Video archive of the US Congress

House Proceeding on Jan 26th, 2010 :: 0:06:50 to 0:11:25
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Cliff Stearns

0:06:46 to 0:07:06( Edit History Discussion )

Cliff Stearns: for myself, i have never been more proud of my government or more proud to the people who serve it in it. i ask unanimous consent to submit an article into the record. the speaker pro tempore: without objection. mr. mcgovern: and with that i yeebyeeb. the speaker pro tempore: the gentleman yields back the

Cliff Stearns

0:06:50 to 0:11:25( Edit History Discussion )
Speech By: Cliff Stearns

Cliff Stearns

0:07:07 to 0:07:27( Edit History Discussion )

Cliff Stearns: balance of his time. the chair now recognizes the gentleman from florida, mr. stearns. mr. stearns: i ask unanimous consent to revise and extend. the speaker pro tempore: wiout objection. 9mr. stearns: good afternoon, mr. speaker. i rise today in the hopes of appealing to the common sense of my colleagues in the united states senate. in a few days, they will vote on whether or not ben bernanke will serve a secretary term as federal reserve chairman.

Cliff Stearns

0:07:28 to 0:07:48( Edit History Discussion )

Cliff Stearns: for the good of american taxpayers and the greater economy, his nomination should be rejected. as chairman of the federal reserve, he has intervened in the financial market in an unprecedented way. he has instituted un-american policies that have deported our free market economy such as picking winners and losers and

Cliff Stearns

0:07:49 to 0:08:10( Edit History Discussion )

Cliff Stearns: the creation of too big to fail. both republicans and democrats alike have argued that the fed itself was a significant factor in creating the worst economic and financial crisis our nation has faced in a generation. where is the justification in reconfirming ben beanke? interest rates were kept too

Cliff Stearns

0:08:11 to 0:08:31( Edit History Discussion )

Cliff Stearns: low for too long as they increased the money supply and economic bubbles were created. in 2006, financial experts throughout the nation pointed out that the housing bubble was collapsing. yet, the fed took no action until it was too late and tens of thousands of families found themselves in foreclosure. anothemajor factor in the economic meltdown were the

Cliff Stearns

0:08:32 to 0:08:52( Edit History Discussion )

Cliff Stearns: questionable financial transaction by the holding companies of the largest banks and wall street firms. it is clear now that the fed advocated its role as a regulator of tse enters its. just last month, mr. bernanke admitted in front of the senate banking committee that in the area where we had opportunity the bank holdings companies we

Cliff Stearns

0:08:53 to 0:09:13( Edit History Discussion )

Cliff Stearns: should have done more, end quote. the irony of his comments are that the fed has plenty of power and authority to deal with this kind of abuses. we have seen in the financial industry and within the housing market this ability for him to act, but he refused to use it. under the leadership of mr. bernanke, the fed chose to

Cliff Stearns

0:09:14 to 0:09:34( Edit History Discussion )

Cliff Stearns: ignore the abuses going on in the mortgage industry. particularly with subprime loans. the fed also chose to ignore wall street's risky off balance sheets transaction that created a domino effect, that rippled through our economy. bloomberg reported that the fed itself entered into trillions in off balance sheet transactions last year, but the

Cliff Stearns

0:09:35 to 0:09:55( Edit History Discussion )

Cliff Stearns: fed's own inspector general has not even attempted to audit or to investigate these transactions. astoundingly, mr. bernanke is now advocating that congress grant the fed even greater regulatory power. we need to audit the federal reserve now. in discussing mr. bernanke's failing as fed chairman is

Cliff Stearns

0:09:56 to 0:10:16( Edit History Discussion )

Cliff Stearns: important to point out that he served on the board of governors of the federal reserve from 2002 to 2005 before coming -- becoming airman. he is no novice, yet he ignored distress from our imminent financial meltdown. and mr. bernanke has not been forthcoming in explain to congress and the american people who in the private

Cliff Stearns

0:10:17 to 0:10:38( Edit History Discussion )

Cliff Stearns: sector the fed has chosen to subsidize with american taxpayers' dollars and for what reason and what amount. mr. bernanke has also been unable to fully explain and account for $500 billion the fed has lent to central banks in europe and asia. instead, he continues to hide behind the longstanding premise, the monetary policies

Cliff Stearns

0:10:39 to 0:11:02( Edit History Discussion )

Cliff Stearns: should be free from political pressure, coupled with the convenience of the fed not being a public agency and thus not being obligated to publicly account for its actions. mr. speaker, it is not his money. it belongs to the american taxpayers. under mr. bernanke's leadership, the fed even tried to keep the details of a.i.g.'s

Cliff Stearns

0:11:03 to 0:11:24( Edit History Discussion )

Cliff Stearns: payments to its counterparts secret. the emails clearly demonstrate the kind of culture that bernanke oversaw at the fed, one of secrecy to stifle important public disclosure. again, it is not his money. after the difficult financial year we've had, common sense dictates a change in leadership

Cliff Stearns

0:11:25 to 0:11:25( Edit History Discussion )

Cliff Stearns: at the federal reserve.

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