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House Proceeding on Jul 23rd, 2008 :: 2:25:31 to 2:31:42
Total video length: 2 hours 55 minutes Stream Tools: Stream Overview | Edit Time

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2:25:16 to 2:25:31( Edit History Discussion )

and savings into their homes feel the same way. make no mistake about it, this crisis didn't jump out of the woodwork yesterday. it has been years in the making. but instead of taking meaningful

Jeb Hensarling

2:25:31 to 2:25:45( Edit History Discussion )

Jeb Hensarling: action to protect americans and their investments, their livelihood and the american economy, the administration and the previous congress insisted the problem didn't exist. they told americans

Jeb Hensarling

2:25:31 to 2:31:42( Edit History Discussion )
Speech By: Jeb Hensarling

Jeb Hensarling

2:25:45 to 2:26:00( Edit History Discussion )

Jeb Hensarling: a story of a healthy, robust economy while the reality they were living told them something quite different -- different. pervasive greed has replaced the public good. this is the administration that

Jeb Hensarling

2:26:00 to 2:26:16( Edit History Discussion )

Jeb Hensarling: led use in war in iraq, that wanted an energy policy based on the enron loophole. insisting on living in a dream world, they have failed to take any action to rein in the housing crisis until

Jeb Hensarling

2:26:16 to 2:26:34( Edit History Discussion )

Jeb Hensarling: it was spiraling completely out of control. the fail tour accept the reality of the situation has led to us this problem we're in today. crucial opportunities were used to investigate the practices

Jeb Hensarling

2:26:34 to 2:26:50( Edit History Discussion )

Jeb Hensarling: americans are suffering from. opportunities to instill safeguards to ensure that americans are able to afford their mortgages were lost. mr. speaker, the mortgage crisis is complex and there's enough

Jeb Hensarling

2:26:50 to 2:27:06( Edit History Discussion )

Jeb Hensarling: blame to go around, but it is clear that the lack of oversight allowing, if not encouraged this crisis and at the same time the heads of the g.s.e.'s were paid millions of dollars in salary

Jeb Hensarling

2:27:06 to 2:27:20( Edit History Discussion )

Jeb Hensarling: and millions of dollars in bonuses every year for not overseeing the work that they were hired to do. at the very least, their oversight would have uncovered how risky the lending and investment

Jeb Hensarling

2:27:20 to 2:27:35( Edit History Discussion )

Jeb Hensarling: prices at the radio of this crisis really are. serving as a warning sign to the likely participants. instead of oversight, they earned deregulation. instead of holding hearings, they allowed big business

Jeb Hensarling

2:27:35 to 2:27:51( Edit History Discussion )

Jeb Hensarling: to run ram papt over protecting the vulnerable americans. instead of strengthening our critical safeguards, they looked the other way while our nation entered into a mortgage meltdown. over

Jeb Hensarling

2:27:51 to 2:28:06( Edit History Discussion )

Jeb Hensarling: the past seven years they have ignored the needs and security of the american people. should americans working every day pay the price for this recklessness? should retired americans who

Jeb Hensarling

2:28:06 to 2:28:23( Edit History Discussion )

Jeb Hensarling: depend on their homes for their retirement pay the price for the troubling risks? should future generations lose their shot at the american dream because of this incompetence? mr. speaker,

Jeb Hensarling

2:28:23 to 2:28:38( Edit History Discussion )

Jeb Hensarling: the congress is not going to to stand for it and like president roosevelt who led this nation out of our last great economic crisis, this democrat-led congress is committed to helping families

Jeb Hensarling

2:28:38 to 2:28:49( Edit History Discussion )

Jeb Hensarling: out of this crisis and ensuring the situation never happens again. sadly, after 1929, all the safeguards -- ms. castor: additional 30 seconds. the speaker pro tempore: the gentlewoman is recognized

Jeb Hensarling

2:28:49 to 2:29:07( Edit History Discussion )

Jeb Hensarling: for an additional 30 seconds. ms. slaughter: all the safeguards president roosevelt have put on have almost all been removed. he recognized, president roosevelt did, the strength of a great

Jeb Hensarling

2:29:07 to 2:29:20( Edit History Discussion )

Jeb Hensarling: nation depends on the strength of its working families and our strength is about exhausted. everything that he did, as i said, has been done away with in the past seven years and i think that

Jeb Hensarling

2:29:20 to 2:29:37( Edit History Discussion )

Jeb Hensarling: restoring some of the safeguards he put on financial institutions would be a start. but legislation we're considering today was forged by a bipartisan consensus and it will take bipartisan consensus

Jeb Hensarling

2:29:37 to 2:29:56( Edit History Discussion )

Jeb Hensarling: to focus on future legislation to address the issues. this is a short-term solution today to a long-term problem. in these troubled times, riding the housing crisis is -- righting t he housing

Jeb Hensarling

2:29:56 to 2:30:13( Edit History Discussion )

Jeb Hensarling: crisis is a -- ms. castor: additional 30 seconds. ms. slaughter: quite simply, we need stronger regulations, we need real teeth, we need oversight and we have to clean up the mess. i'm happy

Jeb Hensarling

2:30:13 to 2:30:26( Edit History Discussion )

Jeb Hensarling: that members on both sides are dedicated to doing that. i implore my colleagues to commit to increase oversight. together we have to work to mahake sure this does not happen again and i yield back

Jeb Hensarling

2:30:26 to 2:30:37( Edit History Discussion )

Jeb Hensarling: the balance of my time. the speaker pro tempore: the gentlewoman from florida reserves the balance of her time. the gentleman from texas. session sgs thank you, mr. speaker -- mr. sessions:

Jeb Hensarling

2:30:37 to 2:30:46( Edit History Discussion )

Jeb Hensarling: t. hank you, mr. speaker. mr. speaker, there are many reasons to oppose this bill. we talked about the things we have in common with the bill but i think it's important we talk about what this

Jeb Hensarling

2:30:46 to 2:30:58( Edit History Discussion )

Jeb Hensarling: bill actually does. the zpwmplet s.e. bailout. the -- the g.s.e. bailout. the 18-month term for the treasury to extend fannie mae and freddie mac is too long, we believe. six months should be the

Jeb Hensarling

2:30:58 to 2:31:16( Edit History Discussion )

Jeb Hensarling: limit, not 18 months. the conditions under which a bailout is allowed should be clearly stated and should restrict the unlimited authority of the treasury secretary to act. the amount of federal

Jeb Hensarling

2:31:16 to 2:31:26( Edit History Discussion )

Jeb Hensarling: investment authorized should not be unlimited. we've just given two great ideas. ideas that because of a closed rule you will not see on this floor of the house of representatives. the conditions

Jeb Hensarling

2:31:26 to 2:31:42( Edit History Discussion )

Jeb Hensarling: under which a bailout is allowed should be clearly stated and should restrict the unlimited authority of the treasury secretary to act. we believe the amount of federal investment authorized

Jeff Flake

2:31:42 to 2:32:02( Edit History Discussion )

Jeff Flake: should not be unlimited and perhaps most importantly we see that what cong ress is doing is abdicating completely our authority and our role to the executive branch. that's bad policy, and we

Jeff Flake

2:31:42 to 2:33:57( Edit History Discussion )
Speech By: Jeff Flake

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