House Proceeding on May 5th, 2009 :: 0:20:05 to 0:30:10
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0:19:48 to 0:20:09( Edit History Discussion )

Frank R. Wolf: billions of dollars of private capital needed to expand america's nuclear capacity will simply not be invested. these private investments will ultimately be what is needed for the nation to achieve real reductions in co-2 emissions and create a new clean energy economy. the speaker pro tempore: the

0:20:05 to 0:30:10( Edit History Discussion )
Speech By: Frank R. Wolf

0:20:10 to 0:20:30( Edit History Discussion )

Frank R. Wolf: gentleman from new york, mr. maffei, is recognized for five minutes. mr. maffei: i thank last week the house passed the credit card holders bill of rights with an overwhelming bipartisan vote. this week the house will take up anti-predatory lending and mortgage fraud legislation. these bills are the next step as we work to rebuild our economy

0:20:31 to 0:20:51( Edit History Discussion )

Frank R. Wolf: in aay that's fair and consistent with our values. now, the mortgage reform and anti-predatory leand lending act of 2009 will curb abuse and predatory lending, major factor in the nation's highest home foreosure rate in 25 years. the bill would outlaw many of the most egregious industry practice that is have marked the

0:20:52 to 0:21:12( Edit History Discussion )

Frank R. Wolf: subprime lending boom and prevent borrowers from deliberately misstating their incomes to qualify for a loan. i also would like to get back to rights. that's such an important piece of legislation. as i mentioned it passed 357-70 in this body. and i do urge that the other body take up this legislation as

0:21:13 to 0:21:34( Edit History Discussion )

Frank R. Wolf: rapidly as possible. the credit card holders bill of rights has had such broad bipartisan support because the issuers, these credit card issuers and companies have benefited from an uneven playing field for so long. regular people across the untry and across my district have been victimized by these unfair practices and congress has finally heard their stories. one of their stories was

0:21:35 to 0:21:57( Edit History Discussion )

Frank R. Wolf: featured today in an editorial in the syracuse post standard, my hometown newspaper. temple baptist church is the kind of customer that credit card companies used to reward with lower ierest rates, not higher ones. the church paid its bill on time and also paid at least the minimum due. but without explanation, advanta

0:21:58 to 0:22:19( Edit History Discussion )

Frank R. Wolf: raised the rate from 18% to 36.9%. the higher rate had already been applied to $8,000 in new purchases, according to the reverend. he was shocked just like thousands of citizens who have found themselves in similar positions. fortunately, for overton and other consumers, their outcry was loud enough for pay attention. last week the house of representatives approved the credit card holder rights which would prohibit

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Frank R. Wolf: sudden and retroactive rate hikes. then the editorial goes on to say later that this bill is good, we need to do more, and that congress needs to carefully examine how credit card companies conduct business. the kinds of interest rates they charge, and what other schemes are being practiced that hurt customers. overton says he got a far better deal from the mafia than his

0:22:41 to 0:23:01( Edit History Discussion )

Frank R. Wolf: credit card company. it does are shaking down customers the economy worseearns. i ask the full editorial be included in the word. the speaker pro tempore: without objection, so ordered. mr. maffei: we cannot longer allow these kind of practices to occur. the model that makes this occur is the fact that at one point in our country all lending,

0:23:02 to 0:23:22( Edit History Discussion )

Frank R. Wolf: including credit card lending, was based on the fair principle a bank or other institution would lend out money and make money on the interest and the principal would be paid back. but these credit card companies have now targeted people that can afford -- cannot afford to pay back that principal. instead continue to get higher and higher fees.

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Frank R. Wolf: and yet they are too responsible, like reverend overton torques run away. he's not going anywhere. that church is not going anywhere. there is no excuse to raise those rates and to have fees except that the company wants to make more money. my concern, the concern o newspa concern of many of us, is that these credit card companies before this bill fully takes effect before the senate's able to pass it, will take advantage

0:23:45 to 0:24:06( Edit History Discussion )

Frank R. Wolf: of this all the more. but to them, mr. speaker, to them i have a clear message, and that is, we've got our eyes on you and you shouldn't try it. because if you do we are going to put this into effect much, much earlier as our chairman barney frank has said. i do not believe that you should have a lawyer to get a credit card. we have lawyers to get a new house, often when you have a house closing.

0:24:07 to 0:24:27( Edit History Discussion )

Frank R. Wolf: but when it comes time to get a credit card you shouldn't need lawyer. these 30-page contracts frankly that people don't read, i tell you if you did rd them there are only a couple sentences that matter thorks are the one that is said the credit card issuer can do everything and the consumer nothing. these have to end, this practice has to end. we must assure fairness. that means getting the senate to pass a strong credit card holder

0:24:28 to 0:24:48( Edit History Discussion )

Frank R. Wolf: bill of rights and both houses and down the street at the white ho this industry and make sure they don't take advantage o customers further during this recession. i yield back the balance of my time. the speaker pro tempore: the gentleman from california, mr. lungren, is recognized for five minutes. mr. lungren:

0:24:49 to 0:25:12( Edit History Discussion )

Frank R. Wolf: muchr.ak i rise today in tribute to a good and great friend who is also a great american that we lost this last weekend, jack kemp. jack kemp was not only an inspiration to many but he's a model for those of us who serve in this house.

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Frank R. Wolf: through the years, his searching intellect, impressive leadership ability, his buoyant personality, and his dedication to his family was something to inspire all of us who had the opportunity to know him and those of us who were able to call him friend. i remember that he told me one

0:25:36 to 0:25:57( Edit History Discussion )

Frank R. Wolf: time that as busy as he was he always used to take the time to try to give some inspiration to his children. and at times he would write a little note to them and put it under their pillow. oftentimes it would say these simple words, be a leader. i copied that from jack and i would remind my children before

0:25:58 to 0:26:20( Edit History Discussion )

Frank R. Wolf: they would go to bed to think of themselves as leaders. not just followers. jack had that kind of effect on people. i was speaking to another member of congress recentl and i said, when you think of jack kemp, you immediately have a smile on your lips. because that buoyant personality

0:26:21 to 0:26:41( Edit History Discussion )

Frank R. Wolf: , that ultimate sense of fairness today we talk about athletes having a swagger. jack didn't walk with a swagger he walked with the grace of an athlete. and there was a certain graciousness about him as he approached anybody on this floor, democrat, republican, liberal, conservative, white,

0:26:42 to 0:27:02( Edit History Discussion )

Frank R. Wolf: black, hispanic, didn't matter. jack treated you all the same. jack genuinely believed there was goodnesin everybody. even when disappointed he would still come back. to that fundamental thought of his that if you could reach just a little bit deeper, if you talked to someone st a little

0:27:03 to 0:27:25( Edit History Discussion )

Frank R. Wolf: bit longer, if you thought a little bit harder maybe you could find agreement. maybe we could move this country forward. it was a great experience being one of jack's friends. i often thought that there might be someone out there who doesn't

0:27:26 to 0:27:46( Edit History Discussion )

Frank R. Wolf: like jack kemp, but i don't think there was a single person that jack disliked. and that could be irritating at times. when he was an ally of yours and you were dealing with a difficult issue, you'd say jack, don't you hear what they are saying? doesn't it get you irritated? he would give you that half

0:27:47 to 0:28:07( Edit History Discussion )

Frank R. Wolf: crooked smile and have that raspy chuckle and he would just keep on going. i remember when i was with him as were several other members in the house, i believe it was over in the cannon caucus roomhen jack announced his candidacy for president in 1988.

0:28:08 to 0:28:28( Edit History Discussion )

Frank R. Wolf: at the end he said something to this effect, he said while i am leaving the house, i will always be a man of the house. and i believe he was till the day he died. today as we deal with difficult issues, it would do us good to remember jack.

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Frank R. Wolf: not as someone of the past, not as someone who made great contributions to this country in his life, but someone whose spirit remains and whose example should be an example to us all. we dealt with difficult issues when he was here in the house.

0:28:53 to 0:29:14( Edit History Discussion )

Frank R. Wolf: contrast, soviet jewry, the cold war, the march of communism, high taxes, difficulty inflation , questions about where we are going and jack dealt with all of those issues, but he dealt with those issues not only with a smile but with a clarity of

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Frank R. Wolf: sion and an approach that invited people to sit down and debate with emotion but with civility. there could be no better example for us today. . the generosity of his spirit,

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Frank R. Wolf: the genuineness of his friendship, i thank god for all of those things. and i think today as we deal with these difficult issues rather than just to have a tip of the hat to people like jack kemp we ought to say your inspiration, your leadership

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Frank R. Wolf: and your example will continue to burn brightly in the hearts of members of this body, and we shall always remember your