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Senate Proceeding on May 12th, 2010 :: 9:23:30 to 9:28:55
Total video length: 10 hours 56 minutes Stream Tools: Stream Overview | Edit Time

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Susan Collins

9:23:27 to 9:23:48( Edit History Discussion )

Susan Collins: good doctor for allowing me to join in this the presiding officer: the senator from maine. ms. collins: mr. president, i ask unanimous consent that the pending amendment be set aside and call up amendment numbered

Susan Collins

9:23:30 to 9:28:55( Edit History Discussion )
Speech By: Susan Collins

Susan Collins

9:23:49 to 9:24:10( Edit History Discussion )

Susan Collins: 3879, which is pending at the desk. the presiding officer: without the clerk will report. the clerk: the senator from maine, miscollins, proposes amendment numbered 3879 to amendment unfunded mandate 3979. ms. collins: mr. president, i ask unanimous consent that the

Susan Collins

9:24:11 to 9:24:32( Edit History Discussion )

Susan Collins: reading of the amendment be south bend -- be dispensed with. the presiding officer: without objection. ms. collins: mr. president, i am calling up tonight the amendment that i debated on the senate floor on monday with senator dodd and other members who were present. this amendment would direct regulators to impose strong risk

Susan Collins

9:24:33 to 9:24:56( Edit History Discussion )

Susan Collins: and size-based capital standards on financial institutions as they grow in size or engage in risky practices, and i'm pleased to offer this amendment on behalf of myself, senator shaheen and senator brownback. mr. president, our amendment is aimed at addressing t too big

Susan Collins

9:24:57 to 9:25:17( Edit History Discussion )

Susan Collins: to fail problem at the root of the current economic crisis by requiring financial firms to have adequate amounts of cash and other liquid assets to survive financial challenges without turning to the taxpayers for a bailout.

Susan Collins

9:25:18 to 9:25:38( Edit History Discussion )

Susan Collins: i would note that this amendment would ensure that the nation's largest banks and bank holding companies are required to meet at a minimum the same capital standards that are imposed on smaller community banks. that's right, mr. president.

Susan Collins

9:25:39 to 9:26:01( Edit History Discussion )

Susan Collins: it may be odd to realize but the fact is under current law, regulators can allow larger financial institutions to follow capital standards that are actually less stringent than those that are applied to smaller depository institutions.

Susan Collins

9:26:02 to 9:26:22( Edit History Discussion )

Susan Collins: that makes no sense whatsoever, and that's why this amendment has the strong support of the chairman of the federal deposit insurance corporation, the fdic chairman sheila behr. she has written me a letter

Susan Collins

9:26:23 to 9:26:44( Edit History Discussion )

Susan Collins: endorsing this amendment. she points out it's a critical element to assure that u.s. financial institutions hold sufficient capital to absorb losses during future periods of financial stress. its imperative, she writes, that they have sufficient capital to stand on their own in

Susan Collins

9:26:45 to 9:27:07( Edit History Discussion )

Susan Collins: times of adversity. this amendment would apply to some of our largest banks as well as bank holding companies, and it would also apply to nonbank financial institutions that are identified for supervision by the federal reserve by the new financial stability oversight council

Susan Collins

9:27:08 to 9:27:30( Edit History Discussion )

Susan Collins: established by the bill. this council, mr. president, is the council of regulators that will be created so that we have an entity that would look across the economy to identify financial institutions and practices, risky practices that

Susan Collins

9:27:31 to 9:27:51( Edit History Discussion )

Susan Collins: could pose a systemic risk to our economy. mr. president, since i did debate the amendment at length on monday, i'm not going to go on at length tonight, especially since there are others of my colleagues who are waiting to speak tonight. i would note that i have had a

Susan Collins

9:27:52 to 9:28:12( Edit History Discussion )

Susan Collins: very good discussion with the managers of the bill, and i look forward to working further with them in the hopes that we can schedule this amendment for a vote tomorrow. i would note that this is a bipartisan amendment and that we have consulted at length with the chairman of the banking

Susan Collins

9:28:13 to 9:28:33( Edit History Discussion )

Susan Collins: committee. with that, mr. president, i'm going to ask unanimous consent that the letter from the chairman of the fdic be inserted in the record at this point, which further describes t amendment and the need for it. the presiding officer: without objection. ms. collins: thank you, mr. president, and i w

Susan Collins

9:28:34 to 9:28:50( Edit History Discussion )

Susan Collins: the floor. a senator: mr. president? the presiding officer: the senator from pennsylvania. mr. spec now send to the desk a modification of amendment

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