On the recordMarch 11, 2011
I want to say to the gentleman, we are here in the House of Representatives making policy. You have got to be precise. I would say to Members about what you say, ``directing'' and ``allowed'' are two very different things. It is one thing to allow it. By the way, when you were talking from the perspective of the private sector, it's a very big difference. And there are many things that the government allows that I wouldn't direct. There are things it allows that I wish people wouldn't do. But the gentleman didn't say ``allowed''; he said ``directed.'' That's simply wrong. I asked because--and he didn't say this, and I acknowledge that, but there were some who tried to blame the Community Reinvestment Act. I should note that in the Financial Crisis Inquiry Commission, three of the four Republican appointees, including Bill Thomas, our former colleague here, chair of the Ways and Means Committee, and Douglas Holtz-Eakin, who was the chief economic adviser to Mr. McCain, specifically repudiated the notion that the CRA had caused this. So we ought to be very clear.
