March 18th, 2010
07:38 PM ET
12 years ago
Update: Conrad asks for bank carve-out to be removed
Washington (CNN) - Sen. Kent Conrad issued a statement Thursday announcing that he has asked for the removal from the House bill of an exemption for the state-owned Bank of North Dakota that would have allowed the bank to continue making federally backed student loans.
Related: Conrad wins carve-out for North Dakota bank
Related on CNNMoney.com: Student loan reform shares health care fate
(Read Conrad's full statement after the jump)
“I have asked the House of Representatives to remove this provision. The fact is the Bank of North Dakota is a unique entity – it is the only state-owned bank in the nation. It has not engaged in the abuses that have required the reform legislation that is before us. It not only originates the loans, it services the loans. As a result, the default average is ¼ of the national average. That is a good result for taxpayers, students and the people of North Dakota.“But often, facts are the first victim in an overly heated partisan environment. And rather than see the excellent reputation of the Bank of North Dakota damaged, I have asked to have the provision removed.”
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Of course he did. This is the first of many more backroom deals that were made. He got caught.
Thank you, Senator Conrad. May your fellow Senators follow suit and recognize that their carve-outs, or what-have-you's, do not always shine a positive light on their fine states. It is the age we live in, and the economic times we live in.
Again, a weary nation thanks you, sir.
Very smart move, he did'nt want to be in the same category as the "sell the swamp" or the "corn caper".
Poor GOPers. It must be heartbreaking to lose the argument that a quid pro quo situation existed. Would you like a tissue?