Floor Statements

Madam President, I suggest the absence of a quorum.

Mr. President, I want to say a word of good wishes to the senior Senator, albeit very briefly, from Colorado, Ken Salazar, as he leaves the Senate to become Secretary of the Interior.

As the son of 11th generation immigrants, from a family that farmed Colorado's San Luis Valley for a century and a half, no one has a deeper, more powerful connection to what opportunity means in this country than Ken Salazar.

I can remember one of the first times I met Senator Salazar. After we had exchanged greetings, I said to him, ``My family came to America in the 1800s. When did your family come here?''

He replied, ``Oh, about 500 years ago.''

Indeed, it is remarkable to think that the descendant of a family that settled in the American West almost half a millennium ago will soon be a Member of the cabinet of first African-American President of the United States.

Only in America.

Indeed, though his parents, who served their country in World War II, were not college-educated themselves, they made sure that Ken, his brother, John, and their six brothers and sisters all graduated from college.

To be sure, Senator Salazar is a son of Colorado--a small businessman who owned ice cream stores and radio stations and a farmer for more than 30

years. Indeed, he practiced water and environmental law. Our colleague's affection for the pristine, majestic beauty of the Silver State and its people is embedded in his DNA.

Senator Salazar also made a mark instantly on this institution. In 4 years, he developed a reputation for bringing people together in common purpose--whether it was advancing renewable energy policy, confirming judges, standing up to abuses at the Justice Department, or championing the State Children's Health Insurance Program.

And I would add that as we work to expand that latter program today, his leadership will be missed.

His time in this institution was short, but he has made those moments count. As Senator Salazar seeks to find a balance between renewables and fossil fuels in the administration's energy choices, protect our public lands, and restore integrity to what has been a deeply troubled Department, I am confident that as Interior Secretary he will bring the same temperament to the job that he has brought to his responsibilities in the Senate, never forgetting those who came before us--whose sweat and heart remain at the very foundation of this great country of ours.

And so, today, we thank Senator Salazar for his service and wish him well. As he has throughout his life, I have no doubt he will do a remarkable job for our Nation.

Madam President, in a few very short moments--I think within 5 minutes or so--we are going to be welcoming a new Member to this Chamber, and we will certainly take time out to do that. I believe Mr. Durbin, the senior Senator from Illinois, wishes to be heard to speak about our new colleague as the swearing-in ceremony will take place at 2. So we will take a little time out for that--I don't think much time--and then I know my friends on the other side have lined up a number of speakers on the TARP program, and we are certainly going to accommodate that. I think all their time has been accounted for already, so we will have to make sure of the resources there. I have a number of requests on this side of the aisle as well to be heard on this very important matter before the vote occurs at 4:30.

Let me say in the few moments before the leaders arrive to welcome our new colleague from Illinois, new Senator-elect Burris, that this is obviously a very important debate that we are having regarding these so-called TARP funds. I don't know of a single Member, regardless of how they will vote on this matter, who likes being here for this debate or believes that this is something they wish they were doing at this hour. I certainly don't. I have been involved tirelessly with this now over the last number of weeks. As we all know, we are going through a dramatic situation in our country. To put it in numbers terms that are more understandable, 17,000 people in our Nation are losing their jobs every day. Nine thousand to ten thousand people are losing their homes every day in America. We saw the numbers of unemployment in the months of November and December; I think some 500,000 jobs in that month alone. Every indication is that the coming months are going to give us equally bad news on that front. We hear more bad news about lending institutions, financial institutions that are in trouble. So, obviously, these are fragile times, to put it mildly, for our Nation.

Yet, at the same time, within a matter of hours, almost within a few feet from where I speak, we are going to be inaugurating the 44th President of the United States, an individual who has given this Nation--in fact, many beyond our borders and shores--a great sense of renewed hope, a renewed sense of optimism about our country and its future. So the timing, in many ways, couldn't be better for this new President arriving, a new team coming to town, determined to do everything they can to get our Nation back on its feet again.

So this debate is not just any other debate. This is a debate that will give this new President the chance all of us want him to have to get our country moving in the right direction. So at an appropriate time, at the conclusion of the swearing-in ceremony of our new colleague, I will take additional time to talk about this issue, the importance of it, the regrets I have about why we ended up where we are but also why I think it is critically important we move forward at this very important moment.

With that, I see the distinguished majority leader is here and I will yield the floor and note the absence of a quorum.

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

Thank you, Madam President.

In about an hour or so we will be voting on this matter. I know there are several other Members who want to be heard on this discussion, although there has been a lot said about this matter since the problem first emerged, at least the request first emerged, back in mid- September, September 18 of last year, when the Secretary of the Treasury and the Chairman of the Federal Reserve came before the leadership of the Congress and announced that within a matter of days we would be facing a meltdown of the financial sector of this country as well as, maybe, globally. From that time forward, we have found ourselves in this situation.

As I said a little while ago in brief remarks, I do not know of a single Member--at least I do not believe there is any--who takes any pleasure in being involved in this debate, involved in the vote we are about to cast, knowing the problems that have created this situation were avoidable, preventable, and had the administration paid more attention, when they were asked to more than 2 years ago, about the foreclosure crisis in this country--that is the root cause of the problems we are now dealing with--then we would not have to be here today. That is not hyperbole. That is not speculation. That is a fact. But the reality is there was denial after denial after denial: the economy was sound and solid, and things were going to be in great shape no matter what happened.

Today, we find ourselves with 17,000 people a day losing their jobs in America. Between 9,000 and 10,000 homes are going into foreclosure every day in the country. Retirement accounts are being dwindled down to almost nothing in too many cases. Costs and other matters are rising for many people. We are in the most serious economic shape since the Great Depression 80 years ago.

It is this Senate, this Congress, at this hour, with the transfer of power coming at the executive branch in a matter of hours, literally yards from where I am speaking today, that will hopefully provide a new direction for our Nation. The outgoing President--in a unique moment, I suppose, historically--along with the incoming President have jointly asked us to step up and provide a tool that might very well do something to make a difference in the lives of those 17,000 people today who will lose their jobs or maybe one of those families of the 9,000 today who will lose their home.

We can say: Look, we are not going to do this. We can flyspeck this: I don't like this part; I don't like that part. I would like more specificity here and there. We can twiddle our thumbs.

Well, explain that, if you will, to that person who might lose their job, when maybe taking action might make a difference or tell that to a family in Connecticut or Minnesota who is going to lose their house today: No, we ought to wait a week or two and maybe we will sort this out a little better somehow; like somehow the great wizards here, we are going to organize this in some fabulous way to serve the interests of the people.

This is a dreadful moment, it is a sad moment, that here in the first hours of the 111th Congress, instead of talking about resources that go to building bridges and roads or schools, making a difference in the health care of people, providing some decent retirement and hope for other Americans, we are talking about providing resources to stabilize our economy, to get our credit system working again, so you do not find the squandering of resources, to see that we might make a difference in putting a tourniquet on the hemorrhaging of home foreclosures that is occurring from one end of this country to the other.

Now, it is more dire in some areas than others. Obviously, the States of California and Florida particularly are seeing the tremendous effects of this situation. Arizona and Nevada are also paying a very serious price. But I know in Minnesota, I know in Connecticut, as well, while it is not as bad as in some of these other States, it is getting worse. There is not an economist anyone has listened to over the last number of weeks who has not told us it is not going to get better overnight.

But what do we do? Again, we have been asked to step up and provide some resources here, some serious ones to try to stabilize the credit markets, to provide some assistance. I do not know if it is adequate enough. This much I can tell you: Like all of us, we have been terribly disappointed over the management of the resources that were provided back at the end of September, early October. I honestly believe some of those resources have actually worked to some degree. But today we had about five different witnesses before the Senate Banking Committee-- nominees for various posts, most of them very distinguished economists--who have spent years in this field. To a person, everyone said, well, they could not predict with absolute certainty that had we not acted in September, this economy would be in even worse shape today.

It is always difficult to prove a negative. But it is, obviously, easier for those who can stand here and say, well, I told you so or we should not have done this because it is impossible to go back and say what would have happened with any great certainty had we not acted. I think much can be said today when you have an outgoing Republican President and administration and an incoming Democratic administration, with very different views about how our economy ought to be managed, asking us jointly to step up and make this decision. I think it is important we listen and we act. That is what I am urging my colleagues to do.

This is not going to win you any parades. You are not going to get a plaque or a medal for doing this. I have great respect for my friend from Oklahoma, but I would predict just the opposite of what he has suggested. I think history will judge us, just as it judged two generations ago, what a new Congress did gathered in the winter of 1933, after the election of 1932, when 5,000 banks closed their doors and 27 percent of the American people were out of work. There was no hope whatsoever.

People got together, infused capital into lending institutions--the 5,000 of them--in the spring of 1933, and creative people sat down and worked to try to come up with imaginative ideas to get this country moving again, and an American President stood on the east front of this Capitol and said to the American people: You have nothing to fear but fear itself. Hope began to spring in the hearts and minds of Americans all across this country because while they were suffering terribly, they knew they needed a Government that was going to roll up its sleeves, keep an eye on them, and keep them in mind every single day to try to get this country moving again.

I would say to my colleagues that I believe on next Tuesday, January 20, the 44th President of the United States will remind the American people once again that the only thing we have to fear is fear itself, in his own words, and that there is a reason to be hopeful and optimistic. This is a great country, with great resources, talented, bright, energetic Americans, who want to see our country get back on its feet again. But you need to have the tools to do it. You cannot wish it well. You have to provide the resources in order to make it possible for us to get moving again. That is what this President has asked for--both the outgoing and incoming one--to give this incoming President the tools necessary to move forward.

Now, I know, as well, there is going to be far better accountability, far more transparency. Foreclosure mitigation is going to be a part of this effort. In fact, in a letter from Larry Summers to the majority leader--which I ask unanimous consent,

Madam President, to be printed in the Record provides far greater specificity than earlier communications, and I welcome that, detailing specifically how this will work, how it will be monitored, how important the intervention on foreclosures will be, and focusing on the flow of credit, which is, obviously, critical if we are going to get back on our feet again.

I think the letter ought to provide some confidence to Members who are concerned about how this program will be managed and run, and that it will, in fact, be run differently than the present administration is doing it.

So this is a tough vote to cast, as it was in September, in October. I listened that night as the majority leader asked every single Member to vote from their desk, something we do not do with great frequency. I listened to several of our colleagues who are no longer here, and I suspect that vote they cast in favor of that program had something to do with the outcome of their elections. I am sorry that happened to them, and it may have happened because of that vote.

But we are Senators. This is not a place just to come and give speeches. We happen to be here at one of the most critical times in our Nation's history. There are wars raging around the globe, and people are suffering at home. We have an obligation to them, and sometimes the decisions we make are not always the most popular ones in the moment they are given. We have learned that throughout history, too, that the Congresses in the past that have come before us, that have had the courage to stand up and face the realities of their day, have enjoyed the good judgement of history because they had the intestinal fortitude to do so.

There is not a single one of us in this Chamber who knows what is the right political vote. We all know we can gain favor overnight by casting a vote against this bill. My hope is there will be at least 50 of us who will stand up and cast a better vote--for your children and your grandchildren who will not know the outcome of your vote because they probably are not alive yet or could not read it. But someday they are going to look back and ask what we did at this critical time to make a difference in our Nation.

I believe we are in such a moment, we are in such a time. And it is not just this moment; there will be a series of them in the coming weeks and months. That is why you sought this office, I presume, to be a part of making history and making a difference.

I would urge my colleagues, no one is arguing perfection at all. No one can speak with any certainty at all about the outcome of all of this. We are actually in uncharted waters when it comes to these issues. But to sit back and do nothing--to do nothing--would be an indictment and a failure of responsibility.

So I am determined, as I know my colleagues will be, if this, in fact, goes forward, to monitor it, to insist upon accountability, to demand that we see lenders do what they should be doing, insisting that the leaders of these institutions not gouge or hoard and do

everything possible to make sure our economy gets moving in the right direction.

On that note, Madam President, I urge my colleagues to reject this motion of disapproval and to give this new, young American President a chance to get our country back on its feet again, as he desperately wants to do, and to give America, once again, that sense of hope and optimism we deserve as a people.

Madam President, I yield the floor.

I suggest the absence of a quorum and ask unanimous consent that the time in the quorum call be jointly charged to both sides.

Mr. President, I rise today to commend the Senate for its passage of the Quinebaug and Shetucket Rivers Valley National Heritage Corridor Amendments Act, which was included as part of S. 22, the Omnibus Public Land Management Act of 2009. First, I would like to thank Senators Lieberman, Kerry, and Kennedy, who joined me in introducing a standalone version of this bill last week and have worked with me for many years to preserve this beautiful part of New England. I would also like to thank the chairman of the Energy and Natural Resources Committee, Senator Bingaman, for his tireless work to pass all of the critically important public lands bills included in S. 22. Because of his efforts, hundreds of thousands of acres of pristine wilderness will be added to the National Wilderness Preservation System, and many new ecologically unique and culturally significant sites will receive Federal protection under the National Wild and Scenic Rivers System, the National Trails System, and the National Heritage Area program.

I have long felt that as Senators, one of our most important obligations is to ensure that our Nation's vast array of

natural treasures is managed in an environmentally responsible and sustainable way. With the passage of S. 22, and in particular, with the extension of Congress's authorization of the Quinebaug and Shetucket Rivers Valley National Heritage Corridor, I believe that we have taken an important step toward achieving that goal.

The Quinebaug and Shetucket Rivers Valley National Heritage Corridor, QSHC, was established in 1994 as the fifth National Heritage Corridor. National Heritage Areas are designated by Congress to preserve distinctive landscapes of historic, cultural, natural, and recreational resources. The QSHC is commonly known as ``The Last Green Valley,'' a rare and beautiful rural landscape in the populous Northeast. In fact, the Valley stands out in night images from space for its absence of lights. It contains aboriginal and colonial archaeological sites, mills and mill villages that preserve the history of the early industrial revolution, and traditional farming communities. The QSHC nonprofit management entity has restored architecturally and historically important buildings, developed conservation and open space plans, and fostered cooperation among businesses in the region that rely on the natural resources and beauty of the land. It has consistently leveraged an average of $19 for every $1 of appropriated Federal money.

The QSHC has developed a plan to become a self-sustaining entity by 2015, as laid out in ``The Trail to 2015: A Sustainability Plan for the Last Green Valley.'' The plan calls for replacing Federal funds with fees for services, private and corporate support, and income from a permanent fund. In the interim, Federal funds are necessary for capacity-building, awareness programs, and ongoing education of land- use decision-makers.

The Quinebaug and Shetucket Rivers Valley National Heritage Corridor has created a collaboration of 35 municipalities dedicated to preserving a unique slice of our American heritage. With the extension of its authorization, this preserve will be able to exist in perpetuity. Again, I would like to thank my Senate colleagues for their support of the QSHC and the numerous other sites of great natural and cultural significance that will be protected as a result of the passage of this important legislation.

Madam President, I ask unanimous consent that a member of my staff, Deborah Katz, be granted floor privileges for the duration of today's session.

Mr. President, I rise to join my colleagues in celebrating this remarkable achievement of our dear friend, the senior Senator from Kentucky and the minority leader of the Senate, Senator McConnell. And I apologize that I wasn't able to join the rest of my colleagues in their tribute earlier.

Twenty-four years is a long time in politics and in the case of my friend from Kentucky, it is historic.

But as someone who sits at the desk his father did before him--who treasures this institution--I know there is a difference between the length of our service and the quality of our service. And let there be no doubt that throughout his two-and-a-half decades here, Senator McConnell has tirelessly dedicated himself to the latter.

My friend and I may not agree on everything. But we both realize the extraordinary privilege and opportunity this is.

When this institution works, it works because of people like Mitch McConnell.

Having served with him for the past 24 years and during our time at the Rules Committee, I had the privilege of seeing my colleague's remarkable talent very closely.

Everyone in this Chamber knows how difficult the moment was after the Presidential election in 2000. The country was terribly divided along partisan lines and feelings in this institution were raw.

As chair and ranking member of Rules, the responsibility fell to Senator McConnell and me to count the electoral votes--typically a ceremonial duty but one fraught with tension in the wake of the closest Presidential election in American history.

We would soon oversee together President Bush's first inaugural as well.

That we were able to get back to business in such short order was a tribute to Mitch McConnell's temperament and commitment to this institution.

And there was some very important business to be done--not the least of which was reforming our nation's voting laws to ensure there wouldn't be a repeat of Florida ever again. Together, and over a series of months, he and I wrote the Helping America Vote Act.

It was a difficult, delicate process--but the hard work paid off.

Civil rights hero John Lewis called HAVA the most important voting rights law since the Voting Rights Act passed in 1965. In part because of Senator McConnell's commitment to working together--to working through difficult issues instead of setting them aside--today Americans have more confidence in their right to vote privately and independently.

We also managed the McCain-Feingold bill to reform our campaign finance laws on the floor of the Senate--another challenge that took considerable effort on the part of Democrats and Republicans to work together. To set aside those differences and focus on what was at stake.

Senator McConnell did not support the McCain-Feingold bill in the end. But he was passionate about there being a fair process.

As another Kentucky son once said, Justice Louis Brandeis, ``We are not won by arguments that we can analyze, but by tone and temper--by the manner, which is the man himself.''

To me, that is Mitch McConnell--a conservative to the marrow but someone who has never forgotten why we come here:

To make a difference.

So I congratulate my colleague and his family for reaching this remarkable milestone. May you continue to expand on it for many years to come. Thank you.

Mr. President, today we begin the 111th Congress. As it is every two years, this is a moment for new beginnings, but also an opportunity to bid farewell to some dear friends of ours as they move on to the next chapters in their remarkable lives.

While it is always a joy to see this moment--to see the pride visible in not only the Members' faces, but their families' as well--this year's is especially poignant for me.

Each of the men and women who have taken this oath during my time in this institution has made an impression on me--influencing my life, my work--in one way or another.

But 50 years ago this week, two Members were sworn in--one who is here today and another who remains here in spirit--each of whom had a singularly important impact on me:

My father, Thomas Dodd, who represented my State of Connecticut, and our esteemed colleague and friend from West Virginia, Robert C. Byrd.

I was only a boy then, but I remember that moment as if it were yesterday, seated with my family in the gallery above, as we looked down on my father, as he began what would turn out to be the final chapter in a public life--a life that had already taken him from Norwich, CT, to Washington, DC, as an FBI agent and lawyer at the Department of Justice; to Germany where he served as a prosecutor at the famous Nuremberg Trials, before returning to our Nation's Capital to serve in the U.S. House of Representatives.

Fifty years later, I take no small amount of pride in noting that in each of these endeavors, my father proved to be ahead of his time--an advocate for universal health care, a proponent of sensible gun safety laws, an early voice warning of the effects of violence on TV and the dangers of drug addiction; and an insistent defender of those whose human rights were being denied.

Indeed, it would not take long before a fellow freshman made his own mark, becoming not only this body's President pro tempore and the longest-serving Member in its history, but the undisputed master of this body's arcane parliamentary procedures, an award-winning author and historian and the foremost champion of sunlight in government.

Today, as the whole world watches these historic moments, we should note that it was Robert Byrd who staved off the threat that the Senate might become ``the invisible branch of government'' by ensuring that our proceedings be televised.

Some two-and-half decades ago, when I was sworn in myself, it was my colleague from West Virginia who handed me a small book--a pocket-sized Constitution. For all I know, he did this for every freshman Senator.

His message was simple: as a Member of the Senate, you are a temporary custodian of this document.

And so, I kept that book. For 28 years, I have carried it with me in my back pocket--Saturday, Sunday, every day of the week to remind myself how important this document is, the values and the principles that are incorporated in it.

Senator Byrd has put it better than anyone: ``The limits that the Constitution places on how political power is exercised have ensured our freedom for more than two centuries.''

Each of these men taught me, in different ways, that we cannot defend and protect the vision of the Framers if we are ignorant of the Constitution's history and the rule of law.

And so today, as we look forward to the 111th Congress and all that we hope to achieve, may we also remember this gift that was given to all of us in the 86th Congress all those years ago. May it continue to shine for many, many more.

Mr. President, in these times of financial uncertainty, today I would like to take the time to commend Mr. Lawrence McHugh of my State, and to recognize his 25 years of leadership at the Middlesex County Chamber of Commerce.

In Larry's quarter century as the president of the organization, membership has grown from 282 to a total of 2,400 members who employ over 50,000 individuals in central Connecticut.

The Chamber itself now employs 22 people and increased its annual budget from $109,000 in 1983 to over $2 million in 2007.

Mr. McHugh has served as the president of the Connecticut Association of Chamber of Commerce Executives and vice chair of both the Connecticut Employment and Training Commission and the Connecticut Tourism Council, as well as on many other boards of organizations that seek to improve businesses and communities across the State.

Impressive as these figures may be, the true measure of his contributions to his community cannot be measured by statistics or figures.

Larry McHugh has shown remarkable leadership in protecting not only the local businesses of central Connecticut, but also the future of our State through his extensive work with our youth.

Following an injury that ended his football career with the AFL's New York Titans, Larry took a position as the football coach for Xavier High School in Middletown, CT where he spent 20 years inspiring his athletes to great success both on and off the field. He would later combine his interest in achieving the best for his students and athletes with his business savvy in spending 8 years as the head of fund raising for Mercy and Xavier High Schools.

Fortunately for the youth of Connecticut, Larry has continued to invest in their futures in the years since his retirement from coaching. Under Larry's leadership, the Middlesex County Chamber of Commerce has consistently promoted programs seeking to partner businesses with the young people of the State, both equipping the youth with real life experiences and business opportunities and providing local businesses with the ability to reinvest in the futures of their companies. Larry has placed a premium on establishing a vital connection between businesses and the community's greatest asset--its human capital.

Despite great worries over our national economy, it is of the utmost comfort to me to know that the businesses of central Connecticut are under the leadership of a man who has a proven record of doing great things for his Chamber and for his community. I would like to join my voice with those across Connecticut that already speak of his success with the greatest respect, and commend Larry McHugh for his 25 years of service. His continued focus on the promise of the future convinces me that there is none better to be leading the local industries at such a time as this.

Mr. President, let me begin by thanking the distinguished majority leader and my colleagues. This has been a long ordeal. I know many of the conversations I have had over the last several days have been wondering when, if ever, we might come to a conclusion of what has been a lengthy process over the last 2 weeks

now since this matter emerged. Prior to the Thanksgiving recess, the majority leader and others invited the automobile industry to present plans by December 2 to the Congress on how they might restructure their industry in a way that would allow us to step forward and try to preserve them and allow them to exist for a few more weeks while a broader plan could be devised that would allow them to possibly survive.

As my colleagues may know, over the last several weeks we have had a number of hearings on the matter. The Presiding Officer at this point is a member of my committee, along with others who have been very diligent in sitting through long hearings, on an average of 5 or 6 hours apiece, to listen to all of the various ideas.

As the Republican leader pointed out, it is a very complex subject matter to be asking this institution, in a matter of days, to try to understand with all of the ramifications of it. Given the precarious nature of it, I think we all appreciate at this juncture that we are looking at least one, maybe two, of the three automobile manufacturers that have existed for almost a century in our country--at a time of great economic peril, when the confidence and optimism in our country is at risk--we run the risk over these days of watching this industry disappear. The blow to the American conscience and confidence and capability is beyond economic terms, if that occurs.

I pray this evening that will not happen. No one can say with absolute certainty it will. But we have been warned. We have been cautioned by those whose jobs it is to analyze this industry who have told us that could happen.

Tonight we will go home for the holiday recesses, but for the literally hundreds of thousands of people whose jobs depend upon this industry, this will not be a joyous season, wondering whether their jobs, their livelihoods, their homes, their children's futures are at risk because we were incapable of coming up with an answer to provide a period of time here to allow intelligent, solid, good, hard-working people to put together a plan to save the American automobile industry. It is disheartening to me, to put it mildly, that we were unable to come to that agreement.

Let me say very candidly, Bob Corker is someone I have come to appreciate immensely. He is a member of my committee. We have worked very well together over this last year on many complicated issues, and I appreciate immensely his effort, as he did again this evening, to try to come to a conclusion where we could at least agree on something to move forward.

There were three major issues my friend from Tennessee brought to me. I will not go into great detail in this limited time. I will wait until tomorrow, if time permits, to go into a longer discussion. Of the three issues, we agreed on two almost immediately. On the third, involving the parity with compensation of the domestic automobile industry and those of the foreign competitors doing business here, we could not come to closure. The issue simply came down to this. There was no debate, by the way, from the United Auto Workers or anyone else that we ought to achieve parity in those wages or benefits. The question was the timing of it.

We are in a deep recession. People are being laid off. The Bank of America announced today 35,000 people will be laid off. Industry after industry is dropping its employees. The idea that you are going to have new hires replace the active employees in a time such as this is difficult, to put it mildly. So the notion somehow that within days or weeks after March 31 of this year that this would mandate--mandate parity between those wages of domestic companies and foreign companies was the stumbling block.

The President of the United States, the other body, Democrats and Republicans as well as the autoworkers, the heads of these companies, came together and for 8 days we negotiated an agreement. It was painful. It is not perfect by a long shot. But it allowed us to get to next year to begin to work on this in a way that might make it possible for this industry to survive.

Tonight, regretfully, despite the efforts of the White House, people here, people in the other body obviously, workers as well as managers, we have stumbled this evening, unable to make this closure on this issue to allow us to go forward.

I am deeply saddened, but more than saddened I am worried this evening of what we are doing with an iconic industry. None of us here was going to write a check without conditionality. This bill I have drafted along with others is some 36 pages long and filled with conditions, establishing a czar--chosen by this President of the United States, not the coming one--to oversee this and say you must meet these obligations if you are going to survive. His determination will determine whether the industry can go forward. If the czar were to say you have not complied, bankruptcy would entail, chapter 11 and, candidly, chapter 7. It would be nothing more than a liquidation of this industry.

But we ought to try to avoid that. I thought most of us felt that was a bad outcome. I know my friend from Tennessee believes that, as I do. The outcome of that will cost the American taxpayers billions of dollars, by the way, and that is very well where we may end up this evening. I regret it deeply. I am saddened by it, worried about it, that in the midst of deep and troubling times we are now going to add to that substantially by walking away from an issue of whether we could agree that parity between these wages and benefits could be achieved without slamming it down in such a way as to make it difficult for us to achieve the result.

Out of the three issues, we agreed on two and three-quarters but were unable to come to closure on this one which, frankly, in my view, was not an economic issue but a political one, because we are not demanding this of dealers, of suppliers, of anyone else. The only group we have asked this of is the workforce. No one else in this bill is required on a date certain to meet any other obligations, only this one. Yet we fully understand economically how hard that could be, to demand that kind of accountability and not trust a czar or a leader working with the industry and others to reach that agreement.

To the majority leader I say thank you, and to your staff, the Banking Committee staff, my friend Bob Corker, the Members of the House, Republicans and Democrats, to the White House, which has been tremendously helpful in these last few days on trying to put this together without all of us agreeing. Yet, despite all of that, this evening we will not get cloture. This will fail. We will go home. I am afraid our country is going to be in deeper trouble because of this issue. I regret that deeply.

I thank the majority leader.

I yield the floor.

Madam President, as Members are leaving, I would be remiss if I did not express my very deep and sincere gratitude to some remarkable people who, like all of us, have staff members who do incredible jobs who never get the recognition they deserve. They worked over these past 8 or 9 days literally until 2 and 3 and 4 in the morning--night after night after night--in an effort to put together a package here that would win the approval of our colleagues. These remarkable young men and women have just served our country.

Madam President, I thank you.

I want to begin by thanking the staff director of the Banking Committee, Shawn Maher. He is the father of a young 11-year-old boy, and I don't think he has probably seen Aidan much over the last number of months, let alone the last week or so, because he has dedicated himself to the work of this Chamber, this body. So I begin by thanking Shawn Maher.

I also thank Aaron Klein, Amy Friend, Dean Shahinian, Neal Orringer, and Deborah Katz; from Senator Reid's staff, Mark Wetjen; from Senator Durbin's staff, Brad McConnell; from Legislative Counsel, Laura Ayoud, who does a remarkable job for all of us.

There are many others, but these are the ones who principally did the work night after night, day after day, nonstop through the weekends, to try to package here a proposal that would win our support. And I apologize to them. We were not able to do it. I feel badly myself that maybe their Members did not probably work as hard as maybe we should have after all the effort they put in. But I want them to know, as we come into this holiday season, there are many people who in this country owe a great debt of gratitude to these people who worked so tirelessly on their behalf but never get the credit and the recognition they deserve.

So this evening I thank them immensely for what they have done, and we will be back another day to fight again, and my hope is to make a difference for people in our country. But we all owe them a debt of gratitude, and I am particularly grateful to each and every one of them.

Let me say as well, I don't have a prepared statement to make, either, but I want to tell my friend from Oregon how much I have enjoyed my work with him over the years on a number of very important issues dealing with the issue that the Senator can speak of not only with eloquence but with a great deal of passion, and that is the issue of mental illness. We were able to pass, in the waning days of our session, of course, the mental health parity bill. How important that was. Pete Domenici, Ted Kennedy, Paul Wellstone, and others worked on it, but Gordon Smith was invaluable in that discussion.

I enjoyed immensely my work with him during his two terms in the Senate. I will say to my friend, the good Lord is not through with you yet. There are a lot of things you can do for our country. You have done a lot already. So I hope you come back often and see us and know you have friends who care about you and cherish you very much. Although there is an aisle here that separates us politically, the aisle doesn't exist when it comes to respect and admiration. In those terms, I am your seatmate in terms of my respect for you. I thank you for all you have done.

John Sununu

Mr. President, I rise today to introduce with Senator Orrin Hatch the Best Buddies Empowerment for People with Intellectual Disabilities Act of 2008. The bill we are introducing would help to integrate individuals with intellectual disabilities into their communities, improve their quality of life and promote the extraordinary gifts of these individuals.

I am proud to be introducing this bill with my good friend Senator Hatch. He has been a long time leader in this cause, and most recently worked with Senator Harkin, Senator Kennedy, myself and others to pass the Americans with Disabilities Act Amendments Act of 2008. We, as a society, have an obligation to do all we can to include individuals with disabilities and help them to reach their full potentials.

Yet, as one study on teen attitudes notes: ``Legal mandates cannot, however, mandate acceptance by peers, neighbors, fellow employees, employers or any of the other groups of individuals who directly impact the lives of people with disabilities.'' People with intellectual disabilities have indeed gained many rights that have improved their lives; however, negative stereotypes abound. Social isolation, unfortunately, is the norm for people with intellectual disabilities.

Early intervention, effective education, and appropriate support go a long way to helping someone with intellectual disabilities achieve at the best of his or her abilities and lead a meaningful life in the community. I would like to tell you about the accomplishments of Best Buddies, a remarkable non-profit organization that is dedicated to helping people with intellectual disabilities develop relationships that will provide the kind of support that will help them reach their potential.

Founded in 1989, Best Buddies is the only national social and recreational program in the United States for people with intellectual disabilities. Best Buddies works to enhance the lives of people with intellectual disabilities by providing opportunities for friendship and integrated employment. Through more than 1,000 volunteer-run chapters at middle schools, high schools and colleges, students with and without intellectual disabilities are paired up in a one-to-one mentoring friendship. Best Buddies also facilitates an Internet pen pal program, an adult friendship program, and a supported employment program.

Approximately 7 million people in the United States have an intellectual disability; every one of these individuals would benefit from the kind of relationships that the Best Buddies programs help to establish. The resulting friendships are mutually beneficial, increasing the self-esteem, confidence, and abilities of people both with and without intellectual disabilities.

The legislation we are introducing today allows the Secretary of Education to award grants to promote the expansion of the Best Buddies programs and to increase participation in and public awareness about these programs. The bill authorizes $10 million for fiscal year 2009 and such sums as necessary through fiscal year 2013. If passed, this legislation would allow Best Buddies to expand their work and offer programs in every state in America, helping to create a more inclusive society with a direct and positive impact on more than 1.2 million citizens.

I thank my colleague Senator Hatch for working with me on this legislation. And I applaud Representatives Hoyer and Blunt, who have introduced a similar measure in the House. I urge my colleagues to join with me in supporting this important legislation that will make a positive--and needed--difference in the lives of individuals with intellectual disabilities and in the lives of those with whom they develop relationships.

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

Mr. President, I rise today to introduce with Senator Orrin Hatch the Best Buddies Empowerment for People with Intellectual Disabilities Act of 2008. The bill we are introducing would help to integrate individuals with intellectual disabilities into their communities, improve their quality of life and promote the extraordinary gifts of these individuals.

I am proud to be introducing this bill with my good friend Senator Hatch. He has been a long time leader in this cause, and most recently worked with Senator Harkin, Senator Kennedy, myself and others to pass the Americans with Disabilities Act Amendments Act of 2008. We, as a society, have an obligation to do all we can to include individuals with disabilities and help them to reach their full potentials.

Yet, as one study on teen attitudes notes: ``Legal mandates cannot, however, mandate acceptance by peers, neighbors, fellow employees, employers or any of the other groups of individuals who directly impact the lives of people with disabilities.'' People with intellectual disabilities have indeed gained many rights that have improved their lives; however, negative stereotypes abound. Social isolation, unfortunately, is the norm for people with intellectual disabilities.

Early intervention, effective education, and appropriate support go a long way to helping someone with intellectual disabilities achieve at the best of his or her abilities and lead a meaningful life in the community. I would like to tell you about the accomplishments of Best Buddies, a remarkable non-profit organization that is dedicated to helping people with intellectual disabilities develop relationships that will provide the kind of support that will help them reach their potential.

Founded in 1989, Best Buddies is the only national social and recreational program in the United States for people with intellectual disabilities. Best Buddies works to enhance the lives of people with intellectual disabilities by providing opportunities for friendship and integrated employment. Through more than 1,000 volunteer-run chapters at middle schools, high schools and colleges, students with and without intellectual disabilities are paired up in a one-to-one mentoring friendship. Best Buddies also facilitates an Internet pen pal program, an adult friendship program, and a supported employment program.

Approximately 7 million people in the United States have an intellectual disability; every one of these individuals would benefit from the kind of relationships that the Best Buddies programs help to establish. The resulting friendships are mutually beneficial, increasing the self-esteem, confidence, and abilities of people both with and without intellectual disabilities.

The legislation we are introducing today allows the Secretary of Education to award grants to promote the expansion of the Best Buddies programs and to increase participation in and public awareness about these programs. The bill authorizes $10 million for fiscal year 2009 and such sums as necessary through fiscal year 2013. If passed, this legislation would allow Best Buddies to expand their work and offer programs in every state in America, helping to create a more inclusive society with a direct and positive impact on more than 1.2 million citizens.

I thank my colleague Senator Hatch for working with me on this legislation. And I applaud Representatives Hoyer and Blunt, who have introduced a similar measure in the House. I urge my colleagues to join with me in supporting this important legislation that will make a positive--and needed--difference in the lives of individuals with intellectual disabilities and in the lives of those with whom they develop relationships.

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

Mr. President, I rise to discuss the intent in section 105(c) of the Emergency Economic Stabilization Act of 2008, ``Regulatory Modernization Report,'' of the important requirements for analysis of regulation of the over-the-counter swaps market and for recommendations regarding the enhancement of the clearing and settlement of over-the-counter swaps.

The OTC swaps market is enormous, estimated to be $600 trillion. This market is primarily made up of interest rate swaps and Credit default swaps. Corporations, banks, insurance companies, GSEs, pension funds, State and local governments and endowments all participate in the OTC swaps market.

The OTC swaps market is a ``bilateral contract'' market which does not involve an exchange or a clearinghouse. It is directly between two parties, which results in each party bearing ``counter party credit risk.'' In other words, if one of the two parties goes bankrupt or fails to pay, the other party can suffer a complete loss on the transaction.

Since the OTC swaps market has impacts on the financial system, it is appropriate and timely to look at it carefully. Some of the largest OTC swaps market dealers and market participants have been merged in federally arranged transactions into stronger market participants, taken into Government conservatorships or receiverships or provided a line of credit directly by the Federal Government. These actions were taken, in part, because of concerns by Federal authorities about either the losses in their OTC swaps books and or the potential cascading effect on OTC swaps market if such an entity failed.

The Treasury Report should look at the OTC swaps market generally and the current and potential options for improvements in clearing contracts, such as through a Federally licensed clearinghouse, with a view to whether it would materially lower credit risk. The Report should consider issues such as the processing of confirmations, margining, collateral management, market access, transparency in pricing, and safety and soundness concerns.

Mr. President, I want to acknowledge the efforts of the many staff members who have labored almost around the clock over the past several weeks to help craft this legislation.

From the Banking Committee

Amy Friend, Dean Shahinian, Jonathan Miller, Aaron Klein,

Julie Chon, Jenn Fogel-Bublick, Lynsey Graham, Brian

Filipowich, Drew Colbert.

From Senator Gregg's Committee and personal staff

Denzel McGuire, Jim Hearn, Allison Parent, Christopher

Gahan.

From the Finance Committee

Russ Sullivan, Cathy Koch, Mark Prater.

From Senator Conrad's Budget Committee and Personal Staff

Mary Naylor, Tom Mahr, Lisa Konwinski, Matt Salomon, John

Righter.

From the Judiciary Committee

Bruce Cohen, Kristine Lucius.

From the Majority Leader's office

Bruce King, Mark Wetjen, Gary Myrick, Randy Devalk.

From the Republican Leader's office

Rohit Kumar, Derek Kan.

From the Office of Legislative Counsel

Laura Ayoud, Rob Grant, Didem Nisanci with Senator Reid,

David Stoopler with Senator Schumer.

Last but not least, our extraordinary Floor Staff, led by

Lula Davis and Dave Chiappa.