Charles E. Schumer

But faced with the choice of doing nothing, as some in my party would recommend, or doing exactly what the President did, I would still to this moment choose to do what the President did.

Senator Kyl has been very, very out front in chairing hearings on Wahabi-ism and what it means and how we have ignored it.

Five shifts, seven hours, two at each end, twenty just for that.

I have been supportive of the President taking action overseas. I think it is the right thing to do.

You can't quibble with the idea that we are just not doing enough.

How thoroughly were these people on this plane or these planes vetted?

I feel sort of, Mr. Chairman, that we are sort of maybe at a low point.

Again, I am sure the Chairman and everyone who has been here before me would join me in thanking you.

Now, in this article--and I don't want to tear into the Chairman's time here--he has a source, so who knows?

It just was so officious.

That is just fine with me.

But let me ask you this question. This is just a summary, so I haven't read the article.

Just one that stopped in all these places, because he names four or five cities.

I have worried, and we have talked about this before, that if we do not have one national regulator, it is very, very difficult to do any kind of financial services business.

I think that wrong-doers have to continue to be punished.

There are cycles in regulation. There are cycles in our effort to back off from the industry to ensure the dynamism of the capital markets.

I think the settlement was an excellent settlement. It sends a message to the investing public that their interests are going to be safeguarded and that markets can be trusted.

Thank you, Mr. Chairman for holding this timely hearing.

However, preemption of the States would be an egregious, egregious mistake.

That is one of the collateral consequences we haven't yet focused on sufficiently.

the vast majority--and he knows them better than I do--of the people who work on Wall Street are hard-working people, honest people, and do a great national service in creating great capital markets to allocate capital fairly.

I will lead that fight, day-in, day-out, to prevent preemption, whether it is this year, next year, or 10 years from now.

We must be sure the Final Rule retains these important protections.

The proposed changes in the treatment of yield spread premiums... must allow for effective enforcement.

A Final Rule must not allow bait and switch tactics.