Does that make what the President did constitutional if it is unconstitutional?

Again, I thank the chairmen, the ranking members, and their staff for putting this together. The resolution process for financial institutions is one of the pieces of unfinished business from the 2008 financial crisis, and we will finish…

I thank the gentleman from Virginia. They actually called for us to have this procedure. And that part of Dodd-Frank--I have sometimes said ``the good, the bad, and the ugly''-- that was a good part. We needed to structure bankruptcy where…

I think maybe listening to everyone on the panel, I think, and most of the Members on the dais, we all agree that our country, its citizens, and even our immigrants need comprehensive immigration reform.

I want to commend the gentleman from Washington (Mr. Kilmer) for what I consider a straightforward, commonsense amendment. This is an amendment to the Fair and Accurate Credit Transaction Act, what we commonly call the FACT Act. The FACT…

I claim the time in opposition, although I am not opposed. The CHAIR. Without objection, the gentleman from Alabama is recognized for 5 minutes. There was no objection.

I would simply recognize Mr. Petri's and Ms. Tsongas' contributions in helping Mr. Kilmer with this amendment--and there may be others. I want to express to the full committee chair our appreciation for supporting this amendment, and I…

Those left on the short end can often be the people who have the greatest difficulty in getting any credit at all.

My Democratic colleagues have said they want to wrap this up. So let me just simply say to you that this is having the effect of shutting down these companies, whether that was intended or not.

The intent of Operation Choke Point may have carried a purpose that we would all agree with, and that is to prevent financial fraud.

In this economy, the last thing we need is to make it harder for businesses to operate and employ workers, and by that I mean legitimate businesses.

If you are imposing costs on the system, you should have to internalize them.

I think that the market needs to be regulated.

However, my continued concern is that the program threatens to dry up legitimate sources of credit and financing.

But in your document request it says, number 6, on page 6.

The program also can deny legitimate merchants access to financial networks they need to survive.

In a perfect world, there will be no payday lenders.

Let me say this, we are going to have a second round.

But in fact in 4 it says, documents sufficient to identify payment processors or merchants or clients that experienced a return rate of 3 percent or greater in any 1-month period.

Consumer fraud is real. Go after that, not after an archery store.

Our loan was turned down not because of our credit. We had perfect financials and had been working with the same manager for 20 years. It was just because question sell guns, and they said that to us specifically, you sell guns.

This is a very straightforward amendment, which I am joined by my colleague, Ms. Terri Sewell, in offering. The chief judge of the Northern District of Alabama, Karon Bowdre, and the U.S. marshal who was appointed under the previous…

I have an amendment at the desk. The Acting CHAIR. The Clerk will designate the amendment. The text of the amendment is as follows: At the end of the bill (before the short title), insert the following: Sec. __. None of the funds made…

Thank you. Mr. Chairman, I yield the balance of my time to the gentlewoman from Alabama (Ms. Sewell).