Jim Bunning

Mr. BUNNING

Mr. BUNNING. I am pleased that we are continuing the bonuses for States that increase the number of adoptions each year, along with keeping the additional incentive for adoptions of special needs children and providing a new incentive for States to focus on the adoptions of older children. I am proud to say that Kentucky has also done fairly well under the Adoption Incentive Program over the years, and I am glad we are continuing the program. From 1998 to 2001, Kentucky received $1.6 million adoption incentives. For 2002, the Department of Health and Human Services recently announced that my State will receive $204,000 in adoption incentives.

Mr. BUNNING. I am sure the Senator from Iowa will agree with me that we need to make it as easy as possible for loving families to either adopt or become foster parents for children in need. There is nothing more special than a family opening up their home to a child and providing a safe and supportive environment. This is why I have worked on adoption and foster care issues for so long in Congress. In fact, last year I was pleased that one of my foster care initiatives was passed as part of the 2002 economic stimulus bill. Many families who take in foster care children receive stipends from the placement agency which helps pay for food, clothes and other expenses. In the past, some of these stipends were tax-free for families, while others were taxable. I didn't feel that was fair, so my provision made all stipends that foster care families receive to be tax free. This provision corrected an inconsistency in the tax code that unfairly punished foster care families and the children for whom they care, and I was happy we could finally correct this problem.

Mr. BUNNING. I certainly agree with you that the adoption tax credits are good policy, and I am very familiar with them. In fact, back in 1996, I worked as a Member of the Ways and Means Committee to pass the original legislation providing for the tax credits to help families afford to adopt children. We finally got this credit passed as part of the Small Business Job Protection Act which passed over seven years ago. I was very supportive of the provisions in the 2001 tax bill to expand these credits, but would like to take them one step further. Within the next couple of weeks, I will be introducing legislation to make these tax credits permanent. If we don't eliminate the sunset which was built into the tax bill, then the current maximum credit of $10,000 will be reduced back down to $5,000 in 2010. To me, this seems like a common-sense change that needs to be made. I introduced a similar bill in the 107th Congress, and I am hopeful that we can get this bill passed before the end of the 108th Congress.

Mr. BUNNING. Finally, I would like to say a few words about the importance of promoting interracial adoptions. In the past, many times there were barriers to families adopting minority children. This isn't fair to the family or the child. That is why in 1996, I pushed for legislation stopping discrimination against minority children in order to make it easier for them to move from foster care into a loving, permanent home. All of these initiatives are designed to help find permanent or temporary homes for our Nation's children. Today, we are taking another important step by reauthorizing the Adoption Incentive Program, and I hope that we can get this bill through the Senate and onto the President's desk soon.

Mr. BUNNING. Mr. President, I would like the opportunity to talk for a few minutes with my colleague from Iowa about the important role of adoption and foster care. Today, I am proud to be supporting legislation that the Senator from Iowa is introducing to reauthorize the Adoption Incentive Program. This is an important program that encourages States to do all they can to find permanent homes for children in foster care.

Mr. BUNNING

Mr. BUNNING. Mr. President, in June, the Federal Communications Commission, FCC, issued an order that modified its media ownership rules in accordance with the 1996 Telecommunications Act. The modified rules increased from 35 percent to 45 percent of households the cap governing broadcast network ownership. The new rules also make easier newspaper-broadcast cross ownership by largely lifting the ban prohibiting a newspaper from buying a TV or radio station in the same market. S. J. Res. 17 would overturn all aspects of the FCC ruling. I do not believe the FCC ruling is without flaw, but a blanket negation of the rule-making is not an appropriate response. Though I am not in favor of the increased cap governing broadcast network ownership, I do support the modified newspaper-broadcast cross ownership rule. I believe the relaxed cross ownership ruling encourages a concordant relationship between newspapers and television stations that will offer a higher standard of quality in news content and reporting. This, in turn, reaps innumerable benefits for communities across America. As I believe the value of the modified cross ownership ruling usurps the potential dangers of the increased cap governing broadcast network ownership, I cannot support S. J. Res. 17. To unequivocally vacate all aspects of the FCC ruling is to do a disservice to incalculable citizens across this country who will benefit from the modified newspaper-broadcast cross ownership rule. For the aforementioned reasons, I am voting ``no'' on S. J. Res. 17.

Mr. BUNNING

Mr. BUNNING. Mr. President, I would like to take this opportunity to pay tribute to those in New York, at the Pentagon, and in the skies over Pennsylvania who lost their lives 2 years ago today. None of us in the Senate will ever forget the events of that terrible morning, nor will we forget the courage and compassion displayed by Americans everywhere in response to the attacks. Today my thoughts and prayers are with the victims, their families, and all of those who risked their lives to save others on that awful day. We faced the worst terrorist attack in our Nation's history on that day and we told ourselves that we would not let our guard down. We have not let our guard down and we will not let our guard down. The world has changed dramatically over the past 2 years. Under the President's leadership, we have taken on our enemies abroad so that Americans can live in peace at home. With the help of our allies abroad, our brave soldiers have dismantled the Taliban in Afghanistan and defeated Saddam Hussein's evil regime in Iraq. We have killed or taken into custody nearly two-thirds of senior al- Qieda leaders. We have chosen to take on al-Qieda on its battlefield to prevent terrorists from choosing the time and place of battle. Terrorists across the world have been given notice that the U.S. will do whatever it takes to prevent another terrorist attack. America will triumph and those who want nothing less than to destroy our way of life will fail. They will fail because of the American spirit. They will fail because of our faith in freedom and democracy. They will fail because of the strength and character of the American people. I believe that Americans have emerged from the attacks of September 11, 2001, even stronger and more dedicated to our beliefs and to our Nation. We are safer now than we were 2 years ago, but the enemy will undoubtedly try again and we must be ready. And we will be ready. it has been said many times before, but it bears repeating again--it might not seem like it, but we are at war. Al-Qaida and its terrorist allies may be on the run, but they are still plotting against peace- loving people across the world. It's a different kind of struggle than we have fought before. The war on terror will not end next month or even next year. It will take patience and it will take perseverance. But let the world know that this is a war that we will win. This is a war that Americans and our freedom-loving allies will not allow us to lose. The President has done a superb job leading our country in the war on terror. And we have done our best in Congress to provide him the resources necessary to prosecute and to win that war. People often ask me how things have changed in Washington since 9/11. Some things on the surface certainly have changed. There are more concrete barriers, roadblocks, and security precautions. But looking beneath the surface I think the better question is to ask what did September 11, 2001, reveal about us. It showed that we are still a good and compassion people. And it showed that we have many friends around the world that also love freedom. It showed that under the worst of circumstances we will come to the aid of not only our friends and neighbors but complete strangers. It showed that America is still the greatest nation on Earth. And it showed that in the war on terror, we will prevail. I thank the Chair. May God grant strength to those that mourn the loss of their loved ones in this war on terror and may God continue to bless this great Nation.

Mr. BUNNING

Mr. BUNNING. Mr. President, I pay tribute to Jane Stephenson, a former college administrator and founder of the New Opportunity School for Women, NOSW. Ms. Stephenson's charity and innovation has given many women in eastern Kentucky a renewed vigor for life and an improved sense of self-worth. In 1987, Ms. Stephenson founded NOSW as an institution of free instruction for women of Appalachia. Headquartered in Berea, KY, NOSW draws women from all over the Appalachian region for 3 weeks of classes in job hunting, public speaking, literature, self-defense, and personal style. Additionally, students of NOSW are afforded opportunities to visit cultural institutions such as the Kentucky Horse Park and the Cincinnati Art Museum. Most women enrolled in NOSW are middle-aged and come from low income homes. Were it not for Ms. Stephenson's benevolent vision, these women would have little opportunity to improve their positions in society. In addition to encouraging self-awareness and improvement, Ms. Stephenson and NOSW instill the importance of community service in students. Often, graduates from NOSW find new jobs in the social service sector as a result of their experience as care givers fostered by NOSW. Other graduates continue their education. In fact, approximately 75 percent of the 400 alumni of NOSW have either pursued GEDs and college degrees, or found new employment opportunities. Ms. Stephenson retired as director of the school several years ago, but she still serves in the capacity of teacher and fundraiser. She is an exemplar of charity and selflessness and is one to be emulated nationwide. Ms. Stephenson's vision has reaped innumerable benefits in the lives of hundreds of women of Appalachia. I thank the Senate for allowing me to pay tribute to this remarkable woman.

Mr. BUNNING

Mr. BUNNING. Mr. President, I wish to pay tribute to E.W. Dennison, the Murray State University Athletic Director. Mr. Dennison is an outstanding leader under whose guidance Murray State University has achieved an important balance between athletics and scholarship. In the 6 years since Mr. Dennison assumed his position as athletic director, Murray State University has seen a marked improvement in its graduation rate for student athletes. According to the Chronicle of Higher Education's 2003-2004 Almanac issue, Murray State University ranks first for having the highest graduation rate among NCAA Division I institutions in Kentucky. This is the second straight year Murray State University has led Kentucky's State-funded institutions in graduation rates of athletes. Prior to Mr. Dennison's tenure as athletic director, it had been several years since Murray State University graduated a senior basketball player. This year Mr. Dennison boasts the readiness of several senior basketball players to graduate. Additionally, Mr. Dennison has set high standards for academic achievement. The grade point average (GPA) for student athletes at Murray State University is as high as the GPA of the larger student body. Mr. Dennison stresses the importance of good study habits and higher learning and his athletes will graduate with a preparedness for more than just athletics. Murray State University's athletics programs are poised for a record- setting year on the playing field this year. The balance of academics and athletics that Mr. Dennison has achieved has not come at the expense of either discipline. Rather, Murray State University student athletes are excelling in the classroom and on the playing fields. Mr. Dennison is a paragon of leadership in Kentucky's institutions of higher education, and his leadership is one that should be emulated across this country. He is a tribute to Kentucky. I thank the Senate for allowing me to honor this remarkable man.

Mr. BUNNING

Mr. BUNNING. Mr. President, I rise today to introduce legislation that will resolve a longstanding inequity in the tax treatment of U.S. distilled spirits that penalizes the wholesalers, and in some cases suppliers, of these products. Under current law, wholesalers of distilled spirits are not required to pay the Federal excise tax on imported spirits until after the product is removed from a bonded warehouse for sale to a retailer. In contrast, the tax on domestically produced spirits is included as part of the purchase price and passed on from the supplier to wholesaler. After factoring in the Federal excise tax (FET)--which is $13.50 per proof gallon--domestically produced spirits can cost wholesalers 40 percent more to purchase than comparable imported spirits. In some instances, wholesalers and even suppliers can carry this tax- paid inventory for an average of 60 days before selling it to a retailer. Interest charges--more commonly referred to as float-- resulting from financing the Federal excise tax can be quite considerable. For example, at a 5 percent interest rate on the sale of 100,000 cases of domestic spirits, a wholesaler will incur finance charges of $21,106.85 for loans related to underwriting the cost of paying the Federal excise tax. It is important to note that it is not uncommon for wholesalers to sell a million or more cases per year of domestic spirits. The costs associated with financing Federal excise taxes amount to a tax on a tax, making the effective rate of the Federal excise tax for domestic spirits much higher than $13.50 per proof gallon. The Distilled Spirits Tax Equity Act would give wholesalers and suppliers in bailment states a tax credit towards the cost of financing the FET for domestically produced products. I believe this legislation is fundamentally fair and will help protect and create jobs for the wholesale tier in Kentucky and other States. However, I wish to emphasize that I will reject any connection between a repeal of Section 5010 within the Internal Revenue Code or an increase in federal taxes for distilled spirits. Tax equity for one tier should not be achieved by placing additional burden on other tiers within the same industry. My colleagues, Senators Bond and Breaux join me in introducing this legislation, which the Joint Tax Committee estimates would reduce Federal revenues by approximately $249 million over ten years. Congressmen Collins and Neal have introduced similar legislation that has garnered significant support in the House of Representatives. I urge my colleagues to support this legislation when it comes before the Senate.

Mr. BUNNING

Mr. BUNNING. Mr. President, I rise today to introduce legislation that will resolve a longstanding inequity in the tax treatment of U.S. distilled spirits that penalizes the wholesalers, and in some cases suppliers, of these products. Under current law, wholesalers of distilled spirits are not required to pay the Federal excise tax on imported spirits until after the product is removed from a bonded warehouse for sale to a retailer. In contrast, the tax on domestically produced spirits is included as part of the purchase price and passed on from the supplier to wholesaler. After factoring in the Federal excise tax (FET)--which is $13.50 per proof gallon--domestically produced spirits can cost wholesalers 40 percent more to purchase than comparable imported spirits. In some instances, wholesalers and even suppliers can carry this tax- paid inventory for an average of 60 days before selling it to a retailer. Interest charges--more commonly referred to as float-- resulting from financing the Federal excise tax can be quite considerable. For example, at a 5 percent interest rate on the sale of 100,000 cases of domestic spirits, a wholesaler will incur finance charges of $21,106.85 for loans related to underwriting the cost of paying the Federal excise tax. It is important to note that it is not uncommon for wholesalers to sell a million or more cases per year of domestic spirits. The costs associated with financing Federal excise taxes amount to a tax on a tax, making the effective rate of the Federal excise tax for domestic spirits much higher than $13.50 per proof gallon. The Distilled Spirits Tax Equity Act would give wholesalers and suppliers in bailment states a tax credit towards the cost of financing the FET for domestically produced products. I believe this legislation is fundamentally fair and will help protect and create jobs for the wholesale tier in Kentucky and other States. However, I wish to emphasize that I will reject any connection between a repeal of Section 5010 within the Internal Revenue Code or an increase in federal taxes for distilled spirits. Tax equity for one tier should not be achieved by placing additional burden on other tiers within the same industry. My colleagues, Senators Bond and Breaux join me in introducing this legislation, which the Joint Tax Committee estimates would reduce Federal revenues by approximately $249 million over ten years. Congressmen Collins and Neal have introduced similar legislation that has garnered significant support in the House of Representatives. I urge my colleagues to support this legislation when it comes before the Senate.

Mr. BUNNING

Mr. BUNNING. Mr. President, I rise today to introduce legislation with my colleague, Senator Conrad, which will allow affiliated life and non-life insurance companies to file consolidated tax returns. The rules currently on the books do not allow such consolidation, for reasons that are outdated and no longer applicable. In general, consolidated return provisions under current law were enacted so that the members of an affiliated group of corporations could file a single tax return. The right to file a ``consolidated'' return is generally available irrespective of the nature or variety of the businesses conducted by the affiliated corporations. The purpose behind consolidated returns is simply to tax a complete business entity rather than its component parts individually. Whether an enterprise's businesses are operated as divisions within one corporation or as subsidiary corporations with a common parent company, a business entity should generally be taxed as a single entity and be allowed to file its return accordingly. Corporate groups that include life insurance companies, however, are denied the ability to file a single consolidated return until they have been affiliated for a least five years. Even after this five year period, they are subject to two additional limitations that do not apply to any other type of group: first, non-life insurance companies must be members of the affiliated group for five years before their losses may be used to offset life insurance company income, and second, non-life insurance affiliated losses, including current year losses and any carryover losses, that may offset life insurance company taxable income are limited to the lesser of 35 percent of life insurance company's taxable income or 35 percent of the non-life insurance company's losses. There are no sound reasons to deny affiliated groups that include life insurance companies the same unrestricted ability to file consolidated returns that is available to other financial intermediaries, and corporations in general. Allowing the members of an affiliated group of corporations to file a consolidated return prevents the business enterprise's structure from obscuring the fact that the true gain or loss of the business enterprise is the aggregate of each of the members of the affiliated group. The limitations contained in present law are so clearly without policy justification that they should be repealed. Our legislation will repeal the two five-year limitations for taxable years beginning after this year, and it will phase out the 35 percent limitation over seven years. The staff of the Joint Committee on Taxation has recommended repeal of two of the three limitations addressed by my bill--on the grounds of needless complexity. The third limitation is, in effect, merely a minimum tax on life insurance company income. That limitation should have been repealed when the alternative minimum tax was enacted, and certainly has no place in the tax laws today. We hope our colleagues will join us as cosponsors of this bipartisan, much-needed legislation.

Mr. BUNNING

Mr. BUNNING. Mr. President, today, Senator Conrad and I are introducing legislation that would greatly benefit out domestic economy. Our legislation would increase the cash flow of many struggling American companies, thus helping them hire and retain workers and fund capital investments. The legislation involves the ``net operating loss'' (``NOL'') rules under the Internal Revenue Code. The NOL carryback and carryover rules are designed to allow taxpayers to smooth out swings in business income that result from business cycle fluctuations and unexpected financial losses. Last year's economic stimulus bill, the ``Job Creation and Worker Assistance Act of 2002,'' allowed NOLs arising in 2001 and 2002 to be carried back five years, rather than two years, as otherwise would be provided under the tax law. The 2002 Act also removed a limitation that the corporate alternative minimum tax (``AMT'') unfairly places on these carrybacks. The 2002 Act thus gave taxpayers in many sectors of the economy an enhanced ability to increase their cash flow through refunds of income taxes paid in prior years. Unfortunately, the same uncertain economic conditions that led to the enactment of last year's stimulus bill have continued. Many taxpayers are continuing to incur unexpected financial losses in 2003. The legislation that we are introducing today would simply extend the 2002 Act's NOL carryback rules to cover NOLs arising in 2003 and to NOLs that may arise in 2004 and 2005. I urge my colleagues to support this important legislation, which would give much needed relief to U.S. employers and would provide an additional jump start to our economy.

Mr. BUNNING. Mr. President, I rise today to introduce legislation with my colleague, Senator Conrad, which will allow affiliated life and non-life insurance companies to file consolidated tax returns. The rules currently on the books do not allow such consolidation, for reasons that are outdated and no longer applicable. In general, consolidated return provisions under current law were enacted so that the members of an affiliated group of corporations could file a single tax return. The right to file a ``consolidated'' return is generally available irrespective of the nature or variety of the businesses conducted by the affiliated corporations. The purpose behind consolidated returns is simply to tax a complete business entity rather than its component parts individually. Whether an enterprise's businesses are operated as divisions within one corporation or as subsidiary corporations with a common parent company, a business entity should generally be taxed as a single entity and be allowed to file its return accordingly. Corporate groups that include life insurance companies, however, are denied the ability to file a single consolidated return until they have been affiliated for a least five years. Even after this five year period, they are subject to two additional limitations that do not apply to any other type of group: first, non-life insurance companies must be members of the affiliated group for five years before their losses may be used to offset life insurance company income, and second, non-life insurance affiliated losses, including current year losses and any carryover losses, that may offset life insurance company taxable income are limited to the lesser of 35 percent of life insurance company's taxable income or 35 percent of the non-life insurance company's losses. There are no sound reasons to deny affiliated groups that include life insurance companies the same unrestricted ability to file consolidated returns that is available to other financial intermediaries, and corporations in general. Allowing the members of an affiliated group of corporations to file a consolidated return prevents the business enterprise's structure from obscuring the fact that the true gain or loss of the business enterprise is the aggregate of each of the members of the affiliated group. The limitations contained in present law are so clearly without policy justification that they should be repealed. Our legislation will repeal the two five-year limitations for taxable years beginning after this year, and it will phase out the 35 percent limitation over seven years. The staff of the Joint Committee on Taxation has recommended repeal of two of the three limitations addressed by my bill--on the grounds of needless complexity. The third limitation is, in effect, merely a minimum tax on life insurance company income. That limitation should have been repealed when the alternative minimum tax was enacted, and certainly has no place in the tax laws today. We hope our colleagues will join us as cosponsors of this bipartisan, much-needed legislation.

Mr. BUNNING

Mr. BUNNING. Mr. President, today, Senator Conrad and I are introducing legislation that would greatly benefit out domestic economy. Our legislation would increase the cash flow of many struggling American companies, thus helping them hire and retain workers and fund capital investments. The legislation involves the ``net operating loss'' (``NOL'') rules under the Internal Revenue Code. The NOL carryback and carryover rules are designed to allow taxpayers to smooth out swings in business income that result from business cycle fluctuations and unexpected financial losses. Last year's economic stimulus bill, the ``Job Creation and Worker Assistance Act of 2002,'' allowed NOLs arising in 2001 and 2002 to be carried back five years, rather than two years, as otherwise would be provided under the tax law. The 2002 Act also removed a limitation that the corporate alternative minimum tax (``AMT'') unfairly places on these carrybacks. The 2002 Act thus gave taxpayers in many sectors of the economy an enhanced ability to increase their cash flow through refunds of income taxes paid in prior years. Unfortunately, the same uncertain economic conditions that led to the enactment of last year's stimulus bill have continued. Many taxpayers are continuing to incur unexpected financial losses in 2003. The legislation that we are introducing today would simply extend the 2002 Act's NOL carryback rules to cover NOLs arising in 2003 and to NOLs that may arise in 2004 and 2005. I urge my colleagues to support this important legislation, which would give much needed relief to U.S. employers and would provide an additional jump start to our economy.

Mr. BUNNING

Mr. BUNNING. Mr. President, I rise today in support of S. 1490, the Tobacco Market Adjustment Act. Since Daniel Boone first came through the Cumberland Gap in 1775, farming has provided the economic and cultural backbone of Kentucky. The family farm is the foundation for who we are as a commonwealth. And for over a century, the family farm in Kentucky has centered around one crop--tobacco. Tobacco barns and small plots of tobacco dot the Kentucky landscape. We are proud of our heritage and proud of the role that tobacco plays in our history. Recently, we have recognized that we cannot rely upon tobacco forever. We have seen the handwriting on the wall. In fact, in 1998 the Senate had a long debate about the future of tobacco. Nothing passed then. But ever since we have known that sooner or later the subject was going to return to the Senate floor. Back in Kentucky, we have over the past few decades begun to diversify and to prepare for the future. We have tried to broaden our agricultural base. And we have had some success with vegetables, beef cattle, raising catfish and expanding into other areas like ethanol production. But, at the end of the day, nothing brings as much of a return to the small farmer and tobacco quota holder in Kentucky as tobacco. Whatever the opponents of tobacco say, there is no denying that the future for thousands of family farms and small communities across the south is tied directly to tobacco. This is a complicated issue. Many tobacco quota holders are not even full-time farmers and hold off-farm jobs. And even full-time farmers usually do not raise only tobacco but grow it as only part of their total crop. But it is a crucial part, and for many families it is absolutely irreplaceable, because the money they get from tobacco pays their mortgage, puts their kids through school or allows them to keep farming. Outside of the western part of our State, Kentucky does not have tens of thousands of acres of flat land. We need a crop that grows on rolling hills, that thrives in our climate and can be profitably raised on small plots that cannot accommodate other crops. Tobacco does that, and economically it is the only crop that can. Farmers get a yield of over $4,000 per acre of tobacco. They get less than $300 per acre for corn, soybeans and hay. That is how big the difference is. This is what has made tobacco the economic linchpin for rural Kentucky. It is profitable and farmers rely on it. That might not be popular today but it's an economic reality we have to face. This Senate cannot--and if those of us from tobacco States have any say about it, it will not--work on tobacco legislation without taking care of tobacco farm families. Time have been getting tougher and tougher for small farms and rural communities in Kentucky. Plus, as I am sure most of my colleagues know, there is no tobacco subsidy. We do have a price support system and production control program. But even the quotas have lost 60 percent of their value since 1998. No business would be around if it lost 60 percent of its income in 5 years, and we have lost a lot of growers. Many farmers are barely holding on. They need help. We believe that the time has come to assist them and to get the Government out of the tobacco business at the same time. Our bill, which has the full support of the grower community, will buy out the tobacco program. We will give our growers relief and end the Federal price support program. We will let many growers, whose average age is 62, retire with dignity. Dr. Will Snell, the highly regarded agricultural economist at the University of Kentucky, estimates 70 to 75 percent of tobacco growers will get out of the business with a buyout. In recent years tobacco has come under fire from all sides. And while the antitobacco forces might not have intended it, their attacks are hurting tobacco farm families and rural America. In Kentucky, we have counties that depend on tobacco for as much as 85 percent of their revenue. Without a tobacco base, land values will collapse and rural communities could fall into an economic death spiral. Falling land values mean lower property tax revenues and eventually severe cuts in services such as police, fire, and emergency services, schools, sewers, and roads. For decades farms and small communities have been built around the cultivation of a legal crop. To change that now without accounting for the consequences would be devastating. Our bill recognizes this reality and would offer some degree of economic certainty for tobacco farm families that toil at the mercy of forces more powerful than themselves. Mr. President, I am a realist. I know that passing any sort of tobacco legislation in Congress is a difficult, uphill fight. And I do not know if we are going to be successful with this bill. But I do know that if any tobacco legislation passes, it must include help for tobacco farm families. It is the least we can do for them. I urge my colleagues in this Senate to understand this problem we are having in these six tobacco States. I yield the floor.

Mr. BUNNING

Mr. BUNNING. Mr. President, I want to share with my fellow colleagues an article written by the best selling author and investor Jim Rogers. Mr. Rogers has been dubbed the ``Indiana Jones of investing'' and has earned himself a reputation for being one of the world's leading economic minds. In this article, Mr. Rogers does something that I have found rare when it comes to examining Chairman Greenspan's record. He actually looks at the Chairman's monetary stances throughout his tenure at the Federal Reserve and examines what kind of effect they had on the economy. In most cases, Mr. Rogers finds that Mr. Greenspan's policies were ill-timed or simply economically absurd. I urge my colleagues to read this article so that we may better understand the role the Federal Reserve and Chairman Greenspan specifically have played in our economic well-being. I ask unanimous consent to have the article printed in the Record.

Mr. BUNNING

Mr. BUNNING. Mr. President, I pay tribute to the Scott County Fire Department and its personnel for their progress in providing outstanding fire protection for the citizens of Scott County. Their efforts have not gone unnoticed. Through the leadership of Scott County Fire Chief Billy Willhoite, the amount of full-time firefighters over the past 10 years has doubled. The efforts of full-time and volunteer firefighters alike along with increased investment in manpower, equipment, training, and facilities, have enabled the department to make great strides in serving their fellow Kentuckians. Billy Willhoite's 29 years of experience as a firefighter, 25 of which were as chief, have enabled him to shape the personnel of the Scott County Fire Department to make great strides in their firefighting capabilities. While funding is a significant component to fire protection, no dollar sign can be placed on the bravery, courage, and commitment inherent of those who put themselves into harm's way to protect those in danger. The firefighters of the Scott County Fire Department are heroes to so many and deserve our gratitude. At a moment's notice, they can be relied upon to respond to any emergency regardless of the circumstances to assure the safety of those in need. As our Nation takes measures to strengthen our homeland security, it will be imperative that fire departments throughout Kentucky and across America follow the example of the Scott County Fire Department and adapt to improve fire protection services. I am proud of their efforts and am grateful for how well they have represented the Commonwealth. I thank the Senate for allowing me to recognize the Scott County Fire Department and its personnel for their service to their community and to our Nation. They are Kentucky at its finest.

Mr. BUNNING

Mr. BUNNING. Mr. President, I regret that I missed this evening's vote in the Senate on the confirmation of Earl Leroy Yeakel III, to be U.S. District Judge for the Western District of Texas. Had I been present, I would have voted ``yea'' on his confirmation. Unfortunately, the airplane I was to travel on back to Washington, DC was grounded for some time due to mechanical problems, and this caused a delay in my return.

Mr. BUNNING

Mr. BUNNING. Mr. President, I want to share with my fellow colleagues an article written today by Larry Kudlow for National Review Online concerning Chairman Greenspan's detrimental effect on the bond market. Mr. Kudlow very clearly points out how Chairman Greenspan once again usurped his monetary role as Chairman of the Federal Reserve by doing a complete rhetorical 180 on deflationary pressures. As a result of the Chairman's verbal roller coaster ride, the bond market is trading at 4.2 percent compared to 3.1 percent in mid-June, the worst bond market price rout in 9 years. Many people in Congress and throughout the business world blindly follow and trust Chairman Greenspan. I have never and will never wear this blindfold. This is just another in a long line of examples where Mr. Greenspan oversteps his bounds and causes economic malaise. I ask unanimous consent to print the article in the Record.

Mr. BUNNING

Mr. BUNNING. Mr. President, it is with great pride and honor I rise amongst my fellow colleagues to honor one of America's finest citizens, Senator Strom Thurmond of South Carolina. When I look at Strom's unbelievable life and career and all that he has accomplished, I often find myself wondering how one man could possibly do so many different and amazing things in just one lifetime. Strom Thurmond truly deserves the title of renaissance man. He has been a farmer, teacher, coach, lawyer, judge, author, Governor, war veteran, major general in the U.S. Army Reserves, State Senator, United States Senator, Democrat, Dixiecrat, Republican, husband and father, and most importantly to all of us--a friend. He was born when Theodore Roosevelt was president and lived through 18 different Presidencies. To put the longevity of his political career in perspective, Strom Thurmond won an election 18 years before President George W. Bush was even born. This is also a man who enlisted during World War II and jumped on D-Day with the 82nd Airborne when he was in his forties. From 1954 when he ran and won a seat in the United States Senate as a write-in candidate, until his death on June 26, 2003, Strom Thurmond worked tirelessly and selflessly for the people of South Carolina and the citizens of this great Nation, casting more than 15,000 votes in his senatorial tenure. Whether or not people ever agreed with Strom politically, they certainly admired his zest and his passion. In his earlier days in Congress, Strom argued for segregationist policies. In many ways, people have used this to try and discredit this American icon. But most people forget he later championed civil rights laws and Black institutions. As Winston Churchill said, ``To improve is to change, to be perfect is to change often.'' Strom Thurmond was an honest and principled man, but he also was a man constantly striving to make this a better nation. I now ask my fellow members of the Senate to join me in honoring our good friend and colleague for all he did throughout his life and throughout his tenure in the Senate. His brilliance, leadership and unmatched wit will be sorely missed by this legislative body and by the entire Nation. On June 26, 2003, one of this Nation's brightest stars faded away. Even though the light may be out, I believe we all will find our own way to hold on to the many memories and stories Strom Thurmond left behind with us.

Mr. BUNNING

Mr. BUNNING. Mr. President, I am proud to recognize the Toyota Motor Manufacturing Company in Georgetown, KY on being recognized as a producer of quality automobiles by J.D. Power & Associates. According to a major quality survey by J.D. Power & Associates, Toyota cars received the highest rankings in over nine vehicle categories measured this year, significantly higher than other leading manufacturers. Reliability weighs heavily on a customer's purchase decision, as does initial quality and technological innovativeness. It is clear that Toyota makes every effort to ensure customer satisfaction and dependability with every vehicle they send down the line. More importantly, I would like to recognize the people who make these exceptional reviews possible: the employees. Toyota's accomplishments are largely attributed to its dedicated workforce. The Georgetown plant employs over 7,000 workers to produce 500,000 vehicles annually. On a larger scale, the company has generated 34,544 jobs in the Commonwealth of Kentucky and 99,610 jobs across the United States. Based on overall results and customer satisfaction, it is evident that Toyota employees work as a team. I applaud those workers at the Georgetown, Kentucky Toyota plant that helped make this accomplishment possible. I thank the Senate in allowing me to congratulate them on this special recognition.

Mr. BUNNING

Mr. BUNNING. Mr. President, the Adoption Incentive Program has been a successful program, which provides States with real incentives to find permanent homes for foster children. However, AIP's authorization expires on September 30, 2003, and the program needs to be reauthorized this year. Under current law, States receive incentive payments for increasing the number of adoptions from the public foster care system. The amount of payments is based on the number of adoptions above a State's baseline, which is the highest number of adoptions in a State since 1997. Currently, States receive $4,000 for each foster child adopted above the baseline number. The State can also receive $6,000 for each adoption above a baseline for children with special needs. While each State relies on individual criteria, ``special needs'' can include a child's age, ethnicity, disability or having siblings. AIP's success cannot be questioned. In fact, according to the Congressional Research Service, there was a 61 percent increase in adoptions of children from the public foster care system from 1997 to 2001. At the same time, states have earned about $144 million in adoption incentives for adoptions from 1998, to 2001. In my State, Kentucky has received about $1.6 million in adoption incentives during this time period. However, it is now time to reauthorize and strengthen the program. One of the biggest challenges in the foster care system today is finding adoptive homes for older children. In fact, according to the Adoption and Foster Care Analysis and Reporting System, AFCARS, which is part of the Department of Health and Human Services, once children reach the age of 9, their chances of adoption diminish. As of 2001, there were over 100,000 American children waiting to be adopted. Quit frankly, this is too many children waiting for loving homes, regardless of their age. The bill I am introducing continues to give States incentives to find homes for these kids, particularly older children. My bill, the Adoption Incentive Program Reauthorization Act of 2003, reauthorizes the program from 2004 to 2008, at $43 million a year. The bill continues to give States a payment of $4,000 for every child adopted above the State's baseline. Also, the bill requires States to establish a separate baseline for adoptions of children over the age of 9, and will provide a payment of $6,000 for all older children adopted above the baseline. Children deserve the stability and support of a permanent home and a permanent family. The Adoption Incentive Program has already proven successful in encouraging states to act aggressively on a foster child's behalf. It is now time to strengthen the program for the years to come. I look forward to working on this issue with the other Members of Congress who are interested in adoption and hope we can get the program reauthorized soon.

Mr. BUNNING

Mr. BUNNING. Mr. President, the Adoption Incentive Program has been a successful program, which provides States with real incentives to find permanent homes for foster children. However, AIP's authorization expires on September 30, 2003, and the program needs to be reauthorized this year. Under current law, States receive incentive payments for increasing the number of adoptions from the public foster care system. The amount of payments is based on the number of adoptions above a State's baseline, which is the highest number of adoptions in a State since 1997. Currently, States receive $4,000 for each foster child adopted above the baseline number. The State can also receive $6,000 for each adoption above a baseline for children with special needs. While each State relies on individual criteria, ``special needs'' can include a child's age, ethnicity, disability or having siblings. AIP's success cannot be questioned. In fact, according to the Congressional Research Service, there was a 61 percent increase in adoptions of children from the public foster care system from 1997 to 2001. At the same time, states have earned about $144 million in adoption incentives for adoptions from 1998, to 2001. In my State, Kentucky has received about $1.6 million in adoption incentives during this time period. However, it is now time to reauthorize and strengthen the program. One of the biggest challenges in the foster care system today is finding adoptive homes for older children. In fact, according to the Adoption and Foster Care Analysis and Reporting System, AFCARS, which is part of the Department of Health and Human Services, once children reach the age of 9, their chances of adoption diminish. As of 2001, there were over 100,000 American children waiting to be adopted. Quit frankly, this is too many children waiting for loving homes, regardless of their age. The bill I am introducing continues to give States incentives to find homes for these kids, particularly older children. My bill, the Adoption Incentive Program Reauthorization Act of 2003, reauthorizes the program from 2004 to 2008, at $43 million a year. The bill continues to give States a payment of $4,000 for every child adopted above the State's baseline. Also, the bill requires States to establish a separate baseline for adoptions of children over the age of 9, and will provide a payment of $6,000 for all older children adopted above the baseline. Children deserve the stability and support of a permanent home and a permanent family. The Adoption Incentive Program has already proven successful in encouraging states to act aggressively on a foster child's behalf. It is now time to strengthen the program for the years to come. I look forward to working on this issue with the other Members of Congress who are interested in adoption and hope we can get the program reauthorized soon.

Mr. BUNNING

Mr. BUNNING. Mr. President, I pay tribute to the Clark County Fire Department and its personnel for their progress in improving fire protection for the citizens of Clark County. Their recent accomplishments have not gone unnoticed. Through hard work and increased investment in manpower, equipment, training, and facilities, the firefighters of Clark County have made great strides to serve their fellow Kentuckians. They finished construction of the Rogers-Parrish Fire Station No. 3 in Trapp which compliments the fire protection provided by the main station on Barnes Drive and Station No. 2 on Fulton Road. Cooperation by the City of Winchester was instrumental to increasing fire protection by investing in better fire hydrants, better water distribution systems, and more advanced fire training facilities. While funding is a significant component to improving fire protection, no dollar sign can be placed on the bravery, courage, and commitment inherent in those who put themselves into harm's way to protect those in danger. The firefighters of the Clark County Fire Department are heroes to so many and deserve our gratitude. At a moment's notice, they can be relied upon to respond to any emergency regardless of the circumstances to assure the safety of those in need. As our Nation takes measures to strengthen our homeland security, it will be imperative that fire departments throughout Kentucky and across America follow the example of the Clark County Fire Department and work with local municipalities to improve fire protection services. I am proud of their efforts and am grateful for how well they have represented the Commonwealth. I thank the Senate for allowing me to recognize the Clark County Fire Department and its personnel for their service to their community and to our Nation. They are Kentucky at its finest.