Paul S. Sarbanes
The Public Record
Paul S. Sarbanes is a former U.S. Senator from Maryland, serving from 1977 to 2007. A member of the Democratic Party, Sarbanes was known for his work on financial regulation and consumer protection. He played a significant role in the passage of the Sarbanes-Oxley Act in 2002, which aimed to enhance corporate governance and accountability in the wake of major financial scandals. Throughout his career, Sarbanes focused on issues such as education, healthcare, and the environment, advocating for policies that benefited Maryland residents and the broader American public.
I've been informed that the last time the figure of long-term unemployed was this high for such a continuous period...was 20 years ago, in 1983.
I want to take just a moment to address the subject you were addressing with Congressman Putnam on the concept of NAIRU, the Nonaccelerating Inflation Rate of Unemployment.
It's very clear that in the recent past, we experienced 4 percent unemployment without an inflation problem.
The Humphrey-Hawkins bill had a 4-percent unemployment rate. So it was premised on the view that we could get down to that rate before we encountered an inflation problem.
The housing GSE's should have a strong regulatory oversight structure that ensures both the safe and sound operation of the GSE's and the fulfillment of their housing missions.
And why are we, in effect, running perhaps a significant public risk in order to do this?
Should we graduate them from the Federal Home Loan Bank System at some point?