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Senate Proceeding on Apr 3rd, 2008 :: 0:09:26 to 0:20:41
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Mark Pryor

0:09:11 to 0:09:26( Edit History Discussion )

Mark Pryor: and security and so forth and for other purposes. mr. dodd: i have an amendment at the desk to call up. the presiding officer: the clerk will report. the clerk: the senator fro connecticut for himself

Christopher Dodd

0:09:26 to 0:09:40( Edit History Discussion )

Christopher Dodd: and mr. shelby proposes an amendment 4387. mr. dodd: i ask unanimous consent further reading be dispensed. the presiding officer: without objection, so ordered. mr. dodd: let me thank the majority leader,

Christopher Dodd

0:09:26 to 0:20:41( Edit History Discussion )
Speech By: Christopher Dodd

Christopher Dodd

0:09:40 to 0:09:53( Edit History Discussion )

Christopher Dodd: senator reid, and the republican leader, senator mcconnell. we would not be here without their leadership so any discussion of where we are on this matter begins with them and their staffs are helping

Christopher Dodd

0:09:53 to 0:10:05( Edit History Discussion )

Christopher Dodd: us organize the effort over the last number of hours beginning earlier this week as we return from the two-week easter break to try and fashion together a proposal here at least on matters with which

Christopher Dodd

0:10:05 to 0:10:16( Edit History Discussion )

Christopher Dodd: there was common agreement. as the leader has pointed out there are many matters here which there is significant disagreement and are not part of the pending substitute. senator shelby and i and

Christopher Dodd

0:10:16 to 0:10:27( Edit History Discussion )

Christopher Dodd: our respective staffs along with many others, certainly the finance committee because there are portions of this exclusively in the jurisdiction of the finance committee, have worked over the last

Christopher Dodd

0:10:27 to 0:10:38( Edit History Discussion )

Christopher Dodd: two days to find those issues upon which there was common agreement or at least levels of spending in which there was common agreement to move forward as the centerpiece and then with the full understanding

Christopher Dodd

0:10:38 to 0:10:53( Edit History Discussion )

Christopher Dodd: our colleagues will offer various other ideas either to increase amounts of money or to add additional provisions to this bill. what is important here is we are finally working on this issue. as i

Christopher Dodd

0:10:53 to 0:11:07( Edit History Discussion )

Christopher Dodd: pointed out earlier this week when you have close to 8,000 foreclosures a day occurring in this country not to mention, of course, the effects spreading across the economy of our nation, affecting student loans,

Christopher Dodd

0:11:07 to 0:11:23( Edit History Discussion )

Christopher Dodd: car loans, people who are not current this their mortgages but watching the value of their houses decline because their neighbors are in foreclosure, and much whatting home sales drop in the midst of an

Christopher Dodd

0:11:23 to 0:11:37( Edit History Discussion )

Christopher Dodd: economy that is stumbling along. the dollar is weak. inflation is rising. unemployment is raise. and consumer confidence is the lowest in years. so, it has been critical, aside from the specifics of

Christopher Dodd

0:11:37 to 0:11:50( Edit History Discussion )

Christopher Dodd: which we will hear over the coming days, that we do everything possible to remind the american people that in this body democrats and republicans can come together to try and take intelligent steps to move against

Christopher Dodd

0:11:50 to 0:12:02( Edit History Discussion )

Christopher Dodd: the flow of the economy heading in the wrong direction. so, this proposal that we bring as a substitute this morning on behalf of myself and senator shelby along with the leadership, is that first

Christopher Dodd

0:12:02 to 0:12:13( Edit History Discussion )

Christopher Dodd: major step. is it the end game? absolutely not. are there ideas i would love to have included? absolutely. are there matters the senator from alabama would like to have included or excluded? absolutely.

Christopher Dodd

0:12:13 to 0:12:28( Edit History Discussion )

Christopher Dodd: but we realize we're not going to be able to do that in this discussion of the last two days and we needed at least to have a core group of issues around which there was general agreement and from that,

Christopher Dodd

0:12:28 to 0:12:41( Edit History Discussion )

Christopher Dodd: move forward. that is the good news. a month ago we had a cloture motion ongoing to housing debate. it w.as datad. you could not even get to debate on the housing crisis. that, now, is behind us. there

Christopher Dodd

0:12:41 to 0:12:53( Edit History Discussion )

Christopher Dodd: are matters that occurred over the last several weeks that probably had a lot of influence on what caused us to come here this morning. the bear stearns, j.p. morgan situation which we will hear about

Christopher Dodd

0:12:53 to 0:13:03( Edit History Discussion )

Christopher Dodd: later this morning in the banking committee was certainly one. i suspect the other major event was the fact we went home for a couple of weeks. nothing like going home, mr. president, to get a message,

Christopher Dodd

0:13:03 to 0:13:15( Edit History Discussion )

Christopher Dodd: and democrats and republicans went home and heard from their constituents and watched what happened in wall street, in new york, when there was an arrangement which was the right one, probably, with some

Christopher Dodd

0:13:15 to 0:13:27( Edit History Discussion )

Christopher Dodd: minor differences here that saved a major collapse in our financial institutions. but they asked the legitimate question, if it was good enough for people to get together to solve a problem on wall

Christopher Dodd

0:13:27 to 0:13:40( Edit History Discussion )

Christopher Dodd: street, what about the problem on behind street? what are you doing here to see to it i can stay in my home? that our neighborhood will not collapse? that our taxes and properties andeighborhoods will

Christopher Dodd

0:13:40 to 0:13:55( Edit History Discussion )

Christopher Dodd: not n further deteriorate? i suspect more than anything else, going homemade a big difference and -- going home made a big difference and so do days ago the republican leader and majority leader asked

Christopher Dodd

0:13:55 to 0:14:15( Edit History Discussion )

Christopher Dodd: us to put together a package to move this forward and we have complied with the wishes of the two leaders crafting a compromise proposal that we believe merits the full support of thsm body. i thank the

Christopher Dodd

0:14:15 to 0:14:27( Edit History Discussion )

Christopher Dodd: majority leader and the republican leader if their leadership in suppor of this. we worked intensely through tuesday and through yesterday evening to put together this package and we have had hearings,

Christopher Dodd

0:14:27 to 0:14:40( Edit History Discussion )

Christopher Dodd: briefings and causes and remedies of the current economic crisis. senator shelby and i said yesterday at times a crisis like this, inaction is not possible. but more than 7,000 americans are going

Christopher Dodd

0:14:40 to 0:14:54( Edit History Discussion )

Christopher Dodd: into foreclosure every single day. two leader -- true leaders cannot turn away. our agreement takes important action to address symptoms of the crisis in a constructive and sensible manner. i'd be remiss

Christopher Dodd

0:14:54 to 0:15:07( Edit History Discussion )

Christopher Dodd: if i did not mention senator baucus and senator grassley, who did very good and important work in the continue finance over the same period of time.~ the fruits of which are also reflected in the package

Christopher Dodd

0:15:07 to 0:15:19( Edit History Discussion )

Christopher Dodd: that is now before you in this substitute. this package includes a number of important provisions. foreclosure mitt indication fund, $4 billion for towns and cities to acquire foreclose ed and abandoned

Christopher Dodd

0:15:19 to 0:15:29( Edit History Discussion )

Christopher Dodd: properties, renovate them, put them into the p hands of homeowners or turn them into rental properties. that's important because when you have a foreclosed property in the neighborhood, every other

Christopher Dodd

0:15:29 to 0:15:45( Edit History Discussion )

Christopher Dodd: property declines in value immediately. so trying to do something about foreclosed properties to put them back on the market, get them back with people living in them either by purchase or rent

Christopher Dodd

0:15:45 to 0:16:02( Edit History Discussion )

Christopher Dodd: rental will also benefit the neighbor neighborhood. it is a major provision that i'm glad is included. foreclosure prevention counseling, $14 u7b million additional funding in 2008 to bring borrowers and

Christopher Dodd

0:16:02 to 0:16:19( Edit History Discussion )

Christopher Dodd: lenders to the table to work out terms that'll prevent foreclosures. this brings the budget for foreclosure prevention counseling to $280 million for this fiscal year. that's up from $42 million last

Christopher Dodd

0:16:19 to 0:16:31( Edit History Discussion )

Christopher Dodd: year. senator mor ry wants more. we promised tbeen $200 million and virtually zero. i'm told by those in the nonprofits that there is adequate funds here now through the calendar year to asis in

Christopher Dodd

0:16:31 to 0:16:55( Edit History Discussion )

Christopher Dodd: the counseling effort which can make a huge difference. f.h.a. modernization, the bill also includes f.h.a. modernization legislation, passed this body 93-1 last fall, with some improvements. for example, we

Christopher Dodd

0:16:55 to 0:17:07( Edit History Discussion )

Christopher Dodd: increased the f. f.h.a. loan limits from the current $362,000 to as high as $550,000 this will strengthen the sol have ency of the f.h.a. fund. the f.h.a. can help many people seeking fixed-rate

Christopher Dodd

0:17:07 to 0:17:17( Edit History Discussion )

Christopher Dodd: mortgages. we think it is an important component of our strategy. better disclosure, jack jack reed h included a provision that up updates penalties for lenders who fail to make disclosures. these

Christopher Dodd

0:17:17 to 0:17:27( Edit History Discussion )

Christopher Dodd: kinds of disclose ures might have helped to prests abusive lending if they'd been in place in the past. i'd point p out that there are others -- i'm trying to think of the other senator who also

Christopher Dodd

0:17:27 to 0:17:47( Edit History Discussion )

Christopher Dodd: dis disclosure provisions in this bill. that is compromise between senator reed and a republican senator also interested in disclosure language. tax provisions -- senator baucus baucus, senator grassley

Christopher Dodd

0:17:47 to 0:18:05( Edit History Discussion )

Christopher Dodd: worked out a passage of tax provisions as well. i'll mention them briefly. i'll let them describe the provisions more themselves. the isakson-stabenow-car din proposal to help people offset rise

Christopher Dodd

0:18:05 to 0:18:17( Edit History Discussion )

Christopher Dodd: ing mortgage payments will provide a modest tax cut to middle-income families that don't already itemize their deductions. mortgage revenue bonds to help communities raise resources to invest in affordable

Christopher Dodd

0:18:17 to 0:18:30( Edit History Discussion )

Christopher Dodd: mortgages and rental housing. it goes right to the heart of the problem. net operating carryback will let businesses write off the current downturn. i want to thank as well senator kerry, senator

Christopher Dodd

0:18:30 to 0:18:41( Edit History Discussion )

Christopher Dodd: akaka, nor senator norm coleman trying to help veterans, those serving our country are not going to have their properties foreclosed in the midst of all of this. there are other provisions as well

Christopher Dodd

0:18:41 to 0:18:53( Edit History Discussion )

Christopher Dodd: that i'm not going into here but needless to say, again these are items upon which we could agree, both democrats and republicans to serve as the core of the coming debate. our action today does

Christopher Dodd

0:18:53 to 0:19:02( Edit History Discussion )

Christopher Dodd: not preclude further legislative action b y the senate. nifnlg a committed to going forward to doing more. niivelg a hold a hearing next week on the home prose preservation idea that a number of

Christopher Dodd

0:19:02 to 0:19:14( Edit History Discussion )

Christopher Dodd: democrats and republicans are attracted to and senator shelby to his credit -- understand a appreciate his willingness to be a part of that debate and discussion in the coming days -- a reluctance

Christopher Dodd

0:19:14 to 0:19:22( Edit History Discussion )

Christopher Dodd: -- i would have loved to dlawd in this package. there was resist tans to that at this juncture but i am still determined to to do everything i can in the coming did a come ing days to have that

Christopher Dodd

0:19:22 to 0:19:33( Edit History Discussion )

Christopher Dodd: included as well to see that we have a floor and a bottom to this issue as quickly as we can. my colleue from alabama is here. we are going to both be going over to chair a hearing briefly so i

Christopher Dodd

0:19:33 to 0:19:45( Edit History Discussion )

Christopher Dodd: want to give him some time to discuss this. let me say to senator reed and senator durbin, i thank hem nor m their efforts. they'll be offering ideas to improve and strengthen this legislation. some

Christopher Dodd

0:19:45 to 0:19:59( Edit History Discussion )

Christopher Dodd: of these ideas will we'll welcome, others we'll oppose. senator shell bands i will determine how we go forward here here. but we want to stick with this core idea if we can. other ideas that come

Christopher Dodd

0:19:59 to 0:20:16( Edit History Discussion )

Christopher Dodd: to the table we'll certainly consider and may be added to the package. but i think we want to try to keep this core package whole and together here if we can here rather than having it unravel. i thank the republican

Christopher Dodd

0:20:16 to 0:20:26( Edit History Discussion )

Christopher Dodd: leader and the majority leader. last year half of the h legislation we did in the committee became law of the land. we're determined to make a difference. with that, mr. president, i yield the floor.

Christopher Dodd

0:20:26 to 0:20:41( Edit History Discussion )

Christopher Dodd: mr. shelby: mr. president? the presiding officer: the senator from bam bam. mr. shelby: mr. president, i'm -- thoirnlg a pleased to join my friend and colleague, senator dodd in supporting the pending

Richard Shelby

0:20:41 to 0:20:53( Edit History Discussion )

Richard Shelby: amendment. when crises such as the one we're now face ing arise, mr. president, i believe that the american people expect us to provide effective and timely solutions. imawf chairman dodd and i worked

Richard Shelby

0:20:41 to 0:29:52( Edit History Discussion )
Speech By: Richard Shelby

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