Floor Statements

Mr. President, today I am reintroducing the Cybersecurity Disclosure Act along with three members of the Select Committee on Intelligence, Chairman Warner and Senators Collins and Wyden, in addition to Senators Cortez Masto and Cramer, who serve with me on the Senate Banking Committee. In response to serious data breaches of various companies, our legislation asks each publicly traded company to include--in Securities and Exchange Commission (SEC) disclosures to investors--information on whether any member of the Board of Directors is a cybersecurity expert, and if not, why having this expertise on the Board of Directors is not necessary because of other cybersecurity steps taken by the publicly traded company. To be clear, the legislation does not require companies to take any actions other than to provide this disclosure to its investors.

As EY, also known as Ernst & Young, noted in an August 2020 publication, ``Public disclosures can help build trust by providing transparency and assurance around how boards are fulfilling their cybersecurity risk oversight responsibilities.'' Investors and customers deserve a clear understanding of whether publicly traded companies are prioritizing cybersecurity and have the capacity to protect investors and customers from cyber related attacks. Our legislation aims to provide a better understanding of these issues through improved SEC disclosures.

While this legislation is a matter for consideration by the Banking Committee, of which I am a member, this bill is also informed by my service on the Armed Services Committee and the Select Committee on Intelligence. Through this Banking-Armed Services-Intelligence perspective, I see that our economic security is indeed a matter of our national security, and this is particularly the case as the pandemic has forced many of us to be ever more dependent on technology and the Internet.

Indeed, General Darren W. McDew, the former Commander of U.S. Transportation Command, which is charged with moving our military assets to meet our national security objectives in partnership with the private sector, offered several sobering assessments during an April 10, 2018 hearing before the Senate Armed Services Committee. He stated that ``cyber is the number one threat to U.S. Transportation Command, but I believe it is the number one threat to the Nation . . . in our headquarters, cyber is the commander's business, but not everywhere across our Country is cyber a CEO's business . . . in our cyber roundtables, which is one of the things we are doing to raise our level of awareness, some of the CEO's chief security officers cannot even get to see the board, they cannot even . . . see the CEO. So that is a problem.''

With growing cyber threats that have resulted in serious breaches, we all need to be more proactive in ensuring our Nation's cybersecurity. This legislation seeks to take one step towards that goal by encouraging publicly traded companies to be more transparent to their investors and customers on whether and how their Boards of Directors and senior management are prioritizing cybersecurity.

I thank the bill's supporters, including the North American Securities Administrators Association, the Council of Institutional Investors, the National Association of State Treasurers, the California Public Employees' Retirement System, the Bipartisan Policy Center, MIT Professor Simon Johnson, Columbia Law Professor Jack Coffee, the Consumer Federation of America, and Rhode Island General Treasurer Seth Magaziner, and I urge our colleagues to join in supporting this legislation.

Mr. President, today I am reintroducing the Cybersecurity Disclosure Act along with three members of the Select Committee on Intelligence, Chairman Warner and Senators Collins and Wyden, in addition to Senators Cortez Masto and Cramer, who serve with me on the Senate Banking Committee. In response to serious data breaches of various companies, our legislation asks each publicly traded company to include--in Securities and Exchange Commission (SEC) disclosures to investors--information on whether any member of the Board of Directors is a cybersecurity expert, and if not, why having this expertise on the Board of Directors is not necessary because of other cybersecurity steps taken by the publicly traded company. To be clear, the legislation does not require companies to take any actions other than to provide this disclosure to its investors.

As EY, also known as Ernst & Young, noted in an August 2020 publication, ``Public disclosures can help build trust by providing transparency and assurance around how boards are fulfilling their cybersecurity risk oversight responsibilities.'' Investors and customers deserve a clear understanding of whether publicly traded companies are prioritizing cybersecurity and have the capacity to protect investors and customers from cyber related attacks. Our legislation aims to provide a better understanding of these issues through improved SEC disclosures.

While this legislation is a matter for consideration by the Banking Committee, of which I am a member, this bill is also informed by my service on the Armed Services Committee and the Select Committee on Intelligence. Through this Banking-Armed Services-Intelligence perspective, I see that our economic security is indeed a matter of our national security, and this is particularly the case as the pandemic has forced many of us to be ever more dependent on technology and the Internet.

Indeed, General Darren W. McDew, the former Commander of U.S. Transportation Command, which is charged with moving our military assets to meet our national security objectives in partnership with the private sector, offered several sobering assessments during an April 10, 2018 hearing before the Senate Armed Services Committee. He stated that ``cyber is the number one threat to U.S. Transportation Command, but I believe it is the number one threat to the Nation . . . in our headquarters, cyber is the commander's business, but not everywhere across our Country is cyber a CEO's business . . . in our cyber roundtables, which is one of the things we are doing to raise our level of awareness, some of the CEO's chief security officers cannot even get to see the board, they cannot even . . . see the CEO. So that is a problem.''

With growing cyber threats that have resulted in serious breaches, we all need to be more proactive in ensuring our Nation's cybersecurity. This legislation seeks to take one step towards that goal by encouraging publicly traded companies to be more transparent to their investors and customers on whether and how their Boards of Directors and senior management are prioritizing cybersecurity.

I thank the bill's supporters, including the North American Securities Administrators Association, the Council of Institutional Investors, the National Association of State Treasurers, the California Public Employees' Retirement System, the Bipartisan Policy Center, MIT Professor Simon Johnson, Columbia Law Professor Jack Coffee, the Consumer Federation of America, and Rhode Island General Treasurer Seth Magaziner, and I urge our colleagues to join in supporting this legislation.

Mr. President, I ask unanimous consent to have my opinion memorandum in the impeachment trial of President Donald J. Trump be printed in the Record.

Mr. President, pursuant to rule XXVI, paragraph 2, of the

Standing Rules of the Senate, on behalf of myself and Senator Inhofe, I ask unanimous consent that a copy of the committee rules governing the procedure of the Committee on Armed Services be printed in the Record. These Rules were adopted by committee by voice vote on February 11, 2021.

Mr. President, for the Committee on Armed Services I report favorably the following nomination lists which were printed in the Records on the dates indicated, and ask unanimous consent, to save the expense of reprinting on the Executive Calendar that these nominations lie at the Secretary's desk for the information of Senators.

Madam President, today I pay tribute to a very special Rhode Islander, COL Ray Renola, USA (Ret.), who holds a unique distinction among all Americans.

Mr. Renola, at 104 years old, is the oldest living graduate of my alma mater, the U.S. Military Academy at West Point. A member of the class of 1940, Mr. Renola stands at the head of the Long Grey Line of West Pointers who have served the Nation since 1802.

As described in a recent column by Mark Patinkin in the Providence Journal, Ray was the son of Italian immigrants and one of eight children raised on the West End of Providence. He was a graduate of Classical High School in Providence and then entered Brown University, but in 1936, he made the decision to serve his country and restart and complete his college education at West Point.

Like many of our World War II veterans, Ray did not talk much about his service on the western front as a lieutenant colonel and commanding officer of the 375th Field Artillery Battalion. In short, he deployed his battalion and led them against fierce enemy resistance, unpredictable weather, harsh terrain, and austere conditions. And he led them as they made great contributions to Allied forces during the push toward Berlin in 1944-1945. After the war, Ray continued his service to our country with postings from Belgium to the Pentagon, before retiring from the military after 20 years of service. He had a similarly successful career in the private sector, working for Bulova and GTE.

He found the love of his life with Lucille, to whom he was married for 30 years, until her passing in 2010. They shared an active life of sport and travel. He remains the loved and revered patriarch of the larger, extended Renola family.

Ray embodies what it means to live an extraordinary life: love for his country; love for his family; a life of duty, honor, and country.

Mr. President, today I am pleased to introduce the Timely Reauthorization of Necessary Stem Cell Programs Lends Access to Needed Therapies (TRANSPLANT) Act of 2021 with Senators Richard Burr, Tina Smith, and Tim Scott. This bill offers promise to the tens of thousands of individuals diagnosed with leukemia and lymphomas, sickle cell anemia, and rare genetic blood disorders.

Our bipartisan legislation renews the C. W. Bill Young Cell Transplantation Program and the National Cord Blood Inventory (NCBI), the only programs in the Country that maintain donor registries for individuals in need of a bone marrow and umbilical cord blood transplantation. Over twenty-two million Americans are registered bone marrow donors resulting in nearly 6,500 transplants just last year. In the years since NCBI was established, more than 300,000 cord blood units have been collected, facilitating more than 100,000 blood stem cell transplants. The TRANSPLANT Act would reaffirm the commitment to these life-saving programs, which have been helping to connect individuals in need of bone marrow or umbilical cord blood transplants with donors for more than two decades.

The public registries, made up of donors from all over the country, have been a true lifeline for the Americans who have found an unrelated match. By strengthening and enhancing the important programs operating these registries, many more Americans will be afforded the opportunity to find a match if they are ever in need. I look forward to swift consideration of this legislation in the Senate Health, Education, Labor, and Pensions Committee and working toward passage in the full Senate.

Mr. President, today I am introducing the Layoff Prevention Act. This bill would extend the financing and grant provisions for work sharing that I authored and worked to include in the Middle Class Tax Relief and Job Creation Act of 2012, and, most recently, the Coronavirus Aid, Relief, and Economic Security Act.

The concept of work sharing is simple. It helps people who are currently employed--but in danger of being laid off--to keep their jobs. By giving struggling companies the flexibility to reduce hours instead of their workforce, work sharing programs prevent layoffs and help employers save money on rehiring costs. Employees who participate in work sharing keep their jobs and receive a portion of Unemployment Insurance benefits to make up for lost wages. This prevents layoffs, saves employers rehiring costs, and costs states only a fraction of what it would if workers went on unemployment full-time.

Financing for work sharing programs was included in the CARES Act and extended through March 14, 2021 in the most recent COVID-19 relief legislation enacted in December. The legislation I am introducing today would build upon what is currently in law, by enacting a five-year extension of financing for permanent work sharing programs, and a two- year extension for temporary programs. This revised Layoff Prevention Act will also double funding to support states that are implementing work sharing programs, from $100 million, as provided in the CARES Act, to $200 million.

I urge my colleagues to join me in supporting passage of this bill-- which will continue to spur our recovery from the pandemic--by keeping American workers on the job, saving taxpayers money, and providing employers with a practical and cost-effective alternative to layoffs.

Mr. President, in order to build on a key provision I authored in the CARES Act, which provided states with $150 billion in Coronavirus Relief Funds, I am reintroducing the State and Local Emergency Stabilization Fund Act to help state and local governments shoulder the costs of the coronavirus and its devastating impact on lives, livelihoods, and the economy.

The State and Local Emergency Stabilization Fund Act has three critical components: authorizing new funding, assuring flexibility in spending the funds, and extending the time period for which the funding can be spent.

Specifically, the bill would provide State and local governments an additional $600 billion in funding, includes a protective $5 billion small state minimum, treats the District of Columbia and the Commonwealth of Puerto Rico as States, and reserves funds for territories and Tribes. In addition, $59 billion would be allocated to States based on their relative coronavirus infection rates, and $205 billion would be reserved exclusively for local governments. The bill makes it crystal clear that Coronavirus Relief Funds are flexible and may be used to maintain state and local services. And it gives State and local governments until June 30, 2022 to spend the money in order to ensure funding can be equitably allocated and disbursed to help communities combat COVID-19 and recover.

According to a November 29, 2020 Wall Street Journal article, ``State and local government spending on public services fell at a seasonally adjusted annual rate of 3.7% in the third quarter from the second, according to the Commerce Department. That followed a 6% decline in the second quarter, the sharpest since 1952. By October, the sector had roughly 1.2 million fewer jobs than a year earlier. It could take four to eight years for the national economy to recover from the pandemic, estimates Dan White, director of fiscal-policy research at Moody's Analytics. State and local governments could take up to 10 or 15 years, he said.''

Mr. President, we should all let that sink in. ``State and local government could take up to 10 or 15 years'' to recover from the pandemic. The scale and pace of this public health emergency and its impact on our economy requires each of us to swiftly set aside ideology and work urgently to address these generational challenges head on with additional fiscal relief. We all have a common interest in ensuring that state and local governments can continue to provide health care, education, public safety, and other vital services, just when they are needed most. Any economic recovery needs reliable state and local governments that provide the business certainty that make our country attractive to businesses and investors throughout the world.

Nobody is immune from this crisis. Congress should come together, do the right thing, and provide states the resources they need to save lives and livelihoods and get the economy working again. I urge each of my colleagues to join me in working to enact this legislation so that we can get more critical federal resources to our states and local governments who are on the front lines of battling this public health and economic emergency.

Mr. President, along with Senators Brown, Leahy and many or my colleagues, I am reintroducing legislation that would create a $75 biilion Homeowner Assistance Fund that builds on the success of the Hardest Hit Fund at the Treasury Department that I championed in 2010.

The Hardest Hit Fund provided funds to 18 state-level Housing Finance Agencies, directing targeted foreclosure prevention assistance to households and neighborhoods in states like Rhode Island hit hard by the economic and housing market downturn.

The Homeowner Assistance Fund expands this model to provide a flexible source of Federal aid to all State-level Housing Finance Agencies. This Federal funding could then be used to help struggling households remain in their homes while they search for new employment or wait to get back to work. Financial assistance could go towards preventing eviction, mortgage delinquency, default, foreclosures, or loss of utility services, such as water, gas, electricity, and the Internet as well as paying property taxes.

One of the key lessons COVID-19 has taught us is that for many families, their homes may be the single most effective and accessible form of personal protective equipment. The last thing we should be doing is making housing less stable at the worst possible time. According to a January 2021 National Bureau of Economic Research working paper, ``policies that limit evictions are found to reduce COVID-19 infections by 3.8% and reduce deaths by 11%. Moratoria on utility disconnections reduce COVID-19 infections by 4.4% and mortality rates by 7.4%. Had such policies been in place across all counties (i.e., adopted as Federal policy) from early March 2020 through the end of November 2020, our estimated counterfactuals show that policies that limit evictions could have reduced COVID-19 infections by 14.2% and deaths by 40.7%. For moratoria on utility disconnections, COVID-19 infections rates could have been reduced by 8.7% and deaths by 14.8%.'' In short, keeping families housed saves lives, which is precisely the goal of our Homeowner Assistance Fund legislation.

I thank the Independent Community Bankers of America; Credit Union National Association; National Association of Realtors; National Low Income Housing Coalition; National Council of State Housing Agencies; Habitat for Humanity International; National Housing Conference; National Community Reinvestment Coalition; National Association of Affordable Housing Lenders; National Leased Housing Association; Americans for Financial Reform; National Consumer Law Center, on behalf of its low-income clients; Center for Responsible Lending; American Public Gas Association; National Rural Electric Cooperative Association; National Energy Assistance Directors' Association, Council of State Community Development Agencies, Rhode Island Housing; and the Rhode Island Association of Realtors.

I urge all of my colleagues to join in pressing for inclusion of the Homeowner Assistance Fund in our continued response to the coronavirus pandemic.

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

Mr. President, I ask for the yeas and nays.

Mr. President, I am reintroducing the Stop Subsidizing Multimillion Dollar Corporate Bonuses Act with Senators Blumenthal, Whitehouse, Merkley, Baldwin, Warren, Van Hellene, and Brown. This legislation fully closes a loophole that has allowed publicly traded corporations to deduct the cost of multimillion-dollar bonuses from their corporate tax bills. U.S. taxpayers shouldn't continue to have to subsidize these massive bonuses.

Under section 162(m) of the tax code as amended by the 2017 Trump tax law (TCJA), when a publicly traded corporation calculates its taxable income, it is generally permitted to deduct compensation costs from its revenues, with limits up to $1 million for some of the firm's most senior executives.

In the 115th Congress, the TCJA got rid of some of the prior 162(m) loopholes by taking provisions from my Stop Subsidizing Multimillion Dollar Corporate Bonuses Act, including removing the exemption for performance-based compensation, which previously permitted compensation deductions above $1 million when executives met performance benchmarks,

While these steps were a start, even more should have been done, such as applying section 162(m) to all employees of publicly traded corporations so that all compensation is subject to a deductibility cap of $1 million. This was the only provision from my Stop Subsidizing Multimillion Dollar Corporate Bonuses Act from the l15th Congress that was not incorporated into the Trump tax law.

Partially closing these 162(m) loopholes saved taxpayers $9.2 billion according to the Joint Committee on Taxation (JCT), but last Congress, the JCT estimated that fully closing the loophole along the lines of the legislation I am reintroducing today would save taxpayers an additional $27 billion dollars.

Under this legislation, publicly traded corporations would still be permitted to pay their executives as much as they desire, but compensation above and beyond $1 million would no longer be subsidized through our tax code. This is simply a matter of fairness, ensuring that corporations--and not hardworking taxpayers who face their own challenges in this economy--are paying for the multi-million dollar bonuses corporations have decided to dole out to their senior executives. Instead of showering corporations with additional benefits they certainly don't need, we should be doing everything within our power to help more families, who are barely surviving, make it to the other side of this public health emergency.

I thank Public Citizen, the Institute for Policy Studies--Global Economy Project, Americans for Financial Reform, the AFL-CIO, International Brotherhood of Teamsters, and MIT Professor Simon Johnson for their support. I urge our colleagues to join us in cosponsoring this legislation and pressing for its passage.

Mr. President, I am reintroducing the Stop Subsidizing Multimillion Dollar Corporate Bonuses Act with Senators Blumenthal, Whitehouse, Merkley, Baldwin, Warren, Van Hellene, and Brown. This legislation fully closes a loophole that has allowed publicly traded corporations to deduct the cost of multimillion-dollar bonuses from their corporate tax bills. U.S. taxpayers shouldn't continue to have to subsidize these massive bonuses.

Under section 162(m) of the tax code as amended by the 2017 Trump tax law (TCJA), when a publicly traded corporation calculates its taxable income, it is generally permitted to deduct compensation costs from its revenues, with limits up to $1 million for some of the firm's most senior executives.

In the 115th Congress, the TCJA got rid of some of the prior 162(m) loopholes by taking provisions from my Stop Subsidizing Multimillion Dollar Corporate Bonuses Act, including removing the exemption for performance-based compensation, which previously permitted compensation deductions above $1 million when executives met performance benchmarks,

While these steps were a start, even more should have been done, such as applying section 162(m) to all employees of publicly traded corporations so that all compensation is subject to a deductibility cap of $1 million. This was the only provision from my Stop Subsidizing Multimillion Dollar Corporate Bonuses Act from the l15th Congress that was not incorporated into the Trump tax law.

Partially closing these 162(m) loopholes saved taxpayers $9.2 billion according to the Joint Committee on Taxation (JCT), but last Congress, the JCT estimated that fully closing the loophole along the lines of the legislation I am reintroducing today would save taxpayers an additional $27 billion dollars.

Under this legislation, publicly traded corporations would still be permitted to pay their executives as much as they desire, but compensation above and beyond $1 million would no longer be subsidized through our tax code. This is simply a matter of fairness, ensuring that corporations--and not hardworking taxpayers who face their own challenges in this economy--are paying for the multi-million dollar bonuses corporations have decided to dole out to their senior executives. Instead of showering corporations with additional benefits they certainly don't need, we should be doing everything within our power to help more families, who are barely surviving, make it to the other side of this public health emergency.

I thank Public Citizen, the Institute for Policy Studies--Global Economy Project, Americans for Financial Reform, the AFL-CIO, International Brotherhood of Teamsters, and MIT Professor Simon Johnson for their support. I urge our colleagues to join us in cosponsoring this legislation and pressing for its passage.

Mr. President, among the many barriers to safely bringing students, teachers, and staff back to school for in-person instruction is the condition of school facilities. A recent Government Accountability Office (GAO) report found that over half (54 percent) of school districts nationwide need to update or replace multiple systems in their schools, such as heating, ventilation, air conditioning (HVAC), or plumbing. These systems are especially critical to safeguarding public health as we combat COVID-19.

Now is the time to invest in school infrastructure. Doing so will improve the resilience of our schools, improve student learning, reduce carbon emissions, and create jobs. That is why I am proud to partner with Chairman Scott in the House of Representatives in introducing the Reopen and Rebuild America's Schools Act to fix our schools. I would like to thank my Senate colleagues who are joining in this effort, including Senators Brown, Booker, Cardin, Cortez Masto, Whitehouse, Merkley, Hirono, Gillibrand, Van Hollen, Rosen, Smith, Murphy, Shaheen, Klobuchar, Lujan, Casey, Durbin, Warren, Blumenthal, Hassan, Heinrich, Duckworth, Coons, Leahy, and Stabenow.

Public schools play a vital role in every community across the Nation. They play a central role in our democracy--educating the next generation, serving as polling places for our elections, hosting community meetings and events, and so much more. When there is a natural disaster or an emergency, people often gather at their public schools for shelter, information, and resources. They are essential facilities and must be included in any new major federal investment in infrastructure.

Safe, healthy, modern, well-equipped schools are also essential for advancing student achievement and ensuring that the next generation is prepared to meet the economic, social, environmental, and global challenges our Nation faces. Yet, too many of the over 50 million students and six million staff who learn and work in our public schools spend their days in facilities that fail to make the grade. In fact, the American Society of Civil Engineers gave public school buildings across the country an overall grade of D+ in its latest report card. The 2016 State of Our Schools report found that state and local governments spend $46 billion less than what is required to update and maintain their school facilities.

States and local communities cannot bridge this gap alone, especially when many struggle to simply keep teachers and staff on the payroll. We know the budget shortfalls will hit low-income and minority communities the hardest. The GAO report found high poverty schools were more likely to rely on state funding to cover the cost of building repairs compared to wealthier schools, which were more likely to fund projects through local property taxes. The Federal government can and should be a partner in upgrading our public school facilities.

Addressing this need is not only the right thing to do for our students; it will also give a needed boost to our economy, putting people to work in family sustaining jobs. According to an analysis by the Economic Policy Institute, every $1 billion spent on construction generates 17,785 jobs.

The Reopen and Rebuild America's Schools Act of 2021 will create a Federal-State partnership for school infrastructure. It will provide, over ten years, a total of $130 billion in direct grants and school construction bonds to help fill the annual gap in school facility capital needs, while creating nearly two million jobs.

Specifically, the Reopen and Rebuild America's Schools Act will provide $100 billion in formula funds to states for local competitive grants for school repair, renovation, and construction. States will focus assistance on communities with the greatest financial need, encourage green construction practices, and expand access to high-speed broadband to ensure that all students have access to digital learning. Our legislation would also provide $30 billion for qualified school infrastructure bonds (QSIBs), $10 billion each year from FY 2022 through FY 2024, and restore the Qualified Zone Academy Bonds (QZABs) that were eliminated in the Republican Tax Cuts and Jobs Act. The legislation also eases the matching requirements and expands the authority and eligible purposes of QZABs to allow local education agencies to construct, rehabilitate, retrofit, or repair school facilities. The Reopen and Rebuild America's Schools Act also supports American workers by ensuring that projects use American-made iron, steel, and manufactured products and meet labor standards.

I would like to thank the broad coalition of educators, community organizations, unions, civil rights advocates, and employers that have provided feedback and support for this legislation, including the 21st Century Schools Fund, AASA The School Superintendents Association, American Association of School Administrators, American Concrete Pavement Association, American Concrete Pipe Association, American Concrete Pressure Pipe Association, American Concrete Pumping Association, American Federation of Teachers, American Federation of State, County and Municipal Employees, Association of Educational Service Agencies, Association of Latino Administrators and Superintendents, Association of School Business Officials International, Association for Supervision and Curriculum Development, BlueGreen Alliance, Build America's School Infrastructure Coalition, Californians for School Facilities, Coalition for Healthier Schools, Concrete Foundations Association, Concrete Reinforcing Steel Institute, Council of Great City Schools, Green Building Initiative, Healthy Schools Network, International Association of Sheet Metal, Air, Rail and Transportation Workers (SMART), International Union of Bricklayers and Allied Craftworkers, International Union of Operating Engineers, International Union of Painters and Allied Trades, National Association of Federally Impacted Schools, National Association of Elementary School Principals, National Association of Federally Impacted Schools, National Association of School Nurses, National Association of Secondary School Principals, National Concrete Masonry Association, National Education Association, National Precast Concrete Association, National PTA, National Ready Mixed Concrete, National Rural Education Advocacy Consortium, National Rural Education Association, National Urban League, North America's Building Trades Union, North American Concrete Alliance, Organizations Concerned About Rural Education, Parents for School Safety, Portland Cement Association, Precast/ Prestressed Concrete Institute, Public Advocacy for Kids, Rebuild America's Schools Coalition, Rural School and Community Trust, Teach Plus, The Brick Industry Association, Tilt-Up Concrete Association, U.S. Green Building Council, and the United Steelworkers.

We have no time to waste in fixing our deteriorating school infrastructure. In the words of a student activist in Providence, Rhode Island: ``Students cannot learn in a crumbling building, a school that isn't fit to uplift our minds.'' We need to listen to our students, strengthen our communities,

and improve our school buildings. I urge all of our colleagues to support the Reopen and Rebuild America's Schools Act and press for its passage

Mr. President, today I am introducing legislation to address the decades of underinvestment in our Nation's libraries by reinstating Federal support for library construction.

Libraries are essential community institutions that give the public access to information and services that expand learning and promote economic opportunity. When we invest in our libraries, we are offering a helping hand and hope for the future. During natural disasters and economic upheaval, libraries offer the resources and information that help people get back on their feet. As the Rolling Stones' Keith Richards reportedly said, ``The public library is the great equalizer.''

Over the last year, COVID-19 and the heightened attention to racial and economic inequality have made clear that investment in our communities should be a national priority as we work to lift people up and bring the country closer together. And that our investment in infrastructure must encompass vital community assets like schools and libraries and not just roads, bridges, and highways.

And while we know libraries are more than buildings with books and computers, they are still buildings. For thirty years, the Federal government invested in the physical infrastructure of our libraries, but abandoned that program in the early 1990s. The intervening years have taken their toll on library facilities. Indeed, the average library building is now more than 40 years old and many need large- scale improvements and modernization.

On top of this longstanding underinvestment, the pandemic has forced libraries to adapt and innovate to meet the evolving needs of their communities despite limited financial resources. The American Library Association projects billions of dollars in losses to libraries over the course of the pandemic, at a time when reliance on libraries from low-income, underserved, and Tribal communities is increasing. The pandemic's outsized impact on vulnerable communities only heightens the urgency of investing in libraries.

The Build America's Libraries Act would make $5 billion available over three years to support improvements to library facilities and invest in new library infrastructure to expand the reach of library services and programs. Priority is given to libraries that demonstrate the greatest need and predominantly serve underserved or distressed communities. The legislation also places emphasis on projects that seek to enhance facility safety, high-speed broadband access, accessibility for those with disabilities, or energy efficiency. Library construction funded by this legislation will directly boost our struggling economy by putting Americans to work and strengthening the facilities that connect patrons with educational and workforce training resources and local economic opportunities.

Libraries have always anchored our communities, and as such, we should ensure their ability to provide critical services for years to come. I am pleased to be joined by Senators Whitehouse, Wyden, and Sanders in introducing this bill, which has the support of many organizations, including the American Library Association; American Indian Library Association; American Institute of Architects; American Society of Interior Designers; Association of Tribal Archives, Libraries, and Museums; Association for Rural & Small Libraries; Chief Officers of State Library Agencies; Council of State Archivists; Education Market Association; International WELL Building Institute; National Coalition for History; National Coalition for Literacy; National Digital Inclusion Alliance; National Summer Learning Association; Schools, Health & Libraries Broadband Coalition; and Urban Libraries Council. I hope that our colleagues will join us in cosponsoring the Build America's Libraries Act and work for its inclusion in any infrastructure package.

Mr. President, among the many barriers to safely bringing students, teachers, and staff back to school for in-person instruction is the condition of school facilities. A recent Government Accountability Office (GAO) report found that over half (54 percent) of school districts nationwide need to update or replace multiple systems in their schools, such as heating, ventilation, air conditioning (HVAC), or plumbing. These systems are especially critical to safeguarding public health as we combat COVID-19.

Now is the time to invest in school infrastructure. Doing so will improve the resilience of our schools, improve student learning, reduce carbon emissions, and create jobs. That is why I am proud to partner with Chairman Scott in the House of Representatives in introducing the Reopen and Rebuild America's Schools Act to fix our schools. I would like to thank my Senate colleagues who are joining in this effort, including Senators Brown, Booker, Cardin, Cortez Masto, Whitehouse, Merkley, Hirono, Gillibrand, Van Hollen, Rosen, Smith, Murphy, Shaheen, Klobuchar, Lujan, Casey, Durbin, Warren, Blumenthal, Hassan, Heinrich, Duckworth, Coons, Leahy, and Stabenow.

Public schools play a vital role in every community across the Nation. They play a central role in our democracy--educating the next generation, serving as polling places for our elections, hosting community meetings and events, and so much more. When there is a natural disaster or an emergency, people often gather at their public schools for shelter, information, and resources. They are essential facilities and must be included in any new major federal investment in infrastructure.

Safe, healthy, modern, well-equipped schools are also essential for advancing student achievement and ensuring that the next generation is prepared to meet the economic, social, environmental, and global challenges our Nation faces. Yet, too many of the over 50 million students and six million staff who learn and work in our public schools spend their days in facilities that fail to make the grade. In fact, the American Society of Civil Engineers gave public school buildings across the country an overall grade of D+ in its latest report card. The 2016 State of Our Schools report found that state and local governments spend $46 billion less than what is required to update and maintain their school facilities.

States and local communities cannot bridge this gap alone, especially when many struggle to simply keep teachers and staff on the payroll. We know the budget shortfalls will hit low-income and minority communities the hardest. The GAO report found high poverty schools were more likely to rely on state funding to cover the cost of building repairs compared to wealthier schools, which were more likely to fund projects through local property taxes. The Federal government can and should be a partner in upgrading our public school facilities.

Addressing this need is not only the right thing to do for our students; it will also give a needed boost to our economy, putting people to work in family sustaining jobs. According to an analysis by the Economic Policy Institute, every $1 billion spent on construction generates 17,785 jobs.

The Reopen and Rebuild America's Schools Act of 2021 will create a Federal-State partnership for school infrastructure. It will provide, over ten years, a total of $130 billion in direct grants and school construction bonds to help fill the annual gap in school facility capital needs, while creating nearly two million jobs.

Specifically, the Reopen and Rebuild America's Schools Act will provide $100 billion in formula funds to states for local competitive grants for school repair, renovation, and construction. States will focus assistance on communities with the greatest financial need, encourage green construction practices, and expand access to high-speed broadband to ensure that all students have access to digital learning. Our legislation would also provide $30 billion for qualified school infrastructure bonds (QSIBs), $10 billion each year from FY 2022 through FY 2024, and restore the Qualified Zone Academy Bonds (QZABs) that were eliminated in the Republican Tax Cuts and Jobs Act. The legislation also eases the matching requirements and expands the authority and eligible purposes of QZABs to allow local education agencies to construct, rehabilitate, retrofit, or repair school facilities. The Reopen and Rebuild America's Schools Act also supports American workers by ensuring that projects use American-made iron, steel, and manufactured products and meet labor standards.

I would like to thank the broad coalition of educators, community organizations, unions, civil rights advocates, and employers that have provided feedback and support for this legislation, including the 21st Century Schools Fund, AASA The School Superintendents Association, American Association of School Administrators, American Concrete Pavement Association, American Concrete Pipe Association, American Concrete Pressure Pipe Association, American Concrete Pumping Association, American Federation of Teachers, American Federation of State, County and Municipal Employees, Association of Educational Service Agencies, Association of Latino Administrators and Superintendents, Association of School Business Officials International, Association for Supervision and Curriculum Development, BlueGreen Alliance, Build America's School Infrastructure Coalition, Californians for School Facilities, Coalition for Healthier Schools, Concrete Foundations Association, Concrete Reinforcing Steel Institute, Council of Great City Schools, Green Building Initiative, Healthy Schools Network, International Association of Sheet Metal, Air, Rail and Transportation Workers (SMART), International Union of Bricklayers and Allied Craftworkers, International Union of Operating Engineers, International Union of Painters and Allied Trades, National Association of Federally Impacted Schools, National Association of Elementary School Principals, National Association of Federally Impacted Schools, National Association of School Nurses, National Association of Secondary School Principals, National Concrete Masonry Association, National Education Association, National Precast Concrete Association, National PTA, National Ready Mixed Concrete, National Rural Education Advocacy Consortium, National Rural Education Association, National Urban League, North America's Building Trades Union, North American Concrete Alliance, Organizations Concerned About Rural Education, Parents for School Safety, Portland Cement Association, Precast/ Prestressed Concrete Institute, Public Advocacy for Kids, Rebuild America's Schools Coalition, Rural School and Community Trust, Teach Plus, The Brick Industry Association, Tilt-Up Concrete Association, U.S. Green Building Council, and the United Steelworkers.

We have no time to waste in fixing our deteriorating school infrastructure. In the words of a student activist in Providence, Rhode Island: ``Students cannot learn in a crumbling building, a school that isn't fit to uplift our minds.'' We need to listen to our students, strengthen our communities,

and improve our school buildings. I urge all of our colleagues to support the Reopen and Rebuild America's Schools Act and press for its passage

Mr. President, today I am introducing legislation to address the decades of underinvestment in our Nation's libraries by reinstating Federal support for library construction.

Libraries are essential community institutions that give the public access to information and services that expand learning and promote economic opportunity. When we invest in our libraries, we are offering a helping hand and hope for the future. During natural disasters and economic upheaval, libraries offer the resources and information that help people get back on their feet. As the Rolling Stones' Keith Richards reportedly said, ``The public library is the great equalizer.''

Over the last year, COVID-19 and the heightened attention to racial and economic inequality have made clear that investment in our communities should be a national priority as we work to lift people up and bring the country closer together. And that our investment in infrastructure must encompass vital community assets like schools and libraries and not just roads, bridges, and highways.

And while we know libraries are more than buildings with books and computers, they are still buildings. For thirty years, the Federal government invested in the physical infrastructure of our libraries, but abandoned that program in the early 1990s. The intervening years have taken their toll on library facilities. Indeed, the average library building is now more than 40 years old and many need large- scale improvements and modernization.

On top of this longstanding underinvestment, the pandemic has forced libraries to adapt and innovate to meet the evolving needs of their communities despite limited financial resources. The American Library Association projects billions of dollars in losses to libraries over the course of the pandemic, at a time when reliance on libraries from low-income, underserved, and Tribal communities is increasing. The pandemic's outsized impact on vulnerable communities only heightens the urgency of investing in libraries.

The Build America's Libraries Act would make $5 billion available over three years to support improvements to library facilities and invest in new library infrastructure to expand the reach of library services and programs. Priority is given to libraries that demonstrate the greatest need and predominantly serve underserved or distressed communities. The legislation also places emphasis on projects that seek to enhance facility safety, high-speed broadband access, accessibility for those with disabilities, or energy efficiency. Library construction funded by this legislation will directly boost our struggling economy by putting Americans to work and strengthening the facilities that connect patrons with educational and workforce training resources and local economic opportunities.

Libraries have always anchored our communities, and as such, we should ensure their ability to provide critical services for years to come. I am pleased to be joined by Senators Whitehouse, Wyden, and Sanders in introducing this bill, which has the support of many organizations, including the American Library Association; American Indian Library Association; American Institute of Architects; American Society of Interior Designers; Association of Tribal Archives, Libraries, and Museums; Association for Rural & Small Libraries; Chief Officers of State Library Agencies; Council of State Archivists; Education Market Association; International WELL Building Institute; National Coalition for History; National Coalition for Literacy; National Digital Inclusion Alliance; National Summer Learning Association; Schools, Health & Libraries Broadband Coalition; and Urban Libraries Council. I hope that our colleagues will join us in cosponsoring the Build America's Libraries Act and work for its inclusion in any infrastructure package.