mr. neugebauer: the pay for was to cover any potential losses supposedly. buttwhere is the $33 billion that you are going to invest -- mr. driehaus: with all due respect to the gentleman i know this doesn't fit into the political framework of the republicans to suggest this is not tarp. this is not another bailout. mr. neugebauer: the gentleman obviously doesn't know where the $33 billion is coming from which is part of the problem up here. people just think this money appears. when you say i'm going to put $ billion here, $250 billion here nobody knows where the money is coming from. the bottom line is we know where the money's coming from. we are borrowing that money because the treasury -- the chair: the gentleman's time has expired. the gentleman from ohio. mr. driehaus: thank you, madam chair. the political framework of the republicans is they want to call everything a bailout. when it's not bailout, they want to act like it is. they want to call this tarp even if it's not. the definition they want to use on fox news and elsewhere, but the fact of the m

mr. neugebauer: thank you, mr. chairman. i just want to repeat that when we're going to give a dividend -- a lesser dividend rate for the more performance that these banks have, letting them self-certify i think is not a good check and balance. certainly we want them to increase their lending, but what we need is third-party validation to make sure that -- in fact they will get as low as 1% capital can i have dend rate that some third party validation validates that because obviously that has impact on the return -- on this program. so with that i reserve. the chair: all time has expired. mr. nye: mr. speaker. the chair: the gentleman from virginia. the gentleman from texas. mr. nye: mr. chairman. i would like to make unanimous consent request that both sides be allocated an additional two minutes for debate. the chair: is there objection? without objection, the gentleman is recognized. mr. nye: i'd like to yield to the distinguished ranking member of the committee, mr. graves. the chair: the gentleman is recognized. mr. gra

mr. neugebauer: mr. speaker, i continue to reserve my time. the chair: the gentleman from texas reserves his time. the gentlelady from -- who seeks time? the gentlelady from new york. ms. velazquez: mr. chairman, i yield myself such time as i may consume. the chair: the gentlelady is recognized. ms. velazquez: and i want to use this time to respond to those who are making the assessment that this money, that there is no safeguards in this legislation to make sure that the money goes to small businesses. first, banks must apply to the treasury to receive funds with a detailed plan on how to increase small business lending at their institution. this language was included at my insistence that we need to make sure that small businesses will get the benefit of this legislation. second, this capital, repayment of the government loans will be at a deepening rate starting at 5% per year. this rate will be lowered by 1% for every 2.5% increase in small business lending over 2010 levels. -- 2009 levels. it can go to 1% if the bank increases its busines

mr. neugebauer: thank you, mr. chairman. i yyeld myself such time as i may consume. the chair: the gentleman is recognized. mr. neugebauer: my opposition not to question whether i support small businesses. it's a question of whether this bill will help small businesses. unfortunately, my conclusion is that this bill will not help them but cost taxpayers another $33 billion, by the way, $33 billion that we don't have. as a former small business owner as well as a former lender, i understand firsthand the need for small businesses to have access to credit, access to credit is tightened but demand for credit for worthy borrowers has also declined. what small businesses really need more than anything in the current economic environment is certainty so they can invest and plan for the future. what they have gotten from congress is more and more uncertainty. small businesses will face a costly tax penalty if they can't comply with the added cost of the new health care law. one business owner in my district told me he plans to expa

mr. neugebauer: thank you. with that i yield back. the chair: the gentleman has yielded the remainder of his time. mr. green: yes. at this time i would recognize ms. chu for as much time as she may consume. the chair: without objection, the gentlelady from california is recognized. ms. chu: thank you, madam speaker. the small business lending act is critical to helping small businesses across the country and therefore critical to helping people because small businesses create more jobs than anyone else. small businesses sustain their communities. our amendment ensures that we don't leave minority business owners behind. minority business owners need every opportunity to grow, create jobs and contribute to their community. but there are barriers. our amendment makes sure that bank lending plans, outreach and advertising are culturally and linguistically appropriate for diverse businesses. this provision is essential for the asian american-pacific islander community because government programs can miss important details when they don't a

mr. neugebauer: kind of confusing, isn't it. i rise and claim time in opposition although i am not opposed to the bill. the chair: without objection, the gentleman is recognized. mr. neugebauer: i want to thank my friend from texas. i think this is a commonsense amendment. i think if you are going to do this program, certainly i don't support the underlying program, but if we are going to do it, we are going to put this capital into some of these banks for lending, certainly ought to be in areas where they have the highest unemployment. that makes sense. i still think we could do better for small businesses by providing an environment where there is less uncertainty, more certainty on what the tax situation's going to be. less uncertainty about what the regulatory environment's going to be. but i think the gentleman's amendment makes the underlying bill better. we do not object to this. i yield back my time. the chair: the gentleman yields back the balance of his time. the gentleman from texas. mr. cuellar: thank you very much.

mr. neugebauer: mr. speaker, i appreciate the democrats wanting to bring a little bit additional oversight, so i would ask unanimouu consent that we take the language from the motion to recommit that the secretary shall have to certify every transaction and make that part of the text of this bill. the speaker pro tempore: the gentleman offered, the motion will have to withdraw and offer a new motion. mr. neugebauer: i guess my colleagues are not really serious about making this oversight stronger. we are going to go with the watereddown language which says the secretary will certify we are going to put together a little process here and we think that it will -- one it will be not based on politics or influenced from outside but we are not going to make himble accountable for each billion dollar investment or millions of dollars of investment of the taxpayers' money into these banks. so i wish my colleagues on the other side were actually serious about what we are doing here. i appreciate the majority try

neugebauer: mr. speaker, i ask unanimous consent that the bill -- the reading of the bill be dispensed with. the speaker pro tempore: is there objection? so ordered. the gentleman is recognized for five minutes. mr. neugebauer: thank you. this motion makes two important changes to this bill. first, it puts the special inspector general for tarp in charge of the oversight of the new small business lending fund. remember, this fund is tarp 2 or tarp jr., as it's referred to. second, it requires the treasury be certify that the decisions banks receives funds is based on merit and not political situation. this new lending fund follows the model of tarp minus the strong oversight and puts another $30 billion in banks. the motion to recommit would make the special inspector general for tarp -- the speaker pro tempore: the gentleman will suspend. the gentleman is presenting a motion to recommit. we need order in the house. please take your seats. members, take your seats, and other folks, also, take your se

mr. neugebauer: mr. chairman. the chair: the gentleman from north carolina. mr. miller: on that i demand a recorded vote. the chair: pursuant to clause 6 of rule 18, further proceedings on the amendment offered by the gentleman from north carolina will be postponed. pursuant to clause 6 of rule 18, proceedings will now resume on those amendments printed in part c of house report 111-506 and house report 111-508 on which further proceedings were postponed in the following order, amendment number 1 in part c of house report 111-506 by mr. israel of new york, amendment number 12 in part c of house report 111-506, mr. cray of louisiana, and amendment number 2 in house report 111-508 by mr. miller of north carolina. the chair will reduce to five minutes the time for any electronic vote after the first vote in this series. the unfinished business is the question -- the unfinished business is on the amendment offered by the gentleman from new york, mr. israel, on which the aae prevailed by voice vote. the clerk will redesignate the amendment. the clerk: amendment number

mr. neugebauer, two minutes. the speaker pro tempore: the gentleman is recognized for two minutes. mr. neugebauer: mr. chairman, i rise in strong opposition to this conference report. financial regulatory reform is needed, but this 2,300-page bill is the wrong slugs for the taxpayers and it won't help bills -- capital markets needed to fuel growth and do jobs for our country. if you like the bill after the last few years you are going to love this new financial bill. if you are a consumer who wants fewer choices, higher costs of credit and new fees, this bill has some great deals for you. this bill will vastly expand the powers of the government regulators. those are the same regulators who fell short of the job the first time around and now they are asking us to trust them and they tell us that the outcome will be different next time. but the outcome won't be different because this bill sets a big permanent bailout regime that puts the government in charge of picking winners and losers. if the government says your company is too big and too important to fail, your company gets serious

mr. neugebauer from texas for four minutes. the speaker pro tempore: the gentleman is recognized for four minutes. mr. neugebauer: i thank the gentleman. i rise in support of the motion to instruct. mr. speaker, the american people want financial reform and don't want a financial reform replay. regulation is what is needed but the taxpayers have picked up the tabs for the endless bailouts to get it right. the senate and house bill lead us away from getting it right and gives the government permanent authority to continue these a.i.g. bailouts of failing firms. both bills let the government pick winners and losers by deciding which financial companies will get on the too big to fail list and benefit from the government backing. these bills give the same regulators who failed to get the job done right in the first place, more authority and more power. these bills won't really perform more reform, but only make bailouts and government protection for future bailouts permanent and leaving taxpayers on the ho indefinitely. this creas

mr. neugebauer: mr. speaker, the american people are tired of more spending, more borrowing, more bailouts, more debt, and here we go deeming things again. deeming is not budgeting. the democrats' version of a budget means picking a dollar amount for this year without even looking at what the impact for the future is. we need a budget plan that guides spending decisions, but the democrats are too afraid to make a real attempt. deeming things as a budget isn't the answer. republicans want to offer a budget that reins in spending, addresses the $13 trillion national debt, provides economic certainty for small businesses. some of us have co-sponsored the r.s.c. budget that does that. while others say the plan is too extreme it shows how much congress is spending beyond its means. the american families have to live within their means, why shouldn't the government be any different? they want congress to get serious and make tough decisions that will get our spending problems under control. our country can't a

mr. neugebauer: i thank the gentleman and he brings up some excellent points and i'm a proud member of the 10th amendment task force because one of the things we have to do in order to restore order in this country is get back to some of the principles that our founders intended. they didn't intend for government to be the answer to every issue in this country. one of the things i think back on a few years ago in my congressional district, right after or not too long after we had the katrina incident in new orleans, we had a major fire in an area called cross plains, texas. and i went down there the next day and the people in that region had already brought clothes to the church to the people that had lost everything in the fire. people thought they were going out and helping them, people that lost their homes, people in the community had provided temporary housing and within a short period of time the people in that community met their own needs. and i got an interesting phone call from a member of the media and that person said, well, what is the government doing for the people in cross

mr. neugebauer: wst restore our founders' prines of powlent, byavinmo limited government, ireasing personal freedom and responsility and ving eater choices and opportunit the eernt project will work to highlight members' initiatives th empower the american people to prosper. our niocat thrive if it builon gernment dependency. it's time to put era ck on the path of empowermen ifou'dike learn me about e empowerment proct, you cago to my website at randy.house.gov. i yield back. the saker pro temre: the gentleman yies ck. for what purpose does the gentleladfrom pennsylvani rise >> reve and extendy rerks. the speaker pro tpore: without objection. >> mr. speer, each monthhe mbers come in, economy is growing in the united states. consumers agree. consumer confidce rose to the highest lel in more than two years this month. i believe our onomy is on the rebound largely beuse we are making mov back to manufauring d production economy. and away from the paper economy of wall street. fothe 10th monthn a row.up mrs. dahlkemper: manufauring haadded mo than 125,000 jo this year. companielike acutech, a m

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