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House Proceeding on May 20th, 2009 :: 0:31:35 to 0:43:55
Total video length: 2 hours 3 minutes Stream Tools: Stream Overview | Edit Time

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Pete Sessions

0:31:31 to 0:31:51( Edit History Discussion )

Pete Sessions: i urge my colleagues to join me bill and sending it direly to the president. i reserve the balance of my time. the speaker pro tempore: the gentlewoman reserves the balance of her time. the gentleman from texas. mr. sessions: thank yo speaker. mr. speaker, i want to thank the gentlewoman for yieing me the appropriate time. mr. speaker, i rise in

Pete Sessions

0:31:35 to 0:43:55( Edit History Discussion )
Speech By: Pete Sessions

Pete Sessions

0:31:52 to 0:32:12( Edit History Discussion )

Pete Sessions: opposition to this rule and to the underlying legislation. this closed rule does not call for the open and honest debate that has been promised time and time again by my democrat colleagues. today's action by my friends on the other side of the aisle is yet another example of the federal government overstepping its boundaries into the private marketplace.

Pete Sessions

0:32:13 to 0:32:33( Edit History Discussion )

Pete Sessions: mr. speaker, today i will inform you of the parliamentarian games that my democratic lesion are playing on this bill with a gun provision adopted by the senate. we will discuss why congress is pushing a bill that already exists in federal statute which only limits credit and raises interest rates to responsible

Pete Sessions

0:32:34 to 0:32:58( Edit History Discussion )

Pete Sessions: borrowers today. small business will feel the impact also. and finally, to review congress' need to regulate every sector of the economy while they refuse to manage their own gross spending habits on the taxpayer dollar. the senate managed to add a provision in this legislation that would allow visitors of

Pete Sessions

0:32:59 to 0:33:20( Edit History Discussion )

Pete Sessions: national parks and refuges to legally carryland firearms by a large bipartisan majority of 67-29. while this does not add power to the overregulated credit bill, it does provide an important legislative victory for second amendment rights. yet, while my democratic colleagues have separated the vote on this bill into two separate sections, one vote on

Pete Sessions

0:33:21 to 0:33:41( Edit History Discussion )

Pete Sessions: the gun provision and one vote on the credit card bill. mr. speaker, i'd like to know, why is this? why is this that we take a piece of legislation from the senate and because it's not liked by the democratic leadership here we separate that bill? have my friends on the other

Pete Sessions

0:33:42 to 0:34:03( Edit History Discussion )

Pete Sessions: side of the aisle split this vote to increase government regulation while voting against constitutional rights? not even six months ago the federal reserve passed new credit card rules that would protect consumers and provide for more transparencies and accountability in our credit market. these regulations are set to

Pete Sessions

0:34:04 to 0:34:24( Edit History Discussion )

Pete Sessions: take effect in july of 2010. and agreed upon -- an agreed upon date to make sure that banks and credit card companies can make the crucial adjustments to the practices without adversely hurting consumers. while the -- with the growing federal deficit, the current economic crisis and the growing

Pete Sessions

0:34:25 to 0:34:47( Edit History Discussion )

Pete Sessions: number of unemployed, why is congress now passing legislation that already exists in federal statute? this legislation allows for the federal government t micromanage the way credit card and banking industries does its business. if enacted into law, it's not credit card companies that will suffer, it will be everyone

Pete Sessions

0:34:48 to 0:35:08( Edit History Discussion )

Pete Sessions: that has a credit card. and might i add, those who wod like to have a credit card in the future. every american will see an increase in their interest rates, and some of the current benefits that encourage responsible lending will most likely disappear. for example, casadvances and

Pete Sessions

0:35:09 to 0:35:29( Edit History Discussion )

Pete Sessions: over-the-limit protection. my friends on the other side of the aisle not only remove any incentive for using credit cards responsibly but they punish those who manage their credit responsibly to subsidize the irresponsible. mr. speaker, the democrats also want to limit the amount of credit card -- the credit available to middle and

Pete Sessions

0:35:30 to 0:35:50( Edit History Discussion )

Pete Sessions: low-income individuals. the very americans who need to take most advantage of credit. a political article written last friday discusses the changes in this bill, and i quote, it will dramatically raise the cost of extending loans to cardholders and cause the riskiest cardholders to be

Pete Sessions

0:35:51 to 0:36:12( Edit History Discussion )

Pete Sessions: dropped al it goes on to mention how bad this bill is in regard to the current economic downturn and how restricted access to credit cards will make it increasingly harder to purchase the essential family staples while dealing with job layoffs and temporary unemployment. additionally, the strain of

Pete Sessions

0:36:13 to 0:36:33( Edit History Discussion )

Pete Sessions: this legislation could have a direct and adverse impact on sml business. small business is critical to this economy to making sure we haveconomic job growth in this country. for individuals starting a small business, this legislation will increase their interest rates, reduce business

Pete Sessions

0:36:34 to 0:36:56( Edit History Discussion )

Pete Sessions: and shrink the availability of credit potentially limiting their options even to succeed in the mketplace. a prominent banking analyst predicts in a "wall street journal" article in march says that a decrease in credit will be available by the year 2010.

Pete Sessions

0:36:57 to 0:37:17( Edit History Discussion )

Pete Sessions: and out of the current $5 trillion credit line available in this country, that means that it will almost be cut well in half. mr. speaker, with the current state of theconomy, we urgently need to increase liquidity and lower the cost of credit to stimulate even more lending, not raise rates and reduce the availability of

Pete Sessions

0:37:18 to 0:37:38( Edit History Discussion )

Pete Sessions: credit. this is not a solution for the ailing economy. this type of government control of private markets is all about what our democratic colleagues and this administration have been exploring, whether it's federalizing our banks, credit markets, health care or energy,

Pete Sessions

0:37:39 to 0:37:59( Edit History Discussion )

Pete Sessions: the list goes on and on. that said, this administration has taken their power grab a step further. now they're considering a takeover of the financial industry, converting preferred shares into common equity signals a dramatic shift towards a government strat gee

Pete Sessions

0:38:00 to 0:38:21( Edit History Discussion )

Pete Sessions: of long-term -- strategy of long-term ownership in some of the nation's largest banks. millions of americans are rightfully outraged at the mismanagement of tarp and the reckless use of their tax dollars. and i believe that taxpayers are increasingly uneasy with the federal government's growing involvement in the financial markets. blooerg.com had an article

Pete Sessions

0:38:22 to 0:38:43( Edit History Discussion )

Pete Sessions: yesterday which highlighted that three of our large banks have applied to repay $45 billion in tarp funds. that means they had to tell the government we'd like to pay back the money, is that ok? largely due to this burdensome regulations that the treasury department continues to place on them.

Pete Sessions

0:38:44 to 0:39:06( Edit History Discussion )

Pete Sessions: but just last week secretary geithner announced that he's considering reusing bailout payments for smaller banks. this is completely unacceptable and i have repeatedly called for a solid exit plan for american taxpayers to be repaid by these tarp dollars. tarp dollars were never set up

Pete Sessions

0:39:07 to 0:39:27( Edit History Discussion )

Pete Sessions: to be used as a revolving fund for struggling banks. to preempted the de facto nationalization of our system, republican leadership, including myself, sent a letter to sec the what was called the range of options this administration

Pete Sessions

0:39:28 to 0:39:50( Edit History Discussion )

Pete Sessions: was considering in managing the $700 billion of taxpayer moneys. mr. speaker, i ask for unanimous consent to insert into the record a letter that was sent to secretary -- to the secretary at that time. the speaker pro tempore: without objection. mr. sessions: this dealt with a host of questions ensuring that

Pete Sessions

0:39:51 to 0:40:11( Edit History Discussion )

Pete Sessions: back and also having an exit strategy for the government's sweeping involvement in the financial markets. today is may 20, and over three months later there has been no response by secretary geithner to the republican leadership letter. a couple of weeks ago the special inspector general for the troubled asset relief

Pete Sessions

0:40:12 to 0:40:33( Edit History Discussion )

Pete Sessions: program, tarp, published a report that reveals at least 20 criminal cases of fraud in the bailout program and determined that new action by president obama's admistration are greatly increasing taxpayer exposure to losses with no corresponding increase in potential profits.

Pete Sessions

0:40:34 to 0:40:56( Edit History Discussion )

Pete Sessions: this is why you see the republican leadership asking questions. this administration has not responded to our letter. this administration is not above oversight and accountability. the american people deserve answers for their use of tax dollars and an exit strategy

Pete Sessions

0:40:57 to 0:41:18( Edit History Discussion )

Pete Sessions: from taxpayer-funded bailouts, included how their investment in tarp will be returned. that is why i sent another letter to secretary geithner on april 23 of this year expressing grave concern to the recent reports of treasury moving taxpayer riskier investments in the bank mr. speaker, i ask unanimous

Pete Sessions

0:41:19 to 0:41:41( Edit History Discussion )

Pete Sessions: consent to insert into the congressional record a copy of this lter dated april secretary geithner. the speaker pro tempore: without objection. mr. sessions: as this democrat congress continues to tax, borrow and spend america's hard-earned tax dollars, we move even closer to nationalizing our banks and the

Pete Sessions

0:41:42 to 0:42:02( Edit History Discussion )

Pete Sessions: credit system which will only deepen our current economic struggle. the federal government's interference in hindering our progress is apparent while they should be there to help solidify making our system stronger and better. when congress or the administration changes the rules it should be in the best interest of the american

Pete Sessions

0:42:03 to 0:42:24( Edit History Discussion )

Pete Sessions: public, but i can honestly say that this is not the case today. mr. speaker, it's appropriate to consider new ways to protect consumer credit -- consumers from unfair and deceptive practices and to ensure that americans receive useful and complete disclosures about terms and conditions. but in doing so we should make

Pete Sessions

0:42:25 to 0:42:46( Edit History Discussion )

Pete Sessions: sure that we do nothing to make credit more expensive for those who need this credit or to cut off or hinder access to credit for small business with those less than perfect histories. while reading "the wall street journal" a few weeks ago i came

Pete Sessions

0:42:47 to 0:43:08( Edit History Discussion )

Pete Sessions: across an on ed called political credit cards scussing this -- an op ed called political credit cards discussing this issue it said, while they're beraiding banks for offering too m too little terms and while handing out too little credit for a high price.

Pete Sessions

0:43:09 to 0:43:30( Edit History Discussion )

Pete Sessions: the bankers should say they should start doing lending when congress stops changing the rules. this speaks to exactly what happened with tarp, health care, well fair, taxes and -- welfare, taxes and lots of other legislation, including that underlying legislation today. mr. speaker, the american people deserve better from

Pete Sessions

0:43:31 to 0:43:51( Edit History Discussion )

Pete Sessions: i encourage my colleagues to vote against this rule, and i reserve the balance of my time. . the clerk: to prevent mortgage foreclosures and tone hans mortge availability.

Pete Sessions

0:43:52 to 0:43:57( Edit History Discussion )

Pete Sessions: the speaker pro tempore: the gentlewoman from maine. ms. piree: thank you, mr. speaker.

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