Video archive of the US Congress

Senate Proceeding on Apr 30th, 2009 :: 8:17:15 to 8:22:05
Total video length: 9 hours 44 minutes Stream Tools: Stream Overview | Edit Time

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Jim DeMint

8:17:12 to 8:17:32( Edit History Discussion )

Jim DeMint: on our domestic soil. and, madam president, i would yield the floor and suggest the absence of a sorry. i didn't see the senator from south carolina. please do -- i do not ask for the absence of a quorum. a senator: madam president? the presiding officer: the

Jim DeMint

8:17:15 to 8:22:05( Edit History Discussion )
Speech By: Jim DeMint

Jim DeMint

8:17:33 to 8:17:54( Edit History Discussion )

Jim DeMint: senator from south carolina. demint demint thank you, madam president. in a -- mr. demint: thank you, madam president. i want to bring up an amendment. butn deference to senator dodd, would like to wait for him to be back on the floor. i would like to explain amendment 1026 and talk about it briefly until the senator we're all well aware of the

Jim DeMint

8:17:55 to 8:18:15( Edit History Discussion )

Jim DeMint: bailout bill that was passed last october. it had one purchase -- purpose at least as that purpose was described to us and that was t purchase what they called toxic assets that were clogging up the credit system. that $700 billion was then used in other ways and i believe

Jim DeMint

8:18:16 to 8:18:38( Edit History Discussion )

Jim DeMint: unconstitutionally to loan money to companies, and to -- to stock in some cases. it now appears the administration is going to take this a little bit further. i mean, we've seen the and firing of executives.

Jim DeMint

8:18:39 to 8:19:01( Edit History Discussion )

Jim DeMint: we've seen the government, in effect, break contracts that were established in the private sector. we just see the government continuing to use this money to gain more and more control over private sector industries, particularly financial industries. the administration appears now

Jim DeMint

8:19:02 to 8:19:23( Edit History Discussion )

Jim DeMint: to have a plan that would swap this loan money in the form of preferred stock for common stock, which means we not onl own, but we have voting and in some cases controlling interest and general -- in general motors and, well, my amendment addresses specifically

Jim DeMint

8:19:24 to 8:19:46( Edit History Discussion )

Jim DeMint: financial institutions, but we are talking about a financial auto company -- financial auto companies and other aspects of our economy using this tarp money in ways that were totally different than we er imagined. specifically banks. and it would prohibit the federal government from

Jim DeMint

8:19:47 to 8:20:08( Edit History Discussion )

Jim DeMint: converting preferred stock to common stock and basicly taking ownership and control of banks across the nation. many the tarp fund suggest that they were pressur to take it when they didn't need it. many banks now say they would like to give it back. they're not allowed to give it back. we need to back the federal

Jim DeMint

8:20:09 to 8:20:31( Edit History Discussion )

Jim DeMint: government out of our private sector financial system, set up a good system of laws and regulations so that it can work in a way that's transparent and honest and good for the american people. but we don't need the federal government to own our banks and to try to run the business in our banks just like we don't need the federal government to own general motors

Jim DeMint

8:20:32 to 8:20:55( Edit History Discussion )

Jim DeMint: and to run general motors. so my amendment would address specifically the financial institutions in our country and prohibit the use of tarp funds to be translated into common stock ownership and voting rights. so, madam president, i still don't see the senator on the

Jim DeMint

8:20:56 to 8:21:20( Edit History Discussion )

Jim DeMint: floor. i would -- is there any objection to me bringing -- there is? yes, there's an objection.

Jim DeMint

8:21:21 to 8:21:41( Edit History Discussion )

Jim DeMint: well -- senator -- the senator plans to return to the floor? ok. but the suggestion is i should not bring it up? ok. well, i will just wait for a few minutes to see if the senator will return. in the mean t floor, and suggest of a quorum.

Jim DeMint

8:21:42 to 8:21:58( Edit History Discussion )

Jim DeMint: the presiding officer: the clerk will call the roll.

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