Mike Crapo

Mr. CRAPO

Mr. CRAPO. Madam President, I am coming to the floor to thank Chairman Dodd for working with us on some important pieces of this legislation. Included in this legislation is the increased borrowing authority for both the FDIC and the NCUA, so they can immediately access the necessary resources to resolve failing banks and credit unions and provide timely protection for insured depositors. Earlier this year, Senator Dodd and I joined in introducing legislation that would increase the borrowing authority of the FDIC, and since that time we have expanded that legislation to provide parallel authority for the NCUA, for credit unions, and to include an assumption in the budget resolution about the need to pass legislation to ensure adequate resources are available to the FDIC and the NCUA. This legislation is similar to what is included in the Dodd-Shelby substitute that was passed by the Banking Committee on a voice vote in an amendment to the credit card legislation we will be looking at later on. I come to the floor simply to make note of how important it is that we continue to pursue this legislation and to thank Senator Dodd for working so closely with me to make sure it happens. When you look at today's economic climate and the threats facing us in the financial industry, we have to provide the necessary tools to our financial institution regulators so they can protect us as best they can. One important piece--and I am glad to say one of those pieces about which there is very little controversy--is the need to make sure we strengthen the FDIC and NCUA to make sure they can undertake their statutory responsibilities in the context of failing institutions. I would be remiss if I didn't say I wish to be sure that both the FDIC and NCUA are very careful in the exercise of these authorities, to make sure they do not do more harm than good and harm institutions that could otherwise have survived, by stepping in. But when the true need comes, they need to have the authority. This language deals with significant reforms that need to be undertaken, and undertaken as soon as possible, so our regional banks do not face very significantly increased levies and requirements for funding the FDIC and NCUA operations. It would permanently increase the Federal Deposit Insurance Corporation's borrowing authority from their current level of $30 billion to $100 billion, with additional authority, that is temporary, to allow them to get up to $500 billion in the case of emergency circumstances. It would permanently increase the borrowing authority of the NCUA from the current $100 million, with authority for a temporary increase up to $30 billion. The temporary authority for both the FDIC and the NCUA could only be used if determined necessary in the FDIC Board of Directors' written recommendation and support of two-thirds vote; the Board of Governors for the Federal Reserve system, with written recommendations and support of two-thirds vote; and the Secretary of the Treasury, in consultation with the President. The FDIC and NCUA need to have access to sufficient resources to deal with the potential costs for seizing failing institutions we are facing in our country right now. Assets in the banking industry have increased since 1991 from $4.5 trillion to $13.6 trillion at the same time that no increases in this borrowing authority have been authorized. The assets in the credit union industry have also significantly increased since their borrowing authority levels were established. It is important to note that this borrowing authority is not coming from taxpayer dollars. The levies and the assessments that are made on the participants in the financial industry themselves, the depository institutions, are the source of the dollars that would cover this loan authority. I think most people understand, but what happens in the case of a failing institution is the FDIC steps in immediately and protects all depositors so the depositors can have that assurance of the Federal guarantee of their deposits in these depository-protected institutions. Then the FDIC basically works out the resolution of the remaining assets of the failed institution and the banking institution itself. Other depositors, through their assessments, pay for the cost of the operation of this program. We are simply increasing the borrowing authority to make sure the FDIC and the NCUA have the resources necessary to deal with these very difficult and challenging times. In addition, the borrowing authority would allow the FDIC and the NCUA to lower their recent special assessments that went out to the banking and credit industry. In other words, this would allow us to kind of smooth out that process by which the depository institutions themselves fund this process and not create huge liquidity and financial pressures on the banks that are not facing the potential of any kind of FDIC intervention but which are being looked to to bear the cost of these problems as we move forward. The language ensures that the FDIC and the NCUA have the resources necessary to address future contingencies and to fulfill the Government's commitment to protect America's depositories. As I said at the outset, I wish to be sure the NCUA and the FDIC are very careful in the utilization of the authorities we have given them. There are some concerns already being raised about the fact that perhaps the stress test and some of the other analysis that is being put into place and the evaluation of the solvency of our banks need to be fine-tuned so we do not unnecessarily utilize these authorities where a better resolution, better activities can be pursued. But when it does become necessary, we need to be sure our depositors are protected. Once again, I thank Senator Dodd for his strong support and work on this issue. There is another issue I have been working on with Senator Dodd. I wish to make it clear that the frustration I am going to share right now is not directed at him because he has been working very hard to address this same issue and trying to resolve it. But I do believe it needs to be said that there is another piece of the issue we must resolve. Earlier, on previous legislation, language was included dealing with depository institutions that gave the FTC much broader jurisdiction than it should have had with regard to depository institutions. The language was intended to give broader jurisdiction and clarification of jurisdiction to the FTC's regulation of other, nondepository institutions, but the way the wording in the bill was written it included depository institutions-- wrongly. We identified that issue at the time. We stood on this floor, a number of us Senators stood on this floor and pointed out that was not intended by the bill and that we would correct it. In fact, we said we would correct it at the first available opportunity. Now we are seeing opportunities arrive, and we cannot reach a conclusion with regard to the necessary correction of the legislation that gives unnecessary and confusing dual jurisdiction to the FTC now over depository institutions, which was not intended by this Congress and which will not be helpful, in terms of creating a duplicate regulatory system with which our regulatory institutions must deal. Again, I stand and call for us to do what we agreed to do, which is to fix the FTC issue and make sure we carefully clarify the jurisdiction of the appropriate committees and the jurisdiction of the appropriate regulators over depository institutions. I yield the floor.

Mr. CRAPO

Mr. CRAPO. Mr. President, in mid-June, I asked Idahoans to share with me how high energy prices are affecting their lives, and they responded by the hundreds. The stories, numbering well over 1,200, are heartbreaking and touching. While energy prices have dropped in recent weeks, the concerns expressed remain very relevant. To respect the efforts of those who took the opportunity to share their thoughts, I am submitting every e-mail sent to me through an address set up specifically for this purpose to the Congressional Record. This is not an issue that will be easily resolved, but it is one that deserves immediate and serious attention, and Idahoans deserve to be heard. Their stories not only detail their struggles to meet everyday expenses, but also have suggestions and recommendations as to what Congress can do now to tackle this problem and find solutions that last beyond today. I ask unanimous consent to have today's letters printed in the Record.

Mr. CRAPO

Mr. CRAPO. Mr. President, in mid-June, I asked Idahoans to share with me how high energy prices are affecting their lives, and they responded by the hundreds. The stories, numbering well over 1,200, are heartbreaking and touching. While energy prices have dropped in recent weeks, the concerns expressed remain very relevant. To respect the efforts of those who took the opportunity to share their thoughts, I am submitting every e-mail sent to me through an address set up specifically for this purpose to the Congressional Record. This is not an issue that will be easily resolved, but it is one that deserves immediate and serious attention, and Idahoans deserve to be heard. Their stories not only detail their struggles to meet everyday expenses, but also have suggestions and recommendations as to what Congress can do now to tackle this problem and find solutions that last beyond today. I ask unanimous consent to have today's letters printed in the Record.

Mr. CRAPO

Mr. CRAPO. Mr. President, in mid-June, I asked Idahoans to share with me how high energy prices are affecting their lives, and they responded by the hundreds. The stories, numbering well over 1,200, are heartbreaking and touching. While energy prices have dropped in recent weeks, the concerns expressed remain very relevant. To respect the efforts of those who took the opportunity to share their thoughts, I am submitting every e-mail sent to me through an address set up specifically for this purpose to the Congressional Record. This is not an issue that will be easily resolved, but it is one that deserves immediate and serious attention, and Idahoans deserve to be heard. Their stories not only detail their struggles to meet everyday expenses, but also have suggestions and recommendations as to what Congress can do now to tackle this problem and find solutions that last beyond today. I ask unanimous consent to have today's letters printed in the Record.

Mr. CRAPO

Mr. CRAPO. Mr. President, in mid-June, I asked Idahoans to share with me how high energy prices are affecting their lives, and they responded by the hundreds. The stories, numbering well over 1,200, are heartbreaking and touching. While energy prices have dropped in recent weeks, the concerns expressed remain very relevant. To respect the efforts of those who took the opportunity to share their thoughts, I am submitting every e-mail sent to me through an address set up specifically for this purpose to the Congressional Record. This is not an issue that will be easily resolved, but it is one that deserves immediate and serious attention, and Idahoans deserve to be heard. Their stories not only detail their struggles to meet everyday expenses, but also have suggestions and recommendations as to what Congress can do now to tackle this problem and find solutions that last beyond today. I ask unanimous consent to have today's letters printed in the Record.

Mr. CRAPO

Mr. CRAPO. Mr. President, in mid-June, I asked Idahoans to share with me how high energy prices are affecting their lives, and they responded by the hundreds. The stories, numbering well over 1,200, are heartbreaking and touching. While energy prices have dropped in recent weeks, the concerns expressed remain very relevant. To respect the efforts of those who took the opportunity to share their thoughts, I am submitting every e-mail sent to me through an address set up specifically for this purpose to the Congressional Record. This is not an issue that will be easily resolved, but it is one that deserves immediate and serious attention, and Idahoans deserve to be heard. Their stories not only detail their struggles to meet everyday expenses, but also have suggestions and recommendations as to what Congress can do now to tackle this problem and find solutions that last beyond today. I ask unanimous consent to have today's letters printed in the Record.

Mr. CRAPO

Mr. CRAPO. Madam President, in mid-June, I asked Idahoans to share with me how high energy prices are affecting their lives, and they responded by the hundreds. The stories, numbering well over 1,200, are heartbreaking and touching. While energy prices have dropped in recent weeks, the concerns expressed remain very relevant. To respect the efforts of those who took the opportunity to share their thoughts, I am submitting every e-mail sent to me through an address set up specifically for this purpose to the Congressional Record. This is not an issue that will be easily resolved, but it is one that deserves immediate and serious attention, and Idahoans deserve to be heard. Their stories not only detail their struggles to meet everyday expenses, but also have suggestions and recommendations as to what Congress can do now to tackle this problem and find solutions that last beyond today. I ask unanimous consent to have today's letters printed in the Record.

Mr. CRAPO

Mr. CRAPO. Madam President, in mid-June, I asked Idahoans to share with me how high energy prices are affecting their lives, and they responded by the hundreds. The stories, numbering well over 1,200, are heartbreaking and touching. While energy prices have dropped in recent weeks, the concerns expressed remain very relevant. To respect the efforts of those who took the opportunity to share their thoughts, I am submitting every e-mail sent to me through an address set up specifically for this purpose to the Congressional Record. This is not an issue that will be easily resolved, but it is one that deserves immediate and serious attention, and Idahoans deserve to be heard. Their stories not only detail their struggles to meet everyday expenses, but also have suggestions and recommendations as to what Congress can do now to tackle this problem and find solutions that last beyond today. I ask unanimous consent to have today's letters printed in the Record.

Mr. CRAPO

Mr. CRAPO. Mr. President, in mid-June, I asked Idahoans to share with me how high energy prices are affecting their lives, and they responded by the hundreds. The stories, numbering well over 1,200, are heartbreaking and touching. While energy prices have dropped in recent weeks, the concerns expressed remain very relevant. To respect the efforts of those who took the opportunity to share their thoughts, I am submitting every e-mail sent to me through an address set up specifically for this purpose to the Congressional Record. This is not an issue that will be easily resolved, but it is one that deserves immediate and serious attention, and Idahoans deserve to be heard. Their stories not only detail their struggles to meet everyday expenses, but also have suggestions and recommendations as to what Congress can do now to tackle this problem and find solutions that last beyond today. I ask unanimous consent to have today's letters printed in the Record.

Mr. CRAPO

Mr. CRAPO. Mr. President, today I would like to recognize a man who lived a life of honor, serving his country, his community and his family. John Leo Francis Howlett, Ph.D., U.S. Army, retired, served our country in the Army for 30 years and retired at the rank of colonel. Dr. Howlett served in Vietnam and then in the Army Officers Reserves. Upon completion of his Active Duty time, Dr. Howlett obtained his Ph.D. in education and became involved in his community through teaching at the college level, first in Michigan and Wisconsin, and then Washington State, Oregon, and Minnesota. He returned to Spokane, WA, where he finished out his teaching career and retired in 1999. While vocation tends to determine our geography, our lives are defined by our character. Dr. Howlett was a man of strong faith, high integrity, commitment to challenges, and a true family man. It is said that he never missed a game, meet, tournament or even practice in the sports lives of his five children. He taught his children to respect our tremendous natural resources and imparted his love of hunting, fishing, sailing, and camping to them. The example he set--high achievement, attaining goals, and excellence--lives on in the lives of his children, all high achievers and highly educated in their own right. John managed to fight the cancer that took his life for 5 years, and passed on July 4, 2005. His son, Mark, described his father thus: ``In today's world this is what America needs, a hard working patriot that believed in family, his country, and bettering the children of tomorrow. He was one of a kind, a family man, outdoorsman, husband, father, brother, son, teacher, coach, Catholic and most importantly my best friend!'' I am honored to reflect on this life well-lived.

Mr. CRAPO

Mr. CRAPO. Mr. President, in mid-June, I asked Idahoans to share with me how high energy prices are affecting their lives, and they responded by the hundreds. The stories, numbering well over 1,200, are heartbreaking and touching. While energy prices have dropped in recent weeks, the concerns expressed remain very relevant. To respect the efforts of those who took the opportunity to share their thoughts, I am submitting every e-mail sent to me through an address set up specifically for this purpose to the Congressional Record. This is not an issue that will be easily resolved, but it is one that deserves immediate and serious attention, and Idahoans deserve to be heard. Their stories not only detail their struggles to meet everyday expenses, but also have suggestions and recommendations as to what Congress can do now to tackle this problem and find solutions that last beyond today. I ask unanimous consent to have today's letters printed in the Record.

Mr. CRAPO

Mr. CRAPO. Mr. PRESIDENT, in mid-June, I asked Idahoans to share with me how high energy prices are affecting their lives, and they responded by the hundreds. The stories, numbering well over 1,200, are heartbreaking and touching. While energy prices have dropped in recent weeks, the concerns expressed remain very relevant. To respect the efforts of those who took the opportunity to share their thoughts, I am submitting every e-mail sent to me through an address set up specifically for this purpose to the Congressional Record. This is not an issue that will be easily resolved, but it is one that deserves immediate and serious attention, and Idahoans deserve to be heard. Their stories not only detail their struggles to meet everyday expenses, but also have suggestions and recommendations as to what Congress can do now to tackle this problem and find solutions that last beyond today. I ask unanimous consent to have today's letters printed in the Record.

Mr. CRAPO

Mr. CRAPO. Mr. President, today I wish to mark an anniversary, one that was many tragic years in the making. According to the Idaho AFL- CIO, 35 Idaho workers were killed due to on the job injuries in 2007. Next Tuesday, April 28, is National Worker's Memorial Day, which celebrates the day the Occupational Safety and Health Act--OSHA--became law in 1970. More than 30 years ago, in 1967 a construction worker in Nampa, ID, Louis Jose Archuleta, was killed in a jobsite accident. Louie and others were installing a sewer line, 35 feet deep, in sandy soil, when the soil caved in. It trapped Louie, and, although fellow workers and rescue crews worked diligently for two and a half hours, their efforts were hampered due to further collapses of cleared areas, and Archuleta did not survive. But Louie and many other workers knew what they were facing. Just a week before the accident, Louie told his sister Victoria that it was the most dangerous job he had ever worked on. Safety inspectors were in the process of shutting the job down at the time of the accident, a process that, in 1967, took at least 5 days to shut down a job. Louie was very active in the local labor union and served three terms--9 years--as president of Labor's Union Local No. 267 in Pocatello, ID. He was a strong advocate for a retirement system. As a result of the tragedy, the Idaho AFL-CIO joined the push for Federal legislation to protect workers, legislation that was later known as Occupational Safety and Health Act, OSHA. With Louie, his family and the many others who have suffered due to worker safety issue, I am honored to recognize National Worker's Memorial Day, keeping in mind Louis Jose Archuleta and all fallen workers for their contribution to the infrastructure of the State of Idaho and the Nation and to the establishment of OSHA and much-needed increased worker safety standards.

Mr. CRAPO

Mr. CRAPO. Madam President, In mid-June, I asked Idahoans to share with me how high energy prices are affecting their lives, and they responded by the hundreds. The stories, numbering well over 1,200, are heartbreaking and touching. While energy prices have dropped in recent weeks, the concerns expressed remain very relevant. To respect the efforts of those who took the opportunity to share their thoughts, I am submitting every e-mail sent to me through an address set up specifically for this purpose to the Congressional Record. This is not an issue that will be easily resolved, but it is one that deserves immediate and serious attention, and Idahoans deserve to be heard. Their stories not only detail their struggles to meet everyday expenses, but also have suggestions and recommendations as to what Congress can do now to tackle this problem and find solutions that last beyond today. I ask unanimous consent to have today's letters printed in the Record.

Mr. CRAPO

Mr. CRAPO. Madam President, today I would like to note the sudden passing of Peter K. Wilson, of Lapwai, ID. A lifelong farmer, World War II veteran and father of seven, Peter was a leader in Idaho agriculture. He served as chairman of the Nez Perce County Agricultural Stabilization and Conservation Service, and as a member of the Idaho State Brand Board, the Nez Perce County Fair Board, the Lewiston Grain Growers Board, and the Idaho Co-op Council Board of Directors. From 1988 until his untimely death on March 30, 2009, Peter was an elected commissioner of the Port of Lewiston, and served as chairman for several terms. From 1994 to his death, Peter also served on the board of the Pacific Northwest Waterways, and was chairman from 2003-2005. He received numerous awards and honors throughout his working life, including the Governor's Award for Lifetime Achievement in Agriculture, Nez Perce County Grassman of the Year and Nez Perce County Outstanding Farm Citizen. Peter's love of farming, the mountain pastures he called home, and his family was well-known to many. In his contributions to the community and to Idaho agriculture, he touched many lives, working hard and providing strong, principled leadership. Peter will certainly be missed. I offer my condolences to Peter's wife, Pat, and their family at this difficult time.

Mr. CRAPO

Mr. CRAPO. Mr. President, in mid-June, I asked Idahoans to share with me how high energy prices are affecting their lives, and they responded by the hundreds. The stories, numbering well over 1,200, are heartbreaking and touching. While energy prices have dropped in recent weeks, the concerns expressed remain very relevant. To respect the efforts of those who took the opportunity to share their thoughts, I am submitting every e-mail sent to me through an address set up specifically for this purpose to the Congressional Record. This is not an issue that will be easily resolved, but it is one that deserves immediate and serious attention, and Idahoans deserve to be heard. Their stories not only detail their struggles to meet everyday expenses, but also have suggestions and recommendations as to what Congress can do now to tackle this problem and find solutions that last beyond today. I ask unanimous consent to have today's letters printed in the Record.

Mr. CRAPO

Mr. CRAPO. Mr. President, in mid-June, I asked Idahoans to share with me how high energy prices are affecting their lives, and they responded by the hundreds. The stories, numbering well over 1,200, are heartbreaking and touching. While energy prices have dropped in recent weeks, the concerns expressed remain very relevant. To respect the efforts of those who took the opportunity to share their thoughts, I am submitting every e-mail sent to me through an address set up specifically for this purpose to the Congressional Record. This is not an issue that will be easily resolved, but it is one that deserves immediate and serious attention, and Idahoans deserve to be heard. Their stories not only detail their struggles to meet everyday expenses, but also have suggestions and recommendations as to what Congress can do now to tackle this problem and find solutions that last beyond today. I ask unanimous consent to have today's letters printed in the Record.

Mr. CRAPO

Mr. CRAPO. I ask for the yeas and nays.

Mr. CRAPO. Two or three minutes is all.

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

Mr. CRAPO. Madam President, as I have said, the amendment is very simple, and it really speaks for itself. It simply says that instead of debating numbers that do not mean anything, let's put some meaning and some authority behind the numbers we are debating. Let's not continue the game Congress continues to play year after year whereby we adopt a budget with no hard decisions in the first year, which is the only binding year, and all the tough decisions in the outyears are not binding and never reached. And let's say we are serious about it. I have even agreed in my amendment to accept the high numbers in the first year. I personally would prefer to have some restraint now in the first year of this budget, and instead of increasing spending in this Government by 7.3 percent, I would rather reduce it to the rate of the growth of the economy or below that, and let's start catching up a little bit with regard to the spending we are engaged in. Many people have said on this floor that this budget spends too much, it taxes too much, and it borrows too much. The most significant portion of all of that occurs in this first year. Let's get to some of the restraint that is promised in the second and third years by adopting this amendment, putting the caps on the nondefense discretionary spending categories, and make sure Congress, like the households and businesses across this Nation, tightens its belt and follows a budget. Madam President, I yield the floor.

Mr. CRAPO. Madam President, could I just have a couple of minutes before we move on to the next item?

Mr. CRAPO. Madam President, I ask unanimous consent that we return to the previous amendment.

Mr. CRAPO. Madam President, I will be brief. I do appreciate Senator Conrad and the service he provides to us as the chairman of the Budget Committee. He makes some very good points. It is true that Congress can come back at any time and change the caps that we might put on today, but at least the Congress would have to debate that and would have to make a conscious decision that America could watch, and Congress would have to say to America: You know what. We are not going to do what we said we would do. If we don't put caps on this budget, then there is nothing the Congress has to do but adopt another budget resolution. By the way, I also appreciate the fact that some of the emergency spending and the other games that are used in Congress to get around caps are identified by the chairman as difficult problems. We need to have much less of that gamesmanship and much more following of the rules in our budget so that Americans can truly see how much is spent and how much is being taxed as we move into these budgets. I wish to give a couple of examples to show what I am talking about before I conclude. If we were to look at the fiscal year budget authority for 2009; that is, the budget year we have just finished with the Omnibus appropriations bill a few weeks back--in 2006, we said in 2009 we were going to spend $409-plus billion. In 2007, we didn't get a budget report because we couldn't reach agreement on one. In 2008, we said that number was going to be $465 billion. In 2009, we actually said it was going to be about $480 billion--or $488 billion. The real number ended up being almost $800 billion. I realize there was some stimulus package money in there, some TARP spending, and so forth. The point is, it went up from the projection in 2006 of $409 billion to a reality, even without the TARP and other dollars, of around $500 billion. What about this year we are talking about right now? The proposed budget for this year, I think, is around $525 million for nondefense discretionary spending. That is what we are debating on the floor today. Well, in 2006 when we debated the budget and set our projections, that number was around $409 billion; in 2008, $476 billion; in 2009, $492 billion; now, as we move forward to the final projection, $525 billion. The point I make is that every year Congress says this is what we are going to spend in the outyears, and every time we come back to it we never follow those requirements. We should put caps on at least the first 2 outyears so that when Congress comes back to deliberate again, and when the President submits a budget to us next year, there are fiscal caps for nondefense discretionary spending requiring the restraint we are promising Americans we will someday get to. Congress has a pattern of spending more and more and more every year. As I have indicated, nondefense discretionary spending has gone up 15 to 17 percent the last 2 years. The fact is, it is time for us to adopt this amendment and put caps on the first 3 years of this budget to force some fiscal restraint in Congress. Thank you, Madam President. I yield the floor.

Mr. CRAPO

Mr. CRAPO. Mr. President, in mid-June, I asked Idahoans to share with me how high energy prices are affecting their lives, and they responded by the hundreds. The stories, numbering well over 1,200, are heartbreaking and touching. While energy prices have dropped in recent weeks, the concerns expressed remain very relevant. To respect the efforts of those who took the opportunity to share their thoughts, I am submitting every e-mail sent to me through an address set up specifically for this purpose to the Congressional Record. This is not an issue that will be easily resolved, but it is one that deserves immediate and serious attention, and Idahoans deserve to be heard. Their stories not only detail their struggles to meet everyday expenses, but also have suggestions and recommendations as to what Congress can do now to tackle this problem and find solutions that last beyond today. I ask unanimous consent to have today's letters printed in the Record.