[Congressional Record Volume 152, Number 66 (Wednesday, May 24, 2006)]
[Extensions of Remarks]
[Pages E960-E961]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




           IN TRIBUTE TO THE WORK OF SECRETARY LLOYD BENTSEN

                                 ______
                                 

                         HON. CHARLES B. RANGEL

                              of new york

                    in the house of representatives

                        Wednesday, May 24, 2006

  Mr. RANGEL. Mr. Speaker, I rise in tribute to Secretary Lloyd 
Bentsen, an American patriot and champion of democratic values. I 
salute his life achievements that have furthered the cause of American 
liberty and freedom at home and abroad. His life is a reflection of 
commitment and dedication to the vibrancy of the American economy. The 
brilliance that personified his life in public services has guided 
America to a ``more perfect Union.''
  Lloyd Millard Bentsen, Jr. was born Feb. 11, 1921, in Mission, TX, in 
a small frame house; from this humble beginning, Lloyd Bentsen rose to 
prominence in American politics. He received a law degree from the 
University of Texas at Austin in 1942 and served as Army Air Corps 
combat pilot in World War II with the 449th bomb squadron. At the early 
age of 23, he was given command of a squadron of 600 men. For his 
bravery and leadership, he was awarded the Distinguished Flying Cross 
and four awards of the Air Medal.
  Upon his return to his native Rio Grande Valley he was elected 
Hidalgo County Judge. In 1948, Lloyd ran for Congress and won easily. 
At 27, he had the admirable designation as the youngest Member of the 
House. Representative Bentsen gained respect from his colleagues by his 
leadership skills and political acumen. He was a strong advocate for a 
number of policy issues which include the deregulation of natural gas, 
State control of offshore oil and notably the repeal of the poll tax. 
He was only one of two Southern Congressmen to challenge this device 
that impeded voting of African-Americans in the South.
  In 1955, Lloyd left Congress after he experienced difficulty raising 
a family in Washington on a meager congressional salary of $12,500. 
Subsequently, he began a business career in Houston and he eventually 
became president of Lincoln Consolidated, an insurance and financial 
holding. However, in 1970 he sold his business in a lucrative deal, and 
declared his candidacy for the U.S. Senate. He won the democratic 
nomination and then defeated George H.W. Bush, 53 to 47 percent. He was 
immediately tagged as a coalition builder among liberals and 
conservatives, putting aside differences and arriving at consensus 
regarding numerous policy issues. This was evident in his ability to 
advocate for both minorities in the South and wealthy conservatives 
linked to Texas oil money. Lloyd has said that his proudest 
accomplishment in the Senate was pension reform. Also as a member of 
the Finance Committee and joint Economic Committee, he also contended 
that the tax code should provide incentives for a myriad of activities 
that include national saving, production of oil and college loans.

  Lloyd worked closely with President Reagan and President Carter on 
numerous issues. In 1977, he ran for the White House, but his campaign 
was unsuccessful. However, in 1986 he took the place of retired 
Democratic leader Senator Russell B. Long as chairman of the finance 
committee. He also served as chairman of the Joint Committee on 
Taxation and the Joint Economic Committee and was a member of the 
Senate Commerce, Science and Transportation committee. As a Democrat, 
Lloyd garnered respect from his colleges across the aisle. He was known 
to be well versed in tax law and was always known as the consummate 
insider. He commanded the respect and ear of Wall Street and was a man 
of integrity and character.
  In 1988, Dukakis tapped Lloyd as his vice-presidential running mate 
and instantaneously he was again catapulted to the national stage.

[[Page E961]]

Though the Dukakis ticket did not win the White House, he won the 
hearts of Americans. He famously reminded Dan Quayle that he was no 
Jack Kennedy in a televised vice-presidential debate.
  Bentsen retired from the Senate in January 1993 to serve as the 69th 
Secretary of the Treasury under Clinton from 1993 to 1994. He played an 
intricate role in several of Clinton's achievements. The $500 billion 
deficit reduction measure was crucial and drove the deficit down, which 
later turned into a government surplus. Additionally, he assisted in 
passing NAFTA, the North American Free Trade Agreement, which 
dramatically changed American trade policy with Mexico.
  Lloyd retired in 1994 and said, ``I couldn't leave with the economic 
flag flying any higher.'' His stellar public service career was 
solidified in 1999 when President Clinton presented him with the 
Presidential Medal of Freedom, the Nation's highest civilian honor.

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