Passage of the plan as the end of the world, armageddon, the economy is responding incredibly well to the changes that we made in the tax code. I phropbg believed our economy struggled under the weight of an outdated tax system. Now businesses are beginning to do the math and are realizing that the tax cuts and jobs act will mean more savings. As a result, many have announced that they are passing some of these savings on to their employees who will now be seeking to grow and expand operations. As of today more than 350 companies have announced pay raises, bonuses, and or 401 k increases benefiting over four million americans. According to a recent National Federation of independent business survey, 32 of Small Businesses believe now is a good time to expand, the highest level ever recorded by this survey. This is happening across the country and in arkansas. Here are just a few examples of the companies headquartered in the in arkansas with a sizable presence in the state passing along savings to their employees through wage increases, bonuses, and other benefits, or giving to charity and or making investments to grow their businesses and better serve customers. Bancorp south bank is giving pay increases and or onetime bonuses to nearly all noncommissioned employees. The investment of over 10 million in 2018 will benefit 96 of the companys noncommissioned workforce. Pay increases were effective as of january 1, 2018. Home bank shares, inc. Of conway arkansas is distributing a onetime bonus of 500 for more than 850 fulltime tenured employees. Home bank shares chairman johnny alson said, investing in these individuals is an important to help support them, their families and the communities in which we operate. Peoples bank of magnolia, arkansas, provided a 500 bonus to employees and contributed 50,000 to its charitable endowment. Little rock, arkansas based bank of the ozarks is giving up to 1,200 annual bonuses, approximately 2,300 employees will be eligible under the plan. Walmart whose headquarters is located in arkansas is an Economic Force not only in our state but nationwide is increase starting hourly wages to 11,ing expanding maternity and parental leave benefits and providing onetime cash bonuses of up to 1,000. Its also creating a new benefit to assist associates with adoption expenses. Regions bank is increasing its minimum wage to 15 an hour contributing 40 million to the companys Charitable Foundation and increasing the companys Capital Expenditures budget by approximately 100 million or 50 over the 2017 level. Spring dale, arkansas, home to tyson foods headquarters, the Company Recently announced it is giving bonuses to more than 100,000 employees whose compensation does not include an annual bonus. Eligible fulltime team members will receive 1,000 in eligible parttime team members will receive 500. In addition, tyson will use savings resulting from tax reform to improve training and Education Opportunities for employees, including teaching english as a second language, and general education developmental classes. And it will also be accelerating capital projects. Fedex whose freight headquarters is located in arkansas and which employs over 3,500 arkansans is investing more than 3 p. 2 billion in growing its business including raising wages and investing 1. 5 million in pension plans. Ups is investing 12 billion to expand the companys Smart Logistics Network and made a 5 billion tax qualified contribution to the companys three ups sponsored u. S. Pension plans. This represents about 13,000 per participant. The company has more than 2,200 active employees in arkansas. And in addition to around 390 retirees who reside in the state. The numbers speak for themselves. Clearly when washington helps to create an environment that makes businesses more globally competitive, it benefits arkansas and it benefits the entire country. The law is already helping hardworking arkansans keep more of their money in their own pockets by nearly doubling the standard deduction, lowering rates and eliminating loopholes and creating a climate that incentivizes business to boost wages and give employees bonuses as a result of the reduction of Corporate Tax rate, the tax cuts job act is providing muchneeded relief to arkansans. Additionally, our governor, assa hatch son, instructed the Service Provision to examine how new lower tax rates will benefit utility providers in arkansas. Governor hutchnison is encouraging them to pass savings to ratepayers which could mean possible lower utility rates for those in the state. Thats not all arkansasbased Companies Like arkansas heart best, murphy u. S. A. , are already reaping the benefits of the new tax system with higher revenues and incomes. This is only the beginning. I believe that we will continue to see positive trends and reactions to the tax law that will help grow our economy and spur even more investment in arkansas and across the country. One provision included in the law that i believe can have an enormous impact on average arkansans is a new incentive for employers to offer paid family leave benefit to their employees. Now employers can offer 12 weeks of paid tax leave. Senator fischer fought to get this idea included in the bill. Thanks to her vision and perseverance, families in arkansas and across the country that must need access to this type of benefit will now have that chance. This is just one more example of tax reform delivering results that will help the middle class. Mr. President , i want to reiterate how well tax reform is working for my state. We are seeing growth, higher wages, and other positive benefits. Employees are getting bigger paychecks and businesses are investing in the workforces and expanding their operations. Thats not promise. Its not armageddon. It isnt an attack on working americans. Its opportunity. Its upward mobility and what americans deserve. Im proud to have cast my vote for tax reform. Learning about it, how it helps our economy and benefiting American Families just confirms what we predicted would happen if we made american businesses more competitive and let average individuals and families keep more of what they earned. Moving forward, im committed to ensuring the changes we made to the tax code help increase Economic Activity and spur growth, address our National Debt and create jobs. Im confident that well have a lasting, positive effect on our economy. With that, mr. President , i yield back. Mr. Boozman mr. President. The presiding officer the senator from arkansas. Mr. Boozman i ask unanimous consent the senate resume legislative session season for a period of morning business with senators sperplted to speak for up permitted to speak for up to ten minutes each. The presiding officer without objection. Mr. Boozman i ask unanimous consent the senate proceed to the immediate consideration of h. Con. Res. 103 which was received from the house. The presiding officer the clerk will report. Cloys the clerk h. Con. Res. 103 authorizing the use of emancipation hall as part of the celebration of days of remembrance for the victims of the holocaust. The presiding officer without objection the senate can proceed to the measure. Mr. Boozman i ask unanimous consent that the resolution be agreed to and the motion to reconsider be considered made and laid upon the table with no intervening action or debate. The presiding officer without objection. Mr. Boozman mr. President , i ask unanimous consent that the senate proceed to the immediate consideration of h. Con. Res. 107 which was received from the house. The presiding officer the clerk will report. The clerk h. Con. Res. 107 authorizing reverend billy graham to lie in honor in the rotunda of the capitol. The presiding officer without objection the senate will proceed to the measure. Mr. Boozman i ask unanimous consent that the resolution be agreed to and the motion to reconsider be considered made and laid upon the table with no intervening action or debate. The presiding officer without objection. Mr. Boozman mr. President , i ask unanimous consent that when the senate completes its Business Today it adjourn until 10 00 a. M. Tuesday, february 27. Further, that following the prayer and pledge, the morning hour deemed expired, the journal of proceedings be approved to date, the time for the two leaders to be reserved for their use later in the day and morning business be closed. I further ask that the following leader remarks i further ask that following leader remarks the senate proceed to executive session to resume consideration of the branch nomination. Finally that the senates recess from 12 30 and 2 15 and all time during recess, adjournment, morning business and leader remarks count postcloture on the branch nomination. The presiding officer is there objection . Without objection. Mr. Boozman if there is no further business to come before the senate i ask it stand adjourned under the previous order. The presiding officer the Senate Stands adjourned until 10 00 a. M. Tomorrow. By dictators orw. Terrorists. Or by dark political money to undermine democracy and we have got to address this problem thank you so much. Welcome back. Finally speaking to the current state of politics and society and i am pleased to begin with senator warner from virginia. 2002 through 2006 serving as governor when he left Office Estate was ranked as the best for business the best managed and the best receiver public education. He has distinguished himself as a leader working with colleagues from both parties on behalf of his state and everyone in our country. Finance banking budget and rules committee and vice chairman of the select Community One committee on intelligence senator warren is with us today please help me to welcome him. [applause] thank you for the introduction and the great work you do in new orleans and your families longterm contribution contributions. I got started in politics indirectly in the 80s so to see the Amazing Things you have done it is an honor to be here with you. Also a shout out to any remaining virginia mayors. Let me realize i had sat more sessions and Senate Sessions while winding down so presume i know everybody in the room to get to the meat of my message. [laughter] i know this isnt the subject of your conversations last couple days obviously cities are continuing to face challenges and opportunities. This isnt exactly a newsflash but those who work at the federal level have been dysfunctional over the last few years and candidly the last few weeks that dysfunction does not seem to be decreasing. As a governor to see the level of dysfunction that takes place at the National Level is created into many state governments as well. The one spot i would argue is in the urban areas it really is a renaissance. The truth is that you know better than i that americans know that and are voting with their feet 60 of all americans now live in cities 80 live in urban areas. Every expectation i have seen shows demographic changes are only going to increase in one of those responsibilities is we have a lot to learn from you about delivering government efficiently there is another amazing statistic as well to say there is a total of 3100 counties or cities here is the stunning statistic between 2005 and 2015 literally 2100 of those jurisdictions across america lost jobs and lost businesses. Two thirds of america have seen a decrease through Employment Opportunities in their communities disappear. Only 1043 jurisdictions saw an increase in businesses and jobs. And the vast majority took place in the community so this disparity may grow son is about education but a lot of that comes down to a fundamental understanding of the economy and will and economy over the last few years we have wrestled anymore visceral way but what is work and what will the economy look like in the next decade . I know you deal with Technology Changes and Artificial Intelligence the panel later today will talk about some of these transitions and quite honestly if you get caught up in the one point happened it lead to a pretty dark space. The most positive report i have seen recently was done by the mckinsey report that by 2030 the United States of america will still have a significant net increase in jobs. All jobs will not be destroyed by driverless cars. But also what came through was that literally one third of all americans either have to change their jobs or change or significantly alter their skill set if we make sure to take it vantage of this opportunity coming about by 2030. I would argue, what is causing all of the political angst . The fraying of our social institutions . Not about democrats most people on my side say a lot of that angst is driven by income inequality. I agree that is a major challenge to see that and so many more visceral ways. But i would argue for income inequality with the mckinsey report with the income and security and that insecurity is coming from that changing nature. What should we do . Try to offer you two areas where we should spend some time comes the responsibility and to revise the social contract but in the 30s and 40s the partnership with business and labor and government we will take care of those folks of benefits. And unfortunately and disproportionately it is fraying that they get the short end of the stick we need to recognize that traditional experience and i will come back to this in a moment has to be altered to recognize the dramatic change. I spent longer in the business sector than i have in politics i was lucky to be an entrepreneur doing pretty well with cell phones. The Company Called nextel the only politician who said even when i am speaking leave your cell phones on that does not believe bother me. But the 21st century in america that is not working for enough people now we have incentives to favor investment of 20th century assets over the context of what they should focus on with investment of human beings as well. Let me come back to spend a couple moments on each of those topics. Many of us in this room many of us work in a single job of 30 years. Serving in world war ii as a marine never finish college and going to work working at a Single Company 40 years he never made a lot of money but he had job security and benefits with health and retirement and while we were never rich we never worried about the next meal or for we could pay the rent. And he had a Retirement Plan with things like unemployment or disability. We have a different system where the contract is altered. Pensions and 4o1 kays mom 4o1k and that contract even to the baby boomer. But now we are in the midst of significant changes in the workforce. The millennials have arrived, 83 million strong actually they are the majority of the countrys workforce. If you ask most millennials and i asked my kids and they talk to their friends they dont ask where do you work. They ask what are you working on . That is a totally different mindset than most of us grew up with. Meanwhile social insurance like healthcare and retirement and unemployment, disability, all of those benefits created in the 20th century in the 30s and 40s we are the only industrial country in the world that still makes all those benefits contingent upon a fulltime traditional w2 employee. Yet the whole nature of work is changing. And today in 2018, not a future date where literally one third of all jobs will change but today in 2018 if if you take nothing else today remember this, one third of the American Workforce today is working with some level of contingent work. There time contractors, gig workers, entrepreneurs but not in the traditional Work Environment that my dad or frankly most of your parents are many of you in your career. And the fact is you know this better than most of us here in washington. You see that and try to support and i know we do as a sponsor as this conference. With your interactions you try to wrestle with those challenges around ridesharing or startups by others with the new notion of four how manifests itself like airbnb. Any projection will show one third of the workforce contingent today moving to over 50 of the the American Workers by 2025 is nontraditional fulltime permanent employment. Now to get this right, one of the most important responsibilities is to rethink the social contract. The area to do the most forward leaning thinking is the benefit system. That means every american starting with the first job at 16 and be able to collect a benefit and move those as they move from job to job to allow that social safety net to follow them. What that looks like i dont know does that have to be run by government . I dont know frankly a lot of that structure can be carried on the cell phone with you but we have to try experimentation. And where this will take place. At the federal level i have a bipartisan bill to create a portable benefit Pilot Program to support those nonprofits with this experimentation but the truth is we already see this last year in Washington State there was a bill put forward in the legislature to create an affordable benefit system a couple days ago the scei you created a first step to creating affordable benefit system for their drivers and now trying to take the fund over three years moving it to ridesharing companies. So with that experimentation nowhere does it take place more and second we need to look at the whole notion of how we deal with investments in human capital. The truth is even if we get this right and allow people to move from job to job and have benefits that travel we will not be fully adequate if we dont recognize that the one third of the American Workforce needs to change jobs or skills before 2030 if we dont have those incentives. That means we need to have a real conversation about american capitalism. 20th century capitalism also assume the role of government and the role of education was to help prep