Daniel Akaka

Mr. AKAKA

Mr. AKAKA. Mr. President, I heartily congratulate the Lady Sea Warriors of Hawaii Pacific University for winning the 2010 NCAA Division II Softball College World Series title. The team won the title on May 31, 2010, beating Valdosta State University, 4-3, at Heritage Park in St. Joseph, MO. This is the school's first national softball title. I wish to congratulate the team members: Chante Tesoro, Kozy Toriano, Erin Fujita, Melissa Awa, Malia Killam, Chelsea Luckey, Ashley Valine, Ciera Senas, Breanne Patton, Pomaikai Kalakau, Casey Sugihara, Maile Kim, Ashley Fernandez, Nicole Morrow, Sherise Musquiz, Laine Shikuma, Celina Garces, and Caira Pires. A special congratulations goes to Casey Sugihara, Ciera Senas, Nicole Morrow, and Sherise Musquiz for being named to the All-Tournament Team. Musquiz was also named the Most Outstanding Player of the tournament. The team's success is shared by their coaches: head coach Bryan Nakasone and assistants Howard Okita, Roger Javillo, Jon Correles, and Richard Nomura. A special thanks and congratulations goes to the coaches whose leadership inspired the team to succeed at the highest level. The team's success reflects their hard work and determination. It is a great honor for Hawaii to be represented by such fine athletes. I wish the Lady Sea Warriors and their coaches the best in their future endeavors.

Mr. AKAKA

Mr. AKAKA. Mr. President, I am introducing today the proposed Post-9/ 11 Veterans Educational Assistance Improvements Act of 2010. This measure is designed to make a number of modifications to the new program of educational assistance which became effective on August 1, 2009. As one of three remaining Senators who benefited from the original GI Bill following World War II, I know firsthand the value of an education and of the critical role that this important veterans benefit played in my life. That was why I was especially pleased to join with the distinguished Senator from Virginia, Mr. Webb, in achieving enactment of the new Post-9/11 GI Bill in 2008. Now, with ten months of experience under the new program, I believe it is time to look at what improvements and modifications need to be made in order for the program to reach its potential. I note at the outset that this will not be a simple process. Nor will it be quickly and easily accomplished. There are issues that we can readily see need to be addressed. There are others, however, that are only just now coming to our attention as the program is implemented and veterans, servicemembers, and their families begin to receive benefits under the program. I will highlight some of the provisions that are contained in the bill I am introducing today: It would make members of the National Guard and Reserve programs who were inadvertently omitted from inclusion fully eligible for benefits. It would make all types of training--including vocational programs, OJT and apprenticeship training, flight, all types of non-college degree training and more--eligible for benefits under the new program. By doing this, individuals would not need to make an irreversible decision as to whether or not to receive benefits under the old Montgomery GI Bill or under the new program. It would eliminate the complicated, confusing and, in some cases, inequitable calculation of State-by-State tuition and fee caps to determine benefits for individuals enrolled in degree programs. Basically, it would provide that eligible individuals enrolled in degree-granting programs of study at public institutions anywhere in the United States would pay little, if any, out of pocket costs for their education. For students enrolled in other institutions of higher learning, benefits would be paid based on a national average cost of education which would be indexed and increased annually. It would provide for a modified living allowance to be paid in the case of an individual pursuing a program of education solely through distance learning. Individuals who currently are studying through a combination of distance and classroom training would continue to receive benefits as they do now. It would make a book allowance award of up to $1,000 available to individuals enrolled while on active duty and their spouses. It would allow individuals enrolled in VA's program of rehabilitation and training under chapter 31 of title 38 who also have eligibility for the new chapter 33 program to elect the program from which to receive their subsistence allowance. This would mean that a service-connected disabled OEF/OIF veteran would not need to elect to training under the new GI Bill and forego the valuable counseling and support services available under chapter 31 in order to receive an increased living allowance. It would modify the manner in which the living allowance is calculated to reflect the rate at which training is pursued. It would ensure that the same period of active duty cannot be used to establish eligibility for more than one program of education. This is not a complete recitation of all the provisions contained in the measure I am introducing today. In addition, I do not expect that every provision of the measure will necessarily be supported by all the stakeholders involved in this important issue. Indeed, I imagine there could be some who will be critical of some provisions in the proposal and will come forward to offer improvements and modifications. What my measure is intended to do, is to serve as a starting point to move forward in this important yet very complicated and complex endeavor. I strongly believe that whatever is done in this connection must not be done in a piecemeal manner. We need a full and deliberative consideration of all the issues in order to craft the best possible approach to delivering these important benefits to our Nation's veterans and those who are serving in uniform. I look forward to working with all our colleagues and others on these issues in the days ahead. As I noted, this will not be done quickly or easily but this measure will serve as a focus for our discussions and decisions. Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Mr. AKAKA

Mr. AKAKA. Mr. President, I am introducing today the proposed Post-9/ 11 Veterans Educational Assistance Improvements Act of 2010. This measure is designed to make a number of modifications to the new program of educational assistance which became effective on August 1, 2009. As one of three remaining Senators who benefited from the original GI Bill following World War II, I know firsthand the value of an education and of the critical role that this important veterans benefit played in my life. That was why I was especially pleased to join with the distinguished Senator from Virginia, Mr. Webb, in achieving enactment of the new Post-9/11 GI Bill in 2008. Now, with ten months of experience under the new program, I believe it is time to look at what improvements and modifications need to be made in order for the program to reach its potential. I note at the outset that this will not be a simple process. Nor will it be quickly and easily accomplished. There are issues that we can readily see need to be addressed. There are others, however, that are only just now coming to our attention as the program is implemented and veterans, servicemembers, and their families begin to receive benefits under the program. I will highlight some of the provisions that are contained in the bill I am introducing today: It would make members of the National Guard and Reserve programs who were inadvertently omitted from inclusion fully eligible for benefits. It would make all types of training--including vocational programs, OJT and apprenticeship training, flight, all types of non-college degree training and more--eligible for benefits under the new program. By doing this, individuals would not need to make an irreversible decision as to whether or not to receive benefits under the old Montgomery GI Bill or under the new program. It would eliminate the complicated, confusing and, in some cases, inequitable calculation of State-by-State tuition and fee caps to determine benefits for individuals enrolled in degree programs. Basically, it would provide that eligible individuals enrolled in degree-granting programs of study at public institutions anywhere in the United States would pay little, if any, out of pocket costs for their education. For students enrolled in other institutions of higher learning, benefits would be paid based on a national average cost of education which would be indexed and increased annually. It would provide for a modified living allowance to be paid in the case of an individual pursuing a program of education solely through distance learning. Individuals who currently are studying through a combination of distance and classroom training would continue to receive benefits as they do now. It would make a book allowance award of up to $1,000 available to individuals enrolled while on active duty and their spouses. It would allow individuals enrolled in VA's program of rehabilitation and training under chapter 31 of title 38 who also have eligibility for the new chapter 33 program to elect the program from which to receive their subsistence allowance. This would mean that a service-connected disabled OEF/OIF veteran would not need to elect to training under the new GI Bill and forego the valuable counseling and support services available under chapter 31 in order to receive an increased living allowance. It would modify the manner in which the living allowance is calculated to reflect the rate at which training is pursued. It would ensure that the same period of active duty cannot be used to establish eligibility for more than one program of education. This is not a complete recitation of all the provisions contained in the measure I am introducing today. In addition, I do not expect that every provision of the measure will necessarily be supported by all the stakeholders involved in this important issue. Indeed, I imagine there could be some who will be critical of some provisions in the proposal and will come forward to offer improvements and modifications. What my measure is intended to do, is to serve as a starting point to move forward in this important yet very complicated and complex endeavor. I strongly believe that whatever is done in this connection must not be done in a piecemeal manner. We need a full and deliberative consideration of all the issues in order to craft the best possible approach to delivering these important benefits to our Nation's veterans and those who are serving in uniform. I look forward to working with all our colleagues and others on these issues in the days ahead. As I noted, this will not be done quickly or easily but this measure will serve as a focus for our discussions and decisions. Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Mr. AKAKA

Mr. AKAKA. I object.

Mr. AKAKA. I object.

Mr. AKAKA. Madam President, amendment No. 3920 would prevent indexed annuities investors from benefiting from the strong protections provided by Federal securities laws. That is the reason I am objecting. Some consumers have been hurt, including some in Hawaii. Deceptive sales practices have been found to be used in these products. An individual in Hawaii pushed equity indexed annuities to collect high commissions at the expense of senior investors. Those investors least able to effectively evaluate financial products need these Federal protections, without question, and they have been suffering. I am not alone in my opposition to the amendment. As my friend from Iowa mentioned, AARP is opposed. The Consumer Federation of America and the North American Securities Administrators Association also oppose it. This matter is under litigation and under review within the SEC rulemaking process. Equity indexed annuities are financial products that combine aspects of insurance and securities but which are sold primarily as investments. These products must have the strong disclosure, suitability, and sales practice standards provided within the context of our Nation's securities laws. The amendment would preclude State and Federal securities regulators from protecting investors from inappropriate and harmful products. I am willing to work with my friend from Iowa to look into this matter further. We need to have hearings to know more about the situation before taking such a potentially precedent-setting action as this amendment would. If this were to prevent securities regulation of a product that clearly has characteristics of a security, we would encourage the development of financial products created to avoid the stronger protection standards. I thank the Chair.

Mr. AKAKA

Mr. AKAKA. Mr. President, I strongly support the Wall Street reform bill. The chairman of the Banking Committee, my friend from Connecticut, has done such tremendous work on this historic legislation. Senator Dodd has worked with me and other members to create a bill that will better educate, protect, and empower consumers and investors. I am extremely proud of this legislation and appreciate the willingness of the chairman to work to address so many issues important to working families. Education is a primary component of financial literacy. In this bill, we create an Office of Financial Literacy within the Consumer Financial Protection Bureau. The Office will develop and implement initiatives to educate and empower consumers. A strategy to improve the financial literacy among consumers, that includes measurable goals and benchmarks, must be developed. The Administrator of the bureau will serve as vice chairman of the Financial Literacy and Education Commission to ensure meaningful participation in Federal efforts intended to help educate, protect, and empower working families. The legislation also requires a financial literacy study to be conducted by the Securities and Exchange Commission, SEC. The SEC will be required to develop an investor financial literacy strategy intended to bring about positive behavioral change among investors. This legislation provides essential consumer and investor protections for working families. It establishes a regulatory structure that will have a greater emphasis on investor and consumer protections. Regulators failed to protect consumers and that contributed significantly to the financial crisis. Prospective homebuyers were steered into mortgage products that had risks and costs that they could not understand or afford. The Consumer Financial Protection Bureau will be empowered to restrict predatory financial products and unfair business practices in order to prevent unscrupulous financial services providers from taking advantage of consumers. I take great pride in my contributions to the investor protection portion of the legislation. Section 914 will strengthen the ability of the SEC to better represent the interests of retail investors by creating an Investor Advocate within the SEC. The Investor Advocate is tasked with assisting retail investors to resolve significant problems with the SEC or the self-regulatory organizations, SROs. The Investor Advocate's mission includes identifying areas where investors would benefit from changes in Commission or SRO policies and problems that investors have with financial service providers and investment products. The Investor Advocate will recommend policy changes to the Commission and Congress on behalf of investors. The SEC's existing Office of Investor Education and Advocacy provides a variety of services and tools to address the problems and questions that confront investors. The Office posts information to warn people about scams, compiles complaints, and provides help for people seeking to recover funds. The proposed Office of the Investor Advocate will be a very different office. The Investor Advocate is precisely the kind of external check, with independent reporting lines and independently determined compensation, that cannot be provided within the current structure of the SEC. It is not that the SEC does not advocate on behalf of investors, it is that it does not have a structure by which any meaningful self-evaluation can be conducted. This would be an entirely new function. The Investor Advocate would help to ensure that the interests of retail investors are built into rulemaking proposals from the outset and that agency priorities reflect the issues confronting investors. The Investor Advocate will act as the chief ombudsman for retail investors and increase transparency and accountability at the SEC. The Investor Advocate will be best equipped to act in response to feedback from investors and potentially avoid situations such as the mishandling of information that could have exposed Ponzi schemes much earlier. Organizations in support of section 914 include the Consumer Federation of America, CFP Board of Standards, Inc., Consumer Action, Consumer Assistance Council, Consumers for Auto Reliability and Safety, Community Reinvestment Association of North Carolina, Financial Planning Association, Fund Democracy, International Brotherhood of Teamsters, Massachusetts Consumers' Council, National Association of Consumer Advocates, National Consumers League, New Jersey Citizen Action, North American Securities Administrators Association, Oregon Consumer League, Sargent Shriver Center on Poverty Law, and Virginia Citizens Consumer Council. I also worked to include in the legislation clarified authority for the SEC to effectively require disclosures prior to the sale of financial products and services. Working families rely on their mutual fund investments and other financial products to pay for their children's education, prepare for retirement, and be better able to attain other financial goals. This provision will ensure that working families have the relevant and useful information they need when they are making decisions that determine their financial future. This legislation also includes important protections for remittance transactions. Working families often send substantial portions of their earnings to family members living abroad. In Hawaii, many of my constituents remit money to their family members living in the Philippines. Consumers can have serious problems with their remittance transactions, such as being overcharged or not having their money reach the intended recipient. Remittances are not currently regulated under Federal law, and State laws provide inadequate consumer protections. The bill will modify the Electronic Fund Transfer Act to establish consumer protections. It will require simple disclosures about the cost of sending remittances to be provided to the consumer prior to and after the transaction. A complaint and error resolution process for remittance transactions would be established. This legislation also includes essential economic empowerment opportunities for working families. Title XII is the most important economic empowerment provision in the bill. I appreciate the efforts of Senator Kohl in helping me put this title together. I appreciate the support and contributions made to this title provided Senators Schumer, Brown, Merkley, and Menendez. I appreciated the work done by Chairman Dodd to include this amendment at the committee mark up. I grew up in a family that did not have a bank account. My parents kept their money in a box divided into different sections so that money could be separated for various purposes. Church donations were kept in one part. Money for clothes was kept in another and there was a portion of the box reserved for food expenses. When there was no longer any money in the food section, we did not eat. Obviously, money in the box was not earning interest. It was not secure. I know personally the challenges that are presented to families unable to save or borrow when they need small loans to pay for unexpected expenses. Unexpected medical expenses or a car repair bill may require small loans to help working families overcome these obstacles. Mainstream financial institutions are a vital component to economic empowerment. Unbanked or underbanked families need access to credit unions and banks and they need to be able to borrow on affordable terms. Banks and credit unions provide alternatives to high-cost and often predatory fringe financial service providers such as check cashers and payday lenders. Unfortunately, approximately one in four families are unbanked or underbanked. Many of the unbanked and underbanked are low- and moderate-income families that cannot afford to have their earnings diminished by reliance on these high-cost and often predatory financial services. Unbanked families are unable to save securely for education expenses, a down payment on a first home, or other future financial needs. Underbanked consumers rely on non-traditional forms of credit that often have extraordinarily high interest rates. Regular checking accounts may be too expensive for some consumers unable to maintain minimum balances or afford monthly fees. Poor credit histories may also limit their ability to open accounts. Cultural differences or language barriers also present challenges that can hinder the ability of consumers to access financial services. I also want to clarify that in section 1204, small dollar-value loans and financial education and counseling relating to conducting transactions in and managing accounts are only examples of, and not limitations on, eligible activities. More must be done to promote product development, outreach, and financial education opportunities intended to empower consumers. Title XII authorizes programs intended to assist low- and moderate-income individuals establish bank or credit union accounts and encourage greater use of mainstream financial services. It will also encourage the development of small, affordable loans as an alternative to more costly payday loans. There is a great need for working families to have access to affordable small loans. This legislation would encourage banks and credit unions to develop consumer friendly payday loan alternatives. Consumers who apply for these loans would be provided with financial literacy and educational opportunities. The National Credit Union Administration has provided assistance to develop these small consumer-friendly loans. Windward Community Credit Union in Hawaii implemented a very successful program for the U.S. Marines and other community members in need of affordable short term credit. More working families need access to affordable small loans. This program will encourage mainstream financial service providers to develop affordable small loan products. I am proud of the work we have done on this legislation. However, there is one issue that still has not been resolved. There is one provision in the legislation that needs to be changed. Section 913, contains a study and rulemaking regarding obligations of brokers, dealers, and investment advisers. This study is unnecessary. The section does not provide the authority needed by the Securities and Exchange Commission to effectively protect investors. The decisions that the heads of households make with their investment choices determine their future financial condition. Investment professionals that provide personalized advice can significantly influence investor decisions. Imposing a fiduciary duty on brokers, when giving personalized investment advice is necessary because it will ensure that all financial professionals, whether they are an investment advisor or a broker, have the same duty to act in the best interests of their clients. Investors must be able to trust that their broker is acting in their best interest. Unfortunately, too many investors do not know the difference between a broker and an investment advisor. Even fewer are likely to know that their broker has no obligation to act in their best interest. Investment advisors currently have fiduciary obligations. However, brokers must only meet a suitability standard that fails to sufficiently protect investors. In a complicated financial marketplace, for investors in which revenue sharing agreements and commissions can vary significantly for similar products, we must ensure that all investment professionals that offer personalized investment advice have a fiduciary duty imposed on them. In 2005, I first introduced legislation that would have imposed a fiduciary duty on brokers. I knew then that action was necessary. In the wake of the Permanent Subcommittee on Investigations hearing highlighting the activities of Goldman Sachs that appeared to put firm profits before the interest of their clients, this issue becomes even more important to include in the bill. We must act to ensure that brokers have an obligation to do what is best for their clients and not allow brokers to push higher commission products that may be inappropriate for a particular client. The imposition of a fiduciary duty on brokers has extensive support. There are brokers that are supportive of doing what is in the best interest of their clients. I greatly admire the recent bold statements made by Ms. Sallie Krawcheck, president of Bank of America Global Wealth and Investment Management. Ms. Krawcheck said that brokers should ``do right by our clients by embracing our fiduciary responsibilities for them . . . embracing reform will enable us to champion what is indisputably right for clients.'' There is widespread support for imposing a fiduciary duty on brokers. AARP, the Consumer Federation of America, the North American Securities Administrators Association, the National Association of Secretaries of State, the National Governors Association, Americans for Financial Reform, the Investment Advisers Association, the National Association of Personal Financial Advisers, the Council of Institutional Investors, and the Financial Planning Association are several examples of organizations that support this important investor protection. There are not many that continue to oppose imposition of a fiduciary duty. Insurance agents and the insurance industry remain among the few that oppose this investor protection. Some within the industry have even chosen to misrepresent our efforts as ending the commission-based model. If they were to merely read the proposed legislative language, they would know that this is not true. I thank my friend from New Jersey, Senator Menendez, and his staff, for working with me on this issue. I also want to acknowledge all of the tremendous work done to advance this vital consumer protection by House Financial Services Chairman Barney Frank. I will continue to work to ensure that that this obligation is included in the final version of the legislation that is enacted. I also thank the Banking Committee staff for all of their extraordinary work, including Levon Bagramian, Julie Chon, Brian Filipowich, Amy Friend, Catherine Galicia, Lynsey Graham Rea, Matthew Green, Marc Jarsulic, Mark Jickling, Deborah Katz, Jonathan Miller, Misha Mintz-Roth, Dean Shahinian, Ed Silverman, and Charles Yi. Also, I appreciate all of the work done by the legislative assistants of Members of the Committee, including Laura Swanson, Kara Stein, Jonah Crane, Ellen Chube, Michael Passante, Lee Drutman, Graham Steele, Alison O'Donnell, Hilary Swab, Harry Stein, Karolina Arias, Nathan Steinwald, Andy Green, Brian Appel, and Matt Pippin. In conclusion, this bill will improve the lives of working families. I will continue to work to bring about enactment of this legislation that will educate, protect, and empower consumers and investors.

Mr. AKAKA

Mr. AKAKA. Mr. President, as Chairman of the Senate Committee on Veterans' Affairs, I introduce legislation today that would give the Department of Veterans Affairs the same authority as the Social Security Administration with respect to claimants who are unable to complete applications for benefits without requiring assistance. Occasionally, claimants for VA benefits are so disabled as to be incapable of understanding the information on the application form. VA lacks authority to authorize a court appointee or caregiver to sign an application form allowing the adjudication of the claim to proceed. Without a signed application, the claim cannot proceed. The Social Security Administration has specific authority under the Social Security Act that permit an certain individuals, such as court appointed representatives, to sign a claim form on behalf of individuals unable to sign a claim form. My bill would extend the same authority to the Department of Veterans Affairs, and would allow court appointed representatives and caregivers of applicants for VA benefits and services, including institutional representatives, to sign application forms. This bill does not alter the responsibility of VA to evaluate and appoint a fiduciary in cases where the beneficiary is determined to be incompetent to manage his or her benefits. I urge our colleagues to support this bill so that unnecessary delays in the adjudication of these claims will be avoided. Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Mr. AKAKA. Mr. President, as Chairman of the Senate Committee on Veterans' Affairs, I introduce legislation today to correct an inequity which affects a small number of couples where both the husband and wife are wartime veterans and each meets the criteria for VA pension with additional aid and attendance benefits. Currently these couples receive annual benefits of $30,480. Under my bill, the annual amount would be increased by $825 to $31,305. This measure would correct a mistake which occurred in 1998 with the enactment of Public Law 105-178. Section 8206 of that law increased the aid and attendance rates for veterans in receipt of VA pension who were in need of aid and attendance. Due to a drafting error, this increase was not provided to couples where both members were pension receipients in need of aid and attendence. This bill would correct that mistake by bringing the pension of a wartime veteran couple eligible for pension and aid and attendance into conformity with what their peers receive. This is an appropriate result. Both members of such couples served our Nation with honor. In their time of need, they should not be short- changed by this mistake. Although only a small number of veterans qualify for this benefit, those who do so often pay large amounts of money to receive care in nursing homes, assisted-living facilities, or at home. My bill would increase the amounts paid so that each member of the couple would have their service taken into account in determining the benefit level. I urge our colleagues to support this bill so that all veterans who served during wartime and are eligible for VA pension receive the same benefit payments and no member of a wartime veteran couple is shortchanged. Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Mr. AKAKA

Mr. AKAKA. Mr. President, as Chairman of the Senate Committee on Veterans' Affairs, I introduce legislation today that would give the Department of Veterans Affairs the same authority as the Social Security Administration with respect to claimants who are unable to complete applications for benefits without requiring assistance. Occasionally, claimants for VA benefits are so disabled as to be incapable of understanding the information on the application form. VA lacks authority to authorize a court appointee or caregiver to sign an application form allowing the adjudication of the claim to proceed. Without a signed application, the claim cannot proceed. The Social Security Administration has specific authority under the Social Security Act that permit an certain individuals, such as court appointed representatives, to sign a claim form on behalf of individuals unable to sign a claim form. My bill would extend the same authority to the Department of Veterans Affairs, and would allow court appointed representatives and caregivers of applicants for VA benefits and services, including institutional representatives, to sign application forms. This bill does not alter the responsibility of VA to evaluate and appoint a fiduciary in cases where the beneficiary is determined to be incompetent to manage his or her benefits. I urge our colleagues to support this bill so that unnecessary delays in the adjudication of these claims will be avoided. Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Mr. AKAKA

Mr. AKAKA. Mr. President, as Chairman of the Senate Committee on Veterans' Affairs, I introduce legislation today to correct an inequity which affects a small number of couples where both the husband and wife are wartime veterans and each meets the criteria for VA pension with additional aid and attendance benefits. Currently these couples receive annual benefits of $30,480. Under my bill, the annual amount would be increased by $825 to $31,305. This measure would correct a mistake which occurred in 1998 with the enactment of Public Law 105-178. Section 8206 of that law increased the aid and attendance rates for veterans in receipt of VA pension who were in need of aid and attendance. Due to a drafting error, this increase was not provided to couples where both members were pension receipients in need of aid and attendence. This bill would correct that mistake by bringing the pension of a wartime veteran couple eligible for pension and aid and attendance into conformity with what their peers receive. This is an appropriate result. Both members of such couples served our Nation with honor. In their time of need, they should not be short- changed by this mistake. Although only a small number of veterans qualify for this benefit, those who do so often pay large amounts of money to receive care in nursing homes, assisted-living facilities, or at home. My bill would increase the amounts paid so that each member of the couple would have their service taken into account in determining the benefit level. I urge our colleagues to support this bill so that all veterans who served during wartime and are eligible for VA pension receive the same benefit payments and no member of a wartime veteran couple is shortchanged. Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Mr. AKAKA

Mr. AKAKA. Mr. President, as Chairman of the Senate Committee on Veterans' Affairs, I am introducing legislation today to protect the rights of appeal by claimants before the United States Court of Appeals for Veterans Claims when claimants erroneously file a document with the Department of Veterans Affairs and the document is not transmitted to the court in a timely fashion. Under current law, section 7266 of title 38, United States Code, a veteran or other claimant who seeks to have a decision of the Board of Veterans' Appeals reviewed by the U.S. Court of Appeals for Veterans Claims must ``file a notice of appeal with the court within 120 days after the date'' on which the board mails its decision to the veteran or other claimant. This measure would respond to a problem identified in a recent decision of the court in the case of Posey v. Shinseki, decided April 23, 2010. In that case, a veteran sent a document purporting to be an appeal to the court to a VA regional office. The document was not forwarded to the court within the 120 day period. VA sought to have the appeal dismissed as untimely filed. However, the court found that the document qualified as a motion for reconsideration by the board. Judge Lawrence B. Hagel authored a concurring opinion in which he expressed concern with the number of cases in which a claimant's right to appeal to the court had been thwarted because the Secretary had held correspondence from veterans seeking to appeal to the court until after the time for filing had expired. The Secretary would then argue that the claimant's appeal to the court was untimely and should be dismissed. Some of those cases resulted in dismissal of the appeal. Judge Hagel suggested that this problem could be addressed by legislation treating a document as a motion for reconsideration by the Board if it was received by the Secretary and not forwarded to the Court within the 120 day period. I do not believe that VA has acted deliberately to impede any veteran's right to appeal to the court. However, the failure of VA to notify a veteran promptly of the filing error or to forward the document to the court should not be allowed to deprive a veteran of the right to have a case reviewed on appeal. The bill I am introducing would only apply in those cases where no appeal is filed with the court within the 120-day time period and the board or other VA agency has received during that same 120-day period a document expressing disagreement with the board decision. I urge our colleagues to support this bill so that any veteran who attempts to appeal a decision of the Board in a timely fashion does not have his or her attempt thwarted by an error. Mr. Presiodent, I ask unanimous consent that the text of the bill be printed in the Record.

Mr. AKAKA

Mr. AKAKA. Mr. President, as Chairman of the Senate Committee on Veterans' Affairs, I am introducing legislation today to protect the rights of appeal by claimants before the United States Court of Appeals for Veterans Claims when claimants erroneously file a document with the Department of Veterans Affairs and the document is not transmitted to the court in a timely fashion. Under current law, section 7266 of title 38, United States Code, a veteran or other claimant who seeks to have a decision of the Board of Veterans' Appeals reviewed by the U.S. Court of Appeals for Veterans Claims must ``file a notice of appeal with the court within 120 days after the date'' on which the board mails its decision to the veteran or other claimant. This measure would respond to a problem identified in a recent decision of the court in the case of Posey v. Shinseki, decided April 23, 2010. In that case, a veteran sent a document purporting to be an appeal to the court to a VA regional office. The document was not forwarded to the court within the 120 day period. VA sought to have the appeal dismissed as untimely filed. However, the court found that the document qualified as a motion for reconsideration by the board. Judge Lawrence B. Hagel authored a concurring opinion in which he expressed concern with the number of cases in which a claimant's right to appeal to the court had been thwarted because the Secretary had held correspondence from veterans seeking to appeal to the court until after the time for filing had expired. The Secretary would then argue that the claimant's appeal to the court was untimely and should be dismissed. Some of those cases resulted in dismissal of the appeal. Judge Hagel suggested that this problem could be addressed by legislation treating a document as a motion for reconsideration by the Board if it was received by the Secretary and not forwarded to the Court within the 120 day period. I do not believe that VA has acted deliberately to impede any veteran's right to appeal to the court. However, the failure of VA to notify a veteran promptly of the filing error or to forward the document to the court should not be allowed to deprive a veteran of the right to have a case reviewed on appeal. The bill I am introducing would only apply in those cases where no appeal is filed with the court within the 120-day time period and the board or other VA agency has received during that same 120-day period a document expressing disagreement with the board decision. I urge our colleagues to support this bill so that any veteran who attempts to appeal a decision of the Board in a timely fashion does not have his or her attempt thwarted by an error. Mr. Presiodent, I ask unanimous consent that the text of the bill be printed in the Record.

Mr. AKAKA

Mr. AKAKA. Mr. President, it is timely that we have started to consider the financial services modernization legislation during April, a month that we have designated as Financial Literacy Month. There are three vital components to financial literacy: education, consumer protection, and economic empowerment. H.R. 3217, the Wall Street Reform bill, includes essential provisions in all three of these areas for consumers and investors. I have worked extensively with the chairman of the Banking Committee and other members of the Committee to ensure that bill includes essential education, consumer protection, and economic empowerment provisions. I appreciate all of the leadership and work done by Chairman Dodd and his efficient, effective, and hardworking staff to develop this legislation so important to working families. With regard to education, the legislation creates an Office of Financial Literacy within the Consumer Financial Protection Bureau. The Financial Literacy Office is tasked with developing and implementing initiatives to educate and empower consumers. A strategy to improve the financial literacy among consumers, that includes measurable goals and benchmarks, must be developed. The Administrator of the Bureau will also become Vice-Chairman of the Financial Literacy and Education Commission. This will ensure meaningful participation in the Commission. The legislation also requires a Securities and Exchange Commission, SEC, financial literacy study to be conducted. The SEC will be required to develop an investor financial literacy strategy intended to bring about positive behavioral change among investors. The second key component of financial literacy is consumer protection. This legislation creates a regulatory structure to ensure greater emphasis by regulators on investor and consumer protection. The failure of regulators to protect consumers contributed significantly to the financial crisis. Prospective homebuyers were directed into mortgage products that had risks and costs that they could not understand or afford. The Consumer Financial Protection Bureau will have the ability to restrict predatory financial products and unfair business practices in order to prevent unscrupulous financial services providers from taking advantage of consumers. We also strengthen the ability of the SEC to better represent the interests of retail investors. My proposal to create an Investor Advocate within the SEC is in the bill. The Investor Advocate is tasked with assisting retail investors to resolve significant problems with the SEC or the self-regulatory organizations, SROs. The Investor Advocate's mission includes identifying areas where investors would benefit from changes in Commission or SRO policies and problems that investors have with financial service providers and investment products. The Investor Advocate will recommend policy changes to the Commission and Congress in the interests of investors. The creation of the Office of the Investor Advocate has widespread support from consumer, labor, and industry organizations. We worked to include in the legislation clarified authority for the SEC to effectively require disclosures prior to the sale of financial products and services. Working families depend on their mutual fund investments and other financial products to pay for their children's education, prepare for retirement, and attain other financial goals. This provision will ensure that working families have the relevant and useful information they need when they are making decisions that determine their future financial condition. This legislation also addresses remittance consumer protections. Working families often send substantial portions of their earnings to family members living abroad. In my home State of Hawaii, many of my constituents remit money to their family members living in the Philippines. Consumers can have serious problems with their remittance transactions, such as being overcharged or not having their money reach the intended recipient. Remittances are not currently regulated under Federal law and State laws provide inadequate consumer protections. The bill will modify the Electronic Fund Transfer Act to establish remittance consumer protections. It will require simple disclosures about the costs of sending remittances to be provided to the consumer prior to and after the transaction. A complaint and error resolution process for remittance transactions would be established. The third component of financial literacy is economic empowerment. Senator Kohl and I developed title XII of the legislation which is intended to increase access to mainstream financial institutions for the unbanked and the underbanked. Mainstream financial institutions are a vital component to economic empowerment. Banks and credit unions provide alternatives to high-cost and often predatory fringe financial service providers such as check cashers and payday lenders. Unfortunately, approximately one in four families are unbanked or underbanked. Many of these families are low- and moderate-income families that cannot afford to have their earnings diminished by reliance on these high-cost and often predatory financial services. Unbanked families are unable to save securely for education expenses, a down payment on a first home, or other future financial needs. Underbanked consumers rely on nontraditional forms of credit that often have extraordinarily high interest rates. Regular checking accounts may be too expensive for some consumers unable to maintain minimum balances or afford monthly fees. Poor credit histories may also limit their ability to open accounts. More must be done to promote product development, outreach, and financial education opportunities intended to empower consumers. Title XII authorizes programs intended to assist low- and moderate- income individuals establish bank or credit union accounts and encourage greater use of mainstream financial services. Title XII will also encourage the development of small, affordable loans as an alternative to more costly payday loans. Payday loans often have outrageously high interest rates. Payday loan flipping often leads to instances where the fees paid for a payday loan well exceed the principal borrowed. This creates a cycle of debt that is hard to break. There is a great need for working families to have access to affordable small loans. This legislation would encourage banks and credit unions to develop consumer-friendly payday loan alternatives. Consumers who apply for these loans would be provided with financial literacy and educational opportunities. I am proud of the credit unions in Hawaii that have worked to develop payday loan alternatives to meet the needs of their members, particularly for our military families that have traditionally been exploited by payday lending. The National Credit Union Administration has provided assistance to develop these small consumer-friendly loans. More working families need access to affordable small loans. This program will encourage mainstream financial service providers to develop affordable small loan products. I also appreciate the work done by Senator Menendez and his staff to authorize financial education economic empowerment grants intended to provide opportunities for economically vulnerable families. This bill is not about the last financial crisis. This legislation is about creating a more fair financial system that better educates, protects, and empowers consumers and investors. The emergency actions that had to be done in the fall of 2008 brought with it an obligation to create a financial regulatory system that is more helpful to working families. This legislation fulfills that obligation and will help improve the lives of so many people in our country by educating, protecting, and empowering consumers and investors.

Mr. AKAKA. Thank you very much, Mr. Chairman, for your great leadership.

Mr. AKAKA

Mr. AKAKA. Mr. President, I rise today to introduce a bill, along with Senator Ensign, to establish a Chief Veterinary Officer within the Department of Homeland Security. I want to acknowledge the leadership that our colleagues in the House, especially Representative Rogers of Alabama, have shown in introducing a bipartisan companion bill. This bipartisan, bicameral legislation advances increased focus on veterinary health, food defense, and agricultural security within the Department of Homeland Security. Importantly, it does this without creating an additional layer of management within the Department. Animal disease and zoonotic outbreaks are a looming threat to the United States. A major foreign animal disease outbreak, such as foot- and-mouth disease, could have far-reaching effects, threatening our food supply and harming both domestic commerce and international trade. The Department of Homeland Security would be called upon to provide leadership and to integrate the necessary assets and people from across the Nation to respond to such an incident. This bill would strengthen the Department's capacity to prepare for and respond to such a crisis by ensuring that there is a veterinary leader within the Department who is fully prepared and empowered to respond. The Secretary of Homeland Security would be required to appoint a veterinarian with expertise in veterinary public health, emergency preparedness, and other related fields as the Department's Chief Veterinary Officer. He or she would lead the division of the Department with primary responsibility for veterinary issues, food defense, and agricultural security, and would serve as the Department's lead policy advisor and principal point of contact on those issues. This senior leader also would provide overall guidance for the health of the Department's working animals that play a vital role in the Nation's defense. I have long been concerned about the Nation's ability to prepare for and respond to agriculture disasters, such as a catastrophic foreign animal disease outbreak. In February, 2009, I held a hearing on protecting public and animal health and received testimony from several agencies, including the Government Accountability Office, GAO, which had recently completed a review of the Federal veterinary workforce. GAO reported troubling shortfalls in our veterinarian workforce and our planning to respond to foreign animal disease and zoonotic outbreaks. I believe that this bill will help address this challenge and support a more capable and prepared Department of Homeland Security. I urge my colleagues to join me in supporting this legislation. Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Mr. AKAKA

Mr. AKAKA. Mr. President, I rise today to introduce a bill, along with Senator Ensign, to establish a Chief Veterinary Officer within the Department of Homeland Security. I want to acknowledge the leadership that our colleagues in the House, especially Representative Rogers of Alabama, have shown in introducing a bipartisan companion bill. This bipartisan, bicameral legislation advances increased focus on veterinary health, food defense, and agricultural security within the Department of Homeland Security. Importantly, it does this without creating an additional layer of management within the Department. Animal disease and zoonotic outbreaks are a looming threat to the United States. A major foreign animal disease outbreak, such as foot- and-mouth disease, could have far-reaching effects, threatening our food supply and harming both domestic commerce and international trade. The Department of Homeland Security would be called upon to provide leadership and to integrate the necessary assets and people from across the Nation to respond to such an incident. This bill would strengthen the Department's capacity to prepare for and respond to such a crisis by ensuring that there is a veterinary leader within the Department who is fully prepared and empowered to respond. The Secretary of Homeland Security would be required to appoint a veterinarian with expertise in veterinary public health, emergency preparedness, and other related fields as the Department's Chief Veterinary Officer. He or she would lead the division of the Department with primary responsibility for veterinary issues, food defense, and agricultural security, and would serve as the Department's lead policy advisor and principal point of contact on those issues. This senior leader also would provide overall guidance for the health of the Department's working animals that play a vital role in the Nation's defense. I have long been concerned about the Nation's ability to prepare for and respond to agriculture disasters, such as a catastrophic foreign animal disease outbreak. In February, 2009, I held a hearing on protecting public and animal health and received testimony from several agencies, including the Government Accountability Office, GAO, which had recently completed a review of the Federal veterinary workforce. GAO reported troubling shortfalls in our veterinarian workforce and our planning to respond to foreign animal disease and zoonotic outbreaks. I believe that this bill will help address this challenge and support a more capable and prepared Department of Homeland Security. I urge my colleagues to join me in supporting this legislation. Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Mr. AKAKA

Mr. AKAKA. Mr. President, enactment of emergency legislation in the fall of 2008 to stabilize the financial markets and the economy brought with it an obligation to reform our financial system to make it fairer for working families. I support S. 3217, the Restoring American Financial Stability Act of 2010. I appreciate all of the extraordinary work done by the chairman of the Banking Committee and his staff on developing this vital legislation. Many of my colleagues on the committee and I worked together to develop a bill that protects, educates, and empowers consumers and investors. The legislation incorporates many ideas from Members of both parties. We must act quickly to enact this bill. A lack of consumer protection was a core cause of the financial crisis. Prospective home buyers were steered into mortgage products that had risks and costs they could not understand or afford. We must do more to protect consumers. This legislation includes essential protections to do so. The new Consumer Financial Protection Bureau has tremendous potential for restricting predatory financial products and unfair business practices. The bureau will work to prevent unscrupulous financial services providers from taking advantage of consumers. The legislation also creates an Office of Financial Literacy within the bureau. The Financial Literacy Office is tasked with developing and implementing initiatives intended to educate and empower consumers. A strategy to improve the financial literacy among consumers that includes measurable goals and benchmarks must be developed. I am also proud of the work we have done in the bill to better protect, inform, and empower retail investors. My proposal to create an Investor Advocate within the Securities and Exchange Commission is in this legislation. It is necessary to create an Office of the Investor Advocate within the SEC to strengthen the institution and ensure that the interests of retail investors are better represented. The Investor Advocate is tasked with assisting retail investors to resolve significant problems with the SEC or the self-regulatory organizations, SROs. The Investor Advocate's mission includes identifying areas where investors would benefit from changes in Commission or SRO policies and problems investors have with financial service providers and investment products. The Investor Advocate will recommend policy changes to the Commission and Congress in the interests of investors. I have highly valued the contributions of the National Taxpayer Advocate, Ms. Nina Olson. Ms. Olson has helped us develop policies that have improved the lives of taxpayers. A similar office in the SEC will benefit retail investors. The creation of the Office of the Investor Advocate has widespread support from consumer, labor, and industry organizations. Ms. Barbara Roper, director of investor protection for the Consumer Federation of America, has stated that: For far too many years, investors have found it difficult to make their voices heard at the SEC on uses that are important to them while business interests have dominated the agency agenda . . . The text of an amendment I had developed which clarifies that the SEC has the authority to effectively require disclosures prior to the sale of financial products and services is included in the legislation. Many working families rely on their mutual fund investments and other financial products to pay for their children's education, prepare for retirement, and attain other financial goals. We must ensure working families have the relevant and useful information they need when they are making decisions that determine their future financial condition. I appreciate the efforts of Senator Michael Bennet on this issue. I worked with Senator Kohl to develop title XII of the legislation, which is intended to increase access to mainstream financial institutions for the unbanked and the underbanked. About one in four families is unbanked or underbanked. Many are low- and moderate-income families who cannot afford to have their earnings diminished by reliance on high-cost or predatory financial services. Underbanked consumers rely on nontraditional forms of credit, including payday lenders, title lenders, or refund anticipation loans for financial needs. The unbanked are unable to save securely for education expenses, the downpayment on a first home, or other financial needs. Regular checking accounts may be too costly for consumers unable to maintain minimum balances or unable to afford monthly fees. Poor credit histories may also hinder their ability to open accounts. More must be done to promote product development, outreach, and financial educational opportunities at banks and credit unions intended to empower consumers. Title XII authorizes programs intended to assist low- and moderate-income individuals establish bank or credit union accounts and encourage greater use of mainstream financial services. Title XII will also encourage the development of small affordable loans as an alternative to more costly payday loans. Payday loans are cash loans repaid by borrowers' postdated checks or borrowers' authorizations to make electronic debits against existing financial accounts. Payday loans often have extraordinarily high interest rates. Loan flipping, which is a common practice, is the renewing of loans at maturity by paying additional fees without any principal reduction. Loan flipping often leads to instances where the fees paid for a payday loan well exceed the principal borrowed. This situation often creates a cycle of debt that is very hard to break. There is a great need for working families to have access to affordable small loans. This legislation would encourage banks and credit unions to develop consumer-friendly, small-dollar loan alternatives. Consumers who apply for these loans would be provided with financial literacy and educational opportunities. One example of an innovative payday lending alternative that has been developed can be found at the Windward Community Federal Credit Union in Kailua, HI. Windward FCU has developed an affordable alternative to payday loans to help the U.S. marines and the other members they serve. This program was developed with a National Credit Union Administration, NCUA, grant. More working families need access to affordable small loans. We must encourage mainstream financial service providers to develop affordable small loan products. Finally, title XII will enable community development financial institutions to establish and maintain small-dollar loan programs. I appreciate all of the work done by Senator Kohl and his staff on title XII. Working families often send substantial portions of their earnings to family members living abroad. In my home State of Hawaii, many of my constituents remit money to their family members living in the Philippines and other nations. Consumers can have significant problems with their remittance transactions, such as being overcharged or not having their money reach the intended recipient. Remittances are not currently regulated under Federal law, and State laws provide inadequate oversight. The bill will modify the Electronic Fund Transfer Act to establish remittance consumer protections. It will require simple disclosures about the costs of sending remittances to be displayed in the storefront and provided to the consumer prior to and after the transaction. A complaint and error resolution process for remittance transactions would be established by the legislation. We must act quickly to enact this legislation that will protect, educate, and empower consumers and investors.

Mr. AKAKA

Mr. AKAKA. Mr. President, as chairman of the Committee on Veterans' Affairs, I am proud to urge our colleagues to support S. 1963, the proposed ``Caregivers and Veterans Omnibus Health Services Act of 2010,'' as amended. This bill reflects a compromise agreement between the Committees on Veterans' Affairs of the Senate and the House of Representatives on health care and related provisions for veterans and their caregivers. The House passed this bill, by a vote of 419-0, on April 21, 2009. When this bill was passed by the Senate on November 19, 2009, it would have greatly expanded assistance for veterans and family members. The bill in its current form, after being reconciled with legislation in the other body, provides even more robust services, but is also significantly less expensive than when this legislation was originally approved unanimously by the Senate. The centerpiece of this bill is a new program of caregiver assistance for our most seriously wounded veterans. The Committee has heard over and over about family members who quit their jobs, go through their savings, and lose their health insurance as they stay home to care for their wounded family members from the current conflicts. For those family members who manage to keep their jobs, their employers, including many small businesses already struggling in these difficult economic times, lose money from absenteeism and declining productivity. The toll on the caregivers who try to do it all can be measured in higher rates of depression, and worse health status as they struggle to care for their seriously injured family members, an obligation that ultimately belongs to the Federal Government. The caregiver program that will be established by this compromise bill will help VA to fulfill its obligation to care for the Nation's wounded veterans by providing their caregivers with vital support services and a living stipend. These vital caregiver support services include training, education, counseling, mental health services, and respite care. This measure also provides health care to the family caregivers of injured veterans through CHAMPVA. These caregivers deserve our support and assistance and this new program will begin to meet that obligation. Another key part of the bill relates to women veterans. Women make up a significantly increasing portion of the overall veteran population. Thanks to the leadership of Senator Murray, this bill will increase funding for mental health services for women who have suffered military sexual trauma, and for medical services for newborn children. In addition, this bill requires VA to report on the barriers facing women veterans who seek health care at VA. With the help of Senator Tester, this bill also will improve veteran access to care in rural areas by authorizing VA to carry out demonstration projects for expanding care for veterans in rural areas through partnerships with other federal entities, such as the Centers for Medicare and Medicaid Services and the Indian Health Service. States which have an especially high number of veterans living in rural areas will benefit greatly from these programs. This bill also expands the scope of VA's Education Debt Reduction Program to include retention in addition to recruitment so that VA can address staff shortages in rural areas. Where VA has a shortage of qualified employees due to location or hard-to-recruit positions, this legislation would increase the total education debt reduction payments made by VA from $44,000 to $60,000. The bill also attacks another very difficult and painful problem-- that of homeless veterans. On any given night, the best estimate is that more than 107,000 veterans are homeless. We know that homelessness is often a consequence of multiple factors, including unstable family support, job loss, and health problems. This bill will create programs to help ease the burden of veteran homelessness and, in so doing, support Secretary Shinseki's efforts to end homelessness among veterans. Senator Durbin has helped keep attention on issues of overall quality management in VA, and resolving and preventing such problems as those identified at the Marion, IL, VA medical center, and other facilities. Provisions of this bill will make needed improvements in these areas. I am grateful to all who have worked diligently on this bipartisan bill--including the committee's ranking member, Senator Burr--and the veterans service organizations, who made this one of their priorities. We are particularly indebted to the Disabled American Veterans and the Wounded Warrior Project for being in the vanguard on advocating for family caregivers and for their unrelenting support for this legislation. Various other advocates have supported this bill as well, including the American Legion, the Veterans of Foreign Wars, the Paralyzed Veterans of America, the Nurses Organization of Veterans Affairs, the Brain Injury Association of America, the American Academy of Ophthalmology, the American Association of Colleges of Nursing, and many others. It has taken us several years to see this legislation through to what I hope will be final passage today. As we reach this final point in the legislative process, I take a moment to thank the members of the committee staff who worked so hard on this legislation, including former committee staffers who helped craft many of the provisions in this bill, Alexandra Sardegna, Aaron Sheldon, and Andrea Buck. I also thank current committee staff, Ryan Pettit, Preethi Raghavan, Nancy Hogan, and Lexi Simpson, and all the others who, in addition to their work on specific elements of the final agreement, have worked to bring this legislation to final passage. We have promised to care for veterans when they return from service to the Nation. The provisions in this bill will help us keep our promise by going beyond words and ceremony, and providing the care that veterans have earned through their sacrifices. I ask my colleagues to give this legislation their unanimous support. I ask unanimous consent that an explanatory statement developed jointly with our counterparts in the House to accompany this compromise bill be printed in the Record at the conclusion of my remarks.

Mr. AKAKA

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

Mr. AKAKA. Mr. President, I rise to speak in support of Marisa Demeo to be an associate judge in the District of Columbia Superior Court. I chaired her nomination hearing before the Committee on Homeland Security and Governmental Affairs and believe she is a very well- qualified candidate. Since 2007, she has served as a magistrate judge of the DC Superior Court. Prior to that, she was an assistant U.S. attorney for the District of Columbia, prosecuting criminals on behalf of the Federal Government. Judge Demeo also worked as an attorney for the Mexican-American Legal Defense and Education Fund, an organization that provides legal services to individuals of Hispanic descent. She received her bachelor's degree from Princeton University and her J.D. from the New York University Law School. Candidates from the DC Superior Court are identified by the nonpartisan Judicial Nomination Commission, which sends three names of qualified candidates to the President for his final selection. This process has consistently produced excellent nominees for DC's local courts. Similar to others chosen through this process, I believe Judge Demeo has much to offer the DC Superior Court. Judge Demeo has a strong record as magistrate judge and has presided over many cases of the busy criminal calendar. My staff spoke with DC Superior Court Chief Judge Satterfield today, and he emphasized how pleased he has been with her performance. Judge Satterfield said he could not understand the concerns raised about Judge Demeo's impartiality--she has an open record as a magistrate judge, and no one is criticizing her work on the court. The committee also interviewed many of her colleagues during the nomination process who described her as fair, having a good temperament and knowledge of the law. Judge Demeo herself emphasized the importance of fairness, impartiality, integrity, and respect for all parties appearing before her during her nomination hearing. In May 2009, the Committee on Homeland Security and Governmental Affairs favorably reported her nomination. The committee of jurisdiction clearly considered her to be well qualified because no objections to her nomination were voiced. I was pleased that the Senate confirmed Stuart Nash to be an associate judge of the DC Superior Court earlier today. However, there remains a critical need to fill vacancies at the court. DC Superior Court is a trial court that hears over 100,000 cases a year. With many judges nearing retirement, it is important to fill empty seats quickly. This need is so great that Chief Judge Satterfield wrote two letters to Majority Leader Reid asking us to fill these vacancies. Judge Satterfield described the situation as dire and stated that unfilled vacancies hinder the court's ability to administer justice for the people of DC. Mr. President, I ask unanimous consent to have printed in the Record both of Judge Satterfield's letters.

Mr. AKAKA. Mr. President, the Committee on Homeland Security and Governmental Affairs works quickly to hold its nomination hearings because we understand what an important role the court plays in the District's legal system. It saddens me that the District's courts and its residents continue to suffer while a highly qualified candidate's nomination is slowed. I am confident that once confirmed, Judge Demeo will exercise sound and unbiased judgment when ruling on cases before her. She has the education and experience to make valuable contributions to the DC Superior Court bench. I plan to vote in support of Judge Demeo's nomination, and I urge my colleagues to do the same. I thank the Chair, and I yield the floor.

Mr. AKAKA

Mr. AKAKA. Madam President, I am pleased that the Senate is passing H.R. 4360 by unanimous consent. Major Soltes was truly an inspiration to all of us, and I am proud to support this legislation. Major Soltes deployed to Iraq in 2004 and paid the ultimate sacrifice for our great country after the vehicle in which he was traveling ran over an improvised explosive device. Throughout his career in the Army, he assumed many leadership positions, received numerous military decorations, and was instrumental in establishing a free medical clinic for the local population in Iraq. It is particularly fitting that we are naming the VA blind rehabilitation center in Long Beach, CA, after Major Soltes. He was from Irvine, CA, a graduate of the New England College of Optometry, and completed his residency at the prestigious Brooke Army Medical Center. He also served as the Director of the Optometry Residency Program at the U.S. Military Academy. In 1999, Major Soltes became the clinical director of Irvine Vision Institute, an optometry specialty center where served until his voluntary deployment to Iraq. Major Soltes leaves behind his wife, Sally Dang, O.D., and three young children. Dr. Dang is a low-vision optometrist who received her training at the West Haven VA Blind Rehabilitation Center after graduating from the New England College of Optometry. She has recently volunteered to provide low-vision services and care for blinded veterans to fulfill a promise she made to her husband before he deployed to Iraq. Major Soltes was a dedicated Army officer, and an outstanding clinician, educator, and military optometrist and naming the Long Beach VA blind rehabilitation center in honor of him will be a fitting tribute to his lasting memory.

Mr. AKAKA

Mr. AKAKA. Madam President, I rise today in honor of National Day of Service and Remembrance for Victims and Survivors of Terrorism. Today marks the 15th anniversary of the Oklahoma City bombing, one of the deadliest acts of domestic terrorism on American soil. This cowardly act of terrorism killed 168 people, 19 of them children. The victims were mothers, fathers, sons, daughters, grandparents, grandchildren, friends, and coworkers. Today we pause to reflect on their lives and accomplishments, and offer our thoughts and prayers to their families and loved ones. The bombing in Oklahoma City was a direct attack against the dedicated men and women of the Federal Civil Service. The Alfred P. Murrah Federal Building housed 14 Federal agencies, and nearly 100 Federal employees lost their lives that morning. We must honor their sacrifice by remaining steadfast in our commitment to prevent future attacks on the Federal government, Federal employees, and other acts of domestic terror. I am deeply troubled by recent threats of violence against government employees. This February, an attack on Federal offices threatened the lives of 200 IRS workers and took the life of Vernon Hunter, a 20-year Army veteran who served two tours in Vietnam, a loving husband, father, grandfather, and mentor to coworkers at the IRS. The Oklahoma City bombing anniversary and this recent attack serve as stark reminders that threats against Federal employees may pose real dangers. They remind us of our solemn duty to protect our public servants. After the Oklahoma City bombing, President Bill Clinton directed the Department of Justice to assess the vulnerability of Federal office buildings. Prior to this study, no formal government-wide standards existed for Federal buildings. With the creation of the Department of Homeland Security, the responsibility to protect our Federal facilities was transferred to the Federal Protective Service, FPS. FPS is full of dedicated men and women who work hard to keep our Federal buildings secure and those of us who work in them safe. However, critical reforms are needed to improve their effectiveness. The Government Accountability Office has repeatedly highlighted troubling shortfalls in FPS training, staffing, contract guard oversight, and many other facets of the Federal building security structure. It is long past time to address these critical gaps. We must make sure that all Federal employees and members of the public are safe and secure in any Federal building. As we remember the victims and survivors of the Oklahoma City bombing and other acts of terrorism, let us all take a moment to reflect upon the dedication and sacrifices of our Nation's public servants. These are honorable men and women who provide critical services to the American people, including policing our streets, ensuring our food and drugs are safe, caring for our wounded warriors, and responding to natural disasters. America's public servants deserve our gratitude and respect. I thank them for their dedication.

Mr. AKAKA

Mr. AKAKA. Mr. President, I am pleased that the Senate has once again passed a resolution designating April as Financial Literacy Month. I thank my cosponsors, Senators Enzi, Dodd, Crapo, Johnson, Corker, Schumer, Cochran, Menendez, Wicker, Kohl, Merkley, Inouye, Durbin, Baucus, Murray, Lincoln, Begich, Gillibrand, Feingold, Levin, Carper, Cardin, Stabenow, and Hagan. I am glad to work once again with my colleagues in a bipartisan manner to promote financial and economic literacy for all Americans. This tax day I want to recognize those organizations that gathered information on the status of financial literacy in our country. This includes the Jumpstart Coalition for Personal Financial Literacy's survey of high school seniors and the Employee Benefit Research Institute's Retirement Confidence Survey. These surveys present deeply troubling figures that underscore the need for increased financial literacy. The financial literacy of high school students has fallen to its lowest level ever, with a score of just 48.3 percent. Also, the percentage of workers who were ``very confident'' about having enough money for a comfortable retirement decreased sharply, from 27 percent in 2007 to 18 percent in 2008 to 13 percent in 2009, the lowest since the question was first asked in the survey in 1993, and representing a 50 percent decline in worker confidence since 2007. There is still much work to do in properly educating America's youth on basic personal financial management skills. In addition, last year the Federal Reserve noted that household debt in the United States stood at $13.6 trillion. The 2009 Consumer Financial Literacy Survey Final Report of the National Foundation for Credit Counseling found that less than half of all adults keep close track of their spending, and nearly 16 million adults do not monitor their overall spending and do not know how much they spend on food, housing, and entertainment. With regard to retirement planning, the U.S. Department of Labor noted that only 43 percent of people in the United States have calculated how much they need to save for retirement. These findings suggest a serious problem underscored by the fact that most workers have not calculated how much they need to save for retirement, even if they believe they are behind schedule in their retirement. Increased financial and economic literacy can help people navigate around the countless pitfalls found in the marketplace. A significant step occurred with the passage of the Credit Card Accountability Responsibility and Disclosure Act of 2009. The Act requires credit card companies to disclose information about the impact of making only the minimum monthly payment. This includes how long it will take to repay a credit card and the extra amount in interest that must be paid when only the minimum payment is made. This easily-found information will allow consumers to become more aware of their financial situation and enable them to make better financial choices. Our resolution designates April 2010 as Financial Literacy Month and highlights the need to promote financial literacy. I am pleased by efforts underway to promote financial and economic education and wish to highlight a few examples. Here in Washington, the Jumpstart Coalition for Personal Financial Literacy is holding a celebration of financial literacy this month. During the celebration, Jumpstart will honor two national leaders, a State coalition of the year, and the prestigious Odom Award winner. In addition, the National Foundation for Credit Counseling will announce the winner of its annual poster contest. The Washington State Department of Financial Institutions, DFI, announced that it is launching a new statewide financial education calendar. DFI is working with organizations providing financial education in their communities to incorporate existing calendars into a single searchable, comprehensive statewide calendar of financial education classes and events. Maryland Public Television is airing the program ``Pursuit of the Dream: Building Credit for Life.'' This special and important documentary will educate viewers on the importance of credit scores. Viewers will also learn tips for building a good credit score and helpful ways to avoid money traps that can drag down credit ratings. Viewers will also be able to hear from local financial experts and call a toll-free number airing throughout the broadcast to connect to valuable resources. In my home State of Hawaii, the Hawaii State Department of Commerce and Consumer Affairs recently organized a fair to provide free financial information and help arm consumers with accurate and useful information to encourage financial literacy. As policymakers, we need to focus on these issues year round, not just in the month of April. However, focusing on Financial Literacy Month in April means that we have a designated part of the year when we can reassess and improve upon our efforts.