Federal Reserve Single Mandate Act of 2013

Mr. President, I rise to introduce the Los Angeles Residential Helicopter Noise Relief Act of 2013.

This legislation, which I introduce with Senator Boxer, would require the

Federal Aviation Administration to prescribe regulations for helicopter operations in the skies above Los Angeles in order to reduce helicopter noise pollution in residential areas.

In addition to addressing noise, the FAA's regulations would have to increase safety, minimize commercial aircraft delays, and exempt first responders and military aircraft from their limitations.

The bill also would direct the FAA to consult with local communities and local helicopter operators when developing the regulations.

This legislation is necessary because today the citizens of Los Angeles County suffer intrusive and disruptive low-flying helicopter traffic above their neighborhoods to an unprecedented degree.

The unique terrain of Los Angeles, with its many canyons and valleys, often concentrates the high decibel level noise from low-flying helicopters on many of the millions of homes in the county.

The noise interrupts daily life for Los Angeles County's residents, drowning out conversations and disrupting sleep cycles.

Despite multiple efforts from several community and homeowner organizations in Los Angeles County to address these disturbances over many years, helicopter traffic in Los Angeles County is not currently regulated by the Federal Aviation Administration or any other agency.

As one expert recently explained to The Los Angeles Times, a helicopter pilot is free to hover over a person's home for as many hours as he would like. The only limitation on helicopter hovering, in fact, appears to be fuel supply.

Last year, at my request the Senate Appropriations Committee directed the Federal Aviation Administration to begin developing solutions to this matter.

In response, the Federal Aviation Administration formed an internal working group in July 2012 to solicit input from local communities and stakeholders on helicopter noise and safety issues in Los Angeles County.

As part of that process, FAA Regional Administrator Bill Withycombe hosted several public meetings in the summer and fall of 2012 that have allowed stakeholders and citizens to express their concerns and propose solutions.

The Federal Aviation Administration will release a report in May 2013 evaluating a full set of voluntary and regulatory options to reduce helicopter noise and address safety issues in Los Angeles County.

The study is a necessary first step in order to determine how helicopters can be regulated in Los Angeles County in a manner that provides relief to residents from helicopter noise and increase safety.

But the study is only a first step. It must be followed by meaningful and effective regulations to limit the impacts of these helicopters. I introduce this legislation in order to ensure that the FAA will follow through on the regulatory options it plans to evaluate in its May 2013 report.

This legislation directs the FAA to act in the interest of the millions of Americans in Los Angeles County. I appreciate the steps the FAA has taken to date, but only regulations appear capable of addressing the quality of life impact caused by helicopters in Los Angeles.

Last August, thousands of people sat in the stands of the Hollywood Bowl for a night of Beethoven.

Nestled into the Hollywood Hills and with little sign of the Nation's second largest city that surrounds it, the Hollywood Bowl is a unique spot to take in a concert.

But just as violinist Renaud Capucon stood for a solo, an unidentified helicopter flew overhead, drowning out the sound of his music.

It was an upsetting event for the audience, but it is far from unusual.

The people of Los Angeles have had too many wonderful outdoor concerts and other cultural events disrupted by helicopters that fly without restriction.

Choppers in L.A.'s sky have caused too many sleepless nights.

Paparazzi helicopters have too often flown dangerously low and close to homes in their constant pursuit of celebrity images.

The air space above Los Angeles is the exclusive jurisdiction of the Federal Aviation Administration, so to bring some sanity to the skies above L.A. requires Federal action, and Federal leadership.

This legislation directs the FAA to provide that leadership necessary to protect the public interest.

I encourage my colleagues to support it, and I look forward to working with my fellow members to enact this important legislation.

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Mr. President, I rise on behalf of myself and Senator Boxer to introduce legislation to further the restoration of the San Francisco Bay.

Over the last 150 years, the water quality and health of the San Francisco Bay Estuary have been diminished by pollution, invasive species, loss of wetland habitat and other factors. The degradation has not only impacted fish and wildlife, but has also reduced the estuary's ability to support important economic activities such as commercial and sport fishing, shipping, agriculture, recreation, and tourism.

Federal funding in recent years has begun the Bay's recovery process by investing in projects which improve water quality and restore critical habitat. These investments, $28 million between 2008 and 2012 by the U.S. Environmental Protection Agency alone, were critical to spurring $22 million in matching funds and leveraging $81 million from other partners. But much work remains.

That is why I am pleased to introduce the San Francisco Bay Restoration Act with Senator Boxer, Chairwoman of the Senate Environment and Public Works Committee. Companion legislation will also be introduced in the U.S. House of Representatives by Congresswoman Jackie Speier.

This bill was first introduced in the 112th Congress. The Senate Committee on Environment and Public Works reported favorably on the bill and recommended its passage on January 26, 2012.

This bill recognizes the important restoration work that must be done to restore and protect the iconic San Francisco Bay by authorizing $5 million a year for restoration work between 2013 and 2017, and prioritizing funding for projects that will protect and restore vital estuarine habitat for migratory waterfowl, shorebirds, and wildlife; improve and restore water quality and rearing habitat for fish; and in turn reinvigorate recreation, tourism, and agricultural activities in and around the bay.

I urge my colleagues to join me in their support for this measure.

Mr. President, I rise today on behalf of myself and Senator Boxer to introduce the Buffalo Soldiers in the National Parks Study Act. This legislation is an important step in preserving the legacy of the Army's first all-black infantry and cavalry units and their unique role in the creation of our National Park system.

The Buffalo Soldiers served bravely in campaigns both at home and abroad before being stationed at the military Presidio in San Francisco and being given charge of patrolling the National Park system. Although first tasked with taming the frontier, these troops also took on the responsibility of preserving that wilderness for future generations. Each summer, Buffalo Soldier regiments traveled roughly 320 miles from San Francisco to either Sequoia or Yosemite National Park, where they patrolled the parks for poachers and loggers, built trails, and escorted visitors. They were, in essence if not in name, the nation's first park rangers.

In a time of segregation and adversity, these soldiers served their country bravely and the National Parks they worked to establish are part of the legacy they leave behind. Unfortunately, this unique aspect of their history is neither widely recognized nor remembered. This legislation would address that by authorizing a study to determine the most appropriate way to memorialize the Buffalo Soldiers.

The study would evaluate the suitability and feasibility of establishing a national historic trail commemorating the route traveled by the Buffalo Soldiers from their post in the Presidio of San Francisco to Sequoia and Yosemite National Parks and to any other National Parks where they may have served.

The bill will identify properties associated with the Buffalo Soldiers that could be added to the National Register of Historic Places.

The bill will develop educational initiatives and a public awareness campaign about the contribution of African-American soldiers after the Civil War.

Although the experiences of the Buffalo Soldiers are an important piece of our national history, we are in danger of losing their legacy to the passage of time unless we take conscious steps to preserve the memory. This legislation works to ensure that the contributions of the Buffalo Soldiers will be remembered and shared by all.

Furthermore, as the centennial of the National Park Service in 2016 approaches, it is an especially appropriate time to conduct research and increase public awareness of the stewardship role the Buffalo Soldiers played in the early years of the National Parks.

I urge my colleagues to join me in their support for this measure.

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Mr. President, I rise on behalf of myself and Senator Boxer to introduce legislation to establish a National Heritage Area in the California Sacramento-San Joaquin Delta. This legislation will create the first Heritage Area in California.

This bill was first introduced in January 2011 during the 112th Congress and received a hearing in the Senate Committee on Energy and Natural Resources Subcommittee on National Parks. Since then, the Delta Protection Commission has completed a feasibility study, as required, and endorsed the legislation. Additionally, the National Park Service has confirmed that the study is consistent with the agency's interim National Heritage Area Feasibility Study Guidelines.

I was pleased to have had the opportunity to work with Senator Boxer,

Representative John Garamendi, and the County Supervisors from the five Delta Counties to develop this legislation and look forward to continuing to partner with them as well as local, State and Federal agencies to care for and improve the Delta.

This bill will establish the Sacramento-San Joaquin Delta as a National Heritage Area.

The Delta Protection Commission, created by California law and responsible to the citizens of the Delta and California, will manage the Heritage Area. It will ensure an open and public process, working with all levels of Federal, State, and local government, tribes, local stakeholders, and private property owners as it develops and implements the management plan for the Heritage Area. The goal is to conserve and protect the Delta, its communities, its resources, and its history.

It is also important to understand what this legislation will not do.

It will not affect water rights.

It will not affect water contracts.

It will not affect private property.

Nothing in this bill gives any governmental agency any more regulatory power than it already has, nor does it take away regulatory from agencies that have it.

In short, this bill does not affect water rights or water contracts, nor does it impose any additional responsibilities on local government or residents. Instead, it authorizes Federal assistance to a local process already required by State law that will elevate the Delta, providing a means to conserve and protect its valued communities, resources, and history.

The Sacramento-San Joaquin Delta is the largest estuary on the West Coast. It is the most extensive inland delta in the world, and a unique national treasure.

Today, it is a labyrinth of sloughs, wetlands, and deepwater channels that connect the waters of the high Sierra mountain streams to the Pacific Ocean through the San Francisco Bay. Its approximately 60 islands are protected by 1,100 miles of levees, and are home to 3,500,000 residents, including 2,500 family farmers. The Delta and its farmers produce some of the highest quality specialty crops in the United States.

The Delta offers recreational opportunities to the two million Californians who visit the Delta each year for boating, fishing, hunting, visiting historic sites, and viewing wildlife. It provides habitat for more than 750 species of plants and wildlife. These include sand hill cranes that migrate to the Delta wetland from places as far away as Siberia. The Delta also provides habitat for 55 species of fish, including Chinook salmon--some as large as 60 pounds--that return each year to travel through the Delta to spawn in the tributaries.

These same waterways also channel fresh water to the Federal and State-owned pumps in the South Delta that provide water to 23 million Californians and three million acres of irrigated agricultural land elsewhere in the State.

Before the Delta was reclaimed for farmland in the 19th Century, the Delta flooded regularly with snow melt each spring, and provided the rich environment that, by 1492, supported the largest settlement of Native Americans in North America.

The Delta was the gateway to the gold fields in 1849, after which Chinese workers built hundreds of miles of levees throughout the waterways of the Delta to make its rich peat soils available for farming and to control flooding.

Japanese, Italians, German, Portuguese, Dutch, Greeks, South Asians and other immigrants began the farming legacy, and developed technologies specifically adapted to the unique environment, including the Caterpillar Tractor, which later contributed to agriculture and transportation internationally.

Delta communities created a river culture befitting their dependence on water transport, a culture which has attracted the attention of authors from Mark Twain and Jack London to Joan Didion.

The Delta is in crisis due to many factors, including invasive species, urban and agricultural run-off, wastewater discharges, channelization, dredging, water export operations, and other stressors.

Many of the islands of the Delta are between 10 and 20 feet below sea level, and the levee system is presently inadequate to provide reliable flood protection for historic communities, significant habitats, agricultural enterprises, water resources, transportation and other infrastructure.

Existing levees have not been engineered to withstand earthquakes. Should levees fail for any reason, a rush of seawater into the interior of the Delta could damage the already fragile ecosystem, contaminate drinking water for many Californians, flood agricultural land, inundate towns, and damage roads, power lines, and water project infrastructure.

The State of California has been working for decades on a resolution to the water supply and ecosystem crisis in the State, and has a long history of partnerships with Federal agencies, working together to resolve challenges to the Delta's historic communities, ecosystem and the water it supplies so many Californians.

The Delta Protection Commission, established under State law, has been tasked by the California State Legislature with providing a forum for Delta residents to engage in decisions regarding actions to recognize and enhance the unique cultural, recreational, agricultural resources, infrastructure and legacy communities of the Delta and to serve as the facilitating agency for the implementation of a National Heritage Area in the Delta.

This legislation will complement the broadly supported State Water Legislation of 2009, which called for a Heritage designation for the Delta.

This legislation authorizes the creation of the Delta Heritage Area and Federal assistance to the Delta Protection Commission in implementing the Area. This legislation is just a small part of the commitment the Federal Government must make to the Delta. I look forward to continuing to work with my colleagues at every level of government to restore and sustain the ecosystem in the Delta, to provide for reliable water supply in the State of California, to recover the native species of the Delta, protect communities in the Delta from flood risk, ensure economic sustainability in the Delta, improve water quality in the Delta, and sustain the unique cultural, historical, recreational, agricultural and economic values of the Delta.

The National Heritage Area designation for the Sacramento-San Joaquin Delta will help local governments develop and implement a plan for a sustainable future by providing Federal recognition, technical assistance and small amounts of funding to a community-based process already underway.

Through the Delta Heritage Area, local communities and citizens will partner with Federal, State and local governments to collaboratively work to promote conservation, community revitalization, and economic development projects.

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Mr. President, I am honored to be an original cosponsor of the bipartisan legislation to reauthorize the Violence Against Women Act. Let me thank the two leaders of that important bill, Senators Leahy and Crapo, for their work to ensure that the Senate makes renewing this important law a high priority early in this Congress.

I also wish to acknowledge the work of the many advocates who have delivered so strongly the message to Congress and to the public that we must do more to prevent violence from occurring in our homes and in our communities. Our law enforcement officers, counselors, social workers, health care professionals, public educators, and community service providers are truly on the front lines of the effort to help those who are the victims of violence and to help prevent violence from occurring in the first place. Their advocacy on behalf of these victims has helped to make this bill a priority. I commend them all for the work they are doing each and every day.

In my home State of Maine, we are fortunate to have a very low crime rate, but law enforcement officials tell me that the two greatest areas of concern are domestic violence and drugs. Often, these two go hand in hand. In fact, a 2011 study by the University of Southern Maine's Muskie School of Public Service found that 65 percent of victims of crime in Maine believe the offender was under the influence of drugs or alcohol at the time.

Over the last decade, occurrences of domestic violence have resulted in nearly half of all homicides in my State. Nearly half are the result of incidents of domestic violence.

According to statistics from the Maine Department of Public Safety, there were 5,360 reported domestic assaults in the year 2011, which is nearly a 5-percent increase from the previous year. This equates to one domestic assault every 1 hour and 38 minutes, and this is in a State with a very low crime rate.

Nationally, one in four women and one in seven men experience severe physical violence at the hands of an intimate partner.

In addition, Maine's 10-year average is 364 rapes per year. Think about that. That is almost one rape per day in a State with a very low crime rate. Those are only the reported crimes. I suspect the actual number is even higher. According to the Maine Coalition Against Sexual Assault, an estimated 13,000 Mainers will experience some form of sexual violence this year alone. Currently, rape has the lowest reporting, arrest, and prosecution rate of all violent crimes in the United States.

So I am very pleased that this year's reauthorization bill also includes the provisions of the Sexual Assault Forensic Evidence Registry--or SAFER--Act, which was authored by our colleague, Senator John Cornyn. I commend the Senator for his leadership in that area, and I am pleased to be a cosponsor of his bill, which unanimously passed in the last Congress in the Senate and has been incorporated into the Violence Against Women Act reauthorization. This bipartisan bill, the

SAFER Act, would authorize the Attorney General to award grants to State and local governments to audit and reduce the backlog of untested rape kits.

Mr. President, I think you will share my shock and alarm at the number of these kits which are sitting in the possession of law enforcement agencies and which could contain DNA evidence that would lead to prosecutions and help get rapists off the streets and yet have not been analyzed. The estimate is that between 300,000 and 400,000 of these kits are just sitting in the possession of law enforcement agencies but have not been analyzed. That is totally unacceptable.

The reauthorization bill we introduced last week would help ensure that Maine and every other State has the necessary resources to support victims of violence and, whenever possible, to prevent violence from occurring in the first place.

Elizabeth Saxl, the executive director of the Maine Coalition Against Sexual Assault, recently wrote to me in support of the reauthorization of the Violence Against Women Act. She noted this in her letter:

By reauthorizing and making significant improvements to

these important programs, this legislation will help fulfill

the critical unmet needs of victims of violence and expand

protections to currently under-protected populations.

Mr. President, I ask unanimous consent that her letter be printed in the Record at the conclusion of my remarks.

The Violence Against Women Act has made a significant difference in combating domestic violence, sexual assault, and stalking, through grants to State and local governments and nonprofit organizations. Since it was first passed in 1994, the programs authorized under this law have provided State and local partners with more than $4.7 billion of assistance. This assistance helps to ensure that the victims of violence get the help they need to recover and has prevented incalculable suffering by stopping violent crimes before they happen.

It is extremely important to pass this legislation because all men and women--and men are victims as well as women. In some ways, the name of this law should be changed. But all women and men, regardless of race, religion, sexual orientation, or disability deserve to be safe and protected from physical violence, and that is what this reauthorization would help to do.

Finally, this is not and never should be a partisan issue. Violence and domestic assaults do not discriminate between Republicans and Democrats, Independents and Greens, or people who are not politically active at all.

This is an equal opportunity crime that harms people regardless of their political affiliation, their profession, their location, or their status in life. It is an issue that deserves bipartisan support. I hope my colleagues on both sides of the aisle will come together and pass this important bill.

I recognize there may be some provisions of this bill which are controversial; but, surely, we can come together in support of the goal of this vital legislation. We can work out differences if not on the Senate floor then in conference with the House; but, surely, we can come together and reauthorize this law that has made such a difference to so many in our country.

Exhibit 1

Maine Coalition Against

Sexual Assault,

Augusta, ME, February 4, 2013.

Hon. Susan M. Collins,

U.S. Senate,

Washington, DC.

Dear Senator Collins: On behalf of the Maine Coalition

Against Sexual Assault (MECASA), and the sexual assault

crisis and support centers we represent, I am writing to

express our strong support for S. 47, the Violence Against

Women Reauthorization Act (VAWA) of 2013. By reauthorizing

and making significant improvements to these important

programs, this legislation will help fulfill the critical

unmet needs of victims of violence and expand protections to

currently under-protected populations.

VAWA has provided invaluable support for law enforcement,

courts, sexual assault crisis and support centers, domestic

violence service providers, prevention efforts, and community

outreach. In the past decade, nearly half of Maine's

homicides have been the result of domestic violence, many of

which included elements of sexual violence. Additionally,

nearly 13,000 Mainers will experience sexual violence this

year alone while Maine's ten-year average for rapes reported

to law enforcement is only 364. The cost of these crimes to

Maine is enormous. VAWA helps control these costs by enabling

support centers to provide free, necessary, quality services

to victims who need help, not to mention the incalculable

suffering that these programs help prevent.

Since the original passage of VAWA, Maine has strengthened

laws regarding domestic violence, sexual violence, and

stalking and has implemented programs which continue to yield

tangible results for victims and for public safety. Despite

VAWA's success, its criminal justice and community-based

programs remain acutely necessary. According to a recent

study by the University of Southern Maine's Muskie School of

Public Service, nearly one in five Mainers reported having

been the victim of sexual assault or an attempted sexual

assault in his or her lifetime. Nationally, the Center for

Disease Control and Prevention estimates that nearly one in

five women and one in 71 men have been raped at some time in

their lives, and one in four women and one in seven men

experience severe physical violence by an intimate partner.

MECASA supports efforts to further strengthen and improve

the response of the criminal justice, legal, and victim

support systems for survivors of domestic violence, dating

violence, sexual assault, and stalking. We are grateful to

you for your steadfast support of VAWA and your commitment to

violence prevention and response.

Thank you for all you do on behalf of Maine and our nation.

Sincerely,

Elizabeth Ward Saxl,

Executive Director.

Mr. President, seeing no one seeking recognition, I suggest the absence of a quorum.

Mr. President, I am here today to introduce the Federal Reserve Mandate Act of 2013 in an effort to begin returning our country to the right place in monetary policy. Senator Vitter is joining me in this effort.

The objective of our bill is simple. Our Central Bank, like other Central Banks around the world, should be focused on creating an environment of price stability. This should be the guiding principle of monetary policy decisions.

This is neither a radical nor a new idea. Most economists argue that the proper role of the Central Bank is to serve as a lender of last resort in a time of crisis, to supply payment distribution and clearing mechanisms, and to manage the money supply so that inflation stays in check. Managing unemployment is a completely separate task and not appropriate for the blunt tools of monetary policy. That is why almost every developed country's Central Bank has as its mandate the maintenance of price stability. In other words, we are an outlier.

This is not to say that a focus on price stability means the Fed is abandoning unemployment. In fact, just the opposite is true. Monetary policy can and should create an environment where jobs can grow and thrive by giving the economy certainty that prices will remain stable over the long term.

We have strayed a long way from traditional Central Bank actions. We have lost sight of the proper role of monetary policy in our economy. With roughly $3 trillion in assets--and I think the Presiding Officer knows that by the end of this year it is projected we will have $4 trillion in assets--sitting on the Fed's balance sheet, there is no question that the Fed is distorting financial markets with multiple rounds of quantitative easing. At a minimum, we have completely lost price signals from instruments such as treasuries and mortgage-backed securities. It is likely, however, we are doing more damage than just that. We may be creating asset bubbles elsewhere as money moves into investments that are risky.

We are also punishing savers. Purchasing assets to drive down rates forces pension funds and retirees to shift money into asset classes that may not be best for them. We are creating ``Fed addicts'' in our markets. Equity markets go through cycles where they become almost Fed obsessed. In these environments, good news is bad for equity markets because it means less QE buying. Meanwhile, bad economic news is good for markets because it means more easy money is on the way. Now we risk the perils of unwinding this policy.

Economists are beginning to discuss the likelihood that the Fed will take significant losses on assets it has purchased. We just had one of the Fed Governors in our office last week sharing with us that as we begin unwinding these balance sheets, it is very likely, as the Presiding Officer can imagine, as interest rates go up and the Fed begins to buy these securities, we are going to lose money on those assets. So it is likely the Fed is going to take significant losses on the assets it purchased. Since the Fed is buying these bonds at record low yields, they will likely sell them down the road at higher yields. I don't think there is anybody right now who disagrees with that probability.

The effect of this is a permanent increase in monetary supplies. This is an incredibly perverse situation we have now locked ourselves into.

The employment mandate at the Fed has not always existed. A lot of people believe it has. It was added with the passage of the Humphrey- Hawkins Act in 1978. Humphrey-Hawkins was passed in a moment of self- congratulations, like a lot of things around here are passed. Congress patted itself on the back for ``ending unemployment.'' Obviously, nothing could be further from the truth. The Fed cannot end unemployment by printing money.

The Central Bank should be tasked with maintaining price stability. We must return to this core principle. This is the reason we are offering this piece of legislation today.

Mr. President, I am here today to introduce the Federal Reserve Mandate Act of 2013 in an effort to begin returning our country to the right place in monetary policy. Senator Vitter is joining me in this effort.

The objective of our bill is simple. Our Central Bank, like other Central Banks around the world, should be focused on creating an environment of price stability. This should be the guiding principle of monetary policy decisions.

This is neither a radical nor a new idea. Most economists argue that the proper role of the Central Bank is to serve as a lender of last resort in a time of crisis, to supply payment distribution and clearing mechanisms, and to manage the money supply so that inflation stays in check. Managing unemployment is a completely separate task and not appropriate for the blunt tools of monetary policy. That is why almost every developed country's Central Bank has as its mandate the maintenance of price stability. In other words, we are an outlier.

This is not to say that a focus on price stability means the Fed is abandoning unemployment. In fact, just the opposite is true. Monetary policy can and should create an environment where jobs can grow and thrive by giving the economy certainty that prices will remain stable over the long term.

We have strayed a long way from traditional Central Bank actions. We have lost sight of the proper role of monetary policy in our economy. With roughly $3 trillion in assets--and I think the Presiding Officer knows that by the end of this year it is projected we will have $4 trillion in assets--sitting on the Fed's balance sheet, there is no question that the Fed is distorting financial markets with multiple rounds of quantitative easing. At a minimum, we have completely lost price signals from instruments such as treasuries and mortgage-backed securities. It is likely, however, we are doing more damage than just that. We may be creating asset bubbles elsewhere as money moves into investments that are risky.

We are also punishing savers. Purchasing assets to drive down rates forces pension funds and retirees to shift money into asset classes that may not be best for them. We are creating ``Fed addicts'' in our markets. Equity markets go through cycles where they become almost Fed obsessed. In these environments, good news is bad for equity markets because it means less QE buying. Meanwhile, bad economic news is good for markets because it means more easy money is on the way. Now we risk the perils of unwinding this policy.

Economists are beginning to discuss the likelihood that the Fed will take significant losses on assets it has purchased. We just had one of the Fed Governors in our office last week sharing with us that as we begin unwinding these balance sheets, it is very likely, as the Presiding Officer can imagine, as interest rates go up and the Fed begins to buy these securities, we are going to lose money on those assets. So it is likely the Fed is going to take significant losses on the assets it purchased. Since the Fed is buying these bonds at record low yields, they will likely sell them down the road at higher yields. I don't think there is anybody right now who disagrees with that probability.

The effect of this is a permanent increase in monetary supplies. This is an incredibly perverse situation we have now locked ourselves into.

The employment mandate at the Fed has not always existed. A lot of people believe it has. It was added with the passage of the Humphrey- Hawkins Act in 1978. Humphrey-Hawkins was passed in a moment of self- congratulations, like a lot of things around here are passed. Congress patted itself on the back for ``ending unemployment.'' Obviously, nothing could be further from the truth. The Fed cannot end unemployment by printing money.

The Central Bank should be tasked with maintaining price stability. We must return to this core principle. This is the reason we are offering this piece of legislation today.

I thank the Chair.

(The remarks of Senator Corker pertaining to the introduction of S. 215 are printed in today's Record under ``Statements on Introduced Bills and Joint Resolutions.'')

Mr. President, I notice the absence of a quorum, and I thank the chair for the time.