Barney Frank: “first my friend from West Virginia said, well, we would be displacing the private insurance market. We have fellow…”

“first my friend from West Virginia said, well, we would be displacing the private insurance market. We have fellow citizens represented here who are trying desperately to find that private insurance market. This is hardly a case of our intruding in a perfectly functioning market. And then the amendment bans cross-subsidies; it bans cross-subsidies that do not exist. The CBO report: ``Assuming the appropriation of the specified amount CBO estimated in implementing this provision would cost $75 million over the next 5 years.'' That's the total on one provision. On the other provision: ``CBO estimates that loans made under the bill would have an insignificant cost over the next 5 years. Enacting H.R. 3355 would not affect direct spending or revenue.'' So there is no taxpayer expenditure; so there is no subsidy. Then as to cross-subsidy, it is very carefully worded. It says: ``No cross-subsidizing in any geographic region.'' It doesn't say across State lines because that could not happen. No State is in this program unless it volunteers to get in. So now, apparently, the worry is that north Florida will subsidize south Florida. I think we leave that to Florida. One last point. Many of my colleagues have had this button, article I. This does not attempt to change the program substantively. It does not try to deal with the subsidies because they're nonexistent. It says: ``The Secretary of the Treasury has to certify.'' It is a very disturbing provision.…”