Floor Statements

Madam President, I ask unanimous consent that the order for the quorum call be rescinded.

Madam President, I ask unanimous consent that the following Senators be recognized to speak for up to 7 minutes each: Senator Isakson, Senator Menendez, and Senator Crapo; and finally, following the use or yielding back of that time, Senator Schumer be recognized to make a motion to proceed to S.J. Res. 2, and that following his remarks, Senator McConnell be recognized to make a motion to table the motion to proceed following his remarks.

Madam President, I suggest the absence of a quorum.

Madam President, I ask unanimous consent that the order for the quorum call be rescinded.

Madam President, I rise to speak against the resolution to disapprove of the administration's agreement to delist Rusal, the Russian aluminum giant from the SDN list.

I will vote no today because this was a hard-fought negotiation, resulting in one of the strongest agreements ever associated with a sanctions delisting, which supports longstanding U.S. sanctions policy and foreign policy toward Russia.

This agreement does nothing to change the sealed fate of Deripaska, the direct target of the sanctions. He remains sanctioned. His current assets remain blocked. The primary and secondary sanctions imposed against him dash any hope of future deals or income, either by operation of his divestiture obligations or future dividends based on his remaining shareholder interests in Rusal. His ability to transfer his shares, use his shares as collateral, or even receive cash from dividends are all effectively frozen.

The sanctions that put Deripaska on the SDN list and froze his investments in Rusal and En+ and ESE, and make him personally radioactive to future transactions with just about anyone, forced these companies to disentangle themselves from Deripaska's control and influence or to face financial devastation.

In fact, the Treasury agreement appropriately reflects how U.S. sanctions policy uses smart sanctions to change the behavior of those sanctioned to build pressure behind the ultimate goals of U.S. policy toward Putin's Russia.

The agreement itself is more akin to a deferred prosecution agreement, in that a failure in its terms can result in an immediate relisting to the SDN list, while it ensures that En+, Rusal, and ESE undertake significant restructuring and corporate governance changes to reverse the circumstances that led to their designation in the first place. These actions include reducing Deripaska's direct and indirect shareholding stakes; overhauling the composition of the relevant boards of directors that control the companies' operations and strategic direction; restricting the steps that can be taken relating to their governance; and agreeing to broad and unprecedented transparency that requires ongoing auditing, certification, and reporting requirements.

Part of keeping a smart sanctions program smart is to ensure that the world understands the U.S. sanctions architecture is fair and respects America's extraterritorial sanctions reach, and providing an off-ramp from the SDN list for those listed who can prove deserving is not only good sanctions policy but the law because if Treasury fails in its ability to render fair judgments, erstwhile petitioners for removal will simply resort to either the U.S. courts or worse, simply evasion.

In the circumstances of this case, keeping Rusal on the sanctions list could lead to a Putin nationalization of the Russian aluminum industry, which would not only work to enrich Deripaska but all but guarantee the unfettered Kremlin influence in a global concern that would also invite a set of unintended consequences involving wider economic and security costs for our Nation and for our economic allies.

So today I am voting against Senator Schumer's resolution to disapprove of the administration's agreement to delist Rusal, the Russian aluminum giant, from the SDN list because Treasury spent the last 8 months getting it right and winning a hard-fought divestiture agreement. It is among the most robust and verifiable delisting determinations ever devised by Treasury, worthy of Senate approval and not a gift to the Kremlin.

Thank you.

I suggest the absence of a quorum.

Mr. President, with my colleagues Senator James E. Risch and Representative Mike Simpson, I congratulate Dr. David Petti on his retirement from the Idaho National Laboratory, INL. Dave has had a long, distinguished career as an innovative nuclear engineer and leader at INL, where he has made a significant impact in his field.

Presently, Dave is a Laboratory Fellow and Division Director for Nuclear Fuels and Materials. He is also a Fellow of the American Nuclear Society and the Senior Editor for the Journal of Nuclear Materials and an Editorial Member for Nuclear Engineering and Design.

During his tenure, Dave led a number of projects at INL, including overseeing all research and development for the Very High Temperature Reactor Technology Development Project, known previously as the Next Generation Nuclear Plant. Dave is an internationally recognized expert in the development of advanced reactor fuels and is the recipient of 19 awards, including the Lifetime Achievement Award for an INL Publisher, 2016, the Idaho National Engineering Laboratory Management Excellence Award, 2014, and the American Nuclear Society Materials Science and Technology Special Achievement Award for leadership in development of nuclear fuels for high temperature gas-cooled reactors, 2009.

A highly published and well-respected expert in his field, Dave has authored or coauthored more than 100 peer reviewed journal articles, contributed more than 50 papers to conferences, and authored 2 book chapters. He holds a patent for method for the production of 99mTc compositions from 99Mo containing materials, 1998. Most recently, Dave coauthored the Massachusetts Institute of Technology, MIT, report ``The Future of Nuclear Energy in a Carbon-Constrained World''. This influential study has had great impact on the international nuclear community, and he has presented the findings of the report in Washington, DC, London, Paris, Tokyo, and other places around the world. Dave holds a Ph.D., an M.S., and a B.S. in nuclear engineering from Massachusetts Institute of Technology.

Dave has left a mark in his field and in Idaho during his 32 years at INL. We congratulate him on his many accomplishments and wish Dave and his wife, Becky, all the best as they enjoy retirement.

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

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

Mr. President, I ask that the Chair lay before the Senate the message to accompany S. 2511.

The Presiding Officer laid before the Senate the following message from the House of Representatives:

Resolved, That the bill from the Senate (S. 2511) entitled

``An Act to require the Under Secretary of Commerce for

Oceans and Atmosphere to carry out a program on coordinating

the assessment and acquisition by the National Oceanic and

Atmospheric Administration of unmanned maritime systems, to

make available to the public data collected by the

Administration using such systems, and for other purposes.'',

do pass with an amendment.

Motion to Concur

I move to concur in the House amendment, and I ask unanimous consent that the motion be agreed to and that the motion to reconsider be considered made and laid upon the table.

Mr. President, I ask unanimous consent that the Senate proceed to the immediate consideration of Calendar No. 727, S. 3191.

I ask unanimous consent that the committee-reported substitute amendment be withdrawn; that the Jones substitute amendment at the desk be considered and agreed to; and that the bill, as amended, be considered read a third time.

I know of no further debate on the bill.

I ask unanimous consent that the motion to reconsider be considered made and laid upon the table.

Mr. President, I ask unanimous consent that the Commerce, Science, and Transportation Committee be discharged from further consideration of S. 3238.

I further ask unanimous consent that the Schatz substitute amendment at the desk be considered and agreed to; that the bill, as amended, be read a third time and passed; and that the motion 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 adjourn until 10 a.m., Tuesday, December 18; further, that following the prayer and pledge, the morning hour be deemed expired, the Journal of proceedings be approved to date, the time for the two leaders be reserved for their use later in the day, and morning business be closed; further, that following leader remarks, the Senate resume consideration of the House message to accompany S. 756; further, that the Senate recess from 12:30 p.m. until 2:15 p.m. to allow for the weekly caucus meetings; finally, that all time during recess, adjournment, morning business, and leader remarks count postcloture on the motion to concur with further amendment to S. 756.

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, I rise to speak in support of the nomination of Kathy Kraninger to be Director of the Consumer Financial Protection Bureau.

Ms. Kraninger has had a distinguished career in public service, with exposure to a diverse set of Federal agencies. She brings significant leadership experience at Federal agencies on Capitol Hill, with particular expertise in the budget and appropriations processes.

She has served as Associate Director for General Government at the Office of Management and Budget since March 2017. In that capacity, she oversees nearly $250 billion in the budgetary resources for seven Cabinet Departments, and 30 other Federal Agencies, including the Bureau.

In addition, she serves as OMB's principal policy official for issues related to the Treasury Department, the Department of Housing and Urban Affairs, and Federal financial regulators.

Prior to her time at OMB, Ms. Kraninger served in leadership positions at the Department of Transportation and the Department of Homeland Security, as well as having served on the staff of several congressional committees, including on the Senate Appropriations Committee.

As Director of the Bureau, Ms. Kraninger would be charged with overseeing the market for consumer financial products and services, enforcing many Federal consumer financial laws, and protecting consumers. The Bureau's supervision, regulation, and enforcement decisions have an immense impact on consumers' access to critical financial products and services.

At her nomination hearing, Ms. Kraninger reiterated her dedication to fulfilling the Bureau's congressional mandate of ensuring all consumers have access to markets for consumer financial products and services that are fair, transparent, and competitive.

At her hearing, Ms. Kraninger identified what her first four priorities would be if she were to be confirmed: ensuring the Bureau is fair and transparent, including the use of robust cost-benefit analysis, notice and comment rulemaking, and tailoring regulations to ensure that consumers are not unnecessarily and smaller companies are not disproportionately harmed; improving collaboration with other financial regulators in the States on supervision and enforcement; limiting data collection to only what is necessary and strengthening its protection; and making sure the Bureau is held accountable.

She was also forceful in saying:

Nothing is more destructive to competitive markets and

consumer choice than fraudulent behavior. Under my

stewardship, the Bureau will take aggressive action against

bad actors who break the rules by engaging in fraud and other

illegal activity.

It is good that Ms. Kraninger plans to prioritize limiting data collection and strengthening the protection of consumers' sensitive, personal financial information.

I have long been critical of big data collection activities by private organizations and Federal agencies, particularly that of the Bureau and its encroachment into the private financial lives of Americans across this country. The Bureau's data collection is especially concerning in light of the number of high-profile cyber attacks in recent years and news about how outside groups have collected private information from Facebook users.

It is important that the Bureau, other Federal agencies, and private organizations comprehensively review their data collection processes and narrow and enhance those processes to better protect consumers' personal information.

Big data and privacy issues will be a major priority for the Banking Committee in this next Congress. There is growing support to give people the necessary tools to protect their privacy and opt out of certain data collection.

I am confident that Ms. Kraninger is well prepared to lead the Bureau in enforcing Federal consumer financial laws, in protecting consumers' sensitive personal financial information, and in increasing its transparency and accountability. In fact, many of these issues were key points of discussion during Ms. Kraninger's nomination hearing.

Senator Tillis asked Ms. Kraninger about the Bureau's immense power and level of accountability. Ms. Kraninger told the Banking Committee: ``I have noted that my focus is on running the agency as Congress established it, but, certainly, working with Members of Congress, I'm very open to changes in the structure that will make the agency more accountable and transparent.''

In responding to a question that Senator Toomey posed about the Bureau's potential impact on small businesses, Ms. Kraninger said:

I absolutely believe that there is a limited intent for the

Bureau to be engaged in small business oversight or

engagement there. So that's something that should be limited.

Senator Moran asked Ms. Kraninger about providing greater clarity to companies that are overseen by the Bureau, to which she responded:

I completely agree that it is critical to have clear rules

so that lenders, creditors, and consumers themselves know

what the rules are, that they are not, somehow, told after

the fact that they broke a rule they weren't even aware of or

that it had, somehow, changed without any proper notice and

comment process, to really understand the impacts and the

opportunity to tailor.

In addition, numerous key stakeholders have written to the Banking Committee in support of Ms. Kraninger's nomination and to emphasize the positive attributes that prepare her to lead the Bureau. Ms. Kraninger has received widespread support from community banks and credit unions, consumer bankers, housing organizations and Realtors, taxpayer advocacy groups, and auto dealers.

Rebeca Romero Rainey, the president and CEO of the Independent Community Bankers of America, said:

I believe she understands the critical role played by

community banks in creating access to consumer and small

business credit and supporting prosperity in American

communities. This perspective will strengthen the Bureau's

rulemaking. I also believe she has a strong commitment to

making the Bureau accountable, effective and efficient.

Following Ms. Kraninger's being reported favorably from the Banking Committee, Rob Nichols, the president and CEO of the American Bankers Association, said:

Ms. Kraninger detailed her substantial government and

management experience that would help her lead the Bureau,

and she committed to satisfying the Bureau's mandate of

ensuring consumers have access to financial products and

services that are ``fair, transparent and competitive.'' We

welcome that commitment and her pledge to maintain

transparency and accountability if confirmed.

Jim Nussle, the president and CEO of the Credit Union National Association, said that until the Bureau's structure moves from a single Director to a bipartisan commission, ``consumers and regulated entities will be best served by a Senate-confirmed, permanent Director leading the Bureau.''

Dan Berger, the president and CEO of the National Association of Federally-Insured Credit Unions, said: ``A Senate-confirmed, full-time Director of the Bureau will help provide regulatory certainty and clarity while providing important leadership and long-term focus that will allow credit unions to continue to meet the needs of their members.''

Neil Bradley, the executive vice president and chief policy officer of the U.S. Chamber of Commerce, said: ``Ms. Kraninger's experience will serve her well as the Director of the Bureau, especially as it aims to be a more transparent and accountable agency.''

Richard Hunt, the president and CEO of the Consumer Bankers Association, said that until the Bureau moves from a single Director to a bipartisan commission, ``it is imperative the Bureau have a permanent and full-time Director to fulfill its mission, and we look forward to working with Ms. Kraninger on commonsense regulations that protect consumers while also allowing a well-regulated banking system to serve families, small businesses, and local communities. CBA is grateful to Acting Director Mick Mulvaney for his leadership at the agency and for his willingness to listen to the opinions of all stakeholders.''

The Bureau was the most polarizing part of Dodd-Frank, and it is not surprising that the confirmation votes of then-nominee Richard Cordray and now Kathy Kraninger are contentious. Some of Ms. Kraninger's opponents have raised questions about her potential involvement with respect to the administration's zero-tolerance policy and the administration's response to Hurricane Maria.

During her nomination hearing, I asked Ms. Kraninger to what extent, if any, she was involved in the development of the administration's zero-tolerance policy or the administration's response to Hurricane Maria. She responded: ``I had no role in setting the zero-tolerance policy.''

She also said, with respect to Hurricane Maria, that in the Office of Management and Budget, including herself, ``we have a role in reviewing disaster declaration recommendations that go to the President. So we are involved from that point. We also put together, at the Office of Management and Budget, the supplemental requests that the administration puts forward to the Hill when they are necessary. Clearly, additional resources were needed [last fall], and the Office of Management and Budget supported the President in putting forward those requests that Congress considered and obviously responded to in providing the resources necessary.''

Since Director Cordray's departure, I know some of my colleagues on the other side of the aisle have been frustrated by the Bureau under Acting Director Mulvaney's leadership. Given changes at the Agency over the last year and frustration felt on both sides of the aisle, now is an appropriate time to reconsider the fundamental structure of the Bureau to increase its accountability and transparency.

I continue to support a bipartisan commission instead of a single Director, a congressional funding mechanism, and a safety and soundness check. It would also be appropriate to give the Bureau its own inspector general.

For the past year, the Bureau has been led by an Acting Director. It is time for the Senate to confirm a permanent Director. I support Ms. Kraninger, and I urge my colleagues to join me in voting yes on her nomination.

I yield the floor.

Mr. President, I rise to speak on the nomination of Commissioner Michelle Bowman to be a Member of the Board of Governors of the Federal Reserve System.

The Federal Reserve is charged with ensuring financial institutions are safe and sound, promoting financial stability and carrying out U.S. monetary policy.

Decisions made by the Federal Reserve have a significant impact on the economy, businesses, and households across the Nation.

Commissioner Bowman is highly qualified to fill the Federal Reserve Board role reserved for a person with community banking experience.

Commissioner Bowman has served as the State Bank Commissioner of Kansas since February 2017.

Prior to that, she worked as a vice president at Farmers and Drovers Bank, a Kansas-based community bank with $175 million in assets.

She has also previously served in a number of government roles, including as a staffer in both the Senate and House, as well as in various roles at the Department of Homeland Security.

Commissioner Bowman learned banking from the frontlines to the back office at Farmers and Drovers Bank, an institution with which her family first became involved in 1882.

As a former community banker and bank regulator, she is intimately familiar with the business of banking, its regulatory framework, and how regulators' decisions impact banks and the communities in which they operate.

She knows firsthand the unique relationships that community banks foster with their local communities, often operating through relationship banking to provide access to credit, support employment, and promote economic growth.

In her nomination hearing, Commissioner Bowman noted, ``I have witnessed firsthand how the regulatory environment created in the aftermath of the crisis has disadvantaged community banks.''

``If confirmed, I will bring this perspective to my work at the Board to ensure that rules preserve the resiliency of the financial system, but are appropriately tailored to the size, complexity and risk of an institution.''

I am encouraged by the attention she has paid to the need to appropriately tailor regulations and the potential consequences of not doing so.

In May, the President signed into law S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act.

This bill tailors regulations for midsized and regional banks and provides meaningful relief to community banks.

Commissioner Bowman brings a unique expertise and perspective to the Federal Reserve as it continues implementing key provisions of the bill.

The Federal Reserve also sets U.S. monetary policy.

In her confirmation hearing, Commissioner Bowman reassured the Banking Committee that her decisions would be based on sound economic policies.

This is significant during a period of monetary policy normalization at the Fed.

I am confident she will contribute positively toward the Federal Reserve fulfilling its mission.

I will be voting in favor of Commissioner Bowman's nomination today, and I urge my colleagues to do the same.

Mr. President, along with my colleague Senator James E. Risch, I congratulate Judge Ryan Nelson of Idaho Falls on his Senate confirmation to serve as a judge on the Ninth Circuit Court of Appeals.

Throughout his diverse legal career, Ryan Nelson developed the necessary tools to serve the U.S. Ninth Circuit Court of Appeals as a sound and principled jurist. Since 2009, Ryan Nelson has served as general counsel of Idaho Falls-based Melaleuca, Inc. Before joining Melaleuca, Mr. Nelson served in the Federal Government as special counsel for Supreme Court nominations to the ranking member of the Senate Judiciary Committee; as deputy general counsel to the White House Office of Management and Budget; and as deputy assistant attorney general in the Environment and Natural Resources Division of the United States Department of Justice, DOJ. At the DOJ, Mr. Nelson argued 13 cases in the U.S. Courts of Appeals and was division counsel for 50 briefs filed in the Supreme Court. Before joining the DOJ, Mr. Nelson practiced in the Washington, DC, office of Sidley Austin LLP, where he was a member of the firm's appellate, litigation, products liability, and religious liberties practice groups.

Upon graduation from law school, Mr. Nelson served as a law clerk to Judge Karen LeCraft Henderson of the U.S. Court of Appeals for the District of Columbia Circuit and to Judges Charles Brower and Richard Mosk of the Iran-U.S. Claims Tribunal at The Hague. Mr. Nelson earned his B.A. from Brigham Young University, BYU, and his J.D., with honors, from BYU Law School, where he was inducted into the Order of the Coif and served as a lead articles editor of the BYU Law Review.

Ryan has been widely recognized by his colleagues for his judgement and legal expertise and will respect and be a servant of the law. He understands that a judge is responsible for interpreting and applying the Constitution and laws of the land as they are written and not to be a maker of laws from the bench.

Congratulations, Ryan, on your confirmation, and thank you for bringing your valuable perspective to the court.

Mr. President, today I wish to honor a dedicated and treasured member of my staff, Margaret Ballard, and thank her for her more than 21 years of congressional service.

Margaret joined my congressional staff as an intern in 1997 when I served in the U.S. House of Representatives and as she was studying for her master's degree at Boise State University. She quickly proved herself to be bright, adept, and dependable, traits that have made her an integral member of my staff. She currently serves as administrative director and has served in this position since late 2001, but she has carried out many different tasks and filled in for various State positions as we developed as an organization. Her experience, knowledge, and skill from working in so many areas enable her to understand the roles of fellow staff and effectively connect office functions.

Margaret is the glue that holds my office together. As administrative director, she oversees the day-to-day administrative work that is so critical to office functions and responsiveness to the people of Idaho. Margaret keeps track of the intricate details and requirements of operating a Senate office, including the Senate rules. Margaret also recognizes staff achievements and finds opportunities to provide levity and boost morale. She has carried out meticulous work to enhance office operations and coordinate the efforts of the staff. Her long-term dedication to this effort has been vital to ensuring office efficiency. Every organization needs Margaret's kind of continuity and know-how.

To put the many changes Margaret has been a part of over the past 20 years into perspective, she recalls that, when she started back in 1997, all State offices had to share a dial-up internet connection and she had to coordinate when each office could call in and connect for internet service. With the technological advances since, those connection phases are a dim memory. Margaret has handled each new phase with tact and proficiency as she helped build our office administratively.

Prior to joining my staff, Margaret was the State emergency response commission chief of staff for 9 and a half years. Before that position, she was an administrative assistant for the mayor and city council of Glendale, CO, for 2 and a half years. She has worked in all three levels of government, local, State, and Federal Service. On a personal note, Margaret and her husband Troy Gugel have a son and daughter. They are grandparents to a grandson and have a granddaughter on the way.

Margaret, thank you for your steady, committed, and skilled work all these years. The adjectives I could list to describe you could go on and on: well-organized, resourceful, professional. Above all, I know that I have always been able to count on you to get the job done well for the people of Idaho. This is the core of what it means to be an outstanding member of the staff and, more importantly, a friend. Congratulations on the work milestone you have surpassed, and thank for lending your talents to working on behalf of Idahoans all these years.

Mr. President, today I wish to honor Paul J. Schneider, who is retiring from NewsTalk 670 KBOI, of Boise, ID, after more than 51 years in radio and television.

Paul J. Schneider, known as Paul J, started working for the station in 1967 and has been a mainstay of thoughtful reporting since. He called Boise State University football and basketball games for decades as ``Voice of the Broncos.'' Idahoans and many others have no doubt taken solace during their morning commutes with Paul J's interesting and cheerful discussions. He has been a treasured voice underscoring significant local and world events.

Over the years, he has no doubt observed and taken part in many innovations in broadcasting and significant local and national happenings. When announcing Paul J's retirement, the station noted, ``His storied radio career has seen plenty of benchmark moments, including but not limited to: the first radio interview with President Richard Nixon in 1972 after Watergate; covering the prison riots at the Idaho Penitentiary in 1971 and 1973; and calling Boise State Football's first trip to the Fiesta Bowl in 2007.''

Descriptions of him are peppered with words such as greatly respected, trusted, professional, iconic, wise, and humorous. His experience and affection for the community he has chosen to make his home all these years comes through in his commentary. He has received numerous honors throughout his career that include being inducted into the Boise State Athletic Hall of Fame in 2018, more than 50 Idaho State Broadcasting Association awards, and Boise's Key to the City in 2017. The press box at Albertsons Stadium and the Cumulus broadcast building have been named in his honor.

I understand he is looking forward to sleeping in during his retirement, and I hope he gets some well-deserved rest for all the years he has devoted to keeping Idahoans informed. It is also good to hear that he will still be using his talents to produce, blog, and cover sports. Knowing that Idahoans will still get to benefit from his humor, skill, and engaging commentary is heartening, as I wish him well in his retirement.

Paul J, congratulations on your extraordinary career and leaving a lasting mark in Idaho radio and the lives of countless Idahoans. I wish you all the best.