Video archive of the US Congress

Senate Proceeding on May 5th, 2010 :: 4:41:45 to 4:45:05
Total video length: 9 hours 16 minutes Stream Tools: Stream Overview | Edit Time

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Amy Klobuchar

4:41:42 to 4:42:02( Edit History Discussion )

Amy Klobuchar: amendment, and now we have partisan sponsors on both sides, to just say a word. i'd like to yield to the senator from minnesota for a few minutes to have the minnesota perspective and make sure the people know that the community banks of this country should not speak in a whisper to the on high in washington and new york.

Amy Klobuchar

4:41:45 to 4:45:05( Edit History Discussion )
Speech By: Amy Klobuchar

Amy Klobuchar

4:42:03 to 4:42:23( Edit History Discussion )

Amy Klobuchar: no. they should be speaking in a loud voice to all of us through their federal reserve banks, which means the hutchison-klobuchar amendment should pass. mr. president, i would yield the rest of m from minnesota. the presiding officer: the senator from minnesota is recognized. ms. klobuchar: well, thank you so much to my friend from texas. i'd like

Amy Klobuchar

4:42:24 to 4:42:45( Edit History Discussion )

Amy Klobuchar: leadership on this issue. as she mentioned, our amendment seeks simply to presee the federal reserve's authority to supervise community banks and bank holding companies and also preserve a system, mr. president, that ensures the institution charged with our nation's monetary policy has a connection, not just to wall street but to main street.

Amy Klobuchar

4:42:46 to 4:43:06( Edit History Discussion )

Amy Klobuchar: as you know, mr. president, for the most part, our mid-sized banks, small banks in the states throughout this country, in texas and the midwest, they stayed out of these risky deals. they stayed away from these high-flyg, way too risky deals for the past decade. they made mete and potato loans,

Amy Klobuchar

4:43:07 to 4:43:28( Edit History Discussion )

Amy Klobuchar: mr. president, to businesses and consumers in their communities. they did well for their consumers. these main street banks did not dance down the yellow brick road to wall street deal making or washington hobnobbing. whenhe pavement on wall street began to buckle and collapse, these community banks didot panic and run to washington with tin cups in outstretched hands. they continued to conduct their

Amy Klobuchar

4:43:29 to 4:43:49( Edit History Discussion )

Amy Klobuchar: business, behaving the way -- well, the way banks are supposed to behave. the federal reserve bank of minneapolis, along with 11 other regional banks, provide a presence across this country that gives the fed grassroots connections, insights into local economies, as well as legitimacy when they have to make tough decisions that affect not just

Amy Klobuchar

4:43:50 to 4:44:10( Edit History Discussion )

Amy Klobuchar: wall street but the small local banks that serve so many of our communities. through their working relationships with community banks, the regional federal reserveanks also collect and analyze important information about the movements and trends in local economies. the relationship is a two-way street. it also provides a voice for our

Amy Klobuchar

4:44:11 to 4:44:31( Edit History Discussion )

Amy Klobuchar: community banks that would be lost if the federal reserve were to only supervise the largest banks. as the president of the federal reserve bank of minneapolis noted, it would be shortsighted to conclude that the federal reserve, quote -- "can safely be stripped of its role as a supervisor of small banks." end quote. as he noted disruptions in the

Amy Klobuchar

4:44:32 to 4:44:52( Edit History Discussion )

Amy Klobuchar: financial system can come from all sectors and the connectio the regional federal reserve banks provide to local economies can be vital, ensuring the stability of the entire financial system. and i would say to my friend from texas, ending with this. just this morning noel wilcox, president of the grand rapids state bank in grand rapids,

Amy Klobuchar

4:44:53 to 4:45:06( Edit History Discussion )

Amy Klobuchar: minnesota, a part of our country that has been most hurt by this economic downturn caused by wall street, he wrote to me and he said this -- "all senators should be reminded that the federal reserve system was created to serve all of america, not just wall street."

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