Steve Stivers: “I appreciate the gentleman making his point. Mr. Speaker, my point is, under the new Speaker, we have only had one…”

“I appreciate the gentleman making his point. Mr. Speaker, my point is, under the new Speaker, we have only had one closed rule. Will we occasionally have a closed rule? Yes. When the other party was in charge, they had closed rules all the time, too. Closed rules will happen occasionally, but we will have an open process. I think having four out of five as structured rules is a pretty good measurement for the brand-new Speaker in our new day that we are experiencing. I appreciate the gentleman's point, but the point is we are making the process more open. It may not be to the gentleman's liking, Mr. Speaker, but we are attempting to make the process more open and will continue to work on that. I do want to make a couple of points, and then I will reserve the balance of my time. With regard to the charge that somehow in H.R. 1210 this will result in risky mortgage loans--and that is why I went through the history of the crisis where people took a fee, securitized the loan. They privatized gains and socialized losses for the taxpayers to cover. The only way this portfolio lending bill works is if these lenders hold these loans in their own portfolio and take 100 percent of the downside risk. That is not placing it on anybody else. That was one of the reforms that was put in place, and Dodd-Frank was skin in the game. I can't think of anything more than 100 percent skin in the game.…”