it bothers me a little bit to say that future elected officials won't do their jobs.

if we put more money on the table, these projects would happen.

I thank the ranking member. I want to thank Mr. Grimm and others for bringing this bill forward. You have heard what the bill does. I will tell you that I want to associate myself with all of the people who support it. I actually want to…

Now, I think that is terrible of us to say that all future elected officials won't do their jobs as well as we do, we are better than them. That is ridiculous, it is insulting.

Right now, today, the Commonwealth of Massachusetts is losing hundreds of millions of dollars each year directly from the Federal Government.

we are tying their hands in whatever crisis they may face 20 years from now.

I just want to be clear that everybody here understands. Private activity bonds exist because, and solely, because of Federal tax policy.

I am really concerned about that, because my big fear is you move a project up 17 years, yes, I get to use it.

It is a great loan. I wish I could get one.

I am more than open to amending it if you think that somehow we missed a comma or we have to tweak it.

You took your time. You are trying to do it right.

I think that each of you should be prepared, not from me, but at some point during this hearing, someone may as well just ask you, why do you hate America?

I do think that there is a problem having so many regulatory bodies participating in one rule.

I look forward to working with you as we move forward to get it right.

I have always believed that. Even when there were regulators that I didn't agree with, I have always thought that regulators, like most Members of Congress, are good people trying to make the world a better place.

The insurance industry has clearly and unequivocally changed over the years, as you have said yourself, and become much more complicated.

I do believe that slowly but surely over time we are going to come to a more federalized system.

Some people might want to reduce that number and deal with only 30 or whatever the number might be.

I didn't hear anybody who actually said that you would rather have the Fed doing this than FIO.

I guess what I wouldn't want is to use the fact that we have these in place for specific reasons to open the floodgates of saying, we don't need State regulation anymore.

This is an important and a complicated subject that will bring out a lot of important issues that I look forward to discussing today.

I think you have advocated for a while now very effectively a very strong States' rights approach towards insurance regulation, and I respect that.

The question is, can we keep it?

We have a republic if you can keep it.

I think you are doing a great job. Keep it up.