Congressional Hearings |
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Statement of Debbie Stabenow
U.S. Senate Committee on Banking, Housing, and Urban Affairs
"Consideration of Regulatory Reform Proposals"
June, 22 2004
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Thank you, Mr. Chairman. I appreciate that we are having this
hearing today.
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Let me begin by thanking all of our witnesses for taking time to
come and testify today. I would like to say a special welcome to
Senators Landrieu and Lincoln. I am glad that your busy schedules allow
you to join us today in order to offer your insights.
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And, I would also like to offer a special thank you to Roger Little, the
State of Michigan’s very own Deputy Commissioner at the Office of
Financial and Insurance Services. He also serves as Credit Union Director
for Michigan. I know the Committee will benefit from having his
comments. I’m glad that he can be with us to relay his firsthand
experiences to the Committee.
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Mr. Chairman, regulatory relief is not an easy task, but it is
appropriate, I believe, to review our government’s regulations from
time to time and make modifications if we find them to be overly
burdensome, unrealistic, or outdated.
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Regulations exist to protect the American people and make sure that
markets don’t fail the public interest. I would oppose efforts
to weaken regulations that act as critical consumer protections, but
I do support a review of our regulations and I suspect that there
are a number of revisions upon which this Committee can agree need
some corrections.
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This will not be an easy or fast process. And, indeed, today’s hearing
is a chance to begin a discussion that I suspect will take us well
into next year, but I think today will be a very useful discussion. And,
I am also very grateful for the broad array of viewpoints we will hear
today. It can only lead to a better, more balanced bill when you,
Senator Crapo, and others are ready to introduce a reform proposal.
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Thank you.
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