sacrifices that were made to establish the united states and the precious principles of freedom that make us the greatest force for good ever seen on the plan that thats ever been seen on the planet. every generation has served as the back stepping stone down the path of liberty. every day i reminded of the conviction of principles we have by a painting. it is a painting that hangs in the united states capitol. it was made by william howard at the signing of the constitution of the united states. it hangs in the east grand stairway at the united states capitol. every schoolchild is familiar with this painting, but i have been privileged with seeing it on a regular basis doing my duties in congress. never was a painting more evident of them -- never was the purpose of the painting more evident than the evening obama care was passed.

staring out of the painting are the basis of the founder, in particular ben franklin who served as a constant reminder of the proud old republic that he and the founders gave to us. i believed it firmly that what the congress had done, and what president obama had done in passing obama care endangered the very survival of the united states of america, our republic. i knew it was my obligation to ensure that president obama is program of socialized medicine was stopped before it became fully implemented. so my message has been the necessity for the complete repeal of all, care in this once-in-a-lifetime campaign cycle -- so my message has been the necessary for the complete repeal of obama care in

this once-in-a-lifetime campaign cycle. it must be stopped. the repeal is more than just a cliche for me, it is essential to my core conviction. because obama care violates our fundamental liberties as americans, including for the first time tax-payer funded abortion. i ran for the presidency for most of the american citizen who believes in the foundation and greatness of our american principles, and our principles to write their meeting from the founders released. while the congressman, a politician i never have been or will i ever hope to be, because i have not voted in the quest by

the glory or promise of political power. i have served one singular purpose in washington, d.c., to lead an effort that was begun by the people of this country. i ran as the next stepping stone to passing on the next charge of liberty. that required repealing obama care and dodd-frank. these words are a warning. the implementation of obama care will represent a turning point for our country and our economy, and i worry what a future painting might pick should obama care be ultimately placed into effect. what futures and white -- what future generations respect --

expect from us. i ran because i realize that 2012 is our last chance, and our only chance to repeal obama care and dodd-frank. i knew how to get rid of them here did i ran not only for me but to let 13 more republican united states senators who helped me repeal the legislation. i ran because based on socialism is policies are destructive to the very foundation of the republic. i ran because i wanted my children and all of the children of this country to live free and have even better opportunities than our parents gave to us i decided to stand up and fight for our freedom and stand up for the survival of the nation. i will continue fighting to defeat the president's agenda,

and i will continue to fight to stop overspending in washington, to keep our country freak, state, and sovran and to fight against capitalism here yen -- to keep our country free, safe and sovereign and to fight against capitalism. and i will fight for american families. i will fight to protect life from conception to natural death. to protect traditional marriage. i will fight to secure our borders and fight to protect religious liberty. i will fight for this country and the american people every day in a way that god allows me to pure yet i came here to this wonderful state of iowa where i was born and raised that i come to trust and love, and i had just one message to tell you, that i mean when i say and say what i mean. i told you the truth of our

country isn't very serious trouble, and that this might be the last election to turn the nation are around before we go down the road to socialism to a burden of debt to heavy for our children to bear. i did not tell you what you wanted to hear, i did not tell you what i knew to be false, i did not try to spin you hear that i listened to the people of iowa and all across america, and they agreed that president obama and his socialist policies must be stopped. of thethe nomination party of reagan that believes in the strength and goodness of people, and that america is and does remain the greatest force for good that the world has ever known, because we do not believe government has the answers, the people do. the government should respect the right and opportunity of the people to whom we are accountable, because we believe government should do its job,

enumerated by the constitution, not our job. it should do it without spending more than what it takes in your debt last night the people of i was spoke with a very clear voice, and so i have decided to stand aside. iowa spoke with a very clear voice, and so i have decided to stand aside. make no mistake, i will continue to be a strong voice. and i will continue to stand and fight for the country and for the american people and for our freedom, because mr. franklin and all the founders, all the men and women who love given their last full a measure of devotion and our military, veterans are watching us. they are expecting us to stand up and protect what they fought

to give us, so we owe it to them and to our prosperity and to the gods who created just to get a life and our very being to keep our per pubrepublic free. i will be forever critical to the state in the people are watching us on this path. while i will not continue on the rates for the presidency, my faith in the lord god almighty, this country and our republic is unshakable. as i traveled around the state and country, i've seen the very best in our people, and i will always believe in the greatness of them and the god that i serve. i am deeply crippled to the campaign team. and i have no regrets. we never compromised our principal, and we can beat this race knowing that we ran it with

utmost integrity. we made a very important contribution to this race. i sincerely thank my wonderful husband of 33 years, my entire family, our children, my mother, my stepfather, bmy beloved brothers who are here. i am so grateful to them. and they, along with the lord's provision, that is incomparable fateful misstep in the spring throughout the campaign. i look forward to the next chapter in god's plan. he has one for each of us. i have been blessed to live a wonderful life. i have been grateful to lead a wonderful campaign. i say god bless you, and god bless the united states of america. [applause]

[captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2012] ♪

♪ >> ok, thank you. >> congress woman michele bachmann announcing she is ending her campaign for the

presidency, this five months after she won the iowa straw poll this summer. most of the candidates have arrived in new hampshire. said tomney getting hold a town hall meeting in manchester. you can follow that ougat cspan.org. senator mccain is said to announce his endorsement of mayor ron me at that event. we will show this to you later on the c-span networks. we will also bring you jon huntsman and a town hall meeting he is having this afternoon and new hampshire. then we head over to peterborough, new hampshire, for rick santorum. for rick santorum. both of those events live at c- span radio and cspan.org. ahead of that, we're planning to

bring your president obama. the president this afternoon will be talking about the economy, but in particular he is expected to announce richard cordray to head the senate to protection bureau. the president says i am appointing him as americans consumer watchdog, that means he will be in charge of one thing, looking out for the best interests of american consumers. his job will be able -- will be families like yours.ke yo this will be a recess appointment. the house and senate have been meeting in pro forma session the past couple of weeks to prevent this very thing from the president making a recess appointment. it is expected -- it already has started attention from senate republicans in particular, the to, say this recess appointment represent a sharp departure

from a long-the and the president that has limited the president to recess appointment only when the senate is in recess of 10 days or longer. and a number of republican statements being issued against it. bloomberg rights the constitution gives the president the power to make the appointment when the senate is in recess. congressional republicans refused to adopt a resolution to formally adjourn. senators have appeared every three days for a brief pro forma session. we mentioned that. the house here on senate and n and the senate on c-span 2. we are waiting to hear from the president and news about richard

cordray. our coverage from new hampshire continuing on line with coverage from their romney shortly.

distinct room noise] >> this is the shaker heights high school near cleveland, ohio. waiting to welcome president obama who was expected to name richard cordray as the new head of the consumer financial protection bureau. and he has been running the bureau. the president made the nomination last summer. he has been running a row.

initially elizabeth warren ran the bureau after the passage of dodd-frank but she stepped down to run for senate in massachusetts. this would be considered a recess appointment. the president will make that announcement during comments here in ohio on th. on the campaign trail, new hampshire is the site for a lot of political action. town hall meeting. he is expected to be endorsed by senator mccain jon huntsman says "no one cares about john mccain's decision to back mayor ron may -- to back mitt romney." once again, the romney town hall meeting will be live. that will be on cspan.org.

room noise]nct

>> shaker heights high school, just outside cleveland waiting for president obama to come speak, and named richard cordray as the head of the consumer financial protection bureau. he had testified back in the fall before the senate banking committee, but the senate has a block the nomination so far. the president expected to make what is called a recess appointment. before the president comes out,

want to show you a minute or two of the comments but for the senate banking committee. -- before the senate aging committee. >> as we saw the foreclosure crisis wreaking havoc in many neighborhoods, and this is an early 2004-2005, i saw subdivisions were a dozen foreclosure would wreck the dreams of every homeowner in the subdivision. we created a task force that brought together businesses and banks to combine their perspectives to assist people who were just frantic not to lose their homes. as state treasurer i continue to work on financial literacy issues in foreclosure prevention on the state level. i also noticed we had in the collective low-interest lending program to help small businesses create jobs and help farmers access affordable credit in our rural communities. we revive the program, sought to expand it, and reached out to community banks to work with

them to see how we could make the program accessible in usable for them. over the time i was treasurer we pump hundreds of millions of dollars in low-interest lending into the communities. all of this work reenforce how imaginative strategies can benefit businesses and consumers, who have many interests in common. immediately before coming to the bureau i served as ohio's attorney general. in that role i work with law enforcement, police throughout the state. ever presented the pension systems in the courts and enforce the state consumer protection laws. my main objectives in consumer protection were to help empower people to make better informed financial decisions for themselves and their families, and to stop the scams and frauds that not only keep consumers, but also undercut what-abiding businesses. at every stage of this work i

believed, and i believe today that law enforcement, which is even-handed, fair and reasonable not only protect consumers, but also supports what i call honest ikeneways. can gain a significant and unfair advantage. law-enforcement protect against the cheaters. second, keeping the market place clean is crucial to giving consumers the confidence the baby to participate in the market -- they need to participate in the market. i have found a broad range of tools to address these. congress also gave us the critical ability to examine large banks and nonbanks of the participants in the same market would be subject to the same rules and burton's and to resolve compliance issues in many instances more quickly and

effectively without resorting to litigation. >> back live to ohio, shaker heights high school. president obama will be speaking shortly, naming richard corday to head the consumer can enjoy protection bureau. the president originally appointed him a year after the dodd-frank went into law. bloomberg writes even before he received the nod, there was a partisan fight over demands for changes in the agency's structure and funding. last may 44 republicans said they would not confirm the director without changes, and on december 8 they block the nomination on a procedural vote. this afternoon the house and it shall services committee chairman is waiting in here again -- this afternoon the house of financial-services committee chairman is weighing in.

saying that president obama has delegitimized the consumer in of the protection bureau and open the agency up to legal challenges that will cripple it for years. we're live in shaker heights, ohio. president obama to speak shortly. meanwhile, on c-span.org, more campaign coverage.

>> ladies and gentlemen, please welcome president barack obama. [applause] [applause] [applause]

>> hello, ohio. [applause] it is good to be back in ohio. [applause] it is good to be back in shaker heights. home of the red raider. i love you back. and i'm glad to be back. i am glad to be here. i want to thank your mayor for hosting us today. your superintendent, mark friedman.

the principle here, mike griffiths. [applause] well, and i am pretty sure we of a couple of congress people here, but i do not see them. where are they? [inaudible] mark is here. enedge.christian the edg outstanding members of congress. doing the right thing every day. we thank them all for being here. i understand the folks here at the school have a pretty good basketball team. [applause]

boys and girls. [applause] unfortunately i have no eligibility left, so i cannot play with you. i want to wish everyone a happy new year. [applause] 2012 is going to be a good year. it is going to be a good year. one of my new year's resolutions is to make sure i get out of washington and spend time with folks like you. [applause] because folks here in ohio and all across the country, i want you to know you are the reason why i ran for this office in the first place.

you remind me what we're still fighting for. you inspire me. [laughter] do.d d me that this country is all about folks who work hard and where responsibility pays off. an america where anybody who put in the effort and plays by the rules can get ahead. that is the american you deserve it. that is the america we are working to build. [applause] that is why i told congress before the new year they cannot leave for vacation until we made

sure 160 working americans will not get hit with a tax hike on january 1. [applause] now this was not easy. it should have been easy, but it was n't. in the end we got members of both parties to come together and make sure you could keep more money on your paycheck every week. you are keeping the $40 of every paycheck because we made sure that we did not stunt the recovery. we've nature families that the brakes they need, and that means more security for your families and the boost for the economy at a time when we have to do everything we can to keep it growing, because more money spent by more americans means more business is hiring more workers. when congress returns, i will urge them to extend the tax cut

all we through 2012 with no drama and no delays. do the right thing. no-brainer. let's pass these tax cuts. [applause] now, we still have more to do, so today we're taking another important step, one that will bring us closer to the economy that we need, an economy where everyone plays by the same rules. and to help us do that, i am joined by somebody you might recognize, richard cordray. [applause] a good, good man. today i am appointing richard as america's consumer watchdog.

[applause] that means he is going to be in charge of one thing, looking out for the best interest of american consumers, looking out for you. his job will be to protect families like yours from the abuses of the financial industry. his job will be to make sure that you love all the information you need to make important and difficult decisions. right away he will start working to make sure millions of americans are treated bill your -- fairly by mortgage lenders and debt collectors. just this week his agency is opening up a simple one-800 number that you can call to make sure you are getting a fair deal on your mortgage and hold banks and brokers accountable if you are not. [applause]

now i nominated richard for this job last summer, as of you may be wondering why am i appointed him today. it would be a good question. for almost half a year republicans in the senate of confirmation. d confirmatio's they refused to even give him an up or down vote. this is not because he is not qualified. there is no question he of the right person for the job here did he has the support of democrats and republicans around the country. the majority of attorney general's from both parties across the country have called for richard to be confirmed. your local members of congress

who are here today support him. he has the support of a majority in the senate. everyone agrees richard is more than qualified. so what is the problem you might ask? the only region republicans in the senate have blocked richard is because they do not agree with the wall that is set up for a consumer watchdog in the first place. they want to weaken the law. they want to water it down. by the way, a lot of folks from the financial industry have poured millions of dollars to try to water it down. that makes no sense. does anybody think the reason we got in such a financial mess, the worst financial crisis since the great depression, the worst economic crisis in a generation, that the reason was because of

too much oversight of the by natural industry? -- of the financial industry? of course not. we should not be weakening oversight and accountability. we should be strengthening it, especially when it comes to looking out for families like yours. [applause] the financial firms have armies of lobbyists looking out for their interests. you need someone looking out for your interest and fighting for you, and that is richard cordray. [applause] now, i have to say richard is a really nice guy. you look at him and you think this guy is not someone going around picking fights, and yet this fight on behalf of consumers is something that

richard has been waging here in ohio for the better part of two decades. and [applause] as your attorney general, he helped recover billions of dollars for things like pension funds on behalf of retirees. he protected consumers from dishonest lending practices. before that he was the state treasurer where he earned the reputation as working with folks from across the spectrum here the. had a great reputation across the board of doing the right thing. cleveland, you have seen the difference he can make for consumers, and i have, too, which is why i want him to keep standing up for you, not just here in ohio but consumers all across the country. every day that richard waited to be confirmed, and we were pretty

patient. we kept saying let's go ahead and confirm him. why isn't he being called up? every day that we waited was another day when millions of americans were left unprotected. because without a director in place, the consumer watchdog agency will set up this not all the tools it needs to protect consumers against the sonics -- dishonest mortgage brokers and that collectors -- that collectors. that is inexcusable. it is wrong. i refuse to take no for an answer. [applause] i have said before that i want to look for every possible opportunity to work with congress to move this country forward and create jobs. i am born to look for every

opportunity to bridge the partisan divide and get the job done. that means putting construction workers back on the job repairing roads and bridges. that means keeping our teachers in the classrooms. [applause] that means keeping our cops and firefighters doing what they do, protecting as every day. and that means helping small businesses get ahead. [applause] that means serving our veterans as well as they served us like this man right in the front. we're grateful for him and his service. [applause] these are ideas that i support

from democrats and republicans, independents. i want to work with congress to get them done. and when congress refuses to act, and as a result hurts our economy and put people are worse -- at risk, then i have an obligation to do what i can without them. and [applause] i have an obligation to act on behalf of the american people come and i will not stand by while a minority in the senate puts party all the rigid party ideology ahead of the people we were elected to serve not with so much at stake and not for the thick of middle-class americans. we're not going to let that happen. [applause] for way too long we have had a

financial party that was backed against ordinary americans. -- a financial system that was stacked against ordinary americans. they played by different rules than a lot of community banks that were doing the right thing across the country. hidden fees, fine print that led consumers to make fine vehicle decisions they did not always understand richard and i before we came here had an opportunity to visit with a wonderful elderly couple, the stands. and-- the eastons. this easton makes a wonderful sweet potato pie. she gave me one. -- miss easton makes a wonderful sweet potato pie.

i am glad to have that after so i don't get sleepy having it before. and there are story of a lot of folks were a mortgage broker came to them and said they could do home repairs for a few thousand dollars, and they ended up getting stand. the loans got whipped. they ended up owing $80,000, almost losing their home and the repairs were never made. those kinds of practices, that is not who we are. we cannot allow people to be taken advantage of. and it is not just because it is bad for those individuals, all of those eight years led to the and if a crisis that we're still digging ourselves out of. all of the subprime loans, all of the foreclosures, all the

problems in the housing market -- that is all contributing to an economy that is not moving as fast as we want it. that is why last year we put in place new rules, new rules to make sure that a few bad apples in the financial sector cannot log on to consumers, cannot put the entire economy in danger. for the first time in history we put in place a consumer watchdog, someone whose only job is to look out for the interest of everyday americans. we're so fortunate to have someone like richard was willing to do it, despite great sacrifice to his family. he is the right man for the job. [applause] so if you are student -- i see some young people out here --

his job will be to protect you from dishonest lending practices and to make sure you have the information you need on student loans. i[applause] he has already started up an initiative called "know before you owe." that is a good slogan. you do not want to owe and then know. if you are a veteran, he will help make sure you are not taken advantage of when you come home from serving your country. it turns out that military families are some of the folks that are most vulnerable to some of these financial abuses. if you are a senior, richard will help make sure you did not lose your home or retirement because someone saw you as an easy target.

and that is what happened to [inaudible] who is here. she is down there. 91-years-old. and [applause] [applause] id as i mentioned, a former green, also a former boxer. do not mess with them. [laughter] i just want to repeat, 10 years ago they were approached by a broker to offer them alone to make repairs on their home, made everything sound easy. they agreed. broker and the that disappearing. they get left with $80,000 in debt, almost lose their home. they did not lose it because of the intervention of terrific

non-for-profits that richard helped to support. [applause] essa, that is right. [applause] the eastons are good people. there are what america is all about. their work hard and serve their country. they saved their money. they did not live high on the hog. it is a modest house. they earned the right to retire with dignity and respect, and they should not have to worry about being tricked by somebody who was out to make a quick bu ck, and they need someone who was going to stand up for them and look out for millions of americans' interest, and that person is richard cordray. [applause] we know what would happen if

republicans in congress were allowed to keep holding his nomination hostage, more of our loved ones would be tricked into making bad financial decisions. more dishonest vendors could take a vintage of the most awful marble families. the vast majority of financial firms that do the right thing would be undercut by those who do not here then most people in the financial-services industry do the right thing, but they are at a disadvantage if no one is enforcing the rules. we cannot let that happen. now is not the time to play politics while people's livelihood are as thick. now is the time to everything we can to protect consumers, pregnant -- prevent financial crises like the one we of been ruled from ever happening again, and that starts with letting richard do his job. i know you are hearing a lot of promises from a lot of

politicians lately. today you are only going to hear want from me. as long as i have the privilege as serving as your president, i promise to do everything i can every day, every minute, every second to make sure this is a country where hard work and responsibility means something, and everybody can get ahead. not just those of the very top, not just those who know how to work the system, but everybody. that is what america has always been about. that is what america will be about today, tomorrow, and 10 years from now, and 20 years from now, and with the help of people like richard cordray that is the country we will always be. thank you. got less. god bless the united states of america. -- god bless. [applause] ♪

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>> president obama in front of a big crowd at shaker heights high

school outside of cleveland announcing the richard cordray will head the consumer financial protection bureau. we will open up the phone lines to get your reaction. the numbers to call -- make sure you mute your television or radio. a tweet from press secretary jay carney, he says the potus just to recess appointed richard cordray to be consumer watchdog. when congress does not act, potus will. the white house correspondent from "roll call" join us. the house and senate have been meeting in pro-forma sessions every two or three days to prevent the president from making a recess appointment. but he went ahead with it. why did he do it? >> short of a kick in the eye to

republicans and red meat to his base. a lot have been calling for the president to do this for months. it is interesting that he did it today when there is some constitutional question about the legality of the appointment today, instead of yesterday, when there was a general sense he could have done it, once last year's legislative session ended and the next one started. but i don't think the white house cares about that. i think they are happy to see republicans fighting this issue on a process basis, whether or not he has the authority to do this, or they get to go to ohio and have a big campaign-style rally and make it an issue about who is standing up for the middle -- little guy. so, i think the white house was more than happy to make this fight and have the republicans walking. >> what have you heard from

republican leaders so far after the announcement? >> mitch mcconnell was sharply critical. he said that the senate is not in recess. we are having these pro-forma sessions. he says this is legally questionable. speaker boehner went a step further and says he expects the court to rule that this appointment was illegitimate. other republicans expecting court challenges, expecting the nomination to be thrown out. but in the meantime, you know, there is a question of whether this sort of hurts obama's ability to get things done with the republicans because they are clearly incensed by it. but if you are the white house, you are not really expecting that much cooperation, you do not feel you've got that much from republicans anyway. in the meantime, this is

something that shows your base that you are fighting and that you are taking action. where there is so much frustration that so little is getting done, the president sort of putting a capstone on his "we can't wait" campaign on executive actions. while he waits for congress to do something significant on the economy. he has a big jobs package he proposed last year and all they got in the end was a two-month extension of existing policies. he did not get really anything he talked about today like construction workers, road projects, teachers. he mentioned all of those things today. those are all of the things he proposed a month ago and have gone nowhere. you know, there really does not seem to be much downside for the president here. in that, he was not getting

what he wanted from congress anyway so why not take the step. the other thing is republicans really picked the fight. they of the ones who said we do not care how qualified the guy is for the job, that unless you change to the job and basically turned into a much weaker position -- >> you mentioned a possible court fight but what about the news report that says he may take the office as early as friday. are republicans likely to try to prevent that, and how could they do that? >> i do not think he will try to prevent it. there is also a question of who will have standing to go to court. it could be a situation where he would have to take some administrative action against two lenders, forcing them to comply with regulations and then the payday lenders could go to court to say that this nomination was not kosher. and so, it might be a very long, drawn-out process, before you

can get to that point. and, you know, in the meantime, i think the white house thinks this is going to be a political win for them and the more the republicans fight it, i think the white house is happy to have that fight and have it over whether or not we should be having tighter regulations of wall street and the financial industry. that is a fight they felt confident, even more confident on this than, say, health care reform, which is much less cost bid -- popular in the polls. >> you can read more at rollcall.com. we are going to get to your phone calls, your reaction to the appointment by president obama to richard cordray to head the consumer agency. staten island on the republican line. thank you for waiting and go ahead with your comments. >> i appreciate you taking my call. a what obama has to say, it is

about time he put somebody to at least keep watch -- i am a realist agent on staten island and a lot of homeowners are having a lot of problems. off from the lms being made -- >> terry in columbus, ohio. >> thank you for taking my call. richard cordray is very familiar to us, former attorney general in ohio. remarkable in his tenure. it is interesting what your reporter from "roll call" said," that the republicans are not doing anything anyway. it is president obama, not obama. please give respect to the office. just take it to the republican's eyes. keep up the good work.

the republicans are not doing anything. >> let us hear an independent view from cleveland. >> thanks for taking my call. i enjoyed his speech, but i was listening to all the things that he has been trying to do, and as far as electing richard cordray as the watchdog, i come wondering if he is going to have the power to actually move forward and do anything because elizabeth warren started the movement and basically was not given a position and now they are giving it to him. she was able to put protections in place for us that we can see on our bills. i am a regular person here i am wondering will richard cordray have the power behind him to actually do anything. and if so, would he have the power to go after these people can look for criminal prosecution of some of the things that have been done? because of a lot of the stuff that has been done on wall

street and these two lenders and the housing problems, to me it is actually criminal, and i wondering will they seek criminal persecution for things because for me as a person -- if i did some of these extortion things, i would be in jail. >> why would you be in jail? >> if i went to you and made up a phony loan and said i will give you some money and and fine print that you cannot read and understand, it is extortion. to me, it is like, what you called -- when people loan you money and charge you a high interest rate, it is against the law. >> prior to this he was serving as the chief enforcement officer for them cftb, and before that, attorney general of the state of ohio. he was nominated by the president in july. the senate blocked his confirmation in eighth procedure vote in september, following 50

-- 53-45. your reaction to the new head of the consumer bureau. carol and arizona. republican caller. >> it just shows you why mitt romney is going to be our next president. this president cannot get anything done. he has no leadership. he has to go around and do appointments on the sly. they have had the senate and representatives coming in. i watched it. and the other thing is, the sec had all of this stuff that they could be doing. nobody has been fired from these agencies. nobody. we do not need another regulatory agency. we need to have the ones that take care of what we already have. and let david axelrod and the dnc start paying for the president's trips. i am sick of paying for them. he cannot stand not being on tv. not all my dollar anymore. he is campaigning.

mr. kantor unit in chief. he had everything for over two years. the republicans came in for the last 10 months -- what has it been, 900 days we have not had a balanced budget? >> mitt romney won the iowa caucuses last night by a very slim margin. 8 votes. he was awarded 13 delegates. rick santorum with 25% as well, and he gets 12 delegates. mitt romney, in an event that just wrapped up, getting the endorsement from john mccain. we will show it to you later in our schedule. here is new york. tom is on the democrats' line. >> i think it is funny that mccain is endorsing romney. all romney needs. romney will have his hands full -- he represents the rich, the people who lay people off, the face of the person who laid off most of america -- not literally, but the policies and the things republicans support that is hurting middle-class

americans. and there is class warfare and it has been going on for some time and it has been the republican party waging war against the middle-class and obama needs to adopt the slogan "for all the people" for his campaign. we saw this with the payroll tax cut, the republicans opposing that, which was middle-class. but tax cut the republicans did not like was for the middle class. they fought against the unemployment extension -- and the lady talked about how obama has not been able to work with congress. no reasonable person can look at this republican congress and say they have been reasonable in their approach in dealing with the issues. they have been in transit and especially with the tea party. >> the event you just saw, did it feel like a bomb campaign event? >> yes, that as good. i do not think he has been fighting back. i dislike it when he keeps talking about congress being bad and not republicans. >> let us hear from a

republican. next up is joe from atlanta. >> i think that the people themselves, the american people, all -- 15 people to be on the board like the republicans won. -- they want five people on the board, not just one. the american people want 5 people on the consumer board the consumerone. he is running a scam on everybody and the democrats are falling for it. >> a caller from atlanta. the republican leader in the senate, mitch mcconnell, i had of the president making the nomination released a statement, one of many statements that came out from both republican and democratic leaders. part of it says the cftb is poised to be one of the least accountable and powerful agencies in washington created by the deeply flawed dodd-frank law. let's hear next from earl from

cherry hill, new jersey. then i think it is a good appointment. -- >> i think it was a good appointment. i think it is a little too late. i think it had to be done. i think the president is the way a good job and this type of protection for consumers is, i say, is late because it is something that should have happened a long time ago and the american people should understand this is something that will protect them. financial institutions, when they -- with financial products, they get hurt and we see the consequences what happens in 2008 with the collapse. we've got to be really careful and allow consumers to be protected from these institutions to come in and create these financial products that really hurt people. that is all i have to say. i am glad to see that the president has appointed this person to this position, and

hopefully he will do a good job in protecting the american people from these type of financial of solutions that do nothing more than create products to extract money from people in any way they can, and something has to be done to protect the american people. >> the audience in shaker heights did not hear from mr. richard cordray but he accompanied the president to the event today in ohio, and before that, he headed out what the president and just before air force one he said we will begin working to expand the program to non-banks, which is an area we have not been able to touch until now. comments from richard cordray. let's go to our republican line and viola in middletown, conn. connecticut, are you there? we will move on to oakland, california. beth on the democrats' line. go ahead. >> well, i am a democrat, and i

can tell you -- >> i am going to let you go. you are breaking up. we apologize. we will take a call from larry from seattle also on the democrats' line. >> how are you doing? i am larry. i just want to say i am so proud of my president. i want to say one thing for the republicans. how do you all think to win the white house when you of the party who really does not like blacks, muslims, gays, mexicans, and the poor. how do you expect to win? this is a diverse country. this is 2012. >> one more call -- republican line, jimmy in augusta, georgia. your thoughts on the nomination -- or the appointment. >> if this is an effective way

to control some of the banking practices, i am all for it. i did not vote for president obama but he is my president. and it if he can get things done, then i am all for it. i have had trouble with the large banks, and they cost us over $10,000 and we appeal to two regulatory agencies with the help of a cpa and got no results, so, if there is some way we can contact these people in order to try to appeal about this again, i would appreciate it. god bless our president. >> thanks for your call. thanks for all of your calls and comments. we will show you in a moment the hearing back in september where richard cordray appeared before the senate banking committee. we will show it to you momentarily. just news from the campaign trail. michele bachmann earlier today suspended her campaign, ending

her campaign after a sixth place finish in the iowa caucuses, garnering 5% of the vote. rick perry, there was some question whether he was going to continue his campaign and it now appears he is with nbc reporting the facts he will participate in saturday's new hampshire debate. he is heading back to austin, but still in the race. earlier this afternoon, just a short while ago, mitt romney held a town hall meeting in manchester, new hampshire, and got the endorsement of senator john mccain of arizona, and we will show it to you later in the program schedule and you can also see it online at c- span.org. a couple of live events to tell you about here on c-span. jon huntsman holding a town hall meeting in new hampshire, four- o'clock 30 p.m. eastern, manchester, and later at 7:30 eastern, rick santorum hosting a town hall meeting this evening at 7:30 p.m. and we will have it for you. richard cordray was appointed by

the president last july. the senate banking committee heard from him in september of this year, during which the ranking republican senator shelby said he would block the nomination, did not support the nomination. as a matter of fact, when the nomination came for procedural vote in september, it was blocked. the cloture vote failed in december 53-45. we want to show you the banking committee hearing. it is about an hour and a half.

>> on the next panel we will consider the nomination of richard cordray to be the first director of the consumer financial protection bureau. welcome to the senate banking committee, and a warm welcome to your family and friends who are here this afternoon. the cftb was born out of the failure of prudential regulators to hold financial companies accountable for complying with consumer protection laws. congress created the cfpb to be a robust and independent agency, focused on protecting consumers' like military families and older americans by of -- from the use of financial products. cfpb was also created to streamline disclosures so consumers can make the best financial choices for themselves and their families. in fact, one of their first projects is to simplify the --

mortgage disclosure forms. the cfpb is an agency that of the american public wants. recent bipartisan survey shows that americans strongly support the creation of the cfpb. the director of the cfpb will play an important role maintaining the independence, promoting equitable and transparent consumer financial marketplace and exercising enforcement of consumer protection law. on july 18, president obama nominated mr. richard cordray to be the first ever director of the cfpb. the purpose of today's hearing should be to consider whether mr. codray is qualified for that

job. instead, a vocal minority is playing games with the process and holding mr. cordray's nomination hostage. this political gamesmanship is preventing americans from receiving the consumer protections they deserve, and putting community banks and credit unions at a competitive disadvantage. this vocal minority insists on rehashing the same debate congress had last year when it created the cfpb as an accountable independent regulator. the fact is, every regulatory agency is structured with different features that make it accountable. each agency has a unique combination that fits its mission and independence. last year, congress decided on a

structure for the cfpb which borrows some accountability features from other regulators, but also includes several new features unique to the consumer agency. the chart on display is many of the ways the cfpb is accountable. for example, the financial stability oversight council has the power to overturn cfpb regulations. by law, the cfpb's budget is kept and the president has the power to fire the cfpb director. so, the misleading claim of no cfpb accountability trumped up by special interests and put forward by a vocal minority should be exposed for what it is, an attempt to destroy the bureau possibility to do a job protecting american consumers. i would remind my colleagues

that in 2008, a bipartisan senate, including members on both sides of the aisle sitting here today helped to create the federal housing finance administration. fhfa is also an independent agency headed by a sole director subject to a gao audit and purposely not subject to the congressional appropriations process. now, let's talk about what the purpose of the nomination hearing should be. richard cordray has spent his career in public service caring about people. q. has taken the time to understand and come up with the best solution for their problems. mr. cordray support small businesses and honest companies. he has been a member of a local chamber of commerce for 22

years. he believes in leveling the playing field such that small companies can compete fairly and that playing by the rules is good for business. i ask unanimous consent to include several letters of endorsement into the hearing record. mr. cordray also believes that people and corporations must be responsible for their own behavior, and if they act responsibly, they should get a fair shake. it is my hope that if confirmed, mr. cordray will use his knowledge and experience as law enforcement official and public servant to better protect american consumers to enhance the quality of our consumer financial markets. we have seen important

nominations denied an up or down vote on confirmation. the ability of our -- stability of our economy is too important to be put at risk by political games. it is time to allow the cfpb to do its job, with a senate- confirm director in its place. i now turn to senator shelby. >> thank you, mr. chairman. i did not think it would surprise anyone to hear that we believe today's hearing is quite premature. we do not believe the committee should consider any nominee to be the director of the bureau of financial protection until reforms are adopted to make the bureau accountable to the american people. earlier this year, mr. chairman, 43 of my senate colleagues and i sent a letter to president obama expressing

our serious concerns about the bureau's lack of accountability. we also proposed three reasonable reforms to the structure. we had hoped to work with the majority to address this issue before the president nominated a director. unfortunately, neither the president, nor the majority, made any effort to work with us to improve the accountability of the bureau. instead, the president nominated mr. codray to be the first director. it is regrettable the president and majority chose to ignore our request rather than work with us to approve the bureau's accountability. it may be good politics for them but it is certainly bad policy for the american people. one of our nation's founding principles is that the government should be accountable to the people. yet the majority structured the bureau to grant its director unprecedented authority over the lives of the american people without any real and effective checks. all of the bureau's powers are

concentrated in the hands of the director. the director determines which rules are enacted and which enforcement actions are brought. the director makes all hiring decisions and the sides of agency spends resources. because of the expansive jurisdiction of the bureau, every american will be affected by the director's decisions. the director will single- handedly determine the financial products consumers can buy, as well as which consumers have access to credit and which do not. accordingly, the directors' decisions will impact whether americans can buy a home, a car, or even basic household goods. it is staggering the amount of control the director will exert over the daily financial corp. -- choices and make -- available to the american people. despite having such broad powers, however, there is no meaningful check on the directors authority. the director cannot -- cannot be removed, except on the extreme

limited grounds of an efficiency, malfeasance, or -- so a director cannot be removed for for policy choices. bank regulators cannot have a meaningful ability to ensure that the directors' actions to not needlessly undermine the safety and soundness of our banks. while some claim that the financial stability oversight council could overrule the director, the so-called scheck is simply illusory. the requirements needed for the council to act are so onerous that in practice the council will never be able to exercise its authority. that should not surprise anyone, especially here. it was the way it was designed. for example, the director of the bureau said on the council and will vote to determine whether or not the council should overturn one of his decisions. it is not hard to guess how the director would vote. as a result, the director would be virtually free of any

constraints on his authority during his five-year term. no one person, i believe, should have so much unfettered power over the american people. it blatantly violates the spirit of our system of government. our pursuit of better consumer protection should not require us to compromise our basic constitutional values. this should be something on which we should all agree. moreover, the principle involved will have real consequences. unless the bureau is reformed, it is a matter of time before this concentration of power is used or been misused to the detriment of american consumers and the economy. the job figures we have seen over the summer demonstrate how the administration's heavy- handed regulatory agenda is crippling the economy with unnecessary costs and legal uncertainty. there could not be a worse time, i believe, to give an unelected and unaccountable bureaucrats a blank check to impose even more

ill-considered rules that could further undermine our weak economy. at a time when our nation's unemployment rate is over 9%, this could be a very dangerous gamble. in closing, the chairman today here has attempted to turn the phrase, i believe, vocal minority into a pejorative. over the years, however, senators from both parties, have agreed on rules governing this chamber designed to protect the rights of minority, be it democrats or republicans. the requests made seek only to preserve the system of checks and balances and body in the constitution. that is not what i call a radical undertaking. thank you, mr. chairman. >> senator ree questiond mark >> thank you very much, mr. chairman. i am somebody will believe strongly the worth of the financial burrow should go forward and should go forward

under the direction of mr. richard cordray. i think to block his appointment simply to this bless -- expressed displeasure with the law is the wrong way entirely. the federal housing finance administration, created with virtually the same authority and on a bipartisan basis, was supported by most if not all of my colleagues on the other side. there was no discussion of pre- emption of the constitution or checks and balances. it was trying to deal with a serious problem, which we are trying to deal with today, protecting consumers throughout this country. that is the one of voice, when you think about voices, which is seldom heard loudly enough in washington, seldom heard certainly in the council of bank regulators -- that is one of the great examples of what took place in the decade of 2000 until 2008, in which consumers were being systematically preyed

upon. there was no agency. as attorney general, i think you were frustrated by your attempts that were pre-empted by federal banking regulators that were printed by federal law. we want consumers to have a voice. frankly, the notion that this is unchecked, and down the power, is simply wrong. all of the rules that the director will enforce are created by congress. we voted on it. sometimes we disagree, but they are all congressional law. and frankly, if it goes beyond what the law is, the courts will very quickly, as we demonstrated -- and there is a huge number of financial system -- in court today to protect the system. if they are capricious, the rules would be struck down. but if they are consistent with the laws we pass through a

democratic process to protect consumers, then consumers will receive protection. i think this whole debate has been sort of extended much too long, and as a result, consumers are potentially being harmed. i particularly -- because i worked on this issue along with my colleague senator brown from massachusetts -- i am concerned about military personnel. they will not have some of the benefit of some of the protections we put in place because there will be no one picking up -- right now, the leader of the office can make speeches, but until someone stands up with the ability to enforce the rules with their benefit, they will be preyed upon. and they are. i think the other thing we have to recognize, too, it is as we

go forward, we are trying to ensure we do not replicate the crisis of 2008. that we do not have a financial collapse. much was predicated based upon the predatory behavior of institutions. one of the great aspects, i think, in terms of the dodd- frank act is the first time we tried to shine light on the shadow banking system. fdic regulates financial institutions, fedor reserve regulates -- but for the first time, we decided to say let us take across the board position with respect to the shadow financial system. i have to say something, this notion of, let's wait before we get a perfect before we appoint somebody, would have delayed, i think, the election of george washington, for many decades. let me just ask one specific

question -- you'll already have the authority seven agencies to implement it today -- is that correct? i am sorry. i want to be sensitive to my colleagues. this is opening statement. i wanted to do both. forgive me. [laughter] i am man with a mission. let me just quickly conclude in 20 seconds. i think we've got to move forward. we essentially know what is about. the chairman pointed out. we are waiting for, i think, the sensible proposals to make reform, but it is hard to do that until the agency operates in the field and on the ground and i hope the recall -- quickly we can do that. >> senator corder?

>> i did not have an opening statement, but since i don't i sure would like to have a little leeway what the questions but i welcome the witness and look forward to the testimony and thank him for bringing his impressive family. i did not know how his children continue to smile as we are a here. >> senator akaka? >> thank you very much, mr. chairman. i am pleased to join you in welcoming mr. richard cordray and his family, lovely family, who has been nominated by president obama to serve as the first director of the consumer financial protection bureau. i am confident that he will make the cfpb a strong defender for

consumers. this has been needed in our country. he knows the market, and he has a demonstrated track record. he has been a fierce advocate for consumers and middle-class families. as attorney general of ohio, and then as the head of enforcement at cfpb. will count on him to fight against the predatory lending practices that contributed to the economic crisis from which we are still recovering. i look forward to mr. cordray's testimony today to hear about his vision for the landmark cfpb and what he hopes to accomplish as its first director. mr. cordray is a highly

qualified nominee and an excellent fit to become the first director of consumer protection bureau. and i asked the committee to consider his nomination favorably. >> thank you very much. >> senator brown? >> i have questions that i will submit for the record. >> senator brown? >> thank you, mr. chairman, ranking member shelby, thank you. in a moment i will have the honor of introducing richard cordray, a devoted family man, a distinguished lawyer, advocate of a public servant. i will hold that until right before he gives his testimony. we should not have to remind our colleagues that just three years ago our economy was on the brink of collapse. millions of americans lost their jobs. hundreds of thousands of people in my state lost their homes. people all over the country lost much of their retirement security. hundreds of banks failed and thousands of businesses have been shattered. this committee was forced to take extraordinary actions.

this was a man-made catastrophe that could have been avoided if we had a better regulatory system but the network of agencies tasked with protecting consumers was full of holes. ohio was to slow for meaningful protections -- efforts to convince federal regulators to act were ignored until too late. just three years after the near depression, profits of financial firms now make up the same percentage, about 40% of all corporate profits go to financial firms. the profits of financial firms now make up about the same percentage of all corporate profits as they did before the financial crisis. the banks that were too big to fail because of mergers, because of what shook out because of these last three years have become even bigger. after decades of coddling wall street, main street still needs

our help and americans are still struggling to find jobs, their homes are under water and their pensions are still being drained. to protect against future wealth-destroying crises congress created, with bipartisan approval, with bipartisan approval, the consumer financial protection grow to make sure consumer protection is a priority rather than an afterthought. as an independent agency with a single director, not all that uncommon in the federal government. the mission is to bring oversight and transparency to checking accounts, credit cards, mortgages, to student loans. in powered with tools to ensure our financial system support job creation by ending the tricks and traps, families and small businesses will keep more of the harder on money, we will be able to build middle-class wealth. the bureau is subjects, as jimmy johnson said, to stringent notice, consultation, analysis requirements by dodd-frank, the administrative procedure act, small business regulatory fairness enhancement act, and

regulatory flexibility act. to be a financial stability oversight council, the other banking relators have unprecedented authority to overturn cfpb's rules. already cfpb is ensuring mortgage contracts are written in ways consumers can more easily understand. it had turned positive reviews from industry and consumer groups alike. the substance and process in creating a new model mortgage loan disclosure form. helping men and women in uniform, as senator reed pointed out, preventing them from being targeted by bad actors who profit from practices. i called a senate historian recently and asked him when was the last time -- was there a time when the senate actually, when a minority in the senate pledged to block a nominee because of that party actually opposed the agency's very existence. when was the last time a group

of senators, 44 as senator shelby points out, signed a letter threatening to filibuster implicitly saying they will not confirm somebody until we get our way, until we change the law, the structure of the agency? never happened before until right now. unprecedented. that kind of partisanship is why people are so unhappy with their government. they see a dysfunctional government that simply cannot do this. we already had this debate once about the structure of this agency. amendments were offered. it would have water down the authority. they were considered fairly in committee. they were rejected by senators of both parties. now is not the time to undermine an agency that a bipartisan majority in -- created. what kind of precedents this has said? demanding and then accusing the majority of not working with them, demanding we will not confirm somebody as qualified as richard cordray -- nobody questions his qualifications --

his background, his qualifications, and his performance in office of the various jobs he has been nobody questions that but they only want to block his nomination or anybody else's nomination simply because they don't like the agency. they apparently do not want an agency representing consumers. that is what got us into this. the result of their actions is to tilt the playing field, in addition to what else it has done, to tilt the va traditional banks are not regulated, walt the non-bank regulators are left untouched and that is why prominent bankers across the country are supporting this agency, they want to get it in power and a director in place so the agency can do the full panoply the panoply of responsibilities. instead, right now, the agency

regulates traditional banks but not non-bank lenders. where many of the problems came from the home about. saidinority's own witness as much august 3. i hope my colleagues will set aside their fears, anger, this like of this consumer agency and do their jobs, and their job is to confirm someone who is qualified to head of this agency that was created under the law and is the law in this country. consumers need these protections and the banking industry needs this kind of fair minded kind of comprehensive way of doing its job. richard cordray's distinguished career as supreme court clerk for two justices, attorney, ohio solicitor general, state legislature, shows he is the right person for the job at the right time for this country. it is time to put the consumer caucus, mr. chairman, on the beat.

-- consumer cop on the beat. >> senator hagan? >> we all know the consumer financial protection bureau was a key component of the dodd- frank act and it is time to put a director in place of the bureau can fulfill its important mission. i appreciate you coming today and i certainly appreciate your family being here. for too long, americans have been falling victim to abuses at the hands of predatory lenders that operate with impunity outside of consumer finance laws and away from the regulatory oversight. payday lenders took advantage of people in north carolina for many years until, after considerable legislation and litigation, we did a -- put a stop to the practice. i am optimistic with a confirmed director in place at the cfpb, we can start to rein in the predatory lenders and parts of the country where they continue to pray on american families.

at and offices within the bureau have already embarked on important work. and once again, it is time to put a director in place to support these offices. the office of service members affairs, for example, was set up within the bureau to ensure military personnel and their families are educated and empowered to make better informed decisions regarding financial products. and the office is already doing tremendous work. in may of this year, i held a round table at fort bragg in north carolina with holly petreaus, the director of that office, and this is bank petreaus and i heard directly from the men and women in uniform about the challenges they face as consumers of financial products and the lengths to which the officers must go to actually protect the troops from financial abuses at the hands of predatory lenders. and i think a strong director is going to be crucial to make sure the momentum of the office

continues and can be translated into meaningful financial protections to our men and women in uniform. and i am aware -- aware a number of concerns have been raised about the impact the bureau will have on lending. i am going to be particularly interested in how mr. cordray, how you intend to balance the need of consumer protection with the need of institutions to provide loans to homeowners and small businesses. and i am hopeful this week and mitigate these concerns and move forward. it is time to put a director in place so that the bureau can get on with its important work. thank you, mr. chairman. >> senator menendez? >> mr. chairman, first of all, i want to thank you for moving forward with this hearing and i want to thank attorney-general richard cordray for accepting the nomination under difficult circumstances and for his appearance today. and if i had a smile of your son

and daughter i when my elections hands down. beautiful smiles. however, consumer protection and the director of the consumer financial protection bureau are important topics. but unfortunately, progress has been fleeting. progress, that is, in holding wall street accountable and protecting consumers. the consumer financial protection bureau officially opened its doors in july. mr. richard cordray was nominated days before, but months before, months before, my colleagues on the other side of the aisle said they would be siding with wall street and blocking any nominee. let me repeat that -- any nominee -- from having the consumer financial protection bureau. not only would they be blocking anyone, regardless of qualifications -- and i think we might agree that we haven't and an eminently qualified candidate here that not only -- have an

eminently qualified candidate who not only receives the approval and support of consumer groups throughout the country, but the regulated industries that in fact they oversee have positive things to say about him as an individual. so, not only would they block anyone regardless of qualifications, but they demanded that we radically change the structure of this new consumer protection agency months before it had even opened its doors and many more months after this matter was legislatively settled. the last time i checked, in a democracy, when there is an election of the people, they choose their representatives, you have the votes, both in committee and on the floor, and then those votes on ultimately -- passing legislation and signed by the president. it is the law of the land. unless we want to change the dynamics of what democracy means

in this country. in other words, before they even had a chance to objectively evaluate the work and effort of the consumer financial protection bureau, and despite the glowing reviews that many industry members were already giving it, my colleagues said, no, shut it down before it had even begun its important work. so, mr. chairman, i am looking forward to this hearing, which is in the pursuit of confirming someone for the chairmanship, subject to existing law. now, americans may be free -- and are free -- to disagree with the law but they are not free to disobey it. we may be free to say we do not like a law that was passed, but that the not mean we should block its by the way we conduct the course of actions of this

country. it seems to me that minority rights are very important but that it does not nullify majority rights as elected by the people of this country. especially when that majority, particularly in passage of this law which is law of the land, was the majority of not just a singular party but a majority of both parties. now, a minority as -- has rights, but it does not have the right to nullify a law by virtue of its actions by insisting it will not approve a chair regardless of that individual's capacity, regardless of that individual's intellect, regardless of that individual's ability. mr. chairman, i hope that we will be able to make some progress so that we can hold wall street's accountable. i have to say, i have the greatest respect for my distinguished colleague, the ranking republican on this committee, but i just take a

different point of view but again -- of him, because when we talk about what happened in this economy, what happened in this economy is we had not a free market, which i support, but a free-for-all market and in that free-for-all market where regulators were asleep at the switch and other entities were not in existence to protect the consumer, we ended up with not just a recession but the verge of a depression. we do not want to relive that history, so that we can in fact protect consumers and ensure that our economy can move forward and not run these risks again. the consumer financial protection broke is a writ -- is an essential part, recognized by the majority on both sides of the aisle, and that is why it is the law of the land and that is why it needs a chairman. >> for an introduction of the nominee, senator sherrod brown will introduce richard cordray.

>> it is my honor to introduce one of the finest public servants i have met, richard cordray. his mother was a social worker, is moderate -- father, who has been legally blind since birth, has worked with the developmentally disabled for years. it is clear where richard cordray and his family learned about public service. as ohio attorney general, he was a strong voice for ohioans to struggle to stay in their homes and consumers who faced unfair practices. he targeted financing of petitions, including fannie mae, that use the accounting fraud to undermine investments. he took on unscrupulous actors, closely with ohio's banks, and greeted target of legislation to prevent banks from engaging in predatory lending. treasurer at the county level, the second-largest, home of the

state capitol, and as state level, state treasury, promoted financial literacy in schools. throughout his career as solicitor of ohio, law professor, attorney, which has been a strong voice for his clients and for consumers. top -- it of the top executives of ohio's fortune 51 companies, procter and gamble, american electric power, they strongly endorses nomination. it's a fine representatives of ohio's financial institutions, from the ohio bankers lead, and john from the ohio credit union league, are here in support of rich's confirmation. steve rasmussen, the ceo of nationwide insurance, a fortune 500 company, national leader in insurance and banking and mortgage products. rich has bipartisan support of former ohio attorneys general, including the current one,

former republican u.s. senator dewine. that he would win the praise of his former opponents speaks to his integrity and professionalism. mr. chairman, i have letters i would like to submit to the record, one signed by mike -- from the ohio bank goes -- ohio bankers lead, one signed by the ceo of nationwide insurance, and one signed by national hero john glenn, all of whom are supporting this fine public servants. mr. chairman, if for no other reason we should confirm him, richard cordray was a five-time jeopardy champion. i tried out for jeopardy once and i did not get through the first round. not sure what that says. but nonetheless, richard cordray, i was very excited about this appointment. i am proud to introduce my friend, a director of public servants of ohio, richard cordray. >> thank you, senator brown.

mr. cordray, i look forward to hearing your testimony. will the nominee please rise and raise your right hand? do you swear or affirm that the testimony you are about to give it is the truth, the whole truth, and nothing but the truth, so help you god? do you agreed to appear and testify before any duly constituted committee of the senate? >> yes, i do. >> please, be seated. please be assured that your written statement will be part of the record. please also note that the members of this committee submit written questions to you for the record, and you should respond to these questions promptly in order for the committee to advance your nomination. mr. cordray, if you would like,

please introduce your family and friends who are in attendance before beginning your statement. >> thank you, mr. chairman. i will take you you -- take you up on that suggestion. i feel like i did not need to introduce them at this point. my wife, peggy, and are twins danny and holly, who are 12 years old and they are excited to be here today. in part, because they missed a day of school -- i think. i also would echo senator brown in thanking the president of the ohio bankers league and the general counsel of the ohio credit union league who are in the hearing room, and think -- thank them for their help and support and the work we have done over the years. and i believe that chairman john leibovitz from the federal trade commission was here earlier and had to leave. the commissioner of the ftc is here. they have been tremendous partners to our bureau and helping us set up operations and forged a collaborative enterprise for us that i think

will mark the years ahead. so, i think there are other friends here but i will not test the committee's patients. if it is appropriate, i do have an opening statement. >> it yes. >> ok. thank you, i am honored to be here as a nominee. i appreciate the confidence the president has shown in me and i say thank you to elizabeth warren for turning the bureau into a tangible, liable agency. i'm grateful to the committee members for your courtesy to me and your advice which i have welcomed and will always welcome. let me discuss how my background and experience might inform your consideration. my parents taught me the value of work that seeks to improve

the value of others. my dad, frank, who is 93 years old, spent his career working with children and adults with developmental disabilities. my mother was a social worker who founded the first foster grandparent program for the developmentally disabled and ohio and was doing all the things on mother does to raise three rambunctious boys. through my work i became deeply engaged in consumer finance issues and the fall of a deep resolve to address these issues i have found to be basic to our community scared working with troubled taxpayers, i learned there is no one-size-fits-all solution. on a variety of dishes, i sought to find new partners, -- issues, i sought to find new partners,

and we experimented with new procedures. we pushed legislature to pass a new law requiring high school students to receive personal finance education before graduating, income and to that law by developing a curriculum and training hundreds of teachers. as we saw the foreclosure crisis wreaking havoc in many neighborhoods, and this was early 2004, i saw subdivisions where 1000 foreclosures would wreck the dreams of every resident. we created a task force that brought together businesses, banks, nonprofits, and governments to combine perspectives to assist people who were frantic not to lose their homes. i continued to work on financial literacy issues on a state level. i also noticed we had a neglected low-interest lending program to help small businesses

create jobs and help farmers access affordable credit. we revived the program, sought to expand it, and reaching out to community banks to make the program accessible in his 04 them. over the time that i was treasurer we pumped hundreds of millions of dollars of low interest lending into our communities. all of this work reinforced for me how imaginative strategies can benefit both businesses and consumers, who have many interests in common. immediately, before coming to the bureau as chief of enforcement by served as the attorney general of ohio, working with law-enforcement throughout the state, representing pension systems in the courts and in force in consumer protection laws. my main objectives were to help empower people to make better

informed financial decisions for themselves and families, and to stop the scams and frauds that she consumers and undercut law- abiding businesses. at every stage of this work i believe that law enforcement that is even-handed, fair, and reasonable, not only protect consumers, but supports honest businesses in two ways. first, the businesses that cheat can gain a significant and unfair advantage. second, keeping the marketplace claim is crucial to give consumers the confidence they need to participate in that market. at the consumer bureau i found that congress has given us a broader range of tools to address these issues, including research reports from our role making, marketing guidance, and consumer education. we also have the critical ability to examine large banks

and nonbanks, so participants in the same market will be subject to the same roles and burdens, and to resolve compliance issues more quickly, without resorting to litigation. i am convinced we will find many opportunities to streamline regulations and disclosures. our project is working to combine disclosures under over iraq -- overlapping mortgage laws in order to make the risks clear to consumers, and reducing the paperwork burden for lenders. it is a true win-win. i believe we will find the same sweet spot as we review the regulations we have inherited from other agencies. chairman johnson, ranking member shall become and other members of the committee, high trichet -- i appreciate your

considering -- see your consideration. i will always be keenly interested in your thoughts about our work. thank you again, and i appreciate the opportunity to answer any questions you may have. >> thank you. without a director in place, the bureau will not be able to exercise examination and enforcement powers over nonbank financial institutions like private student lenders and credit bureaus. did you agree that this authority is essential to level the playing field between responsible small community banks and their nonbank competitors? >> i do, mr. chairman. i think it was one of the key principles embodied in this new law, and i remember a conversation i had with a committee banker in ohio around

2007 when i was state treasurer, talking about people seeking loans that were not feasible or sustainable. when he would tell the customers that, he would see them go down the street to on license, but regulated lenders who would make the loans, even though they are destined to fail. our good lenders were losing market share by upholding their standards. then, of course, it was that in balance and the mortgage lending that it led to that was so terrible people were often falsifying income and occupation that led to the financial crisis. now the community banks have suffered the second double whammy, which is credit has dried up and it is difficult to maintain operations. one of the things we will not do

at the bureau under my leadership is impose further burdens on the community banks and credit unions, who as i said in working with them, have different constraints and abilities to comply with excessive regulations, and that is something we will not do on my watch. we can exempt them, due to a below-tier regulation and listen closely to their concerns. >> one was home in south dakota this past month i heard concerns from small community banks and credit unions about the bureau adding to their regulatory burden. can you elaborate if you are confirmed, how do you address these concerns? >> mr. chairman, we have heard the same concerns, and i've

heard those concerns over and over again from those that taken the time to meet with me. it is impressed upon me how important this is to get this right. i'll refer to my own experience. i worked closely with community banks. the low-interest program, the easy way would be to pass money through the large banks. the harder way would be work with community banks understanding the need a form that could be filled out in 30 minutes or less. we give them a decision and promised that within 72 hours. that made it possible for them to work with us. they are of different character, thriving on customer relationships and their knowledge of the community. if they could have a level playing field to compete they will do well. we do not examine institutions of $10 billion in assets or less. we do have regulatory power, but

again, through exemptions and through listening closely to their concerns, which is something i did as treasurer and attorney general will be able to take account of those burdens and avoid heaping more difficulties on community banks. >> as we have discussed, there are a number of mechanisms in place to make the director and the bureau accountable. as director, what steps would you take to insure accountability? >> mr. chairman, it is a mosaic of interlocking pieces that create accountability. the most important thing in any federal independent agency is to follow the law carefully and closely, and that includes rulemaking, that we comply and consider costs and burdens. it means we should be attentive

to legislative oversight, which i have been at the state level and would be here, and that means we pay close attention to audits. -- audits. i found that to be a useful tool. in each case we clean those up. at about cfpb -- at the cfpb, we will take those responsibilities seriously. >> senator shelby? >> i yield to senator corker. >> thank you, mr. chairman, and ranking member. i have been on recess, and want to 60 dense or so, and a little shocked coming back into the banking committee, which has been very non-partisan, to hear the spewing i have heard from almost everyone on the other

side. i'm a little shocked by that, and some of the half-truths that have been stated. the fact is the only two people that i am aware of on this bias that were directly involved in negotiations to create this consumer agency are sitting on this side of the diocese. it is an absolute fact. the only to people that i'm aware of the negotiated day after day to create this organization are sitting on this side. i'm a little shocked at some of the comments that have been made, and actually disappointed at their rancor in this meeting. the fact is that what we have talked about, and you and i talked about this in the office, is the fact that the only way this oversight council can challenge something to the head of this agency puts in place is

if it threatens the stability of the financial system, which is a pretty big hurdle. the chairman of this committee compared this to the sec, the fdic, and the fed, all of which are commissions or boards, therefore they have people who help the executive imprudent rule making. so, i'm stunned -- in prudent rulemaking. so, i am stunned at the untruths that have been stated, and the partisan nature. i'm sorry you are caught up in all of this. you and i talked about the fact that almost all of this would go away if the administration would sit down and put appropriate checks and balances in place. i talked to mrs. warren about this, and i talked with you about this. i'm wondering how those conversations went between you and the administration regarding

the conversation we had, and the possibility of just having some degree of check and balance for this new position that you hope to hold. >> senator, i appreciate the opportunity to meet with you and to hear your concerns first hand. i conveyed the substance of those conversations back to the administration. i've not sought to inject myself in legislative discussions that might be between the congress and the president. my job at the bureau has been chief of enforcement, and our role is to take the laws that congress has enacted, wherever they may be, and to enforce them to the letter. that is what we are trying to do. the consumer reports were good in that we did identify all of our mandates under the law and

we have begun implementing those and communicating with other agencies, which goes into your question about the financial stability oversight council. we are required to communicate and consult with our agencies. we would be a poor example of government if we did not take that seriously. i hope the concerns they have and we have will be discussed regularly and we will work out those issues when we have disagreements, and it will never be necessary to invoke some super-process to override our roles. if they talk about their legitimate concerns that a rule might threaten the safety and soundness of the banking system, we should take that to heart. i think that is what we will do. >> with the agency the not

independent if it had a board? >> i think that different independent agencies are structured in different ways. the currency has set a single director for 100 years. other agencies do have the board. it could work both ways. congress created us and gave us a director. it is difficult not having a director in place. >> is the threshold pretty high? meaning, unless a rule you create threatens the stability of the entire financial system, it cannot be challenged. that is a pretty high threshold, is it not? >> i do not know how to evaluate that in the abstract. >> did not do that in the

abstract would you agree that unless you create a will that be stabilizes the entire financial system that that is a pretty big threshold for other regulators to challenge what ever you so we decided against? >> if it is a standard that does not apply to any other agency. is a high hurdle, but not inappropriate. we will be consulted regularly in the examination function. i think the two are largely and harmony. it will make sense for us to go together as we to our workers. that would be my intention if i were the director. >> i hope we continue to work on this. i do not understand why the administration will not work to solve this nor why they allowed this to be the lightning rod that it did not have to be when there was support on both sides of the aisle for a consumer

protection agency. let me move to you for one moment. i had a very pleasant meeting with you, and had -- and complimented you and your family. it is not typical to have a political activist in state party politics announced to be head of the national organization. typically, you pick people that i've had experiences in that regard. that is not the case with you. you seem like an outstanding individual in many ways. you had announced that you wanted to run for governor of ohio, which makes it even more odd. typically, we do not have regulators running agencies that can make rules over the entire financial system that might be able to make a name for themselves in doing so when their goal is to go back to their home state and run for

governor. you seem to indicate that was not the case, but i wonder if that could be spoken to, because as you cut a imagined in the way this has been set up that would create some questions. >> i trichet the attendees to address that issue. i did say that last year before i came to work at the new consumer bureau. i can tell you i have no plans to run for any political office. i am understanding that the work of a agency must be completely absolves of politics. the two do not mix, and that is all i have approached my job. >> how you feel about late fees on credit cards and mortgages? >> when i was the treasurer of ohio, the federal reserve was proposing rules and regulations to curb some of the practices that had come up with late fees, and i supported the changes in the rules which eventually were

adopted by congress in the card act, which i think was a good set of reforms. one of the jobs of the bureau will be to monitor compliance with those new laws, and we found that compliance was pretty good with the new laws, and it did not restrict credit nor raise the price of credit for people. they seem to be sound and sensible reforms. >> are you not concerned about people who pay their bills on time having sees higher because the people that do not pay their bills on time, and strategic default in general -- we are creating an environment it appears to me where we are encouraging people to default. we have agencies of government that are now encouraging that. do any of those kind of things concern you, especially as

someone who is going to be overseen big parts of this? >> they do, senator. that is part of the balance that needs to be drawn. i have credit cards, and try to pay the balance is diligently. i do not want to be billed for the problems of others. i also think that the practices as they were reform have been good reforms, and i think congress acted wisely there. we will be attempting to insure that that law is being followed as congress enacted it. i guess that is my attitude. >> the chairman has been generous, thank you, and i might stay for a second round. if thank you for your testimony and for bringing your family. >> thank you, mr. chairman, and to your willingness to serve in a difficult time in a

challenging office. you also served as the state treasurer in ohio. >> i did, yes. >> so, you come to this job with multiple skills -- 1 as an attorney general who had to go out and protect people, but two, as essential the chief financial manager for the state of ohio. suffice to say, and you can elaborate, you are certainly aware of, but not only aware of, but sensitive to some of the concerns of the banking industry about the predictability, the soundness of financial institutions, the needs they have. is that fair to say? >> i think i am, senator. i was both a state and a county treasurer. was a aaa rated county, which is unusual in american local finances, but most notably during my tenure as treasurer

was the time beating up to the financial crisis, 2007-2008, one of the most difficult times to manage and safeguard public funds that i think we have seen in my lifetime. we were careful and conservative about how we invest in the public money and suffered no losses when i was the treasurer. i'm very proud of that. i also think that work gave me a very close working relationship with banks in ohio because they have partnered with us in a lot of the work we did to manage finances as custodians of pension funds, in terms of debt issuance, both in large and small banks. it gave me a good working knowledge of their concerns. i created an advisory council when i was state treasurer and. forward the same approach -- and

brought for the same approach. that is the accessibility i have tried to foster, and that would bring that to the bureau. i do have that background, and i think it is part of what would be kept in mind in assessing my .ualifications tendns >> one office in your purview -- [unintelligible] many of us think it is critical because these are in place of a federal government, and they are usually far from their home, and their ability to connect with a local attorney general or a state's attorney is limited, and this goes back about 35 years. i can recall how they were victims of many consumer frauds. now, i am hearing because of the internet it is even worse and even more difficult for local

authorities. now we have a federal office. >> i have some awareness of these issues. when i was a hot -- attorney general for ohio, which rated a group that -- we created a group that provided legal advice to soldiers being deployed. since coming to the bureau, i have learned a lot, and part of what i learned has been from mrs. petraeus. she has taught us all about the special needs of service members, how deployment and even forced transfers within this country create hardships for their families. she herself talks about how she and her husband have moved 23 times in 36 years. also, the fact is there now finding that if you have consumer finance issues as a citizen, there are tough enough.

as a service member, you could lose your security clearance. you might not be able to continue to do the job you are trained for. is not good for the military or the country. it is a serious issue. if she continues to bring these to our attention we rick -- she continues to bring this to our attention. we met to begin addressing these needs. so, this is something we are excited about and we hope to be able to deliver for those service members. someone will stand on their side, and i hope i will be one of the marked successes of the new bureau. >> thank you very much. >> senator shelby. >> i have no questions. i do have an observation i am sure you have a -- observation.

i'm sure you have a good background. you have a fine family. you are caught between eight substantive debate that you now will have to be resolved before we move this nomination further, and i discussed that with you in the office. i want to join senator corker, just for the record, mr. chairman, senator corker and i were very involved in the banking legislation. we had advocated a consumer agency, but we wanted accountability with it, and we still do. >> senator? >> thank you, mr. chairman. i appreciate senator shelby's comments, because that is really the point. during this whole process that senator corker, senator shelby, senator dodd and others were in the midst of working out

legislation. that is what we do around here. the many elements in the consumer part of the bill, that i know you worked with elizabeth warren on, senator corker, where done with major concessions on both sides. senator corkers supported an amendment i had about the six banks being too large. that is what happens here. you win some, you lose some, but i am puzzled by senator corker's comments about excessive partisanship here. we wrote this bill. it passed with some number of republican votes. there was consistent and frequent republican and put, much of which was accepted. it passed by both houses. was signed by the president. i go back to what the senate historian told me.

never have we seen in this senator a party stained doll to putting people in place to run an agency -- saying no to putting people in place to run an agency because a large minority is opposed to parts of the law. i just do not understand that. in the end is -- the question is is richard cordray qualified for this position, and no one has made the case that he is not, and most of us have made the case that he is. it is a pretty strong case. i hear the on accountability question. -- the accountability question. i want to get your comments and i will speak for a couple of minutes. what i think the bill does about the unaccountable rulemaking process -- a couple of examples.

before proposing the law, if there is consumer disclosure involved, you are required to seek the clearance of 0 wendy, considering the potential benefits and costs to consumers, consulting with regulators and other agencies regarding the rules. this is all before proposing the rule. there is a significant economic impact did you must follow the small business regulatory enforcement act. you must prepare an initial regulatory flexibility analysis. when proposing the rule, you must give public notice, offered the public be attended to comment, consult with appropriate agencies, conduct a final regulatory flexibility analysis. after the rule has been finalized, if any member of the financial stability over said

council objects to a regulation, -- oversight council objects to a regulation, they can petition to get it removed. they can set aside an issue. under dodd-frank, cfpb reviews each significant order within five years of enactment to address the rules effectiveness. is your understanding similar to the process of accountability and statutory requirements you would face as director? does the private party have an opportunity to challenge that one of your regulations in court? what recourse does the president have? can the president remove a runaway director because he or she is not happy with the director's ideology, direction, or will making?

are these checks similar to what applies to other agencies. i would like you to spell that out. >> i will do my best to address those questions. as with any independent agency, the leadership of the consumer bureau is not subject to direct removal by the president, as are cabinet departments. congress sets up agencies in that matter. our job is to carry out the laws enacted by congress, and we are subject to your oversight in doing so. the long list of restrictions and/or process guidance they you laid out in terms of rulemaking by the bureau i believe was pretty comprehensive. i was trying to take notes. i would also said that one thing i want to emphasize is that think we have the real opportunity here, inherited many regulations we did not held to

write, and that in the aggregate they have created undue burdens, particularly as there was a fever for disclosure over the last 30 years, and it got to the point where the disclosures were so long and confusing that they did not really help consumers. there is an opportunity to streamline and cut that back, and that will be a priority for reified and director. we are also subject to oversight by the courts. the d.c. circuit court of appeals recently rendered a pretty, i would say, tough decision on rulemaking by federal agencies in terms of making sure the agencies do a careful cost benefit assessment of any rule, and that they not simply reach a conclusion and rationalize it after the fact. that is something we will take to heart. there are a number of checks that are similar to other

agencies, and some that were imposed in a lot better in addition or new compared to other agencies, but we will live with the mob. -- a lot. -- the law. >> senator schumer. >> thank you, mr. chairman, and thank you, mr. richard cordray. my interest in the agency as one of the initial sponsors came after 10 years of trying to get simple creditcard disk closure. -- credit card disclosure. i got the basic "they are busy with other things." none of the other agencies put the consumer at the top of their mission. so, an independent agency had a

great deal of appeal to me. it is an agency designed to finally put consumers first. it is under attack even before it is fully on its feet, and i do not want to go back to the old days where we go to the fed were some agency and say the consumer needs this reasonable protection, the simple adam smith disclosure. no one knew what interest rates were when they signed up for credit cards, and the fed interest rates were sporadic. i like the fed in general, but in this area they were not very good. so, in general, here we have an attack that is not in the ordinary. it is extraordinary. two sides make arguments, and put it to a vote. we fought those battles last

year. consumers one. now the consumer protection has become the law of the land with its own agency, some of our colleagues want to reopen last year's debate because they could not win it through the ordinary legislative process. there promised to block this nomination or any nomination until they get their way. is hijacking the legislative process. you have a legislative battle, you lose, and say i am not going to appoint anyone because we lost a legislative battle. is not the way things should work around here. -- it is not the way things work around here. if this nominee loses, who wins? many of the abuses will be allowed to continue, and the new cop on the beat for consumers will be forced to stand down. seniors will remain vulnerable to predatory credit reverse mortgages, and the cfpb will

have to fight with one hand tied behind its back to protect them. the service industry will not win. banks that play by the rules do not winter they will be forced to compete with the unscrupulous -- rules do not win. they will be forced to compete with unscrupulous lenders. a good part of this financial crisis will remain on regulated while many of the banking institutions that are regulated will still be abiding by the rules. no doubt, that is why the ohio bankers league supports your confirmation. in short, without a director, the cfpb has the least authority where it needs it the most. we should be here to debate the qualifications of mr. richard cordray to lead the cfpb, question that would be answered easily in the affirmative. i will execute a few quick

questions. senator shelby has met with you and that is to his credit, but how many of the other 43 that signed the letter actually met with you or as few questions before they signed the letter? >> senator, i was not a nominee at that time, so i do not know if they would have known to seek me out. >> how about subsequently? >> since i was nominated, we've made an effort to meet with each member of the banking committee. i've not reached out beyond the banking committee at this point. >> how many meetings did you get? >> i got a number of meetings. >> thank you. ok. i read a little bit about your background, learned you got your first job that mcdonald's. what did you do, and how much did you earn? >> i was a hamburger flipper, although it always seemed like the managers nominated me to clean the parking lot whenever

it rained. [laughter] >> i hope you use different rules for each job. [laughter] >> how does a kid who worked at mcdonald's earned scholarships in michigan state, oxford university, and the university of chicago law school? >> i worked hard in school, has a terrific teachers and was fortunate. >> what does it mean to you that might -- mike dewine who defeated you in the attorney general election has supported your nomination? >> we of maintained a tough relationship, and i think -- iraq trichet what is said to say about me very much. >> -- i appreciate ideas had to say about me very much. >> it will be bad for consumers if his nomination is hijacked

and his he is treated as a pawn, it will be bad for the country. i hope my colleagues will change their minds have been that you and seen the quality show as a candidate. >> senator mendez. >> you seem to have a strong record on consumer protection issues, and yet been endorsed by several consumer advocates, as well as ohio businesses and bankers as well. is that fair to say? >> i have been. in fact, the ceo of the ohio bankers leaked wrote a letter of endorsement on your behalf saint ", while i retain reservations about the cfpb structure, i believe mr. cordray would be an able director.

while he and i have differed on specific decisions, you should know that consistency to reach those decisions has welcomed competing ideas, and has systematically reached out to get better insight." in other words, while he may have reservations about the agency, and may even disagree with you on some policy matters, he still recognizes your qualifications to lead the cfpb. is that not correct? >> i do not want to speak for anyone else, but in my relationship with the ohio bankers lead, i've always been open to their concerns, and that made me do a better job. >> could you not deduct from that letter that there is an endorsement of your capability to do the job, even if there may be disagreement about what the

agency is about. >> i think they have come to respect my public service and understand that i've tried to be honest and straight forward to do the right thing, by getting broad it buys and input from a lot of sources, including the banks and businesses i've worked for -- with. >> have any of my colleagues on the other side of the file called into question your qualifications for this position? >> i do not know of that, senator. >> in your meetings with my colleagues, has anyone called into question your qualifications? >> we of had good, a cordial meetings with a frank exchange of views, and i have tried to listen carefully by -- to what was said by all the senators, and i hope i will develop bad reputation, and i hope it will make my job -- developed that reputation, and i hope it will

make my job easier and better. >> let me try again. has anyone said to you, mr. cordray, i have problems with your qualifications to do this job? >> they have not. >> thank you. i understand my colleague senator brown has gone through the checks and balances that some believed not exist, but there is a large number of them. is it not true that without a director the consumer financial protection bureau does have a supervisory authority over large banks and the ability to enforce existing banking laws, but it will not have supervisory authority for non-bank financial service providers, such as pay lenders? >> it is one of the unfortunate difficulties of the current

situation that without a confirmed director, the bureau, it is widely agreed, has inherited full powers over the large banks, but there is considerable difficulty with the powers we have over the same bank entities competing in the same market. i am haunted by the conversation i met -- i mentioned earlier where a baker talked about how only part of the market was being regulated and they were talking about losing market share to the unscrupulous, on regulated. that is something i hope we would not repeat. >> in other words, there would be an uneven and on balance playing field for community banks have to abide by the rules, but their competitors will not have to? >> that is the unfortunate difficulty of the current situation. >> it seems to me that community banks would think that is highly unfair. furthermore, without a director,

the bureau cannot direct -- protect students from burdensome student loans, consumers from deceptive financial products, and protect our troops from deceptive products from nonbank lenders. how is that fair for those banks that played by the rules, yet could lose business to competitors who do not have to play by the same set of rules? >> i think it is not fair, and it is not wise as the regulatory approach. i spoke in my opening statement about law enforcement that is even-handed, fair, and reasonable. by putting people in the same rules, they could then compete, and the good businesses that base their business on customer service and delivery like our community banks, i think will prosper. >> thank you, mr. chairman. >> thank you, mr. cordray, for your testimony, and your

willingness to serve our nation. i ask that all members of the committee submit any questions for the record by the close of business on friday, september 9, and mr. cordray, please submit your answers to these questions to advance your nomination. this hearing is adjourned. [captions copyright national cable satellite corp. 2012] [captioning performed by national captioning institute]

>> president obama earlier this afternoon appointed richard cordray to head the new agency, and also made a couple of other new recess appointments, bypassing opposition to make appointments to the national labor relations board. the ap rights both moves infuriated republican leaders who threatened legal action and warned that obama was setting a dangerous precedent. coming up, we will take you live to manchester, new hampshire, to hear from jon huntsman holding a town hall meeting. that will be live at 4:00 eastern.

will have more coverage this evening with rick santorum following his close second place finish in iowa last night. >> a reminder, this month at c- span is facebook first. go to our facebook page for coverage of the campaign trail plus, the road to the white house video clip of the day. add your comments come and vote in our poll question. today's poll question, will the campaign be not to the primary be positive or negative. right now, at facebook. >> we are waiting to take you live to new hampshire to hear from jon huntsman. back to iowa for this. after finishing sixth, michele

bachmann ended her bid for the white house. this is just over 10 minutes. >> thank you for being here today. i am proud to announce to you a good friend of mine, michele bachmann. >> thank you for being here. my name is michele bachmann interested to every american is the responsibility to watch over our republic. you can look over -- back to the time of the pilgrims to the time of our founding fathers. all we have to do is look around every -- very clearly we are encompassed with a great cloud of witnesses that bear witness to the sacrifices that were made to establish the united states and the precious

principles of freedom that make it the greatest force for good that is ever been seen on the planet. every generation has served as the next steppingstone down the path of our liberty, and every day i am reminded of that conviction i have bought a painting that hangs in the united states capitol. it is made at the signing of the constitution of the united states. every schoolchild is familiar with this painting. i sit per list -- privileged to see it on a regular basis. never was the painting poignant reminder more evident than on the evening of march 21, 2010, the evening that obama-care was passed, and staring out from the paintings are the faces of the founders, and in particular the

face of ben franklin. ben franklin served as a constant reminder that he and the founders gave to us. they serve as the inspiration for my run for the presidency of the united states. i believed firmly that what the congress had done and what president obama has done in passing obamacare endangered the survival of the united states of america, our republic. i know it was my obligation to ensure that president obama's program would be stopped before it became fully implemented. my message has been the necessity for the complete repeal of obamacare in this once-in-a-lifetime campaign cycle for the presidency. obamacare represents the largest expansion of the parliament spending in our country's history. it has become the playground of social engineering work the right but always lose every battle and the left already has

been given the formula for passing their agenda. it must be stopped. its repeal is more than just a cliche for me. obamacare violates our fundamental liberties as americans. including a taxpayer funded abortions. deeply troubled by the state of our country, i ran for the presidency as an american citizen who believes in the greatness of our american principles. our principles derived their meanings which are needed in the truth of the holy scripture, the bible. a politician i never have been, nor will i ever hope to bait because i am not motivated in this quest of vainglory or the promise of political power.

i have served one singular purpose in washington -- to lead an effort that was begun by the people of this country. do the requires taking on the charge of repealing obamacare and dodd-frank, which mandated insuring the election of 13 additional republican senators to guarantee that legislation's demise. these words or a warning. a turning point for our country and our economy. i worry what the future painting might depict should obamacare be placed into a fact. would future generations ask of loss, what did we do, what did we give, what did we sacrifice to ensure the survival of this incomparable for public? i realize that 2012 is our last

chance and our only chance to repeal obamacare and dodd-frank. i knew how to get rid of both of them. i ran to elect 30 more republican united states senators who would help me repeal that legislation. i believed that the policies of barack obama are destructive to the very foundation of the republic. i wanted my children and all of the children to live free and have even better opportunities than our parents gave to us. i ran to secure the promise of our children's future. i decided to stand up and fight for our freedom and for the survival of the nation. i will continue fighting.

i will continue to fight for you. to stop overspending in washington. to keep our country free, safe, and to fight against crony capitalism. fight against a tax code which is unfair and it's killing american competitiveness. i will fight for american families. i will fight to protect life from conception. i will fight to secure our borders. i will fight for this country. i came here to this wonderful state of iowa were a was born and raised and i just one message to tell you. i told you the truth that our country is in very serious trouble and that this might be

the last election to turn the nation around before we go down the road to socialism. i did not tell you what the polls said you wanted to hear. i did not try to -- i listened to the people of iowa and all across america. they agree that president obama and his socialist policies must be stopped. the party of lincoln that believes in the goodness of american people and that america does remain the greatest force for good that the world has ever known. we don't believe that government has the answers. government to respect the rights of the people. we believe government should do its job. it should do it without spending more than what it takes in. last by the people of iowa spoke -- last night the people i

was spoke. if we're going to repeal obamacare and turn our country around, we must do so united. we must rally around the persian that our country and our party and our people select to be that standard bearer. i will concede to be a strong voice and to stand and fight for the country. and for our freedom. mr. franklin and the founders and the men and women who have given their last full measure of devotion in our military, our veterans are watching us. they are expecting us to stand up and protect what they have fought to give us. we owe it to them and to the

gods that we serve who gave us life to keep our republic free. i will be grateful to the state and to its people for launching us on the path with our victory in the iowa straw poll. my faith in the lord god almighty and this country and this republic is unshakable. i have seen the very best in the country and our people and i will believe in the greatest of them and of the god that i serve. i am grateful to our entire campaign team in iowa. i have no regrets. we never compromised our principles. we ran this race with the utmost integrity and made an important contribution to this

race. i thank my wonderful husband for 33 years and my entire family, my children, my mother, my stepfather, my beloved brothers who are here and my brother david and george and our foster children. they have been my strength throughout the campaign. i look forward to the next chapter and god's plan. if we will only cooperate with him. something greater around the corner. i have been blessed to live a wonderful life. i am grateful to of been a part of this presidential campaign -- i am grateful to have been a part of this presidential campaign. [applause] thank you.

♪ >> michele bachmann from earlier today, we will take you out to manchester, new hampshire. jon huntsman, the first in the nation's primary, set for next tuesday at live coverage just getting under way.

>> hello, everyone, how are you? we are doing the first year today in the campaign, new hampshire where we strongly encourage employees to get involved with the political process. what better place to do it than the first in the nation primary state? we have the opportunity to meet with candidates, we are so very pleased to have him come to our home, our place of business, and spend some time with us today. we have with us today governor jon huntsman. he was so very understanding, he was supposed to be here in october. remember when we were restoring power to 230,000 customers? it was pretty well out in the field, we wanted to be able to meet ablehim then. we are happy to be able to be

with him now. but you know that at one point i lived in utah for a couple of years. unheard what i was there, it was before the governor went down there. jon huntsman was there from 2005-2009. he went on to be ambassador from china. he also serves as an executive of the family business, the corporation. he also went on to be ambassador of singapore and to serve as secretary of commerce. quite an impressive resonate in the history of good, civil service. and last year, he decided he was

going to run for president of the indicted states. when he is not working, he enjoys riding his harley and. we know about the big motorcycle event in june, he is welcome to try it out then. he is an avid motocross racers. he is a graduate of the university of pennsylvania. his wife is here with us, i want to and knowledge mary kay. they have seven children. three daughters, two sons that serve to the u.s. navy, and adopted daughters from china and india. we are pleased to have the governor to share his thoughts and views in division of our country. governor, please join us. [applause] >> think you. ank you.

thank you, gary. ladies and gentlemen, is a great honor to be here with all of you today. the new hampshire primary, give me a break. i am the guy from out west that never thought i would be doing this. involved in the new hampshire primary is an extraordinary experience. last night, i walked out to a town hall meeting that was packed with more people that i ever thought we would see. we started his journey with some beliefs had ideas in the deep love for this country. a few people come at a house party 85 yourself with a town hall meeting as you did last night. the system works. you've got a message, you are able to connect with people,

people turn out. now we will leave it to voters to do the rest. the day before i was in dover, i wasn't greeted by a former cabinet official as i was last life. -- night. i was greeted by a goat. a goat with huntsman stickers on it. a goat that previously bit my knee. i got a christmas card that said "sorry about the knee." and new hampshire politics. ladies and gentlemen, i am running for the united states -- for the president of the united states of america. we are about the greatest nation that ever was, the next-

generation. more divided, more settled with -- saddled with debt, less productive than any time in recent history. what have we done? how did we get here? we exported $3 for every $2 that we imported. science, technology, the highest standard of living in the world. i come from a manufacturing background and i appreciate that. it is a paltry 9%. what have we done. i am twice elected governor and lived overseas for times. have i experienced every human

emotion imaginable? i am not the kind of person to engage in nonsense and rhetoric, but i believe this country needs to begin a journey to get us out of the hole that we are in. in the end, we are a bunch of blue sky problem-solving how optimistic people. this is not who we are, finding ourselves in a hole with a cloud of malaise hanging over us. i don't care of your republican, an independent, a democrat. this is until we are. how we deserve better. are.is isn't who we we deserve better. i want to tackle too incredible issues for the country. i think it will get us to where we need be and we need to begin

the journey immediately. the issues are simply this: they're both deficits. the first as a financial deficit. $15 trillion in debt. what are we doing to the next generation of americans? this isn't a debt problem, this is a national security problem, ladies and gentlemen. when you get to 80% debt to gdp, your economy doesn't grow. i say we have to fix that part. i have embraced a credible spending program that takes up over $6 trillion over six years. we can't afford the luxury of

sacred cows. of these discussions that say you can't cut medicare or the department of defense. we are well beyond those days, ladies and gentlemen. we have to have everything on the table and take a very hard- hitting and open-minded luck. we have got to get our spending down to a more sustainable 19%. i want to do for this country when i was able to do, in part, by mistake. we took the state to number one in job creation in this country. we took it to where it was the best place to the nation for business. we reformed education, we took a good shot at health care reform. we got it back in the game. how to get this country back in the game, and i believe we are on the cusp of the manufacturing

revolution and we might not even know it. i come from manufacturing, and i looked for two years over in china. try that is going down in terms of its economic performance. it is going from a 8% or 9% gdp running down to maybe 4%, 5%, 6%. labor is on the rise, manufacturing is out, and so is unemployment. investment the fight itself and to the chinese marketplace is hooked into alternative. this country would be crazy if we did not recognize what is about to play out in the international marketplace and moreover, and do what needs to be done fixing our taxes,

creating a more hospitable regulatory environment and moving toward greater energy independence. there is an opening here in terms of an international economy that is a very important opportunity for this country and i want to take advantage of it. the best way to put people back to work, to close the gap that is so painful because of the lack of jobs and opportunity, we have to expand the economic base. we have to manufacture once again. i want to fix the nation's tax code like the was able to fix the tax code in the state of utah. the best tax policy in the entire united states, a little bit of leadership and we can nail this economic deficit. we of got to be smart about how we fire the engines of this country. i am not about to leave the

legacy of the $15 trillion for the next generation. the deficit number two is not economic. i and believe that it is equally corrosive for the people of this country. the trust deficit. we as people no longer have trusted our institutions of power. when no longer trust our elected officials. how pathetic is this? a nation founded on trust, a free society founded on trust and we are running on empty. congress, 8% approval rating? where these people hiding? congress needs term limits. [applause] a president who has been willing to take up this issue and to lead the charge

around the country as i want to do. in harnessing what i believe to be the public will, taking us toward term limits. no one does anything about it. i want to lead the charge. i have seen that the institution called incumbency. it reaches up and grabs people, it grows very deep roots, and people find themselves part of the established order. we wonder why this trust, and this crony capitalism, i will also close the revolving door that allows congress to become lobbyists. a look at the executive branch. no trust. a president of the criticized

crony capitalism only to find himself participating in the same practice with selendra. a president that had a wonderful had bipartisan spending plan fall right on his death and he throws in the garbage can. no leadership when this nation so desperately needs it. a look at our tax code. no trust. if you could afford a lobbyist, we will do just fine. it is full of loopholes and deductions. you could imagine the kind of dragging his on the economy's performance. no oversight, and just performance that affect about 7% of the population.

i put forward a tax reform proposal that has been endorsed by the wall street journal. the only candidate to have his tax program endorsed by the wall street journal calls for the complete elimination of loopholes and deductions. because we can't afford them anymore. they distort the system and on the corporate side, they lead to nothing more than crony capitalism. i want to bring trust back to our tax code. public at our wars abroad and i said, no trust. i want to stand up and tell the people of the country what we have been able to achieve because it is real, and significant. we've runt h the taliban from power, asmsame to al qaeda.

we've removed osama bin laden, and we've paid a high price as people. at this point, i want our troops home. if it is time for us to come home from afghanistan. i want to recognize that we don't need the nation building when this nation so desperately needs to be built. if it is weak, we project our values of human rights and open markets. that is the role the united states typically plays. nationt 100,000 troops

building, it is counter terrorism. and how to stand up and tell the american people this. -- i want to stand up and tell the american people this. afghanistan is not this nation's future. iraq is not this nation's future. our future is how prepared we are as people to rise up and hit head-on, the competitive challenges of the twenty first century. the economics in education. that will play out in countries i have lived in before. all i am here to tell you without a hint of hyperbole, unless we get our act together, rebuilding our core, we will see the end of the american century

by 2050. that is not the legacy i am about to leave for the next generation. i look at wall street and i say, no trust. banks that are to been to fail. so we can fix our taxes and improve the regulatory environment. we can launch a manufacturing renaissance. if we are left with damocles hanging over our heads, banks that are too big to fail. six banks that have assets equal in value to 2/3 of our nation's d gdp. if they go down, we all go down. they will get a bailout if they get sick, and that is not fair. we are not going to do it again. until such time as we have a president, if you are too big to

fail, you are too big. capitalism without failure isn't capitalism. we're building a bunch of banks that look like public utilities and this isn't serving our purposes going forward. it makes it near impossible for small businesses today to get a loan because of capital coverage requirements. i went to a place called lindey's diner. all of the presence of been there. and you were the first candidate this go around to walk again. i like our chances. i went to the counter and i sat next to a middle-aged man, struck up a conversation. good man. ask him what he did. he said, i restore old

motorcycles. i said, i have your vote already, i have a 40-year motorcycle rider. you also love guns in this staet. te. with a name like huntsman, give me a break. i struck up a conversation. i repair old motorcycles. i would like to expandit, but i can't. i have no debt, but i can't get a loan because of the coverage requirements. if i could -- what are you doing about health care? he said, i can't afford it. i haven't seen a doctor in 18 years. it is a good thing i have good genes. welcome to the state of small

business in america. it is a tough go for people. and we need a president that will be brave enough to do what needs to be done. friends, you have a choice. the establish tee u willp mitt romney. -- will tee up mitt romney. mitt's a decent guy. i respect him. this nation can't afford a status quo president. you get 47 to 50 members of congress supporting you, will you be able to do what needs to be done closing the revolving door and tackling trust? no way, no how. if you were the largest recipient of money from wall street, you will be able to take banks? -- take on the banks?

no way, no how. in this country needs change, it needs a bold leadership. says,ds a president does sa tht i don't care if i get reelected. it is on behalf of the next generation that we will make them. we have an economic problem called the deficit that is like a cancer eating us alive. we have a trust deficit that is equally corrosive. that is the kind of leadership we need. i am an optimist at the end of the day. i wouldn't be standing before you if i want an optimist at heart. you look at america from china, you walk the streets to beijing and shanghai, economic growth

for 30 years and they think their time has arrived. reflect on the greatest nation that ever was home and all i can tell you is, we are in a funk. we are a little dispirited. which is not who we are ready -- as people. we are optimistic problem solvers, and it will take leadership and it will take leadership with a plan. it is also going to take reminding ourselves that this nation has everything a nation would want to survive and received. that is the other thing you see from 10,000 miles away. this nation has its fall. the confidence and no leadership. we have stability, rule of law, the longest surviving constitution and the world. we have private property rights even here in new hampshire. we have the greatest colleges

and universities in the world. peoplefl stillock here -- people still flock here to attend them. we have the most creative people on earth sitting on their hands because they have no faith, no confidence in the future of this country. we need to re-fire it. we have courageous armed forces. we don't want people coming from the frontlines of combat to the unemployment line. it will be dignity, gratitude, and respect. we have another greatest generation coming up, they are in your families and in line.

they are the friends and neighbors where you can build the country like the greatest generation did. i can feel it coming already. ladies and gentlemen, i want your vote. i would shamelesslyask for it. -- shamelessly ask for it. i can do that, right? if you don't ask, you will never get it. vo to ate, your i have -- but to get your vote, i have to earn it. if you don't like me, i hope that is not the case, your my wife. if you don't like her, you are just crazy. but we have seven kids that can divide and conquer very easily. i want your vote, i need help and support. in this is the new hampshire primary.

this is the window through which the rest of the country can analyze and understand how those running for highest office in the land. give me a break, it is a big deal. you don't get to go out and change the course of the nation's history by a vote. look at iowa. eight votes, it's real . take your vote and invest it wisely. i am asked vo forte and you -- for your vote and your trust. i am asking for the most valuable thing a human being can get another. for those of-- you that have never run for president of the united states before, could get up and ask someone for a vote is a big deal. when the meat folks that say, we

have watched, look, and learn. i will vote for you. that is a gratifying moment. we are seeing more and more of that in the state. because i'm an underdog. the state gloves underdogs. what happened here? the people of new hampshire has sent us another signal that we can predict. i ask for your help, support, and i am very grateful for the time we have been able to spend your together. -- here together. [applause] their questions that i would like to get through quickly, and there is a special gas call up.

secretary, former governor, former congressman, a hero of mine, tom ridge, the former governor of pennsylvania. [applause] always a good guy. it is the thrill of a lifetime to have somebody of his stature believe in your cause and introduce you. we will do a couple of questions and i want to turn a few moments over to tom ridge. yes, sir. >> [inaudible] >> you know, mary kay and i have embarked on one of the most comprehensive clinical trials in this particular area. we have raised seven kids.

we have done public, we have done private, one of my daughters was home school. we have done international schools. i walk away from that experience, and i try to implement some of them as governor. i walk away with the idea, that ischool in newi-s england, i delivered ipads to every child in that school. these kids are now wired and outfitted in the most high-tech classroom in the world. their approach to learning has been transformed.

it is a revolutionary concept. it is part of the charter school movement. with a different attitude, temperament, and approach to learning. the one-size-fits-all program is not ok. we need options and choices for kids because the learning styles are many. i am a believer in the ideas, most of these kids have a genius inside. we don't find that genius until it is too late in life, it is our job to find it as early as possible. that will mean more charter

schools, options and choices for parents, have engineering and science programs. also more art and music programs. kids have different learning styles and we have expanded options pretty aggressively. education policy is best to prevent at the local level. as governor, i try to discover the value added of the department of education. i don't throw a brom politicalide -- out political bromides just to throw them out. no child left behind, i was the first governor to talk out of it. -- opt out of it. it designated our schools is not living up to adequate yearly progress based on someone else's

criteria of a good school. that doesn't make any sense to me. those until a local level, -- at the local level, they don't want the schools to fail, they just want the tools to get it done. i have found to be the most powerful programatic priority is early childhood development. we did this in our state with experimental programs. the goal was to nail the pillars of literacy by six or seven. but ages six or seven, nail they canliteracy and -- if they can nail literacy and math, they

will go on to their academic careers and do pretty good. if you can't catch them by age is six or seven, then you will pay a price. they will fall through the cracks, you will have a less productive work force. it is not always about resources, it is about priorities. regardless of the neighborhood you come from, regardless of your socioeconomic background, early childhood development is powerful. it is something that all of the schools ought to be focused on. i think our teachers are pretty special people in this country. a grandfather was a true rabble- rouser. he was an educator. i say, when you connect kids with a good teacher, you have the best technology at the

world, every kid in the classroom, you combine it with an effective teacher, it is an unbeatable combination. i would like to use the bully pulpit of the presidency to encourage the top graduates, the top 1/3 to pursue teaching as a career choice. we need the best and the brightest in education. we need them the molding in shaping the minds of tomorrow because there is no substitute for that. hot and data can say something. -- mom and dad can say something. it is a magical connection, but it is real. i want to make sure that we have the best teachers that we can encourage to go to the profession. of little bit above primary education, we need to do a much better job in this country, but

i think we have hollowed out the last generation or two. if we are going to make this manufacturing -- we need training to match up to those needs. bal herbl b about ae -- i heard about a ball bearings plan. i had been to two or three different shops in the last few days, they are looking for workers. they can't find people letter of -- that are trained. we need jobs go vocational acquisition development.

you allied these kids are trained -- they walked out of the program, they have a job. we can operate on a flow of well trained and dedicated workers. part in the rambling, but i have a lot of thoughts. -- pardon the rambling, but i have a lot of thoughts. , inlong term reality is i prepared linares people. we have an economy that works, and classrooms that are producing literate people.

i have every reason to think that we can get there. thank you. another question, comment? >> governor. we are importing a lot of foreign oil, exporting dollars overseas. talk about your policy to reverse that trend and how we can be more self sustaining with energy in the country to support our economy. >> well, i want to start by leading a converstion in this nation that points out how ridiculous it is to maintain this heroin-like addiction. we are losing huge opportunity here when we can -- we wake up

to the reality, we have more gas than saudi arabia. we need to convert more transportation and power generation. we are not looking back, we are looking forward. there has been no clarity. i like the natural gas part of the pickins plan. i say, you can talk about the

multiplicity of products, that is all reality. i think it is very real. the sun and the wind will play a role in the future. i think inevitably, that is where science takes us. subsidizedo it in a fashion. in crashes and burns. i say, let's begin building the bridge, and here's what i want to do. i'm not one that will promise, but here is the step i'll take. when i drove a natural gas,, and never thought i would drive a natural gas car. i ran into an entrepreneur or that wanted to convert it to natural gas.

thinking in terms of wanting to move toward greater energy independence, i paid him out of pocket and we started a wide ranging conversation about alternative fuels only to find that the limiting feature which distribution. there were no stations. the last thing you want to do is get caught 300 miles from nowhere. you can either be the head of this debate or be behind. i need some help in building infrastructure so we can designate a natural gas corridor and get the marketplace moving. they did, they responded. i want to break up this one product distribution monopoly. it favors oil and only oil. that is not fair to the other products we want to begin

drawing phone - -soon -- soon. if we want to make steps toward that goal, we have to get the infrastructure with which to do it. we went to a multiplicity of stations -- and let's start the journey. let's get a president that will advocate making that very important step. we don't have the infrastructure in place to get something done. i want to get behind it. it is an honor to to bring up

the governor, secretary, congressmen, tom ridge. [applause] >> thank you. your bucket about list, but i have one, and i always want to be introduced by the next president of the united states. it is a great pleasure to join you today. i am not presumptuous enough to think that anything that i say about my support for gov. huntsman will change your mind. but in the potential reality that you're still somewhat undecided, let me add my

thinking to yours. you will see all kinds of celebrities running around. the only person i know politically in my life, i've run for office eight times, i'm 8-0. i'll retire undefeated. my father. my dad worked two jobs as a salesman, he did it with a certain amount of respect and dignity. coattails, buty i have some thoughts. we need principled leadership.

we want to trust that they will do everything they possibly can to do everything they promised when they sought for your support. a vote is a trust. the governor has talked very beautiful and tw abouto the -- beautifully about the two deficits. this country needs a principled leader we can trust. i started being governor- centric. every day was a good day to be gov. we have a couple governors in th e race. what governor is the most

consistent conservative. what governor has had no epiphanies? what governor says to you, today, that he said to his utah constituents and the american public, i want a consistent conservative, someone we can trust. i want the governor that has the most accomplished record -- the most progressive states in terms of job growth. take a look at that record, it was about tax reform and regulatory form. you drive those innovators and entrepreneurs.

the nisei, which of the governor's had the best economic plan? we have a modern governor, a principal governor, a governor that made record. what about foreign policy experience? this century is unlike anything before. we have to engage in a thoughtful and a smart way around the rest of the world. here, we have not only the most

accomplished in the season candidate -- and seasoned candidate. others are lacking in a certain important area. the white house is not a place for ojt. it is not a place for on-the-job training when it comes to foreign policy. i have a lot of good relationships with my friends on the other side of the aisle. i really appreciate governor h untsman's civility and the thoughtfulness of his answers. there's no soundbite. you have to try to figure out a way to get -- you decide for the rest.

my democratic friends, they have said to me, the candidate on your side of the aisle that we think is the most electable, president obama is a formidable candidate because he is an incumbent president. fundraiser.idable we need somebody that is electable. the most electable candidate of them all, uns if youea want tot -- if you want to unseat the president of the united states, is governor huntsman. he was running in the face of the hope and change presidential nominee on the other side. i have adopted that. thate you're part of

change. one of the reasons that the governor decided to focus on new hampshire, it is the first primary. i say this with enormous respect, i know most of the candidates of the republican side of the aisle. i looked at the iowa results. if you have 25% voting, and 25% excited25%, you've about 6% of registered republicans in iowa. it's not mandate for much. its not a coronation. what you say to the pundits and analysts, this is the first primary state. we are decision makers and game changers. i am quite confident that as of next tuesday night, there is one

more fiscally conservative, principled leader you can trust in the race is governor jon huntsman. happy new year to you all.. i appreciate the regulatory agency that oversaw a bunch of the utility companies, the legislators, i love your energy. the governor talked about that a long time. we are not an oil-rich company, we are an energy rich country. we should not be competing with one another, we should figure out how we can use it all. thank you, ladies and gentlemen. [applause] >> thank you, governor. it is helpful to have you with

us, and thank you for serving as the home less security during a -- homeland security secretary during a challenging time. [applause] governor, i would like to present you with a token of our appreciation. this is a vest for you to wear with boots as you get around. we thank you so much for your time, your comments, for sharing your thoughts with us, we wish you well, and we enjoyed our time with you. the governor will be available if you would like to talk with the governor. you can learn some more about him. thank you for joining us today. [applause]

[captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2011] [inaudible conversations] >> you have to strike in the first year-and-a-half, and if you don't do that, you are in trouble. we did not get enough done during the year-and-a-half. we did not get the economic things that we desperately needed.

we need to take a advantage of that opening with clear-cut and well-defined ideas. >> enjoy your stay in this state. >> think you for giving us your listening -- thank you for giving us your listening ear. thank you for giving us a listening ear. >> i will have to look more thoroughly into your positions. [inaudible] >> i think it represents the most transcendent threat of a foreign policy stance this decade. i can't live with the idea of -- the implications of that in the middle east, it needs to be isreal. it is potentially catastrophic. we have to do something about

it. >> meddling, meddle, meddle. >> we have to strike areas that are clearly defined by our national interests. we missed an opportunity enhance iran with the persian spring in 2009. we're scratching our heads over syria, lecturing is real, it is no wonder that is a confused region. >> well, from my point of view, we don't need another war where we don't know what we are accomplishing. >> if we are going to use our national security aspects, we need to make sure that is in our national security interests and that we are a not aso thi spreadn -- spread so thin. >> i was for going into iraq, but afghanistan, things were

supposed to be going so well, why are we there? we're spending tons of money, now we're going into another country. >> lead to make sure that they are consistent with our national security. >> i want to make sure that you are doing something. >> it is a pleasure to see you. a list usening -- thanks for giving us a listening ear. take a look at our positions and i hope that you find something you like. >> it was nice listening to you. >> thanks for giving us a listening ear. i like that on-the-spot in decision making, it makes you a very special person.

>> before you can persuade the opponent policies, how you get back to the threshold. getting people like me to pay attention to get through to the people in this state. romney has a much bigger crowd, how do you overcome that? >> i don't think you get much bigger crowds than that. are we breaking through as we pick up that momentum, people are listening to the message. as far as i can tell, they are citing -- signing on. that is a pretty good return on the investment we have made in this state. what you were saying about manufacturing, about what this party needs to do on that issue

going forward, the think that is an omission from the rhetorical emphasis? >> what i did as governor, you will not find any other person in the race that expanded the economic performance and took the state to #one. the senator did not do that, governor romney did not do that. i have lived in manufacturing powerhouses and i can identify the opportunity that this nation has going forward to win back the loss of manufacturing investment. you have to have the right policy places to do that. but yout pick winners, can create a hospitable environment. i delivered a flat tax, people talk about ai di andd i -- it and i did it.

it brought the economy to life in ways -- investment came in, college graduates stayed in the state as opposed to leaving to find opportunities where the grass was greener. you have to start with structural barriers, and i say that the tax code, the antiquated nature is a huge interest rate. that would be step numbe rone with - - number one . dodd-frank, for example, it makes it near impossible for small businesses to get alone these days. banks that are too big to fail, it is a huge problem. it is a pleasure to see you. >> this is the second of and i have gone too. i went to your speech on energy, and i wanted a chance to personally meet you and say, it

has been a pleasure. >> i am glad you have taken the time to be here and given us a listening ear. i hope you'll like what you see. >> take care. >> thank you all for being here. thanks for the listening ear. that is all you can ask for. >> she was teacher of the year last year. it's a big deal. >> [inaudible] >> she was in the nomination, maybe it was the county, i'm not sure. >> that is a big deal. that's terrific. i hope that upon reflection, you can take a look at our record, see what it is we are trying to see what it is we are trying to