Spencer Bachus: “I, in good faith, would not like to preempt the work of the State of California, the legislators who have spent so much…”

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.

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.

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

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…