Senate Session 2012-03-15 (09:29:49-10:37:13)


GENERAL SPEECHES FOR THE FIRST 90 MINUTES OR SO, AND THEN AT AROUND 11 EASTERN LAWMAKERS WILL TURN TO A BILL THAT AIMS TO REDUCE LEGISLATION FOR SMALL BUSINESSES THAT WANT TO GO PUBLIC. JUST BEFORE 2 P.M. THEY WILL LAY THAT ASIDE IN ORDER TO CONSIDER A PAIR OF JUDICIAL NOMINATIONS.
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AFTERNOON. VOTE SCHEDULED FOR LATER THIS AND NOW LIVE TO THE U.S. SENATE FLOOR HERE ON C-SPAN2. THE SENATE WILL COME TO ORDER. TODAY’S OPENING PRAYER WILL BE OFFERED BY THE REVEREND DR. WINFORD L. HEN TERRORISM, SENIOR PASTOR OF ARDMORE BAPTIST CHURCH, WINSTON-SALEM, NORTH CAROLINA. MAY WE PRAY TOGETHER. AWESOME CREATOR, SOVEREIGN LORD OF OUR GREAT NATION, YOU MUST HAVE BEEN EXCITED WHEN YOU FIRST DREAMED OF CREATING OUT OF NOTHING THIS BEAUTIFUL, COMPLEX WORLD WITH ALL ITS NATURAL RESOURCES AND BEAUTY: BIRDS OF THE AIR, FISH OF THE SEA, ANIMALS OF THE EARTH — AND HUMANS TO CARE FOR ALL OF THIS … AND TO LOVE YOU INFINITELY. AND TO LIVE OUT YOUR DREAM FOR YOUR WORLD. LOVING, VISIONARY GOD, INFUSE IN THESE WOMEN AND MEN KNOWN AS THE UNITED STATES SENATE YOUR DREAM FOR OUR GREAT NATION, HERE AND NOW IN THE 21st CENTURY, AND GIVE TO THEM NOT ONLY A VISION OF HOW THINGS CAN BE BUT ALSO GIVE TO THEM THE NITTY-GRITTY YOUR DREAM A REALITY FOR EVERY PERSON IN THIS GREAT LAND. AND DARE WE SAY IT, MAY THEY AND ALL OF US MAKE YOU EXCITED YET AGAIN AS WE PARTNER WITH YOU TO ACTUALIZE YOUR DREAM FOR THIS NATION. WE PRAY IN YOUR AWESOME, LOVING, CREATIVE NAME. AMEN. PLEASE JOIN ME IN RECITING THE PLEDGE OF ALLEGIANCE TO THE FLAG. I PLEDGE ALLEGIANCE TO THE FLAG OF THE UNITED STATES OF AMERICA AND TO THE REPUBLIC FOR WHICH IT STANDS, ONE NATION UNDER GOD, INDIVISIBLE, WITH LIBERTY AND JUSTICE FOR ALL. THE CLERK WILL READ A COMMUNICATION TO THE SENATE. WASHINGTON, D.C, MARCH 15, 2012. TO THE SENATE: THE PROVISIONS OF RULE 1, PARAGRAPH 3, OF THE STANDING RULES OF THE SENATE, I HEREBY APPOINT THE HONORABLE TOM UDALL, A SENATOR FROM THE STATE OF NEW MEXICO, TO PERFORM THE DUTIES OF
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SIGNED: DANIEL K. INOUYE, THE CHAIR. PRESIDENT PRO TEMPORE. MR. PRESIDENT?
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THE MAJORITY LEADER IS RECOGNIZED. WE APPRECIATE SENATOR BURR ALLOWING AND ARRANGING FOR THIS GOOD MAN TO OFFER THE PRAYER THIS MORNING. WE APPRECIATE THAT VERY MUCH. FOLLOWING LEADER REMARKS, MR. PRESIDENT, THE SENATE WILL BE IN MORNING BUSINESS UNTIL 11:00 THIS MORNING.
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FIRST 30 MINUTES, THE THE MAJORITY WILL CONTROL THE REPUBLICANS WILL CONTROL THE SECOND 30 MINUTES. FOLLOWING THAT MORNING BUSINESS, WE WILL BEGIN CONSIDERATION OF THE I.P.O. BILL, H.R. 3606. AT 2:00 THERE WILL BE A ROLL CALL VOTE ON GROH AND THEN FOLLOWED BY ONE ON FITZGERALD, THE TRIAL JUDGES IN OUR FEDERAL COURT SYSTEM.
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ADDITIONAL VOTES ARE POSSIBLE TODAY. I’M TOLD, MR. PRESIDENT, THAT S. 2191 IS DUE FOR ITS SECOND READING. THE CLERK WILL READ THE TITLE OF THE BILL FOR THE SECOND TIME. S. 2191, A BILL TO AMEND THE AMERICANS ARE DISABILITIES ACT OF 1990, TO PROHIBIT THE ATTORNEY GENERAL FROM ADMINISTERING OR ENFORCING CERTAIN ACCESSIBILITY REGULATIONS RELATING TO POOLS AT PUBLIC ACCOMMODATIONS OR PROVIDED BY PUBLIC ENTITIES. MR. PRESIDENT, I WOULD OBJECT TO ANY FURTHER PROCEEDINGS REGARDING THIS BILL. OBJECTION HAVING BEEN HEARD, THE BILL WILL BE PLACED ON THE CALENDAR. MR. REID:, MR. PRESIDENT, THE DAY AFTER TOMORROW, SATURDAY, SENATOR BARBARA MIKULSKI BECOMES THE LONGEST-SERVING WOMAN IN THE HISTORY OF THE UNITED STATES CONGRESS. WE’LL MARK THAT OCCASION ON SATURDAY WITH A WHEN HER FAMILY AND FRIENDS WILL BE HERE IN THE CAPITOL. I THOUGHT IT WAS IMPORTANT THAT VERY BRIEFLY HERE TODAY THIS MILESTONE IN THE HISTORY OF OUR COUNTRY. LAST JANUARY BARBARA MIKULSKI PURRSURPASSED MARGARET CHASE SMITH AS THE LONGEST-SERVING WOMAN IN THE UNITED STATES SENATE.
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CONGRESSWOMAN ROGERS FROM THIS SATURDAY SHE’LL SURPASS MASSACHUSETTS AS THE LONGEST-SERVING WOMAN IN CONGRESS. THIS WEEK THE SENATE HAS DEMONSTRATED THAT WE’RE CAPABLE OF ACHIEVING SIGNIFICANT THINGS FOR THIS COUNTRY. WE PASSED A TRANSPORTATION BILL THAT WILL CREATE OR SAVING ALMOST 3 MILLION GORKS AND THESE ARE AMERICAN JOBS, REBUILD OUR NATION’S CRUMBLING INFRASTRUCTURE. YESTERDAY WE CHARTED A COURSE TO
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CONFIRM 14 JUDGES IN THE SHORT-TERM. OUR FEDERAL COURTS ARE OVERWORKED AND UNDERSTAFFED. WE AGREED THAT CONGRESS SHOULD
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ECONOMY. IMPROVE THE TO THAT END, THE SENATE WILL MOVE TODAY TO A PIECE OF LEGISLATION THAT WILL IMPROVE INNOVATORS’ ACCESS TO CAPITAL AND GIVE START-UPS THE FLEXIBILITY THEY NEED TO HIRE AND GROW. THIS BILL ALREADY PASSED THE HOUSE BY AN OVERWHELMING MARGIN. PRESIDENT OBAMA SUPPORTS THIS MEASURE AND BOTH DEMOCRATS AND REPUBLICANS ARE EAGER TO GET TO WORK TO PASS IT NEXT WEEK. IN ADDITION TO THE SMALL BUSINESS CAPITAL LEGISLATION, THE DEMOCRATS WILL ALSO ADVANCE A PROPOSAL TO HELP AMERICAN BUSINESSES SELL MORE OF THEIR PRODUCTS OVERSEAS. REAUTHORIZATION OF THE EXPORT-IMPORT BANK, OR EX-IM BANK, AS IT’S CALLED, WILL HELP SMALL BUSINESS EXPORTS GLOBALLY. IT WILL ALSO HELP LARGE BUSINESSES, NOT JUST BIG BUSINESSES — I MEAN, NOT JUST SMALL BUSINESS; ALSO BIG BUSINESS. CATERPILLAR, BOEING — THESE COMPANIES REALLY NEED THIS TO CONTINUE THE JOB CREATION THEY’VE BEEN INVOLVED IN NOW FOR THE LAST SEVERAL YEARS. LAST YEAR EX-IM BANK FINANCED ALMOST 300,000 PRIVATE-SECTOR JOBS AND MORE THAN 3,600 AMERICAN COMPANIES IN MORE THAN 2,000 COMMUNITIES THROUGHOUT AMERICA. FOREIGN GOVERNMENTS OFTEN PROVIDE FINANCING FOR COMPANIES
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BUSINESSES. THAT COMPETE WITH AMERICAN WE NEED TO BE ABLE TO DO THIS TO BE MORE COMPETITIVE. THE EX-IM BANK LEVELS THE PLAYING FIELD BY BEING AVAILABLE TO HELP AMERICAN EXPORTERS WHEN
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AVAILABLE. PRIVATE LEND SOMETHING NOT UNLESS WE REAUTHORIZE THIS, IT WILL HIT ITS LENDING LIMIT THIS MONTH ELIMINATING THIS FOR AMERICAN EXPORTERS. THE EXPORT-IMPORT BANK HAS ALWAYS HAD STRONG SUPPORT AND DEMOCRATS REAUTHORIZING THIS
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MEASURE HAS THE FIRM BACKINGS BACKING BACKING OF THE CHAMBER OF COMMERCE. THIS EQUALS JOBS. PASSING THESE TWO ITEMS — THIS EX-IM BANK AND THE SMALL BUSINESS CAPITAL BILL — WILL CONTINUE THE IMPORTANT BIPARTISAN WORK WE’VE DONE THIS WEEK TO GET OUR ECONOMY BACK ON TRACK. I’M PLEASED THAT DEMOCRATS AND REPUBLICANS IN THE SENATE HAVE BEEN ABLE TO FIND COMMON GROUND. FRANKLIN ROOSEVELT SAID THIS. “COMPETITION HAS BEEN SHOWN TO BE USEFUL UP TO A CERTAIN POINT AND NO FURTHER. BUT COOPERATION, WHICH IS THE THING WE MUST STRIVE FOR TODAY, BEGINS WHERE COMPETITION LEAVES OFF.” I THINK WE’VE SHOWN THIS WEEK THAT ACHIEVEMENT COMES WHEN ITS MEMBERS ALL STRIVE, AS PRESIDENT ROOSEVELT SAID, NOT TO COMPETE BUT TO COOPERATE. MR. PRESIDENT, WOULD THE CHAIR ANNOUNCE THE BUSINESS OF THE
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UNDER DAY. THE PREVIOUS ORDER, THE LEADERSHIP TIME IS RESERVED. UNDER THE PREVIOUS ORDER, THERE WILL NOW BE A PERIOD OF MORNING BUSINESS UNTIL 11:00 A.M. WITH SENATORS PERMITTED TO SPEAK THEREIN FOR UP TO TEN MINUTES EACH, WITH THE TIME EQUALLY DIVIDED AND CONTROLLED BETWEEN THE TWO LEADERS OR THEIR DESIGNEES, WITH THE MAJORITY CONTROLLING THE FIRST HALF-HOUR AND THE REPUBLICANS CONTROLLING THE SECOND HALF-HOUR. I SUGGEST THE
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THE ABSENCE OF A QUORUM. CLERK WILL CALL THE ROLL. QUORUM CALL: QUORUM CALL: MR. PRESIDENT? THE SENATOR FROM CONNECTICUT IS RECOGNIZED. THANK YOU. I ASK THAT THE QUORUM CALL BE LIFTED.
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WITHOUT OBJECTION. THANK YOU, MR. PRESIDENT. CONSUMER PROTECTION HAS BEEN A PRIORITY FOR ME THROUGHOUT MY HAS BEEN FOR THE PRESIDING OFFICER. BOTH HE AND I SERVED TOGETHER AS ATTORNEYS GENERAL AND NOW AS A SENATOR, HE AND I HAVE TWORBGD GIVE CONSUMERS A — HAVE WORKED TO GIVE CONSUMERS A VOICE AGAINST COMPANIES THAT HARM THEM THROUGH DECEPTIVE AND DANGEROUS OR ABUSIVE PRACTICES. THIS MONTH, MR. PRESIDENT, WE RECOGNIZE CONSUMERS IN TWO WAYS: NATIONAL CONSUMER PROTECTION WEEK, RECOGNIZE THE WEEK OF MARCH 4 THROUGH 10, IS LED BY GOVERNMENT AND NONPROFIT GROUPS. AND ITS FOCUS IS TO ENCOURAGE CONSUMERS TO TAKE FULL ADVANTAGE OF THEIR CONSUMER RIGHTS AND MAKE BETTER-INFORMED DECISIONS FOR THEMSELVES IN THE MARKETPLACE. THIS MONTH WE ALSO RECOGNIZE MANY OF THE SAME CONSUMER ISSUES AFFECTING AMERICANS EVERY DAY IN THEIR LIVES, THE IMPACT ON
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OF THE WORLD. SO TODAY WE CELEBRATE WORLD CONSUMER RIGHTS DAY. EVERY DAY OUGHT TO BE CONSUMER RIGHTS DAY BECAUSE, AS PRESIDENT
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CONSUMERS. KENNEDY ONCE SAID, WE ARE ALL AND WE ARE CONSUMERS EVERY DAY OF EVERY YEAR. ORGANIZATIONS HERE IN AMERICA, SUCH AS CONSUMERS UNION AND OTHER CONSUMER GROUPS AROUND THE WORLD CELEBRATE WORLD CONSUMER RIGHTS DAY AS MEMBERS OF CONSUMERS INTERNATIONAL, THE NONPROFIT ORGANIZATION REPRESENTING 220 CONSUMER GROUPS IN 115 COUNTRIES. TODAY ALSO MARKS THE 50th ANNIVERSARY OF A VERY SPECIAL DAY IN AMERICAN HISTORY FOR AMERICAN CONSUMERS. ON MARCH 15, 1962, PRESIDENT KENNEDY SENT A MESSAGE TO CONGRESS CALLING FOR A NATIONAL COMMITMENT TO PROTECTING AGO TODAY PRESIDENT KENNEDY SPOKE ABOUT THE CONSUMER RIGHT TO SAFETY, TO BE INFORMED, TO CHOOSE AND TO BE HEARD. THESE RIGHTS ARE THE FOUNDATION OF WHAT WE NOW KNOW AS THE CONSUMER BILL OF RIGHTS. THE CONSUMER BILL OF RIGHTS HAS GROWN TO INCLUDE EIGHT SPECIFIC GUARANTEES: THE RIGHT TO SATISFACTION OF BASIC NEEDS, THE RIGHT TO SAFETY, THE RIGHT TO BE INFORMED, THE TRITE TO CHOOSE, THE RIGHT TO BE HEARD, THE RIGHT TO REDRESS, THE RIGHT TO CONSUMER EDUCATION, AND THE RIGHT TO A HEALTHY ENVIRONMENT. TODAY I’D LIKE TO PROPOSE ANOTHER RIGHT, A NINTH RIGHT. THE RIGHT TO PRIVACY. THERE IS A GROWING NEED TO DEFEND INDIVIDUAL RIGHTS TO OF AREAS. THIS COUNTRY WAS FOUNDED, ITS BASIC BEDROCK IS ON A DESIRE FOR PERSONAL PRIVACY, ON THE RIGHT TO BE LEFT ALONE. IT’S THE REASON THAT PEOPLE CAME TO THIS COUNTRY, AVOIDING UNWANTED AND UNWARRANTED INTRUSION ON THEIR PERSONAL SPACE, ON THEIR RIGHTS AND LIBERTIES. THEY CAME HERE OUT OF A DESIRE FOR RELIGIOUS FREEDOM, ECONOMIC LIBERTY, AND THE SECURITY OF THEIR PERSON AND PROPERTY AGAINST INTRUSION. IT IS A UNIQUELY BEDROCK
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AMERICAN RIGHT, THE RIGHT TO PRIVACY. CONCERNS ABOUT GOVERNMENTAL INVASION OF PERSONAL PRIVACY GO BACK LITERALLY THE FOUNDING OF OUR REPUBLIC IN THE PROTECTIONS GUARANTEED UNDER THE THIRD AMENDMENT, WHEN THE BRITISH
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IN OUR HOMES. LODGED TROOPS WITHOUT PERMISSION THE FOURTH AMENDMENT, WHEN THEY SEARCHED OUR HOMES AND SEIZED GOODS AND PROPERTY FROM THEM. I’VE HEARD NUMEROUS COMPLAINTS CONNECTICUT RESIDENTS WHO
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PRIVACY. WERE CONCERNED ABOUT THEIR THEY’RE CONCERNED ABOUT FEDERAL AND STATE INTRUSION INTO WOMEN’S HEALTH CARE DECISIONS. THEY’RE CONCERNED ABOUT GOVERNMENT EFFORTS TO COMBAT TERRORISM THROUGH TRACKING OF INDIVIDUALS VIA G.P.S. OR CELL PHONE TOWER LOCATION. THOSE POTENTIAL INVASIONS OF PRIVACY ARE BY THE GOVERNMENT, BY OFFICIAL FORCES. BUT PEOPLE TODAY ARE ALSO UNDERSTANDABLY AND RIGHTLY CONCERNED ABOUT CORPORATE INTRUSION INTO THEIR PRIVACY. THEY’RE CONCERNED ABOUT COMPANIES CRAWLING THE WEB TO COLLECT CONSUMERS’ PERSONAL
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INFORMATION AND SELLING IT TO MARKETEERS. THEY’RE CONCERNED ABOUT MOBILE DEVICE ACTS THAT CAN ACCESS AND ACQUIRE THE DEVICE OWNER’S PHOTOS AND ADDRESS BOOK WITHOUT HIS OR HER KNOWLEDGE OR CONSENT. THEY’RE CONCERNED ABOUT CREDIT SCORES THAT ARE CREATED FROM THE USE OF MEDICATIONS, AND THOSE SCORES ARE USED TO SET PERSONAL HEALTH INSURANCE PREMIUMS. AND THEY’RE CONCERNED ABOUT COMPANIES THAT ARE COMPILING DOSSIERS ON THE USE OF SOCIAL MEDIA SITES OR BLOGS AND SELLING
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EMPLOYERS. THOSE REPORTS TO PROSPECTIVE THEY’RE CONCERNED BECAUSE THEY’RE POWERLESS TO PREVENT THE DISTRIBUTION OF THEIR CONTRACT INFORMATION TO MARKETERS WHO THEN DELUGE THEM WITH ADVERTISEMENTS IN THE MAIL AND VIA E-MAIL CONCERNED ABOUT COMPANIES WHO DON’T SECURE THEIR PERSONAL DATA AND THE DAMAGE THAT OCCURS WITH FROM IMPROPER BREACHES OR DISCLOSURE. THE CONSTITUTION WAS WRITTEN TO PROTECT AMERICANS FROM THEIR PRIVACY. AND I UNDERSTAND THE DIFFERENCE BETWEEN GOVERNMENT INTRUSIONS AND PRIVATE-SECTOR INVASIONS. BUT IF THE GOVERNMENT WERE TREATING ITS CITIZENS THE WAY SOME COMPANIES ARE TREATING
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OUTRAGED. THEIR CUSTOMERS, PEOPLE WOULD BE THEY WOULD BE UP IN ARMS. THEY WOULD BE DUMPING TEA INTO THE BOSTON HARBOR. THE SUPREME COURT HAS JUST RULED THAT IT’S NOT OKAY FOR THE GOVERNMENT TO TRACK PEOPLE VIA G.P.S. IN THEIR CAR WITHOUT A WARRANT. SO WHY WOULD IT BE OKAY FOR A COMPANY LIKE ONSTART, TO TRACK DRIVERS WHO CANCELED THEIR SUBSCRIPTION AND SELL THAT INFORMATION ON THEIR MOVEMENTS TO MARKETEERS? AMERICANS, MANY OF US, AND OTHERS WERE QUESTIONING THE PATRIOT ACT AND ITS PROVISIONS THAT ALLOW GOVERNMENT TO ACCESS RECORDS OF WHAT BOOKS CITIZENS BORROWED FROM THE LIBRARY AND WHAT WEB PAGES THEY VISITED WHILE THEY WERE THERE. AND YET, COMPANIES ARE TRACKING CONSUMERS’ EVERY MOVEMENT ON LINE THROUGH DOZENS, EVEN HUNDREDS OF COOKIES THAT ARE SECRETLY INSTALLED ON CONSUMERS’ COMPUTERS WHENEVER THEY VISIT A WEB SITE. WE’D BE HORRIFIED IF THE GOVERNMENT AS A ROUTINE MATTER MONITORED PICTURES THAT PEOPLE
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TAKE AND WHO THEY INTERACTED WITH. AND YET, ACCORDING TO NEWS REPORTS, MOBILE DEVICES AND APPS ARE DOING EXACTLY THAT. I BELIEVE THAT IT’S TIME THAT WE PROTECT AMERICA FROM INTRUSIONS INTO THEIR PERSONAL PRIVACY BY COMPANIES OR EDUCATIONAL INSTITUTIONS OR OTHERS WHO MAY NOT BE PART OF THE GOVERNMENT. BIG BROTHER OR BIG SISTER NO LONGER NEED WEAR A POLICE
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A MILITARY UNIFORM. IT MAY WELL BE UNDER THE GUISE OF A CORPORATE SEAL OR INSIGNIA, AND I BELIEVE THAT IT IS TIME THAT WE PROTECT AGAINST THOSE INTRUSIONS AS WELL AS OTHERS. IN FACT, I THINK IT IS A BIPARTISAN CONCERN, ONE OF THE FEW AREAS WHERE THERE IS AGREEMENT IN CONGRESS IS THE NEED FOR BETTER PROTECTION OF CONSUMERS ON ONLINE PRIVACY.
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AND WE MAY DIFFER ON THE SUBSTANCE. WE MAY DISAGREE AS TO WHAT THE CONTOURS AND THE SPEFBGDZ SHOULD BE, BUT — AND THE SPECIFICS SHOULD BE, BUT I AM CONCERNED ABOUT THIS ISSUE AND I’M ENCOURAGED BY THE BIPARTISAN SUPPORT FOR ATTENTION TO IT. I WAS HEARTENED BY THE PRESIDENT’S RECENT CALL FOR A CONSUMER PRIVACY BILL OF RIGHTS, A GREAT BEGINNING, A VERY POSITIVE STEP FORWARD. AND I BELIEVE THAT OUR APPROACH TO PRIVACY MUST BE COMPREHENSIVE AND ROBUST. AS A THRESHOLD MATTER, COMPANIES THAT COLLECT AND SHARE INFORMATION ABOUT CONSUMERS SHOULD BE REQUIRED TO GET CONSUMERS’ AFFIRMATIVE OPT-IN CONSENT FOR COLLECTING OR SHARING THAT DATA. NOT AN OPT-OUT. AN OPT-IN SPECIFIC INFORMED CONSENT. AND THAT SHOULD APPLY ON LINE AS WELL AS OFF-LINE. WE’VE SEEN A LOT OF ATTENTION PAID TO INTERNET TRACKING AND BEHAVIOR ADVERTISING. I THINK WE OUGHT TO PROTECT CONSUMERS FROM PRIVACY INVASIONS THAT COME FROM THE MAIL OR OVER THE PHONE AS WELL.
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SENIORS. THEY PARTICULARLY AFFECT OUR IF A COMPANY WANTS TO COLLECT, AGGREGATE, SHARE, SELL, SHARE, BY SELLING OR ANY OTHER MEANS, IT SHOULD GET CONSUMERS’ PERMISSION. OTHERWISE IT SHOULDN’T BE PERMITTED. AND WE ALSO NEED TO PAY ATTENTION TO THE COLLECTION OF INFORMATION FOR CONSUMERS’ USE MOBILE DEVICES. AS WE’VE SEEN RECENTLY, SOME MOBILE APPS OR OPERATING SYSTEMS ARE CAPABLE OF TRACKING NOT JUST CONSUMERS’ WEB BROWSING BUT ALSO THEIR TEXT MESSAGES, WHAT THEY PHOTOGRAPH, WHOM THEY CONTACT, MOBILE DEVICES NEED A SYSTEMWIDE “DO NOT TRACK” OPTION TO ALLOW CONSUMERS TO CONTROL THE DISTRIBUTION OF THEIR INFORMATION. FINALLY, CONSUMERS’ RIGHT TO PRIVACY ALSO MUST ENCOMPASS THE RIGHT TO PREVENT UNAUTHORIZED
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DISTRIBUTION OF THAT INFORMATION. TO THAT END, WE NEED TO ESTABLISH REQUIREMENTS FOR COMPANIES THAT POSSESS CONSUMERS’ PERSONAL INFORMATION TO ENSURE THEY HAVE SECURITY FEATURES IN PLACE TO PREVENT DATA BREACHES. THOSE PROTECTIONS MUST BE ACCOMPANIED BY REMEDIES, BY FINES AND PENALTIES THAT MAKE THOSE RIGHTS AND PROTECTIONS SO THAT CONSUMERS AS WELL HAVE A PRIVATE RIGHT OF ACTION.
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CONGRESS IS WORKING ON THESE ISSUES. THERE HAVE BEEN NUMEROUS
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HEARINGS AND LEGISLATION PROPOSED. AND HAVING THE PRESIDENT ADD HIS VOICE TO THE CALL FOR PRIVACY WILL ONLY HELP. AS WITH FOOD SAFETY, PRODUCT SAFETY, WALL STREET REFORM, COMPANIES THEMSELVES ARE DEMONSTRATING THE NEED FOR LEGISLATION, AND SOME OF THEM
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ARE JOINING IN THIS EFFORT VERY CONSTRUCTIVELY. SO, MR. PRESIDENT, AS WE MARK THE 50th ANNIVERSARY OF PRESIDENT KENNEDY’S CALL TO ACTION, LET US HEED THE IMPORTANCE OF HIS MESSAGE TO CONGRESS. AND HE SAID — I’M QUOTING — “AS ALL OF US ARE CONSUMERS, THESE ACTIONS AND PROPOSALS IN THE INTEREST OF CONSUMERS ARE IN THE INTEREST OF US ALL.” WE SHOULD BE PROUD IN THIS BODY OF HAVING CONTINUED THE FIGHT FOR CONSUMER PROTECTION.
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AND FULL-HEARTED. AMERICANS WENT WEST TO THE PRESIDENT’S — MR. PRESIDENT, TO YOUR STATE AND TO OTHERS SEEKING THE OPEN SPACES, THE
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OPPORTUNITIES, ECONOMIC BUT ALSO PERSONAL. THE PRIVACY OF BEING ALONE. AND THAT AMERICAN RIGHT, THAT AMERICAN SPIRIT IS VERY MUCH WITH US TODAY. IT IS 50 YEARS AFTER PRESIDENT KENNEDY FIRST ARTICULATED IT, BUT I BELIEVE IT IS AS REAL AND NECESSARY TODAY AS EVER. THANK YOU, MR. PRESIDENT. AND I YIELD THE FLOOR AND I SUGGEST THE ABSENCE OF A QUORUM. THE CLERK WILL CALL THE ROLL. CALL: QUORUM CALL: MR. PRESIDENT? THE REPUBLICAN LEADER IS RECOGNIZED. I ASK THAT FURTHER PROCEEDINGS UNDER THE
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QUORUM CALL BEING DISPENSED WITH.
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WITHOUT OBJECTION. I’D LIKE TO START OUT THIS MORNING BY SAYING THAT I’M TBLAD WE’RE TURNING TO THE BIPARTISAN JOBS BILL THAT PASSED THE HOUSE LAST WEEK BY SUCH A LOPSIDED MARGIN. HERE’S A CHANCE NOT ONLY TO HELP ENTREPRENEURS BUILD THEIR BUSINESSES AND CREATE JOBS BUT TO SHOW THAT WE CAN WORK TOGETHER AROUND HERE TO GET THINGS DONE ON A BIPARTISAN BASIS. UNFORTUNATELY, SOME OF OUR FRIENDS ON THE OTHER SIDE DON’T
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MUCH. SEEM TO LIKE THAT IDEA VERY APPARENTLY THEY’D RATHER SPEND THE TIME MANUFACTURING FIGHTS AND 30-SECOND TELEVISION ADS THAN HELPING TO CREATE JOBS. FIRST, THEY TRIED TO EVEN KEEP US FROM BRINGING THIS JOBS BILL UP FOR DEBATE IN THE SENATE. NOW WE READ THEY’RE TRYING TO FIGURE OUT WAYS TO MAKE THIS
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CONTROVERSIAL. OVERWHELMINGLY BILL THEY WANT TO PICK A FIGHT RATHER THAN GET THIS BILL TO THE PRESIDENT’S DESK. THEN THEY’RE GOING IT USE THE SAME STRATEGY ON A NUMBER OF OTHER BILLS. THEIR PLAN ISN’T TO WORK TOGETHER TO MAKE IT EASIER TO CREATE JOBS BUT TO LOOK FOR WAYS TO MAKE IT EASIER TO KEEP THEIR OWN, THEN USE IT FOR CAMPAIGN ADS IN THE RUN-UP TO THE NOVEMBER ELECTIONS. IF YOU’RE LOOKING FOR THE REASON THIS CONGRESS HAS A 9% APPROVAL RATING, THIS IS IT. A DAY AFTER WE READ A HEADLINE IN THE CONGRESSIONAL QUARTERLY ABOUT DEMOCRATS MOVING TO SLOW A JOBS BILL THAT GOT 390 VOTES, WE SEE A STORY TODAY ABOUT HOW THE NUMBER-THREE DEMOCRAT IN THE SENATE IS SCHEMING TO SPEND THE REST OF THE YEAR HITTING THE OTHER SIDE. IT GOES TON LIST ALL THE WAYS HE PLANS TO DO IT AND THEN IT SAYS THIS: QUOTE — “NONE OF THESE CAMPAIGN-STYLE ATTACKS ALLOW FOR THE POLICY NUANCES OR REASONING BEHIND THE G.O.P. OPPOSITION AND SOME OF THE BILLS STAND NO CHANCE OF BECOMING LAW, BUT
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END QUOTE. THAT’S REALLY NOT THE POINT.” SO IN AEMPT MO OF ECONOMIC CRISIS — SO IN A MOMENT OF ECONOMIC CRISIS, THE NUMBER-THREE DEMOCRAT IN THE SENATE, THE DEMOCRAT IN CHARGE OF STRATEGY OVER THERE, IS I THINK ISING UP– ISSITTING UP AT NIGHT TRYING TO THINK UP A STRATEGY TO HELP DEMOCRATS GET REELECT. TO ENTER INTO THE RECORD THE “”POLITICO”” STORY I JUST REFERRED TO ENTITLED “SCHUMER SCHEMES TO HIT G.O.P.”
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WITHOUT OBJECTION. IT LAYS OUT THE DEMOCRATIC STRATEGY. THE AMERICAN PEOPLE NEED KNOW WHAT’S GOING ON IN THE DEMOCRAT-CONTROLLED SENATE AND, FRANKLY, SO SHOULD POSTERITY. 50 YEARS FROM NOW I REALLY WOULD LIKE AN AMERICAN DOING A RESEARCH PROJECT TO LOOK BACK AT WHAT’S OUTLINED IN THIS “POLITICO” ARTICLE TODAY SO THEY CAN UNDERSTAND WHAT THIS DEMOCRATIC-CONTROLLED SENATE IS LIKE, SO THEY CAN UNDERSTAND WHAT THEIR PRIORITIES ARE. WHAT DID THIS COUNTRY’S LEADERS DO TO MAKE AMERICA STRONGER FOR THE NEXT GENERATION? WELL, READ THE “POLITICO” PIECE. IT PROVIDES A UNIQUE INSIGHT FOR FUTURE GENERATIONS OF AMERICANS TO UNDERSTAND WHAT THIS SENATE HAS DONE FOR THE COUNTRY. FOR THEMSELVES WHAT THEY THINK OF IT AND WHAT IT’S LEGACY SHOULD BE.
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ASHAND WHAT IT’S LEGACY SHOULD BE. MR. PRESIDENT, I SUGGEST THE ABSENCE OF A QUORUM. THE CLERK WILL CALL THE ROLL. QUORUM CALL: MR. PRESIDENT? THE
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RECOGNIZED. SENATOR FROM VIRGINIA IS MR. PRESIDENT, I
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ASK THAT THE PROCEEDINGS OF THE QUORUM BE DISPENSED WITH. WITHOUT OBJECTION. WARNER: MR. PRESIDENT, I RISE TODAY TO SPEAK ON SOME OF THE ISSUES THAT WERE JUST ADDRESSED BY THE REPUBLICAN LEADER, AND THAT’S THE LEGISLATION THAT WE WILL HOPEFULLY TURN TO NEXT ABOUT CREATING JOBS. YOU KNOW, THERE’S A LOT OF OCCASIONS WHEN LEGISLATION COMES TO THE FLOOR OF THIS SENATE THAT I, LIKE MANY MEMBERS, HAVE A VIEW ON AND WE KIND OF WEIGH IN ON OUR POSITIONS. BUT THIS LEGISLATION, THIS LEGISLATION AS IT COMES FORWARD IS SOMETHING THAT I HAVE MORE THAN JUST AN INTELLECTUAL OR POLITICAL OR PHILOSOPHICAL VIEWPOINT ON. THIS LEGISLATION IS ACTUALLY — INVOLVES THE BUSINESS THAT I WAS IN FOR NEARLY 20 YEARS. I WAS PROUD OF THE FACT THAT EARLY 1980’S UP UNTIL THE TIME THAT I WAS ELECTED AS GOVERNOR OF THE VIRGINIA, I WAS INVOLVED AS — ORIGINALLY AS AN ANGEL INVESTOR AND THEN AS A VENTURE CAPITALIST AND HELPING START COMPANIES ACROSS THIS COUNTRY. I’M PROUD TO HAVE BEEN INVOLVED AS A VENTURE CAPITALIST IN FUNDING ALMOST 70 COMPANIES, THOSE COMPANIES THAT GREW TO NOW EMPLOY TENS OF THOUSANDS OF AMERICANS. AS THE PRESIDING OFFICER AND SOME OF THE FOLKS REALIZE, A LOST THOSE COMPANIES I WAS — A LOT OF THOSE COMPANIES I WAS
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INVOLVED WITH WERE INVOLVED WITH TELECOMMUNICATIONS. I WAS AT NEXTEL, ALTHOUGH I DON’T SEEM TO BE ABLE AT TO TURN MY CELL PHONE OFF AT TIMES. AN IDEA OF HOW TO FIND A MANAGEMENT TEAM AND GET A COMPANY STARTED, TO ALLOW IT TO GROW, CREATE JOBS, CREATE ECONOMIC PROSPERITY. THIS ISSUE AROUND CAPITAL FORMATION, ENCOURAGING START-UPS, ENCOURAGING ENTREPRENEURS IS AN ISSUE THAT WE OUGHT TO BE ABLE TO COME TOGETHER ON. I SEE MY GOOD FRIEND SHALL — I SEE MY GOOD FRIEND, THE SENATOR FROM KANSAS, WHO I KNOW IS GOING TO SPEAK AFTER I’M FINISHED. HE AND I HAVE WORKED TOGETHER ON LEGISLATION CALLED “START UP AMERICA” THAT HAS BEEN ENDORSED BY TECH COUNSELS ACROSS THE COUNTRY AND ENDORSED BY — AND BUILDS UPON THE WORK OF THE KAUFMAN FOUNDATION, AND ENFORCED AND BUILDS UPON THE WORK ON THE PRESIDENT’S COUNCIL ON JOBS AND ECONOMIC COMPETITIVENESS. AREA WHERE WE CAN FIND COMMON GROUND. SOME OF THE IDEAS THAT WE’RE GOING TO BE DISCUSSING IN THIS LEGISLATION ARE NOT ONLY IDEAS THAT SENATOR MORAN AND I HAVE WORKED ON, AND I KNOW SENATOR COONS AND SENATOR RUBIO AND SENATOR TOOMEY AND SENATOR SCHUMER, SENATOR TESTER, SENATOR MERKLEY, SENATOR BROWN — THE LIST ACTUALLY IN TERMS OF SPONSORS OR COSPONSORS OF A NUMBER OF THESE BILLS NUMBER NOT IN THE SINGLE DIGITS BUT LITERALLY IN THE DOZENS, PROBABLY IN EXCESS OF 20. AND FOR THE MOST PART ALMOST EVERY ONE OF THESE PIECES OF LEGISLATION ARE BIPARTISAN. WHY DO WE NEED TO DO THIS? BECAUSE IF WE LOOK OVER THE LAST 20 YEARS AT WHERE THE JOBS HAVE BEEN CREATED IN AMERICA, WE FIND THAT, FOR THE MOST PART — THE JOB GROWTH FROM COMPANIES THAT ARE IN THE FORTUNE 1,000 REALLY HAVE BEEN FLAT, IF NOT SLIGHTLY NEGATIVE. SO WHILE WE APPLAUD AND SUPPORT AMERICA’S LARGEST BUSINESSES, BECAUSE OF INCREASED PRODUCTIVITY, BECAUSE OF GLOBALIZATION, THOSE ARE NOT THE COMPANIES REALLY ADDING JOBS. AND WHILE EVERY MEMBER OF THE UNITED STATES SENATE WHEN THEY STAND UP — STANDS UP AND APPLAUDS SMALL BUSINESS — AND I, AND I KNOW MY COLLEAGUES ON THE FLOOR, SUPPORT SMALL BUSINESSES — TRADITIONAL BUSINESSES, THE BARBER SHOB, — THE BARBERSHOP, RETAILERS.
894
00:41:54,000 –>00:41:53,999
FROM? WHERE DO THE COMPANIES COME THE JOBS COME FROM START-UP BUSINESSES, THE KIND OF BUSINESSES WHERE AN ENTREPRENEUR TRIES TO SCARE UP A LITTLE BIT OF CAPITAL AND TAKES AN IDEA TO MARKET. NEARLY 80%, ACCORDING TO THE KAUFMAN FOUNDATION, HAVE ALL BEEN BUSINESSES CREATED IN AMERICA COMING FROM THESE KINDS OF FIRMS. MANY OF THESE ARE TECHNOLOGY FIRMS, FACEBOOKS AND GOOGLES. BUT THERE ARE ALSO THE COMPANIES THAT SPAN THE REACH OF ALL KINDS OF DIFFERENT AREAS.
912
00:42:40,000 –>00:42:39,999
LULULEMONS IN TERMS OF UNDER ACTIVE WEAR. THESE ARE THE KINDS OF COMPANIES THAT NEED DO BETTER IN TERMS OF GROWTH, ESPECIALLY WITH OUR ECONOMY STRUGGLING. SO WHAT ARE WE TRYING TO DO IN THIS LEGISLATION? WELL, TO MY MIND THERE’S THREE OR FOUR AREAS THAT THESE BILLS NEED ADDRESS. FIRST OF ALL, WE NEED TO MAKE IT EASIER FOR THESE START-UP RAISE CAPITAL. OVER THE LAST DECADE, A LOT OF THE TRADITIONAL SOURCES OF
928
00:43:16,000 –>00:43:15,999
CAPITAL-RAISING +SRRAISING HAVE ACTUALLY DIMINISHED. THE NUMBER OF VENTURE CAPITAL FIRMS HAVE ACTUALLY DECREASED. THE ABILITY FOR A COMPANY TO GO PUBLIC, WHICH PERHAPS WE GOT A LITTLE TOO EXCESSIVE IN THE LATE-1990’S WHEN WE SAW DOTCOM COMPANIES GO PUBLIC AND THEN THEY FAILED, BUT AT THAT ACCESS TO THE PUBLIC MARKETS HAS BEEN SERIOUSLY CONSTRAINED, PARTIALLY BECAUSE OF ADDED REGULATIONS, PARTIALLY BECAUSE OF ADDED REPORTING REQUIREMENTS, AND PARTIALLY BECAUSE THERE’S BEEN, I THINK, A RECOGNITION THAT GOING PUBLIC MAY NOT HAVE BEEN THE RIGHT ROUTE FOR ALL OF THESE COMPANIES.
948
00:43:57,000 –>00:43:56,999
THE RESULT HAS BEEN THAT MANY OF THESE — THE SENATOR’S TIME HAS EXPIRED. WORN WARN I’DMR. WARNER: I’D ASK FOR AN ADDITIONAL FIVE MINUTES. WITHOUT OBJECTION. THE RESULT IS THAT MANY OF THESE START-UP COMPANIES ENDED UP IN THAT — ENDED UP HAVING TO SELL TO A LARGER COMPANY AND MANY OF THE IDEAS AND MANY OF THE JOB-CREATION
962
00:44:20,000 –>00:44:19,999
CONSTRAINED. OPPORTUNITIES ARE THEN SO WE NEED TO MAKE IT EASIER FOR
965
00:44:24,000 –>00:44:23,999
CAPITAL. THESE COMPANIES TO ACCESS SOME OF THE IDEAS THAT ARE GOING TO BE PROPOSED IN THE LEGISLATION WILL DO THAT. SOME OF THE REFORMS, REG-A, REG-D, TRYING TO LOOK AT RAISING THE NUMBER OF INVESTORS — THAT A START-UP COMPANY CAN HAVE BEFORE THEY HAVE TO REPORT. ALL ARE, I THINK, SENSIBLE, APPROPRIATE INCENTIVES TO HELP
977
00:44:48,000 –>00:44:47,999
GOING. THESE START-UP COMPANIES GET WE ALSO NEED — AND I UNDERSTAND THE VERY IMPORTANT REQUIREMENTS PUT IN PLACE BY THE SO-CALLED SARBANES-OXLEY LEGISLATION A FEW YEARS BACK. BUT THE COST OF GOING PUBLIC FOR START-UP COMPANIES NOW, ON AVERAGE, $3 MILLION TO $4 MILLION. THOSE COSTS ARE NOT COSTS THAT MANY OF THESE START-UP COMPANIES CAN ABSORB. SO SOME OF THE SENSIBLE REFORMS THAT HAVE BEEN PROPOSED BY SENATOR TOOMEY, SENATOR SCHUMER, THAT I’VE BEEN A PROUD COSPONSOR ON, A SO-CALLED ON RAMP FOR START-UP COMPANIES, I THINK MAKES SENSE AS WELL. THERE ARE ALSO OTHER TOOLS WE CAN USE TO HELP START-UP
1000
00:45:32,000 –>00:45:31,999
CAPITAL. COMPANIES AS THEY TRY TO ACCESS WE’VE SEEN A DRAMATIC TRANSFORMATION OF THE INTERNET OVER THE LAST 20 YEARS. EVERY BUSINESS, EVERY PART OF OUR LIFE HAS BEEN CHANGED. THERE IS NOW THE ABILITY TO USE THE INTERNET AS A WAY FOR SMALL INVESTORS TO GET THE SAME KIND OF DEALS THAT UP TO THIS POINT ONLY SELECT INVESTORS HAVE GOTTEN THAT HAVE BEEN CUSTOMERS OF SOME OF THE BEST-KNOWN INVESTMENT BANKING FIRMS. WE CAN NOW USE THE POWER OF THE INTERNET THROUGH A TERM CALLED CROWD FUNDING — THERE HAS TO BE APPROPRIATE INVESTOR RESTRAINTS
1019
00:46:06,000 –>00:46:05,999
AND INVESTOR PROTECTIONS. BUT CROWD FUNDING USING THE
1022
00:46:10,000 –>00:46:09,999
CAPITAL. INTERNET IS ANOTHER SOURCE OF I HOPE THAT WOULD BE INCLUDED IN THE LEGISLATION THAT WE’RE LOOKING AT. I WANT TO COMMEND SENATOR BENNET AND SENATOR MERKLEY AND SENATOR BROWN FOR WORKING HARD ON THAT. BUT THERE ARE OTHER PIECES OF THIS LEGISLATION IF WE ARE GOING TO COMPETE AND WIN IN THIS GLOBAL COMPETITION FOR TALENT AND IDEAS AND HAVE THESE JOBS CREATED IN AMERICA THAT WE’VE GOT TO TAKE ON. THAT’S WHY I WAS SO PROUD TO WORK WITH SENATOR MORAN IN OUR START-UP LEGISLATION THAT SAYS ATTRACTING CAPITAL IS ONE PART OF MAKING A COMPANY SUCCESSFUL. ANOTHER PART OF MAKING A COMPANY SUCCESSFUL IS WINNING THE
1044
00:46:51,000 –>00:46:50,999
TALENT. WORLDWIDE COMPETITION FOR UNFORTUNATELY, TIME AND AGAIN WHAT WE ARE DOING IN THIS COUNTRY IS WE ARE LOSING THAT COMPETITION FOR THE BEST TALENT. THERE ARE LITERALLY TENS OF THOUSANDS OF JOBS THAT ARE GOING RIGHT NOW BECAUSE WE DO NOT HAVE ENOUGH AMERICAN-BORN SCIENTISTS, ENGINEERS, MATHEMATICIANS WITH GRADUATE DEGREES. WE IN OUR COUNTRY, BECAUSE WE HAVE THE WORLD’S BEST SYSTEM OF HIGHER EDUCATION, WE TRAIN MANY OF THE WORLD’S BEST AND BRIGHTEST. BUT UNDER OUR CURRENT IMMIGRATION POLICIES, WE TRAIN THOSE FOLKS AT THE VIRGINIA TECHS, UNIVERSITY OF NEW MEXICO’S, GIVE THEM THAT Ph.D. IN ENGINEERING, AND THEN WE SEND THEM HOME WHEN THEY HAVE AN OPPORTUNITY TO ACTUALLY GET A JOB HERE IN THIS COUNTRY. YOU CAN’T TALK TO A TECH COMPANY ANYWHERE IN AMERICA THAT SAYS WE ARE LOSING THE COMPETITION FOR TALENT. WHAT DOES OUR LEGISLATION DO? WE ACTUALLY DO WHAT TECH FIRMS HAVE CALLED FOR FOR YEARS, WHICH IS IN EFFECT STAPLE THAT GREEN CARD TO THOSE INDIVIDUALS WHO DID NOT — GET NOT A PATCH LORE’S DEGREE BUT — A BUT Ph.D. IN THE STEM FIELD IF THEY HAVE A JOB OPPORTUNITY IN AMERICA, ALLOW THAT INTELLECT AND CAPITAL
1086
00:48:13,000 –>00:48:12,999
THIS COUNTRY. TO RESIDE AND CREATE JOBS IN WHAT WE DO AS WELL IS WE CREATE A NEW CATEGORY, VISA FOR, IN EFFECT AN ENTREPRENEUR’S VISA. WE HAVE A NARROW CATEGORY WITHIN OUR IMMIGRATION POLICIES RIGHT NOW WHICH ALLOWS CERTAIN IMMIGRANTS WHO WANT TO COME, INVEST IN COMPANIES IN THIS COUNTRY AND HIRE AMERICANS TO GET ACCESS TO A VISA. WE WOULD EXPAND THAT CATEGORY SO IF AN INDIVIDUAL CAN DEMONSTRATE THEY’VE RAISED CAPITAL OR ARE WILLING TO HIRE A NUMBER OF AMERICANS, WHY DON’T WE ALLOW
1103
00:48:46,000 –>00:48:45,999
AMERICA RATHER THAN GOING THEM TO START THAT JOB HERE IN SOMEWHERE ELSE TO DO IT? SO WE’VE PUT IN PLACE, I BELIEVE, REASONABLE SMALL CHANGES TO OUR IMMIGRATION POLICIES THAT WILL, AGAIN, ALLOW US TO COMPETE. WHAT OUR START-UP LEGISLATION DOES AS WELL IS IT LOOKS AT HOW WE CAN ENCOURAGE OUR UNIVERSITIES BECAUSE WE NEED WE NEED TALENT BUT WE ALSO NEED THE INTELLECTUAL
1117
00:49:11,000 –>00:49:10,999
CAPITAL, AND THAT COPS FROM IDEAS.
1119
00:49:13,000 –>00:49:12,999
IDEAS. OUR — AND THAT COMES FROM OUR UNIVERSITIES ACROSS THIS
1122
00:49:17,000 –>00:49:16,999
COUNTRY DO A GOOD JOB IN BASIC RESEARCH. OUR UNIVERSITIES ACROSS THIS COUNTRY DOESN’T DO AS GOOD A JOB AS THEY COULD AND SHOULD IN MOVING THOSE IDEAS FROM THE LABORATORY INTO THE MARKETPLACE. I KNOW MY TIME IS ABOUT TO EXPIRE SO I’LL WRAP THIS UP. WHAT WE DO IN OUR LEGISLATION AS WELL IS WE DON’T ADD ADDITIONAL FUNDING BUT WE TAKE A SMALL SLIVER, .15% OF OUR ADDITIONAL RESEARCH DOLLARS AND USE THEM TO GET INVESTMENT FUNDS OUT OF THE LABORATORY INTO COMMERCIALIZATION. I KNOW THAT WE’RE GOING TO MOVE TO THIS LEGISLATION SHORTLY. I DO BELIEVE THAT THERE WERE A NUMBER OF MEMBERS, PARTICULARLY NEWER MEMBERS WHO HAVE BEEN WORKING ON THIS LEGISLATION ACROSS THE AISLE. THERE WAS AN ATTEMPT TO PUT TOGETHER A BROAD BIPARTISAN BILL. I’M NOT SURE THAT’S GOING TO COME TO PASS ON THE FLOOR, UNFORTUNATELY, BECAUSE ON THIS ISSUE I DO AGREE WITH THE REPUBLICAN LEADER, THIS SHOULD NOT BE A REPUBLICAN OR DEMOCRATIC LEGISLATION. THERE SHOULD BE A BIPARTISAN PIECE OF LEGISLATION HERE THAT WILL ACTUALLY ENCOURAGE START-UPS TO GET THE CAPITAL, TO GET THE TALENT, TO GET THE IDEAS SO THAT WE CAN TALLLY MAKE SURE THAT — SO THAT WE CAN ACTUALLY
1163
00:50:31,000 –>00:50:30,999
CREATION. MAKE SURE WE MOVE FORWARD ON JOB THE DATA IS CLEAR, THE JOBS OVER THE LAST 20 YEARS HAVE COME FROM THESE START-UP COMPANIES, THE KIND I WAS PROUD TO HELP FUND IN MY 20 YEARS OF IDENTIFYING, FUNDING AND WORKING ON THESE START-UP VENTURES. WE NEED TO DO ALL WE CAN TO SUPPORT THEM. WE NEED TO MOVE THIS LEGISLATION AS QUICKLY AS POSSIBLE. MY HOPE IS THAT WE CAN MOVE BEYOND THE RATHER NARROWLY DRAWN CAPITAL FORMATION LEGISLATION THAT WE’RE GOING TO LOOK AT AND LOOK AT THESE OTHER AREAS AROUND CROWD FUNDING, AROUND APPROPRIATE VISA POLICIES, AROUND COMMERCIALIZATION OF INTELLECTUAL CAPITAL TO MOVE THESE IDEAS FORWARD. WITH THAT I’M GOING TO YIELD THE FLOOR TO MY FRIEND AND COLLEAGUE, SOMEONE WHO HAS BEEN A LEADER ON THIS ISSUE AS WELL, SOMEBODY WHO I KNOW HAS BEEN CRISSCROSSING THE COUNTRY OVER THE LAST COUPLE OF DAYS, RECENTLY CAME BACK FROM AUSTIN, TEXAS, WHERE HE WAS CELEBRATED AS A START-UP GURU. AND THAT IS MY FRIEND, THE SENATOR FROM KANSAS. LET ME ALSO ACKNOWLEDGE THE SENATOR FROM SOUTH DAKOTA WHO HAS BEEN A LEADER, PARTICULARLY ON THE RED-D REFORM. WITH THAT, MR. PRESIDENT, I YIELD THE FLOOR. A SENATOR: MR. PRESIDENT? THE
1206
00:51:43,000 –>00:51:42,999
RECOGNIZED. SENATOR FROM SOUTH DAKOTA IS MR. PRESIDENT, I ASK UNANIMOUS CONSENT TO ENTER INTO A COLLOQUY WITH MY COLLEAGUE FROM SENATOR — MY COLLEAGUE FROM KANSAS, SENATOR
1213
00:51:51,000 –>00:51:50,999
WITHOUT MORAN. OBJECTION. MR. PRESIDENT, DO I APPRECIATE THE OPPORTUNITY TO JOIN WITH MY COLLEAGUE, SENATOR MORAN FROM KANSAS, TO SPEAK IN SUPPORT OF THE BILL BEFORE US, H.R. 3606, THE JUMP-START OR BUSINESS START-UPS OR JOBS ACT. THE JOBS ACT IS A BIPARTISAN BILL. IT PASSED THE HOUSE OF
1226
00:52:10,000 –>00:52:09,999
390-23. REPRESENTATIVES BY A VOTE OF IT HAS BEEN ENDORSED BY THE WHITE HOUSE. SMALL BUSINESSES ARE THE ENGINES OF OUR ECONOMY, BUT GOVERNMENT RED TAPE IS CURRENTLY PREVENTING THESE BUSINESSES FROM CREATING EVEN MORE JOBS. THIS COMMONSENSE BILL WOULD ENABLE SMALL BUSINESSES IN SOUTH DAKOTA AND ACROSS THE COUNTRY TO BETTER ACCESS MUCH-NEEDED CAPITAL SO THAT THEY CAN MAKE
1240
00:52:30,000 –>00:52:29,999
EMPLOYEES. INVESTMENTS AND ADD ADDITIONAL THERE’S NO REASON WHY IT SHOULD NOT RECEIVE SIMILAR SUPPORT HERE IN THE UNITED STATES SENATE. CREATING JOBS, MR. PRESIDENT,
1246
00:52:39,000 –>00:52:38,999
PRIORITIES HERE IN THE UNITED SHOULD BE ONE OF OUR TOP STATES SENATE. WE OWE IT TO THE AMERICAN PEOPLE AND TO SMALL BUSINESSES ACROSS THIS COUNTRY THAT ARE COUNTING ON US TO DO SOMETHING THAT WILL MAKE IT EASIER, LESS EXPENSIVE AND LESS DIFFICULT TO CREATE JOBS. TOO OFTEN, MR. PRESIDENT, WHAT WE SEE COMING OUT OF WASHINGTON, D.C. ARE POLICIES THAT PUT UP OBSTACLES, BARRIERS AND I AM PEDESTRIANMENTS TO OUR — IMPEDIMENTS TO OUR SMALL BUSINESSES TO CREATE JOBS. SEE THAT DAILY WITH REGULATIONS COMING OUT OF WASHINGTON, D.C.
1266
00:53:09,000 –>00:53:08,999
HAVE BEEN ON THE FLOOR THE SENATOR FROM KANSAS AND I PREVIOUSLY TALKING ABOUT REGULATIONS PROPOSED BY THE DEPARTMENT OF LABOR. 85 PAGES WORTH OF REGULATIONS THAT WOULD IN A VERY PRESCRIPTIVE WAY TELL FARMERS AND RANCHERS HOW YOUNG PEOPLE CAN WORK IN THEIR FARMING AND RANCHING OPERATIONS. IT IS AMAZING TO ME THE LEVEL OF DETAIL TO WHICH THOSE REGULATIONS GO AND HOW PRESCRIPTIVE THEY ARE WITH REGARD TO SOMETHING THAT HAS HISTORICALLY IN THIS COUNTRY AND TRAB ADDITIONALLY BEEN VERY MUCH — TRADITIONALLY BEEN A PART OF OUR HERITAGE. THAT IS YOUNG PEOPLE BEING INVOLVED IN THOSE FARMING AND RANCHING OPERATIONS, MAKING THEM PROFITABLE. WE’VE GOT A FEDERAL AGENCY THAT THINKS THEY KNOW BETTER. THESE 85 PAGES OF REGULATIONS COME OUT AND SUGGEST THERE ARE CERTAIN THINGS YOUNG PEOPLE ON FARMS AND RANCHES SHOULD NOT DO. NOT ONLY SUGGEST THEM. SAY THEY CAN’T DO. CAN’T HERD CATTLE FROM THE BACK OF A HORSE.
1300
00:54:09,000 –>00:54:08,999
CAN’T WORK AROUND RAIN BINS AND STOCKYARDS. CAN’T WORK WITH ANIMALS THAT ARE MORE THAN SIX MONTHS OLD. CAN’T WORK AT ELEVATIONS OR HEIGHTS MORE THAN SIX FEET. THESE ARE ALL THINGS THAT THE DEPARTMENT OF LABOR IN THEIR INFINITE WISDOM HAS DETERMINED THAT THEY KNOW BETTER ABOUT FARMING AND RANCHING AND OPERATIONS IN THIS COUNTRY THAN DO THE PEOPLE WHO WORK THERE. IT REALLY WOULD TRANSFORM THE WAY IN WHICH FAMILY FARM AND RANCH OPERATIONS ARE CONDUCTED IN THIS COUNTRY. IT DOES PUT ADDITIONAL COSTS AND BARRIERS UP TO THESE FARMERS AND RANCHERS WHO WORK SO HARD TO MAKE A LIVING.
1321
00:54:41,000 –>00:54:40,999
QUINTESSENTIAL SMALL BUSINESSES THEY REALLY ARE THE IN OUR COUNTRY. THEY WORK HARD. THEY’VE GOT A TREMENDOUS WORK ETHIC. THEY ARE PEOPLE WHO MAKE THEIR LIVING ON THE LAND. ALL THEY SIMPLY ASK FROM THEIR GOVERNMENT IS THAT THEY NOT IMPOSE THESE TYPES OF BARRIERS AND REGULATIONS AND I AM — IMPEDIMENTS, THAT IS TO FEED THE WORLD AND CREATE A STRONG FARM ENVIRONMENT IN THIS COUNTRY. THE JOBS BILL THAT IS BEFORE US TODAY, MR. PRESIDENT, TAKES US IN A DIFFERENT DIRECTION THAN ALL THE REGULATIONS I JUST REFERRED TO, WHICH MAKE IT MORE DIFFICULT AND MORE EXPENSIVE FOR PEOPLE IN THIS COUNTRY TO CREATE
1343
00:55:19,000 –>00:55:18,999
BUSINESSES. JOBS AND TO GROW THEIR THESE — THIS PACKAGE OF BILLS THAT CAME OVER FROM THE HOUSE OF REPRESENTATIVES, WHICH PASSED BY A VOTE OF 390-23 — THERE WERE
1349
00:55:30,000 –>00:55:29,999
HOUSE. ONLY 23 DISSENTING VOTES IN THE IT WAS AN OVERWHELMING BIPARTISAN MAJORITY IN SUPPORT OF THIS LEGISLATION. IT’S BECAUSE THESE ARE SUCH COMMON-SENSICAL THINGS. SO COMMON-SENSICAL THE WHITE HOUSE ENDORSED MOST OF THESE BILLS, IF NOT ALL OF THESE BILLS. THEY PASSED IN THE HOUSE OF REPRESENTATIVES INDIVIDUALLY BEFORE THEY WERE PACKAGED INTO THIS PARTICULAR PIECE OF LEGISLATION THAT WAS SENT TO US HERE BY THAT 390-23 VOTE. THEY WERE PASSED INDIVIDUALLY BY HUGE VOTES. THERE’S A PIECE OF LEGISLATION, A BILL THAT WAS PASSED IN THE HOUSE OF REPRESENTATIVES THAT TOOMEY HAS THE COMPANION BILL HERE IN THE SENATE TO THAT PASSED 421-1. WE HAD ONE OF THESE BILLS THAT PASSED IN THE HOUSE OF REPRESENTATIVES BY VOICE VOTE. THE LEGISLATION, THE BILL THAT I HAVE THAT’S A PART OF THIS PACKAGE PASSED IN THE HOUSE OF REPRESENTATIVES BY A VOTE OF 413-11 LAST NOVEMBER. THAT ALSO IS INCLUDED IN THIS JOBS BILL THAT HAS COME OVER TO US NOW FROM THE HOUSE. SO, WHAT WE WANT TO DO IS MAKE IT EASIER FOR THE SMALL BUSINESSES WHICH LITERALLY ARE THE ENGINE AND THE BACKBONE OF OUR ECONOMY, CREATE MOST OF THE NEW JOBS IN OUR ECONOMY TO DO THAT. TO CREATE JOBS, TO INVEST CAPITAL, TO PUT THEIR CAPITAL TO
1394
00:56:47,000 –>00:56:46,999
GROW. WORK, AND TO MAKE OUR ECONOMY AND SO I WOULD JUST SAY BY WAY OF INTRODUCTION, MR. PRESIDENT, THAT I HOPE THAT WE CANNOT ONLY GET TO THIS BILL, GET ON THIS BILL, BUT MOVE QUICKLY TO PASS IT THROUGH THE SENATE AND GET IT ON THE PRESIDENT’S DESK. BECAUSE WE DON’T HAVE A LOT OF
1404
00:57:03,000 –>00:57:02,999
TIME TO WASTE. WE ALL KNOW WHAT THE STATISTICS ARE IN THIS COUNTRY. WE KNOW THE HIGH UNEMPLOYMENT RATE, THE CHRONIC HIGH UNEMPLOYMENT RATE THAT WE’VE
1410
00:57:10,000 –>00:57:09,999
GROWTH. SEEN, THE SLUGGISH ECONOMIC WE NEED TO GET THIS ECONOMY GROWING AGAIN. WE NEED TO MAKE IT EASIER, NOT HARDER, FOR SMALL BUSINESSES TO
1416
00:57:18,000 –>00:57:17,999
CAPITAL. CREATE JOBS AND TO GET ACCESS TO AND MANY OF THESE BILLS IN THIS PACKAGE, THIS SMALL BUSINESS JOBS PACKAGE, REALLY DO FOCUS ON THE ISSUE OF CAPITAL FORMATION AND ALLOWING SMALL BUSINESSES IN THIS COUNTRY TO HAVE EASIER ACCESS TO THE CAPITAL THAT WILL ALLOW THEM TO GROW THEIR COMPANIES AND TO GROW JOBS. SO, MR. PRESIDENT, WHAT I’D LIKE TO DO IS, MY COLLEAGUE FROM KANSAS IS HERE, AS I SAID, SOMEONE WHO AS A MEMBER OF THE SENATE BANKING COMMITTEE HAS BEEN A LEADER ON THIS LEGISLATION, ON MANY OF THESE ISSUES, AND A LEADER, AS I MENTIONED EARLIER, IN FIGHTING REGULATIONS COMING OUT OF WASHINGTON, D.C. THAT MAKE IT HARDER AND MORE DIFFICULT AND MORE EXPENSIVE TO CREATE JOBS. IN PARTICULAR, AS I MENTIONED EARLIER, WE HAD THIS DISCUSSION A COUPLE OF WEEKS AGO WITH REGARD TO THESE DEPARTMENT OF REGULATIONS IMPACTING FAMILY FARMS AND RANCHES, JUST ONE OF MANY, MANY REGULATIONS, THE PROLIFERATION OF REGULATIONS COMING OUT OF WASHINGTON, D.C. THAT CONSISTENTLY ARE OVERREACHING IN TERMS OF THEIR IMPACT AND WHAT THEY DO TO CREATE ADDITIONAL BURDENS FOR OUR SMALL BUSINESSES. SO I’D LIKE TO YIELD TO MY COLLEAGUE FROM KANSAS FOR HIS OBSERVATIONS AND THOUGHTS WITH REGARD TO THE JOBS BILL THAT’S BEFORE US AND WHAT WE AS THE SENATE OUGHT TO BE DOING TO TRY AND CREATE BETTER CONDITIONS AND A MORE FAVORABLE ENVIRONMENT FOR OUR SMALL BUSINESSES TO CREATE JOBS. MR. PRESIDENT, I THANK THE SENATOR FROM SOUTH DAKOTA AND PLEASED WE’RE HERE ON A TOPIC OF SIGNIFICANCE FOR THE COUNTRY. WE’VE HEARD ABOUT THE NECESSITY OF CREATING JOBS, CREATING AN OPPORTUNITY FOR AMERICANS TO SUCCEED. I GUESS THAT’S THE PRIMARY MOTIVATION FOR WHY MANY OF US SERVE IN THE UNITED STATES SENATE, IS SO THAT EVERY GENERATION, THOSE WHO FOLLOW US BUT THOSE EVEN TODAY, HAVE THE OPPORTUNITY TO PURSUE THE AMERICAN DREAM. I THINK OUR GOAL HERE IS NOT TO CREATE A CIRCUMSTANCE IN WHICH THERE IS NO ONE — IN WHICH NO ONE FAILS, BUT THE GOAL HERE IS TO CREATE A CIRCUMSTANCE IN WHICH MANY SUCCEED. AND SO, WHILE IT’S BEEN VERY DISAPPOINTING THAT THE SENATE HAS FAILED FOR SO LONG TO GET TO THE IMPORTANT TOPIC THAT WE SHOULD BE ADDRESSING — JOB
1492
00:59:30,000 –>00:59:29,999
CREATION — WE ARE FINALLY HERE TODAY. AND I COMMEND THE LEADERS OF BOTH PARTIES FOR REACHING AN AGREEMENT THAT ALLOWS US TO BEGIN THE DISCUSSION AND ULTIMATELY, HOPEFULLY, HOPEFULLY WE PASS THE JOBS BILL IN THE FORM JUST LIKE THE HOUSE PASSED A FEW DAYS AGO. I CAME TO THIS ISSUE OF JOB CREATION AND INNOVATION AND ENTREPRENEURSHIP WITH THE REALIZATION THAT THIS CONGRESS IS FAILING, THIS ADMINISTRATION IS FAILING TO ADDRESS THE ISSUE OF THE DEFICIT AND THE FINANCIAL CONDITION OF OUR COUNTRY. I BELIEVE THAT MY KIDS AND THOSE WHO FOLLOW US ARE GOING TO BE IN MUCH WORSE SHAPE BECAUSE THE ADMINISTRATION AND CONGRESS HAVE FAILED TO ADDRESS THE ISSUE THAT WE FACE TODAY, WHICH WAS OUR COUNTRY IS BROKE. WE’RE SPENDING MONEY WE DON’T HAVE AND WE CAN’T SEEM TO RESOLVE THAT ISSUE IN A WAY THAT PUTS US ON A PATH TOWARD A BALANCED BUDGET. AND I WON’T EVER WALK AWAY FROM MY BELIEF THAT THAT’S NECESSARY AND THAT I WILL CONTINUE TO WORK AS A MEMBER OF THE SENATE APPROPRIATIONS COMMITTEE IN EVERY CAPACITY I HAVE HERE TO SEE THAT WE GET OUR SPENDING UNDER CONTROL AND THAT WE’RE ON THAT PATH TOWARD BALANCING THE BUDGET. BUT BECAUSE OF THIS ADMINISTRATION AND THE LEADERSHIP OF THIS CONGRESS TO ADDRESS — THE SENATE TO ADDRESS THIS ISSUE OF THE DEFICIT, I SORT OF AM LOOKING FOR WAYS IN WHICH WE COULD APPROACHED THE DEFICIT — APPROACH THE DEFICIT IN PERHAPS IS A WAY THAT IS EASIER FOR US TO GRASP, EASIER FOR US TO DEAL WITH. AND THAT IS JOB CREATION, BECAUSE THE MORE PEOPLE THAT ARE CREATING, THE MORE TAXES THAT MORE MONEY COMES TO THE COFFERS OF THE UNITED STATES TREASURY TO PAY DOWN THIS TREMENDOUS DEBT. AND THESE TWO ISSUES ARE ACTUALLY RELATED. I’VE TRIED TO FIGURE OUT HOW TO EXPLAIN THIS TO KANSANS BACK HOME ABOUT WHY THE DEFICIT MATTERS AND WHETHER OR NOT THEY HAVE A JOB OR HAVE A GOOD JOB OR CAN PURSUE A BETTER JOB. AND THE ANSWER IS THAT NO BUSINESS IS GOING TO EXPAND, NO BUSINESS IS GOING TO GROW, NO BUSINESS IS GOING TO INVEST IN CAPITAL AND PLANT, EEQUIPMENT, HIRE NO — E EQUIPMENT, HIRE NEW PEOPLE IF THEY’RE CONCERNED THEY MAY BE THE NEXT GREECE. SO THE GOAL OF PAYING DOWN THE DEBT IS CERTAINLY WORTHY IN AND OF ITSELF, BUT IF WE CAN DO THAT WE ALSO HAVE THE OPPORTUNITY TO CREATE AN ENVIRONMENT IN WHICH BUSINESS DOES FEEL COMFORTABLE IN HIRING MORE EMPLOYEES, IN ADDING TO PLANT AND EQUIPMENT, INVESTING IN THEIR BUSINESS AND GROWING IT. AND SO TODAY WE COME TO THE SENATE FLOOR IN SUPPORT OF THE JOBS BILL AS PASSED BY THE HOUSE OF REPRESENTATIVES IN HOPES THAT
1580
01:02:21,000 –>01:02:20,999
ORDER. THE SENATE WILL DO SO IN SHORT AND IT IS THE OPPORTUNITY WE HAVE TO MAKE A TREMENDOUS DIFFERENCE TOWARD — SO THAT AMERICANS CAN TODAY AND IN THE
1586
01:02:31,000 –>01:02:30,999
DREAM. FUTURE PURSUE THAT AMERICAN WE, OVER A LONG PERIOD OF TIME, HAVE CREATED MANY IMPEDIMENTS
1590
01:02:38,000 –>01:02:37,999
CREATION. TOWARDS THE SUCCESS OF THAT JOB THE SENATOR FROM SOUTH DAKOTA TALKS ABOUT THE REGULATORY ENVIRONMENT, AND WE HAVE HIGHLIGHTED HERE ON THE SENATE FLOOR A MAJOR OVERREACH THAT FUNDAMENTALLY ALTERS THE WAY WE LIVE OUR LIVES BACK HOME IN
1599
01:02:53,000 –>01:02:52,999
FARMS. KANSAS IN REGARD TO FAMILY FARMING AND RANCHING IN OUR STATE IS A FAMILY OPERATION, AND YET THE DEPARTMENT OF LABOR BELIEVES IT IS THEIR ROLE TO TELL PARENTS WHAT THAT RELATIONSHIP SHOULD BE WITH THEIR OWN CHILDREN AND THEIR ABILITY TO WORK ON THEIR OWN FAMILY FARM. IT IS JUST AN EXAMPLE OF THIS MIND-SET IN OUR NATION’S CAPITAL THAT EXISTS TODAY THAT SAYS, WE KNOW BETTER THAN THE AMERICAN PEOPLE, WE KNOW BETTER THAN MOM AND DAD, WE KNOW BETTER THAN THE FAMILY ABOUT WHAT IS THE ROLE FOR A YOUNG PERSON WORKING ON A FAMILY FARMING OPERATION BACK NOME IN KANSAS AND — BACK HOME
1620
01:03:29,000 –>01:03:28,999
COUNTRY. IN KANSAS AND ACROSS THE BUT IT IS JUST AN EXAMPLE.
1623
01:03:32,000 –>01:03:31,999
THOSE REGULATIONS ARE THERE TODAY.
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THEY ARE BEING PROPOSED ALL THE TIME. IN MY VIEW, IF THE FEDERAL GOVERNMENT BELIEVES THAT IT HAS THIS SIGNIFICANT ROLE TO PLAY IN DEFINING THE RELATIONSHIP BETWEEN MOM AND DAD AND WORKING ON A FARM, WHAT REALLY CAN’T THE FEDERAL GOVERNMENT TELL US BACK HOME WHAT WE CAN AND CAN’T DO IN IF THEY CAN GO SO FAR AS TO DEFINE THE OPPORTUNITY THAT A YOUNG PEPPER BE — AND PERSON — WHO MORE CARES ABOUT A PARENT? CARES THAN THAT PARENT? THIS IS BUT ONE EXAMPLE IN WHICH
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GOVERNMENT KNOWS BEST, THE WE CAN DECIDED THAT THE DEPARTMENT OF LABOR KNOWS BETTER THAN MOM AND DAD. AND MY POINT IS THAT ONCE WE REACH THAT KIND OF CONCLUSION, THEN THERE IS REALLY NOTHING OFF LIMITS FOR THE FEDERAL GOVERNMENT TO SAY WE KNOW BETTER THAN THE CITIZENS OF OUR COUNTRY. THAT IS A MISGUIDED APPROACH OF THE FEDERAL GOVERNMENT TO THE ROLE THAT WE PLAY. BUT IT IS A HANDICAP TO THE AMERICAN PEOPLE, ENTREPRENEURS, INNOVATORS, THOSE ACROSS THE COUNTRY WHO BELIEVE IN PURSUING THE AMERICAN DREAM FOR THEMSELVES AND THEIR FAMILIES, IT IS AN IMPEDIMENT TO THEM EVER PURSUING THAT OPPORTUNITY TO CREATE A JOB AND TO CREATE AN
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CREATION. ECONOMY THAT ENCOURAGES JOB I APPRECIATE EARLIER SENATOR WARNING THEWARNER, THE SENATOR FROM VIRGINIA, BEING ON THE FLOOR TALKING ABOUT LEGISLATION THAT HE AND I ARE WORKING ON CALLED THE START-UP ACT. WE BELIEVE THERE IS A GREAT FOR ENTREPRENEURS. RESEARCH KNOWS — THIS IS FROM THE KAUFMAN FOUNDATION — THAT START-UPS LESS THAN FIVE YEARS OLD ACCOUNTED FOR NEARLY ALL OF THE NET JOBS CREATED IN THE UNITED STATES FROM 1980 TO 2005. IN FACT, START-UPS CREATE 3 MILLION NEW JOBS EVERY YEAR. AND SO WHAT WE’RE ABOUT TODAY IS A PORTION OF THIS LEGISLATION THAT SENATOR WARNER AND I HAVE INTRODUCED, THE START-UP ACT. WE’RE ABOUT THE CAPITAL FORMATION PROVISIONS OF THAT BILL. WE’VE BEEN WORKING WITH SENATOR COONS AND SENATOR RUBIO AND OTHERS TO BLEND THESE PROVISIONS IN THE START-UP ACT, BUT A PORTION IS NOW ON THE SENATE FLOOR, AND I’M CERTAINLY GOING TO COMMEND HERE THE OPPORTUNITY WE HAVE HERE TO PURSUE THAT PORTION OF JOB CREATION. IT IS NOT ENOUGH, BUT IT IS CERTAINLY A GREAT BEGINNING POINT FOR US IN THE UNITED STATES NATIONAL TO FOLLOW THE
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LEAD OF THE UNITED STATES HOUSE OF REPRESENTATIVES AND CREATE THIS OPPORTUNITY FOR CAPITAL FORMATION. LEGISLATION DOES IS CREATE TAX INCENTIVES THAT WILL SPUR START-UPS AND WIN THE BATTLE FOR US TO SEE THAT THE UNITED STATES REMAINS A HIGHLY COMPETITIVE, INNOVATIVE, ENTREPRENEURIAL ENVIRONMENT IN WHICH BUSINESSES SUCCEED. I BELIEVE WHEN WE SAY ABOUT BUSINESSES SUCCEEDING, IT IS NOT ABOUT THE BUSINESS’S SUCCESS, IT IS ABOUT WHAT THE CONSEQUENCES ARE WHEN BUSINESS SUCCEED. AND THAT MEANS THAT AMERICANS HAVE JOBS AND THE OPPORTUNITY TO PUT FOOD ON THEIR FAMILY’S TABLE AND SAVE FOR THEIR KIDS’ EDUCATION, CAB FOR SAVE FOR RETIREMENT AND MEET THE RESPONSIBILITIES WE HAVE AS PARENTS. SO I JOIN THE SENATOR FROM SOUTH DAKOTA WITH MY STRONG APPELLATE COURT FOR MOVING FORWARD — WITH
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FORWARD. MY STRONG SUPPORT FOR MOVING I ASK THE SENATE TO CONSIDER LEGISLATIVE INITIATIVES SUCH AS THE ONE THAT SENATOR WARNER AND MAKE SURE THAT WE HAVE THAT OPPORTUNITY IN AMERICA WHERE EVERYONE HAS THE OPPORTUNITY TO SUCCEED AND THAT MANY WILL. I ASK IF THE SENATOR WOULD YIELD FOR A QUESTION ON JOBS AND THE ECONOMY. IPPRECIATE HIS LEGISLATION. I — I APPRECIATE HIS LEGISLATION.

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