Olympia Snowe

Ms. SNOWE

Ms. SNOWE. Mr. President, I rise today to reintroduce a bill I offered last December that will provide much-needed relief to struggling families across America. The Unemployment Benefit Tax Suspension Act of 2009 is a critical piece of legislation, which should be considered as part of any stimulus package, that would suspend the collection of Federal income tax on unemployment benefits for 2008 and 2009. This bill would ensure that as individuals sit down in the next couple months to complete their 2008 tax bills, they will not have to worry about paying taxes on the unemployment benefits they received last year or can get refunds of taxes withheld. It also means that the unemployed would not be concerned with taxes on benefits paid this year. I thank Senators Lincoln and Bunning for joining me to introduce this legislation. In light of the calamitous labor market, Congress must act to ensure that workers who lose their jobs do not also lose their livelihoods. In December, the Labor Department released sobering statistics that demonstrated the gravity of the situation we face. In November, the economy shed 533,000 jobs, the largest monthly job loss since December 1974. Our unemployment rate now stands at a perilous 6.7 percent, a 15- year high. We have lost 1.9 million jobs since the beginning of our present recession in December 2007--including two-thirds of those jobs in the last 3 months alone--and the number of unemployed stands at a whopping 10.3 million. Suspending the Federal income tax on unemployment benefits is a simple way to assist our Nation's unemployed workers and families. In fact, the CBO has estimated that in 2005, of the 8.1 million recipients of unemployment compensation benefits, 7.5 million had incomes of under $100,000. As such, most of the benefits of suspending this tax are likely to go to lower- and middle-income families, those struggling harder than ever just to make ends meet. During these challenging times, taxes on unemployment compensation represents a burden that unemployed members of our society simply cannot afford. Working families are already suffering, with the high cost of groceries, an unstable energy market, and the outrageous pricetag for health care. My bill offers a means to help stimulate the economy by making unemployed workers' benefits stretch farther. While it is certainly not a solution to the problem, it is a step in the right direction. President-elect Obama has voiced his support for this general idea, calling it ``a way of giving more relief to families,'' and I believe that is the ultimate goal we must pursue in these trying times. I look forward to seeing this bill is passed in a timely manner, so that the impact can be immediate. Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Ms. SNOWE

Ms. SNOWE. Mr. President, I rise today to reintroduce legislation that would provide State and local development finance authorities with greater flexibility in promoting economic growth that meets the changing realities of an ever more global economy. Specifically, my bill would expand the definition of ``manufacturing'' as it pertains to the small-issue Industrial Development Bond, IDB, program to include the creation of ``intangible'' property. I am pleased to be joined by Senators Kerry, Brown, and Lincoln in reintroducing this critical legislation to promote economic development, and I strongly believe it would be a critical additional to any stimulus legislation. Our Nation's capacity to innovate is a key reason why our economy remains the envy of the world, even during these difficult economic times. Knowledge-based businesses have been at the forefront of this innovation that has bolstered the economy over the long-term. For example, science parks have helped lead the technological revolution and have created more than 300,000 high-paying science and technology jobs, along with another 450,000 indirect jobs for a total of 750,000 jobs in North America. It is clear that the promotion of knowledge-based industries can be a key economic tool for States and localities. This is especially true for States that have seen a loss in traditional manufacturing. In my home State of Maine, we lost 28 percent of our total manufacturing employment over the last decade. I believe that it is critical that we provide States and localities with a wider range of options in promoting economic development, particularly as our economy lost over 2 million jobs in 2008. My legislation will do just that by expanding the availability of small-issue IDBs to new economy industries, such as software and biotechnology, that have proven their ability to provide high-paying jobs. These IDBs allow State and local development finance authorities, like the Finance Authority of Maine, to issue tax-exempt bonds for the purpose of raising capital to provide low-cost financing of manufacturing facilities. These bonds, therefore, provide local authorities with an invaluable tool to attract new employers and assist existing ones to grow. The result is a win-win situation for local communities providing them with much needed jobs. Consequently, it only makes sense to ensure that these finance authorities have maximum flexibility in options to grow jobs. In addition, my bill provides some technical clarity to distinguish between the phrases ``functionally related and subordinate facilities'' and ``directly related and ancillary facilities.'' Until 1988, there was little confusion based on Treasury regulations going back to 1972 that made it clear that ``functionally related and subordinate facilities'' were clearly eligible for financing through private activity tax-exempt bonds. But, Congress enacted the Technical and Miscellaneous Revenue Bond Act of 1988 that imposed a limitation that not more than 25 percent of tax-exempt bond financing could be used on ``directly related and ancillary facilities.'' While these two phrases appear to be very similar, they are indeed distinguishable from each other. Unfortunately, the Internal Revenue Service has blurred this distinction between the phrases which has had an adverse impact on the way facilities are able to utilize tax-exempt bond financing. My legislation would make it clear that ``functionally related and subordinate facilities'' are not susceptible to the 25 percent limitation. We must continue to encourage all avenues of economic development if America is to compete in a changing and increasingly global economy, and my legislation is one small step in furtherance of that goal. I urge my colleagues to join me in supporting this bill and to include it in stimulus legislation we will be considering in the coming weeks. Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Ms. SNOWE

Ms. SNOWE. Mr. President, today I rise to introduce legislation to offer expanded relief to retirees who are forced to take so-called required minimum distributions from their retirement accounts. After a year in which the Dow Jones Industrial Average fell a staggering 34 percent, Congress rightly suspended required minimum distribution rules for 2009 as part of the Worker, Retiree, and Employer Recovery Act of 2008. Unfortunately, Congress did not act to suspend the rules for 2008 or 2010 as I had previously proposed. Consequently, we now find ourselves in a situation in which 1 year of relief is insufficient to enable retirees to recoup their losses, and I am, therefore, introducing the Retirement Account Distribution Improvement Act of 2009 to allow amounts required to have been distributed in 2008 to be re- contributed and to waive the rules for 2010. I would like to thank Senator Lincoln for cosponsoring this legislation. Under current law, individuals who have reached age 70.5 generally must begin to withdraw funds from their IRAs or defined contribution retirement plans, including 401(k), 403(b), 457, and TSP plans. The withdrawals must begin by April 1 of the year after which an individual attains age 70.5. Failure to take a required minimum distribution may result in a 50 percent excise tax on the difference between what must be withdrawn and the amount actually distributed. In times that equities markets are rising and retirement account balances are growing, required minimum distribution rules are sensible. Indeed, they ensure the Government gains revenue after years of tax- deferred growth. Unfortunately, we are now witnessing unprecedented losses in equities markets that have caused many individuals to suffer steep losses in their retirement account balances. Notably, the American Association of Retired Persons has said that retirement accounts have lost as much as $2.3 trillion between September 30, 2007, and October 16, 2008. Forcing individuals to prematurely liquidate accounts and pay income taxes on the proceeds, as is required under current law, instead of allowing them to wait until the market recovers and continue to defer tax, simply adds insult to injury. Moreover, mandating withdrawals may cause stock prices to fall, hurting other investors. It is for these reasons that I am today introducing legislation to allow individuals who were forced to withdraw funds in 2008 to re- contribute that money into their accounts by July 1, 2009. Any amounts erroneously distributed in early 2009 could also be re-contributed by July 1, 2009. Finally, my bill would also waive minimum required distributions for 2010. Although Congress took a solid first step by suspending minimum required distributions for 2009, we must do more. With many predicting a multi-year recession, Congress must adopt a longer-term approach to helping individuals protect their retirement assets and weather the current economic storm. Individuals may require several years to recoup losses they have sustained, and by enabling them to keep assets in their retirement accounts until 2011, this bill offers them that opportunity. At that point, Congress can reevaluate whether the waiver of current-law rules should be further extended. I urge all Senators to consider the benefits this legislation will provide to millions of retirees all across the United States, and I look forward to working with my colleagues to enact it in a timely manner. Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Ms. SNOWE

Ms. SNOWE. Mr. President, I rise to pay tribute to my longtime good friend and colleague who, as one of 16 women Senators in the 110th Congress, has been a tremendous and cherished compatriot and an outstanding legislator, leader, and public servant. This Chamber was truly fortunate and blessed to have someone of Elizabeth's background, understanding, and stature. A veteran of five administrations, Senator Dole, upon her arrival in the U.S. Senate in 2002, brought with her an impressive depth and breadth of experience even by Senate standards, and a grace befitting her southern heritage combined with a tireless commitment to uncompromising substance. Having acquired both a masters and law degree from Harvard University, Senator Dole put the rigors of academia to good use in the pursuit of public service. She worked as a consumer affairs aide to both President Johnson and President Nixon and as a member of the Federal Trade Commission under President Ford and President Carter. And as a Member of Congress, I well recall Elizabeth in her role as assistant for public liaison in the Reagan Administration--where she served while I was in the U.S. House of Representatives. And she broke new ground as the first woman to serve as U.S. Secretary of Transportation--a post she held under President Reagan, and then as Secretary of Labor under President George H.W. Bush. After ending her stellar executive branch tenure, Senator Dole assumed the helm of the American Red Cross in 1991. And who could forget her valiant run in 1999 for the White House. As ranking member on the Senate Committee on Small Business and Entrepreneurship, I had the privilege of not only serving with Senator Dole, but also collaborating with her on issues affecting women in small business. Together, we saw an untapped capacity that women business-owners clearly possess to contribute to this economy--and we have worked tirelessly to remove unacceptable and regrettable impediments to receiving assistance and contracting opportunities from the Federal Government. In fact, we introduced legislation which would amend the Small Business Act to allow women-owned small businesses to have a meaningful contracting program--one that would apply to a broad array of business industries across this Nation; and prevent the SBA from requiring agencies to admit to past discrimination in order to participate in the women's Federal contracting program. The fact is, our government is supposed to work for the people, not against them. Senator Dole understood that basic tenet firsthand, as it impacted women business- owners, and was instrumental in championing our opposition to an egregious SBA rule. I say to Elizabeth, all of us in the Senate are going to miss her presence and contributions to this venerable chamber--but as she is well aware, there are 15 of us who are losing more than a friend and a colleague . . . but also a compatriot . . . and, yes, a kind of sister- in-arms. We all have the sense of a bond born of serving together in this institution as a minority of our own. I recall having our dinners first at the Sewall-Belmont House, then the Supreme Court, the Library of Congress, and the last one we came full circle by dining in the U.S. Capitol. Elizabeth, will certainly be missed. Lastly, on a very personal note, I don't think many of us will get completely used to a U.S. Senate without a Dole--and what an incalculable personal and combined service both Elizabeth Dole and our esteemed and beloved former majority leader, Bob Dole, have rendered to our country. So on this occasion, as we celebrate the exceptional contributions of Elizabeth Dole in the Senate and throughout her life, our warmest regards go out to her and leader Dole, and we wish them both nothing but the best for the future.

Ms. SNOWE. Mr. President, today I wish to pay tribute to Senator Gordon Smith, with whom I have had the privilege of working throughout his 12 years of service in the U.S. Senate. Gordon has been a great friend to me as he has to so many of us--but most importantly he has been a tremendous asset to the Senate, the Nation, and certainly the great State of Oregon. Since his election to the U.S. Senate in 1996, the people of Oregon have benefited immeasurably from Senator Smith's leadership. Throughout his service on numerous committees, including the Commerce and Finance Committees where we have served together, Senator Smith has been a credit to this body and has left a positive and lasting mark-- exemplified by his tireless work on the State Children's Health Insurance Program, and the leadership he took in defending the Medicaid program from misguided budget cuts. Above all else, Senator Smith always perceived his responsibility as representing his country before his party. There is no doubt that as we move forward into next Congress, I, for one, will miss his independent perspective. Since 1992, when he won election to the Oregon State Senate, Senator Smith has devoted his life to public service--and his integrity and dedication to the finest ideals of service make him a role model for all Americans. Few who have held the position of U.S. Senator have been able to combine his candor, civility, aptitude, and absolute dedication to the public good that have allowed him to be such an effective, bipartisan Member of the Senate. What many may not understand is the camaraderie that we build with our fellow Members of the Senate. We spend aggregate months each year separated from our homes, families, and friends and in doing so, each of us becomes a part of an extended family. So it was the most acute and profound sadness that we all felt in our hearts upon the loss in 2003 of Gordon's son, Garrett Lee. And having read Senator Smith's book, Remembering Garrett, One Family's Battle with a Child's Depression, I still find it almost unimaginable the grace and courage he displayed in continuing his work during the most difficult of times after Garrett's tragic passing. As a testament to his humble nature, Senator Smith turned from his own loss to help others. And he forged a remarkable and indelible legacy for his son with the Garrett Lee Smith Memorial Act--legislation to which Senator Smith has dedicated his life. This act, which the President signed into law on October 21, 2004, authorized $82 million for suicide-prevention and awareness programs, and represented just the first step Senator Smith has taken to help prevent other families from having to experience what his has endured. Ou Government is supposed to work for the people, and few individuals during my tenure in public service have exemplified this truism more so than Senator Smith. In the Senate, Gordon never allowed a party label to determine who he works with on critical legislation affecting our Nation. He had the skill to work across the aisle with intelligence and grace, and most of all, his highest priority was his constituents in Oregon. Whether he was fighting for transit funding in urban Portland or assistance in coastal fishing communities and rural timber towns, Gordon always knew where his roots were, and he was invariably an eloquent champion for those issues that truly mattered for the people of Oregon. Gordon, we thank you, we will miss you, and please know that you have left a positive and indelible mark on the Senate. All the best to you, Sharon, and your entire family for the future.

Ms. SNOWE. Mr. President, I rise today to honor an undeniable, universally-acknowledged legend of the U.S. Senate, an outstanding public servant who has been a legislative master of this institution and its most labyrinthine but pivotal and influential procedures, and a U.S. Senator who, with passion and verve, brilliantly grasped the complex nuances of legislation without losing the broader perspective driving the national issues of the day. I am referring, of course, to the Senior Senator from New Mexico, Pete Domenici. In his 36 years serving the people of New Mexico in this venerable institution, Senator Domenici embraced and confronted the most difficult or consequential of matters regardless of opposition or the complexity of the subject. Indeed, Mr. President, as our country faces myriad challenges, it is with a heavy heart that we lose not only an exceptional colleague and friend to many of us, but one of the Senate's finest legislators. I had the distinct privilege of witnessing Pete Domenici's sterling leadership and political acumen firsthand when he chaired the Senate Committee on the Budget from 1995 to 2002 in three successive Congresses. Having been a member on the House Budget Committee, I can tell you that serving on the Senate Budget Committee during Pete's chairmanship represented a magnificent opportunity for a freshman Senator--not to mention the fact that Pete empathized with me as he had been offered a seat on the committee as a freshman Senator as well. Although Pete was quoted as saying that he joined the committee in 1973 ``because it was available to me as a freshman, when other committees were not,'' history will show that the Senate Budget Committee, the U.S. Senate, and the country were all well-served because of Pete Domenici's undaunted command of the budget process and the esteem and respect with which he was held by his colleagues. As I joined the Senate Budget Committee in 1995 with Chairman Domenici at the helm, we worked hand-and-glove to reprioritize our Federal budget, instill greater fiscal discipline, and pass a balanced budget for the first time in 26 years. Success was going to require dedication and pragmatism or in Pete's words, ``guts.'' I well recall standing on the floor of the Senate as we were debating the budget resolution, and, referencing Winston Churchill's famous remark, I said, ``I feel we finally have reached the `end of the beginning' of what I hope will eventually be known as the first seven- year budget to reach a balance in over a generation.'' And the force behind that legislative and budgetary milestone was the Senator we honor today, Pete Domenici. The ramifications of our work on that budget resolution, along with our strong bipartisan 92 to 8 victory on the 1997 Balanced Budget Act, represent a historic template for how this institution tackles budgetary issues today and likely will in the future. However, what has resonated the most through the years--and what is certainly one of the crowning hallmarks of his monumental legacy--is how Pete reminded us that the Senate can indeed achieve resolution by bridging the partisan divide and forsaking polarizing acrimony in favor of substantive action advancing the public good. Senator Domenici brought this same constancy of purpose and tireless commitment to the common good to his advocacy for mental health parity in healthcare coverage. Vigorously working across the aisle with Senators Wellstone and Kennedy, Senator Domenici demonstrated that building bipartisan coalitions based on common objectives and good will were not only possible but fundamental to creating good policy. As Senator Domenici made his compelling case against the inequality of mental healthcare to the White House and to each Member of the Senate, his personal history with the disease was conveyed in a manner that could not have been more poignant and powerful. The story of Clare, Senator Domenici's daughter, mirrors that of millions of Americans afflicted with a mental health disorder, and Senator Domenici courageously recognized that he was uniquely positioned to help shepherd the message that health care coverage should not financially discriminate on the basis of this disease. Although Senator Wellstone characterized his partnership with Senator Domenici as, ``an odd couple,'' where their political philosophies diverged, there common allegiance to making a difference paved the way for enormous strides that engendered an effective bond. And with stately leadership, Senator Domenici and Senator Kennedy rallied the Senate, which at that point had mourned the tragic loss of Senator Wellstone, to action, passing the Mental Health Parity Act which the President signed into law. Once again, Mr. President, Senator Domenici confounded the status quo and fought for meaningful change. I believe we ought to have more, not fewer, ``odd couples'' and alliances in the Senate, given that compromise and conciliation are the true and necessary lifelines to achieving real results. To that end, my hope is that the Domenici-Wellstone-Kennedy example will constitute a model for generations to come of bipartisanship and comity. And I couldn't have been more pleased, having been a longtime leader on this issue myself, to work in accord with Senator Domenici in bringing this matter to fruition in the 110th Congress. Lastly, I cannot help but applaud Senator Domenici for his indispensable role in championing the 2005 Energy Policy Act. And while we had some differences on policy, once again, true to his relentless work ethic, his can-do optimism, and dogged determination, what was most conspicuously vital and on display was Senator Domenici's pragmatism in crafting this legislation. Advancing this measure required Senator Domenici to compromise with his own colleague from New Mexico, Senator Bingaman. Yet they sought, found, and maximized the common denominators that would, in the end, allow this bill to be signed into law. It stands as an enduring testament to Senator Domenici that the final energy bill in 2005 passed with 71 votes, and Congress took a serious step forward in addressing our energy crisis. Time and again, Senator Domenici has placed legislative performance above political posturing, and a desire for concrete results above the din of discord and rancor. And in the process, Senator Domenici leaves a formidable legacy of establishing the standard for facilitating the budget process, providing mental health parity for millions of Americans, and forging a critical first step toward altering the course of our long-dormant energy policy. For well more than three decades, this institution has been blessed to have among our ranks one of the giant legislators of his generation and our time, and we will miss you Pete and all you brought to the Senate, to public service, and to the people of New Mexico. As the son of Italian immigrants, who worked in your father's whole grocery business, and who would later become a minor baseball pitcher, math teacher, lawyer, and then a legendary Senator--you truly exemplify the very best of the American story and dream. To Nancy and the entire Domenici family, thank you for sharing Pete with us and our country. We are all the better for knowing him, working with him, and calling him our colleague and friend. john warner Mr. President, I rise today to pay tribute to my good friend and colleague, a true giant of this institution, and a consummate public servant, the gentleman--and I use that term with every fiber of the true definition of the word--the gentleman from Virginia, Senator John Warner. Mr. President, in delivering these remarks, and most especially in considering Senator Warner's impending retirement from the Senate, I have chosen not to focus on the tremendous loss to this body that will occur with John's departure--though the dimension of that loss is indisputably monumental. Rather, I prefer to recall the incalculable contributions John has made to enhancing this institution since his arrival here nearly 30 years ago--and his unparalleled commitment to the state and the Nation he has served so honorably and so well. John and I both came to the Congress at the same time--albeit to different chambers. I had long been familiar with Senator Warner's outstanding reputation as a man of strength, character, knowledge and integrity from my days in the House. And it didn't take long for me to find out why when I joined him in the Senate. Among many memories is my service on the Senate Armed Services Committee as Chair of the Seapower Subcommittee under John's leadership as chairman--and the command and the focus and the vision that he brought to that critical panel. I can tell you, with his long service on the committee--and of course as a former Secretary of the Navy, there wasn't anyone who instilled greater confidence when it came to meeting the challenges of limited defense dollars and the reality of that post-Cold War period than John Warner. I certainly well recall that at a time when our foreign policy had quite frankly made our Navy into America's ``Emergency 9-1-1'' force, with a 331 percent increase in contingency operations at that time from the previous ten years, at a time when the branches of the services weren't meeting their recruitment goals and the Air Force and Navy were woefully short of pilots, at a time when China was continuing to make quantum leaps in military technology, Senator Warner's expertise and leadership didn't arrive a moment to soon. I remember an instance when he called our allies to account on Kosovo--when he saw that our European partners had deployed only 722 of the 1,264 policemen they had promised to provide as part of the Kosovo Police Force, he held them to their commitment. He exposed that inequity and thanks to his hand at the helm they began to change their course. From day one as chairman, Senator Warner was relentless in scrutinizing existing defense programs as well as articulating a vision for the future. And no where was that more in evidence--or more prescient, for that matter, than when he created the Emerging Threats Subcommittee, to address everything from cyberterrorism to terrorist threats here at home. Indeed, as I said at an event at the time, ``the fact is, since Soviet power has receded from the heart of Europe, the United States faces more regionally diverse and unpredictable challenges to its national security than ever before. And John knew we must be prepared to respond.'' Well, that was and is the John Warner I know--always looking ahead, always anticipating the next challenge, and always working to meet those challenges head on. And above all else, no one, no one, is more concerned about the welfare and well-being of our brave men and women in uniform than John Warner. Interestingly, Senator Warner was Undersecretary of the Navy while the late Senator John Chafee served as Secretary. And might I just say as an aside, what an extraordinary duo would come out of the Pentagon to subsequently serve side-by-side in the United States Senate. And like John Chafee, John Warner earned the unwavering respect of our military men and women because of his unflagging respect for each and every one of them. Certainly, Senator Warner has always had unlimited enthusiasm and commitment for the men and women of the Navy and Marine Corps. In fact, I understand that, in a time before there were elevators and escalators in the Pentagon, he was known for quite literally bounding up the steps ``two by two'' in the mornings, and that he did so every morning to get to his office to serve the officers, sailors, and Marines for whom he cared so much. I am certain it is that very spirit that explains why he is so beloved by our members of the armed forces of the United States. I am certain it is also that spirit that's made him so beloved by members of this United States Senate. It's a spirit not only of ``can do'', but of ``must do''. It's an honor-bound dedication to the notion that we all have a sworn duty to our constitution and to our country to leave a better nation for having acted in our country's best interests. It's a quality we witnessed once again during historic debates on our course in our war in Iraq. Senator Warner consistently brought to bear his credibility, his gravitas, and his experience to elevate the Senate's deliberations and rise above the din of partisanship. What John Warner said on the matter of Iraq--or on any military issue of vital import--carried the weight of an intellect pledged solely to the concept and pursuit of doing what is right. And at no time was John's sense of the greater good more evident than in John's leadership in the so-called ``Gang of 14''--at a crossroads when the very institution of the Senate was caught in the cross-hairs of a struggle over judicial nominations. As we recall, at the time, the repeated, systemic filibuster of the President's nominees had been a corrosive force on the Senate. At the same time, the repeated, systematic filibuster of the President's nominees had been a corrosive force on the Senate. At the same time, exercising the so-called ``nuclear option''--that would have jettisoned the traditional rules governing these nominations--would truly have had longstanding consequences for the future of the Senate. But we set aside partisan differences to help forge consensus to safeguard a body constituted to be neither a rubber stamp nor a personalized veto. Just when we were about to cross a political Rubicon, this watershed compromise embraced and preserved the essence of our Founding Fathers' vision to achieve results through accommodation--and embodied the best traditions of the Senate. And John Warner was instrumental in standing up and leading that charge--once again, lending the gravity of his standing in the Senate to advance that crucial cause. So when I think of John Warner, I think of an embodiment of what our forefathers quite likely had in mind when they envisioned a U.S. Senator. Someone who is learned, who is deliberative, who is compassionate, who is considered, who is experienced, who is reasoned and measured in approach--but who is most undeniably unafraid to act decisively when circumstances demand. That is the caliber of the man to whom this institution is about to bid farewell. And as we do so, I also cannot help but recall the proud tradition of extraordinary thinkers and leaders that the great Commonwealth of Virginia has produced over centuries--the ranks of which John Warner is most unquestionably fit to occupy. What a credit he has been to his State, what a legacy he contributes to Virginia, and certainly to America. The people of Virginia could not have asked for a more eloquent and powerful voice in the U.S. Senate--and it was a powerful voice not for the brashness of its volume or tone, but because of the credibility and thoughtfulness behind the words and thoughts that voice delivered. Quite simply, he is truly one of the best--deeply respected, highly regarded, a principled, independent-minded voice of reason. He is what we need more of in government. And he sets an example for us all. He has also been a great friend to me--as he has to so many of us. I will miss the firmness and sincerity of his warm ``hellos''. I will miss running into him in the hallways, on the Senate subway, on this floor. I will miss his institutional wisdom and depth and breadth on the issues. I will miss his kindness and comradery. And, I imagine, there are 98 others in this Chamber who feel likewise. So let me just say, farewell, John Warner. And while none of us want to see you go, there is certainly unanimous consent that--as you yield the floor for the final time--no one is more deserving of this time to now spend with your family, your friends, and with whatever personal pursuit you may choose--than you, John, as a public servant of so many years, a public servant of great accomplishment, and a public servant of such positive and indelible consequence to the Senate, and to America.

Ms. SNOWE. Mr. President, I rise to express my enormous gratitude and deep appreciation to my good friend and colleague, Senator Chuck Hagel, for his 12 years of sterling leadership and steadfast service in the U.S. Senate. A man of deep-seated principle, honor, conscience, and conviction, Senator Hagel has been a stalwart legislator and an unwavering guardian of the first branch of government during his remarkable two-term tenure in the Senate. And, having served with Chuck side-by-side for that entire period--including, in the 107th Congress on the Senate Committee on the Budget, and subsequently for the remaining three Congresses on the Senate Committee on Intelligence--I can attest firsthand to the tremendous intellect, independence, and integrity that he has brought to his office and to some of the most consequential debates of our time. Anyone familiar with Senator Hagel's background will notice readily how a fourth generation Nebraskan steeped in the time-honored traditions and mores of the heartland was well-equipped with the bedrock character and unshakable foundation necessary to reach the highest heights in both the public and private sector. Whether serving as President Reagan's Deputy Administrator of the Veterans' Administration, demonstrating keen entrepreneurial acumen as an early leader in the cellphone industry, heading the World USO, or eventually running successfully for the U.S. Senate from Nebraska, the common denominator, time and again, pervading Senator Hagel's life--and what has shaped his renowned trajectory of accomplishment in every undertaking he has pursued--has been his unwavering love for his country and abiding faith in its founding principles. Nowhere was Senator Hagel's devotion to our Nation more paramount than when his country called on him to serve in Vietnam, where he and his brother Tom, having bravely enlisted together, fought shoulder-to- shoulder as infantry squad leaders with the U.S. Army's 9th Infantry Division. Both displayed enormous heroism on the field of battle and were decorated soldiers, with Chuck earning two Purple Hearts. As you can imagine, it has been a privilege over these past 12 years to witness the courage and candor of this American hero and esteemed colleague, whether on measures addressing war, specifically in Iraq, or matters concerning the Foreign Intelligence Surveillance Act, FISA. Senator Hagel was indeed my compatriot and ideological soul mate on the Senate Intelligence Committee. If you must go into battle whether in war or in politics, you want to engage your opponents with someone of Chuck Hagel's mettle and fortitude. A true conservative who believes in limited government--and that the diffusion of power and authority are the surest check against despotism and the best hope for democracy--Senator Hagel has demonstrated a visceral and unending passion for this institution and for the possibilities of effective governance by people of good will. And Senator Hagel crystallized this deeply held belief in his farewell speech on the floor of the Senate when he emphasized to his colleagues that . . . Article I of the constitution is about the Congress. We are a co-equal branch of government. And if anything I've learned in the 12 years I've been here is the importance of sharing, participating in the governance of our country, being part of that governance, helping make decisions with the president and the executive. Finally, as a Mainer, I must say how fitting it was that a few years ago Senator Hagel was recognized as one of the esteemed recipients of The Edmund S. Muskie Distinguished Public Service Award. Senator Hagel exemplifies the best of the Muskie tradition which was built upon certain irrefutable, sterling standards for high intellect, unassailable integrity, and a lifetime of legendary service. To his wife Lilibet and their daughter Allyn and son Ziller, thank you for sharing your husband and your father with us for these 12 years. And to Chuck, we will miss your voice and your vision. By your words and in your deeds, you bring to mind the Greek playwright and poet, Aeschylus, who wrote that ``his resolve is not to seem the bravest, but to be.'' You have been a brave steward of the public trust, and we are forever thankful. Wayne Allard

Ms. SNOWE. Mr. President, today I wish to pay tribute to Senator John Sununu, an outstanding public servant and fellow New Englander whose common-sense approach to governance and dedication to problem-solving have well-served both his constituents of the Granite State of New Hampshire as well as his country. It is impossible not to like and respect someone of Senator Sununu's tremendous affability and enormous capability. Personable and analytical, John brought to the U.S. Senate what he exhibited during his accomplished tenure in the U.S. House--a welcomed engineer's perspective. So, we are losing more than a colleague of undeniable skill and integrity--we are going to miss his vital and refreshing contribution to this Chamber's national conversation. And so, let me just say, it's been my good fortune to serve with John on the Senate Committee on Commerce, Science, and Transportation-- specifically, the Subcommittee on Oceans, Atmosphere, Fisheries, and Coast Guard as ranking member, and the Senate Committee on Finance. Particularly, as a member of the Ocean's Subcommittee, and former chair of the Subcommittee on the National Ocean Policy Study, Senator Sununu advocated for New England's fishermen and fishing communities through several difficult years. Moreover, as Maine's groundfishery continued to suffer under ever more stringent catch limits, and our lobster industry faced increasingly strict regulations, John's help was instrumental in keeping these issues at the fore and protecting one of our region's and our Nation's most historic professions. For his tireless leadership on these crucial issues, we are forever grateful. On two additional topics that are also profoundly critical not only to my State of Maine, but also to the entire New England region--the vitality of Kittery-Portsmouth Naval Shipyard and the protection of the pivotal Low Income Home Energy Assistance Program or LIHEAP, John and I have been vigilant, working hand-in glove to ensure the continued viability of these indispensable mainstays of our neighboring States. In fact, in the 110th Congress, we--as part of both the New Hampshire and Maine delegations--working with the Kittery-Portsmouth community, union leaders, and Captain Mazzone and his world-class team--fought vigorously and successfully to secure $20.7 million in full funding for the construction of the Waterfront Support Facility at drydock #3--and $9.9 million for the first phase of a new Consolidated Global Submarine Component Facility. As a much-admired, ``best in Navy performance'' shipyard that delivers the best work consistently on time and under budget, Kittery-Portsmouth Naval Shipyard--the oldest naval shipyard in the Nation--unquestionably deserved no less. When it comes to the life or death matter of LIHEAP, since coming to Congress in 1997, John has, time and again, battled on behalf of thousands of families in New Hampshire who require fuel assistance to stay warm in their homes during the winter months. Senator Sununu was a stalwart addition to the chorus of those championing LIHEAP from New England and other affected regions around the country. Although there are truly serious subjects of public policy that bind us as New Englanders, nothing brings us together more than our beloved Boston Red Sox. And I dare say, one of John's fondest memories over the last 6 years likely has nothing to do with the U.S. Senate and everything to do with being from New England and a Red Sox fan--as Boston won not one but two World Series Championships, shattering the much-ballyhooed curse for good. In the end, Mr. President, the true measure of a person is not making a living by what you get--but rather by what you give, and John Sununu, during his entire time in Congress, has given his State of New Hampshire remarkable public service worthy of its venerable heritage. By entering the family business of politics, John has indeed been a steward of the country's business, and we, and his State of New Hampshire, owe him a debt of great thanks.

Ms. SNOWE

Ms. SNOWE. Madam President, I rise today to recognize Tucker Shumack's dedicated service to the Senate Committee on Small Business and Entrepreneurship over the past 3 years. An integral part of the committee staff, Tucker always performed his duties with the livelihood and success of small business owners in mind. Tucker began his Capitol Hill service in the office of Senator Paul Coverdell from his home State of Georgia. After attending law school, Tucker returned to Washington to work for the Congressman, and later Senator Johnny Isakson, also from Georgia. When he came to the Small Business Committee in the fall of 2005, Tucker was well-grounded in the ways of Capitol Hill. From day 1, Tucker was proactive in efforts to mitigate the often unfair tax structure that small business owners face. Tucker's insights on these subjects have proven immensely critical to me over the years. Tucker has had many legislative successes helping me forge commonsense bills that appeal to Members on both sides of the aisle. Just last year, Tucker was invaluable in helping me develop provisions to extend the Work opportunity tax credit, to expand small business expensing and enhance the refundable child tax credit. These vital extensions give more people a chance at gainful employment and allow thousands of small businesses to succeed and thrive. Whether it was extending the new markets tax credit, advocating for a fairer and simpler Tax Code, or confronting the mess known as the alternative minimum tax, Tucker consistently brought colleagues together to find reasonable and sound solutions to the myriad tax problems facing Americans. His ability to forge lasting relationships has made him a key player on Capitol Hill, and his diligence and perseverance have made him a trustworthy ally. My legislative priorities have been well served because of Tucker's talents and expertise. Always the Southern gentleman, Tucker is easy to get along with because of his charm, grace, and wit--the latter of which Tucker is most famous for. His ability to make others laugh cannot be overstated! He has certainly had a lasting impact on those with whom he has worked over the years, and his cordial demeanor and welcoming smile will be missed in the Halls of the Capitol complex. On a personal note, Tucker and his wife Kristine recently welcomed their first child, Tucker, Jr., into the world in August. I am sure that Tucker will be a great father, and look forward to hearing about the Shumack family's adventures throughout the years. Tucker's departure from the Small Business Committee is a true loss. I owe Tucker a debt of gratitude for his phenomenal work on behalf of the American people. I am confidant that he will quickly become a well- liked and respected member of his new office. I speak for my entire staff when I wish Tucker well in his new job, and in all his future endeavors.

Ms. SNOWE

Ms. SNOWE. Madam President, as we approach the holiday season, I wish to recognize a small business from my home State of Maine that has made its mark by its commitment to giving back to the local community. NewLand Nursery and Landscaping of Ellsworth has been providing Hancock County with quality landscaping services and floral arrangements for almost two decades, while simultaneously maintaining its status as an involved member of the greater Ellsworth area. Beginning its landscape design operations in 1985 with a mere $600, a pickup truck, and some tools, NewLand has continually expanded its services to become a well-known name for its gorgeous flowers, versatile garden products, and impressive landscaping business. A reputable source for gardening knowledge, customers in Downeast Maine have relied on NewLand for creative ways to enrich their home gardens or fashion a welcoming landscape at their business. NewLand has designed some of Maine's most recognizable landscapes, from Bangor to Calais. Many locals and tourists alike will recognize NewLand's exquisite work at the Jordan Pond House in Acadia National Park, where the firm designed the tea garden, plantings, and other aspects. Additionally, NewLand has developed landscapes at the Mansfield baseball field in Bangor, the University of Maine's Hutchison Center in Belfast, and St. John's Church in Bangor. NewLand has received several awards over the course of its history for the inventiveness and attractiveness of its work. It won the People's Choice Award five times at the Bangor Garden Show, from 1991 to 1994 and again in 1999. And in 2006, NewLand was recognized by Governor Baldacci, the Maine Commission for Community Service, and the Maine Volunteer Connection with the Small Business Volunteerism Award, commending the company for its culture of encouraging volunteering among its employees and its generosity in assisting others throughout Hancock County. NewLand Nursery and Landscaping is a member of numerous community and statewide organizations, including the Ellsworth Area Chamber of Commerce and the Maine State Florists' and Growers' Association. Steve Elliot, the owner of NewLand, has certainly led by example when it comes to community service. Mr. Elliot most recently served as president of the Rotary Club of Ellsworth and was actively involved in organizing engaging Rotary meetings and service events. In fact, this coming Saturday, Mr. Elliot will join his fellow Rotarians for the third annual Gifting Experience. Members of the local club will take 23 8- and 9-year-olds shopping in downtown Ellsworth to buy gifts for their family members. They will then go to Maine Coast Memorial Hospital, where the children will wrap presents. At the conclusion of the day, Mr. Elliot dressed as Santa Claus will give each participant a gift. No stranger to community involvement, Mr. Elliot also hosts a free annual fall children's festival at NewLand, where kids can enjoy hayrides and participate in bowling with pumpkins, as well as an Easter Egg Hunt each spring. He has additionally donated his time as a coach for the Blue Hill Athletic Department. Several years ago, NewLand also hosted the unveiling of the ``Fishing for Friends'' effort, a fundraiser for Faith in Action Community Connection, a volunteer group that assists the disabled and elderly in Hancock County. The holiday season is a time to appreciate what we have and discover ways we can give to others. Steve Elliot and the employees at NewLand have truly taken this spirit to heart. I applaud Mr. Elliot and everyone at NewLand Nursery and Landscaping for their generous and dedicated work, and I wish them well in all of their future endeavors.

Ms. SNOWE

Ms. SNOWE. Mr. President, today I rise to introduce legislation to offer relief to retirees who are being forced to take so-called required minimum distributions from their retirement accounts in a year in which the Dow Jones Industrial Average has fallen a staggering 35 percent. Because retirees are forced to make withdrawals from their retirement accounts, they cannot wait for equities markets to recover and must, in many cases, unnecessarily absorb devastating losses. The Retirement Account Distribution Improvement Act of 2008 would suspend required minimum distribution rules until 2011 to allow retirees the ability to recoup some of their losses. Under current law, individuals who have reached age 70.5 generally must begin to withdraw funds from their IRAs or defined contribution retirement plans, including 401(k), 403(b), 457, and TSP plans. The withdrawals must begin by April 1 of the year in which an individual attains age 70.5. Failure to take a required minimum distribution may result in a 50 percent excise tax on the difference between what must be withdrawn and the amount actually distributed. In times that equities markets are rising and retirement account balances are growing, required minimum distribution rules are sensible. Indeed, they ensure the government gains revenue after years of tax- deferred growth. Unfortunately, we are now witnessing unprecedented losses in equities markets that have caused many individuals to suffer steep losses in their retirement account balances. Indeed, the American Association of Retired Persons has said that retirement accounts have lost as much as $2.3 trillion between September 30, 2007, and October 16 of this year. Forcing individuals to liquidate accounts and pay income taxes on the proceeds, as is required under current law, instead of allowing them to wait until the market recovers and continue to defer tax, simply adds insult to injury. Moreover, mandating withdrawals may cause stock prices to fall, hurting other investors. It is for these reasons that I am today introducing legislation to waive minimum required distributions for the 2008 to 2010 period. Under my legislation, retirement plan custodians would be prohibited from making required distributions unless an individual specifically asked that funds be withdrawn. Plan custodians would have to send individuals a notification to alert them that they must make an affirmative election to receive funds from their accounts. Finally, to benefit individuals who have already taken a required minimum distribution for 2008, the bill would allow a re-contribution of those amounts into a retirement account by July 1, 2009. I am aware that others have proposed variations on the provisions I am introducing today. For example, Treasury Secretary Henry Paulson may be considering very short-term administrative relief. While well intentioned, this approach does not guarantee meaningful long-term action. Meanwhile, others have drafted legislation to suspend minimum distribution rules. Notably, Senators Baucus, Grassley, Kennedy, and Enzi, offered legislation, The Worker, Retiree and Employer Recovery Act of 2008, before the Thanksgiving Recess, a measure that I have cosponsored because it includes many worthy provisions such as a one- year waiver of required minimum distribution rules. While I greatly appreciate their efforts and hope that we can clear that bill as early as today, we must do more. A 1-year waiver of minimum distribution rules is simply a good start, but with many predicting a multi-year recession, I believe the waiver should be at least 3 years. Congress must adopt a longer-term approach to helping individuals protect their retirement assets and weather the current economic storm. Individuals may require several years to recoup losses they have sustained, and by enabling them to keep assets in their retirement accounts until 2011, this bill offers them that opportunity. After 2 years, Congress can reevaluate whether the waiver of current-law rules should be further extended. I urge all Senators to consider the benefits this legislation will provide to millions of retirees all across the United States, and I look forward to working with my colleagues to enact it in a timely manner. Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Ms. SNOWE. Mr. President, I rise today to introduce a bill that will provide much-needed relief to struggling families across America. The Unemployment Benefit Tax Suspension Act of 2008 is a critical piece of legislation that would suspend the collection of federal income tax on unemployment benefits for 2008 and 2009. In light of the calamitous labor market, Congress must act to ensure that workers who lose their jobs do not also lose their livelihoods. On Friday, the Labor Department released sobering statistics that demonstrated the gravity of the situation we face. In November, the economy shed 533,000 jobs, the largest monthly job loss since December 1974. Our unemployment rate now stands at a perilous 6.7 percent, a 15- year high. We have lost 1.9 million jobs since the beginning of our present recession in December 2007--including \2/3\ of those jobs in the last 3 months alone--and the number of unemployed stands at a whopping 10.3 million. Suspending the federal income tax on unemployment benefits is a simple way to assist our nation's unemployed workers and families. In fact, the CBO has estimated that in 2005, of the 8.1 million recipients of UC benefits, 7.5 million had incomes of under $100,000. As such, most of the benefits of suspending this tax are likely to go to lower- and middle-income families, those struggling harder than ever just to makes ends meet. During these challenging times, taxes on unemployment compensation represents a burden that unemployed members of our society simply cannot afford. Working families are already suffering, with the high cost of groceries, an unstable energy market, and the outrageous price tag for health care. My bill offers a means to help stimulate the economy by making unemployed workers' benefits stretch farther. While it is certainly not a solution to the problem, it is a step in the right direction. President-elect Obama has voiced his support for this general idea, calling it ``a way of giving more relief to families,'' and I believe that is the ultimate goal we must pursue in these trying times. I look forward to seeing this bill is passed in a timely manner, so that the impact can be immediate. Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Ms. SNOWE

Ms. SNOWE. Mr. President, I rise today to recognize the outstanding service Linda Le provided to the Senate Committee on Small Business and Entrepreneurship over the past 4 years. Linda is a dedicated individual whose penchant for critical insights and creative solutions will be sorely missed. Linda first joined the Senate Small Business Committee staff in 2004 as a staff assistant. She had previously gained invaluable experience on financial matters during her career at Fidelity Investments. Through hard work and determination here in the Senate, Linda rose through the ranks, first as a research analyst and finally as a professional staff member. Over the years, I have come to rely on her knowledge and expertise in the areas of small business lending, banking, and women's business issues. She is a thoughtful member of the Committee's staff who could be relied upon for her ideas on how to strengthen legislation to benefit our Nation's small business owners. Just this year, Linda played a pivotal role in helping me develop legislation to alleviate the small business credit crunch and provide oversight over small business lenders. When Congress reconvenes next year, I will push to see that the Small Business Lending Oversight and Program Performance Improvement Act and the 10 Steps for a Main Street Economic Recovery Act are enacted into law. The consummate professional, Linda was always well prepared for committee hearings, markups and roundtables. She consistently provided me with detailed materials that clearly explained complex situations and offered proactive and comprehensive solutions to problems regarding small business lending, access to credit, and women's business concerns. Linda's ability to build and maintain relationships with constituents, issue experts, and staff from other Members' offices has served me and the committee well. In all her years on the Small Business Committee, Linda has been a passionate advocate for small businesses and their owners. Her eagerness to make a difference in people's lives is nothing short of commendable. After her tenure here in Washington, Linda is leaving the Senate to pursue a cause dear to her heart. Soon, she will be heading to Iraq to work as a business development specialist with one of the State Department's provincial reconstruction teams, or PRTs. PRTs are vital to our mission in Iraq, as they are made up of experts who advise the U.S. military and local Iraqi government on a wide array of issues, including economic and business development. Linda's work with the PRT will continue her pursuit of serving others, and will help win the hearts and minds of Iraqis in need of this vital aid. Linda Le is a person of remarkable strength and selflessness. And to make her story all the more compelling, her husband Hung, a communications officer in the U.S. Army National Guard, recently deployed to Afghanistan to serve our country in the war on terror. Clearly, the word ``service'' has a profound meaning in Linda's household. I speak for my entire staff when I say we will keep Linda and her husband in our thoughts and prayers during their time overseas, and we wish Linda safe travels and much success in her new and incredible endeavor. While I am sad to see Linda leave, I am excited for her bright future. She has used her talents to the fullest extent here in the Senate, and I am confident that she will continue to excel in everything she does. Thank you, Linda, for your dedicated service to your country, and best wishes as you begin an extraordinary new chapter in your life.

Ms. SNOWE

Ms. SNOWE. Mr. President, with the size and complexity of the Treasury Department's efforts to administer the Troubled Asset Relief Program, TARP, which is unprecedented in recent U.S. history, it is essential to have a Special Inspector General, IG, who is focused exclusively on conducting effective oversight. When Congress passed the Emergency Economic Stabilization Act, I was proud to join Senator Baucus, as well as 31 of my other colleagues, to insist that the legislation direct the Treasury Secretary to appoint a Special IG as soon as possible. Notably, we tasked the Special IG with ensuring program transparency by collecting data on the Treasury's actions and reporting regularly to Congress. One might say that the Special IG is the cop on the beat dedicated to protecting taxpayers' interests. Many would argue that the Treasury's current authority is almost completely unrestrained. There is a saying about what absolute power does to people and organizations, namely that absolute power corrupts absolutely. We must not allow unrestrained power to corrupt the Treasury Department's authority or mission. It is essential that proper oversight exists so that the Treasury Department is held accountable for how it expends taxpayer dollars. A strong IG is even more critical now that the Treasury Department is directly injecting capital into banks, as well as potentially aiding other entities that provide consumer credit. The oversight requirements originally designed by Congress to scrutinize the purchase of toxic assets do not accurately or adequately describe the Treasury's equity investments and, therefore, do not provide the strong taxpayer protections Congress requires. With the Treasury Department changing the plan day-by-day, there is growing market uncertainty about how best to address the economic crisis. The Treasury needs to inspire confidence. It must not follow Wall Street's example and play fast and loose on the public's dime. The bottom line is we must ensure the government respects the public's money more than Wall Street ever did. That will be the Special Inspector General's job. It is imperative then that the Special IG be adequately equipped with authority and resources to carry out this mission. On Monday, the Finance Committee held a hearing to consider the nomination of Neil Barofsky to be the Special IG for TARP. Mr. Barofsky has had a distinguished career as a Federal prosecutor investigating white-collar crimes, but regardless of how impressive his resume might be, he cannot succeed at his job if his hands are tied with inadequate authority and resources. At this hearing, I noted a number of concerns that I have with the authority, or lack thereof, given to the Special IG, and for this reason, I rise today, to offer legislation, the Troubled Asset Relief Program Inspector General Improvement Act, that will give the Special IG the teeth that he needs to provide the oversight that taxpayers deserve with their precious tax dollars at stake. Time is of the essence with the Treasury already having committed $290 billion without the Special IG's oversight. We cannot afford any further delay in the office of the Special IG becoming operational. Accordingly, because the Emergency Economic Stabilization Act (EESA) did not specify the timing the Treasury Department must observe to transfer $50 million to the Special IG to set up his office, my legislation would direct the Treasury Secretary to provide the TARP IG with $50 million within three days after he is confirmed by the Senate. In addition, because the TARP IG must hire personnel to get up and running, my bill includes a proposal to waive applicable civil service rules that could delay that process. I am concerned that without this change, it may be summer before the TARP IG's office is sufficiently staffed to discharge its responsibilities. Notably, EESA requires the TARP to address deficiencies that the Comptroller General identifies, or to certify to the appropriate committees of Congress that no action is necessary, but it places no similar requirement on the TARP regarding audit findings by the Special IG. My bill would place the same requirements on the TARP to address recommendations by the Special IG as are required by the findings of the Comptroller General. Additionally, now that the Treasury Department has changed course and decided to inject capital directly into financial institutions rather than purchase toxic and illiquid assets as originally contemplated, Congress must be sure that the Special IG has the authority to fully investigate any other type of transaction undertaken by TARP. Although many contend that the underlying statute provides the Special IG with the ability to investigate equity injections, with Treasury Secretary Paulson hinting that TARP may be expanded to benefit credit card, student loan, and car loan companies, and with the possibility that the incoming administration might enlarge the program further still in ways that we are not fully able to anticipate, it is imperative that the Special IG have the ability to conduct oversight over whatever way funds are ultimately expended. My legislation mandates that the Special IG can go wherever necessary to protect taxpayers. Last but not least, as there is tremendous concern in many quarters that financial institutions will use the $250 billion in equity injections they have been allocated pursuant to TARP to either purchase their weaker competitors or simply pay dividends to shareholders, I believe it is absolutely critical that the public understand exactly how these funds are being committed. Although I hope the funds will be used to promote lending, which is so critical to restoring economic growth and job creation, we must be sure that such lending occurs. Accordingly, my bill would require the TARP IG to prepare by July 1, 2009, an analysis for Congress of what exactly banks did with the $250 billion they have received. Finally, Mr. President, I would be remiss not to acknowledge similar legislation introduced yesterday by my colleagues Senators McCaskill, Grassley, Collins, and Lieberman. Although their legislation would speed the hiring process to allow the TARP IG to quickly begin operations, as well as allow the IG to investigate any initiative created as part of the program, it would not make some of the other changes I believe are absolutely vital. All that said, I hope that we can work together on a consensus, bipartisan package that can expeditiously clear the Senate. Mr. Prsident, I ask unanimous consent that the text of the bill be printed in the Record.

Ms. SNOWE

Ms. SNOWE. Mr. President, with the size and complexity of the Treasury Department's efforts to administer the Troubled Asset Relief Program, TARP, which is unprecedented in recent U.S. history, it is essential to have a Special Inspector General, IG, who is focused exclusively on conducting effective oversight. When Congress passed the Emergency Economic Stabilization Act, I was proud to join Senator Baucus, as well as 31 of my other colleagues, to insist that the legislation direct the Treasury Secretary to appoint a Special IG as soon as possible. Notably, we tasked the Special IG with ensuring program transparency by collecting data on the Treasury's actions and reporting regularly to Congress. One might say that the Special IG is the cop on the beat dedicated to protecting taxpayers' interests. Many would argue that the Treasury's current authority is almost completely unrestrained. There is a saying about what absolute power does to people and organizations, namely that absolute power corrupts absolutely. We must not allow unrestrained power to corrupt the Treasury Department's authority or mission. It is essential that proper oversight exists so that the Treasury Department is held accountable for how it expends taxpayer dollars. A strong IG is even more critical now that the Treasury Department is directly injecting capital into banks, as well as potentially aiding other entities that provide consumer credit. The oversight requirements originally designed by Congress to scrutinize the purchase of toxic assets do not accurately or adequately describe the Treasury's equity investments and, therefore, do not provide the strong taxpayer protections Congress requires. With the Treasury Department changing the plan day-by-day, there is growing market uncertainty about how best to address the economic crisis. The Treasury needs to inspire confidence. It must not follow Wall Street's example and play fast and loose on the public's dime. The bottom line is we must ensure the government respects the public's money more than Wall Street ever did. That will be the Special Inspector General's job. It is imperative then that the Special IG be adequately equipped with authority and resources to carry out this mission. On Monday, the Finance Committee held a hearing to consider the nomination of Neil Barofsky to be the Special IG for TARP. Mr. Barofsky has had a distinguished career as a Federal prosecutor investigating white-collar crimes, but regardless of how impressive his resume might be, he cannot succeed at his job if his hands are tied with inadequate authority and resources. At this hearing, I noted a number of concerns that I have with the authority, or lack thereof, given to the Special IG, and for this reason, I rise today, to offer legislation, the Troubled Asset Relief Program Inspector General Improvement Act, that will give the Special IG the teeth that he needs to provide the oversight that taxpayers deserve with their precious tax dollars at stake. Time is of the essence with the Treasury already having committed $290 billion without the Special IG's oversight. We cannot afford any further delay in the office of the Special IG becoming operational. Accordingly, because the Emergency Economic Stabilization Act (EESA) did not specify the timing the Treasury Department must observe to transfer $50 million to the Special IG to set up his office, my legislation would direct the Treasury Secretary to provide the TARP IG with $50 million within three days after he is confirmed by the Senate. In addition, because the TARP IG must hire personnel to get up and running, my bill includes a proposal to waive applicable civil service rules that could delay that process. I am concerned that without this change, it may be summer before the TARP IG's office is sufficiently staffed to discharge its responsibilities. Notably, EESA requires the TARP to address deficiencies that the Comptroller General identifies, or to certify to the appropriate committees of Congress that no action is necessary, but it places no similar requirement on the TARP regarding audit findings by the Special IG. My bill would place the same requirements on the TARP to address recommendations by the Special IG as are required by the findings of the Comptroller General. Additionally, now that the Treasury Department has changed course and decided to inject capital directly into financial institutions rather than purchase toxic and illiquid assets as originally contemplated, Congress must be sure that the Special IG has the authority to fully investigate any other type of transaction undertaken by TARP. Although many contend that the underlying statute provides the Special IG with the ability to investigate equity injections, with Treasury Secretary Paulson hinting that TARP may be expanded to benefit credit card, student loan, and car loan companies, and with the possibility that the incoming administration might enlarge the program further still in ways that we are not fully able to anticipate, it is imperative that the Special IG have the ability to conduct oversight over whatever way funds are ultimately expended. My legislation mandates that the Special IG can go wherever necessary to protect taxpayers. Last but not least, as there is tremendous concern in many quarters that financial institutions will use the $250 billion in equity injections they have been allocated pursuant to TARP to either purchase their weaker competitors or simply pay dividends to shareholders, I believe it is absolutely critical that the public understand exactly how these funds are being committed. Although I hope the funds will be used to promote lending, which is so critical to restoring economic growth and job creation, we must be sure that such lending occurs. Accordingly, my bill would require the TARP IG to prepare by July 1, 2009, an analysis for Congress of what exactly banks did with the $250 billion they have received. Finally, Mr. President, I would be remiss not to acknowledge similar legislation introduced yesterday by my colleagues Senators McCaskill, Grassley, Collins, and Lieberman. Although their legislation would speed the hiring process to allow the TARP IG to quickly begin operations, as well as allow the IG to investigate any initiative created as part of the program, it would not make some of the other changes I believe are absolutely vital. All that said, I hope that we can work together on a consensus, bipartisan package that can expeditiously clear the Senate. Mr. Prsident, I ask unanimous consent that the text of the bill be printed in the Record.

Ms. SNOWE

Ms. SNOWE. Mr. President, I rise to introduce legislation with Senator WHITEHOUSE to extend the reach of the Federal Bureau of Investigation into financial crimes that may have helped precipitate the economic meltdown of the past several months. We must investigate and scrutinize this financial crisis as we would a terrorist attack in order to determine its causes and how to preempt another economic collapse in the United States. Following the September 11th attacks, the FBI re-directed approximately 1,000 agents to counterterrorism and counterintelligence activities. Without a doubt, there is no argument that our country has benefitted from the dedicated efforts of the men and women of the FBI who are performing this valuable work. Over a 10-year period, from fiscal year 1999 to fiscal year 2008, Congress has increased direct appropriations for the FBI from $2.993 billion and 26,693 positions to $6.658 billion, 122 percent increase, and 30,211 positions, 13 percent increase. Most of these new resources were provided in the wake of the September llth terrorist attacks, as the FBI redirected its resources toward combating domestic and international terrorism by improving its intelligence gathering and processing capabilities. As a consequence, for fiscal year 2008, about 60 percent of FBI funding and staffing is allocated to national security programs, including counterterrorism and counterintelligence. In view of the breadth and severity of the economic crisis brought on by events in U.S. financial markets, however, I am very concerned that criminal wrongdoing may have played a significant role in crippling some of America's largest companies. Criminal activity, such as fraud, misrepresentation, self-dealing, and insider trading may have instigated or exacerbated the financial industry upheaval of 2008. In order to augment FBI investigations of financial crimes, the FBI Priorities Act of 2008 authorizes $150 million for each of the fiscal years 2009 through 2013 to fund approximately 1,000 Federal Bureau of Investigation field agents in addition to the number of field agents serving on the date of enactment. It is my hope that this extra manpower will enable the FBI to develop leads on unlawful actions, dig deeply into those leads, and bring responsible parties to justice. The American public deserves no less.

Ms. SNOWE. Mr. President, I rise today in support of the passage of the HUBZone Improvement Act of 2008. This vital legislation would address the Government Accountability Office's recent recommendations to improve the Small Business Administration's administration and oversight of the Historically Underutilized Business Zone, HUBZone, program and ensure that only eligible firms participate in this crucial program. As former chair and now ranking member of the Senate Committee on Small Business and Entrepreneurship, I have been a longstanding champion for small business programs such as the HUBZone program. The HUBZone program provides Federal contracting assistance to small firms located in economically distressed areas, with the intent of stimulating economic development. According to the GAO, as of February 2008, 12,986 certified businesses have participated in the HUBZone program since its inception. And in fiscal year 2007, over 4,200 HUBZone firms obtained approximately $8.1 billion in Federal contracts. In these troubling economic times, the HUBZone program is something our country needs now more than ever. The mechanisms that the SBA uses to certify and monitor HUBZone firms provide limited assurance that only eligible firms participate in the program. Unfortunately, according to a recent GAO report and analysis of 125 applications submitted in September of 2007, the SBA only requested supporting documentation, which helps to clarify the status of the business, for 36 percent of the applications and only conducted a single site visit for all 125 applicants. While the SBA's policies and procedures require program examinations, the agency only conducts them on 5 percent of certified HUBZone firms each year. This is a glaring lack of oversight that must be rectified. The legislation I introduce today, the HUBZone Improvement Act of 2008, would take immediate steps to correct the lack of effective administrative oversight by requiring more routine and consistent supporting documentation during the program's application process. In its report, the GAO found that the SBA relies on Federal law to identify qualified HUBZone areas, but the map it uses to publicize HUBZone areas is inaccurate, and the economic characteristics of designated areas vary widely. My bill would require that the SBA take immediate steps to correct and update the map that the SBA uses to identify HUBZone areas and implement procedures to ensure that the map is updated with the most recently available data on a more frequent basis. The GAO also found that the mechanisms that SBA uses to certify and monitor firms provide limited assurance that only eligible firms participate in the program. The GAO found that more than 4,600 firms that had been in the program for at least 3 years went unmonitored. My legislation would require the SBA to develop and implement guidance to more routinely and consistently obtain supporting documentation upon application and conduct more frequent site visits, as appropriate, to ensure that firms applying for certification are eligible. These commonsense achievable steps would help to eliminate participant fraud and misrepresentation, and ensure that firms applying for HUBZone certification are truly lawful and eligible businesses. In its report, the GAO illustrates the SBA lack of a formal policy on how quickly it needs to make a final determination on decertifying firms that may no longer be eligible for the HUBZone program. According to the GAO, of the more than 3,600 firms proposed for decertification in fiscal years 2006 and 2007, more than 1,400 were not processed within 60 days--the SBA's targeted timeline. As a result of these weaknesses, there is an increased risk that ineligible firms have participated in the program and had opportunities to receive Federal contracts based on their HUBZone certification. My legislation would require the SBA to formalize and adhere to a specific timeframe for processing firms proposed for decertification in the future, as well as require further developed measures in assessing the effectiveness of the HUBZone program. Moreover, the Federal Government must strive to continue to provide additional contracting opportunities to those who are legitimate HUBZone firms. I am dismayed by the innumerable ways that government agencies have time and again egregiously failed to meet most of their small business contracting goals. I am alarmed that only one Federal small business contracting program--the small disadvantage business program--has met its statutory goal, and that the three other small business goaling programs have all fallen drastically short. For example, in fiscal year 2007, the HUBZone program met only 2.2 percent of its three percent government-wide goal. The Federal Government can and must provide more to our country's hardworking small businesses. In my home State of Maine, only 118 of 41,026 small businesses are qualified HUBZone businesses. HUBZones represent a tremendous tool for replacing lost jobs for our Nation's declining manufacturing and industrial sectors--clearly, this program should be better utilized. Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Ms. SNOWE. Mr. President, I rise today to introduce the 10 Steps for a Main Street Economic Recovery Act of 2008, a measure that will take dramatic action to finance the growth of our Nation's small businesses, which represent 99.7 percent of all employers and create approximately 75 percent of net jobs each year. Our country faces a financial crisis of unprecedented severity that is choking off economic growth and small business survival by denying all businesses, but especially small firms, access to the capital they need. As Ranking Member of the Senate Committee on Small Business and Entrepreneurship, it has long been my goal to expand access to capital for small businesses. One of the most valuable assets for realizing this goal are the Small Business Administration's, SBA's, core lending programs, including the 7(a) and 504 programs. Historically, when credit to small businesses has contracted, as is presently the case, banks have turned to the SBA in order to make loans to small business owners. Yet, regrettably, during these arduous economic times--we are not only seeing a significant drop in the amount of business loans made but we are also seeing credit lines completely shut down and commercial loans canceled. Our current economic downturn is drastically more dangerous than any threat to our financial system in decades. Banks are tightening their lending standards without a similar increase in the volume of SBA guaranteed loans to small businesses, creating a domino effect on small businesses' job creation ability. The Federal Reserve's November 2008 Quarterly Loan Officer Survey finds that, in the last quarter, 75 percent of banks state that they have tightened their lending standards for small firms. Not surprisingly, lending in the SBA's 7(a) and 504 programs have declined dramatically. Over the past year, lending in the 7(a) program has decreased by 55 percent while loan volume in the 504 program is down 36 percent. Since the U.S. financial market turmoil began in September, overall SBA lending is down by 50 percent from the previous year. This is why I am introducing the 10 Steps for a Main Street Economic Recovery Act, which, as its title indicates, contains a series of 10 achievable, commonsense steps that could be implemented immediately to help thaw out frozen credit markets so that small businesses--both in Maine and across the country--can continue to be the driving force of our Nation's economy. All of the provisions included in my legislation would directly address the credit crunch small firms are facing and help them get the capital necessary to finance business growth. First, my bill would improve the Small Business Administration's flagship lending program, the 7(a) program, by increasing the amount of financing, from $2 million to $3 million, that small firms can secure; allowing small firms to refinance their 7(a) loans if they can get better terms with another lender; and simplifying procedures for the loan poolers who bundle SBA loans in a secondary market that will generate additional liquidity for small firms and banks. As a second step, my bill would directly expand small firms' access to credit by making the SBA's Community Express lending program permanent. This year, as credit has contracted, demand for the SBA's Community Express program has increased dramatically. But, because this is a pilot program, its ability to meet this loan demand has been severely restricted, forcing lenders to turn borrowers away who qualify for Community Express loans. My legislation also seeks to bring in new and rural lenders, and teach them how to make SBA loans, by establishing an online loan underwriting guide to walk lenders through the process. This would increase the number of banks making SBA loans, from rural Maine to small towns in California, and ultimately promote small business owners' overall access to capital. As a third step, my bill would improve the SBA's 504 loan program by raising the loan limit from $2 million to $3 million. It would also permit borrowers to refinance some existing debts into a 504 loan, and expands the 504 program's ability to finance projects in low-income communities. Fourth, the 10 Steps for a Main Street Economic Recovery Act would rectify the current lack of liquidity in the 504 program by providing a new short-term guarantee on the first loans in the 504 loan package in order to encourage investors to buy these securities. Currently, without such a guarantee, investors are not purchasing the first loans in the 504 loan package. This is preventing Community Development Companies, CDCs, from making new 504 loans to small firms. The cost of this guarantee will be fully covered by participating 504 lenders. Once enacted into law, this temporary guarantee, which would expire at the end of fiscal year 2010, would increase investor confidence, encourage them to buy 504 investments and resurrect demand for 504 loans. Fifth, my legislation contains large, temporary fee reductions to defray the cost of borrowing for small business owners and SBA lenders. My proposal would reduce overall fees for 7(a) and 504 lenders and borrowers by $510 million dollars, a hefty sum considering that the SBA's fiscal year 2008 budget was only $663 million. When small firms lack access to capital, they are unable to buy new inventory, finance new expansions, or often even cover their payrolls. During these troubled times, the SBA should do everything within its power, including lowering lending fees, to help ensure that small firms have access to the credit they require. Sixth, as small firms are being turned away from banks and are seeking credit through micro-lending organizations, my legislation recognizes that the credit crunch has increased the demand for SBA microloans. It dedicates $25 million so that SBA microloan providers can make additional loans and cover the costs of technical assistance associated with these microloans. As a seventh step, my bill would raise the maximum amount of government guaranteed capital a Small Business Investment Company, SBIC, can control, from $130.6 million to $150 million for a single SBIC and $225 million for a group of SBICs. This will enable SBICs to have additional funds to invest in start-up small businesses, which will be critical in driving economic recovery. Eighth, this legislation would direct the SBA to develop a nationwide advertising strategy to direct small firms to SBA lenders, and dedicates $5 million to pay for this strategy. Today, many local and community banks have credit they can extend to small firms. Unfortunately, many small businesses hear that there is a credit crunch and erroneously believe that no other lenders have financing options available. This vital advertising will guide small firms to find the available resources they need through SBA lenders. As a ninth step, my legislation recognizes that taxes disproportionately impact small firms' bottom lines. It would provide tax breaks that will spur small business growth by extending the increased $250,000 small business expensing limit through 2009. This will provide small businesses with incentives to invest in plants and equipment by reducing their cost of capital. Additionally, the bill would provide small firms with an immediate capital injection by allowing them to carryback their 2008 or 2009 net operating losses for 5 years and provide business owners with a longer period over which to offset current losses. These measures will help small companies sustain operations and continue to employ workers. Finally, this legislation would clarify that 7(a) and 504 loans are eligible for the Treasury Department's Troubled Asset Relief Program, TARP. I have sent a letter, with Senator Kerry, directing the U.S. Treasury Department to immediately purchase illiquid 7(a) and 504 securities from the secondary market in order to free these markets up and once again create liquidity for small businesses. Though the Treasury already has this authority under the TARP, this provision would clarify that authority so the Treasury can act promptly and decisively to address the credit crunch's impact on small firms. In developing this bill, my office reached out to a host of small businesses and lenders, and consulted with the National Association of Development Companies and National Association of Guaranteed Government Lenders. Given the dimensions of what is occurring in our economy, the SBA and the Administration must do everything possible to help credit worthy small businesses secure the loans they need to innovate, access new markets, hire new employees, and grow. Today, as banks are raising their credit requirements in order to avoid risk, it is becoming more and more difficult for small businesses to qualify for loans. The SBA's lending programs are critical to small businesses in this endeavor. By implementing the vital provisions contained in the 10 Steps for a Main Street Economic Recovery Act, we can increase the opportunities for our Nation's small businesses to not only survive during this downturn, but to be a catalyst for turning around and reinvigorating our economy. I encourage my colleagues to join me in supporting the 10 Steps for a Main Street Recovery Act. Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Ms. SNOWE

Ms. SNOWE. Mr. President, I rise today to introduce the 10 Steps for a Main Street Economic Recovery Act of 2008, a measure that will take dramatic action to finance the growth of our Nation's small businesses, which represent 99.7 percent of all employers and create approximately 75 percent of net jobs each year. Our country faces a financial crisis of unprecedented severity that is choking off economic growth and small business survival by denying all businesses, but especially small firms, access to the capital they need. As Ranking Member of the Senate Committee on Small Business and Entrepreneurship, it has long been my goal to expand access to capital for small businesses. One of the most valuable assets for realizing this goal are the Small Business Administration's, SBA's, core lending programs, including the 7(a) and 504 programs. Historically, when credit to small businesses has contracted, as is presently the case, banks have turned to the SBA in order to make loans to small business owners. Yet, regrettably, during these arduous economic times--we are not only seeing a significant drop in the amount of business loans made but we are also seeing credit lines completely shut down and commercial loans canceled. Our current economic downturn is drastically more dangerous than any threat to our financial system in decades. Banks are tightening their lending standards without a similar increase in the volume of SBA guaranteed loans to small businesses, creating a domino effect on small businesses' job creation ability. The Federal Reserve's November 2008 Quarterly Loan Officer Survey finds that, in the last quarter, 75 percent of banks state that they have tightened their lending standards for small firms. Not surprisingly, lending in the SBA's 7(a) and 504 programs have declined dramatically. Over the past year, lending in the 7(a) program has decreased by 55 percent while loan volume in the 504 program is down 36 percent. Since the U.S. financial market turmoil began in September, overall SBA lending is down by 50 percent from the previous year. This is why I am introducing the 10 Steps for a Main Street Economic Recovery Act, which, as its title indicates, contains a series of 10 achievable, commonsense steps that could be implemented immediately to help thaw out frozen credit markets so that small businesses--both in Maine and across the country--can continue to be the driving force of our Nation's economy. All of the provisions included in my legislation would directly address the credit crunch small firms are facing and help them get the capital necessary to finance business growth. First, my bill would improve the Small Business Administration's flagship lending program, the 7(a) program, by increasing the amount of financing, from $2 million to $3 million, that small firms can secure; allowing small firms to refinance their 7(a) loans if they can get better terms with another lender; and simplifying procedures for the loan poolers who bundle SBA loans in a secondary market that will generate additional liquidity for small firms and banks. As a second step, my bill would directly expand small firms' access to credit by making the SBA's Community Express lending program permanent. This year, as credit has contracted, demand for the SBA's Community Express program has increased dramatically. But, because this is a pilot program, its ability to meet this loan demand has been severely restricted, forcing lenders to turn borrowers away who qualify for Community Express loans. My legislation also seeks to bring in new and rural lenders, and teach them how to make SBA loans, by establishing an online loan underwriting guide to walk lenders through the process. This would increase the number of banks making SBA loans, from rural Maine to small towns in California, and ultimately promote small business owners' overall access to capital. As a third step, my bill would improve the SBA's 504 loan program by raising the loan limit from $2 million to $3 million. It would also permit borrowers to refinance some existing debts into a 504 loan, and expands the 504 program's ability to finance projects in low-income communities. Fourth, the 10 Steps for a Main Street Economic Recovery Act would rectify the current lack of liquidity in the 504 program by providing a new short-term guarantee on the first loans in the 504 loan package in order to encourage investors to buy these securities. Currently, without such a guarantee, investors are not purchasing the first loans in the 504 loan package. This is preventing Community Development Companies, CDCs, from making new 504 loans to small firms. The cost of this guarantee will be fully covered by participating 504 lenders. Once enacted into law, this temporary guarantee, which would expire at the end of fiscal year 2010, would increase investor confidence, encourage them to buy 504 investments and resurrect demand for 504 loans. Fifth, my legislation contains large, temporary fee reductions to defray the cost of borrowing for small business owners and SBA lenders. My proposal would reduce overall fees for 7(a) and 504 lenders and borrowers by $510 million dollars, a hefty sum considering that the SBA's fiscal year 2008 budget was only $663 million. When small firms lack access to capital, they are unable to buy new inventory, finance new expansions, or often even cover their payrolls. During these troubled times, the SBA should do everything within its power, including lowering lending fees, to help ensure that small firms have access to the credit they require. Sixth, as small firms are being turned away from banks and are seeking credit through micro-lending organizations, my legislation recognizes that the credit crunch has increased the demand for SBA microloans. It dedicates $25 million so that SBA microloan providers can make additional loans and cover the costs of technical assistance associated with these microloans. As a seventh step, my bill would raise the maximum amount of government guaranteed capital a Small Business Investment Company, SBIC, can control, from $130.6 million to $150 million for a single SBIC and $225 million for a group of SBICs. This will enable SBICs to have additional funds to invest in start-up small businesses, which will be critical in driving economic recovery. Eighth, this legislation would direct the SBA to develop a nationwide advertising strategy to direct small firms to SBA lenders, and dedicates $5 million to pay for this strategy. Today, many local and community banks have credit they can extend to small firms. Unfortunately, many small businesses hear that there is a credit crunch and erroneously believe that no other lenders have financing options available. This vital advertising will guide small firms to find the available resources they need through SBA lenders. As a ninth step, my legislation recognizes that taxes disproportionately impact small firms' bottom lines. It would provide tax breaks that will spur small business growth by extending the increased $250,000 small business expensing limit through 2009. This will provide small businesses with incentives to invest in plants and equipment by reducing their cost of capital. Additionally, the bill would provide small firms with an immediate capital injection by allowing them to carryback their 2008 or 2009 net operating losses for 5 years and provide business owners with a longer period over which to offset current losses. These measures will help small companies sustain operations and continue to employ workers. Finally, this legislation would clarify that 7(a) and 504 loans are eligible for the Treasury Department's Troubled Asset Relief Program, TARP. I have sent a letter, with Senator Kerry, directing the U.S. Treasury Department to immediately purchase illiquid 7(a) and 504 securities from the secondary market in order to free these markets up and once again create liquidity for small businesses. Though the Treasury already has this authority under the TARP, this provision would clarify that authority so the Treasury can act promptly and decisively to address the credit crunch's impact on small firms. In developing this bill, my office reached out to a host of small businesses and lenders, and consulted with the National Association of Development Companies and National Association of Guaranteed Government Lenders. Given the dimensions of what is occurring in our economy, the SBA and the Administration must do everything possible to help credit worthy small businesses secure the loans they need to innovate, access new markets, hire new employees, and grow. Today, as banks are raising their credit requirements in order to avoid risk, it is becoming more and more difficult for small businesses to qualify for loans. The SBA's lending programs are critical to small businesses in this endeavor. By implementing the vital provisions contained in the 10 Steps for a Main Street Economic Recovery Act, we can increase the opportunities for our Nation's small businesses to not only survive during this downturn, but to be a catalyst for turning around and reinvigorating our economy. I encourage my colleagues to join me in supporting the 10 Steps for a Main Street Recovery Act. Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Ms. SNOWE

Ms. SNOWE. Mr. President, I rise today in support of the passage of the HUBZone Improvement Act of 2008. This vital legislation would address the Government Accountability Office's recent recommendations to improve the Small Business Administration's administration and oversight of the Historically Underutilized Business Zone, HUBZone, program and ensure that only eligible firms participate in this crucial program. As former chair and now ranking member of the Senate Committee on Small Business and Entrepreneurship, I have been a longstanding champion for small business programs such as the HUBZone program. The HUBZone program provides Federal contracting assistance to small firms located in economically distressed areas, with the intent of stimulating economic development. According to the GAO, as of February 2008, 12,986 certified businesses have participated in the HUBZone program since its inception. And in fiscal year 2007, over 4,200 HUBZone firms obtained approximately $8.1 billion in Federal contracts. In these troubling economic times, the HUBZone program is something our country needs now more than ever. The mechanisms that the SBA uses to certify and monitor HUBZone firms provide limited assurance that only eligible firms participate in the program. Unfortunately, according to a recent GAO report and analysis of 125 applications submitted in September of 2007, the SBA only requested supporting documentation, which helps to clarify the status of the business, for 36 percent of the applications and only conducted a single site visit for all 125 applicants. While the SBA's policies and procedures require program examinations, the agency only conducts them on 5 percent of certified HUBZone firms each year. This is a glaring lack of oversight that must be rectified. The legislation I introduce today, the HUBZone Improvement Act of 2008, would take immediate steps to correct the lack of effective administrative oversight by requiring more routine and consistent supporting documentation during the program's application process. In its report, the GAO found that the SBA relies on Federal law to identify qualified HUBZone areas, but the map it uses to publicize HUBZone areas is inaccurate, and the economic characteristics of designated areas vary widely. My bill would require that the SBA take immediate steps to correct and update the map that the SBA uses to identify HUBZone areas and implement procedures to ensure that the map is updated with the most recently available data on a more frequent basis. The GAO also found that the mechanisms that SBA uses to certify and monitor firms provide limited assurance that only eligible firms participate in the program. The GAO found that more than 4,600 firms that had been in the program for at least 3 years went unmonitored. My legislation would require the SBA to develop and implement guidance to more routinely and consistently obtain supporting documentation upon application and conduct more frequent site visits, as appropriate, to ensure that firms applying for certification are eligible. These commonsense achievable steps would help to eliminate participant fraud and misrepresentation, and ensure that firms applying for HUBZone certification are truly lawful and eligible businesses. In its report, the GAO illustrates the SBA lack of a formal policy on how quickly it needs to make a final determination on decertifying firms that may no longer be eligible for the HUBZone program. According to the GAO, of the more than 3,600 firms proposed for decertification in fiscal years 2006 and 2007, more than 1,400 were not processed within 60 days--the SBA's targeted timeline. As a result of these weaknesses, there is an increased risk that ineligible firms have participated in the program and had opportunities to receive Federal contracts based on their HUBZone certification. My legislation would require the SBA to formalize and adhere to a specific timeframe for processing firms proposed for decertification in the future, as well as require further developed measures in assessing the effectiveness of the HUBZone program. Moreover, the Federal Government must strive to continue to provide additional contracting opportunities to those who are legitimate HUBZone firms. I am dismayed by the innumerable ways that government agencies have time and again egregiously failed to meet most of their small business contracting goals. I am alarmed that only one Federal small business contracting program--the small disadvantage business program--has met its statutory goal, and that the three other small business goaling programs have all fallen drastically short. For example, in fiscal year 2007, the HUBZone program met only 2.2 percent of its three percent government-wide goal. The Federal Government can and must provide more to our country's hardworking small businesses. In my home State of Maine, only 118 of 41,026 small businesses are qualified HUBZone businesses. HUBZones represent a tremendous tool for replacing lost jobs for our Nation's declining manufacturing and industrial sectors--clearly, this program should be better utilized. Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Ms. SNOWE

Ms. SNOWE. Mr. President, today I recognize Kate's Homemade Butter of Old Orchard Beach, ME, a family-owned company whose attention to detail and excellence recently earned it the top honors at the World Dairy Expo, also known as the Academy Awards of the dairy industry. Kate's Homemade Butter is a dairy farm that is recognized worldwide for producing slow-churned butter. The recipe for fresh homemade butter has been passed down for four generations, dating back to the early 1900s. In 1981, Daniel Patry, founder and president of Kate's Homemade Butter, unleashed his family secret and developed it into an award- winning, profitable business. In 2005, Daniel's son Lucas joined the company to continue a family tradition. The Patry family is committed to maintaining the degree of quality that originated back in the early 1900s. They have stayed true to their grandfather, Alphonse Hemond, who passed down the family secrets to his son, Roland Hemond. Daniel Patry, learned the business from his uncle, Roland Hemond, making note of textures and tastes, but, most critically, realizing that the key to award-winning products is time, patience, and diligence. The Patrys ensure that all their ingredients come from local farmers so as to maintain the integrity and freshness of their world-class dairy. After generations of making the butter for friends and family, Mr. Patry decided to share this creamy spread with the world. The same process for making butter that was used in 1900 is still employed today, further proving Kate's Homemade Butter's commitment to quality over quantity. In 2006, the Patry family's hard work was rewarded when Kate's Homemade Butter won the first of its two gold medals from the World Dairy Expo, beating out thousands of entrants from around the world! Winning their first gold medal in 2006 helped put Kate's Homemade Butter on the map in the eyes of national producers and highly esteemed culinary circles, including Food & Wine Magazine and Down East Magazine. In a move rarely seen at the World Dairy Expo, Kate's won again in 2008, achieving a very improbable score of 98.8 out of a possible 100. This accomplishment was described as a David versus Goliath moment by the Professor Emeritus in the Department of Food Studies at the University of Wisconsin, Dr. Robert Bradley, who is widely regarded as a pre-eminent industry authority. Dr. Bradley noted, ``Here you have this relatively small producer in Maine, who, literally, makes his butter just in time to give his customers the absolute freshest product possible. He comes into the Expo arena this year, going up against the biggest names in the business--the largest manufacturers in the entire industry--and walks away with a near- perfect score. The finished product is his passion.'' So, thank you, Daniel Patry for your passion and commitment to excellence at Kate's Homemade Butter and congratulations to you and your family on your award-winning product at the World Dairy Expo.

Ms. SNOWE

Ms. SNOWE. Mr. President, I rise to introduce legislation with Senator WHITEHOUSE to extend the reach of the Federal Bureau of Investigation into financial crimes that may have helped precipitate the economic meltdown of the past several months. We must investigate and scrutinize this financial crisis as we would a terrorist attack in order to determine its causes and how to preempt another economic collapse in the United States. Following the September 11th attacks, the FBI re-directed approximately 1,000 agents to counterterrorism and counterintelligence activities. Without a doubt, there is no argument that our country has benefitted from the dedicated efforts of the men and women of the FBI who are performing this valuable work. Over a 10-year period, from fiscal year 1999 to fiscal year 2008, Congress has increased direct appropriations for the FBI from $2.993 billion and 26,693 positions to $6.658 billion, 122 percent increase, and 30,211 positions, 13 percent increase. Most of these new resources were provided in the wake of the September llth terrorist attacks, as the FBI redirected its resources toward combating domestic and international terrorism by improving its intelligence gathering and processing capabilities. As a consequence, for fiscal year 2008, about 60 percent of FBI funding and staffing is allocated to national security programs, including counterterrorism and counterintelligence. In view of the breadth and severity of the economic crisis brought on by events in U.S. financial markets, however, I am very concerned that criminal wrongdoing may have played a significant role in crippling some of America's largest companies. Criminal activity, such as fraud, misrepresentation, self-dealing, and insider trading may have instigated or exacerbated the financial industry upheaval of 2008. In order to augment FBI investigations of financial crimes, the FBI Priorities Act of 2008 authorizes $150 million for each of the fiscal years 2009 through 2013 to fund approximately 1,000 Federal Bureau of Investigation field agents in addition to the number of field agents serving on the date of enactment. It is my hope that this extra manpower will enable the FBI to develop leads on unlawful actions, dig deeply into those leads, and bring responsible parties to justice. The American public deserves no less.

Ms. SNOWE

Ms. SNOWE. Mr. President, I rise in support of the Small Business Energy Innovation Act, which I am introducing today to inspire Americans to invest in the technologies that will ultimately solve our energy crisis. As our country confronts the challenges of an economic crisis it is essential that the financial resources for our nation's energy entrepreneurs are sustained. This legislation will provide technical assistance and make financial resources available to ensure that energy innovators have greater access to capital to develop meritorious energy ideas. One of the truly concerning aspects of the current financial situation is that loans to small businesses are becoming more difficult to obtain. One industry in particular, our clean energy sector, is working harder to find startup funds in order to help meet the challenges of greenhouse gas emissions, energy costs to consumers, and our reliance on foreign oil. At a recent speech in Atlanta, author Tom Friedman urged America to retake the lead in the world through innovation in ``ET''--Energy Technology. Friedman said the United States needs to ``invent a source of abundant, cheap, clean, reliable electrons.'' He compared the ``ET'' movement to the ``IT'', Information Technology, movement of the last decade. The author called on Washington to create the environment and the incentives to allow the ET movement to prosper. As Ranking Member of the Small Business Committee, I have heard countless stories of small business success and how the Small Business Administration can facilitate the transition of a small business to a major company. Nowhere is this role more critical than in our renewable energy sector. Businesses and families are struggling with the inordinate costs of diesel, gasoline, electricity and home heating oil. Yet, we know that our country can do better. We must develop technologies that allow Americans to utilize clean energy from America's resources. Accordingly, my legislation would create a Director of Energy Innovation in the Small Business Administration who is entrusted with coordinating energy innovation at the SBA and ``promoting energy independence.'' In addition, the legislation provides grants of up to $200,000 for nonprofits to assist small businesses that are developing renewable energy systems, advanced energy efficiency systems, advanced transportation fuels, carbon capture and sequestration practices, advanced electrical generation, efficient end-use energy technologies, production facilities for fuel efficient vehicles, and pollution control equipment. These critical initiatives require expertise that is, in many cases, difficult for a small business to find. This provision will assist small businesses in bringing products to market. The Small Business Energy Innovation Act creates in the Department of Energy a grant program of up to $250,000 for small businesses that are working to improve our energy security. When you consider the potential dividends of this investment, this critical seed money for energy innovators who are leading our energy revolution is a prudent investment. The potential rewards to our economy, our environment, and our national security are well worth this modest government expenditure. Finally, this legislation develops a small business guaranteed loan program that is modeled after the loan guarantee program that was authorized in the 2005 Energy Bill. The current loan guarantee program is fostering the development of commercial scale innovative technologies for large companies, while this legislation will develop a corresponding small business loan program. Loan guarantees will enable the Department of Energy to share some of the financial risks of projects that employ new or significantly improved energy technologies that will move our country towards energy self-sufficiency. I hope that this legislation, coupled with the America Competes Act, which I cosponsored last year, will bring about the research and entrepreneurship that our country requires to claim the lead in producing energy efficient products. I look forward to working with Chairman Bingaman of the Energy Committee and Chairman Kerry of the Small Business Committee and my other colleagues to pass this legislation and create a strong commitment to the energy innovators who possess the ideas that will facilitate the end to our reliance on foreign oil.

Ms. SNOWE

Ms. SNOWE. Mr. President, I rise in support of the Small Business Energy Innovation Act, which I am introducing today to inspire Americans to invest in the technologies that will ultimately solve our energy crisis. As our country confronts the challenges of an economic crisis it is essential that the financial resources for our nation's energy entrepreneurs are sustained. This legislation will provide technical assistance and make financial resources available to ensure that energy innovators have greater access to capital to develop meritorious energy ideas. One of the truly concerning aspects of the current financial situation is that loans to small businesses are becoming more difficult to obtain. One industry in particular, our clean energy sector, is working harder to find startup funds in order to help meet the challenges of greenhouse gas emissions, energy costs to consumers, and our reliance on foreign oil. At a recent speech in Atlanta, author Tom Friedman urged America to retake the lead in the world through innovation in ``ET''--Energy Technology. Friedman said the United States needs to ``invent a source of abundant, cheap, clean, reliable electrons.'' He compared the ``ET'' movement to the ``IT'', Information Technology, movement of the last decade. The author called on Washington to create the environment and the incentives to allow the ET movement to prosper. As Ranking Member of the Small Business Committee, I have heard countless stories of small business success and how the Small Business Administration can facilitate the transition of a small business to a major company. Nowhere is this role more critical than in our renewable energy sector. Businesses and families are struggling with the inordinate costs of diesel, gasoline, electricity and home heating oil. Yet, we know that our country can do better. We must develop technologies that allow Americans to utilize clean energy from America's resources. Accordingly, my legislation would create a Director of Energy Innovation in the Small Business Administration who is entrusted with coordinating energy innovation at the SBA and ``promoting energy independence.'' In addition, the legislation provides grants of up to $200,000 for nonprofits to assist small businesses that are developing renewable energy systems, advanced energy efficiency systems, advanced transportation fuels, carbon capture and sequestration practices, advanced electrical generation, efficient end-use energy technologies, production facilities for fuel efficient vehicles, and pollution control equipment. These critical initiatives require expertise that is, in many cases, difficult for a small business to find. This provision will assist small businesses in bringing products to market. The Small Business Energy Innovation Act creates in the Department of Energy a grant program of up to $250,000 for small businesses that are working to improve our energy security. When you consider the potential dividends of this investment, this critical seed money for energy innovators who are leading our energy revolution is a prudent investment. The potential rewards to our economy, our environment, and our national security are well worth this modest government expenditure. Finally, this legislation develops a small business guaranteed loan program that is modeled after the loan guarantee program that was authorized in the 2005 Energy Bill. The current loan guarantee program is fostering the development of commercial scale innovative technologies for large companies, while this legislation will develop a corresponding small business loan program. Loan guarantees will enable the Department of Energy to share some of the financial risks of projects that employ new or significantly improved energy technologies that will move our country towards energy self-sufficiency. I hope that this legislation, coupled with the America Competes Act, which I cosponsored last year, will bring about the research and entrepreneurship that our country requires to claim the lead in producing energy efficient products. I look forward to working with Chairman Bingaman of the Energy Committee and Chairman Kerry of the Small Business Committee and my other colleagues to pass this legislation and create a strong commitment to the energy innovators who possess the ideas that will facilitate the end to our reliance on foreign oil.

Ms. SNOWE

Ms. SNOWE. Mr. President, I rise in support of legislation that I am introducing today to make sure that those responsible for the financial meltdown of recent days are brought to justice. Joining me on the bill is my distinguished colleague, Senator Feinstein. While I congratulate the congressional leadership, especially Chairmen Dodd and Frank, and Senators Reid, McConnell, and Gregg, in crafting the Emergency Economic Stabilization Act of 2008, one issue continues to deeply disturb me and many of my constituents. Specifically, I refer to accountability and the importance of bringing criminals to justice. In my view, today's economic turmoil did not happen by pure chance, and I am troubled that certain greedy individuals may have crossed the line into criminal activity. Clearly, no one should reap rewards from this colossal failure, and those responsible on Wall Street should follow the Enron criminals straight to jail. The pursuit and prosecution of those liable for this meltdown must receive the highest possible level of attention, and this legislation dedicates a Special Task Force on Financial Crimes within the Justice Department whose sole mission is to ferret out those directly involved in engineering this catastrophe. The congressional pursuit of answers--through hearings that Senator Dodd has indicated he will hold--should occur in tandem with the legal investigation and prosecution of those responsible for this debacle. Both must receive the same rigorous attention applied to this rescue package--and not be subsumed by the routine of the day-to-day legislative and criminal investigation process moving forward.