0:23:26 to 0:23:43( Edit History Discussion )

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

0:23:43 to 0:23:59( Edit History Discussion )

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.

0:24:11 to 0:24:28( Edit History Discussion )

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,

0:24:38 to 0:24:50( Edit History Discussion )

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

0:25:07 to 0:25:23( Edit History Discussion )

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

0:25:52 to 0:26:09( Edit History Discussion )

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

0:26:21 to 0:26:39( Edit History Discussion )

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

0:26:51 to 0:27:05( Edit History Discussion )

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?

0:27:20 to 0:27:35( Edit History Discussion )

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.

0:27:48 to 0:27:59( Edit History Discussion )

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

0:28:12 to 0:28:24( Edit History Discussion )

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.

0:28:37 to 0:28:47( Edit History Discussion )

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

0:29:01 to 0:29:15( Edit History Discussion )

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

0:29:15 to 0:29:30( Edit History Discussion )

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

0:29:43 to 0:29:58( Edit History Discussion )

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

0:30:09 to 0:30:21( Edit History Discussion )

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

0:30:35 to 0:30:51( Edit History Discussion )

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

0:31:06 to 0:31:20( Edit History Discussion )

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,

0:31:37 to 0:31:50( Edit History Discussion )

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:

0:31:50 to 0:32:10( Edit History Discussion )

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:

0:32:39 to 0:32:55( Edit History Discussion )

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

0:33:10 to 0:33:26( Edit History Discussion )

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

0:33:40 to 0:33:54( Edit History Discussion )

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

0:33:54 to 0:34:05( Edit History Discussion )

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

0:34:18 to 0:34:32( Edit History Discussion )

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

0:34:46 to 0:35:03( Edit History Discussion )

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

0:35:16 to 0:35:30( Edit History Discussion )

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

0:35:30 to 0:35:41( Edit History Discussion )

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

0:35:55 to 0:36:07( Edit History Discussion )

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

0:36:21 to 0:36:36( Edit History Discussion )

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

0:36:36 to 0:36:59( Edit History Discussion )

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

0:37:13 to 0:37:25( Edit History Discussion )

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

0:37:36 to 0:37:50( Edit History Discussion )

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

0:38:06 to 0:38:21( Edit History Discussion )

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

0:38:32 to 0:38:45( Edit History Discussion )

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

0:38:45 to 0:38:57( Edit History Discussion )

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

0:39:08 to 0:39:19( Edit History Discussion )

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

0:39:35 to 0:39:49( Edit History Discussion )

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

0:40:01 to 0:40:14( Edit History Discussion )

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

0:40:26 to 0:40:42( Edit History Discussion )

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

0:41:16 to 0:41:28( Edit History Discussion )

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

0:41:39 to 0:41:53( Edit History Discussion )

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

0:42:04 to 0:42:21( Edit History Discussion )

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

0:42:31 to 0:42:44( Edit History Discussion )

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

0:42:57 to 0:43:10( Edit History Discussion )

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