Chancellor Valorum is a truly bland and forgettable character in the movie. Heck, the IMDb Memorable Quotes page for Episode I contains not a single line from Valorum. (Even Ki-Adi-Mundi rates a line on that page, and I bet half of you don't know who he is.)
Anyway, we figured an actor the calibre of Terence Stamp deserved some slightly more memorable lines.
GM: Senator Palpatine and Chancellor Valorum greet you on the landing platform.
Qui-Gon: Right, Puppeteen. Where's the Lost Orb of Phantasmagoralence, then?
Palpatine: Ahem. Your Highness, it's a great pleasure to see you, although I'm surprised you're here on Coruscant.
Queen Amidala: Thank you, Senator Palpatine.
Queen Amidala: I have come to report on the invasion of—
Valorum: Tut tut! How terrible.
Queen Amidala: —Naboo. And to request military aid from the Senate.
Valorum: Do you know what I truly detest, Queen Amidala?
Qui-Gon: I fought those once.
Valorum: They fly around in great swarms.
Valorum: Buzzing. Buzzing.
Valorum: And they suck...
Queen Amidala: I will address the Senate, Chancellor Valorum. It is my right.
Valorum: Buzz, buzz.
Qui-Gon: Does this guy have a goatee?