Political Quotes

“the CBO has scored the Banking portion of this bill so that not a penny of taxpayer dollars will be spent. This is not a bailout by taxpayers dollars. Second, the bill in no way benefits lenders. Lenders have to take a haircut, as Senator Shelby pointed out very clearly. Also, this bill is really an amalgamation of provisions, many of which have passed the Senate before, that have been discussed extensively in the Banking Committee. That are the result of numerous hearings. This is not the case where we have created something completely new, completely out of whole cloth. There might be changes, but I think it is quite easy for committee staffs and individual Members to deal with these changes and if there are objections, to make amendments. This motion is to kill this bill. As Senator Schumer pointed out, what we are losing here is help for hundreds of thousands of homeowners--not financial institutions. What we are losing here is a stronger regulatory structure to govern Fannie and Freddie. I have sat on the committee for years listening to people say: We have to get regulatory reform, GSA reform. We cannot let these institutions--Fannie and Freddie--operate without strengthened oversight. That is precisely what this legislation does. So this legislation is about helping homeowners, regulating Fannie and Freddie, and has nothing to do with bailing out companies.”