Political Quotes

“Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 6398) to require the Federal Deposit Insurance Corporation to fully insure Interest on Lawyers Trust Accounts, as amended. The Clerk read the title of the bill. The text of the bill is as follows: H.R. 6398 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. INTEREST ON LAWYERS TRUST ACCOUNTS. (a) In General.--Section 11(a)(1)(B)(iii) of the Federal Deposit Insurance Act, as added by section 343 of the Dodd- Frank Wall Street Reform and Consumer Protection Act (Public Law 111-203), is amended-- (1) by redesignating subclauses (I), (II), and (III) as items (aa), (bb), and (cc), respectively, and adjusting the margins accordingly; (2) by striking ``means a deposit'' and inserting the following: ``means-- ``(I) a deposit''; (3) in item (cc), as so redesignated, by striking the period at the end and inserting ``; and''; and (4) by adding at the end the following: ``(II) a trust account established by an attorney or law firm on behalf of a client, commonly known as an `Interest on Lawyers Trust Account', or a functionally equivalent account, as determined by the Corporation.''. (b) Effective Date.--The amendments made by subsection (a) shall take effect on December 31, 2010. SEC. 2. DETERMINATION OF BUDGETARY EFFECTS.…”