Senate Proceeding on Oct 2nd, 2008 :: 2:23:59 to 2:57:11
Total video length: 8 hours 5 minutes Stream Tools: Stream Overview | Edit Time

Note: MetaVid video transcripts may contain inaccuracies, help us build a more perfect archive

Views:1,382 Duration: 0:33:12 Discussion

Previous speech:

Next speech:

2:23:59 to 2:24:10( Edit History Discussion )

Tom Harkin: to change this country. i thank the president. i yield the floor. and i suggest the absence of a quorum. the presiding officer: the clerk will call the roll. quorum call: the presiding officer: the

2:23:59 to 2:57:11( Edit History Discussion )
Speech By: Tom Harkin

2:24:10 to 2:24:26( Edit History Discussion )

Tom Harkin: senator from iowa. mr. harkin: i ask that further proceedings under the quorum call be dispensed with. the presiding officer: without objection. mr. harkin: mr. president, last night i reluctantly voted

2:24:26 to 2:24:42( Edit History Discussion )

Tom Harkin: in favor of the economic stablization act. and i want to emphasis the word reluctantly. i did so because the nation's financial system faces serious challenges and it was important for us to act. however,

2:24:42 to 2:24:56( Edit History Discussion )

Tom Harkin: i'm under no ill liewtionz. while this rescue plan will likely calm and stablize the financial system, at least in the short run, it is not as strong as it should be in protecting taxpayers' money

2:24:56 to 2:25:09( Edit History Discussion )

Tom Harkin: and does not get to the underlying problem of what got us here in the first place. now, over the last week i worked with a number of other senators to work to improve this measure that was in the

2:25:09 to 2:25:23( Edit History Discussion )

Tom Harkin: house, that the house turned down. for example, i joined with a group of senators in developing and the creation of a special inspector general to oversee the emergency efforts of the treasury department

2:25:23 to 2:25:38( Edit History Discussion )

Tom Harkin: and to investigate the inevitable waste, fraud, and abuse as the bailout goes forward. i say inevitable because when you have 00 billion sloshing around -- $700 billion sloshing around out there

2:25:38 to 2:25:50( Edit History Discussion )

Tom Harkin: and one person that decides where it goes, it invites mischief. we have a special inspector general to oversee that i'm pleased that that recommendation was included in the final bill. however,

2:25:50 to 2:26:07( Edit History Discussion )

Tom Harkin: i'm still disappointed that the limits on executive compensation in the bill are not as strong as i would have like and others would have liked. the final decisions on executive compensation are left

2:26:07 to 2:26:23( Edit History Discussion )

Tom Harkin: to the secretary, who by his background, training, and everything is simply no champion of limits on executive compensation. look at his own background, for example. i felt and still feel that we

2:26:23 to 2:26:35( Edit History Discussion )

Tom Harkin: have to have definitive, hard limits on executive compensation. i mean if they're going to come in here and ask the taxpayers to bail them out, they're, in effect, becoming government employees.

2:26:35 to 2:26:51( Edit History Discussion )

Tom Harkin: they should not make more than the highest paid government employee who is the president of the united states. if they don't like it, they don't have to come to us with the taxpayers to bail them out

2:26:51 to 2:27:02( Edit History Discussion )

Tom Harkin: either. so that is something that we're going to have to fix. likewise the final decision on acquiring stocks in banks participating, that is, getting yecty -- equity positions is crucial to protect the

2:27:02 to 2:27:14( Edit History Discussion )

Tom Harkin: taxpayers' money. that is left up to the secretary again, either this secretary or whoever follows this secretary. and this secretary indicated that he does not favor the government taking an equity

2:27:14 to 2:27:31( Edit History Discussion )

Tom Harkin: stake. well, i beg to differ. again, in our taxpayers are being asked to put up their money and to put this debt on their children and grandchildren, well they, an their children and grandchildren,

2:27:31 to 2:27:47( Edit History Discussion )

Tom Harkin: ought to have an equity stake. and nothing less would suffice. again, that is something else that has to be fixed. i'm disappointed that banks are still not required to open their books so we can determine

2:27:47 to 2:28:03( Edit History Discussion )

Tom Harkin: how they value the assets that the government will be purchasing. we need full disclosure and transparency from participating institutions. if we're going to invest taxpayers' money in these banks and acquire

2:28:03 to 2:28:16( Edit History Discussion )

Tom Harkin: their debt portfolios, then we need to know the details of their methods and their proprietary models for placing values on those portfolios. it is not enough for them to just give us their balance

2:28:16 to 2:28:33( Edit History Discussion )

Tom Harkin: sheet. that's not enough. what we need to know is how they got there in the first place? what models did they use internally to decide how they would place the value on a certain asset? how they would

2:28:33 to 2:28:45( Edit History Discussion )

Tom Harkin: decide how much to pay for certain asset and how much to sell that asset to someone else? i think therein lies perhaps some of the secrets to the answers at least to the questions of how we got here

2:28:45 to 2:29:03( Edit History Discussion )

Tom Harkin: in the first place. now, again, there is nothing in this bill that requires them to do that. but they have to be forced to do that. you'll hear, well, oh, there's transparency. we put transparency

2:29:03 to 2:29:15( Edit History Discussion )

Tom Harkin: in the bill. well, only transparency in terms of the secretary buying up the assets and how that's done and it is all open and above board.there's nothing in this bill that requires transparency. but look at their

2:29:15 to 2:29:29( Edit History Discussion )

Tom Harkin: books to see how they got there in the first place. now, just ask yourself this question: you're a company. you have a company and for a number of reasons you're going under water. you're going bankrupt.

2:29:29 to 2:29:44( Edit History Discussion )

Tom Harkin: you go to a bank to get a loan to get back on your feet, hopefully to get back up and operating again. is the bank going to be just satisfied with looking at your balance sheet, what's your assets,

2:29:44 to 2:29:59( Edit History Discussion )

Tom Harkin: what's your debits? no. the bank is going to want to know what got you in trouble. why are you here seek our help? what -- what were you doing there that got new this trouble? let's look at all your

2:29:59 to 2:30:11( Edit History Discussion )

Tom Harkin: books. no bank is going to just loan you money based upon what your balance sheet is. if you're really under water and if you're in bankruptcy or about to, well, we're the bank now, the taxpayers,

2:30:11 to 2:30:23( Edit History Discussion )

Tom Harkin: the federal government is now the bank. and when they come to us and they have asset and they put in this reverse auction, we have to say, okay, let's take a look at your boo. not just your balance

2:30:23 to 2:30:36( Edit History Discussion )

Tom Harkin: sheet, but how did you get to the valuation of those assets? how did you come by those assets what did you pay for those set as? why did you pay that? what was the models you used when you went

2:30:36 to 2:30:48( Edit History Discussion )

Tom Harkin: to your computers and all that's brainiac people who are working for you decided how much you're going to pay for these things? that's a very important point to know. i brought that up with secretary

2:30:48 to 2:31:01( Edit History Discussion )

Tom Harkin: paulson at a meeting, and i couldn't believe his response. his response was, well, no, we can't do that because a lot of times they don't even know how they got there. that's true. i mean, you can ask a

2:31:01 to 2:31:11( Edit History Discussion )

Tom Harkin: lost senators who were in that meeting and i asked that question. he gave that response. well, they don't even know how they got there. well, i'm sorry. they do know how they got there. i mean, this wasn't

2:31:11 to 2:31:25( Edit History Discussion )

Tom Harkin: just flipping a coin. or if they did flip a coin, they ought to tell us that's exactly what they d but i don't think that happened. it happened because they had internal accounting structures that

2:31:25 to 2:31:39( Edit History Discussion )

Tom Harkin: they useed to decide how much to pay for an asset, to buy it or not, how much to put it on their books as, maybe sometimes how much to sell it as. that's what we need to know. and don't tell me that

2:31:39 to 2:31:54( Edit History Discussion )

Tom Harkin: they don't have that information. they do. and i know it's proprietary, but nonetheless, if they're coming to us asking us to buy these assets, we got to know how they got there, because therein if we

2:31:54 to 2:32:07( Edit History Discussion )

Tom Harkin: know that, then that happens us next year when we come back here to change the fundamentals, to put in more regulation, more oversight of our financial markets, which we have to do, by the way. but if

2:32:07 to 2:32:22( Edit History Discussion )

Tom Harkin: we don't know how they got there, how are we going to know as to making public policy and protecting the taxpayers in the future on what we need to do in the regulatory scheme? i'm disappointed

2:32:22 to 2:32:33( Edit History Discussion )

Tom Harkin: that we don't have that. now, there is one other aspects this bill at that troubles me, and that is the fact that we put all the $700 billion basically out there on the table. again, secretary paulson

2:32:33 to 2:32:45( Edit History Discussion )

Tom Harkin: i think was asked by senator schumer of new york, wha was he going to spend all that $700 billion in the first couple weeks. said, no, no, it would take about $50 billion a month. well, this raises

2:32:45 to 2:32:59( Edit History Discussion )

Tom Harkin: a lot of questions in my mind and others. if it's $50 billion a month, why do we have to give you $7 billion? why don't we just give you, you know, $50 billion for the next four or five months

2:32:59 to 2:33:15( Edit History Discussion )

Tom Harkin: and then we'll sunset it and we'll take a look at it, see how it works. if it works, come back to congress. we'd be more than happy to debate it and extend this on. i thought that was a good proposal.

2:33:15 to 2:33:30( Edit History Discussion )

Tom Harkin: in other words, put out five months' worth. put out $250 billi or $300 billion. sunset it. come back here in february and let's see how it's working. is this really working? or is it not working?

2:33:30 to 2:33:44( Edit History Discussion )

Tom Harkin: and then make the decision whether or not we want to put another $350 billion of taxpayers' money out there. well, what happened final on the bill is a scheme that they put out, i think, $250 billion

2:33:44 to 2:34:01( Edit History Discussion )

Tom Harkin: right now. the secretary can get another $1 billion just by snapping his fingers and saying "i want it." he gets $1 billion. then get access to the other $350 billion, there has to be a question, i

2:34:01 to 2:34:14( Edit History Discussion )

Tom Harkin: think, from the president, and congress has 15 days in which to deny it. i mean, they get it. we have 15 days in which to deny it. you might say, well, that's some protection. well, it is, except

2:34:14 to 2:34:34( Edit History Discussion )

Tom Harkin: that if we denied it, the president can override it. he can veto it. then we have to have a two-thirds vote to override the veto, both houses. so you can see this is heavily skewed towards letting

2:34:34 to 2:35:02( Edit History Discussion )

Tom Harkin: the executive branch of government really decide on the full $700 billion. and i think this is something we ought to come back and fix when we come back in january also. now, again, there was some

2:35:02 to 2:35:19( Edit History Discussion )

Tom Harkin: questions raised about that $750 billion, and i was interested to read here in "forbes" september 23, and it said here, in fact i'm quoting from this amplet "in fact some of the most basic detable,

2:35:19 to 2:35:34( Edit History Discussion )

Tom Harkin: including the $700 billion figure treasury would use to buy up bad debt, are fuzzy." quote -- "it is not based on any particular data point, a treasury spokeswoman told forbes use it die. we just wanted

2:35:34 to 2:35:50( Edit History Discussion )

Tom Harkin: to choose a really large number." end quote. so the $7 billion, where did it come -- so the $700 billion, where did it come from? they just wanted a really large number. mr. president, i ask that

2:35:50 to 2:36:04( Edit History Discussion )

Tom Harkin: this article from forbes.com about the bailout be included in the record. the presiding officer: without objection. mr. harkin: so then with all of my concerns, why did i vote for this bill? well,

2:36:04 to 2:36:18( Edit History Discussion )

Tom Harkin: for the following reasons: one, we did gate change in the federal deposit insurance corporation insurance on banks. it was raised from $1,000 to $250,000. now, i think that's even too low. i think

2:36:18 to 2:36:29( Edit History Discussion )

Tom Harkin: -- because that just -- that's just an inflationary increase. that's where fdic would be today in their insurance on deposits in banks if in fact it had kept pace with inflation. quite frankly, it ought

2:36:29 to 2:36:42( Edit History Discussion )

Tom Harkin: to be more than that. i think -- i think it ought to be at least1 million. some people are advocating that it ought to be removed completely. the irish did that, the nation of ireland did that.

2:36:42 to 2:36:56( Edit History Discussion )

Tom Harkin: they raised their deposit insurance completely off of all the banks. well, i don't know if i'd go that far, but at least it ought to be at least $1 million or so because i think depositors would be

2:36:56 to 2:37:10( Edit History Discussion )

Tom Harkin: more comfortable chooseing smaller independent banks than regional banks. they have more conserveative -- conservative investment standards, they're more likely to lend to small businesses and manufacturers

2:37:10 to 2:37:27( Edit History Discussion )

Tom Harkin: which are the backbone of our american economy. so again, you know, many of these independent banks in my state of iowa and around the united states, they do a darn good job of investing depositors'

2:37:27 to 2:37:40( Edit History Discussion )

Tom Harkin: money. they do it in local businesses, manufacturers, start-up companies or expansions, really the backbone of the american economy where sort of the rubber meets the roads, where people get jobs. yet if

2:37:40 to 2:37:54( Edit History Discussion )

Tom Harkin: they're limited to $1 $100,000 right now -- at least it raises it to $250,000 it should be a lot more -- then depositors would be more comfortable putting it in those banks. right now depositors

2:37:54 to 2:38:05( Edit History Discussion )

Tom Harkin: feel comfortable pulletting $20 million in citibank. why? you know, the deposits are not guaranteed. but they know that citibank is too big to fail. we know now some of these banks are now going to

2:38:05 to 2:38:19( Edit History Discussion )

Tom Harkin: be j.p. morgan- chase, too big to faivment let's put all our money there. the government is not going to let them fail. but i, quite frankly, mr. president, believe a lot of our smaller independent

2:38:19 to 2:38:31( Edit History Discussion )

Tom Harkin: banks do a much better job of investing our money than some of those new york city banks that used to be investment banks but now want to become depository banks. so i was happy to at least raise the

2:38:31 to 2:38:45( Edit History Discussion )

Tom Harkin: fdic to $250,000. i think it should be higher but at least that's better than nothing. nosh the fact is the choice before us was either to vote for the bill despite its flaws or do nothing and doing nothing

2:38:45 to 2:39:00( Edit History Discussion )

Tom Harkin: with a not an acceptable option. i am hopeful that in the short term this rescue package will work to calm the markets and restore confidence in our financial system. i hope it will have the effect

2:39:00 to 2:39:23( Edit History Discussion )

Tom Harkin: worldwide of doing that. but i also predict and hope and insist that we come back here early next year to strengthen and improve the rescue framework. and i will be working with others to do just

2:39:23 to 2:39:37( Edit History Discussion )

Tom Harkin: that. as i said, we need to strengthen the equity positions of our taxpayers. i think we have to redon't that whole $700 billion and how that's parceled out. we have to, i think, be stronger on executive

2:39:37 to 2:39:49( Edit History Discussion )

Tom Harkin: compensation. and i think we need to look at that point in time whether or not we want to also usehis money rather than just going in at the top, maybe go in at the bottom to help homeowners with

2:39:49 to 2:40:00( Edit History Discussion )

Tom Harkin: their mortgages and let -- i've often said there were two ways of approaching this bailout. you put it in at the top andt trickles down or you put it in at the bottom and it percolates up. i would

2:40:00 to 2:40:14( Edit History Discussion )

Tom Harkin: much prefer putting it in at the bottom and let it percolate up. because we know that trickle-down economics has failed this country time and time and time again. you know, you put the money in at

2:40:14 to 2:40:30( Edit History Discussion )

Tom Harkin: the top, as one worker told me once about trickle-down economics. he said, you know, i've heard all about this trickle down. i've been waiting. he said, i haven't felt a drop. he said, i'd settle

2:40:30 to 2:40:45( Edit History Discussion )

Tom Harkin: for a heavy dew. i haven't even seen that. you know, we know what works. we know that when you put money in at the bottom, it does percolate up. and our whole economy is strengthened because of that.

2:40:45 to 2:40:56( Edit History Discussion )

Tom Harkin: so i think that when we come back, that's what we've got to do. in january, february, change in thing around. now, there are some other reasons why i felt -- i might mention one other thing, mr.

2:40:56 to 2:41:09( Edit History Discussion )

Tom Harkin: president, when we come back. we've got to do something about credit card debt. i keep hearing everyone talking about a credit crunch out there. when i talk to my constituents about a credit crunch,

2:41:09 to 2:41:21( Edit History Discussion )

Tom Harkin: the only -- they only think i'm talking about one thing: credit cards. credit cards. i was told there's something li floating around in this country nine credit cards for every individual in this country.

2:41:21 to 2:41:32( Edit History Discussion )

Tom Harkin: i don't know if that's true or not, but that's what they say. i read that. wenow there's too many credit cards, and we know that credit cards are too easy to get, and one of the reasons they're

2:41:32 to 2:41:43( Edit History Discussion )

Tom Harkin: a so easy to get is because the interest rates are out of sight. and people don't know what they're being chargeed for trvment for interest on their credit cards. you know, these young people get

2:41:43 to 2:41:58( Edit History Discussion )

Tom Harkin: these credit cards sent to them as soon as they graduate. they just get one after another sent to them. and, you know, credit cards are easy to use. and then you say, well, you get the bill. but you

2:41:58 to 2:42:13( Edit History Discussion )

Tom Harkin: can roll it over and pay it next month. well, objection, maybe i can do that. but they don't realize that that 12% or 15% next month now goes up to 28%. and not just for the next bill. goes all the

2:42:13 to 2:42:24( Edit History Discussion )

Tom Harkin: way back to the beginning. now you're paying 28% on items buy. so many people have been hooked on this using their credit cards so we've got to do something about the credit card debt in this country.

2:42:24 to 2:42:38( Edit History Discussion )

Tom Harkin: there is a bill called the credit card accountability, responsibility disclosure act, the "card" act, which i have a cospomplet i think as we come back in january and february, again that is something

2:42:38 to 2:42:50( Edit History Discussion )

Tom Harkin: else that we are going to have to incorporate into this so-called bailout. there's one other thing, mr. president, that we're going to have to do, and i was sorry to see that it lost here in the senate

2:42:50 to 2:43:06( Edit History Discussion )

Tom Harkin: earlier this week, and that is the stimulus packakage. we had a package here -- again to put money in at the bottom, let it percolate up -- by helping people with extending their unemployment benefits,

2:43:06 to 2:43:19( Edit History Discussion )

Tom Harkin: which has the biggest bang for the buck in terms of economic stimulus. people on food stamps, investing and rebuilding our schools, our roads, our bridges, our sewer and water systems in america. again,

2:43:19 to 2:43:40( Edit History Discussion )

Tom Harkin: that goes directly to people, and it helps stimulate the comirks and it puts people to work. now, that bill had a price tag of about $56 billion. that's not chump change. that's a lot of money. $56

2:43:40 to 2:43:52( Edit History Discussion )

Tom Harkin: billion. but you know what we just voted last night? $700 billion. $56 billion is, what, not quite -- not quite 8% -- 7% -- between 6% and 7% of what we voted last night, we turned down earlier this

2:43:52 to 2:44:03( Edit History Discussion )

Tom Harkin: week to stimulate the economy by putting people to work. well, i think we've got to come back and do that again next we are. -- next year. that is to stimulate our economy. but there were some other

2:44:03 to 2:44:17( Edit History Discussion )

Tom Harkin: provisions in i in the bill that were extremely important and valuable. the bill includes a number of tax provisions important to iowans in particular, including energy production tax credits for producers

2:44:17 to 2:44:28( Edit History Discussion )

Tom Harkin: of wind energy and biomass energy. it would create a lot of new jobs in iowa and continue the jobs that we have. there were important tax provisions added by my colleague, senator grassley. on the finance

2:44:28 to 2:44:45( Edit History Discussion )

Tom Harkin: committee to help the victims of the floods that we had in iowa. help them get back on their feet, to help the small businesses get back on their feet. vitally important to get our economy going in

2:44:45 to 2:44:55( Edit History Discussion )

Tom Harkin: the state of iowa. that was in the bill last night. there was also a provision in there to improve the prospects for the construction of ethanol pipelines, something very important to the fledgling

2:44:55 to 2:45:08( Edit History Discussion )

Tom Harkin: biofuel industry. important to get ethanol back to the et coast where a lot of people live from the midwest where we produce it. that was in the bill also last night. in addition there was another

2:45:08 to 2:45:21( Edit History Discussion )

Tom Harkin: thing in that bill last night that we have been trying to do for many years around here and that is to get mental health parity. in other words, if you have health insurance, they would treat mental

2:45:21 to 2:45:34( Edit History Discussion )

Tom Harkin: health and addiction just the same as they would any other health problem you have. we've been trying to get that for years and we finally got it in the bill last night. it will make sure that families

2:45:34 to 2:45:53( Edit History Discussion )

Tom Harkin: struggling with mental illness don't have that challenge compounded by having to pay for it out of their pockets. they'll be covered by their insurance. named after paul wellstone and senator pete

2:45:53 to 2:46:09( Edit History Discussion )

Tom Harkin: doe mean chi -- doe minute chess -- domenici. both park did worked hard to get it passed. it was an overwhelming bipartisan vote last night. there are a lot of reasons why we need to come back, as i

2:46:09 to 2:46:28( Edit History Discussion )

Tom Harkin: said, next year and make some changes. and we will do that. hopefully, as i said, this will calm the markets. now, mr. president, i want to ask for a number of articles to be included in the record at

2:46:28 to 2:46:40( Edit History Discussion )

Tom Harkin: the conclusion of my remarks. one is by jonathan koppel called the "trickle up bailout." and i just would quote from one part of it. it says, "the financial crisis a liquidity crisis, but ultimately

2:46:40 to 2:46:58( Edit History Discussion )

Tom Harkin: the homeowners' failure to pay. unless it is treated, we will continue to see a need to treat the sympts. the proposed bailout ignores this. yet the sum demanded from taxpayers is almost more than sufficient

2:46:58 to 2:47:22( Edit History Discussion )

Tom Harkin: to pay off all currently delinquent mortgages." and they call this the trickle-down, what we passed rather than the trickle-up bailout. i would ask that that article be included in the end of my remarks.

2:47:22 to 2:47:37( Edit History Discussion )

Tom Harkin: the presiding officer: without objection. mr. harkin: i also ask that an article by harold myerson called "slow rise" be included. i would quote from that. mr. myerson said, "it possible -- "if it

2:47:37 to 2:47:51( Edit History Discussion )

Tom Harkin: happens the next move would be for democrats to craft a solution more in the spirit of f.d.r., save american capitalism by fundamentally reshaping it. they could direct government to raise the amount of

2:47:51 to 2:48:04( Edit History Discussion )

Tom Harkin: depositors' money it insurances to compel the banks to write down their losses, to recapitalize the banks by taking a significant equity interest in them and to refinance beleaguered homeowners

2:48:04 to 2:48:19( Edit History Discussion )

Tom Harkin: directly." i ask that that article also be included at this point in the record. the presiding officer: without objection. mr. harkin: mr. president, i also ask that a list of economists who sign add

2:48:19 to 2:48:34( Edit History Discussion )

Tom Harkin: letter saying -- signed a letter saying that there are better ways to approach the problem that we -- problems that we have in our financial institutions rather than what we did last night, it's

2:48:34 to 2:48:51( Edit History Discussion )

Tom Harkin: a letter that was sent to the speaker and the president and they said as economist we want to express to congress our great concern for the plan proposed by secretary paulson to deal with the financial

2:48:51 to 2:49:06( Edit History Discussion )

Tom Harkin: crisis. we see three fatal pitfalls in the current proposed plan, it's fairness, ambiguity, it'slong-term -- it's long-term effects. isk that it be included in the record. one thing that bothered me

2:49:06 to 2:49:16( Edit History Discussion )

Tom Harkin: from the hearings that we had on the plan, we only heard from the administration. we only heard from people who were for the plan. why didn't weear from other people? 200 other economists, nobel

2:49:16 to 2:49:28( Edit History Discussion )

Tom Harkin: prize-winning economists who say, there is a better way to do this, folks. i think when we come back in january and perhaps between now and january we should hear from these people to see what changes

2:49:28 to 2:49:42( Edit History Discussion )

Tom Harkin: we should make in this proposal when we come back in january. i ask consent to include that in the record also. the presiding officer: without objection. mr. harkin: and, lastly, an article by william

2:49:42 to 2:49:56( Edit History Discussion )

Tom Harkin: ice rack, former head of the federal insurance corporation, dated september 27, "a better way to aid banks." i ask that that be included in the record. the presiding officer: without objection. mr. harkin:

2:49:56 to 2:50:10( Edit History Discussion )

Tom Harkin: mr. president, to sum it up where i started, i reluctantly supported this bill. i hope that it will calm the markets. but i'm under no illusions that what we did last night solves the problem of why

2:50:10 to 2:50:24( Edit History Discussion )

Tom Harkin: we got here in the first place. to that end we have -- we have to have hearings. we have to bring in other people. get a better handle on what was going on and next year with a new administration and

2:50:24 to 2:50:36( Edit History Discussion )

Tom Harkin: a new congress, i think one of the first things that we've got to do is fix this, make it more equitable, make it more fair to the taxpayers of this country and to get at the underlying fundamentals

2:50:36 to 2:51:16( Edit History Discussion )

Tom Harkin: of why we're here and not just to be satisfied with stopping the bleeding, which is what we did last night. so, mr. president, with that, i yield the floor and i note the absence of a quorum. the

2:53:10 to 2:53:21( Edit History Discussion )

Tom Harkin: presiding officer: the clerk will call the roll. quorum call: the presiding officer: the senator from iowa. mr. harkin: i ask that the quorum call be dispensed with. the presiding officer: without

2:53:21 to 2:53:37( Edit History Discussion )

Tom Harkin: objection. mr. harkin: mr. president, i know this is a hectic time in the congress, people want to get home to campaign and for the election. i would like to highlight an important bill that i'm working

2:53:37 to 2:53:50( Edit History Discussion )

Tom Harkin: with my colleague congressman bruce braly from state of iowa. i would like my colleagues to look at h.r. 5167, the justice for victims of torture and terrorism act. i'm hopeful when we're back here in

2:53:50 to 2:54:06( Edit History Discussion )

Tom Harkin: november and we will be back here on the 13th doing -- 17th doing business, we will be able to pass this bill for the president's signature. let me highlight some of the bill's most important aspect.

2:54:06 to 2:54:24( Edit History Discussion )

Tom Harkin: it will provide justice for american prisoners of war an civilians taken hostage and tortured by saddam hussein's regime. it includes 17 american prisoners of war tortured under saddam hussein's regime

2:54:24 to 2:54:36( Edit History Discussion )

Tom Harkin: and sought compensation through the courts. these victims also include cbs reporter bob simon and his cameraman alberto alvarez who were captured and tortured with the p.o.w.'s. the brave p.o.w.'s were

2:54:36 to 2:54:49( Edit History Discussion )

Tom Harkin: beaten and starved and were awarded compensation from a u.s. judge. until the bush administration lawyers in the case intervened and said it should be thrown out. these victims, again, were denied

2:54:49 to 2:55:07( Edit History Discussion )

Tom Harkin: justice by the bush administration. when president bush vetoed h.r. 1585, the fiscal year 2008 national defense authorization act. which would have allowed americans tortured by saddam hussein's regime

2:55:07 to 2:55:21( Edit History Discussion )

Tom Harkin: to pursue justice in u.s. courts. this bill, h.r. 5167 is a result of bipartisan compromise that passed the house unanimously -- unanimously on september 15th. the bill gives the government of iraq 90 days

2:55:21 to 2:55:33( Edit History Discussion )

Tom Harkin: to resolve the claims of american victims of iraqi torture and terrorism for minimal amounts before the waiver put in last year's d.o.d. bill would be terminated. as a result of the bipartisan compromise

2:55:33 to 2:55:46( Edit History Discussion )

Tom Harkin: made in the house, the waiver would remain in place as long as the president certifies that iraq has not settled commercial claims, the administration engaged in good-faith negotiations with iraq

2:55:46 to 2:56:00( Edit History Discussion )

Tom Harkin: to settle the claims of the victims. let me point out, the compensation due these victims would not be u.s. taxpayer money, but coming from the iraqi treasury. it's time that these victims are compensated.

2:56:00 to 2:56:19( Edit History Discussion )

Tom Harkin: this bill would allow that to happen. mr. president, right now the iraqi government is depositing billions -- billions of dollars in u.s. banks here in the u.s. and billions in other places around

2:56:19 to 2:56:31( Edit History Discussion )

Tom Harkin: the world. surely -- surely they can help compensate the 17 american prisoners of war and others who were tortured and beaten under saddam hussein. so, again, as i pointed out, it passed the house unanimously.

2:56:31 to 2:57:11( Edit History Discussion )

Tom Harkin: i urge my colleagues to take a look at this bill. i'm hopeful when we come back in november, that we can take it up and pass it unanimously just like they did in the house. with that, mr. president, again,