Elizabeth Warren

The failure to recognize that the money is now moving to another account can lead not only to loss of benefits, but the kinds of problems that Ms. Lane talked about for how long it takes to correct the problem?

It is our responsibility to oversee what it is that you do and it is your responsibility to carry out the law in a way that is accessible to those who need it.

One-third of the seniors in a State, in this particular case Florida, are entirely dependent for 100 percent of their income on that Social Security payment.

Secretary Gregg, you are not going to get any push-back from me that the electronic system works better for the government and works better for almost all recipients.

I am sorry. Do you have some information about how much money they have made off this card?

We do not want you to consider helping these people with a waiver. We want you to do it.

So, can I just stop you there for just a second, Ms. Vallas.

To provide this service for only one card would be enormously expensive.

If we have established a program and that we do have people who are legally entitled to waivers and they want those waivers, that we need to make that accessible.

So you have done some retraining so people now on the phone will explain that a waiver is available?

The waiver system is a mess.

Thank you, Mr. Chairman, and thank you very much for holding this hearing today.

I am glad to hear that we do not have plans to do that in the future.

So, we are talking here about fraud, and I just want to go back and unpack this a little bit.

I am hearing Ms. Vallas describe as 'I had to fight to get someone to send me by mail a copy of the waiver.'

What you are telling me is you might not catch the last two percent.

I very much appreciate and understand the importance of trying to move as many people as possible to the electronic system.

Well, Mr. Secretary, I am glad to hear that we are not thinking about giving them another $30 million, but I am still having trouble understanding the contract itself.

Someone has to advocate on behalf of the two percent who may be different in some substantial respects from the other 98 percent.

I have to say that the answers that I have heard so far have not fully reassured me that that is going to make the process accessible for those three percent that you were talking about.

Okay. So the letters that are going to go out will mention waivers and explain how to get those waivers, is that right?

Just as the Consumer Product Safety Commission protects buyers of goods and supports a competitive market, we need the same for consumers of financial products, a new regulatory regime, and even a new regulatory body to protect consumers…

Look, we can go back over the CBO numbers, but what is clear right now is what the CBO has made clear. We will make $51 billion in profits off the backs of our students. The Republicans propose to make another $16 billion off the backs of…

I wish to make sure I understand. Have the Republicans put any proposal on the table that will deal with all of the outstanding student loan debt?

Then I assume the Senator means all the students with student loan debt, and that is not my proposal.