mr. hensarling: i yield the gentleman another two minutes. mr. garrett: the bill does have what the american taxpayer does not want it to have a continuation of bailouts at their expense. what else does the bill have that the american taxpayer is asking not to have, the loss of jobs. i remember being on this floor, standing over there, when the majority leader was standing over here at the beginning of the year, he was predicting, he was promising that if we only passed the $700 billion or $800 billion stimulus package, as the gentleman from texas said earlier, we would see the results immediately, not by the summer, not by the end of the year, not by next year but we would see immediate job growth, we would never see 8 1/2% unemployment and we would see the results immediately that tune changed when unemployment went up to 8%, then 8.5%, then 9%, then 9.5%, then 10%, then 10.2%. now they're saying, we'll see it sometime next year, now we're saying we'll see job growth sometime next year we need another stimulus package, however many dollars from

mr. hensarling: i'd be happy to yield. mr. frank: as he advances the argument because the democrats took over in 2007 that that was why we had a recession? mr. hensarling: reclaiming my time. reclaiming my time. i'm simply pointing out, if the gentleman is trying to make associations, or make an association to me as well, what i am asserting is that the economic policies either enacted or threatened by this congress or this administration is keeping a recovery from happening. this is an economy that through any historic standard whatsoever should have already recovered. but first we have the stimulus program which we were told would keep us at 8% unemployment. now we know we have double digit unemployment, 3.6 million jobs lost since the stimulus program was passed. we have the $600 billion energy tax passed in the house hanging over the economy. we have the over $1 trillion nationalization of our health care system hanging over the economy. and now this is the fourth leg of the stool. and that is a perpetual wall street bailo

mr. hensarling: i reserve. the chair: the gentleman reserves. entleman from michigan is recognized. mr. peters: madam speaker, i'd like to yield one minute and 30 seconds to the gentleman from virginia, mr. connelly. the chair: the gentleman has one minute remaining. mr. connelly: thank you, madam chair. the chair: the gentleman from virginia is recognized for one minute. mr. connelly: the house will enact the most significant reform of our financial system since the great depression. these are not decisions we take lightly but the prolonged recession and the near collapse of the financial market in the fall of 2008 have compelled us to respond. it will also end the era of taxpayer funded bailouts. madam chair woman, this amendment offered by my friend and colleague, mr. peters of michigan, seeks to build on this legislation and will authorize the fdic to make further assessments in the financial industry to ensure every penny of the tarp loans made to the banks is repaid and help reduce our nation's debt and burden on the taxpayers. i urge adopt

mr. hensarling. the chair: the gentleman from texas is recognized for 1 1/2 minutes. mr. hensarling: i thank the gentleman for yielding. in some respects one of the few areas of agreement on both sides of the aisle that the rating agencies played a critical role in the economic turmoil that has been hoisted upon our economy. we may differ on the remedy, though. what is needed here is more competition, not more lawsuits. and what happens is when you lower the bar for lawsuits, you raise the bar, barriers to entry and make it more difficult. we know that for all intenths and purposes that the government created a rating agency oligopoly and prevented the market from enjoying competition and had this a.a.a.-rated paper and we know what happened. and what we have seen now is that the democrats have tried to spin their way into more jobs than our nation's first $1 trillion deficit. they have tried to borrow their way into more jobs. we are now borrowing 43 cents on the dollar, sending the i.o.u.'s to our children and grandchildren. the bill that is brought to the floor today cr

mr. hensarling. the speaker pro tempore: the gentleman is recognized for 1 1/2 minutes. mr. hensarling: thank you, mr. speaker. unfortunately, we all know the sad news that under this administration and this congress our nation has the worst, worst unemployment rate in a generation. over 3.5 million of our fellow countrymen have lost their jobs since president obama has come into office. so what have our friends on the other side of the aisle tried to do? well, they have tried to spend their way into job creation with a $1.1 trillion government stimulus plan, a $410 billion omnibus spending plan, a threatened $1 trillion takeover of our health care system plan. well, that didn't get us any jobs. so they tried to borrow their way into prosperity. now, we have the first $1 trillion deficit in our nation's history, a spending plan to triple, triple the national at the time in the next 10 years. so borrowing didn't work, spending didn't work. so here's the latest plan, mr. speaker. let's have a perpetual plan to tax people when they die. maybe that will create jobs in the economy

mr. hensarling from texas, two minutes. the speaker pro tempore: the gentleman from texas is recognized for two minutes. mr. hensarling: i thank the gentleman for yielding. now, repeating failure over and over might be amusing if it wasn't for the fact that so many of our countrymen are suffering. i heard the distinguished chairman of the financial services committee share with us a history lesson. but i also might add, if we look at press reports, clearly democrats have trouble counting jobs in america. what we do know that the department of labor says that we still have double-digit unemployment under this president and this democratic congress. what we know is that the department of labor says since the first stimulus bill was passed to add an extra $1 trillion of spending and debt for future generations to pick up that 3.6 million of our fellow countrymen have lost their jobs. the history lesson that i hope my friends on the other side of the aisle would learn is that you cannot spend your way into more jobs. you cannot

mr. hensarling. the speaker pro tempore: the gentleman from texas is recognized for one minute. mr. hensarling: thank you, madam speaker. never in the history have so few acted so fast to indebt so many. so since the democrats have taken control of congress, this is the fifth, fifth time they have come here to raise the debt ceiling to date $290 billion more. under their watch, the national watch has increased $3.4 trillion or almost $30,000 for every household in america. under their fiscal policy, we now have a $1.4 trillion, our nation's first. they passed a budget that will triple, triple the national debt in just 10 years, and they are causing us to borrow 40 cents on the dollar from the chinese and send the bill to our children and grandchildren. now, when the republicans controlled this body and the deficit was $300 billion and falling, the now majority leader said that's fiscal child abuse. and the now speaker called it immoral. and now under their watch it's five times greater and all we hear is a course of is a are a is a -- sera sera. merry christmas. the speaker pro tempo

mr. hensarling. the speaker pro tempore: the gentleman from texas is recognized for three minutes. mr. hensarling: thank you, madam speaker. i thank the gentlelady for yielding. madam speaker, apparently the house is due to adjourn for the year today. but before it does, the house apparently will presume the american people -- present the american people with a number of christmas gifts wrapped up in one nice, neat little package represented by this rule. the first christmas gift that the majority is giving the american people is the fifth, fifth increase in the debt ceiling since they took control of congress. raising the debt ceiling an additional $290 billion, more debt to be placed upon the backs of our children and grandchildren. the second gift for the american people at christmastime is, guess what? yet another stimulus bill. this one weighing in at $150 billion. i lose track, madam speaker, don't know if this is stimulus four, stimulus five, it's a little bit like those old friday the 13th movies. it just doesn't go away. the next gift, madam speaker, is kind of a recycled gift.

mr. hensarling. the speaker pro tempore: the gentleman is recognized for two minutes. mr.mchenry: i listened to my -- mr. hensarling: i listened to my friend that they are done with the bailouts. that begs the question, why do they have a bailout fund? why do you have a bailout fund if your not going to bail people out. we started a college fund for our children and the reason is because we intend to send our children to college. why is it that the democrats have a bailout fund, but now they expect us to suspend this belief that they won't use it. if i could phrase a line from "a field of dreams," if you build it, they will come. if you create a bailout fund, people will come for bailouts. that's what this is. this is the tarp bill in perpetuity. if the american people like bailouts, our friends on the other side of the aisle certainly have the bill for them. as i talk to my constituents in the 5th district of texas, they are tired. the school teacher, the farmer, the farmer in henderson county, they are tired of the bailouts and tired of paying for this. and yet they crea

mr. hensarling from texas, two minutes.he speaker pro tempore: the gentleman from texas is recognized for two minutes. mr. hensarling: i thank the gentleman for yielding. now, repeating failure over and over might be amusing if it wasn't for the fact that so many of our countrymen are suffering. i heard the distinguished chairman of the financial services committee share with us a history lesson. but i also might add, if we look at press reports, clearly democrats have trouble counting jobs in america. what we do know that the department of labor says that we still have double-digit unemployment under this president and this democratic congress. what we know is that the department of labor says since the first stimulus bill was passed to add an extra $1 trillion of spending and debt for future generations to pick up that 3.6 million of our fellow countrymen have lost their jobs. the history lesson that i hope my friends on the other side of the aisle would learn is that you cannot spend your way into more jobs. you cannot b

mr. hensarling. the speaker pro tempore: the gentleman is recognized for 30 seconds. mr. hensarling: tarp was passed to bring about financial responsibility. tarp has morphed into a $700 billion bailout fund to advance the administration's political, social and economic agenda. tarp has helped bring about our nation's first $1 trillion deficit, the highest unemployment rate in a generation, and it will turn us into a bailout nation. the american people want more jobs, not more bailouts. and oh, they want their money back and they want their nation back. it's time to terminate tarp. the speaker pro tempore: the gentleman yields back the balance of his time. the time has expired. the chair will remind that members, staff and pages are not in the well while another member is under recognition. for what purpose does the gentleman from massachusetts rise? mr. frank: to speak in opposition to the motion to recommit. the speaker pro tempore: the gentleman from massachusetts opposed to the motion? mr. frank: yes. the speaker pro tempore: the gentleman is recognized for five minute

mr. hensarling: i thank the gentlelady for yielding.iven the state of iran's nuclear ambitions and poor record at transparency, it is clear that the united states must lead the world in pressuring iran to give up these ambitions. there is no option. iran's energy sector is the backbone of its economy and provides the majority of its government's revenue. but iran's energy infrastructure is deteriorating badly and in need of modernization. without this modernization, its energy sector very well may deteriorate and along with it consequently, its economy and possibly even its regime. the act gives the president an important tool to help persuade the iranian regime to peacefully give up its nuclear ambitions. a nuclear-armed iran is unacceptable. it could provide rogue nations and terrorists with nuclear technology. it constitutes the looming threat to the national security of the united states. iran's behavior not only jeopardizes the stability of the region but threatens the existence of many of our allies in the middle east, particularl

mr. hensarling: i thank the gentlelady for yielding. given the state of iran's nuclear ambitions and poor record at transparency, it is clear that the united states must lead the world in pressuring iran to give up these ambitions. there is no option. iran's energy sector is the backbone of its economy and provides the majority of its government's revenue. but iran's energy infrastructure is deteriorating badly and in need of modernization. without this modernization, its energy sector very well may deteriorate and along with it consequently, its economy and possibly even its regime. the act gives the president an important tool to help persuade the iranian regime to peacefully give up its nuclear ambitions. a nuclear-armed iran is unacceptable. it could provide rogue nations and terrorists with nuclear technology. it constitutes the looming threat to the national security of the united states. iran's behavior not only jeopardizes the stability of the region but threatens the existence of many of our allies in the middle east, particula

mr. hensarling. the speaker pro tempore: the gentleman is recognized for 30 seconds. mr. hensarling: tarp was passed to bring about financial responsibility. tarp has morphed into a $700 billion bailout fund to advance the administration's political, social and economic agenda. tarp has helped bring about our nation's first $1 trillion deficit, the highest unemployment rate in a generation, and it will turn us into a bailout nation. the american people want more jobs, not more bailouts. and oh, they want their money back and they want their nation back. it's time to terminate tarp. the speaker pro tempore: the gentleman yields back the balance of his time. the time has expired. the chair will remind that members, staff and pages are not in the well while another member is under recognition. for what purpose does the gentleman from massachusetts rise? mr. frank: to speak in opposition to the motion to recommit. the speaker pro tempore: the gentleman from massachusetts opposed to the motion? mr. frank: yes. the speaker pro tempore: the gentleman is recognized for five minute

mr. hensarling: i thank the gentleman for yielding. mr. speaker, i guess at 5'6" i'm doing well to simply overlook the 2,500-page bill that spends yet another half a trillion dollars of money we do not have. since the democrats have come to power, they have increased the deficit 10-fold. we had our first $1 trillion deficit. a budget plan to triple, triple the national debt in the next 10 years. mr. speaker, every page of this behemoth spending bill represents an i.o.u. to the chinese to be paid for by our children and grandchildren. every single page of this 2,500 , half a trillion-dollar bill crushes yet another job in america. nobody is going to launch blue jobs in america -- new jobs in america when they have to pay for this, mr. speaker. our highest levels of spending, our highest levels of unemployment. mr. speaker, the democrats don't get it. the speaker pro tempore: the gentleman's time has expired. the gentleman from massachusetts. mr. mcgovern: i reserve my time. the speaker pro tempore: the gentleman from massachusetts reserves.

mr. hensarling is recognized for three minutes that actually i think a little bit more than that. 'm not sure exactly how much time is left. three and a half. >> thank you, mr. chairman. by any standard of measurement the foreclosure mitigation programs of this administration and this congress have been abject failures. hope for homeowners $300 billion authorized at least as of some of the latest data available 1,000 applications, 50 loans closed by july. , affordable modification programs 75 billion-dollar cost supposed to help three to 4 million homeowners, 650,000 modifications' trial modifications. home affordable refinance program supposed to help four to 5 million homeowners, the latest numbers available 116,500. yet, we know that for closure rates and delinquency rates continue to rise for 9.9% in the third quarter of 082 now 14.1% in fluff third quarter of phone line. the government tax payer funded foreclosure mitigation programs have been an abject failure. on the other hand, those who actually hold loans have a financial incentive for the borrowers who can work out to ma

mr. hensarling: thank you, madam chair. regardless of any particular inquiry, the inquiry the american people want to know is where are the jobs. and now what we've seen from the democrats, our friends on the other side of the aisle is an attempt to spend our way into jobs, an attempt to borrow our way into jobs and now an attempt to bail out our way into jobs and what is the result? the result is the highest unemployment rate in a generation, the first $1 trial cron deficit in our nation's history. and a tripling of the national debt in the next 10 years. bailouts do not work. the democratic bill enshrines us as a bailout nation and still allows people to privatize their profits and socialize their losses. section 1609 n of the underlying bill creates a permanent bailout fund. now maybe some aspect of it is sunset, but no where else do you find a permanent bailout fund is going to be sunset. and i assume you create the bailout fund for bailouts. this is what will happen. the american people believe we can bail out our way

mr. hensarling is recognized for three minutes that actually i think a little bit more than that. i'm not sure exactly how much time is left. three and a half. >> thank you, mr. chairman. by any standard of measurement the foreclosure mitigation programs of this administration and this congress have been abject failures. hope for homeowners $300 billion authorized at least as of some of the latest data available 1,000 applications, 50 loans closed by july. , affordable modification programs 75 billion-dollar cost supposed to help three to 4 million homeowners, 650,000 modifications' trial modifications. home affordable refinance program supposed to help four to 5 million homeowners, the latest numbers available 116,500. yet, we know that for closure rates and delinquency rates continue to rise for 9.9% in the third quarter of 082 now 14.1% in fluff third quarter of phone line. the government tax payer funded foreclosure mitigation programs have been an abject failure. on the other hand, those who actually hold loans have a financial incentive for the borrowers who can work out to m

mr. hensarling, simply limits the power of the consumer financial product agency's credit czar if the national employment rate remains at these astronomical levels. studies have shown that this bill will stifle job growth across our entire economic spectrum. we should be focusing on job creation, not job extinction. handing off more control of the private sector to unelected bureaucrats is not going to solve our economic problems. the second amendment i offered would restrict the cfpa, this new massive agency created by this bill, from mandating disclosures to be made in any language other than tpwhrish. english is the principle language in which commerce is conducted in the united states. imagine the nightmare if disclosures must be reported in any more of the 300 languages that are spoken here in the united states. it would ultimately be sheer chaos. the cost of compliance for private businesses, private businesses to print materials in multiple languages accounts to more or less an add tax and pushing job losses further into the people in the unemployment ranks. h.r. 4173 is going to elimin

mr. hensarling is recognized for three minutes that actually i think a little bit more than that. nk you, mr. chairman. by any standard of measurement the foreclosure mitigation programs of this administration and this congress have been abject failures. hope for homeowners $300 billion authorized at least as of some of the latest data available 1,000 applications, 50 loans closed by july. , affordable modification programs 75 billion-dollar cost supposed to help three to 4 million homeowners, 650,000 modifications' trial modifications. home affordable refinance program supposed to help four to 5 million homeowners, the latest numbers available 116,500. yet, we know that for closure rates and delinquency rates continue to rise for 9.9% in the third quarter of 082 now 14.1% in fluff third quarter of phone line. the government tax payer funded foreclosure mitigation programs have been an abject failure. on the other hand, those who actually hold loans have a financial incentive for the borrowers who can work out to make modifications. and of the hope now program, as of the latest ava