[Congressional Record Volume 161, Number 141 (Tuesday, September 29, 2015)]
[Senate]
[Pages S6987-S6989]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
TSA OFFICE OF INSPECTION ACCOUNTABILITY ACT OF 2015--Continued
The PRESIDING OFFICER. The Senator from Utah.
Trans-Pacific Partnership Agreement
Mr. HATCH. Mr. President, I rise today to say a few words about the
latest developments in international trade.
As most of my colleagues know, this week officials from the Obama
administration are meeting in Atlanta with representatives from our
negotiating partners in the proposed Trans-Pacific Partnership, or TPP.
Many reports indicate that our trade negotiators are hoping to conclude
talks and finalize a deal over the next few days.
Now, as the Presiding Officer is aware, I was an original author of
the legislation that renewed trade promotion authority, or TPA, earlier
this year. I fought extremely hard to renew TPA because I believe it is
an absolutely essential tool to ensure we get the very best trade
agreements possible. For years I have been one of the most outspoken
proponents in Congress for full engagement in the various trade
agreements that have been under negotiation, including the TPP.
A strong Trans-Pacific Partnership Agreement could greatly enhance
our Nation's ability to compete in an increasingly global marketplace
and result in a healthier economy and more high-paying jobs that come
with increased U.S. trade. After all, when we are talking about the 12
countries currently taking part in these negotiations, we are talking
about 40 percent of the global economy. As a group, TPP countries
represent the largest market for our goods and services exports. Trade
with these countries already supports an estimated 4 million U.S. jobs,
and, with a good trade agreement in place, I believe it can do even
better.
The Asia-Pacific region, where this agreement is focused, is one of
the most economically vibrant and fastest growing areas in the world.
According to the International Monetary Fund, the world economy will
grow by more than $20 trillion over the next 5 years, and nearly half
of that growth will be in Asia. Unfortunately, our share of exports to
the Asia-Pacific has been on the decline, as exports to the region lag
behind overall U.S. export growth. One reason U.S. companies have lost
so much market share in this very important part of the world is that
many countries in the region maintain steep barriers to U.S. exports
while they have been negotiating to remove many of the same types of
barriers for other countries, most notably for places such as China and
the European Union.
On average, Southeast Asian countries impose tariffs that are five
times higher than the average U.S. tariff. In addition, their duties on
U.S. agricultural products often reach triple digits. There are also
numerous other barriers, such as regulatory restrictions, that impede
access for U.S. exporters in many of these countries. These obstacles,
and increased global competition, have made it increasingly difficult
for U.S. companies to remain competitive in Asia.
Put simply, a strong TPP Agreement is the best tool we could have to
increase the growth of U.S. exports to the Asia-Pacific region.
There are also important strategic and security reasons to support a
strong TPP Agreement. We have all seen in recent years how the
economies of our Trans-Pacific Partnership negotiating partners have
been shaped by China's expanding economic influence. I think we would
all prefer that the United States remain the world leader in trade. If
we want to maintain and expand our influence in the Asia-Pacific, it is
essential that we more fully engage in that region. A strong TPP
Agreement will facilitate that engagement and help ensure that trade
patterns develop under a U.S. model, operating under U.S. rules and
applying U.S. standards.
A strong TPP Agreement can help us create high-paying jobs through
increased exports, as well as help secure our strategic and economic
position in the Asia-Pacific region. But to do all of that, we need a
strong agreement. That is why I have been pushing the Obama
administration to negotiate wisely in order to reach a TPP Agreement
that advances our Nation's interests and provides significant benefits
for American workers and job creators.
Despite these obvious advantages to concluding a TPP Agreement, I
think it is critically important that the administration take the time
necessary to get the agreement right. A number of key issues are
outstanding, and how they are resolved will go a long way to
determining whether I can support the final agreement.
Our country has a long history of negotiating and reaching high-
standard trade agreements. While they haven't all been perfect, our
existing trade agreements have, in my view, advanced our interests in
foreign markets and strengthened our own economy.
There are a number of reasons why, historically, our trade
negotiators have fought long and hard to get gold-standard agreements.
The most obvious reason is that anything less is unlikely to pass
through Congress. If the administration is serious about not only
getting an agreement but getting an
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agreement passed, they need to make sure they get our country the best
deal possible. If that means continuing negotiations beyond Atlanta, so
be it. Getting a good agreement will be worth the wait.
Over the years, I have laid out very clearly what I think a good
agreement looks like. These ideas are embodied in the recently enacted
TPA law. If the administration and our negotiating partners do conclude
an agreement this week, they can be sure that I will examine it very
carefully to ensure it meets these standards. As I have stated many
times before, if the agreement falls short, I will not support it. I
don't think I will be alone on that.
I am as big a proponent of expanding U.S. trade as you will find in
this Chamber, with the possible exception of the Presiding Officer,
and, in concept, I very much support the idea of a Trans-Pacific
Partnership. While I worked very hard for a number of years to get a
TPA bill through Congress, I have made it abundantly clear that I will
not support just any deal, whether it is this or any other future
administration that wants to sign it. We need to get a good deal.
Indeed, as I have said, we need to get the best deal possible.
No one--at least no one from our side of the negotiations--should be
in a hurry to close talks if it means getting a less-than-optimal
result for our country. Ultimately, I don't believe anyone in the
administration wants to reach an agreement that will not pass in
Congress.
I think our negotiators understand these concerns. My hope is that,
as they move through the latest rounds of talks in Atlanta this week,
they consider what it will take to get a deal through Congress. If we
look at the bipartisan coalition that supported our TPA bill, we should
get a pretty good sense of the balance it will take to get enough
support here in the Senate and over in the House. Put simply, if TPP
does not reflect that balance, it is hard to see how it will be
successfully enacted into law.
As always, I am an optimist. I know we can get a good deal here, and,
for my part, I am going to do all I can to help ensure that we do.
I don't think I am alone when I say I am going to be watching very
closely to see what happens in Atlanta this week. All of us have an
interest in the outcome of these negotiations. Hopefully, in the end,
those of us who have supported TPA and its promise of better trade
terms for U.S. workers and expanded market access for American goods
and services will not be disappointed at the outcome.
I yield the floor.
The PRESIDING OFFICER. The Senator from Maine.
Federal Perkins Loan Program
Ms. COLLINS. Mr. President, I rise to support reauthorizing the
Perkins Loan Program, which will expire tomorrow, September 30, if the
Senate does not act.
Yesterday, the House of Representatives passed legislation to extend
this vital program for 1 year. I urge my Senate colleagues to support
this bill and send it immediately to the President for his signature.
I want to recognize and thank my colleagues, Senator Baldwin, Senator
Casey, and the Presiding Officer, Senator Portman, for their leadership
in highlighting the importance of this program. I am pleased to join
with them in submitting a Senate resolution urging its extension.
Since 1958, the Perkins Loan Program has helped make college
affordable for millions of students who have financial need. In the
State of Maine, more than 5,000 students received a Perkins loan last
year, providing $9.2 million in aid. Last Friday, I had a conversation
with the president of the University of Maine, who told me just how
critical Perkins loans are to UMaine students.
Perkins loans are a critical part of a college's and a student's
financial aid resources. These loans help to fill gaps beyond what is
available through the Department of Education's Direct Loan Program and
a family's ability to pay. A Perkins loan can meet that additional need
so that students do not have to resort to borrowing through private or
higher cost loans, and, most of all, so they can remain in school.
Perkins borrowers are predominantly from lower income families. For
example, at the University of Maine last year, 64 percent of Perkins
borrowers had a family income of $40,000 or less.
The Perkins Loan Program is campus-based, which means that
participating colleges and universities administer the loans. When
students graduate, they make payments directly to their college or
university, and those payments are used to make new loans to other
students through a revolving fund. These revolving funds are a
combination of a Federal contribution and an institutional match.
Now, I think it is important to understand that Congress has not had
to appropriate funds for the Perkins Loan Program since 2004 because of
this revolving fund concept, but institutions continue to be able to
assist needy students through this self-sustaining program. That is why
we simply cannot allow it to lapse.
As a Member of the Senate Health, Education, Labor and Pensions
Committee, I know that our committee is committed to the
reauthorization of the Higher Education Act. I strongly support that
effort. In the meantime, however, we must ensure that there is not a
lapse in the financial assistance provided to students under the
Perkins Loan Program.
As I mentioned earlier, the House-passed bill extends the authority
for the Perkins Loan Program for an additional year and does not
authorize any additional Federal funds. Students who receive a Perkins
loan during this academic year and remain in the same academic program
would be eligible to receive future Perkins loans.
We only have 1 day before the Perkins Loan Program expires. Students
at our colleges and universities are looking at us--they are depending
on us--to ensure that this vital and proven program does not expire. I
urge my colleagues to pass the House-passed legislation so that the
Perkins Loan Program can continue.
Mr. President, I ask unanimous consent to have printed in the Record
a letter from the chancellor of the University of Maine System in
support of the reauthorization of the Perkins Loan Program.
There being no objection, the material was ordered to be printed in
the Record, as follows:
Maine's Public Universities,
University of Maine System,
Bangor, ME, September 23, 2015.
Hon. Susan M. Collins,
U.S. Senator, Bangor State Office,
Bangor, ME.
Dear Senator Collins: I'm writing to you on behalf of the
University of Maine System in support of the Federal Perkins
Loan Program. Perkins loans are an invaluable component of an
institution's and student's financial aid resources. The
flexibility, low fixed interest rate and generous
cancellation benefits are both unique and critical to our
needy student population, especially many middle and low-
income students. The program is administered at the school
level providing a highly efficient, self-sustaining program
with accountability, transparency, and risk-sharing.
The Federal Perkins Loan Program is in danger of being
discontinued. Without Congressional intervention, this
program will be terminated and the Perkins funds recalled
beginning October 1, 2015.
Throughout the 56-year history of the Perkins Loan Program,
$7.9 billion in federal contributions have been leveraged
with institutional contributions into over $36 billion in
low-cost loans to more than 30 million needy students. The
fact that this program provides critical support each year to
more than a half-million students across the country,
operating solely right now on the existing revolving fund
dollars, is quite remarkable. A key factor of the program's
success is the central role of the college that originates,
services, and collects the loans, while providing loan
counseling for the borrower. This is one of the most
effective and efficient public-private partnerships in the
federal government.
Perkins loans also offer more favorable forgiveness options
for borrowers than any other federal loan program. Full or
partial forgiveness is available to borrowers who work in
designated, high-need, public-service areas. During a time
when we are trying to reduce student loan indebtedness, the
loan forgiveness aspect of this unique program provides
financial relief to the student, and a well-educated
workforce to fortify public service in rural and inner-city
communities.
Students enrolled at one of the institutions in the
University of Maine System have benefited for many years
because of the efficiencies of the Perkins Loan Program. In
fiscal year 2013-2014 the University of Maine System awarded
almost $5.1 million in Perkins Loans to 3,386 students who,
without this program, would be forced to either borrow
higher-cost loans or leave school altogether.
If this program is eliminated, students at one of the
institutions in the University of
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Maine System will lose a vital resource in support of their
higher education goals. Public universities already struggle
to provide sufficient financial aid to students, especially
the lower and middle class who currently benefit from this
program.
Eliminating the Perkins Loan Program will either force
students to borrow through less desirable loan programs, or
universities to make even more difficult cuts in an attempt
to fund the gap from the loss of this program.
I sincerely hope that the students enrolled at all of the
institutions in the University of Maine System, and all
across the state, can count on your support of this vitally
important and proven program. Also, 1 hope you can help
facilitate a budget solution that does not impact funding in
other critical areas relating to higher education and other
federal loan programs.
If you have any questions please feel free to contact me.
Thank you for your time and we appreciate your hard work and
support.
Sincerely,
James H. Page,
Chancellor, University of Maine System.
Ms. COLLINS. Again, I want to commend my colleagues, including the
Presiding Officer, Senator Portman, and my colleague from Wisconsin who
has been a leader on this issue as well.
The PRESIDING OFFICER. The majority leader.
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