Mr. President, I rise to follow on the majority leader's bringing this legislation to the floor, which I am privileged to sponsor with a whole host of my colleagues, and really to speak out for taxpayers and against continuing to provide…

Are we in a position to really press the Pakistanis in a way that would pursue our national security interests when they are our supply route into Afghanistan?

Selective engagement makes me think about selective assistance. I don't buy into selective engagement because, then it's about picking and choosing as you think your interests.

Unless we are in it together and in common cause together, and agree on the goals and the methods to achieve those goals, then I don't know that as a fiduciary to the U.S. taxpayer, as well as our national security interests, nearly $3…

Finally, the banking regulators just recently issued a report themselves with reference to their review of servicers' practices.

There was a lot of moral hazard when, because of systemic risk to this entire country's economy, we had to go in and resolve for every American taxpayer.

Their failure to allow principal reductions to happen, I believe, is ultimately costing the American taxpayers money.

The fact that Fannie and Freddie have stood in the way of principal reductions, there is no need to allow that to continue.

I do not think it ultimately ends up being that simple, because the one thing for certain, having been a banker for most of my career, is if I do not keep that first performing, I am going to get wiped out completely if I hold both.

Thank you for inviting me to testify today.

All politics is local.