[Congressional Record (Bound Edition), Volume 155 (2009), Part 9]
[Senate]
[Pages 11659-11660]
[From the U.S. Government Publishing Office, www.gpo.gov]




                      EXPRESSIONS OF APPRECIATION

  Mr. DODD. Madam President, I am going to read a unanimous consent 
request in a moment, but before then, because I don't have any time at 
the conclusion of the last vote before the vote on final passage, I 
wish to take a minute to thank the majority leader, Senator Reid, for 
making it possible for this bill to be before the Senate this week. I 
am grateful to him and his staff.
  I thank my staff, who have done a terrific job: Jonathan Miller, 
principally, from my Banking Committee staff, as well as many others 
from the Banking Committee staff who worked very hard to bring this 
bill together and to create the opportunity for our colleagues to offer 
as many as 20 different amendments, most of them in direct relation to 
the bill but others to add items which will strengthen the bill. I want 
to specifically thank Colin McGinnis, Beth Cooper, Dean Shahinian, 
Julie Chon, Brian Filipowich, Misha Mintz-Roth, Deborah Katz, Matt 
Green, Amy Widestrom, Ella Humphry, and James Bair.
  I thank Senator Shelby and his staff as well--Bill Duhnke, Mark 
Oesterle, Andrew Olmem, Peggy Kuhn, Hester Pierce, and Jim Johnson. We 
worked very cooperatively. While there were some differences of opinion 
on a couple matters involved with this legislation, overall we had 
great cooperation, as we have had over the past 2 years I have been 
chairman of the committee. I am grateful to him and his staff for the 
cooperation they have with my office.
  We have a strong committee of some 23 members. Almost a quarter of 
this body serves on the Banking Committee. They add great value to the 
process. I am grateful to them.
  This is an important matter, not just for financial institutions but, 
more importantly--I say that with some caution--to open up lines of 
credit. We need to have an increase in deposit insurance. We need to 
have an increase in the borrowing authority. Sheila Bair, for whom most 
of us have great respect, is Chairperson of the Federal Department 
Insurance Corporation and is doing a wonderful job. This bill includes 
that.
  We have provisions in here to provide a safe harbor for servicers--a 
key component of the legislation designed to get servicers to pursue 
loan modifications more aggressively. I thank Senator Martinez of 
Florida for his contribution to this provision.
  I see Senator Ensign in the Chamber, who, working with Senator Boxer, 
added value to this bill as well, making it possible for homeowners to 
determine who actually holds their mortgages.
  Senator Grassley added contributions, as well, to accountability and 
transparency. Senator Reed of Rhode Island has done a great deal in 
providing greater flexibility in terms of warrants, which I think is 
going to strengthen the bill as well. Senator Reed also contributed 
groundbreaking legislation to fight homelessness along with Senator 
Bond.
  Invariably, when I start doing this without a note in front of me, I 
am going to forget some Member and their contribution to the bill. So I 
will reserve the ability to amend these remarks to make sure I include 
others who have contributed to this legislation.
  But this bill includes the kinds of steps we need to be taking in 
order to get our economy moving, to increase that confidence and 
optimism so critical to economic recovery.
  Madam President, 10,000 foreclosures a day is unacceptable. This bill 
will now provide the opportunity for us to be able to reduce that 
number. Some estimates are that as many as 1.7 million to 2 million 
homeowners could be positively affected by what we are doing today with 
this legislation. That is no small number when you consider the total 
numbers that could be adversely affected. Our hope is that will do just 
that, to make that kind of a difference, in addition to the other 
matters I have already mentioned that were added by amendment or 
included in the underlying bill. So while this is

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not going to change everything, it is not going to solve every problem, 
it is a major step in the right direction in terms of this economic 
recovery we are all interested in.
  There is not a Member in this Chamber--regardless of the differences 
we may have on how to get there--who does not want to do everything in 
their power to see to it that our country once again has that sense of 
confidence that has been the hallmark of America for more than two 
centuries. Certainly, we are going through a difficult time. 
Individually, people understand it; they know it. We have an 
administration under President Obama that is working hard to do 
everything possible to see to it that we move in the right direction.
  So I am grateful to my colleagues who have shown a lot of patience 
over the last several days to get to this point. I thank them for that. 
Senator Kerry, Senator Casey, Senator Feingold--I mentioned Senator 
Ensign-- Senator Snowe, Senator Bond, and Senator Pryor have all either 
been sponsors or cosponsors of major amendments on this bill, and I 
express my gratitude to all of them.

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