Political Quotes

“Mr. President, as we near the votes on this bill, I wish to take one more opportunity to speak in favor of the TRIA reauthorization legislation. Again, I thank Senators Schumer, Heller, and Kirk and their staffs and Senator Reed for all their hard work in bringing forward this legislation. I also thank Chairman Johnson and his staff for moving forward so quickly and aggressively on this legislation. Together, we were able to put together a bill that allows the program to continue to function while increasing the movement toward ultimate taxpayer protection. As I mentioned before, we were able to approve this bill out of committee with a 22-to-0 unanimous vote. The agreement of all the members of the banking committee that we should move this bill forward speaks to the importance of this critical legislation and to the level of the added taxpayer protections we were able to build into it. Our bill increases the level of losses that the private sector will absorb before reaching the Federal backstop. We do that by increasing the coinsurance level of any company participating in TRIA so that each company will shoulder a greater percentage of the losses. We also increase by $10 billion the level of mandatory post-event recoupments to $37.5 billion, which means that the taxpayer will ultimately recover all TRIA losses except in the most extreme events.…”