| 00:02:06 |
THE SPEAKER PRO TEMPORE, -
RECOGNITION. THE GENTLEMAN FROM MARYLAND. MR. CUMMINGS: MR. SPEAKER, I YIELD TO THE GENTLEMAN FROM MARYLAND, MR. HOYER, TWO MINUTES. MR. HOYER: I...
|
| 00:02:16 |
MR. CUMMINGS, -
GENTLEMAN IS RECOGNIZED FOR TWO MINUTES. MR. HOYER: MR. SPEAKER, WHEN THE SPONSOR OF THE BILL TALK ABOUT AUDITING THE FEDERAL
|
| 00:02:20 |
MR. HOYER, -
RESERVE, THEY DON'T MEAN
|
| 00:02:22 |
THE SPEAKER PRO TEMPORE, -
A TRADITIONAL AUDIT. AN OUTSIDE
|
| 00:02:25 |
MR. HOYER, -
INDEPENDENT ACCOUNTING FIRM ALREADY AUDITS THE FEDERAL RESERVE'S ANNUAL STATEMENTS AND G.A.O. IS ALREADY EMPOWERED TO REVIEW THE ANNUAL STATEMENTS...
|
| 00:04:49 |
THE SPEAKER PRO TEMPORE, -
GENTLEMAN FROM TEXAS, THE MAN WHO UNDERSTANDS
|
| 00:04:51 |
MR. ISSA, -
THAT NOT KNOWING SHOULD NEVER BE AN ANSWER, MR. PAUL. THE SPEAKER PRO TEMPORE: THE GENTLEMAN FROM TEXAS IS RECOGNIZED. MR. ISSA: TWO MINUTES. THE...
|
| 00:05:04 |
THE SPEAKER PRO TEMPORE, -
IN STRONG SUPPORT OF THIS LEGISLATION. I DON'T KNOW HOW ANYBODY COULD BE AGAINST
|
| 00:05:09 |
MR. PAUL, -
TRANSPARENCY AND THEY WANT SECRECY, ESPECIALLY WHEN THE SECRECY IS TO PROTECT INDIVIDUALS WHO DEAL IN TRILLIONS OF DOLLARS, MUCH BIGGER THAN WHAT...
|
| 00:07:27 |
THE SPEAKER PRO TEMPORE, -
FRANK. THE SPEAKER PRO
|
| 00:07:29 |
MR. CUMMINGS, -
TEMPORE: THE GENTLEMAN FROM MASSACHUSETTS IS RECOGNIZED FOR FOUR MINUTES. MR. FRANK: THANK YOU, MR. SPEAKER. I THINK THIS IS A BAD IDEA AND I'M SOMEWHAT
|
| 00:07:36 |
THE SPEAKER PRO TEMPORE, -
CONFUSED. BY THE WAY, WE WILL BE DEBATING TOMORROW
|
| 00:07:39 |
MR. FRANK, -
A BILL WHICH RESTRICTS RULE MAKING AND EXEMPTS THE FEDERAL RESERVE AS I READ IT. SO WE'RE KIND OF ON AGAIN, OFF AGAIN ABOUT THE FEDERAL RESERVE. IT...
|
| 00:08:29 |
MR. ISSA, -
THEM. I HAVE A CONSISTENT POSITION. I DON'T THINK WE SHOULD DO ANY OF
|
| 00:08:32 |
MR. FRANK, -
THEM. WHAT I'M SAYING IS PEOPLE WHO GET UP THERE AND BEAT THEIR CHEST ABOUT HOW TOUGH THEY ARE AND THEY'RE NOT AFRAID OF THE FEDERAL RESERVE, BUT IT...
|
| 00:11:57 |
THE SPEAKER PRO TEMPORE, -
EXPECTATIONS. THERE IS A FEAR THAT WE WILL BE
|
| 00:12:01 |
MR. FRANK, -
TOO INFLATIONARY OR THAT WE WON'T GROW ENOUGH. PEOPLE ON WALL STREET ARE NOT AS SOPHISTICATED AS SOME PEOPLE THINK. THEY'RE NOT EVEN SOPHISTICATED ...
|
| 00:13:11 |
THE SPEAKER PRO TEMPORE, -
CHAFFETZ, I MIGHT NOTE THAT WHEN THE WORD REPUBLICAN AND DEMOCRAT
|
| 00:13:15 |
MR. ISSA, -
ARE USED IN THIS HALL, HOPEFULLY WHEN THERE'S 45 DEMOCRATIC MEMBERS ON THIS BILL AS CO-SPONSORS, WE'D RECOGNIZE THIS IS A BIPARTISAN BILL. I NOW YIELD...
|
| 00:13:34 |
THE SPEAKER PRO TEMPORE, -
FOR HIS TIRELESS PURSUIT OF THIS OPENNESS AND TRANSPARENCY.
|
| 00:13:37 |
MR. CHAFFETZ, -
WITHOUT HIS LEADERSHIP WE WOULDN'T BE AT THIS POINT TODAY. AND I APPLAUD HIM AND THANK HIM FOR THAT. SOME WOULD SAY THAT THE FED IS ALREADY AUDITED...
|
| 00:15:14 |
THE SPEAKER PRO TEMPORE, -
TERRIBLE IDEA. ALTHOUGH I AM IN
|
| 00:15:17 |
THE SPEAKER PRO TEMPORE, -
TOTAL AGREEMENT WITH MR. PAUL THAT TRANSPARENCY IS A
|
| 00:15:20 |
MRS. MALONEY, -
VIRTUE, I ALSO BELIEVE THAT THE FEDERAL RESERVE MUST BE FREE OF ANY POLITICAL INFLUENCE. AND I'M AFRAID THAT THIS BILL OPENS THE DOOR FOR PRECISELY...
|
| 00:17:44 |
THE SPEAKER PRO TEMPORE, -
PRO TEMPORE: THE GENTLEMAN FROM TEXAS IS RECOGNIZED FOR ONE MINUTE. MR. FARENTHOLD: THANK
|
| 00:17:47 |
MR. ISSA, -
YOU, MR. CHAIRMAN. YOU KNOW, THE CONSTITUTION GRANTS US THE POWER TO COIN MONEY AND
|
| 00:17:51 |
THE SPEAKER PRO TEMPORE, -
REGULATE THE VALUE THEREOF AND WE'VE DELEGATED
|
| 00:17:54 |
MR. FARENTHOLD, -
THIS TO THE FED. UNFORTUNATELY WE'VE TA TIED OUR HANDS BEHIND OUR BACK WITH RESPECT TO SEEING WHAT THEY'RE DOING AND IT'S OUR DUTY TO CONDUCT OVERSIGHT....
|
| 00:19:04 |
THE SPEAKER PRO TEMPORE, -
MR. FRANK: TO ILLUSTRATE THE MISCONCEPTIONS ABOUT THIS BILL,
|
| 00:19:06 |
MR. CUMMINGS, -
LET'S REFER TO WHAT THE GENTLEMAN FROM UTAH, MR. CHAFFETZ,
|
| 00:19:08 |
THE SPEAKER PRO TEMPORE, -
HAD TO SAY. HE SAID 76% OF
|
| 00:19:11 |
MR. FRANK, -
THE PURCHASES OF THIS AND THAT -- WELL, IF THIS WAS SO NONTRANSPARENT, I DON'T KNOW HOW HE KNOWS THAT. HE DOESN'T HAVE A SUBPOENA. BUT THE FACT...
|
| 00:20:19 |
THE SPEAKER PRO TEMPORE, -
AMASH. THE SPEAKER PRO TEMPORE: THE GENTLEMAN
|
| 00:20:22 |
MR. ISSA, -
FROM MICHIGAN IS RECOGNIZED FOR ONE MINUTE. MR. AMASH: I WANT TO THANK CHAIRMAN ISSA AND CONGRATULATE DR. RON PAUL FOR HIS TIRELESS WORK
|
| 00:20:28 |
THE SPEAKER PRO TEMPORE, -
ON THIS ISSUE FOR MANY
|
| 00:20:31 |
MR. AMASH, -
DECADES. MR. SPEAKER, WHAT IS THE FEDERAL RESERVE? I THINK EVEN MANY MEMBERS OF THIS BODY COULDN'T ANSWER THAT QUESTION, AND YET CONGRESS HAS DELEGATED...
|
| 00:21:56 |
THE SPEAKER PRO TEMPORE, -
RECOGNIZED FOR TWO MINUTES. MR. WATT: THANK YOU, MR. CHAIRMAN,
|
| 00:21:58 |
MR. CUMMINGS, -
AND LET ME SAY, FIRST, THAT THIS BILL
|
| 00:22:01 |
THE SPEAKER PRO TEMPORE, -
IS NOT ABOUT SUNSHINE. IT'S NOT
|
| 00:22:04 |
MR. WATT, -
ABOUT TRANSPARENCY. IT IS ABOUT DISSATISFACTION THAT SOME INDIVIDUALS HAVE WITH THE MAN INDICATE THAT CONGRESS HAS GIVEN -- MANDATE THAT CONGRESS HAS...
|
| 00:24:24 |
MR. CUMMINGS, -
CONGRESS INVOLVED IN
|
| 00:24:26 |
THE SPEAKER PRO TEMPORE, -
TRANSACTIONS
|
| 00:24:28 |
MR. WATT, -
WITH FOREIGN GOVERNMENTS AND DECISIONS ABOUT HOW WE GET OURSELVES OUT OF THIS UNEMPLOYMENT SITUATION. IF WE HAVE SOME ANSWERS ABOUT HOW TO GET...
|
| 00:25:43 |
THE SPEAKER PRO TEMPORE, -
AFTER SOMEONE'S MOTIVATION AND I'M VERY
|
| 00:25:46 |
MR. ISSA, -
CONCERNED THAT A BILL THAT IN A SUBSTANTIALLY SIMILAR FORM WAS PLACED INTO DODD-FRANK BY THEN CHAIRMAN BARNEY FRANK IS NOW BEING CHARACTERIZED AS...
|
| 00:26:27 |
MR. WATT, -
IT SOUND LIKE ME AND MR. FRANK'S BILL. WE VOTED AGAINST THE BILL. THIS IS RON PAUL'S BILL, AND WE THOUGHT IT WAS A TERRIBLE IDEA THEN AND WE -- MR. ISSA:...
|
| 00:26:47 |
MR. WATT, -
BECAUSE IT WAS IN DODD-FRANK. IT WASN'T A SEPARATE BILL.
|
| 00:26:50 |
MR. ISSA, -
MAYBE ON A SEPARATE VOTE YOU MIGHT HAVE BUT IT WAS
|
| 00:26:53 |
MR. PAUL, -
IN DODD-FRANK. MR. ISSA: I NOW RECOGNIZE THE GENTLEMAN FROM MONTANA FOR ONE MINUTE. THE SPEAKER PRO TEMPORE: THE GENTLEMAN FROM MONTANA IS RECOGNIZED...
|
| 00:27:03 |
MR. ISSA, -
MINUTE. MR. REHBERG: TOMORROW THE HOUSE
|
| 00:27:07 |
THE SPEAKER PRO TEMPORE, -
OF REPRESENTATIVES WILL VOTE TO PULL BACK THE SECRETIVE CURTAIN OF THE FEDERAL RESERVE. THE AMERICAN PEOPLE HAVE A RIGHT
|
| 00:27:13 |
MR. REHBERG, -
TO KNOW. IT'S AN IMPORTANT STEP IN OPENNESS IN GOVERNMENT TRANSPARENCY THAT'S LONG OVERDUE. JUST A FEW YEARS AGO THE SENATE REJECTED AN EFFORT...
|
| 00:28:03 |
THE SPEAKER PRO TEMPORE, -
WILL OBSERVE A MOMENT OF SILENT. WILL ALL PRESENT PLEASE RISE IN ONANS OF A MOMENT OF SILENCE. -- IN OBSERVANCE OF A MOMENT OF SILENCE. THE SPEAKER...
|
| 00:28:44 |
THE SPEAKER PRO TEMPORE, -
THE GENTLEMAN FROM MASSACHUSETTS 30 SECONDS. THE SPEAKER PRO TEMPORE: THE GENTLEMAN FROM MASSACHUSETTS IS RECOGNIZED FOR 30 SECONDS. MR.
|
| 00:28:50 |
MR. CUMMINGS, -
FRANK: MR. SPEAKER, I'M GLAD THAT THE
|
| 00:28:53 |
THE SPEAKER PRO TEMPORE, -
COMMITTEE ON GOVERNMENT OVERSIGHT IS NOT THE ONE THAT STARTED. IN FACT, THERE WAS A MOTION TO
|
| 00:28:58 |
MR. FRANK, -
INCLUDE LANGUAGE LIKE THIS OFFERED TO THE FINANCIAL REFORM BILL. I VOTED NO, AS DID MR. WATT. IT WASN'T INCLUDED IN THE BILL. IT'S TRUE I VOTED FOR...
|
| 00:29:43 |
THE SPEAKER PRO TEMPORE, -
BROADLY VOTED FOR IT WHEN IT WAS VOTED OUT OF THIS BODY. NOTHING MORE NEEDS TO BE SAID. WITH THAT
|
| 00:29:49 |
MR. ISSA, -
I RECOGNIZE THE GENTLELADY FROM TENNESSEE, MRS. BLACKBURN, FOR ONE MINUTE. THE SPEAKER PRO TEMPORE: THE GENTLELADY FROM TENNESSEE IS RECOGNIZED FOR...
|
| 00:30:00 |
THE SPEAKER PRO TEMPORE, -
THE GENTLEMAN FROM TEXAS, MR. PAUL, FOR HIS
|
| 00:30:03 |
MRS. BLACKBURN, -
EXCELLENT WORK ON THIS ISSUE. RECENTLY I HAD A CONSTITUENT SAY TO ME IN A TOWN HALL MEETING THEY THOUGHT IT WAS TIME FOR CONGRESS TO START PUTTING...
|
| 00:31:27 |
THE SPEAKER PRO TEMPORE, -
REMAINING. THE GENTLEMAN FROM CALIFORNIA
|
| 00:31:29 |
MR. CUMMINGS, -
HAS 9 1/4 MINUTES REMAINING. MR. CUMMINGS: MR.
|
| 00:31:32 |
THE SPEAKER PRO TEMPORE, -
SPEAKER, I YIELD MYSELF SUCH TIME AS I MAY CONSUME. THE SPEAKER PRO TEMPORE: THE GENTLEMAN IS RECOGNIZED. MR. CUMMINGS: MR. SPEAKER, I RISE TODAY IN OPPOSITION...
|
| 00:31:39 |
MR. CUMMINGS, -
COMMITTEE WITHOUT EVEN A
|
| 00:31:41 |
THE SPEAKER PRO TEMPORE, -
SINGLE HEARING AND WITHOUT
|
| 00:31:43 |
MR. CUMMINGS, -
TESTIMONY FROM ANY FEDERAL RESERVE OFFICIALS. LET ME BE CLEAR, THE GOVERNMENT ACCOUNTABILITY OFFICE HAS HAD THE AUTHORITY TO AUDIT THE FEDERAL RESERVE'S...
|
| 00:36:12 |
THE SPEAKER PRO TEMPORE, -
I INQUIRE OF THE TIME REMAINING? THE SPEAKER PRO TEMPORE:
|
| 00:36:14 |
THE SPEAKER PRO TEMPORE, -
THE GENTLEMAN FROM CALIFORNIA HAS 91 FOURTS MINUTES
|
| 00:36:16 |
THE SPEAKER PRO TEMPORE, -
REMAIN -- -- 9 1/4 MINUTE REMAINING. MR. ISSA: THANK YOU. I NOW
|
| 00:36:21 |
THE SPEAKER PRO TEMPORE, -
YIELD TO THE GENTLELADY FROM KANSAS. THE SPEAKER PRO TEMPORE: THE GENTLELADY FROM KANSAS IS RECOGNIZED FOR ONE MINUTE. MS. JENKINS: I THANK THE GENTLEMAN
|
| 00:36:27 |
MR. ISSA, -
FOR YIELDING AND I THANK DR. PAUL FOR HIS LEADERSHIP ON THIS VERY IMPORTANT ISSUE. MR. SPEAKER, THE FEDERAL RESERVE
|
| 00:36:31 |
THE SPEAKER PRO TEMPORE, -
LENT OUT $16 TRILLION DURING THE
|
| 00:36:33 |
MS. JENKINS, -
FISCAL CRISIS. THAT'S LARGER THAN THE ENTIRE U.S. ECONOMY OR WORSE OUR FEDERAL DEBT. TRILLIONS OF TAXPAYER DOLLARS AND WE HAVE VERY LITTLE UNDERSTANDING...
|
| 00:37:42 |
THE SPEAKER PRO TEMPORE, -
THE GENTLEMAN FROM OHIO IS RECOGNIZED FOR ONE MINUTE. MR. KUCINICH: I ASK UNANIMOUS CONSENT TO INCLUDE
|
| 00:37:46 |
MR. CUMMINGS, -
IN THE RECORD OF THIS DEBATE AN ARTICLE ABOUT THE FED'S POLICY
|
| 00:37:49 |
THE SPEAKER PRO TEMPORE, -
MODEL SACRIFICES
|
| 00:37:51 |
MR. KUCINICH, -
ITS MAXIMUM EMPLOYMENT MANDATE AND TARGETS 5% TO 6% UNEMPLOYMENT. THE SPEAKER PRO TEMPORE: WITHOUT OBJECTION. MR. KUCINICH: I ASK UNANIMOUS CONSENT TO...
|
| 00:38:04 |
MR. KUCINICH, -
BANKS BILLIONS THAT WERE UNDISCLOSED TO CONGRESS. THE SPEAKER PRO TEMPORE: WITHOUT OBJECTION. MR. KUCINICH: THIS IS ALL ABOUT DISCLOSURE AND ACCOUNTABILITY....
|
| 00:38:15 |
THE SPEAKER PRO TEMPORE, -
HOCUS POCUS BLACK BOX
|
| 00:38:17 |
MR. KUCINICH, -
OPERATION. THE FED ESSENTIALLY SUPPLANTS THE CONSTITUTIONAL MANDATE IN ARTICLE 1, SECTION 8, THAT BELONGS TO THE CONGRESS OF THE UNITED STATES. LET'S...
|
| 00:39:31 |
THE SPEAKER PRO TEMPORE, -
MRS. LUMMIS. THE SPEAKER PRO TEMPORE: THE GENTLELADY FROM WYOMING IS RECOGNIZED FOR ONE MINUTE.
|
| 00:39:35 |
MR. ISSA, -
MRS. LUMMIS: THANK YOU, MR. SPEAKER. YOU KNOW, BEFORE THE FINANCIAL CRISIS THE FED'S LENDING TO THE FINANCIAL SYSTEM
|
| 00:39:40 |
THE SPEAKER PRO TEMPORE, -
WAS MINIMAL AND MONETARY POLICY WAS
|
| 00:39:42 |
MRS. LUMMIS, -
LIMITED. BUT SINCE 2008 THEY'VE TRIPLED THEIR BALANCE SHEET AND TRANSACTED NEARLY $16 TRILLION IN LOANS. CLEARLY CONGRESS HAS DELEGATED MONETARY POLICY...
|
| 00:40:52 |
THE SPEAKER PRO TEMPORE, -
CALIFORNIA. MR. ISSA: I YIELD MYSELF TWO
|
| 00:40:55 |
MR. CUMMINGS, -
MINUTES. THE SPEAKER PRO TEMPORE: THE
|
| 00:40:57 |
THE SPEAKER PRO TEMPORE, -
GENTLEMAN IS RECOGNIZED. MR. ISSA: MR.
|
| 00:41:01 |
MR. ISSA, -
SPEAKER, IT
|
| 00:41:03 |
THE SPEAKER PRO TEMPORE, -
APPEARS AS THOUGH WE AGREE ON CERTAIN THINGS. WE AGREE THAT SOME TRANSPARENCY IS REQUIRED.
|
| 00:41:09 |
MR. ISSA, -
WE CERTAINLY AGREE ON A BIPARTISAN BASIS THAT WHAT THE G.A.O. DID UNDER DODD-FRANK AT A MINIMUM WAS A GOOD THING. I THINK THERE'S NO QUESTION, MY ...
|
| 00:43:20 |
THE SPEAKER PRO TEMPORE, -
KNOW TODAY. WE WOULD NOT
|
| 00:43:23 |
MR. ISSA, -
OVERREACT, WE WOULD NOT WANT TO STIFLE WHAT THE FED HAS DONE HISTORICALLY WITHOUT AN AWFUL LOT MORE STUDY. CHANGES TO AN ENTITY LIKE THE CENTRAL BANK...
|
| 00:44:03 |
THE SPEAKER PRO TEMPORE, -
RISE IN SUPPORT OF H.R.
|
| 00:44:06 |
MR. CUMMINGS, -
4 -- MR. CLAY: MR. SPEAKER, I RISE IN SUPPORT OF H.R. 45.
|
| 00:44:10 |
MR. CUELLAR, -
IT HAS THE COMPTROLLER GENERAL CONDUCT AN AUDIT OF THE FEDERAL
|
| 00:44:15 |
MR. CLAY, -
RESERVE. SINCE 1982 THE G.A.O. HAS HAD AUTHORITY TO AUDIT THE FEDERAL RESERVE BOARD AND BANKS SUBJECT TO EXCEPTION FOR MONETARY POLICY RELATED DECISIONS...
|
| 00:45:19 |
THE SPEAKER PRO TEMPORE, -
GENTLEMAN FROM CALIFORNIA HAS 4 1/4 MINUTES REMAINING. THE GENTLEMAN FROM MARYLAND HAS
|
| 00:45:23 |
MR. ISSA, -
ALL OF HIS TIME -- ALL OF HIS
|
| 00:45:25 |
THE SPEAKER PRO TEMPORE, -
TIME HAS EXPIRED. MR. ISSA: WITH THAT I'LL CLOSE. MR. SPEAKER, I WON'T USE ALL OF OUR TIME. SLIGHTLY DIFFERENT OPINION THAN THE RANKING MEMBERS.
|
| 00:45:36 |
MR. ISSA, -
I BELIEVE REGULAR ORDER HAS BEEN FOLLOWED ON THIS BILL AND FOLLOWED AND THEN SOME. THIS IS SOMETHING THAT DR. PAUL HAS WORKED ON ON A BIPARTISAN BASIS...
|
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.