Floor Statements

Mr. President, today I wish to congratulate and recognize a distinguished citizen of Kentucky, Mr. George Foreman of Danville, who was recently named Danville Art Citizen of the Year by the Arts Commission of Danville/Boyle County.

This prestigious award is meant to identify an individual in the community who has made it possible for the arts to become an integral part in other people's lives. The Arts Commission of Danville/Boyle County issued the first Art Citizen of the Year award in 2004.

As managing director of the Norton Center for the Arts and Associate Professor at Centre College, Mr. Foreman has accomplished impressive things, including forming and directing Danville's own Advocate Brass Band, receiving the 1996 Bruce Montgomery Leadership Award, and also founding the Great American Brass Band Festival. There is no doubt that Mr. Foreman's service has made his community a better place because of his dedication to the arts and the citizens of his town.

During his years of service, Mr. Foreman has played host to all the major U.S. military bands, who presented their concerts free to the public. He also partnered with Stage One, a children's theatre in Louisville, to bring the Norton Center a children's theatre. Mr. Foreman has made the arts a central focus in his life, and I look forward to his future projects.

Once again, I congratulate Mr. Foreman on this award. He is truly an inspiration to all of Kentucky, and I wish him luck on all of his future endeavors.

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 President, I ask unanimous consent that the order for the quorum call be rescinded.

Mr. President, I rise to speak in opposition to the nomination of Timothy Geithner to be Secretary of the Treasury. Of the many positions in the Federal Government about to be filled, the Treasury Secretary is among the most critical today. We are confronted by several financial panics and disasters, and one false move by the Secretary of the Treasury could result in years of stagnation and high unemployment.

Even before the disclosure of Mr. Geithner's tax problems, I had serious reservations about his nomination. Mr. Geithner has been involved in about every flawed bailout action of the previous administration. He was the front-line regulator in New York when all the so-called financial innovations that have recently brought our markets to their knees became widespread. He went along with all the flawed monetary policy decisions of Alan Greenspan and Ben Bernanke, and he stretched the law beyond recognition to bail out Bear Stearns and later AIG. All those actions, or failures to act, raise questions about the nominee's judgment, but his failure to pay his own Social Security and Medicare taxes, despite clear evidence he knew he owed the taxes, reflects negligence or worse toward the law he will be responsible for enforcing.

The financial crisis we are in the middle of today did not happen overnight and it could have been prevented. Easy monetary policy under former Federal Reserve Chairman Alan Greenspan provided the fuel for a speculative asset bubble that burst. Finally, it popped. Mr. Geithner helped Chairman Greenspan keep pouring that fuel on the fire from the day he got to the New York Fed.

More careful regulation by Mr. Greenspan, his successor Ben Bernanke, and other regulators could have better contained the damage from the bubble. Mr. Geithner sat at their side from 2003 until now. Yet he raised not one objection to their flawed regulations.

Even worse than supporting the flawed Greenspan and Bernanke policies, Mr. Geithner failed himself as a regulator. One of Mr. Geithner's most important jobs was to prevent the collapse of the largest and most important banks. One look at Citigroup today shows how he failed in that job. Although he talked about the great threat or the systemic risk, Mr. Geithner sat idly by as risk became more and more concentrated in the hands of a few large financial institutions and the pricing of risk became detached from reality. Trillions of dollars in savings held by Americans are being destroyed as a result.

When the crisis worsened last fall, Mr. Geithner helped craft the $700 billion bailout presented to Congress. The Geithner-Paulson- Bernanke plan, as sold to Congress, was to buy toxic assets to bail out their Wall Street buddies--no strings attached. But soon, Treasury changed course, choosing to take equity in banks--an option explicitly rejected before Congress. Sadly, Mr. Geithner went along with all these decisions.

Finally, we have learned that Mr. Geithner is comfortable with giving tax dollars away, but not so much with paying them himself. Documents show he repeatedly acknowledged his tax obligation and then ignored clear instructions to pay. I find Mr. Geithner's explanation that this was a careless mistake unconvincing and unsupported by the facts.

His failure to pay what he owed cost Social Security and Medicare more than $34,000, part of which would never have been repaid if Mr. Geithner was not nominated to be Secretary of the Treasury, a position which oversees tax enforcement. And he was able to convince the IRS to refund the penalties they initially charged. I hope Mr. Geithner will remember this experience when considering the tax issues of ordinary Americans.

This is all the more unfortunate because America needs a strong and credible Secretary of the Treasury now more than ever. The most recent Secretary treated Congress with borderline contempt and hostility. He was not forthcoming with information or explanations, only marching orders. I do believe Mr. Geithner understands the important role Congress has to play in our economic policies, and until his evasive and unsatisfactory answers about his tax problems, I thought he would at least do a better job than Secretary Paulson at working with Congress. When Mr. Geithner is indeed confirmed--and I know he will be by this body--I hope he will follow through on his promises to be a responsive and respectful Secretary of Treasury to Congress.

Mr. President, for all these reasons I have discussed, I cannot, in good conscience, support this nomination.

I yield the floor, and I suggest the absence of a quorum.

Mr. President, today I pay tribute to Carter Industries for their recent accomplishment.

Carter Industries was recently awarded the Defense Logistics Agency's, DLA, Business Alliance Award for Outstanding Readiness Support in the Historically Underutilized Business Zone Small Business Category. This agency provides logistics support for our military as well as other nonmilitary agencies. Carter Industries plays a very important role in the DLA's ability to provide clothing to our men and women serving domestically and abroad. Specifically, they provide coveralls for flyers and combat vehicle crewmen, which protect them from fire related injuries. Since 1996, they have manufactured military clothing in a timely fashion have consistently been dependable for our military. Located in Olive Hill, KY, in the eastern part of my State, Carter Industries also provides valuable jobs for Kentuckians in their efforts to support our men and women in uniform.

I now ask my colleagues to join me in congratulating Carter Industries for their recent achievement and commitment to our military. They deserve proper recognition for their service to our great Nation.

Mr. President, this is a day for all Kentuckians and Americans to celebrate the man I proudly call my best friend in the Senate.

Today we mark an historic occasion for the Commonwealth of Kentucky and the Senate, as my colleague, my friend, and my party's leader, Mitch McConnell, becomes the longest serving Senator in Kentucky history.

Back in 1984, when Mitch first won election to this Chamber by just over 5,000 out of over 1.2 million votes cast, some may have doubted that the Jefferson County judge executive and newly-elected Senator would go on to become the leader and statesman he is today. But some of us had little doubt.

It was easy to tell Mitch was special from the beginning. In 1984, he was the only Republican challenger in the country to defeat a Democratic incumbent in a Senate race. In Kentucky he was also the first Republican to win a statewide race since 1968.

Mitch went on to prove that his initial victory was not just luck. Some of my friends may not know what a prominent role Mitch has played in Kentucky's political history. He has helped to build the thriving two-party political system that Kentucky has today.

Mitch worked with the focused determination that is his trademark here in the Senate and aggressively recruited Republican candidates at every level throughout the State. He made his case to the people of Kentucky, explaining his philosophy and his mission.

As a Republican, he was certainly swimming upstream at first. But over time, the people responded.

Twenty-four years later, he remains as popular as ever back home. Last November, Kentuckians elected him to a record fifth term and awarded him nearly 1 million votes the most ever won by a Kentuckian in a statewide race.

And why shouldn't Kentucky continue to send Mitch McConnell to our Nation's Capital to fight for them? Look at all he has accomplished on their behalf.

No. 1 on the list is his effort to pass the tobacco buyout one of the most significant events in the agricultural history of Kentucky. I can't stress enough that the tobacco buyout, passed in 2004, has helped the livelihoods of tens of thousands of Kentucky tobacco farmers, their families, and the many towns and communities in which they lived. The tobacco buyout will inject $2.5 billion into Kentucky over 10 years to tobacco quota holders and growers, allowing them to transition to other crops, continue the farming way of life, and provide for their families. After many obstacles and years of frustration, I was proud to work closely with Mitch on this effort to sign the buyout into law. Many thought it couldn't be done. But we knew it could.

Then there are the millions of Kentuckians who have benefited from Mitch's work to strengthen higher education. I know firsthand his dedication to Kentucky's universities. He understands that by improving them, we not only help students but entire communities by developing jobs and building a better workforce.

During his time in the Senate, he has secured over $320 million for research and infrastructure in Kentucky's universities. And I know he is not finished yet, as that remains one of his highest priorities.

All of us on this side of the aisle recognized Mitch's ability, and we have unanimously chosen him to be the Republican leader.

Leading the Senate is like herding cats. Senators are not the kind of people who are easily led. We are all used to leading ourselves.

It takes a special kind of man to lead all these class-president types, to balance the different personalities and issues that can come out of our conference. It takes vision and clarity to be able to define our principles and our mission, to codify them in a way that every Member can get on board, and to communicate them to our colleagues and the country. And it takes considerable wisdom to maneuver past the many legislative obstacles and parliamentary land mines that lay in wait in the Senate. Mitch McConnell is the right man for the job, and I am proud of him as he continues to lead our party in the Senate.

And Kentucky is proud of him, too, as only the second Kentuckian in history and the first in over half a century to become a Senate floor leader. In that role, he is able to do even more for Kentucky.

Mitch has graced this Senate with his leadership, commitment to principle, and his trademark determination for 24 years now 8,775 days, to be exact. He is now Kentucky's longest serving Senator.

On a personal note, I want to say that I couldn't ask for a better partner in my work to improve our State. Mary and I will always be thankful for his friendship and that of his wife, our great Secretary of Labor, Elaine Chao.

Kentuckians could not have a better Senator fighting on their behalf. Our State is lucky to have him, and so is this Senate. I congratulate him on reaching this very significant milestone.

Mr. President, it is with great admiration and respect that I take this time to recognize one of Kentucky's most distinguished citizens, Roman Catholic Bishop John McRaith, who retired as the third Bishop of the Diocese of Owensboro.

Bishop McRaith's service over the last 26 years in the Diocese of Owensboro--which consists of 32 counties with 79 parishes, 3 high schools, 2 middle schools and 13 elementary schools--has made him a legacy in the community.

In addition to being a large diocese, Owensboro Diocese is one of the more diverse dioceses--home to a large number of Hispanic Catholic immigrants, along with a priesthood that recruits men from Latin America, Asia, and Africa. The work done by Bishop McRaith and the priests at Owensboro Diocese has increased church attendance to levels that are considered among the highest in the Nation.

Bishop McRaith has left his community a better place because of the authenticity and kindness of his services and faith. While I am sad to see him retire, I am comforted knowing that those who learned from him will continue the good work that he displayed each day. On behalf of all of those who are part of the Owensboro Diocese, I thank Bishop John McRaith for the grace and strength he brought to western Kentucky.

Mr. President, are we as in morning business?

Thank you.

Mr. President, I rise to speak on the auto bailout proposal before the Senate. But before talking about any legislation, I wish to say that I am very concerned, as everybody in the United States is, about the state of the auto industry, not only in Detroit but other States that have a great deal of auto workers and related industries.

As I said at the first Banking Committee hearing on this issue, I am not concerned about any sense of American pride or because of the great history of the American auto industry. What concerns me is the workers--the men and women who assemble our cars and trucks, who sell and service the vehicles, and those who work for the suppliers who keep the industry running.

Auto manufacturing is the largest manufacturing sector in my Commonwealth. That is the Commonwealth of Kentucky. I know Detroit's pain is felt in many towns and cities in Kentucky. In many counties, jobs supplying parts to GM, Ford, or Toyota are some of the best jobs anywhere in Kentucky. Those jobs are in danger, and I am concerned for the workers and their families.

The question facing Congress is what, if anything, we can and should do about the industry's current problems.

As I understand it, one of the two bills that is going to come before the Senate--as soon as this afternoon--one is the bill passed by the House, and the other is a similar Senate proposal. Unfortunately, much like the other bailouts we have passed, those bills rely on hopes and promises of future actions and do not require serious concessions. Those bills do not address the immediate problems facing the industry, which is a lack of funding for car loans and dealer floor plans, and many other related issues.

While the Detroit manufacturers were forced by the economic crisis to come to Congress for aid at this time, their problems are not just the result of problems in our current financial markets. The companies are simply uncompetitive in today's marketplace because of decades of bad business decisions by both the corporate management and the labor unions. What is needed is a serious restructuring of the companies that brings their costs in line with the costs of cars made by manufacturers such as Honda and Toyota and their capacity in line with the true demand for new cars, not the artificially inflated demand of the last few years.

Neither the House bill nor the Senate bill forces these companies and their stakeholders to make the changes necessary to force restructuring. The so-called car czar has no real power to make the companies and stakeholders reach an agreement accomplishing the cost and capacity changes that must be made. Because the companies would not survive in the long term without those changes, they would be back before Congress next year asking for more money to get them through the next few months, and back again and again. That is an irresponsible use of taxpayer dollars and would ultimately lead to the death of the companies and many thousands and thousands of jobs permanently being lost. Because I care too much about the workers, I cannot support either of these bills as they are currently written.

I have previously said I would support Federal assistance for companies if they undertake a chapter 11 bankruptcy restructuring. Federal financing and warranty guarantees would enable the companies to emerge from that restructuring successfully and more quickly than they would otherwise. Senator Shelby and Senator Ensign have an amendment to do just that, and I will be supporting their amendment if they are allowed to have a vote on it on the floor of the Senate.

However, chapter 11 bankruptcy is not the ideal solution, and I know just the word ``bankruptcy'' causes many people whose jobs, retirement, and health care depend on the companies to shudder. A similar restructuring that accomplishes significant changes outside of bankruptcy would work as well. Senator Corker has an amendment that would require those significant changes as a condition of Federal assistance provided in the majority's bill. If the majority allows a vote on Senator Corker's amendment, I will support it. If the amendment is adopted to the Senate version of the bill, I will support passage. If the majority blocks any minority amendments, as they have done for nearly the entire Congress, I will oppose the bill and any cloture motions.

I will go ahead and state for the record that if the Corker amendment passes and the bill becomes law, I will oppose any and all attempts to weaken its requirements. Now, I say that knowing full well that I am very concerned that come January 20, the majority might try to rewrite the requirements so that the companies are not forced to make painful changes that are necessary for them to survive in the long term. I hope that will not be the case.

For these companies to survive and thrive, there must be painful changes made, and we all know some jobs will be lost. However, with a successful restructuring, the Corker amendment being included, more jobs will be preserved for the long term than if we just prop up the companies with taxpayers' dollars for a few short months and hope for the best.

Mr. President, I yield the floor.

Mr. President, since no one else is in the Chamber, I suggest the absence of a quorum.

Madam President, today I congratulate the top public schools in the Commonwealth of Kentucky. I was pleased to learn that U.S. News and World Report awarded 26 high schools in Kentucky with a bronze medal for their outstanding performance on standardized exams and for providing college-level coursework.

These 26 Kentucky high schools have shown that they foster an environment that serves all students, no matter their academic goals, by demonstrating a commitment to excellence through quality education. These Bronze Medal Schools back this up with measurable academic outcomes that show improvement throughout a range of performance indicators.

I have always been proud of Kentucky education because of its relentless effort to enhance and develop the lives of every student. This is a well deserved recognition for the excellent work that is done by all of these high schools, and I would like to congratulate each for its great success.

The following schools were commended with awards: Barbourville City School in Barbourville, KY; Bardstown High School in Bardstown, KY; Central High School in Louisville, KY; Corbin High School in Corbin, KY; Dawson Springs High School in Dawson Springs, KY; Eminence High School in Eminence, KY; Evarts High School in Evarts, KY; Frederick Fraize High School in Cloverport, KY; Graves County High School in Mayfield, KY; Hancock County High School in Lewisport,

KY; Harlan High School in Harlan, KY; Hazard High School in Hazard, KY; Hickman County High School in Clinton, KY; Jackson City School in Jackson, KY; Johnson Central High School in Paintsville, KY; Magoffin County High School in Salyersville, KY; Owensboro High School in Owensboro, KY; Paintsville High School in Paintsville, KY; Paris High School in Paris, KY; Phelps High School in Phelps, KY; Pineville High School in Pineville, KY; Russell County High School in Russell Springs, KY; Walton-Verona High School in Walton, KY; Whitley County High School in Williamsburg, KY; Williamsburg City School in Williamsburg, KY; and Williamstown High School in Williamstown, KY.

Again, I commend these high schools for a job well done. I hope that their efforts will inspire other schools in Kentucky and around the country to strive for the best.

Madam President, today I congratulate the top public schools in the Commonwealth of Kentucky. I was pleased to learn that U.S. News and World Report awarded seven high schools in Kentucky with a silver medal for their outstanding performance on standardized exams and for providing college-level coursework.

These seven Kentucky high schools have shown that they foster an environment that serves all students, no matter their academic goals, by demonstrating a commitment to excellence through quality education. These Silver Medal Schools back this up with measurable academic outcomes that show improvement throughout a range of performance indicators.

I have always been proud of Kentucky education because of its relentless effort to enhance and develop the lives of every student. This is a well deserved recognition for the excellent work that is done by all of these high schools, and I would like to congratulate each for its great success.

The following schools were commended with awards: Beechwood High School in Fort Mitchell, KY; Bowling Green High School in Bowling Green, KY; Dupont Manual High School in Louisville, KY; Highlands High School in Fort Thomas, KY; Louisville Male High School in Louisville, KY; North Oldham High School in Goshen, KY; and South Oldham High School in Crestwood, KY.

Again, I commend these high schools for a job well done. I hope that their efforts will inspire other schools in Kentucky and around the country to strive for the best.

Mr. President, I would like to honor my friend and colleague from Oregon, Senator Gordon Smith.

I have worked with Gordon since coming over to the Senate in 1998. It has been an honor and privilege to serve on both the Senate Finance Committee and Energy and Natural Resources Committee with him. Gordon has a long list of accomplishments to show for the people of Oregon and the Nation. He has served the people of Oregon well, and I know they are proud to call him one of their own. His leadership in the Senate will be missed, and it has truly been an honor serving with him.

I thank Gordon for all of his contributions to the U.S. Senate, and I wish him and his family the best of luck in their future endeavors.

Mr. President, I wish to join my fellow Senators to honor a colleague and a friend, Senator John E. Sununu, who is departing the Senate at the close of this Congress. I have enjoyed working with Senator Sununu over the years--first in the House of Representatives and later in the Senate.

While in the Senate, I have had the great fortune of serving with John on the Senate Finance Committee. He is a revered advocate of fiscal discipline, personal responsibility, and free markets. The two of us have stood together on numerous issues--most notably tax--and I have always believed that we could accomplish any goal because I had his voice of conviction and intellect by my side.

Representing New Hampshire, Senator Sununu has proven to all Granite Staters that he will fight for the simple motto that reads on their State license plate: Live Free or Die. Whether the item of the day was social security, trade, or any other topical issue, including the original intent of the Constitution, Senator Sununu has proven that he is up for any debate.

The U.S. Senate will not be the same without Senator John Sununu. In a time when many politicians try to increase the role of government in American life, Senator John Sununu has always bet on the American people rather than government. I will miss John Sununu.

Mr. President, I have had the good fortune of coming to the Congress in 1987 as a Member of the House of Representatives. Therefore, I did not get to mingle and get to know Ted Stevens really well--just in conferences. If you want to get through to the other side of Ted Stevens--not the one we have heard about so much on the floor today--go to a conference with Ted Stevens, and he will defend his issues and his particular beliefs in that conference as good as anyone I know of these 100 people who are in the Senate.

But then, in 1998, I had the good fortune of being elected to the Senate. When you come to the Senate for the first time, and you have had an encounter with Ted Stevens in any manner, it is kind of like: Oh, my God, is he really that tough to deal with all the time or is that a facade we see?

Well, I have gotten to know, over the last 10 years, the true Ted Stevens. If you want someone who represents America representing you in the Senate, it is Ted Stevens--not only for his State, for the defense of our country, for the principles of the United States on which we stand, our Founders embedded in Ted Stevens' mind, but for all the other things this country stands for: the goodness of its people, giving to others, allowing them to get to know you to the point of changing that gruff outside into pure love. I have found Ted Stevens to be the most straightforward, honest Senator I have ever dealt with. He has given me, just by association for the last 10 years, the basis on which I serve here in the Senate. He has given me the example. He has given me the principles and the things that each and every one of us here on the Senate floor should demonstrate daily. Sure, we all look out for our State; he does it better than everyone. Sure, we look out for the United States of America as a whole--and he has done it better than anyone--but for family values or love of family, for love of fellow citizens and fellow Senators, this man is a shining example of what a Senator should be. I will hold his friendship dear until we both die. I thank him for his service.

Mr. President, I rise to say a few words in response to what I have heard on the floor of the Senate today. Many Senators have stood up and spoken in favor of the Wall Street bailout bill we will be voting on later tonight. That is their right, but they are only telling one side of the story.

I have heard a lot about changes made to this bill in the last few days, but make no mistake about it, this is the same bailout that the House of Representatives rejected Monday afternoon. The only thing that is different is the packaging. The failed House bill has been attached to a tax bill which the Senate has already passed overwhelmingly, a mental health parity bill which is broadly supported in the Senate, and an increase in FDIC insurance limits. In other words, a few sweeteners have been added to buy off a few more votes. But the bailout remains the same.

Now, let me say a few words about some of that lipstick. Though the tax extenders bill does not have everything I hoped for in it, I strongly support it and voted for it just a few weeks ago. I also have cosponsored the Senate version of the mental health parity bill. I still support both and want to see them become law. I am disappointed that I am being put in a position of having to vote against those bills.

I have been clear since Secretary Paulson proposed his plan that I thought it was a bad idea and would not work. I still think so, and apparently so does a majority of the House of Representatives. The House rightly rejected the bailout we will be voting on tonight because it is a bailout of Wall Street at the expense of Main Street. The American people are outraged by this proposal, and all any Senator needs to do is stand around their front office and listen to the phone calls to understand that.

Now, about the proposal itself, I have no confidence it will work, and the only people I have heard that have confidence that it will work are the Treasury Secretary and the Chairman of the Federal Reserve, the people who proposed it in the first place. Even Senators supporting this bill say things like ``I hope this will work'' or ``we have to do this because nothing is not an option.'' I say that $700 billion is a lot of money to gamble on hope, especially when there are other options.

Sadly, no other options have been considered. Secretary Paulson and Chairman Bernanke both admitted they did not consider other proposals. Congress certainly has not considered any other option. Why not? Because we are told there is not time and we have to do something now. Well, here we are, 2 weeks after the initial proposal, and the sky has not fallen.

Now, I recognize there are real problems in our financial markets and those problems could hurt the overall economy and average Americans. As I have said on this floor as recently as last week, we have both policy and structural problems in our financial system that need to be addressed. Those problems are largely a result of bad monetary policy, bad governmental policies, and bad oversight by regulators. But these problems cannot be fixed by just throwing money at Wall Street as we run out the door to go home and campaign. They require serious thought and serious work.

While the problems in our financial markets have been a long time in the making and cannot be solved overnight, the freeze in the credit markets and the panic that we are seeing now came about rather quickly. That is because Secretary Paulson and Chairman Bernanke set expectations for Government intervention when they bailed out Bear Stearns in March. The markets operated all summer with the belief that the Government would step in and rescue failing firms. Then they let Lehman Brothers fail, and the markets had to adjust to the idea that Wall Street would have to take the losses for Wall Street's bad decisions, not the taxpayers. That new uncertainty could be the most significant contributing factor to why the markets have lost confidence. Even worse, to sell the public and Congress on this Wall Street bailout, the President, Secretary Paulson, and Chairman Bernanke have pushed the media and public to the edge of panic by telling everyone we are staring at the second coming of the Great Depression.

But this bill is not going to solve those problems. I am not alone in my concerns about this bill. Last week, I entered into the Record two letters from nearly 300 economists who said it will not work. I have also heard from many market participants that this program will not work. In fact, the only way anyone has any confidence that this plan will work is if the Government overpays and gives a windfall to the banks and others selling their bad investments. But that is not just dishonest, it is also not even the most efficient way of getting funds into the institutions.

This bill also has no requirements that the institutions take their newfound cash and use it to lend to Main Street or anyone else. They are going to put that money to the use they think is in their best interest, not in the best interest of the average American.

Now, I do support taking action to address the mess Government created. To restore confidence, instead of giving

the Secretary $700 billion, we should send a signal that we are serious about this and stay in Washington until we have a real solution. One way we could do that is to give the Secretary a far smaller amount of funds to use to unfreeze the markets and take a few weeks to hold some hearings, meet with experts who might have different ideas, and find a way to fix what is broken. We certainly should not just rely on the opinions of the people who created this mess and stand to benefit the most from this proposal.

There are plenty of other ideas that are worth exploring but, unfortunately, have been ignored. We could allow companies with earnings overseas to bring that money back to the United States tax free if they invested it in the same troubled assets the Secretary wants to buy. Rather than buying toxic paper, we could create a system to support the top-quality, AAA-rated, debt market, which must begin functioning for the credit crunch to end. We should also immediately put in place policies that will encourage economic growth, such as energy exploration and development and tax policies to encourage job creation. We also need to address the regulatory and structural problems I mentioned earlier. I am sure there are plenty of other ideas that could help as well. My intent here is not to list everything that needs to be done but to point out that there is a lot that should be considered and is not even being discussed.

Finally, I want to say that I hope for the best with this bill. I am going to vote against it, and I hope that I am wrong. Even if this bill passes and becomes law, I am not going to give up on looking for the right long-term solutions to our problems.

Mr. President, I would like to recognize Ms. Jo Price Craven, principal of Piner Elementary School in Morning City, KY. Ms. Jo Price Craven was recently honored by the National Association of Elementary School Principals as one of the recipients of the 2008 National Distinguished Principals Award.

The National Distinguished Principals Program was established in 1984 as an annual event to honor exemplary elementary school principals who set the pace, character, and quality of the education children receive during their early school years. One principal is chosen from each of the 50 States and the District of Columbia, and this year Ms. Jo Price Craven has been selected as a National Distinguished Principal from the Commonwealth of Kentucky.

Throughout her time at Piner Elementary School, Principal Jo Price Craven has displayed herself to be an example of excellence in primary education. Her educational philosophy fosters a school environment that is considerate and challenging to allow teachers at Piner Elementary to mobilize and enhance student performance.

Kentuckians are extremely proud of Ms. Jo Price Craven. I am honored to pay tribute to her, and I encourage my colleagues to join me in wishing Principal Craven continued success as she continues her exceptional work in education.

Mr. President, today I recognize Ms. Kelsey Landt of Paducah, KY, who is a premed senior at the University of Kentucky at 13 years old. Before her teenage years Kelsey participated in spinal cord injury research at the University of Kentucky, and while at the National Institute of Neurological Disorders and Stroke, she utilized transcranial magnetic stimulation to understand reward processing. At the age of 10, she presented her work at the 2005 Community College Conference for Student Research in Madisonville, KY, and this year, she

participated in a summer internship program at the National Institutes of Health in Maryland. At an age when many children look to hangout at a local mall, Kelsey has already built a resume that mirrors those students who were born more than a decade before her.

In addition to her academic activities, Kelsey is involved in community life. She is presently the youngest account holder at the Community Foundation of West Kentucky where she raises money for medical and research based charitable organizations. She is a regular at the local Salvation Army and makes time to volunteer at a local children's hospital in Lexington, KY.

After earning a bachelor's degree in biology at the University of Kentucky next spring, Kelsey will begin her postbaccalaureate position at the National Institutes of Health and then hopes to attend medical school. Like most Kentuckians, I look forward to seeing all that she will accomplish as she works toward her goal of becoming a medical scientist.

Mr. President, I would like to take this opportunity to congratulate Walker Intermediate School on being named a President's Challenge State Champion by the President's Council on Physical Fitness, PCPFS, for 2007-2008. Their accomplishment is an example for all schools across the Commonwealth and our Nation.

Each year the PCPFS State Champion award is presented in all 50 states to 3 schools with the highest number of students scoring at or above the 85th percentile on the President's Challenge Physical Fitness Test. The test measures four components of physical fitness: a 1-mile run-walk for heart and lung endurance; curl ups for abdominal strength and endurance; a ``sit and reach'' stretch for muscular flexibility; pullups for upper body strength and endurance; and a shuttle run for agility. The inclusion of Walker Intermediate School in this group is a credit to the dedication of its students, staff, and administration.

Walker Intermediate School is a role model to other institutions through its dedication to helping students gain physical fitness skills and to understanding the health benefits of regular physical activity. In a time in which many young people are faced with weight related problems, Walker Intermediate has proven to be a leader by encouraging students and adults to engage in physical activity.

Walker Intermediate School is an inspiration to the citizens of Kentucky and to student and community leaders everywhere. I look forward to seeing all they will accomplish in the future.