Collins: 25% of the community banks in America have shut down because of the onerous regulations they can't afford
Cuomo: But those regulations were put into place because you guys in Congress had allowed wild speculation and then bailed out the same people who wind up bankrupting thousands of Americans.
Collins: It went way too far and if we're going to get this economy moving with small businesses they tend to borrow from these community banks who are going down every day because of the regulatory burden. The fact that they have to set aside reserves for mortgages...
Cuomo: But once you roll back it's going to help a lot more than just community banks isn't that true congressman?
Collins: Oh well what we're rolling back, and by the way we are keeping the Durban amendment and the debit card fee so that's, uh, an acknowledgment that at least one part of...
Cuomo: But big banks are going to get the freedom to speculate in a way that hey couldn't before because of what you just rolled back. Isn't that true congressman?
Collins: Well, sure. We are removing regulations, this is America
Cuomo: So it's not just community banks and the little guy and who the little guy borrows from and Main Street vs. Wall Street, you also freed up the Wall Street guys that wildly speculated and caused the problem. Isn't that true?
Collins: Well, lessons learned Chris. Some of that speculation was clearly not, well uh, clearly after the fact not in the best interest of America
Cuomo: And now they can speculate more because of what you just rolled back.
Collins: They can run their business the way they see fit for their shareholders, we're not going to bail them out. If they make a mistake...
Cuomo: You cannot guarantee you will not bail them out right now. That is nowhere near codified in law and it happened the last time and now you made it easier for them to speculate again. True or false?
Collins: Well I can assure you I would never support bailing them out.
Cuomo: That's 1 vote.
Collins: The shareholders bare the risk. The shareholders pick the board who ultimately picks the officers and if some bank does stupid things and they overspeculate and something happens, they can go down.