David Vitter

I am very, very concerned about that new threat to community banks created by Dodd-Frank.

Well, again, I know I am repeating myself, but if you all can followup with every feature that is temporary, the time line to make it permanent and where the dollars are in hand to get that done, that would be very comforting.

How are we possibly going to not curtail commerce when you are budgeting well less than half what we have spent in those previous years?

My concern is that we are going to inhibit commerce and basically cost jobs.

My point is that they fronted this money on the clear promise of reimbursement.

I don't want to take up more time here, but could you give me a written schedule, where any item that is temporary will be made permanent?

It is clear to me that we are never going to get a specific project recommendation out of it.

Forty one million to these local entities is a lot of money. They are out. They have fronted that money.

I am very concerned about some real gaps in that work and some real continuing needs in that work post-Katrina.

Are you saying the permanent will be complete by the end of this calendar year? Because I don't think that is the case.

I am very, very glad that we are going to meet that deadline in some sense, and I thank you again for the Corps' work.

OK. Well, that was announced. So if this is the announcement of a reversal of that, I applaud it.

Morganza to the Gulf. That is an absolutely vital project that has been lingering and delayed for decades now.

Let me applaud your saying that future reprogramming is not ruled out.

I fully support the role of these agencies in gathering sensitive and necessary information to safeguard the interest of the United States.

Dodd-Frank did not address one of the largest root causes of our recent crisis, and that is, Government housing policy.

If the liability cap is too low and is not reflective of the real economic consequences, then the cost is not going to go away.

Thank you again for your specific recommendation about Clean Water Act fines related to the event. I just want to underscore, particularly for my colleagues, you all specifically recommended that we legislate and dedicate 80 percent of the…

We believe it is very important to see this as an opportunity to do something that has been long needed.

We recommend that there be a reexamination of what would be the appropriate level of, the appropriateness of having any cap.

I think it is unwarranted.

The industry is developing impressive new well containment technologies and there are new standards being established within the industry itself.

We think this cap is a, obviously 20 years out of date.

To me, moving forward in Louisiana and on the Gulf, I think the single most important recommendation of your report is that we, in Congress, with the President, dedicate a significant portion of the fines related to this incident under the…

I agree with the last statement and I encourage everyone, including the Administration, to latch on to that and to lead in that.