Chuck Schumer

So if a credit union would want to lend to this small business and the local community banker for whatever reason wouldn't, why not let them?

I think the history shows this was pushed not by the regulators, but by the bankers.

Modernizing our balkanized bank regulatory structure is critical to restoring confidence in our financial sector.

Give me a reason why we shouldn't, at the very least, temporarily lift the cap, given the state of our economy.

If we could get that cap raised, we could $10 billion with no Government assistance in small business loans and little America Main Street tomorrow.

I think it is really important we look for more places for small businesses to get loans.

I have found in New York, and I compared this to my colleagues... that we not only have a failure for people to get new lending.

Let me tell you a story I heard, and this is a Connecticut story.

We could put $10 billion on Main Street, $10 billion into Main Street small loans almost immediately if they lifted that cap.

The motion is agreed to--the original resolution is approved and ordered reported.

The Rules Committee will come to order.

Opening Statement of: Hon. Charles E. Schumer, Chairman, a U.S. Senator from the State of New York.

We were pleased, therefore, to hear about the recent bipartisan effort, led by Senators Charles Schumer and Richard Shelby...

We intend to hire staff with specialized expertise in financial services and other related areas, including product specialists, traders, and others.

I am very grateful to have a partner in this in Senator Shelby.

If we consolidate both rulemaking and enforcement in this one agency, then I am comfortable with the funding model.

How would you propose it be funded? Should there be some kind of user fee, whether on the lender or the borrower?

The proposal that Senator Durbin and I are making is one part of that, but there are lots of other parts.

The greatest challenge President Obama has after he gets us out of this financial mess is to figure out how we get back to those traditional values.

We became a country that consumed more than we produced, borrowed more than we saved, and imported more than we exported.

The time is right for a financial services regulator with consumer focus.

So this week Senator Durbin and I plan to introduce legislation to create a new regulator to provide consumers with stronger protection.

But the deceptive practices, the predatory practices, we have seen them in the mortgage industry.

I think this hearing is really important. We have a great economic crisis in our country and it extends from one end to the other.

Thank you for holding this hearing, and unfortunately I got here a little late, so I am going to take a little bit of my time and read my opening statement, if you don't mind.