Video archive of the US Congress

House Proceeding 06-08-09 on Jun 8th, 2009 :: 1:18:10 to 1:24:15
Total video length: 1 hours 42 minutes Stream Tools: Stream Overview | Edit Time

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John B. Larson

1:18:06 to 1:18:26( Edit History Discussion )

John B. Larson: without objection, general leave granted. mr. lynch: thank you, madam speaker. now i would like to yield for such time as he may consume to the lead sponsor of this measure, a very diligent member of congress and part of our leadership team, mr. larson of connecticut.

John B. Larson

1:18:10 to 1:24:15( Edit History Discussion )
Speech By: John B. Larson

John B. Larson

1:18:27 to 1:18:48( Edit History Discussion )

John B. Larson: the speaker pro tempore: the chair recognizes the gentleman from connticut. mr. larson: thank you, madam speaker. thank you, mr. lynch, chairman, you've done an outstanding job, along with the gentleman from utah, mr. chaffetz in outlining what this bill does. before i begin, i'd like to thank, because this has been

John B. Larson

1:18:49 to 1:19:09( Edit History Discussion )

John B. Larson: such a nonpartisan effort in so many respects and a commitment on first and foremost on the part of the oversight committee to take a bill whose genesis evolved out of the last session and make it a better bill and perfect it. to those ends, along with mr.

John B. Larson

1:19:10 to 1:19:30( Edit History Discussion )

John B. Larson: lynch and mr. chaffetz, i would especially like to thank chairman ed towns. mr. towns has down such a great job in marshaling this bill forward, along with diane watson, and i'd further like to thank on their staff mike

John B. Larson

1:19:31 to 1:19:53( Edit History Discussion )

John B. Larson: mccarthy, adam boards of the oversight committee, austin burns in the majority leader's staff, bney frank, mel watt, and dennis moore for their ongoing efforts to reform the regulation of our markets and financial sectors and for their input into this legislation. my good friend todd platts who

John B. Larson

1:19:54 to 1:20:15( Edit History Discussion )

John B. Larson: also assisted in this, and frank lobiondo who was a co-spon or sor of this bill almost two years ago. i especially want to single out for their efforts two reform-minded fremen who have come to congress in john boccieri of ohio and glenn nye of virginia and especially to

John B. Larson

1:20:16 to 1:20:36( Edit History Discussion )

John B. Larson: amy o'donnell of my staff and jackie sheltree. we refer to this bill in the short form just, frankly, as providing an independent inspector general for the financial services committee that are in such desperate need of this oversight.

John B. Larson

1:20:37 to 1:21:01( Edit History Discussion )

John B. Larson: i thank the -- i think the chairman outlined it well. the genesis of this bill took place from conducting a public forum back in my district and listening to former republican mayor of south windsor, connecticut, john mitchell, and our attorney general of the state of connecticut, richard blumen thall.

John B. Larson

1:21:02 to 1:21:22( Edit History Discussion )

John B. Larson: the idea, when -- richard blumenthal. the idea, when we were looking at commodities and the market, we realized the more and closer we looked at who was regulating these agencies, it was somewhat a case of the foxes guarding the hen house. many have asked, and when they

John B. Larson

1:21:23 to 1:21:44( Edit History Discussion )

John B. Larson: went home over the break and since the financial collapse on wall street, people have been astounded in trying to answer the question of how could it be that bernie may dauf was scamming thousands -- may doff was scamming -- ma doff was scamming thousands -- madoff

John B. Larson

1:21:45 to 1:22:06( Edit History Discussion )

John B. Larson: was scamming thousands into giving up their money. where were the agencies, where were they when speculators were wreaking havoc on the oil markets? i can think of no sector where honesty, independence, and transparency are needed more right now than in our financial and commodity markets. yet the regulatory -- regulators of these markets

John B. Larson

1:22:07 to 1:22:27( Edit History Discussion )

John B. Larson: have been hroud work with no oversight of what they are doing and whether they are fulfilling their mission to protect the american consumer. that's because the inspector general, as the chairman outlined, who should be working on behal of averagemericans,

John B. Larson

1:22:28 to 1:22:48( Edit History Discussion )

John B. Larson: were working for the heads of the agencies they should be overseeing. as i said earlier, this is a classic case of the fox watching the hen house. it's having a profound impact on the work of our regulatory agencies. we have done our review and

John B. Larson

1:22:49 to 1:23:12( Edit History Discussion )

John B. Larson: this is something that we pointed out at the committee. the review found that offices of the inspector general, that independent offices, where they are appointed by the president and approved by the senate, completed over 117

John B. Larson

1:23:13 to 1:23:33( Edit History Discussion )

John B. Larson: investigations in 2008. while their nonindependent counterparts completed just 12. that's 117 versus 12. the inspect jor -- inspector general of the commodity

John B. Larson

1:23:34 to 1:23:55( Edit History Discussion )

John B. Larson: futures and trading general showed that despite the economic crisis,is office completed just two investigations in up-- and updated one from october of last year through march. simply stated, an independent watchdog ensures better

John B. Larson

1:23:56 to 1:24:15( Edit History Discussion )

John B. Larson: performance from government agencies. i commend the committee. what they've zone provide greater accountability and transparency. i commend senator dodd who will be taking this bill up on the senate side as well. again, i think -- i thank

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