House Proceeding on Jan 15th, 2009 :: 1:59:15 to 2:02:35
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1:59:06 to 1:59:27( Edit History Discussion )

Patrick Murphy: at the desk the speaker pro tempore: the clerk will he designate the amendment. the clerk: amendment offered by mr. patrick murphy of pennsylvania. the chairman: pursuant to house resolution 62, the gentleman from pennsylvania, mr. murphy and a member opposed, each will control five minutes. the chair recognizes the gentleman from pennsylvania.

1:59:15 to 2:02:35( Edit History Discussion )
Speech By: Patrick Murphy

1:59:28 to 1:59:49( Edit History Discussion )

Patrick Murphy: mr. murphy: i yield myself such time as i may consume. the chairman: the gentleman is recognized. mr. murphy: last fall we had to undertake emergency action to stop the falling stock mart and weakening credit market and not pleased when it took a subpoena threat to force financial institutions to release program details about the tarp, the troubled asset

1:59:50 to 2:00:10( Edit History Discussion )

Patrick Murphy: relief program. mr. chairman, most folks in america are not aware that the federal reserve shortly before thanksgiving announced half a trillion dollar effort to purchase mortgage-backed securities and contracted with four outside investment firms to manage it.

2:00:11 to 2:00:33( Edit History Discussion )

Patrick Murphy: with another 00 billion, half a trillion dollars at stake, mr. chairman, we cannot let or allow history to repeat itself. we demand that the details of the fed's m.b.s. program and it is our duty to demand information how the federal reserve will run this program. for ample, the fed has refused

2:00:34 to 2:00:55( Edit History Discussion )

Patrick Murphy: to make clear details about how they chose the four firms and who will manage the purchases. they refused to share how much those firms are getting paid. and it is still unclear what steps have been taken to ensure strict conict-of-interest provisions are put in place so

2:00:56 to 2:01:17( Edit History Discussion )

Patrick Murphy: these four firms are not given an unfair market advantage for their role in the mortgage-backed securities program. . there are still too many things we do not know. mr. chairman, my amendment is simple. it will force the fed to do three things. first, force the federal reserve

2:01:18 to 2:01:38( Edit History Discussion )

Patrick Murphy: to disclose the details of the request process used to select investment managers. second, it would force the fed to disclose the details of the contracts reached with these four investment managers, including price. and third, it will force the fed to disclose the steps that each investment manager has taken to

2:01:39 to 2:02:02( Edit History Discussion )

Patrick Murphy: ensure that the program is free of conflicts of interest or an unfair advantage. despe many requests from my office and news organizations, we have been unable to get the information related to these contracts and with 00 billion and the public trust at stake, this information is not too much

2:02:03 to 2:02:23( Edit History Discussion )

Patrick Murphy: to ask or an undue burden on the federal reserve. i urge my colleagues to support my amendment. i reserve the balance of my time. the chair: the gentleman yields back the balance of his time. the gentleman from new jersey. million garrett: i rise in opposition but i'm not in opposition to the amendment. the chair: without objection, the gentleman is recognized. mr. garrett: i recognize myself for three minutes.

2:02:24 to 2:02:36( Edit History Discussion )

Patrick Murphy: i think the intention and language of the amendment is a good amendment. i support the underlying -- the amendment to the underlying bill. just two pnts i want to make.