House Proceeding on Jan 15th, 2009 :: 0:00:30 to 0:20:00
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Speech By: David Dreier

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David Dreier: . i mean, at this moment there is a hearing taking place on the economic stimulus group. i was there this morning. we have a couple of very thoughtful witnesses who i suspect are still testifying, the former governor of massachusetts and presidential candidate, mitt romney, the

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David Dreier: former president and c.e.o. of ebay, meg whitman, was testifying. there were several other witnesses testifying before this working group which i'm privileged to be a part, and there are lots of ideas that are coming to that hearing not just from the wiesses, mr. speaker, but from the american people as well.

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David Dreier: and those are actually being voiced at that hearing. and so here we are, i believe, rushing ahead with legislation that is not going to become law and quite possibly allowi an additional 50 billion to be

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David Dreier: expended on this very, very, very troubled, troubled asset

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James P. McGovern: relief plan. and i for one believe that it is wrong for us to do it as we are doing it. so, mr. speaker, i urge my colleagues to vote no on this rule and to vote no on the underlying legislation. and with that i yield back the balance of my time. the speaker pro tempore: the gentleman yields back the balance of his time.

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Speech By: James P. McGovern

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James P. McGovern: the gentleman from massachusetts. mr. mcgovern: i thank you, mr. eaker. mr. speaker, the bush economic policies over the eight years have been a failure. they have been a miserable failure. we have an incredibly high number of people who have lost their numbers. december marked the second highest number of foreclosures in the history of the united

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James P. McGovern: states of america. we have the highest deficit and the highest debt in the history of our country. and unless we do something something big and something bold the economy will get worse. we have the worst economy since the great depression. people don't want to hear any more speeches.

0:02:36 to 0:02:57( Edit History Discussion )

James P. McGovern: people don't want to hear any more excuses. people in this country don't want us to stand on the house floor and say we feel your pain. what people want is action. and people want smart, bold, big, effective action by this congress. and what we are doing here today is trying to put forward

0:02:58 to 0:03:18( Edit History Discussion )

James P. McGovern: in blueprint so if in fact any more money is going to be released as part of the tarp that it is clear where that money will be spent. we are not content to just take the next administration's at their word. we want to make it very clear where congress stands. if -- this is a chance for

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James P. McGovern: people to decide, if you are for foreclosure relief then you should be supporting the bill that chairman frank has put forward. if that's not important to you, then you can vote no. if you want accountability, then you should suppt this bill. if that's not important, then put it aside. if you think that the united

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David Dreier: states house of representatives should have a say in how this money is spent, then i think you should support this bill. if not then fine, you don't have to support it. mr. dreier: mr. speaker, will the gentleman yield? mr. mcgovern: i'd be happy to yield. mr. dreier: the gentleman for whom we were waiting for earlier arrived.

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Speech By: David Dreier

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David Dreier: i wonder if i can reclaim my time and offer -- mr. mcgovern: i have no

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Gus Bilirakis: objection to that. do i need to yield? the speaker pro tempore: without objection, the gentleman is recognized. mr. dreier: the gentleman may ntinue your statement. mr. mcgorn: will don't i reserve? mr. dreier: brilliant idea. at this ti, mr. speaker, i

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Speech By: Gus Bilirakis

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Gus Bilirakis: would be very, very happy to yield two minutes to my friend from palm harbor, florida, mr. birakis. the speaker pro tempore: the gentleman from florida is recognized for two minutes. mr. bilirakis: thank you, mr. speaker. i thank the gentleman for yielding. i rise in opposition to this restrictive rule. the last congress approved

0:04:43 to 0:05:03( Edit History Discussion )

Gus Bilirakis: transferring 50 billion of this nation's wealth to wall street with little transparency, less accountability and worse of all with no real effect on our failing economy. many of our constituents are opposed to the use of the money to bail out wall street. some of them arso angry at congress they no longer trust anyone in government.

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Gus Bilirakis: i submitted an amendment to the rules committee that would have required institutions receiving bailout funds to disclose the compensation of their highest paid executives and directed the treasury department to maintain its srchable database of that information. unfortunately, my amendment was made out of order.

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Gus Bilirakis: this congress is entrusting 00 billion of taxpayers' moneys to executives on wall street. and yet congress won't even require those same executives to disclose what they are paying themselves. i believe we need this information to help us make informed decisions about the use of taxpayers' money to help

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Gus Bilirakis: the people and companies that greatly contribute to our current economic crisis. our constituents deserve to know how those to whom we have given their money are using it. if congress fails to insist on at least the most basic mechanisms of transparency while handing billions to wall street who will have victimized

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Gus Bilirakis: the american people and done irreparable harm to the reputation of this institution. i hope in the future the majority heeds our incoming president's call for

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David Dreier: bipartisanship in this body and openness in government goes towards which my amendment would have made progress. i yield back the balance of my time. the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman from california. mr. dreier: mr. speaker, i yield myself the balance of our time and the gentleman from massachusetts is going to offer his closing statements then.

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Speech By: David Dreier

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David Dreier: i just like to -- the speaker pro tempore: the gentleman from california is recognized. mr. dreier: mr. speaker, the distinguished chairman of the committee on financial services, mr. frank, as he remindd us in the rules committee day before yesterday, and i came to congress in 1980. and we did so at a very challenging economic time for the united states.

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David Dreier: and i'd like to remind our colleagues that ronald reagan was elected president the same day that mr. frank and i were elected to serve here in the house of representatives. and at that time we were dealing with double-digit unemployment, interest rates that were well into double digits, and economic news that was in fact very, very dire.

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David Dreier: now, i'm in no way diminishing, diminishing the seriousness of the economic challenges we face today, but i think that it is very important for us to note that the economy that ronald reagan inherited when some of us first arrived here was in fact in a more serious and dire circumstance than we face today.

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David Dreier: and the reason i say that is it has become a standard line out over the last week or two to say that we are in fact in the most serious economic time since the great depression. now, i hope and pray that is not the case. but, again, if we look at simply the numbers that existed

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David Dreier: in the early part of the 1980's wh mr. frank and i arrived here in the congress we still have a lot of work to do but i believe ronald reagan faced more serious challenges than we face now. now, i will y that i don't know what tomorrow is going to bring. no one knows what tomorrow is going to bring, but i believe that the solutions that we put into place in the early 1980's

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David Dreier: were in fact very positive ones which brought about marginal rate reduction which increased by trillion the flow of revenues the federal treasury through the decade of the 1980's. and, yes, we did see an increase in the size of the federal deficit. this congress ended up spending an awful lot more money than had been anticipated or than ronald reagan or some of the

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David Dreier: rest of us would have wanted. and we also know there was a dramatic buildup in defense spending that took place during the 1980's. and i believe at this junketsure we have seen the great benefit of that. in fact, this year we marked the very important 20th

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Barney Frank: anniversary of many, many, many of the great accomplishments that came from what ronald reagan did ding the 198s. mr. frank: he said that ronald reagan did not like the spending of the congress during his administration.

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Speech By: Barney Frank

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David Dreier: for six of those eht years he had a republican senate. the point is if he didn't like it he exercised great self-restraint because he did not veto one of those spending bills that he supposedly didn't like. mr. dreier: ronald reagan did not like a lot of that spending, and maybe he tolerated some of that spending is what i might acknowledge. but the fact is there was more

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Speech By: David Dreier

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David Dreier: spending that ronald reagan or any of the rest of us would have liked in the 1980's on a wide range of programs, but i did acknowledge the dramatic increase in defense spending and, again, this year 2009 marks the 20th anniversary of the crumbling of the berlin wall and dramatic changes that took place in asia, africa,

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David Dreier: europe, that i think need to be realized that came from that very, very difficult economic challenge that ronald reagan inherited in 1981. and so i would say, mr. speaker, that i think it's important for us to use the kinds of solutions that worked in the early 1980's if we can, and all i'm arguing is we look

0:10:30 to 0:10:35( Edit History Discussion )

David Dreier: at the debate on this rule and the underlying legislation that we unfortunately are not

0:10:36 to 0:10:56( Edit History Discussion )

James P. McGovern: turning to those very thoughtful time-tested alternatives. and it's for that reason that i urge my colleagues to vote no on this rule and on the underlying legislation. and as i yieldack the balance of my time i appreciate my colleagues allowing our friend from florida have the chance to speak. the speaker pro tempore: the

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Speech By: James P. McGovern

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James P. McGovern: gentleman yields back the balance of his time. the gentleman from massachusetts. mr. mcgovern: mr. speaker, i just want to close by saying that i appreciate the history lesson on ronald reagan and the berlin wall and all the other things that were mentioned. but the harsh reality is that people in this country are suffering. as we speak, people are losing their homes. the foreclosure numbers in

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James P. McGovern: december were the second highest -- were the second highest in the history of this country. people need help now. we need to do something now. so the point of this legislation is to help provide a blueprint for this new administration which has already outlined similar views. but to basically reinforce what they have said they want to do, to help provide foreclosure

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James P. McGovern: relief, more accountabity, to be able to help small businesses get the credit they need so they can employ more people. we need to get this economy on the right track and congress should have a say in it. so i would urge my colleagues to vote yes on the underlying bill, and i would urge them to vote yes on the rule. i urge a yes vote on the

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James P. McGovern: previous question and i move the previous question. the speaker pro tempore: the gentleman yields back the balance of his time and moves the previous question. without objection the previous question is ordered. the question is onnsider is laid upon the table,

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House Clerk: objection. the speaker pro tempore: pursuant to the house resolution 53 and rule 18, the chair declares the house in the committee of the whole house on the state of the union for further consideration of h.r. 384. the gentleman from arkansas, mr. ross, will kindly take the

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Speech By: House Clerk

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House Clerk: chair. the chairman: the house is in the coittee of the whole house on the state of the union for the further consideration of h.r. 384, which the clerk will reporitle. the clerk: a bill to reform the

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Mike Ross: chair. the chairman: the house is in the coittee of the whole house on the state of the union for the further consideration of h.r. 384, which the clerk will reporitle. the clerk: a bill to reform the troubled assets relief program of the secreta of the treasury and ensure accountability under such program. the chairman: when the

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Speech By: Mike Ross

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Mike Ross: troubled assets relief program of the secreta of the treasury and ensure accountability under such program. the chairman: when the committee of the whole rows on wednesday, january 14, 2009, all timneral debate pursuant to house resolution 53 had expired. pursuant to house resolution 62, no further general debate

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Speech By: Mike Ross

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Mike Ross: committee of the whole rows on wednesday, january 14, 2009, all timneral debate pursuant to house resolution 53 had expired. pursuant to house resolution 62, no further general debate is in order and the bill shall be considered as read for amendment under the five-minute rule. no amendment to the bill is in order except those printed in

0:13:54 to 0:14:14( Edit History Discussion )

Mike Ross: is in order and the bill shall be considered as read for amendment under the five-minute rule. no amendment to the bill is in order except those printed in house report 111-3. each amendment may be offered only in the order printed in the report by a member designated in the report, shall be considered as read, shall be debatable for the time

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Mike Ross: house report 111-3. each amendment may be offered only in the order printed in the report by a member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent anonent of the amendment, shall not be subject to amendment and shall not be subject to a demand for

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Mike Ross: specified in the report equally divided and controlled by the proponent anonent of the amendment, shall not be subject to amendment and shall not be subject to a demand for division of the question. it is now in order to consider amendment number 1 printed in

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Mike Ross: division of the question. it is now in order to consider amendment number 1 printed in house report 111-3. for what purpose does the gentleman from massachusetts rise? mr. frank: to offer that amendment, mr. chairman. the chairman: the clerk will designate the amendment. the clerk: amendment number 1 printed in house report 111-3 offered by mr. frank of

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Mike Ross: house report 111-3. for what purpose does the gentleman from massachusetts rise? mr. frank: to offer that amendment, mr. chairman. the chairman: the clerk will designate the amendment. the clerk: amendment number 1 printed in house report 111-3 offered by mr. frank of massachusetts.

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Mike Ross: massachusetts.

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Barney Frank: the chairman: pursuant to house resolution 62, the gentleman from massachusetts, mr. frank, and a member opposed each will control 20 minutes. the chair recognizes the gentleman from massachusetts. mr. frank: mr. chairman, when we determined that because the president was being to be triggering this request we should act on this bill, we sent out a notice to all members inviting amendments.

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Speech By: Barney Frank

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Bill: H.R. 384: TARP Reform and Accountability Act of 2009

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Barney Frank: we received a large number of amendments. and we agreed that many of them made a great deal of sense. some of think clarified the intent of the bill. this amendment includes a variety of those. there will be members that will want to talk about it. you heard the gentleman from kansas, mr. moran, talk about the removal of the provision

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Barney Frank: that would restrict the use of private aircraft. that's one of the things that is in here. there are other things that are important to various members who will be addressing them. they aim at enforcing better the accountability and essentially increasing some of the restrictions on the recipient institutions.

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Barney Frank: . i will discuss these with members and at this point i reserve the balance of my time. the speaker pro tempore: the gentleman reserves the balance of his time. for what purpose does the gentleman from new jersey rise. mr. garrett: i claim the time in opposition. the speaker pro tempore: the gentleman is recognized for 20 minutes. mr. garrett: i yield myself such time as i may consume.

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Barney Frank: the speaker pro tempore: the gentleman from new jersey is recognized.

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mr. garrett: mr. chairman, just before this meeting here on the floor, i was in my office back in cannon meeting with and on the phone with constituents a home discussing the fact of the difficult plight we find ourselves in the economy in this country right now. specifically with regard to

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homeowners, and the problems that they are having with paying their mortgages and the like. and the difficulty overall with the economy. with the rising unemployment rates. the problems in the credit markets and the like. the questions they ask, of course, is what is congress about to do with this situation?

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conversation always turns around to what has congress done in the first place? we know what that is. several months ago i guess it was in september this congress was told by the administration and agreed to by the other side of the aisle that unless congre acted expeditiously the sky was going to fall in and that what congress had to do was authorize and appropriate 00

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billion to bail out t situation. we have since that time spent 50 billion of that sum. and the callers hi from home just referring to before was saying, what did it achieve? what did we accomplish? unemployment is still high. the housing market is still tight. home prices are still falling.

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and all that we really did was to bail out wall street is the way some people couch it. we did -- the question then comes up with how did we go through that process? i have to tell the people back at home not in a very transparent and open manner. quite honestly it was a rush manner. we rushed through a piece of legislation. it started out with the three

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pages and turns over to 100 without a single hearing, a single markup, without a single discussion in committee as to whether there would be transparency and accountability and the like. now we are about to do the same thing next week, i understand, when the president-elect obama has requested we spend the next 50 billion. again without the appropriate oversight.

0:18:28 to 0:18:48( Edit History Discussion )

i commend the chairman for taking the step tory to begin the process of providing some of at degree of accountability, transparency, and oversight. but i do raise the same question that the people asked me on the phone today i was talking to. why are we rushing to judgment on it? why are we going through it in the same manner, the same failed policy reasons, the same failed

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procedural matter that we did before? without a hearing, without a discussion, without a markup in committee so that both sides of the aisle could come together with their good ideas in order to achieve what the american public wants, to right the economy, to not put the taxpayer on hook, and to do so that the taxpayer is protected. why are we doing it in the same failed policy procedure that we

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did in the past without that ability for input? the chairman will say, we have that ability because the rules committee allowed a number of amendments. we'll be debating those amendments shortly. 10 or 11 amendments we'll have at that point in time. the chairman will agree that is not the best way to achieve what we are trying to for the american public. the best way is to have an open, honest discussion in committee,

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Barney Frank: allow the experts to come in and testify, allow members from both sides of the aisle to have their input, and allow it to go through the committee to get that desired result. that was not done with tarp 1. that really is not being done with tarp 2. i rise in opposition to this failed policy and procedure that we are doing here today as well. with that, i reserve the balance of my time. the speaker pro tempore: the

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Speech By: Barney Frank

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Barney Frank: gentleman reserves the balance of his time. the gentleman from massachusetts. mr. frank: i first yield myself 30 seconds to correct the gentleman from new jersey. the speaker pro tempore: the gentleman from massachusetts is recognized. mr. frank: the obama, president obama was requesting these funds. in fact president bush requested the funds. he did it after president-elect obama asked him to. i think itught to be clear on the record.