Floor Statements

Madam President, on April 13, 2007, Idaho grieved at the passing of one of her great men, Claud R. Judd. Claud lived most all of his life in Fraser, ID, and left behind his wife Elvita, 2 sisters, 3 sons, 1 daughter, 12 grandchildren and 11 great- grandchildren. A lifelong farmer, Claud is perhaps best known to Idahoans for his many years of public service. From local cemetery, park, school, hospital and county fair boards to Clearwater County commissioner and member of the Idaho State Legislature in both houses, he exemplified public service. His legacy is a model of civic duty and commitment to family and community.

Claud found the time in his busy schedule to write a book about his family, and compile a scrapbook about the Clearwater County Extension and 4-H spanning seven decades. He was a hard, honest worker, and committed himself fully to whatever endeavor he undertook. I had the honor and privilege of serving in the Idaho State Legislature with Claud. Fellow lawmakers and staff could always count on him to be honest, kind and thorough. Claud was known as a consensus-builder who put the needs of his constituents first. He focused on results and was known to care little for the politics that cause party line divisions. He represented the Idahoans of Clearwater County with integrity and common sense, reflecting his deep Idaho agriculture roots.

My wife and I join other Idahoans in mourning this great loss to our State, and we offer our most sincere condolences to Elvita and the family.

Mr. President, today, with my colleague from Idaho, Senator Craig, I rise to introduce a bill to amend the Idaho Admissions Act of July 3, 1890 to permit Idaho to administer Morrill Act lands and the proceeds there from in accordance with contemporary investment standards.

The State of Idaho has been working to update its management of endowed assets received as part statehood from the Federal Government to ensure the maximum long-term financial return to the beneficiaries. Key to endowment reform is the implementation of contemporary investment principles that require asset diversification to reduce the risk of loss and that permit a trustee to deduct reasonable costs of administration of the assets normally incurred by a prudent fiduciary. Of the Federal grants to Idaho as part of statehood, only the Morrill Act limits investments in bonds of the United States or Idaho and precludes deducting reasonable administrative expenses incurred by the trustee. This bill would allow the State of Idaho to administer the Morrill Act assets under the same fiduciary standards now applicable to all of Idaho's other federally granted endowments.

Additionally, a broad group of state, Federal, and private interests, including the University of Idaho College of Agricultural and Life Sciences, the State of Idaho, United Dairymen of Idaho and Allied Industry, College of Southern Idaho, the Idaho Cattle Association, Idaho Wool Growers, the Idaho National Laboratory, and Federal agencies have joined together in developing plans for the Idaho Center for Livestock and Environmental Studies to serve as a premier center for research and education in dairy and beef science. The important mission of the center is ``To enhance the quality of life for the citizens of Idaho, the Pacific Northwest, and the Nation by furthering the educational and scientific mission of the University of Idaho and its public/private partners, by providing a state-of-the-art animal research facility capable of large-scale research that provides sound scientific results and educational opportunities intended to: protect our air, land and water, improve the welfare and productivity of our livestock, encourage the efficient use of energy and capital, and enhance workforce and economic development.''

The University of Idaho, as a partner in the project and beneficiary of the Morrill Act endowment, is well positioned to utilize endowment assets to both continue to carryout the educational purposes and maintain the underlying real estate endowment while contributing to the project. However, modernization of the management of endowed assets needs to occur in order for such a worthy project to move forward.

That is why the legislation Senator Craig and I are introducing today will provide more flexibility while allowing for the allocation of management expenses in the same fashion as other State endowments, expand investment authority to match other State endowments, and provide for the use of the earnings from management of the sale of endowed lands to be used for the acquisition, construction, and improvements for the operation of research farms for teaching and research purposes.

I ask that my colleagues act on this measure in a timely manner.

Mr. President, today, with my colleague from Idaho, Senator Craig, I rise to introduce a bill to amend the Idaho Admissions Act of July 3, 1890 to permit Idaho to administer Morrill Act lands and the proceeds there from in accordance with contemporary investment standards.

The State of Idaho has been working to update its management of endowed assets received as part statehood from the Federal Government to ensure the maximum long-term financial return to the beneficiaries. Key to endowment reform is the implementation of contemporary investment principles that require asset diversification to reduce the risk of loss and that permit a trustee to deduct reasonable costs of administration of the assets normally incurred by a prudent fiduciary. Of the Federal grants to Idaho as part of statehood, only the Morrill Act limits investments in bonds of the United States or Idaho and precludes deducting reasonable administrative expenses incurred by the trustee. This bill would allow the State of Idaho to administer the Morrill Act assets under the same fiduciary standards now applicable to all of Idaho's other federally granted endowments.

Additionally, a broad group of state, Federal, and private interests, including the University of Idaho College of Agricultural and Life Sciences, the State of Idaho, United Dairymen of Idaho and Allied Industry, College of Southern Idaho, the Idaho Cattle Association, Idaho Wool Growers, the Idaho National Laboratory, and Federal agencies have joined together in developing plans for the Idaho Center for Livestock and Environmental Studies to serve as a premier center for research and education in dairy and beef science. The important mission of the center is ``To enhance the quality of life for the citizens of Idaho, the Pacific Northwest, and the Nation by furthering the educational and scientific mission of the University of Idaho and its public/private partners, by providing a state-of-the-art animal research facility capable of large-scale research that provides sound scientific results and educational opportunities intended to: protect our air, land and water, improve the welfare and productivity of our livestock, encourage the efficient use of energy and capital, and enhance workforce and economic development.''

The University of Idaho, as a partner in the project and beneficiary of the Morrill Act endowment, is well positioned to utilize endowment assets to both continue to carryout the educational purposes and maintain the underlying real estate endowment while contributing to the project. However, modernization of the management of endowed assets needs to occur in order for such a worthy project to move forward.

That is why the legislation Senator Craig and I are introducing today will provide more flexibility while allowing for the allocation of management expenses in the same fashion as other State endowments, expand investment authority to match other State endowments, and provide for the use of the earnings from management of the sale of endowed lands to be used for the acquisition, construction, and improvements for the operation of research farms for teaching and research purposes.

I ask that my colleagues act on this measure in a timely manner.

Mr. President, on March 30, Secretary of Defense Robert Gates announced that Mountain Home Air Force Base in my home State of Idaho had earned the coveted 2007 Commander in Chief's Annual Award for Installation Excellence. This Presidential honor is given only to a single installation in each of the military branches for outstanding and innovative efforts by installation personnel. I am honored to be able to publicly herald this tremendous achievement by Colonel Rock and all the men and women of Mountain Home Air Force Base.

This high honor reflects a sustained level of excellence by all the Gunfighters of Mountain Home. Installation of the Year can only be achieved if everyone, from the wing commander to airmen working in all aspects of operations and support, has their priorities straight and expectations for personal duty performance at the highest level. Improving the structures that protect valuable aircraft, creative and responsible financial management with regard to improving facilities, and a commitment to Air Force families are just some of the ways in which Mountain Home Air Force Base demonstrated its excellence this year. The Gunfighters have maintained this strong tradition of superiority and excellence for over half a century. The missions have changed over the years, but Gunfighter commitment and performance has not.

Idahoans can be very proud of their Gunfighters. Mountain Home Air Force Base is as much a part of Idaho history as the magnificent valleys, rivers, and plateaus that surround the base. The 366th Fighter Wing is a force to be reckoned with when it comes to the national security of the United States. The missions currently headquartered at Mountain Home comprise a vital component of our comprehensive military defensive and offensive force. Idaho is fortunate to be host and home to these defenders of freedom.

Idaho benefits from Mountain Home Air Force Base, not just when the military men and women serving out their assignments there call our State ``home'' for a time in their military careers but also when some return to call Idaho home permanently in retirement.

I offer my sincere congratulations to the Gunfighters and my heartfelt gratitude for their service to our great country, in defense of my freedom and that of my family.

Mr. President, I rise today in support of this global competitiveness amendment with the senior Senator from New York to S. 761 and to call attention to the challenges facing U.S. financial markets. I really appreciate the leadership role the senior Senator from New York has taken in the global capital markets competitiveness debate and I really appreciate our working relationship.

The first part of the amendment highlights findings that U.S. capital markets are losing their competitive edge in the face of intensifying global competition in initial public offerings, IPOs, over-the-counter, OTC, derivatives, securitization, and traditional lending. The second half of the amendment expresses the sense of the Senate about what steps should be taken to bolster the competitiveness of this essential sector of the U.S. economy.

According to the Schumer/Bloomberg report entitled Sustaining New York's and the U.S.' Global Financial Services Leadership, ``In looking at several of the critical contested investment banking and sales and trading markets--initial public offering, over-the-counter derivatives, and debt--it is clear that the declining position of the U.S. goes beyond this natural market evolution to more controllable, intrinsic issues of U.S. competitiveness. As market effectiveness, liquidity and safety become more prevalent in the world's financial markets, the competitive arena for financial services is shifting toward a new set of factors--like availability of skilled people and a balanced and effective legal and regulatory environment--where the U.S. is moving in the wrong direction.''

This is a very alarming trend because IPOs and OTC derivatives contribute to a robust and dynamic capital market which is a tremendously beneficial force for our economy and an empowerment to our citizens. It is critical to ensuring economic growth, job creation, low costs of capital, innovation, entrepreneurship, and a strong tax base in key areas of the country. The U.S. financial sector acts as a catalyst for all other sectors in the U.S. economy. That is why the decline in global initial public offerings in the United States, and the fact that London already enjoys clear leadership in the fast growing OTC derivatives market, are such worrying trends.

The report further states, ``The IPO market also offers the most dramatic illustration of the change in capital raising needs around the world, and the U.S. exchanges are rapidly losing ground to foreign rivals. When looking at all IPOs that took place globally in 2006, the share of IPO volume attracted by U.S. exchanges is barely one-third of that captured in 2001. By contrast, the global share of IPO volume captured by European exchanges has expanded by more than 30 percent over the same period, while non-Japan Asian markets have doubled their equivalent market share since 2001. When one considers mega IPOs--those over $1 billion--U.S. exchanges attracted 57 percent of such transactions in 2001, compared with just 16 percent during the first ten months of 2006.''

It further notes: ``London already enjoys clear leadership in the fast-growing and innovative over-the-counter derivatives market. This is significant because of the trading flow that surrounds derivatives markets and because of the innovation these markets drive, both of which are key competitive factors for financial centers. Dealers and investors increasing use derivatives and cash markets as interchangeable and are therefore combining trading operations for both products. Indeed, the derivatives market can be more liquid than the underlying cash markets. Therefore, as London takes the global lead in derivatives, America's competitiveness in both cash and derivatives flow trading is at risk, as its position as a center for financial innovation.''

One of the common themes we are seeing in terms of movement of business away from the United States to

London and other capital markets are the regulatory burdens and the regulatory regime that we impose here in the United States. I do not think anybody would say that we should simply take down our regulatory position, because we do have one of the strongest markets in the world. But the question is are we over-regulating.

Fortunately, academics, business leaders, and politicians are working together to study this issue. They have identified several specific problems that hinder the competitiveness of the U.S. capital markets and have issued reports outlining possible solutions:

Interim Report of the Committee on Capital Markets

Regulation, November 2006; Schumer/Bloomberg report entitled:

``Sustaining New York's and U.S.' Global Financial Services

Leadership, January 2007; Commission on the Regulations of

U.S. Capital Markets in the 21st Century, March 2007.

I would especially like to commend the senior Senator from New York for his efforts in this project. All three reports add considerably to the understanding of the challenges that American capital markets face and offer solutions that could help American markets, companies, and workers to better compete.

Additionally, on March 13, 2007, the Department of the Treasury convened a conference on United States capital markets competitiveness where conference delegates discussed ways to keep U.S. capital markets the strongest and most innovative in the world. This problem is well- documented and it is time that we take the necessary steps to restore America's leadership position in the global financial services marketplace.

This amendment states it is the sense of the Senate

(1) Congress, the President, regulators, industry leaders, and other stakeholders should take the necessary steps to reclaim the preeminent position of the United States in the global financial services marketplace;

(2) the Federal and State financial regulatory agencies should, to the maximum extent possible, coordinate activities on significant policy matters, so as not to impose regulations that may have adverse unintended consequences on innovativeness with respect to financial products, instruments, and services, or that impose regulatory costs that are disproportionate to their benefits, and, at the same time, ensure that the regulatory framework overseeing the United States capital markets continues to promote and protect the interests of investors in those markets;

(3) given the complexity of the financial services marketplace today, Congress should exercise vigorous oversight over Federal regulatory and statutory requirements affecting the financial services industry and consumers, with the goal of eliminating excessive regulation and problematic implementation of existing laws and regulations, while ensuring that necessary investor protections are not compromised.

This amendment is supported by the American Bankers Association, the Business Roundtable, United States Chamber of Commerce, Financial Services Forum, Investment Company Institute, International Swaps and Derivatives Association, Securities Industry and Financial Markets Association, NASDAQ, and NYSE.

I also thank my colleagues for joining me in supporting this amendment, and I thank the senior Senator from New York for working with me on this amendment

Amendment No. 922

Mr. President, I note the passing of a most distinguished and

talented Idaho artist and businessman, Fred I. Ochi, on February 18, 2007. Fred lived in my hometown of Idaho Falls and was best known throughout Idaho and the West for his beautiful paintings; barns were one of the trademark subjects of his Japanese-influenced art. Although known for his art work, Fred's life reflected a penchant for perseverance, business, and appreciation of the importance of art to communities.

Fred, a Japanese American, was born in California in 1913. After losing his mother at the young age of eight, Fred and his brother spent 3 years in Japan living with their grandparents. He returned to California where he studied art and became a theatre manager in the San Francisco Bay area in the 1930s. He found a public place for his artwork back then--movie marquees of the 17 theatres he managed. Due to the war, Fred was evacuated from California in 1942 and moved to southeastern Idaho, where he managed marquees for theatres there. Fred was an unfortunate victim of one of the darker periods in Idaho history; he had to be escorted by Idaho National Guard troops when people organized a protest against the theatres based on Fred's ethnicity.

Fred continued his life's work in Idaho Falls. He settled there in 1943 and spent the rest of his life working there, raising his children with his wife Yoshiko. The man who completed 10,000 watercolors over the course of his lifetime opened a commercial art and sign shop, and was a founding member of the Idaho Falls Art Guild. In Idaho Falls, he served as a longtime member of the Chamber of Commerce and the Kiwanis Club. Fred left an indelible mark on arts in Idaho. He served as president of the Idaho Art Association and earned the 1998 Governors Award for Excellence in Art. During Idaho's State Centennial, Fred was named one of the ``100 Citizens Who Made a Difference for the State.''

Fred was generous with his talent, sharing it with students of all ages throughout Idaho and western Wyoming. Fred's ready smile and sense of humor was well-known: his business cards read ``Smiling Irishman, Fred O'Shay.'' My sister Christine knew Fred well. Knowing of her interest in art, Fred would invite her to watch him work at his studio, the ``log hut.'' She remembers his painting style as fast and powerful; he used many different brushes with big brush strokes. It was intentional and bright, like his personality.

Fellow Idaho Falls artist Gloria Miller Allen observed:

I will always remember him in old white dress shirts

slightly spattered with paint, and with his glasses spattered

as well. I can still see him in his red kimono selling

paintings down by the river. Idaho Falls will miss this good

man.

Fred's legacy lives on in his 5 children, 11 grandchildren and 2 great-grandchildren. He will be sorely missed, and I offer his family my condolences and our gratitude for sharing Fred and his art and legacy with us all.

Madam President, I rise today in support of the funding provided in the supplemental appropriations legislation for continuation of the Secure Rural Schools and Community Self- Determination Act, and the 5-year reauthorization of the program through the Wyden amendment. Counties and school districts across this country are poised to cut much needed jobs and services without this continuation. Many of us have heard the urgent calls from constituents. The message has been clear--``Please help us.'' And, I'm proud to answer that call by supporting this reauthorization.

For example, Idaho's Fremont County is one of the counties across the State and Nation that have been faced with a dire situation. Fremont County is looking at not only eliminating road and bridge services but also students would be impacted by a loss of nursing services for students, playground and safety equipment at elementary schools, library books, and continuing education instructions. Counties across Idaho face similar difficult emergency situations.

Ideally, management of our forested land would generate the revenue necessary to assist with services in cash-strapped communities with large amounts of federally owned land. Unfortunately, that just hasn't been the case for some time. We must continue to work to remove impediments to forest health and productivity. However, in the meantime, Congress must commit the resources necessary to ensure that rural communities across this country do not have to forgo road maintenance, close libraries, and make cuts to children's education. Anything less is unacceptable.

The legislation before us today would respond by fully funding PILT through 2012 reauthorizing Secure Rural Schools through 2011, reauthorizing the valuable Resource Advisory Committees, RACs, and phasing down the payments over time. I urge other Senators to join me in supporting this amendment that fulfills the responsibility to these communities that shoulder the local cost of the public lands we all enjoy.

Thank you for the opportunity to share a few words.

Madam President, I yield the floor.

Mr. President, it gives me great pleasure and is a tremendous honor to call attention to the brave and honorable soldiers of Company B, 1st Battalion, 183rd Aviation Army National Guard unit from Boise, ID. In a letter to Idaho Governor Butch Otter from Lieutenant Colonel S.G. Fosdal, stationed at Forward Operating Base Bermel in Afghanistan, Company B's highly respected and renowned reputation is made clear. The heroism displayed in support of Army special forces, Marine, and Afghan troops

along the exceedingly dangerous and remote border between Afghanistan and Pakistan was remarkable, commendable, and in every way worthy of note to this body. In a self-described ``unusual letter,'' Lieutenant Colonel Fosdal praises the many accomplishments and reputation of Company B, calling them ``proud warriors.'' I ask unanimous consent that Lieutenant Colonel Fosdal's letter, as part of my statement, be printed in the Record.

It makes me proud to hear fellow Idahoans described this way. Our military men and women from every State and territory continue to stand strong for freedom and uphold their solemn commitment to ``support and defend the Constitution of the United States of America.'' This is simply my opportunity to thank and pay deep respect to the men and women of Company B, part of Idaho's esteemed military tradition, current and past. The steadfast commitment to duty, perseverance, excellence, and reliability are all traits that reflect the spirit of Idaho characteristics clearly articulated in respectful words of honor and thanks from a commanding officer. These soldiers and their families have sacrificed much to keep us free and keep terror and tyranny far from our own shores. On behalf of my family, I thank them all for their valorous service, heartfelt commitment, outstanding patriotism, and willing sacrifice.

Mr. President, on March 2, 2007, the Boise Veterans Administration Medical Center bade farewell to its director of 14 years, Wayne Tippets. After a dedicated career with the VA spanning 37 years, Wayne retired with plans to travel and spend time with his family. I also understand that his retirement will likely include golfing.

Wayne served with the VA across the Nation, in places such as Iowa, Tennessee and California, before coming back to Idaho in 1993. He recognizes the importance of honesty, a strong work ethic, and the critical importance of competent, compassionate staff, and volunteers to the hospital's success. Wayne has handled the almost doubling of hospital patients over the past 14 years with a sense of pragmatism and drive to continue a history of responsible service to Idaho's veterans. Under his leadership, the Boise VAMC rebuilt and modernized the medical/surgical ward; constructed a behavioral health center, outpatient care building, and specialty care clinic; opened a larger and modernized emergency room; opened a new building in Twin Falls; opened a new administration building; opened a community-based outpatient clinic in Caldwell; and established a patient care access point in Salmon, ID, offering social worker and telepsychiatry services.

Wayne was instrumental in these and other improvements and expansion of VA patient services throughout his tenure in Idaho. I wish him well in retirement and thank him for his long years of service to our Nation's veterans.

Mr. President, today I offer a most heartfelt welcome to a bright young lady who just made her entrance into this world--Sadie Fay Morgenstern. Sadie was born just over a week ago on March 4, 2007. She joins her big sister Sydney and parents, Andrew and Beth Morgenstern. I understand that little Sadie is proving to be alert, happy, and content. Undoubtedly, she will grow into a healthy, fun-loving and curious young lady, traits she will share with her older sister, Sydney. I am honored to share this news of the birth of a happy, healthy baby into a loving family, and I wish them the best. Thank you for joining me today in sending best wishes to the blessed and growing Morgenstern family.

Mr. President, I am pleased to introduce the Owyhee Initiative Implementation Act of 2007, a bill which is the result of a five-year collaborative effort between all levels of government, multiple users of public lands, and conservationists to resolve decades of heated land-use conflict in the Owyhee Canyonlands in the southwestern part of my home State of Idaho.

This is comprehensive land management legislation that enjoys far- reaching support among a remarkably diverse group of interests that live work and play in this special country.

Owyhee County contains some of the most unique and beautiful canyonlands in the world and offers large areas in which all of us can enjoy the grandeur and experience of untouched western trails, rivers, and open sky. It is truly magical country, and its natural beauty and traditional uses should be preserved for future generations. Owyhee County is traditional ranching country. Seventy-three percent of its land base is owned by the United States, and it is located within an hour's drive of one of the fastest growing areas in the nation, Boise,

Mr. President, I am pleased to introduce the Owyhee Initiative Implementation Act of 2007, a bill which is the result of a five-year collaborative effort between all levels of government, multiple users of public lands, and conservationists to resolve decades of heated land-use conflict in the Owyhee Canyonlands in the southwestern part of my home State of Idaho.

This is comprehensive land management legislation that enjoys far- reaching support among a remarkably diverse group of interests that live work and play in this special country.

Owyhee County contains some of the most unique and beautiful canyonlands in the world and offers large areas in which all of us can enjoy the grandeur and experience of untouched western trails, rivers, and open sky. It is truly magical country, and its natural beauty and traditional uses should be preserved for future generations. Owyhee County is traditional ranching country. Seventy-three percent of its land base is owned by the United States, and it is located within an hour's drive of one of the fastest growing areas in the nation, Boise,

Mr. President, today I am pleased to recognize and celebrate the long record of public service by an Idaho woman who has improved the financial conditions for many of my State's residents, helped our children through countless fundraising efforts and offered of herself in a distinguished record of service as an Idaho Representative.

Janet Miller is well-known to many people in the Treasure Valley of Southwest Idaho, including the City of Boise. Janet is also well-known to many in this body; she assisted two of my predecessors in the U.S. Senate--Senator Jim McClure and Senator Dirk Kempthorne.

Janet and her late husband Don moved to Idaho from Utah back in 1966. They did not bring much with them except for their desire to help people. Janet was a founding member of the local charity group called Working Partners. She spent more than 20 years in fundraising efforts that brought benefit to Idaho children and other charitable efforts.

Janet worked on behalf of the former Booth Memorial High School--now the Pritchett School--where I have had the pleasure to see the difference her efforts make in people's lives. She raised money for the local Salvation Army. She worked every Christmas to see that young children who may not have had a merry Christmas had a gift under the tree.

She has been very involved in politics, having met several Presidents including her hero, Ronald Reagan. She walked the halls of Congress often and has been involved in numerous political efforts.

Janet decided to give even more of herself when, after years of working behind the scenes, she stepped forward and ran for public office, and she won. She was the voice of Boise's Bench Neighborhood in the Idaho Legislature. She spoke often and was direct about the issues in the hearts and minds of her constituents. She sought consensus but was not afraid to speak out on what mattered most to the people she represented.

Janet sought to improve the lives of unwed mothers and needy children, our environment and various social concerns. She could have sat back and let rheumatoid arthritis keep her down. But that is not the kind of person Janet is. Janet is like many of us in Idaho-- independent, giving, not afraid to stand up for what is right and speak our mind when we need to.

Now, Janet is facing her final quest--to enjoy her time to the fullest with her cherished family, children and grandchildren as she fights terminal cancer.

Janet Miller gave of herself, tirelessly, over a lifetime of public service. And now, Janet, we want to give back just a little bit. I ask Janet's accomplishments be noted here in the Record of the Congress of the United States.

Mr. President, I rise today with my colleagues, 16 bipartisan

cosponsors, to introduce the S. 700. Approximately 1 year ago, Senator Lincoln and I introduced the Collaboration for the Recovery of the Endangered Species Act, or CRESA, an earlier bill to amend the Endangered Species Act or ESA. S. 700 is an updated version of the Endangered Species Recovery Act or ESRA, which we introduced on December 6, 2006. Like ESRA, S. 700 does not amend the current ESA, but builds on ideas set forth in the original CRESA. It creates policies that finance the recovery of endangered species by private landowners. S. 700 makes it simpler for landowners to get involved in conservation and reduces the conflict that often emanates from the ESA. It will be an important codification of much-needed incentives to help recover endangered species. And, since the introduction of CRESA 1 year ago, I'm proud to count over 100 different species and landowner organizations and advocates that have partnered with us in support of this important tax legislation.

Over 80 percent of endangered species live on private property. Under the current law, however, there are too few incentives and too many obstacles for private landowners to participate in conservation agreements to help recover species. S. 700, like the voluntary farm bill conservation programs that inspired its creation, will make it more attractive for private landowners to contribute to the recovery of species under the ESA.

This bill resulted from effective and inclusive collaboration among key stakeholders most affected by the implementation of the ESA. Landowner interests include farmers, ranchers, and those from the natural resource-using communities. For example, some current supporters of S. 700 who contributed invaluable advice are the American Farm Bureau and the Society of American Foresters. This could not rightly be called a collaborative project without the vital and necessary input received from the Defenders of Wildlife, Environmental Defense and the National Wildlife Federation--key environmental groups that made significant contributions. They understand that landowner must be treated as allies to ensure success in the long-run for the conservation of habitat and species. Finally, while the genesis of this bill has many roots, a passionate catalyst was James Cummins of Mississippi Fish and Wildlife Foundation, whose great concern for the outdoors provided inspiration to move these ideas forward.

These experts worked together to craft S. 700, which provides new tax incentives for private landowners who voluntarily contribute to the recovery of endangered species. The tax credits will reimburse landowners for property rights affected by agreements that include conservation easements and costs incurred by species management plans.

For landowners who limit their property rights through conservation easements, there will be 100 percent compensation of all costs. That percentage declines to 75 percent for 30-year easements and 50 percent for cost-share agreements.

It is worth noting that this is the same formula that works successfully for farm bill programs such as the Wetlands Reserve Program. Private property owners are appropriately rewarded for crucial ecological services that they provide on their property. The public benefits from these services, which ensure biodiversity. While the primary returns from this investment are protection and recovery of endangered species, the public will also undoubtedly gain additional benefits such as aesthetically pleasing open space, a reduction in the number of invasive species and enhanced water quality.

The legislation provides a list of options that give landowners a choice--a crucial element for the success of this proposal. For some landowners, a conservation easement will be the most attractive option. Easements are flexible tools that can be tailored to each landowner and species' interests. An easement restricts certain activities, but it still works well with traditional rural activities such as ranching and farming. For agreements without easements, there is flexibility to do what is necessary for the concerned species without the need to sacrifice property rights into perpetuity.

The tax credits provide essential funding that is necessary to respect private property rights. Wildlife should be an asset rather than a liability, which is how it has sometimes been viewed under the ESA. With wildlife becoming valuable to a landowner, those who may have been reluctant to participate in recovery efforts in the past will be more likely to contribute with these new incentives. When people want to take part in the process and do not fear it, the likelihood of conflict and litigation is reduced. For years, this type of conflict has proven costly not only financially to individuals and the government, but also in terms of relationships between people who share the land and natural resources. With a new trust and new model for finding conservation solutions, we can improve and expand our conservation work.

Provisions have been made to accommodate landowners whose taxes may be less than the tax credit provides. Partnerships in the agreements will allow any party to an agreement to receive a credit as long as they pay or incur costs as a result of the agreement. This language will allow creative collaboration among governments, landowners, taxpayers and environmentalists, further increasing the number of people involved in finding new solutions for conservation.

Furthermore, this bill also expands tax deductions for any landowner who takes part in the recovery plans approved under the ESA, and allows landowners to exclude from taxable income certain Federal payments under conservation cost-share programs. This will allow both individuals and businesses to deduct the cost of recovery work without bureaucratic obstacles.

This bill not only sets forth the financing for private landowners, but it also makes it easier to implement the agreements. Landowners will receive technical assistance to implement the agreements. Also, to remove some legal disincentives to recover species, liability protection may be provided to protect the landowners from penalties under the ESA. This removes the fear of trying to help endangered species. Currently, more species usually just means more liability for a landowner.

As a result of these incentives, I expect to see a phenomenal increase in the number of success stories. These stories will sound familiar to those creative collaborators working on the ground now where we have learned that the types of tools provided in this bill can work if offered consistently.

The Endangered Species Recovery Act is very exciting to those of us who value protecting our natural resources. It provides collaborative, creative ways to balance conservation with economic uses of our natural resources. It also preserves rural ways of life. I look forward to working with my colleagues in the Senate and House to move ahead with this legislation which will provide a new model for conservation to do better work. I look forward to working with my colleagues in the Senate and House to move ahead with this legislation.

I am deeply grateful to my colleagues from Arkansas, Iowa and Montana for their essential expertise and support to create S. 700. I ask unanimous consent that the text of the bill be printed in the Record.

Mr. President, I rise today with my colleagues, 16 bipartisan

cosponsors, to introduce the S. 700. Approximately 1 year ago, Senator Lincoln and I introduced the Collaboration for the Recovery of the Endangered Species Act, or CRESA, an earlier bill to amend the Endangered Species Act or ESA. S. 700 is an updated version of the Endangered Species Recovery Act or ESRA, which we introduced on December 6, 2006. Like ESRA, S. 700 does not amend the current ESA, but builds on ideas set forth in the original CRESA. It creates policies that finance the recovery of endangered species by private landowners. S. 700 makes it simpler for landowners to get involved in conservation and reduces the conflict that often emanates from the ESA. It will be an important codification of much-needed incentives to help recover endangered species. And, since the introduction of CRESA 1 year ago, I'm proud to count over 100 different species and landowner organizations and advocates that have partnered with us in support of this important tax legislation.

Over 80 percent of endangered species live on private property. Under the current law, however, there are too few incentives and too many obstacles for private landowners to participate in conservation agreements to help recover species. S. 700, like the voluntary farm bill conservation programs that inspired its creation, will make it more attractive for private landowners to contribute to the recovery of species under the ESA.

This bill resulted from effective and inclusive collaboration among key stakeholders most affected by the implementation of the ESA. Landowner interests include farmers, ranchers, and those from the natural resource-using communities. For example, some current supporters of S. 700 who contributed invaluable advice are the American Farm Bureau and the Society of American Foresters. This could not rightly be called a collaborative project without the vital and necessary input received from the Defenders of Wildlife, Environmental Defense and the National Wildlife Federation--key environmental groups that made significant contributions. They understand that landowner must be treated as allies to ensure success in the long-run for the conservation of habitat and species. Finally, while the genesis of this bill has many roots, a passionate catalyst was James Cummins of Mississippi Fish and Wildlife Foundation, whose great concern for the outdoors provided inspiration to move these ideas forward.

These experts worked together to craft S. 700, which provides new tax incentives for private landowners who voluntarily contribute to the recovery of endangered species. The tax credits will reimburse landowners for property rights affected by agreements that include conservation easements and costs incurred by species management plans.

For landowners who limit their property rights through conservation easements, there will be 100 percent compensation of all costs. That percentage declines to 75 percent for 30-year easements and 50 percent for cost-share agreements.

It is worth noting that this is the same formula that works successfully for farm bill programs such as the Wetlands Reserve Program. Private property owners are appropriately rewarded for crucial ecological services that they provide on their property. The public benefits from these services, which ensure biodiversity. While the primary returns from this investment are protection and recovery of endangered species, the public will also undoubtedly gain additional benefits such as aesthetically pleasing open space, a reduction in the number of invasive species and enhanced water quality.

The legislation provides a list of options that give landowners a choice--a crucial element for the success of this proposal. For some landowners, a conservation easement will be the most attractive option. Easements are flexible tools that can be tailored to each landowner and species' interests. An easement restricts certain activities, but it still works well with traditional rural activities such as ranching and farming. For agreements without easements, there is flexibility to do what is necessary for the concerned species without the need to sacrifice property rights into perpetuity.

The tax credits provide essential funding that is necessary to respect private property rights. Wildlife should be an asset rather than a liability, which is how it has sometimes been viewed under the ESA. With wildlife becoming valuable to a landowner, those who may have been reluctant to participate in recovery efforts in the past will be more likely to contribute with these new incentives. When people want to take part in the process and do not fear it, the likelihood of conflict and litigation is reduced. For years, this type of conflict has proven costly not only financially to individuals and the government, but also in terms of relationships between people who share the land and natural resources. With a new trust and new model for finding conservation solutions, we can improve and expand our conservation work.

Provisions have been made to accommodate landowners whose taxes may be less than the tax credit provides. Partnerships in the agreements will allow any party to an agreement to receive a credit as long as they pay or incur costs as a result of the agreement. This language will allow creative collaboration among governments, landowners, taxpayers and environmentalists, further increasing the number of people involved in finding new solutions for conservation.

Furthermore, this bill also expands tax deductions for any landowner who takes part in the recovery plans approved under the ESA, and allows landowners to exclude from taxable income certain Federal payments under conservation cost-share programs. This will allow both individuals and businesses to deduct the cost of recovery work without bureaucratic obstacles.

This bill not only sets forth the financing for private landowners, but it also makes it easier to implement the agreements. Landowners will receive technical assistance to implement the agreements. Also, to remove some legal disincentives to recover species, liability protection may be provided to protect the landowners from penalties under the ESA. This removes the fear of trying to help endangered species. Currently, more species usually just means more liability for a landowner.

As a result of these incentives, I expect to see a phenomenal increase in the number of success stories. These stories will sound familiar to those creative collaborators working on the ground now where we have learned that the types of tools provided in this bill can work if offered consistently.

The Endangered Species Recovery Act is very exciting to those of us who value protecting our natural resources. It provides collaborative, creative ways to balance conservation with economic uses of our natural resources. It also preserves rural ways of life. I look forward to working with my colleagues in the Senate and House to move ahead with this legislation which will provide a new model for conservation to do better work. I look forward to working with my colleagues in the Senate and House to move ahead with this legislation.

I am deeply grateful to my colleagues from Arkansas, Iowa and Montana for their essential expertise and support to create S. 700. I ask unanimous consent that the text of the bill be printed in the Record.