Warren, Coons, Menendez, Crapo

The Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155)

Senator Warren: (2:07 p.m.)

  • Spoke on Dodd-Frank relief.
    • "The euphemism that people used them was modernization. When lobbyists start talking about modernization and clarification, it's time to buy a parachute. Let me tell you about Keycorp, one of the items taken off the list. Back in 1999, the C.E.O of that company testified that, quote, the financial law modernization that strengthens our financial institutions in and of itself will enhance safety and soundness. Think about what that means. Behind the buzzwords, that C.E.O was making the amazing claim that if banks were just allowed to take more risks and to make more short-term profits, it would actually make the financial system safer."

 

Senator Coons: (2:52 p.m.)

  • Spoke in tribute to a member of his staff.
    • "Marianne Kelly, or M.A.K, her acronym for her initials, as she is affectionately called in my office, M.A.K started a career with the United States Senate way back in September of 1990 as a staff assistant for then-Senator Joseph Biden, Jr. Except for a break in service, Marianne served on Senator Biden's team until he resigned to become vice president. She joined my scheduling team late in 2010. Having served now three U.S senators, Marianne brings a breadth of knowledge and experience to my front office and scheduling team, she helps maintain my schedule, helps organize, evaluate, track hundreds of invitations and scheduling requests to co-workers and constituents."

 

Senator Menendez: (3:12 p.m.)

  • Spoke on Dodd-Frank relief.
    • "Well, we passed laws to stop lenders from offering mortgages that were in many ways doomed to fail. We said that from now on, banks and mortgage lenders would have to make a reasonable and good-faith determination that borrowers could pay back their loans by looking at income, employment, credit history, monthly expenses, and other matters. And we prohibited banks from using these teaser rates to determine whether a borrower could repay a loan. We did the sensible thing, and we required them to make sure borrowers could actually afford their payments once the higher interest rates kicked in."

 

Senator Crapo: (3:36 p.m.)

  • Spoke on Dodd-Frank reform.
    • "The Economic Growth Regulatory Relief and Consumer Protection Act is aimed at right sizing regulation for financial institutions, including community banks and credit unions, making it easier for consumers to get mortgages and to obtain credit. I've said a number of times, and I will repeat, that back when we were debating the Dodd-Frank legislation about ten years ago now, it was marketed to the public as a bill to address excesses and problems on Wall Street by the big megabanks of our country. But its provisions hit hardest on Main Street. I actually, as I've said, held a news conference in Boise, Idaho, my home state, on Main Street in Boise, Idaho, and said the bull's eye, the crosshairs of this bill and the bull's eye of this bill are on Main Street."