Austin Scott: “there is probably, timing-wise, no greater, no more important piece of legislation for the protection of this country…”

“there is probably, timing-wise, no greater, no more important piece of legislation for the protection of this country than this TRIA risk insurance program. It is very important that I just start my remarks by responding to some of the concerns that the gentleman raised. First of all, in our Financial Services Committee, this is indeed a bipartisan product. Republicans and Democrats worked on this together. This is also a bicameral institution. It is important for the House to have its input. It is important for the Senate to have its input. As a timing matter, it is critically important for us to make sure that we have incorporated into this legislation important issues that the Senate has left out. So what we have before us, Mr. Speaker, is simply a joint product. We asked for the conference. The conference was not permitted. So we have no other choice except to take what the Senate has offered, and we are accepting that. But there are some other important points of this legislation that need to be incorporated into this bill.”