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Senate Proceeding 05-04-10 on May 4th, 2010 :: 0:54:05 to 1:03:45
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Olympia Snowe

0:53:56 to 0:54:16( Edit History Discussion )

Olympia Snowe: respect to the snowe amendments, they be set aside and the boxer amendment rio -- rio cur. -- reoccur. the presiding officer: without objection. ms. snowe: thank you, madam president. the presiding officer: the senator from maine. ms. snowe: i ask unanimous consent that -- pending allot has

Olympia Snowe

0:54:05 to 1:03:45( Edit History Discussion )
Speech By: Olympia Snowe

Olympia Snowe

0:54:17 to 0:54:37( Edit History Discussion )

Olympia Snowe: -- and call up the snowe amendment 375. the presiding officer: the clerk will report. the clerk: the senator maine, ms. snowe proposes amendment nmed ms. snowe: i ask unanimous consent further reading be dispensed with. the presiding officer: without objection. ms. snowe: and i also ask unanimous consent that senator slay hurricane katrina be added as a cosponsor. the presiding officer: without objection. ms. snowe: first of all, i would like to thank the distinguished chairman of the

Olympia Snowe

0:54:38 to 0:54:59( Edit History Discussion )

Olympia Snowe: banking committee, senator dodd, for working with me so constructively as well as his staff on these two amendments that i'm calling up this afternoon. i think it's important to address these issues. it's so fundamental to so many small businesses across the country and for senator shelby as well for agreeing to the substance of these amendments. the first amendment that i had

Olympia Snowe

0:55:00 to 0:55:20( Edit History Discussion )

Olympia Snowe: made pending would redos cumbersome restrictions on the banking industry that may infringe on america's privacy rights and curtail the ability of financial institutions t serve their customers. specifically, the underlying legislation contains language thatould compel banks to make the following disclosures to the consumer financial protectn bureau:

Olympia Snowe

0:55:21 to 0:55:43( Edit History Discussion )

Olympia Snowe: banks would have to report from each deposit-taking facility, including each individual awed mated teller machine, a record of the number and dollar amount of deposit accounts of customers; a geocoding by census track and a record of whether each customer's transact commercial or residential business.

Olympia Snowe

0:55:44 to 0:56:05( Edit History Discussion )

Olympia Snowe: this type of detailed reporting imposes regulatory cost on banks and provides an traordinarily large amount of data to the federal government. while many have advanced the images of banks as monolithically large entities with thousands of employees spread across the gloark the vast majority of ban are small community-centered institution. for small community banks, every

Olympia Snowe

0:56:06 to 0:56:26( Edit History Discussion )

Olympia Snowe: dollar spent in complying with government regulations is another dollar that cannot be iewbsed for customer service or extending credit. while these existing processes may be i and even if not their procurement would be relatively inexpensive for a small bank, this 00 coo have a sizable imct on eir bottom line and prove to be an extremely large regulatory burden.

Olympia Snowe

0:56:27 to 0:56:48( Edit History Discussion )

Olympia Snowe: in addition, the federal government's track record when it comes to securing its citizens' private data is less than stellar n may of 2006, the department of veterans affairs lost some social security numbers a dates of birth pour more than 26 million veterans. i can wheag what would occur if this data that banks are required to track under this

Olympia Snowe

0:56:49 to 0:57:09( Edit History Discussion )

Olympia Snowe: legislation was inadvertently lost. this legislation does contain a provision requiring that the personal identities of all customers be removed, but one slip could res in the releasing of deta be revealed to unscrupulous computer hear,. the credit national credit union

Olympia Snowe

0:57:10 to 0:57:32( Edit History Discussion )

Olympia Snowe: association is supporting this amendment due to its regulatory burden and i'm pleased that we have reached an greement have it in this legislation. i'd also like to ask unanimous consent that the pending amendment be set aside and to calm the snow the presiding officer: the clerk will report. the clerk: the senator from maine, ms. snow, proposes

Olympia Snowe

0:57:33 to 0:57:53( Edit History Discussion )

Olympia Snowe: amendment numbered 3757. ms. snowe: i ask that further reading be dispensed with. the presiding officer: without objection. ms. snowe: this second amendment would fix an unintended consequence of the consumer financial protection bureau in the underlying legislation. which would have the effect of choking off small business's access to credit. accordg to the national federation of independent

Olympia Snowe

0:57:54 to 0:58:15( Edit History Discussion )

Olympia Snowe: businesses federal 2010 survey on the state of credit, 16% of all small employers have a mortgage on their residence that helped to finance their businesses -- end quote. the small business administration's office of advocacy has calculated that there are nearly 30 million small businesses in america. taken together, this means that

Olympia Snowe

0:58:16 to 0:58:37( Edit History Discussion )

Olympia Snowe: approximately 4.8 million small firms, hardly an insubstantial number, rely on a home mortgage for their finances. many of these small business owners also make loan payments intended flows of their business models. for example, inn keepers make

Olympia Snowe

0:58:38 to 0:59:00( Edit History Discussion )

Olympia Snowe: larger payments during their on-season. the underlying legislation would prohibit lending products if the consumer financial protection bureau "has a reasonable basis to conclude that substantial injury is not outweighed by benefits to consumers." th means that if the consumer financial protection bureau that the injury of a loan product is

Olympia Snowe

0:59:01 to 0:59:21( Edit History Discussion )

Olympia Snowe: outweighed by the benefit it might create, the bureau can prevent a financial institution from offering it. the problem with the way and manner of the way the bill is drafted, it does not take into account many entrepreneurs use home mortgage loans with cuss miced home payment. overzealous regulators could

Olympia Snowe

0:59:22 to 0:59:42( Edit History Discussion )

Olympia Snowe: determine if such home loans are abusive and thereby either prevent or headache it extremely difficult for financial institutions to continue offering these types of critical products. a loan it a borrower with balloon payments in june, july,ances and august and interest-only payments for the rest of the might look

Olympia Snowe

0:59:43 to 1:00:03( Edit History Discussion )

Olympia Snowe: suspicious and be declared abusive. yet this is exactly how many seasonal firms inaine and throughout the nation finance their businesses. my amendment preserves the ability of small business owners to use their homes as collateral and make payments based on alternate lending cycles by clarifying the consumer

Olympia Snowe

1:00:04 to 1:00:26( Edit History Discussion )

Olympia Snowe: protection bureau must confirm banks to alter products with customized payment terms for small businesses. i originally raised my concerns with the legislation and how it could inadvertantly harm small businesses during meetings with treasury secretary tkpwaoeugt tpher and -- geithner and larry summers. they werboth meat immediately

Olympia Snowe

1:00:27 to 1:00:47( Edit History Discussion )

Olympia Snowe: receptive and agreed the bill could have those unintended consequences that could restrain access to capital for small bunesses. the necessity of this amendment is especially critical given the small business credit csis that continues to plague the nation. this fact which has been underscored by numerous studies, including the federal deposit

Olympia Snowe

1:00:48 to 1:01:08( Edit History Discussion )

Olympia Snowe: insurance corporation survey, found that outstanding loan balances have dropped by the largest margin since 1942. furthermore, the federal reserve's april 2010 senior loan officers' opinion survey shows that only 1.9% of banks sveyed had loosened credit terms for small businesses in the past

Olympia Snowe

1:01:09 to 1:01:30( Edit History Discussion )

Olympia Snowe: quarter, and that's the second consecutive quarter where we've had either 0% or 1% showing more flexibility in offering terms to small businesses. that, madam president, is a very serious issue in terms of small businesses being able to lend. well, harming small businesses lack of access to affordable

Olympia Snowe

1:01:31 to 1:01:51( Edit History Discussion )

Olympia Snowe: capital also has a ripple effect across the greater economy. in his april 14 testimony before the finance committee, dr. mark zandi, the chief economist for moody's annually particulars stated -- quote -- "small business credit is key to small business creation." by preserving financial flexibility for small business

Olympia Snowe

1:01:52 to 1:02:12( Edit History Discussion )

Olympia Snowe: owners, this amendment assures that home equity will remain as a possible means for entrepreneurs to secure funds to start and grow their businesses. with small businesses adding two-thirds of all the net new jobs, this provision will help and assist small business owners create jobs, finance the businesses and help us reduce our current 9.7% unemployment rate. madam president, i think we

Olympia Snowe

1:02:13 to 1:02:33( Edit History Discussion )

Olympia Snowe: understand how instrumental small businesses are to job creation. we have to remain deeply concerned that the last three months we've had static unemployment, employment growth with a 9.7% unemployment rate. it is dependent on small businesses as the engine will drive this recovery and will

Olympia Snowe

1:02:34 to 1:02:54( Edit History Discussion )

Olympia Snowe: lead us out of a jobless recovery because a jobless recovery is not a true recovery. so anything we do here, particularly in this legislation, that could affect small businesses' access to capital is going to certainly infringe upon our ability and impinge on it in terms of job creation. in fact, i reiterated that this morning in a senate finance

Olympia Snowe

1:02:55 to 1:03:16( Edit History Discussion )

Olympia Snowe: committee hearing with treasury secretary geithner, indicated to him my deep concerns about the stagnation when it comes to lending. so it is important to improve upon these regulations that are embedded in the underlying legislation. i appreciate the chairman's effort in this regard and to be flexible and to address and to modify some of these issues and these constraints.

Olympia Snowe

1:03:17 to 1:03:40( Edit History Discussion )

Olympia Snowe: i should say that the independent community bankers has been supportive of this amendment because they recognize that these regulations could potentially be not only burdensome but duplicative and, therefore, could obviously exact and impose greater costs on their customers which obviously would be many small businesses that we truly do depend on for job creation.

Olympia Snowe

1:03:41 to 1:03:45( Edit History Discussion )

Olympia Snowe: so i appreciate the chairman's efforts and working along with his staff to allow me to offer

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