Senate Proceeding 05-21-09 on May 21st, 2009 :: 1:51:35 to 1:57:30
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1:51:31 to 1:51:51( Edit History Discussion )

John Kerry: know how we're going to pay the interest on the money we've already mr. yield for a question? mr. demint: mr. president, i yield and reserve the balance of my time. mr. kerry: mr. president, i'l speak off the leader time at this point after senator inouye is done -- the presiding officer: the senator from massachusetts is

1:51:35 to 1:57:30( Edit History Discussion )
Speech By: John Kerry

1:51:52 to 1:52:12( Edit History Discussion )

John Kerry: recognized. mr. kerry: mr. president, i just heard the senator suggest that this is reckless, a reckless effort to put american money at risk somewhere else. i'd like to share with colleagues a the speaker of the house and to the majority leader saying we are writing to express support

1:52:13 to 1:52:33( Edit History Discussion )

John Kerry: for the administration's request for prompt enactment of additional funding for the international monetary fund. this very fund. let me tell you who signatories are. and here's what they say. let me tell you who they are first. former secretary of state republican jim baker. former secretary of the treasury, republican nicholas

1:52:34 to 1:52:56( Edit History Discussion )

John Kerry: brady. former secretary of defense frank carlucci. former republican secretary of the treasury henry paulson. former secretary of state, colin powell. former chair of the foreign relations committee in the house and now the woodrow wilson institute, lee hamilton. former secretary of state, republican henry kissinger.

1:52:57 to 1:53:17( Edit History Discussion )

John Kerry: former national security advisor robert mcfarland. former treasury secretary, republican paul o'neill. i could run down further names here. general brent scowcroft, secure advisor to two presidents. are these people reckless? arehey suggesting we ought to do this because this is a reckless expenditure?

1:53:18 to 1:53:38( Edit History Discussion )

John Kerry: let's not be the chamber of commerce -- i have a letter and i ask unanimous consent the letter be placed in the record. the presiding officer: without objection, so ordered. mr. kerry: to the members of the united states senate, the stufplt chamber of commerce, world's largest business organization, representing 3 million businesses and organizations of every size,

1:53:39 to 1:54:00( Edit History Discussion )

John Kerry: sector and region supports legislation to strengthen the international monetary fund included in the supplemental appropriations bill currently being considered by the full senate. "the worldwide economy is experiencing its worst downturn in more than half a century. while american workers and the u.s.

1:54:01 to 1:54:21( Edit History Discussion )

John Kerry: be undermined even more by more severe difficulties in some emerging markets. it is squarely in the u.s. national interest to support efforts to help these as they confront the financial cris." they go on to say, "these u.s. commitments could leverage as much as $400 billion from other

1:54:22 to 1:54:43( Edit History Discussion )

John Kerry: countries and, thus, i.m.f. has adequate resources to mitt gatt f -- mitigate ongoing financial crisis." mr. president, i would ask these be placed in the record. the presiding officer: without objection, so ordered. mr. kerry fact is that this is a loan over

1:54:44 to 1:55:04( Edit History Discussion )

John Kerry: which the united states keeps control. we are making of any lending that might take place under this. it is renewable under the new arrangements for agreement, renewable every five years. we don't renew it, it comes back. moreover, it is only used in

1:55:05 to 1:55:25( Edit History Discussion )

John Kerry: emergency if the other funds at the i.m.f. run this is for american workers. we've got a lot of people in america their ability to export goods. and the fact is that if those emerging markets start to fade, not only do w upside of those markets, but we also run the risk that

1:55:26 to 1:55:47( Edit History Discussion )

John Kerry: governments fail. we've already had four governments that have failed because of the economic crisis. and the fact is that if they continue to in other places that are more fragile, then you wind up picking up the costs in the long run in potential military conflict, failed states, increased capacity for people to

1:55:48 to 1:56:10( Edit History Discussion )

John Kerry: appeal to terrorism and the volatility of th those regions. this is not something that we're doing without american interests be squarely on the table. economic interests and national security interests. and i would repeat it has broad-based and i hope colleagues take due note of that.

1:56:11 to 1:56:32( Edit History Discussion )

John Kerry: with respect to the economics of this, let me just share one other quote which is pretty important dennis blair, admiral blair, who heads up the national intelligence agency, was recently quoted as saying that

1:56:33 to 1:56:53( Edit History Discussion )

John Kerry: the first crisis that the united states faces significant cris we face today is -- quote -- "the primary near-term security concern of the united states as the global economic crisis, and its geopolitical so this is not just an economic vote. this is a national security vote.

1:56:54 to 1:57:17( Edit History Discussion )

John Kerry: and w jim baker to general scowcroft to henry kissinger and others all suggesting this is in our long-term and important interest listen pretty carefully. i reserve the balance of time. the presiding officer: who

1:57:18 to 1:57:31( Edit History Discussion )

John Kerry: yields time? mr. kerry: i ask the charged to both sides. the presiding officer: is there o mr. demint: i have fou minutes left, and i reserve that time. the presiding officer: who yields time? mr. kerry: mr. president, how