Chuck Schumer

Mr. SCHUMER

Mr. SCHUMER. Madam President, I move to proceed to legislative session.

Mr. SCHUMER

Mr. SCHUMER. Madam President, I ask unanimous consent the Senate proceed to the immediate consideration of S. 645, which is at the desk.

Mr. SCHUMER. I ask unanimous consent that the motion to reconsider be considered made and laid upon the table with no intervening action or debate.

Mr. SCHUMER

Mr. SCHUMER. I understand there is a bill at the desk, and I ask for its first reading.

Mr. SCHUMER. I now ask for a second reading, and in order to place the bill on the calendar under the provisions of rule XIV, I object to my own request.

Mr. SCHUMER

Mr. SCHUMER. I ask unanimous consent that when the Senate completes its business today, it stand adjourned until 3 p.m. on Monday, March 6; that following the prayer and pledge, the morning hour be deemed expired, the Journal of proceedings be approved to date, the time for the two leaders be reserved for their use later in the day, and morning business be closed; that following the conclusion of morning business, the Senate proceed to executive session and resume consideration of the Ballou nomination; further, that cloture motions filed during today's sessions ripen at 5:30 p.m.

Mr. SCHUMER

Mr. SCHUMER. Mr. President, on Monday evening, reports came out that Rupert Murdoch, owner of FOX News, acknowledged in a deposition that hosts of the network promoted the false narrative that Donald Trump won the 2020 election. Asked if he could have stepped in to prevent this, Mr. Murdoch acknowledged that he could have but chose not to--he could have stepped in but chose not to--and expressed regret for not doing so. To this day, several FOX News hosts continue promoting the Big Lie. They keep spreading the Big Lie despite mounting evidence that, behind the scenes, many top hosts and executives at FOX have recognized that the stolen election narrative is entirely bogus. Nevertheless, they continue broadcasting it all the time. This morning, Leader Jeffries and I wrote a letter to Mr. Murdoch demanding that he do what he should have done a long time ago: Order Tucker Carlson and other hosts on FOX News to stop spreading lies about the election. They need to stop giving a platform to dangerous and entirely unfounded conspiracy theories that eat at the wellspring of our democracy, and they need to admit on the air that they were wrong to engage in such negligent and destructive behavior. Sadly, too much damage has already been done to our democracy. A significant segment of voters--by some measures, as much as 30 percent of the electorate--still do not believe that the 2020 election was legitimate. What FOX News hosts have done is flat-out dangerous-- dangerous. When people doubt that elections are on the level, that is the beginning of the end of this wonderful democracy because elections are our wellspring. They are the core of what the Founding Fathers set up. It was the great novelty of the Constitution that has spread around the world. When conspiracy theories like the Big Lie are allowed to grow, violence can ensue, as we all saw for ourselves on January 6. Mr. Murdoch's testimony is all the more alarming after Speaker McCarthy is reportedly allowing Tucker Carlson to review highly sensitive security camera footage of the events surrounding the violent January 6 insurrection. Sharing that footage is a grave mistake that risks emboldening the supporters of the Big Lie. Mr. Murdoch, FOX News executives, and hosts all have a choice--a very important choice: They can continue broadcasting lies about our elections and further erode trust in our democracy or they can admit their mistake, start telling the truth, and move beyond this shameful chapter in their company's history by coming clean with their viewers and with the American people. We hope Mr. Murdoch heeds our call. The survival of our democracy is too important.

Mr. SCHUMER

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

Mr. SCHUMER

Mr. SCHUMER. Mr. President, I have to admit I come to the floor sort of confounded. For a long time, my Republican friends prided themselves--prided themselves--for being the party of free markets, the party of small government, the party opposed to injecting political ideology into the decisions of private investors and managers and companies. But apparently all that was talk because, today, our Republican friends are making an effort to limit free market choice and inject hard-right ideology into private sector decision making. Republicans are attempting to force corporations and managers, against their will, to turn back the clock 50 years, even if it means getting a lower return on investment--even if it means getting a lower return on investment. Now, the facts here are not difficult. The Department of Labor recently introduced a rule recognizing that retirement fiduciaries may consider ESG factors when making investment decisions. The Republican proposal, meanwhile, wants to undo that rule, and, across the country, Republican State legislators are trying to punish managers who dare consider, on their own volition, ESG. Note, Mr. President, that I said ``may''--not ``must''--when describing the rule because the rule that the DOL has put in effect is completely optional. Let me repeat that. The DOL rule is completely optional while the Republican measure is a mandate. In fact, the current rule goes out of its way to make sure that decision making remains solely in the hands of the fiduciary. Nothing changes the fact that investment decisions must be shown to be prudent above all else. Now, the hard right has made a lot of noise trying to make ESG their dirty little acronym. They say this is about wokeness, that this is a cult, that it is some grave intrusion into finance. It is the same predictable, uncreative, unproductive attacks they use for anything they don't like. But this isn't about ideological preference. ESG is about looking at the biggest picture possible so the investors can make decisions that decrease risk while increasing returns. In fact, more than 90 percent of S&P companies already publish ESG reports today. So none of this is new. It has been a long-established practice, one that Republicans suddenly say they don't like and want to forbid. But why shouldn't managers evaluate the risks posed by an increasingly volatile climate if they deem it helps them get a return on their investment? Why shouldn't they consider the consequences of an aging population or other trends that could impact their portfolio? And even a better question is this: Why are Republicans going out of their way to prohibit investors from making the best possible choices as they manage their funds? Why are Republicans trying to forbid investors from considering climate and other factors if they believe it would help them get a better return? The bottom line is this: The present rule gives investment managers an option. The Republican rule, on the other hand, ties investors' hands. Republicans talk about their love of the free market, small government, letting the private sector do its work, but their obsession with eliminating ESG would do the opposite, forcing their own views down the throats of every company and investor. The Republican amendment, again, would force their own views down the throats of every company and investor. You know what we say on this side? Let the market work. If that naturally leads to consideration of ESG factors, then Republicans should practice what they have long preached and get out of the way. I thank my Democratic colleagues who are joining us in opposition to this measure. I yield the floor and call the question.

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

Mr. SCHUMER

Mr. SCHUMER. Republicans have been trying mightily to turn ESG into their newest dirty little acronym. They are using the same tired attacks we have heard for a while now--that this is more wokeness, that it is intrusion into the markets, and on and on and on. But Republicans are missing or ignoring an important point: Nothing in the DOL rule imposes a mandate. Again, let me repeat that: Nothing in the rule they seek to undo imposes a mandate. It merely says that if fiduciaries wish to look at ESG factors and if their methods are shown to be prudent--it is a very narrow rule--then they have the freedom to do so--the freedom to do so. It is literally allowing the free market to do its work. This isn't about ideological preference. It is about looking at the biggest picture possible for investors to minimize risk and maximize returns. Why shouldn't you look at the risks posed by increasingly volatile climate incidents? Why shouldn't they consider aging populations or other trends that could impact their portfolio? In fact, more than 90 percent of S&P 500 companies already publish ESG reports today. The present rule gives investment managers an option. The Republican rule, on the other hand, ties investors' hands--no freedom for companies to choose what they think is right. Republicans talk about their love of the free market, small government, ``let the private sector do its work,'' but their obsession with eliminating ESG would do the opposite, forcing their own views down the throats of every company and every investor. I say: Let the market work. Let the market work. Mr. and Mrs. Free Market Republicans, what the heck are you doing here? Imposing your views on these companies? If the market naturally leads to the consideration of ESG factors, then Republicans should practice what they have long preached and get out of the way.

Mr. SCHUMER

Mr. SCHUMER. Madam President, I ask unanimous consent that the notices of issuance of final regulations from the Office of Congressional Workplace Rights be printed in the Record.

Mr. SCHUMER

Mr. SCHUMER. First, some business, and then I will give my remarks. First, I understand there is a bill at the desk that is due for a second reading.

Mr. SCHUMER. In order to place the bill on the calendar under the provisions of rule XIV, I would object to further proceedings.

Mr. SCHUMER

Mr. SCHUMER. Mr. President, now, on the recap of our codel: While meeting last week with leaders in Europe, India, Pakistan, and Israel-- the nine of us on our codel--two takeaways became clear. First, the United States should deepen our relationship with India if we want to outcompete the Chinese Communist Party in this century. Second, democracies must unite in increasing aid to Ukraine. I was glad Prime Minister Modi got the message during our meeting with him in India. My colleagues and I made clear the two largest democracies in the world--the world's oldest democracy and the world's largest--could be a powerful check against the CCP. That doesn't mean just cooperating with India on defense and security, though that is essential. It means we must take an all-out, all-of-the-above approach, because that is precisely what the CCP is doing. The CCP wants to outcompete America not just on defense but also economically, geopolitically, technologically, in terms of our fundamental values and more. Just as our transatlantic partnership matters immensely, so too will our partnership with India. The United States and India must, therefore, keep working together to strengthen our economic ties, expand our trade, and make it easier to recruit talented workers from abroad to work in our country. While meeting with foreign leaders, we also made clear the importance of standing shoulder to shoulder with the people of Ukraine. We made it clear to the leaders of Europe, India, Pakistan, and Israel that they must increase their aid to Ukraine. Vladimir Putin's illegal invasion is now a year old; and as difficult as the road has been, we made it clear that the worst thing we can do is waver in our support. The Ukrainian people and the Ukrainian Armed Forces are fighting valiantly, but they need more materiel. And it is our job to give it to them. A Russian victory will not quench Putin's hunger for expansion. On the contrary, it would escalate his desire for more territory. So the right answer is for the transatlantic partnership--and all the free nations of the world--to continue supporting the Ukrainian people.

Mr. SCHUMER

Mr. SCHUMER. Mr. President, now on CHIPS and Science. Just 6 months after President Biden signed the CHIPS and Science Act into law, we are already seeing it pay major--major--dividends for our economy, to the tune of $200 billion in private investments across 16 States. And starting today, applications are officially open for more investments in American industry and American workers. Today, Secretary Raimondo, who has done terrific work getting CHIPS up and running, is rolling out the Department of Commerce's applications with CHIPS funding. Today's rollout is a major step towards making America the world leader in chip production once again, with tremendous benefits for our national security, for outcompeting the Chinese Communist Party, and creating tens of thousands of good-paying union jobs right here at home. So I want to commend Secretary Raimondo, who was not only a crucial partner with me in getting the bill across the finish line but who has also done a fantastic job rolling out the funding so quickly, so effectively, so efficiently. And I want to commend my colleagues on both sides of the aisle for recognizing the need to get this done and pushing to make it happen.

Mr. SCHUMER

Mr. SCHUMER. Mr. President, now on to East Palestine. Yesterday, I called on Norfolk Southern's CEO Alan Shaw to come before the Senate and answer questions under oath about the derailment in East Palestine. The accident has been deemed 100 percent preventable. So Mr. Shaw should be transparent, forthright, and he should not duck but, instead, testify before America, before the Senate, as soon as possible. Norfolk Southern owes the American people some answers to some very important questions. Why, for example, did Norfolk Southern spend years pushing the Federal Government, and particularly the Trump administration, to repeal--repeal--safety regulations intended to prevent accidents similar to the one in East Palestine? Why has Norfolk Southern laid off thousands of workers while reporting over $3 billion in profits in 2022? And why did Norfolk Southern launch a $10 billion stock buyback program last year, when they could have used that money to upgrade safety equipment, hire more workers, or pay their employees better wages? Disasters like the one in East Palestine are precisely what can happen when safety takes a backseat to maximizing profits. It is a pattern that has played out to devastating effect over the years: Corporate interests lobby the government to loosen safety rules, then they cut costs, cut workers, reward shareholders; and sooner or later, disaster strikes. And it is so typical--so typical--for people like Donald Trump to do the bidding of special interests, cause harm to the American people-- that is what he did when he loosened railroad regulations--and then point the finger at someone else when something terrible happens. That is just what he did here. It just doesn't wash. The American people see right through it. So, once again, I hope the CEO of Norfolk Southern testifies as soon as possible. Norfolk Southern has broken their trust to the American public and must--must--be held accountable. I yield the floor. I suggest the absence of a quorum.

Mr. SCHUMER

Mr. SCHUMER. Mr. President, now on the SCOTUS oral arguments on student debt. Today, the Supreme Court begins hearing oral arguments on President Biden's student debt relief plan, a plan that could give tens of millions of Americans a new lease on life. Republicans talk a big game about helping working people, but today's case before the Supreme Court--pushed by Republican officeholders who oppose the President's plan--is a slap in the face of working Americans across the country, young and old alike. Let me be clear: 90 percent-- 90 percent--of the relief going to out-of-school borrowers will go to those earning less than $75,000 a year. This isn't a handout to the wealthy. Far from it. This is critical relief to working- and middle- class families. For generations, higher education was the ladder up into the middle class, especially for millions of Black, Latino, and Asian Americans. But over the years, the student debt that comes with a college degree has become not a ladder up but an anchor weighing Americans down-- making it harder for them to put a down payment on a house, buy a car, start a family, and save for retirement. In other words, the burden of student debt makes it harder--harder--to achieve the American Dream. That is what is at stake before the Supreme Court, not just the chance to relieve the crushing weight of student debt for millions upon millions of people but also to make the American dream a little more accessible for millions more--their families, as well as themselves. That is all we are trying to do, and I am confident we will get there because I believe the law is on our side.

Mr. SCHUMER

Mr. SCHUMER. Madam President, I send a cloture motion to the desk.

Mr. SCHUMER

Mr. SCHUMER. Madam President, I move to proceed to executive session to consider Calendar No. 39.

Mr. SCHUMER

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

Mr. SCHUMER

Mr. SCHUMER. Madam President, first responders at the State, local, and Federal level continue working around-the-clock helping the people of East Palestine recover from one of the worst train derailments in decades. The scene in East Palestine over the last month has been the stuff of nightmares: a 38-car derailment; an entire town forced to evacuate; the stench of industrial chemicals and soot hovering in the air; parents scared of their kids' drinking water; and kids anxious about life returning to normal. No community deserves this. While a full investigation of the derailment has yet to be completed, the Chair of the National Transportation Safety Board said this accident was ``100 percent preventable.'' Again, the NTSB Safety Board Chair said the accident was ``100 percent preventable.'' The fault of this disaster lies first and foremost with Norfolk Southern. Norfolk Southern's CEO, Alan Shaw, needs to come before the Senate, answer questions under oath, and explain to the American people exactly what went wrong and how they will prevent accidents like this from happening. He should not duck. He should be there. He should come before the Senate, and we are asking Mr. Shaw to do just that. The American people should hear from Norfolk Southern's CEO precisely why they thought it was a good idea to spend years--years--lobbying to loosen regulations designed to prevent accidents like this. And I especially want to hear why Norfolk Southern, after seeing a record $3.3 billion in profits last year, prioritized billions--billions--in stock buybacks instead of putting that money toward safety and toward their workers. Over the past few weeks, there has been no shortage of opportunists racing to blame the administration for the train derailment. Former President Trump himself showed up in East Palestine and blamed everyone but himself for the tragic accident. But President Trump, as usual, omits a crucial truth: The Trump administration spent years working to loosen safety regulations intended to make these types of accidents less likely. They are in the behest of the big rail companies. When President Trump entered office, rail companies spent millions to push for repeals on all sorts of safety regulations, from inspection requirements, mandates for newer brakes, and rules governing the number of employees required to operate a train. In one instance, the Trump administration repealed requirements for an electronic braking system because, according to them, the safety benefits were simply not worth the costs. Let me say that again. In 2017, the Trump administration decided to repeal the requirements for brake upgrades because they didn't think the safety benefits were worth the cost. I think the people of East Palestine now know that that analysis was wrong and that they are suffering the consequences of rail companies putting profits over people. Now, I want to be clear: A full investigation is still needed to determine which, if any, safety regulations might have prevented the accident in East Palestine, but you don't need to be an expert to see that, when companies prioritize profits over safety--when they loosen safety rules, lay off thousands of workers, and spend more money on stock buybacks than on preventing accidents--you are flirting with disaster. It is so typical of Donald Trump. He does the bidding of corporate special interests and it leads to serious harm to the American people. And when he gets caught, he turns around and blames someone else. It just doesn't wash, and the American people see through it. Disasters like the one in East Palestine are precisely what can happen when safety takes a backseat to maximizing profits and when self- aggrandizing politicians like Donald Trump allow and encourage it to happen. I particularly want to thank my colleagues from Ohio and Pennsylvania for being vigilant in responding to this disaster and working in a bipartisan way to solve it. I also, of course, want to thank all of the first responders at every level of government for working without rest to keep people safe. The Senate is going to look into precisely what went wrong in East Palestine. A good first step will be in hearing directly from Norfolk Southern's CEO. I hope he will work with us in good faith and come before the Senate as soon as possible.

Mr. SCHUMER

Mr. SCHUMER. Madam President, I move to proceed to legislative session.

Mr. SCHUMER

Mr. SCHUMER. Madam President, I move to proceed to executive session to consider Calendar No. 24.

Mr. SCHUMER

Mr. SCHUMER. Madam President, I send a cloture motion to the desk.