Robert Bennett

Mr. BENNETT

Mr. BENNETT. I ask unanimous consent that the Senate proceed to the immediate consideration of Calendar No. 310, H.R. 1442.

Mr. BENNETT

Mr. BENNETT. Mr. President, quick housekeeping. Amendment No. 2088 Mr. President, I ask unanimous consent that we go back to the Akaka amendment.

Mr. BENNETT. I call for a vote on the Akaka amendment.

Mr. BENNETT. I move to reconsider the vote and I move to lay that motion on the table. The motion to lay on the table was agreed to. Amendment No. 2087

Mr. BENNETT. Mr. President, I ask for a voice vote.

Mr. BENNETT. Mr. President, I move that we go back to the Cantwell amendment.

Mr. BENNETT. Mr. President, I send an amendment to the desk on behalf of Senators Frist and Daschle.

Mr. BENNETT. Mr. President, I ask for a voice vote.

Mr. BENNETT. Madam President, I send an amendment to the desk on behalf of Senator Kohl and ask for its immediate consideration.

Mr. BENNETT. Mr. President, I understand there are several Senators who have amendments they would like to offer. Senator Dayton has one. Senator Bingaman has one. We have not yet had an opportunity to go through the Bingaman amendment which came to us relatively recently. So I would prefer to go to Senator Dayton to give us a little more time to examine the Bingaman amendment, but that could be the decision of the minority. I prefer to go to Senator Dayton's amendment next if that is agreeable.

Mr. BENNETT. Mr. President, I ask Senator Dayton if he would give us some indication of how long he thinks he will take on his amendment and see if we cannot enter into a time agreement so that we can know when we might be able to vote.

Mr. BENNETT. Mr. President, I say to the Senator and to all Senators that I was prepared to go on further tonight but I have been informed that no amendments will be offered tonight. Therefore, no more debate and certainly no more votes. I would be happy to welcome the amendment from the Senator when he is prepared to offer it. It is certainly my intention to go forward tomorrow. I hope the decision not to offer any amendments tonight will be lifted by tomorrow and that we will have amendments before us and therefore items to debate and vote on.

Mr. BENNETT. Madam President, I send an amendment to the desk on behalf of Senators Snowe and Dorgan and ask for its immediate consideration.

Mr. BENNETT. Madam President, I send an amendment to the desk on behalf of Senator Brownback and ask for its immediate consideration.

Mr. BENNETT. Madam President, I see no other Senators wishing to speak on this matter. The chairman of the Budget Committee has not presented himself. But speaking on his behalf, I will raise a budget point of order about the emergency designation. Utah is at the bull's eye of the drought. We have more drought problems in Utah perhaps than any other State, and it is with some reluctance that I raise this point of order. But this is $6.3 billion, and there is no offset for it. I think if it is of value, it is of sufficient value that it is worthwhile to have a supermajority to support going $6.3 billion into an emergency. I think an emergency designation for this much money is something for which this procedure is designed. Therefore, I raise a point of order against the emergency designation contained in the pending amendment, that it violates section 502 of the concurrent budget resolution on the budget for fiscal year 2004, and therefore is not in order.

Mr. BENNETT. This amendment would allow a small town which does not have sufficient internal resources to utilize an outside not-for-profit party to perform the service for which the grant was made. For instance, if a community received a grant for a childcare facility, the community could contract with a third party to provide the childcare. I ask for a voice vote.

Mr. BENNETT

Mr. BENNETT. I move to lay that motion on the table. The motion to lay on the table was agreed to.

Mr. BENNETT. I move to lay that motion on the table. The motion to lay on the table was agreed to.

Mr. BENNETT. Mr. President, reserving the right to object, could I ask the Senator from West Virginia how long he intends to speak?

Mr. BENNETT. Madam President, as I have listened to this debate, it has reminded me once again of why I am glad I did not go to law school. The details of the legislation are best left to the lawyers who have argued it. I simply share with my colleagues a conversation I had when the question of derivatives arose with respect to the bankruptcy of Orange County in California. There was an attempt at that point to say we must regulate these derivatives. Derivatives are terrible. Derivatives are responsible for all of our troubles. Chairman Greenspan was asked pointblank if derivatives were responsible for the bankruptcy in California. He said no, all derivatives did was make the stupid actions of the treasurer of Orange County be carried out more effectively than would have been the case without them. We must remember that derivatives are neutral. They are tools to be used by managers to hedge risks and to make things move more efficiently in the marketplace. We sometimes move away from that understanding and think they are inherently evil in and of themselves. I accept the assurances that the trading in this area is appropriately managed by the regulatory agencies that have been set up and I intend to oppose the amendment. I urge my fellow Senators to do the same.

Mr. BENNETT. Madam President, I move to table the amendment and ask for the yeas and nays.

Mr. BENNETT. I will withhold.

Mr. BENNETT. Madam President, as I understand the colloquy, it was either a vote on the amendment or in relation to the amendment, and that a motion to table is determined as being in relation to the amendment. Now, out of courtesy to the Senator from California, I will not make the motion to table. But I want to make it clear, I am reserving the right to make a motion to table in future situations similar to this. I do not want to be discourteous to her for her understanding, but it is my understanding that I do, indeed, have the right to make that motion.

Mr. BENNETT. Mr. President, I understand there will be a response on this side so I would recommend to the Senator from California that she hang on to all the cards she has.

Mr. BENNETT

Mr. BENNETT. Mr. President, I ask unanimous consent that the reading of the amendment be dispensed with.