Regulators should always seek to build an a margin of safety as there is always a risk that the theory underlying the regulatory regime falls short.

I thank the Subcommittee for the opportunity to testify today.

I think we are confronting--I applaud your efforts to go forward prospectively, but we have a huge problem with what we have to deal with right now.

The Commercial Mortgage Securities Association (CMSA) is grateful to Chairman Reed, Ranking Member Bunning, and the Members of the Subcommittee.

I believe that continuation of Fannie Mae and Freddie Mac as member owned cooperatives would serve to establish standards.

I hope that the smooth sailing and passage that you've had through this hearing continues on the floor.

I am pleased and proud today to be here to introduce Associate Justice Rogeriee Thompson, the nominee for Rhode Island's traditional seat on the United States Court of Appeals for the First Circuit.

After these deliberations, we came to the conclusion that Judge Thompson was uniquely qualified to serve on the First Circuit.

Serving as an appellate judge is a unique opportunity, and this lifetime appointment should be for those who have demonstrated they have the intellectual gifts, the experience, the judgment, maturity, and temperament to take on this…

Thank you, Chairman, and thank you for holding this hearing.

the point that I am trying to make is that, to the extent that there is some question about the authority that the President can exercise through his assistants and advisers, that is a limitation that pertains to the President himself.

the extent to which the President can direct the exercise of statutory authority that is vested in someone else in the executive branch is one of the great questions of American constitutional law.

to the extent that there are duties that are specifically given to an office by Congress, even if that office holder is an appointee of the President, it may very well be that there are authorities that belong to that office that the…

We heard that the Russians were ready to stand with President Obama on the stage in Pittsburgh along with President Sarkozy and Prime Minister Brown, but the Chinese were reluctant.

We all recognize the importance of the Federal judiciary in the proper functioning of our democracy and we all want to ensure that the courts have the resources they need to protect our liberties and administer justice.

One of our primary responsibilities here on the Senate Judiciary Committee... is to make sure the Federal judiciary has the tools and the resources it needs to perform its crucial role in our constitutional structure.

We need to take action to restore Americans' confidence--and their financial security--by reforming a regulatory system that still contains far too many gaps, loopholes, and redundancies.

It might be sort of urban folklore, but it is a very powerful one.