House Proceeding 10-03-08 on Oct 3rd, 2008 :: 2:17:19 to 2:27:40
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Previous bill: HR 1424 Emergency Economic Stabilization Act

2:17:07 to 2:17:47( Edit History Discussion )

the best we have right now. i would ask my colleagues to please support this bill. those of you talking about the additional costs on the senate side, the largest additional cost is fixing

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Speech By: Nancy Pelosi

Nancy Pelosi makes a call for support of the bailout bill

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the a.m.t. first time i've heard people on my side of the aisle refer to that as a cost. that's giving taxpayers the kind of relief they deserve and rv preventing them from being put into

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Nancy Pelosi: higher tax brackets unnecessarily. the speaker pro tempe ore: the gentleman's time has expired. the gentleman from massachusetts. mr. frank: an alumna of our community who has been a dedicated

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Nancy Pelosi: defender of lower income workers, ms. lee. the speaker pro tempore: the gentlewoman is recognized for 2 1/2 minute s. ms. lee: thank you for the t time, for yi elding, and for fo your leadership

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Nancy Pelosi: and tireless work. . i want t o thank congressman re jesse jackson jr. for associating himself with my y remarks today. this is a bailout. we should be honest about how on we got here. reckless

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Nancy Pelosi: deregulation policies and greed. we should be honest about the fact that we don't know thatha this is the appropriate economic strat egy. some economists say yes, some economis say no. but i

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must be honest about the fact that i can't afctford to risk the pot ential consequences qu of inaction based on what i i know today. i spoke with our california treasurer this week and he assured

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me that people will suffer greater p ain, including cuts to critical state-funded social services, county service, and schoolsrv if we don't do something to stop this ng hemorrhaging. that's why

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i will vote for this bill today. as a former small business owner, i know that access to credit will make or break your business and without it, people ut will lose jobs. we will not

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magically turn the econom y around, reverse the rise in unemployment or end this recession weth're in now. we must be honest about that. but i must err on the side of caution so our seniors have some

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confidence that their pensions are safe. i hope we'll be able to flevpbt le financial crisis from exacting an even biggerle to on the everyday lives of our constituents. congressman jackson

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and i will continue to fight for regulatory reform and a direct economic stimulus package thatmu we fought for to be inoucluded in this bill. we must have bankruptcy reform up and a morfoirm

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on foreclosures but i'm glad to say our fight has helped slow this bill down. thanks t o our speaker's leadership we have a bill to extend unemployment compensation insurance on the on

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floor. that's the le tast we can do for those in need on main street. i urge me other body to tae ke it up immediately. as senator obama said, there ba will be a time to punish those who

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set this fire but now is the moment for us to come together and put the fire out. congressman jackson and i join him in that effort and will vote for this flawed but necessary legislation.

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it's a very difficult vo vte for both of us but i muthst do everything i can to stop this bleeding in the lives of people living from paycheck to paycheck. that is, they have a paycheck.

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i'm really con fident that this is the right vote, but i know that it's not the popular vote. thank you, mr. chairman, i have to thank co ngresswoman maxine waters for your leadership to try

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to make some sense out to have this fore slowture mess. hopefull y we'll stop the bleeding but i know we have a lot to do. the speaker pro tempore: the gentlewo man's time has expired. the

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gentleman from alabama. fr mr. bachus: i yield two minutes to myself and ask per misto approach the well. the speaker pro tempore: the gentleman is recognized for two minutes. mr. bachus: thank

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you, madam speaker. madam speaker, ladies and gentlemen of the housen , thomas payne december 23, 1776, said these are times that try men's souls. what was a problem at oneem time on wall

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street has hbecome a problem for main street. what was a problem for this congress and financial experts has beco me a problemem for america. as late as last night, l mr. latourette, mr. latham

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and i were at the rules committee for 2 1/2 minuteste urging thein rules r committee to onl y appropriate $250 billion, an enormous amount, yet they turned down our request. i want to

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thank my republican colleagues on the rules committee for voting yes. y we requested not only -- wede said we would come back -- oulur amendment said we'd come t back in november and we'd govive

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careful consideratioren to this. if we needed more, if the program was working, and rk beli eve you me, it be announced that it won't start for awonother 15 days whether we pass this s bill today

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or tomorrow or the day after. and we couldave all judged by then how it was working. w but that's past and today ist today. and i will be voting ti oday for this bil l. because it's about the

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pensioner and his retirenement check. it's about the small b ausiness man and his ability to buy materials or make a payroll. m and it's about that student either in school havingho to leave

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school or that student pre paring for school. whatever the problem was before, however you disagree with certain parts of this bill, our only choice is yes or no. and when a problem becwhomes

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an american problem, and it is, then it is time for co ingress to take decis ive -- decisive is action. and i will be voting yes on this bill. not a perfect bill but a bill that i am not

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willing to a pass up becau se i'm not willing to risk capitalism and ait decline into socialism if our financial markets and economy collapses. thank you, ladies and gentlemen. the speaker pro tempore:

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the gentleman's time has elexpired. the gentleman from ge massachusetts. mr. frank: madam speaker, no member of congress in my memory has worked more harder and more constructively than the majority

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whip has onjo this. i'm pleased to yield two minutes to him. the s peaker pro tempore: the gentleman from south carolinfra is recognized for two minutes. mr. clyburn: thank you, madam ad

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speake r. i thank th e chairman for yielding m e the time and thank nd you so much for his hard work wo on this legislation. madam speaker, i rise todaeay in strong support of the emergency

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economic stabilization act of 2008. and believe this bill must be enacted as soon as possible to stop our country from falling deeper into recession. today, madam speaker, we received information

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that our economy has lost 159,000 additional jobs. this brings the teotal job loss for this year to 760,000. but, mada m speaker, jobs areke not the only thing americans across thi s country

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are losy ing. they are losing theirei hold on the american dream. that dream, madam speaker, ispe economic mobility and it homeownership. nowhere is this problem more acute than in minority communities.

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madam spker, this is not only about wall street. it's abo ut broad street andre walker street. it's about grocery stores, s, beauty shops and barbershops. it's about community banks and auto dealerships.