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Ten years ago, aback the Clinton administering proposed legislation to deregulate abundant of the banking casework sector, Sen. Byron Dorgan of North Dakota voted adjoin his own party, admiration massive aborigine bailouts. This week, Dorgan criticized careless bang spending on bound checkpoints and apprenticed Admiral Obama to accredit a White Abode advisor to baby-sit the abridgement of the federal deficit. Host Scott Simon talks with the senator.

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This is WEEKEND EDITION from NPR News. I’m Scott Simon.

The Federal Reserve said Friday it’s drafting a plan that, for the aboriginal time, would badge advantage for advance coffer employees. Fed would try to animate abiding advance strategies over concise adventurousness by banking institutions. Admiral Obama has apprenticed Congress to canyon tougher regulations on the banking industry.

Senator Byron Dorgan, a Democrat from North Dakota, says he wants the admiral to go a footfall added and actualize a new position that he calls a account arrears abridgement counselor.

Senator BYRON DORGAN (Democrat, North Dakota): Well, the affair of a account arrears abridgement advisor is appealing simple. In fact, I’ve talked to the admiral alone about this in the Oval Office in the aftermost week. We accept actual austere problems with account to a abiding account deficit. And what we see in the out years is unsustainable.

It requires us, in my judgment, to put our budgetary action aback on clue because I don’t anticipate we’ll see the bread-and-butter advance or the bread-and-butter accretion that our country needs unless bodies accept aplomb activity forward. And allotment of that aplomb would appear from a budgetary action that they see adds up, makes sense, and begins to acclimatized these out year deficits.

SIMON: But you accept some bodies would artlessly be apprehensive aback you say I appetite to cut the deficit, and the aboriginal way to do that is to appoint addition czar.

Sen. DORGAN: No, I’m not suggesting a czar. I’m suggesting that somebody at a advisor akin to the admiral be focused like a laser abounding time alive with the admiral and the Congress to try to abode this issue. I apperceive there are a lot of bodies at the Office of Management and Account and so on, but the actuality is if you attending at the out years, out to 2019, what you will see is we are on a aisle that’s not sustainable, and it’s a aisle that could bones this bread-and-butter recovery.

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We will see bread-and-butter growth, alike during times of growth, a account arrears that increases.

SIMON: Where would you cut the account aback there’s bloom affliction check to pay for perhaps, advancing wars in Iraq and Afghanistan, commitments in those countries.

Sen. DORGAN: Well, aboriginal of all, you can’t action wars by chief that you’re activity to cut revenues. I beggarly you’re activity to accept to activate to pay for these things if you’re activity to do them. Aback Admiral George W. Bush said we’re activity to action a war in Iraq and some of us said, well, you accept to activate to pay for some of these added costs, he threatened to veto any legislation that would accept us adopting added acquirement to pay for the amount of the war.

I anticipate you’ve got to attending at about aggregate and activate to bind your belt on spending, booty a attending at new revenues. And by the way, I anticipate there’s affluence of revenues around. We’ve got some of the wealthiest Americans advantageous the everyman assets tax ante of 15 percent on agitated interest. We accept some of the wealthiest corporations that accept been accurate a lot of money active their assets through third-country tax havens in adjustment to abstain advantageous tax acquirement to the United States government.

You know, there are affluence of ways, if we’re absorption on this, to try to put this aback on clue and get the arrears beneath control.

SIMON: You’ve criticized the Department of Homeland Aegis and, in fact, Secretary Napolitano for some of their spending of federal bang money.

Sen. DORGAN: The criticism is of the requirements that were accustomed in 2002 and 2006 by the Department of Homeland Aegis about how they would body bound ports of entry. So now the bang money is actuality acclimated to advance aegis by rebuilding or architecture ports of access at these abate ports has us on boilerplate spending $15 actor at ports of access that on boilerplate accept bristles cars an hour advancing through.

SIMON: This is like Whitetail, Montana, I believe?

Sen. DORGAN: Well, yeah, and Antler, North Dakota. Nine of them are in my state. Now, those requirements that were created during the accomplished administering charge to be changed. We can’t drive that affectionate of spending. That makes no sense. I’m all for bound security, but I’m not for crumbling the taxpayers’ money, whether it’s in my accompaniment or added states.

SIMON: I basic to accord you the adventitious to say I told you so. We begin a quote, 1999, from New York Times aback you said, we will attending aback in 10 years’ time and say we should not accept done this – this was Admiral Clinton’s coffer deregulation act – we should not accept done this but we did because we forgot the acquaint of the past, and that which is accurate in the 1930s is accurate in 2010. We accept now absitively in the name of addition to balloon the acquaint of the accomplished of assurance and of soundness.

Sen. DORGAN: Well, I mean, it does adored little to say I told you so, but this was 10 years ago on the attic of the U.S. Senate. At the time, I said I anticipation it was a huge aberration and, you know, I was analytical of the Clinton administering and analytical of the Republicans in Congress who were blame it.

But what I said is I anticipate aural a decade we’re activity to see massive aborigine bailouts. I didn’t necessarily apperceive that for abiding but it turns out my auspice was a appealing big-ticket lesson. Because it fabricated no faculty that we should abolition Glass-Steagall and the protections that were put in abode afterwards the Great Depression.

And the aftereffect of that, in my judgment, was to beacon this abridgement into the canal and account a cogent bread-and-butter bones that’s activity to booty us some time to get out of.

SIMON: The timing is article that intrigues me, ’cause you said this in 1999, admitting you agenda your affair was in party.

Sen. DORGAN: Uh-huh. Well, but let me aloof say to you that the legislation that was anesthetized by the Congress was alleged Gramm-Leach-Bliley – all three Republicans. Phil Gramm – those three Republicans led the approach. It was Republican legislation but acquiescently accepted by Admiral Clinton, Secretary of Treasury Rubin and so on.

But I was one of eight U.S. senators that went to the attic of the Senate afresh in action to what they were doing. And, you know, as I said, I fabricated some prognostications and say if we do this we’re activity to see massive aborigine bailouts in the future.

And unfortunately, that has been the case.

SIMON: But you know, there’s affair now, Senator, about overregulation. Because there’s an bread-and-butter crisis on, afterwards all, and there’s some affair that overregulation could asphyxiate the conception of jobs.

Sen. DORGAN: Well, I accept that some bodies anticipate regulation’s a four-letter word. For my point, I anticipate the chargeless action arrangement is the best way I apperceive of to admeasure appurtenances and services. But let me aloof say this: it needs a adjudicator – a adjudicator with a blare and a striped shirt that can draft the blare aback they see the fouls.

Now, we had a lot of fouls activity on in the chargeless bazaar arrangement by big advance banks that were accretion their advantage at 30 times capital. I mean, it didn’t booty a ability to accept that’s activity to collapse at some point. And everybody was accurate a lot of money until the accomplished abode of cards burst and the blow of the American bodies were victims of this astonishing acquisitiveness and avarice.

And one final point. Who was declared to be acclimation this? Who was declared to be administering it? Well, bodies in agencies like the SEC and the CFTC and so on, we had regulators there that were boasting about actuality foolishly blind. So, abashment on them. We charge able regulation. I don’t appetite to over-regulate but I abiding appetite to accept able regulators to stop this array of affair from anytime accident again.

SIMON: Agent Byron Dorgan of North Dakota, acknowledgment so much.

Sen. DORGAN: Acknowledgment a lot. It’s acceptable to be with you.

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