Floor Statements

Mr. President, we all know how Wall Street brought our economy to the brink of collapse nearly 2 years ago. Our financial system let traders gamble away other people's money with little risk and large reward. The system said to big bankers: If you win, enjoy your jackpot. If you lose, don't worry; taxpayers will bail you out. It is quite a rewarding deal for Wall Street but a pretty raw deal for everyone else. We have seen firsthand the dangers of that arrangement. When the bottom collapsed, 8 million Americans lost their jobs. The typical family lost $100,000 in savings and home equity. The problem is that it is still the way the system works today, and every new day we don't act, we take the chance it will happen again.

The bill empowers consumers and holds Wall Street accountable to make sure history never repeats itself. Ours is a strong bill. The American people not only overwhelmingly support this legislation, it is legislation they loudly demand. But it won't do anyone any good until we send it to the President for his signature. If there is a strategy of delay involved in this--and I certainly hope there isn't--I have said before that as soon as tonight, we could file cloture and hold a final vote this week. This cannot be delayed any longer.

I appreciate the good work of so many Senators to make a tough Wall Street reform bill even tougher. I extend my appreciation to the Presiding Officer, who has been involved in a significant number of the amendments we have tried to work through. His experience in the business community has certainly strengthened the bill.

So far, the Senate has voted for amendments to strengthen the bill and has voted against efforts to weaken it. Democrats and Republicans have voted

for each other's amendments. This is the way it should be. However, the end must come. The time has come to begin work sending this to conference so we can have a bill to go to the President.

The Senate has voted to reject loopholes for Wall Street lobbyists. We rejected an amendment that would leave the door open for more taxpayer bailouts. We denied carve-outs for those who game the system for their own financial gain.

The message is clear: We must guarantee taxpayers that they will never again be asked to bail out big banks. We must protect families' life savings and seniors' pensions. We must ensure no bank can become too big to fail. And we must make sure the system is more transparent, which will let us rein in the risky bets before it is too late.

I remind all of my colleagues that the amendment process can continue after cloture is filed and after it is invoked. I hope the two managers of this bill, Chairman Dodd and Ranking Member Shelby, can continue working on amendments that will strengthen these urgent and overdue reforms.

Another reason we have to finish sooner rather than later is that we have such important work to do this month. At the top of that list is a new jobs bill--a jobs bill that will cut taxes for middle-class families and stimulate small businesses by giving small businesses tax cuts.

Also, we have two supplemental appropriations bills. Senator Inouye and Senator Cochran are going to combine those, as the two managers of that legislation, so that when they come to the floor, there will only be one supplemental appropriations bill. They will join the FEMA supplemental--because of all of the natural disasters around the country--with the war funding bill we also need to do. We have scores of nominees awaiting confirmation. We hope to be able to complete some of that before we leave here for the recess, so I hope both sides can find a way to work together to get these bills done.

I repeat: We need to finish the bill that is on the floor. We need to do the war funding appropriations bill that is going to be combined with FEMA, and of course we have to do the jobs bill before the first of the month.

Mr. President, Wall Street isn't the only place where a reckless pursuit of profits has proven destructive. In the weeks since the Deepwater Horizon explosion, as much as 20 million gallons have spewed into the Gulf of Mexico. To put that so it is more understandable, think of the Exxon Valdez. The Exxon Valdez was an awful spill, but it was only 11 million--I underline that, only 11 million--gallons. Already, the disaster in the gulf has been twice that big as far as the amount of oil spilled.

Last night's edition of ``60 Minutes'' reported damning evidence that the roots of this tragedy are in British Petroleum executives' efforts to pad their own wallets. The program was very direct and to the point. Their greed led to 11 horrific and unnecessary deaths. It has harmed an enormous tourism industry, weakened business at countless fisheries, and disrupted life for many along the gulf coast. As the pollution grows worse, those consequences will only compound.

It is the responsibility of Congress and the administration to investigate this disaster, and it is the responsibility of British Petroleum and anyone else found culpable to pay the price of those damages. By law, oil companies are liable for only $75 million in damages in instances such as these. This is clearly insufficient. One way Congress can act now is by raising that limit. Some believe it should be raised to $10 billion. Others support no cap at all. I certainly think a $10 billion cap is inadequate.

Whatever the final figure, the catastrophe that continues to poison our gulf coast is a wake-up call. We must make sure oil companies learn their lesson. While they spend record profits on finding more oil, they also must find safer ways to drill and to handle it. They must invest in rapidly developing clean domestic energy to protect our environment and increase our energy security.

Secretary Salazar and the President deserve credit for their continued efforts to clean up the previous administration's efforts to put oil company profits before people.

In the meantime, we and the Senate must also learn from the mistakes on Wall Street to the Gulf of Mexico. We have to work as quickly as possible to protect against it ever happening again.

I note the absence of a quorum.

Mr. President, I have two cloture motions at the desk.

Mr. President, I have conferred with the Republican leader. We are going to process as many amendments tonight as we can, and all day tomorrow. Hopefully, we will be able to work on these Wednesday, also. I hope everybody considers this bill as not having been completed. We will move forward with whatever amendments are appropriate.

Madam President, I suggest the absence of a quorum.

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

Madam President, following any leader remarks, the Senate will resume consideration of the Wall Street reform legislation. We have eight amendments that are pending. Today we will continue to work through these amendments to the bill and Senators should expect rollcall votes to occur throughout the day.

We are having a special caucus today--we Democrats--to talk about this issue. The Senate will, therefore, be in recess from 1 p.m. until 2 p.m. today. I have had conversations earlier this week with the Republican leader about this and other issues, and I will talk to him again before the caucus.

Madam President, I had the opportunity a few years ago to ride with two police officers. It was a specialized unit that had been established with the Las Vegas Metropolitan Police Department on drunk drivers. I learned so much. It was a good experience for me. There were things I simply did not know existed. For example, if you see a car with no lights on--it is nighttime--there is a 50-percent chance that is a drunk driver. If you see a car making a wide sweep around a corner very slowly, there is a good chance that is a drunk driver. And they have other things they look for.

As we patrolled the streets, watching for these drunk drivers and responding to calls that came to these police officers, I was struck by how openly they talked about the dangers they face every day, having myself been a police officer and never talking about dangers because we did not have many. This was something that was an eye opener for me. For modern day police officers, it is an inherent part of their jobs, but a part of their families' lives they will never get used to--these families.

Every day, in every city and town around the country, brave men and women--all of whom volunteered to serve their communities--put themselves in danger to protect us--their friends, their neighbors, and so many they will never even know existed or meet. They take that risk to give us peace of mind in our everyday activities.

On Police Week, we recognize those who have made the ultimate sacrifice, those who have given their lives in the line of duty. This evening, they will be honored at a candlelight vigil not far from here. Their names will be added to the National Law Enforcement Officers Memorial. Alongside their families, we will celebrate their dedication and remember their sacrifice.

Four of those names belong to Las Vegas policemen who were killed last year. This morning, I had the chance to meet with their families at an 8:30 breakfast. They, of course, are some of

the strongest Nevadans we could ever meet and I ever met.

Officer Daniel Leach was a career corrections officer. He began his shift last November 21 by driving to Laughlin to pick up prisoners at the Tucker Holding Facility. He was going to take them to the Clark County Detention Center in Las Vegas.

But before he could get to Laughlin--not far from my home in Searchlight--he was involved in a vicious two-vehicle accident and was killed instantly. Officer Leach was 49 years old. He had spent the last 25 years of his life as a Las Vegas police officer. He is survived by his wife, whom I met this morning, two children, his parents, one brother, and one sister.

Before Trevor Nettleton was an officer in the Las Vegas Metropolitan Police Department, he proudly held the honored title of United States marine. His 9 years in the Marine Corps included service in the elite Presidential Guard unit, where he protected President George W. Bush.

Last November 19--2 days before Officer Leach was killed--Officer Nettleton was shot and killed by three gang members who broke into his garage in an attempt to rob him and his family. Officer Nettleton was 30 years old. He left behind a wife, two young children, his parents, and a brother.

Like Officer Nettleton, Officer Milburn Beitel III was also a marine. Tragically, he also died as a Las Vegas police officer at age 30.

``Milli''--as everyone called him--was on patrol late one Wednesday night last October when a car turned in front of him. Officer Beitel swerved to avoid the other car but was thrown from his patrol cruiser and died early the next morning. He, of course, was on a call he had received. He is survived by his parents and brother.

Last Friday marked 1 year since Officer James Manor responded to his last call. It was in the same Las Vegas community where he grew up. While responding to a domestic abuse call, a pickup truck driver failed to yield to him in his police vehicle--going as fast as he could to respond to that dispute--the collision occurred, and James Manor was killed.

He was known as ``Jamie.'' He had 10 brothers and sisters, and even more whom he considered brothers and sisters who served on the police force with him. His siblings, his mother, and his large extended family will tell his young daughter Jay'la--whom I met this morning; a beautiful little 8-year-old girl--they will tell her and the rest of the family about who he was. They will tell Jay'la about how courageous her father was, who died at 28 years of age.

This memorial wall that will bear these four Nevadans' names is a living reminder of some of our most selfless citizens. This year we will also add to that wall the names of Nevadans whom we recognize belatedly--some very belatedly:

Uriah Gregory, a jailer from Virginia Center during its heyday, was killed by two of his prisoners in 1866.

Arthur St. Clair, a constable and father of two, and George Requa, a deputy sheriff, were killed in an ambush in Elko in 1920. They were both killed at the same time.

Charles Lewis, another deputy sheriff from Elko, was killed by a thief in 1925.

George Washington Cotant, an Elko constable, died in a car accident in 1937.

Hugh Gallagher, Sr., a deputy sheriff from Virginia City, died on duty in 1948.

Ronald Haskell, a narcotics agent in Carson City, died on duty in 1975.

Richard Willson, a sergeant from Hawthorne, NV, died after apprehending a suspect in 1994.

These men were killed a long time ago--one almost 150 years ago, when Nevada had been a State for only 2 years, but it does not matter the time--and we can never forget their sacrifices.

Every day we should thank those who wake up on otherwise unremarkable mornings and head out to work with the job simply to keep us safe. Today we thank and honor the courageous Nevadans who, one unforgettable day, never came home.

Madam President, will the Chair report the bill.

Madam President, I appreciate my friend from Michigan yielding the floor. I appreciate the statement. I appreciate the work the Subcommittee on Investigations has done and I appreciate the work his Permanent Subcommittee on Investigations has done. They have done remarkably good work.

I ask unanimous consent the Senate now proceed to vote in relation to the following amendments in the order listed; that no amendments be in order to any of the amendments covered in this agreement: Franken amendment No. 3991; LeMieux amendment No. 3774, as modified, and as a side-by-side to No. 3991; provided further that after the first vote in the sequence, the remaining vote be limited to 10 minutes; and that there be 2 minutes of debate equally divided and controlled prior to the second vote; further, that at the conclusion of these votes, Senator Kaufman be recognized for a period of 5 minutes as in morning business; that at the conclusion of his remarks, the Senate then stand in recess until 2 p.m.; that at 2 p.m. there be a period of morning business, in which Senators Menendez, Lautenberg, and Nelson of Florida be permitted to speak on the subject of S. 3305 and make a unanimous consent request upon the subject; that immediately thereafter the Senate resume the consideration of S. 3217 and there be 5 minutes debate remaining in order to the Sessions amendment No. 3832, with the time equally divided and controlled in the usual form; that upon the use or yielding back of time, the Senate proceed to vote in relation to the Sessions amendment.

Mr. President, if I can have everyone's attention, I will be as quick as possible. Mr. President, we have dealt with 31 amendments on this piece of legislation. Until today, this last amendment, they have all been 50-vote margins. There has been no tabling of motions.

We now have six amendments pending. We have unanimous consent that eight more can be offered. There is talk between the two managers of the bill. There are Democratic amendments we think the Republicans will agree to; there are Republican amendments that we will agree to.

We are moving toward wrapping up this bill. There will be a number of votes on Monday night starting at 5:30. Everyone should be aware of that. Tonight the managers are here. They are going to try to work through a couple of amendments. We have one more vote. After that, there will not be any more votes until Monday night.

Vote on Amendment No. 3987

Mr. President, I rise today with a sad heart, because on Monday, May 10, the city of Las Vegas and our Nation lost a voice for truth and justice. On that day, Reverend Jesse Scott passed away.

Reverend Jesse Scott committed many of his 90 years to creating a more just world. With a commanding voice he argued for basic principles of fairness that will reverberate long into the future. His perseverance inspired us all and we continue his legacy of building a community that sees all its members as equals.

Reverend Scott's career was devoted to social justice. As an organizer, president and executive director of the NAACP in California and Nevada, he brought communities together to create better living and working conditions for minority workers. Because of his dedication, Reverend Scott was later selected to be the executive director of the Nevada Equal Rights Commission, where he served with dedication and distinction.

Until his death, Reverend Scott was assistant pastor at Second Baptist Church of Las Vegas and was the former pastor of Second Christian Church in Las Vegas. Even in his final days, he practiced his life's mission of social advocacy by working with Nevada's nonviolent ex-offenders and by promoting education to help Nevada students go to college.

The U.S. Senate will also miss an opportunity to hear Reverend Scott's words of faith; he was scheduled to serve as the guest Chaplain and deliver the opening prayer on the Senate floor on Thursday, May 20.

Mr. President, Reverend Jesse Scott was a trailblazer for civil rights and a man of deep faith in God and humanity. My thoughts are with Reverend Scott's family during this difficult time.

Our State has lost a giant, but I am proud to have worked alongside such a great Nevadan.

Mr. President, I ask unanimous consent that the Committee on Armed Services be authorized to meet during the session of the Senate on May 13, 2010, at 2:30 p.m.

Mr. President, I ask unanimous consent that the Committee on Finance be authorized to meet during the session of the Senate on May 13, 2010, at 10 a.m., in room 215 of the Dirksen Senate Office Building.

Mr. President, I ask unanimous consent that the Committee on Indian Affairs be authorized to meet during the session of the Senate on May 13, 2010, at 9:30 a.m. in room 628 of the Dirksen Senate Office Building.

Mr. President, I ask unanimous consent that the Committee on Judiciary be authorized to meet during the session of the Senate on May 13, 2010, at 10 a.m., in SD-226 of the Dirksen Senate Office Building, to conduct an executive business meeting.

Mr. President, I ask unanimous consent that the Committee on the Judiciary be authorized to meet during the session of the Senate, on May 13, 2010, at 2:30 p.m., in room SD-226 of the Dirksen Senate Office Building, to conduct a hearing entitled ``Nominations.''

Mr. President, I ask unanimous consent that the Committee on Intelligence be authorized to meet during the session of the Senate on May 13, 2010, at 2:30 p.m.

Mr. President, today, the Senate will resume consideration of the Wall Street reform legislation, with the time until 10 a.m. equally divided and controlled between the two leaders or their designees. At 10 a.m. this morning, the Senate will proceed to a series of three rollcall votes in relation to the following amendments: the Merkley amendment regarding underwriting standards; the Corker amendment regarding underwriting standards; and the Hutchison, as modified, amendment regarding the Board of Governors. Additional votes are expected throughout the day.

Mr. President, I am told that S. 3347 is at the desk and is due for a second reading.

Mr. President, I object to any further proceedings with respect to this bill.

Mr. President, would the Chair report the bill, please.

Mr. President, I suggest the absence of a quorum and ask unanimous consent that the time be charged equally to both sides.

Mr. President, I rise today in celebration of the Clark County School District's Seventh Annual International Mariachi Conference and Festival. This event promotes cultural awareness, positive citizenry and encourages students in the Las Vegas community to succeed academically via the performance of mariachi music.

The Clark County School District's Secondary Mariachi Education Program provides an annual 3-day Mariachi Conference and Festival where students from across the school district participate in 2 days of music and dance workshops taught by renowned, professional clinicians/ performers of the mariachi and ballet folklorico art forms. In this setting, students learn and perform a variety of musical pieces that demonstrate the highest level of musicianship and performance possible for their level of experience. The Mariachi Conference and Festival culminates in a professional concert production in which all student participants display their musical talents and newly-acquired skills to an audience of proud parents, school district personnel, and at-large community members. Participation in this program is something to be proud of and I congratulate all who are instrumental in the development of this local initiative.

In 2002, the Clark County School District recruited Jesus Javier Trujillo to establish the Mariachi Education Program as a means to provide a creative

and effective alternative for students to remain engaged in their schools. I salute Jesus Javier Trujillo for his visionary efforts in enabling the growth of such a dynamic program in Nevada. I also would like to thank and congratulate trustee Larry Mason, the board of school trustees, all administrators, teachers, and students for their continued commitment to this program.

As the State grapples with high levels of dropout rates, projects like the Mariachi Program provide creative alternatives for students to remain engaged in schools. This is why I have long supported this program. The Mariachi Education Program has grown exponentially and has drawn national acclaim. Both instructors and students alike have been selected to participate in top-level mariachi conferences in New Mexico, Arizona and California. Aside from their musical talent, they have played a vital role in the formation of the National Mariachi Task Force and have partnered with the Gastellum Foundation to award aspiring young mariachi performers with academic scholarships to college. I extend my best wishes to the future of the Mariachi Program.

Madam President, today the Senate will resume consideration of the Wall Street reform legislation. There will be up to 80 minutes for debate with respect to the Sanders and Vitter amendments. We will vote on those matters at around 11:30 a.m. today. The Senate will recess from 12:30 to 2:15 p.m. to allow for the weekly caucus luncheons.