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WE CAN ACTUALLY GET THIS COUNTRY
MOVING ON A PATH TOWARD ECONOMIC
RECOVERY AND SOUND FISCAL
FUTURE.
MR. PRESIDENT, I NOTE THE
ABSENCE OF -- EXCUSE ME.
MR. PRESIDENT?
THE
SENATOR FROM VIRGINIA.
MR. PRESIDENT, WE
SPEND PROBABLY THE MAJORITY OF
THE TIME WHEN WE DISCUSS FOREIGN
POLICY ON THIS FLOOR TALKING
ABOUT THE CRISES IN PLACES LIKE
LIBYA, IRAQ, AFGHANISTAN.
IF WE TALK ABOUT EAST ASIA AT
ALL, WE GENERALLY ARE DISCUSSING
OUR ECONOMIC SITUATION AS IT
PORTENDS TO THE FUTURE,
ESPECIALLY WITH CHINA.
BUT I WOULD LIKE TO MAKE A
STRONG POINT HERE TODAY AND THAT
IS IF WE DON'T GET IT RIGHT WITH
OUR RELATIONS IN EAST ASIA, WE
ARE IN VERY, VERY SERIOUS
TROUBLE AS A NATION.
AND IT IS VITALLY IMPORTANT FOR
THE UNITED STATES TO CONTINUE TO
INVIGORATE OUR RELATIONS WITH
ALL THE COUNTRIES IN EAST AND
SOUTHEAST ASIA ON A ECONOMIC,
SECURITY, AND CULTURAL LEVELS.
AND TODAY I'D LIKE TO JUST TALK
ABOUT A FEW OF THESE ISSUES THAT
ARE AFFECTING OUR RELATIONS IN
THAT PART OF THE WORLD.
THIS WEEKEND, MR. PRESIDENT,
THERE WILL BE A REGIONAL FORUM
FOR THE ASEAN COUNTRIES IN BALI.
OUR SECRETARY OF STATE WILL BE
THERE.
THIS FOR FORUM IS COMING AT A
PIVOTAL MOMENT WITH RESPECT TO
OUR RELATIONS IN SOUTHEAST ASIA
AND THE REST OF EAST ASIA.
THE RECENT PROVOCATIONS BY
CHINA, MILITARY PROVOCATIONS IN
THE PHILIPPINES AND IN VIETNAM
AND THE SOUTH CHINA SEA, WHICH
THIS BODY PASSED A RESOLUTION
DEPLORING, AFFECT THE MOOD OF
THE ENTIRE REGION AT THIS MOMENT
MOMENT.
THERE ALSO HAVE BEEN POLITICAL
TRANSITIONS IN THAILAND AND IN
BURMA, AND THERE ARE CONSISTENT
ECOLOGICAL THREATS IN THE MACONG
RIVER AREA BECAUSE OF
HYDROPOWERRED DAM AS THAT HAVE
BEEN BUILT UPRIVER BEGINNING IN
CHINA BUT NOW ALSO BEING
PROPOSED IN LAOS.
ALL THESE ISSUES UNDERSCORE THE
NEED FOR VIGOROUS MULTILATERAL
ENGAGEMENT IN THIS PART OF THE
WORLD AND THE DEVELOPMENT OF NEW
STRATEGIC RELATIONSHIPS AND THE
CONTINUITY OF BALANCE THAT THE
UNITED STATES HAS BEEN BRINGING
TO THIS VIELG REGION SINCE -- THIS VITAL
REGION SINCE THE END OF WORLD
WAR II.
WE ARE GOING TO BE REAUTHORIZING
A PIECE OF LEGISLATION CALLED
"THE TRAFFICKING VICTIMS
PROTECTION ACT" IN THIS SESSION
OF CONGRESS.
I HAVE AN AMENDMENT TO THIS ACT.
I THINK IT'S AN EXTREMELY
IMPORTANT AMENDMENT IN TERMS OF
OUR RELATIONSHIP WITH FRIENDS,
WITH ALLIES, PARTICULARLY IN
EAST ASIA, WITH REPRESENTATIVES
OF HIGHLY DEVELOPED GOVERNMENTAL
SYSTEMS THAT HAVE A LOT OF
PROBLEMS WITH THE WAY THAT WE
HAVE IMPLEMENTED THIS ACT IN THE
PAST.
I, LIKE EVERYONE HERE IN THE
SENATE, FULLY SUPPORT THE
INTENTIONS OF THIS LEGISLATION
AND THE INTENTIONS OF THE STATE
DEPARTMENT TO PREVENT HUMAN
TRAFFIC AND TO -- AND TO ASSIST
TRAFFICKING VICTIMS.
BUT UNDER OUR PRESENT POLICY, WE
HAVE A GREAT DEAL OF CONFUSION
AND, QUITE FRANKLY, RESENTMENT
FROM MANY OF THESE MORE
DEVELOPED GOVERNMENTAL SYSTEMS.
THIS PRESENT POLICY REQUIRES
THAT A COUNTRY BE RANKED AGAINST
PAST YEAR.
THE PROGRESS IT HAS MADE IN THE
IN OTHER WORDS, A COUNTRY IS
RANKED AGAINST ITSELF OVER A
PERIOD OF YEARLY BEHAVIOR.
THIS PRACTICE DOESN'T PROVIDE
COUNTRIES WITH A CONSISTENT
STANDARD BY WHICH THEY MIGHT
TRULY MEASURE THEIR EFFORTS
AGAINST HUMAN TRAFFICKING VERSUS
OTHER COUNTRIES AROUND THE WORLD
MISUNDERSTANDINGS.
WORLD, AND IT CREATES A LOT OF
THE CRITERIA USED TO JUDGE A
COUNTRY'S EFFORTS ARE DIFFICULT
TO ESTIMATE WITH ANY PRECISION.
THEY'RE OFTEN VERY SUBJECTIVE.
AND BY PLACING PROSECUTIONS FOR
TRAFFICKING AS A PART OF THIS
EVALUATION OVER ACTUAL SUCCESSES
IN AREAS SUCH AS THE PROTECTION
OF VICTIMS AND THE PREVENTION OF
ACTS IN THE FIRST PLACE, WE GET
A TOTAL MISREADING OF THE
SUCCESS THAT MANY OF THESE
GOVERNMENTAL SYSTEMS ACTUALLY
HAVE BEEN ABLE TO BRING ABOUT.
THIS, MR. PRESIDENT, IS A
EXCERPT FROM A PRESS RELEASE
THAT CAME OUT OF SINGAPORE'S
MINISTRY OF FOREIGN AFFAIRS ON
JUNE 28 OF THIS YEAR TALKING
ABOUT THEIR RANKING UNDER THIS
T.I.P. REPORT.
TRAFFIC IN PERSONS REPORT, THE
THEY SAY, "WE NOTE THE UNITED
STATES HAS AGAIN UNABASHEDLY
AWARDED ITSELF A TIER1 RANKING,
YET "THE NEW YORK TIMES"
OBSERVED --" THIS IS FROM THEIR
PRESS STATEMENT -- "THAT TEENAGE
GIRLS COERCED INTO PROSTITUTION
IN THE UNITED STATES ARE TREATED
NOT AS TRAFFICKING VICTIMS BUT
AS MISCREANTS, WHO ARE ARRESTED
AND PROSECUTED, INSTEAD OF
PROTECTED.
SINGAPORE'S APPROACH.
THIS IS DIRECTLY OPPOSITE TO
THE UNITED STATES ALSO SUFFERS
FROM SERIOUS PROBLEMS WITH
ILLEGAL IMMIGRANTS, MANY OF WHOM
ARE TRAFFICKED BY WELL-ORGANIZED
CRIMINAL GANGS WHICH SEEM TO
OPERATE WITH IMPUNITY."
SINGAPORE, OUR FRIEND, OUR ALLY
AND AN ADVANCED GOVERNMENTAL
SYSTEM BY ANY DETERMINATION,
THEN SAYS, "ON ANY OBJECTIVE CEE
TEAR YA THE UNITED STATES HAS A
MORE -- CRITERIA, THE UNITED
STATES HAS A MORE SERIOUS T.I.P.
PROBLEM COMPARED WITH
SINGAPORE."
WHY ARE THEY ANGRY?
WHY DO THEY FEEL THEY HAVE NOT
BEEN FAIRLY EVALUATED?
BECAUSE THEY ARE EVALUATED
AGAINST THEMSELVES BY STANDARDS
THAT MAY NOT APPLY -- AND THEY
ARE NOT ALONE; SINGAPORE IS NOT
ALONE.
THE LAST REPORT SHOWED THAT
NIGERIA GOT A TIER 1 RATING.
JAPAN GOVERNMENT A TIER 2 RATING
AND SINGAPORE GOT A TIER 2-WATCH
LIST RATING WHICH MEANS THEY
COULD BE IN DANGER OF LOSING A
LOT OF GOVERNMENTAL INTERACTIONS
BETWEEN OUR TWO COUNTRIES, IF IT
CONTINUES.
DID THEY RATE A TIER 2 -- IF WE
HAD A STANDARD WHERE WE WERE A
VALUATING ALL COUNTRIES' SYSTEMS
AGAINST ONE ANOTHER RATHER THAN
THIS APPROACH THAT WE'RE NOW
USING?
WELL, HERE'S AGOOD, OBJECTIVE
WAY TO SEE IF WE CAN'T ANSWER
THAT QUESTION.
THESE ARE THE RATINGS, WORLDWIDE
RATINGS FROM AN ORGANIZATION
CALLED TRANSPARENCY
INTERNATIONAL.
THIS IS CALLED A CORRUPTION
PERCEPTION INDEX FROM THE SAME
YEAR.
LET ME USE A POINTER HERE,
MR. PRESIDENT.
BUT -- ON THE COUNTRY RANKINGS
FOR CORRUPTION PERCEPTION,
INTERNATIONALLY, SINGAPORE RANKS
-- IS TIED FOR FIRST AS THE MOST
TRANSPARENT GOVERNMENTAL SYSTEM.
THE UNITED STATES IS DOWN HERE
AT NUMBER 22, AGAIN BELOW JAPAN.
I MENTION JAPAN BECAUSE UNDER
THIS TIP SYSTEM, JAPAN GOT A
TIER 2 RATING.
NIGERIA IS OVER HERE TIED FOR
134th.
THIS IS NOT MEANT TO BE CRITICAL
OF THE ATTEMPTS OF THE NIGERIAN
GOVERNMENTAL SYSTEM TO FIX THEIR
PROBLEMS.
BUT, CLEARLY, IF WE WERE
EVALUATING THESE COUNTRIES AMONG
EACH OTHER, RATHER THAN BY THIS
VERY CONFUSING STANDARD, YOU
WOULDN'T BE SEEING SINGAPORE
WITH A TIER 2-WATCH LIST
CATEGORY AND NIGERIA HAS AS A NUMBER
ONE.
SO I HAVE A SIMPLE AMENDMENT, I
THINK A VERY IMPORTANT AMENDMENT
TO THE LEGISLATION WHEN IT COMES
FORWARD, AND IT BASICALLY WILL
REQUIRE THE STATE DEPARTMENT TO
CATEGORIZE COUNTRIES, FIRST OF
ALL, AS EITHER IN COMPLIANCE OR
NOT, WITH OUR LEGISLATION, AND
THEN RANK COUNTRIES ON A SINGLE
SCALE RATHER THAN BY
YEAR-TO-YEAR PROGRESS AGAINST
THEMSELVES, AND TO ELIMINATE THE
SPECIAL WATCH LIST CATEGORY.
IT MAINTAINS ALL THE OTHER
EXISTING CRITERIA THAT WE HAVE
USED IN TERMS OF EXAMINING
WHETHER OR NOT TRAFFICKING IN
PERSONS IS BEING ADDRESSED IN
THESE DIFFERENCE COUNTRIES, THE
EXTENT TO WHICH A COUNTRY IS A
COUNTRY OF ORIGIN, TRANSIT, OR
DESTINATION, THE EXTENT OF
GOVERNMENTS, INCLUDING
NONCOMPLIANCE BY THE
GOVERNMENT OFFICIALS, AND WHAT
MEASURES ARE REASONABLE TO BRING
THE GOVERNMENT INTO COMPLIANCE.
THIS MAY SEEM A SMALL MATTER
HERE ON THE FLOOR OF THE UNITED
STATES SENATE, BUT I CAN ASSURE
YOU, MR. PRESIDENT, THIS IS NOT
A SMALL MATTER IN TERMS OF
COUNTRIES THAT HAVE BEEN OUR
FRIENDS AND OUR ALLIES AND HAVE
ADVANCED GOVERNMENTAL SYSTEMS
AND FEEL THEY ARE BEING WRONGLY
-- THEY ARE BEING WRONGLY
CATEGORIZED FOR THE REST OF THE
WORLD TO SEE.
I'D LIKE TO RAISE ONE OTHER
POINT TODAY, MR. PRESIDENT, WITH
RESPECT TO THIS PART OF THE
WORLD, AND IT GOES BACK TO WHAT
I SAID WHEN I FIRST BEGAN
SPEAKING.
REGARDING ISSUES OF SOVEREIGNTY
AND FREEDOM OF NAVIGATION IN THE
SOUTH CHINA SEA AND RECENT
ACTIVITIES WHICH COULD QUICKLY
REACH A LEVEL OF VOLATILITY THAT
WE WOULD NOT LIKE TO SEE AND TO
EMPHASIZE AGAIN THAT OUR COUNTRY
IS THE NUMBER-ONE REASON THAT WE
HAVE HAD THE KIND OF STABILITY
THAT HAS EXISTED FOR THE MOST
PART IN THIS VERY VOLATILE
REGION SINCE THE END OF WORLD
WAR II.
THE RED LINES ON THIS MAP ARE
THE AREAS IN WHICH CHINA CLAIMS
SOVEREIGNTY IN THE SOUTH CHINA
SEA.
AS YOU CAN SEE FROM THESE --
FROM THESE LINES, IT GOES ALL
THE WAY PAST THE COAST OF THE
PHILIPPINES DOWN INTO BORNEA,
CHINA.
MALAYSIA, UP THE COAST AND INTO
WE HAVE SEEN OVER MANY YEARS,
THE LAST TEN YEARS, WE'VE SEEN
INCIDENTS THAT TOO OFTEN PEOPLE
IN THE UNITED STATES, INCLUDING
MILITARY OFFICIALS IN THE UNITED
STATES, SEEM TO RECOGNIZE OR
DEAL WITH AS TACTICAL CHALLENGES
RATHER THAN STRATEGIC DATAPOINTS
IN TERMS OF THE ONGOING ISSUES
OF WHO ACTUALLY CONTROLS THESE
AREAS.
THESE AREAS ARE CLAIMED BY MANY
DIFFERENT COUNTRIES.
THEY ARE THE MOST HIGHLY
TRAFFICKED SEA LANES IN TERMS OF
TRADE IN THE WORLD.
JUST IN THE LAST YEAR AND A
HALF, WE HAD SEEN AN INCIDENT
OFF OF THE COAST OF OKINAWA WITH
A CLAIM BETWEEN -- A DISPUTE
BETWEEN THE JAPANESE AND THE
CHINESE GOVERNMENTS.
WE HAVE SEEN MILITARY ACTION --
A MILITARY INCIDENT, A
PROVOCATION BY THE CHINESE OFF
THE COAST OF THE PHILIPPINES
PHILIPPINES.
WHICH WAS PROTESTED BY THE
WE HAVE SEEN TWO INCIDENTS OCHE
THE COAST OF VIETNAM, ONE IN MEI
AND ONE IN JUNE.
AND IF WE LOOK AT WHERE THESE
INCIDENTS HAVE OCCURRED, THEY
MARK THE BOUNDARIES OF THE
SOVEREIGNTY CLAIMS THAT HAVE
BEEN MADE BY THE CHINESE.
THIS BODY UNANIMOUSLY PASSED A
RESOLUTION CONDEMNING THIS USE
OF MILITARY ACTIONS IN DISPUTES
THAT SHOULD BE RESOLVED IN A
MULTILATERAL WAY.
I AM VERY HOPEFUL THAT SECRETARY
CLINTON WILL REINFORCE OUR
CONCERNS IN THIS AREA.
WHEN I WAS ON "MEET THE PRESS" A
COUPLE OF WEEKS AGO,
MR. PRESIDENT, I MADE A COMMENT
WHERE I SAID WE COULD BE
APPROACHING A MUNICH MOMENT IN
THIS REGION.
CIRCULATED.
THAT COMMENT HAS BEEN WIDELY
LEE ME EXPLAIN WHAT I MEAN --
LET ME EXPLAIN WHAT I MEAN BY
THAT.
THAT DOESN'T MEAN THAT I SEE A
HITLER OUT HERE.
THAT DOESN'T MEAN I SEE A
NEVILLE CHAMBERLAIN HERE.
WHAT THAT MEANS IS WHEN YOU HAVE
AN EXPANSIONIST POWER THAT IS
MAKING CLAIMS THAT IT OWNS LAND
IN DISPUTED AREAS AND IS
PROVOKING THESE OTHER COUNTRIES
THROUGH THE USE OF MILITARY
FORCE, YOU ARE REACHING THE EDGE
OF A COUNTRY UNILATERALLY
CLAIMING SOVEREIGNTY OVER AREAS
SOLUTIONS.
THAT REQUIRE MULTILATERAL
THAT IS NOT HEALTHY.
INTERNATIONALLY.
IT'S NOT HEALTHY
THIS REGION HISTORICALLY HAS
BEEN A VERY VOLATILE REGION, AND
THE UNITED STATES IS THE MOST
IMPORTANT INGREDIENT IN MAKING
SURE THAT THESE ISSUES ARE
RESOLVED MULTILATERALLY AND
WITHOUT THE USE OF FORCE.
I -- AGAIN, I STRONGLY HOPE THAT
OUR SECRETARY OF STATE WILL
REINFORCE THE COMMENTS THAT SHE
MADE LAST YEAR TO THIS EFFECT,
THAT THE UNITED STATES DOES HAVE
A VITAL INTEREST IN RESOLVING
THESE ISSUES IN A MULTILATERAL
WAY, JUST AS WE DO, BY THE WAY,
IN RESOLVING THE ISSUES WITH
RESPECT TO THE MAY CONGRESS MEKONG RIVER.
RATHER THAN HAVING A STRONG,
POWERFUL COUNTRY INSISTING ONLY
ON BILATERAL ADJUSTMENTS WITH
THESE COUNTRIES.
WE ARE THE ESSENTIAL INGREDIENT.
NO ONE WANTS TO SEE THIS ISSUE
GO THE WRONG WAY.
I THINK WE HAVE THE POTENTIAL OF
RESOLVING THIS WITH CHINA AND
RESOLVING OUR RELATIONSHIPS WITH
THE CHINESE GOVERNMENT IN A
FUTURE.
POSITIVE WAY LOORKSING INTO THE
BUT IT IS GOING TO REQUIRE CLEAR
COMMENTS AND A CREDIBLE APPROACH
BY THE UNITED STATES GOVERNMENT.
WITH THAT, I YIELD THE FLOOR AND
SUGGEST THE ABSENCE OF A QUORUM.
THE
CLERK WILL CALL THE ROLL.
QUORUM CALL:
ICER: THE
SENATOR FROM SOUTH DAKOTA.
MR. PRESIDENT, I
ASK UNANIMOUS CONSENT TO SPEAK
AS IF IN MORNING BUSINESS.
THE
SENATOR IS NOTIFIED THAT THE
SENATE IS IN A QUORUM CALL.
I ASK THAT THE
QUORUM CALL BE WAIVED.
WITHOUT
OBJECTION.
MR. PRESIDENT, I
ASK UNANIMOUS CONSENT TO SPEAK
AS IF IN MORNING BUSINESS.
WITHOUT
OBJECTION.
MR. PRESIDENT, I
WAS VERY PLEASED AS THE SENATE
RECENTLY ACTED TO CONFIRM THE
NOMINATION OF DAVID COHEN TO BE
UNDER SECRETARY OF THE TREASURY
FOR TREUFR -- TERRORISM AND
FINANCIAL CRIMES.
I WOULD LIKE TO POSE A BRIEF
INQUIRY AS A FOLLOW-UP TO THE
SENATE'S ACTION.
FOR FUTURE NOMINEES OF THE
PRESIDENT TO THE POSITION OF
SECRETARY, UNDER SECRETARY FOR
TERRORISM AND FINANCIAL CRIMES,
WOULD ALL SUCH NOMINEES BE
REFERRED UNDER CURRENT LAW AND
PRECEDENT OF THE SENATE TO THE
SENATE COMMITTEE OF BANKING,
HOUSING AND URBAN AFFAIRS?
THANK YOU, MR. PRESIDENT.
MR. PRESIDENT, THURSDAY MARKS
THE FIRST ANNIVERSARY OF
PRESIDENT OBAMA SENDING THE
DODD-FRANK WALL STREET REFORM
AND CONSUMER PROTECTION LAW INTO
LAW.
AS CHAIRMAN OF THE BANKING
COMMITTEE, I HAVE A
RESPONSIBILITY TO OVERSEE
IMPLEMENTATION OF THIS CRITICAL
NEW LAW.
THE WALL STREET REFORM ACT WAS A
DIRECT RESPONSE TO THE WORST
FINANCIAL CRISIS SINCE THE GREAT
DEPRESSION.
WHILE IT APPEARS THAT MANY ON
WALL STREET AND EVEN SOME HERE
IN WASHINGTON HAVE ALREADY
FORGOTTEN THE PAINFUL COSTS OF
INADEQUATE FINANCIAL
REGULATIONS, I HAVE NOT, AND
NEITHER HAVE THE AMERICANS WHO
HAVE LOST THEIR JOBS, THEIR
HOMES AND THEIR SAVINGS AND WHO
ARE STILL WAITING FOR THE
RECOVERY.
THE FINANCIAL CRISIS DIDN'T JUST
HAPPEN BY ITSELF.
IT WAS A RECKLESS -- IT WAS A
RESULT OF RECKLESS AND
IRRESPONSIBLE BEHAVIOR ON WALL
STREET BY CONSUMER PROTECTIONS
AND FAILURE BY FINANCIAL
REGULATORS TO TAKE ACTION EVEN
AS THE WARNING SIGNS GREW EVER
LARGER.
IN RESPONSE TO THE DEVASTATION,
CONGRESS PASSED NEW FINANCIAL
REFORMS THAT CREATED A SOUND
REGULATORY FOUNDATION TO PROTECT
CONSUMERS AND HELP PREVENT
FUTURE CRISIS.
HOWEVER, THESE REFORMS HAVE BEEN
UNDER CONSTANT ATTACK SINCE
THEIR INCEPTION.
OPPONENTS OF WALL STREET REFORM
CONTINUALLY REPEAT MISLEADING
CLAIMS THAT THE NEW LAW WAS
HASTILY CONCEIVED AND IT WILL
HARM OUR ECONOMY.
THE TRUTH IS THE WALL STREET
REFORM LAW IS A PRODUCT OF
NEARLY 50 SENATE HEARINGS AND
SCORES MORE IN THE HOUSE THAT
IDENTIFIED THE ABUSES AND
LOOPHOLES THAT FUELED THE
CATASTROPHE AND HELPED DEVELOP
CLEAR PROPOSALS TO END THEM.
AFTER A LONG SERIES OF HEARINGS
THAT BEGAN IN 2007 AND 2008 WITH
EXAMINATION OF THE TURMOIL IN
THE MARKET, IN CREDIT MARKETS
AND AFTER MONTHS OF HARD WORK BY
A BIPARTISAN WORKING GROUP OF
SENATORS, THE BANKING COMMITTEE
REPORTED OUT A WALL STREET
REFORM BILL THAT INCORPORATED
MAINLY REPUBLICAN IDEAS.
ON THE SENATE FLOOR, THE BILL
HAD A THOROUGH DEBATE AND AN
OPEN PROCESS THAT LASTED MORE
THAN THREE WEEKS.
56 AMENDMENTS WERE CONSIDERED
AND 32 AMENDMENTS WERE APPROVED,
15 OF WHICH WERE
REPUBLICAN-SPONSORED AMENDMENTS
AND 22 WERE BIPARTISAN
AMENDMENTS.
FINALLY THE BILL WAS RECONCILED
WITH THE HOUSE VERSION AT AN
OPEN CONFERENCE COMMITTEE WHICH
WORKED THROUGH MORE THAN 100
ADDITIONAL AMENDMENTS.
IN SHORT, THROUGH OUR WORK AS A
BIPARTISAN AND TRANSPARENT
PROCESS WE PRODUCED A
COMPREHENSIVE REFORM BILL THAT
AT TIMES DEMANDED -- THAT THE
TIMES DEMANDED AND THE AMERICAN
PEOPLE DESERVED.
THE WALL STREET REFORM LAW
ENHANCES CONSUMER PROTECTIONS TO
HELP ENSURE PEOPLE CAN MAKE
FINANCIAL DECISIONS WITH HONEST
INFORMATION AND IT ROUTES OUT
PREDATORY LENDERS WHO FUELED THE
SUBPRIME MARKET BUBBLE.
THE REFORMS WE PASSED ONE YEAR
AGO WILL NO LONGER ALLOW THE
SHADOW BANKING SYSTEM THAT
NEARLY DESTROYED OUR ECONOMY TO
CONTINUE TO ESCAPE THE LIGHT OF
DAY.
THE WALL STREET REFORM LAW ALSO
ENHANCES INVESTOR PROTECTIONS.
MR. PRESIDENT, DURING THE
FINANCIAL CRISIS, INVESTORS
SUFFERED NUMEROUS LOSSES WHEN
THEIR RETIREMENT ACCOUNTS OR
OTHER ASSETS WERE DECIMATED.
SOME HAD INVESTED IN COMPANIES
WITH COMPENSATION SYSTEMS THAT
ENCOURAGED EXECUTIVES TO TAKE ON
UNMANAGEABLE RISKS.
SOME RELY ON MUTUAL FUNDS OR
PENSION FUNDS THAT BOUGHT
MORTGAGE-BACKED SECURITIES BASED
ON PREDATORY LOANS THAT
BORROWERS COULD NOT REPAY.
NEW REREFORMS WILL ENHANCE
TRANSPARENCY, INCREASE
ACCOUNTABILITY AND ALLOW
OVERSIGHT OF PREVIOUSLY HIDDEN
PARTS OF THE FINANCIAL SYSTEM.
UNFORTUNATELY, SOME POWERFUL
WALL STREETERS ARE TRYING TO
REWRITE HISTORY.
THEY CLAIM NEW REGULATIONS ARE
BURDENSOME AND WILL HURT THE
BOTTOM LINE AND THE ECONOMY.
MR. PRESIDENT, GUTLESS DECISIONS
HURT THE ECONOMY BUT MANY
EXECUTIVES APPARENTLY HAVE
FORGOTTEN THAT THE ONLY REASON
THEY ARE STILL IN BUSINESS IS
THAT THE AMERICAN TAXPAYER SAVED
THEM.
NOW MANY OF THESE FINANCIAL
INSTITUTIONS HAVE NEARLY FULLY
RECOVERED WHILE MAIN STREET
CONTINUES TO PAY THE PRICE FOR
THOSE BAD DECISIONS AND
INADEQUATE REGULATIONS.
THE WALL STREET REFORM ACT
ESTABLISHED RESPONSIBLE RULES TO
MAKE OUR FINANCIAL SYSTEM WORK
FOR THE BENEFIT OF ALL AMERICANS
SO THAT WE NEVER RETURN TO THE
DAYS OF TOO-BIG-TO-FAIL
BAILOUTS, BACK ROOM DERIVATIVES
DEALS, PREDATORY SUBPRIME
MORTGAGES AND THE THREAT OF
ECONOMIC COLLAPSE.
PASSING THE WALL STREET REFORM
ACT WAS A MONUMENTAL
ACHIEVEMENT, BUT THERE IS MUCH
WORK LEFT TO BE DONE.
NOW THE FINANCIAL REGULATORS,
THE EXPERTS WHO HAVE MADE IT
THEIR LIFE'S WORK TO UNDERSTAND
THOSE ISSUES, MUST WORK TO WRITE
REFORMS.
RULES AND IMPLEMENT THESE
THIS WILL TAKE TIME, AND WE MUST
GET IT RIGHT.
IF THE ATTACKS ON THE LAW AND
ITS IMPLEMENTATION ARE
SUCCESSFUL IN WEAKENING OR
ELIMINATING THESE NEW
PROTECTIONS, OUR ECONOMY WILL
ONCE AGAIN BE AT RISK.
I BECAME CHAIRMAN EARLIER
THIS YEAR, THE BANKING COMMITTEE
HAS HELD MORE THAN 25 HEARINGS
AND BIPARTISAN BRIEFINGS ON
FINANCIAL REFORM.
WE ARE EXERCISING OUR OVERSIGHT
AUTHORITY FOLLOWING THE
REGULATORS' PROGRESS CLOSELY AND
ARE COMMITED TO SEEING THE
PROCESS OF REFORMING WALL STREET
THROUGH TO COMPLETION.
WE ALL REMEMBER THE ECONOMIC
NIGHTMARE WE LIVED THROUGH THREE
FORGET IT.
YEARS AGO, AND WE SHOULD NEVER
THAT IS WHY I TAKE MY
RESPONSIBILITY AS CHAIRMAN OF
SERIOUSLY.
THE BANKING COMMITTEE SO
I'M FULLY COMMITTED TO HELPING
ENSURE CONGRESS DOES ITS PART TO
HOLD OUR REGULATORS ACCOUNTABLE
AND TO PROVIDING AMERICANS WITH
A FINANCIAL SYSTEM THEY CAN
TRUST.
I YIELD THE FLOOR.
I SUGGEST THE ABSENCE OF A
QUORUM.
THE
CLERK WILL CALL THE ROLL.
QUORUM CALL:
MR. PRESIDENT.
THE
SENATOR FROM SOUTH DAKOTA.
I ASK UNANIMOUS
CONSENT THAT THE QUORUM CALL BE
RESCINDED.
WITHOUT
OBJECTION.
MR. PRESIDENT, --
MORNING
BUSINESS IS NOW CLOSED.
UNDER THE PREVIOUS ORDER, THE
SENATE WILL RESUME CONSIDERATION
OF H.R. 2055 WHICH THE CLERK
WILL REPORT.
CALENDAR NUMBER 91,
H.R. 2055, AN ACT MAKING
APPROPRIATIONS FOR MILITARY
CONSTRUCTION, THE DEPARTMENT OF
VETERANS AFFAIRS AND RELATED
AGENCIES FOR THE FISCAL YEAR
ENDING SEPTEMBER 30, 2012, AND
FOR OTHER PURPOSES.
I ASK UNANIMOUS
CONSENT THAT THE READING OF THE
BILL BE WAIVED.
WITHOUT
OBJECTION.
MR. PRESIDENT, AS
THE SENATE RESUMES CONSIDERATION
OF THE F.Y. 2012 MILITARY
CONSTRUCTION, VETERANS AFFAIRS
AND RELATED AGENCIES
APPROPRIATIONS BILL, I WOULD
LIKE TO REMIND MY COLLEAGUES OF
THE IMPORTANT PROGRAMS FUNDED IN
THIS BILL.
THIS BILL FUNDS THE
INFRASTRUCTURE THAT IS THE
BACKBONE OF OUR MILITARY, THE
FACILITIES IN WHICH OUR TROOPS
WORK AND TRAIN AND LIVE AND THE
FACILITIES THAT SUPPORT THEIR
FAMILIES, INCLUDING FAMILY
HOUSING, SCHOOLS, HOSPITALS AND
CHILDCARE CENTERS.
IT ALSO FUNDS THE MEDICAL CARE
AND BENEFITS PROMISED TO THE
NATION'S VETS AS THEY -- A
HONOR.
SACRED TRUST WE MUST NOT FAIL TO
THIS IS A BIPARTISAN BILL THAT
WAS REPORTED UNANIMOUSLY OUT OF
THE APPROPRIATIONS COMMITTEE.
AS I HAVE SAID BEFORE, THE BILL
IS BALANCED, DISCIPLINED AND
RESPONSIBLE.
MR. PRESIDENT, TWO AMENDMENTS TO
THIS BILL ARE CURRENTLY PENDING
AND SEVERAL OTHERS HAVE BEEN
FILED.
IF MY COLLEAGUES HAVE ADDITIONAL
AMENDMENTS THAT THEY WISH TO
OFFER TO THE BILL, I WOULD
ENCOURAGE THEM -- ENCOURAGE THEM
TO FILE THOSE AMENDMENTS WITHOUT
DELAY OR CALL THEM UP IF THEY
WISH A VOTE.
MY STAFF AND SENATOR KIRK'S
STAFF IS AVAILABLE TO WORK WITH
MEMBERS TO CLEAR AMENDMENTS, IF
POSSIBLE.
THERE ARE A LOT OF THINGS GOING
ON IN WASHINGTON THIS WEEK, BUT
THEY NEED NOT DISTRACT FROM THE
DISPOSITION OF THIS BILL.
I WOULD URGE MY COLLEAGUES TO
BRING ANY AMENDMENTS THEY HAVE
TO THE FLOOR SO THAT WE CAN ACT
ON THEM AND MOVE QUICKLY TO A
VOTE ON FINAL PASSAGE.
I YIELD THE FLOOR AND SUGGEST
THE ABSENCE OF A QUORUM.
THE CLERK
WILL CALL THE ROLL.
CALL:
N: MR. PRESIDENT?
THE
SENATOR FROM SOUTH DAKOTA.
I ASK THAT THE
QUORUM CALL BE DISPENSED WITH.
WITHOUT
OBJECTION.