Floor Statements

Mr. President, I move to proceed to executive session to consider Calendar No. 99.

Mr. President, I send a cloture motion to the desk.

Mr. President, I ask unanimous consent that the Senate resume legislative session and be in a period of morning business, with Senators permitted to speak therein for up to 10 minutes each.

Mr. President, I have five requests for committees to meet during today's session of the Senate. They have the approval of the Majority and Minority Leaders.

Pursuant to rule XXVI, paragraph 5(a), of the Standing Rules of the Senate, the following committees are authorized to meet during today's session of the Senate:

committee on banking, housing, and urban affairs

The Committee on Banking, Housing, and Urban Affairs is authorized to meet during the session of the Senate on Thursday, June 12, 2025, at 10 a.m., to conduct a hearing on nominations in open session.

committee on commerce, science, and transportation

The Committee on Commerce, Science, and Transportation is authorized to meet during the session of the Senate on Thursday, June 12, 2025, at 10 a.m., to conduct a hearing.

committee on finance

The Committee on Finance is authorized to meet during the session of the Senate on Thursday, June 12, 2025, at 10 a.m., to conduct a hearing.

committee on foreign relations

The Committee on Foreign Relations is authorized to meet during the session of the Senate on Thursday, June 12, 2025, at 10:30 a.m., to conduct a hearing on nominations.

committee on the judiciary

The Committee on the Judiciary is authorized to meet during the session of the Senate on Thursday, June 12, 2025, at 9:30 a.m., to conduct an executive business meeting.

Mr. President, I ask unanimous consent that the Committee on Banking, Housing, and Urban Affairs be discharged from further consideration of S. 1467 and the Senate proceed to its immediate consideration.

Mr. President, I ask unanimous consent that the bill be considered read a third time and passed and the motion to reconsider be considered made and laid upon the table.

Mr. President, I ask unanimous consent that the Senate proceed to the consideration of S. Res. 278, submitted earlier today.

Mr. President, I ask unanimous consent the resolution be agreed to, the preamble be agreed to, and the motions to reconsider be considered made and laid upon the table with no intervening action or debate.

Mr. President, I ask unanimous consent that when the Senate completes its business today, it stand adjourned until 4 p.m. on Monday, June 16; that following the prayer and pledge, the Journal of proceedings be approved to date, the morning hour be deemed expired, the time for the two leaders be reserved for their use later in the day, and the Senate be in a period of morning business with Senators permitted to speak therein for up to 10 minutes each; further, notwithstanding rule XXII, the cloture motions filed on June 12, ripen at 5:30 p.m. and the Senate vote on the motion to invoke cloture on Executive Calendar No. 145, Gary Andres.

Mr. President, if there is no further business to come before the Senate, I ask that it stand adjourned under the previous order.

Mr. President, a significant number of Americans are engaging with cryptocurrency. That includes Americans who use stablecoins, and then there are the individuals and business around the world that access the American dollar through the use of dollar-backed stablecoins.

Stablecoins are a relatively recent financial innovation, but they have quickly caught on. They offer easy payments with the speed and security of the blockchain and the stability and usability of the dollar bill. There are roughly a quarter trillion dollars of them now in circulation.

Traditional financial institutions are said to be considering getting into the stablecoin business, and companies like Uber and Airbnb are reportedly exploring integrating them into their businesses. It is clear that cryptocurrency is here to stay, and it is time that we bring it into the mainstream.

Passing the GENIUS Act is a good first step. The GENIUS Act would provide a clear regulatory framework for stablecoins. It would ensure Americans can trust who they are doing business with when they purchase stablecoins, allowing the American people to exercise financial freedom with confidence.

The GENIUS Act would also protect against threats to our national security and from criminal activity. It would require stablecoin issuers to uphold the same standards as other financial institutions to monitor and report suspicious activity, comply with U.S. sanctions, and block elicit transactions.

Plus, the vast majority of stablecoins are backed by the U.S. dollar, which means this bill will create demand for the U.S. dollar and U.S. Treasurys, something that is good both for our national security and our fiscal house. It is yet another reason why we should want stablecoins to be made in America.

The GENIUS Act represents the bipartisan consensus on clear rules of the road for this new financial innovation. Today, stablecoin issuers are operating in a legal gray zone. Companies that want to follow the rules can't be sure what rules to follow.

And the Biden administration didn't help matters with its numerous lawsuits, which left many U.S.-based companies contemplating moving out of the United States altogether.

We want America to lead in financial innovation. We want to bring cryptocurrency into the mainstream, and the GENIUS Act will help us do that.

It is time to pass this bill. The version of the GENIUS Act that we will invoke cloture on today reflects months of hard work and negotiations from Members on both sides of the aisle. It is a good product that, as I said, represents the bipartisan consensus on the way forward.

And I appreciate the leadership of Senators Hagerty and Lummis and Chairman Tim Scott in getting the GENIUS Act to this point.

It has been a long haul. It began in March, with a 3-hour markup in the Banking Committee, where Senators considered 40 different amendments to this bill. It ultimately passed out of the committee by a vote of 18 to 6.

Before we began floor debate, negotiations on the bill continued, and a number of changes were made to the bill, most of them to accommodate demands from Democrats, while maintaining the full-throated support of the administration.

Three weeks after the bill finally came to the floor, it is time to move forward and pass this legislation. I hope that we will see another strong bipartisan vote on the GENIUS Act later today and in the coming days as we conclude our work. And I hope that the House will quickly take up this bill and send it to the President, who is eager to sign this legislation.

As I said last month, at the beginning of the floor process, the GENIUS Act will not be the last word on crypto legislation. There is more work to be done, including on market structure legislation. I know our colleagues have already begun work in that area as well. This remains a priority for many in our conference, and it is the next logical step in making the United States the crypto capital of the world.

And I am looking forward to continued progress in bringing cryptocurrency into the mainstream and securing American leadership in financial innovation. Digital assets are the future, and we are working to ensure that future is one where America leads.

I yield the floor.

I suggest the absence of a quorum.

Mr. President, if there is no further business to come before the Senate, I ask that it stand adjourned under the previous order.

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

Mr. President, work on reconciliation continues apace. We are getting very close to the final bill.

Since I spoke on the floor on this topic last week, two more committees have released their sections of the bill text, the Banking Committee under the leadership of Chairman Tim Scott and the Commerce Committee under the leadership of Chairman Ted Cruz.

The Commerce Committee text released on Thursday addresses multiple bill priorities, including border security, savings, and the economy. On the economy front, the Commerce section of the bill focuses on boosting growth and investment by renewing spectrum auction authority and freeing up spectrum currently held by Federal Agencies.

The United States has been a leader in the next-generation telecommunications services like 5G and advanced Wi-Fi, and we are on track to be a leader in 6G as well. That is going to require both an increase in the amount of spectrum available to the private sector and using that spectrum as efficiently as possible through AI and other technologies.

Our bill will help meet that need for spectrum and help produce thousands of new jobs and billions of investment as a result, to say nothing of faster and more affordable internet for Americans.

This has been a long time coming.

I am grateful to Chairman Cruz and colleagues from the Armed Services and Intel Committees for their continued work to find a way to get this done that preserves key national security interests and delivers a win for the American people.

On the border and national security front, the Commerce text addresses a key aspect of our domestic security: a strong Coast Guard. The Coast Guard secures our ports and waterways, provides support to American vessels in need, and plays a crucial role in enforcing maritime and immigration law and conducting drug interdictions.

Our final bill will make a substantial and sorely needed investment in the Coast Guard, including funding for desperately needed new ships and aircraft and maintenance of Coast Guard facilities.

Along with promoting safety of the seas, the Commerce text focuses on safety in the skies with a significant investment in fixing and updating our air traffic control system. The Commerce text also eliminates wasteful and unnecessary spending, which is the key focus of our bill.

So that was Thursday.

On Friday, the Banking Committee released its portion of the bill text, and eliminating unnecessary spending took center stage. Chairman Scott and Banking Committee Republicans pored over Federal programs to identify waste, duplication, and inefficiency and identified billions in savings. That includes eliminating the duplicative Office of Financial Research, transferring the Public Company Accounting Oversight Board's duties to the Securities and Exchange Commission to reduce duplication and lower costs, and postponing the implementation of duplicative small business lending data reporting requirements.

The Banking Committee's text also conserves taxpayer dollars by returning unused and unobligated funds to the Treasury. On the national security front, it authorizes $1 billion for the Defense Production Act to boost domestic production of key national security needs.

I am grateful for the hard work of Chairman Scott, Chairman Cruz, and for the hard work of all the members, both on and off the committees, who contributed to the Commerce and Banking text.

We have several more committees delivering texts this week, including border security language from the Judiciary Committee and energy language from the Energy and Natural Resources Committee.

Our final bill is rapidly taking shape. I am looking forward to considering it on the floor in the very near future. Republicans promised to build a stronger, safer, and more prosperous America, and we are going to deliver.

I yield the floor.

I suggest the absence of a quorum.

Mr. President, I move to proceed to legislative session.

Mr. President, I call for regular order.

Mr. President, I withdraw Senate amendment No. 2228.

Mr. President, I call up my amendment No. 2307 and ask that it be reported by number.

Mr. President, I ask the reading be dispensed with.

I ask for the yeas and nays on my amendment.

I send a cloture motion to the desk for the substitute amendment.

I have an amendment to the substitute at the desk, and I ask the clerk to report.

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

I ask for the yeas and nays on my amendment.

I have a second-degree amendment at the desk.

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

I have an amendment to the text of the underlying bill.

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

And I ask for the yeas and nays on my amendment.

I have a second-degree amendment at the desk.

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

I send a cloture motion to the desk for the underlying bill.

I move to commit the bill to the Committee on Banking, Housing, and Urban Affairs with instructions.

I ask the reading be dispensed with.

I ask for the yeas and nays on the motion to commit with instructions.

Mr. President, I have an amendment to the instructions.

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

I ask for the yeas and nays on my amendment.

I have a second-degree amendment at the desk.

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

Mr. President, I move to proceed to executive session to consider Calendar No. 173.

Mr. President, I send a cloture motion to the desk.