Chuck Schumer

Senator Schumer mentioned something that we have all regionally been working on and break ground Monday, I understand, the new Trans-Hudson Rail Tunnel project.

You cannot rob Peter to pay Paul. Mass transit funds are more precious than ever, and we must dismiss any future proposal to subtract funding from mass transit.

New Starts has been incredibly important to my home State.

We have an administration that understands and is willing to invest in the growing demand for transit.

I think New Starts is a great idea, and I am glad you are having this hearing.

With that in mind, I will view with great skepticism any move to give the Fed expanded authority.

Another thing that the TARP has accomplished is covering up the egregious failures of our banking regulators over the past decade.

I fear this situation sets the stage for the creation of the American version of the zombie banks that were a principal cause of Japan's so-called lost decade.

The failure to devise... a clear and credible plan for employing TARP has also resulted in a massive waste, some people believe, of taxpayer dollars.

I believe that had the Treasury... exercised different judgment and proceeded in a more deliberative and measured manner, the most severe aspects of this financial crisis could very well likely have been avoided.

In my opinion the programs laid out thus far by you, Mr. Secretary, go well beyond what is appropriate and necessary.

Perhaps the biggest step the Secretary has taken is the Public-Private Investment Program the Treasury Department rolled out in March.

In the rush to address concerns facing the institutions that are too big to fail in this crisis, we must not forget about the threat posed by those that many may well prove to be too small to survive.

A major source of employment in this country comes, obviously, from small business, and they are struggling.

I thank Mel Martinez, our colleague and former HUD Secretary for his efforts in that record.

The Center for Responsible Lending projects that some 17,000 homes in my home State will go into foreclosure in 2009.

I wanted to see a commitment to three things: extending credit to families, restoring confidence, and clarity for the American people.

I think unlike other times, this moment requires that we have more of an ongoing public conversation about these issues.

I believe the American people want a solution. They just do not want one perspective.

I mean, you might say we should not do anything on legal immigration until there is not a single illegal immigrant who crosses the border.

I believe that Americans will accept a system, broadly defined, that is pro-legal immigration and anti-illegal immigration.

You are saying it is not the fence you want, but there is 626 miles of a fence at least 10-foot high.

What we need is boots on the ground. What we need is a surge like we had in Iraq.

If you prevent employers from hiring illegal immigrants, that will cut off the flow as effectively as anything.

This is not a partisan issue of any sort.