[Congressional Record Volume 160, Number 85 (Tuesday, June 3, 2014)]
[Senate]
[Pages S3352-S3353]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                            Bowen Nomination

  Ms. STABENOW. I will take just a moment. Our colleague from Louisiana 
was on the floor a while ago referring to one of the nominees we will 
have coming up for a cloture vote in a moment to the Commodities 
Futures Trading Commission, which is so significant.
  I want to correct a few things in the record for my colleagues and 
first remind everyone that Ms. Bowen, who will be the nominee in front 
of us, was unanimously confirmed by the Senate to be a director of the 
Securities Investor Protection Corporation, where she has honorably 
served, after 25 years of representing clients in complex financial 
transactions as a partner of a major international firm.
  The issue that has been raised on the floor relates to a decision 
that was made unanimously by the board she

[[Page S3353]]

chairs that relates to a particular case where there is no question 
that there were citizens who were ripped off in a Ponzi scheme, the 
Stanford Ponzi scheme, in fact.
  The question that came before this board that covers certain kinds of 
losses is whether what happened is something that could be covered 
under this particular entity, the Securities Investor Protection 
Corporation.
  Based on legal advice, outside counsel, and review, the board 
unanimously looked at this and said, unfortunately, due to law--which 
was written by Congress--this particular board could not cover the 
fraud victims in this particular case.
  This subsequently went to the Federal District Court for the District 
of Columbia, which concluded the current law does not authorize SIPC to 
cover these particular fraud victims. This has now gone on to the Court 
of Appeals.
  SIPC and Ms. Bowen have indicated that if the Court of Appeals rules 
in favor of the victims, they are more than happy to include them and 
to reimburse them for the terrible situation they all found themselves 
in. This is a legal question of whether this particular fund is allowed 
to reimburse these particular victims of fraud. There have been over 
9,000 victims who have been reimbursed through this fund in a lot of 
different situations, but it is a legal question.
  The way this has been interpreted by our colleague from Louisiana--
that somehow this is something personal that Ms. Bowen is involved in 
to try to stop these people, these victims, from being able to be 
reimbursed and made whole--is absolutely false. Again, this is an issue 
in the court. If the court rules in favor of those who were victims of 
this Ponzi scheme, then the group, the agency, the Securities Investor 
Protection Corporation, has indicated they will move forward and 
include them under the scope of their responsibility for reimbursement.
  Certainly what happened to people in this situation is terrible. I 
understand their concerns and wanting to find a way to be able to be 
made whole. But this is a legal question that was unanimously decided 
by a board of directors, of which Ms. Bowen is now the chair, it was 
recommended by outside counsel, and it was also something that was 
upheld by the Federal district court. It is now in the Court of 
Appeals. If the Court of Appeals changes and reverses the lower court, 
then they will act accordingly.
  We should not have the situation where a very qualified member and 
nominee for this very important oversight agency, the futures industry, 
would be held responsible or somehow be caught up in the politics. I 
appreciate the legitimate concerns, but to lay those at the feet of 
this woman, at this point, simply is not fair.
  Again, she was, on her qualifications, unanimously confirmed by the 
Senate once already, and I would urge colleagues to join together to 
support moving forward on this nomination with the cloture vote and 
ultimately to support her.
  She has strong support throughout the country, is known for standing 
up for victims, and will play a very important role and be a very 
important voice going forward with the Commodities Futures Trading 
Commission.
  I yield the floor.
  The PRESIDING OFFICER (Ms. Heitkamp). The Senator from Vermont.
  Mr. LEAHY. Madam President, what is the regular order?
  The PRESIDING OFFICER. The time until noon is equally divided on the 
Harper nomination.
  Mr. LEAHY. Has that time expired?
  The PRESIDING OFFICER. The hour of 12 noon having arrived, all 
postcloture time is expired.
  The question is, Will the Senate advise and consent to the nomination 
of Keith M. Harper, of Maryland, for the rank of Ambassador during his 
tenure of service as United States Representative to the U.N. Human 
Rights Council.
  Mr. INHOFE. I ask for the yeas and nays.
  The PRESIDING OFFICER. Is there a sufficient second?
  There appears to be a sufficient second.
  The clerk will call the roll.
  The bill clerk called the roll.
  Mr. DURBIN. I announce that the Senator from New Jersey (Mr. Booker), 
the Senator from Colorado (Mr. Udall), and the Senator from West 
Virginia (Mr. Rockefeller) are necessarily absent.
  Mr. CORNYN. The following Senators are necessarily absent: the 
Senator from Arkansas (Mr. Boozman), the Senator from Mississippi (Mr. 
Cochran), and the Senator from Utah (Mr. Lee).
  Further, if present and voting, the Senator from Arkansas (Mr. 
Boozman) would have voted ``nay.''
  The PRESIDING OFFICER. Are there any other Senators in the Chamber 
desiring to vote?
  The result was announced--yeas 52, nays 42, as follows:

                      [Rollcall Vote No. 165 Ex.]

                                YEAS--52

     Baldwin
     Begich
     Bennet
     Blumenthal
     Boxer
     Brown
     Cantwell
     Cardin
     Carper
     Casey
     Coons
     Donnelly
     Durbin
     Feinstein
     Franken
     Gillibrand
     Hagan
     Harkin
     Heinrich
     Heitkamp
     Hirono
     Johnson (SD)
     Kaine
     King
     Klobuchar
     Landrieu
     Leahy
     Levin
     Manchin
     Markey
     McCaskill
     Menendez
     Merkley
     Mikulski
     Murphy
     Murray
     Nelson
     Pryor
     Reed
     Reid
     Sanders
     Schatz
     Schumer
     Shaheen
     Stabenow
     Tester
     Udall (NM)
     Walsh
     Warner
     Warren
     Whitehouse
     Wyden

                                NAYS--42

     Alexander
     Ayotte
     Barrasso
     Blunt
     Burr
     Chambliss
     Coats
     Coburn
     Collins
     Corker
     Cornyn
     Crapo
     Cruz
     Enzi
     Fischer
     Flake
     Graham
     Grassley
     Hatch
     Heller
     Hoeven
     Inhofe
     Isakson
     Johanns
     Johnson (WI)
     Kirk
     McCain
     McConnell
     Moran
     Murkowski
     Paul
     Portman
     Risch
     Roberts
     Rubio
     Scott
     Sessions
     Shelby
     Thune
     Toomey
     Vitter
     Wicker

                             NOT VOTING--6

     Booker
     Boozman
     Cochran
     Lee
     Rockefeller
     Udall (CO)
  The nomination was confirmed.

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