The Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155)
Mar 08 2018 11:06 AM
Senator Schumer: (9:55 a.m.)
- Spoke on China.
- "Mr. President, later this afternoon, President Trump plans to announce sweeping steel and aluminum tariffs. Let me say once again, I believe the president's instincts on China are correct. All those who were trying to push him away from his instincts will allow China over the next decade to become the next dominant economic power and greatly hurt American jobs and American prosperity and wealth. So I would say to Mr. President stick to your instincts, but while the president's instincts are correct, the execution on these tariffs is poor."
- Spoke on tax reform.
- "As they buy back their stocks they use this new tax money not to help their workers but to buy back their stocks. In January there was an initial flurry, oh, these bonuses. They have been totally overwhelmed by stock buybacks. What Democrats said is proving to be true. The vast majority of this tax break is for the wealthy, by the wealthy, used by the wealthy to help themselves, not help workers. That's been the history when you give these corporations lots of money, when they have so much money already without pointing it in the direction of helping workers. Yesterday Chevron joined the parade of those with stock buybacks.'
Senator Cornyn: (10:15 a.m.)
- Spoke on tax reform.
- "But the fact of the matter is, all the polling is showing that its people are seeing the tax cuts and jobs act actually being implemented, they're seeing more money in their paycheck because the withholding tables were changed to reflect lower tax rates. People are seeing more take-home pay. And as the economy continues to grow, there's going to be more competition for workers. And unemployment is low. Unemployment claims are the lowest they've been since 1969. So as there's more competition for workers, that's going to force employers to pay more wages. And so everybody is going to benefit from a growing economy. Sometimes I think our colleagues across the aisle have settled for too little."
- Spoke on CFIUS reform.
- "But the time to act is now because this process outdated. And the committee's jurisdiction remains too narrow. Let me explain why that's so important. This review process was not originally designed and is now insufficient to address today's rapidly evolving threats to our national security. Perhaps most alarmingly, many transactions that could pose a national security risk often go un-reviewed altogether. China in particular has proven adept at cheating the current CFIUS system. It exploits gaps and creatively structures investments in U.S businesses to evade scrutiny."
- Spoke on gun control.
- "Speaking to the students and teachers who still flinch, remembering the sounds of bullets in the hallways of their school. 14 students died, along with one teacher, and the students' athletic director and a coach who was shielding students with his body so they would not be hit. That's the thing about these events. These stories make us sad and angry and sometimes numb all at the same time, but from those stories, from those tragedies, heroes do emerge. We saw one of those heroes last fall at Sutherland Springs, Texas, where people were gathered to worship at a small Baptist church just outside of San Antonio."
Senator Durbin: (10:37 a.m.)
- Spoke on gun control.
- "97% of the American people believe in universal comprehensive background checks to keep guns out of the hands of those who would misuse them, convicted felons, mentally unstable people. 97%. The overwhelming majority of gun owners feel exactly the same way. So why, why in god's name have we not taken that up since the tragedy in Florida and the tragedy in Texas? There is no explanation for it, other than fear, fear of the National Rifle Association and the gun lobby. That is the only explanation. I salute the legislators in the state of Florida who this last week defied the N.R.A, defied the gun lobby, and passed their own measure for gun safety. I don't agree with parts of it, giving cafeteria workers in school the right to carry arms around the school I don't think is a wise thing at all."
- Spoke on DACA.
- "Secondly, Mr. President, this is the week, of course, of the President Trump deadline on DACA students, the dreamers, those young people who came to the United States as infants and toddlers and young people, grew up in this country, pledged allegiance to that flag just as we did this morning, and briefed that - believed that they were a part of America until at some point in their teenaged years, their parents pulled them aside and said we have to tell you something. You're not legal here. You're undocumented here. You can be deported tomorrow, and we would be deported with you."
- Spoke on Dodd-Frank relief.
- "The one pending issue that's before us I would like to discuss this morning. Mr. President, in two weeks it will be the tenth anniversary of the collapse of the company known as Bear Stearns. And as we approach that anniversary, it is remarkable to me that congress is now debating, ten years later, an effort to undo the financial reforms we put in place after what was tantamount to a recession or depression hit America. That was the worst financial crisis of our lifetime ten years ago. Many of us never want to see it repeated. I'm supportive of meaningful regulatory relief for smaller banks, community banks, credit unions, but I cannot support legislation that rolls back key Wall Street reforms at the request of the same banks that started the crisis."