Elijah Cummings

In order to qualify for this program, a company has to be a small business.

The largest loan will be $500,000. We are starting at floor zero and going up to $500,000.

We do follow all the guidelines to make sure that what we classify as a small business is, in fact, a small business by definition.

Collectively known as the Fed's dual mandate, these objectives are to 'promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.'

The Federal Reserve System was created in 1913 to 'provide the nation with a safer, more flexible, and more stable monetary and financial system.'

I thank Vice-Chairman Brady for calling this hearing to examine our nation's monetary policy and its effect on our economy.

The Postal Service estimates that it can achieve $10 billion in cost savings without legislation, but it will require congressional action to realize the remaining $10 billion in savings.

His own data which he provided to us earlier this year shows that principal reductions would save the United States taxpayers billions of dollars compared to foreclosures.

Today the majority will seek to draw parallels between Greece's financial troubles and those of the United States.

A Member of Congress from the State of Maryland, Opening Statement.

Yesterday the House Republicans released a budget proposal to cut $5.3 trillion over the next ten years to end Medicare as we know it and shift costs to seniors and give further tax rates to corporations.

The Republicans have been touting the drill, baby, drill, as if that is going to reduce gas prices.

I think we have to be very careful with those because basically what he has asked you is to go back and to look into that.

The Department's entire loan guarantee program as a 'broad scandal' that 'has been driven by political favoritism, accusations of pay-to-play relationships.'

But there is something that used to happen, and I hope it is not still happening, where people would go to the library, fax their papers in to you all, and then they check on them and they get no response.

People should be able to get now lower interest rates and people should have... an opportunity to take advantage of those rates.

The best way to end the housing crisis, help homeowners, and save taxpayers money.

I also thank you for all of your hard work on behalf of your district and for all Americans who are going through this dreadful thing called foreclosure.

And I just wanted to say we are going to hold you to that.

I sincerely thank you for bringing this hearing to Brooklyn.

I would encourage you all to find ways to get that done.

House Republicans have cut $127 billion out of this program. That means that they would eliminate food assistance to some 8 million people.

I want an even higher standard than the 1 percent. I want zero.

Let me make it very clear that if there is one dime of money that is not going where it is supposed to go, there is nobody I think in this room, and particularly not on this side of the aisle or the other, that would stand for that.

The reality is that the Coast Guard does not have enough money to do everything they are asked to do.