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Senate Proceeding on Jul 15th, 2010 :: 4:00:40 to 4:09:00
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Byron Dorgan

4:00:21 to 4:00:43( Edit History Discussion )

Byron Dorgan: least 10 minutes be reserved for the minority to beeard on this bill. the presiding officer: without objection, so ordered. mr. dodd: thank you. mr. dorgan: mr. president? the presiding officer:he senator from north dakota is recognized. mr. dorgan: mr. president, i'm going to vote for this legislation. it is a conference report on financial reform. and before i describe why i think it's essential to vote in

Byron Dorgan

4:00:40 to 4:09:00( Edit History Discussion )
Speech By: Byron Dorgan

Byron Dorgan

4:00:44 to 4:01:05( Edit History Discussion )

Byron Dorgan: favor of this, let me compliment senator dodd. we've had some differences here and there on some issues, but that's not unusual. i think what is unusual that a piece of legislation this complicated, this consequential and this large gets to this point so we will have a final vote and it will go to the president for signature. and it's going to make a difference. it's not all that i would want.

Byron Dorgan

4:01:06 to 4:01:26( Edit History Discussion )

Byron Dorgan: i would have written some of it differently. i'm talking about for -- i'll talk for moment about some of these pieces. but there are provisions in this legislation that will prevent that which happened that almost caused this country to have a complete economic collapse. that's the purpose of writing this legislation. this legislation on financial reform establishes a new

Byron Dorgan

4:01:27 to 4:01:48( Edit History Discussion )

Byron Dorgan: independent bureau that will be housed at the federal reserve board, but not reporting to the federal reserve board. dedicated to protecting consumers from financial products and practices. it puts in place systems to ensure tt taxpayer funds will not be used for wall street bailouts in the future. it creates an advanced warning

Byron Dorgan

4:01:49 to 4:02:11( Edit History Discussion )

Byron Dorgan: system, looking out for troubled institutions to make sure that we understand who they are and where they are whose could threaten our financial. by hedge fund ownership and banks. so, i mean, there are a number of things here that i think are

Byron Dorgan

4:02:12 to 4:02:34( Edit History Discussion )

Byron Dorgan: very important. let me make a point that this is a starting vote. this vote this afternoon is a starting point, not an point. and i make the point by showing the -- the headlines that exist in the newspapers these days about the fact that there will be substantial amounts of work

Byron Dorgan

4:02:35 to 4:02:56( Edit History Discussion )

Byron Dorgan: done to try to curb activits even in the executive branch with respect to rules and regulations which are now essential. the presiding officer: the time for the majority has expired. mr. dorgan: mr. president, let me ask the senator from connecticut. my understanding is the republicans have 10 minutes. i began the process because the

Byron Dorgan

4:02:57 to 4:03:17( Edit History Discussion )

Byron Dorgan: republican senator was not here to claim that. i'll be happy to cease at this point if he wishes to take his 10 minutes and then completely statement or i could complete my statement and i think i've spoken three or four minutes. mr. dodd: how much more time would you need? mr. dorgan: probably seven more mr. dodd: why don't you do the

Byron Dorgan

4:03:18 to 4:03:38( Edit History Discussion )

Byron Dorgan: seven more minutes that way it follows more naturally that way. the presiding officer: without objection, so ordered. mr. dorgan: appreciate the courtesy of the senator from nebraska. let me just say we all understand how we got to this point and why this legislation is trying to ever happening again. i've shown this on the floor many times.

Byron Dorgan

4:03:39 to 4:03:59( Edit History Discussion )

Byron Dorgan: called zoom credit, advertising mortgages. and, you know, we provision, this near collapse of the economy with companies advertising this, credit approval is just seconds away. get on the fast-track at zoom credit. at the speed of light, zoom credit will preapprove you for a car loan, home loan or credit card. even if your credit's in the tank.

Byron Dorgan

4:04:00 to 4:04:20( Edit History Discussion )

Byron Dorgan: zoom credit's like money in the bank. we specialize in credit repair and debt consolidation. bankruptcy, slow credit, no credit? who cares. your in trouble. you know what, today on the internet this exists. nothing's changed.

Byron Dorgan

4:04:21 to 4:04:41( Edit History Discussion )

Byron Dorgan: speedy bad credit loans. you want a loan because you've got bad credit, want to get a loan, go to the internet to this site. i'm not advertising for them. clearly it's a bunch of shilocks running this operation. bad credit, no credit, no problem. no double-a'

Byron Dorgan

4:04:42 to 4:05:02( Edit History Discussion )

Byron Dorgan: want unbelievable. that's on the internet today. this is on internet today and it describes why we have to pass this legislation and what we're trying to do to protect the american consumer and why regulations that come from this are so important. easyloanforyou. instant approval, regardless of approval is guaranteed.

Byron Dorgan

4:05:03 to 4:05:23( Edit History Discussion )

Byron Dorgan: you know, this sort of nonsense, that's not business. that's not good business. it's not a sensible way to do things. but it's what nearly bankrupted this country. now, "the wall street journal," july 14. let me read the first sentence,

Byron Dorgan

4:05:24 to 4:05:46( Edit History Discussion )

Byron Dorgan: "s return ly davis, 66 years old, retired phone company administrator lives in book lynn, new york, more than $33,000 in debt, earn earns $2,400 a month, filed for bankruptcy last month. shortly before that she ripped open an envelop from capital one financial corporation which pitched her a credit card even though it sued her four years

Byron Dorgan

4:05:47 to 4:06:08( Edit History Discussion )

Byron Dorgan: ago to recover $4,400 she owed on a different credit card from the same bank. she says -- quote -- "at some point -- she's quoting the letter from this capital one. "at some point we lost you as a customer and we'd like to get you back." mrs. davis said she was stunned. even i wouldn't give me a credit card at this point.

Byron Dorgan

4:06:09 to 4:06:30( Edit History Discussion )

Byron Dorgan: it's still going on. it's why passing this conference report is so essential. now, would i have written it differently? yes, i would have restored part of glass-steagall. 10 years ago that was taken apart. those protections were put in place after the last great protection and it protected this country for 80 years or so. should have been put back together.

Byron Dorgan

4:06:31 to 4:06:53( Edit History Discussion )

Byron Dorgan: i would have liked to have done that. i would banned naked credit default swaps, i would have done that. i would have imposed more aggressive curves on propriety banking. the if you have to be underwritten, you ought not have a casino in your lobby, just as

Byron Dorgan

4:06:54 to 4:07:14( Edit History Discussion )

Byron Dorgan: well have a craps table if you're investing in propriety trading in naked default swaps. i would have done some things differently. having said that, what was done in this legislation is a very substantial beginning. but it is not an ending. number two, number one. number two, the regulatory

Byron Dorgan

4:07:15 to 4:07:35( Edit History Discussion )

Byron Dorgan: agencies now have to do a lot of work to make this bill work -- to make this bill effective. to stop what happened from ever happening again. and, finally, i believe there will be additional need to legislate in the future to address some of the things that i mentioned. having said all of that, i believe the work that was done to get to this point in a

Byron Dorgan

4:07:36 to 4:07:56( Edit History Discussion )

Byron Dorgan: chamber that's very difficult for us to accomplish anything in, i think this is a success. and i, again, commend my colleague, particularly senator dodd from connecticut, and other colleagues who worked on this legislation in a thoughtful way to try to decide how can we stop this sort of thing? this was -- and we all understood it.

Byron Dorgan

4:07:57 to 4:08:17( Edit History Discussion )

Byron Dorgan: we heard these radio and television. massive loans and then they securitize them, they'd trade the securities back up and derivatives and credit default swaps. everybody was making money on all sides of it,ut they were building a house of cards that came down and nearly collapsed this country's entire economy. a lot of

Byron Dorgan

4:08:18 to 4:08:39( Edit History Discussion )

Byron Dorgan: the price for it. they got up this morning without a job, millions and millions of them and they can't find work. they're the victims of the cesspool of greed that we've watched for far too long. this legislation has great merit in advancing solutions to these issues, and that's why i'm going 0 vote yes. is it -- to vote yes. is it perfect? no.

Byron Dorgan

4:08:40 to 4:09:01( Edit History Discussion )

Byron Dorgan: is it an end point? no. it's the start point on a process that is very important. i hope that in the months ahead those charged with creating the regulatory environment to fix this -- to implement this legislation will get it right. because they have the opportunity the way this is written to get this right if they're smart an effective and really -- and effective and want

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