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House Proceeding 12-11-09 on Dec 11th, 2009 :: 0:55:25 to 1:15:25
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Judy Biggert

0:53:15 to 0:55:25( Edit History Discussion )
Speech By: Judy Biggert

Judy Biggert

0:55:25 to 0:55:26( Edit History Discussion )

Judy Biggert: like those in my congressional

Dennis Moore

0:55:27 to 0:55:47( Edit History Discussion )

Dennis Moore: district, can get the financing and expand the jobs that american families need so desperately. that's responsible financial reform and our republican terpt aims to get us there. -- alternative aims to get us there. the chair: the gentlewoman's time has expired. the gentleman from mr. frank: i have only one remaining speaker to close so

Dennis Moore

0:55:30 to 0:58:10( Edit History Discussion )
Speech By: Dennis Moore

Dennis Moore

0:55:48 to 0:56:08( Edit History Discussion )

Dennis Moore: i'll reserve until then the chair: and the gentleman has the right to close. the gentleman from alabama is recognized. mr. bachus: madam chairman, i yield two minutes to the gentlelady from west virginia, mrs. capito. the chair: the gentlewoman from west virginia is recognized for two minutes. mrs. capito: thank you very much. and i want to thank the ranking member, my good friend from alabama, for yielding me the

Dennis Moore

0:56:09 to 0:56:29( Edit History Discussion )

Dennis Moore: time. i'd also like to thank him for his leadership on our committee over the past year. i rise today in support of the republican substitute. my colleagues have a choice today. do they want to perpetuate bailouts or continue to put taxpayers at risk or will they support the republican substitute that ends bailouts? there's two features in this bill i am going to address. the substute creates a new

Dennis Moore

0:56:30 to 0:56:52( Edit History Discussion )

Dennis Moore: chapter of the bankruptcy code. this new section, chapter 14, will allow for an expedient resolution of failing firms as there will be trained personnel who have the necessary skills to ensure a sufficient resolution. this is not chapter 7 or chapter 11, as in the discussion we had in the committee as my friends on the other side has asserted, although the bill does not pronibt a nonbank from pursuing

Dennis Moore

0:56:53 to 0:57:14( Edit History Discussion )

Dennis Moore: these chapters if ty so wish. there is not taxpayer-funded bailout fund in our measure. it's straightforward for all market participants. if you take on too much risk and fail, then you go through an expedited bankruptcy. the taxpayers will not pick up the tab. this is fair to a market participants and it's fair to the taxpayers and i urge my colleagues to join us in ending

Dennis Moore

0:57:15 to 0:57:37( Edit History Discussion )

Dennis Moore: the bailout. another important section of the republican substitute is that we address reforms to the g.s.e.'s, fannie and freddie. while there may not be consensus on the reforms proposed, this body must have an honest discussion about the future of these two entities and what role, if any, government should play. after all, a major component of financial crisis was the failure of these two entities.

Dennis Moore

0:57:38 to 0:58:00( Edit History Discussion )

Dennis Moore: to ignore their reform in a financial reform package is irresponsible. i would urge support for the republican substitute. this is a financial reform package that we need. i yield back. the speaker pro tempore: the gentlewoman yields. the gentlen from pennsylvania. the gentleman from pe continues to reserve.

Dennis Moore

0:58:01 to 0:58:10( Edit History Discussion )

Dennis Moore: mr. kanjorski: we continu reform, madam chairman. the chair: the gentleman from alabama. mr. bachus: i yield two minutes to the gentleman from texas, mr. hensarling.

Jeb Hensarling

0:58:11 to 0:58:34( Edit History Discussion )

Jeb Hensarling: the chair: the gentleman from texas is recognized for two minutes. mr. hensarling: madam chair, the american people want more jobs and fewer bailouts. the democratic majority will bring them fewer jobs and more bailouts. their bill creates a permanent wall street bailout fund, the only reason to have a bailout

Jeb Hensarling

0:58:25 to 1:00:10( Edit History Discussion )
Speech By: Jeb Hensarling

Jeb Hensarling

0:58:35 to 0:58:55( Edit History Discussion )

Jeb Hensarling: fund is to bail people out. tired of the bailouts. no more bailouts. you cannot have a system where you private ties your profits and socialize your losses. that's what bailout nation is all about. the big get bigger. the small get smaller.

Jeb Hensarling

0:59:18 to 0:59:38( Edit History Discussion )

Jeb Hensarling: capital, you get less capital. you cannot have capitalism without capital. our small businesses are starving. we need more capital. this will simply cost the economy more jobs. the democratic bill fundamentally assaults the

Jeb Hensarling

0:59:39 to 0:59:59( Edit History Discussion )

Jeb Hensarling: economic liberty of the american citizen. it says, now you have to go on bended knee to washington before you can put a credit card in your wallet or get a mortgage for your home. the republican bill the liberties of the american citizen. we want to make sure that you have open and transparent

Jeb Hensarling

1:00:00 to 1:00:11( Edit History Discussion )

Jeb Hensarling: information, but we respect your freedom, we respect your choices, we respect the freedom that this nation represents. let's have more jobs, fewer

Scott Garrett

1:00:12 to 1:00:32( Edit History Discussion )

Scott Garrett: bailouts, let's respect the freedom of every american citizen. reject the democrat bailout bill. the chair: the gentleman's time has expired. the gentleman's time has expired. the gentleman from alabama is recognized. mr. bachus: thank you. madam chairman, as i understand it, the chairman is going to --

Scott Garrett

1:00:15 to 1:03:05( Edit History Discussion )
Speech By: Scott Garrett

Scott Garrett

1:00:33 to 1:00:53( Edit History Discussion )

Scott Garrett: has one more speaker on his side? at this time i yield two minutes to the gentleman from new jersey, mr. garrett. the chair: the gentleman from new jersey is recognized for two minutes. mr. garrett: and i thank the chairman. the american people have spoken loud and clear. they have spoken that they are opposed to more tax-funded

Scott Garrett

1:00:54 to 1:01:14( Edit History Discussion )

Scott Garrett: bailouts. the american people have said they're opposed to job-destroying legislation. the american people have said they're opposed to growing and expanding the size and spending of the federal government. the majo before us earlier is a bill that fails on all accounts to listen to the american public. it -- there's no one on the other side of the aisle who

Scott Garrett

1:01:15 to 1:01:35( Edit History Discussion )

Scott Garrett: cannot deny that their bill will continue taxpayer-funded bailouts. there's no one on the other side of the aisle that can deny that their bill will continue to the destruction of jobs in this country. and finally there's no one on the other side of the aisle who can honestly deny that their bill will not create a bigger, more expensive, expanding government.

Scott Garrett

1:01:36 to 1:01:58( Edit History Discussion )

Scott Garrett: their bill will create bailouts, destroy jobs and create a government. earlier the majority leader was on the floor and he was speaking in an amusing, if not illuminating manner, when he used the football analogy, when he talked about the refs on the field. in their bill we'll end up with a stadium with only refs on the field, maybe highly paid and

Scott Garrett

1:01:59 to 1:02:19( Edit History Discussion )

Scott Garrett: highly charged with authority bureaucratic refs but no players. there will be no players in the game anymore and quite frankly, the american lick will not be able to pay the toict admission -- american public will not be able to pay admission to the stadium. the only example of deregulation that the majority leader could think to was a piecof legislation that he actually

Scott Garrett

1:02:20 to 1:02:40( Edit History Discussion )

Scott Garrett: voted for and in fact of course was not deregulation at all. so we have presented now a republican substitute. a republican substitute that listens to the american people, that provides the appropriate level of regulation. actually end taxpayer-funded bailouts.

Scott Garrett

1:02:41 to 1:03:01( Edit History Discussion )

Scott Garrett: the republican actually do so by making sure the responsible parties pay. the republican substitute will end job-destroying legislation and practices and instead create a facility that will expand liquidity and credit in the marketplace so that we can create new and expansive number of jobs in this country.

Scott Garrett

1:03:02 to 1:03:05( Edit History Discussion )

Scott Garrett: the republican sutitute will end the practice of growing and

Randy Neugebauer

1:03:06 to 1:03:27( Edit History Discussion )

Randy Neugebauer: expanding the government as we have seen time and time again. instead, the republican substitute will make sure that we have - t has expired. the gentleman's time has expired. the gentleman from alabama is recognized. mr. bachus: thank you, madam chair. at this time i yield two minutes to the neugebauer.

Randy Neugebauer

1:03:10 to 1:06:00( Edit History Discussion )
Speech By: Randy Neugebauer

Randy Neugebauer

1:03:28 to 1:03:48( Edit History Discussion )

Randy Neugebauer: before i do that can i ask a parl remaining time? the chair: the gentleman has 2 1/2 minutes remaining. mr. bachus: thank you, madam chair. the chair: the gentleman from texas is recognized for two minutes. mr. neugebauer: thank you, madam chairman. the republican alternative actually brings real reform to

Randy Neugebauer

1:03:49 to 1:04:10( Edit History Discussion )

Randy Neugebauer: the regulatory process and not big government. the first thing that the republican alternative does is it ends bailouts. the american people are tired of bailouts and particularly they're tired of bailout when is they come at their expense. the other thing that the republican substitute does is it gets the government out of picking winners and losers. if companies make bad decisions they fail. if they make good decisions they

Randy Neugebauer

1:04:11 to 1:04:31( Edit History Discussion )

Randy Neugebauer: succeed. the other part of the republican plan is we say, you know what? if you're taking risky behavior or you're involved in businesses that cause more risk to the system you have to have more capital. the other thing that the republican plan does is it actually protects consumers and not limits their choices. i think that's the big

Randy Neugebauer

1:04:32 to 1:04:52( Edit History Discussion )

Randy Neugebauer: difference in this piece of legislation is that this piece democrats want to do, they want somebody else to make the choices for you. they've got a credit czar and that credit czar is going to tell wh you kind of car loan, what kind of house loan, what kind of student loan that you can get. and you know what? i the american pple have enough sense to make their own people.

Randy Neugebauer

1:04:53 to 1:05:13( Edit History Discussion )

Randy Neugebauer: in fact, i just recently came back from afghanistan where we have young men and women that are there try american people's ability to make their own choices. i hope they're not going to be disappointed when they find out that back here in the good old u.s. of a where they've been defending our freedom and liberty that we're over here trying to pass legislation

Randy Neugebauer

1:05:14 to 1:05:35( Edit History Discussion )

Randy Neugebauer: that's going to lim their choices, limit their choices to be able to have the kind of house loan or car loan or student loan or maybe they want to come back from serving this great country and this great nation after their diinguished service, they want a small business loan, only to find out the united states congress is limiting the ability of banks and credit unions to provide new business loans for these men and

Randy Neugebauer

1:05:36 to 1:05:56( Edit History Discussion )

Randy Neugebauer: women. i don't think that's what they're fighting for. i urge you to vote for the republican su against the underlying bill. thank you. the chair: the gentleman yields. the gentleman from alabama is recognized. mr. bachus: madam chair, i'd like unanimous con sent at this time to recognize -- consent at this time to recognize our oops that are in the gallery today. the chair: the chair cannot

John A. Boehner

1:06:05 to 1:06:25( Edit History Discussion )

John A. Boehner: time. the hous will be in order. mr. bachus: madam chair, at this time i yield our remaining time to our republican leader, mr. boehner from ohio. the chair: the gentleman is recognized. mr. boehner: madam speaker, my colleagues, it's been quite a year. this house has been on a

John A. Boehner

1:06:10 to 1:10:20( Edit History Discussion )
Speech By: John A. Boehner

John A. Boehner

1:06:26 to 1:06:46( Edit History Discussion )

John A. Boehner: spending spree and a regulatory spree and a bailout spree that i could never have imagined in any of my prior 18 years here in congress. it was a $1 trillion spending plan was supposed to be about creating jobs and turned into nothing more than big government spending.

John A. Boehner

1:06:47 to 1:07:09( Edit History Discussion )

John A. Boehner: a budget that had trillion-dollar deficits on average for as far as the eye can see. a $1 trillion national energy tax that's going to create this giant bureaucracy and tax americans over their gasoline, their electricity and everything else that moves in america. then we have the nearly $1 trillion government takeover of our health care system.

John A. Boehner

1:07:10 to 1:07:30( Edit History Discussion )

John A. Boehner: and people wonder why employers are frozen, why they're not hiring more employees when all of this is coming down the pike. if all that wasn't bad enough, we have no idea what's going to happen to tax rates. there have been suggestions that increased taxes in many of the bills that have passed this house this year and now we come

John A. Boehner

1:07:31 to 1:07:51( Edit History Discussion )

John A. Boehner: to the grand daddy of all of it. the financial regulatory bill that's in front of us today. all of us recognize there are shortcomings in our financial regulatory system. but i do believe that the overreach by my democrat colleagues on this bill is really beyond imagination.

John A. Boehner

1:07:52 to 1:08:12( Edit History Discussion )

John A. Boehner: it's going to have more bailouts for banks in this bill, nothing that will reform fannie mae and freddie mac, the real culprits at the beginning of this whole financial meltdown, but there's no reform in this bill when it

John A. Boehner

1:08:13 to 1:08:34( Edit History Discussion )

John A. Boehner: comes to those two entities. and if all that isn't bad enough, to put more money in here, to bail out bad actors, it's exactly hat american people don't want -- what the american people don't want. so i rise in support of a commonsense regulatory approach offered by my republican colleagues. and i want to congratulate

John A. Boehner

1:08:35 to 1:08:55( Edit History Discussion )

John A. Boehner: spencer bachus and all the members of his committee for the work that they've done to put this commonsense alternative together. that will fix the regulatory gaps that we have without bailouts, without tens of thousands of new federal employees that we see in the underlying bill. and i would hope that m

John A. Boehner

1:08:56 to 1:09:17( Edit History Discussion )

John A. Boehner: colleagues would support it. although if my colleagues don't support the alternative that's being -- that's on the floor at this moment, when that vote comes, a republican -- republicans will offer a motion to recommit. a motion to recommit at will scrap the entire underlying bill. it will also say, tarp ends on

John A. Boehner

1:09:18 to 1:09:39( Edit History Discussion )

John A. Boehner: december 31 this year. and all of the funds that come back from tarp should be used to repay the federal deficit and, thirdly, we will bring down the debt limit commence rat with those repayments. tarp was there for an emergency.

John A. Boehner

1:10:02 to 1:10:20( Edit History Discussion )

John A. Boehner: takes tarp and use it for more bailouts and more spending from here in washington. and so colleagues, if you've had enough of the bailouts, if you've enough of tarp, let's do the right thing for the american people. they're already saying enough is enough.

Barney Frank

1:10:21 to 1:10:41( Edit History Discussion )

Barney Frank: let's end tarp, let's pay down the deficit and if this substitute doesn't pass, you'll have a chance to put an end to this entire process. i yield back. the chair: the gentleman yields. the gentleman from massachusetts is recognized. mr. frank: i yield myself the

Barney Frank

1:10:25 to 1:16:55( Edit History Discussion )
Speech By: Barney Frank

Barney Frank

1:10:42 to 1:11:03( Edit History Discussion )

Barney Frank: re an example of the wely excessive hyperbole i guess came from the gentleman from new jersey. increased regulation of devatives require overextended financial companies to have more c

Barney Frank

1:11:04 to 1:11:24( Edit History Discussion )

Barney Frank: mortgages that will get in trouble and there will be no players on the fiel be only refs. the feeling that the republicans talk crazy. my friend from texas, mr. neugebauer, said, you need permission to get a car loan. no sane person, including mr. neugebauer, thinks that.

Barney Frank

1:11:25 to 1:11:45( Edit History Discussion )

Barney Frank: as a matter of fact, over the objection of any of us, car loans are e he. he is widely exaggerating. so it's an inaccuracy built on an exaggeration. what we have also is their great fear of not having in this bill the bailouts that they want to attack but before i get to that,

Barney Frank

1:11:46 to 1:12:06( Edit History Discussion )

Barney Frank: let me take directly one of their arguments. the american people were told, have said, no more expansion of government. financial regulations. their view that the american people want no more restraints on wall street is wrong. their view that the american

Barney Frank

1:12:07 to 1:12:28( Edit History Discussion )

Barney Frank: people want nothing to be done about the former executive compensation that is obscenely excessive but destabilizing because of the way it's ructures, so it's true, they put nothing effectively about executive compensation. they say the american people like derivatives to be spread out with no capital to back them

Barney Frank

1:12:29 to 1:12:49( Edit History Discussion )

Barney Frank: up so when there are failures you have trouble and they carry through. they're right. i disagree that the american people think that the status quo a good one. and then the gentleman said, well, you can increase the cost of capital. yes, in some cases. i want to increase the cost of speculation.

Barney Frank

1:12:50 to 1:13:10( Edit History Discussion )

Barney Frank: the problem with the way capital has been imported is it has been imported for useful purposes to gather up funds that can be used to produce goods and services but for some the means became the end and, yeah, if we will increase the cost of capital of some of the speculative trading that goes on, that would be a good thing. less of that would be a good thing.

Barney Frank

1:13:11 to 1:13:32( Edit History Discussion )

Barney Frank: so let's p people, do you prefer the republican position of doing literally nothing to rein in these abuses or should we try to rein them in? and that leads to difference in the bill. we are not simply in our bill saying let's deal with what happens when there's a failure. there's a failure, let them go bankrupt and that's it.

Barney Frank

1:13:33 to 1:13:55( Edit History Discussion )

Barney Frank: we also say if there is an institution that's overextended we let it fail and we have specific language that says no money can go to that institution of its shareholders or board of directors. but unlike them we don't think you should wait until then. we don't think it is responsible for the society to say, go ahead and fail, we don't care. we do care. we're not here to go to their

Barney Frank

1:13:56 to 1:14:17( Edit History Discussion )

Barney Frank: aid the way it was done last under section 1303 which we have amended so it can't happen again and you cannot have wh the bush administration did with 1303 and the a.i.g. and don't think they were wrong necessarily, but that's what they did. we stopped that. andon't let them get to that

Barney Frank

1:14:18 to 1:14:39( Edit History Discussion )

Barney Frank: point. where you don't do anything about compensation, derivatives, you don't regulate them at all and you let them crash but when they do crash here's the argument. you have a permanent bailout fund. madam chair, in their heads is the only place that permanent bailout fund exists. or maybe in their hearts because

Barney Frank

1:14:40 to 1:15:02( Edit History Discussion )

Barney Frank: we have curtailed it. here's what the legislation actually says in a binding way and why their analogies to last here is on page 397, i know it's big bill, maybe they couldn't get all the way through it, i apologize, we would have given them a reading guide if they'd asked for it.

Barney Frank

1:15:03 to 1:15:27( Edit History Discussion )

Barney Frank: separate funds to be known as the systemic disillusion fund, that's what they call the bailout fund. it is to facilitate and provide for the orderly and complete disillusion of any failed financial company or company that poses a systemic threat in the financial markets. and it pays the expenses of

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