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R FROM OHIO.
I ASK UNANIMOUS
CONSENT TO DISPENSE WITH THE
QUORUM CALL.
OBJECTION.
I HAVE FOUR
UNANIMOUS CONSENT REQUESTS FOR
TODAY'S SESSION.
THEY HAVE THE APPROVAL OF THE
MAJORITY AND MINORITY LEADERS.
I ASK CONSENT THAT THESE
REQUESTS BE AGREED TO AND BE
PRINTED IN THE RECORD.
OBJECTION.
THANK YOU,
MR. PRESIDENT.
MR. PRESIDENT, WE KNOW THAT
INVESTMENTS IN OUR
INFRASTRUCTURE MEAN JOBS AND
ECONOMIC DEVELOPMENT, NOW AND IN
THE FUTURE.
WE KNOW AS A COUNTRY THAT IN THE
1950'S AND 1960'S AND 1970'S AND
1980'S, WE BUILT HIGHWAYS AND
BRIDGES, SEWER, MODERNIZING HIGH
SCHOOLS, ALL THE THINGS WE DID
IN THE POST-WAR YEARS FOR FIVE
THE 1940'S, 19
SIGHS, 19--19 50'S, 19 60'S.
WHEELING AND ACROSS TO BELLMONT
COUNTY IN OHIO.
WE KNOW THAT THE INFRASTRUCTURE
OF BUILDING COMMUNITY COLLEGES
LIKE JEFF TEC AND BILLING BRANCH
CAMPUSES AT O.U. AND NOW
BUILDING BROADBAND BUT THEN
BUILDING -- DOING -- FUNDING
MEDICAL CARE.
ALL OF THOSE THINGS CREATEED
LONG-TERM PROSPERITY FOR THE
NATION, OUR SMALL BUSINESSES,
OUR TWOARKS FOR GENERATIONS.
HISTORY TELLS US THAT OUR
NATION'S INFRASTRUCTURE HAS BEEN
CRITICAL TO OUR NATION'S
ECONOMIC COMPETITIVE AND
INDUSTRIAL STRENGTH.
LOOK BACK A KNEW YEARS.
ABRAHAM LINCOLN CREATED THE
TRANSCONTINENTAL RAILROAD.
THOUSANDS OF JOBS WERE CREATED.
WAS PAID
PRESIDENT ROOSEVELT MODERNIZED
OUR NATION'S ELECTRIC GRID
DURING THE NEW DEAL, MORE THAN
JUST ELECTRICITY CAME TO THE
TENNESSEE VALLEY AND RURAL
AMERICANS WERE PUT TO WORK,
SETTING THE POLES, SETTING THE
WIRE, BUILDING THE HIGH DESCROA
ELECTRIC DAMS THAT ATTRACTED
BUSINESS TO THE REGION.
SO THE INFRASTRUCTURE WAS BUILT
CREATING JOBS, BUT EVEN MORE SO
THE JOBS -- THE FOUNDATION WAS
SET WHERE MANY, MANY, MANY MORE
JOBS WERE CREATED.
PRESIDENT ICE EISENHOWER AND THE
CONGRESS ESTABLISHED OUR
SYSTEM.
A GENERATION OF WORKERS CARVED
OUT OUR HIGHWAYS AND OUR
ROADWAYS, ALLOWING COMMERCE AND
PEOPLE TO TRAVEL FROM COAST TO
COAST.
OUR NATION USED THIS POST-WAR
INFRASTRUCTURE BOOM TO BECOME
THE ECONOMIC SUPERPOWER THAT WE
ARE TODAY.
PUBLIC WORK INVESTMENTS, AS I
SAID, NOT ONLY CREATE
GOOD-PAYING, MIDDLE-CLASS
CONSTRUCTION JOBS, THEY SPUR
ECONOMIC DEVELOPMENT PROJECTS IN
SMALL TOWNS AND RURAL
COMMUNITIES AND URBAN AREAS.
WE ALL KNOW WHAT HAPPENS WHEN A
HIGHWAY COMES INTO A COMMUNITY
WHAT IT DOES TO SPAWN OTHER
KINDS OF WORK.
STHERVE AS MULTIPLIER EFFECTS
THAT ATTRACT WORKERS AND
BUSINESSES AND FOREIGN COMPANIES
TO BUILD IN AMERICA AND BENEFIT
FROM THAT CLEAR, COMPETITIVE
THAT'S WHY WE LOVE THE WORLD FOR
FOR FIVE DECADES.
IT IS CLEAR WHEN COMPANIES
DECIDE WHERE TO WORK OR EXPAND
OR INVESTMENT, THAT
INFRASTRUCTURE, BROADBAND,
ENERGY, TRANSPORTATION, ALL ARE
CRITICAL FACTORS OF THE
DECISION.
BUSINESSES RELY ON SOLID
INFRASTRUCTURE.
COMPANIES LIKE OHIO'S PROCTER
AND GAMBLE IN CINCINNATI
RECOGNIZE OUR INFRASTRUCTURE
PROVIDES A COMPETITIVE
ADVANTAGE, ENABLING THEM TO SHIP
THEIR PRODUCTS ANYWHERE IN THE
WORLD.
OHIO MANUFACTURERS LIKE GENERAL
MOTORS AND HONDA AND SMUCKER'S
RELY UPON OUR INFRASTRUCTURE AS
THEY OPERATE WITH JUST-IN-TIME
MANUFACTURING AND INVENTORY.
YET WE'RE FALLING BEHIND IN
MAINTAINING THAT INFRASTRUCTURE
THAT MADE US A SUPERPOWER.
UNSAFE BRIDGES COST LIVES,
CLOGGED ROADS AND CONGESTED
AIRSPACE COST BILLIONS OF
DOLLARS IN LOST TRADE AND
PRODUCTIVITY.
MORE FOLKS SPEND MORE TIME
COMMUTING THAN THEY SPEND AT
HOME WITH THEIR FAMILY.
WE'RE SEEING A 19th CENTURY
WATER AND SEWER -- A BUNCH OF
19th CENTURY WATER AND SEWER
SYSTEMS FAILING OUR 21st
MORE AND MORE PEOPLE, MEANWHILE,
DEPEND ON THESE SERVICES WHILE
DEMANDS.
STATES FACE BUDGET PROBLEMS THAT
MAKE THESE INVESTMENTS DIFFICULT
AND IN SOME CASES DELAY IT
INDEFINITELY.
THEN THERE'S CHINA WHO IS FAST
BECOMING ONE OF OUR CHIEF
ECONOMIC COMPETITORS BUILDING
MORE ROADS, BETTER AIRPORTS,
FASTER RAILROADS AND FASTER RAIL
SYSTEMS THAN WE ARE.
WHY DO W -- WHY DO WE LET
THAT HAPPEN?
NO ONE IN THIS CONGRESS SHOULD
BE PROUD OF THE CONDITION OF OUR
ROADS.
NO ONE IN THIS CONGRESS SHOULD
BE PROUD OF THE FACT THAT THE
WORLD'S NEWEST AIRPORTS AND
TRAIN STATIONS ARE BEING BUILT
SOMEWHERE FAR FROM OUR SHORES.
THERE REMAINS AN UNWILLINGNESS
HERE, THOUGH, MR. PRESIDENT --
STILL INCREDULOUS.
THERE'S A FUNDAMENTAL
UNWILLINGNESS HERE TO MAKE THE
SORT OF INVESTMENTS NECESSARY TO
IMPROVE OUR NATION'S
INFRASTRUCTURE.
I GUESS WE'VE GOT TO CUT TAXES
MORE FOR RICH PEOPLE INSTEAD OF
ASKING THEM TO PAY MORE AND PUT
THAT MONEY INTO INFRASTRUCTURE.
HISTORICALLY INFRASTRUCTURE HAS
BEEN BIPARTISAN.
I'VE HEARD MY COLLEAGUES SAY
THERE IS NO SUCH THING AS A
DEMOCRAT OR REPUBLICAN BRIDGE.
IT SEEMS LIKE THERE IS NOW
BECAUSE WE SEE TIME AND TIME
AGAIN SOME OF MY MORE
CONSERVATIVE COLLEAGUES SAYING
WE'RE NOT GOING TO SPEND MONEY
ON INFRASTRUCTURE.
WE'RE NOT GOING TO DO THAT.
LET ME SHOW YOU A BRIDGE WHERE
I'VE BEEN MANY TIMES, DRIVEN
CINCINNATI.
THIS IS FROM THE KENTUCKY SIDE.
THIS IS CALLED THE BRENT SPENCE
BRIDGE, NAMED AFTER A
CONGRESSMAN IN THE EARLY 1960'S.
THIS WAS INAUGURATED I BELIEVE
BY PRESIDENT KENNEDY --
PRESIDENT JOHNSON.
I'M SORRY.
PRESIDENT JOHNSON.
THE BRIDGE CONSTRUCTION BEGAN
AND CAME LATER.
THIS IS I-75 THROUGH CINCINNATI
GOING FROM KENTUCKY TO
CINCINNATI INTO DAYTON, IF YOU
NORTH.
AND THEN INTO TOLEDO AND
ULTIMATELY INTO DETROIT.
THIS BRIDGE CARRIES MILLIONS OF
DOLLARS WORTH OF FREIGHT AND
MILLIONS OF DRIVERS ACROSS THE
SOMEONE SAID THIS BRIDGE
ACCOUNTS FOR PERHAPS AS MUCH AS
4% OF OUR GROSS DOMESTIC PRODUCT
GOING NORTH OR SOUTH ACROSS OUR
TODAY THE BRENT SPENCE BRIDGE
OBSOLETE.
THERE IS NO WAY -- NOWHERE TO GO
IF A CAR BREAKS DOWN.
THIS IS A MAJOR, MAJOR, MAJOR
BRIDGE ACROSS ONE OF THE MOST
IMPORTANT RIVERS IN OUR COUNTRY,
THE OHIO RIVER.
A RECENT STUDY OF OUR COUNTRY'S
INFRASTRUCTURE FOUND THERE ARE
MORE STRUCTURALLY DEFICIENT
BRIDGES IN THE UNITED STATES
THAN THERE ARE McDONALD'S
THINK ABOUT THAT.
THERE ARE 14,000 McDONALD'S
RESTAURANTS, BUT ACCORDING TO
TRANSPORTATION FOR AMERICA,
THERE ARE 18,000 DEFICIENT
BRIDGES AND 70,000 STRUCTURALLY
DEFICIENT BRIDGES.
FOR PUBLIC SAFETY AND A COMMERCE
PERSPECTIVE, FIXING A BRIDGE IS
A NECESSITY.
THE LARGEST HURDLE REMAINS
ON THE PRESIDENT'S PROPOSAL
WE'LL BE VOTING ON THIS
AFTERNOON MORE THAN $60 BILLION
COMPLETELY PAID FOR WOULD GO
TOWARD ROAD AND BRIDGE
IT WOULD MAKE ROADS AND SKIES
SAFE FOR TRANSPORTATION.
INCLUDES A NATIONAL
INFRASTRUCTURE BANK THAT WOULD
FUND INFRASTRUCTURE PROJECTS OF
REGIONAL OR NATIONAL
SIGNIFICANCE LIKE THIS
50-YEAR-OLD, ALMOST 50-YEAR-OLD
BRIDGE.
OHIO AND KENTUCKY
COULD OBTAIN -- IT WOULD MEAN
THAT INCREASING PRIVATE-SECTOR
INFRASTRUCTURE, LENDING THE
NATIONAL INFRASTRUCTURE BANK
COULD COUPLE FEDERAL LOANS WITH
PRIVATE EQUITY ENSURING A
PARTNERSHIP OF PUBLIC AND
PRIVATE SECTOR THAT MEETS LOCAL
NEEDS.
NOR THE BRENT SPENCE BRIDGE IT
COULD MEAN OHIO AND KENTUCKY
WOULD GET THE FUNDING TO
COMPLETE IT AHEAD OF SCHEDULE.
THIS.
WE'VE GOT TO RENOVATE AND UPDATE
WHY WAIT?
INTEREST RATES ARE AS LOW AS
THEY'VE ALMOST EVER BEEN.
SO CONSTRUCTION COSTS, BECAUSE
THERE'S SO MUCH COMPETITION
AMONG CONSTRUCTION COMPANIES TO
GET WORK NOW, ARE AS LOW IN
HISTORICAL TIMES PERHAPS AS
THEY'VE EVER BEEN.
AND WE NEED THIS WORK NOW
BECAUSE OF THE UNEMPLOYMENT
SITUATION.
AND WE WILL BENEFIT FROM
REPLACING, FIXING THIS BRIDGE
THE FEW TAOUFRPLT
FOR FREIGHT -- FUTURE.
FOR COLUMBUS, IT WOULD MEAN
REDUCING BOTTLE NECKS.
FOR AIRPORTS, REDUCING
CONGESTION ON OUR RUNWAYS.
IN LAKE ERIE, THE OTHER END OF
MY STATE, LAKE ERIE, THE LAKE
THAT MADE SUCH A DIFFERENCE IN
THE SETTLEMENT OF BUFFALO,
ALTHOUGH IT'S ALSO LAKE ONTARIO
THERE, BUFFALO, CLEVELAND,
ASHTABULA AND TOLEDO, WE KNOW
WHAT THESE GREAT LAKES HAVE DONE
FOR ECONOMIC DEVELOPMENT OF OUR
IT MEANS FIXING OUR PORTS.
FOR ALL OF OUR STATES IT MEANS
JOBS, ECONOMIC DEVELOPMENT.
FOR CONSTRUCTION EQUIPMENT
MANUFACTURER PEA KWROER ARE A,
IT'S ABOUT DOCK WORKERS LOADING
AMERICAN-MADE STEEL.
IN OHIO-GROWN SOYBEANS FOR
WORLD.
THAT'S WHAT THIS BILL IS ABOUT.
IT'S ABOUT JOBS NOW.
ABOUT SETTING THE TABLE FOR JOBS
IN THE FUTURE.
WE KNOW THAT.
REPUBLICANS AND DEMOCRATS ALIKE
KNOW THAT.
YET, REPUBLICANS, I GUESS
BECAUSE THEY WANT TO SEE BARACK
OBAMA FAIL -- THAT'S WHAT THE
REPUBLICAN LEADER HAS SAID
REPEATEDLY.
I DON'T UNDERSTAND THAT BUT
THAT'S WHAT HE SAYS.
AND THE BILL'S FULLY PAID FOR.
THE BILL BEFORE THE SENATE IS
FUNDED BY A VERY SMALL TAX ON
YEAR.
IF YOU MAKE $1 MILLION A YEAR,
YOUR TAXES WON'T GO UP.
THE SECOND MILLION, YOU'LL PAY A
LITTLE BIT OF MONEY ON THE
SECOND MILLION YOU'LL MAKE.
THIS ISN'T IN ANY WAY GOING
AFTER SMALL BUSINESS.
THIS IS JUST SAYING TO THE
PEOPLE WHO HAVE DONE WELL,
YOU'VE GOT TO PAY A LITTLE MORE
MONEY.
IT'S COMMON SENSE, IT'S THE
WE ASK THOSE WHO HAVE BENEFITED
MOST IN OUR NATION, MANY ON WALL
STREET, MANY ON MAIN STREET, BUT
PEOPLE WHO HAVE DONE VERY, VERY
WELL, WE ASK THEM TO MAKE THIS
WE KNOW IT'S INFRASTRUCTURE THAT
HAS HELPED PEOPLE MAKE LOTS OF
MONEY IN THIS COUNTRY.
WITHOUT INFRASTRUCTURE, MANY OF
THESE COMPANIES NEVER WOULD HAVE
BEEN SUCCESSFUL.
WORLD-CLASS INFRASTRUCTURE IS
HOW WE MOVE GOODS ACROSS THE
COUNTRY AND EXPORT AROUND THE
WORLD ON OUR TRUCKS, OUR RAILS,
OUR BARGES AND OUR AIRPLANES.
IT'S HOW WE GET TO WORK AND
SCHOOL.
IT'S HOW WE ATTRACT BUSINESSES.
IT'S HOW WE PROTECT THE PUBLIC
HEALTH THROUGH CLEAN WATER AND
SEWER SYSTEMS.
MR. PRESIDENT, THIS WILL CREATE
JOBS IMMEDIATELY.
GOOD-PAYING MIDDLE-CLASS JOBS.
THESE JOBS PROVIDE WORKERS WITH
HEALTH CARE AND RETIREMENT,
EXACTLY THE KIND OF JOBS THAT
YOU WELCOME IN WHEELING AND
CHARLESTON AND BECKLEY AND I
WELCOME IN PORTSMOUTH AND
CLEVELAND AND AKRON.
THESE JOBS PROVIDE FOR PEOPLE TO
BUY A HOME AND SAVE FOR
EDUCATION.
THESE JOBS NOT ONLY PUT MONEY IN
THEIR POCKETS THAT STPH EPBLD IN
THE COMMUNITY -- SPEND IN THE
MANUFACTURING JOBS IN STEEL,
MATERIALS.
THEY CREATE LONG-TERM JOBS AS
COMPANIES GROW BECAUSE THEY HAVE
THIS IS ABOUT REBUILDING OUR
IT'S ABOUT REBUILDING OUR MIDDLE
I ASK MY COLLEAGUES TO SUPPORT
THIS LEGISLATION LATER TODAY
WHEN WE VOTE ON IT.
MR. PRESIDENT, I YIELD THE
FLOOR.
THE
SENATOR FROM ARIZONA.
MR. PRESIDENT, I'D
LIKE TO SPEAK ABOUT AN ISSUE
THAT I AND MOST AMERICANS I
BELIEVE FIND EXTREMELY KRUBLG
AND ONE THAT -- TROUBLING AND
ONE THAT I'VE BEEN SEEK TO HAVE
PROPERLY ADDRESSED FOR MANY
YEARS NOW.
MAINLY THE OUTRIGHT CORRUPTION
AND BLATANT ABUSE OF THE
AMERICAN TAXPAYER THAT'S BEEN
TAKING PLACE AT THE HANDS OF
FANNIE MAE AND FREDDIE MAC FOR
DECADES.
SINCE THEY WERE PLACED IN
CONSERVATORSHIP IN 2008, THE TWO
GOVERNMENT-SPONSORED
ENTERPRISES, G.S.E.'S, I.E.,
SUPPORTED BY THE T-PBS, HAVE --
BY THE TAXPAYERS HAVE SOAKED THE
AMERICAN TAXPAYERS FOR TPR
BAILOUTS.
THIS MORNING IT IS REPORTED
FREDDIE MAC IS REQUESTING AN
ADDITIONAL $6 BILLION TO
CONTINUE THEIR SO FAR, IN MY
VIEW, FAILED EFFORTS.
I QUOTE FROM THE ASSOCIATED
PRESS GOVERNMENT-CONTROLLED
MORTGAGE GIANT FREDDIE MAC
REQUESTED $6 BILLION IN
ADDITIONAL AID AFTER POSTING A
WIDER LOSS IN THE THIRD QUARTER.
TPREPLD SAID -- FREDDIE MAC SAID
IT COSTS $6 BILLION IN THE
JULY-SEPTEMBER QUARTER.
THAT COMPARES WITH A LOSS OF $4
BILLION IN THE SAME QUARTER OF
2010.
THE GOVERNMENT RESCUED McCLEAN
VIRGINIA-BASED TPREPLD AND
FANNIE MAE IN SEPTEMBER 2008
AFTER MASSIVE LOSSES ON RISKY
MORTGAGES THREATENED TO TOPPLE
THEN.
SINCE THEN A REGULATOR
CONTROLLED THEIR FINANCIAL
DECISIONS.
TAXPAYERS SPENT $169 BILLION TO
RESCUE FANNIE AND FREDDIE, THE
MOST EXPENSIVE BAILOUT OF THE
2008 FINANCIAL CRISIS.
THE GOVERNMENT ESTIMATES IT WILL
COST AT LEAST $51 BILLION MORE,
AT LEAST $51 BILLION MORE TO
SUPPORT THE COMPANIES THROUGH
2014 AND AS MUCH AS $142 BILLION
IN THE MOST EX-TEAM CASE.
-- EXTREME CASE.
FREDDIE AND FANNIE OWN HOME
LOANS WORTH MORE THAN $5
TRILLION ALONG WITH OTHER
FEDERAL AGENCIES, THEY BACK
NEARLY 90% OF NEW MORTGAGES OVER
THE PAST YEAR.
TWO MORTGAGE GIANTS BUY HOME
LOANS FROM BANKS AND OTHER
LENDERS AND PACKAGE THEM INTO
BONDS, ET CETERA.
ARE.
THEY'VE LOST $140 BILLION -- NO,
WE SPENT $169 BILLION.
NOW THEY'RE ASKING FOR $6
BILLION MORE.
AND SO WHAT DO WE FIND OUT?
THAT FANNIE AND FREDDIE NOW WILL
DOLE OUT BIG BONUSES.
I AM NOT MAKING THIS UP.
THE FEDERAL HOUSING FINANCE
AGENCY, THE GOVERNMENT REGULATOR
FOR FANNIE AND FREDDIE, APPROVED
$12.79 MILLION IN BONUS PAY
AFTER TEN EXECUTIVES FROM THE
TWO GOVERNMENT-SPONSORED
CORPORATIONS LAST YEAR MET
MODEST PEFORMANCE TARGETS TIED
TO MODIFYING MORTGAGES IN
JEOPARDY OF FORECLOSURE.
THE EXECUTIVES GOT THE BONUSES
ABOUT TWO YEARS AFTER THE
FEDERAL GIANTS RECEIVED NEARLY
BILLION IN TAXPAYERS
AND DESPITE PLEDGES BY FHFA, THE
OFFICE TASKED WITH KEEPING THIS
SOLVENT, THAT IT WOULD ADJUST
THE LEVEL OF C.E.O. PAY AFTER
CRITICS SLAMMED PACKAGES PAID
OUT TO FORMER FANNIE MAE C.E.O.
FRANKLIN REINS AND OTHERS.
THESE HUGE BONUSES GIVEN TO
MR. JOHNSON AND MR. REINS AND
MANY OTHERS WAS DONE BY COOKING
THE BOOKS.
NOT A ONE OF THEM HAS BEEN HELD
FORM.
THE SECURITIES AND EXCHANGE
COMMISSION DOCUMENTS SHOW THAT
ED HOLDERMAN WHO ANNOUNCED LAST
WEEK THAT HE'S STEPPING DOWN AT
FREDDIE MAC'S C.E.O., RECEIVED A
BASE SALARY OF $900,000 LAST
YEAR AND YET TOOK HOME AN
PAY.
RECORDS SHOW OTHER FANNIE AND
FREDDIE EXECUTIVES GOT SIMILAR
WALL STREET-STYLE COMPENSATION
PACKAGES.
FANNIE MAE C.E.O. MICHAEL
WILLIAMS GOT $2.37 MILLION IN
PEFORMANCE BONUSES.
THAT'S AFTER THE TAXPAYERS PAID
$160 BILLION.
THAT'S WHY THEY'RE ON THE HOOK
FOR ANOTHER $6 BILLION AND GOD
KNOWS HOW MUCH MORE.
WE'RE GIVING THESE INDIVIDUALS
$900,000 A YEAR SALARY, MILLIONS
OF DOLLARS IN BONUS PAY.
AND WHO IN THE WORLD IS THE
FEDERAL HOUSING FINANCING AGENCY
TO AWARD THESE BONUSES?
I MEAN, IT'S HARD -- IT'S HARD.
FHFA ACTING DIRECTOR EDWARD
DEMARCO -- AND I MUST ADD MIST I
HAVE NOT HEARD OF MR. DEMARCO --
TOLD CONGRESS LAST YEAR, THOSE
AT THE HEAD OF THE MORTGAGE
COMPANIES DURING THE TIME OF
BUT SAID
THE PAY LURES QUALIFIED
WHATEVER HAPPENED TO ASKING
PATRIOTIC AMERICANS TO COME AND
SERVE AND HELP HOMEOWNERS OUT OF
THIS CRISIS?
WHATEVER HAPPENED TO PATRIOTIC
AMERICANS WHO WOULD SERVE AND
HELP THE NEARLY HALF OF THE
HOMEOWNERS IN MY STATE OF
ARIZONA WHOSE MORTGAGES ARE
UNDER WATER.
MARCO TOLD LAWMAKERS HE'S
CONCERNED THAT A FEDERAL PAY
SYSTEM COULD PUT THE COMPANY IN
JEOPARDY OF MISMANAGEMENT.
COULD PUT THE COMPANIES IN
JEOPARDY OF MISMANAGEMENT AND
RESULT IN ANOTHER TAXPAYER
THEY JUST ASKED FOR $6 BILLION
MORE.
HE SAID THE COMPENSATION
PACKAGES AT FANNIE AND FREDDIE
ARE PART OF THE PLAN TO RETURN
THEM TO SOLVENCY WHILE REDUCING
COSTS TO THE TAXPAYERS.
BY FHFA,
OBVIOUSLY IGNORED BY
MR. DEMARCO, THEIR INSPECTOR
GENERAL SAID THE AGENCY LACKS
KEY CONTROLS NECESSARY TO
MONITOR EXECUTIVE COMPENSATION,
NOR HAS IT DEVELOPED WRITTEN
PROCEDURES FOR EVALUATING THESE
PACKAGES.
ON.
BUSINESS AS USUAL.
FANNIE MAE AND FREDDIE MAC.
IT'S UNCONSCIONABLE.
IT'S BEEN PROVEN TIME AND TIME
AGAIN THAT FANNIE AND FREDDIE
ARE SYNONYMOUS WITH OUTRIGHT
CORRUPTION AND FRAUD AND THE
FEDERAL REGULATOR HAS THE
AUDACITY TO APPROVE $12 MILLION
IN BONUSES TO PEOPLE WHO MAKE
$900,000 PER YEAR.
THIS BODY SHOULD BE ASHAMED IF
WE LET THIS HAPPEN, ESPECIALLY
IN THESE ECONOMIC TIMES.
EVERY DAY, MORE AND MORE
AMERICANS ARE LOSING THEIR JOB
AND THEIR HOMES AND WE'RE
ALLOWING THESE PEOPLE TO TAKE
HOME ANNUAL SALARIES OF $900,000
AND BONUSES OF MILLIONS OF
DOLLARS, ALL THE WHILE THEY ASK
THE TAXPAYERS FOR $6 BILLION
MORE TODAY.
YOU KNOW, IT'S COME TO MY
ATTENTION THAT SOME OF MY
COLLEAGUES ARE WRITING LETTERS,
CALLING FOR COMMITTEE HEARINGS
ON THIS ISSUE.
LETTERS ARE FINE, HEARINGS ARE
FINE, HEARINGS ARE GREAT.
THEY'RE NOT THE ANSWER.
THE ANSWER IS FOR US TO STOP IT
FROM HAPPENING, AND WE CAN DO
THAT WITH AN AMENDMENT ON THE
PENDING APPROPRIATIONS BILL, AND
I WILL BE OFFERING THAT
AMENDMENT, AND I HOPE ALL OF MY
COLLEAGUES WOULD JOIN IN.
LET ME JUST BRING THE ATTENTION
OF MY -- TO THE ATTENTION OF MY
COLLEAGUES A BOOK CALLED
"RECKLESS ENDANGERMENT."
THE TITLE IS "HOW OUTSIDE
AMBITION, TBREED AND CORRUPTION
ARMAGEDDON."
SO WE'RE TALKING ABOUT PAY AND
AND I READ FROM THE BOOK."
BECAUSE BONUSES AT FANNIE MAE
WERE LARGELY BASED ON EARNINGS
GROWTH, IT WAS PARAMOUNT TO KEEP
PROFITS ESCALATING TO GUARANTEE
BONUS PAYMENTS.
IN 1998, TOP FANNIE OFFICIALS
HAD BEGUN MANIPULATING THE
COMPANY'S PROFIT RESULTS BY
DIPPING INTO VARIOUS PROFIT
COOKIE JARS TO PRODUCE THE LEVEL
OF INCOME NECESSARY TO GENERATE
MANAGEMENT.
FEDERAL INVESTIGATORS LATER
FOUND THAT YOU COULD PREDICT
WHAT FANNIE'S EARNINGS PER SHARE
WOULD BE AT YEAR END ALMOST TO
THE PENNY IF YOU KNEW THE
MAXIMUM EARNINGS PER-SHARE BONUS
PAYOUT TARGET SET BY THE
MANAGEMENT AT THE BEGINNING OF
EACH YEAR.
BETWEEN 1998 AND 2002, ACTUAL
EARNINGS AND THE BONUS TARGET
DIFFERED ONLY BY A FRACTION OF A
CENT, THE INVESTIGATORS FOUND.
INVESTIGATORS UNCOVERED
DOCUMENTS FROM 1998 DETAILING
THE TACTICS USED BY LEANNE
SPENCER, A FINANCE OFFICIAL AT
FANNIE, TO MAKE THE COMPANY'S
COMPANY'S 2.48 CENTS PER SHARE
THAT YEAR, FANNIE MAE EARNED
EARNED $2.4764 PER SHARE.
MID NOVEMBER, MEMO TO HER
SUPERIORS, SPENCER FORECAST THE
COMPANY WAS ON TRACK TO EARN
$2.4744 PER SHARE, JUST SHY OF
WHAT WAS NEEDED TO GENERATE
MAXIMUM BONUS PAYMENTS TO
THIS STORY GOES ON IN THIS BOOK.
IT GOES ON AND ON, HOW THE
FANNIE MAE AND FREDDIE MAC
EXECUTIVES INTENTIONALLY RIPPED
OFF THE AMERICAN PEOPLE,
DESCRIBING PROFITS IN A WAY THAT
WAS TOTALLY FALSE, GETTING TENS
OF MILLIONS IN BONUSES.
THIS IS A GOVERNMENT-SPONSORED
ENTERPRISE.
MR. JOHNSON BAILED OUT WITH A
OF
TAXPAYERS' BONUSES.
IN 1999, JOHNSON JOINED GOLDMAN
'S STEPPING INTO
OPPORTUNITIES OFFERING
ENRICHMENT LUCRATIVE
OPPORTUNITIES WITH JOHNSON
AROUND THE WORLD.
IN 2000, THE GOLDMAN BOARD PAID
JOHNSON $50,000, NOT COUNTING
STOCK AWARDS.
WITH BROKAGE FIRMS LIKE GOLDMAN
SACHS FLOURISHED FROM THE FEES
GENERATED BY UNDERWRITING
SECURITIES ISSUED BY FANNIE AND
FREDDIE WITH FEES TOTALING
TOTALING $100 MILLION A YEAR.
GUESS WHO CAME ON FANNIE'S
MR. JOHNSON.
MR. JOHNSON WAS STILL ON THE
BOARD IN 2010 WHEN THE
SECURITIES AND EXCHANGE
COMMISSION SUED THE INVESTMENT
BANK FOR SECURITIES FRAUD
RELATED TO ITS SALE OF A DUBIOUS
MORTGAGE SECURITY.
BY THAT TIME, JOHNSON WAS
EARNING ALMOST $500,000 FOR HIS
WORK ON THE GOLDMAN BOARD.
THE ACCOUNTING FRAUD AT FANNIE
WENT UNDISCOVERED UNTIL 2005
WHEN AN INVESTIGATION BY OFHEO
UNEARTHED IT IN A VOLUMINOUS,
INTENSELY DETAILED 2006 REPORT,
OFHEO NOTED THAT IF FANNIE MAE
HAD USED APPROPRIATE ACCOUNTING
METHODS IN 1998, THE COMPANY'S
PERFORMANCE WOULD HAVE GENERATED
NO EXECUTIVE BONUSES AT ALL.
A LAWSUIT FILED BY THE
SECURITIES AND EXCHANGE
COMMISSION IN 2006 SAID THE
COMPANY'S 1998 RESULTS WERE
INTENTIONALLY MANIPULATED TO
TRIGGER MANAGEMENT BONUSES.
ALTHOUGH A HIGHLY KEPT SECRET AT
THE TIME, JOHNSON -- THIS IS
MR. JAMES JOHNSON -- JOHNSON'S
BONUS FOR 1998 WAS $1.9 MILLION,
INVESTIGATORS DETERMINED.
IT LATER EMERGED THAT THE
COMPANY HAD MADE INACCURATE
DISCLOSURES WHEN IT SAID JOHNSON
ALMOST
$7 MILLION IN 1998.
IN ACTUALITY, HIS TOTAL
COMPENSATION THAT YEAR WAS LIKE
$21 MILLION, OFHEO SAID,
REFERRING TO AN INTERNAL FANNIE
MAE ANALYSIS IT HAD TURNED UP.
SO ONE OF THE GREAT SCAMS IN
AMERICAN HISTORY IS GOING ON,
AND THE PEOPLE RESPONSIBLE FOR
IT HAVE NEVER BEEN HELD
RESPONSIBLE, HAVE NEVER BEEN
HELD RESPONSIBLE.
I REFER TO MY COLLEAGUES TAKE A
LOOK AT THIS BOOK, AND I
RECOMMEND TAKING BLOOD PRESSURE
MEDICINE BEFORE YOU READ IT.
NOW, HERE WE ARE, BUSINESS AS
USUAL IN WASHINGTON.
THE APPROVAL RATING OF CONGRESS
NOW DOWN TO 9%.
AS I HAVE SAID CONTINUOUSLY,
WE'RE DOWN TO PAID STAFFERS AND
BLOOD RELATIVES.
WHY ARE THEY NOT HAPPY WITH US?
WHY HAVEN'T WE SOLVED THE
HOUSING CRISIS IN AMERICA?
WHY IS IT THAT HALF THE HOMES IN
STILL UNDER WATER,
WORTH LESS THAN THEIR MORTGAGE
IS?
WHILE THE FINANCIAL INSTITUTIONS
ON WALL STREET HAVE -- ARE DOING
JUST FINE, WITH RECORD PROFITS,
AND FANNIE AND FREDDIE CONTINUE
TO ACT AS IF THEY DID NOTHING
WRONG.
AND TO ADD INSULT TO INJURY,
AFTER A THIRD QUARTER LOSS OF
$6 BILLION, THEY'RE GOING TO GET
MILLIONS OF DOLLARS IN BONUSES.
MR. PRESIDENT, I MAY BE A BIT OF
AN IDEALIST, BUT I'LL BET YOU
THAT THERE IS SOME PATRIOTIC,
TALENTED AMERICANS THAT WOULD BE
WILLING TO SERVE ON FANNIE MAE
AND FREDDIE MAC WITHOUT BEING
PAID $900,000 A YEAR AND
MILLIONS OF DOLLARS IN BONUSES.
I REALLY BELIEVE THAT.
I REALLY BELIEVE THAT.
AND YES, PEOPLE ARE SITTING IN
AROUND THE COUNTRY, AND YES I
DON'T AGREE WITH A LOT OF THEIR
AGENDA, BUT WHEN THEY READ OF
THINGS LIKE THIS, THEY'RE --
ANGER IS JUSTIFIED.
THEIR ANGER IS -- THEY HAVE
EVERY REASON TO -- TO BE
JUSTIFIED.
BAILOUTS.
THIS MORNING AN ADDITIONAL
$6 BILLION.
AND YET, THE AMERICAN TAXPAYER
IS TOLD THAT THEY ARE MAKING
PROGRESS.
AND WHO HAS BEEN HELD
RESPONSIBLE AT THESE
ORGANIZATIONS, AT THESE
GOVERNMENT-SPONSORED ENTERPRISES
THAT WERE RESPONSIBLE FOR THIS.
TO MY KNOWLEDGE, MR. PRESIDENT,
NO ONE.
SO IT SEEMS TO ME, IT SEEMS TO
ME THE LEAST WE CAN DO IS CANCEL
THESE BONUSES, MAKE SURE IT
DOESN'T HAPPEN, AND MAYBE ASK
FOR SOME QUALIFIED, EXPERIENCED,
TALENTED AMERICANS TO COME IN
AND TAKE OVER THIS AGENCY, AND
THE FIRST GUY THAT I THINK OUGHT
TO GO IS THE GUY THAT APPROVED
OF THESE MORTGAGES WHO I
UNDERSTAND IS -- I MEAN THAT
THESE PAYOUTS,
MR. EDWARD J. DIMARCO.
MR. PRESIDENT, I YIELD THE
FLOOR.
A SENATOR: MR. PRESIDENT.
THE
SENATOR FROM DELAWARE.
MR. PRESIDENT, I
COULDN'T AGREE MORE WITH THE
SENATOR WHO JUST SPOKE THAT WE
ARE IN A SITUATION WHERE THE
ALL-TIME APPROVAL RATING OF THIS
BODY SEEMS TO HAVE REACHED AN
ALL-TIME LOW, AND THERE ARE
JUSTIFIED REASONS FOR THE
FRUSTRATION, FOR THE ANGER OF A
VERY BROAD RUN OF OUR
CONSTITUENTS, OF THE FOLKS WHO
HIRED US, MR. SENATOR, TO COME
HERE FROM OUR STATES OF WEST
VIRGINIA AND DELAWARE, FROM
ARIZONA AND OTHERS, TO TRY AND
FIX THE PROBLEMS CONFRONTING
THIS COUNTRY, AND MUCH OF THE
MESS, MUCH OF THE THINGS THAT
GOT US IN THIS PROBLEM HAVE NOT
BUT I RISE TODAY TO SPEAK ABOUT
ONE WAY FORWARD OUT OF IT, AND I
THINK ONE OF THE REASONS WHY
THERE IS SO MUCH FRUSTRATION
WITH CONGRESS AND THE GENERAL
PUBLIC IS THERE IS BROAD SUPPORT
FOR SOME SIMPLE SOLUTIONS TO GET
AMERICANS BACK TO WORK, TO
REVIVE AND STRENGTHEN OUR
ECONOMY THAT WE JUST SEEM
INCAPABLE OF REACHING ACROSS
THIS PARTISAN DIVIDE AND MOVING
FORWARD.
ONE OF THOSE IS AN
INFRASTRUCTURE BANK.
I RISE TODAY TO FOLLOW UP ON A
SPEECH I GAVE YESTERDAY ABOUT
WHY INVESTING IN AMERICAN
INFRASTRUCTURE MEANS INVESTING
IN AMERICA'S FUTURE.
INFRASTRUCTURE, BUILDING ROADS
AND BRIDGES, HIGHWAYS AND SEWER
SYSTEMS, MODERNIZING AMERICA'S
BACKBONE ENJOYS VERY BROAD
SUPPORT FROM ALL ACROSS THE
UNITED STATES, FROM ALL
DIFFERENT SECTORS BECAUSE
AMERICANS UNDERSTAND IT WILL PUT
FOLKS BACK TO WORK, INTO
BUILDING TRADES INDUSTRIES THAT
HAVE TAKEN THE HARDEST HIT IN
THIS RECESSION, AND IN A WAY
THAT WILL LAY THE GROUNDWORK FOR
OUR LONG-TERM FUTURE
COMPETITIVENESS.
THIS IS SMART SPENDING.
THIS IS INVESTING IN THE BEST
TRADITION OF FEDERAL, STATE,
LOCAL, PRIVATE PARTNERSHIPS TO
MAKE MORE COMPETITIVE FOR THE
FUTURE.
TODAY, I WANT TO TALK ABOUT ONE
ELEMENT OF THE BILL, WHICH I
TODAY.
THE AMERICAN INFRASTRUCTURE
FINANCING AUTHORITY OR KNOWN
MORE COLLOQUIALLY AS THE
NATIONAL INFRASTRUCTURE BANK.
IF THIS IDEA SOUNDS FAMILIAR,
IT'S BECAUSE IT HAS ALREADY BEEN
INTRODUCED, IT'S A BIPARTISAN
BILL, THE BUILD ACT, CHAMPIONED
BY SENATOR KERRY AND SENATOR
HUTCHISON, OF WHICH I AM A
COSPONSOR, AND ONE THAT PROVIDES
A CREATIVE FINANCING VEHICLE FOR
FORWARD.
AS YOU KNOW, MR. PRESIDENT,
BEFORE BECOMING A SENATOR IN THE
ELECTION LAST YEAR, JUST A YEAR
AGO YESTERDAY, I SERVED FOR SIX
YEARS AS THE COUNTY EXECUTIVE OF
DELAWARE'S LARGEST COUNTY, AND
ONE OF THE THINGS OUR COUNTY WAS
RESPONSIBLE FOR WAS RUNNING A
COUNTYWIDE SEWER SYSTEM.
WE HAD 1,800 MILES OF SANITARY
SEWER, AND IT WAS A CONSTANT
CHALLENGE TO MAINTAIN.
THAT'S A LOT OF PIPE, A LOT OF
PUMP STATIONS AND A LOT OF
SEWAGE BACKING UP IN PEOPLE'S
HOMES IN THE MIDDLE OF THE
NIGHT, WHICH LED TO A LOT OF
CONSTITUENTS.
IT WAS AN AGING SYSTEM.
LIKE SO MUCH OF AMERICA'S
INFRASTRUCTURE, ONE IN WHICH WE
HAD UNDERINVESTED FOR TOO LONG.
AND FROM PERSONAL EXPERIENCE, I
CAN TELL YOU THAT THE LACK OF
THAT INFRASTRUCTURE, OF ADEQUATE
SEWER CAPACITY, WAS A MAJOR
BARRIER TO FUTURE GROWTH.
SO, TOO, ACROSS STATES AND
COUNTIES AND CITIES ALL OVER
THIS COUNTRY, WHERE THE ROADS
AND RAIL, THE PORTS AND THE
SEWER SYSTEMS AREN'T UP TO
CURRENT GLOBAL STANDARDS, WE
GLOBAL COMPETITORS.
WHEN WE TALK ABOUT CAPITAL
INFRASTRUCTURE IMPROVEMENTS AT
THE LOCAL LEVEL IN THE
GOVERNMENT I USED TO BE WITH, IT
WASN'T SOME WISH LIST, THIS
WASN'T SOME FUTURE TECHNOLOGY,
THIS WASN'T SOME RISKY
IT WAS TRIAGE.
IT WAS CRITICALLY NEEDED
INVESTMENT IN PIPES IN THE
GROUND THAT WOULD PROTECT OUR
WATER, STRENGTHEN OUR COMMUNITY
AND GROW OUR ECONOMY.
AS A NATION, THE AMERICAN
SOCIETY OF CIVIL ENGINEERS HAS
TOLD US WE NEED $2.2 TRILLION
OVER JUST THE NEXT FIVE YEARS IN
INFRASTRUCTURE INVESTMENTS TO
KEEP AMERICA MOVING FORWARD.
WE'RE TALKING ABOUT FIXING
UNSAFE BRIDGES, DEALING WITH
CLOGGED HIGHWAYS AND REBUILDING
THEY CAN HANDLE
LARGER MODERN AIRCRAFT SAFELY.
THAT IS AN ENORMOUS SCOPE,
MR. PRESIDENT.
$2.2 TRILLION OVER JUST THE NEXT
FIVE YEARS.
WE'RE ALREADY ASKING SO MUCH OF
THE SUPER COMMITTEE IN TERMS OF
FINDING DRAMATIC SAVINGS,
REDUCTIONS IN FEDERAL SPENDING.
WHERE WILL THIS LEVEL OF
INVESTMENT COME FROM TO PUT
AMERICA BACK TO WORK?
SO IN MY VIEW, WE HAVE TO GET
WE HAVE TO LEVERAGE.
WE HAVE TO BRING IN MORE
RESOURCES THAN ARE CURRENTLY ON
THE FIELD.
AND ESPECIALLY NOW, ESPECIALLY
IN THIS COUNTRY, I THINK WE HAVE
TO BE SMART ABOUT HOW WE SPEND
OUR FUNDS.
THE REBUILD AMERICA JOBS ACT, TO
WHICH I HOPE WE WILL BE MOVING
LATER THIS AFTERNOON, WOULD PUT
$50 BILLION DIRECTLY INTO
INFRASTRUCTURE BUT $10 BILLION
AS A DOWN PAYMENT INTO MAKING
POSSIBLE THIS NEW INFRASTRUCTURE
SEED MONEY THAT MAKES POSSIBLE
LOANS AND LOAN GUARANTEES, NOT
INFRASTRUCTURE PROJECTS
INCLUDING ENERGY, WATER AND
CRITICALLY NEEDED
TRANSPORTATION.
REMEMBER, WE NEED MORE THAN
INVESTMENT RIGHT NOW JUST TO
KEEP UP, BUT WE ALL KNOW THE
CONSTRAINED BUDGETS OF OUR
COUNTY, STATE AND LOCAL
GOVERNMENTS CAN'T GET THE
FINANCING THEY NEED.
THIS INFRASTRUCTURE BANK WOULD
PROVIDE THE LEVERAGE, A VEHICLE
TO FINANCE DESPERATELY NEEDED
JUST A FEW THINGS ABOUT IT.
IT WOULD BE FOR BIG PROJECTS,
PROJECTS THAT COST MORE THAN
$25 MILLION IN RURAL
REST OF THE COUNTRY.
IT WOULD ONLY BE ALLOWED TO
FINANCE UP TO 50% OF A PROJECT
TO AVOID CROWDING OUT PRIVATE
CAPITAL, TO MAKE SURE THAT
PRIVATE CAPITAL HAS GOT SKIN IN
THE GAME SO IT'S A VIABLE
PROJECT.
IT'S MY EXPECTATION, IN FACT,
THAT THE INFRASTRUCTURE BANK
WOULD FINANCE A MUCH SMALLER
PIECE OF MOST PROJECTS, JUST
ENOUGH TO BRING PRIVATE
INVESTMENT TO THE TABLE.
IT WOULD BE GOVERNMENT OWNED BUT
INDEPENDENTLY OPERATED, HAVE ITS
OWN BIPARTISAN BOARD OF
DIRECTORS AND FUNCTION MUCH LIKE
THE SUCCESSFUL EXIM.
AN INFRASTRUCTURE BANK PASSED BY
THE SENATE THIS WEEK COULD
PROVIDE UP TO $160 BILLION IN
DIRECT FINANCIAL ASSISTANCE OVER
ITS FIRST TEN YEARS TO
TRANSPORTATION, AND THAT WOULD
BE PAIRED WITH PRIVATE
INVESTMENT THAT COULD DOUBLE,
TRIPLE OR EVEN QUADRUPLE
INCREASING THE FULL IMPACT OF
THIS BANK.
I SAID YESTERDAY, MR. PRESIDENT,
THAT INFRASTRUCTURE IS A SMART
INVESTMENT FOR OUR COUNTRY, THAT
A NATIONAL INFRASTRUCTURE BANK
AS A PART OF THAT STRATEGY WOULD
PROVIDE A VEHICLE FOR THE
PRIVATE SECTOR TO GET IN ON THIS
INVESTMENT AS WELL AND TO HELP
US ACCELERATE OUR MOVE TOWARDS
THE FUTURE.
THIS, MR. PRESIDENT, IS SMART
POLICY SMS IT IS A FUNNY THING
ABOUT INFRASTRUCTURE, HOW WE
INEVITABLY TAKE IT FOR GRANTED,
WHETHER YOU ARE RUNNING A STATE
HIGHWAY SYSTEM OR A COUNTY SEWER
SYSTEM, YOU NEVER KNOW HOW MUCH
PEOPLE MISS IT UNTIL IT ISN'T
WORKING THE WAY THEY EXPECT.
AND, UNFORTUNATELY, IN CITIES,
COUNTIES, AND STATES A ACROSS
OUR COUNTRY, COMPANIES AND
COMMUNITIES ARE DISCOVERING THAT
OUR AGED INFRASTRUCTURE IS
IMPOSING COSTS ON US THAT WE
JUST CAN'T BEAR.
THE AMERICAN SOCIETY OF CIVIL
ENGINEERS, WHICH I HAVE REFERRED
TO BEFORE, RELEASELY RECENTLY RELEASE ADD
THAT OUR
TRANSPORTATION INFRASTRUCTURE
ALONE RESULTS IN THE LOSS OF A
MILLION JOBS AND WILL SUPPRESS
OUR G.D.P. GROWTH BY NEARLY $1
TRILLION BETWEEN NOW AND 2020.
THAT'S AN ENORMOUS LOSS OF
FUTURE ECONOMIC BEING A TIFLT.
IN MY VIEW, WE CAN'T PUT THIS
OFF ANY FURTHER.
WE CAN'T KEEP SWERVING TO AVOID
THESE POTHOLES ON THE PATH TO
PROSPERITY.
EVENTUALLY WE'RE GOING TO HIT
THEM AND EVENTUALLY THEY'RE
GOING TO ARE INTO BE A DRAG ON
OUR NATION.
THE REBUILD AMERICA'S JOBS ACT
WOULD FILL THESE POTHOLES, WOULD
PATCH THESE PIPES, WOULD LAY THE
NEW RUNWAYS FOR AMERICA'S
ECONOMY TO TAKE OFF.
IN MY VIEW, THIS REBUILD
AMERICA'S JOBS ACT, WHICH WOULD
REBUILD 125,000 MILES OF
ROADWAY, MAINTAIN 4,000 MILES OF
TRAIN TRACK, UPGRADE RUNWAYS IS
NOTHING SHORT OF THE SMART
INVESTMENT WE NEED TO BE
COMPETITIVE FOR THE FUTURE.
IT WOULD PUT PEOPLE BACK TO WORK
IT WOULD STEER US ON THE RIGHT
ROAD TO RECOVERY, AND IT WOULD
FIX THE PROBLEMS THAT LIE RIGHT
IN OUR PATH AS WE TRY TO DO OUR
JOB, MR. PRESIDENT, FOR THE
FOLKS WHO HIRED US TO COME HERE
AND HELP THEM GET BACK TO WORK.
WE NEED TO ACT TODAY AND IT IS
MY HOPE THAT MY COMPLETION WILL
JOIN US THIS AFTERNOON IN VOTING
FOR THE MOTION TO PROCEED TO THE
RECOVER AND REBUILD AMERICA JOBS
ACT.
A CRITICAL PIECE OF WHICH IS
THIS SMART INFRASTRUCTURE BANK.
MR. PRESIDENT, I MOVE NOW
BRIEFLY TO SUPPORT THE
NOMINATION OF RICHARD ANDERS,
WHO'S BEEN NOMINATED TO BE
UNITED STATES DISTRICT COURT
JUDGE FOR THE DISTRICT OF
RICH ANDREWS IS A DEDICATED
PUBLIC SERVANT AND A GOOD MAN.
WHEN THE SENATE CONFIRMS HIS
NOMINATION HOPEFULLY LATER
TODAY, RICH WILL BECOME THE
FOURTH ACTIVE JUDGE SERVING IN
THE DISTRICT OF DELAWARE.
THIS WILL MAKE THE VERY FIRST
TIME IN FIVE YEARS THAT THIS
VERY BUSY COURT WILL OPERATE
WITHOUT A VACANCY.
FOR A SMALL DISTRICT LIKE
ALBEIT ONE WITH SUCH A
COMPETITIONIZED AND COMPLEX
CASELOAD, EVEN A SINGLE VACANCY
PLACES A SIGNIFICANT BURDEN ON
THE COURT.
MR. ANDREWS' NOMINATION HAS BEEN
PENDING 177 DAYS, AND WHILE I AM
GRATEFUL FOR THE CONSENT
AGREEMENT THAT I HOPE WILL ALLOW
HIS NOMINATION TO BE CONSIDERED
TODAY, I REMAIN CONCERNED THAT
SUCH A NONCONTROVERSIAL AND
QUALIFIED NOMINEE AS RICH COULD
TAKE NEARLY HALF A YEAR TO REACH
FLOOR CONSIDERATION.
THE JUDICIAL VACANCY RATE HOVERS
NEAR 10%, THERE ARE 31 JUDICIAL
VACANCIES AND IT WILL MY HOPE
THAT THIS BODY WILL CONTINUE TO
MOVE EXPEDITIOUSLY TO FILL
VACANCIES THROUGHOUT THE
AS A MEMBER OF THE JUDICIARY
COMMITTEE, I HAD THE CHANCE TO
CHAIR THE NOMINATIONS HEARING
FOR RICH AND TO TAKE PART IN THE
NOMINATION.
I HAVE REVIEWED HIS RECORD,
LISTENED TO HIS TESTIMONY, MET
WITH HIM PERSONALLY, CONFERRED
WITH MY SENIOR SENATOR, SENATOR
CARPER, AND AS A RESULT OF THIS,
I ENSURE MY COLLEAGUES, I HAVE
EVERY CONFIDENCE THAT RICH IS A
JUDGE AND WILL SERVE
DELAWARE AND THIS NATION
BRILLIANTLY.
DURING HIS SERVICE SO FAR HE HAS
ESTABLISHED HIMSELF AS A
TALENTED AND HUMBLE PUBLIC
SERVANT WHO POSSESSES A STRONG
WORK ETHIC AND HIGHEST
AFTER GRADUATING FROM BERKELEY
LAW SCHOOL HE CAME TO DELAWARE
AS A LAW CLERK FOR THE CHIEF
JUDGE SITES.
AFTER COMPLETING HIS CLERKSHIP,
HE SPENT THE NEXT 24 YEARS MUCH
MUCH IT SEARVETION THE FIRST
ASSISTANT U.S. ATTORNEY AND
CHIEF OF THE CRIMINAL DIVISION.
HE HAS TRIED IN THAT ROLE MORE
THAN 50 FELONY JURY CASES AND
ARGUED 17 CASES BEFORE THE THIRD
CIRCUIT COURT OF APPEALS.
SINCE LEAVING THE U.S.
ATTORNEYS' OFFICE IN 2007, HE
HAS SERVED AS STATE PROSECUTOR
FOR THE DELAWARE DEPARTMENT OF
EXPWRUFT AND LEADS AND IS
OVERSEEING TENS OF THOUSANDS OF
PROSECUTIONS EACH YEAR.
I AM CONFIDENT THEN,
MR. PRESIDENT, THAT HIS
EXPERIENCE AS A PROSECUTOR HAS
KNOWLEDGE, SKILLS,
AND TEMPERAMENT TO SERVE ON THE
DISTRICT OF DELAWARE FEDERAL
WHEN I CHAIRED HIS NOMINATIONS
HEARING, I WAS IMPRESSED AT HIS
PROFESSIONALISM, HIS
INTELLIGENCE, AND HIS DEMEANOR.
RICH ENJOYS BROAD, BIPARTISAN
SUPPORT, HAVING BEEN REPORTED
UNANIMOUSLY BY THE SENATE
JUDICIARY COMMITTEE.
SO I URGE ALL OF MY COMMITTEES
TO JOIN ME AND SENATOR CARPER IN
SUPPORTING MR. ANDREWS SO HE
WILL HAVE THE OPPORTUNITY TO
CONTINUE HIS SELFLESS SERVICE TO
THE PEOPLE OF OUR STATE AND OUR
WITH THAT, MR. PRESIDENT, I
YIELD THE FLOOR.
THE
SENATOR FROM FLORIDA.
I ASK UNANIMOUS
CONSENT THAT I BE RECOGNIZED TO
SPEAK IN MORNING BUSINESS.
OBJECTION.
I ALSO ASK
UNANIMOUS CONSENT THAT THE
SENATOR FROM RHODE ISLAND BE
RECOGNIZED IMMEDIATELY AFTER ME.
OBJECTION.
MR. PRESIDENT, I
WANTED TO COME TO THE FLOOR TO
INTRODUCE AN ISSUE THAT I'VE
BECOME INTERESTED IN THE LAST
FEW MONTHS, ONE THAT I DIDN'T
QUITE A LOT ABOUT BEFORE I CAME
TO THE UNITED STATES SENATE, IT
THE ISSUE OF HUMAN
TRAFFICKING AND SLAVERY.
FOR MANY OF US IN THE 21st
CENTURY, WE THINK OF SLAVERY AS
A CONCEPT THAT HAPPENED IN OTHER
PLACES AND A LONG TIME AGO WHEN
IN FACT IT EXISTS EVEN TODAY
AROUND THE WORLD.
AND THE ISSUE IS PRETTY
STARTLING.
THE STATE DEPARTMENT ESTIMATES
THAT THERE'S BETWEEN 700,000 AND
800,000 PEOPLE IN THE WORLD THAT
ARE TRAFFICKED.
THE NUMBER OF PEOPLE TRAFFICKED
IN THE UNITED STATES IS ABOUT
16,000 TO 17,000.
THAT'S A LOT OF PEOPLE IN THE
21st CENTURY THAT ARE BEING
TRAFFICKED AND ARE HELD IN
BONDAGE.
AND I SAW A SPECIAL ON A CABLE
NETWORK RECENTLY THAT OUTLINED
THIS ISSUE AND THEN STARTED
RESEARCHINGRESEARCHING ON IT.
I WAS SHOCKED TO LEARN THAT MY
HOME STATE OF FLORIDA IS
PARTICULARLY AFFECTED BY THIS
SO RECENTLY I HAD THE HONOR AND
PRIVILEGE OF BEING APPOINTED TO
THE HELSINKI COMMISSION, THE
GRIEWP HERE IN THE SENATE THAT
WORKS A ALONG WITH THE HOUSE.
WE HELD A HEARING YESTERDAY ON
THE ISSUE OF HUMAN TRAFFICKING
AND IT IS AN ISSUE THAT I'M
GOING TO BE INCREASINGLY
SPEAKING ABOUT OVER THE NEXT FEW
I TRULY BELIEVE
IT'S ONE OF THE GREAT
HUMANITARIAN CAUSES OF THIS NEW
IT BEGINS WITH AWARENESS, WITH A
CLEAR UNDERSTANDING OF WHAT'S
HAPPENING AROUND THE WORLD WITH
REGARDS TO THIS ISSUE.
THE FACT THAT THERE ARE THESE
PEOPLE AS WE SPEAK, AS I SAND
HERE TODAY, PERHAPS WITHIN
WALKING DISTANCE OF THIS VERY
BUILDING, THERE ARE PEOPLE HELD
AGAINST THEIR WILL IN SERVITUDE.
THE ONE THAT GETS ALL THE
PUBLICITY -- AND RIGHTFULLY SO
-- IS SEX TRAFFICKING.
CHILDREN AND YOUNG GIRLS AND
YOUNG WOMEN BROUGHT INTO THIS
COUNTRY AND HELD AGAINST THEIR
WILL AS SEX SLAVES.
WORLD.
IT IS SAD TO LEARN THAT THERE
ARE ACTUAL GOVERNMENTS AROUND
THE WORLD THAT COOPERATE WITH
THIS AND TOLERATE IT AND ARE
CORRUPTED BY T AND THAT GETS A
LOT OF PUBLICITY AND ATTENTION.
AND WE ARE GOING TO BE PAYING
ALLOT OF ATTENTION TO THAT.
WE HEARD STORIES OF DIPLOMATS
THAT WORK IN THIS CITY,
DIPLOMATS FROM OTHER NATIONS WHO
COME HERE AND BRING DOMESTIC
WORKERS WITH THEM TO THEIR HOMES
AND HOLD THEM HERE AGAINST THEIR
WILL AND TAKE THEIR ENTIRE
PAYCHECK.
AND WE'RE GOING TO BE DENOUNCING
SOME OF THESE PEOPLE ON THIS
FLOOR BY NAME IN THE WEEKS AND
MONTHS TO COME.
ABOUT THE OTHER THING THAT WAS
SHOCKING, ALTHOUGH AS I SAID,
THE SEX TRAFFICKING GETS A LOT
OF ATENGE, IS THE FORCED LABOR
ASPECT OF IT.
PEOPLE WHO ARE WHO ARE RECRUITED IN
OTHER COUNTRIES AND BROUGHT HERE
AND YOU'RE GOING TO COME HERE
AND MAKE A LIVING, BE ABLE TO
SEND IT BACK HOME.
WHEN THEY GET HERE, THEY ARE
HEALED AGAINST THEIR WILL NOT
PAID, IN FACT SOMETIMES THEY OWE
THE TRAFFICKERS MONEY, AND
THEY'RE HELD IN SQUALID
THAT'S HAPPENING RIGHT HERE IN
THIS COUNTRY UNDERNEATH OUR VERY
NOSE.
NOW, NOT TO MENTION THE
EGREGIOUS CASES AROUND THE
WORLD.
WE ARE GOING TO FOCUS ON THOSE
CASES AROUND THE WORLD AS WELL.
THE STATE DEPARTMENT RANKS EVERY
COUNTRY AROUND THE WORLD ON HOW
THEY'RE PROSECUTING AND
COOPERATING ON THESE CASES.
IT IDENTIFIES THE COUNTRIES THAT
ARE DOING WELL, TRYING TO DO
WELL, THE COUNTRIES THAT QUITE
COULD CARE LESS AND
ACTUALLY DON'T MIND THIS STUFF
GOING ON IN THEIR JURISDICTION.
THEY DESERVE TO BE CONDEMNED NOT
JUST ON THIS FLOOR BUT IN THE
INTERNATIONAL COMMUNITY AND
WE'LL TALK ABOUT THAT AS WELL IN
THE WEEKS TO COME.
BUT I DON'T THINK WE CAN POINT
THE FINGER AT ANYONE UNLESS WE
LOOK AT OUR SATISFIES A NATION,
AS A SOCIETY, AND CALL ATTENTION
TO THIS ISSUE.
SO AS I BEGIN TO INTRODUCE THIS
ISSUE AND MY INVOLVEMENT IN IT,
THERE ARE COUPLE THINGS I WANTED
TO POINT OUT.
THE FIRST IS THIS IS LARGE LAY
OCCURRING AS A RESULT OF
CRIMINAL ENTERPRISES, THE SAME
PEOPLE THAT TRAFFIC DRUGS AND
ARE INVOLVED IN OTHER KIND OF
ORGANIZED CRIME ARE ALSO
INVOLVED IN HUMAN TRAFFIC.
WE SEE THAT INCREASINGLY IN
MAJOR AREAS AND WE'VE SEEN
PROSECUTIONS.
BUT WE'VE ALSO LEARNED THAT
INCREASINGLY WHAT WE'RE FINDING
ARE SMALL-SCALE OPERATIONS,
SOMETIMES FAMILIES -- WE HEARD
THE CASE OF A MOTHER AND HER TWO
SONS WHO ARE INVOLVED IN A HUMAN
TRAFFICKING RING, AND IT IS VERY
PROFITABLE, VERY LUCRATIVE.
IT COSTS THEM ABOUT $10,000
BRING A YOUNG WOMAN INTO THIS
COUNTRY AND THEY CAN MAKE THAT
MONEY BACK IN THE SEX TRADE
WITHIN A FEW DAYS AND AFTER THAT
IT'S ALL PROFIT.
IT IS OUTRAGEOUS AND IT'S OPENED
THE DOOR FOR SMALL-SCALE
OPERATIONS THAT ARE DOING THIS.
WHAT ARE THE IMPEDIMENTS TO DEAL
WITH WITH THIS ISSUE?
THERE ARE A FEW AND THEY ARE
GOING TO TRAIK A LONG TIME TO
WORK ON.
THE FIRST IS A LACK OF
AT THE LOCAL LEVEL AND EVEN AT
THE FEDERAL LEVEL, OUR LAW
ENFORCEMENT OFFICERS AND
PERSONNEL WHO WANT TO DO THE
RIGHT THING PROBABLY NEED SOME
MORE INFORMATION ABOUT
IDENTIFYING THESE CASES.
SEEING THE MARKERS OF HUMAN
TRAFFICKING, IDENTIFYING CASES
THAT CLEARLY WREAK OF HUMAN
TRAFFICKING AND IDENTIFYING
THOSE AND TREATING TREATING THEM AS WHAT
THEY ARE.
THE SECOND THING WE NEED ARE
PEOPLE.
YOU ARE NOT GOING TO BE ABLE TO
PROSECUTE AND PUT PEOPLE IN JAIL
UNLESS THE VICTIM IS WILLING TO
IF THE VICTIM FEELS YOU ARE
GOING TO DEPORT THEM OR PUT THEM
IN IMMIGRATION JAILS OR THEY
THINK THAT THESE ORGANIZED CRIME
RINGS WILL HARM THEIR FAMILIES
OVERSEAS, IT IS GB TO BE HARD TO
GET VICTIMS TO COOPERATE.
AND LAST BUT NOT LEAST, I KNOW
THIS IS A COMPLICATED ISSUE, BUT
OUR IMMIGRATION SYSTEM IS
CONTRIBUTING TO THIS.
WE HAVE A VERY COMPLICATED
IMMIGRATION SYSTEM, AN EXPENSIVE
ONE, A BURDENSOME ONE, AND WHAT
IT'S CREATING IS THE NEED FOR
MIDDLE MEN.
MORE OFTEN THANK NOT, THE MIDDLE
MEN, THESE FOREIGN LABOR
AGENCIES, TOO MANY OF THEM, ARE
IN FACT HUMAN TRAFFICKERS.
WHO ARE UTILIZING THIS SYSTEM,
THE LEGAL IMMIGRATION SYSTEM, TO
BRING PEOPLE INTO THIS COUNTRY
AND ONCE THEY'RE HERE, TO HOLD
THEM AGAINST THEIR WILL.
WE'VE GOT TO FOCUS ON THAT
BECAUSE ULTIMATELY THAT HAS TO
BE SOLVED.
OUR LEGAL IMMIGRATION SYSTEM HAS
TO BE MODERNIZED.
IF IT ISN'T, IF IT ISN'T, ONE OF
THE PROBLEMS THAT WE'LL CONTINUE
TRAFFIC.
THE GOOD NEWS HERE IN CONGRESS
THERE IS A BILL, THE
REAUTHORIZATION OF THE TVPRA.
IT PASSED OUT OF THE SENATE
JUDICIARY COMMITTEE IN OCTOBER
OF THIS YEAR BY A 12-6 VOTE, AND
IT DOES A FEW THINGS.
IT PROMOTES INCREASED
COOPERATION AMONG THE FEDERAL
AGENCIES, BETWEEN THE UNITED
STATES AND OTHER COUNTRIES, AND
IT SUPPORTS AND ENHANCES THE
VICTIM-CENTERED APPROACH WHICH
SAYS WE'RE GOING TO APPROACH
THIS FROM THE VIEWPOINT OF THE
VICTIM AND CREATE PROTECTIONS
AND SECURITY FOR THE VICTIM
AMGDZ THEIR FAMILIES SO THEY CAN
COOPERATE, SO THEY CAN HELP US
PROSECUTE THESE PEOPLE.
AND THE THE BILL FOCUSES ON
ITS ROOTS.
THERE ARE A LOST COUNTRIES OUT
THING.
THEY EITHER DON'T HAVE THE
RESOURCES OR THE KNOWLEDGE BASE
TO DO IT AND THERE ARE SOME
MIND THIS.
IN FACT THEY COOPERATE WITH THIS
STUFF.
THEY LIKE THAT IT'S GOING ON IN
THEIR COUNTRIES.
THEY'RE ON THE TAKE, SO TO
SPEAK.
THEY NEED TO BE CALLED OUT FOR
WHAT THEY'RE DOING AS WELL.
FINALLY, THIS PROMOTES
IT ENSURES THAT THE FEDERAL
FUNDS ARE BEING USED FOR THEIR
INTENDED PURPOSES AND IT REDUCES
THE AUTHORIZATION LEVELS TO
ADDRESS FISCAL CONCERNS BUT
FOCUSES ON THE PROBLEMS THAT
HAVE BEEN MOST EFFECTIVE.
AND SO MY HOPE IS THAT THAT
BILL, WAYS BIPARTISAN BILL, WILL
COME TO THIS FLOOR SOON THAT
WE'LL HAVE AN OPPORTUNITY TO
MAKE IT BETTER, TO GET IT
PASSED, TO WORK WITH OUR
COLLEAGUES IN THE HOUSE, TO SEND
A VERY CLEAR MESSAGE THAT THIS
IS A PRIORITY, THAT THIS IS
SOMETHING WE SHOULD ALL AGREE ON
AND WORK TOGETHER ON.
IT IS A GREAT CAUSE TO BE
INVOLVED IN.
IT IS ONE OF THE GREAT
HUMANITARIAN, HUMAN RIGHTS
CAUSES OF THE 21st CENTURY.
AND I THINK HOW WE DEAL WITH IT
OR FAIL TO DEAL WITH IT WILL SAY
NATION.
I HOPE I CAN ENCOURAGE AS MANY
OF MY COLLEAGUES AS POSSIBLE TO
TAKE THIS CAUSE UP AS THEIR OWN.
I LOOK FORWARD IN THE WEEKS TO
COME TO BE ABLE TO COME ON THE
IT.
WITH THAT, I YIELD THE FLOOR.
THE
SENATOR FROM RHODE ISLAND.
MR. PRESIDENT.
MR. PRESIDENT, I RISE IN SUPPORT
OF THE BUILD AMERICA JOBS ACT
BECAUSE IT RESPONDS TO TWO
CRITICAL NEEDS:
THE JOBS CRISIS THAT WE FACE
THROUGHOUT THIS COUNTRY AND THE
NEED TO IMPROVE OUR NATIONAL
INFRASTRUCTURE, WHICH IS OBVIOUS
TO EVERYONE IN EVERY PART OF
THIS COUNTRY.
OVER THE FOUR YEARS OF THIS
ECONOMIC CRISIS, THE
UNEMPLOYMENT RATE IN RHODE
ISLAND HAS BEEN ONE OF THE
HIGHEST IN THE NATION.
IT NOW STANDS AT 10.5%.
FOR MANY FAMILIES, IT HAS BEEN A
STRESSFUL AND DEMORALIZING TIME.
VERY FEW HAVE AVOIDED THE
IMPACTS IN THEIR OWN LIVES AND
IN THE LIVES OF SOMEONE CLOSE TO
THEM OF THIS ECONOMIC CRISIS.
IT HAS BEEN PARTICULARLY
DEVASTATING TO THOSE INVOLVED IN
CONSTRUCTION, A SECTOR WHERE
MORE THAN 2 MILLION AMERICANS,
INCLUDING 7,000 RHODE ISLANDERS,
HAVE LOST THEIR JOBS SINCE 2007.
IT'S FRUSTRATING TOKER FRUSTRATING FOR THESE
WORKERS BECAUSE ALL AROUND THEY
CAN SEE THE NEED TO MAINTAIN AND
IMPROVE OUR INFRASTRUCTURE,
WHICH BY THE WAY IS ESSENTIAL TO
THE FREE FLOW OF COMMERCE AND
THE ECONOMIC PROSPERITY OF THE
COUNTRY GOING FORWARD.
INDEED, ALL OF US, REGARDLESS
PHS OUR ECONOMIC STATUS, BENEFIT
FROM A SOUND TRANSPORTATION
SYSTEM.
A FEW WEEKS AGO, SENATOR
WHITEHOUSE AND I JOINED RHODE
ISLAND TRANSPORTATION OFFICIALS
AT THE PROVIDENCE VIA DUCT.
THIS IS A 1,300-FOOT STRETCH OF
INTERSTATE RHODE ISLAND 95 THAT
-- ROUTE 95 RUNS DIRECTLY
THROUGH THE HEART OF PROVIDENCE,
RHODE ISLAND.
IT CONNECTS NEW YORK AND BOSTON
AND THE WHOLE NORTH-SOUTH
HIGHWAY SYSTEM ON THE EAST
IT IS ONE OF 155 BRIDGES IN OUR
SPHAIT ALONE THAT HAVE -- IN OUR
STATE ALONE THAT HAVE BEEN FUND
TO BE STRUCTURALLY DWSHT.
IT MUST BE REPLACED WITHIN THE
NEXT FEW YEARS.
IT CAN NO LONGER BE REPAIRED
TIME AND TIME AGAIN.
IT HAS TO
BE REPLACED.
IF NOT, TRAFFIC WILL HAVE TO BE
REROUTED WHICH WILL HAVE A MAJOR
IMPACT ON OUR ECONOMY AND THE
REGIONAL ECONOMY.
ROUTE 95 IS THE HIGHWAY LINK
BETWEEN NEW YORK CITY AND
BOSTON.
IF SUDDENLY IN THE MIDDLE OF
THAT HIGHWAY LINK YOU
EFFECTIVELY PUT UP A ROADBLOCK
OR RESTRICT TRAFFIC TO ONE LANE,
YOU'RE GOING TO SEE ECONOMIC
THROUGHOUT THE
NORTHEAST AFFECTED.
ALREADY THE RHODE ISLAND
DEPARTMENT OF TRANSPORTATION HAS
INSTALLED WOODEN PLANKS BENEATH
THE VIA DUCT TO CATCH FALLEN
CONCRETE OR DEBRIS THAT MAY FALL
ON CARS OR PEDESTRIANS BELOW.
THAT'S AN EXAMPLE OF JUST THE
FIRST SIGNS OF THE INCREASING
DECAY.
NOW, THIS IS THE KIND OF
COMMONSENSE PROJECT THAT THIS
JOBS BILL ADDRESSES, BUT IT'S
NOT THE ONLY ONE.
INDEED 21% OF RHODE ISLAND'S
BRIDGES ARE LISTED AS
STRUCTURALLY DEFICIENT WHILE
OBSOLETE.
THERE'S A HUGE AMOUNT OF WORK
THAT WE CAN DO TO IMPROVE
EXISTING CONDITIONS AND MAKE US
MORE PRODUCTIVE GOING FORWARD.
FOR RHODE ISLANDERS, HAVING THIS
JOBS BILL WOULD TRANSLATE TO
APPROXIMATELY $141 MILLION OF
HIGHWAY FUNDING TO HELP US
RESPOND TO THESE OBVIOUS NEEDS.
MOREOVER, IT WOULD PROVIDE $21
MILLION IN TRANSIT FUNDING WHICH
WOULD PROVIDE A REAL SHOT IN THE
ARM TO HELP MAINTAIN EFFICIENT
PUBLIC TRANSPORTATION SYSTEMS.
WE TAKE PRIDE AROUND HERE.
WE HAVE A STATEWIDE
TRANSPORTATION SYSTEM.
IT'S ORIENTED AROUND OUR BUS
SYSTEM.
IT TRAVELS THE LENGTH OF THE
STATE.
NEEDS SUPPORT.
AND THIS BILL WOULD HELP PROVIDE
THAT SUPPORT.
THE BILL WOULD ALSO IMPROVE
AIRPORTS, PARTICULARLY OUR MAJOR
AIRPORT, T.F. GREEN, WITH A
SAFETY FACILITY AND AN EXPANSION
OF A RUNWAY.
IT WOULD MAKE AIR TRAVEL NOT
ONLY SAFER, BUT IT WOULD MAKE
OUR AIRPORT MORE CAPABLE OF
INTERCONTINENTAL AND
INTERNATIONAL SERVICE.
EFFECTIVE OPTION.
IF WE DID, THAT WOULD BE A HUGE
MULTIPLIER TO OUR ECONOMY.
AND IT'S BASED ON SOUND
INFRASTRUCTURE IMPROVEMENTS.
THESE ARE NOT NEW, NOVEL
TECHNOLOGY.
THIS IS OLD-FASHIONED EXTENDING
A RUNWAY, FIXING A BRIDGE,
GETTING THE ECONOMY MOVING
EVERYONE UNDERSTANDS THAT.
EVERYONE ON MAIN STREET, ON E
STREET, SOUTH STREET, WEST
STREET, IN EVERY CORNER OF THIS
COUNTRY UNDERSTANDS THAT.
AND WE'VE ALWAYS DONE IT, AND
THIS BILL WILL HELP US DO IT.
NATIONAL INFRASTRUCTURE BANK
WHICH I BELIEVE WILL PLAY A
PROJECTS GOING FORWARD.
THESE PROJECTS WOULD INCLUDE
CLEAN WATER PROJECTS, ENERGY
PROJECTS AS WELL AS
TRANSPORTATION PROJECTS.
THERE'S ABSOLUTELY NO DOUBT THAT
THESE INVESTMENTS IN
INFRASTRUCTURE WILL BENEFIT OUR
ACCORDING TO THE ECONOMIST MARK
ZANDI, EVERY DOLLAR INVESTED IN
THESE TYPES OF PROJECTS WILL
GENERATE APPROXIMATELY $1.59 IN
ECONOMIC ACTIVITY.
THERE'S A SIGNIFICANT MULTIPLIER
EFFECT HERE, AND IT'S PART, I
THINK OF IMPORTANTLY GETTING US
BUILDING UP
SELF-SUSTAINING MOMENTUM.
AGAIN, THESE PROJECTS WILL
EMPLOY PRIVATE COMPANIES THAT
WILL HIRE INDIVIDUALS IN ALL OF
OUR HOME STATES TO BEGIN THE
WORK THAT MUST BE DONE TO
IMPROVE OUR INFRASTRUCTURE, TO
PROVIDE THE KIND OF VITAL
TRANSPORTATION LINKS THAT ARE
CRITICAL TO ANY ECONOMY.
AND IT'S ALSO VERY IMPORTANT TO
KNOW THAT THIS PROPOSAL IS FULLY
PAID FOR.
AND YOU HAVE BOTH BUSINESS AND
LABOR SUPPORTING THESE
INVESTMENTS IN THE BILL.
AND I WOULD HOPE WE COULD ALL
JOIN TOGETHER IN A SIGN NOT OF
JUST COMMON UNITY BUT COMMON
SENSE, AND ADOPT THIS PROVISION.
BUILD INFRASTRUCTURE.
IT'S PAID FOR.
IT PUTS PEOPLE TO WORK.
THAT'S WHAT THE AMERICAN PUBLIC
IS ASKING US TO DO, AND WE
SHOULD DO IT.
I WANT TO COMMENT BRIEFLY ON THE
REPUBLICAN ALTERNATIVE PROPOSAL.
IT FAILS TO PROVIDE THE
INVESTMENTS THAT DEAL WITH THESE
INFRASTRUCTURE AND JOCK
TODAY.
IT CUTS $40 BILLION IN
ADDRESSING THE NEEDS OF OUR
HIGHWAY TRUST FUND AND OTHER
INFRASTRUCTURE IMPROVEMENT
VEHICLES.
MORE IMPORTANTLY, KPO SCALE BACK
IMPORTANT -- IT WOULD SCALE BACK
IMPORTANT PUBLIC HEALTH
PROTECTIONS UNDER THE E.P.A.
THE REPUBLICAN PACKAGE INCLUDES
THE SO-CALLED E.P.A. REGULATORY
RELIEF ACT, THE REINS ACT AND
THE REGULATORY TIME-OUT ACT.
TOGETHER THESE PROVISIONS NOT
ONLY THREATEN OUR ECONOMIC
PROGRESS, BUT ALSO OUR PUBLIC
HEALTH.
THEY WOULD NULLIFY THE E.P.A.
THIS RULE HAS BEEN CALCULATED TO
PRODUCE $10 MILLION TO -- $10 TO
$24 HEALTH BENEFITS FOR EVERY
DOLLAR SPENT.
PREVENTING APPROXIMATELY 6,600
PREMATURE DEATHS AND ABOUT
40,000 ASTHMA ATTACKS PER YEAR.
THIS TRANSLATES, AGAIN, INTO
ANOTHER MAJOR CRISIS WE FACE AND
THAT IS AN AFFORDABLE HEALTH
CARE SYSTEM.
ONE WAY TO MAKE THE SYSTEM
AFFORDABLE WITH HEALTH CARE IS
TO PREVENT PREMATURE DEATH,
ASTHMA ATTACKS, A HOST OF OTHER
THINGS.
AND THAT'S NOT INCIDENTAL TO
WHAT ENVIRONMENTAL PROTECTION
THAT'S AT THE HEART OF
ENVIRONMENTAL PROTECTION.
FINALLY, THE PROPOSAL PLACES
BASICALLY A MORATORIUM ON ALL
REGULATIONS.
AND WE HAVE SEEN, SADLY, TO OUR
CHAGRIN, THE EFFECT OF LAX
REGULATION IN 2008, WHEN OUR
FINANCIAL MARKETS WERE ON THE
VERGE OF COLLAPSE.
UNLESS WE HAVE EFFECTIVE
REGULATION, UNLESS WE CAN
EFFECTIVELY DEPLOY THE NEW TOOLS
PROVIDED UNDER THE DODD-FRANK
ACT, UNLESS WE CAN RESOURCE
REGULATORS TO KEEP A WATCHFUL
EYE ON THE MARKETPLACE, FRANKLY,
WE'RE GOING TO ONCE AGAIN RELIVE
VERY DARK DAYS OF
2008 WHEN WE SAW MARKETS ON THE
VERGE OF COLLAPSE.
AND WE DO SO, FRANKLY, IN A
GLOBAL ECONOMIC ENVIRONMENT
WHERE THERE'S PRESSURES COMING
FROM EUROPE, THERE'S PRESSURES
ECONOMIC PRESSURES.
IF OUR MARKETS AREN'T STRONG AND
WELL REGULATED, ASK OURSELVES
CAN THEY WITHSTAND THE BACK WASH
FROM A CRISIS IN GREECE, A
CRISIS IN ITALY, A CRISIS ACROSS
THE GLOBE.
I DO BELIEVE THAT THE
LEGISLATION THAT HAS BEEN
PROPOSED BY LEADER REID,
PROPOSED ESSENTIALLY BY THE
PRESIDENT MAKES SENSE.
AND I HOPE WE CAN UNITE IN
COMMON PURPOSE TO DO WHAT IS A
COMMONSENSE, INVEST IN RIDGES
AND -- BRIDGES AND ROADS IN
AMERICA, FULLY PAID FOR.
I
WOULD YIELD THE FLOOR.
AND I WOULD ALSO NOTE THE
ABSENCE OF A QUORUM.
THE
CLERK WILL CALL THE ROLL.
CALL:
WYOMING.
I ASK THAT THE
ACTIVITY UNDER THE QUORUM CALL
BE RESCINDED.
WITHOUT
OBJECTION.
WE HAVE SOME BRIEF
REMARKS TO MAKE ABOUT A JUDGE