Senate Proceeding 10-01-08 on Oct 1st, 2008 :: 1:07:24 to 1:18:59
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1:02:55 to 1:07:24( Edit History Discussion )
Speech By: Christopher Dodd

1:07:07 to 1:07:24( Edit History Discussion )

Christopher Dodd: the floor for senator corker to make some kents-were had comments. mr. corker: madam president, i thank you for those comments. i have been in the senate for a year and nine months. the way the national

1:07:24 to 1:07:37( Edit History Discussion )

Bob Corker: has responded over the last ten days , i'm really proud of and i thank you for your leadership on the banking committee. i think the negotiations that took place right after the "paulson plan"

1:07:24 to 1:18:59( Edit History Discussion )
Speech By: Bob Corker

1:07:37 to 1:07:52( Edit History Discussion )

Bob Corker: cake forth, i think, have created a vehicle that will be successful. i know that your leadership there, your demeanor this dealing with people on both sides of the aisle, in making sure that all good

1:07:52 to 1:08:07( Edit History Discussion )

Bob Corker: ideas are heard, but then, at the same time, shepharding forth a bill that we can vote on tonight, one that, really, is steeped with taxpayer protections, is steeped with oversight and really gives

1:08:07 to 1:08:19( Edit History Discussion )

Bob Corker: the citizens of our country the things that they need to ensure that they are protected. i know that as you mentioned, all of us are angry at the situation. i know that each of us hears the phone

1:08:19 to 1:08:33( Edit History Discussion )

Bob Corker: ringing in our front offices and knows the number of people across the country tt are just upset that we as a country are where we are. but what you have done, mr. chairman, and what those who worked

1:08:33 to 1:08:44( Edit History Discussion )

Bob Corker: with you at the table and people throughout this senate have con is to put aside -- done is to put aside blame; not let the anger cloud our judgment. certainly, there are things we want to deal

1:08:44 to 1:08:57( Edit History Discussion )

Bob Corker: with when we come back in january to ensure that this doesn't happen again but i think what you have done and what kent and others in this body today have done sitting at the table and in meet, and

1:08:57 to 1:09:09( Edit History Discussion )

Bob Corker: in building support, is to let cooler heads prevail. let me just say to you, thank you for letting me serve with you. and i want to thank everybody in the senate for the way that everyone has responded

1:09:09 to 1:09:23( Edit History Discussion )

Bob Corker: to this critical situation. you know, we can spend a lot of time talking about how we got here. i know there are colleagues bringing out old news articles about certain things that were said years

1:09:23 to 1:09:37( Edit History Discussion )

Bob Corker: ago to try to sort of express, if you will, their frustration. but obviously the matter before us is to self -- solve this problem to deal with it in a way that's appropriate to the american people.

1:09:37 to 1:09:51( Edit History Discussion )

Bob Corker: i've been on the phone this week with bankers across our state. i was just on the phone with businesses across our state. many of them are already dealing with this credit crisis. many of them are

1:09:51 to 1:10:04( Edit History Discussion )

Bob Corker: very aware of how this can overwhelm the citizens of our state. obviously, our care in pursuing this rescue package is to make sure that those hard-working people all across this country that wake

1:10:04 to 1:10:18( Edit History Discussion )

Bob Corker: up every day, do the things that they're supposed to do, save for retirement, save for their children's education, are not tremendously adversely affected by excesses that have occurred in our financial

1:10:18 to 1:10:30( Edit History Discussion )

Bob Corker: systems. a lot of people are having difficulty comprehending, if you will, what has happened in our financial -- with our financial institutions. we've had a lot of discussions about technical issues

1:10:30 to 1:10:44( Edit History Discussion )

Bob Corker: regarding derivatives and regarding toxic assets and those kind of things. but we have an adage in tennessee talking about sometimes our farming commuty, our agriculture community. it has to do with

1:10:44 to 1:11:00( Edit History Discussion )

Bob Corker: something called "being land poor." in other words people have assets but those assets are not usable, if you will, to pay the monthly mortgage and to pay other things. right now owe financial institutions

1:11:00 to 1:11:18( Edit History Discussion )

Bob Corker: have assets on their books that they cannot transfer, they cannot create liquidity. this is seeding up the credit -- seizing up the credit markets there is a lack of trust between our financial institutions.

1:11:18 to 1:11:34( Edit History Discussion )

Bob Corker: my fear is if we don't do something prudent and drastic at this moment in time, again, those very hard-working people across our states will be very, very adversely affected. there are a lot of

1:11:34 to 1:11:49( Edit History Discussion )

Bob Corker: ways to deal with this problem and a lot of ideas how we place equity back into our financial markets. and there's -- they all end up at the same place. we have to create a cure, if you will, for the

1:11:49 to 1:11:59( Edit History Discussion )

Bob Corker: lack of liquidity having the frozen assets on the financial institutions books. i believe if the treasury secretary and those around him that are properly overseeing this carry out their responsibilities

1:11:59 to 1:12:13( Edit History Discussion )

Bob Corker: in appropriate manners with any degree of prudence -- and i believe that they will with the oversight measures we have all built in -- this is something where the taxpayers will not only get their

1:12:13 to 1:12:29( Edit History Discussion )

Bob Corker: money become but should, in fact, get a return. and as all of us know, all of this money is coming back into the federal treasury to be spent to reduce our federal deficit. so let me say tonight,

1:12:29 to 1:12:43( Edit History Discussion )

Bob Corker: to me, is critical. it's something that is an unpleasant task because the general public sees this as something, in some cases, other than what it is and that is something that is directly helping the

1:12:43 to 1:12:58( Edit History Discussion )

Bob Corker: people across our country. i think there's a reason for their anger and i, too, am -- share that anger. but at the end of the day this is something that i believe needs to pass. and upon passage, the

1:12:58 to 1:13:11( Edit History Discussion )

Bob Corker: next step that needs to occur is that the treasury secretary and all those working with him need to put in place a very prudent, a very transparent process so that all of us in real time can see

1:13:11 to 1:13:28( Edit History Discussion )

Bob Corker: the value of the assets being bought. so tonight's vote is very pnt. very important. it is also the next phase that is very, very important as it relates to making sure that this vast amount of

1:13:28 to 1:13:37( Edit History Discussion )

Bob Corker: money that we're talking about actually comes back into our treasury. then there's a third component that we all need to be committed to to and that is coming back in january working together as we

1:13:37 to 1:13:56( Edit History Discussion )

Bob Corker: have in the crisis to be sure this never happens again. i know the chairman of our banking committee and all of us have been stunned at the fact that financial institutions could own hundreds of billions

1:13:56 to 1:14:09( Edit History Discussion )

Bob Corker: of dollars of assets outside the knowledge of regulators. so tonight, to me, in this body, is the first step in a three-step process and that is immediately given the treasury -- giving the treasury secretary

1:14:09 to 1:14:22( Edit History Discussion )

Bob Corker: an ability to deal with the crisis in a way that is prudent that gets the banking systems back in an orderly process ensuring that payroll checks are cashed, that home mortgages are obtainable and

1:14:22 to 1:14:37( Edit History Discussion )

Bob Corker: student loans are attainable. the second step, and i hope all stay involved, ensuring that the treasury secretary implements peru distant policies in -- peru didn't policies in making sure the taxpayer

1:14:37 to 1:14:51( Edit History Discussion )

Bob Corker: money comes back and the third step is making sure that we reform this process so that these types of excesses never happen again. if i could, let me just say in closing on that topic, i started

1:14:51 to 1:15:01( Edit History Discussion )

Bob Corker: out very skeptical. when i -- we began talking to chairman paulson in our banking hearing, i was skeptical of his three-page bill. i think this body, working with the house, has exercised the right

1:15:01 to 1:15:15( Edit History Discussion )

Bob Corker: amount of due diligence and oversight, i think and we have a bill tonight that we can be proud of. there will be human mistakes made down the road, but we have a bill in place that we can be proud

1:15:15 to 1:15:29( Edit History Discussion )

Bob Corker: of. and i urge my colleagues to strongly support this legislation and help our country avert what i believe would be one of the greatest fiscal crisis -- financial crisis we will have dealt with as a country

1:15:29 to 1:15:43( Edit History Discussion )

Bob Corker: in modern times. if i could have two minutes with unanimous consent to speak as if i was in morning business, madam chairman, i would appreciate that. the presiding officer: without objection, so ordered.

1:15:43 to 1:15:56( Edit History Discussion )

Bob Corker: a senator: there are a number of distinguished senators that are leaving this body this year. i know there's been a number of tributes given to all of them and their service. senator warner, a very distinguished

1:15:56 to 1:16:09( Edit History Discussion )

Bob Corker: senator that i've known it seems like from afar almost all of my life. i've watchedim with great admiration and i've watched him lead us on armed services. chuck hagel, who exercises tremendous

1:16:09 to 1:16:21( Edit History Discussion )

Bob Corker: independent, somebody that i've really enjoyed serving with on foreign relations. wayne allard from colorado, who's honoring a two-term pledge to leave this body as he came in after two terms to go back

1:16:21 to 1:16:36( Edit History Discussion )

Bob Corker: to the people of colorado. he's been distinguished in his service on the banking committee. larry craig of idaho, who, again, in the energy area has offered great counsel and made sure that wise decisions

1:16:36 to 1:16:46( Edit History Discussion )

Bob Corker: were made in that particular committee. i honor all of them. i wish them well, and i think we all are better having the ability to serve with them. there's one particular senator that i've spent more time

1:16:46 to 1:17:01( Edit History Discussion )

Bob Corker: with than the others just because of committee assign expments that's pete domenici -- assignments and that's pete domenici. pete is the ranking member on our energy committee. i have loved listening to

1:17:01 to 1:17:16( Edit History Discussion )

Bob Corker: his many insights. he has with him frank and so the, who hopefully will stay with us, who together as a group i think have offered wise counsel to all of us on that committee. there's something about

1:17:16 to 1:17:32( Edit History Discussion )

Bob Corker: pete, though, his kindness, his encouragement to me as a person has been most unique. and as chairman dodd mentioned earlier, i'm one of the most junior members here but pete has constantly encouraged

1:17:32 to 1:17:48( Edit History Discussion )

Bob Corker: me to step out, to make my positions known, to go ahead and forget the fact that i am positioned where i am here in the senate and take on a leadership role where it's important for me to do so.

1:17:48 to 1:18:05( Edit History Discussion )

Bob Corker: and i just want to say that there's a special place in my heart for people like pete domenici that encourage all of us, if you will, to step out and to really try to -- to exercise our full potential.

1:18:05 to 1:18:20( Edit History Discussion )

Bob Corker: i will miss him greatly. i know he loves this body i know in many ways he'll be lost as he leaves this body. but i want to assure him today that as he leaves, this is one senator that he has encouraged,

1:18:20 to 1:18:31( Edit History Discussion )

Bob Corker: that he has caused to be a better person. and pete domenici will always be a part of the senate service that i offer here in this body. so i wish him well. i wish the others well. madam president,

1:18:31 to 1:18:42( Edit History Discussion )

Bob Corker: thank you for this time. ranking member -- i mean, chairman dodd, i want to thank you for your leadership on this crisis and your steady hand that i think and i believe with all of my heart is going

1:18:42 to 1:18:49( Edit History Discussion )

Bob Corker: to make this country stronger. thank you very much. mr. dodd: madam president, i thank my colleague from tennessee. and again, i appreciate his -- his tremendous efforts that have brought to us this moment.

1:18:49 to 1:18:59( Edit History Discussion )

Bob Corker: madam president, i'm going to call up an amendment at the desk and ask for its immediate consideration. the presiding officer: the clerk will report. the clerk: the senator from connecticut, mr.

1:18:59 to 1:19:12( Edit History Discussion )

Christopher Dodd: dodd, proposes an amendment numbered 5685. mr. dodd: madam president, i ask unanimous consent unthe amendment be considered as read. the presiding officer: without objection. mr. dodd: madam president,

1:18:59 to 1:40:41( Edit History Discussion )
Speech By: Christopher Dodd