Floor Statements

Mr. President, I ask unanimous consent that the Senate proceed to the en bloc consideration of the following nominations: Executive Calendar Nos. 695, 696, 716, 717, 718, and 719.

I ask unanimous consent that the Senate vote on the nominations en bloc with no intervening action or debate; that if confirmed, the motions to reconsider be considered made and laid upon the table en bloc; that the President be immediately notified of the Senate's action; that no further motions be in order; that any statements relating to the nominations be printed in the Record; and that the Senate then resume legislative session.

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 unanimous consent that the Senate proceed to the consideration of S. Res. 425, submitted earlier today.

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

Mr. President, I ask unanimous consent that the Senate proceed to the immediate consideration of the following calendar bills en bloc: Calendar Nos. 313 through 334.

Mr. President, I ask unanimous consent that the committee-reported amendment, where applicable, be agreed to, and the bills, as amended, if amended, be considered read a third time en bloc.

Mr. President, I know of no further debate on the bills en bloc.

Mr. President, I ask unanimous consent that the motions to reconsider be considered made and laid upon the table en bloc.

Mr. President, I suggest the absence of a quorum.

Mr. President, yesterday, the Senate learned that its quiet persuader will be leaving us after a long and distinguished career. Senator Thad Cochran's retirement will mark the end of a tenure defined by steady, honorable leadership.

Since the day he arrived in this Chamber, Thad's focus has been squarely on serving the people of Mississippi with integrity. For nearly four decades, he has done exactly that, and he has earned the admiration and gratitude of countless friends and colleagues along the way.

Those of us here today are proud to have had the privilege of working with Senator Cochran. His expertise as chairman of the Appropriations Committee will be sorely missed. So too will be the collegiality, warmth, and grace that is so characteristic of the senior Senator from Mississippi.

But the Senate's loss is Thad's family's gain. As we say our farewells over the next few weeks, I know all of our colleagues will join me in wishing him every happiness in his next chapter.

Mr. President, on another matter, the Senate will vote today to begin consideration of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act.

This bill recognizes a simple truth: Small community banks and Main Street credit unions are not the same as the multitrillion-dollar banks on Wall Street. It is a simple enough observation, I might add, but, at present, our laws fail to account for it.

Since Washington imposed the Dodd-Frank financial regulations back in 2010, small-scale lenders have been subjected to a litany of new regulatory, compliance, and examiner demands that were designed with the country's largest banks in mind. Dodd-Frank's enormous regulatory burden has been inefficient and unhelpful for financial institutions of all sizes, but it has hit Main Street lenders especially hard.

Many small banks have had to hire additional staff and expend additional resources solely to deal with the staggering compliance burden. According to a survey conducted last year, community bank compliance costs have risen to an average of 24 percent of net income. Let me say that again. Community bank compliance costs have

risen to an average of 24 percent of net income.

This regulatory burden crowds out the capital that is available to American families and small businesses, especially in rural communities. According to researchers at the Harvard Kennedy School, community banks provide over 50 percent of all small business loans and nearly 80 percent of agricultural loans. In Kentucky, for example, there are more than 100 community banks and more than 20 credit unions. Many of them are the only financial institutions that are present in rural and underserved communities.

But while Dodd-Frank supposedly took aim at too big to fail, in the first 4 years after it passed, the share of U.S. deposits in small banks shrunk by nearly a quarter. Deposits in small banks shrunk by a quarter in the first 4 years of Dodd-Frank. That means less access to capital for young couples who are looking to purchase their first home, less credit for aspiring small business owners who need help in turning dreams into reality, and fewer options for farmers and ranchers who are hoping to expand.

The bill before us this week will continue to unwind the damage caused by an administration and Democrat-run Congress that kept its foot firmly on the brake of the American economy. This is a modest but critical bill. By streamlining regulations, it will bring relief to the small financial institutions that have been hurt by Dodd-Frank's one- size-fits-all approach.

In a certain respect, this bill is a perfect complement to tax reform--further expanding opportunities for American families, communities, and small businesses. It is the product of years of work and a robust committee process. It is also a truly bipartisan bill, cosponsored by an equal number of Republicans and Democrats or Independents. Senators had and still have a wide diversity of views on Dodd-Frank, but there is a widening agreement that we should not continue allowing this unintended consequence to wreak havoc on community banks and small credit unions. I hope that soon we can turn that consensus into law.

Tax Reform

Mr. President, on one final matter, every day we hear more ways that tax reform is immediately helping American workers, job creators, and middle-class families across our country, but this generational reform was not designed to be a flash in the pan. We are already seeing ways it will continue to benefit hard-working Americans even decades down the road.

Along with bonuses and wage increases, many of the 400-plus companies that have announced enhanced employee benefits are also significantly expanding their contributions to workers' retirement savings accounts.

In recent years, tight budgets have forced too many families to forgo investing for the future in order to cover today's expenses. Recent estimates suggest that two-thirds of Americans do not contribute to a 401(k). A lack of retirement savings can seem like an abstract concept for young workers, but for some senior citizens, it becomes a harsh reality. While the poverty rate for Americans under 65 has decreased since 2015, it has increased among those 65 and older.

Tax reform is already helping remedy a part of the problem. Many companies and small businesses alike have announced plans to reinvest tax reform savings in their employees' retirement accounts. Cigna is adding $30 million to its employee 401(k) program. Aflac is doubling its 401(k) match for its 10,000 employees. In Kentucky, workers will benefit from increased or accelerated retirement contributions by major employers such as UPS, Brown-Forman, Anthem, and FedEx.

As employers of all sizes continue following suit, more American families will have more flexibility as they plan for the future. At the same time, of course, lower tax rates are increasing take-home pay, making it a little easier to cover today's expenses. More money in workers' pockets for today and more money in their retirement plans for tomorrow--all thanks to tax reform.

I suggest the absence of a quorum.

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 unanimous consent that when the Senate completes its business today, it adjourn until 9:30 a.m., Wednesday, March 7; 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. Finally, I ask that following leader remarks, the Senate resume consideration of the motion to proceed to S. 2155.

Mr. President, if there is no further business to come before the Senate, I ask unanimous consent that it stand adjourned under the previous order, following the remarks of Senator Portman and our Democratic colleagues.

Mr. President, there is a simple reason nearly every Kentuckian looks forward to March--college basketball. I would like to take a moment to recognize several teams that are already making the State proud by winning their conference tournaments.

This weekend, the women of the University of Louisville won their first-ever ACC tournament title. Finishing the regular season with a record of 29 to 2, the Cardinals are currently ranked third in the Nation. Led by ACC Coach of the Year Jeff Walz and ACC Player of the Year Asia Durr, these talented women are looking to add yet another title.

So are the Murray State Racers. Its men's team won the Ohio Valley Conference championship and earned its first NCAA tournament appearance since 2012. It will look to build on the longest winning streak in the Nation.

Also in Louisville, the Bellarmine Knights men's team earned its second straight conference championship and a two-seed in the NCAA Division II tournament.

At Thomas More College, both the men's and women's teams are celebrating conference championships which earned them spots in the NCAA Division III tournaments.

Lindsey Wilson College won its conference title and is headed back to the NAIA Division I tournament for the first time since advancing to the Fab Four in 2013.

The Union College men's team clinched its fifth consecutive conference title. The Kentucky Christian Lady Knights took home the Mideast Region title as well.

I congratulate all of these conference-winning Kentucky teams, their coaches, and, of course, their dedicated fans.

Mr. President, on another matter, we will vote on the nominations of three more talented individuals today whom the President has asked to serve as Federal district judges: Karen Scholer for the Northern District of Texas, Tilman Self for the Middle District of Georgia, and Terry Doughty for the Western District of Louisiana. These are three excellent nominees, and I encourage all of our colleagues to vote in support of each of them.

Mr. President, on one final matter, it has been 73 days since President Trump signed historic tax reform into law.

It feels as though it has been longer than that because, practically every day, another major national employer announces a new commitment to invest in American workers because of tax reform. Every day, we hear about more local businesses realizing new savings and putting it toward equipment, expansion, and employees. Every day, we hear about how bonuses, rising wages, expanded benefits, and lower taxes are giving middle-class families a whole lot more breathing room. Yet, every day, we are reminded that some of our friends across the aisle are still desperately trying to minimize this good news. Democratic leaders have tried to say that these new jobs, raises, bonuses, and business expansions amount to no more than ``crumbs.''

I leave the final verdict to the hard-working families across the country, including the many Kentuckians from whom I hear. In the meantime, the economic data are painting quite an optimistic picture.

Last week, the Labor Department announced that weekly jobless claims had reached a 48-year low. Let me repeat that. Fewer Americans are filing for unemployment today than at any time since 1969. The labor market is tightening; employers are competing for talent; and workers and their families are coming out on top.

In January, Americans' real disposable income rose more quickly than it had since April of 2015. That is the biggest jump in spending money available to American families, accounting for tax rates and inflation, in nearly 3

years. That is more money to save for a home purchase or a college fund. It is more to save for retirement or to spend on a family vacation. U.S. consumer confidence is higher today than it has been since the year 2000, and, last week, news broke that U.S. manufacturing is expanding at its fastest pace since 2004.

Look, it is not complicated. The bill passed by the Republicans in Congress last year was designed with a very simple philosophy in mind: that when we put more of Americans' hard-earned money back in their own pockets, they will know what best to do with it, that when we level the playing field and take weight off the shoulders of small businesses, they will help their communities thrive, and that when we welcome investment from entrepreneurs and job creators, instead of discouraging it, the economy will respond in kind.

The idea was simple enough, but as we are already seeing, because the Republicans in Congress and the President were able to overcome lockstep partisan opposition on the other side and get tax reform across the finish line, that simple idea is having an extraordinary impact.

Mr. President, I ask unanimous consent that the Senate proceed to the consideration of the following nomination, Executive Calendar No. 397.

Mr. President, I ask unanimous consent that the Senate vote on the nomination with no intervening action or debate; that if confirmed, the motion to reconsider be considered made and laid upon the table; that the President be immediately notified of the Senate's action; that no further motions be in order; and that any statements relating to the nomination be printed in the Record.

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

Mr. President, it is my privilege to highlight the 50th anniversary of the founding of Northern Kentucky University, NKU. I am proud to join with NKU's more than 14,000 students, its faculty and staff, and its supporters in marking the history of the institution.

As northern Kentucky was previously the only region in the State without a traditional public university, many students lacked the opportunity to attend a local 4-year institution of higher education that students in other regions of Kentucky enjoyed. In response, a bipartisan group of State legislators from the region worked with Kentucky Governor Louie B. Nunn to establish a new school in 1968. Originally named Northern Kentucky State College, the school proved to be an attractive option for local students from the region. Less than a decade later, as the campus continued to expand its programs and services to accommodate a growing student population, the school became a university, changing its name to Northern Kentucky University, NKU. Since that time, NKU has continued to thrive, adding more undergraduate, graduate, and even doctoral programs, which have attracted a broader base of students to the university. These advancements, coupled with the region's population growth and economic development, have been an immense benefit to Northern Kentucky.

NKU has also expanded athletic opportunities for its students and has built a number of strong teams. Having dominated NCAA Division II play with two women's basketball national championships and one men's soccer national championship, the Norse recently transitioned into NCAA Division I. With this new reclassification, the Norse teams have continued to excel. Winning the Horizon League tournament last year, the men's basketball team earned their first trip to the NCAA Division I tournament. This year, the team's hard work earned their title as the Horizon League's regular season champions. In addition, the Norse have many other impressive teams and dedicated fans.

On its golden anniversary, NKU has so much to be proud of. Under the leadership of Interim President Gerard St. Amand, the school continues to grow in both size and prominence. It has matured into a comprehensive university that delivers innovative, student-centered education and engages in impactful scholarly and creative endeavors, all of which empower its graduates to have fulfilling careers and meaningful lives.

With successful alumni who have entered a wide range of careers, from government leaders to entrepreneurs, to artists, and to coaches, NKU has helped more than 60,000 students achieve their dreams. For a half century, NKU has had a tremendous impact on the economic, civic, and social vitality of the region, and all Kentuckians are benefiting from having such an outstanding higher education institution in our Commonwealth. I would like to congratulate the entire Northern Kentucky University community on reaching this Founders Day milestone, and I urge my Senate colleagues to join me in recognizing its accomplishments.