The only way to improve the availability of these products is to make it possible for firms to keep pace with rising production costs and earn enough returns to invest back in better manufacturing that enables stable, safe, and more scalable supply.

Some policymakers and lawmakers will argue that Social Security is separate and distinct from our broader fiscal challenges. I disagree. I believe that immediately addressing the challenges facing the Social Security program offers an opportunity to improve our country's fiscal soundness, lift an undue burden from future generations, and strengthen our economy's long-run growth prospects.

In considering whether the government should back housing finance, the first consideration this committee should have in mind is whether it would be good policy at this time to add to the U.S. government’s financial obligations.

For many years, community financial institutions have been denied fair and equal access to the secondary market. Banks prosper by making prudent loans with an adequate return and maintaining a reasonable cost structure. Today 97 percent of our banks are community banks and they are increasingly finding this business model under siege.

Congress should not focus only on creating jobs in small businesses; instead, it should emphasize creating jobs at firms of all sizes.

Cap-and-trade is an inappropriate policy tool for the control of greenhouse gases that will cause significant economic harm with little or no environmental benefit.

The variety of international experience suggests that there is every reason to think broadly and openly about the possibilities for developing a better, post-GSE U.S. housing finance system for the future.

The environmental effects of cap and trade with free allocation are similar to those of a carbon tax or a cap-and-trade program with auction of allowances. Unfortunately, the economic consequences are much less benign.