[Congressional Record Volume 161, Number 111 (Thursday, July 16, 2015)]
[Senate]
[Pages S5172-S5174]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          STATEMENTS ON INTRODUCED BILLS AND JOINT RESOLUTIONS

      By Mr. McCONNELL (for himself and Mr. Paul):
  S. 1784. A bill to require the Director of the Bureau of Prisons to 
be appointed by and with the advice and consent of the Senate; to the 
Committee on the Judiciary.
  Mr. McCONNELL. 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. 1784

       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 ``Federal Prisons 
     Accountability Act of 2015''.

     SEC. 2. FINDINGS.

       Congress finds the following:
       (1) The Director of the Bureau of Prisons leads a law 
     enforcement component of the Department of Justice with a 
     budget that exceeds $6,900,000,000 for fiscal year 2015.
       (2) With the exception of the Federal Bureau of 
     Investigation, the Bureau of Prisons has the largest 
     operating budget of any unit within the Department of 
     Justice.
       (3) The Director of the Bureau of Prisons oversees 122 
     facilities and is responsible for the welfare of more than 
     208,000 Federal inmates.
       (4) The Director of the Bureau of Prisons supervises more 
     than 39,000 employees, many of whom operate in hazardous 
     environments that involve regular interaction with violent 
     offenders.
       (5) The Director of the Bureau of Prisons also serves as 
     the chief operating officer for Federal Prisons Industries, a 
     wholly owned government enterprise of 78 prison factories 
     that directly competes against the private sector, including 
     small businesses, for Government contracts.
       (6) Within the Department of Justice, in addition to those 
     officials who oversee litigating components, the Director of 
     the Bureau of Alcohol, Tobacco, Firearms, and Explosives, the 
     Director of the Bureau of Justice Assistance, the Director of 
     the Bureau of Justice Statistics, the Director of the 
     Community Relations Service, the Director of the Federal 
     Bureau of Investigation, the Director of the National 
     Institute of Justice, the Director of the Office for Victims 
     of Crime, the Director of the Office on Violence Against 
     Women, the Administrator of the Drug Enforcement 
     Administration, the Deputy Administrator of the Drug 
     Enforcement Administration, the Administrator of the Office 
     of Juvenile Justice and Delinquency Prevention, the Director 
     of the United States Marshals Service, 94 United States 
     Marshals, the Inspector General of the Department of Justice, 
     and the Special Counsel for Immigration Related Unfair 
     Employment Practices, are all appointed by the President by 
     and with the advice and consent of the Senate.
       (7) Despite the significant budget of the Bureau of Prisons 
     and the vast number of people under the responsibility of the 
     Director of the Bureau of Prisons, the Director is not 
     appointed by and with the advice and consent of the Senate.

     SEC. 3. DIRECTOR OF THE BUREAU OF PRISONS.

       (a) In General.--Section 4041 of title 18, United States 
     Code, is amended by striking ``appointed by and serving 
     directly under the Attorney General.'' and inserting the 
     following: ``who shall be appointed by the President by and 
     with the advice and consent of the Senate. The Director shall 
     serve directly under the Attorney General.''.
       (b) Incumbent.--Notwithstanding the amendment made by 
     subsection (a), the individual serving as the Director of the 
     Bureau of Prisons on the date of enactment of this Act may 
     serve as the Director of the Bureau of Prisons until the date 
     that is 3 months after the date of enactment of this Act.
       (c) Rule of Construction.--Nothing in this Act shall be 
     construed to limit the ability of the President to appoint 
     the individual serving as the Director of the Bureau of 
     Prisons on the date of enactment of this Act to the position 
     of the Director of the Bureau of Prisons in accordance with 
     section 4041 of title 18, United States Code, as amended by 
     subsection (a).
                                 ______
                                 
      By Mr. CORNYN (for himself, Mr. Paul, and Mr. Cruz):
  S. 1786. A bill to establish a commission to examine the United 
States monetary policy, evaluate alternative monetary regimes, and 
recommend a course for monetary policy going forward; to the Committee 
on Banking, Housing, and Urban Affairs.
  Mr. CORNYN. 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. 1786

       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 ``Centennial Monetary 
     Commission Act of 2015''.

     SEC. 2. FINDINGS.

       Congress finds the following:
       (1) The Constitution endows Congress with the power ``to 
     coin money, regulate the value thereof''.
       (2) Following the financial crisis known as the Panic of 
     1907, Congress established the National Monetary Commission 
     to provide recommendations for the reform of the financial 
     and monetary systems of the United States.
       (3) Incorporating several of the recommendations of the 
     National Monetary Commission, Congress created the Federal 
     Reserve System in 1913. As currently organized, the Federal 
     Reserve System consists of the Board of Governors in 
     Washington, District of Columbia, and the Federal Reserve 
     Banks organized into 12 districts around the United States. 
     The stockholders of the 12 Federal Reserve Banks include 
     national and certain state-chartered commercial banks, which 
     operate on a fractional reserve basis.
       (4) Originally, Congress gave the Federal Reserve System a 
     monetary mandate to provide an elastic currency, within the 
     context of a gold standard, in response to seasonal 
     fluctuations in the demand for currency.
       (5) Congress also gave the Federal Reserve System a 
     financial stability mandate to serve as the lender of last 
     resort to solvent but illiquid banks during a financial 
     crisis.
       (6) In 1977, Congress changed the monetary mandate of the 
     Federal Reserve System to a dual mandate for maximum 
     employment and stable prices.
       (7) Empirical studies and historical evidence, both within 
     the United States and in other countries, demonstrate that 
     price stability is desirable because both inflation and 
     deflation damage the economy.
       (8) The economic challenge of recent years--most notably 
     the bursting of the housing bubble, the financial crisis of 
     2008, and the ensuing anemic recovery--have occurred at great 
     cost in terms of lost jobs and output.
       (9) Policymakers are reexamining the structure and 
     functioning of financial institutions and markets to 
     determine what, if any, changes need to be made to place the 
     financial system on a stronger, more sustainable path going 
     forward.
       (10) The Federal Reserve System has taken extraordinary 
     actions in response to the recent economic challenges.
       (11) The Federal Open Market Committee has engaged in 
     multiple rounds of quantitative easing, providing 
     unprecedented liquidity to financial markets, while 
     committing to holding short-term interest rates low for a 
     seemingly indefinite period, and pursuing a policy of credit 
     allocation by purchasing Federal agency debt and mortgage-
     backed securities.
       (12) In the wake of the recent extraordinary actions of the 
     Federal Reserve System, Congress--consistent with its 
     constitutional responsibilities and as it has done 
     periodically throughout the history of the United States--has 
     once again renewed its examination of monetary policy.
       (13) Central in such examination has been a renewed look at 
     what is the most proper mandate for the Federal Reserve 
     System to conduct monetary policy in the 21st century.

     SEC. 3. ESTABLISHMENT.

       There is established a commission to be known as the 
     ``Centennial Monetary Commission'' (in this Act referred to 
     as the ``Commission'').

     SEC. 4. DUTIES.

       (a) Study of Monetary Policy.--The Commission shall--
       (1) examine how United States monetary policy since the 
     creation of the Board of Governors of the Federal Reserve 
     System in 1913 has affected the performance of the United 
     States economy in terms of output, employment, prices, and 
     financial stability over time;
       (2) evaluate various operational regimes under which the 
     Board of Governors of the Federal Reserve System and the 
     Federal Open Market Committee may conduct monetary policy in 
     terms achieving the maximum sustainable level of output and 
     employment and price stability over the long term, 
     including--
       (A) discretion in determining monetary policy without an 
     operational regime;

[[Page S5173]]

       (B) price level targeting;
       (C) inflation rate targeting;
       (D) nominal gross domestic product targeting (both level 
     and growth rate);
       (E) the use of monetary policy rules; and
       (F) the gold standard;
       (3) evaluate the use of macro-prudential supervision and 
     regulation as a tool of monetary policy in terms of achieving 
     the maximum sustainable level of output and employment and 
     price stability over the long term;
       (4) evaluate the use of the lender-of-last-resort function 
     of the Board of Governors of the Federal Reserve System as a 
     tool of monetary policy in terms of achieving the maximum 
     sustainable level of output and employment and price 
     stability over the long term; and
       (5) recommend a course for United States monetary policy 
     going forward, including--
       (A) the legislative mandate;
       (B) the operational regime;
       (C) the securities used in open market operations; and
       (D) transparency issues.
       (b) Report on Monetary Policy.--Not later than December 1, 
     2016, the Commission shall submit to Congress and make 
     publicly available a report containing a statement of the 
     findings and conclusions of the Commission in carrying out 
     the study under subsection (a), together with the 
     recommendations the Commission considers appropriate.

     SEC. 5. MEMBERSHIP.

       (a) Number and Appointment.--
       (1) Appointed voting members.--The Commission shall contain 
     12 voting members as follows:
       (A) Six members appointed by the Speaker of the House of 
     Representatives, with four members from the majority party 
     and two members from the minority party; and
       (B) Six members appointed by the President Pro Tempore of 
     the Senate, with four members from the majority party and two 
     members from the minority party.
       (2) Chairman.--The Speaker of the House of Representatives 
     and the majority leader of the Senate shall jointly designate 
     one of the members of the Commission as Chairman.
       (3) Non-voting members.--The Commission shall contain 2 
     non-voting members as follows:
       (A) One member appointed by the Secretary of the Treasury.
       (B) One member who is the president of a district Federal 
     reserve bank appointed by the Chair of the Board of Governors 
     of the Federal Reserve System.
       (b) Period of Appointment.--Each member shall be appointed 
     for the life of the Commission.
       (c) Timing of Appointment.--All members of the Commission 
     shall be appointed not before January 5, 2015, and not later 
     than 30 days after the date of the enactment of this Act.
       (d) Vacancies.--A vacancy in the Commission shall not 
     affect its powers, and shall be filled in the manner in which 
     the original appointment was made.
       (e) Meetings.--
       (1) Initial meeting.--The Commission shall hold its initial 
     meeting and begin the operations of the Commission as soon as 
     is practicable.
       (2) Further meetings.--The Commission shall meet upon the 
     call of the Chair or a majority of its members.
       (f) Quorum.--Seven voting members of the Commission shall 
     constitute a quorum but a lesser number may hold hearings.
       (g) Member of Congress Defined.--In this section, the term 
     ``Member of Congress'' means a Senator or a Representative 
     in, or Delegate or Resident Commissioner to, the Congress.

     SEC. 6. POWERS.

       (a) Hearings and Sessions.--The Commission or, on the 
     authority of the Commission, any subcommittee or member 
     thereof, may, for the purpose of carrying out this Act, hold 
     hearings, sit and act at times and places, take testimony, 
     receive evidence, or administer oaths as the Commission or 
     such subcommittee or member thereof considers appropriate.
       (b) Contract Authority.--To the extent or in the amounts 
     provided in advance in appropriation Acts, the Commission may 
     contract with and compensate government and private agencies 
     or persons to enable the Commission to discharge its duties 
     under this Act, without regard to section 3709 of the Revised 
     Statutes (41 U.S.C. 5).
       (c) Obtaining Official Data.--
       (1) In general.--The Commission is authorized to secure 
     directly from any executive department, bureau, agency, 
     board, commission, office, independent establishment, or 
     instrumentality of the Government, any information, including 
     suggestions, estimates, or statistics, for the purposes of 
     this Act.
       (2) Requesting official data.--The head of such department, 
     bureau, agency, board, commission, office, independent 
     establishment, or instrumentality of the government shall, to 
     the extent authorized by law, furnish such information upon 
     request made by--
       (A) the Chair;
       (B) the Chair of any subcommittee created by a majority of 
     the Commission; or
       (C) any member of the Commission designated by a majority 
     of the commission to request such information.
       (d) Assistance From Federal Agencies.--
       (1) General services administration.--The Administrator of 
     General Services shall provide to the Commission on a 
     reimbursable basis administrative support and other services 
     for the performance of the functions of the Commission.
       (2) Other departments and agencies.--In addition to the 
     assistance prescribed in paragraph (1), at the request of the 
     Commission, departments and agencies of the United States 
     shall provide such services, funds, facilities, staff, and 
     other support services as may be authorized by law.
       (e) Postal Service.--The Commission may use the United 
     States mails in the same manner and under the same conditions 
     as other departments and agencies of the United States.

     SEC. 7. COMMISSION PERSONNEL.

       (a) Appointment and Compensation of Staff.--
       (1) In general.--Subject to rules prescribed by the 
     Commission, the Chair may appoint and fix the pay of the 
     executive director and other personnel as the Chair considers 
     appropriate.
       (2) Applicability of civil service laws.--The staff of the 
     Commission may be appointed without regard to the provisions 
     of title 5, United States Code, governing appointments in the 
     competitive service, and may be paid without regard to the 
     provisions of chapter 51 and subchapter III of chapter 53 of 
     that title relating to classification and General Schedule 
     pay rates, except that an individual so appointed may not 
     receive pay in excess of level V of the Executive Schedule.
       (b) Consultants.--The Commission may procure temporary and 
     intermittent services under section 3109(b) of title 5, 
     United States Code, but at rates for individuals not to 
     exceed the daily equivalent of the rate of pay for a person 
     occupying a position at level IV of the Executive Schedule.
       (c) Staff of Federal Agencies.--Upon request of the 
     Commission, the head of any Federal department or agency may 
     detail, on a reimbursable basis, any of the personnel of such 
     department or agency to the Commission to assist it in 
     carrying out its duties under this Act.

     SEC. 8. TERMINATION.

       (a) In General.--The Commission shall terminate on June 1, 
     2017.
       (b) Administrative Activities Before Termination.--The 
     Commission may use the period between the submission of its 
     report and its termination for the purpose of concluding its 
     activities, including providing testimony to committee of 
     Congress concerning its report.

     SEC. 9. AUTHORIZATION OF APPROPRIATIONS.

       There are authorized to be appropriated such sums as may be 
     necessary to carry out this Act and such sums shall remain 
     available until the date on which the Commission terminates.
                                 ______
                                 
      By Ms. COLLINS:
  S. 1799. A bill to provide authority for certain depository 
institutions, and for other purposes; to the Committee on Banking, 
Housing, and Urban Affairs.
  Ms. COLLINS. Mr. President, I rise to introduce the Community Bank 
Sensible Regulation Act of 2015, a bill which would allow financial 
regulators to exempt community banks from unnecessary and unduly 
burdensome requirements, if doing so is in the public interest. My bill 
would provide this authority to the FDIC, the Office of the Comptroller 
of the Currency, and the Federal Reserve, and would apply to financial 
institutions with less than $10 billion in assets.
  The aim of my legislation is to allow the financial regulators to 
exempt community banks from highly complex regulations designed to 
protect our financial system from systemic risks that would arise from 
the failure of larger banks. All banks, large and small, should be 
well-capitalized and properly regulated, but that does not mean that 
our financial regulators must impose a ``one size fits all'' regulatory 
regime across the board without regard to the risks posed to the 
financial system by banks with fundamentally different business models 
and of vastly different sizes.
  Some regulations that are appropriate or essential for larger banks 
may make no sense when applied to community banks. For example, current 
law requires community banks to demonstrate that they are in compliance 
with the Volcker Rule--which restricts proprietary trading and hedge 
fund investments by banks--even though community banks rarely engage in 
such trading. Even so, community banks must shoulder the burden of 
complying with this complex regulation. My bill would allow the 
regulators to exempt community banks from the Volcker Rule.
  As the GAO has noted, smaller banks are ``disproportionately affected 
by increased regulation, because they are less able to absorb 
additional costs.'' These costs are significant. According

[[Page S5174]]

to industry representatives, the cost of complying with regulations 
absorbs 12 percent of total bank operating expenses, and is two-and-a-
half times greater for small banks than for large banks.
  The cost of regulation puts community banks at a competitive 
disadvantage vis-a-vis larger banks. Over the past 2 decades, the share 
of the U.S. banking industry represented by community banks has 
declined from 40 percent to just 18 percent. Over the same period, the 
share of the market represented by the five largest banks has grown 
from roughly 18 percent to 46 percent. I am concerned that unnecessary 
regulation will accelerate these trends, and ironically, contribute to 
the further consolidation of the banking industry into a handful of 
``too big to fail'' banks.
  Community banks play an essential role in meeting the credit needs of 
their customers, particularly small businesses, homeowners, and 
farmers. Although community banks represent just 18 percent of total 
banking assets, they are responsible for half of our nation's small 
business loans. With small business formation at generational lows, it 
is essential that we preserve and protect their access to credit, as 
they are the major driver of job creation in our country. In addition, 
community banks provide \3/4\ of our Nation's agricultural loans, a 
line of finance that requires highly specialized knowledge of farming 
and a long-term perspective suited to agricultural cycles.
  Regulators should be able to tailor their regulations to take the 
distinctive nature of community banks into account. My bill would allow 
regulators to exempt community banks from unnecessary and burdensome 
regulations where it is in the public interest to do so. I urge my 
colleagues to support it.

                          ____________________