Richard Shelby

Mr. SHELBY

Mr. SHELBY. Mr. President, I move to reconsider the vote.

Mr. SHELBY. Mr. President, I commend Senator Mikulski for offering this amendment. I am a cosponsor of it, and many of us believe what she is doing is the right road to go down. I believe we should adopt this amendment as soon as possible.

Mr. SHELBY. Mr. President, I will not replicate what Senator Mikulski went through. She has done a very thorough explanation of the bill. This is a very complex bill. It funds Commerce-Justice-Science--NASA, for example--and related agencies. I will touch on some things. I chaired this committee before and Senator Mikulski was the ranking Democrat on the committee. Now she chairs it and I am the ranking member. She probably has related on many occasions that we go back to our House days. We were on the Energy and Commerce Committee in the House of Representatives, working together then on a lot of these same issues but perhaps manifested in different ways. This bill funds a number of our Nation's most important programs and initiatives, and I am pleased to outline some of the highlights. I thank Senator Mikulski, the chair of the committee. She works well with us, our staffs work together, and we tried to bring forth a bill that reflects our strong bipartisan relationship. This bill was crafted with a tight allocation of $54 billion. Within these limitations, the subcommittee was forced to strike a difficult balance between the competing priorities of law enforcement, terrorism prevention, research, space exploration, and U.S. competitiveness through investing in science. For the Department of Justice, the committee's recommendation is $24.3, $2 billion over the request. The President's budget request cut over $1.6 billion from State and local law enforcement at a time when violent crime is on the rise. Chairwoman Mikulski and I worked together to ensure that law enforcement receives the funding and support it needs to begin to address the increased crime problem and help protect our citizens and our communities all over this country. The bill also provides the Department of Commerce with $7.35 billion--$754 million over the budget request. The Commerce Department oversees some of our Nation's most important business development, economic analysis, and science and research agencies, including the Economic Development Administration, the National Institutes of Science and Technology, and the National Oceanic and Atmospheric Administration, NOAA. Our bill provides $4.2 billion for NOAA, an increase of $405 million over the fiscal year 2008 budget request. The committee believes it is critical to the overall health of NOAA to restore funding to programs that suffered over the past year under static funding levels. Also, existing competitive grant programs were given increased funding and new competitive grant programs were created in an effort to reduce earmarks. The subcommittee's bill also provides $7.5 billion for NASA, an increase of $150 million over the request. This funding will allow NASA to move forward with crew explanation and crew launch vehicles while also funding the ongoing activities of the space shuttle, the International Space Station, and other important research activities. This bill funds the National Science Foundation at $124 million above the request. Nearly all the additional funds go toward investments into the scientific education of our students, from kindergarten to doctorates. Combined with the funding for the National Institute of Standards and Technology, the funding provides more than the request for the American Competitiveness Initiative, ACI, and lays the groundwork to address the concerns laid out in the National Academy of Sciences ``Gathering Storm'' report. This investment helps keep the competitive edge our Nation holds in the world economy. By focusing on the ingenuity of our people, we will remain at the forefront of scientific and technical advancement for generations to come. In a year when discretionary dollars are scarce, Chairwoman Mikulski and I have worked together to find ways to ensure that the priorities of our Nation and our States are met. I urge all my colleagues to join with us in supporting this bill and expediting its passage.

Mr. SHELBY. I move to reconsider the vote.

Mr. SHELBY. Mr. President, I move to reconsider the vote.

Mr. SHELBY. Mr. President, I move to reconsider the vote.

Mr. SHELBY. I tend to agree with Senator Mikulski. We are trying to check with a couple of people to clear this amendment. I hope we can move it soon. We are checking with somebody right now. I think it makes sense.

Mr. SHELBY

Mr. SHELBY. Mr. President, I rise today to pay tribute to Mayer Mitchell, a great American and human being who passed away on Wednesday, September 26, 2007. A highly successful businessman and remarkable philanthropist, Mayer Mitchell was a personal friend, and along with the entire city of Mobile, I mourn his passing. Mayer was born in New Orleans in 1933 and grew up in Mobile, AL. He earned his bachelor of science degree in economics at the University of Pennsylvania's Wharton School of Finance in 1953. He then served as an Army first lieutenant in Korea, earning a commendation ribbon with medal pendant for meritorious service. Returning home to Mobile with his wife Arlene in 1958, Mayer founded, with his brother Abe, the Mitchell Company, a commercial and residential real estate development firm. He went on to serve as its chairman and chief executive officer for the next three decades, selling his interest in the Mitchell Company in 1986. The company's final total under the oversight of the Mitchell brothers was remarkable, with 25,000 single family homes, 20,000 apartments and 175 shopping centers built throughout the Southeast. In fact, the current Mitchell Company that descended from a partnership of Mayer and his brother remains the largest private firm in Mobile and is among the top 40 in Alabama. Mayer's business success earned him an induction into the Alabama Business Hall of Fame in 2006. Mayer Mitchell leaves a legacy of tremendous philanthropy, touching the lives of many residents of south Alabama. Mayer was a tireless proponent of education and health care, serving more than 32 years on the University of South Alabama's Board of Trustees, including a term as chairman. He was awarded the University of South Alabama's National Alumni Association Distinguished Service Award in 2005 and an honorary doctorate of humane letters in 2007. The Mitchell family's philanthropy reached all aspects of the campus at the University of South Alabama, from business and medicine to athletics. Mayer will forever be remembered as a legendary figure in the growth of the University. The Mitchell Cancer Institute, the Mitchell College of Business and the Mitchell Center sports and performance complex, proudly bear the family name. To date, the Mitchell family holds the distinction of having contributed more than any other single family to a public university in Alabama State history. The Mitchell Cancer Institute alone is a powerful legacy, providing state-of-the-art cancer care to people throughout the gulf coast region. Mayer always explained his deep commitment to cancer treatment through a personal connection. At the age of 36, he was diagnosed with Hodgkin's disease and was given 6 months to live. After 2 years of treatments, Mayer made an extraordinary recovery. This victory not only shaped his life, but shaped the future of the Mobile region as well. He never forgot that he had to leave Mobile for his own cancer treatment in Rochester, NY, and he vowed to make certain Mobile had its own cancer center in the future. This experience shaped his generosity and will to persevere in the form of improved quality of health care for every resident in south Alabama. Although Mayer Mitchell and his family were critical to the tremendous growth of the University of South Alabama, this was not the only object of Mayer's patronage. A strong friend to Israel, he served a term as president of the American Israeli Public Affairs Committee and served on the board of the Washington Institute for Near East Policy and the Jewish Seminary of America, which awarded him an honorary doctorate. Mayer supported several other schools and numerous social and religious organizations. His philanthropic service included work with Alabama Power Company, Wright School, Bishop State Community College, Leukemia Society of America, USA Foundation, AmSouth Bank, Altus Bank, Mobile Area United Way, Mobile Area Chamber of Commerce, Mobile Jewish Welfare Fund, Mobile Federation of Jewish Charities, Mobile County Real Estate Association, Archives of American Art, Anti-Defamation League and the Banc Corporation. His honors include: Jewish Welfare Fund Man of the Year, Outstanding Young Men of America, Prichard Honorary Citizen of the Year, Mobile County Realtor of the Year, and numerous high honors from the Boy's Club of Mobile, Bishop State Community College, University of Rochester, New Orleans Chapter of Hadassah, Alabama Institute for the Deaf and Blind, Mobile Kiwanis Club and the American Hellenic Educational Progressive Association. Mayer is loved and will be missed by his wife of 54 years, Arlene; his son Richard; his three daughters, Melinda Wertheim, Joy Grodnick and Lisa Bukstein; and eight grandchildren. He was an inspiration to many and will be remembered for his dedication and many contributions to Mobile and the University of South Alabama. I ask the entire Senate to join me in recognizing and honoring the life of Mayer Mitchell.

Mr. SHELBY

Mr. SHELBY. Mr. President, today I pay tribute to MacDonald Gallion, who passed away on Saturday, August 11, 2007. For 13 years, MacDonald Gallion served as Alabama's attorney general. He was a personal friend of mine and along with the entire State of Alabama, I mourn his passing. Born in Montgomery and raised in Birmingham, MacDonald Gallion moved to Tuscaloosa in the 1930s to attend the University of Alabama. While at the university, MacDonald Gallion studied law and subsequently received his bachelor of law degree in 1937. That same year, he returned to Birmingham where he began his law practice. In 1941, following the start of World War II, MacDonald Gallion took a leave of absence from his law practice to enlist in the U.S. Marine Corps. He served his country with great valor, witnessing extreme combat in the South Pacific. While serving abroad, he was wounded at Saipan and was later awarded a Purple Heart. He received several other honors for courage and returned to the United States as first lieutenant. Upon his return from war, MacDonald Gallion relocated to Montgomery to serve as assistant attorney general for the State of Alabama. However, after several years, he resigned to return to private practice. Later, MacDonald Gallion would again be called to serve his State. He was appointed special counsel to Governor Gordon Persons during the historic Phenix City Trials and was asked in 1955 to serve as chief assistant attorney general to Attorney General John M. Patterson. In 1958, MacDonald Gallion was elected to serve as attorney general for the State of Alabama. He would again be elected to this position in 1966. MacDonald Gallion served two terms as Alabama's attorney general. During his tenure, MacDonald Gallion led successful litigation in several significant cases including one that established Alabama's offshore oil and gas rights. This historic ruling would later pave the way for the State's multimillion-dollar trust fund. He also led the successful litigation against loansharks. At the time, this was the largest litigation of its kind in the United States. Active in his community, MacDonald Gallion was a member of many civic organizations and legal associations. He held the position of assistant editor at the Alabama Lawyer and was listed among the ``Who's Who in America.'' He was instrumental in the founding of the Alabama District Attorney's Association. For his many accomplishments and contributions to Alabama, MacDonald Gallion was inducted into the Alabama Senior Citizens Hall of Fame. MacDonald Gallion will be missed by his son Thomas Travis Gallion III, and his daughter Mallory Gallion Bear. He will be remembered for his dedication and decades of service to the State of Alabama. I ask the entire Senate to join me in recognition of the life of MacDonald Gallion.

Mr. SHELBY

Mr. SHELBY. Mr. President, today I pay tribute to Julie Sittason, who has dedicated over 20 years of her life to caring for others. On August 16, 2007, when Julie steps down as the executive director of Hospice of West Alabama, she will leave behind a legacy of service to others. Julie and I have been friends for many years. She graduated from my alma mater, the University of Alabama, with an undergraduate degree in sociology and a master's degree in counseling and guidance from the University of Alabama. Soon after, Julie decided to pursue a rewarding career of serving and caring for others. For 7 years, Julie worked as a counselor at the Alabama State Department of Industrial Relations, providing guidance to the blind, the hearing impaired and recipients of Aid to Families with Dependent Children. Later, Julie returned to the University of Alabama to work as the program administrator for the West Alabama Comprehensive Services program. In 1986, Julie was named executive director of Hospice of West Alabama. When she was hired, the Agency only employed three full-time staffers, operating on an annual budget of $86,000. Today, the budget has grown to $5 million a year and Hospice of West Alabama has 70 employees, serving 600 patients a year in Tuscaloosa, Greene, Hale, Bibb and Pickens Counties. Over the past two decades, Julie has overseen many changes at Hospice of West Alabama. It was under her direction in 1997 when the Agency became the first community-based hospice in the State of Alabama to be officially recognized by the Joint Commission on Accreditation of Healthcare Organizations. In 2004, it was Julie's vision that led to the construction of the $5 million facility that includes the State's first community-based inpatient hospice facility. While many people think that the service Julie contributes each day through her work at Hospice of West Alabama is enough, she thinks otherwise. As an avid volunteer, Julie continues to serve with organizations such as the March of Dimes, the MS Walkathon and Soup Bowl. She has served as an adviser for Alpha Omicron Pi Sorority, is on the administrative board for First United Methodist Church, and the board of directors for United Cerebral Palsy, Castle Hill Clinic and the Maude Whatley Clinic. Julie has also held several leadership positions in the Alabama Hospice Organization. Julie is married to Chuck Sittason. She has two daughters, Katherine Cramer, who served with distinction as my first Senate page in 1995, and Meredith Cramer. As Julie embarks on another phase in her life, she will remain an inspiration to many and will be remembered for her dedication and many contributions to Hospice of West Alabama. I wish her much luck in her future endeavors, and I ask this entire Senate to join me in recognizing and honoring the life and career of my good friend Julie Sittason.

Mr. SHELBY

Mr. SHELBY. On rollcall vote No. 265, I was present and voted ``yea.'' The official record has me listed as absent. Therefore, I ask unanimous consent that the official record be corrected to accurately reflect my vote. This will in no way change the outcome of the vote.

Mr. SHELBY

Mr. SHELBY. Mr. President, I rise today to remember and honor the heroic sacrifice of a courageous Alabamian who selflessly risked himself to save members of his unit under attack. PFC Johnathon M. Millican was tragically killed on January 20, 2007, in Karbala, Iraq. A member of the 377th Parachute Field Artillery Regiment from Fort Richardson, AK, he risked his own safety to cover an enemy grenade with his body during an attack by insurgents. For his gallantry in action against an enemy of the United States, Private First Class Millican was posthumously awarded the Silver Star, our Nation's third highest award for combat valor. While this is a great honor and one deserving of Private First Class Millican's actions, I believe his act of heroism and bravery deserves our Nation's highest honor. Therefore, I have asked the Department of Defense to consider him for the Medal of Honor, the highest military decoration awarded by the United States. Private First Class Millican went beyond the call of duty and risked his own life not only to protect our Nation but to save members of his unit. I offer my thoughts, prayers and condolences to Private First Class Millican's family. His loss symbolizes the ultimate sacrifice one can make for our county. His service represented his commitment to protect his family, community, and our Nation. I am honored to stand before the Senate today to pay tribute to the life and service of PFC Johnathon Millican. Private First Class Millican's dedication to the principles of freedom and democracy will serve as an example to all of us, for generations to come. It is my hope that he will be duly honored with the Medal of Honor, but even if Private First Class Millican is not awarded the Medal of Honor, he is no less a hero.

Mr. SHELBY

Mr. SHELBY. Madam President, today I pay tribute to Dr. Ed Richardson, who has dedicated over 40 years of his life to improving Alabama's public education system. On July 15, 2007, Ed will step down as Auburn University's 17th President, and he will leave behind a legacy of achievement unparalled in Alabama. In the 1960s, Dr. Richardson worked in dual roles as a high school science teacher and assistant principal, with the objective of becoming a scientist for NASA. However, following a tragic accident that claimed the life of the Cloverdale School's principal, Dr. Richardson abandoned that aspiration to assume the role of principal. Taking over this position would propel Dr. Richardson into a long career in education, rising to the ranks of local superintendent, superintendent and university president. In 1982, Dr. Richardson was named superintendent of Auburn's school system, a career move that at the time was considered unwise. But he had a vision of excellence that proved the naysayers wrong. Thirteen years after becoming superintendent, Auburn's school system was regarded as one of the best in Alabama. Dr. Richardson's success at turning around Auburn's school system made him the ideal candidate for state superintendent. Faced with a formidable opponent who had the backing of the Governor and the Alabama Education Association, Dr. Richardson fought a hard campaign and was appointed Alabama's state superintendent 1995. While serving in this position, Dr. Richardson oversaw many legislative and policy changes to Alabama's educational system. Although he may be best known for implementing Alabama's Educational Accountability Act, which holds schools responsible for the performance of their students, he is also responsible for creating performance report cards for schools and universities. During Dr. Richardson's tenure as Alabama's superintendent, the high school drop out rate fell to historic lows, thanks in large part to his efforts to strengthen the State's high school graduation requirements, making them some of the most rigorous in the Nation. During this time, student academic performance reached an all-time high. Recognizing the importance of our educators, Dr. Richardson restored teacher testing to hold higher education instructors responsible for their students' performance. He also launched the Alabama Reading Initiative and piloted the Alabama Math, Science and Technology Initiative to give teachers the training and tools they need to better teach these important subjects. In 2004, Governor Bob Riley approached Dr. Richardson to take over as interim president at Auburn University. Following his acceptance of the position, Dr. Richardson wasted no time in taking charge and making much needed changes in key administrative positions. The culmination of his hard work came in December 2004, when Auburn regained its accreditation status. Finally, after serving two and a half years as interim president at Auburn University, the board of trustees unanimously named Dr. Richardson Auburn University's 17th President. As president of Auburn, Dr. Richardson pursued an aggressive agenda. He focused on the development of Auburn's research park, improving its airport, effecting changes in the structure of the university's agriculture programs and forging a close relationship with Auburn University-Montgomery. As Dr. Richardson, along with his wife Nell, embarks on another phase in his life he will remain an inspiration to many and will be remembered for his dedication and many contributions to Alabama's public education system. I wish him much luck in his future endeavors and I ask this entire Senate to join me in recognizing and honoring the life and career of my good friend Ed Richardson.

Mr. SHELBY

Mr. SHELBY. The Senator is correct. Currently the DNI can use different intelligence agencies to conduct economic analysis, including technology transfers, to ensure that such foreign investment proposals will not jeopardize our national security.

Mr. SHELBY. Madam President, I rise in support of the Senate's passage of the Foreign Investment and National Security Act of 2007. This important bill reforms the process through which the Committee on Foreign Investment in the United States reviews foreign investment in our country. It establishes a process for reviewing foreign investment transactions that thoroughly examines issues relating to national security, involves clear lines of responsibility, and is flexible to meet the demands of the market. I appreciate the leadership and hard work of Chairman Dodd on this matter. labor management rights

Mr. SHELBY

Mr. SHELBY. Mr. President, I wish to pay tribute to George M. Van Tassel, who passed away on Monday, June 18, 2007. For 13 years, George served as mayor of my hometown, Tuscaloosa, AL. He was a personal friend of mine and along with the entire town of Tuscaloosa, I mourn his passing. In the 1930s George moved south from New York to attend the University of Alabama School of Law. There, he met a fellow student, Juarine Berrey, with whom he quickly fell in love. They married in 1934. Several years after his gradation in 1939, George was drafted by the U.S. Army to serve in the European theater during World War II. On D-Day, George was among the soldiers who landed on the beach at Normandy, France. Upon returning to the States, George began his law practice. In 1956, he was elected to serve as mayor of Tuscaloosa, filling the unexpired term of mayor Hal McCall. Although George oversaw many changes that took place in Tuscaloosa during his three terms as mayor, perhaps his most notable achievement was his initiative to dam the North River and create a 5,885-acre water supply reservoir we call Lake Tuscaloosa. In 1969, George decided not to run for reelection. An avid hunter and fisherman, he wanted more time to enjoy his hobbies. He returned to the law, managing a successful practice until he retired at age 75. George is loved and will be missed by his daughter, Linda Ayers of Tuscaloosa, and his son, George M. Van Tassel, Jr., of Birmingham. He was an inspiration to many and will be remembered for his dedication and many contributions to the city of Tuscaloosa. I ask this entire Senate to join me in recognizing and honoring the life of George M. Van Tassel.

Mr. SHELBY

Mr. SHELBY. Mr. President, I rise today to pay tribute to our colleague, our friend, and a great statesman, Senator Craig Thomas. It is a somber day in the Senate Chamber as we mourn this loss. His passing leaves a significant mark on the many lives he touched throughout his life. On behalf of myself and my wife Annette, I send my deepest sympathies to his wife Susan, his four children, and the entire Thomas family. Craig was an influential force in the Senate for the people of Wyoming, as well as a thoughtful leader on national issues. Craig served the people of Wyoming with distinction and honor. His roots in the State ran deep, and Wyoming had no greater advocate. He has built his reputation as a fiscal conservative while focusing on the unique issues affecting the American west. He was honest, humble, good natured, and loyal. It was these characteristics that he brought to the Senate and to his work. He was an effective leader because he believed you could get a lot accomplished when you did not care who took the credit. Craig was committed to the values and principles he believed in deeply. He loved his State, and it showed. He was committed to protecting our Nation's natural resources, improving the lives of those in rural America, and a leader in advocating a sound national energy policy. It was my true privilege to have served with Craig over the past 13 years in the Senate. While we continue to mourn his passing, we should try to carry on with the same determination and energy he brought every day to the challenges he faced. He will be remembered as a dedicated American, a marine, a public servant, and the quintessential American cowboy who gave so much of his life in service to the Nation. I offer my thoughts and prayers to those close to Craig in this difficult time, especially to his family.

Mr. SHELBY

Mr. SHELBY. Mr. President, I rise to honor a distinguished colleague, Senator Ted Stevens, who is celebrating a major milestone--today becoming the longest serving Republican in Senate history. Appointed to the U.S. Senate in 1968 and elected to finish out the term 2 years later, Stevens has since been reelected to the Senate six times, never receiving less than 67 percent of the vote in any election. During his 38 years in the U.S. Senate, Senator Stevens has been Chairman of four full committees and two select committees, assistant Republican whip, and the President Pro Tempore Emeritus. As one of the most effective Senators, Senator Stevens has been an ardent supporter of our national defense, serving as either chairman or ranking member of the Defense Appropriations Subcommittee since 1980. A champion of our Armed Forces, he has ensured that our servicemembers have the equipment, training, and pay necessary to be prepared to take on those who threaten our national security. Mr. President, I congratulate Senator Stevens on reaching this historic milestone today. I am honored to call Senator Ted Stevens my colleague but prouder to call him my friend.

Mr. SHELBY

Mr. SHELBY. Mr. President, I wish to honor the Bright Star Restaurant, one of my favorites in Bessemer, AL. The Bright Star celebrated its 100th anniversary last week on May 2, 2007. I know from personal experience that the Bright Star has endured for a century due to its excellent menu. Though the restaurant has grown from a cafe that served only 25 people to its current size, seating 330 people, the quality of the food has not changed a bit. I attribute this fact to Bill and Pete Koikos, the family-owned restaurant's patriarchs. Bill and Pete immigrated to the United States from Greece in 1923. Two years later they purchased ownership interest in the restaurant. Since 1966, Bill's sons Jim and Nick have owned and operated the business very successfully. Jim and Nick Koikos are hard workers who are nearly always in the restaurant greeting customers as they walk through the door. Jim and Nick's dedication to keeping customers happy, along with their wonderful menu, account for the Bright Star's longevity. Although the menu has a wide assortment of delicious dishes, I am partial to the seafood, which is always fresh from the gulf. My personal favorite is the excellent Greek snapper, thought their special gumbo, not to mention the lemon pie, are also stand-outs. For the last 100 years, the Bright Star has been one of the best restaurants in the South. The emphasis on quality food and service has not changed since the restaurant was founded in 1907, and I sincerely congratulate the Koikos brothers on their anniversary and wish them continued success.

Mr. SHELBY

Mr. SHELBY. Madam President, in passing this emergency supplemental appropriations bill this afternoon, the Democratic-controlled Senate has sent a message--one that the war is lost, that we have given up, and that we have no hope of victory. Today, we have also put an arbitrary deadline on our military. I believe it is unequivocally wrong to do this, the wrong message at exactly the wrong time. I believe we must give our troops the opportunity to win. We cannot tie the hands of our commanders on the ground. We cannot have 535 generals micromanaging the war from the Halls of Congress. This war is a test of wills. Our defeatist message states that today our will has been broken. This is not the message we want our enemy to hear. Our actions in the Senate have consequences. I believe we have just sent a message--the wrong message--that our efforts were not enough. We have sent a message that the enemy has won. I believe we have sent a message of surrender, a message of submission, a message of failure. And this message was not just sent to those fighting against us in Iraq, it reverberates around the globe. Today, I believe the Senate has illustrated raw partisan politics at its worst. I believe the American people deserve better. Our troops deserve better. Our Armed Forces need the support of the people--us--who sent them into a war zone, not partisan politics. They need the time to succeed, not a timetable for retreat. George Orwell once said: The quickest way to end a war is to lose it. Yes, the quickest way to end the war is to lose it. With today's vote, we are well on our way. Yet fortunately, for our troops, the President will veto this bill, and Congress will have enough votes to sustain it. In the coming weeks, when Congress crafts a new supplemental appropriations bill, I believe we must not use the same narrow-minded approach. We must not send another message of defeat, of surrender. I yield the floor.

Mr. SHELBY

Mr. SHELBY. Mr. President, I thank my colleague for yielding. As Senator Dodd said, we are all interested in promoting the economic interests of our workers. The ESOP program, employee stock ownership program, has helped a lot of workers create wealth, save jobs, and save companies in this country. I know this is probably a subject matter for a number of committees, but Chairman Dodd said he would hold a hearing on this in the Banking Committee. I join with him in working on this issue. If this or some other legislation like this will help people own companies where they work, I think that is good for America.

Mr. SHELBY

Mr. SHELBY. Mr. President, the Sarbanes-Oxley Act of 2002 that we are familiar with has provided real benefits to the capital markets. On the other hand, there is no question that its implementation has been too costly, particularly for small public companies. We know this. This is a given. That is why I am encouraged that the securities regulators charged with implementing this legislation at the Securities and Exchange Commission and the PCAOB are near the end of a 2-year process to make significant changes that are likely to reduce the unacceptable costs and burdens of section 404 compliance which Senator Dodd alluded to. This body, I believe, ought to give the regulators, the Securities and Exchange Commission, and the Public Company Accounting Oversight Board a chance to fix this problem, because they have been involved in this for over a year now. It is very complex. Both the SEC and the PCAOB acted last December, just a few months ago, to propose initiatives aimed at reducing the costs associated with section 404 of Sarbanes-Oxley. These actions are the most significant to date and should lower costs on investments while at the same time preserving the benefits of effective internal controls. In testimony before the Senate Small Business and Entrepreneurship Committee last week, Chairman Cox of the Securities and Exchange Commission stated: Focusing on the implementation of 404, rather than changing the law, is consistent with the SEC's view that the problems we have seen with 404 to date can be remedied without amending the Sarbanes-Oxley Act. I am willing to give the SEC a limited opportunity to deliver. Chairman Cox said the Commission's 404 proposal would permit companies to: Scale and tailor their evaluation procedures to fit their facts and circumstances, and investors will benefit from the use-compliance costs. The SEC is expected to adopt the measure in the next few weeks. The PCAOB, the Public Company Accounting Oversight Board's, proposals to repeal auditing standard No. 2 and replace it with a new standard on auditing internal control over financial reporting would provide, according to PCAOB Chairman Mark Olson: Additional flexibility to promote scalability, avoid unintended consequences, and address other valid concerns. The PCAOB is currently reviewing the comments submitted in response to its proposal and is expected, along with the SEC, to submit the standard for SEC review and approval next month. Chairman Cox of the SEC, whom we have worked with on the Banking Committee a lot, said the two regulators have worked together to ensure that the new rules are: Mutually reinforceable and should significantly improve the implementation of section 404, making it more efficient and effective for small and medium-sized businesses. That is what we all want. We all agree that unnecessary costs imposed by regulations are a real problem for both large and small companies. The regulators have acknowledged this fact and are attempting to address it. On the Banking Committee that Chairman Dodd now chairs and which I chaired, we have oversight of that, and we have worked with them and have had hearings to give some relief to small businesses here, and they are in the process of doing it. I am willing to give the SEC and the PCAOB some additional time, but I am not willing to give them unlimited time. We shouldn't do that. Chairman Dodd and I intend to monitor closely their progress and hold them accountable should there be any unnecessary delays. I urge my colleagues this afternoon to support the Dodd-Shelby amendment with the understanding that we intend to follow closely in oversight, working with the regulators, their progress and will take whatever action is necessary to ensure the vitality of our small business community, which is vital and important to America. I urge support of the Dodd-Shelby amendment.

Mr. SHELBY. Mr. President, do I have any time left?

Mr. SHELBY. Mr. President, I have been informed by my staff that the staff of the Securities and Exchange Commission, headed by Christopher Cox, a former Congressman, has reiterated a few minutes ago to our Banking Committee staff that they will be done with this work in a few weeks. This is premature, the amendment offered by the Senator from South Carolina. As I said earlier, I believe we need to let the SEC and PCAOB do their work. I agree with Chairman Dodd.

Mr. SHELBY. Mr. President, I agree with Senator Dodd. We work on the Banking Committee with this. The SEC has asked us to hold off. We all want to give relief under Sarbanes-Oxley for small businesses. The SEC, PCAOB are in the process of doing this, and this is probably going to happen in the next couple of weeks. I don't disagree with what Senator DeMint is trying to do, but I think it is premature. The timing is not good. But the timing is always good if we work with the SEC on something they know a heck of a lot about. This is a very complex issue. (At the request of Mr. Reid, the following statement was ordered to be printed in the Record.)