[Congressional Record Volume 154, Number 159 (Wednesday, October 1, 2008)]
[Senate]
[Pages S10291-S10295]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    PAUL WELLSTONE MENTAL HEALTH AND ADDICTION EQUITY ACT OF 2008--
                               Continued

  The PRESIDING OFFICER. Under the previous order, the Senate resumes 
consideration of H.R. 1424. There are 2 minutes of debate equally 
divided prior to a vote in relation to the Sanders amendment No. 5687.
  The Senator from Vermont.
  Mr. SANDERS. Mr. President, this bailout, caused by Wall Street's 
greed and irresponsibility, may cost as much as $700 billion. The 
simple question is: Who is going to be paying for it?
  Today, in America, the top 1 percent earn more income than the bottom 
50 percent. The top 1 percent have more wealth than the bottom 90 
percent. Since President Bush has been in office, the middle class has 
seen a significant decline in their standard of living while the top 
400 individuals have seen a $670 billion increase in their wealth.
  What this amendment does is impose a 10-percent surtax on a household 
that makes $1 million a year, which raises over $300 billion in 5 
years. Under this amendment, the bottom 99.7 percent of Americans will 
not pay 1 penny for this bailout.
  The middle class has had nothing to do with causing this crisis. They 
should not have to pay for it, and I ask for a ``yes'' vote on this 
amendment.
  The PRESIDING OFFICER. The Senator from New Hampshire.
  Mr. GREGG. Mr. President, this agreement was reached after 
considerable effort and negotiation by a lot of different parties--
Senate Democrats and Senate Republicans; House Democrats and House 
Republicans. It is a good agreement. It is basically an agreement 
which, hopefully, will cost the taxpayers virtually no money. It 
protects the taxpayers, it protects mortgagees, it is directed at 
making sure there are no golden parachutes or undue benefits to the 
people who run these companies, and it has aggressive regulation.
  It is a balanced approach which was reached through a lot of effort, 
and it is absolutely necessary that we pass it now in order to help 
Main Street, which is about to be crushed by the

[[Page S10292]]

present economic downturn driven by the lack of credit.
  Unfortunately, the Senator from Vermont is introducing a brand-new 
idea into this effort. It is an idea which is extremely controversial. 
Being from New Hampshire, we are not in favor of any taxes, so from my 
standpoint, this would be a major mistake and undo an agreement which 
is very bold and aggressive in its attempt to help Main Street America.
  The PRESIDING OFFICER. The question is on agreeing to the amendment.
  The amendment (No. 5687) was rejected.
  The PRESIDING OFFICER. The majority leader.


                        Tribute to David Tinsley

  Mr. REID. Mr. President, it is the waning days of this Congress--the 
waning hours--and we depend so much on our staffs, our individual, 
personal staffs and the people who are in the Senate. I am going to 
direct some attention to David Tinsley, whom all of us know, the 
gentleman with glasses up here and who is here all the time. But in 
speaking about him, I am speaking about all these people who work these 
unbelievable hours. After we leave, they are still here. Before we get 
here, they are here. They make this place operate. We are the greatest 
legislative body in the history of the world, but it is not because of 
individual Senators, in my opinion. It is because of the support staff, 
such as David Tinsley.
  David is going to leave the Senate after 31 years of service. He will 
retire within a couple months. He is a native of the Commonwealth of 
Virginia. He earned his undergraduate degree at Virginia Tech and 
completed his graduate studies at the University of Maryland. He came 
to the Office of the Secretary of the Senate in 1977, first, as a staff 
and reference assistant, and 4 years later, because of who he is and 
the tremendously nice person he is and his talent, generally, he was 
promoted to the job of assistant executive clerk.
  In 1987, David started his floor work as assistant journal clerk. 
This doesn't mean much to most people, but it is one of the most 
important jobs we have here. From there, he moved to the other side of 
the desk as assistant legislative clerk, and in February of 1999, 
earned the role of legislative clerk, which is where he now sits.
  What many of those who watch our proceedings on television or read 
about them in the newspaper may not see the tremendous amount of 
dedicated work that happens largely, as I have said, behind the scenes. 
For 31 years, David has been a critical part of everything we have been 
able to do in the Senate. David is part of our Senate family and has 
been for 31 years, and I have witnessed, especially in the last few 
years, with the job I have had, the good times in his life and the bad 
times. And unfortunately, he has had some very difficult times 
personally.
  He is a wonderful human being, a caring person. His wife Jane, and 
the children, Joe, Dan, and Katie, are treasured members of our Senate 
family because it is an extended family.
  So, David Tinsley, on behalf of all the Senators who are here 
tonight, who have been here during your tenure these 31 years, I send 
to you a very belated but heartfelt thanks for all you have done for us 
as Senators.
  (Applause.)
  The PRESIDING OFFICER. The minority leader.
  Mr. McCONNELL. After that well-deserved applause you have received, 
Dave, from everyone in the Senate, I think it is appropriate to note 
that given the fact that Dave is quite visible on C-SPAN, his face 
recognition is probably a good deal greater in America than many of us. 
Not that they know your name, Dave, but they do know your face.
  I wished to join my good friend, the majority leader, in thanking you 
for your 31 years of service. We deeply appreciate your fine work, and 
we wish you well in your retirement. Thank you so much.
  (Applause.)


                        Dodd Amendment No. 5685

  The PRESIDING OFFICER. There are now 2 minutes equally divided prior 
to the vote on the Dodd amendment, No. 5685.
  The majority leader.
  Mr. REID. Mr. President, as soon as we hear from the 2 minutes and 2 
minutes, Senator McConnell is going to speak using leader time, and I 
will follow that, and then following my remarks, we will vote.
  Mr. DODD. Mr. President, I would like to take a minute and highlight 
a critically important component of the amendment I am offering today. 
And that is the Paul Wellstone and Pete Domenici Mental Health Parity 
and Addiction Equity Act of 2008.
  The vehicle being used for my amendment, H.R. 1424, is a stand-alone 
mental health parity bill that the House passed last March before 
months' long negotiations between the House and Senate on a compromise 
mental health parity bill.
  But the actual mental health parity language in my amendment is 
identical, word-for-word, to the language the Senate passed last week 
as part of the tax extenders package. The substance of the language is 
the language that was agreed upon between the Senate and the House last 
summer.
  The Senate passed the tax extender package including the mental 
health parity language in my amendment by a vote of 93 to 2.
  Last week I spoke at length about the many individuals and 
organizations who are responsible for championing mental health parity 
legislation and I won't go through them all again on the floor today.
  But I will, once again, thank and congratulate Senators Kennedy and 
Domenici as well as the late Senator Paul Wellstone for their 
leadership on mental health parity. In the other body, Representatives 
Patrick Kennedy and Jim Ramstad should be extremely proud of their 
efforts which have helped get us where we are today.
  It has taken us more than 10 years, but today we stand at the 
precipice of hopefully passing one of the most important health care 
initiatives of the 110th Congress.
  In fact, if my amendment passes, it will mark the third time the 
Senate has passed mental health parity legislation in this Congress 
alone. The first time it passed unanimously and the second time it 
passed overwhelmingly, as I previously mentioned, by a vote of 93 to 2
  We have come too far and worked too hard not to have mental health 
parity legislation signed into law this year.
  Today, one in five American families are affected by mental illness. 
Every American knows a friend, a relative, a neighbor, or a coworker 
whose life has been touched by mental illness in some way.
  With this legislation, we are saying that mental illness will no 
longer take a backseat to physical illness. With this legislation, we 
are taking an important step toward tearing down the stigma people with 
mental illness face every day.
  The Paul Wellstone and Pete Domenici Mental Health Parity and 
Addiction Equity Act will end health insurance discrimination between 
mental health and substance use disorders and medical and surgical 
conditions. Upon passage of this bill, health insurers will no longer 
be permitted to charge higher copays or limit the frequency of 
treatment for people with mental illness than what they would do for a 
medical or surgical condition.
  I join with the more than 250 national organizations representing 
consumers, family members, advocates, professionals and providers who 
are urging the Senate and the House to put aside their differences and 
pass this legislation before the end of the year.
  I thank my colleagues and urge them to support my amendment.
  The PRESIDING OFFICER. Who seeks recognition? The minority leader.
  Mr. McCONNELL. Mr. President, the C-SPAN viewers of America rarely 
have seen the Senate in applause such as they saw it a few minutes ago, 
but also it illustrates how well we have worked together on a 
bipartisan basis to try to address the significant crisis confronting 
our country's financial system.
  We have seen, over the last 2 weeks, a coming together. Both of the 
candidates for President of the United States are here tonight. We had 
unprecedented cooperation between the majority leader and the 
Republican leader and our designees, Senator Gregg and Senator Dodd, 
who did a superb job bringing both sides together to craft a package we 
could proudly pass

[[Page S10293]]

tonight for the American people on a bipartisan basis.
  This is a big moment in the Senate. This is the kind of vote we were 
sent by our people to cast, and I wish to express my pride and my 
gratitude to Members, my pride in the institution, and my gratitude for 
Members who wrestled with this very difficult challenge and who have 
helped us come together with a package we believe will address the Main 
Street problems facing America as a result of the credit crunch.
  Right in the middle of the heat of a Presidential election, we have 
been able to put that aside and come together and do something 
important for our country. I think it is one of the finest moments in 
the history of the Senate. I congratulate all Members of the Senate for 
participating in this, and I obviously urge that it be supported.
  I yield the floor.
  The PRESIDING OFFICER. The majority leader.
  Mr. REID. Mr. President, similar to all Senators, my office has been 
flooded in recent days with calls and letters from constituents who are 
deeply and rightfully concerned with the state of our economy and the 
security of their savings. Here is one such letter I received from a 
man in Henderson, NV, the second largest city in the State of Nevada. 
He wrote:

       I am a homeowner and have a wife and two kids. I have been 
     employed in Nevada for 5-plus years as a salesman in the 
     southern Nevada area. This area has been hit like no other, 
     it seems. My salary has dropped nearly 35 percent and does 
     not look good for the next couple of years. My family and I 
     are fighting to stay afloat in this cutthroat market. We have 
     done and redone our budget and seem to have made additional 
     cuts every month just to keep up with my declining income.
       Please keep everybody in mind when passing a bailout bill 
     for Wall Street. My home is down more than $100,000 from the 
     time I purchased it in August 2006. I am fighting to stay 
     current. I don't want to see the big corporations take the 
     bailout and move on with the middle class left to fight for 
     themselves. We need a real solution that is in the American 
     citizens' interests and not straight out of the pockets of 
     Wall Street.
       Thanks, and my family and I look forward to seeing an end 
     to this economic tragedy here in Las Vegas and the United 
     States.

  The rescue package we are on the verge of passing is not for the 
titans of Wall Street. It is not for those whose greed got us here, who 
chose this greed over prudence. It is not for the CEOs who failed their 
employees, then left town with multimillion-dollar golden parachutes. 
This plan is for the man from Henderson whose letter I read. It is for 
families in Las Vegas, Reno, Winnemucca, and Sparks, not statistics but 
real people with problems they did not cause and cannot solve 
themselves. It is for families across Nevada and across America who are 
struggling every day to keep their jobs, their homes, and find a way to 
make one paycheck last until another one.
  Some Members in both Chambers of Congress ask how they can explain a 
vote in favor of this legislation to their constituents. Here is how: 
not with any sense of glee or satisfaction but with a sense of 
confidence that when called upon to choose between what is easy and 
what is right, we rejected the easy and chose the right.
  There is not a Member of Congress who wouldn't rather use this money 
to reduce our record debt, to invest in roads, schools, hospitals, 
bridges, health care, education, or to provide our troops and veterans 
with the care they deserve. But given this situation, supporting this 
legislation is the only way to make the best of a crisis and return our 
country to a path of economic stability, prosperity, and growth.
  If we do not act responsibly tonight, we risk the crisis in which 
senior citizens across America will lose their retirement savings, 
small businesses won't make payroll, students won't be able to obtain 
loans to go to college, and families won't be able to obtain mortgages 
for their homes or loans for their cars.
  In the words of Ralph Waldo Emerson:

       Thought is the blossom; language the bud; action the fruit 
     behind it.

  My friends, it is time for action.
  Last week, President Bush and Secretary Paulson sent to Congress a 
proposal that the Democrats and Republicans agreed was not the answer. 
We proceeded to put politics aside and, after long hours and sleepless 
nights, have come to a solution that the White House, the Treasury 
Department, and the leaders from both parties on Capitol Hill all 
believe will resolve this crisis by protecting taxpayers first.
  On a bipartisan basis, we added oversight to safeguard any public 
funds spent. On a bipartisan basis, we stopped CEOs from receiving 
golden parachutes at our expense, taxpayers' expense. On a bipartisan 
basis, we made sure this taxpayer money would be an investment, not a 
giveaway, and that any future returns would go not to the corporations 
but to the taxpayers. On a bipartisan basis, we ensured that homeowners 
facing foreclosure would receive much needed help. And on a bipartisan 
basis, we added a provision to increase Federal Deposit Insurance 
Corporation insurance for bank deposits from $100,000 to $250,000 to 
renew the American people's confidence that the money they put in local 
banks will be protected.
  In addition to these critical improvements, Democrats and Republicans 
on a bipartisan basis decided to include other important components 
that will lower taxes and create jobs. By fixing the alternative 
minimum tax, this legislation will save the middle class $60 billion in 
their taxes. That is what we are going to do tonight.
  With new incentives for private sector entrepreneurs who are 
developing and producing clean, homegrown alternative energy from the 
Sun, the wind, the Earth--geothermal--we will create hundreds of 
thousands of new jobs. With tax breaks for small businesses and big 
businesses, we will encourage new investment in growth and new jobs.
  In this bill is something called payment in lieu of taxes. The State 
of Nevada is 87 percent owned by the Federal Government. You can't fly 
over 40 percent of the State of Nevada; it is restricted military 
airspace. States that have Federal land, such as the State of Nevada--
no State has it like the State of Nevada--but States that have large 
Federal landholdings were told long ago that because the tax base was 
restricted because of these Federal land holdings, the Congress would 
provide money for these States to make up for the tax losses because of 
the Federal landholdings. That is what payment in lieu of taxes is all 
about. It has been in existence for decades, but we have never gotten 
the amount of money we should. This bill does it. For every State west 
of the Mississippi, this is big time stuff. This will allow especially 
rural America and the West to be able to take care of their schools, to 
do things that are so important.
  There are so many good things in this bill. I was speaking earlier to 
the Senator from Texas. Texas does not have an income tax, but they 
have a large sales tax. This legislation will allow people in Texas and 
Nevada and other places who pay sales tax but no income tax to get the 
same benefit from States that have an income tax.
  This is a fine piece of legislation, and we are finally on the verge 
of passing a bill that Senators Kennedy and Domenici and the late 
Senator Wellstone worked on for a long time to ensure those who suffer 
from mental illness have access to health care equal to those who 
suffer from physical illness. It would be a fitting tribute to Senator 
Pete Domenici if we are able to pass this legislation into law in honor 
of his 3\1/2\ decades of Senate service. That would be important, that 
we do that.
  We, the Senate--each Senator--are facing this evening a critical test 
of leadership. So I ask all my colleagues, Democrats and Republicans, 
to send a clear and resounding message to America--to the homeowners, 
laborers, middle-class families, students, senior citizens who are 
struggling and really suffering--a clear, resounding message that we 
hear them and that help is on the way.
  Mr. GREGG. Mr. President, I ask for the yeas and nays.
  The PRESIDING OFFICER (Mr. Pryor). Is there a sufficient second? 
There is a sufficient second.
  The yeas and nays are ordered.
  Mr. REID. Mr. President, Senator McConnell, I would appreciate it if 
Senators would vote from their chairs.
  The PRESIDING OFFICER. Senators will vote from their chairs.
  The question is on agreeing to the amendment. The clerk will call the 
roll.
  The legislative clerk called the roll.

[[Page S10294]]

  Mr. DURBIN. I announce that the Senator from Massachusetts (Mr. 
Kennedy) is necessarily absent.
  The PRESIDING OFFICER. Are there any other Senators in the Chamber 
desiring to vote?
  The result was announced--yeas 74, nays 25, as follows:

                      [Rollcall Vote No. 212 Leg.]

                                YEAS--74

     Akaka
     Alexander
     Baucus
     Bayh
     Bennett
     Biden
     Bingaman
     Bond
     Boxer
     Brown
     Burr
     Byrd
     Cardin
     Carper
     Casey
     Chambliss
     Clinton
     Coburn
     Coleman
     Collins
     Conrad
     Corker
     Cornyn
     Craig
     Dodd
     Domenici
     Durbin
     Ensign
     Feinstein
     Graham
     Grassley
     Gregg
     Hagel
     Harkin
     Hatch
     Hutchison
     Inouye
     Isakson
     Kerry
     Klobuchar
     Kohl
     Kyl
     Lautenberg
     Leahy
     Levin
     Lieberman
     Lincoln
     Lugar
     Martinez
     McCain
     McCaskill
     McConnell
     Menendez
     Mikulski
     Murkowski
     Murray
     Nelson (NE)
     Obama
     Pryor
     Reed
     Reid
     Rockefeller
     Salazar
     Schumer
     Smith
     Snowe
     Specter
     Stevens
     Sununu
     Thune
     Voinovich
     Warner
     Webb
     Whitehouse

                                NAYS--25

     Allard
     Barrasso
     Brownback
     Bunning
     Cantwell
     Cochran
     Crapo
     DeMint
     Dole
     Dorgan
     Enzi
     Feingold
     Inhofe
     Johnson
     Landrieu
     Nelson (FL)
     Roberts
     Sanders
     Sessions
     Shelby
     Stabenow
     Tester
     Vitter
     Wicker
     Wyden

                             NOT VOTING--1

       
     Kennedy
       
  The amendment (No. 5685) was agreed to.
  The PRESIDING OFFICER. Pursuant to the previous order, the amendment 
having obtained 60 votes in the affirmative, the amendment is agreed 
to.
  Mr. REID. The next vote is exactly the same as this vote. It is my 
understanding that there is a request for a rollcall vote. If that is, 
in fact, the case, we will do that. But people need not sit at their 
chairs because people, after they vote, can depart the Chamber.
  We will be in session tomorrow. There will be minor business 
transacted. We will be in morning business. We will try to clear some 
bills if we can. We will see Friday--we will see what the House does. 
They are coming back in session tomorrow. So we are going to have to be 
in session until a decision is made when the House can take up the 
legislation.
  Everyone should understand, the week of November 17 we are going to 
have an organizational meeting. We will be in session several days 
during that period of time. We will tell everyone all about this. One 
thing we are going to move to is a land package. We have talked to 
everybody about this. It is something that Senator Bingaman and Senator 
Salazar have talked to many of you about.
  But to see what business will be conducted, we will wait and see 
what, if anything, the House does. If they do not do anything, we 
cannot do anything. So we will see what they do. So Members should keep 
that time open.
  Senator McConnell said, and I want to parrot what he said, I so 
appreciate the cooperation we have had from everybody these past 
several weeks. This has been a very difficult time for our country, a 
difficult time for those of us who are elected to office. But I am very 
happy with this vote tonight. I think it shows that when we work 
together, we can accomplish good things. I think it speaks volumes.
  Both of our Presidential candidates are here and voting and both 
supporting this legislation. So I say to everyone, thank you very much. 
This is a good vote we send to the House.
  The PRESIDING OFFICER. The Republican leader.
  Mr. McCONNELL. I think the majority leader has made it clear that we 
will be back for a few days in November. I wish everybody well during 
this recess. This is a fine accomplishment for the Senate. Let's go on 
and have the next vote and head on to other business.
  The PRESIDING OFFICER. There are now 2 minutes equally divided prior 
to a vote on passage of the bill, as amended.
  Mr. McCONNELL. We yield back.
  The PRESIDING OFFICER. All time is yielded back.
  The question is on the engrossment of the amendment and third reading 
of the bill.
  The amendment was ordered to be engrossed and the bill to be read a 
third time.
  The bill was read the third time.
  The PRESIDING OFFICER. The bill having been read the third time, the 
question is, Shall the bill pass?
  Mr. DODD. I ask for the yeas and nays.
  The PRESIDING OFFICER. Is there a sufficient second?
  There is a sufficient second.
  The clerk will call the roll.
  The legislative clerk called the roll.
  Mr. DURBIN. I announce that the Senator from Massachusetts (Mr. 
Kennedy) is necessarily absent.
  The PRESIDING OFFICER. Are there any other Senators in the Chamber 
desiring to vote?
  The result was announced--yeas 74, nays 25, as follows:

                      [Rollcall Vote No. 213 Leg.]

                                YEAS--74

     Akaka
     Alexander
     Baucus
     Bayh
     Bennett
     Biden
     Bingaman
     Bond
     Boxer
     Brown
     Burr
     Byrd
     Cardin
     Carper
     Casey
     Chambliss
     Clinton
     Coburn
     Coleman
     Collins
     Conrad
     Corker
     Cornyn
     Craig
     Dodd
     Domenici
     Durbin
     Ensign
     Feinstein
     Graham
     Grassley
     Gregg
     Hagel
     Harkin
     Hatch
     Hutchison
     Inouye
     Isakson
     Kerry
     Klobuchar
     Kohl
     Kyl
     Lautenberg
     Leahy
     Levin
     Lieberman
     Lincoln
     Lugar
     Martinez
     McCain
     McCaskill
     McConnell
     Menendez
     Mikulski
     Murkowski
     Murray
     Nelson (NE)
     Obama
     Pryor
     Reed
     Reid
     Rockefeller
     Salazar
     Schumer
     Smith
     Snowe
     Specter
     Stevens
     Sununu
     Thune
     Voinovich
     Warner
     Webb
     Whitehouse

                                NAYS--25

     Allard
     Barrasso
     Brownback
     Bunning
     Cantwell
     Cochran
     Crapo
     DeMint
     Dole
     Dorgan
     Enzi
     Feingold
     Inhofe
     Johnson
     Landrieu
     Nelson (FL)
     Roberts
     Sanders
     Sessions
     Shelby
     Stabenow
     Tester
     Vitter
     Wicker
     Wyden

                             NOT VOTING--1

       
     Kennedy
       
  The PRESIDING OFFICER. Pursuant to the previous order, the bill 
having attained 60 votes in the affirmative, the bill, as amended, is 
passed.
  Mr. DURBIN. I move to reconsider the vote and I move to lay that 
motion on the table.
  The motion to lay on the table was agreed to.
  Mr. KOHL. Mr. President, I rise to briefly discuss the economic 
stabilization bill which the Senate passed and is sending to the 
President.
  This economic crisis has been building over the past decade, fueled 
by risky investments, deregulation, and human nature. It is hard to 
pinpoint the exact reason for our current financial situation; instead 
it is a tangled mess involving large investment banks and individual 
homeowners. Homebuyers over extended themselves, mortgage lenders 
offered more complicated and exotic loans and the government sponsored 
enterprises and investment firms purchased bundled mortgages without 
fully understanding the value of what they were purchasing.
  Homeowners are losing their homes, communities are losing tax revenue 
as foreclosures rise, banks are rapidly losing money, and our credit 
markets are freezing up. Wall Street and Main Street have been tied 
together, and the Federal Government is being forced to intervene to 
help our economy and communities get back on track.
  The provisions of this bailout are intended to restore liquidity and 
confidence in our financial markets, provide relief for troubled 
homeowners, hold Wall Street executives accountable, and ensure that 
taxpayer dollars are being protected. The legislation creates the 
Troubled Asset Relief Program in the Treasury Department, which will 
allow the government to purchase impaired assets from financial 
institutions, restructure or modify, then resell for a profit. The 
Treasury Department is authorized to use $250 billion immediately and 
upon written request from the President, can use up to $700 billion to 
maintain TARP.
  One significant improvement from the administration's original plan 
is the creation of an oversight board over the newly created program. 
The board will make recommendations to the

[[Page S10295]]

Treasury Department and also hold the Department to the principals and 
guidelines laid out in the bill. Additionally, the Federal Government 
is enabled to acquire stocks in the financial institutions which 
participate in the program, allowing the government to recoup some of 
the lost money and benefit from any future profits from the 
institution.
  One particular area of concern I have, and I share with many of my 
colleagues, is how Wall Street executives acted irresponsibly and 
allowed greed to control the management of their companies. In most 
companies, managers and executives are held accountable for its 
performance; however, on Wall Street, management, was given large 
bonuses and compensation, as their companies lost money or even failed. 
Those same executives who put our entire economic stability at risk, 
who have asked us for help, complained when Congress decided they 
needed to be held accountable for their actions. I am pleased to say 
that Congress ignored their objections and included limitations on 
executive compensation for those firms which sell their troubled assets 
to the Federal Government. However, I would still like those who have 
been most involved in this crisis on Wall Street explain to the public 
what role they played in this mess.
  This is not an easy vote for any legislator. There are provisions in 
the bill which I believe could have been written stronger and some 
other ideas which should have been included. I believe that we should 
have included additional financial regulations to restore the public's 
confidence in Wall Street and make sure this never happens again. I am 
also disappointed that this bill does not address the root of the 
crisis and do more to directly help homeowners facing foreclosure. This 
bill also puts too much power in the hands of one man the Secretary of 
Treasury. Nevertheless, we cannot let the perfect be the enemy of the 
good. Given the urgency and magnitude of this matter, I voted in favor 
of the Emergency Economic Stabilization Act.
  The PRESIDING OFFICER. The assistant majority leader is recognized.
  Mr. DURBIN. Mr. President, I ask unanimous consent that the title 
amendment, which is at the desk, be considered and agreed to, and the 
motion to reconsider be laid upon the table.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The amendment (No. 5686) was agreed to, as follows:

               (Purpose: To amend the title of the bill)

       Amend the title so as to read:
       ``To provide authority for the Federal Government to 
     purchase and insure certain types of troubled assets for the 
     purposes of providing stability to and preventing disruption 
     in the economy and financial system and protecting taxpayers, 
     to amend the Internal Revenue Code of 1986 to provide 
     incentives for energy production and conservation, to extend 
     certain expiring provisions, to provide individual income tax 
     relief, and for other purposes''.

                          ____________________