[Congressional Record Volume 153, Number 178 (Friday, November 16, 2007)]
[Senate]
[Pages S14592-S14596]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
TERRORISM RISK INSURANCE PROGRAM REAUTHORIZATION ACT OF 2007
Mr. REID. Mr. President, I ask unanimous consent that the Banking
Committee be discharged from further consideration of H.R. 2761, and
the Senate proceed to its immediate consideration.
The ACTING PRESIDENT pro tempore. Without objection, it is so
ordered. The clerk will report the bill by title.
The assistant legislative clerk read as follows:
A bill (H.R. 2761) to extend the Terrorism Insurance
Program of the Department of the Treasury, and for other
purposes.
There being no objection, the Senate proceeded to consider the bill.
Mr. REID. Mr. President, I ask unanimous consent that a Dodd
substitute amendment at the desk be agreed to; the bill, as amended, be
read a third time and passed; the motions to reconsider be laid upon
the table with no intervening action or debate; and any statements
relating to the bill be printed in the Record.
The ACTING PRESIDENT pro tempore. Without objection, it is so
ordered.
The amendment (No. 3800) was agreed to.
(The amendment is printed in today's Record under ``Text of
Amendments.'')
The amendment was ordered to be engrossed, and the bill to be read a
third time.
[[Page S14593]]
The bill (H.R. 2761), as amended, was read the third time and passed.
Mr. REID. Mr. President, with all the ``he said, she said'' that has
been going on in this body this week, everyone should all agree with
one voice we passed extremely important legislation, terrorism
insurance, which gives breathing room to the American free enterprise
system, which allows various companies to go forward with what needs to
be done, dealing with making sure that when they have a building they
are going to construct, that there is some ability for the purchase of
insurance, so if something untoward comes from these evil people around
the world, they are covered.
This is good legislation. I appreciate the cooperation of the
Republicans.
Mr. DODD. Mr. President, I am extremely pleased that the Senate has
unanimously passed the Terrorism Risk Insurance Program Reauthorization
Act of 2007. It is critically important for our Nation's workers and
businesses that we enact this backstop legislation. The legislation
passed today provides for an extension of the Terrorism Risk Insurance
Act, known as ``TRIA,'' which expires on December 31 of this year. TRIA
was originally passed in the aftermath of the 9/11 attacks, and was
extended for 2 years in 2005. The bill passed by the Senate today
extends TRIA for an additional 7 years.
In anticipation of TRIA's expiration, the Banking Committee held a
hearing earlier this year in which the committee heard from a variety
of experts about the critical need to extend this program, which is
vital to the economic security and prosperity of our Nation. As my
colleagues will recall, after the attacks of September 11, 2001, the
market for terrorism insurance in this country virtually disappeared.
Businesses could not obtain credit, borrowers could not obtain loans,
jobs were at risk, and the economy faced serious instability and
dislocation. We repeatedly heard from businesses, both large and small,
from labor unions, from universities and hospitals, from manufacturers,
builders, and lenders, and from insurers about the need for the Federal
Government to help stabilize the market and ensure the availability of
affordable insurance against the risk of future terrorist attacks.
Congress responded by creating TRIA, a public-private partnership in
which the Federal Government would share the risk of future terrorist
attacks with insurers by becoming the backstop against truly
catastrophic losses.
And the overwhelming evidence shows that TRIA has worked, very very
well. According to several recent studies, terrorism insurance is more
widely available and more affordable today than in the aftermath of 9/
11, providing certainty and stability to the sectors of our economy
that we depend on for our national well-being. And it is important to
note, TRIA has cost taxpayers virtually nothing. When terrorism
insurance is available at reasonable rates, and when business owners
and property owners can insure themselves against terrorism, there is a
private-sector mechanism in place to cover a significant amount of the
losses stemming from any future terrorist attack. In fact, a recent
study by the RAND Corporation found that in the case of a terrorist
attack, TRIA would actually save taxpayers money, as property owners
could rebuild using the payments from their insurance policies instead
of federal disaster assistance. Let me quote from RAND's findings:
``Taxpayer cost is lower with TRIA than without TRIA across a broad
range of scenarios when post-attack assistance is factored in as
well.''
The need to extend this program is clear. The private insurance
industry has not reemerged with respect to the provision of terrorism
insurance. Nearly all of the data and the experts say that there is no
reason to think that the private insurance industry alone can insure
against this unique risk. As long as the threat of terrorism remains,
we must act to ensure that terrorism insurance remains available and
affordable.
I want to note that this bill contains two important studies to
address serious issues that were raised in the context of the TRIA
extension debate. First, there is a mandate for the GAO to study the
question of insurance for nuclear, biological, chemical, and
radiological terrorist events. Insurance coverage in this area is very
limited and in this legislation we require the GAO to make
recommendations for expanding such coverage. Second, the GAO is
required to study and to report back to the committee within 6 months
on whether there are areas of this country, such as Lower Manhattan,
that may have unique capacity constraints when it comes to terrorism
insurance, and to make recommendations for addressing those capacity
constraints.
This legislation is supported by the insurance industry and
policyholders, and I ask unanimous consent to have printed in the
Record letters of support for the legislation. I also want to
particularly thank Senator Shelby for his work on this program, as well
as Majority Leader Reid, Minority Leader McConnell, and Senators Reed,
Bennett, and Schumer, for their work both on this bill and on the
original TRIA bill and its extension in 2005. By extending the TRIA
program for an additional 7 years, this bill will address the long-term
security needs of our people and our economy, and I thank all the
Members of the Senate for their unanimous support for this legislation.
There being no objection, the material was ordered to be printed in
the Record, as follows:
International Brotherhood of
Teamsters,
Washington, DC, October 16, 2007.
Hon. Christopher Dodd,
Chairman, Committee on Banking, Housing and Urban Affairs,
Dirksen Senate Office Building, Washington, DC.
Dear Mr. Chairman: I am writing to encourage prompt action
on the matter of terrorism risk insurance. For us and our
families, it is an issue of jobs and our national economic
security, as well as one of protecting the investments of
pensioners to shareholders to individuals.
With the devastation of the September 11th attacks, and the
recognition that terrorism risk will be with us for the
foreseeable future, insurers have excluded this risk from
coverage, and reinsurance remains largely unavailable,
exposing our economic security to serious peril.
The essential facts that led Congress to enact the
Terrorism Risk Insurance Act of 2002 have not changed. We
continue to face an unpredictable threat with the potential
of mammoth losses to our economy. We continue to need
terrorism insurance for our economy to function in the face
of the terrorist threat. We continue to need the framework
the program provides to enable the United States to recover
quickly and efficiently should there be some future terrorist
attack.
As Chairman of the Senate Banking Committee, I encourage
you to act on an effective long-term federal program as soon
as possible.
Thank you for your consideration of these views.
Sincerely.
Frederick P. McLuckie,
Legislative Director,
Government Affairs Department.
____
Coalition to Insure
Against Terrorism,
Washington, DC, October 16, 2007.
Hon. Christopher J. Dodd, Chairman,
Hon. Richard C. Shelby, Ranking Member,
Senate Committee on Banking, Housing and Urban Affairs,
Dirksen Senate Office Building, Washington, DC.
Dear Chairman Dodd and Ranking Member Shelby: The Coalition
to Insure Against Terrorism (CIAT), a broad-based coalition
of business insurance policyholders, representing a
significant segment of the nation's GDP, strongly endorses
your efforts to extend and improve the Terrorism Risk
insurance Act (TRIA) with the introduction of the Terrorism
Risk Insurance Program Reauthorization Act of 2007 (TRIPRA).
CIAT is very pleased that the Senate Committee on Banking,
Housing and Urban Affairs is proposing bi-partisan
legislation to extend TRIA. As the principal consumers of
this vital insurance coverage, CIAT thanks you for your long-
standing support and leadership on the issue of terrorism
risk insurance.
The current federal terrorism risk insurance program has
been a tremendous success. TRIA has helped keep the economy
going in the face of continued terrorist threats by allowing
businesses across America to secure this commercially
necessary product, saving countless jobs in the process.
Moreover, it serves as an important tool to minimize the
severe economic disruption that almost certainly will occur
from a future terrorist attack.
With TRIEA's expiration looming at the end of 2007, CIAT is
extremely pleased that the extension enjoys bi-partisan
support in the Committee, and we look forward to the
Committee's consideration of it.
CIAT thanks you for taking a significant step towards
securing the economy against terrorism risk by scheduling
this mark-up.
[[Page S14594]]
____
October 16, 2007.
Hon. Christopher J. Dodd,
Chairman, Senate Committee on Banking, Housing, and Urban
Affairs, Dirksen Senate Office Building, Washington, DC.
Hon. Richard Shelby,
Ranking Member, Senate Committee on Banking, Housing, and
Urban Affairs, Dirksen Senate Office Building,
Washington, DC.
Dear Chairman Dodd and Ranking Member Shelby: We, the
undersigned sports leagues, write to express our strong
support for your Committee's efforts to extend the Terrorism
Risk Insurance Extension Act (TRIEA) before it expires at the
end of this year.
Sports venues are more than just buildings where
professional and amateur athletic teams compete. These iconic
buildings are a source of public pride for millions of sports
fans, and, with capacities that can sometimes exceed 100,000,
are the sites of huge public gatherings year-round. In most
cases, sports venues are the result of public-private
partnerships that involve significant financial commitments
from taxpayers. And very often, they serve as anchors for
private investment in communities across the country.
In the current environment, it is critical that arenas and
stadia continue to be insured against a terrorist act. The
federal backstop established by Congress in 2002 has been a
tremendous success, and is the only reason that such
insurance remains available to policyholders. We are
therefore pleased that the Committee will be taking up
extension legislation this week, and we urge its prompt
passage.
In addition, because many of our venues are located in
densely populated areas, we further hope you will include
language similar to that in the House-passed bill (HR 2761).
providing private insurers with an incentive to make coverage
available in those areas where they would otherwise impose
coverage limits due to the perceived risk of terrorism.
Ensuring minimum economic disruption from a terrorist
attack is an important national objective, and guaranteeing
the continued availability of terrorism insurance is a key
component of that goal. Once again, we are grateful to the
Committee for its history of supporting TRIEA and strongly
support its extension.
____
National Association of
Mutual Insurance Companies,
October 16, 2007.
Hon. Christopher J. Dodd,
Chairman, Committee on Banking, Housing and Urban Affairs,
U.S. Senate, Washington, DC.
Hon. Richard Shelby,
Ranking Member, Committee on Banking, Housing and Urban
Affairs, U.S. Senate, Washington, DC.
Dear Chairman Dodd and Senator Shelby: On behalf of the
National Association of Mutual Insurance Companies (NAMIC)
and our over 1400 member companies we want to express our
support for the Committees' ``Terrorism Risk Insurance
Program Reauthorization Act of 2007.''
With the Terrorism Risk Insurance Extension Act (TRIEA) set
to expire on December 31st, this legislation is vital in
continuing this much needed program. Following the terrorist
attacks on September 11, 2001, it became clear that some form
of federal involvement was needed to help stabilize the
marketplace. Despite some improvements in the marketplace,
NAMIC believes that the current TRIA program must be
reauthorized to assure an orderly economic recovery after the
next terrorist attack.
By eliminating the distinction between foreign and domestic
terrorism, maintaining insurers' copayments and deductibles
at existing levels and extending the program for seven years,
we feel strongly that this bill assures that terrorism
coverage will continue to be available to policyholders.
While we strongly support the base bill, we would like to
continue to work with the Committee to try to lower the
current event trigger level to $50 million to assure that
small and medium-sized property and casualty companies are
not squeezed out of the marketplace.
We look forward to continuing to work with you as this
important bill moves through the legislative process.
Sincerely,
Charles M. Chamness,
President and CEO.
____
Mortgage Bankers Association,
Washington, DC, October 16, 2007.
Hon. Christopher J. Dodd,
Chairman, Senate Committee on Banking, Housing, and Urban
Affairs, Dirksen Senate Office Building, Washington, DC.
Hon. Richard C. Shelby,
Ranking Member, Senate Committee on Banking, Housing, and
Urban Affairs, Dirksen Senate Office Building,
Washington, DC.
Dear Chairman Dodd and Ranking Member Shelby: As you
prepare to mark up the ``Terrorism Risk Insurance Program
Reauthorization Act of 2007'' (TRIPRA), the Mortgage Bankers
Association (MBA) believes the seven-year extension in the
Chairman's Mark signals to the real estate finance industry
and the nation as a whole that terrorism risk insurance will
remain available and affordable over an extended period of
time. This certainty bolsters the capital market's confidence
in the commercial and residential real estate finance
industries and fosters market stability.
In addition, recently uncovered domestic and international
terrorist plots indicate that the distinction between foreign
and domestic source terrorism has blurred to the point where
such distinctions are meaningless. Accordingly, we strongly
support the clarifying language contained in TRIPRA that
eliminates this distinction and allows domestic source
terrorism to be included in TRIPRA.
MBA remains concerned about nuclear, biological, chemical
and radiological (NBCR) risks We stand ready to participate
in an effort that would bring together the federal
government, policy holders, the insurance industry, and
insurance regulators to perform a comprehensive evaluation of
the challenges facing the development of the NBCR insurance
market and provide recommendations for overcoming these
challenges.
Once again, MBA commends you for working together to extend
TRIEA. A long-term extension helps provide the clarity and
certainty of the federal government's response to a terrorist
attack will serve as an important deterrent to future
attacks. MBA salutes you for this effort and offers its full
support of TRIPRA.
Very truly yours,
Kieran P. Quinn,
Chairman.
____
Building and Construction
Trades Department,
Washington, DC, October 1, 2007.
Hon. Christopher Dodd,
Chairman, Committee on Banking, Housing and Urban Affairs,
Washington, DC.
Dear Chairman Dodd: I am writing to you to encourage prompt
action on the issue of terrorism risk insurance. This issue
is of critical importance to my members and their families
all across the United States. For those of us whose jobs
depend on this important coverage to do business, this is not
just an issue of protecting the investments of pensioners,
shareholders, bondholders and individuals from across the
nation. It is an issue of jobs and our national economic
security.
Since 9/11, the threat of terrorism remains a clear and
present danger as are the economic risks associated with this
peril. The Terrorism Risk Insurance Act (TRIA) and its
extension have been essential to those of us who depend on
this coverage. But the current law, TRIA, is, as you know,
set to expire in just over 3 months, and people now in the
market for terror coverage that extends into next year are
being told that their coverage will end if Congress fails to
act.
The essential facts that motivated Congress to enact TRIA
in 2002 have not changed. Terrorism continues to be an
unpredictable threat with potentially mammoth losses.
Insurers continue to say terrorism risk is uninsurable. Our
economy continues to need terrorism insurance in order to
function in the face of the terrorist threat.
Most importantly, our economy needs the framework the
program provides to enable us to recover quickly and
efficiently after some future terrorist attack. If not
extended, the real victims will be the millions of good men
and women who depend on the construction industry for their
livelihood.
We encourage you as Chairman of the Senate Banking
Committee to enact an effective long-term federal program as
soon as possible.
Thank you for the opportunity to comment on this important
national issue.
Sincerely,
Mark H. Ayers,
President.
____
American Bar Association,
Washington, DC, October 16, 2007.
Hon. Christopher J. Dodd,
Chairman, Committee on Banking, Housing and Urban Affairs,
U.S. Senate, Washington, DC.
Dear Mr. Chairman: We understand that tomorrow your
Committee will markup legislation to reauthorize the
Terrorism Risk Insurance Act (TRIA). We urge your Committee
to approve legislation that is permanent or that extends TRIA
for a term of years that is as long as possible.
The ABA believes it is very important to pass a long-term
or permanent reauthorization of TRIA, which was enacted after
September 11, 2001, in order to create a program that helps
stabilize the commercial property and casualty insurance
markets and ensures the continued availability of terrorism
insurance for U.S. businesses. Terrorism insurance is
required by banks and financing
institutions prior to approving loans on commercial real
estate projects and development. Insurance companies are
reluctant to offer terrorism insurance without TRIA, which is
set to expire at the end of December 2007. In order to
prevent market disruption, it is critical for Congress to act
promptly so that new policies for 2008 can be written by
insurers and purchased by policyholders prior to TRIA's
expiration.
TRIA has helped stabilize the price of terrorism insurance
by reducing the amount of risk borne by insurers. Without
this federal backstop, many insurers would not provide
terrorism coverage. The unpredictability of terrorism
diminishes the ability of the private market to underwrite
this risk, which is significantly more difficult to predict
and model than other kinds of risks. The risk is so variable
and difficult to predict that insurers and reinsurers will
only put limited amounts of capital at risk. The government
backstop helps to consolidate the risk of catastrophic events
so that the consequences of
[[Page S14595]]
modeling mistakes are shared by the federal government and
the private insurance industry, rather than by individual
insurers alone.
A government backstop is especially needed in the area of
insurance coverage for nuclear, chemical, biological, and
radiological attacks. At the present time, there is little
insurance available for such attacks apart from coverage
mandated by state law, such as workers compensation.
The government-industry partnership benefits policyholders
and the economy. Some critics of TRIA improperly characterize
it as an ``industry bailout'' bill. Such rhetoric is both
overblown and misplaced. After September 11, and prior to
TRIA's enactment, exclusions from terrorism risk were
approved in 45 states and the District of Columbia. It is
therefore reasonable to assume that without sufficient
reinsurance, or another financial loss-sharing mechanism like
the federal backstop, most insurers could simply exclude
terrorism risk from their coverage.
The federal government, because of its massive national
security apparatus and its superior access to information, is
in the best position to partner with the insurance industry
to provide terrorism insurance. Moreover, experience has
shown that the government will likely provide assistance to
victims of a major terrorist attack; it behooves the federal
government to be involved prior to the attack in order to
receive the benefits of advance planning, risk management,
capital accumulation, and the opportunity to use the
underwriting and claims expertise of the insurance industry.
We urge your Committee to approve legislation that would
provide for the permanent or long-term reauthorization of
TRIA.
Sincerely,
Denise A. Cardman,
Acting Director.
____
America's Comunity Bankers,
Washington, DC, October 16, 2007.
Hon. Christopher J. Dodd,
Chairman, Committee on Banking, Housing and Urban Affairs,
U.S. Senate, Washington, DC.
Hon. Richard Shelby,
Ranking Member, Committee on Banking, Housing and Urban
Affairs, U.S. Senate, Washington, DC.
Dear Chairman Dodd and Ranking Member Shelby: On behalf of
America's Community Bankers (ACB) and its member banks
representing over $1.7 trillion in assets across the nation,
I am writing to express our strong support for the Terrorism
Risk Insurance Program Reauthorization Act of 2007 and the
Flood Insurance Reform and Modernization Act of 2007. These
two pieces of legislation, scheduled for consideration during
the Committees Executive Session on Wednesday, October 17,
2007 will provide much needed certainty to both the
commercial and residential lending market by ensuring that
adequate terrorism and flood insurance safeguards remain both
affordable and available They will also provide certainty to
our nation's lenders who require these types of coverage for
the commercial and residential loans they originate
ACB particularly appreciates the inclusion of a provision
that extends the terrorism risk insurance program beyond what
has become a standard two years. This will allow time for the
private market to innovate and develop private-based
solutions for permanently covering this level of risk.
We commend you both for crafting balanced legislation that
will ensure adequate continuity in our nation's lending and
insurance markets, and we look forward to working with you in
passing these very important bills.
Sincerely,
Robert R. Davis,
Executive Vice President and
Managing Director, Govt. Relations.
____
National Association
of Realtors,
Washington, DC, October 16, 2007.
U.S. Senate,
Committee on Ranking, Housing & Urban Affairs, Washington,
DC.
Dear Senator: On behalf of more than 1.3 million members of
the National Association of REALTORS (NAR), I
commend the Senate Committee on Banking, Housing and Urban
Affairs for developing a bipartisan bill extending the
terrorism Risk Insurance Program. NAR, supports the Terrorism
Risk Insurance Program Reauthorization Act (TRIPRA) being
considered on Wednesday, October 17.
The availability of terrorism insurance is vital to the
continued strength of the commercial real estate markets.
Without a reauthorization of the Terrorism Risk Insurance
Program by the end of the year, terrorism coverage will
likely become unaffordable and widely unavailable. As we
continue to fight the WAR on terror, our enemies may look
beyond the iconic real estate of our major urban centers and
consider soft targets such as shopping centers and suburban
offices. NAR supports a comprehensive extension of the
Terrorism Risk Insurance Program which provides a long-term
duration, eliminates the distinction between foreign and
domestic acts of terrorism, and evaluates whether the federal
backstop program should be strengthened to enable insurance
providers to make nuclear, biological, chemical, and
radiological event coverage available at an affordable rate.
Again, I thank the Senate Committee on Banking, Housing and
Urban Affairs for addressing the need to extend the Terrorism
Risk Insurance Program in a timely and comprehensive manner.
NAR urges you to support TRIPRA.
Sincerely,
Pat V. Combs,
2007 President,
National Association of Realtors.
____
Property Casualty Insurers
Association of America,
Washington, DC, October 16, 2007.
Hon. Chris Dodd,
Chairman, Committee on Banking, Housing and Urban Affairs,
U.S. Senate, Washington, DC.
Hon. Richard Shelby,
Ranking Member, Committee on Banking, Housing and Urban
Affairs, U.S. Senate Washington, DC.
Dear Chairman Dodd and Senator Shelby: The Property
Casualty Insurers Association of America (PCI) supports the
bill you have drafted to extend the Terrorism Risk Insurance
Act (TRIA), without amendments. We represent more than 1,000
members who insure America's large and small businesses in
every sector of the economy.
TRIA works. This program has successfully protected
millions of individuals, businesses and the U.S. economy
since January 2003 and has made it possible for insurers to
cover an otherwise uninsurable risk. We greatly appreciate
the leadership both of you have shown in crafting legislation
to renew this vital program that has been a foundation on
which America's economic strength is built. We are
particularly appreciative of the exclusion of a mandatory
``make available'' requirement for nuclear, chemical,
biological and radiological (NBCR) attacks, and also of the
inclusion of a seven-year term, which will allow time for a
fair analysis of the potential for private sector growth in
this market.
We look forward to our continued work with you as this
much-needed bill moves through the Senate.
Sincerely,
Benjamin McKay,
Senior Vice President.
____
National Multi Housing Council and National Apartment
Association,
Washington, DC, October 16, 2007.
Hon. Christopher Dodd,
U.S. Senate,
Washington, DC.
Dear Chairman Dodd: On behalf of the National Multi Housing
Council (NMHC) and the National Apartment Association (NAA),
we would like to express our strong support for the
``Terrorism Risk Insurance Program Reauthorization Act of
2007'' (TRIPRA).
The NMHC and the NAA represent the nation's leading firms
participating in the multifamily rental housing industry. Our
combined memberships are engaged in all aspects of the
apartment industry, including ownership, development,
management, and finance. The NMHC represents the principal
officers of the apartment industry's largest and most
prominent firms. The NAA is the largest national federation
of state and local apartment associations. NAA is comprised
of 190 affiliates and represents nearly 50,000 professionals
who own and manage more than 6 million apartments. NMHC and
NAA jointly operate a federal legislative program and provide
a unified voice for the private apartment industry.
We are extremely pleased with the proposed 7-year
extension. This recognizes the long-term need for the program
and will bring certainty to the market relative to pricing
and capacity. With the December 31, 2007 expiration date of
the program quickly approaching, we are reminded of the
interruptions that result with looming expiration dates that
are harmful to the overall health of the market for terrorism
insurance. Certainty in costs and coverage limits are
critical components in a multifamily property owner's
continued ability to offer safe and affordable housing. We
are also pleased to see the elimination of the distinction
between foreign and domestic acts of terrorism.
The Terrorism Risk Insurance Act of 2002 (TRIA) and the
Terrorism Risk Extension Act of 2005 (TRIEA) have been the
mechanism that provides ready access to affordable terrorism
insurance coverage for commercial property owners and
developers, as well as countless small and large companies
throughout the United States. The real estate industry
represents one of the highest take up rates among all
policyholders for terrorism coverage. According to results of
the NMHC 2007 Risk Survey, 87.1 percent of apartment firms
surveyed purchased terrorism coverage as part of their
property program.
NMHC/NAA remain optimistic that over time private market
solutions will reduce or eliminate the need for federal
support. However, we are not there yet. Until such time we
support the federal government's continued role to ensure
that terrorism risk insurance is available and affordable for
all American businesses. We encourage your support for the
``Terrorism Risk Insurance Program Reauthorization Act of
2007'' (TRIPRA).
Thank you for your support of this critical program.
Sincerely,
Jim Arbury,
Senior Vice President,
Government Affairs.
[[Page S14596]]
Mr. COBURN. Mr. President, I ask unanimous consent to speak as in
morning business.
The ACTING PRESIDENT pro tempore. Without objection, it is so
ordered.
Mr. REID. May I ask the Senator to withhold for a couple minutes?
Mr. COBURN. Absolutely.
____________________