Floor Statements

Madam President, I wish to recognize February as Black History Month. Each February our Nation focuses on the contributions African Americans have made in shaping our Nation. This year, the Association

for the Study of African American Life and History has declared the theme for 2012: ``Black Women In American Culture and History.''

Each year since 1976, the President issues an executive proclamation naming February as African American History Month. More than a half dozen Federal agencies, including the Library of Congress, conduct celebrations, programs, and activities relating to this rich history.

I join them in recognizing the importance of remembering the contributions made by such memorable figures as Rosa Parks, Shirley Chisholm, Sojourner Truth and Maya Angelou just to name a few, and our country's initial African-American First Lady, Michelle Obama.

Just as importantly, countless unsung African-American women have made a mark in their communities by caring for their families, teaching our youth, running successful businesses, serving their churches, and getting elected to public office.

Many African Americans spent their entire lives without getting the credit they deserved. By focusing on Black history in February, we can give overdue acknowledgement and perhaps inspire our young African Americans to continue to achieve greatness.

In Alaska, African Americans have worked to build our communities with their many contributions.

I urge all Alaskans and other Americans to examine and contemplate the significance of the contributions that African-American men and women have made in determining the course of these United States of America.

Madam President, I would like to speak for a moment on the courageous and heroic actions of a fellow Alaskan. Dr. Paul Taylor of Fairbanks, AK, while serving as a member of the United States Army Special Forces in the Republic of Vietnam, risked his life on January 17, 1967, to save a wounded soldier and prevent the further demise of American forces.

While under heavy attack, Staff Sergeant Taylor and a fellow soldier led a direct charge on the enemy position and both sustained serious injuries. After dragging his wounded comrade to safety, Staff Sergeant Taylor continued to lead the attack on the enemy until the platoon could retreat to a secure helicopter landing zone.

Staff Sergeant Taylor's decorations from his service in Vietnam include a Bronze Star with ``V'' device, Silver Star, three Purple Hearts, and the Army Commendation medal.

It is with great honor and humility that I, along with the United States Army, on February 4, 2012 will recognize Dr. Taylor with the presentation of a Silver Star with a Single Bronze Oak Leaf Cluster for this action. Although this recognition is 45 years after the fact, Dr. Taylor's actions and sacrifice shall not be forgotten by Alaskans and all Americans as the memory is still alive with him.

Thank you, Mr. President. I also enjoyed this debate. I agree with Senator Brown. It is a form they already fill out now. We just have to add one other line. It is not complicated. I think it is a good idea. I will leave it at that.

I ask unanimous consent to speak in morning business about the STOP Act.

Mr. President, I yield the floor.

The STOP Act is the Stop the Outrageous Pay for Fannie and Freddie Act, the bill Senator Thune and I introduced this morning. Our bill comes in the aftermath of a series of events that began last November when reports surfaced that the Federal Housing Finance Agency, FHFA, approved nearly $13 million in bonuses for 10 executives, that enterprise that supervises Fannie Mae and Freddie Mac.

In response, Senator Thune and I spearheaded a bipartisan letter, signed by 58 other Senators to the FHFA, Acting Director Edward DeMarco and the Treasury Secretary, Timothy Geithner. We expressed outrage over these pay levels, and I believe our message was heard. Almost 3 months after our letter was sent, the pressure was clearly on. Government regulators were cutting the pay of the executives they hired to replace the departing heads of Fannie Mae and Freddie Mac.

Also, in response to our efforts, House Financial Services Committee chairman Spencer Bachus introduced legislation suspending these bonuses and limiting future compensation packages for Fannie and Freddie employees. In November, his committee passed the bill by a vote of 52 to 4.

The Begich-Thune STOP Act is a commonsense approach to address the outrageous Wall Street-like bonuses and pay that have occurred at Fannie Mae and Freddie Mac for far too long and which continue to occur to this day, even after billions in taxpayer bailouts. I wish to make it clear, this bill will not change the life much for nonexecutives. The pay structure for the everyday, hard-working Americans at Fannie and Freddie will stay almost as it is today. They are not the target. However, it will change the life for executives such as Peter Federico, who earned $2.5 million in 2010 and had a target compensation of $2.6 million in 2011. This was at the same time he was gambling that struggling homeowners would be unable to refinance their high-interest mortgages to record-low interest rates. This is unacceptable, unethical, and I know this body will not tolerate it.

Here is how our legislation works: It simply places Fannie Mae and Freddie Mac employees on the same pay scale as the financial regulators at the FDIC and SEC, a pay scale long established in Federal law. It is a pay scale called the Financial Institutions Reform, Recovery, and Enforcement Act. This is the pay scale we are basing our legislation on.

Under our approach, Fannie Mae and Freddie Mac employees cannot be paid more than employees of other Federal financial regulatory agencies. Right now the highest paid person under this pay scale makes $275,000 a year. This is our pay cap. While this is a lot of money, it is not any more than what the cops, as we call them, on the financial beat make to ensure that ordinary Americans are protected and get a fair shake.

Our legislation also stops any future bonus payments that go beyond the cap established in this legislation. Also, any bonuses that have been granted but have not yet been paid will be stopped. Any money in excess of the cap we have established will be used to pay down the national debt. Finally, our bill requires that Fannie and Freddie salaries be made available to Congress and the public through the Senate Banking Committee and the House Financial Services Committee.

I am aware of the criticism of this bill and I would like to address them. Senator McCain offered an amendment yesterday that freezes bonus pay. I support Senator McCain in his efforts. In fact, I cosponsored this very same amendment the last time it was offered. Many of my colleagues have asked me why our bill does not freeze bonus pay. Our bill is based on a broad-based approach that looks at the entire pay structure within Fannie Mae and Freddie Mac.

While it tackles the huge bonuses and pay policies for executives at Fannie and Freddie, we believe the everyday employees earning modest salaries should be occasionally rewarded for outstanding work so it ensures they get the small bonuses that may be effective for them. But to clarify, these would be modest bonuses that would never exceed the pay cap established in this bill.

I have also heard the concern that Fannie and Freddie will not be able to attract the right kind of talent if they cannot pay people multimillion-dollar compensation packages. I hate to state the obvious: Fannie and Freddie have proven the opposite. They paid executives outrageous compensation and yet still failed by Alaskans and all Americans. They needed hundreds of billions of dollars in taxpayer bailouts and still ended up in conservatorship. This sends an unsettling message to millions of hard-working people who are struggling to make ends meet. They have taken Alaskans' tax dollars in the form of bailouts. Yet when my constituents in Anchorage or Kotzebue or Fairbanks or Juneau needed help to avoid foreclosure or refinance their loans, Fannie and Freddie often turned their backs.

Finally, I have this response to people who say Fannie and Freddie executives need to earn millions: Whatever happened to the concept of public service or to the notion that it is an honorable calling to work on behalf of your friends and your neighbors? There are lots of dedicated, hard-working professionals at Fannie and Freddie who believe in that notion, and they are doing their absolute best to help American families to afford the American dream of owning and keeping their homes.

The Begich-Thune bill makes sure this hard work continues and that their bosses at Fannie and Freddie come to work every day not with visions of dollar signs but instead with a clear eye of doing what is right for all Americans.

I urge all Members to support this commonsense bipartisan bill. Senators Tester, McCaskill, Baucus, Blunt, Grassley, Hoeven, Enzi, and Scott Brown have already joined Senator Thune and me as original cosponsors. I wish to thank them for their support.

The STOP Act is the Stop the Outrageous Pay for Fannie and Freddie Act, the bill Senator Thune and I introduced this morning. Our bill comes in the aftermath of a series of events that began last November when reports surfaced that the Federal Housing Finance Agency, FHFA, approved nearly $13 million in bonuses for 10 executives, that enterprise that supervises Fannie Mae and Freddie Mac.

In response, Senator Thune and I spearheaded a bipartisan letter, signed by 58 other Senators to the FHFA, Acting Director Edward DeMarco and the Treasury Secretary, Timothy Geithner. We expressed outrage over these pay levels, and I believe our message was heard. Almost 3 months after our letter was sent, the pressure was clearly on. Government regulators were cutting the pay of the executives they hired to replace the departing heads of Fannie Mae and Freddie Mac.

Also, in response to our efforts, House Financial Services Committee chairman Spencer Bachus introduced legislation suspending these bonuses and limiting future compensation packages for Fannie and Freddie employees. In November, his committee passed the bill by a vote of 52 to 4.

The Begich-Thune STOP Act is a commonsense approach to address the outrageous Wall Street-like bonuses and pay that have occurred at Fannie Mae and Freddie Mac for far too long and which continue to occur to this day, even after billions in taxpayer bailouts. I wish to make it clear, this bill will not change the life much for nonexecutives. The pay structure for the everyday, hard-working Americans at Fannie and Freddie will stay almost as it is today. They are not the target. However, it will change the life for executives such as Peter Federico, who earned $2.5 million in 2010 and had a target compensation of $2.6 million in 2011. This was at the same time he was gambling that struggling homeowners would be unable to refinance their high-interest mortgages to record-low interest rates. This is unacceptable, unethical, and I know this body will not tolerate it.

Here is how our legislation works: It simply places Fannie Mae and Freddie Mac employees on the same pay scale as the financial regulators at the FDIC and SEC, a pay scale long established in Federal law. It is a pay scale called the Financial Institutions Reform, Recovery, and Enforcement Act. This is the pay scale we are basing our legislation on.

Under our approach, Fannie Mae and Freddie Mac employees cannot be paid more than employees of other Federal financial regulatory agencies. Right now the highest paid person under this pay scale makes $275,000 a year. This is our pay cap. While this is a lot of money, it is not any more than what the cops, as we call them, on the financial beat make to ensure that ordinary Americans are protected and get a fair shake.

Our legislation also stops any future bonus payments that go beyond the cap established in this legislation. Also, any bonuses that have been granted but have not yet been paid will be stopped. Any money in excess of the cap we have established will be used to pay down the national debt. Finally, our bill requires that Fannie and Freddie salaries be made available to Congress and the public through the Senate Banking Committee and the House Financial Services Committee.

I am aware of the criticism of this bill and I would like to address them. Senator McCain offered an amendment yesterday that freezes bonus pay. I support Senator McCain in his efforts. In fact, I cosponsored this very same amendment the last time it was offered. Many of my colleagues have asked me why our bill does not freeze bonus pay. Our bill is based on a broad-based approach that looks at the entire pay structure within Fannie Mae and Freddie Mac.

While it tackles the huge bonuses and pay policies for executives at Fannie and Freddie, we believe the everyday employees earning modest salaries should be occasionally rewarded for outstanding work so it ensures they get the small bonuses that may be effective for them. But to clarify, these would be modest bonuses that would never exceed the pay cap established in this bill.

I have also heard the concern that Fannie and Freddie will not be able to attract the right kind of talent if they cannot pay people multimillion-dollar compensation packages. I hate to state the obvious: Fannie and Freddie have proven the opposite. They paid executives outrageous compensation and yet still failed by Alaskans and all Americans. They needed hundreds of billions of dollars in taxpayer bailouts and still ended up in conservatorship. This sends an unsettling message to millions of hard-working people who are struggling to make ends meet. They have taken Alaskans' tax dollars in the form of bailouts. Yet when my constituents in Anchorage or Kotzebue or Fairbanks or Juneau needed help to avoid foreclosure or refinance their loans, Fannie and Freddie often turned their backs.

Finally, I have this response to people who say Fannie and Freddie executives need to earn millions: Whatever happened to the concept of public service or to the notion that it is an honorable calling to work on behalf of your friends and your neighbors? There are lots of dedicated, hard-working professionals at Fannie and Freddie who believe in that notion, and they are doing their absolute best to help American families to afford the American dream of owning and keeping their homes.

The Begich-Thune bill makes sure this hard work continues and that their bosses at Fannie and Freddie come to work every day not with visions of dollar signs but instead with a clear eye of doing what is right for all Americans.

I urge all Members to support this commonsense bipartisan bill. Senators Tester, McCaskill, Baucus, Blunt, Grassley, Hoeven, Enzi, and Scott Brown have already joined Senator Thune and me as original cosponsors. I wish to thank them for their support.

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

Mr. President, I know there has been some discussion. Today we are talking about the STOCK Act. I know there has been some back and forth on what is the appropriate time when people should notify the public. I just hope at the end of the day our body is not afraid of transparency at every level.

The amendment I brought forward in the committee on which I sit dealt with the STOCK Act and made sure that all issues around any transactions that we make are going to be publicly disclosed in a timely manner--30 days--but electronically. So it does not matter where you are around the country, you can access it.

So I hope we do not forget what our goal is; that is, creating more disclosure, more transparency so people know what we are doing in Congress. The STOCK Act is just one of those steps.

I rise today to support the STOCK Act as a sponsor of this act, legislation prohibiting insider trading by Members of Congress and their staffs. Since day one in the Senate I have made transparency a top priority in my office. Alaskans deserve to know what their Members of Congress are up to. That is why I worked hard to make sure they have access to critical information. I believe we must hold ourselves to a higher standard.

Since being elected I have posted my personal disclosures, my personal financial disclosures, on my Senate Web site so my constituents have full knowledge of how and what I am engaged in, and they can get it electronically. They can access my personal information electronically anytime they want. This is something Senators are not required to do but is just common sense. I will talk more about transparency in just a moment.

Now, when it comes to the STOCK Act, I know my constituents at home in Alaska and other Americans are probably shocked this bill is even necessary. They are asking themselves, and I have heard this: Is it really legal for Members of Congress to participate in insider trading? The fact is, insider trading is illegal for all Americans, including Members of Congress. All along, the SEC, the Securities and Exchange Commission, has had the authority to enforce insider trading laws.

But it is time for a little clarity. Trust and accountability are critical to our roles in Congress. That is why I support and have cosponsored this important bill, the STOCK Act. This stands for Stop Trading on Congressional Knowledge, again, the STOCK Act. This bill reaffirms that it is against the law for Members of Congress to engage in insider trading and confirms that anyone who does not follow the rules will be prosecuted.

Members of Congress are not, and should not be, immune. We have a responsibility to do our jobs in an honest, open, and transparent manner, and to demonstrate that we are here every day fighting for our residents--in my case, the residents of Alaska. All you need do is look at Congress's approval rating to figure out that Americans don't think we have lived up to our end of the deal.

This bill is an important step in the right direction to regaining public trust. However, reminding our colleagues of laws we should have already known about is not enough. Transparency is a key element of moving forward. As I said, it is common sense.

That is why Senator Tester and I introduced a transparency amendment during the markup process. As he said in committee, listening to the testimony and debate, we thought it was necessary to take an additional step. I am pleased to say it was adopted and incorporated into the bill by the full committee.

The provision is simple. It requires that annual financial disclosure forms--the ones I put on my Web site--filed by Members of Congress and their staffs be posted online and accessible to the American public.

When you think about where we are in this world, in the 21st century, with electronics and telecommunications and how we are not doing that today--I went on the Alaska Public Offices Commission Web site, which is the equivalent of what we are talking about today. If you want to file yours in Alaska, your disclosure form, as a State legislator--or in my case as former mayor--it is now all electronic.

The current system we have here is outdated, not transparent. It is not easily accessible to our folks back home. Under this new provision, Members, candidates, and staffs must file their financial disclosure forms electronically. They will use a new system created and maintained by the Secretary of the Senate, Sergeant at Arms, and the Clerk of the House of Representatives. The American public will be able to search, sort, and download data contained in the financial disclosure form. This information will be maintained online during their time of service and 6 years after the Member leaves office.

I commend Chairman Lieberman, Ranking Member Collins, Senators Gillibrand, Brown of Massachusetts, and Levin for their work on this legislation. The STOCK Act will make Congress more accountable and, I hope, will inspire confidence in the American people that we are here to represent their interests and not our own.

Again, I encourage passage of this legislation. It is another step to ensure that we have full transparency, and we should never be afraid of making sure our folks back home know exactly who we are, what we are doing, and what our work is here in Washington.

I yield the floor.

I thank the Senator.

One quick comment. Imagine the folks from Alaska who want to get a copy of a report. They have to find somebody in DC to go to a clerk and get a copy and send it over, and now, if this passes, they can go online from anywhere.

Again, I thank Senators Lieberman, Brown, and others. We are honored to be able to contribute our piece to it. It will be easier for the public to get this information. I thank the Senator for his kind comments.

I yield the floor.

Before I speak on my formal comments, I just want to say one thing. I know the Senator from New York was here a little bit ago talking about the STOCK Act. She made an incredible presentation to us in the Homeland Security and Government Affairs Committee, and I am grateful she is moving forward on that. We actually added a piece to the STOCK Act that I think makes it a lot stronger than it was by making sure that as officials report their transactions, they are done electronically and are searchable. That means anybody in this country can go to the Senate's Web site and find the information about their Senator.

As you know, as a new person in this office, as I am, when we file our disclosure forms, they are sent to the Senate Clerk, and then if you want them, they have to copy them and send it off to someone else. You cannot search for them and you cannot get them, which is unbelievable. So we made sure in the committee that if we do this act-- I think it is a strong act; it is something we should do--we make sure it is searchable and available electronically in this age we live in today.

I already put my disclosure form on my Web site. I have put it on there since the day I came into office. I think people need to know exactly what their Senator's investments are. If they have spouses--in my case, all of my spouse's information is on there even though I am not required to do it. I put it on there because I think people need to know the household income of their Senator and where it comes from and where their investments are. We overreport. After I fill out the forms, we have an attorney review it, and he always tells me we are giving too much information. I have to remind him that is what I am doing. That is the way I think it should be done.

Again, I congratulate the Senator from New York who was here for the work on the STOCK Act, and I am glad I could participate in making it even stronger.

Madam President, I seek to speak on the floor to speak of my residence of Alaska, a State that constantly overcomes adversity in its tough winters. This year has been an especially tough winter.

Alaska's history is marked by stories of people coming together to overcome extreme hardships and save their communities. None is more memorable than the 1925 Serum Run, when diphtheria ravaged the remote Arctic community of Nome. The needed vaccine was raced to the community by a team of 20 mushers and some 150 sled dogs. They faced brutal February weather and extreme cold, with winds and snowdrifts, and carried their precious cargo--the vaccine--some 700 miles in just 5\1/ 2\ days. It is a speed record that has never since been broken, and it saved the community. The feat is memorialized by the 1,000-mile Iditarod sled dog race known as the last great race on Earth.

This year, the city of Nome faced a 21st-century challenge: the need for energy. The fall fuel barge--the last scheduled before winter set in--was blocked first by a mammoth October storm which swept up western Alaska and then by heavy sea ice. The barge had to turn back, but without the delivery Nome would run out of fuel by March. Nome is not connected by road, and the earliest the next barge would arrive would be this June. Flying in 1.3 million gallons of fuel would have taken 300 flights and would have boosted the cost of an already expensive gasoline and home-heating fuel to over $9 a gallon. As you can see here, the price of fuel in the community right now is over $5 a gallon.

The Sitnasuak Native Corporation and Vitus Marine proposed to do what has never been done before: bring over 1 million gallons of diesel fuel and gasoline to Nome in the dead of winter. They contracted with a Russian-flagged tanker, the Renda, which was ice-capable and double- hulled.

To ensure the safety of the delivery, the Coast Guard immediately recognized it had a mission and the right equipment. The Coast Guard icebreaker Healy had just completed a lengthy scientific tour off the Arctic. Rather than return home, they stayed on the job as winter set in, breaking open lanes through the ice to allow the tanker to arrive.

The Healy and the Renda encountered conditions more severe than anticipated, with colder temperatures, stronger winds, and thicker ice. Some days their progress was frozen, literally, but the Healy pressed on through the ice. With the determination that is the hallmark of the U.S. Coast Guard, they succeeded. They did not make it to Nome Harbor, which was frozen solid, but close enough to top off the city's fuel tanks through a half-mile-long hose. Now they are on their way back home but not out of the ice yet. The Healy and the Renda still have several hundred miles before they reach open water.

I take to the floor today to offer my thanks and congratulations to Captain Beverly Havlik and the men and women aboard the Healy for a job well done and also the crew of the charter tanker, the Renda, and many others who helped ensure that the transfer of fuel was safe, workers from the Sitnasuak Corporation, Vitus Marine, the city of Nome, State of Alaska, and others who have played their part, even the University of Alaska researchers who flew aerial drones to inspect ice conditions in advance of the approaching vessels. Together they proved that winter operations are possible even in the most challenging circumstances.

I speak today not just to congratulate all those who pitched in to help refuel this community but to consider its broader implications and lessons.

First, America is an Arctic nation. The residents of cities such as Nome and Kotzebue and Barrow and numerous smaller villages thrive in the often challenging but rich Arctic environment. The Alaska Native peoples have thrived for generations and for thousands of years, living off the resources of the land and the sea.

Second, the Arctic offers much to our Nation. Its offshore oil and natural gas is our most promising energy province, which is actively being considered by industry. Trade routes over the top are increasingly being explored by shippers eager to cut up to 40 percent off trade routes between the east and the west.

Yet, while we are an artic nation, we lack the basic infrastructure to serve its people, to fulfill our responsibilities and take advantage of its opportunities. But it is not just me saying it. Just today the Northern Waters Task Force released a report calling for a better Arctic infrastructure. The Healy is our Nation's only operational polar icebreaker, and it is only rated as a medium-duty vessel. Our two heavy-duty icebreakers are both idle. The 36-year-old Polar Star is being retrofitted and should be operational again soon, but it has been proposed to send her sister ship, the Polar Sea, to the scrap heap.

Since taking office, I have repeatedly called for recapitalizing the Nation's icebreaker fleet. A comprehensive Coast Guard study recently found that 6 to 10 icebreakers are needed just to meet the Coast Guard's statutory responsibilities. Until we have a firm plan to meet these needs, I have introduced legislation with Senator Cantwell to halt the dismantling of the Polar Sea until all options can be considered. Without icebreakers, we can neither meet our responsibilities nor take advantage of our opportunities as an Arctic nation. We are falling behind Arctic nations such as Russia, China-- which is not an Arctic nation but is building icebreakers--Canada and others as well. Russia is building a year-round Arctic port. Canada is conducting military operations. And, as I mentioned, China is building new icebreakers.

America must build its Arctic infrastructure, such as a deepwater port to maintain our national presence as other nations make their claims to the

Arctic. We need to maintain spill response capabilities, enhance communications, track the increasing vessel traffic using polar routes, strengthen communications and the base scientists who are researching the changing Arctic ecosystem.

In addition, we need the legal framework to support our Arctic presence, and that means ratification of the Law of the Sea Treaty. We need a robust scientific program to track changes in the Arctic which in the past has operated like a global air-conditioner.

But scientists say, and the residents of the region confirm, that the Arctic is warming. As its ice pack diminishes, it is changing our weather. The National Oceanic and Atmospheric Administration, NOAA, says there were a record 12 weather disasters in the United States costing more than $1 billion each in 2011. The hurricane force storm that blocked the fuel delivery to Nome isn't the only unusually severe weather facing my State. South central Alaska has had--and I will repeat this when I say it--24 feet of snow--24 feet of snow so far this winter. The cities of Cordova and Valdez know a thing or two about heavy winter snowfalls, but this is an unusual one for them.

In Cordova, buildings collapsed and avalanches cut the town off from its airport. That is a true concern since, like 80 percent of the rest of Alaska, Cordova is not connected by roads to the rest of the State.

The Army and Air National Guard sent soldiers and airmen to the scene, and the State of Alaska sent over 100 State responders and heavy equipment to the town by the State ferry system. The whole town, along with the Guardsmen and the State workers, pitched in and worked around the clock to clear the snow off the streets and roofs as another snow and rain system was about to hit. The only problem: Alaskans can be rather enthusiastic and kept breaking every single one of those snow shovels. Eventually they ran out and had to have more snow shovels shipped in from out of State.

Other parts of the State are affected as well. Boats capsized in the fishing port of Kodiak due to the heavy snow. Yesterday, once again, the Coast Guard came and performed their duty--not only one but two rescues of the crews of fishing vessels that sank near Kodiak Island.

NOAA is closely watching the heaviest sea ice in decades in the Bering Sea, which threatens to close the important crab fisheries and destroy millions of dollars in fishing gear.

Some politicians downgrade public service and say government can't do anything right. I am grateful for the government's response. I am grateful to the Coast Guardsmen on the Healy who gave up their holiday with their families to ensure Nome got its fuel, and I am grateful to the Alaska National Guard and State and local governments working to help dig out Cordova and Valdez.

I know my time has expired, but I wish to say there is no question in my mind that the work the Coast Guard did, the National Guard, and many others, set us on a course to again recognize the incredible people who are doing incredible things in our State and around the country. As we continue to look at the vast resources of the Arctic, more of these resources will be necessary, and I know one thing about Americans, about Alaskans, and that is we will be ready to take on the challenges of the future.

I yield the floor.

Mr. President, I ask unanimous consent that privileges of the floor be granted to the following member of my staff, William Mowitt, a fellow in my office, during the pendency of the 112th Congress.

Mr. President, first I want to comment on the work the Senator from Vermont has done with regard to the Guard. It affects us in Alaska a great deal, and I want to thank him for all of the hard work he has done.

In regard to the nomination today, again the chairman of the Judiciary Committee, Senator Leahy, has done an incredible job bringing so many judges to the floor. I come to the floor today in strong support of the nomination of Morgan Christen to fill a vacancy on the Ninth Circuit Court of Appeals.

I have known Morgan for years and am continually impressed with her keen legal mind, her outstanding record of public service, and her ability to carve plenty of time out of her schedule for her extensive volunteer work.

For decades, Morgan has been recognized by her peers as one of the finest attorneys and judges in Alaska. She is currently one of the five justices on our State supreme court. I am confident she will continue to be a fair and impartial judge as a member of the Ninth Circuit.

Justice Christen was born and raised in Washington State and excelled at the Golden Gate School of Law where she earned her J.D. in 1986. Right after graduating from law school, Morgan came to my State to clerk for the Alaska Superior Court. As many people do, once she got a taste of Alaska, she decided to stay and raise her family.

Morgan worked for one of the finest law firms in Anchorage and quickly became a partner. In 2001, Morgan was appointed to the Anchorage Superior Court by my former boss, Gov. Tony Knowles. The Anchorage Superior Court is an important one in my State, handling criminal cases, family law, and even civil matters. As she always does, Morgan did an excellent job in the court.

Before long, she became the presiding judge at Alaska's Third Judicial District, the busiest court in Alaska. As a presiding judge, she supervised over 40 judicial officers and 13 court locations.

When I was mayor of Anchorage, our city was fighting against youth gangs, who were committing serious offenses and pushing up the crime rates in our community. Anchorage has an unusual judicial system and arrangement with the State. The city police provide basic law enforcement, but the State of Alaska runs the court and the corrections system. I worked closely with Judge Christen across municipal and State lines to crack down on these gangs and make Anchorage streets safer. I found her to be an energetic innovator who is sensitive to the broad cultural diversity of our State. In 2009, she was elevated to the highest court in the State, the Alaska Supreme Court.

In addition to Justice Christen's impressive record of public service on Alaska's State courts, she also finds time to be one of the most prolific volunteers in our State. Her volunteer resume is pages long. If there is a volunteer organization in Alaska, more than likely Morgan has probably worked on it, with it, or served on the board. She is a member of the Rotary Club, the YWCA, the Alaska Community Foundation, the Athena Society. She has been on the board of directors of the United Way of Alaska. She has also been on the board of directors of Big Brothers and Big Sisters of Alaska, and the Rasmussen Foundation. In 2004, Morgan and her husband Jim were jointly recognized as Outstanding Alaska Philanthropists of the Year--truly an impressive honor.

I am proud to support such an outstanding Alaskan to sit on the Ninth Circuit Court of Appeals, and I want to urge all of my Senate colleagues to support her nomination as well.

Justice Christen has bipartisan support. She received the unanimous support of every member of the Senate Judiciary Committee in September. In Alaska, she was elevated once by a Democratic Governor and once by a Republican Governor. The American Bar Association has recognized her legal capability and rated her as ``unanimously well qualified'' to serve as a judge on the Ninth Circuit.

Morgan is one of the greatest legal minds and one of the most caring individuals Alaska has to offer. I am honored to support her for this position and honored to count her as a friend. I strongly urge every Member of this body to confirm her nomination to the Ninth Circuit.

Mr. President, I yield the floor.

Madam President, I ask unanimous consent that the Senate proceed to a period of morning business until 7 p.m., with Senators permitted to speak for up to 10 minutes each.

Madam President, I come to the floor to first say ``thank you'' to my colleagues for supporting an incredible judge, but I also come to the floor today to mark an anniversary. December 18, 2011, marks the 40th anniversary of a truly historic date for the first people of Alaska--passage of the Alaska Native Claims Settlement Act. To mark this historic occasion, Senator Murkowski and I have submitted a Senate resolution to formally celebrate the success and contributions of Alaska Native people and their corporations. We will be asking for the unanimous consent of our colleagues to adopt this resolution at a certain point.

Over the past 40 years, Alaska has witnessed astonishing economic growth resulting from ANCSA. This has benefited not just Native people but all Alaskans. This historic piece of legislation allowed a new group of people who for centuries were economically disadvantaged to enter into the business world and to become economic leaders. Under ANCSA, they have contributed to the State and national economies in unprecedented ways. ANCSA has two primary goals: to resolve longstanding issues surrounding aboriginal land claims in Alaska and to stimulate economic development.

Many Alaskans led the charge on creation and passage of the claims act. My father, the late Representative Nick Begich, was one of them. There were many new Native leaders involved--Willie Hensley, John Borbridge, and other young advocates who very quickly engaged in this historic Native rights legislation.

Today, I would also like to recognize all the wives, daughters, sisters, secretaries, and other powerful women who contributed to the passage of ANCSA. Many of them may not have received formal recognition of their contributions, women such as Marlene Johnson, who played an instrumental role in the creation and passage of ANCSA. She spent countless hours flying to and from southeast Alaska and Washington, DC, leaving behind her full-time job and five children, doing her part to see ANCSA move through Congress. To engage in negotiations, Alaskans would fly for days to get from Barrow or Fairbanks or Kotzebue to Washington, DC. Many of them camped out on couches and floors in Washington for months to get it done.

Today, Alaska Native corporations are tremendous economic drivers not only for Alaska but for the entire United States and even internationally. In 2010, 8 of the 10 most profitable businesses in Alaska were Alaska Native corporations. Of the five that topped $1 billion, all were Native corporations.

Cash dividends paid to corporation shareholders continue to be a very important source of income for many Alaska Native individuals and families. In total, dividends paid by Alaska Native corporations to their shareholders rose by 39 percent from 2009 to 2010, up to $171 million.

These dividends serve Native families in many ways. In some cases, they help provide basics, such as food and heating fuel or supplies and equipment to continue their subsistence way of life. For other families, shareholder dividends go into college savings accounts or new startup businesses. Sometimes they simply help offset the costs of caring for their aging loved ones.

For the business owners everywhere, Native and non-Native alike, shareholder dividends provide a major economic boost. Today, Alaska Native corporations and their subsidiaries are providing thousands of jobs across the United States. These corporations provide job training and scholarships and other support to create new opportunities for young shareholders and their descendents. The corporations also offer meaningful internships to help young Alaska Natives build longstanding professional careers within the corporate structure. Elders, the most respected people in the Native communities, receive special assistance and financial support from their corporations.

Clearly, 40 years later, many Alaska Native corporations have matured to become business leaders. Unfortunately, many others and the Alaska Natives they represent have not all had great success--yet.

The Alaska Native Claims Settlement Act was one approach, an experiment to meet America's treaty obligations to the first people of this country. I will continue to support the Alaska Native tribes while also strengthening the capacity of the Alaska Native corporations.

Now we look forward to the next 40 years of ANCSA. I call on my colleagues in this Chamber to work together to help all American Indian and Alaska Native people gain their economic independence. Through ANCSA, we see this happening in Alaska. Alaska Native groups are proud of their culture and heritage but also of their business success. We all should be proud of this success.

In Alaska, we innovate. We rely on fresh approaches to solve our unique challenges. The Alaska Native Claims Settlement Act is such an example. It was a monumental act of Congress--one my father pushed forward and I know is profoundly successful and one that today I profoundly defend.

With our national economy in its current state, we need more of this in America. We need to lift our people to build capacity and to allow the first people of this Nation to succeed. When that happens, we all benefit.

Madam President, Senator Murkowski and I ask you and our colleagues to support this resolution to recognize and honor the impact and importance of the Alaska Native Claims Settlement Act. More important, it honors Alaska's first people and their extraordinary accomplishments over the past 40 years.

I yield the floor.

Mr. President, I wish to recognize Southcentral Foundation, an Alaska Native-owned, nonprofit health care organization serving nearly 60,000 Alaska Native and American Indian people. Southcentral Foundation received the 2011 Malcolm Baldrige National Quality Award, an award administered by the Baldrige Performance Excellence Program to honor the country's most innovative organizations. The Baldrige Award is the only formal recognition of the performance excellence of both public and private U.S. organizations given by the President of the United States. Southcentral Foundation is the Alaska's first health care organization to receive this award.

Southcentral Foundation was established in 1982 to improve the health and social conditions of Alaska Native and American Indian people, enhance culture, and empower individuals and families to take charge of their lives. They employ over 1,500 people, of which 53 percent are Alaska Natives or American Indians. As mayor of Anchorage and now as Senator, I watched the growth of this excellent nonprofit from a small outpatient facility to a beautiful, culturally designed campus encompassing many buildings to serve their customer-owners.

Southcentral Foundation's innovative Nuka system of care combines medical, dental, behavioral, and traditional practices and creates relationships that focus on supporting wellness instead of just treating illness. This system has received national and international attention for its successes in health outcomes, operational efficiencies, and customer and employee satisfaction. It is a truly exemplary health care system that is one of the best in the country.

The award will be presented by President Barack Obama in April, 2012.

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

Madam President, first, I want to comment on the Cordray appointment that was attempted a little bit ago, and then I want to bring up some more good news on the economic front.

First, I was somewhat disappointed in the vote of 54 to 45, garnering only 1 Republican from the other side--only 1--and on such an important agency that ensures the protection of consumers in a variety of areas. It seems illogical to me that we would not find compromise in a vote to appoint someone to run an agency that this body, in a 60-vote margin, approved to help protect consumers, particularly considering what has happened over the last several years and the glaring problems and challenges consumers have had to endure with the financial institutions of this country as well as from other entrepreneurs, such as pawnshops and payroll check cashers. All of these institutions would have firm regulations and provide the consumer an opportunity to respond, or those who get abused by those programs.

I am a little disappointed. I wasn't intending to come and speak on that issue, but I wanted to have my voice on the floor that I was disappointed that an appointment could not happen, which I believe is raw politics. It has nothing to do with the individual's ability to make this agency run properly. They didn't want to appoint him because they didn't like the agency--the 45 or so who didn't vote for it. And I think it all boils down to one very simple thing: Consumers are now, once again, left without someone running an agency that will help protect them against these people who prey on individuals in the financial arena.

The Economy

Again, Madam President, I am somewhat disappointed, but let me get to the real reason I came to the floor. I came down yesterday and had a lot to say about the economy and where we are and the headlines that were reported yesterday. And in less than 48 hours--27 hours--there are more good news headlines.

These are some of the headlines I talked about yesterday: ``Jobless Rate Dips to Lowest Level in More Than 2 Years.'' New York Times. CNN: ``Dow Closes With the Largest Gain Since March 2009.'' ``Private Sector Jobs Soar. Payroll Forecasts Rise.'' That is Reuters. The Wall Street Journal: ``Online Sales Reached Record $1.25 Billion on Cyber Monday.''

On top of that, we had record sales for Thanksgiving weekend--Black Friday they call it, and Small Business Saturday. Again, an incredible impact for our economy.

What this tells me--even though we get a lot of criticism from the other side and others who complain maybe we are not doing our job and are frustrated that Washington isn't working as well as it could--and I agree there are a lot of areas where we are not able to move forward, such as the appointment I mentioned a few minutes ago--is there are good examples of policies we have worked through over the last 3 years during this great recession. We have fought kind of a lonely war to get these policies in place.

Once again, more good news, and let me read off a couple. This week's Time magazine has a whole article entitled ``How America Started Selling Cars Again.'' Why is this important? Because this is a manufacturing base for our country. It employs people not only in jobs in the automobile industry but it trickles all the way through the economy of the country. It doesn't matter if they are at a port, for example.

I remember meeting recently with the folks from the Detroit Port Authority talking about ships and the movement of product from the automobile industry across this country, but also manufacturing and other activities throughout the country that support the automobile industry. It is moving forward. It is growing.

We took a dramatic step and got a lot of criticism for it. As a matter of fact, no one wants to even mention the words, because everyone is so nervous about it. Some call it an auto bailout. And, yes, we did do that. That result is a healthy, strong, profitable industry that is bringing jobs to America and creating jobs in America. As a matter of fact, there was an article in the Wall Street Journal not long ago talking about how we are importing jobs from Japan and China back to the United States, to the automobile industry, because it is successful.

And, oh, by the way, they are paying back all those loans they got from the Federal Government with interest. So the taxpayers are getting their money back in full. The net result is, because we helped at the right time, we have ensured we are still a player in the automobile industry not only in this country but in the world market. So for those who want to continue to complain and to demonize that action, the net result is we are bringing jobs back to the United States in this industry.

The Cash for Clunkers Program was another piece of legislation that barely passed. Again, many of us on this side of the aisle took that lonely road because we thought it was the right thing to help move this economy forward. Again, the net result is this industry is profiting more in the last several years. They are producing more jobs not only in their industry directly but indirectly. And the naysayers on the other side rarely bring this up anymore, because in less than 3 years-- really, less than 2 years--this industry has turned itself around because of American ingenuity and with the help and support from the U.S. Government, and that help and support is being paid back with interest in the good old American way.

So from my perspective, once again, this is a great story, and I commend Time magazine for talking about the future.

Let me also talk about another one. This is from CNBC. I pulled this off because I like looking at all the business magazines and Web sites every morning. I glance through quickly to see what is happening, what the markets are doing, what the industry is doing, who is investing, what are the new businesses, and what is happening out there. Here is this one: ``U.S. Mortgage Applications Jumped Last Week.''

This is the industry that fell apart in the beginning of the great recession--the housing industry. A lot of people say that was the main reason the economy collapsed. It was a significant portion of it, no question about it. But let me read this.

The Mortgage Bankers Association said its seasonally

adjusted index of mortgage application activity, which

includes both refinancing and home purchase demand, spiked

12.8 percent in the week December 2. The MBA's seasonally

adjusted index of refinancing applications also jumped,

gaining 15.3 percent, while the gauge of loan requests for

home purchases rose 8.3 percent.

By loan requests, these are people who are now saying, I want to think about buying a home. I want to purchase today. I want to start examining what is out there.

Here is what the Mortgage Bankers Association's vice president of research and economics said. These are his words:

Applications increased significantly as mortgage rates

dropped to their lowest levels in about 2 months.

Actually, overall, it is the lowest level in decades. But we now measure things by an eighth of a point. So when you are at 4.125 or 4.25, we are now measuring which is lower overall, but it is lower for the last several decades. Incredible.

Let me read another one. This is from Politico, but it is reporting on the Bloomberg Global Poll--which they started doing in 2009 to sort of see where foreign investors will put their money. Where will they invest? Where will they take the dollars they have accumulated or will gather through investors and shareholders and so forth? Where are they going to put their money?

More than . . . 41 percent, said they expect the U.S. will

have one of the strongest performing economies in the world

in the coming year--the highest percentage the country has

seen since the Bloomberg Global Poll began in October 2009.

Here is another one. Today, again MSNBC. ``Jobless claims drop to 9- month low.''

. . . jobless claims dropped 23,000 to adjusted 381,000--

That is actually below the magical threshold of 400,000, which people watch. The question is, Will it be consistently under 400,000? We have received more of these under 400,000 recently than in the last 3 years. That is a good signal that the economy is moving.

I know some will say it is not enough. Well, when I came here, half a million people were losing their jobs every single month. So we have now had 21 consecutive months of job growth in the private sector. That is a great statement for us as an economy, this 21 consecutive months of job growth. It is an indication our economy is moving.

Do we want it to move faster? Of course we do. That is what America is about. We want to see things happen right now--today. But this has been called a great recession. Yet we are pulling ourselves out of it. It takes time and it takes good policy. And, yes, it takes some opportunity and taking a little risk, and we did some of that here. We made some decisions that were tough and were not necessarily very popular at times.

I remember many of the calls I received on some of these issues. But what is the end result? That is what we have to measure by. Leadership is not about waiting for a poll to tell us what is right or wrong or waiting for someone to say, here is the right move because your constituency will vote for you if you do this thing this way. It is about leadership. Sometimes the leadership role is tough. It means getting a few trucks running over you a little bit, leaving some tire tracks on your back, but the end result is what we look for.

Today, where we are, we have job growth--not as significant as we want but job growth. Where were we? Half a million jobs a month disappearing.

Let me cite another one. This is a big issue people are concerned about. As a former mayor, managing a city, you are always looking at the revenues because the revenues tell you how your local economy or, if it is State revenue, how your State is doing. If you remember, at the end of 2008, 2009, and beginning of 2010, there was incredible concern about local governments collapsing under the debt and deficit spending and unable to manage.

As a matter of fact, the markets were concerned about municipal and State debt and what that might mean. Oddly enough--and I wish I had brought that article--it hasn't panned out as people thought. Local governments, State governments are doing better than people anticipated. It is still a tough road, no question about it. We still have firefighters, police officers, and teachers who have been laid off. We tried to pass a bill here to help that out, but that didn't happen because too many on the other side opposed it.

But for State and local governments, here is the latest State revenue report by the Nelson A. Rockefeller Institute of Government, University at Albany, NY: ``Overall Tax Revenues Show Strong Growth in Second Quarter.'' The article speaks to State tax revenues growing by 10.8 percent in the second quarter of 2011.

As a matter of fact, the year ending June 2011--which is the end of a lot of fiscal years for State and local governments--the period corresponding to 46 States--almost all of the States' fiscal years-- total State collections increased by $58 billion in that year, or 8.4 percent, from the previous year, the strongest annual gain since 2005.

What does that mean? That means local economies, State governments, are starting to recover. It is still a rough road but starting to recover. Good signs. That means there is more economic activity within their communities. It means businesses are replanting and redesigning their opportunities in those communities. People are buying homes, as I mentioned, which means they are paying property taxes, which means those local governments can hire police and fire and paramedics and teachers.

Again, I could probably come here every day and give this kind of good news. Because what we all hear--today, the market is down. I forget what it is--70, 80 points, maybe 100 today--but the headlines will be: market crashes or market dips significantly.

Here is the reality. Since March of 2009, the market is up, even with today's activity, 81 percent. That means my son's 529 account is better today than it was 3 years ago. That is good because that means my wife and I can afford to make sure he can go to college someday. But it also means retirement accounts have more resources in them today than they did 2\1/2\ or 3 years ago. It means public pension programs and investment retirement programs that invest in these kinds of markets also are doing better. But, again, the headline will be that the sky is falling because that is what people like to do. They like to prey on fear rather than opportunity.

I think a lot of us on this side believed in the opportunity, in the future of this great country 3 years ago when we sat here and made some tough decisions over the first 18 months in my term. Tough decisions. But we believed in what was possible. We believed that this economy would turn around with a little help from the people who live here, work here, and see the future.

We also knew we had to do a little bit. We had to do something extraordinary to create the opportunities for the future of this great country. As I mentioned, private sector jobs increased, the automobile industry better than ever before, home sales doing better than they were 2\1/2\ years ago, the market is up by 80 percent--all good news. But we don't hear a lot of those as the front-page, above-the-fold, big, bold headlines because they are not sexy. They are not controversial. But that is what is happening. If a lot of us around here had more belief in the potential, it would be incredible what could happen.

Let me end on this note; that is, we are in the middle of the debate on continuing tax relief for the folks who are working every day, the people I just talked about who are buying homes, buying cars, paying taxes. We are saying to them: We want to make sure you

continue to receive the dollars in your pocket.

In my State, that is $300 million--just in my State, $300 million with the payroll tax deduction that they get to keep for 400,000 Alaskans instead of the IRS taking it. I don't know about you, but I think that is a good thing.

I know some will say: We have no proof this works. Well, I just gave proof. I will give proof every day if necessary. Yes, we can't say this certain industry came back because of this one little item. But I will tell you, if we put $300 million in my State into the hands of 400,000, Alaskans, a little over $1,000 per person, the net result is they are going to spend that money in the economy. They are going to buy that car, that washing machine, or go on that vacation. They are going to spend that money in this economy. Yes, there is no fancy report that said this business succeeded because we gave them this special tax break--which we shouldn't do. We gave to the people of this country an incredible opportunity to take their money and put it to work.

Mr. President, 160 million families will benefit--160 million families will benefit by this action today. People making $50,000 or less will put back about $1,000 into their pockets again--not in the IRS's pocket but into the consumers' pockets that they will spend.

Again, I will hear from the other side how bad it is, that there is no proof, that this may not work. It is working. They can deny it all they want, but I will continue to lay all the facts down. It is not me producing this out of some government document. It is mostly some very conservative publications reporting on the good news.

I hope the folks on the other side--and I know we picked up a Republican from when we had this before. This is a modified, compromised version that didn't pass last week to say: OK, we are trying to compromise. But we are keeping it simple and trying to do it in a way that ensures that middle-class Americans, and Alaskans whom I represent, put more money in their pockets, people who are working every day, making a difference in the economy--not people who are just on the top end of the cycle. I know that is the great debate, and we differ and I differ with several people on the other side.

I do believe people who make $1 million or more should pay a little bit more. I don't have any heartburn over that. It is 235,000 people we are talking about versus 160 million. That is who I want to put my investment in because I know those people, who are individuals, families, and a significant portion of small businesspeople who will continue to build this economy.

As a matter of fact, the best growth period and growth pattern right now is small business. They are the ones that are the backbone of this economy. Those are the ones that we need to help. That is what this bill does. I hope we find the magical success.

I wish we would have 50 majority votes like the rest of this world operates under. For some reason, this place has to have special rules and make it complicated and hard for anything to get done. But maybe there will be some people who join and want to support the American people and support giving them tax relief and making sure their lives are better, especially at this time of year with Christmas around the corner. I would love to give them a good Christmas gift. I think all of us would. Let's do it. Let's do it today. Let's do it for the American people. Let's do it for my constituency in Alaska, for your constituency, Mr. President, and all the rest in this room.

Mr. President, if there is one thing I look for, if it makes a difference for Alaska, if it is about Alaska, I am there. This is not only about Alaska, it is about this country. It is about the middle class. Not only am I there, I am double there, and I hope we find opportunity in this Chamber to do the right thing.

Mr. President, I ask unanimous consent that any time spent during a quorum call between now and 2:30 p.m. be equally divided.

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