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Senate Proceeding on Jul 24th, 2008 :: 3:05:18 to 3:32:27
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3:05:04 to 3:05:18( Edit History Discussion )

after wall street on some of this speculation. it's pretty clear that -- that that's the biggest reason for these price increases and it's i important that the federal government get behind efforts

Christopher Dodd

3:05:18 to 3:05:58( Edit History Discussion )

Christopher Dodd: to do all we can to rain in the cost of -- rein in the cost of oil for truckers, for motorists, for people who are just getting squeezed and hurt so badly by these huge -- by these increasing oil prices.

Christopher Dodd

3:05:18 to 3:32:27( Edit History Discussion )
Speech By: Christopher Dodd

Christopher Dodd

3:06:04 to 3:06:10( Edit History Discussion )

Christopher Dodd: o i thank the president. i yield the floor. i suggest the absence of a quorum. the presiding officer: the clerk will call the roll. quorum call: a senator: madam president? the presiding officer:

Christopher Dodd

3:06:10 to 3:06:24( Edit History Discussion )

Christopher Dodd: the senator from connecticut. mr. dodd: madam president, i'd ask unanimous consent that the call of the quorum beth rescinded. the presiding officer: without objection. mr. dodd: madam president,

Christopher Dodd

3:06:24 to 3:06:35( Edit History Discussion )

Christopher Dodd: i thriez afternoon to share -- i rise this afternoon to share withn my colleagues the good news, that we're about t pass, i believe, the -- after many, many weeks and months, numerous votes on countless

Christopher Dodd

3:06:35 to 3:06:48( Edit History Discussion )

Christopher Dodd: amendments on the floor of this body, as well as efforts in the other chamber, to pass the housing and economic recovery act of 2008. i'm going to share some thoughts about where this is and what's

Christopher Dodd

3:06:48 to 3:07:00( Edit History Discussion )

Christopher Dodd: included in this bill that passed the house yesterday and is pending as one of the matters that will be considered in the next 24 or 48 hours by this -- by this chamber. my first expression of gratitude

Christopher Dodd

3:07:00 to 3:07:13( Edit History Discussion )

Christopher Dodd: goes to the majority leader, his staff and others, along with the minority leader staff, particularly those here on the floor, who have been very patient. in the case of the majority leader, far

Christopher Dodd

3:07:13 to 3:07:25( Edit History Discussion )

Christopher Dodd: more than patient but tremendously supportive of this effort. this has taken a long time and gone through a lot of different processes over the last number of months to get to the point where we are

Christopher Dodd

3:07:25 to 3:07:36( Edit History Discussion )

Christopher Dodd: today, on the brink of passing the most sweeping housing legislation in more than a generation. that will particularly focus on trying keep people in their homes. there are literally thousands every

Christopher Dodd

3:07:36 to 3:07:47( Edit History Discussion )

Christopher Dodd: day who face the prospect of foreclosure. this legislation will not protect everyone but it will make a difference in the case of thousands, as well as many other provisions which i'll address in

Christopher Dodd

3:07:47 to 3:07:57( Edit History Discussion )

Christopher Dodd: a minute or so. but i want to begin by expressing my gratitude to those who made it possible for us to get to this point. and again, the majority leader and his staff have played a critical role. senator

Christopher Dodd

3:07:57 to 3:08:08( Edit History Discussion )

Christopher Dodd: shelby of alabama, former chairman of the banking committee, today the ranking republican of that committee, we would never have been able to succeed at what we've achieved here without him and his

Christopher Dodd

3:08:08 to 3:08:18( Edit History Discussion )

Christopher Dodd: staff and the work he's done on the committee. we were able to mark this bill up several weeks ago and bring it to the floor of the senate on a vote of 19-2, and that was because of the work of senator

Christopher Dodd

3:08:18 to 3:08:30( Edit History Discussion )

Christopher Dodd: shelby and others along with him, of course the wondeul staff that i have as part of the democratic majority of that committee and as the chairman of the committee. they worked well together. they

Christopher Dodd

3:08:30 to 3:08:40( Edit History Discussion )

Christopher Dodd: spent countless hours. last weekend alone they were up to 2:30, 3:00 in the morning trying to iron out details between ourselves and then, of course, with the -- with the leaders and the house

Christopher Dodd

3:08:40 to 3:08:51( Edit History Discussion )

Christopher Dodd: of representatives. so there are a lot of people who can claim credit for helping us goat this point, and -- us to get to this point and i wanted to recognize them. and iill continuously over the coming

Christopher Dodd

3:08:51 to 3:09:04( Edit History Discussion )

Christopher Dodd: days, as we move beyond this legislation, but it's very important that people who never get a chance to speak in this chamber but who put in the countless hours, the staff that work on these bills,

Christopher Dodd

3:09:04 to 3:09:16( Edit History Discussion )

Christopher Dodd: work on our respective offices, work for the committees, do tremendous work on behalf of the american people. and i'm, for one, very, very grateful to all of them who've made sh a difference in bringing

Christopher Dodd

3:09:16 to 3:09:32( Edit History Discussion )

Christopher Dodd: to us the point of stepping up and doing something about this economic crisis which, at its heart, of course, is the housing crisis and of course behind all of that was the foreclosure crisis. and i want

Christopher Dodd

3:09:32 to 3:10:12( Edit History Discussion )

Christopher Dodd: to share some views on that, what the bill does and why this moment is important. beyond the specifics of this tbhivment my view, we should have and could have acted months ago on this. regrettably,

Christopher Dodd

3:10:27 to 3:10:38( Edit History Discussion )

Christopher Dodd: there are two one or two united states senators who are doing anything and everything they can do to block this bipartisan legislation from going | president bush's willingness to come to that point

Christopher Dodd

3:10:38 to 3:10:50( Edit History Discussion )

Christopher Dodd: of view and to make that announcement and to virtually, i hope, guarantee the adoption of this legislation and the pieces of it to begin working to make a difference in people's lives. and as

Christopher Dodd

3:10:50 to 3:11:03( Edit History Discussion )

Christopher Dodd: many of my colleagues know, we are in the midst of the most serious economic crisis to face our nation in many years. and certainly the american people live it every day. they don't need to read the

Christopher Dodd

3:11:03 to 3:11:16( Edit History Discussion )

Christopher Dodd: data. they live the data, whether they're being -- losing their jobs, losing their homes, watching the vue of their stocks, their pensions, their 401(k)s, all are worth less today than they were

Christopher Dodd

3:11:16 to 3:11:27( Edit History Discussion )

Christopher Dodd: even a few weeks ago. so, the american people don't need a tutorial on whether or not things are tough out there. they are living it.~ they want to know whether or not their government is doing anything

Christopher Dodd

3:11:27 to 3:11:39( Edit History Discussion )

Christopher Dodd: about it to make a difference. incomes are stagnant and for many people they're falling at precisely the time americans are experiencing increases in the cost of their daily lives. the source of wealth

Christopher Dodd

3:11:39 to 3:11:51( Edit History Discussion )

Christopher Dodd: creation in this country has been damaged badly. the sorts of wealth creation. housing, which is a source of wealth creation to many people, is losing value. stocks we know have lost value. bonds are

Christopher Dodd

3:11:51 to 3:12:02( Edit History Discussion )

Christopher Dodd: losing value. these are the items upon which many americans, through mutual funds and other vehicles, are able to increase their wealth, increase their security, prepare for their retirement, assist their

Christopher Dodd

3:12:02 to 3:12:15( Edit History Discussion )

Christopher Dodd: children, achieve a higher education, and to lead decent lives with a degree of happiness and hope that americans ought to expect living in this great country of ours. but all of these items have been

Christopher Dodd

3:12:15 to 3:12:26( Edit History Discussion )

Christopher Dodd: badly damaged over the last number of weeks. and you compound that loss of wealth creation with the fact that gasoline prices are going up, food costs are going up, health costs are going up, the cost

Christopher Dodd

3:12:26 to 3:12:39( Edit History Discussion )

Christopher Dodd: of an education is going up up. so at the very time that the sorts of wealth creation is going down -- the source of wealth creation is going down, the cost of living is rising. and, of course, unemployment

Christopher Dodd

3:12:39 to 3:12:48( Edit History Discussion )

Christopher Dodd: numbers are also worrisome. the month of may we saw a .5%, half of 1%, increase in unemployment. that's the largest single monthly increase in unemployment in 22 years in our nation. well, the root

Christopher Dodd

3:12:48 to 3:13:00( Edit History Discussion )

Christopher Dodd: cause of all of this -- and again, you don't need to know all of this because you -- you've been here and all of you are feeling it -- but the root cause of all of this is the virtually collapse

Christopher Dodd

3:13:00 to 3:13:16( Edit History Discussion )

Christopher Dodd: of the housing market that, in my view, didn't have to happen. this did not have to occur. this is not a natural disaster. it's not a hurricane or a cyclone or -- or a snowstorm. this is a problem

Christopher Dodd

3:13:16 to 3:13:32( Edit History Discussion )

Christopher Dodd: that was created because the people responsible for being the cops over these institutions were not doing their job. and as a result, we're in the mess we're in today. i yield the floor. to oversimple

Christopher Dodd

3:13:32 to 3:13:42( Edit History Discussion )

Christopher Dodd: sphie but virtually that's -- i don't want to oversimplify is, but virtually that's happened. the treasury, and i quote him, was the result of bad lending practices, and rules were tolerated if not

Christopher Dodd

3:13:42 to 3:13:55( Edit History Discussion )

Christopher Dodd: encouraged by government officials over the last number of years. and as a result, every single day in this country, madam president, 8,000 to 9,000 of our fellow countrymen are entering into foreclosure.

Christopher Dodd

3:13:55 to 3:14:06( Edit History Discussion )

Christopher Dodd: and home prices nationwide have dropped by the largest and most precipitous amounts since the great depression back in the 1930's. tens of millions of americans have watched their retirement savings,

Christopher Dodd

3:14:06 to 3:14:16( Edit History Discussion )

Christopher Dodd: their pension funds, and the value of their homes fall by alarming amounts. madam president, toipts remind my colleagues -- madam president, i want to remind my colleagues that the legislation has proven --

Christopher Dodd

3:14:16 to 3:14:29( Edit History Discussion )

Christopher Dodd: this legislation has proven time and time again to enscwoi strong bipartisan -- to enjoy strong bipartisan support. again, without the work of my partner in all of this, senator shelby, we wouldn't

Christopher Dodd

3:14:29 to 3:14:44( Edit History Discussion )

Christopher Dodd: have arrived at that remarkable result. but my colleagues, those who have been with us on all of this, those who've added their ideas to this legislation, have brought thoughtful proposals and added

Christopher Dodd

3:14:44 to 3:15:00( Edit History Discussion )

Christopher Dodd: comments as well as specific ideas, deserve a great deal of credit for this as well. but shortly after we left for our july recess, this piece of legislation passed this chamber by a vote of 79-16.

Christopher Dodd

3:15:00 to 3:15:10( Edit History Discussion )

Christopher Dodd: yesterday in the house, the bill received a bipartisan vote of 272-152. it is time to take up this bill one last time and send it to the president for his signature. now let me review, if i can, for my

Christopher Dodd

3:15:10 to 3:15:25( Edit History Discussion )

Christopher Dodd: colleagues exactly what it is we're working on so hard to achieve. the bill we are about to adopt and we've been work on over a number of weeks and months has a number of key elements, all of which have

Christopher Dodd

3:15:25 to 3:15:36( Edit History Discussion )

Christopher Dodd: been suppoed by the strong bipartisan votes in this body.| first, we have the hope for home oefrpbs act which we're told will help somewhere between 400 thoupb thousand to 500,000 americans to keep

Christopher Dodd

3:15:36 to 3:15:49( Edit History Discussion )

Christopher Dodd: their homes and avoid going into foreclosure. my hope, madam president, that numb will actually grow larger than that. that's a low estimate, but certainly an important one. these families are simply seeking

Christopher Dodd

3:15:49 to 3:16:01( Edit History Discussion )

Christopher Dodd: the american dreams of homeownership. sadly, in case after case after case, they were led astray, they were steered into mortgages they couldn't afford. and the people who steered them into it knew

Christopher Dodd

3:16:01 to 3:16:11( Edit History Discussion )

Christopher Dodd: it, because they were going to make their money quickly and then they were going to get into that mortgage, sell it, move on and never be accountable. in my view, these people should be going to

Christopher Dodd

3:16:11 to 3:16:23( Edit History Discussion )

Christopher Dodd: prison for what they did. i know people say that is a harsh conclusion, but to knowingly lure someone into a financial arrangement you knew they could never afford and to know full well they were going to

Christopher Dodd

3:16:23 to 3:16:38( Edit History Discussion )

Christopher Dodd: end up defaulting on that or falling behind, to me, that behavior is reprehensible and people ought to be held accountable for those who knowingly engage in a practice which caused so much harm in

Christopher Dodd

3:16:38 to 3:16:51( Edit History Discussion )

Christopher Dodd: our country. in this case, often the mortgage brokers who pretended to be trusted financial advisors were exactly the opposite. they had no intention and were doing nothing when it came to advising

Christopher Dodd

3:16:51 to 3:17:03( Edit History Discussion )

Christopher Dodd: and providing help to the borrowers. tph-bgt, according to "the wall street journal," over 60% of the people who were talked into subprime loans actually could have qualified for a conventional

Christopher Dodd

3:17:03 to 3:17:17( Edit History Discussion )

Christopher Dodd: mortgage at far lower cost to them than what a subprime mortgage cost. 60% of people who were lured into that category by people who knowingly knew that they had an opportunity to qualify for something

Christopher Dodd

3:17:17 to 3:17:30( Edit History Discussion )

Christopher Dodd: that would haveost them far, far less than they ended up paying. well, anyway, this part of our bill, the hope for homeowners act, is a voluntary program that will help save these homes by forcing

Christopher Dodd

3:17:30 to 3:17:41( Edit History Discussion )

Christopher Dodd: the lenders who choose to participate to take some losses. these are not bailouts. the borrowers will have to pledge at least 50% of all new equity and future appreciation in order to get the benefit

Christopher Dodd

3:17:41 to 3:17:53( Edit History Discussion )

Christopher Dodd: of a new reduced mortgage at a fixed rate that they can afford to pay. so, the lender takes that haircut. they're not going to get what they thought they were going to get, but they're not going

Christopher Dodd

3:17:53 to 3:18:06( Edit History Discussion )

Christopher Dodd: to get zero. and the borrower gets to stay in his or her home. they end up paying that insurance and contributing a part of the equity that will increase over the years to compensate for this program.

Christopher Dodd

3:18:06 to 3:18:18( Edit History Discussion )

Christopher Dodd: there are many protections built into this program. only homeowners will qualify. no speculators. only homeowners. no investors are speculators will be allowed to participate. borrowers will have

Christopher Dodd

3:18:18 to 3:18:29( Edit History Discussion )

Christopher Dodd: to show that they cannot afford their current mortgages, and all loans will be underwritten at a level the borrower can afford to pay. new loans will be a 30-year fixed rate mortgage. and all of

Christopher Dodd

3:18:29 to 3:18:45( Edit History Discussion )

Christopher Dodd: this is done at no cost to the taxpayer. in fact, over the next ten years, the congressional budget office tells us that the program will actually raise some $250 million for the treasury of the united

Christopher Dodd

3:18:45 to 3:18:57( Edit History Discussion )

Christopher Dodd: states. this provision combined with the government-sponsored enterprise, fannie mae, freddie mac, the home loan banks, regulatory reform of this bill passed by the banking committee 19-2, as i mentioned

Christopher Dodd

3:18:57 to 3:19:12( Edit History Discussion )

Christopher Dodd: earlier. let me put to rest, if i can, an issue that has been raised. i described what we'll do with that borrower with that very distressed mortgage. tgi can hear someone saying out there, "senator, i live

Christopher Dodd

3:19:12 to 3:19:24( Edit History Discussion )

Christopher Dodd: next door. i've tkpwof a mortgage i'd -- - i've got a mortgage i'd like to get reduced at well. i'm not at risk for losing my home. i got a mortgage at a time when my broker and my banker worked out

Christopher Dodd

3:19:24 to 3:19:35( Edit History Discussion )

Christopher Dodd: an arrangement that i could afford to pay for. why is this neighbor getting this deal and i'm not? is that t fair?" that's a good question. let me say to you as a borrower, first of all, i want to keep that

Christopher Dodd

3:19:35 to 3:19:48( Edit History Discussion )

Christopher Dodd: borrower at home. if you've got a similar problem, i'd be willing to help you. you don't want that neighbor go into foreclosure. if your neighbor goes into foreclosure, then the value of your home

Christopher Dodd

3:19:48 to 3:19:59( Edit History Discussion )

Christopher Dodd: that day begins to decline dramatically. the last thing any neighbors want on a block is foreclosed properties. for every 8,000, 9,000 people who go into foreclosure today as they will, there are 16,000

Christopher Dodd

3:19:59 to 3:20:12( Edit History Discussion )

Christopher Dodd: people who live next door to that foreclosed property. and when the valve your properties go down in a neighborhood -- and when the value of your properties go down in a neighborhood, crime rates

Christopher Dodd

3:20:12 to 3:20:24( Edit History Discussion )

Christopher Dodd: go up and it spirals further and further down. so i hear what you're saying. but if you think carefully about how that helps you as well by keeping that homeowner in the house, keeping the value of your

Christopher Dodd

3:20:24 to 3:20:51( Edit History Discussion )

Christopher Dodd: property up, everyone benefits. for those of you who wonder why not everyone is going to get new mortgage at a rate they can afford, the value of this program is to try to put a tourniquet on the hemorrhaging

Christopher Dodd

3:20:51 to 3:21:05( Edit History Discussion )

Christopher Dodd: going on, 1,500,000 pooh have lost their homes in the past year. it is predicted by some, credit suisse being one, that one out of every 500 will wind up outf their homes in the next five years.

Christopher Dodd

3:21:05 to 3:21:18( Edit History Discussion )

Christopher Dodd: we desperately need this legislation. as i've said repeatedly, every day we wait, some 8,000 to 9,000 foreclosures are filed. in fact, the delays we've suffered overhe last number of days have causedau

Christopher Dodd

3:21:18 to 3:21:30( Edit History Discussion )

Christopher Dodd: an awful lot of people who we might have been able to help to find themselves without a home. remember, these are notust numbers. i've been citing numbers to you, 1.5 million, 8,000 to 9,000, how this

Christopher Dodd

3:21:30 to 3:21:41( Edit History Discussion )

Christopher Dodd: program would work; for every one of these numbers there's a family. just imagine tonight that you've got to go home and tell your husband or your wife or your children, we're no longer going to live here.

Christopher Dodd

3:21:41 to 3:21:58( Edit History Discussion )

Christopher Dodd: we can't afford to stay here. this has been our home, but we have to find some other place to hraoeufplt i don't know of anyone -- to live. i don't know of anyone who would like to go home to carry

Christopher Dodd

3:21:58 to 3:22:13( Edit History Discussion )

Christopher Dodd: that message because we can't afford a mortgage that someone lured us into. these numbers don't speak about e human tragedy, the costs beyond the financialin implication. the importance of this legislation

Christopher Dodd

3:22:13 to 3:22:27( Edit History Discussion )

Christopher Dodd: goes to the heart of who we are as a people, that sense of optimism and confidence, that fulfillment of a dream of raising your home. living in a quiet, safe neighborhood for many people is no longer

Christopher Dodd

3:22:27 to 3:22:41( Edit History Discussion )

Christopher Dodd: going to be there. in late june of this year the census reported that homeownership rate, after reaching an all-time high in 2005, has fallen to a little over 67%, the sharpest annual decline in

Christopher Dodd

3:22:41 to 3:22:53( Edit History Discussion )

Christopher Dodd: 20 years. according to "the new york times," minorities who are disproportionately likely to get subprime loans, are suffering especially badly. that is why this legislation is widely supported by community

Christopher Dodd

3:22:53 to 3:23:08( Edit History Discussion )

Christopher Dodd: and civil rights groups, financial institutions and others. they see a generation of wealth being lost as a result of this foreclosure crisis. the united states senate expressed its strong bipartisan

Christopher Dodd

3:23:08 to 3:23:17( Edit History Discussion )

Christopher Dodd: support of the hope for homeowners act when it tkwaoetd an defeatedan amendment offered to strip out this home entirely. to the credit of my colleagues, democrats and republicans, we voted 69-21 to keep

Christopher Dodd

3:23:17 to 3:23:29( Edit History Discussion )

Christopher Dodd: this program a part of this bill. i want to make people understand something. there is no miracle here. i'm not suggesting to you this is going to work perfectly. it's our best judgment that this voluntary

Christopher Dodd

3:23:29 to 3:23:40( Edit History Discussion )

Christopher Dodd: program could make a difference. and my hope is it will. the second part of the bill, madam president, includes the f.h.a. modernization act. this passed early in april of this year as part of the foreclosure

Christopher Dodd

3:23:40 to 3:23:56( Edit History Discussion )

Christopher Dodd: prevention act by a vote of 84-12. the provision in the current bill are identical to that legislation that i authored earlier this year, with the exception that the loan limits have been increased

Christopher Dodd

3:23:56 to 3:24:10( Edit History Discussion )

Christopher Dodd: to high-cost areas to a maximum of $625,000. as the administration has repeatedly said, the modernization of the federal housing administration will put it in a better position to keep future borrowers away from

Christopher Dodd

3:24:10 to 3:24:22( Edit History Discussion )

Christopher Dodd: abusive subprime loans. thirdly, this legislation creates a strong, effective, world-class regulator to the housing government-sponsored enterprises: fannie mae, freddie mac and the federal home loan banks.

Christopher Dodd

3:24:22 to 3:24:34( Edit History Discussion )

Christopher Dodd: these entities have kept the housing and conforming mortgage p markets going while other capital markets have literally frozen up. we need to make sure these crucial market players are appropriately capitalized,

Christopher Dodd

3:24:34 to 3:24:47( Edit History Discussion )

Christopher Dodd: well regulated and properly supervised so that the american people can continue to depend on them to ensure that affordable mortgages will always be available. recent losses at fannie mae and freddie

Christopher Dodd

3:24:47 to 3:24:58( Edit History Discussion )

Christopher Dodd: mac speak to the urgency of this need and the legislation before us accomplishes that goal. in addition to the government-sponsored enterprise, a portion of this bill would create a new, permanent

Christopher Dodd

3:24:58 to 3:25:09( Edit History Discussion )

Christopher Dodd: affordable housing fund that will help finance the construction and preservation of affordable homes and departments across this nation. again, madam president, the need for this is growing, especially

Christopher Dodd

3:25:09 to 3:25:25( Edit History Discussion )

Christopher Dodd: as the foreclosure crisis is pushing more and more families into rental housing. again, the senate spoke forcefully in support of this program when an amendment was offered by a senator in this

Christopher Dodd

3:25:25 to 3:25:37( Edit History Discussion )

Christopher Dodd: body to strike that entire program. and my colleagues here, again democrats and republicans, voted 77-11 to keep this permanent affordable housing program. the bill also includes $3.9 billion for community

Christopher Dodd

3:25:37 to 3:25:50( Edit History Discussion )

Christopher Dodd: development block grant funds to our communities across the nation to revitalize their neighborhoods that have been devastated by foreclosures. this provision has strong support from our nation's mayors, community

Christopher Dodd

3:25:50 to 3:26:01( Edit History Discussion )

Christopher Dodd: groups, religious organizations, housing groups, civil rights organizations as well. unfortunately, we can't stop every foreclosure, but these funds will help our communities deal with the fallout of this terrible

Christopher Dodd

3:26:01 to 3:26:12( Edit History Discussion )

Christopher Dodd: appropriate to help stabilize and renew our hardest-hit communities. there are important sections of the legislation that help our nation's veterans find and keep housing, to provide them with housing counseling.

Christopher Dodd

3:26:12 to 3:26:25( Edit History Discussion )

Christopher Dodd: we increased housing counseling money in this bill so that we can help people to avoid the scourge and trauma of losing their homes through foreclosure. there are a number of important tax provisions.

Christopher Dodd

3:26:25 to 3:26:38( Edit History Discussion )

Christopher Dodd: and i want to commend my friend and colleague from montana, max baucus, senator grassley of iowa. the finance committee did a terrific job with this bill. they got rid of some onerous and i think wrong

Christopher Dodd

3:26:38 to 3:26:52( Edit History Discussion )

Christopher Dodd: tax provisions that had been adopted earlier, and included in here are wonderful provisions to help first-time home buyers as well as the, to provide some assistance in the area of encouraging additional

Christopher Dodd

3:26:52 to 3:27:06( Edit History Discussion )

Christopher Dodd: investments in our housing areas. so i want to commend max baucus and chuck grassley and members of the finance committee for the additions they've added to this bill that are going to make a significant

Christopher Dodd

3:27:06 to 3:27:19( Edit History Discussion )

Christopher Dodd: difference. and finally, madam president, the legislation includes an important stand-by authority that was requested by the secretary of the treasury, hank paulson. he worked all weekend two weekends

Christopher Dodd

3:27:19 to 3:27:31( Edit History Discussion )

Christopher Dodd: ago with various other people to do what they could to figure out how not to lose the major investments in our government-sponsored enterprises. and he came up with this idea of stand-by authority.

Christopher Dodd

3:27:31 to 3:27:42( Edit History Discussion )

Christopher Dodd: now, it's unprecedented authority he's asking for, but hank paulson impresses me as someone who's thought about this. he spent a lifetime in the private sector and knows and understands these issues pretty

Christopher Dodd

3:27:42 to 3:27:55( Edit History Discussion )

Christopher Dodd: well. and i know for a fact he reached out to a lot of other people in the country not of his own political persuasion, but people he respects as well and listened to them as they crafted this stand-by

Christopher Dodd

3:27:55 to 3:28:09( Edit History Discussion )

Christopher Dodd: authority. and my colleagues have raised some very good questions about it. we had a long, almost five-hour hearing of the banking committee last week where hank paulson and ben bernanke, chairman

Christopher Dodd

3:28:09 to 3:28:19( Edit History Discussion )

Christopher Dodd: of the federal reserve, and christopher cox of the s.e.c. sat there for 24 hours andnswered questions about this proposal. there are legitimate issues about it. i see my friend from new mexico here,

Christopher Dodd

3:28:19 to 3:28:30( Edit History Discussion )

Christopher Dodd: former chairman of the budget committee; questions he would have asked were he on that committee. i think we answered them as well as we could. but i think hank paulson has it about right. this authority

Christopher Dodd

3:28:30 to 3:28:41( Edit History Discussion )

Christopher Dodd: is going to be critical if we're going to encourage people to stay involved in this critically important area of liquidity for the housing market. so i know my colleagues are concerned about this

Christopher Dodd

3:28:41 to 3:28:56( Edit History Discussion )

Christopher Dodd: 18-month proposal. that's how long it will last. we're going to watch it carefully. any authority that he would seek would be subject to, of course, the debt ceiling limits which the congress can impose

Christopher Dodd

3:28:56 to 3:29:06( Edit History Discussion )

Christopher Dodd: at any point to slow this down. but the idea that that authority is there will give us, i think, the needed, the needed security that many global investors -- and i want to point out they're global

Christopher Dodd

3:29:06 to 3:29:17( Edit History Discussion )

Christopher Dodd: investors -- in these institutions need in order to stabilize them at a critical time when there are significant legitimate terse about whether or not these -- jitters about whether or not these institutions

Christopher Dodd

3:29:17 to 3:29:29( Edit History Discussion )

Christopher Dodd: can provide. this provision was added by the secretary of the treasury, added by the administration. senator shelby and i felt it was worthy of inclusion in this bill, and that's why we included it. in short,

Christopher Dodd

3:29:29 to 3:29:39( Edit History Discussion )

Christopher Dodd: madam president, this is a good, balanced bill. in many ways, it's almost landmark legislation, taking a long time to get here, but unfortunately it took bad news for us to probably build the support

Christopher Dodd

3:29:39 to 3:29:50( Edit History Discussion )

Christopher Dodd: that this bill needed.| but we are where we are and this bill is going to be making a difference almost immediately. in fact, we're seeing the difference already in the markets around the country

Christopher Dodd

3:29:50 to 3:30:02( Edit History Discussion )

Christopher Dodd: and around the world, for that matter. this bill has very broad support support, including from the conference of mayors, the league of cities, the mortgage insurance companies of america, the leadership

Christopher Dodd

3:30:02 to 3:30:13( Edit History Discussion )

Christopher Dodd: conference on civil rights, the mortgage bankers association of america, the consumer federation of america, the national association of home builders, naacp, acorn, the financial services round-table,

Christopher Dodd

3:30:13 to 3:30:23( Edit History Discussion )

Christopher Dodd: and numerous other business, consumer, and civil-rights organizations. in fact, madam president, i'd ask consent that a long list of these organizations be included in the record at this juncture for my

Christopher Dodd

3:30:23 to 3:30:32( Edit History Discussion )

Christopher Dodd: colleagues be aware of. the presiding officer: without objection. mr. dodd: i point this out, madam president, because rarely, as my colleagues will tell you, we'll on which time have one group

Christopher Dodd

3:30:32 to 3:30:41( Edit History Discussion )

Christopher Dodd: of people whoho have -- the presiding officer: the time has expiredment mr. dodd: one additional minute. the presiding officer: without objection. mr. dodd: we often times have one group of people and

Christopher Dodd

3:30:41 to 3:30:52( Edit History Discussion )

Christopher Dodd: not other. when you have the financial services round-table, the naacp, the consumer federation of america, the league of cities, you get some sort of idea of what we've been able to put together,

Christopher Dodd

3:30:52 to 3:31:00( Edit History Discussion )

Christopher Dodd: senator shelby and i have, with this bill. is this a bill richard shelby would write on his own? is no. is this a bill i would write on my own? absolutely. no we don't do business like that around

Christopher Dodd

3:31:00 to 3:31:10( Edit History Discussion )

Christopher Dodd: here. there are 100 of us around here and we try to work together to fashion ideas that make sense. and that's what we've done with this critically important piece of legislation. so i think that

Christopher Dodd

3:31:10 to 3:31:20( Edit History Discussion )

Christopher Dodd: senator shelby. i thank my colleagues, my democratic colleagues on the banking committee, for their leadership, jack reed, chuck schumer, tim johnson, a long list of people who made a significant

Christopher Dodd

3:31:20 to 3:31:31( Edit History Discussion )

Christopher Dodd: contribution to this bill. and i thank my republican colleagues on the committee as well. eight out of ten of my republican colleagues on that committee supported this effort and have stayed with us

Christopher Dodd

3:31:31 to 3:31:41( Edit History Discussion )

Christopher Dodd: through this long, arduous process, a process that did not have to last this long, shouldn't have to last this long over the next several days. we could pass this bill in the next hour and send

Christopher Dodd

3:31:41 to 3:31:52( Edit History Discussion )

Christopher Dodd: it to the president for his signature this afternoon. and that's the kind of news i think the world is waiting for, both at home and around the globe, that american -- the american congress, democrats

Christopher Dodd

3:31:52 to 3:32:00( Edit History Discussion )

Christopher Dodd: and republicans, contrary to the opinion people have of us, can actually sit down and work together and produce something for the american people. that's what we've done with this bill, and i thank

Christopher Dodd

3:32:00 to 3:32:14( Edit History Discussion )

Christopher Dodd: my colleagues for it. i urge the adoption of this legislation when the moment occurs. and i yield the floor. mr. domenici: madam president? the presiding officer: the senator from new mexico. mr. domenici:

Christopher Dodd

3:32:14 to 3:32:27( Edit History Discussion )

Christopher Dodd: i ask unanimous consent that during the 30-minute block of time for our side, that five minutes be allocated to me, 12 1/2 to senator vitter, and 12 1/2 to senator enzi. the presiding officer: without

Pete Domenici

3:32:27 to 3:32:40( Edit History Discussion )

Pete Domenici: objection. mr. domenici: madam president, let me -- let me first ask that i be permitted to use one minute upfront that's not allocated to my five minutes. the presiding officer: without objection. mr.

Pete Domenici

3:32:27 to 3:38:55( Edit History Discussion )
Speech By: Pete Domenici

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