Video archive of the US Congress

House Proceeding 04-01-09 on Apr 1st, 2009 :: 1:46:35 to 1:48:45
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Dennis A. Cardoza

1:46:25 to 1:46:45( Edit History Discussion )

Dennis A. Cardoza: house report 11- mr. cardoza: mr. chairman, i have an amendment at the desk. the clerk: amendment number two printed in house report number 111-71 offered by mr. cardoza of california. the chair: the gentleman from california, mr. companies, and a member opposed, each will control five minutes. the chair recognizes the

Dennis A. Cardoza

1:46:35 to 1:48:45( Edit History Discussion )
Speech By: Dennis A. Cardoza

Dennis A. Cardoza

1:46:46 to 1:47:08( Edit History Discussion )

Dennis A. Cardoza: gentleman from california. mr. cardoza: i thank the chairman and i yield myself such time as i y consume. the chair: the gentleman is recognized for as much time as he may consume. mr. cardoza: my amendment allows the secretary of the treasury to exempt community bank tarp participants from compensation standards established by the secretary as long as they do not

Dennis A. Cardoza

1:47:09 to 1:47:31( Edit History Discussion )

Dennis A. Cardoza: -- have not received more than $250 million in tarp funds and as long as doing so is consistent with the intent of this bill. the community banks were not the bad actors that led to the collapse of our credit markets and we need them to be a part of the solution to our economic recovery. they are known for their prudent

Dennis A. Cardoza

1:47:32 to 1:47:53( Edit History Discussion )

Dennis A. Cardoza: lending practices and their commonsense compensation policies, which is why the vast majority of them remain well capitalized and ready to lend. by painting community banks with the same brush as the financial institutions that abused the trust of the taxpayer and their shareholders, we are unfairly adding to the regulatory burden

Dennis A. Cardoza

1:47:54 to 1:48:15( Edit History Discussion )

Dennis A. Cardoza: of the community banks. and we run the risk that they will drop out of the capital purchase program. i do not support outrageous bonuses that were paid out of tarp funds to irresponsible executives, but i also do not support burdening community banks with overbearing

Dennis A. Cardoza

1:48:16 to 1:48:36( Edit History Discussion )

Dennis A. Cardoza: regulations that are in response to attacks made by the larger institutions. my amendment will make sure that the treasury secretary will concentrate his efforts where the problem existed in the first place and not in our community banks and will encourage the participation of more community banks in the capital purchase program and will enhance their

Dennis A. Cardoza

1:48:37 to 1:48:46( Edit History Discussion )

Dennis A. Cardoza: role as leaders in the economic recovery. i want to thank chairman frank for working with me to craft this amendment and to support my efforts to protect community

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