On the recordMay 5, 2010
I hope we can strengthen the bill in regards to rating agencies. I also hope we can do this: We have an opportunity in some amendments later on in this debate--perhaps next week or perhaps the week after--to address this question of the GSEs, Fannie and Freddie. I think almost everyone would acknowledge that much of the problem that was caused in 2007 and 2008 stemmed from the GSEs. There has been an effort on the part of Senator Shelby and others over time to rein in and have some important regulations for Fannie Mae and Freddie Mac. I would hope we could have an honest to goodness debate and include this very important aspect of financial reform in this legislation; otherwise, I think we haven't gotten to part of the problem. Then, I would say also, we are going to have debate over the next few days and perhaps weeks about this all-powerful consumer agency that would be created. Certainly, we need to protect the consumers. But as I understand this legislation which we will be asked to consider and to vote on and have an opportunity to debate, it creates one of the most important--one of the most powerful, all-powerful individuals in the entire Federal Government; someone who would not even have to answer to a board, as head of this all-powerful consumer protection agency.
