House Proceeding 01-14-09 on Jan 14th, 2009 :: 1:50:10 to 1:53:00
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1:50:06 to 1:50:26( Edit History Discussion )

Joe Sestak: it's an issue that the financial services committee will be working on and i expect to have a hearing on it and the gentlewoman will be helpful with us. >> thank you for your leadership in this area. mr. frank: i yield 2 1/2 mi1 mr. frank: i yield 2 1/2 minutes to the gentleman from pennsylvania, mr. sestak.

1:50:10 to 1:53:00( Edit History Discussion )
Speech By: Joe Sestak

1:50:27 to 1:50:48( Edit History Discussion )

Joe Sestak: the chairman: the gentleman from pennsylvania is recognized for 2 1/2 minutes. mr. sestak: i rise in support of this bill. i believe the u.s. government response has been too timid and too slow. let me take the failure of this house to pass the initial tarp bill. as a result of that, mr. paulson backed away from the initial

1:50:49 to 1:51:10( Edit History Discussion )

Joe Sestak: purpose of this bill, which was to purchase distressed mortgage security and begin to give a price to them so we might have attracted by now more private investment into the market. he had a mistaken policy that he pursued in hispanic of putting more equity direct into the market. i believe therefore you have seen things happen that others

1:51:11 to 1:51:32( Edit History Discussion )

Joe Sestak: have taken the place of our intended response. the federal reserve has stepped in. just one example, actually guarantee hundreds of billions of dollars of distressed equity, which we in the tarp program were actually meant to salvage. second, i believe we actually have had success.

1:51:33 to 1:51:54( Edit History Discussion )

Joe Sestak: we have moved from the financial cris, financial panic, when in the first week in october, not one bond was issued in the united states. the first time that has occurred in the historyof america. as we step back, we have he seen the overnight bank lending rate fall significantly downward. that is important, because every credit card in america is tied

1:51:55 to 1:52:16( Edit History Discussion )

Joe Sestak: to that rate. and 50% of eafer adjustable rate mortgage is tied to that as we salvage other types of credit challenges. third, i believe that as we have some success. the 10-year treasury securities and as our mortgage rates have fallen, much more needs to be

1:52:17 to 1:52:37( Edit History Discussion )

Joe Sestak: done and that's what this bill does. it institutes the accountability that is absolutely critical. if i learned anything in the nafe, expect what you inspect and we have the inspection regime in this bill. as we begin to get funding to the types that need it, commercial banks that can give

1:52:38 to 1:52:59( Edit History Discussion )

Joe Sestak: it direct to consumers and to small businesses. as we begin to salvage the mortgage foreclosure which is a long pole in the tenth e tent. and a final point is this, when you were in a physical storm at sea, what about that seaman who never took precautions?

1:53:00 to 1:53:01( Edit History Discussion )

Joe Sestak: we are truly in a financial