Robert Bennett

Mr. BENNETT

Mr. BENNETT. Mr. President, I send an amendment to the desk on behalf of Senator Miller.

Mr. BENNETT. Mr. President, I would like Ms. Murkowski to explain her rationale for including this provision in the manager's amendment.

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

Mr. BENNETT. Mr. President, I send an amendment to the desk.

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

Mr. BENNETT. Mr. President, I send an amendment to the desk on behalf of Senator Schumer.

Mr. BENNETT. I was not.

Mr. BENNETT. Mr. President, I would be happy to vote on the Cantwell amendment immediately and then go on to other business connected to the bill.

Mr. BENNETT. Madam President, in recognition that this is the last one of this stack, I ask for a voice vote.

Mr. BENNETT. I would be happy to yield.

Mr. BENNETT. I agree.

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

Mr. BENNETT. That is correct.

Mr. BENNETT. I thank the senior Senator from South Carolina for bringing this matter to my attention. I encourage you to pursue this designation with NRCS. Additionally, In encourage NRCS to give every consideration to the Senator's proposal.

Mr. BENNETT. I appreciate the comments of the Senator from New York, and assure him that I will take his concerns into consideration when conferencing the House and Senate bills.

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

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

Mr. BENNETT. Madam President, the amendment is still pending. It is now $6.3 billion for which there is no offset. Therefore, I believe we should vote the amendment down. We have already said this was the last vote today, but if the Senator wants a vote, I suppose there could be one. This is now $6.3 billion for which there is no offset with the emergency designation stricken.

Mr. BENNETT. Mr. President, I ask unanimous consent then that we vote on the Dayton amendment at 5:15.

Mr. BENNETT. The amendment would allow the Government National Mortgage Association, Ginnie Mae, to join other financial institutions in participating in the Multifamily Housing Guarantee Program. I ask for a voice vote.

Mr. BENNETT. Mr. President, I am not familiar with this issue, but I have asked members of the Energy Committee about it, and they have indicated opposition to the Cantwell amendment. There are some members of that committee who are on their way here. In the meantime, I will share with my colleagues the contents of a memorandum with respect to the Cantwell amendment that has been provided to Senator Domenici. In this memorandum, the following objections are raised. First: FERC has and is using its authority to stop fraud and manipulation. . . . FERC has demonstrated that it will use the full extent of its authority to assure honest, fair wholesale electricity markets. FERC has taken a number of initiatives which are listed in the memo and which I will share with Members if the appropriate members of the Energy Committee do not arrive. The second objection to the Cantwell amendment is that it is too vague. It is suggested that: It is written in such general terms that it will lead to greater uncertainty. A general ban on manipulation will not help companies determine what conduct amounts to manipulation and what conduct is appropriate behavior in a competitive market. . . . [A] blanket prohibition on ``manipulation,'' without defining the elements of what constitutes manipulation . . . could have a chilling effect on the market without meaningfully adding to the protections already available to electricity customers under existing law. The third objection is that: The Cantwell Amendment could lead to duplication and confusion among the agencies. The enabling statutes of the Commodity and Futures Trading Commission (CFTC) and the Securities Exchange Commission (SEC) already contain broad prohibitions against conduct that is intended to manipulate markets. Adding such another broad general prohibition to the Federal Power Act would only lead to unnecessary duplication and potential conflict between various enforcement agencies. In addition, the Federal Power Act already prohibits wholesale electricity prices that are not ``just and reasonable.'' Therefore, FERC has the authority to investigate electricity prices and to require refunds if prices are not ``just or reasonable'' or modify contracts if it is in the public interest to do so. The House and Senate Energy bills both would enhance FERC's existing refund authority and increase civil and criminal penalties for violations of the Federal Power Act. The memo makes the point that this issue has been addressed in the Energy bill, and that is the place for it to be done. The next objection raised is: The number of Federal investigations and prosecutions by a broad array of agencies demonstrates there is no need for the Cantwell Amendment. Federal agencies have been and continue to be active in investigating criminal offenses in the energy industry. These agencies as listed in the memorandum include the President's Corporate Fraud Task Force, the Federal Bureau of Investigation, the Federal Energy Regulatory Commission, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the United States Postal Service, and numerous U.S. Attorney's offices across the country. Through ``cooperative enforcement,'' these agencies have focused on investigations of possible round trip trading, false reporting and fraud and manipulation by energy companies and their affiliates, employees and agents. There have been a number of arrests, settlements and continued investigations and prosecutions reported based on these agencies' efforts. And the argument is made that: The Cantwell Amendment will not improve or change these actions. Then reference is made to: The Domenici Electricity Amendment effectively deals with market manipulation. This is the amendment that is part of the Energy bill that is now in conference. The memo outlines all the reasons why that particular amendment is sufficient. As I say, I am waiting for a member of the Energy Committee to come make these arguments with perhaps a little more background than I have. I would like to move to a vote on this amendment, so I ask, before I would suggest the absence of a quorum, if the Senator from Washington would agree to a vote, let us say, at 4:20. Would that be a sufficient period of time for the Senator?

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

Mr. BENNETT. The Senator is suggesting we vote right now? I am willing. I am anxious to move as much time as possible. If the Senator is ready, if there is no one else who wants to speak on this issue----

Mr. BENNETT. Madam President, the amendment would allow rural communities with a population of less than 20,000 people to be eligible for broadband grants and loans. This amendment has been cleared by the Senate Agriculture Committee. I ask for a voice vote.

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