Honoring Senatorial Service

HONORING SENATORIAL SERVICE -- (Senate - December 06, 2006)

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, 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.

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