On Tuesday, December 2, 2008 at 5:00 pm, the United States Capitol Christmas Tree Lighting Ceremony took place on the Capitol West Front. This years tree is a 78-foot Subalpine Fir coming from Montanas Bitterroot National Forest. The Capitol Christmas Tree has been a tradition at the Capitol since 1964. As part of the Capitols continuing commitment to conserve energy, strands of LED lights decorate the tree in addition to 5,000 ornaments crafted by people from across Montana.

Author: NancyPelosi
Keywords: Christmas US Capitol Tree Montana LED lights
Added: December 2, 2008

Treasury has yet to address a number of critical issues, including determining how it will ensure that CPP is achieving its intended goals and monitoring compliance with limitations on executive compensation and dividend payments. Moreover, further actions are needed to formalize transition planning efforts and establish an effective management structure and an essential system of internal control. To help ensure the program’s integrity, accountability, and transparency, GAO recommends that Treasury:

work with the bank regulators to establish a systematic means of determining and reporting in a timely manner whether financial institutions’ activities are generally consistent with the purposes of CPP and help ensure an appropriate level of accountability and transparency;

develop a means to ensure that institutions participating in CPP comply with key program requirements (e.g., executive compensation, dividend payments, and the repurchase of stock);

formalize the existing communication strategy to ensure that external stakeholders, including Congress, are informed about the program’s current strategy and activities and understand the rationale for changes in this strategy to avoid information gaps and surprises;

facilitate a smooth transition to the new administration by building on and formalizing ongoing activities, including ensuring that key OFS leadership positions are filled during and after the transition;

expedite OFS’s hiring efforts to ensure that Treasury has the personnel needed to carry out and oversee TARP;

ensure that sufficient personnel are assigned and properly trained to oversee the performance of all contractors, especially for Contracts priced on a time and materials basis, and move toward fixed-price arrangements whenever possible;

continue to develop a comprehensive system of internal control over TARP, including policies, procedures, and guidance that are robust enough to protect taxpayers interests and ensure that the program objectives are being met;

issue final regulations on conflicts of interest quickly and review and renegotiate mitigation plans to enhance specificity and compliance; and

institute a system to effectively manage and monitor the mitigation of conflicts of interest.

Read the summary>>

Read the full report>>

Speaker Pelosi on the GAO report:

The GAO’s discouraging report makes clear that the Treasury Department’s implementation of the TARP is insufficiently transparent and is not accountable to American taxpayers. As part of its flagship program to invest directly in financial institutions, the Treasury Department failed to impose conditions on the use of government funds, which were intended to help ease the credit crunch, undermining the intent of the Emergency Economic Stabilization Act and public confidence.

Congress has repeatedly expressed concerns to the Treasury Department about the need to improve the TARP’s accountability and transparency. The GAO report reaffirms Congress’ view and calls on Treasury to take several critical steps to accomplish this goal, specifically by improving its communication with Congress and the general public.

The lack of any requirement by the Administration on how financial institutions use these capital infusions is in clear contrast to Congress requiring detailed plans for long-term viability from the domestic auto companies. It is difficult to comprehend why the Bush Administration refuses to provide short term emergency auto industry loans through the TARP—when we know bankruptcy is not an option for the automakers or our economy.

We welcome the GAO’s continued monitoring of the Treasury Department’s actions and look forward to the Congressional Oversight Board’s report on TARP implementation on December 10.

Congress also remains concerned that the Administration has failed to implement a foreclosure mitigation plan to help millions of families stay in their homes as required under the financial rescue legislation. Preventing foreclosures will slow the nationwide drop in home values, protect neighborhoods, and is essential to address the root cause of our economic crisis.

Although it took far too long, the world is finally rising to the challenge. Since 2002, international HIV/AIDS assistance has increased nearly five-fold. As a result, the number of people in developing countries receiving antiretroviral medications has increased ten times to more than 3 million. Increased access to treatment is already saving lives, with the number of AIDS deaths beginning to decline in 2005 after decades of increases.

Despite this progress, the scope of the challenges ahead is enormous. More than 33 million people are still living with HIV and AIDS, and more than 7,000 new infections occur every day. Among African American women, the disease has become so rampant that it is this group’s leading cause of death between the ages of 25 and 34.

This year’s theme for World AIDS Day, ‘Lead – Empower – Deliver,’ emphasizes the need for global leadership to address these challenges. During the 110th Congress, we have successfully increased funding for global AIDS initiatives by $1.8 billion, bringing total funding to $5 billion, with an additional $500 million increase pending for fiscal year 2009.

This year, Congress reauthorized the President’s Emergency Program for AIDS Relief (PEPFAR), moving relief from the emergency phase to the sustainability phase in fighting AIDS, Tuberculosis, and Malaria by significantly increasing resources for treatment, prevention, and stronger health care delivery systems. This groundbreaking legislation also eliminated the requirement that one-third of the funding be used for abstinence programs, eliminated the travel ban for visitors who are HIV positive, and improved services for women and girls.

We need to match this unprecedented global commitment with a stronger commitment here at home to reducing new HIV infections and increasing access to treatment. Although the 110th Congress enacted large increases for Ryan White care programs in fiscal years 2007 and 2008, with another $100 million increase still pending for fiscal year 2009, funding for the domestic epidemic overall has been woefully inadequate since 2001. More than 1.1 million people are currently living with HIV/AIDS in the United States, with only 55 percent of those in need of antiretroviral treatments receiving these lifesaving medications.

As President-Elect Obama called for during his campaign, a new National AIDS Strategy is needed to use resources more effectively, and to track and improve outcomes focused on fewer new infections, increased access to care, and reduced racial and ethnic disparities. Funding is pending in the fiscal year 2009 Appropriations bill to initiate this effort. Developing this strategy and implementing its vision must be a major priority over the next few years.

As we begin a new era of leadership in the United States, we renew our commitment to working together with all nations to answer today’s call for renewed leadership in the effort to combat, and eventually end, HIV/AIDS.

November 21, 2008

Dear Messrs Wagoner, Mulally, and Nardelli:

We recognize the importance of the domestic automobile industry and are committed to working with you to ensure its viability in the years to come. One in 10 American jobs is related to auto manufacturing; our national security depends on the industry’s technologies and manufacturing capacity; and our competitiveness in a global economy depends on its pursuit of excellence.

As you know, Congress has provided President Bush, the Chairman of the Federal Reserve, and the Treasury Department the authority they need under the Emergency Economic Stabilization Act (EESA) as well as other authorities to provide short-term financial assistance to the auto companies.

Unfortunately, the Bush Administration and the Federal Reserve have thus far declined to use their powers to improve our nation’s financial stability by assisting the auto industry. Notwithstanding existing authorities, this Congress is prepared to consider additional legislation that would give the assistance you seek, provided that you submit a credible restructuring plan that results in a viable industry, with quality jobs, and economic opportunity for the 21st century while protecting taxpayer investments.

In order for Congress to act in a timely manner, this plan must be presented to Congress by December 2nd, specifically to Senate Banking Committee Chairman Christopher Dodd and Financial Services Committee Chairman Barney Frank.

It is critical that you meet this deadline since we have announced we are prepared to come back into session the week of December 8 to consider legislation to assist your industry. We intend to give pertinent agencies within the executive branch, the Government Accountability Office, the Board of Governors of the Federal Reserve, as well as outside experts, the opportunity to comment on your work.

The plan must:

Provide a forthright, documented assessment of the auto companies’ current operating cash position, short-term liquidity needs to continue operations as a going-concern, and how they will meet the financing needs associated with the plan to ensure the companies’ long-term viability as they retool for the future;

Provide varying estimates of the terms of the loan requested with varying assumptions including that of automobile sales at current rates, at slightly improved rates, and at worse rates;

Provide for specific measures designed to ensure transparency and accountability, including regular reporting to, and information-sharing with, any federal government oversight mechanisms established to safeguard taxpayer investments;

Protect taxpayers by granting the most senior status for any government loans provided, ensuring that taxpayers get paid back first;

Assure that taxpayers benefit as corporate conditions improve and shareholder value increases through the provision of warrants or other mechanisms;

Bar the payment of dividends and excessive executive compensation, including bonuses and golden parachutes by companies receiving taxpayer assistance;

Include proposals to address the payment of health care and pension obligations;

Demonstrate the auto companies’ ability to achieve the fuel efficiency requirements set forth in the Energy Independence and Security Act of 2007, and become a long-term global leader in the production of energy-efficient advanced technology vehicles; and

Require that government loans be immediately callable if long-term plan benchmarks are not met.

The auto companies’ shareholders, business partners, and prospective benefactors—the American people—deserve to see a plan that is accountable to taxpayers and that is viable for the long-term. In return for their additional burden, taxpayers also deserve to see top automobile executives making significant sacrifices and major changes to their way of doing business.

We look forward to working with you to ensure a viable American automobile manufacturing sector for decades to come. If we are successful, we can ensure a brighter future for the automobile industry, our nation, and our planet.

Thank you for your prompt attention to this matter.

Sincerely,

Nancy Pelosi
Speaker of the House

Harry Reid
Senate Majority Leader

WASHINGTON – As the Bush Administration takes action challenging reproductive rights in this country in its remaining days, U.S. Reps. Diana DeGette (D-CO) and Louise Slaughter (D-NY), co-chairs of the Congressional Pro-Choice Caucus, introduced legislation that would prohibit a dangerous proposed Department of Health and Human Services (HHS) regulation from being implemented. The measure was cosponsored by U.S. Reps. Tammy Baldwin (D-WI), Lois Capps (D-CA), Jerrold Nadler (D-NY), and Jan Schakowsky (D-IL). The proposed HHS rule would require any health care entity that receives federal financing to certify in writing that none of its employees are required to assist in any way with medical services they find objectionable. The legislation introduced today would keep HHS from moving forward with this rule.

“The Bush Administration’s 11th hour attempt to restrict access to reproductive health care is not only abusive, but also threatens everyone’s access to other vital health care services,” said Rep. DeGette, Vice Chair of the Committee on Energy and Commerce. “This legislation sends a clear message that this is the wrong direction for health care policy in America. The Bush Administration continues to pursue its extreme ideology over sound public health care policies even as it enters its final days.”

“Eight continuous years of trouncing on women’s reproductive rights and playing politics with science has obviously not been enough for this Administration,” said Rep. Slaughter, Chairwoman of the House Committee on Rules. “As its parting gift to women across this country, the Administration has proposed a sweeping rule that goes beyond a woman’s right to choose, beyond a woman’s right to contraception and puts everyone’s access to health care at risk. Even as the EEOC, including Bush appointees, strenuously objects to this rule, the Administration’s unconscionable actions really show you just how out of touch they are with women and their families. In the 111th Congress, I hope we can focus on reducing the need for abortions through my bill, the Prevention First Act, which will empower women and expand access to affordable contraception.”

DeGette, Slaughter, and 124 other Members of Congress sent a letter to the Department of Health and Human Services (HHS) in late September opposing the proposed rule, which would significantly undermine patients’ access to vital health services and information. The letter argued that the “ill-conceived and unnecessary proposed rule puts politics and ideology before quality health care.” Senators Hillary Clinton (D-NY) and Patty Murray (D-WA) introduced the Senate companion bill earlier today.

The Speaker commented on the draft rule in July, saying:

If the Administration goes through with this draft proposal, it will launch a dangerous assault on women’s health.

The majority of Americans oppose this out of touch position that redefines contraception as abortion and represents a sustained pattern of the Bush Administration to reject medical and sound science in favor of a misguided ideology that has no place in our government.

I urge the President to reject this policy and join with Democrats to focus on preventing unintended pregnancies and reducing the need for abortion through increasing access to family planning services and access to affordable birth control.

Speaker Pelosi on signing the bill:

With more Americans filing jobless claims than at any time since the 1992, the Senate’s passage of the House’s unemployment insurance extension legislation will help speed relief to more than 2 million workers who continue to search for new jobs in these difficult economic times. No American who is ready, willing and able to work and provide for their family should find themselves cut off from this critical assistance. I look forward to the President signing this legislation into law this week.

While extending unemployment benefits is essential, Congress and the President must continue to work together to help Americans weather this economic storm and strengthen our economy for the long term. We stand ready to work with President Bush and Senate Republicans to enact House-passed legislation that will create new jobs by investing in infrastructure, help states avoid deep cuts to critical services, and provide nutrition assistance to families in need.

Rep. George Miller, Chairman of the House Education and Labor Committee:

In light of today’s devastating economic news that new jobless claims rose to their highest level in more than 16 years, the Senate did the right thing for millions of out-of-work Americans. Unemployment benefits for more than a million Americans are set to expire by the end of the year. This extension will provide much-needed help for these families who still have to put food on the table, pay their home and heating bills, and look for a job.

With our nation’s financial wounds deepening by the day, we can’t allow the rug to get pulled out from under workers looking for a new job. Extending unemployment benefits is a no-brainer – it’s one of the most effective things we can do to help workers and stimulate our economy. With the holiday season fast approaching, it’s time for the President to give workers and families a helping hand by immediately signing this bill.

The full text of the letter:

The Honorable Henry M. Paulson. Jr.
Secretary
Department of the Treasury
Washington, DC 20220

Dear Mr. Secretary:

I write to follow up on the November 18 House Financial Services Committee hearing on the Troubled Assets Relief Program, and to urge you in the strongest possible terms to use TARP funds immediately to support significant steps that can help stem the tidal wave of foreclosures threatening the stability of our financial system and our economy. As a first step, I applaud the regulatory changes in FHA’s Hope for Homeowners program that you and the other members of the Hope for Homeowners Board approved November 19. These changes, authorized by Congress under the TARP legislation, should help expand use of the program.

As I noted in the hearing, however, the TARP statute unambiguously gives you the authority and a mandate to take much more aggressive action on foreclosures. While I support the use of TARP funds to stabilize the financial system through bank capital injections, the root causes of this crisis will remain unaddressed until TARP is deployed aggressively to mitigate the estimated 4 to 5 million foreclosures that will otherwise occur over the next two years. The Administration continues to emphasize HopeNow and other private initiatives, but they are simply not an adequate solution going forward.

At least four programs or proposals already exist that you could fund and operate through TARP to provide significant foreclosure relief:

FDIC Chairman Bair has proposed a broad program to modify and provide credit guarantees for troubled mortgages that could prevent an estimated 1.5 million foreclosures in the next year alone. Chairman Bair believes, as do I, that the authority already exists to run such a program through TARP under Section 109 of the legislation.

At the hearing economist Martin Feldstein proposed a “mortgage replacement program” allowing the government to substitute new loans for portions of existing troubled mortgages. These new government loans would replace 20% of the borrower’s existing loan, with the remaining private mortgage (now for 80% of the original amount) being “full recourse,” giving the creditor access to the borrower’s assets beyond the security value of the home itself. This will lower borrowers’ monthly payments and provide protection against falling into negative-equity positions that encourage default and foreclosure.

The recently approved changes to the FHA Hope for Homeowners program, as noted above, will help enhance participation. However, Treasury should augment these changes by using TARP funds (under the authority in Section 109) to reduce the high level of upfront and annual fees required under Hope for Homeowners loans. These high fees are depressing program use, and using TARP funds to pay them down could significantly increase the number of foreclosures averted.

TARP also mandates that Treasury implement a plan to maximize modifications to mortgages that it acquires. Because mortgages in danger of default clearly qualify as “troubled assets,” I urge you to begin buying whole loans on a large scale for the specific purpose of modifying those loans and keeping the borrowers in their homes.

We can not afford to miss this opportunity to act. Please let me know if my staff or I can be of help in getting these initiatives up and running as quickly as possible.

Sincerely,

BARNEY FRANK
Chairman

The Associated Press reports:

Dems demand business plan from Big Three

Democratic leaders in Congress sidetracked legislation to bail out the auto industry Thursday and demanded the Big Three develop a plan assuring the money would make them economically viable.

“Until they show us the plan, we cannot show them the money,” Speaker Nancy Pelosi, D-Calif., said at a hastily called news conference in the Capitol.

She and Senate Majority Leader Harry Reid, D-Nev., said Congress would return to work in early December to vote on legislation if the General Motors Corp., Ford Motor Co. and Chrysler LLC produce an acceptable plan.

The Speaker’s opening remarks:

Thank you very much, Mr. Leader. I wish to associate myself with your remarks because I think that you have clearly laid out what the challenge is to our economy, to the auto industry and to Congress as we go forth.

It is all about accountability and about viability. Until we can see a plan where the auto industry is held accountable and a plan for viability on how they go into the future, until they show us the plan, we cannot show them the money.

And that is really where we are with this. I want to join the Leader in saluting those who have worked so hard on this, and add to that our Michigan delegation in the House of Representatives.

The auto industry is very important to our country. It is essential, its survival is essential, to maintaining our industrial and manufacturing base. That industrial base is essential to our national security. So, for reasons of our national security, for reasons that relate to the health of our financial community, and for reasons that relate to the needs of the workers who will be affected by this, it is essential that we see some restructuring, some path to viability, from the auto industry.

The Leader addressed what that meant in a timetable. I know Leader Hoyer will adjust that as well so I won’t go into that. But again, we reject those who are advocating bankruptcy for the industry. We reject that. But we do want to work together, and I don’t think we saw very much in the hearings of the last few days that gave us the confidence that we can act upon it legislatively.

Hopefully, in another week or two, we can see a plan that can take us viably into the future with accountability to the American people before we spend another dollar of their tax dollars. Thank you, Mr. Leader.

Leader Hoyer:

As we said this afternoon, Democrats fully understand the importance of America’s automotive industry to our entire economy, and to the 3 million workers who depend on it for employment. We are working with leaders from both parties, and with representatives of the automakers and their employees, in an effort to protect this vital industry from collapse. However, we will not commit billions of taxpayer dollars to this effort without first knowing how the automakers intend to use it to ensure their long-term viability. Our taxpayers and our economy would suffer if we found ourselves back at this point in the near future, with $25 billion gone and the automakers no closer to health. A plan of this size demands detailed accountability to the public.

That is why I, along with the Democratic leadership in Congress, am insisting that the automakers show the American people exactly how they would spend these loans. We need to know that America’s car companies have a plan to remain competitive and viable in the 21st century. Congress has asked for that plan by December 2nd, and both the House and the Senate are prepared to return to consider legislation by December 8th. That time will help us build consensus in Congress and instill public confidence in the car companies’ future. And by then, Congress will have more of the information it needs to determine whether loans to the auto industry are in the public interest. That is the diligence that any lender should exercise—especially when taxpayer money is at stake.

Whip Clyburn:

It’s clear that the auto industry, America’s industrial base and the source of millions of jobs directly and indirectly across the country, is in dire straits. But rather than blindly throwing money at the problem, we’re asking for a plan for the future. American industry has always proven its mettle, survived difficulty and thrived through innovation and improvement. At a moment when the auto industry is asking the American taxpayer to dig deep, it must also dig deep as a business and demonstrate a path forward to long-term success. The auto industry must be held accountable and present a plan for future viability before the Congress can determine how best to provide assistance. Bankruptcy is not a good option; however, accountability and viability are essential to stabilizing the auto industry and saving millions of American jobs.

On November 19,2008, the House Financial Services Committee held a legislative hearing on extending the Department of Treasurys Troubled Asset Relief Program (TARP) to the U.S. auto industry. The draft legislation will extend the recently passed TARP program to help the financial stability of the American car industry. Testifying on the third panel were Mrs. Annette Sykora, Chairman, National Automobile Dealers Association, Mr. James S. McElya, Chairman and Chief Executive Officer, Cooper-Standard Automotive, Inc., Professor Jeffrey D. Sachs, Director, The Earth Institute; Quetelet Professor of Sustainable Development and Professor of Health Policy and Management, Columbia University, and Dr. Matthew J. Slaughter, Professor of International Economics, Tuck School of Business, Dartmouth College. For a full archived hearing or to read prepared testimony, visit: http://www.house.gov/apps/list/hearing/financialsvcs_dem/hr111908.shtml "First, before getting to the specifics of Section 136, we should not ease the conditions. We should see this as an opportunity to enforce the conditions. I actually am more optimistic than the three CEOs that we heard, that they could be accelerated even more, because when you consider that the Chevy Volt promises to be a leapfrog technology, in fact, because we'll go from hybrid to plug-in hybrid, we're on the verge, in my opinion, of getting back to U.S. technological leadership. GM also has invested more than $1 billion in hydrogen fuel cells. And Chrysler, I think very impressively, is looking at extended-range electric vehicles. Don't ease the conditions, that's for sure."

Author: NancyPelosi
Keywords: Frank Congress Section 136 Auto GM Ford Chrysler Economy TARP Sachs
Added: November 20, 2008

On November 19,2008, the House Financial Services Committee held a legislative hearing on extending the Department of Treasurys Troubled Asset Relief Program (TARP) to the U.S. auto industry. The draft legislation will extend the recently passed TARP program to help the financial stability of the American car industry. Testifying on the third panel were Mrs. Annette Sykora, Chairman, National Automobile Dealers Association, Mr. James S. McElya, Chairman and Chief Executive Officer, Cooper-Standard Automotive, Inc., Professor Jeffrey D. Sachs, Director, The Earth Institute; Quetelet Professor of Sustainable Development and Professor of Health Policy and Management, Columbia University, and Dr. Matthew J. Slaughter, Professor of International Economics, Tuck School of Business, Dartmouth College. For a full archived hearing or to read prepared testimony, visit: http://www.house.gov/apps/list/hearing/financialsvcs_dem/hr111908.shtml "First, before getting to the specifics of Section 136, we should not ease the conditions. We should see this as an opportunity to enforce the conditions. I actually am more optimistic than the three CEOs that we heard, that they could be accelerated even more, because when you consider that the Chevy Volt promises to be a leapfrog technology, in fact, because we'll go from hybrid to plug-in hybrid, we're on the verge, in my opinion, of getting back to U.S. technological leadership. GM also has invested more than $1 billion in hydrogen fuel cells. And Chrysler, I think very impressively, is looking at extended-range electric vehicles. Don't ease the conditions, that's for sure."

Author: NancyPelosi
Keywords: Frank Congress Section 136 Auto GM Ford Chrysler Economy TARP Sachs
Added: November 20, 2008

The depth of the nation’s economic problems demands additional action, which is why the House passed strong economic recovery and job creation legislation in September that creates jobs by investing in infrastructure, extends unemployment benefits, helps states avoid deep cuts to critical services, and provides nutrition assistance to struggling families. President Bush and Senate Republicans should work with us to help make this legislation law.

On November 19,2008, the House Financial Services Committee held a legislative hearing on extending the Department of Treasurys Troubled Asset Relief Program (TARP) to the U.S. auto industry. The draft legislation will extend the recently passed TARP program to help the financial stability of the American car industry. Testifying on the third panel were Mrs. Annette Sykora, Chairman, National Automobile Dealers Association, Mr. James S. McElya, Chairman and Chief Executive Officer, Cooper-Standard Automotive, Inc., Professor Jeffrey D. Sachs, Director, The Earth Institute; Quetelet Professor of Sustainable Development and Professor of Health Policy and Management, Columbia University, and Dr. Matthew J. Slaughter, Professor of International Economics, Tuck School of Business, Dartmouth College. For a full archived hearing or to read prepared testimony, visit: http://www.house.gov/apps/list/hearing/financialsvcs_dem/hr111908.shtml Sachs: "Please do this before we turn a recession into a depression. That's my request. You know, it's for all of us. There's nobody that will not be affected. And this idea, let markets work when there are no markets, is the idea of how Lehman Brothers triggered the biggest worldwide crisis in a generation. Don't do it again with this industry. Two in a row, we're really into depression."

Author: NancyPelosi
Keywords: Sachs Financial Services Congress Auto GM Ford Chrysler Economy Recession Depression
Added: November 20, 2008

On November 19,2008, the House Financial Services Committee held a legislative hearing on extending the Department of Treasurys Troubled Asset Relief Program (TARP) to the U.S. auto industry. The draft legislation will extend the recently passed TARP program to help the financial stability of the American car industry. Testifying in the second panel were Mr. G. Richard Wagoner, Jr., Chairman and Chief Executive Officer, General Motors Corporation, Mr. Robert Nardelli, Chief Executive Officer, Chrysler, LLC., Mr. Alan Mulally, President and Chief Executive Officer, Ford Motor Company, and Mr. Ron Gettelfinger, President, United Auto Workers. For the full archived hearing video or to read prepared testimony, visit: http://www.house.gov/apps/list/hearing/financialsvcs_dem/hr111908.shtml Rep. Watt: "We are in much the same position that we were with the original bailout. We are very much between a rock and a hard place and the hard place is coming from the public out there who has a great resistance to bailing out anybody else, as they did in the original bailout."

Author: NancyPelosi
Keywords: Watt Congress Democrats North Carolina Economy UAW Ford GM Chrysler Auto Industry
Added: November 19, 2008

On November 19,2008, the House Financial Services Committee held a legislative hearing on extending the Department of Treasurys Troubled Asset Relief Program (TARP) to the U.S. auto industry. The draft legislation will extend the recently passed TARP program to help the financial stability of the American car industry. Testifying in the second panel were Mr. G. Richard Wagoner, Jr., Chairman and Chief Executive Officer, General Motors Corporation, Mr. Robert Nardelli, Chief Executive Officer, Chrysler, LLC., Mr. Alan Mulally, President and Chief Executive Officer, Ford Motor Company, and Mr. Ron Gettelfinger, President, United Auto Workers. For the full archived hearing video or to read prepared testimony, visit: http://www.house.gov/apps/list/hearing/financialsvcs_dem/hr111908.shtml Waters: "I'm still traumatized by the hearing that we had yesterday, and Secretary Paulson's denial of not paying attention to the loan modifications that we thought we would be getting as a result of the $700 billion bailout bill that we worked so hard to pass. So, on the heels of that, we have here today the automobile companies, and asking for their share of support from the Congress of the United States -- from the people, to make sure that they're able to maintain their businesses. And what we basically get here are the big boys, the big industries, who are well connected, have a lot of influence, and basically are too big to fail."

Author: NancyPelosi
Keywords: Waters Congress Democrats Auto GM Ford Chrysler UAW TARP Economy
Added: November 19, 2008

On November 19,2008, the House Financial Services Committee held a legislative hearing on extending the Department of Treasurys Troubled Asset Relief Program (TARP) to the U.S. auto industry. The draft legislation will extend the recently passed TARP program to help the financial stability of the American car industry. Testifying in the second panel were Mr. G. Richard Wagoner, Jr., Chairman and Chief Executive Officer, General Motors Corporation, Mr. Robert Nardelli, Chief Executive Officer, Chrysler, LLC., Mr. Alan Mulally, President and Chief Executive Officer, Ford Motor Company, and Mr. Ron Gettelfinger, President, United Auto Workers. For the full archived hearing video or to read prepared testimony, visit: http://www.house.gov/apps/list/hearing/financialsvcs_dem/hr111908.shtml Barney Frank: "No, we haven't declared that no one can go bankrupt. We have a criterion. Is this of a magnitude that it will threaten the entire economy and particularly at a time of great vulnerability for the economy? If we were at four percent unemployment, as we were in the Clinton administration, if things were going well, this would be a different thing to contemplate. We have an economy already staggering both because of our credit crisis and problems in the real economy. Adding to this enormous disruption at this point would be an awful idea."

Author: NancyPelosi
Keywords: Barney Frank Congress Democrats Auto GM Ford Chrysler UAW TARP Economy
Added: November 19, 2008

Watch the archived webcast>>

Read prepared testimony>>

Chairman Barney Frank:

Rep. Frank: “We haven’t declared that no one can go bankrupt. We have a criterion. Is this of a magnitude that it will threaten the entire economy and particularly at a time of great vulnerability for the economy? If we were at four percent unemployment, as we were in the Clinton administration, if things were going well, this would be a different thing to contemplate. We have an economy already staggering both because of our credit crisis and problems in the real economy. Adding to this enormous disruption at this point would be an awful idea.”

Professor Jeffrey D. Sachs:

Sachs: “Please do this before we turn a recession into a depression. That’s my request. You know, it’s for all of us. There’s nobody that will not be affected. And this idea, let markets work when there are no markets, is the idea of how Lehman Brothers triggered the biggest worldwide crisis in a generation. Don’t do it again with this industry. Two in a row, we’re really into depression.”

Chairman Frank and Professor Jeffrey D. Sachs on the Bush Administration proposal to use Sec. 136 funds:

Sachs: “First, before getting to the specifics of Section 136, we should not ease the conditions. We should see this as an opportunity to enforce the conditions. I actually am more optimistic than the three CEOs that we heard, that they could be accelerated even more, because when you consider that the Chevy Volt promises to be a leapfrog technology, in fact, because we’ll go from hybrid to plug-in hybrid, we’re on the verge, in my opinion, of getting back to U.S. technological leadership. GM also has invested more than $1 billion in hydrogen fuel cells. And Chrysler, I think very impressively, is looking at extended-range electric vehicles. Don’t ease the conditions, that’s for sure.”

Rep. Mel Watt:

Rep. Watt: “We are in much the same position that we were with the original bailout. We are very much between a rock and a hard place and the hard place is coming from the public out there who has a great resistance to bailing out anybody else, as they did in the original bailout.”

Rep. Maxine Waters:

Rep. Waters: “I’m still traumatized by the hearing that we had yesterday, and Secretary Paulson’s denial of not paying attention to the loan modifications that we thought we would be getting as a result of the $700 billion bailout bill that we worked so hard to pass. So, on the heels of that, we have here today the automobile companies, and asking for their share of support from the Congress of the United States - from the people, to make sure that they’re able to maintain their businesses.”

“I look forward to working with you, because there is much work to be done, and I am certainly up to the task. I am a person that you can count on, I will work hard, because I know what my job is. My job is to serve the people who put me here. I know that my job is to do the most for those who have the least. I will work hard, because I have promises to keep. I have made promises not only to myself and the people of the eleventh district, but to my departed friend. Count on me, because I do have promises to keep.”

Hi, I am Congressman Ed Markey, Chairman of the Select Committee on Energy Independence and Global Warming.

I just wanted to congratulate President Elect Barack Obama on his speech today which laid out a new direction for the United States in the battle to fight Global Warming.

After 8 years of inaction from the Bush Administration, it’s a breath of fresh air to hear that an Obama White House understands the clean energy steps that must be taken to lift America out of economic turmoil are the same steps we must take to fight the climate crisis.

Investing in clean energy will create new green jobs, putting Americans back to work and breaking our dependence on oil and other fossil fuels.

President-Elect Obama also understands the potential clean energy technology brings. President-Elect Obama used YouTube to deliver his important climate message today. In 1995, not a single home in America had broadband access. Today, the next President of the United States was able to reach millions of people around the world using high-speed internet connections. . .and even some on mobile devices!

If, in just a decade’s time, we can successfully engineer an Information Technology Revolution, we can also have a Clean Energy Revolution.

Again, I want thank the President-Elect for his commitment to fighting climate change and I look forward to continuing to work with Congress on a green economic recovery.

Marcia Fudge was sworn in today by Speaker Pelosi on the House floor. Congresswoman Fudge fills the 11th district seat of Ohio vacated by the passing of Congresswoman Stephanie Tubbs Jones.

Author: NancyPelosi
Keywords: democrats congress
Added: November 19, 2008