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Regular Order Will Continue in Keystone Amendment Process

January 9, 2015

WASHINGTON, D.C. – U.S. Senate Majority Leader Mitch McConnell made the following remarks on the Senate floor regarding the bipartisan Keystone infrastructure jobs bill, and the passage of TRIA:

“Yesterday, the Senate passed the bipartisan Terrorism Risk Insurance bill and sent it to the President for signature.  We worked with our colleagues in the House and on the other side of the aisle to quickly process that bill in a timely manner, and I thank the Speaker and all members of the Senate for granting unanimous consent to set those up yesterday.

“This morning, we will continue to debate the motion to proceed to the Keystone bill.  Chairman Murkowski and several other members of the Energy committee will be here to talk about this bipartisan infrastructure jobs bill.  No vote are scheduled today, but we will have cloture vote on the motion to proceed on Monday night. 

“It is my hope that Chairman Murkowski and Senator Cantwell can begin the amendment process under the regular order.  Unfortunately, some of our colleagues on the other side of the aisle continue to block our effort to even get on the bill, and therefore the cloture vote on Monday is required.”

In the First Week as Senate Majority Leader, McConnell Works to Pass Legislation that Benefits Kentucky

January 8, 2015

WASHINGTON, D.C. – U.S. Senate Majority Leader Mitch McConnell helped secure passage of the Terrorism Risk Insurance Authorization Act (TRIA), which includes a number of provisions important to Kentucky. The bill, which now goes to the President for his signature, is the first piece of legislation approved in the 114th Congress by the United States Senate, now led by Senator McConnell.

The passage of TRIA will extend the Terrorism Risk Insurance Act, which provides a federal reinsurance backstop to insurance companies that offer coverage of losses caused by terrorist attacks.

“As Majority Leader of the United States Senate, I am focused on getting the Senate functioning again and actually voting on and passing legislation again,” Senator McConnell said. “I have heard from many Kentuckians on this issue, and I was honored to use my new position to help get this legislation through the Senate.”

Greg Milward of Powell-Walton-Milward in Lexington explained why this is so important to Kentucky: “It is critical that the Senate passed the legislation to extend the Terrorism Risk Insurance Act. While Kentucky may not be considered a high target state, there are many public risks which attract large crowds and could be at risk such as Keeneland Race Track, Churchill Downs Race Track, Rupp Arena, Yum Center and so forth. In addition, many municipalities purchase the coverage to protect their property, and I thank Senator McConnell for his work to protect Kentucky with the passage of TRIA.”

Along with the six-year reauthorization come a number of fiscally responsible reforms, including an increase in the amount of losses that will trigger the federal backstop, an increase in private companies’ copayments, and an increased in the recoupment amounts that private companies must repay the federal government.

In addition, the TRIA legislation included the creation of the National Association of Registered Agents and Brokers (NARAB), which will function to license producers of insurance to operate in multiple states without duplicating licensing requirements. According to Tommy Adams of the Charles M. Moore Insurance Agency in Bowling Green, this provision will benefit many small businesses in Kentucky: “The passage of NARAB will help my small business and others like it by eliminating duplicative licensing requirements and extra costs. I want to thank Senator McConnell for his work to help pass this common-sense legislation that will help agents and brokers in the Commonwealth continue to provide important coverage to Kentuckians.”

Finally, TRIA also included a provision that requires that at least one member of the Federal Reserve Board of Governors, the body in charge of the nation’s monetary policy, have experience supervising community banks with less than $10 billion in assets. According to Ballard Cassady, CEO of the Kentucky Bankers Association (KBA), this is an important victory for Kentucky’s community banks and the clients they serve: “Requiring a member of the Federal Reserve to have community banking experience will help provide the much-needed perspective of the community bankers who provide such integral services to the Commonwealth. On behalf of community banks in Kentucky, KBA thanks Leader McConnell for helping ensure passage of this important provision, which will literally provide community banks a spot at the table.”

Citing Strong Bipartisan Support for Keystone, McConnell Urges President to Reconsider Veto Threat

January 8, 2015

WASHINGTON, D.C. – U.S. Senate Majority Leader Mitch McConnell made the following statement regarding construction of the Keystone XL Pipeline, a bipartisan, job creating infrastructure project:

“The new Republican majority has pledged to run the Senate differently and stop protecting the president from good ideas.

“That’s why we look forward to the Senate beginning consideration of a bipartisan, job-creating infrastructure project: the Keystone Pipeline.
“Right now, the Keystone jobs bill is being considered by committee.

“The Keystone jobs bill will then be subject to real debate and amendment on the floor of the Senate.

“And then, we plan to send the Keystone jobs bill to the president’s desk with bipartisan support.

“That may be a departure from what Senators have become used to. But for members on both sides, I think the change is welcome.

“I think Senators in both parties are ready to have their voices — and the voices of their constituents — heard.

“Senators understand that Keystone presents a real opportunity for Washington to finally prove to Americans that it can prioritize jobs for them over the demands of powerful special-interests.

“That’s what the voters told us they wanted in November.

“And that’s just what Washington should aim for now by passing this bipartisan, job-creating infrastructure project.

“As we consider the Keystone jobs bill, let’s keep focused on the real issues at hand: things like jobs for the middle class and reliable energy costs for families. Let’s also acknowledge that this is not really a debate about the environment. President Obama’s own State Department has previously said that Keystone’s impact on the environment would basically be negligible.

“So let’s maintain our focus. Let’s keep the voters in mind who sent us here, and let’s remember what they told us in November.

“One of the things they told us is that they’d like to see more teamwork across the aisle.
“So for a president who has said he’d like to see more bipartisan cooperation, this is a perfect opportunity.

“A number of the many Democrat supporters of this bill have already written to the president urging him to ‘choose jobs, economic development and American energy security’ and approve this pipeline.

“We’re asking the president again today to do that by working with us to end the gridlock and get this job-creating infrastructure project moving.

“Keystone has been studied endlessly, from almost every possible angle, and the same basic conclusion seems to keep coming back: build it.

“Keystone’s construction could support thousands of jobs. It could invest billions in our economy.

“That’s why Democrats say ‘build it.’ Republicans say ‘build it.’ Prominent labor unions say ‘build it, ’and, most importantly, the American people say ‘build it.’

“The president has called for Congress to send him infrastructure projects to sign.

“Keystone is the largest shovel-ready infrastructure project in the country that makes sense. So we’re going to send it to him.
“We hope he’ll sign it.

“He may ultimately veto an infrastructure project that could increase workers’ wages by $2 billion — a project whose construction alone could, according to the president’s own State Department, support many thousands of jobs.

“He may. Or he may decide to try and make divided government work.

“Either way, this Congress is determined to do what we can to pass bipartisan jobs legislation. It’s what the American people asked us to do. And that’s just what we’re going to do.”

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