Pete Sessions

Mr. SESSIONS

Mr. SESSIONS. I appreciate the gentleman advising me of such. Madam Speaker, at this time I would like to yield 2 minutes to the gentleman from Rockledge, Florida (Mr. Posey).

Mr. SESSIONS. Madam Speaker, I yield myself such time as I may consume. Madam Speaker, as I said earlier, while it's important to provide consumer safety and security in the marketplace, our constituents are more concerned with the economy, the debt and the loss of jobs. When my friends on the other side of the aisle finally focus on this, I think we are going to start making advances for the American people to reduce our debt and to get back to where we have a growing economy. Week after week we come to the House floor to debate bills that kill and diminish jobs. It's not what I want to spend my time doing, but, by golly, the Republican Party is going fight the Democrat Party all the way on these job-killing bills, whether it's cap-and-trade, health care, or government takeover of the financial sector. And we are talking about millions of jobs at a time that are coming up for unemployment. The Republican Party will stand up for the American people. I would like to encourage our friends and Democrats to start listening to the American people. Stop the borrowing, stop the taxing, stop the spending policies, including an 85 percent increase in spending in a 2-year cycle increase, that have led this country to record deficits and record unemployment. Unfortunately, due to a tragic event that happened back in my home State, I will be unable to be here tomorrow to vote ``no'' on all these bills. I will be attending a funeral tomorrow in Dallas, Texas, of a dear friend. However, if I were here, I would vote ``no''--``no'' on taxing, ``no'' on spending, and ``no'' on bigger government. So I will encourage my colleagues right now to do the same. Just say ``no.'' We have heard that before. Just say ``no'' to more taxes, more spending, and more unemployment in this country. Madam Speaker, I yield back the balance of my time.

Mr. SESSIONS. Madam Speaker, on that I demand the yeas and nays.

Mr. SESSIONS

Mr. SESSIONS. Madam Chair, I have an amendment at the desk, amendment No. 2.

Mr. SESSIONS. Madam Chair, since 2002, Congress has significantly built upon the budget, the payroll, and the authorities of the Securities and Exchange Commission to provide proper investor and consumer protections. Among the SEC's many responsibilities is handling regulatory disputes, which they were engaged in on a day-to-day basis. The bill we are considering today once again increases the Securities and Exchange Commission budget by doubling their multibillion dollar budget, by doubling their multibillion dollar budget. My Democratic colleagues claim that the additional monies will provide additional protection for consumers and investors. However, instead of allowing the Securities and Exchange Commission to use these new resources assigned in this legislation to enhance enforcement, my friends on the other side of the aisle, in this bill, assign new private rights of actions to allow trial lawyers to run wild with enforcement capacities. Madam Chair, I know that my friends, the Democrats, want both bigger government and an open house for trial lawyers. If they double the SEC's budget to ensure the necessary protections, then why would they also open this up to trial lawyers as well? For these reasons, I have introduced amendment No. 2, which strikes the provisions creating a new private right of action against credit rating agencies. Despite the fact that the SEC is already handling regulatory disputes with no backlog, this new provision allows trial lawyers to take regulatory enforcement into their own hands in the form of frivolous, unnecessary lawsuits. When it comes to a case of fraud, investors already have the right to sue credit rating agencies. This provision is completely unnecessary, and I encourage all of my colleagues to support my amendment to allow the SEC to do their job. I yield the balance of my time to the gentleman, my friend from New Jersey (Mr. Garrett) to control.

Mr. SESSIONS. Madam Chairman, my friends who are arguing on behalf of trial lawyers usually argue on behalf of government, and now we're hearing about how government's really not empowered and really not going to do their job. But, at the same time, we look at a lower standard in this bill where we take it from knowingly or recklessly or grossly negligent to just gross negligence, a lower standard. This lower standard is there to help the trial lawyers. Trial lawyers do not build value in this country. They diminish the value. We need to give the SEC the authority, the responsibility. We're already giving them the money. The SEC will double in size of the amount of money that they get as a result of this bill. We're empowering the SEC to do their job. We should not lower the standard and then allow the trial bar to come after what should be an enforcement action. An enforcement action is what this statute should be all about with the credit rating agencies. I'll support my amendment.

Mr. SESSIONS. Madam Chairman, I demand a recorded vote.

Mr. SESSIONS

Mr. SESSIONS. Parliamentary inquiry.

Mr. SESSIONS. The question is, could the Speaker please advise us of the time that is being consumed. Does it come off the time that would be allowed in the rule for debate by the gentlewoman from New York?

Mr. SESSIONS. Mr. Speaker, I reserve the right to object.

Mr. SESSIONS. Mr. Speaker, I believe that what is occurring is that the facts of the case are that this has gone beyond the rules of the House in the presentation, and I object and would ask for regular order.

Mr. SESSIONS. Mr. Speaker, I reserve the right to object.

Mr. SESSIONS. Mr. Speaker, I believe what is occurring now is not only opposed to the House rules but is containing further comment, which was not allowed in the rule nor in the general provisions of the House.

Mr. SESSIONS. Mr. Speaker, parliamentary inquiry.

Mr. SESSIONS. Could the Speaker please advise me about the time that is presently being consumed?

Mr. SESSIONS. Mr. Speaker, I object. Parliamentary Inquiry

Mr. SESSIONS. Mr. Speaker, I would ask to be heard. Mr. Speaker, the Republicans are asking for an extension of 1 hour on both sides under the rule that will equally allow both sides 30 additional minutes to be heard, because it's obvious that Members of Congress need to be heard and this rule does not provide the amount of time necessary, and the people who are here is an example of why this is wrong.

Mr. SESSIONS. Mr. Speaker, I would like to inquire of the time remaining on both sides.

Mr. SESSIONS. Mr. Speaker, I appreciate that. Mr. Speaker, at this time, I would like to yield to the gentlewoman from Ohio (Mrs. Schmidt) for a unanimous consent request. (Mrs. SCHMIDT asked and was given permission to revise and extend her remarks.)

Mr. SESSIONS. Mr. Speaker, I would like to yield to the gentlewoman from Oklahoma (Ms. Fallin) for a unanimous consent request. (Ms. FALLIN asked and was given permission to revise and extend her remarks.)

Mr. SESSIONS. Mr. Speaker, I yield to the gentlewoman from Tennessee (Mrs. Blackburn) for a unanimous consent request. (Mrs. BLACKBURN asked and was given permission to revise and extend her remarks.)

Mr. SESSIONS. Mr. Speaker, I yield to the gentlewoman from California (Mrs. Bono Mack) for a unanimous consent request. (Mrs. BONO MACK asked and was given permission to revise and extend her remarks.)

Mr. SESSIONS. Mr. Speaker, I yield to the gentlewoman from Florida (Ms. Ros-Lehtinen) for a unanimous consent request. (Ms. ROS-LEHTINEN asked and was given permission to revise and extend her remarks.)

Mr. SESSIONS. Mr. Speaker, I yield to the gentlewoman from Michigan (Mrs. Miller) for a unanimous consent request. (Mrs. MILLER of Michigan asked and was given permission to revise and extend her remarks.)

Mr. SESSIONS. Mr. Speaker, I yield to the gentlewoman from the State of Washington (Mrs. McMorris Rodgers) for a unanimous consent request. (Mrs. McMORRIS RODGERS asked and was given permission to revise and extend her remarks.)