May 9, 1995 CONGRESSIONAL RECORD — SENATE S6357

determining the status of certain missing members of the Armed Forces and

certain civilians, and for other purposes.

S. 354

At the request of Mr. BREAUX, the

name of the Senator from Mississippi

[Mr. LOTT] was added as a cosponsor of

S. 354, a bill to amend the Internal

Revenue Code of 1986 to provide tax incentives to encourage the preservation

of low-income housing.

S. 469

At the request of Mr. GREGG, the

name of the Senator from North Carolina [Mr. FAIRCLOTH] was added as a cosponsor of S. 469, a bill to eliminate the

National Education Standards and Improvement Council and opportunity-tolearn standards.

S. 471

At the request of Mr. BIDEN, the

names of the Senator from Hawaii [Mr.

AKAKA] and the Senator from Nevada

[Mr. BRYAN] were added as cosponsors

of S. 471, a bill to provide for the payment to States of plot allowances for

certain veterans eligible for burial in a

national cemetery who are buried in

cemeteries of such States.

S. 495

At the request of Mrs. KASSEBAUM,

the names of the Senator from Utah

[Mr. BENNETT], the Senator from South

Dakota [Mr. PRESSLER], and the Senator from Indiana [Mr. LUGAR] were

added as cosponsors of S. 495, a bill to

amend the Higher Education Act of

1965 to stabilize the student loan programs, improve congressional oversight, and for other purposes.

S. 508

At the request of Mr. MURKOWSKI, the

name of the Senator from Mississippi

[Mr. LOTT] was added as a cosponsor of

S. 508, a bill to amend the Internal

Revenue Code of 1986 to modify certain

provisions relating to the treatment of

forestry activities.

S. 615

At the request of Mr. AKAKA, the

name of the Senator from North Dakota [Mr. DORGAN] was added as a cosponsor of S. 615, a bill to amend title

38, United States Code, to require the

Secretary of Veterans Affairs to furnish outpatient medical services for

any disability of a former prisoner of

war.

S. 641

At the request of Mr. KENNEDY, the

name of the Senator from Delaware

[Mr. BIDEN] was added as a cosponsor of

S. 641, a bill to reauthorize the Ryan

White CARE Act of 1990, and for other

purposes.

S. 674

At the request of Mr. EXON, the name

of the Senator from New Jersey [Mr.

LAUTENBERG] was added as a cosponsor

of S. 674, a bill entitled the ‘‘Rail Investment Act of 1995’’.

S. 738

At the request of Mr. THOMAS, the

name of the Senator from Virginia [Mr.

WARNER] was added as a cosponsor of S.

738, a bill to amend the Helium Act to

prohibit the Bureau of Mines from refining helium and selling refined helium, to dispose of the United States

helium reserve, and for other purposes.

S. 749

At the request of Mr. AKAKA, the

name of the Senator from North Dakota [Mr. DORGAN] was added as a cosponsor of S. 749, a bill to amend title

38, United States Code, to revise the

authority relating to the Center for

Women Veterans of the Department of

Veterans Affairs, and for other purposes.

SENATE CONCURRENT RESOLUTION 9

At the request of Mr. MURKOWSKI, the

name of the Senator from Oklahoma

[Mr. NICKLES] was added as a cosponsor

of Senate Concurrent Resolution 9, a

concurrent resolution expressing the

sense of the Congress regarding a private visit by President Lee Teng-hui of

the Republic of China on Taiwan to the

United States.

SENATE RESOLUTION 83

At the request of Mr. FEINGOLD, the

name of the Senator from Illinois [Ms.

MOSELEY-BRAUN] was added as a cosponsor of Senate Resolution 83, a resolution expressing the sense of the Senate regarding tax cuts during the 104th

Congress.

SENATE RESOLUTION 97

At the request of Mr. THOMAS, the

names of the Senator from Delaware

[Mr. ROTH] and the Senator from Hawaii [Mr. INOUYE] were added as cosponsors of Senate Resolution 97, a resolution expressing the sense of the Senate with respect to peace and stability

in the South China Sea.

SENATE RESOLUTION 103

At the request of Mr. DOMENICI, the

name of the Senator from Rhode Island

[Mr. PELL] was added as a cosponsor of

Senate Resolution 103, a resolution to

proclaim the week of October 15

through October 21, 1995, as National

Character Counts Week, and for other

purposes.

AMENDMENT NO. 709

At the request of Mr. GORTON the

name of the Senator from Indiana [Mr.

COATS] was added as a cosponsor of

amendment No. 709 proposed to H.R.

956, a bill to establish legal standards

and procedures for product liability

litigation, and for other purposes.

SENATE RESOLUTION 117—RELATING TO DEDUCTIONS FOR HOME

fMORTGAGES

Mr. ROTH (for himself, Mr. D’AMATO,

and Mr. KEMPTHORNE) submitted the

following resolution; which was referred to the Committee on Finance:

S. RES. 117

Whereas homeownership is an important

factor in promoting economic security and

stability for American families;

Whereas homeownership is a fundamental

American ideal, which promotes social and

economic benefits beyond the benefits that

accrue to the occupant of the home;

Whereas homeownership promotes and stabilizes neighborhoods and communities;

Whereas it is proper that the policy of the

Federal Government is and should continue

to be to encourage homeownership;

Whereas the increase in the cost of housing

over the last 10 years has been greater than

the increase in family income;

Whereas for the first time in 50 years, the

percentage of people in the United States

owning their own homes has declined;

Whereas the percentage of people in the

United States between the ages of 25 and 29

who own their own homes has declined from

43 percent in 1976 to 38 percent today;

Whereas the current Federal income tax

deduction for interest paid on debt secured

by first homes located in the United States

has been a valuable cornerstone of this Nation’s housing policy for most this century

and may well be the most important component of housing-related tax policy in America today;

Whereas the current Federal income tax

deduction for interest paid on debt secured

by second homes located in the United

States is of crucial importance to the economies of many communities; and

Whereas the Federal income tax deduction

for interest paid on debt secured by a first or

second home has been limited twice in the

last 6 years, and was further eroded as a result of the Omnibus Budget Reconciliation

Act of 1990: Now, therefore, be it

Resolved, That it is the sense of the Senate

that the current Federal income tax deduction for interest paid on debt secured by a

first or second home located in the United

States should not be further restricted.

Mr. ROTH. Mr. President, of the

challenges confronting America

today—challenges that must be addressed by this Congress—the security

of the American family is paramount.

Much has been written and spoken

about the welfare of family life, about

the need to keep the family unit strong

in our effort to secure a bright and productive American future.

One of the significant resources our

families have is home ownership. Indeed, this resource is of such value that

home ownership is considered the icon

of the American dream. It lends to economic, physical, and emotional security. It keeps our neighborhoods strong

and contributes to a necessary sense of

community. It gives families not only

a stake in the future, but a means to

improve the future. Home equity and

ownership often become the means by

which we send our children to college,

finance small businesses, or prepare for

retirement.

It’s clear that the benefits of home

ownership go far beyond the family;

they contribute to society as a whole.

For example, the property tax base is

often the foundation for public education. And as a Nation we have been

richly rewarded by the Government

policies that have encouraged people to

realize the American dream.

What concerns me today, Mr. President, is that a full 60 percent of Americans can no longer afford a medianpriced home. It concerns me that the

increase in the cost of housing over the

last 10 years has been greater than the

increase in family income. And it concerns me that for the first time in 50

years, the percentage of people in the

United States owning their own homes

has declined.
S6358 CONGRESSIONAL RECORD — SENATE May 9, 1995

When trends like these threaten the

American Dream, and these trends are

being felt, Mr. President, I was troubled by a Gallup-CBS polls taken recently that showed that 8 out of every

10 Americans believe it will be harder

for the next generation to achieve the

American Dream—8 out of every 10.

When these trends threaten the American Dream of home ownership, we

must be clear in our policies here in

Washington, that we will continue to

work to promote an environment of security and opportunity.

Mr. D’AMATO. Mr. President, I am

pleased to join my distinguished colleague from Delaware, Senator ROTH,

in submitting a resolution to prevent

further restriction of the Federal income tax deduction for home mortgage

interest. To further limit or eliminate

the deductibility of mortgage interest

for homeowners—the majority of which

are middle-income Americans—would

be to restrict their ability to buy into

the American dream.

It is no secret that homeownership is

a fundamental American ideal. Cutting

or wiping out this deduction, which has

been available to Americans since 1913,

will simply put the possibility of homeownership out of reach for many Americans. The mortgage interest deduction

is one of a number of tax benefits that

serves a good social purpose. It is not

an unintended loophole but, rather, a

provision created to foster investment

by the private sector. The home mortgage interest deduction has served as

one of the cornerstones of our national

housing policy, making us one of the

best housed countries in the world and

creating safe and secure neighborhoods.

Further restrictions could also have

a disastrous effect on the American

housing industry, especially if interest

rates continue to rise. People simply

will not be able to buy homes, which

would have a devastating impact on

the economy, particularly the banking,

lending and construction industries.

Higher unemployment rates would result and local governments would suffer, as shrinking homeownership

would, in turn, mean a dwindling tax

base.

Mr. President, the National Association of Home Builders estimates that

eliminating the home mortgage interest deduction would reduce the value of

an average American home by about 20

percent. For all intents and purposes

this would have the effect of a heavy

tax increase. For the sake of the economy and middle-income Americans we

cannot erode the American dream:

homeownership.

SENATE RESOLUTION 118—CONCERNING UNITED STATES-JAPAN

fTRADE RELATIONS

Mr. BYRD (for himself, Mr. DOLE, Mr.

DASCHLE, Mr. BAUCUS, Mr. REID, Mr.

ASHCROFT, Mr. WARNER, Mr. LEVIN, Mr.

HOLLINGS, Mr. PRESSLER, Mr. DORGAN,

Mr. SARBANES, Mr. SPECTER, Mr.

BROWN, and Mr. D’AMATO) submitted

the following resolution; which was

considered and agreed to:

S. RES. 118

Whereas, the United States and Japan have

a long and important relationship which

serves as an anchor of peace and stability in

the Pacific region;

Whereas, tension exists in an otherwise

normal and friendly relationship between the

United States and Japan because of persistent and large trade deficits which are the result of practices and regulations which have

substantially blocked legitimate access of

American automotive products to the Japanese market;

Whereas, the current account trade deficit

with Japan in 1994 reached an historic high

level of $66 billion, of which $37 billion, or 56

percent, is attributed to imbalances in automotive sector, and of which $12.8 billion is

attributable to auto parts flows;

Whereas, in July, 1993, the Administration

reached a broad accord with the Government

of Japan, which established automotive

trade as one of 5 priority areas for negotiations, to seek market-opening arrangements

based on objective criteria and which would

result in objective progress;

Whereas, a healthy American automobile

industry is of central importance to the

American economy, and to the capability of

the United States to fulfill its commitments

to remain as an engaged, deployed, Pacific

power;

Whereas, after 18 months of negotiations

with the Japanese, beginning in September

1993, the U.S. Trade Representative concluded that no progress had been achieved,

leaving the auto parts market in Japan ‘‘virtually closed’’;

Whereas, in October, 1994, the United

States initiated an investigation under Section 301 of the Trade Act of 1974 into the Japanese auto parts market, which could result

in the imposition of trade sanctions on a variety of Japanese imports into the United

States unless measurable progress is made in

penetrating the Japanese auto parts market;

Whereas, the latest round of U.S.-Japan

negotiations on automotive trade, in Whistler, Canada, collapsed in failure on May 5,

1995, and the U.S. Trade Representative, Ambassador Kantor, stated the ‘‘government of

Japan has refused to address our most fundamental concerns in all areas’’ of automotive trade, and that ‘‘discrimination

against foreign manufacturers of autos and

auto parts continues.’’

Whereas, President Clinton stated, on May

5, 1995, that the U.S. is ‘‘committed to taking

strong action’’ regarding Japanese imports

into the U.S. if no agreement is reached.

Now, therefore, be it

Resolved, That it is the Sense of the Senate

that—

(1) The Senate regrets that negotiations

between the United States and Japan for

sharp reductions in the trade imbalances in

automotive sales and parts, through elimination of restrictive Japanese market-closing practices and regulations, have collapsed;

(2) If negotiations under Section 301 of the

Trade Act of 1974 fail to open the Japanese

auto parts market, the United States Senate

strongly supports the decision by the President to impose sanctions on Japanese products in accordance with Section 301.

SENATE RESOLUTION 119—AUTHORIZING REPRESENTATION BY

fLEGAL COUNSEL

Mr. GORTON (for Mr. DOLE, for himself and Mr. DASCHLE) submitted the

following resolution; which was considered and agreed to:

S. RES. 119

Whereas, in the case of United States v.

George C. Matthews, Case No. 95–CR–11, pending in the United States District Court for

the Eastern District of Wisconsin, a subpoena for testimony has been issued to Darin

Schroeder, an employee of the Senate on the

staff of Senator Feingold;

Whereas, by the privileges of the Senate of

the United States and Rule XI of the Standing Rules of the Senate, no evidence under

the control or in the possession of the Senate

may, by the judicial process, be taken from

such control or possession but by permission

of the Senate;

Whereas, when it appears that evidence

under the control or in the possession of the

Senate may promote the administration of

justice, the Senate will take such action as

will promote the ends of justice consistently

with the privileges of the Senate;

Whereas, pursuant to sections 703(a) and

704(a)(2) of the Ethics in Government Act of

1978, 2 U.S.C. §§ 288b(a) and 288c(a)(2) (1994),

the Senate may direct its counsel to represent committees, Members, officers and

employees of the Senate with respect to subpoenas or orders issued to them in their official capacity: Now, therefore, be it

Resolved, That Darin Schroeder and any

other employees in Senator Feingold’s office

from whom testimony may be necessary are

authorized to testify and to produce records

in the case of United States v. George C. Matthews, except concerning matters for which a

privilege should be asserted.

SEC. 2. That the Senate Legal Counsel is

directed to represent Darin Schroeder and

any other employee in connection with the

testimony authorized under section 1.

AMENDMENTS SUBMITTED

f

COMMONSENSE PRODUCT

LIABILITY REFORM ACT

BYRD (AND OTHERS) AMENDMENT

NO. 730

(Ordered to lie on the table.)

Mr. BYRD (for himself, Mr. DOLE, Mr.

BAUCUS, Mr. REID, Mr. LEVIN, and Mr.

ASHCROFT) submitted an amendment

intended to be proposed by them to

amendment No. 690, proposed by Mr.

COVERDELL to amendment No. 596, proposed by Mr. GORTON to the bill (H.R.

956) to establish legal standards and

procedures for product liability litigation, and for other purposes; as follows:

At the appropriate place, insert

Inasmuch as, the United States and Japan

have a long and important relationship

which serves as an anchor of peace and stability in the Pacific region;

Inasmuch as, tension exists in an otherwise normal and friendly relationship between the United States and Japan because

of persistent and large trade deficits which

are the result of practices and regulations

which have substantially blocked legitimate

access of American products to the Japanese

market;

Inasmuch as, the current account trade

deficit with Japan in 1994 reached an historic

high level of $66 billion, of which $37 billion,

or 56 percent, is attributed to imbalances in

automotive sector, and of which $12.8 billion

is attributable to auto parts flows;