Tom Harkin

Mr. HARKIN

Mr. HARKIN. Mr. President, today I am proud to cosponsor this legislation to expand the Rural Energy for America Program, REAP, to include schools in rural areas. This amendment to the program will encourage our rural schools to carry out energy efficiency projects and install renewable energy systems, thus reducing their dependence on fossil energy and reducing future energy costs. I am proud to join my colleague, Senator Reid of Nevada, as a cosponsor of this bill. The Rural Energy for America Program, enacted in the 2008 farm bill-- the Food, Conservation, and Energy Act of 2008--is an expansion of the very successful section 9006 program which was established by the 2002 farm bill. The program has supported over 2,000 renewable energy and energy efficiency projects for farmers, ranchers, and rural small businesses since its enactment. Most impressive is the fact that the Federal investments in these projects were matched by almost 10 times as much in funding from the developers of the projects and other sources. This truly is a hallmark of a successful Federal program, exactly the kind of program that deserves expansion, especially because it supports rural economic development while helping to provide us with cleaner and more sustainable energy systems. Expanding this program to rural schools just makes sense--they foster rural economic development and should be able to take part in this transition to better energy systems and to realize the associated environmental and economic benefits. I urge my Senate colleagues to join me in passing this important legislation.

Mr. HARKIN. Mr. President, today, I am introducing legislation--the Derivatives Trading Integrity Act--which calls for establishing stronger standards of openness, transparency and integrity in the trading of financial swaps and other over-the-counter derivatives as a critical step toward rebuilding and restoring confidence in the financial system. With the total face value of swaps reaching a high of some $531 trillion at the middle of this year--8-and-a-half times the world GDP of $62 trillion--it is long past time for accountability in these markets. Over the years, the Commodity Futures Trading Commission and Congress have responded to concerns of the the swaps industry by allowing instruments that are in form and function futures contracts to be privately negotiated without the safeguards provided through exchange trading. The economic downturn in this country is forcing us to examine all contributing factors to the crisis in our financial markets. By restoring reasonable safeguards and regulation of swaps, including credit default swaps, along with all other futures contracts, this legislation will go a long way to restore confidence in the markets and reestablish soundness and integrity in the financial system. My bill will end the unregulated ``casino capitalism'' that has engendered great risks in swaps trading. And it will bring these transactions out into the sunlight where they can be monitored and appropriately and responsibly regulated. This legislation will establish authority and safeguards to ensure that parties can meet their obligations to manage and reduce danger and risk to the entire financial system and economy. Virtually all contracts now commonly referred to as swaps fall under the definition of futures contracts and function basically in the same manner as futures contracts. This bill amends the Commodity Exchange Act to eliminate the distinction in futures contracts among ``excluded'' and ``exempt'' commodities and regulated, exchange-traded commodities; futures contracts for all commodities would be treated the same. In addition, the bill eliminates the statutory exclusion of swap transactions from regulation, and it ends the Commodity Futures Trading Commission's authority to exempt such transactions from the general requirement that a contract for the purchase or sale of a commodity for future delivery can only trade on a regulated board of trade. In effect, this means that all futures contracts must trade on a designated contract market or a derivatives transaction execution facility. Last month, the Senate Committee on Agriculture, Nutrition and Forestry heard dramatic testimony about the impact of unregulated financial derivatives on the U.S. economy. We have seen large negative consequences from the lack of price transparency and the failure to properly measure and collateralize the risk in trading over-the-counter derivatives. The problems have not been in the trading of financial futures on regulated futures markets, subject to the oversight of the Commodity Futures Trading Commission. This legislation I am introducing will establish the standards that all futures contracts trade on regulated exchange. The regulated exchanges will work with the Commodity Futures Trading Commission to ensure that trading on the exchange is fair and equitable and not subject to abuses. The Commodity Futures Trading Commission has the experience and expertise to oversee these matters. Bringing necessary openness, transparency, soundness, and integrity to trading in contracts which are now unregulated over-the-counter swaps and related derivatives is a key element in restoring trust and confidence in the financial system so that we can rebuild our economy on a solid foundation. Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Mr. HARKIN

Mr. HARKIN. Mr. President, today I am proud to cosponsor this legislation to expand the Rural Energy for America Program, REAP, to include schools in rural areas. This amendment to the program will encourage our rural schools to carry out energy efficiency projects and install renewable energy systems, thus reducing their dependence on fossil energy and reducing future energy costs. I am proud to join my colleague, Senator Reid of Nevada, as a cosponsor of this bill. The Rural Energy for America Program, enacted in the 2008 farm bill-- the Food, Conservation, and Energy Act of 2008--is an expansion of the very successful section 9006 program which was established by the 2002 farm bill. The program has supported over 2,000 renewable energy and energy efficiency projects for farmers, ranchers, and rural small businesses since its enactment. Most impressive is the fact that the Federal investments in these projects were matched by almost 10 times as much in funding from the developers of the projects and other sources. This truly is a hallmark of a successful Federal program, exactly the kind of program that deserves expansion, especially because it supports rural economic development while helping to provide us with cleaner and more sustainable energy systems. Expanding this program to rural schools just makes sense--they foster rural economic development and should be able to take part in this transition to better energy systems and to realize the associated environmental and economic benefits. I urge my Senate colleagues to join me in passing this important legislation.

Mr. HARKIN

Mr. HARKIN. Mr. President, there are few more accomplished citizens of Iowa than Bill--William--Quinby. I use the word ``citizen'' on purpose because along with his wife Janice, Bill's life continues to be a model of ideal citizenship and embodies what it means to be an Iowan. Bill has spent his life living by a simple mantra: work hard and give back. In college at the University of Iowa, Bill was a two-time letter winner in baseball as an athlete and again in football as a team manager. He used these experiences to help his community, and for 11 years he served as an educator in the Cedar Rapids School District in various positions as an athletic director, teacher, and principal. After a stint in the private sector, he later served as the director of career counseling and as the athletics director at Coe College, one of Iowa's finest small colleges. Along with these years of service to his community, Bill also served for years as a high school, college, and professional football official, serving in such big games as the Rose Bowl, Orange Bowl, and Super Bowl XIX. Yet despite this impressive career, I know that Bill would tell you that he is just as proud, if not more so, of his combined 150 years of service on boards and commissions of various charitable organizations in his community. Some of these groups include the Hawkeye Area Boy Scouts, the Cedar Rapids Jaycees, the Cedar Rapids Community Theater, Habitat for Humanity, the Cedar Rapids Community Free Clinic, and the Cedar Rapids Board of Ethics in Government. I would be remiss if I did not emphasize the large amount of time that Bill has put into a cause that is also close to my heart. As a volunteer for the Special Olympics, Bill has been fighting for equality for persons with disabilities. While the legislative work in Washington can help create a more equal legal framework, the work of volunteers like Bill is what allows equality to emerge in practice. To honor these services to the community, Bill was recently awarded the University of Iowa's Lifetime Achievement award. Congratulations, Bill. And let me extend to you heartfelt thanks for your inspiration and work to better eastern Iowa. I ask to have an article about Bill from the August 27, 2008, Cedar Rapids Gazette printed in the Record. The material follows. Quinby Gives Lifetime of Service [From the Cedar Rapids Gazette, Aug. 27, 2008] Cedar Rapids.--Bill Quinby once punched in the stomach a Minnesota football fan who was pestering Iowa Coach Forest Evashevski, thus earning the nickname ``Punchy'' from the appreciative head coach. But that's not why he'll receive a lifetime achievement award from the University of Iowa on Saturday when the Hawkeyes host Maine. Quinby, 76, will be honored for his lifetime of community service in Cedar Rapids and the surrounding area. That punch during a Big Ten game at Minnesota in 1952 is just one of the many stories he has from a lifetime of memories as an educator, Big Ten and NFL referee, philanthropist, public servant, and all-around good guy. Quinby will be saluted Saturday along with retired Air Force Gen. Donald J. Kutyna, who had a distinguished military career. Quinby marvels at the company he's in: A working- class kid from Cedar Rapids and a decorated U.S. general. ``Let's put it this way,'' he said Wednesday. ``I'm humbled as hell. And honored.'' Quinby's many friends and admirers will tell you it's a well-deserved award and has little to do with his work as a Big Ten football official for 13 years or his service as an NFL referee for 17 years. Rather, it's a tribute to all the help he's given others. He's served on the board of directors for the Hawkeye Area Boy Scouts, Cedar Rapids Jaycees, Cedar Rapids Community Theatre, Cedar Rapids Kids League Baseball, Cedar Rapids Sports Club, Cedar Rapids Professional Baseball Club, Cerebral Palsy Association, Arc of Eastern Iowa, Cedar Rapids Kernels Foundation, Cedar Rapids Ice Arena, Camp Courageous, Habitat for Humanity, Special Olympics, National Shrine Athletic Committee, and the Linn Area Credit Union. He's served on the Regional Planning Commission, the Cedar Rapids Recreation Commission, the Five Seasons Facility Commission, the Civil Service Commission, and the Cedar Rapids Board of Ethics in Government. ``I always felt it was best to help people who possibly needed help,'' he said. ``I mean, look at how lucky I've been. I truly feel very good about being born here, raised here and I've lived here all my life. Look how good it's been for me.'' Quinby and his wife, Janis, have been married for 53 years. They have four children and nine grandchildren, although one of their children, Billy, died tragically in a traffic accident as a young man. Quinby was an accomplished athlete at Franklin High School in Cedar Rapids, but three knee operations prevented him from playing football at Iowa. He received two varsity letters in baseball with the Hawkeyes and got two varsity letters in football as the team's manager, which is why he was at Evashevski's side when that unruly Minnesota fan left his seat behind the UI bench and confronted Evy, claiming players were obstructing his view of the field. Quinby, who did a little boxing in college, rushed to Evashevski's side and slugged the guy a couple of times in the stomach, making him double over in pain. ``Thanks,'' Evashevski said after the game. ``See how lucky I've been to be around?'' Quinby said with a smile. ``For a guy that grew up at Daniels Park and was nothing at Iowa, I feel very lucky.''

Mr. HARKIN

Mr. HARKIN. Madam President, I wish to extend my warm congratulations to Mercy Clinics, Inc., based in Des Moines, for earning the prestigious 2008 Acclaim Award from the American Medical Group Association. This award is an extraordinary honor, given annually to the medical group that best exemplifies delivery of the highest quality health care in the United States. Mercy Clinics, Inc. operates health care facilities throughout the greater Des Moines area, and has a long history of innovation. The 2008 Acclaim Award is just the latest national recognition of Mercy's exceptional commitment to high-quality patient care--something we deeply appreciate in Iowa. I prize my long-standing relationship with Mercy Medical Center in Des Moines, the partner of Mercy Clinics. I will be forever grateful to the Sisters of Mercy for providing care to my chronically ill father, many years ago, at a time when my family could not afford the costs of hospitalization. He received not only quality medical attention at Mercy, but also a generous measure of caring and kindness that remain the signature of Mercy Medical Center and Mercy Clinics to this day. The way that Mercy has retained these traditional human factors while providing state-of-the-art, 21st century clinical practice is obviously a winning formula--indeed, an award-winning formula. In presenting the award, the American Medical Group Association cited Mercy Clinics' pioneering research into the best ways to care for people with chronic conditions such as diabetes and high blood pressure. The staff at Mercy Clinics created a program called ``Medical Home,'' which includes a team of ``Health Coaches'' who review patients' medical records and provide ongoing support for patients both face-to-face and over the phone, including advice on nutrition, exercise, and treatment management. Outcomes showed significant improvement in patient blood sugar and blood pressure control. I salute the visionary leadership of Dr. David Swieskowski, vice president for quality improvement for Mercy Clinics along with the partners who collaborated to make this project, not only successful, but a national award winner: Wellmark Blue Cross/Blue Shield provided grant funding to hire the first health coaches and whose ``pay for performance'' program rewards population based care; the Iowa Foundation for Medical Care who provided the Care Measures Disease Registry; Des Moines University who collaborated on health coach education and certification; Pfizer who provided initial health coach training in patient self-management support; the Institute for Healthcare Improvement whose IMPACT program model helped Mercy Clinics shape their program; and New Health Partnerships who also provided grant assistance. I also commend the commitment to quality and excellence that pervades the entire family of Mercy health care professionals. I congratulate all of them for a job well done. I look forward to working with them--and benefiting from their counsel--as the new 111th Congress addresses health care reform, with a strong emphasis on wellness and prevention.

Mr. HARKIN

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

Mr. HARKIN

Mr. HARKIN. Mr. President, last night I reluctantly voted in favor of the Economic Stabilization Act. I want to emphasize the word ``reluctantly.'' I did so because the Nation's financial system faces serious challenges, and it was important for us to act. However, I am under no illusion. While this rescue plan will likely calm and stabilize the financial system, at least in the short term, it is not as strong as it should be in terms of protecting taxpayers' money, and it does not get at the underlying problem of what got us here in the first place. Over the last week, I worked with a number of other Senators to improve this measure that was in the House, that the House turned down. For example, I joined with a group of Senators in developing and creating a special inspector general to oversee the emergency efforts of the Treasury Department and to investigate the inevitable waste, fraud, and abuse as the bailout goes forward. I say ``inevitable'' because when you have $700 billion sloshing around out there and you have one person sort of deciding where it goes, that just invites a lot of mischief. So we have this special inspector general to oversee that. That was a good addition. I am pleased that recommendation was included in the final bill. I am disappointed that the limits on executive compensation in the bill are not as strong as I would have liked and others would have liked. The final decisions on executive compensation are left to the Secretary, who, by his background, training, and everything, is certainly no champion of limits on executive compensation. Look at his own background, for example. I felt and still feel we should have definitive, hard limits on executive compensation. If they are going to come in here and ask the taxpayers to bail them out, they are, in fact, becoming, effectively, like Government employees, and they should not make anything more, I have often said, than the highest paid Government employee, who is the President of the United States. If they do not like it, they do not have to come to us for the taxpayers to bail them out. So that is something we are going to have to fix. Likewise, the final decision on acquiring stock in participating banks--that is, getting equity positions--is crucial to protecting taxpayers' money. The decision on what we do on equity is left up to the Secretary again--either this Secretary or whoever follows this Secretary--and this Secretary has indicated he does not favor the Government taking an equity stake. Well, I beg to differ. Again, if our taxpayers are being asked to put up their money and to put this debt on their children and their grandchildren, well, they and their children and grandchildren ought to have an equity stake, and nothing less will suffice. Again, that is something else that has to be fixed. In addition, I am disappointed that banks are still not required by law to open their books so we can determine how they valued the assets the Government will be purchasing. We need full disclosure and transparency from participating institutions. If we are going to invest taxpayers' money in these banks and acquire their debt portfolios, then we need to know the details of their methods and their proprietary models for placing values on those portfolios. It is not enough for them to give us the balance sheet. That is not enough. What we need to know is how they got there in the first place, what models they used internally to decide how they would place the value on a certain asset, how they decided how much to pay for a certain asset and how much to sell that asset to someone else. Therein lies perhaps some of the answers to the questions of how we got here in the first place. Again, there is nothing in this bill that would require them to do it, but they have to be forced to do that. You will hear: There is transparency; we put transparency in the bill. The transparency is in terms of the Secretary buying the assets and how that is done and it is all open and aboveboard. There is nothing in this bill that requires transparency to look at their books to see how they got there in the first place. Ask yourself this question: You have a company. For a number of reasons, you are going underwater, you are going bankrupt. You go to a bank to get a loan to get back on your feet, hopefully to get up and operating again. Is the bank going to be satisfied with looking at your balance sheet, your assets and debits? No. The bank is going to want to know what got you in trouble. Why are you here seeking our help? What were you doing there that got you into this trouble? Let's look at all your books. No bank is going to loan you money based upon your balance sheet, if you are underwater, declaring bankruptcy or about to. We are the bank now, the taxpayers. The Federal Government is now the bank. When they come to us and they have assets and they put in this reverse auction, we ought to say: OK, let's take a look at your books; not just your balance sheet, but how did you get to the valuation of those assets? How did you come by those assets? What did you pay for those assets? Why didn't you pay that much for those assets? What was the model you used when you went to the computers and all these ``brainiac'' people decided how much they would pay for these assets? That is a very important point to know. And, if we are to protect the taxpayers, we need to fully understand all of the details about these financial paper we may be buying which may prevent our overpaying. I brought that up with Secretary Paulson in a meeting. I couldn't believe his response. His response was: We can't do that because a lot of times they don't even know how they got there. That is true. You can ask a lot of Senators who were in that meeting when I asked the question. That was his response. They don't even know how they got there. I am sorry. They do know how they got there. If they flipped a coin, they ought to tell us that is what they did. But I don't think that happened. It happened because they had internal accounting structures and computer models that they used to decide how much to pay for an asset, to buy it or not, how much to put it on their books as, maybe sometimes how much to sell it at. That is what we need to know. Don't tell me they don't have that information. They do. I know it is proprietary but, nonetheless, if they are coming to us asking us to buy these assets, we have to know how they got there. If we know that, then that helps us next year when we come back to change the fundamentals, to put in more regulation, more oversight of financial markets, which we have to do. But if we don't know how they got there, how are we going to know, as makers of public policy and protecting the taxpayers in the future, what we need to do in the regulatory scheme? I am disappointed that we don't have that. There is one other aspect of this bill that troubles me. That is the fact that we put all the $700 billion basically out there on the table. Again, Secretary Paulson was asked by Senator Schumer of New York, was he going to spend all that $700 billion in the first couple weeks. He said, no, it will take about $50 billion a month. This raised a lot of questions in my mind and the minds of others. If it is $50 billion per month, why do we to have give you 700? Why don't we give you $50 billion for the next 4 or 5 months, and then we will sunset it and take a look at it, see how it works. If it works, come back. Congress, I am sure, would be more than happy then to debate it and extend this. I thought that was a good proposal. In other words, put out 5 months' worth, put out $250 or $300 billion, sunset it, come back in February. Let's see how it is working. Is this working? Is it not working? Then make the decision whether we want to put another $350 billion of taxpayer money out there. What happened, finally, in the bill is a scheme that they put out, I think, $250 billion right now. The Secretary can get another $100 billion by the President snapping his fingers, saying: I want it. He gets $100 billion. Then, to get access to the other $350 billion, there has to be a request from the President. Then Congress has 15 days in which to deny it. They get it, but we have 15 days in which to deny it. You might say: Well, that is some protection. It is. Except if we deny it, the President can override it. He can veto that. Then we have to have a two-thirds vote to override the veto in both Houses. So this is heavily skewed toward letting the executive branch decide on the full $700 billion. This is something we ought to come back and fix when we return in January. Again, there were some questions raised about that $700 billion. I was interested to read in Forbes, September 23, it says: In fact, some of the most basic details, including the $700 billion figure Treasury would use to buy up bad debt, are fuzzy. ``It's not based on any particular data point,'' a Treasury spokeswoman told Forbes.com Tuesday. ``We just wanted to choose a really large number.'' So the $700 billion, where did it come from? They wanted a large number. Tell that to the taxpayers. I ask unanimous consent that this article from forbes.com entitled ``Bad News for the Bailout,'' be printed in the Record.

Mr. HARKIN. With all my concerns, why did I vote for the bill? For the following reasons: We did get a change in the Federal Deposit Insurance Corporation insurance on banks. It was raised from $100,000 to $250,000. That is even too low. That is an inflationary increase. That is where FDIC would be today in their insurance on deposits in banks if, in fact, it had kept pace with inflation. Quite frankly, it would be more than that. I think it ought to be at least $1 million. Some people are advocating that it ought to be removed completely. Ireland did that. They raised their deposit insurance completely off all the banks. I don't know if I would go that far, but it ought to be at least a million or so because I think depositors would be more comfortable choosing smaller retail banks and community banks. Smaller independent banks have more conservative investment standards. They are better regulated. They are more likely to lend to small businesses and manufacturers which are the backbone of our American economy. Again, many of the independent banks in Iowa and around the United States do a darn good job of investing depositors' money. They invest it in local businesses, manufacturers, startup companies or expansions, the backbone of the American economy, sort of where the rubber meets the road, where people get jobs. Yet they are limited to $100,000 right now. At least this raises it to $250,000, and it should be a lot more. Depositors would feel more comfortable putting money in those banks. Right now big depositors feel very comfortable putting $20 million in Citibank. Why? Their deposits are not guaranteed, but they know Citibank is too big to fail. We now know some of these banks are now going to be--JPMorgan Chase--too big to fail. Let's put all our money there. The Government is not going to let them fail. Quite frankly, I believe very strongly that a lot of our smaller, independent banks do a much better job of investing our money than some of the New York banks that used to be investment banks but now want to become depository banks. I was happy to at least raise the FDIC to $250,000. I think it should be higher, but at least that is better than nothing. The fact is, the choice was either to vote for the bill, despite its flaws, or do nothing, and doing nothing was not an acceptable option. I am hopeful that in the short term this rescue package will work to calm markets and restore confidence in the financial system and loosen up on what is called the liquidity crisis. We are hearing of instances where small businesses in Iowa cannot get the funds that they need. We are hearing about construction projects that are being cancelled. That is costing jobs in my state. I hope it will have an effect worldwide of calming things. But I also hope and insist that we come back early next year to strengthen and improve the rescue framework. I will be working with others to do that. As I said, we need to strengthen the equity position of taxpayers. We have to redo that $700 billion and how that is parceled out. We have to be stronger on executive compensation and equity. We need to look, at that point in time, at whether we want to also use this money, rather than going in at the top, maybe to go in at the bottom, to help homeowners with their mortgages. I have often said there were two ways of approaching this bailout. You put it in at the top, and it trickles down or you put it in at the bottom and it percolates up. I would prefer putting it in at the bottom and letting it percolate up. We know that trickle-down economics has failed this country time and time again. As one worker told me once, he said: You know, I have heard all about this trickle down. I have been waiting. I haven't felt a drop. I would settle for a heavy dew. I haven't even seen that. We know what works. We know that when you put money in at the bottom, it does percolate up. Our whole economy is strengthened because of it. When we come back, that is what we have to do in January and February, change this thing around. I might mention one other thing. When we come back, we have to do something about credit card debt. I keep hearing everyone talking about a credit crunch. When I talk to my constituents about a credit crunch, they think I am talking about credit cards. I was told there is something floating around this country, nine credit cards for every individual. I don't know if that is true, but that is what they say. I read that. We know there are too many credit cards. We know credit cards are too easy to get. One of the reasons they are so easy to get is because the interest rates are out of sight, and people don't know what they are being charged for interest on their credit cards. These young people get credit cards sent to them as soon as they graduate. They get one after another. Credit cards are easy to use. Then you get the bill, but you can roll it over and pay it next month. OK, maybe I can do that. But they don't realize that 12 percent or 15 percent this month can rise up to 28 percent; and not just for the next month, it can impact purchases made before that point. Now you are paying 28 percent on items you buy. So many people have been hooked on this, using their credit cards. So we have to do something about the credit card debt. There is a bill called the Credit Card Accountability, Responsibility and Disclosure Act, the CARD Act, of which I am a cosponsor. As we come back in January and February, that is something else we are going to have to incorporate into this so-called bailout. There is one other thing we will have to do. I was sorry to see it lost in the Senate earlier this week. That is the stimulus package. We had a package to put money in at the bottom, let it percolate up, by helping people with extending their unemployment benefits which has the biggest bang for the buck in terms of economic stimulus. People on food stamps, investing in rebuilding our schools, our roads, bridges, our sewer and water systems, that goes directly to people, and it helps stimulate the economy and puts people to work. That bill had a pricetag of about $56 billion. That is not chump change. That is lot of money: $56 billion. But do you know, in what we just voted on last night with $700 billion, $54 billion is, what, not quite 8 percent of what we voted on last night, which we turned down earlier this week to stimulate the economy by putting people to work. Well, I think we have to come back and do that again next year. That is to stimulate our economy. But there are some other provisions in the rescue bill that are extremely important and valuable. The bill includes a number of tax provisions important to Iowans in particular, including energy production tax credits for producers of wind energy and biomass energy. That will create a lot of new jobs in Iowa and continue the jobs we have. They are important tax provisions, added by my colleague, Senator Grassley, on the Finance Committee that I have been a strong supporter of, to help the victims of the floods we had in Iowa, to help them get back on their feet, to help the small businesses get back on their feet. It is vitally important to get our economy going back in the State of Iowa. That was in the bill last night. There is also a provision in there to improve the prospects for the construction of ethanol pipelines--something vitally important to the fledgling biofuels industry that I have led on. It is important to get ethanol back to the east coast, where a lot of people live, from the Midwest where we produce it. That was also in the bill last night. In addition, there was another thing in that bill last night that we have been trying to do for many years around here, and that is to get mental health parity. In other words, if you have health insurance, they would treat mental health, an addiction, just the same as they would any other health problem. We have been trying to get that for years, and we finally got it in the bill last night. That will make sure families struggling with mental illness do not have that challenge compounded by having to pay for it out of their pockets. It will be covered by their insurance. It is named after Senator Paul Wellstone and Senator Pete Domenici, both of whom worked very hard to get it passed. Well, Mr. President, it was an overwhelming, bipartisan vote last night. There are a lot of reasons we need to come back, as I said, next year and make some changes, and we will do that. Hopefully, as I said, this will calm the markets. Now, Mr. President, I want to ask consent for a number of articles to be printed in the Record at the conclusion of my remarks. One is an article by Jonathan Koppell and William Goetzmann entitled ``The Trickle-Up Bailout.'' I will quote from one part of it. It says: The financial crisis is a liquidity crisis, yes, but it is ultimately a product of homeowner failures to pay. Unless this fundamental problem is fixed, we will continue to see-- and need to treat--the symptoms. The proposed bailout ignores this. Yet the sum being demanded from taxpayers is almost certainly more than sufficient to pay off all currently delinquent mortgages. They call this the ``trickle down,'' what we passed, rather than the ``trickle up'' bailout. Mr. President, I ask unanimous consent that article be printed in the Record at the conclusion of my remarks.

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

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

Mr. HARKIN. Mr. President, I will also ask consent that an article by Harold Meyerson entitled ``Slow Rise for a New Era'' be included in the Record. Again, I will quote from that article. Mr. Meyerson talked about this bill being passed. He said: If that happens-- If we pass this bill-- the next move would be for Democrats to craft a solution more in the spirit of FDR: Franklin Roosevelt. Save American capitalism by fundamentally reshaping it. They could direct the government to raise the amount of depositors' money it insures-- We did in the bill last night a little bit-- to compel the banks to write down their losses, to recapitalize the banks by taking a significant equity interest in them, and to refinance beleaguered homeowners directly. Mr. President, I also ask unanimous consent that article be printed in the Record at the conclusion of my remarks.

Mr. HARKIN. Mr. President, I will also ask consent that a list of economists who signed a letter saying there are better ways to approach the problems we have in our financial institutions rather than what we did last night be printed in the Record. It is a letter that was sent to the Speaker and the President. They said: As economists, we want to express to Congress our great concern for the plan proposed by Treasury Secretary Paulson to deal with the financial crisis. . . .We see three fatal pitfalls in the currently proposed plan: (1) Its fairness. . . . (2) Its ambiguity. . . . (3) Its long-term effects. . . . So, Mr. President, I ask consent that this list also be printed in the Record to show that--again, the one thing that bothered me in the hearings we had on this plan is, we only heard from the administration. We only heard from people who were for the plan. Why didn't we hear from other people, 200 other economists, Nobel prize-winning economists, who say there is a better way of doing this, folks? I think when we come back in January, and perhaps even between now and January, we ought to be hearing from these people to see what changes we ought to make in this proposal when we come back in January. I ask unanimous consent to have that letter and list printed in the Record at the end of my remarks.

Mr. HARKIN. Lastly, Mr. President, I have an article by William Isaac, former head of the Federal Deposit Insurance Corporation. It is a Washington Post article dated September 27, entitled ``A Better Way to Aid Banks.'' I also ask unanimous consent that article be printed in the Record.

Mr. HARKIN. Mr. President, to sum it up, as I said when I started, I reluctantly supported this bill. I hope it will calm the markets. But I am under no illusions that what we did last night solves the problem of why we got here in the first place. To that end, we have to come back. We have to have hearings. We have to bring in other people. We have to get a better handle on what was going on, and next year, with a new administration and a new Congress, I think one of the first things we have to do is to fix this, make it more equitable, make it more fair to the taxpayers of this country, and to get at the underlying fundamentals of why we are here and not just to be satisfied with stopping the bleeding, which is what we did last night. So, Mr. President, with that, I yield the floor. Exhibit 1 The Trickle-Up Bailout (By Jonathan G.S. Koppell and William N. Goetzmann) The theory underlying the bailout plan stalled in Congress is that rescuing the finance industry will restore market stability and that the benefits will eventually trickle down to average Americans. Thus, solving the sub-prime mortgage crisis has morphed into a much larger challenge: reassembling the architecture of the financial markets, which seemingly requires giving the Treasury secretary nearly a trillion dollars and extraordinary latitude to pick winners and losers. There is an easier and more politically palatable fix: Pay off all the delinquent mortgages. The financial crisis is a liquidity crisis, yes, but it is ultimately a product of homeowner failures to pay. Unless this fundamental problem is fixed, we will continue to see-- and need to treat--the symptoms. The proposed bailout ignores this. Yet the sum being demanded from taxpayers is almost certainly more than sufficient to pay off all currently delinquent mortgages. If the government did this, all the complex derivatives based on these mortgages would be as good as U.S. Treasuries. Their fair value would jump to 100 cents on the dollar, rescuing teetering financial institutions. The credit markets would be resuscitated overnight. Foreclosures would stop. Some will argue that it is grossly unfair to pay off the mortgages of borrowers who took risks and lost. In other words, why should my profligate neighbor be rewarded for over-leveraging himself? Because such unfairness is a small price to pay to avoid a rapid transition to a socialist economy, the collapse of our financial system (and its related global implications) and a frightening shift of economic power toward the executive branch. Why shell out $700 billion to Wall Street dealmakers and the companies they managed into this mess? Wouldn't it be preferable for individual homeowners to benefit directly? Implementation could follow the example of the Home Owners' Loan Corp., which in the 1930s issued new mortgages to a quarter of American homeowners. The government could offer to refinance all mortgages issued in the past five years with a fixed-rate, 30-year mortgage at 6 percent. No credit scores, no questions asked; just pay off the principal of the existing mortgage with a government check. If monthly payments are still too high, homeowners could reduce their indebtedness in exchange for a share of the future price appreciation of the house. That is, the government would take an ownership interest in the house just as it would take an ownership interest in the financial institutions that would be bailed out under the Treasury's plan. All this could be done through the Federal Housing Administration, with the help of Fannie Mae and Freddie Mac, which have the infrastructure to implement this plan rapidly. An equity participation structure would prevent thousands of foreclosed homes from being dumped on a strained housing market and would allow prices to reach a new equilibrium that is based on realistic demand for houses rather than on easy money or impending foreclosures. Like the administration's proposal, this plan would result in the government owning assets. But these assets would be real estate, not complex derivatives whose true value would take weeks to discern. Homeowners would become partners with the government in resolving the crisis. When Congress returns, lawmakers are likely to modify and then pass the administration's bailout proposal. They should consider ways to implement this bottom-up solution. Combining this approach with the government's proposal could greatly benefit taxpayers. Yes, the government's swift purchase of illiquid securities would stabilize compromised financial institutions and the credit markets. But the notion that taxpayers would benefit in the long run is pure speculation, particularly if the government overpaid for the securities. On the other hand, once a government-sponsored refinancing wave kicked in, the full value of the securities in the government's portfolio would be restored, and they could be sold off in an orderly manner, with Uncle Sam taking profits that would cover the cost of the bailout. The public is rightly concerned that the administration's bailout would benefit only powerful financial institutions. No matter how it's done, rescuing the financial system is a large, complex gamble. This solution would start by helping ordinary Americans and would quickly spill over to revive the financial markets. Directly addressing the underlying cause of the crisis would help ensure that we would not be facing the same crisis again down the road. While Wall Street has only recently felt the bite of foreclosures delinquencies, communities across the nation will face greater financial and social fallout if the foreclosure crisis continues.

Mr. HARKIN

Mr. HARKIN. Mr. President, in Iowa and across the United States, a new school year has begun. As you know, Iowa public schools have an excellent reputation nationwide, and Iowa students' test scores are among the highest in the Nation. I would like to take just a few minutes today to salute the dedicated teachers, administrators, and school board members in the Creston Community School District, and to report on their participation in a unique Federal partnership to repair and modernize school facilities. This fall marks the 10th year of the Iowa Demonstration Construction Grant Program. That is its formal name, but it is better known among educators in Iowa as the program of Harkin grants for Iowa public schools. Since 1998, I have been fortunate to secure a total of $121 million for the State government in Iowa, which selects worthy school districts to receive these grants for a range of renovation and repair efforts--everything from updating fire safety systems to building new schools or renovating existing facilities. In many cases, this Federal funding is used to leverage public and/or private local funding, so it often has a tremendous multiplier effect in a local school district. The Creston Community School District received a 2002 Harkin grant totaling $1 million which it used to help with renovations to convert the middle school into an early childhood education center. This project was part of a comprehensive facility plan for the district which included a new K-8 school and an addition to the high school. These schools are the modern, state-of-the-art facilities that befit the educational ambitions and excellence of this school district. Indeed, they are the kind of schools that every child in America deserves. The district also received a 1998 fire safety grant totaling $60,862 to install fire alarms, improve accessibility, and update electrical systems throughout the district. Excellent schools do not just pop up like mushrooms after a rain. They are the product of vision, leadership, persistence, and a tremendous amount of collaboration among local officials and concerned citizens. I salute the entire staff, administration, and governance in the Creston Community School District. In particular, I would like to recognize the leadership of the board of education--president Bob Deranleau, vice president Stacy Wood, Randy Hughes, Chad Briley, and Brian Strider, and former board members Dr. Bob Kuhl, Bobbie McFee, Barb Wilmeth, Callie Bruce, and Rich Flynn. I would also like to recognize superintendent Tim Hood, business manager Don Krings, maintenance director Gary Briley, and the many individuals involved in the effort to pass the bond referendum. As we mark the 10th anniversary of the Harkin school grant program in Iowa, I am obliged to point out that many thousands of school buildings and facilities across the United States are in dire need of renovation or replacement. In my State of Iowa alone, according to a recent study, some 79 percent of public schools need to be upgraded or repaired. The harsh reality is that the average age of school buildings in the United States is nearly 50 years. Too often, our children visit ultramodern shopping malls and gleaming sports arenas on weekends but during the week go to school in rundown or antiquated facilities. This sends exactly the wrong message to our young people about our priorities. We have to do better. That is why I am deeply grateful to the professionals and parents in the Creston Community School District. There is no question that a quality public education for every child is a top priority in that community. I salute them and wish them a very successful new school year.

Mr. HARKIN

Mr. HARKIN. Mr. President, in Iowa and across the United States, a new school year has begun. As you know, Iowa public schools have an excellent reputation nationwide, and Iowa students' test scores are among the highest in the Nation. I would like to take just a few minutes today to salute the dedicated teachers, administrators, and school board members in the Rudd- Rockford-Marble Rock Community School District and to report on their participation in a unique Federal partnership to repair and modernize school facilities. This fall marks the 10th year of the Iowa Demonstration Construction Grant Program. That is its formal name, but it is better known among educators in Iowa as the program of Harkin grants for Iowa public schools. Since 1998, I have been fortunate to secure a total of $121 million for the State government in Iowa, which selects worthy school districts to receive these grants for a range of renovation and repair efforts--everything from updating fire safety systems to building new schools or renovating existing facilities. In many cases, this Federal funding is used to leverage public and/or private local funding, so it often has a tremendous multiplier effect in a local school district. The Rudd-Rockford-Marble Rock Community School District received a 2002 Harkin grant totaling $60,865 which it used to help correct problems throughout the building due to ground water seepage and flooding. The district also received a 2004 fire safety grant totaling $17,640, to install electromagnetic door holders at the elementary and junior and senior high schools. The Federal grants have made it possible for the district to provide quality and safe schools for their students. Excellent schools do not just pop up like mushrooms after a rain. They are the product of vision, leadership, persistence, and a tremendous amount of collaboration among local officials and concerned citizens. I salute the entire staff, administration, and governance in the Rudd-Rockford-Marble Rock Community School District. In particular, I would like to recognize the leadership of the board of education, president Harm Eggena III, vice president Angie Johnson, Bea Volk, Tim Trettin, and Wendy Fullerton, and former members, Rick Demaray, Scott Woodruff, Gary O'Connor, Terri Engels, Ann Sullivan, Bill Dolan, Lisa Paulus, and Pat Rooney. I would also like to recognize superintendent Steve Ward, former superintendent Gary Schwartz, director of buildings and grounds Norm Kelly, board secretary Janice Kuhlers, Neil Fullerton, and Neil Wedeking. As we mark the 10th anniversary of the Harkin school grant program in Iowa, I am obliged to point out that many thousands of school buildings and facilities across the United States are in dire need of renovation or replacement. In my State of Iowa alone, according to a recent study, some 79 percent of public schools need to be upgraded or repaired. The harsh reality is that the average age of school buildings in the United States is nearly 50 years. Too often, our children visit ultramodern shopping malls and gleaming sports arenas on weekends but during the week go to school in rundown or antiquated facilities. This sends exactly the wrong message to our young people about our priorities. We have to do better. That is why I am deeply grateful to the professionals and parents in the Rudd-Rockford-Marble Rock Community School District. There is no question that a quality public education for every child is a top priority in that community. I salute them and wish them a very successful new school year.

Mr. HARKIN

Mr. HARKIN. Mr. President, in Iowa and across the United States, a new school year has begun. As you know, Iowa public schools have an excellent reputation nationwide, and Iowa students' test scores are among the highest in the Nation. I would like to take just a few minutes today to salute the dedicated teachers, administrators, and school board members in the Prescott Community School District, and to report on their participation in a unique Federal partnership to repair and modernize school facilities. This fall marks the 10th year of the Iowa Demonstration Construction Grant Program. That is its formal name, but it is better known among educators in Iowa as the program of Harkin grants for Iowa public schools. Since 1998, I have been fortunate to secure a total of $121 million for the State government in Iowa, which selects worthy school districts to receive these grants for a range of renovation and repair efforts--everything from updating fire safety systems to building new schools or renovating existing facilities. In many cases, this Federal funding is used to leverage public and/or private local funding, so it often has a tremendous multiplier effect in a local school district. The Prescott Community School District received several Harkin fire safety grants totaling $127,188 which it used for improvements to the fire safety system including fire doors and exits, electrical work, sheet rock paneling, smoke and heat detectors, and emergency lighting. The Federal grants have made it possible for the district to provide quality and safe schools for their students. Excellent schools do not just pop up like mushrooms after a rain. They are the product of vision, leadership, persistence, and a tremendous amount of collaboration among local officials and concerned citizens. I salute superintendent Steven Callison, former superintendents Graham Quinn, Mac McKown, and Eric Wood, the entire staff, administration, and governance in the Prescott Community School District. In particular, I'd like to recognize the leadership of the board of education Marnie Cline, Doug Birt, Randy Cooper, Brian Fitzgerald, former members Karl McCarty, Kevin Schafer, Kathy West, Cheryl Blazek, Matt Wood, and Wayne Laird and custodian Mary Adkins, who was instrumental in the implementation of the grants. As we mark the 10th anniversary of the Harkin school grant program in Iowa, I am obliged to point out that many thousands of school buildings and facilities across the United States are in dire need of renovation or replacement. In my State of Iowa alone, according to a recent study, some 79 percent of public schools need to be upgraded or repaired. The harsh reality is that the average age of school buildings in the United States is nearly 50 years. Too often, our children visit ultramodern shopping malls and gleaming sports arenas on weekends but during the week go to school in rundown or antiquated facilities. This sends exactly the wrong message to our young people about our priorities. We have to do better. That is why I am deeply grateful to the professionals and parents in the Prescott Community School District. There is no question that a quality public education for every child is a top priority in that community. I salute them and wish them a very successful new school year.

Mr. HARKIN

Mr. HARKIN. Mr. President, in Iowa and across the United States, a new school year has begun. As you know, Iowa public schools have an excellent reputation nationwide, and Iowa students' test scores are among the highest in the Nation. I would like to take just a few minutes today to salute the dedicated teachers, administrators, and school board members in the West Des Moines Community School District and to report on their participation in a unique Federal partnership to repair and modernize school facilities. This fall marks the 10th year of the Iowa Demonstration Construction Grant Program. That is its formal name, but it is better known among educators in Iowa as the program of Harkin grants for Iowa public schools. Since 1998, I have been fortunate to secure a total of $121 million for the State government in Iowa, which selects worthy school districts to receive these grants for a range of renovation and repair efforts--everything from updating fire safety systems to building new schools or renovating existing facilities. In many cases, this Federal funding is used to leverage public and/or private local funding, so it often has a tremendous multiplier effect in a local school district. The West Des Moines Community School District received two Harkin fire safety grants totaling $332,011 which it used to make fire safety repairs at the Walnut Creek Campus and at Fairmeadows Elementary School. The Federal grants have made it possible for the district to provide quality and safe schools for their students. Excellent schools do not just pop up like mushrooms after a rain. They are the product of vision, leadership, persistence, and a tremendous amount of collaboration among local officials and concerned citizens. I salute the entire staff, administration, and governance in the West Des Moines Community School District. In particular, I would like to recognize the leadership of the board of education--president Mark Lyons, vice president Terry Tobin, Barbara Burnett, Jill Hansen, Susan Moritz, Tom Suckow, and H. Milton Cole, and former board members Jim Aipperspach, Jane Fogg, Curt Lack, Pete Leo, John Paule, Jeanne Taylor, John Ambroson, Gretchen Tegeler, and Deb Thomas. I would also like to recognize superintendent Tom Narak, former superintendent Les Omotani, former associate superintendent Galen Howsare. As we mark the 10th anniversary of the Harkin school grant program in Iowa, I am obliged to point out that many thousands of school buildings and facilities across the United States are in dire need of renovation or replacement. In my State of Iowa alone, according to a recent study, some 79 percent of public schools need to be upgraded or repaired. The harsh reality is that the average age of school buildings in the United States is nearly 50 years. Too often, our children visit ultramodern shopping malls and gleaming sports arenas on weekends but during the week go to school in rundown or antiquated facilities. This sends exactly the wrong message to our young people about our priorities. We have to do better. That is why I am deeply grateful to the professionals and parents in the West Des Moines Community School District. There is no question that a quality public education for every child is a top priority in that community. I salute them and wish them a very successful new school year.

Mr. HARKIN

Mr. HARKIN. Mr. President, I know this is kind of a hectic time in Congress. We are trying to get bills passed. People want to get home to campaign and for the election. But I want to highlight a very important bill I am working on with my colleague, Congressman Bruce Braley from the State of Iowa. I would like to urge my colleagues to take the time to look at this important measure. It is H.R. 5167, the Justice for Victims of Torture and Terrorism Act. I am hopeful when we are back in November--and we will be back on the 17th doing business--we will be able to pass this bill and send it to the President for his signature. Let me highlight some of the bill's most important aspects. H.R. 5167 will finally provide justice for American prisoners of war and civilians who were taken hostage and tortured by Saddam Hussein's regime. These victims include 17 American prisoners of war who were tortured under Saddam Hussein's regime and who sought compensation through the courts. These victims also include CBS reporter Bob Simon and his cameraman, Roberto Alvarez, who were captured and tortured along with the POWs. These brave POWs were beaten and starved by Saddam Hussein's regime, and they were awarded compensation from a U.S. judge until the Bush administration lawyers intervened in the case and said it should be thrown out. These victims were, again, denied justice by the Bush administration when President Bush vetoed H.R. 1585, the fiscal year 2008 National Defense Authorization Act, which would have allowed Americans tortured by Saddam Hussein's regime to pursue justice in U.S. courts. This bill, H.R. 5167, is the result of a bipartisan compromise that passed the House unanimously--unanimously--on September 15. The bill gives the Government of Iraq 90 days to resolve the claims of American victims of Iraqi torture and terrorism for minimal amounts before the waiver that was put into last year's DOD bill would be terminated. As a result of the bipartisan compromise made in the House, the waiver would remain in place as long as the President certifies that Iraq has not settled commercial claims or that the administration is engaged in good-faith negotiations with Iraq to settle the claims of the victims. Let me point out, the compensation due these victims would not be U.S. taxpayer money but coming from the Iraqi treasury. It is time these victims are compensated. This bill will allow that to happen. Right now, the Iraqi Government is depositing billions--billions--of dollars in U.S. banks in the U.S. and billions in other places around the world. Surely--surely--they can help compensate the 17 American prisoners of war and others who were tortured and beaten under Saddam Hussein. So, again, as I pointed out, it passed the House unanimously. I urge my colleagues to take a look at this bill. I am hopeful when we come back in November we can take it up and pass it unanimously just like they did in the House. With that, Mr. President, I yield the floor and suggest the absence of a quorum.

Mr. HARKIN

Mr. HARKIN. Mr. President, in Iowa and across the United States, a new school year has begun. As you know, Iowa public schools have an excellent reputation nationwide, and Iowa students' test scores are among the highest in the Nation. I would like to take just a few minutes today to salute the dedicated teachers, administrators, and school board members in the Bettendorf Community School District, and to report on their participation in a unique Federal partnership to repair and modernize school facilities. This fall marks the 10th year of the Iowa Demonstration Construction Grant Program. That is its formal name, but it is better known among educators in Iowa as the program of Harkin grants for Iowa public schools. Since 1998, I have been fortunate to secure a total of $121 million for the State government in Iowa, which selects worthy school districts to receive these grants for a range of renovation and repair efforts--everything from updating fire safety systems to building new schools or renovating existing facilities. In many cases, this Federal funding is used to leverage public and/or private local funding, so it often has a tremendous multiplier effect in a local school district. The Bettendorf Community School District received a 2001 Harkin construction grant for $75,000 which it used for a fitness education center and a 2002 Harkin fire life safety grant for $150,000 which was used for an addition to the high school. The Federal grants have made it possible for the district to provide quality and safe schools for their students. Excellent schools do not just pop up like mushrooms after a rain. They are the product of vision, leadership, persistence, and a tremendous amount of collaboration among local officials and concerned citizens. I salute superintendent Harrison Cass, Jr., former superintendents Marty Lucas and John Perdue, the entire staff, administration, and governance in the Bettendorf Community School District. In particular, I would like to recognize the leadership of the board of education--president Barry Anderson, vice president Jeannine Crockett, Paul Castro, Barb Ehrmann, Melinda Duncan Foreman, Betsy Justis, Scott Tinsman and former board members Debbie Roski, Richard Wahlstrand, Dean Arney, Tom Luton, Kathy Weigle, and Steve Mayer. As we mark the 10th anniversary of the Harkin school grant program in Iowa, I am obliged to point out that many thousands of school buildings and facilities across the United States are in dire need of renovation or replacement. In my State of Iowa alone, according to a recent study, some 79 percent of public schools need to be upgraded or repaired. The harsh reality is that the average age of school buildings in the United States is nearly 50 years. Too often, our children visit ultramodern shopping malls and gleaming sports arenas on weekends but during the week go to school in rundown or antiquated facilities. This sends exactly the wrong message to our young people about our priorities. We have to do better. That is why I am deeply grateful to the professionals and parents in the Bettendorf Community School District. There is no question that a quality public education for every child is a top priority in that community. I salute them and wish them a very successful new school year.

Mr. HARKIN

Mr. HARKIN. Mr. President, in Iowa and across the United States, a new school year has begun. As you know, Iowa public schools have an excellent reputation nationwide, and Iowa students' test scores are among the highest in the Nation. I would like to take just a few minutes today to salute the dedicated teachers, administrators, and school board members in the Fort Madison Community School District, and to report on their participation in a unique Federal partnership to repair and modernize school facilities. This fall marks the 10th year of the Iowa Demonstration Construction Grant Program. That is its formal name, but it is better known among educators in Iowa as the program of Harkin grants for Iowa public schools. Since 1998, I have been fortunate to secure a total of $121 million for the State government in Iowa, which selects worthy school districts to receive these grants for a range of renovation and repair efforts--everything from updating fire safety systems to building new schools or renovating existing facilities. In many cases, this Federal funding is used to leverage public and/or private local funding, so it often has a tremendous multiplier effect in a local school district. The Fort Madison Community School District received several Harkin grants totaling $1,994,880. The district received three construction grants totaling $1,444,880 to help with several projects including an addition and renovations to Fort Madison High School to improve English, history and science classrooms, an addition to Richardson Elementary School and improvements at Lincoln Elementary School. These schools are the modern, state-of-the-art facilities that befit the educational ambitions and excellence of this school district. Indeed, they are the kind of schools that every child in America deserves. The district also received five fire safety grants totaling $550,000 to make improvements in several schools. Excellent schools do not just pop up like mushrooms after a rain. They are the product of vision, leadership, persistence, and a tremendous amount of collaboration among local officials and concerned citizens. I salute the entire staff, administration, and governance in the Fort Madison Community School District. In particular, I would like to recognize the leadership of the board of education--Peggy Booten, George Wheeler, Judy Gerdes, Duane Sherwood, Don Ward, Denise Gray and Rob Hogan and former board members Dan Davis, Carolyn Smith, John Noller, Martha Wolf, Gary Steflik, Betty Decker, Kitty Garner, Chris Logan, Gary McVey, Linda Fischer, Lori Meierotto and Steve Martin. I would also like to recognize superintendent Dr. Kenneth Marang, former superintendent Linda Brock, former high school principal Bernie Stephenson, Richardson principal Vicky Stephenson, former Lincoln principal Bob Carr and director of facilities and maintenance Kevin Moon. As we mark the 10th anniversary of the Harkin school grant program in Iowa, I am obliged to point out that many thousands of school buildings and facilities across the United States are in dire need of renovation or replacement. In my State of Iowa alone, according to a recent study, some 79 percent of public schools need to be upgraded or repaired. The harsh reality is that the average age of school buildings in the United States is nearly 50 years. Too often, our children visit ultramodern shopping malls and gleaming sports arenas on weekends but during the week go to school in rundown or antiquated facilities. This sends exactly the wrong message to our young people about our priorities. We have to do better. That is why I am deeply grateful to the professionals and parents in the Fort Madison Community School District. There is no question that a quality public education for every child is a top priority in that community. I salute them and wish them a very successful new school year.

Mr. HARKIN

Mr. HARKIN. Mr. President, in Iowa and across the United States, a new school year has begun. As you know, Iowa public schools have an excellent reputation nationwide, and Iowa students' test scores are among the highest in the Nation. I would like to take just a few minutes today to salute the dedicated teachers, administrators, and school board members in the Forest City Community School District, and to report on their participation in a unique Federal partnership to repair and modernize school facilities. This fall marks the 10th year of the Iowa Demonstration Construction Grant Program. That is its formal name, but it is better known among educators in Iowa as the program of Harkin grants for Iowa public schools. Since 1998, I have been fortunate to secure a total of $121 million for the State government in Iowa, which selects worthy school districts to receive these grants for a range of renovation and repair efforts--everything from updating fire safety systems to building new schools or renovating existing facilities. In many cases, this Federal funding is used to leverage public and/or private local funding, so it often has a tremendous multiplier effect in a local school district. The Forest City Community School District received several Harkin fire safety grants totaling $200,000 which it used for improvements to the fire safety systems in the elementary, middle and high school buildings including fire exits, smoke and heat detectors, strobe lights, emergency lighting and other repairs. The Federal grants have made it possible for the district to provide quality and safe schools for their students. Excellent schools do not just pop up like mushrooms after a rain. They are the product of vision, leadership, persistence, and a tremendous amount of collaboration among local officials and concerned citizens. I salute superintendent Darwin Lehmann, former superintendent Dwight Pierson, the entire staff, administration, and governance in the Forest City Community School District. In particular, I would like to recognize the leadership of the board of education--president Susan Shaw, vice president Cynthia Carter, Dave Bartlett, Keila Buffington, Julie Farland, Sandra Lillquist, and Arlyn Midtgaard, and former members Rick Juhl, Laura Oanes, Gary Ludwig, and Deb Lund. District staff who were instrumental in the application and implementation process include Paul Jefson and his maintenance staff. As we mark the 10th anniversary of the Harkin school grant program in Iowa, I am obliged to point out that many thousands of school buildings and facilities across the United States are in dire need of renovation or replacement. In my State of Iowa alone, according to a recent study, some 79 percent of public schools need to be upgraded or repaired. The harsh reality is that the average age of school buildings in the United States is nearly 50 years. Too often, our children visit ultramodern shopping malls and gleaming sports arenas on weekends but during the week go to school in rundown or antiquated facilities. This sends exactly the wrong message to our young people about our priorities. We have to do better. That is why I am deeply grateful to the professionals and parents in the Forest City Community School District. There is no question that a quality public education for every child is a top priority in that community. I salute them and wish them a very successful new school year.

Mr. HARKIN

Mr. HARKIN. Mr. President, in Iowa and across the United States, a new school year has begun. As you know, Iowa public schools have an excellent reputation nationwide, and Iowa students' test scores are among the highest in the Nation. I would like to take just a few minutes today to salute the dedicated teachers, administrators, and school board members in the Interstate 35 Community School District, and to report on their participation in a unique Federal partnership to repair and modernize school facilities. This fall marks the 10th year of the Iowa Demonstration Construction Grant Program. That is its formal name, but it is better known among educators in Iowa as the program of Harkin grants for Iowa public schools. Since 1998, I have been fortunate to secure a total of $121 million for the State government in Iowa, which selects worthy school districts to receive these grants for a range of renovation and repair efforts--everything from updating fire safety systems to building new schools or renovating existing facilities. In many cases, this Federal funding is used to leverage public and/or private local funding, so it often has a tremendous multiplier effect in a local school district. The Interstate 35 Community School District received a 1998 Harkin grant totaling $250,000 which it used to help build a classroom addition to the school in Truro. This school is a modern, state-of-the- art facility that befits the educational ambitions and excellence of this school district. Indeed, it is the kind of school facility that every child in America deserves. The district also received a 2003 fire safety grant for $11,467 to install smoke and heat detectors and make other repairs in the school. Excellent schools do not just pop up like mushrooms after a rain. They are the product of vision, leadership, persistence, and a tremendous amount of collaboration among local officials and concerned citizens. I salute the entire staff, administration, and governance in the Interstate 35 Community School District. In particular, I would like to recognize the leadership of the board of education--President Leah Gray, vice president Julie Brownlee, Bret Smith, Bruce McCuddin and Ken Stanley and former board members Bill Seibert, Alan Brommel, Van Brownlee, Tim Porter and Charlie Walters. I would also like to recognize superintendent Bill Maske, former superintendent Henry Eggert, business manager Lisa Brown, middle school principal Sharon McKimpson, former high school principal Tom Dannen, former elementary school principal Terrie Price and former building and grounds director Dick Downing. As we mark the 10th anniversary of the Harkin school grant program in Iowa, I am obliged to point out that many thousands of school buildings and facilities across the United States are in dire need of renovation or replacement. In my State of Iowa alone, according to a recent study, some 79 percent of public schools need to be upgraded or repaired. The harsh reality is that the average age of school buildings in the United States is nearly 50 years. Too often, our children visit ultramodern shopping malls and gleaming sports arenas on weekends but during the week go to school in rundown or antiquated facilities. This sends exactly the wrong message to our young people about our priorities. We have to do better. That is why I am deeply grateful to the professionals and parents in the Interstate 35 Community School District. There is no question that a quality public education for every child is a top priority in that community. I salute them and wish them a very successful new school year.

Mr. HARKIN

Mr. HARKIN. Mr. President, in Iowa and across the United States, a new school year has begun. As you know, Iowa public schools have an excellent reputation nationwide, and Iowa students' test scores are among the highest in the Nation. I would like to take just a few minutes today to salute the dedicated teachers, administrators, and school board members in the Harmony Community School District, and to report on their participation in a unique Federal partnership to repair and modernize school facilities. This fall marks the 10th year of the Iowa Demonstration Construction Grant Program. That is its formal name, but it is better known among educators in Iowa as the program of Harkin grants for Iowa public schools. Since 1998, I have been fortunate to secure a total of $121 million for the State government in Iowa, which selects worthy school districts to receive these grants for a range of renovation and repair efforts--everything from updating fire safety systems to building new schools or renovating existing facilities. In many cases, this Federal funding is used to leverage public and/or private local funding, so it often has a tremendous multiplier effect in a local school district. The Harmony Community School District received several Harkin grants totaling $1,198,374. A 2000 construction grant for $315,799 was used to help build an addition to the elementary school in Bonaparte and to renovate the historic school. A 2002 grant for $757,575 helped build an addition to the high school which included a computer lab. This grant also enabled the district to make renovations to the middle school and high school facilities and to install a new HVAC system at the high school. These schools are the modern, state-of-the-art facilities that befit the educational ambitions and excellence of this school district. Indeed, they are the kind of schools that every child in America deserves. The district also received four fire safety grants totaling $125,000 to make improvements throughout the district. Excellent schools do not just pop up like mushrooms after a rain. They are the product of vision, leadership, persistence, and a tremendous amount of collaboration among local officials and concerned citizens. I salute the entire staff, administration, and governance in the Harmony Community School District. In particular, I would like to recognize the leadership of the board of education--Dennis Grossman, Tracey Hudson, Tina Denly, Cody Warth and Bill Rice and former board members Burton Mills, Barb Wellman, Dave Drummond, Myron Helmers, Steve Adam, Matt Mitchell and David Hellwieg. I would also like to recognize superintendent Joe Hundeby, former superintendents Alan Marshall and Kelly Rogers. As we mark the 10th anniversary of the Harkin school grant program in Iowa, I am obliged to point out that many thousands of school buildings and facilities across the United States are in dire need of renovation or replacement. In my State of Iowa alone, according to a recent study, some 79 percent of public schools need to be upgraded or repaired. The harsh reality is that the average age of school buildings in the United States is nearly 50 years. Too often, our children visit ultramodern shopping malls and gleaming sports arenas on weekends but during the week go to school in rundown or antiquated facilities. This sends exactly the wrong message to our young people about our priorities. We have to do better. That is why I am deeply grateful to the professionals and parents in the Harmony Community School District. There is no question that a quality public education for every child is a top priority in that community. I salute them and wish them a very successful new school year.

Mr. HARKIN

Mr. HARKIN. Mr. President, in Iowa and across the United States, a new school year has begun. As you know, Iowa public schools have an excellent reputation nationwide, and Iowa students' test scores are among the highest in the Nation. I would like to take just a few minutes today to salute the dedicated teachers, administrators, and school board members in the Louisa- Muscatine Community School District and to report on their participation in a unique Federal partnership to repair and modernize school facilities. This fall marks the 10th year of the Iowa Demonstration Construction Grant Program. That is its formal name, but it is better known among educators in Iowa as the program of Harkin grants for Iowa public schools. Since 1998, I have been fortunate to secure a total of $121 million for the State government in Iowa, which selects worthy school districts to receive these grants for a range of renovation and repair efforts--everything from updating fire safety systems to building new schools or renovating existing facilities. In many cases, this Federal funding is used to leverage public and/or private local funding, so it often has a tremendous multiplier effect in a local school district. The Louisa-Muscatine Community School District received Harkin grants totaling $586,453. The district received a 2000 Harkin grant totaling $500,000 which it used to help build an addition to the junior/senior high school which included upgrading the heating and air-conditioning system to an energy efficient geothermal system. In 2001 and 2002, fire safety grants were awarded to the district to make improvements to the electrical wiring, install heat and smoke detection units, and update emergency lighting to assure the security of students, teachers, and staff. This school is the modern, state-of-the-art facility that befits the educational ambitions and excellence of this school district. Indeed, it is the kind of school facility that every child in America deserves. Excellent schools do not just pop up like mushrooms after a rain. They are the product of vision, leadership, persistence, and a tremendous amount of collaboration among local officials and concerned citizens. I salute the entire staff, administration, and governance in the Louisa-Muscatine Community School District. In particular, I would like to recognize the leadership of past and present members of the board of education, Mark H. Carroll, Charles K. Clark, Dwayne Paul, Sue Hills, Randy Schultz, J. Riley Padgett, David Bieri, Angie Kemp, and Eric Schultz . I would also like to recognize superintendent Scott Grimes, former superintendent Mike Kortemeyer, and principal Roger Roskens. As we mark the 10th anniversary of the Harkin school grant program in Iowa, I am obliged to point out that many thousands of school buildings and facilities across the United States are in dire need of renovation or replacement. In my State of Iowa alone, according to a recent study, some 79 percent of public schools need to be upgraded or repaired. The harsh reality is that the average age of school buildings in the United States is nearly 50 years. Too often, our children visit ultramodern shopping malls and gleaming sports arenas on weekends but during the week go to school in rundown or antiquated facilities. This sends exactly the wrong message to our young people about our priorities. We have to do better. That is why I am deeply grateful to the professionals and parents in the Louisa-Muscatine Community School District. There is no question that a quality public education for every child is a top priority in that community. I salute them and wish them a very successful new school year.