judy bikker from illinois. jot garrett. jeb hensly. congressman milwaukee supports the plan. we have come in the united way we have tom price and mike castle. mike is not here, most of you know mike.

we have had several meetings and ironed this out. we knew we needed to get this right. financial services and reform and the structure is of critical i am importance we knew we had to get it right. we are offering today, our solutions going through you'll

see a lot of what we propose here is about transparency and better protect investors, taxpayers and consumers. consumer protection is very important and to hold risk takers on wall street for their actions. for the last two years, queff seen regulations. we have acted with little oversiggete. the american people deserve better regulatory structure. the individuals behind me have worked diligently, contributed to our proposal. during our work, we were guide i by three key principals. these are principals we not

only felt but our constituents told us again. no more bail outs. we need to restore financial discipline. and we'll no longer have to endure a command and control of structure from the government. these three principals are ee septemberal to ensuring that we have an exit strategy from the cycle of taxpayer bail outs which we have witnesses in the

last six months. we are in the process of stressing legislation. i'd like to recognize the distinguished community and leader from west virginia. >> i think we are presenting a united front. not only do we recognize the seriousness of the issues. i think it's important to join together. as we've heard and i'll repeat. one of the provisions can be summed up as no more bail out.

wall street$- needs to have certainty with the fact that you cannot and should not call for proposals in the work place. we can bring the technical expert he's to the stable when these complex final institutions are at stake. we have highlights what happened and fell back on the

complexity of the incidence. they are already special classes of bankruptcies and farmers and municipalities >> it makes sense. with this proy posal, market approval will know the consequences of taking on too much risk. next, i'd like to turn it over to randy. >> thank you. another aspect of our propose am is to establish the market. one of the things the white house has been talking about in naming one person as the regular regulated.

>> we saw the government got into picking winners and loosers. how does this work? >> we would form this group. the treasury would leave that. people are part of the regulatory structure. possibly some outside people. their task would look at -- a lookout into the marketplace and have discussions to determine what is going on in the marketplace. new products, new things going on. what activities going on. being able to have that dialogue. the second part of that is

capitol ack risy. the capitol for the activities involved. we think that dialogue prodouses a better forum, more efficient program we zo not want to be back in this situation where they have been impressed into share holders where they have been trying to make that mortgage payment and car payment it is my honor to introduce the gentle woman from illinois. jo thank you. i'm here to talk about how our plan answers the question, what about the consumer.

>> this regulator will empower for sound financial decisions we are abouting to support a bipartisan proposal we worked on last congress.

the commission will collect the dat you to resolve the issue or the trends. third is the crack down on froud. when it comes down to cracking down on froud, we mean business. our proposal increases civil and monetary penalties and maximizes resolution to victims. to help consumers, our proposal empowers consumers. next, the ranking member. jo thank you for that.

let me say thank you to our whip for being with us and for being so prnlly involved and deeply interested and his staff himself. on these vep important financial issues. thank you to our off sight chairman. i am quite excited about the final product i'll join my colleagues also. we can agree as the american public does that we want no more bail outs and picking and loosers. we do it in one area i'll speak

about for a minute. that's dealing with the fed val row serve. we want to have transparency and fiscal ability >> we want to allow for the general accounting office to go in and do annex tensive audit for account ability, we will do the same thing. we have heard there's a need to address the aspect within 13-3 and all the aspects the fed tried to do boo. we can do that by saying before they go forward. we need to find them.

another thing the american public is asking for. if we do these things. we will be drawing a line in the sand. there will be no more bail outs and picking winners and loosers. we will get the economic growth that this countier needs. thank you.

>> i am happy that republicans are united in saying no more bail outs. of all these failed policies, none loom largely than the created monopolies of fannie mae and freddie mac. they allowed them to swell to unimaginable size and make property that's could not have been gained. and now expose tax aers to over

$5 trillion of risk. although current market conditions preclude immediate sweeping action to end the market distortions, the current model is broken. it must be altered. once we've stabilized our economy, the reform bill will over a reasonable period of time transition away towards a competitive free market. any piece of legislation that propourts to by the system and does not touch fanny or freddie. making sure fanny and freddie are rock solid.

their conservatorship will set under our bill. the government substidies will wind down. that being fanny and freddie. it is my honor to introduce the chairman of the committee, the gentleman from georgia, dr. tom price. we find out selfs in the current challenge not due to deregulation but because of the structure. the government wants to

guarantee more bail outs to establish a permanent bail out agency. the american people are sick and tired of bail out and so are we. . it's time to end having washington pick winners and losers in the marketplace. that's not what made us the greatest anything in the world. it reforms the current law. we inshurs those charges with the actions. the transparency and account ability by every singed american.  this if we remove all risk, we

remove all reward. we become different and bland. this is a thoughtful and common sense piece of legislation produced from it that embraced the principals no and lf >> i appreciate all my ranking member comments. i appreciate the leadership of being here. yesterday, i met with leader boehner and several representatives from different groups to out line some of this program.

it was an agreement to this approach. this is a substantive plan. sinl the spaces. the questions you ask now you probably would have answered by reading this. >> what kind of response are you getting? >> i take those in reverse order in we have just sent him a copy with this press conference. we have all along we wanted to

put out what we considered our blue print for producting the tax players. we want to work across the aisle. we put out the plan and work across the aisle. as you know, things work better in that regard. do any other members -- >> ranking member, the american people seem to want

regulations. i wonder if that will change by the fall and does this bill address that concern. do you articulate that to the american people. people want to avoid what happened. we believe we can have smarter regulations. >> which of the pickings of winners and looses would you let go. we don't want to pick any winners and loosers.

as you good back to september or march. you would almost wake up in the morning monday morning to find out who won and who lost. that's not a method that the american people who want to know what's going on and that their investments are safe in terms of their economics.

>> everyone will know what the mechanism will be for failing and successful solutions. >> i'm not sure how the question is in this sense. different members had different views. it is largely accepted now that a piece of legislation designed has now marched into a vehicle to be leveraged to advance in a

social administration. that is plunging this nation further into debt. in this unified proposal. number one, having the federal reserve be able to tend to their monday i tarry policy >> what's important is what we need to do going forward. >> anyone want to comment about the plan believing that that will have the account ability

on the executive converseation, we have the add quissy commission. one thing i look at is certain practice i believe are risky as a whole or financial services as specific parts of that. if this commission had been in affect. they might have identified that mortal originaters were paid by the volume and not by the ability of the barrower to repay. people had starlted to identify as a problem.

taking away the board of directors or share holders and the ability to set compensation. we believe that is the soundest system to allow the corporation and its board to set the pace. jo you agree with this plan or disagree? >> it's in there. >> our market stability in portions of that. that's exactly what it is designed for, getting together and looking at behaviors.

they begin to analyze how much these are going to other solutions. now, under this row vision. this group come together and begin to set entity. if you are going to have market integrity and have the marketplace be the prime marry regulater. then that has to go out to raise that company toll and looking at that behavior. you really end up with two regulators. you have the marketplace that is by far the best regulator you can have that particular

security. >> you don't are the strirkt agencies saying we are comboing to ban or abolish that. yet making sure you are going to be in that business and have adequate capitol to back up your acquisition. >> coming up next, it's washington journal. we'll take your questions and comments. on news makers today, president

obama's decision on guantanamo detainees. . . ♪