Blanche Lincoln

Mrs. LINCOLN

Mrs. LINCOLN. Mr. President, today I congratulate 17 Arkansas employers that were recently honored by the Arkansas Governor's office for providing resources to help their workers balance work and family life. As the mother of twin boys, and like every working parent, I find it can be a challenge to balance family life with my work responsibilities. I commend these Arkansas employers for providing resources that support employees in balancing the needs of both work and family. The winners, based on number of employees, were: Large Companies University of Arkansas, Fayetteville, Gold University of Arkansas for Medical Sciences, Little Rock, Silver Ernst & Young, LLP, Rogers, Bronze Fayetteville Public School District, Fayetteville, Bronze Medium Companies Winrock International, Little Rock, Gold Arkansas Educational Television Network, Conway, Silver Delta Dental of Arkansas, Sherwood, Bronze Small Companies Cross, Gunter, Witherspoon & Galchus, P.C., Little Rock, Gold Arkansas Power Electronics International, Inc., Fayetteville, Silver White River Planning & Development District, Inc., Batesville, Bronze The Work-Life Initiative also announced Spotlight Award winners, honoring organizations that provided exemplary strategies that support a healthy work-life balance. They were: Arvest Bank, Ft. Smith and River Valley Region, Ft. Smith Bell & Company, PA, North Little Rock Friendship Community Care, Russellville Helen R. Walton Children's Enrichment Center, Bentonville McKee Foods Corporation, Gentry The Mature Worker Award also recognized three companies for their ongoing efforts to provide a work environment friendly to mature workers. The winners were: Arkansas Educational Television Network, Conway Bank of the Ozarks, Little Rock Saline Memorial Hospital, Benton Mr. President, I congratulate each and every member of these organizations for their dedication to their families, work life, and our great State of Arkansas.

Mrs. LINCOLN

Mrs. LINCOLN. Mr. President, I rise today in honor of National Police Week to recognize the courage, bravery, and dedication of Arkansas's law enforcement officers, who risk their lives each day to keep our citizens safe. In particular, I pay tribute to five fallen officers from our State whose names have been added to the National Law Enforcement Officers Memorial in Washington, DC. The officers, their departments, and their dates of death are: John A Bratton, Grant County Sheriff's Office, February 1, 1887 H.L. Smith, Grant County Sheriff's Office, February 1, 1887 Joseph Christopher Cannon, Plumerville Police Department, June 19, 2009 Larry Neal Blagg, Trumann Police Department, January 27, 2009 Henry Jorden Willeford, Van Buren County Sheriff's Office, November 16, 2009 Along with all Arkansans, I thank these officers for their service and sacrifice. It is a fitting tribute that the names of these officers have been etched on the National Law Enforcement Officers Memorial in Washington, DC.

Mrs. LINCOLN

Mrs. LINCOLN. Mr. President, I add my compliments and gratitude to Chairman Dodd for his unbelievable patience and hard work and the hard work of his staff in trying to come up with a good consensus, finding common ground where we can move forward and address the economic crisis that has hit this country and deal with the consequences we have seen and certainly the ideas we know exist, to be able to solve the problems and move forward, put our economy back on track, put people back to work, making sure we are rebuilding our country in a way that is going to be sustainable, with a good financial regulatory reform initiative that is going to be meaningful. I applaud his efforts and patience in what he is doing, working with everyone. I certainly add my efforts in trying to work together with others to make sure we can move this bill expeditiously as possible, obviously with the consideration he has given to everyone's concerns and desires to make it a better bill.

Mrs. LINCOLN. Mr. President, I thank the Senator from Connecticut. I am grateful to him for his comments and again grateful for his patience and perseverance in getting something done that is meaningful to all Americans. Arkansans are clamoring for it, and I know others across the Nation are. The will say about the work of the Agriculture Committee, for all Americans who enjoy nutrition, that comes from the hard-working farm families across this country who produce the safest, the most abundant, and affordable food and fiber. We all have a little bit at stake in that Agriculture Committee. We appreciate so much working with the Senator from Connecticut. Chairman Dodd has done a tremendous job. Honoring our Armed Forces Lance Corporal Richard R. Penny Mr. President, this week, my home State of Arkansas marks a somber milestone. Since September 11, 2001, 100 service men and women with ties to Arkansas have given their life to help defend our freedoms in this great country. I rise to honor their ultimate sacrifice on behalf of our Nation. It is also with great sadness that I pay tribute to the family of LCpl Richard R. Penny, 21 years of age, of Fayetteville, AR. Lance Corporal Penny was killed May 6 while supporting combat operations in Helmand Province in Afghanistan, making him our State's 100th service man or woman to have given his life to help defend our freedom. Along with all Arkansans, I am grateful for Lance Corporal Penny's service and for the service and sacrifice of all our military servicemembers and their families. More than 11,000 Arkansans on Active Duty and more than 10,000 Arkansas Reservists have served in Iraq and Afghanistan since September 11, 2001. These men and women have shown tremendous courage and perseverance through the most difficult of times. My father and both my grandfathers served as infantrymen. They served our Nation in uniform and taught me from an early age about the sacrifices our troops and their families make to keep our Nation free. As neighbors, as Arkansans and as Americans, it is incumbent upon us to do everything we can to honor their service and to provide for them and their families not only when they are in harm's way but also when they return home. While it is important to honor those who have served our country in uniform with words, we must also honor them with our actions. I have consistently supported initiatives that expand the benefits our servicemembers and veterans have earned and deserve. During these tough economic times, it is even more important that we don't shortchange these heroes and their families. That is why I have authored several bills on behalf of Arkansas's military servicemembers, veterans, and their families. In doing so, I have focused on a number of priorities, including requiring more accessible health care for guardsmen and reservists so they can maintain the medical readiness required to fulfill their mission and also ensuring that future GI benefits for members of the National Guard and Reserve keep pace with the national average cost of tuition, and allowing beneficiaries of the post-9/11 GI bill to use their GI benefits more flexibly to develop skills that are critical to our workforce and our economy and their reentrance into the workplace, and also addressing inequities in survivor benefits for military families. With more than 600,000 courageous men and women who have returned from combat in Iraq and Afghanistan, and with thousands more on the way, mental health care is an issue that also deserves more attention. I have visited injured servicemembers at Walter Reed and in Arkansas and witnessed firsthand that more and more of our troops are affected by service-connected mental health issues, such as traumatic brain injury and post-traumatic stress disorder. To address this issue, I have introduced legislation to ensure that our troops receive proper mental health assessments before and after they enter a conflict zone. The issue of mental health does not just affect our troops. With more National Guard and Reserve from our rural communities serving abroad, families have expressed concerns to me about the impact increased military deployments have on other children, and particularly their children, and whether schools have sufficient resources to meet these challenges. To meet these concerns, I have also introduced legislation to increase the number of school counselors, school social workers, and school psychiatrists and psychologists in high-needs school districts, many of which are located in our rural areas all across this great Nation. All of our veterans, from the ``greatest generation'' to Vietnam war veterans to the new generation of servicemembers in the Middle East and across the globe, all of our veterans have sacrificed greatly on behalf of our country. Although the challenges and needs of veterans have changed over time, one thing remains constant: It is the responsibility of our Nation to provide the tools necessary to care for our country's returning servicemembers and honor the commitment our Nation made when we sent them into harm's way in the first place. Our grateful Nation will not forget them when their military service is complete. It is the least we can do for those to whom we owe so much. I yield the floor.

Mrs. LINCOLN. Mr. President, I appreciate all the debate we have had and the discussion. I thank my colleague from Georgia, my ranking member on the committee. He and his staff are a tremendous group to work with. I appreciate all that. I am confident we have worked hard. In the underlying bill we have come to agreement with Chairman Dodd on, we lower the systemic risk by requiring mandatory trading and clearing, which my colleague, Senator Cantwell, did a tremendous job of explaining, bringing that 100 percent transparency to the market with real-time price reporting, protecting municipalities and pensions and retirees, regulating foreign exchange transactions, and increasing the enforcement authority to punish the bad behavior we have seen. To that point, again, I believe not since the Great Depression have we seen such devastating consequences of a banking and financial system gone wrong. It does call us to action. We are not here to take easy votes. We are here to tackle complicated problems and find the solutions we know are going to benefit all of America. We certainly should not squander that opportunity for historic reform, nor support any effort to weaken it. Therefore, I certainly recommend a ``no'' vote on the Chambliss amendment and respectfully encourage my colleagues to do the same. Again, I thank my colleague from Georgia for his hard work. We will continue to work together to find the common ground we know is going to be the best place for us to all be. I yield the floor.

Mrs. LINCOLN. Mr. President, I ask unanimous consent that the Senate proceed to vote in relation to the Chambliss amendment No. 3816, at 5:30 p.m.----

Mrs. LINCOLN. With no amendment in order to the amendment prior to the vote; that upon the disposition of the Chambliss amendment, the next two amendments be the Reed amendment No. 3943 and the Sessions amendment No. 3832.

Mrs. LINCOLN. Mr. President, I rise to compliment my colleague from Rhode Island and thank him for his hard work. He and his staff have done a tremendous job on the Banking Committee on this particular issue. It has been a pleasure to work with him and his staff and certainly to see the good work they have done, and I want him to know I am grateful to him for his hard work in helping us come up with a good package. I yield the floor.

Mrs. LINCOLN. Mr. President, I rise with great respect for my colleague from Georgia, my ranking member on the Ag Committee, and all his attempts and ideas on how to make our economy stronger and better. I do rise to speak in opposition to the Chambliss amendment. Again, with the greatest respect for my colleague, the ranking member, he and I and our respective staffs spent several months developing draft legislation in the Agriculture Committee. I am unbelievably grateful to him and his staff as well as my staff. We have made progress. In the end, we accomplished 80 to 90 percent of what is now the Dodd-Lincoln substitute. But as with all policy decisions, some tough choices needed to be made. Senator Chambliss and I simply could not resolve our final differences. We ran out of time, basically, in the committee. Let me be clear. As chairman of the committee, I made the decision to move forward with a strong reform bill, a bill that was voted out of my committee on a bipartisan vote. I know to my colleagues the Agriculture Committee derivatives title is the only legislation to gain bipartisan support in this debate. We want to strive to continue in that vein and to work in a bipartisan way to get to a good resolution of something that is going to be beneficial to this Nation, to our economy, and that is going to gain the respect of Americans who have suffered from this financial crisis. Unfortunately, the amendment being considered today by Senator Chambliss and some of my Republican colleagues does not contain the essential reforms required to ensure the stability of our markets. It creates loopholes and fails to bring the transparency and accountability Americans are demanding of us at this juncture. This amendment would be detrimental to our economy and to our markets. The derivatives title of the Dodd-Lincoln bill is strong reform. Our bill provides necessary transparency and accountability to our shattered financial markets and regulatory system. Today this derivatives market is completely in the dark with no--I repeat, no-- regulation, no oversight, and no public disclosure. The Dodd-Lincoln bill will bring a completely unregulated market into the light of day for the first time ever. But it is important to point out, it is not regulation for regulation's sake. The steps we have taken in this bill have meaningful issues in terms of what they are dealing with. It maintains a narrow end-user exemption, appropriate restraints on the regulators, where necessary, and provisions that recognize we are competing in a global financial marketplace. Many have commented about what might happen in these markets, in moving markets overseas. I will address that in a moment. But I believe all Americans are certainly demanding good, sound marketplaces. I think people globally are clamoring for those same types of sound marketplaces. The facts speak for themselves. The Chambliss amendment does not meet the test of what our markets require. It is a stark reminder that if we do not act boldly in the face of the near collapse of our economy, tragic Wall Street abuses and abysmal regulatory failures, we will all suffer the consequences. I have a number of concerns with the Chambliss amendment. Clearing and exchange trading is at the heart of reform, mitigating risk, reducing leverage, and forcing accountability on the derivatives marketplace. This amendment would remove the underlying bill's mandatory exchange trading requirement and remove the mandatory clearing provisions. This is not acceptable. We understand and know from our experience with the futures market what the clearing does and the stability it brings to the marketplace. It is absolutely essential. This amendment removes real-time price transparency to the public. The Dodd-Lincoln bill provides real-time price transparency to the public and to the regulators. Without robust transparency, the markets would not function, and the regulators can't do their jobs. That real- time, 100 percent transparency is what moves these activities into those exchanges, into the clearing that is so necessary to ensure we bring that stability to the marketplace. Information is power. This amendment will keep this power in the hands of those on Wall Street instead of giving it to Main Street. We have watched as these selected few on Wall Street have maintained their grip on these dark markets and on this information. What have they done with it? They have benefited themselves. It has not produced the kind of benefit across this great country that people in communities in places such as Arkansas and other States could see the benefit of that information because we had no access to it. Shedding sunlight on that, that sunlight, which is the disinfectant we need on Wall Street, is going to be critically important to making sure we are a success, and ensuring that transparency is here is part of what we have done in the Dodd-Lincoln bill. If we do not capture the AIGs of the world, we cannot claim to have real reform. This amendment would miss many of the largest and riskiest players by narrowly defining both swap dealer and major swap participant and exempting too many market participants. More so, this amendment requires less of the largest, riskiest market participants. They will have fewer business conduct standards, fewer recordkeeping requirements, and fewer regulatory core principles to follow. This amendment also weakens the capital standards in the underlying bill. Customized, bilateral, over-the-counter transactions are less safe than those that are cleared and exchange trading. There is no way to get around that. We should expect more capital to back up those riskier transactions, not allowing the obligation to rest on the taxpayers or on the depositors in these banking institutions. This substitute misses that opportunity in terms of making sure those riskier tools and those riskier transactions are required to have greater capital backing them as well as greater regulation, which is appropriate for their expanded risky nature. To the comments of those who have said this is going to be pushed into other markets, into other countries, the American people are demanding stability. Consumers are demanding stability in our marketplaces. Why should we think that other countries are any different, particularly as we have seen what has happened in these other countries? We can seize this as an opportunity to be a leader globally-- globally--in this world to create sounder markets, stronger markets, not just for us but for the global economy, which we are such an enormous part of now and will continue to be in the 21st century. I would prefer to see us seizing that opportunity to be a leader in those global economic markets, and I think we should with a good, strong, stable bill that will be recognized by both markets as well as consumers. This amendment also delays the implementation of regulatory reform for at least a year. The American people are demanding real reforms, and why we would want to delay implementation is beyond me. The time is now. People are wondering why it has taken us this long already to take these actions, and I think it is clear we must get started. This amendment removes an important provision that would require swap dealers to put the financial interests of State and local governments, retirement plans, pensions, university endowments, and retirees before their own. The stories of abuse in this area are alarming and need to be addressed. Jefferson County, AL, is one of the starkest examples we have. Jefferson County was taken advantage of by Wall Street and is now on the edge of bankruptcy, in part because of a $3 billion derivatives deal on bonds that went wrong. Without any responsibility to those entities, we will continue to see these types of circumstances perpetuated, and we have to stop that. This amendment creates loopholes and broadly defines hedging. We cannot have a situation where the exemptions swallow the rule. Under this amendment, few will end up being regulated, and we will be back to business as usual, and I think we cannot allow that to happen. The Dodd-Lincoln bill gives regulators explicit authority to prosecute swaps dealers who are aiding and abetting those who commit fraud using swaps. The Chambliss amendment would remove that authority. The Chambliss amendment also fails to require registered entities such as swap repositories or swap execution facilities to have chief compliance officers, allowing these entities to avoid regulatory compliance and further, again, endangering Main Street investors. This amendment completely removes an important whistleblower program for commodities markets. The amendment also removes the underlying bill's additional stronger antimanipulation authorities. The amendment also removes important authority for the regulators to close loopholes and strips key anti-evasion language that would allow the regulators to go after anyone who tries to evade the law. This amendment arbitrarily moves jurisdictional lines and removes more than 30 years of good-faith agreements between regulators, ignoring the expertise of individual agencies and jeopardizing the ability of regulators to act quickly. This is a dangerous path to go down for the ranking member of the Ag Committee, and I hope we will be able to stop this amendment and continue to work in a way that will bring about the kind of solid regulation, transparency, and oversight that needs to be in this bill. Finally, the Dodd-Lincoln bill includes important conflict of interest provisions that would allow the regulators to ensure that no market participant unduly influences or monopolizes the market. What does the Chambliss amendment do with this provision? It would eliminate it--in effect, handing more power over to Wall Street. These changes are simply an effort to weaken the bill and riddle it with loopholes. I understand many of my colleagues are being pressured to take this path. But we must forge ahead and enact meaningful-- meaningful--reform. The American people deserve no less. They have seen what this financial crisis has done to them--in middle America, where they have seen their savings for their children's college funds, their retirement funds, other things put at risk because of risky businesses and risky deals that have happened in a small group of Wall Street banks that have chosen basically to take those risks, with unfortunately, the liability falling on the depositors as well as the taxpayers. The same claims and worn-out, catch-all defenses of ``unintended consequences'' or ``driving business overseas'' have been used for decades as reasons to weaken financial reform efforts, and critics are using the very same arguments again today. We are here to tackle complicated problems and find real solutions--meaningful solutions-- that will again bring the kind of confidence to the marketplace and consumers we need to be able to strengthen our Nation and our marketplaces and our economy to create the jobs all Americans want to see, and to set the example globally of what good, strong regulations and solid markets can do in terms of growing the global economy. We certainly should not squander the opportunity for historic reform, nor support any efforts to weaken it. Therefore, I intend to vote ``no'' on this amendment, and I respectfully encourage my colleagues to do the same. Mr. President, I know I have other colleagues on our side who want to speak on this amendment, and I know there are others on the Republican side. I would encourage all of our colleagues to come to the floor to take the opportunity to speak on this amendment. I know Chairman Dodd is anxious to move the bill, as well as others, and we have a great opportunity here to visit about and debate this portion of the bill, and I encourage my colleagues to do that. Thank you, Mr. President. I yield the floor.

Mrs. LINCOLN

Mrs. LINCOLN. Mr. President, I wish to congratulate Harrison Public School District for being named to the national ``GreatSchools'' list by Forbes magazine. Under the leadership of superintendant Jerry Moody, Harrison was named the top public school district in the country for markets of median home price under $100,000. Harrison was the only Arkansas school district to make Forbes' top 10 list. Harrison received this designation based on criteria including quality of education, affordable housing, and the unemployment rate. Calling Harrison a ``rural gem,'' the magazine commented that ``with its well-developed gifted and talented program and an intimate 12.5-to- 1 student-teacher ratio, Harrison offers serious book learning in a mountain idyll.'' Forbes has found out what Harrison residents have known for years: that hard work, dedication, and a commitment to education are integral to a community's success. When students, teachers, administrators and parents work together, great things can be achieved. Along with all Arkansans, I extend my congratulations to each member of the Harrison community.

Mrs. LINCOLN

Mrs. LINCOLN. Yes.

Mrs. LINCOLN. Mr. President, I rise this evening in support of my good friend, Senator Cantwell, and her amendment. I would like to thank the Senator from Washington who has for years been a leader in the Senate on the complicated issue of derivatives and who has been particularly effective at strengthening manipulation standards. There has not been a more effective champion of consumers and efficient markets than Senator Cantwell. This amendment comes as a result of hours of thoughtful hard work from Senator Cantwell and her staff. While the Dodd-Lincoln bill contains a strong antimanipulation authority, Senator Cantwell came to me and my staff with ideas on how to strengthen the provision, and I was pleased to have listened. We worked through our concerns and built on each other's strengths and, in the end, came up with an improved product. That is the amendment we are accepting here today. Market manipulation is an ever-present danger in derivatives trading. Derivatives are leveraged transactions, and it is well known that in these markets there are numerous opportunities for traders to abuse their positions in order to game the market to their advantage. This is unacceptable. These markets are a fundamental part of our economy. They are used to manage risk and for price discovery, and their integrity must be preserved. The Dodd-Lincoln bill strengthens existing law to target specific market abuses that have arisen in recent years. These abuses are outlawed as disruptive practices in section 747 of the underlying bill. I wholeheartedly support Senator Cantwell's amendment, which takes the significant step of adding a new and versatile standard for deceptive and manipulative practices under the Commodity Exchange Act. It addresses false reporting and authorizes private rights of action that will aid the CFTC in its enforcement effort. Senator Cantwell's amendment will supplement the CFTC's existing standards as the Commission and the SEC work together to regulate derivatives. The Commodity Exchange Act is a complex statute that covers many trading venues. Senator Cantwell's amendment will give the CFTC a very important new weapon in its arsenal to combat ever-evolving forms of manipulative trading schemes that undermine public confidence in the proper functioning of these markets. I am very proud to be a supporter of what Senator Cantwell has done with this amendment, and I urge all of our colleagues to take a look at it and realize she has really helped to improve the bill, the underlying bill, in her actions. I yield the floor.

Mrs. LINCOLN

Mrs. LINCOLN. Mr. President, first, I rise to speak in support of the Boxer amendment, which sends a strong statement that no taxpayer funds will ever again be used to bail out the risky gambles that too many on Wall Street have conducted. It should pass with 100 votes. Also, I want to speak about the derivatives title, which is a bipartisan product that was reported out of the Agriculture Committee 2 weeks ago. Specifically, there have been statements in the press and in the Senate Chamber that I believe need to be corrected regarding section 716. As chairman of the Agriculture Committee, I am proud to have included this provision in the Wall Street reform legislation approved on a bipartisan vote by our committee 2 weeks ago. I am also proud that it is included in the Dodd-Lincoln legislation that we are now considering today. This provision seeks to ensure that banks get back to the business of banking. Under our current system, there are a handful of big banks that are simply no longer acting like banks. By this time, surely every Member of this body is aware that the operation of risky swaps activities was the spark that lit the flame that very nearly destroyed our economy in this great country. In my view, banks were never intended to perform these activities, which have been the single largest factor to these institutions growing so large that taxpayers had no choice but to bail them out in order to prevent total economic ruin. My provision seeks to accomplish two goals: first, getting banks back to performing the duties they were meant to perform--taking deposits and making loans for mortgages, small businesses, and commercial enterprise; second, separating the activities that put these institutions in peril. This provision makes clear that engaging in risky derivatives dealing is not central to the business of banking. Under section 716, the Federal Reserve and FDIC will be prohibited from providing any Federal assistance and funds to bail out swap dealers and major swap participants. Currently, five of the largest commercial banks account for 97 percent of the commercial bank national swap activity. That is a huge concentration of economic power, which is why I am in no way surprised that several individuals are seeking to remove it from the bill. This provision will ensure that our community banks on Main Street would not pay the price for reckless behavior on Wall Street. Community banks are the backbone of economic activity for cities and towns throughout this great land. They don't deal in risky swaps that put the whole financial institution in jeopardy. Instead, they perform the day- to-day business of banking, making the smart, conservative decisions that banking institutions should be making. Unfortunately, we saw the five largest banks begin to fail in part because of that risky swap activity--activity that should never have been part of their operation in the first place. Sadly, it was community bankers and their depositors who were left footing the bill. Community banks were forced to pay for a problem they didn't create. Small banks are still paying that price. In 2009, we saw 140 bank failures, and now the cost of the FDIC insurance premiums are skyrocketing for our community banks all across the country. Higher insurance rates means less lending. Less lending means that now individuals and small businesses are also paying the price. The FDIC reported that in 2009 the banking industry reduced lending by 7.4 percent, the biggest decrease since 1942. I am a strong believer that you build an economic recovery from the ground up. If small and medium-sized businesses aren't getting the capital they need to grow their businesses, something is wrong. The economy simply will not recover unless we free up lending. Unfortunately, Wall Street lobbyists are doing everything they can to distort this provision--spreading misinformation and untruths. The suggestion that this provision will force derivatives into the dark without oversight is absolutely false. The Dodd-Lincoln bill makes it abundantly clear all swaps activity will be vigorously regulated by the Fed, the Commodity Futures Trading Commission, and the Securities and Exchange Commission. My good friend from New Hampshire, Senator Gregg, my friend from Tennessee, Mr. Corker, Wall Street lobbyists, and others in recent days have somehow argued that by pushing out risky swaps from the Nation's largest banks, such as J.P. Morgan, Bank of America, Wells Fargo, Goldman Sachs, and Citigroup, somehow swaps will no longer be regulated. This is just plain wrong. Just because these swaps desks will no longer be overseen by the FDIC does not mean that they will not be subject to this bill's strong regulation by the market regulators--the SEC and the CFTC. In short, they ignore the strong provisions included in the rest of the underlying bill. That is convenient for their argument but not so convenient when seeking the truth. Let me reiterate: Every swaps dealer and major swaps participant will be subject to strong regulation. Wall Street lobbyists have also argued that this will prevent banks from using swaps to hedge their risks. Again, that is completely false. Banks that have been acting as banks will be able to continue doing business as they always have. Community banks using swaps to hedge their interest rate risk on their loan portfolio will continue to be able to do so. Most important, we want them to do so. Community banks offering a swap in connection with a loan to a commercial customer are also still in the business of banking and will not be impacted. Using these products to manage risk or designing exotic swaps which have led to the financial demise of places such as Jefferson County, Alabama; Orange County, California; and the country of Greece are two very different things. Hopefully, this is something my colleagues will understand. Wall Street lobbyists have also said this provision will move $300 trillion worth of swap activities outside of the banks. My question is, Why is this activity there in the first place? I agree that regulated, transparent swap activity is a necessary part of our economy in managing risk. It just has no place inside a bank where too many innocent bystanders are put at risk. Despite what those on Wall Street may be saying, this provision is an important part of real Wall Street reform. It has broad support from the Independent Community Bankers of America, the Consumer Federation of America, the AARP, labor unions, and leading economists, such as Nobel Prize-winning Joseph Stiglitz, among others. Let me read what a few of these groups and individuals are saying about this provision. Americans for Financial Reform, which includes groups such as the AFL-CIO, NAACP, and Consumers Union, writes: The over 250 consumer, employee, investor, community and civil rights groups who are members of the Americans for Financial Reform write to express strong support for section 716 ("Prohibition Against Federal Government Bailouts of Swaps Entities'') as part of the Dodd-Lincoln substitute to the Restoring Financial Stability Act of 2010. It is now almost universally recognized that the fuse that lit the worldwide economic meltdown in the fall of 2008 was the $600 trillion severely undercapitalized and unregulated and opaque swaps market dominated by the world's largest banks. Section 716 is designed to ensure that the American taxpayer is not the banker of last resort, as was true in the bank bailouts in 2008 and 2009, for casino-like investments marketed by large Wall Street swap dealer-banks. Section 716 is a flat ban on Federal Government assistance to ``any swap entity,'' especially in instances where that entity cannot fulfill obligations emanating from highly risky swaps transactions. By quarantining highly risky swaps trading from banking altogether, federally insured deposits will not be put at risk by toxic swaps transactions. Moreover, banks will be forced to behave like banks, focusing on extending credit in a manner that builds economic strength as opposed to fostering worldwide economic instability. The Nobel Prize-winning economist and former Chairman of the Council of Economic Advisers during the Clinton administration, Joseph Stiglitz, writes: One provision holds particular promise--and has the banks especially riled up. This is the idea that the government should not be responsible for the ``counterparty risk''--the risk that a derivatives contract not be fulfilled. It was AIG's inability to fulfill its obligations that led the U.S. Government to step into the breach, to the tune of $182 billion. The modest proposal of the Agriculture Committee is that the U.S. Government (the Federal Deposit Insurance Corporation) stops underwriting these risks. If banks wish to write those derivatives, they would have to do so through a separate affiliate within the holding company. And if the bank made bad gambles, the taxpayer wouldn't have to pick up the tab. Here is another from the Independent Community Bankers of America: ICBA strongly supports section 106-- Which is a section in our bill-- of the derivatives bill. This section prohibits federal assistance, including federal deposit insurance and access to the Fed's discount window, to swaps entities in connection with their trading in swaps or securities-based swaps. Main Street and community banks have suffered the brunt of the financial crisis, a crisis caused by Wall Street players and not community banks. Assessments to replenish the Deposit Insurance Fund have increased dramatically for community banks. Large financial players have received hundreds of billions in financial assistance while community banks have been allowed to fail. Section 106 of Senator Lincoln's derivatives legislation would be an important provision to help ensure that taxpayers and community banks are not on the chopping block should another financial crisis occur. We strongly urge retention of this provision during markup this week. Thank you for keeping the views of the community bankers in mind. I ask unanimous consent to have printed in the Record these three letters from the Americans for Financial Reform, Professor Stiglitz, and the Independent Community Bankers.

Mrs. LINCOLN. Mr. President, I look forward to working with my colleagues to ensure this legislation remains strong and new loopholes are not created on behalf of Wall Street. This is a legislative body. It is designed for debate, and I welcome that debate and welcome the debate of my colleagues in terms of what we are trying to do here. We have seen a historic economic crisis. Banks no longer look like banks, and for people in my hometowns across Arkansas, that is a frightening thing. The status quo is certainly not acceptable. We all have to look at what it is we can do to come together with some type of assurance and confidence for the people of our States that we are not going to let the status quo remain. I believe we need to take the necessary steps to create that confidence for investors and consumers that what we experienced will not be able to happen again; that these financial entities cannot become so big that they cannot fail or that we would not allow them to fail or, worst of all, that taxpayers will have to bail them out again. I say to my colleagues, I am a very pragmatic person, pretty simplistic in what it is I want to achieve and what we have worked to achieve. I hope all of my colleagues will continue to work together to find out what it is we can responsibly hand to the people of this great country and say to them: We not only have seen what has happened, but we are going to dare to produce something that will ensure it does not happen again. As I said, working in a pragmatic way, I think we can come up with a good, strong piece of legislation, that all of us-- Democrats and Republicans, no matter what regions of the country we come from--will actually say to the American people: We saw what happened, and we are going to make sure it does not happen again.

Mrs. LINCOLN

Mrs. LINCOLN. Mr. President, today I wish to honor Little Rock philanthropist Judy Tenenbaum and her lifetime of service for the people of our great State of Arkansas. Judy will be recognized during this year's ``Red Jacket Ball,'' an annual benefit gala for City Year Little Rock/North Little Rock, a leading nonprofit organization that unites young people of all backgrounds for a year of full-time service. Throughout communities across the U.S., City Year members are easily recognizable by their red jackets, which symbolize the power of citizen service and provide the namesake for their annual fundraiser. This year marks the fifth anniversary of the Red Jacket Ball, and Judy joins a distinguished list of Arkansas philanthropists to have received this honor. Judy donates her time and resources to countless organizations throughout Central Arkansas, with causes ranging from the arts to cancer research to community development. Judy has touched thousands of Arkansans who may never know her name but who feel her generosity and support. Mr. President, I am proud to call Judy a friend. We have worked together on a number of charitable projects throughout the years, and she is always willing and able to lend support where it is needed the most. I join all Arkansans in recognizing Judy with the Red Jacket Ball Lifetime of Service Award from City Year Little Rock/North Little Rock.

Mrs. LINCOLN

Mrs. LINCOLN. Mr. President, today I commemorate the 125th anniversary of ``Old Folks Singing,'' a time-honored tradition in Tull, AR. Each year, Tull residents and other Arkansans gather at Ebenezer United Methodist Church on the third Sunday of May to sing gospel hymns from the church's original Christian Harmony and Cokesbury hymnals. Since 1885, this event has brought together Arkansans for praise, worship, and fellowship. Old Folks Singing is steeped in tradition. As event organizers proudly say, ``not much will change this year.'' The day begins with a prayer and welcome address before attendees join in song. After a potluck lunch and memorial service, the afternoon's music gets underway, ending with prayer and the final hymn, ``God Be with You 'Till We Meet Again.'' Mr. President, I also recognize the organizers of ``Old Folks Singing,'' including President Richard Tull, Vice President Wilson DuVall, Secretary Karen Westbrook, Treasurer Lena Ramsey, and Chaplain John Victor Burton. Numerous other volunteers help the day run smoothly by coordinating lunch, serving as ushers, creating the church bulletin, leading songs, and various other tasks. ``Old Folks Singing'' represents the best of our Arkansas communities. In good times and bad, Arkansans come together to share faith, family, and community. I ask my colleagues to join me in honoring this great Arkansas tradition.

Mrs. LINCOLN

Mrs. LINCOLN. Mr. President, I am so pleased to rise in support of Judge Price Marshall who has been nominated to fill the Federal judicial vacancy in the Eastern District of Arkansas. Judge Marshall has enjoyed an impressive and lengthy legal career in Arkansas, where he has served as a judge on the Arkansas Court of Appeals since 2006. Previously, Judge Marshall practiced law in his hometown of Jonesboro, for 15 years, as a principal at the firm Barrett & Deacon. He also clerked for U.S. Circuit Judge Richard Arnold from 1989 to 1991. He graduated from Arkansas State University in Jonesboro in 1985, where he currently serves as an adjunct professor of political science. Judge Marshall also received a degree from the London School of Economics, and graduated with honors from Harvard Law School in 1989. He has done a tremendous job. He is very well known in Arkansas as a gifted appellate advocate, brilliant legal mind, and well-respected man of integrity. I am so pleased the Senate is taking the role of moving him forward in this capacity. I thank Chairman Leahy and the Judiciary Committee for moving the nomination forward. I have full faith and confidence in Judge Marshall's ability and encourage Members to support him. I yield to my colleague from Arkansas.

Mrs. LINCOLN

Mrs. LINCOLN. Mr. President, I ask unanimous consent that George Wilder, a detailee in my office, be granted the privilege of the floor for the remainder of the debate on this legislation.

Mrs. LINCOLN

Mrs. LINCOLN. Mr. President, I thank Chairman Dodd for his hard work. I absolutely agree that getting Members to bring their amendments forward is going to be critical in terms of working with them and their ideas to see if we can move forward. We have a historic opportunity to do something on behalf our country, and I hope we all work together to make that happen. I ask unanimous consent that Senator Boxer be the next Democratic speaker after Senator Warner in the queue.

Mrs. LINCOLN. Mr. President, I rise today to speak in support of the Dodd-Lincoln substitute amendment. This substitute amendment represents a critical step forward in restoring the soundness of our financial system. This bill will ensure that our markets work for Main Street and not just for Wall Street. We have come to a critical juncture, and our Nation faces great challenges. But within those challenges we find great opportunities. Last fall, I had the honor and solemn responsibility of taking over the gavel of the Committee on Agriculture, Nutrition, and Forestry. As the daughter of a very pragmatic, seven-generation Arkansas family, I find myself, in the Senate Committee on Agriculture's 184 years, the first Arkansan to ever serve as chairman of that committee. I am proud of the work that has gone into the product we bring, along with the banking bill, to this process. Our committee was tasked with putting an end to the reckless behavior that put our financial system in jeopardy, specifically bringing regulation to the over-the-counter derivatives market. Reforming this market is at the heart of financial regulatory reform. Within a decade, this market exploded to $600 trillion in notional value and is today completely unregulated. Last week, the Senate Agriculture Committee took a critical step toward bringing transparency and accountability to this market, a critical step toward passing the Wall Street Transparency and Accountability Act with bipartisan support. The major provisions of this bill are included in this substitute amendment I have offered today with Chairman Dodd. I appreciate the work of my distinguished colleague, Chairman Dodd, and the Senate Banking Committee staff, along with the amazing staff from the Agriculture Committee, to merge our two bills. I also appreciate the leadership of Majority Leader Reid, whose commitment to producing strong financial regulatory reform guided us through this process. This substitute legislation takes the best of both committees' products and represents the strongest reform legislation to date. I thank Chairman Dodd for his strong leadership on this combined effort. He is a longtime leader in this body, and I very much appreciate not only all of his leadership but certainly our strong relationship. I am grateful for all of his hard work. I would also like to thank the President and his Treasury Department for their leadership on this issue. I also greatly appreciate the strong support from Chairman Gensler at the Commodity Futures Trading Commission. Because of their commitment, the administration has been instrumental in bringing us to this point. I am also very fortunate to have a strong partner in my good friend and ranking member, Saxby Chambliss. His thoughtfulness and the hard work of his unbelievable staff is reflected in many of the provisions we will begin debating on the Senate floor today. While we have had some policy differences, I know without a doubt that we share the goal of bringing thoughtful reform to these markets. This legislation is historic. It is landmark reform. It will keep banks in the business of banking. It will prevent future bailouts and, through the work done by Chairman Dodd, put an end to too big to fail. It will lower systemic risk--systemic risk through our clearing mechanisms and our exchange trading and real-time price transparency. It will close loopholes and make sure the regulators have the full authority to go after those entities that would evade or abuse the law. It protects jobs on Main Street by giving true commercial end users the ability to hedge and manage their risks. It protects municipalities, along with pensions and retirees and any governmental agency, from the gouging or the gross profiteering that has occurred in the past. Most importantly, it will bring 100 percent transparency to what is currently a completely unregulated and dark marketplace. This bill is true reform. This is strong reform. But we need to remember that this is not regulation for regulation sake. We have an important but narrowly tailored end user exemption and appropriate restraint on the regulators where necessary. We understand we are competing in a global financial world. This is a robust package that balances the need for strong, meaningful reform and recognizes the importance of these markets. Americans are demanding transparency and accountability from their government and from their financial system. America's consumers and businesses deserve strong reform that will ensure that the U.S. financial oversight system promotes and fosters the most honest, open, and reliable financial markets in the world. That ensures that not only does the United States remain the world financial leader but, most importantly, that we lead by example. I look forward to working with Chairman Dodd and my colleagues to consider amendments over the next several days and to improving the substitute bill where necessary. Most importantly, though, I am looking forward to providing the American people with a sound economy and a financial regulatory system that they truly deserve. I yield the floor.

Mrs. LINCOLN

Mrs. LINCOLN. Mr. President, today the Senate is considering a resolution recognizing the 75th Anniversary of the Natural Resources Conservation Service, known as NRCS. Congress established the Soil Conservation Service, the predecessor to NRCS, in April of 1935. Since that time, the agency has aided landowners in implementing conservation measures to protect and enhance our Nation's natural resources. Meanwhile, American farmers and ranchers have become the most productive of any on Earth--ensuring a safe, diverse, and nutritious food supply for their fellow citizens and many of the world's citizens. Today, NRCS administers more than 20 conservation programs that provide technical and financial assistance to landowners. These programs improve soil and water quality, increase energy efficiency, enhance agricultural practices, and retire marginal lands to create and protect wildlife habitat. NRCS has directly contributed to the protection or establishment of 160 million acres of wildlife habitat and to the preservation, restoration, or enhancement of 9 million acres of wetlands. We have seen real progress over the past 75 years, but I would argue private lands conservation is more important in 2010 than ever before, as we confront challenges such as climate change and loss of open space, and explore opportunities for creating wealth in rural communities through renewable energy production and water quality and carbon credit trading. Properly managed working lands generate environmental benefits we all enjoy, such as clean air, water made clean by filtering through forests and fields, high-quality soils that capture carbon and make life possible, and wildlife habitat that promotes biodiversity and offers recreational opportunities such as fishing and hunting. With 70 percent of U.S. lands in private hands, the continuation of successful farm bill conservation programs--along with other technical assistance efforts--should be of interest to all of us. NRCS programs provide important public benefits while working with landowners on a voluntary basis. This unique approach is aided by the agency's presence in every county of every State. Agency employees in every office work toward the common goal of conserving natural resources for the benefit of the landowner and all Americans. I urge my colleagues to support this important resolution recognizing the NRCS's 75 years of service.

Mrs. LINCOLN

Mrs. LINCOLN. Mr. President, today I honor National Guard Specialist Michelle Donovan, a resident of Hot Springs Village in my home State of Arkansas. Specialist Donovan recently received the Purple Heart for injuries she sustained while serving in Iraq nearly 3 years ago. Specialist Donovan served as a combat medic assigned to the 875th Engineer Battalion, Arkansas National Guard. On August 21, 2007, while on patrol in Iraq, the vehicle in which she was riding struck an explosive device, leaving her and her four team members seriously wounded. She suffered severe traumatic brain injury and wounds to her leg and shoulder, as well as injuries to her face, requiring a medical discharge from the Arkansas National Guard. Along with all Arkansans, I salute Specialist Donovan for her bravery, and I am grateful for her service and sacrifice. More than 11,000 Arkansans on active duty and more than 10,000 Arkansas reservists have served in Iraq or Afghanistan since September 11, 2001. It is the responsibility of our Nation to provide the tools necessary to care for our country's returning servicemembers and honor the commitment our Nation made when we sent them into harm's way. Our grateful Nation will not forget them when their military service is complete. It is the least we can do for those whom we owe so much.

Mrs. LINCOLN

Mrs. LINCOLN. Mr. President, today I congratulate Alice Smith for being named the 2009 Citizen of the Year by the Clarendon Chamber of Commerce. According to those who know her best, Alice is a dedicated community volunteer, spending countless hours of her time helping others throughout the Clarendon community. A long-time volunteer with the Boy Scouts, Alice also serves as President of the Clarendon Chamber of Commerce and is a member of Visions for Clarendon, the Clarendon American Legion Auxiliary, and a board member for the Monroe County Human Development Center. Alice also fought to save the annual Clarendon Christmas parade when it was on the verge of cancellation due to lack of funds and participation. I have felt a long kinship to Clarendon, and I am grateful for the friendships I have made there. Clarendon is a community with a great spirit of volunteerism and caring. We should all embrace Alice's spirit of service and volunteerism. I send my heartfelt congratulations to her and her family.

Mrs. LINCOLN

Mrs. LINCOLN. Mr. President, today I rise to recognize the residents of Hot Springs Village in my home State of Arkansas. Hot Springs Village is a gated resort and retirement community in scenic west central Arkansas in the Ouachita Mountains. It is home to 15,000 residents and offers 11 recreational lakes for fishing, swimming and boating, 16 tennis courts, a fitness center, a 650-seat performing arts center, and over 20 miles of wooded nature trails. During the week of April 17-25, Hot Springs Village will celebrate its 40th anniversary with events throughout the community, including concerts, golf tournaments, luncheons, open houses, and more. These events symbolize the culture, recreation, and community spirit that define Hot Springs Village and its citizens. Mr. President, I salute the residents of Hot Springs Village for their efforts to maintain the heritage, beauty, and history of their community. I join all Arkansans to express my pride in this jewel of Arkansas.

Mrs. LINCOLN

Mrs. LINCOLN. Mr. President, today I congratulate Little Rock Air Force Base and its community council for winning the prestigious 2009 Abilene Trophy, which is presented annually to a civilian community for outstanding support to a nearby U.S. Air Force Air Mobility Command Base. The winner is determined by a selection committee of the Abilene Chamber of Commerce Military Affairs Committee in Texas, with final approval by the U.S. Air Force Air Mobility Command. According to COL Greg Otey, Little Rock Air Force Base Installation Commander, ``the council's steadfast support of the base, its missions and its people haven't gone unnoticed. I've said many times that we are blessed to have such a supportive local community, and this award validates everything I've been saying since I arrived here last year.'' Little Rock Air Force Base is known as the ``Home of C-130 Combat Airlift'' in large part due to the outstanding relationship among its community partners. The relationship between the base and local community remains as strong today as when it began in the 1950s, and community support is integral to the base's ability to accomplish its mission. For example, in 2009, ground was broken on a new Joint Education Center, a higher-learning institution open to both military members and civilians. The city of Jacksonville voted to support the center with another $5 million of its own. Airpower Arkansas, a subset of the Community Council, raised more than $50,000 from local business and individuals for the base's 2010 air show. Civic leaders sponsored base events such as the Air Force Ball, the Annual Awards Ceremony, and the Black Knight Heritage Dinner. These leaders also took time on Thanksgiving and Christmas to serve meals to Airmen at the base dining facility. I commend the Little Rock Air Force Base and its community council for their efforts, hard work, and dedication. Along with all Arkansans, I am grateful for the service and sacrifice of all of our military servicemembers and their families.