Video archive of the US Congress

House Proceeding 12-10-09 on Dec 10th, 2009 :: 0:32:35 to 0:34:55
Total video length: 1 hours 4 minutes Stream Tools: Stream Overview | Edit Time

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Brad Sherman

0:32:31 to 0:32:51( Edit History Discussion )

Brad Sherman: and more than $200 billion is going to be returned to the government. i'm very pleased at this time to yield two minutes to the distinguished gentleman from california, mr. sherman. the speaker pro tempore: the gentleman is recognized for two minutes. mr. sherman: the gentleman from texas seems quite aware of the statement i made about the first draft o submitted by the treasury department.

Brad Sherman

0:32:35 to 0:34:55( Edit History Discussion )
Speech By: Brad Sherman

Brad Sherman

0:32:52 to 0:33:12( Edit History Discussion )

Brad Sherman: i referred to that draft as tarp on steroids. but unfo from texas seems blissfully unaware of all the changes that were made to the bill i days of markup. on balance today, this bill

Brad Sherman

0:33:13 to 0:33:34( Edit History Discussion )

Brad Sherman: before this house reduces executive power to bail out wall street. yes, the bill does include some executive branch under se 1109 and 1604. but pursuant to amendments that i offered these a powers are

Brad Sherman

0:33:35 to 0:33:57( Edit History Discussion )

Brad Sherman: are sunsetted in section -- in the year 2013. so additional power is limited and sunsetted. what this bill does, however, is it deals with the existing enormous bailout powers that exist under present statute.

Brad Sherman

0:33:58 to 0:34:20( Edit History Discussion )

Brad Sherman: under its suspend section 1823 of present statute which allows or has been interpreted to allow the fdic to make unlimited loan guarantees now up to $330 billion. this bill reins in section 1333 which allows the fed to make loans of any amount to anybody

Brad Sherman

0:34:21 to 0:34:41( Edit History Discussion )

Brad Sherman: they want to under virtually any circumstances. they've already used this to the tune of $3 trillion. a vote against this bill is a vote for unchecked po fed. it is a vote not only to preserve the provision that allows them to loan $3 trillion, that same provision would allow

Brad Sherman

0:34:42 to 0:34:57( Edit History Discussion )

Brad Sherman: them to loan $30 trillion. only by voting for this bill can we rein in the fed. and their powers under section 1303. and only by voting for this bill can we audit the fed pursuant to the amendment drafted by members

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