August 2, 2012 CONGRESSIONAL RECORD — SENATE S5919 

which means we will take up the bill, 

you are saying we are willing to work 

together across party lines to try to 

get something done. 

In my opinion, it is the only way we 

are going to get to this bill. If cloture 

is not granted, as disappointed and 

angry as I am going to be, I will not be 

petulant. I will be open today, tomorrow, and as long as we have an opportunity in this session, to work with my 

colleagues to try to reach an agreement that will help us improve our 

cyber defenses. 

Sometimes in moments of disappointment, I go back to the great 

Winston Churchill. I will just read a 

few comments from him. These were 

all in the 1930s when he was in the 

House of Commons and was concerned 

that England and the world faced a 

threat which they were not acknowledging, the rise of Nazi Germany. 

First, he said this—and I hate to say it, 

but it relates to where we are today. 

He said this about those who refused to 

act decisively to counter the clear and 

growing threat of a resurgent and rearmed Nazi Germany during the 1930s: 

‘‘They go on in strange paradox, decided only to be undecided, resolved to 

be irresolute, adamant for drift, solid 

for fluidity.’’ 

I am afraid that is the message we 

are going to send to the country and to 

our enemies if we don’t get together 

and pass a cyber security bill in this 

session. Churchill said he was staggered, after his long parliamentary experience with the debates he had gone 

through on this question during the 

1930s, by two things: ‘‘The first has 

been the dangers that have so swiftly 

come upon us in a few years, and have 

been transforming our position and the 

whole outlook of the world.’’ 

That is where we are with regard to 

cyber war, although most people don’t 

understand that. We do. He said: 

Secondly, I have been staggered by the 

failure of the House of Commons to react effectively against those dangers. That, I am 

bound to say, I never expected. I say that unless the House [finds its resolve] we will have 

committed an act of abdication of duty. 

I end with those words. I think it is 

that serious. If we don’t find a way either by voting for cloture today to get 

on the bill so we can negotiate or continuing to negotiate if cloture fails, it 

will be quite simply a colossal abdication of duty to the people of the United 

States and their security. 

Mr. COATS. Will my friend yield me 

some time? 

Mr. LIEBERMAN. Yes; I yield to my 

friend from Indiana. 

Mr. COATS. Mr. President, first of 

all, I commend all the Republicans and 

Democrats who have worked so hard 

together—nearly one-fifth of us in this 

Congress—hour after hour, meeting 

after meeting, and flexibility has been 

provided to both sides by Senator LIEBERMAN, Senator COLLINS and their bill 

and Senators CHAMBLISS, MCCAIN, 

HUTCHISON, and others in terms of trying to reach a consensus. Those who 

listened to the Senator from Maryland 

yesterday know we are given the unclassified version of the nature of this 

threat. Add to that the classified 

version, and it is truly a threat that 

needs to be addressed. 

It is despicable that the majority 

leader of the Senate, when we were so 

close to putting together something to 

bring joint support of what everybody 

knows we need to do and want to do— 

so close with agreements from Democrats and Republicans, ranking members and chairmen of the relevant committees, and presenting a package 

which would grant limited time and 

limited germane amendments—to deny 

us that opportunity. 

Yet here we are faced with a dilemma 

of an imminent threat facing the people of the United States of America and 

a vote whether to continue the process, 

continue to work with something that 

potentially could kill this for the rest 

of the session and maybe even next 

year or something that grants to the 

White House an abuse of executive 

power to mandate things through executive order, which we have seen on a 

number of other occasions. Maybe that 

is the motive, maybe it is not; I don’t 

know. 

Nevertheless, we are faced with a 

critical choice in terms of an imminent 

threat to the security of the United 

States and the American people. I hope 

my colleagues will take that into consideration when we decide what to do. 

I thank people on both sides for their 

tremendous efforts, and we should not 

point fingers of blame at each other. 

That is a real effort to join and address this very serious threat to the 

United States. 

I thank my friend and yield back to 

him. 

The PRESIDING OFFICER. The Senator from Connecticut. 

f 

CLOTURE MOTION 

The PRESIDING OFFICER (Mr. 

BROWN of Ohio). All time has expired. 

The clerk will report the motion to invoke cloture. 

The legislative clerk read as follows: 

CLOTURE MOTION

We, the undersigned Senators, in accordance with the provisions of rule XXII of the 

Standing Rules of the Senate, hereby move 

to bring to a close debate on S. 3414, a bill to 

enhance the security and resiliency of the 

cyber and communications infrastructure of 

the United States. 

Harry Reid, Joseph I. Lieberman, Barbara A. Mikulski, Thomas R. Carper, 

Richard J. Durbin, Christopher A. 

Coons, Mark Udall, Ben Nelson, Jeanne 

Shaheen, Tom Udall, Daniel K. Inouye, 

Carl Levin, John D. Rockefeller IV, 

Charles E. Schumer, Sheldon Whitehouse, John F. Kerry, Michael F. Bennet. 

The PRESIDING OFFICER. By unanimous consent, the mandatory quorum 

call is waived. 

The question is, Is it the sense of the 

Senate that debate on S. 3414, a bill to 

enhance the security and resiliency of 

the cyber and communications infrastructure of the United States, shall be 

brought to a close? 

The yeas and nays are mandatory 

under the rule. 

The clerk will call the roll. 

The legislative clerk called the roll. 

Mr. KYL. The following Senators are 

necessarily absent: the Senator from 

Illinois (Mr. KIRK) and the Senator 

from Florida (Mr. RUBIO). 

The PRESIDING OFFICER. Are there 

any other Senators in the Chamber desiring to vote? 

The yeas and nays resulted—yeas 52, 

nays 46, as follows: 

[Rollcall Vote No. 187 Leg.] 

YEAS—52 

Akaka 

Begich 

Bennet 

Bingaman 

Blumenthal 

Boxer 

Brown (MA) 

Brown (OH) 

Cantwell 

Cardin 

Carper 

Casey 

Coats 

Collins 

Conrad 

Coons 

Durbin 

Feinstein 

Franken 

Gillibrand 

Hagan 

Harkin 

Inouye 

Johnson (SD) 

Kerry 

Klobuchar 

Kohl 

Landrieu 

Lautenberg 

Leahy 

Levin 

Lieberman 

Lugar 

Manchin 

McCaskill 

Menendez 

Mikulski 

Murray 

Nelson (NE) 

Nelson (FL) 

Reed 

Rockefeller 

Sanders 

Schumer 

Shaheen 

Snowe 

Stabenow 

Udall (CO) 

Udall (NM) 

Warner 

Webb 

Whitehouse 

NAYS—46 

Alexander 

Ayotte 

Barrasso 

Baucus 

Blunt 

Boozman 

Burr 

Chambliss 

Coburn 

Cochran 

Corker 

Cornyn 

Crapo 

DeMint 

Enzi 

Graham 

Grassley 

Hatch 

Heller 

Hoeven 

Hutchison 

Inhofe 

Isakson 

Johanns 

Johnson (WI) 

Kyl 

Lee 

McCain 

McConnell 

Merkley 

Moran 

Murkowski 

Paul 

Portman 

Pryor 

Reid 

Risch 

Roberts 

Sessions 

Shelby 

Tester 

Thune 

Toomey 

Vitter 

Wicker 

Wyden 

NOT VOTING—2 

Kirk Rubio 

The PRESIDING OFFICER. On this 

vote the yeas are 52, the nays are 46. 

Three-fifths of the Senators duly chosen and sworn not having voted in the 

affirmative, the motion is rejected. 

The majority leader is recognized. 

The Senate will be in order. 

Mr. REID. I enter a motion to reconsider the vote by which cloture was not 

invoked. 

The PRESIDING OFFICER. The motion is entered. 

The majority leader is recognized. 

Mr. REID. Mr. President, we expect 

one more vote today. I have not had a 

chance to discuss it in detail with Senator MCCONNELL yet, but we hope to 

have a vote on a judge. We hope to 

have it at 2 o’clock today, so people 

should make their schedules accordingly. 

f 

AFRICAN GROWTH AND 

OPPORTUNITY ACT—Continued 

The PRESIDING OFFICER. Under 

the previous order, the question is on 

agreeing to amendment No. 2771 offered 

by the Senator from Oklahoma. 


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S5920 CONGRESSIONAL RECORD — SENATE August 2, 2012 

Mr. COBURN. I ask for the yeas and 

nays and yield back whatever time I 

had. 

The PRESIDING OFFICER. Is there a 

sufficient second? 

There appears to be a sufficient second. 

The clerk will call the roll. 

The assistant legislative clerk called 

the roll. 

Mr. KYL. The following Senators are 

necessarily absent: the Senator from 

Illinois (Mr. KIRK) and the Senator 

from Florida (Mr. RUBIO). 

The PRESIDING OFFICER. Are there 

any other Senators in the Chamber desiring to vote? 

The result was announced—yeas 40, 

nays 58, as follows: 

[Rollcall Vote No. 188 Leg.] 

YEAS—40 

Alexander 

Ayotte 

Barrasso 

Blunt 

Boozman 

Burr 

Chambliss 

Coats 

Coburn 

Corker 

Cornyn 

Crapo 

DeMint 

Enzi 

Graham 

Grassley 

Hoeven 

Hutchison 

Inhofe 

Isakson 

Johnson (WI) 

Kyl 

Lee 

Manchin 

McCain 

McCaskill 

McConnell 

Moran 

Murkowski 

Paul 

Portman 

Risch 

Roberts 

Sessions 

Shelby 

Thune 

Toomey 

Vitter 

Webb 

Wicker 

NAYS—58 

Akaka 

Baucus 

Begich 

Bennet 

Bingaman 

Blumenthal 

Boxer 

Brown (MA) 

Brown (OH) 

Cantwell 

Cardin 

Carper 

Casey 

Cochran 

Collins 

Conrad 

Coons 

Durbin 

Feinstein 

Franken 

Gillibrand 

Hagan 

Harkin 

Hatch 

Heller 

Inouye 

Johanns 

Johnson (SD) 

Kerry 

Klobuchar 

Kohl 

Landrieu 

Lautenberg 

Leahy 

Levin 

Lieberman 

Lugar 

Menendez 

Merkley 

Mikulski 

Murray 

Nelson (NE) 

Nelson (FL) 

Pryor 

Reed 

Reid 

Rockefeller 

Sanders 

Schumer 

Shaheen 

Snowe 

Stabenow 

Tester 

Udall (CO) 

Udall (NM) 

Warner 

Whitehouse 

Wyden 

NOT VOTING—2 

Kirk Rubio 

The amendment was rejected. 

Mr. REID. Mr. President, I move to 

reconsider the vote. 

I move to lay that motion on the 

table. 

The PRESIDING OFFICER. Without 

objection, it is so ordered. 

The motion to lay on the table was 

agreed to. 

The PRESIDING OFFICER. Under 

the previous order, the question is on 

the engrossment and third reading of 

the bill. 

The bill was ordered to be engrossed 

for a third reading and was read the 

third time. 

The PRESIDING OFFICER. Under 

the previous order, the bill is passed. 

The bill (S. 3326) was passed, as follows: 

S. 3326 

Be it enacted by the Senate and House of Representatives of the United States of America in 

Congress assembled, 

SECTION 1. AMENDMENTS TO AFRICAN GROWTH 

AND OPPORTUNITY ACT. 

(a) EXTENSION OF THIRD-COUNTRY FABRIC

PROGRAM.—Section 112(c)(1) of the African 

Growth and Opportunity Act (19 U.S.C. 

3721(c)(1)) is amended— 

(1) in the paragraph heading, by striking 

‘‘2012’’ and inserting ‘‘2015’’; 

(2) in subparagraph (A), by striking ‘‘2012’’ 

and inserting ‘‘2015’’; and 

(3) in subparagraph (B)(ii), by striking 

‘‘2012’’ and inserting ‘‘2015’’. 

(b) ADDITION OF SOUTH SUDAN.—Section 107 

of that Act (19 U.S.C. 3706) is amended by inserting after ‘‘Republic of South Africa 

(South Africa).’’ the following: 

‘‘Republic of South Sudan (South 

Sudan).’’. 

(c) CONFORMING AMENDMENT.—Section 

102(2) of that Act (19 U.S.C. 3701(2)) is amended by striking ‘‘48’’. 

(d) EFFECTIVE DATE.—The amendments 

made by this section shall take effect on the 

date of the enactment of this Act. 

SEC. 2. MODIFICATIONS TO TEXTILE AND APPAREL RULES OF ORIGIN FOR THE 

DOMINICAN REPUBLIC-CENTRAL 

AMERICA-UNITED STATES FREE 

TRADE AGREEMENT. 

(a) DEFINITIONS.—In this section: 

(1) AGREEMENT.—The term ‘‘Agreement’’ 

has the meaning given the term in section 

3(1) of the Dominican Republic-Central 

America-United States Free Trade Agreement Implementation Act (Public Law 109– 

53; 19 U.S.C. 4002(1)). 

(2) CAFTA–DR COUNTRY.—The term 

‘‘CAFTA–DR country’’ has the meaning 

given the term in section 3(2) of the Dominican Republic-Central America-United States 

Free Trade Agreement Implementation Act 

(Public Law 109–53; 19 U.S.C. 4002(2)). 

(3) HTS.—The term ‘‘HTS’’ means the Harmonized Tariff Schedule of the United 

States. 

(4) TRADE REPRESENTATIVE.—The term 

‘‘Trade Representative’’ means the United 

States Trade Representative. 

(b) MODIFICATIONS TO THE TEXTILE AND APPAREL RULES OF ORIGIN.— 

(1) INTERPRETATION AND APPLICATION OF

RULES OF ORIGIN.—Subdivision (m)(viii) of 

general note 29 of the HTS is amended as follows: 

(A) The matter following subdivision (A)(2) 

is amended by striking the second sentence 

and inserting the following: ‘‘Any elastomeric yarn (except latex) contained in the 

originating yarns referred to in subdivision 

(A)(2) must be formed in the territory of one 

or more of the parties to the Agreement.’’. 

(B) Subdivision (B) is amended— 

(i) in the matter preceding subdivision 

(B)(1), by striking ‘‘exclusive of collars and 

cuffs where applicable,’’ and inserting ‘‘exclusive of collars, cuffs and ribbed waistbands (only if the ribbed waistband is 

present in combination with cuffs and identical in fabric construction to the cuffs) 

where applicable,’’; 

(ii) in subdivision (B)(2), by inserting ‘‘or 

knit to shape components’’ after ‘‘one or 

more fabrics’’; 

(iii) by amending subdivision (B)(3) to read 

as follows: 

‘‘(3) any combination of the fabrics referred to in subdivision (B)(1), the fabrics or 

knit to shape components referred to in subdivision (B)(2), or one or more fabrics or knit 

to shape components originating under this 

note.’’; and 

(iv) in the matter following subdivision 

(B)(3), by striking the last sentence and inserting the following: ‘‘Any elastomeric yarn 

(except latex) contained in an originating 

fabric or knit to shape component referred to 

in subdivision (B)(3) must be formed in the 

territory of one or more of the parties to the 

Agreement.’’. 

(C) Subdivision (C) is amended— 

(i) in subdivision (C)(2), by inserting ‘‘or 

knit to shape components’’ after ‘‘one or 

more fabrics’’; 

(ii) by amending subdivision (C)(3) to read 

as follows: 

‘‘(3) any combination of the fabrics referred to in subdivision (C)(1), the fabrics or 

knit to shape components referred to in subdivision (C)(2) or one or more fabrics or knit 

to shape components originating under this 

note.’’; and 

(iii) in the matter following subdivision 

(C)(3), by striking the second sentence and 

inserting the following: ‘‘Any elastomeric 

yarn (except latex) contained in an originating fabric or knit to shape component referred to in subdivision (C)(3) must be formed 

in the territory of one or more of the parties 

to the Agreement.’’. 

(2) CHANGE IN TARIFF CLASSIFICATION

RULES.—Subdivision (n) of general note 29 of 

the HTS is amended as follows: 

(A) Chapter rule 4 to chapter 61 is amended— 

(i) by striking ‘‘5401 or 5508’’ and inserting 

‘‘5401, or 5508 or yarn of heading 5402 used as 

sewing thread,’’; and 

(ii) by inserting ‘‘or yarn’’ after ‘‘only if 

such sewing thread’’. 

(B) The chapter rules to chapter 61 are 

amended by inserting after chapter rule 5 the 

following: 

‘‘Chapter rule 6: Notwithstanding chapter 

rules 1, 3, 4 or 5 to this chapter, an apparel 

good of chapter 61 shall be considered originating regardless of the origin of any visible 

lining fabric described in chapter rule 1 to 

this chapter, narrow elastic fabrics as described in chapter rule 3 to this chapter, sewing thread or yarn of heading 5402 used as 

sewing thread described in chapter rule 4 to 

this chapter or pocket bag fabric described in 

chapter rule 5 to this chapter, provided such 

material is listed in U.S. note 20 to subchapter XXII of chapter 98 and the good 

meets all other applicable requirements for 

preferential tariff treatment under this 

note.’’. 

(C) Chapter rules 3, 4, and 5 to chapter 62 

are each amended by striking ‘‘nightwear’’ 

each place it appears and inserting 

‘‘sleepwear’’. 

(D) Chapter rule 4 to chapter 62 is amended— 

(i) by striking ‘‘5401 or 5508’’ and inserting 

‘‘5401, or 5508 or yarn of heading 5402 used as 

sewing thread,’’; and 

(ii) by inserting ‘‘or yarn’’ after ‘‘only if 

such sewing thread’’. 

(E) The chapter rules to chapter 62 are 

amended by inserting after chapter rule 5 the 

following: 

‘‘Chapter rule 6: Notwithstanding chapter 

rules 1, 3, 4 or 5 to this chapter, an apparel 

good of chapter 62 shall be considered originating regardless of the origin of any visible 

lining fabric described in chapter rule 1 to 

this chapter, narrow elastic fabrics as described in chapter rule 3 to this chapter, sewing thread or yarn of heading 5402 used as 

sewing thread described in chapter rule 4 to 

this chapter or pocket bag fabric described in 

chapter rule 5, provided such material is listed in U.S. note 20 to subchapter XXII of 

chapter 98 and the good meets all other applicable requirements for preferential tariff 

treatment under this note.’’. 

(F) Tariff classification rule 33 to chapter 

62 is amended to read as follows: 

‘‘33. A change to pajamas and sleepwear of 

subheadings 6207.21 or 6207.22, tariff items 

6207.91.30 or 6207.92.40, subheadings 6208.21 or 

6208.22 or tariff items 6208.91.30, 6208.92.00 or 

6208.99.20 from any other chapter, provided 

that the good is cut or knit to shape, or 

both, and sewn or otherwise assembled in the 

territory of one or more of the parties to the 

Agreement.’’. 

(G) Chapter rule 2 to chapter 63 is amended— 


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August 2, 2012 CONGRESSIONAL RECORD — SENATE S5921 

(i) by striking ‘‘5401 or 5508’’ and inserting 

‘‘5401, or 5508 or yarn of heading 5402 used as 

sewing thread,’’; and 

(ii) by inserting ‘‘or yarn’’ after ‘‘only if 

such sewing thread’’. 

(H) The chapter rules to chapter 63 are 

amended by inserting after chapter rule 2 the 

following: 

‘‘Chapter rule 3: Notwithstanding chapter 

rule 2 to this chapter, a good of this chapter 

shall be considered originating regardless of 

the origin of sewing thread or yarn of heading 5402 used as sewing thread described in 

chapter rule 2 to this chapter, provided the 

thread or yarn is listed in U.S. note 20 to 

subchapter XXII of chapter 98 and the good 

meets all other applicable requirements for 

preferential tariff treatment under this 

note.’’. 

(3) EFFECTIVE DATE.— 

(A) IN GENERAL.—The amendments made 

by this subsection apply to goods of a 

CAFTA–DR country that are entered, or 

withdrawn from warehouse for consumption, 

on or after the date that the Trade Representative determines is the first date on 

which the equivalent amendments to the 

rules of origin of the Agreement have entered into force in all CAFTA–DR countries. 

(B) PUBLICATION OF DETERMINATION.—The 

Trade Representative shall promptly publish 

notice of the determination under subparagraph (A) in the Federal Register. 

SEC. 3. EXTENSION OF AND RENEWAL OF IMPORT 

RESTRICTIONS UNDER BURMESE 

FREEDOM AND DEMOCRACY ACT OF 

2003. 

(a) EXTENSION OF BURMESE FREEDOM AND

DEMOCRACY ACT OF 2003.—Section 9(b)(3) of 

the Burmese Freedom and Democracy Act of 

2003 (Public Law 108–61; 50 U.S.C. 1701 note) is 

amended by striking ‘‘nine years’’ and inserting ‘‘twelve years’’. 

(b) RENEWAL OF IMPORT RESTRICTIONS.— 

(1) IN GENERAL.—Congress approves the renewal of the import restrictions contained in 

section 3(a)(1) and section 3A (b)(1) and (c)(1) 

of the Burmese Freedom and Democracy Act 

of 2003. 

(2) RULE OF CONSTRUCTION.—This section 

shall be deemed to be a ‘‘renewal resolution’’ 

for purposes of section 9 of the Burmese 

Freedom and Democracy Act of 2003. 

(c) EFFECTIVE DATE.—This section and the 

amendment made by this section shall take 

effect on the date of the enactment of this 

Act or July 26, 2012, whichever occurs first. 

SEC. 4. TIME FOR PAYMENT OF CORPORATE ESTIMATED TAXES. 

Notwithstanding section 6655 of the Internal Revenue Code of 1986— 

(1) in the case of a corporation with assets 

of not less than $1,000,000,000 (determined as 

of the end of the preceding taxable year), the 

amount of any required installment of corporate estimated tax which is otherwise due 

in July, August, or September of 2017 shall 

be 100.25 percent of such amount; and 

(2) the amount of the next required installment after an installment referred to in 

paragraph (1) shall be appropriately reduced 

to reflect the amount of the increase by reason of such paragraph. 

SEC. 5. EXTENSION OF CUSTOMS USER FEES. 

Section 13031(j)(3) of the Consolidated Omnibus Budget Reconciliation Act of 1985 (19 

U.S.C. 58c(j)(3)) is amended— 

(1) in subparagraph (A), by striking ‘‘August 2, 2021’’ and inserting ‘‘October 22, 2021’’; 

(2) in subparagraph (B)(i), by striking ‘‘December 8, 2020’’ and inserting ‘‘October 29, 

2021’’; and 

(3) by striking subparagraphs (C) and (D). 

The PRESIDING OFFICER. The majority leader is recognized. 

UNANIMOUS CONSENT AGREEMENT—EXECUTIVE CALENDAR 

Mr. REID. Mr. President, I ask unanimous consent that at 12:50 p.m. today, 

the Senate proceed to executive session 

to consider Calendar No. 651; that there 

be an hour of debate equally divided in 

the usual form; that upon the use or 

yielding back of that time, the Senate 

proceed to vote with no intervening action or debate on Calendar No. 651, 

Judge Drain of Michigan, at least a 

judge-to-be in Michigan. 

The PRESIDING OFFICER. Without 

objection, it is so ordered. 

f 

VETERANS JOBS CORPS ACT OF 

2012—MOTION TO PROCEED—Continued 

Mr. LIEBERMAN. Mr. President, I 

suggest the absence of a quorum. 

The PRESIDING OFFICER. The 

clerk will call the roll. 

The assistant legislative clerk proceeded to call the roll. 

The PRESIDING OFFICER (Mrs. 

HAGAN). The Senator from Ohio. 

Mr. BROWN of Ohio. Madam 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 of Ohio. Madam President, I ask unanimous consent to speak 

as in morning business for up to 20 

minutes. 

The PRESIDING OFFICER. Without 

objection, it is so ordered. 

WALL STREET REFORM

Mr. BROWN of Ohio. Madam President, I rise to discuss the troubling 

state of our financial system and the 

unfinished business of Wall Street reform. I am here to talk specifically 

about too-big-to-fail banks. 

Decades of deregulation and laissez 

faire economic policies helped the six 

largest U.S. banks grow from 18 percent of gross domestic product only 25 

years ago to 68 percent of gross domestic product in 2009. So it went from 18 

percent in the mid-1990s to 68 percent 

of GDP in 2009. 

We know what happened next. During 

the financial crisis, these six 

megabanks collected $1.2 trillion—just 

to understand that figure, if we can— 

$1.2 trillion is $1,200 billion and $1 billion is $1,000 million. The six 

megabanks collected $1.2 trillion in 

Federal taxpayer-funded support from 

the Treasury, from the FDIC, and from 

the Federal Reserve. 

Two years after we passed the DoddFrank Wall Street Reform Act—and I 

supported it because it took many important steps—I am concerned we are 

not seeing reform, nearly sufficient 

enough reform, in the financial sector. 

As we uncover more and more risky, 

fraudulent, and illegal activities, it 

seems far too clear that the American 

people absolutely see this and believe 

Wall Street is back to business as 

usual. 

Since 2010, we have learned about a 

number of things. I am just going to 

rattle off seven or eight significant, serious problems. Some are illegal, some 

are accusations, some are alleging significant systemic problems—all troubling issues that have happened just in 

the last couple years: Investor lawsuits 

and SEC enforcement actions over 

mortgage-backed securities; municipalities being sold overpriced credit derivatives, bankrupting some of those 

municipalities, and think of the hardship that causes these communities; 

the forging of foreclosure documents 

and mortgage securities legal documents by five of the Nation’s largest 

servicers, leading to $25 billion in penalties—$25 billion in penalties—from 

these servicers forging foreclosure documents and mortgage security legal 

documents—$25 billion in penalties; the 

Nation’s largest bank halting all consumer debt collection lawsuits due to 

concerns about poorly maintained and 

inaccurate paperwork; the Nation’s 

largest bank losing $5.8 billion so far— 

so far—on large, complex derivative 

trades that regulators either missed or 

didn’t understand or ignored; suspicions that 16 global banks, including 

the three largest U.S. banks, manipulated LIBOR—the London Interbank 

Overnight Rate—that is used as a 

benchmark for mortgages, credit cards, 

student loans, and even for derivatives—financial instruments that affect almost everybody in our country. 

Continuing with the list of problems 

since 2010: a criminal bid-rigging trial 

exposing illegal practices by many 

Wall Street banks in arranging bids so 

banks could underpay for municipal 

bonds; former employees of the Nation’s largest bank alleging the company urged them to steer clients to 

their own mutual funds because they 

were more profitable to the bank, even 

though they paid investors lower returns than other funds, while their clients presumably were trusting them to 

act in their best interests; the Federal 

Energy Regulatory Commission investigating whether the biggest U.S. bank 

manipulated prices in the energy markets, forcing consumers to pay more; a 

$175 million settlement by the Nation’s 

fourth largest bank for discriminatory 

lending practices in housing markets 

that include Cleveland and many other 

cities. One can walk through these 

neighborhoods and see what foreclosures have done to them, see what 

rigging, what other dysfunctional 

servicers’ behavior or illegal activities 

have done to these communities and to 

these families. 

Putting the numbers aside and the 

political speech aside, imagine for a 

moment that a parent of 12- and 13- 

year-old daughters has to sit down with 

them and say: Sorry, but dad lost his 

job a few months ago and now we are 

losing our home. 

Where are we going to move, Mom? 

I don’t know. 

What school am I going to go to? 

I don’t know yet. We have to figure 

that out. 

Imagine the personal hurt and hardship caused by a lot of these things to 


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