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| TIME | SPEAKER | TEXT |
|---|---|---|
| 00:00:14 |
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I WANT TO ADDRESS A LETTER I RECEIVED ON THE CAPTAIN TALL MARKETS, REQUESTING A POSTPONEMENT OF A... |
| 00:00:31 |
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I CAN'T HEAR YOU. |
| 00:00:33 |
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THEY COULD. THE RANKING MINORITY MEMBERS HAVE ASKED US TO POSTPONE THE FOUR-PART PACKAGE OF BILLS... |
| 00:01:50 |
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THAT INCLUDES THE CREDIT RATING? |
| 00:01:53 |
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YEAH, IT'S CREDIT ATING AGENCIES, PRIVATE POOLS OF CAPITAL. IT'S WORK THAT'S BEEN DONE BY MR. CANDORSKI.... |
| 00:03:24 |
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JUST A POINT OF CLARIFICATION. THE FEDERAL INSURANCE OFFICE WILL BE INCLUDED? |
| 00:03:31 |
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YES. |
| 00:03:33 |
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I KNOW THERE HAVE BEEN DISCUSSIONS ABOUT THAT. |
| 00:03:38 |
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THERE HAVE BEEN A LOT OF CONVERSATION WITH THE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS AND... |
| 00:04:13 |
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THANK YOU. |
| 00:04:16 |
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SO THAT IS THE SCHEDULE. AND WE NOW WILL RECONVENE THE MARKUP. IT IS MY HOPE THAT WE WILL, NOT MY... |
| 00:05:34 |
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I HAVE ONE. |
| 00:05:37 |
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A MOTION OF DRAFT OFFERED BY MR. ROYCE AND MR. GARRETT. |
| 00:05:47 |
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I ASK UNANIMOUS CONSENT THAT IT BE ACCEPTED AS READ. |
| 00:05:52 |
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THE REFERENCE TO PAGE 54 BE CHANGED TO A REFERENCE TO PAGE 52? |
| 00:05:57 |
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WITHOUT OBJECTION, SO ORDERED. IN THE FIRST WORDS, PAGE 52 AFTER LINE 16. |
| 00:06:05 |
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THANK YOU MR. CHAIRMAN. |
| 00:06:07 |
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GENTLEMAN IS RECOGNIZED. |
| 00:06:08 |
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I APPRECIATE THAT. THE ARGUMENT FOR THOSE OF US THAT ARE CONCERNED ABOUT BIFURCATING THE REGULATION,... |
| 00:10:28 |
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I WAS REMINDED THAT LAST WEEK, I SAID THAT WE WOULD NOT HAVE VOTES TODAY IN COMMITTEE. THAT WE WOULD... |
| 00:15:09 |
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YOU CAN'T HAVE CONSUMER PROTECTION IN THE COMPANY OR BANK OR INSTITUTION THAT YOU'RE DOING BUSINESS... |
| 00:18:28 |
|
MR. WATT? |
| 00:18:30 |
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I MOVE TO STRIKE THE LAST WORD. I GUESS THROUGHOUT THE HEARINGS LEADING UP TO THIS MOCK-UP, I'VE ... |
| 00:21:47 |
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WOULD THE GENTLEMAN YIELD ON THAT? |
| 00:21:48 |
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I'M HAPPY TO. |
| 00:21:52 |
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I WAS JUST ABOUT TO BE WILLING TO OFFER THAT AMENDMENT WITH YOU JOINTLY. |
| 00:21:58 |
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I DON'T THINK YOU'RE SERIOUS ABOUT THAT AT ALL. IF WE STARTED TALKING ABOUT MAKING THE FED, THE OTHER... |
| 00:22:44 |
|
WILL THE GENTLEMAN YIELD TO ME? |
| 00:22:47 |
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I YIELD TO THE CHAIRMAN. |
| 00:22:49 |
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YOU HAVE A MUTUAL VETO, THEN YOU HAVE, I SUPPOSE, PEOPLE VETOING EACH OTHERED A ED A INAD INFINITUM.... |
| 00:23:15 |
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YOUR OPENING COMMENT WAS YOU THOUGHT YOU CREATED AN UNDERLYING LEGISLATION, AN EQUAL PLAYING FIELD... |
| 00:23:42 |
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I THINK YOU OUGHT TO TAKE THE SECOND PART OF THIS AMENDMENT AND SAY, WITH RESPECT TO ANY REGULATION... |
| 00:24:08 |
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THERE'S NO WAY YOU WOULD AGREE. |
| 00:24:12 |
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I WOULD SAY, JUST TO SAY, AS THE CHAIR, I HOPE THIS MEMBERS VOTE IT DOWN. IF THE GENTLEMAN FROM NEW... |
| 00:24:32 |
|
WITH THE SUPPORT OF THE AMENDMENT? |
| 00:24:34 |
|
NO. |
| 00:24:37 |
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IF THE GENTLEMAN WOULD PERMIT ME. THERE'S A GREAT DISTINCTION BETWEEN THE GENTLEMAN OFFERING THE IDEA... |
| 00:24:49 |
|
I THINK THIS EYE LIGHTS THE DISAGREEMENT BETWEEN THE APPROACH THAT WE IN THE MINORITY HAVE PRO POSED... |
| 00:29:55 |
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THANK YOU, MR. CHAIR. THE WAY YOU DRAFTED THE AMENDMENT PROVIDES A VETO TO THE PRUDENTIAL REGULATOR.... |
| 00:31:09 |
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GENTLEMAN FROM TEXAS. |
| 00:31:11 |
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THANK YOU, MR. CHAIRMAN. CLEARLY, THIS NATION IS SUFFERING FROM BAILOUT FATIGUE. FANNIE, FREDDIE,... |
| 00:34:13 |
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THE GENTLEMAN FROM TEXAS, MR. GREEN. |
| 00:34:20 |
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THIS AMENDMENT IS WHAT I STYLE A 340-DEGREE AMENDMENT. IT LITERALLY WILL TAKE US BACK TO WHERE WE... |
| 00:36:04 |
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I THANK THE GENTLEMAN. I WANT TO ADDRESS MR. PEARLMAN ON THE LEFT. I THINK SOMETHING IS IN THE BILL.... |
| 00:37:13 |
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DOES THE GENTLEMAN FROM TEXAS YIELD TO ME? |
| 00:37:18 |
|
I YIELD. |
| 00:37:19 |
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WHEN WE'RE TALKING ABOUT CONSUMER PROTECTION. THEY DO NOT HAVE MUCH GOOD DO SAY ABOUT THE FEDERAL... |
| 00:38:59 |
|
MY CLOSING COMMENT, THIS WOULD REDUCE THE AGENCY TO BEING AN ADVISORY COMMITTEE. I DON'T THINK WE... |
| 00:39:14 |
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THANK YOU, MR. CHAIRMAN. I DO SUPPORT THE AMENDMENT, MR. ROYCE AND MR. GARRETT, AND SUPPORT IT STRONGLY.... |
| 00:43:12 |
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GENTLEMAN FROM ILLINOIS, MR. FOSTER. |
| 00:43:14 |
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THANK YOU. MY MAIN PROBLEM WITH THIS LEGISLATION IS IT SETS WAY TOO LOW A THRESHOLD FOR OVERRIDING... |
| 00:45:02 |
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A YIELD TO MR. ROYCE OF CALIFORNIA. |
| 00:45:05 |
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THANK THE GENTLEMAN FOR YIELDING. YOU KNOW, IF WE HAD NOT HAD EVERY REGULATOR APPEAR BEFORE US AND... |
| 00:49:05 |
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I -- THE QUESTION NOW COMES ON THE AMENDMENT. VOTE IN FAVOR SAY AYE. |
| 00:49:11 |
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OPPOSED, NO. |
| 00:49:13 |
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NOs HAVE IT. ANDMENT IS -- |
| 00:49:16 |
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THOSE JOINING HIM WILL SIGNIFY. A SUFFICIENT NUMBER, THE -- VOTE WILL BE BY ROLL CALL, AND, AGAIN... |
| 00:49:28 |
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I HAVE AN AMENDMENT AT THE DESK. |
| 00:49:31 |
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AMENDMENT TO THE DISCUSSION DRAFT OF SEPTEMBER 25, OFFERED BY MR. WATT OF -- |
| 00:49:36 |
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CONSENT THE AMENDMENT BE CONSIDERED READ WITH ALL DISTRIBUTED. |
| 00:50:06 |
|
GENTLEMAN E NORTH CAROLINA RECOGNIZED FIVE MINUTES. |
| 00:50:09 |
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THANK YOU, MR. CHAIRMAN. AND I WANT TO COVER THREE THINGS. FIRST OF ALL I WANT TO EXPRESS MY THANKS... |
| 00:55:56 |
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THANK YOU. I'M GOING TO CALL ON MR. MOORE, THE CO-AUTHOR OF THE -- |
| 00:56:03 |
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THANK YOU. I WANT TO COMMEND CONGRESSMAN WATT FOR WORKING WITH ME ON THIS COMPROMISED AMENDMENT, FINDING... |
| 00:56:13 |
|
INQUIRY? |
| 00:56:19 |
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WE HAD A REQUEST. ALL RIGHT. THANK YOU. THEY'RE GOING TO THIS SIDE. THANK YOU VERY MUCH. |
| 00:56:29 |
|
THANK YOU, CHAIRMAN. MADAM CHAIRMAN, I THINK ONE OF THE BLESSINGS THAT WE HAVE IN THIS COUNTRY IS... |
| 00:59:22 |
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IT'S GENTLEMAN WOULD YIELD -- |
| 00:59:24 |
|
YES. |
| 00:59:26 |
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FOR INSTANCES SWINE FLU IN TWO MEMBERS OF HER IMMEDIATE FAMILY. |
| 00:59:30 |
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LEM SAY THIS, I'M NOT -- |
| 00:59:31 |
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WITH THAT SAID -- |
| 00:59:33 |
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I WOULD HOPE SOMEONE ELSE WOULD OFFER THE AMENDMENT THAT SHE HAD -- HAD PROPOSED EARLIER. |
| 00:59:40 |
|
GENTLEMAN, YOU HAVE -- |
| 00:59:42 |
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MY UNDERSTANDING, MR. PERILMUTTER IS PLANNING TO OPERATE IN HER STEAD. |
| 00:59:46 |
|
GOOD. WELL, THAT COMES AS GOOD NEWS, AND -- |
| 00:59:52 |
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UNLESS ILLNESS STRIKES HIM. AS OF NOW -- |
| 00:59:55 |
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TA SUPPORT SOME OF THAT NATURE. LET ME CLOSE BY SAYING, YOU KNOW, IT'S NOT AN ACCIDENT THAT OUR ECONOMY... |
| 01:00:33 |
|
WOULD THE GENTLEMAN YIELD? |
| 01:00:35 |
|
AND INDIVIDUAL CHOICE AND COMPETITION, AND NOT BY ALLOWING NOT ONLY THE FEDERAL GOVERNMENT, BUT ALSO... |
| 01:00:50 |
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I THANK YOU, GENTLEMAN, FOR YIELDING. THE GENTLEMAN SEEMS TO HAVE FORGOTTEN THE INCONVENIENT TRUTH... |
| 01:01:42 |
|
I APOLOGIZE. THE CONFUSION WAS A RESULT OF MY MISTAKE NOT THE GENTLEMAN FROM CALIFORNIA. GENTLEMAN... |
| 01:01:47 |
|
THANK YOU. MOVE TO STRIKE THE LAST WORD. I WANT TO KMEMD CONGRESSMAN WATT FOR HIS LEADERSHIP ON KRP... |
| 01:05:11 |
|
FURTHER DEBATE? GENTLEMAN OF ILLINOIS? |
| 01:05:19 |
|
MR. CHAIRMAN, THIS AMENDMENT SHOWS THE BASIC PROBLEM WITH THE UNDERLYING BILL. I MEAN, COULD YOU HAVE... |
| 01:09:55 |
|
RECOGNIZED MYSELF FOR FIVE MINUTES. THE BILL THE GENTLEMAN IS DESCRIBES IS A TRULY BAD ONE, AND I... |
| 01:12:50 |
|
WOULD THE CHAIRMAN YIELD? |
| 01:12:52 |
|
TO THE GENTLEMAN IN TEXAS. |
| 01:12:55 |
|
MR. CHAIRMAN, I'M FUR WHETHER THE LANGUAGE IS STILL IN THE BIM THAT SAYS THAT THE CFPA IT KET THE... |
| 01:13:34 |
|
TAKE BACK MY TIME. THE KIND OF THING YOU SCALE LITTLE CHILDREN WITH. I DON'T SEE LITTLE CHILDREN OUT... |
| 01:15:00 |
|
MR. CHAIRMAN? |
| 01:15:01 |
|
YES. I WAS GOING TO -- |
| 01:15:03 |
|
MR. CHAIRMAN -- |
| 01:15:08 |
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THANK YOU, MR. CHAIRMAN. GOING BACK TO THE POINT OF THE GENTLEMAN FROM NORTH CAROLINA. THE CONSTITUTION... |
| 01:18:28 |
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YES. I'LL YIELD TO THE GENTLEMAN FROM NORTH CAROLINA. |
| 01:18:33 |
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I THANK YOU, GENTLEMAN, FOR THE YIELD AND THE GENTLEMAN WILL NOTE I NEVER ARGUED THAT -- THAT THE... |
| 01:19:14 |
|
THAT WAS -- RECLAIMING MY TIME, THAT WAS BEFORE OUR XPOORNS WITH THE ARTICLES OF CONFEDERATION, AND... |
| 01:20:22 |
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THE GENTLEMAN FROM TEXAS, LAST GENTLEMAN TO GIVE ME 15 SECONDS JUST TO READ THE REST OF THE SECTION... |
| 01:21:03 |
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THANK YOU, MR. CHAIRMAN. I SUPPORT THE AMENDMENT AND I DO SO BECAUSE THE LANGUAGE APPEARS TO BE QUITE... |
| 01:22:10 |
|
GENTLEMAN FROM DELAWARE. |
| 01:22:12 |
|
THANK YOU, MR. CHAIRMAN. MR. CHAIRMAN, I LIVE IN WILMINGTON, DELAWARE WITH 30 MINUTES MAYBE LESS YOU... |
| 01:23:55 |
|
PERHAPS SOME AMENDMENT AND THIS AMENDMENT IN THIS PARTICULAR AREA, BUT MY SENSE IS THAT WE HAVE --... |
| 01:24:58 |
|
THANK YOU, MR. CHAIRMAN. THERE IS A SECONDARY AMENDMENT AT THE TIME. |
| 01:25:04 |
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CLERK DESIGNATE THE SECRETARY MEMBER. |
| 01:25:07 |
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AMENDMENT TO THE WATT/MOORE 6 KANSAS -- |
| 01:25:09 |
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I ASKED YOU TO PRESENT TO BE DISPENSED WITH. AND THE AMENDMENT WILL BE DISTRIBUTED HAVING ALREADY... |
| 01:25:26 |
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THANK YOU, MR. CHAIRMAN. WHAT THIS AMENDMENT WILL DO AND I WILL SHARE WITH MY FRIENDS THAT I ENTEND... |
| 01:28:55 |
|
WOULD YOU GENTLEMAN OF |
| 01:28:56 |
|
YES, SIR. |
| 01:28:58 |
|
PRIOR TO WITHDRAWING IT, WOULD YOU GIVE US AN OPPORTUNITY |
| 01:29:01 |
|
YES. HOW DO I DO THAT? I YIELD? |
| 01:29:09 |
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SO VOLUNTEER. |
| 01:29:12 |
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MR. CHAIRMAN, YES -- I WAS SET TO WITHDRAW. |
| 01:29:14 |
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APPARENTLY NOT NECESSARY. UNDER THE RULES, A REFRESHER, I HAVE TO REMIND, WHAT'S A PALMTARIAN, I'M... |
| 01:29:43 |
|
I APPRECIATE THAT. MR. CHAIRMAN. I WOULD ASK THE GENTLEMAN FROM COLORADO YOU SUPPORT YOUR AMENDMENT.... |
| 01:29:50 |
|
WHAT? |
| 01:29:52 |
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IT'S MS. BEENE'S AMENDMENT AND CERTAINLY SOMETHING THAT I HELPED AND THEN HELPED REACH -- |
| 01:29:57 |
|
IS THERE ANY REASON WHY YOU'RE WITHDRAWING IT? |
| 01:30:01 |
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I THINK WE'VE REACHED A, AN AMENDMENT, MR. WATT'S AMENDMENT WHICH BALANCES BOTH THE STATE RIGHTS,... |
| 01:30:20 |
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YOU REALLY SUPPORT HIS AMENDMENT AND NOT THE AMENDMENT YOU'VE OFFERED? |
| 01:30:25 |
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YEAH, BUT THE AMENDMENT PROPOSED BY MS. BEENE I THINK IS WHAT BROUGHT ABOUT A BALL,ED APPROACH ON... |
| 01:30:37 |
|
I MEAN YOU JUST OFFER IT AS OPPOSED TO MR. WATT? |
| 01:30:40 |
|
I THINK MR. WATT REACHED GOOD BALANCE ON THIS. THOUGH I THINK WE COULD STILL |
| 01:30:43 |
|
RIGHT. I AGREE WITH YOU. IN FACT, LET ME SAY THIS. YOU BROUGHT UP CUOMO VERSUS |
| 01:30:53 |
|
YES, SIR. |
| 01:30:55 |
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AND I'VE ACKNOWLEDGED, AND I THINK SEVERAL MEMBERS OF THE MINORITY, I'M NOT SPEAKING FOR ALL OF THEM,... |
| 01:32:23 |
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IS THERE FURTHER DEBATE? I THINK MEMBERS OF THIS COMMITTEE SHOULD FEEL FREE TO DEBATE EITHER THE AMENDMENT... |
| 01:32:39 |
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I WITHDRAW IT AT THIS TIME AND WE CAN TALK ABOUT IT, CERTAINLY. BUT I'M GOING TO WITHDRAW. |
| 01:32:43 |
|
GENTLEMAN IS WITHDRAWING THE AMENDMENT. THE GENTLEMAN FROM ILLINOIS. |
| 01:32:47 |
|
I JUST WANTED TO MENTION VERY BRIEFLY WHAT I THINK IS A POTENTIALLY FRUITFUL AREA TO INVESTIGATE FOR... |
| 01:33:26 |
|
THE GENTLEMAN YIELD. I JUST WANT TO ASSURE HIM THAT'S ONE OF THE ISSUES THAT HAS BEEN THE SUBJECT... |
| 01:35:35 |
|
THANK YOU. I YIELD. |
| 01:35:37 |
|
GENTLEMAN FROM TEXAS? |
| 01:35:39 |
|
34R CHAIRMAN, I HAVE A SECOND-DEGREE AMENDMENT AT THE DESK FGTS THE CLERK WILL REDEG NATE THE AMENDMENT.... |
| 01:35:48 |
|
I ASK YOU NOW CONSENT THAT THE AMENDMENT ALREADY CONSENTED TO BE READ, TO BE READ. AND THE GENTLEMAN... |
| 01:35:58 |
|
THANK YOU, MR. CHAIRMAN. THIS WILL ENSURE THAT WE CAN JUST KEEP THIS DISCUSSION GOING, KEEP IT GOING... |
| 01:40:05 |
|
I RECOGNIZE MYSELF IN OPPOSITION TO THE AMENDMENT. FIRST OF ALL, ALL OF THIS SPECULATION TAKES FORM... |
| 01:44:39 |
|
THANK YOU, MR. CHAIRMAN. MR. CHAIRMAN, YOU IN YOUR COMMENTS JUST NOW SAID THAT WE HAVE ARGUED AN OVERLY... |
| 01:45:21 |
|
YES. |
| 01:45:23 |
|
I WOULD NOTE THAT SEVERAL MEMBERS OF THE REPUBLICAN SIDE HAVE CITED THE RECORD OF ENFORCEMENT OF THE... |
| 01:45:35 |
|
BUT I AM SAYING WHAT YOU SAID. YOU HAVE SAID IN THE PAST THAT THE PROBLEM WAS NOT WITH FEDERAL REGULATION... |
| 01:45:47 |
|
WILL THE GENTLEMAN YIELD. |
| 01:45:49 |
|
IF I COULD READ THE REMARK. YOU SAID, WE HAVE HAD BANK REGULATORS SUBJECT TO THE BANK REGULATORS AND... |
| 01:46:18 |
|
WILL THE GENTLEMAN YIELD -- |
| 01:46:19 |
|
YES. |
| 01:46:23 |
|
THE GENTLEMAN FORGETS THAT THE 23ED RAL REFEDERAL RESERVE HAD THE POWER TO DEAL WITH THAT AND THEY... |
| 01:46:44 |
|
TAKING BACK MY TIME. MR. CHAIRMAN, YOU AND I HAVE AGREE AND I WOULD LIKE TO INTRODUCE COMP TROLLEREPTROLLERCOMPTROLLER... |
| 01:47:37 |
|
2008? CUOMO? ALL RIGHT. THE CUOMO DECISION, AND THE DECISION I KNOW THAT THE OCC HAD TRIED TO ENJOIN... |
| 01:48:02 |
|
WILL THE GENTLEMAN YIELD? THE GENTLEMAN IS MISSING THE POINT. THE REASON THEY WERE UNREGULATED IS... |
| 01:48:21 |
|
AND WE HAVE PROPOSED THAT THOSE BE TAKEN AWAY FROM THE FEDERAL RESERVE. YOU ARE EXACTLY CORRECT, BUT... |
| 01:49:12 |
|
YES, SIR. |
| 01:49:14 |
|
THE GENTLEMAN FROM CALIFORNIA AND THE GOVERNOR OF CALIFORNIA IS RECOGNIZED FOR FIVE MINUTES. |
| 01:49:20 |
|
THANK YOU, VERY MUCH, MR. CHAIRMAN. I FIRST OF ALL WOULD LIKE TO SAY THAT I RESPECT THAT YOU ASKED... |
| 01:54:37 |
|
IS THERE FURTHER DEBATE? |
| 01:54:38 |
|
MR. CHAIRMAN. |
| 01:54:39 |
|
THE GENTLEMAN FROM NORTH CAROLINA. |
| 01:54:40 |
|
SORRY, CAN I GO TO THE GENTLEMAN FROM CONNECTICUT. SORRY, GENTLEMAN FROM NORTH CAROLINA. AND WILL... |
| 01:55:32 |
|
I DON'T THINK I NEED FIVE MINUTES, MR. CHAIRMAN. ACTUALLY, I WAS TEMPTED TO JUST NOT SAY ANYTHING,... |
| 01:56:52 |
|
GENTLEMAN OF ALABAMA ASKS FOR UNANIMOUS CONSENT TO SPEAK. |
| 01:56:55 |
|
I THANK THE CHAIRMAN -- SORRY, THIS GENTLEMAN HERE. |
| 01:56:59 |
|
OH. |
| 01:57:00 |
|
THANK YOU. I WILL YIELD TO THE GENTLEMAN FROM ALABAMA IN A MOMENT, BUT I WANT TO SPEAK IN SUPPORT... |
| 01:58:11 |
|
THANK YOU. MR. CHAIRMAN, AND MEMBERS OF THE COMMITTEE, I WANT TO REINFORCE AGAIN WHAT WE ON THIS SIDE... |
| 02:00:39 |
|
GENTLEMAN YIELD? |
| 02:00:40 |
|
YES. |
| 02:00:41 |
|
TWO THINGS. FIRST, MY RESPECT FOR THE SUPREME COURT OF 1903 IS LESSENED BY THE FACT THAT I THINK... |
| 02:01:33 |
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IF THE CHAIRMAN WILL ACKNOWLEDGE WHAT I HAVE SAID ON SEVERAL OCCASIONS HERE TODAY IS THAT I AM AGREE... |
| 02:01:44 |
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I UNDERSTAND, BUT THE LEGALLY ENFORCED. |
| 02:01:46 |
|
STATUTORILY, AND IN FACT, THE REPUBLICAN ALTERNATIVE ACKNOWLEDGES AND GIVES STATUTORY AND WE ESTABLISH... |
| 02:02:01 |
|
WILL THE GENTLEMAN -- YES, BUT THE SUBSTANCE IS THE SAME AS MR. HAWK, TOTAL PREEMPTIVE TO SUBSTANTIALLY.... |
| 02:02:07 |
|
WELL, WHAT YOU ARE ADVOCATING IS ALMOST TOTAL PREEMPTION WHERE WE ARE A VOE KATING A UNIFORM NATIONAL... |
| 02:02:23 |
|
WELL, LET ME ASK YOU -- |
| 02:02:26 |
|
AS YOU ARE FOND OF TALK TACT EUROPEAN SYSTEM THAT IT IS A CURE-ALL, BUT -- |
| 02:02:29 |
|
WHO IS? |
| 02:02:31 |
|
AND THAT IS A GENTLE -- |
| 02:02:33 |
|
WELL, IF THE GENTLEMAN WILL YIELD TO ME. FOR A MINUTE. YOU SAID I'M FOR THE BALKANIZATION OF THE... |
| 02:02:55 |
|
OR HERZEGOVINA -- |
| 02:02:57 |
|
WELL, IF YOU START TO PRONUNS THESE NAMES WE WILL HAVE A WAR HERE. |
| 02:03:00 |
|
WELL, ONE OF THE SMALLER |
| 02:03:08 |
|
AYE. |
| 02:03:09 |
|
NO. |
| 02:03:11 |
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THE NOS HAVE IT. THE GENTLEMAN FROM TEXAS HAS REQUESTED A ROLL CALL. [ INAUDIBLE ] |
| 02:03:33 |
|
I DIDN'T HEAR THAT. SO WE WILL NOW PROCEED TO A ROLL CALL TOMORROW ON THE HENSARLING AMENDMENT AND... |
| 02:03:52 |
|
-- TO OFFER AN AMENDMENT. |
| 02:03:54 |
|
SORRY, I MESSED THAT UP. HERE. THE GENTLEMAN FROM NEW YORK, MR. LEE HAS AN AMENDMENT. |
| 02:03:59 |
|
THANK YOU, I HAVE AN AMENDMENT AT THE DESK. |
| 02:04:02 |
|
THE CLERK WILL DESIGNATE THE AMENDMENT. |
| 02:04:04 |
|
AMENDMENT TO THE DISCUSSION DRAFT OF SEPTEMBER 25 OFFERED BY MR. LEE OF NEW YORK AND -- |
| 02:04:10 |
|
I ASK FOR UNANIMOUS CONSENT THAT THE AMENDMENT BE CONSIDERED READ AND WE WILL WITHHOLD UNTIL THE STAFF... |
| 02:04:30 |
|
THANK YOU, MR. CHAIRMAN. THIS AMENDMENT WHICH I WAS PLEASED TO WORK WITH MY SUBCOMMITTEE RANKING MEMBER... |
| 02:07:04 |
|
I RECOGNIZE MYSELF FOR FIVE MINUTES IN OPPOSITION OF THE AMENDMENT. THIS GETS THIS SITUATION AS NEARLY... |
| 02:11:33 |
|
THANK YOU, MR. CHAIRMAN. I WANT TO CONGRATULATE THE GENTLEMAN FROM NEW YORK FOR THIS AMENDMENT. I... |
| 02:16:39 |
|
IS THERE FURTHER DEBATE? IF NOT, THE QUESTION IS ON THE GENTLEMAN FROM MINNESOTA. |
| 02:16:44 |
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I MOVE TO STRIKE THE LAST WORD. IN SPEAKING IN FAVOR OF THE GENTLEMAN'S AMENDMENT IN NEW YORK, I THINK... |
| 02:17:14 |
|
THANK YOU. I WILL BE BRIEF. AGAIN, I THINK THAT ALL MEMBERS OF CONGRESS ARE CONCERNED ABOUT CONSUMER... |
| 02:19:09 |
|
THE GENTLEMAN FROM ALABAMA. |
| 02:19:11 |
|
MR. CHAIRMAN, I INTEND TO BE BRIEF. I FULLY SUPPORT THE AMENDMENT, BECAUSE AS ALMOST EVERYONE HAS... |
| 02:22:48 |
|
AND THE AMENDMENT OF THE GENTLEMAN FROM NEW YORK. IN FAVOR AYE. OPPOSED NO. NOS VIT. -- NOS HAVE... |
| 02:22:59 |
|
A RECORDED VOTE IS REQUESTED. THOSE JOINS WILL RAISE THEIR HANDS. ENOUGH HAVE RAISED THEIR HANDS SO... |
| 02:23:08 |
|
THANK YOU, MR. CHAIRMAN, I HAVE AN AMENDMENT AT THE DESK, IT IS WATERS AMENDMENT NUMBER ONE. |
| 02:23:16 |
|
AMENDMENT TO THE DISCUSSION DRAFT OFFERED BY MS. WATERS OF CALIFORNIA. INSERT COMMA AFTER THE PARAGRAPH... |
| 02:23:33 |
|
THANK YOU VERY MUCH, MR. CHAIRMAN. THIS BILL DEVELOPS AN ADVISORY BOARD TO ADVISE AND CONSULT WITH... |
| 02:25:21 |
|
FURTHER DEBATE? |
| 02:25:23 |
|
I DO NOT RISE IN OPPOSITION OF THE AMENDMENT, BUT I WOULD SUGGEST THAT THE PRESENT MEMBERSHIP OF THE... |
| 02:26:18 |
|
THE GENTLEMAN FROM NORTH |
| 02:26:19 |
|
ALL RIGHT. |
| 02:26:21 |
|
FURTHER DEBATE? IF NOT, THE AMENDMENT OFFERED BY THE GENTLEWOMAN FROM CALIFORNIA. THOSE AGREED AYES... |
| 02:26:35 |
|
MR. CHAIRMAN, I HAVE A AMENDMENT AT THE DESK WHICH SHOULD BE NUMBER 16. |
| 02:26:41 |
|
THE CLERK WILL DESIGNATE THE AMENDMENT. |
| 02:26:43 |
|
AMENDMENT TO DISCUSSION DRAFT OFFERED BY MR. HENSARLING OF TEXAS, AND PAGE 25 -- |
| 02:26:48 |
|
I ASK UNANIMOUS CONSENT THAT THE AMENDMENT BE CONSIDERED AS READ. THE GENTLEMAN IS RECOGNIZED FOR... |
| 02:27:00 |
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THANK YOU, MR. CHAIRMAN. THE PURPOSE OF THE AMENDMENT IS TO ENSURE THAT THIS NEW AGENCY DOES NOT --... |
| 02:32:07 |
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GENTLEWOMAN FROM CALIFORNIA. |
| 02:32:11 |
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I WOULD ASK MY COLLEAGUES TO OPPOSE THIS AMENDMENT. I AM ASKING MY COLLEAGUES TO OPPOSE THE AMENDMENT... |
| 02:36:08 |
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AS A SUBSTITUTE TO GETTING MY OWN TIME. I DON'T NEED FIVE MINUTES, BUT THIS STRIKES ME AS BEING THE... |
| 02:37:18 |
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FURTHER DEBATE? THE GENTLEMAN FROM ALABAMA. |
| 02:37:22 |
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THANK YOU, MR. CHAIRMAN. I AM REMINDED WHEN THE GENTLE LADY FROM CALIFORNIA TALKED ABOUT THE ABUSIVE... |
| 02:38:59 |
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I THINK THE GENTLEMAN FOR YIELDING. I WAS TRYING TO LISTEN CAREFULLY TO THE JENDGENTLE LADY FROM ... |
| 02:42:29 |
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I WILL BEGIN BY ANSWERING THE GENTLEMAN'S QUESTION, NO, IT COULD NOT BE BANNED. |
| 02:42:43 |
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MR. CHAIRMAN, YOU'VE SAID ON TWO OR THREE OCCASIONS, I THINK YOU JUST SAID AGAIN WE'RE NOT |
| 02:42:50 |
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NO. I'M SORRY. I TAKE BACK MY TIME. |
| 02:42:59 |
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I DON'T THINK YOU HAVE ANY TIME. I'M SORRY. |
| 02:43:02 |
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I HAVE FIVE MINUTES. I JUST RECOGNIZED MYSELF. THE GENTLEMAN FROM TEXAS SAID, WELL, THEY MIGHT BAN... |
| 02:47:34 |
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THANKS, CHAIRMAN. JUST BRIEFLY, I MAY HAVE MISHEARD. DID YOU SAY -- I WROTE DOWN THAT YOU SAID YOU... |
| 02:50:23 |
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WILL THE GENTLEMAN YIELD? |
| 02:50:24 |
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I'LL YIELD TO THE GENTLEMAN FROM TEXAS. |
| 02:50:26 |
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I THANK THE GENTLEMAN FOR YIELDING. AGAIN, AS I LISTEN TO THIS DEBATE I HAVEN'T HEARD THE OTHER SIDE... |
| 02:52:25 |
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OF COURSE IT NOW COMES ON ON THE AMENDMENT OFFERED FROM THE GENTLEMAN FROM TEXAS. |
| 02:52:31 |
|
AYE. |
| 02:52:36 |
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NO. |
| 02:52:44 |
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THE NOES HAVE IT. THE GENTLEMAN FROM FLORIDA HAS NOW RECOGNIZED TO OFFER AN AMENDMENT I THINK WITH... |
| 02:52:55 |
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I WAS LOOKING FOR RECOGNITION ON THE GENTLEMAN FROM TEXAS AMENDMENT. |
| 02:53:05 |
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-- CONSENT THAT HE BE ALLOWED TO COMMENT ON IT IF HE WOULD -- |
| 02:53:10 |
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WITHOUT OBJECTION. |
| 02:53:12 |
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THE POINT IS MOOT NOW. LET'S MOVE ON. LET'S NOT FILIBUSTER HERE. WE HAVE THE WORK OF THE PEOPLE HERE,... |
| 02:53:23 |
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MR. CHAIRMAN, I HAVE AN AMENDMENT AT THE DESK. |
| 02:53:27 |
|
THE CLERK WILL DESIGNATE THE AMENDMENT. |
| 02:53:30 |
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AMENDMENT TO THE DISCUSSION DRAFT OFFERED BY MR. GRAYSON OF FLORIDA -- |
| 02:53:38 |
|
IT WILL BE DISTRIBUTED. THE GENTLEMAN IS RECOGNIZED FOR FIVE MINUTES. |
| 02:53:45 |
|
MR. CHAIRMAN, PEOPLE HAVE ELECTED US TO SOLVE THEIR PROBLEMS. THE GOVERNMENT AT ITS BEST BOTH HELPS... |
| 02:57:32 |
|
MR. CHAIRMAN? |
| 02:57:35 |
|
IS THERE FURTHER DEBATE? GENTLEMAN FROM TEXAS. |
| 02:57:38 |
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THANK YOU, MR. CHAIRMAN. AGAIN, ALREADY, THIS NEW CFPA HAS SWEEPING POWERS TO BAN PRODUCTS THAT CONSUMERS... |
| 03:01:19 |
|
GENTLEMAN FROM MISSOURI. |
| 03:01:22 |
|
THANK YOU, MR. CHAIRMAN. I WOULD LIKE TO SPEAK IN FAVOR OF THIS AMENDMENT BECAUSE IT PROTECTS CONSUMERS.... |
| 03:06:28 |
|
I THANK THE CHAIRMAN. I'D LIKE TO ASK THAT MR. GRAYSON, WHO'S RAPIDLY BECOMING MY MOST FAVORITE DEMOCRAT,... |
| 03:06:57 |
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LET'S BE CLEAR ABOUT THIS. IF THE GENTLEMAN WILL YIELD. |
| 03:07:00 |
|
YEAH. I'LL YIELD. |
| 03:07:02 |
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THIS ACTION IS BASED UPON CONDUCTING A SCIENTIFIC SAMPLING OF FORECLOSURES AND BANKRUPTCIES DURING... |
| 03:07:37 |
|
I'M JUST ASKING YOU. ANYTHING THAT JUST APPEARS TO HAVE CAUSED A SUBSTANTIAL NUMBER OF BANKRUPTCIES... |
| 03:07:41 |
|
I'M NOT TALKING ABOUT IT APPEARING IN A DREAM. |
| 03:07:46 |
|
WOULD THE GENTLEMAN -- RECLAIM MY TIME. WOULD HE AGREE THAT SUBPRIME MORTGAGES MIGHT FIT THAT DEFINITION?... |
| 03:07:55 |
|
LISTEN. ANYTHING COULD FIT THE DEFINITION IF, IN FACT, IT DOES FIT THE DEFINITION. WE'RE TALKING ABOUT... |
| 03:08:05 |
|
I THINK YOU'D ACKNOWLEDGE A LARGE NUMBER OF BANKRUPTCIES AND FORECLOSURES WITH SUBPRIME LOANS. SO... |
| 03:08:31 |
|
WOULD THE GENTLEMAN YIELD? |
| 03:08:33 |
|
THEN ONCEWHAT YOU DO, THE CORRECTIVE ACTION, YOU SAY HERE THE DIRECTOR SHALL TAKE ACTION TO ELIMINATE... |
| 03:08:45 |
|
WELL, LET'S TALK ABOUT THAT. YOU KNOW, I THINK -- |
| 03:08:48 |
|
THAT'S WHAT I WAS DOING. |
| 03:08:49 |
|
WILL THE GENTLEMAN YIELD? |
| 03:08:50 |
|
YES. I'LL YIELD. |
| 03:08:51 |
|
I THINK IT'S IMPORTANT TO UNDERSTAND WHAT'S AT STAKE HERE. WE'RE TALKING ABOUT SCIENTIFIC STUDIES... |
| 03:09:16 |
|
OKAY. |
| 03:09:18 |
|
NOW, LET ME FINISH. WITH REGARD TO THAT, I THINK THAT THE CHOICE IS ACTUALLY CLEAR. I THINK YOU HAVE... |
| 03:09:41 |
|
YOU'RE TAKING UP MY TIME. |
| 03:09:42 |
|
IT'S THE GENTLEMAN FROM ALABAMA'S TIME. |
| 03:09:44 |
|
WHAT YOU'RE SAYING HERE IS THAT IF THE DIRECTOR, DIRECTOR, NOT EVEN THIS BOARD THAT'S MADE UP OF EXPERTS... |
| 03:11:44 |
|
GENTLEMAN FROM OHIO. |
| 03:11:45 |
|
I MOVE TO STRIKE THE LAST WORD. |
| 03:11:47 |
|
GENTLEMAN'S RECOGNIZED. |
| 03:11:49 |
|
I YIELD THREE MINUTES TO THE |
| 03:11:51 |
|
THANK YOU. AS I WAS SAYING, AND I HOPE I DO REMAIN YOUR FAVORITE DEMOCRAT, THERE SEEMS TO BE IN MY... |
| 03:13:27 |
|
GENTLEMAN FROM OHIO HAS THE TIME. |
| 03:13:29 |
|
THANK YOU, MR. CHAIRMAN. I JUST WANT TO COMMENT ON THE AMENDMENT IN SUPPORT OF THE AMENDMENT. AND... |
| 03:15:14 |
|
WILL THE GENTLEMAN YIELD? |
| 03:15:15 |
|
NO, I WILL NOT YIELD. I THINK THE EVIDENCE IS QUITE CLEAR. AND I SUPPORT THE GRAYSON AMENDMENT BECAUSE... |
| 03:15:38 |
|
THANK YOU. AND I, AS THE RANKING MEMBER -- |
| 03:15:42 |
|
YES. I WANT TO SAY THIS. I WANT TO GIVE IT TO THE SPONSORS OF THIS LEGISLATION. THEY HAVE ACTUALLY... |
| 03:16:44 |
|
RECLAIMING MY TIME, THEN. |
| 03:16:45 |
|
BUT I THINK THAT MAYBE -- |
| 03:16:47 |
|
YIELDING BACK MY TIME. |
| 03:16:49 |
|
-- IS THE KEY HERE. IF YOU WANT TO PREVENT PEOPLE FROM DEFAULTING ON LOANS, DON'T GIVE THEM A LOAN.... |
| 03:17:46 |
|
BEFORE I YIELD TO THE GENTLEMAN FROM TEXAS VERY BRIEFLY, I AGREE WITH THE GENTLEMAN FROM OHIO WHEN... |
| 03:18:59 |
|
IF THE GENTLEMAN WILL YIELD. |
| 03:19:00 |
|
NO. THEN THE GENTLEMAN FROM FLORIDA, I SHOULD SAY. WHETHER YOU WOULD ACCEPT -- THANK YOU. THE AMENDMENT... |
| 03:19:12 |
|
NO. |
| 03:19:13 |
|
OKAY. WITH THAT, IN A BIPARTISAN EFFORT I WAS TRYING TO MAKE A GOOD BILL BETTER. WITH THAT I WILL... |
| 03:19:23 |
|
I THANK THE GENTLEMAN FROM NEW JERSEY FOR YIELDING. I HAVE IN MY HANDS HERE TESTIMONY THAT WAS GIVEN... |
| 03:20:34 |
|
I RECOGNIZE MYSELF. BECAUSE I HAVE TO RESPOND. I WOULD ASK THE GENTLEMAN FROM ALABAMA NOT TO LEAVE.... |
| 03:22:02 |
|
MR. CHAIRMAN, IF YOU WILL RECALL, WE SAT DOWN. WE HAD A GROUP THAT SAT DOWN BECAUSE THEY DIDN'T LIKE... |
| 03:22:19 |
|
I'LL TAKE MY TIME BACK. I'M TAKING MY TIME BACK. WHO CONSIDERED IT THE TRIAL LAWYER BILL? I'M SORRY.... |
| 03:22:26 |
|
IT WAS A CHARACTERIZATION. |
| 03:22:27 |
|
I HAVE TAKEN BACK -- IF THE GENTLEMAN DOES NOT -- EXCUSE ME! THE RULES ARE SUCH, AND IT'S MY TIME.... |
| 03:22:56 |
|
MR. CHAIRMAN, WHAT I DID IS I WROTE AND SAID WE WOULD BE WILLING TO HAVE A BILL. I SAID THESE ARE... |
| 03:23:14 |
|
LET ME TAKE MY TIME BACK NOW. I'M TAKING BACK MY TIME. DOES THE GENTLEMAN NOT UNDERSTAND THAT CONCEPT?... |
| 03:23:20 |
|
I'M SORRY. |
| 03:23:21 |
|
IT'S MY TIME NOW. HERE'S THE POINT. FIRST HE SAID HE DIDN'T GET AN ANSWER. NOW HE ACKNOWLEDGES HE... |
| 03:24:38 |
|
MR. CHAIRMAN, IN FACT, IF YOU LOOK AT WHAT I SENT YOU IN 2005 AND SAID THAT WE WERE PREPARED TO GO... |
| 03:24:53 |
|
I WILL TAKE MY TIME BACK TO SAY, LET ME ASK THE GENTLEMAN, I'M SORRY, WHY AS CHAIRMAN DID THE GENTLEMAN... |
| 03:25:20 |
|
MR. CHAIRMAN, THERE WAS NO BILL. IF YOU'LL RECALL. THERE WAS NO ANY MEMBER COULD HAVE BROUGHT UP A... |
| 03:25:27 |
|
NO. I TAKE THAT TIME BACK. NO. THAT'S SIMPLY WRONG. WHEN YOU'RE THE CHAIRMAN OF THE COMMITTEE YOU... |
| 03:25:49 |
|
THANK YOU, MR. CHAIRMAN. I DID NOT ASK TO BE RECOGNIZED TO RELIVE WHAT CONGRESS FAILED TO ADDRESS... |
| 03:29:20 |
|
I YIELD TO MR. GARRETT OF NEW JERSEY. |
| 03:29:22 |
|
JUST A BRIEF COMMENT TO BOTH THE CHAIRMAN AND THE RANKING MEMBER WITH THEIR RECOLLECTION OF HISTORY.... |
| 03:30:31 |
|
WOULD THE GENTLEMAN YIELD TO ME? |
| 03:30:35 |
|
THE GENTLEMAN WUPTASN'T THE RANKING MEMBER. HE WAS THE CHAIRMAN OF THE SUBCOMMITTEE. I UNDERSTAND... |
| 03:30:57 |
|
GOING FORWARD, THAT IS THE DISAGREEMENT THAT WE HAVE IN THIS LEGISLATIVE ASSEMBLY FOR THE LAST NINE... |
| 03:31:17 |
|
YES. |
| 03:31:20 |
|
I'M NOT PREPARED TO GIVE PEOPLE A -- I THINK WE SHOULD HAVE LEGISLATED WHEN WE DIDN'T LEGISLATE AS... |
| 03:31:37 |
|
RECLAIMING MY TIME, I THINK IF YOU TAKE A LOOK AT MR. GRAYSON'S BILL AND THE APPLICATION, I'M JUST... |
| 03:34:34 |
|
THE GENTLEMAN'S TIME HAS EXPIRED. FURTHER DEBATE. GENTLEMAN FROM NEW JERSEY. |
| 03:34:39 |
|
THANK YOU, MR. CHAIRMAN. I YIELD MY TIME TO THE RANKING |
| 03:34:42 |
|
THANK YOU. I THANK THE GENTLEMAN FROM NEW JERSEY. MR. CHAIRMAN, I THINK ONE OF THE IMPORTANT THINGS... |
| 03:39:45 |
|
JIM DEMINT OF MISSOURI? |
| 03:39:49 |
|
I WILL YIELD TO THE CHAIRMAN. |
| 03:39:53 |
|
I CAN'T LET THAT GO. THE GENTLEMAN SAID, HE DID MOVE A BILL IN MAY. MAY WAS 2007. |
| 03:40:03 |
|
I SAID THERE WAS A BIPARTISAN BILL. |
| 03:40:05 |
|
MAY, 2007. THE BILL FINALLY MOVED IN 2007, WHEN WE WERE IN THE MAJORITY. THE GENTLEMAN IS CORRECT,... |
| 03:42:21 |
|
CHAIRMAN -- |
| 03:42:23 |
|
I APOLOGIZE. |
| 03:42:27 |
|
STORY. I YELLED TO THE CHAIRMAN FROM NORTH CAROLINA. |
| 03:42:32 |
|
I APOLOGIZE. |
| 03:42:33 |
|
THANK YOU. IT DID NOT OCCUR TO ME THAT THIS WOULD BE WHAT WE WOULD TALK ABOUT TODAY. I DID NOT GO... |
| 03:44:15 |
|
DIAMOND FROM MISSOURI'S TIME. |
| 03:44:19 |
|
I YIELD TO NO ONE. |
| 03:44:24 |
|
THE GENTLEMAN FROM TEXAS AND. |
| 03:44:27 |
|
I YIELD MY TIME. |
| 03:44:30 |
|
THANK YOU, GENTLEMAN FROM TEXAS FOR YIELDING. I DO WANT THE COMMITTEE TO RECALL WHAT WE WERE DEBATING... |
| 03:46:22 |
|
THANK YOU, I WOULD LIKE TO SAY THAT I AM VERY MUCH OPPOSED TO THIS AMENDMENT. I THINK IT STARTED OUT... |
| 03:47:07 |
|
QUESTION NOW FROM THE GENTLEMAN FROM MINNESOTA. SOME MR. CHAIRMAN, THE POINT CAME UP REGARDING POWER... |
| 03:48:19 |
|
A ROLL CALL IS ORDERED, AND IT IS TOO LATE TO START ANOTHER AMENDMENT. WE WILL RECESS AND COME BACK... |
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.