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House Proceeding on Jan 22nd, 2009 :: 2:15:40 to 2:21:15
Total video length: 2 hours 47 minutes Stream Tools: Stream Overview | Edit Time

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Virginia Foxx

2:15:36 to 2:15:56( Edit History Discussion )

Virginia Foxx: infrastructure and i'm hoping the new administration will take us in that direction. thank you. the speaker pro tempore: the gentlewoman from north carolina. ms. foxx: thank you, mr. speaker. i want to say how much i appr who have come to speak today and the points that they have made. but i want to tie in particularly to what mr. flake

Virginia Foxx

2:15:40 to 2:21:15( Edit History Discussion )
Speech By: Virginia Foxx

Virginia Foxx

2:15:57 to 2:16:17( Edit History Discussion )

Virginia Foxx: said, since he was the last speaker. i think it's a point i have made before but it bears repeating and that is that the congress in this bill really abrogated its responsibility in terms of oversight. i will contend that in the original bill there was no oversight. there is no real oversight in

Virginia Foxx

2:16:18 to 2:16:38( Edit History Discussion )

Virginia Foxx: the bill that was passed yesterday. no accountability. the american people expect the congress to hold the executive branch accountable. when i speak to students about the constitution i say to them, it is no accident that article 1 is about the congress. that's what our founders

Virginia Foxx

2:16:39 to 2:16:59( Edit History Discussion )

Virginia Foxx: believed. the congress was the most important branch of our government. and we have abrogated that responsibility. so i think it's important that there should have been a pn in the first bill and i would say there is no plan in the bill that was passed yesterday.

Virginia Foxx

2:17:00 to 2:17:20( Edit History Discussion )

Virginia Foxx: i think what is particularly -- another point that needs to be made is that we're treating this money as if it's a silver bullet. but the original amount allocated for tarp was arbitrary. there was no correlation between the number the treasury department asked for and either the amount of troubled assets th needed to be bought or the amount of capital injection that would be needed to stabilize the

Virginia Foxx

2:17:21 to 2:17:41( Edit History Discussion )

Virginia Foxx: financial system. in fact, at the time, a treasury spokesman said, it's not based on any particular data point. we just wanted to choose a really large number. that goes along with the fact that the bill started out as three pages when it came from the treasury department and gave

Virginia Foxx

2:17:42 to 2:18:02( Edit History Discussion )

Virginia Foxx: unlimited responsibility or authority to the treasurer and became a 450-page bill. but ev with that, with the fact that the democrats were in charge of the financial services committee that wrote that bill, they wrote no accountability. they want to blame the bush administration, but it's the congress that has the

Virginia Foxx

2:18:03 to 2:18:23( Edit History Discussion )

Virginia Foxx: responsibility for saying how money should be spend -- spent. we can't blame the bush administration for this. it was our responsibility to say how it should have been spent. now i want to say, in the bill that was passed yesterday that mr. frank keeps saying a lot of us voted against, even though we

Virginia Foxx

2:18:24 to 2:18:44( Edit History Discussion )

Virginia Foxx: want more sponsibility, we should -- this is what it says. there's no plan there. we didn't get a plan from the bush administration, we don't have a plan from th obama administraon. this is not a partisan issue on my part, nor on the part of all of us who voted against is. we voted against it when we were giving the money to the bush administration, we're opposed to it under the obama

Virginia Foxx

2:18:45 to 2:19:06( Edit History Discussion )

Virginia Foxx: administration. here's what it says in the bill that was passed yesterday. allows tarp funds to be used for an auto bailout. greatly increases federal involvement in the financial services sector. it will allow the federal government to tell companies how much they can pay employees, are acceptable.

Virginia Foxx

2:19:07 to 2:19:30( Edit History Discussion )

Virginia Foxx: is that a plan? that that's not a plan to me. it expands the allowable uses of the tarp money, it allows -- it supports state and local municipal bonds, consumer loans, commercial real estate loans, automobile companies. but it gives the treasy secretary very broad authority,

Virginia Foxx

2:19:31 to 2:19:54( Edit History Discussion )

Virginia Foxx: again with no accountability. that is not the direction in which the congress has the responsibility for accountability the other thing that i think needs to be said is what we've heard over and over and over again by this administration, the current administration and

Virginia Foxx

2:19:55 to 2:20:17( Edit History Discussion )

Virginia Foxx: it's in a letter from mr. summers that was sent to the leadership here on january 12. we start 2009 in the midst of a crisis unlike any other we have seen in our lifetime. that is simply not true. and it's time that people started saying so. as mr. burton said earlier, the

Virginia Foxx

2:20:18 to 2:20:39( Edit History Discussion )

Virginia Foxx: 1970's were a much worse time than this was. i'm tired of this feeling like they're going to save us from this terrible crisis that we are in and come in riding on white horses and say, we're going to save the united states with government interventi they want to say that capitalism has failed and the government is saving us. i reject that argument.

Virginia Foxx

2:20:40 to 2:21:00( Edit History Discussion )

Virginia Foxx: i reject it and i will always reject it. it's not the government that's going to save us, it's the market that will straighten out this mess that we're in, mostly caused by the government. now, i want to say that i want to set the record straight on one other issue.

Virginia Foxx

2:21:01 to 2:21:18( Edit History Discussion )

Virginia Foxx: if this joint resolution passes the house, it is just as likely to be considered by the senate as mr. frank's bill that passed the house yesterday.

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