Richard Shelby

What is your judgment today on the financial condition of FHA? For the record here and before this Committee.

If we don't have the information, we don't want to be shocked like we have been before.

In other words, if somebody was going to buy your portfolio, they would be looking at what was really in that portfolio----

But that is no way to do business, is it?

Where were the--and are those same people still in Enforcement?

So they failed big time in protecting the investor in both the Madoff and in the current Stanford case.

Were they counting beans? In other words, they wanted to count how many cases they had, they had solved...

Where was the leadership of the Enforcement Division not just in Fort Worth but at the SEC here?

The Stanford case... represents a major failure by the Securities and Exchange Commission in carrying out its investor protection mandate.

This just looks like the SEC failed the investor, not once, not twice, but four times, big time.

Well, any way you look at it, this is a colossal failure of the SEC.

I think a good point he made, that unlike the Madoff issue, here you actually had examiners.

This concern is clearly not partisan, nor is it novel.

The National Flood Insurance Program remains in serious trouble and is in desperate need of reform.

This program is broken, it is not actuarially sound? It is not going to be actuarially sound unless we do massive reforms starting with mapping and getting into something that is actuarially sound.

It is my understanding that the National Flood Insurance Program's goal of fiscal solvency... is defined as charging premiums that will generate enough revenue to cover a historical average loss year.

There is data there if you can put it all together, and it looks like with all of the software that we have today, that could be put together if there is the political will to do it.

Every aspect of the program must undergo significant revisions.

The bill immediately eliminated subsidies on vacation homes, businesses, and severe repetitive loss properties.

Without the mapping data, the program will always be suspect, to say the least.

Mapping is the key to an overall sound actuarial program.

The Connecticut Construction Industries Association applauds your leadership and looks forward to working with the Committee to develop meaningful legislation to invest in infrastructure, create jobs and grow the economy.

The only thing his policies have produced, in my opinion, is more Government, more debt, more regulation, and more unemployment.

Would they be liable for, either implicitly or explicitly, $400 billion or just for the $50 billion?

When I hear that an infrastructure bank will not cost the taxpayers a dime, I wonder why Federal resources and guarantees are needed.