House Proceeding on Oct 2nd, 2008 :: 0:20:00 to 1:52:13
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Speech By: John Campbell

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Speech By: Ed Perlmutter

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Ed Perlmutter: the fdic as we did in the 1980's to resolve thousands of problemmed institutions. in those days we had over $100 billion worth of resolution costing $1.8 billion to the insurance fund, not the

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Ed Perlmutter: taxpayer. we need to use the security and exchange commission to work with our banks and how they account for the real estate on their books, not with false indexes and arbitrary measures

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Ed Perlmutter: but rather to true value. that would unlock billions of dollars, $500 billion in the system today and would ease interbank lending. let's use the right medicine, not a band-aid as our deficit explodes

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Speech By: Dennis J. Kucinich

Against Bailout

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Dennis J. Kucinich: even more and the value of the dollar declines more. let's have the courage and wisdom to do what's right. the speaker pro tempore: for what purpose does the gentleman from california

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Dennis J. Kucinich: rise? >> mr. speaker, request permission to address the house for one minute and to revise and extend my remarks. the speaker pro tempore: without objection, so ordered. mr. campbell: after

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Dennis J. Kucinich: the house rejected and defeated the economic recovery bill in the stock market americans lost over $1 trillion. they lost over $1 trillion in their savings and their invest ments and in their

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Dennis J. Kucinich: retirement accounts. if we do not act that will just be the beginning. they would have been better off if we took the $700 billion in that bill and threw it into there potomac. this bill takes that

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Dennis J. Kucinich: $700 billion, bice assets which have three different backstops to make sure that the taxpayer not only gets their money back but could perhaps make a profit. mr. speaker, americans' jobs

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Dennis J. Kucinich: are at risk, the economy is at risk, their bank accounts are at risk, their retirement are at risk. we must act. i hope we follow the senate's lead tomorrow and pass this bill. thank you. the

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Speech By: Lloyd Doggett

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Lloyd Doggett: speaker pro tempore: for what purpose does the gentleman from colorado rise? om mr. per mutter: for permission to address the house for one minute. the speaker pro tempore: without objection.

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Lloyd Doggett: mr. perlmutter: thank you, mr. speaker. third quarter data released yesterday highlighted the decrease in home values in 24 out of 25 metropolitan areas, and jobless claims rose to a seven-year

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Lloyd Doggett: high. our economy is struggling and people across america are am having trouble selling their homes and buying inventory for their businesses. while no one likes the situation we're in,

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Lloyd Doggett: we must do what we can to help america and its families. so i support the financial legislation, which has been proposed and is coming to us from the senate. i encourage the treasury

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Lloyd Doggett: to work through the sthmall business administration, the farm credit administration and the federal home loan bank board so credit flows to the people living in colorado and across the

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country. this is one of the most important pieces of economic legislation we've had in decades. and clearly the fluctuations in the markets over the pasfew days and the credit crisis we

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face must demonstrate we cannot give up on a solution. i believe this is a plan that will help stabilize the market and protects tax mears and i support it and -- taxpayers and i support it

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and i yield back, mr. speaker. the speaker pro tempore: the time has expired. for what purpose does the gentleman from ohio rise? >> i ask permission to address the house for one minute

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Speech By: John Jr.Conyers

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John Jr.Conyers: and to revise and extend. the speaker pro tempore: r without objection, so ordered. mr. kucinich: someone sticks up a bank, they get a jail g sentence. wall street sticks up the nation,

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John Jr.Conyers: they get a $700 billion bailout. the free market doesn't mean wall street should be free to steal from the american taxpayers. it's a free market, not a spree market. the american values of

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John Jr.Conyers: fairness, frugality and faith are being sacrificed to greed. the senate took a dreadful bill that failed on the house floor, made no substantive changes for protection for investors and

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John Jr.Conyers: instead attach tax provisionta that is has absolutely nothing to do with the underlying financial crisis. among the tax credits are tax credits for banks. borrowing money from the banks to

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John Jr.Conyers: give money from banks so we take toxic assets and return. the proble m is people can't pay for their mortgages. and their homes are in danger. got to remember this. if this bill passes it doesn't

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John Jr.Conyers: address the underlying crisis. people can't pay for their mortgages. people -- the market may g- o up temporarily, but people will still be losing their homes. and what will we have accomplished?

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John Jr.Conyers: wake up, america. the speaker pro tempore: for what purpose does the gentleman from texas rise? mr. doggett: mr. speaker, i ask to address the house for one he minute. the speaker pro tempore:

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John Jr.Conyers: without objection, the gentleman is recognized. mr. doggett: i commend warren buffett on his confidence in is american business. but his investment in goldman sachs is not a charityible donation.

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John Jr.Conyers: he's buying preferred stock. why should american taxpayers get anything less? why does he buy the preferred and we buy the leftovers? i share my neighbor's concerns about the impact of some in washington

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John Jr.Conyers: hitting the panic button on their retirement, their home or their business. but when markets are poisoned, you demand the best anectdote, not yield to president bush's take it or leave it

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John Jr.Conyers: demand. i yield back. the speaker pro tempore: the time has expired. >> mr. speaker. the speaker pro tempore: for what purpose does the gentlewoman from california rise? >> i ask unanimous

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John Jr.Conyers: consent that the speaker be authorized to entertain motions to suspend the rules on the legislative at day of october 2, thursday, relating to the following measures, s. 3641, s. 3197 and h.r.

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John Jr.Conyers: 7221. the speaker pro tempore: without objection, so ordered. pursuant to clause 8 of rule 20, the chair will postpone further proceedings today on motions to suspend the rules on which a

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John Jr.Conyers: recorded vote or the yeas and nays are requested. or on which the vote is objected to under clause 6 of rule 20. record votes on postponed questions will be taken later. for what purpose does

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John Jr.Conyers: the gentleman from michigan rise? mr. conyers: mr. speaker, i move to suspend the rules and pass the senate bill s. 3197. the speaker pro tempore: the clerk will report the title of the

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John Jr.Conyers: bill. the clerk: senate 3197, guard guard -- a bill to amend title 11, united states code, to exempt for a limited period, from the application of the means-test presumption of abuse under chapter

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Speech By: Chris Cannon

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Chris Cannon: 7, qualifying members of reserve components of the armed forces and members of the national guard who, after september 11, 2001, are called to active duty or to perform a homeland defense activity

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Chris Cannon: for not less than 90 days. the speaker pro tempore: pursuant to the rule, the gentleman from michigan, mr. conyers, and the gentleman from utah, mr. cannon, each will control 20 minutes.

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Chris Cannon: the chair now recognizes the gentleman from michigan, mr. conyers. mr. conyers: mr. speaker, i ask unanimous consent to have all members receive fiveiv legislative days to revise and extend

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Chris Cannon: their remarks and include extraneous material. the speaker pro tempore: without objection, so ordered. mr. conyers: and a i yield myself such time as i may consume. the speaker pro tempore: the

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Chris Cannon: gentleman is recognized. mr. conyers: the consumer bankruptcy overhaul signed into law three years ago adds a mean s test that presumes a debtor is abusing the law if he or she has incomes

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Chris Cannon: that exceed the modest thresholds and t thereby forces the debtor into a multiyear repayment plan. . this bill accepts qualifying nati onal guard and reserve members from that presumption of

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Chris Cannon: abu se. we have no one other than the gentlelady fromm illinois, jan schakowsky, to thank for this. with half a million members of the national guard and reserve called to iraq and afghanistan

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Chris Cannon: since 9/11, many serving multiple tours of duty, the financial toll on their families has been severe. it's estimated that up to 26%6% of national guard members deployed experience money

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Chris Cannon: problemses as a direct result. so the measure before us makes an exception to the means test presumption of abuse for national guard and reserve members who serve 90 days since september 11,

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Chris Cannon: 2001, and for a year and a half ayefter they leave service. i'm heartened to know that we now have the opportunity to provide this modest but important relief to these brave men and women

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Zoe Lofgren: in the service. i also commend ranking member lamar smith of texas who has helped make this a bipartisan endeavor. so i reserve at this time. the balance of my time. the speaker pro tempore:

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Speech By: Zoe Lofgren

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Zoe Lofgren: the gentleman reserves. the gentleman from utah. mr. cannon: thank you, mr. speaker. i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. cannon:

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Zoe Lofgren: i'm happy that the house is able to complete today the congress' consideras'tion of this bipartisan legislation. as we have stated at every turn, republicans strongly support the mission and

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Zoe Lofgren: appreciate the sacrifice of our dedicated reservists and guardsmen. we continue to agree that reservists and guardsmen who are plunged into bankruptcy by the demands of their service should be given

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Zoe Lofgren: a helping hand under the bankruptcy code. earlier this session judiciary committee re publicans labored long and hard to achieve a workable compromise thate would help these willing warriors.

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Zoe Lofgren: the major issue for us was simple -- that the bill respond to bankruptcies attributable to reservist or guardsmen service. the senate has returned a bill to us that preserves the balance

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Zoe Lofgren: we struck. the senate has added one amendment, but it is tecenhnical in nature and was sought by the administrative office of the united states courts. i urge all members to support the passage

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Zoe Lofgren: of this legislation and i look forward to the bill's implementation as law. i also look forward to the results two years from now of the g.a.o. study contained in the bill. this study will tell

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Chris Cannon: us for sure mr. reservists and guardsmen are using the relief granted by the bill when it is their service that leads to bankruptcy not other factors. when the bill reaches its three-year

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Speech By: Chris Cannon

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Chris Cannon: sunset we will know for sure whether it's breeing abused in cases lacking the necessary link to service. if it is being abused, we'll be able to address that abuse at the time that theme re-authorization

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Chris Cannon: is considered. in light of these considerations, i'm pleased to support passage of the sabill. i would also like to thank others who have worked on this bill, in particular congressman rohrabacher

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Chris Cannon: from california.ca i made as the chairman of the subcommittee on commercial administrative law that has oversight over the bankruptcy act a promise that we would reconsider this bill. that was done

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Chris Cannon: some years ago. mr. rohrabacher has done an amazing job, given leadership and determination to bringing this bill to where it is today. by doing so has redeemeded my promise and his and that

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Chris Cannon: of many other people. thank you, mr. speaker. i reserve the balance of my time. the speaker pro tempore: the gentleman reserves. the gentlema n from michigan. ga mr. conyers: mr. speaker, i'm

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Speech By: Zoe Lofgren

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Zoe Lofgren: pleased to recognize the chair of the california delegation, zoe lofgren, for as much time as she needs. the speaker pro tempore: the gentlewoman is recognized. ms. lofgren: thank you, mr. chairman

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Zoe Lofgren: and mr. speaker. i rise in support of this bill. it is obviously important that we make sure that any of our armed service members who have suffered a financial loss because of their service have

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Zoe Lofgren: access to relief through the bankruptcy courts. that's the l east we can do. to assist these fine men and women. but i rise also to say that there are other things that are not yet before us

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Zoe Lofgren: in the bankruptcy a rena that we -- i believe are gaining some bipartisan support for. many of us have expressed concern that lacking in the recovery packagere that wee will be voting on tomorrow

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Zoe Lofgren: is any provision that deals with the primary mortgage -- mortgage on a primary residence that might be one of many tools to deal with the underlying crisis that has created this worldwide

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Zoe Lofgren: economic instability. i would have preferred that such a measure be in the recovery package, but it is not essential that the measure be part of a package. it is possible to move such a measure

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Chris Cannon: separately. and i just wanted to -- we were here earlier in the week. i complimented my colleague from utah saying that -- it was unlikely we would be on the floor together again because he

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Speech By: Chris Cannon

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Chris Cannon: is not returning, but heree we are. and i would just like to compliment him for the hard work and discussions that he has been put in behind the scenes over this last several weeks to

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Chris Cannon: see if disagreements can be resolved. if parties can come together in the interest of the country. i can't say that we have accomplished that yet, but i think that we have an opportunity. i actually

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Chris Cannon: am quite optimistic we be will be successful in that effort that would be very important for our country. i see the gentleman standing there. i wonder if i could yield to him if he wishes to make

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Chris Cannon: a comment. mr. cannon: i thank the gentlelady. the american peo ple are enraged by this bailout or rescue as we are now calling it. and i think justifiably so. the -- they ought to be enraged

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Chris Cannon: at theeal cause here, or the real cause of what i think should be the rage is that this has been done in a way that has been mandated, directed, expected that we would respond without much

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Chris Cannon: involvement. it reminds me the rage of the american people reminds me of a bull. often goes after the cape rather than gorin the toreador . what we need to do here, i hope the american people

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Chris Cannon: recognize the opportun ity to demand a transparent government. there was no reason why the administration couldn't have made its three-page proposal available not as a legislative demand

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Chris Cannon: but as an outline of what the discussion should have been. there's no reason why we here in congress have not done an open rule hen anne had a debate on this. we could easily have taken this

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Zoe Lofgren: measure, debated it openly, amended it, adjusted it and done things that make sense. the pr oblem as i see theee bailout and the gentlelady and i have talked about it at some length, is that it pumps

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Speech By: Zoe Lofgren

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Zoe Lofgren: liquidity intoit banks and takes paper. that paper we hope is good. we hope it will be more valuable than the -- what we spend on it. ms. lofgren: i wonder. i did yield. we have other speakers.

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Zoe Lofgren: i wonder if -- we can have this further discussion but whether on the mortgage -- primary p residence mortgage issue you think there is further opportunity to make progress between

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Zoe Lofgren: republicans andca democrats, conservatives and nonconservatives? mr. cannon: i thank the gentlelady. we have plenty of time on my side if the gentlelady would like to yield back temporarily.

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Zoe Lofgren: i would be happy to use my time to talk about that point. ms. lofgren: i will do so because i don't want to take advantage of the chairman's yielding me unlimited time when there are other

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Zoe Lofgren: speakers. but i would just say that in the discussions that we have had that have been very honest and very practical and i think totally bipartisan. i would even say nonpartisan trying

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Zoe Lofgren: to find common ground in the interests of the american people on this. i have a sense ever optimism that we can do something important on the mortgage bankruptcy issue aside from this recovery

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Zoe Lofgren: package that is coming. and having said that, i will yield back to the chairman of the committee and perhaps mr. cannon will use some of his time to further explore this. the speaker pro tempore:

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Zoe Lofgren: the gentleman from utah. mr. cannon: thank you, mr. speaker. i thank the gentlelady. if she wishes to remn perhaps we can have a colloquy at some point. let me make a couple of points. we

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Zoe Lofgren: have had a long and intense discussion about what we can do to help solve not the problem of the banks with their toxic loans, which we hope we'll buy at a reasonable price in a reverse aucti,

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Chris Cannon: but what we do on the other side of this problem which is homeowners who can't afford the loans that they got on property that was often misappraised or appraised fraudulently and left in a box

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Speech By: Chris Cannon

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Chris Cannon: without being able to pay with mortgages that arega resetting at higher interest rates, sometimes with higher balances because of the way the mortgages are arranged. so how do we keep -- help

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Chris Cannon: americans stay in their homes in a reasonable fashion? we have talked about bankruptcies as one way to do that. in the bill that we did not pass here in the house recently, the secretary

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Chris Cannon: had wide autho rity. i am expecting that authority to be continued. what i would hope is that the secretary will not just put $700 billion into paper which may or may not be useful, but also something

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Chris Cannon: like $50 billion or $100 billion into funds that are intended to help people stay in their homes by creating a -- the opportunity to buy mortgages at a discount then renegotiate those mortgages

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Chris Cannon: with the people who are in those homes or others, and thereby avoid the spiraling, downward spiral of housing costs. i don't know that we are going to be able to do much with bankruptcy

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Chris Cannon: if this bill that passed the senate passes the house today, don't know if we can deal with it. i think we ought to demand as the house that the secretary re recognize this is not just

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Chris Cannon: a matter of saving paper or buying paper and saving banks, it's rather a matter of keeping a downward spiral in housing prices from continuing so americans can maintain the value in

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Chris Cannon: their homes, keep their homes, and get this economic crisis behind us andnd perhaps save money. i recognize the gentlelady. i would be happy to yield. ms. lofgren: thank you for yielding. i would

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Chris Cannon: just note that in fact i in the rescue package there is a provision requiring the secretary to renegotiate loans. that will actually be of tremendous value in dealing with the foreclosure crisis

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John Jr.Conyers: that we face when the government owns the whole mortgage, all of the mortgage. because securities are being purchased, because the ready markets are frozen, we won't necessarily own all the

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Janice D. Schakowsky: mortgages in eve ry case, and half of the subprimes have second and thi mortgages that will be able to defeat any effort to renegotiate. i think that moving a narrowly crafted for subprime only mortgage

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Speech By: Janice D. Schakowsky

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Janice D. Schakowsky: primary residence mortgage measure either laettner this congress or early next -- later in this congress or early next might be something that could avoid the $2.1 trillion in mortgages that

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Janice D. Schakowsky: are set to reset and certainly a are at risk of default in the next 18 months. i am just stating here today, i think we have an opportunity to accomplish that working across the aisle and

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Janice D. Schakowsky: working across ideological barriers. really we are all in the same place. we want americans to be safe and secure in th eir homes ifom they are able to meet their obligations. we should

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Janice D. Schakowsky: go the extra mile toe allow them to do that. i just want to say once again how much i have appreciated working with you, congressman cannon, over these years and how -- i said this earlier this

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Janice D. Schakowsky: week, but if you look at your voting record, you have got one of the most conservative voting records in this congress, and as i mentioned i do not. but that has never prevented us from

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Janice D. Schakowsky: working together to find solutions for the american people. i really think you're a remarkable legislator. someone who i respect a great deal. i thank you for your f service to our country.

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Janice D. Schakowsky: mr. can nan: reclaiming my time. i thank the gentlelady. -- mr. cannon: reclaiming my time. i thank the gentlelady. the nice thing about being clear in your princips it's possible to negotiate

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Janice D. Schakowsky: and come up with compromises that work. it's been a pleasure to work with the gentlelady and the chairman of the full committee who is also here with us, mr. conyers. it's not possible to be

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Janice D. Schakowsky: farther b apart on the political spectrum than i think mr. conyers and i are, but we have had a very pleasant and i think profitable working relationship on many issues where because of his clear

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Janice D. Schakowsky: principles and i hope my clear principles we have beenha able to reach compromise. going back to what the gentlelady was saying, i fervently hope will i not be part of any further negotiations

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Janice D. Schakowsky: on bankruptcy. i hope that we solve this problem today or tomorrow, i suppose. and then save the -- make the american people more safe by us being out of town and thenn letting next year's crop

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Janice D. Schakowsky: of people come back and deal with the issue. let me just reiterate a couple things the gentlelady has said. $2.1 trillion of subprime and alt a loans are in trouble f we do n't do something about

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Janice D. Schakowsky: that, those loans as they fail, to the degree they fail and many are likely to fail, arelikely to draw down to create a suction that will pull down the prices of all the other houses

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Janice D. Schakowsky: in america creating chaos in our markets. it's imperative that the secretary recognize his authority under i think the current language and make it clear he intends to do something not just

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Janice D. Schakowsky: about the paper, because as the gentlelady has pointed out, we don't own all the fractions of the interests in these mortgages, and therefore we don't hav e the ability by pumping money into

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Janice D. Schakowsky: paper to solve the underlying problem. you have to do that in another way. certainly where you have a second or third, there is no ability by the tresh have i under -- treasury under the

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Janice D. Schakowsky: current program to dealt with that suction on prices. i'm hop ing the secretary of the treasury will today make it clear he intends to use part of this bailout money for which he has, i

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Janice D. Schakowsky: think the discretion. io i think it's important he be clear he has that discretion, he intends to use money that way so we can create a floor not just under the banks but also under the prices

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Janice D. Schakowsky: of our homes. . and with that i reserve the balance of my time. the speaker pro tempore: the gentleman reserves. the gentleman from michigan. mr. conyers: mr. speaker, i yield to the author

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Speech By: Dana Rohrabacher

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Dana Rohrabacher: of this bill, jan schakowsky, as much time as she may consume. the speaker pro tempore: the gentlewoman is recognized. ms. schakowsky: i thank the gentleman for yielding to me. i rise to proudly support

0:50:57 to 0:51:13( Edit History Discussion )

Dana Rohrabacher: s. 3197, the national guard and r eservists debt relief act. this legislation is the senate companion to h.r. 4044, legislation i authored along with my friend and colleague, congressman dana

0:51:13 to 0:51:26( Edit History Discussion )

Dana Rohrabacher: rohrabacher, which patched the house unanimously on june 23. s. 3197 was introduced by my very good friend and colleague from illinois, senator dick durbin. since 9/11, more than 460,000

0:51:26 to 0:51:42( Edit History Discussion )

Dana Rohrabacher: reservists and guardsmen have been called to active duty in iraq and afghanistan. these men and women have left their families and their jobs to selflessly serve their country. often with little

0:51:42 to 0:52:00( Edit History Discussion )

Dana Rohrabacher: or no notice to get their finances in order. many service members are small business owners who have to put their businesses on hold while they serve their country, and some are forced to sacrifice

0:52:00 to 0:52:12( Edit History Discussion )

Dana Rohrabacher: those businesses altogether. and of course, some may face losing their homes when they return because of their financial distress. and many service members face unexpected end tendatures leaving

0:52:12 to 0:52:25( Edit History Discussion )

Dana Rohrabacher: them with almost no way to prepare financially. s. 3197 would allow national guard and reservists to file for bankruptcy without the burden of the means test that assesses their eligibility

0:52:25 to 0:52:43( Edit History Discussion )

Dana Rohrabacher: for bankruptcy protection. h.r. 4044 allows members of the national guard and reservists to file for chapter 7 bankruptcy without the added paperwork burden and obstacles of the means test.

0:52:43 to 0:52:57( Edit History Discussion )

Dana Rohrabacher: this is why when veterans face the means test it has a particularly adverse impact on them. that is because the combat pay of soldiers in iraq or afghanistan is often higher than their salaries at

0:52:57 to 0:53:09( Edit History Discussion )

Dana Rohrabacher: home and they have fewer expenses overseas, if any. the problem is when they return home these individuals return to face lower incomes and higher expenses and because the means test factors

0:53:09 to 0:53:22( Edit History Discussion )

Dana Rohrabacher: in a person's income and expenses for the six-month period preceding the filing. their expenses seem disproportionately low. te as a result, they risk failing the means test and facing chapter

0:53:22 to 0:53:36( Edit History Discussion )

Dana Rohrabacher: 11 or 13. this bill is narrowly drafted to apply to service members who have served in the armed forces for more than 90 days and would exempt them from the means test for a year and a half after

0:53:36 to 0:53:55( Edit History Discussion )

Dana Rohrabacher: they return home. it would require a g.a.o. report that would help us quantify the hardships our veterans face when they return home by tracking how many apply for bankruptcy protection. with

0:53:55 to 0:54:07( Edit History Discussion )

Dana Rohrabacher: unemployment at the highest levels in seven years and the credit crisis and recession squeezing the budgets of families across the country, we must give these returning heroes any relief we

0:54:07 to 0:54:47( Edit History Discussion )

Dana Rohrabacher: can. 18% of veterans recently back from tours of duty are unemployed. 25% --5% of those who have been able to find work earn less than $22,000 a year. there are currently 1,500 veterans of the wars

1:03:17 to 1:03:25( Edit History Discussion )

Dennis J. Kucinich: in iraq and afghanistan who are homeless, and thousands of veterans return from the war with physical and mental injuries which make returning to work difficult or impossible. we should

1:03:25 to 1:03:42( Edit History Discussion )

Dennis J. Kucinich: all be outraged at those statistics. simply put, the men and women who have risked their lives to protect us deserve protection from us in return. these selfless individuals should not face

1:03:42 to 1:03:59( Edit History Discussion )

Zoe Lofgren: harsh bankruptcy procedures if they are in financial distress when they return home. when the changes to the bankruptcy law were made in 2005, congress exempted disabled veterans from the

1:03:59 to 1:04:16( Edit History Discussion )

Zoe Lofgren: means test. it is time to include the guard and reservists as well. the legislation that we're considering once again today is virtually identical to the one we passed unanimously with

1:04:16 to 1:04:30( Edit History Discussion )

Dennis J. Kucinich: minor five-word technical clarifying corrections conducted in the senate judiciary committee. and like h.r. 4044, the bill passed the senate with unanimous support, and i urge its support

1:04:30 to 1:04:50( Edit History Discussion )

Dennis J. Kucinich: in the house once again today so that we can send it to the president for his signature. i'd like to thank chairman conyers, again, for working with me to pass this legislation, as well as subcommittee

1:04:50 to 1:06:23( Edit History Discussion )
Speech By: Chris Cannon

1:04:50 to 1:05:04( Edit History Discussion )

Chris Cannon: chairwoman linda sanchez for her commitment to this bill. and i want to thank the staff on both sides of the aisle who helped, particularly my ly legislative director, daniel panchina . again,

1:05:04 to 1:05:20( Edit History Discussion )

Chris Cannon: i thank my colleagues, -- my colleague, congressman rohrabacher, who has been a formidable and effective partner in moving this house -- legislation through the house. i i yield to yeel. ee the

1:05:20 to 1:05:31( Edit History Discussion )

Chris Cannon: speaker pro tempore: the gentlewoman yields back. the chair will note that the gentleman from utah has 11 minutes remaining. and the gentleman from michigan has eight minutes remaining. the

1:05:31 to 1:05:44( Edit History Discussion )

Chris Cannon: gentleman from utah. mr. cannon: thank you, mr. speaker. i noted earlier that the gentleman from california, mr. rohrabacher, had worked diligently on this bill. i talked about his intelligence

1:05:44 to 1:05:56( Edit History Discussion )

Chris Cannon: and determination and the fact that he's redeemed his promise and mi ne by bringing this bill to the floor today, i'd like to yield as much time to him as much as he may consume. the

1:05:56 to 1:06:09( Edit History Discussion )

Chris Cannon: speaker pro tempore: the gentleman from california is recognized. mr. rohrabacher: i thank you, mr. speaker. i am pleased and i rise in strong support, obviously, of s. 3 19 -- 3197. i am pleased

1:06:09 to 1:06:23( Edit History Discussion )

Chris Cannon: that we are about to finally provide this benefit to our veterans. but i am troubled it has taken us so long to do so. on april 14, 2005, the house considered s. 256, the bankruptcy, abuse, prevention

1:06:23 to 1:07:45( Edit History Discussion )
Speech By: Zoe Lofgren

1:06:23 to 1:06:37( Edit History Discussion )

Zoe Lofgren: and consumer protection act of 2005, which was a much-needed and very responsible reform. then in the minority, my colleague, ms. schakowsky, offered a motion to recommit so that the bill

1:06:37 to 1:06:49( Edit History Discussion )

Zoe Lofgren: would allow targeted exemption from our stricter bankruptcy means test for those national guard and reservists whoave been called up after 9/11. at the time of the floor debate, i was told by

1:06:49 to 1:07:01( Edit History Discussion )

Zoe Lofgren: the republican floor manager that the schakowsky motion was redundant, that there was already such protection for our national guard and reservists under the service members civil relief act. because

1:07:01 to 1:07:16( Edit History Discussion )

Zoe Lofgren: of this, i voted against the motion. and it failed on a party line vote 2,000 -- excuse me -- 220 yeas and 229 nays. i soon found out, however, that i and other republican msnbc had been

1:07:16 to 1:07:29( Edit History Discussion )

Zoe Lofgren: misinformedd . apparently to prevent the then minority from having any legislative success. when i found out there was no adequate protection for our returning reservists and guardsmen, i pledged

1:07:29 to 1:07:45( Edit History Discussion )

Zoe Lofgren: to work with my colleague, ms. schakowsky, to make it right. subsequently, i introduced legislation to amend the bankruptcy law. pt this measure, of course, isn't costing any -- well, maybe

1:07:45 to 1:08:02( Edit History Discussion )

Chris Cannon: it cost a few, but probably not any federal dollars. new federal dollars. there's no big spending involved in this. there is no ma ssive appropriation needed. all it is is a consideration

1:08:02 to 1:08:18( Edit History Discussion )

Chris Cannon: for these people who have risked their lives for us and are coming home. but my party cldn't get itself to provide for consideration for our homecoming heroes even though there wasn't a e major cost

1:08:18 to 1:08:31( Edit History Discussion )

Zoe Lofgren: involved. thus, my legislation didn't ever get to the floor. in the meantime, party control of the house changed and ms. schakowsky and i have been working diligently to get this legislation to

1:08:31 to 1:08:47( Edit History Discussion )

Zoe Lofgren: the floor and get it passed into law. the senate passed the bill by y uke on tuesday and we are now -- by unanimous consent on tuesday, and we are now debating this under suspension. this

1:08:47 to 1:09:02( Edit History Discussion )

Chris Cannon: has widespread support and it should have been voted on and accepted a long time ago. s. 3197, introduced by senator durbin in the senate, has bettered the bill in several ways. often it will

1:09:02 to 1:09:42( Edit History Discussion )

Dennis J. Kucinich: take several months for a service member to gain an understanding of his or her financial situation after returning home. so this bill expands the time of eligibility to a year and a half after

1:19:28 to 1:19:38( Edit History Discussion )

Gwen Moore: the service member has been released from active duty. and because more information is needed, this bill requires the comptroller general to study and report to congress on the number of service

1:19:28 to 1:23:28( Edit History Discussion )
Speech By: Gwen Moore

1:19:38 to 1:19:53( Edit History Discussion )

Gwen Moore: members who will be using this exemption and the number of service members who are substantially or materially involved in bankruptcy cases because of their service. i encourage my colleagues who

1:19:53 to 1:20:09( Edit History Discussion )

Gwen Moore: voted no on the motion to recommit three years ago to vote in favor of this legislation today. this bill is not a wedge to reopen the bankruptcy rules. rather, it is a narrow targeted change modeled

1:20:09 to 1:20:28( Edit History Discussion )

Gwen Moore: after existing exemptions for disabled veterans who are america's heroes. this is targeted at those american heroes throughout our country who are called up for deployment and are now returning

1:20:28 to 1:20:38( Edit History Discussion )

Gwen Moore: home. re this bill would ensure that america's heroes throughout our country, who have often been called up for deployment, and these deployments have been far longer than they ever initially

1:20:38 to 1:20:51( Edit History Discussion )

Gwen Moore: thought they would be called up for, they would not pay a high personal cost for their absence and their willingness to step forward and defend our -- and defend our country. as my colleague,

1:20:51 to 1:21:04( Edit History Discussion )

Gwen Moore: ms. schakowsky, put it, these service members have put their lives and livelihood on the line for us and we owe them a great debt. this is one way that we can show our deep appreciation for

1:21:04 to 1:21:16( Edit History Discussion )

Gwen Moore: the service that these people have given to us protecting our families and the service they provided our country. now is the time for us to repay that debt in a very bipartisan way, whi

1:21:16 to 1:21:30( Edit History Discussion )

Gwen Moore: should have been in play on the floor of this house all along. and when it wasn 't three years ago, ms. schakowsky and i have finally made up for that bit of partisanship at the expense of

1:21:30 to 1:21:42( Edit History Discussion )

Gwen Moore: our homecoming heroes that happened over three years ago. so today i ask my colleagues to join ms. schakowsky and myself. i thank all of those involved who's helped us along the way, and

1:21:42 to 1:21:54( Edit History Discussion )

Gwen Moore: i ask my colleagues to support this measure. thank you. the speaker pro tempore: the gentleman from michigan. mr. conyers: mr. speaker, how much time remains? the speaker pro tempore: the gentleman

1:21:54 to 1:22:08( Edit History Discussion )

Gwen Moore: from michigan has eight minutes remaining. the gentleman from utah has 5 1/2 minutes remaining. mr. conyers: i yield now all but one minute to the distinguished gentleman from ohio, a member

1:22:08 to 1:22:22( Edit History Discussion )

Gwen Moore: not always heard on the floor, dennis kucinich. the speaker pro tempore: did the gentleman say seven minutes ? how much time is the gentleman yielding? mr. conyers: all but one minute.

1:22:22 to 1:22:34( Edit History Discussion )

Gwen Moore: the speaker pro tempore: the gentleman is recognized for seven minutes. mr. conyers: will the gentleman yield to me? mr. kucinich i will. mr. conyers: we keep saying that the gentleman from utah

1:22:34 to 1:22:48( Edit History Discussion )

Gwen Moore: is on the floor for the last time, but the last time always becomes one more time.im i want him specifically remembered for the cooperation and leadership he gave in thee committee and

1:22:48 to 1:23:01( Edit History Discussion )

Gwen Moore: on the floor in terms of broadband legislation, the credit card interchange considerations, the very complex issues of immigration, on literally all of thely civil liberties issues that have come

1:23:01 to 1:23:16( Edit History Discussion )

Gwen Moore: before us, and internet gambling. he's given us his attention and helpfulness. we appreciate it so very, very much, chris. i thank the gentleman for yielding. mr. kucinich: i thank the

1:23:16 to 1:23:28( Edit History Discussion )

Gwen Moore: gentleman for his generosity with the time and thank my colleagues on both sides of the aisle for their support of s. 3197, which will help those who serve this country save their home and save

1:23:28 to 1:23:40( Edit History Discussion )

Judy Biggert: what they work a lifetime for. it is a very poignant that we could come to this bill at this moment when we understand the importance of helping those who serve this country save their

1:23:28 to 1:30:01( Edit History Discussion )
Speech By: Judy Biggert

1:23:40 to 1:23:55( Edit History Discussion )

Judy Biggert: homes. because actually it does lead to that larger question because we are all intuned now to the fact that millions of americans , including those who serve this country, through no fault of

1:23:55 to 1:24:08( Edit History Discussion )

Judy Biggert: their own are finding their homes at risk. millions of americans. and unfortunately despite the best efforts o f people on both sides of the aisle, congress will have -- the house will have

1:24:08 to 1:24:21( Edit History Discussion )

Judy Biggert: deliver to it a bill from the senate that does not directly address that question. because unless this country takes a controlling interest, unless the secretary of the treasury will take a controlling

1:24:21 to 1:24:37( Edit History Discussion )

Judy Biggert: interest in thesein mortgage-backed securities so they can negotiate on behalf of the homeowners to reduce their exposure to losing their home, this bill will be for not. let's keep in mind that

1:24:37 to 1:24:55( Edit History Discussion )

Judy Biggert: a central premise of the american a dream is owning a home. we understand that for our soldiers, and we should do something here. . we also need t o understand that all over this country

1:24:55 to 1:25:15( Edit History Discussion )

Judy Biggert: there are people watching these debates and wondering are we going to do something to help them save their home? because that's what we ought to be doi ng. the way we can do it, mr. chairman,

1:25:15 to 1:25:30( Edit History Discussion )

Judy Biggert: is that instead of taking a strategy that assumes that the trickle will get down from the top by giving $700 billion to wall street, we instead focus on creating a solution for the homeowners and

1:25:30 to 1:25:42( Edit History Discussion )

Judy Biggert: know that then the money will begin to percolate up to the banks and back to wall street. instead of assuming the government gives the money to wall street, goes to the banks, and gets to the people.

1:25:42 to 1:25:58( Edit History Discussion )

Judy Biggert: not under the bill that the senate is sending over here. so what we want to do -- mr. cannon: would the gentleman yield? mr. kucinich: we want to do everything we can for our soldiers. and we should.