"We have conducted thorough oversight of FISA, and the business records provision in particular. We believe this provision has contributed substantially to our counterterrorism successes since its inception, and that it has been operated in a lawful, careful manner.
"We understand that the American people have concerns as a result of the program's disclosure, and the inaccurate and reckless way in which it has been characterized. These authorities are used in a manner consistent with the law and Constitution, and we are working with our colleagues in the House and the Senate to reassure the American people and look for ways to improve transparency and strengthen privacy protections without undermining the program's effectiveness. We want to be sure that the Intelligence Community has the tools it needs to keep our nation safe.
"Both of our Committees are conducting lengthy discussions with the Executive Branch and privacy advocates in developing initial ideas, and we look forward to discussing these proposals with the President today."