quorum call:

a senator: mr. daines: i ask unanimous consent the quorum call be dispensed with. the presiding officer: without objection. mr. daines: i ask unanimous consent that when the senate completes its business today it adjourn until 9:30 a.m. wednesday, march 18. following the prayer and pledge, the journal be approved the morning business be deemed expired, the journal of proceedings approved to date and the time for the two leaders reserved for their use later in the day. following leader remarks, the senate be in a period of morning business for one hour with senators permitted to speak therein for up to 10 minutes each with the time equally divided with the democrats controlling the first half and the majority controlling the

second half. finally, following morning business the senate resume consideration of s. 178. the presiding officer: is there objection? without objection. mr. daines: if there is no further business to come before the senate, i ask that the senate stand adjourned under the previous order. the presiding officer: the senate stands adjourned until 9:30 a.m. tomorrow.

he answered a range of questions on domestic and foreign politics including departmental protection from the u.s.-china in ukraine russia can't look.

this one-hour portion is china central television. mandarin chinese is heard followed by english translation. we will start with environmental protection laws. >> with that happy to impose the documentary made she complains about such big oil companies and patchwork china has been a block to the introduction on environmental protection and law enforcement in this field. for example, in the setting of standards and gasoline consumed as well as introduction of wider use of natural gas. my question is is it true these companies are posed enough gold to enforcing enforcing environmental protection

month-end policies? if so what steps will the chinese government take to remove such an obstacle. [speaking chinese] [speaking chinese] [speaking chinese]

>> translator: i understand the focus of all of your questions is a backpack with environmental solutions, especially small. this is a concern, uppermost on people's mind. i want to value that the chinese government is determined to tackle smog in environmental pollution as a whole and tremendous after that party been made in this regard. the progress we have made it still follows the expect patient of our people. last year the chinese government would declare war against environmental pollution. we are determined to carry forward our efforts until we achieve our goal. [speaking chinese]

[speaking chinese] [speaking chinese] [speaking chinese] [speaking chinese] [speaking chinese]

[speaking chinese] >> translator: we must get our adverse ride. this year our focus will be to ensure the full implementation of the newly revised environmental protection law. for all acts of illegal production and emissions they will all be brought to him just isn't held accountable. we need to make the cost for doing so too high to bear. support will be given to these environmental law enforcement departments, including capacity building and no one must use this power to meddle with law enforcement in this regard. the law-enforcement departments should also have the courage to take charge in facility was once abilities. laxity among force that will be dealt with and dereliction of

duties or abuse of office will be in accordance with the law. we must ensure the law will work as a powerful and effective tool in fighting pollution instead of being a soft cotton candy. [speaking chinese] [speaking chinese] [speaking chinese]

[speaking chinese] [speaking chinese] [speaking chinese] >> translator: to tackle

environmental pollution it involves a lot of fasteners in various areas. a few days ago i came across a media report which said that in the sears government report, the paragraph addressing environmental treatment came quite in the back. i want to draw your attention to one big difference in this year's report. that is our target for energy conversation and emission reduction are put together with all of these major targets of economic and social development, which i'll calm very much early in the government work report. we also need to see that many parts of the report need adjusting economic structure or improving the quality of the field used, have something you would higher mental treatment care this is going to take a process and require the joint efforts of the whole of society.

it may be difficult for one to change the natural environment he lives in any time soon, but one can always change the way he behaves. thank you. [speaking chinese] [speaking chinese] [speaking chinese]

>> translator: with cctv, as china's economic development in interest into a new normal people are also at 19th how we can bring our demographic scale and the growth trend compatible with such a new normal state. last year married couples can have a second child if one of the parents is a single child and in this year's session, many people calling for lifting the second child restrictions. i am wondering if this is one of the goals on the agenda of the government in reforming planning policy and if so if there is a timetable for that to happen. [speaking chinese]

[speaking chinese] [speaking chinese] >> translator: as you said last year married couples can now have a second child if one of the parents is a single child and currently we are conduct in a comprehensive review of how this policy has been implemented. based on the output of this comprehensive review, we will also take into account china's

economic and development situation and change than our demographic structure. both the pros and cons will be weighed and we will only make improvements, adjustments to our policy in accordance with all these legal procedures. [speaking chinese] [speaking chinese] [speaking chinese]

[speaking chinese] >> translator: with the high esteem of japan, this year marks the 70th anniversary of the end of the second world war. i would like to ask your outlook on history. we have also seen that more chinese tourists have traveled to japan and bought a lot of things they are. but at the same time, the number of japanese lifting china as well as japanese investments in china have both had on decline. how do you see such a situation? how do you view the possible impacts of china's plan to

commemoration activities including the parade on the sentiments of the japanese people? [speaking chinese] [speaking chinese] [speaking chinese]

>> translator: it came off the anniversary of the chinese people's of the victory of the chinese people's war of resistance against japanese and the fascist war. not only chat as many countries in the world have planned to hold diverse forms of commemoration activities. the present of these activities is to firmly bear in mind the hard lessons gained from the past and ensure that kind of history will never repeat itself. the purpose is to uphold the outcomes of the second world war and the postwar international order and international law to maintain enduring piece of mankind. [speaking chinese]

should [speaking chinese] [speaking chinese] [speaking chinese]

to [speaking chinese] [speaking chinese] [speaking chinese] 's >> translator: is it true the

current relationship and difficulty? cracks about the issue is how that war is not our history are geared. one way to hold a bright outlook on history and that means one needs to take history as a mere and at the same time to the future. ha ha while i'm here again to historically is they also need to shoulder historic responsibility for crimes committed in the past. the war of aggression imposed on the chinese people by the japanese ministers brought untold suffering and the average people in japan were also the ends of the war. as such a critical moment this year, there is both a test and an opportunity for china to have a relationship.

it's later said japan can face history squarely and maintain consistently and how'd they do that part of history. there will be a new opportunity for improvement and further growth of china relations. it will also create favorable conditions for the growth of business relationship between the two countries. thank you. [speaking chinese] [speaking chinese]

[speaking chinese] >> translator: work with you any agency,, since the beginning of last year the bank has been increasing and cases of financial risks of shadow banking have occurred from time to time and soon many local governments need to have a lot of debt being paid. as the downward pressure on china's economy rose, how do you see the thing up financial risks? [speaking chinese]

[speaking chinese] [speaking chinese] >> translator: i think of financial crime -- financial risks are at the center of the question you just raised. you just raise. industry there have been individual cases but financial risk in china, but at the same time, we are fully capable of four scientist amex and regional financial risks. [speaking chinese]

[speaking chinese] [speaking chinese] >> translator: the chinese economy continues to operate within the proper range and there's a fairly high savings rate in china. moreover, 70% of local government deaths are in the form of investment which pose

quite good prospect for making yielding returns. we are also regulating these local government financing to ensure that we will keep the front door open while at the same time block those backdoors. at the same time, chinese banks have fairly high capital adequacy and provisions. it is true that there is an allowance in the npl ratio has picked up somewhat. but still, the level of a pl in china by low internationally. [speaking chinese] [speaking chinese]

[speaking chinese] >> translator: individual cases of financial risk will be allowed. we encourage practice of balancing one's book in a market-based way. we need to guard against moral hazard and raise people's awareness of these financial risks. this year we are going to continue to develop multitiered capital market and lower company ratios. the efforts will help ensure financial services better served the real economy. thank you. [speaking chinese]

[speaking chinese] .. >> the business people from taiwan have also run into difficulties.

so my question is what steps will be taken to boost business cooperation to insure that the businesses and people from taiwan can continue to have priority access to the development opportunities? [speaking chinese] [speaking chinese]

[speaking chinese] [speaking chinese]

[speaking chinese] [speaking chinese] >> translator: people on both sides to have taiwan straits are members of one big family. as long as we continue to adhere to the one china principle and

1992 consensus oppose timeline independence and oppose peaceful development, we will be able to lay a more solid foundation for business cooperation and expand room for such business ties. to boost economic cooperation between two sides we need to get both wheels in motion. the one wheel is to enhance institution building. for example to continue to pursue the follow-up consultations on ecpa. the other wheel is about further mutual opening up. closer attention will be paid to the investment made by taiwan business people on the mainland. here i would like to ask you to convey a message to all these people which i believe will prove to be quite reassuring to you. that is, the mainland will continue to protect lawful

rights and interests of taiwan business people on the mainland and continue to pursue preferential policies towards them as appropriate. in terms of opening up, we will give priority to taiwan in terms of both the depth ask the intensity of -- and the intensity of such opening-up steps. we welcome people from taiwan businesses, especially and including these young people from taiwan to come to the mainland to pursue their own careers and business opportunities. we also want to further enhance personnel interflow between the two sides so as to bring the hearts and minds of the two sides of people even closer to each other. thank you. [speaking chinese]

[speaking chinese] [speaking chinese] >> translator: the republic of korea. in the last few months of 2014 china's cpi rise hovered at just about 1.5% and in january this year the figure was a mere 0.8%.

so are we to conclude that china has entered deflation? and some people also argue that china is exporting deflation to other parts of the world, and this has also affected the rok. what is your response to it? [speaking chinese] [speaking chinese]

>> translator: about deflation there are multiple criteria in evaluating depolice station in the world. a may -- depolice station in the world. a major criteria is the executive negative growth of overall consumer enterprises in a country. and when it comes to cpi in china, last january we had positive growth, and the figure for february was further rebounded. so i don't think there has already been deflation in china. [speaking chinese]

[speaking chinese] [speaking chinese] >> translator: recently consumer prices in china have been quite low, but china is not exporting deflation to other parts of the world. the truth is, we have been on the receiving end of deflation.

let me give you one example. last year china bought about 310 million metric tons of crude oil and about 930 million tons of iron ores on international markets. the physical volume has been on the rise but the value contained has declined because of the tumble in international commodities prices. and we are prepared to cope with such a situation and at the same time what we hope more to see is that there will be a quicker global economic recovery and the global economy will regain its momentum of robust growth. thank you. [speaking chinese]

[speaking chinese] >> translator: with china daily, some people have come to the conclusion that china has become the number one economy in the world and is posing a challenge to the leadership status of the united states. but at the same time, they argue that china is still free riding in some international affairs. what is your response to such a view and what are your considerations for the advancement of china/u.s. ties? [speaking chinese]

[speaking chinese]

[speaking chinese] >> translator: the first part of your question about whether china has become the largest economy in the world, actually, i have heard such a view when i travel abroad on foreign visits. but i always feel that there are some elements of mislead aring exaggeration -- misleading exaggeration in this conclusion because according to those authoritative standards, china is still the second largest economy in the world and more

importantly, our per capita gdp is still behind about 80 countries in the world. sometime before this year's spring festival i paid visits to places in china's western region. i visited two rural homes. one there is a mother and son living in a very shabby place where wind can even be felt when you are in the home. and because the family is so poor the son has yet to get married. the other home has produced a college student, and there is a boy and a girl in that family. for the tuition fees to go to college for the boy, his younger sister has to work in cities to support the college fees, and she couldn't even come home for family reunion during spring festival ises. and it truly -- festivals. and it truly pains me to see our

people living in such distress, and i'm sure there are many more such families in the vast land of china. and by you -- by the standard of the world bank we still have 200 million chinese living in poverty. so i can say that china is still a developing country in every sense of this term. >> [speaking chinese] [speaking chinese] >> translator: china needs to

run its own affairs well and maintain its development at a reasonable speed. and i believe that in itself is china's major contribution to the whole world. actually, at the same time china is assuming greater due international obligations and responsibilities. talking about china free riding, for such a big country as ours how could it be easy to get a free ride on anybody's train? i think what china's doing is working with other countries in pursuit of common progress. >> [speaking chinese]

[speaking chinese] >> translator: development will remain the top priority for china, and we need a peaceful international environment for us to focus on our domestic development. when it comes to china/u.s. relationship, this is a relationship between the largest developing country and the largest developed country in the world. we have proposed that china and the united states work together to build a new model of major country relationship featuring mutual respect and no conflicts and no confrontation. this year president xi jinping will pay state visit to the united states at the invitation of his u.s. counterpart.

i believe this will give a strong boost to china/u.s. ties. >> [speaking chinese] [speaking chinese]

[speaking chinese] >> translator: admittedly, there are differences between china and the united states, but what's more important is that the two countries share extensive common interests. when differences are properly held the two sides can have more extra energy to further expand the convergence of their interests. one highlight in the china/u.s. relationship is that the two sides are advancing negotiations of a bilateral investment treaty and this is built around pre-establishment of national treatment. this itself is to break the ceiling over china/u.s. business cooperation and will open up new dimensions for the further growth of china/u.s. ties. naturally, the negotiation will take some time, but it has already sent out a very clear message to the whole

international community that china/u.s. business ties will get even closer, and it will put the overall china/u.s. relationship on more solid footing. >> [speaking chinese] >> [speaking chinese] [speaking chinese]

>> translator: with hong kong economic times, my question is about the constitutional reform in hong kong which is of keen interest to the people of hong kong. we are getting closer to the date for voting on the plan of constitutional reform in hong kong, but recently there has been some quite tough statements made by the central leadership on this particular topic. and many people are not so optimistic about the prospects for the constitutional reform bill to be adopted. i want to know if -- and also for the first time in the government work report you said that one needs to strictly comply with the constitution and the basic law at the same time. does this mean that the central government is tombing its policy -- timing its policy

towards hong kong, and will that affect the relationship between the central government and the hong kong ser? and will that add new uncertainties to the cultural and business interactions between the two sides? >> [speaking chinese] [speaking chinese]

[speaking chinese] [speaking chinese]

>> translator: it is the basic state policy of china's government to adhere to the principles of one country two systems, the people of hong kong governing hong kong and both regions enjoying a high degree of autonomy. some people are worried if the central government is tightening its policy toward hong kong. i believe such a worry is not necessary. it's true that in this year's government work report it is said that one needs to strictly comply with the constitution and the basic law. this in itself shows our commitment to insuring the consistent and full implementation of the one-country, two-systems principle. this principle has been written into the constitutioning --

constitution and the basic law of hong kong as they are. they form the constitutional basis to have the hong kong ser. it is also stipulated in the basic law of hong kong what system should be practiced in hong kong. the one-country two-systems principle reflects the will of the country and the people and cannot be changed at will. you may feel that i have been very careful in choosing my words in answering your question. this is because you asked a question that relates to the law, so i need to answer it with utmost seriousness. >> [speaking chinese]

[speaking chinese] [speaking chinese] >> translator: the central government will continue to firmly support the government of the hong kong ser and the chief executive of hong kong ser in governing the region in accordance with the law. an essential government will

give stronger support to hong kong for its unique role in china's reform opening up and modernization drive. we hope that there will be -- [inaudible] changes between hong kong and the amendment, and both sides get to benefit from such closer exchanges in the business, cultural and other fields and all people involved in such exchanges will feel satisfied and have their well being being boosted. >> [speaking chinese] >> [speaking chinese] >> [speaking chinese] laugh -- [laughter] >> spooz speez >> [speaking chinese]

[speaking chinese] >> thank you very much. i'm from austrian radio and television. i have a question on foreign policy that is very burning for the europeans. a continued presence of russian troops on the territory of ukraine, what is the position of china? does china think that this is -- corresponds to international law? a couple of days ago russian president putin had mentioned on russian television how he planned the invasion of cry crimea. is crimea, for china part of russia now, or is it still part of ukraine? thanks a lot. [speaking chinese] [speaking chinese]

[speaking chinese] >> [speaking chinese]

[speaking chinese] >> translator: china follows the independent foreign policy of peace. on the issue of ukraine, china has adopted an objective ask just position. we respect ukraine's independence, sovereignty and territorial integrity. when sometime ago in my meeting with the president of ukraine when i visited some european countries, these are also the words that i said to him. he then asked me if he could make them public. i said no problem. use my words and publish them in

the newspaper. .. [speaking chinese]

[speaking chinese] >> translator: at the same time the issue of ukraine has added to the complexity of these geopolitical situation and also exerted its impact on the process of global economic recovery. we hope that there will be a negotiating settlement of this issue through dialogue.

as for our premier there are complex causes behind this issue issue. we also hope to see a political settlement of this issue through dialogue. we hope that there will be harmonious coexistence between neighbors and what we hope to see his there will be the pursuit of common development and outcomes between european countries, to all countries in the world. i believe that is in the interest of all sides trying to include it. thank you.

>> give us a picture of what happened and that like to talk to you about the protocols that may or may not have been violated and what protocols are in place to cover the situation here. alcohol is part of the stressful world that involves a lot of people. in my courtroom there was a cartoon on that wall where the judge is addressing a young trial lawyer and he says you know the most important to tenants of the low relative to trial caffeine by day alcohol by night. it was meant to be a joke.

it's actually a tragic truth that in stressful jobs those to become a major part of how people get through the day but alcohol as we all know messes up your judgment and there have to be protocols that address this and we have to deal with it because it's part of the like we have and we are protecting the most important position on the face of the earth. that's your job. whoever sits in the white house he or she is the most important person on earth politically in this world. more power than anybody else and therefore more enemies so talk to me about what happened and let's talk a little bit about protocols. >> yes mr. chairman. on march 4, 2015 hour and a standing is that to senior level special agents came to the white

house. the initial reports i did not hear this incident until monday so this was on wednesday night i found out monday. once i found out monday in what i heard in initial reports from an anonymous report was that as she stated to senior level special agents had crashed into the white house and they were inebriated. i had not heard about that. i asked my staff if they had heard about it. they had not heard about it. i had asked them to get as much information as they could on the offense and then there wasn't a lot of information available but we decided, and i decided to immediately send it over to the department of homeland security office of the inspector general. i thought it was very important that we have an independent investigation, and that there be no perception all that we were involved, that we would not

start doing any interviews, we would give that case of that investigation to the oig. i will also say that i brought my staff and on monday. we discussed why i didn't know prior to money -- monday of this event and we had a good stern talk about that. and then instructed the staff to go out to their management to ensure that these events in and any events of misconduct or operational errors have to be relayed up the chain. i will say that it's going to take time to change maybe some of this culture. there is no excuse for this information not to have, up the chain. that's going to take time because i have to build trust with our workforce and the best

way for me to earn that trust with that workforce is by my actions. now, i know i am very eager to hear the results of this investigation. i don't know how long it will take but i am committed to due process. what i have done is remove those to senior level agents to non-supervisory positions. outside, they are not working inside the white house. there will working inside of their offices and we will await the findings of the oig. i'm frustrated. i'm very frustrated that we didn't know about this. i didn't know about this until monday. i'm frustrated that i can't act until we get all the facts because i know that our workforce is waiting. what is your action going to be? i just don't want to act improperly too soon.

let me just say this. the president the first family they are safe. we have moved these individuals to non-supervisory positions rather than administrative leave where they are getting paid for their work. we can still get work out of them but in a different capacity. >> they are still getting paid? no reduction in pay no penalties? >> no financial penalties. sir i would say i'm sure they are paying a penalty right now. >> well unfortunately, this is the last in a long line of episodes somewhat similar drinking carousing on and off duty that this agency has suffered in these last few years.

it's not working right mr. director. we have got to have some changes and you have got to be the one that makes those changes. i don't sense at this moment that you have the determination to make that happen. am i wrong? >> sir i would disagree with you with all due respect that i would say there is an element within our agency, there's an element within our agency that does cope with the stresses that many of you have mentioned today by using alcohol. there's no question we have that element. we also have other elements in our agency that are different route. some go to exercise, some good religions and some good of families to cope with the stresses that we do have an element that goes to alcohol. three or four weeks ago we kicked off a worklife initiative to look at the stresses that our people have and they are considerable. there is no excuse for the actions. there has to be self-discipline

and self accountability but we have got to find a way to help some of these people that are going towards alcohol to solve solve -- as a coping mechanism. >> i am concerned about the health but i'm more concerned about the health of the united states and who is protecting him from harm. >> yes mr. chairman. >> nucleus special agents on the ground at night in the white house driving through a barricade drunk it seems to me that the only discipline that you could exert would be caused by the ability of you and your staff to terminate as punishment so that every other agent knows well i don't want to go there. that director is going to fire me. that's what makes the mind work. what do you think about that? >> i agree with you.

deep down within our agency as another's people want to see discipline. people want to be discipline. they want people to be held accountable. i just want to respect due process as frustrating as that is and then let my actions speak for how we are going to move forward as an agency. >> we will be watching. and waiting. >> yes mr. chairman. >> the entire house appropriations committee hearing with secret service head joseph clancy will air in 30 minutes on c-span at 8:00 p.m. eastern time and you can watch the hearing any time on our web site c-span.org. live picture of the u.s. capitol. the senate has finished its work for the day failing to advance the human trafficking billiken. majority leader mitch mcconnell said the senate will stay on the bill until it passes. later in the afternoon freshman republican senator cory gardiner of colorado gave his first

senate floor speech. >> mr. president 1893 katharine lee bates made her way up to the slopes of pikes peak and first wrote the words to one of america's greatest patriotic hymns politicizing purple mountain majesty's and amber waves of grain. 100 years ago u.s. mills preserve mountain scenes of exceptional beauty and grandeur of giving to the country the crown jewel of american splendor splendor, rocky mt. national park. for over a century visionaries like john ilec helps to settle the high plains of colorado described by ian frazier is a heroic place and expansive splendid isolation with unparalleled sense of space and generations of pioneers. this is colorado. from west to east and north to south the beauty heritage and vitality of colorado beckons to the world looking and longing for a place to call home to live and work to visit and

vacation. our love for colorado judges to be better stewards of the land to reach for solutions to great challenges and to find optimism and every fail and valley. for generations we have challenged our sons and daughters to always look up look up to that great rocky mt. horizon as every young state and ever hopeful attitude lives peak to peak the honor of living the west and land of opportunity and new beginnings. is this constant drive for better future for our great state a nation that leads me to the floor of the united states senate to speak with the first time where my duties as colorado's newest senator begins walking in the footsteps of colorado's first senators jerome j. free -- chaffee and henry teller and alongside my colleague senator bennett. it's an incredible and have the obligation to fulfill too well and they fully discharge the duties of the office defending our constitution with faith and allegiance to the rights we cherish what an obligation and duty every person in colorado

expects us to not just fulfill what to excel had from beecher island to the clips to fischer's peak. somewhere in between is my hometown home to hardy pioneers that have seen the high plains to great success and record harvest depression and dust bowls drought and tragedy get through it all the good times and the challenges they still called at home by generations who would live nowhere else. it is here in this eastern plains town whether warren and always thirsty that jamie and i are raising our children alice and thatcher and caitlin and a home that once belonged to their great great grandparents and surrounded town by family great-grandparents and more. no matter where i cross colorado's four corners or crisis grace nation we hope that the same thing for her children to live in a loving community that values every citizen that they learn the value of hard work and perseverance were hard

work is met with merited reward met with merited reward pick up a find it nation of liberty and freedom that helps make this land a little more free and perfect to carry on the tradition of our founding fathers always endeavoring to be better tomorrow than they are today greater nation has always understood that this endeavor isn't something that has just passed on hoping someone else does the work for us. something we ourselves have to fight for today. we are responsible for the starting point we had to the next generation and we have a moral obligation to make it the best point possible always advancing. to accomplish this i played a four corners when representing all areas of colorado on those issues that matter most to the people in this country growing our economy and getting this nation back to work with the kinds of jobs and salaries that allows people to achieve their dreams to develop north american energy security while enhancing the protection and appreciation of our environment and making sure we give our children the

tools they need to succeed in a world both growing and its complexities and its interconnectedness. in rural america we must work to not only keep the generations and families who grew up on the farm and ranch but find new ways to bring their families back to the farms ranches and small towns that dot our great state. we must revitalize mainstreet's that are slowly losing their places the heart and soul of the community boarded up and forgotten. to do this i will introduce legislation that will help provide ways to infuse new investments in life into our rural entities called the rural philanthropy act. we'll help struggling businesses by new private sector partners in their effort to serve their community whether it's a small-town newspaper or clothing store. will help grow jobs and create more opportunities for startups and innovation. we must look to reimagine burdensome rules and regulations that tie the hands of people who want to start a business by revitalizing mainstreet and breathing new life into entire

city block doing good things shouldn't shouldn't be said that the eliminated government that recognizes this. colorado's economy will benefit from billy whited trade opportunities with the passage of new trade agreements opening new markets and eliminating barriers to growing markets. i will work to ensure small businesses have the resources they need to participate in trade making sure the benefit of new markets doesn't just stop at the biggest corporations. through my first suspicion is that we will focus on policies that promote and grow colorado's leading aerospace economies launching new jobs in space engineering and aeronautics and a healthy economy means everyone benefits not just those who have found success. that is why a work to expand the earned income tax credit by eliminating the waste fraud and abuse all to common within the eitc that we can save billions of dollars and use that money to expand the credit making the program that is lifted millions of people out of poverty to do even more good for people throughout colorado and in our

urban centers. measuring a successful economy shouldn't be a matter of looking to see whether the haves have more but what policies we have put in place that help lift the poor out of poverty themselves. we are living living in a vineyard economy but while the numbers are mostly look good and prophets are looking up scratch the surface and to many people continue to suffer. endlessly searching for jobs they desperately need earning the salaries they need to help achieve their families goals. while parts of colorado may be succeeding others are struggling. true success means every part of our state's economy lurches. thanks to her state's energy economy parts of the state does seem to have been left behind are now thriving. a national policy geared toward north american energy independence will not only does jobs and provide abundant and affordable energy upon which our economy relies but it will boost our national security by providing our allies abroad with an energy partner they need that presents an alternative to nations like russia and i ran.

i look forward to continuing my push for expedited process to export lng allowing mesa county energy producers the opportunity to play a leading role in national security while creating jobs at home. common sense colorado solutions means focusing on renewable energy as well read part of seeing the sun and sand wastes in the power of the water in the west we can lessen pollution and clean up the air and working across iowa senator chris coons from delaware i will focus on energy savings performance contracts and often overlooked private sector tool that has the potential to create thousands of jobs and save the taxpayer billions of dollars all while helping reduce pollution. reducing pollution and protecting our environment is a cornerstone of colorado today look forward to working with congressman scott tipton on legislation to help preserve and restore our great forest lands and to protect colorado landscapes. whether it's healthy for his legislation reducing the maintenance backlog in our national parks are finding

collaborative solutions to challenging land conflicts we iowa to future generations of coloradans to pass on an environment that is cleaner when they receive it than the one we passed to them. rephrase that. an environment that is cleaner the one they received in one we receive. future generations of coloradans deserve the opportunity receive an education befitting of a great nation. whether that's fighting to restore world local control the state's parents are working to make the dream of a college education a reality and provide the skills and training for the next generation of leaders. i will continue to work on my legislation called the making college affordable eye. this will help families save for college and meet expenses and education but i look forward to promoting stem education education opportunities in transforming our immigration system from one that sends the best and the brightest students back home to compete against us to one that allows them the

opportunity to stay united states to create jobs and innovation that we will continue to benefit from. no doubt over the next six years many issues will arise that fall outside of these for corn issues and i look forward to meeting every single one of these challenges by finding new opportunities that will help make colorado a better place that i look forward to working with congressman mike coffman to finish the va hospital in over a earned her sacrifice the tarnished by delay. when it is completed it will give give veterans a far better place for the care of they deserve. it always must be our focus making colorado in the united states a better place giving the people of this country the confidence of a work together to achieve common goals to strive for brighter horizons to deliver to the american people the government they can be proud of. i will work with senator bennett and anyone who is committed to these common goals. too many people too many people believe government can no longer trust the great challenges of our time.

and a team trying to work and a teen trying dollar debt mounting entitlement crisis in health care crisis that continues into the new century and seemingly overwhelming foreign-policy challenges. some leaders would have us believe they can't do anything about it that manage decline is better than a rapid decline. the american people know better. they don't have to and indeed they will not accept the second best. a government that we can be proud of is one that solves the greatest challenges of our time balances or budget puts in place solutions that rise above the rhetoric that a government we can be proud of means in america that is always advancing and never in retreat. our search for solutions our search for government we can be proud of comes from the common bond regardless of color or gender creed and even party that we as americans all hold. a shared story of our lives the unrelenting american spirit and this is the american story. we are a nation the sacrifices

made by millions of men and women for freedom for each other to countless generations in the past and present who have worn the uniform in defense of our nation and nation made except jamal by pioneering people nation of innovation and opportunity, nation that imagines and aspires a nation that rises above to be a better tomorrow than we are today. i grew up working at a family implement dealership a family business started by my great-grandfather 100 years ago sweeping the floors and cleaning the bathrooms. i learned what it took to make a business work that i learned about the employees who made the business function and how we succeed as a business when our employees succeed. the hard-working men and women who hope that their aspirations will be fulfilled. i learned from my grandma of rosie the river who welded ships in world war ii alongside her husband my grandpa. they gave up everything moving their family and all they had in life to be part of the effort to win the war and to provide their

children at the opportunity to succeed and to build their own futures for their own families and a free world. a few weeks ago when we threw some old boxes of random collection of material pictures i discovered a large stack of letters written by my great grandfather to to my grandmother doing -- during world war ii. this letter some of which were written in near-perfect cursive and some type to hammer strike typewriter he undoubtedly used to the last of his days at the implement dealership he talked about the moment is for home the new frenzy of me during the were questions about his young son and the new countries he was visiting france and beyond. i would like to share parts of one of those letters today because it shares part of our american story. it was written on august 15, 1945. dear folks that day dave 14

august is indeed a history making day. last night at 12:00 when it lets the rumors were confirmed at the world was a piece i said a silent prayer and now that it won't be long until we are all together again. if you pull those rains hard enough maybe i will be home for christmas mother. certainly have a good chance of making it now although anything can still still happen and there are thousands of miles to cover but one can't help but be optimistic. it must have been an incredible feeling to know that the war you have been fighting in the war that they consume the world and taken our nation's young men and women thousands of miles away from home was over to a perceived word the rumors were confirmed the world was at peace and after years of battle in silent prayer the optimism of one soldier and that soldiers nation persevered. there are countless families

across this nation and this country who share a similar story. one of their answer uncles their parents or siblings people to share the honor and obligation of wearing a uniform for the united states of america and all the responsibility that comes along with it. they are people that we will most likely never meet nor will we ever be able to fully thank them but they still fought for all of us. to the words of one simple letter we recognize the power of peace over conflict of love for family and country. a silent prayer no doubt of thanks for answering so many other silent prayers, silent prayers asking for a day of peace and homecoming day they would have mustin like to know the great darkness of war which had threatened freedom for not some but for all had finally come to an end and just like that you will be home as if nothing ever happened. somewhere in a silent prayer under the new column of the war-torn horizon was the thanksgiving of a soldier for

his victorious nation. a soldier looking to go home a civilian to live out his dreams far away out of harm in the arms of his family and while we may disagree on the details of policy in the tactics of direction let us make no mistake in our charge to ensure we have a nation that is worthy of the sacrifice that so many have made. to refuse to pass on to future generations and nation in retreat or decline and to make sure ours is a nation that is always worth fighting for. this is colorado. this is the united states of america. mr. president i yield the floor. >> right here inside the museum is the remains of the confederate ironclad, the css jackson and this is a minor glad built near columbus during the war. those oval. those oval-shaped cities they

are actually the gun ports of the jackson and jackson is armed with six rifles. the particular rifle where firing today is one of the guns built specifically for the jackson. he was cast at the selma naval works in selma alabama and completed in january of 1865. the real claim to fame is directly connected to the fact that there are only borer ironclads from the civil war that we can study right now and the jackson is right here and this is why this facility is here. it is first and foremost held tell the story of this particular ironclad to show people there are more than just one or two ironclads, there were many.

>> next treasury secretary jack lew appears before the house financial service at committee to give annual testimony on the state of the international financial system. he discusses changes to the international monetary fund the dodd-frank financial regulatory law and efforts to disrupt the financing of vices. secretary lew answer questions about e-mails he received from former secretary of state hillary clinton's personal e-mail account. this runs three and a half hours. [inaudible conversations]

>> the committee will come to order. the chairs authorized to declare recess of the committee at any time. the hearing is for the purpose of receiving as secretary of treasury's annual report on the state of the international financial system. i now recognize myself for three minutes to give an opening statement and the committee welcomes back the secretary for his annual report of the imf and the larger international financial system to one of the greatest threats to economic stability today can clearly be seen on the monitors to my left and to my right. that of course is a real-time national debt clock. no president in our history has been indebted our nation more than barack obama. more dead in six years than our nation's first 200.

my laptop is awash with official and private reports calling this level of debt totally unsustainable and disappointingly the secretary's prepared testimony contains nary a word about the threat that the unsustainable national debt persons to our economy and to hard-working middle income families. in fairness the obama administration is not alone in helping put a sovereign nation into insolvency. europe has a number of practitioners as well and when your runs out of money many turned to the imf has major source of funding captains to be u.s. taxpayers. american to clearly see the impending debt crisis and suffer from all-out fatigues are scratching their heads at the prospect of being called to continually fund and invest institutionalized too big to fail on a global scale does the activities of the imf must be carefully scrutinized by our committee.

more calls for greater scrutiny it is the role of h. g20 financial stability portents american cousin the financial stability oversight council. these organizers and wield immense power and operate largely without transparency or accountability as part of a shadow regulatory system gratis i assume all members of this committee know our witness heads up the fsoc treasury and is a member of afsp. afsoc seemingly takes direction from the fsb the financial stability board. again a fairly secretive and unaccountable coalition of global bureaucrats that it sounded afsoc a conduit to export its fuels to united states. just as one-size-fits-all mandates imported from washington typically do more than harm than good the u.s. economy does not need a one

world view of risk imported from europe. we tried that with basel. thanks greek sovereign debt and fannie and freddie mortgage-backed securities. we know where that got us. yet fsoc has seemingly rubberstamp decisions made by this international board when it comes to deciding whether non-bank financial institutions should be designated as too big to fail. this does not to be coordination appears to be committed to choice is capitulation today said the designation sense consequences for the american people. imposition of one global standard of financial regulation by this administration will undoubtedly harm american innovation and american economic growth. it can impinge on u.s. sovereignty and bypass the constitutional check and balance of the united states congress. even more importantly americans will find themselves paying more to insure their homes and families investors who rely on

mutual funds for college education or retirement will find a burned lesson small businesses on main street will suffer as capital began to dry up. we must not allow this to happen. i now yield three minutes the ranking member for an opening statement. >> thank you very much mr. chairman. and i would like to welcome mr. secretary. after four failed attempts by the obama administration to win congressional approval of quota and governance reforms for imf we may have to recognize a new and difficult reality. the case for approving reforms supported by both republican and democratic administrations in which the u.s. retains its unique veto power and europe loses two seats on the executive board would seem open and shut. but the most of this are his

critics congressional agree. they argue that the change would put more taxpayer dollars at risk and we can americans influence within the fund. both claims are wrong. in fact the u.s. would retain its veto power in its power in its share of the quota increase that would fully offset resulted in no new cost to taxpayers. the real risk to the u.s. lies and continued congressional inaction which has infuriated many of the funds other member countries. in fact last year the g20 group of leading economies issued an ultimatum to the u.s. to pull the quota deal by year's end or the imf would weigh options for moving forward without the u.s.. in early january the imf board began to study its options. the failure by congress to ratify the imf reforms is seen as a weakening of the u.s.

commitment to multilateralism spurring our leadership on global economic issues. in response a number of developing countries led by china have begun to act independently to challenge the world economy. last year the bricks nations announced plans to base a shanghai development bank of their own which they hope will rival the influence of the world bank. china is also moving forward to create an asian infrastructure investment bank to rival the asian development bank. a world in which countries such as china and russia are increasingly acting outside the established multilateral system is one that could easily drift beyond control. it's ironic that some of the reasons republicans have stated for not supporting the imf package have now become the

consequences of not supporting the package but the more immediate question is whether the u.s. will resume within the imf at a time when we alone have allowed a fundamental governor's reform to languish in the institution they look forward to hearing more about just what is at stake. i think you and i yield back the balance of my time. >> the chair recognizes the gentleman from michigan mr. hy singer for two minutes. >> thank you mr. chairman secretary lew i i welcome me back today. their many important international and financial issues that need to be addressed such as is jonathan hilliar on financial services has pointed out moving from a regulatory environment to a growth agenda as was noted. as he rightly points out we have to have the courage and self-confidence to make changes where we see those necessary. i want to focus on one concern

of mine which applies to the imf and international monetary fund fund. it does does my congress authorize 100 billion-dollar commitment to the imf in an account new arrangements to borrow. for the past five years the administration has requested 63 billion of that to be transferred to permit paid capital account later to be used to bail out european countries deeply in debt like greece. i would like to explore why should hard-working middle income taxpayer dollars be used to bail out of the countries especially after suffering from bailout fatigue in our own backyard dealing with fannie mae freddie mac fha and a number of others and should we be focusing on encouraging these countries to better manage their borrowing and spending? personnel has represented the imf in a memo that has been leaked from 2010, may 10 of 2010 that went to "the wall street journal." in that way clearly stated the

imf program is quote of daylight of bailout of european financial institutions and printed them require private-sector creditors like you're in p.m. banks to take a lot some consider the administration chose to bail out these european banks. as the memo shows representatives from several nations including canada and australia won the bailout package contain quote immense risks produced by concerns from several of our allies the administration chose to support this bailout and how did taxpayers know this? not because of transparency but because of information shared with them only when a 5-year-old memo was leaked. i think this lack of transparency is sadly something we have come to expect that's my goal to change that so i appreciate that today. thank you. >> the time of the gentleman has expired. the chair now recognizes the gentlelady from wisconsin ms. moore for five minutes. >> thank you for rensin top of

the morning to you secretary lew. welcome back to the committee. i know there are many international issues that are outstanding but it must be good to be sitting here with the domestic news, 59 months of private-sector growth and private-sector growth of 2.89 million the most since 1997 and i think her stewardship in the debt ceiling debate has been a powerful voice of sanity and i think that puts us in a really good position to have the united states be the world's reserve currency which i think it is extremely important. here's a question that i raised with chair yellen when she came and i would like to raise with you. i know that treasure is taking an aggressive stance to get to her but i want you to punish

banks and bank employees that are involved in money-laundering screens as as those activities facilitate global terrorism and crime but i also would like for you to double down on being more surgical so as not to cut off legitimate remittances, an issue that mr. ellison has been championing and i've heard from my own constituents that their relatives are literally starving starving. we need to do that. i have also heard from insurers that they are increasingly concerned about ongoing international negotiations on global insurance capital standards that may impact u.s. insurers. i hope you will be a strong voice internationally for u.s. insurance companies and last i am concerned about the imf. it supports jobs exports financial markets and indeed it believes our national security so i agree with you on that and i yield back.

>> today we welcome the testimony of the honorable jack lew secretary of treasury. as you know secretary lew has appeared before this committee on several previous occasions so i believe he does not need a formal introduction. without objection mr. secretary or written statement will be made part of the record. secretary lew you are now recognized for five minutes to give a summary of your testimony. >> thank you chairman hensarling ranking member waters members of the committee that i appreciate the opportunity to testify before you you today. as we meet here today the united states economy continues to make considerable progress. by almost every metric america has come a long way since the depths of the worst depression since the great depression. over the past five years america's businesses have created 12 million new jobs the longest stretch of sustained private-sector job growth in our nations history. at the same time or economy

keeps expanding and forecast project above trend growth for this year. american exports set another record last year for goods and services sold overseas and our fiscal deficit has fallen by three-quarters is forecast to decline further next fiscal year. these achievements underscore america's enduring economic strength and we can build on this progress with the right policies and bipartisan cooperation. international financial institution which include the international monetary fund and the multilateral development banks are a critical part part part of the separate tuner investments in these institutions are some of the most cost-effective ways to reinforce economic growth at home and respond to critical challenges abroad. do that and it's essential congress passed the imf quota reforms. these reforms would put the imf imf's finance putting modernize the imf's governance structure

america's strong influence within the imf and more broadly as a leader of the international financial institutions. as the international community waits for congress to approve these reforms that we helped to design emerging and developed economies alike are looking to other alternatives as a means of driving the global system forward. our continued failure to approve the imf reforms is causing countries including some of our allies to question our commitment to the multilateral institutions that we have worked so hard to create. until these reforms are in place united states runs the risk of seeing its preeminent world in these institutions are brooded especially as others are establishing new parallel financial institutions. the fact is the imf reforms will help convince emerging companies to remain anchored in the multilateral system that the united states helped design and continues to lead and these reforms are win-win for the

united states. they retain our veto power and they did not increase our financial commitment. that's why we are determined to continue to work with congress to get these reforms passed as soon as possible. as a clear example of the imf's role in promoting american security and economic interests they imf is providing ukraine with the critical financial and technical support that it needs. the imf is the cornerstone of a broader international effort to support ukraine amid extraordinary circumstances and recently improved and augmented longer-term program that will allow ukraine to pursue a sustained set up economic reforms. similarly our investments and the world bank and the regional development banks are key to advancing america's economic and strategic interests. my full statement that i submitted for the record lays out in detail how the mbp has grown in export markets increased opportunities for american businesses created jobs in a state to protect our national security.

but let me highlight quickly a few of the areas where these institutions have recently advanced our priorities. in ukraine the mbp mbp's if stepped in to address the crisis and stabilize the country increasing commitments to nearly $5 billion trade in central america they are working to spur stronger economic growth which will help address the root causes of the flow of migrant children to our border and in africa they have taken significant action to fight the spread of ebola and strengthen health systems. to be sure the ndp is essential to global stability and whether it's fostering inclusive economic growth promoting food security or increasing natural disaster preparedness they are making a difference. it's no surprise here a nation's history democratic and republican presidents have made it a priority to invest in these institutions. as you can see from our budget request we are using what we have learned from mdb to invest

investment climate under this plan will enable the poorest countries to build resilience and cut carbon pollution globally advancing our vital security and development objectives. in closing let me say that the world is looking into the united states for leadership and is as essential as ever for the united states to demonstrate that leadership across all the international financial institutions. this will of course require bipartisan cooperation and i look forward to working with all of you to make that happen. tank you and i'd be glad to answer any questions that you have. >> thank you mr. secretary. i yield myself five questions for questions. i think you know many of us on this committee have a number of concerns about exactly where fsoc and the fsb are headed. we have spoken before about the financial stability board.

you have said previously that it's a group that asked by consensus. most recently fsb has initiated a new total loss absorbing capacity standard dealing with the -- can i assume then since it's a group that acts by consensus that treasury has consented to the new standards? >> mr. chairman i would say the united states has played a leadership role in pushing towards having tea lack be adopted. this is a parliamentary step. >> so you can send it to the standards. i think as you know then fsb after creating the standards issued an exemption to three of the largest banks in the world three chinese banks one of which is the largest bank in the world

the industrial and commercial bank of china with over 3 trillion in assets so if the u.s. can send it to -- consented to the tlac standard did treasury consent to the exception for the three chinese banks? >> mr. chairman the tlac provisions are pulmonary and they require considerable action to be implemented. >> so you don't know the answer whether treasury consented to the exemption? >> mr. chairman the fsb asked by consensus. i'm not familiar with the specific nature of the action you're describing. >> if you would get back it is reported in the press already again that these three chinese banks have been exempt.

it's just curious to me that if the body works by consensus and treasury as a member that treasury would not have consented and i will let you get back to mr. secretary. >> i would just underscore mr. chairman that tlac requires implementation. but was put forward was a preliminary document that i think would very much strengthen the financial stability of the global system. it's not yet in place sprey i guess it would be curious because you have also previously testified in your last appearance before our committee that quote the fsb quote does not make rules for any of the national governments breed every country has its own ability to make its own decisions for itself. so i'm just curious if these are

preliminary suggestions and not rules why is it that the fsb found it necessary to grant exemptions and specifically to the chinese? >> mr. chairman what the fsb does is it raises the goal for standards to a high level. >> apparently not -- >> we work for the kinds of standards that we are appropriate. >> if you would get back to me on that a specific issue. >> i would just say mr. chairman mr. chairman. >> mr. secretary i'm sorry but the time. >> i was going to give a little bit of an answer to your question. >> i've been waiting for several minutes. he said he didn't know. >> the design of the preliminary approach of tlac is something we drove forward. we just consented we drove up for it. >> the question had to do with

the exemptions. that's the essential question. mark carney who chairs the financial stability board recently issued a memo i believe last month where he declared he expected quote full consistent and prompt implementation unquote of the agreed fsb reforms and he went on to say fsb will support the determined efforts of its members through enhanced monitoring of implementation in its efforts across all jurisdictions. we will regularly report our key findings to the g20 so you again have stated that the fsb does not impose rules however in following their lead in designating non-bank sifi's sounds like a fait accompli to

me so did treasury consent to the issuance of this memo and very aware of the memo from the chairman of this financial stability board? >> mr. chairman our effort on tlac has been something we have record. i was engaged with a number of countries because we think they largest financial institutions of the world have deeper serves so taxpayers are not held accountable if their failures in the future. i'm happy to give back to on the specific pieces of action. obviously i'm not sitting there in the meetings myself. >> are you aware of the memo that i just quoted? >> mr. chairman i have read a lot of memos from the fsb and on tlac and i would have to look at the specific memo. >> my time has expired. the chair recognizes the ranking member for five minutes. >> thank you very much mr. chairman welcome again mr. secretary.

first a world cup -- a word about the world bank and i have questions on the domestic agenda here. you made reference in your testimony to the world bank's ongoing safeguards review which will result and revise policies that will govern world bank lending for years to come. i welcome your statement that you're working hard to ensure that they revise safeguards will strengthen the protection provided by these policies having read the first draft of the sacred heart was the bank management that i must tell you you have to work cut out for you but i think the banks credibility takes a hard hit on the current draft is broadening and strengthening of existing policies. it doesn't strengthen them and nobody outside the bank believes that they do. it is wanted to share that with you. on the domestic front as you know unregulated mortgage credit oftentimes offers predatory features to vulnerable households without the sophistication to understand the

terms as the key cause of the 2008 crisis. fortunately the dodd-frank at two key steps to address this problem with the creation of the financial protection bureau at the same time the cfpb has taken actions to tailor its rulemaking when it comes to small banks and credit unions and has the authority to amend regulations of access to credit especially for our most vulnerable population become too constrained. even though the cfpb has been exceptionally reasonable in their approach last year the house pass number bills to provide additional exemptions to consumer protection citing lack of credit for low-income borrowers. can you tell us what data the treasury has on credit availability since the crisis and whether you think congress needs to pursue legislation to create more exemptions from consumer-protection rules? we need some help. >> congresswoman waters i think if you look at the current

experience in the mortgage market it's a little bit too hard actually for people to get credit in some -- if you look back to what we are trying to stop after the financial crisis it was to stop people from getting in over their heads with mortgages they can understand and with hidden fees and all kinds of charges. i think if you look at the way the regulatory agencies have been looking at this they have been trying to be clear and giving guidance to financial institutions. to have that anything been tighter in their credit standards than might have been intended. on the other hand they're not going back and saying we should go back to the kinds of policies that let people get into mortgages they couldn't afford him to do it in ways they couldn't understand through all kinds of hidden fees and charges. i think it's a balance and the

regulatory process is very attuned to this preview are seeing discussions and fha and fh eight -- fh age. my view is that as part of a larger trend where they are getting more conservative in some ways and in some areas than was intended. that will come up in terms of other questions this morning. we need to be clear about what we are trying to do and why. it's very important to maintain the regulatory structure so we don't go back to a system where lenders can get mortgages out there so people are over their heads and highly likely to default rate on the other hand if people are creditworthy they should have access to credit. >> so we are witnessing this inability of our constituents who certainly can afford to get mortgages being shot down and

not being given credit by many of our banks as you have stated. at the same time we still see actions by banks that are similar to what we have got. we were stopping following the 2008 crisis. we had a long discussion about everything from no-doc loans to other kinds of exotic products are being put out there and it seems like the banks want to have some kind of way to continue these efforts and at the same time put us all in a bind by shutting down on credit until we basically agree with them. >> i actually think if you look at the rules that have come out the cfpb rules for example that i think very clearly make it