Video archive of the US Congress

Senate Proceeding on Jan 28th, 2010 :: 4:33:00 to 4:36:30
Total video length: 9 hours 19 minutes Stream Tools: Stream Overview | Edit Time

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Charles Schumer

4:32:56 to 4:33:16( Edit History Discussion )

Charles Schumer: action from chairman bernanke on our debt and our finances. thank you, mr. president. and i yield the floor. a senator: mr. president? the presiding officer: the senator from new york is recognized. mr. schumer: i ask that four minutes be taken from the democratic side time. mr. dodd: that's fine. north dakota h asked to be heard. did you want to be

Charles Schumer

4:33:00 to 4:36:30( Edit History Discussion )
Speech By: Charles Schumer

Charles Schumer

4:33:17 to 4:33:38( Edit History Discussion )

Charles Schumer: moment? the presiding officer: the senator from new york is recognized. mr. schumer: i thought i was after -- okay. thank. thank you, mr. president. it was only ago with the collapse of lehman brothers that we faced the financial csis the likes of which few have seen in our lifetime. we were truly standing on the

Charles Schumer

4:33:39 to 4:33:59( Edit History Discussion )

Charles Schumer: edge and staring into the abyss. for all intents and purposes, the financial system was on the cusp of a total breakdown, a great depression loomed. a year later while we can't diminish the large and real problems that remain in front of us, we did succeed in preventing the catastrophe that seemed

Charles Schumer

4:34:00 to 4:34:20( Edit History Discussion )

Charles Schumer: possible, if not probable, in the fall of 2008. no one was more -- to rescue t economy from what looked like imminent freefall than chairman bernanke. i was there at many of meetings and i saw his steady hand and guidance. and that's why i'm going to vote to reconfirm him as chairman of the federal reserve board.

Charles Schumer

4:34:21 to 4:34:41( Edit History Discussion )

Charles Schumer: the fed certainly made mistakes in the runup to the financial crisis. failing to use its regulatory authority to rein in a skyrocketing credit boom. failing to adequately fulfill its responsibility to protect consumers from predatory lending practices in mortgages an elsewhere, and allowing too risky activities with too little

Charles Schumer

4:34:42 to 4:35:04( Edit History Discussion )

Charles Schumer: protection. now, while most of these policies began under the previous chairman, chairman bernanke presided over the fed and continued them and that is not something i'm sure he's proud of. but he has acknowledged that he has many lessons to learn from the crisis and he's working hard to make sure the same mistakes are not repeated in the future.

Charles Schumer

4:35:05 to 4:35:25( Edit History Discussion )

Charles Schumer: now i also want to say a word about the consequences of failing to reconfirm him. our economy while struggling to return to solid ground remains fragile. unemployment is way too high, we have yet to turn the corner on sustained job growth. businesses small and large are still having hard time getting access to credit. they need to

Charles Schumer

4:35:26 to 4:35:47( Edit History Discussion )

Charles Schumer: or even in many cases doing business as usual. singling out chairman bernanke and the fed for punishment, might be temporarily satisfying to some, but it won't help a single business add jobs. it won't prevent a single homeowner from being kicked t of his or her house. instead it will accomplish just the opposite.

Charles Schumer

4:35:48 to 4:36:10( Edit History Discussion )

Charles Schumer: by sending the message that the federal reserve and its monetary policy decisions are under the thumb of congress, businessill be faced with the prospect that the fed might not be able to do what's necessary for the economy because of pressure from congress. economists tell u the major things holding the economy back is uncertainty about the policies that washington will pursue.

Charles Schumer

4:36:11 to 4:36:30( Edit History Discussion )

Charles Schumer: and this would exacerbate that concern and create a very bad outcome for the economy and the country. i've said it before and i'll say it again, if you don't like monetary policy when the fed does it, just wait until the politicians get their hands on it. i'm going to vote to confirm --

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