quorum call:

the presiding officer: a quorum is not present. mr. mcconnell: ask to instruct the sergeant to request the

presence of senators and ask for the yeas and nays. the presiding officer: is there a sufficient second? there is. the clerk will call the roll. vote:

vote:

the presiding officer: anyone wishing to vote or change their vote? if not the ayes are 79, the nays are 14. the motion is agreed to. a quorum is present. mr. mcconnell: mr. president? the presiding officer: the majority leader. mr. mcconnell: mr. president i move to table amendment number 2329. the presiding officer: the question is on the motion to table. all those in favor say aye. all opposed no. the ayes appear to have it. the ayes do have it. the motion is agreed to. the democratic leader.

mr. reid: i raise a germaneness point of order against amendment 2328. i'll repeat that. i raise a germaneness point of order against amendment 2328. the presiding officer: the point of order is sustained. the amendment falls. the question now occurs on amendment 2327 offered by the senator from kentucky, mr. mcconnell, for mr. kirk. the yeas and nays were previously ordered. the clerk will call the roll. vote:

vote: the presiding officer: are there any senators in the chamber wishing to vote or change their vote? if not the ayes are 64, the nays are 29. the amendment is agreed to. mr. mcconnell: mr. president? the presiding officer: the majority leader. mr. mcconnell: i ask unanimous consent -- the presiding officer: the senate will come to order.

the senate will come to order. mr. mcconnell: mr. president i ask unanimous consent the mandatory quorum call with respect to the cloture vote on the mcconnell amendment 2266, as modified, be waived. the presiding officer: is there objection? without objection. the clerk will report the motion to invoke cloture. the clerk: cloture motion: we, the undersigned senators, in accordance with the provisions of rule 22 of the standing rules of the senate, do hereby move to bring to a close debate on the mcconnell amendment number 22666, as modified, signed by 17 senators. the presiding officer: by unanimous consent the mandatory quorum call has been waived. the question is, is it the sense of the senate that the debate on amendment 2266, as modified, offered by the senator from kentucky mr. mcconnell to house resolution 22 shall be brought to a close? the yeas and nays are mandatory under the rule.

the clerk will call the roll. vote:

vote:

the presiding officer: any member wishing to vote or to change their vote? if not the ayes are 32 on this vote the ayes are 32 -- the ayes are 62, the nays are 32.

three-fifths of the senators duly chosen and sworn having voted in the affirmative the motion is agreed to. mr. mcconnell: mr. president? the presiding officer: the senator from. mr. mcconnell: i call up amendment number 2421. the presiding officer: the clerk will report. the clerk: the senator from kentucky mr. mcconnell proposes amendment numbered 2421 to amendment 2266. mr. mcconnell: i ask that the reading be dispensed with. the presiding officer: without objection. mr. mcconnell: i ask for the yeas and nays on my amendment. the presiding officer: is there a sufficient second? there appears to be. the yeas and nays are ordered. mr. mcconnell: i have a second-degree amendment at the desk. the presiding officer: the clerk will report. the clerk: the senator from kentucky mr. mcconnell for mr. inhofe, proposes amendment numbered 2533 to amendment number 2421. mr. mcconnell: i ask that the reading be dispensed with. the presiding officer: without objection. mr. mcconnell: i have an amendment to the text of the underlying bill.

the presiding officer: the clerk will report. the clerk: the senator from kentucky mr. mcconnell proposes an amendment numbered 2417 to the language proposed to be stricken by amendment number 2266. mr. mcconnell: i ask for the yeas and nays on my amendment. the presiding officer: is there a sufficient second? there appears to be. the yeas and nays are ordered. mr. mcconnell: i have a second-degree amendment at the desk. the presiding officer: the clerk will report. the clerk: the senator from kentucky mr. mcconnell approaches an amendment numbered 2418 to amendment 2417. mr. mcconnell: i suggest the absence of a quorum. the presiding officer: mr. mcconnell: i ask unanimous consent to dispense with the reading of the amendment. the presiding officer: without objection. mr. mcconnell: i suggest the absence of a quorum.

the presiding officer: the clerk will call the roll. quorum call:

mr. mcconnell: mr. president? the presiding officer: the majority leader. mr. mcconnell: i ask consent that the reading of the quorum be dispensed with. the presiding officer: without objection. mr. mcconnell: i ask unanimous consent the senate be in a period of morning business with senators permitted to speak therein for ten minutes each. the presiding officer: without objection. mr. mcconnell: now mr. president, i ask unanimous consent when the senate completes its business today it adjourn until 11:00 a.m. tuesday, july 28 following the prayer and pledge, the morning business be deemed expired, and the time for the two leaders reserved for their use later in the day. following leader remarks the senate resume consideration of h.r. 22, finally that all time during the adjournment of the

senate count postcloture on the mcconnell substitute amendment number 2266 as modified. the presiding officer: is there objection? without objection. mr. mcconnell: if there is no further business to come before the senate, i ask that it stand adjourned under the previous order. the presiding officer: the senate stands adjourned

>> >> and when i did my research i went through over 9,000 carnegie-mellon recipients and of the 3500

recipients since the civil war ended turns out he is the only person ever to win both the board's. >> almost for sure he would say he did not deserve it he may point to someone else that was more heroic. he never talked about the carnegie medal and interviewed people that knew him a long time ago they knew him well. here that when he was 19 and they did not know anything about it. most of them will tell you i did not deserve this. it should go to somebody else. it is a piece of humility and a team he would have been in that category. >> president wilson moved to agusta then move to this house when he was three

president wilson very first memory is of a number 1860 before he was four years old he was standing at the front gate and two men came by in a hurry and said abraham lincoln has just been elected president and there will be a war. he asked his bader what does that mean? and we think it is remarkable the very first memory was about another president and of course, wilson with the the country through world war i.

>> hillary rodham clinton. [cheers and applause] >> thank you. thank you very much. they you very much. it is wonderful to be back here at nyu and thank you for joining me today especially by good friend and former colleague

congresswoman maloney. thanks for coming. by adam grateful for this opportunity touche share some of my further thoughts about the economymp

>> >> this is the defining

economic challenge not only of this election but our time to get at the core of who we are as a nation the basic bargain is a of america if you do your part you should be able to get ahead and stay ahead. then our country gets ahead also. last week i laid out a broad economic agenda to raise it, and build an economy that works for everyone. it is an agenda for strong growth fanfare growth and long-term growth and in the days ahead i will continue to outline plans in the areas to set ambitious goals for clean energy investments to bring in the excessive risk today i want to focus in particular on long-term growth. consider this fact a survey of corporate executives

found more than half would hold off to make a successful long-term investment if it meant missing a target in the next quarterly earnings report. soda use short-term returns have increased and we know that publicly held companies is less likely to invest in growth opportunity with their counterparts. eight out of every $10 they earn go back to shareholders in the form of dividends or a stock buyback which can temporarily boost the share price.

to build factories or to trade researchers or to give them a raise. according to "the wall street journal" while tip the key -- to zero companies double the sheriff cash flow they spend on dividends and stock buybacks they actually cut capital expenditures on new plants and equipment. as a founder of the investment management company vanguard, a culture of short-term speculation has run rampant. blend other concern business leader calls it quarterly capitalism. i and the stand the most ceos are simply responding to very real pressures from shareholders and the market

to turn in good quarter the members and investors are always looking for strong reliable returns but it is clear the system is out of balance. the deck is stacked and powerful pressures and incentives are pushing even further out of balance. quarterly capitalism as developed over recent decades is not legally required or economically sound. it is bad for business and wages and our economy. fixing it will be good for everyone and the increasing number of business leaders are mobilizing to change the culture in boardrooms and classrooms to better align incentives for long-term growth. for the sake of our economy

and country you need to stand with them. companies like google and spacex are investing that could have benefits down the line. venture capital was star patiently nurturing the next disruptive innovator. the big three automakers -- automakers are putting the crisis behind them to make a new investment and technologies of the future including advanced batteries. companies like trader joe's that have prospered by investing in workers and wager is -- wages is becoming the model and large employers like target and starbucks have raised wages for entry-level workers and thanks to pressure the trend has extended to mcdonald's

and wal-mart. you may have heard i am a fan of chipolte. [laughter] not just because of the variable. -- burrito bowell it will provide paid sick days and a paid vacation and tuition reimbursement to the part-time employees. [cheers and applause] these are smart long-term investments that pay off for a the workers and society. also into an important question to the future of our real economy, how do we define shareholder value in the 21st century? is a maximizing immediate return or delivering long-term growth?

of course, we want to do both but too often the former comes at the expense of the latter. real value is lasting value. we all know that in our own lives either and that watching my father said over the printing table in his fabric shop as he scrimped and saved to provide for our future. it was not good enough to be secure for today but what mattered was tomorrow and what is true in life, is also true in business. real value comes from long-term growth. not short-term profits. from building companies, not stripping them. creating good jobs, not eliminating them. to see workers as assets not a cost to be cut to.

american business needs to break free of the earnings reports so they can do what they do best to innovate, invest and build tomorrow's prosperity. it is time to measure of value in years not just the next quarter. that is one of the ways to raise income and help families get ahead to deliver real value for shareholders. there is no single cause of quarterly capital is of no single solution but there are smart specific reforms that can be made in the private sector to better align markets incentives they should be the beginning of the discussion not the

and. propose saying reform of taxes of capital gains of sale of stock and other assets to promote and reward farsighted investment. the current definition of a long term closing period of one year is in adequate it. that may count as long term for my baby granddaughter but not the american it is no way to run a tax system. i would move to the six years sliding scale as president to provide real incentive for long-term investment. . .

i will also be looking at ways to address very short-term trading whether it is conducted over days, hours,days hours or milliseconds. we should get a chance to eliminate capital gains taxes altogether or certain long-term investments in small businesses including innovative startups and hard-hit communities from inner cities to the west belt to call country to indian country. this should go hand-in-hand with a revitalized and expanded new market tax credit which also encourages investment in poor or remote communities and helps prevent downward spirals after economic disruption like plan closings are layoffs.

i want to see more investors helping unlock the potential of the family business struggling to get back on its feet for the start up on the verge of making it big with the committee that lost the factory where generations of families work butworked but now is that eager to build a knew future that is long-term growth at its best. of course my understand these changes alone we will not shift investor focus from short-term the long-term overnight, but this reform is an important 1st step toward removing some of the incentives that push us toward quarterly capitalism and this would be part of a broader reform an individual and corporate taxes i will be discussing. last week ilast week i called for closing the carried interest loophole in implementing the buffet rule

which would make sure millionaires don't pay lower rates than there secretaries.that are secretaries. in the months ahead i will address other inequities and loopholes that the store business decisions and rig our tax code to those of the top. the 2nd area where action is needed is to address the influence of increasingly assertive shareholders determined to extract maximum profit in the minimal amount of time even at the expense of future growth. now, so-called activist shareholders can have a positive influence on companies. it is a good thing when investors put pressure on management to stay nimble and accountable for press for social and environmental progress, but that is very different from these hit-and-run activists whose goal is to force an immediate payout no matter how much it discourages and distracts management from pursuing strategies that would have the most long-term value for the

catcher -- for the company. iconic businesses like apple or procter & gamble for dow chemical have felt this pressure. we needwe need a knew generation of committed long-term investors to provide a counterweight for the hit-and-run activists. some institutional investors already are beginning to push back. we need more pension funds and proxy advisory firms to do so as well. institutional investors control 70 percent of the shares in the largest 1,000 us companies. they have unmatched influence and therefore an unmatched obligation to guide companies toward strategies and metrics focused on long-term values. there are things government should do as well. as pres. i would order order a full review of regulations on shareholder

activism some of which have not been examined in decades let alone modernized to reflect changing realities in our economy. we also have to take a hard look a stock buyback. investors and regulators need more information about these transactions. capitol markets work best when information is probably an widely available to all. other advanced economies require companies to disclose stock buybacks within one day. here in the united states you can go an entire quarter without disclosing. let's change that. buybacks leadbuybacks lead directly to the 3rd area of focus, reforming executive compensation. we cannot address the challenge of quarterly capitalism without making sure that incentives are ceos and other executives or more focused on the long-term growth and

strength of the companies they run and less of a short-term fluctuation and its share price. i am all for rewarding ceos well with the companies prosper and there employees share in the reward for they're is something wrong when senior executives get rich companies that are and employees struggle. exorbitant pay packages that are based on credible assessment of executive performance or a company's long-term interest. thirty years30 years ago top ceos made 50 times what a typical worker did. today they make 300 times more. that just does not make sense. previous generations of executives were just as talented and hard-working and managed to get by with much more reasonable compensation.

soso have ceos and other countries. it will be good for our economy and country if we get back to compensating all employees in productivity and profits increase not just those at the top. there was an effort to tie executive compensation to company performance including through the use of stock options. many stock heavy pay packages have created a perverse incentive for executives to seek the big payout that may come from a temporary rise in the share price. we had it up encouraging some of the same short-term thinking we met to discourage. in. in addition, while the dodd frank financial reform legislation passed in 2010 call for knew regulations regarding disclosure of executive compensation many rules have yet to be put in place including a requirement to publish the ratio between ceo pay and

the paycheck this every employees. there's no excuse for taking five years to get this done. workers have a right to no whether executive pay has gotten out of balance and so does the public. expand disclosure requirements under the stamp a rule to include an explanation of how executive compensation will promote the long-term health of the company. a crucial 4th area for reform itself we empower workers and make sure they are seen as the engines of growth that they are. research shows that well-paid and well-trained employees tend to work more efficiently stay on the job longer and provide better

customer service.service. those rewards can be harder to measure than the immediate cost appear on training even as the premium unskilled workers has increased in a competitive global economy. even though training programs do exist to fuel are focused on providing broadly applicable sexual skills worker bargaining power has led to a decline in worker voices and long-term decision-making in many companies. no surprise me is in corporate investment in human capitol decline as well. i think we need to start trying to reverse all of these trends will fight to

defend workers rights and encourage more companies to invest in there employees. i propose to $1,500 apprenticeship tax credit for every new worker the businesses train and higher as well as the plan to encourage more companies to offer generous profit-sharing program. have also called for raising the minimum wage in implementing new rules on overtime. i agree with new york's proposal this week to raise wages for fast food workers to $15 an hour. the national minimum wage is a floor and it needs to be raised. the cost of living in manhattan is different than in little rock in many other places. going to ask the private sector face up to the fact that washington may well be

the worst offender of all when it comes to short-term thinking and this is the 5th area of reform that is desperately needed. it is time to end the era of budget brinksmanship and stop careening from one self-inflicted crisis to another. [applause] that just creates more uncertainty for business investors, and our country. i have been asking a lot of business leaders with whom i have talked, what our couple things you would love to see happen. almost to a person they say when he more predictability. we have no idea will come out of washington. we can deal with what does, but what we don't no when it doesn't come, stalemates, government shutdowns and to fear with our business and our global business which is kind of an obvious thing to say but i hope people in

washington pay attention. let's stop pouring subsidies and industries that are already thriving like the giveaways in the tax code oil companies -- [applause] and start investing in the future to create millions more new jobs in the knew economy. we should be making smart investments in infrastructure, innovation and education and clean energy that while businesses and entrepreneurs grow and create the next generation of high-paying jobs. we know the investment that would be made in these areas have high return. therethey're is no excuse not to make them and to make them now. we should improve and make permanent the research and experimentation tax credit. every three years congress is another squabble over whether your knew discredit.

they have done is 16 times in the past 35 years. isn't it time we stop kicking the can down the road and actually get down to doing the people's business? as important as the specific reforms i've outlined here are, the truth is the fight against quarterly capitalism cannot be one in washington alone. the private sector has to rise to the challenge. we are already seeing a movement change taking shape. investors, executives, and employees are starting to step up. union leaders are investing there own pension funds and putting people to work to build tomorrow's clean energy economy running good returns doing so. we need to build on this momentum. it is time to return to an old-fashioned idea that company's responsibility to shareholders also encompasses aa responsibility to employees, customers, communities, and

ultimately our country and planet. the strength -- [applause] the strength and legitimacy of american capitalism have always depended on its ability to create opportunities for hard-working families to get ahead generation after generation. we cannot lose sight of that i am pleased that since 201031 states have enacted legislation authorizing so-called benefit corporations which allow companies to pursue both profit and social purpose. senator mark warner has suggested we recognize a knew corporate form and reward companies that invest in workers. that proposal has merit command we should explore it further. what is good for middle-class families also happens to be in economics. strong, sustainable growth can only happen when

communities are driving and workers are well-paid. and our economy is a 70 percent consumption economy. it is that old henry ford story when he decided he would pay his workers the princely sum of $5 a day and a lot of his peers rose up in opposition. how can you do this? you will throw off the labor market set a bad example. i am building these cars. i need people to buy them. our economy is not yet running the way it should because we are not putting enough money into the paycheck of enough americans so that they can be fueling this consumption economy which not only holds up the american economy but the global economy. it is in everyone's interest, including corporate america to contribute to a vibrant middle class and rising income. as president i will try to impose a one-size-fits-all

solution but i will use the convening power of the office to bring all relevant parties together to help move our corporate culture toward solid, long-term growth and investment. just imagine how different our history would have been if short-term is him had dominated earlier eras the way does today. what if an activist hedge fund had persuaded at&t to maximize cash flow and close bell labs before the transistor or the laser was invented? what is xerox have decided that it's palo alto research park was not doing enough to boost your prices in the short term. a young steve jobs would never have visited and the personal computer revolution might not have happened. what if congressional budget cuts had shut down darpa

the defense advanced research project agency before it developed the early internet? today we face a choice between the future and the past. the republicans running for president seem totally unconcerned about the problem of quarterly capitalism. in fact, their policies will make it worse. most would eliminate capital gains for wealthy investors with no incentive for long-term holding. they would wipe out the knew rules on wall street imposed after the crisis and, of course, they further strip worker rights and weakened bargaining power. indeed, their approach mirrors the worst tendencies of hit-and-run shareholders demanding quick payouts in the form of tax breaks for the wealthy at the expense of investing in the future. they ignore long-term challenges like climate

change the poverty and inequality failing infrastructure. just look at the current mess in congress with the highway bill. we cannot afford to return to the same out of touch out of date policies that wrecked our economy before. we must work together to drive strong growth, fair growth, and long-term growth. that is the only way we will renew the basic bargain of america. you know it. if you work hard you should be able to get ahead and stay ahead. when you do, america gets ahead to. it is the only way we're going to build an american economy for tomorrow, not yesterday. i invite you to join me in this discussion.discussion. i am looking for knew, creative, innovative disruptive ideas that we will save tax -- save capitalism for the 21st century because it is the

greatest engine of economic opportunity and potential that has ever been invented one of the great accomplishments of the american political and economic history i created the opportunities that so many generations of americans took advantage of and that led to the middle class the extraordinary economic accomplishment of our country and as we have had to do in previous eras it needs to be reinvented. it needs to be put back in the balance. it needs to recognize that we really are all in this together command the better we all do the more there we will be for everybody to share in common to invest in to profit from.

i ask you and particularly here a start the students and the faculty and others were studying business help us think through the best ways to change the culture to move it back to where it used to be which was much more focused on long-term investing. the results of the extraordinary prosperity that we enjoyed for decades. we have knew challenges from technology and globalization and other big problems on the horizon like climate change for example but that is what we are best at doing in this country. we are problem solvers not problem deniers. we roll up roll up our sleeves get to work, and keep moving forward. it is always all about tomorrow. love that song don't stop thinking about tomorrow.

help me thinkhelp me think about it and let's make it happen. thank you very much. [applause] [applause] ♪ ♪ [applause] ♪ [applause] ♪ [applause] ♪ ♪ ♪ ♪ ♪ ♪ ♪

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♪ >> ohio governor john governor john kaysix announced he is running for president. the 16th republican candidate. after theafter the announcement he held a town hall meeting in greenland, new hampshire. some of the topics were national security, the economy and us energy policy. this is just over an hour. [applause] >> okay. there you go. you know doug was the speaker of the house. the real speaker of the house estella.