Floor Statements

Madam President, I ask unanimous consent that the order for the quorum call be rescinded.

Madam President, after passing the trillion-dollar ``spend- ulus'' bill, House Democrats are already talking about a second stimulus. It sounds to me as if they have already concluded that the first trillion dollar stimulus bill is a failure and was nothing more than a downpayment on their social agenda.

I know Missourians and many Americans agree that a trillion dollars is a terrible thing to waste. This is one economic crisis we cannot simply pay our way out of. The bottom line is that our economy will not recover and conditions for families, workers, and small businesses will not improve until we get to the root of the problem and rid our financial system of toxic assets. That is what the President said when he addressed the joint session. He said: We must solve the credit problem or nothing else will work.

Well, to date, the Obama administration seems as though they have been trying to treat every cut and bruise on a patient who is experiencing cardiac arrest. Their strategy has been to address each perceived crisis as a new one in an ad hoc manner. That has gone back to last fall under the previous administration. The Treasury strategy has been to address the symptoms, not the underlying illness, and it is one that, unfortunately, we have followed here.

Let's take a look at what ``ad-hocracy'' has done for us:

February's unemployment numbers came out last Friday. Our Nation is now struggling under the highest unemployment rate in more than 20 years--8.1 percent. This is more than a number of millions of Americans who have been laid off and are struggling to find new jobs. That is right--millions.

Almost 2 million workers have lost their jobs in the last 3 months. The latest job numbers are another sad reminder that right now our financial system is not working. It has been clogged with toxic debt.

The Treasury's ad hoc approach is not working. The President's approach seems to be to appease his different constituencies with one boutique initiative after another, and we have racked up over a trillion dollars in debt doing so. That effort--that ``spend-ulus'' bill--is going to stimulate the debt. It is going to stimulate the growth of Government. But it will not stimulate the economy or jobs.

We have to focus on the urgent priority. I hope it does not take another 2 million workers to face layoffs before the administration gets serious about addressing this crisis.

Yesterday, the President said we need some ``adult supervision'' in Washington. I could not agree more. We definitely need some adult supervision in the Treasury Department when it comes to addressing our credit crisis. We need someone who is willing to make tough choices, not just slapping new names on old ineffective programs and throwing billions of taxpayer dollars into failed financial institutions in the hopes that Americans will see it as the change they have been promised.

In the words of the current President and CEO of the Federal Reserve Bank of Kansas City, Thomas Hoenig:

We have been slow to face up to the fundamental problems in

our financial system and reluctant to take decisive action

with respect to failing institutions.

We saw what happened in Japan when policymakers lacked the political will and were slow to clean up its sick banking system--a decade-long recession. That is why I believe we need a bold, coherent, and tested plan that will address the root causes of our economic crisis, and the experts agree. They have been unanimous, and I have talked to many of them: people such as the former FDIC Chairman Bill Seidman, who ran the successful RTC program to clean up the savings and loan crisis; the former Fed Chairman, Alan Greenspan. The Presidents and CEOs of the Federal Reserve Banks of St. Louis, Kansas City, and Boston believe we must address the toxic assets clogging our financial system.

Under my American credit cleanup plan, which I have talked about before on this floor, the Government can put to work statutory authorities long used by the FDIC for failed banks. We know this plan can work. It worked during the savings and loan crisis, and it can work again to solve the credit crunch. It works every day when the FDIC goes in to shut down failed institutions, and it can work right now in this major crisis. When we boil it down, it is not easy, but the solution is simple--three steps: First, identify the sick banks; second, remove the toxic assets, protect depositors, and fire the failed executives and board of directors who caused this mess; third, relaunch cleansed healthy banks back into the private market; get the Government out so the banks can get about doing their job of providing credit; no more of us fighting on the floor of how much a failed executive of a failed bank should be paid. Get them out.

This is the right approach that provides a clear exit strategy. It puts an end to throwing more and more billions of good taxpayer dollars into failing banks. It is the right approach to put our economy back on the road.

I call on the President and his economic team to get past their denial about the serious illness facing our economy. Their trillion- dollar box of Band-Aids isn't going to work. Stop pouring good taxpayer dollars into failed banks with no plan and no strategy. We have a skilled surgeon in the FDIC who has operated on failed banks and has the experience and knowledge to deal with toxic assets.

Last night, a reporter was questioning me and said, ``Everybody is talking about removing toxic assets.'' Well, that is the problem.

In the words of one of my favorite country music songs, we need a little less talk and a lot more action. If the FDIC's current authorities are insufficient, Congress must stand ready to

provide any tools or resources the FDIC needs to complete the surgery. I have cosponsored S. 541 with Senator Dodd to expand the FDIC borrowing authority. I call on our leadership to bring it up, to add authority for the FDIC to regulate bank holding companies. Give them the tool and let them use it.

The Obama administration must face the reality that major surgery on our financial institutions is imperative to extract toxic assets clogging our financial system so the economy can recover. No more throwing billions at failed banks. Send in the FDIC. This is one crisis where hope won't be enough. We must act, and we must act now.

Madam President, I ask unanimous consent that the remarks of Thomas Hoenig, the President and CEO of the Federal Reserve Bank of Kansas City, be printed in the Record.

Madam President, I yield the floor.

Mr. President, I rise today to join with our chair, Senator Murray, in a colloquy to correct a clerical error in the attribution table accompanying division I of H.R. 1105. Senator Barrasso is listed as having requested the ``Casper Civic Auditorium'' project under HUD Economic Development Initiatives. My staff has confirmed that this project was not requested by Senator Barrasso and, as

such, Senator Barrasso's name should not be listed as a requestor.

I thank the chair for her assistance in this matter.

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

Congratulations, Mr. President. You have witnessed democracy in action, and that is the most painless way to pass a measure I have seen.

On a much more somber note, Americans got more bad news today.

For February, our Nation's unemployment rate is now a staggering 8.1 percent. This is the highest unemployment rate in more than 20 years. More than 650,000 jobs were lost in February. These job cuts come on the heels of 655,000 jobs lost in January and another 681,000 jobs lost in December.

This job loss means that what we are doing to solve the economic crisis is not working. This job loss is much more than a bad number for millions of Americans. These layoffs may mean missing a mortgage payment and facing foreclosure. These layoffs may mean not being able to take a sick child to the doctor. These job layoffs may mean not getting enough money to put food on the table.

Right now, in every community across the Nation, workers are losing their jobs. These families are suffering as bills pile up and savings evaporate and businesses are struggling to meet payroll.

After the new administration heralded the passage of their trillion- dollar spending bill as the answer to this economic crisis, some Americans began hoping their economic futures may be turning around. Unfortunately, this crisis is one where we cannot spend our way out.

Until we fix the real root of the crisis, our credit crisis, the hemorrhaging of jobs will not stop. I spoke about this earlier this week, and I will keep speaking about it until policymakers decide to act responsibly.

The President, in his message in the State of the Union, said nothing is going to work until we fix the credit crisis. This latest jobs report is another sad reminder that right now our financial system is not working. Our financial system has become clogged with toxic assets, and until they are removed, fear and uncertainty will continue to dominate the markets and our economy.

Our banking and financial system affects every American's standard of living, our ability to create and maintain jobs, and our ability to compete globally. It is central to all financial and household activities for Main Street America.

Nothing the Government has done, to date, is working. Instead, the previous and the current administrations have been throwing billions in good taxpayer dollars into bad, failing banks. Why hasn't pouring more money into the system worked? Because policymakers are only treating the symptoms rather than the cause.

The good news is, though, we do not have to go back to the drawing board. Under my American Credit Cleanup Plan, the Government can put to work the statutory authorities already in existence and long used by the FDIC, the Federal Deposit Insurance Corporation, for failed banks. This plan is to take advantage of the lessons we have learned. We saw what works in our Nation's experience during the savings and loan crisis. We also saw what won't work.

During the 1990s, Japan lacked the will to clean up its sick banking system by taking out the toxic assets, and the end result was a ``lost decade'' during which Japan was stuck in a recession. I, for one, refuse to repeat Japan's mistakes, dooming the Nation's families and workers to a recession any longer and deeper than it takes to clean up the mess.

The first step toward recovery is to identify troubled banks and then remove the banks' toxic assets in a transparent, market-friendly manner that is free from political interference and micromanagement. The toxic assets of the troubled banks would be removed through a temporary conservatorship. Under conservatorship, the first order of business there is to protect the banks' depositors up to the current FDIC guaranteed loan levels. It is essential that we continue to protect American families' investments.

Also, many Americans are understandably angry as policymakers debate lowering pay caps for some executives who got us into this mess. Well, capping pay or taking away corporate jets isn't enough. Instead, we need to fire the failed executives and the boards of directors that took their businesses and their banks down the tubes.

Next, the Government needs to separate the bad assets from the good and hold the bad assets until the market conditions improve when the value of these assets--a good part of the value of these assets--can be realized. Unlike the current ad hoc approach, my plan also provides an exit strategy. Once you get the bad assets out, you cleanse the toxic assets, then you have the restructured institution which won't continue to call on the taxpayer for more dollars to survive.

I share the bailout fatigue all Americans are feeling, but we cannot afford to ignore the crisis. Failing to act could lead to families being unable to get loans to refinance homes, farmers unable to get credit to buy seed, students unable to get loans to go to school, and businesses unable to get credit to meet payrolls, keep workers, or expand. Our economic recovery depends directly on unlocking the credit system. It is time for policymakers to act.

This action must be a bold, coherent, and smart approach like my American Credit Cleanup Plan. It has to tackle the root cause of the problem--the toxic assets--get them out of the system, and lead us out of this economic crisis and help Americans get back to work. I, for one, say no more throwing good taxpayer money down a rat hole, no more ``adhocracy'' where we look at the crisis of the day and throw money at some institution that has already depreciated significantly in value in hopes of keeping it afloat. We need to take those institutions, cleanse the assets necessary, get new management,

new executives, and put them back in the marketplace to function without Government interference.

Mr. President, I thank the Chair. I yield the floor.

Mr. President, I ask unanimous consent to speak as in morning business for 12 minutes.

Mr. President, families and businesses across the Nation are suffering from a severe economic squeeze. Unfortunately, despite the $1 trillion stimulus bill passed by Congress, this economy will not recover--at least not until we tackle the root of the problem. As President Obama said last week, we must solve America's credit crisis.

I am hearing from folks in my home State of Missouri and across the Nation who are sick of hearing gloom and doom being preached by Government officials, sick of watching tens of billions of good taxpayer dollars being put into failing institutions, and sick of listening to the debate on how much we should pay failing CEOs, when common sense says we should fire them.

Let me be clear. All Americans need to care about the credit crisis and the Government's response. We have to solve the credit crisis to protect Main Street families and workers. The key to our economic recovery is the stabilization and restoration of the financial markets. Our financial markets make up the lifeblood of our economy, which families need to buy homes and cars, students need to receive loans, and small businesses need to purchase supplies, invest in new equipment, and meet payroll. A functioning financial system is critical to our State and local governments so they can finance critical infrastructure needs, water and sewer systems, affordable housing, and transportation.

Our banking system affects every American's standard of living, our ability to create and maintain jobs, and our ability to compete globally. It is central to all financial and household activities for Main Street America.

Unfortunately, our financial system is not working. The credit market is clogged with toxic assets mainly made up of risky subprime housing loans which were packaged into exotic financial instruments, sliced and diced, and sold here and abroad. The toxic assets are clearly at the center of the credit crisis, and until they are removed from the system, fear and uncertainty will continue to dominate the markets and our economy.

To respond to the financial crisis, the previous administration and financial regulators took a number of actions. While many of these actions were confusing and ad hoc in nature and lacking in transparency, a financial calamity was likely staved off.

Unfortunately, instead of being implemented with the expectation that the administration and the Treasury Department would provide a coherent, systematic, and transparent approach to its financial rescue efforts, the Troubled Asset Relief Program, or TARP, has been plagued by poor oversight, confusion, and changing direction.

This ``ad hocracy'' has created more uncertainty in the financial markets and for policymakers and taxpayers. Also, independent assessments have raised serious questions about the program's integrity, accountability, transparency, and effectiveness.

About 3 weeks ago, Treasury Secretary Geithner released his financial stability plan. While I welcome the Secretary's and the administration's new thoughts on resolving the financial crisis, his plan fails to live up to its promise. The plan fails to provide the clarity and the focus needed to address the financial crisis. Perhaps even more damaging, the plan created doubt and uncertainty about the Secretary's and administration's ability to lead our Nation out of this crisis.

There is no roadmap, no exit strategy, and by throwing more taxpayer money at the problem, we are only digging a deeper hole. Once again, the plan is nothing more than ``ad hocracy.''

Based on what can be gleaned from the administration's bare bones announcement, most elements of the plan appear to be stylistic changes to what has already been tried under the previous administration and leaves uncertainty about the ultimate question: How will toxic assets be addressed?

Fear and uncertainty cloud financial markets because of a lack of confidence of the solvency of our banking

system. To address this, we ultimately have to cleanse the financial institutions of the toxic assets. There are a number of ideas about how to do it. One option is to do nothing. That would not work because of massive uncertainty. The private sector is unwilling to provide capital to the banks, and the likely result would be a collapse of the system.

Let me be clear. We cannot afford to do nothing. We cannot afford a collapse of the entire banking system. A collapse of this magnitude would devastate families, farmers, students, and businesses in every community in every State.

The second option is to keep propping up the financial institutions by injecting more good taxpayer funds into sick financial institutions. That option has been applied over the past several months--most recently with AIG. Yet our financial system clearly continues to struggle. And I for one cannot support a plan that will spend more taxpayer dollars without solving the real problem.

Putting more good taxpayer money into bad institutions must end. We must implement a plan that has worked in this and other countries. We must remove toxic assets from banks.

This approach employs the statutory authorities, an approach long used by the FDIC for failed banks. It has succeeded in purging toxic assets over a long period of time.

This American credit cleanup plan is founded on lessons we learned with our experience with the savings and loan crisis and avoids the mistakes made by Japan which gave them their so-called lost decade.

First, through independent regulators, the Government must determine the true health of our banks. The overarching test is, will the bank or financial institution fail without taxpayer funds. Secretary Geithner deserves credit for recommending a stress test to determine more precisely and fully the condition of the bank--a stress test that should have been implemented a long time ago. However, a stress test cannot be a one-time snapshot. It should have been and now must be a regular and ongoing review of a bank's health.

It is critical these stress tests be done in an objective and transparent manner, without political interference, but professionally, since it is the basis for Government action. This leads to the second key principle.

For those banks found to be insolvent, toxic assets must be removed in a transparent, market friendly manner that is free from political interference, protects taxpayers, and has a clear exit strategy.

To accomplish the goal, the Government should exert temporary control of the institution through conservatorship. The FDIC has existing authorities to act as conservators and did so recently with IndyMac.

Under this approach, the taxpayer has greater protections because the Government is in control of assets and liabilities, and they can cleanse the balance sheet and off-balance sheet activities and restructure the institution.

Under conservatorship, the first order of business is to protect the bank's depositors up to the current FDIC guarantee. It is essential that we continue to protect families' investments.

Next, the Government can separate the bad assets from the good and hold the bad assets until market conditions improve. Remember, during the savings and loan crisis, the RTC took 4 to 5 years and sold off nearly $460 billion in assets. But the RTC's patience and strategy to sell off the assets in a gradual manner is a model we can use to address the massive toxic assets that are holding back the recovery of the financial industry and do so in a manner that will help limit loss to taxpayers.

The FDIC has broad powers and experience, which is why the FDIC should be the lead. Its resolution powers, including conservatorship, were authorized by Congress nearly 20 years ago and then later improved under the FDIC Improvement Act of 1991. And if the FDIC needs additional authority or resources, Congress and the administration should act quickly to ensure the FDIC can handle the crisis.

In the case of IndyMac, FDIC took over as conservator. It not only protected depositors, it also established and implemented an aggressive foreclosure mitigation program. To avoid long-term ownership of the institution, the FDIC is in the process of selling the assets and ownership of the operation back into private hands.

Finally, this approach eliminates the conundrum of valuing the assets since the Government is acquiring the assets at the bank's current book value, which means including appropriate writedowns by regulatory and accounting authorities.

For conservatorship to be effective, however, it is critical that the Government's work be free and independent from political interference. Micromanaging by Congress and the administration must end.

It is critical that one Government agency be selected to lead the cleanup. Management by committee and multiple regulators is a recipe for disaster.

While each Government regulator brings important skills and resources that may be necessary for cleaning up toxic assets, the FDIC is best equipped to carry out an efficient and effective process of cleaning up troubled banks as the lead agency. If necessary, the FDIC can draw upon additional resources from other regulatory agencies, as well as the private sector, to complete its conservatorship.

Under the third principle, failed executives and members of the board who are responsible for the failure of the sick financial institution should be replaced. Capping pay and taking away corporate jets is not enough. Firing the senior executives and boards of directors who failed the company and its shareholders must be a prerequisite to further governmental assistance.

It is time to stop taking a piecemeal, ad hoc approach in addressing our financial crisis, burying our collective heads in the sand to avoid what needs to be done, and by simply hoping things will get better. Throwing more taxpayer dollars at it or hoping they will get better on their own is unrealistic. Failing to address the toxic assets that clog the financial system undermines taxpayers' confidence in our markets, exacerbates our economic condition, and throws more tax dollars down a rathole. The time for half-baked measures is long past.

It is time we implement a bold, coherent, and smart plan to ensure accountability, transparency, and oversight. This tried and tested approach is more cost-effective and efficient than the current haphazard approach. Rather than pumping more and more taxpayer funds into sick banks, it is time to take the toxic assets that undermine the health and viability of the financial system. In other words, it is time to fire the bazooka. It is time to stop letting politics and fear drive decisions. It is time for smart, considered, and decisive action based on strategies that have worked.

In closing, I ask my colleagues and fellow Americans this question: Are we prepared to do what is necessary to save our financial system and our economy? I do not believe the answer can be anything but yes.

I thank the Chair for his indulgence, and the staff. I yield the floor.

Madam President, I thank my colleague from Connecticut, with whom I worked so closely last fall and at the end of January, for allowing us to go forward. I ask unanimous consent to speak as in morning business, and my colleague, the Senator from Iowa, I believe, wishes to speak as in morning business after that, as indicated by the manager of the bill.

Mr. President, I come to the floor today to recognize an organization that serves on the frontline of our Nation's most important international and humanitarian efforts--the U.S. Peace Corps. This week, the Peace Corps celebrates its 48th anniversary, and this is National Peace Corps Week.

Since the early 1960s, more than 195,000 Peace Corps volunteers have fostered positive relationships between the United States and nations across the globe through its grassroots efforts.

At present, 7,500 or more Peace Corps volunteers are active in over 75 countries around the world. These volunteers are exposed to a diverse array of cultures and languages during their time abroad. Approximately 22 percent of the Peace Corps volunteers are currently working in 16 predominantly Muslim countries. It is in these countries, in particular, where I believe the efforts of the volunteers are positively shaping and improving the much beleaguered and much misunderstood image of America within the Muslim world.

But there is still much work to be done. I urge my colleagues to join me in supporting an expansion of the Peace Corps and all of our Nation's smart power assets.

Smart power initiatives build upon our successful defense efforts and add economic and educational efforts, diplomatic efforts, including educational exchanges, free trade, public diplomacy, fostering private sector investments, agricultural development, humanitarian assistance, and English language teaching, just to name a few.

All of these smart power initiatives contribute not only to a better life for so many in need, but they also help create conditions for a more stable and peaceful world.

America and the developing world will benefit together from a greater investment in these initiatives and in particular in a revitalized and enlarged Peace Corps.

Over the past few years, the Peace Corps has received numerous inquiries about entering or reentering the countries where volunteers once served. I made similar inquiries, particularly with respect to friendly Muslim countries in Southeast Asia, such as Indonesia. Engaging moderate mainstream countries such as Indonesia with our Nation's smart power initiatives will enhance the conditions for lasting peace and stability.

Or as I like to say, putting more sandals and sneakers on the ground will prevent us from having to put more boots and bayonets on the ground in the future.

The work undertaken by Peace Corps volunteers serves as a fine example of the United States reaching out to foreign neighbors to foster a greater understanding and dialog. The willingness of Peace Corps volunteers to engage people at the local, community level is exactly how we ought to be providing effective and sustainable development assistance.

We need to get back out among the very people we are trying to help, which is why I also believe we need more USAID Foreign Service officers as well. Providing practical, hands-on assistance that is based on listening to the needs of the local population is a recipe for sustainable and lasting development. I believe that by having these kinds of contacts, we can do a great deal to improve the conditions of the countries themselves as well as the people in them. The stronger, more stable these countries are, the better our relations are in the world and the more we foster world peace.

We offer our hardy congratulations to all members, current and past, associated with the Peace Corps on its 48th anniversary. We thank you for improving the lives of so many and for helping America be a good neighbor to those in need. Your country is grateful for your service. Your country is grateful for the good will and the seeds of peace you have sown or are sowing. Your country is grateful for your contributions to the safety and long-term security of our Nation. Your efforts and the efforts of other volunteers are needed now more than ever. I will continue to work in supporting your important missions and expanding your ranks.

I can't stress enough the importance of our Smart Power initiatives and the importance of investing in efforts such as the Peace Corps. I am very glad to see the Obama administration, particularly Secretary of State Clinton, our former colleague, giving these initiatives an important public boost. And more important, I would say to young people and old--the young people who work with us here and any who may be listening in--that this is a wonderful opportunity to make a significant contribution to other countries, to the cause of peace in the world, and to provide yourself with an education you cannot get in any institution.

I look forward to partnering with the new administration and will work with those and others in Congress to lead the effort to make Smart Power initiatives a cornerstone in our foreign policy and in our efforts to combat extremism and terrorism around the world.

Mr. President, today I recognize the Central Missouri Eagles Youth Hockey Association for their outstanding public service to the community. Also, the Eagles have been presented with the ``Honoring the Game Award,'' presented annually by the Positive Coaching Alliance at Stanford University in 2006.

The ``Honoring the Game Award'' recognizes three youth sports programs that ``strive to win, but also strive to help their players develop skills that will serve them throughout their lifetimes.'' The Eagles were the only Midwestern sports program and the only youth hockey program in the Nation to be honored.

The Eagles received the ``Honoring the Game Award'' in recognition for their service to the community. Each year Eagles teams commit to a local service project. These projects make a meaningful difference in mid-Missouri, and they teach the Eagles players valuable citizenship lessons about volunteering.

The Hockey's program's credo ``Building Good Athletes and Great Citizens'' rings true and is the foundation for this program's athletes who not only show good sportsmanship but are active every year in community service. The best way for our young people to ensure a stronger America is to be active in their communities.

The Central Missouri Eagles Youth Hockey Associations' achievements represent a great deal of dedication. I trust that they will continue the high standards of principle and perseverance that brought them this honor. I hope the Eagles continue to comprise success both on and off the rink. Again, I extend my congratulations to this exceptional association and the young people within it.

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

Madam President, these last few days, I have been traveling across my State of Missouri, and to say that people are outraged over this $1 trillion budget buster would be an understatement. Unfortunately, many of the people have called the office and talked to the fine young people who work for me have had all kinds of harsh comments made to them. But as I have traveled around the State from my hometown of Mexico in central Missouri to the rural folks in Ava and Gainesville in south Missouri, to the people in the metropolitan area of St. Louis, Missourians are telling me how they are overwhelmingly opposed to this stimulus bill.

It is not just Missourians I met with in person; thousands have been calling my offices in the State and in Washington, as I said, to voice strong opposition. The numbers aren't even close. It is about 4 to 1 against this bill. They want me to vote against it because Missourians know the only thing about this bill that will stimulate is the national debt and the growth of Government. Don't get me wrong, Missourians aren't opposed because they are untouched by the economic crisis. In fact, a large percentage of Missourians, such as many other Americans, are struggling right now. They want to do something positive. Missouri workers are facing the loss of jobs, Missouri small businesses are failing and Missouri families are struggling to pay their bills and put food on the table.

Last week's unemployment report only underscores the suffering of the folks in Missouri and the rest of the Nation. It is clear we must act quickly and boldly to protect and create jobs and put people back to work as soon as we can. We cannot afford to sit on the sidelines and let this suffering continue. But we cannot afford nor should we spend $1 trillion on a spending bill that will jump-start spending in Government but not jobs and the economy. I want a responsible stimulus bill--not a big spending bill--that will create jobs now and help our families.

Instead of seeing a well-targeted, temporary, and timely emergency stimulus bill, what Missourians see is the bill before us today, and they see it for what it is: a budget buster that will fail to create the jobs we need so desperately now and not down the road, if then. As a matter of fact, CBO said the impact of this bill will be to slow our national gross domestic product by two-tenths to three-tenths of a percent in the long run.

This trillion-dollar baby is loaded with pet programs and wasteful spending, despite the efforts of people on my side to trim the bill's price tag and include some real stimulus. Some of this funding could be all right on its own. There are good arguments for them. But it does not belong in an emergency spending bill which goes beyond the budget and does so in the name of jump-starting the economy when it will not.

The bottom line is that this bill nickel-and-dimes the American people. Unfortunately, it is nickels and dimes with many zeros behind the fives and the tens, and it will result in over $1 trillion in additional debt that our children and grandchildren will spend their lives repaying. That is too much to ask of them, especially when it will not do the job we need to do now.

Some of my colleagues are talking about a grand compromise. The only thing grand about this compromise, regrettably, is its price tag. Only in Washington would trimming a $1 trillion bill down to $827 billion be called fiscally responsible. With interest, this is still a trillion- dollar baby, and that is on top of $9 trillion of spending loans and guarantees that the Government has already committed, as reported by Bloomberg news service today.

This budget-buster spending bill--$7 billion more than the House bill--is

still loaded with too much spending that will not create jobs, will not let working families keep more of their hard-earned money, and will not strike at the heart of our economic crisis, which is why, in good conscience, most Republicans, such as myself, will be voting no.

I am disappointed that my colleagues on the other side of the aisle are trying to point fingers at Republicans for Democrats' failures. President Obama was very compelling, and he made a strong and very urgent pitch for bipartisanship. Instead of bipartisanship, we got a bait-and-switch. Calls for bipartisanship switched to partisanship when the bill was taken over by majorities in the House and the Senate.

We heard from the President wonderful talk of a timely, targeted, and temporary stimulus bill and the fact that everybody was going to be involved, both sides. And then it was switched to a bloated, business- as-usual spending spree with Democratic priorities, stuffed with billions in wish-list items that will not create jobs. Families need help now. It is time for this bait-and-switch to end.

Rather than an irresponsible spending spree, our economic recovery plan must include three key components for it to work. Any economic recovery plan must include real and significant tax relief for working families and small businesses. Second, an economic recovery plan must be focused on including significant investment in ready-to-go infrastructure projects, things where you can go to work this year and put people to work building roads, bridges, highways, locks, transit systems, water and sewer projects, other items that we badly need in this country. Third, any economic recovery plan must include a solid plan to attack the root cause of this economic crisis--the housing and financial crisis. That is what brought us down. That is what is going to hold us here unless we do something about it. Japan spent 10 years trying to spend its way out of a similar crisis, but they did not get the debt out, and as a result they had 10 years of stagnation. We cannot afford to spend $1 trillion and have 10 years of stagnation. Unfortunately, the Democrats' trillion-dollar spending bill fails to do any of the three things that are needed.

I want to talk about the third point a little bit. There is broad agreement that without help, our economy cannot recover from the breakdown of our financial and credit markets. We were supposed to see the plan to tackle the root of the crisis today. Instead, the President postponed the critical announcement and went around campaigning, trying to force Republicans to vote for a bill that we know is a pig in a poke. We are not going to vote for a pig in a poke. If any of my colleagues don't know what a pig in a poke is, I will explain it to them.

Why would President Obama put off talking about the most important part of our economic recovery? Perhaps the President does not find the idea of coming to Congress and asking for another trillion dollars on top of this budget buster too appetizing before they get this bill passed. But just wait, folks, the numbers that are going to come in when that plan is announced will curl whatever of your hair is not curled already. I think it is one more example of the mixed-up priorities. Republicans understand that we must fix the problem first. A trillion dollars is a terrible thing to waste.

I urged and continue to urge that the President's representatives sit down with the bipartisan leaders of the House and the Senate and the appropriations and the tax-writing committees and come up with a bill that is smaller, that is focused, that will get the job done. We do not need an irresponsible bill that stimulates the debt, stimulates the growth of Government, but fails to stimulate our economy or job creation.

I yield the floor.

Mr. President, today I would like to pay tribute to a staff member who left over the recess to pursue new opportunities.

James Pitchford--known to all of us as Pitch, is a hard-charging marine who will never cease and desist until told to do so when he is on a mission. And his mission is and always has been to serve his country, the men and women in the military, and his family.

As a former Wisconsin Air National Guardsmen, naval aviator, marine aviator, and current naval reservist, I am still trying to figure out when he's going to sign up for the Army and put a check in the final square.

Pitch served on my staff for 10 years. In that time, he was a tireless, and I do want to stress tireless, advocate for the men and women in uniform and the retirees and veterans that have served this Nation so valiantly.

He helped me establish a counterimprovised explosive device center at Fort Leonard Wood. This facility has saved lives and will continue to do so by providing critical training to Army personnel for countering explosives hazards and providing countermine working dogs that were not previously available.

He was a lead staffer on the National Guard Empowerment Act, a top priority for Senator Leahy and me as cochairs of the Senate National Guard Caucus. Provisions were enacted that strengthen the Guard's position within the Pentagon and its decisionmaking power.

He worked to improve health care for the Nation's service members and veterans, particularly those suffering from ``invisible injuries'' such as post-traumatic stress disorder and traumatic brain injury.

He worked to keep the F-15 and F/A-18 lines in operation, for the benefit of the Air Force, Navy, and St. Louis workers.

He was a strong advocate for military families, our heroes here at home, and particularly the Heroes at Home Program.

There is much more to Pitch's credit legislatively and in fighting or prodding the bureaucracy, depending on which was appropriate at the time.

In addition to Pitch's innumerable legislative endeavors, he was also a leader on the staff.

He took an interest in each and every staff member and mentored all of the young staff with whom he came into contact.

He actively recruited people to work in the office, and once here, actively recruited them to be members of the Armed Forces.

He took an interest in the personal lives of staff members and volunteered his time as office liaison to the Senate Chaplain's Office.

We are also grateful to Pitch's children, his son Benjamin and fraternal twin daughters, Olivia and Kate, of Wisconsin, who endured long separations from their father while he worked to serve the State of Missouri and the Nation as well as U.S. forces and military veterans.

Pitch feels strongly, and I agree, that small business owners should be encouraged to bring their innovative technologies to our Nation's service men and women to reduce their risk of injury or death as they carry the fight to America's enemies. In his new life, he will continue to pursue this high priority in the private sector.

We are sorry to see Pitch go, but we thank him for his many years of service and wish him all the best in his many endeavors.

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

Madam President, today I wish to talk about a number of concerns I have about the underlying bill as well as some amendments I have filed and propose to call up. I have offered the distinguished chairman of the Appropriations Committee one amendment I wish to call up, and I will check with him before actually calling it up.

I think it is important to put this in context. Our Nation is in the midst of a serious economic crisis. Workers in my home State of Missouri and across the Nation are facing job losses, small businesses are failing, and families are struggling to pay their bills and put food on the table. It is clear we have to act quickly and boldly to protect and create jobs and put people back to work immediately. However, it is not nearly as important to act quickly as it is to do it right. I don't believe this bill is right. Let me tell my colleagues why.

For any economic recovery package to work, there are three critical components. First, we must invest in ready-to-go priority infrastructure projects. America's decades-long lack of improvement and investment in infrastructure--in roads, bridges, river navigation, housing, and all types of public improvements--is taking a huge toll on our economy. By investing now in shovel-ready projects, we will make significant long-term improvements to our aching infrastructure. Good roads and highways connect people to communities, attract and sustain business, and are necessary to spur economic development in our communities. Also, investing in shovel-ready projects will create jobs in our communities now. New jobs and putting people back to work is the best way to help struggling families now and start turning our economy around.

The second necessary component of any successful recovery package is real tax relief for working families and small businesses. Working families need real and significant tax relief--more than just a few extra dollars in their paycheck. They need to keep more money in their pockets and send less to Uncle Sam. Tax relief for working families will help folks weather this economic crisis.

Small businesses are the backbone of our economy, as I hope all of us here recognize. Right now, small businesses across the Nation are struggling to meet payroll, struggling to pay rent, struggling to keep their books in balance. Tax relief for small businesses would give them the money they need to keep the workers they have now. Tax relief for small businesses would allow them to invest in new equipment. Most importantly, tax relief for small businesses would give them the money to create new jobs and hire new employees.

The third and most important component of any economic recovery plan is attacking the root cause of the problem. Without help, our economy cannot recover from the breakdown in our financial and credit markets.

Bad debt is weighing down the banking system. Bad debt is creating fear and uncertainty about the solvency of our financial system. We cannot ignore this problem or wait until later to tackle it head-on.

Let me be clear. Without addressing the root cause of our economic crisis, no economic recovery package, no stimulus bill can succeed. Just ask the Japanese, who ``lost'' a decade of economic growth, providing money for more spending but without dealing with the bad assets that were on the financial books in the country. We cannot just throw money at the problem. We already tried that last year, and it hasn't worked. It hasn't turned the economy around. There are a number of alternatives to fix the root of our economic crisis. It is imperative that we select and act on one now.

One option that makes a lot of sense to me is creating a new Federal entity that will take on the toxic assets that are weighing down the banks. Acquiring these toxic assets would also address the housing crisis by allowing the Government to modify home mortgages that will likely default, be able to reduce the payments and allow those people in the homes with the bad mortgages to keep them.

During the savings and loan crisis in the 1980s and 1990s, the Government created the Resolution Trust Corporation to dispose of bad debt. We know this method can work. It was paid for. I was on the Banking Committee. We worked through it. But the RTC was the key component in helping our economy recover after almost 800 savings and loans failed. The good news is that a good deal of the money--not all of it--was brought back as the Federal Government disposed of those assets acquired.

Whether it is through an RTC or another alternative, such as a bad bank or guarantee program, or some other combination, addressing the root cause of the economic crisis is the key component to economic recovery.

Together, those three components--infrastructure investment, tax relief, and attacking the root cause of the crisis--are critical to any timely, targeted, and temporary economic recovery package. Unfortunately, I must say that the Democratic spending bill before us today fails on all three counts.

I have to say I was very disappointed that after many years where we worked together on appropriations matters and tax matters, these measures did not go through hearings, did not go through bipartisan creation. We had a brief hearing, a brief markup session, and essentially the Democratic bill was reported out--without any Republican fingerprints on it.

The bill that has come out stimulates the national debt, stimulates the growth of Government, but will do very little to stimulate the economy or job creation. First, the Democrats' spending bill shortchanges infrastructure. Next, the Democrats' spending bill fails to give working families and small businesses real tax relief. Third, the Democrats' spending bill fails to address the root cause of the economic crisis. The bill fails on all three counts.

Also, no one can ignore the massive price tag of this bill. The Democrats' trillion-dollar spending bill is a huge debt to saddle on our children and grandchildren. The cost is too high--especially when many economists agree it will do little to create jobs and stimulate the economy today, when we really need it.

In other words, the Democrats' trillion-dollar spending bill won't work for what we need it to do. The wasteful spending in this bill is running rampant. It seems this is a massive downpayment on the Democrats' policy priorities masquerading as a stimulus bill.

I was glad that we were able to strike the $246 million tax break for Hollywood movie producers from the bill yesterday. But I am disappointed that even after the outpouring of calls from the American people--we certainly heard a lot in our office--45 Democrats still voted for that special interest tax break. I think it is insulting to struggling families in Missouri and across the Nation that the Democrats would try to sneak in an almost $250 million tax break for Hollywood movie producers. Calling such a tax break for

Hollywood movies an energy stimulus is outrageous.

There are many more examples of this in the trillion-dollar spending bill that will have zero stimulative effect on our economy. How about the $75 million for smoking cessation or the $34 million to redecorate the Department of Commerce? This bill is loaded with many spending items that have nothing to do with stimulus or creating jobs. Maybe some of these items have merit on their own, but they won't create jobs or grow our economy, and they don't belong in an emergency stimulus bill.

The figures I have seen from CBO say less than 10 percent of this will be spent in the current year. Most of the spending is going to occur in 2011, 2012, and beyond. Only about 6 percent of it is on vitally needed infrastructure. We need a bill that meets the goals of creating jobs and solving the credit problem and helping American families now, not years down the road, if ever.

It is no surprise, Madam President, that the more Americans learn about this bill, the more they oppose it. You can see the results from the national polls. A recent Gallup poll shows that support is declining. A Rasmussen poll that came out today shows only 37 percent of Americans support this massive spending bill. In Missouri, our calls are running 9 to 1 against it. I think probably that 1 will even be reduced and the opposing figure will be greater as people learn more about it. My offices in Washington and in cities across my State have received overwhelming phone calls saying stop this trillion-dollar spending bill.

I think it is critical that we pass legislation that will help our economy recover, help create jobs, and help people get back to work now. But I cannot support this spending bill that fails to stimulate the economy or create jobs. I cannot support the bill that will saddle our grandchildren with even more debt. I cannot support this spending bill that would create a massive growth in Government programs, some of which may continue for years.

A critical ingredient to economic recovery is confidence that there be discipline in Government. There must be some confidence that we will not go hog-wild on a spending binge that saddles our kids with debt and sets off an inflationary cycle.

We must not repeat the mistakes of the Great Depression by throwing up trade barriers. We are living in a global economy, and we are in a global economic crisis. This demands more free trade, not less. I am heartened that just yesterday President Obama acknowledged the dangers of protectionism. I hope my colleagues don't follow the path of Smoot- Hawley and cause further damage to our economy and jobs. Cutting off trade not only threatens our export jobs, but many more jobs in my State depend upon exports and depend upon the one or two industries that might be affected. Farmers in my State have been absolutely wiped out in the past when their exports to Southeast Asia, for example, a decade ago were cut off. This retaliation that the European Union and others have threatened could cut off the markets for our farmers.

Finally, the enormity of this spending bill sends the wrong signal about creating jobs.

I hope this body will agree to a complete substitute to get a bill that will work and work now. I think there are some improvements that can be made in it. I have several of these I intend to offer at the appropriate time with several of my distinguished colleagues, including the ranking member of the Environment and Public Works Committee. He and I, along with Senators Boxer, Baucus, Cochran, Crapo, Bayh, Brownback, and Voinovich, will be offering an amendment for better roads, bridges, and highways. That amendment would take $5.5 billion provided in the new surface transportation investment program and put it into the highway and bridge formula, making the total for highways and bridges $32.5 billion instead of $27 billion. Every State wins, and it is offset. According to the American Association of State Highway and Transportation Officials, there are currently 5,148 ready-to-go projects, with a total price tag of $64.3 billion.

In addition, I will introduce, with Senators Baucus, Voinovich, and Specter, an amendment that eliminates the $8.7 billion rescission of contract authority found in SAFETEA-LU for September 30, 2009. What we had to do when we passed SAFETEA was put in a ``gimme'' at the end. Unfortunately, that ``gimme'' would cut off money that has already been authorized and ready to go to the States to spend on the Nation's highways and bridges. If this rescission is not revoked, we would see the cancellation of hundreds of major projects and the loss of jobs in every State. I think that for a stimulus it is appropriate to undo that artificial limit on spending on highways. For Missouri, the Department of Transportation estimates that this rescission would cost the State $205 million in lost projects and 9,600 jobs. This is not the year to be losing those jobs. Our amendment would strike that destructive rescission.

On a totally different subject, I will join Senator Coburn in offering an amendment that will address a national health epidemic and empower families to make healthy food choices. The amendment is simple. It would require the U.S. Department of Agriculture to establish guidelines to ensure that Federal dollars are used to purchase food that is nutritious and consistent with the food pyramid. These guidelines would be developed by the USDA, and they would give all of our important health and community advocates the opportunity to give the Government their input about how to make the Food Stamp Program a healthier program. According to the Centers for Disease Control and Prevention, poor nutrition leading to obesity can result in 1 out of 8 deaths in America today, which is caused by illnesses linked to being overweight or obese.

Another program that I intend to offer, in addition to investing in our transportation infrastructure, is investment in early childhood facilities. The shortage of these facilities is a chronic problem facing prekindergarten programs. I will offer an amendment that takes $400 million out of the HUD Neighborhood Stabilization Program to fund capital investments for new construction, rehabilitation, and retrofitting of early childhood development centers. There is almost $150 million in stalled capital projects in five States, which would serve 10,000 children. Projections on this survey suggest an immediate need that exceeds a billion dollars over the next 2 years and would serve 30,000 children and generate at least 4,000 jobs.

Finally, this is the amendment I am going to call up. It deals with low-income housing. Some of the folks who have been hit hardest by the economic crisis are needy families. They have been hit doubly hard by the reduction in available and affordable housing.

Today I intend to offer a bipartisan amendment with Senators Murray, Dodd, Reed, and Kohl to address this problem by providing $2 billion in direct equity grants to States through the low-income housing tax credit program.

Much of these funds would be directed toward tax credit deals that have already been approved by State credit agencies and have financing in place to proceed into construction, except for a recent equity gap created by the credit crisis. In other words, these funds are ready to go. They are truly shovel ready, and they deal with a great problem.

The problem is, this crisis in the financial markets has made it impossible for the normal low-income housing credit deals to go forward. This money would fill in that gap. In my State of Missouri, there are about 703 affordable housing units approved by the Missouri Housing Development Commission that have been stalled. They are ready to go. For 2009, the States anticipate another 2,000 units would be stalled.

If the equity gap funding is provided, it not only will save these units, but also create some 3,000 new jobs.

It is estimated the low-income housing tax credit will nationally build 120,000 homes annually, while supporting 180,000 jobs. These are good to go, and when the President talks about shovel-ready projects, what better thing to do than to make sure we have affordable housing for those who most need it.

I believe this amendment provides that affordable housing for families displaced by home foreclosures.

Madam President, I ask unanimous consent that the pending amendment be set aside.

Madam President, I call up amendment No. 161.

Mr. President, I ask unanimous consent that the reading of the amendment be dispensed with.

I thank the Chair, and I yield the floor.

Mr. President, I have to do a couple things, and I just want to tell you, thanks so much for agreeing to support this bipartisan amendment cosponsored by my partner on the Transportation and Housing and Urban Development Subcommittee, Senator Murray, and Senator Dodd, Senator Reed of Rhode Island, and Senator Kohl.

Mr. President, I ask unanimous consent that Senators Voinovich and Brownback be added as cosponsors to the amendment.

Some people are a little confused. In 30 seconds--50 seconds maybe--let me tell you, this is $2 billion in direct equity that goes to State housing finance programs to produce affordable housing. The funds come from the home moneys in the bill. The funds go to shovel-ready projects that have already been approved by State credit agencies. Why can't they go forward? Because of the credit crisis and the crunch, the tax credits are no longer worth what they used to be worth. This amendment allows to fill in the hole. It makes the projects viable. There will be tens of thousands of new units and tens of thousands of new jobs.

I appreciate very much my colleagues on the other side.

I yield to my colleague from Washington.

Mr. President, I rise today to support the nomination of Eric Holder for the position of Attorney General of the United States.

I thank the Chair.

My decision to support Mr. Holder's nomination does not come easily. Certainly, Mr. Holder has an outstanding reputation as a career prosecutor and an effective litigator, and he has received strong support from prominent government and former government officials on both sides of the aisle. However, I have been concerned about a number of aspects of Mr. Holder's nomination.

First, I have been deeply troubled by Mr. Holder's poor decisionmaking in the case of the pardon of Mr. Rich and the FALN members. Also, I have been concerned about his past comments regarding the second amendment, even after the Supreme Court rendered its pro- individual rights decision earlier this year. Most notably, I have been concerned about some of the comments related to intelligence activities that Mr. Holder made in past public speeches and during his recent confirmation hearing.

As vice chairman of the Intelligence Committee, I want to ensure that the intelligence community has the tools it needs to protect the country, and I want to make sure we will have an Attorney General in place who will help keep America safe.

In an effort to gain some clarity on Mr. Holder's current thinking on these issues and concerns, he met with me privately to discuss them. We discussed, for example, the President's Terrorist Surveillance Program, the FISA Amendments Act, the intelligence community's Detention and Interrogation Program, Guantanamo Bay, various interrogation legislative proposals, the applicability of the writ of habeas corpus to terrorists, renditions, and media leak investigations. A few days later we had a second meeting to discuss further the issues of great concern to me and my position on the Intelligence Committee, notably, the carrier liability provisions in the FISA Amendments Act and the propriety of investigating intelligence officials who acted in good faith and with proper authorization in the conduct of intelligence interrogations.

There have been some confusing press reports about my meetings with Mr. Holder as well as statements from Senators who were not in attendance at those meetings about it. So now is probably a good time to set the record straight.

First, it should go without saying that neither Mr. Holder nor I made any pledges or promises with respect to his nomination. We met, rather, so that we could share our perspectives on these very important issues. In those meetings, Mr. Holder provided me some additional insight that assures me he and the Department of Justice will be looking forward to keeping the Nation safe.

I invite my colleagues' attention to the following written assurance given by Mr. Holder to Senator Kyl about a week ago concerning the investigation of intelligence officials conducting interrogation activities. He said:

Prosecutorial and investigative judgments must depend on

the facts and no one is above the law. But where it is clear

that a government agent has acted in responsible and good

faith reliance on Justice Department legal opinions'

authoritatively permitting his conduct, I would find it

difficult to justify commencing a full blown criminal

investigation, let alone a prosecution.

During our meeting, Mr. Holder expanded on these remarks and explained why he had reached that conclusion--a conclusion with which I happen to agree.

While his public answer to Senator Kyl and my main emphasis during our meetings focused on the intelligence officials who followed DOJ legal guidance and not on those who either wrote that legal advice or authorized the intelligence activities based upon such advice, I told him--and I believe he understood--that trying to prosecute these lawyers or political leaders would generate a political firestorm.

Besides interrogation, we focused during both meetings on the issue of carrier liability protection under the FISA Amendments Act. During Mr. Holder's confirmation hearing, Senator Hatch asked him whether he would honor the carrier liability certifications issued by Attorney General Mukasey. Mr. Holder answered that he believed he would honor those certifications unless circumstances changed.

I have asked Mr. Holder if he could explain the ``changed circumstances'' which would cause him to withdraw the existing certifications, noting that it would be difficult for circumstances to change since all this happened in the past, was considered by the Senate and the House, we wrote a bill, and under which the Attorney General made a judgment based on those circumstances. Mr. Holder didn't give any specific examples of changed circumstances, but he planned to review the certifications to which he has not had access if confirmed. Given that those certifications are based upon relatively simple, classified facts, I am certain he will reach the same legal conclusion as Attorney General Mukasey, and I am comfortable with his thinking on the matter as he described it to me.

I cannot stress enough to my colleagues and the American people the importance of the carrier liability protection provisions in the FISA Amendments Act. These provisions not only put an end to the frivolous lawsuits brought against the carriers alleged to have participated in the terrorist surveillance program, they also increase the likelihood of future cooperation with the intelligence community by the carriers as the community strives to keep us safe within the bounds of law. I also stressed the fact that Mr. Holder is not read-in--or given access--either to the terrorist surveillance program or the interrogation program, so it would not be advisable to make any definitive statements about either program without the pertinent facts, and he agreed with me on this point.

I enjoyed my meetings with Mr. Holder. While we did not agree on every issue, I appreciated his stated willingness to keep an open mind until he has had a chance to review the classified facts involved in most of these intelligence issues.

I found Mr. Holder to be a good listener, which is an important prerequisite for any good leader. I believe him when he says he is willing to take good ideas from wherever they come. As his predecessor, General Mukasey, he will, I believe, be an Attorney General more interested in justice than in politics.

Now, I understand a number of my colleagues will not support Mr. Holder's nomination. I respect their legitimate concerns about his unsatisfactory performance in the Rich and FALN pardons. I, too, have real problems in these matters. Pardoning Marc Rich--an international fugitive from justice--was certainly a stain on the Presidency and Mr. Holder's record. Mr. Holder told me, as he said publicly, that his role was a mistake he regrets. I believe he genuinely knows what he did was wrong and would not do such a thing again. Similarly, I suppressed my concerns to Mr. Holder regarding his role with the Puerto Rican FALN group. I disagree with him that granting clemency to such people even after the time they served could ever be appropriate, but he has told me that regardless of whether we agree that it was acceptable in a pre- 9/11 world; he would not view similar future requests in the

same manner in our post-9/11 world. In that respect, I believe Mr. Holder fully supports an aggressive stand against terrorists today. I am hopeful he has learned important lessons from these events.

When confirmed, Mr. Holder will be taking over the Department of Justice that is stacked with legal talent. I wish to take a moment to note that the Nation owes a great debt of gratitude to the Department of Justice. During the past several years, we have worked very closely with the Department on many important pieces of national security legislation, including the PATRIOT Act, the Intelligence Reform and Terrorism Prevention Act, the 9/11 Recommendations Implementation Act, the USA Patriot Improvement and Reauthorization Act, the Protect America Act, and of course, the FISA Amendments Act. I am very grateful for the dedicated efforts of the National Security Division, the Office of Legal Policy, the Office of Legal Counsel, and the FBI in assisting us with these various legislative matters. I also commend those on the frontline for their untiring service and efforts to keep us safe from the many and diverse threats against our national security while ensuring that our civil liberties are protected. I expect that Mr. Holder and the Department of Justice will continue this tradition, and I look forward to working with Mr. Holder closely on PATRIOT Act sunset issues and other important national security matters during this Congress to protect our Nation.

Mr. President, I yield the floor.

Mr. President, I wish to express my support for the nomination of ADM Dennis Blair to be the next Director of National Intelligence.

Over the past several weeks, Admiral Blair and I have spoken at length about the role of the DNI and the expectations that we in Congress will have of him.

First and foremost, we expect that the DNI will direct the intelligence community and not be a coordinator or consensus-seeker or govern by majority.

Second, the DNI must be a strong leader, standing on equal footing with the Secretary of Defense and other Cabinet officials.

Third, the DNI must assert appropriate authority over the CIA--it is the DNI, and the DNI alone, who should speak and act as the President's intelligence adviser.

I am pleased that Admiral Blair has pledged that he will come back to Congress to ask for any additional authorities if he determines that such authorities are needed to direct the intelligence community.

The intelligence community needs a strong leader right now. As we know, last week the President signed a number of Executive orders that not only will have a lasting impact on how we fight this war on terror but have created immediate and serious legal and practical problems in handling terrorist detainees.

Admiral Blair will play a key role in the implementation of these Executive orders.

I believe that the sooner he learns all the facts about the CIA's interrogation and detention program and the ramifications of closing Guantanamo Bay, the better he will be able to guide that process in a manner that will not jeopardize American lives.

Admiral Blair has had a long and distinguished career in Government service. He brings a lifetime of sound judgment and strong character to this difficult job.

I believe Admiral Blair is up to the task of leading the intelligence community and I would urge my colleagues to support his nomination.