TRIAby Senator Sherrod Brown
Posted on 2015-01-07
BROWN. Mr. President, I think it is important to understand that
TRIA is legislation that we need, which is the Terrorism Risk Insurance
Act. We passed a bill with only two or three ``no'' votes in the Senate
last year. But what the House of Representatives has done looks like
what they will probably do in the future: They have taken legislation
which is really important to the country, which passed the Senate on a
bipartisan basis, and they have loaded on to that legislation
Frankly, that is what people in this country are tired of--when legislation that must pass and has overwhelming support is about to pass, special interest groups come and add their language to it. That is exactly what happened here. If the House of Representatives gets its way, if Wall Street gets its way, it is the first step to begin to slice away at the Dodd-Frank legislation.
When I hear a number of my colleagues in this body and down the hall in the House of Representatives say they support progrowth policies and deregulation, what they are saying is they want to roll back the protections for consumers in Dodd-Frank, the Wall Street reform bill, and they want to weaken the provisions in the rules that govern Wall Street behavior. I don't quite understand it because what I do understand is less than a decade ago, because of Wall Street greed, because of Wall Street overreach, because this body and the body down the hall weakened the rules on Wall Street, and because the previous administration appointed regulators who would really look the other way, we had terrible damage done to our economy. About a mile north of the ZIP Code I live in in Cleveland had the highest number of foreclosures of any ZIP Code in the United States of America because of deregulation, because of Bush appointees to many of the bank regulatory bodies.
So I caution my colleagues, as we accept this legislation, the TRIA legislation--and I assume we will--to understand that is not going to be behavior that we are going to sanction in the Senate, where they take must-pass legislation and they find ways to attach to this legislation rollback of consumer protections and weakening of Wall Street rules. That is what got us into this. We can't let these special interests who have so much power in the House of Representatives, who have so much influence in the House of Representatives--we can't let them have their way on legislation like this.
Mr. President, I suggest the absence of a quorum.
The PRESIDING OFFICER (Mr. Lee). The clerk will call the roll.
The assistant legislative clerk proceeded to call the roll.