Political Quotes

“This is the proverbial manager's amendment. It does have four significant elements that I think people ought to be aware of in this particular amendment. Thanks to a lot of work from Mr. MacArthur and some others, we have an opt-in provision in this piece of legislation for the other territories. However, if a court finding removes the opt-in provision and finds it to be unconstitutional, it then does have a reverse severability clause that would reinstate the opt-in for other territories so there would not be a constitutional issue. We do have a funding mechanism in this bill to make sure that the oversight board is up and running properly as we begin. It also has the ability for the oversight board to give them the authority to review and rescind any laws passed by the territory between May 4 and the date of its full appointment of membership if those actions alter the priorities of repayment and move things around in a controversial way. Finally, and probably most important, the amendment also includes a moving up of the timetable for appointment to the board. This simply says the President will have the appointment of the board up and running by September 15 of this year, and no later than that. This, I think, has some other technical amendments that truly are technical, but those are four substantive amendments in the manager's amendment that help make this what we intend it to be and get us up and running very quickly. I yield back the balance of my time.…”