House Proceeding on Jan 15th, 2009 :: 0:21:40 to 0:26:35
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0:21:36 to 0:21:56( Edit History Discussion )

Barney Frank: chairman to see that we address this issue and forthcoming legislation. mr. frank: as he knows because he was a strong supporter, the committee on financial services once we became the majority in fact put through this house a bill that was even tougher in some ways than what the federal reserve did. i think it was the spur to the federal reserve acting. unfortunately, it wasn't acted

0:21:40 to 0:26:35( Edit History Discussion )
Speech By: Barney Frank

0:21:57 to 0:22:18( Edit History Discussion )

Barney Frank: on in the senate. i thought it was good we passed t i know there are members we can't know the senate is going to pass something, we shouldn't try. we rejected that. we did pass that bill. the gentleman from new yk, miss maloney, has been a leader here. she'll bring that will up again. we want to apply those principles not just tarp participants but all credit card companies. the gentleman is right.

0:22:19 to 0:22:39( Edit History Discussion )

Barney Frank: we should not wait until 2010. i hope that we will have this bill on the floor by march. and that we will be able,nd the gentleman's input has been helpful to us, pass a bill that will become law fairly soon. mr. kennedy: i want to sleuth the gentleman for the transparency and accountability standards he has in the manager's amendment and encourage additional funds to go to the foreclosure problem that

0:22:40 to 0:23:01( Edit History Discussion )

Barney Frank: he's identified in his manager's amendment. the speaker pro tempore: the gentleman from new jersey. mr. garrett: i yield myself such time as i may consume. it's interesting to find out that the chairman who oftentimes berates our side of the aisle for distancing ourselves from our president now finds, i find that he is already distancing

0:23:02 to 0:23:23( Edit History Discussion )

Barney Frank: himself from the president to be. president-elect obama. while he is correct when saying being overly technical by i by saying that it was president bush that actually filed the paperwork andade the submission to this house and to the congress in order for the request of the additional tarp funds, he seems to be distancing himself from his pty's

0:23:24 to 0:23:44( Edit History Discussion )

Barney Frank: president and this nation's president-elect obama for it was president-elect obama who did go to president bush and did request that this congress facilitate the passage of the additional 50 billion. the chairman may not like the fact that president-elect obama is requesting that.

0:23:45 to 0:24:05( Edit History Discussion )

Barney Frank: mr. frank: would the gentleman yield? mr. garrett: in one second. the chairman may not like the fact that president-elect obama is requesting it. it may be quite candidly the chairman has theame concerns that i do. that president-elect obama failed to give us a plan. which makes it hard for either one of us quite candidly to be able to discuss either in committee or here on the floor

0:24:06 to 0:24:26( Edit History Discussion )

Barney Frank: in a rational, logical manner what it is exactly we'll spend the 50 billion. so i will join with the chairman in being concerned and outraged that the president-elect obama has not given us a plan. but it is concerning that the chairman points to president bush when he knows that his president-elect obama who instigated this.

0:24:27 to 0:24:48( Edit History Discussion )

Barney Frank: i will yield. mr. frank: the gentleman has transformed my correcting hiser roar into distancing my -- his errorrom distancing myself from president obama. said when i got up it was done by president bush at the request of president obama. mr. garrett: i reclaiming my time. i understand what he said before. you have to always point to the words that came after that.

0:24:49 to 0:25:09( Edit History Discussion )

Barney Frank: he pointed out that it was -- he was alluding to the fact that it actually came to the floor from president bush , when yes, it was president-elect obama who initiated it. but for the fact that he initiated it, president bush as far as i know has never made a statement at he would have unilaterally made that request. i have never seen anything in the media, i may be wrong, i

0:25:10 to 0:25:30( Edit History Discussion )

Barney Frank: have never seen anything in the media or otherwise that president bush was about to come to this congress and ask for those funds. it was president-elect obama. for good or for bad. and the fact we don't have plan here quite candidly to discuss and debate today, more for the bad than the good, we are coming here without such a plan. i reserve the balance of my time. the speaker pro tempore: the gentleman from massachusetts.

0:25:31 to 0:25:52( Edit History Discussion )

Barney Frank: mr. frank: i yield myself one minute. the gentleman from new jersey has built that castle in the air because i corrected his flat error. he said, president-elect obama asked for t he did not. i said that president bush asked for it at the request of president-elect obama. how my correcting his error became distancing myself from

0:25:53 to 0:26:13( Edit History Discussion )

Barney Frank: the new president is beyond me. in fact, president bush's administration did want the second 50, the gentleman is wrong in saying they didn't. second paulson was deterred from doing that, however, because we told him that we were sufficiently disappointed in the way it had been administered. if he asked for it we would probably reject it. only if he came to some agreement with the new president

0:26:14 to 0:26:34( Edit History Discussion )

Barney Frank: and the congress could that go forward. that's the facts. yes, the outgoing administration wanted it. they withheld because they were told they wouldn't get it unless they had cooperation. and the two administrations jointly did that. there is no distancing when i make that point. in fact the central point here about the tarp is this. we believe quite to the opposite

0:26:35 to 0:26:35( Edit History Discussion )

Barney Frank: that we are distancing ourself