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Mr. LANKFORD. Madam Chair, I'm grateful that we're getting a chance to shine some light into the area of the credit costs and the credit issues. If you went to any bank in America, any community bank, any other bank you wanted to go to and talked to them about fair value, they would know exactly what we're talking about because we as the Federal Government require that of them. Now, this is another one of those instances that the Federal Government has exempted themselves from the rules that everyone else has to live under.
Fair value is not some radical, different proposal. It takes into effect the real risks that are sitting out there on the horizon and says those need to be taken into account. It's what we evaluate every single bank on dealing with their safety and soundness.
This bill addresses three real issues. Let me try to address those three. The real cost, that's number one. The real cost in Washington is incredibly difficult to find nowadays. You have all these different estimates, all these things that move around. If we want to know what is the real cost with the risk involved, this is the only way to be able to get it is in this fair-value estimate.
The second real--the real issue in the past couple of years is Fannie and Freddie. We all know it, we're all aware of it, and for the first time we're getting to the real issue and starting to deal with how do we handle Fannie and Freddie, where do we go from here.
So we're getting the real costs. We're beginning to deal with the real issue, which is Fannie and Freddie.
And, finally, we're finally getting real transparency. We should let every American see what's in our budget and how we're handling it and the costs that are out there. This puts it online and gets out there for every single American to be able to take a look at it and say, okay, what are the proposals? What is out there? What's the real cost? How are we going to handle this in real ways? And how do we get real transparencies?
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