A resolution designating the year of 2012 as the "International Year of Cooperatives".

Mr. President, today I submitted a resolution with my friend, Senator Thad Cochran of Mississippi, to recognize and celebrate the importance of cooperatives to our economy, and our rural communities in particular. In 2009, the United Nations General Assembly officially declared 2012 as ``The International Year of Cooperatives'' through a resolution calling on governments to recognize the important role cooperatives play in providing economic opportunity for millions of people in the United States and throughout the world. Our resolution highlights the impact of cooperatives and encourages the development of programs, both here and abroad, for cooperative development.

The Capper-Volstead Act of 1922 was the first legal protection for the cooperative business model in which a business is democratically controlled and owned by its members and operates for the mutual benefit of its members. The membership of a cooperative is comprised of the individuals who use the business' services or buy its goods. The Capper-Volstead Act was originally enacted with the purpose of legally empowering farmers to pool their marketing resources and to improve farmers' bargaining power with the buyers of their products. The cooperative business model has since expanded to other areas of the economy, and has contributed significantly to economic growth in rural communities.

A recent study from the University of Wisconsin Center for Cooperatives found that today, 29,000 U.S. cooperatives operate at 73,000 places of business throughout the country. They have a significant impact on the economy, employing around 2 million people and generating more than $650 billion in revenue annually. Additionally, the member-owned and controlled nature of cooperatives, particularly in rural States like South Dakota, helps to ensure that economic activity remains in the community. Having a membership stake in a local business tends to make one more likely to buy goods or services from that business, thereby contributing to local economic development. Research has even shown that when consumers find out a business is organized as a cooperative, they are more likely to do business with that entity.

Overall, Americans hold 350 million memberships in cooperatives. A majority of our Nation's farmers are members of nearly 3,000 farmer- owned cooperatives, which provide more than 250 thousand jobs in our economy. There are more than 900 rural electric cooperatives servicing 42 million people in almost every State, and over 91 million people bank at more than 7,500 credit unions throughout the country. In South Dakota alone, 81 farm supply and marketing cooperatives claim 65,000 memberships, generating $5.3 billion in annual revenue. The 50 credit unions located in my home State hold 24,600 memberships and generate $2.2 billion in assets. Additionally, there are 125,000 members of the 30 electric cooperatives and 49,000 members of 11 telephone cooperatives throughout the State. Cooperatives clearly take many different forms in our communities, providing jobs and opportunities for rural residents, and in the case of agriculture, provide new markets for the products they produce.

My resolution will officially include the United States in recognizing 2012 as the International Year of Cooperatives,

and encourage the growth and development of businesses throughout the world. I hope my colleagues will join me in recognizing and celebrating the contributions of cooperatives and pass this important resolution this year.

Mr. President, I ask unanimous consent that the Judiciary Committee be discharged from further consideration of S. Res. 87, and the Senate proceed to its consideration.

Mr. President, I ask unanimous consent that the preamble be agreed to; the resolution be agreed to; that the motions to reconsider be laid upon the table, with no intervening action or debate; that any statements related to the resolution be printed in the Record.