House Proceeding 04-02-09 on Apr 2nd, 2009 :: 2:28:20 to 2:31:00
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2:28:17 to 2:28:38( Edit History Discussion )

Barney Frank: investing in fannie and freddie shares they shouldn't be confident that the gentleman from massachusetts would prevent a bailout of fannie and freddie. mr. frank: i'll take back my time and say that is exactly the opposite. throughout the debate i said to people they shouldn't consider that there's a guarantee, that they should not consider there's an implicit guarantee. i consistently said that. they benefited from people's

2:28:20 to 2:31:00( Edit History Discussion )
Speech By: Barney Frank

2:28:39 to 2:29:00( Edit History Discussion )

Barney Frank: perception. in fact -- i'm sorry, i haven't yielded again. i have consistently said that. when there was an intervention that mr. paulson asked for, it did refer to the bond holders as we often do, the shareholders were wiped out, including e preferred shareholders. so in fact, when i was chairman of the committee and we responded to mr. paulson, we

2:29:01 to 2:29:22( Edit History Discussion )

Barney Frank: wiped out the shareholders as i had always warned that they could be. i did think at the time we passed the bill and mr. paulson's urging, that we were about to, that it would be helpful. it turned out things were worse than they thought. he did mention mr. leach. so let me give the voting record and i was neglectful of this. the bill came to the floor of the house. the bill the admini thought was too weak.

2:29:23 to 2:29:44( Edit History Discussion )

Barney Frank: the republican rules committee allowed nine amendments. by the way, when the bill came to the floor, when i was a chairman, we had 24 amendments. . . we had the manager's amendment. mr. leach sought to put in minimum capital levels.

2:29:45 to 2:30:06( Edit History Discussion )

Barney Frank: he lost 378-36. this is in the republican house. who did it? this is part of your zero -- i should have had a footnote. the one time you did try, mr. oxley was being too weak, he got 30 republicans with him and 200 republicans against him. mr. royce had an amendmen he did better than mr. leach.

2:30:07 to 2:30:27( Edit History Discussion )

Barney Frank: he got 73 votes versus 346 in both cases, the two amendments that were allowed -- i take it back. mr. paul had an amendment, too. and this is a sign of the state of the republican party. the gentleman raised a point and i'm going to respond to it. the point is this, there were

2:30:28 to 2:30:48( Edit History Discussion )

Barney Frank: three amendments to toughen the bill. mr. paul got 47 votes. that's the republican party. here are three amendments to toughen it, all three defeated by an overwhelming majority of republicans. the point is i supported mr. oxley. i thought we had a good bill. by 2007 -- by the way, in 2005 i

2:30:49 to 2:31:00( Edit History Discussion )

Barney Frank: was hoping that we would mac and restrict subprime loans. as it became clear to me that republican opposition would prevent us from blocking