House Proceeding 03-18-09 on Mar 18th, 2009 :: 1:19:20 to 1:22:00
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1:19:16 to 1:19:36( Edit History Discussion )

John Yarmuth: used to in savings and loans. do you believe that we need to go back to some of these types of regulations and get into a more conservative type of financial structure? mr. yarmuth: i thank my colleague. one of the reasons that no action was taken last year is the is to what you refer. also, it affects a lot of people

1:19:20 to 1:22:00( Edit History Discussion )
Speech By: John Yarmuth

1:19:37 to 1:19:58( Edit History Discussion )

John Yarmuth: who are building apartment complexes and other things so they're essentially businessmen and investors who form partnerships. and they would have been affected by the same change. and there was a considerable amount of question as to whether that was adviseable because we want to promote people to do apartment complexes and shopping

1:19:59 to 1:20:19( Edit History Discussion )

John Yarmuth: centers and so forth. and we couldn't quite figure out a way to make the distinction. that was, i think, one of the main reasons we didn't take action. in reference to your question, and i think our colleague from florida in his opening remarks. and that is it's not a question of whether we need massive

1:20:20 to 1:20:41( Edit History Discussion )

John Yarmuth: regulation or little regulation, we need the right regulation. and what we have failed to do over the last 20 years is to modernize our regulator system in such a way that it took recognition of the very changing picture of business, particularly in the financial sector. and i think this congress and i

1:20:42 to 1:21:02( Edit History Discussion )

John Yarmuth: know chairman frank of financial services, i know the administration is very much concerned with reshaping our regulatory system. again, not to overregulate the economy but to make sure we have the right type of regulation in place adapted to the current financial structure of the world so that these types of

1:21:03 to 1:21:24( Edit History Discussion )

John Yarmuth: situations don't recur. and i think that my colleague from iowa also mentioned something that we really need to look into as a congress and that is the whole q antitrust laws and which -- not just which industries are covered or not covered but also what -- what we can do and whether we should do something to in some way control the size

1:21:25 to 1:21:47( Edit History Discussion )

John Yarmuth: of businesses because what we've seen in many of these cases recently is we've businesses that quote-unquote are too big to fail. and i understand that there is a companies have worldwide operations and there is somewhat of a limit as to what we can do. but we havnot revisited the question of our antrust laws

1:21:48 to 1:22:00( Edit History Discussion )

John Yarmuth: and the size of corporations sometime in this country. i think the american people would appreciate that conversation because they don't see -- they don't like being in a position in which they are virtually helpless when a giant corporation which yields no