Video archive of the US Congress

House Proceeding 12-11-09 on Dec 11th, 2009 :: 0:39:55 to 0:43:20
Total video length: 1 hours 50 minutes Stream Tools: Stream Overview | Edit Time

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Barney Frank

0:39:52 to 0:40:13( Edit History Discussion )

Barney Frank: no more bailouts. no more bailo vote for the republican substitute. the chair: does the gentleman reserve his time? mr. bachus: reserve the balance of my time. the chair: the gentleman reserves. the gentleman from massachusetts.

Barney Frank

0:39:55 to 0:43:20( Edit History Discussion )
Speech By: Barney Frank

Barney Frank

0:40:14 to 0:40:34( Edit History Discussion )

Barney Frank: for what purpose do you seek recognition? mr. frank: to claim the time in opposition. the chair: the gentleman is recognized for 15 minutes. mr. frank: i first yield myself one minute to say that we agree no more bailouts. the republicans cannot accept the fact that w that bans them. it specifically does not allow what happened. last year bush administration officials decided to use section

Barney Frank

0:40:35 to 0:40:57( Edit History Discussion )

Barney Frank: 1303 of the federal reserve to provide funds for the creditors of bear stearns a itself, that was not being legally possible under the bill we put forward. similarly we have funds that come not from the taxpayers but from an assessment on la financial institutions wh be used explicitly not for any

Barney Frank

0:40:58 to 0:41:18( Edit History Discussion )

Barney Frank: failed institution but can be used when that is being put out of business in case it is nessary to prevent that fail you are -- failure from having negative destabilizing -- effects. the republicans don't want to do that. there's another difference. we have a number of provisions in here to make it less likely that that will happen. yes, if a big institution gets

Barney Frank

0:41:19 to 0:41:40( Edit History Discussion )

Barney Frank: overly indepetted and fails, it ought to be allowed to fail a we'll have to deal with t consequences but it's better not to say, let them fail, let's try to stop it. i yield two minutes to the gentleman from illinois, mr. gutierrez. the chai illinois is recognized for two minutes. mr. gutierrez: thank you, mr. chairman. i'd like to take that time to

Barney Frank

0:41:41 to 0:42:01( Edit History Discussion )

Barney Frank: enter into a colloquy with th chairman. chairman frank, while i continue to strongly support the amendment, i offered you during the financial committee services markup assessmt base for the payment from domestic deposits of total as the he is -- assets less total equity, it may result in disproportion impact on certain types of specialized banks, including bankers' banks.

Barney Frank

0:42:02 to 0:42:23( Edit History Discussion )

Barney Frank: a provisn would address this issue and require the fdic to make appropriate adjustments to the assessment basement facilities and bankers' banks. the version of this version will give agencies the sufficient flexibility? i appreciate your willingness to legitimate specialized business' model.

Barney Frank

0:42:24 to 0:42:44( Edit History Discussion )

Barney Frank: mr. frank: if the gentleman would yield, i'd say yes. this is another example of the superiority of this bill over the republican substitute because the gentleman from illinois took the lead addressing the unfairness of having smaller banks have to contribute, we believe disproportionately, to the insurance fund because of the risky problems with big banks.

Barney Frank

0:42:45 to 0:43:05( Edit History Discussion )

Barney Frank: independent independent bankers like our bill. i want to stress that in this bill as opposed to the re some re big banks will have to pay more the riskyness of what they do. i thank the gentleman. mr. gutierrez: thank you. i was hoping to bring up with you an important subject that's vital to the health of our

Barney Frank

0:43:06 to 0:43:24( Edit History Discussion )

Barney Frank: community banks, the changes in this administration any funds from the federal home loan banks that banks have on their books would doubly be assessed by the fdic. i understand the reasoning behind the premium on the funds but since these funds are not take noon account in the new

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