Video archive of the US Congress

Senate Proceeding on May 5th, 2010 :: 8:34:30 to 8:37:45
Total video length: 9 hours 16 minutes Stream Tools: Stream Overview | Edit Time

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Roger F. Wicker

8:34:09 to 8:34:30( Edit History Discussion )

Roger F. Wicker: it was difficult on how to do that. but the legitimate point made by the senator from minnesota and others is something we share. and in title 9, we try to address ways in which we can get far more accountability out of these agencies. so i appreciate my -- my colleague's concerns. mr. wicker: reclaiming my time, and i appreciate that. i think the senator would also concede that there are many in this body and in this building

Roger F. Wicker

8:34:30 to 8:37:45( Edit History Discussion )
Speech By: Roger F. Wicker

Roger F. Wicker

8:34:31 to 8:34:53( Edit History Discussion )

Roger F. Wicker: who would make the case that the bill is far from adequate as it -- as regards the rating agencies and we'll have a debate about that. mr. dodd: i won't accept the argument there's nothing in the bill rating agencies. mr. wicker: i appreciate the statement that was made. i hope can strengthen the bill as it regards the rating agencies.

Roger F. Wicker

8:34:54 to 8:35:14( Edit History Discussion )

Roger F. Wicker: i would also hope we can do this. we have an opportunity in some amendments later on in this debate, perhaps next week, perhaps the week after to address this question of the g.s.e.'s. fannie and freddie. i think almost everyone would acknowledge that much of the

Roger F. Wicker

8:35:15 to 8:35:36( Edit History Discussion )

Roger F. Wicker: problem that was caused in 2007, 2008 stemmed from the g.s.e.'s. there's been an effort on the part of senator shelby and others over time to rein in and have some important regulations for fannie mae and freddieac. i would happy to we can have an honest-to-odness debate and

Roger F. Wicker

8:35:37 to 8:35:57( Edit History Discussion )

Roger F. Wicker: include this very important aspect of financial reform in this legislation. otherwise, i think we haven't gotten to part of the problem. and then i would say also, we're going to have a debate about over the next few days and perhaps weeks about this

Roger F. Wicker

8:35:58 to 8:36:18( Edit History Discussion )

Roger F. Wicker: all-powerful consumer agency that would be created. certainty we need to protect the consumers. but as i understand this legislation, which we'll be asked to consider and to vote on, we'll have an opportunity to debate, it creates one of the most important, one of the most powerful, all-powerful individuals in the entire

Roger F. Wicker

8:36:19 to 8:36:44( Edit History Discussion )

Roger F. Wicker: federal government, someone who would n even have to answer to a board as head of this all-powerful consumer protection agency. i think the fact that we are hearing more from main street

Roger F. Wicker

8:36:45 to 8:37:05( Edit History Discussion )

Roger F. Wicker: rising un up in dismay saying the main street agencies didn't cause these problems, the car deecialtiondealers, the orthodontists who might finance payments over time,he medium-sized ban and credit unions, they say, "mr. senator, we are not part of the problem. why are we being penalized and

Roger F. Wicker

8:37:06 to 8:37:27( Edit History Discussion )

Roger F. Wicker: brought into this -- the purview of this all-powerl washington, d.c. regulator?" i think the concerns of main street can be addressed by this senate and we can still cut a -- pass a bill that will cover the abuses of wall street which, after all, is what we're after. and so i wanted to use the senator's -- the senator from

Roger F. Wicker

8:37:28 to 8:37:46( Edit History Discussion )

Roger F. Wicker: minnesota's remarks as a springboard to say that there are a number of issues, including freddie and fannie, including dealing with too much power in the form of this regulator and also dealing with the issue which the senator brought up of the -- of the rating agencies.

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