[Congressional Record Volume 155, Number 15 (Monday, January 26, 2009)]
[Senate]
[Page S803]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          GEITHNER NOMINATION

  Mr. NELSON of Florida. Madam President, we all know because of what 
we have seen in our various States that our people are hurting; they 
are losing their homes; they are losing their jobs; they are falling 
behind in their mortgages; They are losing their businesses; and they 
are losing their life savings.
  Now, we clearly have the mandate that, if it is humanly possible, we 
need to turn this economy around. So the people of this country are 
expecting to see us take some real action--real action--on trying to 
turn this economy around. We, in this position, representing our 
States, are very privileged to have the public's trust and the 
responsibility that comes with that trust. Part of that responsibility 
means when there is a problem, we have to shine light on the problem 
and find out what it is.
  Take, for example, what we have seen recently on the Wall Street 
greed, when you have a former Merrill Lynch executive spending almost a 
million and a half dollars on his office renovations while his company 
was forcing layoffs as well as having huge losses and while the company 
that was acquired--his company--was asking for billions of dollars, and 
receiving it, from the public moneys. Well, there is obviously a 
problem.
  A number of us have filed legislation that is going to try to get at 
this issue. Even with this being put in the law, a new law saying none 
of this bailout money can be used for office renovations and political 
contributions or to go off on all these extravagant conferences or for 
corporate aircraft or for entertainment and holiday parties or for 
executive bonuses--all of these things that have come forth when the 
light of day is shone on them, having so enraged our people and our 
constituents--well, even if we get this into the law--and I hope we 
will be able to pass this legislation a number of us have filed--it is 
still going to take the administration riding herd on this issue every 
day, and that means primarily the Secretary of the Treasury.
  We are going to be voting on the confirmation of the Secretary of the 
Treasury at 6 o'clock today. It is this Senator's intention to vote for 
Timothy Geithner. But what is it going to take to get Wall Street's 
attention and to restore the American family's quality of life? It is 
going to take real accountability. That means the next Secretary of the 
Treasury is going to have to ride herd and, when he appoints an 
accountability board, to make sure that board is meeting--like the last 
Secretary of the Treasury did not. They did not meet once to see how 
that first tranche of $350 billion of the bailout money was being 
spent--not once.
  So I come from the sunshine State. We believe in letting the sun 
shine in. This means not getting ahead of ourselves when Wall Street 
comes crying that one of their unregulated financial schemes threatens 
to destroy our way of life, and then turns around and throws some party 
on some Caribbean island. It means putting in place regulations with 
the right carrots and sticks so we are not gambling with our country's 
future.
  So as we are about to confirm the next Secretary of the Treasury, 
there is not a more important mandate than for him to crack the whip 
and make sure this Federal money, this public money, this taxpayer 
money, is being spent as it was intended, and holding people 
accountable, and reporting the results. If we do not get the 
accountability and the transparency, if we do not get what we expect 
from the banks that willingly accept this money, then we should demand 
the public's money back.
  I have spoken personally to the nominee, and he has said--and I want 
to quote him--``I completely get it.'' So I am assuming he is going to 
be confirmed today. I will vote for him. I expect swift action to back 
up these words. The American people expect swift action by all of us to 
bring Wall Street and this economy back in line. We do not have any 
time to waste. There is simply too much at stake.
  Madam President, I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  Mr. DURBIN. Madam President, I ask unanimous consent that the order 
for the quorum call be rescinded
  The PRESIDING OFFICER. Without objection, it is so ordered.
  Mr. DURBIN. Madam President, I ask unanimous consent to speak as in 
morning business.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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