House Proceeding 01-14-09 on Jan 14th, 2009 :: 1:30:10 to 1:33:00
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1:29:20 to 1:31:35( Edit History Discussion )
Speech By: Elijah E. Cummings

1:30:03 to 1:30:23( Edit History Discussion )

Elijah E. Cummings: came to us last fall seeking our assistance to soften the blow of the worst financial crisis since the great depression, we heeded their call. we actually passed the 00 billion financial rescue package to save wall street from itself.

1:30:24 to 1:30:48( Edit History Discussion )

Elijah E. Cummings: but we did it believing that the administration would make good faith efforts to use the funds as explained in the bill. in the first 50 billion installment of the program, the bush administration has failed

1:30:49 to 1:31:11( Edit History Discussion )

Elijah E. Cummings: on both fronts, as has -- the treasury department has systematically failed to ensure that taxpayer dollars spent through trrp are being used as effectively and efficiently as possible. in fact, we have no clear idea how the funds are being used. we have seen the results of this lack of oversight with one example, that's a.i.g., whose president i will be meeting with tomorrow morning.

1:31:12 to 1:31:37( Edit History Discussion )

Elijah E. Cummings: a.i.g. is the beneficiary of more than 50 billion of taxpayer dollars that continues to hold luxury junkets for its top executives, and bonuses to retain its staff. the bush administration -- administration has failed to meet its commitment to use tarp to stem the tide of foreclosures

1:31:39 to 1:32:00( Edit History Discussion )

Randy Neugebauer: and refused to put any restrictions on -- the speaker pro tempore: the gentleman's time has expired. mr. cummings: i yield back. the speaker pro tempore: the gentleman yields back. the gentleman from abama is recognized. mr. bachus: i yield 3 1/2 minutes to the gentleman from texas, mr. nugen baur. the speaker pro tempore: the gentleman is recognized for 3

1:31:40 to 1:35:20( Edit History Discussion )
Speech By: Randy Neugebauer

1:32:01 to 1:32:21( Edit History Discussion )

Randy Neugebauer: 1/2 minutes. . knew been -- mr. nugen baur: i want to reiterate, we don't have -- mr. neugebauer: we don't have another billion, we didn't have the first 50 billion and we had to go out and

1:32:22 to 1:32:43( Edit History Discussion )

Randy Neugebauer: borrow that money from our children and grandchildren in order to do something that nobody's really articulated what we were tryi to do we didn't have a plan, there was no accountability, but we went ahead and charged on the credit cards of our children and grandchildren 50 billion with the assumption we'd do another 50 billion and the issue here,

1:32:44 to 1:33:04( Edit History Discussion )

Randy Neugebauer: and the reason it is so important and i'm frustrated and do not understand, ts isn't just the only money that's -- that we've committed. the treasury, the federal reserve, the fdic have guaranteed billions and billions of dollars and we're getting into the trillions, a recent wall street journal article said