[Congressional Record Volume 155, Number 48 (Thursday, March 19, 2009)]
[Senate]
[Page S3536]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  UNANIMOUS CONSENT REQUEST--H.R. 1586

  Mr. REID. Mr. President, I ask unanimous consent that the Senate 
proceed to the consideration of H.R. 1586, an act to impose an 
additional tax on bonuses received from certain TARP recipients, just 
received from the House and at the desk; that the Baucus-Grassley 
amendment, which is the text of S. 651, which was introduced today by 
Senators Baucus, Grassley, and others, be considered and agreed to, the 
motions to reconsider be laid upon the table, the bill, as amended, be 
read three times, passed, and the motion to reconsider be laid on the 
table.
  The PRESIDING OFFICER. Is there objection?
  Mr. KYL. Mr. President, reserving the right to object, I don't 
believe Congress should rush to pass yet another piece of hastily 
crafted legislation in this very toxic atmosphere, at least without 
understanding the facts and the potential unintended consequences. 
Frankly, I think that is how we got into the current mess.
  As the chairman of the Finance Committee said last week:

       Frankly it was such a rush--we're talking about the 
     stimulus bill now--to get it passed, I didn't have time and 
     other conferees didn't have time to address the provisions 
     that were modified significantly.

  I don't know what is in this legislation. Nobody else knows what is 
in this legislation. There have been no hearings. It seems to me the 
Banking Committee should have a hearing. The Finance Committee should 
have a hearing. Obviously, any tax legislation should be vetted through 
the Finance Committee. I am a member of that committee. We haven't had 
any meetings to talk about this. Other Senators need time to consider 
the bill and offer amendments through the regular order through the 
committee process. More importantly, because of the public interest, 
the public ought to have the right to review this legislation to make 
sure it doesn't have any additional loopholes or unintended 
consequences.
  The Baucus bill, as I understand it, is retroactive, not something we 
ordinarily do with tax policy. It seems to me we ought to have these 
hearings before we let this legislation come to the body. Therefore, I 
object.
  The PRESIDING OFFICER. Objection is heard.
  Mr. REID. Mr. President, before my friend leaves, I appreciate the 
statement of my friend from Arizona. At least he is willing to look at 
it and study it, and I appreciate that very much. The Republican leader 
in the House, of course, was opposed to it, so we are glad the 
Republican assistant leader, the Republican whip, as a member of the 
Finance Committee, will look at it. The bill has been filed on our side 
and, hopefully, we can work toward getting something done. I appreciate 
the statement of the Senator from Arizona.
  I note the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The assistant legislative clerk proceeded to call the roll.
  The PRESIDING OFFICER. The Senator from Delaware.
  Mr. KAUFMAN. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  Mr. KAUFMAN. Mr. President, I ask unanimous consent to proceed as in 
morning business.
  The PRESIDING OFFICER. Without objection, it is so ordered.

                          ____________________