Sen. Cornyn Addresses Latino Coalition's Annual Economic Summit
Statement
Today, Sen. John Cornyn (R-TX) addressed the Latino Coalition's Annual Economic Summit in Washington, D.C., which focuses on providing an ideal forum to develop and foster economic opportunities for Hispanic business owners across the United States. Below are his remarks, as prepared for delivery:
Sen. John Cornyn Remarks To The Latino Coalition's Annual Economic Summit
Mandarin Oriental, Washington, D.C.
As Prepared For Delivery
"Welcome to DC -- 68 square miles surrounded by reality. It's a place where Congress can change any law except the Law of Unintended Consequences.
"I also want to wish you all a Happy Cinco De Mayo. Today the Mexican people celebrate their resolve against French imperialism in 1862. And here in America millions celebrate their Mexican heritage -- and the cultural ties between our two countries.
Job Growth Not the Priority
"I remember when we gathered a year ago for the Latino Coalition's annual economic summit. Unemployment was 8.5 percent last May. We all agreed on the need to create jobs and get our economy moving again.
"But back then, the Administration was telling us that its trillion dollar stimulus bill was "saving or creating" jobs all over the country; and that "green shoots" of economic recovery were appearing everywhere you looked.
"We've traveled a long way in just a year -- most of it in the wrong direction. Today, unemployment nationwide is 9.7 percent. Among Hispanics and Latinos, it's 12.6 percent. In fact, more than 2.8 million Hispanics and Latinos are unemployed -- and that's up nearly 300,000 from this time last year.
"Like Americans all across the country, Hispanic and Latino voters do not like what they see in Washington these days. According to a recent survey by Resurgent Republic 50 percent of Latino voters believe that the country is on the wrong track, 51 percent say the stimulus is not working, 61 percent say our national debt is a serious burden, 54 percent would rather see less spending in Washington, and 51 percent of Latino voters believe the top problem facing the country is the economy and job creation.
Wrong Priorities in Washington
"Job creation is the priority in the Latino Community -- just as it is across Texas and across America, but Washington has spent the last year focusing on the wrong priorities.
"We've seen a stimulus bill that spent a trillion dollars we didn't have to do something it didn't do: keep the national unemployment rate below 8 percent. We've seen so many deficit spending bills that our national debt is now approaching $13 trillion. We've seen a health care bill that imposes more mandates and taxes on small businesses like many of yours -- yet does nothing to slow the growth in health care costs or insurance premiums.
"That's why 58 percent of the American people want us to repeal this new law, according to Rasmussen. The latest wrong priority in Washington is the financial regulatory reform bill that we are debating in the Senate.
"At first, I thought we'd have a bipartisan compromise -- because we all seemed to agree that we must strengthen our financial system and end the cycle of taxpayer-funded bailouts; without punishing those who have borrowed and lent responsibly because reforms on Wall Street must not jeopardize access to credit on Main Street.
"But once again, the majority in Congress has pushed forward a partisan bill that represents another Washington power grab. The bill would give Washington control over orthodontists, appliance stores, and any other small business that allows their customers to use most installment-based credit. The bill would make the "Too Big To Fail" problem even worse -- through a number of mechanisms that would allow taxpayer-funded bailouts to continue.
"And the bill would repeat all of the worst mistakes of the financial crisis. It would create an implicit guarantee that Washington would bailout firms that make poor decisions -- the same mistake that led to the bailouts of Fannie Mae and Freddie Mac. The bill would delegate an enormous amount of power to the Executive Branch -- the same mistake that led to the Troubled Asset Relief Program (TARP) being used in ways Congress never authorized. And they would give Washington insiders the ability to pick which creditors get preferential treatment -- the same mistake that allowed unions at GM and Chrysler to get a better deal than secured bondholders.
"There's a reason why Wall Street firms like Goldman Sachs and Citigroup support this bill -- but small businesses and community bankers oppose it. And it's the same reason I plan to oppose it -- unless it improves substantially over the next week or two.
Missed Opportunity: Immigration Reform
"All these bad bills represent the wrong priorities in Washington -- as well as missed opportunities to do the right thing for our economy and our country. One of those missed opportunities is immigration reform. Last year at this time, we were all expecting that President Obama would keep his promise to propose a comprehensive bill and fight for reform. But that hasn't happened.
"The latest we've seen is a 26-page outline by Senators Reid, Schumer and Menendez. I think these Senators decided that they had to put out something before last weekend's protests over Washington's broken promises. But their proposal is vague and leaves many big questions unanswered. On immigration reform, the legislative language matters -- that's what I learned when I introduced my own comprehensive bill with Senator Kyl in 2005.
"For example, on border security, there are a lot of strong words, but not a lot of specifics. I was in El Paso just a few weeks ago -- and many communities along the border are feeling increasingly threatened by violence. These communities -- including many Latino communities -- need resources, not more vague promises.
"That's why I introduced a bill last week to provide resources quickly to state and local law enforcement agencies to purchase equipment, upgrade critical information systems, and hire additional officers to help with border enforcement.
"The Reid-Schumer-Menendez proposal leaves many more questions unanswered. Would legislation based on this proposal really secure the border? Would the necessary resources be in place to ensure any new reform doesn't fail? Would the legislation provide employers the flexibility and access to workers that businesses need to grow? Can we create enough jobs for all the newly legalized people -- when the official unemployment rate in the Hispanic community is already at 12.6 percent?
"We must answer all these questions responsibly. If we do not, we risk repeating the mistakes of 1986 -- by creating a new immigration program that's doomed to failure. We must identify all the thorny issues -- and address all the potential roadblocks to an effective reform process -- such as federal resourcing and funding upfront.
"But this proposal ducks the most pressing questions. And so I don't think the American people -- including the Latino and Hispanic community -- should see this proposal as a serious effort at immigration reform. I remain committed to reform. As I told President Obama last year: I'm willing to work with anyone who shares that commitment, and shows they are serious and specific."
Arizona Law
"Without a specific and serious reform effort, I'm concerned that we will see more state laws like the one just passed in Arizona.
"I understand the frustration that led to that law. Many people in other states can't imagine what it's like to live near an unsecured border -- with drug wars going on just a few miles away.
"And I understand that Arizona changed the law to make it absolutely clear that law enforcement can't just stop someone at random and demand their visa or green card. There has to be a reasonable suspicion of wrongdoing before an officer can ask for a person's ID.
"But I don't think a patchwork of state laws is the right approach to address immigration -- and I'm glad Governor Perry has made clear that it's not the right approach for Texas.
Conclusion
"This past year has been more challenging than many of us expected. Our economy has stagnated. Key reforms have been delayed. And Washington seems distracted by its own utopian schemes.
"Still, I remain optimistic that we can get things back on the right track. We can do that if Washington does more listening than lecturing. And that includes listening to our job creators in the Latino community. Thank you, and enjoy the rest of your conference."
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