Senate Proceeding on Jul 15th, 2010 :: 4:27:10 to 5:21:40
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4:26:50 to 4:28:20( Edit History Discussion )
Speech By: Maria Cantwell

4:26:53 to 4:27:13( Edit History Discussion )

Maria Cantwell: mistake and said, hands off to derivatives in 2000 and then a $200 million market imploded to a $600 trillion dark market -- the chairman has now made sure that for the first time over-the-counter derivatives will be regulated. that means for the first time over-the-counter derivatives

4:27:14 to 4:27:34( Edit History Discussion )

Maria Cantwell: will have to be exchange traded, whicmeans there will be transparency. it's the first time over-the-counter derivatives will have to be cleared, which means a third party will have to validate whether there is real money behind these transactions. and it is the first time the cftc will be allowed to say that they can have -- that they will

4:27:35 to 4:27:55( Edit History Discussion )

Maria Cantwell: be able to enforce aggregate position limits across all exchanges, which means you can't hide this dark mart derivative money on some exchange that isn't properly regulated or try to make the market acrossll exchanges. and it is the first time that things like the london loophole will be closed so that you can't

4:27:56 to 4:28:17( Edit History Discussion )

Maria Cantwell: have markets and exchanges that aren't regulated. so to the american people to know that something as onerous as credit default swaps brought down our economy that now for the first time we will have regulation of these over-the-count derivatives, i thank the chairman for his efforts in that eamplet $600

4:28:18 to 4:28:20( Edit History Discussion )

Maria Cantwell: trillion market something like

4:28:21 to 4:28:21( Edit History Discussion )

12 times g.d.p. is a danger to

4:28:22 to 4:28:42( Edit History Discussion )

our economy if it is not regulated. thank god we're going to be regulating it for the first time. and i would encourage all my colleagues on the other side of the aisle, who at one point in time said these are too complicated to understand, understand they brought down our economy and understand that we're going to for the first time regulate over-the-counter derivatives. i thank the chair for his

4:28:43 to 4:29:04( Edit History Discussion )

leadership. mr. dodd: i thank the senator from washington for her contribution. we've arrived at that moment. as i understand it, let me make a parliamentary inquiry inquiry. there are two votes, as i understand it. one is on the waiver of the budget point of order. and the second vote will occur on the final passage of the co is that correct? the presiding officer: the senator is correct. mr. dodd: have the yeas and

4:29:05 to 4:29:26( Edit History Discussion )

ys been ordered on the waiver of the point of order? the presiding officer: they have. mr. dodd: and are the yeas and nays ordered on the final passage of the bill? the presiding officer: they have not. mr. dodd: i'd ask the yeas and nays on the ninal passage of the conference report. the presiding officer: is there a sufficient second? there appears to be. there is. so ordered. mr. dodd: just in conclusion

4:29:27 to 4:29:49( Edit History Discussion )

here, again, my thanks -- i want to tha the floor staff as well rnngs both the minority and the majority side. we've spent a lost time here together over the last y i'm deeply grateful to them for the orderly way in which they conducted business and how fair and disciplined they are about making sure the floor of the senate runs so well. i thank him immansly for their work. and i urge my colleagues to

4:29:50 to 4:30:10( Edit History Discussion )

waive the point of order and to support this historic landmark piece of legislation that we hope will set our country on a course of financial stability and success in the generations to come. i yield the floor. the presiding officer: the question is on the motion to waive. the yeas and nays have been ordered.

4:30:11 to 4:30:16( Edit History Discussion )

th

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vote:

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vote: the presiding officer: are there any senators in the chamber wishing to voter to change their vote?

4:56:43 to 4:57:04( Edit History Discussion )

if not, -- the presiding officer: are any senators wishing to vote or to change their votes? if not, on this vote the yeas are 60, the nays are 39. three-fifths of the senators duly voted in the affirmative, the motion is agreed to.

4:57:05 to 4:57:24( Edit History Discussion )

mr. reid: mr. president? the presiding officer: the majority leader's recognized. mr. reid: mr. president, i've been conferring off and on throughout the day with the republican leader. there will be no more votes today.

4:57:36 to 4:57:56( Edit History Discussion )

we have a final passage. i'm not used to these simple majority votes. we'll finish -- and that will be the last vote today. we're going to swear in the new senator from west virginia at 2:15 on tuesday. and immediately after that, as

4:57:57 to 4:58:17( Edit History Discussion )

Harry Reid: soon as that's over at 2:30 we'll have a vote on extending unemployment benefits. and the republican leader and i are working on a way to move forward on small business. i think we have a pretty good path of what we're going to do on that. after we finish that, it's my intention to move to the supplemental appropriation bill.

4:58:05 to 4:59:10( Edit History Discussion )
Speech By: Harry Reid

4:58:18 to 4:58:38( Edit History Discussion )

Harry Reid: it appears we're going to have a cloture vote on that. but i think we can work out the time on that so it doesn't tak an inordinate amount of time. i conferred with the republican leader at the beginning of this work period on monday. we have a list of things that we need to accomplish before we leave here. as everyone knows here, we're going to be here four or five weeks.

4:58:39 to 4:59:03( Edit History Discussion )

Harry Reid: the two leaders, democrat and republican, were betting on four weeks rather than five weeks, but we'll need a little cooperation to get that done. anything? the presiding officer: the question is on the adoption of the conference report. the yeas and nays having ordered.

4:59:04 to 4:59:17( Edit History Discussion )

Harry Reid: the clerk will call the roll.

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vote:

5:16:02 to 5:16:07( Edit History Discussion )

vote: