Political Quotes

Tom Harkin: “I submit to my friend from Arkansas that one of the greatest myths about the guaranteed loan program is that the…”

On the recordJuly 9, 1998
I submit to my friend from Arkansas that one of the greatest myths about the guaranteed loan program is that the agencies are the real guarantors of the loans. I think, contrary to popular belief, the Federal Government is the guarantor, and this changed in 1992. In 1992--and I will just read to the Senator from the law itself: ``Consequence of guaranty agency insolvency. In the event that the Secretary has determined that a guaranty agency is unable to meet its insurance obligations under this part, the holder of loans insured by the guaranty agency may submit insurance claims directly to the Secretary, and the Secretary shall pay to the holder the full insurance obligation of the guaranty agency.''
Said by
Tom Harkin
Democratic · Iowa
Source
govinfo.gov

Editor's note · Context

Discussing the role of the Federal Government in the guaranteed loan program during Senate debate.

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