Treasury Department Oversight and the Economy

Jan 9, 2009

U.S. Capitol | News Media Stakeout

Representative Frank spoke to reporters and answered questions about distribution of additional funds for the Troubled Asset Recovery Program (TARP). He said that any further release of funds would come with stricter oversight and transparency requirements, and criticized the administration of previous distributions for containing a variety of .. Read More
Representative Frank spoke to reporters and answered questions about distribution of additional funds for the Troubled Asset Recovery Program (TARP). He said that any further release of funds would come with stricter oversight and transparency requirements, and criticized the administration of previous distributions for containing a variety of loopholes to avoid disclosure.

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TRANSCRIPT

TIME SPEAKER TEXT
00:00:31 Unidentified Speaker I HAVE AN ANNOUNCEMENT, IF THERE IS A FIVE-YEAR GET THE HELL OUT OF THAT ME SAY BRIEFLY AND I WILL...
00:02:45 Unidentified Speaker CHAIRMAN FRANK TODAY THE HOUSE RELEASED A REPORT SAYING THE TREASURY DID NOT GIVE COMPLETE ANSWERS....
00:02:53 Unidentified Speaker UNFORTUNATELY THAT IS THE CASE AND THAT IS WHY WE ARE WRITING THE BILL THE WAY WE ARE. THERE'S TWO...
00:04:16 Unidentified Speaker FAIR MAN ELITE CO-CHAIRMEN FRANK, CAN YOU TELL HOW THE MINISTER PAUL FEES' -- [INAUDIBLE]
00:04:24 Unidentified Speaker IT REAFFIRMS THE AUTHORITY OF THE T.A.R.P. TO BE USED TO BUY MUNICIPAL ISSUANCE IS THAT ARE BEING...
00:05:34 Unidentified Speaker [INAUDIBLE]
00:05:36 Unidentified Speaker DO I KNOW? NOT YET.
00:05:38 Unidentified Speaker WILL YOU BE COORDINATING YOUR EFFORTS IN THE INCOMING ADMINISTRATION ON THIS?
00:05:43 Unidentified Speaker NOT GOING TO BE, WE HAVE BEEN VERY CLOSELY. EVERYTHING WE ARE DOING IS IN CONNECTION WITH THEM. NOW...
00:06:21 Unidentified Speaker [INAUDIBLE]
00:06:24 Unidentified Speaker I DON'T WANT TO GET INTO SPECIFICS NOW BECAUSE I'M OLD AND I WILL FORGET. THERE WILL BE A BILL THAT...
00:06:45 Unidentified Speaker HOW MUCH WILL BE USED TOWARD THE CAPITOL PURCHASE PROGRAM?
00:06:47 Unidentified Speaker WE DON'T THINK THERE WILL BE MUCH. REMEMBER THE 250 IS ALREADY GONE TO THE BANKS AND THEN MAYBE THERE...
00:07:08 Unidentified Speaker [INAUDIBLE]
00:07:13 Unidentified Speaker I HAVE WRITTEN TO MR. KASHKARI, AND WE ARE UNHAPPY THAT HASN'T BEEN DONE. SO WE ARE PUSHING THIS ...
00:08:02 Unidentified Speaker ON FORECLOSURE PREVENTION DO YOU SEE THIS -- [INAUDIBLE]
00:08:11 Unidentified Speaker THIS WILL BE THE MAJOR PIECE. THIS WILL PROBABLY SAY THEY HAVE TO SPEND AT LEAST $40 BILLION UP TO...
00:09:13 Unidentified Speaker [INAUDIBLE]
00:09:14 Unidentified Speaker SAID ON THE HOPE FOR HOMEOWNERS WE WROTE IT TOO RESTRICTIVE LAW BECAUSE AT THAT POINT YOU ARE WRITING...
00:09:34 Unidentified Speaker GIVEN YOUR CONVERSATIONS WITH THE OBAMA ADMINISTRATION TO YOU THINK THE BILL WILL REACH ENACTMENT?...
00:09:41 Unidentified Speaker I HOPE IT WILL BE ENACTED IF THEY GIVE US THEIR WORD THEY ARE GOING TO ABIDE BY THE BILL I THINK THAT...
00:10:19 Unidentified Speaker CAN YOU TALK MORE ABOUT THE FDIC WILL? CAN YOU TELL US THE REASON BEHIND THAT?
00:10:28 Unidentified Speaker WE THINK HIGHLY OF SHEILA BAIR.
00:10:30 Unidentified Speaker THERE WAS TALK --
00:10:32 Unidentified Speaker YOU ALREADY ASKED. ANYBODY ELSE?
00:10:34 Unidentified Speaker ON A LIMITED INCREASE WAS THAT FOR ONE YEAR?
00:10:37 Unidentified Speaker THAT'S GOING TO BE THE STIMULUS, NOT THE T.A.R.P.. WE WOULD DO IN THE STIMULUS AGAIN AGREED UPON WITH...
00:11:12 Unidentified Speaker [INAUDIBLE]
00:11:14 Unidentified Speaker YES. THEY SHOULD BE. THAT IS WHAT WE'VE BEEN TALKING ABOUT, THE LOAN LIMIT. THE LOAN LIMITS FOR FHA,...
00:12:59 Unidentified Speaker [INAUDIBLE]
00:13:02 Unidentified Speaker WE CAN'T CREATE A MARKET, WE CAN RAISE THE BILL LIMITS, THERE ARE ONLY THINGS BEGAN TO BUY THE PRIVATE-SECTOR....
00:13:24 Unidentified Speaker HAVING GIVEN INDICATION AND THEY WILL KEEP SHEILA AS CHAIRMAN OF THE FDIC?
00:13:32 Unidentified Speaker [INAUDIBLE]
00:13:39 Unidentified Speaker OF COURSE, IT WILL COME BACK. DO THINK THAT THE BANK OF AMERICA ARE GOING BANKRUPT? I DON'T. THE FEDERAL...
00:13:53 Unidentified Speaker SO YOUR OUTLINE GIVE US YOUR THOUGHTS ON HOW YOU TRY TO DO THAT.
00:13:58 Unidentified Speaker I TOLD YOU REMEMBER SECRETARY CALLS AND TALK ABOUT A 7.4%, WE
00:14:07 Unidentified Speaker [INAUDIBLE]
00:14:09 Unidentified Speaker IT WAS IN THE ORIGINAL BILL. THERE IS ANOTHER PIECE THAT WILL BE IN THE STIMULUS WHICH IS TO INCREASE...

NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.

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