New Direction for Energy Independence, National Security, and Consumer Protection Act and the Renewable Energy and Energy Conservation Tax Act of 2007 -- Motion to Proceed

Floor Speech

NEW DIRECTION FOR ENERGY INDEPENDENCE, NATIONAL SECURITY, AND CONSUMER PROTECTION ACT AND THE RENEWABLE ENERGY AND ENERGY CONSERVATION TAX ACT OF 2007--MOTION TO PROCEED -- (Senate - April 02, 2008)

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Mr. TESTER. Mr. President, I rise today to call on the Senate to take action on a bipartisan housing opportunity bill. I know that as we speak, Senator Dodd and Senator Shelby are working hard on a compromise bill. It is about time that our national leadership went to bat for struggling working families instead of just looking out for the fat cats.

I also commend the leadership of Senator Reid and Senator McConnell for agreeing to allow Senator Dodd and Senator Shelby to roll up their sleeves and work together to address some of the problems that now exist in our Nation's housing market. Since I first joined the Senate last year, I have noticed that far too often the people's business falls victim to partisan politics. So I appreciate the spirit of cooperation that has resulted in the agreement to move to debate on an issue on the forefront of so many Americans' minds.

We need to debate these issues and shine a spotlight on the actions of the Federal Reserve and the Treasury Department in recent weeks. What we have seen recently breaks new ground and sets precedents that will be followed for years to come. We need to look closely at the details and make sure this is the right track we are taking.

Folks throughout Montana are talking about these issues because they feel the impact in their daily lives. Working families struggle to afford quality housing and pay for gas that is $3-plus a gallon and diesel that is $4 a gallon and struggle to pay for medical costs, whether in the form of excessive insurance premiums or the cost of sickness due to no insurance or too high deductibles. Folks paying $4 for a box of cereal know all too well that the Government is not there to bail them out when times get tough.

Just the other day, I spoke to a packed room in Kalispell, MT, at a forum on financial investments. This was the day after the announcement of JPMorgan Chase's acquisition of Bear Stearns. The very first question asked was from a local man who wanted to know why the Government felt it necessary to risk nearly $30 billion to aid one of Wall Street's largest banks but families or farmers or small businesses in the same situation were simply out of luck. His point hit home with me, and it pointed out the fact that we, the Government, need to address the problems that plague the housing market. I am very pleased that Chairman Dodd is holding a hearing on this deal tomorrow to address the bailout of Bear Stearns, a hearing I called for when I was talking to those Montanans in Kalispell.

Concerns about this issue are growing and getting louder in my State of Montana, which many local economists have noted is resistant to the immediate effects of many national economic trends. We are all very aware of the housing crisis that is rippling across this country, affecting homeowners and the economy as a whole. To date, we have been lucky. Montana has not fared as poorly as many of the other States which have seen whole communities torn apart by foreclosure after foreclosure, hurting families and lowering property values.

But we are still concerned. I am concerned for the families in Bozeman, MT, who work hard and play by the rules, yet can't find a decent place to live that they can afford. I am concerned for the workers in Bonner, MT, who lost their jobs at the Stimson lumber mill because the collapse of the housing market has depressed the demand for lumber. I am concerned for communities throughout rural America where opportunity is slipping away because of the failure of our national leadership to invest in basic infrastructure that connects us to one another.

The current housing market is widely considered to be the worst since the Great Depression. It has spread from home prices to student loans, to municipal bonds, to commodities, and to virtually every sector of the economy. Unfortunately, the administration has put a larger priority in taking care of Wall Street's big bankers than the millions of folks who are struggling to pay the bills, make their mortgages, save for their children's college tuition, or invest some money for a secure retirement, and that needs to change. We must take action to strengthen the economy for all Americans and prevent this crisis from spreading.

The administration needs to quickly nominate a new Secretary for the Department of Housing and Urban Development, one who is responsive to the needs of average Americans, not another who is tainted by corruption and cronyism. The American people deserve honorable public servants tending to the public business to help navigate the economy out of this murky situation.

We need to help borrowers who were steered into abusive loans but not bail out speculators who were looking for a quick buck and got burned by the changing marketplace. I do not believe in a government bailout of the undeserving, but I do believe in aiding those families who face unfair foreclosures through no fault of their own. This Congress must pass legislation that can make that distinction and help families and communities that have been adversely affected by this slowing economy.

I am very pleased that at least we are working on a bipartisan agreement for this housing bill. I look forward to working with Chairman Dodd and Ranking Member Shelby to pass a good bill that will do right by working families in Montana and throughout America.

Mr. President, I yield the floor, and I note the absence of a quorum.

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