House Proceeding 09-29-08 on Sep 29th, 2008 :: 0:48:16 to 0:50:31
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Next bill: HR 1424 Emergency Economic Stabilization Act

0:48:15 to 0:48:25( Edit History Discussion )

from alabama is recognized. mr. bachus: madam speaker, i yield two minutes to the gentman from texas, mr. culberson. the speaker pro tempore: the gentleman from texas is recognized for two minutes.

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Speech By: John Abney Culberson
Bill: H.R. 3997: Defenders of Freedom Tax Relief Act of 2007

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John Abney Culberson: mr. culberson: i thank the gentleman for yielding. i want to point out that this legislation is giving us the choice between bankrupting our children or bankrupting a big few of these financial

0:48:35 to 0:48:44( Edit History Discussion )

John Abney Culberson: institutions on wall street that made bad decisions. now, my daughter didn't do anything to deserve this. i know what the banks on wall street did. and look at the bill itself. let me

0:48:44 to 0:48:54( Edit History Discussion )

John Abney Culberson: point to a couple of sections in the brief two minutes to see that the secretary of the treasury is given authority unprecedented in this nation. we're key ate -- creating a king henry here that

0:48:54 to 0:49:06( Edit History Discussion )

John Abney Culberson: will buy any type of financial instrument he wants from anywhere in the world owned by anybody. the secretary can ste ep in, using his authority to buy any troubled asset he wishes, not

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John Abney Culberson: just limited to residential mortgage-backed securities. any financial instrument owned by any foreign entity, any american entity anywhere in the world and, quote, the secretary is authorized

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John Abney Culberson: to take such actions as the secretary deems necessary to carry out this act. you can't sue him to stop him. the review section of this b sill says that we can only, if you attempt to sue the

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John Abney Culberson: secretary, you can only overturn his decision if he does something that's arbitrary, capricious or an abusive move. that's an absolutely unbelievable standard that gives the secretary unbridled discretion

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John Abney Culberson: and you will never be able to overturn or go after what he's doing in court. it allows the federal government for the first time quoting from the bill here, page 28, the federal property manager

0:49:52 to 0:50:01( Edit History Discussion )

John Abney Culberson: who holds, owns or controls mortgages evenol has the authority to get into negotiating and changing the terms of individual mortgages. it's an unprecedented an an unacceptable expansion of

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John Abney Culberson: power that our kids cannot afford, that we have never seen in the history of this country, and i urge members to remember there is a better alternative. we, fiscal conservatives in the

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John Abney Culberson: house, laid out sound alternatives that we need to take time to breathe and think about this and consider thoughtfully in committee. we could, for example, just changing the accounting

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John Abney Culberson: rule would make a tremendous difference. we could in and examine, for example -- and why don't we repeal the capital gains tax and take it to zero as they do do in so many other successful

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economies? don't vote to bankrupt our kids at the expense of saving some of these big wall street banks. the speaker pro tempore: the gentleman from massachusetts. mr. frank: i yield two minutes