mr. shelby, proposes amendment numbered 1491 to amendment numbered 1470. on page 7, line 7, strike a, insert each officer or employee as referred to in sub shock -- subsection f -- mr. shelby: i ask that further reading of amendment be dispensed with and that i be allowed to speak on it for a period of up to five minutes. the presiding officer: without objection. mr. shelby: madam president, i rise today to talk about the amendment that i have offered, amendment numbered 1491 to the stock act. right now, the stock act, as it is written, does not apply its public disclosure requirements to the executive branch or independent agencies. the amendment that i have offered here this afternoon, this morning, ensures the public disclosure of all trading by senior government officials. yes, i'm going to say it again. my amendment ensures the public disclosure of all trading by senior government officials. this is a very reasonable amendment, as it is limited to the executive branch and independent agency personnel who are already subject to the reporting requiremen

mr. shelby for his comments. >> thank you, mr. chairman. today we will hear from mr. cordray, since the bureau was proposed i have expressed my grave concerns about its lack of accountability. i maintain that it's inconsistent with our constitutional powers to have so many power in one department. the dodd-frank act designed it to be free of the most basic checks and balances. and unfortunately the president has circumvented with his checks of the recess appointment of mr. cordray. i hope that the supreme court will determine this issue. because of the structure of the bureau, this means that mr. cordray will have unfettered power. his decisions alone will determine how the bureau approaches its work. if he so chooses, he does not have to answer to anyone. this is not a choice any bureaucrat should have. since his appointment, mr. cordray, said he would intend to proceed cautiously. the test is whether this will find its way into the bureau's actions. the actions have been inconsistent with the promise of the leaders. under dodd-frank the bureau is required to convene

mr. shelby: mr. president? the presiding officer: the senator from alabama. mr. shelby: mr. president, i rise today in support of legislation to authorize -- reauthorize the surface transportation bill and, in particular, mr. president, the federal public transportation act of 2012, which is the transit amendment before us today. mr. president, while we're nearly three years beyond the september 2009 expiration date of safety, i'm pleased that we're -- of safetea, i'm pleased that we're finally moving one step closer to legislation that would allow infrastructure investments to move forward in this country. chairman johnson and i worked together to produce bipartisan legislation that eliminates outdated, inefficient programs and promotes greater efficiency and effectiveness in public transportation systems all across america. the federal public transportation act passed the banking committee with unanimous support. this legislation before us, reflected in the amendment currently under consideration, maintains funding for public transportation programs at $10.5 billion a year

mr. shelby, proposes an amendment numbered 1515. at the end, add the following. division d, public -- mr. reid: i ask further reading of the amendment be dispensed with, mr. president. the presiding officer: without objection. under the previous order, the senate will proceed to a period of morning business with senators permitted to speak therein for up to ten minutes each. a senator: mr. president? the presiding officer: the senator from missouri. a senator: mr. president, i ask unanimous consent that it be in order at this time to offer amendment number 1550 to the underlying bill, senate 1813. the presiding officer: is there objection? mr. reid: mr. president, i, of course, reserve the right to object and do object. the presiding officer: objection is heard. mr. mcconnell: mr. president? the presiding officer: the republican leader. mr. mcconnell: mr. president, our country is unique in the world because it was established on the basis of an idea, an idea that we're all endowed by our creator with certain unalienable rights, in other words, rights that are con

shelby? >> thank you, mr. chairman. mr. cordray, as i noted in my opening statement, recently you stated that the bureau will convene small business panels as part of the rule making. your quote is not just because the law tells us to do so, but because we recognize that it will help us do our work better. it's a good quote. however the bureau did not convene a panel before publishing the final rule on remittance transfers, i understand you believe you are not legally required to hold panels because the federal reserve board proposed the rule and the intent of congress i thought was clear regarding the potential effects of your rules on small, medium sized businesses. i'm concerned that you have already displayed a habit of using technicalities to not have to follow. i know you haven't been there long. i know it is your intention to comply with the letter and the spirit of the law. >> yes, senator. i agree. and let me clear up the record on that. i appreciate the opportunity to do that. >> okay. >> so, as i said, the small

mr. reid: i ask unanimous consent that the following amendments listed employee be the remaining amendments in the bill before the senate. paul 1487, lieberman, side by side with shelby shelby, 1491 as modified, lieberman side by side to paul, that's 1485, paul again 1485 as modified, executive and judicial, collins side by side to boxer, boxer-isakson, portman -- boxer-isakson is 1489. portman 1505, toomey toomey-mccaskill, 1472, inhofe 1500, mccain 1471, leahy-cornyn 1483, coburn 1473, demint, 1488, grassley 1493, brown of ohio 1481. as modified. that all other pending amendments be withdrawn from -- with the exception of a substitute amendment, that the time until 2:00 p.m. be for debate on the bill and amendments with the time equally divided and controlled between the two leaders or their designees. at 2:00 p.m., the senate proceed to votes in relation to amendments in the order that i have just listed. there be no amendments or points of order to any of the amendments prior to the votes other than budget points of order. that the following amendments be subject to a 50-vote affirmative threshold -- paul 1487, collins collins -- following amendments be subject t

mr. shelby: mr. president, can we have order? the presiding officer: the senate will be in order. the senator from alabama. mr. shelby: mr. president, the lieberman amendment, this will be side by side with the shelby amendment. the lieberman amendment would create and undermines the true transparency incourage and i encourage my colleagues to oppose it. on the other hand, my amendment would be side by side and creates parity, fairness and true transparency. without transparency, the american people would be left in the dark. also he's talking about who would have to file. it's the same people that will have to file disclosures now. why should they be exempt? my amendment would make a level playing field. it makes a lot of sense. it's fairness, it's honest. and the executive branch should not be excluded for any reason i can think of. thank you. the presiding officer: the question is on the amendment. the yeas and nays are asked for. is there a second? appears to be. the clerk will call the roll. vote