Video archive of the US Congress

House Proceeding 01-14-09 on Jan 14th, 2009 :: 0:30:00 to 0:33:45
Total video length: 1 hours 57 minutes Stream Tools: Stream Overview | Edit Time

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Bill Jr.Pascrell

0:29:57 to 0:30:17( Edit History Discussion )

Bill Jr.Pascrell: has had a lot of input in this bill, which i guess makes it still a one-man bill. the chairman: the gentleman is recognized. >> you would think that this is a movie out of the 1950's, tarp two.

Bill Jr.Pascrell

0:30:00 to 0:33:45( Edit History Discussion )
Speech By: Bill Jr.Pascrell

Bill Jr.Pascrell

0:30:18 to 0:30:40( Edit History Discussion )

Bill Jr.Pascrell: i can see what's happening. this is realistic. we're going to know what's going to be in this bill in this legislation. mr. chairman frank, sales are down in the automobile industry, states are losing revenue throughout the united states of america and wenow that the confidence of the consumer is not where we would want it.

Bill Jr.Pascrell

0:30:41 to 0:31:01( Edit History Discussion )

Bill Jr.Pascrell: so i request and engage in a brief colloquy regarding h.r. 384, with your permission. as you know, mr. chairman, the gislation we have before us is not a debate focused on the interests of big business. this legislation instead unmistakably intended to serve americans across this nation.

Bill Jr.Pascrell

0:31:02 to 0:31:22( Edit History Discussion )

Bill Jr.Pascrell: i want to commend you personally for your leadership and commitment to providing unambiguous directives on how the tarp funds must be used for ensuring the funds will provide relief to main street. this is the difference between now and a few months ago. i want to commend yofor this. it is a fact that the first tarp

Bill Jr.Pascrell

0:31:23 to 0:31:44( Edit History Discussion )

Bill Jr.Pascrell: failed to meet the intent of the congress. today is our opportunity to make sure that funds flow directly to americans. wouldn't you agree with me, mr. chairman? mr. frank: absolutely. i believe the way the tarp will be administrated and the old administration will be glaring. one of the motivations on the part of my republican colleagues

Bill Jr.Pascrell

0:31:45 to 0:32:05( Edit History Discussion )

Bill Jr.Pascrell: to kill this now is they fear the contrast that will be presented between the responsibility and effective admiration by the new administration and the ineffective way of the last administration. mr. pascrell: i agree this is night and day.

Bill Jr.Pascrell

0:32:06 to 0:32:27( Edit History Discussion )

Bill Jr.Pascrell: i testified on the need to open up credit markets for consumers. that's what we are all about. title three of tarp will help open the market for auto loans. specifically it clarifies the treasury's authorization to provide assistance to automobile manufacturers. we can provide lots of money to the big three. if we don't sell cars if we

Bill Jr.Pascrell

0:32:28 to 0:32:48( Edit History Discussion )

Bill Jr.Pascrell: don't have traffic in those dealers they not only close, we have an extended recession in the economy. most importantly, this bill will help tho borrowers that have good credit access the necessary financing for auto loans. wouldn't you agree, mr. chairman, that's a major problem, -- problem, those who can get credit aren't getting

Bill Jr.Pascrell

0:32:49 to 0:33:09( Edit History Discussion )

Bill Jr.Pascrell: it? mr. frank: i yield the gentleman an additional 30 seconds, absolutely, this is a necessary component to keep the american automobile manufacturers from going der. we reassert this authority to the treasury and intend to be very, very insistent that they use it. mr. pascrell: mr. chairman, tarp

Bill Jr.Pascrell

0:33:10 to 0:33:31( Edit History Discussion )

Bill Jr.Pascrell: two also clarifies treasury's authority to provide support to the financing arms of automakers for financing activities to ensure they can continue to provide needed credit, including through dealer and other financing consumer and business autos and other business loans. this is 20% of our ecomy. 10 seconds more?

Bill Jr.Pascrell

0:33:32 to 0:33:46( Edit History Discussion )

Bill Jr.Pascrell: mr. frank: i yield the gentleman 10 seconds if he would yield to me. he is absolutely right, we put in place this authority and intend to demand that be used.

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