May 25, 2010

Crapo Named To Conference Committee On Financial Reform

Washington, D.C. - Idaho Senator Mike Crapo has been named as one of twelve members of the U.S. Senate who will serve on a conference committee on the recently-passed financial regulatory reform bill. Crapo, a member of the Senate Banking Committee, will be part of the bipartisan group attempting to work out differences between the financial reform bills passed by the U.S. House of Representatives and the U.S. Senate earlier this year.

"As a conferee, I am hopeful that we can find common ground and work toward the passage of bipartisan legislation that addresses risky practices that led to unprecedented taxpayer bailouts and new high levels of government debt," Crapo said. "At the same time, it is essential that we do this without worsening the current economic climate by restricting credit to small businesses.

"Done properly, reform will increase consumer protection and prudential protection, enhance our ability to manage systemic risk, end the too big to fail problem, facilitate capital formation processes that are so necessary for job creation and American competitiveness, and reform Fannie Mae and Freddie Mac which have cost the taxpayers $145 billion and is likely to reach $400 billion," Crapo concluded.

Other Senators appointed to the conference committee include Banking Committee Chairman Senator Chris Dodd (D-Connecticut), Committee Ranking Member Senator Richard Shelby (R-Alabama), Senators Saxby Chambliss (R-Georgia), Bob Corker (R-Tennessee), Judd Gregg (R-New Hampshire), Tom Harkin (R-Iowa), Tim Johnson (D-South Dakota), Patrick Leahy (D-Vermont), Blanche Lincoln (D-Arkansas), Jack Reed (D-Rhode Island), and Charles Schumer (D-New York). Members from the U.S. House of Representatives have not yet been appointed.