Video archive of the US Congress

House Proceeding 12-11-09 on Dec 11th, 2009 :: 0:50:30 to 0:53:10
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Paul E. Kanjorski

0:50:27 to 0:50:51( Edit History Discussion )

Paul E. Kanjorski: those came in 2004. president bush raised it from 42% to 54% over my objection. i now yield three minutes to the gentleman from pennsylvania. the chair: the gentleman is recognized for three minutes. mr. kanjorski: i hoped we could

Paul E. Kanjorski

0:50:30 to 0:53:10( Edit History Discussion )
Speech By: Paul E. Kanjorski

Paul E. Kanjorski

0:50:52 to 0:51:12( Edit History Discussion )

Paul E. Kanjorski: have helped regulatory reform. i had gathengs to hear diverse viewpoints from some of the brightest economic minds and business leaders of the country. i was pleased that three of the four capital markets legislative proposals in this bill, the democratic bill, gained bipartisan supp during markup. the republicans also incorporate -- incorporated one of those bills to create the

Paul E. Kanjorski

0:51:13 to 0:51:35( Edit History Discussion )

Paul E. Kanjorski: federal insurance office into their substitute. ultimately, however, the republicans opt against strong reform of financial regulation. their substitute is inadequate and seems designed to protect wall street rather than to reform it. regulation of hedge funds and capital is a very important piece of the democratic bill. in committee this provision

Paul E. Kanjorski

0:51:36 to 0:51:57( Edit History Discussion )

Paul E. Kanjorski: passed 67-1, and yet the republican substitute ignores this issue. and the rating agencies reform, which many rrps voted the -- republicans voted for in the committee markup, the substitute does nothing to address the issue oliability. and without liability the republican plan has no accountability for the rating agencies. because the status quo is not

Paul E. Kanjorski

0:51:58 to 0:52:18( Edit History Discussion )

Paul E. Kanjorski: an option, rating agencies reform is an essential part of the democratic plan. the republican plan also does little to improve investor protections. just this week, the capital markets subcommittee held a hearing on the largest ponzi scheme in history industry, the failure of the securities and exchange commission to detect and investigate this massive fraud after numerous leads

Paul E. Kanjorski

0:52:19 to 0:52:39( Edit History Discussion )

Paul E. Kanjorski: demonstrates we need reform. and yet, under the republican alternative, it appears that nothing ever happened. we durable the funding of the -- we double the funding of the commission and put up comprehensive reform. they gave the very little and do little to change the agency. the g.o.p. plan chooses bankruptcy

Paul E. Kanjorski

0:52:40 to 0:53:01( Edit History Discussion )

Paul E. Kanjorski: significant firms. well, lehman brothers went through bankruptcy and still in bankruptcy which resulted in credit markets freezing up around the world. this i the -- in sum, h.r. 4173 reforms wall street for the protections of the consumer and the investor on main street.

Paul E. Kanjorski

0:53:02 to 0:53:10( Edit History Discussion )

Paul E. Kanjorski: the republican alternative in contrast represents business as usual for wall street. we don't need more of the same contaid in their plan.

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