Waiving Requirement Of Clause 6(a) Of Rule Xiii With Respect To Consideration Of Certain Resolutions
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Mr. SHERMAN. The gentleman from Texas seems quite aware of the statement I made about the first draft of this bill that was submitted by the Treasury Department. I referred to that draft as ``TARP on steroids.'' Unfortunately, the gentleman from Texas seems blissfully unaware of all the changes that were made to the bill in many days of markup.
On balance, today, this bill before this House reduces executive power to bail out Wall Street. Yes, the bill does include some additional authority to the executive branch under sections 1109 and 1604. But pursuant to amendments that I offered, these additional powers are limited in amount and are sunsetted in the year 2013. So additional power is limited and sunsetted.
What this bill does, however, is it deals with the existing enormous bailout powers that exist under present statute. It suspends 12 U.S.C. 1823, of present statute, which allows, or has been interpreted to allow, the FDIC to make unlimited loan guarantees of more than $300 billion. This bill reins in section 13-3 of the Federal Reserve Act, which allows the Fed to make loans of any amount to anybody they want to under virtually any circumstances. They have already used this to the tune of $3 trillion.
A vote against this bill is a vote for unchecked power in the Fed. It is a vote not only to preserve the provision that allows them to loan $3 trillion, but that same provision would allow them to loan $30 trillion. Only by voting for this bill can we rein in the Fed and their powers under section 13-3. Only by voting for this bill can we audit the Fed pursuant to the amendment drafted by Congressmen PAUL and GRAYSON.
The SPEAKER pro tempore. The time of the gentleman has expired.
Mr. HASTINGS of Florida. I yield the gentleman an additional 30 seconds.
Mr. SHERMAN. Voting against this bill is voting against the unchecked power of the Federal Reserve.
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