Floor Statements

Mr. President, I ask unanimous consent that the Senate proceed to the immediate consideration of S. Res. 704 submitted earlier today.

I ask unanimous consent that the resolution and preamble be agreed to en bloc, the motions to reconsider be laid upon the table en bloc, that any statements be printed in the Record, without intervening action or debate.

I ask unanimous consent to proceed to the consideration of S. Res. 703, submitted earlier.

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

I ask unanimous consent that notwithstanding the recess or adjournment of the Senate, the President of the Senate, the President of the Senate pro tempore, and the majority and minority leaders be authorized to make appointments to commissions, committees, boards, conferences, or interparliamentary conferences authorized by law, by concurrent action of the two Houses, or by order of the Senate.

I ask unanimous consent that during recess or adjournment of the Senate from Friday, October 3, 2008 through Sunday, October 5, 2008, the Senator from Virginia, Mr. Webb, be authorized to sign all duly enrolled bills and joint resolutions.

I suggest the absence of a quorum.

Mr. President, I rise today to express my anger and frustration, and the downright outrage of many of my constituents, about the legislation the Senate is about to consider. The average American taxpayers did nothing to create this crisis, yet they will be asked to bear the heavy expense of government intervention to avoid further harm to our financial system. The recklessness, greed, and lack of foresight on Wall Street have brought us to the brink of a crisis that threatens our entire economy. The outpouring of opposition to this legislation that I have received over the past week in my office is genuine, and it is justified.

However, as elected leaders, we must not lose sight of the dire situation we face as a nation, regardless of how we feel about it. Many of my constituents oppose a ``bailout'' of Wall Street, and rightfully so. But this legislation is more than that. I am not sympathetic to Wall Street. If the financial crisis we are facing ended with them, I would say ``write off your losses, you deserve it.'' But unfortunately, our economy lies at the intersection of Main Street and Wall Street. We depend on a free flow of credit to keep our businesses running, to reverse rising unemployment, and repair our economy so it can once again work for the middle class. Wall Street's mismanagement now threatens the availability of credit on every Main Street throughout our country.

Among the many letters I received during this crisis, some have stood out and articulated far better than I can the reasons why the Senate must act, even though many of us would rather not. For example, Joe Masek, who runs a small business in Gering, NE--the Masek Golf Car Company--recently wrote to me. Masek's employs 32 people and needs to have credit to pay the employees and finance materials from the time they manufacture their product to when the products are sold.

Here are Mr. Masek's concerns, in his own words:

If I go to the bank to draw on that line, and they are

forced to tell me that funds are not available because the

credit markets are not working, then I have to cancel two

contracts with two Colorado golf courses that are depending

on me to do what I committed to do. I can see that it would

then not take long for our business to collapse. We are now

up to employing 32 people, all of whom are paying mortgages

and rent and taxes, and putting money aside for retirement in

the 401k, etc. Our collapse and thousands of companies like

us would ``really'' collapse the entire economy . . . . all

for the lack of credit availability which should not be a

problem. Yes there are flaws in the ``big bailout'' but we

would rather live with some flaws than go out of business.

You need to get this one fixed, and not wait until the

election to do it.

Credit is crucial to our families, businesses, local governments, and other institutions such as hospitals and schools. We need credit to buy homes, receive student loans, to continue using credit cards for everyday purchases, for small businesses to obtain operating loans to carry them from one season to the next, for farmers to get all of the fertilizer, seed and other materials needed to plant crops, and for cities and towns to meet payroll.

For the reasons above, and for all the Joe Maseks in Nebraska and around the country, I intend to cast my vote for the Emergency Economic Stabilization Act. But I want to be very clear that I would have been the first in line to oppose the administration's initial ``blank check proposal.''

I wish to thank my colleague, Chairman Dodd, for leading the effort to address major flaws in the administration's proposal. Nine days ago, after first reviewing the administration's initial proposal, I wrote to Chairman Dodd to outline the changes that I demanded if I were to be expected to support this bill. I ask unanimous consent to have printed in the Record the full text of my letter following these remarks.

To briefly summarize, I said that the taxpayer should come first, and all the proceeds of this program be used to retire the public debt. I said there could be no free rides for these institutions--that CEO compensation must be addressed to eliminate taxpayer-subsidized golden parachutes, and that participation in the program should require an equity or debt stake so the taxpayer can share in future profits of the firms that benefit. I said there should be shared responsibility with the rest of the world, and shared benefit between the holders of securities and the borrowers struggling to stay out of foreclosure. I demanded full congressional and legal oversight of the program. These changes were included in the proposal before the Senate today. I am still not eager to support this legislation, but these essential provisions were necessary steps to protect the American taxpayer's interests.

In addition, I called for, and this bill adopts, an incremental approach to the authority to purchase troubled assets. This approach is necessary so that Congress, as we conduct oversight and monitor every action the Treasury department takes with the authority granted them under this legislation, can further protect the taxpayer by cutting off the funds for this program, either if it is not working as we intended, or if the problem can be solved with fewer funds than the total authorized.

When Congress passes this bill, responsibility will fall first to the Treasury Department to make it work. Wise and careful judgment must be exercised by the Treasury Department to try to earn back every taxpayer dollar extended in the effort to shore up our financial system. The burden is on them.

Furthermore, when the Congress passes this bill, our work will not be finished. No, our work is just beginning because not only do we need to conduct vigorous oversight of the unprecedented authority we are granting the Treasury, we need to take a comprehensive approach to rewriting the regulations of our financial sector to insure that we never face this choice again.

If we can move ahead to protect our economy, the next President must change the way Government keeps an eye on Wall Street--for consumer protection. For years, this administration gambled that ``look the other way'' regulation would lead to prosperity, and we see where that got us--mired in a global economic crisis. Having been both a regulator and someone who worked in the industry I used to regulate, I know first-hand the importance of regulation. And I know first-hand that the free market can function prosperously in an appropriately regulated environment.

The next President must end the ``culture of complacency'' allowed to grow in recent years. Obviously, better regulation needs to be imposed. That may take additional legislation, but it is certainly going to mean that the regulations that are already in place are enforced, and that the Federal regulators must get off the sidelines and do a better job. The bottom line is that this financial crisis was avoidable. I hope the next President, whoever he is, will take corrective action to reform these Federal agencies so we can avoid future crises.

In conclusion, I will reluctantly cast my vote for this legislation. I do not do this for Wall Street, but rather for Main Street because of the fundamental truth that the fate of our financial system and the fate of our hometown economic prosperity are inexorably linked. I will support the administration's proposal, with the improvements made by Congress. Only time will tell whether this can avert the crisis we all fear, but the risk of inaction is too great. The people of Nebraska sent me here to make difficult choices, and this is among the most difficult I have made or will make. I want them to know that I share their frustration and anger, but when the day is done, I have to do what I feel is necessary to protect and promote the prosperity of the American economy, from McCook to Madison Avenue, and back again.

Exhibit 1

September 22, 2008.

Hon. Christopher J. Dodd,

Chairman, Committee on Banking, Housing, and Urban Affairs;

Hon. Richard C. Shelby,

Ranking Member, Committee on Banking, Housing, and Urban

Affairs.

Dear Chairman Dodd and Ranking Member Shelby: As the

Committee on Banking, Housing, and Urban Affairs responds to

the legislative proposal by the U.S. Department of the

Treasury for a bailout plan, I write to voice my serious

concerns, as well as those of my constituents. The American

taxpayers did nothing to create this crisis, yet they will be

asked to bear the heavy expense of government intervention.

While my Nebraska constituents understand that the cost of

inaction may well be greater than the cost of this $700

billion proposal, they rightfully demand strong protection of

the taxpayers' investment, together with accountability,

shared responsibility and benefit, and strong oversight.

The initial proposal delivered by Treasury raises some

serious questions, as it amounts to a ``blank check'' for the

largest ever government intervention in the private markets.

If my constituents are to be expected to finance this

program, significant changes should be made to this

legislation and to regulation and oversight of Wall Street,

so that this chapter of history never repeats itself. On

behalf of Nebraska taxpayers, I urge you to consider the

following as you draft this historic legislation.

First, it is the responsibility of Congress to ensure that

the federal government's actions reflect the taxpayers' best

interests. If taxpayers are to be expected to finance this

bailout effort, changes should be considered to protect that

investment and to ensure that all profits of this program are

returned to the taxpayer. Net proceeds of this program should

accrue foremost to retirement of the public debt.

Second, this cannot be a free ride for reckless financial

institutions; the assistance offered to troubled firms should

operate as much like a loan as possible while still achieving

the necessary effect of calming the crisis. The program

should require participating firms to issue ownership shares

or collateral to the U.S. Treasury in exchange for

assistance. Our responsibility to the taxpayer demands as

much. Future generations

should not bear the cost of Wall Street's failures, and the

cost of this program should be shared with those who

participate in it. There should be no golden parachutes for

the executives who presided over these distressed firms, and

any plan should include limits on executive compensation.

Furthermore, the benefit of this program should not accrue

solely to the holders of distressed assets. The legislation

should reflect that the root cause of this crisis is rising

foreclosures and dropping home values; and to the extent that

assets owned or held by the government can be increased in

value by assistance to homeowners, that approach should be

accommodated by this legislation. In other words, we should

not rescue Wall Street from itself without a strong

commitment to America's Main Streets, in my home state of

Nebraska and throughout our great nation.

Third, there should be shared responsibility with other

countries, particularly regarding foreign financial interest.

The U.S. government's actions are intended to control a

deepening global financial crisis, yet the cost will all be

borne at home by American taxpayers. Other nations should

share in this effort if their financial institutions hope to

benefit from this program.

Finally, Congressional and legal oversight of this asset

purchase program must be strengthened. Reports to Congress

should come more frequently than twice yearly, and the

reporting requirement should stand for as long as any

mortgage-related assets remain in the Treasury Department's

possession. The Government Accountability Office should have

full and unfettered access to all aspects of the program,

because taxpayers demand transparency and accountability if

they are to be expected to finance this program.

Congress faces unattractive options for addressing this

unprecedented problem. If we are to ask American taxpayers to

bear this heavy burden, we must craft a responsible solution

to this crisis, one worthy of the taxpayer's investment. I

ask you to address the principles I outlined above to ensure

that Main Street is not forgotten in any bailout of Wall

Street.

Thank you for your consideration. I look forward to working

with you and our colleagues in the Senate to address this

crisis.

Sincerely,

E. Benjamin Nelson,

U.S. Senator.

Mr. President, I ask unanimous consent that all time for morning business be yielded back.

Mr. President, I suggest the absence of a quorum.

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded.

Mr. President, I ask unanimous consent that the previous order with respect to the prohibition on a motion to proceed remain in effect during today's session.

I suggest the absence of a quorum.

Mr. President, I ask also unanimous consent that MAJ Marc Packler, my military fellow, be given the privilege of the floor during the Senate debate on the Defense authorization bill.

Mr. President, as cochair of the Senate Air Force Caucus, I wish to speak about former Air Force Secretary, Michael Wynne.

The Air Force has three core values: integrity first, service before self, and excellence in all we do. I believe Secretary Wynne has striven to live up to these values throughout his illustrious career. Upon graduating from the U.S. Military Academy in 1966, Wynne served in the Air Force for 7 years, concluding his uniformed career as a captain and assistant professor of astronautics at the U.S. Air Force Academy. He then joined the ranks of General Dynamics, working on revolutionary programs such as the F-16 and M1A2 Main Battle Tank. After 23 years of service with General Dynamics, rising to the rank of senior vice president, Wynne joined the U.S. Department of Defense and served as the Principal Deputy Under Secretary, then Under Secretary of Defense for Acquisition, Technology and Logistics. In 2005, he was confirmed as the 21st Secretary of the Air Force--assuming responsibility for organizing, training, equipping, and providing for the welfare of its nearly 370,000 men and women on active duty; 180,000 members of the Air National Guard and the Air Force Reserve; 160,000 civilians; and their families.

On his first day in office, Secretary Wynne issued a new mission statement for the Air Force, declaring that the ``mission of the United States Air Force is to deliver sovereign options for the defense of the United States of America and its global interests--to fly and fight in Air, Space and Cyberspace.'' He then declared three priorities for the Air Force: winning today's fight; taking care of the Air Force family; and preparing for tomorrow's challenges. In terms of today's fight, Wynne oversaw the deployment of more than 25,000 airmen to the Middle East. He worked to ensure that over 3,000 Rover kits were deployed to the theater so that ground forces could receive full motion video directly from unmanned aerial systems flying orbits around the clock. He also realized the critical importance of intelligence, surveillance, and reconnaissance. Wynne doubled the number of Predator orbits in Iraq and Afghanistan in less than a year, while simultaneously exceeding the Department of Defense requirements for Predator orbits, by 2 years and four orbits.

Secretary Wynne can also take great pride in the support he provided for those who sacrifice so much on the front lines. He was instrumental in facilitating the aero-medical evacuation program, which led to a vastly improved survival rate for wounded troops who were able to reach aid stations over previous wars. Additionally, Wynne also supported an initiative to create a seamless transfer of medical records from theater to stateside and then to the Veterans Administration. Lastly, he understood the need to look after the entire Air Force family-- active duty, Guard, Reserve, and civilian--through instilling a culture of empowerment, accountability, and continuous improvement.

In terms of America's future, Secretary Wynne worked hard to fulfill his tremendous responsibility to ensure that the U.S. Air Force would be well postured to address future potential threats. I would like to thank Secretary Michael Wynne for his service to our country and wish him the best in all his future endeavors.

Mr. President, as cochair of the Senate Air Force Caucus, I have been afforded a unique opportunity to get to know GEN T. Michael Moseley, former Air Force Chief of Staff. I believe he is best defined by three distinct traits: a commitment to excellence, compassion for those with whom he serves, and a deep appreciation for history.

Whether reviewing his time in the cockpit, eventually commanding the prestigious F-15 division of the Air Force's Fighter Weapons School; his service as a professor at the illustrious National War College; his command of distinguished units, such as the 33rd Operations Group and 57th Wing; his pivotal role in executing the air wars over Afghanistan and Iraq as head of

the 9th Air Force; or his service as Air Force Chief of Staff, it is obvious that General Moseley has applied himself with incredible dedication and commitment. He truly understands the capabilities afforded through air, space, and cyberspace and has worked tirelessly to ensure that the Air Force excels in these critical domains.

In addition, General Moseley is deeply aware that it takes a team to launch a jet in the air and that every pilot needs a wingman; and he has, therefore, consistently sought to support the Air Force family. Most recently, these efforts have manifested themselves through ensuring predictable deployment schedules for Air Force personnel and their families, strengthening family wellness programs, upgrading family housing, increasing educational opportunities, and reaching out directly to Airmen through a variety of mediums to help promote an exchange of ideas.

It is also important to recognize that throughout his nearly four decades of service, General Moseley has displayed a deep appreciation for history and lessons learned from past events. This historical insight and perspective is critical as the U.S. Air Force looks to succeed in today's missions while simultaneously cultivating a force which will excel in the future. General Moseley worked to ensure that this informed approach will continue to flourish in the Service through the creation of the Analysis, Assessment, and Lessons-Learned Directorate on the Air Staff.

These achievements represent just a fraction of General Moseley's accomplishments; but one thing is clear--he has shown a tremendous commitment to his country. I would like to thank GEN T. Michael ``Buzz'' Moseley for his dedication to duty over these past 36 years, and I wish him all the best in his future endeavors.

Mr. President, I rise today to express my heartfelt sympathies for the families of four young Boy Scouts who lost their lives, and 48 other who were injured, in a terrible storm and tornado which struck last night just across the border from Nebraska in my neighboring state of Iowa.

Josh Fennen, 13; Sam Thomsen, 13; and Ben Petrzilka, 14--all of Omaha, Nebraska--and Aaron Eilerts, 14, of Eagle Grove, IA, were on what should have been a fun-filled camping trip with their Boy Scouts of America troop in a beautiful and rugged area not far from Omaha when this terrible weather hit their campsite.

At this somber time, I would like to recognize the heroism of the Scouts who came to the aid of those injured yesterday. You have the admiration of our entire State; your heroism and courage are in the finest tradition of Scouting. As an Eagle Scout, my thoughts go out to the entire Boy Scouts of America organization--nowhere is the sense of brotherhood so deep as with this wonderful group. While it is a dark hour for the Scouts, the character, strength, and sense of duty of these brave young men will help carry them through this tragedy.

Midwesterners are accustomed to violent weather, but we will never be accustomed to the tragic loss of life it sometimes brings. My thoughts and prayers are with these young victims and their families.

Mr. President, I rise today, during National Foster Care Month, to speak for the more than a half million children living in foster care across the United States who are waiting for a loving family to adopt them.

I encourage potential parents throughout our country to open their hearts, their lives and their homes to these vulnerable children and provide them with the safe, permanent families that all children deserve. As an adoptive parent myself, I know first-hand the joy and fulfillment adoption can bring to a family, and I cannot think of a more perfect gift to give a child than the love, nurturing, and protection they need to grow.

A sense of stability is critical to the development of children. Yet, young children in foster care never know how long they will stay in one place or where they will be sent off to next, resulting in a frightening lack of consistency and security.

I recently had the chance to meet with Aaron Weaver, a young man from Nebraska, who shared with me some of his experiences in the foster care system: ``Growing up in foster care, a tattered yellow vinyl suitcase always accompanied me, as I switched families, rules and routines,'' he said.

I hated that suitcase. It was a constant reminder of how

unstable my life was, and how every day was uncertain.

Fortunately, after 6 years in Nebraska's foster care system, Aaron was finally adopted. Adoption for him meant a family who gave him unconditional love. Adoption meant the end of packing his suitcase, wondering where he would be placed next. Adoption gave him, for the first time, the freedom and confidence to think about his future not in terms of where he would be sleeping next month, but in terms of what his goals were and where he wanted to go in life.

In 2005, just 10 percent of Nebraska's foster care children were lucky enough to be adopted into new families like Aaron's, leaving nearly a thousand more waiting eagerly for adoptive homes. Unfortunately, any chance of these children being placed with adoptive parents becomes worse the longer they remain in foster care. In fact, when a child reaches the 8- to 9-year age range, the probability that child will continue to wait in foster care exceeds the probability that he or she will be adopted; and the number of children in this older age group is growing.

The Adoption Incentive Program, a Federal program first enacted into law as part of the Adoption and Safe Families Act of 1997, is up for reauthorization this year. This important program encourages State governments to find permanent homes for foster children through adoption by rewarding those States which have increased their number of placements. Additionally, the program provides special incentives to focus on finding homes for older foster children and those with special needs. I am proud to report that, through this program, my home State of Nebraska was awarded $1,392,000 between 2000 and 2006 for finding adoptive families for 2,483 children, money which will be reinvested to make this number even greater.

I believe we have a responsibility to help foster children in Nebraska and across the Nation join loving, permanent adoptive families such as Aaron's. I hope all of you agree and will join me in my commitment to improving America's foster care system.

Mr. President, today I honor veterans from my home State who are taking part in the first Nebraska Heartland Honor Flight to visit the National World War II Memorial.

The National World War II Memorial is a fitting tribute to those remarkable Americans who served in the deadliest conflict in human history. From the beaches of Normandy to the shores of Iwo Jima, these veterans served with courage, honor, and selflessness. In addition to their service, these same veterans returned home to reinvigorate the United States, producing what is still the largest and most vibrant economy in the world.

Soon after President Clinton authorized the American Battle Monuments Commission to establish a World War II memorial, a comprehensive national fundraising campaign began under the leadership of former Senator Bob Dole, the national chairman and a World War II veteran from Kansas. During this time, as Governor of the State of Nebraska, I realized it was imperative to secure funding as soon as possible so that a memorial could be built in time for our veterans to view it. Therefore, on June 1, 1998, I presented a check to Senator Bob Dole in the amount of $52,900 for every Nebraskan who served in World War II. Subsequently, every State that donated money followed our guideline.

There are now close to 14,000 World War II veterans living in the State of Nebraska. Unfortunately, nearly 2,100 of these brave servicemembers pass away each year. Many of these veterans have not been able to visit the memorial, which was dedicated by President George W. Bush on May 29, 2004, as they confront increasing difficulties with traveling due to their age. However, the Honor Flight Program has proven to be a reliable and capable partner in helping alleviate any obstacles veterans may face in traveling to Washington, DC. The Honor Flight Program, started in 2005 by retired Air Force captain and physician's assistant Earl Morse, now has 69 ``hubs'' in 30 States and has established a goal of transporting 12,000 World War II veterans to view the memorial in 2008.

Today, I am proud to say that the Heartland Honor Flight, Nebraska's own program, will conduct its inaugural flight, transporting more than 100 Nebraska World War II veterans to our Nation's Capital to visit the National World War II Memorial. I am greatly appreciative to the businesses and individuals who have contributed to this cause and am especially grateful to Dan and Cara Whitney, who provided nearly all the funding required for the cost of this initial flight.

This will be an emotional and reflective occasion for these veterans who look upon their service with deserved pride and remember those who died making the ultimate sacrifice for our country in the name of freedom. This memorial was long overdue for those who served our Nation in World War II, and I am confident it will become an enduring symbol in remembering the determination and sacrifice of our country's ``greatest generation.''

Mr. President, today I pay tribute to a young Nebraskan who recently became a member of the New York Jets, after completing a remarkable 4-year run into the National Collegiate Athletic Association, NCAA, record books as the all-time leading rusher at any level of college football.

Danny Woodhead, a senior tailback for Chadron State College in Nebraska, completed his college football career with 7,962 yards rushing to top the previous all-division record by more than 600 yards.

It is not the only NCAA record set by this native son from North Platte, NE. During the 2006 season, Danny set the single-season record for rushing for all NCAA divisions as he rushed for 2,756 yards on 344 carries. He became the first player in NCAA history to ever rush for more than 2,700 yards in a season.

Danny Woodhead also ranks second in the Nation in career all-purpose yardage, with 9,479 yards. His 109 career touchdowns tie the NCAA record, and his 654 career points rank him second.

For his outstanding football achievements, Danny Woodhead was awarded the Harlon Hill Trophy for the second year in a row. Similar to the Heisman, the Harlon Hill Trophy is given annually to the college football player of the year in NCAA Division II.

The State of Nebraska has a storied college football tradition; but no one has ever witnessed a running back compile the prodigious statistics that Danny Woodhead, a math education major, did during his career with the Eagles. Although he played for a small college in a rural state, his abilities caught the attention of the sporting world.

The people of Nebraska are proud of Danny Woodhead and his remarkable achievements, and we look forward to watching him pursue his dreams in football and beyond.

Mr. President, today I wish to honor the Omaha Star, the largest and oldest African-American newspaper in my home State of Nebraska. The Star is celebrating its 70th Anniversary this year.

The Omaha Star is currently distributed in 48 States, as the paper has become legendary for its civil rights work. Since its beginning, the Star has been a champion in the struggle for equal rights.

The Omaha Star was founded in 1938 by the late Mildred Brown, a remarkable person in her own right, who was also the aunt of the current publisher and editor, Dr. Marguerita L. Washington. Mrs. Brown's foresight and pioneering spirit in establishing the Star required not only a dedicated amount of time and effort, but also courage and vigilance. Her efforts paid off, as the paper continues to educate and advocate; and Mrs. Brown was posthumously inducted into the Nebraska Journalism Hall of Fame this past year.

In addition, the building housing the Omaha Star was listed on the National Register of Historic Places in January. Mrs. Brown allowed the Star to provide a home for the De Porres Club, an active civil rights organization within the North Omaha community. The Star also kept its readership apprised of the civil rights movement's successes and failures across the country by researching the issues and urging involvement.

The Omaha Star's mission states that it is ``dedicated to the service of the people that no good cause shall lack a champion and that evil shall not go unopposed.'' My fellow Nebraskans and I take great pride in knowing that the Star has faithfully abided by this mission throughout its 70 years of existence, and we will continue to follow the Omaha Star on its spirited journey to provide a voice for civil rights and equality for all.