On the recordDecember 20, 2012
I wish the outgoing chairman of Financial Services would check his facts. Ms. Pelosi, the Democratic leader, did not make a tax proposal that would give people over $1 million a year a $50,000 tax break, which is exactly what the Republican plan would do, number one. Number two, the proposal that the President has put on the table has $1.2 trillion cuts if you include interest savings, which is more than the cuts here, and will also deal with the sequester. Number three, the Republican proposal out of Financial Services will increase the likelihood that taxpayers have to bail out the financial industry again, not reduce it. And number four, they strip away the independence of the Consumer Finance Protection Board so that lobbyists can meddle in exactly how they do their work so that they're looking out for lobbyists' interests rather than the interests of the American people. So this whole approach that we're seeing right here is another example of trying to help the folks at the very top at the expense of the rest of the country. And, Mr. Bachus, it wasn't me making the 40 percent comment talking about dividing America. That was the comment made by the Republican candidate for President. With that, I yield 1\1/2\ minutes to the distinguished lady from New York, a member of the Appropriations Committee, Ms. Lowey, and I congratulate her on becoming the new ranking member.
