Video archive of the US Congress

House Proceeding 12-10-09 on Dec 10th, 2009 :: 3:22:50 to 3:24:40
Total video length: 3 hours 30 minutes Stream Tools: Stream Overview | Edit Time

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Barney Frank

3:22:46 to 3:23:07( Edit History Discussion )

Barney Frank: that is not the way it is done, madam chair. we need more competition, not i urge the adoption of the amendment of the the gentleman from california. i yield back the balance of my time. . the chair: the gentleman is recognized for a minute and a half. mr. frank: madam chair, i can understand -- i know the

Barney Frank

3:22:50 to 3:24:40( Edit History Discussion )
Speech By: Barney Frank

Barney Frank

3:23:08 to 3:23:29( Edit History Discussion )

Barney Frank: gentleman from texas likes to blame everything bad that happened starting on january 21, there was no bush recession, there was no deterioration of the war in afghanistan, there was no tarp under bush, etc. but he's particularly good at doing that because here's what he's doing. he's trying to defend an amendment that will give legal immine municipality to the rating agencies. i cannot think -- immunity to the rating agencies.

Barney Frank

3:23:30 to 3:23:50( Edit History Discussion )

Barney Frank: i can't think of a more counterintuitive and counterproductive thing to do. the gentleman from california says we don't want them practicing defensive ratings. yeah, we do. because they have been practicing v ratings. the rating agencies have already agreed has been a major problem. what do the republicans want to do?

Barney Frank

3:23:51 to 3:24:12( Edit History Discussion )

Barney Frank: prote people suing them by a standard of gross negligence so an investor who relies on their judgment has no -- judgment has no remedy whatsoever. yes, we want the rating agency to be a lot more careful. we want the rating agencies to fear that if they overestimate -- loo here's the problem. we have a business model where the rating agencies are paid by

Barney Frank

3:24:13 to 3:24:33( Edit History Discussion )

Barney Frank: the people they rate. i wish we could encourage people on the biside to do that. we've certainly encouraged them in any way we can. but as long as you have rating agencies paid by the people they rate and the only people who would sue them now are the people who they rate so they can only be sued if people think they were too low. there's nobody who had the right

Barney Frank

3:24:34 to 3:24:40( Edit History Discussion )

Barney Frank: to sue them if you thought they were too high and of course we've done that in this bill. here's what it comes down to. if you want to protect the

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