Political Quotes

“Madam President, I thank the Senator from Oregon. This is very important work, and we are in our late hour. Sometimes we do our best in the late hour. The unintended consequence of the Dodd-Frank legislation with regard to IOLTA is it not being extended and we are going to literally have thousands of escrow accounts held by law firms and attorneys, real estate transactions, dispute resolution transactions, and beneficial programs that will have to be spread among many more banks because the insurance level, which is now limited, drops to $250,000. It would force the transfer of escrow account money out of any number of banks. At a time when capital is critical in small community banks, the unintended consequence might have been to take them below tier one capital requirements and put them in a stress situation. I commend the distinguished Senator from Oregon for his work on this legislation. I thank the Senator from Louisiana, Mr. Vitter, for his consent for us to bring this forward. I give wholehearted support to the unanimous consent request. I yield back to the Senator. The PRESIDING OFFICER. The Senator from Oregon.”