Senate Proceeding on May 4th, 2009 :: 3:07:10 to 3:12:35
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3:07:01 to 3:07:24( Edit History Discussion )

David Vitter: a senator: madam president? the senator from mr. vitter: thank you, madam president. madam president, i consent tt the quorum call be lifted. the presiding officer: without objection. d under the previous order the time until 5:30 shall be equally divided prior to votes in relation to amendments 1017 offered by the senator from louisiana,

3:07:10 to 3:12:35( Edit History Discussion )
Speech By: David Vitter

3:07:25 to 3:07:45( Edit History Discussion )

David Vitter: mr. vitter: than thank you, madam president. madam presiden i rise to present my amendments coming up for a vote, amendments number 1016 and 1017. i've spoken before them before on this floor, but i wanted to summarize them for all concerned beliefly. -- briefly. amendment 1016 is simple and

3:07:46 to 3:08:09( Edit History Discussion )

David Vitter: straightforward, madam president, but very, very important as well. it says that any bank which is accepted tax-pair tarp dollars can repay those dollars with interest and get out of the program whenever it wants as long as it meets all the safety and soundness criteria, all the

3:08:10 to 3:08:30( Edit History Discussion )

David Vitter: liquidity criteria that all of the regulators that regulate that bank have on them. ain, madam president, this is a very basic, but important idea. the tarp program was stablize shaky banks. and so if a bank wants to give back the money with interest, as long as it meets all the safety

3:08:31 to 3:08:52( Edit History Discussion )

David Vitter: and soundness criteria, everyone in sight, it should be able to do that. now, madam president, you would think this would be beyond debate. unfortunately it isn't. and, unfortunately several folks, starting with the secretary of the treasury, timothy geithner, are refusing to let this happen. and, in fact, the secretary of

3:08:53 to 3:09:13( Edit History Discussion )

David Vitter: the treasury's been very clear that this isn't up simply to those banks. it's up to their new senior partner, the federal government. it is sort of like when the mob comes in as your partner in a business, you lose complete control and you can't just decide it's time to buy you out.

3:09:14 to 3:09:34( Edit History Discussion )

David Vitter: after that happens, no, no, no, no. it is no longer your as "the wall street journal" recently reported, regarding an interview with the secretary the secretary -- quote -- "indicated that the health of the individual banks won't be the sole criteria for whether financial firms will be able to repay bailout funds."

3:09:35 to 3:09:56( Edit History Discussion )

David Vitter: close well, what a great, new world we new live in where individual, private institutions can't set their own course, can't decide their own destiny. can't even give back taxpayer dollars to benefit the tpayer, to benefit the treasury interest as long as they meet

3:09:57 to 3:10:17( Edit History Discussion )

David Vitter: all of the safety and soundness and capitalization requirements in sight. there's also a provision in my amendment that says treasury can't force of the warrants at a price they name. that, i believe, is noncontroversial since a

3:10:18 to 3:10:40( Edit History Discussion )

David Vitter: distinguished member of the majority, senator jack reed of rhode island is proposing precisely my same regard to warrants. this is an important issue with regard to our system. whether we're going to allow it to get back to a private firm-based free market system,

3:10:41 to 3:11:02( Edit History Discussion )

David Vitter: and to support this amendment. and then secondly, madam president, is this amendment has to do with the federal administration. and it simply focuses like a laser beam on the importance of preserving and protecting the fundamental solvency of the f.h.a.

3:11:03 to 3:11:24( Edit History Discussion )

David Vitter: this amendment requires t first duty of the f.h.a. is to maintain that solvency. and it says that the provisions of this underlying bill, or any other existing requirement caused the f.h.a. to be reasonably likely to need a bailout from congress, which a lot of folks think is imminent, then the commissioner shall

3:11:25 to 3:11:46( Edit History Discussion )

David Vitter: temporarily suspend that program which is causing a need for a legislation to congress to fix the situation. madam president, many including, again, "the wall street journal", think that it we're headed toward a crippling

3:11:47 to 3:12:07( Edit History Discussion )

David Vitter: blow to the f.h.a. needing a bailout from congress. well, rather than rush heap more burdens and more requirements and more need for more money on the f.h.a., which this underlying bill does, perhaps we should put in place some basic protections protect the solvency of f.h.a.

3:12:08 to 3:12:29( Edit History Discussion )

David Vitter: and that's what m amendment does very, very clearly. thank you, madam president. with that, i reserve the balance of my mr. dodd: madam president, ill welcome to see my friend from

3:12:30 to 3:12:36( Edit History Discussion )

David Vitter: louisiana is here. and i spoke earlier about my colleague's two amendments.