Dusty Johnson: “let me observe, having listened carefully to the chairman's remarks, that I think the differences we have are fairly…”

“let me observe, having listened carefully to the chairman's remarks, that I think the differences we have are fairly straightforward, in a sense. On the one hand, our amendment says we have already come up with some safety provisions with an 80-percent guarantee rather than 100 percent, and so on. But what we are suggesting is that guidelines be adopted by the board, by Mr. Greenspan, by Treasury, and by USDA. They certainly have it within their prerogative to develop whatever guidelines they feel appropriate to ensure that the lending practices are secure and sound from the perspective of the taxpayers. The Senator from Texas, rather than relying on the Fed, the Treasury and USDA, is suggesting that he will impose guidelines statutorily. We now have, I believe, the consequence of, in effect, shutting out the CFC from participating in the program. I think we have a solid piece of legislation with the Johnson-Thomas- Grams amendment.”