3:21:57 to 3:22:17( Edit History Discussion )

Jerry Moran: and that that starts by pursuing a series of progrowth policies. first, in my view, congress must rein in government regulation and stop passing burdensome mandates that come at the expense of that job creation. as i tour manufacturing plants and other businesses in my home state of kansas, owners often ask, what's the next thing

3:22:39 to 3:23:02( Edit History Discussion )

Jerry Moran: complying with these burdensome regulations and costly mandates from the e.p.a.'s effort to regulate carbon to the mandates imposed by the new health care law. according to the small business administration, the smallest businesses -- those with less than 20 employees -- spend 36% more per employee than larger firms to comply with federal regulations.

3:23:25 to 3:23:45( Edit History Discussion )

Jerry Moran: so it makes no sense to drive up their operating cost with additional government regulations because that leaves them with fewer resources to hire new workers. second, congress can spur economic growth by replacing our convoluted and burdensome tax code with one that is fair, simple and certain. when businesses know what to expect, they can better plan for

3:24:07 to 3:24:27( Edit History Discussion )

Jerry Moran: business today, and given the fact that their taxes will rise in the near future they are reluctant to hire new workers or expand their business f. we're serious about creating jobs in this country, we have to give our country's job creators the ability to plan for the future and a tax code that encourages investment. third, congress must open foreign markets for american

3:24:49 to 3:25:09( Edit History Discussion )

Jerry Moran: we should be exporting our manufactured goods and agriculture products, not our jobs. unfortunately, trade agreements with colombia, panama and south korea, for example, have been stalled for four years, and each day that passes we risk losing more of our market share to our competitors. during this delay, colombia's moved forward on trade deals

3:25:32 to 3:25:52( Edit History Discussion )

Jerry Moran: korea are worth an estimated $13 billion in u.s. exports. the agreement with korea alone is worth $11 billion and would create an estimated 70,000 new jobs for americans. it is past time for the president to send congress implementing phrapblg for these trade -- language for these trade agreements so we can open more markets for american goods and agriculture commodities.

3:26:15 to 3:26:36( Edit History Discussion )

Jerry Moran: rising gas prices and recent events in the middle east have again demonstrated that the importance of having access is to a reliable energy supply. higher energy prices are not only threatening our global competitiveness, they are also hampering our economic recovery. i don't know how we can expect our economy to recover when energy prices are what they are. but when employers have access

3:26:45 to 3:26:49( Edit History Discussion )

Harry Reid: in my view, no single form of energy can provide the answer to meet our country's energy needs

3:26:50 to 3:27:11( Edit History Discussion )

Jerry Moran: we must develop traditional sources of oil, natural gas and coal, encourage the development of renewable energy sources such as beau fuels, wind -- biofuel and hydropower as well as encourage conservation. a report from the congressional research service found our country's resources are far greater than those of saudi

3:27:12 to 3:27:32( Edit History Discussion )

Jerry Moran: arabia, china and canada combined. in fact, our combined recoverable oil, natural gas and coal supplies are the largest on the planet. yet, in 2009 the administration canceled 77 oil and gas leases in utah and last year suspended 61 leases in montana. the administration restricted access to oil and gas

3:27:45 to 3:28:05( Edit History Discussion )

Jerry Moran: more production of energy in the u.s. means more jobs in the u.s. and more u.s. workers at work. and lower energy costs for businesses and for their employees. finally, congress must reduce government spending and to bring about this economic growth. i think the debate on government spending is often seen as some

3:28:06 to 3:28:20( Edit History Discussion )

Jerry Moran: philosophical discussion or a partisan political bickering opportunity here in washington, d.c. but the reality is out-of-control government borrowing and spending has very real consequences for the daily lives of americans. our failure to balance the

3:28:21 to 3:28:25( Edit History Discussion )

Harry Reid: budget will result in increased inflation, higher interest rates, fewer jobs and a lower

3:28:26 to 3:28:46( Edit History Discussion )

Jerry Moran: standard of living for every american. but this reality has not yet sunk in here in washington, d.c. despite several recent warnings. at the end of april standard & poor's one of the world's big three credit rating agencies downgraded our future financial outlook from stable to negative. s&p says our country has large

3:29:05 to 3:29:09( Edit History Discussion )

Harry Reid: outlook on our aaa rating to negative. without a credible agreement on substantial deficit reduction --

3:29:10 to 3:29:30( Edit History Discussion )

Jerry Moran: this is moody's talking -- this could happen as soon as next month. this would have a devastating impact upon our already struggling economy. reducing our nation's debt will require us to work together to craft a serious plan. president obama's proposal to balance budgets in part by raising taxes on business in my view would only make our economic circumstances worse.

3:29:31 to 3:29:34( Edit History Discussion )

Jerry Moran: washington does not have a revenue problem. it has a spending problem.

3:30:23 to 3:30:43( Edit History Discussion )

Jerry Moran: way or to kick the can down the road because the politics of these issues are too difficult to deal with. americans deserve leadership here in our nation's capital to confront these challenges and not to push them off to the next generation of americans. if we do so, if we confront these issues correctly in a responsible way, businesses will succeed, profits will be made,

3:31:01 to 3:31:21( Edit History Discussion )

Johnny Isakson: mr. isakson: i would like to ask unanimous consent that the quorum call be vitiated. the presiding officer: without objection. mr. isakson: mr. president, i rise to speak as if in morning business for up to ten minutes. the presiding officer: without objection. mr. isakson: i want to commend the senator from kansas, i had no idea when i came to make my remarks that they would be so in keeping with a part of his speech with regard to regulation

3:31:22 to 3:31:46( Edit History Discussion )

Johnny Isakson: and what the regulatory regimen of the current administration is doing to economic improvement and economic development in the united states of america. i rise for a moment to talk about the dodd-frank legislation, to talk about the qualified residential mortgage provision and to talk about the six regulators of financial services in a recent decision that they have made. sean donovan, ben bernanke,

3:32:08 to 3:32:29( Edit History Discussion )

Johnny Isakson: senate which i would like to ask unanimous consent be included in the record. the presiding officer: without objection. mr. isakson: these 39 senators wrote specifically to these regulators to express their concern with the possible effect of the proposed regulation that the regulators were proposing on qualified residential mortgage. i am pleased to say that a few days ago the six regulators

3:32:51 to 3:33:12( Edit History Discussion )

Johnny Isakson: already a very fragile united states housing market. mr. president, just last week, the reports from the most recent month in terms of residential home sales saw a second -- beginning of a second dip in residential housing. this morning, "the wall street journal" reported that 40% of the homes in america that contain a second mortgage or an

3:33:34 to 3:33:55( Edit History Discussion )

Johnny Isakson: to dodd-frank was an amendment offered by mrs. hague, ms. landrieu and myself, all with experiences in housing and the marketplace. we put it in because the original dodd-frank legislation said that people making mortgages were going to have to hold risk retention of 5% in that mortgage, which basically

3:34:18 to 3:34:38( Edit History Discussion )

Johnny Isakson: ensure the effect of an 80% loan. second, qualified ratios that demonstrated the couple could pay back the mortgage under any reasonable assumption. third, the house had to appraise. fourth, the creditworthiness of the individual had to demonstrate they could pay for the mortgage. those are all the reasonable underwriting criteria that

3:35:01 to 3:35:22( Edit History Discussion )

Johnny Isakson: mr. president, most buyers in america don't have at least 20%, and under current economic times and what's happened, they have got a lot less than that. but for years -- and i was in the housing business for 33 years -- the 90% and 95% conventional loans made in this country were the backbone of the loans that helped support the housing market, and those loans

3:35:46 to 3:36:06( Edit History Discussion )

Johnny Isakson: any amount above 80% and up to 95%. if we don't do it, mr. president, i want to tell you what will be the outcome, and it's without question. you will remember, mr. president, that when we got into trouble in housing, it's because we directed freddie and fannie to buy affordable housing loans which became a consumer of subprime packages that were

3:36:28 to 3:36:48( Edit History Discussion )

Johnny Isakson: premium pricing on the coupon which made the security attractive but the risk was greater because the loans were to people with less good credit. we have now gone the other way. the pendulum has swung 180 degrees the other way. with the pending rule that's being circulated upon which this commentary time has been extended, if it goes into place, you will create a 90% and 95%

3:37:10 to 3:37:31( Edit History Discussion )

Johnny Isakson: discount points in order to get that loan because there won't be a wide distribution or availability of that type of conventional financing. the unintended consequence of the rule being proposed, which we fortunately have got an extension on comment time, would create another ability for lenders with the capacity of retaining risk retention to price a loan at such a rate that

3:37:53 to 3:38:14( Edit History Discussion )

Johnny Isakson: continuous of the worst housing recession in the history of the united states of america. so i come to the floor today, first of all, to say thank you to the six regulators for extending the comment period. second, to urge my colleagues, to urge the lending institutions, the real estate industry, the consumer interest groups, the housing advocacy groups to have their input with these regulators on the proposed

3:38:36 to 3:38:56( Edit History Discussion )

Johnny Isakson: of housing values in america, and it will cause our economy to continue to slide in an even deeper, deeper depression. it is critically important that what the gentleman from kansas said be recognized. don't -- be sure that when you pass regulation, the unintended consequence doesn't cause a bigger problem than the problem