[Congressional Record Volume 156, Number 57 (Wednesday, April 21, 2010)]
[Senate]
[Pages S2497-S2498]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                              Derivatives

  Mr. BROWN of Ohio. I know the Democrats are a bit shorter than that 
in time. If a Republican comes, I will yield the floor more quickly if 
they ask.
  I only have a couple of things I want to say. I just came earlier 
from the Agriculture Committee meeting where we passed legislation, 
bipartisanly, to regulate derivatives. It was a major step in financial 
reform. The discussion was vigorous, the discussion was not 
contentious, but there was a good bit of disagreement. But in the end, 
the committee voted bipartisanly for stronger derivative legislation. 
It will provide financial stability by requiring banks to put capital 
behind their trades. It will use transparency and accountability to 
prevent Wall Street banks from taking advantage of their business 
customers. It will reduce speculation that fuels bubbles in markets 
such as natural gas and mortgages.
  We understand derivatives can be used responsibly by businesses to 
hedge commercial risk. But commercial businesses make up a relatively 
small part of the derivatives business. It used to make up a much 
larger part. A lot of the synthetics, CDOs, and other derivatives have 
become way more commonplace and, parenthetically but importantly, put 
us in the position that we are in as a nation in our economy.
  I commend Senator Lincoln for her advocacy and leadership in voting 
out a strong derivatives regulation. The reason this is so important is 
we know what happened because of Wall Street excess. What happened is 
some homeowners in Bryan, OH, lost their homes. We know that retirees 
in Ravenna, OH, lost a good bit of their wealth. We know that workers 
in Dayton, OH, lost their jobs. That is repeated in Charlotte, and 
Raleigh, and Asheville, NC. It is true in Marietta and Cleveland and 
Bedford, OH, that because of Wall Street excesses, too many people lost 
their homes, lost their wealth, lost their retirement, lost their jobs.
  This legislation today, coupled with Senator Dodd's legislation 
coming out of Banking, was bipartisanly passed. It will move us in the 
right direction. It was bipartisan but not a compromise of Wall Street. 
When bipartisanship means bring Wall Street to the table to write the 
legislation, that is not what the American people want. What 
bipartisanship means is that our committee writes strong language and 
Republicans and Democrats, at least one Republican and Democrats, come 
together. That is what we ought to do. That is the direction we should 
go. That is what responsible governing is all about.
  I yield the floor and suggest the absence of a quorum.
  The ACTING PRESIDENT pro tempore. The clerk will call the roll.
  The bill clerk proceeded to call the roll.
  Mr. BARRASSO. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The ACTING PRESIDENT pro tempore. Without objection, it is so 
ordered.
  The question is, Will the Senate advise and consent to the nomination 
of Christopher H. Schroeder, of North Carolina, to be an Assistant 
Attorney General?
  Mr. BARRASSO. Mr. President, I ask for the yeas and nays.
  The ACTING PRESIDENT pro tempore. 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 West Virginia (Mr. Byrd) 
is necessarily absent.
  Mr. KYL. The following Senators are necessarily absent: the Senator 
from Tennessee (Mr. Alexander), the Senator from Utah (Mr. Bennett), 
and the Senator from Nebraska (Mr. Johanns).
  Further, if present and voting, the Senator from Tennessee (Mr. 
Alexander) would have voted ``yea.''
  The ACTING PRESIDENT pro tempore. Are there any other Senators in the 
Chamber desiring to vote?
  The result was announced--yeas 72, nays 24, as follows:

                      [Rollcall Vote No. 121 Ex.]

                                YEAS--72

     Akaka
     Baucus
     Bayh
     Begich
     Bennet
     Bingaman
     Boxer
     Brown (MA)
     Brown (OH)
     Burris
     Cantwell
     Cardin
     Carper
     Casey
     Collins
     Conrad
     Corker
     Dodd
     Dorgan
     Durbin
     Feingold
     Feinstein
     Franken
     Gillibrand
     Graham
     Grassley
     Hagan
     Harkin
     Hatch
     Inouye
     Johnson
     Kaufman
     Kerry

[[Page S2498]]


     Klobuchar
     Kohl
     Kyl
     Landrieu
     Lautenberg
     Leahy
     LeMieux
     Levin
     Lieberman
     Lincoln
     Lugar
     McCaskill
     Menendez
     Merkley
     Mikulski
     Murkowski
     Murray
     Nelson (NE)
     Nelson (FL)
     Pryor
     Reed
     Reid
     Rockefeller
     Sanders
     Schumer
     Sessions
     Shaheen
     Shelby
     Snowe
     Specter
     Stabenow
     Tester
     Udall (CO)
     Udall (NM)
     Voinovich
     Warner
     Webb
     Whitehouse
     Wyden

                                NAYS--24

     Barrasso
     Bond
     Brownback
     Bunning
     Burr
     Chambliss
     Coburn
     Cochran
     Cornyn
     Crapo
     DeMint
     Ensign
     Enzi
     Gregg
     Hutchison
     Inhofe
     Isakson
     McCain
     McConnell
     Risch
     Roberts
     Thune
     Vitter
     Wicker

                             NOT VOTING--4

     Alexander
     Bennett
     Byrd
     Johanns
  The nomination was confirmed.
  The ACTING PRESIDENT pro tempore. Under the previous order, a motion 
to consider is considered made and laid upon the table.
  The President will be immediately notified of the Senate's action.

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