During one of our hearings there was a panel of nine witnesses, including representatives of the credit card industry and minority witnesses. I asked a question and polled each of them, and all nine unanimously stated that this bill would not lower interest rates. So that is a red herring, I suggest. The bill should be defeated.
Discussing the impact of a bill on interest rates during a committee hearing.
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I wanted to note that in hearings before the Committee which I Chaired there were a number of military prosecutors that testified that described that entire process as a sham, a joke and a fraud being perpetrated.
That is why I take offense when I hear it is the Community Reinvestment Act that did this. That is baloney.
If we continue to drag this out... we are going to find ourselves in a real serious, severe crisis.
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