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Senate Proceeding on Dec 13th, 2007 :: 2:55:29 to 3:03:36
Total video length: 4 hours 16 minutes Stream Tools: Stream Overview | Edit Time

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Tom Harkin

2:52:32 to 2:55:29( Edit History Discussion )
Speech By: Tom Harkin

Tom Harkin

2:55:08 to 2:55:29( Edit History Discussion )

Tom Harkin: so ordered. mr. harkin: i hope now we are ready to turn to the brown amendment. i thank the senator for his patience. hereby shesh i thank chairman harkin for his outstanding work in this chamber.

Sherrod Brown

2:55:29 to 2:55:40( Edit History Discussion )

Sherrod Brown: i call up amendment 3819. the presiding officer: is there objection to waiving the current amendment? without objection the amendment is pending. mr. brown: thank you, marpt. on behalf -- thankyou,

Sherrod Brown

2:55:29 to 3:03:36( Edit History Discussion )
Speech By: Sherrod Brown

Sherrod Brown

2:55:40 to 2:56:01( Edit History Discussion )

Sherrod Brown: madam president. the presiding officer: under previous order 16 minutes of debate equally divided from both sides. mr. brown: on behalf of senator sununu, senator mccaskill, presiding at the moment,

Sherrod Brown

2:56:01 to 2:56:14( Edit History Discussion )

Sherrod Brown: and senator mccain and schumer and durbin i am proud to offer the rescue amendment to the farm bill. our bipartisan amendment takes dollars from where they don't belong from oversubsized crop insurers

Sherrod Brown

2:56:14 to 2:56:26( Edit History Discussion )

Sherrod Brown: returning money to the united states of america like nutrition programs, initiatives that create sustainable economic development in other countries and our own which, after all, is the key to strong export

Sherrod Brown

2:56:26 to 2:56:40( Edit History Discussion )

Sherrod Brown: amendments -- excuse me, key to strong export markets and also to deficit reduction. the rescue amendment is based on a simpl premise: when resources are limited we cannot afford to waste them. we cannot

Sherrod Brown

2:56:40 to 2:56:53( Edit History Discussion )

Sherrod Brown: afford to overpay crop insurers with tax dollars while underinvesting in programs that pay for themselves, programs that preserve farmland and deploy u.s. resources strategically in the global arena. our

Sherrod Brown

2:56:53 to 2:57:07( Edit History Discussion )

Sherrod Brown: amendment, our amendment does not increase the cost of crop insurance for any farmer. i repeat, our amendment does not increase the cost of crop insurance for any farmer. in fact, it has no effect on premiums

Sherrod Brown

2:57:07 to 2:57:23( Edit History Discussion )

Sherrod Brown: at all. and it does not, as some will claim, dramatically reduce the margin for crop insurers jeopardizing access to crop insurance. it draws from huge, bloated overpaymen and astounding profit margins

Sherrod Brown

2:57:23 to 2:57:37( Edit History Discussion )

Sherrod Brown: making them a little less huge and a little less astounding. crop insurers will have no insentive to leave a business that continues to reward them so generoly as this federal program does with these

Sherrod Brown

2:57:37 to 2:57:50( Edit History Discussion )

Sherrod Brown: tax dollar subsidies. they will have no incentive to leave a business that continues to reward them so generously for their involvement. i can assure you, madam president, that before and after this amendment,

Sherrod Brown

2:57:50 to 2:58:03( Edit History Discussion )

Sherrod Brown: if enacted, crop insurers will continue to be generously rewarded for their activities. this amendment simply seizes an opportunity to do some good while doing no harm. it's a fiscally responsible

Sherrod Brown

2:58:03 to 2:58:16( Edit History Discussion )

Sherrod Brown: amendment that reroutes insurance overpayments to accomplish several gels with several dollars going to deficit reduction and honoring faith-based missions throughout the world by contributing to a like

Sherrod Brown

2:58:16 to 2:58:30( Edit History Discussion )

Sherrod Brown: program that feeds hungry children in developing countries. some of the dollars help family farmers become better stewards of our land and our natural resources. this amendment isn't glamorous.

Sherrod Brown

2:58:30 to 2:58:41( Edit History Discussion )

Sherrod Brown: it simply is an opportunity to move forward and it do the right thing. i know so of my colleagues don't want to take any money from crop insurers. they want to shovel more taxpayer dollars to crop

Sherrod Brown

2:58:41 to 2:58:55( Edit History Discussion )

Sherrod Brown: insurers. some are worried taking the dollars will put crop insurers out of business. they are not worried but that is what they say. you cannot get there from here. this amendment is not going to break

Sherrod Brown

2:58:55 to 2:59:07( Edit History Discussion )

Sherrod Brown: the back of the insurers but it will mean slightly less huge profits for the insurers. this amendment doesn't take crop insurers to the cleaners. this amendment takes a little drop from their rather large

Sherrod Brown

2:59:07 to 2:59:20( Edit History Discussion )

Sherrod Brown: bucket. federal crop insurance is an essential part of the farm safety net as it should be and as it will continue to be. however, billions of dollars intended to benefit farmers are, instead, siphoned

Sherrod Brown

2:59:20 to 2:59:35( Edit History Discussion )

Sherrod Brown: off by large crop insurance companies. listen to this number for a moment: since 2000, farmers received $10.5 billion in benefits from the crop insurance program. but it cost taxpayers $19 billion

Sherrod Brown

2:59:35 to 2:59:46( Edit History Discussion )

Sherrod Brown: to provide the benefits. $10 billion in benefit for farmers $19 billion in taxpayer subsidies to get that $10 billion to the farmers the that's because the crop insurance have had such huge subsidies,

Sherrod Brown

2:59:46 to 3:00:06( Edit History Discussion )

Sherrod Brown: huge overpayments, huge profits during that seven years. so where does the difference go. according to the g.a.o. crop insurance companies take 40 cents out of every dolla that congress appropriated to help

Sherrod Brown

3:00:06 to 3:00:21( Edit History Discussion )

Sherrod Brown: farmers. think of that: 40 cents out of every dollar. medicare does not operate that way. medicaid does not operate that way. no other insurance companies do that. private property and insurance

Sherrod Brown

3:00:21 to 3:00:33( Edit History Discussion )

Sherrod Brown: 8.3%, and crop insurance is more than double, 17.8% and still will be double of other private insurance company, property and casualty insurance. in the same report g.a.o. found crop insurance -- a g.a.o.

Sherrod Brown

3:00:33 to 3:00:50( Edit History Discussion )

Sherrod Brown: report -- found crop insurance profits are more than double insurance averages. over the past 10 years, crop insurance companies have almost an 18% return while most of the rt of the private insurance

Sherrod Brown

3:00:50 to 3:01:04( Edit History Discussion )

Sherrod Brown: market has 8% return. this amendment also reduces the exorbitant administrative fees crop insurers receive for each policy they sell. g.a.o. report shows that per policy subsidy to insurance companies

Sherrod Brown

3:01:04 to 3:01:23( Edit History Discussion )

Sherrod Brown: is triple that of 10 years ago. this is the money that crop insurance companies receive as administration and operations. so, whatever the premiums are, the government then already profitable for the

Sherrod Brown

3:01:23 to 3:01:35( Edit History Discussion )

Sherrod Brown: crop insurance companies, the government then pays them a percentage -- roughly 20% -- in addition so they can administer and operate the insurance programs. so, you look as prices have again price

Sherrod Brown

3:01:35 to 3:01:49( Edit History Discussion )

Sherrod Brown: has goneup -- and i am a huge corn and soybean production in my state, one of the leading in the country -- in the crop insurance companies make more and more money the higher the prices are because

Sherrod Brown

3:01:49 to 3:02:09( Edit History Discussion )

Sherrod Brown: the premiums are then higher. if your price of corn is high you buy more insurance and the premiums are higher and the administration and operations subsidy is 20% of an increasingly higher number.

Sherrod Brown

3:02:09 to 3:02:21( Edit History Discussion )

Sherrod Brown: that's why you have seen from 497 to $591 million to $700 million to $830 million, and 2007 $1.172 billion for these bonuses. these delivery subsidies have tripled because they're lynched to the total

Sherrod Brown

3:02:21 to 3:02:35( Edit History Discussion )

Sherrod Brown: premium -- lynched to the total premiums and the rising price of corn and soybeans. this amendment is simple: reduce administration subsidies for each policy to the national average of 2004 to 2006.

Sherrod Brown

3:02:35 to 3:02:46( Edit History Discussion )

Sherrod Brown: this is well above every year prior to 2006. we are not taking them back to these numbers but modestly bringing them back to this number. this number, still, was historically the highest ever. it's historically

Sherrod Brown

3:02:46 to 3:03:04( Edit History Discussion )

Sherrod Brown: very generous to the crop insurance companies as a subsidy. this amendment, i repeat, is for threat to the crop insurance industry. it's a threat to something. a threat to complacency. instead of

Sherrod Brown

3:03:04 to 3:03:16( Edit History Discussion )

Sherrod Brown: taking the painless route and leaving the crop insurance, let it be, we can apply a dose of reason and do a ward of good. we can -- a world of good. we can help feed children, we can help family

Sherrod Brown

3:03:16 to 3:03:36( Edit History Discussion )

Sherrod Brown: farms, help with conscience vacation, and we can help bring -- help with conservation and we can help bring down the federal deficit. simply put, madam president, we can do the right thing. i hope members

Claire McCaskill

3:03:36 to 3:04:02( Edit History Discussion )

Claire McCaskill: on both sides of the aisle support the brown-sununu-mccaskill amendment. i thank the presiding officer and i note the absence of a quorum. the presiding officer: the clerk will call the roll. quorum call:

Claire McCaskill

3:03:36 to 3:09:06( Edit History Discussion )
Speech By: Claire McCaskill

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