"We need the right deal, not a fast deal."
Marcy's Statements:
- December 5, 2008 visit to the Treasury to urge action on foreclosures
- October 9, 2008 statement on potential conflicts of interest in the bailout
- October 1, 2008 statement on Marcy and Mr. DeFazio's No BAILOUTS Act.
- September 30, 2008 statement on the 228-205 vote against bailing out Wall Street.
- September 22, 2008 statement on the financial crisis.
Marcy on foreclosures and the financial crisis in the press:
- The Nation
- Bill Moyers Journal Read transcript here.
- Lou Dobbs
- San Francisco Chronicle or view it on the Congresswoman's website here.
- Good Morning America
- CSPAN's Washington Journal (requires RealPlayer)
Read what others are saying about the financial crisis:
- Review of Joseph E. Stiglitz's book: "FREEFALL: America, Free Markets, and the Sinking of the World Economy "
- Bill Moyers Journal:"David Corn and Kevin Drum on Big Money and Big Politics" Read transcript here.
- Bill Moyers Journal: "Washington For Sale " Read trancript here.
- Dean Baker: "The House Financial Reform Bill: Don't Touch the Banks, Get a Smarter Fed"
- William K. Black: "Why is Obama Championing Bush's Financial Wrecking Crew?"
- Robert Kuttner: "Obama's Loyal Opposition "
- Robert Kuttner: "Obama's Banking Rescue: O for Opaque "
- Robert Kuttner: "Geithner's Last Stand "
- Robert Kuttner: "Confidence Game "
- Jospeh Stiglitz: "Obama’s Ersatz Capitalism"
- Barbara Hagenbaugh: "Latest recovery plan hits $1 trillion"
- Peter Goodman: "Taking Hard New Look at a Greenspan Legacy"
- Froma Harrop: "'Then It's Securities Fraud'"
- William Greider: “Paulson Bailout Plan a Historic Swindle. ”
- Robert Reich: “What Wall Street Should Be Required to Do, to Get a Blank Check from Taxpayers .”
- Ann Woolner: “Sue Them, Jail Them, Make Them Pay for Meltdown .”
- Robert Kuttner: “Seven Deadly Sins of Deregulation—and Three Necessary Reforms. ”
- Bob Borosage: "Time for a Citizen's Plan on the Crisis? "
- William M. Isaac: "A Better Way to Aid Banks," "Bank Nationalization Isn't the Answer: Trust me. I've done this before."
- Chairman Ben S. Bernanke: "The Financial Crisis and Community Banking"
- Bill Moyers: [video] Bill Moyers Interviews feature on bailing out banks with William K. Black, Associate Professor of Economics and Law at the University of Missouri
House Committee on Financial Services Hearings:
- 1/23/2010: The Impact of the Foreclosure Crisis on Public and Affordable Housing in the Twin Cities
- 1/22/2010: Compensation in the Financial Industry
- 1/21/2010: The Condition of Financial Institutions: Examining the Failure and Seizure of an American Bank
- 1/20/2010: H.R. 476, the Housing Fairness Act of 2009
- 12/15/2009: Covered Bonds: Prospects for a U.S. Market Going Forward
- 12/9/2009: Additional Reforms to the Securities Investor Protection Act
- 12/8/2009: The Private Sector and Government Response to the Mortgage Foreclosure Crisis
- 12/3/2009: H.R. 2266, Reasonable Prudence in Regulation Act, and H.R. 2267, the Internet Gambling Regulation, Consumer Protection, and Enforcement Act
- 12/2/2009: FY09 FHA Actuarial Report
- 11/30/2009: Improving Responsible Lending to Small Businesses
- 10/30/2009: The Overdraft Protection Act of 2009
- 10/29/2009: Systemic Regulation, Prudential Matters, Resolution Authority and Securitization
- 10/8/2009: The Future of the Federal Housing Administration’s Capital Reserves: Assumptions, Predictions and Implications for Homebuyers
- 10/8/2009: H.R. 2382, the Credit Card Interchange Fees Act of 2009 and H.R. 3639, the Expedited CARD Reform for Consumers Act of 2009
- 10/7/2009: Reform of the Over-the-Counter Derivative Market: Limiting Risk and Ensuring Fairness
- 10/6/2009: Capital Markets Regulatory Reform: Strengthening Investor Protection, Enhancing Oversight of Private Pools of Capital, and Creating a National Insurance Office
- 10/1/2009: Federal Reserve Perspectives on Financial Regulatory Reform Proposals
- 9/30/2009: Reforming Credit Rating Agencies
- 9/30/2009: Perspectives on the Consumer Financial Protection Agency
- 9/25/2009: H.R. 1207, the Federal Reserve Transparency Act of 2009
- 9/24/2009: Recent Innovations in Securitization
- 9/24/2009: Experts’ Perspectives on Systemic Risk and Resolution Issues
- 9/23/2009: Federal Regulator Perspectives on Financial Regulatory Reform Proposals
- 9/23/2009: The Administration’s Proposals for Financial Regulatory Reform
- 9/17/2009: Utilizing Technology to Improve TARP and Financial Oversight
- 9/16/2009: Proposals to Enhance the Community Reinvestment Act
- 9/10/2009: The World Bank’s Disclosure Policy Review and the Role of Democratic Participatory Processes in Achieving Successful Development Outcomes
- 9/9/2009: Progress of the Making Home Affordable Program: What Are the Outcomes for Homeowners and What Are the Obstacles to Success?
- 2/11/2009: TARP Accountability: Use of Federal Assistance by the First TARP Recipients
- 2/10/2009: An Examination of the Extraordinary Efforts by the Federal Reserve Bank to Provide Liquidity in the Current Financial Crisis
- 2/4/2009: Assessing the Madoff Ponzi Scheme and Regulatory Failures
- 2/3/09: Promoting Bank Liquidity and Lending Through Deposit Insurance, Hope for Homeowners, and other Enhancements
- 2/10/09: An Examination of the Extraordinary Efforts by the Federal Reserve Bank to Provide Liquidity in the Current Financial Crisis
- 2/11/09: TARP Accountability: Use of Federal Assistance by the First TARP Recipients
- 2/24/09: A Review of TARP Oversight, Accountability and Transparency for U.S. Taxpayers
- 2/25/09: Monetary Policy and the State of the Economy
- 2/26/09: Monetary Policy and the State of the Economy
- 3/4/09: TARP Oversight: Is TARP Working for Main Street?
- 3/12/09: Mark-to-Market Accounting: Practices and Implications
- 3/18/09: American International Group’s Impact on the Global Economy: Before, During, and After Federal Intervention
- 3/24/09: Oversight of the Federal Government's Intervention at American International Group
- 3/26/09: Addressing the Need for Comprehensive Regulatory Reform
Marcy's June 2008 testimony on foreclosures and the supbprime crisis.
Marcy's legislation:
110th Congress
- H.R. 6990 The Fannie/Freddie Commission Act: Creates an independent commission to study Fannie Mae and Freddie Mac for making the decisions that led to the enterprises, financial instability and the subsequent Federal conservatorship of such enterprises.
- H. Res. 1452 (Garrett-Kaptur) Establishing the Select Committee on Financial Bailouts: Creates a Committee to investigate the actions taken by the Fed and the Treasury related to the stream of investment bank and GSE bailouts, the oversight role of the Board of Directors of Fannie Mae and Freddie Mac and their efforts to protect the interests of taxpayers and the appropriateness of their compensation; and the role that political influence may have had on the oversight of the financial markets.
- H. Res 181 : Expressing the sense of the House of Representatives that the States should enact a temporary moratorium on residential mortgage foreclosures. The Resolution expresses the sense of the House of Representatives that the President of the United States should declare a national residential mortgage foreclosure emergency and, through such declaration, encourage the States, by use of their police power, to enact a moratorium on residential mortgage foreclosures similar to the moratorium enacted by the State of Minnesota in 1933 and upheld by the Supreme Court of the United States in Home Building & Loan Association v. Blaisdell (290 U.S. 398 (1934)); and the States should exercise such power and enact such a moratorium.
- H.R. 1123 Produce the Note Act of 2009: The bill requires that before any judicial or non-judicial residential foreclosure can proceed, the person commencing the foreclosure submits a report to the court or the subdivision of the State overseeing the sale of a property, prepared by an independent party, which includes multiple information including what entity actually owns the mortgage and requires that the entity provide notice to the mortgator, no less than 5 days before any action is taken and certify the court or the State subdivision that such notice has been provided, and that the notice include multiple avenues to seek to find an alternative solution to foreclosure.
- H.R. 1929 Fannie Mae and Freddie Mac Investigative Commission Act: The bill creates an independent commission to study Fannie Mae and Freddie Mac for making the decisions that led to the enterprises, financial instability, and the subsequent Federal conservatorship of such enterprises. This is an augmented version than that introduced in the previous Congress, and includes such aspects as subpoena power for the Commission.
Click on video below to view Marcy's most recent speech on the economy:
Other Floor speeches on the crisis:
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January 21, 2010: Wall Street Greed |
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January 20, 2010: Wall Street Lineup |
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January 13, 2010: Government Cannot Be the Open Arm for Wall Street's High Risk Future Behavior |
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December 16, 2009: Credit is Still Frozen in this Country |
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December 10, 2009: America Needs a Real Wall Street Reform Bill |
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November 18, 2009: Jobs Now Caucus |
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April 28, 2009: Give America Back to the American People [transcript] |
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February 12, 2009: Don't Use Federal Funds to Buy At-Risk Loans [transcript ] |
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January 26, 2009: Our Economy [transcript] |
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January 22, 2009: Resolution of Disapproval of TARP [transcript] |
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January 22, 2009: TARP: More of the Same Bad Policies [transcript] |
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January 13, 2009: "Wall Street Banksters are Coming Back to Mama" [transcript] |
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September 25, 2008: "America needs a real financial reform, not a bailout." [transcript] |
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September 24, 2008: "Hold your horses." [transcript] |
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September 23, 2008: "No Bailout For Executives." [transcript] |
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September 22, 2008: The Game of "Bailout" [transcript] |
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September 18, 2008: Congress should be helping Main Street, not Wall Street |
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September 17, 2008: Coming home to Mama |
