Video archive of the US Congress

Senate Proceeding on May 13th, 2010 :: 1:50:50 to 1:55:30
Total video length: 3 hours 53 minutes Stream Tools: Stream Overview | Edit Time

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Jim DeMint

1:50:46 to 1:51:08( Edit History Discussion )

Jim DeMint: i'm sorry that i can't get this pending at the moment. but as governor schwarzenegger said in a previous life, i'll be back, and soon. the presiding officer: the senator from south carolina. mr. demint: thank you, madam president. i'd like to speak in favor of

Jim DeMint

1:50:50 to 1:55:30( Edit History Discussion )
Speech By: Jim DeMint

Jim DeMint

1:51:09 to 1:51:30( Edit History Discussion )

Jim DeMint: the sessions bankruptcy amendment. this is financial debate because one of the big issues in this whole debate is whether or not we treat some companies -- some banks differently than others. the current bankruptcy laws in

Jim DeMint

1:51:31 to 1:51:55( Edit History Discussion )

Jim DeMint: this country create a predictable rule of there's really no arbitrary or political decision making when a company can't pay its bills, it can ask for bankruptcy protection to restructure or to liquidat in some kind of controlled fashion.

Jim DeMint

1:51:56 to 1:52:19( Edit History Discussion )

Jim DeMint: this is what is is blind. our courts, our legal system, our political system does not get involved with deciding which companies have to be liquidated, have to go through bankruptcy. during our current financial meltdown, our government decided

Jim DeMint

1:52:20 to 1:52:43( Edit History Discussion )

Jim DeMint: to pick winners and bailout some companies, banks, and not others. this underlying financial regulation bill makeshat system permanent. essentially throwing out the rule of law and allowing the political system, the bu which companies need to be treated differently while others

Jim DeMint

1:52:44 to 1:53:04( Edit History Discussion )

Jim DeMint: have to bankruptcy process. the sessions amendment would the key treet all companies the same -- the session amendment would treat all companies the same and allow an orderly restructuring or liquidation of banks regardless ofgx how big t are to be treated the same way.

Jim DeMint

1:53:05 to 1:53:26( Edit History Discussion )

Jim DeMint: the current package that we're voting o abandons the rule of law. it suspends free market principles, and it perpetuates this whole idea that there's some companies that to fail, that have to be treated differently, and i that arbitrary system by giving

Jim DeMint

1:53:27 to 1:53:47( Edit History Discussion )

Jim DeMint: the fdic the ability to pick companies that they think might fail and -- and to actually seize them if they're meeting certain standards of criteria. so the market doesn't decide which company is failing anymore. this becomes a political system

Jim DeMint

1:53:48 to 1:54:09( Edit History Discussion )

Jim DeMint: which sets up corruption and political meddling as part of our financial system. there's no reaso that we can't have special bankruptcy courts to deal institutions so that their failure does not take down our whole financial system. this idea that some people here in washington are going to look

Jim DeMint

1:54:10 to 1:54:31( Edit History Discussion )

Jim DeMint: up at wall street or anywhere in the country and decide, well, this company is too big to fail, it has to be treated differently, while this company goes through a traditional bankru that puts are now. where people in the government

Jim DeMint

1:54:32 to 1:54:52( Edit History Discussion )

Jim DeMint: can arbitrarily take taxpayer money, bailout one company, maybe its their political friends and supporters or maybe they don't bailout the companies that are their political enemies. this makes no sense to make these bold promises to the american people that to end too big to fail when this bill actually permanent.

Jim DeMint

1:54:53 to 1:55:13( Edit History Discussion )

Jim DeMint: i encourage my colleagues to consider the sessions amendment because it would take us back to a rule of law system that's predictable, that let's every company, every bank know that if they can't pay their bills, if they have to go through a predetermined system, not ones that decided by bureaucrats at the last minute based on

Jim DeMint

1:55:14 to 1:55:31( Edit History Discussion )

Jim DeMint: criteria that could change at any moment. let's gets the underlying bill will not do what we promised. the session us in a right direction to keep our promises to the american people. thank you, madam president, and

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