OFFICE OF THE MAJORITY LEADER

TRANSCRIPT

Addressing Plan to Stabilize Financial Markets on Power Lunch
September 19, 2008

... PAST MONTH BUT THIS IS MORE THAN SHORT-SELLING COVERAGE. >> A LOT OF PEOPLE BELIEVE THAT A FLOOR HAS BEEN PUT IN FOR SURE. >> LET'S TALK MORE ABOUT THIS. THANK YOU, EVERYBODY. PIVOTAL MOMENTS ON THE MARKET AS THE TREASURY AND FED WORK WITH CONGRESS ON WHAT COULD BE AN INDEED RIGHT NOW IS THE LARGEST BAILOUT PLAN IN U.S. HISTORY. FIRST ON ""POWER LUNCH"" WE'RE PLEASED TO WELCOME HOUSE MAJORITY LEADER STENY HOYER OF MARYLAND. WELCOME, SIR, PLEASURE YOU HAVE TO HERE. >> PLEASURE, SUE. GOOD TO BE HERE. >> YOU WERE STANDING RIGHT NEXT TO MRS. PELOSI LAST NIGHT. IT IS INDEED AN HISTORIC DAY BUT A LOT OF PEOPLE ARE WONDERING WHAT THE FALLOUT EVENTUALLY OF THIS WILL BE? HOW DO YOU THINK THIS IS ALL GOING TO WORK ITS WAY THROUGH, AND WHAT WILL THE LONG-TERM IMPACT BE ON THE COUNTRY? >> WELL, OF COURSE, IF I KNEW HOW IT WAS ALL GOING TO WORK OUT, I'D BE THE GENIUS AND I'D BE MAKING THE ZILLIONS OF DOLLARS. I DON'T THINK ANY OF US KNOW. I DON'T THINK SECRETARY PAULSON NOR CHAIRMAN BERNANKE PRETENDED TO KNOW EXACTLY WHAT THEY BROUGHT TO THE JOINT LEADERSHIP MEETING WAS A VERY STARK AND SOBERING VIEW OF THE CONSEQUENCES OF INACTION AND THE CONSEQUENCES OF DIVISION IN TERMS OF DETERMINING WHAT TO DO AND ESSENTIALLY THEIR MESSAGE WAS WE NEED TO ACT AND WE NEED TO ACT VERY, VERY SOON AND WE NEED TO ACT IN A DECISIVE WAY, AND I THINK WHAT THEY HEARD AND I THINK WHEN YOU PLAYED HANK PAULSON'S COMMENTS A LITTLE EARLIER WAS A RESPONSE THAT THERE WAS AN UNDERSTANDING IN A BIPARTISAN WAY THAT THIS MATTER WAS EXTRAORDINARILY SERIOUS. I THINK WHAT THEY HEARD WAS THAT WE WANTED TO MAKE SURE THAT MAIN STREET AND AVERAGE AMERICANS WERE AS PROTECTED AS WE COULD POSSIBLY MAKE THEM, THAT, YES, WALL STREET IS THE OBJECT OF WHATEVER ASSISTANCE WE'RE GOING TO GIVE BUT THE REASON FOR THAT ASSISTANCE IS TO STABILIZE FINANCIAL MARKETS, RESTORE CONFIDENCE AND TO TRY TO THE EXTENT POSSIBLE LIMIT RISK TO THE TAXPAYERS BUT AT THE SAME TIME MAKE SURE THAT THOSE SAME TAXPAYERS AS CONSUMERS AND HOMEOWNERS ARE AS PROTECTED AS WE CAN MAKE THEM. >> CONGRESSMAN HOYER, WOULD I LIKE TO ASK YOU A SERIES OF PROCESS QUESTIONS RIGHT NOW BECAUSE I THINK THAT'S WHAT MARKETS ARE KIND OF KEYED IN ON. IN THE FIRST CASE, DO YOU EXPECT TO BE ABLE TO COME TO AGREEMENT WITH REPUBLICANS AND DEMOCRATS THIS WEEKEND WITH THE TREASURY ON A PLAN? >> WHETHER THIS WEEKEND, TRESH HAVE I TO COME UP WITH A PLAN, THIS IS GOING TO BE TREASURY'S PLAN, NOT OURS, AND THAT WAS WHAT BEN BERNANKE SAID AND SECRETARY PAULSON SAID AND BOTH REID AND PELOSI SAID, THE TWO LEADERS, SO WE EXPECT TO GET A PLAN UP, MAY HAVE ALREADY COME UP OR MAY COME UP LATER TODAY. THAT PLAN IS GOING TO BE WORKED ON OVER THE WEEKEND BY BOTH THE TREASURY STAFF, THE FEDERAL RESERVE STAFF, THE ADMINISTRATION STAFF, AND OUR STAFFS AS WELL AS MEMBERS TO ENGAGE BUT OUR OBJECTIVE CLEARLY IS TO COME TO AN AGREEMENT AND TO TAKE ACTION THIS COMING WEEK. >> AND THAT'S WHAT I WANTED TO GET TO. WHEN WOULD YOU EXPECT AT EARLIEST, WHEN WOULD YOU BE CONCERNED AT THE LATEST, THAT THERE WOULD BE A VOTE ON THIS PROPOSAL? >> WELL, LET ME SAY AT THE EARLIEST TUESDAY OR WEDNESDAY I WOULD THINK BECAUSE THIS IS OBVIOUSLY A VERY, VERY LARGE STEP TO BE TAKEN, PERHAPS ONE OF THE LARGEST IN HISTORY, AND THE CONGRESS RIGHTFULLY HAS A RESPONSIBILITY TO LOOK AT THE ADMINISTRATION'S PROPOSAL AND TO ENSURE TO THE EXTENT WE CAN AS SAFE AND SOUND A PROPOSAL BEING ADOPTED AS WE CAN SEND TO THE ADMINISTRATION. LET ME SAY -- >> OKAY. >> LET ME SAY AT THE LATEST OBVIOUSLY THE EXPECTATION IS THAT WE WILL BE ADJOURNING ON SEPTEMBER 26TH WHICH IS NEXT FRIDAY. HOWEVER, LET ME MAKE IT VERY CLEAR, AND THE CONGRESS OF THE UNITED STATES, DEMOCRATS AND REPUBLICANS, UNDERSTAND THAT OUR RESPONSIBILITIES TO ENSURE THAT ACTION IS TAKEN AND IF IT CAN'T BE ACCOMPLISHED BY SEPTEMBER 26TH, MY VIEW IS IT CAN BE, AND MY EXPECTATION IS THAT IT WILL BE, BUT IF IT CAN'T BE, WE'LL STAY HERE. >> IS THERE A NUMBER IN YOUR MIND, SIR, THAT IS TOO MUCH? DO YOU HAVE AN UPPER LIMIT IN YOUR MIND FOR HOW MUCH YOU AS A CONGRESSMAN WILL BE WILLING TO COMMIT TO THIS EFFORT? >> VERY FRANKLY I DON'T THINK WHETHER I HAD ONE OR NOT PARTICULARLY USEFUL TO TALK ABOUT AT THIS POINT IN TIME, PARTICULARLY WHEN THE FEDERAL RESERVE AND THE SECRETARY OF THE TREASURY ARE WORKING TO COME UP WITH THAT PROPOSAL, AND I'M GOING TO WAIT TO GET, THAT AND I THINK WE'RE GOING TO WAIT TO GET THAT. I DON'T THINK SPECULATION ON MY PART OR A NUMBER THAT IS THE UPPER LIMIT AND THE LOWER LIMIT I DON'T THINK WOULD BE USEFUL EITHER TO THE MARKETS. >> SO IF I SAY $500 BRILLION, YOUR BROW DOESN'T BURRO AND YOU DON'T WINC SGLE THIS IS A PROBLEM OF VERY MAJOR MAGNITUDE AND WE HAVE TO RESPOND WITH A SIGNIFICANT RESPONSE IN MY VIEW TO STABILIZE THE MARKETS. ...