Video archive of the US Congress

House Proceeding 12-10-09 on Dec 10th, 2009 :: 0:45:35 to 0:49:25
Total video length: 1 hours 14 minutes Stream Tools: Stream Overview | Edit Time

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Brad Sherman

0:45:33 to 0:45:54( Edit History Discussion )

Brad Sherman: 1/2 minutes. and the gentleman from texas has mr. perlmutter: thank you, madam speaker. i'd like to yield three minutes to the gentleman from california, mr. shman. the speaker pro tempore: the gentleman from california is recognized for three minutes. mr. sherman: i've had to sit here and listen as one republican after another comes town and says that this bill facilitates bailouts.

Brad Sherman

0:45:35 to 0:49:25( Edit History Discussion )
Speech By: Brad Sherman

Brad Sherman

0:45:55 to 0:46:15( Edit History Discussion )

Brad Sherman: most of those republicans have quoted me. i did say that the treasury draft of this bill submitted last summer was tarp on steroids. but apparently they didn't notice that the bill changed in committee. and in fact the gentleman from new jersey came down and said he wants to end tarp, which i

Brad Sherman

0:46:16 to 0:46:36( Edit History Discussion )

Brad Sherman: voted against twice, and that on a straight party line vote in committee we turned down his amendment. he didn't notice i voted for his amendment, and last i checked, i was a democrat. but i want to focus on the issue of bailou, comparing the bill to the republican substitute.

Brad Sherman

0:46:37 to 0:46:58( Edit History Discussion )

Brad Sherman: now, keep in mind that most of the bailouts we've done have not been through the tarp program but rather pursuant to sections of law that existed long ago, including 133 of the 1930 federal reserve act. it's that one code section

Brad Sherman

0:46:59 to 0:47:20( Edit History Discussion )

Brad Sherman: alone that's allowed $3 trillion to be spent on what could be called bailouts. so since the b have come from the fed, we ought to end secrecy at the fed. the democratic bill includes

Brad Sherman

0:48:29 to 0:48:50( Edit History Discussion )

Brad Sherman: the section 1823. the republican bill contains no limits on section 1823. so if you want to live in bailout nation, then you got to make sure that the fed doesn't lose its audits. you have to make sure that the fed can continue unlimited

Brad Sherman

0:49:12 to 0:49:26( Edit History Discussion )

Brad Sherman: and you have to keep the fdic with unlimited powers under 1823. if you want to live in bailout nation, you have to vote for the republican substitute. if you want to rein in the

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