[Congressional Record Volume 155, Number 45 (Monday, March 16, 2009)]
[Senate]
[Pages S3115-S3121]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          STATEMENTS ON INTRODUCED BILLS AND JOINT RESOLUTIONS

      By Mr. WYDEN (for himself and Ms. Snowe):
  S. 596. A bill to require the Secretary of Commerce to establish an 
award program to honor achievements in nanotechnology, and for other 
purposes; to the Committee on Commerce, Science, and Transportation.
  Mr. WYDEN. Mr. President, I am pleased to join today with my 
colleague from Maine, Senator Snowe, to introduce the Nanotechnology 
Innovation and Prize Competition Act of 2009.
  As Co-Chair of the Congressional Nanotechnology Caucus, and former 
Chair of the Subcommittee on Science, Technology, and Innovation, I 
have worked long and hard to advance U.S. competitiveness in 
nanotechnology. Nanotech is a rapidly developing field that offers a 
wide range of benefits to the country. It can create jobs, expand the 
economy, and strengthen America's position as a global leader in 
technological innovation. At this time, when older industries are 
faltering and the economy is struggling, Congress must act to open new 
doors, help industry to move into new fields, and work to unlock new 
manufacturing potential.
  Nanotechnology is redefining the global economy and delivering 
revolutionary change through an amazing array of technological 
innovations. There is virtually no industry that will not be improved 
by the advances that are possible with nanotechnology. But to unlock 
the full benefits of nanotechnology's capabilities, the Federal 
Government must do more to partner with our nation's innovative 
entrepreneurs, engineers, and scientists. To that end, I am proposing, 
along with Senator Snowe, legislation that will create an X-Prize 
competition in nanotechnology.
  Many people have heard of the X-Prize, a recent and high-profile 
example of a prize competition like the one Sen. Snowe and I are 
proposing today. The X-Prize was established in 1996 and set up a $10 
million prize fund for the first team who could make civilian space 
flight a reality. The award was successfully claimed just eight years 
later. But that was not the only achievement the X-Prize accomplished. 
During that span of time, the $10 million prize stimulated over $100 
million in research and development by the competitors.
  Successful prize competitions are not limited to the X-Prize. We have 
seen the value of these kinds of competitions before. One of the most 
famous was the Orteig prize, which was to be awarded to the first 
person to fly non-stop across the Atlantic Ocean. Claimed, of course, 
by Charles Lindbergh in 1927, the Orteig prize stimulated private 
investment 16 times greater than the amount of the prize. Imagine what 
kind of explosion in investment and innovation we could achieve in 
nanotechnology with the competition we're proposing today.
  By establishing this nanotechnology prize competition, the Federal 
Government will promote public-private cooperation to spur investment 
in key areas and help solve critical problems. The very first prize 
competition was, in fact, a Government sponsored competition that 
produced a revolutionary technological breakthrough. In 1714, the 
British Parliament established a prize for determining a ship's 
longitude at sea. At the time, the inability to accurately determine 
longitude was causing many ships to become lost. Solving this critical 
problem by creating a competition to find the answer paved the way to 
British naval superiority.
  Today, other Government sponsored prize competitions are driving 
technological breakthroughs and successes. For example, the DARPA Grand 
Challenge and Urban Challenge have stimulated tremendous advances in 
remotely-controlled vehicle technology.
  The Nanotechnology Innovation and Prize Competition Act is a vital 
tool to help ensure that public and private resources will be utilized 
in a coordinated way and will be devoted to solving the complex and 
pressing problems that America faces today. This bill will also spur 
technological investment and create jobs here at home. Through this 
prize competition, the government will be able to leverage its 
resources and focus the intellectual and economic capacity of our 
nation's best and brightest entrepreneurs on finding the big answers we 
need in the smallest of technologies--nanotechnology.
  The Nanotechnology Innovation and Prize Competition Act creates four 
priority areas for the establishment of prize competitions: green 
nanotechnology, alternative energy applications, improvements in human 
health, and the commercialization of consumer products. In each of 
these areas, nanotechnology holds the promise of tremendous 
breakthroughs if the necessary resources are devoted. This competition 
will make sure we get started as soon as possible on finding those 
breakthroughs. We all know that the

[[Page S3116]]

competitive spirit is one of the strengths of our country. This bill 
will ignite that spirit in nanotech.
  Again, I thank my colleague from Maine for her help and cooperation 
in introducing this bill. I also want to thank the Woodrow Wilson 
Center and the X-PRIZE Foundation for their work in helping to develop 
this bill. I look forward to working with the Commerce Committee, other 
members of the Congressional Nanotechnology Caucus, the Obama 
Administration, and the entire nanotech community to reauthorize the 
21st Century Nanotechnology Research and Development Act in the 111th 
Congress.
  I urge all my colleagues to support innovation and promote 
entrepreneurial competition by cosponsoring this legislation.
  Mr. President, I ask unanimous consent that the text of the bill be 
printed in the Record.
  There being no objection, the text of the bill was ordered to be 
placed in the Record, as follows:

                                 S. 596

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Nanotechnology Innovation 
     and Prize Competition Act of 2009''.

     SEC. 2. NANOTECHNOLOGY AWARD PROGRAM.

       (a) Program Established.--The Secretary of Commerce shall, 
     acting through the Director of the National Institute of 
     Standards and Technology, establish a program to award prizes 
     to eligible persons described in subsection (b) for 
     achievement in 1 or more of the following applications of 
     nanotechnology:
       (1) Improvement of the environment, consistent with the 
     Twelve Principles of Green Chemistry of the Environmental 
     Protection Agency.
       (2) Development of alternative energy that has the 
     potential to lessen the dependence of the United States on 
     fossil fuels.
       (3) Improvement of human health, consistent with 
     regulations promulgated by the Food and Drug Administration 
     of the Department of Health and Human Services.
       (4) Development of consumer products.
       (b) Eligible Person.--An eligible person described in this 
     subsection is--
       (1) an individual who is--
       (A) a citizen or legal resident of the United States; or
       (B) a member of a group that includes citizens or legal 
     residents of the United States; or
       (2) an entity that is incorporated and maintains its 
     primary place of business in the United States.
       (c) Establishment of Board.--
       (1) In general.--The Secretary of Commerce shall establish 
     a board to administer the program established under 
     subsection (a).
       (2) Membership.--The board shall be composed of not less 
     than 15 and not more than 21 members appointed by the 
     President, of whom--
       (A) not less than 1 shall--
       (i) be a representative of the interests of academic, 
     business, and nonprofit organizations; and
       (ii) have expertise in--

       (I) the field of nanotechnology; or
       (II) administering award competitions; and

       (B) not less than 1 shall be from each of--
       (i) the Department of Energy;
       (ii) the Environmental Protection Agency;
       (iii) the Food and Drug Administration of the Department of 
     Health and Human Services;
       (iv) the National Institutes of Health of the Department of 
     Health and Human Services;
       (v) the National Institute for Occupational Safety and 
     Health of the Department of Health and Human Services;
       (vi) the National Institute of Standards and Technology of 
     the Department of Commerce; and
       (vii) the National Science Foundation.
       (d) Awards.--Subject to the availability of appropriations, 
     the board established under subsection (c) may make awards 
     under the program established under subsection (a) as 
     follows:
       (1) Financial prize.--The board may hold a financial award 
     competition and award a financial award in an amount 
     determined before the commencement of the competition to the 
     first competitor to meet such criteria as the board shall 
     establish.
       (2) Recognition prize.--
       (A) In general.--The board may recognize an eligible person 
     for superlative achievement in 1 or more nanotechnology 
     applications described in subsection (a).
       (B) No financial remuneration.--An award under this 
     paragraph shall not include any financial remuneration.
       (C) National technology and innovation medal 
     recommendations.--For each eligible person recognized under 
     this paragraph, the board shall recommend to the Secretary of 
     Commerce that the Secretary recommend to the President under 
     section 16(b) of the Stevenson-Wydler Technology Innovation 
     Act of 1980 (15 U.S.C. 3711) that the President award the 
     National Technology and Innovation Medal established under 
     section 16(a) of such Act to such eligible person.
       (e) Administration.--
       (1) Contracting.--The board established under subsection 
     (c) may contract with a private organization to administer a 
     financial award competition described in subsection (d)(1).
       (2) Solicitation of funds.--A member of the board or any 
     administering organization with which the board has a 
     contract under paragraph (1) may solicit gifts from private 
     and public entities to be used for a financial award under 
     subsection (d)(1).
       (3) Limitation on participation of donors.--The board may 
     allow a donor who is a private person described in paragraph 
     (2) to participate in the determination of criteria for an 
     award under subsection (d), but such donor may not solely 
     determine the criteria for such award.
       (4) No advantage for donation.--A donor who is a private 
     person described in paragraph (2) shall not be entitled to 
     any special consideration or advantage with respect to 
     participation in a financial award competition under 
     subsection (d)(1).
       (f) Intellectual Property.--The Federal Government may not 
     acquire an intellectual property right in any product or idea 
     by virtue of the submission of such product or idea in any 
     competition under subsection (d)(1).
       (g) Liability.--The board established under subsection (c) 
     may require a competitor in a financial award competition 
     under subsection (d)(1) to waive liability against the 
     Federal Government for injuries and damages that result from 
     participation in such competition.
       (h) Annual Report.--Each year, the board established under 
     subsection (c) shall submit to Congress a report on the 
     program established under subsection (a).
       (i) Authorization of Appropriations.--
       (1) In general.--There are authorized to be appropriated 
     sums for the program established under subsection (a) as 
     follows:
       (A) For administration of prize competitions under 
     subsection (d), $750,000 for each fiscal year.
       (B) For the awarding of a financial prize award under 
     subsection (d)(1), in addition to any amounts received under 
     subsection (e)(2), $2,000,000 for each fiscal year.
       (2) Availability.--Amounts appropriated pursuant to the 
     authorization of appropriations under paragraph (1) shall 
     remain available until expended.
                                 ______
                                 
      By Mr. BINGAMAN (for himself and Ms. Murkowski):
  S. 598. A bill to amend the Energy Policy and Conservation Act to 
improve appliance standards, and for other purposes; to the Committee 
on Energy and Natural Resources.
  Mr. BINGAMAN. Mr. President, today I join with my colleague and the 
ranking member of the Committee on Energy and Natural Resources, 
Senator Murkowski, in introducing S. 598, which is entitled the 
``Appliance Standards Improvement Act of 2009.''
  This legislation would enhance our economic and energy security, it 
would save consumers money, and it will reduce greenhouse gas emissions 
by strengthening two Federal programs that have a 20-year record of 
success; that is, the Department of Energy's Appliance Standards 
Program and the joint DOE and EPA Energy Star Program.
  The Department of Energy's standards program establishes minimum 
energy efficiency standards for 35 products and phases out the 
manufacture and sale of the least efficient models for those products. 
The American Council for an Energy Efficient Economy, ACEEE, estimates 
that national electricity use by 2020 will be nearly 16 percent less 
than it would have been without this standards program, which we have 
had in law now for many years.
  The Energy Star Program is a voluntary program that promotes the 
development and sale of highly efficient appliances through labeling 
and marketing. Among its success stories is the dramatic increase in 
refrigerator efficiency and cost savings. The annual operating cost for 
Energy Star-qualified refrigerators has dropped from $243 in the 1970s 
to $46 today. The Department of Energy estimates that in 2006, Energy 
Star saved almost 5 percent of the Nation's electricity demand, helped 
avoid greenhouse gas emissions equivalent to 25 million automobiles, 
and saved consumers more than $14 billion.
  Notwithstanding this record of success, further increases in the 
efficiency of appliances remains one of the most cost-effective 
strategies we can pursue to enhance our economic and energy security.
  The bill I am introducing, along with Senator Murkowski, would expand 
the Department of Energy's program by establishing programs for 
affordable light fixtures and table and floor lamps. These products are 
found

[[Page S3117]]

throughout the Nation's homes and businesses, and improving their 
efficiency can have enormous benefits. ACEEE estimates that annual 
savings would build up to about 4 billion kilowatt hours by 2020, 750 
megawatts in peak-demand savings, and about $4 billion of savings to 
consumers for purchases through the year 2030.
  The bill would further strengthen the standards program by allowing 
stakeholders to directly petition the Department of Energy to update 
its test procedures and standards and reduce bureaucratic delays. The 
bill would strengthen the Energy Star Program by adopting several 
recommendations made by the EPA inspector general and Consumer Reports, 
such as improving monitoring and enforcement of Energy Star compliance.
  Last month, President Obama recognized the value and potential of the 
standards program to meet the Nation's economic and energy challenges. 
He noted that standards:

       will avoid the use of tremendous amounts of energy; over 
     the next 30 years, the savings will approximate the total 
     amount of energy produced over a 2-year period by all of the 
     coal-fired power plants in the Nation.

  This bill is a good foundation on which to expand our energy 
efficiency efforts. It should be part of any comprehensive national 
energy legislation. I look forward to working with energy efficiency 
advocates, with industry, my Senate colleagues, and the administration 
to achieve the full potential for these programs and the full benefits 
of energy efficiency.
  We will be holding a hearing, as you know, Madam President, on this 
bill this Thursday, March 19. I hope we will be able to include this 
legislation as part of a more comprehensive energy bill when we are 
able to report such a bill out of the Senate Energy and Natural 
Resources Committee hopefully later this month.
  Mr. President, I ask unanimous consent that the text of the bill be 
printed in the Record.
  There being no objection, the text of the bill was ordered to be 
placed in the Record, as follows:

                                 S. 598

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

       (a) Short Title.--This Act may be cited as the ``Appliance 
     Standards Improvement Act of 2009''.
       (b) Table of Contents.--The table of contents of this Act 
     is as follows:

Sec. 1. Short title; table of contents.
Sec. 2. Test procedure petition process.
Sec. 3. Energy Star program.
Sec. 4. Petition for amended standards.
Sec. 5. Portable light fixtures.
Sec. 6. GU-24 base lamps.
Sec. 7. Study of compliance with energy standards for appliances.
Sec. 8. Study of direct current electricity supply in certain 
              buildings.
Sec. 9. Motor market assessment and commercial awareness program.

     SEC. 2. TEST PROCEDURE PETITION PROCESS.

       (a) Consumer Products Other Than Automobiles.--Section 
     323(b)(1) of the Energy Policy and Conservation Act (42 
     U.S.C. 6293(b)(1)) is amended--
       (1) in subparagraph (A)(i), by striking ``amend'' and 
     inserting ``publish in the Federal Register amended''; and
       (2) by adding at the end the following:
       ``(B) Petitions.--
       ``(i) In general.--In the case of any covered product, any 
     person may petition the Secretary to conduct a rulemaking--

       ``(I) to prescribe a test procedure for the covered 
     product; or
       ``(II) to amend the test procedures applicable to the 
     covered product to more accurately or fully comply with 
     paragraph (3).

       ``(ii) Determination.--The Secretary shall--

       ``(I) not later than 90 days after the date of receipt of 
     the petition, publish the petition in the Federal Register; 
     and
       ``(II) not later than 180 days after the date of receipt of 
     the petition, grant or deny the petition.

       ``(iii) Basis.--The Secretary shall grant a petition if the 
     Secretary finds that the petition contains evidence that, 
     assuming no other evidence was considered, provides an 
     adequate basis for determining that an amended test method 
     would more accurately or fully comply with paragraph (3).
       ``(iv) Effect on other requirements.--The granting of a 
     petition by the Secretary under this subparagraph shall 
     create no presumption with respect to the determination of 
     the Secretary that the proposed test procedure meets the 
     requirements of paragraph (3).
       ``(v) Rulemaking.--

       ``(I) In general.--Except as provided in subclause (II), 
     not later than the end of the 18-month period beginning on 
     the date of granting a petition, the Secretary shall publish 
     an amended test method or a determination not to amend the 
     test method.
       ``(II) Extension.--The Secretary may extend the period 
     described in subclause (I) for 1 additional year.
       ``(III) Direct final rule.--The Secretary may adopt a 
     consensus test procedure in accordance with the direct final 
     rule procedure established under section 325(p)(4).''.

       (b) Certain Industrial Equipment.--Section 343 of the 
     Energy Policy and Conservation Act (42 U.S.C. 6314) is 
     amended--
       (1) in subsection (a), by striking paragraph (1) and 
     inserting the following:
       ``(1) Amendment and petition process.--
       ``(A) In general.--At least once every 7 years, the 
     Secretary shall review test procedures for all covered 
     equipment and--
       ``(i) publish in the Federal Register amended test 
     procedures with respect to any covered equipment, if the 
     Secretary determines that amended test procedures would more 
     accurately or fully comply with paragraphs (2) and (3); or
       ``(ii) publish notice in the Federal Register of any 
     determination not to amend a test procedure.
       ``(B) Petitions.--
       ``(i) In general.--In the case of any class or category of 
     covered equipment, any person may petition the Secretary to 
     conduct a rulemaking--

       ``(I) to prescribe a test procedure for the covered 
     equipment; or
       ``(II) to amend the test procedures applicable to the 
     covered equipment to more accurately or fully comply with 
     paragraphs (2) and (3).

       ``(ii) Determination.--The Secretary shall--

       ``(I) not later than 90 days after the date of receipt of 
     the petition, publish the petition in the Federal Register; 
     and
       ``(II) not later than 180 days after the date of receipt of 
     the petition, grant or deny the petition.

       ``(iii) Basis.--The Secretary shall grant a petition if the 
     Secretary finds that the petition contains evidence that, 
     assuming no other evidence was considered, provides an 
     adequate basis for determining that an amended test method 
     would more accurately promote energy or water use efficiency.
       ``(iv) Effect on other requirements.--The granting of a 
     petition by the Secretary under this paragraph shall create 
     no presumption with respect to the determination of the 
     Secretary that the proposed test procedure meets the 
     requirements of paragraphs (2) and (3).
       ``(v) Rulemaking.--

       ``(I) In general.--Except as provided in subclause (II), 
     not later than the end of the 18-month period beginning on 
     the date of granting a petition, the Secretary shall publish 
     an amended test method or a determination not to amend the 
     test method.
       ``(II) Extension.--The Secretary may extend the period 
     described in subclause (I) for 1 additional year.
       ``(III) Direct final rule.--The Secretary may adopt a 
     consensus test procedure in accordance with the direct final 
     rule procedure established under section 325(p).'';

       (2) by striking subsection (c); and
       (3) by redesignating subsections (d) and (e) as subsections 
     (c) and (d), respectively.

     SEC. 3. ENERGY STAR PROGRAM.

       (a) Division of Responsibilities.--Section 324A(b) of the 
     Energy Policy and Conservation Act (42 U.S.C. 6294a(b)) is 
     amended--
       (1) by striking ``Responsibilities'' and inserting the 
     following:
       ``(1) In general.--Responsibilities''; and
       (2) by adding at the end the following:
       ``(2) Update.--Not later than 180 days after the date of 
     enactment of this paragraph, the Secretary and the 
     Administrator shall update the agreements described in 
     paragraph (1), including agreements on provisions that 
     provide--
       ``(A) a clear delineation of the roles and responsibilities 
     of each agency that is based on the resources and areas of 
     expertise of each agency;
       ``(B) a formal process for high-level decisionmaking that 
     allows each agency to make specific programmatic decisions 
     based on the program approaches of each agency;
       ``(C) a facilitated annual planning meeting that 
     establishes strategic priorities and goals for the coming 
     year;
       ``(D) a prescribed course of action to work through 
     differences and disagreements;
       ``(E) a facilitated biannual program review conducted by a 
     third-party that--
       ``(i) incorporates an assessment of program progress, 
     partner acceptance, the achievement of program goals, and 
     future strategic planning; and
       ``(ii) is evaluated by the Council on Environmental 
     Quality, which shall appraise the findings in the review and 
     work with the agencies to resolve any negative findings; and
       ``(F) a sunset date for the new agreement and a timetable 
     for establishing future agreements based on priorities at 
     that time.''.
       (b) Duties.--Section 324A(c) of the Energy Policy and 
     Conservation Act (42 U.S.C. 6294a(c)) is amended--
       (1) in paragraph (6), by striking ``and'' after the 
     semicolon at the end;
       (2) in paragraph (7), by striking the period at the end and 
     inserting a semicolon; and
       (3) by adding at the end the following:
       ``(8)(A) review each product category--
       ``(i) at least once every 3 years; or
       ``(ii) when market share for an Energy Star product 
     category reaches 35 percent;
       ``(B) based on the review--
       ``(i) update and publish the Energy Star product criteria 
     for the category; or

[[Page S3118]]

       ``(ii) publish a finding that no update is justified with 
     the explanation for the finding; and
       ``(C) during the initial review for each product category, 
     establish an alternative market share to trigger subsequent 
     reviews, based on product-specific technology and market 
     attributes;
       ``(9) require a demonstration of compliance with the Energy 
     Star criteria by qualified products, except that--
       ``(A) the demonstration shall be conducted in accordance 
     with appropriate methods determined for each product type by 
     the Secretary or the Administrator of the Environmental 
     Protection Agency (as appropriate), including--
       ``(i) third-party verification;
       ``(ii) third-party certification;
       ``(iii) purchase and testing of products from the market; 
     or
       ``(iv) other verified testing and compliance approaches; 
     and
       ``(B) the Secretary or Administrator may exempt specific 
     types of products from the requirements of this subparagraph 
     if the Secretary or Administrator finds that--
       ``(i) the benefits to the Energy Star program of verifying 
     product performance are substantially exceeded by the 
     burdens; or
       ``(ii) there are no benefits to the Energy Star program; 
     and
       ``(10) develop and publish standardized building energy 
     audit methods.''.
       (c) Funding.--Section 324A of the Energy Policy and 
     Conservation Act (42 U.S.C. 6294a) is amended by adding at 
     the end the following:
       ``(e) Authorization of Appropriations.--There are 
     authorized to be appropriated to carry out this section--
       ``(1) to the Department of Energy $25,000,000 for each 
     fiscal year; and
       ``(2) to the Environmental Protection Agency $100,000,000 
     for each fiscal year.''.

     SEC. 4. PETITION FOR AMENDED STANDARDS.

       Section 325(n) of the Energy Policy and Conservation Act 
     (42 U.S.C. 6295(n)) is amended--
       (1) by redesignating paragraph (3) as paragraph (5); and
       (2) by inserting after paragraph (2) the following:
       ``(3) Notice of decision.--Not later than 180 days after 
     the date of receiving a petition, the Secretary shall publish 
     in the Federal Register a notice of, and explanation for, the 
     decision of the Secretary to grant or deny the petition.
       ``(4) New or amended standards.--Not later than 3 years 
     after the date of granting a petition for new or amended 
     standards, the Secretary shall publish in the Federal 
     Register--
       ``(A) a final rule that contains the new or amended 
     standards; or
       ``(B) a determination that no new or amended standards are 
     necessary.''.

     SEC. 5. PORTABLE LIGHT FIXTURES.

       (a) Definitions.--Section 321 of the Energy Policy and 
     Conservation Act (42 U.S.C. 6291) is amended by adding at the 
     end the following:
       ``(67) Art work light fixture.--The term `art work light 
     fixture' means a light fixture designed only to be mounted 
     directly to an art work and for the purpose of illuminating 
     that art work.
       ``(68) LED light engine.--The term `LED light engine' or 
     `LED light engine with integral heat sink' means a subsystem 
     of an LED light fixture that--
       ``(A) includes 1 or more LED components, including--
       ``(i) an LED driver power source with electrical and 
     mechanical interfaces; and
       ``(ii) an integral heat sink to provide thermal 
     dissipation; and
       ``(B) may be designed to accept additional components that 
     provide aesthetic, optical, and environmental control.
       ``(69) LED light fixture.--The term `LED light fixture' 
     means a complete lighting unit consisting of--
       ``(A) an LED light source with 1 or more LED lamps or LED 
     light engines; and
       ``(B) parts--
       ``(i) to distribute the light;
       ``(ii) to position and protect the light source; and
       ``(iii) to connect the light source to electrical power.
       ``(70) Light fixture.--The term `light fixture' means a 
     product designed to provide light that includes--
       ``(A) at least 1 lamp socket; and
       ``(B) parts--
       ``(i) to distribute the light;
       ``(ii) position and protect 1 or more lamps; and
       ``(iii) to connect 1 or more lamps to a power supply.
       ``(71) Portable light fixture.--
       ``(A) In general.--The term `portable light fixture' means 
     a light fixture that has a flexible cord and an attachment 
     plug for connection to a nominal 120-volt circuit that--
       ``(i) allows the user to relocate the product without any 
     rewiring; and
       ``(ii) typically can be controlled with a switch located on 
     the product or the power cord of the product.
       ``(B) Exclusions.--The term `portable light fixture' does 
     not include--
       ``(i) direct plug-in night lights, sun or heat lamps, 
     medical or dental lights, portable electric hand lamps, signs 
     or commercial advertising displays, photographic lamps, 
     germicidal lamps, or light fixtures for marine use or for use 
     in hazardous locations (as those terms are defined in ANSI/
     NFPA 70 of the National Electrical Code); or
       ``(ii) decorative lighting strings, decorative lighting 
     outfits, or electric candles or candelabra without lamp 
     shades that are covered by Underwriter Laboratories (UL) 
     standard 588, `Seasonal and Holiday Decorative Products'.''.
       (b) Coverage.--
       (1) In general.--Section 322(a) of the Energy Policy and 
     Conservation Act (42 U.S.C. 6292(a)) is amended--
       (A) by redesignating paragraph (20) as paragraph (21); and
       (B) by inserting after paragraph (19) the following:
       ``(20) Portable light fixtures.''.
       (2) Conforming amendments.--Section 325(l) of the Energy 
     Policy and Conservation Act (42 U.S.C. 6295(l)) is amended by 
     striking ``paragraph (19)'' each place it appears in 
     paragraphs (1) and (2) and inserting ``paragraph (21)''.
       (c) Test Procedures.--Section 323(b) of the Energy Policy 
     and Conservation Act (42 U.S.C. 6293(b)) is amended by adding 
     at the end the following:
       ``(19) LED fixtures and led light engines.--Test procedures 
     for LED fixtures and LED light engines shall be based on 
     Illuminating Engineering Society of North America test 
     procedure LM-79, Approved Method for Electrical and 
     Photometric Testing of Solid-State Lighting Devices.''.
       (d) Standards.--Section 325 of the Energy Policy and 
     Conservation Act (42 U.S.C. 6295) is amended--
       (1) by redesignating subsection (ii) as subsection (kk); 
     and
       (2) by inserting after subsection (hh) the following:
       ``(ii) Portable Light Fixtures.--
       ``(1) In general.--Subject to paragraphs (2) and (3), 
     portable light fixtures manufactured on or after January 1, 
     2012, shall meet 1 or more of the following requirements:
       ``(A) Be a fluorescent light fixture that meets the 
     requirements of the Energy Star Program for Residential Light 
     Fixtures, Version 4.2.
       ``(B) Be equipped with only 1 or more GU-24 line-voltage 
     sockets and not be rated for use with incandescent lamps of 
     any type, as defined in ANSI standards.
       ``(C) Be an LED light fixture or a light fixture with an 
     LED light engine and comply with the following minimum 
     requirements:
       ``(i) Minimum light output: 200 lumens (initial).
       ``(ii) Minimum LED light engine efficacy: 40 lumens/watt 
     installed in fixtures that meet the minimum light fixture 
     efficacy of 29 lumens/watt or, alternatively, a minimum LED 
     light engine efficacy of 60 lumens/watt for fixtures that do 
     not meet the minimum light fixture efficacy of 29 lumens/
     watt.
       ``(iii) All portable fixtures shall have a minimum LED 
     light fixture efficacy of 29 lumens/watt and a minimum LED 
     light engine efficacy of 60 lumens/watt by January 1, 2016.
       ``(iv) Color Correlated Temperature (CCT): 2700K through 
     4200K.
       ``(v) Minimum Color Rendering Index (CRI): 75.
       ``(vi) Power factor equal to or greater than 0.70.
       ``(vii) Portable luminaries that have internal power 
     supplies shall have zero standby power when the luminaire is 
     turned off.
       ``(viii) LED light sources shall deliver at least 70 
     percent of initial lumens for at least 25,000 hours.
       ``(D)(i) Be equipped with an ANSI-designated E12, E17, or 
     E26 screw-based socket and be prepackaged and sold together 
     with 1 screw-based compact fluorescent lamp or screw-based 
     LED lamp for each screw-based socket on the portable light 
     fixture.
       ``(ii) The compact fluorescent or LED lamps prepackaged 
     with the light fixture shall be fully compatible with any 
     light fixture controls incorporated into the light fixture 
     (for example, light fixtures with dimmers shall be packed 
     with dimmable lamps).
       ``(iii) Compact fluorescent lamps prepackaged with light 
     fixtures shall meet the requirements of the Energy Star 
     Program for CFLs Version 4.0.
       ``(iv) Screw-based LED lamps shall comply with the minimum 
     requirements described in subparagraph (C).
       ``(E) Be equipped with 1 or more single-ended, non-screw 
     based halogen lamp sockets (line or low voltage), a dimmer 
     control or high-low control, and be rated for a maximum of 
     100 watts.
       ``(2) Review.--
       ``(A) Review.--The Secretary shall review the criteria and 
     standards established under paragraph (1) to determine if 
     revised standards are technologically feasible and 
     economically justified.
       ``(B) Components.--The review shall include consideration 
     of whether--
       ``(i) a separate compliance procedure is still needed for 
     halogen fixtures described in subparagraph (E) and, if 
     necessary, what an appropriate standard for halogen fixtures 
     shall be;
       ``(ii) the specific technical criteria described in 
     subparagraphs (A), (C), and (D)(iii) should be modified; and
       ``(iii) certain fixtures should be exempted from the light 
     fixture efficacy standard as of January 1, 2016, because the 
     fixtures are primarily decorative in nature (as defined by 
     the Secretary) and, even if exempted, are likely to be sold 
     in limited quantities.
       ``(C) Timing.--
       ``(i) Determination.--Not later than January 1, 2014, the 
     Secretary shall publish amended standards, or a determination 
     that

[[Page S3119]]

     no amended standards are justified, under this subsection.
       ``(ii) Standards.--Any standards under this subsection take 
     effect on January 1, 2016.
       ``(3) Art work light fixtures.--Art work light fixtures 
     manufactured on or after January 1, 2012, shall--
       ``(A) comply with paragraph (1); or
       ``(B)(i) contain only ANSI-designated E12 screw-based line-
     voltage sockets;
       ``(ii) have not more than 3 sockets;
       ``(iii) be controlled with an integral high/low switch;
       ``(iv) be rated for not more than 25 watts if fitted with 1 
     socket; and
       ``(v) be rated for not more than 15 watts per socket if 
     fitted with 2 or 3 sockets.
       ``(4) Exception from preemption.--Notwithstanding section 
     327, Federal preemption shall not apply to a regulation 
     concerning portable light fixtures adopted by the California 
     Energy Commission on or before January 1, 2014.''.

     SEC. 6. GU-24 BASE LAMPS.

       (a) Definitions.--Section 321 of the Energy Policy and 
     Conservation Act (42 U.S.C. 6291) (as amended by section 
     5(a)) is amended by adding at the end the following:
       ``(72) GU-24.--The term `GU-24' '' means the designation of 
     a lamp socket, based on a coding system by the International 
     Electrotechnical Commission, under which--
       ``(A) `G' indicates a holder and socket type with 2 or more 
     projecting contacts, such as pins or posts;
       ``(B) `U' distinguishes between lamp and holder designs of 
     similar type that are not interchangeable due to electrical 
     or mechanical requirements; and
       ``(C) 24 indicates the distance in millimeters between the 
     electrical contact posts.
       ``(73) GU-24 adaptor.--
       ``(A) In general.--The term `GU-24 Adaptor' means a 1-piece 
     device, pig-tail, wiring harness, or other such socket or 
     base attachment that--
       ``(i) connects to a GU-24 socket on 1 end and provides a 
     different type of socket or connection on the other end; and
       ``(ii) does not alter the voltage.
       ``(B) Exclusion.--The term `GU-24 Adaptor' does not include 
     a fluorescent ballast with a GU-24 base.
       ``(74) GU-24 base lamp.--`GU-24 base lamp' means a light 
     bulb designed to fit in a GU-24 socket.''.
       (b) Standards.--Section 325 of the Energy Policy and 
     Conservation Act (42 U.S.C. 6295) (as amended by section 
     5(d)) is amended by inserting after subsection (ii) the 
     following:
       ``(jj) GU-24 Base Lamps.--
       ``(1) In general.--A GU-24 base lamp shall not be an 
     incandescent lamp as defined by ANSI.
       ``(2) GU-24 adaptors.--GU-24 adaptors shall not adapt a GU-
     24 socket to any other line voltage socket.''.

     SEC. 7. STUDY OF COMPLIANCE WITH ENERGY STANDARDS FOR 
                   APPLIANCES.

       (a) In General.--The Secretary of Energy shall conduct a 
     study of the degree of compliance with energy standards for 
     appliances, including an investigation of compliance rates 
     and options for improving compliance, including enforcement.
       (b) Report.--Not later than 18 months after the date of 
     enactment of this Act, the Secretary shall submit to the 
     appropriate committees of Congress a report describing the 
     results of the study, including any recommendations.

     SEC. 8. STUDY OF DIRECT CURRENT ELECTRICITY SUPPLY IN CERTAIN 
                   BUILDINGS.

       (a) In General.--The Secretary of Energy shall conduct a 
     study--
       (1) of the costs and benefits (including significant energy 
     efficiency, power quality, and other power grid, safety, and 
     environmental benefits) of requiring high-quality, direct 
     current electricity supply in certain buildings; and
       (2) to determine, if the requirement described in paragraph 
     (1) is imposed, what the policy and role of the Federal 
     government should be in realizing those benefits.
       (b) Report.--Not later than 1 year after the date of 
     enactment of this Act, the Secretary shall submit to the 
     appropriate committees of Congress a report describing the 
     results of the study, including any recommendations.

     SEC. 9. MOTOR MARKET ASSESSMENT AND COMMERCIAL AWARENESS 
                   PROGRAM.

       (a) Findings.--Congress finds that--
       (1) electric motor systems account for about half of the 
     electricity used in the United States;
       (2) electric motor energy use is determined by both the 
     efficiency of the motor and the system in which the motor 
     operates;
       (3) Federal Government research on motor end use and 
     efficiency opportunities is more than a decade old; and
       (4) the Census Bureau has discontinued collection of data 
     on motor and generator importation, manufacture, shipment, 
     and sales.
       (b) Definitions.--In this section:
       (1) Department.--The term ``Department'' means the 
     Department of Energy.
       (2) Interested parties.--The term ``interested parties'' 
     includes--
       (A) trade associations;
       (B) motor manufacturers;
       (C) motor end users;
       (D) electric utilities; and
       (E) individuals and entities that conduct energy efficiency 
     programs.
       (3) Secretary.--The term ``Secretary'' means the Secretary 
     of Energy, in consultation with interested parties.
       (c) Assessment.--The Secretary shall conduct an assessment 
     of electric motors and the electric motor market in the 
     United States that shall--
       (1) include important subsectors of the industrial and 
     commercial electric motor market (as determined by the 
     Secretary), including--
       (A) the stock of motors and motor-driven equipment;
       (B) efficiency categories of the motor population; and
       (C) motor systems that use drives, servos, and other 
     control technologies;
       (2) characterize and estimate the opportunities for 
     improvement in the energy efficiency of motor systems by 
     market segment, including opportunities for--
       (A) expanded use of drives, servos, and other control 
     technologies;
       (B) expanded use of process control, pumps, compressors, 
     fans or blowers, and material handling components; and
       (C) substitution of existing motor designs with existing 
     and future advanced motor designs, including electronically 
     commutated permanent magnet, interior permanent magnet, and 
     switched reluctance motors; and
       (3) develop an updated profile of motor system purchase and 
     maintenance practices, including surveying the number of 
     companies that have motor purchase and repair specifications, 
     by company size, number of employees, and sales.
       (d) Recommendations; Update.--Based on the assessment 
     conducted under subsection (c), the Secretary shall--
       (1) develop--
       (A) recommendations to update the detailed motor profile on 
     a periodic basis;
       (B) methods to estimate the energy savings and market 
     penetration that is attributable to the Save Energy Now 
     Program of the Department; and
       (C) recommendations for the Director of the Census Bureau 
     on market surveys that should be undertaken in support of the 
     motor system activities of the Department; and
       (2) prepare an update to the Motor Master+ program of the 
     Department.
       (e) Program.--Based on the assessment, recommendations, and 
     update required under subsections (c) and (d), the Secretary 
     shall establish a proactive, national program targeted at 
     motor end-users and delivered in cooperation with interested 
     parties to increase awareness of --
       (1) the energy and cost-saving opportunities in commercial 
     and industrial facilities using higher efficiency electric 
     motors;
       (2) improvements in motor system procurement and management 
     procedures in the selection of higher efficiency electric 
     motors and motor-system components, including drives, 
     controls, and driven equipment; and
       (3) criteria for making decisions for new, replacement, or 
     repair motor and motor system components.
                                 ______
                                 
       By Mr. CARPER (for himself and Ms. Collins):
  S. 599. A bill to amend chapter 81 of title 5, United States Code, to 
create a presumption that a disability or death of a Federal employee 
in fire protection activities caused by any certain diseases is the 
result of the performance of such employee's duty; to the Committee on 
Homeland Security and Governmental Affairs.
  Ms. COLLINS. Mr. President. I am pleased to join Senator Carper in 
introducing a bill that would provide Federal firefighters with the 
same disability protections that millions of local firefighters across 
the Nation currently enjoy. Federal firefighters put their lives on the 
line each day to protect some of our Nation's most critical assets and 
infrastructure, and these brave men and women deserve the same 
occupational safeguards and benefits as their colleagues at the local 
level.
  Our Nation's Federal firefighters have some of the most hazardous 
jobs in the fire service, but the Federal Government does not presume 
that certain illnesses associated with firefighting are job-related. As 
a result, to qualify for disability retirement, a Federal firefighter 
who suffers from an occupational illness must specify the precise 
exposure that caused his or her illness--an almost insurmountable 
burden.
  The Federal Firefighters Fairness Act of 2009 would alleviate this 
burden by creating a rebuttable presumption that cardiovascular 
disease, certain cancers, and certain infectious diseases contracted by 
Federal firefighters are job-related for purposes of workers' 
compensation and disability retirement.
  Such a presumption will not guarantee that Federal firefighters will 
receive any disability benefits. This legislation would simply switch 
the burden of proof from the sick Federal firefighter and his family to 
the Federal agency employing him.

[[Page S3120]]

  Thus, as a practical matter, if the Federal employing agency can 
demonstrate that a firefighter's illness likely had another cause, then 
such an illness will not be considered job-related. For example, an 
agency that employs a firefighter who smokes and has contracted lung 
cancer would be able to rebut the presumption that the cancer was 
caused by firefighting. Therefore, I believe this legislation contains 
appropriate protections against those illnesses that may be caused by 
activities other than firefighting, providing agencies with a fair 
opportunity to challenge claims without requiring injured firefighters 
to meet the unreasonable burden of proof found in current law.
  This legislation is important and long overdue. If enacted, it would 
relieve Federal fire service personnel of an unnecessary obstacle to 
receiving the badly needed benefits that they deserve when they fall 
ill as a result of their inherently hazardous work environment. Federal 
firefighters work at military installations, nuclear facilities, 
hospitals, and countless other types of Federal facilities. They are 
routinely exposed to toxic substances, biohazards, temperature 
extremes, and stress.

  As a result, firefighters are far more likely to contract heart 
disease, lung disease and cancer than other workers. Indeed, a number 
of scientific studies have found that firefighters have a higher 
incidence of disease overall than the general population. For example, 
a 2006 study conducted by the University of Cincinnati found that 
exposure to soot and toxins creates an increased risk for various 
cancers among firefighters. Further, a 2007 Harvard study found that 
firefighters face a risk of death from heart attack up to 100 times 
higher when involved in fire suppression as compared to non-emergency 
duties.
  It also would not be unprecedented to establish a presumption for 
Federal firefighters. Congress has already extended presumptive 
benefits to various groups, including Peace Corps volunteers, military 
veterans, and public safety officers.
  Outside the Federal Government, 41 States have already enacted 
presumptive disability laws for their municipal firefighters. In Maine, 
for example, the State presumptive benefits law applies to heart, lung, 
and infectious diseases.
  It is fundamentally unfair that firefighters employed by the Federal 
Government are not eligible for disability retirement for the same 
occupational diseases as their municipal counterparts. This disparity 
is especially glaring in instances where Federal firefighters work 
alongside municipal firefighters during mutual aid responses and are 
exposed to the same hazardous conditions, as was the case in the 
response to Hurricane Katrina.
  If the Federal Government wants to be able to recruit and retain 
qualified firefighters, it must be able to offer a benefits package 
that is competitive with the municipal sector, including having 
occupational illness covered by worker's compensation.
  This legislation is supported by many of the fire service groups, 
such as the International Association of Firefighters, the 
International Association of Fire Chiefs, the National Volunteer Fire 
Council, the National Fire Protection Association, and the 
Congressional Fire Services Institute.
   The Federal Firefighters Fairness Act is a straightforward matter of 
equity and sound policy. I believe this bill merits the support of 
every Senator, and I am proud to be an original cosponsor. It is for 
these and other reasons that I urge my colleagues to support the 
Federal Firefighter Fairness Act of 2009.
                                 ______
                                 
      By Mr. KAUFMAN (for himself, Mr. Isakson, and Mr. Tester):
  S. 605. A bill to require the Securities and Exchange Commission to 
reinstate the uptick rule and effectively regulate abusive short 
selling activities; to the Committee on Banking, Housing, and Urban 
Affairs.
  Mr. KAUFMAN. Mr. President, the American people have lost literally 
trillions of dollars as a result of the meltdown of our financial 
markets. This is a disaster of monumental and unprecedented 
proportions.
  Think of the retirees who have lost more than half their savings and 
who lie awake at night worrying about how they are going to make it. 
Think of the parents who can no longer afford to send their children to 
the college of their choice or even to college at all. Think of the 
business men and women who will cancel investments or lay off workers 
because they cannot raise capital--hopes crushed, dreams denied, plans 
canceled, opportunities lost.
  We need to restore the strength of the financial markets. We need to 
rebuild the confidence in our economy and in our markets so we can 
restore those losses. We all look forward to the day when wealth and 
employment in America are growing again. There are many things we must 
do to make that happen.
  Foremost, we must rescue, reform, and recapitalize our banking 
system. In the Judiciary Committee, we moved on March 5 to restore 
investor confidence by reporting S. 386, the Fraud and Enforcement 
Recovery Act. Chairman Leahy, Senator Grassley, Senator Schumer, 
Senator Klobuchar, and I pressed this legislation forward because we 
needed to ensure that the Justice Department, the FBI, and other law 
enforcement agencies have the resources they need to find, prosecute, 
and jail those who have committed financial fraud.
  Our markets will flourish again only when investors are confident 
that the market will be held accountable to the law. This is one step 
we must take.
  I am here today to talk about another urgently needed piece of the 
much larger project of restoring confidence in our capital markets: We 
must stop the artificial manipulation of stock prices. We must stop the 
abusive short selling of securities.
  I am convinced that the SEC must restore the uptick rule and issue 
regulations that effectively ban abusive short selling. Abusive short 
selling is tantamount to fraud and market manipulation and must be 
stopped. The uptick rule must be restored now.
  There is a growing consensus that the SEC must move quickly to 
reinstate the uptick rule. Everyone is talking about it. Everyone seems 
to support it. Everyone believes the SEC needs to put on the brakes and 
stop those who dump millions of shares they don't own to drive prices 
down. Abusive short selling amounts to gasoline on the fire for 
distressed stocks and distressed markets. Abusive short selling happens 
when traders and hedge funds sell stock shares they don't have and 
won't be able to deliver.
  Let me make myself clear: The problem isn't short selling itself. 
Short selling can actually enhance market efficiency and provide the 
market with information it needs to set prices at appropriate levels. 
The problem is that under current rules, short sellers are allowed to 
sell stocks they haven't actually borrowed in advance of their short 
sale and with no uptick rule in place as a circuit breaker. This in 
turn frequently means they all too often simply fail to deliver the 
stocks they have supposedly sold. Abusive short sales expose sellers 
and those linked to their short sales to the risk that when settlement 
day arrives, the short seller won't have the necessary shares 
available. That harms the market and market participants, particularly 
when failure to deliver persists for substantial periods as statistics 
show they clearly have.
  We have the opportunity to have the SEC become a can-do agency once 
more. Under the leadership of Chairwoman Shapiro, the SEC needs to move 
at a pace to protect investors and restore investor confidence.
  I believe the SEC must impose at least two important changes. It must 
reestablish the uptick rule and it must establish a mandatory, 
marketwide, pre-borrow requirement to sell shares short.
  As for the uptick rule, that rule held us in good stead for 70 years. 
It was first established in 1938 and the SEC eliminated it in July 
2007. In my view--and I am not alone--it should never have been 
repealed. The uptick rule is especially helpful when the market is 
falling. It simply requires short sellers to take a breath and wait for 
an increase in price before continuing to sell shares short. 
Establishing a mandatory, marketwide pre-borrow requirement would 
simply require short sellers to demonstrate at the time of the sale 
that they have a legally enforceable right to deliver the shares of 
stock at the required delivery date. To permit short sellers to sell 
shares they

[[Page S3121]]

don't have turns our capital markets into gambling casinos where these 
``naked'' short sellers profit if the price goes down and fail to 
deliver if the price doesn't. The time has come for that practice to 
stop.
  I wrote to the SEC Chair Mary Shapiro on March 3 making these same 
points. I understand she testified before the Banking Committee in 
February and that she intends, as quickly as possible, to engage in a 
full review of the SEC's actions with respect to short selling, 
including an evaluation of why the uptick rule should be reinstated. I 
also understand the SEC is scheduled to meet soon to discuss ways to 
reform short selling practices.
  We need quick action to restore investor confidence. That is why I, 
along with Senator Isakson of Georgia, am introducing a bill today that 
would direct the SEC to write regulations addressing abusive short 
sales. We believe that restoring the uptick rule is necessary, but not 
sufficient, to end abusive short selling.
  Our bipartisan bill would direct the SEC to write regulations within 
60 days that accomplish five things to end the abusive short selling. 
One: Reinstate the substance of that portion of its prior regulations 
that prohibited short sales that are not made on an increase in the 
price of the stock. This prevents short sellers from piling on 
declining stock, driving prices down.
  Two: Require trades by short sellers of securities to yield priority 
and preference to transactions effected by long sellers of securities. 
This would require exchanges and other trading venues to execute the 
trades of long sellers instead of short sellers, all other things being 
equal.
  Third: With the concurrence of the Secretary of the Treasury and the 
Chairman of the Board of Governors of the Federal Reserve System, 
prohibit short sales of the securities of any financial institution 
unless the trade is effected at a price, in minimum lots specified by 
the Commission, at least 5 cents higher than the immediately preceding 
transaction in such securities. Our financial sector and financial 
stocks are in a fragile state and our taxpayers now hold substantial 
shares in many institutions. If the Treasury and the Fed believe they 
need additional protection in these times, this legislation permits it.
  Four: Prohibit any person from selling securities short unless that 
person has at the time of the short sale a demonstrable legally 
enforceable right to deliver the securities at the required delivery 
date. Under current law, many short sellers fail to deliver. We must 
tighten up the rules.
  Five: Require that all short sales settle in the same timeframe 
employed for long sales of the same securities. There is no reason 
short sellers should have 13 days to deliver shares when long sellers 
have only 3 days.
  I look forward to hearing from Chair Shapiro soon about the 
conclusions of her review and the actions the SEC intends to take to 
stop these harmful activities that are preventing our markets from 
returning to a sound footing. In the meantime, Senator Isakson and I 
believe the Senate should move forward with this legislation directing 
the SEC to take action now. In the end, I hope the SEC will move 
quickly on its own to take these actions urgently, and now.
  Mr. President, I yield the floor.
  The PRESIDING OFFICER. The Senator from Georgia.
  Mr. ISAKSON. Mr. President, I rise first to commend the distinguished 
Senator from Delaware, Mr. Kaufman, on a very appropriate bill at a 
very appropriate time in our country. I am proud to be an original 
cosponsor of this legislation.
  History teaches us good lessons and, as the Senator said, for 70 
years, until July of 2007, the uptick rule served the American 
investor, the American banking industry, and the traders of America 
well, because it protected it from a very dangerous thing happening 
which happened beginning in September of last year. Everybody in this 
room will remember the markets of last fall. What happened is we hit 
some unsettling times. We in fact passed the TARP stabilization bill. 
The markets began to climb. I e-mailed Chris Cox, who was the then-
Chair of the SEC, the position Mrs. Shapiro now holds. I sent him an e-
mail begging him to please reinstate the uptick rule. They took a brief 
look at it, suspended it for a few days, and then let it stay. What 
happened was hedge funds and other traders coming in to cash in were 
taking the downward spiral of stocks and banks and financial 
institutions in the country and making money off the demise and the 
decline of those stocks, all because there was no protection so that 
they couldn't feed off a downward spiral. The uptick rule, as well 
explained by the Senator from Delaware, simply provides a cushion to 
discourage those who would exploit a dangerous and difficult market and 
make money at the expense of the American people.
  Senator Kaufman has introduced a piece of legislation that is right 
for America, it is right for America's investors, and it is right for 
our stock market as it still languishes today somewhere down near what 
we hope is the bottom. One way to ensure that bottom exists is to stop 
rewarding those who would feed off of it and instead reinstate good 
discipline that ensures good practices and allows the market to restore 
itself back to a good equilibrium.
  I commend Senator Kaufman on the introduction of the legislation. I 
am honored that he asked me to cosponsor it and I am proud to do so. I 
hope the Senate will expeditiously deal with it, not in the interests 
of Senator Kaufman or myself, but in the interests of the American 
people who are looking to us for answers in difficult times.
  Mr. KAUFMAN. Mr. President, I am honored to have the Senator from 
Georgia join me. The uptick rule and short selling is not a partisan 
issue; it is a bipartisan issue. We can work together to get this 
right.
  It is time to send a clear message to investors, to people who want 
to invest in our markets, that the markets are fair and they have an 
opportunity and they are going to get a chance at a level playing 
field.
  Mr. President, I ask unanimous consent that the text of the bill be 
printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                 S. 605

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. REINSTATEMENT REQUIRED.

       Not later than 60 days after the date of enactment of this 
     Act, the Securities and Exchange Commission (in this Act 
     referred to as the ``Commission'') shall--
       (1) reinstate the substance of that portion of the 
     regulations in effect on July 5, 2007, that prohibited short 
     sales not effected on a plus tick;
       (2) rescind rule 201 of regulation SHO, at section 242.201 
     of title 17, Code of Federal Regulations, as in effect on the 
     date of enactment of this Act;
       (3) require trades by short sellers of securities to yield 
     priority and preference to transactions effected by long 
     sellers of securities;
       (4) with the concurrence of the Secretary of the Treasury 
     and the Chairman of the Board of Governors of the Federal 
     Reserve System, prohibit short sales of the securities of any 
     financial institution, unless that trade is effected at a 
     price (in minimum lots, as specified by the Commission) that 
     is at least 5 cents higher than the immediately preceding 
     transaction in such securities;
       (5) adopt such rules and regulations, consistent with 
     paragraphs (1) through (4), as necessary to prohibit any 
     person from engaging in any conduct that artificially would 
     create a plus tick or satisfy the price requirements set 
     forth in the short sales regulations of the Commission; and
       (6) take such other actions as may be necessary or 
     appropriate to make the regulation of short sales by the 
     Commission consistent with the requirements of this Act.

     SEC. 2. MANDATORY SETTLEMENT PREPAREDNESS REQUIREMENT.

       Not later than 60 days after the date of enactment of this 
     Act, the Commission shall issue regulations prohibiting any 
     person from selling securities short, unless that person 
     demonstrates, at the time of the sale, that such person 
     possesses, at the time of the sale, a demonstrable, legally 
     enforceable right to deliver the securities at the required 
     delivery date.

     SEC. 3. MANDATORY SETTLEMENT TIMES FOR SHORT SALES.

       Not later than 60 days after the date of enactment of this 
     Act, the Commission shall issue regulations to require that 
     all short sales settle on the same time frame employed for 
     long sales of the same securities.

                          ____________________