House Proceeding 01-14-09 on Jan 14th, 2009 :: 1:25:30 to 1:28:55
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1:25:26 to 1:25:46( Edit History Discussion )

Melissa L. Bean: failed when it passed the first bill of tarp and it will fail when they give the authority to the president second time. i yield back. the chairman: the gentleman yields back. the gentleman from georgia is recognized. mr. scott: i yield two minutes to the talented and energetic member of the committee, gentlelady from illinois, ms. bean.

1:25:30 to 1:28:55( Edit History Discussion )
Speech By: Melissa L. Bean

1:25:47 to 1:26:08( Edit History Discussion )

Melissa L. Bean: the chairman: the gentlelady is recognized. ms. bean: i rise in support of h.r. 384, the tarp reform and accountability act. thank you for yielding and i thank the chairman for his leadership on this issue. last fall, this congress faced a difficult decision and we were asked to provide the treasury with 00 billion to stablize the financial markets. ben bernanke warned that the

1:26:09 to 1:26:29( Edit History Discussion )

Melissa L. Bean: u.s. economy was on the verge of collapse if congress did not act. congress wisely put stipulations in place to protect taxpayer dollars and instructed the treasury to provide resources. most important, we withheld half of the tarp money to allow congressional review. it was vitally necessary to stave off the collapse of our

1:26:30 to 1:26:51( Edit History Discussion )

Melissa L. Bean: nation's financial system and remain so today. however, this administration did not follow congressional instructions to utilize a portion of funds to address rising foreclosures. today, we have the opportunity to refine the use of the remaing tarp funds with this bill to make sure that we both stablize our financial system and reduce rising foreclosures

1:26:52 to 1:27:13( Edit History Discussion )

Melissa L. Bean: which continued to undermine it. h.r. 384 requires the incoming administration to act with greater transparency and accountability on how funds are beg used to stablize mats and provide options to foreclosure avoidance for credit-worth families. in 2008, one in 10 homeowners were either delinquent or in

1:27:14 to 1:27:35( Edit History Discussion )

Melissa L. Bean: foreclosure. one in six homeowners are currently upside down, meaning the mortgage exceeds current home value. economists expect five million foreclosures in the next two years. to compound the challenges facing our financial industry, slumping consumer spending is driving many retailers and small businesses under and as they

1:27:36 to 1:27:57( Edit History Discussion )

Melissa L. Bean: vacate their properties, commercial mortgage foreclosures will increase. that means even more toxic assets on the books of our financial institutions, further limiting credit. credit affects any american. anyone who uses a creditard fee needs a college loan, runs a business or is empled by one. when the treasury came to

1:27:58 to 1:28:18( Edit History Discussion )

Melissa L. Bean: ngress -- mr. scott: i yield the gentlelady an additional 0 seconds. ms. bean: when the treasury came to congress last fall, our financial system was on the edge of collapse. the economic challenges we face today would be worse if congress had no supported the provision of tarp funds, but we are not out of the woods. i urge my colleagues to support

1:28:19 to 1:28:39( Edit History Discussion )

Melissa L. Bean: h.r. 384 to make these necessary changes to tarp and vote to release the second portion of the tarp money so our financial system and american businesses and families can weather the existing and coming storms. thank you, mr. chairman, and i yield back. .

1:28:40 to 1:28:56( Edit History Discussion )

Melissa L. Bean: the speaker pro tempore: the gentleman from alabama is recognized. mr. bachus: may i inquire how much time is left on each side? the speaker pro tempore: 23 1/2. mr. bachus. on the other side? the eaker pro tempore: the