Wendy Sherman: “Back in the old days, this bill would have just passed on suspension. It is bipartisan, it is small, and it is…”

“Back in the old days, this bill would have just passed on suspension. It is bipartisan, it is small, and it is temporary. Both sides have praised the CFPB's efforts in coming out with this rule. Both sides believe in a grace period, and the question before us is whether we should codify that grace period and apply it to trial lawyer enforcement, or whether we should have it be more vague than the chairman would want, and whether this grace period should apply to private enforcement or only government enforcement. Mr. Speaker, 91 Democrats called for this grace period. Half the Democrats on the committee voted for the bill. The bill applies only until the end of January. It is small, it is temporary, and it applies only to lenders who operate in good faith. I said until the end of January. Some would say it applies until February 1. Either way, it is a temporary bill. I know the pressure the Democrats are under. Anybody who shows up at Democratic club meetings, they are thinking that any bill, no matter how small, temporary, or practical, that is favored by the financial services industry must be a complete sellout to banks. Well, as one of the leaders against the $700 billion TARP bill, I can go to any Democratic club holding my head up high even if I vote for bills that are practical and yet may clash with some ideology.…”