Senate Proceeding on Mar 18th, 2009 :: 6:13:45 to 6:16:55
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6:13:45 to 6:16:55( Edit History Discussion )
Speech By: Mitch McConnell

6:13:51 to 6:14:11( Edit History Discussion )

Mitch McConnell: without objection, so ordered. the presiding officer: the republican leader. mr. mcconnell: mr.resident, i know how important it is to our banking system and especially our community banks that the senate pass s. 541, the depositor protection act of 2009.

6:14:12 to 6:14:33( Edit History Discussion )

Mitch McConnell: this is a bipartisan bill led by senator dodd and senator crapo that would increase the borrowing authority of the federal deposit insurance corporation and thereby free up capital for banks to lend to small businesses and people who need it. the depositor protection act is cosponsored by senators across the political spectrum. senator schumer, senator brown,

6:14:34 to 6:14:55( Edit History Discussion )

Mitch McConnell: senator aka, as well as senator bond, senator gregg, and senator corker, who is here on the floor with us. the fact that it has such diverse support underscores how important it is to our entire financial system. this is a bill frankly we should pass without delay. doing so would help our financial institutions and, thus, our economy during this

6:14:56 to 6:15:18( Edit History Discussion )

Mitch McConnell: economic downturn. the bipartisan dodd-crapo bill should not be held hostage by efforts to attach much more controversial legislation on top of it. specifically, i understand that some of our democratic colleagues want the dodd-crapo bill to pull the passage of a controversial measure commonly

6:15:19 to 6:15:39( Edit History Discussion )

Mitch McConnell: called around here as "cramdown." it would allow bankruptcy judges to rewrite mortgage contracts. cramdown is the opposite of dodd-crapo. cramdown has bipartisan opposition and it has bipartisan opposition because it would worsen our economic situation. for example, last year 11 senate

6:15:40 to 6:16:02( Edit History Discussion )

Mitch McConnell: democrats along with every single republican in the senate voted against cramdown because its passage would worsen housing markets by raising interest rates for everyone in order to benefit a very few. this in turn would make it more difficult for everyone, especially those of modest means to own a hom this is the wrong prescription

6:16:03 to 6:16:23( Edit History Discussion )

Mitch McConnell: at the wrong time for an ailing housing market. these concerns of course have not gone away. and this year some senate democrats have publicly reiterated their o cramdown. there are no such concerns with the bipartisan dodd-crapo depositor protection act of 2009. we could as if right now,

6:16:24 to 6:16:44( Edit History Discussion )

Mitch McConnell: mr. president on a bipartisan basis and help our financial situation. i would hope our friends on the other side of the aisle will let us pass this important bill. they should not hold it up so they can chase something that is fraught with problems and according to a senate democrat isn't going anywhere anytime soon. so i want to thank in particular

6:16:45 to 6:16:55( Edit History Discussion )

Mitch McConnell: one of the most knowledgeable members of the senate who is thor troughly diverse ant distinguish these issues and has -- conversant with these issues