January 13, 2009 CONGRESSIONAL RECORD — HOUSE H191 

The intent of the TARP was to help 

stabilize our financial system, which 

includes, in large measure, our housing 

industry. Yet, what are the financial 

institutions doing? Enriching themselves, merging, creating mega-giant 

institutions and foreclosing on families, rather than working to stabilize 

families and neighborhoods across this 

country. 

A stable home permits people to 

focus on obtaining and maintaining 

employment, purchasing food and contributing to society in positive ways, 

rather than relying on Social Services 

funded by State and Federal dollars. 

We see communities falling apart. 

Community members and local banks 

are effectively locked out of the opportunity to reinvest in themselves because monies from the Department of 

Housing and Urban Development, 

which we were told would get to the 

communities so they could buy these 

homes, guess what? They’re not there. 

They weren’t there in October. They 

weren’t there in November, they 

weren’t there in December. They’re not 

there in January. Now we’re told 

maybe they’ll be there by March. Nobody seems to know. So all of these 

programs that were supposed to work 

to help the American people who are 

paying the bill aren’t working. 

No second round of bailout money, 

under TARP, should emerge from this 

Congress unless real hearings are held 

under all the committees of jurisdiction, unless the subpoena powers of 

this Congress are used, and that the 

victims of this crisis can have their 

voices heard in the deliberative process, not just here in Washington but 

where they live, where we live, in the 

real America. The committees should 

treat the American people with respect, and they should travel to the 

communities most impacted. 

Why should we trust the banksters, 

those Wall Street banks that are going 

to be up here again this week, as we 

watch families in our regions pushed 

over the edge every day of every 

month, as the year proceeds? 

Mr. Speaker, this is probably the 

worst financial crime I’ve ever seen 

committed against the American people. And yet, Congress seems almost 

somnambulant. It seems to be walking 

around in a daze, the institution largely shut down, all of this happening before the new President even assumes 

office. 

Think about the politics of the timing of this. I think the new President 

should suspend foreclosures. He should 

make a statement on that, and he 

should ask that this action be suspended. What’s going to happen in 7 

days that hasn’t happened already? 

And then assume office and appoint 

people at the FDIC and SEC who will 

use the normal means to resolve real 

estate problems across the banking 

system of this country. 

To give $350 billion more, 1/3 of a trillion dollars, to the banksters who have 

led America to this precipice, is absolutely backwards. 

I ask my colleagues, wake up. 

I ask the American people, get your 

calls coming in. Let’s let the new 

President and the new Congress use the 

full powers they have been given to address this deeply, deeply rooted economic crisis. Until we fix the housing 

crisis, and we get those real estate 

loans worked out on the books of institutions locally, and we stand up to 

Wall Street, we are not going to fix 

this problem, and the American people 

are going to continue to bleed, and 

that is morally wrong. That is simply 

morally wrong. 

I agree with the new President-elect 

who said he believes in a moratorium 

on foreclosures. That ought to happen 

until he puts people in place who can 

remedy this problem without $350 billion more dollars walking out the door 

before he even assumes office. As a 

former community organizer, he must 

know the pain that exists across this 

country. 

And just because Wall Street has 

more money and a lot of political 

power doesn’t mean that it’s right. We, 

as a Congress, must do what’s right for 

the American people. We must say 

‘‘no’’ to the second $350 billion, and we 

must represent the people who depend 

on us to do what’s right for them and 

right for the country. 

f 

RECESS 

The SPEAKER pro tempore. Pursuant to clause 12(a) of rule I, the Chair 

declares the House in recess subject to 

the call of the Chair. 

Accordingly (at 8 o’clock and 28 minutes p.m.), the House stood in recess 

subject to the call of the Chair. 

f 

b 2050 

AFTER RECESS 

The recess having expired, the House 

was called to order by the Speaker pro 

tempore (Mr. MCGOVERN) at 8 o’clock 

and 50 minutes p.m. 

f 

RESIGNATION AS MEMBER OF 

COMMITTEE ON RULES 

The SPEAKER pro tempore laid before the House the following resignation as a member of the Committee on 

Rules: 

CONGRESS OF THE UNITED STATES, 

HOUSE OF REPRESENTATIVES, 

Washington, DC, January 12, 2009. 

The Hon. NANCY PELOSI, 

Speaker, House of Representatives, 

Washington, DC. 

DEAR SPEAKER PELOSI: I am writing to notify you of my resignation from the Committee on Rules, effective January 14, 2008. 

I appreciate the incredible opportunity you 

gave me to serve on this important committee two years ago. As a new Member of 

Congress, the Committee on Rules provided 

me with an invaluable introduction to the 

legislative process and a key opportunity to 

serve Vermonters. I look forward now to 

working on the pressing national issues as a 

new member of the Committee on Energy 

and Commerce. 

Thank you for your attention to this matter. 

Sincerely, 

PETER WELCH, 

Member of Congress. 

The SPEAKER pro tempore. Without 

objection, the resignation is accepted. 

There was no objection. 

f 

RESIGNATION AS MEMBER OF 

COMMITTEE ON RULES 

The SPEAKER pro tempore laid before the House the following resignation as a member of the Committee on 

Rules: 

CONGRESS OF THE UNITED STATES, 

HOUSE OF REPRESENTATIVES, 

Washington, DC, January 12, 2009. 

Hon. NANCY PELOSI, 

Speaker, House of Representatives, Washington, 

DC. 

DEAR MADAM SPEAKER: I am writing to notify you of my resignation from the Committee on Rules, effective January 14, 2009. I 

enjoyed serving on such a prestigious Committee and look forward to serving on the 

Committee on Energy and Commerce Committee. 

Thank you for your attention to this matter. 

Sincerely, 

BETTY SUTTON, 

Member of Congress. 

The SPEAKER pro tempore. Without 

objection, the resignation is accepted. 

There was no objection. 

f 

RESIGNATION AS MEMBER OF 

COMMITTEE ON RULES 

The SPEAKER pro tempore laid before the House the following resignation as a member of the Committee on 

Rules: 

JANUARY 12, 2009. 

Hon. NANCY PELOSI, 

Speaker, House of Representatives, 

The Capitol, Washington, DC. 

DEAR SPEAKER PELOSI: I am writing to notify you of my resignation from the Rules 

Committee, effective January 14, 2009. It was 

an honor to serve you and Chairwoman 

Slaughter as a freshman member of this 

prestigious committee. 

I look forward to continuing to serve you 

from the Energy and Commerce Committee 

in the 111th Congress. 

Sincerely, 

KATHY CASTOR, 

United States Representative, 

Florida District 11. 

The SPEAKER pro tempore. Without 

objection, the resignation is accepted. 

There was no objection. 

f 

RESIGNATION AS MEMBER OF 

COMMITTEE ON VETERANS’ AFFAIRS 

The SPEAKER pro tempore laid before the House the following resignation as a member of the Committee on 

Veterans’ Affairs: 


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