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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

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,

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

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

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

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

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

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

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

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

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.

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.

2:08:59 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