House Proceeding on Jan 22nd, 2009 :: 1:05:00 to 1:08:20
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1:04:56 to 1:05:17( Edit History Discussion )

Barney Frank: to failed policy and to offer the change that the people of this nation deserve. and with that i yield back the balance of my time. the speaker pro tempore: the gentleman from california, mr. mcclintock, yields back the balance of his time. the gentleman from massachusetts is recognized. mr. frank: first, i want to respond from the gentlewoman

1:05:00 to 1:08:20( Edit History Discussion )
Speech By: Barney Frank

1:05:18 to 1:05:38( Edit History Discussion )

Barney Frank: from north carolina's response to the senate parliamentary situation. she is wrong. if it resolution passes it would not be pending in the senate. the senate will always have the right to bring up a new and different bill to repeal the 50 billion but this resolutions dead not on arrival but before arrival.

1:05:39 to 1:06:00( Edit History Discussion )

Barney Frank: and the difference is this -- this resolution comes to the house floor as its counterpart came to the senate floor under expedited procedures. that is the filibuster, extended debate was not available. the rules committee was not available to stop this. the senate having defeated the one resolution that they were

1:06:01 to 1:06:21( Edit History Discussion )

Barney Frank: allowed under expedited procedures cannot revive it. in fact it said in the bill as a protection frankly for those who are likely to be opposed to the tarp that it couldn't be reconsidered. that is, it was a protection against pressures being applied by a combination of leaderships on either of both sides and the administration.

1:06:22 to 1:06:42( Edit History Discussion )

Barney Frank: so this bill's dead. the senate killed it. this is an exercise. it is true that the senate could start all over again with a new bill subject to extended debate, etc., and that, of course, nobody could take away from them. but to be very specific, this resolution's counterpart cannot come up in the senate under the

1:06:43 to 1:07:04( Edit History Discussion )

Barney Frank: rule, and the senate parliamentarian has so ruled appropriatel legislation. so what is available now here is exactly what we have in the bill we passed yesterday. the senate wants to take it up under nonexpedited procedures. and when it comes to nonexat the eding procedures, the united states senate has no equal. nobody can nonexpedite

1:07:05 to 1:07:25( Edit History Discussion )

Barney Frank: procedures like the sete. so both of these bills could come up in the senate under those rules. now, the other thing i will say is this. yeah, there is a philosophical difference here. i do think the gentleman from california was a little harsh in his criticism of the bush administration, in denouncing

1:07:26 to 1:07:46( Edit History Discussion )

Barney Frank: this because this is after all the bush administration's creation. we also have, by the way -- and let me address this. under the appointees of president bush at the federal reserve, a massive expansion of authority that was granted during the depression and has rarely been used since for the federal reserve to make loans and i want to be clear, mr.

1:07:47 to 1:08:08( Edit History Discussion )

Barney Frank: speaker and people, much of what they read about -- for instance, the intervention with a.i.g. and others did not come under the tarp primarily. they came from the federal reserve using a statutory power from the 1930's. it had not been used very much. the federal reserve used it somewhat early in 2008 and then

1:08:09 to 1:08:20( Edit History Discussion )

Barney Frank: in september, 2008, began to use it in large numbers. people are understandably concerned about this and what's being done. the financial services committee will be having a hearing within a couple of weeks in which we will begin