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House Proceeding 09-23-08 on Sep 23rd, 2008 :: 0:44:22 to 0:50:12
Total video length: 1 hours 25 minutes Stream Tools: Stream Overview | Edit Time

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Peter Welch

0:36:52 to 0:44:22( Edit History Discussion )
Speech By: Peter Welch

Peter Welch

0:44:12 to 0:44:22( Edit History Discussion )

Peter Welch: r and to support this underlyingrt legislation. i reserve the balance of my time. the speaker pro tempore: the pr gentleman rese rves the balance of his time. the gentleman fr om texas.

Pete Sessions

0:44:22 to 0:44:38( Edit History Discussion )

Pete Sessions: mr. sessions: thank you, mr. speaker. mr. speaker, i thank the gen tleman for extending me the time. and i rise in opposition to this new record-breaking 62necd closed rule being sponsored

Pete Sessions

0:44:22 to 0:50:12( Edit History Discussion )
Speech By: Pete Sessions

Pete Sessions

0:44:38 to 0:44:47( Edit History Discussion )

Pete Sessions: by this d emocratic-led congress. and i object the timing of bringing this un derlying legislation to the floslor at a partic ularly fragile and vulnerable time for american consumer s,

Pete Sessions

0:44:47 to 0:44:57( Edit History Discussion )

Pete Sessions: for american small ca business and for the entire americ an economy. as every member of this house us and perhaps every single person on this planet with a working television alr eady understands

Pete Sessions

0:44:57 to 0:45:11( Edit History Discussion )

Pete Sessions: an and they are very acutely aware the united states capital te markets for commercial credit t has been frozen.oz and later this week this congress is going to be asked to vote on a massive

Pete Sessions

0:45:11 to 0:45:24( Edit History Discussion )

Pete Sessions: and curren tly unfinished proposal fi to try to stem this enormous threat to our economy and to prevent it from spilling over into everyday americans' lives who are simply trying toe make

Pete Sessions

0:45:24 to 0:45:40( Edit History Discussion )

Pete Sessions: ends meet. the e enormous and complexority of this c risis ends corresponding legislative solutions makes me question why, mr. speaker, why with all the other problems in our financial markets

Pete Sessions

0:45:40 to 0:45:51( Edit History Discussion )

Pete Sessions: that l require our immediate, fixed and unwavering attention thiris house leadership would bringer this bill to the floor under a closed rule? instead of focusing on the much larger problem

Pete Sessions

0:45:51 to 0:46:04( Edit History Discussion )

Pete Sessions: that economists and editorial boards across this c ountry believe has thebe potential to do catastrophic tr damage to global financial systems? additionally, mr. speaker, i am confunfsed as to why

Pete Sessions

0:46:04 to 0:46:17( Edit History Discussion )

Pete Sessions: thisas congress is choosing this path because despite whether the house considers this democrat th majority's 72nd closed rulecl or this legis lation today, it makes no difference, absolutely

Pete Sessions

0:46:17 to 0:46:30( Edit History Discussion )

Pete Sessions: no difference as to whether ncor not the issues contained in this leg islation keep consumersp from unfair deceptive practicesce would even be addressed in a timely f ashion. to protect consumetors

Pete Sessions

0:46:30 to 0:46:43( Edit History Discussion )

Pete Sessions: from questionable practices, onthe federal reserve has alreadyha proposed broad , new rules. but rather than allowing the n fed to f inish its job, this congress thought it was i important

Pete Sessions

0:46:43 to 0:46:56( Edit History Discussion )

Pete Sessions: enough to pass a new law to give to t hem and this congress is passing a bill that preempts all of the work that congress has asked these t regulators t o do while doing nothing to

Pete Sessions

0:46:56 to 0:47:12( Edit History Discussion )

Pete Sessions: strengthen inthe federal reserve's already existing consumer protection r mandate. like every other member of this house, i am concerned about m the crushing economic impact thatac rising food and fuel

Pete Sessions

0:47:12 to 0:47:23( Edit History Discussion )

Pete Sessions: prices is fu having on american families. i'm even more concerned that passing legislation like thison will discourage investment and credited card lendingin, lending to fewer consumers and smaller

Pete Sessions

0:47:23 to 0:47:38( Edit History Discussion )

Pete Sessions: an businesses getting accneess to the cr edit that they need to ey stay afloat.st unlike the democrat leadership bringing this bill to the houss e floor, i do not believe thatev it is wise

Pete Sessions

0:47:38 to 0:47:52( Edit History Discussion )

Pete Sessions: po licy to create ate consumer credit crunch at the same time that our economy ismy already experiencing a massive commercial credit crunch. and i' m greatly concerned that nc current market

Pete Sessions

0:47:52 to 0:48:05( Edit History Discussion )

Pete Sessions: conditions have the potentia l to greatly amplify thenintended consequences of this nc legislation at a time when families and small business need it the most. the ite is credit. limiting

Pete Sessions

0:48:05 to 0:48:22( Edit History Discussion )

Pete Sessions: the ability of li consumer credit issuers to c base their prices accordingr to risk as this legi slation proposes to os do will only increase rates and fees for everyone while also severely

Pete Sessions

0:48:22 to 0:48:34( Edit History Discussion )

Pete Sessions: con stricting the he availability of credit to ed higher risk con sumers altogether. so at a time when out r constituents most need the flexibilities of these products,pr i.e. credit, this

Pete Sessions

0:48:34 to 0:48:47( Edit History Discussion )

Pete Sessions: democrat c ongress is trying to ry preempt the focused efforts of o three different regulators and restricting the access to credit card credit edthat will make -- thamat is made available

Pete Sessions

0:48:47 to 0:49:01( Edit History Discussion )

Pete Sessions: to american families and to small busi nesses. mr. speaker, i believe a far i more reasonable course of o action would have been theou one that was suggested by 14 members of the financial

Pete Sessions

0:49:01 to 0:49:12( Edit History Discussion )

Pete Sessions: services committee. a bipartisan gro up of seven democrats and seven republicans. when they asked the chairman of the committee to hold hearings d on the federal r eserve proposed rules before

Pete Sessions

0:49:12 to 0:49:22( Edit History Discussion )

Pete Sessions: deciding whether g passing legislation limiting consumer credit wasns necessary. mr. speaker, i ask unaspnimous consent to have a copy of this bipartisan letter to chairman frank insert ed

Pete Sessions

0:49:22 to 0:49:36( Edit History Discussion )

Pete Sessions: into the record. the sp eaker pro tempore: without objet ction, so ordered.de mr. sessions: as well as a cop: y o f the administration'se statement of administrative policy on this bill whichhi makes

Pete Sessions

0:49:36 to 0:49:47( Edit History Discussion )

Pete Sessions: their concerns about unfair and deceptive practices as clear as their opposition toei this underlying legislation that would result in less access to credit and higher interest rates for

Pete Sessions

0:49:47 to 0:50:00( Edit History Discussion )

Pete Sessions: consurmers. the speaker pro tkeempore: without objection. mr. sessions: that is what the white house will -- what has said. this will result in lessil access to credit and higher interest

Pete Sessions

0:50:00 to 0:50:12( Edit History Discussion )

Pete Sessions: rates for cons umers. mr. speaker, this comes at a me particularly bad time when consumers and our economy already have had enough stress e to deal with without having to worry about unintended

Carolyn B. Maloney

0:50:12 to 0:50:21( Edit History Discussion )

Carolyn B. Maloney: consequences of legislation o passed by congress that would t make it even more difficult forr families and small businesses to make ends meet. mr. speaker, i reserve the balance of my time.

Carolyn B. Maloney

0:50:12 to 0:55:55( Edit History Discussion )
Speech By: Carolyn B. Maloney

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