Brown, Daines, Crapo

Motion to Proceed to the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155)

Senator Brown: (2:22 p.m)

  • Spoke on Dodd-Frank relief.
    • "City officials in Cleveland began to hear reports that predatory home refinances were being pushed on borrowers regardless of whether they could afford to repay the loan. You know, those refinances mean fees to bankers. Foreclosures began to shoot up in Cuyahoga County. 59 - listen to this. 5,900 filings a year in 2000 foreclosures. By 2007, 15,000. 5,900 in 2000 in Cuyahoga County. 15,000 by 2007. My wife and I live in zip code 44105 which includes Slavic, Cleveland. That zip code had more foreclosures than any zip code in the United States of America. The city of Cleveland went to the fed and asked it to use its authority to restrain subprime lending. The fed did nothing."

 

Senator Daines: (2:44 p.m)

  • Spoke on natural resources.
    • "You know what this means? You can't construct a new road. And that would be kept after the release of the W.S.A's. This has been a bottom-up approach from the get-go. Here's the bottom line. Montana's public lands are meant for everyone. They're meant for people who like to recreate in many different ways. For those who love to hike, of course, but also folks who enjoy recreaing with mountain bikes, hunting, snowmobiling, riding ATVs. And creating access to our public lands is critical to Montana's jobs and our $7 billion outdoor economy. In fact, communities in Montana understand this is an important local economic driver that will strengthen local economies, that depend on outdoor jobs. In fact, just recently, the bureau of economic analysis agrees."

 

Senator Crapo: (2:50 p.m)

  • Spoke on Dodd-Frank relief.
    • "These institutions hold a competitive advantage over their larger counterparts operating with a relationship-based knowledge of their customers and understanding of their unique needs. But they are decidedly disadvantaged when it comes to keeping up with the ever increasing compliance and examiner demands coming out of Washington. Our bill offers much needed reforms that will reduce unless burdens on smaller financial institutions so that they can use more of their capital serving customers rather than complying with federal regulations that were never intended for them. It also adds protections for consumers, veterans, senior citizens, and others against fraud and identity theft as well as those falling on hard financial times. This bill is the product of robust bipartisan negotiation which was years in the making."