Tip:
Highlight text to annotate it
X
THIS IS LIVE SENATE COVERAGE ON
C-SPAN2.
THE
SENATE WILL COME TO ORDER.
TODAY'S OPENING PRAYER WILL BE
OFFERED BY THE REVEREND D.
EDWARD CHANEY, SENIOR PASTOR OF
SECOND BAPTIST CHURCH IN LAS
VEGAS, NEVADA.
LET US PRAY.
BLESS US NOW, O GOD.
TOUCH OUR HEARTS, FOR WITHOUT
YOUR LOVE, LIGHT, AND LIFE, WE
ARE NOTHING.
GIVE OUR LAWMAKERS STRENGTH AND
DECISIONS
TODAY THAT IMPACT THE LIVES OF
ALL AMERICANS.
LORD, REMOVE THE DIVISIVE SPIRIT
THAT PROHIBITS TRUE
TRANSFORMATION AND ALLOW YOUR
PRESENCE TO BECOME NOT JUST
COMMON BUT HARMONIOUS.
THROUGH OUR DEDICATION,
COMMITMENT, AND SACRIFICE WE
THANK YOU FOR CLEANSING US FROM
THE ILLS OF THIS WORLD AND
MAKING US FIT TO SERVE AND HONOR
YOU.
WE ASK THESE BLESSINGS IN YOUR
NAME.
AMEN.
THANK
YOU, PASTOR.
PLEASE JOIN ME IN PLEDGING
ALLEGIANCE TO OUR FLAG.
I PLEDGE ALLEGIANCE TO
THE FLAG OF THE
UNITED STATES OF AMERICA
AND TO THE REPUBLIC
FOR WHICH IT STANDS,
ONE NATION UNDER GOD,
INDIVISIBLE,
WITH LIBERTY AND
JUSTICE FOR ALL.
THE
CLERK WILL READ A COMMUNICATION
TO THE SENATE.
WASHINGTON, D.C,
OCTOBER 6, 2011.
TO THE SENATE:
UNDER THE PROVISIONS OF RULE 1,
PARAGRAPH 3, OF THE STANDING
RULES OF THE SENATE, I HEREBY
APPOINT THE HONORABLE SHELDON
WHITEHOUSE, A SENATOR FROM THE
STATE OF RHODE ISLAND, TO
PERFORM THE DUTIES OF THE CHAIR.
SIGNED: DANIEL K. INOUYE,
PRESIDENT PRO TEMPORE.
RYE REID MR. PRESIDENT?
THE
DISTINGUISHED MAJORITY LEADER.
THANK YOU,
MR. PRESIDENT.
I HAVE THE RARE OPPORTUNITY
TODAY TO INTRODUCE AND SAY A FEW
WORDS ABOUT THE GEST CHAPLAIN.
-- ABOUT THE GUEST CHAPLAIN.
REVEREND CHANEY HAS JUST
DELIVERED, AS USUAL, AN ELOQUENT
INVOCATION.
REVEREND CHANEY IS ORIGINALLY
FROM SOUTH CAROLINA, BUT FOR THE
LAST TWO YEARS HAS LED HIS FLOCK
AT THE SECOND BAPTIST CHURCH IN
LAS VEGAS, ONE OF THE OLDER,
EXTREMELY WELL-ESTABLISHED,
LARGE CHURCHES IN LAS VEGAS,
NEVADA.
HE'S A MAN WHO'S INVOLVED IN THE
COMMUNITY, VERY, VERY DEEPLY.
HE SERVES ON THE BOARD OF THE
URBAN LEAGUE AND THE NAACP, BUT
IN ADDITION TO HIS SERVICE IN
THE SPIRITUAL LINE, HE'S ALSO
SERVED AS A PATRIOT IN OUR
NATION'S ARMED SERVICES.
HE HAS SERVED IN THE NAVY FOR
FOUR YEARS, AS HAS OUR CHAPLAIN,
BARRY BLACK, BOTH NAVAL
OFFICERS, AND RECENTLY RETIRED
AS CHAPLAIN OF THE UNITED STATES
AIR FORCE RESERVE AT NECESSARILY NECESSARILY
IS AIR FORCE BASE.
I'VE MET WITH REVEREND CHANEY
UNDER VERY UNIQUE CIRCUMSTANCES
ON A NUMBER OF OCCASIONS.
HE'S WONDERFUL HUMAN BEING.
HE IS ONE OF THOSE RARE PEOPLE
WHO HAS SUCH A PLEASANT DEMEANOR
THE MINUTE YOU MEET HIM.
YOU KNOW HE IS A MAN OF GREAT
SPIRITUAL QUALITY.
TO WELCOME REVEREND
CHANEY AND HIS WIFE AVIS TO
WASHINGTON.
WE THANK YOU, PASTOR, FOR THE
INVOCATION, WHICH I HOPE WILL
GUIDE THE SENATE'S ACTION TODAY.
MR. PRESIDENT, FOLLOWING LEADER
REMARKS, THE SENATE WILL RESUME
CONSIDERATION OF S. 1619, THE
CHINA CURRENCY LEGISLATION.
THE DEADLINE FOR SECOND-DEGREE
AMENDMENTS TO THAT LEGISLATION
IS AT 10:00 A.M. THIS MORNING.
AT 10:30 THERE WILL BE A ROLL
CALL VOTE ON THE MOTION TO
INVOKE CLOTURE ON S. 1619.
I AM TOLD THAT 1960 IS AT THE
DESK AND DUE FOR A SECOND
READING.
THE
CLERK WILL REPORT.
A BILL TO PROVIDE
TAX RELIEF FOREAMERICAN WORKERS
AND BUSINESSES TO PUT WORKERS
BACK ON THE JOB WHILE REBUILDING
AND MODERNIZING AMERICA AND TO
REBUILD PATHWAYS FOR AMERICANS
LOOKING FOR JOBS.
MR. PRESIDENT, I
WOULD OBJECT TO ANY FURTHER
LEGISLATION.
PROCEEDINGS WITH RESPECT TO THIS
OBJECTION HAVING BEEN HEARD, THE
BILL WILL BE PLACED ON THE
CALENDAR.
I WOULD NOTE THE
ABSENCE OF A QUORUM.
THE
CLERK WILL CALL THE ROLL.
QUORUM CALL:
THE
MAJORITY LEADER.
I ASK CONSENT THAT
THE CALL FOR THE QUORUM BE
TERMINATED.
WITHOUT
OBJECTION.
THIS MORNING, THE
SENATE WILL HOLD A VOTE TO END
THE PRACTICE OF CURRENCY
MANIPULATION BY THE CHINESE
GOVERNMENT.
THIS PRARKS WHICH GIVES CHINESE
EXPORTS A TREMENDOUSLY UNFAIR
ADVANTAGE, AN ADVANTAGE ON ALL
THE GLOBAL MARKETS BUT
ESPECIALLY THE ONE WITH OUR
RELATIONS WITH CHINA, IT HURTS
AMERICAN MANUFACTURERS AND
CHEATS AMERICAN WORKERS OUST
JOBS.
IT HAS HELPED BALLOON AMERICA'S
TRADE DEFICIT WITH CHINA FROM
$10 BILLION TO $273 BILLION IN
THE LAST 20 YEARS.
COSTING UPWARDS OF 3 MILLION
JOBS.
2 MILLION OF THOSE LOST JOBS
CAME FROM THE MANUFACTURING
SECTOR ALONE WHICH CAN'T COMPETE
AS LONG AS THE CHINESE
GOVERNMENT GIVES ITS EXPORTERS
SPECIAL, SPECIAL ADVANTAGES.
THIS LEGISLATION IS A ADVANCE TO
EVEN A TILTED PLAYING FIELD,
HELP PUMP BILLIONS OF DOLLARS IN
MILLION AMERICAN JOBS.
OUR ECONOMY AND SUPPORT 1.6
THAT'S WHY IT HAS THE SUPPORT OF
LABOR UNIONS AND BUSINESS
GROUPS.
THAT'S WHY IT'S ADVANCED WITH AN
MONDAY.
OVERWHELMING BIPARTISAN VOTE ON
I BELIEVE THERE WERE 31
REPUBLICAN VOTES ON MONDAY,
MR. PRESIDENT.
I WOULD REMIND MY REPUBLICAN
COLLEAGUES THAT SINCE THE SENATE
BEGAN DEBATE OF THIS BILL, CHINA
HAS MADE NO MOVE TO CORRECT THE
VALUE OF ITS CURRENCY.
IT'S CLEAR THAT MERELY
CONSIDERING CONGRESSIONAL ACTION
WOULD NOT SOLVE THIS PROBLEM, SO
IT WOULD BE DIFFICULT FOR ME TO
COMPREHEND HOW PEOPLE COULD BE
SWITCHING THEIR VOTES FROM
MONDAY TO THURSDAY.
WE'VE OFFERED TO WORK WITH THE
REPUBLICANS ON AN AGREEMENT TO
CONSIDER SEVERAL GERMANE
AMENDMENTS.
I STAND BY THAT OFFER.
WE TALKED ABOUT THAT YEVMENTD IN
FACT, LATE LAST NIGHT.
I REPEAT, MORE THAN 30
REPUBLICANS VOTED TO ADVANCE
THIS LEGISLATION EARLIER THIS
WEEK.
SO I'M HOPEFUL MY COLLEAGUES ON
THE OTHER SIDE WILL CONTINUE TO
FASHION TO ADVANCE THIS
WORK WITH US IN A BIPARTISAN
IMPORTANT JOB-CREATING
LEGISLATION TODAY.
I'VE INDICATED TO THE REPUBLICAN
LEADER THAT I HAVE A MEETING
WITH THREE OF MY SENATORS AT THE
WHITE HOUSE AT 5:30 THIS
AFTERNOON.
SO WE EITHER FINISH THIS BILL,
IF IN FACT CLOTURE IS INVOKED
AND WE WORK OUT SOMETHING ON THE
AMENDMENTS, BEFORE 5:30 OR WE
CAN COME BACK TONIGHT AFTER THE
MEETING AT THE WHITE HOUSE, OR
WE CAN COME BACK TOMORROW, BUT
WE'RE GOING TO COMPLETE WORK ON
THIS LEGISLATION BEFORE WE LEAVE
ONE WAY OR THE OTHER.
IF CLOTURE IS NOT INVOKED, OF
COURSE, THAT ENDS IT, WHICH
WOULD BE A SAD DAY, I THINK, IN
THE RELATIONS BETWEEN CHINA AND
THE UNITED STATES TO THINK THAT
WE CAPITULATED ON SOMETHING AS
IMPORTANT AS THIS.
WE'RE GOING TO FINISH THIS
LEGISLATION TODAY.
I WOULD LIKE TO DO IT BEFORE 5
THAIRLT5:30.
WE HAVE THE JEWISH HOLIDAY THAT
STARTS TOMORROW AT 5:30.
I WAS ACTUALLY -- ON HOUR OR SO
AFTER THAT, ABOUT 6:40 SUNDOWN
BACK HERE.
WE'RE GOING TO CONTINUE WORKING
ON THIS LEGISLATION UNTIL WE
COMPLETE IT ONE WAY OR THE
OTHER.
EARLY NEXT WEEK, THE SENATE WILL
BEGIN CONSIDERATION ON THE
AMERICAN JOBS ACT.
IT WILL ASK EVERY AMERICAN TO
CONTRIBUTE HIS OR HER FAIR
SHARE.
THIS LEGISLATION WILL PUT
CONSTRUCTION CREWS BACK TO WORK
BUILDING THE THINGS THAT MAKE
OUR COUNTRY STRONGER -- MODERN
BRIDGES, DAMS, SEWER SYSTEMS AND
UP-TO-DATE SCHOOLS.
THE
PRESIDING OFFICER, KNOWING HOW
HE AND OTHERS FEEL ABOUT THE
COLOMBIAN TRADE AGREEMENT AND IN
SPITE OF MINOT FEELING SO STRONG
ABOUT THESE, I'M NOT BIG FANS OF
THESE MATTERS, AIM DOING THE
BEST TO ADVANCE THIS SO WE CAN
HAVE A VOTE HOPEFULLY AS EARLY
AS WEDNESDAY OF NEXT WEEK.
MR. PRESIDENT?
THE
REPUBLICAN LEADER.
WHAT THIS WEEK
HAS SHOWN BEYOND ANY DOUBT IS
THAT DEMOCRATS WOULD RATHER TALK
ABOUT PARTISAN LEGISLATION THEY
WON'T PASS THAN ACTUALLY PASSING
LEGISLATION WE KNOW WOULD CREATE
JOBS.
TWO AND A HALF YEARS AFTER THE
PRESIDENT SIGNED HIS FIRST
STIMULUS, THERE ARE 1.7 MILLION
IN THIS COUNTRY, AND
NOW HE WANTS TO DO IT AGAIN.
WHY?
BECAUSE DEMOCRATS THINK IT MAKES
GOOD POLITICS.
THIS WEEK IT WAS REVEALED THAT
THERE WEREN'T -- WASN'T ENOUGH
SUPPORT WITHIN THE DEMOCRATIC
RANKS TO PASS THE PRESIDENT'S
SO-CALLED JOBS BILL.
IT WAS SIMPLY TOO PARTISAN.
SO YESTERDAY INSTEAD OF MAKING
IT LESS PARTISAN, THEY MADE IT
BUSINESS OWNERS.
MORE SO BY ADDING A TAX ON SMALL
THEY MADE IT EVEN ATTRACTIVE TO
JOB CREATORS RATHER THAN WORKING
WITH REPUBLICANS ON LEGISLATION
THAT WOULD ACTUALLY HELP CREATE
JOBS.
I MEAN, WHAT'S THE GOAL HERE?
IF THE GOAL IS TO CREATE GORKS
THEN WHY AREN'T WE EVEN TALKING
ABOUT -- WHY ARE WE EVEN TALKING
ABOUT TAX HIKES?
THE PRESIDENT HIMSELF HAS SAID
THAT RAISING TAXES IS THE LAST
ECONOMY.
THING HE WANTS TO DO IN A WEAK
THAT'S THE PRESIDENT OF THE
UNITED STATES.
EVEN THE WHITE HOUSE PREDICTS
THAT UNEMPLOYMENT RATE WILL BE
HIGH WHEN THIS TAX WOULD KICK
IN.
GOAL HERE FOR THE
DEMOCRATS AS FAR AS I CAN TELL
IS ENTIRELY POLITICAL BY ARGUING
FOR A PERMANENT TAX HIKE TO PAY
FOR A TEMPORARY STIMULUS, THEY
ARE ESSENTIALLY ADMITTING
THEY'RE NOT PARTICULARLY
INTERESTED IN CREATING JOBS.
BECAUSE PROPOSING A PARTISAN TAX
HIKE 13 MONTHS BEFORE AN
ELECTION WON'T CREATE ONE SINGLE
JOB.
NOT ONE.
SO I WOULD SUGGEST THAT OUR
FRIENDS ON THE OTHER SIDE PUT
AWAY THE PLAY BOOK AND WORK WITH
US INSTEAD.
AS I'VE SAID REPEATEDLY,
REPUBLICANS ARE READY TO ACT
RIGHT AWAY WITH DEMOCRATS ON
BIPARTISAN JOB-CREATING
LEGISLATION, ON THE THREE TRADE
BILLS, FOR INSTANCE, ON
REGULATORY REFORM, INCREASING
AMERICAN ENERGY PRODUCTION, AND
TAX REFORM.
ALL THOSE THINGS WOULD HELP THE
ECONOMY, AND ALL COULD BE
STRONGLY, STRONGLY BIPARTISAN.
YET, DEMOCRATIC LEADERS DON'T
SEEM TO BE INTERESTED IN WORKING
ON THESE KINDS OF
THEPBGZ.
TWO DAYS AGO -- THINGS.
TWO DAYS AGO I OFFERED THE
PRESIDENT A CHANCE TO WORK ON
HIS SECOND STIMULUS.
OUR DEMOCRATIC FRIENDS BLOCKED
THE VOTE.
DEMOCRATS HAVE FALLEN BACK TO
TIRED TALKING POINTS, THE SAME
STALE RHETORIC WE'VE HEARD
LITERALLY FOR YEARS.
AND WITH 14 MILLION AMERICANS
OUT OF WORK, THIS IS COMPLETELY
AND TOTALLY UNACCEPTABLE.
WE'RE WASTING VALUABLE TIME.
DESPITE THE PRESIDENT ASSURING
AMERICANS THAT NOBODY IS TALKING
ABOUT RAISING TAXES RIGHT NOW
AND THAT A DOWN ECONOMY WAS A
HORRIBLE TIME TO RAISE TAXES --
AGAIN, THIS IS WHAT THE
PRESIDENT SAID -- THE NEW
DEMOCRATIC TAX HIKE WOULD TAKE
EFFECT IN A LITTLE OVER A YEAR
WHEN C.B.O. TELLS US THE
UNEMPLOYMENT RATE WILL STILL BE
OVER 8%.
IT'S NO WONDER THAT THE ECONOMY
IS STAGNANT.
BUSINESSES AREN'T HIRING AND
UNEMPLOYMENT IS AT 9%.
HOW CAN ANYONE BE EXPECTED TO
MAKE PLANS WHEN THE NEXT GOTCHA
TAX HIKE TO PAY FOR THIS
PRESIDENT'S SPENDING BINGE IS
ALWAYS LURKING RIGHT AROUND THE
CORN CENTER THE PRESIDENT SAID
IT'S WRONG TO RAISE TAXNESS THIS
WEAK ENVIRONMENTAL ENVIRONMENT.
IF HE MEANT WHEN SAID, SURELY
HE'LL JOIN ME IN OPPOSING THIS
TAX HIKE SENATE DEMOCRATS
PROPOSED.
REPUBLICANS ALONG WITH SOME
DEMOCRATS HAVE PROGROWTH
SOLUTIONS TO HELP SOLVE THIS
CRISIS, BUT WE WILL NOT STAND
FOR A PERMANENT TAX HIKE OR A
TEMPORARY STIMULUS THAT IS
LARGELY A REHASH OF THE SAME
STIMULUS IDEAS THE
ADMINISTRATION HAS ALREADY
TRIED.
THIS BILL IS THE SAME WASTEFUL
SPENDING, THE SAME BURDENSOME
UNION GIVEAWAYS AND THE SAME
TEMPORARY TAX POLICY THAT HAS
FAILED THE AMERICAN PEOPLE IN
THE LAST TWO YEARS.
THIS ECONOMY CAN GROW AND CREATE
JOBS WHEN WASHINGTON REDUCES
SPENDING AND REGULATIONS.
AND BY SIMPLIFYING OUR
INCREDIBLY COMPLEX TAX SYSTEM.
THIS IS WHAT'S NEEDED TO
LITERALLY UNLEASH THE PRIVATE
SECTOR.
IT'S TIME DEMOCRATS MOVE BEYOND
THE POLITICAL RHETORIC AND FOR
THE PRESIDENT TO STOP
CAMPAIGNING.
IT'S TIME FOR DEMOCRATS TO REACH
ACROSS THE AISLE ON BIPARTISAN
LEGISLATION THAT CAN ACTUALLY
PASS.
MR. PRESIDENT, I YIELD THE
FLOOR.
UNDER
THE PREVIOUS ORDER, THE
LEADERSHIP TIME IS RESERVED.
UNDER THE PREVIOUS ORDER, THE
SENATE WILL RESUME CONSIDERATION
OF S. 1619, WHICH THE CLERK WILL
REPORT.
CALENDAR NUMBER
183, S. 1619, A BILL TO PROVIDE
FOR IDENTIFICATION OF MISALIGNED
CURRENCY, REQUIRE ACTION TO
CORRECT THE MISALIGNMENT, AND
FOR OTHER PURPOSES.
UNDER
THE PREVIOUS ORDER, THE TIME
UNTIL 10:30 A.M. WILL BE EQUALLY
DIVIDED AND CONTROLLED BETWEEN
THE TWO LEADERS OR THAER
DESIGNEES.
-- OR THAER DESIGNEES.
THE SENATOR FROM NEW YORK.
JUST A POINT OF
CLARIFICATION.
ARE WE IN MORNING BUSINESS OR
ARE WE ON THE BILL?
WE'RE
ON THE BILL, SENATOR.
AND THERE'S AN
HOUR OF TIME CONFIDE?
UNTIL
10:30.
THANK YOU,
MR. PRESIDENT.
FIRST I'D LIKE TO MAKE A COMMENT
ON THE REPUBLICAN LEADER'S
COMMENTS ON THE TAX BILL.
JUST MAKE NOTE, AMERICAN PEOPLE,
THE LEADER SAYS DON'T RAISE
TAXES, BUT HE DOES NOT MENTION
WHAT OUR PROPOSAL ACTUALLY DOES.
IT IMPOSES A 5.6% SURCHARGE ONLY
ON THOSE WHOSE INCOMES ARE ABOVE
$1 MILLION.
IN OTHER WORDS, 99%-PLUS OF
AMERICAN PEOPLE WILL NOT HAVE
THEIR TAXES RAISED, NOR SHOULD
THEY.
AVERAGE MIDDLE-CLASS PEOPLE ARE
STRUGGLING.
THEIR INCOMES ARE DECLINING.
WE SHOULDN'T BE DOING THAT.
BUT FOR THOSE WHO ARE THE VERY
WEALTHIEST -- AND THIS IS NO
ASPERSION TO THEM.
I ADMIRE, I THINK MOST OF US ON
BOTH SIDES OF THE AISLE ADMIRE
PEOPLE WHO HAVE MADE A LOT OF
MONEY.
MOST AMERICANS WOULD LIKE TO BE
IN THEIR SHOES.
AND MOST OF THEM HAVE DONE IT
THE HARD WAY, BY COMING UP WITH
A GOOD IDEA, STRUGGLING AND
THAT'S GREAT.
WORKING A BUSINESS.
BUT THEY ARE THE ONE SEGMENT IN
SOCIETY WHOSE INCOME HAS
INCREASED SIGNIFICANTLY OVERT
LAST DECADE, AND THE KINDS OF
CUTS WE MUST DO, THE ONE
CONSENSUS WE HAVE IN THIS PLACE
IS WE HAVE TO REDUCE THE DEFICIT
AND REDUCE THE BUDGET.
THE ONE CONSENSUS WE HAVE IS
THAT WE HAVE TO DO THAT.
YOU'RE ASKING MIDDLE-CLASS
PEOPLE TO CHIP IN BY MAKING IT
HARDER TO PAY FOR COLLEGE
BECAUSE STUDENT LOANS AREN'T AS
GOOD OR CUTTING BACK ON SOMEBODY
WHO'S BEEN UNEMPLOYED, WORKED
THEIR WHOLE LIVES, LOST THEIR
JOB AND NOW ARE UNEMPLOYED.
SO HOW DO YOU HAVE THE TOP 1%,
THE ONE PART OF SOCIETY DOING
THE BEST, CHIP IN?
CODE.
THE ONLY WAY IS THROUGH THE TAX
THEY DON'T NEED HEM GETTING
THEIR KIDS THROUGH -- HELP
GETTING THEIR KIDS THROUGH
COLLEGE, DON'T NEED HEALTH CARE
HELP.
GOD BLESS THEM.
THIS IS THE ONLY WAY TO DO IT.
IF YOU SAY NO TAXES ON ANYBODY,
EVEN THE MILLIONAIRES, YOU'RE
SAYING THE BEST OFF IN SOCIETY
WHO HAVE DONE THE BEST IN THE
LAST DECADE SHOULD NOT
CONTRIBUTE TO THIS DEFICIT
REDUCTION THAT WE HAVE TO DO.
AND I BELIEVE -- AND I'LL SAY
THIS AGAIN AND AGAIN -- THAT THE
ONLY WAY WE'RE GOING TO GET REAL
DEFICIT REDUCTION IS BY RAISING
REVENUES AS WELL AS CUTTING
SPENDING.
AND THE ONLY REAL WAY WE'RE
GOING TO BREAK THROUGH ON
RAISING REVENUES IS MAKING SURE
THOSE AT THE HIGHEST INCOME
CONTRIBUTE AND CONTRIBUTE MORE
IT COMES TO THE
TAX SYSTEM.
I'D LIKE TO GO TO THE BILL AT
HAND, WHICH IS 1619, THE
CURRENCY ACT.
AND I KNOW MY COLLEAGUES HAVE
HEARD ME ON THIS ALL WEEK.
IT'S PASSIONATE FOR ME.
IT'S PASSIONATE NOT AS A
DEMOCRAT OR NOT AGAINST
REPUBLICANS.
IN FACT, WE'VE RELIGIOUSLY TRIED
THROUGHOUT -- LINDSEY GRAHAM AND
I, SENATOR GRAHAM AND I --
THROUGHOUT THE HISTORY OF THIS
BILL WHICH IS A LONG ONE AND THE
BILLS BEFORE IT, THEIR
PREDECESSORS, WE'VE TRIED TO
KEEP THIS RELIGIOUSLY
BIPARTISAN.
IN FACT, WE HAVE FIVE LEAD
DEMOCRATIC SPONSORS AND FIVE
LEAD REPUBLICAN SPONSORS.
LINDSEY AND I HAVE OPPOSED
PRESIDENTS ON THIS ISSUE,
WHETHER IT BE THE REPUBLICAN
PRESIDENT BUSH OR THE DEMOCRAT
PRESIDENT OBAMA, WITH EQUAL
VIGOR BECAUSE WE THINK
ADMINISTRATIONS GET TOO CAUGHT
UP IN THAT HIGHFALUTIN
DIPLOMATIC TWORLD UNDERSTAND
COMPANIES, PARTICULARLY
MIDDLE-SIZED COMPANIES GO
THROUGH WHEN CHINA DOESN'T PLAY
WORLD.
AND I'M ON THE FLOOR ON THIS
BILL MANY TIMES, MORE OFTEN THAN
I USUALLY SPEAK, BECAUSE I FEEL
PASSIONATELY THIS IS ABOUT THE
FUTURE OF AMERICA,
MR. PRESIDENT.
IF WE CONTINUE TO LOSE WEALTH
AND JOBS TO CHINA BECAUSE THEY
MANIPULATE TRADE LAWS AND
INTELLECTUAL PROPERTY LAWS AND
ALL KINDS OF OTHER ECONOMIC LAWS
FOR THEIR OWN ADVANTAGE
UNFAIRLY, AGAINST THE W.T.O.
RULES, AGAINST THE RULES OF FREE
TRADE, WE MAY NEVER RECOVER AS A
COUNTRY.
THIS IS SERIOUS STUFF.
ADVANTAGE.
THIS IS NOT TO GAIN POLITICAL
ALTHOUGH MOST AMERICANS AGREE
WITH IT, OF COURSE.
BUT I WOULD DO THIS IF MOST
AMERICANS DIDN'T.
EDITORIALISTS DON'T.
BUSINESS LEADERS, MULTINATIONAL
CORPORATIONS DON'T.
DO THIS BECAUSE WHEN YOU HAVE
SMALL COMPANIES THAT ARE
GROWING, THAT HAVE GREAT
PRODUCTS, AND CHINA UNFAIRLY
COMPETES WITH THEM NOT BECAUSE
CHINA'S PRODUCTS ARE BETTER BUT
BECAUSE CHINA'S TRADE ALLOWS IT
TO UNDERCUT THEM HERE IN OUR
MARKET AND IN THE CHINESE
MARKET, YOU'RE GIVING AWAY YOUR
SEED CORN.
TAKE SOLAR CELLS.
CHINA USUALLY USE AS ONE-TWO
PUNCH TO HURT US UNFAIRLY.
FIRST THEY WILL USE SOME TRADE
LAW TO GET THAT BUSINESS IN THIS
COUNTRY, WHETHER IT'S RARE
EARTHS, AND THEY SAY YOU WANT
THESE RARE EARTHS, YOU'VE GOT TO
MANUFACTURE IN CHINA.
WHETHER IT'S INTELLECTUAL
PROPERTY THEY JUST TAKE IT
REGARDLESS OF PAT THE TENT LAWS
AND OTHER -- PATENT LAWS OR
OTHER LAWS.
OR IF IT'S SOLAR CELLS, THEY SAY
YOU MAKE THE SOLAR CELLS HERE,
THE CHINESE COMPANIES WILL GET
DEEP SUBSIDIES.
BUT THAT ALONE WOULDN'T BE
ENOUGH TO PUT OUR AMERICAN
THEIR BUTTS.
WHAT HAPPENS IS AFTER THEY
UNFAIRLY TAKE THE BUSINESS AND
MOVE THEM THERE, THEY SEND THEM
HERE AT A 30% DISCOUNT, USING
CURRENCY MANIPULATION.
AND OUR AMERICAN COMPANIES --
AND I'VE SPOKEN TO COMPANY AFTER
COMPANY IN MANUFACTURING
BUSINESSES, IN SERVICE
BUSINESSES, AND THINGS IN
BETWEEN, AND THEY SAY I CAN
COMPETE.
MY PRODUCT IS USUALLY BETTER.
BUT NOT AGAINST A 30% CURRENCY
DISADVANTAGE SO THE PRICE OF THE
CHINESE GOOD IS 30% CHEAPER.
THERE IS A WINDOW MANUFACTURER.
I JUST VISITED, I THINK IT WAS
LAST FRIDAY.
AND HE MAKES THESE HIGH-END
WINDOWS FOR THESE BUILDINGS IN
NEW YORK AND ELSEWHERE.
AND THE WINDOW HE MAKES IS
BETTER THAN THE CHINESE WINDOW.
THIS WASN'T A THEFT OF
INTELLECTUAL PROPERTY.
AND HE WOULDN'T USE THE CHINESE
WINDOWS BECAUSE HE'S A
CONTRACTOR AS WELL.
HE MAKES THE WINDOWS AND THEN HE
INSTALLS THEM.
HE SAYS I WOULDN'T USE THE
CHINESE PRODUCT.
BUT BECAUSE IT HAS A 30%
ADVANTAGE IN CURRENCY, IT
UNDERCUTS ME IN PRICE AND LOTS
OF OTHER PEOPLE USE IT.
NOW WHO WOULD HAVE THOUGHT THAT
WE'RE TALKING ABOUT WINDOWS, THE
CHINESE ARE COMPETING AGAINST US
EVERYWHERE.
HIGH END, MIDDLE END, LOW END.
ON THE LOW END WE'LL NEVER GET
THE BUSINESSES BACK.
TOYS OR CLOTHING, SHOES, MAYBE
EVEN FURNITURE, EXCEPT HIGH-END
FURNITURE NOT COMING BACK.
THE ARGUMENT SOME OF THESE
EDITORIALISTS USE THEY'RE GOING
TO GO TO BANGLADESH OR SOMEWHERE
CURRENCY.
ELSE IF CHINA HAS TO RAISE ITS
IT'S TRUE BUT THAT'S NOT WHAT
WE'RE FIGHTING FOR HERE.
WE'RE FIGHTING FOR HIGH AND
MIDDLE-END COMPANIES THAT HAVE
GREAT PRODUCTS -- SOLAR
PANELS -- THAT AMERICA HAS A
FUTURE IN, JOBS THAT IF CHINA
PLAYED FAIRLY, WE'D WIN BECAUSE
WE MAKE A BETTER PRODUCT AND IT
DOESN'T HAVE TO BE EXPORTED.
AND YET, WE SOMEHOW SIT HERE AND
TWIDDLE OUR THUMBS.
NOT ONLY DOES CHINA COMPETE IN
MANUFACTURING THE WINDOWS.
CHINESE COMPANIES COME HERE AND
INSTALL THEM.
AGAIN, IT'S STILL A 30%
ADVANTAGE BECAUSE THEY'RE PAYING
THAT CHINESE COMPANY AND WORKERS
THE YUAN WHICH IS UNDERVALUED BY
30% OVER THERE.
SO, THIS IS SERIOUS STUFF.
IT'S ABOUT THE FUTURE OF
AMERICA, MR. PRESIDENT, ABOUT
THE FUTURE OF AMERICAN JOBS.
WE'RE ALL CONCERNED ABOUT JOBS.
THERE ARE VERY FEW JOBS BILLS
THAT ARE, A, BIPARTISAN AND, B,
DON'T COST MONEY.
THIS IS ONE OF THEM.
IT'S BEEN A BIPARTISAN BILL ALL
THE WAY.
THE VOTES SHOWED IT.
I SEE MY COLLEAGUE FROM ALABAMA,
WHO'S BEEN A GREAT PARTNER.
I SAW MY COLLEAGUE FROM SOUTH
CAROLINA WHO'S BEEN A GREAT
PARTNER.
HOW ELSE IN THIS DEADLOCKED,
GRIDLOCKED SITUATION CAN WE HELP
AMERICAN WORKERS IN A BIPARTISAN
WAY THAT DOESN'T COST MONEY, IN
A BIG WAY?
THIS IS IT.
THERE AREN'T MANY OTHERS.
SO I WOULD ASK MY COLLEAGUES ON
BOTH SIDES OF THE AISLE, LEADER
REID SAID ON THE FLOOR A FEW
MINUTES AGO WHAT HE SAID LAST
NIGHT, THAT HE WOULD CERTAINLY
ENTERTAIN AMENDMENTS AND COME TO
AN AGREEMENT, AMENDMENTS FROM
BOTH SIDES OF THE AISLE,
RELEVANT, GERMANE AMENDMENTS.
RELEVANT TO TRADE.
I'M SURE IF WE COULD MOVE ON
CLOTURE, SENATOR HATCH'S
AMENDMENT, HE'S THE RANKING
MEMBER OF THE TRADE COMMITTEE,
OF THE FINANCIAL COMMITTEE WHICH
DEALS WITH TRADE, WOULD BE
DEBATED.
WE'D TRY TO HAVE TIME LIMITS.
THERE WOULD BE A FAIR AND OPEN
DEBATE ON AN IMPORTANT ISSUE,
AND THEN WE COULD VOTE ON THE
BILL.
SO I HOPE WE WILL GET A POSITIVE
VOTE ON CLOTURE THIS MORNING.
AND I HOPE WE WILL NOT, FOR
POLITICAL GAIN OR ANYTHING LIKE
THAT BUT FOR AMERICAN GAIN.
WE CANNOT, CANNOT, CANNOT
CONTINUE TO LET CHINA FLAUNT THE
RULES.
TEN YEARS AGO OR EIGHT YEARS AGO
WHEN SENATOR GRAHAM AND I
STARTED ON THIS, CHINA WAS A
MUCH SMALLER ECONOMY.
NOW THEY ARE HUGE, SECOND
LARGEST IN THE WORLD, THEY
COMPETE AGAINST US UP AND DOWN
THE LINE.
THEY HAVE FOUND SIX WAYS FROM
SUNDAY TO LURE BUSINESSES THERE.
AND THAT WILL, THAT DEALS WITH
THE CHINESE MARKET.
BUT THEN WITH TRADE CURRENCY,
WHEN THE BUSINESSES GO THERE
WITH CURRENCY MANIPULATION
THEY'RE ABLE TO UNDERCUT US AND
SEND THE GOODS HERE.
I'M JUST ONE
PERSON, AND OBVIOUSLY I FEEL
THIS ISSUE MORE PASSIONATELY
THAN 99% OF AMERICANS BECAUSE
I'VE BEEN INVOLVED IN IT SO
LONG, BUT TO ME, IF YOU COULD DO
FIVE THOEUPBGZ RESTORE
AMERICAN -- THINGS TO RESTORE
AMERICAN JOBS AND RESTORE
AMERICAN WEALTH, THIS WOULD BE
ONE OF THEM.
THIS WOULD BE ONE OF THEM.
I WANT TO SEE, MR. PRESIDENT,
OUR CHILDREN AND GRANDCHILDREN
KNOW THAT THEY'RE GOING TO HAVE
BETTER LIVES THAN THEIR PARENTS
AND GRANDPARENTS, AND IT'S A
DIFFICULT AND TOUGH WORLD TO
ENSURE THAT, WITH GLOBAL
CHANGES.
COMPETITION, WITH SO MANY
WE WERE JUST TALKING IN THE GYM
ABOUT HOW OUR KIDS SPEND SO MUCH
TIME ON VIDEO GAMES ALL DAY LONG
INSTEAD OF LEARNING IN SCHOOL.
THERE'S SO MANY CHALLENGES THAT
WE FACE AS A COUNTRY, AND AT
THIS TIME WE CAN'T JUST SHRUG
OUR SHOULDERS AND BE BENIGN,
LIKE 20 OR 25 YEARS AGO WHEN WE
WERE IN A DIFFERENT SITUATION,
SAY, IF CHINA CHEATS, SO WHAT?
LET'S NOT RISK ANY CHANGE, LET'S
NOT GET THEM MAD.
WE CAN'T AFFORD THAT ANYMORE.
THE FUTURE OF AMERICA IS AT
STAKE.
AND TO THOSE WHO SAY IT'LL CAUSE
A TRADE WAR, WE ARE IN A TRADE
WAR.
WE HAVE OUR CLOCKS CLEANED EVERY
DAY AND LOSE JOBS EVERY DAY
BECAUSE OF UNFAIR CHINESE
PRACTICES.
TO THOSE WHO SAY CHINA WILL
RETALIATE, CHINA HAS GOT FAR
MORE TO LOSE IN THIS THAN WE DO.
THEY'RE THE ONES THAT BENEFIT
FROM ALL OF THESE RULES, WE
DON'T -- ALL THESE
MANIPULATIONS.
THEY WON'T RETALIATE.
YEAH, THEY MAY DO A LITTLE THING
HERE OR THERE, BUT THEY WILL NOT
RETALIATE BIG TIME BECAUSE IT'LL
DO EVEN MORE TO THE CHINESE
ECONOMY.
WHAT THEY WILL DO -- AND SENATOR
GRAHAM AND I HAVE SEEN THIS AND
SENATOR SESSIONS AND SENATOR
BROWN -- WHEN THEY'RE FACED WITH
THE HARD REALITY THAT THEY WILL
ALLOWED BY
LEGISLATION -- OR I WISH BY
ADMINISTRATION ACTION, BUT THAT
HASN'T BEEN FORTHCOMING FROM
EITHER PRESIDENT BUSH OR
PRESIDENT OBAMA -- THEY, THEN,
ADJUST PLAINDZ FAIRER.
THAT IS WHAT HAS HAPPENED EVERY
SINGLE TIME, AND THAT WILL
HAPPEN AGAIN.
SO I WANT TO FIRST COMPLIMENT MY
COLLEAGUES ON THIS LEGISLATION.
I WANT TO HOPE AND PRAY -- I
REALLY PRAY IN THIS ONE, ME --
FOR THE FUTURE OF AMERICA AND
THE FUTURE OF AMERICA IS LINKED
CHINA.
TO FREE AND FAIR TRADE WITH
THE FUTURE OF AMERICA IS LINKED
TO THE FACT THAT WE CAN NO
LONGER LET CHINA UNFAIRLY TAKE
ADVANTAGE OF AMERICAN WORKERS,
AMERICAN WEALTH, AND THE
AMERICAN FUTURE.
I YIELD THE FLOOR AND RESERVE
THE BALANCE OF MY TIME.
MADAM PRESIDENT?
THE
SENATOR SOUTH CAROLINA.
THANK YOU VERY
MUCH.
I RISE IN SUPPORT OF MOVING
FORWARD ON THIS LEGISLATION.
I WISH I COULD FIX THE SENATE.
IT'S NOT FUNCTIONING THE WAY ANY
OF US WOULD LIKE.
PLENTY OF BLAME TO GO AROUND.
THE CONGRESS IS AT 15%.
BUT HERE'S SOME GOOD NEWS:
THERE IS A PIECE OF LEGISLATION
BEFORE US THAT IF WE COULD EVER
GET A VOTE ON THE LEGISLATION
WOULD HAVE AN OVERWHELMING
BIPARTISAN SUPPORT THAT ACTUALLY
EVERYDAY PERSON.
WOULD MATTER TO THE AVERAGE
WHEN YOU LOOK TO OUR CONGRESS,
YOU GOT TO SAY, WHAT IS IT ABOUT
THESE FOLKS UP THERE?
WHY CAN'T THEY DO THE THINGS
DONE?
THAT ALL OF US KNOW NEED TO BE
NOW, THERE'S A DIFFERENCE OF
CHINA.
OPINION ABOUT HOW TO DEAL WITH
THIS IS A COMPLICATED ISSUE, BUT
THE ONE THING NO ONE IS TELLING
ME ON THE OTHER SIDE, LINDSE
CURRENCY.
THEY'RE NOT MANIPULATING THEIR
I THINK IT'S THE AMERICAN
TAXPAYERS ORGANIZATION -- PRETTY
GOOD STANDING, I JUST DISAGREE
ON HOW TO PROCEED WITH
CHINA ON THIS PARTICULAR
INSTANCE.
I THINK THEY SAID IN THEIR OWN
LETTER, WE AGREE THAT CHINA
MANIPULATES THEIR OWN CURRENCY.
WELL, IF THEY DO MANIPULATE
THEIR CURRENCY WHAT DOES IT
MATTER?
IT MATTERS A LOT IF YOU ARE AN
AMERICAN BUSINESSMAN OR WOMAN.
THE CHINESE MANIPULATE THE VALUE
OF THEIR CURRENCY 6.31YU YUAN TO
THE DOLLAR.
THAT MEANS IF A PRODUCT IS SOLD
TO THE WORLD MARKETPLACE AND
YOU'RE IN ALABAMA OR NEW YORK
COMPETING WITH THAT, THE VALUE
OF THEIR DISCOUNT --
YOU'RE GOING TO HAVE A HARD TIME
IN THE MARKETPLACE NOT BECAUSE
YOU DON'T WORK HARD, SIMPLY
BECAUSE THE CHINESE GOVERNMENT
IS DOING THINGS WITH THEIR
CURRENCY WE DON'T DO.
WE HAVE A FEDERAL RESERVE.
SOME OF THEIR POLICIES I DON'T
AGREE WITH WITH.
BUT TO SUGGEST THAT OUR FEDERAL
RESERVE SYSTEM MANIPULATES OUR
CURRENCY TO CREATE A TRADE
ADVANTAGE IS RIDICULOUS.
IF WE'RE DOING FOR THAT PURPOSE,
EVERYBODY SHOULD BE FIRED
BECAUSE WE HAVE A $273 BILLION
TRADE DEFICIT.
EVERY COUNTRY HAS THE RIGHT TO
SET MONETARY POLICY.
THAT'S NOT THE ISSUE.
IF YOU DISAGREE WITH THE WAY
WE'RE DOING MONETARY POLICY IN
THE UNITED STATES, I THINK YOU
HAVE A VALID CLAIM.
THIS IS ABOUT A COUNTRY
MANIPULATING THEIR CURRENCY FOR
AN ADVANTAGE IN THE EXPORT
MARKET.
THE CHINESE MANIPULATION OF THE
YUAN HAS COST THIS COUNTRY AT
LEAST 2 MILLION JOBS, 41,000 IN
SOUTH CAROLINA, AND IT IS AN
UNFAIR TRADE PRACTICE AND
ANOTHER NAME.
IF THIS WERE AN ISLAND NATION
SOMEWHERE, NONE OF US WOULD
CAIRKS BUT THIS IS THE SECOND-
OR THIRD-LARGEST ECONOMY IN THE
WORLD AND ALL OF US SHOULD CARE.
THE PEOPLE WHO ARE OPPOSING THIS
LEGISLATION TODAY ARE PROBABLY
DOING BUSINESS IN CHINA AND
THEY'RE AFRAID TO OFFEND THE
CHINESE.
I HAVE AVENUE GOT SOME
MANUFACTURING IN MY STATE THAT
IN CHINA AND
THEY'RE NERVOUS ABOUT THIS
BIVMENT I HAVE MOST PEOPLE IN MY
STATE DYING FOR ME TO GET THEM
BUSINESS.
SOME RELIEF SO THEY CAN STAY IN
BUT HERE'S A WARNING:
IT WILL COME -- THIS MOVIE WILL
COME TO A NEIGHBORHOOD NEAR YOU
SOON.
IN 2016 THE CHINESE WILL GOING
TO START PRODUCING IN LARGE
NUMBERS COMMERCIAL AIRCRAFT.
IT WILL BE DIFFICULT FOR
AMERICAN AIRCRAFT COMPANIES TO
COMPETE WITH CHINA IF THE
AIRCRAFT IS 30% DISCOUNTED
BECAUSE OF CURRENCY
MANIPULATION.
ONE DAY THEY'LL BE PRODUCING
CARS, NOT TO BE SOLD IN CHINA
BUT THROUGHOUT THE WORLD.
IF YOU'RE IN A HIGH-TECH
INDUSTRY, WHAT HAS HAPPENED TO
THE TEXT TEXTILE INDUSTRY AND OTHER
ELEMENTS OF THE ECONOMY LIKE
STEEL IS COMING TOWARDS YOU.
ALL WE ASK OF CHINA IS BUILD
CARS, BUILD ANGERS BUT SELL YOUR
PRODUCT BASED -- BUILD CARS,
BUILD AIRPLANES, BUT SELL YOUR
PRODUCT BASED ON TRADE PRACTICES
ACCEPTED THROUGHOUT THE WORLD.
YOUR CURRENCY
TO CREATE A DISCOUNT AT OUR
EXPENSE.
DEALING WITH THIS.
NOW, SINCE 2004 I HAVE BEEN
WE STARTED WITH A SENSE OF THE
SENATE BECAUSE EVERYBODY SAYS
THIS IS DELICATE.
I BUY THAT THAT TO A POINT.
SO A SENSE OF THE SENATE, WE ALL
AGREED LIKE 100 VOTES, YOU
MANIPULATE YOUR CREN VIRGINIA,
PLEASE STOP.
IN 2005 AFTER THEY DIDN'T STOP,
WE INTRODUCED LEGISLATION, GOT
67 VOTES TO PROCEED FORWARD WITH
A 27.5% TAIFORTS TAIMPLET WE
STOPPED OUR BILL BECAUSE WE
GUESS WHAT?
HOPED THINGS WOULD CHANGE.
THE YUAN HAS APPRECIATED ABOUT
31% SINCE WE'VE BEEN DOING THIS
EXERCISE, BUT NOT NEARLY U.N.
THERE IS A RESTRICTION ON THE
YUAN TRADING.
A DAY.
THEY CAN'T FLOAT MORE THAN 0.5%
IT IS TIED TO THE DOLLAR AND IT
IS STILL CRUSHING OUR
MANUFACTURING COMMUNITY
UNFAIRLY.
SO FROM 2004 TO NOW, I'VE BEEN
REASONABLE, I'VE SENT MESSAGE
AMENDMENTS, I'VE TAKEN VOTES
WHERE I WON OVERWHELMINGLY AND
BACKED O I'VE HAD IT.
ENOUGH IS ENOUGH.
I AM SORRY THE AMENDMENT PROCESS
AROUND THIS PLACE IS SO SCREWED
UP.
IT IS.
THERE WAS AN EFFORT TO GET SOME
AMENDMENTS UP.
NOT AS MUCH AS PEOPLE ON OUR
SIDE WOULD LIKE.
I HATE THE IDEA OF FILLING UP
THE TREE AND BECOMING THE HOUSE,
BUT THIS IS NOT ABOUT SENATE
PROCEDURE FOR ME.
I TRY TO BE A TEAM PLAYER WHERE
I CAN BE, BECAUSE I DO BELIEVE
-- SENATOR McCONS&L DOING A
VERY GOOD JOB.
SENATOR REID HAS GOT HIS OWN
AGENDA.
IT IS NOT ABOUT HARRY REID OR
MITCH McCONNELL.
ITIT IS ABOUT PEOPLE IN MY STATE
WHO WILL LOSE THEIR JOB IF WE
DON'T DO SOMETHING.
THE INSTITUTION I NEED TO BE
PROTECTING IS THE AMERICAN
WORKFORCE WHO IS HAVE THEIR
CLOCK CLEANED BY A COMMUNIST
DICTATORSHIP WHO CHEATS.
THEY DON'T OUTWORK US, THEY
DON'T OUTPERFORM YOU THEY STEAL
OUR INTELLECTUAL PROPERTY, THEY
MANIPULATE THEIR CURRENCY, THEY
SUBSIDIZE THEIR INDUSTRIES.
A FEW YEARS AGO THEY DUMPED
STEEL ALL OVER THE WORLD AND THE
AMERICAN MARKETPLACE IN
PARTICULAR PRODUCED IN CHINA
BELOW COST AND THE BUSH
ADMINISTRATION PUSHED BACK WITH
A COUNTERVATTING DUTY CLAIM --
WITH A COUNTERVEILING DUTY
CLAIM.
THE CHINESE PEOPLE ARE GOOD.
THEIR GOVERNMENT IS BAD.
THEY'RE MERCANTIL IIST.
THEY LOOK AT EVERY TRANSACTION
AS TO WHAT IS BEST FOR US IN THE
SHORT-TERM.
SINCE THEY'VE BEEN IN THE
W.T.O., THE TRADE DEFICIT HAS
ALMOST QUADRUPLED.
ENOUGH IS ENOUGH FOR LINDSEY
GRAHAM.
WE'RE GOING TO HAVE A CHANCE
AFTER SEVEN YEARS OF GETTING A
VOTE THAT WILL MATTER TO THE
AMERICAN PEOPLE.
AND I'M SORRY WE'RE MAD AT EACH
EVERYTHING.
OTHER ALL THE TIME ABOUT
I AM TIRED OF BEING MAD ABOUT
THE SENATE NOT WORKING WELL.
I AM GOING TO SET ASIDE MY
DISPLEASURE FOR THE PROCESS AND
DO SOMETHING I THINK WILL HELP
THE PEOPLE THAT I REPRESENT.
I AM GOING TO VOTE TO MOVE
FORWARD IN AN IMPERFECT
PROCEDURAL ENVIRONMENT, KNOWING
THAT IF WE CAN EVER GET A VOTE,
IT WILL BE THE BEST THING THAT
COULD HAPPEN TO THE AMERICAN
MANUFACTURING COMMUNITY.
IT WOULD BE A SHOT ACROSS
CHINA'S BOW THAT'S LONG OVERDUE.
AND THE LAST THING I WOULD SAY,
THAT SENATOR SESSIONS HAS COME
INTO THIS ISSUE.
HE HAS BROUGHT AN INTELLECTUAL
WEIGHT TO IT, E EMOTIONAL
COMIRNTLE HE UNDERSTANDS THE
MIDDLE CLASS.
AND JEFF SESSIONS HAS BEEN THE
BEST PARTNER ANYONE COULD HOPE
TO HAVE TO TRY TO PUSH A BILL
FORWARD THAT WILL GIVE AMERICA A
FIGHTING CHANCE IN AND A WORLD ECONOMY
DOMINATED BY COMMUNIST CHINA.
JEFF SESSIONS IS GOING TO VOTE
TO MOVE FORWARD.
LET'S DO SOMETHING THAT WILL
MATTER.
WITH THAT, I YIELD.
I HAVE BEEN VERY
INTERESTED IN THE COMMENTS OF
THE G.D.P. SENATOR FROM NEW YORK
AND MY FRIEND FROM SOUTH
CAROLINA AS WELL.
BUT THIS MORNING THE SENATE WILL
HAVE THE OPPORTUNITY TO SEND A
STRONG MESSAGE TO CHINA AND THE
WORLD COMMUNITY.
IS ONE OF
INWARD PROTECTIONISM OR OUTWARD
ENGAGEMENT REMAINS TO BE SEEN.
IN MY MIND, THE CHOICE IS CLEAR.
IF WE SUPPORT THE MOTION TO
INVOKE CLOTURE ON THE UNDERLYING
BILL, WE WILL BE SENDING A
SIGNAL TO CHINA THAT THE U.S.
SENATE IS ANGRY OVER CHINA'S
MANIPULATION OF ITS CURRENCY BUT
WE ARE NOT REALLY SERIOUS ABOUT
TAKING REAL LONG-TERM ACTION TO
STOP IT.
WE'RE ALSO TELLING THE WORLD
COMMUNITY THAT THE U.S. IS
TURNING INWARD ONCE AGAIN,
SEEKING PROTECTIONIST SOLUTIONS
TO GLOBAL PROBLEMS, AND NOT
REALLY INTERESTED IN WORKING
WITH OTHER COUNTRIES TO SOLVE
OUR CURRENT INTERNATIONAL
ECONOMIC CRISIS.
AT THE SAME TIME, WE WOULD BE
INTERJECTING FURTHER UNCERTAINTY
INTO OUR OWN ECONOMIC RECOVERY
AS OUR EXPORTERS AND WORKERS
FACE POTENTIAL RETALIATION FROM
ONE OF OUR LEADING TRADING
PARTNERS.
THERE IS A BETTER WAY.
AND IT CAN BE BIPARTISAN.
WE CAN DEFEAT CLOTURE AND GIVE
SENATORS AN OPPORTUNITY TO VOTE
ON MY AMENDMENT, WHICH NOT ONLY
HAS THE BEST CHANCE OF ACTUALLY
RESOLVING OUR SERIOUS CURRENCY
PROBLEMS WITH CHINA BUT ALSO
DEMONSTRATES TO THE
INTERNATIONAL COMMUNITY THAT THE
UNITED STATES WILL CONTINUE TO
LEAD BY PROMOTING TRADE
LIBERALIZATION AND HOLDING EXONS
ACCOUNTABLE TO -- AND HOLDING
COUNTRIES ACCOUNTABLE TO THE
RULES OF THE GAME FOR THE LONG
HAUL.
IF GIVEN THE CHANCE TO VOTE ON
MY AMENDMENT, WE CAN DEMONSTRATE
OUR SERIOUS COMMITMENT TO
DEVELOPING LONG-TERM SOLUTIONS
TO THE PROBLEM OF CURRENCY
MANIPULATION.
AND IT TELLS THEM THAT WE ARE
COMMITTED TO STARTING THAT
PROCESS TODAY.
YESTERDAY I OUTLINED SOME OF THE
SERIOUS PROBLEMS WITH THE
UNILATERAL APPROACH ADOPTED BY
THE PROPONENTS OF THIS BILL.
ALLOW ME TO SUMMARIZE THEM FOR
THE BENEFIT OF MY COLLEAGUES.
FIRST, THIS IS NOT A JOBS
MEASURE.
PROPONENTS OF THE UNILATERAL
APPROACH ARGUE THAT THEIR BILL
WILL CREATE THOUSANDS OF JOBS
RIGHT NOW AND MILLIONS OF JOBS
AHEAD.
BUT ALL WE HAVE TO DO IS TAKE A
CLOSE LOOK AT THE NUMBERS AND
THE PROCESS LAID OUT IN THE BILL
TO SEE THAT THIS IS NOT THE
CASE.
I'M MOSTLY CONCERNED THAT THE
BILL WILL INJECT ECONOMIC
INSTABILITY IN A KEY BILATERAL
RELATIONSHIP AND SUBJECT U.S.
EXPORTERS TO POTENTIAL
RETALIATION BY THE CHINESE.
YESTERDAY THE WHITE HOUSE ALSO
EXPRESSED CONCERNS ABOUT THIS
BILL, THOUGH THEY STILL HAVE NOT
STATED PUBLICLY WHAT THOSE
SPECIFIC CONCERNS ARE.
I WISH THEY WOULD.
IT WOULD BE HELPFUL TO US UP
HERE TO HAVE THE WHITE HOUSE
WEIGH IN AND SAY WHAT THEY
REALLY WANT INSTEAD OF JUST
WAITING FOR THE SENATE TO DO
WHATEVER -- WHATEVER IT WANTS
TO.
A GROWING CHORUS HAS COME OUT TO
CRITICIZE THE UNILATERAL
APPROACH IN THIS BILL, A GROWING
CHORUS.
"THE NEW YORK TIMES" CALLED THIS
IDEA" --
UNQUOTE -- AND -- QUOTE -- "TOO
BLUNT OF AN INSTRUMENT" --
UNQUOTE -- WHICH IF FLACKETTED
WILL ADD ANOTHER EXPLOSIVE NEW
CONFLICT TO AN ALREADY HEAVY
LIST OF BILATERAL RESTRICTIONS.
"THE WALL STREET JOURNAL" CALLED
THE BILL -- QUOTE -- "THE MOST
DANGEROUS TRADE LEGISLATION IN
MANY YEARS" -- UNQUOTE.
THE U.S. CHAMBER OF COMMERCE
ISSUED A LETTER STATING THAT THE
UNILATERAL APPROACH IN THE
UNDERLYING BILL WOULD BE
COUNTERPRODUCTIVE IN PERSUADING
CHINA TO ALTER ITS CURRENCY
PRACTICES AND THAT -- QUOTE --
"IN THE END SUCH UNILATERAL
ACTION WOULD VERY LIKELY CAUSE
RETALIATION BY CHINA AND
ULTIMATELY DAMAGE THE U.S.
ECONOMY, INCLUDING EXPORTERS,
INVESTORS, WORKERS, AND
CONSUMERS" DURBIN QUOTE.
IT DOESN'T GET ANY TOUGHER THAN
THAT.
AGAIN, THERE IS A BETTER WAY.
MY AMENDMENT CALLS FOR A BOLD,
NEW APPROACH WHICH WILL EMPOWER
THE UNITED STATES NEGOTIATORS TO
WORK WITHIN THE W.T.O. AND
I.M.F. TO DEVELOP LONG-TERM
EFFECTIVE REMEDIES TO COUNTER
THE EFFECT OF CURRENCY
MANIPULATION BY CHINA OR ANY
OTHER COUNTRY AND DEVELOP
PRACTICES TO PERSUADE COUNTRIES
TO STOP CRNCY MANIPULATION.
IF THAT DOES NOT WORK WITHIN 90
DAYS, THEY ARE DIRECTED TO GO
OUTSIDE OF THESE INSTITUTIONS.
MY AMENDMENT -- WHICH WOULD ALSO
SEND A GREAT MESSAGE TO BOTH THE
I.L.O. -- EXCUSE ME.
THE W.T.O. AND THE I.M.F.
I'M USED TO TALKING ABOUT THE
I.L.O. FROM MY DAYS AS LABOR
COMMITTEE CHAIRMAN.
MY AMENDMENT ALSO WOULD
ESTABLISH A NEW PRIORITY
NEGOTIATING OBJECTIVE, SO AS WE
NEGOTIATE TRADE AGREEMENTS WITH
OUR TRADING PARTNERS, WE SHOULD
ALL COMMIT IN THOSE AGREEMENTS
CURRENCIES.
TO NOT MANIPULATE OUR
MY AMENDMENT ALSO ENSURES THAT
BY HOLDING THE
ADMINISTRATION ACCOUNTABLE UNTIL
THEY ACHIEVE RESULTS.
AND THAT'S WHETHER IT'S THIS
ADMINISTRATION OR SOME
ADMINISTRATION IN THE FUTURE.
THIS IS NOT A QUICK FIX, BUT
TRULY RESOLVING COMPLEX AND
LONG-STANDING PROBLEMS SUCH AS
CURRENCY MANIPULATION WILL TAKE
MUCH MORE THAN A QUICK FIX.
IT REQUIRES THAT WE STAND
TOGETHER AS A COUNTRY AND DO THE
HARD WORK NECESSARY WITH THE
INTERNATIONAL COMMUNITY TO
ACHIEVE REAL LONG-TERM RESULTS.
ALTHOUGH MY AMENDMENT WAS ONLY
RECENTLY INTRODUCED, IT IS
ALREADY GAINING WIDESPREAD
SUPPORT.
THE U.S. CHAMBER OF COMMERCE
ENDORSED THE HATCH AMENDMENT,
ARGUING THAT COORDINATED AND
MULTILATERAL PRESSURE THROUGH
INTERNATIONAL ORGANIZATIONS IS
ESSENTIAL TO ENCOURAGING CHINA
TO ADOPT MARKET-DETERMINED
CURRENCY AND EXCHANGE RATE
POLICIES.
THAT IS THE PRECISE APPROACH
TAKEN IN THE HATCH AMENDMENT.
THIS MORNING DOUGLAS
HOLTZ-EAKIN, OF THE
CONGRESSIONAL BUDGET OFFICE
WROTE IN NATIONAL REVIEW ONLINE
THAT THE HATCH AMENDMENT --
QUOTE -- "IS A MORE COMPLEX
SOLUTION TO THE CURRENCY
AND WHILE -- QUOTE -- "NOT
PROBLEM."
NEARLY AS SEXY OR SLOGAN
INSPIRING AS THE CURRENCY
EXCHANGE OVERSIGHT REFORM ACT,
HAPPENS TO HAVE A MUCH GREATER
LIKELIHOOD OF BEING EFFECTUAL.
THE HATCH BILL DOES."
UNQUOTE.
AMERICANS FOR TAX REFORM WROTE A
LETTER IN SUPPORT OF MY
AMENDMENT SAYING THAT THE HATCH
AMENDMENT -- QUOTE -- "OFFERS A
SENSIBLE APPROACH THAT UTILIZES
THE MECHANISMS CREATED BY THE
INTERNATIONAL TRADE COMMUNITY TO
RESOLVE SUCH DISPUTES."
THE EMERGENCY COMMITTEE FOR
AMERICAN TRADE SAYS THAT THE
HATCH AMENDMENT -- QUOTE --
"WILL MORE EFFECTIVELY ADDRESS
CONCERNS ABOUT CURRENCY
MISALIGNMENT BY CHINA AND OTHER
COUNTRIES WITHOUT OPENING THE
DOOR TO MANY HARMFUL EFFECTS ON
U.S. BUSINESS AND WORKERS."
THESE AND OTHER ORGANIZATIONS
SUCH AS THE FINANCIAL SERVICES
ROUND TABLE RECOGNIZE THAT THERE
IS A BETTER WAY.
LET'S QUIT PLAYING POLITICS WITH
THIS ISSUE.
TODAY WE FACE A CLEAR CHOICE.
BY VOTING AGAINST CLOTURE WE CAN
STAND AGAINST UNILATERALISM,
STAND AGAINST PROTECTIONISM AND
STAND AGAINST RETALIATION AND
STAND AGAINST -- QUOTE -- "QUICK
FIX" SOLUTIONS AND SLOGANS.
WE CAN THEN TURN TO VOTE ON MY
AMENDMENT, AND THAT OFFERS THE
PROSPECT OF REAL LONG-TERM AND
EFFECTIVE SOLUTIONS THAT SHOWS
THE CHINESE AND THE WORLD
COMMUNITY THAT WE ARE SERIOUS
ABOUT SOLVING THIS PROBLEM OVER
THE LONG HAUL AND TELLS THIS AND
SUBSEQUENT ADMINISTRATIONS THAT
THEY WILL BE HELD ACCOUNTABLE.
EVEN THE ADMINISTRATION
BASICALLY AGREES WITH THIS.
TODAY WE HAVE AN OPPORTUNITY TO
MAKE A DIFFERENCE.
THE ATLANTA JOURNAL CONSTITUTION
WROTE TODAY THAT -- QUOTE -- "WE
HAVE A TRADE PROBLEM WITH CHINA,
BUT GEORGIANS WILL PAY DEARLY IF
TAKING THE WRONG
APPROACH TO SOLVING IT."
UNQUOTE.
I COULD NOT AGREE MORE.
BUT I WOULD SAY IT IS NOT JUST
BUT ALL AMERICANS.
GEORGIANS WHO WILL PAY DEARLY,
I URGE MY COLLEAGUES TO MAKE THE
RIGHT CHOICE TODAY TO VOTE
AGAINST CLOTURE AND SUPPORT MY
AMENDMENT.
AMENDMENT TO THE DISTINGUISHED
I'M EVEN WILLING TO GIVE MY
SENATOR FROM NEW YORK AND
OTHERS.
HAVE IT BE THEIR AMENDMENT.
I DON'T CARE WHO GETS THE CREDIT
FOR IT.
I JUST WANT TO HAVE -- WHEN WE
WORK ON TRADE ISSUES, I WANT TO
HAVE THEM WORKED RIGHT.
I DON'T WANT TO HAVE POLITICS
PLAYED WITH THIS.
THIS IS TOO IMPORTANT TO HAVE
POLITICS PLAYED WITH IT.
SO I HOPE EVERYBODY VOTES
AGAINST CLOTURE, AND I HOPE THAT
WE CAN THEN TAKE UP THIS
ABOUT.
AMENDMENT THAT I'VE BEEN TALKING
WE CAN REFILE IT SO THAT THOSE
WHO FEEL SO DEEPLY ABOUT THE
SCHUMER AMENDMENT CAN BE FOR
SOMETHING.
I WOULD LIKE TO DO THAT.
I WOULD LIKE TO SEE THIS DONE.
THRAOEUBG SEE OUR
COUNTRY -- I WOULD LIKE TO SEE
OUR COUNTRY MOVE AHEAD IN AN
INTELLIGENT APPROACH TOWARDS
CURRENCY AND TRADE.
FLOOR.
MADAM PRESIDENT, I YIELD THE
MADAM PRESIDENT?
THE
SENATOR FROM ALABAMA.
MADAM PRESIDENT,
I WOULD SAY THAT THE MAJORITY
LEADER HAS AGREED THAT IF
CLOTURE IS INVOKED, THAT SENATOR
HATCH'S AMENDMENT WILL BE ONE OF
THE AMENDMENTS THAT WILL BE
VOTED ON.
THAT IS AN AGREEMENT.
AND OTHER AMENDMENTS TOO WOULD
BE ALLOWED.
I DO BELIEVE THAT THE MAJORITY
HAS TO -- THE MINORITY HAS TO
PROTECT THE RIGHT TO OFFER
AMENDMENTS, CONSISTENT WITH
OTHER PROCESSES WE'VE HAD HERE
THAT I'M NOT HAPPY WITH, THE
AMENDMENTS OFFERED BY THE
LEGITIMATE.
MAJORITY, I BELIEVE, ARE
I'M A BIT OFFENDED AND DON'T
APPRECIATE THE VIEW THAT THIS IS
A PROTECTIONIST PIECE OF
LEGISLATION.
I BELIEVE IT PROTECTS FREE TRADE
BECAUSE TRADE CAN'T EXIST WHEN
ONE PARTY IS MANIPULATING THE
RULES IN A SIGNIFICANT WAY THAT
SUBSTANTIALLY IMPACTS THE
BALANCE OF TRADE.
AND I WOULD JUST ASK THE
IS PRESIDENTIAL
CANDIDATE, FORMER GOVERNOR MITT
ROMNEY, A PROTECTIONIST?
IS GOVERNOR HUNTSMAN FROM UTAH,
PRESIDENTIAL CANDIDATE,
PRESIDENT OBAMA'S AMBASSADOR TO
CHINA, WHO SAID HE WOULD SIGN
THIS BILL IF IT CAME BEFORE HIM
IF HE'S ELECTED PRESIDENT?
ROB PORTMAN, OUR FABULOUS NEW
SENATOR HERE WHO WAS PRESIDENT
BUSH'S TRADE REPRESENTATIVE, HE
SAID HE SUPPORTS THE BIPARTISAN
LEGISLATION.
PROTECTIONISM.
SO I DON'T THINK IT'S
HE THINK IT'S -- I THINK IT'S AN
EFFORT TO PROTECT TRADE.
THERE ARE SOME THAOR RELIGIOUS
ABOUT FREE -- THAT ARE RELIGIOUS
ABOUT FREE TRADE.
IT IS A RELIGION WITH THEM.
THEY BELIEVE THAT NO MATTER HOW
BAD OUR TRADING PARTNERS ACT
THAT WE SHOULD NOT RETALIATE
BECAUSE THAT MIGHT CAUSE A TRADE
WAR.
I THINK THAT IS' NOT -- THAT'S
AGAINST COMMON SENSE.
TRADE IS NOT MY RELIGION.
I THINK ANY TRADING RELATIONSHIP
SHOULD DEPEND ON HOW WELL THE
AGREEMENT SERVED THE INTEREST OF
BOTH PARTIES.
IT'S LIKE ANY OTHER BUSINESS
RELATIONSHIP.
IS IT SERVING THE INTEREST OF
BOTH PARTIES?
AND THIS TRADE SITUATION IS A
DRAMATIC FACTOR IN THE AMERICAN
LOSS OF JOBS.
IT IS INDISPUTABLE, IN MY
OPINION.
A GROUP OF PROFESSORS FROM
CALIFORNIA HAVE SAID OUR TRADE
IMBALANCE OVER THE LAST DECADE
HAS COST 10 MILLION JOBS.
AND LET ME JUST SAY THAT WE'RE
GOING TO HAVE DYNAMIC CHANGES IN
OUR ECONOMY.
HAPPENS ALL THE TIME.
THERE ARE WINNERS AND LOSERS.
WE CAN COMPETE WITH CHINA IN
MANY DIFFERENT WAYS, BUT WHEN
YOU GIVE THEM A CURRENCY
ADVANTAGE AS LARGE AS THIS, GOOD
COMPANIES CAPABLE OF COMPETING
AND BEING SUCCESSFUL WOULD BE
HAMMERED.
THE MIDDLE CLASS IN THIS COUNTRY
ARE BEING HAMMERED.
THIS HAS GOT TO STOP.
AND WE HAVE TO ASK OURSELVES: IS
THIS COUNTRY GOING TO ABANDON
ITS COMMITMENT OR BELIEF IN A
MANUFACTURING ECONOMY?
ARE WE GOING TO GIVE UP
MANUFACTURING ENTIRELY?
CONCEIVABLE.
I DON'T THINK THAT'S REMOTELY
BUT WE'VE HAD BRILLIANT
ECONOMISTS TELL US WE NEED TO BE
A SERVICE ECONOMY.
AND WE JUST DEAL WITH COMPUTERS
AND E-MAILS AND THINGS AND MOVE
PAPER AROUND.
THIS CREATES WEALTH?
YOU NEED IN MANUFACTURING A
GROWING ECONOMY.
I'M PLEASED TO SUPPORT, MY
PHAB A
STRONG ADVOCATE OF THIS, SENATOR
SCHUMER AND SENATOR GRAHAM WHO
HAVE BEEN AT THIS FOR YEARS.
2005.
I VOTED FOR THE LEGISLATION IN
BUT I'VE REALLY BECOME ENERGIZED
ABOUT THIS BECAUSE I BELIEVE
IT'S A DEEP RESPONSIBILITY FOR
EVERY GOVERNMENT OFFICIAL TO
PROTECT OUR NATIONAL SECURITY
AND PROTECT OUR ECONOMIC
SECURITY.
AND WHEN WE HAVE CLEAR EVIDENCE
THAT A PREDATORY TRADE POLICY OF
A MAJOR WORLD EXPORTER, THE
LARGEST EXPORTER IN THE HISTORY
OF THE WORLD TO ANY COUNTRY IS
CHINA TO THE UNITED STATES.
THEY ARE ABUSING THEIR TRADE
PRIVILEGES WHEN THE
ADMINISTRATIONS REFUSE TO ACT, I
IS THAT I CONGRESS CAN AND
SHOULD ACT.
I BELIEVE THIS IS A REASONABLE
BILL.
IT ALLOWS THE ADMINISTRATION TO
NEGOTIATE AN END TO THIS MATTER
A PERIOD OF TIME.
AND IT WILL PROVIDE THE POWER
AND THE REQUIREMENTS TO MAKE
THAT HAPPEN.
MAY I ASK A
QUESTION?
THANK YOU, MADAM PRESIDENT.
SENATOR SESSIONS, I APPRECIATE
YOUR CONSISTENT PUSH FOR FAIR
TRADE POLICIES.
WE'VE WORKED ON SOME
ALABAMA-OHIO JOINT ISSUES FROM
SLEEPING BAGS TO STEEL, AND I
APPRECIATE THAT.
YOU HAD SAID HOW IMPORTANT
MANUFACTURING, THAT WE CAN'T
TURN TO A SERVICE ECONOMY OR WE
BEGIN TO LOSE THE MIDDLE CLASS.
I APPRECIATE YOUR ADVOCACY
THERE.
WOULD YOU EXPLAIN AGAIN BEFORE
THE DEBATE'S WRAPPED UP, WHAT
THIS CURRENCY DEPRECIATION, WHAT
THE CHINA DO, WHAT IT DOES TO
OUR ECONOMY.
SENATOR MURRAY EXPLAINED THAT
WHEN WE EXPORT TO CHINA, THEIR
CURRENCY ADVANTAGE, THEIR
ARTIFICIAL CURRENCY ADVANTAGE
GIVES THE CHINESE, A 25% TARIFF
ON OUR SALES TO CHINA MAKE IT GO
MONTGOMERY OR
CHINA.
DAYTON COMPANY TO SELL INTO
COMING THE OTHER WAY, IT'S A 25%
SUBSIDY TO THE CHINESE COMPANY
OR CHINESE GOVERNMENT'S COMPANY
SELLING IN MOBILE OR SELLING IN
CINCINNATI.
COULD YOU SORT OF, AS WE WRAP
THE DEBATE UP, KIND OF GO
THROUGH THAT AGAIN, THE POEUFPBT
WHAT CURRENCY -- THE POINT OF
WHAT CURRENCY DOES?
THANK YOU FOR
RAISING THAT.
YES.
IF A MANUFACTURING COMPANY IN
DAYTON IS COMPETING WITH A
CHINESE COMPANY TO MANUFACTURE A
WIDGET.
THEY CAN ON THE CURRENCY ALONE,
MORE THAN HAVE AN ADVANTAGE
SHIPPING THE PRODUCT FROM CHINA
HERE TO HAVE 25% ADVANTAGE.
AS YOU KNOW, IN MODERN TRADE AND
SALES TODAY, MARGINS ARE VERY
SMALL.
25% IS A HUGE MARGIN THAT WOULD
BE PROVIDED BY THE CURRENCY
ALONE.
HAVE THE THINGS THAT
ARE DONE IN CHINA TO BLOCK OUR
COUNTRY'S MOVING AND SELLING
CURRENCY.
THERE THAT GOES BEYOND THE
THIS IS NOT A TWO-WAY STREET.
I BELIEVE THAT ANY RATIONALE
GOVERNMENT SHOULD NOT ALLOW ITS
MANUFACTURING INDUSTRY AND ITS
WORKERS TO BE SUBJECTED TO SUCH
UNFAIR PRACTICES.
WE HAVE AN ABSOLUTE
RESPONSIBILITY TO STAND UP AND
FIX IT.
THE BEST WAY TO DO IS THE BILL
THAT SENATOR HUGH PHER AND
OTHERS HAVE OFFERED.
I BELIEVE IT WILL DO IT IN A
RATIONAL EFFECTIVE WAY.
AND OTHER ALTERNATIVES ARE LESS
EFFECTIVE AND WILL NOT DO THE
JOB.
IT'S TIME FOR US TO DO IT NOW,
MADAM PRESIDENT.
I WOULD YIELD THE FLOOR AND
RESERVE THE BALANCE OF THE TIME.
MADAM PRESIDENT?
THE
SENATOR FROM NEW YORK.
WHAT IS THE TIME
STATUS FOR THE MAJORITY AND
MINORITY?
THE
MAJORITY HAS NO TIME REMAINING.
REMAINING.
THE MINORITY HAS TWO MINUTES
SINCE THEY'RE
MUCH BETTER AT THIS THAN US, I'D
BE HAPPY TO --
I'D BE HAPPY TO
YIELD THE TWO MINUTES TO SENATOR
SCHUMER OR BROWN.
WELL, BOTH, ALL
FOUR OF US -- MADAM PRESIDENT?
SPROEUP THE SENATOR FROM NEW --
THE
SENATOR FROM NEW YORK.
I JUST AGAIN
COLLEAGUES.
WOULD MAKE A PLEA TO MY
WE'VE HAD EIGHT MONTHS TALKING
ABOUT DEBT AND MANY HAVE SAID
THAT'S THE FUTURE FOR OUR
CHILDREN AND GRANDCHILDREN.
I THINK THAT'S A CONSENSUS ON
BOTH SIDES OF THE AISLE THAT
THAT IS TRUE.
BUT I WOULD ARGUE THIS IS ALSO
ABOUT THE FUTURE FOR OUR
CHILDREN AND GRANDCHILDREN.
BECAUSE IF GOOD AMERICAN
COMPANIES WITH GREAT IDEAS ARE
WIPED OUT IN THE NEXT TEN YEARS
AS THEY WILL BE IF CHINA IS
ALLOWED TO CONTINUE PREDATORY
PRACTICES, THE FUTURE FOR OUR
CHILDREN AND GRANDCHILDREN IN
THIS COUNTRY WILL NOT BE BRIGHT.
OUR SEED CORN, FAMILY JEWELS ARE
BEING DECIMATED BY A PLAGUE, A
PLAGUE OF UNFAIR COMPETITION
THAT HAS BEEN ALLOWED.
IT'S AS IF WE HAVE A PHRAG,
AND -- WE HAVE A PLAGUE AND SOME
OF THE LEADERS OF THIS COUNTRY,
WHETHER THEY BE POLITICAL OR
ECONOMIC, SHRUG THEIR SHOULDER
AND SAY THAT'S THAT.
WE CAN'T DO MUCH ABOUT IT.
BUT IN A BIPARTISAN WAY WE HAVE
COME TOGETHER AND SAID WE CAN DO
SOMETHING ABOUT THIS PLAGUE.
AND WE ARE AT THE MOMENT OF
DECISION.
IT IS MY BELIEF,
MADAM PRESIDENT, THAT IF WE PASS
THIS HERE IN A BIPARTISAN WAY,
AS WE HAVE TO, THE WAY THE
SENATE WORKS, THAT THE HOUSE
WILL THEN -- THEY MAY NOT TAKE
OUR BILL UP EXACTLY, BUT THEY'LL
DO SOMETHING.
COMMITTEE.
WE'LL HAVE A CONFERENCE
WE CAN GET SOMETHING DONE.
AND THE ODDS ARE QUITE HIGH THAT
SEES THE TRAIN
HEADING DOWN THE TRACK, WHEN
THEIR ABILITY -- AND I'VE SEEN
THE ARTICLES.
I WANT YOU TO READ SOME OF THEM
INTO THE RECORD.
I DON'T HAVE THEM WITH ME.
COMPANIES WITH PLANS IN CHINA TO
LOBBY AGAINST THIS BILL BUT WHEN
CHINA SEES THE TRAIN HEADING
DOWN THE TRACK AND THAT FOR THE
FIRST TIME THEIR EFFORTS, THEY
AND THEIR MULTINATIONAL ALLIES
TO STALL THIS BILL WON'T
SUCCEED, THEY WILL ADJUST AND
CORRECT THEMSELVES NOT JUST ON
CURRENCY, MADAM PRESIDENT, BUT
ON ALL THE OTHER AREAS WHERE
THEY DON'T TREAT US FAIRLY.
SO THIS IS AN IMPORTANT VOTE AND
AN IMPORTANT DAY FOR AMERICA.
AND I YIELD THE FLOOR.
MADAM PRESIDENT?
THE
SENATOR FROM NEW YORK.
I HAVE EIGHT
UNANIMOUS CONSENT REQUESTS FOR
COMMITTEES TO MEET DURING
TODAY'S SESSION OF THE SENATE.
THEY HAVE THE APPROVAL OF THE