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Senate Proceeding on May 11th, 2010 :: 1:11:45 to 1:18:05
Total video length: 2 hours 32 minutes Stream Tools: Stream Overview | Edit Time

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Jim DeMint

1:11:42 to 1:12:03( Edit History Discussion )

Jim DeMint: amendment and join with senator gregg and i and others in opposition to the vitter amendment because it undercuts exactly wha trying to achieve here with t legislation. with that, mr. president, i reserve the balance of my time. the presidg officer: the senator from south carolina. mint -- mr. demint:

Jim DeMint

1:11:45 to 1:18:05( Edit History Discussion )
Speech By: Jim DeMint

Jim DeMint

1:12:04 to 1:12:25( Edit History Discussion )

Jim DeMint: mr. president, i ask to yield under senator vitter's time. without objection. mr. demint: thank you, mr. president. there are few things more important to this country. it represents our life's work, savings, investments. when the founders of our country put the constitution together, they gave the congress the responsibility to protect our

Jim DeMint

1:12:26 to 1:12:46( Edit History Discussion )

Jim DeMint: currency and the value of our money. this is a responsibility that decades ago the congress delegated to the federal reserve to operate as an independent institution responsible for protecting our monetary system as well as overseeing employment

Jim DeMint

1:12:47 to 1:13:07( Edit History Discussion )

Jim DeMint: in our country. congress has not paid much attention to what the federal reserve has done. in fact, we have little idea now what they're doing. we do know that they're doing many things now that they didn't do even a few years before. trillions of dollars buying toxic assets from various financial institutions.

Jim DeMint

1:13:08 to 1:13:29( Edit History Discussion )

Jim DeMint: we know that they' business all over the world, lending money with international banks, but what they're doing, why they're doing it or how they're doing it. we don't know if a lot of these activities could eventually bring down our financial system. we need to be concerned because

Jim DeMint

1:13:30 to 1:13:51( Edit History Discussion )

Jim DeMint: it is our responsibility as a congress. and if we allow our currency to be undermined anywhere in the world, it's detrimental to every american family, everything we have worked for, everything we've saved. we can't pass this off. this congress has established other financial institutions

Jim DeMint

1:13:52 to 1:14:12( Edit History Discussion )

Jim DeMint: such as fannie mae and freddie mac to supposedly facilitate the mortgage industry and make it easier for people to buy homes. we were told there was no problem with subprime lending and all the things fannie mae and freddie mac were involved with. but as a congress, we didn't do our job overseeing, asking enough questions.

Jim DeMint

1:14:13 to 1:14:35( Edit History Discussion )

Jim DeMint: and then when fannie mae and freddie mac created this huge housing bubble and brought our economy to its knees, millions of americans lost much of what they worked for and saved. but what happened with fannie mae and freddie mac is small compared to what could happen if the federal reserve did

Jim DeMint

1:14:36 to 1:14:57( Edit History Discussion )

Jim DeMint: something to undermine the confidence in the dollar worldwide. congress should not be managing our monetary system. i don't think we could do it in the current political structure, but is it our job to provide accountability and transparency to what's going on at the federal reserve. last week i spoke in support of the sanders amendment.

Jim DeMint

1:14:58 to 1:15:18( Edit History Discussion )

Jim DeMint: and i still plan to support it today. but that amendment has changed and it air inos the scope of -- narrows the scope of a complete audit. it really can't be called a complete audit anymore. it's really more disclosure in various aspects of what the federal reserve does. it doesn't include now what they would refer to as monetary

Jim DeMint

1:15:19 to 1:15:40( Edit History Discussion )

Jim DeMint: policy. my understanding was that's prty much what they cat the federal reserve. -- did they cat the federal reserve. cutting that out cuts out a big part of what we need to know what they're doing. it blocks us from finding out what the federal reserve is doing with banks all around the world. it would block us from finding

Jim DeMint

1:15:41 to 1:16:01( Edit History Discussion )

Jim DeMint: out a lot of things that could give us indication whether or not the federal reserve is putting our monetary and financial systems at risk. i think it is important, at us to find out what the federal reserve is doing. disclose it in a way to the american people that they will have confidence that's what's

Jim DeMint

1:16:02 to 1:16:24( Edit History Discussion )

Jim DeMint: happening with the federal reserve and with our currency going to create a stable currency out into the future. senator vitter has offered the original amendment before it was changed, the same amendment that was passed in the house by an overwhelming majority, which

Jim DeMint

1:16:25 to 1:16:45( Edit History Discussion )

Jim DeMint: will include all aspects of the federal reserve. not in real time, but there will be a delay so we can't meddle in what they're doing. but it opens up a full audit of the federal reserve so that this congress can make good decisions about any needed certainly keeping some accountability over the federal reserve.

Jim DeMint

1:16:46 to 1:17:06( Edit History Discussion )

Jim DeMint: it makes absolutely no sense to create, really, the most powerful agency in the world over the reserve currency for the world and for there to be no accountability over what they're doing. we know they think we're not smart enough to understand what they're doing. and we may not be. but based on things they've told

Jim DeMint

1:17:07 to 1:17:27( Edit History Discussion )

Jim DeMint: us in the past, they're not necessarily as smart as they think they are either. because only a few months before fannie mae collapsed, the federal reserve told us there was no problem. now they're telling us t no problem now and we don't need to look at what they're doing. i think it's important that we have ful disclosure and accountability and transparency

Jim DeMint

1:17:28 to 1:17:50( Edit History Discussion )

Jim DeMint: at the federal reserve. it's important that the american people trust the people that are managing their currency, and right now they don't. that trust and help congress do its job to oversee the federal reserve. the federal reser can maintain its iependence, but it doesn't

Jim DeMint

1:17:51 to 1:18:06( Edit History Discussion )

Jim DeMint: have to be independent in secret. because if they're operating secretly, congress is not doing its job. i encourage my colleagues to support the sanders amendment, but also the vitter amendment so that we will have a full audit

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