1:53:02 to 1:53:15( Edit History Discussion )

Barney Frank: storm. and the u.s. government is the only one who will take the precautions necessary in order to salvage us from this storm. i yield back. the chairman: the gentman yields back. mr. frank: i'm about to get the

1:53:16 to 1:53:37( Edit History Discussion )

Anna G. Eshoo: last speaker before i will close. so i now yield two minutes to the the gentlewoman from california, ms. eshoo. ms. eshoo: i rise to engage in a colloquy with the chairman of the financial services committee, mr. frank. when congress originally drafted the emergency economic

1:53:38 to 1:54:00( Edit History Discussion )

Anna G. Eshoo: stablization act of 2008, i worked with the chairman to ensure that local governments would be covered under the troubled assets relief program. and the reason that we need to do this was that there were so many that had invested in very conservative instruments i lehman brothers.

1:54:22 to 1:54:42( Edit History Discussion )

Anna G. Eshoo: teachers being laid off, the termination of ongoing construction projects and the reduction of so many of the critical services that o constituents rely on every day. my intention today is to confirm authority granted to the treasury secretary in the emergency stablization act of emergency stablization act of

1:54:47 to 1:55:08( Edit History Discussion )

Barney Frank: to use it effectively. so to the chairman, does the treasury secretary have the authority under tarp to purchase troubled assets by local governments? mr. frank: if the gentlewoman would yield. yes, it does. and the purpose of this bill is not simply to confirm that the authorities have, but we say we expect it to be used and if it is not used, we get an

1:55:09 to 1:55:29( Edit History Discussion )

Barney Frank: explanation as to why not. and if the gentlewoman would continue to yield, a gentleman from virginia, most recently the gentleman from illinois, a fairly good geographic section, have made the point that the municipalities have been the unfair victims of this financial cris. and we do some things to help in

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we will be doing more.

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and i thank all three of them and many others who have brought that to our attention. the chairman: the gentlewoman's time has expired. the gentleman from alabama is recognized. mr. bachus: i yield myself such time as i may consume. the chairman: the gentleman is recognized.

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that to our attention.

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time has expired.

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recognized.

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time as i may consume.

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recognized.

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mr. bachus: thank you, mr. chairman. mr. chairman, ladies and gentlemen, in september, congress rushed to approve 50 billion to prevent what we were told was a doomsday scenario, that secretary paulson and

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mr. chairman, ladies and

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congress rushed to approve 50

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told was a doomsday scenario,

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chairman bernanke warned could

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bring down our financial system.

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stablize our financial markets,

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to function, very serious words.

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and we did act. w, just last week, we approved 50 billion with an option, if necessary, to commit another 50 billion. just last week in a letter to congress to members on both sides of the aisle, we were told by secretary paulson -- and let

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50 billion with an option, if

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50 billion.

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congress to members on both

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by secretary paulson -- and let

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me quote, we have, in fact, met, met our original stated objectives, which were to immediately stablize the financial by strengthening financial institutions, arresting the wave of financial organization failures and establishing a

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objectives, which were to

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financial by

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institutions, arresting the wave

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failures and establishing a

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basis for recovery. you recall back then six of our rgest institutions collapsed within a month or two. now what began back then in september as an emergency response to stablize our

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rgest institutions collapsed

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now what began back then in