Bob Menendez

I just look at the fact that the DOE has, as far as I can see, has never issued a single fine for failure to comply with efficiency standards.

I think this is incredibly important. It's a vital, cost effective way for us to meet our energy challenges.

I want to thank you and the ranking member for holding a hearing on what I think is an incredibly important topic.

I want to caution both departments that if they don't reach an agreement as they've pledged to that some of us, certainly, I may very well decide the conflict for them.

So when is it that you support, if you support, going ahead and including giving DOE the authority to regulate what is about 30 percent of total reflector lamp sales?

Does it really make sense to open areas where there is no existing oil and gas infrastructure?

I look forward to joining you in New Jersey when you come to hear from people along the New Jersey shore about what drilling off the Outer Continental Shelf would mean to them in their lives, in the economy of the State and in coastal…

Finally, you know, my understanding is that the Department's 5-year OCS drilling plan does not consider the potential economic impact on a State's tourism industry, for example or its fishing industry.

You often talked about the energy moon shot as one of the things that you hoped to be able to achieve. I think that is desirable.

I want to start off by commending you, Mr. Secretary for acting quickly to extend the public comment period on President Bush's administration's hastily constructed 2010/2015 year OCS oil and gas leasing program.

It's clear that the level of scientific knowledge needed to proceed with rational decisions about the plan OCS leasing on the Atlantic coast in my view are sorely lacking.

This is an area that I share Chairman Bernanke's comments about being angry.

It is just a recipe of throwing more money in a process in which we don't have a quantifiable baseline to determine where we should be going.

I mean, how can you keep coming back and asking for monies in which you cannot quantify for us the systemic risk and the assets here?

You have got to quantify this risk. You have to tell us what is the level of the systemic risk.

Well, it seems to me that there is a real risk here that we are, by Federal money, providing AIG with the wherewithal to unfairly compete in this marketplace, and at the same time inheriting the risk of underfunding those liabilities.

But shouldn't we be putting AIG through the same stress test that we are talking about in terms of financial institutions?

Many, many servicers have agreed to start refinancing the mortgages and they feel they are protected by the guidance that you have issued.

What you have done in your plan is laid out specific guidance that every regulator agrees to.

The real block, in my opinion, has been the servicers and the bond holders.

I think the housing plan that you and Tim Geithner and, of course, the President put together is really a home run.

One of the biggest lessons I have learned over this period of time is that some of these institutions simply will not police themselves and lenders will not modify their own, in many cases. Voluntary efforts just do not work.

He thinks it is unfair--and so do I--that lenders can take taxpayer money but do not have to help homeowners.

I said then that we were going to have a tsunami of foreclosures, and the administration basically said I was an alarmist.

We shouted the statistics as long as we could. We held meetings to develop legislation, but for years, the previous administration just covered its ears.