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Senate Proceeding on Apr 23rd, 2009 :: 1:51:20 to 2:11:20
Total video length: 12 hours 29 minutes Stream Tools: Stream Overview | Edit Time

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Chuck Grassley

1:36:45 to 1:51:20( Edit History Discussion )
Speech By: Chuck Grassley

Chuck Grassley

1:51:02 to 1:51:23( Edit History Discussion )

Chuck Grassley: now, i don't know exactly what groups are out there now backing all this stuff but when are you ever going to realize that in this country the taxpayers deserve a if there's fraud in your industry, we shup let, no holds

Patrick Leahy

1:51:24 to 1:51:45( Edit History Discussion )

Patrick Leahy: barred -- we shouldn't let -- no holds and i yield the floor. mr. leahy: mr. president, i understand the senior senator from new york has with the senior senator from

Patrick Leahy

1:51:25 to 1:53:45( Edit History Discussion )
Speech By: Patrick Leahy

Patrick Leahy

1:51:46 to 1:52:06( Edit History Discussion )

Patrick Leahy: iowa on the floor. i ask unanimous consent consent that it be in order for the senator from new york to bring up his amendment; that the pending amendment be set aside

Patrick Leahy

1:52:07 to 1:52:27( Edit History Discussion )

Patrick Leahy: for five minutes; and if there are no objections to it, it then be accepted and we then go to the kyl amendment so as not to interfere with the unanimous consent agreement to have a vote on the kyl amendment at 145. i mack that request. the presiding officer: is there ob a senator: reserving the right

Patrick Leahy

1:52:28 to 1:52:50( Edit History Discussion )

Patrick Leahy: to object, could you repeat the unanimous consent mr. leahy: if i could at republican on this. my request is that the senator om new york be allowed to

Patrick Leahy

1:52:51 to 1:53:12( Edit History Discussion )

Patrick Leahy: bring up his amendment; for five minutes; at the concluon of the five minutes, unless more time is requested by unanimous consent, that the matter, if i of, it be disposed of, but that in any event the end of that

Patrick Leahy

1:53:13 to 1:53:34( Edit History Discussion )

Patrick Leahy: time we go back to the kyl amendment which there is a unanimous consent request for a roll call vote at mr. ensign: mr. president, could i modify the request that i be recognized to just to call up an amendment and not to have action on it but to call up an amendment, spend five minutes on it and -- following the senator

Patrick Leahy

1:53:35 to 1:53:45( Edit History Discussion )

Patrick Leahy: from new york, to get my amendment the presiding officer: the senator from vernt. mr. leahy: it because that would still

Charles Schumer

1:53:46 to 1:54:06( Edit History Discussion )

Charles Schumer: leave time, the amount of time that senator kyl has requested prior to the vote on amendment. the presiding officer: is there objection? without objection, it is so ordered. mr. schumer: the presiding officer: the senator from new york. mr. schumer: thank you, mr. president. i want to thank you for recognizing me.

Charles Schumer

1:53:50 to 2:00:20( Edit History Discussion )
Speech By: Charles Schumer

Charles Schumer

1:54:07 to 1:54:28( Edit History Discussion )

Charles Schumer: i want to thank our chairman of the judiciary committee, senator leahy, one of our republican members, senator grassley, for not only managing this bill i'm a cosponsor of the underlying bill the fraud enforcement and recovery act because it provides much needed

Charles Schumer

1:54:29 to 1:54:50( Edit History Discussion )

Charles Schumer: tools to go after crook thieves and common criminals who have taken advantage of a bad economy to rob unsuspecting americans of their savings. i want t thank senators leahy, grassley, kaufman and specter and all the other cosponsors of the bill for their hard working in making sure we finally do something about financial crime. from the going, however, i've

Charles Schumer

1:54:51 to 1:55:11( Edit History Discussion )

Charles Schumer: been the vie that this was one major omission, a glaring open mission from this bill. the bill would authorize $165 million a year for the department including $75 million for f.b.i. agents, as well as money lawyers. that's all to the good. it would also provide $30 million for the postal inspection service, $30 million

Charles Schumer

1:55:12 to 1:55:33( Edit History Discussion )

Charles Schumer: fort i.g. of department of h.u.d.; $2034million to the secret service to investigates mortgage fraud. if you read the list one thing is missing, the securities and exchange c well, thanks to the hard work of many, including my cosponsor of this amendment, senator shelby and senator grassley, the lead

Charles Schumer

1:55:34 to 1:55:56( Edit History Discussion )

Charles Schumer: sponsor come up with a compromise provision. initially the amendment that we were going to offer, senator grassley raised some very valid points and we have been working in the last two days to come to an agreement and i'm proud to say we have. and so $20 million for s.e.c. enforcement; it would also give

Charles Schumer

1:55:57 to 1:56:17( Edit History Discussion )

Charles Schumer: an additional $1 million to the s.e.c.'s office of inspector general. i'm pleased to have played a role in putting together this package which will ultimately benefit the american public through safer markets and better policing of our financial system. the authorization to the s.e.c. is necessary for fighting exactly the kind of fraud that is covered by this bill leaving

Charles Schumer

1:56:18 to 1:56:40( Edit History Discussion )

Charles Schumer: the second out of the this bill is a little light 2350eu9ing a war without the manners. the s.e.c. is often the first line of enforcement before the criminal authorities get involved. now the s.e.c. staffing decreased by 10% from 2005 to 2007. the agency's just recovering from the decreases and it is

Charles Schumer

1:56:41 to 1:57:02( Edit History Discussion )

Charles Schumer: understaffed by more than 150 employees. and shockingly the s.e.c.'s technology budget, the budget determines the agency's ability to analy the markets and who caused it, is still own 50% of what it was in 2005. we need to pass thi and we need to pass this amendment now, literally every

Charles Schumer

1:57:03 to 1:57:26( Edit History Discussion )

Charles Schumer: day, because there is a new story about a fru fraud that robbed consumers of millions and sometimes billions of dollars. our authorizations for prosecutions after the s&l cris when i was in the house of representatives, resulted in around 600 convictions and $130 million in ordered restitution

Charles Schumer

1:57:27 to 1:57:47( Edit History Discussion )

Charles Schumer: between 1991 and 1995. so far, while the f.b.i. is working on 2,000 mortgage fraud cases and the second has opened more than three dozen investigations into subprime-backed securities we have not provided law enforcement with the additional funds to put the bad guys before the courts and in jail. even though the white-collar -- even though white-collar

Charles Schumer

1:57:48 to 1:58:08( Edit History Discussion )

Charles Schumer: enforcement to the federal government has been dangerously depleted. now i want to point, perhaps, not most hig in the history of our country a case that wasn't brought soon enough to explain why needs help. even though it deserves criticism and outrage for their previous actions.

Charles Schumer

1:58:09 to 1:58:29( Edit History Discussion )

Charles Schumer: this, of course, is the case of bernard madoff and the tens of billions he still there sophis unsophisticated investors. the s.e.c. receives hundreds of thousands of tips a year about investment fraud. we dent know why the s.e.c. didn't catch on to the

Charles Schumer

1:58:30 to 1:58:50( Edit History Discussion )

Charles Schumer: complaints of at least whistle-blower but the s.e.c. does not have sufficient technical and human resources to see risk marketplace. when a complaint comes detailed complaint, they did not effectively triage it. the s.e.c.'s budget has barely

Charles Schumer

1:58:51 to 1:59:11( Edit History Discussion )

Charles Schumer: kept up with inflation cost-of-living adjustments. it's not clear whether budget cuts fall through the cracks but certainly budget wisely spent, and i have faith the new chair will certainly do that, will help prevent future madoffs from happening. now, one of the things the s.e.c. wants to do with the

Charles Schumer

1:59:12 to 1:59:33( Edit History Discussion )

Charles Schumer: money that we will provide here is to specialized industry skills, develop sysms for nationwide data -- the presiding officer: the senator has used five minutes. mr. schumer: i ask unanimous consent r two more minutes. the presiding officer: without objection, so ordered. mr. schumer: one of the facts the s.e.c. wants to do with this money is to hire people with specialized industry skills,

Charles Schumer

1:59:34 to 1:59:56( Edit History Discussion )

Charles Schumer: develop systems for nationwide data searches based on tips and complaints and improve their risk molding involving market data and intelligence. it's incredible the chief regulator of the most sophisticated economy in the world does in the have this capability. let's help get the right cops on wall street and then get them

Charles Schumer

1:59:57 to 2:00:17( Edit History Discussion )

Charles Schumer: the resources they need to fight crime. so, everyone has to do more with less these days, but aim not in favor of less resulting in letting bad guys go free. i want to thank my colleague, senator grassley. as i have come up with, i think, is fair in both beefing up the s.e.c. and dealing with senator grassley's concerns related to

Charles Schumer

2:00:18 to 2:00:21( Edit History Discussion )

Charles Schumer: the inspectoreneral, and i hope that at some point we're

Patrick Leahy

2:00:22 to 2:00:42( Edit History Discussion )

Patrick Leahy: still awaiting a letter from the s.e.c., we can ask unanimous consent and move this amendment forward. it has bipartisan support. and with that, mr. president, i yield the floor. the presiding officer: the clerk will report the amendment. the c new york, mr. schumer, for himsel shiewm i ask unanimous consent the amendment be considered as

Patrick Leahy

2:00:25 to 2:01:25( Edit History Discussion )
Speech By: Patrick Leahy

Patrick Leahy

2:00:43 to 2:01:03( Edit History Discussion )

Patrick Leahy: read. the presiding officer: without objection. mr. leahy: mr. president? the presiding officer: the senator from vermont. mr. leahy: mr. president, the -- are we now back on the kyl amendment? the presiding officer: we are, but the senator from nevada is to be recognized. mr. leahy:

Patrick Leahy

2:01:04 to 2:01:24( Edit History Discussion )

Patrick Leahy: before that happens, i have 12 unanimous consent requests for committees to meet during today's session of the senate. they have the approval of the majority and minority leaders. i ask unanimous consent these requests be agreed to and the requests be printed in the record. the presiding officer: without objection. mr. leahy: and i thank the senator from new york and i senator from

Patrick Leahy

2:01:25 to 2:01:26( Edit History Discussion )

Patrick Leahy: they've been meeting with me and

John Ensign

2:01:27 to 2:01:48( Edit History Discussion )

John Ensign: my staff for weeks on this amendment. i am a glad they were able to reef an agreement. i yield the floor. mr. ensign: mr. president? the presiding officer: the senator from nevada. mr. ensign: mr. president, i ask unanim?gs consent that the pending allot be set aside and call for regular order with regard to the boxer amendment and that i be allowed to call up

John Ensign

2:01:30 to 2:02:20( Edit History Discussion )
Speech By: John Ensign

John Ensign

2:01:49 to 2:02:09( Edit History Discussion )

John Ensign: secondary amendment mr. leahy: reserving the right to object, could the senator repeat that. that was not my understanding what he was going to do. mr. ensign: yes, just for the chamber's -- mr. president, just for the edification, iave an amendment filed as a first-degree and a second-degree. i was going second-degree amendment, just

John Ensign

2:02:10 to 2:02:21( Edit History Discussion )

John Ensign: get it pending. mr. leahy: no, that was not my understanding wh -- and i would object. mr. ensign: okay, then i would ask unanimous consent that the pending amendment be set aside and i ask consent to call up

Patrick Leahy

2:02:22 to 2:02:41( Edit History Discussion )

Patrick Leahy: amendment number 1004. that's the first-degre amendment. mr. leahy: reserving the right to object -- and i shall not object -- is it my understanding that within, now it would be about seven, eight minutes, we will go off thi the kyl amendment, because i want to protect the senator from

Patrick Leahy

2:02:25 to 2:02:40( Edit History Discussion )
Speech By: Patrick Leahy

John Ensign

2:02:42 to 2:03:02( Edit History Discussion )

John Ensign: arizona on his amendment, even though it is one i disagree with. i want to protect his right to have that. mr. ensign: yes. mr. leahy: i shall not the presiding officer: the clerk wi the clerk: mr. ensign proposes an aimed numbered 1004. at the end of the bill -- reading of the amendment be dispensed wh. the presiding offir: without objection.

John Ensign

2:02:45 to 2:03:39( Edit History Discussion )
Speech By: John Ensign

John Ensign

2:03:03 to 2:03:24( Edit History Discussion )

John Ensign: mr. ensign: mr. president, the taxpayers and politicians alike have been too much in the dark about how the treasury has been implemen program -- or as most people know in the c bailout program. the president has pposed now -- and the treasury department,

John Ensign

2:03:25 to 2:03:41( Edit History Discussion )

John Ensign: secretary geithner has proposed a new tic assetlan that could put hundreds of billions of dollars of the taxpayers' money at risk. so we need to do this right. the special inspector general

John Thune

2:03:40 to 2:03:44( Edit History Discussion )
Speech By: John Thune

John Thune

2:03:42 to 2:03:45( Edit History Discussion )

John Thune: for tarp has stated that this

John Ensign

2:03:45 to 2:04:29( Edit History Discussion )
Speech By: John Ensign

John Ensign

2:03:46 to 2:04:07( Edit History Discussion )

John Ensign: new toxic asset buyback program -- it is called the public-private investment program -- is, and i quote, "inherently vulnerable to fraud, waste, and abuse." the special i.g.'s repo outlined a number of good recommendations that are necessary to protect the taxpayers and to ensure the

John Ensign

2:04:08 to 2:04:29( Edit History Discussion )

John Ensign: integrity of this new program. my amendment would simply require that the treasury department implements the recommendations from this special inspector general before allocating money under this new program known public-private investment

John Thune

2:04:30 to 2:04:34( Edit History Discussion )
Speech By: John Thune

John Thune

2:04:30 to 2:04:37( Edit History Discussion )

John Thune: program. these requirements include, very simply, one,

John Ensign

2:04:35 to 2:06:35( Edit History Discussion )
Speech By: John Ensign

John Ensign

2:04:38 to 2:04:59( Edit History Discussion )

John Ensign: conflict of interest rules to prevent ppip fund mana inappropriately using the program to benefit themselves or their common sense, makes sense. two, mandating complete transparency of this program, including public disclosure of

John Ensign

2:05:00 to 2:05:21( Edit History Discussion )

John Ensign: all transactions valuation of all assets. and, third, requiring that the fund managers that manage this program -- that they have stringent investor procedures at least as rigorous

John Ensign

2:05:22 to 2:05:42( Edit History Discussion )

John Ensign: as typical "know y procedures" found at banks or retail broke average firms to ensure that investors are legitimate. let's put these safeguards in place. these are common sense. we're all talking about eliminating -- we have front of us to eliminate fraud and abuse. well, there is no bigger program than we have right now than

John Ensign

2:05:43 to 2:06:05( Edit History Discussion )

John Ensign: tarp program. we need to eliminate fraud and abuse. and when the special inspector general has said that this new program abuse, we need to protect the taxpayers. so i would urge my colleagues to

John Ensign

2:06:06 to 2:06:27( Edit History Discussion )

John Ensign: adopt this amendment so treasury department fulfills presidenpresident obama's promise of bringing in transparency and open government. that's what he promised coming in. this particular bill, this particular amendment will help ensure that the have transparency and that their interests are protected, especially their dollars are protected with this

John Ensign

2:06:28 to 2:06:37( Edit History Discussion )

John Ensign: that literally could run into the hundreds of billions of dollars. so, with that, mr. president, i would yield the floor and urge all of my colleagues to support

Patrick Leahy

2:06:38 to 2:06:59( Edit History Discussion )

Patrick Leahy: this amendment and hopefully we won't get blocked on having a vote on this amendment. the presiding officer: the senator from vermont. mr. leahy: mr. president, i assume that the banking committee will talk about the senator fro nevada's amendment. if i could have the attention of the senator from nevada, if his staff would allow plea to have e attention of the senator

Patrick Leahy

2:06:40 to 2:08:35( Edit History Discussion )
Speech By: Patrick Leahy

Patrick Leahy

2:07:00 to 2:07:20( Edit History Discussion )

Patrick Leahy: from nevada for just a realize we're merely constitutional impediments to the staff i hate to interfere, but, again, this is one of a series of amendments that is not at all within the jurisdiction of the judiciary committee. i find it an interesting amendment, but it is within the jurisdiction of the banking

Patrick Leahy

2:07:21 to 2:07:41( Edit History Discussion )

Patrick Leahy: committee. i was hoping that as far as bill next week that some of these banking amendments would actually go on the banking bill. and have judiciary amendments on the judiciary bill. and i would assume that the discussion that will be carried out by senators dodd and shelby

Patrick Leahy

2:07:42 to 2:08:02( Edit History Discussion )

Patrick Leahy: from the banking committee, insofar as it bears no relationship at all to the judiciary i would add to that, of course, the senator from nevada has the absolute right to bring up anything -- i mean, somebody could bring up something o agricultural price supports, i suppose.

Patrick Leahy

2:08:03 to 2:08:26( Edit History Discussion )

Patrick Leahy: but i really wish we could keep it to judiciary matters. now, mr. president, am i correct that we're now back on the kyl amendm the presiding officer: we are on the kyl amendment. mr. leahy: thank you. mr. president, i suggest the absence of a quorum. mr. ensign: mr. president? mr. leahy: i withhold request. mr. ensign: mr. president, i would call for regular order on

Patrick Leahy

2:08:27 to 2:08:37( Edit History Discussion )

Patrick Leahy: the boxer amendment. the presiding officer: the amendment mr. ensign: mr. leahy: mr. president? senator from nevada.

2:08:38 to 2:08:58( Edit History Discussion )

amendment was pending, by unanimous consent. sphear officer t was pending, but the senator has called mr. ensign: mr. president, could i have the floor? the presiding officer: the senator from nevad eneni would call up as my -- mr. ensign: i would call up as my second-degree amendment -- mr. leahy: i suggest the

2:08:59 to 2:09:20( Edit History Discussion )

absence of a quorum. the presiding officer: the senator from nevada has the floor. amendment 1003. mr. leahy: the senator gave up the floor. the clerk: mr. ensign proposes amendment number 1004. mr. leahy: i absence of a quorum. the presiding officer: the

2:09:21 to 2:09:26( Edit History Discussion )

clerk will call the roll.

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