Paul Sarbanes

Mr. SARBANES

Mr. SARBANES. Mr. President, I rise today to commemorate the Centennial Anniversary of the National Institute of Standards and Technology in Gaithersburg, which will occur on March 3, 2001. NIST and its scientists, researchers, and other personnel have a tremendous list of accomplishments over the last 100 years. Through its support of industry and its development of critical technology measurements, standards, and applications, NIST has played a critical role in our Nation's technological advances and, indeed, has helped to revolutionize the U.S. economy. Initially founded as the National Bureau of Standards, NIST is our Nation's oldest Federal laboratory. In fact, the Institute's mission was first stated in the Articles of Confederation and the U.S. Constitution, making it as old as the Republic itself. The initial purpose of the Institute was to establish authoritative national standards of quantities and products. In its first three decades, NIST mainly served industries working to modernize by improving physical measurements, standards development, and testing methods. During this time, the Institute played an instrumental role in the creation of such critical 20th century innovations as the measurement of electricity, improvement of product assembly techniques, development of the aviation and automobile industry, and the creation of the radio. After aiding the military effort during World War II, the National Institute of Standards and Technology and its workforce helped to develop many of the scientific innovations that have enabled our modern economy to flourish. NIST was able to foster and improve measurements of temperature, force, time, and weights. These and other technical improvements enabled the U.S. space program, aviation and naval industries, and perhaps the most importantly, the computer industry to excel. In 1988, in part to emphasize its diverse range of activities, the National Bureau of Standards was renamed the National Institute of Standards and Technology. Today, the Institute continues to act as a behind-the-scenes specialist in the systems and operations that collectively drive the U.S. economy, including satellite, communication and transportation networks, and our laboratories, factories, hospitals, and businesses. Over the years, I have had the opportunity to work closely with a number of individuals at the National Institute of Standards and Technology and I can personally attest to the high caliber, quality, and commitment of its workforce. NIST employs many of our Nation's most dedicated and talented scientists, as is evidenced by its legacy of a number of Nobel-Prize winners. More recently, I along with the rest of the Maryland delegation have worked with the Institute on a comprehensive ten year initiative to upgrade its laboratory infrastructure, which is expected to be completed by the year 2004. It is our hope that through this effort, with upgraded facilities, to match the quality of its personnel, NIST will be able to continue advancing the scientific and technological infrastructure of U.S. industry into the 21st Century. Again, we take great pride in the accomplishments of the National Institute of Standards and Technology, in the people that work there, and in having the Institute in Maryland. I commend NIST for its 100 years of success and remarkable achievements and am confident that it will continue its remarkable track record of advancing science and technology for hundreds of years to come.

Mr. SARBANES

Mr. SARBANES. Mr. President, today I am introducing legislation together with Senators Warner, Campbell, and Murray, which would grant a Federal Charter to the Korean War Veterans Association, Incorporated. This legislation recognizes and honors the 5.7 million Americans who fought and served during the Korean War for their struggles and sacrifices on behalf of freedom and the principles and ideals of our nation. The year 2000 marked the 50th Anniversary of the Korean War. In June 1950 when the North Korea People's Army swept across the 38th Parallel to occupy Seoul, South Korea, members of our Armed Forces--including many from the State of Maryland--immediately answered the call of the U.N. to repel this forceful invasion. Without hesitation, these soldiers traveled to an unfamiliar corner of the world to join an unprecedented multinational force comprised of 22 countries and risked their lives to protect freedom. The Americans who led this international effort were true patriots who fought with remarkable courage. In battles such as Pork Chop Hill, the Inchon Landing and the frozen Chosin Reservoir, which was fought in temperatures as low as fifty- seven degrees below zero, they faced some of the most brutal combat in history. By the time the fighting had ended, 8,176 Americans were listed as missing or prisoners of war--some of whom are still missing-- and over 36,000 Americans had died. One hundred and thirty-one Korean War Veterans were awarded the nation's highest commendation for combat bravery, the Medal of Honor. Ninety-four of these soldiers gave their lives in the process. There is an engraving on the Korean War Veterans Memorial which reflects these losses and how brutal a war this was. It reads, ``Freedom is not Free.'' Yet, as a Nation, we have done little more than establish this memorial to publicly acknowledge the bravery of those who fought the Korean War. The Korean War has been termed by many as the ``Forgotten War.'' Freedom is not free. We owe our Korean War Veterans a debt of gratitude. Granting this Federal charter--at no cost to the government--is a small expression of appreciation that we as a Nation can offer to these men and women, one which will enable them to work as a unified front to ensure that the ``Forgotten War'' is forgotten no more. The Korean War Veterans Association was originally incorporated on June 25, 1985. Since its first annual reunion and memorial service in Arlington, Virginia, where its members decided to develop a national focus and strong commitment to service, the association has grown substantially to a membership of over 17,000. A Federal charter would allow the Association to continue and grow its mission and further its charitable and benevolent causes. Specifically, it will afford the Korean War Veterans' Association the same status as other major veterans organizations and allow it to participate as part of select committees with other congressionally chartered veterans and military groups. A Federal charter will also accelerate the Association's ``accreditation'' with the Department of Veterans Affairs which will enable its members to assist in processing veterans' claims. The Korean War Veterans have asked for very little in return for their service and sacrifice. I urge my colleagues to join me in supporting this legislation and ask that the text of the measure be printed in the Record immediately following my comments.

Mr. SARBANES

Mr. SARBANES. Mr. President, today I am introducing legislation together with Senators Warner, Campbell, and Murray, which would grant a Federal Charter to the Korean War Veterans Association, Incorporated. This legislation recognizes and honors the 5.7 million Americans who fought and served during the Korean War for their struggles and sacrifices on behalf of freedom and the principles and ideals of our nation. The year 2000 marked the 50th Anniversary of the Korean War. In June 1950 when the North Korea People's Army swept across the 38th Parallel to occupy Seoul, South Korea, members of our Armed Forces--including many from the State of Maryland--immediately answered the call of the U.N. to repel this forceful invasion. Without hesitation, these soldiers traveled to an unfamiliar corner of the world to join an unprecedented multinational force comprised of 22 countries and risked their lives to protect freedom. The Americans who led this international effort were true patriots who fought with remarkable courage. In battles such as Pork Chop Hill, the Inchon Landing and the frozen Chosin Reservoir, which was fought in temperatures as low as fifty- seven degrees below zero, they faced some of the most brutal combat in history. By the time the fighting had ended, 8,176 Americans were listed as missing or prisoners of war--some of whom are still missing-- and over 36,000 Americans had died. One hundred and thirty-one Korean War Veterans were awarded the nation's highest commendation for combat bravery, the Medal of Honor. Ninety-four of these soldiers gave their lives in the process. There is an engraving on the Korean War Veterans Memorial which reflects these losses and how brutal a war this was. It reads, ``Freedom is not Free.'' Yet, as a Nation, we have done little more than establish this memorial to publicly acknowledge the bravery of those who fought the Korean War. The Korean War has been termed by many as the ``Forgotten War.'' Freedom is not free. We owe our Korean War Veterans a debt of gratitude. Granting this Federal charter--at no cost to the government--is a small expression of appreciation that we as a Nation can offer to these men and women, one which will enable them to work as a unified front to ensure that the ``Forgotten War'' is forgotten no more. The Korean War Veterans Association was originally incorporated on June 25, 1985. Since its first annual reunion and memorial service in Arlington, Virginia, where its members decided to develop a national focus and strong commitment to service, the association has grown substantially to a membership of over 17,000. A Federal charter would allow the Association to continue and grow its mission and further its charitable and benevolent causes. Specifically, it will afford the Korean War Veterans' Association the same status as other major veterans organizations and allow it to participate as part of select committees with other congressionally chartered veterans and military groups. A Federal charter will also accelerate the Association's ``accreditation'' with the Department of Veterans Affairs which will enable its members to assist in processing veterans' claims. The Korean War Veterans have asked for very little in return for their service and sacrifice. I urge my colleagues to join me in supporting this legislation and ask that the text of the measure be printed in the Record immediately following my comments.

Mr. SARBANES. Mr. President, I am pleased to join Senators Kerry, Grassley, and Levin in introducing the International Counter-Money Laundering and Foreign Anti-Corruption Act of 2001, ``ICMLA''. This legislation is identical to a bill I co-sponsored last year. Money laundering poses an ongoing threat to the financial stability of the U.S. It is estimated by the Department of the Treasury that the global volume of laundered money accounts for between 2-5 percent of the global GDP. Although serious efforts to combat international money laundering began in the mid-1980's, recent scandals about the involvement of some the most prominent U.S. banks in money laundering schemes have highlighted key weaknesses in current laws. The ICMLA is designed to bolster the United States' ability to counter the laundering of the proceeds of drug trafficking, organized crime, terrorism and official corruption from abroad. The bill broadens the authority of the Secretary of the Treasury, ensures that banking transactions and financial relationship do not contravene the purposes of current anti-money laundering statutes, provides a clear mandate for subjecting foreign jurisdictions that facilitate money laundering to special scrutiny, and enhances reporting of suspicious activities. The bill similarly strengthens current measures to prevent the use of the U.S. financial system for personal gain by corrupt foreign officials and to facilitate the repatriation of any stolen assets to the citizens of countries to whom such assets belong. First, Section 101 of the ICMLA gives the Secretary of the Treasury, in consultation with other key government officials, discretionary authority to impose five new ``special measures'' against foreign jurisdictions and entities that are of ``primary money laundering concern'' to the United States. Under current law, the only counter- money laundering tools available to the federal government are advisories, an important but relatively limited measure instructing banks to pay close attention to transactions that involve a given country, and full-blown economic sanctions under the International Emergency Economic Powers Act, ``IEEPA''. The five new intermediate measures will increase the government's ability to apply well- calibrated pressure against targeted jurisdictions or institutions. These new measures include: 1. requiring additional record keeping/ reporting on particular transactions, 2. requiring the identification of the beneficial foreign owner of a U.S. bank account, 3. requiring the identification of those individuals using a U.S. bank account opened by a foreign bank to engage in banking transactions a ``payable- through account'', 4. requiring the identification of those using a U.S. bank account established to receive deposits and make payments on behalf of a foreign financial institution, a ``correspondent account'', and 5. restricting or prohibiting the opening or maintaining of certain correspondent accounts. The Democratic staff of the Permanent Subcommittee on Investigations of the Senate Governmental Affairs Committee recently completed an investigation and published results critical of certain correspondent banking activities. Second, the bill seeks to enhance oversight into illegal activities by clarifying that the ``safe harbor'' from civil liability for filing a Suspicious Activity Report, ``SAR'', applies in any litigation, including suit for breach of contract or in an arbitration proceeding. Under the Bank Secrecy Act, ``BSA'', any financial institution or officer, director, employee, or agent of a financial institution is protected against private civil liability for filing a SAR. Section 201 of the bill amends the BSA to clarify the prohibition on disclosing that a SAR has been filed. These reports are the cornerstone of our nation's money-laundering efforts because they provide the information necessary to alert law enforcement to illegal activity. Third, the bill enhances enforcement of Geographic Targeting Orders, ``GTO''. These orders lower the dollar thresholds for reporting transactions within a defined geographic area. Section 202 of the bill clarifies that civil and criminal penalties for violations of the Bank Secrecy Act and its regulations also apply to reports required by GTO's. In addition, the section clarifies that structuring a transaction to avoid a reporting requirement by a GTO is a criminal offense and extends the presumptive GTO period from 60 to 180 days. Fourth, Section 203 of the bill permits a bank, upon request of another bank, to include suspicious illegal activity in written employment references. Under this provision, banks would be permitted to share information concerning the possible involvement of a current or former officer or employee in potentially unlawful activity without fear of civil liability for sharing the information. Finally, Title III of the bill addresses corruption by foreign officials and ruling elites. Earlier this year, the Secretary of the Treasury, in consultation with the Attorney General and the financial services regulators, issued guidelines to financial institutions operating in the U.S. on appropriate practices and procedures to reduce the likelihood that such institutions could facilitate proceeds expropriated by or on behalf of foreign senior government officials. Title III would help build upon efforts to combat corruption by foreign officials and ruling elites. It provides that the U.S. government should make clear that it will take all steps necessary to identify the proceeds of foreign government corruption which have been deposited in U.S. financial institutions and return such proceeds to the citizens of the country to whom such assets belong. It also encourages the U.S. to continue to actively and publicly support the objectives of the Financial Action Task Force on Money Laundering with regard to combating international money laundering. The ICMLA addresses many of the shortcomings of current law. the Secretary of Treasury is granted additional authority to require greater transparency of transactions and accounts as well as to narrowly target penalties and sanctions. The reporting and collection of additional information on suspected illegal activity will greatly enhance the ability of bank regulators and law enforcement to combat the laundering of drug money, proceeds from corrupt regimes, and other illegal activities. The House Banking Committee passed the identical anti-money laundering bill by a vote of 31 to 1 on June 8, 2000. I hope that we can move this legislation expeditiously in the Senate.

Mr. SARBANES

Mr. SARBANES. Mr. President, I am pleased to join Senators Kerry, Grassley, and Levin in introducing the International Counter-Money Laundering and Foreign Anti-Corruption Act of 2001, ``ICMLA''. This legislation is identical to a bill I co-sponsored last year. Money laundering poses an ongoing threat to the financial stability of the U.S. It is estimated by the Department of the Treasury that the global volume of laundered money accounts for between 2-5 percent of the global GDP. Although serious efforts to combat international money laundering began in the mid-1980's, recent scandals about the involvement of some the most prominent U.S. banks in money laundering schemes have highlighted key weaknesses in current laws. The ICMLA is designed to bolster the United States' ability to counter the laundering of the proceeds of drug trafficking, organized crime, terrorism and official corruption from abroad. The bill broadens the authority of the Secretary of the Treasury, ensures that banking transactions and financial relationship do not contravene the purposes of current anti-money laundering statutes, provides a clear mandate for subjecting foreign jurisdictions that facilitate money laundering to special scrutiny, and enhances reporting of suspicious activities. The bill similarly strengthens current measures to prevent the use of the U.S. financial system for personal gain by corrupt foreign officials and to facilitate the repatriation of any stolen assets to the citizens of countries to whom such assets belong. First, Section 101 of the ICMLA gives the Secretary of the Treasury, in consultation with other key government officials, discretionary authority to impose five new ``special measures'' against foreign jurisdictions and entities that are of ``primary money laundering concern'' to the United States. Under current law, the only counter- money laundering tools available to the federal government are advisories, an important but relatively limited measure instructing banks to pay close attention to transactions that involve a given country, and full-blown economic sanctions under the International Emergency Economic Powers Act, ``IEEPA''. The five new intermediate measures will increase the government's ability to apply well- calibrated pressure against targeted jurisdictions or institutions. These new measures include: 1. requiring additional record keeping/ reporting on particular transactions, 2. requiring the identification of the beneficial foreign owner of a U.S. bank account, 3. requiring the identification of those individuals using a U.S. bank account opened by a foreign bank to engage in banking transactions a ``payable- through account'', 4. requiring the identification of those using a U.S. bank account established to receive deposits and make payments on behalf of a foreign financial institution, a ``correspondent account'', and 5. restricting or prohibiting the opening or maintaining of certain correspondent accounts. The Democratic staff of the Permanent Subcommittee on Investigations of the Senate Governmental Affairs Committee recently completed an investigation and published results critical of certain correspondent banking activities. Second, the bill seeks to enhance oversight into illegal activities by clarifying that the ``safe harbor'' from civil liability for filing a Suspicious Activity Report, ``SAR'', applies in any litigation, including suit for breach of contract or in an arbitration proceeding. Under the Bank Secrecy Act, ``BSA'', any financial institution or officer, director, employee, or agent of a financial institution is protected against private civil liability for filing a SAR. Section 201 of the bill amends the BSA to clarify the prohibition on disclosing that a SAR has been filed. These reports are the cornerstone of our nation's money-laundering efforts because they provide the information necessary to alert law enforcement to illegal activity. Third, the bill enhances enforcement of Geographic Targeting Orders, ``GTO''. These orders lower the dollar thresholds for reporting transactions within a defined geographic area. Section 202 of the bill clarifies that civil and criminal penalties for violations of the Bank Secrecy Act and its regulations also apply to reports required by GTO's. In addition, the section clarifies that structuring a transaction to avoid a reporting requirement by a GTO is a criminal offense and extends the presumptive GTO period from 60 to 180 days. Fourth, Section 203 of the bill permits a bank, upon request of another bank, to include suspicious illegal activity in written employment references. Under this provision, banks would be permitted to share information concerning the possible involvement of a current or former officer or employee in potentially unlawful activity without fear of civil liability for sharing the information. Finally, Title III of the bill addresses corruption by foreign officials and ruling elites. Earlier this year, the Secretary of the Treasury, in consultation with the Attorney General and the financial services regulators, issued guidelines to financial institutions operating in the U.S. on appropriate practices and procedures to reduce the likelihood that such institutions could facilitate proceeds expropriated by or on behalf of foreign senior government officials. Title III would help build upon efforts to combat corruption by foreign officials and ruling elites. It provides that the U.S. government should make clear that it will take all steps necessary to identify the proceeds of foreign government corruption which have been deposited in U.S. financial institutions and return such proceeds to the citizens of the country to whom such assets belong. It also encourages the U.S. to continue to actively and publicly support the objectives of the Financial Action Task Force on Money Laundering with regard to combating international money laundering. The ICMLA addresses many of the shortcomings of current law. the Secretary of Treasury is granted additional authority to require greater transparency of transactions and accounts as well as to narrowly target penalties and sanctions. The reporting and collection of additional information on suspected illegal activity will greatly enhance the ability of bank regulators and law enforcement to combat the laundering of drug money, proceeds from corrupt regimes, and other illegal activities. The House Banking Committee passed the identical anti-money laundering bill by a vote of 31 to 1 on June 8, 2000. I hope that we can move this legislation expeditiously in the Senate.

Mr. SARBANES

Mr. SARBANES. Mr. President, I am pleased to join with Senators Warner, Mikulski, Bingaman, and Kennedy in introducing a resolution which would express the sense of the Congress that parity between Federal civilian pay and military pay should be maintained. A comparison of military and civilian pay increases by the Congressional Research Service finds that in 17 of these last 20 years military and civilian pay increases have been identical. Disparate treatment of civilian and military pay goes against longstanding policy of parity for all those who have chosen to serve our Nation--whether that service be in the civilian workforce or in the armed services. In the 106th Congress, an overwhelming majority of the United States Senate agreed, and approved a bipartisan pay parity amendment on February 24, 1999 by a vote of 94 to 6 during consideration of S. 4, the Soldiers', Sailors', Airmen's, and Marines Bill of Rights Act. In many instances, Federal civilian and military employees work side-by- side doing the important work of the Nation, and the Senate has recognized that we should not undermine the morale of these very dedicated public servants by failing to bring them in line with military personnel. The rationales for an increase in military and civilian pay are the same. Both the armed services and the Federal civilian workforce need to address critical retention and recruitment problems. This year, the General Accounting Office, GAO, has added ``human capital'' as one of the areas of high risk for the Federal government. A wave of potential retirements threaten institutional experience and knowledge at every level. An estimated 53 percent of the Federal workforce will be eligible to retire by 2004. By that same time, approximately 60 percent of the Senior Executive Service, our top civilian managers, will be eligible for retirement. These vacancies will occur in an era in which those entering the workforce are less likely to join public service. As the GAO has noted, the ``Federal government has often acted as if its people were costs to be cut rather than assets to be valued.'' Congress has continually asked Federal employees to make significant sacrifices for the sake of our Nation's fiscal health. FEPCA, legislation passed in 1990 to bring the pay of Federal employees in line with that offered in the private sector, has never been fully implemented. Between 1993 and 1999, the executive branch has cut 17 percent of its workforce, totaling 377,000 full time positions. In 1996, Federal employees were forced to make higher contributions to their retirement plans in order to help pay down the national debt. But through it all, Federal employees have continued to provide high quality service to the American public, usually with fewer resources and personnel. One way to ensure the Federal government is able to attract and retain qualified public servants is to ensure parity between civil service employees and members of the armed forces. I urge my colleagues to join me in support of this important resolution.

Mr. SARBANES

Mr. SARBANES. Mr. President, I am very pleased to join in commemorating African-American History Month and particularly this year's theme, ``Creating and Defining the African-American Community: Family, Church, Politics and Culture.'' Since 1926, the month of February has served as a time for our citizens to recognize and applaud the vast contributions made by African-Americans to the founding and building of this great Nation. The vision of the noted author and scholar, Dr. Carter G. Woodson, led to this important annual celebration. As we note the theme of this year's Black History Month celebration, it is important to recognize the challenges ahead for African-Americans in a new age. From early days, the family has been the backbone of the African- American culture in our country. Through a strong and stable family structure, African-Americans found companionship, love, and an understanding of the suffering endured during oppressive periods in history. The African-American family has served to strengthen and encourage young African-Americans to forge ahead to break barriers and rise to new heights within American culture. The unemployment rate for African-Americans has fallen from 14.2 percent in 1992 to 8.3 percent in 1999, the lowest annual level on record. The median household income of African-Americans is up 15.1 percent since 1993, from $22,034 in 1993 to $25,351 in 1998. Real wages of African-Americans have risen rapidly in the past two years, up about 5.8 percent for men and 6.2 percent for women since 1996. The African-American poverty rate has dropped from 33.1 percent in 1993 to 26.1 percent in 1998, the lowest level ever recorded and the largest five-year drop in more than twenty-five years. Since 1993, the child poverty rate among African-Americans has dropped from 46.1 percent to 36.7 percent in 1998. While still too large, this represents the largest five-year drop on record. It is critical that we in Congress continue to work to enact legislation that will further strengthen African-American families and enable these rates to continue to decrease at record levels. Religion, like family, has played a vital role in African-American life in this country, with the Black Church a substantial and enduring presence. Throughout the early period of our Nation's development, African-Americans established their own religious institutions. Although these institutions were not always formally recognized, it should be noted that the African Methodist Episcopal Church was founded in 1787, followed closely by the African Baptist Church in 1788. Throughout our Nation's history, the Black Church has served as both a stabilizing influence and as a catalyst for needed change. During slavery, the African-American Church was a place of spiritual sanctuary and community. After Blacks were freed, the Church remained a line of defense and comfort against racism. The Black Church served as an agency of social reorientation and reconstruction, providing reinforcement for the values of marriage, family, morality, and spirituality in the face of the corrosive effects of discrimination. The Black Church became the center for economic cooperation, pooling resources to buy churches, building mutual aid societies which provided social services, purchasing and helping resettle enslaved Africans, and establishing businesses. From its earliest days as an invisible spiritural community, the Black Church supported social change and struggle, providing leaders and leadership at various points in the struggle against racism and discrimination. The civil rights movement of the 1960s provided the catalyst for African-Americans to move into the political arena. Three major factors encouraged the beginning of this new movement for civil rights. First, many African-Americans served with honor in World War II, as they had in many wars since the American revolution. However, in this instance, African-American leaders pointed to the records of these veterans to show the injustice of racial discrimination against patriots. Second, more and more African-Americans in the North had made economic gains, increased their education, and registered to vote. Third, the NAACP had attracted many new members and received increased financial support from all citizens. In addition, a young group of energetic lawyers, including Thurgood Marshall, of Baltimore, Maryland, used the legal system to bring about important changes in the lives of African-Americans, while Dr. Martin Luther King, Jr. appealed to the conscience of all citizens. When Congress passed the Civil Rights Act of 1964 and the Voting Rights Act of 1965, Clarence Mitchell, Jr., of Maryland, played a critical part in steering this legislation through Congress. African-Americans began to assume more influential roles in the Federal Government as a result of the civil rights movement, a development which benefitted the entire Nation. In 1966, Dr. Robert C. Weaver became the Secretary of Housing and Urban Development, the first Black Cabinet Member and Edward Brooke became the first African- American elected to the Senate since reconstruction. In 1967, Thurgood Marshall became the first Black Justice on the Supreme Court. In 1969, Shirley Chisholm of New York became the first Black woman to serve in the U.S. House of Representatives. Progress continued in the next three decades. In 1976, Patricia Harris became the first Black woman Cabinet Member and in 1977 when Clifford Alexander was confirmed as the first Black Secretary of the Army. In 1989, Douglas Wilder of Virginia became the first elected African-American Governor in the Nation. In 1992, Carol Moseley-Braun became the first African-American female U.S. Senator. In 1993, Ron Brown became the first African-American Secretary of Commerce, Jesse Brown became the first African-American Secretary of the Veterans Administration, and Hazel O'Leary became the first black Secretary of Energy. In 1997, Rodney Slater became the first African-American Secretary of Transportation and Alexis Herman became the first African- American Secretary of Labor. In 2001, Roderick Paige became the first African-American Secretary of Education and General Colin Powell, in addition to being the first African-American Chairman of the Joint Chiefs of Staff, became the first U.S. Secretary of State. African-Americans have played significant roles in influencing and changing American life and culture. Through such fields as arts and entertainment, the military, politics and civil rights, African-Americans have been key to the progress and prosperity of our Nation. Blacks have contributed to the artistic and literary heritage of America from the early years to the present. They have influenced the field of music as composers, vocalists, and instrumentalists and played a seminal role in the emergence of blues, jazz, gospel, and rhythm and blues. Although African-Americans owned and published newspapers in the 19th century, their achievements in the communications industry have been most noted in the 20th century, when they produced and contributed to magazines, newspapers, and television and radio news and talk shows in unprecedented numbers. There are now hundreds of Black-owned radio stations throughout the country. While integrated into professional sports relatively recently, African-American athletes have reached the highest levels of accomplishment. They also comprise some of the finest athletes representing the United States in the Olympic Games. As we move into the new Millenium, we look forward to the continued growth and prosperity of African-American citizens. Our Nation's history is replete with the contributions of African-Americans. Black History Month affords all Americans an opportunity to celebrate the great achievements of African-Americans, to celebrate how far this Nation has come, and to remind us of how far we have to go.

Mr. SARBANES

Mr. SARBANES. Mr. President, will the Senator yield?

Mr. SARBANES. These figures are the actual deficit figures the Senator is talking about.

Mr. SARBANES. I thank the Senator. He has set out for us what, really, is a historic decision we will be confronting. We must recognize it as such.

Mr. SARBANES. I thank the Senator for yielding.

Mr. SARBANES. Not yet.

Mr. SARBANES. They should be contrasted with the projections which were made only a few years before--projections which projected surpluses. Am I correct?

Mr. SARBANES. I think this is an extraordinarily important point. We have these projections now. We are talking about having a surplus of trillions over 10 years, and yet two-thirds of the surplus being projected now is in the last 5 years of the 10-year period.

Mr. SARBANES. I want to underscore what the Senator is saying. Some make the argument that somehow it takes great political courage to advocate a sweeping tax cut. I have never encountered that in the course of my public career; a tax cut is always welcome. If it is possible, if the fiscal circumstances are such, I think we should consider doing tax cuts. But the real problem is always how to act in a responsible manner and how to think about the future and not rush. The paper this morning has an article entitled ``Congressional Republicans Seek Bush's Big Tax Cut and Think Bigger.'' Another headline says, ``Business Vows to Seek Its Share of Tax Relief.'' Once you take the lid off the punch bowl, everyone wants to come to the punch bowl and gorge themselves. The real challenge, the difficult political challenge, is not to do the tax cut. The difficult political challenge is to restrain yourself so whatever you do is done in a responsible manner, in a manner that takes into account the future of the country--by ``the future'' I don't just mean next year, but the next generation and the generation after that--and in a manner that will build the strength of the Nation over time. That is the difficult challenge. I agree completely with the Senator in his observation.

Mr. SARBANES. I do, indeed.

Mr. SARBANES. Will the Senator yield?

Mr. SARBANES. Will the Senator yield?

Mr. SARBANES. I want to bring one other fact to your attention, and then I will certainly yield back to the Senator. Just to show you how fragile these budget surplus estimates are, in 1995 CBO estimated that in the year 2000 we would have a deficit of $342 billion. Five years out they were making that projection. Instead, we had a surplus of $236 billion, because we restrained ourselves on spending. We recouped taxes in order to balance the budget. That is a swing of $578 billion from the projections to the actuality. That was only projecting 5 years. Now we are talking about projections that go for 10 years. I think the Senator is absolutely right to underscore the fragile nature, which would be the best way to put it, of budget projections. These projections have almost an evaporating dimension to them. I think we have to be extremely careful, cautious, and prudent in planning our policy if we are using these kinds of projections. Of course, the Senator just underscored it, by outlining the projections that were made in the Reagan years to support the tax cut and how far from the mark they were, only a few years later--not quite immediately, but only a few years later.

Mr. SARBANES. Everyone has underscored that you can't really base a policy on these projections, they are so uncertain. As the Senator pointed out earlier in his statement, in just 6 months the Congressional Budget Office changed its projections to raise the surplus estimate by about $1 trillion between last summer and last month.

Mr. SARBANES. As always, I think the very able Senator from West Virginia has given us an extremely important message. Moderation in all things is essentially what the Senator is talking about. He is saying: Be cautious. Be prudent. These steps that the Senator set out, if one goes over them carefully, are a balanced package which he is recommending. He says: Watch the investments. Manage the economy. Pay down the debt. Cover the necessities. Do those programs that are essential to our future strength: Education, health care. Put aside what we need for a rainy day, preserve Social Security and Medicare. And then ease up on the taxes. The Senator is not saying: Don't do a tax cut, in light of these surpluses or projected surpluses. But let's be careful about it. And do not pull the rug out from under the projections in the future. Now that is a package that makes sense. That is what all the commentators are telling us. The Baltimore Sun just today had an editorial. I ask unanimous consent it be printed in the Record.

Mr. SARBANES. ``Calming down frenzy for a big federal tax cut. Congress should take a close look at Bush's forecast figures and a decidedly cautious approach.'' They quote the Comptroller General from his testimony before our committee where he said that: ``No one should design tax or spending policy pegged to the precise numbers in any 10-year forecast''--exactly the point that the able Senator made at the outset of his statement. And they conclude: ``Mr. Bush has raised expectations, but Congress still must carefully examine every aspect of this major proposal. We all want smaller tax bills, but only if they are reasonable and responsible.'' Reasonable and responsible--and, as the Senator has pointed out, in the context of dealing with these basic needs: Education, infrastructure, defense. This administration has already sent the signal that they are going to want a major step up in defense and of course, reserving a significant amount of the surplus to pay down the debt. When are we going to pay off the debt, if we don't do it when we are running large surpluses and are at a 4.2 percent unemployment rate? We have a strong economy now. We don't want to risk the chance of knocking it off the track. The Washington Post had an editorial entitled ``Fiscal Souffle.'' They conclude it by saying: A rush to commit too much of the projected surplus could take the country back to borrow and spend, just as the last big tax cut did 20 years ago.

Mr. SARBANES. I ask unanimous consent that that editorial be printed in the Record.

Mr. SARBANES. It will affect generations to come. We must make a wise and prudent decision. I thank the Senator from West Virginia for his extraordinary leadership in this effort.

Mr. SARBANES. In addition to the Post editorial from which I quoted, I have a column that appeared in the Post written by Newsweek's Wall Street Editor entitled ``Iffy Long-Term Numbers are Poor Excuse for Huge Tax Cuts and Wild Spending.'' The discipline has to be on both sides, on the tax cut and on the spending side. No one is saying we should not do some tax cuts. Obviously, we need to make some investments on the expenditure side if we are going to meet the needs of our country. But they have to be responsible, they have to be reasonable. And, as this says, iffy long-term numbers are a poor excuse for huge tax cuts and wild spending. We need to keep that admonition in mind as we proceed to engage in this debate. I ask unanimous consent that this editorial be printed in the Record.