Political Quotes

“I think the extremes to which the other side will go to try to frustrate considering bona fide educational issues on this education bill was demonstrated by the fact that the vote we just had was on tabling a motion on an amendment involving the "Know Your Customer" proposed regulations that were put out by the Federal banking regulators. I wrote to the regulators, pointing out the problems with these proposed regulations and urging them to carefully consider these problems before proceeding or implementing them. The regulators have received a flood of comments highly critical of the proposed regulations and, in fact, the comment period, which ends on March 8, is not yet over. At least two regulators have already indicated, in advance of the comment period ending, that they expect not to adopt the proposed regulations as final regulations in view of the overwhelming number of comments they have received and the complexity of the issue. Many of my colleagues have, as I have done, written to them pointing out the difficulties connected with these regulations and the possible breaches of customers' personal financial privacy. On the other hand, since there is a law enforcement issue involved here with respect to money laundering, we need to be very careful what we do. I am concerned because the amendment not only addresses the proposed regulations but also precludes any other regulations being put forward by the agencies that would be similar to these.”