Political Quotes

“Mr. Chairman, I yield myself such time as I may consume. Mr. Chairman, this is an amendment that is purely technical in nature that addresses a few discrete issues in the amendment in the nature of a substitute. Specifically, it clarifies the noninsurance-related functions of the Federal Deposit Insurance Corporation and the National Credit Union Administration subject to congressional appropriations. This amendment will not--not--affect the ability of the NCUA to determine the appropriate allocation of expenses between their insurance and other functions for purpose of their overall funding, but it will, for the first time, give Congress the power of the purse--our constitutional power of the purse--over many of the FDIC and NCUA's operating expenses. Additionally, the amendment revises the vesting of the appointment power for certain positions and clarifies congressional access to nonpublic meetings of the Financial Stability Oversight Council. Mr. Chairman, I urge my colleagues to support the amendment and to support the underlying bill. I reserve the balance of my time.”