[Congressional Record (Bound Edition), Volume 152 (2006), Part 17]
[Senate]
[Pages 22653-22654]
[From the U.S. Government Publishing Office, www.gpo.gov]




                      HONORING SENATORIAL SERVICE

  Mr. REED. Mr. President, this is an opportunity to recognize the 
service of several of our colleagues who are departing from the Senate. 
To Senator Jeffords, Senator Frist, Senator DeWine, Senator Talent, 
Senator Santorum, Senator Burns, and Senator Allen, let me express my 
appreciation for their service to their States and their service to the 
Nation and wish them well. I particularly want to comment, though, on 
three colleagues with whom I have had the privilege of working very 
closely.


                             Paul Sarbanes

  The first is my friend and my chairman, ranking member, Senator Paul 
Sarbanes of Maryland.
  Paul has had an extraordinarily distinguished career in the Senate, 
and he has been the chairman of the Banking, Housing, and Urban Affairs 
Committee and the Joint Economic Committee, and in both of those 
capacities he has made profound and important impacts on the banking 
system and the economy of the United States. Housing and urban affairs 
have also been improved dramatically by the efforts of Paul Sarbanes.
  When it comes to understanding complex financial matters there is no 
one more gifted and more knowledgeable than Paul Sarbanes. He has an 
extraordinary record of legislative achievements. The Sarbanes-Oxley 
Act of 2002 stands as a testimony both to his skill as a thoughtful 
observer of the financial scene and as a legislator. It represented 
major reforms in corporate governance at a time when confidence in our 
markets was waning dramatically after the implosions of Enron and 
WorldCom. Through Paul's efforts, confidence was reestablished in a 
system of corporate governance which I think will stand the test of 
time.
  In addition, in 1999 he was instrumental in the Financial 
Modernization Act, also known as Gramm-Leach-Bliley, and was 
particularly concerned that the Community Reinvestment Act aspects of 
the legislation be maintained because he was always committed to 
serving people and giving them opportunities. He understood that the 
franchise to operate a financial institution with Federal Deposit 
Insurance required a concomitant commitment to serve the community, and 
Paul Sarbanes has done a remarkable job of maintaining that commitment 
to all the communities of America, particularly those that need an 
opportunity, need a chance to move forward.
  As chairman of the Joint Economic Committee in the late 1980s, he was 
a thoughtful and careful analyst, someone who I think led the way 
analytically to the changes in the 1990s that returned us to a balanced 
budget and a robust economy. Paul Sarbanes in many respects, through 
his work on the Joint Economic Committee, was the architect of those 
efforts in the 1990s.
  He has long had a concern about our role internationally in economic 
affairs. He was one of the first Members to raise concerns about 
Chinese currency and its impact on our trade, our productivity, and our 
manufacturing base. In the Omnibus Trade and Competitiveness Act of 
1988, he mandated that the Treasury Department report semiannually to 
Congress about international economic and exchange rate policies. I 
think this is the lever that today is used to rally support, debate and 
attention to the issue of currency exchange rate policies.
  He has also, in his capacity as a leader on the Banking and Urban 
Affairs Committee, been active in promoting transit throughout the 
United States. He made sure that our transit systems are supported, and 
are able to provide greater accessibility, environmental benefits, 
while reducing the demand on foreign oil. His insights into transit, 
and his leadership, have benefitted everyone in the country, 
particularly the 14 million Americans who rely on mass transit every 
day.
  He has also been a champion for affordable housing. He has been the 
author of the Home Investment Partnerships Program, known as HOME. 
During the past 16 years it provided funding to our States and 
localities to improve affordable housing. He was one of the key 
legislators who offered the Market-to-Market Program, which preserved 
so much of our affordable housing, making sure low-income people have a 
chance to live in decent and affordable environments.
  He has had the able assistance of Steve Harris, Marty Gruenberg, Pat 
Mulloy, Johnathan Miller, Dean Shahinian, Sarah Kline, Aaron Klein, Lee 
Price, Patience Singleton, Jen Fogel-Bublick, Steve Kroll, and Lynsey 
Graham.
  I want to express my best wishes to Paul, to his wife Christine, and 
their family. His son, John, is now the new Representative for the 
United States House in the Third District of Maryland, so the Sarbanes 
tradition carries on.
  Let me conclude by saying there is a word in Greek for integrity and 
intelligence, and that word is Sarbanes.
  Paul, good luck.


                             Lincoln Chafee

  Let me also recognize my colleague from Rhode Island, Senator Lincoln 
Chafee. Senator Chafee is an individual both with character and sincere 
devotion to our State and Nation, an honest, decent man who is always 
respectful, thoughtful, and fair-minded. He is someone with whom we are 
all proud to have served. He is someone in this House respected for his 
integrity and for his determination.
  He came to the Senate upon the passing of his father, Senator John H. 
Chafee, and picked up that tradition of service from his father. He was 
a great model to emulate, and Senator Lincoln Chafee has done that. 
Like his father,

[[Page 22654]]

he has concerned himself with issues of the environment through service 
on the Environment and Public Works Committee. He sought to improve our 
Nation's water and air quality standards. His pivotal work to provide 
for the cleanup and redevelopment of brownfields is a commitment and 
accomplishment that I think will be recognized for many years to come.
  He has also tried to preserve our State of Rhode Island's industrial, 
natural, and cultural history, and he has done it persistently. Let me 
applaud him for his dedicated service and wish him and his family well 
in the days ahead.


                              Mark Dayton

  Finally, let me say a word about my colleague and friend, Senator 
Mark Dayton. He is retiring after 6 years in the Senate. He began his 
public life much earlier, in 1990, as a public school teacher in New 
York City, and throughout his work he has dedicated himself to help the 
people of Minnesota and the people of this great Nation. He has placed 
himself on the front lines to provide better health care for seniors in 
Minnesota. He has worked closely on the Low-Income Home Energy 
Assistance Program, LIHEAP. He has a good head and a great heart and he 
served with distinction. I wish him well as he leaves the Senate.
  To all my colleagues who served and conclude their service, let me 
once again express deep appreciation for their friendship and for their 
service to the Nation.
  I yield the floor.
  The ACTING PRESIDENT pro tempore. The Senator from New Mexico.
  Mr. BINGAMAN. Mr. President, I ask unanimous consent that following 
my remarks, unless a Republican Senator appears wishing to speak, that 
Senator Stabenow of Michigan be allowed to follow.
  The ACTING PRESIDENT pro tempore. Without objection, it is so 
ordered.

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