Video archive of the US Congress

House Proceeding 01-14-09 on Jan 14th, 2009 :: 0:45:55 to 0:50:25
Total video length: 1 hours 57 minutes Stream Tools: Stream Overview | Edit Time

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Tom Price

0:45:51 to 0:46:12( Edit History Discussion )

Tom Price: guarantee that we will make sure that this 50 billion is handled responsibly. thank you, mr. chairman. the speaker pro tempore: the gentleman's time has expired. the gentleman from abama. mr. bachus: . chairman, can i inquire to theime left on both sides? thchairman: the gentleman from alabama has 43 1/2 minutes remaining. the gentleman from massachusetts has 40 minutes remaining.

Tom Price

0:45:55 to 0:50:25( Edit History Discussion )
Speech By: Tom Price

Tom Price

0:46:13 to 0:46:34( Edit History Discussion )

Tom Price: mr. bachus: mr. chairman, i yield four minutes to the gentleman from georgia, mr. price. the chairman: the gentleman from georgia is recognized for four minutes. mr. price: thank you, mr. speaker. from alabama for his stellar leadership on this issue. well, mr. speaker, here we are.

Tom Price

0:46:35 to 0:46:56( Edit History Discussion )

Tom Price: another 50 billion. 50 billion. now i don't want to overstate the obvious but, mr. speaker, that's moneyhat we don't have. in addition to that, the process points that have been made, i think, are incredibly important. we haven't had any appropriate committee work. we've had a discussion but there hasn't been the hearings devoted specifically to this bill.

Tom Price

0:46:57 to 0:47:18( Edit History Discussion )

Tom Price: there haven't been a markup. we haven't had the opportunity in committee to amend this bill. to have member input. members haven't had the opportunity to provide input into the development of the legislation. the mere fact that there are 70 amendments filed with the rules committee, 50 of them from democrats, clearly demonstrates that members on both sides of the aisle have concerns about this legislation and ideas that

Tom Price

0:47:19 to 0:47:39( Edit History Discussion )

Tom Price: they would like to share. we've seen bailout after bailout after bailout. yet our constituents have felt no relief. we cannot in good conscience allow the government to dig deeper into their pocket their money, without giving their elecd representatives the opportunity to be heard. fundamentall mr. speaker,

Tom Price

0:47:40 to 0:48:02( Edit History Discussion )

Tom Price: we're talking about examining the vital role, a vital role. what's the vital issue that says a lot about what we believe our government role ought to be. we're being asked to entrust the treasury with the authority to spend an additional 50 billion, a huge sum of mey. and allowing themo take on additional risk to the taxpayers by pursuing modications that

Tom Price

0:48:03 to 0:48:24( Edit History Discussion )

Tom Price: have not yet proven to be a wise investment. now we can all agree that the oversight of the initial tarp program has been wanting. there's no doubt about that. that's evidenced by the fact that treasury completely shifted the original purpose of the program without consultation or consequence. treasury has failed to answer basic questions. they've struggled to track the billions of taxpayer dollars and

Tom Price

0:48:25 to 0:48:45( Edit History Discussion )

Tom Price: they seem to have no way to measure the success of this program. when secretary paulson initially approached congress with an urgent request for funding and broad authority to stabilize the economy, a representative from the treasury admitted that they were arbitrarily picking a number. in fact, when we asked a senior member at the treasury department how did they arrive

Tom Price

0:48:46 to 0:49:07( Edit History Discussion )

Tom Price: at 00 billion, you know what they said, mr. speaker? they said, we need a really big number. a really big number. well, that's not terribly encouraging as to how to arrive at the amount of taxpayer money that they are putting at risk. there have been no indications that this -- that the last trench of funding is needed indeedo further stabilize the

Tom Price

0:49:08 to 0:49:28( Edit History Discussion )

Tom Price: economy. there have been no emergency meetings to explain why this money is necessary and how it would be used effectively to justify this release in fact, just a few days ago, mr. kashkari described our financial system as, quote, fundamentally more stable, unquote, than when we began. ultimately we have seen through the failurers of the tarp

Tom Price

0:49:29 to 0:49:49( Edit History Discussion )

Tom Price: program and hope for homeowners' program that the government isn't the solution to all of our problems. again, we've seen bailout after bailout but there doesn't yet seem to be any relief for constituents and taxpayers. it's because of the hasty passage of the tarp program in the first place that we're now in the position to consider sweeping changes to e program. the regular democratic process

Tom Price

0:49:50 to 0:50:11( Edit History Discussion )

Tom Price: and order would ensure that all members of congress can make their voice heard on this very important issue. to say that there is a time to have a markup is not only disingenuous, mr. speaker, it simply is not true. we should take the time necessary to ensure that 're truly acting in the best interest of the american people. perhapses if we take -- perhaps

Tom Price

0:50:12 to 0:50:26( Edit History Discussion )

Tom Price: if we'd taken the time initially, we would not be in this situation that we find ourselves now. rather than entrenching our government with 50 billion of additional debt, i think it's time that we start considering positive solutions that embrace

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