[Congressional Record Volume 156, Number 64 (Monday, May 3, 2010)]
[Senate]
[Pages S3015-S3016]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




            GULF COAST, NEW YORK CITY, FINANCIAL REGULATION

  Mr. McCONNELL. Mr. President, we are deeply concerned about what is 
going on in gulf coast right now as this massive oil slick spreads even 
further and makes its way toward the coast. The entire Nation is 
bracing itself for the full impact of this disaster, which, as we all 
know, could get far worse.
  Our focus at the moment is on stopping the leak and mitigating the 
damage as quickly as possible, so we will be paying close attention to 
the administration and to local officials on the ground to assist them 
in those efforts as the oil comes ashore. We are all hoping that the 
coordinated efforts of local, State, and Federal officials, along with 
BP workers, will prevent a worst-case scenario.
  No one is ignorant of the impact this spill has already had and could 
potentially have on the environment, the economy of the gulf, or on the 
thousands and thousands of individuals and families whose lives and 
livelihoods are rooted, in some cases for generations, in the fish and 
wildlife that live in these coastal waters. It is heartbreaking to 
think of those who live in this region enduring yet another tragedy, 
but we are inspired by their resilience and by the tireless efforts of 
those engaged in the repair and recovery efforts.
  Tragedies like this are a reminder of the dangers so many Americans 
endure every day in the work of keeping America moving, and of the 
fragility of the environment. Our prayers remain with the families of 
those who were lost in the initial explosion. We will also be keeping 
the repair and recovery workers in our thoughts as we continue to 
monitor the situation. Once the flow has been stopped and help is on 
the way, there will be a full investigation into what went wrong and 
what can be done to prevent anything like this from ever happening 
again.
  Meanwhile, a potential tragedy appears to have been averted over the 
weekend thanks to the vigilance of ordinary citizens and the quick 
response of law enforcement officials in New York City. We were all 
alarmed to learn of the attempted car bombing in Times Square but 
relieved that it failed to go off.
  All of this was a vivid reminder of the continual threats to our 
security and of the need to remain vigilant and to never drop our 
guard. New Yorkers responded to this attempted attack just as we would 
expect them to. Within hours, Times Square was again full of tourists, 
and on Broadway every show went ahead as scheduled on Sunday. So we 
applaud the people of New York and the local and Federal law 
enforcement officials who snapped into gear to disarm the car bomb and 
who continue to investigate this situation.
  Here in the Senate, debate continues on the financial regulatory 
bill. I will just note as we continue this debate that a consensus 
seems to be emerging among the experts and the public about two thing. 
First, it would be deeply irresponsible to rush a piece of legislation 
this far-reaching without fully understanding its potential impact on 
ordinary Americans who had nothing to do with the financial crisis.

[[Page S3016]]

  Second, any bill that comes out of the Senate must actually address 
the core problems that led to the crisis. This should be obvious, but 
the fact is, a lot of people are increasingly concerned that this bill 
could actually miss the mark completely, not just as a result of what 
it does, but as a result of what it fails to do.
  On example is Federal housing policy, as embodied by the government-
sponsored enterprises Fannie Mae and Freddie Mac. In my view, it is 
simply not acceptable for some on the other side to suggest that we 
have to rush this particular bill through Congress, but that it is OK 
to wait another year to address the GSEs, which we all know played a 
central role in the financial crisis.
  So Republicans will work to make sure this bill actually addresses 
the problems at hand, and that in an effort to rein in Wall Street, 
this bill doesn't actually end up hurting those who had nothing to do 
with this crisis.
  I 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. DODD. 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.

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