The House Is Not In Session
House Session - June 30, 2010

The House voted 237-192 for the Dodd-Frank financial regulations law, which makes changes to financial market regulations. The legislation creates a panel of regulators chaired by the treasury secretary that will monitor risks in the financial system.

Speakers:
Time
Action
  • 10:08:37 AM

    THE SPEAKER

    THE HOUSE WILL BE IN ORDER. THE PRAYER WILL BE OFFERED BY THE GUEST…

    THE HOUSE WILL BE IN ORDER. THE PRAYER WILL BE OFFERED BY THE GUEST CHAPLAIN, REVEREND DR. ROBERT HENDERSON, FIRST BAPTIST CHURCH, LINCOLN, ILLINOIS.

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  • 10:08:48 AM

    THE CHAPLAIN

    AND IMPURE MOTIVATIONS AS WE PRAY TO YOU THIS DAY. FORGIVE US OF OUR…

    AND IMPURE MOTIVATIONS AS WE PRAY TO YOU THIS DAY. FORGIVE US OF OUR ARROGANCE, SELFISHNESS AND GREED. THIS MORNING WE ASK FOR YOUR BLESSING UPON OUR NATION, RESTORE OUR HOPE, STRENGTHEN OUR FAITH AND TEACH US YOUR LOVE, ENABLE US TO BE A NATION THAT CARES AS WE PURSUE PEACE, PRACTICE MERCY AND OFFER COMPASSION. WE PRAY, O LORD, THAT YOU WOULD ESTABLISH THE CAUSE OF THE FAITHFUL, GIVE COMFORT TO THOSE THAT SUFFER AND SET RIGHT THE INJUSTICES WITHIN OUR NATION AND THE WORLD. PROTECT THOSE THAT DEFEND OUR CHERISHED FREEDOMS AS THEY SERVE WITHIN OUR MILITARY BRANCHES. GIVE WISDOM TO OUR COMMUNITY LEADERS, OUR COURTS AND OUR NATIONAL REPRESENTATIVES. RENEW OUR COMMITMENT OF SERVICE TO THE PEOPLE OF OUR NATION AND TO THE GREATER GOOD OF ALL HUMANITY. THESE THINGS WE PRAY IN THE NAME OF OUR LORD, JESUS CHRIST. AMEN.

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  • 10:09:51 AM

    THE SPEAKER

    THE CHAIR HAS EXAMINED THE JOURNAL OF THE LAST DAY'S PROCEEDINGS AND…

    THE CHAIR HAS EXAMINED THE JOURNAL OF THE LAST DAY'S PROCEEDINGS AND ANNOUNCES TO THE HOUSE HER APPROVAL THEREOF. PURSUANT TO CLAUSE 1 OF RULE 1 THE JOURNAL STANDS APPROVED. THE PLEDGE OF ALLEGIANCE WILL BE LED BY THE GENTLEMAN FROM SOUTH CAROLINA, CONGRESSMAN WILSON.

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  • 10:10:07 AM

    MR. WILSON

    GALLERY PLEASE PARTICIPATE? I PLEDGE ALLEGIANCE TO THE FLAG OF THE UNITED…

    GALLERY PLEASE PARTICIPATE? I PLEDGE ALLEGIANCE TO THE FLAG OF THE UNITED STATES OF AMERICA AND TO THE REPUBLIC FOR WHICH IT STANDS, ONE NATION UNDER GOD, INDIVISIBLE, WITH LIBERTY AND JUSTICE FOR ALL.

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  • 10:10:26 AM

    THE SPEAKER

    WITHOUT OBJECTION, THE GENTLEMAN FROM ILLINOIS, CONGRESSMAN SCHOCK, IS…

    WITHOUT OBJECTION, THE GENTLEMAN FROM ILLINOIS, CONGRESSMAN SCHOCK, IS RECOGNIZED FOR ONE MINUTE.

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  • 10:10:33 AM

    MR. SCHOCK

    THANK YOU, MADAM SPEAKER. AND THE MY HONOR TO WELCOME TO THE CHAMBER…

    THANK YOU, MADAM SPEAKER. AND THE MY HONOR TO WELCOME TO THE CHAMBER PASTOR HENDERSON WHO JUST GAVE US THE OPENING PRAYER. PASTOR HENDERSON CONTACTED ME WHEN HE WAS PLANNING HIS FAMILY'S TRIP TO WASHINGTON, D.C., AND IT HAD BEEN A DREAM OF HIS TO GIVE THE OPENING PRAYER AND I WAS PLEASED TO BE ABLE TO RECOMMEND HIM TO THE SPEAKER TO HAVE THAT PRIVILEGE. IN ADDITION TO HIS DUTIES AT HIS HOME CHURCH OF FIRST BAPTIST CHURCH LOCATED IN MY DISTRICT IN LINCOLN, ILLINOIS, HE'S ALSO A PASTOR FOR MEMORIAL MEDICAL CENTER LOCATED IN SPRINGFIELD, ILLINOIS. IN ADDITION TO THAT, HE'S A PUBLIC SERVANT IN HIS OWN RIGHT, BEING ELECTED TO HIS SECOND TERM NOW FOR THE WEST LINCOLN SCHOOL BOARD. HE'S IN A WHOLE HOST OF ORGANIZATIONS, CONSTANDLY GIVING BACK TO HIS FAMILY -- CONSTANTLY GIVING BACK TO HIS FAMILY. A MEMBER OF THE ORCHESTRA, AN OFFICER OF THE CAN YOU BE SCOUTS ORGANIZATION IN HIS COMMUNITY -- AN OFFICER OF THE CUB SCOUTS ORGANIZATION IN HIS COMMUNITY. HE'S JOINED BY HIS WIFE, MELISSA, HIS DAUGHTER, BURR GANDHI, AND HIS -- BURGHANDY, HIS SON, JOSHUA. WE WELCOME YOU TO THE CAPITOL AND THANK YOU FOR OFFERING UP THE PRAYER THIS MORNING. WITH THAT, MADAM SPEAKER, I YIELD BACK.

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  • 10:11:55 AM

    THE SPEAKER

    THANK YOU, MR. SCHOCK. THE CHAIR WILL ENTERTAIN UP TO 15 ADDITIONAL ONE…

    THANK YOU, MR. SCHOCK. THE CHAIR WILL ENTERTAIN UP TO 15 ADDITIONAL ONE MINUTES ON EACH SIDE OF THE AISLE. FOR WHAT PURPOSE DOES THE GENTLEWOMAN FROM CALIFORNIA RISE?

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  • 10:12:06 AM

    >>

    TO ADDRESS THE HOUSE FOR ONE MINUTE AND TO REVISE AND EXTEND.

  • 10:12:14 AM

    MS. LOFGREN

    TALK ABOUT THE SERVICE OF A CORPORAL WHO WAS KILLED IN ACTION IN THE…

    TALK ABOUT THE SERVICE OF A CORPORAL WHO WAS KILLED IN ACTION IN THE HELLMAN PROVINCE OF AFGHANISTAN. HE WAS 23 YEARS OLD. KEVIN WAS BORN IN SANTA CLARA COUNTY. AT WEST MONTH HIGH, KEVIN WAS PART OF THE FOOTBALL, WRESTLING TEAMS. FOLLOWING HIGH SCHOOL, DETERMINED TO SERVE HIS COUNTRY AND HIS FAMILY, KEVIN ENLISTED IN THE MARINES AND WAS ASSIGNED TO THE THIRD BATTALION, SEVENTH MARINE REGIMENT, MARINE EXPEDITIONARY FIRST BASED IN 29 PALMS, CALIFORNIA. HE SERVED A TOUR IN IRAQ IN 2009 BEFORE BEING DEPLOYED TO AFGHANISTAN EARLIER THIS YEAR. LAST WEEK HE WAS TRAGICALLY KILLED WHEN HIS PATROL WAS STRUCK BY A ROADSIDE BOMB WHILE CONDUCTING COMBAT OPERATIONS. HIS AWARDS AND DECLARATIONS INCLUDE THE PURPLE HEART, THE NAVY AND MARINE CORPS ACHIEVEMENT MEDAL, THE NATIONAL DEFENSE SERVICE MEDAL AND THE GLOBAL WAR ON TERRORISM SERVICE MEDAL. CORPORAL QUADO LEAVES BEHIND HIS PARENTS AND YOUNGER BROTHER. I EXTEND MY SINCEREST GRATITUDE TO HIM AND MY CONDOLENCES TO HIS FAMILY AND I ASK EVERY MEMBER OF THE HOUSE TO JOIN ME IN HONORING HIS SERVICES TO OUR COUNTRY. I YIELD BACK.

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  • 10:13:41 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLELADY YIELDS BACK THE BALANCE OF HER TIME. FOR WHAT PURPOSE DOES…

    THE GENTLELADY YIELDS BACK THE BALANCE OF HER TIME. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM SOUTH CAROLINA RISE?

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  • 10:13:47 AM

    MR. WILSON

    MR. SPEAKER, I ASK PERMISSION TO ADDRESS THE HOUSE FOR ONE MINUTE AND TO…

    MR. SPEAKER, I ASK PERMISSION TO ADDRESS THE HOUSE FOR ONE MINUTE AND TO REVISE AND EXTEND MY REMARKS.

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  • 10:13:51 AM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION, SO ORDERED.

  • 10:13:53 AM

    MR. WILSON

    MR. SPEAKER, CONGRATULATIONS TO COACH RAY TANNER AND THE TALENTED PLAYERS…

    MR. SPEAKER, CONGRATULATIONS TO COACH RAY TANNER AND THE TALENTED PLAYERS AT THE UNIVERSITY OF SOUTH CAROLINA GAMECOCKS FOR WINNING THE COLLEGE WORLD SERIES OF BASEBALL AT OMAHA, NEBRASKA. WHEN IT COMES TO REDUCING WASHINGTON'S OUT-OF-CONTROL SPENDING, REPUBLICANS CONTINUE TO PUT FORWARD MORE WAYS TO SAVE. ONE TOUCH PROPOSAL IS THIS WEEK'S YOUCUT BILL INTRODUCED BY CONGRESSMAN PHIL GINGREY TO SAVE TAXPAYERS $1.2 BILLION IN 10 YEARS BY PROHIBITING TAXPAYER FUNDING FOR UNION ACTIVITIES. FEDERAL EMPLOYEE UNIONS ARE SUBSIDIZED BY HARDWORKING TAXPAYERS WHILE THEY ENGAGE IN LOBBYING AND POLITICAL ACTIVITIES. THIS COSTS THE TAXPAYERS OVER $100 MILLION A YEAR. AMERICANS SHOULD BE ALARMED ABOUT A $13 TRILLION DEFICIT. WE SHOULD NOTE THE IMAGES OF RIOTS IN GREECE. WHAT I ASK, WHAT WILL IT TAKE FOR REAL CHANGE HERE? IN CONCLUSION, GOD BLESS OUR TROOPS AND WE WILL NEVER FORGET SEPTEMBER 11 AND THE GLOBAL WAR ON TERRORISM.

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  • 10:14:49 AM

    THE SPEAKER PRO TEMPORE

    THE CHAIR LAYS BEFORE THE HOUSE THE FOLLOWING ENROLLED BILL.

  • 10:14:58 AM

    THE CLERK

    SENATE JOINT RESOLUTION 33, JOINT RESOLUTION TO PROVIDE FOR THE…

    SENATE JOINT RESOLUTION 33, JOINT RESOLUTION TO PROVIDE FOR THE RECONSIDERATION AND REVISION OF THE PROPOSED CONSTITUTION OF THE UNITED STATES VIRGIN ISLANDS TO CORRECT PROVISIONS INCONSISTENT WITH THE CONSTITUTION AND FEDERAL LAW.

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  • 10:15:13 AM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLEMAN FROM NORTH CAROLINA RISE?

  • 10:15:17 AM

    MR. ETHERIDGE

    TO ADDRESS THE HOUSE FOR ONE MINUTE AND TO REVISE AND EXTEND.

  • 10:15:20 AM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION, SO ORDERED.

  • 10:15:29 AM

    MR.TH RIDGE

    TO TALK ABOUT WALL STREET ABUSES. FOR TOO LONG WALL STREET FAT CATS…

    TO TALK ABOUT WALL STREET ABUSES. FOR TOO LONG WALL STREET FAT CATS GAMBLED WITH OUR FUTURE AND RAN OUR ECONOMY INTO THE DITCH. NORTH CAROLINA FAMILIES WHO I HEAR FROM EVERY DAY PAID THE PRICE. WHY? BECAUSE WALL STREET'S PROTECTORS LOOK THE OTHER WAY WHILE ABUSES RAN RAMPANT. WE HAVE SEEN WHAT THAT MEANS TO MAIN STREET AND RURAL AMERICA. EIGHT MILLION JOBS LOST, $17 MILLION IN HARD-EARNED FAMILY SAVINGS, SAVINGS FOR RETIREMENT, COLLEGE, HOME BUYING ALL WIPED OUT OVERNIGHT. TODAY WE HAVE AN OPPORTUNITY TO SAY ENOUGH. BUT THE SAME FOLKS WHO SAID NO TO HELPING OUT WORKING AMERICANS YESTERDAY ARE TRYING TO SAY NO TO REINING IN WALL STREET ABUSES TODAY. I CALL ON MY COLLEAGUES TO PUT ASIDE THES -- THEIR DIFFERENCES AND PUT AMERICA BEFORE WALL STREET AND JOIN ME IN SUPPORTING THE WALL STREET REFORM AND CONSUMER PROTECTION ACT. I YIELD BACK.

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  • 10:16:22 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM TEXAS RISE?

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  • 10:16:27 AM

    MR. POE

    TO ADDRESS THE HOUSE FOR ONE MINUTE.

  • 10:16:29 AM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION, SO ORDERED.

  • 10:16:31 AM

    MR. POE

    A MONTH AGO THE ADMINISTRATION PROMISED TO SEND 1,200 NATIONAL GUARD…

    A MONTH AGO THE ADMINISTRATION PROMISED TO SEND 1,200 NATIONAL GUARD TROOPS TO THE BORDER, BUT THE TROOPS STILL AREN'T THERE. NOW THE WHITE HOUSE IS SAYING IT WILL BE ANOTHER MONTH BEFORE THERE IS A STEEP RAMP UP OF THE TROOPS AND THEY'LL BE THERE ONLY FOUR MONTHS AND THERE WILL BE A COMPLETE RAMP DOWN BY JUNE OF 2011 AND THEY'LL BE UNARMED NATIONAL GUARDSMEN. YOU SEE THE TROOPS AREN'T ACTUALLY GOING TO THE BORDER, THERE WILL BE UNARMED GUARDS GUARDING COMPUTERS 50 MILES NORTH OF THE BORDER AND 1,200 TROOPS BUT THEY ALL WON'T BE THERE AT THE SAME TIME. THAT'S LIKE SAYING THE STORE'S OPENED 24 HOURS BUT NOT 24 HOURS IN A ROW. WHAT KIND OF BORDER SECURITY PLAN IS THAT? THERE IS NO SENSE OF URGENCY TO STOP THE VIOLENCE AND THE KILLING ALONG THE BORDER. TOO MUCH RHETORIC AND TOO LITTLE ACTION COMING OUT OF THE WHITE HOUSE. LIKE MY GRANDFATHER USED TO SAY, THERE'S MORE THUNDER THAN RAIN. THAT'S JUST THE WAY IT IS.

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  • 10:17:24 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES THE GENTLELADY FROM TEXAS RISE?

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  • 10:17:31 AM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION.

  • 10:17:38 AM

    MS. JACKSON LEE

    MR. SPEAKER, TELL ME IT'S NOT TRUE. REPUBLICANS AGAIN ARE ATTACKING SOCIAL…

    MR. SPEAKER, TELL ME IT'S NOT TRUE. REPUBLICANS AGAIN ARE ATTACKING SOCIAL SECURITY. YESTERDAY OUR MINORITY LEADER INDICATED THAT HE WANTED SWEEPING CUTS IN SOCIAL SECURITY . SOUNDS LIKE DEJA VU. WHEN THE REPUBLICANS STOOD SIDE BY SIDE SAYING PRIVATIZE SOCIAL SECURITY. CAN YOU BELIEVE THAT THE REPUBLICANS ARE NOW STANDING WITH RAISING THE LEVEL OF THE AGE FOR RETIREES TO GET SOCIAL SECURITY? TO AGE 70? CAN YOU BELIEVE THERE WILL BE A MEANS TEST THAT YOU WON'T BE ABLE TO GET SOCIAL SECURITY IF YOU EARN A CERTAIN AMOUNT? CAN YOU BELIEVE THEY WANT TO TAKE THIS MONEY TO PAY FOR THE IRAQ AND AFGHAN WAR? CAN YOU BELIEVE THEY ARE FIGHTING DEMOCRATS TO NOT EXTEND UNEMPLOYMENT BENEFITS? CAN YOU BELIEVE THAT THEY ARE FIGHTING US FROM CREATING JOBS AS DEMOCRATS ARE DOING. GIVING OPPORTUNITIES FOR SMALL BUSINESSES. I REALLY CAN'T BELIEVE IT, MR. SPEAKER. HERE WE GO AGAIN. THE CUTTING SENIORS AGAIN, RAISING THE SOCIAL SECURITY RATE. WHAT ARE WE GOING TO DO? FIGHT BACK AS DEMOCRATS AND STAND WITH OUR PEOPLE. I YIELD BACK.

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  • 10:18:51 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLELADY'S TIME HAS EXPIRED. FOR WHAT PURPOSE DOES THE GENTLEMAN…

    THE GENTLELADY'S TIME HAS EXPIRED. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM TEXAS RISE?

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  • 10:18:55 AM

    >>

    HOUSE FOR ONE MINUTE. REVISE AND EXTEND.

  • 10:19:00 AM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION, SO ORDERED.

  • 10:19:02 AM

    MR. JOHNSON

    THANK YOU. YOU KNOW, LAST WEEK THE HOUSE LATER ANNOUNCED THAT DEMOCRATS…

    THANK YOU. YOU KNOW, LAST WEEK THE HOUSE LATER ANNOUNCED THAT DEMOCRATS WILL NOT CRAFT A BUDGET THIS YEAR. INSTEAD OF GOING LINE BY LINE TO SEE WHAT PROGRAMS COULD BE ELIMINATED OR REDUCED, THEY IGNORING THE DIRE WARNINGS OF ECONOMISTS AND CONTINUING ON THEIR SPENDING FRENZY. NO BUDGET, NO PROBLEM. NOT ENOUGH MONEY? NO PROBLEM. THEY'LL JUST RAISE TAXES ON THE MIDDLE CLASS, BREAKING THEIR PROMISE NOT TO RAISE TAXES ON FAMILIES EARNING LESS THAN $250,000. THEY NEED TO PRODUCE A BUDGET AND STOP THE OUT-OF-CONTROL SPENDING THAT HAS PUSHED OUR NATIONAL DEBT PAST $13 TRILLION. I DON'T KNOW WHAT'S WORSE, FAILING TO PRODUCE A BUDGET OR HOW THE DEMOCRATS ALREADY HAVE RESIGNED TO THE FACT THEY WILL RAISE TAXES ON MIDDLE CLASS FAMILIES TO PAY FOR THEIR WASTEFUL WAYS. AMERICANS WANT, NEED, AND DESERVE BETTER. MAKE A BUDGET. CUT SPENDING FOR OUR FREEDOM, FOR OUR FUTURE. YIELD BACK.

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  • 10:20:06 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM OREGON RISE?

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  • 10:20:12 AM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION, SO ORDERED.

  • 10:20:15 AM

    >>

    LONG AS I HAVE BEEN IN CONGRESS I HAVE WORKED ON BEING A PROPONENT OF BIKE…

    LONG AS I HAVE BEEN IN CONGRESS I HAVE WORKED ON BEING A PROPONENT OF BIKE PARTISANSHIP.

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  • 10:20:20 AM

    MR. BLUMENAUER

    SOMETHING THAT EVERYBODY OUGHT TO BE ABLE TO AGREE ON. THAT'S WHY I HAVE…

    SOMETHING THAT EVERYBODY OUGHT TO BE ABLE TO AGREE ON. THAT'S WHY I HAVE BEEN APPALLED AT THE REPEATED ATTACKS ON CYCLING ON THE REPUBLICAN LEADERSHIP. THE LATEST IS FOR THE SECOND TIME REPUBLICAN WHIP CANTOR HAS OFFERED ON THE CHOPPING BLOCK SAFE ROUTES TO SCHOOL. THIS IS A PROGRAM IN 68 SCHOOLS ACROSS THE COUNTRY THAT HAS BEEN REQUESTED BY THREE TIMES THAT NUMBER. PEOPLE KNOW THAT CHILDREN UNDER 14, 1/3 OF ALL THEIR DEATHS OCCUR WHEN A CAR HITS THEM WHEN THEY ARE BIKING OR WALKING. IN MY OLD GRADE SCHOOL ON A VERY BUSY STREET, THESE GRANTS HAVE REDUCED CRASHES BY 25% AND PEDESTRIAN INJURIES BY 34%. THIS IS A COMMONSENSE PROGRAM SUPPORTED BY PEOPLE REGARDLESS OF THEIR PARTY. WHEN CHILDREN CAN BIKE OR WALK SAFELY TO SCHOOL, WE WON'T BE WORRIED ABOUT 300-POUND MORBIDLY OBESE SIXTH GRADERS AN SECOND RAIN SHOWER AS PEOPLE TAKE THEIR KIDS TO SCHOOL. -- RUSH HOUR AS PEOPLE TAKE THEIR KIDS TO SCHOOL. AND ALL OUR FAMILIES WILL BE SAFER, HEALTH YOUR, AND MORE ECONOMICALLY SECURE.

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  • 10:21:24 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM TEXAS RISE?

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  • 10:21:28 AM

    >>

    ADDRESS THE HOUSE FOR ONE MINUTE. REVISE AND EXTEND MY REMARKS.

  • 10:21:30 AM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION, SO ORDERED.

  • 10:21:34 AM

    MR. SMITH

    SPEAKER, A RECENT NBC NEWS SURVEY FOUND THAT OVER HALF OF ALL AMERICANS…

    SPEAKER, A RECENT NBC NEWS SURVEY FOUND THAT OVER HALF OF ALL AMERICANS DISAPPROVE OF HOW PRESIDENT OBAMA IS HANDLING THE IMMIGRATION ISSUE. AN OVERWHELMING 73% SUPPORT IMPOSING NEW FINES ON BUSINESSES THAT HIRE ILLEGAL IMMIGRANTS. 71% SUPPORT INCREASING BORDER SECURITY BY BUILDING A FENCE ALONG THE BORDER AND TRAINING MORE BORDER SECURITY AGENTS. SO IT'S NO SURPRISE THE REPUBLICANS ARE VIEWED MORE FAVORABLY WHEN IT COMES TO ENFORCING THE BORDER. IN FACT, A SURVEY FOUND THAT ONLY 26% OF REGISTERED VOTERS ARE LIKELY TO VOTE FOR A DEMOCRATIC CANDIDATE WHO OPPOSES THE ARIZONA IMMIGRATION ENFORCEMENT LAW. THE AMERICAN PEOPLE ARE NOT GOING TO FORGET ABOUT THE OBAMA ADMINISTRATION'S FAILURE TO SECURE OUR BORDERS AND ENFORCE OUR NATION'S IMMIGRATION LAWS.

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  • 10:22:29 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM CALIFORNIA RISE?

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  • 10:22:33 AM

    >>

    CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE. REVISE AND EXTEND MY REMARKS.

  • 10:22:36 AM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION, SO ORDERED.

  • 10:22:39 AM

    MR. COSTA

    FOR WHAT PURPOSE DOES THE GENTLEMAN FROM TEXAS RISE?

  • 10:23:47 AM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLEMAN FROM TEXAS RISE?

  • 10:23:50 AM

    >>

    THE HOUSE FOR ONE MINUTE. REVISE AND EXTEND MY REMARKS.

  • 10:23:52 AM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION, SO ORDERED.

  • 10:23:56 AM

    MR. NEUGEBAUER

    THE AMERICAN PEOPLE ARE TIRED OF MORE SPENDING, MORE BORROWING, MORE…

    THE AMERICAN PEOPLE ARE TIRED OF MORE SPENDING, MORE BORROWING, MORE BAILOUTS, MORE DEBT, AND HERE WE GO DEEMING THINGS AGAIN. DEEMING IS NOT BUDGETING. THE DEMOCRATS' VERSION OF A BUDGET MEANS PICKING A DOLLAR AMOUNT FOR THIS YEAR WITHOUT EVEN LOOKING AT WHAT THE IMPACT FOR THE FUTURE IS. WE NEED A BUDGET PLAN THAT GUIDES SPENDING DECISIONS, BUT THE DEMOCRATS ARE TOO AFRAID TO MAKE A REAL ATTEMPT. DEEMING THINGS AS A BUDGET ISN'T THE ANSWER. REPUBLICANS WANT TO OFFER A BUDGET THAT REINS IN SPENDING, ADDRESSES THE $13 TRILLION NATIONAL DEBT, PROVIDES ECONOMIC CERTAINTY FOR SMALL BUSINESSES. SOME OF US HAVE CO-SPONSORED THE R.S.C. BUDGET THAT DOES THAT. WHILE OTHERS SAY THE PLAN IS TOO EXTREME IT SHOWS HOW MUCH CONGRESS IS SPENDING BEYOND ITS MEANS. THE AMERICAN FAMILIES HAVE TO LIVE WITHIN THEIR MEANS, WHY SHOULDN'T THE GOVERNMENT BE ANY DIFFERENT? THEY WANT CONGRESS TO GET SERIOUS AND MAKE TOUGH DECISIONS THAT WILL GET OUR SPENDING PROBLEMS UNDER CONTROL. OUR COUNTRY CAN'T AFFORD FOR CONGRESS TO AVOID HARD DECISION THAT IS WE WERE ELECTED TO DO. YOU CAN'T DEEM THINGS. YOU GOT TO DO THINGS.

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  • 10:24:57 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM NEW JERSEY RISE?

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  • 10:25:01 AM

    >>

    PERMISSION TO ADDRESS THE HOUSE FOR ONE MINUTE.

  • 10:25:03 AM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION, SO ORDERED.

  • 10:25:07 AM

    MR. SIRES

    SPEAKER, THE DISASTER IN THE GULF HAS MADE INCREASINGLY EVIDENT WE MUST…

    SPEAKER, THE DISASTER IN THE GULF HAS MADE INCREASINGLY EVIDENT WE MUST RE-EVALUATE OUR NATION'S ENERGY POLICY TO PRIORITIZE RENEWABLE ENERGY SOURCES AND FOCUS ON A CLEAN ENERGY ECONOMY. IT IS UNFORTUNATE IT HAS TAKEN A MANMADE TRAGEDY OF THIS SCALE TO OPEN OUR EYES TO BOTH THE ECONOMIC AND ENVIRONMENTAL DANGERS OF OFFSHORE DRILLING AND OUR RELINES ON FOSSIL FUELS. IN ADDITION TO ENSURING THAT B.P. IS HELD ACCOUNTABLE FOR THE DAMAGES DONE TO THE GULF COMMUNITY, WE MUST TAKE THIS TIME TO REFOCUS ON CLEAN ENERGY POLICIES TO ENSURE THAT THE CATASTROPHE OF THIS NATURE NEVER OCCURS AGAIN. COMPREHENSIVE ENERGY REFORM WILL NOT ONLY HELP PERFECT OUR PRISTINE COAST LINES BUT IT WILL ASSIST IN ENSURING THAT AMERICA STAYS COMPETITIVE IN THE GLOBAL ECONOMY. ACCORDING TO A NEW POLL RELEASED BY THE PEW RESEARCH CENTER, THE AMERICAN PEOPLE ARE NOW ON OUR SIDE, AND STRONGLY SUPPORT ALTERNATIVE ENERGY PRODUCTION. NOW IS A TIME TO LAUNCH A CLEANER, SMARTER, MORE COST-EFFECTIVE ENERGY FUTURE TO CREATE MILLIONS OF CLEAN ENERGY JOBS.

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  • 10:26:14 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM TEXAS RISE?

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  • 10:26:18 AM

    >>

    TO ADDRESS THE HOUSE FOR ONE MINUTE.

  • 10:26:19 AM

    THE SPEAKER PRO TEMPORE

    WOISHED. -- WITHOUT OBJECTION, SO ORDERED.

  • 10:26:23 AM

    MR. BRADY

    YESTERDAY CHINA AND TAIWAN SIGNED A FREE TRADE AGREEMENT TO OPEN UP…

    YESTERDAY CHINA AND TAIWAN SIGNED A FREE TRADE AGREEMENT TO OPEN UP MARKETS, CREATE JOBS, STRENGTHEN THEIR ECONOMY. YOU HAVE TO ASK YOURSELF IF THESE TWO BITTER POLITICAL RIVALS CAN WORK TOGETHER TO BOOST THE ECONOMY, WHY ISN'T THIS CONGRESS TAKING UP THE FREE TRADE AGREEMENT WITH COLOMBIA? COLOMBIA IS ONE OF AMERICA'S STRONGEST ALLIES. WITH OUR HELP THEY HAVE INSTILLED RULE OF LAW, DEFEATED THE FARC TERRORIST GROUP, THEY CREATED LABOR RIGHTS, AND LOWERED THEIR CRIME RATE BY 90%. WHILE FOR THREE YEARS, THIS CONGRESS HAS DONE NOTHING. OTHER COUNTRIES ARE NOW MOVING IN LINE AHEAD OF US AND OUR U.S. FARMERS ARE LOSING THEIR SALES TO COLOMBIA. CONGRESS DOES NOTHING. VENEZUELA HAS IMPOSED A TRADE AGREEMENT ON OUR ALLY COLOMBIA, THIS CONGRESS DOES NOTHING. IT'S TIME FOR CONGRESS TO TAKE UP AND PASS THE COLOMBIA FREE TRADE AGREEMENT THIS YEAR. I YIELD BACK.

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  • 10:27:19 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES THE GENTLELADY FROM NEVADA RISE?

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  • 10:27:27 AM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION, SO ORDERED.

  • 10:27:31 AM

    MS. TITUS

    RISE TODAY TO CONGRATULATE CHEF RICK NOONIAN ON HIS IMPRESSIVE SECOND…

    RISE TODAY TO CONGRATULATE CHEF RICK NOONIAN ON HIS IMPRESSIVE SECOND PLACE FINISH IN BRAVO'S "TOP CHEF MASTER" COMPETITION EARLIER THIS MONTH. HE'S DONATING HIS WINNINGS TO THREE SQUARE FOOD BANK IN LAS VEGAS WHERE THE $22,500 PRIZE MONEY WILL FUND THE EQUIVALENT OF 67,500 MEALS FOR SOUTHERN NEVADANS WHO ARE STRUGGLING WITH HUNGER. I WAS PLEASED TO JOIN HIM THIS PAST APRIL WHEN HE FURTHER DEMONSTRATED HIS COMMITMENT TO FIGHTING HUNGER BY SUPPORTING THE WEEKENDS WITHOUT HUNGER ACT. A BILL I INTRODUCED THAT WILL PREVENT LOW-INCOME CHILDREN FROM GOING HUNGRY WHEN THEY ARE AWAY FROM SCHOOL DURING THE WEEKEND AND ON HOLIDAYS. WE ARE HONORED TO HAVE A CHEF OF RICK'S STATURE AND SUCH A STRONG ADVOCATE FOR FIGHTING HUNGER IN SOUTHERN NEVADA. AGAIN I EXTEND MY CONGRATULATIONS TO THE CHEF AND THANK HIM FOR THE CONTRIBUTIONS HE'S MADE TO OUR COMMUNITY. I'M ALSO PROUD TO HAVE HIS WONDERFUL RESTAURANT, R.N. SEAFOOD IN DISTRICT THREE AND I URGE MY COLLEAGUES TO JOIN US TO SUPPORT THE WEEKENDS WITHOUT HUNGER ACT.

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  • 10:28:42 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLELADY YIELDS BACK HER TIME. FOR WHAT PURPOSE DOES THE GENTLEMAN…

    THE GENTLELADY YIELDS BACK HER TIME. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM TEXAS RISE?

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  • 10:28:45 AM

    >>

    WITHOUT OBJECTION, SO ORDERED.

  • 10:28:52 AM

    >>

    THANK YOU, MR. SPEAKER. MR. SPEAKER, WE ARE HERE TODAY ON THE FLOOR OF THE…

    THANK YOU, MR. SPEAKER. MR. SPEAKER, WE ARE HERE TODAY ON THE FLOOR OF THE HOUSE OF REPRESENTATIVES TALKING ABOUT TAXING AND SPENDING, JOBS, AND THE NEEDS OF THIS GREAT NATION. MR.

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  • 10:29:01 AM

    MR. SESSIONS

    BEGIN DEBATING A BILL WHICH WILL FURTHER TAX AND CAUSE FEES OF $18 BILLION…

    BEGIN DEBATING A BILL WHICH WILL FURTHER TAX AND CAUSE FEES OF $18 BILLION FOR CONSUMERS IN THE NEW BANKING BILL. A BANKING BILL THAT WILL COLLAPSE WHERE THERE'S $1 TRILLION WORTH OF EQUITY AND OTHER ARRANGEMENTS THAT CAN BE MADE THAT TODAY FUND AMERICAN BUSINESSES AND KEEP SMALL BUSINESSES ALIVE. MR. SPEAKER, I THINK IT'S TIME THAT WE CHANGE THE DIRECTION THAT WE ARE HEADING. TAXING AND SPENDING IS SOMETHING THAT THE AMERICAN PEOPLE DO NOT WANT OR NEED FOR THEIR FUTURE. THE UNEMPLOYMENT RATE STILL STAYS NEAR 10% AND SINCE TAKING OFFICE IN 2007 OUR DEMOCRAT FRIENDS HAVE SET A RECORD FOR DEFICITS, SPENDING, AND UNEMPLOYMENT. THE AMERICAN PEOPLE KNOW THIS AND THEY ARE SPEAKING OUT. I ENCOURAGE AMERICANS TO VISIT THE WEBSITE WWW.AMERICASPEAKINGOUT.COM. AMERICANS SPEAKING OUT IS AN OPPORTUNITY FOR AMERICANS TO HAVE A SAY IN THEIR GOVERNMENT. I YIELD BACK MY TIME.

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  • 10:30:06 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM MISSOURI RISE?

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  • 10:30:15 AM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION, SO ORDERED.

  • 10:30:22 AM

    MR. CLEAVER

    THANK YOU, MR. SPEAKER. I RECEIVED A PHONE CALL. WE SPOKE EXTENSIVELY BUT…

    THANK YOU, MR. SPEAKER. I RECEIVED A PHONE CALL. WE SPOKE EXTENSIVELY BUT PAINFULLY ABOUT THE PITIFUL ACTION TAKEN IN THIS BODY YESTERDAY. WE DENIED UNEMPLOYMENT BENEFITS TO AMERICAN CITIZENS WHO, THROUGH NO FAULT OF THEIR OWN, BECAME VICTIMS OF THE WORST RECESSION IN U.S. HISTORY. THEY LOST THEIR JOBS. THIS FOR ME WAS A VERY, VERY LOW POINT. THE SENATE HAS FAILED TO APPROVE SUMMER JOBS FOR YOUTH AS WELL AS EMERGENCY TANF RELIEF, TEMPORARY ASSISTANCE FOR FAMILIES IN NEED. MR. SPEAKER, WHEN I CAME TO CONGRESS I DIDN'T SIGN UP TO MAKE A MESS BUT TO MAKE A DIFFERENCE. WE ARE DAMAGING THE LIVES OF MEN AND WOMEN AND PAINFULLY IT IS FOR POLITICAL REASONS. I WENT HOME LAST NIGHT ASHAMED OF BEING IN THIS BODY. I YIELD BACK.

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  • 10:31:25 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM INDIANA RISE?

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  • 10:31:31 AM

    >>

    CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE AND TO REVISE AND EXTEND MY…

    CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE AND TO REVISE AND EXTEND MY REMARKS.

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  • 10:31:35 AM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION, SO ORDERED.

  • 10:31:38 AM

    MR. PENCE

    IS OUT OF CONTROL AND THE AMERICAN PEOPLE KNOW IT. $13 TRILLION NATIONAL…

    IS OUT OF CONTROL AND THE AMERICAN PEOPLE KNOW IT. $13 TRILLION NATIONAL DEBT, A $1.4 TRILLION DEFICIT THIS YEAR. AN 84% INCREASE IN NONDEFENSE DISCRETIONARY SPENDING SINCE THIS ADMINISTRATION TOOK OFFICE. THE DEMOCRAT MAJORITY'S ANSWERS SO FAR THIS YEAR, NO BUDGET. THE ANSWER TO THIS EXTRAORDINARY FISCAL CRISIS BY REFUSING TO LEAD IS UNACCEPTABLE. AFTER A YEAR OF AVOIDING HARD CHOICES, NOW WE HEAR THE LATEST DEMOCRATIC PLAN IS ACTUALLY TO BRING A BUDGET RESOLUTION TO THE FLOOR IN SOME PROCEDURAL MOTION KNOWN AS DEEMING. WELL, MR. SPEAKER, YOU CAN'T DEEM A BUDGET THAT YOU NEVER PASSED. THE AMERICAN PEOPLE LONG FOR LEADERSHIP IN WASHINGTON, D.C., THAT'S WILLING TO SIT DOWN ACROSS PARTY LINE AND FACE THE FISCAL AND ECONOMIC CRISIS OF THIS COUNTRY HEAD ON WITH HARD CHOICES. WE CAN'T GET THIS ECONOMY MOVING AGAIN UNTIL WE GET WASHINGTON, D.C., UNDER CONTROL. I URGE MY COLLEAGUES REJECT THIS PHONY, BOLOGNA DEEMING OF THE BUDGET. -- BALONEY DEEMING OF THE BUDGET. LET'S GIVE THE AMERICAN PEOPLE A BUDGET THEY DESERVE.

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  • 10:32:53 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN'S TIME HAS EXPIRED. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM…

    THE GENTLEMAN'S TIME HAS EXPIRED. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM OHIO RISE?

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  • 10:32:57 AM

    >>

    WITHOUT OBJECTION, SO ORDERED.

  • 10:33:00 AM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION, SO ORDERED.

  • 10:33:02 AM

    >>

    INSTEAD OF LEAVING IT IN THE HANDS OF WALL STREET BANKERS, THIS…

    INSTEAD OF LEAVING IT IN THE HANDS OF WALL STREET BANKERS, THIS LEGISLATION WILL CURVE THE RISKY PRACTICES AND FIX THE SYSTEMIC FLAWS THAT BROUGHT OUR ECONOMY TO THE BRINK. INSTEAD OF ALLOWING PREDATORY LENDING AND DANGEROUS EXPLANATION TO GO UNCHECKED, THIS WILL PROVIDE REAL PROTECTIONS FOR AMERICANS LOOKING TO INVEST OR TO BUY A HOME. WE CANNOT UNDO THE FAILURES OF PAST LEADERSHIPS, BUT WE CAN PREVENT ANOTHER ECONOMIC CRISIS LIKE THIS ONE. BY PASSING THE WALL STREET REFORM CONFERENCE REPORT, WE CAN CHARTER A NEW COURSE THAT WILL PUT AMERICA FIRST.

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  • 10:33:41 AM

    MR. DRIEHAUS

    FOR WHAT PURPOSE DOES THE GENTLEMAN FROM ILLINOIS RISE?

  • 10:34:14 AM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLEMAN FROM ILLINOIS RISE?

  • 10:34:17 AM

    >>

    WITHOUT OBJECTION, SO ORDERED.

  • 10:34:20 AM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION, SO ORDERED.

  • 10:34:22 AM

    >>

    THANK YOU, MR. SPEAKER. ON DISPLAY IN JERUSALEM AT THE MUSEUM, THE…

    THANK YOU, MR. SPEAKER. ON DISPLAY IN JERUSALEM AT THE MUSEUM, THE HOLOCAUST MUSEUM, AMIDST ALL THE PAIN AND SUFFERING AND MURDER AND TURMOIL ARE GERMAN SCHOOLBOOKS FROM THE 1930'S THAT DISPLAY AN ATTITUDE THAT WAS GETTING PUMPED IN TO YOUNG GERMANS THROUGH THEIR EDUCATIONAL SYSTEM.

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  • 10:34:47 AM

    MR. ROSKAM

    FEARSOME AND LOATHESOME THAT IT IS, IT IS HAPPENING IN IRAQ TODAY. IT…

    FEARSOME AND LOATHESOME THAT IT IS, IT IS HAPPENING IN IRAQ TODAY. IT URGES CHILDREN TO MARTYRDOM. IT HAS ANTI-ISRAELI SENTIMENT AND ANTI-WESTERN SYSTEM. I AM INTRODUCING A RESOLUTION THAT CONDEMNS THAT, CALLS UPON US TO FOCUS ON THAT AND URGES THE ADMINISTRATION TO CONSIDER THAT AS IT INTERACTS WITH IRAN, PARTICULARLY ON THESE SANCTIONS. I URGE MY COLLEAGUES TO JOIN ME AND I YIELD BACK.

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  • 10:35:21 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM CONNECTICUT RISE?

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  • 10:35:27 AM

    >>

    WITHOUT OBJECTION, SO ORDERED.

  • 10:35:30 AM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION, SO ORDERED.

  • 10:35:32 AM

    >>

    MR. SPEAKER, EIGHT MILLION JOBS GONE, $17 TRILLION IN SAVINGS GONE,…

    MR. SPEAKER, EIGHT MILLION JOBS GONE, $17 TRILLION IN SAVINGS GONE, AMERICANS' FAITH IN THEIR SYSTEM GONE. WHY? BECAUSE MORTGAGES THAT CAME IN 31 FLAVORS OF INSANITY GOT BOUGHT BY AMERICANS WHO COULDN'T AFFORD THEM. BANKS TIED THEM IN A BOW AND PUT A.A.A. RATINGS ON THEM AND THEN THE BILLION DOLLAR BETTING REALLY STARTED.

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  • 10:35:52 AM

    MR. HIMES

    WALL STREET REFORM BILL THAT WE HAVE CRAFTED ADDRESSES EVERY ONE OF THE…

    WALL STREET REFORM BILL THAT WE HAVE CRAFTED ADDRESSES EVERY ONE OF THE LINKS IN THAT CHAIN OF MADNESS. YESTERDAY, THE MINORITY LEADER CALLED THE REFORM KILLING AN ANT WITH A NUCLEAR WEAPON. MR. SPEAKER, I'M A HUMAN BEING SO I KNOW THAT EIGHT MILLION JOBS LOST AND $17 TRILLION IN SAVINGS GONE IS NOT AN ANT. MR. SPEAKER, I WORKED YEARS IN THE FINANCIAL SERVICES INDUSTRY, SO I KNOW THIS REFORM IS NOT A NUCLEAR WEAPON. IT IS A CRITICAL AND ESSENTIAL MECHANISM TO RESTORE THE FAITH OF THE AMERICAN PEOPLE IN THEIR SYSTEM AND THE PROSPERITY THAT WILL FOLLOW. I YIELD BACK.

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  • 10:36:28 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM KENTUCKY RISE?

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  • 10:36:34 AM

    MR. YARMUTH

    I ASK PERMISSION TO ADDRESS THE HOUSE FOR ONE MINUTE.

  • 10:36:37 AM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION, SO ORDERED.

  • 10:36:39 AM

    MR. YARMUTH

    MR. SPEAKER, YOU KNOW, IT'S PRETTY CLEAR THAT THERE'S A DIFFERENCE BETWEEN…

    MR. SPEAKER, YOU KNOW, IT'S PRETTY CLEAR THAT THERE'S A DIFFERENCE BETWEEN DEMOCRATS AND REPUBLICANS AND THEIR ATTITUDE TOWARD THE ECONOMY. DEMOCRATS WANTED AN ECONOMY THAT WORKS FOR EVERYONE. REPUBLICANS WANT AN ECONOMY THAT WORKS FOR WALL STREET BARNINGS, THAT WORKS FOR INSURANCE -- BANKS, THAT WORKS FOR INSURANCE COMPANIES AND FOR OIL COMPANIES. THE GREATEST MENTION OF THAT WAS MENTIONED BY MY COLLEAGUE FROM CONNECTICUT. THE MINORITY LEADER'S STATEMENT THAT THE REFORM PACKAGE THAT WE'RE PROPOSING TO PASS FOR WALL STREET IS LIKE KILLING AN ANT WITH A NUCLEAR WEAPON. GOLDMAN SACHS IS AN ANT? A.I.G. IS ANANT? BANK OF AMERICA AN ANT? THEY CHEWED UP $17 TRILLION WORTH OF AMERICAN CITIZENS' NET WORTH. NO, WE CAN'T LET ANTS THIS DANGEROUS LOOSE ON OUR ECONOMY. WE HAVE TO IMPOSE REASONABLE REGULATIONS AND THAT'S WHAT WE'RE DOING. WE HAVE TO MAKE SURE THAT THE AMERICAN ECONOMY WORKS FOR EVERYONE AND NOT JUST FOR THE PEOPLE ON WALL STREET.

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  • 10:37:35 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM GEORGIA RISE?

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  • 10:37:41 AM

    MR. CUMMINGS

    TO ADDRESS THE HOUSE FOR ONE MINUTE AND TO REVISE AND EXTEND MY REMARKS.

  • 10:37:44 AM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION, SO ORDERED.

  • 10:37:53 AM

    MR. CUMMINGS

    MEMBER WHO VOTED NO YESTERDAY SHOULD BE ASHAMED OF THEMSELVES. PEOPLE ARE…

    MEMBER WHO VOTED NO YESTERDAY SHOULD BE ASHAMED OF THEMSELVES. PEOPLE ARE SUFFERING. THEY ARE HURTING. THEY ARE IN PAIN. THEY CANNOT MAKE ENDS MEET. AND TOO MANY, JUST TOO MANY ON THE OTHER SIDE OF THE AISLE TURN A DEAF EAR.

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  • 10:38:14 AM

    MR. LEWIS

    MY REPUBLICAN COLLEAGUES, CAN'T YOU HEAR, CAN'T YOU FEEL, CAN'T YOU SEE?…

    MY REPUBLICAN COLLEAGUES, CAN'T YOU HEAR, CAN'T YOU FEEL, CAN'T YOU SEE? WHERE IS YOUR HEART? WHERE IS YOUR COMPASSION? WHERE IS YOUR CONCERN? EXTEND UNEMPLOYMENT BENEFITS AND EXTEND IT NOW. I YIELD BACK THE BALANCE OF MY TIME.

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  • 10:38:35 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES THE GENTLELADY FROM CALIFORNIA RISE?

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  • 10:38:44 AM

    >>

    CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE.

  • 10:38:46 AM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION, SO ORDERED.

  • 10:38:53 AM

    MS. LEE

    SPEAKER, THE WARS IN IRAQ AND AFGHANISTAN WILL BURDEN OUR CHILDREN AND…

    SPEAKER, THE WARS IN IRAQ AND AFGHANISTAN WILL BURDEN OUR CHILDREN AND GRANDCHILDREN WITH THE DEBT THE REPUBLICANS CREATED. THE WARS HAVE COST OVER $1 TRILLION, AND IT'S MIND-BOGGLING TO HEAR THAT THE MINORITY LEADER WANTS SENIOR CITIZENS TO PAY FOR THESE WARS. HE WANTS THE INCREASE IN SOCIAL SECURITY RETIREMENT AGE FOR 70 FOR PEOPLE THAT HAVE AT LEAST 20 YEARS UNTIL RETIREMENT AND WANTS TO TIE IT TO THE CONSUMER PRICE INDEX. BOY, I TELL YOU. INSTEAD OF THE WAGE INFLATION INDEX. AND WANTS IT ONLY TO THOSE WHO NEED THEM. SEVERAL YEARS AGO THE REPUBLICANS -- LET ME REMIND YOU -- THEY WANTED TO PRIVATIZE SOCIAL SECURITY. DEMOCRATS SAID NO. CAN YOU IMAGINE WHAT WOULD HAVE HAPPENED TO SENIORS HAD THEIR RETIREMENTS BEEN GIVEN TO WALL STREET, GIVEN WALL STREET THEIR GREED AND THEIR IRRESPONSIBILITY, THEIR LIVES WOULD BE SHATTERED. SO DEMOCRATS SAY NO TO REPUBLICAN IDEAS TO SLASH SOCIAL SECURITY TO PAY FOR THE WARS IN IRAQ AND AFGHANISTAN.

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  • 10:40:00 AM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLEMAN FROM OHIO RISE?

  • 10:40:03 AM

    >>

    THE HOUSE FOR ONE MINUTE AND TO REVISE AND EXTEND MY REMARKS.

  • 10:40:06 AM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION, THE GENTLEMAN IS RECOGNIZED.

  • 10:40:09 AM

    >>

    WE WERE HANDED TWO UNDECLARED UNDERFUNDED WARS. WE WERE IN A FREE FALL.…

    WE WERE HANDED TWO UNDECLARED UNDERFUNDED WARS. WE WERE IN A FREE FALL. GREED, UNREGULATED GREED ON WALL STREET. AND NOW THE SOLUTIONS WE HEAR FROM THE OTHER SIDE IS WE NEED TO PRIVATIZE SOCIAL SECURITY TO PAY FOR OUR DEBT, WE NEED TO MAKE SURE WE APOLOGIZE TO B.P., WE NEED TO MAKE AMERICANS WORK HARDER AND WORK UNTIL THEY'RE 70. MR. SPEAKER, THERE'S A CLEAR DIFFERENCE. WE NEED REGULATED REFORM TO MAKE SURE THAT WALL STREET BANKS ARE ACCOUNTABLE. WE NEED TO MAKE SURE WE MOVE AWAY FROM OUR DEPENDENCE ON FOREIGN OIL SO WE STAND UP TO THE BIG INSURANCE COMPANIES AND PROVIDE ACCESS TO HEALTH CARE FOR ALL AMERICANS. THERE'S BEEN A CLEAR DIFFERENCE DIFFERENCE FOR THE DECISIONS THAT WE NEED BECAUSE WE KNOW ON THIS SIDE THAT LEADERSHIP IS ABOUT ACTION, NOT POSITION.

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  • 10:40:42 AM

    MR. BOCCIERI

    ABOUT ACTION, NOT POSITION.

  • 10:41:27 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK HIS TIME. FOR WHAT PURPOSE DOES THE GENTLEMAN…

    THE GENTLEMAN YIELDS BACK HIS TIME. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM ILLINOIS RISE?

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  • 10:41:31 AM

    >>

    TO ADDRESS THE HOUSE FOR ONE MINUTE.

  • 10:41:33 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED.

  • 10:41:39 AM

    MR. QUIGLEY

    MR. SPEAKER, TRADE IS CRITICALLY IMPORTANT TO OUR ECONOMIC WELL-BEING.…

    MR. SPEAKER, TRADE IS CRITICALLY IMPORTANT TO OUR ECONOMIC WELL-BEING. TRADE PROVIDES A MARKET FOR AMERICAN GOODS AND SUSTAINS MILLIONS OF JOBS IN VITAL AMERICAN INDUSTRIES. IN FACT, EXPORTS SUPPORT ONE OF EVERY FIVE MANUFACTURING JOBS. TRADE CAN ALSO MAKE THE U.S. A LOWERED IN CLEAN ENERGY TECHNOLOGIES. IN 2009, CHINA ETCHED THE U.S. OUT IN TOP SPENDING ON CLEAN ENERGY. BUT PROJECTS LIKE THE ALL-ELECT TRICK COMMERCIAL TRUCK BUILT IN MY DISTRICT AND SUPPORTED THROUGH A FEDERAL STIMULUS INVESTMENT CAN RESTORE THE U.S. AS A LEADER IN THIS FIELD WHILE CREATING JOBS HERE AT HOME. NOW WE NEED TO PURSUE A BETTER COMPETITION POLICY AND HELP SIMPLIFY THE PATCHWORK OF GLOBAL REGULATORY STANDARDS THAT CRIPPLE BUSINESSES TRYING TO EXPORT GOODS INTERNATIONALLY. WE CAN MAKE TRADE POLICY WORK FOR AMERICAN BUSINESSES AND FOR A CLEANER ENVIRONMENT. THANK YOU AND I YIELD BACK.

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  • 10:42:37 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM OHIO RISE?

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  • 10:42:42 AM

    >>

    CONSENT TO TAKE FROM THE SPEAKER'S TABLE S. CONCURRENT RESOLUTION 65 AND…

    CONSENT TO TAKE FROM THE SPEAKER'S TABLE S. CONCURRENT RESOLUTION 65 AND ASK FOR ITS IMMEDIATE CONSIDERATION IN THE HOUSE.

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  • 10:42:51 AM

    THE SPEAKER PRO TEMPORE

    THE CLERK WILL REPORT THE TITLE OF THE CONCURRENT RESOLUTION.

  • 10:42:54 AM

    THE CLERK

    BE CONDUCTED IN THE UNITED STATES SENATE CHAMBER FOR THE HONORABLE ROBERT…

    BE CONDUCTED IN THE UNITED STATES SENATE CHAMBER FOR THE HONORABLE ROBERT C. BYRD, A SENATOR FROM THE STATE OF WEST VIRGINIA.

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  • 10:43:18 AM

    THE SPEAKER PRO TEMPORE

    OBJECTION TO THE CONSIDERATION OF THE CONCURRENT RESOLUTION? WITHOUT…

    OBJECTION TO THE CONSIDERATION OF THE CONCURRENT RESOLUTION? WITHOUT OBJECTION, THE CONCURRENT RESOLUTION IS AGREED TO AND THE MOTION TO RECONSIDER IS LAID ON THE TABLE. PURSUANT TO CLAUSE 8 OF RULE 20, PROCEEDINGS WILL RESUME ON MOTIONS TO SUSPEND THE RULES PREVIOUSLY POSTPONED. VOTES WILL BE TAKEN IN THE FOLLOWING ORDER -- HOUSE CONCURRENT RESOLUTION 284, HOUSE RESOLUTION 5395, HOUSE RESOLUTION 1446 AND HOUSE RESOLUTION 4307 EACH BY THE YEAS AND NAYS. THE FIRST ELECTRONIC VOTE WILL BE CONDUCTED AS A 15-MINUTE VOTE. REMAINING ELECTRONIC VOTES WILL BE CONDUCTED AS FIVE-MINUTE VOTES. THE UNFINISHED BUSINESS IS THE VOTE ON THE MOTION BY THE GENTLELADY FROM HAWAII, MIZZ HIRONO, TO SUSPEND THE RULES -- MS. HIRE OWENO, TO SUSPEND THE RULES AND AGREE -- MS. HIRONO, TO SUSPEND THE RULES AND AGREE TO HOUSE CONCURRENT RESOLUTION 284. THE CLERK WILL REPORT THE CONCURRENT RESOLUTION.

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  • 10:44:18 AM

    THE CLERK

    HOUSE CONCURRENT RESOLUTION 284, RECOGNIZING THE WORK AND IMPORTANCE OF…

    HOUSE CONCURRENT RESOLUTION 284, RECOGNIZING THE WORK AND IMPORTANCE OF SPECIAL EDUCATION TEACHERS.

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  • 10:44:23 AM

    THE SPEAKER PRO TEMPORE

    THE QUESTION IS WILL THE HOUSE SUSPEND THE RULES AND AGREE TO THE…

    THE QUESTION IS WILL THE HOUSE SUSPEND THE RULES AND AGREE TO THE CONCURRENT RESOLUTION AS AMENDED. MEMBERS WILL RECORD THEIR VOTES BY ELECTRONIC DEVICE. THIS IS A 15-MINUTE VOTE. [CAPTIONING MADE POSSIBLE BY THE NATIONAL CAPTIONING INSTITUTE, INC., IN COOPERATION WITH THE UNITED STATES HOUSE OF REPRESENTATIVES. ANY USE OF THE CLOSED-CAPTIONED COVERAGE OF THE HOUSE PROCEEDINGS FOR POLITICAL OR COMMERCIAL PURPOSES IS EXPRESSLY PROHIBITED BY THE U.S. HOUSE OF REPRESENTATIVES.]

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  • 11:11:05 AM

    THE SPEAKER PRO TEMPORE

    ON THIS VOTE THE YEAS ARE 415, THE NAYS ARE ZERO. 2/3 HAVING RESPONDED IN…

    ON THIS VOTE THE YEAS ARE 415, THE NAYS ARE ZERO. 2/3 HAVING RESPONDED IN THE AFFIRMATIVE, THE RULES ARE SUSPENDED, THE CONCURRENT RESOLUTION IS AGREED TO AND WITHOUT OBJECTION THE MOTION TO RECONSIDER IS LAID ON THE TABLE. THE UNFINISHED BUSINESS IS THE VOTE ON THE MOTION FROM THE GENTLELADY FROM THE DISTRICT OF COLUMBIA, MS. NORTON, TO SUSPEND THE RULES AND PASS H.R. 5395 ON WHICH THE YEAS AND NAYS WERE ORDERED. THE CLERK WILL REPORT THE TITLE OF THE BILL.

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  • 11:11:34 AM

    THE CLERK

    H.R. 5395, A BILL TO DESIGNATE THE FACILITY OF THE UNITED STATES POSTAL…

    H.R. 5395, A BILL TO DESIGNATE THE FACILITY OF THE UNITED STATES POSTAL SERVICE LOCATED AT 151 NORTH MATE LAND, AVENUE, -- MAITLAND AVENUE IN MAITLAND, ILLINOIS, AS THE PAULA HAWKINS POST OFFICE BUILDING.

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  • 11:11:56 AM

    THE SPEAKER PRO TEMPORE

    MEMBERS WILL RECORD THEIR VOTES BY ELECTRONIC DEVICE. THIS IS A…

    MEMBERS WILL RECORD THEIR VOTES BY ELECTRONIC DEVICE. THIS IS A FIVE-MINUTE VOTE. [CAPTIONING MADE POSSIBLE BY THE NATIONAL CAPTIONING INSTITUTE, INC., IN COOPERATION WITH THE UNITED STATES HOUSE OF REPRESENTATIVES. ANY USE OF THE CLOSED-CAPTIONED COVERAGE OF THE HOUSE PROCEEDINGS FOR POLITICAL OR COMMERCIAL PURPOSES IS EXPRESSLY PROHIBITED BY THE U.S. HOUSE OF REPRESENTATIVES.]

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  • 11:17:49 AM

    THE SPEAKER PRO TEMPORE

    ON THIS VOTE THE YEAS ARE 409. THE NAYS ARE ZERO. 2/3 OF THOSE VOTING…

    ON THIS VOTE THE YEAS ARE 409. THE NAYS ARE ZERO. 2/3 OF THOSE VOTING HAVING RESPONDED IN THE AFFIRMATIVE, THE RULES ARE SUSPENDED, THE BILL IS PASSED, AND WITHOUT OBJECTION THE MOTION TO RECONSIDER IS LAID UPON THE TABLE. THE UNFINISHED BUSINESS IS THE VOTE ON THE MOTION OF THE GENTLEMAN FROM CALIFORNIA TO SUSPEND THE RULES AND AGREE TO HOUSE RESOLUTION 1446 ON WHICH THE YEAS AND NAYS WERE ORDERED. THE CLERK WILL REPORT THE TITLE OF THE RESOLUTION.

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  • 11:18:15 AM

    THE CLERK

    RESIDENTS OF THE CITY OF TRACY, CALIFORNIA, ON THE OCCASION OF THE 100TH…

    RESIDENTS OF THE CITY OF TRACY, CALIFORNIA, ON THE OCCASION OF THE 100TH ANNIVERSARY OF THE CITY'S INCORPORATION FOR THEIR CENTURY OF DEDICATED SERVICE TO THE UNITED STATES.

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  • 11:18:29 AM

    THE SPEAKER PRO TEMPORE

    THE QUESTION IS, WILL THE HOUSE SUSPEND THE RULES AND AGREE TO THE…

    THE QUESTION IS, WILL THE HOUSE SUSPEND THE RULES AND AGREE TO THE RESOLUTION. MEMBERS WILL RECORD THEIR VOTES BY ELECTRONIC DEVICE. THIS IS A FIVE-MINUTE VOTE. [CAPTIONING MADE POSSIBLE BY THE NATIONAL CAPTIONING INSTITUTE, INC., IN COOPERATION WITH THE UNITED STATES HOUSE OF REPRESENTATIVES. ANY USE OF THE CLOSED-CAPTIONED COVERAGE OF THE HOUSE PROCEEDINGS FOR POLITICAL OR COMMERCIAL PURPOSES IS EXPRESSLY PROHIBITED BY THE U.S. HOUSE OF REPRESENTATIVES.]

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  • 11:27:32 AM

    THE SPEAKER PRO TEMPORE

    ON THIS VOTE THE YEAS ARE 419. THE NAYS ARE ZERO. 2/3 OF THOSE VOTING…

    ON THIS VOTE THE YEAS ARE 419. THE NAYS ARE ZERO. 2/3 OF THOSE VOTING HAVING RESPONDED IN THE AFFIRMATIVE, THE RULES ARE SUSPENDED, THE RESOLUTION IS AGREED TO, AND WITHOUT OBJECTION THE MOTION TO RECONSIDER IS LAID UPON THE TABLE. THE UNFINISHED BUSINESS IS THE VOTE ON THE MOTION FROM THE GENTLEMAN FROM CALIFORNIA, MR. FILNER, TO SUSPEND THE RULES AND PASS H.R. 4307 ON WHICH THE YEAS AND NAYS ARE ORDERED. THE CLERK WILL REPORT THE TITLE OF THE BILL.

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  • 11:27:59 AM

    THE CLERK

    TO NAME THE DEPARTMENT OF VETERANS AFFAIRS COMMUNITY BASED OUTPATIENT…

    TO NAME THE DEPARTMENT OF VETERANS AFFAIRS COMMUNITY BASED OUTPATIENT CLINIC IN NEW MEXICO AS ALEJANDRORUIZ CLINIC.

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  • 11:28:13 AM

    THE SPEAKER PRO TEMPORE

    THE QUESTION IS WILL THE HOUSE SUSPEND THE RULES AND PASS THE BILL.…

    THE QUESTION IS WILL THE HOUSE SUSPEND THE RULES AND PASS THE BILL. MEMBERS WILL RECORD THEIR VOTES BY ELECTRONIC DEVICE. THIS IS A FIVE-MINUTE VOTE. [CAPTIONING MADE POSSIBLE BY THE NATIONAL CAPTIONING INSTITUTE, INC., IN COOPERATION WITH THE UNITED STATES HOUSE OF REPRESENTATIVES. ANY USE OF THE CLOSED-CAPTIONED COVERAGE OF THE HOUSE PROCEEDINGS FOR POLITICAL OR COMMERCIAL PURPOSES IS EXPRESSLY PROHIBITED BY THE U.S. HOUSE OF REPRESENTATIVES.]

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  • 11:34:15 AM

    THE SPEAKER PRO TEMPORE

    ON THIS VOTE THE YEAS ARE 417. THE NAYS ARE ZERO. 2/3 HAVING RESPONDED IN…

    ON THIS VOTE THE YEAS ARE 417. THE NAYS ARE ZERO. 2/3 HAVING RESPONDED IN THE AFFIRMATIVE, THE RULES ARE SUSPENDED, THE BILL IS PASSED AND WITHOUT OBJECTION THE MOTION TO RECONSIDER IS LAID ON THE TABLE.

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  • 11:34:54 AM

    THE SPEAKER PRO TEMPORE

    THE HOUSE WILL BE IN ORDER. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM…

    THE HOUSE WILL BE IN ORDER. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM MASSACHUSETTS RISE?

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  • 11:35:07 AM

    MR. MCGOVERN

    MR. SPEAKER, I SEND TO THE DESK A PRIVILEGED REPORT FOR THE COMMITTEE ON…

    MR. SPEAKER, I SEND TO THE DESK A PRIVILEGED REPORT FOR THE COMMITTEE ON RULES FOR FILING UNDER THE RULE.

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  • 11:35:12 AM

    THE SPEAKER PRO TEMPORE

    THE CLERK WILL REPORT THE TITLE.

  • 11:35:14 AM

    THE CLERK

    TO ACCOMPANY HOUSE RESOLUTION 1490, RESOLUTION PROVIDING FOR CONSIDERATION…

    TO ACCOMPANY HOUSE RESOLUTION 1490, RESOLUTION PROVIDING FOR CONSIDERATION FOR THE CONFERENCE REPORT TO ACCOMPANY THE BILL H.R. 4173, TO PROVIDE FOR FINANCIAL REGULATORY REFORM, TO PROTECT CONSUMERS AND INVESTORS, TO ENHANCE FEDERAL UNDERSTANDING OF INSURANCE ISSUES, TO REGULATE THE OVER-THE-COUNTER DERIVATIVES MARKETS, AND FOR OTHER PURPOSES.

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  • 11:35:36 AM

    THE SPEAKER PRO TEMPORE

    REFERRED TO THE HOUSE CALENDAR AND ORDERED PRINTED. FOR WHAT PURPOSE DOES…

    REFERRED TO THE HOUSE CALENDAR AND ORDERED PRINTED. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM MASSACHUSETTS RISE?

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  • 11:35:53 AM

    MR. MCGOVERN

    SPEAKER, BY THE DIRECTION OF THE COMMITTEE ON RULES, I CALL UP HOUSE…

    SPEAKER, BY THE DIRECTION OF THE COMMITTEE ON RULES, I CALL UP HOUSE RESOLUTION 1487 AND ASK FOR ITS IMMEDIATE CONSIDERATION.

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  • 11:35:58 AM

    THE SPEAKER PRO TEMPORE

    THE CLERK WILL REPORT THE TITLE OF THE RESOLUTION.

  • 11:36:01 AM

    THE CLERK

    CALENDAR NUMBER 207, HOUSE RESOLUTION 1487. RESOLVED, THAT THE REQUIREMENT…

    CALENDAR NUMBER 207, HOUSE RESOLUTION 1487. RESOLVED, THAT THE REQUIREMENT OF CLAUSE 6-A OF RULE 13 FOR A 2/3 VOTE TO CONSIDER A REPORT FROM THE COMMITTEE ON RULES ON THE SAME DAY IT IS PRESENTED TO THE HOUSE IS WAIVED WITH RESPECT TO ANY RESOLUTION REPORTED THROUGH THE LEGISLATIVE DAY OF JULY 3, 2010, PROVIDING FOR CONSIDERATION OR DISPOSITION OF ANY OF THE FOLLOWING -- ONE, A CONFERENCE REPORT TO ACCOMPANY THE BILL H.R. 4173, TO PROVIDE FOR FINANCIAL REGULATORY REFORM, TO PROTECT CONSUMERS AND INVESTORS, TO ENHANCE FEDERAL UNDERSTANDING OF INSURANCE ISSUES, TO REGULATE THE OVER-THE-COUNTER DERIVATIVES MARKETS, AND FOR OTHER PURPOSES. TWO, A MEASURE THAT INCLUDES A SUBJECT MATTER ADDRESSED BY H.R. 4213 OR ANY AMENDMENT PERTAINING THERETO. SECTION 2, IT SHALL BE IN ORDER AT ANY TIME THROUGH THE LEGISLATIVE DAY OF JULY 3, 2010, FOR THE SPEAKER TO ENTERTAIN MOTIONS THAT THE HOUSE SUSPEND THE RULES. THE SPEAKER OR HER DESIGNEE SHALL CONSULT WITH THE MINORITY LEADER OR HIS DESIGNEE ON THE DESIGNATION OF ANY MATTER FOR CONSIDERATION PURSUANT TO THIS SECTION. SECTION 3, IT SHALL BE IN ORDER WITHOUT INTERVENTION OF ANY POINT OF ORDER TO CONSIDER CONCURRENT RESOLUTIONS PROVIDING FOR ADJOURNMENT DURING THE MONTH OF JULY.

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  • 11:37:28 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM MASSACHUSETTS IS RECOGNIZED FOR ONE HOUR. THE GENTLEMAN…

    THE GENTLEMAN FROM MASSACHUSETTS IS RECOGNIZED FOR ONE HOUR. THE GENTLEMAN WILL SUSPEND. THE HOUSE WILL BE IN ORDER. IF WE CAN CLEAR THE AISLES AND REMOVE CONVERSATIONS FROM THE FLOOR, THE HOUSE WILL PROCEED. THE GENTLEMAN FROM MASSACHUSETTS.

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  • 11:38:00 AM

    MR. MCGOVERN

    FOR THE PURPOSE OF DEBATE ONLY, I YIELD THE CUSTOMARY 30 MINUTES TO THE…

    FOR THE PURPOSE OF DEBATE ONLY, I YIELD THE CUSTOMARY 30 MINUTES TO THE GENTLEMAN FROM TEXAS, MR. SESSIONS. ALL TIME YIELDED DURING CONSIDERATION OF THE RULE IS FOR DEBATE ONLY. I YIELD MYSELF SUCH TIME AS I MAY CONSUME AND I ALSO ASK UNANIMOUS CONSENT THAT ALL MEMBERS MAY HAVE FIVE LEGISLATIVE DAYS TO REVISE AND EXTEND THEIR REMARKS ON HOUSE RESOLUTION 1487.

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  • 11:38:18 AM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION, SO ORDERED. THE GENTLEMAN IS RECOGNIZED.

  • 11:38:22 AM

    MR. MCGOVERN

    MR. SPEAKER, H.RES. 1487 PROVIDES FOR CONSIDERATION OF A RULE THAT ALLOWS…

    MR. SPEAKER, H.RES. 1487 PROVIDES FOR CONSIDERATION OF A RULE THAT ALLOWS FOR THE SAME-DAY CONSIDERATION OF A CONFERENCE REPORT TO ACCOMPANY H.R. 4173, AND ANY MEASURE ADDRESSED BY H.R. 4173. IT ALLOWS FOR THIS LEGISLATION TO BE CONSIDERED UNDER SUSPENSION OF THE RULES THROUGH JULY 3, 2010, AND ALLOWS FOR CONSIDERATION PROVIDING FOR ADJOURNMENT DURING THE MONTH OF JULY. MR. SPEAKER, THIS IS A SIMPLE AND STRAIGHTFORWARD RULE. IT ALLOWS THE RULES FOR THE WALL STREET REFORM CONFERENCE REPORT AND EITHER THE TAX EXTENDERS JOBS BILL OR SUBJECT MATTERS RELATED TO THE JOBS BILL, SUCH AS UNEMPLOYMENT INSURANCE, TO BE CONSIDERED ON THE SAME LEGISLATIVE DAY THAT THEY ARE REPORTED OUT OF THE RULES COMMITTEE. THIS IS AN IMPORTANT STEP THAT MUST BE TAKEN IF WE ARE TO PASS THESE BILLS BEFORE THE SENATE ADJOURNS FOR THE FUNERAL OF SENATOR BYRD. THIS BILL ALLOWS FOR CLEAR ACTIONS, UP AND DOWN VOTES ON THE CONFERENCE REPORT TO PREVENT WALL STREET FROM MELTING DOWN LIKE IT DID TWO YEARS AGO AND A BILL TO PROVIDE UNEMPLOYMENT COMPENSATION TO PEOPLE WHO HAVE LOST THEIR JOBS AND CANNOT FIND WORK IN THIS ECONOMY. MR. SPEAKER, THESE ARE CLEAR-CUT CHOICES. EITHER YOU SUPPORT FIXING WALL STREET OR YOU DON'T. DO YOU BELIEVE UNEMPLOYED AMERICANS LOOKING FOR WORK SHOULD RECEIVE UNEMPLOYMENT INSURANCE TO PAY FOR THEIR MORTGAGES, UTILITIES, FOOD, OR YOU DO NOT. SO FAR MY REPUBLICAN FRIENDS HAVE BEEN ON THE WRONG SIDE OF THESE ISSUES. I CAN ONLY HOPE THAT THEY CHANGE THEIR MIND AND DECIDE TO PUT EVERYDAY AMERICANS FIRST INSTEAD OF CONTINUING TO PLAY POLITICS WITH THESE ISSUES. I URGE MY COLLEAGUES TO VOTE YES ON THE RULE AND I RESERVE THE BALANCE OF MY TIME.

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  • 11:40:03 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. THE GENTLEMAN FROM TEXAS.

  • 11:40:07 AM

    MR. SESSIONS

    THANK YOU, MR. SPEAKER. MR. SPEAKER, I WANT TO THANK THE GENTLEMAN FROM…

    THANK YOU, MR. SPEAKER. MR. SPEAKER, I WANT TO THANK THE GENTLEMAN FROM MASSACHUSETTS FOR YIELDING ME SUCH TIME AS I MAY CONSUME.

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  • 11:40:13 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED.

  • 11:40:15 AM

    MR. SESSIONS

    AND, MR. SPEAKER, I APOLOGIZE. I HAD WAY TOO MUCH FUN AT THE BALLGAME LAST…

    AND, MR. SPEAKER, I APOLOGIZE. I HAD WAY TOO MUCH FUN AT THE BALLGAME LAST NIGHT YELLING AS THE THIRD BASE COACH. FOR THOSE PEOPLE WHO ARE DICTATING THIS, IF YOU DON'T GET SOME OF MY WORDS, JUST RAISE YOUR HAND AND I WILL SPEAK UP AGAIN. MR. SPEAKER, THE RULE WE'RE DISCUSSING TODAY ALLOWS FOR MARTIAL LAW AUTHORITY. FOR ANY BILL PERTAINING TO THE EXTENDERS PACKAGE OR WHAT IS CALLED A D.O.D.-FRANK BILL WHICH IS A 2,300-PAGE TAKEOVER OF THE FINANCIAL -- THE DODD-FRANK BILL WHICH IS A 2,300-PAGE TAKEOVER OF THE FINANCIAL SECTOR. THIS IS AS IMPORTANT AS THE HEALTH CARE BILL OR --

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  • 11:40:56 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN WILL SUSPEND. THE CHAIR WILL ASK MEMBERS TO KINDLY TAKE…

    THE GENTLEMAN WILL SUSPEND. THE CHAIR WILL ASK MEMBERS TO KINDLY TAKE THEIR CONVERSATIONS OFF THE FLOOR AND TAKE A SEAT. THE GENTLEMAN WILL PROCEED.

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  • 11:41:16 AM

    MR. SESSIONS

    YOU, MR. SPEAKER. AND IT'S AS MUCH ABOUT JOBS AS THE JOB BILL SUPPOSEDLY…

    YOU, MR. SPEAKER. AND IT'S AS MUCH ABOUT JOBS AS THE JOB BILL SUPPOSEDLY WAS. IT WAS ABOUT THE DIMINISHMENT JOBS AND THIS IS ABOUT THE DIMINISHMENT OF THE FINANCIAL SECTOR OF THIS COUNTRY. THIS RULE GIVES SUSPENSION AUTHORITY THROUGH THE END OF THE WEEK FOR THE FIFTH STRAIGHT -- MR. SPEAKER, THE HOUSE IS NOT IN ORDER.

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  • 11:41:44 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS CORRECT. AGAIN, THE HOUSE WILL PROCEED WHEN THE HOUSE IS…

    THE GENTLEMAN IS CORRECT. AGAIN, THE HOUSE WILL PROCEED WHEN THE HOUSE IS IN ORDER. IF I COULD ASK THE PEOPLE AT THE BACK RAILING TO REMOVE THEIR CONVERSATIONS, IT WOULD BE GREATLY APPRECIATED. THE GENTLEMAN MAY PROCEED.

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  • 11:42:08 AM

    MR. SESSIONS

    I APPRECIATE YOUR HELP. ADDITIONALLY, THIS RULE GIVES SUSPENSION AUTHORITY…

    I APPRECIATE YOUR HELP. ADDITIONALLY, THIS RULE GIVES SUSPENSION AUTHORITY THROUGH THE END OF THE WEEK FOR THE FIFTH STRAIGHT LEGISLATIVE WEEK. MR. SPEAKER, IT SEEMS LIKE EVERY TIME I COME TO THE HOUSE FLOOR THAT I POINT OUT THAT MY DEMOCRATIC COLLEAGUES ARE USING AN UNPRECEDENTED RESTRICTIVE AND CLOSED PROCESS. I THINK THE AMERICAN PEOPLE WANT AND NEED TRANSPARENCY, ACCOUNTABILITY AND SOLUTIONS. I REMEMBER JUST A FEW SHORT YEARS AGO WHEN OUR SPEAKER SAID THAT SHE WOULD RUN A HOUSE THAT IS MOST HONEST, OPEN AND ETHICAL CONGRESS. I HAVE YET TO SEE EVIDENCE OF THAT THESE LAST FEW YEARS. AS A MATTER OF FACT, WEEK AFTER WEEK AFTER WEEK, I SEE CLOSED RULES, UNPRECEDENTED SHENANIGANS RELATED TO BRINGING RESOLUTION TO THE FLOOR AND A CLOSED PROCESS. I KNOW WHERE IT IS. DEMOCRATS LEFT IT OUT ON THE CAMPAIGN TRAIL. IT WAS AN EMPTY PROMISE WHEN THEY MADE IT IT AND THE EMPTINESS OF THIS PROMISE HAS BEEN FULFILLED THE PAST TWO YEARS BY UNPRECEDENTED AMOUNT OF RESTRICTED RULES. SINCE THIS CONGRESS HAS MANAGED TO RACK UP A RECORD $1.4 TRILLION DEFICIT SINCE 2009, MORE THAN THREE TIMES THE SIZE OF THE DEFICIT OF 2008 AND WE ARE ON TARGET TO ONCE AGAIN HIT $1,300,000,000,000 AGAIN THIS YEAR. MY REPUBLICAN COLLEAGUES AND I ARE GOING TO USE THIS TIME TO TALK ABOUT EXCESSIVE BORROWING, EXCESSIVE SPENDING AND EXCESSIVE TAXATION THAT SEEMS TO BE THE DEMOCRAT MAJORITY'S AGENDA. MR. SPEAKER, IN AN EFFORT TO ADDRESS SOME OF THIS WASTEFUL GOVERNMENT SPENDING THAT'S HAPPENING HERE IN WASHINGTON, REPUBLICANS CREATED SOMETHING CALLED YOUCUT. THIS IS AN ONLINE VOTING TOOL FOR AMERICANS TO VOTE ON WHAT WASTEFUL GOVERNMENT SPENDING PROGRAMS THEY WOULD REVIEW AND THEY CAN MAKE THE DECISION ON WHAT TO ELIMINATE. TODAY I HAVE THE OPPORTUNITY TO CALL FOR A VOTE ON THE PREVIOUS QUESTION FOR THIS WEEK'S YOUCUT WINNER WHICH, OF COURSE, I AM PROUD TO CO-SPONSOR. HUNDREDS OF THOUSANDS OF AMERICANS HAVE VOTED THIS WEEK ALONE. MR. SPEAKER, I BELIEVE THE AMERICAN PEOPLE ARE LOOKING FOR PEOPLE WHO CAN COME TO WASHINGTON, D.C., TO MAKE TOUGH CHOICES. AND THIS DEMOCRATIC MAJORITY IS NOT EVEN BRINGING A BUDGET TO THE FLOOR OF THE HOUSE OF REPRESENTATIVES FOR THE 2011 BUDGET. MR. SPEAKER, I'VE WORKED IN BUSINESS, SMALL BUSINESS, BEEN AROUND LOTS OF PEOPLE WHO EVERY SINGLE ORGANIZATION I'VE EVER BEEN A PART OF STARTED THEIR YEAR WITH A BUDGET. I'M SHOCKED AND DISMAYED THAT THIS DEMOCRAT MAJORITY WILL NOT BRING A BUDGET TO THE FLOOR. . REPUBLICANS WILL SPEND THEIR TIME TALKING ABOUT HOW WE CAN BETTER THE CONDITION WE ARE IN. HELPING TO MOVE THIS COUNTRY FORWARD. I ENCOURAGE MY COLLEAGUES TO ELIMINATE THIS WASTEFUL SPENDING BY VOTING AGAINST THE RULE ON THE PREVIOUS QUESTION. I RESERVE THE BALANCE OF MY TIME.

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  • 11:45:38 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. THE GENTLEMAN FROM…

    THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. THE GENTLEMAN FROM MASSACHUSETTS.

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  • 11:45:42 AM

    MR. MCGOVERN

    MY REPUBLICAN FRIENDS HAVE CONSISTENTLY VOTED AGAINST REINING IN THE…

    MY REPUBLICAN FRIENDS HAVE CONSISTENTLY VOTED AGAINST REINING IN THE EXCESSES OF WALL STREET. I'M NOT SHOCKED THAT THEY HAVE THAT VIEW BECAUSE THEY HAVE ALWAYS HAD THAT VIEW. I AM DISMAYED BUT THE AMERICAN PEOPLE WANT US TO PASS A REGULATORY REFORM BILL. THEY ALSO WANT US TO EXTEND UNEMPLOYMENT BENEFITS TO THOSE OUT OF WORK. UNFORTUNATELY MY REPUBLICAN COLLEAGUES HAVE BEEN BLOCKING THAT. THAT'S WHAT THIS RULE DOES. ALLOWS US TO DO SOMETHING THAT THE AMERICAN PEOPLE WANT US TO DO. WITH THAT I YIELD THREE MINUTES TO THE GENTLEMAN FROM TEXAS, MR. DOGGETT.

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  • 11:46:13 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM TEXAS IS RECOGNIZED FOR THREE MINUTES.

  • 11:46:16 AM

    MR. DOGGETT

    I THANK THE GENTLEMAN. AS ONE WHO HAS REPEATEDLY AND VIGOROUSLY OPPOSED…

    I THANK THE GENTLEMAN. AS ONE WHO HAS REPEATEDLY AND VIGOROUSLY OPPOSED ALL BANK BAILOUTS, WHICH EVER PRESIDENT PROPOSED THEM, I VIEW THIS BILL AS MODEST BUT VERY IMPORTANT PROGRESS. I'M VOTING YES BECAUSE I STAND WITH WORKING FAMILIES AGAINST BIG BANKS, FOR TRANSPARENCY IN THE FINANCIAL MARKETS, STANDING WITH SMALL BUSINESS AND FAMILY FARMERS AND RANCHERS FOR TOUGHER WALL STREET OVERSIGHT, AND FOR PROGRESS TOWARD PREVENTING FUTURE BANK BAILOUTS. THE AARP SAID THIS OFFERS NEW TOOLS TO COMBAT INVESTMENT SCAMS TARGETED AT OLDER ADULTS AND WILL HOLD SCAM ARTISTS ACCOUNTABLE. THE CONSUMER FEDERATION SAYS THESE REFORMS WILL IMPROVE THE MARKETPLACE FOR CONSUMERS AND INVESTORS. IF YOU'RE MUGGED ON THE STREET YOU COULD LOSE YOUR WALLET. BUT IF YOU'RE MUGGED BY WALL STREET AS TOO MANY AMERICANS HAVE, YOU CAN LOSE A LIFETIME OF SAVINGS. THIS BILL ARMS FAMILIES WITH MORE WAYS TO PROTECT THEMSELVES WITH INFORMATION THAT THEY NEED FOR INFORMED FINANCIAL DECISIONS. IT ADDRESSES PROTECTIONS FOR QUESTIONABLE, OFTEN OUTRAGEOUS FINANCIAL INDUSTRY PRACTICES, PREVENTING ONEROUS HIDDEN FEES THAT HAVE PLAGUED CREDIT CARD HOLDERS AND BORROWERS, AND IT CREATES NEW HOTLINE TO REPORT MISCONDUCT. THE CONSUMER FINANCIAL PROTECTION BUREAU WILL OFFER HELP AGAINST UNSCRUPULOUS MORTGAGE PROMOTERS, FORECLOSURE SCAM OPERATORS, AND PAY-DAY AND STUDENT LENDERS. THIS BILL SHOULD HAVE DONE MORE, MUCH MORE ABOUT THOSE WALL STREET INTEREST THAT ARE PAID TOO MUCH, TAXED TOO LITTLE, AND WHO IMMENSE YOU POWER CONTINUES TO THREATEN OUR ECONOMIC STABILITY. BUT WITH STUBBORN OPPOSITION FROM REPUBLICANS BOTH HERE AND ESPECIALLY IN THE SENATE, AS WELL AS REJECTION OF SOME REFORMS BY THE TREASURY DEPARTMENT, WE LACK THE MORE COME PLEAT REFORMS BUT WE ARE MAKE -- COMPLETE REFORMS BUT WE ARE MAKING SIGNIFICANT STRIDES FORWARD IN OFFERING CONSUMER PROTECTION THAT AMERICANS REALLY DESERVE. RESTORING DISCIPLINE, SUPERVISION, ACCOUNTABILITY, AND TRANSPARENCY WILL ONLY BE OPPOSED BY THOSE WHO UNFAIRLY PROFIT AT THE EXPENSE OF WORKING AND RETIRED AMERICANS. WHETHER IT'S SAVING FOR A SOON-TO-BE COLLEGE STUDENT, INVEST N-A HOME OR RETIREMENT NEST EGG, THIS BILL WILL PROVIDE GREATER SECURITY AND PEACE OF MIND. LET US ADOPT IT PROMPTLY. I YIELD BACK.

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  • 11:48:50 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE GENTLEMAN FROM…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE GENTLEMAN FROM TEXAS.

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  • 11:48:54 AM

    MR. SESSIONS

    THANK YOU SO MUCH. MR. SPEAKER, AT THIS TIME I'D LIKE TO YIELD THREE…

    THANK YOU SO MUCH. MR. SPEAKER, AT THIS TIME I'D LIKE TO YIELD THREE MINUTES TO REPUBLICAN WHIP, THE GENTLEMAN FROM VIRGINIA, MR. CANTOR.

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  • 11:49:02 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR THREE MINUTES.

  • 11:49:05 AM

    MR. CANTOR

    THANK YOU, MR. SPEAKER.

  • 11:49:44 AM

    MR. CANTOR

    FOR GENERATIONS TO COME. I YIELD BACK.

  • 11:51:22 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE CHAIR WILL RECEIVE…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE CHAIR WILL RECEIVE A MESSAGE. THE MESSENGER: MR. SPEAKER, A MESSAGE FROM THE SENATE. THE SECRETARY: MR. SPEAKER.

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  • 11:51:32 AM

    THE SPEAKER PRO TEMPORE

    MADAM SECRETARY. THE SECRETARY: I HAVE BEEN DIRECTED BY THE SENATE TO…

    MADAM SECRETARY. THE SECRETARY: I HAVE BEEN DIRECTED BY THE SENATE TO INFORM THE HOUSE THAT THE SENATE HAS AGREED TO H.CON.RES. 285, RECOGNIZING THE IMPORTANT ROLLS THAT -- ROLES THAT FATHERS PLAY IN THE LIVES OF THEIR CHILDREN AND FAMILIES AND SUPPORTING THE GOALS AND IDEALS OF 2010 AS THE YEAR OF THE FATHER.

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  • 11:51:52 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM MASSACHUSETTS.

  • 11:51:54 AM

    MR. MCGOVERN

    INTERESTING THAT THE PREVIOUS SPEAKER DIDN'T TALK ABOUT THE WALL STREET…

    INTERESTING THAT THE PREVIOUS SPEAKER DIDN'T TALK ABOUT THE WALL STREET REGULATORY REFORM BILL THAT MY FRIEND, THE REPUBLICAN SIDE OF THE AISLE, HAVE BEEN TRYING TO BLOCK. THE MINORITY LEADER IN A RECENT INTERVIEW SAID THE BILL WE ARE BRINGING BEFORE THE CONGRESS, THIS IS KILLING AN ANT WITH A NUCLEAR WEAPON. I FIND IT DISTURBING THAT ANYONE WOULD CHARACTERIZE THIS FINANCIAL CRISIS THAT WAS BROUGHT ON BY WALL STREET AS AN ANT. IT IMPACTED MILLIONS AND MILLIONS OF OUR CITIZENS. NO, I WILL NOT. I WILL NOT. AND -- I WILL NOT. AND I WILL ASK UNANIMOUS CONSENT TO PUT THIS INTERVIEW THAT APPEARED IN THE PITTSBURGH TRIBUNE INTO THE RECORD.

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  • 11:52:41 AM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION, SO ORDERED.

  • 11:52:43 AM

    MR. MCGOVERN

    THAT SAME INTERVIEW I THINK IT'S IMPORTANT FOR MY COLLEAGUES TO KNOW THAT…

    THAT SAME INTERVIEW I THINK IT'S IMPORTANT FOR MY COLLEAGUES TO KNOW THAT THE MINORITY LEADER TALKED ABOUT HIS BELIEF THAT WE SHOULD RAISE THE RETIREMENT AGE FOR SOCIAL SECURITY TO 70. CLEARLY WE NEED TO TALK ABOUT HOW WE KEEP SOCIAL SECURITY SOLVENT, BUT HE THEN WENT FURTHER TO SAY THAT WE SHOULD TAKE THAT MONEY, NOT PUT IT INTO SOCIAL SECURITY, BUT PAY FOR THE WAR. SO OUR SENIOR CITIZENS SHOULD PAY FOR THIS WAR, THE REST OF US DON'T. THE BURDEN ONCE AGAIN FALLS ON OUR SENIOR CITIZENS. WE KNOW WHAT THEY ARE ABOUT. WE KNOW WHAT THEIR BELIEFS ARE. AND GIVEN AN OPPORTUNITY TO TAKE BACK CONTROL OF THEIR HOUSE, WE KNOW THEY'LL TRY TO UNDO WALL STREET REGULATORY REFORM.

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  • 11:53:26 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM MASSACHUSETTS CONTROLS THE TIME.

  • 11:53:29 AM

    MR. MCGOVERN

    YOU, MR. SPEAKER. I WOULD APPRECIATE IT IF I'M NOT INTERRUPTED WHEN I'M…

    YOU, MR. SPEAKER. I WOULD APPRECIATE IT IF I'M NOT INTERRUPTED WHEN I'M SPEAKING. IT IS IN THIS INTERVIEW WE PUT IN THE RECORD. AT THIS POINT I YIELD THREE MINUTES TO THE GENTLEWOMAN.

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  • 11:53:41 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLELADY IS RECOGNIZED FOR THREE MINUTES.

  • 11:53:46 AM

    >>

    THANK CONGRESSMAN MCGOVERN FROM THE RULES COMMITTEE FOR YIELDING TIME. MR.…

    THANK CONGRESSMAN MCGOVERN FROM THE RULES COMMITTEE FOR YIELDING TIME. MR. SPEAKER, I RISE IN STRONG SUPPORT OF REFORMING WALL STREET.

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  • 11:53:53 AM

    MS. CASTOR

    RULE. UNDER THIS NEW WALL STREET REFORM, CONSUMERS AND MIDDLE CLASS…

    RULE. UNDER THIS NEW WALL STREET REFORM, CONSUMERS AND MIDDLE CLASS FAMILIES WIN AND THE BIG BANKS ON WALL STREET LOSE. THE WALL STREET REFORM BILL IS THE TOUGHEST REGULATION OF WALL STREET IN GENERATIONS, AND IT COMES AFTER YEARS OF RECKLESSNESS THAT LED TO THE FINANCIAL MELTDOWN AND THE WORST RECESSION IN OUR LIFETIME. THAT ECONOMY WAS BUILT ON A HOUSE OF CARDS. WALL STREET REFORM WILL PROVIDE A NEWFOUNDATION FOR OUR ECONOMY TO GO, ONE THAT INSPIRES CONFIDENCE AND SPUR NEW JOBS. UNDER THE NEW LAW, CONSUMERS AND MIDDLE CLASS FAMILIES WILL BENEFIT FROM A NEW CONSUMER FINANCIAL PROTECTION AGENCY. A NEW INDEPENDENT WATCHDOG THAT WILL BE ON THE SIDE OF AMERICAN FAMILIES AND CONSUMERS BECAUSE THERE ALWAYS SEEMS TO BE HIDDEN CHARGES AND FEES WHEN YOU ARE APPLYING FOR A CREDIT CARD OR MORTGAGE OR SOME TRANSACTION. THE NEW CONSUMER AGENCY WILL WEED OUT THE DECEPTIVE PRACTICES. ITS MISSION WILL BE TO PROTECT HOMEOWNERS AND SMALL BUSINESSES RATHER THAN THE BIG BANKS ON WALL STREET. WE WILL HAVE NEW COPS ON THE BEAT ON WALL STREET. NEW ENFORCEMENT, TRANSPARENCY, AND OVERSIGHT. THE MEASURE RIGHTFULLY OUTLAWS FUTURE BANK BAILOUTS BY TAXPAYERS. I VOTED AGAINST THE WALL STREET BAILOUT KNOWN AS TARP BECAUSE IT FOCUSED ENTIRELY ON WALL STREET RATHER THAN MIDDLE CLASS FAMILIES AND IT DID NOT INCLUDE SAFEGUARDS ON EXECUTIVE PAY, BONUSES, AND TRANSPARENCY. THE WALL STREET REFORM BILL WE WILL PASS TODAY LEVELS THE PLAYING FIELD. DESPITE THE OPPOSITION FROM THE BIG BANKS AND MY COLLEAGUES ON THE OTHER SIDE OF THE AISLE. THE REFORM BILL IS ALSO DESIGNED TO PROTECT CONSUMERS FROM PREDATORY LENDING. I STRONGLY AGREE WITH THE NEW REQUIREMENTS FOR MORTGAGE LENDERS THAT THEY MUST ENSURE THAT A PERSON HAS AN ABILITY TO PAY, REPAY A LOAN RATHER THAN WHAT HAPPENED IN THE SUBPRIME MARKET WHERE THEY PADDED THE LOANS, FLIPPED THEM, AND POCKETED THE CASH AND LEFT US WITH A MESS. THANK YOU, CHAIRMAN FRANK, AND ALL MY COLLEAGUES ON THE FINANCIAL SERVICES COMMITTEE. THIS IS A GREAT DAY IN WASHINGTON AND ALL ACROSS AMERICA BECAUSE CONSUMERS AND MIDDLE CLASS FAMILIES WIN. I YIELD BACK THE BALANCE OF MY TIME.

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  • 11:56:06 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLELADY YIELD BACK HER TIME. THE GENTLEMAN FROM TEXAS.

  • 11:56:10 AM

    MR. SESSIONS

    THANK YOU, MR. SPEAKER. TO BALANCE OUT THIS ARGUMENT A LITTLE BIT, I KNOW…

    THANK YOU, MR. SPEAKER. TO BALANCE OUT THIS ARGUMENT A LITTLE BIT, I KNOW WE HAVE THOSE THAT WANT TO CHARACTERIZE WE KNOW WHAT REPUBLICANS STAND FOR, BUT I'D LIKE TO ALSO ADDRESS THE STATEMENTS THAT HAVE BEEN MADE HERE ON THE FLOOR AND BALANCE IT OUT OF THE ATTACKS AGAINST REPUBLICANS. THE GENTLEMAN, MR. HOYER, ON JUNE 22 SAID THIS, IN REGARDS TO WHAT OUR LEADER, MR. BOEHNER SAID, AND I QUOTE, ON THE SPENDING SIDE WE COULD AND SHOULD CONSIDER A HIGHER RETIREMENT AGE OR ONE LIFE SPAN, MORE PROGRESSIVE SOCIAL SECURITY AND MEDICARE BENEFITS. MR. SPEAKER, YOU KNOW, JUST THE UNRELENTING LIBERAL ATTACKS ON THIS COUNTRY THAT HAVE DIMINISHED THIS COUNTRY'S ABILITY TO HAVE FREE ENTERPRISE SYSTEM HAVE BROUGHT US HIGHER TAXES, INCREDIBLE DEBT, AND A FUTURE THAT DIMINISHES OUR ABILITY FOR OUR CHILDREN AND GRANDCHILDREN. I'D LIKE TO YIELD TO THE GENTLEMAN FOR TWO MINUTES, THE GENTLEMAN, MR. DREIER.

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  • 11:57:15 AM

    MR. DREIER

    I THANK MY FRIEND FOR YIELDING. MR. SPEAKER, I DO SO BECAUSE UNFORTUNATELY…

    I THANK MY FRIEND FOR YIELDING. MR. SPEAKER, I DO SO BECAUSE UNFORTUNATELY THE MANAGER ON THE OTHER SIDE OF THE AISLE WOULDN'T YIELD TO ME. I'M HAPPY WITHIN MY TWO-MINUTE TIME FRAME TO YIELD TO HIM AT ANY TIME IF HE ASKS ME TO YIELD. THE MOTION SAYING BECAUSE MR. BOEHNER ARGUED THIS BILL IS ITSELF KILLING AN ANT WITH A NUCLEAR WEAPON IS DESIGNED TO SAY, THIS BILL PUTS INTO PLACE PERMANENT BAILOUT AUTHORITY. THE AMERICAN PEOPLE ARE DEVELOPMENTLY -- VEHEMENTLY OPPOSED OF GOING DOWN THIS PATH WE SEEN TO BE ON OF ESTABLISHING BAILOUT AFTER BAILOUT AND THEY KNOW IT'S A MISTAKE. SO MR. BOEHNER SIMPLY WAS ARGUING THAT WHILE WE ALL WANT TO DEAL WITH THE ISSUE OF REGULATORY REFORM TO ASSURE THAT WHAT WE WENT THROUGH IN THE LAST TWO YEARS WILL NOT CONFRONT US AGAIN, BUT THE IDEA OF PUTTING YOUR HAND UP AND SAYING, WE KNOW WHAT IT'S ALL ABOUT, THERE IS NO ONE WHO WANTS TO MAINTAIN THE STATUS QUO. WE ALL WANT TO TAKE STEPS TO ENSURE THAT WE DON'T HAVE TO SUFFER AS WE HAVE FOR THE PAST TWO YEARS, BUT THIS BILL ESTABLISHING PERMANENT BAILOUT AUTHORITY WILL UNDERMINE OUR AUTHORITY TO GET THIS ECONOMY BACK ON TRACK. AS MR. BAUCUS POINTED OUT IN HIS TESTIMONY IN THE RULES COMMITTEE WILL COST JOBS. THAT'S THE REASON WE HAVE GRAVE CONCERNS ABOUT IT. ON THE ISSUE OF SOCIAL SECURITY, THE NOTION THAT SOMEHOW WE ARE SAYING TO SOMEONE WHO IS ON SOCIAL SECURITY TODAY THAT YOU'RE GOING TO END UP SEEING THE AGE INCREASE TO 70 IS PREPOSTEROUS. WE KNOW FULL WELL WHAT'S GOING TO HAPPEN. AS WE ARE TALKING ABOUT YOUNG WORKERS TODAY IN THEIR 20'S AND 30'S WHO WANT TO MAKE SURE THAT THERE IS SOMETHING THERE FOR SOCIAL SECURITY. IF WE DON'T TACKLE THE ISSUE OF ENTITLEMENTS, WE WON'T BE ABLE TO DO WHAT THE AMERICAN PEOPLE HAVE SAID THIS CONGRESS SHOULD BE DOING, AND THAT IS REINING IN THE KIND OF SPENDING THE LIKES OF WHICH WE SEE 84% INCREASE IN NONDEFENSE SPENDING IN THE LAST 17 MONTHS. WE NEED TO MAKE SURE WE REIN THAT IN AND THESE KINDS OF PROPOSALS WILL DO JUST THAT. I THANK MY FRIEND FOR YIELDING.

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  • 11:59:21 AM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. THE GENTLEMAN FROM…

    THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. THE GENTLEMAN FROM MASSACHUSETTS.

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  • 11:59:24 AM

    MR. MCGOVERN

    MR. SPEAKER, MY OBJECTION ABOUT MR. BOEHNER'S STATEMENT WITH REGARD TO…

    MR. SPEAKER, MY OBJECTION ABOUT MR. BOEHNER'S STATEMENT WITH REGARD TO SOCIAL SECURITY WAS THAT HE WANTED TO TAKE THE MONEY FROM SOCIAL SECURITY AND PAY FOR THE WAR. NOT PUT IT INTO THE SOCIAL SECURITY TRUST FUND, NOT SHORE UP THE SOCIAL SECURITY. THAT'S WHAT BOTHERS ME. IS THEIR CONTINUED DETERMINATION TO UNDERMINE THE SOCIAL SECURITY SYSTEM. MR. BOEHNER SAYS IN HIS INTERVIEW THAT WE SHOULD RAISE THE RETIREMENT AGE TO 70, TAKE THAT MONEY AND PUT IT TOWARDS THE WAR. FOR EIGHT YEARS THEY ABDICATED THEIR RESPONSIBILITY TO PAY FOR A WAR, NOW THEY WANT TO PAY FOR IT ON THE BACKS OF CITIZENS. THAT'S WHAT I OBJECT TO. THE OTHER THING, MR. SPEAKER, IS THAT WE HEAR TIME AND TIME AGAIN, WE ALL WANT TO DEAL WITH THE EXCESSES OF WALL STREET. WE ALL WANT TO DO THIS. WE ALL WANT TO DO THAT. WHEN IT COMES TIME TO DO WHAT IS MEANINGFUL, THEY ARE MISSING IN ACTION. SO THIS IS AN OPPORTUNITY FOR US TO GET SOMETHING DONE AND I URGE MY COLLEAGUES TO SUPPORT THIS BILL. AT THIS TIME I YIELD TWO MINUTES TO THE GENTLEWOMAN FROM CALIFORNIA, MS. SANCHEZ.

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  • 12:00:22 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLELADY IS RECOGNIZED FOR TWO MINUTES. .

  • 12:00:29 PM

    MS. SANCHEZ

    THE GENTLEMAN FROM TEXAS IS RECOGNIZED.

  • 12:02:13 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM TEXAS IS RECOGNIZED.

  • 12:02:18 PM

    MR. SESSIONS

    YOU, MADAM SPEAKER. AT THIS TIME I'D LIKE TO YIELD THREE MINUTES TO DR.…

    YOU, MADAM SPEAKER. AT THIS TIME I'D LIKE TO YIELD THREE MINUTES TO DR. PHIL GINGREY.

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  • 12:02:24 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM GEORGIA IS RECOGNIZED FOR HOW MANY MINUTES MAY I ASK…

    THE GENTLEMAN FROM GEORGIA IS RECOGNIZED FOR HOW MANY MINUTES MAY I ASK THE GENTLEMAN FROM TEXAS? THE GENTLEMAN FROM GEORGIA IS RECOGNIZED FOR --

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  • 12:02:34 PM

    THE SPEAKER PRO TEMPORE

    THREE MINUTES. THE GENTLEMAN FROM GEORGIA FOR THREE MINUTES.

  • 12:02:38 PM

    MR. GINGREY

    MADAM SPEAKER, ALL ACROSS THE COUNTRY AMERICANS ARE ASKING CONGRESS TO GET…

    MADAM SPEAKER, ALL ACROSS THE COUNTRY AMERICANS ARE ASKING CONGRESS TO GET OUR FISCAL HOUSE IN ORDER. THIS IS -- THIS CHANGE IN FISCAL RESPONSIBILITY CAN BE SEEN IN THE MILLION OF VOTES FOR THE YOUCUT INITIATIVE. EACH VOTE IS A VOTE TO CUT SPENDING AND CUT THAT SPENDING NOW. I CAN THINK OF NO CLEARER MESSAGE TO THE DEMOCRATIC LEADERSHIP, WHO UNFORTUNATELY TO DATE HAVE KEPT THEIR EAR PLUGS IN AND REFUSED TO LISTEN. THEIR SOLUTION INSTEAD HAS BEEN MORE BARRING, MORE -- BORROWING, MORE SPENDING AND MORE BAILOUTS. INDEED, THAT'S WHAT THEY RECOMMENDED AT THE RECENT G-20 CONFERENCE IN TORONTO WHICH WAS TOTALLY REJECTED BY THE OTHER PARTICIPATING NATIONS. MADAM SPEAKER, THIS WEEK, WEEK SIX OF THE YOUCUT PROGRAM, AMERICANS CHOSE MY PROPOSAL TO ADDRESS THE WASTE ASSOCIATED WITH FEDERAL EMPLOYEE UNIONS. IN 2008 THE OFFICE OF PERSONNEL MANAGEMENT, O.P.M., REPORTED IN A SAMPLE OF 61 FEDERAL AGENCIES THAT APPROXIMATELY THREE MILLION OFFICIAL TIME HOURS, TAXPAYER TIME HOURS WERE USED IN UNION ACTIVITIES BY FEDERAL EMPLOYEES FOR A COST TO THE TAXPAYER OF $120 MILLION. CURRENTLY SOME FEDERAL EMPLOYEES SPEND UP TO 100%, THAT'S RIGHT, 100% OF THEIR WORK DAY PAID BY TAXPAYERS DOING WORK FOR THEIR UNIONS. MY PROPOSAL PREVENTS FEDERAL EMPLOYEES FROM USING TAXPAYER FUNDED TIME TO PARTICIPATE IN UNION ACTIVITIES. AND WOULD SAVE $1.2 BILLION OVER THE NEXT 10 YEARS AND $30 MILLION -- 30 MILLION HOURS OF TAXPAYER TIME. $1.2 BILLION AND 30 MILLION HOURS. SO, MADAM SPEAKER, EVERY AMERICAN KNOWS THAT CONGRESS HAS A SPENDING PROBLEM. OUR NATIONAL DEBT IS SIMPLY UNSUSTAINABLE AND TOUGH CHOICES NEED TO BE MADE NOW TO GET OUR DEBT AND OUR BUDGET DEFICIT UNDER CONTROL. I URGE YOU TO LISTEN TO AMERICANS ACROSS THE COUNTRY, TO REPUBLICANS ON THIS SIDE OF THE AISLE AND TO ACT NOW AND THIS PROPOSAL IS A FIRST STEP. A WORTHY SECOND STEP WOULD BE ACTUALLY PASSING A BUDGET THIS YEAR, BECAUSE AS EVERY AMERICAN FAMILY KNOWS, YOU CAN'T BEGIN TO CUT SPENDING UNTIL YOU ACTUALLY COME UP WITH A BUDGET. MADAM SPEAKER, THE AMERICAN PEOPLE ARE TIRED OF THIS RECKLESS SPENDING ADDICTION THAT HAS RESULTED IN A RECORD NATIONAL DEBT AND RECORD BUDGET DEFICIT. LIKE EVERY ADDICT KNOW, THE FIRST STEP TO RECOVERY IS ADMITTING THAT YOU HAVE A PROBLEM. I URGE MY DEMOCRATIC COLLEAGUES TO TAKE THAT STEP AND START ADDRESSING THE PROBLEM BY SAVING TAXPAYERS OVER $1 BILLION TODAY. VOTE TO DEFEAT THE PREVIOUS QUESTION SO WE CAN AMEND THE RULE TO INCLUDE THIS YOUCUT PROVISION OF FISCAL RESPONSIBILITY, SUBMITTED BY THE AMERICAN PEOPLE. AND I YIELD BACK.

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  • 12:05:36 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK. THE GENTLEMAN FROM MASSACHUSETTS IS RECOGNIZED.

  • 12:05:40 PM

    MR. MCGOVERN

    THANK YOU, MADAM SPEAKER. MY FRIEND FROM GEORGIA'S PROPOSAL REPRESENTS…

    THANK YOU, MADAM SPEAKER. MY FRIEND FROM GEORGIA'S PROPOSAL REPRESENTS LESS THAN 1/10 OF 1% OF WHAT WE'RE BORROWED TO PAY FOR THE IRAQ AND AFGHANISTAN WAR. LET'S GET SERIOUS HERE. AND WHEN I SEE THAT POSTER THAT SAYS YOUCUT, WHAT THEY DON'T SHOW YOU IS WHAT THEY'RE CUTTING AND WHAT THEY WANT TO CUT IS SOCIAL SECURITY. THE MINORITY LEADER MADE THAT VERY CLEAR IN HIS INTERVIEW. BASICALLY TAKE MONEY OUT OF SOCIAL SECURITY TO PAY FOR THE WARS. OUR SENIOR CITIZENS, WHO HAVE FOUGHT IN WARS, WHO HAVE WORKED IN OUR FACTORIES, WHO HAVE RAISED OUR FAMILIES, ARE GOING TO BE TOLD TO PAY FOR THE WAR. NO, I WILL NOT. MY FRIENDS HAVE 30 MINUTES ON THEIR SIDE. I WILL NOT YIELD. I'D LIKE TO YIELD TWO MINUTES TO THE GENTLEWOMAN FROM TEXAS, MS. JACKSON LEE.

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  • 12:06:23 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN FROM TEXAS IS RECOGNIZED FOR TWO MINUTES.

  • 12:06:35 PM

    MS. JACKSON LEE

    THANK YOU, MADAM SPEAKER. I ASK UNANIMOUS CONSENT TO ADDRESS THE HOUSE.…

    THANK YOU, MADAM SPEAKER. I ASK UNANIMOUS CONSENT TO ADDRESS THE HOUSE. THIS IS A VERY EMOTIONAL TIME FOR MANY AMERICANS AS THEY LOOK AT PENDING UNEMPLOYMENT, LONG MONTHS OF ADDRESSING THE QUESTION OF HOW THEY PAY THEIR MORTGAGE AND REFLECTING ON HOW WE GOT TO THIS PLACE. THAT IS WHY I STAND TODAY TO SUPPORT THE UNDERLYING RULE AND THIS FINANCIAL ACCOUNTABILITY COMPLEX LEGISLATION THAT HAS TAKENNMANY, MANY HOURS AND DAYS AND WEEKS FOR US TO COME UP WITH A WAY TO SAY TO AMERICA, WE HEARD YOU. AND SO THE FIRST POINT OF THIS BILL IS THAT THERE WILL BE NO TAXPAYER PAID BAILOUTS. THEN FOR THE FIRST TIME, THE CONSUMERS OF AMERICA WILL HAVE THEIR OWN PERSONAL ADVOCACY. THEY WILL HAVE THE OVERSIGHT BOARD THAT WILL LOOK AT CREDIT CARD INCREASES AND OUTLANDISH INTEREST RATES. THEY WILL HAVE AN OVERSIGHT BOARD THAT WILL LOOK AT HOW THEY ADDRESS THE QUESTION OF BANKING LOANS, SMALL BUSINESSES WILL BE ABLE TO ACCESS CREDIT, THERE WILL BE TRANSPARENCY AND ACCOUNTABILITY. WHAT IS THERE TO BE OPPOSED TO? THOSE WHO HAPPEN TO BE INCLUDED IN MINORITY AND WOMEN-OWNED BUSINESSES WILL FOR THE FIRST TIME NOT BE STOPPED AT THE DOOR TO ACCESS CREDIT. THEN OF COURSE WE'LL BE ABLE TO HAVE AN OVERSIGHT BOARD THAT WILL FOREVER ELIMINATE THE WORDS TOO BIG TO FAIL. EXPERTS WHO WILL CONTINUOUSLY LOOK AT THE INFRASTRUCTURE OF THIS FINANCIAL SYSTEM. WE KNOW THAT CAPITALISM IS STRONG, BUT IT MUST BE A STRONG SYSTEM THAT HAS A HEART, THAT CAN WITH STAND THE SCRUTINY OF THOSE WHO ARE SEEKING TO FIND THE WEAKNESSES. WE HAVE TO STAND WITH THE CONSUMER SO THAT THE CONSUMER DOES NOT FALL VICTIM TO THE TOO BIG TO FAIL WHO ARE WILLING TO TAKE RISKS BECAUSE THEY WERE PADDING THEIR POCKETS. THIS IS THE RIGHT DECISION THAT IS NOW BEING MADE AND THIS BILL WILL PROVIDE YOU WITH THE OVERSIGHT AND THE NECESSITY OF COVERAGE. SUPPORT THE UNDERLYING RULE AND THIS BILL, STAND WITH THE AMERICAN PEOPLE.

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  • 12:08:57 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM TEXAS IS RECOGNIZED.

  • 12:09:01 PM

    MR. SESSIONS

    THANK YOU, MADAM SPEAKER. AT THIS TIME I'D LIKE TO YIELD ONE MINUTE TO THE…

    THANK YOU, MADAM SPEAKER. AT THIS TIME I'D LIKE TO YIELD ONE MINUTE TO THE GENTLEWOMAN FROM KANSAS, CONGRESSWOMAN JENKINS.

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  • 12:09:09 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN FROM KANSAS IS RECOGNIZED FOR ONE MINUTE.

  • 12:09:13 PM

    MS. JENKINS

    THANK YOU, MADAM SPEAKER. OVER THE PAST SIX WEEKS, OVER ONE MILLION…

    THANK YOU, MADAM SPEAKER. OVER THE PAST SIX WEEKS, OVER ONE MILLION AMERICANS HAVE DEMANDED ACTION AND HOUSE REPUBLICANS HAVE LISTENED. UNFORTUNATELY THE MAJORITY IN THE HOUSE HAS NOT. AND WHILE THERE ARE MANY ISSUES THAT THESE PEOPLE IN THIS BODY DISAGREE ON, THERE ARE SOME ISSUES THAT WE SHOULD ALL AGREE ON. WE SHOULD AGREE THAT SKYROCKETING DEBT IS A PRIORITY. WE SHOULD AGREE THAT WE CANNOT CONTINUE SPENDING MONEY THAT WE DON'T HAVE. WE SHOULD AGREE THAT IT'S WRONG FOR TAXPAYERS TO PAY FOR SALARIES OF EMPLOYEES WHO ANSWER TO UNIONS INSTEAD OF THE AMERICAN PEOPLE. AND WE SHOULD AGREE ON THIS VERY SIMPLE BILL THAT SAYS UNION ACTIVITIES SHOULD BE FUNDED BY UNIONS. I URGE MY COLLEAGUES TO STAND WITH THE AMERICAN PEOPLE, TO VOTE TO SAVE $1.2 BILLION AND TO END THE ABUSE OF TAXPAYER MONEY. I YIELD BACK.

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  • 12:10:17 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM MASSACHUSETTS.

  • 12:10:22 PM

    MR. MCGOVERN

    SPEAKER, I HOPE WE -- I HOPE THE MINORITY GET ON THE FLOOR AND RETRACT THE…

    SPEAKER, I HOPE WE -- I HOPE THE MINORITY GET ON THE FLOOR AND RETRACT THE STATEMENT THAT WE SHOULD BE CUTTING SOCIAL SECURITY TO PAY FOR THIS WAR. THEY'VE ADVOCATED A RESPONSIBILITY FOR EIGHT YEARS AND NOW THEY WANT THE SENIOR CITIZENS IN THIS COUNTRY TO PAY FOR THIS WAR. I THINK THAT'S WRONG. AT THIS POINT I'D LIKE TO YIELD TWO MINUTES TO THE GENTLEMAN FROM INDIANA, MR. CARSON, FOR THE PURPOSE OF A COLLOQUY.

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  • 12:10:43 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM INDIANA IS RECOGNIZED FOR TWO MINUTES.

  • 12:10:46 PM

    MR. CARSON

    THANK YOU, MADAM SPEAKER. I'D LIKE TO ASK THE GENTLEMAN FROM MASSACHUSETTS…

    THANK YOU, MADAM SPEAKER. I'D LIKE TO ASK THE GENTLEMAN FROM MASSACHUSETTS TO ENGAGE IN A SHORT COLLOQUY. MR. CHAIRMAN, I'D LIKE TO CONFIRM THAT ALL INSURANCE COMPANIES, SPECIFICALLY MUTUAL INSURANCE HOLDING COMPANIES, ARE INCLUDED IN THE DEFINITION OF INSURANCE COMPANIES, THAT A PERIOD IN THE RESOLUTION AUTHORITY TITLE IN THE CONFERENCE REPORT, FURTHER, I'D LIKE TO CONFIRM MY UNDERSTANDING THAT UNDER TITLE 2 OF THE CONFERENCE REPORT, ALL INSURANCE COMPANIES, SPECIFICALLY INCLUDING MUTUAL INSURANCE HOLDING COMPANIES, REMAIN SUBJECT TO RESOLUTION UNDER THE EXISTING STATE INSURANCE INSOLVENCY AND LIQUIDATION REGIMES. CAN THE CHAIRMAN CONFIRM MY UNDERSTANDING ON THIS POINT? I YIELD TO CHAIRMAN FRANK.

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  • 12:11:30 PM

    MR. FRANK

    PAYING TO ATTENTION TO THIS VERY SPECIFIC, BUT VERY IMPORTANT POINT, HE IS…

    PAYING TO ATTENTION TO THIS VERY SPECIFIC, BUT VERY IMPORTANT POINT, HE IS ABSOLUTELY RIGHT. WE HAVE NO INTENTION OF DISTURBING THE WELL-RUN STATE INSURANCE REGIMES. WE RESPECT AND HONOR THAT FORM OF THE MUTUAL INSURANCE HOLDING COMPANY AND THE GENTLEMAN'S INTERPRETATION IS ENTIRELY CORRECT. THEY WILL REMAIN SUBJECT TO RESOLUTION UNDER THE EXISTING STATE INSURANCE LIQUIDITY AND INVOLUME SENTSY -- INSOLVENCY REGIMES.

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  • 12:11:58 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK. THE GENTLEMAN FROM TEXAS IS RECOGNIZED.

  • 12:12:02 PM

    MR. SESSIONS

    YOU, MADAM SPEAKER. AT THIS TIME I'D LIKE TO YIELD ONE MINUTE TO THE…

    YOU, MADAM SPEAKER. AT THIS TIME I'D LIKE TO YIELD ONE MINUTE TO THE GENTLEMAN FROM NEBRASKA, FOR HIS IMPORTANT STATEMENT.

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  • 12:12:12 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM NEBRASKA IS RECOGNIZED FOR ONE MINUTE.

  • 12:12:14 PM

    MR. TERRY

    THANK YOU, MADAM SPEAKER. I DEFINITELY AGREE IN PART WITH SOME OF THIS…

    THANK YOU, MADAM SPEAKER. I DEFINITELY AGREE IN PART WITH SOME OF THIS BILL, THAT WE NEED TRANSPARENCY, WE NEED SOME ACCOUNTABILITY. ESPECIALLY IN THE EXOTIC INSTRUMENTS. BUT THIS BILL ALSO GRANTS SOME CART BLANCH POWER OVER THE FINANCIAL MARKETS, NOT JUST IN WALL STREET BUT ON MAIN STREET, TOO, THAT'S GOING TO RAISE THE COST FOR SMALL BUSINESS OPERATORS AND CONSUMERS WHO WILL USE FINANCIAL INSTITUTIONS. BUT I ALSO FIND IT INTERESTING THAT PART OF THE DISCUSSION HERE IS TO CRITICIZE OR TRYING TO SUGGEST THAT THE REPUBLICANS WANT TO CUT SOCIAL SECURITY. I'M CURIOUS TO HOW THE MEMBERS THAT ARE RAISING THAT ISSUE ON THE FLOOR TODAY VOTED ON THE HEALTH CARE BILL THAT ACTUALLY TOOK 5DS00 BILLION OUT OF MEDICARE -- $500 BILLION OUT OF MEDICARE THAT OUR SENIORS RELIED ON. THEY VOTED TO CUT $500 BILLION OUT OF IT. I YIELD BACK.

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  • 12:13:05 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK. THE GENTLEMAN FROM MASSACHUSETTS IS RECOGNIZED.

  • 12:13:09 PM

    MR. MCGOVERN

    IF THE GENTLEMAN WANTS TO KNOW -- I THINK HE'S REFERRING TO THE ARTICLE.…

    IF THE GENTLEMAN WANTS TO KNOW -- I THINK HE'S REFERRING TO THE ARTICLE. I'D LIKE TO YIELD TWO MINUTES TO THE GENTLEMAN FROM KANSAS, MR. MOORE.

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  • 12:13:19 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM MASSACHUSETTS IS YIELDING HOW MANY MINUTES?

  • 12:13:24 PM

    THE SPEAKER PRO TEMPORE

    TWO MINUTES TO THE GENTLEMAN FROM KANSAS.

  • 12:13:26 PM

    MR. MOORE

    MADAM SPEAKER, I RISE IN SUPPORT OF THE RULE TO CONSIDER THE DODD-FRANK…

    MADAM SPEAKER, I RISE IN SUPPORT OF THE RULE TO CONSIDER THE DODD-FRANK WALL STREET REFORM CONFERENCE REPORT. FOR TOO MANY YEARS WALL STREET WAS NOT PROPERLY REGULATED AND WE PAID FOR THESE MISTAKES, UNFORTUNATELY IT IS OUR CONSTITUENTS ON MAIN STREET WHO PAID THE PRICE, NOT WALL STREET FINANCIAL FIRMS. ACCORDING TO A RECENT SURVEY, THIS RESULT DIRECTLY IMPACTED MORE THAN HALF OF WORKING AMERICANS, PUSHING FAR TOO MANY TOWN EMPLOYMENT, TO TAKE PAY CUTS, REDUCED HOURS OR PART TIME JOBS OR DELAYED RETIREMENT PLANS. IT'S NOT SURPRISING THAT MANY AMERICANS HAVE LOST THEIR FAITH AND TRUST IN OUR FINANCIAL SYSTEM. THE DODD-FRANK ACT WILL RESTORE AMERICANS' TRUST IN A WELL-FUNCTIONING FINANCIAL SYSTEM. WHILE THE BILL ENDS TOO BIG TO FAIL AND TAXPAYER BAILOUT, IT ALSO SHIELDS COMMUNITY BANKS AND SMALL BUSINESSES FROM UNNECESSARY REGULATORY BURDENS THAT WILL BE FOCUSED ON WALL STREET AND OTHERS WHO CREATED THE FINANCIAL CRISIS AND MOST IMPORTANTLY THIS NEW LAW IS FULLY PAID FOR. TAXPAYERS WILL NOT HAVE TO PICK UP THE TAB. I URGE MY COLLEAGUES TO PROTECT CONSUMERS, INVESTORS AND TAXPAYERS BY SUPPORTING THIS CONFERENCE REPORT. AND I NOW TURN TO CHAIRMAN FRANK FOR A BRIEF COLLOQUY TO CLARIFY SOMETHING. MADAM SPEAKER, I ASK UNANIMOUS CONSENT THAT A WRITTEN DESCRIPTION OF THIS CLARIFICATION BE MADE PART OF THE RECORD.

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  • 12:14:38 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION, SO ORDERED.

  • 12:14:40 PM

    MR. MOORE

    MR. CHAIRMAN, THANK YOU FOR YOUR EXTRAORDINARY LEADERSHIP ON THIS HISTORIC…

    MR. CHAIRMAN, THANK YOU FOR YOUR EXTRAORDINARY LEADERSHIP ON THIS HISTORIC BILL. FIRST, DO YOU AGREE THE CONFEREES DID NOT INTEND TO IMPOSE THE REGULATORY BURDEN OF THE BUREAU OVER THE ACTIVITIES OF BROKER DEALERS AND INVESTMENT ADVISORS OTHERWISE SUBJECT TO REGULATION BY THE F.C.C.?

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  • 12:14:55 PM

    MR. FRANK

    IF THE GENTLEMAN WILL YIELD TO ME, AS THE GENTLEMAN KNOWS, OUR BILL DOES…

    IF THE GENTLEMAN WILL YIELD TO ME, AS THE GENTLEMAN KNOWS, OUR BILL DOES GIVE THE F.C.C. THE POWER WHICH WE EXPECT THEM TO USE TO IMPOSE GREATER FIDUCIARY RESPONSIBILITIES ON THESE PEOPLE. THE CONSUMER BUREAU WILL BE A POWERFUL ONE THAT WILL BE DEALING WITH THE FINANCIAL PRODUCTS IN THE LENDING AREA AND ELSEWHERE. AS THE GENTLEMAN KNOWS, WE ENHANCED THE REGULATORY AUTHORITY OF THOSE ENTITIES YOU MENTIONED AND THERE'S NO INTENTION WHATSOEVER, NOR IS THERE LANGUAGE, I BELIEVE, THAT WOULD LEAD TO DUPLICATE SUPERVISION BY THE CONSUMER PROTECTION BUREAU.

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  • 12:15:30 PM

    MR. MOORE

    THANK YOU. I YIELD BACK.

  • 12:15:32 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK. THE GENTLEMAN FROM TEXAS IS RECOGNIZED.

  • 12:15:36 PM

    MR. SESSIONS

    THANK YOU, MADAM SPEAKER. AT THIS TIME, MADAM SPEAKER, I WOULD LIKE TO…

    THANK YOU, MADAM SPEAKER. AT THIS TIME, MADAM SPEAKER, I WOULD LIKE TO YIELD TWO MINUTES TO ONE OF THE NEWEST MEMBERS OF THIS BODY, THE GENTLEMAN FROM HAWAII, CHARLES DJOU.

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  • 12:15:43 PM

    THE SPEAKER PRO TEMPORE

  • 12:15:53 PM

    MR. DUE JEW

    COUNT MYSELF IN THE 1.1 MILLION AMERICANS WHO VOTED AT THE YOUCUT…

    COUNT MYSELF IN THE 1.1 MILLION AMERICANS WHO VOTED AT THE YOUCUT SPENDING. THESE AMERICANS ARE SAYING TO THIS CONGRESS THAT ENOUGH IS ENOUGH. THIS GOVERNMENT IS SPENDING FAR TOO MUCH MONEY ON PROGRAMS THAT DO NOT WORK AND WORSE OF ALL WE HAVE NO PLANS TO PAY THIS MONEY BACK. SINCE THE MAJORITY IN CONGRESS IS REFUSING TO CUT SPENDING, EXERCISING DISCIPLINE, OR EVEN PASSING A BUDGET, THE AMERICAN PEOPLE ARE RISING UP AND STANDING IN THIS GAP. TODAY'S YOUCUT WINNER WHICH WE ARE GOING TO BE LOOKING AT IS A STRAIGHTFORWARD PROPOSAL. IT WOULD PROHIBIT TAXPAYER FUNDING FOR UNION ACTIVITIES. THIS WOULD SAVE TAXPAYERS $120 MILLION THIS YEAR ALONE AND $1.2LE WITH BILLION OVER THE NEXT 10 YEARS. THIS IS A SIMPLE COMMONSENSE IDEA AND ONE STEP IN THE RIGHT DIRECTION TO RESTORING FISCAL ORDER IN OUR HOUSE. I URGE MY COLLEAGUES TO LISTEN TO THE MILES PER HOUR PEOPLE AND CUT THIS WASTEFUL SPENDING AND MAKE TOUGH CHOICES TO PROVIDE US FOR A BETTER TOMORROW FOR OURSELVES AND OUR FAMILIES. I YIELD BACK THE BALANCE OF MY TIME.

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  • 12:16:53 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE GENTLEMAN FROM…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE GENTLEMAN FROM MASSACHUSETTS IS RECOGNIZED.

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  • 12:16:57 PM

    MR. MCGOVERN

    MADAM SPEAKER, AGAIN THE PROPOSAL THE REPUBLICANS ARE TALKING ABOUT TODAY…

    MADAM SPEAKER, AGAIN THE PROPOSAL THE REPUBLICANS ARE TALKING ABOUT TODAY REPRESENTS LESS THAN ONE TENTH OF ONE PERCENT OF THE PUSH TAX CUT THAT WEREN'T PAID FOR. AT THIS POINT I YIELD TWO MINUTES TO THE GENTLEMAN FROM MASSACHUSETTS, MR. LYNCH.

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  • 12:17:10 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM MASSACHUSETTS, MR. LYNCH, IS RECOGNIZED FOR TWO MINUTES.

  • 12:17:14 PM

    MR. LYNCH

    YOU, MADAM SPEAKER. I THANK THE GENTLEMAN FOR YIELDING. FOR PURPOSES OF A…

    YOU, MADAM SPEAKER. I THANK THE GENTLEMAN FOR YIELDING. FOR PURPOSES OF A COLLOQUY I WOULD LIKE TO ENGAGE WITH THE CHAIRMAN OF THE COMMITTEE AND THE DRAFTER OF THIS LEGISLATION. I CONGRATULATE HIM ON THE GREAT WORK HE'S DONE ON THIS REFORM BILL. MR. CHAIRMAN, I WANT TO CALL YOUR ATTENTION TO SECTION 726 AND 765 OF THE BILL. THESE TWO PROVISIONS REQUIRE THE S.E.C. TO CONDUCT RULE MAKINGS TO ELIMINATE THE CONFLICT OF INTEREST ARISING FROM CONTROL OF CLEARING AND TRADING FACILITIES BY ENTITIES SUCH AS SWAP DEALERS AND MAJOR SWAP PARTICIPANTS. THIS PROBLEM ARISES BECAUSE RIGHT NOW ALL OF THE CLEARING HOUSES -- CLEARING-HOUSES IN THIS COUNTRY ARE OWNED BY FIVE BAPPINGS. 95%, EXCUSE ME, 95% OF ALL THE CLEARING FACILITIES ARE OWNED BY FIVE BAMINGS. WHALE WE ARE RELYING ON THE CLEARING-HOUSES TO REDUCE SYSTEMIC RISKS, WE HAVE THE BANKS OWNING THE CLEARING-HOUSES. REGARDING THE INTENT OF THE CONFEREES AND RETAINING SUBSECTION B OF THESE PROVISIONS, IT COULD BE LOOSELY CONSTRUED TO LEAVE IT UP TO THE AGENCIES WHETHER OR NOT TO ADOPT RULES. MR. CHAIRMAN, DO YOU AGREE THAT MY READING THAT SECTION 726 AND 765 AFFIRMATIVELY REQUIRE THSE AGENCIES TO ADOPT STRONG CONFLICT OF INTEREST RULES ON CONTROL AND GOVERNANCE OF CLEARING AND TRADING FACILITIES?

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  • 12:18:38 PM

    MR. FRANK

    IF GENTLEMAN WOULD YIELD TO ME. THIS IS AN IMPORTANT AREA. HE'S A CAREFUL…

    IF GENTLEMAN WOULD YIELD TO ME. THIS IS AN IMPORTANT AREA. HE'S A CAREFUL LAWYER AND UNDERSTANDS THE PRINCIPLE ISN'T ENOUGH, YOU HAVE TO MAKE SURE IT'S CARRIED OUT. DEALING WITH THE CONFLICT OF INTEREST THE LEADER IS IDENTIFYING IS ESSENTIAL. I COMPLETELY AGREE WITH IT. YES, WE MEAN BOTH THOSE SUBSECTIONS AND IT IS A MANDATORY RULE MAKING. I WILL SAY TO MY NEIGHBOR FROM MASSACHUSETTS, WE WILL BE MONITORING THIS CAREFULLY. OVERSIGHT HEARINGS BECAUSE, YES, THIS IS DEFINITELY A MANDATE TO THEM TO ADOPT THE RULES TO DEAL WITH WHAT WOULD BE A BLATANT CONFLICT OF INTEREST IN THE RULES AND WE INTEND TO FOLLOW THAT CLOSELY.

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  • 12:19:20 PM

    MR. LYNCH

    THE CHAIRMAN. I YIELD BACK.

  • 12:19:23 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM TEXAS IS RECOGNIZED.

  • 12:19:26 PM

    MR. SESSIONS

    THANK YOU, MADAM SPEAKER. AT THIS TIME I WOULD LIKE TO YIELD FOUR MINUTES…

    THANK YOU, MADAM SPEAKER. AT THIS TIME I WOULD LIKE TO YIELD FOUR MINUTES TO THE DISTINGUISHED GENTLEMAN FROM CALIFORNIA, MR. ROYCE.

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  • 12:19:31 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM CALIFORNIA IS RECOGNIZED FOR FOUR MINUTES.

  • 12:19:36 PM

    MR. ROYCE

    THE GENTLEMAN FOR YIELDING. I RISE IN OPPOSITION TO THIS RULE AND THE…

    THE GENTLEMAN FOR YIELDING. I RISE IN OPPOSITION TO THIS RULE AND THE UNDERLYING LEGISLATION. AND I RISE BECAUSE REFORM IS DESPERATELY NEEDED. BUT THE REFORMS NEEDED MOST ARE NOT IN THIS BILL. FOR EXAMPLE, THIS LEGISLATION FAILS TO REFORM THE GOVERNMENT-SPONSORED ENTERPRISES. WHEN YOU THINK ABOUT IT, THE HOUSING CRISIS AND THE LOW DOWN WITH SAW IN THAT SECTOR, MOST OF THE LOSSES WERE IN THE GOVERNMENT-SPONSORED ENTERPRISES, THAT WAS NOT CAUSED BY LACK OF GOVERNMENT INTERVENTION. EACH OF THOSE FAILED INSTITUTIONS HAD A REGULATOR OVERSEEING IT. BUT IT WAS CONGRESS, ESPECIALLY WITH THE G.S.E. ACT, ACTIVELY TYING THE HANDS OF THOSE REGULATORS IN WHAT AMOUNTED TO A FOILED ATTEMPT, MAYBE FOR A GOOD SOCIAL END, THE IDEA WAS TO GET EVERYBODY INTO A HOME, BUT TO DO THAT BY PUTTING THESE MANDATES ON THE G.S.E.'S, THE 50% OF THE PORTFOLIOS THAT THEY HELD, 50% OF THAT $1.7 TRILLION IN PORTFOLIOS TTAT THEY HELD BEING SUBPRIME, OBVIOUSLY, CREATED VERY REAL PROBLEMS. THE POLITICAL INTERVENTION TO GET THE 20% DOWN PAYMENT DOWN TO 3% AND THEN DOWN TO ZERO OBVIOUSLY HAD AN EFFECT. AND THESE INSTITUTIONS, FANNIE MAE, FREDDIE MAC WERE THE CENTER OF THE HOUSING MARKET AND THEY WERE LARGELY RESPONSIBLE. FOR SOME 70% OF SUBPRIME MORTGAGES THROUGHOUT OUR FINANCIAL SYSTEM. IN ORDER TO REACH THE AFFORDABLE HOUSING MANDATES THAT CONGRESS ENACTED IN 1992, FANNIE AND FREDDIE BECAME THE LARGEST PURCHASERS OF THESE JUNK LOANS ENDING UP WITH $1.8 TRILLION. IN ESSENCE THEY MADE THE JUNK LOAN MARKET. KNOWING OF THE SYSTEMIC THREAT POSED BY THESE INSTITUTIONS, THE FEDERAL RESERVE ACTUALLY CAME TO CONGRESS, CAME TO US A NUMBER OF TIMES, OVER A DOZEN TIMES AND ASKED US TO REIN IN THOSE EXCESSIVE RISK TAKING. WHEN YOU HEAR THE ARGUMENTS BACK AND FORTH ABOUT AT ONE POINT OR ANOTHER WE TRIED TO HAVE LEGISLATION TO ADDRESS THIS, ASK YOURSELF THIS, I'LL REMIND YOU OF THIS, WHAT THE FED WANTED WAS THE ABILITY TO DELEVERAGE THESE PORTFOLIOS. WHAT THE FED WANTED WAS THE ABILITY TO CONTROL FANNIE AND FREDDIE FOR SYSTEMIC RISK. AND THAT IS THE RESPONSIBILITY THAT CONGRESS WOULD NOT GIVE THEM. IN 2005, THAT DEBATE CAME TO A HEAD AND UNDER THE LOORDSHIP OF CHUCK HAGEL AND RICHARD SHELBY, SENATE REPUBLICANS MOVED A BILL SHORTED BY THE FED -- SUPPORTED BY THE FED, THROUGH THE BANKING COMMITTEE, THAT ATTACKED THE HEART OF THE PROBLEM. THE EXCESSIVE BUILDUP OF LEVERAGE AND RISK WITHIN THE MORTGAGE PORT FOAL YOSS. THE WHITE HOUSE, TREASURY DEPARTMENT, AND FEDERAL RESERVE LINED UP BEHIND MR. SHELBY. BUT HE WAS NEVER ABLE TO BRING HIS BILL TO THE FLOOR BECAUSE OF OPPOSITION FROM DEMOCRATS. BOTH IN THE HOUSE AND SENATE DEMOCRATS WERE AGGRESSIVELY TRYING TO DEFEAT OUR EFFORTS UNDER THE GUISE OF PROTECTING AFFORDABLE HOUSING. MR. D.O.D. AND MR. SARBANES BLOCKED -- MR. DODD AND MR. SARBANES BLOCKED THOSE REFORMS IN THE SENATE. LUCKILY SOME MEMBERS FROM THE OTHER SIDE HAVE NOTED THIS FAILURE. IN 2008 PRESIDENT CLINTON SAID I THINK THE RESPONSIBILITY THAT THE DEMOCRATS HAVE MAY RST MORE IN RESISTING ANY EFFORTS BY REPUBLICANS IN THE CONGRESS OR BY ME WHEN I WAS PRESIDENT TO PUT SOME STANDARDS AND TIGHTEN UP A LITTLE ON FANNIE MAE AND FREDDIE MAC. IT IS UNFORTUNATE THAT WE LOST THAT BATTLE. OUR HOUSING MARKET, OUR FINANCIAL SECTOR, AND THE BROADER ECONOMY ARE DEALING WITH THE CONSEQUENCES OF THAT VERY SYSTEMIC SHOCK THAT THE FED HAD ANTICIPATED AND WARNED US ABOUT. TODAY DESPITE WHAT SOME MAY CLAIM, WE ARE NOT ADVOCATING FOR THE ELIMB -- ELIMINATION OF THE G.S.E.'S TOMORROW BUT WE WANT THEM ADDRESSED IN THIS LEGISLATION.

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  • 12:23:54 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM MASSACHUSETTS IS RECOGNIZED.

  • 12:23:56 PM

    MR. MCGOVERN

    I YIELD 30 SECONDS TO THE GENTLEMAN FROM MASSACHUSETTS.

  • 12:23:58 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM MASSACHUSETTS IS RECOGNIZED FOR 30 SECONDS.

  • 12:24:02 PM

    MR. FRANK

    WHOLLY INACCURATE BECAUSE OF THE INCOMPLETE HISTORY OF CALIFORNIA. HE…

    WHOLLY INACCURATE BECAUSE OF THE INCOMPLETE HISTORY OF CALIFORNIA. HE BLAMED THE SENATE DEMOCRATS FOR NOT PASSING A BILL. I DIDN'T HER -- MAYBE I MISSED IT, THE HOUSE WAS UNDER CONTROL OF THE REPUBLICANS. THE HOUSE DIDN'T PASS THAT BILL, EITHER. THE GENTLEMAN FROM CALIFORNIA HAD AN AMENDMENT THAT HE WAS REPUDIATED BY HIS OWN PARTY OVER -- I'M SORRY HE WASN'T MORE PERSUASIVE WITH THE REPUBLICANS. I'M SORRY THE CHAIRMAN OF THE COMMITTEE AND CURRENT LEADERSHIP OF THE HOUSE AND THEN LEADERSHIP OF THE HOUSE VOTED AGAINST HIM. BUT YOU CAN'T BLAME THAT ON THE DEMOCRATS.

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  • 12:24:32 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN'S TIME HAS EXPIRED.

  • 12:24:35 PM

    MR. FRANK

    HOUSE REPUBLICAN BILL.

  • 12:24:37 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEEAN FROM MASSACHUSETTS.

  • 12:24:39 PM

    MR. MCGOVERN

    YIELD TWO MINUTES TO THE GENTLEMAN FROM ILLINOIS.

  • 12:24:41 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM ILLINOIS IS RECOGNIZED FOR TWO MINUTES.

  • 12:24:44 PM

    MR. GUTIERREZ

    YOU SO MUCH, MR. GOING -- MCGOVERN. MADAM SPEAKER, I WOULD LIKE TO ASK THE…

    YOU SO MUCH, MR. GOING -- MCGOVERN. MADAM SPEAKER, I WOULD LIKE TO ASK THE GENTLEMAN FROM MASSACHUSETTS, TO ENGAGE IN A SHORT COLLOQUY. WITH REGARD TO ASSESSMENT ON FINANCE INSTITUTIONS UNDER THE RESOLUTION AUTHORITY, TITLE OF THE BILL, TITLE 2, I WANT TO CLARIFY THAT THE RISK MATRIX CRITERIA REGARDING THE FDIC TO TAKE THE SCOPE AND NATURE OF AN INSTITUTIONS ACTIVITY INTO CONSIDERATION MEANS THAT SUCH ASSESSMENT SHOULD BE MADE IN LIGHT OF THE IMPACT OF POTENTIAL ASSESSMENT ON THE ABILITY OF AN I.N.S. DUTION THAT IS TAX EXEMPT TO CARRY OUT THEIR LEGALLY CHARITABLE AND EDUCATIONAL ACTIVITIES. CAN THE CHAIRMAN CONFIRM MY UNDERSTANDING ON THIS POINT?

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  • 12:25:31 PM

    MR. FRANK

    CAN. LET ME SAY THIS CONSISTENT WITH THE LEADERSHIP FROM THE GENTLEMAN…

    CAN. LET ME SAY THIS CONSISTENT WITH THE LEADERSHIP FROM THE GENTLEMAN FROM ILLINOIS IS SHOWN IN DEALING WITH RISK FACTORS, UP UNTIL NOW UNTIL THIS BILL PASSES WE HAVE BEEN TOO AUTOMATICALLY ASSESSING INSTITUTIONS SOLELY ON THE BASIS. WE WANT TO DISCOURAGE EXCESSIVE RISK AND MAKE THOSE WHO TAKE THE RISK THEIR FAIR SHARE. HE'S CLEARLY CORRECT. TO BE SAID BECAUSE YOU GET IN ACTIVITY, YOU SHOULDN'T GET ASSESSED ON THAT BASIS. SMALLER BANKS IN THIS COUNTRY WILL BE THE BENEFICIARIES OF IMPORTANT PIECES OF THIS LEGISLATION. THANKS TO HIS LEADERSHIP. THE BANK'S ACTIVITY, THE HIGHER THE ASSESSMENT WILL BE IN GENERAL. THAT'S AN IMPORTANT PIECE OF IT. AND THIS PARTICULAR APPLICATION OF IT FOR THESE CHARITABLE INSTITUTIONS IS ESSENTIAL.

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  • 12:26:17 PM

    MR. GUTIERREZ

    THE CHAIRMAN AND I RETURN THE BALANCE OF MY TIME.

  • 12:26:20 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE GENTLEMAN FROM…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE GENTLEMAN FROM TEXAS IS RECOGNIZED.

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  • 12:26:24 PM

    MR. SESSIONS

    IN ORDER TO ALLOW THE GENTLEMAN FROM CALIFORNIA TIME TO REBUT I YIELD THE…

    IN ORDER TO ALLOW THE GENTLEMAN FROM CALIFORNIA TIME TO REBUT I YIELD THE GENTLEMAN ONE MINUTE.

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  • 12:26:28 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM CALIFORNIA IS RECOGNIZED.

  • 12:26:31 PM

    MR. ROYCE

    THE GENTLEMAN. I AM RECOGNIZE, CHAIRMAN FRANK, YOU WERE SUCCESSFUL IN…

    THE GENTLEMAN. I AM RECOGNIZE, CHAIRMAN FRANK, YOU WERE SUCCESSFUL IN DEFEATING, DEFEATING THAT AMENDMENT. LET ME FINISH THIS THOUGHT. YOU WERE SUCCESSFUL AND CERTAINLY MAJORITY OF THIS BODY, INCLUDING MANY REPUBLICANS, JOINED YOU AND I THINK IN 2003 YOU STATED IT WELL, IN TERMS OF THIS PERSPECTIVE, YOU SAID I DO THINKERS I DO NOT WANT THE SAME KIND OF FOCUS ON SAFETY AND SOUNDNESS THAT WE HAVE IN O.C.C. AND O.T.S. I WANT TO ROLL THE DICE A LITTLE BIT MORE IN THIS SITUATION TOWARDS SUBSIDIZING -- SUBSIDIZED HOUSING. THIS WAS AN ARGUMENT THAT GAINED GROUND ON BOTH SIDES OF THE AISLE. THERE'S NO DOUBT ABOUT IT. BUT AT THE SAME TIME IT WAS THE -- MY AMENDMENT THAT I BROUGHT BEFORE THIS BODY IN ORDER TO TRY TO GIVE THE FEDERAL RESERVE THE ABILITY TO DELEVERAGE THESE PORTFOLIOS IN THE INTEREST OF SAFETY AND SOUNDNESS. THIS IS A DEBATE WE HAVE HAD MANY TIMES. WE HAD A DIFFERENT PERSPECTIVE. BUT TODAY GOING FORWARD --

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  • 12:27:37 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLEMAN'S TIME HAS EXPIRED.

  • 12:27:44 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN'S TIME HAS EXPIRED.

  • 12:27:49 PM

    MR. MCGOVERN

    MINUTE TO THE GENTLEMAN FROM MASSACHUSETTS.

  • 12:27:51 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM MASSACHUSETTS IS RECOGNIZED.

  • 12:27:54 PM

    MR. FRANK

    THE GENTLEMAN FROM CALIFORNIA STILL WON'T BE FORTHRIGHT ABOUT THIS. THE…

    THE GENTLEMAN FROM CALIFORNIA STILL WON'T BE FORTHRIGHT ABOUT THIS. THE REPUBLICAN-CONTROLLED HOUSE CHAIRED BY MR. OXLEY AND THE COMMITTEE PASSED A BILL HE OBJECTED TO. HE SAID I WAS SUCCESSFUL IN DEFEATING IT. I PLAYED A MINOR ROLE UNDER MR. DELAY AND THE REPUBLICAN LEADERSHIP. MR. DELAY DID NOT TAKE ADVICE FROM ME. IF MR. DELAY TOOK ADVICE FROM ME, HE WOULDN'T HAVE GONE ON THE DANCE SHOW, I WOULD HAVE ADVISED HIM AGAINST IT. IT WAS A REPUBLICAN HOUSE THAT PASSED THE BILL. HE DID OFFER AN AMENDMENT. IT WAS OVERWHELMINGLY DEFEATED. MORE THAN 2/ OF THE REPUBLICANS VOTED AGAINST IT. MY OWN VIEW, YES, IN 2003, I SAID THERE WAS NO PROBLEM. IN 2004 AFTER PRESIDENT BUSH UNDER REPUBLICAN CONTROL CONGRESS WHO DIDN'T HINDER HIM ORDER FANNIE MAE AND FREDDIE MAC TO INCREASE THE PURCHASE OF LOANS, I CHANGED MY POSITION. I JOINED THE REPUBLICAN LEADERSHIP OF THE HOUSE AS A FAIRLY MINOR PLAYER IN SUPPORTING LEGISLATION. HE WAS AGAINST IT. I JUST WOULD MAKE THAT POINT AGAIN. -pHE ALSO FORGETS TO MENTION THAT--

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  • 12:28:59 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN'S TIME HAS EXPIRED.

  • 12:29:03 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED.

  • 12:29:05 PM

    MR. FRANK

    I UNDERSTAND THE PURPOSE OF GIVING SUCH A PARTIAL HISTORY. HE NEGLECTS TO…

    I UNDERSTAND THE PURPOSE OF GIVING SUCH A PARTIAL HISTORY. HE NEGLECTS TO MENTION IN 2007 WHEN THE DEMOCRATS TOOK THE MAJORITY I BECAME CHAIRMAN WE PASSED THE BILL HE COULDN'T GET PASSED IN 2005 BECAUSE WE WORKED WITH SECRETARY PAULSON. IN 2003 I WAS NOT CONCERNED. BY 2005 I WAS.

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  • 12:29:24 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM TEXAS IS RECOGNIZED.

  • 12:29:26 PM

    MR. SESSIONS

    WE ARE SITTING HERE ARGUING ON THE FLOOR ABOUT HOW GETS CREDIT FOR WHAT. I…

    WE ARE SITTING HERE ARGUING ON THE FLOOR ABOUT HOW GETS CREDIT FOR WHAT. I THINK WE OUGHT TO GIVE CREDIT, WE OUGHT TO GIVE CREDIT TO THE DEMOCRATS FOR TAXING, SPENDING, RECORD UNEMPLOYMENT, HIGHER DEBT, AND WHAT WE ARE TALKING ABOUT TODAY, THIS BILL, FINANCIAL SERVICES SECTOR OF THIS COUNTRY, WILL NOT BE HEALTHY IF WE DO NOT TURN AROUND OUR ECONOMY. AND THAT, TOO, MADAM SPEAKER, IS PIN THE TAIL ON THE DONKEY. AT THIS TIME I'D LIKE TO YIELD TWO MINUTES TO THE GENTLEMAN FROM ROANOKE, VIRGINIA, MR. GOODLATTE.

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  • 12:30:00 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM VIRGINIA IS RECOGNIZED FOR TWO MINUTES.

  • 12:30:03 PM

    MR. GOODLATTE

    ASK UNANIMOUS CONSENT TO REVISE AND EXTEND MY REMARKS.

  • 12:30:06 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION. .

  • 12:30:13 PM

    MR. GOODLATTE

    MR. SPEAKER, I URGE MY COLLEAGUES TO OPPOSE THE RULE ON THIS LEGISLATION…

    MR. SPEAKER, I URGE MY COLLEAGUES TO OPPOSE THE RULE ON THIS LEGISLATION COMING FORWARD, BUT BEFORE WE GET TO THE VOTE ON THE RULE WE'RE GOING TO HAVE A VOTE ON ORDERING THE PREVIOUS QUESTION AND I URGE MY COLLEAGUES TO VOTE NO ON ORDERING THE PREVIOUS QUESTION BECAUSE THAT IS THE WAY TO SHOW YOUR SUPPORT FOR TODAY'S SPENDING CUT REDUCTION UNDER THE YOUCUT PROGRAM THAT MILLIONS OF AMERICANS HAVE PARTICIPATED IN. THIS WEEK'S SPENDING CUT, DEVELOPED BY CONGRESSMAN PHIL GINGREY OF GEORGIA, ADDRESSES ONE OF THE PERPETUAL ROAD BLOCKS TO AMERICAN PRIVATE SECTOR JOB CREATION AND ECONOMIC RECOVERY. FEDERAL EMPLOYEE UNIONS. THE PROPOSAL WOULD PROHIBIT TAXPAYER FUNDING FOR UNION ACTIVITIES, SAYING -- SAVING TAXPAYERS $120 MILLION A YEAR OR $1.2 BILLION OVER THE NEXT 10 YEARS. FEDERAL EMPLOYEES UNIONS COLLECT MILLIONS IN REVENUE EACH YEAR AND SPEND SIGNIFICANT AMOUNTS ON POLITICAL ACTIVITIES AND LOBBYING. I DO NOT BELIEVE THAT THEY SHOULD BE A-- ALSO BE SUBSIDIZED BY THE TAXPAYERS FOR THEIR OFFICIAL FUNCTIONS. INSTEAD OF SUBSIDIZING UNION ACTIVITIES, THE FEDERAL GOVERNMENT MUST WORK TO BOTH ELIMINATE EVERY CENT OF WASTE AND SQUEEZE EVERY CENT OF VALUE OUT OF EACH DOLLAR OUR CITIZENS ENTRUST TO IT. WHEN WE'RE FACING GIGANTIC DEFICITS EACH YEAR, THE PRESIDENT'S BUDGET THAT HE SUBMITTED EARLIER THIS YEAR PROJECTS A 70% EXPENDITURE OVER TOP OF WHAT WE'RE GOING TO TAKE IN IN REVENUES. $2.2 TRILLION IN TAX REVENUES COMING IN. THAT IS COMPLETELY UNSUSTAINABLE AND YET AS FAR AS THE EYE CAN SEE, FOR THE NEXT 10 YEARS, AS FAR OUT AS THE CONGRESSAL BUDGET OFFICE PROJECTS, WE FACE DEFICITS THAT ARE TWO AND THREE TIMES AS LARGE AS THEY HAD EVER BEEN PREVIOUSLY IN OUR HISTORY, INCLUDING THE LAST TIME THE REPUBLICANS WERE IN THE MAJORITY IN THIS CONGRESS. WE SPEND TOO MUCH MONEE -- SPENT TOO MUCH MONEY IN 2004 WHEN WE HAD A $400 BILLION DEFICIT. THAT LOOKS LIKE PEANUTS TODAY COMPARED TO WHAT WE'RE FACING. SUPPORT THE EFFORT TO CUT OUR GOVERNMENT SPENDING, OPPOSE THE ORDERING OF THE PREVIOUS QUESTION.

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  • 12:32:29 PM

    THE SPEAKER PRO TEMPORE

    THE CHAIR RECOGNIZES THE GENTLEMAN FROM MASSACHUSETTS. BUT THE CHAIR WOULD…

    THE CHAIR RECOGNIZES THE GENTLEMAN FROM MASSACHUSETTS. BUT THE CHAIR WOULD ALSO LIKE MEMBERS TO BE MORE COGNIZANT OF THEIR TIME, ESPECIALLY AFTER THE CHAIR HAS MENTIONED THAT IT HAS EXPIRED. THE GENTLEMAN FROM MASSACHUSETTS.

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  • 12:32:43 PM

    MR. MCGOVERN

    THANK YOU, MADAM SPEAKER. JUST IN RESPONSE TO THE LAST SPEAKER. THIS…

    THANK YOU, MADAM SPEAKER. JUST IN RESPONSE TO THE LAST SPEAKER. THIS GIMMICK THAT THE REPUBLICANS HAVE BROUGHT TO THE FLOOR REALLY IS JUST THAT, A GIMMICK. $120 MILLION A YEAR THEY'RE GOING TO SAVE. LET ME JUST PUT THAT IN PERSPECTIVE. JUST TWO POLICIES DATING FROM THE BUSH ADMINISTRATION, TAX CUTS AND THE WARS IN IRAQ AND AFGHANISTAN, ACCOUNTED FOR OVER $500 BILLION OF THE DEFICIT IN 2009 AND WILL ACCOUNT FOR ALMOST $7 TRILLION IN DEFICITS IN 2009 THROUGH 2019, INCLUDING THE ASSOCIATED DEBT SERVICES COST. WE NEED TO GET SERIOUS ABOUT DEALING WITH THE DEBT AND GETTING -- DEALING WITH OUR DEFICIT. BUT LET'S MAKE ONE THING CLEAR. WHEN MR. BUSH CAME TO POWER, PRESIDENT CLINTON LEFT HIM A BUDGET SURPLUS. NO DEFICIT, WE'RE PAYING DOWN THE DEBT. WHEN MR. BUSH LEFT OFFICE, HE LEFT BARACK OBAMA WITH A RECORD DEFICIT THAT HE IS NOW TRYING TO DIG US OUT OF IN THE MIDST OF ONE OF THE WORST ECONOMIES SINCE THE GREAT DEPRESSION. WHEN YOU COME TO THE FLOOR WITH THESE GIMMICK, LET'S UNDERSTAND WHAT THEY ARE, THEY ARE GIMMICKS. LET'S GET SERIOUS ABOUT REDUCING THE DEBT. I'LL TELL YOU ONE THING I DO DISAGREE WITH HIM ON VERY STRONGLY, I'LL GO BACK TO THE ARTICLE I REFERRED TO BEFORE, WHEN MINORITY BOEHNER TALKED ABOUT RAISING THE RETIREMENT AGE OF SOCIAL SECURITY TO 70 AND TAKING THAT MONEY AND NOT PUTTING IN SOCIAL SECURITY TO KEEP THAT PROGRAM SOLVENT, BUT THEN MOVING IT TO PAY FOR THE WARS. I THINK THAT IS WRONG. I THINK OUR SENIORS DESERVE BETTER THAN THAT. AT THIS TIME I'D LIKE TO YIELD ONE MINUTE TO THE GENTLEWOMAN FROM ILLINOIS, MS. BEAN.

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  • 12:34:14 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN FROM ILLINOIS IS RECOGNIZED FOR ONE MINUTE.

  • 12:34:17 PM

    MS. BEAN

    YOU, MADAM SPEAKER. SINCE THE 2008 FINANCIAL CRISIS THAT REDUCED THE…

    YOU, MADAM SPEAKER. SINCE THE 2008 FINANCIAL CRISIS THAT REDUCED THE VALUES OF OUR HOMES AND SAVINGS, OUR CONSTITUENTS HAVE DEMANDED ACTION AND ANSWERS. WHAT WENT WRONG AND WHAT WILL CONGRESS DO TO MAKE SURE IT DOESN'T HAPPEN AGAIN? THIS BILL ANSWERS WITH STRONG PROTECTIONS FOR AMERICAN FAMILIES. THE PROBLEMS STARTED IN OUR NEIGHBORHOODS WHERE TOO MANY HOMEBUYERS TOOK OUT LOANS THEY COULDN'T AFFORD AND TOO MANY LENDERS APPROVED THOSE LOANS, THIS BILL ENDS A PERIOD OF NO DOC LOANS AND DRIVE-BY APPRAISALS WITH NEW LENDING STANDARDS, WITH RISK RETENTION TO ENSURE LENDERS WANT TO KEEP THOSE GOOD LOANS ON THEIR BOOKS AND RATING AGENCY LIABILITY AND REFORM. NEXT DERIVATIVES WERE AT HEART OF THE A.I.G. FAILURE. THIS BILL CREATES REGULATION WHERE IT DID NOT EXIST IN THIS MULTITRILLION DOLLAR MARKET WITH REQUIRED TRANSPARENCY, ENSURING THAT THESE REPORTED. CAPITAL RESERVES WILL BE REQUIRED TO BACK UP THE RISKS THEY TAKE AND PROTECT THE ENTIRE SYSTEM AND MOST IMPORTANT, IT ENDS TAX BAILOUTS. THOSE COMPANIES WHO TAKE RISK, IF YOU FAIL, YOU'RE FIRED. YOUR SHAREHOLDERS WILL LOSE MONEY AND THE --

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  • 12:35:24 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM MASSACHUSETTS. THE…

    THE GENTLEWOMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM MASSACHUSETTS. THE GENTLEWOMAN'S TIME HAS EXPIRED.

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  • 12:35:32 PM

    MR. MCGOVERN

    I YIELD THE GENTLEWOMAN ANOTHER 30 IS SECONDS.

  • 12:35:35 PM

    THE SPEAKER PRO TEMPORE

    ANOTHER 30 SECONDS TO THE GENTLEWOMAN FROM ILLINOIS.

  • 12:35:39 PM

    MS. BEAN

    RECOGNIZE THAT THE ERA OF NO REGULATION IS OVER. STATUS QUO DOESN'T WORK,…

    RECOGNIZE THAT THE ERA OF NO REGULATION IS OVER. STATUS QUO DOESN'T WORK, IT'S TIME TO ACT AND PROTECT THE AMERICAN PEOPLE. THANK YOU, I YIELD BACK.

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  • 12:35:49 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN YIELDS BACK. THE GENTLEMAN FROM TEXAS.

  • 12:35:52 PM

    MR. SESSIONS

    YOU, MADAM SPEAKER. AT THIS TIME I'D LIKE TO YIELD FOUR MINUTES TO THE…

    YOU, MADAM SPEAKER. AT THIS TIME I'D LIKE TO YIELD FOUR MINUTES TO THE RANKING MEMBER OF THE FINANCIAL SERVICES FOR THE REPUBLICANS THE GENTLEMAN FROM ALABAMA, MR. BACHUS.

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  • 12:36:00 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM ALABAMA HAS FOUR MINUTES.

  • 12:36:03 PM

    MR. BACHUS

    THANK THE CHAIRMAN. THIS BILL HAS GOOD IN IT. IT REALLY DOES. IT HAS…

    THANK THE CHAIRMAN. THIS BILL HAS GOOD IN IT. IT REALLY DOES. IT HAS ENHANCED CONSUMER PROTECTION, SIMILAR TO WHAT THE FEDERAL RESERVE HAS ENACTED, IT HAS GREATER TRANSPARENCY AND DISCLOSURE AND THE FIELD OF DERIVATIVES, IT HAS PROVISIONS TO PREVENT COMPANIES LIKE BRITISH PETROLEUM FROM MANIPULATING THE MARKET AS THEY DID LAST YEAR. BUT THERE'S A LOT OF BAD IN THIS BILL AND THERE'S A LOT OF UGLY. I'M GOING TO TALK ABOUT THE BAD WHEN I ADDRESS THE BILL AND THE BAD IS SOME CAPITAL REQUIREMENTS ON COMPANIES THAT COULD COST $1 TRILLION. AND THAT'S A GREATER AMOUNT THAN THE TWO STIMULUSES PUT TOGETHER, THAT COULD COST HUNDREDS OF THOUSANDS OF JOBS. BUT RIGHT NOW I WANT TO TALK ABOUT THE UGLY. AND THE UGLY IS THE BAILOUT OF CREDITORS AND COUNTERPARTIES. THIS IS A WALL STREET BAILOUT BILL, MAKE NO MISTAKE ABOUT IT. THIS BILL SAYS THAT THE FDIC CAN LEND TO A FAILING COMPANY, NOW, THIS IS A COMPANY WHO'S FAILING, THAT CAN'T MEET THEIR OBLIGATIONS, YOU LOAN A FAILING COMPANY MONEY, YOU CAN PURCHASE THE ASSETS, THIS IS THE GOVERNMENT PURCHASING THE ASSETS OF THE LARGEST FINANCIAL COMPANIES IN AMERICA, THEY CAN TAKE A SECURITY INTEREST ON THE ASSETS, THEY CAN GUARANTEE THE OBLIGATIONS OF THE FIRM, YOU KNOW, WE DID THAT WITH FANNIE AND FREDDIE. WE TOLD THE CHINESE BOND HOLDERS, WE'LL PAY 100 CENTS ON THE DOLLAR. IN A.I.G. WE DID THE SAME THING. WE TOLD THE EUROPEAN BANKS, WE TOLD GOLDMAN AND MORGAN, WE'LL PAY THESE CREDIT SWAPS OFF AT 100%. THEY CAN COULD THAT UNDER THIS BILL. THEY CAN BAIL OUT CREDITORS AND COUNTERPARTIES. AND THEY CAN EVEN SELL AND TRANSFER TO THE FDIC THE ASSETS OF A FAILING FIRM. NOW, HOW DO THEY DO THAT? WELL, THEY HAVE TO BORROW MONEY. YOU CAN'T BUY SOMETHING FOR FREE. YOU CAN'T GUARANTEE THINGS WITHOUT MONEY. UNDER THE HOUSE BILL YOU CAN BORROW 90% OF THE FAIR VALUE OF THE FAILED FIRM'S TOTAL CONSOLIDATED ASSETS, YOU'RE GOING TO BORROW IT. IN ORDER, THE GOVERNMENT, THE TAXPAYERS ARE GOING TO BORROW 90% OF THAT AMOUNT. WHAT ARE WE TALKING ABOUT? POTENTIALLY, WITH JUST THE LARGEST SIX COMPANIES IN AMERICA, BANK OF AMERICA, MORGAN-CHASE, CITI, WELLS FARGO, GOADMAN SAX, THE SO-CALLED WALL STREET BANK, MOST OF WHICH, INCLUDING GOLDMAN SACHS HAS SAID, WE LIKE THIS PROVISION, IT'S A GREAT PROVISION. THE FEDERAL GOVERNMENT CAN BORROW FOR THOSE SIX FIRMS $8.5 TRILLION, YET WE DO NOT ASK, WHERE ARE YOU GOING TO BORROW THIS MONEY FROM? ARE YOU GOING TO GO BACK TO THE CHINESE? WHAT WILL IT COST? HOW WILL IT AFFECT WHEN THE TAXPAYERS BORROW THIS KIND OF MONEY THE FDIC, HOW WILL IT AFFECT OUR ABILITY TO PAY THE DEPOSITORS THAT WE GUARANTEED THOSE OBLIGATIONS? HOW WILL IT AFFECT OUR ABILITY TO MEET OUR COMMITMENTS TO DATE, MEDICARE, MEDICAID, SOCIAL SECURITY? HOW WILL IT IMPACT THE DEFICIT? WHAT WILL IT DO TO INTEREST RATES? IS THERE AN EXIT STRATEGY? THE LARGEST BAILOUT WHICH IS NOT ADDRESSED IN THIS BILL, THE LARGEST BAIL OUT IN THE HISTORY OF THIS COUNTRY WAS A TO FANNIE AND FREDDIE. WE STILL HAVEN'T GOTTEN OUT OF THAT. AUGUST OF 2008, EVERY REPUBLICAN IN THIS BODY SAID, REFORM THEM BEFORE YOU BAIL THEM OUT. WE BAILED THEM OUT, WE GUARANTEED $400 BILLION OF THEIR ASSETS OVER OUR PROTEST AND THEN LAST DECEMBER THE 31, THE PRESIDENT GUARANTEED ALL THEIR OBLIGATIONS AND JUST THIS WEEK WE HEAR THAT THAT COULD AMOUNT TO $1 TRILLION. $1 TRILLION THERE, $2 TRILLION HERE, $2 TRILLION HERE, $2 TRILLION HERE, $1 TRILLION HERE, ALMOST $1 TRILLION THERE. HOW DO WE DO IT? HOW DO THE TAXPAYERS GET PAID BACK?

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  • 12:40:21 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM MASSACHUSETTS IS RECOGNIZED.

  • 12:40:26 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM MASSACHUSETTS RESERVES HIS TIME. THE GENTLEMAN FROM…

    THE GENTLEMAN FROM MASSACHUSETTS RESERVES HIS TIME. THE GENTLEMAN FROM TEXAS IS RECOGNIZED.

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  • 12:40:31 PM

    MR. SESSIONS

    YOU, MADAM SPEAKER. I'D LIKE TONE GAUGE THE GENTLEMAN FROM MASSACHUSETTS…

    YOU, MADAM SPEAKER. I'D LIKE TONE GAUGE THE GENTLEMAN FROM MASSACHUSETTS TO INQUIRE IF HE HAS ANY FURTHER SPEAKERS HE MAY HAVE.

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  • 12:40:37 PM

    MR. MCGOVERN

    THE FINAL SPEAKER ON OUR SIDE.

  • 12:40:39 PM

    MR. SESSIONS

    I APPRECIATE THAT AND I APPRECIATE TO BE ON THE FLOOR TODAY WITH YOU.…

    I APPRECIATE THAT AND I APPRECIATE TO BE ON THE FLOOR TODAY WITH YOU. MADAM SPEAKER, I'M GOING TO GO AHEAD AND CLOSE ON OUR SIDE.

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  • 12:40:46 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM TEXAS. SESSION SGS THANK YOU VERY MUCH, MADAM SPEAKER.…

    THE GENTLEMAN FROM TEXAS. SESSION SGS THANK YOU VERY MUCH, MADAM SPEAKER. I THINK --

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  • 12:40:51 PM

    MR. SESSIONS

    THANK YOU VERY MUCH, MADAM SPEAKER. I THINK IT'S PRETTY OBVIOUS THAT…

    THANK YOU VERY MUCH, MADAM SPEAKER. I THINK IT'S PRETTY OBVIOUS THAT REPUBLICANS TODAY HAVE COME DOWN AND DEBATED THE SUBSTANCE OF THIS RULE AND THE BILL. THE RULE, AS IT RELATES TO THE CONFERENCE REPORT IS, IS STRAIGHT FORWARD. IT PUTS IN ORDER ON THE FLOOR OF THE HOUSE OF REPRESENTATIVES TODAY A BILL WHICH WILL BE A MONSTROUS SPENDING BILL FOR FINANCIAL INSTITUTIONS, $18 BILLION THAT WILL BE PASSED ON TO CONSUMERS. IT'S ALL DONE FOR BIGGER GOVERNMENT. THIS BILL EMPOWERS THE FEDERAL GOVERNMENT NOT ONLY TO GET LARGER, BUT GIVES THEM RAW POWER, GIVES THEM THE OPPORTUNITY TO BE THE DECISION-MAKER AND LITERALLY -- LITERALLY ALL PARTS OF FINANCIAL SERVICES. I THINK THAT'S A MISTAKE. I THINK THAT THE BALANCES AND THE OPPORTUNITIES THAT WE HAD HAD AS WE'VE SPOKEN THE LAST FEW YEARS, WE SHOULD AIM FOR SAFETY AND SOUNDNESS, NOT FOR OVERBEARING GOVERNMENT RULES AND REGULATIONS. THIS BILL ONCE AGAIN IS ABOUT -- AS MUCH ABOUT THE FINANCIAL SERVICES INDUSTRY AS THE HEALTH CARE BILL WAS ABOUT HEALTH CARE. IT'S ABOUT DIMINISHING THE FREE ENTERPRISE SYSTEM, IT'S ABOUT DIMINISHING PEOPLE WHO REALLY SHOULD TAKE THE ROLE AND RESPONSIBILITY FOR THAT WHICH THEY DO, AND IT'S ABOUT CREATING THE LARGER GOVERNMENT THAT WILL ENCROACH UPON EVERY SINGLE ONE OF US AND ULTIMATELY CRUSH US. THE REPUBLICAN PARTY DISAGREES WITH THIS BILL BECAUSE WE THINK THAT THE TIMES SHOULD BE SPENT ON THIS FLOOR TO ENCOURAGE JOB CREATION, NOT TO DIMINISH JOB CREATION. AND THAT'S WHAT THIS BILL DOES TODAY ALSO. IT DIMINISHES JOB CREATION. TAXING, SPENDING, BIGGER GOVERNMENT. OF COURSE, I GUESS IT DEPENDS WHETHER YOU'RE WORKING FOR THE GOVERNMENT AND YOU WANT THE GOVERNMENT TO WIN OR THE FREE ENTERPRISE SYSTEM. WE LOOKED AT THE NUMBERS OVER THE LAST FOUR YEARS SINCE SPEAKER PELOSI HAS COME INTO OFFICE AND WE KNOW WHAT THAT AGENDA IS. TAXING, SPENDING, MORE DEBT, BIGGER GOVERNMENT, RULES, REGULATIONS AND USING EVERY SINGLE EXCUSE THEY CAN TO SAY, WELL, YOU GUYS COULD HAVE DONE THIS WHEN YOU WERE IN, BUT WE DON'T WANT TO DO THAT. WE DON'T WANT TO DO THIS. WE DON'T WANT THE TAXING, WE DON'T WANT THE SPENDING TO. SAY THAT WE COULD HAVE DONE THIS, THAT NOW WE'RE OPPOSED TO IT, THAT'S CRAZY. WE DON'T LIKE THIS. WE WANT TO BE ABOUT FREE ENTERPRISE SYSTEM, JOB CREATION AND THE OPPORTUNITY FOR PEOPLE BACK HOME TO HAVE CONFIDENCE IN THIS BODY. WE'RE AT THE LOWEST LEVEL EVER THAT PEOPLE HAVE CONFIDENCE IN THIS BODY. AND NO WONDER. TAXING, SPENDING, RULES, REGULATION, BLAMING THINGS ON FORMER PRESIDENTS, MY GOSH, GROW UP. MADAM SPEAKER, NO WONDER THE AMERICAN PEOPLE ARE WORRIED ABOUT OUR COUNTRY. BECAUSE THE MICKEY MOUSE THAT STILL GOES ON AND IS GOING ON EVEN TODAY. MADAM SPEAKER, I ASK UNANIMOUS CONSENT TO INSERT THE TEXT OF THE AMENDMENT, EXTRANEOUS MATERIAL PRIOR TO VOTING ON THE PREVIOUS QUESTION.

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  • 12:44:05 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION. THE GENTLEMAN'S TIME HAS EXPIRED.

  • 12:44:09 PM

    MR. SESSIONS

    I SAW YOU MOVE THAT FOR THAT GAVEL. THANK YOU, MADAM SPEAKER.

  • 12:44:12 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM MASSACHUSETTS HAS 4 1/2 MINUTES.

  • 12:44:15 PM

    MR. MCGOVERN

    THANK YOU. MADAM SPEAKER, THE AMERICAN PEOPLE ARE FRUSTRATED. THEY'RE…

    THANK YOU. MADAM SPEAKER, THE AMERICAN PEOPLE ARE FRUSTRATED. THEY'RE FRUSTRATED THAT WE HAVEN'T PASSED A WALL STREET REGULATORY REFORM BILL SOONER. I THINK MY FRIENDS ON THE OTHER SIDE OF THE AISLE JUST DON'T GET IT. I DON'T THINK THEY UNDERSTAND THAT AN UNREGULATED WALL STREET WITH NO CHECKS AND BALANCES WILL PRODUCE ANOTHER ECONOMIC CRISIS LIKE THE ONE WE ARE TRYING TO DIG OUTERSELVES OUT OF RIGHT NOW. THE REPUBLICAN MINORITY LEADER MR. BOEHNER SAYS, AND I QUOTE, THIS IS KILLING AN ANT WITH A NUCLEAR WEAPON, END QUOTE. AN ANT? IT WAS THE WORST FINANCIAL CRISIS SINCE THE GREAT DEPRESSION. AMERICA'S LOST EIGHT MILLION JOBS AND $17 TRILLION OF RETIREMENT SAVINGS IN NET WORTH. THE IRRESPONSIBLE AND FISCAL POLICIES OF THE PREVIOUS ADMINISTRATION AND A LOT OF MY FRIENDS ON THE OTHER SIDE WERE MUCH MORE THAN AN ANT TO THE AMERICAN WORKERS AND THEIR FAMILIES AND SMALL BUSINESSES. THEY HAVE SUFFERED GREATLY BECAUSE OF WALL STREET'S EXCESSES. AND THIS NOTION THAT SOMEHOW WE SHOULD JUST LET WALL STREET CONTINUE UNREGULATED, I THINK DEMONSTRATES THAT MY FRIENDS ON THE OTHER SIDE OF THE AISLE JUST DON'T GET IT. MADAM SPEAKER, ALSO IN THIS RULE I WOULD ALLOW FOR SAME-DAY CONSIDERATION OF AN EXTENSION OF UNEMPLOYMENT BENEFITS, TO MILLIONS OF AMERICANS WHO HAVE LOST THEIR JOBS. AMERICANS ARE FRUSTRATED BECAUSE THEY CAN'T UNDERSTAND, WHY CAN'T CONGRESS JUST APPROVE THIS? WHAT IS THE BIG DEAL? MY FRIENDS ON THE OTHER SIDE OF THE AISLE SAY, WELL, WE CAN'T AFFORD IT. YET WHEN IT COMES TO WAR OR WHEN IT COMES TO TAX CUTS FOR WEALTHY PEOPLE, WE ARE A BOTTOMLESS PIT. BUT THE FACT OF THE MATTER IS, WE HAVE AN OBLIGATION TO HELP THOSE WHO ARE SUFFERING BECAUSE OF THIS BAD ECONOMY AND HOPEFULLY WE WILL DO THAT. . LET ME FINALLY SAY WHEN WE ENACT THIS BILL TODAY IT WILL BE TOUGH LEGISLATION THAT WILL END UNACCOUNTABILITY FOR WALL STREET AND BIG BANKS. IT WILL REIN IN BIG BANKS AND BONUSES. IT WILL PUT AN END TO TAXPAYER BAILOUTS AND THE IDEA OF TOO BIG TO FAIL AND PROTECT AND EMPOWER CONSUMERS TO MAKE THE BEST DECISIONS ON HOMES, CREDIT CARDS, AND OWN FINANCIAL FUTURE. THE AMERICAN PEOPLE WANT US TO PASS THIS BILL. THEY WANT US TO PASS AN EXTENSION OF UNEMPLOYMENT BENEFITS. AND HOPEFULLY BY THE END OF TODAY WE WILL DO BOTH. MADAM SPEAKER, I URGE A YES VOTE ON THE PREVIOUS QUESTION AND ON THE RULE AND I YIELD BACK THE BALANCE OF MY TIME. I MOVE THE PREVIOUS QUESTION ON THE RESOLUTION.

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  • 12:46:44 PM

    THE SPEAKER PRO TEMPORE

    THE QUESTION IS ON ORDERING THE PREVIOUS QUESTION ON THE RESOLUTION. SO…

    THE QUESTION IS ON ORDERING THE PREVIOUS QUESTION ON THE RESOLUTION. SO MANY AS ARE IN FAVOR SAY AYE. THOSE OPPOSED, NO. THE AYE VS. IT. THE GENTLEMAN FROM TEXAS IS RECOGNIZED.

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  • 12:46:55 PM

    MR. SESSIONS

    I ASK FOR THE YEAS AND NAYS.

  • 12:46:57 PM

    THE SPEAKER PRO TEMPORE

    THE YEAS AND NAYS ARE REQUESTED. THOSE IN FAVOR OF A VOTE BY THE YEAS AND…

    THE YEAS AND NAYS ARE REQUESTED. THOSE IN FAVOR OF A VOTE BY THE YEAS AND NAYS WILL RISE. A SUFFICIENT NUMBER HAVING ARISEN, THE YEAS AND NAYS ARE ORDERED. MEMBERS WILL RECORD THEIR VOTES BY ELECTRONIC DEVICE. THIS IS A 15-MINUTE VOTE. PURSUANT TO CLAUSE 8 AND 9 OF RULE 20, THIS IS A 15-MINUTE VOTE ON THE PREVIOUS QUESTION WILL BE FOLLOWED BY FIVE-MINUTE VOTE ON ADOPTION OF HOUSE RESOLUTION 1487, IF ORDERED, AND A MOTION TO SUSPEND THE RULES ON H.R. 4505. THIS IS A 15-MINUTE VOTE ON THE PREVIOUS QUESTION. [CAPTIONING MADE POSSIBLE BY THE NATIONAL CAPTIONING INSTITUTE, INC., IN COOPERATION WITH THE UNITED STATES HOUSE OF REPRESENTATIVES. ANY USE OF THE CLOSED-CAPTIONED COVERAGE OF THE HOUSE PROCEEDINGS FOR POLITICAL OR COMMERCIAL PURPOSES IS EXPRESSLY PROHIBITED BY THE U.S. HOUSE OF REPRESENTATIVES.]

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  • 01:13:20 PM

    THE SPEAKER PRO TEMPORE

    THIS VOTE THE YEAS ARE 242 AND THE NAYS ARE 180.

  • 01:14:51 PM

    THE SPEAKER PRO TEMPORE

    ON THIS VOTE THE YEAS ARE 243 AND THE NAYS ARE 182. ONE VOTING PRESENT.…

    ON THIS VOTE THE YEAS ARE 243 AND THE NAYS ARE 182. ONE VOTING PRESENT. THE PREVIOUS QUESTION IS ORDERED. THE QUESTION IS ON ADOPTION TO THE RESOLUTION. THOSE IN FAVOR OF THE RESOLUTION SAY AYE. THOSE OPPOSED, NO. IN THE OPINION OF THE CHAIR, THE AYES --

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  • 01:15:13 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM TEXAS HAS ASKED FOR A RECORDED VOTE. ALL THOSE IN FAVOR…

    THE GENTLEMAN FROM TEXAS HAS ASKED FOR A RECORDED VOTE. ALL THOSE IN FAVOR OF TAKING THIS VOTE BY THE YEAS AND NAYS WILL RISE AND REMAIN STANDING UNTIL COUNTED. A SUFFICIENT NUMBER HAVING ARISEN, A RECORDED VOTE IS ORDERED. MEMBERS WILL RECORD THEIR VOTES BY ELECTRONIC DEVICE. THIS IS A FIVE-MINUTE VOTE. [CAPTIONING MADE POSSIBLE BY THE NATIONAL CAPTIONING INSTITUTE, INC., IN COOPERATION WITH THE UNITED STATES HOUSE OF REPRESENTATIVES. ANY USE OF THE CLOSED-CAPTIONED COVERAGE OF THE HOUSE PROCEEDINGS FOR POLITICAL OR COMMERCIAL PURPOSES IS EXPRESSLY PROHIBITED BY THE U.S. HOUSE OF REPRESENTATIVES.]

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  • 01:23:17 PM

    THE SPEAKER PRO TEMPORE

    ON THIS VOTE THE YEAS ARE 237. THE NAYS ARE 189. THE RESOLUTION IS…

    ON THIS VOTE THE YEAS ARE 237. THE NAYS ARE 189. THE RESOLUTION IS ADOPTED. WITHOUT OBJECTION, THE MOTION TO RECONSIDER IS LAID ON THE TABLE. FOR WHAT PURPOSE. -- THE HOUSE WILL BE IN ORDER. THE HOUSE WILL PLEASE COME TO ORDER. WILL MEMBERS PLEASE CLEAR THE WELL? FOR WHAT PURPOSE DOES THE GENTLEMAN FROM PENNSYLVANIA RISE?

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  • 01:24:11 PM

    >>

    WITHOUT OBJECTION, SO ORDERED.

  • 01:24:13 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION, SO ORDERED.

  • 01:24:15 PM

    >>

    THANK YOU, MADAM SPEAKER. AS YOU KNOW LAST NIGHT WAS THE 49TH ANNUAL ROLL…

    THANK YOU, MADAM SPEAKER. AS YOU KNOW LAST NIGHT WAS THE 49TH ANNUAL ROLL CALL BASEBALL GAME, AND I'M HAPPY TO ANNOUNCE TO THE HOUSE TODAY THAT THAT SCORE HAS BEEN SETTLED THIS YEAR AND THE DEMOCRATS WERE VICTORIOUS 13-6.

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  • 01:24:41 PM

    MR. DOYLE

    OUR TWO CHARITIES, THE NATIONAL LITERACY COUNCIL AND THE BOYS AND GIRLS…

    OUR TWO CHARITIES, THE NATIONAL LITERACY COUNCIL AND THE BOYS AND GIRLS CLUB OF WASHINGTON, D.C. THE FINAL NUMBERS AREN'T IN AS DONATIONS ARE STILL COMING IN, BUT WE'VE GONE OVER THE $150,000 MARK FOR OUR CHARITIES LAST NIGHT. I WANT TO COMMEND OUR REPUBLICAN TEAM FOR A HARD-FOUGHT GAME. THEY GAVE US A TOUGH GAME RIGHT UP UNTIL THE LAST INNING AND KEPT ALL THE FANS IN THEIR SEATS UNTIL THE VERY END. WE HAD A COUPLE OUTSTANDING PLAYS ON THE DEMOCRATIC SIDE. ALL OF US WOKE UP WITH GREAT CHAGRIN THIS MORNING TO WATCH ESPN'S TOP 10 AND SEE ANTHONY WEINER AS NUMBER NINE TOP 10 -- AND ALSO SOME OUTSTANDING LEADING FROM STEVE DRIEHAUS. BUT THE M.V.P.'S ON THE DEMOCRATIC SIDE WERE KILLER BEES, JOE BACA, MR. BOCCIERI AND MR. BAIRD. ALL HAD OUTSTANDING GAMES. SO, MADAM SPEAKER, ONCE AGAIN, THE COVETED ROLL CALL TROPHY STAYS BLUE AND I'D LIKE TO RECOGNIZE MY GOOD FRIEND, THE REPUBLICAN MANAGER, JOE BARTON.

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  • 01:26:01 PM

    MR. BARTON

    SPEAKER, THERE HAVE BEEN THOSE ON THE OTHER SIDE OF THE AISLE THAT FROM…

    SPEAKER, THERE HAVE BEEN THOSE ON THE OTHER SIDE OF THE AISLE THAT FROM TIME TO TIME HAVE SPOKEN OF THE UNGENEROSITY AND THE STINGINESS AND THE COLD-HEARTEDNESS OF THE REPUBLICANS, BUT THE SEVENTH INNING LAST NIGHT SHOULD PUT THAT TO REST FOREVER. WE WERE VERY GENEROUS. EVERY MAN OF THE REPUBLICAN MIND MADE SOME EFFORT IN GENEROSITY OF SPIRIT TO DROP BALLS, MISPLACE THROWS GO OUT OF THEIR WAY TO MAKE SURE THAT AT LEAST ON THE DIAMOND THE DEMOCRATS WOULD FEEL GOOD. NOW, WE DON'T WANT THIS TO GO TO YOUR HEAD, THOUGH, MR. DOYLE. THAT TROPHY IS ON LOAN. IF YOU LOOK AT WHEREVER THE RECORDS ARE KEPT, IF YOU WIN THE NEXT 20 IN A ROW THERE WILL STILL BE MORE R WINS THAN D WINS.

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  • 01:27:12 PM

    MR. DOYLE

    HAVE TO SAY MY FRIEND IS LIVING IN THE PAST.

  • 01:27:19 PM

    MR. BARTON

    SO IN THE SPIRIT OF THE MOMENT, WE CANNOT SAY THAT CHAIRMAN SLAUGHTER RAN…

    SO IN THE SPIRIT OF THE MOMENT, WE CANNOT SAY THAT CHAIRMAN SLAUGHTER RAN A CLOSED RULE OUT ON US. IT WAS AN OPEN RULE. IT WAS FAIR COMPETITION, AND LUCKILY FOR BOTH SIDES THE REAL WINNERS, AS YOU SAID IT, THE BOYS AND GIRLS CLUB AND THE WASHINGTON LITERACY COUNCIL. I DO WANT TO COMMEND MY REPUBLICAN TEAM. I'M VERY PROUD OF THEM. JOHN SHIMKUS PITCHED HIS HEART OUT. YOU KNOW, BILL SHUSTER MADE AN ALMOST UNASSISTED DOUBLE PLAY WHEN HE CAUGHT THE BALL AND PICKED SOMEBODY OFF AT FIRST BASE. EVERY MEMBER OF OUR TEAM GOT TO PLAY. THEY ALL WERE IN GOOD SPIRITS AND GOOD FELLOWSHIP. AND WE WILL SHOW UP NEXT YEAR WITH WARMTH IN OUR HEARTS AND CONTINUE THIS TRADITION AND HOPEFULLY WITH A MORE PLEASUREABLE OUTCOME FOR OUR SIDE. -- PLEASUREABLE OUTCOME FOR OUR SIDE. MR. DOYLE, YOU DESERVED TO WIN. WE CONGRATULATE YOU. THANK YOU.

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  • 01:28:28 PM

    MR. DOYLE

    THANK YOU. THANK YOU, MADAM SPEAKER.

  • 01:28:37 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION, FIVE-MINUTE VOTING WILL CONTINUE. THE UNFINISHED…

    WITHOUT OBJECTION, FIVE-MINUTE VOTING WILL CONTINUE. THE UNFINISHED BUSINESS IS ON THE VOTE ON THE MOTION OF THE GENTLEMAN FROM CALIFORNIA, MR. FILNER, TO SUSPEND THE RULES AND PASS H.R. 4505 ON WHICH THE YEAS AND NAYS ARE ORDERED. THE CLERK WILL REPORT THE TITLE OF THE BILL.

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  • 01:28:57 PM

    THE CLERK

    A BILL TO ENABLE STATE HOMES TO FURNISH NURSING HOME CARE TO PARENTS ANY…

    A BILL TO ENABLE STATE HOMES TO FURNISH NURSING HOME CARE TO PARENTS ANY OF WHOSE CHILDREN DIED WHILE SERVING IN THE ARMED FORCES.

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  • 01:29:04 PM

    THE SPEAKER PRO TEMPORE

    THE QUESTION IS WILL THE HOUSE SUSPEND THE RULES AND PASS THE BILL.…

    THE QUESTION IS WILL THE HOUSE SUSPEND THE RULES AND PASS THE BILL. MEMBERS WILL RECORD THEIR VOTES BY ELECTRONIC DEVICE. THIS IS A FIVE-MINUTE VOTE. [CAPTIONING MADE POSSIBLE BY THE NATIONAL CAPTIONING INSTITUTE, INC., IN COOPERATION WITH THE UNITED STATES HOUSE OF REPRESENTATIVES. ANY USE OF THE CLOSED-CAPTIONED COVERAGE OF THE HOUSE PROCEEDINGS FOR POLITICAL OR COMMERCIAL PURPOSES IS EXPRESSLY PROHIBITED BY THE U.S. HOUSE OF REPRESENTATIVES.]

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  • 01:34:53 PM

    THE SPEAKER PRO TEMPORE

    VOTE THE YEAS ARE --

  • 01:35:50 PM

    THE SPEAKER PRO TEMPORE

    ON THIS VOTE THE YEAS ARE 420, THE NAYS ARE ZERO. 2/3 OF THOSE VOTING…

    ON THIS VOTE THE YEAS ARE 420, THE NAYS ARE ZERO. 2/3 OF THOSE VOTING HAVING RESPONDED IN THE AFFIRMATIVE, THE RULES ARE SUSPENDED, THE BILL IS PASSED AND WITHOUT OBJECTION THE MOTION TO RECONSIDER IS LAID ON THE TABLE. THE HOUSE WILL COME TO ORDER. WILL MEMBERS PLEASE TAKE THEIR CONVERSATIONS OFF THE FLOOR AND CLEAR THE WELL. MEMBERS WILL PLEASE TAKE THEIR CONVERSATIONS OUT OF THE WELL. AND MEMBERS WILL PLEASE TAKE THEIR CONVERSATIONS OFF THE FLOOR. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM COLORADO RISE?

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  • 01:37:01 PM

    >>

    BY DIRECTION OF THE COMMITTEE ON RULES, I CALL UP HOUSE RESOLUTION 1490…

    BY DIRECTION OF THE COMMITTEE ON RULES, I CALL UP HOUSE RESOLUTION 1490 AND ASK FOR ITS IMMEDIATE CONSIDERATION.

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  • 01:37:11 PM

    THE SPEAKER PRO TEMPORE

    THE CLERK WILL REPORT THE RESOLUTION.

  • 01:37:14 PM

    THE CLERK

    NUMBER 208, HOUSE RESOLUTION 1490, RESOLVINGED THAT UPON ADOPTION OF THIS…

    NUMBER 208, HOUSE RESOLUTION 1490, RESOLVINGED THAT UPON ADOPTION OF THIS RESOLUTION IT SHALL BE IN ORDER TO CONSIDER THE CONFERENCE REPORT TO ACCOMPANY THE BILL, H.R. 4173, TO PROVIDE FOR FINANCIAL REGULATORY REFORM TO PROTECT CONSUMERS AND INVESTORS, TO ENHANCE FEDERAL UNDERSTANDING OF INSURANCE ISSUES, TO REGULATE THE OVER-THE-COUNTER DERIVATIVES MARKETS AND FOR OTHER PURPOSES. ALL POINTS OF ORDER AGAINST THE CONFERENCE REPORT AND AGAINST ITS CONSIDERATION ARE WAIVED. THE CONFERENCE REPORT SHALL BE CONSIDERED AS READ. THE PREVIOUS QUESTION SHALL BE CONSIDERED AS ORDERED ON THE CONFERENCE REPORT TO ITS ADOPTION WITHOUT INTERVENING MOTION EXCEPT, ONE, TWO HOURS OF DEBATE, AND, TWO, ONE MOTION TO RECOMMIT IF APPLICABLE.

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  • 01:38:00 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM COLORADO IS RECOGNIZED FOR ONE HOUR.

  • 01:38:04 PM

    MR. PERLMUTTER

    THANK YOU, MADAM SPEAKER. FOR PURPOSES OF DEBATE ONLY, I YIELD THE…

    THANK YOU, MADAM SPEAKER. FOR PURPOSES OF DEBATE ONLY, I YIELD THE CUSTOMARY 30 MINUTES TO MY FRIEND FROM TEXAS, MR. SESSIONS, AND I YIELD MYSELF SUCH TIME AS I MAY CONSUME.

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  • 01:38:15 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM COLORADO IS RECOGNIZED.

  • 01:38:18 PM

    MR. PERLMUTTER

    I ALSO ASK UNANIMOUS CONSENT THAT ALL MEMBERS BE GIVEN FIVE LEGISLATIVE…

    I ALSO ASK UNANIMOUS CONSENT THAT ALL MEMBERS BE GIVEN FIVE LEGISLATIVE DAYS IN WHICH TO REVISE AND EXTEND THEIR REMARKS ON HOUSE RESOLUTION 1490.

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  • 01:38:29 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION. SO ORDERED.

  • 01:38:32 PM

    MR. PERLMUTTER

    MADAM SPEAKER, HOUSE RESOLUTION 1409 PROVIDES FOR CONSIDERATION -- 1490…

    MADAM SPEAKER, HOUSE RESOLUTION 1409 PROVIDES FOR CONSIDERATION -- 1490 PROVIDES FOR CONSIDERATION OF THE CONFERENCE REPORT TO H.R. 4173, THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT. THIS RULE PROVIDES FOR TWO HOURS OF DEBATE ON THE CONFERENCE REPORT. IT WAIVES ALL POINTS OF ORDER AND FURTHER THE RULE PROVIDES FOR ONE MOTION TO RECOMMIT WITH OR WITHOUT INSTRUCTIONS. MADAM SPEAKER, TODAY WE WILL TAKE A HISTORIC VOTE ON THE MOST SIGNIFICANT REFORM TO OUR FINANCIAL INDUSTRY SINCE THE NEW DEAL. THESE COMPREHENSIVE REFORMS WILL REDUCE THREATS IT TO OUR FINANCIAL SYSTEM, INCREASE OVERSIGHT AND PREVENT FUTURE BAILOUTS. THE BILL STRIKES A RESPONSIBLE BALANCE, ENDING THE WILD WEST ERA ON WALL STREET WHILE LAYING A NEW REGULATORY FOUNDATION FOR LONG-TERM GROWTH WHICH IS STABLE AND SECURE. IN THE FALL OF 2008, THIS COUNTRY WAS BROUGHT TO ITS KNEES BY A FINANCIAL CRISIS, THE LIKES OF WHICH I HOPE WE NEVER EXPERIENCE AGAIN. A CRISIS OF THIS MAGNITUDE CALLS FOR REFORMS OF SIMILAR PROPORTION. MANY ELEMENTS ON AND OFF WALL STREET CONTRIBUTED TO THE MELTDOWN AND THIS BILL CAREFULLY CRAFTS RESPONSIBLE SOLUTIONS IN EACH AREA. THE BILL PROTECTS CONSUMERS THROUGH THE CREATION OF A CONSUMER FINANCIAL PROTECTION BUREAU THAT WILL OVERSEE THE RULE WRITING FOR BANKS AND NONBANKS AND SERVE AS THE PRIMARY WATCHDOG FOR CONSUMERS. FOR THE VERY FIRST TIME, NONBANK ENTITIES WILL HAVE FEDERAL OVERSIGHT, A CRITICAL ELEMENT TO REINING IN ABUSIVE PRACTICES AND PRODUCTS. AN OVERSIGHT COUNCIL IS ESTABLISHED THUNDERSTORM BILL TO MAKE CERTAIN FINANCIAL INSTITUTIONS DO NOT BECOME A SYSTEMIC THREAT TO OUR ECONOMIC STABILITY. WE ESTABLISH A PROCESS TO CLOSE AND LIQUIDATE SIGNIFICANT FINANCIAL INSTITUTIONS SO IF A FAILING FIRM BEGINS TO FAIL IT IS CLOSED AND IT WILL NO LONGER BE TOO BIG TO FAIL. THIS DISILLUSION MECHANISM ENSURES MAIN STREET COMES FIRST, NOT WALL STREET. WE DEAL WITH HEDGE FUNDS, CREDIT RATING AGENCIES, MORTGAGE REFORM, EXECUTIVE COMPENSATION AND INVESTOR PROTECTION IN THIS BILL. WE BRING THESE ISSUES OUT OF THE SHADOWS AND INTO THE LIGHT SO THERE IS TRANSPARENCY TO PROTECT THE SYSTEM. I WORK -- I WORK TO ENSURE A STUDY ON HIGH FREQUENCY TRADING WAS INCLUDED IN THIS BILL. AS WE SAW FROM THE FLASH CRASH IN MAY, WHEN THE DOW JONES LOST NEARLY 1,000 POINTS IN A MATTER OF MINUTES BECAUSE OF COMPUTER ERROR, WE NEED TO KNOW THE EFFECTS OF TECHNOLOGICALLY ADVANCED PRACTICES SUCH AS HIGH FREQUENCY TRADING HAVE ON THE LONG-TERM INVESTOR. ALSO TRANSPARENCY WILL BE BROUGHT TO THE DERIVATIVES MARKETS. BUSINESSES AND MANUFACTURERS WILL BE ABLE TO REDUCE THEIR OWN RISK WLILE PROTECTIONS ARE PUT IN PLACE -- WHILE PROTECTIONS ARE PUT IN PLACE FOR THE OVERALL SYSTEM, PROVIDING REGULATORS WITH A CLEAR PICTURE OF THE DERIVATIVES MARKET. ANOTHER IMPORTANT PROVISION IN THIS -- IN THE HOUSE WAS STRENGTHENED IN CONFERENCE, IT CALLS FOR STRONG LIMITS ON PROPRIETY TRADING OR WHAT MOST ARE CALLING THE VOLCKER RULE. THIS PROVISION STRIKES A GOOD BALANCE IN BANNING PROPRIETARY TRADING WITHOUT DISRUPTING CLIENT SERVICES AND ASSET MANAGEMENT. IN OTHER WORDS, BANKS CAN NO LONGER GAMBLE WITH THEIR CUSTOMERS' MONEY. THE BILL WE ARE CONSIDERING HERE TODAY ENSURES THERE IS NO PLACE TO HIDE BY CLOSING LOOPHOLES, IMPROVING CONSOLIDATED SUPERVISION AND ESTABLISHING ROBUST REGULATORY OVERSIGHT. I'M PROUD TO STAND HERE WITH MY COLLEAGUES TODAY, PROVIDING FOR CONSIDERATION OF A BILL MAKING THE NECESSARY REFORMS AND ESTABLISHING ROBUST REGULATORY OVERSIGHT. IN THIS BILL WE PROTECT CONSUMERS, TAXPAYERS AND DEPOSITORS. I URGE MY COLLEAGUES TO VOTE IN FAVOR OF THE RULE AND THE UNDERLYING BILL AND WITH THAT I RESERVE THE BALANCE OF MY TIME.

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  • 01:42:46 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM TEXAS IS RECOGNIZED.

  • 01:42:49 PM

    MR. SESSIONS

    YOU VERY MUCH, MADAM SPEAKER. I WANT TO THANK THE GENTLEMAN FROM COLORADO,…

    YOU VERY MUCH, MADAM SPEAKER. I WANT TO THANK THE GENTLEMAN FROM COLORADO, MY FRIEND, FOR YIELDING ME SUCH TIME AS I MAY CONSUME.

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  • 01:42:55 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM TEXAS.

  • 01:42:57 PM

    MR. SESSIONS

    SPEAKER, I RISE IN OPPOSITION TO THIS CLOSED RULE AND THE UNDERLYING BILL.…

    SPEAKER, I RISE IN OPPOSITION TO THIS CLOSED RULE AND THE UNDERLYING BILL. TODAY WE'RE CONSIDERING A 2,300-PAGE FEDERAL TAKEOVER OF THE FINANCIAL SERVICES INDUSTRY. THIS HAPPENED IN HEALTH CARE, IT'S NOW HAPPENING IN FINANCIAL SERVICES. THE BILL BEFORE US TODAY IS JUST ONE MORE PIECE OF THE DEMOCRAT MAJORITY'S AGENDA TO FEDERALIZE MORE OF THE PRIVATE SECTOR OF THIS COUNTRY. I HEAR THAT AS I TRAVEL IN MY DISTRICT. MADAM SPEAKER, WHILE IT'S IMPORTANT TO PROVIDE CONSUMER SAFETY AND SECURITY IN THE MARKETPLACE AND TO MINIMIZE THE CHANCE OF ANOTHER FINANCIAL CRISIS, I OPPOSE THIS BILL. I OPPOSE THIS BILL AND THE UNDERLYING LEGISLATION HOLDS MANY FAR-REACHING CONSEQUENCES FOR THE AMERICAN ECONOMY AND PROHIBITS THE ABILITY OF BUSINESS, SMALL AND LARGE, TO CREATE JOBS AND SPUR ECONOMIC GROWTH. OBVIOUSLY THIS BILL, BECAUSE IT'S DONE BY THE DEMOCRAT MAJORITY, WILL BE 2,300 PAGES. OBVIOUSLY, BECAUSE THIS DEMOCRAT MAJORITY, IT WILL INVOLVE NEW BIG GOVERNMENT PLANS, PROGRAMS AND OBVIOUSLY BECAUSE IT'S THE DEMOCRAT MAJORITY, IT WILL INVOLVE MORE TAXES, FEES AND IN FACT IT'S $18 BILLION WORTH OF NEW SPENDING THROUGH THESE FEES AND TAXES. IN ADDITION TO MAKING BAILOUTS PERM NENLT, WHICH THIS BILL DOES DO, FAILING TO ADDRESS THE ROOT CAUSE OF THE CRISIS AND REWARDING FAILED REGULATORS, THIS DEMOCRATIC SOLUTION MAKES EVEN MORE DIFFICULT FOR CONSUMERS TO ACCESS CREDIT AND FOR BUSINESSES TO COMPLY WITH OVERBURDENSOME REGULATIONS. JUST A FEW MINUTES AGO WE HEARD THE STORY ABOUT HOW REPUBLICANS WANT TO DO NOTHING, REPUBLICANS WOULD DO NOTHING BECAUSE THEY'RE OPPOSED TO RULES AND REGULATIONS IN THE MARKETPLACE. THAT'S NOT TRUE. WE ALREADY HAVE ENOUGH RULES AND REGULATIONS IN THE MARKETPLACE. AND I DO AGREE, THERE ARE SOME THINGS IN HERE WHICH DO ADD TO THE SAFETY AND SOUNDNESS FEATURES, BUT IN THE OVERALL TOTAL, IT'S A BAD DEAL. IT'S A BAD DEAL FOR CONSUMERS, IT'S A BAD DEAL FOR THIS COUNTRY, AND IT CERTAINLY IS A BAD DEAL FOR ANYONE THAT WANTS TO TURN THE CORNER ON GROWING JOBS IN AMERICA. IN A LET ARE FROM THE INDEPENDENT BANKERS ASSOCIATION OF TEXAS, MY -- IN A LETTER FROM THE INDEPENDENT BANKERS ASSOCIATION OF TEXAS, ANY HOME STATE, IT STATES, AND I QUOTE, THIS AGENCY WILL HAVE BROAD POWERS TO WRITE RULES ON ALL BANK PRODUCTS AND SERVICES WHICH WE BELIEVE WILL STIFLE INNOVATION AND ENTREPRENEURSHIP. ON LONG-STANDING PRODUCTS THAT HAVE BEEN -- ON LONG STANDING PRODUCTS THAT HAVE BEEN OFFERED BY FINANCIAL INSTITUTIONS. THIS WILL RESULT IN MORE COST AND CONFUSION TO CONSUMERS AND STIFLE FUNDING IN COMMUNITY BANKS. COMMUNITY BANKS REPRESENT THE LIFEBLOOD OF TEXAS. I KNOW THIS BECAUSE I KNOW A NUMBER OF THE BANKS AND THE PEOPLE NOT ONLY WHO LEND WITH THEM BUT THE PEOPLE WHO RELY ON THEM DAY BY DAY. I'M ONE OF THOSE PERSONS. THEY'RE WORRIED ABOUT WHAT'S HAPPENING HERE IN WASHINGTON, AND ONCE AGAIN THEY WERE GIVEN A REASON TO HAVE FEAR BY WHAT HAS HAPPENED OVER THE WEEKEND, AND THIS BILL BECOMING EVEN CLOSER TO LAW. THE CONSUMER FINANCIAL PROTECTION BUREAU AND THE OFFICE OF FINANCIAL RESEARCH, TWO BRAND NEW FEDERAL AGENCIES CREATED IN THIS BILL, ONCE AGAIN, TWO BRAND NEW FEDERAL AGENCIES CREATED IN THIS BILL WILL GIVE UNELECTED BUREAUCRATS UNPRECEDENTED POWER TO TRACK FINANCIAL ACTIVITIES WITHOUT CITIZENS' APPROVAL. AND THESE ARE NOT THE ONLY NEW REGULATORY COMPONENTS OF THE BILL. THIS LEGISLATION ALLOWS FOR 355 NEW RULE MAKINGS, 47 STUDIES AND 74 REPORTS AND POTENTIALLY DOZENS MORE AS IMPLEMENTATION BEGINS. BUT WHAT SHOULD WE EXPECT FROM THIS DEMOCRATIC CONGRESS? THE GOAL OF REGULATORY REFORM SHOULD BE TO HELP, NOT HINDER. IT SHOULD BE THERE TO HELP OUR ECONOMY TO SUSTAIN AND GAIN BACK ECONOMIC GROWTH AND, OF COURSE, GAIN BACK PRIVATE SECTOR JOB CREATION, NOT GOVERNMENT JOBS. THIS LEGISLATION, OF COURSE, DOES THE OPPOSITE. IT IT TAKES A ONE-SIZE-FITS-ALL APPROACH TO GOVERNING AND UNDERMINEDED U.S. ECONOMIC COMPETITIVENESS AND ECONOMIC GROWTH. THIS WILL ONLY INCREASE INTERVENTION IN THE MARKETS. IT WILL RATION CREDIT. IT WILL LIMIT CONSUMER CHOICE, AND PERHAPS WORST OF ALL, IT WILL CONTINUE TO KILL JOBS. I'M SORRY, PRIVATE SECTOR JOBS. I NEED TO GET THAT RIGHT. WE'RE ALL FOR GOVERNMENT JOBS, BUT WHEN IT COMES TO FREE ENTERPRISE JOBS WE WANT TO KILL THOSE THINGS. THIS IS THE HALLMARK OF THE DEMOCRATIC PARTY WHOSE PARTY -- AND I KNOW THIS. THIS IS JUST PART OF IT. BUT THE THREE LARGEST POLITICAL ITEMS OF THE DEMOCRAT MAJORITY, SPEAKER NANCY PELOSI, TO NET LOSE 10 MILLION AMERICAN JOBS THROUGH CAP AND TRADE, THROUGH CARD CHECK AND THROUGH HEALTH CARE. ONCE AGAIN, WE SHOULD HAVE INCLUDED THAT IN THAT LIST, JOBS THAT ARE KILLED IN THE FREE ENTERPRISE SYSTEM BY THIS DEMOCRAT MAJORITY. MADAM SPEAKER, THE MOTIVES ARE CLEAR. MY DEMOCRAT COLLEAGUES ARE USING POLICY AND REGULATION TO FORCE A GOVERNMENT TAKEOVER -- FURTHER GOVERNMENT TAKEOVER OF THE FREE ENTERPRISE SYSTEM. WHILE PAVING THE ROAD TO DIMINISHED PRIVATE SECTOR, THIS IS THEIR WAY OF MAKING SURE THAT THEY ARE USING A CRISIS OR A PREANTICIPATION OF A CROIX CISTO -- PERCEPTION OF A CRISIS TO GET WHAT THEY WANT. I GET IT AND SO DO THE PEOPLE AT HOKE. MADAM SPEAKER, REPUBLICAN PARTY, MY COLLEAGUES, THE REPUBLICAN PARTY ARE OPPOSED TO THIS BILL. I ASK MY COLLEAGUES TO OPPOSE THIS RULE AND THE UNDERLYING LEGISLATION. I RESERVE THE BALANCE OF MY TIME.

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  • 01:49:39 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. THE CHAIR RECOGNIZES THE…

    THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. THE CHAIR RECOGNIZES THE GENTLEMAN FROM COLORADO.

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  • 01:49:44 PM

    MR. PERLMUTTER

    LET ME TAKE ONE MOMENT, MADAM SPEAKER, TO REMIND MY FRIEND FROM TEXAS THAT…

    LET ME TAKE ONE MOMENT, MADAM SPEAKER, TO REMIND MY FRIEND FROM TEXAS THAT BY CUTTING TAXES BR THE WEALTHIEST AMERICANS, PROSECUTING TWO WARS WITHOUT PAYING FOR THEM AND LETTING WALL STREET RUN AMUCK, THE LAST MONTH OF GEORGE BUSH'S TERM IN OFFICE WE LOST 780,000 JOBS THAT MONTH. THIS COUNTRY LOST A LOT OF JOBS BECAUSE ALLOWING NOT ENFORCING REASONABLE REGULATION WE LOST ALL SORTS OF JOBS, BUT SINCE JANUARY, FEBRUARY OF 2009 TILL LAST MONTH WE REVERSED THAT TO THE POINT THERE WERE 400,000 JOBS CREATED, A SWING OF OVER 1,200,000 JOBS PER MONTH IN THIS COUNTRY. MY FRIENDS ON THE REPUBLICAN SIDE OF THE AISLE OPPOSED REINING IN WALL STREET. WE KNOW AND AMERICANS ACROSS THIS COUNTRY KNOW THAT SOMETHING HAS TO BE DONE. WITH THAT I'D YIELD THREE MINUTES TO MY FRIEND FROM CALIFORNIA, CONGRESSWOMAN MATSUI.

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  • 01:50:49 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN FROM CALIFORNIA IS RECOGNIZED FOR THREE MINUTES.

  • 01:50:52 PM

    MS. MATSUI

    THANK YOU VERY MUCH. AND I THANK THE GENTLEMAN FROM COLORADO FOR YIELDING…

    THANK YOU VERY MUCH. AND I THANK THE GENTLEMAN FROM COLORADO FOR YIELDING ME TIME. MADAM SPEAKER, I RISE TODAY IN STRONG SUPPORT OF H.R. 4173, THE RESTORING AMERICAN FINANCIAL STABILITY ACT OF 2010. MANY FAMILIES IN MY HOME DISTRICT OF SACRAMENTO CONTINUE STRUGGLING TO MAKE ENDS MEET. I HEARD COUNTLESS STORIES OF THOSE STRUGGLING TO KEEP THEIR HOMES, THEIR JOBS AND THEIR WAY OF LIFE. MANY OF MY CONSTITUENTS WERE AND CONTINUE TO BE VICTIMS OF PREDATORY HOME LOAN LENDING, UNFAIR CREDIT CARD PRACTICES, PAYDAY LOANS AND OTHER FORMS OF DECEPTIVE FINANCIAL PRACTICES. THE MORTGAGE CRISIS, IN PARTICULAR, CONTINUES TO IMPACT MANY IN SACRAMENTO. SADLY, AFTER MORE THAN TWO YEARS MILLIONS OF HOMEOWNERS CONTINUE TO FACE FORECLOSURE. THOSE THAT HAVE NOT HAVE SEEN THE VALUE OF THEIR HOMES PLUMMET. I HAVE BEEN TO FORECLOSURE WORKSHOPS. I'VE SEEN THE HARDSHIPS AND LOOKS OF DESPERATION. I'VE HEARD FROM A CONSTITUENT WHO HELD A TRADITIONAL 30-YEAR MORTGAGE, BUT AFTER REPEATED ATTEMPTS FROM HER LENDERS SHE WAS CONVINCED TO REFINANCE HER MORTGAGE TO A LOWER ADJUSTABLE RATE, AND NOW THAT MORTGAGE HAS RESET AND SHE IS NOW FACING FORECLOSURE. I HAVE HEARD FROM MANY CONSTITUENTS WHO APPLIED FOR A LOAN MODIFICATION BUT NEVER EVEN GOT A CALL BACK. I'VE HEARD FROM MANY OTHERS WHO SAY THEY WERE DENIED A LOAN MODIFICATION UNDER THE MAKING HOME AFFORDABLE PROGRAM, BUT THEIR LENDER NEVER EVEN GAVE THEM A REASON WHY. THESE ARE JUST A FEW OF THE MANY STORIES THAT I AND I'M SURE MANY OF YOU HAVE HEARD. MADAM SPEAKER, NO ONE IS LOOKING FOR A BAILOUT. BUT FAMILIES NEED REAL ASSISTANCE AND REAL REFORM. IT'S CLEAR THAT THE MORTGAGE INDUSTRY, AFTER REPEATED PUBLIC PLEDGES, HAS YET TO DEMONSTRATE A REAL COMMITMENT TO HELP RESPONSIBLE HOMEOWNERS. MADAM SPEAKER, I'M PLEASED THAT THIS BILL INCLUDES AN AMENDMENT THAT I OFFERED, ALONG WITH REPRESENTATIVES KATHY CASTOR AND BETTY SUTTON, THAT CALLS ON THE MORTGAGE INDUSTRY TO HELP PLACE MORE RESPONSIBLE HOMEOWNERS INTO MORE AFFORDABLE TERMS. THE AMENDMENT WILL REQUIRE MORTGAGE INDUSTRY PARTICIPANTS IN THE MAKING HOME AFFORDABLE PROGRAM TO REPORT BASIC INFORMATION ON A MONTHLY BASIS, SUCH AS THE NUMBER OF LOAN MODIFICATION REQUESTS RECEIVED, THE NUMBER BEING PROCESSED, THE NUMBER THAT HAS BEEN APPROVED, AND THE NUMBER HAD A HAS BEEN DENIED. IT WILL ALSO MAKE THAT INFORMATION AVAILABLE TO THE PUBLIC THROUGH TREASURY DEPARTMENT'S WEBSITE. IT IS CLEAR THAT GREATER TRANSPARENCY IS NEEDED TO ENSURE THAT ALL PARTIES ARE ACTUALLY HELPING HOMEOWNERS. SUCH TRANSPARENCY WILL LEAD TO GREATER ACCOUNTABILITY. I STRONGLY URGE MY COLLEAGUES TO SUPPORT THIS HISTORIC LEGISLATION, TO ENSURE OUR CONSUMERS AND OUR FINANCIAL SYSTEM ARE PROTECTED FROM IRRESPONSIBLE FINANCIAL PRACTICES. AND WITH THAT, MADAM SPEAKER, I YIELD BACK THE BALANCE OF MY TIME.

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  • 01:53:52 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLELADY YIELDS BACK THE BALANCE OF HER TIME. THE GENTLEMAN FROM…

    THE GENTLELADY YIELDS BACK THE BALANCE OF HER TIME. THE GENTLEMAN FROM TEXAS IS RECOGNIZED.

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  • 01:53:57 PM

    MR. SESSIONS

    THANK YOU, MADAM SPEAKER. MADAM SPEAKER, OUR NEXT SPEAKER IS A YOUNG…

    THANK YOU, MADAM SPEAKER. MADAM SPEAKER, OUR NEXT SPEAKER IS A YOUNG GENTLEMAN FROM TEXAS WHO HAS A CLEAR VOICE AND A SOUND FOOTING, NOT ONLY OF ECONOMIC PRINCIPLES, BUT ALSO SPEAKS FOR OUR PARTY. I YIELD THREE MINUTES TO THE GENTLEMAN FROM TEXAS, MR. HENSARLING.

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  • 01:54:11 PM

    THE SPEAKER PRO TEMPORE

    MR. HENSARLING FROM TEXAS IS RECOGNIZED FOR THREE MINUTES.

  • 01:54:14 PM

    MR. HENSARLING

    I THANK THE GENTLEMAN FOR YIELDING. I WAS VERY INTERESTED, MADAM SPEAKER,…

    I THANK THE GENTLEMAN FOR YIELDING. I WAS VERY INTERESTED, MADAM SPEAKER, TO HEAR THE GENTLEMAN FROM COLORADO DEFEND THE JOB STATISTICS UNDER THE DEMOCRATIC RULE OF CONGRESS. I DON'T KNOW TOO MANY DEMOCRATS COMING TO THE FLOOR WHO WANT TO DEFEND 9.7% UNEMPLOYMENT. FRANKLY, IT'S ONE OF THE MAJOR REASONS THAT THE LEGISLATION ON THE FLOOR OUGHT TO BE OPPOSED TODAY. MADAM SPEAKER, IT'S A JOB KILLER. ONCE AGAIN WE HAVE LEGISLATION THAT WILL MAKE CREDIT LESS -- LESS AVAILABLE AND MORE EXPENSIVE. LET ME POINT OUT FOUR DIFFERENT ASPECTS OF THIS BILL. NUMBER ONE, IT CREATES A PERMANENT WALL STREET BAILOUT AUTHORITY. IF YOU BUILD IT THEY WILL COME. YOU BUILD A BAILOUT AUTHORITY BECAUSE YOU EXPECT TO BAIL PEOPLE OUT. THERE'S A CHOICE TO BE HAD HERE. REPUBLICANS BELIEVE IN THE BANKRUPTCY CODE. THERE ARE IMPROVEMENTS THAT NEED TO BE MADE, AND UNTHE LEADERSHIP OF OUR RANKING MEMBER, SPENCER BACHUS, WE INTRODUCED THAT LEGISLATION, BUT OUR DEMOCRATIC FRIENDS PREFER BAILOUTS, BAILOUTS OVER BANKRUPTCY. NOW, THEY CONTINUE TO SAY THAT THE TAXPAYER WON'T BE CALLED UPON TO PAY FOR THESE BAILOUTS. WELL, ISN'T IT KIND OF FUNNY HOW THROUGHOUT THIS CONFERENCE PROCESS EVERY TIME THEY'VE HAD AN OPPORTUNITY TO CHOOSE EITHER THE TAXPAYERS OR THE WALL STREET BANKS THEY SOMEHOW CHOOSE THE WALL STREET BANKS? AND IN FACT WHEN IT CAME DOWN TO THE GOVERNMENT SPONSORED ENTERPRISES THEY SET UP A CHOICE. I DIDN'T SET UP THE CHOICE. BUT THEY SET UP A CHOICE OF WHO GOING FORWARD IS GOING TO FUND THE BAILOUT OF THE GOVERNMENT SPONSORED ENTERPRISES, SHOULD IT BE WALL STREET BANKS OR SHOULD IT BE THE TAXPAYERS, AND THEY DECIDED IT OUGHT TO BE THE TAXPAYERS. JUST YESTERDAY AT THE 11TH HOUR -- ACTUALLY, WAY PAST THE 11TH HOUR, THEY COME UP WITH A NEW FUNDING MECHANISM TAKING MONEY AWAY FROM TARP THAT WAS SUPPOSED TO BE USED, SUPPOSED TO BE USED FOR DEFICIT REDUCTION AND INSTEAD THEY'RE GOING TO USE IT TO HELP FUND THE BILL MOST OF WHICH THE CONGRESSIONAL BUDGET OFFICE SAYS GOES TO THE WALL STREET BAILOUT AUTHORITY. THIS IS NUMBER TWO. THE NUMBER TWO INCIDENT WHERE THEY HAD A CHOICE BETWEEN CHOOSING TAXPAYERS OR WALL STREET BANKS, THEY CHOSE WALL STREET BANKS. PERMANENT BAILOUT AUTHORITY, COSTS JOBS. THEY BAN TO RATION CONSUMER CREDIT LITERALLY TO DECIDE WHETHER OR NOT YOU CAN HAVE A CREDIT CARD, SMALL BUSINESS LINE OF CREDIT, WHAT KIND OF MORTGAGE YOU CAN GET ON YOUR HOME. THERE IS A NEW BANK TAX. THEY MAKE DERIVATIVES MORE EXPENSIVE, LESS AVAILABLE. ALL OF THIS IS GOING TO HARM JOB CREATION. YOU KNOW, I TALKED TO SMALL BUSINESSES IN MY BUSINESS LIKE A GENTLEMAN FROM JACKSONVILLE, TEXAS. I'M A ONE-MAN OPERATION. ALL THE LEGISLATION COMING DOWN THE LINE I WILL STAY A ONE-MAN OPERATION. IF LINES OF CREDIT DRIES UP I WILL NO LONGER BE ABLE TO HAVE SAFE OPERATING EQUIPMENT. REJECT THE JOB KILLING BILL.

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  • 01:57:30 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM COLORADO IS…

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM COLORADO IS RECOGNIZED.

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  • 01:57:34 PM

    MR. PERLMUTTER

    THANK YOU, MADAM SPEAKER. I'D RESPOND TO MY FRIEND FROM TEXAS THAT FIRST…

    THANK YOU, MADAM SPEAKER. I'D RESPOND TO MY FRIEND FROM TEXAS THAT FIRST OF ALL LOSING 780,000 JOBS A MONTH AS WE WERE WHEN GEORGE BUSH LEFT OFFICE, THAT'S JOB KILLING, THAT'S TERRIBLE. ONE OF THE THINGS WE'RE TRYING TO DO IS RIGHT THAT SHIP. SECONDLY, HE SAYS THAT THEY SET UP A BANKRUPTCY PROCESS FOR THESE BANKS. WELL, AS DEMOCRATS WE SAID THESE FAILING BANKS IF THEY'RE FAILING WE ARE NOT GOING TO LET THEM LINGER ALONG LIKE IN A CHAPTER 7 BANKRUPTCY. NO MORE BAILOUTS. WITH THAT I'D YIELD TWO MINUTES TO MY FRIEND FROM CONNECTICUT, MR. LARSON.

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  • 01:58:10 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM CONNECTICUT IS RECOGNIZED FOR TWO MINUTES.

  • 01:58:14 PM

    MR. LARSON

    YOU, MADAM SPEAKER. I RISE IN PURPOSE OF ENGAGING IN A COL KEY WITH…

    YOU, MADAM SPEAKER. I RISE IN PURPOSE OF ENGAGING IN A COL KEY WITH CHAIRMAN FRANK TO CLARIFY THE INTENT OF SECTION 1076 OF THIS BILL. IT CREATES A NEW SECTION 920 REGARDING INTERCHANGE FEES. INTERCHANGE REVENUES ARE A MAJOR SOURCE OF FUNDING FOR THE ADMINISTRATIVE COSTS OF PREPAID CARDS USED IN CONNECTION WITH HEALTH CARDS LIKE F.S.A.'S, H.S.A.'S, H.R.A.'S AND QUALIFIED TRANSPORTATION ACCOUNTS. THESE PROGRAMS ARE WIDELY USED BY BOTH THE PUBLIC AND PRIVATE SECTOR EMPLOYERS AND EMPLOYEES AND ARE MORE EXPENSIVE TO OPERATE BECAUSE OF SUBSTANTIATION AND OTHER REGULATORY REQUIREMENTS. BECAUSE OF THIS I'D LIKE TO CLARIFY THAT CONGRESS DOES NOT WISH TO INTERFERE WITH THOSE ARRANGEMENTS IN A WAY THAT COULD LEAD TO HIGHER FEES BEING IMPOSED BY ADMINISTRATORS TO MAKE UP FOR LOST REVENUE WHICH WOULD DIRECTLY RAISE HEALTH CARE COSTS AND HURT CONSUMERS. THIS IS CLEARING ON SOMETHING THAT WAS THE INTENT THAT WE WOULD LIKE TO DO. THEREFORE, I ASK CHAIRMAN FRANK TO JOIN ME IN CLARIFYING THAT CONGRESS INTENDS THAT PREPAID CARDS ASSOCIATED WITH THESE TYPES OF PROGRAMS SHOULD BE EXEMPTED WITHIN THE LANGUAGE OF SECTION 920-A-722.

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  • 01:59:31 PM

    MR. FRANK

    THE GENTLEMAN WILL YIELD. HE IS CORRECT. WE INTEND TO MAKE SURE THOSE…

    THE GENTLEMAN WILL YIELD. HE IS CORRECT. WE INTEND TO MAKE SURE THOSE RULES PROTECT A NUMBER OF THINGS. SMALLER INSTITUTIONS FROM BEING DISCRIMINATED AGAINST AND SAY THEY ARE EXEMPTED FROM REGULATIONS. STATE BENEFITS PROGRAMS. SO THE GENTLEMAN IS ABSOLUTELY CORRECT. I CAN ASSURE HIM THAT I EXPECT THE FEDERAL RESERVE TO HONOR THAT. IF THERE'S ANY QUESTION ABOUT THAT I'M SURE WE WILL MAKE SURE THAT HAPPENS.

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  • 01:59:58 PM

    MR. LARSON

    THE CHAIRMAN.

  • 02:00:01 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM TEXAS IS RECOGNIZED.

  • 02:00:04 PM

    MR. SESSIONS

    YOU VERY MUCH, MADAM SPEAKER. AT THIS TIME I'D LIKE TO YIELD TWO MINUTES…

    YOU VERY MUCH, MADAM SPEAKER. AT THIS TIME I'D LIKE TO YIELD TWO MINUTES TO THE GENTLEWOMAN FROM WEST VIRGINIA, MRS. CAPITO.

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  • 02:00:10 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN FROM WEST VIRGINIA IS RECOGNIZED FOR TWO MINUTES.

  • 02:00:13 PM

    MRS. CAPITO

    THANK YOU, MADAM SPEAKER. I'D LIKE TO THANK MR. SESSIONS FOR YIELDING ME…

    THANK YOU, MADAM SPEAKER. I'D LIKE TO THANK MR. SESSIONS FOR YIELDING ME TIME. I'D LIKE TO THANK OUR RANKING MEMBER, SPENCER BACHUS, FOR HIS DEDICATION TO THIS ISSUE. I'D LIKE TO THANK THE CHAIRMAN OF OUR FINANCIAL SERVICES COMMITTEE FOR HIS DEDICATION AS WELL. THIS IS A MISSED OPPORTUNITY. FROM THE START OF THE DEBATE, IT WAS APPARENT THERE WAS LITTLE OR NO INTEREST FROM OUR DEMOCRAT COLLEAGUES IN WORKING TOWARDS A CONSENSUS BILL ON REGULATORY REFORM. NOW THEY'RE USING BUDGETARY SMOKE AND MIRRORS AND I THINK IT WILL BE APPARENT TO AMERICANS AS THIS BILL UNFOLDS. AS MY CONSTITUENTS SAY TO US ALL THE TIME, WORK TOGETHER. UNFORTUNATELY, THE BILL BEFORE US WAS DRAFTED WITHOUT OUR SIGNIFICANT INPUT. WE ARE NOW FACED WITH A BILL THAT WILL GIVE US INSTITUTIONALIZED GOVERNMENT BAILOUTS, LIMITS CONSUMER CHOICES AND RAISES THE COSTS FOR BUSINESSES, OUR JOB CREATORS ACROSS THIS NATION. MY COLLEAGUES ON THE OTHER SIDE OF THE AISLE WILL BE BACKING THE RHETORIC AND HIGH PRAISE FOR CRACKING DOWN ON WALL STREET. HOWEVER, THE RESOLUTION AUTHORITY IN THIS BILL DOES LITTLE OR NOTHING TO ADDRESS THE ISSUE OF THE MORAL HAZARD THAT HAS BEEN CREATED BY THE TARP PROGRAM. INSTEAD, FAILED FIRMS WILL BE WOUND DOWN AT TAXPAYERS' EXPENSE. . THEY WILL PUSH THE LIMITS OF RISK BECAUSE THEY WILL KNOW THE GOVERNMENT WILL BE THERE TO PAY FOR THEIR DEMISE. MANY OF THE TOMBS USED FOR TARP ARE INSTITUTIONALIZED IN THIS LEGISLATION. MY FRIENDS CAN OPINE ON WALL STREET REFORM ALL THEY WANT, BUT THIS BILL DOES NOT ACHIEVE THAT. WHY SHOULD THE PEOPLE OF WEST VIRGINIA HELP PAY FOR POOR DECISIONS OF WALL STREET BANKERS OR ANY STATE? THEY SHOULDN'T. FOR OVER A YEAR WE HAVE ADVOCATED FOR ENHANCED BANKRUPTCY FOR THESE LARGE, HIGHLY COMPLEX FINANCIAL INSTITUTIONS. THIS APPROACH WOULD HAVE CREATED A LEVEL PLAYING FIELD BETWEEN WALL STREET AND MAIN STREET AND WOULD HAVE ASSURED ALL PARTIES KNOW THE RULES OF THE GAME AHEAD OF TIME. FURTHERMORE, THEETAXPAYERS WOULD NOT HAVE TO WORRY IF THEIR CHILDREN AND GRANDCHILDREN WILL HAVE TO PICK UP THE TAB FOR THE MISTAKES OF THE FABULOUS OF THE WORLD. THE MAJORITY HAS DECIDED TO TURN A DEAF EAR TO THE CRY TO END THE BAILOUT THIS. BILL WILL FUEL THE GROWTH OF WALL STREET, LEAD TO JOB LOSS, AND IT REPRESENTS A MISSED OPPORTUNITY.

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  • 02:02:31 PM

    MR. PERLMUTTER

    HOW MUCH TIME DOES EACH SIDE HAVE, MADAM SPEAKER?

  • 02:02:35 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM COLORADO HAS 20 MINUTES. THE GENTLEMAN FROM TEXAS HAS…

    THE GENTLEMAN FROM COLORADO HAS 20 MINUTES. THE GENTLEMAN FROM TEXAS HAS 18 1/2. THE CHAIR RECOGNIZES THE GENTLEMAN FROM COLORADO.

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  • 02:02:44 PM

    MR. PERLMUTTER

    YOU. I YIELD TWO MINUTES TO THE GENTLEMAN FROM CONNECTICUT, MR. HIMES.

  • 02:02:50 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM CONNECTICUT IS RECOGNIZED FOR TWO MINUTES. MR.…

    THE GENTLEMAN FROM CONNECTICUT IS RECOGNIZED FOR TWO MINUTES. MR. HIMESCLOVERPB THANK YOU, MR. CHAIRMAN. I --

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  • 02:02:55 PM

    MR. HIMES

    YOU, MR. CHAIRMAN. I WANT TO ENTER INTO A COLLOQUY WITH CHAIRMAN FRANK.…

    YOU, MR. CHAIRMAN. I WANT TO ENTER INTO A COLLOQUY WITH CHAIRMAN FRANK. THE BILL WOULD PROHIBIT FIRMS FROM INVESTING IN TRADITIONAL PRIVATE INEQUITY FUNDS AND HEDGE FUNDS, BECAUSE THEY USE THE ACT THAT DEFINES THE HEDGE FUNDS, IT COULD APPLY TO CORPORATE STRUCTURES AND NOT JUST HEDGE FUNDS. JOINT VENTURES USED TO HOLD OTHER INVESTMENTS THAT THE VOLCKER RULE WON'T DEEM THOSE THINGS HEDGE FUNDS.

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  • 02:03:27 PM

    MR. FRANK

    GENTLEMAN WOULD YIELD. THERE'S BEEN SOME MOCKERY BECAUSE THIS BILL HAS A…

    GENTLEMAN WOULD YIELD. THERE'S BEEN SOME MOCKERY BECAUSE THIS BILL HAS A LARGE NUMBER OF PAGES. ALTHOUGH OUR BILL'S SMALLER. WE DO THAT -- BY THE WAY THERE ARE ALSO THE PEOPLE WHO COMPLAIN SOMETIMES WE HAVE TOO MUCH DISCRETION TO THE REGULATORS. IT'S A COMPLEX BILL AND WE WANT TO MAKE SURE WE GET IT RIGHT. THE POINT THE GENTLEMAN MAKES IS CORRECT. THERE IS -- WE DO NOT WANT THESE OVERDONE OR EXTENSIVE REGULATION AND THE DISTINCTION THE GENTLEMAN DRAWS IS VERY MUCH IN THIS BILL AND WE ARE CONFIDENT THAT THE REGULATORS WILL APPRECIATE THAT DISTINCTION, MAINTAIN IT, AND WE'LL BE THERE TO MAKE SURE THEY DO.

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  • 02:04:07 PM

    MR. HIMES

    THANK YOU. MY UNDERSTANDING IS IT'S CONSISTENT WITH THE OVERALL ATTEMPT…

    THANK YOU. MY UNDERSTANDING IS IT'S CONSISTENT WITH THE OVERALL ATTEMPT NOT TO HAVE FIRMS WITH THE REGULATION. PROVIDING A HOLDING COMPANY WITH BOTH FINANCIAL AND NONFINANCIAL BUSINESSES WILL CEASE TO BE A HOLDING COMPANY WHEN IT ESTABLISHES AN INTERMEDIATE HOLDING COMPANY UNDER SECTION 626. THAT COMPANY ALSO MAY HAVE AN INTERMEDIATE HOLDING COMPANY UNDER SECTION 167. AM I RIGHT THE INTENT OF THIS LEGISLATION IS FOR THESE SECTIONS TO BE APPLIED IN HARMONY SO AN ORGANIZATION WILL HAVE A SINGLE INTERMEET HOLDING COMPANY THAT WILL BE BOTH THE REGULATOR S.N.L. HOLDING COMPANY AND THE COMPANY FOR IMPLEMENTING THE HEIGHTENED SUPERVISION OF ACTIVITIES UNDER TITLE 1.

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  • 02:04:47 PM

    MR. FRANK

    ARE RIGHT. TO SUM IT UP WE WANT REGULATORS AND NOT REGULATE OTHER…

    ARE RIGHT. TO SUM IT UP WE WANT REGULATORS AND NOT REGULATE OTHER ACTIVITIES WHEN YOU HAVE A HYBRID SITUATION. WHAT THE GENTLEMAN HAS DESCRIBED IS HOW YOU ACCOMPLISH THAT. MR.

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  • 02:05:01 PM

    MR. HIMES

    YOU. I YIELD BACK THE BALANCE OF MY TIME.

  • 02:05:03 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM TEXAS.

  • 02:05:05 PM

    MR. SESSIONS

    THIS TIME I WOULD LIKE TO YIELD FOUR MINUTES TO THE GENTLEMAN FROM NEW…

    THIS TIME I WOULD LIKE TO YIELD FOUR MINUTES TO THE GENTLEMAN FROM NEW JERSEY, MR. GARRETT.

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  • 02:05:08 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM NEW JERSEY IS RECOGNIZED.

  • 02:05:10 PM

    MR. GARRETT

    MR. SPEAKER. LIKE ALL MY COLLEAGUES I BELIEVE THAT FINANCIAL REFORM IS…

    MR. SPEAKER. LIKE ALL MY COLLEAGUES I BELIEVE THAT FINANCIAL REFORM IS NECESSARY. BUT THE LEGISLATION THAT'S BEFORE US REALLY WHICH EMPOWERS FAILED BUREAUCRATS THROUGH GOVERNMENT OVERREACH AND UNNECESSARY JOB KILLING IS JUST NOT THE RIGHT LEGISLATION. FIRST ONE OF THE MAJOR FUNDAMENTAL FLAWS, 2,300-PAGE BILL IS A SECTION THAT BASICALLY EMPOWERS GOVERNMENT BUREAUCRATS WITH SO-CALLED RESOLUTION AUTHORITY TO BASICALLY PICK WINNERS AND LOSERS AGAIN TO CONTINUE THAT FAILED BAILOUT PHILOSOPHY. I KNOW THE CHAIRMAN AND THE PROPONENTS OF THIS BILL BLAME THESE PROVISIONS ARE MEANT TO ADD CERTAINTY AND STABILITY TO OUR FINANCIAL SYSTEM. BUT WHEN YOU THINK ABOUT IT, WHEN YOU SET UP AN ALTERNATIVE TO BANKRUPTCY FOR FAILED FIRMS, SO THAT THERE ARE NOW TWO POTENTIAL TRACKS FOR FAILED FIRMS TO GO DOWN, THAT ACTUALLY INTRODUCES MORE UNCERTAINTY, MORE UNCERTAINTY FOR THE FINANCIAL MARKETS, FOR THE INVESTORS, COUNTERPARTIES, FOR OUR ENTIRE ECONOMY. THAT UNCERTAINTY, WHAT DOES IT LEAD TO? IT LEADS TO FAILING TO INVEST AND LEADS TO LESS JOB CREATION AS WELL. FURTHERMORE, THIS SECTION OF THE LEGISLATION GIVES AN ALARMING AMOUNT OF POWER TO GOVERNMENT REGULATORS AND BUREAUCRATS TO BASICALLY DECIDE THE FATE OF A FIRM AND ITS CREDITORS. UNDER THIS ADMINISTRATION WE HAVE SEEN THIS BEFORE, WE HAVE SEEN THE RULE OF LAW TRAMPLED WHEN THE FEDERAL GOVERNMENT BUOYED INTO POSITION SECURED CREDITORS IN FAVOR OF WHO? POLITICALLY FAVORED UNSECURED CREDITORS. WHAT DOES THIS LEGISLATION? THIS WAS CODIFIED THE ABILITY OF THE REGULATOR TO ENGAGE IN SIMILAR CONDUCT. FURTHER ERODING CONFIDENCE IN OUR RULE-BASED ECONOMY AND SENDING INVESTORS WHERE? TO THIS COUNTRY? NO. TO OVERSEAS, SCATTERING OTHER OPPORTUNITIES RATHER THAN HERE IN THE U.S. NOT ONLY THAT, BUT THIS RESOLUTION AUTHORITY IN CODIFYING A BETTER DEAL FOR BANKRUPTCY FOR SOME OF THE POLITICALLY CONNECTED GIVES LARGE FIRMS AN UNFAIR ADVANTAGE OVER THEIR SMALLER RIVALS. THIS DOES WHAT? IT INCREASES MORE HAZARD. BY ENCOURAGING INVESTMENT FIRMS THAT BASICALLY OTHERWISE JUST DON'T DESERVE IT. THIS IS A PART OF THE PROBLEM THAT LED TO THE DEMISE WE HAVE SEEN IN OTHER AREAS OF OUR ECONOMY. TALKING ABOUT FANNIE MAE AND FREDDIE MAC, THE G.S.E.'S, WHICH BY THE WAY IS NEVER TOUCHED IN THIS LEGISLATION WHATSOEVER. ANOTHER ASPECT OF THE PROBLEM WITH THIS BILL IS BIG BROTHER. BIG BROTHER OVERREACH THAT DIDN'T EXIST BEFORE. THIS BILL CREATES TWO NEW GOVERNMENT BUREAUCRACY, INCLUDING THE SO-CALLED OFFICE OF FINANCIAL RESEARCH, THAT WILL HAVE UNPRECEDENTED POWER TO TRACK THE FINANCIAL ACTIVITIES OF EVERYONE HERE AND EVERYONE IN THE ENTIRE UNITED STATES. YOU ARE TAKING MONEY OUT OF THE A.M.T., A.T.M., THAT'S TRACKED. CREDIT CARD, THAT WILL BE TRACKED. INFORMATION ABOUT ANY ONE OF YOUR CONSUMER TRANSACTIONS? THAT WILL NOW BE ABLE TO BE TRACKED AND GATHERED WITHOUT ANYONE'S APPROVAL, ANY CITIZENS' APPROVAL AND IT WILL BE MONITORED BY WHO? BY UN-ELECTED AND UNACCOUNTABLE BUREAUCRATS IN WASHINGTON WITH FEW OR HARDLY ANY CONSTRAINTS WHATSOEVER ON HOW THEY ARE GOING TO USE THE INFORMATION OR WHEN THEY ARE GOING TO USE THE INFORMATION. THEN THERE'S A SECTION ON DERIVATIVES. ANOTHER MASSIVE, MASSIVE JOB KILLER. I JOIN WITH CONGRESSMAN FRANK LUCAS, WE OFFERED AN ALTERNATIVE TO THIS BILL IN THE LAST DAYS THAT WAS BASICALLY THE ORIGINAL HOUSE VERSION OF THE BILL. IT HAD BROAD BIPARTISAN SUPPORT. UNFORTUNATELY, UNPRESSURE FROM DEMOCRAT LEADERSHIP, NOT A SINGLE DEMOCRAT SUPPORTED THAT HOUSE LANGUAGE IN THE FINAL VOTE. DESPITE THE FACT THAT VERY SAME LANGUAGE WAS ORIGINALLY SPONSORED BY THE DEMOCRAT FINANCIAL SERVICES AND AGRICULTURE COMMITTEE CHAIRMAN. RESULTS OF ALL THIS? AS A RESULT OF THAT SECTION NOT BEING IN MEANS THAT BUSINESSES BIG AND SMALL ALL OVER THIS COUNTRY WHICH HAD ABSOLUTELY NOTHING TO DO WITH THIS FINANCIAL CRISIS WILL NOW HAVE A VERY DIFFICULT TIME TO HEDGE THEIR RISK, TO GUARD AGAINST FUTURE RISK BECAUSE THEY WILL HAVE TO PAY LITERALLY HUNDREDS AND HUNDREDS OF BILLIONS OF DOLLARS IN ADDITIONAL FUNDS TO CONTROL RISK ON A DAILY BASIS. WHAT DOES THAT MEAN FOR ALL OF US? MORE JOB LOSSES. THIS BILL IS A JOB KILLER. AND WILL RAISE PRICES, TOO, FOR EVERY AMERICAN ACROSS THE COUNTRY WHETHER YOU ARE TALKING ABOUT FOOD PRICES, ENERGY PRICES, YOU NAME IT. HOW MANY JOBS WILL BE LOST? A RECREPT STUDY IT WAS FOUND BETWEEN 100,000 AND 120,000 JOBS WILL BE LOST BECAUSE OF THIS JOB-KILLING BILL.

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  • 02:09:39 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM COLORADO.

  • 02:09:42 PM

    MR. PERLMUTTER

    SMILE WHEN I LISTEN TO MY FRIENDS TALK ABOUT JOB KILLING WHEN LET ME --…

    SMILE WHEN I LISTEN TO MY FRIENDS TALK ABOUT JOB KILLING WHEN LET ME -- LETTING WALL STREET RUN WILD, GAMBLING LIKE IT WAS JUST A BIG CASINO, RESULTS IN 780,000 JOBS A MONTH BEING LOST. THE POINT THAT DURING THIS RECESSION WE HAVE LOST EIGHT MILLION JOBS. WE'VE GOT TO PUT PEOPLE BACK TO WORK. WE NEED CERTAINTY. WE NEED REASONABLE REGULATION. THAT'S THE PURPOSE OF THIS BILL. WITH THAT I YIELD TWO MINUTES TO MY FRIEND FROM GEORGIA, MR. SCOTT.

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  • 02:10:14 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM GEORGIA.

  • 02:10:16 PM

    MR. PERLMUTTER

    I'M YIELDING TO HIM.

  • 02:10:18 PM

    MR. SCOTT

    THANK YOU VERY MUCH, MR. CHAIRMAN. THANK YOU FOR YIELDING. LADIES AND…

    THANK YOU VERY MUCH, MR. CHAIRMAN. THANK YOU FOR YIELDING. LADIES AND GENTLEMEN, YOU WOULD THINK THAT REPUBLICANS WERE SOMEWHERE ON ANOTHER PLANET. LET ME CORRECT THE SITUATION IF I MAY. FIRST OF ALL THIS WAS A PROBLEM THAT OCCURRED UNDER THE BUSH ADMINISTRATION. BECAUSE OF POLICIES BY THE REPUBLICANS WHO WERE IN CHARGE. IT WAS INDEED PAULSON, OUR SECRETARY OF TREASURY, THAT CAME TO OUR FINANCIAL SERVICES COMMITTEE WITH TWO PIECES OF PAPER. AND SAID HERE'S WHAT YOU NEED TO FIX IT. THROW ALL THIS MONEY AT WALL STREET. LET'S GIVE THE TRUTH IN THIS MATTER. IT WAS UNDER DEMOCRATIC LEADERSHIP THAT WE SAID, NO. YES, WE HAVE A CREDIT PROBLEM. A CREDIT FREEZE OF THE CREDIT MARKETS UP ON WALL STREET -- WILL I NOT. YOU HAD YOUR CHANCE. I ONLY HAVE TWO MINUTES. AND HERE WE WERE. I KNOW SOMETIMES THE TRUTH HURTS. AND I FEEL THEIR PAIN OVER THERE. BUT I AM SICK AND TIRED OF OUR REPUBLICAN FRIENDS ASSUMING THAT THEY HAD NO RESPONSIBILITY FOR THIS, MR. SPEAKER. AND WE'VE GOT TO SET THE RECORD STRAIGHT. IT IS IN THE CHARGE OF DEMOCRATS UNDER OUR LEADERSHIP THAT WE INDEED ARE SADDLED WITH THE RESPONSIBILITY OF BRINGING CONFIDENCE OF THE AMERICAN PEOPLE BACK TO OUR PRIVATE ENTERPRISE SYSTEM AND TO KEEP IT FREE. IT IS BECAUSE OF WHAT THE DEMOCRATS ARE DOING THAT WE ARE SAVING OUR FREE ECONOMIC SYSTEM. UNDER THEIR POLICIES IT WAS HEADING TO STRAIGHT RUIN, CAUSING THE WORST ECONOMIC COLLAPSE SECOND ONLY TO THE DEPRESSION. SO WE ARE MOVING HERE TODAY WITH THIS EXTRAORDINARY BILL TO DO EVERYTHING POSSIBLE TO MAKE SURE IT NEVER HAPPENS AGAIN. TO RESTORE CONFIDENCE OF THE AMERICAN PEOPLE. WE ARE BEGINNING TO DO THAT. WE ARE DOING IT BY SETTING UP A CONSUMER PROTECTION AGENCY. SOMETHING WE DIDN'T HAVE BEFORE. THAT'S THE REASON THIS HAPPENED. THEY WRENT TO PREDATORY LENDING. THEY WENT TO SCARING PEOPLE INTO SUBPRIME LENDING WHEN THEY COULD HAVE AFFORDED OTHER LOANS. THERE WAS NO PROTECTION FOR THEM. DEMOCRATS ARE PROVIDING THIS PROTECTION. THEY WERE DOING IT BECAUSE WE HAD EXECUTIVE COMPENSATION --

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  • 02:12:42 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN'S TIME HAS EXPIRED.

  • 02:12:45 PM

    MR. SCOTT

    IMPORTANT BILL.

  • 02:12:50 PM

    MR. SESSIONS

    I REMIND THE GENTLEMAN WHO IS SPEAKING THAT WE KNOW WHAT HAPPENED IT'S…

    I REMIND THE GENTLEMAN WHO IS SPEAKING THAT WE KNOW WHAT HAPPENED IT'S CALLED PIN THE TAIL ON THE DONKEY. MR. SPEAKER, AT THIS TIME I'D LIKE TO YIELD THREE MINUTES TO THE THE GENTLEWOMAN FROM FROM ILLINOIS, THE GENTLEWOMAN FROM THE FINANCIAL SERVICES COMMITTEE, MRS. BIGGERT.

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  • 02:13:07 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLELADY FROM ILLINOIS IS RECOGNIZED FOR THREE MINUTES.

  • 02:13:10 PM

    MRS. BIGGERT

    I THANK THE GENTLEMAN FOR YIELDING. MR. SPEAKER, I RISE IN OPPOSITION TO…

    I THANK THE GENTLEMAN FOR YIELDING. MR. SPEAKER, I RISE IN OPPOSITION TO THIS RULE AND TO ASK THIS BODY TO STEP BACK FOR A MOMENT TO DO A QUICK SANITY CHECK. WHAT'S THE PURPOSE OF THIS BILL? I THOUGHT ITS PURPOSE WAS TO REIN IN WALL STREET AND END THE ABUSES THAT PRECIPITATED THE MOST MASSIVE FINANCIAL MELTDOWN IN ECONOMIC DOWN TURN SINCE THE GREAT DEPRESSION. ITS PURPOSE IS TO MAKE WALL STREET PAY FOR THE ABUSES NOT MAIN STREET. I'M ALL FOR THAT. IN FACT, ALONG WITH MY REPUBLICAN COLLEAGUES I OFFERED THE FIRST REFORM BILL, H.R. 3310, BACK IN JULY, AND MANY AMENDMENTS DESIGNED TO REIN IN WALL STREET AND THE ABUSES BUT NOT HARM MAIN STREET. SO THE BANKING CHAIRMAN, CHRIS DODD'S, FIRST REGULATORY REFORM PROPOSAL WAS SIMILAR TO OURS AND OFFERED GREAT PROMISE. UNFORTUNATELY THESE COMMON SENSE AND NECESSARY REFORMS WERE SCRAPPED IN FAVOR OF THE BILL THAT WE CONSIDER TODAY. INSTEAD WE HAVE BEFORE US A BILL THAT TURNS THE STATED PURPOSE UPSIDE-DOWN. WHAT DO I MEAN? WELL, THE END RESULT IS THAT GOLDMAN SACHS SUPPORTS THE BILL AND THE CHAMBER OF COMMERCE OPPOSES THE BILL. GOLDMAN'S C.E.O. TESTIFIED, AND I QUOTE, I'M GENERALLY SUPPORTIVE. THE BIGGEST BENEFICIARY OF REFORM IS WALL STREET ITSELF, END QUOTE. MEANWHILE THE U.S. CHAMBER, WHICH REPRESENTS MAIN STREET, AMERICAN BUSINESSES, OPPOSES THE BILL. WALL STREET SUPPORTS THIS BILL. WHILE MAIN STREET SUFFERS. WHERE'S THE LOGIC IN THAT? MAIN STREET DIDN'T ENGAGE IN SHADY ACCOUNTING GIMMICKS. MAIN STREET DIDN'T MAKE RISKY DERIVATIVES TRADES. MAIN STREET DIDN'T ISSUE SUBPRIME LOANS. AND YET WHAT WE HAVE HERE IS A BILL THAT MAKES MAIN STREET PAY THE PRICE. AND WHAT IS THAT PRICE? INCREASED TAXES ON COMMUNITY BANKS, MANUFACTURERS, SMALL BUSINESSES, CONSUMERS, AND AMERICAN FAMILIES. THAT WILL INCREASE THE COST OF CREDIT. TAXES WHO DECREASE THE -- SMALL BUSINESS WHO IS SEEK FINANCING TO CREATE DESPERATELY NEEDED JOBS. HOW WILL NEW TAXES REIN IN WALL STREET? THIS BILL EXPANDS THE SIZE OF GOVERNMENT INCREASING OUR NATIONAL DEBT, MAKING TAXPAYER BACKED BAILOUTS PERMANENT, AND DISTORTS OUR FREE MARKET BY ALLOWING BUREAUCRATS TO PICK WINNERS AND LOSERS. . IT RELATES EVERY FINANCIAL EMPLOYEE FROM THE JANITOR TO THE C.E.O. WE NEED FINANCIAL REFORM AND THAT'S NOT WHAT THIS BILL DELIVERS. I URGE MY COLLEAGUES TO OPPOSE THIS RULE AND THE UNDERLYING BILL AND YIELD BACK THE BALANCE OF MY TIME.

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  • 02:15:54 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM COLORADO.

  • 02:15:59 PM

    MR. PERLMUTTER

    THANK YOU. AND I'D SAY TO MY FRIEND FROM ILLINOIS, WITH WHOM I WORK WITH…

    THANK YOU. AND I'D SAY TO MY FRIEND FROM ILLINOIS, WITH WHOM I WORK WITH HER ON ALL SORTS OF ARENAS, I DON'T KNOW WHERE SHE SAYS THERE ARE NO TAXES ON SMALL BANKS. THERE ARE FDIC CHARGES BUT THERE ARE NO TAXES AS SHE WOULD SUGGEST. WITH THAT I GIVE TWO MINUTES TO MY FRIEND FROM NORTH CAROLINA,

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  • 02:16:19 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN, MR. MILLER, IS RECOGNIZED FOR TWO MINUTES.

  • 02:16:22 PM

    MR. MILLER

    THANK YOU, MR. SPEAKER. THIS BILL IS A HUGE STEP FORWARD. WORKING IN…

    THANK YOU, MR. SPEAKER. THIS BILL IS A HUGE STEP FORWARD. WORKING IN MIDDLE-CLASS FAMILIES SHOULD NOT AGAIN HAVE TO WORRY THAT FINANCIAL RUIN WORKS IN THE FINE PRINT OF A CONTRACT THAT THEIR BANK'S LAWYER WROTE. FAMILIES THAT QUALIFY FOR PRIME MORTGAGES THAT THEY CAN PAY WILL NOT AGAIN GET TRAPPED, AGAIN, IN PREDATORY SUBPRIME MORTGAGES THAT THEY CANNOT PAY. THEY CAN USE A CREDIT CARD WITHOUT WORRY OF GETTING GOUGED. THEY CAN HAVE OVERDRAFT PROTECTION THAT IS CONVENIENT AS THE BANKS SAY IT IS, THAT IT SHOULD BE, NOT A TRAP TO RUN UP INDEFENSIBLE FEES. IF THIS BILL IS PROPERLY ENFORCED WE CAN PROPERLY BELIEVE AGAIN THAT OUR GOVERNMENT IS ON THE SIDE OF AMERICANS TRYING TO MAKE AN HONEST LIVING. THIS BILL IS ABOUT OUR VALUES. OUR ECONOMY DEPENDS ON OUR ACTING IN OUR OWN SELF-INTEREST AND ENJOYING THE REWARDS OF OUR EFFORTS THAT EVERY MAJOR RELIGIOUS -- ON THE STONE TABLETS THAT MOSES BROUGHT FROM MOUNT SINAI THERE IS ONE, THOU SHALL NOT COVET THY NEIGHBORS. WHILE SOME HAVE ERRED THROUGH THE FAITH AND PIERCED THEMSELVES WITH MANY SORROWS. WHEN FRANKLIN ROOSEVELT SAID ABOUT UNSCRUPULOUS MONEY CHANGERS IN THE TEMPLE HE SPOKE IN LANGUAGE EASILY RECOGNIZED BY THAT GENERATION. ROOSEVELT SPOKE ABOUT RESTORING ANCIENT TRUTHS. THE MEASURE OF THE RESTORATION, ROOSEVELT SAID, LIES IN THE EXTENT WE APPLY SOCIAL VALUES MORE NOBLE THAN MONETARY PROFIT. THE FINANCIAL PRACTICES THAT THIS LEGISLATION SEEKS TO REFORM HAVE MADE FEW AMERICANS VERY RICH BUT BY TAKING ADVANTAGE OF WORKING MIDDLE-CLASS FAMILIES WHO NEEDED TO BORROW MONEY AND HONEST INVESTORS WHO WANTED TO LEND IT AND BY DIVERTING TOO MUCH OF OUR ECONOMY FROM PRODUCTIVE HONEST WORK. WE NEED TO RESTORE THE FAITH IN WHICH WE HAVE ERRED. THIS BILL IS A START. I YIELD BACK MY TIME.

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  • 02:18:26 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM TEXAS.

  • 02:18:28 PM

    MR. SESSIONS

    THANK YOU, MR. SPEAKER. AT THIS TIME I'D LIKE TO YIELD THREE TIMES TO THE…

    THANK YOU, MR. SPEAKER. AT THIS TIME I'D LIKE TO YIELD THREE TIMES TO THE DISTINGUISHED GENTLEMAN FROM CALIFORNIA, THE GENTLEMAN FROM THE FINANCIAL SERVICES COMMITTEE, THE GENTLEMAN, MR. ROYCE.

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  • 02:18:39 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR THREE MINUTES. MR. I THANK THE GENTLEMAN…

    THE GENTLEMAN IS RECOGNIZED FOR THREE MINUTES. MR. I THANK THE GENTLEMAN FOR YIELDING. I DON'T KNOW --

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  • 02:18:45 PM

    MR. ROYCE

    I THANK THE GENTLEMAN FOR YIELDING. I DON'T KNOW WHY IT WOULD BE A…

    I THANK THE GENTLEMAN FOR YIELDING. I DON'T KNOW WHY IT WOULD BE A SURPRISE TO THE LEFT THAT THIS FINANCIAL SYSTEM COLLAPSE -- AND THE REASON I SAY THAT IS BECAUSE IN 1992, THE G.S.E. ACT PASSED THIS CONGRESS UNDER A DEMOCRATIC MAJORITY PASSED THIS CONGRESS, AND THE G.S.E. ACT SPECIFICALLY WAS AN ATTEMPT TO GET EVERY AMERICAN INTO A HOME. I UNDERSTAND THE THOUGHT BEHIND IT. BUT THE IRRATIONALITY BEHIND IT IN TERMS OF CREATING THESE MANDATES ON FANNIE MAE AND FREDDIE MAC, THE G.S.E.'S, MANDATES THAT 50% OF THEIR PORTFOLIO OF $1.7 TRILLION BE IN SUBPRIME, WHAT DID THEY EXPECT WOULD HAPPEN? THE LEVERAGE, THE PLILLCAL POLL THAT WENT IN TO GETTING THE DOWN PAYMENTS DOWN FROM 20% TO 3% TO 0%, AND NOW AS WE HAVE THE VERY RESULT THAT THE FEDERAL RESERVE WARNED US ABOUT WHEN THEY CAME TO CONGRESS IN 2003 AND 2004 AND 2005 AND WARNED US THAT IF WE DID NOT TAKE CORRECTIVE ACTION, IF WE DID NOT ALLOW THE REGULATORS TO HAVE THE ABILITY TO DEREGULATE OR TO REGULATE AND DELEVERAGE THESE PORTFOLIOS THAT WE WERE GOING TO CREATE SYSTEMIC RISK AND THE FINANCIAL COLLAPSE COULD BE A CONSEQUENCE OF THIS. AND BLOCKING REPEATEDLY THE EFFORTS IN THE SENATE, WHICH THE DEMOCRATS DID, TO ADDRESS THIS ISSUE, AND THEN IN 2007 -- FINALLY IN 2007 THE DEMOCRATIC MAJORITY HERE BROUGHT TO THE FLOOR A BILL WHICH THEY SAY ATTEMPTED TO ADDRESS THIS ISSUE. BUT, AGAIN, IN THEAGS WILL IT TIED THE HANDS OF THE REGULATORS SO THAT THEY COULD NOT DELEVERAGE THE PORTFOLIOS, SO THEY COULD NOT PUT IT NO RECEIVERSHIP. THE REASON THEY BROUGHT THE BILL TO THE FLOOR WAS BECAUSE IT HAD A $300 BILLION PROVISION IN IT FOR AFFORDABLE HOUSING. THAT'S WHY THE BILL GOT OUT BUT IT WAS OPPOSED BY THE TREASURY AND WAS OPPOSED BY THE FED. SO THE POINT I WANT TO MAKE IS AFTER ALL OF THAT HISTORY AND AFTER WATCHING THE COLLAPSE WHICH WE WERE WARNED ABOUT BY THE REGULATORS AND ALBEIT WITH GREAT INTENTIONS -- I KNOW THAT -- EVERYBODY THERE WOULD HAVE A HOUSE IF YOU COULD ACTUALLY GET DOWN TO ZERO DOWN PAYMENT LOANS AND YOU COULD FORCE THE G.S.E.'S TO BUY THOSE JUNK -- THAT JUNK THAT WAS SOLD BY COUNTRYWIDE. WHO DO YOU THINK CREATED THE MARKET? IT WAS 70% OF THE MARKET. IT WAS BECAUSE -- IT WAS BECAUSE THERE WAS AN INTENTION HERE TO CIRCUMVENT THE RULES OF ECONOMICS. AND NOW IN THIS LEGISLATION WHAT IS NOT ADDRESSED? THIS VERY MONOPOLY, FANNIE MAE AND FREDDIE MAC. WE COMPOUND PROBLEMS IN THIS LEGISLATION BECAUSE NOW -- I'D ASK THE GENTLEMAN TO YIELD FOR 30 SECONDS.

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  • 02:21:58 PM

    MR. SESSIONS

    I GIVE THE GENTLEMAN ONE ADDITIONAL MINUTE.

  • 02:22:01 PM

    MR. ROYCE

    NOW, WHAT WE DO WITH THIS LEGISLATION IS WE MAKE THE LARGEST INSTITUTIONS…

    NOW, WHAT WE DO WITH THIS LEGISLATION IS WE MAKE THE LARGEST INSTITUTIONS TOO BIG TO FAIL AND WE DO SO BY PUTTING IN A PROVISION THAT IS GOING TO ALLOW THEM TO BORROW AT A LOWER COST THAN THEIR SMALLER -- TO THEIR SMALLER COMPETITORS WHO I GUESS ARE TOO SMALL TO SAVE, RIGHT? THEY ARE GOING TO BE ABLE TO BORROW AT 100 BASIS POINTS LESS BECAUSE THE GOVERNMENT BACKSTOP YOU'RE PUTTING IN PLACE AND YOU'RE NOT ALLOWING THEM GO THROUGH A REGULAR BANKRUPTCY PROCESS. WE'D LIKE TO SEE ENHANCED BANKRUPTCY ON THE REPUBLICAN SIDE. WE'D ACTUALLY LIKE TO SEE FIRMS FAIL. CREDITORS WILL GET 100 CENTS ON THE DOLLAR POTENTIALLY. THEY ARE GOING TO LOAN TO BIG FIRMS. THESE BIG FIRMS ARE GOING TO BECOME OVERLEVERAGED. YOU'VE DONE THE SAME THING HERE AS YOU DID WITH THE GOVERNMENT SPONSORED ENTERPRISES, FANNIE AND FREDDIE, THAT THEY FORCED THEIR COMPETITION OUT OF THE MARKET. AND AS A CONSEQUENCE OF THAT BECAME DUE ONLIES AND FAILED. THIS IS WHAT WE ARE TRYING TO GET ACROSS TO OUR FRIENDS ON THE OTHER SIDE OF THE AISLE. THIS IS WHY WE OPPOSE YOUR A PPROACH. WE'VE SEEN THIS BEFORE.

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  • 02:23:12 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM COLORADO. PERLPERM…

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM COLORADO. PERLPERM HOW MUCH TIME? --

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  • 02:23:20 PM

    THE SPEAKER PRO TEMPORE

    18 1/4. THE GENTLEMAN FROM COLORADO.

  • 02:23:26 PM

    MR. PERLMUTTER

    THANK YOU, MR. SPEAKER. MR. ROYCE MENTIONED 2003, 2004, 2005. SHOULD HAVE…

    THANK YOU, MR. SPEAKER. MR. ROYCE MENTIONED 2003, 2004, 2005. SHOULD HAVE CHANGED THE G.S.E. AND FANNIE MAE AND FREDDIE MAC. WELL, THE REPUBLICANS CONTROLLED THE HOUSE. THE REPUBLICANS CONTROLLED THE SENATE. THE REPUBLICANS CONTROLLED THE WHITE HOUSE. AND THEY DIDN'T DO IT. IN FACT, HIS FORMER CHAIRMAN ON FINANCIAL SERVICES, THE REPUBLICAN, MR. OXLEY, SAID THE CRITICS FORGOT THAT THE HOUSE STEPPED UP ON REFORMING BILLS BUT HE FUMED ABOUT THE CRITICISM THAT PEOPLE ARE GIVING ABOUT FANNIE MAE AND FREDDIE MAC. HE SAID -- THIS IS FROM THE FINANCIAL TIMES, SEPTEMBER 9, 2008, ALL THAT -- QUOTE, ALL THE HANDLING AND BED WETTING IS GOING ON WITHOUT REMEMBERING HOW THE HOUSE STEPPED UP ON THIS. HE SAYS, WHAT DID WE GET FROM THE WHITE HOUSE? WE GOT THE ONE FINGER SALUTE. VERY GRAPHIC QUOTEATION FROM MR. OXLEY -- QUOTATION FROM MR. OXLEY, CHAIRMAN OF THE HOUSE FINANCIAL SERVICES COMMITTEE, SAYING IT WAS THE WHITE HOUSE THAT STOPPED THE CHANGES THAT NEEDED TO BE --

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  • 02:24:29 PM

    MR. SESSIONS

    THE GENTLEMAN YIELD?

  • 02:24:31 PM

    MR. PERLMUTTER

    AND IT WAS A BILLION DOLLARS FROM THOSE MORTGAGES, FROM 2003, 2004, 2005,…

    AND IT WAS A BILLION DOLLARS FROM THOSE MORTGAGES, FROM 2003, 2004, 2005, 2006 UNDER REPUBLICAN LEADERSHIP THAT IS WEIGHING DOWN FANNIE MAE AND FREDDIE MAC THAT UNDER THE DEMOCRATS WE OFFERED CONSERVATORSHIP AND THAT'S WHAT THEY'RE IN NOW, LIKE A BANKRUPTCY. WITH THAT I'M GOING TO YIELD TWO MINUTES TO MY FRIEND, MR. ELLISON.

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  • 02:24:51 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR TWO MINUTES.

  • 02:24:54 PM

    MR. ELLISON

    MR. CHAIRMAN, LET ME JUST CORRECT ONE VERY, VERY SERIOUS FLAW AND THAT IS…

    MR. CHAIRMAN, LET ME JUST CORRECT ONE VERY, VERY SERIOUS FLAW AND THAT IS TO SOMEHOW BLAME THE EFFORT TO -- BLAME THE AMERICANS. THIS CRISIS HAS TO DUE WITH A FAILURE TO REGULATE, A FAILURE TO GIVE CONSUMER PROTECTION TO PEOPLE WHO ARE GETTING MORTGAGES THAT THEY COULDN'T PAY FOR ON TRICKY AND UNSOUND TERMS. BECAUSE WE ARE NOW GOING TO HAVE CONSUMER PROTECTION BUREAU DESIGNED TO PROTECT THOSE VERY SAME CONSUMERS. WE ARE BRINGING STABILITY TO THE MARKET. WE ARE BRINGING PEOPLE A CHANCE TO HAVE A HOME THAT THEY CAN ACTUALLY PAY FOR ON TERMS THAT THEY WILL ACTUALLY UNDERSTAND. THIS CONSUMER FINANCIAL PROTECTION BUREAU IS GOING TO BE SOMETHING THAT WILL HELP PEOPLE KEEP THE MONEY THAT THEY EARN AND TO MAKE SOUND FINANCIAL INVESTMENTS THAT WILL -- AND PURCHASES THAT WILL ALLOW THEM TO PROSPER AND GROW UNLIKE THE ONES THAT WE SAW IN THE PAST WHERE REPUBLICAN LEADERSHIP LET THE LAY ZEH FAIR ECONOMY MOVE -- LAYSA FAIR ECONOMY MOVE RIGHT ON ALONG WITHOUT OVERSIGHT WHICH LED US IN THIS SERIOUS, SERIOUS CRISIS. THE FACT IS, MR. CHAIRMAN, THE FINANCIAL CRISIS THAT WE'RE IN IS THE RESULT OF A LACK OF OVERSIGHT, A LACK OF REGULATION, A LACK OF CLEAR RULES. AND THIS PARTICULAR PIECE OF LEGISLATION WILL BRING REAL CLARITY. IT WILL ALSO HELP BANKS. IT WILL HELP SMALL COMMUNITY BANKS BECAUSE THEY WILL BE ABLE TO COMPETE ON AN EQUAL FOOTING. THEIR COMPETITORS WILL NOW BE REGULAR PLATED WHICH THEY WERE NOT IN THE PAST. AND SMALLER BANKS WILL BE ABLE TO SAY THAT THE PRODUCTS THAT THEY OFFER WILL BE ABLE TO BE OFFERED TO THE CONSUMER ON A BASIS SIMILAR TO THOSE UNREGULATED FINANCIAL INSTITUTIONS WHICH NOW WILL BE REGULATED. SO, MR. SPEAKER, I THINK IT'S A GOOD TIME TO SAY THAT THIS IS AN EXCELLENT STEP FORWARD. IT WILL HELP STOP THE NICKELING AND DIMING OF AMERICANS. IT WILL HELP STOP THE TARGETING OF PEOPLE FOR FINANCIAL MISTREATMENT, AND IT WILL BRING GREATER STABILITY TO OUR ECONOMY. AND I YIELD BACK.

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  • 02:26:58 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM TEXAS.

  • 02:27:00 PM

    MR. SESSIONS

    THANK YOU, MR. SPEAKER. AT THIS TIME I'D LIKE TO YIELD TWO MINUTES TO THE…

    THANK YOU, MR. SPEAKER. AT THIS TIME I'D LIKE TO YIELD TWO MINUTES TO THE GENTLEMAN FROM ILLINOIS, THE GENTLEMAN FROM THE COMMITTEE, MR. MANZULLO.

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  • 02:27:11 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR TWO MINUTES.

  • 02:27:14 PM

    MR. MANZULLO

    THANK YOU. MR. SPEAKER, WE ON THE FINANCIAL SERVICES COMMITTEE HAVE SPENT…

    THANK YOU. MR. SPEAKER, WE ON THE FINANCIAL SERVICES COMMITTEE HAVE SPENT NEARLY TWO YEARS HOLDING HEARINGS TO DETERMINE THE APPROPRIATE COURSE OF ACTION FOR FINANCIAL REFORM. IN SEPTEMBER, THE COMMITTEE BEGAN LEGISLATION TO TRY TO ADDRESS FAILURES IN THE FINANCIAL MARKET THAT HAVE PLAGUED THE HOMES. THE PROBLEM IS THE TWO BIG CULPRITS HERE, FANNIE MAE AND FREDDIE MAC, NOW TAKEN OVER BY THE GOVERNMENT, COULD COST AMERICAN TAXPAYERS $1 TRILLION. THOSE TWO ENTITIES SIMPLY ARE NOT EVEN -- NOTHING HAPPENS TO THEM IN THIS BILL. THE GUYS THAT CAUSED THE PROBLEMS. YOU KNOW, MAYBE YOU COULD TAKE THIS 2,000-PAGE BILL AND GEL IT INTO ONE SENTENCE. YOU CAN'T BUY A HOME UNLESS YOU CAN AFFORD IT. THAT'S WHAT CAUSED THE PROBLEM IN THE FIRST PLACE. NO CREDIT STANDARDS, SO-CALLED LIAR LOANS WHERE PEOPLE WERE ALLOWED TO BUY HOMES WHEN OTHERS SAT AT THE CLOSING TABLE KNOWING FULL WELL THAT THE BUYERS COULDN'T EVEN MAKE THE FIRST PAYMENT. AND SO IT TOOK THE FED I THINK TWO YEARS TO COME UP WITH A RULE THAT SAYS, OH, BAY THE WAY, IF YOU BUY A HOUSE -- OH, BY THE WAY, IF YOU BUY A HOUSE YOU HAVE TO HAVE WRITTEN PROOF OF YOUR EARNINGS. I MEAN, WHY DO WE NEED 2,000 PAGES OF A BILL AND NONE OF US ADDRESSED TO THE G.S.E.'S SIMPLY SAYING FREDDIE MAC AND FANNIE MAE WON'T TAKE THE ASSIGNMENT OF THE MORTGAGE UNLESS THE MORTGAGE IS SOUND? THAT WILL SOLVE THE PROBLEM. WE WOULDN'T HAVE THE COMPLETE COLLAPSE OF THE SYSTEM THAT WE HAVE TODAY. BUT INSTEAD CREATED THE CONSUMER PROTECTION FINANCIAL BUREAU. NOW, WHAT ARE THESIS GUYS GOING TO DO IN-- WHAT ARE THESE GUYS GOING TO DO, MAYBE BUILD A NEW BUILDING SOMEWHERE, AND THEY ARE GOING TO IMPOSE REGULATIONS IN NEARLY EVERY SECTOR OF THE ECONOMY, WHAT ARE THEY GOING TO SAY? ALL THEY HAVE TO SAY, IF YOU CAN'T AFFORD TO BUY A HOUSE, YOU CAN'T HAVE IT. THAT SHOULD BE THE EXTENT OF THE REGULATION.

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  • 02:29:35 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN'S TIME HAS EXPIRED.

  • 02:29:38 PM

    MR. MANZULLO

    ONE SENTENCE, 2,000 PAGES.

  • 02:29:41 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM COLORADO.

  • 02:29:44 PM

    MR. PERLMUTTER

    I YIELD TWO MINUTES TO THE GENTLEMAN FROM MARYLAND, MR. VAN HOLLEN.

  • 02:29:47 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR TWO MINUTES.

  • 02:29:50 PM

    MR. VAN HOLLEN

    I THANK YOU, MR. SPEAKER. THE PURPOSE OF THE WALL STREET ACCOUNTABILITY…

    I THANK YOU, MR. SPEAKER. THE PURPOSE OF THE WALL STREET ACCOUNTABILITY BILL IS VERY CLEAR. NEVER AGAIN SHOULD THE AMERICAN TAXPAYER BE ASKED TO FOOT THE BILL FOR BAD BETS MADE ON WALL STREET. NEVER AGAIN SHOULD MILLIONS OF AMERICANS HAVE TO LOSE THEIR JOBS BECAUSE OF RECKLESS CONDUCT ON WALL STREET. AND NEVER AGAIN WILL WE ALLOW THE AMERICAN ECONOMY TO BE HELD HOSTAGE TO BAD DECISIONS ON WALL STREET IN THE FINANCIAL SECTOR. UNFORTUNATELY, MR. SPEAKER, OUR COLLEAGUES ON THE OTHER SIDE OF THE AISLE HAVEN'T GOTTEN THAT MESSAGE. . HAVING STOOD IN THIS CHAMBER AND VOTED TO HELP RESCUE WALL STREET AND THE FINANCIAL SECTOR, THEY ARE NOT THERE FOR MAIN STREET TODAY. AND I THINK SOME HEADLINES ARE INSTRUCTIVE. "WALL STREET JOURNAL," FEBRUARY 4, 2010, G.O.P. CHASES WALL STREET DONORS, QUOTE, IN DISCUSSIONS WITH WALL STREET EXECUTIVES, REPUBLICANS ARE STRIVING TO MAKE THE CASE THAT THEY ARE THE BANK'S BEST HOPE OF PREVENTING PRESIDENT BARACK OBAMA AND CONGRESSIONAL DEMOCRATS FROM CRACKING DOWN ON WALL STREET. ROLL CALL, DECEMBER 8, 2009, G.O.P. MEETS WITH 100 LOBBYISTS TO PLOT TO KILL WALL STREET REFORM. QUOTE, IN A CALL TO ARMS HOUSE REPUBLICAN LEADERS MET WITH MORE THAN 100 LOBBYISTS AT THE CAPITOL VISITOR CENTER ON TUESDAY AFTERNOON TO TRY AND FIGHT BACK AGAINST FINANCIAL REGULATORY OVERHAUL LEGISLATION. THAT'S THE STORY OF THIS DEBATE. AND THE CHOICE IS CLEAR. ARE WE GOING TO BE ON THE SIDE OF THE BIG BANKS WHO HELD THE AMERICAN ECONOMY HOSTAGE, RESULTED IN THE LOSS OF MILLIONS OF JOBS, AND LET THE TAXPAYER ON THE HOOK? OR ARE WE GOING TO SIDE -- STAY ON THE SIDE OF CONSUMERS, TAXPAYERS, AMERICAN WORKERS, AND SMALL BUSINESSES? THE CHOICE IS VERY CLEAR. BACK IN DECEMBER EVERY ONE OF OUR REPUBLICAN COLLEAGUES VOTED NO ON WALL STREET ACCOUNTABILITY. LET'S HOPE THAT THIS TIME THEY STAND ON THE SIDE OF THE AMERICAN TAXPAYER AND THE AMERICAN CONSUMER AND MAKE THE RIGHT CHOICE FOR THE AMERICAN PEOPLE. THANK YOU, MR. SPEAKER.

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  • 02:31:58 PM

    MR. SESSIONS

    THANK YOU, MR. SPEAKER. I FIND IT INTERESTING THAT THE SAME PEOPLE WHO ARE…

    THANK YOU, MR. SPEAKER. I FIND IT INTERESTING THAT THE SAME PEOPLE WHO ARE DOWN HERE ARGUING FOR GIVING THEM THE RESPONSIBILITY AND AUTHORITY AND HOW BALANCED THEIR BILL IS ARE THE SAME PEOPLE THAT ARE BANKRUPTING THIS COUNTRY. THEY DON'T EVEN APPLY THEIR OWN LONIC AND COMMON SENSE TO WHAT THEY -- LOGIC AND COMMON SENSE TO WHAT THEY PASS IN THIS HOUSE. THEY TALK ABOUT ALL THIS BALANCE AND RESPONSIBILITY, WORRIED ABOUT THE MIDDLE CLASS. YET THEY ARE BANKRUPTING THIS COUNTRY. YET THEY ARE CAUSING THE LARGEST UNEMPLOYMENT THAT WE HAVE HAD IN THE MODERN ERA. AND THEY ARE NOT EVEN TALKING ABOUT WHAT THEY HAVE DONE TO CREATE THAT CIRCUMSTANCE, THEY ARE TRYING TO POINT THE FINGER AT SOMEBODY ELSE. I THINK THAT THAT IS IRRELEVANT RESPONSIBILITY. MR. SPEAKER, AT THIS TIME I WOULD LIKE TO YIELD TWO MINUTES TO THE GENTLEMAN FROM THE COMMITTEE, MR. LANCE.

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  • 02:32:49 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR TWO MINUTES.

  • 02:32:51 PM

    MR. LANCE

    THANK YOU, MR. CHAIRMAN. MY THANKS TO SESSIONS, OUR RANKING MEMBER, MR.…

    THANK YOU, MR. CHAIRMAN. MY THANKS TO SESSIONS, OUR RANKING MEMBER, MR. BAUCUS, AS WELL AS THE CHAIRMAN, AND THE GENTLEMAN FROM COLORADO. I RISE TO EXPRESS MY OPPOSITION TO THE RULE FOR THE FINANCIAL BILL THAT GIVES WALL STREET FIRMS THE POTENTIAL, PERMANENT BAILOUTS, INSTITUTIONALIZES TOO BIG TO FAIL, AND WILL ULTIMATELY CONSTRICT LENDING TO CONSUMERS AND SMALL BUSINESSES AT THE WORST POSSIBLE TIME FOR OUR ECONOMY. THE UNDERLYING MEASURE DOES NOT FULLY AUDIT THE FED AND DOES NOTHING TO REIN IN HOUSING GIANT FANNIE MAE AND FREDDIE MAC THAT ALREADY COST U.S. TAXPAYERS $145 BILLION AND COUNTING. THE TROUBLED ASSET RELIEF PROGRAM FUND BY THE ORIGINAL LAW WAS SUPPOSED TO BE USED TO REDUCE THE DEFICIT. NONE OF THE FUNDING SOURCE FOR NEW SPENDING AND THE INCREASE IN THE RATIO AT THE FDIC SHOULD NOT BE USED FOR ANYTHING OTHER THAN PROTECTING DEPOSITORS AND BANK FAILURES. IF THE DEMOCRATIC MAJORITY HAD CHOSEN A FISCAL BATH OF MORE SPENDING AND BORROWING, THIS AT A TIME WHEN THE FEDERAL DEBT IS $13 TRILLION AND RISING RAPIDLY. THE AMERICANNPEOPLE DESERVE A BETTER PLAN THAT PUTS AN END TO BAILOUTS, REINS IN FANNIE MAE AND FREDDIE MAC, AND TAKES THE GOVERNMENT OUT OF THE BUSINESS OF PICKING WINNERS AND LOSERS. THIS BILL FAILS ON ALL OF THESE ACCOUNTS. I OPPOSE THE RULE AND THE UNDERLYING BILL. I YIELD BACK THE BALANCE OF MY TIME.

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  • 02:34:14 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM COLORADO.

  • 02:34:18 PM

    MR. PERLMUTTER

    YOU, MR. SPEAKER. I YIELD TWO MINUTES TO MR. HARE FROM ILLINOIS.

  • 02:34:24 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM ILLINOIS IS RECOGNIZED FOR TWO MINUTES.

  • 02:34:27 PM

    MR. HARE

    YOU, MR. SPEAKER. FOR TOO LONG IRRESPONSIBLE ACTIONS OF BIG BANKS PUT…

    YOU, MR. SPEAKER. FOR TOO LONG IRRESPONSIBLE ACTIONS OF BIG BANKS PUT AMERICAN FAMILIES AT RISK. TODAY WITH THE PASSAGE OF THIS FINANCIAL REFORM LEGISLATION WE WILL FINALLY BEGIN TO PROTECT CONSUMERS ON MAIN STREET FROM THE GREED ON WALL STREET. PREDATORY LENDING, RISKY SCHEMES, AND EXPLOITING LOOPHOLES WERE JUST SOME OF THE CHOICE WORDS USED BY WALL STREET FAT CATS TO SEND OUR ECONOMY ON THE BRINK OF DEPRESSION. UNDER THIS BILL WE ARE ENDING THESE PRACTICES AND SHINING NEW LIGHT ON PRODUCTS AND TRANSACTION THAT IS THREATEN THE STABILITY OF THE FINANCIAL SYSTEM. THIS BILL IS A LANDMARK ACHIEVEMENT IN CONSUMER PROTECTION BY ESTABLISHING A CONSUMER FINANCIAL PROTECTION AGENCY, DEDICATED TO ENSURING THAT BANKS, BANK LOANS, MORTGAGES, AND CREDIT CARDS ARE FAIR, AFFORDABLE, UNDERSTANDABLE, AND MOST IMPORTANTLY TRANSPARENT. THIS BILL IS GOOD FOR SMALL BUSINESS. IT'S GOOD FOR CONSUMERS. AND GOD FOR FINANCIAL SECURITY OF OUR GREAT NATION. BUT ALSO -- GOOD FOR FINANCIAL SECURITY OF OUR GREAT NATION. BUT ALSO TO ENSURE WE'LL REMAIN AN ENGINE OF ECONOMIC GROWTH. I WANT TO THANK CHAIRMAN FRANK AND ALL THE MEMBERS OF THE LEADERSHIP FOR HAVING THE COURAGE TO DO WHAT'S RIGHT AND FOR STANDING UP FOR AMERICAN FAMILIES. TODAY WE HAVE THE OPPORTUNITY TO SAY ENOUGH IS ENOUGH. REIN IN WALL STREET AND PROTECT OUR CONSTITUENTS. I ASK MY COLLEAGUES ON BOTH SIDES OF THE AISLE TO JOIN ME IN SUPPORTING THIS CRITICAL PIECE OF LEGISLATION. THANK YOU, MR. SPEAKER. I YIELD BACK THE BALANCE OF MY TIME.

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  • 02:36:07 PM

    MR. SESSIONS

    YOU, MR. SPEAKER. AT THIS TIME I'D LIKE TO YIELD TWO MINUTES TO THE…

    YOU, MR. SPEAKER. AT THIS TIME I'D LIKE TO YIELD TWO MINUTES TO THE GENTLEMAN FROM CHERRY HILL, NORTH CAROLINA, MR. MCHENRY.

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  • 02:36:16 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED.

  • 02:36:18 PM

    MR. MCHENRY

    I THANK MY COLLEAGUE FROM TEXAS FOR YIELDING. I ENCOURAGE MY COLLEAGUES TO…

    I THANK MY COLLEAGUE FROM TEXAS FOR YIELDING. I ENCOURAGE MY COLLEAGUES TO VOTE NO ON THIS CLOSED RULE AND VOTE NO ON THE CONFERENCE REPORT ON THE SO-CALLED FINANCIAL REGULATORY REFORM BILL. I SAY SO-CALLED BECAUSE THIS IS NOT MUCH IN THE WAY OF REFORM. IT'S CHANGED. IT'S MANIPULATION, IT'S GOING TO BE HARMFUL TO THE AMERICAN PEOPLE. MY DISTRICT IS STILL MIRED WITH HIGH UNEMPLOYMENT. WE HAVE OVER 13% UNEMPLOYMENT IN WESTERN NORTH CAROLINA. THE PEOPLE ACROSS THIS NATION HAVE ABOUT 10% UNEMPLOYMENT NATIONALLY. PEOPLE ARE HURTING. SMALL BUSINESSES IN MY DISTRICT ARE WORRIED ABOUT ACCESS TO CREDIT. FAMILIES ARE WORRIED ABOUT BEING ABLE TO KEEP THEIR CREDIT CARD, KEEP THEIR CHECKING ACCOUNT, AND KEEP THE FINANCIAL PRODUCTS THEY KNOW AND LIKE. UNFORTUNATELY THIS BILL, THIS LEGISLATION RESTRICTS CREDIT AND MAKES CREDIT LESS AVAILABLE AND TIGHTER GOING FORWARD. AND MAKES IT HARDER FOR SMALL BUSINESS THAT IS ARE STRUGGLING TO MEET PAYROLL, MUCH LESS CREATE JOBS. TO MAKE ENDS MEET. NOW, THE NEW TAXPAYER BUREAUCRACY THIS LEGISLATION CREATES WILL INTERVENE IN THE FINANCIAL AFFAIRS OF EVERY SINGLE AMERICAN. AND NOT FOR THE BETTER. THE RESULTS WILL BE FEWER LOANS FOR PEOPLE TO BUY A CAR, PURCHASE A HOME, GO TO COLLEGE, OR START A SMALL BUSINESS. AND TO MAKE MATTERS WORSE, AND THE KICKER WITH THIS BILL, IS THAT IT WON'T PREVENT THE NEXT CRISIS, AND IT DOESN'T EVEN ADDRESS THE ROOT CAUSES OF THE LAST CRISIS. CERTAINLY WE ARE IN FAVOR OF MAKING SURE THE LAST CRISIS WE FACE DOESN'T EVER HAPPEN AGAIN. I THINK WE AGREE ON THAT. REPUBLICANS AND DEMOCRATS. THE FACT IS, THIS BILL DOESN'T ADDRESS THE ROOT CAUSES OF THE LAST CRISIS. AND SO TO CALL THIS A HE REFORM IS A SHAM, IT'S A FRAUD. AND I ENCOURAGE MY COLLEAGUES TO VOTE AGAINST IT. I YIELD BACK.

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  • 02:38:13 PM

    MR. PERLMUTTER

    HOW MUCH TIME DOES EACH SIDE HAVE?

  • 02:38:15 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM COLORADO HAS SIX MINUTES. THE GENTLEMAN FROM TEXAS HAS…

    THE GENTLEMAN FROM COLORADO HAS SIX MINUTES. THE GENTLEMAN FROM TEXAS HAS 1 1/2 MINUTES.

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  • 02:38:19 PM

    MR. PERLMUTTER

    I YIELD TWO MINUTES TO MR. MCMAHON FROM NEW YORK.

  • 02:38:27 PM

    MR. MCMAHON

    THANK YOU. I THANK THE GENTLEMAN FOR YIELDING. I RISE TODAY IN FULL…

    THANK YOU. I THANK THE GENTLEMAN FOR YIELDING. I RISE TODAY IN FULL SUPPORT OF THIS BILL AND THIS RULE. I COMMEND CHAIRMAN FRANK, CHAIRMAN PETERSON, ALL THE MEMBERS OF THEIR STAFFS WHO WORKED SO HARD. THIS LEGISLATION, MR. SPEAKER, ADDRESSES MANY OF THE PROBLEMS AT THE HEART OF THE FINANCIAL CRISIS WHILE ALLOWING US TO BUILD AN EVEN STRONGER REGULATORY FOUNDATION FOR FUTURE ECONOMIC GROWTH AND STABILITY IN OUR FINANCIAL MARKETS WHICH WE NEED UNDOUBTEDLY TO CREATE JOBS IN THE AMERICAN ECONOMY. SINCE MY FIRST DAYS IN CONGRESS I HAVE CALLED FOR SMART, THOUGHTFUL REGULATIONS FOR OUR SHARED GOALS FOR REFORM WITHOUT UNNECESSARILY BURDENING OUR ECONOMY OR FORCING OUR FINANCIAL INDUSTRIES OVERSEAS. AFTER A YEAR AND A HALF OF KATE AND DISCUSSION, ALTHOUGH NOT PERFECT, I THINK WE STRUCK THE RIGHT BALANCE HERE AND I'M PROUD TO SUPPORT THIS BILL. IT IS GOD FOR AMERICA, IT IS GOOD FOR NEW YORK CITY, IT IS GOOD FOR THE PEOPLE OF STATEN ISLAND AND BROOKLYN WHO SENT ME HERE TO REPRESENT THEM. IN PARTICULAR I APPLAUD THE EFFORT TO BRING GREATER TRANSPARENCY, ACCOUNTABILITY, AND OVERSIGHT TO OUR DERIVATIVES MARKET. THIS BILL MAKES SURE THE REGULATORS AND PRIVATE SECTOR UNDERSTAND OUTSTANDING SWAP EXPOSURES FOR INDIVIDUAL COMPANIES WILL NEVER BE ALLOWED AGAIN TO BRING ABOUT A SITUATION LIKE WHAT HAPPENED WITH A.I.G. BUT THIS LEGISLATION ALSO RECOGNIZES THE IMPORTANT ROLE THAT DERIVATIVES PLAY IN ACTUALLY REDUCING SYSTEMIC RISK AND INCREASING THE FLOW OF CREDIT THROUGHOUT OUR ECONOMY. WHETHER IT'S AN AIRPLANE, FARM, HEDGING AGAINST CURRENCY RISK, COMMERCIAL REAL ESTATE COMPANY OR LIFE INSURANCE ANNUITY HEDGING AGAINST INTEREST RATE FLUCTUATION DERIVATIVES ARE VITAL TOOLS TO KEEP CONSUMER PRICES LOW AND HELP MANAGE COMPANY BUDGETS. THESE END USER COMPANIES POSE LITTLE OR NO SYSTEMIC RISK TO OUR ECONOMY AND THIS BILL PROTECTS THEM FROM UNNECESSARY AND BURDENSOME MARGIN AND CLEARING REQUIREMENTS. AGAIN I THANK CHAIRMAN FRANK FOR ALLOWING ME TO BE PART OF THIS PROCESS. AND I THANK THE GENTLEMAN FROM COLORADO FOR YIELDING ME THIS TIME. I YIELD BACK THE BALANCE OF MY TIME. THANK YOU, MR. SPEAKER.

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  • 02:40:37 PM

    THE SPEAKER PRO TEMPORE

    JUST A CORRECTION. THE GENTLEMAN FROM TEXAS HAS TWO MINUTES REMAINING. AND…

    JUST A CORRECTION. THE GENTLEMAN FROM TEXAS HAS TWO MINUTES REMAINING. AND THE GENTLEMAN FROM COLORADO NOW HAS FOUR MINUTES. WILL THE GENTLEMAN FROM COLORADO SEEK RECOGNITION? THE GENTLEMAN FROM TEXAS.

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  • 02:40:51 PM

    MR. SESSIONS

    THAT, MR. SPEAKER. I WOULD ENCOURAGE THE GENTLEMAN TO USE HIS TIME. WE…

    THAT, MR. SPEAKER. I WOULD ENCOURAGE THE GENTLEMAN TO USE HIS TIME. WE HAVE A TIME DISPARATE. I AM THE LAST SPEAKER. I RESERVE MY TIME.

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  • 02:41:00 PM

    MR. PERLMUTTER

    I'M READY TO CLOSE, IF YOU ARE.

  • 02:41:04 PM

    MR. SESSIONS

    ARE ON TIME DELIVERY TODAY, MR. SPEAKER. I APPRECIATE THAT. THANK YOU FOR…

    ARE ON TIME DELIVERY TODAY, MR. SPEAKER. I APPRECIATE THAT. THANK YOU FOR ENGAGING WITH ME TODAY. AS I SAID EARLIER, MR. SPEAKER, IT'S IMPORTANT TO PROVIDE CONSUMER SAFETY AND SECURITY IN THE MARKETPLACE, BUT OUR CONSTITUENTS ARE ALSO CONCERNED ABOUT MUCH, MUCH MORE. THEY ARE CONCERNED ABOUT JOBS. THEY ARE CONCERNED ABOUT THE ECONOMY. THEY ARE CONCERNED ABOUT THE TREMENDOUS DEBT THIS NATION IS TAKING ON. WEEK AFTER WEEK WE COME TO THE HOUSE FLOOR TO DEBATE BILLS AND TO TALK ABOUT THE AGENDA THAT THE DEMOCRATIC MAJORITY WANTS TO HAVE ON THE FLOOR. AND IT WOULD BE TRUE TO SAY THAT REPUBLICANS OPPOSE THAT AGENDA, BECAUSE IT'S ABOUT TAXING, IT'S ABOUT SPENDING, IT IS ABOUT MORE DEBT, IT IS ABOUT BIGGER GOVERNMENT, IT'S ABOUT THE DIMINISHMENT OF THE FREE ENTERPRISE SYSTEM JOBS. IT'S ABOUT THE THINGS THAT THE AMERICAN PEOPLE HAVE SAID THEY DO NOT HAVE CONFIDENCE IN THIS BODY SOLVING. WHETHER IT'S CAP AND TRADE, HEALTH CARE, OR GOVERNMENT TAKEOVER OF THE FINANCIAL SECTOR MY FRIENDS IN THE MAJORITY ALREADY EVERY SINGLE WEEK TO STICK IT TO THE FREE ENTERPRISE SYSTEM. MY FRIENDS, THE DEMOCRATS, SEEM MORE INTERESTED IN ACCOMPLISHING THEIR POLITICAL AGENDA THAN TRYING TO HELP THE AMERICAN PEOPLE. ONCE AGAIN TODAY WE HAVE A JOB LOSS BILL ON THE FLOOR. THAT'S REALLY WHAT WE SHOULD CALL THIS. MORE BIG GOVERNMENT, FEWER PRIVATE SECTOR JOBS, $18 BILLION IN FEES THAT WILL HAVE TO BE PAID BY THE BANKS THAT WE PASSED ON TO CONSUMERS. JUST ON AND ON AND ON. THE MAJORITY HAS AN OPPORTUNITY TODAY TO VOTE AGAINST THE PREVIOUS QUESTION AND EVERY MEMBER OF THIS BODY HAS A CHANCE TO SAY NO TO THE MORE SPENDING, MORE BIG GOVERNMENT, MORE RULES AND REGULATIONS. AND SOMEHOW TO SHOW THE AMERICAN PEOPLE THAT THEY CAN MAKE TOUGH CHOICES AND CUT SPENDING. I ENCOURAGE A NO VOTE ON THE RULE AND A NO VOTE ON THE UNDERLYING LEGISLATION AND I APPRECIATE THE GENTLEMAN FROM COLORADO AND HIS ENGAGEMENT WITH ME TODAY. I YIELD BACK THE BALANCE OF MY TIME.

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  • 02:43:15 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM TEXAS YIELDS BACK THE BALANCE OF HIS TIME. THE…

    THE GENTLEMAN FROM TEXAS YIELDS BACK THE BALANCE OF HIS TIME. THE GENTLEMAN FROM COLORADO.

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  • 02:43:19 PM

    MR. PERLMUTTER

    THANK YOU, MR. SPEAKER. APPRECIATE THE COMMENTS OF MY FRIEND FROM TEXAS.…

    THANK YOU, MR. SPEAKER. APPRECIATE THE COMMENTS OF MY FRIEND FROM TEXAS. WE COULDN'T DISAGREE MORE ABOUT THE VALUE OF THIS BILL AND THE PROCESS WE HAVE GONE THROUGH TO GET TO THIS POINT. I'D FIRST LIKE TO THANK THE CHAIRMAN, ALSO THE RANKING MEMBER OF FINANCIAL SERVICES, FOR HOLDING HEARING AFTER HEARING, TAKING TESTIMONY FOR THE LAST YEAR AND A HALF, ALMOST TWO YEARS, ON THE VARIOUS SUBJECTS THAT ARE ADDRESSED WITHIN THE BILL. AND TO HOLDING A VERY OPEN AND TRANSPARENT CONFERENCE THAT HIGHLIGHTED MUCH OF THE BILL AND THE DIFFERENCES BETWEEN THE HOUSE AND THE SENATE. I THINK THAT KIND OF TRANSPARENCY IS WHAT WE NEED TO SEE IN THE FINANCIAL MARKETS AND THAT'S AT THE HEART OF ALL OF THIS. IN SEPTEMBER OF 2008, WE HAD A TERRIBLE FINANCIAL FREE FALL. STARTING WITH PLACING FANNIE MAE AND FREDDIE MAC IN CONSERVATIVESHIP AND THEN A WHOLE SERIES OF FAILORS TOWARDS THE END OF THAT MONTH. ULTIMATELY THE PRESIDENT OF THE UNITED STATES, GEORGE BUSH, HE AND HIS CHIEF CABINET OFFICERS ASKED THIS CONGRESS TO SUPPORT THE BANKING SYSTEM IN A WAY THAT NONE OF US COULD HAVE EVER CONCEIVED, BUT THAT WAS NEEDED IN AN EMERGENCY TO SAVE THE BANKING SYSTEM AND KEEP THIS ECONOMY GOING IN SOME FASHION OR ANOTHER. EVEN SO, UNDER THE RULES AND THE APPROACH TAKEN BY THE REPUBLICANS WHO ARE IN OFFICE THROUGH -- THROUGHOUT THE BUSH ADMINISTRATION AND THIS CONGRESS FROM 1994 ON TO 2006, WALL STREET WAS UNREGULATED. IT WAS ALLOW THE TO JUST -- ALLOWED TO JUST GO WILD AND IT RESULTED IN A TERRIBLE CATACLYSM THAT WE ARE ALL PAYING FOR NOW. THE BILL THAT'S BEFORE THIS BODY ADDRESSES NINE SEPARATE SUBJECTS. . CONSUMER PROTECTION, INVESTOR PROTECTION. IT DEALS WITH CREDIT RATING AGENCIES, DERIVATIVES, HEDGE FUNDS, INSURANCE. IT DEALS WITH SALARIES SO WE DON'T INCENTIVIZE TOO BIG OF RISK TAKING BY EXECUTIVES SO THEY PUT THEIR BANKS OR THEIR FINANCIAL ORGANIZATIONS AT RISK. AND IT DEALS WITH TOO BIG TO FAIL. PUTTING A STRUCTURE IN PLACE SO THAT IF FINANCIAL INSTITUTIONS GET WAY OUT THERE, OVERLEVERAGED AS WE SAW IN 2008 THAT WE HAVE A SYSTEM IN PLACE WHERE WE CAN LIQUID ATE THEM AND CLOSE THEM, NOT PUT THEM ON LIFE SUPPORT IN A BANKRUPTCY, AS MY REPUBLICAN COLLEAGUES WOULD SUGGEST. THIS IS A TIME TO BRING CERTAINTY BACK IN THE MARKET, REASONABLE REGULATION AND REASONABLE ENFORCEMENT BACK IN THE FINANCIAL SYSTEM. THE BILL THAT'S BEING BROUGHT TO THIS CONGRESS AND THIS HOUSE TODAY DOES JUST THAT. AND WITH THAT THIS COUNTRY NEEDS TO REIN IN WALL STREET, WE NEED TO PROTECT MAIN STREET AND THE TAXPAYERS AND THE PEOPLE THAT LIVE THROUGHOUT THIS COUNTRY. THIS BILL GOES A LONG WAY TO DOING THAT. WITH THAT I URGE A YES VOTE ON THE PREVIOUS QUESTION AND ON THE RULE. I YIELD BACK THE BALANCE OF MY TIME AND I MOVE THE PREVIOUS QUESTION ON THE RESOLUTION.

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  • 02:46:38 PM

    THE SPEAKER PRO TEMPORE

    ALL TIME FOR DEBATE HAS EXPIRED. WITHOUT OBJECTION, THE PREVIOUS QUESTION…

    ALL TIME FOR DEBATE HAS EXPIRED. WITHOUT OBJECTION, THE PREVIOUS QUESTION IS ORDERED. THE QUESTION IS ON ADOPTION OF THE RESOLUTION. THOSE IN FAVOR SAY AYE. THOSE OPPOSED, NO. IN THE OPINION OF THE CHAIR, THE AYES HAVE IT.

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  • 02:46:50 PM

    MR. SESSIONS

    MR. SPEAKER, I ASK FOR THE YEAS AND NAYS.

  • 02:46:52 PM

    THE SPEAKER PRO TEMPORE

    THE YEAS AND NAYS HAVE BEEN REQUESTED. ALL THOSE IN FAVOR OF TAKING THIS…

    THE YEAS AND NAYS HAVE BEEN REQUESTED. ALL THOSE IN FAVOR OF TAKING THIS VOTE BY THE ANNE -- YEAS AND NAYS WILL RISE. A SUFFICIENT NUMBER HAVING ARISEN, THE YEAS AND NAYS ARE ORDERED. PURSUANT TO CLAUSE 8 OF RULE 20, FURTHER PROCEEDINGS ON THE QUESTION WILL BE POSTPONED. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM COLORADO RISE?

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  • 02:47:14 PM

    MR. PERLMUTTER

    MR. SPEAKER. I SEND TO THE DESK A PRIVILEGED CONCURRENT RESOLUTION AND ASK…

    MR. SPEAKER. I SEND TO THE DESK A PRIVILEGED CONCURRENT RESOLUTION AND ASK FOR ITS IMMEDIATE CONSIDERATION.

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  • 02:47:21 PM

    THE SPEAKER PRO TEMPORE

    THE CLERK WILL REPORT THE CONCURRENT RESOLUTION.

  • 02:47:24 PM

    THE CLERK

    OR HIS DESIGNEE IT STAND ADJOURNED UNTIL 2:00 P.M. ON TUESDAY, JULY 13,…

    OR HIS DESIGNEE IT STAND ADJOURNED UNTIL 2:00 P.M. ON TUESDAY, JULY 13, 2010. OR UNTIL THE TIME OF ANY REASSEMBLY PURSUANT TO SECTION 2 OF THIS CONCURRENT RESOLUTION WHICHEVER OCCURS FIRST. AND THAT WHEN THE SENATE RECESSES OR ADJOURNS ON ANY DAY FROM WEDNESDAY, JUNE 30, 2010, THROUGH SUNDAY, JULY 4, 2010, ON A MOTION OFFERED PURSUANT TO THIS CONCURRENT RESOLUTION BY ITS MAJORITY LEADER OR HIS DESIGNEE IT STAND RECESSED OR ADJOURNED UNTIL NOON ON MONDAY, JULY 12, 2010, OR SUCH OTHER TIME ON THAT DAY AS MAY BE SPECIFIED IN THE MOTION TO RECESS OR ADJOURN OR UNTIL THE TIME OF ANY REASSEMBLY PURSUANT TO SECTION 2 OF THIS CONCURRENT RESOLUTION, WHICHEVER OCCURS FIRST. SECTION 2, THE SPEAKER OF THE HOUSE AND THE MAJORITY LEADER OF THE SENATE OR THEIR RESPECTIVE DESIGNEES ACTING JOINTLY AFTER CONSULTATION WITH THE MINORITY LEADER OF THE HOUSE AND THE MINORITY LEADER OF THE SENATE SHALL NOTIFY THE MEMBERS OF THE HOUSE AND THE SENATE RESPECTIVELY TO REASSEMBLE AT SUCH PLACE AND TIME AS THEY MAY DESIGNATE IF IN THEIR OPINION THE PUBLIC INTEREST SHALL WARRANT IT.

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  • 02:48:53 PM

    THE SPEAKER PRO TEMPORE

    THE CONCURRENT RESOLUTION IS NOT DEBATABLE. THE QUESTION IS ON THE…

    THE CONCURRENT RESOLUTION IS NOT DEBATABLE. THE QUESTION IS ON THE CONCURRENT RESOLUTION. ALL THOSE IN FAVOR SAY AYE. ALL THOSE OPPOSED, NO. THE AYES HAVE IT.

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  • 02:49:06 PM

    MR. SESSIONS

    WITH THAT I ASK FOR THE YEAS AND NAYS.

  • 02:49:09 PM

    THE SPEAKER PRO TEMPORE

    THE YEAS AND NAYS ARE REQUESTED. THOSE FAVORING A VOTE BY THE YEAS AND…

    THE YEAS AND NAYS ARE REQUESTED. THOSE FAVORING A VOTE BY THE YEAS AND NAYS WILL RISE. A SUFFICIENT NUMBER HAVING ARISEN, THE YEAS AND NAYS ARE ORDERED. MEMBERS WILL RECORD THEIR VOTES BY ELECTRONIC DEVICE. PURSUANT TO CLAUSE 8 OF RULE 9 -- CLAUSE 9 OF RULE 20, THIS 15-MINUTE VOTE ON HOUSE CONCURRENT RESOLUTION 293 WILL BE FOLLOWED BY FIVE-MINUTE VOTES ON HOUSE RESOLUTION 1490 AND SUSPENSION OF THE RULES WITH REGARD TO H.R. 1554. THIS IS A 15-MINUTE VOTE. [CAPTIONING MADE POSSIBLE BY THE NATIONAL CAPTIONING INSTITUTE, INC., IN COOPERATION WITH THE UNITED STATES HOUSE OF REPRESENTATIVES. ANY USE OF THH CLOSED-CAPTIONED COVERAGE OF THE HOUSE PROCEEDINGS FOR POLITICAL OR COMMERCIAL PURPOSES IS EXPRESSLY PROHIBITED BY THE U.S. HOUSE OF REPRESENTATIVES.]

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  • 03:15:13 PM

    THE SPEAKER PRO TEMPORE

    ON THIS VOTE THE YEAS ARE -- THE NAYS ARE 186. THE RESOLUTION IS AGREEDED…

    ON THIS VOTE THE YEAS ARE -- THE NAYS ARE 186. THE RESOLUTION IS AGREEDED TO. WITHOUT OBJECTION, THE MOTION TO RECONSIDER IS LAID ON THE TABLE. THE UNFINISHED BUSINESS IS ON THE VOTE OF HOUSE RESOLUTION 1490 ON WHICH THE YEAS AND NAYS WERE ORDERED. THE CLERK WILL REPORT THE TITLE OF THE RESOLUTION.

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  • 03:15:31 PM

    THE CLERK

    CONSIDERATION OF THE CONFERENCE REPORT TO ACCOMPANY THE BILL H.R. 4173, TO…

    CONSIDERATION OF THE CONFERENCE REPORT TO ACCOMPANY THE BILL H.R. 4173, TO PROVIDE FOR FINANCIAL REGULATORY REFORM, TO PROTECT CONSUMERS AND INVESTORS, TO ENHANCE FEDERAL UNDERSTANDING OF INSURANCE ISSUES, TO REGULATE THE OVER-THE-COUNTER DERIVATIVES MARKETS AND FOR OTHER PURPOSES.

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  • 03:15:56 PM

    THE SPEAKER PRO TEMPORE

    THE QUESTION IS ON ADOPTION OF THE RESOLUTION. MEMBERS WILL RECORD THEIR…

    THE QUESTION IS ON ADOPTION OF THE RESOLUTION. MEMBERS WILL RECORD THEIR VOTES BY ELECTRONIC DEVICE. THIS IS A FIVE-MINUTE VOTE. [CAPTIONING MADE POSSIBLE BY THE NATIONAL CAPTIONING INSTITUTE, INC., IN COOPERATION WITH THE UNITED STATES HOUSE OF REPRESENTATIVES. ANY USE OF THE CLOSED-CAPTIONED COVERAGE OF THE HOUSE PROCEEDINGS FOR POLITICAL OR COMMERCIAL PURPOSES IS EXPRESSLY PROHIBITED BY THE U.S. HOUSE OF REPRESENTATIVES.]

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  • 03:22:54 PM

    THE SPEAKER PRO TEMPORE

    ON THIS VOTE THE YEAS ARE 233. THE NAYS ARE --

  • 03:23:37 PM

    THE SPEAKER PRO TEMPORE

    ON THIS VOTE THE YEAS ARE 234, THE NAYS ARE 189. THE RESOLUTION IS…

    ON THIS VOTE THE YEAS ARE 234, THE NAYS ARE 189. THE RESOLUTION IS ADOPTED. WITHOUT OBJECTION, THE MOTION TO RECONSIDER IS LAID ON THE TABLE. THE UNFINISHED BUSINESS IS ON THE VOTE OF THE MOTION FROM THE GENTLEMAN FROM OKLAHOMA, MR. BOREN, TO SUSPEND THE RULES AND PASS H.R. 1554 AS AMENDED, ON WHICH THE YEAS AND NAYS WERE ORDERED. THE CLERK WILL REPORT THE TITLE OF THE BILL.

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  • 03:24:02 PM

    THE CLERK

    TO TRUST AND THE BENEFIT OF THE MUSKOGEE CREEK NATION, AND FOR OTHER…

    TO TRUST AND THE BENEFIT OF THE MUSKOGEE CREEK NATION, AND FOR OTHER PURPOSES.

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  • 03:24:13 PM

    THE SPEAKER PRO TEMPORE

    THE QUESTION IS WILL THE HOUSE SUSPEND THE RULES AND PASS THE BILL, AS…

    THE QUESTION IS WILL THE HOUSE SUSPEND THE RULES AND PASS THE BILL, AS AMENDED. MEMBERS WILL RECORD THEIR VOTES BY ELECTRONIC DEVICE. THIS IS A FIVE-MINUTE VOTE. [CAPTIONING MADE POSSIBLE BY THE NATIONAL CAPTIONING INSTITUTE, INC., IN COOPERATION WITH THE UNITED STATES HOUSE OF REPRESENTATIVES. ANY USE OF THE CLOSED-CAPTIONED COVERAGE OF THE HOUSE PROCEEDINGS FOR POLITICAL OR COMMERCIAL PURPOSES IS EXPRESSLY PROHIBITED BY THE U.S. HOUSE OF REPRESENTATIVES.]

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  • 03:31:28 PM

    THE SPEAKER PRO TEMPORE

    THIS VOTE THE YEAS ARE 419, THE NAYS ARE ONE.

  • 03:32:44 PM

    THE SPEAKER PRO TEMPORE

    ON THIS VOTE THE YEAS ARE 421, THE NAYS ARE ONE. 2/3 OF THOSE VOTING…

    ON THIS VOTE THE YEAS ARE 421, THE NAYS ARE ONE. 2/3 OF THOSE VOTING HAVING RESPONDED IN THE AFFIRMATIVE, THE RULES ARE SUSPENDED, THE BILL IS PASSED AND WECK THE MOTION TO RECONSIDER IS LAID ON THE -- WITHOUT OBJECTION THE MOTION TO RECONSIDER IS LAID ON THE TABLE. THE HOUSE WILL BE IN ORDER. WILL MEMBERS REMOVE THE CONVERSATIONS FROM THE FLOOR.

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  • 03:33:39 PM

    THE SPEAKER PRO TEMPORE

    WILL MEMBERS AND STAFF PLEASE REMOVE THEIR CONVERSATIONS FROM THE FLOOR.

  • 03:34:01 PM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLEMAN FROM MASSACHUSETTS SEEK RECOGNITION?

  • 03:34:06 PM

    MR. FRANK

    PURSUANT HOUSE RESOLUTION 1490, I CALL UP THE CONFERENCE REPORT ON H.R.…

    PURSUANT HOUSE RESOLUTION 1490, I CALL UP THE CONFERENCE REPORT ON H.R. 4173 AND ASK FOR ITS IMMEDIATE CONSIDERATION.

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  • 03:34:14 PM

    THE SPEAKER PRO TEMPORE

    THE CLERK WILL REPORT THE TITLE OF THE BILL.

  • 03:34:16 PM

    THE CLERK

    H.R. 4173, AN ACT TO PROVIDE FOR FINANCIAL REGULATORY REFORM, TO PROTECT…

    H.R. 4173, AN ACT TO PROVIDE FOR FINANCIAL REGULATORY REFORM, TO PROTECT CONSUMERS AND INVESTORS, TO ENHANCE FEDERAL UNDERSTANDING OF INSURANCE ISSUES, TO REGULATE THE OVER-THE-COUNTER DERIVATIVES MARKETS AND FOR OTHER PURPOSES.

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  • 03:34:31 PM

    THE SPEAKER PRO TEMPORE

    PURSUANT TO HOUSE RESOLUTION 1490, THE CONFERENCE REPORT IS CONSIDERED…

    PURSUANT TO HOUSE RESOLUTION 1490, THE CONFERENCE REPORT IS CONSIDERED READ. THE GENTLEMAN FROM MASSACHUSETTS, MR. FRANK, AND THE GENTLEMAN FROM ALABAMA, MR. BACHUS, EACH WILL CONTROL 60 MINUTES. THE CHAIR RECOGNIZES THE GENTLEMAN FROM MASSACHUSETTS.

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  • 03:34:44 PM

    MR. FRANK

    SPEAKER, ON THE OUTSET I ASK UNANIMOUS CONSENT THAT ALL MEMBERS HAVE FIVE…

    SPEAKER, ON THE OUTSET I ASK UNANIMOUS CONSENT THAT ALL MEMBERS HAVE FIVE LEGISLATIVE DAYS TO REVISE AND EXTENDS THEIR REMARKS ON THIS MATTER.

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  • 03:34:51 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION, SO ORDERED.

  • 03:34:54 PM

    MR. FRANK

    I BEGIN BY YIELDING THREE MINUTES TO ONE OF THE LEADERS IN OUR EFFORT --

  • 03:34:59 PM

    THE SPEAKER PRO TEMPORE

    WILL THE GENTLEMAN SUSPEND? THE GENTLEMAN DESERVES TO BE HEARD WILL…

    WILL THE GENTLEMAN SUSPEND? THE GENTLEMAN DESERVES TO BE HEARD WILL MEMBERS REMOVE THEIR CONVERSATIONS FROM THE FLOOR. THE HOUSE WILL BE IN ORDER. THE GENTLEMAN MAY PROCEED.

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  • 03:35:18 PM

    MR. FRANK

    THE GENTLELADY IS RECOGNIZE FOR THREE MINUTES.

  • 03:35:35 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLELADY IS RECOGNIZE FOR THREE MINUTES.

  • 03:35:40 PM

    MS. WATERS

    YOU VERY MUCH. I'D LIKE TO BEGIN BY THANKING THE CHAIR OF THE FINANCIAL…

    YOU VERY MUCH. I'D LIKE TO BEGIN BY THANKING THE CHAIR OF THE FINANCIAL SERVICES COMMITTEE, MY COLLEAGUE, MR. BARNEY FRANK, FOR THE LEADERSHIP THAT HE HAS PROVIDED AND BRINGING US TO THIS POINT IN DOING A REGULATORY REFORM. THERE WERE TIMES I THOUGHT IT WOULD NEVER HAPPEN BUT BECAUSE OF HIS BRILLIANCE, BECAUSE OF HIS LEADERSHIP AND HIS ABILITY TO LISTEN TO ALL OF THE MEMBERS WHO SERVE NOT ONLY THAT COMMITTEE BUT THE CONFERENCE COMMITTEE, WE FIND OURSELVES HERE. BUT I WOULD LIKE AT THIS POINT IN TIME TO ENGAGE MY CHAIRMAN, TO MAKE SURE THAT I UNDERSTAND ONE PARTICULAR WORD THAT WAS USED IN THIS CONFERENCE COMMITTEE REPORT. SO IF I MAY MAKE AN INQUIRY OF THE GENTLEMAN FROM MASSACHUSETTS, I'M TRYING TO UNDERSTAND THE MEANING OF THE WORD INITIATED IN PARAGRAPH 5 OF THE CONFERENCE REPORT. WOULD INITIATED INCLUDE ANY PROGRAM OR INITIATIVE THAT HAS BEEN ANNOUNCED BY TREASURY PRIOR TO JUNE 25, 2010, AND IF SO, I ASSUME THAT THAT MEANS THAT PROGRAMS SUCH AS THE F.H.A., REFINANCE PROGRAM, WHICH WOULD ADDRESS THE PROBLEMS OF NEGATIVE EQUITY, WHICH I UNDERSTAND TREASURY AND THE F.H.A. ARE WORKING ON, BUT IS NOT YET PUBLICLY AVAILABLE, WOULD BE INCLUDED, AS WOULD THE FUND PROGRAM WHICH IS NOT FULLY IMPLEMENTED YET AND THIS WOULD NOT PREVENT, FOR EXAMPLE, WITHIN THE $50 BILLION ALREADY ALLOCATED FOR THAT, ADJUSTING RESOURCES BETWEEN ALREADY INITIATED PROGRAMS BASED ON THEIR EFFECTIVENESS.

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  • 03:37:23 PM

    MR. FRANK

    IF THE GENTLEWOMAN WOULD YIELD, THE ANSWER IS A RESOUNDING YES. I…

    IF THE GENTLEWOMAN WOULD YIELD, THE ANSWER IS A RESOUNDING YES. I CERTAINLY HAVE BEEN FOLLOWING HER LEADERSHIP IN TRYING TO MAKE SURE THAT THESE PROGRAMS DO MORE THAN MANY OF THEM HAVE DONE. SO THE ANSWER TO HER QUESTION IS YES. NOTHING NEW CAN BE STARTED AFTER JUNE 25, BUT IT'S NOT -- IT DOES NOT REACH BACK AND STRANGLE IN THE CRADLE THOSE PROGRAMS THAT WERE UNDER WAY.

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  • 03:37:45 PM

    MS. WATERS

    THANK YOU VERY MUCH. I APPRECIATE THAT.

  • 03:37:48 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM MASSACHUSETTS.

  • 03:37:50 PM

    MR. FRANK

    BACK THE TIME.

  • 03:37:53 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM ALABAMA, MR. BACHUS.

  • 03:37:57 PM

    MR. BACHUS

    YOU, MR. SPEAKER. I YIELD MYSELF FIVE MINUTES.

  • 03:38:00 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED.

  • 03:38:08 PM

    MR. BACHUS

    THANK YOU, MR. SPEAKER. TODAY I'D LIKE TO ADDRESS THE GOOD,ED BAD AND THE…

    THANK YOU, MR. SPEAKER. TODAY I'D LIKE TO ADDRESS THE GOOD,ED BAD AND THE UGLY IN THIS BILL -- THE BAD AND THE UGLY IN THIS BILL. THE GOOD, THERE IS CONSUMER PROTECTION. THERE IS MORE DISCLOSURE AND TRANSPARENCY. THERE ARE SOME BIPARTISAN PROVISIONS IN THIS BILL THAT ADD A WHISTLE BLOWER OFFICE TO THE F.C.C., BUT THE BAD AND THE UGLY FAR OUTWEIGH THOSE. IN TOTAL, THIS BILL IS A MASSIVE INTRUSION OF FEDERAL GOVERNMENT AND TO THE LIVES OF EVERY AMERICAN. IT IS THE FINANCIAL SERVICES EQUIVALENT OF OBAMACARE, THE GOVERNMENT TAKEOVER OF OUR HEALTH CARE SYSTEM. IF FINALLY ENACTED, IT WILL MOVE US FURTHER TOWARD A MANAGED ECONOMY, WITH THE FEDERAL GOVERNMENT MAKING DECISIONS THAT HAVE BEEN AND SHOULD STAY IN THE HANDS OF INDIVIDUALS AND PRIVATE BUSINESSES. FOR INSTANCE, IT WILL MAKE THE COMPENSATION OF EVERY EMPLOYEE OF A FINANCIAL FIRM SUBJECT TO RULES SET BY A GOVERNMENT OVERSEER. YOU CAN IMAGINE ANYTHING AS BASIC AS WHAT AN EMPLOYER PAYS AN EMPLOYEE CONTROLLED BY A FEDERAL BUREAUCRAT IN WASHINGTON? IT EVEN APPLIES TO CLERICAL EMPLOYEES. GOVERNMENT REGULATORS WOULD BE EMPOWERED TO SEIZE AND BREAK UP EVEN HEALTHY FIRMS THEY DISEASE ARE SYSTEMIC RISKS AND EVEN -- THEY DECIDE ARE SYSTEMIC RISKS AND EVEN EMPLOY NEW MANAGEMENT TO RUN THESE COMPANIES. AS I SAID ON THE FLOOR EARLIER TODAY, THESE BILLS WILL INSTITUTIONALIZE AND SADDLE TAXPAYERS WITH THE LOSSES RESULTING FROM OUT-OF-CONTROL RISK TAKING BY WALL STREET INSTITUTIONS. MY COLLEAGUES ON THE OTHER SIDE OF THE AISLE WILL TELL YOU THIS BILL DOES NOT INCLUDE A BAILOUT FUND. THEY'RE WRONG. AS I EXPLAINED EARLIER, HERE IT IS, LAID OUT. YOU CAN LEND MONEY TO A FAILING COMPANY,, HOW DO YOU GET MONEY BACK FROM A FAILING COMPANY? YOU CAN URCHASE THEIR ASSETS, YOU CAN GUARANTEE THEIR OBLIGATIONS, YOU CAN SELL THEIR TRANSFER OF THEIR ASSET, THE THERE. AND WHAT DOES THIS COST? AS I EXPLAINED EARLIER, THE FDIC CAN BORROW UP TO 90% OF A FIRM'S ASSET, THAT'S $2 TRILLION IN THE CASE OF BANK OF AMERICA ALONE, THEY COULD BORROW $2,100,000,000 IN THAT CASE ALONE. THAT'S A BAILOUT FUND PERIOD. NOT ONLY WILL IT MAKE BAILOUTS PERMANENT, IT WILL EMPOWER GOVERNMENT EMPLOYEES TO ROLL AROUND SETTLE BANKRUPTCY LAW AND SO-CALLED RESOLUTIONS DONE BEHIND CLOSED DOORS WITH UNEQUAL TREATMENT OF CREDITORS AT THE WHIM OF POLITICALLY INFLUENCED GOVERNMENT OFFICIALS. THAT HAS ALREADY HAPPENED. A FINANCIAL FIRM'S ABILITY TO SURVIVE A CRISIS LIKE THE ONE WE WENT THROUGH TWO YEARS AGO WILL DEPEND AS IT DID THEN ON WHETHER ITS C.E.O. CAN GET THE PRESIDENT OF THE NEW YORK FED ON THE PHONE ON A SATURDAY NIGHT, AS ONE FIRM DID. FRIENDSHIPS AND BEING WELL CONNECTED SHOULD NOT DETERMINE THE SUCCESS OR FAILURE OF PRIVATE ENTERPRISES. FINALLY, IT IMPOSES $11 BILLION TAX DISGUISED AS AN FDIC ASSESSMENT, TO FUND THIS NEW GOVERNMENT SPENDING THEY TAX WHAT MAIN STREET BANKS AND FINANCIAL INSTITUTIONS, THEY RAISE THEIR FDIC PREMIUMS EVEN THOUGH THOSE PREMIUMS WOULD GO TO BAIL OUT WALL STREET FIRMS, NOT, SAY, DEPOSITORS, AS THE SYSTEM WAS DESIGNED TO. MR. SPEAKER, IF YOU VOTED AGAINST THIS BILL ON THE FLOOR, IF YOU VOTED IT IN COMMITTEE, YOU NEED TO VOTE FOR IT -- YOU NEED TO VOTE -- IF YOU VOTED AGAINST IT YOU NEED TO VOTE AGAINST IT AGAIN, BECAUSE IT'S EVEN WORSE THAN WHEN IT CAME OUT OF THE HOUSE. WE'VE SEEN THE ANGER AND FRUSTRATION GENERATED BY THE INJUSTICE OF TOO BIG TO FAIL D BAILOUTS. WE'VE SEEN THE FOLLY OF IMPLIED GUARANTEES AS WITH FANNIE MAE AND FREDDIE MAC. WE'VE SEEN TIME AFTER TIME THE FAILURE OF GOVERNMENT-RUN SCHEMES TO CREATE JOBS AND GROW THE REAL ECONOMY, NEVERTHELESS HERE THE MAJORITY PARTY IS AGAIN DOING THE SAME THING OVER AND OVER, BLINDLY HOPING THAT SUDDENLY THIS TIME THEY'LL GET A DIFFERENT RESULT. WELL, YOU'RE RIGHT. THE AMERICAN PEOPLE ARE DEMANDING A DIFFERENT RESULT AND IN A SERIES OF RECENT ELECTIONS THEY'VE TOLD TO GO HOME AND SPEND THEIR OWN MONEY, NOT THEIRS, NOT THE TAKES PAIR. IN CONCLUSION, IF YOU -- TAXPAYER. IN CONCLUSION, IF YOU CHOOSE TO BAIL OUT THE CREDITORS AND COUNTERPARTIES OF THE BIG WALL STREET FIRMS OR LOAN THEM MONEY WHEN THEY GET IN TROUBLE, DON'T EXPECT THE VOTERS TO BAIL YOU OUT COME NOVEMBER. WITH THAT, I YIELD BACK THE BALANCE OF MY TIME.

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  • 03:43:25 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM MASSACHUSETTS.

  • 03:43:27 PM

    MR. FRANK

    VERY INCOMPLETE PICTURE THAT WAS JUST GIVEN. THE GENTLEMAN KEEPS CALLING…

    VERY INCOMPLETE PICTURE THAT WAS JUST GIVEN. THE GENTLEMAN KEEPS CALLING THAT ONE SECTION, I'M ASTONISHED, ASTONISHED THAT HE QUOTES IT SO BLATANTLY OUT OF CONTEXT. YES, THERE ARE POWERS THAT ARE GIVEN, CLEARLY IN THE BILL, ONLY ONCE THE ENTITY HAS BEEN PUT INTO RECEIVERSHIP ON ITS WAY TO LIQUIDATION. THE GENTLEMAN FROM ALABAMA HAS SEVERAL TIMES TODAY TALKED ABOUT THE POWERS AS IF THEY WERE JUST RANDOMLY GIVEN. I WILL BE DISTRIBUTING THE FULL PART OF THIS AND IT IS THE MOST DISTORTED PICTURE OF THE BILL I'VE SEEN. IT COMES IN THE TITLE, BY THE WAY, HEADED, ORDERLY LIQUIDATION OF COVERED FINANCIAL COMPANIES. IT'S THE PURPOSE OF THIS TITLE TO PROVIDE THE NECESSARY AUTHORITY TO LIQUIDATE FAILING FINANCIAL COMPANIES. THIS CITES, AGAIN, I'M ASTONISHED THAT HE WOULD NOT GIVE THE FULL PICTURE THAT COMES AS PART OF A SUBTITLEMENT THAT SAYS, FUNDING FOR ORDERLY LIQUIDATION.

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  • 03:44:44 PM

    MR. BACHUS

    WHETHER THEY'RE IN RECEIVERSHIP OR NOT --

  • 03:44:50 PM

    MR. FRANK

    MR. SPEAKER, PLEASE LET'S GET THIS ON THE RIGHT POINT AND INSTRUCT THE…

    MR. SPEAKER, PLEASE LET'S GET THIS ON THE RIGHT POINT AND INSTRUCT THE GENTLEMAN AS TO THE RULES. I THOUGHT HE WAS GOING TO ASK ME ABOUT WHAT HE SAID. HE HAS CONSISTENTLY READ A PART OF THIS SECTION, LEAD -- LEAVING OUT THE PART THAT WOULD HELP MEMBERS UNDERSTAND IT. HE DIDN'T SAY WHAT HE JUST SAID, HE SAID HE READ THESE IN GENERAL. THE POWERS HE TALKED ABOUT COME IN THE SECTION, THEY ARE SUBSETS OF THE SECTION, FUNDING FOR ORDERLY LIQUIDATION, AND THOSE POWERS ARE UPON THE APPOINTMENT OF A RECEIVER. SO THIS IS NOT TO KEEP AN INSTITUTION GOING, THIS IS NOT A.I.G., YES, HE CAN BE CRITICAL ABOUT THE BUSH ADMINISTRATION ON ITS OWN WITHOUT CONGRESS -- WITH REGARD TO WHAT CONGRESS DID WITH A.I.G. WE REPEALED IN THIS BILL THE POWER UNDER WHICH THEY ACTED, WITH THE FEDERAL RESERVE'S CONCURRENCE. AND BY THE WAY, IT SAYS ALSO IN HERE, THOSE POWERS ARE SUBJECT TO SECTION 2 OF 06. AGAIN, I DON'T KNOW WHY THE GENTLEMAN WOULD READ THIS, BUT LET ME READ IT BECAUSE IT CORRECTS ENTIRELY THE WHOLE

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  • 03:45:50 PM

    >>

    I RESERVE THE BALANCE OF MY TIME.

  • 03:48:10 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. THE GENTLEMAN FROM ALABAMA.

  • 03:48:14 PM

    MR. BACHUS

    TIME I YIELD THREE MINUTES TO THE GENTLEMAN FROM TEXAS, MR. SMITH.

  • 03:48:20 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM TEXAS IS RECOGNIZED.

  • 03:48:23 PM

    MR. BACHUS

    MEMBER OF THE JUDICIARY.

  • 03:48:25 PM

    MR. SMITH

    I THANK THE RANKING MEMBER AND THE GENTLEMAN FROM ALABAMA FOR YIELDING.…

    I THANK THE RANKING MEMBER AND THE GENTLEMAN FROM ALABAMA FOR YIELDING. OVER A LONG HISTORY ROOTED IN OUR CONSTITUTION WE HAVE RELIED ON THE RULE OF LAW AN IMPARTIAL BANKRUPTCY COURTS TO RESOLVE THE DEBTS OF FAILED ENTERPRISES. HISTORY HAS PROVED US CORRECT. THE RECENT CASE OF LEHMAN BROTHERS. AS THE PEAK OF THE 2008 FINANCIAL CRISIS APPROACHED, LEHMAN DECLARED BANKRUPTCY. WITHIN A WEEK IT SOLD ITS CORE BUSINESS. WITHIN SIX WEEKTS ITS CREDIT DEFAULT SWAPS WAS SOLVED. EXPERTS HAVE SHOWN THAT THE LEHMAN CASE DIDN'T CAUSE THE FINANCIAL SYSTEM TO MELTDOWN. THIS BILL DISCARDS OUR PROVEN BANKRUPTCY SYSTEM FOR SOMETHING THAT THE AMERICAN PEOPLE FORCEFULLY REJECT, GOVERNMENT-SPONSORED BAILOUTS. THE ROLER COASTER BAILOUT RIDE OF 2008 IS WHAT CAUSED THE FINANCIAL -- THE ROLLER COASTER BAILOUT RIDE OF 2008 IS WHAT CAUSED THE FINANCIAL MELTDOWN. THE BILL SPONSORS OPENLY ADMIT THEY DON'T KNOW IF IT WILL WORK BUT THEY URGE US TO BUILD IT ANYWAY. THE QUESTION IS WHY AND THE ANSWER IS SIMPLE. WHEN GOVERNMENT PICKS THE WINNERS AND LOSERS, GOVERNMENT BECOMES MORE POWERFUL. SO DO THE WALL STREET WINNERS THAT GOVERNMENT PICKS. MEANWHILE, MAIN STREET AND FREE ENTERPRISE LOSE. THIS ADMINISTRATION AND ITS CONGRESSIONAL ALLIES EMBRACED WITH THE FOUNDERS FOUGHT AGAINST, EVER EXPANDING GOVERNMENT POWER OVER THE LIVES OF FREE MEN AND WOMEN. THE FOUNDERS REJECTED THIS APPROACH, THE AMERICAN PEOPLE REJECT IT AND SO SHOULD WE. I YIELD BACK THE BALANCE OF MY TIME, MR. SPEAKER.

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  • 03:50:04 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM MASSACHUSETTS.

  • 03:50:06 PM

    MR. FRANK

    SPEAKER, PRODUCING THIS LEGISLATION HAS BEEN ONE OF THE MOST IMPRESSIVE…

    SPEAKER, PRODUCING THIS LEGISLATION HAS BEEN ONE OF THE MOST IMPRESSIVE TEAM EFFORTS IN WHICH I HAVE EVER PARTICIPATED AND AN INDISPENSIBLE PART OF THIS TEAM, HIS CONCERN FOR MORTGAGE LENDING AND FAIRNESS IN THE RULES IS THE GENTLEMAN FROM NORTH CAROLINA, MR. WATT, AND I YIELD HIM THREE MINUTES.

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  • 03:50:27 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR THREE MINUTES.

  • 03:50:30 PM

    MR. WATT

    YOU, MR. SPEAKER. I WANT TO THANK MY COLLEAGUE FOR THE TIME AND FOR HIS…

    YOU, MR. SPEAKER. I WANT TO THANK MY COLLEAGUE FOR THE TIME AND FOR HIS LEADERSHIP IN THIS TREMENDOUS EFFORT. I'D LIKE TO SPEND SOME TIME JUST CHALLENGING A NOTION THAT'S OUT THERE THAT THIS WHOLE MELTDOWN WAS UNFORESEEABLE BY ANYBODY. NOBODY COULD HAVE FORESEEN IT. DISPEL THAT NOTION BY UNDERSTANDING THAT ON MARCH 16, 2004, THE FIRST ANTI-PREDATORY LENDING BILL WAS INTRODUCED IN THIS HOUSE OF REPRESENTATIVES BY BRAD MILLER OF NORTH CAROLINA AND MYSELF. WE SAW FORTHCOMING THE POSSIBILITY OF THIS SUBSTANTIAL MELTDOWN BECAUSE WE KNEW THAT PREDATORY LOANS WERE OUT THERE BEING MADE TO PEOPLE WHO COULD NOT AFFORD TO PAY THEM BACK. AGAIN, ON MARCH 9, 2005, IN THE 109TH CONGRESS WE REINTRODUCED THE BILL, THE ANTI-PREDATORY LENDING BILL. ON OCTOBER 22, 2007, WE REINTRODUCED THE ANTI-PREDATORY LENDING BILL IN THE 110TH CONGRESS. AND FINALLY, FINALLY IN THIS TERM OF CONGRESS ON MARCH 26, 2009, WE REINTRODUCED IT FOR A FOURTH TIME, AND FINALLY IT IS INCORPORATED INTO THIS LEGISLATION. NOW, WHY IS THAT IMPORTANT? IT FOR THE FIRST TIME PUTS AROUND LOANS, SOME PROVENTIAL RULES THAT SAY YOU OUGHT TO EXERCISE SOME COMMON SENSE WHEN YOU MAKE A LOAN TO SOMEBODY. DON'T DO A LOAN TO PEOPLE WITHOUT PROPER DOCUMENTATION OF THEIR INCOME. DON'T GIVE THEM A TEASER RATE FOR SIX MONTHS AND THEN ESCALATE IT BY TWO OR THREE PERCENTAGE POINTS AND INCREASE THEIR FEES AND THEIR PAYMENTS EXPONENTIALLY SO THAT THEY CAN'T PAY IT BACK. DON'T GIVE THEM PREMIUMS THAT REWARD THE PEOPLE WHO GET PEOPLE INTO THE WORST KIND OF LOANS RATHER THAN GIVING THEM THE BEST LOANS AVAILABLE. DON'T CHARGE A PREPAYMENT PENALTY FOR ALLOWING SOMEBODY TO GET OUT OF A HIGHER INTEREST RATE INTO A LOWER INTEREST RATE. MAKE SURE THAT WHEN YOU REFINANCE SOMEBODY GETS SOME NET TANGIBLE BENEFIT OUT OF THE REFINANCE OTHER THAN THE PERSON THAT'S MAKING THE LOAN. DON'T ALLOW PEOPLE TO STEER TO THE HIGHEST INTEREST RATE AND WORST POSSIBLE PREDATORY LOAN WHEN THERE ARE OTHER LOANS AVAILABLE. DON'T FAIL TO GIVE THE PROPER DISCLOSURES ABOUT WHAT'S GOING ON AND DON'T PREVENT THE STATE ATTORNEYS' GENERAL FROM ENFORCING THEIR OWN STATE LAWS WHEN WE DON'T EVEN HAVE A FEDERAL LAW ON. SO THAT'S IN THIS BILL, AND IF WE HAD THIS KIND OF LEGISLATION IN EFFECT WHEN WE FIRST STARTED INTRODUCING IT BACK IN 2004, WE COULD HAVE AVOIDED THIS. DON'T LET ANYBODY SAY THAT THIS WAS AN UNFORESEEABLE CHAIN OF EVENTS THAT LED TO THIS MELTDOWN. WE NEED TO CORRECT IT AND MAKE SURE THAT GOING FORWARD THOSE KIND OF PREDATORY PRACTICES NEVER, NEVER, NEVER, NEVER OCCUR AGAIN IN OUR COUNTRY. I YIELD BACK.

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  • 03:54:21 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM ALABAMA.

  • 03:54:23 PM

    MR. BACHUS

    THANK YOU, MR. SPEAKER. MR. SPEAKER, AT THIS TIME I YIELD TWO MINUTES TO…

    THANK YOU, MR. SPEAKER. MR. SPEAKER, AT THIS TIME I YIELD TWO MINUTES TO THE GENTLEMAN FROM MISSOURI, MR. BLUNT.

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  • 03:54:30 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR TWO MINUTES.

  • 03:54:33 PM

    MR. PLUNT

    YOU, MR. SPEAKER.

  • 03:54:36 PM

    MR. BLUNT

    MR. SPEAKER. MR. SPEAKER, I THANK THE GENTLEMAN FOR HIS WORK ON THIS BILL.…

    MR. SPEAKER. MR. SPEAKER, I THANK THE GENTLEMAN FOR HIS WORK ON THIS BILL. CLEARLY THE AMERICAN PEOPLE WANT TO SEE THE RIGHT THING DONS TO THIS ECONOMY. I THINK THIS BILL FAILS THE BASIC THINGS IT SHOULD HAVE DONE. IT DOESN'T END TOO BIG TO FAIL, MR. SPEAKER. IN FACT, IT INSTITUTIONALIZES TOO BIG TO FAIL. TREASURY WILL BE ABLE TO FRONT MONEY TO WIND DOWN THESE FAILING FIRMS BUT ALSO TREASURY CAN DECIDE IF THEY ARE AT RISK FOR FAILURE. WAY TOO MUCH INVOLVEMENT IN THE -- THE TAXPAYERS COMING IN AND DOING EXACTLY WHAT THE AMERICAN TAXPAYERS ARE TIRED OF SEEING US DOING. THE GOVERNMENT-SPONSORED ENTITIES, FANNIE MAE AND FREDDIE MAC, WE TALKED ABOUT IT AND WE'LL TALK MORE ON THIS FLOOR TODAY AND HAVE TALKED ABOUT FOR MONTHS AS ONE OF THE PRIME CAUSES OF THE ECONOMIC PROBLEMS WE FACE AS FAR AS I CAN TELL ARE NOT MENTIONED AND IF THEY ARE MENTIONED, MR. SPEAKER, THERE'S NO REFORM. THE ROOT CAUSE OF THE PROBLEM WE HAVE IN THE ECONOMY TODAY WAS CAUSED BY THESE ENTITIES AND THEY'RE NOT ADDRESSED AND IT WAS SAID THEY WOULD NOT BE ADDRESSED. MORE CONTROL, MR. SPEAKER, BY THE FEDERAL RESERVE OF MORE THINGS AND MORE REGULATION. THERE'S A NEW AGENCY UNDER THE FEDERAL RESERVE THAT WILL BE IN CHARGE OF SETTING NEW RULES FOR THE BANKING SECTOR OF THE COUNTRY IN ITS ENTIRETY. CREDIT, MR. SPEAKER, WILL NOT BE MORE AVAILABLE. IT WILL BE LESS AVAILABLE. AND PEOPLE WHO ARE IN THE JOB-CREATING BUSINESS ARE ALREADY MAKING ANNOUNCEMENTS ABOUT WHAT THEY'LL DO AS THEY RESPOND TO THIS. WHY IS THAT? BECAUSE THIS BILL STEPS FURTHER INTO MANAGING THE ECONOMY. THE GOVERNMENT MAY BE ABLE TO DO LOTS OF THINGS BUT MAKING BUSINESS DECISIONS IS NOT ONE OF THEM. UTILITY COMPANIES, FOOD PROCESSORS, OTHERS WHO ROUTINELY TRY TO PROTECT THEMSELVES IN A VOLATILE MARKETPLACE WON'T BE ABLE TO DO THIS. MR. SPEAKER, THIS BILL WILL COST JOBS AT A TIME WHEN WE OUGHT TO BE FIGURING OUT HOW TO INCREASE JOBS. MR. SPEAKER, I HOPE OUR COLLEAGUES WILL TURN IT DOWN AND GO BACK AND DO THE RIGHT THING. I YIELD BACK.

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  • 03:56:40 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM MASSACHUSETTS.

  • 03:56:42 PM

    MR. FRANK

    SPEAKER, I YIELD MYSELF 15 SECONDS TO CORRECT THE GENTLEMAN. WE HAVE NOT…

    SPEAKER, I YIELD MYSELF 15 SECONDS TO CORRECT THE GENTLEMAN. WE HAVE NOT CREATED A CONSUMER BUREAU UNDER THE FEDERAL RESERVE. IT WILL BE HOUSED UNDER THE FEDERAL RESERVE. THE FEDERAL RESERVE WON'T BE ABLE TO INTERFERE. SOME ON THE OTHER SIDE WISHED IT WOULD, BUT IT WOULD BE AN INDEPENDENT BUREAU. THEY WILL GET MAIL AT THE FEDERAL RESERVE BUT NOBODY WILL BE ABLE TO OPEN IT. I WANT TO YIELD TO THE GENTLEMAN FROM PENNSYLVANIA, MR. KANJORSKI.

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  • 03:57:08 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOUR.

  • 03:57:10 PM

    MR. KANJORSKI

    MR. SPEAKER, I RISE IN SUPPORT OF THE CONFERENCE AGREEMENT AND ASK FOR…

    MR. SPEAKER, I RISE IN SUPPORT OF THE CONFERENCE AGREEMENT AND ASK FOR UNANIMOUS CONSENT TO REVISE AND EXTEND MY REMARKS.

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  • 03:57:17 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION.

  • 03:57:20 PM

    MR. KANJORSKI

    MR. CHAIRMAN, THIS IS NOT A PERFECT BILL, BUT THIS IS A DARN GOOD BILL. I…

    MR. CHAIRMAN, THIS IS NOT A PERFECT BILL, BUT THIS IS A DARN GOOD BILL. I KNOW WE WILL HEAR OBJECTIONS ON BOTH SIDES OF THE AISLE BUT IF YOU HAVE A CHANCE TO LOOK AT IT -- AND IT'S A LENGTHY BILL -- THE 2,600 PAGES THAT ARE PRESENTED TO BOTH THE HOUSE TODAY AND WAS IN THE WEEK OR SO AHEAD TO THE SENATE CONSTITUTE THE FIRST REVOLUTIONARY CHANGE OF SECURITIES LAWS IN THE UNITED STATES SINCE THE GREAT DEPRESSION. AT THAT TIME WE HAD A TREMENDOUS COLLAPSE, AND YOU ARE FOREFATHERS AND PREDECESSORS ROSE TO THE OCCASION WITH ESTABLISHING A REGULATORY PLATFORM WITHIN THE UNITED STATES THAT MADE US THE ENVY OF THE WORLD. WE HAD IN 2008 A COLLAPSE IN THE FAILURE OF THAT SYSTEM. IT PRIMARILY GREW OUT OF THE FAILURE OF THE REGULATORY SYSTEM TO USE ALL THE POWERS IT HAD AND TO KEEP TRACK WITH A HIGHLY SPECULATIVE AND GREEDFUL NATURE AT THE TIME TO ALLOW US TO GO INTO THE TREMENDOUS CREDIT CRISIS THAT WE FACED IN 2008. TO NOW MAKE AN ARGUMENT THAT WE NEED DO NOTHING AND WE WILL RECOVER AND WE WILL PROSPER IS PURE LUDICROUSNESS. THE FACT OF THE MATTER IS THERE ARE HOLES, THERE ARE LOOPHOLES, THERE ARE FAILURES WITHIN OUR SYSTEM, AND WE HAVE TO CLEANSE THAT SYSTEM AND FIX THAT SYSTEM. AND THAT'S EXACTLY WHAT THIS BILL DOES. I'M PLEASED TO SAY THAT I HAD A PART IN DOING THAT. I HELPED REPAIR ONE AMENDMENT, TOO BIG TO FAIL AMENDMENT. WHAT WE CAN SAY TO OUR SUCCESSORS AND TO OUR CONSTITUENTS IS THAT NEVER AGAIN IN THE FUTURE WILL THERE WILL BE AN UNLIMITED POWER FOR FINANCIAL INSTITUTIONS TO GROW EITHER IN SIZE, INTERCONNECTEDNESS OR OTHER NEGATIVE FACTORS THAT THEY CAN REMAIN AND PUT IN JEOPARDY SYSTEMICALLY THE ECONOMY OF THE UNITED STATES AND THE WORLD. WE HAVE THE AUTHORITY VESTED IN OUR REGULATORS TO SEE THAT DOESN'T HAPPEN. IF OUR REGULATORS ARE ABLE AND WILL USE THOSE POWERS, NEVER AGAIN WILL WE FACE THE TOO BIG TO FAIL CONCEPT OF HAVING TO BAIL OUT SOME OF THE LARGEST INSTITUTIONS IN THE WORLD. SECONDLY, A LARGE PART OF THIS WAS DEVOTED TO INVESTOR PROTECTION. I CAN'T GO THROUGH ALL THE ELEMENTS, BUT FOR THE FIRST TIME IN HISTORY WE'RE GOING TO ALLOW THE REGULATORS TO STUDY AND COME UP WITH RULES AND REGULATIONS THAT ALLOW FIDELITY -- FIDUCIARY RELATIONSHIP BETWEEN DEALER, BROKERS, DEALERS, INVESTORS AND THEIR CUSTOMERS. MOST PEOPLE IN THIS COUNTRY THINK THAT ALREADY EXISTS. IT DOESN'T. AFTER THIS BILL AND THE USE OF THOSE NEW REGULATIONS IT WILL. YOU CAN THEN TRUST THAT THE ADVICE BEING GIVEN BY THE BROKER-DEALER OR THE INVESTMENT COUNSELOR IS IN YOUR BEST INTEREST AS A CUSTOMER AND NOT IN THEIRS. WE ALSO CALLED FOR THE LARGEST COMPREHENSIVE STUDY OF THE SECURITY EXCHANGE COMMISSION IN THE -- SECURITIES AND EXCHANGE COMMISSION IN THE HISTORY OF THE COMMISSION. IT WILL PUT IN PLACE THE TOOLS NECESSARY TO REVISE THE ENTIRE S.E.C. IN THE FUTURE. IT ALSO WILL BE THE PREDICATE FOR THAT TYPE OF A COMPREHENSIVE STUDY TO BE USED IN OTHER AGENCIES AND COMMISSIONS OF GOVERNMENT TO ALLOW US THE LONG ROAD OF REFORM IN THE AMERICAN GOVERNMENT. THESE THINGS ARE IN THE BILL. BESIDES THAT, WE HAVE THE CAPACITY TO REQUIRE THAT NO ONE IN THE FUTURE NEED WORRY ABOUT THE RESPONSIBILITY OF THE COMPANIES THEY ARE DEALING WITH AS TO WHETHER OR NOT THEY WILL HAVE COUNTERPARTIES, WHETHER THEY ARE RELYING ON REPRESENTATIONS THAT ARE TRUE AND FALSE, BECAUSE WE ARE GOING TO HAVE TRANSPARENCY WITHIN THE SYSTEM. WE WILL HAVE, IN THE OTHER AREAS, DEALING WITH DERIVATIVES, WE'RE GOING TO HAVE EXCHANGES. WE'RE GOING TO HAVE DISCLOSURE. NEVER HAS THAT HAPPENED IN THE HISTORY OF THE UNITED STATES. OVER THE YEARS, THE LAST TWO DECADES, WE HAVE MADE ATTEMPTS AND ALWAYS FAIL. THIS TIME, WE HAVE SUCCEEDED. MR. SPEAKER, WITHOUT RESERVATION, I RECOMMEND TO MY COLLEAGUES A VOTE OF YES ON THIS BILL.

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  • 04:01:37 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM ALABAMA.

  • 04:01:40 PM

    MR. BACHUS

    TIME, I YIELD THREE MINUTES TO THE GENTLEMAN FROM INDIANA, MR. PENCE.

  • 04:01:45 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR THREE MINUTES.

  • 04:01:48 PM

    MR. PENCE

    THANK THE GENTLEMAN FOR YIELDING AND I ASK UNANIMOUS CONSENT TO REVISE AND…

    THANK THE GENTLEMAN FOR YIELDING AND I ASK UNANIMOUS CONSENT TO REVISE AND EXTEND MY REMARKS.

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  • 04:01:53 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION.

  • 04:01:56 PM

    MR. PENCE

    IN OPPOSITION TO THE CONFERENCE REPORT FOR H.R. 4173, THE SO-CALLED…

    IN OPPOSITION TO THE CONFERENCE REPORT FOR H.R. 4173, THE SO-CALLED RESTORING AMERICAN FINANCIAL STABILITY ACT. WE'RE USED TO CREATIVE TITLES AROUND HERE BUT I'VE GOT TO TELL YOU, DURING A TIME OF EXTRAORDINARY ECONOMIC DURESS, MILLIONS OF AMERICANS UNEMPLOYED, FAILED ECONOMIC POLICIES, IT IS DARKLY IRONIC THAT A BILL THAT WILL DO ANYTHING BUT RESTORE FINANCIAL STABILITY ISSNAMED FOR THAT PURPOSE. THE TRUTH OF THE MATTER IS, WHEN YOU LOOK AT THIS LEGISLATION, IT'S PROOF POSITIVE AGAIN THAT THIS MAJORITY JUST DOESN'T GET IT. THE AMERICAN PEOPLE ARE LOOKING -- ARE NOT LOOKING AT WASHINGTON, D.C. AND CLAMORING FOR MORE SPENDING, MORE TAXINGS, AND MORE BAILOUTS. THEY'RE LOOKING AT WASHINGTON, D.C. A-- AND SAYING, WHEN ARE YOU GOING TO FOCUS ON CREATING JOBS? WHEN ARE YOU GOING TO SET PARTISAN DIFFERENCES ASIDE, POWER GRABS AND BIG GOVERNMENT AGENDAS ASIDE TO DO SOMETHING TO PUT AMERICANS BACK TO WORK. UNDER THE GUISE OF FINANCIAL REFORM, DEMOCRATS ARE PUSHING YET ANOTHER BILL TO KILL JOBS, RAISE TAXES AND MAKE BAILOUTS PERMANENT. LET ME SAY THAT AGAIN THIS LEGISLATION WILL KILL JOBS, BY RESTRICTING ACCESS TO CREDIT, IT WILL KILL JOBS BY RAISING TAXES ON THOSE THAT WOULD PROVIDE LOANS AND OPPORTUNITIES TO SMALL BUSINESS OWNERS AND FAMILY FARMERS, AND IT MAKES THE BAD IDEAS OF THE WALL STREET BAILOUT PERMANENT. FREE MARKET ECONOMICS DEPENDS ON THE CAREFUL APPLICATION OF A SET OF IDEALS, TRADITIONAL AMERICAN IDEALS AND PRINCIPLES. CHIEF AMONG THEM IS THE NOTION THAT THE FREEDOM TO SUCCEED MUST INCLUDE THE FREEDOM TO FAIL. PERSONAL RESPONSIBILITY IS AT THE VERY CENTER OF THE AMERICAN EXPERIMENT FROM AN ECONOMIC STANDPOINT. IT IS -- IT IS THAT CENTER FROM WHICH WE HAVE BECOME NOT ONLY THE FREEST BUT THE MOST PROSPEROUS NATION IN THE HISTORY OF THE WORLD. AS MY COLLEAGUES ON THE OTHER SIDE OF THE AISLE KNOW, I VIGOROUSLY OPPOSED THE WALL STREET BAILOUT BECAUSE I THOUGHT IT DEPARTED FROM THAT FUNDAMENTAL PRINCIPLE OF PERSONAL RESPONSIBILITY AND LIMBED GOVERNMENT. I RISE TODAY TO VIGOROUSLY OPPOSE THIS LEGISLATION THAT TAKES THE BAD IDEAS OF THE WALL STREET BAILOUT AND MAKES THEM PERMANENT. THIS LEGISLATION CODIFIES THE NOTION OF TOO BIG TO FAIL. A POLICY AND APPROACH THE AMERICAN PEOPLE HAVE ROUNDLY REJECTED. IT WILL GIVE GOVERNMENT BUREAUCRATS MORE POWER TO PICK WINNERS AND LOSERS. WHEN A FINANCIAL FIRM IS FAIL, THE TREASURY SECRETARY AND FDIC CAN TAKE TAXPAYER DOLLARS AND DECIDE WHICH CREDITORS GET PAID BACK AND HOW AND WHEN THEY GET PAID. THE AMERICAN PEOPLE DON'T WANT WASHINGTON, D.C. IN THAT BUSINESS. THEY WANT A REFEREED PRIVATE SECTOR THAT SAYS YES TO TRADITIONAL BANKRUPTCY AND NO TO BAILOUTS BECAUSE WE ARE HERE TO PROTECT THE TAXPAYERS, NOT WALL STHREET.

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  • 04:05:19 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM MASSACHUSETTS IS…

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM MASSACHUSETTS IS RECOGNIZED.

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  • 04:05:25 PM

    MR. FRANK

    AGAIN ONE OF THE LEADERS IN PROTECTION FROM CONSUMERS, THE GENTLEMAN FROM…

    AGAIN ONE OF THE LEADERS IN PROTECTION FROM CONSUMERS, THE GENTLEMAN FROM -- THE GENTLELADY FROM NEW YORK, MS. MALONEY, FOR THREE MINUTES.

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  • 04:05:40 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLELADY IS RECOGNIZED FOR THREE MINUTES.

  • 04:05:45 PM

    MRS. MALONEY

    THANK YOU FOR PRESIDING OVER THE MOST OPEN PERIOD OF THE CONGRESS. IT WILL…

    THANK YOU FOR PRESIDING OVER THE MOST OPEN PERIOD OF THE CONGRESS. IT WILL ALLOW OUR FINANCIAL SERVICES INDUSTRY TO CONTINUE FINANCING THE CREATIVITY AND INNOVATION WHICH HAS, EVEN IN THESE VERY DIFFICULT TIMES, MADE THE AMERICAN ECONOMY THE ENVY OF THE WORLD THIS BILL RESTORES SAFETY AND SOUNDNESS, REDUCES THE LIKELIHOOD OF ANOTHER SYSTEMIC CRISIS, RESTORES FAITH AND CONFIDENCE IN OUR INSTITUTIONS AND MARKETS WHILE SAFEGUARDING AMERICANS FROM PREDATORY, UNFAIR, AND DECEPTIVE PRACTICES. I HAVE MADE IT A MISSION THROUGHOUT MY CAREER TO HELP PUT CONSUMERS ON AN EQUAL FOOTING WITH THEIR FINANCIAL INSTITUTIONS. THROUGH LAWS LIKE THE CREDIT CARD ACT AND TODAY WE CAN TAKE A HUGE STEP FORWARD TOWARD A MORE LEVEL PLAYING FIELD WITH THE CREATION OF THE CONSUMER FINANCIAL PROTECTION BUREAU. FOR FAR TOO LONG IN OUR FINANCIAL SYSTEM AND ITS PRODUCTS, ANY CONCERNS ABOUT CONSUMER PROTECTION CAME IN AT A DISTANT SECOND OR A THIRD OR NOT AT ALL. NOW ANYONE WHO OPENS A CHECKING OR SAVINGS ACCOUNT, ANYONE WHO TAKES OUT A STUDENT LOAN OR A MORTGAGE, ANYONE WHO OPENS A CREDIT CARD OR TAKES OUT A PAYDAY LOAN WILL HAVE A FEDERAL AGENCY ON THEIR SIDE TO PROTECT THEM. FOR THE FIRST TIME, CONSUME BROTHER TEXT AUTHORITY WILL BE HOUSED IN ONE PLACE, IT WILL BE COMPLETELY INDEPENDENT WITH AN INDEPENDENTLY APPOINTED DIRECTOR, AN INDEPENDENT BUDGET AND AN AUTONOMOUS RULE-MAKING AUTHORITY. VERY IMPORTANTLY, IT WILL HAVE A SEAT AT THE TABLE AT THE FINANCIAL STABILITY OVERSIGHT COUNCIL. CONTINUITY AND OVERSIGHT OF OUR FINANCIAL INSTITUTION WILL CONSIDER NOT ONLY SAFETY AND SOUNDNESS BUT ALSO THE BEST INTEREST OF THE AMERICAN CONSUMER, THE AMERICAN TAXPAYER, THE AMERICAN CITIZEN. I AM PARTICULARLY PLEASED THAT TWO ITEMS THAT I OFFERED WERE INCLUDED THAT WILL GIVE CONSUMERS DIRECT ACCESS TO THE CFPB THROUGH A CONSUMER HOTLINE AND CONSUMER OMBUDSMAN. THE BILL ALSO ADDRESSES THE CHALLENGE OF INTERCHANGE FEES, WORKING WITH SENATOR DURBIN AND REPRESENTATIVE MEEKS, WE WERE ABLE TO CRAFT A BALANCED COMPROMISE THAT ADDRESSED BOTH THE CONCERNS OF MERCHANTS ABOUT HIGH INTERCHANGE FEES AND THE CONCERNS OF THE FINANCIAL SECTOR TO BE FAIRLY COMPENSATED FOR THEIR SERVICES. THIS BILL ENSURES TRANSPARENCY, ESTABLISHES ACCOUNTABILITY AND PROTECTS CONSUMERS AND INVESTORS. AMERICA HAS LONG BEEN THE WORLD LEAD FOR THE FINANCIAL SERVICES WITH THIS LANDMARK BILL WE CAN SET AN X. AND TAKE THE LEAD IN GLOBAL FINANCIAL REFORM. I URGE A YES VOTE.

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  • 04:08:43 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM ALABAMA.

  • 04:08:45 PM

    MR. BACHUS

    AT THIS TIME, I RECOGNIZE THE RANKING MEMBER OF THE SUBCOMMITTEE ON…

    AT THIS TIME, I RECOGNIZE THE RANKING MEMBER OF THE SUBCOMMITTEE ON INTERNATIONAL MONETARY MOLLCY, MR. MILL OVER CALIFORNIA, FOR TWO MINUTES.

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  • 04:08:55 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR TWO MINUTES.

  • 04:08:59 PM

    MR. MILLER

    THANK YOU, MR. SPEAKER. I RISE TODAY IN OPPOSITION OF THIS BY THIS COUNTRY…

    THANK YOU, MR. SPEAKER. I RISE TODAY IN OPPOSITION OF THIS BY THIS COUNTRY IS GOING THROUGH A PERIOD OF ECONOMIC DISTRESS, AND THIS WILL ONLY SERVE TO RESTRICT ACCESS TO CREDIT AND PLACE MORE AND MORE UNDUE BURDENS ON THE BACK OF CONSUMERS THIS BILL CONTAINS LANGUAGE THAT CHANGE THE WAYS BORROWERS PAY THEIR MORTGAGE ORIGINATION FEES. CURRENTLY THEY CAN PAY UP FRONT AND PARTLY FINANCE IT. THIS ELIMINATES THAT CHOICE. THIS LEADS TO HIGHER COST AND FEWER OPTIONS. IT PLACES SEVERAL ONEROUS RESTRICTIONS ON BANKS AND EXEMPTS THE FEDERAL GOVERNMENT FROM THESE RESTRICTIONS. THE BORROWERS WILL BE STEERED TOWARD THE FEDERAL GOVERNMENT WHEN LOOKING FOR OPTIONS. THIS BREAKS OUR PROPPINGS THAT EXCESS TARP FUNDS WOULD GO TO PAY PAIS DOWN DEBT AND DEFICIT. WE PROMISED THAT ANY RETURN THE FEDERAL GOVERNMENT MADE FROM TAXPAYERS' INVESTMENT INTO THE FINANCIAL SECTOR OF THIS ECONOMY WOULD GO TO PAY -- PAYING DOWN THE DEFICIT AND THE NATIONAL DEBT, CURRENTLY OVER $13 TRILLION. WE BREAK THAT PROMISE BY TAKING THE REMAINING TARP FUND AND USE HOME TO PAY FOR THE TAKEOVER OF THE ECONOMY. WE NEED TO GET THE FEDERAL GOVERNMENT OUT OF THE WAY SO SMALL BUSINESSES CAN BEGIN TO INNOVATE AND EXPAND. WE NEED TO PROVIDE A REGULATORY FRAMEWORK TO ALLOW SMALL BUSINESSES THE ABILITY TO MAKE THEIR OWN FINANCIAL DECISIONS. WE CANNOT CONTINUE TO BREAK OUR PROMISE TO THE AMERICAN PEOPLE. THE FUTURE OTHIS -- OF THIS GREAT NATION DEPENDS ON THE ACTIONS WE TAKE HERE TODAY AND I CAN ONLY CONCLUDE THIS ACTION WILL LEAD US TO GREAT -- FURTHER INTO RECESSION AND LEAD US TO GREATER DEBT. I YIELD BACK THE BALANCE OF MY TIME.

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  • 04:10:53 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM MASSACHUSETTS.

  • 04:10:55 PM

    MR. FRANK

    ONE MINUTE TO THE GENTLEMAN FROM GEORGIA, MR. BARROW.

  • 04:11:00 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 04:11:03 PM

    MR. BARROW

    I RISE IN SUPPORT OF H.R. 4173, THE WALL STREET REFORM AND CONSUMER…

    I RISE IN SUPPORT OF H.R. 4173, THE WALL STREET REFORM AND CONSUMER PROTECTION ACT. I BELIEVE THIS BILL TAKES POSITIVE STEPS TO PROTECT US FROM THE RISKY BEHAVIOR THAT TOOK OUR COUNTRY TO THE EDGE OF 237BS RBLE RUIN. I VOTED AGAINST THE BANK BAILOUT BILL BECAUSE THERE WAS NO ACCOUNTABILITY AND IT DIDN'T GET AT THE ROOT OF THE PROBLEM THIS LEGISLATION GETS AT THE ROOT OF THE PROBLEM AND GETS BANKS BACK IN THE BUSINESS OF MAKING GOOD LOANS INSTEAD OF GAMBLING WITH OUR MONEY. I LOOK FORWARD TO PASSAGE OF THIS LEGISLATION AND I URGE MY COLLEAGUES TO LEND THEIR SUPPORT AS WELL. WITH THAT, I YIELD BACK.

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  • 04:11:42 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM ALABAMA.

  • 04:11:48 PM

    MR. BACHUS

    YOU. MR. SPEAKER, AT THIS TIME I RECOGNIZE THE CHAIRMAN OF THE REPUBLICAN…

    YOU. MR. SPEAKER, AT THIS TIME I RECOGNIZE THE CHAIRMAN OF THE REPUBLICAN STUDY COMMITTEE THE GENTLEMAN FROM GEORGIA, MR. PRICE. FOR TWO MINUTES.

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  • 04:11:58 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR TWO MINUTES.

  • 04:12:01 PM

    MR. PRICE

    THANK YOU. THANK YOU, MR. SPEAKER. THIS OUGHT TO SOUND PRETTY FAMILIAR.…

    THANK YOU. THANK YOU, MR. SPEAKER. THIS OUGHT TO SOUND PRETTY FAMILIAR. HERE'S JUST PART OF THIS BILL, ANOTHER 2,000-PAGE MONSTROSITY. LOOK AT IT, MR. SPEAKER. IT'S DOWN THERE, HELD TOGETHER BY RUBBER BANDS. HELD TOGETHER BY RUBBER BANDS. CALLED THE DODD-FRANK WALL STREET REFORM BILL. SENATOR DODD EVEN SAID ABOUT IT, QUOTE, NO ONE WILL KNOW UNTIL THIS IS ACTUALLY IN PLACE HOW IT WORKS. UNQUOTE. THAT'S NO WAY TO DO BUSINESS. THE FUNDAMENTAL ASSUMPTION OF THIS BILL IS THAT SINCE THE SMART PEOPLE REGULATING BANKS LET US DOWN, WE SHOULD JUST HIRE REALLY, REALLY SMART PEOPLE TO PREVENT IT FROM HAPPENING AGAIN THAT ASSUMPTION IS NOT ONLY FALSE, IT'S DANGEROUS. WHEN THE GOVERNMENT PICKS WINNERS AND LOSERS, THE NATION LOSES. IF MY COLLEAGUES ON THE OTHER SIDE OF THE AISLE BELIEVE THE SAME LEG REG LATORS WHO FAILED TO SEE THE HOUSING CRISIS ARE GOING TO SEE THE NEXT CHI SIS THANKS TO HEAVY HANDED GOVERNMENT REGULATION, THE AMERICAN PEOPLE WOULD SAY TO THE DEMOCRATS IN CHARGE THAT THEY PUT TOO MUCH FAITH IN THE POWER OF WASHINGTON TO SEE THE FUTURE. THE FUNDAMENTAL QUESTION WE'VE GOT TO ANSWER IS, IF THIS LAW WERE IN PLACE IN 2008, WOULD IT HAVE PREVENTED THE CRISIS? THE ANSWER TO THAT QUESTION IS CLEARLY NO. MORE OS PREIVE, JOB-KILLING REGULATION ISN'T THE ANSWER. WHAT WE NEED IS FLEXIBLE AND ACCOUNTABLE AND NIMBLE REGULATION THIS BILL DOES NOT DO IT. WHAT WILL IT DO? IT WILL ENSURE BAILOUTS, PUTS BAILOUTS IN PLACE FOREVER. IT DOESN'T ADDRESS FANNIE AND FREDDIE AT THE EPICENTER OF THE PROBLEM. DOESN'T ADDRESS IT AT ALL. IT KILLS AMERICAN JOBS WITH IMPRESSIVE REGULATION AND IT WILL DECREASE THE AVAILABILITY OF CREDIT AND INCREASE THE COST OF CREDIT TO ALL THE AMERICAN PEOPLE. THAT'S EVEN MORING ANERING TO AMERICANS BECAUSE THEY KNOW THERE ARE POSITIVE SOLUTIONS. H.R. 3310 IS THE BILL WE PUT FORWARD NEARLY A YEAR AGO NOW THAT WOULD MAKE CERTAIN WE ADDRESS THE ISSUE OF REGULATORY REFORM IN A POSITIVE WAY THAT MAKES IT MORE FLEXIBLE AND NIMBLE, THAT ADDRESSES THE ISSUE OF FANNIE AND FREDDIE, ACTUALLY SOLVES THE CHALLENGE THAT GOT US INTO THIS CRISIS IN THE FIRST PLACE AND MAKES CERTAIN WE END BAILOUTS. THE AMERICAN PEOPLE ARE SICK AND TIRED OF BAILOUTS. THAT BILL, MR. SPEAKER, WILL ENSURE THAT BAILOUTS CONTINUE. THE AMERICAN PEOPLE ARE URGING US TO VOTE NO ON THIS BILL.

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  • 04:14:12 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN'S TIME HAS EXPIRE. THE GENTLEMAN FROM MASSACHUSETTS.

  • 04:14:16 PM

    MR. FRANK

    I YIELD TWO MINUTES TO A VERY IMPORTANT MEMBER OF THE COMMITTEE WHO HAS…

    I YIELD TWO MINUTES TO A VERY IMPORTANT MEMBER OF THE COMMITTEE WHO HAS HELPED IN MANY PIECES OF THIS, THE GENTLEMAN FROM NEW YORK, MR. MEEKS.

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  • 04:14:28 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR TWO MINUTES.

  • 04:14:32 PM

    MR. MEEKS

    TODAY IS A HISTORIC DAY BECAUSE OF THE JOB OF OUR CHAIRMAN, BARNEY FRANK,…

    TODAY IS A HISTORIC DAY BECAUSE OF THE JOB OF OUR CHAIRMAN, BARNEY FRANK, WHO WE ARE SO PROUD OF. VERY FEW PEOPLE COULD HAVE MARSHALED THE BILL THE WAY HE DID. BECAUSE OF HIM AND THAT LEADERSHIP, TODAY WE END TOO BIG TO FAIL AND IMPLEMENT UNPRECEDENT CONDSUMER PROTECTIONS AND ISSUE RULES THAT WILL PREVENT TAXPAYERS FROM FOOTING THE BILLS FOR THE IRRESPONSIBLE BEHAVIORS OF OTHERS WHILE STILL, BECAUSE I'M A NEW YORKER, MAINTAIN NEW YORK'S STATUS. THIS BILL HAS DEATH PENALTIERS IN GREEDY FINANCIAL INSTITUTIONS. IF YOU ARE A INSTITUTION THAT'S CAUSING SYSTEMIC RISK THIS BILL ALLOWS REGULATORS TO DIRE-SOLVE YOU AND DISSOLVE YOU WITHOUT THE COST TO ANY TAXPAYER MONEY. I REPEAT, LET ME EMPHASIZE, TAXPAYERS WILL BEAR NO COST FOR LIQUIDATING RISKY, INTERCONNECTED FINANCIAL FIRMS THIS BILL INCLUDES STRONG INVESTOR PROTECTIONS AND TRANSPARENCY MECHANISMS THROUGH THE USE OF STRESS TESTS WHICH IS MORE THAN I ADVOCATED FOR AND THE RESULTS WILL BE PUBLISHED. IT WILL INCREASE THE AMOUNT OF INFORMATION AVAILABLE FOR INVESTORS TO MAKE WISE DECISIONS WITH THEIR HARD-EARNED SAVINGS. MOST IMPORTANTLY TO MY CONSTITUENTS, THIS BILL ESTABLISHES A CONSUMER FINANCIAL PROTECTION BUREAU TO POLICE LENDERS TO ENSURE THAT THE PREDATORY LENDING THAT MR. WATT WAS TALKING ABOUT THAT ENSNARED SO MANY UNSUSPECTING AMERICANS WILL BE HALTED, LED OBY AN INDEPENDENT DIRECTOR AND THE OFFICE WILL BE ABLE TO ACT SWIFTLY SO CONSUMERS WON'T NEED TO WAIT FOR AN ACT OF CONGRESS. WE HAVE PLACED EXPLICIT LANGUAGE INTO THE BILL TO PROHIBIT INTROBRAWN PRICE -- INTRA-BRAND PRICE DISCRIMINATIONS WHICH WOULD PUT COMMUNITY CREDIT UNIONS AT A DISADVANTAGE. WE EXPLICITLY EXEMPT THEM FROM THE REGULATION AND FINALLY BY FIXING CONCERNS THAT THE FEDERAL GOVERNMENT HAD, WE -- WE SAVE THE TAXPAYER $40 MILLION.

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  • 04:16:39 PM

    MR. FRANK

    I YIELD THE GENTLEMAN 15 SECONDS.

  • 04:16:43 PM

    MR. MEEKS

    MILLION A YEAR ACCORDING TO ESTIMATES. WE NEED THIS BILL,S THE RIGHT BILL…

    MILLION A YEAR ACCORDING TO ESTIMATES. WE NEED THIS BILL,S THE RIGHT BILL THE BILL THAT -- WITHOUT LENDING FROM WALL STREET, THERE WOULD BE NO MAIN STREET THIS BILL RESPONSIBLY REGULATES THE FORMER TO ENSURE THE VITALITY OF THE LATTER. .

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  • 04:17:00 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM ALABAMA.

  • 04:17:03 PM

    MR. BACHUS

    MINUTES TO THE THE GENTLEMAN FROM CALIFORNIA, MR. MCCARTHY.

  • 04:17:07 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR TWO MINUTES.

  • 04:17:18 PM

    >>

    TO THIS CONFERENCE REPORT. AT A TIME WHEN CALIFORNIA HAS 12.4%…

    TO THIS CONFERENCE REPORT. AT A TIME WHEN CALIFORNIA HAS 12.4% UNEMPLOYMENT AND MY DISTRICT HAS 16.5, MY HOME COUNTY, MY CONSTITUENTS ARE BEING -- ASKING WHAT IS BEING DONE TO CREATE JOBS. THIS IS ANOTHER EXAMPLE OF WASHINGTON NOT LISTENING. INSTEAD OF POLICIES THAT PROMOTE PRIVATE SECTOR JOB GROWTH, THIS BILL CREATES MORE GOVERNMENT AND CREATE A NEW BUREAU WITH SWEEPING AUTHORITY AND A BUDGET TO CREATE NEW GOVERNMENT JOBS IN WASHINGTON, D.C. AND CREATES THE NEW OFFICE OF FINANCIAL RESEARCH, EMPOWERED TO COLLECT PERSONAL INFORMATION ABOUT ALL OF OUR FINANCIAL TRANSACTIONS. THIS OFFICE CAN ACTUALLY ISSUE SUBPOENAS TO GET THE INFORMATION THESE UNELECTED BUREAUCRATS WANT TO HAVE ABOUT US. ASIDE FROM THE PERSONAL CONCERNS WE MAY HAVE ABOUT THIS, WHAT IS BEING DONE TO HELP CREATE A PRIVATE SECTOR JOB? THIS IS NOT JOB CREATIONS FOR FAMILIES IN MY DISTRICT BUT PART OF THE MAJORITY'S CONTINUATION OF OVERREACH AND EXPANSION OF GOVERNMENT. FIRST, IT WAS $787 BILLION STIMULUS THAT FAILED TO KEEP UNEMPLOYMENT DOWN. THEN THE NATIONAL ENERGY TAX. THEN A $1 TRILLION GOVERNMENT TAKEOVER OF HEALTH CARE AND NOW ANOTHER EXPANSION OF GOVERNMENT THAT WILL RAISE COSTS FOR CONSUMERS AND SMALL BUSINESSES. WELL, MR. SPEAKER, REPUBLICANS OFFERED AN ALTERNATIVE TO THIS REPORT THAT WOULD HAVE ENDED BAILOUTS, ADDRESSED TOO BIG TO FAIL AND THE FAILURES OF FREDDIE MAC AND FANNIE MAE, BUT THAT WAS REJECTED. CONGRESS NEEDS TO BE FOCUSING ON PRO SMALL BUSINESS POLICIES AND LEND TO JOB CREATORS THAT ARE AT THE HEART OF OUR COMMUNITIES, JOB CREATORS ARE AT THE HEART OF WHAT WE ALL WANT, A JOB-FILLED RECOVERY. THIS CONFERENCE REPORT WILL DO NONE OF THESE THINGS AND I URGE A NO VOTE. AND I YIELD BACK.

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  • 04:19:14 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM MASSACHUSETTS.

  • 04:19:16 PM

    MR. FRANK

    SPEAKER, ANOTHER MEMBER OF THE COMMITTEE WHO HAS PLAYED A MAJOR ROLE IN…

    SPEAKER, ANOTHER MEMBER OF THE COMMITTEE WHO HAS PLAYED A MAJOR ROLE IN THIS IS MY COAL EEG FROM MASSACHUSETTS.

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  • 04:19:26 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR TWO MINUTES.

  • 04:19:30 PM

    MR. CAPUANO

    WILL TELL YOU THAT THIS BILL IS ONE OF THE BEST BILLS I HAVE BEEN INVOLVED…

    WILL TELL YOU THAT THIS BILL IS ONE OF THE BEST BILLS I HAVE BEEN INVOLVED IN IN THE 12 YEARS IN CONGRESS. IT DOESN'T GIVE ME EVERYTHING THAT I WANT. I DON'T THINK ANYBODY WOULD SAY THAT, BUT THIS IS A BILL THAT BRINGS US BACK TOWARD THOUGHTFUL OVERSIGHT OVER THE FINANCIAL INSTITUTIONS OF THIS COUNTRY. FROM -- FOR 70 YEARS, WE HAD THE BEST FINANCIAL INSTITUTIONS, THE BEST FINANCIAL SYSTEM IN THE WORLD. EVERY OTHER COUNTRY TIED TO EMULATE US. WHAT HAPPENED? SLOWLY BUT SURELY THROUGH THE CONGRESS AND ITS PRESIDENT DECIDED WE WANTED TO DEREGULATE EVERYTHING. LET'S LOOK AT NOTHING. LET EVERYTHING GO. WHAT WAS THE RESULT OF IT? A FINANCIAL MELTDOWN. THAT WAS IN THE ECONOMIC SECTOR. WHAT WAS IT THE RESULT OF IN THE GULF? AN OIL SPILL OF ULTIMATE PROPORTIONS. THE CONCEPT THAT GOVERNMENT CAN'T REGULATE HAS BEEN PROVEN WRONG TIME AND TIME AGAIN. NOBODY ARGUES FOR OVERREGULATION. THAT'S A FAIR ARGUMENT WHERE'S THE APPROPRIATE LINE. IN THIS CASE, IN THE FINANCIAL INSTITUTIONS' CASE, WE WENT YEARS WITH LOANS THAT NOBODY KNEW WHAT THE STANDARDS WERE. WE WENT YEARS WITH CREDIT AGENCIES GIVING EVERYBODY A A.A.A. RATING WITHOUT A CLUE WHAT IS BEHIND THOSE PAPERS. WE WENT YEARS PEOPLE BETTING WITH OUR MONEY, PENSION FUND MONEY AND OTHER MONEY WE DIDN'T WANT TO DO ON THINGS THAT DIDN'T EXIST. THEY DIDN'T EXIST. THE RESULT OF IT WAS THE FINANCIAL KNELTDOWN. THIS BILL BRINGS US TOWARD A MORE THOUGHTFUL REGULATORY REGIME THAT WILL ENSURE THE STABILITY OF OUR ECONOMIC STM SYSTEM AND THAT'S WHAT THIS IS ALL ABOUT. IT'S NOT ABOUT RAISING REVENUE OR KILLING ANYTHING. MY DISTRICT HAS A VERY VIBRANT FINANCIAL SECTOR. WE WANT TO KEEP IT THAT WAY. BUT I WANT TO MAKE SURE IT'S STABLE. THAT'S MORE IMPORTANT THAN ANYTHING ELSE. THIS BILL ACCOMPLISHES THAT AND THAT'S WHY WE SHOULD SUPPORT IT.

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  • 04:21:42 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM ALABAMA.

  • 04:21:45 PM

    MR. BACHUS

    I RECOGNIZE THE GENTLEMAN FROM FLORIDA, MR. PUTNAM, FOR TWO MINUTES. THE…

    I RECOGNIZE THE GENTLEMAN FROM FLORIDA, MR. PUTNAM, FOR TWO MINUTES. THE GENTLEMAN IS RECOGNIZED FOR TWO MINUTES.

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  • 04:21:51 PM

    MR. PUTNAM

    RISE IN OPPOSITION TO THE FRANK-DODD BILL AND WOULD NOT REFORM WALL STREET…

    RISE IN OPPOSITION TO THE FRANK-DODD BILL AND WOULD NOT REFORM WALL STREET AND FAIL TO PROVIDE CONSUMER PROTECTION AND DOESN'T PREVENT A FUTURE CRISIS. THE PERMANENT BAILOUT WOULD ENSURE THAT THE FEDERAL GOVERNMENT MAINTAINS THE ABILITY TO USE TAXPAYER FUNDS TO BAIL OUT FINANCIAL INSTITUTIONS DEEMED TOO BIG TO FAIL. THAT MAY BE IMPORTANT TO THE D.C. BUREAUCRATS BUT TO THE COMMUNITY BANKS AND CREDIT UNIONS AND COMMUNITIES THEY SERVE, I CAN ASSURE YOU IT'S NOT. THEY ARE TREATED AS TOO SMALL TO SAVE. THEY DON'T RECEIVE THE SPECIAL TREATMENT ACCORDED TO THE BIG GUYS IN THIS BILL. THEY GO THROUGH THE BANKRUPTCY PROCESS. WHY THE DOUBLE STANDARD? WHY THE DOUBLE STANDARD FOR OUR COMMUNITIES? THEY DIDN'T CAUSE WALL STREET'S COLLAPSE AND YET THEY ARE HELD TO A DIFFERENT STANDARD. THIS IS HARMFUL TO MAIN STREET SMALL BUSINESSES. THE LEGISLATION CREATES AN OFFICE OF FINANCIAL RESEARCH TO, QUOTE, MONITOR, RECORD AND REPORT ON ANY FINANCIAL TRANSACTION, INCLUDING CONSUMER TRANSACTIONS WITHOUT THE CONSENT OF THE CONSUMER, MONITOR, RECORD AND REPORT ANY TRANSACTION WITHOUT YOUR APPROVAL. THIS NEW BIG BROTHER BUREAUCRACY WILL BE FUNDED THROUGH ASSESSMENTS ON FINANCIAL INSTITUTIONS THAT TRICKLE DOWN TO CONSUMERS THROUGH HIGHER FEES. ACCORDING TO THE C.B.O., THE COST OF THE PROPOSED FEE WOULD BE BORNE THROUGH THE CUSTOMERS, EMPLOYEES AND INVESTORS. THE LEGISLATION WELCOMES A NEW WASHINGTON KNOWS BEST BUREAU HOUSED WITHIN THE FEDERAL RESERVE. THE CREDIT CZAR WILL DICTATE WHICH FINANCIAL PRODUCTS CAN AND CANNOT BE MADE AVAILABLE TO CONSUMERS AND WILL HAVE BROAD AUTHORITY TO SET SALES PRACTICES, LIMIT PRODUCTS AND MANDATE COMPENSATION. THE BUREAU MISSES ITS MARK TO PROTECT CONSUMERS AND WILL CREATE MORE BARRIERS TO CONSUMERS HE' ABILITY TO OBTAIN CREDIT, PURSUE THEIR DREAMS, BUY A HOME, REFINANCE AND EXPAND THEIR BUSINESS. THIS CONFERENCE REPORT TOTALING OVER 2,300 PAGES IS BAD FOR SMALL BUSINESS AND I URGE ITS DEFEAT.

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  • 04:24:01 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM MASSACHUSETTS.

  • 04:24:05 PM

    MR. FRANK

    TIME REMAINS ON BOTH SIDES?

  • 04:24:15 PM

    THE SPEAKER PRO TEMPORE

    1/4. 40 1/2 TO THE JEASM ALABAMA.

  • 04:24:19 PM

    MR. FRANK

    TO THE GENTLEMAN WHO TRIED TO HELP PEOPLE WITH THEIR MORTGAGES, MR. FAA…

    TO THE GENTLEMAN WHO TRIED TO HELP PEOPLE WITH THEIR MORTGAGES, MR. FAA FOR ONE MINUTE. -- FATTAH FOR ONE MINUTE.

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  • 04:24:30 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 04:24:33 PM

    MR. FATTAH

    AMERICAN PEOPLE GET IT RIGHT. WHEN THEY WANTED TO PICK A PARTY THAT WOULD…

    AMERICAN PEOPLE GET IT RIGHT. WHEN THEY WANTED TO PICK A PARTY THAT WOULD REIN IN THE ABUSES OF WALL STREET THEY GAVE THE MAJORITY IN THE HOUSE AND SENATE TO THE DEMOCRATS. YOU CAN HEAR FROM THE OTHER SIDE THAT THEY OBVIOUSLY MADE THE RIGHT CHOICE BECAUSE THERE IS NO WILLINGNESS TO DEAL WITH SOME OF THESE CHALLENGES FROM MY COLLEAGUES ON THE OTHER SIDE. I WANT TO CONGRATULATE CHAIRMAN BARNEY FRANK. I MET WITH HIM OVER A YEAR AGO ABOUT SOME OF THE CHALLENGES IN TERMS OF FORECLOSURES IN OUR COUNTRY. IN THIS BILL IS THE RESULT OF LANGUAGE THAT I OFFERED WHICH REPLICATED A VERY SUCCESSFUL PROGRAM IN PENNSYLVANIA THAT WE BELIEVE WILL HELP OTHERS THROUGHOUT THE COUNTRY AND THANK MIGRATE COLLEAGUE FROM CALIFORNIA, CONGRESSWOMAN WATERS, FOR HER EFFORTS TO MAKE SURE THAT THIS WAS FULLY ENGAGED BY THE COMMITTEE. BUT BEYOND MY PROPOSAL THAT IT'S INCLUDED IN TERMS OF HOMEOWNERS' ASSISTANCE, IN TERMS OF FORECLOSURES, THIS IS A VERY GOOD BILL. AND IT'S REGULATION OF WALL STREET, CONSUMER PROTECTION. THIS HOUSE, I URGE THAT WE VOTE IN FAVOR OF THE WALL STREET REFORM BILL. AND I YIELD BACK.

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  • 04:25:43 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM ALABAMA.

  • 04:25:46 PM

    MR. BACHUS

    LIKE TO RECOGNIZE THE REPUBLICAN WHIP, MR. CANTOR, THE GENTLEMAN FROM…

    LIKE TO RECOGNIZE THE REPUBLICAN WHIP, MR. CANTOR, THE GENTLEMAN FROM VIRGINIA FOR TWO MINUTES.

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  • 04:25:53 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR TWO MINUTES.

  • 04:25:56 PM

    MR. CANTOR

    I THANK THE SPEAKER AND THE GENTLEMAN FROM ALABAMA. I RISE IN OPPOSITION…

    I THANK THE SPEAKER AND THE GENTLEMAN FROM ALABAMA. I RISE IN OPPOSITION TO THIS CONFERENCE REPORT. MR. SPEAKER, THE FLOW OF CREDIT AND CAPITAL THROUGHOUT THE FINANCIAL SYSTEM IS THE BUILDING BLOCK OF AMERICAN PROSPERITY. IT IS ENABLED ENTREPRENEURS TO PURSUE THEIR IDEAS. IT HAS ENABLED PEOPLE TO BALANCE THEIR BUDGETS TO ACHIEVE A BETTER STANDARD OF LIVING. WHEN BUSINESSES AND FAMILIES CANNOT ACCESS CAPITAL FROM BANKS, CONSUMERS DON'T SPEND, SMALL BUSINESSES HUNKER DOWN AND INVESTMENT DRIVES UP. THE ECONOMY SIMPLY CAN'T GROW JOBS. THIS LEGISLATION IS A CLEAR ATTACK ON CAPITAL FORMATION IN AMERICA. IT PURPORTS TO PREVENT THE NEXT FINANCIAL CRISIS, BUT DOES SO BY VASTLY EXPANDING THE POWER OF THE SAME REGULATORS WHO FAILED TO STOP THE LAST ONE. DODD-FRANK IS THE PRODUCT OF A TIRED PHILOSOPHY WITH THE NOTION THAT YOU CAN SOLVE THE PROBLEM BY PILING VAST NEW LAYERS OF BUREAUCRACY, REGULATORY COSTS AND TAXES ON IT. AND WHO WILL PAY THE PRICE? IT WON'T MERELY BE THE BIG BANKS WHO THE BILL SUPPORTERS RAIL AGAINST. SMALLER LESS LEVERAGED COMMUNITY BANKS WILL HAVE A DIFFICULT TIME SURVIVING. AND MOST ALARMING, COSTS WILL BE PASSED ON TO CONSUMERS AND BUSINESSES IN THE FORM OF HIGHER PRICES FOR CREDIT. WE KNOW THIS BECAUSE LAST YEAR'S CREDIT CARD ACT IS ALREADY HAVING JUST THAT EFFECT. BEFORE IT WAS PASSED, REPUBLICANS WARNED THAT MORE GOVERNMENT EXPANSION AND MORE WASHINGTON PRESCRIPTION WOULD CREATE ADDITIONAL COSTS BORNE BY THE CONSUMER. IT WAS COMMON SENSE. AND SURE ENOUGH, WE WERE RIGHT. IN RESPONSE TO THAT LEGISLATION, LENDING RATES WERE RESET HIGHER AS CREDIT BECAME LESS AVAILABLE. MEANWHILE, FREE CHECKING ACCOUNTS ARE BECOMING A REALIC OF THE PAST FOR ALL BUT THE WEALTHIEST BANK CUSTOMERS. REPUBLICANS AGREE THAT THE FINANCIAL SYSTEM NEEDS A SHAKEUP TO BRING TRANSPARENCY. BUT THE FACT IS THAT THIS LEGISLATION DOES NOT ACCOMPLISH THIS GOAL. IT'S BAD FOR PRIVATE BUSINESS. IT'S BAD FOR FAMILIES. AND I URGE MY COLLEAGUES TO VOTE NO BEFORE WE DO ANY MORE DAMAGE.

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  • 04:28:10 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM MASSACHUSETTS.

  • 04:28:15 PM

    MR. FRANK

    WANT TO RECOGNIZE ONE OF THE LEADERS IN HOUSING AND MATTERS OF FAIRNESS ON…

    WANT TO RECOGNIZE ONE OF THE LEADERS IN HOUSING AND MATTERS OF FAIRNESS ON OUR COMMITTEE, CHAIRMAN OF THE HOUSING SUBCOMMITTEE, THE GENTLELADY FROM CALIFORNIA FOR SOUTHERN CALIFORNIA.

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  • 04:28:32 PM

    MS. WATERS

    TO STAND HERE IN SUPPORT OF THIS MOST SIGNIFICANT PIECE OF LEGISLATION…

    TO STAND HERE IN SUPPORT OF THIS MOST SIGNIFICANT PIECE OF LEGISLATION THAT IS BEFORE THIS HOUSE. AGAIN, I THANK CHAIRMAN FRANK FOR HIS LEADERSHIP AND I'M ESPECIALLY PROUD THAT THIS WORK OF THE CONFERENCE COMMITTEE WAS DONE BY SUCH A DIVERSE GROUP ON THIS SIDE OF THE AISLE. I'M ESPECIALLY PROUD THAT MEMBERS OF THE CONFERENCE COMMITTEE INCLUDED NOT ONLY WOMEN, BUT AFRICAN AMERICANS AND LATINOS AND ANGLOS. IT WAS TRULY DIVERSE AND YOU CAN SEE THAT WORK REFLECTED IN WHAT CAME OUT OF THE CONFERENCE REPORT. FOR EXAMPLE, THE C.B.C., MEMBERS OF THE FINANCIAL SERVICES COMMITTEE WORKED ON A NUMBER OF THESE ISSUES OVER THE PAST SEVERAL YEARS. AND WE CAME UP WITH THOSE THINGS THAT HAVE BEEN BROUGHT TO OUR ATTENTION YEAR IN AND YEAR OUT THAT ARE FINALLY PAID ATTENTION TO IN THE CONFERENCE REPORT. THE FEDERAL INSURANCE OFFICE, WE WILL BE ASKING THEM TO GATHER INFORMATION ABOUT THE ABILITY OF MINORITIES AND LOW-INCOME PERSONS TO ACCESS AFFORDABLE INSURANCE PRODUCTS. TO GIVE CONSIDERATION AND MITIGATION OF THE IMPACT OF WINDING DOWN A SYSTEMICALLY RISKY INSTITUTION ON MINORITIES AND LOW-INCOME COMMUNITIES. THE EXPANSION OF THE CONSUMER FINANCIAL PROTECTION BUREAU'S ADVISORY BOARD TO INCLUDE EXPERTS IN CIVIL RIGHTS, COMMUNITY DEVELOPMENT, COMMUNITIES IMPACTED BY HIGH PRICED LOANS AND OTHERS. AND PERHAPS MOST IMPORTANTLY, THE ESTABLISHMENT OF THE OFFICES OF MINORITY AND WOMEN INCLUSION AT EACH OF THE FEDERAL FINANCIAL SERVICES AGENCIES. THESE OFFICES WOULD PROVIDE FOR DIVERSITY IN THE EMPLOYMENT, MANAGEMENT AND BUSINESS ACTIVITIES OF THESE AGENCIES. THE DATA FOR THE NEED FOR THESE OFFICES SPEAKS FOR ITSELF. DIVERSITY IS LACKING IN THE FINANCIAL SERVICES INDUSTRY. WITHIN THE G.A.O. REPORTING THAT FROM 1993 TO 2004, THE LEVEL OF MINORITY PARTICIPATION IN THE FINANCIAL SERVICES PROFESSION ONLY INCREASED MARGINALLY FROM 11% TO 15.5%. WE TIKE CARE OF THAT IN THIS BILL AND NOW WE'LL HAVE THE OPPORTUNITY TO NOT ONLY GIVE OVERSIGHT TO DIVERSITY BUT HELP THESE AGENCIES UNDERSTAND HOW TO DO OUTREACH, HOW TO APPEAL TO DIFFERENT COMMUNITIES SO WE CAN GET THE KIND OF EMPLOYEE THAT WILL CREATE THE DIVERSITY TO PAY ATTENTION TO ALL OF THE NEEDS OF THE PEOPLE OF THIS COUNTRY. MR. CHAIRMAN, I'M PLEASED TO NOTE THAT THIS CONFERENCE REPORT INCLUDES A PROVISION THAT I CHAMPIONED, TO ALLOW THE S.E.C. TO ISSUE RULES ON PROXY ACCESS, GIVEN THE NATION'S PENSION FUNDS AND OTHER LONG-TERM INSTITUTIONAL INVESTORS, A SAY IN THE GOVERNING OF THE COMPANIES IN WHICH THEY OWN STOCK. ADDITIONALLY, I'M PLEASED THIS BILL ADDRESSES FORECLOSURES, WHICH HAVE SINGLE-HANDEDLY INFLICTED TREMENDOUS DAMAGE IN MY NEIGHBORHOODS IN CALIFORNIA AND ACROSS THE COUNTRY. IT HAS LONG BEEN MY POSITION THAT THIS BILL WOULD BE INCOMPLETE WITHOUT DIRECTLY ADDRESSING THE NEEDS OF AMERICA'S HOMEOWNERS AND NEIGHBORHOODS. THAT IS WHY I FOUGHT FOR AN ADDITIONAL $1 BILLION IN FUNDS FOR THE NEIGHBORHOOD STABLIZATION PROGRAM WHOSE LEGISLATION I WROTE IN 2008 AND IT IS HELPING NEIGHBORHOODS ALL ACROSS THIS COUNTRY WHO HAD FORECLOSED PROPERTIES AND RUNDOWN PROPERTIES THAT ARE DRIVING DOWN THE PRICE OF OTHER HOMES IN THEIR COMMUNITIES. NOW WE CAN REHABILITATE THOSE PROPERTIES AND KEEP THE VALUE UP IN THE NEIGHBORHOOD. AN ADDITIONAL $1 BILLION IN EMERGENCY ASSISTANCE FOR UNEMPLOYED HOMEOWNERS WAS INCLUDED IN THIS BILL. 60% OF INDIVIDUALS SEEKING HELP IN AVOIDING FLOSHESE ARE DOING SO BECAUSE THEY ARE UNEMPLOYED. THIS FUNDING WILL PROVIDE A CRITICAL BRIDGE FOR HOMEOWNERS AND ALLOW THEM TO MAINTAIN STABLE HOUSING FOR THEIR CHILDREN. THIS BILL WILL COMBINE $6 BILLION, TWO ROUNDS OF FUNDING IS ANOTHER STEP TOWARDS ADDRESSING THE FORECLOSURE CRISIS. MORE NEEDS TO BE DONE. THAT IS WHY I'M PLEASED THE TREASURY HAS COMMITTED TO PROVIDING ANOTHER $2 BILLION FOR UNEMPLOYED HOMEOWNERS IN ADDITION TO THE AMOUNTS PROVIDED UNDER THIS BILL. I WILL CONTINUE TO FIGHT FOR BOTH ADDITIONAL FUNDING AND LOSS MITIGATION LEGISLATION WHICH WILL MAKE IT MANDATORY FOR BANKS TO OFFER REAL, SUSTAINABLE LOAN MODIFICATION OFFERS. MR. CHAIRMAN, THANK YOU FOR YOUR ASSISTANCE. THANK YOU FOR YOUR SUPPORT. THANK YOU FOR YOUR LEADERSHIP. I'M PROUD TO BE PART OF THIS CONGRESS, SO PROUD TO HAVE BEEN A PART OF THE CONFERENCE COMMITTEE AND I THINK WE ARE DOING ALL OF AMERICA'S JUSTICE IN THIS BILL AS WE PAY ATTENTION TO NEEDS THAT HAVE BEEN SO LONG OVERLOOKED. I YIELD BACK THE BALANCE OF MY TIME.

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  • 04:33:44 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM ALABAMA.

  • 04:33:46 PM

    MR. BACHUS

    I YIELD TO MR. ISSA, THE RANKING MEMBER OF GOVERNMENT OVERSIGHT AND…

    I YIELD TO MR. ISSA, THE RANKING MEMBER OF GOVERNMENT OVERSIGHT AND GOVERNMENT REFORM FOR THREE MINUTES. FOUR MINUTES, I'M SORRY.

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  • 04:33:55 PM

    THE SPEAKER PRO TEMPORE

    THE JELL IS RECOGNIZED FOR FOUR MINUTES.

  • 04:33:59 PM

    MR. ISSA

    I ASK UNANIMOUS CONSENT TO REVISE AND EXTEND MY REMARKS.

  • 04:34:04 PM

    MR. ISSA

    SPEAKER, OTHERS WILL RISE AND THEY'LL TALK ABOUT THE UNDERLYING BILL.…

    SPEAKER, OTHERS WILL RISE AND THEY'LL TALK ABOUT THE UNDERLYING BILL. ALTHOUGH I WAS ON THE CONFERENCE COMMITTEE AND FOR TWO WEEKS, CHAIRMAN FRANKS, RANKING MEMBER BACHUS AND THE REST OF US WERE TOGETHER, I DO NOT CLAIM AND WILL NOT CLAIM TO BE AN EXPERT ON ALL THE THINGS THAT LED TO A FINANCIAL MELTDOWN OR ALL THE THINGS THAT WILL PRECLUDE THE NEXT. I DO RISE TO OPPOSE THE DODD-FRANK BILL AND I DO SO BECAUSE I DON'T BELIEVE IT WILL PRECLUDE ANOTHER MELTDOWN AND ANOTHER CRISIS. I DON'T DO THAT BECAUSE I'M AN EXPERT ON THE FINANCIAL SYSTEM, I'M NOT. THE PEOPLE I SERVE WITH ON CONFERENCE, MANY OF THEM ARE. I'M NOT CONCERNED THAT THE PROCESS WAS NOT OPEN. I THINK CHAIRMAN FRANK ALLOWED US AN UNUSUALLY GREAT AMOUNT OF TIME TO BE HEARD. I'M DISAPPOINTED THAT AT THE END OF THE DAY SO MANY THINGS WERE LEFT OUT. I APPRECIATE CHAIRMAN FRANK OFFER FOR A SEPARATE BILL TO MAKE UP FOR THE FACT THAT THE TRANSPARENCY AND DATA ISSUES I WORKED FOR TWO WEEKS IN THIS BILL TO PUT IN, BECAUSE THEY WERE REJECTED BY THE SENATE, WE'LL HAVE TO SEND THEM AGAIN AND HOPE THAT THE SENATE IS MORE BENEVOLENT WHEN WE SIMPLY ASK THE AGENCIES TO HAVE DATA STANDARDS THAT ALLOW FOR THE KIND OF TRANSPARENCY AMONG REGULATORS THAT WILL IN FACT SEE RECKLESS BEHAVIOR AHEAD OF TIME OR ALLOW US TO KNOW THE UNDERLYING VALUE OF ASSETS WHEN THE MARKET BEGINS TO MELT. THE RECKLESS BEHAVIOR THAT LED TO THE MELTDOWN WILL BE DEBATED FOR YEAR BUS THE ABSENCE OF TRANSPARENCY AT THE TIME THE MELTDOWN, AN INABILITY FOR OUR REGULATORS, OUR BANKS, OR ANYONE ELSE TO ACTUALLY TELL US WHAT THE UNDERLYING VALUE OF VARIOUS ASSETS WERE, WERE IN NO SMALL PART OF THE RESULT OF ARCANE SYSTEMS THAT UNDERLIE THESE VERY MODERN INSTRUMENTS. YOU CANNOT HAVE PAPER COPIES SITTING IN BANKS TO TELL YOU THE DETAILS ABOUT A LOAN AND THEN CUT IT INTO THOUSANDS OF PIECES, SPREAD IT AROUND THE WORLD AND HOPE THAT SOMEBODY CAN HAVE CONFIDENCE IN THE DOCUMENT WHEN THINGS START GOING WRONG. TECHNOLOGY, TRANSPARENCY IS THE MOST IMPORTANT -- TECHNOLOGY TRANSPARENCY IS THE MOST IMPORTANT THING MISSING IN THIS BILL. I HOPE TO WORK WITH THE MAJORITY TO BRING IT IN THE COMING DAYS. I DON'T DO IT FOR MY COMMITTEE, I DO IT BECAUSE NEXT TIME THERE'S A HICCUP ANYWHERE IN THE WORLD, EVEN IF IT'S A MASSIVE POWER OUT LEADING TO CAFFED LOSS WE NEED TO HAVE THE ABILITY FOR REGULATORS, WITH CONFIDENCE TO SAY WE HAVE TRANSPARENCY WE KNOW WHAT THESE ASSETS ARE WORTH AND WE CAN ASSURE THEM THIS BILL DOES DO A FEW GOOD THINGS AND I WOULD BE REMISS IF I DIDN'T MENTION THAT THE ABILITY FOR BANKS TO TRUST EACH OTHER IN FINANCIAL TRANSFERS OF NONINTEREST BEARING LARGE AMOUNTS IS IN NO SMALL PART SOMETHING THAT WILL KEEP THE MARKET GOING IF OTHERWISE THERE IS A LACK OF CONFIDENCE IN THE BANK. I DO OBJECT TO THE WAY THIS BILL IS PAID FOR. I BELIEVE THAT IT WAS INAPPROPRIATE AND UNFORTUNATELY PEOPLE AT THE CONFERENCE WERE NOT WILLING TO CONSIDER A REAL PAY-FOR, NOT EVEN A REAL ROLLBACK IN UNEXPENDED FUNDS THAT WOULD OTHERWISE BE AVAILABLE. MR. SPEAKER, THIS BILL IS DONE. WE CANNOT LOOK TO WHAT THIS BILL OR WON'T DO. WE HAVE TO LOOK TO THE FUTURE. WILL WE DO A BETTER JOB IN DATA MANAGEMENT IN TRANSPARENCY IN CREATING THE TOOLS THAT WOULD ALLOW THE FINANCIAL OVERSIGHT BOARD AND THE FINANCIAL INDUSTRY REGULATORS TO DO THE JOB THE NEXT TIME THAT THEY DIDN'T DO THE LAST TIME? MR. SPEAKER, I DO NOT HAVE HIGH CONFIDENCE THAT IT WILL BE DONE. I HAVE HIGH CONFIDENCE THAT THIS BODY WILL WORK TOGETHER TO PRODUCE A BILL, SEND IT TO THE OTHER BODY AND TRY, TRY TO GET THEM TO UNDERSTAND THAT DATA TRANSPARENCY IS ESSENTIAL IF WE'RE NOT GOING TO HAVE ANOTHER MELTDOWN. I YIELD BACK.

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  • 04:38:13 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM MASSACHUSETTS.

  • 04:38:15 PM

    MR. FRANK

    I YIELD TWO MINUTES TO THE GENTLEMAN FROM FLORIDA.

  • 04:38:18 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR TWO MINUTES.

  • 04:38:26 PM

    >>

    ENGAGE IN A COLLOQUY WITH CHAIRMAN FRANK.

  • 04:38:32 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION SMS

  • 04:38:34 PM

    MR. HASTINGS

    LOOK FORWARD TO SUPPORTING THIS LEGISLATION. BEFORE THAT, HOWEVER, I'D…

    LOOK FORWARD TO SUPPORTING THIS LEGISLATION. BEFORE THAT, HOWEVER, I'D LIKE TO CLARIFY A FEW POINTS AS THEY PORE TAIN TO THE INTENT OF THE BILL. IT'S MY UNDERSTANDING THAT CERTAIN PROVISIONS, INTENDED TO IMPROVE ACCESS TO MAINSTREAM FINANCIAL INSTITUTIONS ARE NOT INTENDED TO FURTHER LIMIT ACCESS TO CREDIT IN OTHER FINANCIAL SERVICES TO THE VERY CONSUMERS WHO ARE ALREADY UNDERSERVED BY TRADITIONAL BANKING INSTITUTIONS. AS YOU KNOW, EACH YEAR, OVER 20 MILLION WORKING AMERICAN FAMILIES WITH DEPOSITORY ACCOUNT RELATIONSHIPS AT FEDERALLY INSURED FINANCIAL INSTITUTIONS ACTIVELY CHOOSE ALTERNATIVE SOURCES AND LENDERS TO MEET THEIR EMERGENCY AND SHORT-TERM CREDIT NEEDS. THESE ALTERNATIVE SOURCES AND LENDERS OFTEN ARE OFFERED AS CONVENIENT AND LESS EXPENSIVE PRODUCTS AND SERVICES THAN THE BANKS WHERE CONSUMERS HAVE RELATIONSHIPS. FURTHER, AS THE DEMAND FOR SHORT-TERM, SMALL-DOLLAR LOANS CONTINUE TOIN CREASE AS A RESULT OF THE CURRENT ECONOMIC ENVIRONMENT, NONTRADITIONAL LEND VERSE FILLED THE VOID LEFT BY MAINSTREAM FINANCIAL INSTITUTIONS IN MANY OF OUR NATION'S UNDERBANKED COMMUNITIES. MR. CHAIRMAN, I HAVE A LONGER STATEMENT AND WITH YOUR PERMISSION WOULD SKIP TO THE CLAUSE I THINK IS PARTICULARLY IMPORTANT AND INCLUDE MY FULL STATEMENT IN THE RECORD IN THE INTEREST OF TIME. I FEEL THAT THE FINANCIAL SERVICES SHOULD BE WELL BALANCED AND CARRIED OUT IN A MANNER THAT ENCOURAGES CONSUMER CHOICE, MARKET COMPETITION AND STRONG PROTECTIONS. IT'S MY SINCERE HOPE THAT THIS LEGISLATION IS DESIGNED TO CAREFULLY AND FAIRLY POLICE THE FINANCIAL SERVICES INDUSTRY TREATING SIMILAR PRODUCTS IN THE SHORT-TERM CREDIT MARKET EQUALLY WHILE ENCOURAGING LENDING PRACTICES THAT ARE FAIR TO CONSUMERS. IS THIS THE INTENT? MR.

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  • 04:40:32 PM

    MR. FRAK

    ASKS HAS MY PERMISSION TO SKIP ANY STATEMENT. I DO AGREE WITH THE…

    ASKS HAS MY PERMISSION TO SKIP ANY STATEMENT. I DO AGREE WITH THE GENTLEMAN. I YIELD MYSELF 15 SECONDS. WE DO WANT TO MAKE SURE IT'S AN INFORMED CHOICE, WE'RE GOING TO WORK ON FINANCIAL LITERACY. IT'S NOT OUR SFWONINGS DENY ANYBODY THAT CHOICE.

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  • 04:40:52 PM

    MR. HASTINGS

    THANK YOU, MR. CHAIRMAN. I COMMEND YOU FOR YOUR EFFORTS TO PASS MEANINGFUL…

    THANK YOU, MR. CHAIRMAN. I COMMEND YOU FOR YOUR EFFORTS TO PASS MEANINGFUL FINANCIAL REGULATORY REFORM IN THIS CONGRESS. I DEEPLY THANK YOU AND I YIELD BACK.

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  • 04:41:02 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM ALABAMA.

  • 04:41:04 PM

    MR. BACHUS

    THANK YOU, MR. SPEAKEE. MR. SPEAKER, AT THIS TIME, I YIELD THREE MINUTES…

    THANK YOU, MR. SPEAKEE. MR. SPEAKER, AT THIS TIME, I YIELD THREE MINUTES TO THE GENTLEMAN FROM TEXAS, MR. PAUL, THE RANKING MEMBER OF THE DOMESTIC MONETARY POLICY COMMITTEE.

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  • 04:41:15 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR THREE MINUTES.

  • 04:41:18 PM

    MR. PAUL

    THE GENTLEMAN FROM ALABAMA FOR YIELDING. I ASK UNANIMOUS CONSENT TO REVISE…

    THE GENTLEMAN FROM ALABAMA FOR YIELDING. I ASK UNANIMOUS CONSENT TO REVISE AND EXTEND MY REMARKS.

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  • 04:41:25 PM

    MR. PAUL

    I RISE IN OPPOSITION TO THIS PIECE OF LEGISLATION, I'M AFRAID IT'S NOT…

    I RISE IN OPPOSITION TO THIS PIECE OF LEGISLATION, I'M AFRAID IT'S NOT GOING TO DO MUCH TO SOLVE OUR PROBLEMS. I KNOW IT'S VERY WELL INTENDED AND IT'S BELIEVED THAT MORE REGULATIONS WILL SOLVE THE PROBLEM, BUT QUITE FRANKLY THE PROBLEM THAT WE'RE FACING COMES FROM A VERY DEEPLY FLAWED MONETARY SYSTEM. I HAD MADE AN ATTEMPT TO TEAM SIZE THIS POINT BY TALKING ABOUT A FULL AUDIT OF THE FEDERAL RESERVE AND FORTUNATELY, THIS HOUSE WAS STRONGLY IN SUPPORT OF THIS PIECE OF LEGISLATION. THERE'S 320 CO-SPONSORS OF THIS BILL. IT PASSED RATHER EASILY ON THE FINANCIAL SERVICES COMMITTEE. THEN IT WAS PUT INTO THE HOUSE VERSION OF THIS REFORM PACKAGE. BUT IT WAS REMOVED IN CONFERENCE. THOUGH THERE IS SOME ATTENTION GIVEN TO GETTING MORE INFORMATION FROM THE FED, IT TRULY DOESN'T SERVE AS A FULL AUDIT. IF WE DON'T EVENTUALLY ADDRESS THE FEDERAL RESERVE IN DEPTH, WE WILL NEVER UNDERSTAND HOW FINANCIAL BUBBLES ARE FORMED AND WHY MORE REGULATIONS TEND TO FAIL. IF THE FINANCIAL MARKETS WERE PLEASED WITH WHAT WE'RE DOING HERE TODAY AND THE DISCUSSION IN THE LAST SEVERAL WEEKS THEY WOULDN'T BE REELING AS THEY ARE AT THIS VERY MOMENT. SO I WOULD SAY THAT WE SHOULD BE VERY CAUTIOUS IN EXPANDING THE ROLE OF THE REGULATORY AGENCIES WHICH DOESN'T -- WHICH DOES NOT SOLVE THE PROBLEM. AT THE SAME TIME, GIVE MANAGER POWER TO THE FEDERAL RESERVE DOESN'T MAKE MUCH SENSE IF THE THEORY IS RIGHT THAT THE FEDERAL RESERVE IS THE SOURCE OF MUCH OF OUR PROBLEMS. NOW, SOME OBJECTED TO THE TRANSPARENCY BILL OF THE FEDERAL RESERVE AND SAID THAT THAT WAS TOO MUCH INFORMATION, THAT THE FEDERAL RESERVE HAD TO BE TOTALLY INDEPENDENT. THE FEDERAL RESERVE TRANSPARENCY ACT DOESN'T DO ANYTHING ABOUT REMOVING TRANSPARENCY. IT DOESN'T CHANGE MONETARY POLICY. IT SAYS THAT THE AMERICAN PEOPLE AND THE CONGRESS HAVE A RIGHT TO KNOW WHAT THEY DO. AFTER THE CRISIS HIT, THE FEDERAL RESERVE INJECTED $1.7 TRILLION IN GAREN -- AND GUARANTEED MANY MORE TRILLIONS OF DOLLARS AND IT WAS VERY HARD TO GET ANY INFORMATION WHATSOEVER. SO AN ONGOING AUDIT TO FIND OUT EXACTLY WHAT THEY DO AND WHY THEY DO IT WOULD BE A FIRST STEP TO FINDING OUT THE RELATIONSHIP OF THE FEDERAL RESERVE SYSTEM TO THE BANKING SYSTEM AND THE FINANCIAL COMMUNITY. TRANSPARENCY IS SOMETHING THE AMERICAN PEOPLE HAVE BEEN ASKING FOR AND THEY WANT. THEY DIDN'T LIKE THE LACK OF TRANSPARENCY WITH THE TARP FUNDS AND ONCE THE AMERICAN PEOPLE FOUND OUT ABOUT WHAT GOES ON AT THE FED THEY WANT TRANSPARENCY OF THE FED. FORTUNATELY, TODAY, WE HAVE A CHANCE TO VOTE ON THIS BECAUSE IT WILL BE IN THE RECOMMITAL MOTION AND IT WILL GIVE -- GIVE US A CHANCE TO PUT THE LANGUAGE BACK IN, THE H.R. 1207, THE FEDERAL RESERVE TRANSPARENCY ACT A CHANCE TO AUDIT THE FED. THIS WILL BE A PERFECT OPPORTUNITY TO TEAM SIZE THE IMPORTANCE OF THE FED AND TO SAY THAT WE DO NEED A FULL AUDIT.

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  • 04:44:33 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM MASSACHUSETTS.

  • 04:44:37 PM

    MR. FRANK

    THE GENTLEMAN IS RECOGNIZED FOR 3 1/2 MINUTES.

  • 04:44:47 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR 3 1/2 MINUTES.

  • 04:44:54 PM

    >>

    I WANT TO COMMEND YOU FOR GETTING THIS THROUGH CONGRESS AND YOUR…

    I WANT TO COMMEND YOU FOR GETTING THIS THROUGH CONGRESS AND YOUR DEDICATION TO REFORMING OUR FINANCIAL SYSTEM.%

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  • 04:45:02 PM

    MR. GUTIERREZ

    THE LEGISLATION BEFORE US TAKES A MULTIPRONGED APPROACH TO ENDING THE…

    THE LEGISLATION BEFORE US TAKES A MULTIPRONGED APPROACH TO ENDING THE PROBLEM OF TOO BIG TO FAIL. BY GIVING REGULATORS THE TOOLS ONLY WHEN IT IS NECESSARY TO DECREASE THE SIZE OF FINANCIAL INSTITUTIONS, LIMIT THEIR RISKY BEHAVIORS AND WIND DOWN SYSTEMICALLY SIGNIFICANT FIRMS IF THEY THREATEN THE HEALTH OF OUR FINANCIAL SYSTEM. THE MOST DIRECT WAY TO END TOO BIG TO FAIL IS TO STOP FIRMS FROM GROWING TOO BIG IN THE FIRST PLACE. TO LIMIT THEIR SIZE AND COMPLEXITY, THIS LEGISLATION WOULD IMPROVE -- IMPOSE INCREASINGLY STRICT RULES ON CAPITAL LEVELS AND LEVERAGE RATIOS WHICH WOULD LIMIT A FIRM'S RISKY BEHAVIOR AND DIMINISH THE THREAT TO THE STABILITY OF OUR FINANCIAL SYSTEM. BY IMPLEMENTING A STRONG VOCAL -- VOLCKER RULE AND ELIMINATING PROPRIETARY TRADE, WE MINIMIZE A BANK'S ABILITY TO USE SUBSIDIZED FUNDS FOR TRADING. ADDITIONALLY, THE BILL WILL CREATE A FINANCIAL STABILITY OVERSIGHT COUNCIL THAT WILL BE ABLE TO FORCE A COMPANY, AS A LAST RESORT TO DIZEST -- DIVEST ITS HOLDINGS AND SHRINK ITS SIZE IF IT'S DETERMINED TO BE A RISK ARE. THE MOST IMPORTANT OF THIS LEGISLATION THAT WILL HELP TO END TOO BIG TO FAIL IS THE RESOLUTION AUTHORITY WE CREATE TO SAFELY WIND DOWN A FAILED SIGNIFICANT FIRM AND TO PREVENT ANY FURTHER BANK BAILOUT. THIS LEGISLATION ENDS INDIVIDUAL OPEN BANK ASSISTANCE. LET ME REPEAT, THIS LEGISLATION ENDS INDIVIDUAL OPEN BANK ASSISTANCE, MEANING THAT IF THE RESOLUTION AUTHORITY, THE DEATH PANEL, THE BURIAL PANEL IS APPLIED TO A BANK, IT WILL NOT BE BAILED OUT BUT ALLOWED TO SAFELY FAIL AND PREVENT CONTAGION FROM SPREADING TO THE MARKETPLACE. LET ME REPEAT THIS. NO MORE BAILOUT, WE HAVE A FUNERAL FUND. . THE BANKS PAY FOR THIS AND THE REPUBLICANS HAVE SAID NO. IN THE HOUSE AND SENATE, THEY REFUSE TO SUPPORT A PRE-FUNDED FUNERAL FUND THAT WOULD BE PAID FOR BY THE RISKIEST AND BIGGEST BANKS. THE BIG BANKERS DON'T PAY. MAIN STREET HAS TO PAY. OPPOSITION FROM CERTAIN REPUBLICAN SENATORS AND I WON'T MENTION THEIR NAME, WAS FORCING BANKING ASSISTANCE. REPUBLICANS ARE SIDED WITH BIG WALL STREET BANKS AT EVERY OPPORTUNITY AND THEY OPPOSE AN AMENDMENT IN THE CONFERENCE TO INCREASE THE F.D.I.C. INSURANCE TO HELP PROTECT PEOPLE'S DEPOSITS ALONG WITH COMMUNITY BANKS AND SMALL BUSINESSES. LET'S BE CLEAR, THEY REFUSE TO GUARANTEE THAT THE BANKS CLEAN UP ANY FUTURE MESSES THAT THEY CREATE AND IT'S OBVIOUS WHERE THE LINE HAS BEEN DRAWN BY REPUBLICANS. IF IT HELPS WALL STREET BANKS, THEY FAVOR IT. IF IT HELPS MAIN STREET AND REGULAR AMERICANS, THEY WON'T VOTE FOR IT AND WE DON'T THINK THEY WILL TODAY. MR. CHAIRMAN, I WON'T HOLD MY BREATH FOR ANY REPUBLICAN SUPPORT OF THIS HISTORIC LEGISLATION BUT I URGE MY MEMBERS TO SUPPORT THIS VITAL BILL.

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  • 04:48:28 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM ALABAMA. ALABAMA ALABAMA I YIELD MYSELF 15 SECONDS. I…

    THE GENTLEMAN FROM ALABAMA. ALABAMA ALABAMA I YIELD MYSELF 15 SECONDS. I DON'T THINK YOU WOULD GO TO A FUNERAL HOME AND LOAN THE CORPSE MONEY SO I DON'T KNOW WHY YOU WOULD LOAN MONEY TO A FAILING FUND. YOU OUGHT TO PUT THEM IN BANKRUPTCY LIKE WE WANT TO DO. AT THIS TIME, I YIELD THREE MINUTES TO THE GENTLELADY FROM ILLINOIS, WHO'S THE CHAIRMAN OF THE FINANCIAL SERVICES OVERSIGHT COMMITTEE.

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  • 04:48:59 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLELADY IS RECOGNIZED FOR THREE MINUTES.

  • 04:49:02 PM

    MRS. BIGGERT

    I THANK THE GENTLEMAN. I RISE IN OPPOSITION TO THIS CONFERENCE REPORT AND…

    I THANK THE GENTLEMAN. I RISE IN OPPOSITION TO THIS CONFERENCE REPORT AND THE BILL. IN THE FALL OF 2008, OUR ENTIRE FINANCIAL SYSTEM AND ECONOMY WERE ON THE VERGE OF COLLAPSE. THE $750 BILLION TARP PROGRAM WAS PROPOSED. I FOR ONE WOULD NEVER HAVE BACKED IT WERE IT NOT FOR TAXPAYERS' PROTECTION AND PROMISED THAT THE TAXPAYER WOULD BE REPAID. THIS BILL BREAKS THAT PROMISE TO TAXPAYERS AND TAKES UNSPENT MONEY FROM THE TARP PROGRAM INSTEAD OF PAYING DOWN OUR $13 TRILLION DEBT. IT USES THE MONEY TO PAY FOR THE NEW FEDERAL SPENDING. AND CONTRARY TO MY COLLEAGUES' RHETORIC, THIS BILL MAKES BAILOUTS PERMANENT. LOOK AT SECTION 210 AND FIVE AND SECTION 210 AND SIX. THESE PROVISIONS AUTHORIZE BUREAUCRATS TO BAIL OUT THE SIX LARGEST TOO BIG TO FAIL TO THE TUNE OF $8 TRILLION. WHAT YOU HAVE IS TAXPAYERS FOOTING THE BILL TO PAY FOR FAILED WALL STREET FIRMS AND THAT'S A BAILOUT. MY COLLEAGUES ON THE OTHER SIDE OF THE AISLE CLAIM THAT THE BILL REQUIRES TAXPAYERS BE PAID BACK. HOW CAN TAXPAYERS BELIEVE THAT THIS BILL THAT BREAKS THE EARLIER PROMISE CAN BELIEVE WHAT THEY SAY? THIS BILL ALSO FAILS TO REFORM FREDDIE MAC AND FANNIE MAE, THE TWO MORTGAGE GIANTS AT THE CENTER OF THE HOUSING CRISIS. TAXPAYERS HAVE BAILED FANNIE AND FREDDIE OUT TO THE TUNE OF $250 BILLION AND MORE TO COME. THIS BILL DOESN'T REFORM THEM BUT CALLS FOR A STUDY AND FAILS TO INCLUDE AS PART OF OUR FEDERAL BUDGET THE TRILLIONS IN LIABILITY TAXPAYERS FACE BECAUSE THE FEDERAL GOVERNMENT OWNS AND OPERATES FREDDIE MAC AND FANNIE MAE. LET'S LOOK AT OUR HIDDEN COSTS. OUR MIDWEST MANUFACTURERS HAD NOTHING TO DO WITH THE FINANCIAL CRISIS, YET THIS PEOPLE REQUIRES THEM TO DIVERT TRILLIONS OF DOLLARS OF WORKING CAPITAL TO PAY FOR FINANCIAL TRANSACTIONS, WHICH MAY STIFLE JOB GROWTH AND RAISE THE COST OF COMMODITIES FOR AMERICAN FAMILIES. WHAT'S THE COST TO SMALL BUSINESSES? JOB GROWTH. TAXPAYERS, SMALL BUSINESSES AND CONSUMERS PICK UP THE TAB FOR A NEW FEDERAL BUREAUCRATS, STUDIES AND REPORTS ACCORDING TO THE U.S. CHAMBER OF COMMERCE. IN THE NAME OF FINANCIAL REFORM WE MUST NOT STIFLE JOB CREATION BY SADDLING OUR SMALL BUSINESSES AND MANUFACTURERS WITH ADDITIONAL BURDENS. WE NEED TO GET FINANCIAL REFORM RIGHT SO THAT INNOVATORS AND ENTREPRENEURS CAN SECURE CREDIT, EXPAND AND CREATE DESPERATELY NEEDED JOBS. WE NEED TO GET REFORM RIGHT BUT THIS BILL DOESN'T PASS THE TEST. I URGE MY COLLEAGUES TO NOT SUPPORT THIS CONFERENCE REPORT AND BILL. MR.

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  • 04:52:03 PM

    MR. FRANK

    I WOULD ASK MY COLLEAGUES, MY COLLEAGUES FROM AGRICULTURE ARE HERE. I'M…

    I WOULD ASK MY COLLEAGUES, MY COLLEAGUES FROM AGRICULTURE ARE HERE. I'M ABOUT TO YIELD, BUT COULD I ASK UNANIMOUS CONSENT TO YIELD 13 MINUTES OF MY TIME TO THE THE GENTLEMAN FROM MINNESOTA, WITH HIM HAVING THE RIGHT TO CONTROL THAT TIME AS CHAIRMAN OF THE AGRICULTURE COMMITTEE?

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  • 04:52:30 PM

    MR. BACHUS

    THAT. I WOULD ASK UNANIMOUS CONSENT THAT I YIELD SOME TIME TO OUR RANKING…

    THAT. I WOULD ASK UNANIMOUS CONSENT THAT I YIELD SOME TIME TO OUR RANKING MEMBER OF AG TO DO THE SAME THING. MR.

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  • 04:52:41 PM

    MR. FRANK

    HOW MUCH TIME DO YOU WANT TO YIELD TO THE RANKING MEMBER?

  • 04:52:52 PM

    THE SPEAKER PRO TEMPORE

    HOW MUCH TIME DO YOU WANT TO YIELD TO THE RANKING MEMBER?

  • 04:52:56 PM

    MR. BACHUS

    POINT YOU WANT UNANIMOUS CONSENT TO YIELD TIME TO THE -- MR.

  • 04:53:01 PM

    MR. FRANK

    I ASK UNANIMOUS CONSENT WHICH I GOT. AND YOU WANT IT FOR MR. LUCAS?

  • 04:53:08 PM

    THE SPEAKER PRO TEMPORE

  • 04:53:13 PM

    MR. BACHUS

    I'M NOT PREPARED TO SAY. I'LL KNOW IN A MINUTE.

  • 04:53:17 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM IS RECOGNIZED.

  • 04:53:25 PM

    MR. FRANK

    MINUTES TO MR. PETERS.

  • 04:53:30 PM

    MR. PETERS

    IS HISTORIC AND PROTECT CONSUMERS AND REDUCE ECONOMIC FAILURES AND PROVIDE…

    IS HISTORIC AND PROTECT CONSUMERS AND REDUCE ECONOMIC FAILURES AND PROVIDE FOR INCREASED OVERSIGHT OF OUR ENTIRE FINANCIAL SYSTEM. IT STRIVES TO PROTECT JOB-CREATING MAIN STREET BUSINESSES. THIS LEGISLATION WILL, FOR THE FIRST TIME, BRING TRANSPARENCY AND OVERSIGHT TO THE CURRENTLY UNREGULATED $600 TRILLION DERIVATIVES MARKET. BECAUSE COMMERCIAL END USERS, THOSE WHO USE DERIVATIVES TO HEDGE, DO NOT POSE SYSTEMIC RISKS AND USE THESE CONTRACTS AS A WAY TO PROVIDE CONSUMERS WITH LOWER COST GOODS AND THEY ARE EXEMPTED FROM CLEARING MARGIN REQUIREMENTS. I OFFERED AN AMENDMENT THAT WOULD EXTEND THE COMPANIES THAT USE SWAPS TO HEDGE THEIR INTEREST RATE AND FOREIGN CURRENCY RISK ARISING FROM THEIR FINANCING ACTIVITY. THE AMENDMENT WAS NARROWLY WRITTEN TO MAKE SURE COMPANIES CAN ONLY QUALIFY FOR THE EXEMPTION IF 90% OF THEIR DERIVES FROM THE SALE OR LEASE OF THEIR PARENT COMPANY'S MANUFACTURED GOODS. ANOTHER PROVISION PROVIDES A TWO YEAR TRANSITION PERIOD FOR AFFILIATES. I WOULD LIKE TO YIELD SO HE CAN CLARIFY BECAUSE THEY PROVIDE A LIMITED PROVISION FOR QUALIFYING CAPTIVE FINANCE COMPANIES AND TWO-YEAR TRANSITION PERIOD FOR ALL OTHERS THAT WOULD NOT QUALIFY FOR THE LIMITED EXEMPTION CREATED --

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  • 04:55:03 PM

    MR. FRANK

    HE IS CORRECT. HIS STATEMENT IS COMPLETELY ACCURATE.

  • 04:55:09 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM ALABAMA.

  • 04:55:12 PM

    MR. BACHUS

    CONSENT REQUEST TO YIELD SEVEN MINUTES TO THE THE GENTLEMAN FROM OKLAHOMA,…

    CONSENT REQUEST TO YIELD SEVEN MINUTES TO THE THE GENTLEMAN FROM OKLAHOMA, MR. LUCAS, TO -- WHO IS THE RANKING MEMBER OF THE AGRICULTURE COMMITTEE TO THEN YIELD TIME TO HIS MEMBERS.

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  • 04:55:29 PM

    MR. FRANK

    TIME OVER TO THE THE GENTLEMAN FROM MINNESOTA, CHAIRMAN OF THE AGRICULTURE…

    TIME OVER TO THE THE GENTLEMAN FROM MINNESOTA, CHAIRMAN OF THE AGRICULTURE COMMITTEE.

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  • 04:55:37 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED.

  • 04:55:39 PM

    MR. BACHUS

    BOTH THESE GENTLEMEN WILL CONTROL THE TIME.

  • 04:55:42 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED.

  • 04:55:45 PM

    >>

    I THANK THE GENTLEMAN FOR YIELDING. I RISE TODAY IN SUPPORT OF THE…

    I THANK THE GENTLEMAN FOR YIELDING. I RISE TODAY IN SUPPORT OF THE CONFERENCE REPORT WALL STREET REFORM AND CONSUMER PROTECTION ACT. I THANK CHAIRMAN FRANK, WHO HAS DEMONSTRATED HIS GREAT POLICY MAKING SKILLS AND LEADERSHIP ON THIS IMPORTANT ISSUE. THE STAFFS OF BOTH THE HOUSE AGRICULTURE COMMITTEE AND FINANCIAL SERVICES COMMITTEE HAVE WORKED CLOSELY ON THIS LEGISLATION FOR THE PAST YEAR AND IT IS THANKS TO OUR EFFORTS THAT WE HAVE A CONFERENCE COMMITTEE REPORT BEFORE US TODAY. ONE OF THE BILL'S KEY COMPONENTS IS TITLE 7 WHICH BRINGS GREATER TRANSPARENCY AND ACCOUNTABILITY TO DERIVATIVE MARKETS. THE HOUSE CONSIDERED FINANCIAL REFORM IN DECEMBER AND DERIVATIVES WERE ONE AREA IN WHICH WE HAD STRONG BIPARTISAN. THE HOUSE PRODUCED A VERY GOOD PRODUCT. THE SENATE'S EFFORTS ON DERIVATIVES WERE IN A DIFFERENT DIRECTION. AS WITH ANY LEGISLATION, WITH SUCH STARK DIFFERENCES, COMPROMISES HAD TO BE MADE. THIS LEGISLATION REPRESENTS A MIDDLE GROUND BETWEEN THE HOUSE AND SENATE. WHILE NO ONE GOT EVERYTHING THEY WANTED IN THIS BILL, I THINK WE GOT A BILL THAT WILL PREVENT ANOTHER CRISIS IN THE FINANCIAL MARKETS LIKE THE ONE WE EXPERIENCED IN 2008. THE HOUSE AGRICULTURE COMMITTEE STARTED LOOKING AT SOME OF THE ISSUES ADDRESSED IN THIS LEGISLATION EVEN BEFORE EVIDENCE OF THE FINANCIAL CRISIS STARTED TO APPEAR. I'M PLEASED THAT THE CONFERENCE REPORT CONTAINS MANY OF THE PROVISIONS THE HOUSE AG COMMITTEE ENDORSED OF PASSING THREE BILLS ON THIS TOPIC. LET ME BRIEFLY TALK ABOUT SOME OF THOSE PROVISIONS. OUR REVIEW BEGAN WHEN WE EXPERIENCED PRICE VOLATILITY IN ENERGY FUTURE MARKETS DUE TO EXCESSIVE SPECULATION, FIRST WITH NATURAL GAS AND CRUDE OIL. WE REMEMBER WHEN WE HAD $147 OIL. THE AG COMMITTEE EXAMINED THE INFLUX OF NEW TRADERS IN THESE MARKETS, INCLUDING HEDGE FUNDS AND INDEX FUNDS AND WE LOOKED AT THE RELATIONSHIP BETWEEN WHAT WAS OCCURRING ON REGULATED MARKETS AND THE UNREGULATED OVER THE COUNTER MARKET. THIS CONFERENCE REPORT INCLUDES THE TOOLS WE AUTHORIZE AND THE DIRECTION TO THE CFTC TO MITIGATE OUTRAGEOUS PRICE SPIKES. THE HOUSE AGRICULTURE COMMITTEE SPENT TIME CONSIDERING THE ROLE OF DERIVATIVES IN THE COLLAPSE OF THE FINANCIAL MARKETS AND DEBATING DIFFERENT APPROACHES TO REGULATING THESE FINANCIAL TOOLS. IN THE END, IT WAS THE AGRICULTURE COMMITTEE ON A BIPARTISAN BASIS THAT EMBRACED MANDATORY CLEARING WELL BEFORE THE IDEA BECAME POPULAR. CLEARING IS NOT THE ONLY MEANS -- NOT ONLY A MEANS TO GREATER TRANSPARENCY TO THE DERIVATIVE MARKETS BUT SHOULD REDUCE THE RISK THAT WAS PREVALENT THROUGHOUT THE OUT-OF-CONTROL MARKET. THE CONFERENCE -- MARKET. IN CRAFTING THE HOUSE BILL, WE FOCUSED ON CREATING A REGULATORY APPROACH TO HAVE END USERS TO CONTINUE USING DERIVATIVE, WHETHER IT IS AN ENERGY EXPLORATION, MANUFACTURING OR COMMERCIAL ACTIVITY. END USERS DID NOT CAUSE THE FINANCIAL CRISIS OF 2008. THEY WERE THE VICTIMS OF IT. NOW THAT -- NOW THAT HAS BEEN SOME CONCERN AND FRANKLY, MISINTERPRETATION OF THE CONFERENCE REPORT'S LANGUAGE REGARDING CAPITAL AND MARGIN REQUIREMENTS BY SOME WHO WANT TO PORTRAY THESE REQUIREMENTS AS APPLYING TO END USER DERIVATIVES. THIS IS PATENTLY FALSE. THE SECTION IN QUESTION GOVERNANCE THE REGULATION OF MAJOR SWAP PARTICIPANTS AND SWAP DEALERS AND ITS PROVISIONS APPLY ONLY TO MAJOR SWAP PARTICIPANTS AND DEALERS. NO WHERE IN THIS SECTION DO WE GIVE REGULATORS ANY AUTHORITY TO IMPOSE CAPITAL AND MARGINAL REQUIREMENTS ON END USERS. WHAT IS GOING ON HERE IS THAT THE WALL STREET FIRMS WANT TO GET OUT OF THE MARGIN REQUIREMENTS AND THEY ARE PLAYING ON THE FEARS OF THE END USERS IN ORDER TO OBTAIN AN EXEMPTION FOR THEMSELVES. ONE OF THE SOURCES OF FINANCIAL INSTABILITY WAS DERIVATIVE TRADERS LIKE A.I.G. DID NOT HAVE THE RESOURCES TO BACK UP THEIR TRANSACTIONS. IF WE DON'T REQUIRE THESE MAJOR SWAP PARTICIPANTS AND SWAP DEALERS TO PUT MORE BACKING BEHIND THEIR SWAL DEALS WE WILL ONLY PERPETRATE THIS INSTABILITY. THAT IS NOT GOOD FOR THESE MARKETS AND NOT GOOD FOR END USERS. I'M CONFIDENT THAT AFTER PASSING THIS CONFERENCE REPORT, WE CAN GO HOME TO OUR CONSTITUENTS AND SAY WE HAVE CRACKED DOWN ON WALL STREET AND TOO BIG TO FAIL FIRMS THAT CAUSED THE FINANCIAL CRISIS. WITH THAT, I URGE MY COLLEAGUES TO SUPPORT PASSAGE OF THIS CONFERENCE REPORT AND RESERVE THE BALANCE OF MY TIME.

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  • 05:00:28 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. THE GENTLEMAN FROM…

    THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. THE GENTLEMAN FROM OKLAHOMA. .

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  • 05:00:36 PM

    >>

    ALLOCATE MYSELF THREE MINUTES.

  • 05:00:39 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED.

  • 05:00:41 PM

    MR. LUCAS

    AT A TIME WHEN CONGRESS SHOULD BE FOCUSED ON ECONOMIC EXPANSION, THE…

    AT A TIME WHEN CONGRESS SHOULD BE FOCUSED ON ECONOMIC EXPANSION, THE MAJORITY BRINGS US THIS CONFERENCE REPORT WHICH WILL KILL JOBS AND MAKE FINANCIAL TRANSACTIONS MORE EXPENSIVE. LAST DECEMBER, THIS CHAMBER SUPPORTED A BIPARTISAN EFFORT TO BRING TRANSPARENCY AND REGULATION TO THE OVER-THE-COUNTER DERIVATIVES MARKETS WHILE ALLOWING FOR THE MANAGEMENT OF LEGITIMATE RISK. IT RECOGNIZED THAT MOM AND POP SHOPS ON MAIN STREET WERE NOT THE VILLAINS BEHIND THE ECONOMIC COLLAPSE. THEY DID NOT CAUSE THE FINANCIAL CRISIS AND SHOULD NOT BE TREATED AS IF THEY DID. THIS REFLECTED THE NEED FOR COMMERCIAL END USERS TO LAY ALL RISKS SO THEY COULD OFFER THEIR PRODUCTS AS REASONABLE AND STABLE PRICES. UNFORTUNATELY, THE SENATE DECIDED THAT SOME INDUSTRIES, ONLY SOME WERE WORTHY OF INEXPENSIVE RISK MITIGATION. DESPITE THE OVERWHELMING BIPARTISAN SUPPORT, OUR DERIVATIVES LANGUAGE ENJOYED DURING A MEETING IN THE DARK OF NIGHT, OUR BIPARTISAN LANGUAGE WAS STRIPPED OUT. A TITLE THAT WE PASSED BY VOICE VOTE WAS ONLY GOING TO SURVIVE IF OFFERED AS AN AMENDMENT. SO THAT'S WHAT I AND MY GOOD FRIEND FROM NEW JERSEY, MR. GARRETT, DID. AS THE CONFEREES FROM THIS CHAMBER, WE DEFENDED THE HOUSE POSITION. UNFORTUNATELY, AT DAWN LAST FRIDAY OUR AMENDMENT WAS DEFEATED ON A PARTY LINE VOTE, STRIPPING AWAY THE ONLY PROTECTION FOR END USERS, AMERICAN SMALL BUSINESSES WERE TOLD BY THE MAJORITY THEY WOULD BE REGULATED AS THOUGH THEY WERE WALL STREET. A REPORT RELEASED YESTERDAY BELIEVES THE LANGUAGE CHANGED BY THE MAJORITY COULD COST U.S. COMPANIES $1 TRILLION IN CAPITAL LIQUIDITY REQUIREMENTS. THIS ISN'T MONEY TO PAY LAVISH BONUSES. THIS IS MONEY TO PAY SALARIES, FUND RESEARCH, DEVELOPMENT AND PAY CONSTRUCTION LOANS. FURTHER ANALYSIS OF THIS LANGUAGE CONCLUDES THAT $400 BILLION WILL BE NEEDED FOR COLLATERAL FOR BUSINESS TO POST WITH DEALER COUNTERPARTS TO COVER THE EXPOSURE OF THEIR EXISTING OVER-THE-COUNTER DERIVATIVES. IT'S ESTIMATED THAT ANOTHER $370 BILLION REPRESENTS THE ADDITIONAL CREDIT CAPACITY THAT COMPANIES COULD NEED TO COVER FUTURE RISK. DESPITE THE MAJORITY'S VERY ARABS APPETITE FOR -- VASHESE APPETITE FOR SPENDING, THIS ARE BIG SPENDING AMOUNTS. THESE COSTS ARE REAL, THE ABILITY TO PAY THEM DOES NOT EXIST. THIS SIMPLY MEANS JOB LOSSES, THEREFORE CONCENTRATING RISK. YOU KNOW, ONCE UPON A TIME THIS BILL WAS SUPPOSED TO AVOID RISK CONCENTRATION. THAT WAS ONCE UPON A TIME. MR. CHAIRMAN, I RESERVE THE BALANCE OF MY TIME.

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  • 05:03:29 PM

    THE SPEAKER PRO TEMPORE

  • 05:03:38 PM

    MR. PETERSON

    I YIELD TO THE GENTLEMAN FROM PENNSYLVANIA FOR A COLLOQUY.

  • 05:03:43 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR AS MUCH TIME AS HE MAY CONSUME.

  • 05:03:49 PM

    >>

    H.R. 4173. I SERVE AS CHAIRMAN OF THE HOUSE AGRICULTURE SUBCOMMITTEE ON…

    H.R. 4173. I SERVE AS CHAIRMAN OF THE HOUSE AGRICULTURE SUBCOMMITTEE ON CONSERVATION, CREDIT, ENERGY AND RESEARCH. AS SUCH, WE HAVE JURISDICTIONS OVER INSTITUTIONS OF THE FARM CREDIT SYSTEM THAT SERVE AGRICULTURE AS WELL AS RURAL COMMUNITIES ACROSS THE COUNTRY. THEY PUT IN PLACE THE REVISED LEGISLATIVE AND REGULATORY REGIME THAT HAVE SUCCESSFULLY WITHSTOOD THE TEST OF TIME AND MAKE SURE THESE OPERATIONS OPERATE SAFE AND SOUND.

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  • 05:04:17 PM

    MR. HOLDEN

    SHUT DOWN AND LIQUIDATE THEM. THEY ARE THE ONLY G.S.E. THAT HAS A…

    SHUT DOWN AND LIQUIDATE THEM. THEY ARE THE ONLY G.S.E. THAT HAS A SELF-FUNDED INSURANCE PROGRAM IN PLACE THAT WAS ESTABLISHED TO NOT ONLY PROTECT INVESTORS IN THE DEBT SECURITY AGAINST LOSS OF THEIR PRINCIPAL AND INTEREST BUT ALSO TO PROTECT TAXPAYERS. THERE ARE JUST A FEW OTHER REASONS THAT THE AGRICULTURE COMMITTEE INSISTED THAT THE INSTITUTIONS OF THE FARM CREDIT SYSTEM NOT BE PART OF THE LEGISLATION. THEY WERE NOT THE CAUSE OF THE PROBLEM, DID NOT UTILIZE TARP FUNDS AND DID NOT ENGAGE IN SUBPRIME LENDING. WE HAVE BELIEVED THAT THIS LEGISLATION SHOULD NOT DO ANYTHING TO DISRUPT THIS RECORD OF SUCCESS. MR. SPEAKER, I NOW WOULD LIKE TO ENTER INTO A COLLOQUY WITH THE CHAIRMAN OF THE AGRICULTURE COMMITTEE. MR. CHAIRMAN, THE CONFERENCE REPORT INCLUDES COMPROMISED LANGUAGE THAT REQUIRES THE COMMODITIES FUTURE TRADING COMMISSION TO CONSIDER EXEMPTING SMALL BANKS, FARM CREDIT INSTITUTION SYSTEMS AND CREDIT UNIONS FROM PROVISIONS REQUIRING THAT ALL SWAPS BE CLEARED. WE UNDERSTAND THAT COMMUNITY BANKS, CREDIT UNIONS DID NOT CAUSE THE FINANCIAL CRISIS THAT PRECIPITATED THIS LEGISLATION. WHILE THE LEGISLATION PLACES A SPECIAL EMPHASIS ON INSTITUTIONS WITH LESS THAN $10 BILLION IN ASSETS, MY READING OF THE LANGUAGE IS THAT THEY SHOULD NOT IN ANY WAY BE SALUD BY THE COMMODITIES FUTURE TRADING COMMISSION AS THE LIMIT ON THE SIZE OF INSTITUTION THAT SHOULD BE CONSIDERED FOR AN EXEMPTION. WOULD YOU CONCUR WITH THAT ASSESSMENT?

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  • 05:05:51 PM

    MR. PETERSON

    YES, I AGREE. THE INSTITUTIONS TO BE CONSIDERED FOR THE EXEMPTION SHALL…

    YES, I AGREE. THE INSTITUTIONS TO BE CONSIDERED FOR THE EXEMPTION SHALL INCLUDE THOSE WITH $10 BILLION OR LESS IN ASSETS. IT'S NOT A FIRM STANDARD. SOME FIRMS COULD QUALIFY WHILE SOME WITH SMALLER ASSETS MAY NOT. THE REGULATORS WILL HAVE MAXIMUM FLEXIBILITY WHEN LOOKING AT THE RISK PORTFOLIO FOR THESE INSTITUTIONS FOR CONSIDERATION OF AN EXEMPTION.

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  • 05:06:15 PM

    MR. HOLDEN

    I YIELD BACK THE BALANCE OF MY TIME.

  • 05:06:18 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM OKLAHOMA.

  • 05:06:20 PM

    MR. LUCAS

    MR. CHAIRMAN, I NOW YIELD TO THE GENTLEMAN FROM TEXAS WHO IS A VERY…

    MR. CHAIRMAN, I NOW YIELD TO THE GENTLEMAN FROM TEXAS WHO IS A VERY SIGNIFICANT PARTICIPANT IN BOTH FINANCIAL SERVICES COMMITTEE AND THE AGRICULTURE COMMITTEE, MR. NEUGEBAUER, TWO MINUTES.

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  • 05:06:30 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR TWO MINUTES.

  • 05:06:33 PM

    MR. NEUGEBAUER

    MR. CHAIRMAN, I RISE IN STRONG OPPOSITION TO THIS CONFERENCE REPORT.…

    MR. CHAIRMAN, I RISE IN STRONG OPPOSITION TO THIS CONFERENCE REPORT. FINANCIAL REGULATORY REFORM IS NEEDED, BUT THIS 2,300-PAGE BILL IS THE WRONG SLUGS FOR THE TAXPAYERS AND IT WON'T HELP BILLS -- CAPITAL MARKETS NEEDED TO FUEL GROWTH AND DO JOBS FOR OUR COUNTRY. IF YOU LIKE THE BILL AFTER THE LAST FEW YEARS YOU ARE GOING TO LOVE THIS NEW FINANCIAL BILL. IF YOU ARE A CONSUMER WHO WANTS FEWER CHOICES, HIGHER COSTS OF CREDIT AND NEW FEES, THIS BILL HAS SOME GREAT DEALS FOR YOU. THIS BILL WILL VASTLY EXPAND THE POWERS OF THE GOVERNMENT REGULATORS. THOSE ARE THE SAME REGULATORS WHO FELL SHORT OF THE JOB THE FIRST TIME AROUND AND NOW THEY ARE ASKING US TO TRUST THEM AND THEY TELL US THAT THE OUTCOME WILL BE DIFFERENT NEXT TIME. BUT THE OUTCOME WON'T BE DIFFERENT BECAUSE THIS BILL SETS A BIG PERMANENT BAILOUT REGIME THAT PUTS THE GOVERNMENT IN CHARGE OF PICKING WINNERS AND LOSERS. IF THE GOVERNMENT SAYS YOUR COMPANY IS TOO BIG AND TOO IMPORTANT TO FAIL, YOUR COMPANY GETS SERIOUS ADVANTAGES OVER ITS COMPETITORS, ESPECIALLY YOUR SMALLEST COMPETITORS. IF THE GOVERNMENT DETERMINES A COMPANY SHOULD BE SHUT DOWN THE GOVERNMENT DEBTS TO DECIDE HOW EVERYONE IN THAT BUSINESS WITH THAT COMPANY IS TREATED. IGNORING THE RULE OF LAW, JUST LIKE THEY DID WITH A.I.G. AND ALL OF THE COMPANIES BEHIND CLOSED DOORS. AND IF THOSE PROBLEMS WEREN'T SERIOUS ENOUGH, NOW THEY ARE PLAYING FAST AND FOOTLOOSE WITH MANY. THE MAJORITY IS NOW TAKING TO UNUSED AND UNPAID BACK TARP FUNDS THAT WAS SUPPOSED TO PAY DOWN THE NATIONAL DEBT AND DOUBLING THE INSURANCE PREMIUMS TO PAY FOR THIS $19 BILLION COST OF THIS BILL. AMERICAN FAMILIES CAN'T COUNT THEIR INCOME FOR THEIR PAYCHECKS. WHAT KIND OF ACCOUNTING IS CONGRESS USING THAT LETS US DOUBLE COUNT THE BILL. MR. CHAIRMAN, BILLS SOMETIMES HAVE GOOD TITLES. THERE IS NO REAL FINANCIAL REFORM IN THIS BILL. I WISH THERE WAS. I WANT TO VOTE FOR REAL FINANCIAL REFORM. BUT THE BIGGEST LOSERS HERE ARE THE AMERICAN PEOPLE. THEY STAY AT RISK. THEIR CHOICES ARE GOING TO BE LIMITED BECAUSE NOW WE ARE GOING TO HAVE A NEW CREDIT CZAR TO DETERMINE WHAT KIND OF FINANCIAL PRODUCTS THE AMERICAN PEOPLE GET TO LOOK AT. IF YOU WANT REAL REFORM, VOTE AGAINST THIS BILL.

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  • 05:08:45 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM MINNESOTA.

  • 05:08:48 PM

    MR. PETERSON

    THANK YOU, MR. CHAIRMAN. I'D LIKE TO RECOGNIZE THE GENTLEMAN FROM IOWA,…

    THANK YOU, MR. CHAIRMAN. I'D LIKE TO RECOGNIZE THE GENTLEMAN FROM IOWA, MR. BOSWELL, FOR PURPOSE OF A COLLOQUY.

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  • 05:08:55 PM

    THE SPEAKER PRO TEMPORE

    FOR HOW MUCH TIME? PATTERSON PATTERSON FOR SUCH TIME AS -- MR. PETERSON:…

    FOR HOW MUCH TIME? PATTERSON PATTERSON FOR SUCH TIME AS -- MR. PETERSON: FOR SUCH TIME AS HE MAY CONSUME.

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  • 05:09:02 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR SUCH TIME AS HE MAY CONSUME.

  • 05:09:06 PM

    MR. BOSWELL

    I'D LIKE TO CLARIFY AN IMPORTANT POINT ABOUT ONE OF THE EXCLUSIONS FROM…

    I'D LIKE TO CLARIFY AN IMPORTANT POINT ABOUT ONE OF THE EXCLUSIONS FROM THE DEFINITION OF SWAP. THE EXCLUSION FROM THE DEFINITION OF SWAP FOR, QUOTE, ANY SALE OF A NONFINANCIAL COMMODITY OR SECURITY FOR DEFERRED SHIPMENT OR DELIVERY SO LONG AS THE TRANSACTIONS INTENDED TO BE FISCALLY SETTLED, END OF QUOTE. IT IS INTENDED TO BE CONSISTENT WITH THE FORD CONTRACT EXCLUSION THAT IS CURRENTLY IN THE COMMODITY EXCHANGE ACT AND CFTC ESTABLISHED POLICY ON THIS SUBJECT. PHYSICAL COMMODITY TRANSACTIONS SHOULD BE -- SHOULD NOT BE REGULATED AS SWAPS AS THAT TERM IS DEFINED IN THIS LEGISLATION. THIS IS TRUE EVEN IF COMMERCIAL PARTIES AGREE TO, QUOTE, LOOK OUT TO DELIVER OBLIGATIONS OF THE FORD CONTRACT. NOW, FOR THOSE WHO ARE NOT FAMILIAR WITH TERMINOLOGY, A BOOKOUT IS A SECOND AGREEMENT BETWEEN TWO COMMERCIAL PARTIES TO A FORD CONTRACT THAT FINDS THEMSELVES IN A DELIVERED CHAIN OR CIRCLE WHO AGREE TO SETTLE THEIR DELIVERY BLAKESES BY EX-- OBLIGATIONS BY EXCHANGING A NET PAYMENT SINCE THE INITIAL FORWARD CONTRACT WAS EVER ENTERED INTO. BOOKOUTS REDUCE TRANSACTION COSTS THAT SAVINGS CONSUMERS MONEY. CAN THE CHAIRMAN CLARIFY THIS FOR ME?

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  • 05:10:27 PM

    MR. PETERSON

    THE GENTLEMAN IS CORRECT. MY INTERPRETATION OF EXCLUSIONARY PROVISION OF…

    THE GENTLEMAN IS CORRECT. MY INTERPRETATION OF EXCLUSIONARY PROVISION OF THE DEFINITION OF SWAP THAT YOU MENTIONED IS THAT THE EXCLUSION WOULD APPLY TO TRANSACTIONS IN THE PARTY'S DELIVERY OBLIGATIONS IS BOOKED OUT, AS YOU DESCRIBED. THE FACT THAT THE PARTIES MAY AGREE TO SETTLE THEIR OBLIGATIONS WITH A PAYMENT BASED ON A PRICE DIFFERENCE THROUGH A BOOKOUT DOES NOT -- DOES TURN A FORWARD CONTRACT INTO A SWAP. EXCLUDING PHYSICAL FORWARD CONTRACTS INCLUDING BOOKOUTS IS CONSISTENT WITH THE CFTC'S LONGSTANDING VIEW THAT PHYSICAL FORWARD CONTRACTS IN WHICH THE PARTIES LATER AGREE TO BOOK OUT THEIR DELIVERY OBLIGATIONS FOR COMMERCIAL CONVENIENCE ARE EXCLUDED FROM THIS JURISDICTION. NOTHING IN THIS LEGISLATION CHANGES THAT RESULT WITH RESPECT TO COMMERCIAL FORWARD CONTRACTS.

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  • 05:11:20 PM

    MR. BOSWELL

    I THANK THE CHAIRMAN FOR THE CLARIFICATION AND I YIELD BACK.

  • 05:11:24 PM

    MR. PETERSON

    I THANK THE GENTLEMAN AND I THINK WE HAVE NO FURTHER SPEAKERS ON OUR PART…

    I THANK THE GENTLEMAN AND I THINK WE HAVE NO FURTHER SPEAKERS ON OUR PART OF THE BILL SO I URGE PEOPLE TO SUPPORT THE CONFERENCE REPORT AND YIELD BACK THE BALANCE OF MY TIME.

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  • 05:11:35 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM MINNESOTA YIELDS BACK THE BALANCE OF HIS TIME. THE…

    THE GENTLEMAN FROM MINNESOTA YIELDS BACK THE BALANCE OF HIS TIME. THE GENTLEMAN FROM OKLAHOMA.

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  • 05:11:40 PM

    MR. LUCAS

    HAVE TO THE RANKING MEMBER ON THE SMALL BUSINESS ADMINISTRATION COMMITTEE…

    HAVE TO THE RANKING MEMBER ON THE SMALL BUSINESS ADMINISTRATION COMMITTEE AND A VERY VALUED MEMBER OF THE AGRICULTURE COMMITTEE, MR. GRAVES OF MISSOURI.

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  • 05:11:52 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR TWO MINUTES.

  • 05:11:55 PM

    MR. GRAVES

    THANK YOU, MR. SPEAKER. MR. SPEAKER, EVERYONE AGREES IT'S CRITICAL TO…

    THANK YOU, MR. SPEAKER. MR. SPEAKER, EVERYONE AGREES IT'S CRITICAL TO RESTRICT UREL THE REGULATORY SIDE OF OUR NATION'S FINANCIAL SECTOR TO HELP PREVENT FUTURE CRISIS. UNFORTUNATELY, NOT ONLY DOES THIS CONFERENCE REPORT FAIL TO ACHIEVE THE MOST BASIC GOAL, IT COMPREATS HARMFUL NEW HURDLES FOR SMALL BUSINESSES. AS RANKING MEMBER OF THE HOUSE SMALL BUSINESS COMMITTEE I CANNOT SUPPORT THIS LEGISLATION. SOME OF MY COLLEAGUES ARE QUICK TO STATE PUBLICLY THAT SMALL BUSINESSES ARE GOING TO BRING US OUT OF THIS ECONOMIC DOWNTURN YET THEY TURN THEIR BACKS FROM SMALL FIRMS AND PROMOTE POLICIES THAT HINDER THEIR GROWTH. THROUGH THIS LEGISLATION, CONGRESS IS ONCE BEGINNING IGNORING THE VOICE OF THE ENTREPRENEUR. THE CONFERENCE REPORT INCLUDES A MASSIVE NEW GOVERNMENT BUREAUCRACY THAT SUPPORTERS CLAIM WILL TAKE CONSUMERS FROM OVERSELLERS OF CREDIT. IT WILL AFFECT MILLIONS OF CREDIT TRANSACTIONS BETWEEN BUSINESSES AND THEIR CUSTOMERS. EVEN IF IT IS CREDIT REGULATED BY INSTITUTIONS, IT WILL RAISE THE COST OF CREDIT FOR SMALL BUSINESSES. A FURTHER CONCERN IS LANGUAGE IN THE CURRENT BILL THAT MAKES COMMERCIAL END USERS WHO HEDGE THEIR EXPOSURE TO RISK SUSCEPTIBLE TO UNNECESSARY CAPITAL MARGIN WITH THE USE OF CASH COLLATERAL FORCING SOPHISTICATED END USERS ASIDE TO COVER MARGINS WILL ULTIMATELY RAISE THE COST OF PRODUCTS PURCHASED BY SMALL BUSINESSES. GIVEN THE STATE OF THE ECONOMY, RAISING THE COST ON SMALL BUSINESSES IS ONE OF THE WORST THINGS THAT CAN BE DONE. THE ADVERSE LONG-TERM CONSEQUENCE OF THIS LEGISLATION IS NOTHING SHORT OF STARTLING AND AT A TIME WHEN AMERICA'S SMALL BUSINESSES NEED IT MOST, THIS BILL MAY SERIOUSLY RESTRICT THEIR ACCESS TO CAPITAL. IN ADDITION, THIS LEGISLATION WILL NEGATIVELY AFFECT SMALL BUSINESS INVESTMENT COMPANIES FROM ALLOWING REGULATORS TO DECIDE WHETHER THESE INSTITUTIONS CAN OBTAIN CAPITAL FROM BANKS. IN CLOSING, I STRONGLY URGE MY COLLEAGUES TO JOIN ME IN OPPOSING THIS ILL-CONCEIVED CONFERENCE REPORT. IF CONGRESS EXPECTS SMALL BUSINESSES TO HELP TURN AROUND THE ECONOMY, WE HAVE TO FOCUS ON DEVELOPING LEGISLATION THAT HELPS THEM DO JUST THAT. MR. SPEAKER, WITH THAT I'D YIELD BACK THE BALANCE OF MY TIME.

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  • 05:13:51 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE GENTLEMAN'S TIME…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE GENTLEMAN'S TIME HAS EXPIRED. WHO YIELDS -- WHO SEEKS RECOGNITION TO MANAGE THE REST OF THE TIME FOR THIS HAD BILL? THE GENTLEMAN FROM ALABAMA IS RECOGNIZED.

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  • 05:14:26 PM

    MR. BACHUS

    I UNDERSTAND WE HAVE MORE TIME.

  • 05:14:29 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM ALABAMA HAS 21 1/4 MINUTES. THE GENTLEMAN FROM…

    THE GENTLEMAN FROM ALABAMA HAS 21 1/4 MINUTES. THE GENTLEMAN FROM MASSACHUSETTS HAS 11 MINUTES.

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  • 05:14:37 PM

    MR. BACHUS

    ALL RIGHT. AT THIS TIME I YIELD TO THE GENTLEMAN FROM NEW JERSEY, MR.…

    ALL RIGHT. AT THIS TIME I YIELD TO THE GENTLEMAN FROM NEW JERSEY, MR. GARRETT, WHO'S THE RANKING MEMBER OF THE CAPITAL MARKETS SUBCOMMITTEE FOR TWO MINUTES.

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  • 05:14:45 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR TWO MINUTES.

  • 05:14:55 PM

    MR. GARRETT

    YOU, MR. CHAIRMAN -- MR. SPEAKER, AND I THANK YOU, MR. CHAIRMAN. I RISE IN…

    YOU, MR. CHAIRMAN -- MR. SPEAKER, AND I THANK YOU, MR. CHAIRMAN. I RISE IN OPPOSITION TO THIS JOB KILLING CONTINUATION OF A BAILOUT BILL. CHAIRMAN FRANK SAID HE WAS ASTONISHED IN THE INTERPRETATION THAT THIS IS A BAILOUT BILL. WHAT IS EVEN MORE ASTONISHING IS THAT THIS IS THE SAME CHAIRMAN WHO WAS EARLIER LAST SESSION LEADING THE EFFORT IN OUR LAST BAILOUT BILL. AND HERE HE IS ONCE AGAIN LEADING THE EFFORT ON THIS BILL FOR A CONTINUATION OF BAILOUT. WHAT IS EVEN MORE ASTONISHING THAN THAT IS HERE HE STANDS AS THE AUTHOR OF THE BILL WITH A 2,300 PAGES IN FRONT OF HIM HOLDING UP AND ACTUALLY READING THE BILL AND HE FAILS TO SEE THAT THIS UNDERLYING PIECE OF LEGISLATION CONTINUES TO BAIL OUT CREDITORS AT THE EXPENSE OF U.S. TAXPAYERS. JUST AS WE SAW WITH THE SITUATION WITH A.I.G., WHERE THE CREDITORS ON WALL STREET AND THE CREDITORS OVER IN CHINA AND SUCH AREAS AS THAT WERE BAILED OUT AT 100%, WE SEE THE SAME THINGS POSSIBLY GOING FORWARD HERE IN THIS LEGISLATION AS WELL. PERHAPS THAT EXPLAINS TO US ALL WHY WALL STREET IS APPLAUDING THIS BILL, BECAUSE THEY KNOW THAT THEY WILL CONTINUE TO SEE THE BAILOUTS THAT THEY SAW IN THE PAST. SO IT IS ASTONISHING TO SEE THAT WE ARE REPEATING HISTORY. I KNOW THE CHAIRMAN WILL SAY, THIS IS NOT GOING TO HAPPEN BECAUSE THERE'S THE OPPORTUNITY FOR RECEIVERSHIP. BUT THE CHAIRMAN WELL KNOWS, AS HE LOOKS INTO THE BILL, THAT THAT RECEIVERSHIP ISN'T FOR A DAY OR TWO, IT'S FOR A YEAR OR THREE OR FOUR OR FIVE YEARS THAT WE CAN CONTINUE TO SEE AMERICAN TAXPAYERS PUTTING OUT THEIR MONEY TO BAIL OUT THESE FAILED RISKY INSTITUTIONS. YOU KNOW, IT SEEMS THAT EVERY TERM THAT THE DEMOCRATS WHO WROTE THIS BILL CHOSE TO ENDOW THE SAME FAILED REGULATORS WHO FAILED TO PERCEIVE THE LAST CRISIS WITH MORE AND MORE POWER. AT EVERY SINGLE TURN THE DEMOCRATS CHOSE MORE GOVERNMENT BUREAUCRACY AND MORE GOVERNMENT OUTREACH INTO OUR ECONOMY. AND AT EVERY TURN THE DEMOCRATS DREW UP POLICIES THAT WILL KILL JOBS AND RESTRICT CREDIT. NOW, ON THE ONE HAND THIS ISN'T SURPRISING. WE'VE SEEN THIS ALL BEFORE, WHEN YOU THINK ABOUT IT, WHETHER IT WAS IN THE AREA OF CAP AND TRADE OR IN HEALTH CARE PROPOSALS, AMONG OTHERS WE SAW BEFORE IT. ON THE OTHER HAND, IT IS DISAPPOINTING THAT --

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  • 05:17:07 PM

    MR. BACHUS

    YIELD THE GENTLEMAN AN EXTRA MINUTE AND A HALF.

  • 05:17:10 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR A MINUTE AND A HALF.

  • 05:17:13 PM

    MR. GARRETT

    THE OTHER HAND IT IS DISAPPOINTING WHEN YOU CONSIDER THE HISTORY OF THE…

    THE OTHER HAND IT IS DISAPPOINTING WHEN YOU CONSIDER THE HISTORY OF THE FAILED EFFORTS IN THE AREA OF HEALTH CARE OR THE FAILED EFFORTS ON THE OTHER SIDE IN THE AREA OF TAX -- CAP AND TAX, THAT THEY HAVEN'T LEARNED BY NOW FROM THEIR PAST MISTAKES. THINK ABOUT IT FOR A MOMENT. THINK ABOUT WHAT WE HEAR WHEN WE GO BACK TO OUR DISTRICTS, THAT THE AMERICAN PEOPLE ARE DELIVERING A STRONG MESSAGE TO THOSE OF US IN WASHINGTON WILLING TO LISTEN. A MESSAGE SAYING THAT THEY DO NOT WANT A CONTINUATION, MR. CHAIRMAN, OF THE FAILED POLICIES THAT YOU BROUGHT TO THE FLOOR IN THE PAST WITH YOUR BAILOUTS OF WALL STREET. THE AMERICAN PEOPLE SAY THAT THEY DO NOT WANT TO BE ON THE HOOKS FOR THE HUNDREDS OF BILLIONS OF DOLLARS TO BAIL OUT INSTITUTIONS ON WALL STREET THAT MADE BAD RISKS. THEY WANT IT TO END NOW AND THEY WANT IT ENDED TODAY. THEY WANT LESS FAILED GOVERNMENT INTO THEIR LIVES AND INTO THEIR ECONOMY. THEY DON'T WANT INSTITUTIONS THAT CAN LOOK AT EVERY SINGLE TRANSITION, -- -- TRANSACTION, WHETHER AT THE A.T.M., THAT THE GOVERNMENT CAN NOW LOOK DOWN INTO THOSE TRANSACTIONS, WHETHER IT'S OPENING UP A CREDIT CARD COUNTY SOMEPLACE -- ACCOUNT SOMEPLACE. ANY TRANSACTION WHATSOEVER THAT YOU OR I MAKE OR ANYONE LISTENING TO THIS SPEECH TONIGHT WILL BE ABLE TO MAKE, BECAUSE BUREAUCRATS, UNELECTED, UNACCOUNTABLE BUREAUCRATS WILL BE ABLE TO LOOK INTO THOSE TRANSACTIONS. THEY WANT LESS FAILED GOVERNMENT OVERREACH INTO THEIR LIVES, THEY WANT LESS INTRUSIONS INTO THE ECONOMY. WHAT YOU ASK THEM DO THEY WANT? THEY SIMPLY WANT MORE OPPORTUNITIES, OPPORTUNITIES TO WORK AND PROVIDE FOR THEIR FAMILIES AND THEY WANT THOSE OPPORTUNITIES WITHOUT PUSHING OUR COUNTRY INTO%% GREATER DEBT. UNFORTUNATELY THIS BILL FAILS ON ALL ACCOUNTS.

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  • 05:18:54 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM MASSACHUSETTS.

  • 05:18:58 PM

    MR. FRANK

    I YIELD TO MY COLLEAGUE, MR. PETERSON, FOR ONE MINUTE.

  • 05:19:01 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 05:19:04 PM

    MR. PETERSON

    THANK YOU, MR. SPEAKER. I'D LIKE TO READ INTO THE RECORD A LETTER MR.…

    THANK YOU, MR. SPEAKER. I'D LIKE TO READ INTO THE RECORD A LETTER MR. FRANK AND I RECEIVED. AS THE LETTER MAKES CLEAR, WE HAVE GIVEN THE REGULATORS NO AUTHORITY TO IMPOSE MARGIN REQUIREMENTS ON ANYONE WHO IS NOT A SWAP DEALER OR A MAJOR SWAP PARTICIPANT. WHILE THE REGULATORS DO HAVE AUTHORITY OVER THE DEALER OR M.S.P. SIDE OF THE TRANSACTIONS, WE EXPECT THE LEVEL OF MARGIN REQUIRED WOULD BE MINIMAL. IN KEEPING WITH THE GREATER CAPITAL THAT SUCH DEALERS AND M.S.P.'S WILL BE REQUIRED TO HOLD, THAT MARGIN WILL BE IMPORTANT. HOWEVER, TO ENSURE THAT A DEALER OR A MAJOR STOCK PARTICIPANT WILL BE CAPABLE OF MEETING THEIR OBLIGATIONS TO THE END USERS, I WOULD -- WE NEED TO MAKE SURE THAT THEY HAVE THAT BACKING. I WOULD ALSO NOTE THAT A FEW IF ANY END USERS WILL BE MAJOR SWAP PARTICIPANTS AS WE HAVE INCLUDED POSITIONS HELD FOR HEDGING OR MITIGATING COMMERCIAL RISK FROM BEING CONSIDERED AS A SUBSTANTIAL POSITION UNDER THE DEFINITION. I WOULD ASK CHAIRMAN FRANK WHETHER HE CONCURS WITH MY VIEW ON THE BILL.

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  • 05:20:17 PM

    MR. FRANK

    I YIELD THE GENTLEMAN 15 MORE SECONDS. THE GENTLEMAN IS ABSOLUTELY RIGHT.…

    I YIELD THE GENTLEMAN 15 MORE SECONDS. THE GENTLEMAN IS ABSOLUTELY RIGHT. WE DO DIFFERENT THAN OTHERS. THE END REQUIREMENTS ARE NOT ON END USERS, THEY'RE ONLY ON MAJOR SWAP PARTICIPANTS. THEY'RE PERMISSIVE, THEY'RE NOT MANDATORY AND THEY'RE GOING TO BE DONE WITH AN APPROPRIATE TOUCH.

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  • 05:20:36 PM

    MR. PETERSON

    THANK YOU. I YIELD BACK.

  • 05:20:38 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM ALABAMA.

  • 05:20:40 PM

    MR. BACHUS

    AT THIS TIME I YIELD FOUR MINUTES TO THE GENTLEMAN FROM CALIFORNIA, A…

    AT THIS TIME I YIELD FOUR MINUTES TO THE GENTLEMAN FROM CALIFORNIA, A SENIOR MEMBER OF THE COMMITTEE, MR. ROYCE.

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  • 05:20:46 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED FOR FOUR MINUTES.

  • 05:20:49 PM

    MR. ROYCE

    THANK YOU, MR. SPEAKER. YESTERDAY A SMALL COMMUNITY BANKER IN OHIO BY THE…

    THANK YOU, MR. SPEAKER. YESTERDAY A SMALL COMMUNITY BANKER IN OHIO BY THE NAME OF SARA WALZ WROTE A LETTER. SHE WROTE ABOUT WHAT SHE BELIEVED WILL BE THE END OF COMMUNITY BANKING AS WE KNOW IT. AND SHE NOTES IN HER WORDS, GOING FORWARD WE WILL NO LONGER BE ABLE TO EVALUATE LOAN APPLICATIONS BASED SOLELY ON THE CREDIT WORTHINESS OF THE BORROWER, WE WILL BE MAKING REGULATION COMPLIANCE DECISIONS INSTEAD OF CREDIT DECISIONS. AND THIS GETS TO THE HEART OF THE ISSUE WITH THE UNDERLYING LEGISLATION THAT WE'RE DISCUSSING. DESPITE THE FACT THAT EVERY FAILED FINANCIAL FIRM HAD SOME TYPE OF FEDERAL REGULATOR OVERSEEING IT, THE ANSWER PUT FORWARD IN THIS BILL IS TO GIVE BROAD, LARGELY UNDEFINED POWERS TO THOSE REGULATORS AND NOT, BY THE WAY, IN THE INTEREST OF SAFETY AND SOUNDNESS. IF THE OBJECTIVE WAS SAFETY AND SOUNDNESS THE AMENDMENT THAT I PUT FORWARD TO ALLOW THE SAFETY AND SOUNDNESS REGULATOR TO OVERRULE THE CONSUMER FINANCIAL PROTECTION BUREAU IN CASES WHERE SAFETY AND SOUNDNESS WAS AT STAKE, THAT WOULD HAVE BEEN UPHELD. NO, THAT'S NOT THE GOAL HERE. AND TO GET BACK TO THE POINT THAT SARA MAKES, HER OBSERVATION IS THAT INSTEAD OF FOCUSING ON PROVIDING CREDIT AND PROVIDING THE BEST POSSIBLE SERVICE TO THE CUSTOMERS IN THESE SMALL TOWNS THAT NEED THAT CREDIT, THESE INSTITUTIONS WILL FOCUS INSTEAD THEIR EFFORTS ON APPEASING THE FEDERAL GOVERNMENT AND ON APPEASING THE ALLIES IN CONGRESS. WHY SHOULD THAT GIVE US CONCERN? IT SHOULD WORRY US BECAUSE WHETHER IT IS STRIVING TOWARD ANOTHER GOAL, SUCH AS CONGRESS' INTEREST IN SUBSIDIZING HOUSING, AND BY THE WAY, THAT'S WHAT HAPPENED DURING THE HOUSING CRISIS, OR WHETHER IT'S FUNNELING CASH INTO FRIENDLY COMMUNITY ACTIVIST ORGANIZATIONS LIKE ACORN, THE FACT IS THE CLOSER BIG GOVERNMENT GETS TO BUSINESS, THE MORE LIKELY THESE FAVORS WILL BECOME THE RULE INSTEAD OF THE EXCEPTION. WHAT I DON'T LIKE ABOUT THIS IS THE POLITICAL PULL THAT COMES OUT OF IT. WHAT I DON'T LIKE ABOUT IT IS THE MARKET DISCIPLINE BEING REPLACED. AND I THINK ON A MASSIVE SCALE THIS BILL REPLACES OBJECTIVITY WITH SUBJECTIVITY. IT REPLACES THE MARKET DISCIPLINE ON MAIN STREET WITH POLITICAL PULL IN WASHINGTON. AND REGULATORS WILL NOW DECIDE WHICH FIRMS WILL BE TREATED DIFFERENTLY AND THEREFORE MOVE THROUGH THE RESOLUTION PROCESS AND WHICH FIRMS SHOULD BE LEFT TO THE BANKRUPTCY COURTS. WHY WOULD WE CARE ABOUT THAT WHEN TERMS OF THESE BIG FERMS -- FIRMS HAVING THIS ABILITY NOW TO HAVE THIS ALTERNATIVE MEANS OF RESOLUTION? WELL, ONCE IN THE RESOLUTION PROCESS, THE GOVERNMENT WILL HAVE THE AUTHORITY TO PROVIDE A 100% BAILOUT TO WHICH EVERY CREDITOR IT FAVORS, WHILE IMPOSING SEVERE LOSSES ON OTHER INSTITUTIONS WHO BOUGHT THE CAPACITY SAME BONDS. SHOULD WE BE CONCERNED ABOUT ABUSE IN THIS RESPECT? I THINK SO. BECAUSE THIS TYPE OF BUREAUCRACY -- BUREAUCRATIC DISCRETION HAS LED TO ABUSE IN THE PAST. WE HAVE ALREADY SEEN THAT ABUSE IN THE OBAMA ADMINISTRATION'S HANDLING OF THE CHRYSLER BANKRUPTCY LAST YEAR. SECURED CREDITORS, TYPICALLY ENTITLED TO FIRST PRIORITY PAYMENT UNDER THE ABSOLUTE PRIORITY RULE, ENDED UP RECEIVING LESS THAN THE UNION ALLIES OF THE ADMINISTRATION WHO HELD JUNIOR CREDITOR CLAIMS. THE FACT THAT THE REGULATORY REFORM --

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  • 05:24:57 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN'S TIME HAS EXPIRED.

  • 05:25:00 PM

    MR. ROYCE

    OF FAVORITISM IN THE FUTURE.

  • 05:25:04 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM MASSACHUSETTS.

  • 05:25:06 PM

    MR. FRANK

    MR. SPEAKER, I YIELD ONE MINUTE TO THE MAJORITY LEADER.

  • 05:25:10 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED.

  • 05:25:19 PM

    MR. HOYER

    I THANK THE CHAIRMAN FOR YIELDING AND I CONGRATULATE THE CHAIRMAN FOR THE…

    I THANK THE CHAIRMAN FOR YIELDING AND I CONGRATULATE THE CHAIRMAN FOR THE EXTRAORDINARY WORK HE'S DONE. I THANK MR. BACHUS, TOO, WHO I THINK IS ONE OF THE REALLY RESPONSIBLE LEADERS IN THE MINORITY IN TERMS OF ISSUES OF SUBSTANCE AND WHERE THERE ARE DIFFERENCES, THERE ARE HONEST DIFFERENCES. MR. SPEAKER, I COME TO THE FLOOR AND WHEN I DO I HEAR THE PORTIONS OF THE DEBATE, SOMETIMES NOT ALL THE DEBATE. I WANT TO MAKE AN OBSERVATION, THOUGH, I LISTENED TO THE GENTLEMAN FROM NEW JERSEY AND HE REMARKED ON WHAT THE PEOPLE WERE SAYING. AND I THINK THAT FRANKLY HIS REMARKS REFLECTED THE DIFFERENCE IN THE PERSPECTIVE BETWEEN BOTH PARTIES. INDEED, THAT PERSPECTIVE HAS BEEN REFLECTED IN MY THREE DECADES HERE, UNDER MR. REAGAN AND OTHERS WHO HAVE SERVED AS PRESIDENT. AND LASTLY WITH MR. BUSH. MR. OBAMA'S IMMEDIATE PREDECESSOR. AND THAT PERSPECTIVE WAS, IF THE REGULATOR WOULD SIMPLY GET OUT OF THE WAY THINGS WOULD BE FINE. MR. ROYCE INDICATES THAT THE MARKET WILL TAKE CARE OF THINGS. THE MARKET WILL DISCIPLINE ITSELF, HE SAID. PHIL GRAHAM SAID THAT WITH RESPECT TO THE DERIVATIVES. UNFORTUNATELY I VOTED FOR THAT BILL THAT MR. GRAHAM WAS FOR, I MADE A MISTAKE. THE MARKET DID NOT DISCIPLINE ITSELF. IN FACT, THE MARKET TOOK EXTRAORDINARILY IRRESPONSIBLE STEPS. WHAT I HEAR, I TELL MY FRIEND FROM NEW JERSEY, THE PEOPLE SAYING IS, DON'T LET THE BIG GUYS TRAMPLE ON US. DON'T LET THE BIG GUYS PUT US AT GREAT RISK. DON'T LET THE BIG GUYS MAKE DECISIONS THAT THEY TAKE THE RISK AND WE TAKE THE LOSS. THAT'S WHAT I HEAR THE PEOPLE SAYING. AND THAT'S WHAT I THINK THIS DEAL IS DESIGNED TO RESPOND TO. THIS WEEK MR. BOEHNER COMPARED REFORMING WALL STREET TO KILLING AN ANT WITH A NUCLEAR WEAPON. THAT MAY SOUND COLORFUL, BUT THIS IS THE GREATEST ECONOMIC CRISIS THAT ANY OF US, AND I'M LOOKING AROUND THIS FLOOR, HAVE EXPERIENCED IN OUR LIFETIMES. AND I'M CLOSER TO EXPERIENCING THE LAST ONE THAN ANY OF YOU ON THE FLOOR. BUT NONE OF US, EVEN AT MY STAGE, WERE ALIVE DURING THE GREAT DEPRESSION. SO THIS IS THE FIRST TIME THAT WE HAVE EXPERIENCED SUCH A DEEP, DEEP RECESSION. BUT I WILL TELL YOU, THE EIGHT MILLION AMERICANS WHOSE JOBS IT TOOK AWAY, I THINK IT WAS -- THINK -- AWAY THINK IT WAS A MIGHTY BIG ANT THAT SQUASHED THEM AND THEIR FAMILIES OR THE MILLIONS MORE WHO SAW THEIR SAVINGS DEVASTATED OR THE FAMILIES IN EVERY ONE OF OUR DISTRICTS WHO LOST THEIR HOMES. THEY THINK TO THEMSELVES, MR. BOEHNER, THAT WAS A MIGHTY BIG ANT THAT CAME MY WAY. AND NOT MORE THAN HALF OF THE NATION'S WORKING ADULTS WHO REPORT THAT THEY HAVE BEEN PUSHED BY THE RECESSION INTO, AND I QUOTE, UNEMPLOYMENT, PAY CUTS, REDUCED HOURS AT WORK OR PART TIME JOBS, CLOSED QUOTE, ACCORDING TO A RESEARCH CENTER SURVEY REPORTED IN TODAY'S WASHINGTON "POST." -- "WASHINGTON POST." SOME OF YOU MAY THINK IT WAS AN ANT THAT WALKED THROUGH HERE, BUT SOME OF YOU THINK IT WAS A PRETTY BIG ELEPHANT THAT SQUASHED THEM AND HURT THEM. I DON'T MEAN AN ELEPHANT IN THE SYMBOL OF YOUR PARTY, RESPECTED ANIMAL WITH A LONG MEMORY, BUT WE HAVE DIFFERENCES. THE DIFFERENCES ARE, AS I'VE SAID BEFORE, THAT YOU PERCEIVE REGULATION AS HARMFUL. MY ANALOGY IS, IF YOU TAKE THE REFEREE OFF THE FOOTBALL FIELD I GUARANTEE THE SPLIT ENDS ARE GOING TO LEAVE EARLY AND TRY TO GET THE ADVANTAGE AND THE LITTLE GUYS ON THE FIELD ARE GOING TO GET TRAMPLED ON BY THE BIG GUYS BECAUSE THERE'S NO REFEREE TO SAY, TIME OUT, YOU BROKE THE RULES. THIS BILL IS ABOUT PUTTING THE REFEREE BACK ON THE FIELD AND SAYING, OBEY THE RULES, DO NOT TRAMPLE ON THE LITTLE PEOPLE, DON'T TAKE RISKS THAT YOU WILL EXPECT THEM TO PAY FOR. MORE THAN HALF, MR. SPEAKER, MORE THAN HALF OF TODAY'S FAMILIES HAVE BEEN AFFECTED. THERE IS NO WAY TO OVERSTATE WHAT HAPPENED TO THEM AND THERE'S NO MISTAKING THE CAUSE OF THE CRISIS, THE WALL STREET CULTURE OF RECKLESS GAMBLING AND A CULTURE OF REGULATORY NEGLECT THAT THE LAST ADMINISTRATION WANTS TO RETURN -- PERPETUATED AND SOME WANT TO RETURN TO. I SIMPLY THINK THAT WOULD BE A MISTAKE. I TALK TO PEOPLE IN NEW JERSEY, THEY DON'T LIKE WHAT'S HAPPENED, THEY DON'T IT TO HAPPEN AGAIN AND THIS IS AN EFFORT TO MAKE SURE THAT'S THE CASE. NEVER AGAIN. NEVER AGAIN SHOULD WALL STREET GREED BRING SUCH SUFFERING TO OUR COUNTRY, AND NEVER AGAIN SHOULD WASHINGTON STAND BY AS THAT GREED MANIFEST ITSELF AS IRRESPONSIBLE RISK TAKING A FEW SHARE OF THE PROFITS BUT MAIN STREET BEARS THE BRUNT OF WALL STREET'S BETS. NOW, LET ME SAY THAT I VOTED FOR THAT BILL. I WAS WRONG. THE GRAMM BILL. WE DIDN'T NEED TO REGULATE DERIVATIVES. BY THE WAY, THERE WERE A NUMBER OF DEMOCRATS, LEADERS WHO SAID THAT AS WELL. AND MR. GREENSPAN SAID IT AS WELL. HE ADMITTED HE MADE A MISTAKE AND HE WAS DISTRESSED BY THAT MISTAKE. NOW, WE CAN'T ERASE THAT CRISIS. BUT WE CAN WORK TO REBUILD WHAT WE LOST AS DEMOCRATS HAVE DONE EVERY TIME WE'VE BEEN SUPPORTING JOB CREATION, TO THE RECOVERY ACT, FOR CASH FOR CLUNKERS, FOR TAX RELIEF FOR SMALL BUSINESSES. FRANKLY BEEN INSTRUCTED BY THE MINORITY PARTY AND THE OTHER BODY WHO HAVE MADE A HIGH STAKES POLITICAL BET ON RECOVERY'S FAILURE. THAT WOULD BE A SHAME. WE CAN ALSO, JUST AS ANY RESPONSIBLE FAMILY WOULD, ENSURE OURSELVES AGAINST A REPEAT CRISIS AND PROTECT AMERICA'S JOBS FROM ANOTHER DEVASTATING COLLAPSE. THE WALL STREET REFORM AND CONSUMER PROTECTION ACT, WHICH MR. FRANK AND MR. DODD HAVE LED TO THIS POINT, MEANS AN END TO THE IRRESPONSIBLE PRACTICES OF THE BIG BANKS. AND I WANT TO SAY THE COMMUNITY BANKS, WHICH I THINK MR. ROYCE REFERRED TO, HE'S ABSOLUTELY RIGHT. THEY WERE NOT THE PROBLEM. NONE OF OUR COMMUNITY BANKS. THEY COULD FRANKLY CARE IF PEOPLE PAID THEM BACK. THEY WERE CAREFUL PEOPLE TO WHOM THEY GAVE LOANS COULD PAY THEM BACK. IT WAS THOSE THAT SECURITIZED THEM THAT PUT THEM IN THESE BIG FANCY DOCUMENTS THAT DIDN'T CARE IF THEY COULD PAY THEM BACK BECAUSE FOR THE MOST PART THEY MADE MONEY ON THE TRANSACTION. NOT ON THE LONG-TERM RESPONSIBILITY OF THE DEBTOR. I'M HAPPY THAT AMONG OUR FINANCIAL INSTITUTIONS THERE ARE RESPONSIBLE ACTORS WHO APPRECIATE EFFECTIVE OVERSIGHT AND UNDERSTAND THAT IT STIMULATES INVESTMENT, ENTERPRISE, ENTREPRENEURSHIP AND JOB CREATION. WHY? BECAUSE PEOPLE CAN TRUST THE SYSTEM, BECAUSE THEY KNOW THE REFEREES ON THE FIELD ARE WATCHING AND THEY KNOW THE GAME CAN BE HONEST. NO ONE CAN CREATE AN ECONOMY WITHOUT RISK NOR SHOULD IT, BUT THIS BILL WILL BRING ACCOUNTABILITY ON WALL STREET AND WASHINGTON, PROTECT AND EMPOWER CONSUMERS, PREVENT FUTURE MELTDOWNS AND NOT BAIL OUT WALL STREET EXCESS. I WANT TO SAY TO MY FRIEND THAT MENTIONED WE BAILED OUT WALL STREET. HOW QUICKLY YOU FORGET THAT IT WAS PRESIDENT BUSH AND SECRETARY PAULSON AND BEN BERNANKE, APPOINTED BY CHAIR OF THE FEDERAL RESERVE, THAT ASKED FOR THAT BILL AND THAT YOUR LEADERSHIP, FOR THE MOST PART, SUPPORTED AND URGED ITS ADOPTION. SO WITH ALL DUE RESPECT, IT WAS PRESIDENT BUSH'S ADMINISTRATION THAT ASKED FOR THAT BAILOUT, NOT DEMOCRATS. WHAT DEMOCRATS DID WHEN THEY SAID THERE WAS A CRISIS ACTED IN A BIPARTISAN WAY TO RESPOND TO THAT CRISIS. VERY FRANKLY, I THINK WE PRECLUDED A DEPRESSION. AMERICANS HAVE AN OBLIGATION OF RESPONSIBLE BORROWING. BUT FINANCIAL COMPANIES ALSO HAVE A RESPONSIBILITY TO MAKE LOANS FAIR AND TRANSPARENT. BY CREATING A CONSUMER FEDERAL PROTECTION BUREAU WE CAN ENSURE THAT BOTH SIDES LIVE UP TO THAT BARGAIN. THE CONSUMER FINANCIAL PROTECTION BUREAU WILL STRENGTHEN AND MODERNIZE THE OVERSIGHT OF WALL STREET BY PUTTING THE FUNCTIONS OF SEVEN DIFFERENT AGENCIES IN ONE ACCOUNTABLE PLACE. IT SEEMS TO ME THAT THAT WOULD APPEAL TO PEOPLE WHO WANT NOT SO MANY PROLIFERATION OF VARIOUS AGENCIES CROSSING ONE ANOTHER. IN ADDITION, CORPORATIONS LIKE A.I.G. AND LEHMAN BROTHERS, WILL NO LONGER BE ABLE TO DO THE KIND OF GAMBLES THAT RISK OUR ENTIRE ECONOMY AND INDEED THE WORLD. INSTITUTIONS THAT PLACED THE BIGGEST ECONOMIC BETS WILL BE REQUIRED TO KEEP CAPITAL ON HAND TO MEET THEIR OBLIGATIONS SHOULD THOSE BILLS FAIL AND NOT EXPECT THE TAXPAYERS TO DO THAT. THIS BILL ALSO REDUCES THE CONFLICTS OF INTEREST THAT ALLOW CREDIT RATING AGENCIES TO WRONGFULLY DECLARE SUCH INSTITUTIONS IN GOOD HEALTH LONG AFTER THEY WERE DANGEROUSLY OVERLOADED. OF COURSE, THE REGULATORS WEREN'T WATCHING. THERE WAS A PHILOSOPHY, OF COURSE, THAT REGULATION GOT IN THE WAY. AND IT PRUDENTLY REGULATES THE INHERENTLY DANGEROUS DERIVATIVES THAT WARREN BUFFETT, AND I CALL, WEAPONS OF FINANCIAL MASS DESTRUCTION FOR THE ABILITY TO BRING DOWN ENTIRE ECONOMIES WHEN BETS GO BAD. SHOULD A MAJOR FIRM STILL FIND ITSELF ON THE VERGE OF COLLAPSE, THIS BILL INSULATES THE REST OF THE ECONOMY AND KEEPS TAXPAYERS OFF THE HOOK, OFF THE HOOK FOR ANY FUTURE BAILOUTS. MR. SPEAKER, TREMENDOUS AMOUNT OF IRRESPONSIBILITY IN WASHINGTON AND ON WALL STREET WENT INTO THE CRISIS FROM WHICH WE ARE STILL STRUGGLING TO RECOVER. THAT CRISIS, OF COURSE, STARTED IN DECEMBER, 2007. ACTUALLY, IT STARTED LONG BEFORE THAT, AS I SAID, IN THE LATE 1990'S. MIDDLE-CLASS FAMILY -- FAMILIES WHO WORKED HARD PAID THE PRICE. BUT THERE IS A CONSEQUENCE EVEN WORSE -- A FAILURE TO LEARN. WE KNOW WHAT GREED AND NEGLECT CAN DO. NO ONE CAN PLEAD IGNORANCE. LET'S SHOW, MR. SPEAKER, LADIES AND GENTLEMEN OF THIS HOUSE, THAT WE LEARNED SOMETHING FROM THE CRISIS. LET'S KEEP IT WERE HAPPENING AGAIN. -- LET'S KEEP IT FROM HAPPENING AGAIN. LET ME TELL YOU WHAT I HEAR FROM MY CONSTITUENTS. THEY WANT US TO STOP IT FROM HAPPENING AGAIN. THEY'RE ANGRY ABOUT IT. I'M ANGRY ABOUT IT. I'M SURE THAT, LADIES AND GENTLEMEN ON BOTH SIDES OF THE AISLE, ARE ANGRY ABOUT IT. THIS IS AN OPPORTUNITY TO ENSURE TO THE EXTENT WE POSSIBLY CAN THAT THIS TRAGEDY TO SO MANY MILLIONS OF FAMILIES DOES NOT HAPPEN AGAIN. I YIELD BACK. I YIELD TO MY FRIEND.

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  • 05:37:31 PM

    >>

    DO YOU THINK THAT WE HAVE A DIFFERENT PERSPECTIVE?

  • 05:38:01 PM

    MR. GARRETT

    WILL THE GENTLEMAN YIELD?

  • 05:38:07 PM

    MR. HOYER

    YES.

  • 05:38:10 PM

    MR. HOYER

    WILL THE GENTLEMAN YIELD?

  • 05:38:39 PM

    MR. FRANK

    THE GENTLEMAN YIELD?

  • 05:38:41 PM

    MR. HOYER

    IN JUST A SECOND. BUT WITH RESPECT TO THAT, I THINK WHAT WE SAW DURING THE…

    IN JUST A SECOND. BUT WITH RESPECT TO THAT, I THINK WHAT WE SAW DURING THE LAST DECADE WAS AN EXCESSIVE COMMITMENT, AS MR. GREENSPAN POINTED OUT, TO THE PROPOSITION , AS MR. ROYCE STATED, JUST GET OUT OF THE WAY, THEY WILL DISCIPLINE THEMSELVES. FRANKLY, THE SPLIT END THAT LEAVES TWO SECONDS EARLY BECAUSE THE REFEREE IS OUT ON THE FIELD IS NOT A BAD PERSON. HE'S TRYING TO GET AN ADVANTAGE. THAT'S THE DIFFERENCE, I THINK, BETWEEN OUR PERSPECTIVES. I UNDERSTAND THAT DIFFERENCE OF PERSPECTIVE SO I AGREE WITH YOU THAT WE DO HAVE A DIFFERENCE OF PERSPECTIVE. I BELIEVE THIS STRIKES THE RIGHT BALANCE, AND I YIELD TO THE GENTLEMAN.

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  • 05:39:24 PM

    MR. FRANK

    I SAY TO THE GENTLEMAN FROM NEW JERSEY, I ONLY JUDGE WHAT I SEE. WHEN THE…

    I SAY TO THE GENTLEMAN FROM NEW JERSEY, I ONLY JUDGE WHAT I SEE. WHEN THE HOUSE VOTED ON THIS BILL LAST DECEMBER, THE MINORITY HAD CERTAIN AMENDMENTS MADE IN ORDER UNDER THE RULE. IN THE END THEY HAD THE MOTION TO RECOMMIT OVER WHICH THEY HAD COMPLETE EDITORIAL CONTROL. THE MOTION TO RECOMMIT ON THIS VERSION OF THIS BILL THAT PASSED THE HOUSE LAST DECEMBER FROM THE MINORITY SAID NO REGULATION, NO REFORM OF REGULATION. IT HAS ONE PROVISION. IT SAID KILL EVERYTHING IN THE BILL. IT DIDN'T SAY DO IT DIFFERENTLY. IT DIDN'T AMEND IT. IT DIDN'T CHANGE IT. IT SAID DO NOT CHANGE ANYTHING. DO NOT REFORM ANYTHING EXCEPT END TARP. WHICH THANKS TO THE SENATE, WE ARE NOW DOING IN THIS BILL. I CAN ONLY JUDGE WHAT I SEE. WHEN THE GENTLEMAN SAYS THAT, WHEN THE MINORITY HAD A CHANCE TO OFFER THEIR OWN VERSION OF THIS THEY OFFERED A VERSION THAT SAID NO REFORM, NO CHANGE, NO NEW REGULATION, LEAVE THE STATUS QUO.

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  • 05:40:22 PM

    MR. HOYER

    MY TIME -- AND I WILL -- I WILL NOW LEAVE THE STAGE AFTER A LITTLE MORE…

    MY TIME -- AND I WILL -- I WILL NOW LEAVE THE STAGE AFTER A LITTLE MORE THAN MY MINUTE. I WILL SAY TO MY FRIEND THAT THE CHAIRMAN'S ANSWER I THINK REFLECTS MY VIEW OF OUR DIFFERENT PERSPECTIVES. AND I WILL NOW YIELD BACK THE BALANCE OF MY TIME.

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  • 05:40:44 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM ALABAMA.

  • 05:40:48 PM

    MR. BACHUS

    YOU, MR. SPEAKER. AT THIS TIME I YIELD FIVE MINUTES TO THE GENTLEMAN FROM…

    YOU, MR. SPEAKER. AT THIS TIME I YIELD FIVE MINUTES TO THE GENTLEMAN FROM TEXAS, MR. HENSARLING, THE RANKING MEMBER OF THE FINANCIAL INSTITUTIONS SUBCOMMITTEE.

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  • 05:40:59 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED.

  • 05:41:01 PM

    MR. HENSARLING

    I THANK THE GENTLEMAN FOR YIELDING. MR. SPEAKER, THE CAUSE OF OUR…

    I THANK THE GENTLEMAN FOR YIELDING. MR. SPEAKER, THE CAUSE OF OUR FINANCIAL CRISIS IS REALLY FEDERAL POLICY, THAT STRONG ARM THAT FACILITATED FINANCIAL INSTITUTIONS TO LEND MONEY TO PEOPLE TO BUY HOMES WHO COULDN'T AFFORD TO KEEP THEM. AND PEOPLE WHO DECIDED TO BUY MORE HOME THAN THEY CAN AFFORD AND NOW EXPECT THEIR NEIGHBORS WHO DIDN'T TO BAIL THEM OUT. MR. SPEAKER, IT'S NOT A MATTER OF DEREGULATION. IT WAS A MATTER OF DUMB REGULATION AND THERE WAS NO DUMBER REGULATION THAN THAT WHICH CREATED THE GOVERNMENT-SPONSORED HE WANT PRIZES AND GAVE THEM AN AFFORDABLE HOUSING MISSION AND ENDED UP BUYING THE LION'S SHARE OF TROUBLED MORTGAGES OR ENSURING -- INSURING THE TROUBLED MORTGAGES IN THE SYSTEM. AGAIN, IT WASN'T DEREGULATION, IT WAS DUMB REGULATION, AND ALL THIS BILL BEFORE US DOES IS PERPETUATE THE SAME DUMB REGULATION THAT GOT US INTO THIS FINANCIAL PICKLE IN THE FIRST PLACE. THE BILL BEFORE US DOESN'T GO TO THE ROOT CAUSE. IT LEAVES THE GOVERNMENT-SPONSORED ENTERPRISES, WHICH REPRESENT AMONG OTHER THINGS THE MOTHER OF ALL TAXPAYER BAILOUTS, $147 BILLION AND COUNTING, $1 TRILLION OF TAXPAYER MONEY, IS LEFT IN PLACE. AN AMENDMENT THE REPUBLICANS OFFERED TO REFORM THE GOVERNMENT-SPONSORED ENTERPRISES, THOSE ARE SOMEHOW OUT OF ORDER. AMENDMENTS THAT WOULD PUT THEM IN BUDGET. NO, THEY ARE SOMEHOW OUT OF ORDER. AN AMENDMENT, THERE IS ONE LITTLE STUDY IN IT. ONE STUDY DEDICATED TO THE GOVERNMENT-SPONSORED END PRICES, AN AMENDMENT THAT WOULD HAVE ENSURED THE -- ENTERPRISES, AN AMENDMENT THAT WOULD HAVE ENSURED TO FIGURE OUT HOW TO MAKE THE TAXPAYER WHOLE, THE DEMOCRATS VOTED THAT DOWN. THEY ARE EVEN SCARED OF A STUDY THAT WOULD TRY TO MAKE THE TAXPAYER WHOLE. INSTEAD, WHAT DOES THIS BILL DO, MR. SPEAKER? IT CREATES A PERMANENT BAILOUT AUTHORITY. THERE IS ONLY ONE REASON TO HAVE A BAILOUT AUTHORITY AND THAT'S FOR BAILOUTS. IF YOU WANT MORE TAXPAYER -FUNDED BAILOUTS, THIS IS THE BILL FOR YOU. TO PARAPHRASE FROM A LINE FROM THE OLD KEVIN COSTNER MOVIE "FIELD OF DREAMS," IF YOU BUILD IT THEY WILL COME. THE FEDERAL GOVERNMENT CAN PURCHASE THE ASSETS OF FAILING FIRMS. THE FEDERAL GOVERNMENT CAN GUARANTEE THE OBLIGATIONS OF FAILING FIRMS. THE FEDERAL GOVERNMENT CAN TAKE A SECURITY INTEREST IN THE ASSETS OF FAILING FIRMS. THIS IS A BAILOUT AUTHORITY. THE BIG WILL GET BIGGER, THE SMALL WILL GET SMALLER, THE TAXPAYER WILL GET POORER. NOW, I KNOW OUR FRIENDS ON THE OTHER SIDE OF THE AISLE CONTINUE TO SAY, WELL, THE TAXPAYERS' NOT GOING TO HAVE TO PAY ANYTHING. WELL, THE CONGRESSIONAL BUDGET OFFICE, HEADED BY A DEMOCRAT, THEY SEEM TO DIFFER. I HAVE A COPY OF THEIR ANALYSIS OF THE BILL DATED JUNE 28, QUOTE, C.B.O. ESTIMATES THAT ENACTING THE LEGISLATION WOULD INCREASE DIRECT SPENDING BY $26.9 BILLION, MOST OF THAT AMOUNT WOULD RESULT FROM PROVISIONS THAT WOULD ESTABLISH A PROGRAM FOR RESOLVING CERTAIN FINANCIAL FIRMS THAT ARE INSOLVENT OR IN DANGER OF BECOMING INSOLVENT. NOW, THEY'RE NOTORIOUS FOR LOW BALLING THESE ESTIMATES BUT EVEN THEY SAY -- EVEN THEY SAY THAT ULTIMATELY TAXPAYERS WILL BE CALLED UPON FOR THIS BAILOUT AUTHORITY. MR. SPEAKER, THE BEST WAY TO END TAXPAYER BAILOUTS OF FAILING FIRMS IS TO END TAXPAYER BAILOUTS OF FAILING FIRMS. AND THAT'S REALLY THE CHOICE PRESENTED BEFORE US. BANKRUPTCY VERSUS BAILOUTS FOR FAILED WALL STREET FIRMS. THE DEMOCRATS OBVIOUSLY CHOOSE BAILOUTS. THINK ABOUT IT, MR. SPEAKER, THIS IS A JOB KILLER, PURE AND SIMPLE, A JOB KILLER. IT CREATES A NEW FEDERAL INSTITUTION TO BAN AND RATION CONSUMER CREDIT. THE CHAMBER OF COMMERCE REPRESENTING MAIN STREET, NOT WALL STREET, ESTIMATES THIS WILL INCREASE CONSUMER INTEREST 1.6% AND FEWER THAN 4.6% JOBS WILL BE CREATED. COMMUNITY BANKERS IN MY DISTRICT , IF I HAVE NO COMPLIANCE COST AND THE FEDERAL GOVERNMENT IS GOING TO LIMIT THE KIND OF CUSTOMIZED CREDITS I CAN OFFER, WE WILL HAD LOSE JOBS IN ANDERSON COUNTY, TEXAS. I HEAR FROM CONSTITUENTS, SMALL BUSINESSMEN, I OWN A SMALL BUSINESS, I'M A DISTRIBUTOR FOR A PROMOTIONAL PRODUCT THAT COMES FROM SUPPLIERS ALL OVER THE COUNTRY. WITHOUT EASY, RELIABLE ACCESS TO THAT CREDIT, I'M OUT OF BUSINESS. MR. SPEAKER, AGAIN, THIS IS A JOB KILLER. I HAVEN'T EVEN TALKED ABOUT THE HUGE NEW EXPANSION OF GOVERNMENT WITHIN THIS BILL.

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  • 05:46:07 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN'S TIME HAS EXPIRED.

  • 05:46:10 PM

    MR. HENSARLING

    THIS SHOULD BE DEFEATED. I YIELD BACK.

  • 05:46:13 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM MASSACHUSETTS.

  • 05:46:15 PM

    MR. FRANK

    I YIELD ONE MINUTE TO THE SPEAKER OF THE HOUSE.

  • 05:46:18 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLELADY IS RECOGNIZED. PELL PELL THANK YOU VERY MUCH, MR. SPEAKER.…

    THE GENTLELADY IS RECOGNIZED. PELL PELL THANK YOU VERY MUCH, MR. SPEAKER. I THANK -- NANCY PELOSI THANK YOU VERY MUCH MR. SPEAKER ARE, MR. SPEAKER --

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  • 05:46:30 PM

    THE SPEAKER

    THANK YOU VERY MUCH, MR. SPEAKER. AS I LISTEN TO THE DEBATE HERE, I CAN'T…

    THANK YOU VERY MUCH, MR. SPEAKER. AS I LISTEN TO THE DEBATE HERE, I CAN'T HELP BUT REMEMBER, AND I HAVE A VIVID MEMORY OF IT, A COUPLE OF YEARS AGO, ALMOST TWO YEARS AGO, SEPTEMBER 18, A THURSDAY AFTERNOON, WE WERE GATHERED IN OUR OFFICE AND HAD JUST SEEN A WEEK AND A HALF PROCEEDING, A WEEK AND A HALF TO TWO WEEKS PRECEDING THAT DAY, SOME UNUSUAL EVENTS THAT RELATED TO LEHMAN BROTHERS, MERRILL LYNCH AND THEN A.I.G. AND THE SAID BAILOUT OF A.I.G. I CALLED THE SECRETARY OF THE TREASURY AND SAID, WE'RE MEETING HERE IN MY OFFICE AND WONDERED IF WE COULD BE HELPFUL IN ANY WAY IN TERMS OF PUBLIC POLICY BECAUSE WHAT WE SEEMED TO SEE COMING OUT FROM THE EXECUTIVE BRANCH IS CHAOS, DIFFERENT RESPONSES TO DIFFERENT CHALLENGES THAT WERE NOT ADDING UP TO US, COULD YOU, MR. SECRETARY, COME TO THE CONGRESS TOMORROW AND GIVE US A REPORT ON WHAT IS HAPPENING? THE SECRETARY SAID, AND I SAID, COULD YOU BE HERE AT 9:00 TOMORROW MORNING TO TELL US WHAT IS HAPPENING TO THE MARKETS? SECRETARY SAID, SECRETARY PAULSON SAID, MADAM SPEAKER, TOMORROW MORNING WILL BE TOO LATE. TOMORROW MORNING WILL BE TOO LATE. WHY, MR. SECRETARY, HAVE YOU NOT NOTIFIED CONGRESS? WHY HAVE YOU NOT CALLED US SOONER? WHY WOULD IT TAKE A CALL FROM ME TO ASK YOU TO REPORT TO US, TO TELL US THAT TOMORROW MORNING WILL BE TOO LATE? WITHOUT GOING INTO HIS RESPONSE, WHICH I'M HAPPY TO DO, BUT IN THE INTEREST OF TIME I WON'T NOW, I THEN CALL THE SECRETARY, I MEAN THE CHAIRMAN OF THE FED, CHAIRMAN BERNANKE, AND ASKED HIM TO JOIN THE SECRETARY OF THE TREASURY AT MY OFFICE LATER THAT DAY. THE MEETING TURNS INTO A MEETING THAT WAS HALF IN SENATE, DEMOCRATS AND REPUBLICANS, GATHERED TOGETHER TO HEAR FROM THE SECRETARY OF THE TREASURY THE CONDITION OF THE MARKETS. THE SECRETARY WHO HAD TOLD US THAT WE COULDN'T EVEN WAIT UNTIL THE NEXT MORNING DESCRIBED A VERY, VERY GRIM SITUATION. THE CHAIRMAN OF THE FED WHO IS AN EXPERT ON THE GREAT DEPRESSION TOLD US THAT THE SITUATION WAS SO GRIM THAT IF WE DID NOT ACT IMMEDIATELY THERE WOULD BE NO ECONOMY BY MONDAY. THIS IS THURSDAY NIGHT. THERE WOULD BE NO ECONOMY BY MONDAY. HOW COULD IT BE? WE, THE GREATEST COUNTRY IN THE WORLD, WITH THE STRONGEST ECONOMY, AND THAT WE NEEDED TO ACT IMMEDIATELY. THE RESPONSE FROM THE BUSH ADMINISTRATION WAS A BAILOUT OF THE BANKS. AND A 24-HOUR, 48-HOUR PERIOD THEY PRODUCED A BILL, $700 BILLION THAT THEY ASKED THE CONGRESS TO PASS TO BAIL OUT THE BANKS. IT WAS NECESSARY TO DO. BECAUSE OF THE RECKLESSNESS OF THE BUSH ADMINISTRATION'S ECONOMIC POLICY, BECAUSE OF THE LACK OF SUPERVISION, DISCIPLINE AND REGULATION, THE RECKLESSNESS ON WALL STREET HAD TAKEN US TO THE BRINK OF A FINANCIAL CRISIS OF SUCH MAGNITUDE THAT THE CHAIRMAN SAID THERE WOULDN'T BE AN ECONOMY BY MONDAY. TOOK US INTO DEEP RECESSION WHERE 8 1/2 MILLION JOBS WERE LOST, THE PEOPLE LOST THEIR JOBS , THEREFORE IN MANY CASES THEIR HEALTH INSURANCE, THEY LOST THEIR PENSIONS, THEY LOST THEIR SAVINGS, THEY HAD TO LIVE OFF SAVINGS AND LOST THEIR INVESTMENTS FOR THEIR CHILDREN'S EDUCATION. BECAUSE OF RECKLESSNESS ON WALL STREET, JOBLESSNESS WAS RAMPANT ON MAIN STREET. ONE OF THE REASONS WAS THERE WAS NO CREDIT, IT'S INTERESTING TO HEAR MY COLLEAGUES TALK ABOUT THE IMPORTANCE OF CREDIT TO MAIN STREET, BUT NOT ONE OF THEM VOTED FOR THE CREDIT, THE SMALL BUSINESS CREDIT BILL THAT PASSED IN THIS CONGRESS ABOUT A WEEK AGO. BUT IN ANY EVENT, JOBLESSNESS, LACK OF CREDIT, SUPPRESSING THE ENTREPRENEURIAL SPIRIT OF THE UNITED STATES OF AMERICA, BECAUSE THERE WERE SOME, NOT ALL, BUT SOME ON WALL STREET WHO DECIDED IT WAS OK TO PRIVATIZE THE GAME AS LONG AS THEY WERE MAKING MONEY AND NATIONALIZE THE RISK, SEND THE BILL TO THE TAXPAYER. THAT'S WHY WE ARE HERE TODAY, TO MAKE SURE THAT NEVER HAPPENS AGAIN, TO SAY TO THEM THAT THE PARTY IS NOT OVER, AND IT'S INTERESTING TO NOTE THAT IN THAT MESSAGE NOT ONE REPUBLICAN PARTICIPATED WHEN THIS BILL CAME TO THE FLOOR ORIGINALLY. AND THAT WAS THE END OF LAST YEAR. YEARS OF ALLOWING WALL STREET TO DO ANYTHING IT WANTED -- BEYOND LASSY FAIR, TO BE OVERLEVERAGED, NO TRANSPARENCY, NO ACCOUNTABILITY, PRODUCE THE MOST SEVERE FINANCIAL CRISIS AND ECONOMIC DOWNTURN SINCE THE GREAT DEPRESSION AND THE AMERICAN PEOPLE PAID THE PRICE. AGAIN, EIGHT MILLION JOBS, NEARLY $17 TRILLION IN NET WORTH DISAPPEARED, A RECORD NUMBER OF FORECLOSURES RAVAGED OUR COMMUNITIES AND, AGAIN, CREDIT DISAPPEARED FROM SMALL BUSINESS, SMALL BUSINESSES. THIS ALSO HAD A TREMENDOUS IMPACT ON CONSTRUCTION IN OUR COUNTRY BECAUSE OF THE LACK OF LOANS. TODAY I RISE WITH THE CLEAR MESSAGE THAT THE PARTY IS OVER, NO LONGER AGAIN WILL RECKLESSNESS ON WALL STREET CAUSE JOBLESSNESS ON MAIN STREET. NO LONGER WILL THE RISKY BEHAVIOR OF THE FEW THREATEN THE FINANCIAL STABILITY OF OUR FAMILIES, OUR BUSINESSES AND OUR ECONOMY AS A WHOLE. THE WALL STREET REFORM AND CONSUMER PROTECTION ACT HAS BEEN APPROPRIATELY NAMED FOR CHAIRMAN DODD AND CHAIRMAN FRANK AND I THANK THEM FOR THEIR LEADERSHIP. BRINGING THIS LEGISLATION BEFORE THE CONGRESS AND DOING SO AND BRINGING THIS LEGISLATION BEFORE THE CONGRESS, CHAIRMAN FRANK AND CHAIRMAN DODD ARE MAKING HISTORY . FOR DECADES TO COME THEIR NAMES WILL BE IDENTIFIED WITH THE STARK REFORMS TO PROTECT THE ECONOMY OF OUR COUNTRY AND THE FINANCIAL AND ECONOMIC SECURITY OF THE AMERICAN PEOPLE. I ALSO WANT TO ACKNOWLEDGE CHAIRMAN COLLIN PETERSON WHO CAREFULLY NEGOTIATED SOME OF THE MOST CONTENTION PROVISIONS OF THIS LEGISLATION, WORKING WITH CHAIRWOMAN LINCOLN ON THE SENATE SIDE. ALL OF THE DEMOCRATIC CONFEREES, I THANK YOU FOR YOUR COMMITMENT, FOR MAKING THE STRONGEST BILL POSSIBLE AND FOR ALWAYS PUTTING AMERICA'S CONSUMERS FIRST. TODAY WE WILL FOLLOW THE LEAD OF THOSE ON THE COMMITTEE AND ACT IN HISTORIC LEGISLATION TO BRING TRANSPARENCY TO OUR FINANCIAL MARKETS, LOWERING THE LEVERAGE THAT GOT US INTO THIS TROUBLE IN THE FIRST PLACE, BRINGS TOUGH OVERSIGHT TO WALL STREET AND BRINGS CONSUMER PROTECTIONS TO MAIN STREET AND TO THE AMERICAN PEOPLE. BY VOTING YES, WE WILL PASS THE TOUGHEST SET OF WALL STREET REFORMS IN GENERATIONS. THIS COMPREHENSIVE AND FAR-REACHING LEGISLATION INJECTS TRANSPARENCY AND ACCOUNTABILITY AS IT LOWERS LEVERAGE INTO THE FINANCIAL SYSTEM RUN AMOK UNDER THE REPUBLICAN'S -- REPUBLICANS' RECKLESS ECONOMIC POLICIES. THIS LEGISLATION MAKES COMMONSENSE REFORMS THAT END THE ERA OF TAXPAYER BAILOUTS AND TOO BILL TO FACE D FINANCIAL FIRMS -- TOO BIG TO FAIL D FINANCIAL FIRMS. IT ESTABLISHES A NEW INDEPENDENT AGENT SOLELY DEDICATED TO PROTECTING AMERICANS FROM ANTICONSUMER ABUSE. THE BILL CLOSES THE DOOR ON PREDATORY LENDING AND REGULATES PAYDAY LENDERS, IT INCLUDES PROVISIONS TO ALLOW US TO CONDUCT OVERSIGHT OVER THE FED, ESTABLISHES TOUGH RULES FOR RISKY FINANCIAL PRACTICES, ENHANCES OVERSIGHT FOR CREDIT RATING AGENCIES AND REINS IN EGREGIOUS C.E.O. BONUSES BY GIVING SHAREHOLDERS A SAY ON EXECUTIVE PAY. IT SHEDS LIGHT ON THE DARKEST CORNERS OF THE DERIVATIVES MARKET AND IS FULLY PAID FOR AND HOW IS IT PAID FOR? BY SHUTTING DOWN THE BUSH ERA BAILOUT FUND KNOWN AS THE TARP AND USEING THE SAVINGS FOR FINANCIAL -- USING THE SAVINGS FOR FINANCIAL REFORM. EACH MEMBER OF THIS BODY FACES A CHOICE, WE'VE HAD THESE CHOICES BEFORE, DEMOCRATS WANTED TO REIN IN HEALTH INSURANCE COMPANIES, THE REPUBLICANS SAID NO. DEMOCRATS WANT TO REIN IN BIG OIL, THE REPUBLICANS SAID NO, DEMOCRATS WANT TO REIN IN THE RECKLESSNESS OF SOME ON WALL STREET, THE REPUBLICANS ARE SAYING NO. EACH MEMBER OF THIS BODY WILL HAVE A CHOICE, WE CAN PLACE OUR BET ON THE SIDE OF THOSE ON WALL STREET WHO HAVE GAMBLED WITH OUR SAVINGS AND LOST, OR WE CAN STAND WITH MAIN STREET AND THE MIDDLE CLASS. WILL WE PRESERVE A STATUS QUO AND IF THIS BILL WERE TO FAIL WE WOULD BE PRESERVING A STATUS QUO THAT HAS LEFT OUR ECONOMY IN A WRETCHED STATE? OR WILL WE GUARANTEE THE AMERICAN PEOPLE STRONG REFORMS AND EFFECTIVE VIGILANCE TO PREVENT ANOTHER FINANCIAL CRISIS? HOW CAN WE POSSIBLY RESIST THE CHANGE THAT MUST HAPPEN? HOW CAN WE FORGET THAT THE CHAIRMAN OF THE FED SAID IF WE DO NOT ACT WE WILL NOT HAVE AN ECONOMY BY MONDAY? FOUR DAYS FROM WHEN WE WERE HAVING THE CONVERSATION. HOW CAN WE LET THE STATUS QUO THAT CREATED THAT CONDITION TO CONTINUE? I URGE MY COLLEAGUES TO CHOOSE ON THE SIDE OF MAIN STREET, I URGE YOU TO BUILD A FUTURE OF STABILITY AND SECURITY FOR AMERICA'S FAMILIES, CONSUMERS AND SMALL BUSINESSES. I URGE YOU TO VOTE AYE ON THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT. THANK YOU, MR. SPEAKER.

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  • 05:58:16 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM ALABAMA.

  • 05:58:19 PM

    MR. BACHUS

    SPEAKER, AT THIS TIME I HAVE NO OTHER SPEAKERS AND WOULD LIKE TO RESERVE…

    SPEAKER, AT THIS TIME I HAVE NO OTHER SPEAKERS AND WOULD LIKE TO RESERVE THE BALANCE OF MY TIME UNTIL THE GENTLEMAN FROM MASSACHUSETTS HAS NO FURTHER SPEAKERS AND IS PREPARED TO CLOSE. THANK YOU, MR. CHAIRMAN. I SURRENDER -- YIELD MYSELF SUCH TIME AS I MAY CONSUME.

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  • 05:58:38 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS -- THE GENTLEMAN IS RECOGNIZED.

  • 05:58:55 PM

    MR. BACHUS

    HEAR TWO PEOPLE THAT I KNOW ARE LEADERS OF THE MAJORITY AND THEY EACH, MR.…

    HEAR TWO PEOPLE THAT I KNOW ARE LEADERS OF THE MAJORITY AND THEY EACH, MR. HOYER AND MS. PELOSI, AND I KNOW THEY APPEAR TO BE SINCERE WHEN THEY SAY THAT NEVER AGAIN WILL THE AMERICAN PEOPLE BE ASKED TO BAIL OUT THOSE ON WALL STREET WHO MADE RECKLESS DEALS. NO LONGER WILL THE TAXPAYER BE PUT ON THE HOOK. BUT THERE'S AN INCONVENIENT TRUTH HERE FOR MY DEMOCRATIC FRIENDS AND THAT'S THE CLEAR WORDING OF THE BILL. I MEAN, I THINK THE ELEMENTARY THAT BEFORE WE PASS LEGISLATION THAT WE READ IT. AND I WOULD NOT REPEAT THIS EXCEPT MY COLLEAGUES IN THE MAJORITY CONTINUE TO SAY TIME AFTER TIME AFTER TIME THAT THERE'S NO BAILOUT. AND THERE IS. THERE IS AN A.I.G.-STYLE BAILOUT. NOW, A.I.G. CANNOT BE SAVED UNDER THIS LEGISLATION, IN FACT, WE CHANGED -- CHANGED THAT AND WE BOTH INSISTED IN A BIPARTISAN WAY THAT A.I.G.'S OF TODAY WILL NOT SURVIVE AND THEY WILL NOT SURVIVE UNDER THIS BILL. A.I.G., UNDER THIS BILL IN A BIPARTISAN WAY, WE AGREED, THEY FAIL. WE SAY WE PUT THE A.I.G.'S IN BANKRUPTCY AND THEY'RE RESOLVED THAT WAY MY DEMOCRATIC COLLEAGUES SAY THAT A.I.G. WILL BE PUT -- OR AN A.I.G.-LIKE FAILING COMPANY WILL BE PUT IN AN FDIC SUPERVISED RESOLUTION AUTHORITY. MR. FRANK IS CORRECT WHEN HE SAYS, WAIT A MINUTE. WAIT A MINUTE THIS ONLY OCCURS WHEN THESE FIRMS ARE BEING PLACED IN LIQUIDATION. THEY HAVE TO -- THEY'RE BEING LIQUIDATED. WELL, NOW, I AGREE WITH HIM. NOW, NOW, IS THERE NO BAILOUT OF ANYONE ON WALL STREET? WELL, OF COURSE THERE IS. THERE'S A VERY EXPENSIVE BAILOUT. THE DODD-FRANK BILL PROMOTES IN SECTION 204-D 1,-6. GO WRITE THIS DOWN AND GO AND READ IT. IT SAYS THE FDIC CAN LEND TO A FAILING FIRM, TWO, PURCHASE THE ASSET OFFINGS A FAILING FIRM, THREE, GUARANTEE THE OBLIGATIONS OF A FAILING FIRM, FOUR, TAKE A SECURITY INTEREST IN THE ASSETS OF A FAILING FIRM, FIVE, AND/OR SELL THE ASSETS THE FDIC HAS ACQUIRED FROM A FAILING FIRM. WHY WOULD YOU LEND A FAILING FIRM MONEY SNI KEEP ASKING THAT. AND THE SECOND THING IS, WHERE IS THE BAILOUT FUND IN THIS BILL? THERE IS NO BAILOUT FUND IN THIS BILL. THERE'S $19 BILLION THAT'S ASSESSED TOWARD COMMUNITY BANKS, FDIC ASSESSMENTS THAT ARE RAISED ABOUT $9 BILLION. AND THERE'S THE TARP PROGRAM THAT'S ENDED THREE MONTHS SOONER THAN IT SHOULD BE, WE'RE TOLD SOMEHOW THAT BECAUSE WE'RE NOT GOING TO START ANY NEW PROGRAMS IN THAT THREE MONTHS, SOMEHOW, HOCUS POCUS, SAVES US ABOUT $10 BILLION AND IT IS HOCUS POCUS BECAUSE YOU CANNOT SPEND THE MONEY ON THE NEW PROGRAMS IN THIS BILL AND THEN TURN AROUND AND SUDDENLY PULL OUT OF THE HAT THE SAME MONEY AND GIVE IT BACK TO THE TAXPAYER. IT DOESN'T HAPPEN. NOW, ALSO, SPEAKER PELOSI MAY FORGET THAT THE -- ONE OF THE FIRST SIGNS OF TROUBLE WAS NOT IN SEPTEMBER OF 2008, BUT IT WAS IN JULY OF 2008 WHEN WE SUDDENLY REALIZED FANNIE AND FREDDIE WERE INSOLVENT AND MANY OF OUR BANKS, ALMOST ALL OF OUR BANKS, HAD MAJOR POSITIONS IN THEIR SHARES. WHY DID THEY HAVE MAJOR POSITIONS IN THEIR SHARES OF FANNIE AND FREDDIE? BECAUSE THE GOVERNMENT SAID IF YOU INVEST IN THAT, WE'LL GIVE YOU A SPECIAL RATING. WE'LL COUNT IT THE SAME AS TREASURIES. AND IT DISAPPEARED OVERNIGHT. THAT WAS IN JULY, NOT IN SEPTEMBER. BANKS TOOK A HIT ON THAT. AND DEMOCRATS SAID AT THAT TIME, AND THE BUSH ADMINISTRATION, AND THE BUSH ADMINISTRATION, WE'VE GOT -- AND SECRETARY PAULSON, WE'VE GOT TO GIVE $400 BILLION TO FANNIE AND FREDDIE BECAUSE IN 1999, UNDER THE CLINTON ADMINISTRATION, YOU SAID LET'S LOAN TO PEOPLE WITH POOR CREDIT, LOAN TO PEOPLE WITHOUT MUCH OF A DOWN PAYMENT AND REPUBLICANS AND DEMOCRATS BOTH RUSH TO USE THIS INTO A SOURCE OF CHEAP MONEY AND IT FAILED. AND REPUBLICANS SAID, AND STILL SAY, AND SAY AS THIS BILL IS ON THE FLOOR, WAIT A MINUTE. YOU'RE GOING TO REFORM THESE COMPANIES BEFORE YOU POUR TAXPAYER DOLLARS IN THEM. AND EVERY REPUBLICAN IN THE HOUSE VOTED NO, WE WILL NOT GIVE THEM TAXPAYER MONEY UNTIL THEY'RE REFORMED AND THERE'S A PLAN TO LIQUIDATE THEM. THE CHAIRMAN SAYS WE NEED TO LIQUIDATE THEM. WHAT ABOUT FANNIE AND FREDDIE? WHY AREN'T WE LIQUIDATING THEM? AND WE'RE NOT. THE BIGGEST BAILOUT WE'VE HAD IS OF FANNIE AND FREDDIE WHO DID WE BAIL OUT? DID WE BAIL OUT THE BANKS THAT HAD SHARES? NO WE BAILED OUT THE CHINESE BONDHOLDERS AND SEC ARE RETEAR PAULSEN SAID, THE CHINESE MAY NOT LEND US MONEY. WE'LL SURE NEED THE CHINESE TO LEND US MONEY IF THIS BILL PASSES BECAUSE THERE'S A DERIVATIVES SECTION IN HERE, NOW, WE HAVE A LETTER THAT MR. PETERSON -- CHAIRMAN PETERSON PRODUCED THAT SAYS, THIS DOESN'T AFFECT END USERS, BUT IT'S A LETTER. THE TRUTH IS, WE WERE IN CONFERENCE LAST WEEK WHEN WE FOUGHT THIS OUT. AND WE VOTED FOR AN EXEMPTION FOR END USERS AND THE DEMOCRATS VOTED AGAINST ONE. AND WE'VE BEEN TOLD IN THE PAST 48 HOURS, 72 HOURS, BY GROUPS REICH THE INTERNATIONAL SWAP AND DERIVATIVES ASSOCIATION THAT THIS BILL WILL COST BUSINESSES $1 TRILLION. $1 TRILLION. AND THAT'S CAPITAL AND REQUIREMENTS TO RAISE CASH AND IT DOESN'T MATTER WHETHER THEY TRADE IN DERIVATIVES OR SOMEONE DOES IT FOR THEM, SOMEONE HAS TO POST THAT CAPITAL AND THAT GOES THROUGH AND IS AN EXPENSE FOR THAT COMMERCIAL COMPANY. IF YOU TAKE $1 TRILLION OUT OF THE ECONOMY SUDDENLY, SURE, YOU ARE GOING TO HAVE A CRISIS LIKE THIS BILL ANTICIPATES. AND THIS BILL SAYS, IF THERE'S SUCH A CRISIS, THAT -- CHAIRMAN FRANK KEEPS SAYING A RECEIVER IS APPOINTED, A RECEIVER IS APPOINTED. THAT'S RIGHT. AND THAT RECEIVER AFTER 30 DAYS IS AUTHORIZED TO BORROW 90% OF THE FAIR VALUE OF THE FAILING COMPANIES. CHAIRMAN FRANK THAT IS $8.5 TRILLION. THAT MONEY IS NOT IN THIS BILL. THERE'S NOT EVEN $10 BILLION IN THIS BILL FOR THIS TYPE OF RESOLUTION. YOU HAVE TO GO TO THE BANKS OR YOU HAVE TO GO TO THE FINANCIAL COMPANIES. ARE YOU GOING TO GET IT AFTER THE FACT? IF THEY'RE FAILING, UH HOWE ARE THEY GOING TO PAY IT I WANT TO CLOSE WITH A POSITIVE AND A WAY THAT THE 320 MEMBERS OF THIS HOUSE WHO TOOK A STAND CAN TAKE A STAND IN JUST A FEW MINUTES. COLLIN PETERSON, CHAIRMAN PETERSON, SAID THERE'S NO REQUIREMENTS THAT END USERS POST MARGINS. AND WE ALL AGREE THAT IF THEY HAD TO, IT WOULD BE $1 TRILLION OUT OF THESE COMPANIES AND $1 TRILLION, ACCORDING TO JOE BIDEN, WILL PRODUCE 700,000 TO 1347B9 MILLION JOBS AND WILL %- PRODUCE AS MANY AS 200,000 JOBS A MONTH. SO THAT'S THE HIT TO THIS ECONOMY IF THIS DOES A I PLY TO END USERS SYSTEM OF WE HAVE A MOTION TO RECOMMIT. FIRST IT SAYS THERE'S AN EXEMPTION ON END USERS. NOW, YOU HAVE SAID THAT THERE IS ONE, THUFF LETTER FROM CHAIRMAN DODD AND BLANCH LINCOLN SAYING THERE IS ONE. THAT'S HALF OF IT. YOU'D VOTE FOR THAT BECAUSE YOU'RE SAYING IT'S IN THERE. SECONDLY, THERE'S THE FEDERAL AUDIT. AND WE NEED, THE TAXPAYERS AND VOTERS ARE DEMANDING, AND MR. HOYER, TRANSPARENCY AT THE FED. THEY'RE SPENDING TRILLIONS OF DOLLARS, COMMITTING TRILLIONS OF DOLLARS LET'S HAVE THIS AUDIT OF THE FED.

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  • 06:07:55 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM MASSACHUSETTS.

  • 06:07:58 PM

    MR. FRANK

    MYSELF AS MUCH TIME AS I MAY CONSUME.

  • 06:08:03 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN HAS 7 3/4 MINUTES.

  • 06:08:07 PM

    MR. FRANK

    SPEAKER, TO BEGIN, I WANT TO ADDRESS THE MEMBERS WHO ARE CONCERNED THAT…

    SPEAKER, TO BEGIN, I WANT TO ADDRESS THE MEMBERS WHO ARE CONCERNED THAT THE INTERCHANGE AMENDMENTS WILL UNDULY AFFECT SMALLER FINANCIAL INSTITUTIONS. THE INTERCHANGE AMENDMENT WASN'T PART OF THE BILL HERE. IT WAS PUT IN BY A HEAVY VOTE IN THE SENATE AND THE CONFERENCE PROCESS MEANS A COMPROMISE THERE IS IN THAT AMENDMENT, AS SENATOR DURBIN PUT IT IN, AN EXEMPTION FOR ANY FEE SET BIG THE FEDERAL RESERVE FOR SMALL INSTITUTIONS. THEY, THEN, FEARED THEY WOULD BE DISCRIMINATED AGAINST SO WE AMENDED THE AMENDMENT. WITH THE PARTICIPATION OF THE SENATE, OBVIOUSLY. AND THERE WERE THREE PROVISIONS THAT PROTECT SMALLER INSTITUTIONS, COMMUNITY BANKS, AND CREDIT UNIONS. THERE'S AN ANTI-DISCRIMINATION PROVISION THAT SAYS MERCHANTS AND RETAILERS CANNOT REFUSE TO ACCEPT A DEBIT CARD ON THE BASIS OF WHO ISSUED IT, AND THE FEDERAL RESERVE, THE INSTRUCTIONS OF THE FEDERAL RESERVE INCLUDE MAKING THAT ANTI-DISCRIMINATION WORK. WE CAN GUARANTEE PEOPLE WE WILL DO IT. AS THE AMENDMENT PASSED THE SENATE, IT SAID THE SMALL INSTITUTIONS WERE EXEMPT BUT THEY MIGHT HAVE SUFFERED DISCRIMINATION. THEY ARE PROTECTED IN THIS BILL. THAT'S WHY THE SMALL BUSINESSES IN ILLINOIS HAVE ENDORSED THIS BILL. I WANT TO TALK BRIEFLY ABOUT WHAT'S HAPPENED WITH THE TARP. WE HAD THE LAST TWO REPUBLICAN SPEAKERS, ONE HAILED THE C.B.O. IS AN UNASSAILABLE AUTHORITY, THEN THE OTHER SPEAKER SAID IT'S HOCUS POCUS. IT IS APPARENTLY UNASSAILABLE HOCUS POCUS, WHICH I DON'T WANT TO GET INTO AT THIS TIME. THERE'S TWO PARTS OF TARP. THE BILL DOES SAY REPAYMENTS GO TO DEBT RELIEF. THERE HAVE BEEN SUBSTANTIAL REPAYMENTS FROM THE BANKS, THOSE GO TO DEBT RELIEF AND AREN'T AFFECTED BY THE AMENDMENT. WHAT THE AMENDMENT SAYS IS THERE'S STILL TENS OF BILLIONS OF DOLLARS OF TARP MONEY THAT COULD BE COMMITTED AND THE AMENDMENT WE ADOPTED IN CONFERENCE SAYS, NO MORE. THEY CANNOT DO THAT. THAT'S WHERE THE SAVINGS COMES SYSTEM OF THE SAVINGS COMES FROM NOT ALLOWING ADDITIONAL TARP SPENDING. YOU KNOW ABOUT THE REPUBLICANS WITH REGARD TO CUTTING OFF TARP, THEY WERE FOR IT BEFORE THEY WERE AGAINST IT. THEY USED TO BE AGAINST IT. I PREFER WHAT WE HAD IN OUR PROVISION, TO ASSESS THE GOLDMAN SACHS, J.P. MORGAN CHASE, MR. PAULSEN'S HEDGE FUND, THAT'S THE WAY WE WANTED TO DO IT, WE COULDN'T GET IT THROUGH REPUBLICANS IN THE SENATE. FIRST REPUBLICANS IN THE SENATE SAID DON'T DO IT, OTHER REPUBLICANS THEN SAY WHY DID YOU DO IT? I'LL MAKE A PLEDGE RIGHT NOW, THE ECONOMY I CHAIR WILL BRING OUT A BILL THAT HAS AN ASSESSMENT ON THE FINANCIAL INSTITUTIONS ABOVE $50 BILLION SO MEMBERS WHO MISS IT WILL GET A CHANCE TO SHOW US THEY CARE. WE'LL BRING IT THERE AND HAVE THAT COME FORWARD. I DON'T WANT TO TALK A LITTLE BIT ABOUT SUBPRIME LENDING AND THE PARTIAL HISTORY WE GET. THE FACT IS, THE REPUBLICAN PARTY CONTROLLED THE HOUSE AND THE SENATE FROM 1995 THROUGH 2006. DURING THAT PERIOD THEY SHOWED REMARKABLE RESTRAINT. AS EAGER AS THEY WERE TO DESTROY SUBPRIME LENDING, AS PASSIONATE AS THEY WERE TO REFORM FANNIE MAE AND FREDDIE MAC THEY DIDN'T DO IT. THAT'S A DEGREE OF ABSTINENCE UNPARALLELED IN POLITICAL HISTORY. THEY WERE IN CHARGE. WHOSE FAULT WAS IT? IT WAS MY FAULT. AS PEOPLE SAID BEFORE, PEOPLE HAVE ACCUSED ME OF BEING THE SECRET MANIPULATOR OF TOM DELAY. IF THAT WERE THE CASE, YOU WOULDN'T HAVE CUT TAXES FOR RICH PEOPLE, WOULDN'T HAVE GONE TO WAR IN IRAQ AND IF HE WAS LISTENING TO ME, HE WOULDN'T HAVE GONE ON THE DANCE SHOW. I DON'T TAKE RESPONSIBILITY FOR MR. DELAY. THE GENTLEMAN FROM CALIFORNIA SAID HE TRIED IN 2005. HE HAD AN AMENDMENT TO THE BILL OF MR. OXLEY. MR. OXLEY, THE REPUBLICAN CHAIRMAN OF THE COMMITTEE, BROUGHT UP BILL. IF NO DEMOCRAT HAD VOTED EITHER IN COMMITTEE OR ON THE FLOOR OF THE HOUSE ON THAT BILL, IT WOULD HAVE WORKED EXACT -- IT WOULD HAVE LOOKED EXACTLY AS IT LOOKED. IT WAS A MAJORITY OF REPUBLICANS. THE GENTLEMAN FROM CALIFORNIA, MR. ROYCE, WASN'T ABLE TO PERSUADE A THIRD OF HIS FELLOW REPUBLICANS TO VOTE WITH HIM. I'M SORRY HE WASN'T ABLE TO DO BETTER. I'M NOT AN EXPERT IN HOW TO GET REPUBLICANS TO VOTE WITH HIM. I CAN'T OFFER HIM ANY HELP. MAYBE HE CAN FIND SOMEBODY TO TEACH HIM HOW TO GET BETTER VOTES AMONG REPUBLICANS. BY THE WAY, I DID IN 2003 SAY I DIDN'T SEE A PROBLEM WITH FANNIE MAE AND FREDDIE MAC. IN 2004, PRESIDENT BUSH SAID TO FANNIE MAE AND FREDDIE MAC, I ORDER YOU, HE HAD THE POWER AND USED IT, HE USED IT TO ORDER THEM TO INCREASE SUBPRIME LENDING PURCHASES. HE WASN'T ALONE IN THAT. JUNE 22 ARTICLE OF "THE WALL STREET JOURNAL" QUOTES A MEMBER TO HAVE CONGRESS IN 2005 IN A HEARING SAYING WORK THE ADVENT OF SUBPRIME LENDING COUNTLESS FAMILIES HAVE NOW HAD THEIR FIRST OPPORTUNITY TO BUY A HOME OR PERHAPS BE GIVEN A SECOND CHANCE. FAIL ONCE, GET IT AGAIN. THE AMERICAN DREAM SHOULD NEVER BE LIMITED TO THE WELL OFF OR THOSE CONSUMERS FORTUNATE ENOUGH TO HAVE ACCESS TO PRIME RATE LOANS. THAT'S THE GENTLEMAN FROM TEXAS, MR. HENSARLING. MR. BUSH -- PRESIDENT BUSH WASN'T ALONE IN THAT. THEN IN 2007, THE DEMOCRAT TAX POWER AND WE PASSED A BILL FOR THE FIRST TIME IN THIS HOUSE TO REGULATE FANNIE MAE AND FRED TEE P.A.C. SECRETARY PAULSEN SAID IT DIDN'T GO AS FAR AS HE'D LIKE BUT IT WAS A GOOD BILL. FANNIE MAE AND FREDDIE MAC WERE PUT INTO CONSERVATORSHIP. THEY WERE THE FIRST MAJOR INSTITUTIONS TO BE REFORMED. WE ALSO IN THIS HOUSE PASSED A BILL TO CONTROL SUBPRIME LENDING. THE GENTLEMAN FROM ALABAMA HAD BEEN THE CHAIRMAN OF THE SUBCOMMITTEE WITH JURISDICTION OVER SUBPRIME LENDING IN THOSE REPUBLICAN YEARS AND NEVER PRODUCED A BILL. HE SAID IT WAS OUR FAULT BECAUSE HE WROTE A LETTER, MYSELF, MR. MILLER OF NORTH CAROLINA AND WE DIDN'T TELL HIM WE'D VOTE FOR IM. I WISH I COULD HAVE IT BACK. I WISH I KNEW I WAS SECRETELY IN CHARGE OF THE REPUBLICAN AGENDA. I WISH I KNEW THEY WOULDN'T DO ANYTHING UNLESS I SAID THEY COULD BUT NOBODY TOLD ME. WHERE WERE THEY WHEN I NEEDED THOME TO BE MORE POWERFUL. THE REPUBLICANS NEVER CHECKED WITH ME AS TO WHAT THEY WERE SUPPOSED TO DO. IT'S 2007, WE DID PASS SUCH A BILL TO RESTRICT SUBPRIME LENDING AND THE WALL STREET JOURNAL ATTACKED US. THEY SAID IT WAS A SARBANES-OXLEY FOR HOUSING. SARBANES-OXLEY IS ABOUT AS NASTY AS YOU CAN GET FOR "THE WALL STREET JOURNAL" AND HERE'S WHAT THEY SAID ABOUT SUBPRIME LENDING IN 2007. MAYBE THAT'S WHAT GEORGE BUSH EXPANDED SUBPRIME LENDING. THE "WALL STREET JOURNAL" SAID IN 2007, COMPLAINING ABOUT OUR WILL, FOR ALL THE DEMONIZING ABOUT 80% OF EVEN SUBPRIME LOANS ARE BEING PAID ON TIME AND ANOTHER 10% ONLY 30 DAYS BEHIND. MOST NEW HOMEOWNERS ARE LOW INCOME FAMILIES WHO WOULD OTHERWISE NOT HAVE QUALIFIED FOR A MORTGAGE. IN THE NAME OF CONSUMER PROTECTION, MR. FRANK'S LEGISLATION WILL ENSURE THAT FAR FEWER OF THESE WILL BE ISSUED IN THE FUTURE. UNFORTUNATELY A COUPLE OF YEARS TOO LATE. WE WOULD LIMIT THEM. I ALWAYS WANTED TO DO AFFORDABLE RENTAL HOUSING WHICH THAT ADMINISTRATION OPPOSED. THIS BILL HAS THE BIGGEST PACKAGE OF INCREASED CONSUME BROTHER TEXTS IN THE HISTORY OF AMERICA AND IT DOESN'T BAN PRODUCTS OR RATION PRODUCTS, IT SAYS THERE HAS TO BE FAIR DEALING THIS BILL SAYS IF A FIDUCIARY RESPONSIBILITY OF PEOPLE SELLING PRODUCTS TO INDIVIDUAL INVESTORS FOR THE FIRST TIME, GIVES THE S.E.C. THE POWER TO DO IT. REFORMS -- THIS BILL REFORMS THE SYSTEM, I HOPE IT IS ENACTED. .

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  • 06:16:08 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN'S TIME HAS EXPIRED. PURSUANT TO HOUSE RESOLUTION 1490, THE…

    THE GENTLEMAN'S TIME HAS EXPIRED. PURSUANT TO HOUSE RESOLUTION 1490, THE PREVIOUS QUESTION IS ORDERED. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM ALABAMA SEEK RECOGNITION?

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  • 06:16:18 PM

    MR. BACHUS

    I HAVE A MOTION TO RECOMMIT.

  • 06:16:21 PM

    THE SPEAKER PRO TEMPORE

    IS THE GENTLEMAN OPPOSED TO THE CONFERENCE REPORT?

  • 06:16:24 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN QUALIFIES. CLERK WILL REPORT THE MOTION.

  • 06:16:27 PM

    THE CLERK

    BALK CUSS OF ALABAMA MOVES TO RECOMMIT THE BILL TO THE CONFERENCE ON THE…

    BALK CUSS OF ALABAMA MOVES TO RECOMMIT THE BILL TO THE CONFERENCE ON THE DISAGREEING TO THE BILL H.R. 4173 AND INSTRUCT THE MANAGERS AS FOLLOWS. ONE, TO DISAGREE SECTION 1109 RELATING TO THE G.A.O. AUDIT OF THE FEDERAL RESERVE FACILITIES OF THE CONFERENCE REPORT. TWO, TO INSIST ON SECTION 1254-C RELATING TO AUDITS OF THE FEDERAL RESERVE. OTHER THAN PARAGRAPH ONE OF SECTION 1254-C OF THE HOUSE BILL. THREE, TO INSIST OF THE COMMODITY EXCHANGE ACT RELATING TO INITIAL AND VARIATION MARGIN AS PROPOSED TO BE ADDED BY SECTION 731 OF THE SENATE AMENDMENT. FOUR, TO INSIST ON SECTION 15-F-E-8 RELATING TO INITIAL AND VARIATION MARGIN AS PROPOSED TO BE ADDED BY SECTION 764 OF THE SENATE AMENDMENT.

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  • 06:17:28 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION. THE PREVIOUS QUESTION IS ORDERED ON THE MOTION. THE…

    WITHOUT OBJECTION. THE PREVIOUS QUESTION IS ORDERED ON THE MOTION. THE QUESTION IS ON ADOPTION OF THE MOTION TO RECOMMIT. THOSE IN FAVOR SAY AYE. THOSE OPPOSED, NO. IN THE OPINION OF THE CHAIR, THE NOS HAVE IT.

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  • 06:17:42 PM

    MR. BACHUS

    CUSS POKE CUSS, I DEMAND THE -- HOCUS, POCUS, I DEMAND THE YEAS AND NAYS

  • 06:17:56 PM

    MR. FRANK

    PARLIAMENTARY INQUIRY, BUT THERE WAS A -- IS IT THE CASE THAT THERE IS NO…

    PARLIAMENTARY INQUIRY, BUT THERE WAS A -- IS IT THE CASE THAT THERE IS NO DEBATE ON THE MOTION TO RECOMMIT OR CONFERENCE REPORT?

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  • 06:18:06 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN HAS THE RIGHT FOR NO DEBATE. THE YEAS AND NAYS ARE…

    THE GENTLEMAN HAS THE RIGHT FOR NO DEBATE. THE YEAS AND NAYS ARE REQUESTED. THOSE FAVORING A VOTE BY YEAS AND NAYS WILL RISE. A SUFFICIENT NUMBER HAVING ARISEN. YEAS AND NAYS ARE ORDERED. MEMBERS WILL RECORD THEIR VOTES BY ELECTRONIC DEVICE. THIS IS A 15-MINUTE VOTE. PURSUANT TO CLAUSE 8 AND CLAUSE 9, THIS 15-MINUTE VOTE WILL BE FOLLOWED BY FIVE-MINUTE VOTE ON ADOPTION OF THE CONFERENCE REPORT IF ORDERED AND MOTION TO SUSPEND THE RULES ON H.R. 4445, IF ORDERED. THIS IS A 15-MINUTE VOTE. [CAPTIONING MADE POSSIBLE BY THE NATIONAL CAPTIONING INSTITUTE, INC., IN COOPERATION WITH THE UNITED STATES HOUSE OF REPRESENTATIVES. ANY USE OF THE CLOSED-CAPTIONED COVERAGE OF THE HOUSE PROCEEDINGS FOR POLITICAL OR COMMERCIAL PURPOSES IS EXPRESSLY PROHIBITED BY THE U.S. HOUSE OF REPRESENTATIVES.]

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  • 06:45:53 PM

    THE SPEAKER PRO TEMPORE

  • 06:46:09 PM

    MR. FRANK

    MR. SPEAKER, I ASK FOR THE YEAS AND NAYS. THE YEAS AND NAYS ARE REQUESTED.…

    MR. SPEAKER, I ASK FOR THE YEAS AND NAYS. THE YEAS AND NAYS ARE REQUESTED. THOSE FAVORING A VOTE BY THE YEAS AND NAYS WILL RISE. A SUFFICIENT NUMBER HAVING ARISEN, YEAS AND NAYS ARE ORDERED. MEMBERS WILL RECORD THEIR VOTES BY ELECTRONIC DEVICE. THIS IS A FIVE-MINUTE VOTE. [CAPTIONING MADE POSSIBLE BY THE NATIONAL CAPTIONING INSTITUTE, INC., IN COOPERATION WITH THE UNITED STATES HOUSE OF REPRESENTATIVES. ANY USE OF THE CLOSED-CAPTIONED COVERAGE OF THE HOUSE PROCEEDINGS FOR POLITICAL OR COMMERCIAL PURPOSES IS EXPRESSLY PROHIBITED BY THE U.S. HOUSE OF REPRESENTATIVES.]

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  • 06:54:22 PM

    THE SPEAKER PRO TEMPORE

    THIS VOTE, THE YEAS ARE 237, THE NAYS ARE 192. THE CONFERENCE REPORT IS…

    THIS VOTE, THE YEAS ARE 237, THE NAYS ARE 192. THE CONFERENCE REPORT IS ADOPTED. WITHOUT OBJECTION, THE MOTION TO RECONSIDER IS LAID UPON THE TABLE.

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  • 06:55:00 PM

    THE SPEAKER PRO TEMPORE

    UNFINISHED BUSINESS IS ON THE QUESTION OF SUSPENDING THE RULES OF PASSING…

    UNFINISHED BUSINESS IS ON THE QUESTION OF SUSPENDING THE RULES OF PASSING H.R. 4445 WHICH THE CLERK WILL REPORT BY TITLE.

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  • 06:55:13 PM

    THE CLERK

    NUMBER 245, A BILL TO AMEND PUBLIC LAW 95-232 TO APPEAL RESTRICTION ON…

    NUMBER 245, A BILL TO AMEND PUBLIC LAW 95-232 TO APPEAL RESTRICTION ON TRADING INDIAN LAND HELD BY INDIANS PUBLIC ALTHOUGH.

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  • 06:55:30 PM

    THE SPEAKER PRO TEMPORE

    THE QUESTION IS WILL THE HOUSE PASS THE BILL AS AMENDED. THOSE IN FAVOR…

    THE QUESTION IS WILL THE HOUSE PASS THE BILL AS AMENDED. THOSE IN FAVOR SAY AYE. THOSE OPPOSED, NO. IN THE OPINION OF THE CHAIR, --

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  • 06:55:47 PM

    MR. ANDREWS

    ON THAT, I ASK FOR A RECORDED VOTE.

  • 06:55:50 PM

    THE SPEAKER PRO TEMPORE

    A RECORDED VOTE IS REQUESTED. THOSE FAVORING A RECORDED VOTE WILL RISE. A…

    A RECORDED VOTE IS REQUESTED. THOSE FAVORING A RECORDED VOTE WILL RISE. A SUFFICIENT NUMBER HAVING ARISEN, A RECORDED VOTE IS ORDERED. MEMBERS WILL RECORD THEIR VOTES BY ELECTRONIC DEVICE. THIS IS A FIVE-MINUTE VOTE. ANY USE OF THE CLOSED-CAPTIONED COVERAGE OF THE HOUSE PROCEEDINGS FOR POLITICAL OR COMMERCIAL PURPOSES IS EXPRESSLY PROHIBITED BY THE U.S. HOUSE OF REPRESENTATIVES.] -- [CAPTIONING MADE POSSIBLE BY THE NATIONAL CAPTIONING INSTITUTE, INC., IN COOPERATION WITH THE UNITED STATES HOUSE OF REPRESENTATIVES. ANY USE OF THE CLOSED-CAPTIONED COVERAGE OF THE HOUSE PROCEEDINGS FOR POLITICAL OR COMMERCIAL PURPOSES IS EXPRESSLY PROHIBITED BY THE U.S. HOUSE OF REPRESENTATIVES.]

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  • 07:02:19 PM

    THE SPEAKER PRO TEMPORE

    ON THIS VOTE, THE YEAS ARE 410 THE NAYS --

  • 07:02:59 PM

    THE SPEAKER PRO TEMPORE

    ON THIS VOTE, THE YEAS ARE 411, THE NAYS ARE ZERO, RECORDED AS PRESENT,…

    ON THIS VOTE, THE YEAS ARE 411, THE NAYS ARE ZERO, RECORDED AS PRESENT, ZERO. 2/3 BEING IN THE AFFIRMATIVE, THE RULES ARE SUSPENDED, THE BILL IS PASSED, AND WITHOUT OBJECTION, THE MOTION TO RECONSIDER IS LAID ON THE TABLE. FOR WHAT PURPOSE DOES THE GENTLEWOMAN FROM CALIFORNIA RISE?

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  • 07:03:18 PM

    >>

    SPEAKER. MR. SPEAKER, I SEND TO THE DESK TWO PRIVILEGED REPORTS FROM THE…

    SPEAKER. MR. SPEAKER, I SEND TO THE DESK TWO PRIVILEGED REPORTS FROM THE COMMITTEE ON RULES FOR FILING UNDER THE RULE.

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  • 07:03:27 PM

    THE SPEAKER PRO TEMPORE

    THE CLERK WILL REPORT THE TITLES.

  • 07:03:31 PM

    THE CLERK

    RESOLUTION 1495, RESOLUTION PROVIDING FOR CONSIDERATION OF THE BILL H.R.…

    RESOLUTION 1495, RESOLUTION PROVIDING FOR CONSIDERATION OF THE BILL H.R. 5618 TO CONTINUE FEDERAL UNEMPLOYMENT PROGRAMS AND WAIVING REQUIREMENT OF CLAUSE 6-A OF RULE 13 WITH RESPECT TO CONSIDERATION OF CERTAIN RESOLUTIONS REPORTED FROM THE COMMITTEE ON RULES. RES. LOSE ACCOMPANYING HOUSE RESOLUTION 1496, WAIVING REQUIREMENTS OF CERTAIN RESOLUTIONS PRESENTED BY THE COMMITTEE ON RULES.

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  • 07:04:16 PM

    THE SPEAKER PRO TEMPORE

    REFERRED TO THE HOUSE CALENDAR AND ORDERED PRINTED. TAKE THE CONVERSATIONS…

    REFERRED TO THE HOUSE CALENDAR AND ORDERED PRINTED. TAKE THE CONVERSATIONS OUT OF THE CHAMBER. INTO THE CLOAKROOM.

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  • 07:04:49 PM

    THE SPEAKER PRO TEMPORE

    THE HOUSE WILL BE IN ORDER. MEMBERS PLEASE TAKE CONVERSATIONS OFF THE…

    THE HOUSE WILL BE IN ORDER. MEMBERS PLEASE TAKE CONVERSATIONS OFF THE FLOOR. PURSUANT TO CLAUSE 8 OF RULE 20, THE CHAIR WILL POSTPONE FURTHER PROCEEDINGS TODAY ON MOTIONS TO SUSPEND THE RULES ON WHICH A RECORDED VOTE OR THE YEAS AND NAYS ARE ORDERED OR ON WHICH THE VOTE INCURS OBJECTION UNDER CLAUSE 6 OF RULE 20678 RECORDED VOTES ON POSTPONED QUESTIONS WILL BE TAKEN LATER. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM MARYLAND RISE?

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  • 07:05:35 PM

    >>

    TO SUSPEND THE RULES AND CONCUR IN THE SENATE TREATMENT H.R. 3360, THE…

    TO SUSPEND THE RULES AND CONCUR IN THE SENATE TREATMENT H.R. 3360, THE CRUISE VESSEL SECURITY AND SAFETY ACT OF 2010.

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  • 07:05:47 PM

    THE SPEAKER PRO TEMPORE

    THE CLERK WILL REPORT THE TITLE OF THE BILL, PLEASE.

  • 07:05:51 PM

    THE CLERK

    BILL TO AMEND TITLE 46, UNITED STATES CODE TO ESTABLISH REQUIREMENTS TO…

    BILL TO AMEND TITLE 46, UNITED STATES CODE TO ESTABLISH REQUIREMENTS TO ENSURE THE SECURITY AND SAFETY OF PASSENGERS AND CREW ON CRUISE VESSELS AND FOR OTHER PURPOSES.

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  • 07:06:03 PM

    THE SPEAKER PRO TEMPORE

    PURSUANT TO THE RULE, THE GENTLEMAN FROM MARYLAND, MR. CUMMINGS, AND THE…

    PURSUANT TO THE RULE, THE GENTLEMAN FROM MARYLAND, MR. CUMMINGS, AND THE GENTLEMAN FROM NEW JERSEY, MR. LOBIONDO, EACH WILL CONTROL 20 MINUTES. THE CHAIR RECOGNIZES THE GENTLEMAN FROM MARYLAND. THE HOUSE WILL BE IN ORDER. CONVERSATIONS PLEASE BE TAKEN OFF THE FLOOR. THE CHAIR RECOGNIZES THE GENTLEMAN FROM MARYLAND.

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  • 07:06:32 PM

    MR. CUMMINGS

    I ASK UNANIMOUS CONSENT THAT ALL MEMBERS MAY HAVE FIVE LEGISLATIVE DAYS…

    I ASK UNANIMOUS CONSENT THAT ALL MEMBERS MAY HAVE FIVE LEGISLATIVE DAYS WITHIN WHICH TO REVISE AND EXTEND THEIR REMARKS AND TO INCLUDE EXTRANEOUS MATERIAL ON H.R. 3360.

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  • 07:06:46 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION.

  • 07:06:48 PM

    MR. CUMMINGS

    MR. SPEAKER, I YIELD MYSELF SUCH TIME AS I MAY COON SOUM. -- CONSUME.

  • 07:06:53 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED.

  • 07:06:55 PM

    MR. CUMMINGS

    THE GENTLEMAN IS CORRECT, THE HOUSE IS NOT IN ORDER. CONVERSATIONS OFF THE…

    THE GENTLEMAN IS CORRECT, THE HOUSE IS NOT IN ORDER. CONVERSATIONS OFF THE FLOOR, PLEASE. THE RIGHT SIDE OF THE CHAMBER IF THEY COULD TAKE THEIR CONVERSATIONS OFF THE FLOOR, PLEASE. THE GENTLEMAN MAY PROCEED.

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  • 07:08:39 PM

    MR. CUMMINGS

    I RESERVE THE BALANCE OF MY TIME.

  • 07:13:38 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN RESERVES HIS TIME. THE GENTLEMAN FROM NEW JERSEY IS…

    THE GENTLEMAN RESERVES HIS TIME. THE GENTLEMAN FROM NEW JERSEY IS RECOGNIZED.

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  • 07:13:45 PM

    MR. LOBIONDO

    THANK YOU, MR. SPEAKER. I YIELD MYSELF SUCH TIME AS I MAY CONSUME. MR.…

    THANK YOU, MR. SPEAKER. I YIELD MYSELF SUCH TIME AS I MAY CONSUME. MR. SPEAKER, THE HOUSE IS CONSIDERING THE SENATE AMENDMENTS TO H.R. 3360, THE CRUISE SHIP SECURITY AND SAFETY ACT OF 2010. I SUPPORTED PATSAGE OF THE ORIGINAL BILL AND INTEND TO SUPPORT THIS FINAL VERSION BECAUSE ON THE WHOLE, THE BILL IS A SIGNIFICANT IMPROVEMENT OVER LEGISLATION CONSIDERED BY THE HOUSE IN THE 110TH CONGRESS. THE COMMITTEE ON TRANSPORTATION AND TRAIN STRUCTURE HAS CLOSELY EXAMINED THE FACTORS THAT ARE IMPACTING THE SAFETY AND SECURITY OF AMERICAN CITIZENS ABOARD CRUISE SHIPS THAT OPERATE IN AND OUT OF UNITED STATES PORTS. H.R. 3360 MAKES COMMON SENSE IMPROVEMENTS WHICH WILL ENHANCE SAFEGUARDS FOR PASSENGERS DURING THE CRUISE. WHILE NO LEVEL OF PROCEDURAL OR STRUCTURAL MODIFICATION CAN PREVENT ALL INCIDENTS FROM OCCURRING, I BELIEVE THIS BILL WILL SIGNIFICANTLY ENHANCE THE CAPABILITIES OF BOTH PASSENGERS AND CRUISE LINES IN THE FUTURE. THE BILL WILL ALSO CODIFY AN AGREEMENT BETWEEN THE F.B.I. AND CRUISE SHIP LINES WHICH WILL REQUIRE CRUISE OPERATORS TO IMMEDIATELY NOTIFY FEDERAL LAW ENFORCEMENT AGENCIES OF MAJOR INCIDENTS THAT OCCUR ABOARD A VESSEL. I AM CONCERNED BY ONE CHANGE THAT WAS INCLUDED IN THE SENATE BILL TO EXPAND CRIMINAL LIABILITY TO APPLY TO A WIDE RANGE OF ACTIONS UNDER THE BILL. THIS GOES FAR BEYOND WHAT WAS AGREED TO IN THE ORIGINAL HOUSE BILL AND I BELIEVE WE SHOULD REVIEW THE IMPACTS OF THIS LANGUAGE AT SSME POINT IN THE FUTURE. THAT BEING SAID, THE BILL WILL PROVIDE ADDITIONAL PROTECTIONS TO U.S. PASSENGERS AND I ASK ALL MEMBERS TO JOIN ME IN SUPPORTING THE BILL AND I RESERVE THE BALANCE OF MY TIME.

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  • 07:15:27 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN RESERVES HIS TIME THE GENTLEMAN FROM MARYLAND.

  • 07:15:33 PM

    >>

    THE BILL, ONE LADY WHO HAS WORKED VERY HARD ON THIS FOR YEARS NOW.

  • 07:15:39 PM

    MR. CUMMINGS

    DISTINGUISHED LADY FROM CALIFORNIA, CONGRESSWOMAN MATSUI.

  • 07:15:48 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN FROM CALIFORNIA IS RECOGNIZED.

  • 07:15:51 PM

    MS. MATSUI

    THE GENTLEMAN FROM MARYLAND FOR YIELDING ME TIME. MR. SPEAKER, I RISE IN…

    THE GENTLEMAN FROM MARYLAND FOR YIELDING ME TIME. MR. SPEAKER, I RISE IN SUPPORT OF THE SENATE AMENDMENTS TO H.R. 3360, THE CRUISE VESSEL SAFETY AND SECURITY ACT, LEGISLATION THAT I INTRODUCED AND WHICH PASSED THE HOUSE BY STRONG BIPARTISAN VOTE OF 416 TO FOUR IN NOVEMBER OF LAST YEAR. THE BILL RECEIVED SIMILAR SUPPORT IN THE SENATE WHICH PASSED WITH UNANIMOUS CONSENT EARLIER THIS MONTH. THE SENATE AMENDMENT TO THIS LEGISLATION ARE ALSO BIPARTISAN IN NATURE AND I URGE MY COLLEAGUES TO SUPPORT THE BILL BEFORE US THAT WILL SEND CRITICAL CONSUMER PROTECTION LANGUAGE TO THE PRESIDENT FOR HIS CONSIDERATION. FOR FAR TOO LONG AMERICAN FAMILIES HAVE UNKNOWINGLY BEEN AT RISK WHEN EMBARKING ON CRUISE VACATIONS. FOUR YEARS AGO ONE OF MY CONSTITUENTS, LLOYD DISHMAN, WROTE TO ME FOR HELP. LLOYD WAS A VICTIM OF A SEXUAL ASSAULT WHILE ON A CRUISE VACATION. SHE WAS GIVEN NO ASSISTANCE BY THE CRUISE LINE IN PROPERLY SECURING EVIDENCE OF THE ASSAULT. NO ASSISTANCE IN IDENTIFYING HER ATTACKER, NO ASSISTANCE IN PROSECUTING THE CRIME ONCE BACK ON SHORE. DEVASTATED, SHE REACHED OUT TO ME AND I IMMEDIATELY WORKED WITH CHAIRMAN CUMMINGS WHO COMMITTED TO ME TO HOLD HEARINGS ON THIS ISSUE AND BEGAN TO WORK ON THIS CRITICAL LEGISLATION. THESE HEARINGS MADE APPARENT THE GROSS INADEQUACIES OF CURRENT CRUISE SAFETY PROVISIONS AND WITH ONGOING NEWS COVERAGE OF RAPES ON CRUISE SHIPS, IT IS CLEAR THAT THIS LADIES AND GENTLEMENSITION IS -- LEGISLATION IS BOTH URGENT AND NECESSARY. MY LEGISLATION ESTABLISHES STRINGENT NEW STANDARDS TO ENSURE THE SAFETY AND SECURITY OF PASSENGERS ON CRUISE VESSELS. ITS REFORMS INCLUDE REQUIRING THAT VESSEL PERSONNEL BE ABLE TO PRESERVE EVIDENCE OF CRIMES COMMITTED ON THESE VESSELS AND PROVIDE APPROPRIATE MEDICAL TREATMENT TO THE VICTIMS OF SEXUAL ASSAULTS. SECURITY, SAFETY AND ACCOUNTABILITY MUST ALL BE STRENGTHENED TO HOLD CRIMINALS ACCOUNTABLE AND END THE CYCLE OF SERIOUS, DANGEROUS CRIMES ABOARD CRUISE SHIPS. I WOULD LIKE TO THANK BOTH CHAIRMAN CUMMINGS AND OBERSTAR FOR THE GOOD WORK THEIR COMMITTEES AND STAFF HAVE DONE ON THIS BILL AND FOR THEIR TREMENDOUS SUPPORT IN MAKING THIS BILL A REALITY AND I ALSO WOULD LIKE TO THANK MY COLLEAGUE ON THE OTHER SIDE OF THE AISLE FOR THEIR SUPPORT. THIS HAS BEEN A LONG, DIFFICULT ROAD FOR ALL CRUISE VICTIMS AND THEIR FAMILIES AND BELIEVE ME, THIS LEGISLATION IS TRULY A RESULT OF THEIR COURAGE, THEIR DEDICATION AND THEIR CONVICTION TO PREVENTING FURTHER CRIMES FROM HAPPENING. I URGE MY COLLEAGUES TO SUPPORT THIS IMPORTANT LEGISLATION AND PAVE THE WAY FOR SAFETY OF ALL CRUISE PASSENGERS. AND WITH THAT I YIELD BACK THE BALANCE OF MY TIME.

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  • 07:18:56 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM NEW JERSEY IS RECOGNIZED.

  • 07:18:59 PM

    >>

    MR. SPEAKER, I NOW YIELD TO MY COLLEAGUE FROM TEXAS, CONGRESSMAN POE, SUCH…

    MR. SPEAKER, I NOW YIELD TO MY COLLEAGUE FROM TEXAS, CONGRESSMAN POE, SUCH TIME AS HE MAY DUME -- CONSUME.

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  • 07:19:04 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN IS RECOGNIZED.

  • 07:19:06 PM

    MR. POE

    THANK YOU. I APPRECIATE THE GENTLEMAN FOR YIELDING. I RISE TOTALLY IN…

    THANK YOU. I APPRECIATE THE GENTLEMAN FOR YIELDING. I RISE TOTALLY IN SUPPORT OF H.R. 3360, THE CRUISE VESSEL SECURITY AND SAFETY ACT OF 2009. THIS LEGISLATION PASSED THE HOUSE WITH STRONG SUPPORT IN NOVEMBER OF LAST YEAR AND I AM PLEASED TO SEE IT RETURN FROM THE OTHER BODY AS AN IMPROVED BILL READY FOR FINAL PASSAGE. I COMMEND MY COLLEAGUE, MS. MATSUI OF CALIFORNIA, WHO HAS BEEN RELENTLESS AS AN ADVOCATE FOR PROTECTION OF THE CRUISE LINE PASSENGERS. MR. SPEAKER, EVERY YEAR CRUISE LINE COMPANIES CARRY OVER 10 MILLION AMERICANS TO AND FROM AMERICAN PORTS. THE CRUISE LINES PROMISE AMERICAN SAFETY, SECURITY, FUN AND RELAXATION ABOARD THE SHIPS, BUT AS WE HAVE SEEN, SAFETY IS NOT SOMETHING THE CRUISE LINES ARE ALWAYS PREPARED TO GUARANTEE. ACCORDING TO THE F.B.I., SEXUAL ASSAULT IS THE LEADING CRIME REPORTED AND INVESTIGATED BY THE AGENCY AMONG CRIMES THAT OCCUR ON THE HIGH SEAS. IN FACT, IN 2005 A HEARING BEFORE THE COMMITTEE ON GOVERNMENT REFORM, ASSISTANCE DIRECTOR OF CRIMINAL INVESTIGATION OF F.B.I. NOTED THAT, QUOTE, SEXUAL ASSAULTS ARE THE DOMINANT THREAT TO WOMEN AND MIPERS -- MINORS ON THE HIGH SEAS. WITH THE MAJORITY OF THESE INCIDENCES OCCURRING ON CRUISE SHIPS. HIS STATEMENTS ARE BACKED UP BY THE DISTURBING FREQUENCY OF ASSAULTS ON BOARD THESE SHIPS. DURING ONE SIX-MONTH PERIOD IN 2007, THE CRUISE LINES REPORTED 41 SEPARATE INSTANCES OF SEXUAL ASSAULT TO THE F.B.I. 19 OF WHICH WERE CATEGORIZED AS RAPE. THERE ARE TROUBLING PATTERNS TO THESE ASSAULTS. IN 2007 A "LOS ANGELES TIMES" REPORT REVEALED THAT OVER A 32-MONTH PERIOD ROYAL CARIBBEAN REPORTED OVER 250 INCIDENTS OF SEXUAL ASSAULT, BATTERY AND HARASSMENT. BUT THE MOST STARTLING FACT ABOUT THESE CASES, ALMOST 40% OF THESE CRIMES WERE COMMITTED BY CRUISE COMPANY EMPLOYEES. IN FACT, MS. MATSUI'S CONSTITUENT WAS SEXUAL ASSAULTED BY A CRUISE SHIP SECURITY GUARD. SHE DID WHAT SHE KNEW WHAT TO DO WHICH WAS CALL HER MEMBER OF CONGRESS. WHEN MS. MATSUI FOUND OUT ABOUT THIS SITUATION, THEY DID WHAT SHE NEEDED TO DO AND WORKED RELENTLESSLY WITH BOTH SIDES OF THE BODY HERE AND MAKE SURE THAT THAT LEGISLATION CAME TO A VOTE AND NOW FINAL PASSAGE. MR. SPEAKER, THE FREQUENCY OF THESE CASES AND THE OVERWHELMING STATISTICS SHOULD NOT BE TOLERATED. THE U.S.-BASED CRUISE SHIP COMPANIES WHO OWN AND OPERATE FOREIGN FLAG PASSENGER VESSELS WANT TO ACCESS MILLIONS OF AMERICANS WHO TRAVEL ON THESE SHIPS, THEY SHOULD BE REQUIRED TO I.MENT SIMPLE, PROPER SAFETY AND SECURITY IMPROVEMENT IT'S FOR -- IMPROVEMENTS FOR ALL TRAVELERS. AS A CO-CHAIR AND FOUNDER OF THE CONGRESSIONAL VICTIMS RIGHTS CAUCUS, I'M PROUD TO SUPPORT H.R. 3360. THIS BILL WILL IMPLEMENT NECESSARY SAFETY MEASURES ON BOARD CRUISE SHIPS, INCLUDING VIDEO SURVEILLANCE AND PROPER DOCUMENTATION OF COMPLAINTS BY PASSENGERS. MOST IMPORTANTLY, THE LAW MANDATES THAT CRUISE SHIP PERSONNEL CONTACT BOTH THE F.B.I. AND THE COAST GUARD AS SOON AS A SERIOUS CRIME LIKE HOMICIDE, KIDNAPPING AND ASSAULT ARE REPORTED BY THE PASSENGERS. THIS STRONG LEGISLATION WILL PROTECT THE SAFETY OF MILLIONS OF AMERICANS AND HOLD LAW VIOLATORS ACCOUNTABLE FOR SEXUAL ASSAULT ON THE HIGH SEAS. NO LONGER WILL CRIMINALS BE ABLE TO HIDE ON OUR OCEANS WHEN THEY COMMIT CRIMES AGAINST AMERICANS. SO I URGE MY COLLEAGUES TO SUPPORT THIS BILL. AND I YIELD BACK THE BALANCE OF MY TIME.

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  • 07:22:50 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE GENTLEMAN FROM…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE GENTLEMAN FROM MARYLAND IS RECOGNIZED.

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  • 07:22:55 PM

    MR. CUMMINGS

    MR. SPEAKER, WE HAVE NO ADDITIONAL SPEAKERS. I RESERVE. -- I RESERVE THE…

    MR. SPEAKER, WE HAVE NO ADDITIONAL SPEAKERS. I RESERVE. -- I RESERVE THE BALANCE OF MY TIME.

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  • 07:23:00 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN RESERVES.

  • 07:23:02 PM

    >>

    WE HAVE NO ADDITIONAL SPEAKERS. I WILL YIELD BACK THE BALANCE OF OUR TIME.

  • 07:23:07 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK. THE GENTLEMAN FROM MARYLAND.

  • 07:23:10 PM

    MR. CUMMINGS

    YIELDING BACK I WILL JUST URGE MY COLLEAGUES TO VOTE IN FAVOR OF THIS…

    YIELDING BACK I WILL JUST URGE MY COLLEAGUES TO VOTE IN FAVOR OF THIS VERY, VERY IMPORTANT PIECE OF LEGISLATION THAT WILL HAVE FAR-REACHING EFFECTS. WITH THAT, MR. SPEAKER, I YIELD BACK.

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  • 07:23:22 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK. THE QUESTION IS WILL THE HOUSE SUSPEND THE…

    THE GENTLEMAN YIELDS BACK. THE QUESTION IS WILL THE HOUSE SUSPEND THE RULES AND CONCUR IN THE SENATE AMENDMENTS TO H.R. 3360. THOSE IN FAVOR SAY AYE. THOSE OPPOSED, NO. IN THE OPINION OF THE CHAIR, 2/3 OF THOSE VOTING HAVING RESPONDED IN THE AFFIRMATIVE, THE RULES ARE SUSPENDED, THE SENATE AMENDMENTS ARE AGREED TO AND WITHOUT OBJECTION THE MOTION TO RECONSIDER IS LAID ON THE TABLE. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM MARYLAND SEEK RECOGNITION?

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  • 07:23:50 PM

    MR. CUMMINGS

    MR. SPEAKER, I HOVE TO -- MOVE TO SUSPEND THE RULES AND AGREE TO…

    MR. SPEAKER, I HOVE TO -- MOVE TO SUSPEND THE RULES AND AGREE TO RESOLUTION H. 298, DIRECTING THE CLERK OF THE HOUSE OF REPRESENTATIVES TO MAKE A TECHNICAL CORRECTION IN THE ENROLLMENT OF H.R. 3360.

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  • 07:24:03 PM

    THE SPEAKER PRO TEMPORE

    THE CLERK WILL REPORT THE TITLE OF THE CONCURRENT RESOLUTION.

  • 07:24:06 PM

    THE CLERK

    RESOLUTION DIRECTING THE CLERK OF THE HOUSE OF REPRESENTATIVES TO MAKE A…

    RESOLUTION DIRECTING THE CLERK OF THE HOUSE OF REPRESENTATIVES TO MAKE A TECHNICAL CORRECTION IN THE ENROLLMENT OF H.R. 3360.

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  • 07:24:19 PM

    THE SPEAKER PRO TEMPORE

    PURSUANT TO THE RULE, THE GENTLEMAN FROM MARYLAND, MR. CUMMINGS, AND THE…

    PURSUANT TO THE RULE, THE GENTLEMAN FROM MARYLAND, MR. CUMMINGS, AND THE GENTLEMAN FROM NEW JERSEY, MR. LOBE BEYONDOW, EACH WILL CONTROL 20 MINUTES. THE CHAIR RECOGNIZES THE GENTLEMAN FROM MARYLAND.

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  • 07:24:28 PM

    MR. CUMMINGS

    THANK YOU VERY MUCH, MR. SPEAKER. I YIELD MYSELF SUCH TIME AS I MAY…

    THANK YOU VERY MUCH, MR. SPEAKER. I YIELD MYSELF SUCH TIME AS I MAY CONSUME. I ASK UNANIMOUS CONSENT THAT ALL MEMBERS MAY HAVE FIVE LEGISLATIVE DAYS WITHIN WHICH TO REVISE AND EXTENDS THEIR REMARKS AND TO INCLUDE EXTRANEOUS MATERIAL ON H.CON.RES. 289.

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  • 07:24:45 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION.

  • 07:24:47 PM

    MR. CUMMINGS

    MR. SPEAKER, H.CON.RES. 289 SIMPLY CORRECTS A DRAFTING ERROR IN THE SENATE…

    MR. SPEAKER, H.CON.RES. 289 SIMPLY CORRECTS A DRAFTING ERROR IN THE SENATE AMENDMENTS TO H.R. 3360. SPECIFICALLY THE SENATE AMENDMENTS INTENDED TO COMBINE REQUIRED COAST GUARD REPORTS ON FISHERIES, ENFORCEMENT PLANS, AND ON EFFORTS TO PREVENT THE INCURSION OF FOREIGN FISHING VESSELS INTO U.S. WATERS. HOWEVER, THE SENATE AMENDMENT INCORRECTLY REFERRED TO SECTION 804 OF THE COAST GUARD AND MARITIME TRANSPORTATION ACT OF 2004 RATHER THAN THE ACT OF 2006. WHICH IS THE CORRECT CITE THAT THE COAST GUARD SUBMIT BIANNUAL REPORTS ON THE SERVICE'S PROGRESS IN DETECTING AND INTERDICTING INCURSIONS BY FOREIGN FISHING VESSELS INTO U.S. EXCLUSIVE ECONOMIC ZONES. H.CON.RES. 289 MERELY CORRECTS THE LEGAL CITE BUT DOES NOT MAKE ANY OTHER CHANGES TO THE SENATE AMENDMENTS TO H.R. 3360. I RESERVE THE BALANCE OF MY TIME.

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  • 07:25:56 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN RESERVES. THE GENTLEMAN FROM NEW JERSEY IS RECOGNIZED. ROBE…

    THE GENTLEMAN RESERVES. THE GENTLEMAN FROM NEW JERSEY IS RECOGNIZED. ROBE ROBE MEEB --

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  • 07:26:01 PM

    MR. LOEBSACK

    THIS IS PURELY TECHNICAL, WE HAVE NO OBJECTION. I YIELD BACK THE BALANCE…

    THIS IS PURELY TECHNICAL, WE HAVE NO OBJECTION. I YIELD BACK THE BALANCE OF MY TIME.

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  • 07:26:06 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK.

  • 07:26:10 PM

    THE SPEAKER PRO TEMPORE

    THE QUESTION IS, WILL THE HOUSE SUSPEND THE RULES AND AGREE TO HOUSE…

    THE QUESTION IS, WILL THE HOUSE SUSPEND THE RULES AND AGREE TO HOUSE CONCURRENT RESOLUTION 289. THOSE IN FAVOR SAY AYE. THOSE OPPOSED, NO. IN THE OPINION OF THE CHAIR, 2/3 OF THOSE VOTING HAVING RESPONDED IN THE AFFIRMATIVE, THE RULES ARE SUSPENDED, THE CONCURRENT RESOLUTION IS AGREED TO AND WITHOUT OBJECTION THE MOTION TO RECONSIDER IS LAID ON THE TABLE.

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  • 07:26:51 PM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLEWOMAN FROM CALIFORNIA SEEK RECOGNITION?

  • 07:26:55 PM

    >>

    MR. SPEAKER, I MOVE TO SUSPEND THE RULES AND AGREE TO RESOLUTION H.RES.…

    MR. SPEAKER, I MOVE TO SUSPEND THE RULES AND AGREE TO RESOLUTION H.RES. 1321 AS AMENDED.

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  • 07:27:03 PM

    THE SPEAKER PRO TEMPORE

    THE CLERK WILL REPORT THE TITLE OF THE RESOLUTION.

  • 07:27:06 PM

    THE CLERK

    RESOLUTION 1321, RESOLUTION EXPRESSING THE SENSE OF THE HOUSE OF…

    RESOLUTION 1321, RESOLUTION EXPRESSING THE SENSE OF THE HOUSE OF REPRESENTATIVES THAT THE POLITICAL SITUATION IN THAILAND BE SOLVED PEACEFULLY AND THROUGH DEMOCRATIC MEANS.

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  • 07:27:17 PM

    THE SPEAKER PRO TEMPORE

    PURSUANT TO THE RULE, THE GENTLEWOMAN FROM CALIFORNIA, MS. WATSON, AND THE…

    PURSUANT TO THE RULE, THE GENTLEWOMAN FROM CALIFORNIA, MS. WATSON, AND THE GENTLEWOMAN FROM FLORIDA, MS. ROS-LEHTINEN, WILL EACH CONTROL 20 MINUTES. THE CHAIR RECOGNIZES THE GENTLEWOMAN FROM CALIFORNIA.

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  • 07:27:28 PM

    MS. WATSON

    MR. SPEAKER, I ASK UNANIMOUS CONSENT THAT ALL MEMBERS MAY HAVE FIVE…

    MR. SPEAKER, I ASK UNANIMOUS CONSENT THAT ALL MEMBERS MAY HAVE FIVE LEGISLATIVE DAYS TO REVISE AND EXTEND THEIR REMARKS AND INCLUDE EXTRANEOUS MATERIAL ON THE RESOLUTION UNDER CONSIDERATION.

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  • 07:27:44 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION.

  • 07:27:46 PM

    MS. WATSON

    MR. SPEAKER, I RISE IN STRONG SUPPORT OF THIS RESOLUTION AND YIELD MYSELF…

    MR. SPEAKER, I RISE IN STRONG SUPPORT OF THIS RESOLUTION AND YIELD MYSELF AS MUCH TIME AS I MAY CONSUME.

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  • 07:27:56 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN IS RECOGNIZED.

  • 07:27:58 PM

    MS. WATSON

    MR. SPEAKER, I WANT TO THANK MY GOOD FRIEND, CONGRESSMAN FALEOMAVAEGA, FOR…

    MR. SPEAKER, I WANT TO THANK MY GOOD FRIEND, CONGRESSMAN FALEOMAVAEGA, FOR INTRODUCING THIS IMPORTANT RESOLUTION WHICH CALLS FOR A PEACEFUL RESOLUTION TO THE POLITICAL SITUATION IN THAILAND THROUGH DEMOCRATIC MEANS. AS WE ALL KNOW, EARLY ERR THIS YEAR RED SHIRT PROTESTERS -- EARLIER THIS YEAR, RED SHIRT PROTESTERS OCCUPIED THE STREETS ppOF BANGKOK FOR NINE WEEKS. AT FIRST THESE PROTESTS WERE PEACEFUL, OVER TIME, HOWEVER, CLASHES BETWEEN THE RED SHIRTS AND THE SECURITY FORCES ESCALATED INTO URBAN WARFARE. BY MIDMAY, 89 PEOPLE IN THE VAST MAJORITY OF THEM -- AND THE VAST MAJORITY OF THEM CIVILIANS HAVE BEEN KILLED AROUND AROUND 1,LE00 WOUNDED, INCLUDING A RENEGADE THAI GENERAL WHO JOINED THE ANTIGOVERNMENT PROTESTS. SINCE THE OUTBREAK OF THESE PROTESTS, THE GOVERNMENT HAS MADE SIGNIFICANT STRIDES TOWARDS ADDRESSING THE CONCERNS OF THE PROTESTERS. EARLIER THIS MONTH, THE PRIME MINISTER ANNOUNCED THAT HE PLANS TO HOLD NEW ELECTIONS BY THE END OF 2011. HIS PLAN CALLED FOR ALL PARTIES TO JOIN TOGETHER IN UPHOLDING THE INSTITUTION OF THE CONSTITUTIONAL MONARCHY, WORK TOWARDS RESOLVING FUNDAMENTAL PROBLEMS OF SOCIAL JUSTICE, ENSURE THAT THE MEDIA CAN OPERATE FREELY, CREATE AN INDEPENDENT COMMITTEE TO INVESTIGATE THE STREET PROTESTS AND ESTABLISH POLITICAL RULES THROUGH SOLICITATION OF VIEWS FROM ALL SIDES. I BELIEVE THAT THE PRIME MINISTER'S PLAN IS A POSITIVE STEP TOWARDS ACHIEVING DEMOCRATIC RECONCILIATION. EARLIER THIS MONTH THE PRIME MINISTER SURVIVED A VOTE OF NO CONFIDENCE IN THE PARLIAMENT OVER HIS HANDLING OF THE PROTESTS. DEMONSTRATING THAT THERE IS SUPPORT FOR THE P.M. TO LEAD THE COUNTRY TOWARDS RECONCILIATION. I WANT TO REMIND MY COLLEAGUES THAT THAILAND IS ONE OF THE UNITED STATES' CLOSEST FRIENDS AND MOST DEPENDABLE ALLIES. IN 1833, WE CONCLUDED THE FIRST TREATY WITH AN ASIAN NATION WHEN WE JOINED WITH THAILAND IN THE TREATY OF AMITY AND COMMERCE. IN 1954, WE FORGED A MILITARY ALLIANCE AND IN 2003, THE UNITED STATES DESIGNATED THAILAND AS A MAJOR NON-NATO ALLY. BECAUSE OF OUR LONG HISTORY, I BELIEVE THAT WE MUST DO EVERYTHING WE CAN TO SUPPORT RECONCILIATION IN ISLAND AND TO CONVEY OUR SINCERE HOPE THAT THAILAND CONTINUES TO PROSPER WITH DEMOCRACY, STABILITY, AND THE RULE OF LAW. THAT'S WHY I CO-SPONSORED THE HOUSE RESOLUTION, 1321, AND I URGE ALL MY COLLEAGUES TO JOIN ME IN SUPPORTING THIS RESOLUTION AND MOVING IT TOWARD SPEEDY ADOPTION. MR. SPEAKER, I RESERVE THE BALANCE OF MY TIME.

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  • 07:31:31 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN RESERVES. THE GENTLEWOMAN FROM FLORIDA.

  • 07:31:36 PM

    MS. ROS-LEHTINEN

    PROUD TO YIELD SUCH TIME AS HE MAY CONSUME TO THE GENTLEMAN FROM HAWAII,…

    PROUD TO YIELD SUCH TIME AS HE MAY CONSUME TO THE GENTLEMAN FROM HAWAII, MR. DIJEW, A MEMBER -- MR. DJOU.

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  • 07:32:02 PM

    MR. DJOU

    THANK THE GENTLELADY AND I THANK MR. FALEOMAVAEGA FOR INTRODUCING THIS…

    THANK THE GENTLELADY AND I THANK MR. FALEOMAVAEGA FOR INTRODUCING THIS RESOLUTION. IT IS WITH SOME DEGREE OF SADNESS I RISE TO SPEAK IN SUPPORT OF THIS RESOLUTION. IT IS MY UNDERSTANDING FROM THE HOUSE HISTORIAN'S OFFICE THAT I AM THE FIRST MEMBER OF THE UNITED STATES CONGRESS OF THAI ANCESTRY. FOR MYSELF, THAILAND IS NOT JUST A PLACE, NOT JUST AN ALLY OF THE UNITED STATES, IT IS SOMEPLACE WHERE MY MOTHER WAS BORN AND RAISED AND MOST OF MY MOTHER'S SIDE OF THE FAMILY CONTINUES TO RESIDE. I, OF COURSE, SPEAK IN STRONG SUPPORT OF THIS RESOLUTION ASKING FOR A PEACEFUL RESOLUTION OF THE CONFLICT AN DISPUTE GOING ON CURRENTLY IN THAILAND. MR. SPEAKER AND MEMBERS, FOR US HERE IN THIS NATION, WHILE WE%% MAY HAVE STRONG DISAGREEMENTS BETWEEN CONSERVATIVES AND LIBERALS, WE ULTIMATELY RESOLVE OUR DIFFERENCES PEACEFULLY. RIGHT NOW, WHAT'S HAPPEN IN THAILAND IS SADDENING, DISAPPOINTING AND SOMETHING WE MUST ALL BE TROUBLED BY. ISLAND IS AN INCREDIBLE, IMPORTANT ALLY FOR THE UNITED STATES AND SOUTHEAST ASIA. IT'S BEEN THE LINCHPIN OF OUR STRATEGIC INTERESTS IN SOUTHEAST ASIA FOR DECADES. WHAT I HAVE SEEN ON THE STREETS OF BANGKOK AND WHAT MY FAMILY HAS WITNESSED FIRSTHAND OVER THE LAST FEW MONTHS IS INCREDIBLY DISAPPOINTING. LAST MONTH, MR. SPEAKER, MY FAMILY, WHEN I TALKED TO MY SUZZ KINS, IT WAS WITH BOTH JOY AND SADTONS SEE WHAT HAD TRANSPYRED IN OUR IMMEDIATE FAMILY. IT IS WITH INCREDIBLE HONOR AND DISTINCTION THAT I WAS ABLE TO TAKE THE OATH OF OFFICE AS A MEMBER OF THE UNITED STATES CONGRESS. BUT MY FIRST COUSINS, WHO WERE BORN AND RAISED IN THAILAND, UNFORTUNATELY, WITNESSED FIRSTHAND WHAT WAS HAPPENING ON THE STREETS OF BANGKOK AND SAW FIRSTHAND THE VIOLENCE GOING ON IN THE CITY CENTER. I THINK IT IS A REMINDER TO ALL OF US AS AMERICANS THIS EUNIQUENESS, IMPORTANCE, VITALITY AND THE INCREDIBLE, INCREDIBLE GOOD FORTUNE WE HAVE TO CALL OURSELVES AMERICANS. BUT IT IS ALSO WHAT IS HAPPENING IN BANGKOK THAT REMINDS US THAT WE AS A NATION SHOULD LEAD BY EXAMPLE AND REMIND ALL THE PEOPLES OF THE WORLD OF WHAT WE CAN AND WHAT WE HAVE HERE IN THIS NATION AND IT DOESN'T HAVE TO ALWAYS END IN VIOLENCE. MR. SPEAKER, AND COLLEAGUES, I STRONGLY URGE PASSAGE OF THIS RESOLUTION AND HOPE, ON BEHALF OF MY FAMILY, THAT THE DIFFERENCES GOING ON RIGHT NOW IN THAILAND, ARE RESOLVED PEACEFULLY. THANK YOU, MR. SPEAKER, I YIELD BACK THE BALANCE OF MY TIME.

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  • 07:34:54 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN FROM FLORIDA.

  • 07:34:57 PM

    MS. ROS-LEHTINEN

    YOU, MR. SPEAKER. I YIELD MYSELF SUCH TIME AS I MAY CONSUME AND I'D LIKE…

    YOU, MR. SPEAKER. I YIELD MYSELF SUCH TIME AS I MAY CONSUME AND I'D LIKE TO START BY THANKING THE GENTLEMAN FROM HAWAII FOR THOSE INSIGHTFUL WORDS AND FOR HIS PERSONAL COMMITMENT AND FAMILY HONOR IN MAKING SURE THAT WE CAN HAVE A PEACEFUL RESOLUTION TO THIS CONFLICT. I ALSO RISE IN SUPPORT OF THIS RESOLUTION WHICH HONORS OUR NATION'S LONG-STANDING ALLIANCE WITH THE GOVERNMENT AND THE PEOPLE OF THAILAND. IT ALSO CALLS FOR A SETTLEMENT OF THE POLITICAL SITUATION IN THAT COUNTRY THROUGH PEACEFUL AND DEMOCRATIC MEANS. THE SCENES ON TELEVISION SCREENS AROUND THE WORLD LAST MONTH OF BANGKOK BURN WRG UNNERVING TO ALL WHO WISHED THE THAI PEOPLE WELL. A TWO-MONTH POLITICAL CRISIS WHICH KILLED 88 PEOPLE AND INJURED MORE THAN 1,849 -- MORE THAN 1,800 REDUCED LANDMARK BUILDINGS IN THE THAI CAPITAL TO ASHES. THE FACT THAT THAILAND'S KING HAS BEEN HOSPITALIZED THE LAST SEVERAL MONTHS ONLY ADDED TO THE SENSE OF URGENCY OVER THE FRAGILE POLITICAL SITUATION SYSTEM OF THIS RESOLUTION PROVIDES AN OPPORTUNITY TO EXTEND BEST WISHES FOR A SPEEDY RECOVERY TO HIS MAJESTY WHO CELEBRATED THE 60TH ANNIVERSARY OF HIS CORONATION THIS PAST MAY 5. THAILAND IS THE FIRST SOUTHEAST OR EAST ASIAN NATION TO HAVE A FORMAL DIPLOMATIC AGREEMENT WITH US IN THE UNITED STATES. A TREATY OF AMITY AND COMMERCE WAS SIGNED WITH THE ADMINISTRATION OF PRESIDENT ANDREW JACKSON IN 1833. THE OFFER OF A HERD OF DOMESTICATED ELEPHANTS BY THE PRESIDENT THAI KING'S GREAT GRANDFATHER, WHILE POLITELY DECLINED BY PRESIDENT LINCOLN AS UNSUITABLE FOR THE AMERICAN CLIMATE, HAS LONG BEEN CITED AS AN EXAMPLE OF THE WARM AND ENDURING BOND BETWEEN THE AMERICAN AND THAI PEOPLE. WHEN THE CONGRESSIONAL LEADERS GATHERED IN STATUARY HALL LAST WEEK TO COMMEMORATE THE 60TH ANNIVERSARY OF THE OUTBREAK OF THE KOREAN WAR, THE FLAG OF THAILAND PROUDLY FLEW WITH THOSE OF OTHER ALLY NATIONS BEHIND THE SPEAKER'S PODIUM. THAILAND SENT A REGIMENT OF 1,294 MEN TO THAT CONFLICT, OF WHICH 129, 10%, PERISHED ON THE KOREAN PENINSULA. FURTHER COOPERATION WITH THE UNITED STATES DURING THE VIETNAM AND IRAQ WARS IN EASTITY MOR AND DURING A SERIES OF REFUGEE CRISES IN SOUTHEAST ASIA HAS FURTHER CEMENTED BILATERAL TIES. COBRA GOLD, THE LARGEST MULTINATIONAL MILITARY EXERCISE IN THE WORLD, HAS BROUGHT THE UNITED STATES AND THE ROYAL THEY ARMED FORCES -- THE ROYAL THAI ARMED FORCES TOGETHER EVERY YEAR TO ENHANCE PEACE AND STABILITY. THE GROWING TRADE BETWEEN OUR TWO COUNTRIES HAS MADE THAILAND AMERICA'S 25TH LARGEST GOODS TRADING PARTNER, ACCORDING TO STATISTICS PROVIDED BY THE U.S. TRADE REPRESENTATIVE SYSTEM OF IT IS CLEARLY IN AMERICA'S INTEREST FOR THE RECENT VIOLENCE TO COME TO AN END AND THAT THIS MILITARILY DEPENDABLE, ECONOMICALLY VIBRANT ALLY CAN MOVE FORWARD TOWARD NATIONAL RECONCILIATION. HOPEFULLY THE PROPOSED NATIONAL RECONCILIATION WILL LEAD TO A PERMANENT HEALING OF THAI SOCIETY SO THAT THE THAI PEOPLE DO NOT ESCAPE FROM THE TIGER INTO THE CROCODILE AS THE THAI SAYING GOES, MOVING FROM ONE CRISIS TO ANOTHER. THIS RESOLUTION, MR. SPEAKER, CALLING FOR AN END TO VIOLENCE THROUGH PEACEFUL AND DEMOCRATIC MEANS AND FOR A RERE-DEDICATION TO OUR VITAL ALLIANCE IS SOMETHING MEMBERS SHOULD STRONGLY SUPPORT, AS DO I. WITH THAT, MR. SPEAKER, WE HAVE NO FURTHER REQUESTS FOR TIME AND I YIELD BACK ME THE BALANCE OF MY TIME.

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  • 07:39:18 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN YIELDS BACK THE BALANCE OF HER TIME. THE GENTLEWOMAN FROM…

    THE GENTLEWOMAN YIELDS BACK THE BALANCE OF HER TIME. THE GENTLEWOMAN FROM CALIFORNIA IS RECOGNIZED.

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  • 07:39:23 PM

    MS. WATSON

    DOES THE GENTLEWOMAN YIELDS BACK?

  • 07:39:30 PM

    THE SPEAKER PRO TEMPORE

    DOES THE GENTLEWOMAN YIELDS BACK?

  • 07:39:35 PM

    MS. WATSON

    I YIELD THE BALANCE OF MY TIME. I YIELD BACK.

  • 07:39:40 PM

    THE SPEAKER PRO TEMPORE

    MR. SPEAKER.

  • 07:40:04 PM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLEWOMAN FROM CALIFORNIA SEEK RECOGNITION?

  • 07:40:09 PM

    MS. WATSON

    THE VOTE ON THE GROUNDS THAT A QUORUM IS NOT PRESENT AND MAKE A POINT OF…

    THE VOTE ON THE GROUNDS THAT A QUORUM IS NOT PRESENT AND MAKE A POINT OF ORDER THAT A QUORUM IS NOT PRESENT.

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  • 07:40:15 PM

    THE SPEAKER PRO TEMPORE

  • 07:40:27 PM

    MS. WATSON

    I MOVE TO SUSPEND THE RULES AND AGREE TO RESOLUTION H.RES. 1405 AS AMENDED.

  • 07:40:35 PM

    THE SPEAKER PRO TEMPORE

    THE CLERK WILL REPORT THE TITLE OF THE RESOLUTION.

  • 07:40:38 PM

    THE CLERK

    O5, CONGRATULATING THE PEOPLE OF THE 17 AFRICAN NATIONS THAT IN 2010 ARE…

    O5, CONGRATULATING THE PEOPLE OF THE 17 AFRICAN NATIONS THAT IN 2010 ARE MARKING THE 50TH YEAR OF THEIR NATIONAL INDEPENDENCE.

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  • 07:40:48 PM

    THE SPEAKER PRO TEMPORE

    PURSUANT TO THE RULE, THE GENTLEWOMAN FROM CALIFORNIA, MS. WATSON, AND THE…

    PURSUANT TO THE RULE, THE GENTLEWOMAN FROM CALIFORNIA, MS. WATSON, AND THE GENTLEWOMAN FROM FLORIDA, MS. ROS-LEHTINEN, EACH WILL CONTROL 20 MINUTES. THE CHAIR RECOGNIZES THE GENTLEWOMAN FROM CALIFORNIA.

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  • 07:41:02 PM

    MS. WATSON

    I ASK UNANIMOUS CONSENT FOR ALL MEMBERS TO HAVE FIVE LEGISLATIVE DAYS TO…

    I ASK UNANIMOUS CONSENT FOR ALL MEMBERS TO HAVE FIVE LEGISLATIVE DAYS TO REVISE AND EXTEND THEIR REMARKS AND INCLUDE EXTRANEOUS MATERIAL ON THE RESOLUTION UNDER CONSIDERATION.

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  • 07:41:14 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION.

  • 07:41:16 PM

    MS. WATSON

    MR. SPEAKER, I RISE IN STRONG SUPPORT OF THIS RESOLUTION AND YIELD MYSELF…

    MR. SPEAKER, I RISE IN STRONG SUPPORT OF THIS RESOLUTION AND YIELD MYSELF AS MUCH TIME AS I MAY CONSUME.

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  • 07:41:24 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION.

  • 07:41:27 PM

    MS. WATSON

    MR. SPEAKER, I WANT TO THANK MR. RUSH FOR INTRODUCING THIS RESOLUTION THAT…

    MR. SPEAKER, I WANT TO THANK MR. RUSH FOR INTRODUCING THIS RESOLUTION THAT RECOGNIZES THE 50TH ANNIVERSARY OF INDEPENDENCE FOR 17 AFRICAN COUNTRIES. IN THE SCRAMBLE FOR AFRICA, BETWEEN 1880 AND THE FIRST WORLD WAR, EUROPEAN COUNTRIES EXTENDED THEIR POLITICAL AND ECONOMIC RULE OVER THE VAST TERRITORY AND RESOURCES OF AFRICA. THE COLONIZING POWERS SAW THIS AS AN OPPORTUNITY TO CONTINUE COMMERCE BETWEEN EUROPE AND AFRICA FOLLOWING THE END OF THE SLAVE TRADE. AT THE BERLIN CONFERENCE OF 1884, THE EUROPEAN POWERS CARVED UP AFRICA AMONG THEMSELVES TO SUIT THEIR DEMAND FOR GOLD, DIAMONDS, MINERALS AND SPICES. THE AGE OF EUROPEAN IMPERIALISM RAVISHED THE HUMAN AND NATURAL RESOURCES OF THE AFRICAN CONTINENT. IN 1941, PRESIDENT ROOSEVELT INTRODUCED THE PRINCIPLE OF THE AUTONOMY OF IMPERIAL COLONIES. TO PRIME MINISTER TO WINSTON CHURCHILL, AND STARTED A DEBATE OVER BRITISH AND EVENTUALLY ALL EUROPEAN IMPERIALISM. IN 1957, SUBSAHARAN AFRICA'S POST COLONIAL ERA BEGAN WITH THE INDEPENDENCE OF GHANA. OVER THE FOLLOWING SEVERAL DECADES, ALL OTHER AFRICAN COUNTRIES WON THEIR INDEPENDENCE AND JOINED THE INTERNATIONAL COMMUNITY OF SOVEREIGN NATIONS. NOW, RESOLUTION CONGRATULATES THE PEOPLE OF THE 17 AFRICAN NATIONS WHO CELEBRATE THEIR 50TH VEER OF -- 50TH YEAR OF NATIONAL INDEPENDENCE IN 2010. THE AMERICAN PEOPLE HAVE BENEFITED GREATLY FROM OUR RELATIONS WITH AFRICAN NATIONS DURING THE PAST 50 YEARS. AFRICAN COUNTRIES REMAIN AMONG OUR STRONGEST ALLIES IN THE WORLD. WE ENJOY STRONG ECONOMIC AND POLITICAL TIES WITH MANY AFRICAN COUNTRIES AND WE ARE THE BENEFICIARIES OF STRONG CULTURAL AND SOCIAL TIES TO AFRICA'S PEOPLE. MR. SPEAKER, I URGE ALL OF MY COLLEAGUES TO SUPPORT THIS IMPORTANT RESOLUTION AND I RESERVE THE BALANCE OF MY TIME.

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  • 07:44:12 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN RESERVES. THE GENTLEWOMAN FROM FLORIDA IS RECOGNIZED.

  • 07:44:17 PM

    MS. ROS-LEHTINEN

    I YIELD MYSELF SUCH TIME AS I MAY CONSUME.

  • 07:44:20 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN IS RECOGNIZED.

  • 07:44:23 PM

    MS. ROS-LEHTINEN

    I RISE IN SUPPORT OF HOUSE RESOLUTION 1405, CONGRATULATING THE PEOPLE OF…

    I RISE IN SUPPORT OF HOUSE RESOLUTION 1405, CONGRATULATING THE PEOPLE OF 17 AFRICAN NATIONS ON 50 YEARS OF INDEPENDENCE AND RECOGNIZING THE IMPORTANCE OF AFRICA TO THE UNITED STATES. 50 YEARS AGO, 17 AFRICAN NATIONS THREW OFF THE YOLK OF COLONIALISM -- THE YOKE OF COLONIALISM AND ESTABLISHED THEMSELVESES AS INDEPENDENCE NATIONS. UNFORTUNATELY, THE PAST HALF CENTURY HAS BEEN ANYTHING BUT PEACEFUL OR JOYFUL FOR ALL TOO MANY OF THESE STATES. ONLY TWO OF THE 17 NATIONS WE CELEBRATE TODAY, MOLLY AND BENI N -- MALI AND PENIN ARE STILL CONSIDERED INDEPENDENT. A WAR IN PART OF THE AREA HAS CLAIMED MILLIONS OF LIVES AND SPAWNED SOME OF THE WORST HUMAN RIGHTS ATROCITIES KNOWN TO MAN. AFRICAN ECONOMIES ARE GROWING AT RATES REMINISCENT OF THE GREAT ASIAN TIGERS. CITIZENS ARE BECOMING INCREASINGLY AWARE OF THEIR RIGHTS AND DEMANDING A GREATER STAKE IN THEIR ECONOMIC AND POLITICAL FUTURE, DEMANDING ACCOUNTABILITY AND DRIVING THE BIG MEN OF AFRICA FROM OFFICE. STILL IN AFRICA, INDEPENDENCE HAS PROVEN TO BE A NECESSARY BUT INSUFFICIENT CONDITION FOR FREEDOM. AT A BATTLEFIELD IN GETTYSBURG, THE GREAT BE A HAMLIN CONDOLEEZZA RICE HONORED THE -- BE A HAMLIN CONDOLEEZZA RICE HONORED THE FOLLOW -- ABRAHAM LINCOLN HONORED THE FALLEN BY SAYING, THIS NATION, UNDER GOD, SHALL HAVE A NEW BIRTH OF FREEDOM AND THAT GOVERNMENT OF THE PEOPLE, BY THE PEOPLE, FOR THE PEOPLE SHALL NOT PERISH FROM THE EARTH. AND SO, MR. SPEAKER, ON THIS 50TH ANNIVERSARY OF INDEPENDENCE, FOR NO LESS THAN 17 AFRICAN NATIONS, WE STAND IN SOLIDARITY WITH THE PEOPLE WHO WON THEIR INDEPENDENCE BUT CONTINUE IN THEIR STRUGGLE FOR FREEDOM. I URGE MY COLLEAGUES TO SUPPORT THIS TIMELY AND IMPORTANT RESOLUTION. MR. SPEAKER, WE HAVE NO FURTHER REQUESTS FOR TIME AND I YIELD BACK THE BALANCE OF MY TIME.

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  • 07:46:54 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN YIELDS BACK THE BALANCE OF HER TIME. THE GENTLEWOMAN FROM…

    THE GENTLEWOMAN YIELDS BACK THE BALANCE OF HER TIME. THE GENTLEWOMAN FROM CALIFORNIA IS RECOGNIZED.

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  • 07:47:00 PM

    MS. WATSON

    WILL YIELD AS MUCH TIME AS HE MIGHT CONSUME TO REPRESENTATIVE BOBBY L.…

    WILL YIELD AS MUCH TIME AS HE MIGHT CONSUME TO REPRESENTATIVE BOBBY L. RUSH OF ILLINOIS.

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  • 07:47:09 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM ILLINOIS IS RECOGNIZED -- RARB OF ILLINOIS.

  • 07:47:13 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN FROM ILLINOIS IS RECOGNIZED -- RUSH OF ILLINOIS.

  • 07:47:17 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM ILLINOIS IS RECOGNIZED.

  • 07:47:20 PM

    MR. RUSH

    YOU, MR. SPEAKER. MR. SPEAKER, I'D LIKE TO BEGIN BY THANKING THE COMMITTEE…

    YOU, MR. SPEAKER. MR. SPEAKER, I'D LIKE TO BEGIN BY THANKING THE COMMITTEE CHAIRMAN, HOWARD BERMAN, AND THE CHAIRMAN PAYNE AND MY GOOD FRIEND, CONGRESSWOMAN WATSON. I ALSO THANK CONGRESSWOMAN CLARKE AND CONGRESSMAN ROYCE ON THEIR CONSTANT LEADERSHIP ON AFRICAN ISSUES. THIS YEAR, MR. SPEAKER, 17 AFRICAN NATIONS ARE CELEBRATING THE ANNIVERSARY OF THEIR INDEPENDENCE. 1960 WAS AN IMPORTANT YEAR WHEN THE FRENCH, BRITISH AND ITALIAN COLONIES. THEY WON HARD-FOUGHT VICTORIES THAT LED TO INDEPENDENCE ON JANUARY 1, A NATION OF CAMEROON AND -- IN 1960 WAS A NATION OF MAURITANIA SECURING ITS INDEPENDENCE FROM FRANCE. THE RESOLUTION I'M BRINGING TO THE FLOOR TODAY WILL HONOR THE SACRIFICES OF THE FALLEN FATHERS OF THESE AFRICAN NATIONS. LITTLE DID THEY KNOW THEN THAT THE U.S.A. WOULD ENTER INTO ITS NATION'S PERMANENT HISTORY THE TRIBUTE TO THE THOUSANDS OF UNSUNG MEN AND WOMEN WHO GAVE THEIR LIVES BASED ON THE SIMPLE GAME OF FREEDOM AND A DESIRE TO ASSERT NECESSITIES FROM A NATION . WE IN THE U.S. OF A KNOW SOMETHING ABOUT THAT FREEDOM AND THAT DETERMINATION. CHIEF OF ALL, THESE VISIONARY AFRICAN LEADERS ARE IN CAMEROON. IN GHANA, IN SENEGAL, THOMAS IN -- AND TANZANIA. THIS RESOLUTION ALSO COMMENDS THE SOCIAL, ECONOMIC AND POLITICAL PROGRESS BEING MADE BY THESE NATIONS WHILE ACKNOWLEDGING THE ASSOCIATED CHALLENGES THAT THEY FACE TODAY. MANY OF THESE NATIONS HAVE BECOME DEMOCRACIES AND ARE STRIVING TO BE RELEASED FROM THEIR PAST OPPRESSION. MEN AND WOMEN HAVE WORKED TIRELESSLY TO OVERCOME COLONIALISM, NEOCOLONIALISM, SOCIAL ADJUSTMENTS, INTERNAL AND REGIONAL WAR AND THEIR OWN HURDLES. THEY ALSO FACE SERIOUS CHANGES BEYOND THEIR CONTROL, WHICH HAS BEEN EXACERBATED BY THE GLOBAL FINANCIAL CRISIS, CLIMATE CHANGE AND TERRORISM. MANY OF THE AFRICAN NATIONS TODAY ARE BECOMING ECONOMICALLY, POLITICALLY AND STRATEGICALLY IMPORTANT TO THE UNITED STATES. OUR NATION SIMPLY CANNOT AFFORD TO TAKE THAT AWAY, WE CAN'T AFFORD TO MISTAKENLY SEE AFRICA AS A DESPERATE CONTINENT FOREVER IN NEED OF CHARITY FROM OUR NATION. IT'S SOMETHING IN AN INTENSIFIED EFFORT BY CHINA, RUSSIA, INDIA, IRAN AND OTHER NATIONS WHO SEEK TO GAIN ACCESS TO AFRICA'S VAST NATURAL RESOURCES. SOME SAY WE MAY NEED AFRICA MORE THAN AFRICA NEEDS US AND MANY AFRICAN NATIONS ARE BEGINNING TO THINK THE SAME WAY. BOTH SIDES ARE MISTAKEN. WE NEED EACH OTHER, NOW WE NEED EACH OTHER MORE THAN EVER. IT IS TIME TO SOLIDIFY OUR ECONOMIC AND STRATEGIC PARTNERSHIPS. I URGE OTHERS TO SUPPORT THIS RESOLUTION, COMMEND PRESIDENT OBAMA FOR HIS LEADERSHIP IN MAKING THE PARTNERSHIP A REALITY BY SIGNING A BINATIONAL COMMISSION AGREEMENT WITH SOUTH AFRICA, WITH AN GOAL AND NIGERIA -- AN GOALIA AND NIGERIA. A STRATEGIC AGREEMENT WITH THE ENTIRE AFRICAN UNION, THE WHITE HOUSE HAS ANNOUNCED THAT PRESIDENT OBAMA WILL BE HOSTING THESE 17 AFRICAN HEADS OF STATE AND A CELEBRATION THAT WILL MARK THE 50TH ANNIVERSARY LATER THIS SUMMER. AND I'D LIKE TO TAKE THIS OPPORTUNITY TO COMMEND OUR PRESIDENT FOR CALLING THIS SUMMIT. I HOPE AN INVITATION WILL BE EXTENDED TO OTHER AFRICAN NATIONS AS WELL. FOR INVESTING IN AFRICA, THE CONTINENT AND OTHER NATIONS. THEY ARE ON THE CUSP OF FORTUNE. IT IS TIME TO REVISIT OUR RELATIONSHIP WITH THE CONTINENT OF AFRICA AND TO DENY SOCIETY A MORE COMPREHENSIVE APPROACH. I WOULD ENCOURAGE THE ADMINISTRATION TO ESTABLISH PERMISSION THAT WILL CREATE HUMAN RIGHTS GROUPS, THE CIVIL SOCIETY AND AFRICAN GOVERNMENTS, FINANCIAL INSTITUTIONS, THE PRIVATE SECTOR AND FORMULATE INITIATIVE THAT IS BENEFICIAL AND COORDINATED POLICY FRAMEWORK THAT ADVANCES DEMOCRACY AND PROSPERITY IN AFRICA. IT'S WORTH KNOWING THAT THE U.S. HAS ALREADY TAKEN SEVERAL STEPS TO UNDERWRITE AFRICA'S INCREASING IMPORTANCE. OUR ECONOMY AND ITS RECOVERY ARE FAR MORE DEPENDENT ON AFRICA THAN WE HAVE ACKNOWLEDGED TO DATE. SO, TOO, IS OUR NATIONAL SECURITY. THIS CELEBRATES THE ANNIVERSARY OF 17 AFRICAN NATIONS, RECOGNIZING THAT AFRICA IS A SIGNIFICANT -- AND IMPORTANT TO THE UNITED STATES. TO PROMOTE ECONOMIC WEALTH. AND TO ALLEVIATE THE BURDEN OF POVERTY THAT SO MANY IN THE UNION CONTINUE TO FACE. THIS IS ONLY THE FIRST STEP, MR. SPEAKER, INTO AFRICA'S TRANSITION INTO A NORMAL ECONOMY. THIS STEP IS THE RIGHT ONE, IT IS A LONG OVERDUE TRANSFORMATION AND OUR APPROACH TOWARD AFRICA AND OUR BELIEF IN THE AFRICAN PEOPLE AND IN THE AFRICAN COOTINENT. WITH THAT I YIELD BACK THE BALANCE OF MY TIME.

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  • 07:56:20 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK. THE GENTLEWOMAN FROM CALIFORNIA.

  • 07:56:23 PM

    MS. WATSON

    MR. SPEAKER, I HAVE NO FURTHER REQUESTS FOR TIME AND I RESERVE THE BALANCE…

    MR. SPEAKER, I HAVE NO FURTHER REQUESTS FOR TIME AND I RESERVE THE BALANCE OF MY TIME.

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  • 07:56:31 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN YIELDS BACK? DOES SHE? DOES THE GENTLEWOMAN FROM…

    THE GENTLEWOMAN YIELDS BACK? DOES SHE? DOES THE GENTLEWOMAN FROM CALIFORNIA YIELD BACK THE BALANCE OF HER TIME?

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  • 07:56:42 PM

    MS. WATSON

    YIELD BACK THE BALANCE OF MY TIME.

  • 07:56:44 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN YIELDS BACK. THE QUESTION IS, WILL THE HOUSE SUSPEND THE…

    THE GENTLEWOMAN YIELDS BACK. THE QUESTION IS, WILL THE HOUSE SUSPEND THE RULES AND AGREE TO HOUSE RESOLUTION 1405 AS AMENDED. THOSE IN FAVOR SAY AYE. THOSE OPPOSED, NO. 2/3 OF THOSE VOTING HAVING RESPONDED IN THE AFFIRMATIVE, THE RULES ARE SUSPENDED, THE RETSLUSION IS AGREED TO AND WITHOUT OBJECTION THE MOTION TO -- RESOLUTION IS AGREED TO AND WITHOUT OBJECTION THE MOTION TO RECONSIDER IS IS LAID ON THE TABLE.

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  • 07:57:08 PM

    MS. WATSON

    TO THE VOTE ON THE GROUNDS THAT A QUORUM IS NOT PRESENT AND I MAKE A POINT…

    TO THE VOTE ON THE GROUNDS THAT A QUORUM IS NOT PRESENT AND I MAKE A POINT OF ORDER THAT A QUORUM IS NOT PRESENT. .

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  • 07:57:13 PM

    THE SPEAKER PRO TEMPORE

    PURSUANT TO CLAUSE 8 OF RULE 20 AND THE CHAIR'S PRIOR ANNOUNCEMENT,…

    PURSUANT TO CLAUSE 8 OF RULE 20 AND THE CHAIR'S PRIOR ANNOUNCEMENT, FURTHER PROCEEDINGS ON THIS MOTION WILL BE POSTPONED. FOR WHAT PURPOSE DOES THE GENTLEWOMAN FROM CALIFORNIA SEEK RECOGNITION?

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  • 07:57:24 PM

    MS. WATSON

    MOVE TO SUSPEND THE RULES AND AGREE TO RESOLUTION H.RES. 1412 AS AMENDED.

  • 07:57:31 PM

    THE SPEAKER PRO TEMPORE

    THE CLERK WILL REPORT THE TITLE OF THE RESOLUTION.

  • 07:57:33 PM

    THE CLERK

    AFRICA ON ITS FIRST TWO SUCCESSFUL CONVICTIONS FOR HUMAN TRAFFICKING.

  • 07:57:43 PM

    THE SPEAKER PRO TEMPORE

    PURSUANT TO THE RULE, THE GENTLEWOMAN FROM CALIFORNIA, MS. WATSON, AND THE…

    PURSUANT TO THE RULE, THE GENTLEWOMAN FROM CALIFORNIA, MS. WATSON, AND THE GENTLEWOMAN FROM FLORIDA, MS. ROS-LEHTINEN, WILL EACH CONTROL 20 MINUTES. THE CHAIR RECOGNIZES THE GENTLEWOMAN FROM CALIFORNIA.

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  • 07:57:53 PM

    MS. WATSON

    MR. SPEAKER, I ASK UNANIMOUS CONSENT THAT ALL MEMBERS MAY HAVE FIVE…

    MR. SPEAKER, I ASK UNANIMOUS CONSENT THAT ALL MEMBERS MAY HAVE FIVE LEGISLATIVE DAYS TO REVISE AND EXTEND THEIR REMARKS AND INCLUDE EXTRANEOUS MATERIAL ON THE RESOLUTION UNDER CONSIDERATION.

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  • 07:58:08 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION.

  • 07:58:10 PM

    MS. WATSON

    MR. SPEAKER, I RISE IN STRONG SUPPORT OF THIS RESOLUTION AND YIELD MYSELF…

    MR. SPEAKER, I RISE IN STRONG SUPPORT OF THIS RESOLUTION AND YIELD MYSELF AS MUCH TIME AS I MAY CONSUME. I WOULD LIKE TO THANK THE GENTLEMAN FROM NEW JERSEY, MR. SMITH, FOR INTRODUCING THIS RESOLUTION CONGRATULATING SOUTH AFRICA FOR ITS FIRST TWO SUCCESSFUL CONVICTIONS FOR HUMAN TRAFFICKING. THESE CONVICTIONS DEMONSTRATE SOUTH AFRICA'S COMMITMENT TO PROTECTING THE VULNERABLE WITHIN ITS WATERS. WHILE IMPORTANT PROGRESS HAS BEEN MADE, THE RESOLUTION ALSO URGES THE GOVERNMENT OF SOUTH AFRICA TO TAKE FURTHER STEPS TO PREVENT HUMAN TRAFFICKING BY ENACTING A MORE COMPREHENSIVE AND ANTIHUMAN TRAFFICKING LAW, PURSUING ITS CHILD PROTECTION STRATEGY, PRIORITIZING ENFORCEMENT DURING THE WORLD CUP, EDUCATING ALL RELEVANT GOVERNMENT OFFICIALS ABOUT THE PROBLEM AND PROVIDING REHABILITATIVE CARE FOR THOSE WHO ARE FREED FROM FORCED LABOR IN THE SEX INDUSTRY. IN MAY OF 2004, SOUTH AFRICA WAS AWARDED THE COVETED WORLD CUP TOURNAMENT. WHICH IS GOING ON THERE TODAY. RECOGNIZING THE NEXUS BETWEEN MAJOR SPORTING EVENTS AND CRIME, PARTICULARLL PROSTITUTION, THE SOUTH AFRICAN GOVERNMENT PLACED A HIGH PRIORITY ON PUBLIC AWAURNESS AND THE ANTITRAFFICKING LAW. -- AWARENESS AND THE ANTITRAFFICKING LAW. AS THE PREPARATIONS FOR THE SOCCER TOURNAMENT GOT UNDER WAY, THE COUNTRY'S SEX INDUSTRY WAS SIMULTANEOUSLY GEARING UP FOR THE LARGE INFLUX OF VISIIORS AND THE TRAFFICKING OF WOMEN, GIRLS, MEN AND BOYS INTO CITY BROTHELS TO MEET THE EXPECTED DEMAND. . SOUTH FWRICK HAS BEEN ON A RELENTLESS DRIVE TO MODERNIZE ITS LAWS AND MAKE SURE THEY PROTECT THEIR CITIZENS AND PUNISH OUR OFFENDERS. IN SPITE OF THE MANY ACHIEVEMENTS SINCE THROWING OFF APARTHEID, THE COUNTRY IS PLAYINGED BY MANY ILLS THAT CONFRONT THE REST OF THE WORLD, INCLUDING HUMAN TRAFFICKING. BECAUSE OF DAUNTING ECONOMIC PROBLEMS THROUGHOUT AFRICA AND ITS OWN RULE AND URBAN POVERTY, SOUTH AFRICA CITIES ARE AN ATTRACTIVE PLACE FOR BAD CHARACTERS, INCLUDING HUMAN TRAFFICKERS AND DRUG DEALERS. SOUTH AFRICA MUST CONFRONT BOTH SIDES OF THE PROBLEM AS IT IS BOTH A SOURCE AND A DESTINATION FOR TRAFFICED PERSONS. PEOPLE FROM IMPOVERISHED AREAS ARE BROUGHT INTO THE COUNTRY TO PROVIDE SEXUAL SERVICES AND ALL KINDS OF LABOR FOR LITTLE OR NO PAY. YOUNG BOYS ARE MADE TO BEG ON THE STREETS OR WORK ON FARMS WHILE YOUNG GIRLS ARE FORCED INTO DOMESTIC SERVICE OR THE ILLICIT SEX INDUSTRY. AT THE SAME TIME TRAFFICERS OFTEN TARGET SOUTH AFRICANS THEMSELVES, SENDING THEM OFF TO EUROPE OR THE UNITED STATES AS LABORERS OR DOMESTIC SERVANTS. MR. SPEAKER, THE GOVERNMENT OF SOUTH AFRICA HAS INVESTED IN LAW ENFORCEMENT, COMMUNITY EDUCATION AND INTERNATIONAL COOPERATION TO STEM THE TIDE OF TRAFFICED PERSONS. COUNTRIES ARE TAKING THE KIME OF TRAFFICKING SERIOUSLY. LAST HE CAN WEEK, THE AFRICAN UNION ANNOUNCED THAT IT IS ESTABLISHING A COMMISSION INITIATIVE AGAINST THIS. THIS NEW CAMPAIGN ANNOUNCED ON THE DAY OF THE AFRICAN CHILD WILL HELP ENSURE THAT MEMBER STATES ARE ADOPTING AND PROPERLY IMPLEMENTING INTERNATIONAL PROTOCOLS TO ELIMINATING TRAFFICKING. TO FREE THOSE WHO ARE LIVING IN SHACKLES, TO PREVENT VULNERABLE PEOPLE FROM FALLING CAPTIVE TO THOSE WHO WOULD MODIFY HUMAN LIFE IS A CHALLENGE THAT MUST BE SHARED BY ALL GOVERNMENTS. THAT IS WHY I URGE MY COLLEAGUES TO SUPPORT THIS RESOLUTION AND JOIN ME IN RECOGNIZING THE PROGRESS THAT SOUTH AFRICA IS MAKING. MR. SPEAKER, I RESERVE THE BALANCE OF MY TIME.

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  • 08:03:38 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN RESERVES. THE GENTLEWOMAN FROM FLORIDA IS RECOGNIZED.

  • 08:03:44 PM

    MS. ROS-LEHTINEN

    HONORED TO YIELD SUCH TIME AS HE MAY CONSUME TO THE GENTLEMAN FROM NEW…

    HONORED TO YIELD SUCH TIME AS HE MAY CONSUME TO THE GENTLEMAN FROM NEW JERSEY, MR. SMITH, THE RANKING MEMBER ON THE SUBCOMMITTEE OF AFRICA AND GLOBAL HEALTH AND THE AUTHOR OF THIS RESOLUTION.

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  • 08:03:58 PM

    THE SPEAKER PRO TEMPORE

  • 08:04:01 PM

    MR. SMITH

    I THANK MY RANKING MEMBER AND THANK HER FOR BEING A CO-SPONSOR AND CAROLYN…

    I THANK MY RANKING MEMBER AND THANK HER FOR BEING A CO-SPONSOR AND CAROLYN MALONEY AND OTHERS. THIS IS A BIPARTISAN RESOLUTION THAT WE PRESENT ON THE FLOOR TODAY. WHILE THE WORLD CUP IS A JOYOUS AND UNIFYING EVENT WATCHED THE WORLD OVER, IT COMES AT A VERY HIGH COST FOR MANY WOMEN AND CHILDREN TRAPPED IN SEXUAL SLAVERY IN SOUTH AFRICA. GOING ON RIGHT NOW, THE WORLD CUP IS ENJOYING 2.7 MILLION LOCAL SPECTATORS AND UP TO 500,000 VISITORS TO THE COUNTRY. IT IS AN HONOR AND ECONOMIC BOOM FOR SOUTH AFRICA BUT ALSO A THREAT TO VULNERABLE WOMEN AND CHILDREN, A THREAT TO THE GOVERNMENT OF SOUTH AFRICA IS AND MUST CONTINUE TO AGGRESSIVELY COMBAT. MAJOR SPORTING EVENTS AND CONVENTIONS THAT ATTRACT LARGE NUMBERS OF PEOPLE IN THE UNITED STATES OR ABROAD HAVE BEEN PROVEN TO RESULT IN THE INCREASE FOR COMMERCIAL SEXUAL EXPLOITTATION. PIMPS JUMP TO THE DEMAND BY TRAFFICKING WOMEN AND GIRLS FOR PROSTITUTION SUCH AS THE WORLD CUP. WE HAVE SEEN EXAMPLES OF THIS IN STORIES COMING OUT OF SOUTH AFRICA IN THE MEDIA OVER THE LAST SEVERAL MONTHS. ONE TAXI DRIVER COVERED IN A STORY PROUDLY ADVERTISED HIS RED LIGHT TOUR WHICH INCLUDES BAR HOPPING AND GUIDANCE TO PROSTITUTED WOMEN LESS LIKELY TO BE H.I.V. POSITIVE. HE IS HOPING TO CASH IN ON SEXUAL TOURISM ACCOMPANYING THE WORLD CUP. A WOMAN WHO WAS JUST 17 YEARS OLD AND ACCORDING TO "TIME" MAGAZINE, FORCED INTO PROSTITUTION AFTER LEAVING HER VILLAGE AFTER A PROMISE OF A JOB. SHE DIED OF AIDS COMPLICATIONS THIS YEAR. ACCORDING TO THE U.S. DEPARTMENT OF STATE WHERE PROSTITUTION IS LEGALIZED OR TOLERATED, THERE IS A GREATER DEMAND FOR HUMAN TRAFFICKING VICTIMS AND NEARLY ALWAYS AN INCREASE IN THE NUMBER OF WOMEN AND CHILDREN TRAFFICED INTO COMMERCIAL, SEXUAL SLAVERY. IN PREPARATION FOR THE WORLD CUP, THE GOVERNMENT COMMISSIONED A COMPREHENSIVE STUDY OF HUMAN TRAFFICKING WITHIN ITS BORDERS AND DISCOVERED THAT TRAFFICKING VICTIMS WERE BROUGHT FROM ALL OVER THE WORLD, NOT JUST FROM NEIGHBORING COUNTRIES WHERE POVERTY MAKE WOMEN AND CHILDREN MAKE THEM VULNERABLE TO EXPLOITTATION. CAPETOWN HAS BEEN CLOSELY MONITORING AND TRACKING THIS. CAPETOWN LAW ENFORCEMENT NOTED A SUDDEN INCREASE IN WOMEN ARRIVING WITH FALSIFIED IMMIGRATION DOCUMENTS FROM ASIA YEAH AND SAW A SUDDEN DROP IN THE AGE OF GIRLS WORKING THE STREETS. I APPLAUD CAPTOWN FOR ITS VIGILANCE BECAUSE CRIMINAL CINDY INDICATES HAVE THE MEANS AND CAPACITY FOR TRAFFICKING WOMEN AND GIRLS TO THE WORLD CUP. AS YOU MAY BE AWAY, I OFFERED THE PROTECTION ACT OF 2000 AND AUTHORIZATIONS IN 2003 AND 2005. OUR MOST RECENT REPORT WHICH IS MANDATED RANKS SOUTH AFRICA AS A TIER TWO COUNTRY, A COUNTRY THAT DOES NOT FULLY COMPLY WITH THE MINIMUM STANDARDS OF TRAFFICKING, BUT MAKING SIGNIFICANT EFFORTS TO DO SO. AND SO ON BEHALF OF MY COLLEAGUES AND I, WE OFFER THIS RESOLUTION TODAY TO CONGRATULATE SOUTH AFRICA FOR THE STEPS IT HAS TAKEN, ITS FIRST TWO MAJOR TRAFFICKING CONDITIONS AND INCREASED LAW ENFORCEMENT ACTIVITY, ESPECIALLY IN THIS ALL IMPORTANT FIGHT AGAINST HUMAN TRAFFICKING. WE OFFER H.R. 1412 TODAY TO UNDERSCORE THE URGENT NEED FOR FURTHER ACTION AND TRAFFICKING FUNDING PRIORITYIZATION BY THE GOVERNMENT OF SOUTH AFRICA AND THAT ADMONISHMENT SHOULD GO TO EACH AND EVERY ONE OF US. WHILE SOUTH AFRICA DOES NOT YET HAVE IN PLACE AN ANTI-TRAFFICKING LEGISLATION, IT DOES HAVE LEGISLATION THAT OFFERS INCREASED PROTECTION TO CHILDREN. IT IS MY SINCERE HOPE THAT ALL LEVELS OF RELEVANT GOVERNMENT OFFICIALS WOULD BE AWARE OF THEIR RESPONSIBILITIES UNDER THE ANTI-TRAFFICKING PROVISIONS UNDER THE SEXUAL AND CHILDREN'S ACT AND CHILDREN'S AMENDMENT ACT OF 2007 AND THESE WILL BE FULLY FUNDED AND IMPLEMENTED BY THE GOVERNMENT OF SOUTH AFRICA. AS WE ALL KNOW, IF THE LAW GOES UNEN FORCED, IT IS NOT WORTH THE PAPER IT IS PRINTED ON. THEY NEED TO IMPLEMENT THIS AND DO SO FAITHFULLY. LAW ENFORCEMENT MUST BE VIGILANT IN PROTECTING CHILDREN GOING TO THE WORLD CUP, TO EXPANDED LAW ENFORCEMENT PRESENCE AND RAIDS IN AREAS WHERE EXPLOITTATION IS OCCURRING. TRAFFICED WOMEN AND CHILDREN RESCUED DURING THE GAMES SHOULD BE GIVEN CARE IN ORDER TO PREVENT THE TRAUMA THEY HAVE SUFFERED FROM DEFINING THEM AND CONDEMNING THEM TO A LIFE OF FURTHER EXPLOITTATION AND ABUSE. AGGRESSIVE PROSECUTION OF THE TRAFFICERS IS ALSO A MUST AS ORGANIZED CRIME WILL GRAVITATE TOWARDS WHATEVER ACTIVITY IS MOST LUCRATIVE AND LEAST RISKY. AS THIS RESOLUTION POINTS OUT, IT IS OUR HOPE THAT SOUTH AFRICA WILL FOLLOW UP WITH PROSECUTION OF ANY SOCCER FANS OR OTHER TOURISTS CAUGHT EXPLOITING WOMEN AND CHILDREN. THE BUYERS OF TRAFFICKING VICTIMS ARE RESPONSIBLE FOR THIS HUMAN MISERY, FOR WITHOUT DEMAND THESE WOMEN AND CHILDREN WOULD NOT BE SLAVES. I BELIEVE THAT THE GAMES ARE JUST THE BEGINNING FOR SOUTH AFRICA IN ITS FIGHT AGAINST HUMAN TRAFFICKING. WE HAVE SEEN TREMENDOUS INVESTMENT OF RESOURCES AND WILL AND ANTI-TRAFFICKING MOMENTUM FROM NONGOVERNMENTAL ORGANIZATIONS AND FAITH-BASED ORGANIZATIONS IN THE LEADUP TO THE GAMES. CAPETOWN IS AN INTERNATIONAL UNION OF SUPERIORS GENERAL IN THE SOUTHERN AFRICAN CATHOLIC BISHOPS CONFERENCE, SALVATION ARMY, RED CARD 2010 CAMPAIGN AND THE ANTI-TRAFFICKING COALITION OF 2010 ARE A FEW OF THOSE WHO HAVE STEPPED UP TO COMBAT THIS. SOUTH AFRICAN CITIZENS HAVE BEEN WARNED ABOUT THE DANGERS OF HUMAN TRAFFICKING AND MANY HAVE VOLUNTEERED IN THE FIGHT. HUMAN TRAFFICKING IS IN THE PUBLIC EYE NOW AND IT IS TIME FOR THE GOVERNMENT OF SOUTH AFRICA TO PURGE IT FROM ITS CITIES AND ANYWHERE ELSEWHERE IT IS FOUND. I THANK MY GOOD FRIEND FOR YIELDING AND URGE MEMBERS TO SUPPORT THE RESOLUTION.

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  • 08:11:17 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE GENTLEWOMAN FROM…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE GENTLEWOMAN FROM FLORIDA.

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  • 08:11:22 PM

    MS. ROS-LEHTINEN

    I YIELD MYSELF SUCH TIME AS I MAY CONSUME. I THANK THE GENTLEMAN FROM NEW…

    I YIELD MYSELF SUCH TIME AS I MAY CONSUME. I THANK THE GENTLEMAN FROM NEW JERSEY AND WE ARE BLESSED TO HAVE SUCH A HUMAN RIGHTS ACTIVIST ON OUR COMMITTEE AND INDEED IN THE ENTIRE HOUSE OF REPRESENTATIVES. THANK YOU SO MUCH, MR. SMITH. MR. SPEAKER, THE BILL BEFORE US HOUSE RESOLUTION 1412, RECOGNIZES THE EFFORTS TODAY OF THE SOUTH AFRICAN GOVERNMENT TO FIGHT HUMAN TRAFFICKING WHILE URGING SUSTAINED AND EXPANDED EFFORTS FOR THE FUTURE. ACCORDING TO THE STATE DEPARTMENT'S 2010 TRAFFICKING AND PERSONS REPORT AND I QUOTE, SOUTH AFRICA IS A SOURCE, TRANSIT AND DESTINATION COUNTRY FOR MEN, WOMEN AND CHILDREN SUBJECTED TO TRAFFICKING IN PERSONS, SPECIFICALLY FORCED LABOR AND FORCED COMMERCIAL SEXUAL EXPLOITTATION, END QUOTE. FURTHER, SOUTH AFRICA, QUOTE, DOES NOT FULLY COMPLY WITH THE MINIMUM STANDARDS FOR THE ELIMINATION OF TRAFFICKING. HOWEVER, IT IS MAKING SIGNIFICANT EFFORTS TO DO SO, END QUOTE. AS THE 2010 TRAFFICKING REPORT RECOGNIZES AND THIS RESOLUTION REAFFIRMS, SOUTH AFRICA HAS, IN FACT, MADE NOTABLE PROGRESS IN CONFRONTING HUMAN TRAFFICKING. THE RECENT CONVICTION BY THE MUNICIPAL COURT ON TWO INDIVIDUALS ON TRAFFICKING-RELATED CHARGES IS PARTICULARLY SIGNIFICANT AND MERITS RECOGNITION. STILL, WE HAVE A LONG WAY TO GO, MR. SPEAKER. CONCERNS OVER TRAFFICKING IN SOUTH AFRICA HAVE BEEN HEIGHTENED WITH THE COMMENCEMENT OF THE FEEFA 2010 WORLD CUP -- FIFA 2010 WORLD CUP GAMES. THE MASSIVE INFLUX OF WORKERS TO BUILD THESE STADIUMS AND OTHER INFRASTRUCTURE, HIGH RATES OF DOMESTIC UNEMPLOYMENT, THE ARRIVAL OF MILLIONS OF SPECTATORS AND GAPS IN LAW ENFORCEMENT CAPACITY HAVE PROVIDED AN IDEAL OPERATING ENVIRONMENT FOR TRAFFICKERS. CRIMINAL NETWORKS AND STREET GANGS ARE KNOWN TO OPERATE CHILD PROSTITUTION RINGS IN THE COUNTRY'S MAJOR CITIES WHERE CHILD SEX TOURISM IS ON THE RISE. THESE SAME CITIES, INCLUDING DURBIN, CAPETOWN AND JOHANNESBURG, NOW BOAST MAJOR SOCCER STADIUMS CAPABLE OF DRAWING BETWEEN 40,000 TO 95,000 SPECTATORS EACH. THE CRIMINALITY AND OPPORTUNITY CREATED BY THE WORLD CUP HAS PRESENTED MAJOR CHALLENGES FOR THE SOUTH AFRICAN GOVERNMENT. UNFORTUNATELY, THESE CHALLENGES WILL ENDURE LONG AFTER THE CUP HAS BEEN AWARDED. THIS RESOLUTION URGES THE SOUTH AFRICAN GOVERNMENT TO ENGAGE IN AN AGGRESSIVE, SUSTAINED AND EFFECTIVE CAMPAIGN TO FIGHT THE SCURGE OF TRAFFICKING. IT URGES THE GOVERNMENT TO ADOPT THE PENDING PREVENTION AND COMBATING OF TRAFFICKING IN PERSONS BILL AND ENFORCE RELEVANT ELEMENTS OF THE SEXUAL OFFENSES AND CHILD JUSTICE ACT. IT URGES THE GOVERNMENT TO ADOPT ADDITIONAL MEASURES TO PROTECT VULNERABLE CHILDREN AND OTHER POTENTIAL VICTIMS FROM SEXUAL AND LABOR EXPLOITTATION. IT URGES THE GOVERNMENT TO PRIORITIZE ANTI-TRAFFICKING LAW ENFORCEMENT, PARTICULARLY DURING THE WORLD CUP GAMES. AND LASTLY, IT ENCOURAGES THE GOVERNMENT TO PROSECUTE TOURISTS ENGAGING IN COMMERCIAL SEXUAL EXPLOITTATION. I STRONGLY URGE OUR COLLEAGUES TO SUPPORT THIS TIMELY AND IMPORTANT RESOLUTION. AND WITH THAT, MR. SPEAKER, I'M VERY PLEASED TO YIELD AS MUCH TIME AS HE MAY CONSUME TO THE THE GENTLEMAN FROM CALIFORNIA, MR. ROYCE, THE RANKING MEMBER ON THE FOREIGN AFFAIRS SUBCOMMITTEE ON TERRORISM, NONPROLIFERATION AND TRADE.

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  • 08:15:20 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN FROM CALIFORNIA IS RECOGNIZED. .

  • 08:15:26 PM

    MR. ROYCE

    YOU. I WOULD LIKE TO THANK THE GENTLEMAN FROM NEW JERSEY, MR. CHRIS SMITH,…

    YOU. I WOULD LIKE TO THANK THE GENTLEMAN FROM NEW JERSEY, MR. CHRIS SMITH, FOR ALL THAT HE HAS ATTEMPTED TO DO TO BRING THIS RESOLUTION BEFORE US, BUT ALSO TO BRING THIS ISSUE INTO THE INTERNATIONAL COMMUNITY AND CONGRESSWOMAN DIANE WATSON, I APPRECIATE YOUR LEADERSHIP ON THIS AS WELL. I THINK FOR ANY OF US WHO TRY TO CONTEMPLATE THE IMPACT OF MOD HE WERE DAY SLAVERY, I WAS THINKING -- MODERN DAY SLAVELY, -- SLAVERY, I WAS THINKING, I WAS TALKING TO CONGRESSMAN SMITH ABOUT THE MOVIE "AMAZING GRACE" ABOUT WILLIAM WHICH WILL BERFORCE AND THE ATTEMPT -- WILBERFORCE AND THE ATTEMPT IN BRITAIN SO LONG AGO TO TRY TO ELIMINATE ITS SLAVE TRADE AND -- ELIMINATE THE SLAVE TRADE AND WHEN WE THINK ABOUT THE FACT THAT IN THIS CENTURY, THIS TYPE OF SLAVERY STILL EXISTS, I THINK THAT WHEN WE CONSIDER THE MAGNITUDE OF IT, THE MISERY OF THE PEOPLE, ESPECIALLY THE CHILDREN, THAT ARE SUBJECTED TO THIS, WHEN WE THINK ABOUT THIS RANGE OF SEXUAL SERVITUDE ACROSS THIS PLANET AFFECTING SOME 12 MILLION ADULTS BUT ALSO MILLIONS OF CHILDREN, AND THIS IS WHAT IS HAPPENING EVERY DAY, PEOPLE ARE TRAFFICKED INTO THIS TYPE OF SERVITUDE. YOU THINK ABOUT THE FACT THAT MANY OF THESE CHILDREN ARE 6, 7 YEARS OLD AND SADLY, AS THE STATE DEPARTMENT TELLS US IN THIS REPORT THAT WAS JUST RELEASED, THE MAJORITY OF TRANSNATIONAL TRAFFICKING, THE MAJORITY OF THESE VICTIMS ARE BEING TRAFFICKED INTO COMMERCIAL SEXUAL EXPLOITATION. SO THAT IS THE REALITY THAT THE WORLD FACES TODAY. NOW IMPORTANTLY, THIS RESOLUTION COMMENDS SOUTH AFRICA FOR TAKING -- FOR THE GOVERNMENT TAKING SOME STEPS BECAUSE IT HAS TRIED TO COMBAT THIS PROBLEM, IT HAS BROUGHT TO JUSTICE, IT SUCCESSFULLY CONVICTED ITS HUMAN TRAFFICKERS HERE IN A TRIAL THAT HAS GOTTEN SOME ATTENTION. SO IT IS IMPORTANT TO NOTE SUCH IMPROVEMENTS. BUT AT THE SAME TIME IT'S IMPORTANT FOR US TO REALIZE HOW MUCH REMAINS TO BE DONE, HOW MUCH THE INTERNATIONAL COMMUNITY NEEDS TO WORK AND COME TOGETHER, TO GO AFTER THESE CRIMINALS SYNDICATES THAT ARE INVOLVED IN THIS KIND OF ACTIVITY. AND I ONLY WISH WE COULD BE CELEBRATING THE ACHIEVEMENT OF COUNTRIES LIKE VIETNAM, BUT UNFORTUNATELY WE'VE READ THE REPORT. SOME COUNTRIES ARE ACTUALLY BEING DOWNGRADED IN THIS REPORT AND IN VIETNAM WOMEN AND CHILDREN ARE ROUTINELY MISLED BY FRAUDULENT JOB OPPORTUNITIES WHERE THEY FIND THEMSELVES INSTEAD SOLD INTO BROTHELS. SADLY, WHILE SOME CONDITIONS ARE IMPROVING OTHER STATES LIKE VIETNAM ARE FALLING FAR, FAR BEHIND AND IT IS ALSO OUR HOPE THAT THE RELEASE OF THIS REPORT WILL DO MUCH IN THE INTERNATIONAL COMMUNITY, ALONG WITH A HELP BY N.G.O.'S THAT HAVE COME FORWARD IN ORDER TO TRY TO PUT A SPOTLIGHT ON THIS ISSUE IN ORDER TO TRY TO GET EVERY GOVERNMENT INVOLVED IN MOVING IN THE CORRECT DIRECTION AND PROSECUTING THOSE WHO ARE INVOLVED IN THE CRIMINAL SYNDICATES IN TRYING TO ADVANCE THIS KIND OF INHUMANITY ACROSS THIS PLANET. THANK YOU, I AGAIN COMMEND ALL THE CO-SPONSORS OF THIS LEGISLATION, INCLUDING MY COLLEAGUE, ILEANA ROS-LEHTINEN, AND I YIELD BACK.

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  • 08:19:37 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK. THE GENTLEWOMAN FROM FLORIDA.

  • 08:19:40 PM

    MS. ROS-LEHTINEN

    THANK YOU, MR. SPEAKER. I'D LIKE TO THANK MR. ROYCE AND THANK MR. SMITH,…

    THANK YOU, MR. SPEAKER. I'D LIKE TO THANK MR. ROYCE AND THANK MR. SMITH, THE AUTHORS OF THIS RESOLUTION, AND WITH THAT, MR. SPEAKER, I YIELD BACK THE BALANCE OF MY TIME.

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  • 08:19:51 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLELADY YIELDS BACK THE BALANCE OF HER TIME. THE GENTLEWOMAN FROM…

    THE GENTLELADY YIELDS BACK THE BALANCE OF HER TIME. THE GENTLEWOMAN FROM CALIFORNIA IS RECOGNIZED.

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  • 08:19:56 PM

    MS. WATSON

    SPEAKER, I YIELD BACK THE BALANCE OF MY TIME.

  • 08:19:58 PM

    THE SPEAKER PRO TEMPORE

  • 08:20:16 PM

    MS. WATSON

    MR. SPEAKER, I OBJECT TO THE VOTE ON THE GROUNDS THAT A QUORUM IS NOT…

    MR. SPEAKER, I OBJECT TO THE VOTE ON THE GROUNDS THAT A QUORUM IS NOT PRESENT AND I MAKE A POINT OF ORDER THAT A QUORUM IS NOT PRESENT.

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  • 08:20:23 PM

    THE SPEAKER PRO TEMPORE

    PURSUANT TO CLAUSE 8 OF RULE 20 AND THE CHAIR'S PRIOR ANNOUNCEMENT,…

    PURSUANT TO CLAUSE 8 OF RULE 20 AND THE CHAIR'S PRIOR ANNOUNCEMENT, FURTHER PROCEEDINGS ON THIS MOTION WILL BE POST UPONNED. -- POSTPONED. FOR WHAT PURPOSE DOES THE GENTLEWOMAN FROM CALIFORNIA SEEK RECOGNITION?

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  • 08:20:39 PM

    MS. WATSON

    MR. SPEAKER, I MOVE TO SUSPEND THE RULES AND AGREE TO THE SENATE BILL, S.…

    MR. SPEAKER, I MOVE TO SUSPEND THE RULES AND AGREE TO THE SENATE BILL, S. 3104.

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  • 08:20:45 PM

    THE SPEAKER PRO TEMPORE

    THE CLERK WILL REPORT THE TITLE OF THE BILL.

  • 08:20:48 PM

    THE CLERK

    3104, AN ACT TO PERMANENTLY AUTHORIZE RADIO FREE ASIA AND FOR OTHER…

    3104, AN ACT TO PERMANENTLY AUTHORIZE RADIO FREE ASIA AND FOR OTHER PURPOSES.

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  • 08:20:55 PM

    THE SPEAKER PRO TEMPORE

    PURSUANT TO THE RULE, THE GENTLEWOMAN FROM CALIFORNIA, MS. WATSON, AND THE…

    PURSUANT TO THE RULE, THE GENTLEWOMAN FROM CALIFORNIA, MS. WATSON, AND THE GENTLEWOMAN FROM FLORIDA, MS. ROS-LEHTINEN, WILL EACH CONTROL 20 MINUTES. THE CHAIR RECOGNIZES THE GENTLEWOMAN FROM CALIFORNIA.

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  • 08:21:04 PM

    MS. WATSON

    MR. SPEAKER, I ASK UNANIMOUS CONSENT THAT ALL MEMBERS MAY HAVE FIVE…

    MR. SPEAKER, I ASK UNANIMOUS CONSENT THAT ALL MEMBERS MAY HAVE FIVE LEGISLATIVE DAYS TO REVISE AND EXTEND THEIR REMARKS AND INCLUDE EXTRANEOUS MATERIAL ON THE RESOLUTION UNDER CONSIDERATION.

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  • 08:21:20 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION.

  • 08:21:22 PM

    MS. WATSON

    THIS BILL, WHICH PASSED THE SENATE LAST WEEK BY UNANIMOUS CONSENT, WOULD…

    THIS BILL, WHICH PASSED THE SENATE LAST WEEK BY UNANIMOUS CONSENT, WOULD AMEND THE INTERNATIONAL BROADCASTING ACT OF 1994 TO PERMANENTLY AUTHORIZE RADIO FREE ASIA. RADIO FREE ASIA WAS ESTABLISHED BY CONGRESS IN 1994 AND BEGAN ITS OPERATIONS IN 1996. AS A PRIVATE NONPROFIT CORPORATION, ITS MISSION IS TO PROVIDE ACCURATE AND TIMELY NEWS TO ASIAN COUNTRIES WHOSE GOVERNMENTS PROHIBIT ACCESS TO A FREE PRESS. TODAY R.F.A. BROADCAST NEWS AND INFORMATION IN NINE LANGUAGES, CANTONESE, CHINESE, KOREAN,LY A OSHE -- LAOTIAN, TIBETAN AND VIETNAMESE. R.F.A. ALSO MAINTAINS A VIBRANT INTERNET PRESENCE, PROVIDING INFORMATION THROUGH PODCASTS, BLOGS, MESSAGE BOARDS AND YOUTUBE. BECAUSE R.F.A. IS GUIDED BY THE PRINCIPLES OF FREE EXPRESSION AND OPINION AND SERVES AS ASIAN -- SERVES ITS ASIAN LISTENERS BY PROVIDING INFORMATION CRITICAL FOR INFORMED DECISIONMAKING, THE GOVERNMENTS OF THE COUNTRIES THAT ARE THEIR TARGETS HAVE ACTIVELY SOUGHT TO BLOCK R.F.A.'S TRANSMISSIONS AND ACCESS TO ITS WEBSITE. THESE REPRESSIVE GOVERNMENTS ARE CLEARLY CONCERNED THAT PUBLIC ACCESS TO THE TIMELY, UNCENSORED AND ACCURATE INFORMATION PROVIDED BY R.F.A. WILL LEAD TO GREATER DEMANDS FOR DEMOCRACY, RESPECT FOR FUNDAMENTAL HUMAN RIGHTS AND GOVERNMENT ACCOUNTABILITY. A WINNER OF NUMEROUS HUMAN RIGHTS AND BROADCAST JOURNALISM AWARDS, R.F.A. HAS PLAYED A VITAL ROLE IN PROVIDING INFORMATION IN SOME OF THE MOST OPPRESSED SOCIETIES IN ASIA. FOR EXAMPLE, R.F.A. BROKE THE NEWS OF THE PEACEFUL PROTEST BY TIBETAN MONKS IN THE CAPITAL OF TIBET IN 2008 AND PROVIDED EXTENSIVE COVERAGE, USED BY MAJOR INTERNATIONAL MEDIA OUTLETS OF THE CHINESE CRACKDOWN ON THE MONKS. BUT PERMANENT -- BY PERMANENTLY AUTHORIZING R.F.A. WE WILL ENHANCE THE EFFICIENCY OF THE R.F.A.'S OPERATIONS AND SEND A POWERFUL SIGNAL OF OUR COUNTRY'S SUPPORT FOR A FREE PRESS IN ASIA AND THROUGHOUT THE WORLD. ACCORDING TO ARTICLE 19 OF THE UNIVERSAL DECLARATION OF HUMAN RIGHTS, EVERYONE HAS THE RIGHT TO FREEDOM OF OPINION AND EXPRESSION. THIS INCLUDES FREEDOM TO HOLD OPINIONS WITHOUT INTERFERENCE AND TO SEEK, RECEIVE AND IMPART INFORMATION AND IDEAS THROUGH ANY MEDIA AND REGARDLESS OF FRONTIERS, UNQUOTE. R.F.A.'S MISSION IS TO DO JUST THAT, TO BRING NEWS AND INFORMATION ABOUT THEIR OWN COUNTRIES TO POPULATIONS DENIED THE BENEFITS OF FREEDOM OF INFORMATION BY THEIR GOVERNMENTS. R.F.A.'S BROADCASTS THROUGH THE RADIO AND INTERNET ARE DEVOTED TO THE VERY IDEA TO THAT NOTION OF ENLIGHTENMENT. RADIO FREE ASIA PROVIDES A VITAL VOICE TO HUNDREDS OF MILLIONS OF PEOPLE IN ASIA AND I STRONGLY URGE MY COLLEAGUES TO SUPPORT THIS LEGISLATION. MR. SPEAKER, I RESERVE THE BALANCE OF MY TIME.

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  • 08:25:31 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLELADY RESERVES THE BALANCE OF HER TIME -- THE GENTLEWOMAN…

    THE GENTLELADY RESERVES THE BALANCE OF HER TIME -- THE GENTLEWOMAN RESERVES THE BALANCE OF HER TIME. THE GENTLEWOMAN FROM FLORIDA IS RECOGNIZED.

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  • 08:25:39 PM

    MS. ROS-LEHTINEN

    THANK YOU, MR. SPEAKER. I'M PLEASED TO YIELD TO THE GENTLEMAN FROM…

    THANK YOU, MR. SPEAKER. I'M PLEASED TO YIELD TO THE GENTLEMAN FROM CALIFORNIA, MR. ROYCE, THE RANKING MEMBER ON THE FOREIGN AFFAIRS SUBCOMMITTEE ON TERRORISM, NONPROLIFERATION AND TRADE, AND THE AUTHOR OF THE HOUSE COMPANION TO THIS BILL.

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  • 08:25:51 PM

    THE SPEAKER PRO TEMPORE

  • 08:25:56 PM

    MR. ROYCE

    I THANK THE GENTLELADY FOR YIELDING AND THIS PROGRAM, RADIO FREE ASIA, WAS…

    I THANK THE GENTLELADY FOR YIELDING AND THIS PROGRAM, RADIO FREE ASIA, WAS DUE TO EXPIRE UNDER EXISTING LAW IN SEPTEMBER AND I AM DELIGHTED HERE FOR SEVERAL REASONS THAT THE LEGISLATION IS BEFORE US. ONE, -- ONE IS BECAUSE ON A STRATEGIC LEVEL, IF YOU HAVE THIS SUNSET AND YOU HAVE AUTHORITARIAN REGIMES PRESUMING THAT AT THE END OF THE YEAR R.F.A.'S BROADCASTS ARE GOING TO BE DISCONTINUED, IT IMPLIES THAT IT DOES NOT HAVE THE FULL SUPPORT OF THE U.S. GOVERNMENT OR OUR PEOPLE HERE IN THE UNITED STATES AND IN SOME COUNTRIES THERE'S EVEN BEEN TALK OF R.F.A. GOING OUT OF BUSINESS. THIS SENDS THE MESSAGE THAT THAT JUST ISN'T SO, BECAUSE NOW R.F.A. WILL PERMANENTLY BE IN BUSINESS AND FROM A PRACTICAL STANDPOINT, WHAT DOES THAT MEAN IF YOU'RE RUNNING A STATION? IT MEANS THAT YOU'VE GOT THE ABILITY NOW TO CONTRACT EFFECTIVELY IN LONG RANGE LEASES, YOU GET THE CAPITAL AGREEMENTS THAT YOU NEED, YOU'RE BETTER ABLE, LESS EXPENSIVELY, TO RUN THESE OPERATIONS. IT'S NOT THAT THESE OPERATIONS ARE EXPENSIVE. AS MY FRIEND, FORMER CHAIRMAN OF THE BUDGET COMMITTEE, ONCE SAID, THE PRICE OF THIS IS THE PRICE OF A FUEL CAP ON A B-52. BUT OH, HOW EFFECTIVE, HOW E -- BUT, OH, HOW EFFECTIVE THIS STRATEGY HAS BEEN OVER THE YEARS. BECAUSE WHAT WE PROVIDE HERE IS SURROGATE NEWS. WE PROVIDE THE KIND OF INFORMATION THAT PEOPLE WOULD BE HEARING IF THEY ACTUALLY HAD A FREE RADIO STATION, IF THEY COULD ACTUALLY LISTEN TO THE VOICE OF A NEWS REPORTER ON ISSUES SUCH AS THE CORRUPTION OF A LOCAL OFFICIAL, LET'S SAY, OR WHAT IS ACTUALLY HAPPENING IN THEIR CITY, WHAT IS HAPPENING IN THEIR COUNTRY. THAT IS PROVIDED NOW THROUGH R.F.A. AND I WANTED TO SHARE WITH YOU JUST A COUPLE OF OBSERVATIONS. MANY OF US HAVE HEARD THE WORDS OF EASTERN EUROPEANS WHO WERE VERY MOVED BY THE BROADCASTS INTO THEIR OWN COUNTRIES BY RADIO FREE EUROPE. AND WHETHER IT'S A CRACKDOWN ON WORKERS AT A LOCAL FACTORY OR NEWS AND INFORMATION ABOUT IDEAS LIKE TOLERANCE, POLITICAL PLURISM, THE FACT IS, THESE MESSAGES WERE HEARD. AND I REMEMBER IN THE FORMER YUGOSLAVIA TALKING TO A CROATIAN JOURNALIST WHO HAD TEARS IN HIS EYES AND HE SAID THERE WAS ONE COUNTRY IN EASTERN EUROPE WHERE WE DID NOT BROADCAST WITH RADIO FREE EUROPE, THAT WAS YUGOSLAVIA. AND AS A RESULT, HE TOLD ME, AS A RESULT WE WATCHED WHAT HAPPENED IN CZECHOSLOVAKIA, AS THEY WERE ABLE TO DO A PLEBISCITE AND THE CZECH REPUBLIC WENT ONE WAY AND SLOW HE VACKIA WENT THE OTHER AND THE REASON HE WAS CRYING WAS BECAUSE HE SAID, NOT ONE HUMAN LIFE WAS LOST IN THAT AND HE HAD SAID HE HAD LISTENED TO THOSE BROADCASTS ABOUT THE IMPORTANCE OF POLITICAL PLURALISM AND SELF-DETERMINATION AND TOLERANCE , WHEREAS HE, AS A QUOTE, WAS -- AS A CROATIAN, WAS LISTENING TO CROATIANAN -- CROATIAN HATE RADIO AND HATE RADIO FROM EVERY SINGLE ETHNIC GROUP IN THAT COUNTRY AND AS HIS TIME AS A REPORTER, COVERING THOSE WARS, HE WATCHED THE WAR WITH SLOW EVENTIA SPIN OUT OF CONTROL AND THEN CROW ASIA AND BOSNIA AND THE KOSOVO WAR. HE WATCHED EACH OF THESE TRAGEDIES WITH THEIR TENS OF THOUSANDS OF HUMAN LIVES LOST AND HE SAID TO ME SOMETHING I'LL NEVER FORGET, IF ONLY WE HAD HAD THE PROD AFT -- BROADCASTS HERE TO BETTER PREPARE US FOR WHAT WAS TO COME. THAT IS WHY THIS WORK IS SO IMPORTANT AND TODAY WE DO THIS WORK IN BURMA, WE DO THIS WORK IN NORTH KOREA, IN VIETNAM AND IN CHINA AND ALL THE MAJOR DIALECTS AND MANY OF THESE GOVERNMENTS ACTIVELY WORK, OF COURSE, TO TRY TO BLOCK RRMENT R.F.A. TRANSMISSIONS AND INFORMATION INTO THEIR SOCIETY, BUT STILL THE INFORMATION MANAGES TO GET IN. MAYBE NOT INTO THE MAIN CITIES AT TIMES BUT INTO THE RURAL AREAS AND INTO THE SUBURBAN AREAS. AND FRANKLY FREEDOM HOUSE WHICH RANKS ALL OF THESE COUNTRIES NOT FREE ATTESTS TO THE ABILITY OF THIS INFORMATION TO GET THROUGH. AS ONE OBSERVER HAS NOTED, THIS TYPE OF BROADCASTING IRRITATES AUTHORITARIAN REGIMES, INSPIRES DEMOCRATS AND CREATES GREATER SPACE FOR CIVIL SOCIETY. . BUT R.F.A. HAS BEEN CHIPPING AWAY AT TOTALITARIAN REGIMES AND I'LL MENTION KIM JUNG IL. I MENTION IT BECAUSE CONGRESSWOMAN WATSON AND I WENT INTO NORTH KOREA AND ACCORDING TO EXPERTS TODAY, THAT GRIP IS NOT AS STRONG AS IT ONCE WAS AND THIS IS ONE OF THE REASONS. THE INFORMATION CORDON THAT ENCIRCLED NORTH KOREA IS NOW IN AT THAT TIMERS AS INFORMATION IS GETTING IN. AND THAT IS BACKED UP BY A SURVEY BY A PROMINENT THINK TANK, WHICH INTERVIEWS HUNDREDS OF NORTH KOREAN REFUGEES EVERY YEAR AND IT FINDS AN EVER INCREASING PERCENTAGE, NOW MORE THAN HALF, WHO FLED SINCE 2006, HAVE LISTENED TO FOREIGN NEWS REGULARLY, INCLUDING R.F.A. I REMEMBER A REPORT WE HAD OF ONE OF THE MEMBERS WHO SAID IN DEBATE, IF YOU AREN'T LISTENING TO THE RADIO BROADCASTS YOU ARE LIKE A FROG IN THE WELL WHO DOESN'T KNOW WHAT'S GOING ON IN THE OUTSIDE WORLD. AND SO THE HARSHER THE REGIME, THE MORE THE ATTEMPT TO CONTROL INFORMATION, THE MORE DILIGENT WE FIND OUR REPORTERS AND STRINGERS ARE AT R.F.A. IN TRYING TO COUNTER THE PROPOGANDA THAT COMES FROM THE STATE. AND WITH THIS LEGISLATION WE CAN FOCUS THE LONG-TERM MESSAGE OF BRINGING THE MESSAGE OF SOME HUMANITY, FREEDOM, DEMOCRACY, RESPECT FOR THE RULE OF LAW, CREATING A SPACE FOR CIVIL SOCIETY WHERE IT CAN FLOURISH UNDER THE ASIAN CONTINENT'S OPPRESSIVE REGIME. I HAVE PARTICIPATED IN SOME OF THE BROADCASTS INTO CHINA, WE HAVE A TREMENDOUS OPPORTUNITY TO REACH A YOUNG GENERATION OF PEOPLE WHO ARE IN DESPERATE NEED OF ANOTHER SIDE OF THE STORY. AND THOSE REPORTERS ARE PROVIDING IT WITH R.F.A. THANK YOU AND I YIELD BACK.

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  • 08:33:39 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK. THE GENTLEWOMAN FROM FLORIDA IS RECOGNIZED.

  • 08:33:46 PM

    MS. ROS-LEHTINEN

    I WOULD LIKE TO YIELD MYSELF SUCH TIME AS I MAY CONSUME. I THANK MR.…

    I WOULD LIKE TO YIELD MYSELF SUCH TIME AS I MAY CONSUME. I THANK MR. ROYCE, THE AUTHOR OF THE COMPANION OF THIS BILL. AND I RISE IN STRONG SUPPORT OF THE SENATE BILL, 133104, A BIPARTISAN BILL THAT DESERVES OUR PROMPT APPROVAL. I WANT TO THANK THE GENTLEMAN FROM CALIFORNIA WHO HAS BEEN WORKING ON THIS ISSUE FOR A NUMBER OF YEARS. AND AS WE KNOW, MR. SPEAKER, AN UNFETTERED AND INDEPENDENT PRESS IS SO VITAL TO THE MAINTENANCE OF LIBERTY THAT IS PROTECTION, WAS ENSHRINED IN THE FIRST AMENDMENT OF OUR CONSTITUTION. TYRANNY CANNOT ABIDE DISSEPT AND THE OPPRESSIVE REGIMES KNOW THEY CAN'T AFFORD TO ALLOW THE DISSEMINATION OF IDEAS. PEOPLE ACCUSTOMED TO THINKING FREELY AND SPEAKING FREELY CANNOT BE DETERRED FROM ALSO LIVING FREELY. THESE ARE THE REALITIES THAT DRIVE OUR NATION'S LONG-STANDING COMMITMENT TO SURROGATE BROADCASTING, PROVIDING TO OPPRESSED SOCIETIES THE KIND OF NEWS AND INFORMATION THAT LOCAL JOURNALISTS WOULD SUPPLY IF THEY WERE ALLOWED TO OPERATE FREELY. WE CAN ALL RECALL THE IMPORTANT ROLE THAT RADIO FREE EUROPE PLAYED IN HELPING US TO END THE COLD WAR. FOR THE PAST 14 YEARS, ITS YOUNGER SIBLING, RADIO FREE ASIA, HAS PROVIDED CRITICAL BROADCASTING IN A NEIGHBORHOOD THAT CONTAINS SOME OF THE WORLD'S MOST ANTI-DEMOCRATIC REGIMES, NORTH KOREA, BURMA, CHINA, VIETNAM AND LAOS. IT ALSO BROADCASTS AN IMPORTANT MINORITY LANGUAGES SUCH AS WEEGAR, CANTON EAST, AND DIAL ECTS OF TIE BET. AMONG ALL THE FREEDOM BROADCASTS OF THE UNITED STATES, RADIO FREE ASIA IS THE ONLY ONE WHOSE AUTHORIZING LEGISLATION CONTAINED A SUNSET DATE WHICH CONGRESS HAS REPEATEDLY EXTENDED. IT IS HIGH TIME TO REMOVE THAT SUNSET AND MAKE RADIO FREE ASIA THIS ORSATION PERMANENT. SADLY, IT'S NOT GOING TO END ANY TIME SOON, MR. SPEAKER, MAKING THE AUTHORIZATION PERMANENT, THEREFORE, IS AN IMPORTANT SIGNAL OF THE UNITED STATES' COMMITMENT, PUTTING THOSE REGIMES WHO TRY SO EXTREMELY HARD TO BLOCK THE RADIO FREE ASIA BROADCAST THAT THEY CANNOT WAIT OUR RESOLVE TO SUPPORT FREEDOM OF THE PRESS IN ASIA. IN ADDITION, PERMANENT AUTHORITY MAKES OPERATIONAL SENSE AS THE REOCCURRING SUNSET HAS COMPLICATED RADIO FREE ASIA'S ABILITY TO HIRE LONG-TERM STAFF, TO NEGOTIATE COST-EFFECTIVE LEASES AND CAPITAL AGREEMENTS. FOR THESE REASONS, MR. SPEAKER, THIS MEASURE BEFORE US DESERVES OUR UNANIMOUS SUPPORT. LET US STAND TODAY WITH THE LONG SUFFERING PEOPLE OF CHINA, OF TIBET, OF NORTH KOREA, OF BURMA, OF VIETNAM, OF CAMBODIA AND LAOS AND AGAINST REGIME-SPONSORED ATTEMPTS TO RESTRICT THE INFORMATION THEY RECEIVE. MR. SPEAKER, I HAVE NO REQUESTS FOR TIME. SO I YIELD THE BALANCE OF MY TIME.

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  • 08:37:37 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN YIELDS BACK. THE GENTLEWOMAN FROM CALIFORNIA.

  • 08:37:41 PM

    MS. WATSON

    I YIELD BACK THE BALANCE OF MY TIME.

  • 08:37:44 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN YIELDS BACK. THE QUESTION IS, ALL TIME IS YIELDED BACK.…

    THE GENTLEWOMAN YIELDS BACK. THE QUESTION IS, ALL TIME IS YIELDED BACK. THE QUESTION IS WILL THE HOUSE SUSPEND THE RULES AND PASS SENATE 3104. THOSE IN FAVOR SAY AYE. THOSE OPPOSED, NO. IN THE OPINION OF THE CHAIR, 2/3 BEING IN THE AFFIRMATIVE, THE RULES ARE SUSPENDED, THE BILL IS PASSED AND WITHOUT OBJECTION, THE MOTION TO RECONSIDER IS LAID ON THE TABLE. FOR WHAT PURPOSE DOES THE GENTLEWOMAN FROM CALIFORNIA SEEK RECOGNITION?

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  • 08:38:22 PM

    MS. WATSON

    MR. SPEAKER, I MOVE TO SUCCESS MEND THE RULES AND -- SUSPEND THE RULES AND…

    MR. SPEAKER, I MOVE TO SUCCESS MEND THE RULES AND -- SUSPEND THE RULES AND AGREE TO H. RES. 1462 AS AMENDED.

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  • 08:38:31 PM

    THE SPEAKER PRO TEMPORE

    THE CLERK WILL REPORT THE TITLE OF THE RESOLUTION.

  • 08:38:35 PM

    THE CLERK

    PERSEVERE THROUGH THE AFTERMATH OF AGATHA.

  • 08:38:50 PM

    THE SPEAKER PRO TEMPORE

    PURSUANT TO THE RULE, THE GENTLEWOMAN FROM CALIFORNIA, MS. WATSON AND THE…

    PURSUANT TO THE RULE, THE GENTLEWOMAN FROM CALIFORNIA, MS. WATSON AND THE GENTLEWOMAN FROM FLORIDA, MS. ROS-LEHTINEN, WILL EACH CONTROL 20 MINUTES. THE CHAIR RECOGNIZES THE GENTLEWOMAN FROM CALIFORNIA.

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  • 08:39:04 PM

    MS. WATSON

    WITHOUT OBJECTION.

  • 08:39:17 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION.

  • 08:39:19 PM

    MS. WATSON

    IN STRONG SUPPORT OF THIS RESOLUTION AND YIELD MYSELF AS MUCH TIME AS I…

    IN STRONG SUPPORT OF THIS RESOLUTION AND YIELD MYSELF AS MUCH TIME AS I MAY CONSUME.

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  • 08:39:24 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN IS RECOGNIZED.

  • 08:39:28 PM

    MS. WATSON

    2010E, GUATEMALA, HONDURAS AND EL SALVADOR FELT THE AFTERMATH OF TROPICAL…

    2010E, GUATEMALA, HONDURAS AND EL SALVADOR FELT THE AFTERMATH OF TROPICAL STORMS AND AFFECTED 162,000 FAMILIES IN GUATEMALA, KILLED 22 AND FORCED 8,000 IN HONDURAS AND LEFT 11 DEAD AND 12,000 IN SHELTERS IN EL SALVADOR. AND TO MAKE MATTERS WORSE, OVER 2,000 PEOPLE OF GUATEMALA WERE DISPLACED WITH LITTLE FOREWARNING FOLLOWING THE ERUPTION OF THE VOLCANO ON MAY 27, 2010. THE COMBINATION OF THE TROPICAL STORM AND THE VOLCANO HAVE DEVASTATED GUATEMALA'S LANDSCAPE, LEAVING BEHIND SIMBING HOLES AND MUDSLIDES ACROSS THE COUNTRY. IN ADDITION, DUE TO RECENT DROUGHTS, ERRATIC RAINFALLS AND HIGH FOOD PRICES, A SHARP DROP IN REMITANCES, GUATEMALA NOW FACES SEVERE FOOD INSECURITY. AND THIS IS EXPECTED TO INCREASE IN THE WAKE OF TROPICAL STORM AGATHA. THE OFFICIALS OF GUATEMALA ARE ESTIMATING THAT DAMAGES WILL SURPASS $475 MILLION. IN HONDURAS, THE LOSS IN THE AGRICULTURE SECRETARY -- TECH TORE COULD BE CLOSE TO $18.5 MILLION. IN ALL THREE COUNTRIES, CRITICAL INFRASTRUCTURE RELATING TO WATER AND SANITATION HAS BEEN DESTROYED. THE UNITED STATES HAS PROVIDED RELIEF FOR THE VICTIMS OF TROPICAL STORM AGATHA BY DEPLOYING UNITED STATES SOUTHERN COMMAND SUPPORT HELICOPTERS AND FRIGATES TO ASSIST WITH FOOD, WATER AND EMERGENCY SUPPLIES. HUMANITARIAN AID AGENCIES IN THE UNITED STATES AND COUNTRIES AND N.G.O.'S AROUND THE WORLD ARE PROVIDING MUCH NEEDED ASSISTANCE TO THE RELIEF AND RECOVERY EFFORTS. THE RESOLUTION BEFORE US RECOGNIZES THE ASSISTANCE EFFORTS ALREADY UNDER WAY AND URGES THE SECRETARY OF STATE IN COORDINATION WITH THE ADMINISTRATOR OF THE UNITED STATES AGENCY FOR INTERNATIONAL DEVELOPMENT OR USAID TO CONTINUE TO DEVELOP A STRATEGIC PLAN WITH THE GOAL OF MITIGATING THE EFFECTS OF THE RECENT NATIONAL NATURAL DISASTERS THAT HAVE DEVASTATED THESE THREE COUNTRIES. GUATEMALA, HONDURAS AND EL SALVADOR FACE A MAJOR CHALLENGE AS THEY RECOVER AND REBUILD. THEY DESERVE OUR CONTINUED SUPPORT. AND FOR THESE REASONS, MR. SPEAKER, I URGE MY COLLEAGUES TO SUPPORT THIS IMPORTANT RESOLUTION AND I RESERVE THE BALANCE OF MY TIME.

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  • 08:43:06 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN RESERVES THE BALANCE OF HER TIME. THE GENTLEWOMAN FROM…

    THE GENTLEWOMAN RESERVES THE BALANCE OF HER TIME. THE GENTLEWOMAN FROM FLORIDA.

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  • 08:43:11 PM

    MS. ROS-LEHTINEN

    THANK YOU, MR. SPEAKER. I WOULD LIKE TO YIELD MYSELF SUCH TIME AS I MAY…

    THANK YOU, MR. SPEAKER. I WOULD LIKE TO YIELD MYSELF SUCH TIME AS I MAY CONSUME.

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  • 08:43:16 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN IS RECOGNIZED.

  • 08:43:19 PM

    MS. ROS-LEHTINEN

    ROS-LEHTINEN I'M A PROUD CO-SPONSOR OF H.R. 1462 WHICH EXPRESSES THE…

    ROS-LEHTINEN I'M A PROUD CO-SPONSOR OF H.R. 1462 WHICH EXPRESSES THE SUPPORT OF THE UNITED STATES TO THE PEOPLE OF GUATEMALA, HONDURAS AND EL SALVADOR IN THE AFTERMATH OF TROPICAL STORM AGATHA. HAVING ALREADY DECLARED A STATE OF EMERGENCY FOLLOWING A VOLCANO ERUPTION ISSUES 50 MILES FROM GUATEMALA CITY DAYS EARLIER, GUATEMALA WAS HIT BY TROPICAL STORM AGATHA ON MAY 29, 2010. FLOODS AND MUDSTIDSE DEVASTATED PARTS OF GUATEMALA, HONDURAS AND EL SALVADOR AS A RESULT OF THE STORM. HUNDREDS OF LIVES WERE LOST. HUNDREDS OF THOUSANDS OF SURVIVORS LEFT IN SHELTERS. IMMEDIATELY FOLLOWING THIS DISASTER, AS WE ALWAYS DO, THE UNITED STATES, AS A GOVERNMENT AND AS A PEOPLE, WERE STANDING BY TO LEND A HELPING HAND. THE UNITED STATES SOUTHERN COMMAND LOCATED IN MY HOME DISTRICT IN MIAMI, FLORIDA, DEPLOYED FOUR HELICOPTERS FROM THE AIR BASE IN HONDURAS TO CONDUCT AERIAL ASSISTANCE AND TRANSPORT EMERGENCY RELIEF SUPPLIES TO AREAS IMPACTED BY THE DISASTER. THE ABILITY OF SOUTHCOM TO UTILIZE RESOURCES DEMONSTRATES THE IMPORTANT ROLE THAT HONDURAS PLAYS IN ENABLING THE UNITED STATES TO PROVIDE SUPPORT FOR SECURITY AND DISASTER PURPOSES. SOUTHCOM SENT PERSONNEL FROM MIAMI TO JOIN A HUMANITARIAN ASSESSMENT TEAM IN GUATEMALA. AND I WAS PROUD TO SEE ROYAL CARIBBEAN CRUISES WORK WITH THE PAN AMERICAN FOUNDATION TO TRANSPORT FOOD TO THE TENS OF THOUSANDS OF SURVIVORS IN THE DAZE FOLLOWING THE STORM. THE GROWING SECURITY CHALLENGES FACING GUATEMALA, HONDURAS AND EL SALVADOR AS A RESULT OF NARCO TRAFFICKERS AND VICIOUS GANGS HAVE ONLY BEEN COMPLICATED BY THIS RECENT NATURAL DISASTER. IT WILL BE CRITICAL FOR THE UNITED STATES TO WORK WERE RESPONSIBLE, DEMOCRATIC NATIONS IN THE REGION TO ENSURE THAT THIS DOES NOT BECOME A WINDOW OF OPPORTUNITY FOR CRIMINALS. THE SUCCESS WE HAVE SEEN IN COLOMBIA AND THE ONGOING EFFORTS BEING TAKEN IN MEXICO AGAINST THE DRUG CARTELS HAVE CREATED AN UNFORTUNATE SANDWICH EFFECT IN CENTRAL AMERICA. BUT ONLY THROUGH A UNITED, HEMISPHEREIC WIDE APPROACH THAT IS BASED ON A SHARED COMMITMENT TO DEMOCRACY, TO SECURITY, TO PROSPERITY, WILL WE ACHIEVE SUCCESS AGAINST THE NARCO TRAFFICKERS AND ORGANIZED CRIME. AGAIN, MR. SPEAKER I WOULD LIKE TO EXTEND MY CONDOLENCES TO THE FAMILIES AND FRIENDS WHO SUFFERED AS A RESULT OF TROPICAL STORM AGATHA. AS THE BRAVE PEOPLE OF GUATEMALA, HONDURAS AND EL SALVADOR CONTINUE TO RECOVER FROM THIS TRAGIC DISASTER, PLEASE NOTE THAT WE HAVE YOU IN OUR HEART AND PRAYERS. WITH THAT, MR. SPEAKER. I HAVE NO FURTHER REQUESTS FOR TIME. AND I YIELD BACK THE BALANCE OF OUR TIME.

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  • 08:47:02 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN YIELDS BACK. THE GENTLEWOMAN FROM CALIFORNIA. .

  • 08:47:08 PM

    MS. WATSON

    HAVE NO FURTHER WITNESSES AND I YIELD BACK THE BALANCE OF MY TIME.

  • 08:47:12 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN FROM CALIFORNIA YIELDS BACK. THE QUESTION IS WILL THE…

    THE GENTLEWOMAN FROM CALIFORNIA YIELDS BACK. THE QUESTION IS WILL THE HOUSE SUSPEND THE RULES AND AGREE TO HOUSE RESOLUTION 1462 AS AMENDED. THOSE IN FAVOR SAY AYE. THOSE OPPOSED, NO. IN THE OPINION OF THE CHAIR, 2/3 OF THOSE VOTING HAVING RESPONDED IN THE AFFIRMATIVE, THE RULES ARE SUSPENDED, THE RESOLUTION IS AGREED TO AND WITHOUT OBJECTION THE MOTION TO -- THE GENTLEWOMAN FROM CALIFORNIA.

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  • 08:47:38 PM

    MS. WATSON

    I OBJECT TO THE VOTE ON THE GROUNDS THAT A QUORUM IS NOT PRESENT AND I…

    I OBJECT TO THE VOTE ON THE GROUNDS THAT A QUORUM IS NOT PRESENT AND I MAKE A POINT OF ORDER THAT A QUORUM IS NOT PRESENT.

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  • 08:47:44 PM

    THE SPEAKER PRO TEMPORE

    PURSUANT TO CLAUSE 8 OF RULE 20 AND THE CHAIR'S PRIOR ANNOUNCEMENT,…

    PURSUANT TO CLAUSE 8 OF RULE 20 AND THE CHAIR'S PRIOR ANNOUNCEMENT, FURTHER PROCEEDINGS ON THIS MOTION WILL BE POSTPONED.

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  • 08:48:13 PM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLEMAN FROM WASHINGTON SEEK RECOGNITION?

  • 08:48:18 PM

    >>

    I MOVE THAT THE HOUSE SUSPEND THE RULES AND AGREE TO H.CON.RES. 290,…

    I MOVE THAT THE HOUSE SUSPEND THE RULES AND AGREE TO H.CON.RES. 290, EXPRESSING SUPPORT FOR THE DESIGNATION OF JUNE 30 AS NATIONAL ESIGN DAY.

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  • 08:48:29 PM

    THE SPEAKER PRO TEMPORE

    THE CLERK WILL REPORT THE TITLE OF THE CONCURRENT RESOLUTION.

  • 08:48:33 PM

    THE CLERK

    HOUSE CONCURRENT RESOLUTION 290, CONCURRENT RESOLUTION EXPRESSING SUPPORT…

    HOUSE CONCURRENT RESOLUTION 290, CONCURRENT RESOLUTION EXPRESSING SUPPORT FOR DESIGNATION OF JUNE 30 AS NATIONAL ESIGN DAY.

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  • 08:48:43 PM

    THE SPEAKER PRO TEMPORE

    PURSUANT TO THE RULE, THE GENTLEMAN FROM WASHINGTON, MR. MCDERMOTT, AND…

    PURSUANT TO THE RULE, THE GENTLEMAN FROM WASHINGTON, MR. MCDERMOTT, AND THE GENTLEMAN FROM ILLINOIS, MR. SHIMKUS, WILL EACH CONTROL 20 MINUTES. THE CHAIR RECOGNIZES THE GENTLEMAN FROM WASHINGTON.

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  • 08:48:55 PM

    MR. MCDERMOTT

    SPEAKER, I ASK UNANIMOUS CONSENT THAT ALL MEMBERS MAY HAVE FIVE…

    SPEAKER, I ASK UNANIMOUS CONSENT THAT ALL MEMBERS MAY HAVE FIVE LEGISLATIVE DAYS IN WHICH TO REVISE AND EXTENDS THEIR REMARKS AND INCLUDE EXTRANEOUS MATERIAL IN THE RECORD.

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  • 08:49:06 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION.

  • 08:49:08 PM

    MR. MCDERMOTT

    MR. SPEAKER, I YIELD MYSELF AS MUCH TIME AS I MAY CONSUME.

  • 08:49:12 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN IS RECOGNIZED.

  • 08:49:14 PM

    MR. MCDERMOTT

    SPEAKER, I RISE TODAY TO CELEBRATE THE 10TH ANNIVERSARY OF THE SIGNING OF…

    SPEAKER, I RISE TODAY TO CELEBRATE THE 10TH ANNIVERSARY OF THE SIGNING OF ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT, THE ESIGN BILL, A LANDMARK PIECE OF LEGISLATION THAT HAS TRANSFORMED HOW WE CONDUCT INTERSTATE COMMERCE AND BUSINESS. THE ADVENT OF E SIGNATURES HAS BROUGHT ENORMOUS BENEFIT TO BOTH CONSUMERS AND BUSINESSES ALIKE BY DRASTICALLY IMPROVING CONVENIENCE, REDUCING COST AND INCREASING THE SPEED OF TRANSACTIONS. AS MANY OF YOU KNOW, I REPRESENT SEATTLE, WHICH IS ONE OF THE MOST WIRED AND HIGH-TECH CITIES IN THE WORLD, ESIGN HAS GREAT ILY YOU IMPROVINGED THE ABILITY OF COMPANIES IN MY -- GREATLY IMPROVINGED THE COMPANIES OF -- THE ABILITY OF COMPANIES IN MY DISTRICT TO BE COMPETITIVE IN THE GLOBAL MARKETPLACE. I WOULD ESPECIALLY LIKE TO COMMEND DOCUSIGN FOR BEING A LEADER IN THE INDUSTRY AND FOR HELPING SPEARHEAD THE COALITION TO RECOGNIZE JUNE 30 AS NATIONAL ESIGN DAY. DOCUSIGN RECOGNIZES THAT THE BENEFITS OF ECOMMERCE EXTEND BEYOND THE DOLLAR VALUES THAT ARE PLACED ON BUSINESS ACTIVITY. WITH OVER 30,000 CURRENT CUSTOMERS AND HAVING SERVED OVER 4 1/2 MILLION PEOPLE TO DATE, DOCUSIGN PROVIDES ITS CUSTOMERS WITH CONFIDENCE IN THE INTEGRITY AND THE CREDIBILITY OF EMERGING ELECTRONIC CAPABILITIES. THEY HAVE BEEN A LEADER IN REMOVING OBSTACLES AND BARRIERS TO BUSINESS TRANSACTIONS ONLINE, ALLOWING THEIR CUSTOMERS TO WORK FASTER, MORE RELIABLY AND MORE SECURELY. IT IS IMPORTANT WE RECOGNIZE THE FORESIGHT AND VISION OF THOSE WHO WORK SO HARD TO PASS ESIGN 10 YEARS AGO, INCLUDING CONGRESSWOMAN ESHOO AND CONGRESSMAN INSLEE. THE PASSAGE OF THAT BILL HELPED MORE AMERICAN COMPANIES TO OPERATE GLOBALLY AND HAS HELPED INCREASE PRODUCTIVITY AND EFFICIENCY FOR CONSUMERS, BUSINESSES AND GOVERNMENTS. WHEN PRESIDENT CLINTON SIGNED THE BILL INTO LAW IN JUNE, 2000, HE SAID, JUST IMAGINE IF THIS HAD BEEN OFFERED 224 YEARS AGO, THE FOUNDING FATHERS WOULDN'T HAVE HAD TO COME ALL THE WAY TO PHILADELPHIA ON JULY 4 FOR THE DECLARATION OF INDEPENDENCE. -- JULY FOURTH FOR THE DECLARATION OF INDEPENDENCE. THEY COULD HAVE EMAILED THEIR JOHN HANCOCKS IN. NOW YEARS LATER, THAT'S WHAT BUSINESSES AND GOVERNMENT IN EVERY CARVER OF THE GLOBE ARE ABLE TO DO, INSTANTLY COMPLETE TRANSACTIONS THAT USED TO TAKE DAYS. I RESERVE THE BALANCE OF MY TIME.

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  • 08:52:05 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN RESERVES. THE GENTLEMAN FROM ILLINOIS.

  • 08:52:08 PM

    MR. SHIMKUS

    THANK YOU, MR. CHAIRMAN. I YIELD SUCH TIME AS I MAY CONSUME.

  • 08:52:12 PM

    THE SPEAKER PRO TEMPORE

  • 08:52:15 PM

    MR. SHIMKUS

    THANK YOU, MR. SPEAKER. AND IT'S GREAT TO BE DOWN HERE WITH MY COLLEAGUE,…

    THANK YOU, MR. SPEAKER. AND IT'S GREAT TO BE DOWN HERE WITH MY COLLEAGUE, MR. MCDERMOTT . USUALLY I DON'T LIKE RESOLUTIONS, YOU KNOW, BUT HE APPROACHED ME ON THE FLOOR. BUT THIS IS A REALLY IMPORTANT ONE. AND I THINK IT'S IMPORTANT TO GO BACK OVER THE HISTORY OF WHAT WE DID 10 YEARS AGO. EVERYTHING WAS PAPER, YOU HAD TO HAVE PAPER COPIES, YOU COULDN'T DO BANK TRANSACTIONS, YOU COULDN'T DO CERTIFICATIONS, YOU COULDN'T DO BUSINESS DOCUMENTATION. AND MY COLLEAGUE MENTIONED ANNE ESHOO, JAY INSLEE, I SERVE ON THE ENERGY AND COMMERCE COMMITTEE, I'VE BEEN ON THE TELECOMMUNICATIONS SUBCOMMITTEE. I THINK CREDIT GOES TO CHAIRMAN BLILEY, SOME CREDIT GOES TO BILLY TOE ZAN. THE GREAT THING ABOUT ENERGY AND COMMERCE IS A LOT OF THE ISSUES WE ADDRESS CUT ACROSS PARTISAN LINES. IT REALLY IS A REGIONAL -- ESPECIALLY THE TECHNOLOGY COMMITTEE. SO, THE SIGNING OF THIS BILL REALLY HELPED, AS MY COLLEAGUE SAID, REALLY CHANGED THE WAY WE CAN CONDUCT BUSINESS IN THE NEW DIGITAL AGE. AND IT'S A -- REALLY A GREAT CREDIT AND IT DOES MERIT TAKING TIME TO THINK BACK ON THOSE FOLKS WHO PUSHED FOR THIS THROUGH IN A BIPARTISAN RESOLUTION, THROUGH BOTH CHAMBERS TO GET THE BILL SIGNED INTO LAW. AND I'M SURE THERE WAS, YOU KNOW, OPPOSITION BY BOTH MEMBERS IN BOTH PARTIES. IN FACT, I KNOW ONE FAMOUS DEMOCRAT ON THE COMMITTEE WHO WASN'T AN ORIGINAL SUPPORTER OF THIS IN THE COMMITTEE. SO THE FACT THAT CHAIRMAN BLILEY AND BILLY, AS THE CHAIRMEN OO THE SUBCOMMITTEE AND THE FULL COMMITTEE, WERE ALL ENGAGED IN SUPPORT SHOWS THAT WHAT WE CAN DO WHEN WE WORK TOGETHER. THE ELECTRONIC SIGNATURE, ESIGN, REPRESENTS A CRITICAL STEP IN HARMONIZING THE WORLD'S GLOBAL COMMERCE AND CLAUSE LAW WITH INCREASINGLY INTERNET-DEPENDENT WORLD. THIS HAPP