Senate Proceeding on Jan 15th, 2009 :: 5:53:15 to 6:00:35
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5:53:11 to 5:53:31( Edit History Discussion )

Richard Shelby: make sure that we get this released for the new administration. with a senator: madam president? the presiding officer: the senator from alabama is recognized. mr. sh rise today to support the joint resolution of disapproval which would prevent, as you know, the

5:53:15 to 6:00:35( Edit History Discussion )
Speech By: Richard Shelby

5:53:32 to 5:53:53( Edit History Discussion )

Richard Shelby: allocation of billion to the treasury's flawed troubled asset relief program. madam department's implementation of the tarp program has been a bureaucratic fiasco. in the years to come, madam pr

5:53:54 to 5:54:15( Edit History Discussion )

Richard Shelby: considered a textbook case in our business sch to conduct fiscal policy. the treasury department has never had a clear plan on how to respond to th or how tarp funds could best be utilizeed. it told

5:54:16 to 5:54:37( Edit History Discussion )

Richard Shelby: months ago that it would spend tarp funds one way and then spent them another. rather than establish a clear plan and then use tarp funds to implement it, the treasury has recklessly used tarp funds to bail out threatened with bankruptcy.

5:54:38 to 5:55:00( Edit History Discussion )

Richard Shelby: tarp has proven to be helpful for rescuing wall street bondholders but has done little for the u.s. economy, small business and the average madam president, treasury's approach to tarp has been undisciplined that its commitments already exceed the 50 billion congress authorized

5:55:01 to 5:55:21( Edit History Discussion )

Richard Shelby: it to spend. further evidence of implementation of tarp is the fact that failed to comply with the statutory requirements for requesting the additional 50 billion in tarp the statute clearly requires the

5:55:22 to 5:55:43( Edit History Discussion )

Richard Shelby: treasury secretary to provide congress with a detailed -- a detailed plan on how it would spend the additional funds. madam president, there's plan. there is nothing to review. there is no way we can say to the american people this afternoon that we have conducted here in the senate a thorough -- a thoughtful, t

5:55:44 to 5:56:04( Edit History Discussion )

Richard Shelby: examination of how this money is going to be spent because there is, quite literally, nothing to examine. if congress cannot hold treasury accountable providing 0 -- for providing a simple plan on how it will use an additional 50 billion, why should the dearn

5:56:05 to 5:56:27( Edit History Discussion )

Richard Shelby: people said have any confidence that congress can hold treasury accountable on how it will spend them? madam president, as you know, i opposed the original tarp legislation because i did not believe that the tarp program plan. during our consideration of that legislation here in the senate,

5:56:28 to 5:56:48( Edit History Discussion )

Richard Shelby: i pointed out to some of my colleagues some clear and serious problems with purchasing troubled proposed to do at that time. madam president, the treasury department assured us -- us -- told us unequivocally that it would address the financial

5:56:49 to 5:57:10( Edit History Discussion )

Richard Shelby: cris by establishing purchase troubled assets banks using a reverse mortgage option. is that what the initial 50 million was used for? the answer is "no." after further examination, the treasury secretary decided that purchasing troubled assets was not a feasible plan.

5:57:11 to 5:57:31( Edit History Discussion )

Richard Shelby: it's now clear that secretary of the treasury did not have a real plan when he proposed tarp. rather, he had a hastily conceived notion that it turned madam president, because there was so little thought put into the original plan, we have spent billion and the tarp has

5:57:32 to 5:57:53( Edit History Discussion )

Richard Shelby: failed to stem the economic downturn and hundreds of thousands of have lost their jobs. madam p this afternoon repeat our mistake, but we will by granting the treasury the additional 50 billion without first determing how to best use those funds.

5:57:54 to 5:58:14( Edit History Discussion )

Richard Shelby: i think it's time that the congress stop -- stop -- and think and take the time to devise an effective solution. first, we should demand that the treasury secretary provide a plan on how the 50 will be used. that's the least we could do. this is already required, as i said, under the tarp

5:58:15 to 5:58:35( Edit History Discussion )

Richard Shelby: legislation. which directs the secretary to submit -- quote -- "a written report detailing the plan of the secretary of the" secretary has submitted is not only legally completely devoid of substance. this should not be acceptable to the united states senate.

5:58:36 to 5:58:56( Edit History Discussion )

Richard Shelby: secondly, the banking committee should hold extensive hearings on tarp and alternative ways of addressing our financial problems. it should also hold hearings on how previously committed tarp funds have been spent, who benefi here? the treasury serkts whoever it may be, should appear before

5:58:57 to 5:59:17( Edit History Discussion )

Richard Shelby: congress and tell us exactly how he wants to use the funds sms -- how he wants to use the fund. this is especially important now that a new administration will be responsible for them. madam president, 50 billion is an enormous amount of money to me. i find it hard to believe that

5:59:18 to 5:59:38( Edit History Discussion )

Richard Shelby: we would even consider granting any public official the authority to spend such an amount without at the very least requiring him to appear buffs and explain how he will use it. if the majority -- and they will -- and the new administration want to democrat stlait th a new climate of accountability

5:59:39 to 6:00:00( Edit History Discussion )

Richard Shelby: here in washington, this would be an opportune place to start. i believe the choice is clear. if transparence circumstance the only vote here is to support the joint resolution to deny the 50 billion to the treasury. the american people, are rightly outraged with the way that congress and the

6:00:01 to 6:00:21( Edit History Discussion )

Richard Shelby: treasury have recklessly spent billions of tarp dollars. it is time, madam president, that this congress, that we look at the financial across wis a seriousness and american people demand, expect, and deserve. the last time we considered how to respond to the financial cris, we

6:00:22 to 6:00:36( Edit History Discussion )

Richard Shelby: and passed we now have a second chance, but i believe we will throw it away to fulfill our responsibilities to the american people. i hope that we will support the motion i urge my colleagues to vote in