Jeb Hensarling: “If I could paraphrase President Ronald Reagan, the closest thing to eternal life on Earth is a Federal program. And…”

“If I could paraphrase President Ronald Reagan, the closest thing to eternal life on Earth is a Federal program. And certainly the legislation that comes before us today helps prove this. When TRIA was brought to the floor, and I, admittedly, was not here but I have read the Record, supposedly it was to be a temporary program at a time of great economic hardship to our Nation. I just heard the gentlewoman from New York speak very eloquently on the subject. But I recall from the Record her own words: ``We are simply working to keep our economy on track with a short-term program that addresses the new terrorist threat.'' Now we are being asked for a 15-year extension on what has already been a 5-year program. The gentleman from Pennsylvania, who is now our chairman of the Capital Markets Subcommittee: ``We wisely designed the TRIA Act as a temporary backstop to get our Nation through a period of economic uncertainty until the private sector could develop models.'' Now, maybe those on the other side of the aisle have a different definition of ``temporary.''”