Edward Kaufman

Mr. KAUFMAN

Mr. KAUFMAN. Mr. President, I am joined by Senator Carper and Senator Casey in introducing a bill that would expand the designation of the White Clay Creek National Wild and Scenic River in Delaware and Pennsylvania to include two new sites: Lamborn Run in Delaware and the East Branch and Egypt Run in New Garden Township in Pennsylvania. In 2000, the White Clay Creek watershed was designated Delaware's first and only National Wild and Scenic River. The watershed is home to a wide variety of plant and animal life, archeological sites dating back to prehistoric times, and a bi-State preserve and State park. It is also a source of drinking water for the region. A National Park Service study released in 1994 details the watershed's diversity of natural, historic, cultural, and recreational resources, and its results led the way for its original designation. The watershed covers approximately 107 square miles and drains over 69,000 acres in Delaware and Pennsylvania. Of those 69,000 acres, 5,000 acres are public lands owned by State and local governments and the rest is privately owned and maintained. There are no Federal lands within the watershed and no Federal dollars were used to purchase any of the land within its boundaries. The watershed is centrally located between the densely urbanized regions of New York and Washington, DC. The legislation being introduced today will expand the designation by incorporating an additional 9 miles to White Clay's National Wild and Scenic River, bringing the total federally recognized miles within the watershed to 199.9 miles. National Wild and Scenic designation brings recognition to the unique cultural, natural, scenic, and recreational values of the White Clay Creek watershed. It provides an added level of protection from overdevelopment, and it elevates the value of the watershed when applying for State, local, and Federal grants. Projects located within the White Clay Creek watershed have received almost $4 million in Federal funding since being designated in 2000. While there are over 160 National wild and scenic rivers, the White Clay Creek can claim a few distinctions. First, it is Delaware's first and only wild and scenic river. It is one of only 12 rivers nationwide that is classified as a partnership river. That is a river that is managed on the local level with support from homeowners and communities and with the limited assistance of government on the local, State, and Federal level. It was the first to be studied and designated on a watershed basis, and it is the only wild and scenic river that runs through a college or university. Thirty years ago, I was privileged to be a part of the effort that eventually designated White Clay Creek as Delaware's first and only wild and scenic river. Today, I am proud to introduce legislation that will further expand and preserve this unique region. I wish to thank everyone who has worked so hard and for so long to celebrate and preserve its natural beauty, so that 30 years from now our children and grandchildren can enjoy the same pristine landscape we appreciate today. Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Mr. KAUFMAN

Mr. KAUFMAN. Mr. President, I am joined by Senator Carper and Senator Casey in introducing a bill that would expand the designation of the White Clay Creek National Wild and Scenic River in Delaware and Pennsylvania to include two new sites: Lamborn Run in Delaware and the East Branch and Egypt Run in New Garden Township in Pennsylvania. In 2000, the White Clay Creek watershed was designated Delaware's first and only National Wild and Scenic River. The watershed is home to a wide variety of plant and animal life, archeological sites dating back to prehistoric times, and a bi-State preserve and State park. It is also a source of drinking water for the region. A National Park Service study released in 1994 details the watershed's diversity of natural, historic, cultural, and recreational resources, and its results led the way for its original designation. The watershed covers approximately 107 square miles and drains over 69,000 acres in Delaware and Pennsylvania. Of those 69,000 acres, 5,000 acres are public lands owned by State and local governments and the rest is privately owned and maintained. There are no Federal lands within the watershed and no Federal dollars were used to purchase any of the land within its boundaries. The watershed is centrally located between the densely urbanized regions of New York and Washington, DC. The legislation being introduced today will expand the designation by incorporating an additional 9 miles to White Clay's National Wild and Scenic River, bringing the total federally recognized miles within the watershed to 199.9 miles. National Wild and Scenic designation brings recognition to the unique cultural, natural, scenic, and recreational values of the White Clay Creek watershed. It provides an added level of protection from overdevelopment, and it elevates the value of the watershed when applying for State, local, and Federal grants. Projects located within the White Clay Creek watershed have received almost $4 million in Federal funding since being designated in 2000. While there are over 160 National wild and scenic rivers, the White Clay Creek can claim a few distinctions. First, it is Delaware's first and only wild and scenic river. It is one of only 12 rivers nationwide that is classified as a partnership river. That is a river that is managed on the local level with support from homeowners and communities and with the limited assistance of government on the local, State, and Federal level. It was the first to be studied and designated on a watershed basis, and it is the only wild and scenic river that runs through a college or university. Thirty years ago, I was privileged to be a part of the effort that eventually designated White Clay Creek as Delaware's first and only wild and scenic river. Today, I am proud to introduce legislation that will further expand and preserve this unique region. I wish to thank everyone who has worked so hard and for so long to celebrate and preserve its natural beauty, so that 30 years from now our children and grandchildren can enjoy the same pristine landscape we appreciate today. Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Mr. KAUFMAN

Mr. KAUFMAN. Will the Senator please yield so we have a chance to look at the amendments?

Mr. KAUFMAN. Object.

Mr. KAUFMAN. Madam President, I suggest the absence of a quorum.

Mr. KAUFMAN. I would just like to----

Mr. KAUFMAN. Madam President, I note the absence of a quorum.

Mr. KAUFMAN. I thank the Chair. (The remarks of Mr. Kaufman pertaining to the introduction of S. 853 are printed in today's Record under ``Statements on Introduced Bills and Joint Resolutions.'')

Mr. KAUFMAN. Madam President, I want to say, the Senator from Pennsylvania is someone who, when I was growing up in Philadelphia, was the district attorney there and known to be a tough and good prosecutor. So having Senator Specter speak to this bill says a lot about the bill and about the underpinnings of it. I want to make a few comments. This bill is important. The American people are upset and outraged with the abuses that have rocked the financial sector, and which has especially put so many Americans into dire financial straits. It is a good bill, plain and simple. I wish to run through some of the reasons why I think this bill is important and why I think it is one of the easiest votes a Member will make in this session of the Congress. First, this bill is a critical step to restoring investor confidence in the financial markets by assuring the public that criminal behavior by unscrupulous mortgage brokers and corrupt financiers will be prosecuted and punished. When I travel around and talk to people, they feel no one is paying a price for this--except the hard-working people out around America who have been hit so hard by this financial crisis. They do not feel as though the people on Wall Street, the people who did this, the people involved and the mortgage brokers are paying a price. Therefore, very importantly, they do not feel it is time to get back into the markets. They are concerned the markets are not fair and the markets are not on the up and up. So what we are going to do with this legislation is assure the public that criminal behavior by unscrupulous mortgage brokers and corrupt financiers will be prosecuted and punished. Second, this bill is a deterrent. Prosecuting white-collar crime today sends a message to those who would be tempted to cheat and defraud again. I do not want to be a party to the fact that 5, 10, 15, 20 years from now people will be ready to make a financial deal and someone will say: This is breaking the law. We are doing something here that is against the law. And someone else will say: Well, they did that back in 2007, 2008, 2009, and no one ever was prosecuted for it. These are very complicated financial dealings. If we do this, we are going to be just fine because, remember, nobody went to jail for what happened. Frankly, if we do not add more FBI agents, more prosecutors, and more financial training, that is exactly what could happen. Third, this bill rebalances law enforcement resources. If you go back to September 11, many Federal agents were rightly redeployed from criminal work to counterterrorism. Counterterrorism was the key thing. We had to do something about this. We had to find the people who perpetrated 9/11. We had to find the people who could think about doing us harm in the future. So, rightfully, we moved FBI agents away from financial fraud and on to counterterrorism. But the problem is, we never replaced those agents. In 2008, we had less financial fraud cases brought than we had in 2001. It is incredible to believe that in this environment we had less criminal cases brought in 2008 than in 2001. So what we have to do is rebalance law enforcement resources. That is what this bill does. It allows us to get more Federal agents, more prosecutors, and more training back to where it was before. We have about 240 FBI agents now working on financial fraud. At the height of the savings and loan crisis, we had over 1,000. So we want to get back to that level. We want to get the FBI agents back, get them the training they need, and get the prosecutors and the training they need. So this is a wonderful way to rebalance law enforcement resources. Fourth, this bill helps ensure that sophisticated criminals cannot cover their tracks and escape liability. Unless we get more agents working on these cases soon, the trails may go cold. I know many people in America watch ``Law & Order.'' They know if you do not catch a criminal usually within the first 24 hours, it is very difficult to ever catch them. I think in this case that is what is going on here. This is one of the reasons why we have to pass this bill, and pass this bill soon. Because when you have these complicated financial cases, the sooner you get to the case--before people can cover their tracks, before people can go back and clean up what they have done--the better. We need the FBI agents on the job gathering the data and gathering the information. Another point is, this bill modernizes several areas of Federal fraud law. Among other things, it updates the definition of ``financial institution'' to cover mortgage lending businesses that are not directly regulated or insured by the Federal Government. Remember, much of the things that went on, much of our problem had to do with the mortgage lending business. The fact is, people went out and searched for and had people take out mortgages, many of whom were not qualified to have the mortgages; then they bundled up the mortgages and securitized them and then went off and sold them. In this area, there is enough anecdotal evidence to indicate there was some kind of fraud going on with this. What this bill does is it makes financial fraud--it moves the mortgage lending businesses under the definition of ``financial institution'' so we can go after these folks. Sixth, this bill is money well spent. Taxpayers have paid billions for bailouts. We should spend the millions it would take to find and prosecute all those who should be in jail. Again, taxpayers have paid billions in bailouts. No American whom I talk to--no American in my home State of Delaware--can understand why we would not spend the money we need to spend to prosecute these people for the crimes they have committed. It sends the wrong signal to the American people if, in fact, we do not get these folks and if we do not take the money and prosecute all those who were involved in this financial fraud. Next, this bill is an investment. This is easy. As I said, this is the easiest vote anyone will cast in this session of Congress. History tells us funds spent on fraud enforcement net money for the Government at a rate of $15 recovered for every dollar spent. I have heard from some people concerned about spending this money. I think I have gone through the points on why we should spend the money, but if you are fiscally and financially conservative and if you basically believe there is nothing the Federal Government should spend money on, there is one thing that even you will agree with, and that is spending $1 to get back $15. That is the most fiscally conservative program that has ever been invented in the history of the Federal Government. We have a program where we will have to spend some money, but we know we are going to get the money back but many times over. Finally, and I think most importantly, this bill will make it clear to all Americans that we hold Wall Street to the same standards as Main Street. We have to have people believe--it is essential to our system-- that if you break the law, you will suffer the consequences. Keep in mind that many banks and mortgage brokers avoided the subprime market and acted responsibly. Respect for the rule of law demands that we identify, investigate, and punish those who self-dealt millions of dollars to line their own pockets while leaving investors in the dark. However, we have to be careful about whom we are trying and whom we are prosecuting. This is not a witch hunt. We are not out to get everybody and nail everybody in this business, but we need the FBI agents and the prosecutors to make sure we get the right people and that they are prosecuted to the full extent of the law. I think the American people--I know the American people--are looking for swift action to restore faith in our financial markets and the rule of law. This bill is a great opportunity to do that. I suggest the absence of a quorum.

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

Mr. KAUFMAN. Madam President, I ask unanimous consent to speak as in morning business for 6 minutes for the purpose of introducing a bill.

Mr. KAUFMAN

Mr. KAUFMAN. Mr. President, I ask unanimous consent that the Subcommittee on Strategic Forces of the Committee on Armed Services be authorized to meet during the session of the Senate on Wednesday, April 22, 2009, at 9:30 a.m.

Mr. KAUFMAN. Mr. President, I ask unanimous consent that the Committee on Armed Services Subcommittee on Readiness and Management Support be authorized to meet during the session of the Senate on Wednesday, April 22, 2009, at 10 a.m.

Mr. KAUFMAN. Mr. President, I ask unanimous consent that the Committee on Homeland Security and Governmental Affairs Subcommittee on Federal Financial Management, Government Information, Federal Services, and International Security be authorized to meet during the session of the Senate on Wednesday, April 22, 2009 at 3 p.m., to conduct a hearing entitled, ``Eliminating Waste and Fraud in Medicare and Medicaid.''

Mr. KAUFMAN. Mr. President, I ask unanimous consent that the Committee on Veterans' Affairs be authorized to meet during the session of the Senate on Wednesday, April 22, 2009. The Committee will meet in room 418 of the Russell Senate office building beginning at 2:30 p.m.

Mr. KAUFMAN. Mr. President, I ask unanimous consent that the Committee on Homeland Security and Governmental Affairs be authorized to meet during the session of the Senate on Wednesday, April 22, 2009, at 10 a.m.

Mr. KAUFMAN. Mr. President, I ask unanimous consent that the Committee on Foreign Relations be authorized to meet during the session of the Senate on Wednesday, April 22, 2009, at 2:30 p.m.

Mr. KAUFMAN. Mr. President, I ask unanimous consent that the Committee on Foreign Relations be authorized to meet during the session of the Senate on Wednesday, April 22, 2009, at 9:30 a.m., to hold a hearing entitled ``Global Climate Change: U.S. Leadership for a New Global Agreement.''

Mr. KAUFMAN. Mr. President, I ask unanimous consent that the Committee on Environment and Public Works be authorized to meet during the session of the Senate on Wednesday, April 22, 2009, at 10 a.m. in room 406 of the Dirksen Senate office building.

Mr. KAUFMAN

Mr. KAUFMAN. Madam President, I rise today in support of the nomination of Tony West to be Assistant Attorney General for the Civil Division of the Department of Justice. As we saw from his confirmation hearing in the Judiciary Committee, Tony West has the superb intellect, seasoned judgment, and wealth of experience necessary to be an outstanding head of the Civil Division. Mr. West's academic credentials are extremely impressive. He earned his BA from Harvard, where he was the publisher of the Harvard Political Review. He received his JD from Stanford Law School, where he was president of the Stanford Law Review. Following law school, Mr. West began a career in which he has demonstrated great devotion to public service. In 1993 and 1994, he served with distinction as a Special Assistant in the Department of Justice, where he was involved in the development of national crime policy, including the 1994 omnibus crime bill. He has also served as an assistant U.S. attorney for the Northern District of California, and as a California special assistant attorney general. In private practice at one of the country's leading law firms, Mr. West has also excelled, representing a wide range of clients from indigent individuals in civil rights litigation to multinational corporations in complex commercial matters. Outside of his practice, Mr. West has been a significant contributor to the legal community. He has served on the governing board of the Northern California Association of Business Trial Lawyers, as a Ninth Circuit lawyer representative, and as a member of the Litigation Section Executive Committee for the San Francisco Bar Association. Just as important, while in private practice, Mr. West has directed his considerable talent and energy to important pro bono work and public service. By way of example, he has served as a judge in Oakland's McCullum Youth Court, a courtroom run by students that focuses on rehabilitation of first-time youth offenders. The Assistant Attorney General for the Civil Division has a set of responsibilities that are always important, never more so than right now. As just one example, the Civil Division is integral to keeping Americans, and taxpayer dollars, safe from financial fraud. In the aftermath of the financial meltdown that has thrown the American economy into a serious recession, we must ensure that lawbreakers do not keep their ill-gotten gains. And for our economic recovery plans to work, we must ensure Americans' faith in our government's ability to exercise appropriate oversight in the use of the economic recovery funds Congress has appropriated. The President has made an excellent choice in selecting Tony West to lead the Civil Division. He is a skilled and accomplished lawyer, a leader and a team player, and a person of unquestioned integrity. The Attorney General and the country need him in place as soon as possible.

Mr. KAUFMAN. Madam President, I rise today in support of the nomination of Christine Varney to be Assistant Attorney General for the Antitrust Division of the Department of Justice. In selecting Ms. Varney, the President has chosen wisely. She has the experience, the intellect, and the judgment necessary to be a superb leader of the Antitrust Division. Just as important, she has the character and integrity to help the Attorney General restore the public faith in the Department of Justice. Over the course of her impressive 23-year legal career, Ms. Varney has held a wide range of significant positions that make her uniquely qualified for this critical position. After starting her career in private practice, she served in the Clinton administration as an Assistant to the President and Secretary to the Cabinet. In October 1994, President Clinton nominated Ms. Varney to the Federal Trade Commission. After Senate confirmation, she held that position until 1997. As a Commissioner, she distinguished herself in several important ways. Most important to me, she demonstrated her commitment to the idea that antitrust enforcement must be both vigorous and fair. At this decisive time for our Nation's economy, we need an approach to antitrust enforcement that promotes competition, drives innovation, and protects the consumer. Based on her time at the FTC, and in private practice, I have no doubt that Ms. Varney is the right person to lead the Antitrust Division. Ms. Varney should be confirmed without delay.

Mr. KAUFMAN. Madam President, I rise today in support of the nomination Lanny Breuer to be Assistant Attorney General for the Criminal Division of the Department of Justice. Lanny Breuer is a superb lawyer with unquestioned integrity. We are fortunate that the President has selected him to head the Criminal Division of the Department of Justice. As we saw from his confirmation hearing in the Judiciary Committee, Mr. Breuer has the sharp intellect, wealth of experience, and superb judgment necessary to be an outstanding leader. Early in his career, he served as a prosecutor in the Manhattan District Attorney's Office, working for the legendary Robert Morgenthau. While there, he not only gained an appreciation for the important work on the front lines of criminal prosecution, but he also demonstrated the sort of temperament and judgment that are critical to success in the position for which he has been nominated. Mr. Breuer also served with distinction in the White House as Special Counsel to the President. From there, he moved to one of the country's great law firms, where he currently cochairs its white collar defense and investigations group. Taken together, this broad experience will serve him well as Assistant Attorney General. Just as important, Mr. Breuer has a deep appreciation for the importance of public service. Since 2003, he has served as vice chair of his firm's Public Service Committee, which oversees the firm's pro bono programs. His personal pro bono work has been impressive as well. One of the letters in support received by this committee details Mr. Breuer's application of his impressive legal skills and considerable determination to rid a District of Columbia neighborhood of a powerful drug dealing organization that operated out of a local bar. Almost 20 years later, the neighbors he helped still remember and praise his important work on their behalf. The Assistant Attorney General for the Criminal Division has a set of responsibilities that are always important, never more so than right now. As just one example, the Criminal Division is integral to keeping Americans safe not only from violent crime but also from financial fraud. In the aftermath of the financial meltdown that has thrown the American economy into a serious recession, we must ensure that lawbreakers will be identified and prosecuted for financial fraud. Punishing complex financial crimes and deterring future fraud are vital to restoring confidence in our decimated financial markets. We need to get Lanny Breuer in place just as soon as we can, to make sure that the trail of any criminals who contributed to this meltdown does not grow cold. Finally, I would like to add that Mr. Breuer is not just a brilliant legal mind, but he's also a person of great character. As Robert Morgenthau said in his letter of support: Mr. Breuer consistently handled his responsibilities with keen analytical ability, common sense, total integrity and an exemplary sense of justice. . . . [H]e also understood that the power and authority possessed by a prosecutor will be best balanced by humility and discretion. He never wavered in his pursuit of fairness and justice. That is precisely the sort of person we need, right now, to head the Criminal Division of the Department of Justice.

Mr. KAUFMAN

Mr. KAUFMAN. I thank the Senator.

Mr. KAUFMAN. Mr. President, I ask unanimous consent that following my remarks, Senator Klobuchar be recognized and then Senator Inhofe.

Mr. KAUFMAN. Mr. President, I am proud to join with Chairman Leahy and Senator Grassley in sponsoring the Fraud Enforcement and Recovery Act. I applaud their leadership on this issue. I also want to note the significant contributions of Senators Schumer and Klobuchar, who have joined us on this bill and have improved it in important ways. Today's economic crisis has many causes, from serious regulatory failures to recklessness and greed. While we are learning more each day about what happened, one thing is certain right now: financial fraud contributed mightily to this economic collapse. It is the job of law enforcement to ferret out the behavior that was criminal as opposed to merely reckless or foolish or unethical. Yet I am certain that in the complex web of systemic failures that have caused devastating harm to so many Americans, law enforcement will uncover a continuum of behavior and requisite blame. At one end will be those responsible bankers and mortgage brokers who never engaged in unduly risky behavior. There will also be those on the continuum who were merely reckless and based their business plans on the false assumption that housing values would always increase. But the continuum will be anchored on the other end by mortgage brokers who promoted fraud, and by bankers and financiers who deliberately ignored excessive risk in designing mortgage-related products, and then hid those risks from investors while self-dealing and lining their own pockets. Those people, in my view, should be targets of the FBI. If we want to restore the public's faith in our financial markets and in the rule of law, then we must identify, prosecute, and send to prison those individuals who broke the law. Their fraudulent conduct has severely damaged our economy and harmed countless hard-working Americans. The public needs to know that when mortgage brokers or credit raters or Wall Street bankers break the law, they will be treated like the criminals they are. We can't have one set of rules for people who rob banks and another set of rules for banks who rob people. Unfortunately, our law enforcement agencies do not have the resources they need to do the job. Right after September 11, Federal law enforcement resources were shifted dramatically, and understandably, to counterterrorism. Regrettably, they have not been replaced. As a result, our capacity to investigate and prosecute financial crimes has been severely depleted. At the height of the savings and loan crisis, as many as 1,000 FBI agents were investigating financial fraud. As of last month, there were fewer than 250. And no one doubts that the scope of the problem today is far greater than it was during the S & L crisis. That is why the Fraud Enforcement and Recovery Act begins by providing the resources necessary to rebuild the Nation's white collar enforcement program. Building this capacity is doubly important today, given the substantial Federal funds being spent in connection with bailout and recovery programs. We need the investigators and analysts in place as soon as possible, not only to uncover and prosecute crimes that have already occurred, but also to deter future crimes. Prosecuting bad people won't put an end to bad behavior. But it will have an impact on those people in the mortgage industry, on the trading desks, and in the board rooms, who might be tempted to put greed ahead of the law. The bill authorizes $165 million a year for hiring fraud investigators and prosecutors at the Department of Justice for fiscal years 2010 and 2011. That includes $75 million in 2010 and $65 million in 2011 for the FBI to add 190 agents and 200 professional staff and forensic analysts. The bill also includes $50 million a year for U.S. Attorneys' Offices, where much of the financial crime prosecution takes place, and $40 million for the criminal, civil, and tax divisions at Main Justice, to provide special litigation and investigative support. Finally, the bill authorizes $80 million a year over the next 2 years for investigators and analysts at the Postal Inspection Service, the Secret Service, and the inspector general at HUD, all to combat fraud. This authorization, $490 million over the next 2 fiscal years, is actually quite modest, given the work that needs to be done. It is also an investment. History tells us that funds spent on fraud enforcement net money for the Government, at a rate of about $15 recovered for every $1 spent. In so many ways, this is an investment we can't afford not to make. Beyond providing resources, this bill modernizes several critical areas of Federal fraud law, ensuring that prosecutors have the tools necessary to combat past and future financial fraud. Chairman Leahy has spelled out these changes in some detail. I want to highlight a couple of points. First, the bill updates the definition of ``financial institution'' in Federal fraud statutes to cover mortgage lending businesses that are not directly regulated or insured by the Federal Government. These are businesses that were responsible for close to half of the residential mortgage market before the economic collapse. Just last month, FBI Director Mueller stated that this single change would be ``tremendously helpful'' in the fight against mortgage fraud. The bill also amends Federal fraud law to protect funds expended under both the Troubled Asset Relief Program and the Economic Recovery Act. The Federal Government has provided extraordinary financial support to our banking system, and we need to protect those funds against fraud and abuse. Finally, I note that the bill provides narrow but important fixes to ill-considered Supreme Court decisions in the areas of money laundering and the False Claims Act. Here, as in the rest of the bill, we have taken an approach that is both carefully considered and precisely targeted. We are not creating new crimes, or establishing entirely new paths to recovering ill-gotten gains. Instead, we have focused on making narrow changes that make sure lawbreakers don't slip through the gaps in existing law. Complex and sophisticated crimes demand a broad-based and sophisticated response. In terms of crimes already committed, we can't afford to let the trail get cold. In terms of future crimes, we must provide both the legal tools and the law enforcement resources necessary to make would-be criminals think twice before allowing their greed to do such terrible damage. This is not about vengeance or politics. In our haste to target wrongdoers, we should not paint the entire banking industry with a broad brush. Banks struggling to make loans during a deep recession are not bad actors. Indeed, those who avoided the subprime market, avoided securitized pools of subprime mortgages, and never traded in credit default swaps were, in hindsight, models of discipline and prudential management during an era when many lost their heads to greed. Those banks should be applauded and supported, as they continue to work their way through difficult times and a very challenging real estate market. The wrongdoers will be known by their deeds and held accountable to the law by a jury, not by the need to scapegoat an entire industry or a few sacrificial lambs to satisfy popular anger. There will be tell-tale signs for law enforcement to investigate: To find those who used inside information to bail out early while failing to disclose material information; to investigate traders who hid and distorted their trading books until they cashed out a huge bonus; to target mortgage brokers who repeatedly and fraudulently induced mortgage loans which they could quickly package and sell without any responsibility for the ticking time bombs that became weapons of mass financial destruction. Frauds of the sort addressed by this bill attack the heart of our financial system. For our economy to work for every American, we must restore the public's faith that no one, from Main Street to Wall Street, is above the law. Speaking of Main Street, the people I talk to are very patient as we work hard to get the financial system and the economy back on track. They understand this will be a long process and that we cannot expect immediate returns on the significant Federal investments made in recent months. At the same time, they rightly expect the Federal Government to spend the time and money necessary to bring to justice the criminals who helped create the crisis in the first place. The authorization of this bill--$490 million over the next 2 years--is very modest in light of the enormity of the crisis. The American public will not understand if we refuse to make this small investment in order to restore public confidence, both in the markets and in the rule of law. I again thank Chairman Leahy and Senator Grassley for their leadership on this issue, and I urge my colleagues to support this bill. I yield the floor.