[Congressional Record (Bound Edition), Volume 155 (2009), Part 1]
[House]
[Pages 1211-1219]
[From the U.S. Government Publishing Office, www.gpo.gov]




               TARP REFORM AND ACCOUNTABILITY ACT OF 2009

  The SPEAKER pro tempore. Pursuant to House Resolution 62 and rule 
XVIII, the Chair declares the House in the Committee of the Whole House 
on the State of the Union for the further consideration of the bill, 
H.R. 384.

                              {time}  1506


                     In the Committee of the Whole

  Accordingly, the House resolved itself into the Committee of the 
Whole House on the State of the Union for the further consideration of 
the bill (H.R. 384) to reform the Troubled Assets Relief Program of the 
Secretary of the Treasury and ensure accountability under such Program, 
with Mr. Holden (Acting Chair) in the chair.
  The Clerk read the title of the bill.
  The Acting CHAIR. When the Committee of the Whole rose earlier today, 
a request for a recorded vote on amendment No. 11 printed in House 
Report 111-3 offered by the gentleman from New York (Mr. Hinchey) had 
been postponed.


                Amendment No. 11 Offered by Mr. Hinchey

  The Acting CHAIR. Pursuant to clause 6 of rule XVIII, the unfinished 
business is the demand for a recorded vote on the amendment offered by 
the gentleman from New York (Mr. Hinchey) on which further proceedings 
were postponed and on which the ayes prevailed by voice vote.
  The Clerk will redesignate the amendment.
  The Clerk redesignated the amendment.

[[Page 1212]]




                             Recorded Vote

  The Acting CHAIR. A recorded vote has been demanded.
  A recorded vote was ordered.
  The vote was taken by electronic device, and there were--ayes 427, 
noes 1, not voting 11, as follows:

                             [Roll No. 23]

                               AYES--427

     Abercrombie
     Ackerman
     Aderholt
     Adler (NJ)
     Akin
     Alexander
     Altmire
     Andrews
     Arcuri
     Austria
     Baca
     Bachmann
     Bachus
     Baird
     Baldwin
     Barrett (SC)
     Barrow
     Bartlett
     Barton (TX)
     Bean
     Becerra
     Berkley
     Berman
     Berry
     Biggert
     Bilbray
     Bilirakis
     Bishop (GA)
     Bishop (NY)
     Bishop (UT)
     Blackburn
     Blumenauer
     Blunt
     Boccieri
     Boehner
     Bonner
     Bono Mack
     Boozman
     Boren
     Boswell
     Boustany
     Boyd
     Brady (PA)
     Brady (TX)
     Braley (IA)
     Bright
     Broun (GA)
     Brown (SC)
     Brown, Corrine
     Brown-Waite, Ginny
     Buchanan
     Burgess
     Burton (IN)
     Butterfield
     Buyer
     Calvert
     Camp
     Campbell
     Cantor
     Cao
     Capito
     Capps
     Capuano
     Cardoza
     Carnahan
     Carney
     Carson (IN)
     Carter
     Cassidy
     Castle
     Castor (FL)
     Chaffetz
     Chandler
     Childers
     Christensen
     Clarke
     Clay
     Cleaver
     Clyburn
     Coble
     Coffman (CO)
     Cohen
     Cole
     Conaway
     Connolly (VA)
     Conyers
     Cooper
     Costa
     Costello
     Courtney
     Crenshaw
     Cuellar
     Culberson
     Cummings
     Dahlkemper
     Davis (AL)
     Davis (CA)
     Davis (IL)
     Davis (KY)
     Davis (TN)
     Deal (GA)
     DeFazio
     DeGette
     Delahunt
     DeLauro
     Dent
     Diaz-Balart, L.
     Diaz-Balart, M.
     Dicks
     Dingell
     Doggett
     Donnelly (IN)
     Doyle
     Dreier
     Driehaus
     Duncan
     Edwards (MD)
     Edwards (TX)
     Ehlers
     Ellison
     Ellsworth
     Emerson
     Engel
     Eshoo
     Etheridge
     Faleomavaega
     Fallin
     Farr
     Fattah
     Filner
     Flake
     Fleming
     Forbes
     Fortenberry
     Foster
     Foxx
     Frank (MA)
     Franks (AZ)
     Frelinghuysen
     Fudge
     Gallegly
     Garrett (NJ)
     Gerlach
     Giffords
     Gillibrand
     Gingrey (GA)
     Gohmert
     Gonzalez
     Goodlatte
     Gordon (TN)
     Granger
     Graves
     Grayson
     Green, Al
     Green, Gene
     Griffith
     Grijalva
     Guthrie
     Gutierrez
     Hall (NY)
     Hall (TX)
     Halvorson
     Hare
     Harper
     Hastings (FL)
     Hastings (WA)
     Heinrich
     Heller
     Hensarling
     Herger
     Higgins
     Hill
     Himes
     Hinchey
     Hinojosa
     Hirono
     Hodes
     Hoekstra
     Holden
     Holt
     Honda
     Hoyer
     Hunter
     Inglis
     Inslee
     Israel
     Issa
     Jackson (IL)
     Jackson-Lee (TX)
     Jenkins
     Johnson (GA)
     Johnson (IL)
     Johnson, E. B.
     Johnson, Sam
     Jones
     Jordan (OH)
     Kagen
     Kanjorski
     Kaptur
     Kennedy
     Kildee
     Kilpatrick (MI)
     Kilroy
     Kind
     King (IA)
     King (NY)
     Kingston
     Kirk
     Kirkpatrick (AZ)
     Kissell
     Klein (FL)
     Kline (MN)
     Kosmas
     Kratovil
     Kucinich
     Lamborn
     Lance
     Langevin
     Larsen (WA)
     Larson (CT)
     Latham
     LaTourette
     Latta
     Lee (CA)
     Lee (NY)
     Levin
     Lewis (CA)
     Lewis (GA)
     Linder
     Lipinski
     LoBiondo
     Loebsack
     Lofgren, Zoe
     Lowey
     Lucas
     Luetkemeyer
     Lujan
     Lummis
     Lungren, Daniel E.
     Lynch
     Mack
     Maffei
     Maloney
     Manzullo
     Marchant
     Markey (CO)
     Markey (MA)
     Marshall
     Massa
     Matheson
     Matsui
     McCarthy (CA)
     McCarthy (NY)
     McCaul
     McClintock
     McCollum
     McCotter
     McDermott
     McGovern
     McHenry
     McHugh
     McIntyre
     McKeon
     McMahon
     McMorris Rodgers
     McNerney
     Meek (FL)
     Meeks (NY)
     Melancon
     Mica
     Michaud
     Miller (FL)
     Miller (MI)
     Miller (NC)
     Miller, Gary
     Miller, George
     Minnick
     Mitchell
     Mollohan
     Moore (KS)
     Moore (WI)
     Moran (KS)
     Moran (VA)
     Murphy (CT)
     Murphy, Patrick
     Murphy, Tim
     Murtha
     Myrick
     Nadler (NY)
     Napolitano
     Neal (MA)
     Norton
     Nunes
     Nye
     Oberstar
     Obey
     Olson
     Olver
     Ortiz
     Pallone
     Pascrell
     Pastor (AZ)
     Paul
     Paulsen
     Payne
     Pence
     Perlmutter
     Perriello
     Peters
     Peterson
     Petri
     Pierluisi
     Pingree (ME)
     Pitts
     Poe (TX)
     Polis (CO)
     Pomeroy
     Posey
     Price (GA)
     Price (NC)
     Putnam
     Radanovich
     Rahall
     Rangel
     Rehberg
     Reichert
     Reyes
     Richardson
     Rodriguez
     Roe (TN)
     Rogers (AL)
     Rogers (KY)
     Rogers (MI)
     Rohrabacher
     Rooney
     Ros-Lehtinen
     Roskam
     Ross
     Rothman (NJ)
     Roybal-Allard
     Royce
     Ruppersberger
     Rush
     Ryan (OH)
     Ryan (WI)
     Salazar
     Sanchez, Linda T.
     Sanchez, Loretta
     Sarbanes
     Scalise
     Schakowsky
     Schauer
     Schiff
     Schmidt
     Schock
     Schrader
     Schwartz
     Scott (GA)
     Scott (VA)
     Sensenbrenner
     Serrano
     Sessions
     Sestak
     Shadegg
     Shea-Porter
     Sherman
     Shimkus
     Shuler
     Shuster
     Simpson
     Sires
     Skelton
     Slaughter
     Smith (NE)
     Smith (NJ)
     Smith (TX)
     Smith (WA)
     Snyder
     Souder
     Space
     Speier
     Spratt
     Stark
     Stearns
     Stupak
     Sullivan
     Sutton
     Tanner
     Tauscher
     Taylor
     Teague
     Terry
     Thompson (CA)
     Thompson (MS)
     Thompson (PA)
     Thornberry
     Tiahrt
     Tierney
     Titus
     Tonko
     Towns
     Tsongas
     Turner
     Upton
     Van Hollen
     Velazquez
     Visclosky
     Walden
     Walz
     Wamp
     Wasserman Schultz
     Waters
     Watt
     Waxman
     Weiner
     Welch
     Westmoreland
     Wexler
     Whitfield
     Wilson (OH)
     Wilson (SC)
     Wittman
     Wolf
     Woolsey
     Wu
     Yarmuth
     Young (FL)

                                NOES--1

       
     Sablan
       

                             NOT VOTING--11

     Bordallo
     Boucher
     Crowley
     Harman
     Herseth Sandlin
     Neugebauer
     Platts
     Solis (CA)
     Tiberi
     Watson
     Young (AK)

                              {time}  1537

  So the amendment was agreed to.
  The result of the vote was announced as above recorded.
  Stated for:
  Mr. PLATTS. Mr. Chair, on rollcall No. 23 (Hinchey Amendment to H.R. 
384), I was delayed en route to the Capitol due to two traffic 
accidents (not involving my vehicle) and then not able to record my 
vote on said amendment. Had I been present for rollcall No. 23, I would 
have voted ``aye,'' in favor of the amendment.
  Ms. BORDALLO. Mr. Chair, on rollcall No. 23, traffic delays. Had I 
been present, I would have voted ``aye.''
  Mr. SABLAN. Mr. Chair, during rollcall vote No. 23 on H.R. 384, I 
mistakenly recorded my vote as ``no'' when I should have voted ``aye.''
  The Acting CHAIR. Under the rule, the Committee rises.
  Accordingly, the Committee rose; and the Speaker pro tempore (Mrs. 
Tauscher) having assumed the chair, Mr. Holden, Acting Chair of the 
Committee of the Whole House on the state of the Union, reported that 
that Committee, having had under consideration the bill (H.R. 384) to 
reform the Troubled Assets Relief Program of the Secretary of the 
Treasury and ensure accountability under such Program, and pursuant to 
House Resolution 62, he reported the bill back to the House with sundry 
amendments adopted by the Committee of the Whole.
  The SPEAKER pro tempore. Under the rule, the previous question is 
ordered.
  Is a separate vote demanded on any amendment reported from the 
Committee of the Whole? If not, the Chair will put them en gros.
  The amendments were agreed to.
  The SPEAKER pro tempore. The question is on the engrossment and third 
reading of the bill.
  The bill was ordered to be engrossed and read a third time, and was 
read the third time.


               Motion to Recommit Offered by Mr. Gohmert

  Mr. GOHMERT. Madam Speaker, I have a motion to recommit at the desk.
  The SPEAKER pro tempore. Is the gentleman opposed to the bill?
  Mr. GOHMERT. Yes, I do oppose the bill, Madam Speaker.
  Mr. FRANK of Massachusetts. Madam Speaker, I reserve a point of order 
against the recommittal motion.
  The SPEAKER pro tempore. A point of order is reserved.
  The Clerk will report the motion to recommit.
  The Clerk read as follows:

       Mr. Gohmert moves to recommit the bill H.R. 384 to the 
     Committee on Financial Services with instructions to report 
     the same back to the House forthwith with the following 
     amendment:
       Strike all after the enacting clause and insert the 
     following:

     SECTION 1. SUSPENSION OF EMPLOYMENT TAXES.

       (a) Tax on Employees.--Section 3101 of the Internal Revenue 
     Code of 1986 (relating to rate of tax) is amended by adding 
     at the end the following new subsection:
       ``(d) Suspension.--In the case of wages received for 
     service performed during the 2-month period beginning with 
     the first full month after the date of the enactment of this 
     subsection, the percentage under subsections (a) and (b) 
     shall be zero percent.''.
       (b) Tax on Employers.--Section 3111 of such Code (relating 
     to rate of tax) is amended by adding at the end the following 
     new subsection:
       ``(d) Suspension.--In the case of wages paid for service 
     performed during the 2-month period beginning with the first 
     full month after the date of the enactment of this 
     subsection, the percentage under subsections (a) and (b) 
     shall be zero percent.''.
       (c) Tax on Self-Employment Income.--Section 1401 of such 
     Code (relating to rate of

[[Page 1213]]

     tax) is amended by adding at the end the following new 
     subsection:
       ``(d) Suspension.--In the case of self-employment income 
     for service performed during the 2-month period beginning 
     with the first full month after the date of the enactment of 
     this subsection, the percentage under subsections (a) and (b) 
     shall be zero percent.''.
       (d) Effective Dates.--
       (1) The amendments made by subsections (a) and (b) shall 
     apply to remuneration paid or received after the date of the 
     enactment of this Act.
       (2) The amendment made by subsection (c) shall apply to 
     taxable years beginning after December 31, 2008.

     SEC. 2. SUSPENSION OF INCOME TAXES.

       (a) In General.--Part III of subchapter B of chapter 1 of 
     the Internal Revenue Code of 1986 (relating to items 
     specifically excluded from gross income) is amended by 
     inserting after section 139B the following new section:

     ``SEC. 139C. WAGE AND SELF-EMPLOYMENT INCOME.

       ``In the case of an individual, gross income shall not 
     include--
       ``(1) any remuneration for service performed during the 2-
     month period beginning with the first full month after the 
     date of the enactment of this section, by an employee for his 
     employer, including the cash value of all remuneration 
     (including benefits) paid in any medium other than cash wages 
     (as defined in section 3121), and
       ``(2) any self-employment income (as defined in section 
     1402) derived by such individual during such period.''.
       (b) Clerical Amendment.--The table of sections for such 
     part is amended by inserting after the item relating to 
     section 139B the following new item:

``Sec. 139C. Wage and self-employment income.''.

       (c) Effective Date.--The amendments made by this section 
     shall apply to taxable years ending after December 31, 2008.

     SEC. 3. FUNDING OF SOCIAL SECURITY TRUST FUNDS WITH REPEALED 
                   TARP FUNDS.

       (a) Repeal of Final $350 Billion Purchase Authority Under 
     Troubled Assets Relief Program.--Section 115 of the Emergency 
     Economic Stabilization Act of 2008 (12 U.S.C. 5225) is 
     amended--
       (1) in subsection (a), by striking paragraph (3); and
       (2) by striking subsections (c), (d), (e), and (f).
       (b) Transfer to Social Security Trust Funds.--
       (1) Estimate of secretary.--The Secretary of the Treasury 
     (in consultation with the Secretary of Health and Human 
     Services and the Commissioner of Social Security, as 
     appropriate) shall estimate the impact that the enactment of 
     this Act has on the income and balances of the Federal Old-
     Age and Survivors Insurance Trust Fund, the Federal 
     Disability Insurance Trust Fund, and the Federal Hospital 
     Insurance Trust Fund.
       (2) Transfer of funds.--If, under subsection (a), the 
     Secretary of the Treasury estimates that the enactment of 
     this Act has a negative impact on the income and balances of 
     any of such funds, the Secretary shall transfer from the 
     general revenues of the Federal Government such sums as may 
     be necessary so as to ensure that the income and balances of 
     such funds are not reduced as a result of the enactment of 
     this Act.

     SEC. 4. IMMEDIATE TERMINATION OF TARP PURCHASE AUTHORITY.

       (a) In General.--The authorities provided under section 
     101(a) of the Emergency Economic Stabilization Act of 2008 
     (12 U.S.C. 5211), excluding section 101(a)(3) of such Act, 
     shall terminate immediately upon the enactment of this Act.
       (b) Rule of Construction.--The termination under subsection 
     (a) shall apply to any authority of the Secretary of the 
     Treasury under the Emergency Economic Stabilization Act of 
     2008 to purchase preferred or other stock or equity in any 
     financial institution.
       (c) Conforming Amendment.--The Emergency Economic 
     Stabilization Act of 2008 is amended by striking section 120 
     (12 U.S.C. 5230).

  Mr. GOHMERT (during the reading). Madam Speaker, I ask unanimous 
consent to waive the reading.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from Texas?
  There was no objection.
  The SPEAKER pro tempore. The gentleman from Texas is recognized for 5 
minutes.


                             Point of Order

  Mr. FRANK of Massachusetts. Madam Speaker, I have a point of order.
  The SPEAKER pro tempore. The gentleman from Massachusetts will state 
his point of order.
  Mr. FRANK of Massachusetts. Madam Speaker, having read the motion, I 
insist on my point of order.
  It is not germane calling on spending under the jurisdiction of the 
Committee on Ways and Means and other matters entirely outside the 
jurisdiction of the Financial Services Committee and mandating spending 
not covered by this bill.
  The SPEAKER pro tempore. Does the gentleman from Texas wish to be 
heard on the point of order?
  Mr. GOHMERT. Yes, I do, Madam Speaker.
  The SPEAKER pro tempore. The gentleman is recognized.
  Mr. GOHMERT. Madam Speaker, I applaud the chairman's efforts to try 
to rein in some of the actions by the Secretary of the Treasury. I 
think it's well intentioned. But it directs the Secretary of the 
Treasury to take action. So does the motion to recommit.
  The bill itself attempts to direct the Treasury Secretary to take 
certain actions and to be more accountable, whereas the motion to 
recommit directs the Treasury Secretary in a different direction and 
says he must put the $350 billion back in the Treasury and allow a 2-
month tax holiday so the American taxpayer can bail out the economy, 
not a Treasury Secretary. We've seen enough of that for the last 3 
months.
  So, Madam Speaker, I understand the chairman's point of order. I 
believe it's inappropriate. But if there were a vote, even on a vote to 
table, the American taxpayers understand it's a vote on whether the 
Treasurer gets to trickle down on them or whether they get to spend the 
money that they themselves earned and prop up the economy by whom they 
select.
  The SPEAKER pro tempore. Does any other Member wish to be heard on 
the point of order?
  Mr. FRANK of Massachusetts. Madam Speaker, the argument is that 
because the bill directs the Secretary of the Treasury to do certain 
things that are within the jurisdiction of the Financial Services 
Committee, it is therefore allowed if you want to direct the Secretary 
of the Treasury to do anything. Now, it might, I suppose, be that the 
Secretary of the Treasury could declare war on somebody under that 
theory, except my colleagues there don't believe having any check on 
the executive power to declare war; so they wouldn't vote that. There 
is a clear violation here of the rules.
  The gentleman from Texas then says, well, if you don't vote to 
totally disregard the rules of the House, because this isn't even a 
clear question by getting into Ways and Means jurisdiction, then you 
must not like what I want. The notion that people who believe that the 
rules ought to be followed are somehow disagreeing with the substance, 
of course, makes no sense. And, in fact, if there were a real intent to 
do this, I would assume a bill to do it would have been introduced and 
made available to the appropriate committees. No bill's been 
introduced. No serious effort has been made to do this.
  I hope that the point of order is sustained.
  The SPEAKER pro tempore. The Chair is prepared to rule.
  The amendment offered by the gentleman from Texas, in pertinent part, 
seeks to transfer funds to the Social Security trust funds.
  The bill, as amended, addresses the distribution of TARP funds but 
does not broach the issue of the solvency of the various Social 
Security trust funds.
  As such, the amendment fails the subject-matter test of germaneness.
  The point of order is sustained. The motion is not in order.
  Mr. GOHMERT. Madam Speaker, I would appeal the ruling of the Chair.
  The SPEAKER pro tempore. The question is, Shall the decision of the 
Chair stand as the judgment of the House?


                            Motion to Table

  Mr. FRANK of Massachusetts. Madam Speaker, I move to lay that appeal 
on the table.
  The SPEAKER pro tempore. The question is on the motion to table.
  The question was taken; and the Speaker pro tempore announced that 
the ayes appeared to have it.


                             Recorded Vote

  Mr. GOHMERT. Madam Speaker, I demand a recorded vote.
  A recorded vote was ordered.
  The vote was taken by electronic device, and there were--ayes 251, 
noes 176, not voting 6, as follows:

[[Page 1214]]



                             [Roll No. 24]

                               AYES--251

     Abercrombie
     Ackerman
     Adler (NJ)
     Altmire
     Andrews
     Arcuri
     Baca
     Baird
     Baldwin
     Barrow
     Bean
     Becerra
     Berkley
     Berman
     Berry
     Bishop (GA)
     Bishop (NY)
     Blumenauer
     Boccieri
     Boren
     Boswell
     Boyd
     Brady (PA)
     Braley (IA)
     Bright
     Brown, Corrine
     Butterfield
     Capps
     Capuano
     Cardoza
     Carnahan
     Carney
     Carson (IN)
     Castor (FL)
     Chandler
     Childers
     Clarke
     Clay
     Cleaver
     Clyburn
     Cohen
     Connolly (VA)
     Conyers
     Cooper
     Costa
     Costello
     Courtney
     Crowley
     Cummings
     Dahlkemper
     Davis (AL)
     Davis (CA)
     Davis (IL)
     Davis (TN)
     DeFazio
     DeGette
     Delahunt
     DeLauro
     Dicks
     Dingell
     Doggett
     Donnelly (IN)
     Doyle
     Driehaus
     Edwards (MD)
     Edwards (TX)
     Ellison
     Ellsworth
     Engel
     Eshoo
     Etheridge
     Farr
     Fattah
     Filner
     Foster
     Frank (MA)
     Fudge
     Giffords
     Gillibrand
     Gonzalez
     Gordon (TN)
     Grayson
     Green, Al
     Green, Gene
     Griffith
     Grijalva
     Gutierrez
     Hall (NY)
     Halvorson
     Hare
     Harman
     Hastings (FL)
     Heinrich
     Higgins
     Hill
     Himes
     Hinchey
     Hinojosa
     Hirono
     Hodes
     Holden
     Holt
     Honda
     Hoyer
     Inslee
     Israel
     Jackson (IL)
     Jackson-Lee (TX)
     Johnson (GA)
     Johnson, E. B.
     Kagen
     Kanjorski
     Kaptur
     Kennedy
     Kildee
     Kilpatrick (MI)
     Kilroy
     Kind
     Kirkpatrick (AZ)
     Kissell
     Klein (FL)
     Kosmas
     Kratovil
     Kucinich
     Langevin
     Larsen (WA)
     Larson (CT)
     Lee (CA)
     Levin
     Lewis (GA)
     Lipinski
     Loebsack
     Lofgren, Zoe
     Lowey
     Lujan
     Lynch
     Maffei
     Maloney
     Markey (CO)
     Markey (MA)
     Marshall
     Massa
     Matheson
     Matsui
     McCarthy (NY)
     McCollum
     McDermott
     McGovern
     McIntyre
     McMahon
     McNerney
     Meek (FL)
     Meeks (NY)
     Melancon
     Michaud
     Miller (NC)
     Miller, George
     Minnick
     Mitchell
     Mollohan
     Moore (KS)
     Moore (WI)
     Moran (VA)
     Murphy (CT)
     Murphy, Patrick
     Murtha
     Nadler (NY)
     Napolitano
     Neal (MA)
     Nye
     Oberstar
     Obey
     Olver
     Ortiz
     Pallone
     Pascrell
     Pastor (AZ)
     Payne
     Perlmutter
     Perriello
     Peters
     Peterson
     Pingree (ME)
     Polis (CO)
     Pomeroy
     Price (NC)
     Rahall
     Rangel
     Reyes
     Richardson
     Rodriguez
     Ross
     Rothman (NJ)
     Roybal-Allard
     Ruppersberger
     Rush
     Ryan (OH)
     Salazar
     Sanchez, Linda T.
     Sanchez, Loretta
     Sarbanes
     Schakowsky
     Schauer
     Schiff
     Schrader
     Schwartz
     Scott (GA)
     Scott (VA)
     Serrano
     Sestak
     Shea-Porter
     Sherman
     Shuler
     Sires
     Skelton
     Slaughter
     Smith (WA)
     Snyder
     Space
     Speier
     Spratt
     Stark
     Stupak
     Sutton
     Tanner
     Tauscher
     Taylor
     Teague
     Thompson (CA)
     Thompson (MS)
     Tierney
     Titus
     Tonko
     Towns
     Tsongas
     Van Hollen
     Velazquez
     Visclosky
     Walz
     Wasserman Schultz
     Waters
     Watson
     Watt
     Waxman
     Weiner
     Welch
     Wexler
     Wilson (OH)
     Woolsey
     Wu
     Yarmuth

                               NOES--176

     Aderholt
     Akin
     Alexander
     Austria
     Bachmann
     Bachus
     Barrett (SC)
     Bartlett
     Barton (TX)
     Biggert
     Bilbray
     Bilirakis
     Bishop (UT)
     Blackburn
     Blunt
     Boehner
     Bonner
     Bono Mack
     Boozman
     Boustany
     Brady (TX)
     Broun (GA)
     Brown (SC)
     Brown-Waite, Ginny
     Buchanan
     Burgess
     Burton (IN)
     Buyer
     Calvert
     Camp
     Campbell
     Cantor
     Cao
     Capito
     Carter
     Cassidy
     Castle
     Chaffetz
     Coble
     Coffman (CO)
     Cole
     Conaway
     Crenshaw
     Cuellar
     Culberson
     Davis (KY)
     Deal (GA)
     Dent
     Diaz-Balart, L.
     Diaz-Balart, M.
     Dreier
     Duncan
     Ehlers
     Emerson
     Fallin
     Flake
     Fleming
     Forbes
     Fortenberry
     Foxx
     Franks (AZ)
     Frelinghuysen
     Gallegly
     Garrett (NJ)
     Gerlach
     Gingrey (GA)
     Gohmert
     Goodlatte
     Granger
     Graves
     Guthrie
     Hall (TX)
     Harper
     Hastings (WA)
     Heller
     Hensarling
     Herger
     Hoekstra
     Hunter
     Inglis
     Issa
     Jenkins
     Johnson (IL)
     Johnson, Sam
     Jones
     Jordan (OH)
     King (IA)
     King (NY)
     Kingston
     Kirk
     Kline (MN)
     Lamborn
     Lance
     Latham
     LaTourette
     Latta
     Lee (NY)
     Lewis (CA)
     Linder
     LoBiondo
     Lucas
     Luetkemeyer
     Lummis
     Lungren, Daniel E.
     Mack
     Manzullo
     Marchant
     McCarthy (CA)
     McCaul
     McClintock
     McCotter
     McHenry
     McHugh
     McKeon
     McMorris Rodgers
     Mica
     Miller (FL)
     Miller (MI)
     Miller, Gary
     Moran (KS)
     Murphy, Tim
     Myrick
     Nunes
     Olson
     Paul
     Paulsen
     Pence
     Petri
     Pitts
     Platts
     Poe (TX)
     Posey
     Price (GA)
     Putnam
     Radanovich
     Rehberg
     Reichert
     Roe (TN)
     Rogers (AL)
     Rogers (KY)
     Rogers (MI)
     Rohrabacher
     Rooney
     Ros-Lehtinen
     Roskam
     Royce
     Ryan (WI)
     Scalise
     Schmidt
     Schock
     Sensenbrenner
     Sessions
     Shadegg
     Shimkus
     Shuster
     Simpson
     Smith (NE)
     Smith (NJ)
     Smith (TX)
     Souder
     Stearns
     Sullivan
     Terry
     Thompson (PA)
     Thornberry
     Tiahrt
     Turner
     Upton
     Walden
     Wamp
     Westmoreland
     Whitfield
     Wilson (SC)
     Wittman
     Wolf
     Young (FL)

                             NOT VOTING--6

     Boucher
     Herseth Sandlin
     Neugebauer
     Solis (CA)
     Tiberi
     Young (AK)


                Announcement by the Speaker Pro Tempore

  The SPEAKER pro tempore (during the vote). There are 2 minutes 
remaining in this vote.

                              {time}  1605

  Mrs. SCHMIDT, Messrs. PUTNAM, JOHNSON of Illinois, GRAVES, FLAKE, and 
CUELLAR changed their vote from ``aye'' to ``no.''
  Mrs. HALVORSON, Ms. KILPATRICK of Michigan, Mrs. MALONEY, Ms. 
BERKLEY, Messrs. HASTINGS of Florida, JACKSON of Illinois, McMAHON, 
RANGEL, and WEXLER changed their vote from ``no'' to ``aye.''
  So the motion to table was agreed to.
  The result of the vote was announced as above recorded.


      Motion to Recommit Offered by Mr. Barrett of South Carolina

  Mr. BARRETT of South Carolina. Madam Speaker, I have a motion to 
recommit at the desk.
  The SPEAKER pro tempore. Is the gentleman opposed to the bill?
  Mr. BARRETT of South Carolina. In its current form, I am.
  The SPEAKER pro tempore. The Clerk will report the motion.
  The Clerk read as follows:

       Mr. Barrett of South Carolina moves to recommit the bill 
     H.R. 384 to the Committee on Financial Services with 
     instructions to report the same back to the House forthwith 
     with the following amendment:
       Page 2, after the table of contents, insert the following 
     new title (and redesignate subsequent title, sections, and 
     cross references accordingly:

           TITLE I--TARP TERMINATION AND FULL REPAYMENT PLAN

     SEC. 101. REPEAL OF 3RD TRANCHE OF TARP FUNDS.

       (a) In General.--Section 115(a) of the Emergency Economic 
     Stabilization Act of 2008 (12 U.S.C. 5225(a)) is amended by 
     striking paragraph (3).
       (b) Technical and Conforming Amendments.--Section 115 of 
     the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 
     5225(a)) is amended by striking subsections (c), (d), (e), 
     and (f).

     SEC. 102. TAXPAYER REBATES.

       (a) Plan and Timetable Required.--The Secretary of the 
     Treasury shall develop a plan and establish a timetable for 
     the repayment to the United States Government of all 
     assistance provided under the Emergency Economic 
     Stabilization Act of 2008 to any institution.
       (b) Report Required.--The Secretary of the Treasury shall 
     submit a report to the Congress on the plan developed and the 
     timetable established under subsection (a).

  Mr. BARRETT of South Carolina (during the reading). I ask unanimous 
consent to waive the reading of the motion.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from South Carolina?
  There was no objection.
  The SPEAKER pro tempore. The gentleman from South Carolina is 
recognized for 5 minutes.
  Mr. BARRETT of South Carolina. Madam Speaker, this is a commonsense 
motion to recommit that is very straightforward and simple. The motion 
would repeal the third and final payment of the funds to the Troubled 
Assets Relief Program, or TARP. It will require the Secretary of the 
Treasury to develop a plan and a timetable for all TARP recipients to 
pay back the taxpayer. Let me say that again. It would require the 
Secretary of the Treasury to develop a plan and a timetable for all 
TARP recipients to pay back the American taxpayer.
  Given that the Senate has already rejected this Joint Resolution of 
Disapproval, President Obama will receive his final $350 billion. 
Voting for this motion to recommit is the only way to stop a new, 
expanded TARP program, which has spun out of control.
  Like many of my colleagues, Madam Speaker, I voted for the Emergency 
Economic Stabilization Act to restore liquidity and stability into 
America's financial system, allowing American businesses access to 
credit that they needed to obtain inventory and purchase needed 
supplies and make a payroll. Simply put, the program, as it was

[[Page 1215]]

sold to Congress, was necessary to prevent an even greater economic 
disaster, and I am glad we haven't seen the widespread financial 
turmoil that I believe was certain, had the government not taken 
unprecedented measures during the extraordinary times.
  However, at the same time, I agree with my colleagues that the first 
$350 billion was spent too hastily and haphazardly and without the 
proper oversight. I have not yet seen that there was a credible plan in 
place to assure the taxpayer money was spent effectively and 
efficiently. I appreciate the fact that we are facing an unprecedented 
emergency economic situation, but trial and error, Madam Speaker, is 
simply not an acceptable strategy for spending taxpayers' hard-earned 
dollars.
  Now, a brand new administration is asking for more taxpayer money to 
see if they can do a better job. While I appreciate that we should not 
punish the new TARP implementation team for the poor planning of the 
prior group, we owe it to the American taxpayer to take our time and 
examine their plans more closely before we throw more money in an 
unsuccessful foreclosure mitigation program. I think it's only fair 
that we take a step back before we further expand TARP to prop up more 
failing businesses.
  Madam Speaker, I hope my colleagues agree that before continuing down 
a path toward greater government intervention, we fully consider all of 
our options. We need to stop the expansion of the TARP, and considering 
the actions of the Senate last week, this motion to recommit is our 
best, the House's best, and only option.
  Our economic situation, while still critical, has stabilized from 
where it was this fall. We now have the time and the responsibility to 
fully consider whether this program is the best way to get our troubled 
financial sector working and allow our economy to recover.
  In closing, Madam Speaker, I ask my colleagues to join me in 
protecting the American taxpayer by voting for this motion to recommit 
to stop the next $350 billion from going out the door and to make sure 
that we are paid back for the first $350 billion.
  I yield back the balance of my time.
  Mr. FRANK of Massachusetts. Madam Speaker, I rise to speak in 
opposition to the motion to recommit and in defense of George Bush.
  The SPEAKER pro tempore. The gentleman is recognized for 5 minutes.
  Mr. FRANK of Massachusetts. I would have thought my Republican 
colleagues would have waited a little bit more than 28 hours to so 
thoroughly repudiate George Bush. What this motion says is that George 
Bush used the authority to deploy $350 billion ``so badly''--direct 
quotes--``so hastily, so haphazardly, so without a plan, that nothing 
will fix it.''
  Basically, we are told that President Bush drove the car so 
recklessly that we have to junk it. That because President Bush so 
misused these tools, we have to deny them to a new President.
  Let's be very clear. The TARP has taken on in the minds of some of my 
colleagues on the other side an odd shape. It has become alive. It's 
sort of a horror movie in their minds. The TARP is this thing that has 
its own will.
  No, the TARP is not something with its own will. It's a set of 
policies. George Bush's administration used them badly. Not, I think, 
as badly as my Republican colleagues say. That is why I think I am 
defending them. He didn't permanently destroy this.
  There are a number of things that the past President did that I don't 
like. I was not a great fan of the Bush foreign policy. But I don't 
think we should repeal the State Department. I think Obama should have 
a chance to have a good foreign policy. So that is the first part of 
this. The criticisms made of the Bush administration, wholly irrelevant 
to what the Obama administration will do.
  As to the timing, the Bush administration acceded to the wish of the 
Obama administration to release the funds. Apparently, the Bush 
administration agreed with the Obama administration that delay would be 
a serious problem. Had the Bush administration not waited, we might 
have had more time. The President, to his credit, President Bush, 
accommodated President Obama, unlike my colleagues who now want to cut 
him off at the knees early on.
  I have another problem, Mr. Chairman. This motion today is a motion 
to end the program. Guess what we will vote on tomorrow? A motion to 
end the program. Having wasted the House's time with a blatantly 
nongermane rule, recommittal, they now come up with a blatantly 
unnecessary one because the exact vote we are having today, we will 
have tomorrow.

                              {time}  1615

  And so why do they do this? Why would they ask for the same vote? 
They have a dilemma.
  Let's be very clear. Responsibility, which comes with it sometimes 
making decisions that can be in the short term difficult, in the minds 
of some--responsibility sits uneasily on the shoulders of many of my 
Republican colleagues, particularly the most conservative.
  When they had a President they were supposed to support, they had to 
do things that made them uncomfortable. Not all of them, but their 
leadership and many of them voted for the TARP. They couldn't wait for 
George Bush to leave town so they can throw off the shackles of 
responsible public policy. Now they can simply revel in their 
negativism. They can vote to kill the program today and tomorrow to 
show George Bush how much they don't like him.
  And what particularly is their problem? Well, one of the things many 
of us on this side think was the greatest single problem of the Bush 
administration was not doing foreclosure mitigation. The Obama 
administration has committed that if they get this second $350 billion, 
which the Senate vote means they will get, they will do foreclosure 
mitigation. But here is the problem of this conservative dominated 
Republican Party: The most recent paper from the Heritage Foundation 
says, don't do foreclosure mitigation; it is a waste of time and money. 
The Wall Street Journal editorial board, another source of great 
guidance for my colleagues over there, says, don't do foreclosure 
mitigation.
  They are torn. They have to put in the recommit that they can find 
some reason to vote for because they don't want to have to choose 
between the demand of a large number of Americans for foreclosure 
mitigation and the arguments of the Heritage Foundation and the Wall 
Street Journal that they shouldn't do this. So what do they do? They 
advance the disapproval vote from tomorrow to today because they don't 
want to do this.
  By the way, the Wall Street Journal and the Heritage Foundation also 
are critical of other things. The Wall Street Journal says, how dare we 
try to give money to community banks; how dare we talk about auto 
industry help or auto dealers, or loans to others in America.
  The Bush administration--and I give the gentleman from South 
Carolina, it was better that we passed it than that we didn't. But the 
Bush administration made several errors: They didn't put any real 
controls on how the money that they infused was spent; they did too 
little on compensation; they didn't do anything about foreclosure.
  President Bush agreed with President Obama that there was still a 
need for the money. We here want to pass a bill that instructs them to 
use it better. I do not think that your desire to dissociate from 
George Bush should lead you to cripple the Obama administration.

        [From the Heritage Foundation's Web Memo, Jan. 14, 2009]

   TARP: Frank's Bill Underscores Weaknesses of This Bailout Program

                           (By David C. John)

       More is not better. Efforts by Chairman Barney Frank (D-MA) 
     of the House Financial Services Committee to ``improve'' the 
     Treasury's Troubled Asset Relief Program (TARP) in the TARP 
     Reform and Accountability Act of 2009 (H.R. 384) would 
     unfortunately just make the program worse. Among other policy 
     mistakes, it would explicitly approve the use of TARP to bail 
     out the auto manufacturers as well as expanding the program 
     into several other new areas.
       Frank hopes that with his legislation, Congress will see 
     fit to approve TARP'S second

[[Page 1216]]

     $350 billion for use by the incoming Obama Administration. 
     However, there is no good reason to approve the request for 
     additional TARP funding under any foreseeable circumstances, 
     and Frank's bill only adds more reasons for the additional 
     funding request to be denied.
       H.R. 384 is a compilation of responses to congressional 
     criticisms of the TARP program, fixes to previous attempts to 
     address housing foreclosures, attempts to revive housing 
     sales, and various other miscellaneous provisions. A few of 
     those provisions are good policy moves, such as making 
     permanent the temporary increase in FDIC and NCUA deposit 
     insurance coverage to $250,000. Unfortunately, most of the 
     other provisions would only make matters worse.


                 Policy Errors in the Frank Legislation

       Increased Interference in Corporate Decisions: H.R. 384 
     authorizes the government to have an ``observer'' in the 
     board meetings of financial institutions that have accepted 
     TARP funds. This is a far step from pledges that any 
     government investments through TARP funds would be passive, 
     and it opens the way for additional political takeovers of 
     financial institutions.
       Expansion of TARP into New Areas: Frank's bill not only 
     retroactively approves the highly questionable use of TARP 
     into bailing out GM and Chrysler; it also expands the program 
     into consumer loans, student loans, commercial real estate, 
     and municipal securities. The language makes it clear that 
     TARP will be held accountable for ensuring that these types 
     of loans are made available. This is a further step toward 
     government micro-management of lending decisions. Even worse, 
     the Fed has already addressed some of these problems, and 
     there is no evidence that the situation will be improved by 
     additional TARP programs.
       New Foreclosure Programs: Congress has already passed a 
     wildly unsuccessful program to help homeowners who are facing 
     foreclosure, and H.R. 384 attempts to both fix the earlier 
     program and to set up another one. Last year's Hope for 
     Homeowners program initially promised to help almost 2 
     million homeowners, but in operation, it has helped fewer 
     than 500. The bill both tinkers with the existing program and 
     promises at least $40 billion for a new one to be managed by 
     the FDIC. Unfortunately, both proposals still face the same 
     problems, namely the diverse ownership of mortgages caused by 
     securitizing them into mortgage-backed securities. The Frank 
     bill lists several options for this program in the hopes that 
     the new Treasury secretary can come up with a more effective 
     approach, but all of them face such severe logistical 
     obstacles that the provision is more wishful thinking than 
     anything else.
       Use the Fed for Future Crises. The financial market dangers 
     that led to the TARP program, however, are far from over and 
     could yet require additional governmental action. U.S. and 
     international credit markets are still undergoing a wrenching 
     restructuring and repricing of financial assets as markets 
     adapt to the ending of excessive and risky borrowing. It is 
     possible for another short-term crisis to once again cause 
     financial markets to seize up.
       However, the first line of defense against these dangers 
     should be the Federal Reserve Board under its wide, existing 
     powers--not TARP. While some of the Fed's actions in recent 
     months have been disconcerting, it is still the most 
     appropriate institution to address short-term dislocation in 
     the financial system. The Fed is also insulated from the 
     political and lobbying pressures that have caused TARP to 
     range far and wide from its original purpose. As the Frank 
     legislation demonstrates, TARP is seen as almost a slush fund 
     that is available both to respond to real crises and to 
     address politically sensitive areas. However, the Fed has the 
     ability to only focus on real situations that require its 
     intervention while also avoiding political pressure. Rather 
     than adding still more money to this increasingly untargeted 
     TARP, Congress should just rely on the Fed to address any 
     future emergencies.
       Time to End TARP. Regardless of valid criticisms about its 
     day-to-day management and many specific efforts, TARP did 
     achieve its short term purpose of heading off a financial 
     catastrophe. However, as the Frank legislation shows, its 
     future use will be as an increasingly unfocused and under-
     supervised fund to help politically active constituencies. It 
     is time to lay TARP to rest and to move onto other more 
     urgent priorities.
                                  ____


             [From the Wall Street Journal, Jan. 15, 2009]

                         Leadership and Panics

       Stocks took another header yesterday, nearly 3% on the Dow 
     this time, continuing their decline in the New Year since 
     Congress has returned and as the federal government Once 
     again revs up its bailout machinery. Maybe this isn't a 
     coincidence.
       With Barack Obama about to take the oath of office, this 
     ought to be a moment for fresh, more consistent economic 
     leadership. Instead, we're getting a new version of the same 
     ad hoc policy and scare-tactics that marked 2008. No clear 
     spokesman or leader has emerged with a strategy to rebuild 
     the financial system, and now Mr. Obama's term may begin 
     without a Treasury Secretary (see below). This is no way to 
     start a recovery--or a Presidency.
       Consider Fed Chairman Ben Bernanke, who used a London 
     speech on Tuesday to pat the Fed on the back as the Horatio 
     at the Bridge of this panic. This would have been appropriate 
     for a Princeton seminar a couple of years from now. Amid the 
     current uncertainty, however, he succeeded mainly in 
     suggesting that the financial system is in even worse shape 
     than we thought, the President-elect's ``stimulus'' isn't 
     sufficient, and thus more of Mr. Bernanke's policy magic will 
     be needed to save the day.
       ``With the worsening of the economy's growth prospects, 
     continued credit losses and asset markdowns may maintain for 
     a time the pressure on the capital and balance sheet 
     capacities of financial institutions,'' he declared. 
     ``Consequently, more capital injections and guarantees may be 
     necessary to ensure stability and the normalization of credit 
     markets.'' Message: There's more mayhem to come, but don't 
     worry, the Fed can keep printing money and buying private 
     assets. No wonder the world is scared half to death.
       The Fed has been creating new vehicles right and left for 
     nearly 18 months, so the problem isn't a lack of liquidity. 
     The problem is that too few people want to use the liquidity 
     the Fed is creating. They don't want to lend money, or take 
     risks, in part because they never know what Mr. Bernanke and 
     the government might do next.
       Then there's the Treasury's request for the second $350 
     billion in Troubled Asset Relief Program (TARP) cash. This 
     commitment to backstop the financial system ought to be 
     reassuring, especially for financial stocks. Yet in 
     requesting the funds, Obama transition aide Larry Summers 
     indulged in familiar scare rhetoric about ``a potential 
     catastrophe.''
       Congress also seems eager to use TARP II to bail out any 
     and all industries that have powerful enough patrons. The car 
     makers are already in line for a bigger chunk, and Barney 
     Frank's draft bill orders Treasury to line up community banks 
     for a taste--whether they pose a larger risk to the banking 
     system, or not.
       Democrats are also insisting that as much as $100 billion 
     go to prevent more home foreclosures, though this will have 
     little impact on housing prices. The evidence from the last 
     two years is that foreclosure mitigation often merely delays 
     a reckoning because many of these homeowners never could 
     afford the home in the first place. Meanwhile, Mr, Frank, the 
     Dr. Kevorkian of capital injections, wants to impose new 
     management and compensation restrictions on any institution 
     that gets TARP money, whether it is well-managed or not. The 
     bankruptcy ``cramdown'' now streaking through Congress will 
     also impose more losses that will destroy more bank capital.
       Mr. Obama has threatened to veto any Congressional vote of 
     disapproval for TARP II, so Treasury will get its cash. But 
     if the money is squandered on foreclosures and nonfinancial 
     industries, the Obama Administration is setting itself up to 
     need TARP III or TARP IV down the road. Asset values are 
     going to continue to fall until they find a market bottom, 
     and no declaration of Congress can make them stop in mid-
     descent. There are going to be more bank failures.
       We supported TARP as a way to prevent a financial meltdown, 
     providing public capital to help regulators manage problem 
     banks, arrange mergers, and work off bad assets. TARP has 
     since become a cash pool for all and sundry, casting a pall 
     over the entire financial system. Mr. Obama would make more 
     progress against recession if he steered the TARP back to the 
     purpose that Paul Volcker and Eugene Ludwig first proposed on 
     these pages--as a resolution agency on the model of the 
     Resolution Trust Corp. of the 1990s. Working in tandem with 
     the Federal Deposit Insurance Corp., such an outfit could 
     close problem banks before they collapse, serve as a holding 
     and workout agency for bad assets, and then sell them back 
     over time into private hands.
       A new TARP should also have a leader of recognized stature 
     and independence--not a 30-something assistant secretary--who 
     isn't afraid to take the heat and can also reassure the 
     public. Mr. Volcker would be ideal for the job, and for that 
     matter for overseeing the design of a new, sturdier financial 
     system. Down the current road lies more uncertainty, and more 
     market selloffs.

  Mr. HOLT. Mr. Chair, I rise today to reiterate my support for H.R. 
384, The TARP Reform and Accountability Act of 2009. President Obama 
supported the release the second $350 billion in funds authorized by 
the Emergency Economic Stabilization Act (Public Law 110-343), and it 
is incumbent upon us both to provide him with the same level of 
resources the outgoing Administration had to tackle this economic 
crisis, and to improve and strengthen the terms under which those 
resources will be deployed as compared to the terms under which the 
previous Administration was operating.
  The legislation we approved would make many important improvements to 
the Emergency Economic Stabilization Act, EESA, and the Troubled Asset 
Relief Program, TARP. For example, the TARP Reform and Accountability 
Act focuses on the mortgage foreclosure crisis, which is central to the 
broader economic

[[Page 1217]]

crisis, by requiring the Treasury immediately to commit no less than 
$40 billion and as much as $100 billion on foreclosure mitigation 
efforts. The bill would mandate that at least $20 billion be applied 
directly to a systematic program to guarantee loan modifications for 
families in danger of losing their homes, and requires that a 
foreclosure mitigation plan be developed and implemented quickly.
  In addition, it would increase the availability of credit to 
consumers, municipalities and businesses. It would clarify that TARP 
authority includes authority to support the availability of consumer 
loans, including auto loans and student loans, and authority to support 
state and local governments through the purchase of or provision of 
credit enhancement for municipal securities. It would also provide 
additional assistance to auto manufacturers under the TARP as an 
extension of the emergency assistance provided by the outgoing 
Administration. Finally, it would add restrictions on executive 
compensation for institutions receiving TARP funding, and strengthen 
and expand accountability and oversight by requiring assisted 
organizations to report to Congress on a quarterly basis on their use 
of TARP funding, and requiring FDIC-insured depository institutions to 
report on changes in lending activity related to TARP funding.
  For these reasons, I supported H.R. 384, which passed overwhelmingly 
in the House on January 21. I proposed a number of amendments to the 
bill, simply to strengthen it even further, and I was very pleased that 
one of those amendments was included in the Manager's Amendment before 
the bill went to the floor. My amendment went to the heart of the TARP 
program--the troubled assets--defined by the TARP as ``residential or 
commercial mortgages and any securities, obligations, or other 
instruments that are based on or related to such mortgages'' issued on 
or before March 14, 2008. These troubled assets are hard to value. An 
auction is one way to value them. My amendment would help us finally 
establish values for the troubled assets, liquidate them, and free up 
the credit markets, without using taxpayer dollars.
  Indeed, even two weeks ago, the Treasury Department had little 
positive to say about lending activity. In his statement of January 13, 
2009, Interim Assistant Secretary for Financial Stability Neel Kashkari 
noted that ``we are still at a point of low confidence--both due to the 
financial crisis and the economic downturn. As long as confidence 
remains low, banks will remain cautious about extending credit . . . we 
should not be surprised that lending and borrowing will be lower during 
this current economic downturn [but we] absolutely need our banks to 
continue to make credit available.''
  My amendment would require the Treasury Secretary to facilitate an 
auction of troubled assets, not using TARP funds for the purchase, but 
by soliciting bids from institutions that volunteer to participate. If 
the auction does not take place within three months of the enactment of 
the TARP Reform and Accountability Act, the Treasury Secretary is 
required to report to Congress with an explanation as to why, and a 
description of the mechanism by which the Secretary feels the troubled 
assets could most expeditiously be valued and liquidated. My amendment 
protects taxpayer dollars because while the auction of troubled assets 
is required, no TARP funds would be used for the purchase. Further my 
amendment will give Treasury and Congress much needed information to 
help develop better-informed plans for addressing the issue going 
forward.
  I would like to thank Chairman Frank, again, for including this 
simple but important measure in the TARP Reform and Accountability Act. 
I would also like to thank Chairman Frank for promising to work with me 
to implement another reform, which we both agree is needed to ensure 
fairness in the allocation of TARP funds. That measure would provide 
that an institution that has applied for but been denied TARP funding 
could appeal the denial to the Financial Stability Oversight Board. 
Such a measure would be valuable to banks such as the National City 
Bank of Cleveland, which had applied for TARP funds, had not received 
them, and was then taken over by another bank which had received TARP 
funds. The public is outraged that takeovers of that nature can occur 
on the government's dime. I thank Chairman Frank for agreeing to work 
with me to provide additional protections for viable banks which 
applied for but have been denied TARP funds.
  I supported the TARP Reform and Accountability Act, and if the Senate 
does not promptly take up and complete the measure, I will be eager to 
work with President Obama to address our economic crisis under terms 
and conditions that provide much better taxpayer protections than those 
that had been in operation under the outgoing Administration.
  Ms. LEE of California. Mr. Chair, I rise in support of 384, the 
Troubled Asset Relief Program (TARP) Reform and Accountability Act of 
2009.
  Although I ended up supporting the bill establishing TARP last 
October, I was under no illusions about whether a bailout of the 
financial services industry would actually work to prevent an economic 
collapse.
  Even though we had included a number of critical improvements in the 
bill to ensure accountability and transparency and protect the economic 
security of all individuals, not just corporations on Wall Street, the 
intent of Congress was ultimately ignored by the Bush administration.
  As a result the TARP program as administered by President Bush has 
failed to stem the tide of foreclosures and has failed to track or 
explain how $350 billion of taxpayer money has been spent to date.
  That is why we are here today.
  The bill that Chairman Frank has developed would completely revamp 
the TARP program to ensure that funds are spent responsibly and 
transparently to help stabilize our economy and get credit flowing 
again. Most importantly, it would take significant steps to help 
Americans stay in their homes and ensure the continued availability of 
affordable housing.
  By passing this significant overhaul of the TARP program combined and 
with the commitment of President Obama to properly administer the 
program according to the standards articulated in this bill, we can 
help millions of individuals keep their homes while providing liquidity 
to credit markets and accountability to taxpayers.
  I want to thank Chairman Frank for his work on this bill, and for 
agreeing to accept an amendment that Congresswoman Waters, Congressman 
Meeks, and I offered to ensure that minorities and women-owned business 
are included in the contracting activity and use of TARP funds. I also 
want to thank and acknowledge the work of both my colleagues in 
crafting this important amendment.
  Among several objectives, the amendment that we offered would 
require:
  (1) The Secretary of the Treasury to establish an Office of Minority 
and Women Inclusion;
  (2) Each institution that receives TARP funds to develop and 
implement standards and procedures to ensure the inclusion and 
utilization of minorities and women-owned businesses in all business 
and activities, at all levels, including procurement, insurance, and 
all types of contracts; and
  (3) A detailed report to Congress by the Treasury Department 
describing the actions taken by the Office and each assisted 
institution to ensure the participation of minority and women owned 
business in all contracts related to the use of TARP funds, including a 
statement of the total amounts paid to third party contractors and the 
percentage of such amounts paid to minority and women-owned businesses.
  In making sure that minority businesses and woman-owned business are 
included as part of TARP activity, we are providing a level playing 
field for these businesses to compete and take part in the business 
activities of the Federal government.
  So I want to again thank Chairman Frank for accepting the amendment.
  In conclusion, although I believe that the Bush administration 
mishandled the TARP program, I believe we must act to provide President 
Obama and his economic team with the opportunity to utilize the 
remaining money to ensure that we keep homeowners in their homes.
  That is why I will vote in favor of this legislation.
  The SPEAKER pro tempore. Without objection, the previous question is 
ordered on the motion to recommit.
  There was no objection.
  The SPEAKER pro tempore. The question is on the motion to recommit.
  The question was taken; and the Speaker pro tempore announced that 
the noes appeared to have it.
  Mr. BARRETT of South Carolina. Madam Speaker, on that I demand the 
yeas and nays.
  The yeas and nays were ordered.
  The SPEAKER pro tempore. Pursuant to clause 9 of rule XX, the Chair 
will reduce to 5 minutes the minimum time for any electronic vote on 
the question of passage.
  The vote was taken by electronic device, and there were--yeas 199, 
nays 228, not voting 6, as follows:

                             [Roll No. 25]

                               YEAS--199

     Aderholt
     Akin
     Alexander
     Altmire
     Arcuri
     Austria
     Bachmann
     Bachus
     Barrett (SC)
     Barrow
     Bartlett
     Barton (TX)

[[Page 1218]]


     Biggert
     Bilbray
     Bilirakis
     Bishop (UT)
     Blackburn
     Blunt
     Boehner
     Bonner
     Bono Mack
     Boozman
     Boustany
     Brady (TX)
     Bright
     Broun (GA)
     Brown (SC)
     Brown-Waite, Ginny
     Buchanan
     Burgess
     Burton (IN)
     Buyer
     Calvert
     Camp
     Cantor
     Cao
     Capito
     Carney
     Carter
     Cassidy
     Castle
     Chaffetz
     Chandler
     Childers
     Coble
     Coffman (CO)
     Cole
     Conaway
     Crenshaw
     Culberson
     Davis (KY)
     Deal (GA)
     DeFazio
     Dent
     Diaz-Balart, L.
     Diaz-Balart, M.
     Doggett
     Dreier
     Duncan
     Ehlers
     Ellsworth
     Emerson
     Fallin
     Flake
     Fleming
     Forbes
     Fortenberry
     Foxx
     Franks (AZ)
     Frelinghuysen
     Gallegly
     Garrett (NJ)
     Gerlach
     Gingrey (GA)
     Gohmert
     Goodlatte
     Granger
     Graves
     Griffith
     Guthrie
     Hall (TX)
     Halvorson
     Harper
     Hastings (WA)
     Heller
     Hensarling
     Herger
     Herseth Sandlin
     Hill
     Hodes
     Hoekstra
     Hunter
     Issa
     Jenkins
     Johnson (IL)
     Johnson, Sam
     Jones
     Jordan (OH)
     Kaptur
     King (IA)
     King (NY)
     Kingston
     Kirk
     Kline (MN)
     Kratovil
     Lamborn
     Lance
     Latham
     LaTourette
     Latta
     Lee (NY)
     Lewis (CA)
     Linder
     LoBiondo
     Lucas
     Luetkemeyer
     Lummis
     Lungren, Daniel E.
     Mack
     Manzullo
     Marchant
     Matheson
     McCarthy (CA)
     McCaul
     McClintock
     McCotter
     McHenry
     McHugh
     McIntyre
     McKeon
     McMorris Rodgers
     Melancon
     Mica
     Michaud
     Miller (FL)
     Miller (MI)
     Miller, Gary
     Minnick
     Mitchell
     Moran (KS)
     Murphy, Tim
     Myrick
     Nunes
     Nye
     Olson
     Paul
     Paulsen
     Pence
     Petri
     Pitts
     Platts
     Poe (TX)
     Posey
     Price (GA)
     Putnam
     Radanovich
     Rehberg
     Reichert
     Roe (TN)
     Rogers (AL)
     Rogers (KY)
     Rogers (MI)
     Rohrabacher
     Rooney
     Ros-Lehtinen
     Roskam
     Royce
     Ryan (WI)
     Scalise
     Schmidt
     Schock
     Sensenbrenner
     Sessions
     Shadegg
     Shimkus
     Shuler
     Shuster
     Simpson
     Smith (NE)
     Smith (NJ)
     Smith (TX)
     Stearns
     Sullivan
     Taylor
     Teague
     Terry
     Thompson (PA)
     Thornberry
     Tiahrt
     Turner
     Upton
     Walden
     Wamp
     Westmoreland
     Whitfield
     Wilson (SC)
     Wittman
     Wolf
     Young (FL)

                               NAYS--228

     Abercrombie
     Ackerman
     Adler (NJ)
     Andrews
     Baca
     Baird
     Baldwin
     Bean
     Becerra
     Berkley
     Berman
     Berry
     Bishop (GA)
     Bishop (NY)
     Blumenauer
     Boccieri
     Boren
     Boswell
     Boyd
     Brady (PA)
     Braley (IA)
     Brown, Corrine
     Butterfield
     Campbell
     Capps
     Capuano
     Cardoza
     Carnahan
     Carson (IN)
     Castor (FL)
     Clarke
     Clay
     Cleaver
     Clyburn
     Cohen
     Connolly (VA)
     Conyers
     Cooper
     Costa
     Costello
     Courtney
     Crowley
     Cuellar
     Cummings
     Dahlkemper
     Davis (AL)
     Davis (CA)
     Davis (IL)
     Davis (TN)
     DeGette
     Delahunt
     DeLauro
     Dicks
     Dingell
     Donnelly (IN)
     Doyle
     Driehaus
     Edwards (MD)
     Edwards (TX)
     Ellison
     Engel
     Eshoo
     Etheridge
     Farr
     Fattah
     Filner
     Foster
     Frank (MA)
     Fudge
     Giffords
     Gillibrand
     Gonzalez
     Gordon (TN)
     Grayson
     Green, Al
     Green, Gene
     Grijalva
     Gutierrez
     Hall (NY)
     Hare
     Harman
     Hastings (FL)
     Heinrich
     Higgins
     Himes
     Hinchey
     Hinojosa
     Hirono
     Holden
     Holt
     Honda
     Hoyer
     Inglis
     Inslee
     Israel
     Jackson (IL)
     Jackson-Lee (TX)
     Johnson (GA)
     Johnson, E. B.
     Kagen
     Kanjorski
     Kennedy
     Kildee
     Kilpatrick (MI)
     Kilroy
     Kind
     Kirkpatrick (AZ)
     Kissell
     Klein (FL)
     Kosmas
     Kucinich
     Langevin
     Larsen (WA)
     Larson (CT)
     Lee (CA)
     Levin
     Lewis (GA)
     Lipinski
     Loebsack
     Lofgren, Zoe
     Lowey
     Lujan
     Lynch
     Maffei
     Maloney
     Markey (CO)
     Markey (MA)
     Marshall
     Massa
     Matsui
     McCarthy (NY)
     McCollum
     McDermott
     McGovern
     McMahon
     McNerney
     Meek (FL)
     Meeks (NY)
     Miller (NC)
     Miller, George
     Mollohan
     Moore (KS)
     Moore (WI)
     Moran (VA)
     Murphy (CT)
     Murphy, Patrick
     Murtha
     Nadler (NY)
     Napolitano
     Neal (MA)
     Oberstar
     Obey
     Olver
     Ortiz
     Pallone
     Pascrell
     Pastor (AZ)
     Payne
     Perlmutter
     Perriello
     Peters
     Peterson
     Pingree (ME)
     Polis (CO)
     Pomeroy
     Price (NC)
     Rahall
     Rangel
     Reyes
     Richardson
     Rodriguez
     Ross
     Rothman (NJ)
     Roybal-Allard
     Ruppersberger
     Rush
     Ryan (OH)
     Salazar
     Sanchez, Linda T.
     Sanchez, Loretta
     Sarbanes
     Schakowsky
     Schauer
     Schiff
     Schrader
     Schwartz
     Scott (GA)
     Scott (VA)
     Serrano
     Sestak
     Shea-Porter
     Sherman
     Sires
     Skelton
     Slaughter
     Smith (WA)
     Snyder
     Space
     Speier
     Spratt
     Stark
     Stupak
     Sutton
     Tanner
     Tauscher
     Thompson (CA)
     Thompson (MS)
     Tierney
     Titus
     Tonko
     Towns
     Tsongas
     Van Hollen
     Velazquez
     Visclosky
     Walz
     Wasserman Schultz
     Waters
     Watson
     Watt
     Waxman
     Weiner
     Welch
     Wexler
     Wilson (OH)
     Woolsey
     Wu
     Yarmuth

                             NOT VOTING--6

     Boucher
     Neugebauer
     Solis (CA)
     Souder
     Tiberi
     Young (AK)


                Announcement by the Speaker Pro Tempore

  The SPEAKER pro tempore (during the vote). There are 2 minutes 
remaining on this vote.

                              {time}  1634

  Mrs. HALVORSON changed her vote from ``nay'' to ``yea.''
  So the motion to recommit was rejected.
  The result of the vote was announced as above recorded.
  (By unanimous consent, Mr. Coble was allowed to speak out of order.)


Moment of Silence in Memory of the Honorable Horace R. Kornegay, Former 
                           Member of Congress

  Mr. COBLE. Madam Speaker and colleagues, I regret to inform the House 
of the passing of a former Member of this body, Horace Kornegay. Horace 
was elected as a Democrat to the 87th Congress and the three succeeding 
Congresses. He did not seek reelection in 1968 and became the vice 
president and counsel, then president, and subsequently chairman of the 
Tobacco Institute. He returned to Greensboro, North Carolina, in 
January of 1987 and resumed the practice of law and remained there 
until his passing today.
  Madam Speaker, I would ask the Chair to allow a moment of silence in 
memory of Horace Kornegay.
  The SPEAKER pro tempore. Members please rise to observe a moment of 
silence in respect to our departed colleague.


                Announcement By the Speaker Pro Tempore

  The SPEAKER pro tempore. Without objection, 5-minute voting will 
continue.
  There was no objection.
  The SPEAKER pro tempore. The question is on the passage of the bill.
  The question was taken; and the Speaker pro tempore announced that 
the ayes appeared to have it.


                             Recorded Vote

  Mr. FRANK of Massachusetts. Madam Speaker, I demand a recorded vote.
  A recorded vote was ordered.
  The SPEAKER pro tempore. This will be a 5-minute vote.
  The vote was taken by electronic device, and there were--ayes 260, 
noes 166, not voting 7, as follows:

                             [Roll No. 26]

                               AYES--260

     Abercrombie
     Ackerman
     Adler (NJ)
     Andrews
     Arcuri
     Baca
     Baird
     Baldwin
     Barrow
     Bean
     Becerra
     Berkley
     Berman
     Berry
     Bishop (GA)
     Bishop (NY)
     Blumenauer
     Boccieri
     Boren
     Boswell
     Boyd
     Brady (PA)
     Braley (IA)
     Brown, Corrine
     Buchanan
     Butterfield
     Camp
     Campbell
     Capps
     Capuano
     Cardoza
     Carnahan
     Carney
     Carson (IN)
     Castle
     Castor (FL)
     Chandler
     Childers
     Clarke
     Clay
     Cleaver
     Clyburn
     Cohen
     Connolly (VA)
     Cooper
     Costa
     Costello
     Courtney
     Crowley
     Cuellar
     Cummings
     Dahlkemper
     Davis (AL)
     Davis (CA)
     Davis (IL)
     Davis (TN)
     DeFazio
     DeGette
     Delahunt
     DeLauro
     Diaz-Balart, L.
     Diaz-Balart, M.
     Dicks
     Dingell
     Doggett
     Donnelly (IN)
     Doyle
     Driehaus
     Edwards (MD)
     Edwards (TX)
     Ehlers
     Ellison
     Ellsworth
     Engel
     Eshoo
     Etheridge
     Farr
     Fattah
     Filner
     Foster
     Frank (MA)
     Fudge
     Giffords
     Gillibrand
     Gonzalez
     Gordon (TN)
     Grayson
     Green, Al
     Green, Gene
     Griffith
     Grijalva
     Gutierrez
     Hall (NY)
     Halvorson
     Hare
     Harman
     Hastings (FL)
     Heinrich
     Herseth Sandlin
     Higgins
     Hill
     Himes
     Hinchey
     Hinojosa
     Hirono
     Hodes
     Hoekstra
     Holt
     Honda
     Hoyer
     Inslee
     Israel
     Jackson (IL)
     Jackson-Lee (TX)
     Johnson (GA)
     Johnson, E. B.
     Kagen
     Kanjorski
     Kaptur
     Kennedy
     Kildee
     Kilpatrick (MI)
     Kilroy
     Kind
     Kissell
     Klein (FL)
     Kosmas
     Kratovil
     Kucinich
     Lance
     Langevin
     Larsen (WA)
     Larson (CT)
     LaTourette
     Lee (CA)
     Levin
     Lewis (GA)
     Lipinski
     Loebsack
     Lofgren, Zoe
     Lowey
     Lujan
     Lynch
     Maffei
     Maloney
     Markey (CO)
     Markey (MA)
     Massa
     Matheson
     Matsui
     McCarthy (NY)
     McCollum
     McCotter
     McDermott
     McGovern
     McMahon
     McNerney
     Meek (FL)
     Meeks (NY)
     Melancon
     Michaud
     Miller (MI)
     Miller (NC)
     Miller, George
     Mitchell
     Mollohan
     Moore (KS)
     Moore (WI)
     Moran (VA)
     Murphy (CT)
     Murphy, Patrick
     Murtha
     Nadler (NY)
     Napolitano
     Neal (MA)
     Nye
     Oberstar
     Obey
     Olver
     Ortiz
     Pallone
     Pascrell

[[Page 1219]]


     Pastor (AZ)
     Payne
     Perlmutter
     Perriello
     Peters
     Pingree (ME)
     Polis (CO)
     Pomeroy
     Price (NC)
     Rahall
     Rangel
     Reichert
     Reyes
     Richardson
     Rodriguez
     Rogers (MI)
     Ross
     Rothman (NJ)
     Roybal-Allard
     Ruppersberger
     Rush
     Ryan (OH)
     Salazar
     Sanchez, Linda T.
     Sanchez, Loretta
     Sarbanes
     Schakowsky
     Schauer
     Schiff
     Schock
     Schrader
     Schwartz
     Scott (GA)
     Scott (VA)
     Serrano
     Sestak
     Shea-Porter
     Sherman
     Sires
     Skelton
     Slaughter
     Smith (WA)
     Snyder
     Souder
     Space
     Speier
     Spratt
     Stark
     Stupak
     Sutton
     Tanner
     Tauscher
     Teague
     Thompson (CA)
     Thompson (MS)
     Tierney
     Titus
     Tonko
     Towns
     Tsongas
     Turner
     Upton
     Van Hollen
     Velazquez
     Visclosky
     Walz
     Wasserman Schultz
     Waters
     Watson
     Watt
     Waxman
     Weiner
     Welch
     Wexler
     Wilson (OH)
     Woolsey
     Wu
     Yarmuth

                               NOES--166

     Aderholt
     Akin
     Alexander
     Altmire
     Austria
     Bachmann
     Bachus
     Barrett (SC)
     Bartlett
     Barton (TX)
     Biggert
     Bilbray
     Bilirakis
     Bishop (UT)
     Blackburn
     Blunt
     Boehner
     Bonner
     Bono Mack
     Boozman
     Boustany
     Brady (TX)
     Bright
     Broun (GA)
     Brown (SC)
     Brown-Waite, Ginny
     Burgess
     Burton (IN)
     Buyer
     Calvert
     Cantor
     Cao
     Capito
     Carter
     Cassidy
     Chaffetz
     Coble
     Coffman (CO)
     Cole
     Conaway
     Crenshaw
     Culberson
     Davis (KY)
     Deal (GA)
     Dent
     Dreier
     Duncan
     Emerson
     Fallin
     Flake
     Fleming
     Forbes
     Fortenberry
     Foxx
     Franks (AZ)
     Frelinghuysen
     Gallegly
     Garrett (NJ)
     Gerlach
     Gingrey (GA)
     Gohmert
     Goodlatte
     Granger
     Graves
     Guthrie
     Hall (TX)
     Harper
     Hastings (WA)
     Heller
     Hensarling
     Herger
     Holden
     Hunter
     Inglis
     Issa
     Jenkins
     Johnson (IL)
     Johnson, Sam
     Jones
     Jordan (OH)
     King (IA)
     King (NY)
     Kingston
     Kirk
     Kirkpatrick (AZ)
     Kline (MN)
     Lamborn
     Latham
     Latta
     Lee (NY)
     Lewis (CA)
     Linder
     LoBiondo
     Lucas
     Luetkemeyer
     Lummis
     Lungren, Daniel E.
     Mack
     Manzullo
     Marchant
     Marshall
     McCarthy (CA)
     McCaul
     McClintock
     McHenry
     McHugh
     McIntyre
     McKeon
     McMorris Rodgers
     Mica
     Miller (FL)
     Miller, Gary
     Minnick
     Moran (KS)
     Murphy, Tim
     Myrick
     Nunes
     Olson
     Paul
     Paulsen
     Pence
     Peterson
     Petri
     Pitts
     Platts
     Posey
     Price (GA)
     Putnam
     Radanovich
     Rehberg
     Roe (TN)
     Rogers (AL)
     Rogers (KY)
     Rohrabacher
     Rooney
     Ros-Lehtinen
     Roskam
     Royce
     Ryan (WI)
     Scalise
     Schmidt
     Sensenbrenner
     Sessions
     Shadegg
     Shimkus
     Shuler
     Shuster
     Simpson
     Smith (NE)
     Smith (NJ)
     Smith (TX)
     Stearns
     Sullivan
     Taylor
     Terry
     Thompson (PA)
     Thornberry
     Tiahrt
     Walden
     Wamp
     Westmoreland
     Whitfield
     Wilson (SC)
     Wittman
     Wolf
     Young (FL)

                             NOT VOTING--7

     Boucher
     Conyers
     Neugebauer
     Poe (TX)
     Solis (CA)
     Tiberi
     Young (AK)


                Announcement by the Speaker Pro Tempore

  The SPEAKER pro tempore (during the vote). There are 2 minutes 
remaining on this vote.

                              {time}  1644

  So the bill was passed.
  The result of the vote was announced as above recorded.
  A motion to reconsider was laid on the table.
  Stated for:
  Mr. CONYERS. Madam Speaker, on rollcall No. 26, final passage of H.R. 
384, I was unable to vote. Had I been present, I would have voted 
``aye.''
  Stated against:
  Mr. POE of Texas. Madam Speaker, on rollcall No. 26, had I been 
present, I would have voted ``no.''

                          ____________________