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tv   U.S. House of Representatives  CSPAN  June 30, 2010 10:00am-1:00pm EDT

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gun that is owned y the owner and someone in that household winds up getting shot. the amount of time we respond to calls and shootings when we find out that the gun that was involved in the shooting once belonged legally to someone and the gun was stolen and it winds up in the hand of a criminal. guest: there are surveys done on police. about 90% of st. officers support individuals' rights to own guns. there recommend that people have guns for self-defense. they have to deal with crimes all the time. i get lots of calls from police. my research finds police are the single most important factor for reducing crime. there is no doubt in my mind about that.
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what you'll also find is that police understand that they arrive on the ccrime scene after the crime has been committed. host: let me get in a quick last phone call. make a quick, please. caller: ultimately, if you give up the right to own a gun, do lose a liberty than can result in a government that becomes oppressive. guest: unfortunately the misrepresentations by john have mounted in the last few minutes. it is hard for me to get through all of them. the notion that the police are opposed to sensible gun laws is a missed representation.
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the police are closest allies. they may believe in the second amendment. they face these guns on the street every day. it is untrue that a significant number of those one. million people who have been blocked by brady are false positives -- a number of those 1.8 million people are false positives. the success of gun laws does not depend on the compliance by hardened criminals. they are not going to obey gun laws. by regulating the legal market, we cannot reduce the flow of guns into the illegal market. that is what the brady bill has done. the background checks are being done by the gun dealers. shutoff and avenue for criminals
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to get guns. we should shut down more of those avenues. the states that have strong gun laws, the criminals have to go to the other states with weak gun laws to get their guns. so by regulating the legal market, you can reduce the flow of guns to criminals. for the're waiting house of representatives to come in and begin their legislative session. they are behind closed doors right now. what laws out there right now the belief are too strict and will be challenged? guest: things like registration and licensing. the fees are very discriminatory. poor people are the ones that
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are being prevented from getting it. look at registration licensing. they can now point to a single crime that has been soft as a result of registration. this is time that could be used by police. it does not solve any crime because the criminal uses a gun and leaves it at a crime sigcen. the criminal has been wounded or killed. when a gun is left there, it is not registered to the person who committed the crime. canada claims between 1 and 3 crimes have been solved as a result of registration. ec this -- you see huge
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resources that are used to do paperwork. we would have a debate that could be going on. host: final thoughts. guest: there was an effort to repeal the canadian system and its failed. they have held their murder rate to a fraction of our murder rates. we wish we had their murder rates. we really have two visions here. we have a vision of sensible gun laws and we have another vision of the guns everywhere. in places where there are guns everywhere are not more safe.
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it is true when you consider suicides and murders, it is true. that is not a direction we should take this country. people have the freedom to have a gun. we all should be able to come together to agree that we should be able to of background checks. host: we will have to leave it there. dennis henigan, author of "lethal logic," and lott john, "more guns, less crime author of. that doesn't today. we'll see you tomorrow.
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[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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the speaker: 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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the chaplain: our father, deliver us from shallow words 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.
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amen. the speaker: 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. mr. wilson: will everyone including our guests in the 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. the speaker: without objection, the gentleman from illinois, congressman schock, is recognized for one minute. mr. schock: 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,
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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.
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we welcome you to the capitol and thank you for offering up the prayer this morning. with that, madam speaker, i yield back. the speaker: 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? >> to address the house for one minute and to revise and extend. the speaker: without objection. ms. lofgren: i rise to 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
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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. the speaker pro tempore: the gentlelady yields back the balance of her time. for what purpose does the
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gentleman from south carolina rise? mr. wilson: mr. speaker, i ask permission to address the house for one minute and to revise and extend my remarks. the speaker pro tempore: without objection, so ordered. mr. wilson: 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
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september 11 and the global war on terrorism. the speaker pro tempore: the chair lays before the house the following enrolled bill. the clerk: 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. the speaker pro tempore: for what purpose does the gentleman from north carolina rise? mr. etheridge: to address the house for one minute and to revise and extend. the speaker pro tempore: without objection, so ordered. mr.th ridge: i rise today 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.
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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. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman from texas rise? mr. poe: request permission to address the house for one minute. the speaker pro tempore: without objection, so ordered. mr. poe: mr. speaker, over 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
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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. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentlelady from texas rise? >> to address the house for one minute. the speaker pro tempore: without objection. ms. jackson lee: mr. speaker, tell me it's not true. republicans again are attacking social security.
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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.
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what are we going to do? fight back as democrats and stand with our people. i yield back. the speaker pro tempore: the gentlelady's time has expired. for what purpose does the gentleman from texas rise? >> to address the house for one minute. revise and extend. the speaker pro tempore: without objection, so ordered. mr. johnson: 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
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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. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman from oregon rise? >> to address the house for one minute. the speaker pro tempore: without objection, so ordered. >> mr. speaker, for as long as i have been in congress i have worked on being a proponent of bike partisanship. mr. blumenauer: 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
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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. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman from texas rise? >> to address the house for one minute. revise and extend my remarks. the speaker pro tempore: without objection, so ordered. mr. smith: mr. 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
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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. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman from california rise? >> unanimous consent to address the house for one minute. revise and extend my remarks. the speaker pro tempore: without objection, so ordered. mr. costa: thank you very much, mr. speaker. i rise today to encourage my colleagues to put aside partisan differences and begin in earnest
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to address our nation's broken immigration system. although we do not always agree on how to change the system, it is clear that we all agree that the current system is broken. and in need of meaningful reform. yesterday i met with the president to discuss a way forward for immigration reform. while comprehensive reform remains my priority, we cannot allow the perfect to become the enemy of the good. we must begin to address our immigration issues this year. improve our security at the borders, a peace meal a-- piecemeal approach only further complicates our policy. we should not abandon our responsibility at the federal level. green act provide a path forwar- and can be an example of how we can reform in meaningful ways that benefits our economy, provides a stable work force for our farms, and reduces the number of illegal workers in our country. we must act now and ask my colleagues to join me to pass immigration reform this year.
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i yield back the balance of my time. the speaker pro tempore: for what purpose does the gentleman from texas rise? >> to address the house for one minute. revise and extend my remarks. the speaker pro tempore: without objection, so ordered. mr. neugebauer: mr. speaker, 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
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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. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman from new jersey rise? >> permission to address the house for one minute. the speaker pro tempore: without objection, so ordered. mr. sires: mr. 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.
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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. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman from texas rise? >> to address the house for one minute. the speaker pro tempore: woished. -- without objection, so ordered. mr. brady: 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
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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. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentlelady from nevada rise? ms. titus: to address the house for one minute. the speaker pro tempore: without objection, so ordered. ms. titus: mr. speaker, i 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
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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. the speaker pro tempore: the gentlelady yields back her time. for what purpose does the gentleman from texas rise? >> to address the house for one
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minute. ipe-- the speaker pro tempore: without objection, so ordered. >> 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. sessions: today we'll 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
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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. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman from missouri rise? >> to address the house for one minute. . the speaker pro tempore: without objection, so ordered. mr. cleaver: 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.
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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. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman from indiana rise? >> i ask unanimous consent to address the house for one minute and to revise and extend my remarks. the speaker pro tempore: without objection, so ordered. mr. pence: federal spending is out of control and the american people know it. $13 trillion national debt, a $1.4 trillion deficit this
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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.
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-- baloney deeming of the budget. let's give the american people a budget they deserve. the speaker pro tempore: the gentleman's time has expired. for what purpose does the gentleman from ohio rise? >> to address the house for one minute and to revise and extend my remarks. the speaker pro tempore: without objection, so ordered. >> thank you, mr. speaker. in 2002 representative stephanie tubbs jones introduced legislation to crack down on predatory lending and subprime borrowers. acting then to protect american homeowners could have prevent the foreclosure crisis which led to the financial crisis which led to the deepest recession in generations. but instead of acting in 2002 or 2003 or every other year they controlled the white house, my republican colleagues stood by and did nothing. we can now clearly see the result of that inaction. this week we will take long overdue steps as we vote on the most sweeping reform of our financial system since the great depression. mr. driehaus: instead of leaving it in the hands of wall street bankers, this legislation will curve the
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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. the speaker pro tempore: for what purpose does the gentleman from illinois rise? >> to address the house for one minute and to revise and extend. the speaker pro tempore: without objection, so ordered. >> 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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mr. roskam: as 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. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman from connecticut rise? >> to address the house for one minute and to revise and extend my remarks. the speaker pro tempore: without objection, so ordered. >> 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.
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banks tied them in a bow and put a.a.a. ratings on them and then the billion dollar betting really started. mr. himes: 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. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman from kentucky rise? mr. yarmuth: i ask permission to address the house for one minute. the speaker pro tempore: without objection, so ordered. mr. yarmuth: 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
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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. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman from georgia rise? mr. cummings: to address the house for one minute and to revise and extend my remarks. the speaker pro tempore: without objection, so ordered.
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mr. cummings: every single 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. mr. lewis: i asked 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. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentlelady from california rise? >> unanimous consent to address the house for one minute.
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the speaker pro tempore: without objection, so ordered. >> mr. speaker -- ms. lee: mr. 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
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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. the speaker pro tempore: for what purpose does the gentleman from ohio rise? >> to address the house for one minute and to revise and extend my remarks. the speaker pro tempore: without objection, the gentleman is recognized. >> thank you, mr. speaker. i've always been told that leadership is about action, not position. but when you hear the position on the other side of the aisle that we need to stand up for big wall street banks, we need to stand up and apologize to b.p. and big oil for our involvement in trying to clean up the oil spills and we need to stand up and allow foreign corporations to be involved in our political process, there's a clear difference between this aisle and it's a bright line and the american need to understand that. mr. boccieri: we were handed two undeclared underfunded
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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. the speaker pro tempore: the gentleman yields back his time. for what purpose does the gentleman from illinois rise? >> to address the house for one minute. the speaker pro tempore: the gentleman is recognized. mr. quigley: mr. speaker, trade is critically important to our economic well-being. trade provides a market for american goods and sustains
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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. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman from ohio rise? >> mr. speaker, i ask unanimous consent to take from the
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speaker's table s. concurrent resolution 65 and ask for its immediate consideration in the house. the speaker pro tempore: the clerk will report the title of the concurrent resolution. the clerk: senate concurrent resolution 65, concurrent resolution providing for the use of the exhibit situated in the visitor's center in connection with memorial services to be conducted in the united states senate chamber for the honorable robert c. byrd, a senator from the state of west virginia. the speaker pro tempore: is in 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
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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. the clerk: house concurrent resolution 284, recognizing the work and importance of special education teachers. the speaker pro tempore: 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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the speaker pro tempore: 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. the clerk: 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
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maitland, illinois, as the paula hawkins post office building. the speaker pro tempore: 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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the speaker pro tempore: 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. the clerk: house resolution 1446, resolution recognizing the 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. the speaker pro tempore: 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
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coverage of the house proceedings for political or commercial purposes is expressly prohibited by the u.s. house of representatives.]
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the speaker pro tempore: 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
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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. the clerk: h.r. 4307, a bill to name the department of veterans affairs community based outpatient clinic in new mexico as alejandroruiz clinic. the speaker pro tempore: 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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the speaker pro tempore: 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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the speaker pro tempore: the house will be in order. for what purpose does the gentleman from massachusetts rise? mr. mcgovern: mr. speaker, i send to the desk a privileged report for the committee on rules for filing under the rule. the speaker pro tempore: the clerk will report the title. the clerk: report 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. the speaker pro tempore: referred to the house calendar and ordered printed.
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for what purpose does the gentleman from massachusetts rise? mr. mcgovern: mr. speaker, by the direction of the committee on rules, i call up house resolution 1487 and ask for its immediate consideration. the speaker pro tempore: the clerk will report the title of the resolution. the clerk: house 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.
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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. the speaker pro tempore: 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.
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the gentleman from massachusetts. mr. mcgovern: mr. speaker, 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. the speaker pro tempore: without objection, so ordered. the gentleman is recognized. mr. mcgovern: 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
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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
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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. the speaker pro tempore: the gentleman reserves the balance of his time. the gentleman from texas. mr. sessions: i thank you, mr. speaker. mr. speaker, i want to thank the gentleman from massachusetts for yielding me such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. sessions: 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
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dodd-frank bill which is a 2,300-page takeover of the financial sector. this is as important as the health care bill or -- the speaker pro tempore: 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. mr. sessions: thank 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. the speaker pro tempore: the gentleman is correct.
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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. mr. sessions: mr. speaker, 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
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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
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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
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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. the speaker pro tempore: the gentleman reserves the balance of his time. the gentleman from massachusetts. mr. mcgovern: my republican friends have consistently voted against reining in the excesses
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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. the speaker pro tempore: the gentleman from texas is recognized for three minutes. mr. doggett: 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
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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
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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
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mind. let us adopt it promptly. i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman from texas. mr. sessions: mr. speaker, 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. the speaker pro tempore: the gentleman is recognized for three minutes. mr. cantor: thank you, mr. speaker. i thank the gentleman as well. mr. speaker, today we are -- i rise in opposition to the question of the previous question. because today we should be voting and will be voting on the sixth youcut proposal. and well over one million americans have sent a clear message to washington. stop the wasteful spending. mr. sessions: thank you, mr. speaker. mr. cantor: i say, mr. speaker, to the american people,
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republicans hear you and today i hope that our colleagues on the other side of the aisle will listen as well and join us. this week's youcut proposal addresses one of the most egregious yet underreported sources of government waste. taxpayers are on the look for the salaries and benefits of federal workers who simultaneously work unions to the tune of $120 million a year. by the way, these are the same unions that spend millions on political activities and lobbying often for causes that hamper economic growth and private sector job creation. specifically, mr. speaker, the national labor relations board uneon -- union billed the taxpayers for $1.18 hours for each of its 1100 employees. since each our costs $42, taxpayers are paying each worker
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$700 per year on official union duties. america is at a crossroads. we are not under any illusions. this cut alone may not erase the deficit overnight, but this cut is a reflection of the symptom of the virus that has put our country's economy on life support. only by finally drawing a firm line on wasteful spending can we begin to kill the virus and preserve american prosperity for generations to come. i yield back. the speaker pro tempore: 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. the speaker pro tempore: 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
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goals and ideals of 2010 as the year of the father. the speaker pro tempore: the gentleman from massachusetts. mr. mcgovern: i find it 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. the speaker pro tempore: without objection, so ordered. mr. mcgovern: in that same interview i think it's important for my colleagues to know that
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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. >> will the gentleman yield? the speaker pro tempore: the gentleman from massachusetts controls the time. mr. mcgovern: thank 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. the speaker pro tempore: the gentlelady is recognized for three minutes.
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>> i thank congressman mcgovern from the rules committee for yielding time. mr. speaker, i rise in strong support of reforming wall street. ms. castor: and this 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
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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
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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. the speaker pro tempore: the gentlelady yield back her time. the gentleman from texas. mr. sessions: 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,
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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. mr. dreier: 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
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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
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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. the speaker pro tempore: the gentleman reserves the balance of his time. the gentleman from massachusetts. mr. mcgovern: 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
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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. the speaker pro tempore: the gentlelady is recognized for two minutes. . ms. sanchez: i rise today on behalf of taxpayers in california who will no longer be be on the hook when wall street fails. this body has spent the last three years dealing with the fallout from the financial crisis in my district in southern california we've seen lost jobs, homes, businesses and shattered dreams of financial security. these challenges were in large
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part the result of an infective and in some places nonexistent regulatory system. this encouraged risk and allowed financial institutions to operate in a lawless environment where there were no consequences for their actions. the legislation that we put forth today seeks to fix those failures and provide families nationwide with the security of knowing that future financial challenges will be the result of honest markets, not crooked traders. honesty is what this bill is about. we all support a free market and the ability of each business to succeed or fail on their own merits. this landmark legislation allows that competition to take place on a level playing field. it will help prevent another crisis like the one we're still recovering from. i'm surprised that there's opposition to this legislation, after what our country has been through, how can anyone oppose bringing credit default swaps out into the sunshine? how can someone oppose allowing shareholders a say on executive
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compensation? or a framework that prevents future bailouts by allowing companies that deserve to fail because they're engaging in risky practices to fail? families in the 39th district of california will be more secure today because of the actions that we're taking today. i thank our leadership, chairman frank and the conferees for their hard work and urge my colleagues to pass this legislation. and i yield back. the speaker pro tempore: the gentleman from texas is recognized. >> mr. sessions: thank you, madam speaker. at this time i'd like to yield three minutes to dr. phil gingrey. the speaker pro tempore: the gentleman from georgia is recognized for how many minutes may i ask the gentleman from texas? the gentleman from georgia is recognized for -- mr. sessions: three minutes. the speaker pro tempore: three minutes. the gentleman from georgia for three minutes. mr. gingrey: madam speaker, all across the country americans are asking congress to get our fiscal house in order. this is -- this change in fiscal
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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
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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.
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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. the speaker pro tempore: the gentleman yields back. the gentleman from massachusetts is recognized. mr. mcgovern: 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
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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. the speaker pro tempore: the gentlewoman from texas is recognized for two minutes. ms. jackson lee: 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
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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
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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
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will provide you with the oversight and the necessity of coverage. support the underlying rule and this bill, stand with the american people. the speaker pro tempore: the gentlewoman's time has expired. the gentleman from texas is recognized. mr. sessions: thank you, madam speaker. at this time i'd like to yield one minute to the gentlewoman from kansas, congresswoman jenkins. the speaker pro tempore: the gentlewoman from kansas is recognized for one minute. ms. jenkins: 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
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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. the speaker pro tempore: the gentlewoman's time has expired. the gentleman from massachusetts. mr. mcgovern: madam 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. the speaker pro tempore: the gentleman from indiana is recognized for two minutes.
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mr. carson: 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. mr. frank: 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.
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they will remain subject to resolution under the existing state insurance liquidity and involume sentsy -- insolvency regimes. mr. carson: i yield back. the speaker pro tempore: the gentleman yields back. the gentleman from texas is recognized. mr. sessions: thank you, madam speaker. at this time i'd like to yield one minute to the gentleman from nebraska, for his important statement. the speaker pro tempore: the gentleman from nebraska is recognized for one minute. mr. terry: 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
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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. the speaker pro tempore: the gentleman yields back. the gentleman from massachusetts is recognized. mr. mcgovern: 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. the speaker pro tempore: the gentleman from massachusetts is yielding how many minutes? mr. mcgovern: two minutes. the speaker pro tempore: two minutes to the gentleman from kansas. mr. moore: 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
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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. the speaker pro tempore: without objection, so ordered. mr. moore: mr. chairman, thank you for your extraordinary leadership on this historic bill. first, do you agree the conferees did not intend to
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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.? mr. frank: 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. mr. moore: thank you. i yield back. the speaker pro tempore: the gentleman yields back. the gentleman from texas is recognized. mr. sessions: 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. the speaker pro tempore: the gentleman from hawaii is recognized for two minutes.
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. mr. due jew: i rise and 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
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make tough choices to provide us for a better tomorrow for ourselves and our families. i yield back the balance of my time. the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman from massachusetts is recognized. mr. mcgovern: 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. the speaker pro tempore: the gentleman from massachusetts, mr. lynch, is recognized for two minutes. mr. lynch: thank 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
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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? mr. frank: if gentleman would yield to me. this is an important area. he's a careful lawyer and understands the principle isn't
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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. mr. lynch: i thank the chairman. i yield back. the speaker pro tempore: the gentleman's time has expired. the gentleman from texas is recognized. mr. sessions: thank you, madam speaker. at this time i would like to yield four minutes to the distinguished gentleman from california, mr. royce. the speaker pro tempore: the gentleman from california is recognized for four minutes. mr. royce: i thank the gentleman for yielding. i rise in opposition to this rule and the underlying legislation. and i rise because reform is
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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
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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
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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
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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
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the elimb -- elimination of the g.s.e.'s tomorrow but we want them addressed in this legislation. the speaker pro tempore: the gentleman from massachusetts is recognized. mr. mcgovern: i yield 30 seconds to the gentleman from massachusetts. the speaker pro tempore: the gentleman from massachusetts is recognized for 30 seconds. mr. frank: it's 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. the speaker pro tempore: the gentleman's time has expired. mr. frank: it was a house republican bill. the speaker pro tempore: the gentleean from massachusetts. mr. mcgovern: yield two minutes to the gentleman from illinois. the speaker pro tempore: the gentleman from illinois is recognized for two minutes. mr. gutierrez: thank you so much, mr. going -- mcgovern.
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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? mr. frank: i 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
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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. mr. gutierrez: i thank the chairman and i return the balance of my time. the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman from texas is recognized. mr. sessions: in order to allow the gentleman from california time to rebut i yield the gentleman one minute. the speaker pro tempore: the gentleman from california is recognized. mr. royce: i thank 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,
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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 -- the speaker pro tempore: the gentleman's time has expired. the gentleman's time has expired. mr. royce: specifically -- the speaker pro tempore: the gentleman's time has expired.
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mr. mcgovern: i yield one minute to the gentleman from massachusetts. the speaker pro tempore: the gentleman from massachusetts is recognized. mr. frank: mr. speaker, 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
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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. he also forgets to mention that-- the speaker pro tempore: the gentleman's time has expired. mr. mcgovern: 15 seconds. the speaker pro tempore: the gentleman is recognized. mr. frank: 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. the speaker pro tempore: the gentleman from texas is recognized. mr. sessions: 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
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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. the speaker pro tempore: the gentleman from virginia is recognized for two minutes. mr. goodlatte: i ask unanimous consent to revise and extend my remarks. the speaker pro tempore: without objection. . mr. goodlatte: 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.
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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.
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$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. the speaker pro tempore: 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. mr. mcgovern: thank you, madam speaker. just in response to the last speaker.
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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
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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. the speaker pro tempore: the gentlewoman from illinois is recognized for one minute. ms. bean: thank 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
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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 -- the speaker pro tempore: the gentlewoman's time has expired. the gentleman from massachusetts. the gentlewoman's time has expired. mr. mcgovern: i yield the gentlewoman another 30 is seconds. the speaker pro tempore: another 30 seconds to the gentlewoman from illinois. ms. bean: everyone recognize that the era of no regulation is over. status quo doesn't work, it's time to act and protect the
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american people. thank you, i yield back. the speaker pro tempore: the gentlewoman yields back. the gentleman from texas. mr. sessions: thank 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. the speaker pro tempore: the gentleman from alabama has four minutes. mr. bachus: i 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
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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
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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
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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
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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? the speaker pro tempore: the gentleman from massachusetts is recognized. mr. mcgovern: i reserve my time. the speaker pro tempore: the gentleman from massachusetts reserves his time. the gentleman from texas is recognized. mr. sessions: thank you, madam speaker. i'd like tone gauge the gentleman from massachusetts to inquire if he has any further speakers he may have. mr. mcgovern: i'm the final speaker on our side. mr. sessions: 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. the speaker pro tempore: the
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gentleman from texas. session sgs thank you very much, madam speaker. i think -- mr. sessions: 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
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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
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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.
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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. the speaker pro tempore: without objection. the gentleman's time has expired. mr. sessions: i saw you move that for that gavel. thank you, madam speaker. the speaker pro tempore: the gentleman from massachusetts has 4 1/2 minutes. mr. mcgovern: 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.
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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.
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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. the speaker pro tempore: the question is on ordering the previous question on the
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resolution. so many as are in favor say aye. those opposed, no. the aye vs. it. the gentleman from texas is recognized. mr. sessions: i ask for the yeas and nays. the speaker pro tempore: 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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