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Senate Proceeding on May 6th, 2010 :: 3:18:10 to 3:28:20
Total video length: 9 hours 44 minutes Stream Tools: Stream Overview | Edit Time

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Lamar Alexander

3:18:07 to 3:18:27( Edit History Discussion )

Lamar Alexander: and consumers to make their decision. i yield the floor and suggest the absence of a quorum -- oh, excuse me. a senator: madam president? the presiding officer: the senator from mr. alexander: thank you, madam president. madam president, i congratulate the senator from alabama for his comments and for his proposal which he describes as a republican proposal.

Lamar Alexander

3:18:10 to 3:28:20( Edit History Discussion )
Speech By: Lamar Alexander

Lamar Alexander

3:18:28 to 3:18:49( Edit History Discussion )

Lamar Alexander: of course, what all of us hope is that it becomes a bipartisan proposal as our friends on the other side look carefully at it. that's what happened with the big bank bailout provision that we worked on yesterday. senator dodd and senator shelby worked for a while. senators corker and warner had worked before that, and we came up with a conclusion that all

Lamar Alexander

3:18:50 to 3:19:10( Edit History Discussion )

Lamar Alexander: but five senators agreed to. now we have moved to two of the other major deficiencies in the dodd bill that are all wrapped up in one proposal here, and it's reallyrapped up with the central issue that's before the american people. president obama said in september of last year that the health care bill was a proxy for

Lamar Alexander

3:19:11 to 3:19:32( Edit History Discussion )

Lamar Alexander: a larger issue about the role of government in americans' lives. the president was exactly right about that, ande have seen that issue over and over and over again. i don't think it will change between now and the november election. in fact,he president said at our health care summit that's why we have elections, and i think he's correct about that. we have seen a washington takeover of banks. we have seen a washington

Lamar Alexander

3:19:33 to 3:19:53( Edit History Discussion )

Lamar Alexander: takeover of car companies. we have seen a washington takeover of many aspects of health care. we have seen a gratuitous washington takeover of student loans. and now in this financial regulation bill, instead of dealing with the high jinks of big banks, we're going to take over main street lending and on

Lamar Alexander

3:19:54 to 3:20:15( Edit History Discussion )

Lamar Alexander: top of it create a new czar or czarina to make decisions about millions of transacks across america that are on main street. so what senator shelby's proposal offers -- and we hope it receives the same kind of bipartisan consideration that the resolution authority or the big bank bailout discussion did yesterday that we had finally reed on, is that we would like

Lamar Alexander

3:20:16 to 3:20:37( Edit History Discussion )

Lamar Alexander: to change this bill in two ways. we'd like to say let's take main street lending out of it. the senator from connecticut, senator dodd, said it's not in there, b the language makes it look like it's in there. it makes it look like that this is the end of the 18-month payment for your daughter's -- for your daughter's dentist bill. it makes it look like that the

Lamar Alexander

3:20:38 to 3:20:59( Edit History Discussion )

Lamar Alexander: plumber, the dentist, the store owner up and down main street who gives you flexible credit -- in other words, who says you can pay me overtime, it looks like we're going to start regulating that transaction. and what's going to happen is that's going to make credit harder to get because the dentist is going to say, the

Lamar Alexander

3:21:00 to 3:21:21( Edit History Discussion )

Lamar Alexander: plumber is going to say or the store owner is going to say i'm not going to fool with it. i don't want to be regulated by some washington bureau, so if you want to buy my goods, go to the bank and get some money or get another credit card. and you know what that's going to do? that's going to slow down the economy. that's going to make jobs harder to create because it's going to

Lamar Alexander

3:21:22 to 3:21:43( Edit History Discussion )

Lamar Alexander: make credit harder to obtain and credit harder to offer. that's what it does. and that's not what we need at this time, madam president. i mean, we just had the reports of the growth, the economic growth of our country during the first quarter. it was 3.2%. that's not very good. i can vividly remember flying on

Lamar Alexander

3:21:44 to 3:22:04( Edit History Discussion )

Lamar Alexander: a helicopter with president bush when i was education secretary in 1992, and the economic growth of the -- of the third quarter of the year was better than that. it was 3.6%, and bill clinton beat george bush sr. on the "it's the economy, stupid" campaign.

Lamar Alexander

3:22:05 to 3:22:26( Edit History Discussion )

Lamar Alexander: so 3.2% isn't going to cut it for our country. most economists say that if our economy continues to grow over the next year all the way through 2010 at the same rate that it grew in the first quarter, that the unemployment rate won't change. the unemployment rate will still be about 9% or 10% at the end of this year as it is today.

Lamar Alexander

3:22:27 to 3:22:47( Edit History Discussion )

Lamar Alexander: now, what can we do to change that? well, we have to create an environment for job growth. we have done pretty good in creating job growth in washington. the one place the stimulus has really worked is in washington, d.c. salaries are up, jobs are up. there are plenty of new jobs around here. but out across america, we're not creating enough new jobs,

Lamar Alexander

3:22:48 to 3:23:08( Edit History Discussion )

Lamar Alexander: and too many of the things that we're doing here make it harder to create new jobs. the health care bill makes it harder to create new jobs because it ioses taxes on job creators. it imposes taxes on investors. tax increases make it harder to create new jobs.

Lamar Alexander

3:23:09 to 3:23:29( Edit History Discussion )

Lamar Alexander: running up the debt. if the proposal is to double the debt in five years and triple it in ten years. that makes the economy less certain and make it harder to create new jobs. and the threat of creating a czar or czarina in washington, d.c., and a new bureau to supervise and make more difficult and expensive main street lending makes it harder

Lamar Alexander

3:23:30 to 3:23:53( Edit History Discussion )

Lamar Alexander: to create new jobs, and we should take it out of the bill. if the senator from connecticut, who is one of our finest senators, well intentioned, if he really wants it out of the bill, let's just take it out of the bill. let's don't leave in there the possibility that someone might come along and interpret significant financial activities

Lamar Alexander

3:23:54 to 3:24:15( Edit History Discussion )

Lamar Alexander: to include the plumber and the dentist. this has attracted the attention of a lot of people from tennessee. community bankers, credit unions, the national federation of independent businesses. they are talking about office

Lamar Alexander

3:24:16 to 3:24:36( Edit History Discussion )

Lamar Alexander: supplier jewelers, health professionals, furniture stores. they estimate that about 50% of small businesses let you pay overtime. in other words, they offer you credit. they make special arrangements. they say okay, we know you don't have all the cash right now and you might not want to run up your credit card or maybe your credit card is near the top, so wel sell you whatever we have

Lamar Alexander

3:24:37 to 3:24:57( Edit History Discussion )

Lamar Alexander: to sell you or we'll provide you the service. you can pay us in six months. you can pay us in five months. well, if you do that under this bi and you're in a significant financial activity, then this czar or czarism na in -- or czarina in washington, d.c., is going to be regulating you, and you might be a very small business, you might not have a

Lamar Alexander

3:24:58 to 3:25:20( Edit History Discussion )

Lamar Alexander: lot of extra money to fill out forms, but you're going to be filling out forms, suffering more regulations, you're going to be offering less credit, and up and down main street it will be harder to do. so if our real intention in this body on both sides of the aisle is to not interfere with main street lending, then let's just

Lamar Alexander

3:25:21 to 3:25:45( Edit History Discussion )

Lamar Alexander: say that. that's what the republican amendment which we hope becomes a bipartisan amendment does. and then there is the second big idea that's in this republican amendment so far as i'm concerned. we don't need another czar. this bill is supposed to be about big banks, about financial high jinks, about this recession

Lamar Alexander

3:25:46 to 3:26:08( Edit History Discussion )

Lamar Alexander: that we're in and about -- about issues that will change the regulations in a sensible way that will avoid as many future recessions as possible, at the same time creating an environment in which we can grow the largest number of good new jobs. but suddenly, we have this new washington agency -- and remember, the issue in america

Lamar Alexander

3:26:09 to 3:26:30( Edit History Discussion )

Lamar Alexander: is the role of the federal government in the lives of americans, so we have a new washington agency not only possibly regulating main street lending but creating an unaccountable person at the top to write the rules and regulations. when i say unaccountable, that means that she or he is just over here at the fed. once confirmed by the senate,

Lamar Alexander

3:26:31 to 3:26:51( Edit History Discussion )

Lamar Alexander: this person has no boss. doesn't report to the president. doesn't have to come before congress for appropriations. just has a steady stream of money and really unlimited authority. and there is nothing to keep this new czarina or czar from writing the kind of authorities and rules that got us into trouble in the first place with

Lamar Alexander

3:26:52 to 3:27:12( Edit History Discussion )

Lamar Alexander: housing, that might encourage irresponsible homeownership. that's what we had before, so this might encourage irresponsible borrowing. so the second major idea of the republican amendment is let's make this person accountable. course, the president can appoint, confirm by the senate, but this person would be in the

Lamar Alexander

3:27:13 to 3:27:35( Edit History Discussion )

Lamar Alexander: federal deposit insurance corporation and would be there for -- would be therefore accountable to other people appointed by the president and would have to come before the congress for -- for -- for appropriations to give us a chance to inquire about things. so, mr. president, i have come to the floor today to say we have made an important step in the right direction when we

Lamar Alexander

3:27:36 to 3:27:57( Edit History Discussion )

Lamar Alexander: worked on the first part of this bill yesterday across party lines. that was one of the five issues that we need to deal with, the issue of what do we do about encouraging banks to get too big and fail and get the rest of us in trouble at the same time. so that issue, we think, is out of the way.

Lamar Alexander

3:27:58 to 3:28:19( Edit History Discussion )

Lamar Alexander: but we have got four more big issues to deal with here, and two of them are in this republican amendment. one is let's not take over main street lending and make it harder to loan money, harder to get money and harder to create jobs. the number two is let's not create another czar in washington. the last thing we need is

Lamar Alexander

3:28:20 to 3:28:20( Edit History Discussion )

Lamar Alexander: another washington takeover and

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