New Direction for Energy Independence, National Security, and Consumer Protection Act and the Renewable Energy and Energy Conservation Tax Act of 2007

Floor Speech

NEW DIRECTION FOR ENERGY INDEPENDENCE, NATIONAL SECURITY, AND CONSUMER PROTECTION ACT AND THE RENEWABLE ENERGY AND ENERGY CONSERVATION TAX ACT OF 2007 -- (Senate - April 09, 2008)

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Mr. SHELBY. Mr. President, this afternoon in the Senate, I wish to take a minute to commend the Senator from Louisiana for her work on these amendments and her concern for her people. Senator Dodd and I have talked to the Senator from Louisiana and others about our package. The Presiding Officer is a member of the Banking, Housing, and Urban Affairs Committee who knows we have done the best we can to craft a bill which is focused on bringing relief to those areas affected most by the growing rate of foreclosures. We realize this will not be a panacea, but it is a good first start. Because we were stalled, as the Presiding Officer knows, on the floor, and what we are trying to do is make a breakthrough. The success of this effort we have been working on for a second week now, I believe, will depend a great deal on whether the funds made available in this bill make it to their intended designation. We can help to ensure a degree of success by keeping it focused on the foreclosure market.

The Presiding Officer talked about that, as did the Senator from Louisiana. Chairman Dodd and I worked closely with Senator Reid and Senator McConnell, our respected leaders, to draft a targeted bill designed to address the problems caused by the recent turmoil in the national housing markets. Our goal was to provide resources to deal with the recent foreclosures and try to prevent additional foreclosures. In other words, this bill was put together in the context of the current conditions of the national housing market.

I recognize, as I said a minute ago, Senator Landrieu's concern and others' concern regarding the housing issues, particularly hers in Louisiana. I believe we need to address those, some of them, outside this particular legislation. I know the Presiding Officer right now is very involved in the Banking and Housing Committee, and we are going to continue to address this problem. I think we have to.

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