Political Quotes

“I thank the chairman of the committee, Senator Dodd, for being responsive and receptive to a number of amendments we have offered with respect to small businesses and for making sure there are not unintended consequences as a result of this legislation that require more regulation on their part. I also thank the chairman of the Small Business Committee, Senator Landrieu, for cosponsoring this amendment and for her efforts as a strong champion on behalf of small businesses. I thank the chairman for working with me to forge a compromise on this particular amendment that gives small businesses certainty that they will be exempted from the Consumer Financial Protection Bureau to the degree that they are not involved in financial products that will be regulated under this legislation. This amendment will modify a provision in the underlying legislation that could unintentionally ensnare small businesses within the Consumer Financial Protection Bureau if they are judged by the bureau as having engaged 'significantly' in consumer financial products or services such as selling goods or services on credit or through an installment program. The term 'significantly' is unclear. Certainly, it could potentially lead to Main Street enterprises such as jewelers, orthodontists, or furniture store owners being roped into a bureau intended to regulate providers of financial services.”