House Proceeding on Jan 22nd, 2009 :: 1:13:25 to 1:17:15
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1:13:21 to 1:13:41( Edit History Discussion )

Melissa L. Bean: it's the -- if the senate passes a bill as they would have a right to do under the normal rules subject to filibuster t. would then come over here and be subject to normal -- ms. foxx: would the gentleman yield. mr. frank: to say the gentlewoman just as she would

1:13:25 to 1:17:15( Edit History Discussion )
Speech By: Melissa L. Bean

1:13:42 to 1:14:02( Edit History Discussion )

Melissa L. Bean: not yield to me i yield to the the gentlewoman from illinois. the speaker pro tempore: the gentlelady from illinois is recognized for two minutes. >> i rise in opposition to h.j.res. 3hich will eliminate government to maintain stability in our financial maets during this time of economic strain. last fall this congress faced a difficult decision. we were asked to provide the

1:14:03 to 1:14:24( Edit History Discussion )

Melissa L. Bean: treasury with 00 billion to stainlize the--stabile the financial markets. the federal reserve chairman warned the u.s. economy was on the verge of collapse if we did not act. fortunately congress wisely put stipulations in place to protect taxpayer dollars. we instructed the treasury to avoid foreclosure resources.

1:14:25 to 1:14:46( Edit History Discussion )

Melissa L. Bean: we would allow congress to review the use of the first half before releasing further funds. while it was vitally necessary to stave off a collapse of our nation's financial system and remain so today, i appreciate the frustration many of my colleagues and americans have with the execution thus far of the tarp program. of particular concern, the past

1:14:47 to 1:15:07( Edit History Discussion )

Melissa L. Bean: administration did not follow congressional instruction to utilize a portion of funds to address rising foreclosures. there have been many changes in strategy taken by treasury and the fed reserve in response to evolving economic challenges that are not well understood. these actions have led to a perceived ineffectiveness that stems from confusion in both the process and purpose of

1:15:08 to 1:15:29( Edit History Discussion )

Melissa L. Bean: these funds. the tarp was intended to provide tools to stabilize our financial system to prevent collapse. it was not intended to be used as an economic stimulus. however, without the pending -- without it the congressional stimulus package that's pending would have diminished effectiveness. and our nation continues to

1:15:30 to 1:15:50( Edit History Discussion )

Melissa L. Bean: face unprecedented crisis that requires quick and decisive action. we can and should provide the new administration with the resources to both stabilize our financial system and reduce the foreclosures that continue to undermine it. yesterday we passed h.r. 384 which directs the obama administration to act with grter transparency and accountability on how our funds

1:15:51 to 1:16:11( Edit History Discussion )

Melissa L. Bean: are being used to stabilize markets and provide multi-teared options to foreclosure avoidance for creditworthy families. mr. frank: an additional minute. ms. bean: in 2008, 8,200 homeowners filed for foreclosure each day. one in six homeowners are

1:16:12 to 1:16:32( Edit History Discussion )

Melissa L. Bean: currently upside-down, meaning that their mortgage debt exceeds current home value. currently 45% of real estate on the market is foreclosed properties which continues to depress home values and adversely impact average americans who want to refinance or sell their homes. in addition, slumping consumer spending is driving many retailers and small businesses

1:16:33 to 1:16:54( Edit History Discussion )

Melissa L. Bean: under. and as they vacate their properties, commercial mortgage foreclosures will likely increase. that means even more toxic assets on the books of our financial institutions, further limiting credit. and u.s. banks continue to write off enormous losses and several are reporting severe fourth quarter losses.

1:16:55 to 1:17:15( Edit History Discussion )

Melissa L. Bean: given this data, if would be irresponsible for this congress to deny the new administration the tools needed to prevent a further collapse of our markets and credit availability. without these tools, the upcoming stimulus will have a reduced effect in igniting economic growth. i urge my colleagues to oppose today's resolution to disapprove the relea funds so american families and