[Congressional Record Volume 157, Number 177 (Friday, November 18, 2011)]
[Senate]
[Pages S7831-S7835]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
STATEMENTS ON INTRODUCED BILLS AND JOINT RESOLUTIONS
By Mr. REED (for himself and Mr. Grassley):
S. 1907. A bill to promote transparency by permitting the Public
Company Accounting Oversight Board to allow its disciplinary
proceedings to be open to the public, and for other purposes; to the
Committee on Banking, Housing, and Urban Affairs.
Mr. REED. Mr. President, today I am introducing the PCAOB Enforcement
Transparency Act of 2011 along with Senator Grassley.
One of the largest securities frauds in history began unraveling in
August 2001 when an Enron vice president expressed her concern that the
company might ``implode under a series of accounting scandals.'' Enron
disclosed a few months later that its historical financial statements
were not accurate. A subsequent restatement revealed over that $500
million in losses had gone unreported. Several other large corporate
frauds followed shortly thereafter. For instance, in June 2002,
WorldCom admitted that it had misrepresented its profitability to
investors.
The Senate Committee on Banking, Housing, and Urban Affairs conducted
a series of hearings on the issues that were raised by the revelations
of Enron and other public companies. The hearings produced a remarkable
consensus on a number of underlying causes, including weak corporate
governance, a lack of accountability, and inadequate oversight of
accountants charged with auditing a public company's financial
statements.
In order to address the gaps and structural weaknesses revealed by
the investigation and hearings, Congress passed the Sarbanes-Oxley Act
of 2002. The Senate passed this legislation on a 99 to 0 vote.
The Sarbanes-Oxley Act ensured that corporate officers were directly
accountable for their financial reporting and for the quality of their
financial statements. The new law also created a strong, independent
board to oversee the conduct of the auditors of public companies, the
Public Company Accounting Oversight Board, PCAOB or Board.
The board is responsible for overseeing auditors of public companies
in order to protect investors and further the preparation of
informative, accurate, and independent audit reports on the financial
statements of public companies. The board operates under the oversight
of the U.S. Securities and Exchange Commission, SEC.
The PCAOB is responsible for setting auditing standards for auditors
of public companies, for examining the quality of audits performed by
public company auditors, and where necessary, for imposing disciplinary
sanctions on registered auditors and auditing firms. The PCAOB oversees
more than 2,400 registered auditing firms, as well as the thousands of
audit partners and staff who contribute to a firm's work on each audit.
The board's ability to commence proceedings to determine whether
there have been violations of its auditing standards or rules of
professional practice is an important component of its oversight. In
order to determine whether to institute a proceeding, the board's
enforcement staff conducts a nonpublic investigation and makes a
recommendation to the five-member board.
However, unlike other oversight bodies, such as the SEC, the U.S.
Department of Labor, the Federal Deposit Insurance Corporation, FDIC,
the U.S. Commodity Futures Trading Commission, CFTC, the Financial
Industry Regulatory Authority, FINRA, and others, the Board's
disciplinary proceedings are not allowed to be public.
Unfortunately, over the last several years, bad actors have been
taking advantage of this lack of transparency. In April 2011, the
Subcommittee on Securities, Insurance, and Investment, which I chair,
considered the issue of enhancing the PCAOB's effectiveness by
permitting the Board to disclose information about its enforcement
proceedings. PCAOB Chairman James Doty noted that the ``secrecy has a
variety of unfortunate consequences'' and
[[Page S7832]]
this ``state of affairs is not good for investors, for the auditing
profession, or for the public at large.''
In one example, an accounting firm that was subject to a disciplinary
proceeding continued to issue no fewer than 29 additional audit reports
on public companies without any of those companies knowing about the
PCAOB proceedings. Those public companies and their investors were
completely in the dark about the board's decision to both institute
disciplinary proceedings and about the progress of those proceedings.
The auditor knew about the proceedings, but the investors and public
companies were denied information that was arguably very relevant to
the audit relationship.
There are additional reasons that the proceedings should be open and
transparent. First, the closed proceedings run counter to the public
proceedings of other oversight bodies, as I have already noted. Indeed,
nearly all administrative proceedings brought by the SEC against public
companies, brokers, dealers, investment advisers, and others are open,
public proceedings.
The PCAOB's secret proceedings are not only shielded from the public,
but from Congress as well. The public and Congress have a role in
ensuring that not just auditors are held to account, but also that the
PCAOB is held to account as well for its oversight of the auditors and
audit firms.
Second, the incentive to litigate cases in order to continue to
shield conduct from the public as long as possible frustrates the
process and requires the expenditure of needless resources by both
litigants and the PCAOB. In April, Chairman Doty, who testified before
the Subcommittee on Securities, Insurance, and Investment, noted that
``the fact that PCAOB disciplinary proceedings are required to be
secret creates a considerable incentive to litigate.''
Third, a recent academic study noted that the public nature of SEC's
proceedings against companies result in good results. ``Observing a
public SEC enforcement action in its industry against a target firm is
likely to increase a peer firm's knowledge about SEC activity and cause
it to revise upward its subjective probability of attracting such an
action against itself.'' In effect, the study noted that this may serve
as a deterrent to misconduct because of a perceived increase in
``getting caught.'' Accordingly, the audit industry would also benefit
from timely, public, and non-secret enforcement proceedings.
Our bill will make hearings by the PCAOB, and all related notices,
orders, and motions, open and available to the public unless otherwise
ordered by the board. The board procedure would then be similar to the
SEC's Rules of Practice for similar matters, where hearings and related
notices, orders, and motions are open and available to the public.
We need to ensure public proceedings to better protect and serve
companies and investors. I hope our colleagues will join Senator
Grassley and me in taking the legislative steps necessary to enhance
transparency in the PCAOB's enforcement process.
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. 1907
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 ``PCAOB Enforcement
Transparency Act of 2011''.
SEC. 2. OPEN MEETINGS AUTHORIZED.
Section 105(c)(2) of the Sarbanes-Oxley Act of 2002 (15
U.S.C. 7215(c)(2)) is amended to read as follows:
``(2) Public hearings.--Hearings under this section shall
be open to the public, unless the Board, on its own motion or
after considering the motion of a party, orders otherwise.''.
SEC. 3. PUBLICATION OF DETERMINATIONS.
Section 105(d)(1)(C) of the Sarbanes-Oxley Act of 2002 (15
U.S.C. 7215(d)(1)(C)) is amended by striking ``(once any stay
on the imposition of such sanction has been lifted)''.
______
By Mr. ENZI:
S. 1909. A bill to amend title 31, United States Code, to provide for
the issuance of Buy Back America Bonds; to the Committee on Finance.
Mr. ENZI. I rise today to introduce my Buy Back America Bonds bill,
S. 1909. This bill will not only help raise awareness of our Nation's
debt crisis, but it will also give every American the chance to be a
part of the solution to fix our country's fiscal dilemma. My bill will
allow Americans to invest in this incredible country and bring foreign-
held U.S. debt back to American hands while at the same time reducing
Federal Government spending. But before I talk about where my bill is
going, I want to explain where I am coming from.
In World War II, war bonds were sold to help pay for our Nation's
national defense and reduce the amount of debt incurred. People from
all kinds of backgrounds saved toward purchasing war bonds, often with
nickels, dimes, and quarters. On the job, people deducted the cost of
war bonds from their meager paychecks. Families invested in war bonds
and saved for the future. During World War II, President Roosevelt even
asked the Boy Scouts of America to sell war bonds, and they did. Boy
Scouts and Girl Scouts worked with their packs and troops to sell bonds
to their neighbors and communities. In other words, all across the
country, folks of all walks and types were working together for one
collective goal--to do their part for the country's war effort. Men,
women, and children were selling and purchasing these war bonds, all in
the name of lending a hand to our fellow countrymen and to pay for the
costs of war.
I was born during World War II. When I was born, my parents bought me
a war bond. I still have that $20 bond today. Not cashing it was my
first gift to my country, and it is also a keepsake to me.
In 1941, when savings bonds were retitled as ``war bonds'' in the
terrible and devastating aftermath of Pearl Harbor, the United States
rallied as a collective nation in support of the war and war bond
effort. At the time, though, the average American only earned about
$2,000 a year. Despite these hardships and tough times, 134 million
Americans were called on to be part of the war bond effort, and more
than half of the U.S. population--85 million people--responded to the
patriotic call to participate.
The Scouts raised money and personally donated their own funds 10
cents at a time in the form of stamps that could be pasted into a war
bond booklet. When war bond books were complete, they could be taken to
the local bank, and sometimes even the local post office, to purchase
bonds. One innovative group even created a promotional cardboard with
slots for 75 quarters that had to be filled before it could be redeemed
for a bond.
Showing his leadership and dedication to the effort, President
Franklin Delano Roosevelt purchased the very first war bond issued. In
part of President Roosevelt's April 30, 1941, radio address to the
American people, he said:
One thought is uppermost in my mind as I make grateful
acknowledgment of this dual honor. It is that in reserving
the first Defense Savings Bond and the first Defense Postal
Savings Stamps in the name of the President, the Secretary of
the Treasury and the Postmaster General have given emphasis
to the national character of this defense savings campaign.
This character of the campaign is national in the best sense
of the word, for it is going to reach down, we hope, to the
individual and the family in every community and on every
farm, in every State and every possession of the United
States.
The President goes on to say:
It is national and it is homey at the same time. For
example, I am buying not one stamp but ten stamps each to go
into a little book for each of my ten grandchildren. And the
first savings bond is being made out in the name of Mrs.
Roosevelt as beneficiary.
It is fitting that the President in his purchases should be
a sort of a symbol of the determination of all the people to
save and sacrifice in defense of democracy. In a larger
sense, this first defense bond and these first defense stamps
sold to the President constitute tangible evidence of a
partnership--a partnership between all of the people and
their Government--entered into to safeguard and perpetuate
all of those precious freedoms which Government guarantees.
In this time of national peril, what we all must realize is
that the United States Government is you and I and all other
families next door all the way across the country and back
again. It is one great partnership.
That ends the quote from President Roosevelt.
The President concluded his address by asking his fellow Americans to
demonstrate their faith in America by investing in the new defense
bonds and stamps.
[[Page S7833]]
I remember as a child bringing dimes to school so that I could
purchase a stamp for my savings bond book--one stamp at a time, saving
toward the price of a full savings bond. I remember vividly that the
bond was a lofty $18.75. When I got my book filled, we could go down to
the bank so that I could finally trade for my bond--that piece of paper
showing that I had done my small part to help in the effort and make
this country better. Kids of my generation learned the value of saving
and helping their country through the savings bond program.
Today, I rise to speak about a different sort of fight, and yet, at
the same time, this fight is one that is no less serious than the one I
remember as a child. Today, our Nation is struggling to fight a growing
spending problem and a debt crisis. Debt is our problem now.
It is time to get all of America involved, not with a promise of
wealth but with a sense of investing in our country, of buying America
back, pulling us back from the brink of bankruptcy to other countries.
The national debt stands at $15 trillion, which breaks down to nearly
$48,000 for every person in our entire country. These figures are a
frightening reminder that we cannot continue to put off the tough
choices and that we must restore the fiscal discipline to the Federal
Government.
This is a tough fight that has to be tackled on all fronts. Today I
am proposing a step in the right direction and calling upon Americans
for support of this effort. I am proposing that we bring American debt
back to American hands. I am introducing the Buy Back America Bonds, S.
1909. My bill would buy back American bonds to American citizens in
affordable $25 increments so every American can afford to invest and do
their part. The Treasury would then use the funds from these bonds to
begin paying down the $4.4 trillion in foreign-held U.S. debt.
Investing in Buy Back America Bonds would allow Americans to show their
patriotism and faith in this great Nation.
Unlike the war bonds of my childhood, Buy Back America Bonds would
create a new series of savings bonds which are indexed for inflation as
well as earning a fixed interest rate. By tying Buy Back America Bonds
to inflation, we ensure the buying power of consumers' investments
remains the same while also earning them additional interest. These
could be called Gold Standard Bonds.
Those are two ways the Buy Back America Bonds would earn and keep
their value for investors in addition to their patriotic and symbolic
investment. These are not going to be barn-burner investments, but they
will help our Nation not only pay down our debt but pay down the amount
of debt owed to foreign nations.
What makes this bill particularly special is that for every bond
purchased, citizens are also helping the Federal Government to reduce
spending. Every year after the first year the amount of Buy Back
America Bonds sold would be tallied and that exact amount would then be
cut from Federal spending the following year.
I stand before you to explain not only where I am coming from with my
Buy Back America Bonds but also why our Nation needs a collective
effort to rally around to make steps toward a more responsible Federal
budget and getting our national debt under control. Investing in
America and bringing foreign-held debt back to American hands is where
I propose to start. I ask my colleagues and the American people to help
me be an integral part of the debt crisis solution.
Not only am I a father, I am a grandfather, and I want to be the
first to purchase Buy Back America Bonds for my four grandchildren. I
want my grandchildren and yours to have every opportunity for a great
quality of life, to know the meaning of faith and investment in a
prosperous United States. I am doing everything I can to ensure that
happens. That means proposing solutions to problems and working to get
my colleagues on board.
So I rise and ask for the support of my colleagues for this great
effort and support for S. 1909, my Buy Back America Bonds bill. What
President Roosevelt said then is equally true now:
In this time of national peril we must realize the U.S.
Government is you and I, and all other families next door all
the way across the country and back again. It is one great
partnership.
Working together we can solve all of this. We need to solve all of
this. We need to start solving it right now and this is one way to do
it.
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. 1909
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. BUY BACK AMERICA BONDS.
(a) In General.--Subchapter I of chapter 31 of subtitle III
of title 31, United States Code, is amended by inserting
after section 3105 the following new section:
``Sec. 3105a. Buy Back America Bonds
``(a) The Secretary shall establish and administer a new
series of United States savings bonds, to be known as`Buy
Back America Bonds'. Proceeds from the bonds shall be used
first solely to reduce the amount of foreign-held public
debt, and then to reduce other public debt.
``(b) A Buy Back America Bond shall be subject to such
terms and conditions of issue, conversion, redemption, and
maturation as the Secretary may prescribe, except that a Buy
Back America Bond shall not mature, and may not be redeemed
by the holder, earlier than 10 years from the date of issue
and shall mature not more than 20 years from the date of
issue. Interest on a Buy Back America Bond whenever paid
shall not be includible in gross income under the Internal
Revenue Code of 1986.
``(c) Buy Back America Bonds shall be issued at face value
and in denominations of not less than $25.
``(d) The redemption value of a Buy Back America Bond shall
be determined as the Secretary shall provide--
``(1) at a fixed interest rate equal to the rate applicable
to a Series I savings bond for the rate period during which
the Buy Back America Bond is purchased, and
``(2) for purposes of calculating yearly interest, by
increasing the purchase price of such Buy Back America Bond
in each calendar year after the year of purchase by an amount
equal to--
``(A) such purchase price, multiplied by
``(B) the cost-of-living adjustment determined under
section 1(f)(3) of the Internal Revenue Code of 1986 for such
calendar year, determined by substituting the calendar year
in which such bond was purchased for `1992' in subparagraph
(B) thereof.
``(e) If during any fiscal year during which any Buy Back
America Bond is outstanding--
``(1) the Federal budget deficit for such fiscal year is
less than the amount equal to 3 percent of gross domestic
product (as most recently computed and published by the
Department of Commerce); and
``(2) the public debt is less than the amount equal to 10
percent of gross domestic product (as so computed and
published);
then any such bond may be redeemed without regard to
subsection (b).
``(f) A Buy Back America Bond may only be held by--
``(1) a citizen or resident of the United States;
``(2) a domestic partnership, or domestic corporation, not
more than 1 percent of the ownership interest of which is
held (directly or indirectly) by a person who is not a United
State person (as defined in section 7701(a)(30) of the
Internal Revenue Code of 1986); or
``(3) an estate or trust which is a United States person
(as so defined), unless there is a beneficiary of the trust
who is not a United States person (as so defined),
and may be purchased only by an individual who provides a
valid social security account number (not including a
taxpayer identification number provided by the Internal
Revenue Service).
``(g) A Buy Back America Bond may be transferred as
provided by the Secretary, but only to an individual who has
a valid social security account number (not including a
taxpayer identification number provided by the Internal
Revenue Service).''.
(b) Clerical Amendment.--The table of sections subchapter I
of chapter 31 of subtitle III of title 31, United States
Code, is amended by inserting after section 3105 the
following new item:
``3105. Buy Back America Bonds.''.
SEC. 2. DEFICIT REDUCTION.
(a) Calculation.--The Office of Management and Budget shall
calculate the net deficit reduction resulting from the
implementation of this Act and the sale of Buy Back America
Bonds for the period beginning on the date of the sale of the
first such Buy Back America Bond and ending on the date that
is 1 year after such date.
(b) Adjustment of the Discretionary Caps.--Effective on the
effective date of this Act, the limit for the appropriate
discretionary budget category set forth in section 251(c) and
251A of the Balanced Budget and Emergency Deficit Control Act
of 1985 for the first fiscal year beginning after the date
that is 1 year after the date of the sale of the first Buy
Back America Bond shall be reduced by the amount of the net
deficit reduction calculated pursuant to subsection (a).
[[Page S7834]]
______
By Ms. COLLINS:
S. 1911. A bill to amend the Internal Revenue Code of 1986 to provide
recruitment and retention incentives for volunteer emergency service
workers; to the Committee on Finance.
Ms. COLLINS. Mr. President, I rise today to introduce the Volunteer
Emergency Services Recruitment and Retention Act of 2011. This bill
fixes a long-standing problem with the tax code that harms the ability
of volunteer fire departments to recruit and retain both firefighter
and emergency service personnel.
For years, local and state governments have provided their volunteer
firefighters and EMS personnel with different forms of benefits
including Length of Service Award Plans, commonly known as LOSAPs.
These are pension-like benefits for volunteer emergency responders.
Unfortunately, the way the tax code handles LOSAPs hinders
departments' abilities to administer the plans and makes it more
difficult for volunteer emergency personnel to receive the benefits.
My bill would simplify the taxation of LOSAPs in two steps. First, it
would allow LOSAPs to be elected as deferred compensation plans, and
second, it would exempt them from the Employee Retirement Income
Security Act of 1974. This bill makes these necessary changes, which
will improve access to LOSAP benefits for volunteer emergency
responders, without increasing federal spending.
Today, an estimated 180,000 volunteer firefighters across 27 states
participate in some form of LOSAP. Many states that do not offer these
benefits would be more likely to do so if the federal tax code were
simplified. This, in turn, would help volunteer fire departments to
more easily recruit and retain personnel. These men and women our local
first responders--are the foundation of our emergency response
capabilities.
These volunteers put their lives on the line to help protect our
communities, and their spirit of selflessness and service should be
rewarded. I am proud to introduce this legislation with Senators
Schumer and Blumenthal, and I look forward to working with my
colleagues to pass this bill through the Senate and into law.
Mr. President, I would ask for unanimous consent that a letter of
support be printed in the Record.
There being no objection, the material was ordered to be printed in
the Record, as follows:
Maine Fire Chiefs' Association,
Augusta Maine, November 8, 2011.
Re ``Volunteer Emergency Services Recruitment and Retention
Act of 2011.''
Hon. Susan M. Collins,
Dirksen Senate Office Building,
Washington, DC.
Dear Senator Collins The Maine Fire Chiefs' Association is
a 425 member organization that represents fire and EMS
services in every county in the State of Maine. The Maine
Fire Chiefs' Association is charged with regularly advising
the Legislature and the Governor and providing
recommendations regarding necessary changes to Maine's fire
service system. The Maine Fire Chiefs' Association represents
numerous fire and emergency service interests in Maine.
Members of the Maine Fire Chiefs' Association represent
fulltime, call and volunteer firefighters.
The recruitment and retention of experienced emergency
responders is a priority of the Maine Fire Chiefs'
Association and Maine's fire service. The majority of Maine's
fire departments rely on call and/or volunteer firefighters
and the recruitment and retention of these crucial volunteers
is the number one issue facing the volunteer fire service
today. Length of Service Award Programs (LOSAPs)--pension-
like programs for volunteer emergency responders--are
effective recruitment and retention tools and are quite
popular among the volunteer fire service.
In 2009, the Maine Fire Chiefs' Association proposed the
following legislation--L.D. 1499 ``An Act To Establish the
Maine Fire Protection Services Commission Length of Service
Award Program''--offering a LOSAP to emergency responders in
Maine. Although there was support for the bill's concept
during the public hearing process, members of the Criminal
Justice and Public Safety Committee cited the potential
problems associated with the present federal tax laws--
specifically that the Internal Revenue Code, Section 457,
does not include LOSAPs--and L.D. 1499 ultimately was not
passed. Federal legislation--H.R. 1792--was proposed in the
111th Congress but was not passed before adjournment. H.R.
376 ``Volunteer Emergency Services Recruitment and Retention
Act of 2011'' was submitted earlier this year in the House of
Representatives and sponsorship of similar legislation in the
Senate is anticipated.
The Maine Fire Chiefs' Association respectfully requests
your sponsorship of this important legislation for emergency
responders. Length of service award programs are important
recruitment and retention tools for communities who primarily
rely on volunteers. By clarifying the tax treatment of
LOSAPs, local communities will find it easier to establish
and administer these programs. H.R. 376 would not create new
LOSAPS, place additional requirements on existing LOSAPs or
require communities to provide LOSAPs to their volunteer
emergency responders. LOSAPs would create incentives for
firefighters to remain in the fire service and encourage new
members to join the fire service. The Maine Fire Chiefs'
Association joins the Fire Commission, the Maine State
Federation of Firefighters, and many Maine fire departments
in thanking you for similar senate sponsorship.
The Maine Fire Chiefs' Association thanks you for your
strong support of the fire service and consideration of this
important issue. We welcome the opportunity to discuss this
proposal and other fire service issues at your convenience,
Respectfully,
Chief Stephen Nichols,
President,
Maine Fire Chiefs' Association.
______
By Ms. SNOWE (for herself, Mr. Bingaman, and Mrs. Feinstein):
S. 1914. A bill to amend the Internal ``Revenue Code of 1986 to
provide a credit for performance based home energy improvements, and
for other purposes; to the Committee on Finance.
Ms. SNOWE. Mr. President, I rise to speak about bipartisan
legislation I am introducing today, the Cut Energy Bills at Home Act,
which would provide a 30 percent tax credit for Americans to cut their
energy bills, and catalyze our construction industry, reduce pollution,
and seize the opportunity in residential energy efficiency to secure
America's energy future. With heating oil prices at $3.94 nationally
for home heating oil, a record for this time of year, this legislation
is a timely method to address what may be the most expensive heating
season in history.
I am pleased to have developed this bill with Senators Bingaman and
Feinstein, two longtime leaders on energy efficiency, and look forward
to discussing this bill with my colleagues on the Senate Finance
Committee. The Cut Energy Bills at Home Act recognizes the sea-change
that has occurred in the energy efficiency industry and tries to ensure
that middle-class Americans can harness these technological strides in
their own lives.
Specifically, not only have windows, insulation, and boilers become
more advanced to reduce energy consumption, but our contractors who
perform this work have developed sophisticated practices to
holistically improve a home's energy consumption.
In the past, homeowners would simply place insulation in the attic to
contain heat, now companies are using infared thermography to identify
temperature differences in a house, a blower door test to measure
airflow leaks, to replace windows, doors, and insulation that will
maximize the cost-effectiveness of home energy efficiency improvements.
Today, we are on the cusp of a milestone turn in the energy
efficiency industry--one with benefits for homeowners unimaginable even
just five years ago. To spur early adoption of these advances and to
ensure that cost is not prohibitive, our bill provides a 30 percent tax
credit up to $5,000 to assist homeowners who make an investment that
will reduce energy costs for not only this winter, but for future years
to come.
For example, under this bill if a homeowner invests in energy
efficiency that will reduce heating oil consumption from 1,000 gallons
of home heating oil to 800 gallons, a 20 percent improvement, the
individual may claim 30 percent of the cost of the improvements as a
tax credit up to $2,000.
In 2009, New England consumed 3.4 billion gallons of home heating
oil, which is approximately $13 billion that households spent simply to
keep warm. A 20 percent reduction in this figure would yield a savings
of $2.6 billion for households in New England. Energy efficiency can
provide a critical tool to reduce this amount and allow households to
invest in food, medicine, and the American economy. I urge my
colleagues to support me in passing this legislation into law.
[[Page S7835]]
____________________