Political Quotes

“I commend the Budget Committee chairman on his contribution to this debate and his contribution to our country. I enjoy listening to his remarks and appreciate many of the ideas he has offered today. I rise to talk about an anniversary today--no, it is not my anniversary or his but the anniversary of Dodd-Frank, which passed a year ago today. This morning at a press conference, Barney Frank, then-chairman of the House Banking Committee and the Frank portion of the Dodd-Frank legislation, gave a speech before the National Press Club. In it he made some comments that are very important, and I wanted to share my agreement and support for some of the things Chairman Frank said. I did not vote for Dodd-Frank when it passed 1 year ago, but I did, along with Senator Hagan and Senator Landrieu, offer an amendment which was adopted by the Senate and ultimately agreed to by the House in the conference committee. It was an amendment known as QRM, qualifying residential mortgage, an amendment to carve out an exemption from risk retention for a well-underwritten mortgage loan. The Dodd-Frank bill, as many in this room will remember, originally called for a total 5-percent risk retention on every residential mortgage made, which would have eliminated many people from making any residential mortgages at all. Ranking Member Frank today in his comments said: Well, we had a 100-risk retention prior to 1994. He is right.…”