Jack Reed

We want consumers to have a voice, and, frankly, the notion that this is unchecked, unbounded power is simply wrong.

To block his appointment simply to express displeasure with either the process or the substance of the law is the wrong way entirely.

I am someone who believes very strongly that the work of the Consumer Financial Protection Bureau must go forward and should go forward under the direction of Mr. Cordray.

And I will not put words in your mouth, but if it is a single issuer, that likely could be a Government entity.

So one of the aspects of creating this new--and we all understand this is not going to happen next year, this is a phased adaptation going forward--would be to provide investor protections, but perhaps not in the same way that is done…

We have collectively for generations, both Republicans and Democrats and everyone else has said putting people in homes is key to America.

There is a lot of capital going into this market because of the way it is structured, the guarantee, the credit risk aspects.

The 30-year mortgage would be less available. Mortgage credit would be less available, and the credit availability that you would be able to access would be at a significantly higher price.

I demand a recorded vote. The Acting CHAIR. Pursuant to clause 6 of rule XVIII, further proceedings on the amendment offered by the gentleman from New York will be postponed. Amendment Offered by Mr. Scalise

Woman, I have an amendment at the desk. The Acting CHAIR. The clerk will designate the amendment. The text of the amendment is as follows: Page 32, line 12, insert after the dollar amount the following: ``(reduced by $8,291,000)''. Page…

We want to continue to maintain that commitment.

In fact, since 1965, more than 60 educational library studies have produced clear evidence that school libraries staffed by qualified librarians have a positive impact on student achievement.

I am concerned that the overarching strategy at the Department has been to focus almost exclusively on these untested, large-scale competitive grant programs at the expense of some proven research-based programs that have a track record of…

I think you rightly point out the central need to fundamentally reform our education system at the elementary and secondary level, and also support it at the higher education level.

It seems from your comments that the possibility exists of having the worse of two worlds: regulations on the books which will require you under Dodd-Frank, but ineffective resources to respond to legitimate questions of business.

I think the only real beneficiaries are not the rank-and-file business men and women, but those who deliberately will try to avoid following the law.

A modern, well-regulated market is one in which the regulators also use current technologies and techniques to keep pace with market developments.

Well, how effective has it been since I believe Congress in the 1990s--in 1993, 1994--passed HOEPA, which was designed to address the issue of predatory lending?

Well, thank you very much, Mr. Chairman.

Thank you very much, because I think that is an important clarification of what happens, effectively, on the day that the agency stands up.

I have an amendment at the desk. The Acting CHAIR. The Clerk will report the amendment. The Clerk read as follows: Page 27, line 10, after the dollar amount, insert ``(increased by $41,000,000)''. Page 32, line 4, after the dollar amount…

I completely concur, and I think the solution is to appropriately raise the debt ceiling, deal with the fiscal issues of the deficit that we face, and we are trying to do that.

So a failure to raise the debt ceiling would be probably the most significant and immediate increase in the deficit that we are likely to see, the one act that would dramatically increase the deficit?

Thank you, Senator Schumer.

Pass the debt limit.