Video archive of the US Congress

Senate Proceeding on Mar 18th, 2009 :: 7:36:30 to 7:41:20
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Johnny Isakson

7:36:27 to 7:36:47( Edit History Discussion )

Johnny Isakson: great nation and take the steps today that will protect our future i thank floor. mr.sakson: mr. president? the presiding offi senator from georgia. mr. permission to address the senate in morning business. the presiding officer: without objection. mr. isakson: we were all reminded yesterday when t word of the a.i.g. bonus payouts hit

Johnny Isakson

7:36:30 to 7:41:20( Edit History Discussion )
Speech By: Johnny Isakson

Johnny Isakson

7:36:48 to 7:37:08( Edit History Discussion )

Johnny Isakson: the news of the frustration all of us have and all the american people have with the financial difficulties the nation has had but also what appear to be at best irresponsible acts taking place by many of the financial institutions that in fact received federal tarp money. i rise just to repeat a call that senator conrad and i made six weeks ago on the floor of

Johnny Isakson

7:37:09 to 7:37:29( Edit History Discussion )

Johnny Isakson: the senate. we created a piece of legislation known as the financial markets commission, a commission patterned after the 9/11 commission, a commission appointed seven members, two by the president, one by the speaker of the house, one by the majority leader of the senate, one by the minority leader of the senate, and one by the minority leader of the house and then one by the chairman of the

Johnny Isakson

7:37:30 to 7:37:50( Edit History Discussion )

Johnny Isakson: federal reserve. seven members given 360 days a year, empowered with $3 million budget and subpoena powers to investigate every aspect of the financial collapse in the united states o america, whe insurance, investment bankers, mortgage banke, individual

Johnny Isakson

7:37:51 to 7:38:11( Edit History Discussion )

Johnny Isakson: managers like?o mr. madoff in new york, or anybody else and to come back to the american people and come back to the president of the united states a year from now and tell us to the best of their ability in a forensic way what happened. and if in the course of their investigation they find inappropriate activities, the requirement that they refer those to the attorney general of

Johnny Isakson

7:38:12 to 7:38:33( Edit History Discussion )

Johnny Isakson: the united states of america. it's important that we do for four reasons, and i'll go about them briefly. number one it should be an independent panel that's fully funded and has subpoena powers so there is no impediment to gather facts, find out the information that's necessary, and make that report. that's number one. number two, it should be created

Johnny Isakson

7:38:34 to 7:38:54( Edit History Discussion )

Johnny Isakson: by the congress. but the m appointees who are experienced and knowledgeable in finance, banking, investmt banking, and the law. not politicians but professionals who know, just like we had on the 9/11 commission two years ago. third, there is no question that mistakes were made, but there's no question that some people

Johnny Isakson

7:38:55 to 7:39:16( Edit History Discussion )

Johnny Isakson: took advantage of the system. and the public expects -- i expect, and we should demand -- that where we find wrongdoing, that it's eliminate it's pointed out, the individuals who did wrong are held accountable, and we restore some level of confidence in the oversight of our financial system. and, fou that all of us recognize there's

Johnny Isakson

7:39:17 to 7:39:37( Edit History Discussion )

Johnny Isakson: plenty of fault to go around. you could blame a hedge fund, you could blame a madoff, you could blame an a.i.g. but we have to look in the mirror as well. the second vote i ever passed in the congress was a vote that affectively repealed glass-steagall, put in the

Johnny Isakson

7:39:38 to 7:40:01( Edit History Discussion )

Johnny Isakson: graham-leech-bliley bill. in retrospect by allowing the vertical integration of the financial system from insurance and mortgage banking t investment banking and regular banking, we blurred some of the lines that for so many years had protected the integrity of the financial system in america. and as a result of that, situations happened, like a.i.g., and like citibank.

Johnny Isakson

7:40:02 to 7:40:22( Edit History Discussion )

Johnny Isakson: where vert grail where vertical integration attracted more greed. i think it is critical at a time and pla where we recognize we have had some significant problems, where people know it is going to take us time to recover, for us to have a forensic audit of the

Johnny Isakson

7:40:23 to 7:40:44( Edit History Discussion )

Johnny Isakson: financial systems of the united states of america the regulatory authorities, the legislative bodies and any individuals who are part of it, so that we can learn from the mistakes that have been made, we can put in the transparency necessary to prevent it happening in the future, and we can restore the confidence of the american people and the american financial s so i urge my colleagu to look at the financial markets commission,

Johnny Isakson

7:40:45 to 7:41:10( Edit History Discussion )

Johnny Isakson: join senator conrad and myself as cosponsors, and let's begin finding the answers that all of us seek and public demand. and i yield back. i suggest the absence of a quorum. the presid clerk will call the roll.

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