Senate Proceeding on Apr 10th, 2008 :: 2:38:09 to 2:44:34
Total video length: 9 hours 25 minutes Stream Tools: Stream Overview | Edit Time

Note: MetaVid video transcripts may contain inaccuracies, help us build a more perfect archive

Download OptionsEmbed Video

Views:43 Duration: 0:06:25 Discussion

Previous speech:

Next speech:

2:36:20 to 2:38:09( Edit History Discussion )
Speech By: Christopher Dodd

2:37:53 to 2:38:09( Edit History Discussion )

Christopher Dodd: the floor. the presiding officer: the senator from alabama. mr. shelby: mr. president, i want to thank senator dodd for all of his cooperation and his leadership on the banking committee and here

2:38:09 to 2:38:21( Edit History Discussion )

Richard Shelby: on the floor. i went to associate myself with his remarks thanking the staff of the senate and also the staff of the banking committee including my staff and his. it's good to work together where we

2:38:09 to 2:44:34( Edit History Discussion )
Speech By: Richard Shelby

2:38:21 to 2:38:32( Edit History Discussion )

Richard Shelby: can in the u.s. senate and we get a lot of things done. mr. president, i ask that all my written statement be made part of the record and i have a few things to say. the presiding officer: without objection,

2:38:32 to 2:38:45( Edit History Discussion )

Richard Shelby: so ordered. mr. shelby: mr. president, when crisis such as the one we're now facing come about, the american people expect us here in the senate to act if an in an expeditious and appropriate manner.

2:38:45 to 2:38:55( Edit History Discussion )

Richard Shelby: i think this is what we've been doing the last couple of weeks. senator dodd and i, at the direction of our respective leaders, senator reid, the majority leader and senator mcconnell, the republican

2:38:55 to 2:39:10( Edit History Discussion )

Richard Shelby: leader, have invested a considerable amount of time in drafting a bipartisan and balanced piece of legislation that's focused on addressing the growing number of foreclosures nationwide that he

2:39:10 to 2:39:24( Edit History Discussion )

Richard Shelby: just brought up. in an effort, mr. president, to maintain that balance and to preserve our bipartisan agreement, we were not able it agree to able toagree it a number of amendments -- some with a great deal

2:39:24 to 2:39:38( Edit History Discussion )

Richard Shelby: of amendment. it's my hope that senator dodd and i can continue to work closely on a number of the issues such as the need for meaningful g.s.e. reform and a mortgage broker and licensing bill. senator

2:39:38 to 2:39:54( Edit History Discussion )

Richard Shelby: hagel introduced an amendment on g.s.e. reform that i believe may represent the foundation for a very promising approach for addressing a very complex but critical set of issues. i stand ready to work

2:39:54 to 2:40:15( Edit History Discussion )

Richard Shelby: with setor dodd at any time to reach an agreement on meaningful g.s.e. reform. mr. president, senators feinstein and martinez introduced an amendment on mortgage broker and banker licensing that i hope

2:40:15 to 2:40:28( Edit History Discussion )

Richard Shelby: also lays a fowlings for foundation for further action. there are other provisions that were not in this bill that i could not support. these include, mr. president, the bankrupcy provision and an unprecedented,

2:40:28 to 2:40:42( Edit History Discussion )

Richard Shelby: expansion of f.h.a. for thousands of homeowners who are stretched beyond their means. mr. president, when we began consideration of this bill, i said the following: "while we're in agreement on the

2:40:42 to 2:40:56( Edit History Discussion )

Richard Shelby: measures contained in this bill, i believe there's a line that we should not cross. that line is represented by a taxpayer-funded bailout of investors or homeowners that freely and willingly entered

2:40:56 to 2:41:10( Edit History Discussion )

Richard Shelby: into mortgages that they knew or should have known they could not afford." mr. president, with that in mind, i intend to examine closely any proposals to further expose the american taxpayer to the risk

2:41:10 to 2:41:22( Edit History Discussion )

Richard Shelby: freely incurred by individuals or investors. id i understand chairman dodd will hold additional hearings on such a proposal and i intend to work closely with him to ensure that all facets of this approach

2:41:22 to 2:41:37( Edit History Discussion )

Richard Shelby: are examined thoroughly before we expose those who made rue prudent financial choices for the risk created by those who didn't. first and foremost, mr. president, i believe our primary responsibility

2:41:37 to 2:41:52( Edit History Discussion )

Richard Shelby: is to the american taxpayer. in our zeal to help those who find themselves in financial difficulty, we must make sure that we do not did more harm than good. mr. president, this bill doesn't include

2:41:52 to 2:42:05( Edit History Discussion )

Richard Shelby: a number of provisions that deserve -- that deserve my colleagues' support and they support it and it makes the necessary changes in the f.h.a. program so it can meet the needs of today's mortgage

2:42:05 to 2:42:19( Edit History Discussion )

Richard Shelby: marketplace. the language provides protection for the american taxpayer who ultimately bear the financial risk of the program. the f.h.a. title provides immediate help to the marketplace by reforming the

2:42:19 to 2:42:32( Edit History Discussion )

Richard Shelby: federal housing administration, allowing it it provide greater liquidity and enhancing the openings available to america's homeowner. the bill also provides additional funding for foreclosure prevention

2:42:32 to 2:42:44( Edit History Discussion )

Richard Shelby: counseling. senator dodd has spoken on this. that will help whom owners stay current on their mortgages and able to remain in their homes. that's our goal. this is an area where i hope to work closely

2:42:44 to 2:42:55( Edit History Discussion )

Richard Shelby: with senator dodd, the chairman of the committee, over the coming year. we must conduct, i believe, mr. president, a thorough oversight strategy to ensure the money is spent properly and effectively.

2:42:55 to 2:43:08( Edit History Discussion )

Richard Shelby: should additional funds be necessary, they can be provided, i believe, during the normal appropriations process. but in order to prevent a repeat of the current housing crisis, the bill also increases

2:43:08 to 2:43:23( Edit History Discussion )

Richard Shelby: the disclosures which i think are very important to consumers obtaining mortgages. i believe giving consumers more information where they understand what they're doing and the ability to understand the

2:43:23 to 2:43:36( Edit History Discussion )

Richard Shelby: choices they're making will help them avoid the pitfalls and bad decisions many underinformed consumers made in the past. to protect our soldiers, sailors and airmen, the bill extends additional consumer

2:43:36 to 2:43:54( Edit History Discussion )

Richard Shelby: protections and provides those returning from combat a chance to get back on their feet before they face any type of foreclosure proceedings. mr. president, i think overall this is a good bill

2:43:54 to 2:44:34( Edit History Discussion )

Richard Shelby: and i was pleased it see the vote of the senate just a few minutes ago. i yield the floor. mr. dodd: mr. president, i note the absence of a quorum. the presiding officer: the clerk will call the roll.