sherman, for five minutes. >> i want to get one thing clear for the record. mr. chairman you began by quoting people saying we should be nice to witnesses and i think it is important the record reflect that no comment about being nice to democratic or republican witnesses every came from me. you talk about small companies being able to make business loans. that is not a reason for us to take the giant banks off the hook for regulation. it is there near collapse that nearly collapsed the economy. it is the reason for you to deal with the occ which is under your jurisdiction and have them when they audit banks and those banks have a prime plus four or prime plus five loan to a company that is just a little shaky that they have a reserve of just an extra 1-2 percent rather than 30-50%. you, mr. secretary, could do more than any of us to get small business loans made by local banks. the debt clock has been behind you. you commented on that. i would hope any tax reform would not increase the debt and we just voted in the house not to cut the cbo because they are the u

they recognize the gentleman from california, mr. sherman. >> you begin by holding and saying we should be nice to witnesses. no comment about being nice to either democratic or witnesses ever came for me. >> i want to go through a number of things to respond to for the record. we talk about small banks and credit unions being able to make business loans, that's not a reason to take the giant banks off the hook. they are near collapse. when they have a prime plus four or prime loan it's a little shaky. you could do more than any of us to get small business loans made by local banks. the debt clock has been behind you, we've commented on that. i would hope any tax return that came out of your department would not increase that that. they are the umpire here as far as what increases and decreases deficit. the debt limit is just over the horizon and i hope you would use your voice to remind us it's not enough to deal with the debt limit and overtime. the harm is to our economy now because have to invest in the risk. you probably didn't

. >> mr. brad sherman of california. >> my hearts go out to the victims. this is an attack on our democracy and the best response is for us to be here doing our job so thank you mr. secretary for being here. most of my questions will be for the record because we want to be as brief as possible through discussion about what resources the state department should have without objection at what to put in the record a letter from 123 four-star flag officers urging that you have more resources that you are asking for and of course senator corker made more comments to you yesterday. we in congress decide how much money is going to be spent. we have got your world view whether savings in another part of the budget. we do our best job to give guidance. i would hope that you would submit for the record how you would spend 10%, 20% or 30% increments. your recommendation to us is if we can find the money to provide that and i thank you for nodding i'm going to move on to the red boxes that the ranking member brought up. the undersecretary and in the assistant secretar

mr. speaker he would have to think it is all about community banks but they have paid more thanes $160 billion in penalties to cases brought against them by the justice department and federal regulatory agencies for collusion, rs, brib fraud, bribery and other abuses. of 100 million or more. they give america city group 15 billion. wells fargo you know, about wells fargo and what they did, 11 million. s cul-de-sacs 9 million. morgan stanley 5 billion. this is about ripoffs. this bill to assess these types of penalties that are ripping off the americanwi public. with that i will yield one minute. >> the gentleman from missouri. >> i rise to oppose h.r. 10 a dangerous assault on the dodd/frank wall street reform act. the reckless financial speculators and are given a free pass for future financial abuses to rob the average american's of their security again. the finanical choice act would take us back to their pre-2008 era of unchecked reckless financial abuses recession since the great dep

i yield one minute to mr. sherman, a senior member of the committee on financial services. the chair: the gentleman from california is recognized for one minute. mr. sherman: unfortunately they have been held hostage and this added to a bill that contains a pharmacy of poison pills. the gentleman from new mexico oints out that we need to do something with manufactured housing. i support that bill. liberate that bill. don't put it in a bill that's going to die in the senate. the gentleman from wisconsin talks about too big to fail. please co-sponsor the sherman bill to break up that bill rather than this bill that makes them stay too big. i look forward to working in a bipartisan way to support the financial accounting foundation's efforts to have standards for government-issued debt. this bill takes that away, and i look forward to working in a bipartisan way to have different and lesser standards for community financial institutions like credit unions and local banks. instead, this highly partisan ll takes us down the wrong highway. it's a highway to a bill that will go no

i think mr. sherman raises a point. i've only seen once in 2005 and in response as i said to north korea's counterfeiting our currency and that power was soon taken away from treasury than i ever saw anything that cut off hard currency into the regime and that was because we didn't give anyone an option, anywhere. if you were doing business we were shutting down those institutions so i would just say this is where the discussion needs to go next if there is in full compliance with the sanctions that the u.n. has passed. what is at risk is our national security and there's only one way to shut a program down with a country like north korea that doesn't have its own revenues and i think the gentleman from california for raising the point and i yield back to him. >> i'll just say for 20 years we talked about company sanctions instead of country sanctions. for 20 years china has carried out a policy where they smile at us but they have done enough with north korea so their gdp is 50% higher in real terms. that's much better

as mr. sherman and others imagine some clarity around understand what transactions are permissible with the cartoon citgo as well. i know had some constituent companies concerned with any dealings with them or understand what level of dealings with them and don't want to be unnecessarily or unintentionally caught up in something that's larger than they are. >> if you can have your constituent reached out, we have compliance hotline that operates as well as the licensing division. we are taking calls on this and try to make sure we get the clarity. >> i know that i constituents and the companies they own and operate or manage want to do the right thing, understand the humanitarian crisis as well as the passion scooted crisis this presents but the want to do the right thing and understand where they are with regard to the law. following up on venezuela further, i know that one of the things a couple of us have talked about is a need to restructure the debt in venezuela. with new restrictions i