUILDING SAID IF YOU WANT TO FIND OUT WHAT'S IN THE BILL, YOU'LL HAVE TO PASS IT? |
| 00:27:52 | WELL, IN THIS BILL, IF YOU WANT TO FIND OUT WHAT IT'S GOING TO DO, UNFORTUNATELY, YOU'RE GOING TO FIND OUT IF YOU PASS IT. |
| 00:28:00 | I DON'T WANT TO HAVE MY FINGERPRINTS ON WHAT'S GOING TO HAPPEN TO BUSINESSES, TO THE COMMUNITY, TO JOBS IN THE UNITED STATES IF IT PASSES. |
| 00:28:09 | TO SUM UP, IF THE GOAL IS TO ENACT REAL REFORM THAT ENSURES WE NEVER, EVER HAVE ANOTHER FINANCIAL CRISIS LIKE THE ONE WE HAD 18 MONTHS AGO, THE BILL FALLS WOEFULLY SHORT OF THAT GOAL. |
| 00:28:22 | IT'S LIGHT ON REFORM, HEAVY ON OVERREACH AND UNINTENDED CONSEQUENCES. |
| 00:28:26 | OVERALL, THIS BILL IS TOO LARGE, TOO COSTLY FOR CONSUMERS AND WOULD KILL JOB CREATION AT A TIME WHEN WORKING AMERICANS NEED TO BE LEFT WHAT THEY DO BEST AND THAT'S SUCCEED. |
| 00:28:39 | NO DOUBT WE NEED TO PROTECT EVERY AMERICAN FROM EVER AGAIN FALLING VICTIM TO WALL STREET GONE WILD, BUT WHAT WE DO NOT WANT AND WHY THIS DEBATE IS SO IMPORTANT IS WE DO NOT WANT TO PUNISH AMERICANS FOR A CRISIS THEY DIDN'T CAUSE. |
| 00:28:55 | UNLESS WE SCRAP THIS FAILED VERSION AND START OVER, THE DEMOCRATS' BILL WILL DO JUST THAT AND THE COST WILL BE PAID BY MAIN STREET. |
| 00:29:03 | I ASK UNANIMOUS CONSENT THAT THE EDITORIAL IN TODAY'S "WALL STREET JOURNAL," TO WHICH I REFERRED, BE INCLUDED IN THE RECORD. |
| 00:29:10 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 00:29:12 | MR. BOND: I THANK THE CHAIR, AND I YIELD THE FLOOR. |
| 00:29:13 | A SENATOR: MR. |
| 00:29:14 | PRESIDENT? THE PRESIDING OFFICER: THE SENATOR FROM NEW MEXICO. |
| 00:29:16 | A SENATOR: MR. |
| 00:29:17 | PRESIDENT, I ASK UNANIMOUS CONSENT TO SPEAK AS IF IN MORNING BUSINESS. |
| 00:29:23 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 00:29:24 | MR. UDALL: MR. |
| 00:29:25 | PRESIDENT, TODAY I STAND TO RECOGNIZE ONE OF THE GREATEST SCIENTISTS AND LEADERS OF OUR TIME AND TO INTRODUCE A RESOLUTION HONORING THE EDUCATIONAL AND SCIENTIFIC SIGNIFICANCE OF DR. |
| 00:29:42 | JANUARY -- DR. |
| 00:29:44 | JANE GOODALL ON THIS, THE 50th ANNIVERSARY OF HER GOOD WORK IN TANZANIA. |
| 00:29:49 | 50 YEARS AGO TODAY, JANE GOODALL, A YOUNG AND AMBITIOUS SCIENTIST, FIRST SET FOOT ON THE SHORES OF LAKE TANGANIKA TO BEGIN HER RESEARCH UNDER THE DIRECTION OF DR. |
| 00:30:01 | LEWIS LAKEY. |
| 00:30:02 | IN THE ENSUING YEARS, DR. |
| 00:30:04 | GOODALL BECAME THE WORLD'S EXPERT ON CHIMPANZEES. |
| 00:30:09 | SHE HAD NUMEROUS GROUNDBREAKING DISCOVERIES. |
| 00:30:12 | SHE PUBLISHED ARTICLES AND WORKS THAT REMAINED THE FOUNDATIONAL SCIENTIFIC WORK ON CHIMPANZEE AND WILDLIFE STUDIES. |
| 00:30:21 | SHE DISCOVERED THE GANBE RESEARCH CENTER AND THE JANE GOODALL INSTITUTE TO SUPPORT FURTHER RESEARCH. |
| 00:30:27 | JANE HAS RECEIVED MANY OF THE HIGHEST HONERS IN -- HONORS IN HER FIELD AND HAS BECOME AN ADVOCATE FOR INTERNATIONAL CONSERVATION AND PEACE. |
| 00:30:38 | CONSEQUENTLY, SHE HAS BEEN RECOGNIZED AND HONORED BY POLITICAL LEADERS AND KINGS AND QUEENS THROUGHOUT THE WORLD. |
| 00:30:42 | THE RESOLUTION I INTRODUCE TODAY RECOGNIZES DR. |
| 00:30:47 | GOODALL FOR HER PAST, PRESENT, AND FUTURE CONTRIBUTIONS IN THE FIELD OF SCIENCE AND CONSERVATION. |
| 00:30:54 | BEYOND HER INCREDIBLE KNOWLEDGE AND SKILLS IN THE SCIENCES, DR. |
| 00:31:00 | JANE GOODALL IS AN AMAZING HUMAN BEING. |
| 00:31:02 | HER LOVE OF OTHERS AND OF THE LIVING THINGS AROUND HER IS WHAT I BELIEVE DROVE HER TO ACHIEVE SUCH GREAT SUCCESSES. |
| 00:31:10 | ANYONE WHO HEARS HER SPEAK CAN FEEL HER SINCERE ADORATION FOR THE CHIMPANZEES TO WHICH SHE DEDICATED HER LIFE. |
| 00:31:18 | IT IS THAT LOVE AND DRIVE THAT HAVE MADE DR. |
| 00:31:22 | GOODALL WORLD-RENOWNED IN HER FIELD AND ADMIRED AND BELOVED THROUGHOUT THE WORLD. |
| 00:31:28 | I IMAGINE THAT THE AMBITIOUS YOUNG JANE WHO BOLDLY SET OUT ON THE SHORES OF LAKE TANGANIKA WAS MUCH LIKE THE MANY INSPIRED YOUNG PEOPLE WHO NOW WORK FOR HER AND WITH HER. |
| 00:31:41 | ACROSS THE GLOBE, THE SAME HOLD AND INSPIRATION THAT TOOK JANE INTO THE JUNGLES OF AFRICA NOW DRIVES THOUSANDS OF YOUNG PEOPLE TO ORGANIZE CONSERVATION AND COMMUNITY PROGRAMS THROUGH THE ROOTS AND CHUTES PROGRAM WHICH WAS FOUNDED IN 1991. |
| 00:32:00 | THESE YOUNG PEOPLE CARE ABOUT THEIR COMMUNITIES, THEIR NATURAL RESOURCES, AND ABOUT THE LIVING THINGS AROUND THEM. |
| 00:32:08 | THEY, LIKE THE YOUNG JANE GOODALL, WANT TO MAKE A DIFFERENCE IN THE WORLD AND THEY STRIVE EVERY DAY IN THEIR OWN LIVES TO BE A CATALYST FOR POSITIVE CHANGE. |
| 00:32:18 | I BELIEVE JANE'S FOCUS ON ENCOURAGING YOUNG PEOPLE IS ONE OF HER GREATEST ACCOMPLISHMENTS. |
| 00:32:24 | THROUGH HER OWN EXPERIENCE AS A YOUNG SCIENTIST, SHE KNOWS THE STRENGTH OF THE CONNECTION THAT YOUNG PEOPLE DEVELOP WITH NATURE IF THEY HAVE THE OPPORTUNITY. |
| 00:32:35 | WE LIVE IN A WORLD WHERE MANY YOUNG PEOPLE HAVE NO CONNECTION TO THE NATURAL WORLD OR TO THEIR COMMUNITY, A WORLD WHERE URBAN AREAS LACK ANY CONNECTION TO THE RHYTHMS OF NATURE, WHERE VIDEO GAMES AND INDOOR ACTIVITIES PREDOMINATE, WHERE A SENSE OF COMMUNITY IS ABSENT. |
| 00:32:56 | A GENERATION LACKING THAT CONNECTION IS DOOMED TO FAILURE. |
| 00:33:01 | JANE SAW THE NEED TO CONNECT THEM. |
| 00:33:05 | SHE SAW THE NEED TO INSPIRE THEM ROOTS AND CHUTES PROVIDES THAT CRUCIAL CONNECTION. |
| 00:33:12 | DR. |
| 00:33:13 | GOODALL'S WORK WITH YOUNG ACTIVISTS DOES NOT FOCUS ON ONE AREA OF THE WORLD OR ON ONE ISSUE OF SIGNIFICANCE. |
| 00:33:20 | HER ROOTS AND CHUTES PROGRAM IS IN 120 DIFFERENT COUNTRIES. |
| 00:33:25 | YOUNG PEOPLE FROM PRESCHOOL THROUGH COLLEGE GATHER IN CLASSROOMS, NATURE CENTERS, REFUGEE CAMPS AND ZOOS AND MANY OTHER PLACES TO IDENTIFY ISSUES THAT CONCERN THEM, AND THEN THEY ACT. |
| 00:33:40 | AND, BOY, DO THEY ACT. |
| 00:33:42 | AND THEY ARE A FORCE FOR POSITIVE CHANGE. |
| 00:33:47 | WE THANK JANE GOODALL FOR ALL HER CONTRIBUTIONS TO MAKING THIS A BETTER WORLD. |
| 00:33:53 | AND, MR. |
| 00:33:54 | PRESIDENT, I ASK UNANIMOUS CONSENT TO INCLUDE MY ENTIRE STATEMENT IN THE RECORD. |
| 00:33:59 | AND I NOTE THE ABSENCE OF A QUORUM. |
| 00:34:02 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 00:34:03 | THE CLERK WILL CALL THE ROLL. |
| 00:34:07 | QUORUM CALL: THE PRESIDING OFFICER: THE SENATOR FROM ARKANSAS. |
| 00:35:36 | MRS. LINCOLN: I ASK UNANIMOUS CONSENT THAT THE QUORUM CALL BE DISPENSED WITH. |
| 00:35:38 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 00:35:40 | MRS. LINCOLN: AND, MR. |
| 00:35:41 | PRESIDENT, I ASK UNANIMOUS CONSENT TO SPEAK AS IF IN MORNING BUSINESS. |
| 00:35:43 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 00:35:44 | MRS. |
| 00:35:45 | LINCOLN: GREAT. MR. |
| 00:35:46 | PRESIDENT, I RISE TO VOICE MY SUPPORT FOR THE DODD-FRANK WALL STREET REFORM ACT. |
| 00:35:52 | AS THE CHAIRMAN OF THE SENATE AGRICULTURE COMMITTEE, I WAS FORTUNATE, MR. |
| 00:35:55 | PRESIDENT, TO PLAY A ROLE IN WRITING SOME OF THE MOST IMPORTANT REFORMS OF THIS LEGISLATION AND THAT WAS THE DERIVATIVES TITLE. |
| 00:36:03 | THIS HISTORIC LEGISLATION THAT THE SENATE STANDS POISED TO APPROVE WILL REIN IN THE RECKLESS WALL STREET BEHAVIOR THAT NEARLY DESTROYED OUR ECONOMY, HURTING ARKANSAS SMALL BUSINESSES AND COSTING MILLIONS OF AMERICANS THEIR JOBS. |
| 00:36:16 | IN 2008, OUR NATION'S ECONOMY WAS AT THE BRINK OF COLLAPSE, AMERICA WAS BEING HELD CAPTIVE BY A FINANCIAL SYSTEM THAT WAS SO INTERCONNECTED, SO LARGE AND SO IRRESPONSIBLE THAT OUR ECONOMY AND OUR WAY OF LIFE WERE ABOUT TO BE DESTROYED. |
| 00:36:33 | I WILL NEVER FORGET THE SOBERING MEETINGS IN THE CAPITOL WITH THEN-TREASURY SECRETARY HANK PAULSON AND THE FEDERAL RESERVE CHAIRMAN, BEN BERNANKE, WHO INFORMED US OF THE IMMINENT COLLAPSE OF THE U. |
| 00:36:47 | S. ECONOMY. |
| 00:36:48 | OVERNIGHT, THE UNITED STATES OF AMERICA, THE MOST POWERFUL ECONOMIC POWER ON THE GLOBE, HAD BEEN BROUGHT TO THE BRINK OF COLLAPSE. |
| 00:36:57 | TODAY, AMERICAN FAMILIES AND SMALL BUSINESSES ARE STILL MANAGING THE CONSEQUENCES OF THE RECKLESS BEHAVIOR THAT OCCURRED ON WALL STREET AND NEARLY LED TO OUR ECONOMIC COLLAPSE. |
| 00:37:08 | CONGRESS HAS THE DUTY TO THE PEOPLE WE REPRESENT AND TO FUTURE GENERATIONS OF AMERICANS TO ENSURE THAT THIS COUNTRY'S ECONOMIC SECURITY IS NEVER AGAIN PUT IN THAT KIND OF JEOPARDY. |
| 00:37:22 | FAILURE TO CORRECT THE MISTAKES OF THE PAST IS SIMPLY UNACCEPTABLE AND THAT IS WHY,MR. |
| 00:37:28 | PRESIDENT, I AM PROUD TO SAY THAT TODAY WE STAND POISED TO DELIVER THE HISTORIC REFORM THE AMERICAN PEOPLE DESERVE. |
| 00:37:36 | THIS LEGISLATION, MR. |
| 00:37:38 | PRESIDENT, PROVIDES 100% TRANSPARENCY AND ACCOUNTABILITY TO OUR SHATTERED FINANCIAL MARKETS AND REGULATORY SYSTEM. |
| 00:37:46 | AS CHAIRMAN OF THE SENATE COMMITTEE ON AGRICULTURE, I WAS PROUD TO HELP CRAFT THE BILL'S STRONG DERIVATIVES TITLE. |
| 00:37:54 | THIS LEGISLATION BRINGS A $600 TRILLION UNREGULATED DERIVATIVES MARKET INTO THE LIGHT OF DAY, ENDING THE DAYS OF WALL STREET'S BACKROOM DEALS AND PUTTING THIS MONEY BACK ON MAIN STREET, WHERE IT BELONGS, IN ALL OF OUR COMMUNITIES ACROSS THE NATION. |
| 00:38:12 | THESE REFORMS WILL GET BANKS BACK TO THE BUSINESS OF BANKING, PROTECT INNOCENT DEPOSITORS AND ENSURE TAXPAYERS WILL NEVER AGAIN HAVE TO FOOT THE BILL FOR THE RISKY WALL STREET GAMBLING. |
| 00:38:25 | AFTER SPENDING COUNTLESS HOURS ON THIS LEGISLATION AND DIGGING INTO THE DETAILS OF THE DERIVATIVES WORLD, I'M HERE TO REASSURE MY COLLEAGUES AND ALL AMERICANS THAT THIS BILL IS STRONG, IT'S THOUGHTFUL AND GROUNDBREAKING REFORM THAT WILL FUNDAMENTALLY CHANGE OUR FM SYSTEM -- OUR FINANCIAL SYSTEM FOR THE BETTER. |
| 00:38:45 | WE WORKED HARD TO ENSURE THAT IT WOULD. |
| 00:38:47 | IT IS IMPORTANT TO REITERATE THIS REFORM IS NOT REGULATION FOR REGULATION'S SAKE. |
| 00:38:53 | IT IS SURGICAL IN ITS APPROACH. |
| 00:38:55 | WE MAINTAINED AN END USER EXEMPTION, APPROPRIATE RESTRAINTS ON THE REGULATORS, WHERE NECESSARY, AND PROVISIONS THAT RECOGNIZE WE ARE COMPETING IN A GLOBAL FINANCIAL MARKETPLACE. |
| 00:39:07 | OVER THE NEXT YEAR, MR. |
| 00:39:09 | PRESIDENT, CONGRESS WILL RELY HEAVILY ON THE REGULATORS FOR THEIR GUIDANCE AND EXPERTISE AS THE RULES AND REGULATIONS ARE WRITTEN FOR THIS LEGISLATION. |
| 00:39:18 | AS CHAIRMAN OF THE SENATE AGRICULTURE COMMITTEE, ONE OF THE KEY COMMITTEES OF OVERSIGHT, I PLEDGE TO BE VIGILANT IN THIS PROCESS AND RETAIN A WATCHFUL EYE ON THOSE REGULATORS. |
| 00:39:29 | IT IS IMPERATIVE THAT OUR VISION OF STRONG REFORM IS IMPLEMENTED PROPERLY, THAT EVERYONE SHOULD BE DOING THEIR JOB, BOTH IN THE LEGISLATION WE WRITE, THE REGULATIONS THAT NEED TO BE WRITTEN TO MATCH THAT, AND THE OVERSIGHT TO ENSURE THAT THAT BALANCE CONTINUES. |
| 00:39:48 | WHILE THE REGULATORS MUST HOLD THE FINANCIAL SYSTEM ACCOUNTABLE FOR ITS ACTIONS, CONGRESS MUST HOLD THE REGULATORS ACCOUNTABLE, JUST AS THE VOTERS HOLD US RESPONSIBLE FOR A LACK OF MEANINGFUL REFORM. |
| 00:40:03 | AS A SENATOR FROM A RURAL STATE, I WILL ALSO ENSURE THAT OUR COMMUNITY BANKS ARE ABLE TO CONTINUE TO MEET THE LENDING NEEDS OF RURAL AMERICA AND WILL NOT BE SUBJECT TO UNINTENDED CONSEQUENCES. |
| 00:40:14 | OUR COMMUNITY BANKS DID NOT CREATE THIS PROBLEM AND SHOULD NOT BE SHOULDERED WITH THE BURDEN OF PAYING FOR THE SOLUTION. |
| 00:40:23 | AMERICA'S CONSUMERS, MR. |
| 00:40:25 | PRESIDENT, AND BUSINESSES DESERVE STRONG REFORM THAT WILL ENSURE THAT THE U. |
| 00:40:31 | S. FINANCIAL OVERSIGHT SYSTEM PROMOTES AND FOSTERS THE MOST HONEST, OPEN, AND RELIABLE FINANCIAL MARKETS IN THE WORLD. |
| 00:40:41 | OUR FINANCIAL MARKETS HAVE LONG BEEN THE ENVY OF THE WORLD. |
| 00:40:45 | THE TIME HAS COME FOR OUR COUNTRY TO RESTORE CONFIDENCE TO OUR SHATTERED FINANCIAL SYSTEM. |
| 00:40:51 | THE TIME HAS COME, MR. |
| 00:40:53 | PRESIDENT, FOR US, THE UNITED STATES, TO LEAD BY EXAMPLE. |
| 00:40:58 | WE STAND POISED TO DELIVER THAT REFORM TODAY AND I LOOK FORWARD TO FINAL PASSAGE OF THIS BILL. |
| 00:41:05 | FINALLY, A BILL OF THIS COMPLEXITY AND IMPORTANCE REQUIRES PERSEVERANCE AND LONG HOURS, AND THE DEDICATED STAFF, MR. |
| 00:41:14 | PRESIDENT, OF THE UNITED STATES SENATE DESERVES CONGRATULATIONS. |
| 00:41:19 | I'D LIKE TO THANK MY COLLEAGUES -- OF COURSE, SENATOR DODD AND HIS SPHAF FOR THEIR TREMENDOUS WORK. |
| 00:41:26 | IN PARTICULAR I'D LIKE TO THANK ED SILVER MAN FOR HIS DEDICATION TO FINISHING THIS LEGISLATION. |
| 00:41:32 | I'D LIKE TO ALSO THANK SENATOR CHAMBLISS, MY RANKING MEMBER ON THE SENATE AGRICULTURE COMMITTEE, AND HIS STAFF FOR THEIR FRIENDSHIP AND EYES AND EARS THROUGHOUT THIS PROCESS. |
| 00:41:44 | SENATOR REID AND HIS STAFF OF COURSE FOR THEIR LEADERSHIP. |
| 00:41:47 | THE ADMINISTRATION AND REGULATORS FOR THEIR EXTRAORDINARY COMMITMENT TO THIS REFORM BILL. |
| 00:41:52 | AND CERTAINLY OUR HOUSE COLLEAGUES, CHAIRMAN FRANKS AND PETERSON, PARTICULARLY CONGRESSMAN PETERSON, CHAIRMAN PETERSON OF THE HOUSE AGRICULTURE COMMITTEEMENT, IN TIRKS AND THEIR STAFFS FOR THEIR COOPERATION AND LEADERSHIP. |
| 00:42:08 | II'D ALSO LIKE TO THANK MY SPHAF FOR THEIR UNBELIEVABLE -- STAFF FOR MERE UNBELIEVABLE HARD WORK THROUGHOUT THIS PROCESS. |
| 00:42:15 | THERE WERE A LOT OF LONG NIGHTS, A LOT OF COMPLICATED ISSUES AND A LOT OF DEDICATION ON THEIR PART TO ENSURING THAT WHEN WE PRODUCED WAS SOMETHING THAT WAS GOOD AND SOLID FOR THE FUTURE OF THIS COUNTRY. |
| 00:42:26 | PARTICULARLY, PATRICK McCARDY, COREY CLAUSESON, BRIAN BENIG, MATT DUNN AND ROBERT HOLLYFIELD ON OUR AGRICULTURE COMMITTEE STAFF AS WELL AS ANNA TAYLOR ON MY PERSONAL STAFF. |
| 00:42:45 | MR. |
| 00:42:46 | PRESIDENT, -- MR. CHAIRMAN SHALL WE'VE AN ENORMOUS OPPORTUNITY HERE TO REALLY DO SOMETHING THAT IS GOING TO MOVE US FORWARD. |
| 00:42:54 | UNDERSTANDING THAT WE NEVER GET THINGS PERFECT HERE BUT, MORE IMPORTANTLY, THAT WE ARE WILLING TO STEP UP TO THE PLATE AND TO DO WHAT WE CAN TO MAKE OUR COUNTRY STRONG AGAIN, TO MAKE OUR ECONOMY STRONG AGAIN TO BRING CONFIDENCE TO CONSUMERS AND INVESTORS IN THIS NATION AND GLOBALLY IN ORDER TO REALLY MOVE OURSELVES FORWARD. |
| 00:43:17 | NOT JUST FOR OURSELVES BUT FOR FUTURE GENERATIONS. |
| 00:43:20 | I URGE MY COLLEAGUES TO SUPPORT THIS CONFERENCE REPORT, AND I LOOK FORWARD, MR. |
| 00:43:25 | PRESIDENT, TO THIS LEGISLATION BEING SIGNED INTO LAW. |
| 00:43:29 | I'D YIELD THE FLOOR AND CERTAINLY NOTICE THE ABSENCE OF A QUORUM. |
| 00:43:32 | THE PRESIDING OFFICER: THE CLERK WILL CALL THE ROLL. |
| 00:43:36 | QUORUM CALL: QUORUM CALL: QUORUM CALL: THE PRESIDING OFFICER: THE SENATOR FROM TENNESSEE. |
| 00:55:46 | A SENATOR: THANK YOU, MR. |
| 00:55:48 | PRESIDENT. I ASK UNANIMOUS CONSENT THAT WE DISPENSE WITH THE QUORUM CALL. |
| 00:55:50 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 00:55:51 | MR. |
| 00:55:52 | CORKER: MR. PRESIDENT, I ASK TO BE ABLE TO SPEAK AS IF IN MORNING BUSINESS. |
| 00:55:54 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 00:55:55 | MR. |
| 00:55:56 | CORKER: THANK YOU. THANK YOU FOR BEING SO ACCOMMODATING, MR. |
| 00:56:00 | PRESIDENT. I WOULD LIKE TO SPEAK FOR A MOMENT ABOUT THE DODD BILL THAT WE'RE GOING TO VOTE ON APPARENTLY TOMORROW EVENING. |
| 00:56:09 | I WANT TO TALK A LITTLE ABOUT POLITICS, WHICH IS NOT MY SPECIALTY, AND THEN A LITTLE BIT ABOUT SUBSTANCE. |
| 00:56:17 | MR. PRESIDENT, I'VE READ WITH INTEREST, OBVIOUSLY, I KNOW YOU'VE ALSO BEEN HIGHLY INVOLVED IN THIS BILL AND MADE A POSITIVE CONTRIBUTION. |
| 00:56:28 | I READ RECENTLY COMMENTS MADE BY OUR LEADER, THE MAJORITY LEADER HERE, AND THE PRESIDENT, AND ACTUALLY THE CHAIRMAN OF THE BANKING COMMITTEE REGARDING THE FACT THAT THE REASON THE BILL IS THE WAY THAT IT IS IS PARTISAN POLITICS AND BASICALLY INSINUATING THAT REPUBLICANS REALLY DIDN'T WANT TO DEAL WITH A FINANCIAL REGULATORY BILL. |
| 00:56:53 | MR. PRESIDENT, NOTHING, I THINK, HAS DISAPPOINTED ME MORE THAN THE FACT THAT WE'VE ENDED UP WITH A BILL THAT HAS BASICALLY ENDED UP WRAPPING FOLKS AROUND THE AXLE AS THEY TRIED TO GET TWO OR THREE VOTES ON OUR SIDE OF THE AISLE TO PASS THIS BILL. |
| 00:57:06 | I THINK WE HAD A TREMENDOUS OPPORTUNITY TO PASS A PARTISAN BILL -- I MEAN A BIPARTISAN BILL. |
| 00:57:11 | WE HAD A TREMENDOUS OPPORTUNITY TO PASS A BILL THAT WOULD HAVE SHOWN THE AMERICAN PEOPLE THAT WE IN THIS BODY HAVE THE ABILITY TO WORK TOGETHER ON BIG ISSUES AND SOLVE PROBLEMS. |
| 00:57:22 | AND I THINK THAT IT'S A SHAME THAT WE DID NOT DO THAT. |
| 00:57:26 | I HAVE TO SAY, MR. |
| 00:57:28 | PRESIDENT, FROM MY PERSPECTIVE -- AND I THINK I PUT AS MUCH TIME INTO THIS BILL AS ANYBODY HERE IN THE SENATE -- IT ENDED UP BEING ABOUT PARTISAN ISSUES. |
| 00:57:38 | THERE WAS AN OVERREACH ON ISSUES THAT HAD ALMOST NOTHING TO DO -- AS A MATTER OF FACT, ABSOLUTELY NOTHING TO DO WITH THIS CRISIS, REALLY TO ADVANCE SOME POLITICAL AGENDA ISSUES. |
| 00:57:50 | AND THEN ON THE OTHER HAND, TOTAL DENIAL TO DEAL WITH SOME OF THE CORE ISSUES THAT GOT US IN THIS SITUATION. |
| 00:57:56 | I'M REALLY DISAPPOINTED. |
| 00:57:58 | YOU KNOW, MR. |
| 00:57:59 | PRESIDENT, WE TALK A LOT. |
| 00:58:01 | WE'VE HAD GROUPS COME IN, AND THEY TALK TO US ABOUT HOW THEY'D LIKE TO SEE BIPARTISANSHIP. |
| 00:58:15 | THEN SOME OF US ON BOTH SIDES OF THE AISLE STEP OUT FROM TIME TO TIME TO DO THAT. |
| 00:58:24 | AND THEN WHEN IT HAPPENS AND THE END PRODUCT ISN'T ACHIEVED FOR A LOT OF FORCE THAT IS EXIST AROUND HERE, THERE ARE PEOPLE THAT YOU END UP REACHING OUT TO CRITICIZE THE FACT THAT WE ENDED UP WITH A PARTISAN BILL, AND YET AT THE END OF THE DAY, LET'S FACE IT, ONE SIDE HAS THE MAJORITY, ONE SIDE HAS THE MINORITY. |
| 00:58:43 | AND IN THIS PARTICULAR BILL, I DON'T THINK THERE WAS A, AT THE END, A VALID ATTEMPT TO DO THAT. |
| 00:58:51 | SO I'M DISAPPOINTED. |
| 00:58:52 | I THINK THIS IS A BILL THAT I THINK WE HAVE ISSUES IN THIS COUNTRY AS IT RELATES TO OUR FINANCIAL SYSTEM THAT DO NEED TO BE ADDRESSED. |
| 00:59:00 | AND NO DOUBT, BE ANY BILL OF THIS MAGNITUDE -- 2,300 PAGES -- HAS SOME GOOD THINGS IN IT. |
| 00:59:06 | THERE ARE GOOD PROVISIONS IN THIS 2,300-PAGE BILL. |
| 00:59:10 | IN MANY WAYS WE PUNTED MOST OF THE WORK TO REGULATORS. |
| 00:59:13 | THEY'RE GOING TO SPEND THE NEXT 10 TO 18 MONTHS MAKING RULES THAT REALLY LEAVE A LOT OF INSTABILITY IN OUR FINANCIAL SYSTEM AT A TIME WHEN I THINK PEOPLE WOULD LIKE TO HAVE A DEGREE OF CERTAINTY. |
| 00:59:30 | I THINK THE PRESIDING PRESIDENT TODAY TRIED TO ACTUALLY FOCUS ON GREATER CERTAINTY IN SOME AREAS. |
| 00:59:36 | I MIGHT HAVE DISAGREED WITH SOME OF THOSE, BUT THE FACT IS I THINK PART OF OUR JOB HERE IN LEGISLATING IS TO CREATE A DEGREE OF CLARITY. |
| 00:59:43 | I WANT TO SAY SOME OF THE SHORTCOMINGS OF THIS BILL IS I THINK THE COUNT KEEPS GOING. |
| 00:59:48 | I'VE HEARD A COUNT OF 363 RULE MAKINGS. |
| 00:59:51 | I'VE HEARD ONE GROUP COME OUT AND SAY THERE'S 500 RULE MAKINGS. |
| 00:59:55 | IN ESSENCE WHAT WE DID WITH THIS BILL IN MANY WAYS IS SAY TO THE VERY REGULATORS THAT HAD THE POWER CANDIDLY TO DO MOST OF WHAT'S IN THIS BILL ANYWAY, THEY HAD THAT POWER WITHIN THEIR PURVIEW, DIDN'T DO IT. |
| 01:00:08 | AND KIND OF WHAT WE SAID IS, LOOK, WE'D LIKE FOR YOU TO MAKE RULES. |
| 01:00:12 | SO, YOU KNOW, K STREET AND GOVERNMENT RELATIONS SPOKESMEN WILL MAKE A LOT OF MONEY OVER THE NEXT 12 TO 18 MONTHS AS THEY NOW LOBBY REGULATORS TO SORT OF FIGURE OUT WHAT THE RULES OF THE ROAD ARE GOING TO BE, AND IN THE PROCESS, AGAIN, JOBS IN THE COUNTRY WILL BE MORE STAGNANT. |
| 01:00:28 | THE OTHER PIECE OF THIS, MR. |
| 01:00:30 | PRESIDENT, I MEAN THIS ALL STARTED OUT WITH THIS SORT OF POLITICAL AGENDA. |
| 01:00:34 | WE'RE GOING TO BASH WALL STREET. |
| 01:00:36 | AND NOW REPUBLICANS HAVE COME OUT AND SAID, NO, THIS IS A WALL STREET BAILOUT. |
| 01:00:41 | AND SO WE HAVE DEMOCRATS WHO ARE GOING TO BASH WALL STREET AND REPUBLICANS SAYING THIS IS A WALL STREET BAILOUT. |
| 01:00:48 | CANDIDLY, I DON'T KNOW THAT IT'S EITHER ONE. |
| 01:00:50 | THE FACT IS I THINK MOST FOLKS ON WALL STREET LIKE THIS BILL. |
| 01:00:54 | AS A MATTER OF FACT, I'M LOOKING AT HEDGE FUND MANAGERS RIGHT NOW, READING THE "FINANCIAL TIMES. |
| 01:01:03 | " MANY OF THE FOLKS INVOLVED IN THE RISKIEST BUSINESSES ARE NOW OUT FORMING NEW HEDGE FUNDS, AND NOW THEY'RE MOVING TO A MORE UNREGULATED AREA THAN THEY WERE ALREADY IN. |
| 01:01:12 | IT'S PRETTY FASCINATING HOW WE CREATE BILLS AND WE DON'T ADDRESS THE CORE ISSUES, AND THEN WE HAVE LOTS OF UNINTENDED CONSEQUENCES ALONG THE WAY. |
| 01:01:21 | THAT WE'RE SEEING PLAY OUT RIGHT NOW. |
| 01:01:23 | SO, MR. |
| 01:01:24 | PRESIDENT, I'M NOT SUPPORTING THIS BILL, WHICH I HAD HOPED TO COSPONSOR. |
| 01:01:33 | I'M NOT SUPPORTING THIS BILL OUT OF PARTISANSHIP. |
| 01:01:38 | I'M NOT SUPPORTING THIS BILL, MR. |
| 01:01:40 | PRESIDENT, BECAUSE IT JUST MISSES A MARK. |
| 01:01:42 | THIS ISN'T THE WORST BILL THAT'S EVER BEEN CREATED. |
| 01:01:45 | I'M NOT GOING TO SAY THAT. |
| 01:01:47 | IT ISN'T. |
| 01:01:49 | WE JUST DIDN'T DO OUR WORK. |
| 01:01:50 | I MEAN, BASICALLY WHAT WE'VE DONE IS, AS I MENTIONED, WE'VE LEFT IT TO REGULATORS. |
| 01:01:57 | WE DIDN'T DEAL WITH SOME CORE ISSUES. |
| 01:02:03 | OFFERED AN AMENDMENT TO DEAL WITH JUST UNDERWRITING. |
| 01:02:05 | AT THE END OF THE DAY, REGARDLESS OF EVERYTHING THAT PEOPLE TALK ABOUT AT HIEROGLYPHIC LEVELS, WE HAD A LOT OF LOANS WRITTEN IN THIS COUNTRY GIVEN TO PEOPLE THAT COULDN'T PAY THEM BACK. |
| 01:02:16 | WE DIDN'T HAVE UNDERWRITING STANDARDS. |
| 01:02:19 | WE STILL DON'T HAVE UNDERWRITING STANDARDS. |
| 01:02:21 | AND AT THE END OF THE DAY, WE HAD TWO ENTITIES. |
| 01:02:24 | I'M NOT ONE OF THOSE THAT SAYS THESE ENTITIES WERE THE CORE REASON FOR THE PROBLEM, BUT THE FACT IS WE HAD TWO ENABLERS -- FANNIE AND FREDDIE -- LET'S FACE IT. |
| 01:02:35 | WHAT THEY DO IS ALLOW PEOPLE TO WRITE BAD MORTGAGES, POOL THEM TOGETHER AND THEN THEY INSURE OR PURCHASE THOSE. |
| 01:02:43 | THEY WERE ENABLERS. |
| 01:02:45 | WE HAVEN'T DEALT WITH THAT. |
| 01:02:46 | SO, MR. |
| 01:02:47 | PRESIDENT, I DON'T SUPPORT THIS LEGISLATION NOT BECAUSE IT'S THE WORST BILL IN THE WORLD. |
| 01:02:51 | IT ISN'T. |
| 01:02:52 | AS A MATTER OF FACT, WE DON'T KNOW WHAT THE OUTCOME OF THIS LEGISLATION REALLY IS. |
| 01:02:56 | I READ THE PAPERS, AND THEY TALK ABOUT THE FACT THAT THIS IS AN HISTORICAL PIECE OF LEGISLATION. |
| 01:03:03 | WE HAVE NO IDEA WHETHER THIS BILL IS HISTORICAL OR NOT. |
| 01:03:06 | WE WON'T KNOW FOR A LONG TIME, UNTIL THE REGULATORS DECIDE WHAT THEY'RE GOING TO DO WITH THIS BILL, BECAUSE BASICALLY THE POWER IS LEFT TO A SERIES OF HUGE AMOUNTS OF BUREAUCRATS WHICH, BY THE WAY, WE'VE CREATED, WHICH IS GOING TO BE LIKE A MALAISE OVER OUR FINANCIAL COMMUNITY BECAUSE WE DIDN'T GIVE A LOT OF CLEAR DIRECTION. |
| 01:03:25 | WE LEFT IT TO REGULATORS WHO CREATED BUREAUCRACY. |
| 01:03:28 | MR. PRESIDENT, ONE OTHER NOTE. |
| 01:03:31 | I THINK THE ISSUE THAT IN MANY WAYS DIVIDED US, AND I KNOW PEOPLE ON THE OTHER SIDE OF THE AISLE KNEW THIS WELL, REFUSED TO ADDRESS IT, ALTHOUGH AT ONE POINT WE GOT VERY CLOSE AND ALMOST HAD A DEAL. |
| 01:03:45 | WAS THIS ISSUE OF THE CONSUMER PROTECTION AGENCY? |
| 01:03:48 | MR. PRESIDENT, I AM ALL FOR CONSUMER PROTECTION. |
| 01:03:50 | I THINK THE CONCERN I HAD AS AN INDIVIDUAL IS WE'VE CREATED A NEW ENTITY, IT HAS NO BOARD. |
| 01:03:59 | I MEAN, IT'S AN AMAZING THING TO ME. |
| 01:04:01 | IT HAS NO BOARD. |
| 01:04:05 | BECAUSE OF THE STANDARD OF WHICH AGAINST THE WAY THIS ORGANIZATION IS JUDGED AS IT RELATES TO ITS RULE MAKING, WHICH IS EXPANSIVE ACROSS THE ENTIRE FINANCIAL INDUSTRY, BECAUSE OF THE STANDARD AGAINST WHICH YOU HAVE TO CHALLENGE, THERE'S REALLY NO VETO ABILITY, THIS NEW ORGANIZATION HAS A BUDGET ANYWHERE FROM, I THINK, $600 MILLION TO $1 BILLION A YEAR. |
| 01:04:29 | AND THE ONLY WAY THE PRESIDING OFFICER OR I WILL KNOW WHAT DIRECTION THIS ORGANIZATION'S GOING TO TAKE IS WHO LEADS IT. |
| 01:04:39 | I MEAN, THIS IS AN INCREDIBLE PLACE FOR US TO BE, FOR US AS A CONGRESS TO BE. |
| 01:04:45 | I THINK IT'S AN INCREDIBLE PLACE FOR THE ADMINISTRATION TO BE, WHERE WE'RE CREATING AN ENTITY -- CONSUMER FINANCIAL PROTECTION ORGANIZATION -- THAT HAS INCREDIBLE RULE-WRITING ABILITIES, THAT HAS NO BOARD, NO REAL VETO ABILITY. |
| 01:05:03 | AND YET ON ITS OWN, ONE PERSON -- I'M NOT TALKING ABOUT A GROUP OF PEOPLE, BUT ONE PERSON IS GOING TO DECIDE THE NATURE OF WHAT THIS ORGANIZATION IS GOING TO ENGAGE IN. |
| 01:05:14 | I JUST FIND THAT INCREDIBLE, MR. |
| 01:05:17 | PRESIDENT. YOU KNOW, FOR ALL I KNOW, THE FEARS THAT I HAVE ABOUT IT, THE FEARS THAT I HAVE ABOUT THIS ORGANIZATION MAY NOT BE BORNE OUT. |
| 01:05:26 | MAY NOT BE BORNE OUT. |
| 01:05:27 | I ALSO SAY TO THE PRESIDING OFFICER, I KNOW -- I THINK THAT THE PRESIDING OFFICER MAY VERY WELL SUPPORT THIS CONCEPT. |
| 01:05:34 | HE'LL NEVER KNOW WHETHER HIS HOPES FOR THIS ORGANIZATION ARE BORNE OUT UNTIL WE KNOW WHO THE PERSON IS AND WHAT THEIR BENT AND FLAVOR IS. |
| 01:05:43 | I JUST THINK THAT, AGAIN, AS A BODY, WE HAD A RESPONSIBILITY TO PUT A BALANCE IN PLACE SO THAT WE KNEW WHAT THE DIRECTION OF THIS ORGANIZATION WAS GOING TO BE OVER TIME. |
| 01:05:52 | I FIND THAT TO BE INCREDIBLY RESPONSIBLE. |
| 01:05:55 | AND I KNOW THAT AS WE LOOK AT THIS BILL, I THINK ONE OF THE GAUGES A LOT OF TIMES OF, YOU KNOW, WHAT A BILL DOES IS WE GOT THE FOLKS ON WALL STREET THAT RHETORICALLY MY FRIENDS ON THE OTHER SIDE OF THE AISLE WANTED TO BASH. |
| 01:06:11 | CANDIDLY, ALL OF AMERICA IN MANY WAYS, UPSET WITH WALL STREET. |
| 01:06:16 | WALL STREET IS LOVING THIS BILL. |
| 01:06:18 | THEY'VE GOT TEAMS OF COMPLIANCE OFFICERS THAT HAVE THE ABILITY TO DEAL WITH REGULATIONS A CONSUMER PROTECTION AGENCY MIGHT PUT OUT OR ALL THESE RULE MAKING -- TYPICALLY WHEN WE REGULATE LIKE THIS, IT'S THE BIG GUYS THAT BENEFIT, AND THEY JUST GET BIGGER. |
| 01:06:37 | BUT THE COMMUNITY BANKS, THE SMALLER BANKS IN MY STATE AND I THINK ACROSS THIS COUNTRY, THEY ARE THE ONES THAT ARE CONCERNED. |
| 01:06:43 | WE, I KNOW, ARE ALL CONCERNED ABOUT THE EMPLOYMENT ACTIVITY IN OUR COUNTRY. |
| 01:06:48 | ALL OF US WANT TO SEE THE ECONOMY IMPROVE. |
| 01:06:50 | AT THE END OF THE DAY, MOST AMERICANS -- MOST AMERICANS -- HAVE TO DEAL WITH NIECE SMALLER INSTITUTIONS. |
| 01:06:58 | MOST AMERICANS WANT TO DEAL WITH THESE SMALLER INSTITUTIONS. |
| 01:07:01 | THEY ARE PEOPLE THEY GO TO CHURCH WITH, THEY GO TO ROTARY CLUB, THEY SEE AT THE GROCERY CLUB. |
| 01:07:06 | THESE ARE THE PEOPLE THAT THEY HAVE RELATIONSHIPS WITH. |
| 01:07:08 | AND WHAT WE'RE DOING IN THIS LEGISLATION, MR. |
| 01:07:11 | PRESIDENT, IS WE ARE DOING TWO THINGS. |
| 01:07:14 | WE ARE INCREASING THE COST OF CAPITAL THAT IS AVAILABLE TO MOST AMERICANS. |
| 01:07:24 | AND WE ARE LIMITING THE AMOUNT OF THAT INCREASED COST -- THAT CAPITAL THAT'S GOING TO COST MORE WHERE WE'RE DECREASING THE AVAILABILITY. |
| 01:07:34 | SO WE'RE DECREASING THE AVAILABILITY OF CAPITAL IN COMMUNITIES ACROSS OUR COUNTRY, AND WE'RE INCREASING THE COST OF THAT. |
| 01:07:44 | SO, MR. |
| 01:07:45 | PRESIDENT, I FIND THAT IT'S AN AMAZING PLACE THAT WE ARE. |
| 01:07:48 | WE ALL CARE ABOUT EMPLOYMENT, AND YET WE PUT IN PLACE POLICIES THAT ARE COUNTER TO THAT EMPLOYMENT. |
| 01:07:57 | SO, MR. PRESIDENT, AGAIN, I'M DISAPPOINTED IN THE OUTCOME OF THIS BILL. |
| 01:08:03 | I'VE APPRECIATED WORKING WITH MANY MEMBERS ON BOTH SIDES OF THE AISLE TO COME UP WITH A BALANCED PIECE OF LEGISLATION THAT WILL STAND THE TEST OF TIME. |
| 01:08:12 | A PIECE OF LEGISLATION, BY THE WAY, THAT WILL ACTUALLY DEAL WITH THE CORE ISSUES THAT CREATED THIS FINANCIAL CRISIS. |
| 01:08:18 | THIS BILL DOES NOT DO THAT IN EVERY AREA. |
| 01:08:22 | IT DOES IN SOME. |
| 01:08:25 | SOME OF THE DERIVATIVES, CLEARINGHOUSES, I THINK THAT IS A GOOD CONTRIBUTION. |
| 01:08:32 | WE'VE GOT END USERRERS THAT ARE PANIC STRICKEN, FARMERS AND OTHERS WHO USE DERIVATIVES IN THEIR DAILY LIVES. |
| 01:08:39 | AND NOW MAYBE, WE DON'T KNOW -- REGULATORS WILL DECIDE DOWN THE ROAD. |
| 01:08:44 | WE PUNTED THAT. |
| 01:08:45 | WE SAID WE'LL LET THE REGULATORS DECIDE. |
| 01:08:47 | FOR A PERIOD OF TIME THEY'RE GOING TO BE CONCERNED ABOUT WHETHER THEY'RE ABLE TO PUT UP THEIR TRACTORS AND BARNS AND OTHER THINGS AS COLLATERAL AGAINST DERIVATIVES OR NOT OR JUST BE IN A MORE RISKY POSITION. |
| 01:09:00 | MR. PRESIDENT, WE'VE MISSED THE MARK. |
| 01:09:01 | I REALIZE THAT IRONICALLY AFTER A YEAR OF WORK, 2,300 PAGES, HUNDREDS AND HUNDREDS OF RULES THAT ARE GETTING READY TO BE GENERATED BY REGULATORS, IT'S MY UNDERSTANDING THERE IS ALREADY NOW ANOTHER BILL COMING TO CORRECT THIS BILL. |
| 01:09:18 | THAT'S PRETTY AMAZING TO ME, MR. |
| 01:09:21 | PRESIDENT. I WOULD JUST LIKE TO SAY THAT POLITICS ENDS UP OVERCOMING SUBSTANCE, I'VE SEEN AS BILLS COME TO THE FLOOR. |
| 01:09:29 | WE HAD AN OPPORTUNITY WHICH WE'VE MISSED TO TRY TO GET THIS BILL RIGHT IN A BIPARTISAN WAY, P IN SPITE OF THE FACT THAT I'M DISAPPOINTED THAT I CANNOT SUPPORT THIS LEGISLATION STRICTLY ON POLICY GROUNDS, I DO WANT TO SAY THAT OUR STAFF AND OUR OFFICE IS GOING TO CONTINUE TO BE ENGAGED WITH OTHERS. |
| 01:09:50 | I KNOW THERE'S GOING TO BE A LOT OF OTHER ACTIVITY AS A RESULT OF THIS BILL, SOME OF THE UNINTENDED CONSEQUENCES, SOME OF THE MISTAKES THAT HAVE BEEN MADE AND SOME OF THE GLARING OMISSIONS THAT WE DIDN'T DEAL WITH. |
| 01:10:04 | THINGS LIKE IT'S HARD FOR ME TO BELIEVE THAT WE WOULDN'T TAKE THE TIME TO UPGRADE OUR BANKRUPTCY CODE SO THAT A LARGE ENTITY THAT FAILS GOES THROUGH SOME OF THE SAME THINGS THAT A SMALL ENTITY IN MINNESOTA MIGHT GO THROUGH. |
| 01:10:18 | IT'S JUST AMAZING TO ME THAT WE DIDN'T DO THAT WORK. |
| 01:10:21 | BUT WE STILL HAVE AN OPPORTUNITY. |
| 01:10:25 | I KNOW THE PREED SIDING OFFICERS HAVE CHANGED. |
| 01:10:28 | I KNOW THE PREED SIDING OFFICER IS ON THE JUDICIARY COMMITTEE. |
| 01:10:32 | I HOPE OVER THE COURSE OF THE NEXT YEAR OR TWO WE'LL HAVE THE OPPORTUNITY TO WORK ON THAT AND TRY DEVELOP SOMETHING SO WHEN A LARGE, HIGHLY COMPLEX FINANCIAL INTERY FAILS, THERE'S ACTUALLY A STANDARD THEY GO THROUGH WHEN THEY FAIL THAT PEOPLE UNDERSTAND. |
| 01:10:48 | AND THEY UNDERSTAND THE BANKRUPTCY STACK, THEY UNDERSTAND WHAT THEIR RIGHTS ARE GOING TO BE. |
| 01:10:53 | THERE'S A LOT OF WORK LEFT TO BE DONE. |
| 01:10:56 | I'M DISAPPOINTED ON WHERE WE ARE AND I CANNOT SUPPORT IT. |
| 01:11:01 | I LOOK FORWARD TO MY COLLEAGUES ON CHANGES THAT ARE GOING TO HAVE TO BE MADE, ON THE UNINTENDED CONSEQUENCES THAT THIS BILL IS GOING TO CREATE. |
| 01:11:12 | AND OBVIOUSLY THE MANY, MANY TECHNICAL CHANGES THAT ARE GOING TO RESULT BECAUSE OF THE FACT THAT WE RUSHED OUR WORK. |
| 01:11:17 | MR. |
| 01:11:18 | PRESIDENT, I'LL CLOSE WITH THIS, THIS PROCESS BEGAN MOSTLY ABOUT SUBSTANCE. |
| 01:11:29 | A LOT OF PEOPLE PUT A LOT OF TIME IN TRYING TO UNDERSTAND SUBSTANCE. |
| 01:11:32 | I KNOW THE PRESIDING OFFICER FOCUSED ON ONE PARTICULAR ISSUE IN GREAT DEAL AND TRIED TO OFFER SUBSTANCE IN THAT REGARD. |
| 01:11:43 | I KNOW THAT POLITICS TOOK OVER BECAUSE NOVEMBER'S APPROACHING AND IT WOULD BE NICE IN SOME PEOPLE'S EYES TO HAVE A 06, 6 -- 60 OR 61-VOTE BILL. |
| 01:11:56 | THERE ARE SOME WHO ARE SAID TO LIKE OBSTRUCTION, BUT NOTHING COULD BE FURTHER FROM THE TRUTH ESPECIALLY ON THIS LEGISLATION. |
| 01:12:03 | I KNOW THIS BILL WILL HAVE THE UNINTENDED CONSEQUENCE OF HURTING TENNESSEEIANS, OF HURTING MINNESOTANS HURTING PEOPLE FROM OREGON AND PEOPLE AROUND THE COUNTRY. |
| 01:12:14 | THERE'S NO QUESTION IN MY MIND THAT WITH ALL THAT WE'VE LAID OUT IN THESE 2,300 PAGES, THERE'S GOING TO BE LESS CREDIT AVAILABLE. |
| 01:12:22 | AND THE CREDIT THAT IS AVAILABLE IS GOING TO COST MORE MONEY. |
| 01:12:26 | AND WHAT WE'VE REALLY DONE WITH THIS BILL IS HURT THE AVERAGE AMERICAN. |
| 01:12:30 | MR. |
| 01:12:31 | PRESIDENT, I NOTICE THE ABSENCE OF A QUORUM, AND THANK YOU FOR THE TIME. |
| 01:12:35 | THE PRESIDING OFFICER: THE CLERK WILL CALL THE ROLL. |
| 01:12:57 | A SENATOR: MR. PRESIDENT? |
| 01:12:58 | THE PRESIDING OFFICER: THE SENATOR OREGON. |
| 01:13:01 | A SENATOR: MR. PRESIDENT, I ASK THAT WE DISPENSE WITH THE QUORUM CALL. |
| 01:13:04 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 01:13:05 | A SENATOR: MR. |
| 01:13:06 | PRESIDENT, I ASK TO BE ABLE TO SPEAK AS IF IN MORNING BUSINESS. |
| 01:13:10 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 01:13:12 | MR. MERKLEY: THANK YOU, MR. |
| 01:13:13 | PRESIDENT. TODAY I RISE TO ADDRESS THE DODD-FRANK FINANCIAL REFORM BILL AND TO SHARE THE REASONS WHY IT MAKES A GREAT DEAL OF SENSE TO RESTORE THE LANE MARKERS AND THE TRAFFIC SIGNALS TO OUR FINANCIAL SYSTEM. |
| 01:13:33 | LANE MARKERS AND TRAFFIC SIGNALS THAT WERE RIPPED AWAY CARELESSLY, THOUGHTLESSLY OVER THE COURSE OF A DECADE AND LED TO THE ECONOMIC HOUSE OF CARDS THAT MELTED DOWN LAST YEAR DOING ENORMOUS DAMAGE TO AMERICA'S WORKING FAMILIES. |
| 01:13:53 | NOW, THERE MAY BE MANY IN THE FINANCIAL WORLD WHO FEEL PRETTY GOOD ABOUT THE MOST RECENT BILLION DOLLAR QUARTERLY PROFITS OR MILLION DOLLAR BONUSES, BUT FAMILIES IN AMERICA'S WORKING WORLD ARE NOT FEELING SO GOOD. |
| 01:14:10 | THEY'RE LOOKING AT THEIR RETIREMENT SAVINGS BEING DECIMATED. |
| 01:14:16 | THEY LOOK AT THE VALUE OF THEIR HOUSE AND REALIZE IT'S WORTH LESS THAN IT WAS WORTH SIX YEARS AGO. |
| 01:14:21 | AND FOR MANY FAMILIES THE AMOUNT THAT THEY OWE ON THE HOUSE IS MORE THAN THE HOUSE IS NOW WORTH. |
| 01:14:29 | FAMILIES ARE LOOKING AT LOST JOBS AND LOST HEALTH CARE THAT WENT WITH THOSE JOBS. |
| 01:14:38 | AND THEY'RE LOOKING AT AN ECONOMY THAT IS STRUGGLING TO RECOVER THAT IS PROVIDING THEM FEW OPPORTUNITIES TO GET BACK ON THEIR FEET. |
| 01:14:48 | SO THE MELTDOWN TRIGGERED BY THE ECONOMIC HOUSE OF CARDS BUILT UP OVER THE LAST DECADE IS ENORMOUS. |
| 01:15:00 | AND IT'S NOT JUST THE DAMAGE TO FAMILIES. |
| 01:15:02 | IT'S DAMAGE DONE TO THE ECONOMY AS A WHOLE. |
| 01:15:06 | YOU CANNOT TALK TO ANY ROOM WITH THE OWNERS OF SMALL BUSINESSES AND NOT HEAR STORIES ABOUT FROZEN LENDING, ABOUT CREDIT LINES THAT HAVE BEEN CUT IN HALF, ABOUT OPPORTUNITIES TO EXPAND THEIR BUSINESS, BUT DESPITE A REGULAR BANKING RELATIONSHIP EXTENDING OVER A DECADE, THAT FINANCIAL INSTITUTION, THAT BANK CANNOT NOW EXTEND THE LOANS THAT WOULD ENABLE THEM TO SEIZE THAT OPPORTUNITY, TO CREATE JOBS. |
| 01:15:35 | AND WE STILL HAVE MASSIVE DISRUPTION IN OUR SECURITIES MARKET THAT PROVIDES THE CREDIT THAT FUELS NOT ONLY HOME MORTGAGES, BUT MANY OTHER PARTS OF OUR ECONOMY. |
| 01:15:45 | AND LET ME MENTION, AS WELL, THAT THIS ECONOMIC MELTDOWN HAS BEEN A HUGE FACTOR IN CONTRIBUTING TO THE NATIONAL DEBT. |
| 01:15:55 | SO IN EVERY POSSIBLE WAY THE ABSENCE OF RESPONSIBLE LANE MARKERS AND TRAFFIC SIGNALS HAS WREAKED HAVOC ON THE AMERICAN FAMILY AND THE AMERICAN ECONOMY AND WE'RE HERE NOW TO SET THAT STRAIGHT, TO RESTORE THOSE LANE MARKERS AN TRAFFIC SIGNALS -- AND TRAFFIC SIGNALS. |
| 01:16:18 | SO WHAT REALLY HAPPENED? |
| 01:16:21 | IT CAN BE SUMMED UP IN TWO WORDS, IRRESPONSIBLE DEREGULATION. |
| 01:16:26 | BUT LET'S GET INTO THE DETAILS A BIT FURTHER. |
| 01:16:29 | LET'S START WITH IRRESPONSIBLE DEREGULATION THAT LED TO NEW PREDATORY MORTGAGE PRACTICES. |
| 01:16:36 | ONE OF THOSE PRACTICES WAS LIAR LOANS. |
| 01:16:40 | LOANS IN WHICH THE LOAN OFFICER WAS MAKING UP THE NUMBERS AND PUTTING THEM IN. |
| 01:16:45 | BECAUSE THEY KNEW THEY COULD TURN AROUND AND SELL THAT LOAN TO WALL STREET AND HAVE NO RESPONSIBILITY FOR WHETHER THAT FAMILY SUCCEEDED IN MAKING THEIR PAYMENTS. |
| 01:16:54 | ANOTHER PREDATORY PRACTICE WERE STEERING PAYMENTS. |
| 01:16:57 | MORTGAGE ORIGINATORS GETTING PAID HUGE BONUSES TO SIGN PEOPLE UP FOR MORTGAGES THAT HAD IN THE FINE PRINT HIDDEN EXPLODING INTEREST RATES SO THE FAMILY COULD EASILY MAKE THE PAYMENTS AT 5%, BUT WHEN THAT HIDDEN LANGUAGE TRIGGERED 9%, THERE WAS NO WAY THAT FAMILY'S GOING TO BE ABLE TO MAKE THOSE LOAN PAYMENTS. |
| 01:17:20 | AND SINCE MOST OF THOSE WERE ON A TWO-YEAR DELAY, YOU CAN THINK OF IT AS A TWO-YEAR FUSE, A TICKING TIME BOMB, A TICKING MORTGAGE TIME BOMB THAT WAS GOING TO GO OFF AND DESTROY THAT FAMILY'S FINANCES. |
| 01:17:34 | AND THEN THE PREPAYMENT PENALTY THAT LOCKED PEOPLE INTO THOSE LOANS. |
| 01:17:40 | SO THESE PRACTICES, THESE RETAIL MORTGAGE PRACTICES, THE RESULT OF IRRESPONSIBLE DEREGULATION. |
| 01:17:46 | AND THEN WE HAD THE SECURITIES THAT WERE MADE FROM THOSE BAD MORTGAGESES FROM FINANCIAL FIRMS, PACKAGING THOSE BAD MORTGAGESES, AND PUTTING A SHINY WRAPPER ON THEM AND SELLING THEM TO TRIPLE-A AGENCIES, TOSSING THOSE MORTGAGE SECURITIES HERE AND THERE WITHOUT FULL DISCLOSURE AND WHEN THOSE MORTGAGES WENT BAD, THOSE SECURITIES WERE GOING TO GO BAND THAT'S WHAT HAPPENED IN 2008 AND 2009 AND MELTED DOWN THIS ECONOMY. |
| 01:18:20 | ANOTHER PIECE OF THIS WAS THE LEVERAGE, IRRESPONSIBLE DEREGULATION DIFFICULTING THE MORTGAGE REQUIREMENTS -- EXCUSE ME -- THE LEVERAGE REQUIREMENTS ON THE LARGEST INVESTMENT HOUSES. |
| 01:18:34 | BEAR STEARNS IN A SINGLE YEAR WENT FROM 20 TO 1 LEVERAGE TO 40 TO 1 LEVERAGE. |
| 01:18:42 | THAT MEANS WE'RE GOING TO MAKE A LOT MORE MONEY WHEN EVERYTHING'S GOING UP. |
| 01:18:46 | BUT IT MEANS THE MOMENT THINGS TURN DOWN, THEY CAN'T COVER THEIR BETS AND THEY'RE GOING TO GO OUT OF BUSINESS. |
| 01:18:55 | AND THEN WE HAD DEFAULT SWABS -- CREDIT DEFAULT SWABS. |
| 01:19:03 | THAT'S A FEIGNSY TERM FOR -- AND THAT'S A FANCY TERM FOR INSURANCE ON SUCCESS OF A BOND. |
| 01:19:10 | WELL, THAT NEW INSURANCE WAS ISSUED BY A. |
| 01:19:13 | I.G. WITHOUT ANY COLLATERAL BEING SET ASIDE TO COVERAGE THE INSURANCE. |
| 01:19:20 | COMPLETE FILLURE TO DEREGULATE THIS NEW PRODUCT. |
| 01:19:24 | AND THOSE INSURANCE POLICIES, THOSE CREDIT DEFAULT POLICIES CREATED AN INNER WOVEN WEB IN WHICH IF ONE FIRM FAILED AND COULDN'T PAY OFF ITS RESPONSIBILITIES WITH THE CREDIT DEFAULT SWAPS OR INSURANCE POLICIES, THEN THE FIRM IT OWED WAS GOING TO FAIL. |
| 01:19:45 | IT SETUP A WEB OF POTENTIAL COLLAPSE. |
| 01:19:47 | THOSE ARE THE TYPE OF DRAMATIC ISSUES CREATED THROUGH IRRESPONSIBLE DEREGULATION THAT WE MUST ADDRESS IN THIS BODY AND THAT ARE ADDRESSED IN THE DODD-FRANK FINANCIAL REFORM BILL. |
| 01:20:03 | FIRST, THE BILL ENDS THOSE THREE PREDATORY MORTGAGE PRACTICES THAT I SPOKE OF EARLIER. |
| 01:20:13 | IT ENDS LATERAL LOANS, IT CREATES UNDERWRITING STANDARDS. |
| 01:20:17 | MY COLLEAGUE FROM TENNESSEE WAS MENTIONING HE'D LIKE TO SEE UNDERWRITING STADZ STANDARDS IN THE BILL. |
| 01:20:28 | IT IS IN THE BILL. |
| 01:20:29 | THIS BILL ENDS THE STEERING PAYMENTS, THE BONUSES PAID TO MORTGAGE ORIGINATORS TO BASICALLY GUIDE PEOPLE INTO TRICKY MORTGAGES WITH HIDDEN EXPLODING INTEREST RATE CLAUSES. |
| 01:20:41 | AND THIS BILL STOPS PREPAYMENT PENALTIES THAT WERE USED TO LOCK FAMILIES IN. |
| 01:20:47 | BECAUSE IF YOU'RE IN A MORTGAGE AND YOU HAVE TO PAY SEVERAL POUNDS OF FLESH TO GET OUT OF THAT MORTGAGE, AND BY THAT I MEAN PERHAPS 10% OF THE VALUE OF YOUR HOUSE, WHERE'S THAT 10% COMING FROM? |
| 01:21:00 | YOU CAN'T DO IT SO YOU'RE LOCKED IN. |
| 01:21:02 | YOU'RE CHAINED TO THE STEERING WHEEL OF A CAR GOING OVER A CLIFF. |
| 01:21:07 | WELL, WE HAVE GOTTEN RID OF THAT PRACTICE. |
| 01:21:12 | THE SECOND MAIN THING WE'VE DONE IS ESTABLISH REAL-TIME CONSUMER PROTECTION TO END SCAMS AND TRICKS AND TRAPS IN FINANCIAL DOCUMENTS. |
| 01:21:22 | NOW, THERE WAS A WOMAN FROM SALEM, OREGON, WHO WROTE TO ME AND SHE WANTED TO SHARE HER STORY. |
| 01:21:29 | HER STORY, JUST ONE OF THE LITTLE PIECES OF MALFEASANCE THAT HAD OCCURRED. |
| 01:21:35 | SHE HAD PAID HER CREDIT CARD BILL ON A TIMELY BASIS MONTH AFTER MONTH, YEAR AFTER YEAR, SO SHE WAS VERY SURPRISED WHEN SHE RECEIVED A LETTER SAYING THAT SHE HAD A LATE PAYMENT AND OWED A FEE. |
| 01:21:48 | SO SHE CALLED UP HER CREDIT CARD COMPANY AND SAID, HOW CAN THIS BE? |
| 01:21:51 | I ALWAYS PAY ON THE SAME TIME. |
| 01:21:53 | AND THE PERSON ON THE OTHER END OF THE LINE LOOKED INTO IT AND SAID, YES, WE RECEIVED YOUR PAYMENT AS YOU INDICATED, BUT, YOU KNOW, YOUR CONTRACT SAYS THAT WE DON'T HAVE TO POST YOUR PAYMENT FOR 10 DAYS. |
| 01:22:05 | AND SO WE DIDN'T POST YOUR PAYMENT RIGHT AWAY. |
| 01:22:08 | WE POSTED IT AT THE END OF THE 10-DAY PERIOD. |
| 01:22:12 | AND AT THE END OF THE 10-DAY PERIOD, YOUR PAYMENT WAS LATE AND SO YOU OWE US THIS FEE. |
| 01:22:18 | IT'S ALL IN YOUR CONTRACT. |
| 01:22:20 | AND SHE SAID, HOW CAN THAT BE FAIR? |
| 01:22:24 | THAT'S WHY WE NEED A CONSUMER PROTECTION AGENCY. |
| 01:22:29 | SO CITIZENS ACROSS THE COUNTRY -- AND YOU ALL KNOW WHAT I'M TALKING ABOUT. |
| 01:22:33 | BECAUSE VIRTUALLY EVERY ONE OF US HAS OPENED UP A STATEMENT AND GONE, WAIT, HOW CAN THAT BE FAIR? |
| 01:22:41 | WELL, NOW, WE DID HAVE THE DELEGATION OF CONSUMER PROTECTION RESPONSIBILITIES TO THE FED. |
| 01:22:47 | BUT THE FED HAD ITS MONETARY MISSION IN THE PENTHOUSE OF THEIR OFFICE BUILDING. |
| 01:22:53 | THEY HAD SAFETY AND SOUNDLESS IN THE UPPER FLOORS, BUT THEY PUT CONSUMER PROTECTION DOWN IN THE BASEMENT AND THEY IGNORED IT AND THEY DIDN'T ACT ON THE RESPONSIBILITIES THEY HAD. |
| 01:23:03 | SO WE PUT THOSE RESPONSIBILITIES IN AN ORGANIZATION, THE CONSUMER FINANCIAL PROTECTION BUREAU THAT HAS A SINGLE MISSION. |
| 01:23:13 | NOT A THIRD MISSION OR FOURTH MISSION, NOT A FORGOTTEN MISSION, NOT A MISSION TO BE PUT IN THE BASEMENT, BUT A FIRST MISSION. |
| 01:23:21 | SO AMERICANS CAN CHOOSE FROM RESPONSIBLE FINANCIAL PRODUCTS, NOT ONES THAT COMPETE TO SEE WHO CAN HAVE THE BIGGEST SCAM, THE BIGGEST DECEPTION, THE BIGGEST TRICK OR THE BIGGEST TRAP. |
| 01:23:33 | BUT INSTEAD CAN COMPETE ON THE COST OF THE PRODUCT AND ON THE QUALITY OF THE SERVICE. |
| 01:23:40 | THE THIRD THING THAT THIS BILL DOES IS IT REDIRECTS BANKS TO THE MISSION OF PROVIDING LOANS TO FAMILIES AND SMALL BUSINESSES. |
| 01:23:50 | THIS IS THE CORE FUNCTION OF THE BANKING WORLD. |
| 01:23:53 | BUT WHAT HAPPENED OVER THE LAST FEW YEARS IS SOME OF OUR BANKS SAID, YOU KNOW, IT'S A LOT MORE FUN TO BET ON HIGH-RISK INVESTMENTS THAN IT IS TO MAKE LOANS TO FAMILIES AND BUSINESSES. |
| 01:24:09 | BUT THAT'S NOT THE MISSION OF THE BANKS THAT HAVE ACCESS TO THE FED WINDOW FOR DISCOUNTED FUNDS FROM THE FEDERAL RESERVE. |
| 01:24:16 | THAT'S NOT THE MISSION OF THE BANKS THAT WE INSURE THEIR DEPOSITS. |
| 01:24:23 | THE FUNCTION OF THE BANKS IS TO MAKE SURE THERE'S LIQUIDITY IN THE HANDS OF THE BUSINESSES SO THEY CAN THRIVE AND THEIR FAMILIES CAN THRIVE. |
| 01:24:32 | THIS BILL REDIRECTS THEM TO THAT MISSION. |
| 01:24:35 | HIGH-RISK INVESTING IS A LITTLE BIT LIKE HIGH-SPEED CAR RACING. |
| 01:24:40 | YOU KNOW AS YOU WATCH CARS GOING AROUND THE RACETRACK THAT THEY'RE GOING TO PUSH THE BOUNDARIES, THE LIMITS OF SPEED AND TRACTION, AND THEY'RE GOING TO DO IT QUITE WELL AND THEY'RE GOING TO TRY TO NUDGE AHEAD OF THE REST OF THE CARS, BUT THEN EVENTUALLY ONE'S GOING TO HIT SOME RUBBER ON THE TRACK OR SOME -- SOME OIL OR SOME GRAVEL OR GET BUMPED BY ANOTHER CAR AND A RACE CAR'S GOING SO CRASH. |
| 01:25:05 | WHEN YOU GO TO THE TRACK, YOU PRETTY WELL KNOW IN ADVANCE THAT YOU'RE GOING TO SEE A CAR CRASH. |
| 01:25:11 | THAT'S THE WAY IT IS WITH INVESTMENT HOUSES. |
| 01:25:13 | THEY'RE COMPETING WITH EACH OTHER TO FIND THE BEST OPPORTUNITIES FOR THE HIGHEST RETURN. |
| 01:25:19 | SO WE KNOW THAT THEY'RE GOING TO CRASH, THAT SOME OF THEM WILL, AND WE ACCEPT THAT. |
| 01:25:24 | THIS IS AN IMPORTANT ROLE IN THE FORMATION, AGGREGATION, ALLOCATION OF CAPITAL, BUT YOU WANT THEM TO CRASH ON THE RACETRACK, NOT TO CRASH OUT ON THE STREETS OF THE CITY OR THE STREETS OF THE COUNTRYSIDE. |
| 01:25:41 | AND THAT'S WHY THIS BILL MOVES HIGH-RISK INVESTING OUT OF THE BANKS THAT SHOULD BE DEDICATED TO THE MISSION OF PROVIDING LOANS TO SMALL BUSINESSES AND FAMILIES. |
| 01:25:55 | ANOTHER KEY THING THAT THIS BILL DOES IS RESTORE INTEGRITY IN THE FORMATION OF SECURITIES. |
| 01:26:02 | NOW, LET ME PUT IT TO YOU THIS WAY. |
| 01:26:06 | IMAGINE, MR. PRESIDENT, THAT AN ELECTRICIAN COMES TO YOUR HOUSE BECAUSE YOU'RE ASKING THAT ELECTRICIAN TO WIRE UP YOUR BASEMENT, AND THE ELECTRICIAN LEAVES, YOU FIND OUT THAT HE OR SHE TOOK OUT A FIRE POLICY ON YOUR HOUSE. |
| 01:26:22 | I THINK YOU MIGHT BE A LITTLE WORRIED ABOUT THE QUALITY OF THE WIRING THAT WAS DONE IN YOUR BASEMENT. |
| 01:26:28 | OR CONSIDER THIS POSSIBILITY, THAT YOU BUY A CAR AND YOU FIND OUT THAT THE PERSON WHO SOLD YOU THE CAR TOOK OUT A LIFE POLICY -- A LIFE INSURANCE POLICY ON YOU. |
| 01:26:40 | WELL, YOU DON'T LIKE THE IDEA, I DON'T LIKE THE IDEA OF THE POSSIBILITY THAT SOMEONE WOULD SELL A CAR THAT'S DEFECTIVE SO THEY COULD TAKE OUT A LIFE INSURANCE POLICY AND MAYBE CASH IN, AND YET THAT WAS WHAT WAS HAPPENING WITH SECURITIES. |
| 01:26:54 | COMPANIES TAKING BAD LOANS, PUTTING THEM IN A SHINY WRAPPER, SELLING THEM AND THEN TAKING OUT AN INSURANCE POLICY, A CREDIT DEFAULT SWAP SO WHEN THAT SECURITY WENT BAD, THEY COULD CASH IN. |
| 01:27:07 | WELL, WE NEED TO HAVE A LEVEL OF INTEGRITY IN THE FORMATION OF OUR SECURITIES OR OUR BONDS, AND THIS BILL TAKES US IN THAT DIRECTION. |
| 01:27:18 | THIS BILL PUTS THE SALE OF SWAPS ON ORGANIZED MARKETS. |
| 01:27:22 | WHAT ARE SWAPS? |
| 01:27:23 | AGAIN, THEY ARE INSURANCE POLICIES BASED ON INTEREST RATES, INSURANCE POLICIES BASED ON EXCHANGE RATES, INSURANCE POLICIES BASED ON THE SUCCESS OF SECURITIES. |
| 01:27:32 | NOW, YOU CAN'T SELL INSURANCE TO THE GENERAL PUBLIC WITHOUT SETTING ASIDE RESERVES, BUT THESE SWAPS WERE SOLD WITHOUT RESERVES, SO THIS BILL BEFORE US TODAY SAYS RESERVES ARE NECESSARY SO THAT THE BET CAN BE COVERED IF THE EVENT YOU'RE ENSURING SHOULD HAPPEN. |
| 01:27:52 | AND IT ALSO CREATES A MARKET FOR THEM SO THAT THE CUSTOMER -- AND THAT IS NORMALLY A BUSINESS THAT WANTS TO HEDGE ITS INTEREST RATE RISK OR ITS EXCHANGE RISK OR ITS INVESTMENTS IN SECURITIES, WANTS TO HEDGE AND PROTECT ITSELF AGAINST THE POSSIBILITY THAT THOSE WILL GO DOWN OR CHANGE, THEY CAN GET THAT AT A MUCH BETTER PRICE WHEN THEY CAN DO SO THROUGH THE POWER OF A TRANSPARENT, ORGANIZED MARKET. |
| 01:28:22 | BEING ABLE TO HEDGE RISK AT A MUCH CHEAPER PRICE IS A HUGE CONTRIBUTION TO THE FORMATION AND ALLOCATION OF CAPITAL IN OUR COUNTRY. |
| 01:28:31 | AND FINALLY, THIS BILL ALLOWS A SYSTEMATIC WAY TO DISMANTLE FAILING FIRMS IN THE FINANCIAL WORLD SO THAT IT MINIMIZES SYSTEMIC RISK AND SO THAT THE INDUSTRY ITSELF PICKS UP THE COST OF THEIR FAILURE, SO THAT WE, THE TAXPAYERS, ARE NOT IN THE POSITION OF HAVING TO PICK UP THAT COST. |
| 01:28:50 | NOW, I KNOW SOME OF MY COLLEAGUES ON THE OTHER SIDE HAVE SIMPLY ASSERTED THE OPPOSITE TO TRY TO CONFUSE THE ISSUE. |
| 01:28:58 | I THINK THAT'S IRRESPONSIBLE BECAUSE SO MUCH WAS DONE IN THIS BILL TO MAKE SURE AMERICAN TAXPAYERS ARE NEVER AGAIN ON THE HOOK FOR THE FAILURE OF FINANCIAL FIRMS IN OUR NATION. |
| 01:29:14 | THIS IS THE TYPE OF RESPONSIBLE LANE MARKERS AND TRAFFIC SIGNALS WE NEED IN OUR SYSTEM. |
| 01:29:21 | NOW, CERTAINLY, EVERY ONE OF US HERE BELIEVES THAT THERE ARE FURTHER STRIDES THAT COULD BE MADE. |
| 01:29:28 | THERE ARE STANDARDS IN THIS BILL THAT I WOULD LIKE TO HAVE CRISPER. |
| 01:29:33 | THERE ARE TERMS THAT I KNOW THAT WE WILL NEED FIERCE, VIGILANT REGULATION TO MAKE SURE THOSE TERMS AREN'T EXPANDED INTO LOOPHOLES. |
| 01:29:42 | THIS BILL DOESN'T DO AS MUCH AS I WOULD LIKE TO ADDRESS THE ISSUE OF PERVERSE INCENTIVES IN THE SYSTEM OF RATING SECURITIES, SOMETHING THE PRESIDING OFFICER WAS A HUGE ADVOCATE FOR AND PUT FORWARD A TERRIFIC POLICY TO ADDRESS, AND WE'RE GOING TO HAVE TO KEEP WORKING ON THAT PIECE. |
| 01:30:06 | BUT IN EACH OF THESE AREAS I'VE DESCRIBED, THIS IS A QUANTUM IMPROVEMENT, AND I THINK COLLEAGUES ON BOTH SIDES OF THE AISLE, THEY KNOW THAT. |
| 01:30:16 | SO BEWARE OF EFFORTS TO CONFUSE THE DEBATE AND TRY TO SAY THAT WHAT IS NORTH IS SOUTH AND WHAT IS EAST IS WEST. |
| 01:30:27 | SO THESE ARE THE REASONS, THESE CORE IMPROVEMENTS TO OUR FINANCIAL SYSTEM THAT ENHANCE THE ABILITY TO AGGREGATE AND ALLOCATE CAPITAL EFFICIENTLY ARE WHY I'M SUPPORTING THIS BILL, AND I APPLAUD THE CHAIR OF THE BANKING COMMITTEE WHO STEERED THIS BILL THROUGH ENORMOUS SETS OF OBSTACLES. |
| 01:30:49 | IT'S REPORTED THAT WALL STREET HIRED A THOUSAND EXTRA LOBBYISTS TO TRY TO TORPEDO THE BILL THAT'S BEFORE US. |
| 01:30:55 | THAT'S A LOT OF OBSTACLES TO GET THROUGH. |
| 01:30:58 | AND THESE ARE COMPLEX ISSUES THAT REQUIRED THOUGHTFUL ANALYSIS AND HAD TO BE WORKED AND REWRORKD, SO I -- REWORKED, SO I APPLAUD HIS WORK IN TAKING US TO WHERE WE ARE PREPARED TO SEND THIS BILL ON TO THE PRESIDENT'S DESK. |
| 01:31:14 | AND I WOULD PARTICULARLY LIKE TO THANK MY COLLEAGUE, CARL LEVIN, WHO TEAMED UP TO WORK WITH ME ON A PROPOSAL TO TAKE HIGH-RISK INVESTING OUT OF THE BANK HOLDING COMPANIES AND TO IMPROVE THE SECURITY OR THE INTEGRITY OF BONDS, AND THAT WAS WORK THAT CAME STRAIGHT OUT OF THE COMMITTEE WORK THAT HE DID IN SUCH A -- A CAPABLE AND TIMELY FASHION. |
| 01:31:37 | SO WITH THAT, MR. |
| 01:31:39 | PRESIDENT, I CONCLUDE BY SAYING THAT WE NEED A FINANCIAL SYSTEM THAT ISN'T ABOUT QUARTERLY PROFIT MARGINS ON WALL STREET, THAT ISN'T ABOUT THE SIZE OF BONUSES ON WALL STREET BUT IS ABOUT PROVIDING A FOUNDATION FOR BUSINESS TO THRIVE, FOR EMPLOYMENT TO BE INCREASED, FOR FAMILIES TO FIND WORK AND TO BUILD FINANCIAL FOUNDATIONS FOR THE SUCCESS OF THOSE FAMILIES OVER THE NEXT SEVERAL DECADES. |
| 01:32:07 | THAT'S THE TYPE OF FINANCIAL FOUNDATION WE NEED, AND THIS BILL CERTAINLY IS A HUGE STRIDE IN ACCOMPLISHING THAT. |
| 01:32:16 | THANK YOU, MR. |
| 01:32:17 | PRESIDENT. |
| 01:32:18 | I YIELD THE FLOOR. |
| 01:32:20 | THE PRESIDING OFFICER: THE SENATOR FROM CONNECTICUT. |
| 01:32:24 | MR. DODD: MR. PRESIDENT, I WILL NOT TAKE LONG AT THIS MOMENT. |
| 01:32:26 | I JUST WANT TO COMPLIMENT OUR COLLEAGUE FROM OREGON, AS WELL AS OTHER MEMBERS OF THE COMMITTEE, FOR HIS WORK. |
| 01:32:34 | THIS HISTORIC PIECE OF LEGISLATION, THIS WAS A LONG TIME IN PUTTING TOGETHER A COMPREHENSIVE, COMPLICATED PIECE OF LEGISLATION DEALING WITH FINANCIAL REFORM. |
| 01:32:45 | THERE ARE MANY, MANY PEOPLE WHO DESERVE CREDIT FOR THE PRODUCT OF THIS LEGISLATION, NOT THE LEAST OF WHICH IS SENATOR MERKLEY OF OREGON, A NEW MEMBER OF THIS BODY, BUT A VERY ACTIVE AND VIBRANT MEMBER OF THE BANKING COMMITTEE AND ADDED SUBSTANTIALLY TO THE PRODUCT THAT IS NOW BEFORE US. |
| 01:33:04 | SO I APPRECIATE HAVING THE OPPORTUNITY TO HEAR HIS OBSERVATIONS ABOUT THIS BILL AND LOOK FORWARD TO FURTHER COMMENTS TODAY AND TOMORROW BY OTHERS ON THIS PRODUCT AND AT A LATER POINT TODAY WE'LL GO INTO GREATER LENGTH ABOUT THE BILL, BUT I WOULD URGE MY COLLEAGUES TO SUPPORT THIS LEGISLATION. |
| 01:33:22 | I'M VERY GRATEFUL TO ALL WHO HAVE BEEN INVOLVED IN THIS, BOTH DEMOCRATS AND REPUBLICANS, IN TRYING TO MAKE THIS AS STRONG AND AS GOOD A BILL AS WE POSSIBLY COULD. |
| 01:33:32 | I HAVE LISTENED WITH SOME INTEREST TODAY TO THE COMMENTS OF OTHERS ABOUT THE LEGISLATION, WITH SOME BEMUSEMENT, I MIGHT ADD, IN TERMS OF OBSERVATIONS OF HOW WE GOT TO WHERE WE DID, BUT NONETHELESS, THAT IS THE NATURE OF THIS INSTITUTION, I SUPPOSE. |
| 01:33:45 | WITH THAT, MR. |
| 01:33:46 | PRESIDENT, AGAIN I THANK SENATOR MERKLEY FOR HIS FINE WORK AND WOULD NOTE THE ABSENCE OF A QUORUM. |
| 01:33:51 | THE PRESIDING OFFICER: THE CLERK WILL CALL THE ROLL. |
| 01:33:55 | QUORUM CALL: MR. |
| 01:34:00 | DODD: I ASK CONSENT THAT THE CALL OF THE QUORUM BE RESCINDED. |
| 01:34:03 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 01:34:04 | MR. |
| 01:34:05 | DODD: I ASK CONSENT, MR. |
| 01:34:06 | PRESIDENT, THAT A -- THAT THE FOLLOWING MEMBERS OF MY STAFF BE GRANTED FLOOR PRIVILEGES FOR THE DURATION OF THE DEBATE ON THE CONFERENCE REPORT ACCOMPANYING H. |
| 01:34:18 | R. 4173, THE WALL STREET REFORM AND CONSUMER PROTECTION ACT. |
| 01:34:22 | THERE IS A LIST OF THESE STAFF MEMBERS, MR. |
| 01:34:24 | PRESIDENT. I WOULD ASK THAT THE LIST BE PUT INTO THE RECORD AND THE CONSENT BE GRANTED. |
| 01:34:27 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 01:34:28 | SO ORDERED. |
| 01:35:22 | THE PRESIDING OFFICER: THE CLERK WILL CALL THE ROLL. |
| 01:35:26 | QUORUM CALL: THE PRESIDING OFFICER: THE SENATOR FROM OHIO. |
| 01:40:07 | A SENATOR: I ASK THAT THE QUORUM CALL BE DISPENSED WITH. |
| 01:40:10 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 01:40:13 | MR. VOINOVICH: THANK YOU. |
| 01:40:14 | MR. PRESIDENT, I RISE TODAY TO DISCUSS THE STATE OF UNEMPLOYMENT IN OUR COUNTRY. |
| 01:40:19 | AND WHAT WE NEED TO DO TO FINALLY CREATE SUSTAINABLE JOBS AND GROW OUR ECONOMY. |
| 01:40:26 | THE UNEMPLOYMENT RATE CURRENTLY STANDS AT 9. |
| 01:40:30 | 5% NATIONALLY AND IN MY STATE, 10. |
| 01:40:35 | 7%. CLEARLY, SOMETHING'S GOT TO BE DONE ABOUT THIS. |
| 01:40:38 | IT APPEARS THAT THE NEW SENATOR WE'RE EXPECTING FROM THE STATE OF WEST VIRGINIA MAY BE THE DECIDING FACTOR WHEN WE VOTE LATER THIS MONTH TO BEGIN ADDRESSING THIS PROBLEM. |
| 01:40:50 | FIRST, I THINK WE NEED TO UNDERSTAND THAT WE NEED TO INSTILL CERTAINTY INTO THE ECONOMY BY PROVIDING RELIEF TO THE SEGMENT OF OUR FELLOW CITIZENS THAT CANNOT FIND WORK. |
| 01:41:00 | BECAUSE OF THE DOWNTURN IN THE ECONOMY, I HAVE ALREADY VOTED MULTIPLE TIMES TO EXTEND UNEMPLOYMENT INSURANCE FROM THE STANDARD 26 WEEKS TO 99 WEEKS, AMOUNTING TO TENS OF BILLIONS OF DOLLARS. |
| 01:41:16 | BUT THIS EMERGENCY EXTENSION HAS NOW EXPIRED, LEAVING MANY WITHOUT THE BENEFITS THEY NEED TO STAY AFLOAT. |
| 01:41:21 | SO LET'S EXTEND UNEMPLOYMENT INSURANCE ONCE AGAIN. |
| 01:41:26 | RESUMING THIS EMERGENCY PROGRAM THROUGH NOVEMBER THE 30th WILL COST ABOUT $33 BILLION, AND I BELIEVE WE SHOULD PAY FOR AT LEAST HALF OF IT FROM THE STIMULUS FUNDS. |
| 01:41:38 | JUST BEFORE THE RECESS, I SUPPORTED AN UNEMPLOYMENT INSURANCE EXTENSION THAT WAS FULLY PAID FOR BUT MY DEMOCRATIC COLLEAGUES BLOCKED THAT AMENDMENT OFFERED BY SENATOR JOHN THUNE, PREFERRING INSTEAD TO CONTINUALLY BORROW MONEY ON THE CREDIT CARD OF OUR CHILDREN AND GRANDCHILDREN. |
| 01:41:57 | LAST YEAR, WE BORROWED $1. |
| 01:42:04 | 4 TRILLION THAT'S 41 CENTS OF EVERY DOLLAR THAT WE SPENT LAST YEAR WE BORROWED. |
| 01:42:09 | OVER HALF OF THIS DEBT IS HELD BY FOREIGN INVESTORS, AND BY THE END OF THIS YEAR, OUR NATIONAL DEBT WILL BE A STAGGERING $13. |
| 01:42:19 | 8 TRILLION. THAT'S AN ALMOST $2 TRILLION INCREASE IN ONE YEAR. |
| 01:42:24 | AS THE BOOK OF PROVERBS TELLS US IN BOOK 27, CHAPTER 22, QUOTE, "THE RICH RULE OVER THE POOR AND THE BORROWER IS THE SERVANT OF THE LENDER. |
| 01:42:38 | " AMERICA MUST ADDRESS ITS DEBT AND STOP BORROWING MONEY FROM COUNTRIES LIKE CHINA AND OTHERS THAT DON'T HAVE OUR BEST INTERESTS AT HEART. |
| 01:42:47 | WE JUST CAN'T KEEP KICKING THE CAN DOWN THE ROAD. |
| 01:42:54 | OUR NATIONAL DEBT IS ONE OF THE MOST IMPORTANT PROBLEMS WE FACE AND OUR FAILURE TO ADDRESS TO BEGIN THIS FISCAL CRISIS WILL DAMAGE OUR ECONOMY, OUR NATIONAL SECURITY, AND THE KIND OF FUTURE WE LEAVE TO OUR CHILDREN AND GRANDCHILDREN. |
| 01:43:10 | STILL, I KNOW OHIOANS ARE HURTING SO I APPROACHED THE MAJORITY LEADER AND TOLD HIM I'D PROVIDE THE VOTE HE NEEDED TO EXTEND UNEMPLOYMENT INSURANCE IF THE DEMOCRATS WERE WILLING TO USE SOME OF THE ESTIMATED $40 BILLION OF UNSPENT STIMULUS MONEY TO HEFLEY HELP -- HELP OFFSET AT LEAST HAFT OF THE UNEMPLOYMENT INSURANCE EXTENSION. |
| 01:43:36 | HE REJECTED MY OFFER BUT HE REMAINED AT THE TABLE ON WHAT I CONSIDER TO BE A SIMPLE BILL, EXTEND UNEMPLOYMENT AND PAY FOR HALF OF IT. |
| 01:43:45 | SO I SAY TO MY FRIENDS ON THE OTHER SIDE OF THE AISLE, LET'S GET IT DONE. |
| 01:43:49 | LET'S EXTEND U. |
| 01:43:50 | I. BENEFITS IN A BIPARTISAN MANNER AND PAY FOR AT LEAST HALF WITH STIMULUS FUNDS. |
| 01:43:54 | I'M CONFIDENT THAT WE COULD GET 60 VOTES FOR THAT TOMORROW. |
| 01:44:01 | SECOND, MR. |
| 01:44:02 | PRESIDENT, I KNOW THAT MOST PEOPLE IN AMERICA WOULD RATHER HAVE A JOB THAN COLLECT UNEMPLOYMENT INSURANCE. |
| 01:44:08 | THEY'D RATHER HAVE A JOB RATHER THAN COLLECT UNEMPLOYMENT INSURANCE. |
| 01:44:13 | BUT MY CONCERN IS THAT NOT ENOUGH IS BEING DENY BY THIS ADMINISTRATION OR BY CONGRESS, FOR THAT MATTER, TO PUT PEOPLE BACK TO WORK OR CREATE AN ENVIRONMENT WHERE BUSINESSES HAVE ENOUGH CONFIDENCE IN THE FUTURE TO UNLEASH A CORPORATE PRIVATE-SECTOR STIMULUS. |
| 01:44:30 | MR. PRESIDENT, I WANT TO QUOTE FROM A CURRENT "NEWSWEEK" ARTICLE BY FARID ZECHARIAH CALLED -- QUOTE -- "OBAMA'S C. |
| 01:44:41 | E.O. PROBLEM: HE NEEDS BUSINESS ON HIS SIDE NOW. |
| 01:44:43 | " AND I ASK THIS ARTICLE BE SUBMITTED FOR THE RECORD WITH MY STATEMENT. |
| 01:44:47 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 01:44:54 | A SENATOR: HE SAYS THE FOLLOWING -- QUOTE -- "THERE IS A SECOND STIMULUS, ONE THAT COULD HAVE A DRAMATIC EFFECT ON THE ECONOMY, EVEN MORE SO THAN GOVERNMENT SPENDING AND IT WON'T ADD TO THE DEFICIT. |
| 01:45:05 | " HE GOES ON, "THE FEDERAL RESERVE RECENTLY REPORTED THAT AMERICA'S 500 LARGEST NONFINANCIAL COMPANIES HAVE ACCUMULATED AN ASTONISHING $1. |
| 01:45:16 | 8 TRILLION OF CASH ON THEIR BALANCE SHEETS, AND YET MOST CORPORATIONS ARE NOT SPENDING THIS MONEY ON NEW PLANTS, EQUIPMENT OR WORKERS. |
| 01:45:29 | WERE THEY TO BEGIN TO LOOSE IRTHEIR PURSE STRINGS, HUNDREDS OF BILLIONS OF DOLLARS WOULD START POURING INTO THE ECONOMY AND THESE INVESTMENTS WOULD LIKELY HAVE A GREATER EFFECT AND STAYING POWER THAN ANY GOVERNMENT STIMULUS. |
| 01:45:42 | " HE GOES ON TO SAY, "THE KEY TO A SUSTAINABLE RECOVERY AND ROBUST ECONOMIC GROWTH IS TO GET COMPANIES TO START INVESTING IN AMERICA. |
| 01:45:53 | SO WHY ARE THEY RELUCTANT, DESPITE HAVING MOUNDS OF CASH LYING AROUND? |
| 01:46:01 | " MR. ZECHARIAH PUT THIS QUESTION TO A SERIES OF BUSINESS LEADERS AND -- QUOTE -- "ECONOMIC UNCERTAINTY WAS THE PRIMARY CAUSE OF THEIR CAUTION. |
| 01:46:10 | BUT IN ADDITION TO ECONOMICS, THEY KEPT TALKING ABOUT POLITICS AND ABOUT THE UNCERTAINTY SURROUNDING REGULATIONS AND TAXES. |
| 01:46:21 | " THE BUSINESS ROUND-TABLE, WHICH HAS SUPPORTED THE OBAMA ADMINISTRATION, HAS BEGUN TO COMPLAIN ABOUT THE MYRIAD OF NEW LAWS AND REGULATION BEING COOKED UP IN WASHINGTON. |
| 01:46:31 | " HE GOES ON TO QUOTE, "ONE C. |
| 01:46:36 | E.O. SAID 'ALMOST EVERY AGENCY WE DEAL WITH HAS ANNOUNCED SOME EXPANSION OF ITS AUTHORITY WHICH NATURALLY MAKES ME CONCERNED ABOUT WHAT'S IN STORE FOR THE FUTURE. |
| 01:46:44 | ' ANOTHER POINTED OUT THAT BETWEEN THE NEW HEALTH CARE BILL, FINANCIAL REFORM, POSSIBLE CAP-AND-TRADE, HIS COMPANY LAWYERS -- HIS COMPANIES HAD LAWYERS WORKING DAY AND NIGHT TRYING TO FIGURE OUT THE IMPLICATION OF THESE NEW REGULATIONS. |
| 01:47:01 | " AND FINALLY, MR. |
| 01:47:02 | ZECHARIAH CONCLUDES -- QUOTE -- "OBAMA NOW NEEDS TO OUTLINE A GROWTH OF COMPETITIVENESS AGENDA THAT WILL SEEM COMPELLING TO THE AMERICAN BUSINESS COMMUNITY. |
| 01:47:15 | THIS MIGHT SOUND LIKE PSYCHOLOGY MORE THAN ECONOMICS AND THE POPULIST LEFT WILL SURELY SCREAM, THE LAST THING WE NEED TO DO IS PANDER TO BUSINESS, BUT, IN FACT, THE FIRST THING WE NEED IS FOR THESE PEOPLE TO START SPENDING THEIR MONEY SOON. |
| 01:47:33 | AS A LEADING NEW YORK BUSINESSMAN WHO HAD PUBLICLY SUPPORTED OBAMA DURING THE CAMPAIGN SAID, 'THEIR PERCEPTION IS OUR REALITY. |
| 01:47:45 | '" JOHN MEECHEM, THE EDITOR OF "NEWSWEEK," RECENTLY PUT IT THIS WAY. |
| 01:47:49 | HE SAID -- QUOTE -- "A POPULISM THAT BEGINS IN THE BOARDROOM WOULD REALLY BE A CHANGE THAT WE COULD BELIEVE IN. |
| 01:47:58 | " MR. |
| 01:47:59 | VOINOVICH: SO, MR. PRESIDENT, THE ADMINISTRATION AND CONGRESS SHOULD LISTEN TO THESE CONCERNS, GIVE THE PRIVATE SECTOR THE CERTAINTY IT NEEDS TO PLAN AND GROW AND UNLEASH A LASTING STIMULUS THAT DOESN'T COST A DIME. |
| 01:48:14 | I'M REMINDED OF MY SECOND INAUGURAL SPEECH AS GOVERNOR IN 1995. |
| 01:48:19 | I MADE THE FOLLOWING STATEMENT, WHICH I BELIEVE IS STILL RELEVANT TODAY. |
| 01:48:23 | I WAS ELECTED GOVERNOR IN 1990 AND THIS WAS MY SECOND INAUGURAL SPEECH AFTER BEING REELECTED. |
| 01:48:29 | QUOTE -- "WE'VE TRIED TO RESPOND TO A VERY CLEAR MESSAGE. |
| 01:48:34 | THE VOTERS IN 1990 AND REAFFIRMED IN 1994: PEOPLE ARE FED UP WITH BIG GOVERNMENT, FED UP WITH GOVERNMENT THAT PRESUMED TO KNOW OR SOUGHT TO PROVIDE ALL THE ANSWERS, AND FED UP WITH GOVERNMENT THAT HAD FORGOTTEN ITS MISSION AND LOST TOUCH WITH ITS CUSTOMERS. |
| 01:48:55 | THEY WERE TELLING THOSE OF US IN GOVERNMENT THAT WE WERE NO BETTER THAN THE PEOPLE WHOSE HARD-EARNED DOLLARS GO IN THE TAX BASKET. |
| 01:49:03 | OHIOANS WERE EXPECTING TO WORK HARDER AND SMARTER AND DO MORE WITH LESS, JUST AS THEY WERE DOING WITH THEIR HOUSEHOLDS, FARMS, FACTORIES AND OFFICES. |
| 01:49:14 | AND THEY WERE REMINDING US OF HOW LINCOLN DEFINED GOOD GOVERNMENT. |
| 01:49:18 | HE SAID, LOI -- HE SAID, 'THE LEGITIMATE OBJECT OF GOVERNMENT IS TO DO FOR A COMMUNITY OF PEOPLE THAT WHATEVER THEY NEED TO HAVE DONE BUT CANNOT DO AT ALL OR CANNOT DO SO WELL FOR THEMSELVES AND THEIR SEPARATE AND INDIVIDUAL CAPACITIES. |
| 01:49:37 | '" THAT'S WHAT LINCOLN HAD TO SAY. |
| 01:49:38 | I STILL BELIEVE THESE WORDS ARE RELEVANT TODAY. |
| 01:49:43 | I THINK THE GOVERNMENT CAN SERVE THE ECONOMIC NEEDS OF THE COUNTRY BY DOING SOMETHING THAT I'VE TALKED ABOUT, MR. |
| 01:49:50 | PRESIDENT, FOR A LONG TIME. |
| 01:49:53 | BY PASSING A SURFACE TRANSPORTATION REAUTHORIZATION BILL THIS YEAR, WHICH IS A LEGITIMATE OBJECT FOR GOVERNMENT. |
| 01:50:03 | THIS IS SOMETHING PEOPLE CAN'T DO INDIVIDUALLY OR WORKING WITH OTHERS. |
| 01:50:06 | THE GOVERNMENT HAS TO DO THIS. |
| 01:50:09 | WITH THE U. |
| 01:50:10 | S. ECONOMY STRUGGLING FROM THE WORST ECONOMIC RECESSION SINCE THE GREAT DEPRESSION, THE IMMEDIATE IMPACT OF THIS BILL WOULD BE ON JOBS. |
| 01:50:19 | ACCORDING TO THE AMERICAN ASSOCIATION OF STATE HIGHWAY AND TRANSPORTATION OFFICIALS, AASHTO, WHICH REPRESENTS THE STATE DEPARTMENTS OF TRANSPORTATION, THERE ARE OVER $47 BILLION OF HIGHWAY PROJECTS READY TO GO SUPPORTING 1. |
| 01:50:38 | 6 MILLION JOBS. |
| 01:50:39 | YOU HEAR THAT? |
| 01:50:40 | $47 BILLION OF HIGHWAY PROJECTS READY TO GO THAT WOULD CREATE 1. |
| 01:50:45 | 6 MILLION JOBS. |
| 01:50:50 | ACCORDING TO THE AMERICAN ROAD AND TRANSPORTATION BUILDERS, ARTBA, THE TRANSPORTATION CONSTRUCTION INDUSTRY SUPPORTS THE EQUIVALENT OF 3,383,200 AMERICAN JOBS. |
| 01:51:05 | JUST THINK ABOUT THE MASSIVE IMPACT THIS AGENCY HAS ON EMPLOYMENT IN THE UNITED STATES. |
| 01:51:10 | IT DIRECTLY PROVIDES MORE -- THIS IS SOMETHING THAT'S REALLY SURPRISING TO ME. |
| 01:51:17 | IT DIRECTLY PROVIDES MORE AMERICAN JOBS THAN THE U. |
| 01:51:22 | S. MOTOR VEHICLE AND PARTS MANUFACTURERS, PLASTICS AND RUBBER PRODUCT MANUFACTURERS, BEVERAGE AND TOBACCO PRODUCT MANUFACTURERS AND PETROLEUM AND COAL PRODUCTS MANUFACTURERS, AMONG OTHERS. |
| 01:51:34 | OUR DOMESTIC TRANSPORTATION INDUSTRY IS THE BACKBONE OF VIRTUALLY ALL OF THE MAJOR INDUSTRY SECTORS THAT COMPRISE THE U. |
| 01:51:43 | S. ECONOMY AND THE AMERICAN DISWHROOBZ -- AMERICAN JOBS THAT THEY SUSTAIN. |
| 01:51:47 | THE INFRASTRUCTURE BUILT, MAINTAINED AND MANAGED BY THIS INDUSTRY IS A VITAL PART OF OUR ECONOMY. |
| 01:51:55 | UNFORTUNATELY, THE AMERICAN TRANSPORTATION CONSTRUCTION SECTION IS CURRENTLY IN THE WORST CONDITION SINCE WORLD WAR II, OVER 60 YEARS AGO. |
| 01:52:06 | THE UNEMPLOYMENT RATE IN CONSTRUCTION IS OVER 20%, HIGHER THAN ANY OTHER INDUSTRY AND TWO TIMES HIGHER THAN THE UNEMPLOYMENT RATE IN THE U. |
| 01:52:17 | S. ECONOMY GENERALLY. AS A FORMER MEMBER OF THE LABORERS INTERNATIONAL LOCAL 310 IN CLEVELAND, I'M PARTICULARLY SENSITIVE TO THE UNEMPLOYMENT AMONG MY BROTHERS AND SISTERS IN THE LABOR MOVEMENT. |
| 01:52:30 | HIGHWAY AND TRANSIT CONSTRUCTION ACCOUNTS FOR ABOUT 75% OF JOBS FOR LABORERS IN THIS COUNTRY. |
| 01:52:37 | THE UNIONS HAVE UNDERSCORED IN MEETINGS ALL OVER OHIO, THEY DON'T WANT UNEMPLOYMENT. |
| 01:52:44 | THEY DON'T WANT UNEMPLOYMENT. |
| 01:52:45 | THEY WANT JOBS, AND THEY CAN'T UNDERSTAND WHY CONGRESS IS HELLBENT TO PUSH A CLIMATE BILL THAT WILL PUT MORE OF THEM OUT OF WORK RATHER THAN TO -- RATHER THAN THE REAUTHORIZATION OF THE SURFACE TRANSPORTATION. |
| 01:52:59 | WHY AREN'T WE SPENDING OUR TIME ON REAUTHORIZATION OF THE SURFACE TRANSPORTATION? |
| 01:53:02 | WHY ARE WE SPENDING SO MUCH TIME ON CAP-AND-TRADE? |
| 01:53:07 | MR. |
| 01:53:08 | PRESIDENT, I'D LIKE TO SHARE WITH YOU SOME STORIES EVERYDAY PEOPLE ON MAIN STREET HAVE TO SAY. |
| 01:53:13 | LORI SOGGS WITH THE CLEVELAND BUILDING AND CONSTRUCTION TRADES COUNCIL, WHICH REPRESENTS MORE THAN 17,000 UNION WORKERS IN NORTHEAST OHIO, SAID WORKERS ARE NOT SEEING MUCH OF A SPIKE IN JOBS AND UNEMPLOYMENT FIGURES RANGE FROM 20% IN SOME TRADES TO 40% IN OTHER TRADES, SUCH AS THE ELECTRICIANS. |
| 01:53:33 | IN CINCINNATI, OHIO, MATT BRENNAN, C. |
| 01:53:37 | E.O. OF LOVELAND EXCAVATING INC. |
| 01:53:39 | SAYS HIS COMPANY SALES ARE DOWN 53%. |
| 01:53:41 | HIS WORK FORCE IS DOWN 55%, AND WORKER SALARIES ARE DOWN 25% TO 35% DUE TO THE LACK OF OVERTIME. |
| 01:53:52 | HE HAS SEEN NUMEROUS PROJECTS ABANDONED DUE TO LACK OF FUNDING BANKS ARE CALLING LINES OF CREDIT FOR CREDITWORTHY CONTRACTORS. |
| 01:54:01 | THERE ARE NO LENDING SOURCES AVAILABLE. |
| 01:54:04 | MANY CONTRACTORS FAIL -- ARE FAILING AND CLOSING THEIR DOORS. |
| 01:54:08 | THAT'S HAPPENING ALL OVER. |
| 01:54:09 | THIS IS NOT OCCURRING IN MY STATE BUT, AS I SAY, ACROSS THE COUNTRY. |
| 01:54:15 | MR. HAMMOK, PRESIDENT OF C. |
| 01:54:18 | W. MATTHEWS CONTRACTING COMPANY, ONE OF THE LARGEST ROAD CONSTRUCTION COMPANIES IN GEORGIA, SAID THE RIPPLE EFFECT OF A DELAY OF THE REAUTHORIZATION BILL HAS ALREADY REACHED FIRMS LIKE HIS. |
| 01:54:29 | HIS COMPANY HAS ALREADY LAID OFF 700 OF ITS 2,000 EMPLOYEES SINCE 2007 BECAUSE OF THE RECESSION. |
| 01:54:37 | NOW THE DELAY IN PASSAGE OF THE TRANSPORTATION REAUTHORIZATION BILL AND THE DEARTH OF STATE CONTRACTS MEANS HE'S PLANNING TO LAY OFF AS MANY AS 200 MORE EMPLOYEES BY THE END OF THE YEAR. |
| 01:54:50 | HE SAID,"YOU CAN'T PROCEED UNDER BUSINESS AS NORMAL WHEN THERE'S NO DIRECTION OUT THERE. |
| 01:54:57 | IT'S TOO DANGEROUS TO BET ON THE FUTURE AND PUT YOUR COMPANY IN FINANCIAL JEOPARDY. |
| 01:55:02 | " HE SAID, "THE ADMINISTRATION'S STIMULUS PACKAGE, WHILE A POSITIVE SHOT, HASN'T PROVIDED LONG-TERM HELP FOR THE HEAVY CONSTRUCTION COMPANIES SUCH AS HIS. |
| 01:55:12 | THE STIMULUS PACKAGE AT LEAST AS IT RELATES TO GEORGIA ISN'T PUTTING THE HEAVY EQUIPMENT TO WORK THAT MOVES DIRT," HE SAID. |
| 01:55:19 | IT'S NOT A SUSTAINABLE CURE FOR WHAT AILS THE TRANSPORTATION INDUSTRY. |
| 01:55:26 | " PAUL CAMPBELL, THE EXECUTIVE VICE PRESIDENT OF WEIDER MANUFACTURING -- MACHINERY, CATERPILLAR DEALER IN SALT LAKE 629 EMPLOYEES THAT ARE LEFT. |
| 01:55:57 | THERE'S VERY LITTLE PRIVATE MONEY GOING INTO ANY KIND OF CONSTRUCTION, MR. |
| 01:56:00 | CAMPBELL SAID. |
| 01:56:01 | YOU TAKE THE FEDERAL CONTRACTS OUT OF THAT AND IT GETS A WHOLE LOT WORSE REALLY QUICK. |
| 01:56:07 | WE NEED A REAUTHORIZATION OF THE TRANSPORTATION BILL. |
| 01:56:10 | STATES ARE FACING THE MOST DIFFICULT FINANCIAL SITUATION IN 50 YEARS. |
| 01:56:15 | AND THIS YEAR IN SPITE OF THE DIM CONSTITUTIONS 21 STATES HAVE KITTED THAT THEY WOULD BE FORCED TO REDUCE SPENDING IN -- INDICATED THAT THEY WOULD BE FORCEDED TO REDUCE SPENDING IN TRANSPORTATION. |
| 01:56:26 | REAUTHORIZATION, MR. |
| 01:56:27 | PRESIDENT, IS A THREE-FOR. |
| 01:56:28 | FIRST IT'S JOBS, JOBS, JOBS. |
| 01:56:30 | THIS BILL WILL GIVE CONFIDENCE AND CERTAINTY TO AN INDUSTRY THAT'S STRUGGLING RIGHT NOW. |
| 01:56:36 | RECENTLY A CONTRACTOR TESTIFIED BEFORE THE E. |
| 01:56:41 | P.W. COMMITTEE ON HOW LONG A LONG-TERM BILL WILL PROVIDE CERTAINTY TO THE TRANSPORTATION INDUSTRY. |
| 01:56:47 | HERE'S WHAT HE SAID. |
| 01:56:48 | FAILURE TO PASS A FULLTY YEAR TRANSPORTATION BILL CREATES SIGNIFICANT MARKET UNCERTAINTY. |
| 01:56:55 | THE UNCERTAINTY MAKES IT DIFFICULT TO HOLD ONTO VALUED EMPLOYEES. |
| 01:57:00 | IF MAKES IT HARD TO CONVINCE SUBCONTRACTS TO WORK FOR US. |
| 01:57:04 | IT MAKES IT HARD TO CONVINCE LENDERS TO INVEST IN US. |
| 01:57:08 | AND WHEN THERE IS AN INCONSISTENT FLOW OF FEDERAL FUNDING, STATE AGENCIES HOLD UP THE RELEASE OF PROJECTS THAT ARE READY TO BID AND CONSTRUCT. |
| 01:57:19 | SECOND, A REAUTHORIZATION BILL WILL BE GOOD FOR OUR COMPETITIVE POSITION IN TERMS OF OUR ECONOMY AND INFRASTRUCTURE. |
| 01:57:27 | OUR NATION'S TRANSPORTATION NEEDS EXCEED CURRENT INVESTMENT AT ALL LEVELS. |
| 01:57:32 | ACCORDING TO THE DEPARTMENT OF TRANSPORTATION, THE ANNUAL INVESTMENT LEVEL NEEDED TO MAINTAIN THE CURRENT CONDITION AND PERFORMANCE OF OUR HIGHWAY SYSTEM IS $1 0E 5. |
| 01:57:46 | 6 -- IS $105. |
| 01:57:48 | 6 BILLION. |
| 01:57:49 | WHILE THE COST TO IMPROVE OUR HIGHWAYS AND BRIDGES WOULD BE MORE $174. |
| 01:57:53 | 6 BILLION. |
| 01:57:54 | AND THE BRIDGES, THEY'RE IN TERRIBLE SHAPE. |
| 01:57:56 | HOW MANY MORE MINNESOTA APPEAR LIST I-35 BRIDGES ARE LURKING OUT THERE? |
| 01:58:02 | THE LAST REAUTHORIZATION BILL SAFETEA-LU CREATED THE NATIONAL SURFACE TRANSPORTATION POLICY AND REVENUE STUDY COMMISSION TO STUDY OUR INFRASTRUCTURE NEEDS. |
| 01:58:13 | THIS COMMISSION CAME BACK -- WE CALLED FOR THE DMOITION GIVE US THE STRAIGHT FACTS. |
| 01:58:17 | THE COMAITION CALLED FOR INVESTMENTS OF AT LEAST $225 BILLION ANNUALLY OVER THE NEXT 50 YEARS, AT ALL LEVELS OF GOVERNMENT, TO BRING OUR EXISTING TRANSPORTATION INFRASTRUCTURE TO A GOOD STATE OF REPAIR AND SUPPORT OUR GROWING ECONOMY. |
| 01:58:37 | THIRD, A REAUTHORIZATION BILL WILL HELP OUR ENVIRONMENT. |
| 01:58:43 | TRANSPORTATION CONTRIBUTES ALMOST 30% OF THE GREENHOUSE GAS EMUGSES THAT WE'VE IN THIS -- EMISSIONS THAT WE'VE IN THIS COUNTRY. |
| 01:58:50 | THIS FIGURE REALLY BLOWS MY MIND. |
| 01:58:52 | THE AVERAGE LENGTH OF TIME THAT URBAN AREAS EXPERIENCE CONGESTED CONDITION AMOUNTS TO 6. |
| 01:59:00 | 4 HOURS EACH DAY. |
| 01:59:02 | ANYONE THAT TRAVELS HERE IN WASHINGTON UNDERSTANDS WHAT THAT'S ABOUT. |
| 01:59:07 | VEHICLES CAUGHT IN STOP-AND-GO TRAFNG EMIT FAR MORE EMISSIONS THAN THEY DO WITHOUT FREQUENT VAILINGS AND BRAKING. |
| 01:59:15 | IN RECENT YEARS, DRIVERS HAVE EXPERIENCED OVER 4. |
| 01:59:19 | 2 BILLION HOURS OF DELAY. |
| 01:59:22 | TRAFFIC CONGESTION IS ALSO RESPONSIBLE FOR 2. |
| 01:59:28 | 9 BILLION GALLONS OF FUEL WASTED EACH YEAR. |
| 01:59:32 | WASTED FUEL AND LOST PRODUCTIVITY DUE TO TRAFFIC CONGESTION COSTS THE U. |
| 01:59:38 | S. ECONOMY OVER $78 BILLION ANNUALLY. |
| 01:59:41 | THINK ABOUT THAT, $78 BILLION ANNUALLY. |
| 01:59:43 | A REAUTHORIZATION BILL IS NEEDED TO REDUCE CONGESTION AND, CONSEQUENTLY, TO REDUCE GREENHOUSE GAS EMISSIONS. |
| 01:59:53 | A STUDY RECENTLY PREPARED FOR THE FEDERAL HIGHWAY ADMINISTRATION FOUND THAT BOTTLENECKS ON THE NATION'S HIGHWAY SYSTEM CAUSED BY CONGESTED INTERSECTIONS, POOR HIGHWAY OPERATIONS, INADEQUATE CAPACITY AND POOR ALIGNMENTS IMPOSE 243 MILLION HOURS OF DELAY ON TRUCK SHIPMENTS WITH DIRECT COST OF THE DELAYS TOTALING $7. |
| 02:00:16 | 8 BILLION PER YEAR. |
| 02:00:20 | ACCORDING TO THE AMERICAN TRANSPORTATION ASSOCIATION, MILES TRAVELED NATIONWIDE ARE OFF 17% LAST YEAR. |
| 02:00:30 | AVERAGE MILES PER TRUCK WERE DOWN 20%. |
| 02:00:32 | IN OTHER WORDS, TRUCK DRIVERS ARE ALLOWED TO ONLY WORK SO MANY HOURS. |
| 02:00:36 | THEY CAN ONLY GO -- THEY HAVE "X" NUMBER OF MILES THAT THEY CAN GO. |
| 02:00:40 | AND BECAUSE OF THE CONGESTION THAT WE'VE HERE IN OUR COUNTRY TODAY, THEY'RE GETTING ALMOST 20% LESS MILEAGE COVERED BECAUSE OF THE CONGESTION THAT THEY ENCOUNTER ALL OVER THIS COUNTRY. |
| 02:00:52 | THIS IS A GREAT TIME TO INVEST IN INFRASTRUCTURE. |
| 02:00:56 | WE WILL GET A BETTER BANG FOR OUR BUCK BECAUSE OF THE ECONOMY TODAY, THE RETURN ON INFRASTRUCTURE INVESTMENT IS BETTER THAN IN RECENT YEARS. |
| 02:01:04 | OVER THE YEARS WE SAW A SAFETEA-LU MONEY KIND OF DWINDLE BECAUSE OF THE HIGH COST OF OIL. |
| 02:01:09 | WE SAW ALSO THE HIGH COST OF STEEL. |
| 02:01:12 | BUT BECAUSE OF THE ECONOMY, PROJECT BIDS ARE COMING IN EXTREMELY LOW. |
| 02:01:16 | IN FACT, IN OHIO, BIDS HAVE BEEN UP TO 30% LOWER. |
| 02:01:22 | SO WHAT A TIME TO INVEST? |
| 02:01:24 | WE'RE REALLY GOING TO GET A RETURN ON OUR INVESTMENT. |
| 02:01:29 | THE GAS TAX -- I WANT TO YOU KNOW THAT I'M NOT TALKING ABOUT BORROWING THE MONEY FOR THE REAUTHORIZATION OF THE SURFACE TRANSPORTATION BILL, LIKE WE DO FOR EVERYTHING ELSE AROUND HERE. |
| 02:01:41 | THAT'S WHAT THE AMERICAN PEOPLE ARE REALLY VERY, VERY UPSET ABOUT. |
| 02:01:45 | SPEND AND BORROW THE MONEY. |
| 02:01:48 | THE AMERICAN PEOPLE, AS I SAY, ARE FED UP BECAUSE THEY'RE CONCERNED WITH THE DEFICIT AND BUDGETS NOT BEING BALANCED AS FAR AS THE EYE CAN SEE. |
| 02:01:59 | WE WILL NOT HAVE TO CHARGE OUR KIDS AND GRANDKIDS' CREDIT CARD. |
| 02:02:03 | WE CAN PAY FOR THIS BY INCREASING THE GAS TAX, WHICH HAS NOT BEEN INCREASED SINCE 1993. |
| 02:02:11 | THE FACT IS THAT AMERICANS ARE WILLING TO PAY AN INCREASE IN THE GAS TAX TO CREATE JOBS, IMPROVE OUR INFRASTRUCTURE, AND BETTER THE CLIMATE. |
| 02:02:21 | AND MANY OF MY CONSERVATIVE COLLEAGUES DO NOT CONSIDER THE GAS TAX AS A TAX BUT A USER FEE. |
| 02:02:31 | THE SALET CREATED NATIONAL SURFACE TRANSPORTATION INFRASTRUCTURE FINANCE COMMISSION RECOMMENDS THAT CONGRESS ENACT A 10-CENT INCREASE IN THE FEDERAL GASOLINE TAX AND A 15-CENT INCREASE IN THE FEDERAL DIESEL TAX TO JUST MAINTAIN OUR INFRASTRUCTURE. |
| 02:02:48 | I REMEMBER I WAS MAYOR -- PRESIDENT REAGAN WAS FACED WITH A SIMILAR SITUATION WITH THE ECONOMY IN 1998 -- 1982 WHEN WE WERE FACING RECORD UNEMPLOYMENT, ABOUT 10%. |
| 02:03:00 | I REMEMBER THAT WELL, AS I SAY, I WAS MAYOR OF THE CITY OF CLEVELAND. |
| 02:03:04 | WE HAD 20% UNEMPLOYMENT IN CLEVELAND. |
| 02:03:06 | DURING THE LAME DUCK SESSION, THE REAGAN ADMINISTRATION PROPOSED A GAS TAX INCREASE AND CONSEQUENTLY -- OR SUBSEQUENTLY CONGRESS PASSED THE SURFACE TRANSPORTATION ASSISTANCE ACT OF 1982 WHICH PROVIDED A 5-CENT GAS TAX INCREASE. |
| 02:03:22 | THE AMERICAN PEOPLE THINK THEY'RE ALREADY PAYING INCREASED GAS TAXES. |
| 02:03:27 | IN 2009, BUILDING AMERICA'S FUTURE CONDUCTED A POLL WHICH FOUND THAT 60% -- THAT'S EDMUND -- ED RENDELL'S GROUP -- THEY FOUND THAT 0 6% OF AMERICANS BELIEVE THAT THE FEDERAL GAS TAX HAS BEEN INCREASED EVERY YEAR. |
| 02:03:45 | AS YOU KNOW, THE GAS TAX HAS NOT BEEN INDEXED TO INFLATION. |
| 02:03:49 | SO ITS PURCHASING POWER HAS DECLINED BY 33% SINCE IT WAS LAST INCREASED IN 1993. |
| 02:03:56 | YOU KNOW, I'VE BEEN MEETING WITH GROUPS SINCE MARCH OF LAST YEAR. |
| 02:03:59 | A YEAR AGO THIS LAST MARCH. |
| 02:04:02 | THEY DESPERATELY WANT A REAUTHORIZATION BILL AND THEY'RE WILLING TO PAY AN INCREASE IN THE GAS TAX. |
| 02:04:08 | GROUPS THAT IN THE PAST HAVE NEVER ACCEPTED SUCH AN INCREASE. |
| 02:04:11 | LISTEN TO THIS: THE CHAMBER OF COMMERCE, THE NATIONAL ASSOCIATION OF MANUFACTURERS, THE AMERICAN TRUCK,THE TRUCKERS -- BILL GRAVES, HEAD OF THE TRUCKERS, INTERNATIONAL UNION OF OPERATING ENGINEERS, LABORERS INTERNATIONAL, ASSOCIATION OF GENERAL CONTRACTORS, NATIONAL LEAGUE OF CITIES, NATIONAL ASSOCIATION OF ECONOMY, AMERICAN PUBLIC TRANSIT ASSOCIATION, TO NAME A FEW. |
| 02:04:31 | AND THERE ARE MANY MORE. |
| 02:04:35 | I WNTS WANT TO INSERT A LIST OF ALL THE GROUPS THAT SUPPORT INCREASING THE GAS TAX. |
| 02:04:40 | IT IS AN UNBELIEVABLE GROUP. |
| 02:04:42 | THE LEAGUE OF AMERICAN BICYCLISTS. |
| 02:04:47 | PEOPLE ARE WILLING TO DO THIS. |
| 02:04:49 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 02:04:51 | MR. |
| 02:04:52 | VOINOVICH: TODAY SENATOR BOXER -- AND THIS IS WHAT'S KIND OF EXCITING TO ME, MR. |
| 02:04:55 | PRESIDENT -- TODAY SENATOR BOXER, SENATOR INHOFE AND BAUCUS AND OUR STAFFS ARE WORKING FULL-TIME -- A LOT OF MY COLLEAGUES IN THE SENATE DON'T UNDERSTAND WHAT'S GOING ON RIGHT NOW -- TO GET A BILL DONE THIS YEAR ON A BIPARTISAN BASIS. |
| 02:05:08 | THINK OF THAT. |
| 02:05:09 | TWO REPUBLICANS, TWO DEMOCRATS, WORKING TOGETHER. |
| 02:05:12 | THIS IS REAL STUFF, OKAY? |
| 02:05:15 | THAT'S SOMETHING THAT THE LEADER IS GOING TO HAVE TO ZEAL WITH IN HIS OFFICE -- TO DEAL WITH IN HIS OFFICE IN TERMS OF CLIMATE CHANGE AND SOME OF THE OTHER THINGS THAT WE'VE BEEN TALKING B THE GOOD NEWS IS THAT THE HOUSE OF REPRESENTATIVES HAD BEEN WORKING ON REAUTHORIZATION FOR TWO AND A HALF YEARS, AND THE HOUSE BILL HAS BEEN VOTED OUT OF SUBCOMMITTEE. |
| 02:05:32 | AND THE BILL IS READY TO BE PRECONFERENCED AS SOON AS WE GET OUR WORK DONE. |
| 02:05:37 | UNFORTUNATELY, AND HERE'S THE THING THAT I'M REALLY CONCERNED ABOUT, WE'RE STILL WAITING TO HEAR FROM THE WHITE HOUSE ON THEIR PRIORITIES. |
| 02:05:43 | I MET RECENTLY WITH SECRETARY RAY LaHOOD AND HE INDICATED THAT HE WILL BE HEARING FROM THE ADMINISTRATION -- WE WE WILL BE HEARING FROM THE ADMINISTRATION SOON. |
| 02:05:54 | THE FACT OF THE MATTER IS THE PERSON WE NEED TO HEAR FROM IS PRESIDENT BARACK OBAMA. |
| 02:06:00 | THAT'S WHO WE NEED TO HEAR FROM. |
| 02:06:01 | THEY SAY HE'S OUT ON THE STUMP TALKING ABOUT CREATING JOBS. |
| 02:06:04 | HERE'S AN UNBELIEVABLE OPPORTUNITY. |
| 02:06:06 | HERE'S AWAY TO CREATE REAL JOBS AND NOT BORROW OUR MONEY FROM OUR KIDS AND GRANDKIDS TO PAY FOR IT. |
| 02:06:16 | ON OCCASION, THE PRESIDENT HAS SAID THAT HE'S OPPOSED TO ANY TAX, INCLUDING A GAS TAX ON THE -- QUOTE -- "MIDDLE CLASS. |
| 02:06:23 | " I'D LIKE TO POINT OUT, MR. |
| 02:06:26 | PRESIDENT, THAT THE KERRY-LIEBERMAN BILL, WHICH HE SUPPORTS, INCLUDES AN INCREASE ON THE GAS TAX, BETWEEN 20 CENTS AND 60 CENTS HIGHER PER GALLON. |
| 02:06:38 | DOESN'T THACK MAKE SENSE. |
| 02:06:40 | YOU KNOW, HE'LL SUPPORT THAT BUT NOT 10 CENTS FOR HIGHWAYS? |
| 02:06:44 | IT SHOULD BE NOTED THAT ALL GROUPS WHO WANT THE REAUTHORIZATION BILL ARE WILLING TO PAY FOR IT WITH A GAS TAX, AND, BY THE WAY, THEY ARE UP IN ARMS ABOUT THE KERRY-LIEBERMAN BILL BECAUSE THEY THINK IT DIVERTS FUNDSWAY FROM THE HIGHWAY TRUST FUND. |
| 02:07:00 | AND I ASK THAT A LIST OF THESE GROUPS BE INSERTED IN THE RECORD. |
| 02:07:04 | THEY ALL SENT A LETTER TO THE PRESIDENT SAYING HEY, THIS MONEY -- GAS TAX -- IS USED FOR TRANSPORTATION AND TRANSIT IN THIS COUNTRY. |
| 02:07:10 | WE DON'T WANT IT USED IN THE KERRY-LIEBERMAN BILL TO RAISE A BUNCH OF HONE FOR THINGS THAT DON'T HAVE -- A BUDGE OF MONEY FOR THINGS THAT DON'T HAVE ANYTHING TO DO WITH THE THINGS THAT WE'VE. |
| 02:07:22 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 02:07:23 | MR. VOINOVICH: THANK YOU. |
| 02:07:24 | PASSING A SURFACE TRANSPORTATION BILL WOULD PUT A LARGE SEGMENT OF THE ECONOMY TO BED. |
| 02:07:28 | THINK ABOUT IT. |
| 02:07:29 | FOR FIVE YEARS THAT PART OF THE -- PART OF OUR ECONOMY FEELS GOOD ABOUT THINGS. |
| 02:07:39 | IT HELPS STATES MEET THEIR INFRASTRUCTURE NEEDS. |
| 02:07:43 | IT REDUCES GREENHOUSE GASES. |
| 02:07:46 | AND IT PROVIDES CERTAINTY AND STABILITY TO KEEP US ON THE ROAD TO RECOVERY. |
| 02:07:53 | MR. PRESIDENT, YOU SHOW ME ANOTHER BILL THAT HAS BIPARTISAN SUPPORT FROM LABOR, MANUFACTURING, BUSINESS, TRUCKERS, AND STATE AND LOCAL GROUPS. |
| 02:08:03 | I DOUBT ANY OTHER PIECE OF LEGISLATION WILL GET THIS KIND OF SUPPORT BETWEEN -- BEFORE THE ELECTION. |
| 02:08:09 | YOU KNOW WHAT WE NEED? |
| 02:08:11 | WE NEED A SORBET -- YOU KNOW, A SORBET, TO BRING PEOPLE TOGETHER. |
| 02:08:17 | LET THE AMERICAN PEOPLE KNOW THAT WE HEAR THEM. |
| 02:08:21 | AND YOU KNOW SOMETHING? |
| 02:08:22 | WE CAN GET SOMETHING DONE ON A BIPARTISAN BASIS. |
| 02:08:25 | BELIEVE IT OR NOT. |
| 02:08:29 | THIS LEGISLATION WILL CREATE REAL JOBS FOR AMERICANS. |
| 02:08:33 | IT WILL BE PAID FOR. |
| 02:08:34 | AND IT WILL PUT A MAJOR PART OF THE ECONOMY TO REST WITHOUT ADDING TO AN ALREADY STAGGERING DEFICIT. |
| 02:08:42 | AND IT WILL ELIMINATE THE UNCERTAINTY ABOUT THE FUTURE THAT'S PLAGUING OUR COUNTRY SO WE CAN MOVE FORWARD TO PROVIDE BRIGHTER PROCESS EXPECTS FOR OUR CHILDREN AND GRANDCHILDREN. |
| 02:08:53 | I GUESS THE MOST IMPORTANT GUARANTEE IS THAT THE BILL WILL GIVE PEACE OF MIND TO MILLIONS OF WORKERS AND TRANSPORTATION -- IN TRANSPORTATION AND ALLIED INDUSTRIES. |
| 02:09:04 | THEY NO LONGER WILL HAVE TO WORRY ABOUT UNEMPLOYED COMPENSATION. |
| 02:09:09 | THEY WILL HAVE A JOB. |
| 02:09:14 | THEY CAN PAY THEIR MORTGAGE. |
| 02:09:15 | THEY CAN BUY A CAR. |
| 02:09:16 | THEY CAN PAY FOR THEIR KIDS' EDUCATION. |
| 02:09:20 | AND THEY CAN HAVE THE PEACE OF MIND, THE PEACE OF MIND, THAT COMES FROM HAVING A JOB. |
| 02:09:31 | MR. PRESIDENT, I NOTE THE ABSENCE OF A QUORUM. |
| 02:09:37 | THE PRESIDING OFFICER: WILL THE SENATOR WITHHOLD? |
| 02:09:39 | THE SENATOR FROM GEORGIA. |
| 02:09:41 | MR. ISAKSON: IS THE SENATE? |
| 02:09:42 | A QUORUM CALLS MR. |
| 02:09:43 | PRESIDENT? THE PRESIDING OFFICER: NO. |
| 02:09:47 | MR. ISAKSON: THANK YOU, MR. |
| 02:09:48 | PRESIDENT. I WILL BE BRIEF, BUT I COME TO THE FLOOR THIS AFTERNOON IN ANTICIPATION OF A VOTE TOMORROW ON THE FINANCIAL REGULATORY BILL. |
| 02:09:57 | TO EXPRESS MY CONCERNS THAT I EXPRESSED BEFORE ITS PASSAGE ON THE FLOOR ORIGINALLY, AND MY CONTINUING CONCERNS TODAY IN ITS FINAL FORM AS IT'S BEEN AGREED TO, AND I UNDERSTAND IT WILL PASS WITH 60 VOTES. |
| 02:10:11 | MR. |
| 02:10:12 | PRESIDENT, NOBODY HAS BEEN MORE CONCERNED ABOUT THE ECONOMY AND THE FINANCIAL MARKETS AND THE FINANCIAL INSTITUTIONS OF OUR COUNTRY THAN HAVE I. |
| 02:10:18 | IN FACT, IN PART BECAUSE OF MY LIFETIME IN THE RESIDENTIAL REAL ESTATE BUSINESS, I HAVE SEEN FIRSTHAND THE SUFFERINGS OUR MORTGAGE INDUSTRY HAS GONE THROUGH, FORECLOSURES HAVE TAKEN PLACE AND WHAT THE SUBPRIME LENDING INDUSTRY DID TO THE U. |
| 02:10:34 | S. ECONOMY. |
| 02:10:35 | BUT BEFORE WE RUSH TO A RE-REGULATION OF FINANCIAL INSTITUTIONS, I THINK WE HAVE TO STOP AND REFLECT ON SOME OF THE THINGS WE'VE ALREADY NOTED AS MEMBERS OF THIS SENATE. |
| 02:10:46 | SENATOR CONRAD, A DEMOCRAT FROM NORTH DAKOTA, AND MYSELF INTRODUCED A PIECE OF LEGISLATION OVER A YEAR AGO CALLED THE FINANCIAL MARKETS CRISIS COMMISSION. |
| 02:10:54 | WE INTRODUCED IT BECAUSE WE FELT THAT HE THINK E EVERYTHING THAT HAD HAPPENED IN LATE 2008 THROUGH MARCH OF 2009 THAT COLLAPSED OUR MARKETS ON WALL STREET, COLLAPSED OUR SECURITIES AND HURT OUR BANKS BOTH COMMUNITY AND NATIONAL NEEDED TO BE INVESTIGATED. |
| 02:11:11 | WE NEEDED TO GET TO THE ROOT PROBLEM. |
| 02:11:13 | WE NEEDED TO TRY TO CORRECT IT. |
| 02:11:18 | THIS SENATE PASSED THE CONRAD-ISAKSON AMENDMENT UNANIMOUSLY. |
| 02:11:21 | THE HOUSE PASSED IT VIRTUALLY UNANIMOUSLY. |
| 02:11:22 | THE SENATE AND THE HOUSE FUNDED IT TO THE TUNE OF $8 MILLION, AND THAT COMMISSION IS APPOINTED, WORKING TODAY. |
| 02:11:29 | IT HAS SUBPOENA POWERS THAT IT CAN ISSUE, AND IT'S ISSUING SUBPOENAS. |
| 02:11:34 | IT IS DEDICATED BY STATUTE TO REPORT BACK TO US BY DECEMBER 31 OF THIS YEAR. |
| 02:11:40 | SO HERE WE FIND OURSELVES IN THE POSITION OF GETTING READY TO PASS A FINANCIAL RE-REGULATION BILL ON THE FLOOR OF THE SENATE TOMORROW IN THE MIDDLE OF THE YEAR IN JULY, KNOWING THAT WE'RE NOT GOING TO HAVE UNTIL DECEMBER OF THIS YEAR THE FORENSIC AUDIT OF OUR FINANCIAL SYSTEM DONE BY THE SYSTEM WHICH WE UNANIMOUSLY FUNDED AND DEMANDED. |
| 02:12:01 | IT'S SORT OF LIKE A DOCTOR DOING SURGERY BEFORE HE DOES A DIAGNOSIS. |
| 02:12:05 | IT DOESN'T MAKE A LOT OF SENSE. |
| 02:12:07 | BUT IN PARTICULAR, THERE'S ONE PART OF THE BILL I WANT TO FOCUS ON FOR A SECOND THAT I THINK IS RIFE FOR CONTINUING PROBLEMS WITHOUT ANY REGULATORY OVERSIGHT, AND THAT'S FREDDIE MAC AND FANNIE MAE. |
| 02:12:22 | I THINK EVERYONE REALIZES THAT THE PURCHASE OF MORTGAGE-BACKED SUBPRIME SECURITIES BY FREDDIE AND FANNIE NI CREATED THE DEPOSITORY WHEREBY WALL STREET WENT TO RAISE THE MONEY CREATED BY LOANS KNOWING THEY COULD SELL THEM TO FREDDIE MAC AND FANNIE MAE. |
| 02:12:39 | THOSE SECURITIES ARE GOING TO BE CREATED TO BE FUNDED OR PURCHASED BY THOSE ENTITIES. |
| 02:12:43 | AND THAT'S PRECISELY WHAT HAPPENED OVER THE FIVE OR SIX YEARS PRECEDING THE BEGINNING OF THE COLLAPSE IN LATE 2007. |
| 02:12:52 | FREDDIE AND FANNIE WENT FROM ZERO HOLDINGS IN SUBPRIME LOANS TO AS MUCH AS 13% OF THEIR PORTFOLIO. |
| 02:12:59 | NOW, THIS WAS NOT JUST BECAUSE THEY DECIDED TO BUY THEM BUT IT WAS IN PART BECAUSE OF A CONGRESSIONAL DIRECTIVE FOR FREDDIE AND FANNIE TO HAVE A PORTION OF THEIR PORTFOLIO IN WHAT'S KNOWN AS AFFORDABLE LOANS. |
| 02:13:12 | SO THESE AFFORDABLE LOANS BECAME SUBPRIME LOANS, AND THEY WERE SECURITIZED ON WALL STREET, THE SECURITIES SOLD AROUND THE WORLD AND THE LEGITIMACY OF THOSE SECURITIES BASED IN PART ON THE FACT THAT U. |
| 02:13:26 | S. GOVERNMENT-SPONSORED ENTITIES -- FREDDIE MAC AND FANNIE MAE -- WERE BUYING THEM BUT ALSO BECAUSE MOODY'S AND STANDARD & POOR'S RATED THEM TRIPLE A. |
| 02:13:36 | THEN ALL OF A SUDDEN WE HAD A TREMENDOUS COLLAPSE, A COLLAPSE OF SUBPRIME SECURITIES THAT HAD DEVASTATING CONSEQUENCES NOT JUST FOR THE UNITED STATES, BUT FOR THE WORLD. |
| 02:13:44 | JUST BRIEFLY I WANT TO TELL A STORY TO MAKE THAT POINT. |
| 02:13:47 | IN AUGUST OF 2008, I WAS IN KAZAKHSTAN WITH LEADER REID AND OTHER MEMBERS OF THE SENATE ON A TRIP THAT LATER TOOK US TO AFGHANISTAN AND FINALLY TO GERMANY. |
| 02:13:58 | WHEN WE ARRIVED IN KAZAKHSTAN AND LANDED AT THE AIRPORT, WE WENT INTO THE CITY IN AN AMBASSADOR'S VEHICLE. |
| 02:14:05 | AS WE WENT BY, I SAW THIS BEAUTIFUL CITY IN ASIA; BEAUTIFUL COUNTRYSIDE, LARGE BUILDINGS BEING BUILT, BEAUTIFUL FLOWERS. |
| 02:14:15 | OBVIOUSLY A COUNTRY OF GREAT WEALTH. |
| 02:14:16 | AND THEY DO HAVE MOST OF THE OIL IN THE OLD SOVIET UNION, NOW THE RUSSIAN FEDERATION. |
| 02:14:21 | BUT AS WE CAME INTO TOWN, I KEPT NOTICING VACANT, HALF-FINISHED, 20- AND 30-STORY BUILDINGS, CHAIN LINK FENCE AROUND THEM, WIRE AROUND THE FENCE. |
| 02:14:34 | PADLOCK ON THE DOOR. |
| 02:14:35 | WE GOT THROUGH THE EMBASSY, WENT TO THE BRIEFING. |
| 02:14:38 | WHEN IT WAS OVER I WAS ASKED IF THERE WERE ANY QUESTIONS. |
| 02:14:42 | I SAID I HAVE ONE. |
| 02:14:44 | IS TODAY A HOLIDAY? |
| 02:14:46 | THE AMBASSADOR SAID NO. |
| 02:14:47 | WHY DO YOU ASK? |
| 02:14:48 | I SAID WE PASSED 15 OR 20 BUILDINGS, 20 TO 30 STORIES, PADLOCKS ON THE BRIGADE, RAZOR WIRE ON THE FENCE. |
| 02:14:58 | WHAT HAPPENED? |
| 02:14:59 | HE SAID U. |
| 02:15:00 | S. BACKED SUBPRIME MORTGAGE SECURITIES. |
| 02:15:01 | I SAID I BEG YOUR PARDON. |
| 02:15:03 | HE SAID U. |
| 02:15:05 | S. BACKED SUBPRIME MORTGAGE SECURITIES. |
| 02:15:06 | THREE WEEKS AGO MERRILL LYNCH IN AMERICA WROTE DOWN THEIR PORTFOLIO BY 78 CENTS ON THE DOLLAR. |
| 02:15:12 | THEREFORE, THE BANK OF KAZAKHSTAN WHICH HAD BOUGHT A NUMBER OF THESE SECURITIES WROTE DOWN THEIR PORTFOLIOS AS WELL. |
| 02:15:19 | THEY STOPPED FUNDING CONSTRUCTION LOANS, THEY STOPPED MAKING MORTGAGES. |
| 02:15:23 | MR. PRESIDENT, KAZAKHSTAN IS 11. |
| 02:15:25 | 5 TIME ZONES AWAY FROM WASHINGTON, D. |
| 02:15:28 | C. THE REVERBERATIONS OF THE SUBPRIME SECURITY COLLAPSE AFFECTED NOT JUST THE UNITED STATES, BUT THE WORLD. |
| 02:15:34 | AND TODAY WHAT'S HAPPENING IN EUROPE AND OTHER AREAS IN PART IN OUR RECESSION WAS A CONSEQUENCE OF WHAT BEGAN WITH A MANDATE BY CONGRESS FOR FREDDIE MAC AND FANNIE MAE TO FUND MORTGAGE BACKED SECURITIES. |
| 02:15:52 | I TELL THAT STORY AND MAKE MY STATEMENT TO MAKE MY SINGLE IMPORTANT POINT ON WHY THIS RUSH TO JUDGMENT ON THE FINANCIAL REGULATORY BILL IS WRONG. |
| 02:15:59 | IT'S WRONG BECAUSE IT EXCLUDES FREDDIE MAC AND FANNIE MAE FROM ANY SCRUTINY OR INCREASED REGULATION. |
| 02:16:06 | LET ME REPEAT THAT. |
| 02:16:08 | THE TWO ENTITIES THAT CREATED THE MARKET THAT BOUGHT THE SECURITIES THAT FUELED THE FUNDS FOR WALL STREET TO PUT THEM TOGETHER AND SELL THEM, THE TWO ENTITIES, FREDDIE MAC AND FANNIE MAE, ARE EXEMPT FROM THIS FINANCIAL RE-REGULATION BILL IN TERMS OF SCRUTINY WHATSOEVER. |
| 02:16:23 | THAT JUST, TO ME, DOESN'T MAKE ANY SENSE AT ALL. |
| 02:16:26 | AND I THINK WHEN THE FINANCIAL MARKETS CRISIS COMMISSION REPORTS BACK TO US AT THE END OF THIS YEAR, IT WILL MAKE IT CLEAR THAT IT'S A MISTAKE TO RUSH TO JUDGMENT. |
| 02:16:35 | IT IS CRITICAL THAT WE HAVE ALL THE PLAYERS UNDER SCRUTINY AND ALL THE PLAYERS UNDER REGULATION, NOT JUST TRY AND CREATE A FEEL-GOOD SYSTEM WHERE WE REREGULATE THOSE THAT ARE ALREADY REGULATED, SAYING WE'RE DOING SOMETHING ABOUT THE CONDITIONS IN THE MARKET WHEN IN FACT WE'RE RAISING THE COST OF DOING BUSINESS, LOWERING THE ABILITY FOR BANKS AND LENDING INSTITUTIONS TO EXTEND CAPITAL AND IN FACT IN SOME WAYS CONTRIBUTING TO A PROCRACKS OF THE RECESSION WE -- PROTRACTION OF THE RECESSION WE EXPERIENCE TODAY IN AMERICA. |
| 02:17:05 | WHEN I CAST MY NO VOTE TOMORROW ON THE FINANCIAL RE-REGULATION BILL IT WON'T BE BECAUSE I DON'T THINK WE NEED TO DO SOME THINGS IN THE MARKETPLACE BUT IT WILL BE BECAUSE WE LISTENED TO THE PEOPLE TO COME BACK WITH A FORENSIC AUDIT, RATHER THAN TAKE A RUSH TO JUDGMENT AT A TIME WE'RE IN A PRECARIOUS AND DIFFICULT TIME IN THE CURRENT RECESSION IN THE UNITED STATES. |
| 02:17:28 | SO, MR. |
| 02:17:29 | PRESIDENT, I'M GRATEFUL FOR THE TIME YOU'VE GIVEN M MY VOTE TOMORROW ON THE FINANCIAL RE-REGULATION BILL WILL BE "NO" AND IT'S MY HOPE THAT WHEN THE REPORT OF THE FINANCIAL CRISIS COMMISSION COMES BACK, WE'LL THEN MAKE THE EXACT RIGHT DECISIONS FOR THE FINANCIAL MARKETS OF THE UNITED STATES OF AMERICA. |
| 02:17:48 | AND I YIELD THE BALANCE OF MY TAOEUFPLT -- OF MY TIME. |
| 02:17:54 | MR. REED: MR. |
| 02:17:55 | PRESIDENT? THE PRESIDING OFFICER: THE SENATOR FROM RHODE ISLAND. |
| 02:17:57 | MR. REED: MR. |
| 02:17:58 | PRESIDENT, I AM GOING TO MAKE TWO STATEMENTS ABOUT INDIVIDUALS. |
| 02:18:01 | I WOULD REQUEST THAT THEY BE SEPARATED IN THE RECORD, SO THAT THEY ARE DISTINCT. |
| 02:18:05 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 02:18:06 | MR. REED: THANK YOU VERY MUCH. |
| 02:18:11 | MR. PRESIDENT, NEXT MONDAY LIEUTENANT GENERAL FRANKLIN HAGGENBECK WILL RETIRE FROM THE UNITED STATES ARMY AFTER 39 YEARS OF SERVICE. |
| 02:18:21 | HE IS A FRIEND AND CLASSMATE FROM WEST POINT, THE CLASS OF 1971. |
| 02:18:29 | BUSTER HAGGENBECK HAS DISTINGUISHED HIMSELF AS A SOLDIER, SCHOLAR, AN INDIVIDUAL WITH PURE LEADERSHIP ABILITY. |
| 02:18:39 | HE ENTERED WEST POINT WITH THE CLASS OF 1971, GRADUATED, SERVED IN A SUCCESSION OF ASSIGNMENTS, CULMINATING AS A COMMANDER OF THE TENTH MOUNTAIN DIVISION IN AFGHANISTAN. |
| 02:18:55 | THERE, HE FOUGHT THE FIGHT IN OPERATION ENDURING FREEDOM. |
| 02:18:59 | HE SERVED WITH GREAT DISTINCTION, GREAT JUDGMENT AND GREAT DISCERNMENT OF THE SITUATION, AND HE CERTAINLY NOT ONLY EXEMPLIFIED THE COURAGE AND CHARACTER OF OUR TROOPS, BUT HE FELT VERY DEEPLY FOR THEIR CONCERN AND FOR THEIR WELFARE. |
| 02:19:18 | THAT'S THE TYPE OF INDIVIDUAL, THAT'S THE TYPE OF SOLDIER HE IS. |
| 02:19:22 | AFTER SERVING AS THE J-1 OF THE UNITED STATES ARMY, HE WAS DESIGNATED THE 57th SUPERINTENDENT OF THE UNITED STATES MILITARY ACADEMY. |
| 02:19:29 | IN THE LAST SEVERAL YEARS, HE HAS DISTINGUISHED HIMSELF AS A LEADER ON NOT ONLY ISSUES OF ACADEMIC EXCELLENCE, BUT ALSO MUCH MORE IMPORTANTLY, FULFILLING THE FUNDAMENTAL MISSION OF THE MILITARY ACADEMY TO PRODUCE MEN AND WOMEN COMMITTED TO THE MODEL OF THE ACADEMY, DUTY, HONOR, COUNTRY. |
| 02:19:53 | SELFLESS SERVICE TO THE NATION. |
| 02:19:57 | BUSTER HAGGENBECK PERSONIFIES THAT SPIRIT. |
| 02:20:00 | UNDER HIS LEADERSHIP, WEST POINT HAS BEEN RECOGNIZED BY "FORBES" MAGAZINE AS THE BEST LIBERAL ARTS COLLEGE IN THE COUNTRY. |
| 02:20:07 | IT HAS EVERY YEAR SUCCESSFUL CANDIDATES FOR RHODES SCHOLARSHIPS AND MARSHAL SCHOLARSHIPS. |
| 02:20:13 | IT'S RANKED AT THE VERY TOP IN TERMS OF ENGINEERING SCHOOLS IN THE UNITED STATES. |
| 02:20:17 | BUT THE REAL HALLMARK OF WEST POINT, AS IT ALWAYS HAS BEEN AND ALWAYS MUST BE, IS THE MEN AND WOMEN THEY PRODUCE, THE YOUNG LIEUTENANTS WHO ARE TODAY SERVING IN IRAQ AND SERVING IN AFGHANISTAN, SERVING WITH COURAGE AND DISTINCTION. |
| 02:20:34 | AND I THINK IT'S NOT ONLY COMFORTING FOR THEM TO KNOW BUT INSPIRING THAT THEIR SUPERINTENDENT LED FORCES IN AFGHANISTAN BEFORE THEM, THAT HE KNOWS WHAT LIES AHEAD OF THEM AND THAT HE HAS DONE EVERYTHING IN HIS CAPACITY AND POWER TO ENSURE THAT THEY'RE READY TO SERVE THE NATION AND LEAD THE ARMY. |
| 02:20:54 | I HAVE BEEN PRIVILEGED TO BE HIS FRIEND, TO KNOW BOTH HE AND HIS WIFE, JUDY, TO BE A BENEFICIARY OF THEIR WARM FRIENDSHIP AND THE KINDNESS. |
| 02:21:03 | AND AS HE RETIRES FROM THE UNITED STATES ARMY, ENDING THE LAST CLASS OF 1971 GRADUATE IN ACTIVE SERVICE TO THE ARMY AND THE NATION, I CONGRATULATE HIM AND THANK HIM. |
| 02:21:17 | MR. PRESIDENT, IF I MAY PROCEED WITH MY OTHER STATEMENT? |
| 02:21:25 | EARLIER THIS YEAR, A FEW WEEKS AGO, IN FACT, LIEUTENANT -- MR. |
| 02:21:33 | PRESIDENT, I WOULD LIKE TO ASK UNANIMOUS CONSENT THAT I MAY BEGIN AGAIN. |
| 02:21:41 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 02:21:42 | MR. REED: THANK YOU. |
| 02:21:43 | MR. PRESIDENT, I RISE TO PAY TRIBUTE TO AN EXTRAORDINARY OFFICER AND GENTLEMAN, MY DEAR FRIEND BRIGADIER GENERAL PATRICK FIN BEGAN. |
| 02:21:53 | PAT FINNEGAN AND I GO BACK A LONG WAY, THE CLASS OF 1971 AT WEST POINT. |
| 02:21:59 | WE WENT TO THE KENNEDY SCHOOL OF GOVERNMENT AT HARVARD UNIVERSITY TOGETHER, WENT TO THE ENTRY OFFICERS BASE TOGETHER, AIR FORCE SCHOOL. |
| 02:22:12 | PAT WENT ON TO SERVE FIRST AS AN INFANTRY OFFICE THEN AS A MILITARY INTELLIGENCE OFFICER. |
| 02:22:19 | BUT HE WAS SO TALENTED AND SO OBVIOUSLY MARKED FOR BIG THINGS THAT HE WAS SELECTED BY THE ARMY TO ATTEND THE UNIVERSITY OF VIRGINIA LAW SCHOOL. |
| 02:22:29 | THERE, HE DEMONSTRATED HIS GREAT LEGAL TALENT BY REMARKABLE SUCCESS IN THE CLASSROOM. |
| 02:22:35 | HE WAS A MEMBER OF THE LAW REVIEW AND THEN WENT INTO THE JUDGE ADVOCATE GENERAL CORPS. |
| 02:22:43 | HE SERVED WITH DISTINCTION, ALWAYS WITH THE TROOPS IN THE FIELD, OVERSEAS IN GERMANY. |
| 02:22:48 | BUT PARTICULARLY WITH THE SPECIAL OPERATIONS COMMAND, THOSE WARRIORS WHO HAVE THE SPEAR, THE TIP OF THE SPEAR FOR OUR MILITARY FORCES. |
| 02:22:58 | PAT RETURNED TO WEST POINT AS A FULL COLONEL TO COME TO THE HEAD OF THE DEPARTMENT OF LAW. |
| 02:23:04 | THERE, HE NURTURED A GENERATION OF CADETS. |
| 02:23:09 | HIS SUCCESS WAS SUCH THAT HE WAS THE MOST OBVIOUS AND THE BEST CHOICE TO BECOME THE DEAN OF THE MILITARY ACADEMY. |
| 02:23:15 | AND HE ASSUMED THOSE DUTIES. |
| 02:23:17 | AND FOR THE LAST SEVERAL YEARS HE HAS LED THE ACADEMIC DEPARTMENT AT WEST POINT WITH DISTINCTION. |
| 02:23:22 | WEST POINT HAS BEEN SELECTED BY "FORBES" MAGAZINE AS THE BEST UNDERGRADUATE INSTITUTION IN THE COUNTRY. |
| 02:23:28 | IT HAS BEEN RECOGNIZED IN TERMS OF THE SCHOLARSHIPS AWARDED TO ITS STUDENTS, IN TERMS OF THE EXCELLENCE OF ITS ACADEMIC PROGRAMS. |
| 02:23:35 | BUT PAT CONTRIBUTED A LOT MORE THAN JUST THE ACADEMIC EXPERTISE. |
| 02:23:39 | HE AND HIS WIFE, JOAN, AND THEIR CHILDREN AND THEIR GRANDCHILDREN WERE A LARGE PART OF THE FABRIC OF THE WEST POINT EXPERIENCE. |
| 02:23:48 | THEY WERE THERE CHEERING ON THE CADETS AT THEIR ATHLETIC EVENTS. |
| 02:23:54 | THEY WERE THERE IN THE GOOD TIMES AND BAD TIMES OF CADETS. |
| 02:23:58 | THEY WERE A SOURCE OF INSPIRATION AND ENCOURAGEMENT FOR CLASS AFTER CLASS AT WEST POINT. |
| 02:24:02 | PAT AND JOAN HAVE LEFT AN INDELIBLE MARK ON THE ACADEMY. |
| 02:24:06 | THEY HAVE DONE IT WITH GREAT LEARNING, GREAT CHARACTER, AND THEY HAVE INSPIRED ALL OF US WITH THEIR DEDICATION TO THE ARMY AND TO THE COUNTRY AND THE DEDICATION TO EACH OTHER AND TO THEIR CHILDREN. |
| 02:24:20 | IT IS WITH A GREAT DEAL OF PRIDE THAT I SALUTE GENERAL PATRICK FINNEGAN ON HIS RETIREMENT FROM THE UNITED STATES ARMY AND SALUTE HIM ALSO AS PRESIDENT OF LONGWOOD UNIVERSITY. |
| 02:24:35 | LONGWOOD WILL NEVER REGRET THEIR CHOICE OF A DISTINGUISHED SOLDIER AND A GREAT GENTLEMAN AS THEIR NEW PRESIDENT. |
| 02:24:41 | MR. PRESIDENT, I WOULD YIELD THE FLOOR. |
| 02:24:55 | I NOTE THE ABSENCE OF A QUORUM. |
| 02:24:56 | THE PRESIDING OFFICER: THE CLERK WILL CALL THE ROLL. |
| 02:25:00 | QUORUM CALL: QUORUM CALL: QUORUM CALL: A SENATOR: MR. |
| 02:45:29 | PRESIDENT? THE PRESIDING OFFICER: THE SENATOR FROM MINNESOTA. |
| 02:45:31 | MS. |
| 02:45:32 | KLOBUCHAR: MR. PRESIDENT, I ASK UNANIMOUS CONSENT THAT THE QUORUM CALL BE DISPENSED WITH. |
| 02:45:35 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 02:45:37 | MS. KLOBUCHAR: MR. |
| 02:45:38 | PRESIDENT, AS YOU WELL KNOW, IT HAS BEEN THREE MONTHS SINCE THE DEEPWATER HORIZON OIL RIG EXPLODED IN A MASSIVE FIREBALL, KILLING 11 WORKERS AND INJURING 17 OTHERS. |
| 02:45:47 | BUT THE EXTENT OF THIS TRAGEDY IS STILL BEYOND COMPREHENSION FOR EVERYONE IN THIS COUNTRY. |
| 02:45:55 | SINCE THEN, AS WE ALL KNOW, AS MUCH AS 50,000 BARRELS OF OIL PER DAY HAS FLOWED INTO THE GULF OF MEXICO. |
| 02:46:02 | AT THAT RATE, THE EXXON VALDEZ DISASTER IN ALASKA HAS BEEN DUPLICATED EVERY FOUR DAYS. |
| 02:46:11 | I DON'T THINK WHEN THIS STARTED ANYONE THOUGHT THAT WAS POSSIBLE. |
| 02:46:14 | THERE ARE MANY RESOURCES DOWN THERE, AS WE KNOW. |
| 02:46:17 | IT WAS SLOW GOING AT FIRST, BUT NOW WE SEE FOR THAN 6,800 VESSELS, 117 AIRCRAFT, THREE MILLION FEET OF BOOM AND MORE THAN 45,000 PERSONNEL. |
| 02:46:28 | IN MAY, I WENT ON AN AERIAL TOUR OF THE SPILL WHILE I WAS IN NEW ORLEANS. |
| 02:46:33 | I SAW FIRSTHAND THE MILES AND MILES OF OIL SLICK COVERING THE GULF, THREATENING THE LIVELIHOODS OF MILLIONS OF PEOPLE ON THE GULF COAST AS WELL AS SOME OF OUR NATION'S MOST PRECIOUS WILDLIFE. |
| 02:46:45 | NOW, OUR PRIORITIES ARE CLEAR, MR. |
| 02:46:48 | PRESIDENT. FIRST, WE HAVE TO PLUG THIS WELL, AND WE KNOW THERE ARE SOME EFFORTS UNDER WAY AS WE SPEAK AS WELL AS A LONG-TERM PLAN OF PUSHING SOME CEMENT IN THERE THAT WE KNOW MAY NOT BE COMPLETED UNTIL MID AUGUST. |
| 02:47:00 | THE SECOND IS THAT B. |
| 02:47:01 | P. AND OTHER RESPONSIBILITIES MUST PAY SO THAT THE TAXPAYERS OF OUR STATE OF MINNESOTA AS WELL AS STATES ACROSS THE COUNTRY ARE NOT ON THE HOOK. |
| 02:47:10 | THE $20 BILLION THAT THE PRESIDENT AND OTHERS NEGOTIATED WITH B. |
| 02:47:14 | P. WAS A VERY STRONG START, BECAUSE AS WE KNOW WHAT HAPPENED WITH THE EXXON VALDEZ, 20 YEARS LATER, 20 YEARS LATER, A LOT OF THOSE FAMILIES STILL HADN'T BOTHEN THEIR MONEY. |
| 02:47:24 | 8,000 OF THE PLAINTIFFS AND FISHERMEN DIED BEFORE THEY GOT THEIR MONEY IN THAT CASE. |
| 02:47:29 | THIRD, WE NEED TO FIGURE OUT WHAT HAPPENED AGAIN SO THIS NEVER HAPPENS. |
| 02:47:32 | AND FOURTH, WE NEED TO REFORM THE AGENCIES THAT WERE SUPPOSED TO BE THE WATCHDOGS BUT TURNED OUT TO BE THE LAP DOGS AND REDOUBLE OUR EFFORTS TO DIVERSIFY THE ENERGY SUPPLY. |
| 02:47:42 | I HAVE FOCUSED ON ADDRESSING THIS DISASTER BECAUSE I BELIEVE WE OWE IT TO THE TAXPAYERS AND BECAUSE THIS DISASTER HAS DEVASTATED THE RESOURCES THAT BELONG TO ALL AMERICANS. |
| 02:47:52 | NOW AS WE FACE THE WORST ENVIRONMENTAL DISASTER IN OUR NATION'S HISTORY, WE CAN'T LOSE SIGHT OF A PIECE OF IT THAT I DON'T THINK HAS GOTTEN ENOUGH ATTENTION. |
| 02:48:02 | WHY? BECAUSE WE HAVEN'T REALLY SEEN IT PLAY OUT YET. |
| 02:48:06 | WE HAVE SEEN THE WILDLIFE THAT'S DOWN THIS RIGHT NOW, WE HAVE SEEN THE PELICANS DRENCHED WITH OIL, HOBBLING ON THE BEACHES, WE'VE SEEN ALL THAT, BUT WHAT WE HAVE NOT SEEN YET, AND WE HAVE NO IDEA THE EXTENT OF THE PROBLEM YET, BUT WHAT WE HAVE NOT SEEN IS WHAT'S GOING TO HAPPEN TO THE 13 MILLION, THE 13 MILLION MIGRATORY BIRDS, WATERFOWL, COMING FROM MINNESOTA, COMING FROM WISCONSIN THAT WINTER IN THE GULF COAST IN THOSE MARSHES. |
| 02:48:34 | NOW, AT FIRST NO ONE UNDERSTANDABLY FOCUSED ON THE UNSETTLING PROPOSITION OF MILLIONS OF BIRDS THAT LIVE IN THE GULF EVERY FALL AND WINTER WILL BE FACED WITH TOXIC SHORELINES, TOXIC MARSHES, BUT AS THE OIL LAPS UP ON THE SHORES, WE HAVE TO FACE THIS UNACCEPTABLE BUT REAL PROBLEM RIGHT NOW. |
| 02:48:54 | AS YOU KNOW IN OUR STATE WE KNOW THAT SUMMER HAS ARRIVED WHEN WE HEAR THE LOON CALLS FROM OUR 10,000 LAKES. |
| 02:49:00 | MINNESOTA IS HOME TO HALF MILLION DUCKS AND THE LARGEST POPULATION OF LOONS IN THE CONTINENTAL UNITED STATES. |
| 02:49:08 | HUNTING AND WILDLIFE IS PART OF OUR HERITAGE BUT IT'S ALSO AN IMPORTANT PART OF OUR ECONOMY. |
| 02:49:15 | WATERFOWL HUNTING CONTRIBUTES TO THE ECONOMIC ACTIVITY IN MINNESOTA EVERY YEAR AND MINNESOTA HAS THE THIRD HIGHEST BIRDING PARTICIPATION RATE OF ALL STATES AT 3% OR ABOUT 1. |
| 02:49:24 | 5 MILLION PEOPLE. |
| 02:49:25 | THE U. |
| 02:49:26 | S. FISH AND WILDLIFE SERVICE IS HEADING UP THE NATURAL RESOURCES DAMAGE AND RESTORATION PROGRAM WHICH WILL COME UP WITH AN ESTIMATE OF RESTORATION COSTS THAT WILL BE SENT TO B. |
| 02:49:35 | P. FOR THEM TO PAY TO HELP CLEAN UP THE SHORELINES, THE ESTUARIES AND THE MARSHES. |
| 02:49:42 | ADDITIONALLY, THE NEW ESCROW ACCOUNT THAT HAS BEEN CREATED WILL HELP ENSURE THAT THE CLAIMS PROCESS FOR INDIVIDUALS AND BUSINESSES RUN SMOOTHLY AND EFFICIENTLY AND WILL ALSO HELP ENSURE THAT CLAIMS BY GOVERNMENTS, STATE, LOCAL AND TRIBAL THAT ARE SUBMITTED TO B. |
| 02:49:56 | P. WILL NOT BE DELAYED BY A SLOW CLAIMS PROCESS. |
| 02:49:59 | BUT WHILE THE UNITED NATIONAL INCIDENT COMMAND IS DOING ALL IT CAN TO STOP THE LEAK, IT'S IMPORTANT THAT WE SIMULTANEOUSLY DO ALL THAT WE CAN TO PROTECT THE HABITAT OF THE BIRDS AND THE DUCKS IN THE GULF THAT SUPPORT OUR HUNTING AND BIRDING ECONOMY IN THIS COUNTRY. |
| 02:50:16 | IN JUST A FEW WEEKS, MILLIONS OF BIRDS WILL BEGIN TO MIGRATE SOUTH FROM CANADA, FROM THE GREAT PLAINS AND PARTS OF THE MIDWEST. |
| 02:50:25 | THEY WILL FLY HUNDREDS OR EVEN THOUSANDS OF MILES TO THE GULF COAST WHERE THEY SPEND THEIR WINTERS. |
| 02:50:32 | NOW, REMEMBER, ALL WE HAVE SEEN SO FAR IS JUST THE BIRDS THAT LIVE DOWN THERE IN THE HEAT. |
| 02:50:36 | THINK OF WHEN ALL THE BIRDS GO DOWN THERE. |
| 02:50:38 | THIS IS WHAT THEY'RE GOING TO FIND. |
| 02:50:40 | THEY'RE GOING TO FIND BEACHES THAT USED TO HAVE BEACH BALLS ARE NOW FILLED WITH TAR BALLS, AND MOSTLY SO MANY OF THEM GO TO THE MARSHES, THE WETLANDS, AND THE OIL IS STARTING TO CREEP INTO THOSE MARSHES. |
| 02:50:53 | WE CAN'T REALLY PUT UP A SIGN FOR THOSE BIRDS THAT SAYS HEY, GO TO MEXICO INSTEAD. |
| 02:50:58 | THERE ARE NATURALLY OTHER PLACES THEY COULD GO, BUT GUESS WHAT? |
| 02:51:02 | THEY CAN'T READ. NOR ARE WE GOING TO BE ABLE TO PUT SOME BIG NET UP TO STOP THEM FROM FLYING TO THOSE PLACES. |
| 02:51:08 | WHAT I HAVE TALKED TO PEOPLE, EXPERTS ON THIS FROM DUCKS UNLIMITED AND OTHER PLACES. |
| 02:51:12 | THESE BIRDS DON'T HAVE THE INSTINCT TO AVOID THOSE OILY AREAS. |
| 02:51:16 | THEY ARE JUST GOING TO PLOW RIGHT BACK IN TO WHERE THEY WENT LAST WINTER. |
| 02:51:20 | THAT IS WHY A BIPARTISAN GROUP OF SENATORS JOIN ME IN SENDING A LETTER TO SECRETARY SALAZAR TO ENSURE THAT PROPER ATTENTION AND COORDINATION IS ALSO MADE WITH THE U. |
| 02:51:31 | S. FISH AND WILDLIFE AND CONSERVATION ORGANIZATIONS WHO ARE WORKING TO PROTECT THE HABITAT OF MIGRATORY BIRDS. |
| 02:51:37 | I'M PLEASED THAT JUST THIS WEEK THE NATIONAL INCIDENT COMMAND ANNOUNCED THE LAUNCH OF A NEW WEBSITE, RESTORETHEGULF. |
| 02:51:47 | GOV, DEDICATED TO PROVIDING THE AMERICAN PEOPLE WITH CLEAR AND ACCESSIBLE INFORMATION AND RESOURCES RELATED TO THE B. |
| 02:51:51 | P. OIL SPILL RESPONSE AND RECOVERY. |
| 02:51:53 | IT'S ALSO IMPORTANT THAT AS WE FOCUS ON STOPPING THIS TERRIBLE LEAK, WE ALSO PREPARE FOR THE SERIOUS AND IMMINENT THREATS TO THE BIRDS AND WILDLIFE THAT PLAY A CRITICAL ROLE IN THE REGIONAL GULF ECONOMIES AND TO THE MORE DISTANT REGIONAL ECONOMIES IN PLACES LIKE MINNESOTA AND WISCONSIN. |
| 02:52:11 | MR. PRESIDENT, IN JUST A FEW WEEKS, WE MUST BE READY FOR THE MASS INFLUX OF DUCKS AND BIRDS IN THE GULF REGION. |
| 02:52:18 | IF WE FAIL TO PREPARE, COUNTLESS UNSUSPECTING BIRDS, WILDLIFE, WILL NOT RETURN TO MINNESOTA AND OUR ECOSYSTEM AND ECONOMIES WILL FEEL THE IMPACT, NOT JUST IN MINNESOTA BUT THROUGHOUT THE COUNTRY, NOT JUST IN LOUISIANA, NOT JUST IN FLORIDA. |
| 02:52:35 | IT WILL SPREAD, AND WE WILL CONTINUE TO PUSH WITH THE RECOVERY EFFORTS TO MAKE SURE THAT THERE IS ADEQUATE FOCUS ON THIS IMPORTANT ISSUE. |
| 02:52:43 | THANK YOU, MR. |
| 02:52:44 | PRESIDENT. I YIELD THE FLOOR. |
| 02:52:52 | I NOTE THE ABSENCE OF A QUORUM. |
| 02:52:53 | THE PRESIDING OFFICER: THE CLERK WILL CALL THE ROLL. |
| 02:52:57 | QUORUM CALL: QUORUM CALL: THE PRESIDING OFFICER: THE SENATOR FROM CONNECTICUT. |
| 02:56:22 | MR. |
| 02:56:23 | DODD: MR. PRESIDENT, I ASK THE CALL OF THE QUORUM BE RESCINDED, PLEASE. |
| 02:56:25 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 02:56:27 | MR. DODD: MR. PRESIDENT, I WANT TO SPEND A COUPLE MINUTES OR A FEW MINUTES THIS EVENING, IF I CAN, ON TALKING ABOUT THE WALL STREET REFORM, THE FINANCIAL REFORM BILL, IF I MAY, AND I WANT TO BEGIN BY THANKING THE PRESIDING OFFICER, WHILE NOT A MEMBER OF THE COMMITTEE, PLAYED A VERY ACTIVE ROLE DURING THE CONVERSATION OF THE LEGISLATION ON THE FLOOR OF THIS -- DURING THE CONSIDERATION OF THE LEGISLATION ON THE FLOOR OF THIS BODY A COUPLE OF WEEKS AGO. |
| 02:56:50 | AND THERE WILL BE A DEBATE I KNOW AGAIN TOMORROW BEFORE WE ACTUALLY VOTE ON FINAL PASSAGE OF THE BILL. |
| 02:56:56 | AND A LOT OF THIS I WILL TALK ABOUT THIS EVENING I'VE DISCUSSED IN THE PAST OVER MANY, MANY WEEKS AND MONTHS THAT HAVE BROUGHT US TO THIS PARTICULAR MOMENT, WHERE WITHIN THE NEXT 24 HOURS, WE'LL MAKE A FINAL DECISION AS TO WHETHER OR NOT THIS BODY IS PREPARED TO ENDORSE THE EFFORTS TO REFORM OUR FINANCIAL SYSTEM IN THIS COUNTRY SO THAT WE NEVER, EVER, EVER AGAIN SUBJECT THE AMERICAN PEOPLE TO WHAT THEY WERE SUBJECTED TO IN THE FALL OF 2008. |
| 02:57:24 | WHERE THE CONGRESS OF THE UNITED STATES, ALONG WITH PRESIDENT BUSH ASKED THE AMERICAN TAX PARES TO WRITE A CHECK FOR $700 BILLION TO -- TAXPAYERS TO WRITE A CHECK FOR $700 BILLION TO BAIL OUT BUSINESSES, WHO THROUGH THEIR OWN MALL MALL MALFEASANCE FAILED TO ACT AND PUT THIS COUNTRY AND THE GLOBE IN FINANCIAL RISK. |
| 02:57:49 | AND I'LL NEVER FORGET IN A MEETING IN THE OFFICES OF SPEAKER NANCY PELOSI AS WELL AS DEMOCRATS AND REPUBLICANS FROM THE RESPECTIVE COMMITTEES OF CONGRESS, WHERE THE CHAIRMAN OF THE FEDERAL RESERVE BOARD AND THE SECRETARY OF THE TREASURY UNDER PRESIDENT BUSH ANNOUNCED TO ALL OF US THAT IF WE DID NOT ACT WITHIN A MATTER OF DAYS -- AND I'M LITERALLY QUOTING THE FEDERALFEDERAL RESERVE CHAIRMAN AND THE SECRETARY OF THE TREASURY -- THAT IF WE DID NOT ACT WITHIN SEVERAL DAYS, THE ENTIRE FINANCIAL SYSTEM OF THIS COUNTRY AND MAYBE A GOOD PART OF THE WORLD WOULD MELT DOWN, WERE THEIR WORDS. |
| 02:58:16 | AND SO WE ACTED OVER THE NEXT SEVERAL WEEKS. |
| 02:58:20 | THERE ARE A NUMBER OF MEMBERS HERE WHO WERE DEEPLY INVOLVED IN THAT EFFORT. |
| 02:58:23 | THE COUNTRY REACTED WITH GREAT OUTRAGE OVER HOW WE HAD EVER GOTTEN INTO THAT POSITION AND WHAT STEPS WE WERE GOING TO TAKE TO SEE TO IT WE WOULD NEVER, EVER AGAIN SUBJECT OUR NATION NOT ONLY TO THE COST OF BAILING OUT THESE FIRMS BUT ALSO THE COST THAT HAS ENSUED AS A RESULT OF THE FINANCIAL COLLAPSE TO JOBS AND HOMES, RETIREMENT ACCOUNTS, ABILITIES OF FAMILIES TO EDUCATE THEIR CHILDREN, ALL OF THE EFFECTS THAT HAVE BEEN -- THAT HAVE BEEN VISITED UPON THE AMERICAN PEOPLE AND MANY OTHERS AS A RESULT OF EVENTS THAT BEGAN TO TRANSPIRE YEARS AGO, CULMINATING IN THE DIFFICULTIES WE SAW IN THE FALL OF 2008. |
| 02:59:00 | BEFORE I BEGIN ANY REMARKS ABOUT THE BILL ITSELF AND WHAT WE'VE TRIED TO ACHIEVE, MR. |
| 02:59:05 | PRESIDENT, I WANT TO BEGIN BY THANKING MY COLLEAGUE FROM ARKANSAS, SENATOR BLANCHE LINCOLN, WHO CHAIRS THE AGRICULTURE COMMITTEE. |
| 02:59:13 | SHE SHARED A RESPONSIBILITY WITH ME IN THIS BILL. |
| 02:59:17 | AND WHILE THE BULK OF THE TITLES CAME OUT OF THE BANKING COMMITTEE BILL, VERY CRITICAL PIECES OF THIS LEGISLATION INVOLVED THE PARTICIPATION OF THE AGRICULTURE COMMITTEE. |
| 02:59:26 | SHE AND SAXBY CHAMBLISS, MY COLLEAGUE FROM GEORGIA, ALONG WITH THEIR COLLEAGUES ON THE COMMITTEE, WORKED VERY HARD AND I THANK THEM AND THEIR STAFFS FOR THE WORK THAT THEY PRODUCED IN ORDER TO MAKE THIS A STRONGER AND A BETTER BILL. |
| 02:59:39 | I WANT TO THANK MY HOUSE COUNTERPART, BARNEY FRANK OF MASSACHUSETTS, WHO CHAIRS THE FINANCIAL SERVICES COMMITTEE OF THE OTHER BODY. |
| 02:59:49 | HE, ALONG WITH -- WITH CHAIRMAN PETERSON OF THE AGRICULTURE COMMITTEE, DID A VERY GOOD JOB IN PULLING TOGETHER THE HOUSE VERSION OF THIS BILL. |
| 02:59:59 | THEY ACTUALLY COMPLETED THEIR WORK BACK IN DECEMBER OF LAST YEAR. |
| 03:00:02 | THE HOUSE MOVED MORE QUICKLY, FOR ALL THE REASONS THAT MEMBERS ARE AWARE OF. |
| 03:00:05 | THE RULES OF THE INSTITUTION AND OTHERS FACILITATE THE RIGHTS OF A MAJORITY TO BASICALLY MOVE ALONG THROUGH THE UNDERBRUSH WITHOUT THE -- THE -- THE NUANCES THAT THE SENATE PROVIDES FOR IN TERMS OF THE CONSIDERATION OF -- OF LEGISLATION. |
| 03:00:21 | AND I SAT ALONG WITH MY SENATE COLLEAGUES FROM THE BANKING COMMITTEE AND THE AG COMMITTEE FOR TWO LONG WEEKS, ALMOST 70 HOURS IN A CONFERENCE COMMITTEE. |
| 03:00:33 | AND FOR THOSE WHO WONDER WHAT A CONFERENCE COMMITTEE IS, VERY SIMPLY, IT IS WHEN THE SENATE ACTS ON A BILL AND THE HOUSE ACTS ON A BILL AND YOU NEED TO RESOLVE THE DIFFERENCES BETWEEN THE TWO, WE MEET IN WHAT IS CALLED A CONFERENCE COMMITTEE. |
| 03:00:48 | AND THE LEADERSHIP OF BOTH CHAMBERS APPOINT CONFEREES TO REPRESENT THE INTERESTS OF THE RESPECTIVE CHAMBERS. |
| 03:00:56 | AS YOU THEN SIT DOWN AND TRY AND IRON OUT THOSE DIFFERENCES. |
| 03:00:59 | BARNEY FRANK, CHAIRMAN FRANK, CHAIRED THAT CONFERENCE COMMITTEE. |
| 03:01:02 | THERE WERE 42 OF US, MEMBERS OF THE HOUSE AND THE SENATE, THAT GOT TOGETHER FOR THAT LENGTHY PERIOD OF TIME, INCLUDING ONE ALL-NIGHT SESSION TO PRODUCE WHAT IS IN FRONT OF US TODAY AND THAT IS THIS, MR. |
| 03:01:14 | PRESIDENT. THIS IS THE CONFERENCE REPORT THAT REFLECTS THE WORK OF -- OF BOTH BODIES OVER MANY, MANY MONTHS. |
| 03:01:23 | IN TRYING TO CRAFT A SERIES OF IDEAS AND PROPOSALS THAT WOULD MINIMIZE IF NOT ALTOGETHER PROHIBIT THE TRAGEDY WE'VE BEEN THROUGH OVER THESE LAST SEVERAL YEARS. |
| 03:01:33 | I'D ALSO BE REMISS AT THIS JUNCTURE IF I DIDN'T THANK THE MEMBERS OF THE SENATE BANKING COMMITTEE. |
| 03:01:39 | WE SPENT A LOT OF TIME TOGETHER OVER THE LAST NUMBER OF YEARS. |
| 03:01:42 | I BECAME CHAIRMAN OF THIS COMMITTEE ABOUT 30 MONTHS AGO, IN JANUARY OF 2007. |
| 03:01:47 | MY GREAT TREND AND COLLEAGUE, WITH WHOM I SERVED FOR SO MANY YEARS, FROM MARYLAND, PAUL SARBANES, RETIRED FROM THE UNITED STATES SENATE. |
| 03:01:54 | THE RANKING MEMBER, SENATOR SHELBY, WAS CHAIRMAN OF THE BANKING COMMITTEE FOR ABOUT FOUR YEARS PRIOR TO JANUARY OF 2007. |
| 03:02:02 | AND SO ON THE SENIORITY SYSTEM, I REACHED THE ELEVATED STATUS TO BECOME CHAIRMAN OF THIS COMMITTEE AT A CRITICAL MOMENT, WHEN OBVIOUSLY THE BOTTOM BEGAN TO FALL OUT OF OUR ECONOMY. |
| 03:02:12 | AND SINCE JANUARY OF 2007, OUR COMMITTEE'S HAD AROUND 80 HEARINGS ON THIS SUBJECT MATTER ALONE, THAT IS, THE -- THAT HAS PRODUCED THE ULTIMATE PRODUCT HERE BEFORE US THIS EVENING AND TOMORROW. |
| 03:02:26 | SO I WANT TO BEGIN BY THANKING MY DEMOCRATIC COLLEAGUES ON THE COMMITTEE AND THE MEMBERS OF THEIR STAFFS, TIM JOHNSON OF SOUTH DAKOTA, WHO'S DONE A WONDERFUL JOB, BEEN DEEPLY INVOLVED IN A NUMBER OF CRITICAL ISSUES BEFORE THE COMMITTEE, JACK REED OF RHODE ISLAND WHO'S A VERY VALUED MEMBER OF THE COMMITTEE, SPENT A LOT OF TIME WORKING WITH SENATOR GREGG ON THE DERIVATIVES SECTION OF THIS BILL; SENATOR CHUCK SCHUMER OF NEW YORK, EXTREMELY KNOWLEDGEABLE ABOUT FINANCIAL MATTERS, HAS BEEN INVALUABLE IN UNDERSTANDING THE NUANCES AND THE DIFFICULTIES AS WELL AS UNDERSTANDING THIS INSTITUTION VERY WELL, AND I WANT TO THANK HIM FOR HIS SERVICE. |
| 03:03:01 | SENATOR BAYH OF INDIANA, ALONG WITH MYSELF, WHO WILL BE RETIRING AT THE END OF THE YEAR, HAS BEEN A STRONG MEMBER OF THE COMMITTEE, BROUGHT A GOOD PERSPECTIVE ON THE NEEDS OF AMERICAN BUSINESS AND INDUSTRY AS WE WORKED OUR WAY THROUGH THE LEGISLATION. |
| 03:03:12 | BOB MENENDEZ OF NEW JERSEY, TREMENDOUSLY HELPFUL AS WELL. |
| 03:03:16 | HERB KOHL OF WISCONSIN, AGAIN, A KNOWLEDGEABLE BUSINESSMAN IN HIS PREVIOUS LIFE, COMES TO THE SENATE WITH A LOT OF STRONG IDEAS AND CONTRIBUTED TO THIS BILL. |
| 03:03:26 | DAN AKAKA OF HAWAII ALSO ADDED CONSIDERABLY. |
| 03:03:31 | FINANCIAL LITERACY HAS BEEN A SUBJECT MATTER HE'S LONG BEEN INTERESTED IN, MADAM PRESIDENT, AND SEEING HOW WE MIGHT ELEVATE KNOWLEDGE UNDERSTAND ANDING OF CONSUMER RESPONSIBILITY WHEN IT COMES TO FINANCIAL MATTERS. |
| 03:03:41 | SHERROD BROWN OF OHIO. |
| 03:03:43 | WE SERVED TOGETHER ON TWO COMMITTEES INVOLVED IN BOTH THE HEALTH AND EDUCATION AND LABOR COMMITTEE, WHICH THE PRESIDING OFFICER ALSO SERVES ON, IS A MEMBER OF THE BANKING COMMITTEE, AND, AGAIN, TREMENDOUSLY HELPFUL AND INTERESTED IN THE SUBJECT MATTER. |
| 03:03:55 | JOHN TESTER OF MONTANA DID A VERY, VERY GOOD JOB AS WELL AND INVALUABLE ON RURAL AMERICA, THE INTERESTS OF SMALL BANKS, THE FINANCIAL NEEDS OF -- OF MORE RURAL ASPECTS, MORE RURAL AREAS OF OUR NATION. |
| 03:04:09 | JEFF MERKLEY, WHO PLAYED A CRITICAL ROLE ALONG WITH CARL LEVIN ON A MAJOR PART OF THIS BILL DEALING WITH PROPRIETARY TRADING, THE SO-CALLED MERKLEY-LEVIN RULE, WHICH WAS DEBATED AT LENGTH OVER MANY, MANY WEEKS AND IS PART OF THIS BILL. |
| 03:04:23 | MARK WARNER OF VIRGINIA, A NEW MEMBER OF THIS BODY, FORMER GOVERNOR OF VIRGINIA AND A PERSON WHO HAS SPENT A GOOD PART OF HIS LIFE WORKING IN THE AREA OF FINANCIAL SERVICES. |
| 03:04:35 | AND I CANNOT BEGIN TO -- TO SAY ENOUGH ABOUT MARK WARNER'S INVOLVEMENT WITH THIS BILL. |
| 03:04:42 | HE WAS INVALUABLE IN TERMS OF HELPING UNDERSTAND AND BRING TOGETHER VARIOUS PEOPLE FROM DISPARATE POINTS OF VIEW ON HOW RESOLUTION MECHANISMS AS WELL AS WINDING DOWN OF FINANCIAL INSTITUTIONS AND HOW THEY OUGHT TO WORK. |
| 03:04:58 | AND WHILE A JUNIOR MEMBER OF THE COMMITTEE, HIS INVOLVEMENT, HIS PARTICIPATION WAS THAT OF ANY SENIOR MEMBER IN PARTICIPATION. |
| 03:05:05 | IN FACT, MORE SO. |
| 03:05:06 | SO I THANK HIM. |
| 03:05:07 | AND THEN, OF COURSE, MICHAEL BENNETT OF COLORADO AS WELL WHO COMES OUT OF -- MICHAEL BENNET OF COLORADO AS WELL, WHO COMES OUT OF A VERY MYRIAD BACKGROUND OF FINANCIAL SERVICES AND UNDERSTANDS IT WELL. |
| 03:05:18 | SO I THANK MY COLLEAGUES ON THE COMMITTEE FOR THEIR WORK. |
| 03:05:20 | SENATOR SHELBY AND I, THE REPUBLICAN RANKING MEMBER, HE AND I HAVE BEEN GREAT FRIENDS FOR MANY YEARS. |
| 03:05:26 | SERVED IN THE OTHER BODY AND THIS BODY TOGETHER FOR A NUMBER OF YEARS. |
| 03:05:28 | AND WHILE WE HAVE DIFFERING POINTS OF VIEW ON THIS BILL AND HE'S NOT A SUPPORTER OF IT, THE SHELBY-DODD AMENDMENT, WHICH WAS OFFERED AT THE OUTSET OF DEBT BAIT ON THE FLOOR OF THIS CHAMBER, PUT ASIDE I THINK FOR MOST MEMBERS ONCE AND FOR ALL THE ISSUE OF A BAILOUT, TOO-BIG-TO-FAIL. |
| 03:05:50 | AND I THANK HIM FOR THAT AND THE PROCESS AS WE MOVED FORWARD. |
| 03:05:53 | BOB BENNETT OF UTAH, TREMENDOUSLY KNOWLEDGEABLE, PLAYED A VERY IMPORTANT ROLE ON THE BANKING COMMITTEE OVER MANY YEARS. |
| 03:05:59 | JIM BUNNING, THE NEMESIS OF THE FEDERAL RESERVE, WHO WAS NEVER SHY ABOUT EXPRESSING HIS CONCERNS ABOUT THE CONDUCT OF THE FEDERAL RESERVE BOARD AND I THANK HIM FOR THAT. |
| 03:06:07 | MIKE CRAPO OF IDAHO WHO'S VERY KNOWLEDGEABLE, WORKED WITH CHUCK SCHUMER ON CORPORATE GOVERNANCE ISSUES, CONTRIBUTED TO THIS BILL A NUMBER OF AMENDMENTS WE ADOPTED WERE CRAPO AMENDMENTS THAT STRENGTHENED THE LEGISLATION. |
| 03:06:17 | BOB CORKER, WORKING WITH MARK WARNER, AND I THANK BOB CORKER. |
| 03:06:21 | I LISTENED TO HIS REMARKS EARLIER TODAY AND WE HAVE A DIFFERENT POINT OF VIEW ON THE EVOLUTION OF THIS BILL BUT NONETHELESS I THANK HIM FOR HIS WORK ON TITLES 1 AND 2 OF THE LEGISLATION, ALONG WITH SENATOR WARNER, I THINK MADE A SIGNIFICANT CONTRIBUTION. |
| 03:06:36 | AND HIS STAFF AS WELL. |
| 03:06:37 | MIKE JOHANNS OF NEBRASKA, AGAIN, HAS STRONG INTERESTS IN THE LEGISLATION. |
| 03:06:42 | SENATOR VITTER OF LOUISIANA, SENATOR DeMINT OF SOUTH CAROLINA, ALSO SENATOR HUTCHISON, A NUMBER OF AMENDMENTS WERE ADOPTED, KAY BAILEY HUTCHISON OF TEXAS, DEEPLY INTERESTED IN THE REGIONAL BANKS, THE RESERVE BANKS AND PLAYED AN IMPORTANT ROLE. |
| 03:06:57 | AND JUDD GREGG OF NEW HAMPSHIRE, AGAIN, A RETIRING MEMBER AT THE END OF THIS CONGRESS. |
| 03:07:02 | AND WHILE WE HAVE HAD SOME DIFFERENCES ON THIS BILL, WHICH YOU'LL NO DOUBT HEAR MORE OF OVER THE NEXT TWO DAYS, JUDD GREGG PLAYED SUCH A PIVOTAL ROLE IN THE FALL OF 2008 IN TRYING TO PUT TOGETHER A PROPOSAL THAT WOULD RESTORE SOME STABILITY TO THE FINANCIAL INSTITUTIONS IN OUR COUNTRY. |
| 03:07:20 | AND WHILE WE HAVE OUR DISAGREEMENTS, I HAVE GREAT RESPECT FOR HIM. |
| 03:07:23 | HE'S A KNOWLEDGEABLE MEMBER, ONE WHO BRINGS A GREAT DEAL OF PASSION TO HIS BELIEFS AND VIEWS AND THERE ARE A LOT OF MATTERS ON WHICH I COULD POINT TO JUDD GREGG'S INVOLVEMENT BUT I THANK HIM AS WELL. |
| 03:07:34 | AND THOSE ARE THE MEMBERS OF THE BANKING COMMITTEE. |
| 03:07:36 | AND SO BEFORE BEGINNING ANY SUBSTANTIVE DISCUSSION OF THE BILL ITSELF, MR. |
| 03:07:40 | PRESIDENT, I WANTED TO THANK THE LEADERSHIP OF THE HOUSE, THE FINANCIAL SERVICES COMMITTEE, AND MY COLLEAGUES ON THE BANKING COMMITTEE, AS WELL AS, OF COURSE, BLANCHE LINCOLN OF THE AG COMMITTEE FOR THEIR WORK. |
| 03:07:50 | AT A LATER POINT IN THESE REMARKS, I'LL GO THROUGH AND MENTION STAFF PEOPLE WHO PLAYED SUCH A CRITICAL ROLE AS WELL. |
| 03:07:55 | BUT I THOUGHT AT THE OUTSET, RECOGNITION OF THESE MEMBERS. |
| 03:07:59 | YESTERDAY I SPOKE BRIEFLY ABOUT THE ROLE OF THE MAJORITY LEADER, HARRY REID. |
| 03:08:03 | AND,AGAIN, WHILE NOT INVOLVED ON A DAILY BASIS IN THE PRODUCTION OF THIS BILL, THE MAJORITY LEADER PLAYS SUCH AN IMPORTANT ROLE IN MAKING SURE THE INSTITUTION PROVIDES THE TIME AND THE SPACE AND THE PROCEDURES FOR THE CONSIDERATION OF A MATTER SUCH AS THIS. |
| 03:08:19 | AS I MENTIONED EARLIER, HE COULD HAVE VERY EASILY DECIDED TO TRUNCATE THE DEBATE. |
| 03:08:23 | WE ENDED UP TAKING FOUR WEEKS OF THE TIME OF THIS BODY CONSIDERING, AS I'VE MENTIONED EARLIER, SOME 60 AMENDMENTS ON THE FLOOR,OPEN-ENDED DEBATE. |
| 03:08:33 | THERE WAS ONLY ONE OR TWO EXAMPLES WHERE A SUPER MAJORITY WAS REQUIRED. |
| 03:08:38 | THERE WAS ONLY ONE TABLING MOTION I BELIEVE OF ANY OF THOSE AMENDMENTS. |
| 03:08:42 | A SIGNIFICANT NUMBER OF AMENDMENTS WERE ADOPTED THAT WERE OFFERED BY THE MINORITY TO THIS BILL AS WELL AS AMENDMENTS THAT WERE OFFERED ON A BIPARTISAN BASIS. |
| 03:08:51 | IN FACT, OF THE 60 AMENDMENTS THAT WERE ADOPTED IN THE CONSIDERATION OF THIS BILL, 30 OF THEM, ONE-HALF, CAME FROM THE MINORITY AS WELL AS A BIPARTISAN COMBINATION, AMENDMENTS THAT WERE OFFERED BY BOTH A DEMOCRAT AND A REPUBLICAN TOGETHER. |
| 03:09:04 | SO ONE-HALF OF THE PRODUCT THAT WAS ADOPTED ON THE FLOOR OF THIS CHAMBER IS A REFLECTION OF THE WORK OF MEMBERS FROM BOTH SIDES OF THAT POLITICAL SPECTRUM. |
| 03:09:13 | AND WHILE MEMBERS MAY NOT WANT TO CROW ABOUT THAT, I DO, BECAUSE I THINK IT'S A REFLECTION OF THE DETERMINATION TO MAKE SURE THAT THIS BILL WOULD BE AVAILABLE FOR AMENDMENT AND CONSIDERATION. |
| 03:09:25 | NO ONE IS GUARANTEED SUCCESS WITH THEIR IDEAS BUT YOU WANT TO BE GUARANTEED AN OPPORTUNITY TO BE HEARD. |
| 03:09:31 | AND WHAT WE DID IN THE CONSIDERATION OF THIS BILL IS PROVIDE THAT GUARANTEE AND FAR BEYOND THE GUARANTEE, AS I SAID, ONE-HALF OF ALL THE AMENDMENTS ADOPTED OVER FOUR WEEKS WERE OFFERED EITHER -- IN SUCCESS WERE OFFERED EITHER BY THE MINORITY OR ON A BIPARTISAN BASIS, DEMOCRATS AND REPUBLICANS. |
| 03:09:46 | SO THE PROCESS, MR. |
| 03:09:49 | PRESIDENT, HAS BEEN A -- AN OPEN ONE, ONE IN WHICH REGARDLESS OF WHETHER OR NOT YOU LIKE OR SUPPORT THE BILL, I WOULD HOPE WOULD BECOME A -- AN EXAMPLE OF HOW THE SENATE CAN CONDUCT ITS BUSINESS ON A MAJOR LEGISLATIVE PROPOSAL. |
| 03:10:02 | SO TODAY AND TOMORROW, THE SENATE OF THE UNITED STATES WILL HAVE THE OPPORTUNITY, MR. |
| 03:10:09 | PRESIDENT, TO BRING SOME CLOSURE -- SOME CLOSURE -- TO ONE OF THE MOST CHALLENGING TIMES IN OUR RECENT HISTORY WITH THE PASSAGE OF COMPREHENSIVE FINANCIAL REFORM. |
| 03:10:20 | THIS BILL WASN'T WRITTEN TO RESHAPE OUR ECONOMY. |
| 03:10:22 | THE MOST POWERFUL ECONOMY THE WORLD HAS EVER KNOWN. |
| 03:10:25 | NOR WAS IT WRITTEN TO HINDER INNOVATION IN OUR FINANCIAL SECTOR. |
| 03:10:30 | THE SPIRIT OF CREATETY AND ENTREPRENEURSHIP THAT HAS MADE OUR ECONOMY THE ENVY OF THE WORLD, WE'RE STILL AS STRONG AND VIBRANT AND IT HAS ENHANCE WHAT HAD WE HAVE DONE WITH THIS LEGISLATION. |
| 03:10:44 | AS TEMPTING AS IT WOULD BE TO LET THE CRISIS OF PROTESTS OF THE WORST OFFENDERS OF LARGE FINANCIAL INSTITUTIONS SERVE AS AN ARGUMENT FOR PASSAGE THIS BILL WAS NOT WRITTEN TO PUNISHMENT WALL STREET, DESPITE THE DESIRES OF MANY. |
| 03:10:59 | OUR REFORM LEGISLATION, MR. |
| 03:11:00 | PRESIDENT, DOESN'T HAVE AN AGENDA OF ITS OWN. |
| 03:11:03 | I'D LIKE TO POINT OUT WHAT WE'RE TRYING TO ACHIEVE WITH THIS LEGISLATION. |
| 03:11:08 | HERE YOU CAN SEE ON THIS GRAPH BEHIND ME -- AND THERE WILL BE SEVERAL GRAPHS TO POINT TO PEOPLE -- OUR JOB HERE WAS -- AND YOU CAN LOOK AT VARIOUS ORDERS OF MATTERS HERE -- ONE IS TO END BAILOUTS, TOO BIG TO FAIL. |
| 03:11:20 | MAYBE MORE SO THAN ANY OTHER ISSUE, THIS ONE IS WHICH MEMBERS OF THIS BODY WOULD JOIN TOGETHER IN COMMON CAUSE, THAT NEVER AGAIN DID WE WANT TO SEE A BAILOUT OF A FINANCIAL INSTITUTION AT THE EXPENSE OF THE AMERICAN TAXPAYER. |
| 03:11:34 | AND SO OUR FIRST GOAL, IN MY VIEW, WAS TO END TOO BIG TO FAIL. |
| 03:11:38 | AND TO END THESE BAILOUTS. |
| 03:11:40 | GROW JOBS AND CREATE WEALTH -- OBVIOUSLY YOU CAN'T WITHOUT A VIBRANT FINANCIAL SERVICES SECTOR, WHERE CREDIT BECOMES AVAILABLE, WHETHER IT BE A SMALL BANK IN ALASKA OR CONNECTICUT WHERE CREDIT CAN FLOW, CAPITAL CAN MOVE, SO THAT BUSINESSES WITH GROW, JOBS CAN BE CREATED. |
| 03:11:56 | AND WHILE THIS IS NOT A JOBS BILL PER SE, IN THE ABSENCE OF DOING WHAT WE'RE DOING, THE IDEA OF TALKING ABOUT LONG-TERM GROWTH IN OUR COUNTRY WITHOUT REFORMING THE FINANCIAL INSTITUTIONS WOULD BE A PIPE DREAM, IN MY VIEW. |
| 03:12:08 | SO THIS LEGISLATION HAS, AS ITS GOAL TO HELP CREATE JOB GROWTH IN OUR NATION. |
| 03:12:13 | WE WANT TO EMPOWER CONSUMERS AND INVESTORS. |
| 03:12:16 | AND I'LL GET HUE THIS IN MORE DETAIL. |
| 03:12:19 | BUT THE IDEA THAT THERE'S SOME PLACE IN OUR NATION WHERE A GROUP F PEOPLE GET OF PEOPLE GET UP IN THE MORNING WORRIED ABOUT WHAT HAPPENS TO THE CONSUMER OF FINANCIAL INSTITUTIONS, WHETHER IT BE A CREDIT CARD, A HOME MORTGAGE, A CAR LOAN, WHATEVER, AN INSURANCE POLICY, YOU GET UP ON THAT MORNING AND YOUR PRIMARY OBLIGATION IS TO MAKE SURE THAT THAT AVERAGE CONSUMER IN THIS COUNTRY THAT NEEDS AND DEPENDS EVERY DAY ON FINANCIAL SERVICES WILL HAVE SOMEONE WATCHING OUT FOR THEM TORQUE SEE TO IT THAT THEY'RE NOT GOING TO BE ABUSED, DEFRAUDED AND TAKEN ADVANTAGE OF. |
| 03:13:00 | FOR THE VERY FIRST TIME IN OUR NATION'S HISTORY, WE WILL HAVE SUCH A PLACE, BECAUSE OF THIS LEGISLATION. |
| 03:13:04 | IT IS NOT PERFECT. |
| 03:13:05 | IT IS NOT EXACTLY WHAT EVERYONE WAS LOOKING FOR. |
| 03:13:08 | BUT I THINK ALLOWING AN AGENCY LIKE THIS, A BUREAU TO EXIST, THAT WILL BE ABLE TO FOCUS ITS ATTENTION ON THAT CONCERN IS A MAJOR CONTRIBUTION TO THIS LEGISLATION. |
| 03:13:19 | FOURTH, WE HAVE HERE THE ISSUE OF PUTTING TOOLS IN PLACE TO AVOID THESE PROBLEMS FROM GROWING AS LARGE AS THEY DID. |
| 03:13:27 | ONE THING I THINK IS VERY IMPORTANT TO SAY ABOUT THIS BILL, MR. |
| 03:13:31 | PRESIDENT, THERE'S NOTHING IN THIS LEGISLATION THAT WILL STOP ANOTHER ECONOMIC CRISIS. |
| 03:13:35 | IT WOULD BE LUDICROUS TO SUGGEST WE HAVE. |
| 03:13:38 | THERE WILL BE OTHER ECONOMIC CRISES. |
| 03:13:42 | THE QUESTION WE OUGHT TO BE ASKING OURSELVES IS, IF THERE IS ONE, CAN WE MINIMIZE THE AFFECT OF IT? |
| 03:13:48 | OR DO WE'VE A SITUATION WHERE A RELATIVELY SMALL CRISIS CAN ME IT IS A AT THAT SIERKS MUCH AS A CANCER MIGHT, ACROSS THE ECONOMIC SPECTRUM IN SUCH A WAY THAT WE FIND OURSELVES WITH JOB LOSS, FORECLOSURES AND THE LIKE THAT WE'VE GONE THROUGH? |
| 03:14:01 | AND SO WE'VE PROVIDED IN THIS BILL THE TOOLS TO SEE TO IT THAT OUR REGULATORY AGENCIES AND OTHERS WILL HAVE THE CAPACITY AND THE ABILITY TO IDENTIFY, TO SPOT EARLY ON THE PROBLEMS THAT EMERGE BOTH HERE AT HOME AND AROUND THE WORLD. |
| 03:14:16 | AND I EMPHASIZE "AROUND THE WORLD" BECAUSE WE'VE ALL PAINFULLY LEARNED IN THE LAST NUMBER OF WEEKS AND MONTHS THAT A FINANCIAL PROBLEM IN A RELATIVELY SMALL COUNTRY, SOME 10,000 OR 12,000 MILES FROM HERE, CAN POSE PROBLEMS RIGHT IN OUR OWN BACKYARD. |
| 03:14:30 | I SPEAK OBVIOUSLY OF THE DIFFICULTIES OCCURRING IN GREECE AND IN EUROPE AS WELL. |
| 03:14:35 | SO ET CETERA A VERY IMPORTANT WE'VE THE -- SO IT'S VERY IMPORTANT WE'VE THE CAPACITY AND THE TOOLS TO ADDRESS FINANCIAL CRISES AS THEY HAPPEN, AS CERTAINLY THEY WILL. |
| 03:14:44 | AND LASTLY, OF COURSE, IN THIS BILL WE REIN IN WHAT WE CALL THE WALL STREET ENLARGED BONUSES THAT HAVE SO ANGERED THE AMERICAN PUBLIC WHERE PEOPLE EVEN LAST YEAR IN THE MIDST OF ALL THIS CRISIS AND HARDSHIP, $20 BILLION WERE HANDED OUT AS BONUSES TO THE MAJOR FINANCIAL INSTITUTIONS IN OUR COUNTRY. |
| 03:15:03 | NOW, AGAIN, I BELIEVE THAT PEOPLE WHO DO GOOD WORK AND HARD WORK OUGHT TO BE REWARDED. |
| 03:15:07 | BUT HOW DO YOU EXPLAIN TO A PERSON WHO LOST THEIR JOB, THEIR HOME, THAT HE RETIREMENT -- THEIR RETIREMENT, THEIR ABILITY TO EDUCATE THEIR CHILDREN, THAT AN INSTITUTION THAT BROUGHT THIS COUNTRY TO NEAR-COLLAPSE IS REWARDING ITS MEMBERS WITH BONUSES OF $20 BILLION? |
| 03:15:22 | AND SO OUR LEGISLATION GIVES SHAREHOLDERS AND OTHERS THE OPPORTUNITY IN CORPORATIONS TO DECIDE WHAT THOSE REMUNERATIONS OUGHT TO BE, AS THEY SHOULD AS THE OWNERS OF THEETION -- OWNERS OF THESE BUSINESSES. |
| 03:15:36 | IT IS RADICAL NOT TO ALLOW PEOPLE WHO ULTIMATELY ARE THE OWNERS OF THESE BUSINESSES AS WELL AS THOSE WHOSE HARD-EARNED MONEY GET INVESTED TO HAVE SOME SAY IN ALL OF THIS. |
| 03:15:47 | SO, MADAM PRESIDENT, OUR PROPOSAL BEFORE YOU IS -- SO, MR. |
| 03:15:50 | PRESIDENT, OUR PROPOSAL BEFORE SUCCESS A COMPREHENSIVE SOLUTION. |
| 03:15:55 | THERE ARE AREAS WE DIDN'T DEAL WITH. |
| 03:15:57 | BUT IT IS A COMPREHENSIVE SOLUTION TO A VERY, VERY COMPLICATED SET OF PROBLEMS. |
| 03:16:02 | IT IS -- THIS BILL IS A RESPONSE TO THE FAILURE OF OUR FINANCIAL REGULATORY SYSTEM TO PROTECT ORDINARY FAMILIES FROM THE CONSEQUENCES OF OTHERS' BAD DECISIONS. |
| 03:16:13 | THIS LEGISLATION IS THE CHANGE I THINK THE AMERICAN PEOPLE DESERVE, AFTER ALL THAT THEY HAVE LOST AND BEEN THROUGH. |
| 03:16:19 | THE EFFECTS OF THE CRISIS ON OUR FINANCIAL SYSTEM ARE BEING FELT ALL AROUND US. |
| 03:16:24 | AND IF THEY WILL CONTINUE -- AND THEY'LL CONTINUE TO BE FELT FOR SOMETIME, EVEN WITH THE ADOPTION OF THIS LEGISLATION. |
| 03:16:32 | I'VE REPEATED THESE STATISTICS, I KNOW, OVERS AND OVER AGAIN, AND I WILL TRY TO DO THIS BRIEFLY BUT IT IS IMPORTANT ONCE AGAIN THAT WE UNDERSTAND THE IMPACT OF WHAT'S OCCURRING. |
| 03:16:41 | AND SOMETIMES JUST BY SAYING THE NUMBERS, WE DILUTE THE INFLUENCE OR IMPORTANCE OF THEM. |
| 03:16:48 | 8. |
| 03:16:49 | 35 5 MILLION OF OUR FELLOW DISCERNS CITIZENS HAVE LOST THEIR JOBS. |
| 03:16:55 | THE FACT OF THE MATTER IS, UNEMPLOYMENT HOVERS NEAR 20% TO 30 PMPLET YOU ARE MAKING $20,000 TO $30,000 A YEAR, THE UNEMPLOYMENT RATE IS TRIPLE. |
| 03:17:07 | IF YOU'RE MAKING MORE THAN $75,000 OR $80,000 A YEAR, MANY DO THE UNEMPLOYMENT RATE IS 4. |
| 03:17:14 | 5% OR 5%. |
| 03:17:15 | WHEN WE TALK ABOUT A 9. |
| 03:17:16 | 5% OR 10% NUMBER, THAT'S OVERALL. |
| 03:17:19 | WITHIN INCOME GROUPS, THE NUMBER IS MUCH HIGHER AMONG LOWER-INCOME WORKERS AND WORKING FAMILIES. |
| 03:17:24 | THAN IT IS FOR THE NATIONAL AVERAGE. |
| 03:17:26 | SO THE JOB LOSS HAS BEEN SIGNIFICANT. |
| 03:17:29 | AND I WISH THERE WAS SOME WAY TO CONVEY THE SENSE OF LOSS THAT THIS IS FOR ALL OF YOU NOT JUST FOR THOSE WHO LOSE THEIR JOBS. |
| 03:17:37 | BUT WHAT IT MEANS TO OUR CONFIDENCE AND TRURVEGHTS OUR OPTIMISM AS A PEOPLE IS FAR BEYOND THE COST THAT SOME FINANCIAL IMPACT. |
| 03:17:46 | AND AGAIN THESE NUMBERS HARDLY REFLECT THE DAMAGE DONE TO OUR COUNTRY. |
| 03:17:51 | 7 MILLION, MR. |
| 03:17:52 | PRESIDENT, PEOPLE IN OUR COUNTRY HAVE LOST THEIR HOMES, WHO ENTERED FORECLOSURE AND MILLIONS MORE ARE TEETERING ON THE BRINK OF FORECLOSURE. |
| 03:18:00 | AND AGAIN I SAY IN THIS AREA, FOR THOSE OFES WHO SERVE HERE, OBVIOUSLY -- FOR THOSE OF US WHO SERVE HERE, OBVIOUSLY, THE IDEA OF FORECLOSURE IS ABOUT AS REMOTE AS ANYTHING WE CAN THINK OF. |
| 03:18:14 | WE'RE WELL-COMPENSATED AS MEMBERS OF THE UNITED STATES SENATE. |
| 03:18:16 | BUT THAT NOTION OF HAVING TO GO HOME TO YIEWSH FAMILY BECAUSE AFTER JOB LOSS, BECAUSE OF A BAD MORTGAGE, ONE YOU GOT INTO THAT YOU COULDN'T AFFORD, ALL OF A SUDDEN TO LET YOUR FAMILY KNOW THAT THAT HOME WE'VE LIVED IN, WE'VE DREAMED ABOUT THAT WE GOT SO EXCITED ABOUT ACQUIRING NO LONGER IS OURS. |
| 03:18:33 | WE'VE WE HAVE TO MOVE. |
| 03:18:34 | WE HAVE TO LEAVE. AND AGAIN, I DON'T I DON'T KNOW IF YOU CAN BEGIN TO EXPLAIN OR DESCRIBE GHA IT MEANS TO GO THROUGH THAT. |
| 03:18:42 | SO THE 8. |
| 03:18:43 | 5 MILLION JOBS, THE 14. |
| 03:18:45 | 5 MILLION OF UNEMPLOYED CITIZENS IN OUR NATION, A 5% INCREASE, BY -- A 55% INCREASE BY THE WAY SINCE THE CRISIS BEGAN. |
| 03:18:54 | THE NUMBERS I'VE MENTIONED TO YOU OF 9. |
| 03:18:57 | 5% OF UNEMPLOYMENT -- THESE NUMBERS UP HERE REFLECT, I MENTIONED, THE 7 MILLION HOMES THAT ARE BEEN IN FORECLOSURE SINCE THE HOUSING CRISIS BEGAN. |
| 03:19:06 | THE FIRST QUARTER OF 2010, HALF OF THE STATES SAW AN INCREASE IN THE RATE OF HOMES THAT ARE GOBBING FORECLOSED AS OPPOSED TO A YEAR BEING A. |
| 03:19:16 | WHILE WE'RE ON THE BRINK OF PASSING THIS BILL, LET THEREBY NO DOUBTS OR ILLUSIONS THE PROBLEMS PERSIST. |
| 03:19:22 | AND THIS BILL DOESN'T BRING YOUR HOME BACK. |
| 03:19:24 | IT DOESN'T PUT A JOB BACK FOR NEW THE MORNING. |
| 03:19:27 | IT DOESN'T RESTORE YOUR RETIREMENT ACCOUNT. |
| 03:19:29 | BUT HOPEFULLY IT WILL SEE TO IT WE NEVER HAVE TO SEE OUR COUNTRY GO THROUGH THESE KIND OF DIFFICULTIES AGAIN. |
| 03:19:36 | SO, MR. |
| 03:19:37 | PRESIDENT, WE'VE LOST DOZENS OF COMMUNITY BANKS OVER THE LAST SEVERAL YEARS, THOUSANDS OF SMALL BUSINESSES HAVE HAD TO CLOSE THEIR DOORS, AND TRILLIONS OF DOLLARS IN RETIREMENT SAVINGS AND HOUSEHOLD WEALTH HAVE EVAPORATED AS WELL. |
| 03:19:52 | LET ME GO THROUGH SOME OF THESE NUMBERS FOR YOU. |
| 03:19:54 | WE'RE LOOKING AT THEM HERE. |
| 03:19:57 | THEY'RE SOMEWHAT DIFFICULT FOR YOU TO READ. |
| 03:20:01 | THE IMPACT ON COMMUNITY BANKS, 90 PANGS IN 2010 WITH ASSETS OF TOTALLY $75 BILLION THROUGH JULY 9 OF THIS YEAR HAVE CLOSED THEIR DOORS. |
| 03:20:12 | 89 OF THE 90, BY THE WAY, HELD ASSETS OF LESS THAN $10 BILLION. |
| 03:20:17 | THESE ARE SMALL COMMUNITY BANKS THAT HAVE HAD TO CLOSE THEIR DOORS. |
| 03:20:22 | IN 2009, MR. |
| 03:20:23 | PRESIDENT, THERE WERE 140 BANKS IN OUR COUNTRY WHOSE ASSETS OF $170 BILLION, THAT ALSO CLOSED THEIR DOORS. |
| 03:20:31 | 135 OF THE 140 TO CLOSE THEIR DOORS HAD ASSETS OF LESS THAN $10 BILLION. |
| 03:20:36 | SO AGAIN WE'VE SEEN OVER THE LAST TWO YEARS THE NUMBER HERE OF APPROACHING 250 BANKS. |
| 03:20:44 | THE OVERWHELMING MAJORITY ARE SMALL BANKS. |
| 03:20:47 | AND THE FDIC, THE FEDERAL DEPOSIT INSURANCE CORPORATION, HAS ON ITS WATCH LIST OF INSTITUTIONS THAT ARE SHAKY, THERE'S SOME 700 BANKS THAT ARE SHAKY IN THE COUNTRY. |
| 03:20:59 | NOW, AGAIN, SAYING THEY'RE SHAKY DOES NOT MEAN THEY ARE BEA TO CLOSE THEIR DOORS. |
| 03:21:03 | BUT THERE IS A WATCH LIST AT THE FDIC -- THAT THE FDIC PURSUES. |
| 03:21:07 | AND AGAIN I WOULD LIKE LOVE TO TELL YOU THAT THE PASSAGE OF THIS BILL IS GOING TO STOP ALL THAT HAVE FROM HAPPENING IMMEDIATELY. |
| 03:21:14 | IT DOESN'T. BUT IT CERTAINLY MINIMIZES THE POSSIBILITY OF EVER WATCHING THAT HAPPEN AGAIN, AS A RESULT OF THE CIRCUMSTANCES WE HAVE BEEN THROUGH. |
| 03:21:23 | OUR WORK CONTINUED, MR. |
| 03:21:24 | PRESIDENT, AS DEMOCRATS AND REPUBLICANS IN THE COMMITTEE WORKED TO PUT TOGETHER A FRAMEWORK AS FAR BACK AS NOVEMBER. |
| 03:21:33 | NRVETIONINGS IT GOES -- IN FACT, IT GOES BACK A FEW DAYS EARLIER. |
| 03:21:38 | THE CHAIRMAN OF THE COMMITTEE, SENATOR SHELBY ANNOUNCED THAT WE HAD GOTTEN ABOUT 80% OF THE WAY TO A BIPARTISAN CONSENSUS ON THIS LEGISLATION. |
| 03:21:46 | THAT'S ABOUT WHERE TENDED, I GUESS. |
| 03:21:47 | BUT NONETHELESS, THIS BILL DOES REFLECT PAT LEAST A STRONG MEASURE IN HERE THAT WAS CRAFTED ON A BIPARTISAN BASIS. |
| 03:21:55 | ON THE SENATE FLOOR WE DEBATED THE BILL HERE FOR FOUR WEEKS, CAREFULLY CONSIDERING THE IDEAS AROUND CERCHES OUR COLLEAGUES, SOME 32 AMENDMENTS WERE OFFERED EITHER BY THE MINORITY OR TOGETHER WITH A DEMOCRAT-REPUBLICAN AUTHOR OF THOSE AMENDMENTS. |
| 03:22:12 | OF THE 60 AMENDMENTS, OF THE ADDITIONS TO THE BILL CAME FROM THE MINORITY. |
| 03:22:18 | EITHER ALONE OR WORKING WITH A MAJORITY OF MEMBER. |
| 03:22:22 | THEN FOR THE FIRST TIME IN RECENT MEMORY, WE BROADCAST EVERY MINUTE OF THE ALMOST 70 HOURS OF THE CONFERENCE COMMITTEE BETWEEN THE OTHER BODY, THE HOUSE OF REPRESENTATIVES, AND THE UNITED STATES SENATE. |
| 03:22:36 | THIS CONFERENCE COMMITTEE ON C-SPAN -- THERE WERE NO BOOKROOM DEALS, MR. |
| 03:22:41 | PRESIDENT, BECAUSE THERE WASN'T A BACK ROOM. |
| 03:22:44 | EVERYTHING WAS DONE -- ALL -- EVERY MINUTE OF THAT CONFERENCE REPORTED TO THE AMERICAN PUBLIC. |
| 03:22:50 | AND IN FACT BEYOND. |
| 03:22:51 | C-SPAN WAS PICKED UP BY SATELLITE, AVAILABLE LITERALLY AROUND THE WORLD TO MONITOR THE EVENTS IN THE CONFERENCE COMMITTEE. |
| 03:22:57 | WE APPROACHED -- APPROVED, RATHER, AN ADDITIONAL 14 AMENDMENTS BY MY REPUBLICAN COLLEAGUES DURING THE CONFERENCE. |
| 03:23:03 | WORKED OUT OUR DIFFERENCES WITH COLLEAGUES IN THE HOUSE AND PRODUCE ADD FINISHED CONFERENCE REPORT THAT WE HAVE BEFORE US TODAY. |
| 03:23:11 | SO AGAIN THIS CHART BEHIND ME HERE REFLECTS THOSE EFFORTS. |
| 03:23:15 | AS I MENTIONED, THE CONFERENCE COMMITTEE, WE HELD EIGHT PUBLIC MEETINGS OVER TWO WEEKS, ALMOST 70 HOURS, 42 OF US GATHERED TOGETHER TO RESOLVE THE DIFFERENCES BETWEEN THESE TWO BILLS. |
| 03:23:26 | WE APPROVED SOME 30 -- 35 -- 32 AMENDMENTS IN THE CONFERENCE COMMITTEE. |
| 03:23:37 | THERE WERE 79 VOTES HELD. |
| 03:23:39 | AND OF THE 32 AMENDMENTS THAT WERE APPROVED BY THE CONFERENCE COMMITTEE, 14 CAME FROM OUR REPUBLICAN COLLEAGUES AND 18 CAME FROM OUR DEMOCRATIC COLLEAGUES. |
| 03:23:50 | ALMOST AN EQUAL NUMBER ADOPTED BY BOTH A MAJORITY AND MINORITY IN CONFERENCE. |
| 03:23:54 | AGAIN CIALTION ALMOST AN EQUAL NUMBER ADOPTED HERE ON THE FLOOR OF THE SENATE OF THE 60 AMENDMENTS THAT WE DEBATED HERE WERE EITHER MINORITY AMENDMENTS OR DONE IN CONJUNCTION WITH A DEMOCRATIC COLLEAGUE. |
| 03:24:08 | WE HELD SOME 39 ROLL CALL VOTES ON THE FLOOR OF THIS BODY TO CONSIDER THE BILL OVER THE FOUR WEEKS WE DEBATED THE LEGISLATION HERE. |
| 03:24:19 | I DON'T WANT TO DWELL ON ALL OF THAT, BUT I THINK IT IS IMPORTANT BECAUSE I HAVE POINTED OUT EARLIER, MR. |
| 03:24:24 | PRESIDENT, THAT WE WENT FLEW A HEALTH CARE DEBATE. |
| 03:24:26 | I WAS VERY INVOLVED IN THAT BECAUSE OF THE TRAGEDY, THE LOSS OF MY GREAT PAL AND FRIEND FROM MASSACHUSETTS, SENATOR KENNEDY, WHO CHAIRED THE HEALTH COMMITTEE. |
| 03:24:35 | WITH HIS ILLNESS, I WAS ASKED TO TAKE OVER THE ACTING CHAIRMANSHIP OF THAT COMMITTEE. |
| 03:24:39 | AND WE ALL KNOW WHEN A PAINFUL PROCESS -- WHAT A PAINFUL PROCESS IT WAS TO COME TO A CONCLUSION ON THE HEALTH CARE DEBATE. |
| 03:24:46 | AND AGAIN I REGRET -- I'M SORRY I WENT THROUGH THAT PROCESS, NOT EXACTLY A TEXTBOOK VERSION OF HOW A BILL OUGHT TO BECOME LAW. |
| 03:24:53 | BUT NONETHELESS AN IMPORTANT CONTRIBUTION TO OUR COUNTRY. |
| 03:24:58 | THIS BILL, BY CONTRAST, IS A MODEL IN MANY WAYS OF HOW A BILL OUGHT TO BECOME LAW. |
| 03:25:04 | WE DONE IT -- DID IT IN AN OPEN PROCESS HERE, A CONFERENCE THAT WAS OPEN, AMENDMENTS COULD BE OFFERED, MEMBERS COULD BE HEARD. |
| 03:25:10 | I'M NOT SUGGESTING THAT'S A REASON SOLELY FOR SOMEONE TO SUPPORT THIS BILL. |
| 03:25:14 | OR OPPOSE IT. |
| 03:25:15 | BUT I DO THINK IT IS IMPORTANT ON HOW THIS BODY CONDUCTS ITS BUSINESS AS A MODE MODEL OF WHAT CAN BE DONE TO RESTORE SOME CIVILITY TO A PROCESS THAT IS SORELYSORELY IS LACKING IN IT. |
| 03:25:26 | ON TOO MANY OCCASIONS AS WE TRY TO RESOLVE MATTERS THAT OUR CONSTITUENTS HAVE SENT US HERE TO WORK ON. |
| 03:25:31 | SO I TALK ABOUT THE NUMBER OF VOTES CAST, THE TIME SPENT, THE OPENNESS OF THE PROCESS, BECAUSE IT OUGHT TO BE REWARDED TO SOME DEGREE. |
| 03:25:43 | IF THERE IS NO DIFFERENT CONCLUSION, THE SAME ROADBLOCKS ARE OFFERED, WHETHER YOU HAVE A CLOSED PROCESS OR AN OPEN PROCESS, AND AT THE END OF THE DAY YOU'RE STILL FACED WITH THE SAME OBSTRUCTION IN TRYING TO PASS A BILL, WHY WOULD YOU BOTHER GOING THROUGH ALL OF THIS? |
| 03:26:01 | IT SEEMS THERE OUGHT TO BE SOME REWARD FOR A PROCESS THAT INVOLVES, THAT IS AS INCLUSIVE AS THIS ONE HAS BEEN. |
| 03:26:07 | MR. PRESIDENT, THROUGHOUT THIS DEBATE WE'VE HEARD THE SAME TKPWAOUFPLTS OF COURSE COMING FROM THE -- ARGUMENTS COMING FROM THE OPPONENTS OF THIS LEGISLATION. |
| 03:26:18 | LET'S WAIT FOR ANOTHER DAY AND START ALL OVER. |
| 03:26:20 | I KEEP HEARING THAT ARGUMENT OVER AND OVER AGAIN. |
| 03:26:24 | AS INFURIATING AS IT CAN BE TO HEAR, FROM SOME OF THE SAME PEOPLE THAT CAUSED THIS MESS TO BEGIN WITH. |
| 03:26:31 | WE HAVE TAKEN GREAT PAINS TO LISTEN TO ALL SIDES AND INCLUDED THEIR IDEAS AND PROPOSES IN THIS CONFERENCE REPORT THAT IS BEFORE US. |
| 03:26:39 | WHAT WE HAVEN'T HEARD IS AN ALTERNATIVE PLAN TO FIX THE GAPING LOOPHOLES IN OUR SYSTEM. |
| 03:26:43 | THE ALTERNATIVE INDEED IS TO MAINTAIN THE STATUS QUO. |
| 03:26:46 | THAT'S ALL I CAN CONCLUDE, BECAUSE THERE IS NO OTHER OPTION NOR HAS THERE BEEN PLACED ON THE TABLE THAT ALLOWED THIS CRISIS TO HAPPEN. |
| 03:26:54 | THE STATUS QUO THAT WAS DANGEROUS TWO YEARS AGO, IT IS EVEN MORE SO TONIGHT. |
| 03:26:58 | IF WE LET THIS OPPORTUNITY TO REFORM OUR FINANCIAL SYSTEM GO BY, WE WILL FIND OURSELVES, MR. |
| 03:27:05 | PRESIDENT, TRAGICALLY SOMEDAY FAR TOO SOON IN AN EVEN DEEPER HOLE FINANCIALLY, FACING EVEN MORE OF A MESS, NEEDING TO WRITE AN EVEN BIGGER BILL TO CLEAN IT UP. |
| 03:27:16 | I WOULD PREDICT, MR. |
| 03:27:18 | PRESIDENT, THAT ANOTHER GENERATION OR TWO WOULD PASS BEFORE SUCH ANOTHER HISTORIC EFFORT AS WE HAVE CRAFTED HERE WOULD COME BEFORE THIS BODY IF WE FAIL TO ACCOMPLISH WHAT IS BEFORE US TOMORROW. |
| 03:27:31 | WE CANNOT AFFORD TO LET THAT HAPPEN. |
| 03:27:33 | WE MUST NOT LET THAT HAPPEN. |
| 03:27:34 | THIS IS TRULY A STRONG AND HISTORIC PIECE OF LEGISLATION. |
| 03:27:38 | IT PUTS A PERMANENT END TO TOO BIG TO FAIL, THE TAXPAYER BAILOUTS. |
| 03:27:47 | ALLOW ME TO REMIND YOU WHAT IS IN THIS HISTORIC BILL ALONG WITH THE TOO BIG TO FAIL CONCEPT AND ENDING THE BAILOUTS THAT TOO OFTEN PERSISTED IN THE PAST. |
| 03:27:56 | WALL STREET FIRMS UNDERSTAND THAT IF THEY GAMBLE WITH THEIR OWN RISK IT IS ONE THING. |
| 03:28:01 | GAMBLING WITH OTHERS IS A FLAW WE WILL NOT TOLERATE. |
| 03:28:04 | THE AMERICAN PEOPLE DESERVE THIS ASSURANCE THAT WE HAVE PROVIDED IN THIS BILL. |
| 03:28:08 | THEY WERE PUT ON THE HOOK, OF COURSE, FOR AN UNPRECEDENTED EMERGENCY ACTION THAT WE HAD TO TAKE TO SAVE OUR ECONOMY FROM COMPLETELY COLLAPSING. |
| 03:28:16 | THEY WERE AND ARE STILL ANGRY THAT THEY HAD TO PAY FOR THE GREED AND RECKLESSNESS OF OTHERS, AND THEY WERE AND ARE STILL TODAY EVEN ANGRIER THAT THEIR GENEROSITY DIDN'T SEEM TO MOTIVATE WALL STREET TO CHANGE ITS CULTURE AS BANKERS CONTINUE TO LAVISH LARGE BONUSES ON EXECUTIVES, AS MAIN STREET AMERICANS LOST THEIR HOMES, THEIR JOBS, THEIR RETIREMENT AND THEIR WEALTH. |
| 03:28:39 | AS I MENTIONED EARLIER, THIS BILL CREATES A CONSUMER PROTECTION AGENCY WITH AUTHORITY AND INDEPENDENCE. |
| 03:28:46 | IT ENDS TOO BIG TO FAIL. |
| 03:28:47 | IT ESTABLISHES AN ADVANCED WARNING SYSTEM FOR FINANCIAL THREATS, PROVIDES NEW TRANSPARENCY AND ACCOUNTABILITY FOR DERIVATIVES AND OTHER EXOTIC FINANCIAL INSTRUMENTS. |
| 03:28:58 | IT MAKES PUBLIC COMPANIES AND EXECUTIVES MORE ACCOUNTABLE TO THEIR SHAREHOLDERS AND IT GIVES REGULATORS POWERFUL AUTHORITY TO PROTECT INVESTORS AND DEPOSITORS. |
| 03:29:06 | THIS LEGISLATION, MR. |
| 03:29:07 | PRESIDENT, I SAY TO WALL STREET WITH ITS OUTRIGHT BAN ON ANY FUTURE TOO-BIG-TO-FAIL BAILOUTS IS THE OTHER SHOE DROPPING. |
| 03:29:15 | OUR BILL ALSO ESTABLISHES, AS I MENTIONED, A CONSUMER FINANCIAL PROTECTION BUREAU, THE VERY FIRST OF ITS KIND WATCHDOG. |
| 03:29:23 | IT WILL HAVE ONE JOB AND ONE JOB ONLY, AND THAT IS TO PROTECT AND EMPOWER AMERICAN CONSUMERS IN THEIR FINANCIAL DECISIONS. |
| 03:29:30 | AMERICAN FAMILIES SHOULDN'T HAVE TO HAVE AN ADVANCED BUSINESS DEGREE TO PLAN FOR THEIR FINANCIAL FUTURE AND THEY SHOULDN'T HAVE THE FEAR THAT THEY'LL GET RIPPED OFF BY A SHADY LENDER OR A SCAM ARTIST AS TOO OFTEN HAS BEEN THE CASE. |
| 03:29:43 | FOR TOO LONG THEY HAVE BEEN ON THEIR OWN BECAUSE THE SEVEN DIFFERENT AGENCIES THAT WAS SUPPOSED TO BE LOOKED OUT FOR THEM WERE DISTRACT BID THEIR CONFLICTING MISSIONS. |
| 03:29:56 | AMERICANS NEED TO KNOW THIS NEW CONSUMER PROTECTION BUREAU WON'T MAKE DECISIONS FOR YOU AS WELL. |
| 03:30:02 | THEY WILL MAKE SURE THAT YOU HAVE THE INFORMATION THAT YOU NEED TO MAKE GOOD DECISIONS ABOUT YOUR HOME MORTGAGE, YOUR STUDENT LOAN, YOUR HOME EQUITY LOAN, YOUR CREDIT CARD AND OTHER FINANCIAL MATTERS. |
| 03:30:12 | IT WILL PROTECT YOU FROM BEING TRAPPED BY UNFAIR AND DECEPTIVE OR ABUSIVE LENDING PRACTICES. |
| 03:30:19 | AND IF YOU DO ENCOUNTER A PROBLEM, GIVE YOU A SINGLE TOLL-FREE NUMBER WHERE YOU CAN CALL TO GET HELP. |
| 03:30:26 | THE BILL ALSO PROVIDES FOR AN EARLY WARNING SYSTEM. |
| 03:30:29 | BY THE WAY, LET ME JUST SAY THIS LAST POINT ABOUT CONSUMER PROTECTION. |
| 03:30:32 | I'VE HEARD SOME MEMBERS SUGGEST WE DON'T DEAL WITH UNDERWRITING STANDARDS FOR HOME MORTGAGES. |
| 03:30:39 | I'M LOOKING FOR STAFF HERE, BUT I THINK THERE'S SOME 40, 50, 60 PAGES OF THIS BILL ON HERE -- PAGES, PAGES, DEDICATED ALONE TO THE UNDERWRITING STANDARDS WHEN IT COMES TO RESIDENTIAL MORTGAGES. |
| 03:30:54 | WE SPENT A GREAT DEAL OF TIME IN SEEING TO IT THAT TPHO LONGER -- NO LONGER WOULD YOU HAVE THESE NO DOC LOANS, NO REQUIREMENTS, NO INFORMATION, NOTHING AT ALL THAT TOO OFTEN LED TO THE FINANCIAL DIFFICULTIES WE'RE IN. |
| 03:31:08 | I URGE MY COLLEAGUES AND OTHERS TO READ THE BILL OR READ THE SECTION. |
| 03:31:11 | THERE'S A WHOLE AREA OF THIS BILL, A SIGNIFICANT PART OF IT DEALING WITH UNDERWRITING STANDARDS FOR RESIDENTIAL MORTGAGES. |
| 03:31:18 | THIS BILL, AS I SAY, WILL PROVIDE AN EARLY WARNING SYSTEM TO SOUND THE ALARMS TO LARGE INSTITUTIONS OR NEW FINANCIAL PRODUCTS OR PRACTICES THREATENING THE STABILITY OF OUR FINANCIAL SYSTEM. |
| 03:31:32 | MOST AMERICANS WERE COMPLETELY UNFAMILIAR WITH THE INNOVATIVE FINANCIAL INSTRUMENTS LIKE CREDIT DEFAULT SWAPS OR MORTGAGE-BACKED SECURITIES UNTIL THOSE VERY INSTRUMENTS SPARKED A CRISIS THAT PUT MILLIONS OF PEOPLE OUT OF WORK. |
| 03:31:46 | I NOTED WITH SOME INTEREST JUST YESTERDAY, I BELIEVE IT WAS, THAT THE FORMER SECRETARY OF THE TREASURY, HANK PAULSON -- AND I DON'T WANT TO EXAGGERATE HIS COMMENTS, BUT I THINK I CONCLUDED THAT HE THOUGHT THIS BILL WAS A GOOD BILL. |
| 03:31:59 | AND HE IDENTIFIED SPECIFICALLY THIS EARLY WARNING SYSTEM IN OUR LEGISLATION AS ONE OF THE IMPORTANT PROVISIONS OF THIS BILL, THAT HAD THAT EXISTED EARLIER ON -- NOT JUST LAST YEAR BUT GOING BACK TO 2004, 2005, AS HE RIGHTLY POINTS OUT, WHEN THE PROBLEMS BEGAN TO EMERGE THAT, THIS PROBLEM THAT WE'VE GONE THROUGH NEVER WOULD HAVE HAPPENED, NEVER WOULD HAVE HAPPENED TO THE EXTENT IT HAS. |
| 03:32:25 | ONE OF THE HIGHLIGHTS OF THIS BILL IS THAT WE HAVE FAR MORE THAN JUST ONE SET OF EYES NOW LOOKING OVER THE LANDSCAPE BOTH AT HOME AND ABROAD, INCLUDING STATE REGULATORS WHO CAN BRING, I THINK, A VALUABLE CONTRIBUTION TO THE OVERSIGHT RESPONSIBILITIES WHEN IT COMES TO DETERMINING WHETHER OR NOT INSTITUTIONS THEMSELVES OR PRODUCTS LINES OR PRACTICES ARE SO RISKY THAT THEY ENDANGER OUR FINANCIAL SYSTEM. |
| 03:32:50 | AND THEN THEY HAVE THE POWER TO RESPOND TO THAT AS WELL, SEE TO IT THAT THOSE PRACTICES CAN BE BROUGHT TO A STOP BEFORE THEY CAUSE THE PROBLEMS THAT THE LAST CRISIS DID IN SO MANY OTHER AREAS OF OUR ECONOMY. |
| 03:33:03 | OUR LEGISLATION CONTAINS STRONG PROVISIONS THAT BRING THE $600 TRILLION DERIVATIVE MARKET OUT OF THE SHADOWS AND INTO THE SUNLIGHT. |
| 03:33:12 | LET ME REPEAT THAT NUMBER. |
| 03:33:13 | THIS IS AN AREA THAT WE WENT FROM $60 BILLION I THINK IT WAS -- $60 BILLION TO $90 BILLION IN THE DERIVATIVES MARKET TO $600 TRILLION -- THAT'S WITH A "T" HERE -- GLOBALLY, JUST A MASSIVE MARKET OPERATING IN THE SHADOWS. |
| 03:33:30 | AGAIN, OUR LEGISLATION SHEDS THE BRIGHT SUNSHINE OF LIGHT ON THESE TRANSACTIONS SO THAT WE HAVE FAR MORE TRANSPARENCY IN THIS AREA. |
| 03:33:38 | NOW LET ME QUICKLY POINT OUT, MR. |
| 03:33:41 | PRESIDENT, THERE IS ABSOLUTELY NOTHING INHERENTLY WRONG WITH DERIVATIVES. |
| 03:33:44 | IN FACT, QUITE THE CONTRARY. |
| 03:33:47 | DERIVATIVES ARE VITALLY IMPORTANT TO BE UTILIZED, IF UTILIZED PROPERLY IN TERMS OF WEALTH CREATION AND GROWING AN ECONOMY. |
| 03:33:57 | WHAT WAS ONCE A WAY FOR COMPANIES TO HEDGE AGAINST SUDDEN SHOCKS HAVE BECOME A PROFIT CENTER IN AND OF ITSELF, AND IT CAN BE A DANGEROUS ONE AS WELL WHEN DEALERS AND OTHER LARGE MARKET PARTICIPANTS DOESN'T HOLD ENOUGH CAPITAL TO BACK UP THEIR RISKY DEBTS AND REGULATORS DON'T HAVE INFORMATION ABOUT WHERE THE RISKS LIE. |
| 03:34:16 | A.I.G. WAS THE CLASSIC EXAMPLE, OF COURSE, WHERE THAT HAPPENED. |
| 03:34:25 | TKREUFP ALTERNATIVES -- DERIVATIVES SHOULD HELP COMPANIES MANAGE THEIR RISKS. |
| 03:34:29 | THAT'S WHY THEY'RE VALUABLE. |
| 03:34:30 | DURING THIS CRISIS, PANIC AND CONFUSION OF THE DERIVATIVES MARKET LED TO JOB LOSSES. |
| 03:34:37 | DERIVATIVE TRADERS LOST SIGHT OF THE IMPACT THEIR ACTIONS WERE HAVING ON THE REAL ECONOMY IN OUR NATION. |
| 03:34:42 | WITH THIS BILL, COMPANIES CAN CONTINUE, OBVIOUSLY, TO USE DERIVATIVES TO HEDGE THEIR COMMERCIAL RISKS. |
| 03:34:50 | BUT THEY MUST DO SO IN A MUCH SAFER AND TRANSPARENT WAY THAT WON'T PUT OUR WHOLE FINANCIAL SYSTEM AT RISK. |
| 03:34:57 | MEANWHILE, OF COURSE, THIS BILL INCLUDES REFORMS TO EXECUTIVE COMPENSATION AND CORPORATE GOVERNANCE THAT WILL MAKE CORPORATE EXECUTIVES MORE ACCOUNTABLE TO THE OWNERS OF THEIR BUSINESSES, THE SHAREHOLDERS IN THESE COMPANIES. |
| 03:35:09 | THE NEW PROTECTIONS FOR INVESTORS. |
| 03:35:13 | DESPITE THE WILD PROTESTATIONS OF SOME ON WALL STREET WHO HAVE GIVEN THEIR ACTIONS AND THE LEAD UP TO THIS CRISIS, HAVE LITTLE STANDING TO LECTURE US ABOUT KEEPING OUR FINANCIAL SYSTEM HEALTHY. |
| 03:35:24 | THIS BILL IS GOOD FOR THE FINANCIAL SECTOR AS WELL. |
| 03:35:29 | OUR BILL REWARDS CREATIVITY AND INNOVATION WITHOUT THE PRESSURE TO TAKE OUTRAGEOUS RISKS OR TO DEAL UNFAIRLY WITH CONSUMERS. |
| 03:35:38 | HONEST FIRMS CAN FOCUS ON COMPETING FOR BUSINESS BY SERVING THEIR CUSTOMERS BETTER. |
| 03:35:43 | AND FOR COMMUNITY BANKS, REFORM MEANS STRONGER CORE FUNDING, FAIR DEPOSIT INSURANCE PREMIUMS AND A STRONGER INSURANCE FUND AND A FAR MORE LEVEL PLAYING FIELD. |
| 03:35:54 | THESE BANKS WILL GET TO KEEP THEIR FEDERAL REGULATOR AND THEY WON'T BE CHARGED ASSESSMENTS BY THE NEW CONSUMER PROTECTION BUREAU. |
| 03:36:01 | AND FOR RETAILERS, THIS REFORM BILL MEANS FREEDOM FROM INFLATED INTERCHANGE FEES AND FOR CONSUMERS. |
| 03:36:09 | I WANT TO THANK RICHARD DURBIN, OUR COLLEAGUE FROM ILLINOIS, THE MAJORITY WHIP WHOSE INSISTANCE ON THIS LANGUAGE IN THE BILL PROVOKED CONSIDERABLE DISCUSSION. |
| 03:36:22 | I WANT TO THANK SENATOR DURBIN FOR HIS INVOLVEMENT AND THANK RETAILERS AROUND THE COUNTRY WHO SUPPORTED THE INTERCHANGE FEE PROVISION IN THIS BILL. |
| 03:36:31 | 15 MILLION RETAILERS TODAY WILL BE ABLE TO EARN MORE AND CHARGE THEIR CUSTOMERS LESS BECAUSE OF THESE PROVISIONS IN THE BILL. |
| 03:36:38 | FOR SENIORS, VETERANS, AND MINORITIES, REFORM MEANS PROTECTIONS AGAINST SOME OF THE MOST HIDEOUS SCAM TARGETS AT THESE POPULATIONS AS WELL IN OUR COUNTRY. |
| 03:36:48 | AGAIN, I POINT OUT HERE THE OTHER DAY -- I DON'T KNOW IF WE HAVE THIS UP, BUT HERE WAS THE HEADLINE OF THE "WALL STREET JOURNAL" THE OTHER DAY. |
| 03:36:56 | "BIG WIN FOR SMALL BANKS IN OVERHAUL. |
| 03:36:59 | " THAT CERTAINLY IS THE CASE. |
| 03:37:00 | THERE ARE 8,000 OF THEM IN THIS COUNTRY. |
| 03:37:02 | THE INDEPENDENT COMMUNITY BANKERS ASSOCIATION BY NOT ENDORSING THE WHOLE BILL, SAID TO EVERY MEMBER IN IN BODY I THINK THIS MORNING AND YESTERDAY AFTERNOON, OUTLINING WHY THE MAJOR PROVISIONS IN THIS BILL ARE VERY GOOD FOR OUR BANKS, SMALL BANKS IN THIS COUNTRY. |
| 03:37:19 | I'VE ENUMERATED A COUPLE OF MEASURES. |
| 03:37:21 | I'D ASK CONSENT, MR. |
| 03:37:22 | PRESIDENT, AT THIS JUNCTURE TO INCLUDE THE -- IT WASN'T A LETTER, BUT A MEMORANDUM FROM THE ICBA TO BE INCLUDED IN THE RECORD AT THIS JUNCTURE, IF I MAY. |
| 03:37:33 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 03:37:35 | MR. DODD: BECAUSE THEY HIGHLIGHT ALL OF THE THINGS DONE IN THIS BILL THAT WARRANTS THE HEADLINE IN THE "WALL STREET JOURNAL" ABOUT HOW THE OVERWHELMING MAJORITY OF THE 8,000 SMALL BANKS IN THIS COUNTRY DO WELL UNDER THIS BILL. |
| 03:37:46 | AND I THANK THE ICBA FOR STEPPING UP AND MAKING THAT CASE FOR US, WHERE THE AMERICAN BANKERS ASSOCIATION HAVE BEEN VEHEMENTLY OPPOSED TO THIS LEGISLATION AND TRIED TO CONVINCE PEOPLE THEY REPRESENTED ALL BANKS IN THE COUNTRY. |
| 03:38:01 | AND THE ICBA TOOK GREAT OFFENSE AT THAT SUGGESTION AND HENCE THE MEMO THEY SENT AROUND. |
| 03:38:09 | I WANT TO THANK OUR COLLEAGUES AS WELL ON THE SMALL BUSINESS PROVISIONS, AND PARTICULAR THANKS TO OUR COLLEAGUE FROM MAINE, SENATOR SNOWE, WHO CHAIRS ALONG WITH SENATOR LANDRIEU ON THE SMALL BUSINESS COMMITTEE. |
| 03:38:21 | THEY PAID PARTICULAR ATTENTION TO HOW SMALL BUSINESS WOULD BE AFFECTED BY THIS BILL. |
| 03:38:27 | THEY MADE A NUMBER OF SUGGESTIONS WHICH WE ADOPTED AS PART OF THE COMMITTEE, A BILL HERE ON THE FLOOR AND AGAIN PRESERVE THEM IN THE CONFERENCE COMMITTEE. |
| 03:38:35 | THESE ARE NOT MINOR SUGGESTIONS. |
| 03:38:38 | THEY ARE SIGNIFICANT ONES AND ADDED GREAT VALUE TO THIS BILL. |
| 03:38:42 | WE ALL TALK ABOUT SMALL BUSINESS. |
| 03:38:44 | BUT IF WE'RE NOT CAREFUL, TOO OFTEN THEY GET LOST IN THE DEBATES AROUND HERE. |
| 03:38:48 | AND THE FACT THAT SENATOR SNOWE AND OTHER COLLEAGUES HERE -- I SEE MY COLLEAGUE FROM NORTH CAROLINA, SENATOR HAGAN, AS WELL EXPRESS STRONG INTEREST IN WHAT WOULD HAPPEN TO SMALL BANKS AND SMALL BUSINESS AND OUR DESIRE TO REFORM A SYSTEM TO MAKE SURE THEY WOULD NOT BE OFRL BURDENED WITH REGULATIONS -- OVERLY BURDENED WITH REGULATIONS THAT MAKE IT DIFFICULT TO OPERATE. |
| 03:39:13 | THERE ARE PROVISIONS HERE WHERE THE NEEDS OF SMALL BUSINESSES MUST BE ADDRESSED BEFORE RULES ARE PROMULGATED. |
| 03:39:18 | THAT WOULD NOT HAVE HAPPENED EXCEPT FOR THE CONTRIBUTION OF MY COLLEAGUE FROM MAINE. |
| 03:39:22 | I'D BE REMISS AS WELL IF I DIDN'T -- I DIDN'T DISCUSS IT HERE, BUT THE CAPITAL REQUIREMENTS AS WELL IN THIS BILL. |
| 03:39:31 | A LOT OF DISCUSSION ABOUT THAT. |
| 03:39:32 | BUT IT WAS THE AMENDMENT OF SUSAN COLLINS, OUR COLLEAGUE FROM MAINE, AS WELL, ALL WORKING WITH THE FDIC AND SHEILA BAIR CAME UP WITH A VERY PROVISION IN THIS BILL THAT IS A WORKABLE AND FLEXIBLE PROVISION, BUT HELPS US AVOID ONE OF THE MAJOR PROBLEMS THAT CONTRIBUTE TO THIS CRISIS. |
| 03:39:50 | AND THAT IS CAPITAL STANDARDS THAT RAISE THE RISK AND CAUSED SO MANY OF OUR INSTITUTIONS TO GET INTO THE TROUBLE THEY WERE IN. |
| 03:39:57 | SUSAN COLLINS, SENATOR COLLINS MADE OTHER SUGGESTIONS TO THE BILL THAT WERE IMPORTANT AS WELL. |
| 03:40:01 | BUT THOSE PARTICULARLY, I THINK, DEALING WITH CAPITAL STANDARDS CONTRIBUTED VERY, VERY MUCH TO THIS. |
| 03:40:07 | I'M GRATEFUL TO HER AS WELL AS HER COLLEAGUE FROM MAINE, SENATOR SNOWE, FOR HER CONTRIBUTIONS. |
| 03:40:13 | I MENTIONED EARLIER WE TALKED ABOUT TRYING TO GET THIS RIGHT, THE QUESTION OF PROPRIETARY TRADING, SO-CALLED BOCA RULE, THAT WAS RAISED BY THE FORMER CHAIRMAN OF THE FEDERAL RESERVE BOARD. |
| 03:40:25 | AGAIN, I THANK PAUL VOLCKER FOR HIS CONTRIBUTION, HIS TIRELESS EFFORT, A MAN WHO LONG SINCE LEFT PUBLIC LIFE, COULD HAVE SAT BACK AND OFFERED GENERAL COMMENTARY ON EVERYTHING, BUT DECIDED THAT HIS, AT HIS YOUNG AGE TO GET BACK INVOLVED AND ENGAGED IN THIS BILL AND MADE A STRONG CONTRIBUTION TO THE CONCEPT OF PROPRIETARY TRADING, WHERE DEPOSITORS' MONEY SHOULD NOT BE PUT AT RISK WHEN BANKS ARE MAKES CHOICES THAT INVOLVE RISK. |
| 03:40:59 | TO RISK A DEPOSITORS' MONEY IS ANOTHER MATTER. |
| 03:41:04 | BUT I WANT TO THANK SCOTT BROWN OF MASSACHUSETTS BECAUSE THIS WAS NOT MERELY A PAROCHIAL INTEREST OUT OF THE BAY STATE, THE COMMONWEALTH OF MASSACHUSETTS. |
| 03:41:16 | THE WHOLE ISSUE OF DE MINIMIS PARTICIPATION WHERE BANKS HAVE TO HEDGE IN ORDER TO PROTECT THEIR DEPOSITORS' MONEY, THERE ARE A NUMBER OF LEGITIMATE AREAS WHERE THAT IS REQUIRED AND NECESSARY. |
| 03:41:28 | AND AS A RESULT OF SENATOR BROWN'S INVOLVEMENT AND WORK, WE TOOK NOTE OF THAT, CONTRIBUTED IN THIS BILL REFLECTS HIS IDEAS AND THOUGHTS AS WELL. |
| 03:41:39 | IT'S A STRONGER BILL AS A RESULT OF HIS INVOLVEMENT. |
| 03:41:42 | IN THESE AREAS OF SMALL BUSINESS, OF CAPITAL STANDARDS, OF DE MINIMIS PARTICIPATION ALL WERE SIGNIFICANT CONTRIBUTIONS TO OUR LEGISLATION, AND I THANK THEM ALL FOR THEIR WORK. |
| 03:41:53 | THERE ARE MANY OTHER ASPECTS TO THIS. |
| 03:41:56 | I WANT TO THANK SENATOR LUGAR AND BEN CARDIN OF MARYLAND FOR THEIR PROPOSAL DEALING WITH EXTRACTION OF NATURAL RESOURCES AND REQUIRING THAT COMPANIES THAT ARE PUBLIC THAT DO SO HAVE TO SAY IN THEIR PUBLIC FILINGS WITH THE SECURITIES EXCHANGE COMMISSION HOW MUCH THEY'RE PAYING THESE MOSTLY DEVELOPING COUNTRIES FOR THE RIGHT TO EXTRACT THESE NATURAL RESOURCES. |
| 03:42:20 | I'M TOLD BY THOSE WHO FOLLOW THESE ISSUES, THAT PROVISION ALONE COULD HAVE A HUGE IMPACT WHEN IT COMES TO THE 80 ABILITY OF DEVELOPING COUNTRIES TO UNDERSTAND WHAT IS HAPPENING TO THEIR NATURAL RESOURCES AND SOME OF THE CORRUPTION THAT EXISTS IN THEIR COUNTRY. |
| 03:42:34 | I NOTE THE PRESENCE OF MY FRIEND FROM MINNESOTA, I MENTIONED EARLIER WHEN HE PRESIDING HIS CONTRIBUTION ON RATING AGENCIES. |
| 03:42:42 | AND, AGAIN, THIS WAS A SUBJECT MATTER, MR. |
| 03:42:44 | PRESIDENT, THAT WE DEBATED AND DISCUSSED ENDLESSLY ON HOW TO GET GREATER ACCOUNTABILITY OUT OF THE RATING INDUSTRY, GREATER DUE DILIGENCE SO WHEN THE INSTITUTION MAKING A DECISION TO PURCHASE A SECURITIZED PRODUCT THAT HAD BEEN RATED AS TRIPLE-A OR DOUBLE-A OR B OR WHATEVER THE RATING ON THAT THING, THAT LABEL ON THAT THING FOR YEARS PEOPLE HAVE JUST RELIKED ON THAT. |
| 03:43:11 | YOU SAW -- RELIED ON THAT. |
| 03:43:14 | THAT TRIPLE-A, IT DOESN'T GET MUCH BETTER THAN THAT. |
| 03:43:18 | WE LEARNED PAINFULLY THOSE RATINGS WERE NOT DONE BY DUE DILIGENCE, BUT BY THE INFORMATION PROVIDING THE PURCHASING OF THOSE RATINGS FROM THE DEPARTMENTS WHO IN TURN RELIED ON THE ENTITY BEING RATED. |
| 03:43:31 | SO IN A SENSE IT WAS FUNDAMENTALLY FALSE TO SUGGEST THAT THE RATING AGENCY HAD DRAWN THE CONCLUSION THAT A PARTICULAR PRODUCT WITH A SECURITIZED MORTGAGE OR OTHERS WAS ACTUALLY THE VALUE THAT THE RATING WOULD INDICATE. |
| 03:43:47 | OUR COLLEAGUE FROM MINNESOTA, OF COURSE, PLAYED AN IMPORTANT ROLE IN SUGGESTING AN ALTERNATIVE IDEA THAT HAS BEEN INCORPORATED IN THE -- IN THIS BILL. |
| 03:43:56 | AND I'M DEEPLY GRATEFUL TO HIM FOR HIS INVOLVEMENT. |
| 03:44:00 | I MENTIONED EARLIER SOME OF THE SPROITIONS, JEFF -- PROVISIONS, JEFF MERKLEY IS A MEMBER OF OUR COMMITTEE. |
| 03:44:08 | ONE OF MY DEAREST FRIENDS IN THIS CHAMBER, CARL LEVIN. |
| 03:44:13 | WE DON'T SERVE ON COMMITTEES TOGETHER. |
| 03:44:15 | HE IS THE CHAIRMAN OF THE ARMED SERVICES COMMITTEE, MR. |
| 03:44:17 | PRESIDENT, AND ALSO THE CHAIRMAN OF THE -- THE GOVERNMENT OPERATIONS COMMITTEE. |
| 03:44:22 | THESE NAMES CHANGE, COMMITTEES, I BELIEVE THAT IS STILL THE NAME OF THE COMMITTEE WHICH HAS A BROAD JURISDICTION, BUT HELD A CRITICAL HEARING -- A CRITICAL HEARING JUST DAYS BEFORE WE BROUGHT THIS BILL TO THE FLOOR OF THE SENATE WHICH HIGHLIGHTED MANY OF THE PROBLEMS THAT HAVE PERSISTED IN THE FINANCIAL SERVICES SECTOR AND WORKING WITH OUR COLLEAGUE FROM OREGON, SENATOR LEVIN, SENATOR MERKLEY CRAFTED A PROPOSAL, AGAIN, TO DEAL WITH PROPRIETY TRADING, THE VOLCKER RULE, IT WAS THEIR INSISTENCE AND INVOLVEMENT THAT WERE INCORPORATED IN THIS BILL AS WELL. |
| 03:45:00 | WHEN YOU'VE GOT A 2,300-PAGE OR 2,500-PAGE PRODUCT -- I SEE MY COLLEAGUE FROM MICHIGAN IS HERE. |
| 03:45:09 | I THANK HIM FOR HIS PARTICIPATION IN THIS BILL. |
| 03:45:11 | YOU CAN SPEND A LONG TIME AND I'VE TAKEN QUITE A BIT OF TIME TO TALK ABOUT THIS BILL. |
| 03:45:16 | I SUSPECT OVER THE NEXT 24 HOURS OR SO THERE WILL BE MORE DISCUSSION ABOUT IT. |
| 03:45:20 | AND, AGAIN, I -- I'VE BEEN ASKED -- AS -- DO YOU DISAGREE WITH ANYTHING IN THIS BILL? |
| 03:45:26 | OF COURSE I DO. |
| 03:45:27 | THIS IS A BILL CRAFTED BY A COMMITTEE WORKING WITH YOUR COLLEAGUES IN THIS CHAMBER AND WORKING WITH THE 435 OTHERS IN THE OTHER CHAMBER, WORKING WITH THE WHITE HOUSE AND REGULATORS AND STAKEHOLDERS AND TRYING TO FASHION A BILL THAT WOULD REFORM OUR FINANCIAL SYSTEM. |
| 03:45:43 | I WROTE A BILL BACK IN NOVEMBER THAT I WOULD HAVE PREFERRED, BUT -- BUT YOU DON'T GET TO WRITE YOUR OWN BILL. |
| 03:45:51 | YOU CAN WRITE YOUR OWN BILL, BUT THAT MAY BE WHERE IT BEGINS AND ENDS. |
| 03:45:55 | WE SERVE IN A LEGISLATIVE BODY AND SO IT TAKES COMPROMISE AND WORKING TOGETHER TO TRY TO ACHIEVE THE BEST RESULTS WE CAN RECOGNIZING AT THE END THAT YOU HAVE TO PRODUCE THE VOTES, A GOOD IDEA THAT DOESN'T HAVE THE VOTES IS JUST THAT, IT'S AN IDEA. |
| 03:46:08 | BUT WE BEAR A RESPONSIBILITY FOR MORE THAN JUST COMING UP WITH IDEAS. |
| 03:46:12 | THE AMERICAN PUBLIC EXPECT NOTHING LESS OF US THAN TO FASHION PROPOSALS THAT WILL MINE MINIMIZE THE GREAT RISK TO THEM. |
| 03:46:24 | NONE OF US LOST A JOB IN THE LAST TWO YEARS HERE, NONE OF US LOST A HOME IN THE LAST TWO YEARS, NONE OF US ARE GOING TO WORRY WHETHER OR NOT THAT YOUR CHILDREN ARE GOING TO GET A HIGHER EDUCATION. |
| 03:46:38 | THAT HAPPENED TO THE PEOPLE THAT WE REPRESENT ACROSS THE COUNTRY. |
| 03:46:41 | THEY'RE ASKING US TO DO OUR BEST. |
| 03:46:43 | THEY DON'T ASK FOR PERFECTION. |
| 03:46:45 | THEY KNOW THAT WE'RE NOT GOING TO BRING BACK THEIR HOMES AND THEIR JOBS, BUT THEY DO EXPECT US TO RESPOND TO A SITUATION THAT BROUGHT US TO THE BRINK OF FINANCIAL DISASTER. |
| 03:46:54 | AND THIS IS OUR BEST EFFORT TO DO SO. |
| 03:46:56 | IT'S NOT A PERFECT EFFORT. |
| 03:46:57 | I KNOW THAT. |
| 03:46:58 | IT'S NOT EXACTLY WHAT I WOULD WRITE ON MY OWN NOR IS IT WHAT ANYONE ELSE WOULD DO HERE. |
| 03:47:03 | BUT IT IS OUR BEST JUDGMENT ON WHAT WE CAN DO. |
| 03:47:06 | AND WE WON'T KNOW THE FULL RESULTS OF WHAT WE'VE DONE UNTIL THE VERY INSTITUTIONS WE'VE CREATED, THE REGULATIONS WE'VE SUGGESTED AND PROVIDED ARE ACTUALLY GOING TO BE TESTED. |
| 03:47:16 | I CAN'T LEGISLATE WISDOM. |
| 03:47:18 | I CAN'T LEGISLATE PASSION. |
| 03:47:20 | I CAN'T LEGISLATE COMPETENCY. |
| 03:47:23 | ALL WE CAN DO IS CREATE THE STRUCTURES AND THEN HOPE THAT GOOD PEOPLE WILL BE APPOINTED THAT WILL ATTRACT OTHER GOOD PEOPLE. |
| 03:47:30 | THAT PEOPLE MAKE CAREERS AND LISTEN AND SEE TO IT THAT NEVER AGAIN SHOULD WE GO THROUGH WHAT WE'VE BEEN THROUGH. |
| 03:47:38 | BUT THAT'S NOT OUR JOB HERE. |
| 03:47:39 | ULTIMATELY THAT IS DEPENDENT UPON WHAT HAPPENS AFTER THIS BILL BECOMES LAW, IF IT DOES, TO SEE TO IT THAT THE LEADERSHIP, THE HUMAN LEADERSHIP THAT MAKE UP THESE BODIES THAT WILL BE RESPONSIBLE BEFORE REGULATING THE ACTIVITIES IN THESE AREAS DO THEIR JOBS. |
| 03:47:56 | NONE OF US HAVE THE POWER TO GUARANTEE THAT. |
| 03:47:58 | ALL WE CAN DO IS PROVIDE THEM WITH THE TOOLS AND THE STRUCTURE AND THE ARCHITECTURE THAT ALLOW THEM TO DO THAT JOB WELL. |
| 03:48:04 | AND WE HAVE DONE OUR BEST TO PROVIDE THOSE VERY TOOLS AND THAT STRUCTURE AND THAT ARC TECTURE -- ARCHITECTURE IN A COMPLICATED TIME IN A MIDST OF UNDERSTANDABLE ANGER AND FRUSTRATION. |
| 03:48:16 | I CAN'T LEGISLATE ANGER AND FRUSTRATION. |
| 03:48:18 | THAT'S NOT OUR JOB HERE. |
| 03:48:19 | AS ANGRY AS WE ARE, AS MAD AS WE MAY BE AS INSTITUTIONS AND INDIVIDUALS, THAT CANNOT BE OUR MOTIVATION IN CRAFTING THE LEGISLATION THAT THE AMERICAN PEOPLE EXPECT. |
| 03:48:30 | THERE ARE MANY WHO ENDORSED THIS BILL NOT BECAUSE THEY LOVE EVERY ASPECT OF IT, BUT I'M DEEPLY GRATEFUL TO SHEILA BAIRD AT THE FDIC. |
| 03:48:41 | SHE HAS BEEN STALWART IN HER EFFORTS AND I'M GRATEFUL TO HER AND THE STAFF OF THE FDIC. |
| 03:48:52 | I'M GRATEFUL TO TIM GEITHNER IN WORKING WITH US THROUGH THE TECHNICAL MATTERS SO WE CAN UNDERSTAND THE IMPLICATIONS OF VARIOUS IDEAS TO GET THE JOB DONE. |
| 03:49:03 | I'M GRATEFUL TO THE NATIONAL CREDIT UNION, THEIR CHAIRMAN, MR. |
| 03:49:06 | PLATTS, WHO ALSOS ALSOS WITH WAS VERY HELPFUL IN PUTTING THIS BILL TOGETHER. |
| 03:49:11 | I MENTIONED THE ICBA, INDEPENDENT COMMUNITY BANKS, THE FORMER FEDERAL CHAIRMAN, PAUL VOLCKER, 20 PROMINENT PENSION FUND MANAGERS INCLUDING THE CONNECTICUT STATE TREASURER AND THE MASSACHUSETTS LABOR BENEFITS FUND, SERVICE EMPLOYEES INTERNATIONAL UNION, NATIONAL TREASURY EMPLOYEES UNION, U. |
| 03:49:37 | S. PUBLIC INTEREST GROUP, THE AMERICANS FOR FINANCIAL REFORM, THE CONSUMER FEDERATION OF AMERICA, THE AMERICAN ASSOCIATION OF RETIRED PERSONS, THE AARP, THE LEADERSHIP CONFERENCE OF CIVIL AND HUMAN RIGHTS, THE NORTH AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION, THE INSTITUTE FOR COLLEGE ACCESS AND SUCCESS AND ON AND ON. |
| 03:49:57 | AND I'D ASK CONSENT, MR. |
| 03:49:58 | PRESIDENT, THAT THE LIST OF THE MYRIAD ORGANIZATIONS ACROSS THIS COUNTRY THAT HAVE ENDORSED THIS BILL AND THIS PRODUCT AND I THANK THEM FOR THAT. |
| 03:50:08 | LASTLY I'D JUST SAY THE FOLLOWING, MR. |
| 03:50:10 | PRESIDENT, I THINK IT'S WORTH NOTING THAT IN ALL OF THE ANALYSIS AND THE ALL THE EXPLANATION WE DID TO ROOT THE CAUSE OF THIS CRISIS, IT WAS NOT THE AMERICAN PEOPLE AT-LARGE WHO WERE AT FAULT AT ALL. |
| 03:50:25 | OUR COUNTRY'S PROSPERITY WAS BUILT ON HARD WORK, ENTREPRENEURSHIP AND CREATIVITY. |
| 03:50:31 | THOSE QUALITIES ARE AS STRONG IN THE AMERICAN PEOPLE AS THEY'VE EVER BEEN. |
| 03:50:34 | WHAT WE'VE SEEN IS A PATTERN OF EXPLOITATION ON THE PART OF SOME EXECUTIVES AND OTHERS IN THE FINANCIAL SECTOR AND A LACK OF WISDOM ON THE PART OF TOO MANY WASHINGTON REGULATORS. |
| 03:50:46 | WHAT WE'VE SEEN IS A LACK OF INTEGRITY ON THE PART OF SOME, GREEDY INDIVIDUALS WHO SOUGHT TO GET RICH AND BY RIPPING OFF THE AMERICAN FAMILY. |
| 03:50:56 | WHAT WE'VE SEEN IS A LACK OF COMPASSION AND REALLY COMPETENCE ON THE PART OF THOSE WHO WERE SUPPOSED TO BE WATCHING OUT FOR THE INTEREST OF CONSUMERS AND INVESTORS. |
| 03:51:06 | AND, AS A RESULT, THERE HAS BEEN A DEFICIT OF TRUST IN OUR MARKETS, A FORESIGHT IN OUR REGULATORY SYSTEM AND CONFIDENCE IN OUR ECONOMY. |
| 03:51:15 | SO THE CHALLENGE WE FACE, MR. |
| 03:51:17 | PRESIDENT, ALL ALONG IS HOW DO YOU RESTORE THOSE THINGS? |
| 03:51:21 | HOW DO I RESTORE TRUST? |
| 03:51:23 | I CAN'T PUT A NUMBER ON THAT FOR YOU. |
| 03:51:25 | I CAN'T TELL YOU WHAT THE FINANCIAL IMPLICATIONS OF THE ABSENCE OF TRUST OR I DID MUNITIOND DIMMUNITION OF IT. |
| 03:51:38 | YOU CAN'T LEGISLATE TRUST OR CONFIDENCE OR OPTIMISM. |
| 03:51:42 | AS I MENTIONED A MOMENT AGO YOU CAN'T LEGISLATE WISDOM OR INTEGRITY. |
| 03:51:46 | AND WE HAVE SOUGHT -- WE HAVE NOT SOUGHT TO DO SO IN THIS BILL. |
| 03:51:49 | THERE IS NOTHING I OR ANY OTHER LEGISLATOR OR SENATOR CAN DO TO STOP A BANKER FROM MAKING A BAD DECISION OR A TRADER FROM PUTTING PROFIT OVER PRINCIPLE. |
| 03:51:59 | OUR SYSTEM WILL ALWAYS DEPEND, IN PART, ON HUMAN BEINGS. |
| 03:52:03 | AND SO IT WILL ALWAYS INCLUDE HUMAN ERROR. |
| 03:52:06 | BUT OUR SYSTEM ALSO DEPENDS ON INSTITUTIONS AND THOSE WE CAN DO SOMETHING ABOUT. |
| 03:52:12 | AND THAT'S WHAT THIS EFFORT IS ALL ABOUT. |
| 03:52:14 | WE CAN STRENGTHEN THEM TO MAKE OUR FINANCIAL SYSTEM MORE RESILIENT TO THE SHOCKS THAT OCCUR THAT MAKE OUR ECONOMY AS WHOLE AS A WHOLE LESS VULNERABLE TO THE EFFECTS OF THOSE SHOCKS. |
| 03:52:27 | IF YOU EVER PLAYED A BOARD GAME WITH YOUR CHILDREN CALLED JINGEM IT INVOLVES STACKING A SERIES OF ODDLY SHAPED BLOCKS ONE ON TOP OF THE OTHER. |
| 03:52:38 | BECAUSE THE FOUNDATION ON WHICH THE FIRST ONE IS LAID NEVER GROWS BROADER, THERE'S ONLY ONE I WAY -- ONE WAY TO BUILD, THAT'S UP A. |
| 03:52:46 | AS YOU DO BUILD THE STACK BECOMES MORE AND MORE UNSTABLE UNLESS SOMEONE PLACES A BLOCK IN THE WRONG SPOT AND THE ENTIRE STRUCTURE COMES CRASHING DOWN. |
| 03:52:55 | BY ALLOWING BANKS TO SHOP IN THE MOST LENIENT -- FOR THE MOST LENIENT REGULATORS IN A SIMILAR FASHION BY FAILING TO PUT A STRONG COP ON THE CONSUMER PROTECTION BEAT, BY LEAVING THE DOOR OPEN TO TAXPAYER BAILOUTS, WE WERE BUILDING OUR WEALTH ON A NARROW AN UN -- AND UNSTABLE JENGA FOUNDATION. |
| 03:53:20 | BY GIVING REGULATORS THE AUTHORITY AND THE RESPONSIBILITY TO ENFORCE THOSE RULES, WE CAN MAKE OUR STRUCTURES SAFER TO INVEST IN, SAFER TO START A BUSINESS IN, AND SAFER TO PARTICIPATE IN THE ECONOMY OF OUR NATION. |
| 03:53:35 | IN SHORT, THIS LEGISLATION PROPOSAL INSISTS THAT WE REBUILD THE FOUNDATION OF OUR PROSPERITY AND THUS RESTORE THE TRUST THAT ALLOWS US TO PROSPER AS A GREAT NATION. |
| 03:53:47 | MR. PRESIDENT, THIS IS ONE OF MY LAST ACTS AS A MEMBER OF THIS BODY IN THE LEGISLATIVE CONTEXT, AND I'M VERY PROUD OF MY COLLEAGUES AND VERY PROUD OF THIS BILL. |
| 03:53:57 | PROUD OF THE WORK WE'VE DONE OVER THE PAST SEVERAL YEARS TO MAKE IT AS STRONG AS WE POSSIBLY COULD. |
| 03:54:03 | I WANT TO THANK MY STAFF AS WELL. |
| 03:54:05 | I WON'T GO THROUGH THE LONG LIST HERE, BUT AMY FRIEND, WHO SITS NEXT TO ME, LEGISLATIVE COUNSEL, ED SILVERMAN WHO IS THE STAFF DIRECTOR AND SO MANY HERE'S THAT I HAVE MENTIONED. |
| 03:54:17 | I'VE TAKEN A LOT OF TIME ALREADY. |
| 03:54:19 | REMARKABLE PEOPLE WHOSE NAMES WILL NEVER ENJOY THE SPOTLIGHT OR NOTORIETY BUT DAY IN AND DAY OUT, WEEKEND IN AND WEEKEND OUT AROUND THE CLOCK MADE ALL THE DIFFERENCE IN SEEING TO IT THAT WE ARRIVED AT THIS MOMENT THERE ARE DEMOCRATS, REPUBLICANS, PEOPLE WHO WORK OFF THE HILL WHO CONTRIBUTED AS WELL. |
| 03:54:36 | THERE ARE TOO MANY NAMES TO MENTION, LEGISLATIVE COUNSELS WHICH CONTRIBUTED SIGNIFICANTLY AND THE STAFF MEMBERS HEREIN THE FLOOR OF THE UNITED STATES SENATE, IN THE MAJORITY'S OFFICE IN PARTICULAR, THAT I WANT TO THANK FOR THEIR INVOLVEMENT AND CONTRIBUTION. |
| 03:54:50 | I WANT TO THANK CHAIRMAN FRANK PETERSON, DICK SHELBY, MY COLLEAGUE, REPUBLICAN COLLEAGUE, AS WELL, OF COURSE, AS BLANCHE LINCOLN WHO DID SUCH A GREAT JOB ALONG THE WAY. |
| 03:55:04 | SO IT'S A MOMENT OF SOME PRIDE AS WELL AS SUCCESS THAT WE'VE COME THIS FAR. |
| 03:55:08 | THE FINAL RESULT DEPENDS ON THE VOTES OF MY COLLEAGUES HERE. |
| 03:55:14 | AND WHETHER OR NOT THEY DECIDE IT IS BETTER FOR US TO MOVE FORWARD WITH THESE REFORMS AS WE CRAFTED THEM OR TO DO NOTHING, IN EFFECT, AND SAY AFTER ALL OF THIS TIME AND EFFORT WE HAVE NOTHING TO SAY TO YOU ABOUT WHAT HAS BROUGHT US TO THIS SITUATION. |
| 03:55:27 | SO WITH THAT, MR. |
| 03:55:28 | PRESIDENT, I HAVE TAKEN A LONG TIME. |
| 03:55:30 | I APOLOGIZE TO MY COLLEAGUES WHO ARE HERE WHO WANT TO BE HEARD ON THIS MATTER. |
| 03:55:33 | I'LL BE HERE ALL DAY TOMORROW TO LISTEN TO THE DEBATES AND THOUGHTS AS THEY GO FORWARD. |
| 03:55:38 | I THINK THIS IS A MOMENT WE CAN TAKE GREAT PRIDE IN TERMS OF WHAT WE PRODUCED AND HOW WE HAVE PRODUCED IT AND FOR THAT I'M DEEPLY GRATEFUL TO THE MEMBERSHIP OF THIS INSTITUTION AND I YIELD THE FLOOR. |
| 03:55:52 | A SENATOR: MR. |
| 03:55:53 | PRESIDENT? |
| 03:55:54 | THE SENATOR -- THE PRESIDING OFFICER: THE SENATOR FROM NORTH CAROLINA. |
| 03:56:02 | MRS. |
| 03:56:03 | HAGAN: THANK YOU. |
| 03:56:04 | AND I WANT TO THANK SENATOR DODD FOR ALL THE WORK THAT HE'S DONE ON WALL STREET REFORM. |
| 03:56:07 | WE ARE CERTAINLY PLEASED AT THIS POINT IN TIME. |
| 03:56:09 | MR. |
| 03:56:10 | PRESIDENT, I COME TO THE FLOOR THIS AFTERNOON TO DISCUSS TWO NOMINEES FOR THE 4th CIRCUIT COURT OF APPEALS. |
| 03:56:14 | JUDGES JIM WYNN AND ALBERT DIAZ. |
| 03:56:19 | WHEN I CAME TO THE U. |
| 03:56:20 | S. SENATE, I HAD HIGH HOPES OF INCREASING THE NUMBER OF NORTH CAROLINIANS ON THE COURT. |
| 03:56:27 | NORTH CAROLINA IS THE FASTEST-GROWING AND LARGEST STATE SERVED BY THE FOURTH CIRCUIT, YET ONLY ONE OF THE 15 SEATS IS FILLED BY THE ABUNDANT TALENT FROM OUR STATE, AND OVER THE PAST CENTURY, NORTH CAROLINA HAS HAD FEWER TOTAL JUDGES ON THE COURT THAN ANY OTHER STATE. |
| 03:56:44 | FURTHERMORE, THERE HAVE BEEN INEXCUSABLE VACANCIES ON THIS COURT THROUGHOUT HISTORY. |
| 03:56:50 | GIVEN THAT THE UNITED STATES SUPREME COURT ONLY REVIEWS 1% OF THE CASES IT RECEIVES, THE FOURTH CIRCUIT IS THE LAST STOP FOR ALMOST ALL FEDERAL CASES IN THE REGION AND WE MUST BRING THIS COURT BACK TO ITS FULL STRENGTH. |
| 03:57:06 | SINCE 1990, WHEN THIS COURT WAS GRANTED 15 SEATS, IT HAS NEVER HAD 15 ACTIVE JUDGES. |
| 03:57:14 | JUDGE WYNN BRINGS DECADES OF JEUCIAL EXPERIENCE TO THE BENCH BENCH -- OF JUDICIAL EXPERIENCE TO THE BENCH. |
| 03:57:20 | HE HAS SERVED ON THE NORTH CAROLINA COURT OF APPEALS SINCE 1990 AND HAD A BRIEF TENURE ON THE STATE SUPREME COURT. |
| 03:57:28 | HE HAS BEEN THE CHAIR OF THE BAR ASSOCIATION'S JUDGE'S ADVISORY COMMITTEE ON ETHICS. |
| 03:57:32 | ADDITIONALLY, JUDGE WYNN HAS SERVED ON ACTIVE AND RESERVE DUTY IN THE NAVY FOR 30 YEARS AND WAS A CERTIFIED MILITARY TRIAL JUDGE. |
| 03:57:41 | HE HAS BEEN HONORED FOR HIS EXTRAORDINARY SERVICE SEVERAL TIMES, INCLUDING THREE MERITORIOUS SERVICE MEDALS. |
| 03:57:51 | JUDGE DIAZ HAS SERVED SINCE 2005 AS ONE OF NORTH CAROLINA'S THREE BUSINESS COURT JUDGES, AND PRIOR TO THAT, JUDGE DIAZ WAS A JUDGE ON THE STATE'S SUPERIOR COURT FOR NEARLY FOUR YEARS. |
| 03:58:06 | AS A BUSINESS COURT JUDGE, JUDGE DIAZ HAS HANDLED COMPLEX BUSINESS CASES. |
| 03:58:11 | HE STARTED AS A LAWYER IN THE U. |
| 03:58:13 | S. MARINE CORPS, WAS AN APPELLATE COUNSEL IN THE NAVY'S OFFICE OF THE JUDGE ADVOCATE GENERAL, AND HAS BEEN A JUDGE IN THE MARINE CORPS RESERVES. |
| 03:58:22 | JUDGE DIAZ ALSO HAS EXTENSIVE EXPERIENCE IN BUSINESS LITIGATION AND HAS SERVED ON THE STATE JUDICIAL COUNCIL, WHICH ADVISES THE STATE SUPREME COURT'S CHIEF JUSTICE ON WAYS TO IMPROVE THE COURTS. |
| 03:58:36 | HE IS A GRADUATE OF THE NEW YORK UNIVERSITY LAW SCHOOL WITH A GRADUATE DEGREE IN BUSINESS FROM BOSTON UNIVERSITY AND AN UNDERGRADUATE DEGREE IN BUSINESS FROM THE UNIVERSITY OF PENNSYLVANIA. |
| 03:58:47 | I WOULD NOTE THAT BOTH JUDGES HAVE RECEIVED UNANIMOUS RATINGS OF WELL QUALIFIED FROM THE AMERICAN BAR ASSOCIATION. |
| 03:58:59 | ADDITIONALLY, BOTH MEN'S CONFIRMATION TO THIS FEDERAL BENCH WILL BE HISTORICALLY SIGNIFICANT, AS JUDGE DIAZ WILL BE THE FIRST LA LATINO AMERICAN ON THE FOURTH CIRCUIT AND JUDGE WYNN WILL BE JUST THE FOURTH AFRICAN-AMERICAN TO EVER SERVE ON THIS BENCH. |
| 03:59:15 | THESE FINE MEN HAVE THE SUPPORT OF BOTH MYSELF AND MY COLLEAGUE FROM NORTH CAROLINA, SENATOR BURR. |
| 03:59:23 | EDITORIALS IN NEWSPAPERS THROUGHOUT NORTH CAROLINA HAVE PRAISED THESE NOMINATIONS AND URGED THEIR SWIFT CONFIRMATION. |
| 03:59:31 | THE "CHARLOTTE OBSERVER" SAID JUDGES WYNN AND DIAZ ARE WIDELY REGARDED AS INTELLIGENT, ETHICAL JUDGES WHO HAVE WON RESPECT FOR THEIR JUDICIAL AND MILITARY CAREERS. |
| 03:59:43 | THEY ARE THE KIND OF JUDGES THE FEDERAL BENCH NEEDS. |
| 03:59:48 | THEIR QUALITY IS SO UNQUESTIONED THAT ONLY -- ONLY -- PARTISANSHIP COULD STALL THEIR NOMINATIONS. |
| 03:59:55 | AND UNFORTUNATELY I WORRY THAT THAT IS WHAT IS HAPPENING. |
| 03:59:59 | BOTH JUDGE WYNN AND DIAZ WERE APPROVED BY THE SENATE JUDICIARY COMMITTEE ON JANUARY THE 28th. |
| 04:00:06 | JUDGE DIAZ, UNANIMOUSLY; JUDGE WYNN WITH ONLY ONE DISSENTING VOTE. |
| 04:00:12 | BUT FOR OVER FIVE MONTHS NOW, THE NOMINATIONS HAVE LANGUISHED ON THE CALENDAR. |
| 04:00:16 | IT IS PAST TIME THAT THESE TWO FINE JUDGES BE CONFIRMED TO THE FOURTH CIRCUIT. |
| 04:00:22 | SO, MR. |
| 04:00:23 | PRESIDENT, I ASK AS IF IN EXECUTIVE SESSION, I ASK UNANIMOUS CONSENT THAT AT A TIME TO BE DETERMINED BY THE MAJORITY LEADER, FOLLOWING CONSULTATION WITH THE REPUBLICAN LEADER, THE SENATE PROCEED TO EXECUTIVE SESSION AND CONSIDER EN BLOC THE FOLLOWING NOMINATIONS ON THE EXECUTIVE CALENDAR: CALENDAR NUMBER 656, ALBERT DIAZ TO BE A U. |
| 04:00:47 | S. CIRCUIT JUDGE FOR THE FOURTH CIRCUIT; CALENDAR NUMBER 657, JAMES WYNN TO BE A U. |
| 04:00:53 | S. CIRCUIT JUDGE FOR THE FOURTH CIRCUIT, THAT THE NOMINATIONS BE DEBATED CONCURRENTLY FOR UP TO THREE HOURS WITH THE TIME EQUALLY DIVIDED AND CONTROLLED BETWEEN SENATORS LEAHY AND SESSIONS OR THEIR DESIGNEES, THAT UPON THE USE OR YIELDING BACK OF TIME, THE SENATE PROCEED TO VOTE ON CONFIRMATION OF THE NOMINATIONS IN THE ORDER LISTED, THAT MADE -- THAT UPON CONFIRMATION, THE MOTIONS TO RECONSIDER BE CONSIDERED MADE AND LAID UPON THE TABLE EN BLOC, THE PRESIDENT BE IMMEDIATELY NOTIFIED OF THE SENATE'S ACTION ACTION,AND THE SENATE RESUME LEGISLATIVE SESSION. |
| 04:01:27 | THE PRESIDING OFFICER: IS THERE OBJECTION? |
| 04:01:28 | MR. |
| 04:01:29 | McCONNELL: MR. PRESIDENT, RESERVING THE RIGHT TO OBJECT, AND I WILL BE OBJECTING. |
| 04:01:32 | THE PRESIDING OFFICER: THE MINORITY LEADER. |
| 04:01:34 | MR. McCONNELL: I APPRECIATE THE PERSPECTIVE OF THE JUNIOR SENATOR FROM NORTH CAROLINA BUT MY PERSPECTIVE ON THE FOURTH CIRCUIT COVERS A LITTLE LONGER PERIOD OF TIME. |
| 04:01:44 | I'D ADVISE MY FRIEND THAT FOR THE LAST CONGRESS OF THE BUSH ADMINISTRATION, THE DEMOCRATIC MAJORITY ONLY CONFIRMED ONE NOMINEE TO THE FOURTH CIRCUIT. |
| 04:01:53 | AS A RESULT, THE CIRCUIT WAS FULLY ONE-THIRD VACANT WITH FIVE VACANCIES WHEN PRESIDENT BUSH LEFT OFFICE. |
| 04:02:05 | THESE VACANCIES WERE NOT DUE TO PRESIDENT BUSH'S FAILURE TO NOMINATE SEVERAL QUALIFIED CANDIDATES. |
| 04:02:11 | AS A RESULT, MY DEMOCRATIC FRIENDS HAD TO RESORT TO CREATIVE REASONS TO JUSTIFY KEEPING THESE SEATS OPEN. |
| 04:02:17 | TO GIVE YOU AN EXAMPLE, THE FOURTH CIRCUIT SEAT FROM MARYLAND WAS KEPT VACANT FOR THE ENTIRETY OF THE BUSH ADMINISTRATION, EIGHT YEARS. |
| 04:02:29 | THE LAST NOMINEE FOR THAT SEAT THE DEMOCRATS OBJECTED TO WAS A FELLOW NAMED ROD ROSENSTEIN. |
| 04:02:36 | NOBODY COULD REASONABLY CONTEST HIS CREDENTIALS SO MY DEMOCRATIC COLLEAGUES TURNED HIS VIRTUES INTO A VICE. |
| 04:02:42 | SAYING HE WAS DOING TOO GOOD A JOB AS U. |
| 04:02:46 | S. ATTORNEY IN MARYLAND TO BE PROMOTED TO THE CIRCUIT CORT. |
| 04:02:52 | -- CIRCUIT COURT. |
| 04:02:53 | DESPITE THE UNFAIR TREATMENT THAT MR. |
| 04:02:55 | ROSENSTEIN RECEIVED AND MANY SENATE REPUBLICANS IN THIS CONGRESS, INCLUDING MYSELF, SUPPORTED PRESIDENT OBAMA'S NOMINEE TO THIS SEAT, ANDREA DAVIS. |
| 04:03:04 | ALSO IN THIS CONGRESS, REPUBLICANS, INCLUDING MYSELF, SUPPORTED THE CONFIRMATION OF BARBARA KEENAN OF VIRGINIA TO THE FOURTH CIRCUIT. |
| 04:03:12 | WITH HER CONFIRMATION, THE SENATE HAS CONFIRMED TWICE AS MANY NOMINEES TO THE FOURTH CIRCUIT AS OCCURRED DURING THE ENTIRE LAST CONGRESS OF THE BUSH ADMINISTRATION WHEN DEMOCRATS CONTROLLED THE SENATE. |
| 04:03:26 | AND WITH RESPECT TO THE VACANCIES FROM NORTH CAROLINA, PRESH PUT UP A NOMINEE -- PRESIDENT BUSH PUT UP A NOMINEE WHO SATISFIED ALL OF CHAIRMAN LEAHY'S CRITERIA FOR CONFIRMATION, JUDGE ROBERT CONRAD. |
| 04:03:38 | JUDGE CONRAD HAD THE STRONG SUPPORT OF HIS HOME STATE SENATORS. |
| 04:03:41 | HE RECEIVED THE BLESSING OF THE A. |
| 04:03:43 | B.A., THE DEMOCRATS' SO-CALLED GOLD STANDARD, AND HE WOULD FILL A JUDICIAL EMERGENCY. |
| 04:03:49 | YET JUDGE CONRAD COULD NOT EVEN GET SO MUCH AS A HEARING. |
| 04:03:53 | IN FACT, THE SENATE HAS BEEN PROCESSING PRESIDENT OBAMA'S JUDICIAL NOMINEES, BOTH DISTRICT AND CIRCUIT COURT NOMINEES, FASTER THAN IT PROCESSED PRESIDENT BUSH'S JUDICIAL NOMINEES. |
| 04:04:07 | HOW HAS THE PRESIDENT RESPONDED TO OUR EFFORTS TO WORK IN GOOD FAITH? |
| 04:04:11 | WELL, HE RECESS APPOINTED DONALD BERWICK BEFORE THE FINANCE COMMITTEE COULD EVEN SCHEDULE A HEARING ON IT. |
| 04:04:18 | AND DESPITE THE FACT THAT REPUBLICANS ON THAT COMMITTEE REQUESTED THAT A HEARING BE SCHEDULED ON HIS NOMINATION. |
| 04:04:26 | SO LET ME GIVE MY COLLEAGUES A BRIEF TIME LINE OF THE NOMINATION OF DONALD BERWICK. |
| 04:04:30 | ON APRIL THE 19th, 2010, THE PRESIDENT NO, NOMINATEDDOM BERWICK TO -- NOMINATED DR. |
| 04:04:40 | BERWICK TO SERVE AS ADMINISTRATOR FOR THE CENTER OF MEDICARE AND MEDICAID SERVICES. |
| 04:04:44 | THEN WITHOUT A FINANCE COMMITTEE HEARING TAKING PLACE, THE PRESIDENT RECESS APPOINTED DR. |
| 04:04:51 | BERAPPOINTEDDR. |
| 04:04:52 | BERWICK. |
| 04:04:53 | THE REASONING OFFERED WAS THAT REPUBLICANS WERE BLOCKING THIS NOMINATION SO THEY COULD WAIT NO LONGER TO FOLLOW THE CONSTITUTIONAL PROCESS OF SENATE CONFIRM, A YET THIS POSITION WAS VACANT FOR THE FIRST 16 MONTHS OF THE OBAMA ADMINISTRATION AND HASN'T HAD A CONFIRMED ADMINISTRATOR SINCE 2006. |
| 04:05:10 | SINCE MY FRIENDS ON THE OTHER SIDE OF THE AISLE WERE BLOCKING THE BUSH ADMINISTRATION NOMINEE. |
| 04:05:16 | DEMOCRATS DIDN'T SCHEDULE SO MUCH AS A COMMITTEE HEARING FOR DONALD BERWICK. |
| 04:05:21 | THE MERE POSSIBILITY OF ALLOWING THE AMERICAN PEOPLE THE OPPORTUNITY TO HARRY WHAT HE INTENDS TO DO -- TO HEAR WHAT HE INTHENDZ TO DO WITH THEIR -- INTENDS TO DO WITH THEIR HEALTH CARE WAS EVIDENTLY RECENT ENOUGH FOR THIS ADMINISTRATION TO SNEAK HIM THROUGH WITHOUT PUBLIC SCRUTINY. |
| 04:05:34 | SO GIVEN THE PRESIDENT HAS BEEN SO DISMISSIVE OF THE SENATE'S RIGHT TO PROVIDE ADVICE AND CONSENT UNDER THE CONSTITUTION, I'M NOT INCLINED AT THIS POINT TO CONSENT TO THE AGREEMENT PROPOSED BY MY FRIEND FROM NORTH CAROLINA. |
| 04:05:50 | THEREFORE, MR. |
| 04:05:51 | PRESIDENT, I OBJECT. |
| 04:05:52 | THE PRESIDING OFFICER: OBJECTION IS HEARD. |
| 04:05:54 | MRS. KAGAN: MR. |
| 04:05:55 | PRESIDENT, IT IS DISAPPOINTING -- THE PRESIDING OFFICER: THE SENATOR FROM NORTH CAROLINA. |
| 04:05:58 | MRS. KAGAN: THANK YOU. |
| 04:05:59 | IT IS DISAPPOINTING THAT WE CANNOT GET CONSENT FOR THESE JUDGES. |
| 04:06:03 | SENATOR RICHARD BURR AND I TOGETHER INTRODUCED THESE TWO INDIVIDUALS AT THE JUDICIARY COMMITTEE HEARING, AND I WILL SAY THAT I REMAIN COMMITTED TO WORKING WITH MY COLLEAGUES ON BOTH SIDES OF THE AISLE, AS WELL AS ANY SENATOR WHO HAS CONCERNS OVER EITHER JUDGE, TO WORKING TOWARDS A REASONABLE SOLUTION THAT WILL ALLOW AN UP-OR-DOWN VOTE ON JUDGES WYNN AND DIAZ. |
| 04:06:29 | AND, MR. PRESIDENT, I YIELD THE FLOOR. |
| 04:06:33 | MR. FRANKEN: MR. |
| 04:06:34 | PRESIDENT? THE PRESIDING OFFICER: THE SENATOR FROM MINNESOTA. |
| 04:06:35 | MR. |
| 04:06:36 | FRANKEN: MR. PRESIDENT, I ASK UNANIMOUS CONSENT TO SPEAK AS IF IN MORNING BUSINESS. |
| 04:06:40 | THE PRESIDING OFFICER: NO OBJECTION. |
| 04:06:41 | MR. |
| 04:06:42 | FRANKEN: THANK YOU, MR. PRESIDENT. |
| 04:06:43 | I RISE TODAY TO DISCUSS AN INCREDIBLY IMPORTANT SUBJECT, OUR NATION'S BUDGET DEFICITS. |
| 04:06:51 | THE DEFICIT FOR FISCAL YEAR 2009 WAS ABOUT $1. |
| 04:06:57 | 4 TRILLION. |
| 04:06:58 | THE TOTAL NATIONAL DEBT IS NOW JUST UNDER $13. |
| 04:07:02 | 2 TRILLION. THESE NUMBERS ARE STAGGERING AND REPRESENT A TREMENDOUS THREAT TO OUR NATION. |
| 04:07:10 | NOW, WE'VE BEEN HEARING A LOT ABOUT THESE NUMBERS OVER THE LAST FEW MONTHS FROM MEMBERS ON -- ON BOTH SIDES OF THE AISLE. |
| 04:07:17 | WE'VE HEARD ABOUT THE ECONOMIC DANGERS OF RUNNING THESE DEFICITS, THE DANGERS TO OURSELVES, TO OUR CHILDREN AND TO THE VERY FUTURE OF THIS NATION. |
| 04:07:27 | I SHARE THESE CONCERNS OVER THE DIRECTION OF OUR BUDGET DEAF SETS AND OUR -- BUDGET DEFICITS AND OUR RAPIDLY GROWING DEBT. |
| 04:07:37 | I'VE HELD THESE CONCERNS FOR SOME TIME, AS A MATTER OF FACT. |
| 04:07:39 | IN A "NEW YORK TIMES" OP-ED WAY BACK IN 1988 -- 22 YEARS AGO -- I EXPRESSED MY ALARM THAT WE HAD GONE FROM BEING THE WORLD'S LARGEST CREDITOR NATION TO ITS LARGEST DEBTOR NATION. |
| 04:07:55 | I NOTED THEN THAT THE ACCUMULATED TRADE AND BUDGET DEFICITS OF THE REAGAN YEARS WORKED OUT TO ABOUT $20,000 PER AMERICAN FAMILY. |
| 04:08:07 | WHAT FRUSTRATES ME IS THAT I'VE HEARD THESE DEFICIT AND DEBT NUMBERS SERVE AS AN EXCUSE FOR NOT PASSING AN EXTENSION OF UNEMPLOYMENT BENEFITS. |
| 04:08:18 | WE'VE BEEN UNABLE TO GET CLOTURE ON THESE EXTENSIONS DESPITE SPENDING WEEKS OF THE SENATE'S TIME ON THIS MATTER AND DESPITE NUMEROUS ATTEMPTS. |
| 04:08:27 | OPPONENTS SAY OUR DEFICITS MUST BE ADDRESSED. |
| 04:08:30 | OUR DEBT CAN'T GROW ANY LARGER. |
| 04:08:32 | WE'VE GOT TO DRAW A LINE IN THE SAND AND INSIST THAT THESE BENEFITS BE FULLY PAID FOR. |
| 04:08:39 | THIS IS TROUBLING TO ME FOR TWO REASONS. |
| 04:08:42 | FIRST, BECAUSE THESE DEFICITS AREN'T NEW AND MANY OF MY COLLEAGUES SEEM TO HAVE SUDDENLY BECOME AWARE OF THEM ONLY A YEAR AND A HALF AGO. |
| 04:08:54 | MORE IMPORTANTLY, I'M TROUBLED BECAUSE ONE OF THE BIGGEST THREATS TO OUR LONG-TERM DEFICITS IS A DOUBLE-DIP RECESSION AND THE STUNTING OF OUR NATION'S ECONOMIC GROWTH. |
| 04:09:05 | AND THIS SHORTSIGHTEDNESS IS NOT ONLY JEOPARDIZING OUR SHORT TERM ECONOMIC RECOVERY -- "SHORT-TERM ECONOMIC RECOVERY AND OUR FUTURE ECONOMIC HEALTH, IT'S CAUSING US TO ABANDON THE REAL AND URGENT NEEDS OF FAMILIES AT HOME IN OUR STATES. |
| 04:09:25 | IS PLEASE INDULGE ME AS I TAKE A FEW MINUTES TO TAKE STOCK OF EXACTLY WHERE WE FIND OURSELVES. |
| 04:09:31 | WE ALL KNOW THAT OUR UNEMPLOYMENT RATE HAS BEEN HOVERING AT ABOUT 10%, ITS HIGHEST LEVEL IN OVER A QUARTER OF A CENTURY. |
| 04:09:43 | THERE ARE 14. |
| 04:09:44 | 6 MILLION AMERICANS LOOKING FOR JOBS BUT UNABLE TO FIND THEM. |
| 04:09:49 | NEARLY HALF OF THESE ARE FRIENDS, FAMILY AND NEIGHBORS THAT HAVE BEEN OUT OF WORK FOR OVER SIX MONTHS, DESPITE SUSTAINED EFFORTS TO FIND JOBS. |
| 04:10:00 | LONG-TERM UNEMPLOYMENT IS THE WORST THAT IT'S BEEN IN THE 60 YEARS THAT THESE STATISTICS HAVE BEEN KEPT. |
| 04:10:08 | YOU HAVE TO GO BACK TO 1983 TO FIND NUMBERS EVEN HALF THIS BAD. |
| 04:10:17 | AND THE COMPETITION FOR EACH JOB IS FIERCE. |
| 04:10:19 | IT'S NOT UNCOMMON FOR HUNDREDS OF PEOPLE TO BE FIGHTING FOR A SINGLE JOB POSTING. |
| 04:10:25 | THIS CHART SHOWS JUST HOW HARD IT IS TO FIND WORK RIGHT NOW. |
| 04:10:30 | IN 2006 THERE WERE ABOUT 1. |
| 04:10:33 | 5 UNEMPLOYED WORKERS FOR EACH JOB OPENING. |
| 04:10:36 | THAT NUMBER HAS EXPLODED TO FIVE UNEMPLOYED WORKERS FOR EVERY OPENING. |
| 04:10:43 | SO IT DOESN'T SURPRISE ME THAT COUNTLESS AMERICANS HAVE GIVEN UP LOOKING AND AREN'T EVEN COUNTED IN THE BLEAK UNEMPLOYMENT STATISTICS THAT I HAVE BEEN QUOTING. |
| 04:10:52 | THEY HAVE JUST GIVEN UP. |
| 04:10:54 | NOW, I CAN'T IMAGINE MANY THINGS MORE DEMORALIZING THAN NOT BEING ABLE TO FIND WORK, NOT BEING ABLE TO TAKE CARE OF YOUR FAMILY FAMILY. |
| 04:11:07 | I'VE HEARD THE CLAIM FROM ONE OF MY COLLEAGUES THAT UNEMPLOYMENT INSURANCE PROVIDES AN INCENTIVE FOR THE MILLIONS OF UNEMPLOYED WHO JUST SIT ON THEIR DUFFS AND NOT LOOK FOR WORK. |
| 04:11:20 | I COULDN'T DISAGREE MORE STRONGLY. |
| 04:11:24 | UNEMPLOYMENT INSURANCE DOESN'T KEEP PEOPLE FROM WORKING. |
| 04:11:28 | THE LACK OF JOBS KEEPS PEOPLE FROM WORKING. |
| 04:11:33 | I TRAVEL ALL OVER MINNESOTA TALKING TO PEOPLE WHO ARE OUT OF WORK. |
| 04:11:43 | I'VE GONE A WORKFORCE CENTER. |
| 04:11:45 | I GO TO UNION HALLS IN DULUTH AND OTHER CITIES AND I MEET WITH PEOPLE WHO ARE LITERALLY DEPRESSED. |
| 04:11:52 | THESE ARE PEOPLE WHO'VE WORKED THEIR WHOLE LIVES, GUYS WHO STARTED THEIR FIRST PAPER ROUTE WHEN THEY WERE NINE YEARS OLD OR TEN. |
| 04:12:05 | AND THEY TOOK PRIDE IN DOING THEIR JOBS, EVEN WHEN IT WENT GOING OUT ON A 30-BELOW-ZERO WINTER MORNING IN MINNESOTA. |
| 04:12:14 | AND THEY'VE BEEN WORKING EVER SINCE. |
| 04:12:18 | WORK IS AN ENORMOUS PART OF THEIR IDENTITY. |
| 04:12:21 | THESE MINNESOTANS DON'T WANT AN UNEMPLOYMENT CHECK. |
| 04:12:26 | THEY WANT WORK. |
| 04:12:27 | STICIALTION I'VE HAD A NUMBER OF THEM COME AND SAY TO ME, YOU KNOW, IF IT WEREN'T FOR MY UNEMPLOYMENT INSURANCE, I WOULDN'T BE HERE IN MY HOUSE. |
| 04:12:36 | ONE OF MY CONSTITUENTS WROTE TO ME AND SAID, "I WAS UNEMPLOYED FOR -- I WAS EMPLOYED -- I WAS EMPLOYED FOR 23 YEARS SINCE COLLEGE GRADUATION AND NOW IN THE NEED OF UNEXTENDED UNEMPLOYMENT BENEFITS, AS THE ECONOMY SLOWLY RECOVERS VIA A 'JOBLESS RECOVERY'. |
| 04:12:58 | AS A COLLEGE GRADUATE WITH AN M. |
| 04:13:00 | B.A. AND 23 YEARS OF CONTINUOUS EMPLOYMENT AT 'GOOD JOBS' I NEVER IMAGINED EVEN NEEDING BASIC EMPLOYMENT. |
| 04:13:07 | AS AN ACTIVE JOB SEEKER, I HAVE MET HUNDREDS OF OTHER JOB SEEKERS AND VIRTUALLY EVERY ONE OF THEM WANTS A JOB AND WANTS TO WORK. |
| 04:13:14 | " NOW, THIS CONSTITUENT AND THOUSANDS OF OTHERS LIKE HIM HAVE TO HEAR THIS JUNK ABOUT HOW UNEMPLOYMENT INSURANCE INCENTIVIZES PEOPLE NOT TO WORK. |
| 04:13:26 | I DON'T KNOW WHERE THE SENATORS WHO ARE SAYING THAT ARE GOING IN THEIR STATE, BUT FROM WHAT I'VE HEARD FROM MY OTHER COLLEAGUES, IT'S LIKE THIS ALL OVER THE COUNTRY. |
| 04:13:39 | EVEN IF WE'VE IGNORED THE HUMAN SIDE OF OUR ECONOMIC CRISIS, EVEN IF WE'RE TO LOOK ONLY AT WHAT'S BEST FOR OUR NATION'S COMIRKS BOTH IN THE SHORT-TERM AND THE LONG-TERM, IT'S STILL THE RIGHT ANSWER TO EXTEND UNEMPLOYMENT BENEFITS AND DO SO WITHOUT OFF SETTING THEM BY CUTTING OTHER IMPORTANT PROGRAMS I'M NOT AN ECONOMIST. |
| 04:14:03 | NOT MANY OF US HERE ARE, BUT THERE APPEARS TO BE A PRETTY CONVINCING RECORD FOR US TO DRAW FROM. |
| 04:14:09 | ACCORDING TO MARK ZANDI, CHIEF ECONOMIST ON MOODY'S ECONOMY CORNLINGS AND A SENIOR ADVISOR TO SENATOR McCAIN'S PRESIDENTIAL CAMPAIGN, EXTENDING UNUNEMPLOYMENT BENEFITS GENERATED $1. |
| 04:14:26 | 63 IN DEMAND FOR EVERY DOLLAR SPENT. |
| 04:14:29 | THAT'S PRETTY SOON. |
| 04:14:32 | UNEMPLOYMENT BENEFITS ARE LIKELY TO BE SPENT QUICKLY AND IN LOCAL COMMUNITIES. |
| 04:14:37 | UNEMPLOYED WORKERS NO LONGER GET A PAYCHECK. |
| 04:14:41 | BUT THEY STRIL TO PAY THEIR MORTGAGE. |
| 04:14:42 | THEY STILL HAVE TO PUT FOOD ON THE TABLE. |
| 04:14:44 | STILL HAVE TO PAY THEIR ELECTRIC BILLS. |
| 04:14:47 | THROUGHOUT THIS CRISIS, WE'VE WE'VE ALL HEARD FROM ECONOMIST AFTER ECONOMIST WHO ARE CLOSELY WATCHING THE STRENGTH OF CONSUMER SPENDING. |
| 04:14:55 | OUR ECONOMY RISES AND FALLS ON IT. |
| 04:14:58 | UNEMPLOYMENT BENEFITS SUPPORT CONSUMER SPENDING AND STIMULATE THE ECONOMY. |
| 04:15:03 | LIKE OTHER AUTOMATIC STABLIZERS, PROGRAMS FOR WHICH ELIGIBILITY IS TRIGGERED WHEN THE ECONOMY SINKS AND ARE USED LESS AS THE ECONOMY RECOVERS, UNEMPLOYMENT BENEFITS ARE EFFECTIVE AND APPROPRIATE STIMULUS MEASURES. |
| 04:15:19 | YOU KNOW WHAT ELSE HAS PROVEN TO WORK? |
| 04:15:24 | FOOD STAMPS. |
| 04:15:25 | $1.73 YIELD FOR EVERY $1 SPENT. |
| 04:15:29 | GENERALGENERAL AID TO STATE GOVERNMENT, $1. |
| 04:15:36 | 38 FOR EVERY $1 SPENT. |
| 04:15:37 | THAT'S WHY I'VE COSPONSORED A BILL WITH SENATOR BROWN TO DELIVER AID TO STATES. |
| 04:15:41 | LOCAL JOBS FOR AMERICA ACT COULD SAVE A MILLION PUBLIC-SECTOR JOBS, POLICE OFFICERS, FIREFIGHTERS, CHILD-CARE WORKERS. |
| 04:15:52 | AND OF COURSE INCREASED INVESTMENT IN OUR NATION'S INFRASTRUCTURE YIELDS $1. |
| 04:15:58 | 59 FOR EVERY DOLLAR SPENT. |
| 04:16:00 | INFRASTRUCTURE SPENDING REPAIRS OUR CRUMBLING BRIDGES AND ROADS TO KEEP US COMPETITIVE IN THE GLOBAL MARKETPLACE. |
| 04:16:06 | WE COULD BUILD OUR WAY OUT OF THIS CRISIS JUST AS WE DID AFTER WORLD WAR II WITH OUR INTERSTATE HIGHWAY SYSTEM. |
| 04:16:15 | THE 21st CENTURY VERSION OF THE INTERSTATE HIGHWAY SYSTEM IS OUR BROADBAND NETWORK. |
| 04:16:20 | COMMERCE IS NOW HIGHLY DEPENDENT NOT JUST ON BRIDGES AND ROADS BUT ON EFFICIENT COMMUNICATIONS. |
| 04:16:27 | THERE'S NO SMALL IRONY IN THE FACT THAT WE HAVE FALLEN BEHIND OTHER COUNTRIES IN OUR ACCESS TO THE INTERNET AND TECHNOLOGY CREATED BY U. |
| 04:16:39 | S. GOVERNMENT RESEARCH DOLLARS, AND ONE WHICH ITSELF CREATED SO MUCH WEALTH HERE IN THE UNITED STATES AND AROUND THE WORLD. |
| 04:16:48 | THE RECOVERY ACT HAS ALREADY INVESTED $85 MILLION IN GRANTS AND $32 MILLION IN LOANS TO EXPAND BROADBAND COVERAGE IN MINNESOTA. |
| 04:16:58 | THAT'S A GOOD THING. |
| 04:17:00 | BECAUSE THE MORE PARTS OF THIS COUNTRY THAT WE CAN REACH WITH THE BROADBAND NETWORK, THE MORE PEOPLE IN OUR COUNTRY THAT WILL BE ENGAGED IN TRADE AND IN OUR ECONOMY AND THIS EXPANSION CAN HELP REDUCE OUR NATION'S OTHER DEFICIT -- THE TRADE DEFICIT. |
| 04:17:18 | THE PRESIDENT'S EXPORT INITIATIVE ALONG WITH IMPROVING EXCHANGES RATES AND GLOBAL ECONOMIC GROWTH CAN CONTRIBUTE TO BOOSTING OUR EXPORTS, AND THAT MEANS MORE JOBS, MORE GROWTH, AND REDUCED BUDGET DEFICITS. |
| 04:17:33 | OUR COUNTRY HAS PLENTY TO OFFER, ESPECIALLY AS COUNTRIES THROUGHOUT THE WORLD TRANSITION TO GREEN ECONOMICS. |
| 04:17:42 | -- AND ECONOMIES. |
| 04:17:43 | IN MY HOME STATE, A NATIONAL SCIENCE FOUNDATION GRANT HELPED THE UNIVERSITY OF MINNESOTA DEVELOP A TECHNOLOGICAL BREAKTHROUGH THAT WILL LEAD TO AN ULTRA-EFFICIENT SOLAR CELL. |
| 04:17:57 | THESE CELLS CAN PRODUCE 16% MORE ENERGY. |
| 04:18:01 | WE SHOULDN'T BE IMPORTING CHINESE SOLAR PANELS. |
| 04:18:07 | WE SHOULD BE USING THIS TECHNOLOGY TO DEVELOP OUR OWN -- FOR OUR OWN USE AND FOR EXPORT. |
| 04:18:13 | BUT ALL THESE THINGS, UNEMPLOYMENT BENEFITS, INFRASTRUCTURE, RESEARCH, THEY ALL COST MONEY. |
| 04:18:18 | THEY ALL REQUIRE SPENDING. |
| 04:18:21 | AND SOME OF MY COLLEAGUES SEEM TO THINK THAT LONG-TERM DEFICIT REDUCTION AND SHORT-TERM SPENDING ARE SOMEHOW INCOMPATIBLE. |
| 04:18:30 | TAKE, FOR EXAMPLE, THE RECOVERY ACT. |
| 04:18:34 | YES, IT ADDED TO OUR SHORT-TERM DEFICIT -- PERHAPS. |
| 04:18:39 | BUT IMAGINE WHERE OUR ECONOMY WOULD BE NOW IF WE HADN'T ENACTED IT. |
| 04:18:44 | I KNOW SOME OF MY COLLEAGUES WILL SAY, WELL, THE STIMULUS PACKAGE WAS A FAILURE. |
| 04:18:49 | THE PRESIDENT SAID THAT UNEMPLOYMENT HIT 8% IF WE DIDN'T ENACT THE STIMULUS PACKAGE AND UNEMPLOYMENT HAS BEEN NEAR 10% FOR MONTHS. |
| 04:18:59 | WELL, YEAH . |
| 04:19:00 | .. BUT THERE ARE A COUPLE POSSIBILITIES HERE. |
| 04:19:04 | EITHER THE STIMULUS PACKAGE WAS A FAILURE OR THE RECESSION LEFT BY THE BUSH ADMINISTRATION WAS EVEN WORSE THAN HIS ADVISORS THOUGHT IT WAS WHEN PRESIDENT OBAMA SAID THAT. |
| 04:19:21 | WHEN PRESIDENT BUSH LEFT OFFICE, WE WERE BLEEDING JOBS. |
| 04:19:31 | WE LOST ABOUT 800,000 JOBS IN THAT LAST MONTH OF THE BUSH ADMINISTRATION, ABOUT 750,000. |
| 04:19:39 | THE FIRST MONTH OF PRESIDENT OBAMA'S ADMINISTRATION, LOST 4. |
| 04:19:45 | 4 MILLION JOBS IN BUSH'S FINAL YEAR IN OFFICE. |
| 04:19:50 | YET WITH THE RECOVERY ACT, THE PRESIDENT HAS BEEN ABLE TO TURN THE ECONOMY AROUND AND IMMEDIATELY STEM THE GROWING LOSSES. |
| 04:19:59 | THE NUMBERS OF JOBS LOST GOT SMALLER AND SMALLER EACH MONTH, AND THIS YEAR WE HAD FIVE STRAIGHT MONTHS OF GROWTH, AND WE'VE CREATED 882 NET JOBS THIS YEAR. |
| 04:20:09 | DOES ANYONE SEE A TREND LINE HERE? |
| 04:20:14 | SOME MAY POINT TO THIS LITTLE NEGATIVE BAR HERE AT THE END. |
| 04:20:18 | THAT'S PRIMARILY A RESULT OF LOSING SOME TEMPORARY CENSUS JOBS. |
| 04:20:23 | BUT IF YOU LOOK AT ONLY THE PRIVATE SECTOR, WE ACTUALLY SAW A NET INCREASE IN JOBS IN JUNE. |
| 04:20:29 | AND IMAGINE WHAT THIS WOULD LOOK LIKE WITHOUT THE RECOVERY ACT. |
| 04:20:35 | LAST MONTH THE C.B.O. ESTIMATED THAT THE CROAFER ACT HAS INCREASED THE NUMBER OF PEOPLE EMPLOYED BY 1. |
| 04:20:41 | 2 MILLION TO 2. |
| 04:20:44 | 8 MILLION. |
| 04:20:46 | IT IS THE VIEW OF MANY ECONOMISTS THAT BUT FOR THE RECOVERY ACT, WE WOULD HAVE SLIPPED INTO A DEPRESSION. |
| 04:20:53 | IN THAT CASE, OUR DEFICIT WOULD ACTUALLY BE A LOT HIGHER THAN IT IS TODAY, BECAUSE THAT'S WHAT HAPPENS DURING A DEPRESSION. |
| 04:21:02 | LET'S REMEMBER WHAT WAS IN THE RECOVERY ACT. |
| 04:21:04 | ROUGHLY A THIRD WENT TO STATE GOVERNMENTS. |
| 04:21:08 | ROUGHLY A THIRD WENT TO TAX CUTS. |
| 04:21:12 | FOR 95% OF AMERICANS. |
| 04:21:13 | AND ROUGHLY A THIRD WENT FOR INFRASTRUCTURE. |
| 04:21:17 | MANY OF THESE PROJECTS ARE NOW COMING ONLINE NOW. |
| 04:21:21 | YOU KNOW, I TRAVEL ALL OVER MY STATE, AND I TALK TO MAYORS AND CITY PLANNERS AND COUNTY COMMISSIONERS, AS I KNOW THE PRESIDENT DOES. |
| 04:21:34 | -- IN YOUR STATE OF ALASKA. |
| 04:21:36 | I TALK TO SMALL BUSINESS OWNERS AND USUALLY I DON'T KNOW NOR DO I PARTICULARLY CARE WHICH POLITICAL PARTY THEY BELONG TO. |
| 04:21:48 | AND ALMOST INVARIABLY THEY THANK ME FOR STIMULUS FUNDS THAT FINANCE THE REPAIR OF AN AGING WASTE WATER PLANT OR SOME COPS OR TEACHERS OR FUNDED WORKER TRAINING OR A HOME FORECLOSURE COUNSELING PROGRAM THAT PREVENTED HOMES FROM GOING INTO FORECLOSURE, SAVING THEIR COMMUNITIES MONEY. |
| 04:22:15 | YES, LOCAL AND STATE REPUBLICAN OFFICEHOLDERS AND SMALL BUSINESSMEN THANK ME FOR THE RECOVERY ACT. |
| 04:22:24 | A LOT. |
| 04:22:25 | AND I WASN'T EVEN HERE TO VOTE FOR IT. |
| 04:22:28 | STILL, THEY THANK ME. |
| 04:22:30 | AND, YOU KNOW WHAT? |
| 04:22:31 | AFTER THEY THANK ME, THEY SAY, MORE. |
| 04:22:38 | THEY ASK FOR MORE. |
| 04:22:41 | WE HAVE AN ECONOMIC CRISIS ON OUR HANDS. |
| 04:22:46 | CONGRESS SHOULD BE MAKING INVESTMENTS THAT PROVIDE THE HIGHEST RETURNS ON INVESTMENT AND CAN BE THE AT THE SAME TIME STIMULATIVE TO OUR ECONOMY. |
| 04:22:54 | NOW IS NOT THE TIME TO STOP INVESTING. |
| 04:22:58 | SHORT-TERM SHOCKS TO THE SYSTEM WILL IMPAIR OUR ECONOMIC RECOVERY. |
| 04:23:03 | WE SHOULD SIMULTANEOUSLY BE LOOKING FOR LONG-TERM BUDGETARY SOLUTIONS WHILE CONTINUING TO INVEST IN OUR RECOVERING ECONOMY. |
| 04:23:10 | THESE ARE NOT INCOMPATIBLE. |
| 04:23:12 | IN FACT, I BELIEVE IT IS NECESSARY TO DO BOTH. |
| 04:23:16 | IF WE DON'T, WE RISK SEEING A REPEAT OF WHAT HAPPENED IN 1937. |
| 04:23:22 | OUR COUNTRY HAD BEEN MAKING GREAT STRIDES TOWARD A FULL ECONOMIC RECOVERY. |
| 04:23:27 | PRODUCTION WAS UP, WAGES WERE UP, UNEMPLOYMENT HAD COME DOWN FROM OVER 25% WHEN ROOSEVELT TOOK PLACE TO 14%. |
| 04:23:37 | IN 1937. |
| 04:23:38 | SO AFTER HIS LANDSLIDE ELECTION IN 1936, PRESIDENT ROOSEVELT, UPON THE ADVICE OF HIS TREASURY SECRETARY, DECLAIRD THE DEPRESSION OVER. |
| 04:23:50 | HIS TREASURY SECRETARY HENRY MORGANTHAU WAS GETTING UNEASY ABOUT THE LONG STRING OF DEFICITS THAT THEY HAD BEEN RUNNING. |
| 04:23:57 | TO REVERSE COURSE, THEY CUT FEDERAL RECOVERY PROGRAM SPENDING AND RAISED TAXES. |
| 04:24:04 | THIS DECISION PROVED TO BE PREMATURE. |
| 04:24:06 | THE ECONOMY'S IMPRESSIVE GROWTH RATE OF THE PREVIOUS YEARS HAD GROWN 11% IN 1934, 9% IN 1935, 13% IN 1936, 5% IN 1937. |
| 04:24:20 | IT CAME TOO SCREEPG SCREECHING HALT AND THE ECONOMY DUKE A DIVE. |
| 04:24:28 | THE UNEMPLOYMENT RATES INCREASED UP TO 19%. |
| 04:24:30 | THE ECONOMY SHRANK BY 3. |
| 04:24:34 | 4% IN 1938. |
| 04:24:35 | AND THE COUNTRY'S REMAINING ECONOMIC INDICATORS REMAINED LOW UNTIL THE BEGINNING OF WORLD WAR II. |
| 04:24:41 | WE SHOULDN'T MAKE THE SAME MISTAKE TWICE. |
| 04:24:44 | WE SHOULD CONTINUE INVESTING IN OUR FUTURE INSTEAD. |
| 04:24:49 | BUT SOME COMPLETION ARE STEPT CAL OF THIS APPROACH AND TALK ABOUT THE UNITED STATES AS IF WE WERE GREECE. |
| 04:24:55 | LET ME BE CLEAR. |
| 04:24:56 | WE SHALL NOT GREE. |
| 04:24:57 | -- WE'RE NOT GREECE. |
| 04:24:59 | IF YOU WANT TO TAKE A LOOK AT INTEREST RATES ON UNITED STATES TREASURY BONDS, YOU WOULD SEE THAT A 10-YEAR TREASURY IS YIELDING JUST ABOUT 3% IN INTEREST. |
| 04:25:10 | THAT'S THE MARKET'S PRICING. |
| 04:25:12 | IF THE MARKET REALLY THOUGHT U. |
| 04:25:15 | S. TREASURIES WERE RISKY, THE MARKET WOULD DEMAND MORE THAN 3. |
| 04:25:20 | 09% INTEREST ON A 10-YEAR TREASURY. |
| 04:25:25 | . THE MARKET SAYS WE'RE NOT GREECE. |
| 04:25:30 | YET, THE THREAT IN TAKING SOME OF THE MEASURES THAT GREECE HAS RECENTLY TAKEN IS VERY REAL. |
| 04:25:37 | CUTTING BACK ON SPENDING NOW WILL JEOPARDIZE OUR ECONOMY AND COULD PUSH US INTO A DOUBLE-DIP RECESSION. |
| 04:25:44 | THAT WOULD DRIVE UP UNEMPLOYMENT EVEN MORE, DRIVE SMALL BUSINESSES UNDER AND STOP US FROM GROWING OUT OF THE DEFICITS THAT WE ALL WANT TO ELIMINATE. |
| 04:25:55 | GROWING OUR ECONOMY IS HOW WE HAVE COME OUT OF FAR WORSE DEFICITS IN THE PAST. |
| 04:26:01 | NOW, AT THE END OF WORLD WAR II, OUR BUDGET DEFICITS HAD REACHED OVER 30% OF OUR G. |
| 04:26:09 | D.P., BUT WE GREW OUT OF IT. |
| 04:26:11 | TODAY IT'S JUST OVER 10% OF OUR G. |
| 04:26:18 | D.P. AFTER WORLD WAR II, THE PUBLICLY HELD DEBT WAS 109% OF G. |
| 04:26:23 | D.P. COMPARED TO O. |
| 04:26:25 | M.B.'S PROJECTION, THAT WILL BE AT 64% BY THE END OF THIS YEAR. |
| 04:26:29 | WE GREW OURSELVES OUT OF IT, AND WE CAN DO IT AGAIN. |
| 04:26:36 | STIMULATING OUR ECONOMY AT THIS FRAGILE MOMENT IS SIMPLY NOT WISE, BUT DON'T TAKE OUR WORD FOR IT. |
| 04:26:43 | BURTON MALEQI, A MEMBER OF PRESIDENT FORD'S CAB KNIT ADVISOR SAID -- CABINET ADVISOR SAID IF THERE IS ANY TIME THE COUNTRY OUGHT TO HAVE A DEFICIT IS A TIME WHEN THERE IS ECONOMIC LACK. |
| 04:27:04 | ANOTHER SAID HE DIDN'T THINK SHORT-TERM DEFICITS HAVE MUCH TO DO WITH A COUNTRY'S ECONOMIC PEFORMANCE. |
| 04:27:13 | MARTIN FELD STEIN WAS ONE OF THE THE -- OUR MOST DISTINGUISHED ACADEMICS. |
| 04:27:27 | MICHAEL BOSTIC SAID THE NOTION THAT DEFICITS ARE BAD IS WAY TOO NARROW. |
| 04:27:31 | DEFICITS CAN BE A SERIOUS PROBLEM OVER THE MEDIUM AND LONG TERM. |
| 04:27:34 | THERE ARE TIMES IT'S GOOD TO SEE THE DEFICIT WORSEN OR THE SURPLUS TURN INTO A DEFICIT. |
| 04:27:41 | AND HE MEANS DURING AN ECONOMIC DOWNTURN. |
| 04:27:45 | THE CHAIR OF PRESIDENT GEORGE W. |
| 04:27:48 | BUSH'S COUNCIL OF ECONOMIC ADVISORS, GREGORY MANQUE SAID, IT IS A TEXTBOOK PRINCIPLE OF PRUDENT FISCAL POLICY THAT DEFICITS ARE AN APPROPRIATE RESPONSE IN TIMES OF WAR AND RECESSION. |
| 04:28:08 | EARLIER I MENTIONED ONE OF SENATOR McCAIN'S CAMPAIGN ADVISORS, MARK ZANDI. |
| 04:28:15 | HE SAID IT IS TYPICAL TO RUN LARGE DEFICITS DURING A RECESSION. |
| 04:28:20 | THE TRUE PROBLEM IS PERSISTENT LARGE DEFICITS. |
| 04:28:23 | FOR MY COLLEAGUES TO REFUSE TO ADD ANYTHING THAT ADDS A PENNY TO THE DEFICIT, WHAT ELSE CAN I SAY? |
| 04:28:31 | SHORT-TERM DEFICITS DURING A RECESSION ARE ACCEPTABLE. |
| 04:28:34 | IN FACT, MANY OF THE CONSERVATIVE ECONOMISTS ADVISING REPUBLICAN PRESIDENTS AND PRESIDENTIAL CANDIDATES HAVE SAID THEY ARE PRUDENT AND EVEN GOOD. |
| 04:28:46 | WHEN WE DISTINGUISH BETWEEN SHORT- AND LONG-TERM DEFICITS, WE START TO PAINT A VERY DIFFERENT PICTURE. |
| 04:28:54 | NOW, I DON'T WANT ANYONE TO HEAR ME, TO THINK I'M SAYING THAT WE SHOULD JUST SPEND, SPEND, SPEND. |
| 04:29:03 | EVERYONE AGREES THAT WE ARE ON A TRACK THAT IS UNSUSTAINABLE. |
| 04:29:07 | WITHOUT SIGNIFICANT CHANGES, THE POLICY, THE SENATE ON BUDGET AND POLICY PRIORITIES PROJECTS THAT OUR NATIONAL DEBT COULD GROW TO 300% OF G. |
| 04:29:17 | D.P. OVER THE NEXT 40 YEARS. |
| 04:29:19 | THAT'S ALMOST THREE TIMES AS LARGE AS THE POST WORLD WAR II LEVEL. |
| 04:29:25 | THE PROBLEM MUST BE ADDRESSED WITH A CAREFUL, MEASURED AND MULTIFACETED APPROACH, THE SAME APPROACH THAT BALANCED OUR BUDGET JUST TEN YEARS AGO. |
| 04:29:37 | AS YOU CAN SEE, HERE IN 2000, WE WERE RUNNING A SURPLUS OF $200 BILLION. |
| 04:29:44 | AND WE WERE HEADED DOWN THE PATH TO ELIMINATING COMPLETELY THE PUBLICLY HELD DEBT. |
| 04:29:51 | IN FACT, OUR DEBT COULD HAVE BEEN PAID OFF TODAY, BY TODAY, IF NO CHANGES HAD BEEN MADE TO FEDERAL SPENDING POLICY. |
| 04:30:03 | BUT PRESIDENT BUSH AND CONGRESS DID MAKE CHANGES WHEN THEY TOOK OVER IN 2001 BY PASSING MASSIVE TAX CUTS FOR THE WEALTHY, AND AS A RESULT OUR NATIONAL DEBT MORE THAN DOUBLED UNDER PRESIDENT BUSH. |
| 04:30:20 | IN JANUARY 2009, WHEN PRESIDENT OBAMA WAS JUST TAKING OFFICE, C. |
| 04:30:25 | B.O. ESTIMATED THAT HE WAS LEFT WITH A $1. |
| 04:30:29 | 2 TRILLION DEFICIT FOR THE FISCAL YEAR. |
| 04:30:33 | AND THE RESIDUAL EFFECTS OF ILL-ADVISED ECONOMIC POLICIES. |
| 04:30:40 | LET'S TAKE A LOOK AT THIS CHART WHICH SHOWS OUR CURRENT TEN-YEAR BUDGET OUTLOOK. |
| 04:30:46 | AS YOU CAN SEE, THE CENTER ON BUDGET AND POLICY PRIORITIES PROJECT THERE WILL BE FIVE MAJOR CONTRIBUTORS TO THE DEFICIT IN 2019. |
| 04:30:55 | THE ONE THAT'S OBVIOUSLY LEAST UNDER CONTROL IS UNDER -- UNDER OUR CONTROL IS THIS, WHICH IS THE ECONOMIC DOWNTURN. |
| 04:31:03 | IT'S THE RED. |
| 04:31:06 | THEN THERE ARE THE WAORS IN -- THEN THERE ARE THE WARS IN IRAQ AND AFGHANISTAN. |
| 04:31:13 | THAT'S THE GREEN. |
| 04:31:14 | THAT PROPORTION IS PRETTY SUBSTANTIAL. |
| 04:31:17 | BUT HERE'S THIS LITTLE BLUE, TURQUOISE -- THIS LITTLE THING, THAT'S THE RECOVERY ACT. |
| 04:31:26 | THIS IS THE LEGISLATION THAT'S TARGETED OVER AND OVER AND OVER AGAIN FOR BEING SUCH A HUGE CONTRIBUTOR TO OUR DEFICIT. |
| 04:31:35 | THIS SLIVER IS WHAT SO MANY OF MY COLLEAGUES COMPLAIN ABOUT. |
| 04:31:40 | MOST OF ITS CONTRIBUTION TO THE DEFICIT IS CLUSTERED RIGHT HERE IN THE FIRST TWO YEARS WHEN THE ECONOMY MOST NEEDED A BOOST. |
| 04:31:50 | BUT IT'S LONGER-TERM BUDGET DEFICITS ARE TINY COMPARED TO ITS EFFECTIVENESS IN KEEPING FROM US FALLING INTO ANOTHER GREAT DEPRESSION. |
| 04:31:57 | AND WHEN COMPARED TO THIS YELLOWISH-ORANGE BLOCK, THE BLOCK RESPONSIBLE FOR OVER $7 TRILLION IN DEBT OVER THIS TEN-YEAR PERIOD. |
| 04:32:11 | THESE ARE THE BUSH ERA TAX CUTS WHICH WERE PASSED WITHOUT BEING PAID FOR. |
| 04:32:20 | THIS BLOCK IS THE RESULT OF AN EXPERIMENT IN ECONOMIC THEORY. |
| 04:32:26 | I THINK THE RECORD IS CLEAR THAT THE EXPERIMENT FAILED. |
| 04:32:29 | BUT NO MATTER WHAT YOU THINK OF THE EFFECT, THAT POLICY CHOICE ON OUR ECONOMY, YOU CANNOT DENY THE EFFECT THAT THAT POLICY CHOICE ON OUR DEFICIT, BECAUSE HERE IT IS. |
| 04:32:43 | IN YELLOWISH-ORANGE. |
| 04:32:45 | SO WHEN MY COLLEAGUES COME DOWN HERE TO RAIL AGAINST THE RECOVERY ACT, TO BLAME THE RECOVERY ACT FOR INCREASING THE DEFICIT, WELL, I CAN GUESS IT CAN BE TECHNICALLY ACCURATE. |
| 04:32:56 | A LITTLE BIT OF THE BLAME, THIS MUCH, MAYBE A IS ENTY METER -- MAYBE A CENTIMETER. |
| 04:33:06 | EVEN THOUGH IT POSSIBLY STOPPED US FROM SLIPPING INTO A SECOND DEPRESSION, IN WHICH CASE THE DEFICIT IS MUCH LARGER. |
| 04:33:15 | BUT I ALSO WANT THE AMERICAN PEOPLE TO HAVE A SENSE OF HOW MUCH OF THE BLAME SHOULD GO TO THE RECOVERY ACT AND HOW MUCH BELONGS ELSEWHERE. |
| 04:33:21 | AND I THINK YOU SEE. |
| 04:33:23 | NOW, THIS CHART IS -- GIVES YOU A GOOD IDEA OF WHERE ALL THE DEBT CAME FROM. |
| 04:33:29 | AS YOU CAN SEE, THE DEBT ACCELERATES UPWARDS WITH PRESIDENT REAGAN AND PRESIDENT GEORGE H. |
| 04:33:37 | W. BUSH, AND IT SMOOTHS OUT UNDER BILL CLINTON, AND THEN SPIKES, SKYROCKETS UNDER GEORGE W. |
| 04:33:45 | BUSH. AS I MENTIONED BEFORE, PRESIDENT OBAMA WAS LEFT WITH A PROJECTED $1. |
| 04:33:56 | 2 TRILLION DEFICIT IN HIS FIRST YEAR IN OFFICE. |
| 04:34:01 | HOWEVER, EVEN THOUGH THIS MASSIVE DEBT WAS HANDED OVER TO US BY OUR LAST PRESIDENT, IT DOESN'T DIMINISH OUR RESPONSIBILITY TO ADDRESS IT. |
| 04:34:09 | I'M GLAD TO SEE THAT SO MANY OF MY COLLEAGUES ALSO APPRECIATE THE SERIOUSNESS OF THIS RESPONSIBILITY, AND SOME ARE PROPOSING COMMONSENSE SOLUTIONS TO BRING THESE LONG-TERM DEFICITS UNDER CONTROL. |
| 04:34:23 | WE TOOK A MAJOR STEP EARLIER THIS YEAR BY PASSING COMPREHENSIVE HEALTH CARE REFORM. |
| 04:34:29 | HEALTH CARE COSTS WERE THE NUMBER-ONE FACTOR CONTRIBUTING TO LONG-TERM GOVERNMENT DEFICITS. |
| 04:34:35 | THE COST CURVE ON THOSE WERE OUT OF CONTROL. |
| 04:34:38 | UNDER PREVIOUS POLICIES, THE COST OF MEDICARE AND MEDICAID WOULD HAVE GOBBLED UP A THIRD OF THE TOTAL FEDERAL BUDGET BY 2030, BUT HEALTH CARE REFORM INCLUDED REFORMS SUCH AS THE VALUE INDEX THAT WILL FINALLY PROVIDE INCENTIVES FOR PROVIDING HIGH-QUALITY CARE AT A LOWER COST, LIKE WE DO IN MINNESOTA. |
| 04:35:03 | INSTEAD OF PROVIDING THE MOST EXPENSIVE CARE POSSIBLE WITHOUT REGARD TO OUTCOMES. |
| 04:35:09 | THIS LEGISLATION ALONE WILL HAVE AN ENORMOUS IMPACT ON THE LONG-TERM DEFICIT. |
| 04:35:15 | THE C.B.O. ESTIMATES IT WILL BRING DOWN THE DEFICIT BY $143 BILLION IN THE FIRST TEN YEARS AND EVEN MORE IN THE FOLLOWING DECADE. |
| 04:35:23 | THAT'S HUNDREDS OF BILLIONS OF DOLLARS. |
| 04:35:25 | AND THAT DOESN'T EVEN INCLUDE A REDUCTION OF PRIVATE COSTS TO FAMILIES THAT WILL RESULT FROM THE IMPROVEMENTS IN THE OVERALL EFFICIENCY OF OUR HEALTH CARE SYSTEM. |
| 04:35:36 | THESE ARE C. |
| 04:35:38 | B.O. NUMBERS, THE SAME C. |
| 04:35:39 | B.O. WHOSE NUMBERS I QUOTED EARLIER ABOUT THE ALARMING SIZE OF PROJECTED FUTURE DEFICITS. |
| 04:35:47 | THE EXACT SAME ALARMING NUMBERS THAT MY FRIENDS ON THE OTHER SIDE OF THE AISLE, THEY'RE QUOTING C. |
| 04:35:54 | B.O. IF YOU WANT TO RELY ON THOSE C. |
| 04:35:58 | B.O. NUMBERS, C.B.O. NUMBERS ARE WHAT WE MUST RELY ON TO SCORE HEALTH REFORM. |
| 04:36:04 | I STRONGLY SUPPORT THE HEALTH CARE REFORM BILL WE PASSED AND I'M OPTIMISTIC ABOUT THE POSITIVE CHANGES THAT IT WILL BRING TO THE LIVES OF MILLIONS OF AMERICANS, INCLUDING BRINGING DOWN OUR DEFICIT. |
| 04:36:16 | NOW LET'S LOOK AT OUR TAX POLICY. |
| 04:36:18 | AS RECENTLY AS 1980, THE TOP BRACKET FOR THE VERY WEALTHIEST IN THIS COUNTRY WAS 70%. |
| 04:36:27 | AND FOR TWO DECADES PRIOR TO THAT, THE WEALTHIEST AMERICANS HAD INCOME TAX RATES BETWEEN 70% AND 90-SOMETHING PERCENT. |
| 04:36:37 | TODAY IT'S 35%. |
| 04:36:39 | THESE DECLINING RATES ON THE WEALTHIEST AMERICANS MEAN THAT MORE TAX REVENUE IS COMING FROM MIDDLE-INCOME EARNERS. |
| 04:36:46 | AND THIS IS DURING A PERIOD WHEN THE GAP BETWEEN THOSE AT THE TOP AND THOSE IN THE MIDDLE HAVE GROWN SUBSTANTIALLY. |
| 04:36:54 | ON TOP OF THAT, WE'VE ALLOWED THESE ESTATE TAXES TO EXPIRE COMPLETELY IN 2010. |
| 04:37:01 | THIS IS A TAX THAT AFFECTS LESS THAN . |
| 04:37:06 | 5% OF ALL AMERICANS. |
| 04:37:10 | NOW, MY COLLEAGUES ACROSS THE AISLE WILL ARGUE THAT THE ESTATE TAX PUNISHES OUR MOST PRODUCTIVE MEMBERS OF OUR SOCIETY: THE CHILDREN OF THE EXTREMELY WEALTHY. |
| 04:37:25 | AND THIS GIFT TO OUR MOST FORTUNATE SONS AND DAUGHTERS COST THE REST OF US $14 BILLION THIS YEAR ALONE. |
| 04:37:36 | THAT TAB FOR THAT $14 BILLION IN LOST REVENUE FROM AMERICA'S MULTIMILLIONAIRES AND BILLIONAIRES WILL BE PASSED TO ALL OF OUR KIDS. |
| 04:37:46 | NOT JUST THE $14 BILLION, BUT THE INTEREST ON IT AS WELL. |
| 04:37:51 | I THINK TEDDY ROOSEVELT PUT IT THE BEST. |
| 04:37:54 | HE SAID "THE MAN OF GREAT WEALTH OWES A PARTICULAR OBLIGATION TO THE STATE BECAUSE HE DERIVES SPECIAL ADVANTAGES FROM THE MERE EXISTENCE OF GOVERNMENT. |
| 04:38:08 | " THOSE WHO WANT TO ELIMINATE THE ESTATE TAX UNDERSTANDABLY DON'T PUT THE CHILDREN OF THE INCREDIBLY WEALTHY IN THEIR CAMPAIGN LITERATURE. |
| 04:38:18 | INSTEAD, THEY TALK ABOUT FAMILY FARMS AS IF FAMILY FARMS HAVE BEEN LOST TO THE ESTATE TAX. |
| 04:38:24 | YET, ACCORDING TO "THE NEW YORK TIMES," THE AMERICAN FARM BUREAU FEDERATION WAS UNABLE TO NAME ONE FAMILY FARM LOST BECAUSE OF THE ESTATE TAX. |
| 04:38:35 | OPPONENTS OF THE TAX INSINUATE THAT IT'S IMPOSSIBLE TO DESIGN A POLICY THAT CONTINUES -- CONTINUES -- TO PROTECT THE FAMILY FARMS THAT MIGHT BE EVEN SLIGHTLY EFFECTIVE. |
| 04:38:47 | YET, IT IS OF COURSE QUITE POSSIBLE TO DO THAT. |
| 04:38:50 | I'VE COSPONSORED A REASONABLE APPROACH TO ESTATE TAX REFORM OFFERED BY SENATORS SANDERS, HARKIN AND WHITEHOUSE. |
| 04:38:57 | IT RETAINS THE 2009 EXEMPTION LIMITS, $3. |
| 04:39:00 | 5 MILLION PER PERSON AND $7 MILLION PER COUPLE WITH A PROGRESSIVE TIERED STRUCTURE SO THAT THE ULTRA WEALTHY PAY MORE. |
| 04:39:10 | AND, YES, IT MAKES PROVISION FOR FAMILY FARMS. |
| 04:39:14 | THIS PROPOSAL WILL EASE -- WILL HELP EASE THE BURDEN OF MIDDLE-CLASS FAMILIES WHO ARE NOW EXPECTED TO CLOSE THE BUDGET GAP. |
| 04:39:25 | WORKING FAMILIES ARE ALSO ON THE HOOK FOR THE CORPORATE WELFARE THAT'S COMPOUNDING THE NATIONAL DELAWARE OUR TAX -- THE NATIONAL DEBT. |
| 04:39:35 | OUR TAX SYSTEM IS RIDDLED WITH LOOPHOLES SO CORPORATIONS CAN SHIFT HRAOEUBTS OVERSEAS. |
| 04:39:44 | -- SHIFT LIABILITIES OVERSEAS. |
| 04:39:49 | THERE'S SOMETHING EVEN MORE OFFENSIVE. |
| 04:39:54 | IF B.P. IS TAKEN TO COURT BECAUSE OF THEIR NEGLIGENCE IN THIS OEUPL SPILL AND THE JUDGE FINDS THEY OWE PUNITIVE DAMAGES, THOSE PUNITIVE DAMAGES CAN BE DEDUCTED AS A BUSINESS EXPENSE. |
| 04:40:12 | WHY DO WE ALLOW THOSE HUNDREDS OF BILLIONS OF DOLLARS -- THOSE CORPORATIONS TO DEDUCT PUNITIVE DAMAGES FROM THE TAXES THEY SHOULD PAVEMENT THAT'S IF THEY PAY TAXES AT ALL. |
| 04:40:26 | EXXONMOBIL DIDN'T PAY ANY TAXES LAST YEAR. |
| 04:40:30 | DESPITE ITS $45 BILLION PROFIT, IT PAID NO INCOME TAX. |
| 04:40:38 | I DON'T BRING THIS UP TO INSPIRE ANGER AT CORPORATIONS. |
| 04:40:41 | I BRING IT UP BECAUSE THESE REVENUE ALLOWANCES CREATE REVENUE SHORT FALLS. |
| 04:40:46 | REVENUE SHORT FALLS EQUAL DEFICITS UNLESS THEY ARE SHIFTED ON TO THE BACKS OF MIDDLE-CLASS FAMILIES PAYING TAXES. |
| 04:40:54 | BUT WE WOULD BE REMISS TO GO AFTER THESE BIG OIL COMPANIES WITHOUT ALSO TACKLING OUR OWN SPENDING PROBLEM. |
| 04:41:02 | SECRETARY GATES HAS LED THE WAY TO EXPLAINING HOW WE CAN AND MUST ACHIEVE SAVINGS IN THE DEFENSE BUDGET. |
| 04:41:10 | WELL, NOTHING IS MORE IMPORTANT THAN THE DEFENSE OF OUR NATION. |
| 04:41:13 | NATIONAL SECURITY IS NOT WELL SERVED BY UNNECESSARY, INCREDIBLY EXPENSIVE WEAPONS PROGRAMS, NOR ARE WE WELL SERVED BY PROGRAMS THAT COME IN LATE AND WAY OVER BUDGET. |
| 04:41:28 | SECRETARY OF DEFENSE GATES RECENTLY QUOTED HIS PREDECESSOR, SECRETARY RUMSFELD, WHO SAID IT BEST. |
| 04:41:35 | QUOTE -- "A PERSON EMPLOYED IN A REDUNDANT TASK IS ONE WHO COULD BE COUNTERING TERRORISM OR NUCLEAR PROLIFERATION. |
| 04:41:44 | EVERY DOLLAR SQUANDERED ON WASTE IS ONE DENIED TO THE WAR FIGHTER FIGHTER. |
| 04:41:50 | " THAT WAS SECRETARY RUMSFELD ON SEPTEMBER 10, 2001. |
| 04:41:58 | OUR NATIONAL SECURITY PRIORITIES MUST BE MATCHED TO OUR REAL DEFENSE PRIORITIES IN THE 21st CENTURY,NOT DICTATED BY EXPENSIVE WEAPONS SYSTEMS THAT ARE ONLY BENEFITING THE BOTTOM LINE OF BIG DEFENSE CONTRACTORS. |
| 04:42:12 | THESE ARE ALL THINGS THAT WE CAN DO TO BRING DOWN LONG-TERM DEFICITS. |
| 04:42:19 | WE URGENTLY NEED BIPARTISAN SOLUTIONS. |
| 04:42:23 | ONE IDEA THAT I SUPPORTED, A DEFICIT-REDUCTION COMMISSION, WAS PROPOSED BY SENATORS CONRAD AND GREGG. |
| 04:42:33 | THIS COMMISSION WOULD MAKE RECOMMENDATIONS THAT WOULD THEN COME UP FOR AN UP-OR-DOWN VOTE HERE IN CONGRESS. |
| 04:42:40 | THAT PROPOSAL FAILED DESPITE ITS BROAD BIPARTISAN SUPPORT. |
| 04:42:44 | THE COMMISSION WAS ULTIMATELY SUPPORTED BY MORE ON THIS SIDE OF THE AISLE THAN BY THOSE ACROSS IT, INCLUDING THOSE WHO COSPONSORED THE ORIGINAL BILL AND THEN VOTED AGAINST IT WHEN IT CAME UP AS AN AMENDMENT. |
| 04:42:59 | I'M CURIOUS WHAT CHANGES COULD BE MADE TO SUCH A PROPOSAL FOR IT TO ATTRACT MORE SUPPORT. |
| 04:43:07 | I WELCOME WORKING WITH MY COLLEAGUES ACROSS THE AISLE TO FIND SUCH AN APPROACH. |
| 04:43:12 | WE'RE ALL AGREED THAT THE CURRENT PATH FORWARD IS UNSUSTAINABLE BUT WE DIFFER ON WHAT CHANGES NEED TO BE MADE. |
| 04:43:22 | IT IS ECONOMICALLY UNSOUND AND POTENTIALLY DANGEROUS TO REQUIRE THAT ALL SPENDING BE OFFSET WHILE WE'RE STILL RECOVERING FROM A RECESSION. |
| 04:43:33 | REELING FROM NEARLY 10% UNEMPLOYMENT RATES AND LOOKING FOREWAYS TO TEMPER THE -- LOOKING FOR WAYS TO TEMPER THE JOBS DEFICIT OF 12 MILLION WORKERS. |
| 04:43:45 | WE'RE PUTTING OUR ECONOMY BACK AT RISK JUST WHEN IT'S FINALLY TURNING A CORNER. |
| 04:43:51 | NOBEL PRIZE-WINNING ECONOMIST, JOSEPH STIGLITZ, HAS WARNED THAT THE UPCOMING PHASEOUT OF RECOVERY ACT -- OF RECOVERY ACT SPENDING AND STATE AND LOCAL SPENDING CUTBACKS, THAT THEY ARE LIKELY TO EXERT FURTHER DOWNWARD PRESSURE ON THE ECONOMY. |
| 04:44:06 | OUR WORKING AND MIDDLE CLASSES ARE STILL STRUGGLING AND THEY CONTINUE TO NEED OUR HELP. |
| 04:44:11 | WE CAN HELP THEM BY EXTENDING UNEMPLOYMENT INSURANCE AND COBRA SUBSIDIES FOR THOSE WHO LOST A JOB THROUGH NO FAULT OF THEIR OWN. |
| 04:44:23 | WE CAN RETAIN VITAL NUTRITION ASSISTANCE PROGRAMS IN THE RECOVERY ACT TO MAKE SURE THAT KIDS DON'T GO HUNGRY. |
| 04:44:32 | AND WE CAN MAKE INVESTMENTS IN RENEWING OUR NATION'S INFRASTRUCTURE. |
| 04:44:37 | THESE AREN'T GOVERNMENT HANDOUTS HANDOUTS. |
| 04:44:42 | THEY'RE THE MOST EFFECTSIVE WAYS TO GET OUR ECONOMY GOING AGAIN AND CONTRIBUTE TO OUR ECONOMIC RECOVERY. |
| 04:44:52 | WITHOUT THESE MEASURES, WE RISK SLIPPING BACK INTO A RECESSION. |
| 04:44:56 | AND AS I'VE NOTED, RECESSIONS DIRECTLY CONTRIBUTE TO LONG-TERM DEFICITS. |
| 04:45:03 | I ENCOURAGE MY COLLEAGUES TO JOIN ME IN STANDING UP TO THE RHETORIC THAT ALL SPENDING IS CREATED EQUAL. |
| 04:45:13 | I ENCOURAGE MY COLLEAGUES TO SHOW COMPASSION TOWARD THOSE STILL OUT OF WORK. |
| 04:45:19 | I ENCOURAGE MY COLLEAGUES TO SUPPORT SPENDING PROGRAMS THAT WILL HELP US EMERGE FROM THIS DOWNTURN. |
| 04:45:25 | AND I ENCOURAGE MY COLLEAGUES TO JOIN FORCES IN COMING UP WITH NEW WAYS TO TACKLE OUR LONG-TERM DEFICITS BECAUSE THEY MATTER. |
| 04:45:36 | WE FACE ENORMOUS ECONOMIC PROBLEMS. |
| 04:45:40 | A SHORT-TERM ECONOMIC CRISIS AND A LONG-TERM DEFICIT. |
| 04:45:42 | WE ALSO FACE A SEEMINGLY INTRACTABLE POLITICAL PROBLEM. |
| 04:45:48 | AS LONG AS THIS BODY REFUSES TO FACE UP TO THE SIMPLE FACTS ABOUT WHERE OUR DEFICITS CAME FROM AND WHAT WE NEED TO DO TO SOLVE THEM, AS LONG AS WE TURN A BLIND EYE TO THE SIMPLE FACTS ABOUT WHAT WILL GET US OUT OF THIS MAJOR DOWNTURN, WE WILL BE UNABLE TO REACH THE SOLUTIONS DEMANDED BY THESE PROBLEMS AND DESERVED BY THE AMERICAN PEOPLE. |
| 04:46:19 | SIMPLY PUT, IF WE DON'T FACE FACTS, WE CAN'T DO OUR JOBS. |
| 04:46:27 | AND THAT WOULD LEAVE THIS COUNTRY IN SERIOUS TROUBLE. |
| 04:46:32 | THANK YOU, MR. |
| 04:46:34 | PRESIDENT. |
| 04:46:37 | I YIELD THE FLOOR. |
| 04:46:38 | MR. LEVIN: MR. |
| 04:46:39 | PRESIDENT? THE PRESIDING OFFICER: THE SENATOR FROM MICHIGAN. |
| 04:46:41 | MR. LEVIN: MR. |
| 04:46:42 | PRESIDENT, ROUGHLY TWO YEARS AGO, OUR NATION SUFFERED A CATASTROPHE. |
| 04:46:48 | IT WAS NOT A HURRICANE OR AN EARTHQUAKE. |
| 04:46:51 | IT WAS NO ACT OF GOD. |
| 04:46:53 | IT WAS A MANMADE DISASTER MANUFACTURED IN THE BOILER ROOMS OF UNSCRUPULOUS MORTGAGE LENDERS, IN THE OFFICE OF PAY-FOR-HIRE CREDIT RATING AGENCIES, IN THE HEADQUARTERS OF SLUGGISH REGULATORS AND THEN VASTLY EXPANDED IN ITS NEGATIVE IMPACT IN THE BOARDROOMS OF WALL STREET FINANCIAL FIRMS. |
| 04:47:17 | THE FINANCIAL CRISIS THAT THEY ALL HELPED CREATE HAS COST MILLIONS OF AMERICANS THEIR JOBS, THEIR HOMES AND THEIR FINANCIAL SECURITY. |
| 04:47:25 | IT HAS ENDANGERED BUSINESSES LARGE AND SMALL. |
| 04:47:28 | IT CONTINUES TO WEIGH DOWN OUR ECONOMY TODAY. |
| 04:47:31 | IT REQUIRED TRILLIONS OF DOLLARS IN GOVERNMENT AID JUST TO KEEP THE CRISIS FROM SLIDING INTO A DEPRESSION. |
| 04:47:38 | AND ADDRESSING THE CAUSES OF THIS CRISIS IN AN EFFORT TO ENSURE THAT IT IS NOT REPEATED IS OUR VERY SERIOUS OBLIGATION. |
| 04:47:48 | WE NOW HAVE BEFORE US MONTHS IN THE MAKING SOMETHING THAT CONSTITUTES OUR BEST EFFORTS TO CARRY OUT THAT OBLIGATION. |
| 04:48:00 | THE LEGISLATION BEFORE US CONTAINS MANY IMPORTANT PROVISIONS BUT IT IS, IN SUM, AN ATTEMPT TO BUILD A FIRE WALL BETWEEN THE WORST HIGH-RISK EXCESSES OF WALL STREET ON THE ONE HAND AND THE JOBS AND HOMES AND FUTURES OF ORDINARY AMERICANS ON THE OTHER. |
| 04:48:16 | I STRONGLY SUPPORT THE DODD-FRANK BILL, ENCOURAGE OUR COLLEAGUES TO DO THE SAME. |
| 04:48:22 | SENATOR DODD SPOKE AT SOME LENGTH A FEW MINUTES AGO ABOUT THIS BILL. |
| 04:48:27 | HE SAID THAT HE CAN'T LEGISLATE INTEGRITY, WISDOM, PASSION, OR COMPETENCY AND THAT'S SURELY TRUE. |
| 04:48:38 | BUT WITHOUT SENATOR DODD'S INTEGRITY, WISDOM, PASSION, AND COMPETENCY, WE WOULD NOT BE WHERE WE ARE TODAY: ON THE THRESHOLD OF MAKING A GENERATIONALLY IMPORTANT REFORM OF THE FINANCIAL COMMUNITY. |
| 04:48:56 | SENATOR DODD MADE REFERENCE TO THE PERMANENT SUBCOMMITTEE ON INVESTIGATIONS AND THE INVESTIGATIONS WHICH WE HELD INTO THE FINANCIAL CRISIS. |
| 04:49:05 | I HAVE SEEN UP CLOSE AND PERSONAL AND IN DETAIL THE WORST OF THOSE EXCESSES. |
| 04:49:13 | OUR COLLEAGUES ON THE SUBCOMMITTEE, INCLUDING MY RANKING MEMBER, SENATOR COBURN, MY VERY ACTIVE MEMBER ON THAT SUBCOMMITTEE, SENATOR KAUFMAN, AND OTHERS, WE -- WE SAW THESE EXCESSES IN FOUR DIFFERENT HEARINGS. |
| 04:49:35 | FOR OVER ALMOST A YEAR AND A HALF, OUR SUBCOMMITTEE DEVOTED OUR RESOURCES TO EXAMINING SOME OF THE CAUSES AND CONSEQUENCES OF THE FINANCIAL CRISIS. |
| 04:49:44 | WE ISSUED DOZENS OF SUBPOENAS, WE EXAMINED MILLIONS OF PAGES OF DOCUMENTS, WE CONDUCTED OVER 100 INTERVIEWS, AND WE TOOK MORE THAN 30 HOURS OF TESTIMONY DURING THOSE FOUR PUBLIC HEARINGS. |
| 04:49:59 | THOSE HEARINGS FOCUSED ON THE PRACTICES OF RISKY MORTGAGE LENDERS USING WASHINGTON MUTUAL, WAMU, AS A CASE HISTORY. |
| 04:50:08 | WE FOCUSED IN A SECOND HEARING ON THE FAILURES OF THE REGULATORS TO REIN IN WAMU'S RISKY PRACTICES. |
| 04:50:15 | IN A THIRD HEARING ON THE INACCURATE RISK ASSESSMENTS OF CREDIT RATING AGENCIES. |
| 04:50:20 | AND THEN IN THE FOURTH HEARING ON THE AGREJOUS PRACTICES OF -- EGREGIOUS PRACTICES OF SOME WALL STREET INVESTMENT BANKS USING AS A CASE HISTORY GOLDMAN SACHS. |
| 04:50:30 | IN EACH OF THOSE HEARINGS, WE LEARNED IMPORTANT FACTS ABOUT HOW THE FINANCIAL INDUSTRY AND THOSE TAX -- TASKED WITH OVERSEEING IT FAILED IN THEIR OBLIGATIONS, PLUNGING THE NATION INTO CRISIS AND A DEEP RECESSION. |
| 04:50:46 | I'D LIKE TO JUST SET OUT HOW THE LEGISLATION BEFORE US ADDRESSES MANY OF THE LESSONS THAT WE LEARNED IN THE SUBCOMMITTEE'S INVESTIGATION. |
| 04:50:55 | OUR HEARINGS BEGAN WITH A CASE STUDY OF WARK TON WASHINGTON MUTUAL BANK, A $300 BILLION SEATTLE-BASED THRIFT THAT, THANKS TO ITS RECKLESS LENDING, BECAME THE LARGEST BANK FAILURE IN AMERICA'S HISTORY. |
| 04:51:12 | IN THE PURSUIT OF HIGHER AND HIGHER PROFIT,WAMU'S MANAGEMENT TURNED ITS FOCUS FROM TRADITIONAL MORTGAGE LENDING TO HIGH-RISK SUBPRIME AND ADJUSTABLE-RATE MORTGAGE LOANS. |
| 04:51:23 | IN DOING SO, IT ENGAGED IN PRACTICES THAT ENDANGERED THE BANK, ITS BORROWERS, AND THE ECONOMY AT LARGE. |
| 04:51:32 | IT SOLD LOANS TO BORROWER AS THAT IT KNEW OR SHOULD HAVE KNOWN WOULD BE UNABLE TO REPAY. |
| 04:51:37 | IT PAID ITS SALESPEOPLE MORE IF THEY SOLD HIGHER-RISK LOANS WITH HIGHER INTEREST RATES OR OTHER TERMS THAT MADE THEM MORE DIFFICULT TO REPAY. |
| 04:51:47 | INTERNAL AUDITS REPEATEDLY FOUND HIGH LEVELS OF FRAUD AND ABUSE IN THE BANK'S LOANS, BUT BUSINESS CONTINUED AS EUCIAL. |
| 04:51:56 | WAMU -- CONTINUED AS USUAL. |
| 04:51:57 | WAMU THEN DUMPED THESE RISKY LOANS INTO THE FINANCIAL SYSTEM, SELLING THEM OR PACKAGING THEM INTO MORTGAGE-BACKED SECURITIES THAT WALL STREET EAGERLY SCOOPED UP, FLOODING THE STREAM OF COMMERCE WITH TOXIC ASSETS LIKE A POLLUTER DUMPING POISON INTO A RIVER. |
| 04:52:13 | WAMU COLLAPSED IN 2008, LEAVING BEHIND A TRAIL OF SHATTERED HOMEOWNERS AND INVESTORS. |
| 04:52:20 | ITS CASE HISTORY WAS EMBLEMATIC OF A WHOLE HOST OF IRRESPONSIBLE MORTGAGE LENDERS THAT LOADED UP OUR MORTGAGE MARKETS WITH TOXIC SECURITIES. |
| 04:52:31 | THE LEGISLATION BEFORE US DOES MUCH TO ADDRESS THESE PROBLEMS. |
| 04:52:35 | A CONSUMER FINANCIAL PROTECTION BUREAU WILL BRING NEW SCRUTINY TO THE PRACTICES OF FINANCIAL COMPANIES, PROVIDING IMPORTANT OVERSIGHT THAT CAN END THE KINDS OF ABUSIVE AND EVEN FRAUDULENT PRACTICES USED BY WAMU AND OTHER MORTGAGE LENDERS. |
| 04:52:49 | OTHER PROVISIONS WILL REQUIRE THOSE WHO CREATE MORTGAGE-BACKED SECURITIES SUCH AS WAMU AND THE INVESTMENT BANKS THAT IT USED TO RETAIN A PORTION OF THE RISK OF SECURITIES THAT ARE BACKED BY THOSE HIGH-RISK LOANS, SUCH AS SUBPRIME MORTGAGES OR OPTION A. |
| 04:53:09 | R.M.'S SO THAT SECURITIZERS WILL NO LONGER BE ABLE TO OFFLOAD ALL THAT RISK ON TO THE MARKET AND WALK AWAY FROM THE LOSSES THAT OCCUR DOWN THE ROAD. |
| 04:53:20 | STILL ANOTHER SET OF PROVISIONS IN THIS BILL BANS SO-CALLED LIAR LOANS WHICH ALLOWED WAMU AND OTHERS TO SELL LOANS WITHOUT ANY DOCUMENTATION OF A BORROWER'S INCOME OR ABILITY TO REPAY. |
| 04:53:36 | THE BILL ALSO PROHIBITS THE PRACTICE OF PAYING SALESPEOPLE MORE FOR GOUGING HOMEOWNERS WITH HIGHER RATES OR OTHER TERMS THAT MAKE LOANS HARDER TO REPAY. |
| 04:53:47 | EACH OF THOSE REFORMS ADDRESSES CRITICAL PROBLEMS EXPOSED IN OUR SUBCOMMITTEE'S HEARINGS WHICH HELPED TO BUILD A LEGISLATIVE HISTORY SUPPORTING THE NEED FOR THIS BILL. |
| 04:53:59 | MOST OF THE REFORMS ALSO REQUIRE IMPLEMENTING REGULATIONS AND I HOPE THAT THOSE WRITING THE REGULATIONS WILL PAY HEED TO THE PROBLEMS UNCOVERED IN OUR HEARINGS AND TAKE THE STEPS NEEDED TO PROTECT OUR MORTGAGE MARKETS FROM FUTURE ABUSES. |
| 04:54:16 | WAMU MIGHT NOT HAVE BEEN ABLE TO ENGAGE IN ITS WORST PRACTICES FOR AS LONG AS IT DID HAD IT BEEN CONFRONTED BY FEDERAL REGULATORS. |
| 04:54:28 | INSTEAD, OUR INVESTIGATION FOUND THAT THE OFFICE OF THRIFT SUPERVISION, WAMU'S PRIMARY REGULATOR, WAS MORE A LAPDOG THAN A WATCHDOG. |
| 04:54:38 | REPEATEDLY ITS EXAMINERS IDENTIFIED ENORMOUS PROBLEMS WITH THE BANK'S LENDING AND SECURITIZATION OPERATIONS AND YET HIGHER-UPS IN THE OFFICE OF THRIFT SUPERVISION, THOSE HIGHER-UPS FAILED TO TAKE APPROPRIATE ACTION. |
| 04:54:57 | WHEN THE FEDERAL DEPOSIT INSURANCE CORPORATION SOUGHT TO ADDRESS THE OBVIOUS PROBLEMS IN WAMU, THE OFFICE OF THRIFT SUPERVISION, O. |
| 04:55:07 | T.S., ERECTED ROADBLOCKS THAT PREVENTED ACTION ACTION. |
| 04:55:11 | DOCUMENTS SHOW THAT THE HEAD OF O. |
| 04:55:13 | T.S. REFERRED TO WASHINGTON MUTUAL AS THEIR AGENCY'S CONSTITUENT, PERHAPS REFLECTING AN AWARENESS THAT THE COUNTRY'S LARGEST THRIFT WAS ALSO THE O. |
| 04:55:27 | T.S.'S LARGEST SINGLE SOURCE OF FUNDING. |
| 04:55:30 | AND I'M ALSO AFRAID THAT THAT COMMENT CALLING WASHINGTON MUTUAL A CONSTITUENT OF ITS REGULATORY AGENCY ALSO IGNORED THE OBLIGATION THAT SHOULD RESULT FROM AN AGENCY BEING A FIDUCIARY WHOSE CONSTITUENTS ARE NOT THE PEOPLE THEY REGULATE BUT ARE THE PEOPLE OF THE UNITED STATES OF AME -- UNITED STATES OF AMERICA. |
| 04:55:57 | CLEARLY O. |
| 04:55:58 | T.S. OUTLIVED ITS USEFULNESS AND THE LEGISLATION BEFORE US DISSOLVES THE O. |
| 04:56:07 | T.S. A COUNCIL WILL HAVE BROAD AUTHORITY TO MONITOR INDIVIDUAL FINANCIAL INSTITUTIONS AS WELL AS THE SYSTEM AT-LARGE TO CATCH PROBLEM INSTITUTIONS SUCH AS WAMU AND PROBLEMATIC PRACTICES SUCH AS HIGH-RISK LENDING BEFORE THEY ENDANGER THE FINANCIAL SYSTEM AS A WHOLE. |
| 04:56:26 | CREDIT RATING AGENCIES ALSO FAILED THEIR ESSENTIAL ROLE IN THIS CRISIS. |
| 04:56:31 | OUR INVESTIGATION FOUND THAT THESE AGENCIES, WHICH SUPPOSEDLY SUPPLY EXPERT AND OBJECTIVE ANALYSIS OF CREDIT RISKS USED FAULTY RISK MODELS AND ASSIGNED SUPER SAFE TRIPLE-A RATINGS TO PRODUCTS LATER REVEALED TO BE LITTLE BETTER THAN JUNK. |
| 04:56:52 | PAID BY THE WALL STREET FIRMS WHOSE PRODUCTS THEY WERE SUPPOSED TO OBJECTIVELY ASSESS, THEY SOUGHT MARKET SHARE BY WORKING WITH THESE FIRMS TO ENSURE THE HIGH RATINGS NEEDED TO SELL RISKY PRODUCTS TO RISK AVERSE INVESTORS SUCH AS PENSION FUNDS AND THE UNIVERSITY ENDOWMENTS. |
| 04:57:13 | AND THEY FAILED TO ACCOUNT FOR OVERWHELMING EVIDENCE THAT FRAUD WAS A MAJOR FACTOR AND A -- IN A GROWING NUMBER OF MORTGAGE LOANS. |
| 04:57:24 | THE DODD-FRANK BILL SETS UP A NEW OFFICE IN THE SECURITIES EXCHANGE COMMISSION TO OVERSEE AND EXAMINE THE WORK OF CREDIT RATING AGENCIES, AND I PAY TRIBBURE TO SENATOR FRANKEN -- TRIBUTE TO SENATOR FRANKEN FOR HIS WORK IN THIS AREA. |
| 04:57:42 | THE DODD-FRANKEN BILL REQUIRES AGENCIES TO DISCLOSE THEIR METHODOLOGY AND TRACK RECORDS. |
| 04:57:49 | IT ALLOWS INVESTORS TO FILE PRIVATE CAUSES OF ACTION AGAINST SUCH AGENCIES THAT FAIL TO THOROUGHLY INVESTIGATE THE PRODUCT THAT THEY RATE. |
| 04:57:58 | THE BILL ALSO TASKS THE S. |
| 04:58:01 | E.C. WITH EXAMINING THE CLEAR CONFLICT OF INTEREST INVOLVED IN WALL STREET FIRMS SHOPPING FOR THE HIGHEST RATING AMONG THE VARIOUS RATING AGENCIES. |
| 04:58:10 | I'M HOPEFUL AT THE END OF THE STUDY THAT THE S. |
| 04:58:13 | E.C. WILL ADOPT THE APPROACH TAKEN IN THE FRANKEN AMENDMENT THAT WON BIPARTISAN SUPPORT IN THE SENATE AND ESTABLISHED AN INTERMEDIARY THAT WILL SEPARATE THE CREDIT RATING FIRMS FROM THE INVESTMENT BANKS THAT PRESS THEM FOR HIGH RATINGS IN RETURN FOR LUCRATIVE COMPENSATION. |
| 04:58:32 | AS PART OF THEIR WORK, I HOPE THAT THE S. |
| 04:58:34 | E.C. WILL TAKE AN IN-DEPTH LOOK AT THE DOCUMENTS AND TESTIMONY IN OUR SUBCOMMITTEE HEARINGS THAT LAY BEAR THE CONFLICTS OF INTEREST THAT UNDERMINE THE ACCURACY OF CREDIT RATINGS. |
| 04:58:48 | WALL STREET INVESTMENT BANKS ALSO PLAYED A MAJOR ROLE IN THE CRISIS. |
| 04:58:53 | SEEKING EVER HIGHER PROFITS, THEY AGGRESSIVE MARKETED THE MORTGAGE-BACKED SECURITIES AND EXOTIC DERIVATIVES TIED TO THE MORTGAGE MARKET AT THE HEART OF THE CRISIS. |
| 04:59:06 | INCREASINGLY THOSE BANKS DREW THEIR PROFITS NOT FROM HELPING CLIENT INVESTORS PROSPER, BUT BY TRADING FOR THEIR OWN ACCOUNTS OFTEN IN DIRECT CONFLICTS WITH THEIR CLIENTS' INTEREST. |
| 04:59:20 | INTERNAL E-MAILS THAT THE SUBCOMMITTEE DISCLOSED SHOWED THAT GOLDMAN SACHS REPEATEDLY MARKETED MORTGAGE-RELATED FINANCIAL INSTRUMENTS THAT IT CREATED AND KNEW TO BE FAULTY JUNK AND WORSE AND AFTER IT DID SO, THAT IT THEN MADE THE LARGE BETS AGAINST THOSE VERY SAME INSTRUMENTS AND IT ALSO SHOWED OUR INVESTIGATION THAT GOLDMAN SACHS MADE A LARGE BET THAT THE MORTGAGE MARKET AS A WHOLE WAS HEADED DOWN, A BET THAT IT DENIES TO THIS VERY DAY THAT IT MADE DESPITE A MOUNTAIN OF EVIDENCE CONTAINED IN THE FIRM'S OWN DOCUMENTS THAT IT DID SO. |
| 05:00:04 | WITH SENATOR MERKLEY I WORKED TO ADDRESS THE OUTRAGEOUS CONFLICTS OF INTEREST REVEALED IN OUR HEARINGS ON INVESTMENT BANKS. |
| 05:00:13 | AND THE DODD-FRANK BILL MAKES IMPORTANT PROGRESS ON THIS FRONT. |
| 05:00:18 | IT SHARPLY LIMITS THE RISKY PROPRIETY TRADING THAT GOLDMAN SACHS AND OTHER WALL STREET FIRMS USED TO RACK UP ENORMOUS PROFITS WHILE ENDANGERING THE STABILITY OF THE FINANCIAL SYSTEM. |
| 05:00:29 | AND WHILE I WISH THAT THE BILL WAS MORE FORCEFUL IN LIMITING THESE RISKY TRADES, ESPECIALLY IN TERMS OF LIMITING FINANCIAL FIRM INVESTMENTS IN HEDGE FUNDS AND PRIVATE EQUITY FUNDS, THE LANGUAGE IN THIS BILL WILL ADD SUBSTANTIAL STRENGTH TO THE STABILITY OF THE FINANCIAL SYSTEM. |
| 05:00:46 | IN ADDITION, THE BILL INCLUDES LANGUAGE TO END THE CONFLICTS OF INTEREST REVEALED IN OUR INVESTIGATION OF GOLDMAN SACHS. |
| 05:00:55 | NO LONGER WILL FINANCIAL FIRMS BE ABLE TO PACKAGE AND SELL ASSET-BACKED PRODUCTS TO INVESTORS AND THEN BET AGAINST THOSE SAME PRODUCTS. |
| 05:01:06 | THOSE CONFLICTS OF INTEREST WILL END UNLESS THE REGULATORS WATER DOWN OUR STRONG LANGUAGE WITH WEAK ENFORCEMENT. |
| 05:01:17 | THE DODD-FRANK BILL CONTAINS OTHER MUCH-NEEDED MEASURES AS WELL. |
| 05:01:21 | IT WILL BRING NEW TRANSPARENCY AND ACCOUNTABILITY TO THE SHADOWY MARKET IN DERIVATIVES. |
| 05:01:26 | IT WILL PROTECT TAXPAYERS FROM THE NEED TO ENGAGE IN THE KIND OF MULTIBILLION DOLLAR BAILOUTS REQUIRED IN THE CURRENT CRISIS BY ALLOWING FOR AN ORDERLY RESOLUTION OF FAILING FINANCIAL FIRMS. |
| 05:01:39 | IT EMPOWERS REGULATORS TO ESTABLISH TOUGH NEW CAPITAL REQUIREMENTS THAT MAKE IT HARDER FOR FIRMS TO BECOME SO BIG THAT THEY ENDANGER THE STABILITY OF THE SYSTEM. |
| 05:01:52 | AND IT REQUIRES HEDGE FUNDS TO REGISTER WITH THE S. |
| 05:01:57 | E.C. AND PROVIDE INFORMATION WITH THEIR ONCE -- ABOUT THEIR ONCE HIDDEN OPERATIONS. |
| 05:02:02 | IT ALSO STRENGTHENS THE PROCESS FOR SHAREHOLDERS TO SELECT CORPORATE DIRECTORS AND TO LIMIT EXCESSIVE EXECUTIVE PAY. |
| 05:02:13 | WE'VE SEEN ALL TOO CLEARLY THE CONSEQUENCES OF LAX REGULATION AND TEPID SWROAFER SIGHT. |
| 05:02:21 | THE CONS -- OVERSIGHT. |
| 05:02:22 | THE CONSEQUENCES OF WALL STREET CAN POLICE ITSELF. |
| 05:02:25 | THAT ATTITUDE HAS PUT MILLIONS OF AMERICANS IN UNEMPLOYMENT LINES, HAS PLASTERED FORECLOSURE SIGNS ON MILLIONS OF AMERICAN HOMES, AND HAS PUMPED BILLIONS OF DOLLARS OF TAXPAYERS' MONEY INTO WALL STREET FIRMS THAT HAPPILY PROFITED FROM THEIR RISKY BETS AND THEN LEANED ON THE REST OF US TO BAIL THEM OUT WHEN THE BILL CAME DUE. |
| 05:02:47 | AND I SAY TO THOSE COLLEAGUES THAT ARE CONSIDERING VOTING AGAINST THIS BILL KNOWING WHAT OUR INVESTIGATION AND OTHERS HAVE DISCOVERED HOW CAN YOU OPPOSE THIS EFFORT TO ERECT A WALL BETWEEN WALL STREET'S NEVER ENDING APPETITE FOR RECKLESS RISK AND THE REST OF THE AMERICAN ECONOMY. |
| 05:03:09 | MR. PRESIDENT, IT'S TIME TO PUT THE COP BACK ON THE BEAT ON WALL STREET. |
| 05:03:15 | IT'S TIME TO END WALL STREET'S HEADS WE WIN, TAILS YOU LOSE GAME. |
| 05:03:20 | IT'S TIME TO PREVENT AS BEST AS WE CAN THE NEXT MANMADE DISASTER FROM THREATENSENING OUR JOBS, OUR HOMES, AND OUR BUSINESSES. |
| 05:03:30 | IT'S TIME TO PASS THIS MAJOR FINANCIAL REFORM LEGISLATION AND I HOPE THAT WE WILL BE SEE A STRONG VOTE FOR IT IN THE DAY AHEAD. |
| 05:03:41 | MR. PRESIDENT, JUST MUCH MORE BRIEFLY, I WANT TO MAKE A COMMENT AND BROUGHT STATEMENT IN THE RECORD -- MAKE A COMMENT AND PUT A STATEMENT IN THE RECORD ON A TRIP THAT SENATOR JACK REED AND I RECENTLY TOOK TO PAKISTAN AND AFGANISTAN. |
| 05:03:57 | WE MET THERE WITH PRIME MINISTER -- WITH THE PRIME MINISTER OF PAKISTAN, A GOVERNOR OF A CRITICAL NORTHERN PROVINCE THAT INCIDENT CLIEWDZ THE SWAT VALLEY, A PAKISTANI GENERAL WHO IS COMMANDER OF THE 11th ARMY CORPS. |
| 05:04:15 | AND IN AFGANISTAN WHERE WE MET IN KABUL WITH GENERAL PETRAEUS, WITH AMBASSADOR EIKENBERRY, WITH PRESIDENT KARZID AND WHERE WE TRAVELED TO THE KANDAHAR PROVINCE AND MET WITH THE COMMANDER OF THE FORCES AND THE CITY MAYOR OF KANDAHAR AND THEN WITH THE COMMANDER OF THE AFGHAN ARMY'S 205th CORPS, MAJOR GENERAL AZAZA. |
| 05:04:48 | MR. PRESIDENT, AS I SAID, I WILL PUT THIS STATEMENT INTO THE RECORD IN FULL. |
| 05:04:52 | I WILL JUST SIMPLY SAY THAT ONE OF THE KEY THINGS THAT WE SAW, AND SOMETHING WHICH IS CRITICALLY IMPORTANT TO THE SUCCESS OF THIS MISSION IN AFGANISTAN IS THAT THE AFGHAN ARMY BE STRENGTHENED, TAKE RESPONSIBILITY PRIMARILY FOR THE SECURITY OF THE COUNTRY AND LEAD OPERATIONS WHICH ARE JOINT OPERATIONS BETWEEN THE AFGHAN ARMY AND THE COALITION FORCES INCLUDING AMERICAN FORCES. |
| 05:05:21 | AND THAT WILL BE DRAMATIZED. |
| 05:05:24 | THAT MOVEMENT TOWARD THE SHIFT OF RESPONSIBILITY TO THE AFGHANS AFGHANS, WHERE IT BELONGS, A DRAMATIC MOMENT WILL TAKE PLACE IN EARLY JULY OR IN EARLY AUGUST WHERE A MAJOR OPERATION IN KANDAHAR CITY IN THE HEART OF TALIBAN COUNTRY THERE IS GOING TO BE A LARGE NUMBER OF FORCES THAT ARE AFGHAN FORCES, A LARGE NUMBER OF AMERICAN FORCES AND FROM OTHER COUNTRIES AND IT WILL BE THE AFGHANS THAT WILL BE IN THE LEAD IN THAT OPERATION. |
| 05:05:55 | THIS IS THE TALIBAN'S WORST NIGHTMARE FACING AN AFGHAN-LED FORCE THAT IS GOING TO CLEAR THEM FROM CONTROL OF THE AREA. |
| 05:06:12 | THE AFGHAN PEOPLE TO TEST THE TALIBAN AND RESPECT THEIR OWN ARMY. |
| 05:06:17 | AND THE MAJOR GOAL AN MISSION SHOULD TO BE -- AND MISSION SHOULD BE TO BUILD UP THAT ARMY AND STRENGTHEN IT SIZEWISE AND WITH TRAINING SO IT CAN TAKE MAJOR SECURITY RESPONSIBILITY FOR THAT COUNTRY. |
| 05:06:29 | THIS IS THE PATH TO SUCCESS IN AFGANISTAN AND, AGAIN, BECAUSE OF THIS PLANNED OPERATION, WHICH WAS NOW ANNOUNCED AND BECAUSE OF A NUMBER OF OTHER STEPS WHICH HAVE BEEN TAKEN, A VERY SIGNIFICANT NUMBER OF POSITIVE STEPS IN THE LAST SIX MONTHS, I HAVE SOME CONFIDENCE THAT WE ARE ON THE WAY TO A SUCCESSFUL OUTCOME IN AFGANISTAN. |
| 05:06:54 | I WOULD ASK UNANIMOUS CONSENT, MR. |
| 05:06:56 | PRESIDENT, THAT THE BALANCE OF MY STATEMENT ON SENATOR REED'S AND MY TRIP TO PAKISTAN AND AFGANISTAN BE INSERTED IN THE RECORD AT THIS POINT. |
| 05:07:05 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 05:07:07 | MR. LEVIN: AND, MR. |
| 05:07:08 | PRESIDENT, I YIELD THE FLOOR AND NOTE THE ABSENCE OF A QUORUM. |
| 05:07:12 | THE PRESIDING OFFICER: THE CLERK WILL CALL THE ROLL. |
| 05:07:24 | QUORUM CALL: THE PRESIDING OFFICER: SENATOR FROM MICHIGAN. |
| 05:07:46 | MR. |
| 05:07:47 | LEVIN: MR. PRESIDENT, I ASK UNANIMOUS CONSENT THAT FURTHER PROCEEDINGS UNDER THE QUORUM CALL BE DISPENSED WITH. |
| 05:07:50 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 05:07:51 | MR. |
| 05:07:52 | LEVIN: MR. PRESIDENT, I ASK UNANIMOUS CONSENT THAT ON THURSDAY, JULY 15, FOLLOWING ANY LEADER TIME THAT THE SENATE THEN RESUME CONSIDERATION OF THE CONFERENCE REPORT TO ACCOMPANY H. |
| 05:08:03 | R. 4173, WITH THE TIME UNTIL 11:00 A. |
| 05:08:04 | M. EQUALLY DIVIDED AND CONTROLLED BETWEEN SENATORS DODD AND SHELBY OR THEIR DESIGNEES WITH THE 20 MINUTES PRIOR TO THE 11:00 A. |
| 05:08:12 | M. DIVIDED AS FOLLOWS, FIVE MINUTES EACH IN THE FOLLOWING ORDER: SENATOR SHELBY, DODD, McCONNELL, AND REID AND THEN AT 11:00 A. |
| 05:08:22 | M. THE SENATE PROCEED TO VOTE ON THE MOTION TO INVOKE CLOTURE ON THE CONFERENCE REPORT. |
| 05:08:27 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 05:08:28 | MR. |
| 05:08:29 | LEVIN: I ASK UNANIMOUS CONSENT THAT THE SENATE PROCEED TO A PERIOD OF MORNING BUSINESS WITH SENATORS PERMITTED TO SPEAK UP TO 10 MINUTES EACH. |
| 05:08:33 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 05:08:35 | MR. |
| 05:08:36 | LEVIN: -- MR. |
| 05:08:46 | LEVIN: MR. |
| 05:08:47 | PRESIDENT, I ASK UNANIMOUS CONSENT THAT THE SENATE PROCEED TO THE FOLLOWING POSTAL NAMING BILLS EN BLOC, CALENDAR 450, 451 AND 452, H. |
| 05:08:59 | R. 4861, H. |
| 05:09:01 | R. 5 -- H. |
| 05:09:02 | R. 5099. THE PRESIDING OFFICER: THE CLERK WILL REPORT. |
| 05:09:03 | WITHOUT OBJECTION. |
| 05:09:05 | MR. LEVIN: MR. |
| 05:09:06 | PRESIDENT, THAT THE BILLS BE READ A THIRD TIME AND PASSED EN BLOC, MICROWITH NO INTERVENING -- BE PLACED IN THE APPROPRIATE PLACE AS IF READ. |
| 05:09:22 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 05:09:23 | MR. LEVIN: MR. PRESIDENT, I ASK UNANIMOUS CONSENT THAT THE SENATE PROCEED TO THE IMMEDIATE CONSIDERATION OF CALENDAR 223, SENATE BILL 1288. |
| 05:09:29 | THE PRESIDING OFFICER: THE CLERK WILL REPORT. |
| 05:09:32 | THE CLERK: CALENDAR 223, S. |
| 05:09:35 | 1288, A BILL TO AUTHORIZE APPROPRIATIONS TO THE GRANTS TO STATES PARTICIPATING IN THE EMERGENCY MANAGEMENT ASSISTANCE EXACT AND -- COMPACT AND FOR OTHER PURPOSES. |
| 05:09:46 | THE PRESIDING OFFICER: SENATE WILL PROCEED TO THE MEASURE. |
| 05:09:49 | MR. LEVIN: I ASK THAT THE COMMITTEE REPORTED SUBSTITUTE BE AGREED TO, THE BILL BE READ A THIRD TIME AND PASSED, THE MOTION TO RECONSIDER BE LAID ON THE TABLE WITH NO INTERVENING ACTION OR DEBATE AND ANY STATEMENTS RELATED TO THE BILL BE PLACED IN THE RECORD AT THE APPROPRIATE PLACE AS IF READ. |
| 05:10:01 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 05:10:02 | MR. |
| 05:10:03 | LEVIN: MR. PRESIDENT, I ASK UNANIMOUS CONSENT THAT THE SENATE PROCEED TO THE IMMEDIATE CONSIDERATION OF CALENDAR NUMBER 433, SENATE BILL 3372. |
| 05:10:10 | THE PRESIDING OFFICER: THE CLERK WILL REPORT. |
| 05:10:11 | THE CLERK: CALENDAR 433, S. |
| 05:10:14 | S. |
| 05:10:15 | 3372, A BILL TO MODIFY THE DATE ON WHICH THE ADMINISTRATOR OF THE ENVIRONMENTAL PROTECTION AGENCY AND APPLICABLE STATES MAY REQUIRE PERMITS FOR DISCHARGES FOR CERTAIN VESSELS. |
| 05:10:26 | THE PRESIDING OFFICER: WITHOUT OBJECTION, THE SENATE WILL PROCEED TO THE MEASURE. |
| 05:10:29 | MR. LEVIN: I ASK UNANIMOUS CONSENT NOW, MR. |
| 05:10:30 | PRESIDENT, THE BILL BE READ A THIRD TIME AND PASSED, THE MOTION TO RECONSIDER BE LAID ON THE TABLE WITH NO INTERVENING ACTION OR DEBATE AND ANY STATEMENTS RELATED TO THE BILL BE PLACED IN THE RECORD AT THE APPROPRIATE PLACE AS IF READ. |
| 05:10:41 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 05:10:42 | MR. LEVIN: MR. PRESIDENT, I UNDERSTAND THAT THERE IS A BILL AT THE DESK AND I ASK FOR ITS FIRST READING. |
| 05:10:47 | THE PRESIDING O THE CLERK: A BILL TO LIMIT THE MORTGAGE ON CERTAIN DRILLING ACTIVITIES ISSUED BY THE SECRETARY OF THE TEAR AND FOR OTHER PURPOSES. |
| 05:10:59 | MR. |
| 05:11:00 | LEVIN: I NOW ASK FOR ITS SECOND READING AND IN ORDER TO PLACE THE BILL ON THE CALENDAR UNDER THE PROVISIONS OF RULE 14, I OBJECT TO MY OWN REQUEST. |
| 05:11:07 | THE PRESIDING OFFICER: OBJECTION IS HEARD. |
| 05:11:12 | THE BILL WILL BE READ FOR A SECOND TIME ON THE LEGISLATIVE DAY. |
| 05:11:17 | MR. LEVIN: I ASK UNANIMOUS CONSENT THAT WHEN THE SENATE COMPLETES ITS BUSINESS IT ADJOURN UNTIL 9:30 ON THURSDAY, JULY 15. |
| 05:11:24 | FOLLOWING THE PRAYER AND PLEDGE, THE JOURNAL OF PROCEEDINGS BE APPROVED TO DATE, THE MORNING HOUR BE DEEMED EXPIRED, THE TIME FOR THE TWO LEADERS BE RESERVED FOR THEIR USE LATER IN THE DAY, FOLLOWING ANY LEADER REMARKS, THE SENATE RESUME CONSIDERATION OF THE CONFERENCE REPORT-TO-COMPANY H. |
| 05:11:38 | R. 4137, THE WALL STREET REFORM BILL, AS PROVIDED FOR UNDER THE PREVIOUS ORDER. |
| 05:11:42 | THE PRESIDING OFFICER: WITHOUT OBJECTION. |
| 05:11:43 | MR. |
| 05:11:44 | LEVIN: MR. PRESIDENT, THE SENATORS -- THE SENATORS SHOULD EXPECT A ROLL CALL VOTE AT APPROXIMATELY 11:00 A. |
| 05:11:49 | M. TOMORROW. THAT VOTE WILL BE ON THE MOTION TO STRIKE -- EXCUSE ME, WILL BE ON THE MOTION TO INVOKE CLOTURE ON THE WALL STREET REFORM CONFERENCE REPORT, AND IF THERE IS NO FURTHER BUSINESS TO COME BEFORE THE SENATE, I ASK THAT IT ADJOURN UNDER THE PREVIOUS ORDER. |
| 05:12:03 | THE PRESIDING OFFICER: THE SENATE STAND ADJOURNED UNTIL 9:30 A. |
| 05:12:07 | M. JULY 15, THURSDAY. |
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