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Senate Proceeding on Sep 17th, 2009 :: 3:48:25 to 3:55:20
Total video length: 9 hours 45 minutes Stream Tools: Stream Overview | Edit Time

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Jon Tester

3:48:21 to 3:48:42( Edit History Discussion )

Jon Tester: made part of the record at this time. the presiding officer: without objection, so ordered. mr. mccain: yield the floor. a senator: mr. president? the presiding officer: the senator from montana. a senator: i ask unanimous consent that i be permitted to speak as if in morning business for up to ten minutes. the presiding officer: without objection. mr. tester: and that the time be charged against senator leahy's time. the presiding officer: without objection, so ordered. mr. tester: thank you, mr. president.

Jon Tester

3:48:25 to 3:55:20( Edit History Discussion )
Speech By: Jon Tester

Jon Tester

3:48:43 to 3:49:04( Edit History Discussion )

Jon Tester: mr. president, i rise to say a few words about an issue that's been front and center in my office for the past 12 reforming regulation of our financial markets. i'm a family farmer, and in neck of the woods, farmers usually don't sit around and talk about economic policy and wall street financial institutions.

Jon Tester

3:49:05 to 3:49:25( Edit History Discussion )

Jon Tester: but i do guarantee you, where i come from, everyone talks about common sense and why so much commonsense seemed to be missing when america's financial industry almost collapsed a year ago. everyone in mytate felt the impact of what happened when lehman brothers caved in.

Jon Tester

3:49:26 to 3:49:46( Edit History Discussion )

Jon Tester: en fannie and freddie hit a dead end, when a.i.g. went belly-up, when we saw daily headlines about bank mergers and bailouts. we all paid a price because of a few greedy actors on wall street and no refs on the playing field. the price was $700 billion of taxpayer money.

Jon Tester

3:49:47 to 3:50:07( Edit History Discussion )

Jon Tester: i opposed that bailout because it rewarded the wrong people and i was concerned about its ability to create a single job for our small businesses or help one family farmer. i think it was a bad deal for main street. last year, i asked treasury secretary paulson, the former chairman of goldman sachs, about why this happened.

Jon Tester

3:50:08 to 3:50:29( Edit History Discussion )

Jon Tester: his answer -- and i quote -- "i don't know." where i come from, answers like that aren't good enough. and terms lik "too big to fail" don't make any sense at all. it's time make some changes. mr. president, after what we've been through over the past year, it's clear that we need to

Jon Tester

3:50:30 to 3:50:51( Edit History Discussion )

Jon Tester: reform the rules that keep america's financial industry on our side. how? well, it going to take a lot of hard work. it's going to take a lot of honesty and a lot of commonsense of the we've already started. i've teamed up with some of m friends in the senate from both parties to cosponsor the tarp transparency act. our bill will better track the money being used to get the

Jon Tester

3:50:52 to 3:51:12( Edit History Discussion )

Jon Tester: financial industry back on its feet, because it's taxpayer money and because taxpayers deserve no less. over the course of the past year, the senate banking committee has held countless hearings on regulatory modernization. the administration has put forth a good-faith effort in working with congress in the massive legislative overhaul, and

Jon Tester

3:51:13 to 3:51:34( Edit History Discussion )

Jon Tester: government has worked with the financial industry and consumers to oline the goals of sweeping new financial regulatory reform. now, i don't believe comprehensive financial reform will guarantee that we are safe from financial crisis but if done right, it can provide folks with adequate protection. it can bring confidence back into the mark place, and it can

Jon Tester

3:51:35 to 3:51:56( Edit History Discussion )

Jon Tester: minimize the risk of financial meltdown similar to the one that we barely weathered last fall. unfortunately, there are those who do not believe comprehensive reform should be on the front burner. they're now lobbying to protect their own own profits and the status quo over consumer protection. that is why we need to news one-year anniversary -- to use

Jon Tester

3:51:57 to 3:52:17( Edit History Discussion )

Jon Tester: this one-year anniversary as a reminder of the need to act now to protect consurs and investors, to close the loopholesn our regulatory framework, and to ensure no company is too big to fail. mrpresident, we must regulate derivatives. we must supervise financial companies that have been outside the scope of regulation, thereby creating a level playing field.

Jon Tester

3:52:18 to 3:52:38( Edit History Discussion )

Jon Tester: we must ensure that there is strong supervision of all financial firms, not just dpoz to her institutions. we must built build on the bipartisan success of legislation and protect consumers. we must combine the numerous banking regulators into a more simple, streamlined, commonsense

Jon Tester

3:52:39 to 3:53:00( Edit History Discussion )

Jon Tester: structure that is capable of supervising 21st century financial institutions. we must create an entity that will protect taxpayers from future financial corporate failures and minimize the need for further government action. we must increase capital standards to prohibit institutions from growing too big to fail.

Jon Tester

3:53:01 to 3:53:22( Edit History Discussion )

Jon Tester: and we must ensure that those companies selling mortgages and securities keeps some skin in the game by holding on to a portion of the underlying's set to keep them honest -- underlying asset to keep them honest. as we move forward with regulatory reform, i will be working hard to eliminate any unintended consequences, specifically as it relates to community banks and credit unions. in montana, when we talk about

Jon Tester

3:53:23 to 3:53:43( Edit History Discussion )

Jon Tester: the banking industry, we're talking about community banks and credit unions. they're the good actors. they don't live on the edge. they didn't get into the wall street shenanigans that caused this mess. montana's community banks and credit unions serve their towns and communities reliably and safely. we are fortunate in montana to not have had a bank fail in over

Jon Tester

3:53:44 to 3:54:05( Edit History Discussion )

Jon Tester: ten years. we also have one of the lowest rates of mortgage defaults and foreclosures in the nation. and we've had very few problems as it applies to predatory subprime loans. the community banks and credit unions are not the problem, so i want to make sure that we do not place excessive fees or regulatory burdens on these

Jon Tester

3:54:06 to 3:54:26( Edit History Discussion )

Jon Tester: small but very important institutions like the community banks. over the course of the coming weeks and months, i plan to work with senator dodd, the chairman of the senate banking committee, and all of my colleagues toward commonsense reform that will increase supervision and transparency of the financial markets, that will bring back investor confidence, and that

Jon Tester

3:54:27 to 3:54:48( Edit History Discussion )

Jon Tester: will protect consumers and safeguard us from another situation where the greed of wall street penalized rd-working families. earlier this week, the president spoke on wall street. he said, "we are beginning to return to normalcy." but he warned that normalcy cannot lead to complacency. i couldn't agree more.

Jon Tester

3:54:49 to 3:55:09( Edit History Discussion )

Jon Tester: and that's what we in montana call commonsense. thank you, mr. preside i yield the floor. mr. tester: mr. president, i suggest the absence of a quorum and ask that the time during the quorum call be charged equally to both sides.

Jon Tester

3:55:10 to 3:55:24( Edit History Discussion )

Jon Tester: the presiding officer: without objection, so ordered. the clerk will call the roll.

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