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House Proceeding 12-11-09 on Dec 11th, 2009 :: 0:08:05 to 0:13:45
Total video length: 16 minutes Stream Tools: Stream Overview | Edit Time

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Barney Frank

0:08:02 to 0:08:24( Edit History Discussion )

Barney Frank: the american people want more jobs, not more bailouts. and oh, they want their money back and they want their nation back. it's time to terminate tarp. the speaker pro tpore: the gentleman yields back the balance of h the time has expired. the chair will remind that members, staff and pages are not

Barney Frank

0:08:05 to 0:13:45( Edit History Discussion )
Speech By: Barney Frank

Barney Frank

0:08:25 to 0:08:45( Edit History Discussion )

Barney Frank: member is under recognition. for what purpose does the gentleman from massachusetts rise? mr. frank: to speak in recommit. the speaker pro tempore: the gentleman from massachusetts opposed to the motion? mr. frank: yes. the speaker pro tempore: the gentleman is recognized for five minutes. mr. frank: rst, for those who might have believed that when the republicans supported the

Barney Frank

0:08:46 to 0:09:09( Edit History Discussion )

Barney Frank: minnick amendment, when t offered a substitute that they thought was a better way to regulate, for those that might meant that, here's the proof that it's all a sham. the republicans have a right to recommit motion and could put anything in it. here's what it says about consumer protection a la minnick or their way about

Barney Frank

0:09:10 to 0:09:31( Edit History Discussion )

Barney Frank: strike all after the enacting clause. the republican motion now embodies their approach to protecting consumers and regulating derivatives and restricting leverage and tting companies go out of business. it consists of strike all after the enacting clause. they could have taken the minnick amendment and made it part of the recommit. they could have taken that substitute and made it part of

Barney Frank

0:09:32 to 0:09:52( Edit History Discussion )

Barney Frank: the recommit. what the recommit does, what the gentleman from pennsylvania, i think, forgot to mention -- i understand there's a lot of pressurehen you're reading the script there, but he forgot to mention that the r all regulatory reform. dead, done. there's no regulatory i see my friend from texas there.

Barney Frank

0:09:53 to 0:10:13( Edit History Discussion )

Barney Frank: he's kind of rubbing his head. there's no amendment. ifthey want to help mr. paul and they want to look into the fed, why isn't that in here? strike all after enacting clause, that's what mr. paul gets from them. so let's be clear that it is first of all a cover. they use anger over the tarp to make sure we don't need another one because they kill all

Barney Frank

0:10:14 to 0:10:34( Edit History Discussion )

Barney Frank: regulation. secondly, even as to the tarp, here's my difference. and said, tarp was passed to be an emergency bill and the emergency is over. you cannot directly address a member, so let me say, mr. speaker, will someone tell the

Barney Frank

0:10:35 to 0:10:56( Edit History Discussion )

Barney Frank: minority leader, it ain't over or thrghout america. maybe when the republicans had that meeting with a group of financial lobbyists they took some time out to celebrate the ending of the emergency. but most of us know the

Barney Frank

0:10:57 to 0:11:17( Edit History Discussion )

Barney Frank: emergency is not over. the emergency continues. here's what the administration has proposed. under the bush admini i thought that the lack of regulation created a cris but the big banks got the first tarp money. we are now finally succeeding in getting tarp money for smaller banks who can do

Barney Frank

0:11:18 to 0:11:38( Edit History Discussion )

Barney Frank: community lending and small business lending. we voted to give $3 billion as loans to people who can't pay their mortgage because they're unemployed, not people who got mortgages they couldn't have gotten. hardworking people who pay a mortgage. $3 billion would go for that. that's gone. so the anti-s tarp are ok.

Barney Frank

0:11:39 to 0:12:00( Edit History Discussion )

Barney Frank: now they want to get are rid of the other. who are they saving money here? their friends, the big banks. the original tarp legislation said at the end of the day, any tarp shortfall would be made up by the assessment of the financial community. we went further than that. the amendment we adopted over

Barney Frank

0:12:01 to 0:12:21( Edit History Discussion )

Barney Frank: the objection of the minority, instructses the s.e.c. to assess the financial institution to make up any they kill that. they complained before about our assessment. they are very upset we might levy on j.p. morgan chase and morgan stanley and gold man

Barney Frank

0:12:22 to 0:12:42( Edit History Discussion )

Barney Frank: sachs a the other some re sponsability financially for wh's going on. they kill all reform. and the pretense that they were for a different form of it they leff it -- left it out of the bill. they secondly say that now that tarp money has gone to the big banks and they don't have to pay it back, by the way, and we

Barney Frank

0:12:43 to 0:13:03( Edit History Discussion )

Barney Frank: are trying to use it socially to encourage small lending to give it to community banks to help people who are unemployed avoid having foreclosure until they get their jobs back, now they want to get rid of it. to whose benefit? the bilge banks. should we use tarp money to get the small banked and -- banks

Barney Frank

0:13:04 to 0:13:24( Edit History Discussion )

Barney Frank: and community banking? should we use it to help people avoid unemployment? or should we do what they want to do and give it back so the big financial instituons aren't assessed. that's what's at risk here. the taxpayers aren't on the hook for this money. the large financial institutions are are. i know what they say, it'll be arestriction in capital.

Barney Frank

0:13:25 to 0:13:45( Edit History Discussion )

Barney Frank: i think capital is a good thing. to the extent that capital was misused for speculation, that it was misused or unleveraged, it's a good thing but once again, here's what you have. a motion that says, let's not do anything to change the financial system. let's not have companies go

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