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Senate Proceeding on Apr 21st, 2010 :: 0:40:35 to 0:49:55
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Jim DeMint

0:40:27 to 0:40:48( Edit History Discussion )

Jim DeMint: quorum call: the presiding officer: the senator from south carolina is recognized. mr. demint: i ask the quorum call be suspended. thank you, mr. president, and good morning. today i rise in opposition of the piece of legislation that chairman dodd is calling financial reform. all republicans want to reform

Jim DeMint

0:40:35 to 0:49:55( Edit History Discussion )
Speech By: Jim DeMint

Jim DeMint

0:40:49 to 0:41:09( Edit History Discussion )

Jim DeMint: our financial system and fix the things that have caused so much financial distress in our country, but rather than address the underlying causes of the 2008 financial crisis, this bill would institutionalize government bailouts for those it chooses are too big to fail. if democrats were serious about

Jim DeMint

0:41:10 to 0:41:30( Edit History Discussion )

Jim DeMint: financial reform, they would work with republicans to permanently end too big to fail. to curb the power of the federal reserve and to address the government distortions in the mortgage market that led to the financial meltdown. this bill does none of these things. instead of focusing on solving

Jim DeMint

0:41:31 to 0:41:52( Edit History Discussion )

Jim DeMint: these problems, the democrats have eagerly crafted another massive bill designed to increase centralized government planning, and they are vilifying anyone who dares to oppose it. without bringing any more accountability to the government actors whoontributed to the

Jim DeMint

0:41:53 to 0:42:13( Edit History Discussion )

Jim DeMint: causes of the financial crisis, this bill simply represents additional regulation without real reform. despite a recent poll stating that more than 80% of americans support ending bailouts, this bill ensures they will continue. the bill requires the government

Jim DeMint

0:42:14 to 0:42:34( Edit History Discussion )

Jim DeMint: to keep a list of financial companies it considers too big to fail, and it provides these companies with a $50 billion slush fund to help them when they get in trouble. in one respect, the democrats may be right in saying they won't let the bailouts take place like they d in the past.

Jim DeMint

0:42:35 to 0:42:56( Edit History Discussion )

Jim DeMint: if their bill passes, the next tarp bailout won't even be voted on by congress. that's because this slush fund empowers the treasury, the federal reserve, and the fdic to purpose money to ailing banks without asking for any permission from congress. there have been rumors this slush fund could be removed, and

Jim DeMint

0:42:57 to 0:43:19( Edit History Discussion )

Jim DeMint: i hope it will be, but even if that is done, the bill will still perpetuate too big to fail policies. additional programs in the bill will still allow the fdic to guarantee the debts of financial companies in trouble, and they will as well allow the treasury to still selectively bail out

Jim DeMint

0:43:20 to 0:43:41( Edit History Discussion )

Jim DeMint: the creditors of failing institutions. the bill also fails to stop the federal reserve from propping up financial companies like it did a.i.g., and it additionally expands the fed's reach by creating a new consumer protection bureau inside the federal reserve.

Jim DeMint

0:43:42 to 0:44:02( Edit History Discussion )

Jim DeMint: with its extensive jurisdiction and its unchecked ability to micromanage lending, it really should be considered the anticonsumer bureau. this new bureau will have sweeping authority to regulate almost anything it regards as financial activity. from car dealers to other

Jim DeMint

0:44:03 to 0:44:24( Edit History Discussion )

Jim DeMint: companies that offer financing for their products to software companies that help people manage their money, this massive new bureaucracy is certain to increase the regulatory burdens on community banks, credit unions and many others who had no role whatsoever in the financial crisis, a well as to

Jim DeMint

0:44:25 to 0:44:47( Edit History Discussion )

Jim DeMint: raise consumer costs and kill jobs. before we rush to give the feds more control over our economy, we need more information about its activities surrounding the 2008 financial crisis. even to this day, the fed refuses to provide information about the extent to which they

Jim DeMint

0:44:48 to 0:45:12( Edit History Discussion )

Jim DeMint: have used taxpayer money for the bailouts and it's unacceptable to keep this kind of secrecy. legislation to fully audit the fed continues to enjoy widespread support, and i will continue to champion this audit of the federal reserve. i would also like to see this bill bring some much-needed

Jim DeMint

0:45:13 to 0:45:34( Edit History Discussion )

Jim DeMint: accountability to fannie mae and freddie mac. these entities who dominate the mortgage market and hold hold $5 trillion in debt were ngleaders in the chain of buying, securitizing, and spreading toxic subprime mortgages that led to the financial collapse. since the government took them over in 2008, taxpayers have

Jim DeMint

0:45:35 to 0:45:56( Edit History Discussion )

Jim DeMint: been forced to give them them $127 billion so far, and there is no end in sight. the obama administration handed them a blank check last christmas eve by lifting the the $400 blion cap on government aid, ensuring endless bailouts in the future. real reform would address the ongoing crisis that fannie mae

Jim DeMint

0:45:57 to 0:46:17( Edit History Discussion )

Jim DeMint: and freddie mac. although the democrat bill is completely silent on this issue, i intend to see that we find a way to reduce their holdings and divorce them from government ownership. we cannot deny the fact that these two government entities were a major cause of the financial crisis, yet they are

Jim DeMint

0:46:18 to 0:46:38( Edit History Discussion )

Jim DeMint: not even mentioned in this so-called financial reform. reform wouldn't be complete without also addressing the underwriting issues that led to the explosion of risky lending that fuel the housing bubble. this bill leaves the community reinvestment act in fannie mae and freddie mac's affordable

Jim DeMint

0:46:39 to 0:47:00( Edit History Discussion )

Jim DeMint: housing goals untouched. each required significant increases in mortgage lending to lower income borrowers which led to a decrease in the underwriting standards to make more loans to folks who couldn't afford to pay them back, and these bad practices became contagious in the industry.

Jim DeMint

0:47:01 to 0:47:22( Edit History Discussion )

Jim DeMint: if we don't deal with these housing policy problems that led to unsafe lending as well as fannie mae and freddie mac's sizable ability to sustain demand for such loans by still buying them, we risk continuing a boom or bust housing cycle that saddles taxpayers with the consequences of mortgages given to borrowers who likely can't

Jim DeMint

0:47:23 to 0:47:43( Edit History Discussion )

Jim DeMint: afford to pay them back. meanwhile, fannie mae and freddie mac keep getng bailed out by the taxpayers. that's the kind of impervious backing a reckless bank could only dream of getting, and that's the same kind of deal that democrats are now offering to the big banks they pretend to despise. despite all the rhetoric coming

Jim DeMint

0:47:44 to 0:48:07( Edit History Discussion )

Jim DeMint: from my democrat colleagues, this bill doesn't crack down on wall street. in fact, wall street loves it. test. it turns the relationship between wall street and washington into a provide freeway. the best way to get tough on wall street would be to make sure those banks have the same freedom to fail as the banks who

Jim DeMint

0:48:08 to 0:48:28( Edit History Discussion )

Jim DeMint: didn't get bailed out by the government in the last few years. ruling out special treatment for these big banks would be the harshest punishment possible. so instead of ending too-big-to-fail, democrats are constantly inventing new ways to break down barriers between washington control and wall street. that's not how you stand up to

Jim DeMint

0:48:29 to 0:48:51( Edit History Discussion )

Jim DeMint: big banks. that's how you deal them in. mr. president, it is important that we fix the problems that caused our financial meltdown. bu it's even more important to recognize that this political vehicle that iseing called?? financial reform is just a lot

Jim DeMint

0:48:52 to 0:49:12( Edit History Discussion )

Jim DeMint: more government control, a lot more government takeovers, an overreach by the obama administration with very little financial reform. this inot fair to the american people. it perpetuates too-big-to-fail, it essentially guaranteed future bailout, it doesn't fix the core

Jim DeMint

0:49:13 to 0:49:33( Edit History Discussion )

Jim DeMint: causes of the problems, and, again, expands big-government control over thousands of community banks, credit unions and businesses that had nothing to do with this financial cris. i'm afraid it's just another cris being used as an excuse to expand government without solving real problems.

Jim DeMint

0:49:34 to 0:49:54( Edit History Discussion )

Jim DeMint: republicans are standing by and eager to work with chairman dodd and other democrats to fix the problems in this bill so that we can present real reform to the american people, and i urge my colleagues on the other side to stop trying to stick another bill down our throats and down the throats of the american people and work with us to do

Jim DeMint

0:49:55 to 0:49:56( Edit History Discussion )

Jim DeMint: what the american people expect.

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