House Proceeding on Mar 25th, 2009 :: 1:33:55 to 1:38:00
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1:33:52 to 1:34:12( Edit History Discussion )

Edolphus Towns: were elevated to these positions. madam speaker, i will vote for this bil good than bad but it could have been better. i yield back the balance of my time. the speaker pro tempore: the gentleman yields back. the gentleman from kansas. mr. moore: madam speaker, i yield five minutes to the chairman of the oversight and government reform, mr. towns from new york.

1:33:55 to 1:38:00( Edit History Discussion )
Speech By: Edolphus Towns

1:34:13 to 1:34:33( Edit History Discussion )

Edolphus Towns: the speaker pro tempore: the gentleman from new york is recognized for five minutes. mr. towns: thank you, madam speaker. let me thank the gentleman from kansas for yielding to me. as chairman of the committee on oversight and government reform i rise in support of s. 383, the special inspector general for the troubled assets relief program act of 2009. it has been over five months

1:34:34 to 1:34:54( Edit History Discussion )

Edolphus Towns: since congress approved the $700 billion rescue plan for the financial industry. during this time the oversight committee has documented the accountability and transparency shortcomings of the program. i have asked before and i will ask again, what did the american people get or what can

1:34:55 to 1:35:15( Edit History Discussion )

Edolphus Towns: they expect to get from the $700 billion rescue plan? it is my goal to make sure that the taxpayers receive meaningful answers to these questions to make certain that the money is spent wisely and to ensure that waste, fraud and mismanagemenis avoided.

1:35:16 to 1:35:36( Edit History Discussion )

Edolphus Towns: i am pleased t support this legislation because i have no doubt that such oversight of the tarp program will greatly benefit from these measures to strengthen the tarp special inspector general. as special inspector general barofsky told our domestic policy subcommitteearlier

1:35:37 to 1:35:58( Edit History Discussion )

Edolphus Towns: this month, more than $300 billn has already been expended. the spending program is up and running, but the office designed to oversee the spending has not yet been provided. with all of the authority it needs to do, this job effectively, that's his words.

1:35:59 to 1:36:19( Edit History Discussion )

Edolphus Towns: we should not wait a moment longer. s. 383 provides this authority. it allows tarp to aspects of the tarp program. it also grants the s.i.g. tarp to quickly put in place the

1:36:20 to 1:36:40( Edit History Discussion )

Edolphus Towns: staff that the i.g. needs to conduct critical audits of the program. under normal circumstances, i would not advocate any daveiation from the normal civil service hiring process. i would say that's what we should flow. but these are anything but normal circumstances. these critical audits and

1:36:41 to 1:37:04( Edit History Discussion )

Edolphus Towns: investigation positions should be filled right away. i should note that even with its current modest staff the s.i.g. tarp has demonstrated its effectiveness in overseeing the tarp program. last month, i wrote to treasury secretary geithner urging him to adopt the recommendations

1:37:05 to 1:37:26( Edit History Discussion )

Edolphus Towns: made by mr. barofsky. i asked that all tharp agreements include language requiring funding recipients to provide information to the s.i.g. tarp and other inspector genera to establish internal controls and to clarify compliance. importantly, s. 383 would require the treasury secretary

1:37:27 to 1:37:48( Edit History Discussion )

Edolphus Towns: to report back to congress if any recommendations made by the s.i.g. tarp are not adopted. i look forward to working together with mr. barofsky and secretary geithner to ensure transparency in the tarp program. i believe this legislation is an important step in restoring our economy. it will provide greater

1:37:49 to 1:38:01( Edit History Discussion )

Edolphus Towns: accountability to the taxpayers who are funding the tarp program, and i urge its adoption. let me just say that i want to thank all who worked on this because i think this is legislation that's very, very