Don Nickles: “I will be happy to tell my colleague from Arizona that he makes a good point but he is absolutely wrong. What the…”

“I will be happy to tell my colleague from Arizona that he makes a good point but he is absolutely wrong. What the industry agreed to, according to the settlement, is that they would pay $80 million per point of noncompliance, up to a total of $2 billion. What we have before us is two surveys, penalties up to $4.4 billion, and an amendment to go to $7.7 billion. Does my colleague from Arizona realize there is a difference between $7.7 billion and $2 billion? and that $5.5 of this new penalty is product-specific? and the industry did not agree to a product-specific penalty? These provisions were not in the industry settlement, as I am reading it right now.”