1:26:02 to 1:26:24( Edit History Discussion )

Jim Bunning: th for his patience, and i yield the floor. mr. bunning: mr. president? the presiding officer: the senator from kentucky. mr. bunning: mr. president, i come to the floor to speak about the financial reform and the bill the senate is considering right now. i have made no secret of my desire to pass a strong

1:26:25 to 1:26:45( Edit History Discussion )

Jim Bunning: financial reform bill and rein in excesses of our largest financial companies. no senator in the banking committee or in this chamber has been a stronger voice against financial industry enable

1:27:08 to 1:27:30( Edit History Discussion )

Jim Bunning: bailouts and puts strong restrictions on reckless activities and our financial sector. unfortunately, the bill before the senate not only fails to end bailouts, it does just the opposite and makes them permanent. this bill will also lead to future financial disasters

1:27:52 to 1:28:12( Edit History Discussion )

Jim Bunning: end bailouts and the idea of too big to fail. instead, the bill makes too big to fail a permanent feature of our financial system. it concentrates regulations of the largest financial institutions at the federal reserve and removes only small

1:28:34 to 1:28:55( Edit History Discussion )

Jim Bunning: on top of the new fed seal of approval, our largest -- for our largest financial companies, this bill creates a new stability council that will designate other firms p for the fed to regulate and, thus, too big to fail. federal regulations of the

1:29:17 to 1:29:38( Edit History Discussion )

Jim Bunning: new resolution process. any resolution process is, by definition, a bailout because the whole point is to allow some creditors to get paid more than they would in bankruptcy. even if the financial company is

1:30:00 to 1:30:22( Edit History Discussion )

Jim Bunning: stearns, lehman brothers, a.i.g., not less. the bailouts in this bill come with a cost beyond the moral hazard created by protecting creditors. despite claims that the financial industry will pay the bailouts, payments in the

1:30:44 to 1:31:05( Edit History Discussion )

Jim Bunning: off powers. while limiting some powers -- while some limits are placed on the fed, the bill still lets it create bailouto up assets and pump money into struggling firms through -- quote -- "broad-based programs."

1:31:28 to 1:31:48( Edit History Discussion )

Jim Bunning: and make bailout a permanent part of the financial system. instead of putting all of these bailout powers into law, we should be putting failing companies into bankruptcy. bankruptcy provides certain and

1:32:10 to 1:32:30( Edit History Discussion )

Jim Bunning: are facing and will exercise caution when dealing with financial companies. later this week i will join several other senators in offering an amendment that will update our bankruptcy laws to deal with modern financial firms

1:32:52 to 1:33:16( Edit History Discussion )

Jim Bunning: th small enough to fail. decades of combinations have allowed a handful of banks to dominate the fancial landscape. the four largest financial companies have assets totaling

1:33:40 to 1:34:01( Edit History Discussion )

Jim Bunning: the deposits in this country. this concentration has come about because creditors would rather too big to fail, knowing that the government will protect them from losses. i would rather take away the

1:34:24 to 1:34:44( Edit History Discussion )

Jim Bunning: of banks with insured dosits. any financial company that are over those size limits must be forcedo shrink. this will lead to a more competitive banking secto reduce the influence of the largest firms and prevent a

1:35:07 to 1:35:29( Edit History Discussion )

Jim Bunning: first, there is nothing in this bill that will stop unsafe mortgage underwriting practices such as zero down payments and interest-only mortgages. there is a lot of talk of making financial compani have skin in the game, but when it comes to

1:35:53 to 1:36:14( Edit History Discussion )

Jim Bunning: the bill does not put an end to the g.s.e. taxpayer guarantees and subsidies or stop the taxpayers from having to foot the bill for their irresponsible actions over the past decade. on friday, the "wall street

1:36:37 to 1:36:58( Edit History Discussion )

Jim Bunning: until we resolve the future of the g.s.e.'s, the private mortgage market will not return, and the risk to the taxpayers will continue to increase. this bill does, also does nothing to address the biggest single factor in the current

1:37:21 to 1:37:43( Edit History Discussion )

Jim Bunning: cheap money will always distort prices and lead to dangerous behavior. no amount of regulations can contain it. as i mentioned earlier, the bill concentrates regulations of the largest financial firms at the federal reserve despite the

1:38:05 to 1:38:25( Edit History Discussion )

Jim Bunning: i don't think that's what we want to do in any bill that we wreath. in an earlier -- any bill that we write. in an earlier version of this bill, banks and consumers' protection regulations were removed from the fed and placed in a new bank regulator.

1:38:48 to 1:39:10( Edit History Discussion )

Jim Bunning: keeping consumer protection inside the same fed that ignored the job we gave it in 1994. and this bill takes a dangerous approach to consumer protection by separating it from the safety and soupbtness of financial companies.

1:39:36 to 1:39:58( Edit History Discussion )

Jim Bunning: investors' reliance on these agencies. instead, the bill will give investors a false sense of security by setting new standards to get certified by the government. also allowing the rating agencies to be sued will discourage new agencies from

1:40:20 to 1:40:41( Edit History Discussion )

Jim Bunning: the minority views section of the committee report. as the bill stands today, it will not solve the problem in our financial system. it is regulation without reform.