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House Proceeding on Nov 18th, 2009 :: 1:14:45 to 1:21:10
Total video length: 2 hours 8 minutes Stream Tools: Stream Overview | Edit Time

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Jeff Flake

1:14:36 to 1:14:56( Edit History Discussion )

Jeff Flake: h.r. 308 , an act making appropriation force military construction, the department of veterans affairs, and related agencies for the fiscal year ending september 30, 2010, and for other purposes. the speaker pro tempore: the gentleman from missouri. >> i yield such time as he may could be sume to the gentleman from arizona, mr. flake. the speaker pro tempore: the gentleman is recognize

Jeff Flake

1:14:45 to 1:21:10( Edit History Discussion )
Speech By: Jeff Flake

Jeff Flake

1:14:57 to 1:15:17( Edit History Discussion )

Jeff Flake: mr. flake: i thank the gentleman for yielding. legislation. this bill is one of many we are considering under suspension of the rules that were part of broader pieces of legislation we passed just a few weeks ago. members may recall that i offered an amendment to clarify that the grant program established under this program remain free of earmarks. that amendment was hardly

Jeff Flake

1:15:18 to 1:15:38( Edit History Discussion )

Jeff Flake: controversial, it's passed a number of times. a similar amendment on similar bills in fact it's been my voice vote six times in the 111th congress, twice by recorded vote, once in the 111th -- 110th and just two weeks ago. this amendment on this bill earlier passed by a margin of 370-55. yet that langue does not

Jeff Flake

1:15:39 to 1:16:00( Edit History Discussion )

Jeff Flake: appear in the legislation that we are considering today. i'll yield to the gentlelady. ms. velazquez: i don't kno what bill you read. your amendment is part of the bill. i will invite the gentleman to go back and read the bill. mr. flake: i hope i'm mistaken. i hope that it is.

Jeff Flake

1:16:01 to 1:16:24( Edit History Discussion )

Jeff Flake: the gentlelady i recall -- ms. velazquez: the gentlelady is mistaken. mr. flake: i appreciate that. on the broader piece o legislation. this early stage investment program would allow the s.b.a. to provide matching grants to private investment firms when they will use the moy to invest in small business. i have to wonder, i have to -- ms. velazquez: would the gentleman yield again?

Jeff Flake

1:16:25 to 1:16:47( Edit History Discussion )

Jeff Flake: page 11, section 5, section 3, prohibitions on earmarks, none of the funds appeared for the program established under part d of title 3 of the small business investment act of 1958 as added by this act may be congressional earmark. clause 9-did of rule 21 of the rules of the house of representatives. thank you for yielding. mr. flake: i thank the gentlelady.

Jeff Flake

1:16:48 to 1:17:09( Edit History Discussion )

Jeff Flake: i apologize. excuse me. ms. velazquez: this is your language? mr. flake: that is correct. i'm pleased to see it is part of the legislation. i rise to the broader bill. i thank the gentlelady and i hope that that language remains in sometimes we have a habit of putting it in then it goes to conference and the language it removed and it comes back.

Jeff Flake

1:17:10 to 1:17:31( Edit History Discussion )

Jeff Flake: i'm glad to be surprised. i'm ry happy to be wrong in this case. as to the broader bill, i think that when we are running a deficit of $1.4 trillion this year, and have a debt of somewhere around $11 trillion, it behooves us to look at programs like this and wonder why we are taking taxpayer

Jeff Flake

1:17:32 to 1:17:52( Edit History Discussion )

Jeff Flake: money -- i know the sponsor of the legislation says that it will be invested wisely. we are basically as i understand it using taxpayer money to give to or combine with venture capital money to invest in small business. by definition if we are moving

Jeff Flake

1:17:53 to 1:18:14( Edit History Discussion )

Jeff Flake: in with federal taxpayer money, it's because venture capitalists and others don't see a profit being generated in the future, or don't see the need or don't agree that this business model is sound. yet we are taking taxpayer money and saying we are going to invest it because we know

Jeff Flake

1:18:15 to 1:18:36( Edit History Discussion )

Jeff Flake: better than the venture capitalists. that somehow congress in all of our wisdom, all of our small business wisdom and business acumen, we know better than venture capitalists what businesses are going to succeed and which ones are not. i think that that thinking is folly. we in congress don't have a

Jeff Flake

1:18:37 to 1:18:57( Edit History Discussion )

Jeff Flake: stellar record when it comes to investing. you can name a number of things starting decades and decades ago where we haven't exactly picked the best winners and losers in the but in this case with the kind of deficit we are running, with the kind of de that we have, with the unfunded obligations totaling more than $50 trillion

Jeff Flake

1:18:58 to 1:19:19( Edit History Discussion )

Jeff Flake: out there to come with new authorization for new money to invest where venture capitalists dare not tread with taxpayer money i think should -- it should frighten us all. and to the extent that this legislation does that, we should reject it and we should

Jeff Flake

1:19:20 to 1:19:41( Edit History Discussion )

Jeff Flake: -- i should mention as well, this is talked about with early investment, but und the legislation only 50% of the funding is required to be invested early. i think it would be folly to invest early, late, or any time with federal taxpayer money in private business in this fashion. but i think it's a bit of a misnomer even to call it early

Jeff Flake

1:19:42 to 1:20:02( Edit History Discussion )

Jeff Flake: investment when only half of the money is required to be invested early in this case. i hope that we reconsider this. between now and the end of the year, we are goi passing a lot of authorization bills like this. and a lot of people will say, well, it's not appropriation, it's not real money, we are just authorizing it.

Jeff Flake

1:20:03 to 1:20:23( Edit History Discussion )

Jeff Flake: we are just stating goals and ideals. but then when we come next year or later when we haven't funded this, people will say, hey, we are cutting back or we are cutting funding that has been authorized. the congress authorized it by a big margin and this will probably pass by a big margin. yet when we don't fund it, people will come back and say we haven't funded what we have authorized.

Jeff Flake

1:20:24 to 1:20:45( Edit History Discussion )

Jeff Flake: so it is important to make a statement here that it's not the right time, now or any time, frankly, to use taxpayer invest in small business in this fashion. to go where venture capitalists dare not tread. where they will not invest their own money but we are going to p federal taxpayer money in this venture.

Jeff Flake

1:20:46 to 1:21:07( Edit History Discussion )

Jeff Flake: with that i appreciate the gentleman for yielding and i thank the gentlelady again. i appreciate the diligence y have worked with to keep the language in the legislation. that hasn't always happened. i appreciate that it is here. i yield back the balance of my the speaker pro tempore: the gentleman yields back th balance of his time. the gentlelady from new york. ms. velazquez: i yield myself as much time as i may consume. the speaker pro tempore: the gentlelady is recognized. ms. velazquez: mr. speaker know that he didn't read his

Jeff Flake

1:21:08 to 1:21:10( Edit History Discussion )

Jeff Flake: language in the bill, but perhaps i might help him

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