Richard Shelby

That is not chump change, is it?

It is clear that the old way of doing things failed on a massive scale.

The implicit, so-called cost-free guarantee of Fannie Mae and Freddie Mac has already soaked the American taxpayer for over $170 billion.

Misguided housing policies pursued by the Federal Government and implemented by the GSEs played a significant role in causing the financial crisis.

However, if the Committee decides that the housing market can and should function without a Government guarantee, reform will then focus on how to transition to a private market.

If the Committee decides that the housing market needs a Government guarantee, then it is likely that housing finance reform will be largely a debate over how to structure the guarantee.

Can our mortgage market operate efficiently without a Government guarantee?

They were too big to exist.

One of our Nation's founding principles is that the Government should be accountable to the people.

It is regrettable that the President and the majority have chosen to ignore our request rather than work with us to improve the Bureau's accountability.

We do not believe that the Committee should consider any nominee to be the Director of the Bureau of Consumer Financial Protection until reforms are adopted to make the Bureau accountable to the American people.

The unsustainable growth in the costs of the Pell Grant program continues to be an anchor dragging down the entire budget for the Department of Education.

It is unacceptable to all of us.

The Federal Government, I believe, should give States the flexibility to implement critical reforms as identified on the State and local level.

I am concerned, and I am sure you are, that the 2012 budget proposal does not request funding for the mathematics and science partnership program.

In the area of mathematics and science partnerships, the United States continues to fall behind, as we know, other developed countries in reading, math, and science education.

But if you cannot have it all, and you cannot--I wish you could, and I wish that I were here when we owed no money as a Nation, because I think a lot of us could get together and have a lot of good ideas including investment in education…

How are we going to pay for this, because that is going to be the bottom line up here this year and in the future.

If we do not do this, where are the jobs going to come from in the future?

I am concerned that replacing formula-funded programs with so-called competitive programs will result in the redirection of critical Federal funds from smaller rural States or urban areas because they will not be able to compete for…

I am concerned that the scoring process for the Race to the Top applications essentially mandates which interventions should be used by States and local school districts to improve student achievement and reduce achievement gaps.

That is $1 billion here and $8 billion there, and it is real money?

But we are all taking a chainsaw to our budget right now to a certain extent because of our failure to act.

I am gravely concerned that the Department of Education has delayed some of the tough choices that are necessary to ensure national economic stability.

However, in your written statement, Mr. Secretary, you state, and I quote, 'Our request is a responsible budget that emphasizes both fiscal constraint and investment in education reforms that will deliver results.'