Video archive of the US Congress

House Proceeding 12-10-09 on Dec 10th, 2009 :: 0:53:50 to 0:56:30
Total video length: 3 hours 30 minutes Stream Tools: Stream Overview | Edit Time

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Brad Sherman

0:53:46 to 0:54:07( Edit History Discussion )

Brad Sherman: allow the trial bar to come after what should be an enforcement action. an enforcement action is what this statute should be all about with the credit rating agencies. i'll support my bill. the chair: the gentleman's time has expired. the gentleman from california is recognized. mr. sherman: thank you. first, let's set the record

Brad Sherman

0:53:50 to 0:56:30( Edit History Discussion )
Speech By: Brad Sherman

Brad Sherman

0:54:08 to 0:54:29( Edit History Discussion )

Brad Sherman: straight. republicans are coming to this floor calling this a bailout bill. they're quoting my statement that the original draft of bill was tarp on steroids. the fact is this bill now reins in executive branch bailout authority and the republican substitute is the thing to vote for if you want to be a bailout nation.

Brad Sherman

0:54:30 to 0:54:52( Edit History Discussion )

Brad Sherman: second i want to thank the chair of the committee for including my revisions of section 1109 in the manager's amendment. now as to this amendment, the bill's language is designed to hold credit rating agencies accountable. these are the agencies that gave that's to say they gave the

Brad Sherman

0:54:53 to 0:55:13( Edit History Discussion )

Brad Sherman: highest ratings to bad mortgage bonds and nothing did more to put us in this recession than the trillions of dollars that investors bet on these bad mortgages only to see the whole thing unwind. now, we provide that they will be held accountable.

Brad Sherman

0:55:14 to 0:55:34( Edit History Discussion )

Brad Sherman: the s.e.c. has taken no enforcement action. all of the incentives in the present system push in the wrong direction. the way a credit rating agency gets business is to get a reputation for being a liberal grade sore that one issuer after another will high rating to their bad bonds. it's like the empire being

Brad Sherman

0:55:35 to 0:55:55( Edit History Discussion )

Brad Sherman: selected by the home team. the other side. and say that if you are grossly negligent in assigning a high rating to bad bonds that hurt investors and also hurt the entire economy, you will be held accountable. that now is the time to change

Brad Sherman

0:55:56 to 0:56:17( Edit History Discussion )

Brad Sherman: the system, to make sure that the economic pressures on credit rating ag the side of the liberal rating. we need to make it clear to edit rating agencies, if you given a.a.a. t pay. the chair: the gentleman's time has expired. the question is on the amendment offered by the gentleman from

Brad Sherman

0:56:18 to 0:56:30( Edit History Discussion )

Brad Sherman: texas. those in favor say aye. those opposed, no. in the opinion of the chair, the noes have it. the amendment -- mr. sessions: ask for a recorded vote. the chair: pursuant to clause 6 of rule 18, further proceedings

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