[Congressional Record (Bound Edition), Volume 163 (2017), Part 10]
[Senate]
[Pages 13715-13717]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           EXECUTIVE SESSION

                                 ______
                                 

                           EXECUTIVE CALENDAR

  The PRESIDING OFFICER. Under the previous order, the Senate will 
proceed to executive session to consider the following nomination, 
which the clerk will report.
  The senior assistant legislative clerk read the nomination of Kevin 
Allen Hassett, of Massachusetts, to be Chairman of the Council of 
Economic Advisers.
  The PRESIDING OFFICER. Under the previous order, there will be 20 
minutes of debate, equally divided in the usual form.
  The Senator from Massachusetts.
  Ms. WARREN. Mr. President, on the campaign trail, Donald Trump 
promised working families that he would subject every proposal he saw 
in the White House to a simple test: ``Does it create more jobs and 
better wages for Americans?'' He claimed he wasn't ``going to let Wall 
Street get away with murder,'' and he said he was going to ``drain the 
swamp.''
  Such great talk--and then he got to Washington. His first order of 
business was to put together a team of people who had spent decades as 
executives at big banks and large corporations--people who are 
determined to tilt the playing field in favor of Wall Street and 
against working families. You don't need to look very far to see them. 
His most senior economic advisers--Treasury Secretary Steven Mnuchin, 
National Economic Council Director Gary Cohn, and the senior counselor 
for economic initiatives, Dina Powell--together, those three have spent 
nearly a half a century combined working for Goldman Sachs. When it 
comes to our economy, this isn't the Trump administration; this is the 
Goldman Sachs administration.
  Now President Trump has lined up another top economic adviser, Kevin 
Hassett, who has been nominated to serve as the Chairman of the 
President's Council of Economic Advisers. Mr. Hassett hasn't worked at 
Goldman Sachs. No, his ``fresh perspective'' is that he has spent his 
career advocating for policies that favor the wealthiest Americans.
  The Council of Economic Advisers plays a critical role in developing 
this country's economic policies. It was created by Congress to, as Dr. 
Hassett has put it himself, give the President ``unbiased, scientific, 
and objective advice''

[[Page 13716]]

about the economic impact of the President's policies on the American 
economy. They have their fingers in all sorts of policies from trade to 
healthcare, to taxes, to financial regulation.
  So what kind of an economy does Dr. Hassett want? He hasn't been shy 
in telling us. Dr. Hassett wants an economy that keeps working great 
for those on top, and if it leaves working families further behind, 
that is just too bad.
  Start with taxes: Dr. Hassett gets really excited about cutting taxes 
on giant corporations. In fact, when he was working for Mitt Romney's 
Presidential campaign, he wrote that the new President's top priority--
the No. 1 act, the first thing he should do when he stepped into the 
Oval Office--was cut the corporate tax rate. His argument was that if 
we cut taxes for big businesses, they will give those savings to their 
workers and be more productive, improving the economy for everyone. 
That is just plain old trickle-down economics: Give more money to 
corporations and the wealthy, and they will surely pass it along to 
everyone else. It hasn't worked so far, and it isn't going to work in 
the future. Well, it isn't going to work for anyone who isn't already 
wealthy. For them, that works great.
  On trade, Dr. Hassett also sings the corporate tune. Dr. Hassett 
wants to double down on the same kind of trade agreements that enrich 
giant corporations and leave the workers eating dirt. Dr. Hassett 
embraces trade deals that make it harder for small businesses to 
compete, trade deals that weaken public safety, and trade deals that 
undercut environmental rules. Dr. Hassett's approach really makes one 
wonder: Does Donald Trump not know who this guy is, or does he just not 
care? Either way, it is American workers who will take another punch to 
the gut delivered by Team Trump.
  And how about on financial regulation? Nine years ago, Wall Street 
brought the economy to its knees and had to be bailed out to the tune 
of $700 billion. The crash cost millions of Americans their jobs and 
their homes. Congress then passed bipartisan financial reforms to stop 
another crisis. Dr. Hassett was not enthusiastic. In public, he called 
those new rules ``lamebrained'' and described the legislation as 
``horrifying'' and ``the worst piece of legislation that I've seen in 
my entire life.'' He sounded the alarm that the financial reform 
``needs to be repealed as soon as possible.''
  He has since said that he regrets his tone. Tone isn't the problem 
here. The problem is what he said, not how he said it.
  If Dr. Hassett has his way and Wall Street reform gets repealed, the 
same behavior that caused the 2008 financial crisis would be unleashed 
again. I cannot understand how, just 9 years after the worst financial 
crisis since the Great Depression, Dr. Hassett would want to turn the 
banks loose so they have a clear shot at cheating consumers and 
building up risks that could blow up the financial system again.
  There is no end to Dr. Hassett's bad judgment. He is wrong on the 
minimum wage, calling the proposal to raise the minimum wage to $9 an 
hour ``wrongheaded'' and saying that raising the minimum wage was a 
``dishonest approach'' to alleviating poverty.
  He is wrong on the environment. In a column, he advised President 
Obama to ``frack away.''
  And, most of all, he is wrong about the fundamental problems in our 
economy, calling income inequality a myth and saying it was 
``ludicrous'' to believe that our society is ``rigged or fundamentally 
unjust.'' He sounds as if he thinks that it is just great that this 
economy works for those at the top and pretty much for no one else.
  Dr. Hassett has consistently advocated for the interests of 
corporations over working people. If he is confirmed, I am confident 
that he will be one more voice in the White House speaking up for the 
rich and the powerful. No doubt he will fit right into the Goldman 
Sachs administration.
  But Congress has a say in this. The last thing we need is another 
economic adviser who wants to tilt the playing field even further in 
favor of corporate America.
  I oppose this nomination, and I hope other Senators will too.
  I yield the floor.
  I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The senior assistant legislative clerk proceeded to call the roll.
  Mr. BROWN. Mr. President, I ask unanimous consent that the order for 
the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  Mr. BROWN. Mr. President, I ask unanimous consent to speak for up to 
5 minutes on the Hassett nomination.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  Mr. BROWN. Mr. President, I rise to discuss the nomination of Kevin 
Hassett to be Chairman of the Council of Economic Advisers. Dr. Hassett 
came through the Banking Committee with a mixed vote, not so much 
because of him and his qualifications but because of some of his past 
statements and because of the economic philosophy of the person who 
nominated Dr. Hassett.
  After meeting with him and being impressed with his integrity and 
openness, I hope he will not forget where he came from. I hope he will 
approach the job in a thoughtful way. I hope that he will stay grounded 
in sound research and that he will be transparent about his methods. I 
would caution him about embracing ideas about economic growth that are 
not supported by empirical evidence. I hope his new colleagues will 
listen to him.
  For too long, our trade policy and tax policy have encouraged a 
corporate business model that shuts down production in Hamilton or 
Middletown or Mansfield or Toledo or Youngstown, gets a tax break, 
cashes in a tax break, then moves production overseas and then to China 
or Mexico, and then ships production back into the United States. 
Fundamentally, that has become the business plan of far too many 
companies--that sort of outsourcing.
  I had a long discussion with Dr. Hassett about that. As I said, I 
hope he remembers where he came from. He saw that happen as he was 
growing up, if I recall, in western Massachusetts, where production was 
shut down in his communities, moved overseas for production, and then 
the goods were made overseas, and then sent back to the United States.
  I am concerned about the White House in which he will work. I am 
concerned that at that White House, it often looks like a retreat for 
Goldman Sachs executives. The President's tax proposal benefits the 
wealthiest Americans and the largest corporations. Its budget is based 
on GDP predictions that are unrealistic. In fact, when it came to the 
issue of Social Security solvency years ago, Dr. Hassett found a 
sustained 3-percent growth rate too optimistic for planning purposes. 
That is the same rate--that same rate is what the Trump budget uses to 
gloss over its true costs.
  I plan to support Dr. Hassett. I think he is an honorable man. I 
disagree fundamentally on a lot of these issues. I again implore him, 
as I cast my vote in support of him--because the President is entitled 
to an adviser and to choose within a band, of course, of support from 
whom he wants--but I am hopeful, especially, that Dr. Hassett remembers 
what it was like when he grew up in Greenfield, MA. Greenfield is a 
town not much different from my hometown of Mansfield, OH, where bad 
tax policy and bad trade policy have dashed the dreams of far, far too 
many people in those communities.
  I count on Dr. Hassett to do the right thing. I am hopeful that he 
will help President Trump see what these communities look like, not 
from standing in a rally in front of thousands of people but by meeting 
people and individually talking with them and understanding what 
happens with the trade policy and the tax policy.
  More trickle-down economics, more tax cuts for the rich are not the 
ways to build an economy. We build an economy by building from the 
middle class out. That means a tax system and a trade system that works 
for Greenfield, MA, and works for Mansfield, OH.

[[Page 13717]]


  Mr. CRAPO. Mr President, I support the nomination of Mr. Kevin Allen 
Hassett to serve as Chairman of the Council of Economic Advisers. His 
nomination received wide bipartisan support, not only in the Banking 
Committee, but also from other esteemed members of his profession.
  Mr. Hassett was voted out of our committee on a voice vote with 
widespread support. We received a letter in favor of his nomination 
signed by a bipartisan group of 44 economists, including 14 former 
Chairmen of the Council of Economic Advisers and two former Federal 
Reserve Chairmen. At Mr. Hassett's confirmation hearing, he expertly 
fielded questions on a wide range of economic issues and provided 
insights on progrowth policies that would support all members of the 
economy. In my office, we discussed at length his extensive experience 
in economic and tax policy modeling.
  Mr. Hassett brings a wealth of relevant experience in academia, 
government, and policy. His counsel, insight, and expertise will be 
invaluable as the administration addresses initiatives like tax reform, 
which undoubtedly will have a large impact on the macro economy.
  Thank you.
  Mr. McCAIN. Mr. President, I am pleased to support the nomination of 
Dr. Kevin Hassett to be Chairman of the Council of Economic Advisers. 
Kevin is exceptionally qualified to be Chairman of the CEA, where he 
will play an integral role in tax reform and shaping this 
administration's progrowth economic policies.
  I have known Kevin for quite some--beginning when he served as the 
chief economic adviser to my Presidential campaign in 2000. The only 
time I have doubted his intellect was when he agreed to return to 
advise for my 2008 Presidential campaign.
  He has an extensive economic career spanning multiple 
administrations, including those of Presidents Clinton and George H.W. 
Bush. Currently, Kevin works at the American Enterprise Institute, AEI, 
as the State Farm James Q. Wilson Chair in American Politics and 
Culture and director of Research for Domestic Policy. Before joining 
AEI, Kevin served as a senior economist at the Federal Reserve and did 
a stint at Columbia Business School teaching economics and finance.
  To understand fully how smart he is, Kevin's former colleague told me 
the story of how he printed out a 400-plus page technical paper at the 
request of Kevin, only to realize he had printed out the original 
German version rather than an English translation. Without batting an 
eye, Kevin said ``no problem'' and went about reading the scholarly 
report in German.
  Kevin's nomination has received support from an ideologically diverse 
group of notable economists, including past CEA Chairmen. Additionally, 
the Senate Banking Committee approved his nomination by voice vote.
  I am pleased to support Kevin's nomination today. I wish him, his 
lovely wife, Kristie, and their sons, John and Jamie, all of the best 
in this new chapter of their lives.
  Mr. BROWN. I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The senior assistant legislative clerk proceeded to call the roll.
  Mr. CASSIDY. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  All time has expired.
  The question is, Will the Senate advise and consent to the Hassett 
nomination?
  Mr. CASSIDY. Mr. President, 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 senior assistant legislative clerk called the roll.
  Mr. CORNYN. The following Senator is necessarily absent: the Senator 
from Florida (Mr. Rubio).
  Further, if present and voting, the Senator from Florida (Mr. Rubio) 
would have voted ``yea.''
  Mr. DURBIN. I announce that the Senator from New Jersey (Mr. 
Menendez) and the Senator from Florida (Mr. Nelson) are necessarily 
absent.
  The PRESIDING OFFICER (Mr. Hoeven). Are there any other Senators in 
the Chamber desiring to vote?
  The result was announced--yeas 81, nays 16, as follows:

                      [Rollcall Vote No. 194 Ex.]

                                YEAS--81

     Alexander
     Baldwin
     Barrasso
     Bennet
     Blunt
     Boozman
     Brown
     Burr
     Cantwell
     Capito
     Cardin
     Carper
     Casey
     Cassidy
     Cochran
     Collins
     Coons
     Corker
     Cornyn
     Cotton
     Crapo
     Cruz
     Daines
     Donnelly
     Durbin
     Enzi
     Ernst
     Feinstein
     Fischer
     Flake
     Franken
     Gardner
     Graham
     Grassley
     Hassan
     Hatch
     Heitkamp
     Heller
     Hoeven
     Inhofe
     Isakson
     Johnson
     Kaine
     Kennedy
     King
     Klobuchar
     Lankford
     Leahy
     Lee
     Manchin
     McCain
     McCaskill
     McConnell
     Moran
     Murkowski
     Murphy
     Murray
     Paul
     Perdue
     Peters
     Portman
     Reed
     Risch
     Roberts
     Rounds
     Sasse
     Scott
     Shaheen
     Shelby
     Stabenow
     Strange
     Sullivan
     Tester
     Thune
     Tillis
     Toomey
     Van Hollen
     Warner
     Whitehouse
     Wicker
     Young

                                NAYS--16

     Blumenthal
     Booker
     Cortez Masto
     Duckworth
     Gillibrand
     Harris
     Heinrich
     Hirono
     Markey
     Merkley
     Sanders
     Schatz
     Schumer
     Udall
     Warren
     Wyden

                             NOT VOTING--3

     Menendez
     Nelson
     Rubio
  The nomination was confirmed.
  The PRESIDING OFFICER. Under the previous order, the motion to 
reconsider is considered made and laid upon the table and the President 
will be immediately notified of the Senate's action.

                          ____________________