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[Page: S10636]  GPO's PDF
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   Mr. DODD. Mr. President, as we are in the closing hours of this session--I am told there is some discussion about coming back after the election--we have not yet reached a final agreement on the terrorism insurance bill in the sense that there are conference reports that are being read. Obviously, Members from this Chamber and the other Chamber have departed for their respective districts and States. So despite the long hours last night, the early hours of this morning and today to achieve the final signing of a conference report, that particular effort has not been achieved yet.

   It is appropriate and proper to suggest to those who are interested in the subject matter that we are on the brink of a very good and strong agreement dealing with terrorism insurance . Obviously, it is not finished until the conferees of the Senate and the other body sign the conference report, both bodies then vote on a conference report, and the President signs it. So there are several steps to go after people who have worked on a product and submit it to all of our colleagues, particularly those who are on the conference, for their approval.

   I am heartened and confident that when Members look at the agreement, they will be satisfied we did a good job. I will quickly point out that like any agreement involving 535 different people, not including the President of the United States, where there are divided institutions, as they are in the Senate and the other body, getting an agreement that one side or the other would find entirely favorable is very unrealistic.

   I went through a process with my good friend now from the State of Ohio, BOB NEY, on election reform. We have spent a lot of days, a lot of nights and weekends working out that bill.

   There are those in this Chamber and the other Chamber who are not satisfied with everything we did--I understand why--but we never would have achieved a bill had it been a bill to the total satisfaction of one side or the other. I will say the same is going to be true about terrorism insurance .

   I commend MIKE OXLEY, the chairman of the House Banking Committee, JIM SENSENBRENNER, and others who have worked on this legislation.

   I commend the White House and the Treasury Department.

   I thank my colleague, Senator Sarbanes, who is the chairman of the Banking Committee and chairman of the conference on terrorism insurance , Senator Schumer, Senator Reed of Rhode Island, Senator Gramm, Senator Shelby, and Senator Enzi, all of whom have been conferees on the Senate side. Certainly, their staffs have labored.

   I thank the majority leader's office and the minority leader's office. A lot of people have worked on this bill.

   If I were asked whether this is the bill I would write if I could write it alone, I would say no. I am sure Chairman Oxley would say the same thing. Were it his opportunity to write a bill perfectly, he would write something different than what we wrote. But we believe it is the best we could do under these circumstances.

   The terrorism insurance bill is about policyholders. It is

   about jobs. It is about an economic condition of a country that is faltering. While this proposal is not going to solve all of those problems when there are a lot of people out of work, a lot of construction projects that have stopped, a lot of fine businesses and industries that cannot get insurance and thus cannot borrow money, then that contributes to an economic difficulty in the country which we are witnessing.

   We have worked a long time to arrive at a product we think can be constructive, one that the President could sign, and one that Members could support. Obviously, I do not know all of the situations in the other body, but I can say that in this Senate we are going to make a real effort to send this conference report around and give Members a chance to read it. Frankly, we wanted to have that done before the close of business today, but when we were up until about 4 or 4:30 this morning, began again at 9:30 this morning,

[Page: S10637]  GPO's PDF

   I regret we were unable to get that done, but I believe before the final gavel comes down on this session, whenever that is, the Congress of the United States will have a chance to express its approval of this effort.

   I wish I could stand here and say that this is done. It is not, because we need those signatures on this conference report. But I can say that those who have been involved in trying to craft it believe we have put together a good agreement.

   Mr. REID. Will the Senator yield?

   Mr. DODD. I am happy to yield to the Senator.

   Mr. REID. This is more of a comment than a question. The Senator from Connecticut has been on the floor this week for two very important reasons. One was to announce election reform, which is landmark legislation. No matter how one looks at it, it is landmark legislation. Also, the Senator from Connecticut has worked on this terrorism insurance bill for more than a year.

   The reason I mention this is that there are no legislative winners or losers. It is something that was done on a bipartisan basis, each not getting everything they wanted but coming up with a product that is good for the American people.

   The Senator is a veteran legislator. We all know that. But I really want to spread on the RECORD of this Senate how important it is to have someone such as the Senator from Connecticut who can work with people on the other side of the aisle to come up with a product for which no one can claim credit. This is not a Democrat or Republican victory with regard to election reform and terrorism insurance --when that is approved, and I am confident it will be. It will not be a victory for the Democrats or the Republicans. It will be a victory for the American people.

   The way we were able to do so was with patience, perseverance, and the expertise of the Senator from Connecticut. On behalf of the entire Senate, the people of Nevada, who badly need both pieces of legislation, and the rest of the country, I applaud the work of the Senator from Connecticut.

   Mr. DODD. Mr. President, I thank my colleague from Nevada for those very gracious comments. I thank him for his efforts, as well as the very fine staff people, on both the terrorism insurance issue, which is an important question in his State, and the election reform bill.

   I think we have finally come to realize--maybe it takes some of us longer than others--that any product that is going to have much merit requires that it be one reached on a bipartisan basis. The very fact that this institution is divided about as equally as it can be demands that.

   I have served in this Chamber in the minority by a significant number of seats, and I have served in the majority by a significant number of seats. I have served in this Chamber, obviously, as we all do today, when we have been evenly divided. Under any set of circumstances short of an overwhelming number, measures need to be worked out with each other. We have to sit down and resolve differences across party lines.

   The Senator from Nevada is a master at it. He was generous in his comments about the Senator from Connecticut. All of us admire the patience, the diligence, and the tenacity of Senator Reid. There is no one who fights harder and spends more time every day to try to make things happen. There is no more frustrating job.

   I found that out working on these last two issues, and that was frustrating enough. I am tired. I have been up several nights into the wee hours of the morning. I have talked about that 1-year-old daughter of mine. I have been accused of trying to avoid some of the paternal responsibilities that come with a new child by legislating too late at night. That is hardly the case. I cannot wait to get home to her.

   I have admiration for Senator Reid, who does it every day, but for those who do this on occasion, it is very hard.

   To do it every single day we are here takes a special talent and ability and commitment to this country. No one embraces those qualities better than the senior Senator from Nevada.

   I thank the Senator for the kind words about the Senator from Connecticut. But they can be said with greater emphasis about the Senator from Nevada. I am sorry we cannot urge the adoption of a conference report on terrorism insurance . We will do that shortly sometime within the next few weeks. I am confident that before the Congress ends, enough Members, as they have already indicated in this Chamber, will be willing to sign a conference report, and hopefully the other Chamber will do the same.

   Again, my compliments to the leadership of the other body and the leadership here for insisting we work to try to get this done. It is never an easy job. You have to try to work things out. I thank the President of the United States, as well, and his very kind staff. They worked very hard to keep us at this. When a number of us became discouraged on whether it was worthwhile spending anymore time, people at the White House, legislative staff kept saying: let's stick with it and see if we cannot come up with some answers. I admire that tenacity and that commitment.

   I look forward to the final passage of this bill. It will happen, without any doubt. It is just a matter of time. I thank those involved in the process.

   The PRESIDING OFFICER. The Senator from Minnesota.

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