Reed, Alexander, Durbin, Wicker

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

Senator Reed: (12:26 p.m.)

  • Spoke on Dodd-Frank relief.
    • "In short, we had to do something to respond and avoid another financial crisis because behind each of these harrowing numbers were our constituents and their families who saw their life savings and their jobs and their homes evaporate in a flash. That something was the Wall Street reform and consumer protection act also known as the Dodd-Frank act. And I'm proud to have drafted and supported several of its provisions, such as the creation of a consumer watchdog, a Consumer Financial Protection Bureau, the CFPB. My bipartisan language calling for a dedicated office of service member affairs at the cfpb which helps ensure our service members and families are protected in the consumer finance base in the same way these service men and women protect us."

 

Senator Alexander: (12:41 p.m.)

  • Spoke on national parks.
    • "I would say that the best idea to support America's best idea is the proposal that Secretary Zinke has made to take care of the maintenance backlog in our national parks. Half that maintenance backlog are roads. Of course when we pay for the roads this way, that means all the money that's now being taken away from all the other national park services - we're talking about the National Mall where I get up in the morning and walk every day or the Great Smoky Mountain National park where I walk when I go home on the weekends - the money can be used for other purposes there. In all 417 of those parks. If we don't do this, madam president, we'll never catch up because this backlog, this $11.6 billion backlog is four times the annual appropriation for the national park system."

 

Senator Durbin: (1:00 p.m.)

  • Spoke on DACA.
    • "It's an announcement that affected the lives of about 800,000 people living in America. The announcement was that the president was going to abolish the DACA program. DACA was a program created by President Obama by executive order. And under that executive order, if you were brought to the United States as infant, a toddler, a young child, if you grew up in this country, educated in this country, had no criminal record of any consequence, the president, President Obama, said you have a chance to apply to stay in this country on a temporary renewable basis two years at a time and you won't be deported and you can take a job."

 

Senator Wicker: (1:31 p.m.)

  • Spoke on Dodd-Frank relief.
    • "A company creates trust-preferred securities by creating a trust, issuing debt to it and then have it issue preferred stock to investors. Trust, debt, and preferred stock to investors. The FDIC used to like trust-preferred securities. They consider them sound investments before 2010. And may I repeat the FDIC asked many banks to invest in these securities. However, through its interpretation of the regulations, the FDIC is now counting these securities against the capital holdings of the bank. Who's affected by this? Well, Mr. President, it happens to be 20 small banks in the heartland of America."