OFFICE OF THE MAJORITY LEADER

TRANSCRIPT

Floor Statement on the House Passing Auto Loan Bill
December 10, 2008

... MR. FRANK: YOU ONLY HAVE ONE SPEAKER REMAINING? MR. HENSARLING: MR. SPEAKER, WE HAVE ONE SPEAKER REMAINING. SO WE RESERVE AT THIS TIME. MR. FRANK: I YIELD ONE MINUTE TO THE THE GENTLEMAN FROM MARYLAND, THE MAJORITY LEADER. THE SPEAKER PRO TEMPORE: THE MAJORITY LEADER IS RECOGNIZED FOR ONE MINUTE. MR. HOYER: I THANK THE GENTLEMAN FOR YIELDING AND I WANT TO SAY THAT IN THIS TIME OF ECONOMIC CRISIS AS AMERICA IS CHALLENGED, AS ECONOMISTS TELL US WE ARE FACING THE WORST RECESSION SINCE THE GREAT DEPRESSION, I WANT TO SAY TO BARNEY FRANK, THE CHAIRMAN OF THE FINANCIAL SERVICES COMMITTEE, NOBODY HAS WORKED HARDER OVER THE LAST 12 MONTHS ON TRYING WITH SECRETARY PAULSON, BEN BERNANKE, CHRIS DODD, SPENCER BACHUS, OTHERS IN THE SENATE AND THE HOUSE TO TRY TO ADDRESS THIS ISSUE IN A RESPONSIBLE, EFFECTIVE WAY. THERE'S NOBODY IN THIS BODY, REPUBLICAN OR DEMOCRAT, WHO WANTS TO SEE THIS ECONOMY GO DOWN FURTHER. THERE'S NOBODY IN THIS BODY, REPUBLICAN OR DEMOCRAT, WHO WANTS TO SEE PEOPLE LOSING JOB. THERE'S NOBODY IN THIS BODY WHO WANTS TO SEE THE 401K PLAN OF OUR SENIOR CITIZENS, WHO ARE RELYING ON THOSE PLANS FOR THEIR RETIREMENT TO HAVE IT ERODED BY FURTHER REDUCTION IN VALUE. . LYNDON JOHNSON ONCE SAID, IT'S NOT DIFFICULT TO DO THE RIGHT THING, IT'S DIFFICULT TO KNOW WHAT THE RIGHT THING IS. THAT IS OF COURSE WHAT THIS DEBATE IS ABOUT. WHAT IS THE RIGHT THING? I THINK IT WOULD BE A FAIR STATEMENT THAT THERE WILL BE REALLY NOBODY WHO VOTES ON THIS BILL WHO WILL SAY THIS IS ABSOLUTELY RIGHT OR THIS IS ABSOLUTELY WRONG. THERE WILL BE MANY OF US WHO WILL VOTE, HOWEVER IN A BELIEF THAT THIS IS A FURTHER EFFORT TO TRY TO STAUNCH THE EXTRAORDINARILY RAPID FALL THAT THIS ECONOMY HAS SEEN OVER THE LAST 12 MONTHS THIS BILL IS DESIGNED TO GIVE THE AUTOMAKERS THE TIME AND SPACE THEY NEED TO BECOME COMPETITIVE, JOB CREATING INDUSTRY ONCE AGAIN. WHY? BECAUSE WE NEED THEM. WE NEED THEIR INDUSTRIAL CAPACITY. WE NEED THEM, FRANKLY, PSYCHOLOGICALLY. WE NEED THEM IN TERMS OF THE EMPLOYMENT THEY GIVE, THE PROFITS THEY MAKE, AND THE QUALITY OF PRODUCT THEY PROVIDE. IT IS DESIGNED THIS BILL TO DO SO WHILE PROTECTING TAXPAYER DOLLARS. DOES IT DO SO ABSOLUTELY? NO, IT DOES NOT. BUT IT HAS MADE SUBSTANTIAL EFFORTS TO PUT US IN THE BEST POSITION POSSIBLE. RECOGNIZING THE GOALS OF SAVING THESE COMPANIES FOR THE WELFARE OF OUR COUNTRY AND PROTECTING OUR TAXPAYERS HAS TAKEN LONG NEGOTIATIONS AND COMPROMISE ON BOTH SIDES BUT I'M CONVINCED WE'VE COME TO A SOUND SOLUTION. THESE RESCUE LOANS ARE NECESSARY. NOT TO REWARD BAD DECISION MAKING IN DETROIT BUT TO PROTECT THREE MILLION AMERICAN JOBS, THREE MILLION LIVELIHOODS, THREE MILLION FAMILIES WHO DEPEND ON THE AUTOMAKERS. NOT ONLY THEIR DIRECT EMPLOYEES, BUT THE WORKERS AT THEIR SUPPLIERS, THE SMALL BUSINESSES AS THE GENTLEMAN FROM TEXAS REFERENCED, THAT SERVE THOSE WORKERS AND ENTIRE COMMUNITIES. ARE WE REALLY WILLING TO PUT THOSE WORKERS AT RISK IN THIS DEEP RECESSION IN 533,000 JOBS LOST LAST YEAR. THIS YEAR. LAST MONTH. 5 3,000 LAST MONTH -- 533,000 LAST MONTH. LET ME GIVE YOU A COMPARISON. IN THE LAST YEAR OF THE LAST ADMINISTRATION IN 2000 WE GAINED OVER 1.5 MILLION JOBS. THIS YEAR WE LOST OVER 1.5 MILLION JOBS. THAT'S A THREE MILLION JOB TURN AROUND IN THE TWO INTERFACING EIGHT-YEAR PERIODS. THAT'S WHY PEOPLE IN AMERICA ARE HURTING. WE CANNOT TAKE THE RISK OF HAVING A MILLION MONTH LOST JOBS. WE'RE NOT WILLING TO PUT THOSE WORKERS AT RISK IN THIS DEEP RECESSION. AS JOHN JUDAS PUT IT RECENTLY IN THE ""NEW REPUBLIC,"" WITHOUT PUBLIC LOAN, AND I QUOTE, THE AUTOMOBILE INDUSTRY WILL DISAPPEAR. AMERICAN WORKERS AND ENGINEERS WILL LOSE THEIR ABILITY TO COMPETE IN A MAJOR DURABLE GOODS INDUSTRY. WE CANNOT AFFORD TO HAVE THAT HAPPEN. THE GENTLEMAN FROM TEXAS SAID THAT WE DON'T WANT THAT TO HAPPEN. THE GENTLEMAN FROM MASSACHUSETTS SAYS WE DON'T WANT THAT TO HAPPEN. WE'RE TRYING TO FIGURE OUT HOW WE ENSURE THE OBJECT I HAVE THAT -- OBJECTIVE THAT BOTH OF THOSE GENTLEMEN BELIEVE IS APPROPRIATE. THAT IS THE MOTIVE BEHIND THE ...