Chuck Grassley

Mr. GRASSLEY

Mr. GRASSLEY. As the main sponsor of this legislation, I should be able to tell you we could go to the Durbin amendment. But we have some reservation at this time on moving forward on the Durbin amendment, particularly because it would take a good deal of time and would interfere with the Wellstone amendment. If there is some other amendment the Senator from Nevada would like to take up, he might suggest something, and we would quickly consider that.

Mr. GRASSLEY. That is the same amendment, if we went back to regular order. If we called regular order, we would end up on that amendment.

Mr. GRASSLEY. This is an amendment that has not been before the Senate.

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 President, I ask unanimous consent that the order for the quorum call be rescinded.

Mr. GRASSLEY. I suggest we put in a quorum call, and then we will take a look at it.

Mr. GRASSLEY

Mr. GRASSLEY. Mr. President, for the information of all Senators, the Senate will immediately resume consideration of the bankruptcy legislation with 10 hours remaining for postcloture debate. Senator Wellstone will be recognized at 9:30 a.m. to offer any of his germane amendments. Following his time, Senator Kohl's amendment regarding the homestead issue will be debated for up to 90 minutes. Under the previous order, there will be two votes at 12 noon on Leahy amendment No. 19 and amendment No. 41. Further, amendments will be offered and debated during tomorrow's session, and therefore votes will occur throughout the day. It is hoped that we can complete action on the bill very early in the evening.

Mr. GRASSLEY

Mr. GRASSLEY. Mr. President, if there is no further business to come before the Senate, I now ask unanimous consent that the Senate stand in adjournment under the previous order.

Mr. GRASSLEY

Mr. GRASSLEY. Mr. President, I ask unanimous consent that there now be a period for the transaction of morning business, with Senators permitted to speak for up to 10 minutes each.

Mr. GRASSLEY

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 President, I ask unanimous consent that the order for the quorum call be rescinded.

Mr. GRASSLEY. Mr. President, I suggest the absence of a quorum.

Mr. GRASSLEY. I further ask unanimous consent that at 10:30 a.m. on Thursday, Senator Kohl be recognized in order to call up a filed amendment, No. 68, regarding the homestead provision. Further, I ask that there be 90 minutes for debate equally divided in the usual form, and that following the debate, the Kohl amendment be temporarily set aside with a vote to occur in relation to the amendment at a time determined by the two managers; further, that there be no amendments to the Kohl amendment in order prior to the vote.

Mr. GRASSLEY. Mr. President, I further ask unanimous consent that at 9:30 on Thursday, Senator Wellstone be recognized to offer any of his germane amendments, Nos. 69, 70, 71, 72, 73, and 74, and time consumed be considered Senator Wellstone's time under the provisions of rule XXII.

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

Mr. GRASSLEY. I suggest the absence of a quorum.

Mr. GRASSLEY. I ask unanimous consent, notwithstanding rule XXII, that at 12 o'clock noon on Thursday, the Senate proceed to vote in relation to the pending amendment No. 19; that upon disposition of amendment No. 19, the Senate vote in relation to amendment No. 41, as modified; that the amendments now be laid aside; and that there be 2 minutes prior to each vote for explanation.

Mr. GRASSLEY. Mr. President, I ask unanimous consent that when the Senate resumes consideration of S. 420 at 9:30 on Thursday, there be 10 hours remaining under the provisions of rule XXII.

Mr. GRASSLEY

Mr. GRASSLEY. Mr. President, I suggest the absence of a quorum.

Mr. GRASSLEY. Mr. President, I ask unanimous consent that the Senate now be in a period of morning business with Senators speaking up to 10 minutes each until 1:15 today.

Mr. GRASSLEY

Mr. GRASSLEY. I suggest the absence of a quorum.

Mr. GRASSLEY. Sure.

Mr. GRASSLEY. Mr. President, I concur with my colleagues that the Trade Adjustment Assistance Act needs a thorough review to protect workers who lose their jobs or income as a result of import competition. I am committed to a top to bottom review of the Act this year and to work with members to make the necessary changes. The amendment (No. 37) was withdrawn.

Mr. GRASSLEY. Mr. President, I oppose the amendment of Senator Wellstone dealing with payday loans. For people who aren't familiar with this kind of loan, payday loans occur when a borrower gives a personal check to someone else, and that person gives the borrower cash in an amount less than the amount of the personal check. The check isn't cashed if the borrower redeems the check for its full value within 2 weeks. At the onset, I would like to point out the fact that payday loans are completely legal transactions in many states. If a financial transaction is perfectly legal under state law, I don't think that it is wise policy to use the bankruptcy code to try and undo that legal state transaction. Using the Bankruptcy Code for this purpose leads to perverse results because the only people who will receive any benefit or relief will be those who file for bankruptcy. The amendment would deny payday lenders the right to sit at the bankruptcy bargaining table. So other people who use payday loans who never file for bankruptcy will not benefit from this amendment. These people who have taken out loans but don't take the easy way out in bankruptcy court will still have to pay back their loan. Therefore, you have the perverse result of people who do not have the money to file for bankruptcy who will have to pay the loan as agreed. Even if you share Senator Wellstone's distaste for payday loans, this amendment won't benefit the poorest of the poor because most of them do not seek bankruptcy relief. I also think that the Wellstone amendment would have the effect of making it harder for the poor and those with bad credit histories to gain access to cash--the very people that Senator Wellstone is concerned about. People who use payday loans simply cannot get loans through traditional sources because they are too risky, so a payday loan may be the only way they can get quick cash to pay for family emergencies or essential home and auto repairs. I know that the intentions of my friend from Minnesota are honorable, but the effect of this amendment would be to make it harder for poor people to get the help they need when they need it. So I urge my colleagues to reject the Wellstone payday amendment.

Mr. GRASSLEY

Mr. GRASSLEY. Mr. President, I ask unanimous consent that when the Senate completes its business today, it adjourn until the hour of 9:30 a.m. on Thursday, March 15. I further ask unanimous consent that on Thursday, immediately following the prayer, the Journal of proceedings be approved to date, the morning hour be deemed expired, the time for the two leaders be reserved for their use later in the day, and the Senate resume consideration of S. 420.

Mr. GRASSLEY

Mr. GRASSLEY. Mr. President, I rise today to introduce important tax legislation for myself and Senators Jeffords, Leahy, Murkowski, Breaux, Smith of Oregon, Dorgan, Feinstein, Craig, Murray, Johnson, Schumer, and Conrad. This legislation, entitled the ``Bipartisan Renewable Efficient Energy with Zero Effluent, (BREEZE) Act'', extends the production tax credit for energy generated by wind for five years. The current tax credit is set to expire on January 1, 2002. As author of the Wind Energy Incentives Act of 1993, I sought to give this alternative energy source the ability to compete against traditional, finite energy sources. I strongly believe that the expansion and development of wind energy must be facilitated by this production tax credit. Wind, unlike most energy sources, is an efficient and environmentally safe form of energy production. Wind energy makes valuable contributions to maintaining cleaner air and a cleaner environment. Every 10,000 megawatts of wind energy produced in the United States can reduce carbon monoxide emissions by 33 million metric tons by replacing the combustion of fossil fuels. Since the inception of the wind energy production tax credit in 1993, more than 1,128 megawatts of generating capacity have been put online. This generating capacity powers nearly 300,000 homes, or 750,000 people. Over 900 megawatts of new wind energy capacity was added just last year, bringing wind energy generating capacity in the U.S. to more than 2,500 megawatts. This new wind energy will power the equivalent of over 240,000 American homes, while displacing over 1.8 million tons of carbon dioxide. Equally important, wind energy increases our energy independence, thereby providing the United States with insulation from an oil supply dominated by the Middle East. Our national security is currently threatened by a heavy reliance on oil from abroad. The price of wind energy has been reduced more than 80 percent in the past two decades, making it the most affordable type of renewable energy. In order to continue this investment in America's energy future, we must extend the production tax credit. Currently, my own State of Iowa has 4 new wind power projects ready to go online just this year. These 4 projects, with the megawatt capacity of over 240, will join the already existing 20 facilities in Iowa. Even large petroleum producing States like Texas are recognizing the growing potential of wind energy. Texas has the third largest wind farm in the world, and plans to add 5 new facilities this year, adding to the 7 already online. Moreover, wind energy has vast potential to contribute to California's electricity supply. As we all know, California is currently suffering because of an energy market with insufficient energy generation and production that is overly dependent on natural gas. Just in the past few weeks, plans have been unveiled to develop what will be the world's two largest wind power plants in the Northwest. One will be installed on the Oregon-Washington boundary and the other at the U.S. Department of Energy's Nevada Test Site. Together, the two plants will have a capacity of 560 megawatts and will generate enough power annually to serve more than half a million people. In addition, a number of other new projects coming online this year in the West will also bring much-needed additional generating capacity to the region. Wind energy also produces substantial economic benefits. For each wind turbine, a farmer or rancher can receive more than $2,000 per year for 20 years in direct lease payments. Iowa's major wind farms already pay more than $640,000 per year to landowners. In California, the development of 1,000 megawatts would mean annual payments of approximately $2 million to farm and forest landowners. Extending the wind energy tax credit would allow for even greater expansion in the wind energy field. Wind is a domestically produced natural resource, found abundantly across the country. Because wind energy is homegrown, it cannot be controlled by any foreign power. Wind energy can be harnessed without injury to our environment. Wind is a reliable form of power that is renewable and inextinguishable. This legislation ensures that wind energy does not fall by the wayside as a productive alternative energy source. The Senate needs to extend this important legislation and I encourage my colleagues to join us in this effort. I ask unanimous consent that the bill be printed in the Record.

Mr. GRASSLEY

Mr. GRASSLEY. Mr. President, I rise today to introduce important tax legislation for myself and Senators Jeffords, Leahy, Murkowski, Breaux, Smith of Oregon, Dorgan, Feinstein, Craig, Murray, Johnson, Schumer, and Conrad. This legislation, entitled the ``Bipartisan Renewable Efficient Energy with Zero Effluent, (BREEZE) Act'', extends the production tax credit for energy generated by wind for five years. The current tax credit is set to expire on January 1, 2002. As author of the Wind Energy Incentives Act of 1993, I sought to give this alternative energy source the ability to compete against traditional, finite energy sources. I strongly believe that the expansion and development of wind energy must be facilitated by this production tax credit. Wind, unlike most energy sources, is an efficient and environmentally safe form of energy production. Wind energy makes valuable contributions to maintaining cleaner air and a cleaner environment. Every 10,000 megawatts of wind energy produced in the United States can reduce carbon monoxide emissions by 33 million metric tons by replacing the combustion of fossil fuels. Since the inception of the wind energy production tax credit in 1993, more than 1,128 megawatts of generating capacity have been put online. This generating capacity powers nearly 300,000 homes, or 750,000 people. Over 900 megawatts of new wind energy capacity was added just last year, bringing wind energy generating capacity in the U.S. to more than 2,500 megawatts. This new wind energy will power the equivalent of over 240,000 American homes, while displacing over 1.8 million tons of carbon dioxide. Equally important, wind energy increases our energy independence, thereby providing the United States with insulation from an oil supply dominated by the Middle East. Our national security is currently threatened by a heavy reliance on oil from abroad. The price of wind energy has been reduced more than 80 percent in the past two decades, making it the most affordable type of renewable energy. In order to continue this investment in America's energy future, we must extend the production tax credit. Currently, my own State of Iowa has 4 new wind power projects ready to go online just this year. These 4 projects, with the megawatt capacity of over 240, will join the already existing 20 facilities in Iowa. Even large petroleum producing States like Texas are recognizing the growing potential of wind energy. Texas has the third largest wind farm in the world, and plans to add 5 new facilities this year, adding to the 7 already online. Moreover, wind energy has vast potential to contribute to California's electricity supply. As we all know, California is currently suffering because of an energy market with insufficient energy generation and production that is overly dependent on natural gas. Just in the past few weeks, plans have been unveiled to develop what will be the world's two largest wind power plants in the Northwest. One will be installed on the Oregon-Washington boundary and the other at the U.S. Department of Energy's Nevada Test Site. Together, the two plants will have a capacity of 560 megawatts and will generate enough power annually to serve more than half a million people. In addition, a number of other new projects coming online this year in the West will also bring much-needed additional generating capacity to the region. Wind energy also produces substantial economic benefits. For each wind turbine, a farmer or rancher can receive more than $2,000 per year for 20 years in direct lease payments. Iowa's major wind farms already pay more than $640,000 per year to landowners. In California, the development of 1,000 megawatts would mean annual payments of approximately $2 million to farm and forest landowners. Extending the wind energy tax credit would allow for even greater expansion in the wind energy field. Wind is a domestically produced natural resource, found abundantly across the country. Because wind energy is homegrown, it cannot be controlled by any foreign power. Wind energy can be harnessed without injury to our environment. Wind is a reliable form of power that is renewable and inextinguishable. This legislation ensures that wind energy does not fall by the wayside as a productive alternative energy source. The Senate needs to extend this important legislation and I encourage my colleagues to join us in this effort. I ask unanimous consent that the bill be printed in the Record.