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House Proceeding on May 20th, 2009 :: 0:50:45 to 0:57:20
Total video length: 2 hours 3 minutes Stream Tools: Stream Overview | Edit Time

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Pete Sessions

0:50:42 to 0:51:04( Edit History Discussion )

Pete Sessions: loaded guns which can be brandished at the drop of a hat are inconsistent. i urge defeat of the amendment. the speaker pro tempore: the gentleman's time has expired. the gentleman from texas. mr. sessions: if i could find out how much time remains on the speaker pro tempore: the gentleman from texas has 17 minutes. the gentlewoman from maine has 22 minutes. mr. session clobs mr. speaker --

Pete Sessions

0:50:45 to 0:57:20( Edit History Discussion )
Speech By: Pete Sessions

Pete Sessions

0:51:05 to 0:51:25( Edit History Discussion )

Pete Sessions: mr. sessions: mr. speaker, at this time i reserve. the speaker pro tempore: the gentlewoman from maine. ms. pingree: i am the last speaker for this side. i will res gentleman has closed for his side and yielded back his time. the speaker pro te gentlewoman from maine reserves the balance of her time. the gentleman from tex mr. sessions: thank you, mr. speaker. i appreciate the gentlewoman letting me know she has no

Pete Sessions

0:51:26 to 0:51:48( Edit History Discussion )

Pete Sessions: further spe mr. speaker, one of the things that we spoke about earlier was the letters that the republican leadership has sent to secretary geithner asking questions about treasury's plans now about not only the use of tarp funds, how they will be paid back, what

Pete Sessions

0:51:49 to 0:52:11( Edit History Discussion )

Pete Sessions: that process is, and finally the exit strategy from the tarp program. the republican leadership in this house sent a letter to secretary geithner months ago. we have not heard anything back. certainly not in writing. so we have looked across the news media for releases that

Pete Sessions

0:52:12 to 0:52:33( Edit History Discussion )

Pete Sessions: came from the secretary. and among other things we have seen things that disturb us greatly. one of those is that the secretary has openly talked about the wanting to have this federal government change the investment that was made in these banks from in essence one

Pete Sessions

0:52:34 to 0:52:54( Edit History Discussion )

Pete Sessions: type of instrument to another. in this case it was from preferred stock to common stock. in other words, since they put the money in the system, in the banks, and they cut a deal about what they would do, they now want to change the rules of the game.

Pete Sessions

0:52:55 to 0:53:17( Edit History Discussion )

Pete Sessions: i believe that's not only unhealthy, i think it would absolutely be against the spirit of the law that we passed about the intent. what happens when you do this is now the federal government would then become a common shareholr, meaning that the government would be investing in the stock market. the government would become a

Pete Sessions

0:53:18 to 0:53:39( Edit History Discussion )

Pete Sessions: partner in that effort meaning that the government as such a large player could determine the stock price up and down. i think that's a bad deal. i think that's a bad deal just for the free enterprise system, but i think that's a bad deal for this government. it puts them into a position ere the government helps

Pete Sessions

0:53:40 to 0:54:00( Edit History Discussion )

Pete Sessions: control the stock market and the stock price. we have asked secretary geithner what he thinks about that. secretary geithner has not responded except to say that that is reserved as an option. on may 13, we see that secretary geithner announces that bailout repayments will be reused for

Pete Sessions

0:54:01 to 0:54:21( Edit History Discussion )

Pete Sessions: smaller banks. that means that the money that was lent as part of the tarp program, when the money comes back in secretary geithner is now going to reallocate that to smaller banks. it should be noted that what happened is the number of these bas have already received the

Pete Sessions

0:54:22 to 0:54:42( Edit History Discussion )

Pete Sessions: money. but the tarp program by the way was set up, it said that when the money comes back in, it will go back into general funds. in other words, it was taken out of general funds, it was expected that it would be paid back plus interest, and would come back to us. despite what secretary geithner

Pete Sessions

0:54:43 to 0:55:03( Edit History Discussion )

Pete Sessions: said, there are some members of this body who are very clear about what they think about that. and as this website dated may 13 article said, despite the warm welcome geithner's announcement received from the assembled bankers, some

Pete Sessions

0:55:04 to 0:55:24( Edit History Discussion )

Pete Sessions: capitol hill lawmakers are none too happy with the plan to repay taxpayer money back out to smaller banks. and it talks about representative brad sherman, who is member of this body and a democrat from california, blasted geithner on the floor

Pete Sessions

0:55:25 to 0:55:46( Edit History Discussion )

Pete Sessions: today citing part of the original tarp bill, section 106-d. he said that that meant these plans would then, tha secretary geithner is what he's referring to, would be illegal. and i quote, it is being widely accepted in the press and on wall street and in washington

Pete Sessions

0:55:47 to 0:56:08( Edit History Discussion )

Pete Sessions: that whatever the secretary back from the banks will instead be part of some revolving fund from which the secretary of the treasury may make additional bailouts in addition to the first $700 billion of expenditures. it says, sherman went on, well, the statute is very clear to the

Pete Sessions

0:56:09 to 0:56:29( Edit History Discussion )

Pete Sessions: contrary. whenever it is returned to the treasury, it goes into the general fund. mr. speaker, what we are talking about is the secretary of the treasury has the authority and responsibility to manage these funds.

Pete Sessions

0:56:30 to 0:56:51( Edit History Discussion )

Pete Sessions: i do recognize that as these funds were given thereas a change of administration. i believe and i think this congress believes that secretary geithner was a part of that transition, but now that the secretary has been in he's assembled his team, it's time that the secretary be very plain and write back at least those people who are writing letters, including the

Pete Sessions

0:56:52 to 0:57:13( Edit History Discussion )

Pete Sessions: republican leadership, asking what the plan is. seeing press releases as they come out one at a time as the secretary chooses to do not a plan. or after a thoughtful idea and through the stress test about

Pete Sessions

0:57:14 to 0:57:20( Edit History Discussion )

Pete Sessions: how the american taxpayer can be paid back. and i think the $700 billion plus interest is what needs to

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