Metavid

Video archive of the US Congress

Senate Proceeding on May 6th, 2010 :: 4:09:05 to 4:22:25
Total video length: 9 hours 44 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:212 Duration: 0:13:20 Discussion

Previous speech: Next speech:

Barbara Boxer

4:09:00 to 4:09:20( Edit History Discussion )

Barbara Boxer: pending business. mrs. boxer: mr. president, i would like to take some time to speak out against the shelby amendment and urge that it be defeated and, if that's appropriate at this time, i would take such time as i might consume. the presidg officer: the senator is in order. mrs. boxer: mr. president, this is a pivotal point in the

Barbara Boxer

4:09:05 to 4:22:25( Edit History Discussion )
Speech By: Barbara Boxer

Barbara Boxer

4:09:21 to 4:09:42( Edit History Discussion )

Barbara Boxer: debate on wall street reform. we never want to see what happened to this country happen again where there was essentially a crash in the stock market, people had been talked into very etic and

Barbara Boxer

4:09:43 to 4:10:05( Edit History Discussion )

Barbara Boxer: difficult-to-understand subime mortgages, and we had such greed running rampant on wall street that instruments were created that were even very difficult for the secretary of the treasury to explain. derivatives so complex that they

Barbara Boxer

4:10:06 to 4:10:29( Edit History Discussion )

Barbara Boxer: were in about the third order. and if we were to adopt the shelby amendment, we will weaken this bill. we will weaken this bill. as a matter of fact, we will weaken current law and not only will consumers be hurt but

Barbara Boxer

4:10:30 to 4:10:51( Edit History Discussion )

Barbara Boxer: they'll actually lose ground. when the purpose of the dodd bill and our bill is to elevate consumers and give them protection from these kinds of schemes that brought our economy to its knees and resulted in 700,000 jobs a month,

Barbara Boxer

4:10:52 to 4:11:12( Edit History Discussion )

Barbara Boxer: mr. president, being lost and the wealth of the average american who had even a 401(k) was down 20%, 30%, 40%, maybe 50%, and as a result of that, the lack of consumer confidence that followed. and we know that our economy is

Barbara Boxer

4:11:13 to 4:11:36( Edit History Discussion )

Barbara Boxer: based on consumer confidence. 70% of our economy is attached to consumer spending. and when people see the stock rket going down, theyee their wealth going down, they see their neighbors losing their home, they see their neighbors losing their job, they feel threatened, they pull back, and

Barbara Boxer

4:11:37 to 4:11:57( Edit History Discussion )

Barbara Boxer: rightly soavment and it started from deregulation on steroids on wall street where the regulators didn't even use the powers they had to protect consumers. so this bill, an essential part of this bill is putting a cop on the beat for consumers. finally, whether you're a

Barbara Boxer

4:11:58 to 4:12:18( Edit History Discussion )

Barbara Boxer: consumer in credit cards -- of credit cards or you're a consumer in terms of the housing market or you're a consumer in terms of the stock market or the commodities market, you're finally going to have a watchdog. we know national regulators

Barbara Boxer

4:12:19 to 4:12:39( Edit History Discussion )

Barbara Boxer: didn't really care about consumers- we know that the regulators didn't really care about consumers. we know that. we know, for example, that the fed had the authority to intervene in the housing market if they felt these subprime loans were wrong and stop tm, and, mr. president, they didn't do it.

Barbara Boxer

4:12:40 to 4:13:00( Edit History Discussion )

Barbara Boxer: we know the s.e.c. was warned about madoff, right? they kne they were told. there were whistle-blowers. a ponzi scheme. and many more ponzi schemes were going on. they didn't even follow the lead. so we need to have a strong,

Barbara Boxer

4:13:01 to 4:13:23( Edit History Discussion )

Barbara Boxer: independent consumer agency that says to the regulators, you're not doing your job, and we're going to make sure you do it. and that's what's in the bill before us. but the shelby amendment takes us back. the new consumer financial protection bureau that this amendment would gut will do the following things: iring's it

Barbara Boxer

4:13:24 to 4:13:46( Edit History Discussion )

Barbara Boxer: will enforce existing consumer protection laws, those same laws that went unenforced by current regulators. i'll give you an example of the sec seajtdz ponzi schemes, of the fed overlooking mortgage crises and there are many others. it also would ensure clear disclosure to all consumers of all the terms and conditions of

Barbara Boxer

4:13:47 to 4:14:07( Edit History Discussion )

Barbara Boxer: the financial products they buy. believe me, you would have to have a degree in economics and finance and everything else to understand some of the fine print in a credit card bill. people are stunned to know they're paying 20%, 30% interest

Barbara Boxer

4:14:08 to 4:14:29( Edit History Discussion )

Barbara Boxer: rates on their credit cards because there's no clear way of knowing. in this bill, that's over. you have to know the terms and conditions of the financial products that you buy. this bill would bring new protections to home buyers from the kind of exotic mortgages that led to the current crisis.

Barbara Boxer

4:14:30 to 4:14:51( Edit History Discussion )

Barbara Boxer: let me give you an example. people were offered mortgages, mr. presi a teaser rate, a very low rate, not really be told in clear terms that in a couple of years that teaser rate would go up and then go up and then go up.

Barbara Boxer

4:14:52 to 4:15:12( Edit History Discussion )

Barbara Boxer: and i have to say, some in the mortgage business were paid more commissions to put unsuspecting consumers into these exotic mortgages, and so they pushed those mortgages. that's wrong. we need a consumer

Barbara Boxer

4:15:13 to 4:15:34( Edit History Discussion )

Barbara Boxer: protection agency that knows it's wrong and puts a stop to it. so, we have a situation here that weakens the current law. and if you think that's right, if you think, for example, that consumers caused the wall street

Barbara Boxer

4:15:35 to 4:15:55( Edit History Discussion )

Barbara Boxer: meltdown, i think youe living on another planet, but vote for this amendment. we know who caused this crisis. we know the greed on wall street. we know even while these companies were getting bailed out, they were paying their

Barbara Boxer

4:15:56 to 4:16:17( Edit History Discussion )

Barbara Boxer: people huge bonuses. the word "outrageous" really can be defined by what these people did. so if you want more of the same same -- i can't understand why you would -- but if you want more of the same, if you don't want to strengthen consumer

Barbara Boxer

4:16:18 to 4:16:39( Edit History Discussion )

Barbara Boxer: protection, then vote for the shelby amendment. let's be clear. let' be clear, this amendment is a gutting amendment. let's be clear. this amendment is a gutting amendment. instead of creating an independent consumer watchdog,

Barbara Boxer

4:16:40 to 4:17:00( Edit History Discussion )

Barbara Boxer: the shelby amendment creates a weak sister, a weak division of the consumer protection in the fdic. this new idea of senator shelby's, this new division of consumer protection, it would no longer be independent.

Barbara Boxer

4:17:01 to 4:17:21( Edit History Discussion )

Barbara Boxer: it would be under the fdic. we'd have no authority to adopt any rule without the approval of the same bank regulators who have routinely ignored or opposed the needs of consumers. let me repeat that. the weak consumer protection agency created in the shelby amendment would have no

Barbara Boxer

4:17:22 to 4:17:42( Edit History Discussion )

Barbara Boxer: authority to adopt any rule without the approval of the same bank regulators who have routinely ignored or opposed the needs of consumers. and it even would give bank regulators a veto over consumer protection regulations. and that is totally unacceptable.

Barbara Boxer

4:17:43 to 4:18:04( Edit History Discussion )

Barbara Boxer: so if you are for wall street reform, you have to vote "no" on the shelby amendment. this is the moment of truth. either you're going to stand with the people of this country who were innocent victims of greed on wall street or you're not. you want to stand for the greed

Barbara Boxer

4:18:05 to 4:18:26( Edit History Discussion )

Barbara Boxer: on wall street, if you want to stand for the weakening of the protections they already have which are if a too weak, vote for this amendment and let's go forward with the dodd bill, which has a strong independent consumer protection agency. so, i would add that thehelby

Barbara Boxer

4:18:27 to 4:18:48( Edit History Discussion )

Barbara Boxer: amendment would burden the new consumer protection division that he has with incredible procedural hurdles, hurdles that have effectively prevented the f.t.c., that has similar rules, from writing any new rules protecting consumers since 1984.

Barbara Boxer

4:18:49 to 4:19:10( Edit History Discussion )

Barbara Boxer: now, 1984 was an intesting year for me. it was a long time ago; i was a lot younger. it was before my hair turned blond. in that year i was in the house of representatives, and i was pushing the federal trade commission, pushing them to help consumers. they had too many hurdles.

Barbara Boxer

4:19:11 to 4:19:31( Edit History Discussion )

Barbara Boxer: they haven't done anything in all those an that senator shelby is using for this watered-down consumer protection division. now, i see senator merkley on the floor, and i'm going to yield in a minute, because he is such a leader on all these

Barbara Boxer

4:19:32 to 4:19:52( Edit History Discussion )

Barbara Boxer: issues and such a great populist leader in this senate. so i would ask that the rest of my statement be be included in the record, but i would give -- the presiding officer: without objection, so ordered. mrs. boxer: -- i would give one more example that i think is very important.

Barbara Boxer

4:19:53 to 4:20:15( Edit History Discussion )

Barbara Boxer: i told you that the template for senator shelby's new consumer protection agency is the f.t.c., and i told you that under those rules, the f.t.c. hasn't done anything for consumers since 19 # 4 -- since 1984. but let's say they were able to get new rules written.

Barbara Boxer

4:20:16 to 4:20:36( Edit History Discussion )

Barbara Boxer: let's say they were able to do that. senator shelby insures that the rules they write could never be enforced. how does he do that? because he says that the only timehe weakened consumer division could do any examinations of some financial companies would be after consumers have been harmed

Barbara Boxer

4:20:37 to 4:20:57( Edit History Discussion )

Barbara Boxer: repeatedly. this is after the fact authorit i've seen too many people crying because of what happened on wall street. i've seen too many people crying because they lost their job because of what happened on wall street. i've seen pictures in the paper of americans crying because of what bernie madoff did to them

Barbara Boxer

4:20:58 to 4:21:18( Edit History Discussion )

Barbara Boxer: and their children. i want this stopped. i don't want it stopped after the fact. yes, thank goodness bernie madoff's in prison where he belongs. but it's very difficult to make the people whole who were harmed byhat ponzi scheme.

Barbara Boxer

4:21:19 to 4:21:39( Edit History Discussion )

Barbara Boxer: we don't want after the fact authority, mr. president. we want before the fact authority. we want this consumer protection agency to be on its toes, to intervene, to see if there's a scam going on, to see if there's a credit card scam that leads to 30%, 40%, 50% interest rates, to see if there's a scam on

Barbara Boxer

4:21:40 to 4:22:00( Edit History Discussion )

Barbara Boxer: mortgages where people unknowingly walk into a mortgage where the rate goes up to 12%. so, at the end of the day, we know consumers were hurt, hurt hard by ponzi schemes, by markets in the dark, confusing mortgage options some bordering on fraud by credit card scams

Barbara Boxer

4:22:01 to 4:22:22( Edit History Discussion )

Barbara Boxer: and worse. so let's take a stand in a bipartisan way and vote "no" on this amendment and support the consumer protection agency, the strong one that is in this bill. because i can tell you when you have that done, the american

Barbara Boxer

4:22:23 to 4:22:25( Edit History Discussion )

Barbara Boxer: people can take a deep breath and know that they will be protected.

Personal tools

MetaVid is a non-profit project of UC Santa Cruz and the Sunlight Foundation. Learn more About MetaVid

The C-SPAN logo and other servicemarks that may be found in video content are the property of their respective trademark holders. None of these trademark holders are affiliated with Metavid