Usa Patriot And Terrorism Prevention Reauthorization Act Of 2005--
Mr. President, I ask unanimous consent that following my comments, Senator Stabenow be recognized, then Senator Salazar and Senator Reed be recognized. All of us seek to speak about our colleague, Senator Corzine. I thank the Chair. Mr.…
Mr. President, I ask unanimous consent that following my comments, Senator Stabenow be recognized, then Senator Salazar and Senator Reed be recognized. All of us seek to speak about our colleague, Senator Corzine.
I thank the Chair.
Mr. President, in a few weeks our good friend, Jon Corzine, will leave the Senate, where he so effectively represented New Jersey and its people over the past 5 years, to become Governor of his State. I have been privileged to serve with Senator Corzine on the Committee on Banking, Housing, and Urban Affairs, to whose work he has brought an extraordinary combination of principle, vision, intelligence, and solid common sense. I wish to say a few words today about his spectacular work on that committee. For a while, I was privileged to serve as chairman of the committee, and I can tell you that no chairman could have a better fate than to have Jon Corzine as one of his members.
Prior to entering the U.S. Senate, Jon Corzine spent nearly a quarter of a century with Goldman Sachs, the New York investment bank, including five as its chairman and CEO. His long and wide-ranging experience in the financial markets made him especially well qualified to deal with the issues that came within the Banking Committee's jurisdiction. In very short order, it was apparent that whenever Jon Corzine's turn in a committee meeting came to put questions to witnesses, even the most confident and sophisticated among them listened more intently and responded more carefully.
Senator Corzine's contribution to the accounting reform and investor protection legislation known as Sarbanes-Oxley was invaluable. Along with Senator Dodd, who also serves on the committee, Jon Corzine was among the first members of the Senate to call for hearings on investor protection in the wake of the collapse of Enron Corporation. Those hearings took place in February and March of 2002, and Senator Corzine, along with others on the committee, Senator Dodd and others, played a critical role in shaping the reform legislation enacted 4 months later. I have done it before and I wish to again acknowledge the very substantial and significant contributions Jon Corzine made in helping to shape and develop that legislation. His work was invaluable.
Consistently in the work of the committee, Jon Corzine played a critical role in efforts to strengthen protections for investors in our capital markets. BusinessWeek, in fact, noted that his work in this area gave him ``an unusually high profile for a junior Senator.''
His contributions to the work of the committee were by no means focused only on these issues. Indeed, he touched virtually every issue in the committee's jurisdiction. He has worked vigorously to expand housing opportunities and the effectiveness of Federal housing programs. He has been a forceful spokesman for full funding for critical programs of the Department of Housing and Urban Development-- section 8 vouchers, housing for the elderly, improved public housing, and other efforts to assist low-income homeowners and renters. It is indicative of his commitment, and in his statement here in the Chamber only a few minutes ago he again was making reference to how people who work at minimum wage can't afford an apartment in county after county across the country.
He led efforts to expand coverage of FHA insurance for multifamily housing, something especially relevant in States such as New Jersey where inflated housing costs affected previous program ceilings. He pressed for energy efficiency requirements in public and assisted housing, and he has remained committed to Federal action to assure secondary mortgage market liquidity and affordable housing.
Jon Corzine was an original cosponsor of the legislation to stop predatory lending practices and spoke forcefully in the committee's deliberation about the harsh and cynical techniques predatory lenders used to exploit vulnerable borrowers seeking mortgages and other credit. He has been one of the leaders in the Senate in the fight against Federal preemption of State consumer protection laws which are designed to protect our citizens against these practices.
He has been among the Senate's most outspoken advocates for public and private financial literacy programs to ensure that all Americans of all ages and all backgrounds have the skills to grasp the financial implications of the often complex credit card loans and other financial arrangements they are offered.
He has obtained Federal funding for financial education programs in elementary and secondary schools and was the leader in the ultimately successful efforts in 2003 to pass the Financial Literacy and Education Improvement Act, which incorporates many of his ideas. For his work on this issue, the JumpStart Coalition for Personal Financial Literacy named him ``Federal Financial Literacy and Education Legislator of the Year.''
Throughout his tenure, Senator Corzine has been among our most articulate advocates for public transportation, whose importance in the day-to-day lives of his constituents he knows firsthand since he represents the most densely populated State in the Nation. He fought to preserve and enhance the Federal transit program as the new surface transportation authorization legislation was developed. As a result of his efforts, New Jersey will receive nearly $2.5 billion in transit formula funds from 2004 through 2009, a 50-percent increase over the amount the State received in the predecessor legislation.
He also succeeded in assuring priority treatment in terms of planning, funding, and execution under this new legislation for a new commuter rail tunnel under the Hudson River. This project, the Trans- Hudson Midtown Corridor, has been identified as a crucial investment for the region's mobility and security. As a result of his efforts, the National Transit Institute, which provides training, education, and clearinghouse services to support public transportation, will be maintained at Rutgers, the State University of New Jersey.
Senator Corzine was a leader in the effort to develop a Federal backstop for terrorism insurance after the attacks of September 11, 2001. Those attacks left such insurance widely unavailable and put businesses and commercial property owners at risk of future losses from terrorism without having insurance coverage. He recognized immediately this situation would create a drag on economic activity and again brought his expertise to bear in helping to develop the Federal legislation under which the Federal Government would share the risk of future terrorism losses with the industry.
Senator Corzine was one of the first to recognize the threat that identity theft poses both to consumers and to the integrity of the Nation's payment system. He has been a leader in the fight for safeguards on personal information, on protecting the privacy of our citizens.
Many of these things I have spoken about reflect a common theme, and that is Jon Corzine's concern for those left out and left behind. It has been a hallmark of his service in the Senate that he has sought to bring into the mainstream of American life those who have been left out of it. This concern for those, in a sense, who have been forgotten, was reflected in his work in the international arena, particularly the emphasis he placed on the situation in Darfur. Again and again, Jon Corzine took the floor of the Senate to bring to our attention the terrible things that were happening there and to push for measures to help alleviate that situation.
Finally, let me say what has distinguished Senator Corzine's service in the Senate over and above his many specific accomplishments is the dedication and vision and principles that underlie all his work. Before coming to
the Senate, he spent much of his professional life as an investment banker. But he brought to his responsibilities certain fundamental convictions about the nature of American society, a hopeful and optimistic vision of American life that first took place as he was growing up in a small farming community in central Illinois. It was there he has said he learned ``the meaning of hard work and the opportunities afforded by a strong education system.''
Jon Corzine went on to earn his B.A. as Phi Beta Kappa at the University of Illinois at Urbana-Champaign, and enlisted in the Marine Corps Reserve where he served for 6 years. He attended the University of Chicago Business School at night, and not too much later he joined Goldman Sachs.
His many years in the financial markets have not dimmed Jon Corzine's vision of America as a nation grounded in opportunity--opportunity for a good education, for a decent job, a place to raise one's family and someday to retire with dignity, security, and self-respect. He has dedicated his efforts to advance programs that can make this vision a reality for all his fellow Americans.
When he announced his candidacy for Governor of New Jersey last December, Senator Corzine pledged he would ``fight like crazy to make sure that there is a view that government can be a partner in lifting up the lives of the rest of America.'' This is surely what he has done in the Senate.
In just 5 short years, notwithstanding his junior status in a body that sets a high premium on seniority--when I first came here I was very critical of the seniority system, but I have to admit that as time has gone by I have come to see the virtues of the system. Jon Corzine has had an impressive record of accomplishment. He has demonstrated the astute and principled leadership in the Senate that will most assuredly make him a distinguished Governor of the State of New Jersey in the service of all its people.
If I may be so bold as to address a word to the people of New Jersey, I simply say they have an extraordinary leader about to take over as the Governor of their State. I urge them to give Jon Corzine their backing and support so he can bring his vision to bear in the State of New Jersey.
When Woodrow Wilson became Governor of the State of New Jersey, he introduced a progressive agenda which became the model for the Nation. New Jersey went to the very forefront of the 50 States in addressing fairness and opportunity for its citizens and enhancing their quality of life. I say today, as we bid our dear colleague a fond farewell, Jon Corzine can provide that kind of leadership for New Jersey. He can move that State to the very forefront of the 50 States and make it a shining example of what can be accomplished when all of us pull together in order to enhance opportunity for each and every one. I wish him the very best as he leaves this body and in the years ahead.
I yield the floor.
Will the Senator yield me 30 seconds?
I thank the very able Senator from California for her yielding to allow these tributes to be paid to Senator Corzine. I know she has been here quite a while waiting to speak on another issue. It was extremely gracious of her to do that. I wanted to recognize that and thank her very much.