Wendy Sherman: “Well, the $700 billion bankers' bailout bill is back. Many of my colleagues didn't enjoy voting on it twice last year…”

“Well, the $700 billion bankers' bailout bill is back. Many of my colleagues didn't enjoy voting on it twice last year, but it is back. It is back with two votes--one vote this week, one vote next week. This week, we will vote on Chairman Frank's bill (H.R. 384) to improve the TARP legislation, the $700 billion bill. I believe that Chairman Frank's bill is a step in the right direction but insufficient. Then on Friday, the Senate is expected to take up a resolution of disapproval. As you remember, the bill we passed last year, TARP, says that the executive branch gets the last $350 billion as soon as they ask for it, or 15 days after they ask for it, unless both the House and Senate pass a resolution of disapproval, and it provides for expedited consideration of such a resolution. So next Friday, January 16th, the Senate is expected to vote on a resolution of disapproval. Then on the following Wednesday, January 21, we will vote on a resolution of disapproval. Such a resolution would be effective only in the unusual circumstance that it passes both Houses of Congress, and even then it is subject to a possible Presidential veto. Still, this House must carry out its responsibilities. This week, hopefully the Rules Committee will allow us to consider amendments to strengthen Chairman Frank's bill. And next week we have to vote on releasing the second $350 billion.”