relations with cuba is the recognition that the u.s. policies of isolating policies differ from your political views do not work? do you think recent trips to caracas is the beginning of trying to rebuild the relationship with venezuela and -- translator: is it possible to have relations when the u.s. as it is not going to lift the embargo and for those skeptical people who really see as a change in strategy -- they are now implementing a creative way to try to change cuba from the inside. thank you. translator: i can say that the fact that diplomatic relations are reestablished and opening both embassies is a show of the mutual willingness to move on for the implementation of

bilateral relations. on the 14th of december last, we heard the president of the united states, barack obama announced the policies against cuba had been wrong, causing damages and causing isolation to the u.s. today, we have open than them the and all the countries recognize as a sovereign country, though this is a small and neighboring island. the reestablishment of diplomatic relations is apprehended in my country as a ignoble toward a process of civilized relations despite the differences and if the blockade is lifted -- if we are able to implement this type of relationship between the u.s. and cuba different from what has existed all along and history, in fact feel the recognition of the need to lift the blockade against cuba, the fact that during the talks we have had, we have perceived respect for cuba us independence to feel the determination of our people and that we can now talk as the secretary and i have now talked with absolute sovereignty despite differences show that the u.s. and cuba, by the american people and cuban people

are conditions to move toward a future of relations different from the ones accumulated throughout our history responding precisely to the best interest of our citizens. there is an international order, international law recognized as the civilized behavior to be adopted i states.

there are universally accepted principles and these have allowed us to reach this date. mr. kerry: i have learned through my public life that there is nothing harder than trying to change deeply ingrained attitudes and beliefs

that are based on personal experience with the case of many people. i learned obviously in the experience of where i joined with senator john mccain in a 10 year effort to try and change our relationship with the it not -- with vietnam and try to make peace and and the war more than 20 years after the award allegedly had ended. but there were still deep battles in our own country over that issue. over time, with a great deal of

effort, we were able to slowly work and show the people that there was a better path. just a week or two ago, the party secretary of the communist party of vietnam was here in washington visiting with the president and we are today trading and working and things are changing rapidly in that country. maybe not as rapidly to some people's desire as they might want, but they are changing. so it is in many ways with cuba, where passions run deep, and the united states. there are many cuban-americans who have contributed in so many ways to life in our country. some of whom are still opposed to the change and some believe it is time to change. when i served in the united states senate, there were many of us who believed that over time, our policy of isolating was simply not working.

we are isolating ourselves in many ways. we felt after all of those years, it was time to try something else. president obama is doing that now. the president said when he announced this shift of policy if you are digging a really deep hole and you keep getting in deeper but you're not finding what you're looking for, it's time to start -- time to stop taking. it is clear we have chosen a different path. already, people tell me when they visit cuba they feel a sense of excitement and possibility. i am convinced as we work through these issues, we are going to find a better path

forward that speaks to the needs of both peoples in both countries. that is why the president has set us on this course. for years and years and years, it was his perception that the people of cuba were paying the highest price and we were not achieving the kind of relationship we hoped to have. with respect to venezuela, the counselor of the state department, ambassador tom shannon, has had several conversations with venezuelans. we had a very productive conversation prior to the summit of the americas in panama. the united states has said many times, we would like to have a normal relation with venezuela and have reached out in an effort to try to change the dialogue, change the dynamics. there are differences we have with the president and his government and we raised those differences and talked about them. just today, foreign minister rodriguez and i talked specifically about venezuela and our hopes that we can find a better way forward because all of the region will benefit if no country is being made a scapegoat for problems within a

country and in fact all countries are working on solving those problems. that is our objective. we hope to continue the dialogue with venezuela. we hope our diplomatic relations with cuba can encourage not only greater dialogue with venezuela, but perhaps even efforts to try to help colombia to and it's more than 50 years war and perhaps even other initiatives. we are not going to be overflowing with expressions of excessive optimism about where we will find this capacity. but we do know we are going to look for it. we do know that it makes a difference and we are going to try to work at it. that's the ultimate in a fit that comes out of today -- with the beginning of diplomatic relations, we are alleging to engage with each other, to talk about our differences, to find places of common endeavor and to try to build a relationship that benefits the people of cuba, the

people of the united states, the people of the region. thank you all very much. [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] [captions copyright national cable satellite corp. 2015] >> we will get the update on the white house on washington

journal and we will talk to mark about the poverty rates. washington journal is live on c-span. >> it is almost as if they were matter and antimatter. >> twice is enough. >> is always to the right and almost always wrong. >> robert and morgan talk about the documentary, best of enemies with the debates between william f buckley, corbett doll. >> today, i believe someone

would say that the numbers are dwindling. talk about salacious topic number two. that was not a norm, at the time. these guys did not need that. >> the moderator was distinguished and i think he was embarrassed by this. he disappears for 5-10 minutes at a time. you would not have a moderator not jumping in. everybody stood back and let the fire burn. >> the security council voted to endorse the nuclear agreement. the resolution

we will year from the security council members and the ambassador from the united nations in new york. this is 90 minutes. president van bohemen: the 7,488th meeting of the security council is called to order. the provisional agenda for this meeting is nonproliferation. the agenda is adopted. in accordance with rule 37

council's provisional rules of procedure, i invite the representatives of germany and the islamic republic of iran to participate in this meeting. it is so decided. in accordance with rule 39 of the council's provisional rules of procedure, i invite the head of the delegation of the european union to the united nations to participate in this meeting. it is so decided. the security council will now begin its consideration of item 2 of the agenda. members of the council have before them document s/2015/547, the text of a draft resolution prepared in the course of the council's prior consultations. the council is ready to proceed to the vote on the draft resolution before it. i would like to thank all council members for co-sponsoring the draft resolution, which is now a presidential text. i shall put the draft resolution to the vote now. will those in favor of the draft resolution contained in document s/2015/547 please raise their hands. all those in favor, please raise their hand. the result of the voting is as follows -- the draft resolution saved 15 votes in favor. the draft resolution has been adopted unanimously as resolution 2231 2015. i now give the floor to those members of the council to wish to make statements after the vote. i give the floor to the representatives of the united

states. the council is ready to proceed to the vote on the draft resolution before it. i would like to thank all council members for co-sponsoring the draft resolution, which is now a presidential text. i shall put the draft resolution to the vote now. will those in favor of the draft resolution contained in document s/2015/547 please raise their hands. all those in favor, please raise their hand. the result of the voting is as follows -- the draft resolution saved 15 votes in favor. the draft resolution has been adopted unanimously as resolution 2231 2015. i now give the floor to those members of the council to wish to make statements after the vote.

i give the floor to the representatives of the united states. >> thank you, mr. president. today, we have adopted the un security council resolution in the comprehensive plan of action

agreed to six days ago. by now, many are familiar with the basic tenants of the deal, which if implemented, would cut off all pathways to physical material for a nuclear weapon for the islamic republic of iran. the jcp oa will cut the number of centrifuges by two thirds and prevent iran from preventing weapons grade plutonium. they will go from a quantity that could produce approximately 10 nuclear weapons to a fraction of what is needed for a single nuclear weapon. the deal will quadruple the breakout time come the time needed to produce enough weapons grade uranium for one nuclear weapon.

from the cry to estimate of 2-3 months come it will require iran and all states to comply with legally binding activities. 90 days from today, when our respective capitals and legislatures have carefully reviewed the deals provisions some of the commitments should take effect. sanctions relief for begin only when a run -- iran completely steps necessary with the deal. it is important to step back from the jcp away to its larger lessons, lessons of enforcing global norms, the essential role of diplomacy, the need for ongoing budget lens, and the necessity of the unity of this council. lessons that have applications for ensuring implementation of the deal and for tackling other crises that threaten us today. this year, we mark 70 years since the founding of the u.n. the second secretary-general

famously said it was not created to bring us to heaven but to save us from hell. in the wake of the loss of life in the second world war and the suffering it caused, or preventatives from nations around the world came together with an aim -- to save succeeding generations from the scorch of war. the first lesson we can learn from how this deal was secured is that it is not enough to agree to global norms such as that against the pull of ration -- proliferation of nuclear weapons. this council must take steps to enforce global norms. in 2006 in response to iran's efforts to develop a nuclear program, the when put forth the

toughest sanction regime in history. faced with the ongoing noncompliance, the u.n. tightened sanctions. the second lesson was eloquently articulated by obama. this regime played a critical role in helping lay the groundwork for the toxic would give rise to the jcp away. -- jcpoa. this was echoed last week for president obama. " let us never negotiate out of fear but let us never fear to negotiate." given the devastating human toll of war, we have a responsibility to test diplomacy. in 2010, when susan rice spoke in this chamber after the council strengthened sanctions on iran, she cited the ways they violated its commitments and obligations under prior security council revolutions. she also said the u.n. reaffirms -- the u.s. reaffirms our commitment to engage in creative diplomacy. we will remain ready to continue diplomacy with iran and its leaders. when a credible opening emerge from negotiations, that is what the u.s. and other members did. there were many occasions over the last two years of grueling

negotiations when any party could have a walked away. he distances just seemed too great. the history between us steering and the resulting mistrust defining. the u.s. and our partners knew that we had a responsibility to try to overcome these obstacles and resolve the crisis peacefully. one only has to spend a week in the security council and hear accounts of the bloodshed and heartbreak in yemen, syria libya, any other conflict ridden part of the world to be reminded

of the consequences of war. sometimes as a u.n. charter and history make clear, the use of force is required but we all of the responsibility to work aggressively in the diplomatic channels to secure our objectives peaceably. this deal does not change our concern about human rights violations committed by the iranian government or about the instability they feel be on their nuclear program from its support for terrorist proxies to its repeated threats against israel to its other destabilizing activities. that is why the u.s. will continue to invest in the security of our allies and white we will maintain our own sanctions related to their support for terrorism, ballistic missiles program, and humans rights violations. this deal will in no way diminish the u.s. outrage over the unjust attention of u.s. citizens by the government of iran. let me use this occasion to call again on iran to immediately

release all unjustly detained americans. amir falsely accused of espionage and a washington post correspondent who just a year ago was covering the nuclear negotiations. i call on iran to help locate robert levinson who has been missing from iran since 2007. no family should be forced to endure the anguish these families feel and we will not rest until they are home where they belong. denying iran a nuclear weapon is important not in spite of these other destabilizing actions but rather because of them. as president obama pointed out that is precisely why we are taking this step because an iran with a nuclear weapon would be far more destabilizing to our allies in the world. while this deal does not address many of our concerns, if implemented, it would make the world more safer and secure. if well reaching this deal matters, our work is far from finished. in the months and years ahead,

the international community must apply the same rigor to ensuring compliance to the jcpoa as we did to drafting and negotiating it. implementation is everything. that is why so many verification measures have been built into this deal. the kcpoa wil grant the iea access when and where it needs it. inspectors will have access to the entire supply chain that supports iran's programs. we can trigger a process of the security council that will reinstate the u.n. sanctions. the fourth and final lesson we can learn from the process that led us here today is that when our nations truly unite to confront global crises come our impact rose exponentially.

the founders of the u.n. understood this concept intrinsically ended trying -- enshrined it in the charter which called on each of us to unite our strength to maintain international peace and security. it is now an axiom our nations can do more to advance peace justice, human dignity by working together than any other single country can achieve on its own. indeed only when we act as united nations can we address the world's most intractable problems.

although we don't see this unity enough here at the u.n., the countries of the u.n. did largely unite behind because of preventing nuclear proliferation in iran and it was the persistent multilateral pressure that came out of this unity combined with the critical openness to seeking a diplomatic solution that gave the p5 plus one negotiators leverage the needed to get the deal that would advance our collective security. let me conclude. ultimately, the only proper measure of this deal and all of the tireless efforts that went into it will be its implementation. this deal gives iran an opportunity to prove to be rolled it intends to pursue a nuclear program solely for

peaceful purposes. if they see is that opportunity, abides by the commitment it agreed to as it did throughout the time of the negotiations, if it to build upon the mutual respect and diligence that is negotiators demonstrated and if it demonstrates a willingness to respect international standards upon which our collective security rests, it will find international community and these united states willing to provide a path outside of isolation and toward greater engagement. we hope iran's government will choose that path is only because it will make the u.s. and the world more secure but also because it will more fully empower the iranian people whose potential all of us should wish to see him locked. just think for one moment how much more effective this council would be if we were to bring the same approach to tackling other threats to international peace and security today. rigorous enforcement and willingness to be relentless in our pursuit of tough principle diplomacy even when the odds seem stacked against us, a commitment not just a resolution but to their full implementation, and a willingness to overcome divisions to strengthen our collective security.

think what we may be able to achieve of the horrific suffering in syria today and the progress the when could make rita bring the same political will to advancing the human right of the world's most vulnerable people at we have two cutting off a run -- ira at least to an nuclear weapon. how it is humbling to imagine how much more we could achieve and it should motivate us to do far more. thank you. >> i think the representative of -- thank the representative of the u.s. for a statement and i give the floor to the representative of china. >> mr. president, just now coming security council unanimously adopted resolution on the iranian nuclear deal, endorsing the comprehensive agreement on the iranian nuclear issue reached between the p5 plus one. efforts over the past 10 years over the arabian nuclear issue

despite ups and downs have finally resulted in the political solution with the conclusion of the comprehensive agreement the international regime is safeguarded. iran has made its political commitment to not developing nuclear weapons but is given the legitimate right to the peaceful uses of nuclear energy. he ran --iran's relationship with all sides have turned a different page. the resolution of the agreement has given us the revelation of far-reaching significance about

contemporary international relations. first, setting up a new type of international system censoring on benefits. the nuclear issue based on the immediate interest and core interests of all sides without a winning spirit, the company heads of agreement could be reached. secondly, it is essential to stay the course and seeking political solutions. however difficult the process is, political solution is always the only practical and liable pathway. the comprehensive agreement has also created a successful example for coping with other international and regional hotspot issues through political and diplomatic means. hospital to achieve success.

-- it will be possible to achieve success. the adoption by the council of the resolution endorsing the comprehensive agreement is the first important step in the process of implementation of the agreement. it is a good beginning. the process of implementation of the agreement and the next 10 years will be even more important. it is essential to adhere to the following principles. first, implement the resolution of the council and company heads -- comprehensive agreement and a balanced, accurate comprehensive manner. all sides should fulfill the commitments they have made and seriously and effectively implement all the provisions of the agreement. second, in accordance with the principle of mutual respect and equality and mutual benefit, it is essential to appropriately resolve the differences that may arise during the process of implementation, demonstrate good will, and stay the course for the implementation of the comprehensive agreement. first, it is necessary to take

stock of the experience and good practices during the process of the implementation, and make positive efforts to maintain world peace improve regional stability, and improve relationships among all sides. china has all along worked constructively for the negotiations on the iranian nuclear issue and we will continue to make new contributions to the implementation of the company heads of agreement in a responsible manner. thank you, mr. president. >> i thank the representative of china for his statement. i give the floor to the representative of france. >> mr. president, france welcomes the adoption of this resolution, which represents a historic moment for

international peace and security as well as for our counsel. after 12 years of nuclear crisis, we finally managed to reach agreement with iran on the 14th of july in the end of following several months of negotiations will stop this agreement lays out a roadmap -- -- for the forging of trust in the iranian nuclear program. it proves the relevance and robustness of our nonproliferation regime. this agreement will also contribute to regional international stability. and in iran with nuclear weapons which would have further destabilize this region, which is already had so many crises. thanks to this agreement, we can write together a new chapter in the history of this region. it is above all the authority of our counsel and our collective

security system which is strengthened thanks to this agreement. one of the most serious crises of the last two decades at the -- can, if the commitment is met, be resolved easily through the path of dialogue and negotiation. president, this agreement first and foremost proves the success of a method. as you know, the crisis in 2003 has favored and always favored the path of dialogue. our conviction was that the result and pressure from the international community were essential. otherwise the dialogue would have gone unheeded. our american, russian, chinese partners and the entirety of the security council rallied to this

approach and were able to put together these negotiation framework which allowed us to achieve our purpose 12 years later. this agreement is the fruit of resolve. throughout the negotiation process, france has not deviated from its position. yes to civil nuclear capacity for iran, no to nuclear weapons. in this context, france has involved itself in the negotiating solutions. it is the spirit of constructive resolve that has allowed us to reach a binding agreement with a specific and credible agreement whose full implementation will satisfy the exit -- the expectation of the international community and allay the concern of a ron's neighbors. -- iran's neighbors. it is the responsibility of the security council to endorse the vienna agreement and guarantee its implementation. if the negotiations are now over, we are entering into a time of action and diligence of oversight. the implementation process includes clear and specific

limitations on the iranian nuclear program derived from a robust system and has a snap that provision which allows for the automatic reinstatement of sanctions. it falls now to iran to implement the measures agreed to. that is its responsibility. the iaea will play a vital role. france with its partners will in good faith monitor compliance with this agreement. we will judge actions around willingness to make this agreement a success. the role and unity of the security council will also be crucial. the lifting of the sanctions previously imposed by the

security council is conditional upon around -- iran's provisions. today, we are together turning the page to a new chapter. the main body of the chapter remains to be written and the next few weeks will be decisive in all of this. thank you. >> i think the representative of france -- thank the representative of france for his statement. i give the floor to the representative of the russian federation. >> thank you, mr. president. the resolution adopted in support of the joint comprehensive plan of action ushers in a fundamental shift in the consideration by the security council come to situation related to the arena -- iranian nuclear program with a view to resolving this issue. we turn not simply a page but a whole chapter in the work of the council by creating a new reality.

we expect that all countries will quickly adapt to the new conditions and will contribute to successful implementation of the agreement. the security council and the international community it represents has supported a clear choice to resolve the situation by pertaining to the irani and -- irani and -- iranian nuclear program through political and diplomatic means on the base of international law. a choice has been confirmed in favor of a mutual respectability and cooperation. we are happy the base for the decision has been a gradual approach and one based on something our country has consistently supported. today come the security council has confirmed the unalienable right of a run to develop if you feel nuclear program while ensuring apprehensive control. the resolution guarantees a removal of the burden of sanctions on iran and the framework of the implementation

through a clear and transparent mechanism, which will be made operational by concrete steps based on confidence in iran. regarding its nuclear program and verification by the iea -- i aea. the jcpoa as confirmed in the resolution contains reliable filters that will guarantee disagreements that could arise will be subject to collective consideration and in the framework of the joint commission. the security council maintains the leading role in issues. during the negotiations, we knew that the plan of action would be subject to approval by security council. hence we focused attention on

, ensuring the prerogatives of this body of the charter to respect the role of members to implementing the agreement. we are grateful to aiea. for its readiness to ensure monitoring and verification of obligations. we hope the agreement will help other countries in the middle east and the persian gulf to refrain from destabilizing moves, including in the nuclear sphere. and ensure the region does not enter an arms race. positive conditions are being created to create a zone in the middle east free of weapons of mass distraction and to find common approaches among the countries to regional security issues, including ensuring their collective efforts against the terrorist threat. vladimir putin underscored russia will do everything it can to ensure the agreements become

fully operational to strengthen international security, regional security, the global nonproliferation regime, and mobilizing a broad coalition in the region to counteract the terrorist threat. mr. president we would like to , note that all the negotiating terms of all participating countries deserve the highest praise. we would like in particular like to commend the governments of austria and switzerland who insured optimal conditions for success. we would also like to praise our friends from kazakhstan. which an agreement to surround the issues surrounding the nuclear program demonstrates where there is a political will , when it is based on realism and respectful legitimate neutral interest of the international community, the most complex task can be resolved. all the participants of the negotiations have demonstrated

our readiness to engage in collective efforts. a reserve of trust has been built, which will be very useful in the course of implementing the agreement. we hope that this is a valuable experience in joining efforts and the unburdened by ideological calculations based on geopolitical interests and will be used to resolve other crisis situations. russia will be ready to do this. thank you. >> i think the representative -- i thank the representative of the russian federation for his statement. i give the floor to the representative of the united kingdom. >> thank you, mr. president. the united kingdom welcomes the adoption of human security council resolution 2231. the resolution endorses the joint comprehensive plan of action agreed in vienna last week. it creates the baseline from which to recalibrate our broader relationships with iran. it is an opportunity for us all to reengage economically and culturally with an important

regional power as it takes on its proper responsibility for improving stability in the region. today's adoption is an important milestone in the history of this council. it is the combination of negotiations that had taken place over more than a decade. the joint comprehensive plan of action is a landmark achievement and i join my colleagues in expressing my congratulations and gratitude to everyone that has been involved in this process. in this council, we often call for the peaceful resolution of disputes. in some cases, progress is slow and situations remain unresolved. while in the past we have phone -- called on iran to expect our -- respect our concerns, we can be proud that iran has committed

to take actions to address those concerns. i'm delighted that the council has endorsed this deal unanimously. it is a good deal, good for the united kingdom and its international community, good for the region, good for iran. this resolution will address our concerns through competence of commitments by a rent to -- iran. commitments which will be monitored through extensive monitoring and transparency. as soon as iran takes steps on its nuclear program, it will receive comprehensive economic and financial sanctions relief enabling trade more freely with the rest of the world. iran will be treated just like any other nonnuclear weapon state. mr. president, we now need to look ahead and make sure we all deliver on our commitments as we commence this agreement. that will not be easy. there will inevitably the

-- the difficulties and unforeseen obstacles, but we must live up to our commitments come out in good faith, and try to resolve together any problems in implementing this deal. the role of the security council will be important. we will maintain oversight of implementation of this agreement , and we need to take significant steps to support its implementation. in some areas, this will involve working methods for the council. this may involve novel working methods for the council. we will have to be flexible and imaginative. we have to get this right. this deal gives us the chance to change the relationship between iran and the security council and change for the better the dynamics in the region and beyond. we can now start the work of rebuilding the deficit of trust. we can start to normalize our

relationships, which hold great promise for the future. we will also encourage iran to play a transparent role in regional affairs, including in the current crises in yemen and syria. iran has an opportunity to make a positive decision about their responsibilities in the region. the world is now a safer place in the knowledge that iran cannot build a nuclear bomb. i encourage all of us in this council to share the same determination, courage, and vision in supporting this project and pursuing our other top priorities as the negotiators on all sides have demonstrated in getting us the agreement we have endorsed here today. thank you, mr. president. >> i thank the representative of the united kingdom for his statement. i give the floor to the representative of spain. >> thank you very much, mr. president. today, we are witnessing a triumph of diplomacy following a

complex negotiation. bringing together the eu and iran. i would like to add my voice and congratulate all those party to this negotiation for their effort and commitment. we congratulate iran, the united states, russia, china, the united kingdom, france, and germany. they have shown there is nothing impossible when the political will is in place to achieve something. they have given a welcome stimulus to continue our work here in the council. some challenges which sometimes seem insurmountable and now we can find inspiration and example such as that which has been brought together today. at the end of the century -- we need to focus on dialogue instead of confrontation.

if we do so this will serve a , common interest and will be to our benefit. the benefits in this agreement will be undeniable. the world is now a safer place than it was before. we are also faced with the work of the security council. resolution 1713 seven -- 17137 wanted to put limits on iran's nuclear program. this has held its course which has been shown today. this was a decisive base for details of this agreement. we can make the security council the most valuable guardian of peace around the world. this is a symbiotic relationship.

the more efficient this organization is, the stronger and more capable we are to meet future challenges. we have opportunities and challenges remaining before us. opportunities because we now have a balanced agreement with strengthens -- which strengthens the nonproliferation system and gives us the perfect opportunity we must all seas. we can take advantage of this energy is this agreement offers. we have to highlight the beneficial outcome of this agreement for the wider region. it brings an element of stability to such an unstable region. we need to harness this as a useful basis to tackle the specter of terrorism.

there are challenges, as well as opportunities. we need to make sure what has been agreed is fulfilled on a timely basis. that will decide in the next few hours what will be the future of this agreement. we must continue to demonstrate unity and determination. must find the most effective way of ensuring that the restrictions which will remain in place for the agreed amount of time are upheld. as chair of the 17137 resolution committee, i can assure i will -- i will make every effort to exercise my full roll through the transition phase, being as pragmatic as possible and dismissing them based on the

agreement. the greatest source of happiness for me would be to see this committee disappear in light of this drafted resolution. this would mean that, on a daily basis, we would have achieved the goal of this agreement. 1737, like a phoenix, can rise from the ashes. as we forge the future, you can count on the full support and commitment from spain. thank you very much. >> i thank the representative from spain for his statement. i get the floor to the representative of jordan. >> thank you, mr. president. mr. president, jordan welcomes the agreement on the iranian nuclear file as well as the political and diplomatic effort made by china, france, germany

the russian federation, the united kingdom, and the united states, as well as the european union to reach said agreement. jordan has always called for a peaceful diplomatic solution to the iranian nuclear file. therefore, jordan supports any aims at entrenching regional and international peace and security as well as stability particularly in the current conditions pervading in the middle east at the current time. we hope that this agreement will promote further confidence among the states of the region. we also wish for the affects of this agreement to have a positive repercussion on all

states of the region and on the security and stability of the people. we hope that this will be a positive, constructive step to prevent a new arms race in the middle east region and to reach the region -- rid the region of all weapons of mass description -- destruction. we stress the importance of the role of the international atomic weapon agency. and in providing the security council with regular reports in accordance with -- thank you, mr. president. >> i thank the representative of jordan for the statement. i give the floor to the representative of chile. >> thank you, mr. president. i would like to express my satisfaction with the adoption

of this resolution. with this resolution, this counsel has endorsed the agreement reached by iran and the eu. we voted in favor of the resolution, and we welcome this agreement. it contributes to resolve the discrepancies involving the scope and repercussions of the iranian nuclear program. and it reasserts the rights of all parties to enjoy the benefits of use. we hope that the robust elements of verification will make it possible to strengthen trust between the parties while reserving -- preserving the integrity and strengthen the

role of the i ava and promoting through that organization a greater cooperation to preserve peace in the middle east. the agreement has reiterated the irreplaceable value of negotiation and diplomacy in the context of international relations. the flexibility and creativity that all parties have demonstrated clearly speak to the determination and commitment to peace and cooperation which are the guiding principles of our organization. at this historic juncture, the security council and the governing board of the iaea, we will in short full support to the implementation of this agreement and we hope to contribute to promoting trust

and regional and global security. thank you very much. >> i thank the representative of jchile for his statement. i give the floor to the representative of venezuela. >> thank you. we cosponsored and voted in favor of this resolution. it gratifies the agreement between p5 plus one, the european union, and the islamic republic of iran. we are convinced that through this resolution, the security council can give firm backing to this peace agreement which opens a new phase in the relationship between different states. we welcome this agreement and we congratulate all delegations involved in the negotiation. the negotiation was very significant for this document. it has testified to their commitment, courage, and

political will. that has been demonstrated in the 18 months. this proves once again that when political commitment is in place and agreements, peaceful dialogue is the only way forward. other approaches only lead to a lack of trust and to conflict. this agreement is a diplomatic triumph. it is far superior to war. the jcp oa will guarantee iran to promote its technical and energy independence. we are equally convinced that this instrument will make a positive contribution to the

birth of a new phase in the diplomatic relationship between iran and the parties to disagreement based on mutual trust, respect, and collective commitment to strengthen international peace and security. we are delighted to see that the agreement reached will allow us finally to achieve the definitive listing of these sanctions regimes imposed by the security council, as well as a listing of other measures which are a legally applied in other areas related to iran's nuclear program which will restrict access on a commercial and economic, financial, and energy basis which have negatively affected the population and other states. we would like to reiterate our full support for the implementation of this document to pave the way for the well-being and progress of the

iranian people. we hope the agreement reached will be the beginning of a political process which will allow us to make sure we can provide other peaceful solutions to other conflicts later on. this includes yemen, iraq, and syria, as well as the relationship between israel and palestine. thank you very much. >> i thank the representative of venezuela. i give the floor to the representative of malaysia. -- in conformity with the package of decisions reached within the declaration system, which is a key requirement for

the stability to be delivered in this region. thank you very much, president. >> i thank the representative of venezuela for his statement. i give the floor to the representative of malaysia. >> thank you. thank you for giving me the floor to explain malaysia's vote on this resolution adopted by counsel -- council on which we had corresponded and voted in favor. at the outset, i want to congratulate the delegations responsible for reaching this historic agreement, namely china, france, germany, the russian federation, the united kingdom, the united states, the islamic republic of iran, and the european republic. we congratulate them for the dialogue.

the course of action endorsed by the council by this resolution 223 is a positive step. we look forward to the immediate and constructive implementation of this resolution by all concerned parties. the agreement reached on 14 july is a landmark understanding which in our view, reinforces the principles while at the same time is seen like a balance with concerns on cooperation as provided under the nuclear treaty. we are convinced that we continue to occupy a central role in love being an essential foundation for the pursuit of general and complete -- as well as being an essential foundation for the pursuit of general and complete nuclear pursuits.

-- disarmament. nuclear nonproliferation and nuclear disarmament are two sides of the same corn. -- same coin. including taking steps to decrease the operational readiness of nuclear weapon systems. as a member of this counselcil, and a member of the 1737 committee malaysia works -- malaysia looks forward to working with other committee members with a view to work towards the eventual ending of all sanctions against iran. we hope that the successful and -- implementation of this resolution could possibly contribute to stability in the middle east and beyond. i thank you. >> i thank the representative of malaysia.

i give the floor to the representative of nigeria. >> thank you. we would like to begin by congratulating the parties. iran, china, france, germany united kingdom, the russian federation, the united states, and the european union. for the historic agreements reached last week. the agreement is a victory for diplomacy. no matter how difficult a subject is, with commitment and determination, a decision can produce results. nigeria has voted in favor of this resolution because we are convinced to aid the process of the implementation of this agreement. the joint comprehensive plan of action plainly spells out the

obligations of the party. we urge parties to implement the plan transparently and in good faith. we see this opportunity to once more reaffirm our support for the peaceful uses of nuclear energy in accordance with article four of the nonproliferation treaty. thank you. >> i thank the representative from nigeria. i give the floor to the representative of angola. >> thank you, mr. president. our delegation is very honored to take part in this session of the security council and cast vote on this historic resolution which represents the trial of -- the agreement we have just endorsed is clear evidence that any political problem, the more complex and difficult it might be, can have negotiated

solutions if the parties show political will and commitment to seek peaceful solutions and avoid the recourse to military means. the present agreement is additionally special since for many years, diplomacy have been defeated in all middle east disputes. mr. president, the united states, china, france, germany the united kingdom, the russian federation, the european union and the islamic republic of iran deserve all of our praise for being able to reach such an outstanding achievement by concluding the joint comprehensive plan of action as a contribution to the building of confidence and exclusively peaceful nature of iran's nuclear program. we hope that implementation of the program takes place with the best possible results that

national parliaments give their endorsement to the treaty, that the international republic agency assumes its role in verifying compliance with the agreement, and that sanctions imposed on iran be lifted in accordance with provisions of the plan of action. it is our expectation or wishful thinking that the very difficult process will provide understanding of each other's views and expectations and will permit the building of mutual confidence. it's an innovative factor that might create new dynamics in the region. the closing or opening of the iranian nuclear program after so many years is a limited outcome.

now, we want more. the people of the region deserve more. the agreement so far reached should be followed by other outstanding initiatives addressing regional issues. it is our view that further efforts should be applied by the -- should be deployed by security council permanent members and by taking advantage of the negotiating dynamics opened by the iranian nuclear program to reach out to regional powers in the middle east to address and resolve proxy wars and other situations affecting the reason -- region, namely the fight against isil, the

palestinian issue, and the war in yemen. as well as eliminating the political fracture. the establishment of new dynamics in the region would be in our view, the greatest a -- accomplishment and most valuable legacy of the process we are approving today through the adoption of this landmark resolution. i thank you, mr. president. >> i thank the representative of angola for his statement. i give the floor to the representative of lithuania. >> i thank you, mr. president. lithuania welcomes this adoption agreed by the e3 eu plus three and iran on july 14. we believe this deal based on iran's and will mentation of

essential changes to its nuclear program in return to the lifting of sanctions provides a real path to resolve disputes and further educate. it also marks a victory for multilateralism and international diplomacy and it proves that sustained pressure by the international community can create conditions that bring parties to the negotiation table and keep them engaged in good faith. and in the spirit of compromise. lithuania applauds the perseverance and determination of all those involved in this extraordinary diplomatic endeavor. in particular, we applaud the instrument oh coordinating role played by both former and current eu representatives. the core of this deal is to

ensure international communities trust in the peaceful nature of iran's nuclear program. iran's agreement to implement the additional protocol to its comprehensive safeguards agreement as well as full transparency measures will provide the international atomic energy agency the ability to iran have extensive access to -- to have extensive access to iran's nuclear sites. in addition to the rigorous verification measures, iran will remain under legally binding charter-based obligation to comply with the embargo. and to refrain from ballistic missile related activities. the travel ban and asset freeze will also remain in place while this counsel will continue to be

-- council will continue to be actively engaged in monitoring the limitation of the plan of action. finally, all current sanctions will be reinstated in the event of a significant violation of iran's jc poa commitments. it will open the door to a steady improvement of relations with iran, and publicly contribute to regional and international peace and stability. thank you. >> i think the representative of lithuania. i give the floor to the representative of chad. >> chad would like to join those who spoke before me to salute the signature of an agreement between the republic of iran and the european union.

an agreement regarding the joint copper has a plan of action regarding the iranian nuclear -- regarding the joint comprehensive plan of action regarding the iranian nuclear program. creating an atmosphere that is conducive to the implementation of the aforementioned plan of action, and chad encourages them to implement their commitments fully. it's important to recall that the plan of action that the subjugated counsel has just approved is the outcome of a long process. the text -- the volume of the text of the agreement, the complexity, and the length of the negotiations clearly proof

-- prove that openness of mines -- minds and determination of the parties overcame all of these issues. we would like to congratulate all of the parties for the courage, the determination, the tactful mess, and the wisdom that they have demonstrated in reaching a negotiated solution to the iranian nuclear program. we share their satisfaction over having managed to reach an agreement that could not be reached for over two years. we support the future efforts in implementing the agreement reached on july 14 and chad is convinced of the riches of

dialogue and peace, which is why we voted in favor of this resolution. the adoption of this resolution symbolizes the noble principles in the u.n. charter that calls on peaceful resolution of differences without the use of threats. the framework of this approach we welcome the leadership of the united states and the new approach of leaders which focuses on dialogue, peace, and stability around the world. on this point, we completely agree with what president obama said when he received the nobel peace prize in 2009. he said, "sanctions and condemnations without discussions will ultimately fail."

chad hopes that the iaea will monitor the agreement that has been signed and provide a roadmap for verification of past and current issues that are at hand. with this in mind, chad anchorages the iaea and iran to cooperate fully to confirm the successful implementation of this resolution. we also hope the measures implemented will remove the sanctions implemented in 2005 and 2006. mr. president, we would like to repeat that all of the other

parties for the npt treaty, iran is entitled to develop the research and nuclear energy for other purposes and we hope the agreement reached on july 14 will allow iran to join the community of nations and provide contributions in international cooperation. no contribution -- every contribution should be welcomed in maintaining international peace and security. in conclusion, we would like to repeat our encouragement to all parties for the 14 july agreement and call on the commitments in this under keating -- undertaking. chad has signed and ratified an

agreement which makes it an area free of nuclear weapons. we have been rid of these weapons of mass destruction where the use of nuclear science and research has been only for peaceful purposes. to sign on to the slogan that is very relevant, nuclear energy for all, nuclear weapons for no one. thank you. >> i thank the representative of chad.

i shall now make a statement in my capacity as the minister of foreign affairs of new zealand. today, the members, the european union, germany, and iran have presented us with an agreement which, if fully implemented provides a comprehensive and long-term solution to the iran nuclear issue. the truly historic agreement reached in vienna represents a triumph of diplomacy and cooperation over confrontation and mistrust. new zealand commends all the parties for staying the course through what were complex and challenging negotiations. it is now crucial to an sure the to ensure -- to ensure the

agreement is fully and swiftly implemented and that small missteps and misunderstandings are not allowed to derail the process. we urge all parties to approach this task with the same constructive intent that has led to this agreement, and we encourage iran to act quickly to implement all transparency measures and allow the iaea access to the relevant sites. by the adoption of this resolution, we give international legal force to the agreement reached in vienna and extend that the obligations it contains across the border-union membership. new zealand endorses the comments of high representative -- that this is a good deal for everyone. for the parties who signed up to it, and for the rest of the international community. there are, sadly, too few days on which we can say that constructive and patient diplomacy succeeded in bridging

the differences and mistrust that contain the seeds of conflict. today, we mark an opportunity to change the nature of the relationship between iran and the international community. we remind ourselves that with the right approach and with the commitment of key stakeholders even seemingly intractable issues can be resolved through diplomacy and dialogue. for this council, as we confront the extraordinarily difficult challenges in relation to the middle east peace process -- syria, iraq, yemen, and libya, -- this is a message we should reflect upon today. i resume my sanction as president of the council. i now give the floor to the representative of the islamic republic of iran.

>> this resolution that the council just adopted represents a significant development and marks a fundamental shift in the conservation of iran's peaceful nuclear program by the council in the past 10 years. the jcpoa is the result of a series of extensive and collective dialogue for the last two years to give diplomacy a chance. this fundamentally different approach will help all of us look for the best possible way out to put in into an unnecessary crisis and make an

achievement for all parties involved and the international community. the resolution that was adopted in the jcpoa that was endorsed today and also for the termination of the security council resolution that placed sanctions on iran for its efforts to exercise its rights. they were grounded on nothing but speculation and hearsay. nobody has ever presented any proof indicating that iran's program has been anything but peaceful. the iaea that put facilities under inspection has always reported that iran has always stood by every single commitment. for example, in terms of inspection frequency, only japan have been subject to greater scrutiny than iran. while japan has much more extensive nuclear facilities. last year, iran even surpassed japan in their number of

inspections. the involvement of the security council was not caused by a suspicious nuclear weapon program, but driven by the stated objective in scr 96 to suspend its program. that demand was not only unnecessary and uncalled for but in fact ran counter to the unanimous conclusion of the 2000 and 2010 conferences to speculate that their choices of member states with regard to the nuclear cycle activities must be respected. it also elected that the demands and sanctions imposed upon iran in 1737 were punishments. -- through 1929 are all

punishments for the refusal of the iranian people to accept that demand. in a engaging with italy/eu plus three, the iranian people have had the foresight to move forward without losing sight of , the past. that is why we hope that we open a new chapter. we cannot accept or forget the previous treatment of iran starting from the use of chemical weapons to its more recent treatment of the iranian peaceful nuclear program. the solution we have arrived at will strengthen the use of nuclear nonproliferation in its entirety.

it includes and recognizes the right of iran to develop nuclear programs for peaceful purposes. rights and obligations of the parties to the npt as under any other international regime, can only go hand-in-hand obligations with these regimes only of rights can also be achievable. no threats of sanctions or war could sustain the npt in the long run -- this includes total nuclear disarmament and the right to use nuclear energy. and those parties are rewarded by -- [indiscernible] looking to the future, my government hopes that the jcpoa and this resolution start a new

chapter in relations with iran with the council and participants. iran is in a position and willing to comply fully with its commitment under the jcpoa because it is already committed to the fatwa of its supreme leader who has already declared all weapons of mass destruction to be haram. we hope the council will do the same with regards to the same documents in the agreement. the desire to build a new relationship with iran it is encouraging all member states to cooperate with iran in the framework of the jcpoa and the peaceful use of nuclear energy and related projects, as well as

its emphasis that the jcpoa is conducive to promoting and facilitating the development of new economies and trade contracts and cooperation with iran are all encouraging. -- are all positive signs and are all encouraging. mr. president, why are we still -- while we are still focused on the nuclear issue, iran expects it to have a positive influence on our region and the international community. including -- increasing mutual respect and understanding is an important achievement. it reinforces faith and -- in diplomacy as the most

rational way to resolve issues and it shows that diplomacy can prevail over war and sanctions. it is therefore a clear message to those who still believe that they can achieve everything through force and coercion. second, the jcpoa has the potential to help development in this region for the real issues at hand. thus, we earnestly hope it helps turn the page in our region. enabling countries to close the ranks and fight against violent extremism and to move towards more cooperation to separate threats that our region and the world face. countries in our region have a very high stake in defeating violent extremism.

the jcpoa participants are also facing similar challenges in their security from this phenomenon. we are now free to focus on real issues and benefit from the better environment conducive to wider cooperation among all actors. third, in the wake of this major development in the region will -- we will renew our call to our neighbors in the wider region that iran is ready to engage in a new phase with all of them based on mutual respect, good neighborliness, and brotherhood. we have many common challenges in our region to address, and many common opportunities to benefit from in the region. this is the time to start working together against our most common and important challenges, which includes above all, violent extremism.

first, -- [indiscernible] in so doing, it proves once more that it does not see peace in our energy in its interest and considers these an existential threat itself. [indiscernible] is also to spur this nefarious purpose. thus we alert our friends and neighbors not to fall into the trap. in this context, it is also not surprising that the israeli regime is the only obstacle in the way of establishing a nuclear program that my country

initiated more than 40 years ago and has ever since promoted. it the security council should live up to its primary responsibility under the u.n. charter and take necessary action to neutralize this. mr. president, let me recall that iran as a nation has withstood enormous storms while being steadfast and preserving its identity. we have not reneged on commitments. we only accept commitments that we can abide by.

iran is resolute in fulfilling its obligations, we expect that our counterparts do the same. displaying good faith, honoring commitments, and adopting the right approach, then diplomacy can prevail over violence, suffering, and oppression. this will provide a solid foundation for further and more effective diplomatic interactions. before i conclude, let me thank those ambassadors who supported the jcpoa and also those

countries who helped this deal happen. let me respond to some baseless accusations by some members, some previous speakers. it is ironic that the distinguished ambassador of united states accused of my country of harboring a hostage. reckless acts of the united states in our region for so many years are at the root of so many challenges we are now facing in our neighborhood. iran is a stable country in an unstable region. we want our stability to persist.

we do promote a stability in the region and we help our neighbors to stabilize and cooperate towards that. in conclusion, let me also inform you that my delegation upon instruction from a government is forwarding the statement of the islamic republic of iran following the actions today by the security council to be circulated as a document of the security council. thank you. >> i thank the representative of the islamic republic of iran. i now give the floor to mr. thomas. >> thank you. the high representative of the european union has asked me to convey the following message to the united nations security council. the agreement reached in vienna

on the 14th of july 2015 between iran and china, france, germany, russia, the united kingdom, the united dates of america, with the support of the high representative of the union for foreign security policy, and a joint conference of plan of action is historic in nature. the agreement once implemented marks a conclusion to the long-running diplomatic efforts to reach a comprehensive long-lasting, and peaceful solution to the iranian nuclear issue. one that will provide the necessary assurances on the exclusively peaceful nature of iran's nuclear program on the one hand, and the list -- lifting of sanctions on the other. as such, it represents a significant achievement and a tribute to the merits of patient diplomacy from all sides. it is appropriate that this deal was struck in vienna, where all this began 12 years ago when the

international atomic energy agency started to look into possible iranian undeclared nuclear activities. since then, there have been many months and years of at times difficult negotiations. a key milestone in that process was the interim geneva agreement in 2013, the smooth implementation of which provided necessary time and space for the conflict negotiation process which followed. this resulted in the parameters being set for the final deal. the format was especially effective. we feel that the european union in particular was able to play a crucial or facilitation role throughout the whole process. the european union has been facilitator, moderator, and in the final stages, pen holder of the jcpoa text and its nexus.

it is hard to imagine another actor who could have done this year it a key element -- this. a key element of success was maintaining the unity of the group. it is to the credit of all those who participated that we stayed committed to reaching a mutually beneficial deal. the fact that the self-imposed deadline was overrun several times bears witness of the shared view that a quality agreement was vastly superior to a quick one. the agreement is good, durable and very viable. iran has agreed to make changes to its nuclear program. the international atomic energy agency will have the access it needs to determine when iran has completed those actions and to detect any future violation of the agreement. iran will receive sanction lifting and return. the jcpoa set out in detail what is required by all sides

providing clarity to facilitate the implementation of the agreement. together with a conclusion to be made by the international atomic energy agency in that regard the full implementation by iran of its commitments under the jcpoa will contribute to building confidence in the exclusively peaceful nature of the iranian nuclear program. it will be necessary for all sides to work now towards implementing this joint

comprehensive program of action. the security council resolution adopted today is a key element in this process. as agreed in vienna, the european union will endorse the security council resolution in conclusions of the foreign affairs council which is in session as we are speaking. the european union will also endorse the jcp oa and commits to abide by its terms and to follow the agreed implementation plan. in effect, the european union acts -- actions will be carried out in accordance with the timeline and modalities specified in the jcpoa, and that as stipulated there, the determination of implementation of economic and financial sanctions would come into effect once the international atomic energy agency has verified that iran has implemented all of its nuclear related commitments. for the time being, the provisions and the joint plan of action agreed in geneva in 2013 have been extended for a further

six months to cover the period until the international atomic energy agency has verified that iran has carried out its commitment. the high representative of the union for foreign affairs and security policy will continue her support and coordinating role during the entire implementation phase of the jcpoa. she hopes and expects that this positive development will open the door to a steady improvement in relations between the european union, its member states, and iran, as well as improved iranian regional and international relations, and that it will constitute the basis of a more stable and secure region in the longer term. it is essential that this opportunity is seized by all. thank you, mr. president. >> i thank you for your statement. i now give the floor to the representative of germany. >> the agreement reached in vienna and endorsed today by this council with resolution 2231 is an important and possibly historic step towards ending the decade-long conflict surrounding iran's nuclear program.

as such, it has the potential to ease concerns regarding peace and security in the region, and beyond. allow me to briefly examine its significance from three different angles. firstly, germany firmly believes that the agreement does in fact reduce the risk of a nuclear arms race. after long and demanding negotiations am a the e3 plus three and the eu have produced an incredible framework which will prevent iran from obtaining nuclear weapons. iran has committed itself to comprehensive technical restrictions in an unprecedented transparent regime that will allow us to rule out any covert nuclear activities. the agreement is not merely built on trust or goodwill, we have established a unique and long-term set of confidence building measures. everything we agreed on will be strict we monitored.

a powerful snapback mechanism will provide an additional incentive. it will now be crucial to effectively implement the agreement. the international atomic energy agency will have an important role in this regard. in exchange for the nuclear restrictions, iran will profit from early and comprehensive sanction relief. the resolution adopted today is a step in the right direction. second, the agreement also offers ample political opportunities for iran. it reflects a fundamental choice by the iranian government. it is an expression of intent to be a constructive part of the international community. it is up to iran to deliver on this commitment.

we express our hope that in fulfilling the agreement, iran will see this potential to bring about improvement in other fields as well, from civil liberties to human rights, and the accommodation of regional security concerns. finally, we hope that the agreement reached in vienna will also have a positive effect on the relations between iran, the european union, and its member states, and will improve iran's regional and international relations. we also hope it will open the door to a more constructive iranian foreign policy and ultimately contribute to a more secure and stable region. mr. president, the agreement reached in vienna on july 14 has proven that complex and long-standing conflict can be peacefully resolved if there is enough political will and courage.

it is a victory for diplomacy and for the principles of the united nations. thank you mr. president. >> i thank the representative of germany for his statement. there are no more names inscribed on the list of speakers. the meeting is adjourned. >> secretary of state john kerry will be on capitol hill. he will joint -- be joined by the treasury secretary jack lew. will have live coverage

thursday. tomorrow marks the five-year anniversary of the dodd frank being signed into law. we will hear from the bills authors, former senator chris dodd and former senator barney frank. then the remarks from secretary jack lew. united states officially reestablished diplomatic ties with havana and washington dc today. we will have more on that later. >> it is almost as if they are enter and matter -- matter and antimatter. >> freedom breeds. >> i confess that anything complicated confuses me.

>> filmmakers robert gordon and morgan neville talk about their documentary -- best of enemies. on the debates between conservative william f buckley and liberal gore vidal. >> there is not someone today -- very unlike today. today there is someone saying if the numbers are dwindling talk about hot salacious topic number two. where i don't think that was the norm in tv at the time or it -- time. >> howard cap was the mention for moderator. today you would not have a moderator not jumping in every 30 seconds.

>> sunday on c-span's q&a." >> next a conversation on the dodd frank regulations. we talk of the passive -- passage of the legislation and its limitation. this is hosted by the group better markets. >> good afternoon everyone, i would like to welcome everyone

here today and to welcome the audience watching on c-span. thank you for joining us. i'd like to welcome antonio weiss, for joining us. and the many congressional and executive branch staffers, many of whom put in months of incredibly hard work into what we now call the dodd frank law including the former staff directors for both the financial services committees. i would also like to recognize someone who had division five years ago to see that financial reform is about making markets work for everyone. it was really about building a stronger financial system that protects and promotes america's businesses, jobs savings, homes and retirements. he saw a need for an independent, nonpartisan professional organization dedicated to supporting and

fighting for the public interest in the financial markets and the d.c. policymaking process. that is mike masters who is joining us today. as you all know, tomorrow is the fifth anniversary of president obama signing the historic dodd frank wall street reform and consumer protection act into law. the most significant financial legislation since the great depression. we have a terrific program today and joining me senator chris. and former senator barney frank. a copy of that report is on every chair and is on of -- available on our website. before i begin, let me start with a few quick housekeeping matters. first, the treasury secretary is

delivering his address starting at 4:00. once he is finished we ask that you stay in your seats. if you have not done so please turn your ringer off on your cell phone. and for those of you joining us in the audience, you will there are index cards on your chair. for those of you who would like to add chris dodd or barney frank, pass them to the ushers on either end of the studio. let's get to the crash and the crosses -- crisis. some might ask about talking on the five-year anniversary by talking about events from more than five years ago. to really understand where we need to go, we have to first look back to how we got here. this is all the more important because in the last five years

the discussion has dramatically shifted. from the financial collapse, the economic crisis, the cost to the country in the industry role in causing it all, to the financial reform law the rules necessary to implement it, and the claim from that. the way some people talk in this town, it would be news to them to learn that the world did not start five years ago when the lot was signed. you see it every day. financial reform failed to mention why the law was passed. without this critical context it is impossible to understand what the law's trying to prevent from happening again and why it is so important.

none of that is to suggest the law is perfect. the people in this room know better than almost anybody that no law is perfect. it is the best law that our political system could produce at that time. as the facts of the economic crisis show, it is very important. let's start with the basic facts. the financial crash of 2008 was the worst crash since the great crash of 1929. it caused the worst economy since the great depression of the 1980's. that is why it has been named the great recession. that crash and the economic catastrophe are ultimately going to cost the people of the united states more than $20 trillion in lost gross to mystic product and massive human suffering. that is what is detailed in the report we are releasing today. the top line number is $20

trillion and counting. this report goes through chapter and verse what it costs this country. we hope you take the time to look at it. that is why, five years ago president obama signed the dodd frank law. let's take a quick look back to review the crisis and the cost. almost seven years ago it began spiraling downward. when lehman collapsed on september 15, 2008, it ignited a series of almost unimaginable events that hope you had the chance to see on the way in. this being the museum, i thought it would be appropriate to review that story through the headlines that announced it to the world as it developed. this is monday, september 15.

the papers did not know it but lehman had filed for bankruptcy that night. crisis on wall street as lehman totters, merrill seeks buyer aig hunts for cash. the next headline, u.s. to take over aig and $85 billion bailout : central banks inject cash as credit tries up. just one day after. mounting fears shake world markets as banking giants rush to raise capital. in the lower right-hand corner, already the world's worst crisis since the 1930's with no end in sight. an e-mail from the recent aig trial shows that friday, february 19, the internal federal reserve bank e-mail -- i will read it to you morgan stanley called bigger fed

president tim geithner late last night and indicated they cannot open on monday. morgan stanley advised goldman sachs of this and goldman sachs is now panicked because they feel if morgan stanley does not open then goldman sachs is toast. that is four days after the bankruptcy filing of lehman. it is easy to forget how things were spiraling out of control. if anybody asked one week before that one week later neither morgan stanley or goldman sachs could not open their doors, no one would believe you. the markets were in disarray, lending locked up, the dow is crashing every day. investors run to safety. the u.s. drafts sweeping plans to address the crisis. in this headline, i don't know if you notice the picture, that

is president george w. bush. if you read much, you would not know the crash happened while he was president or that tarp happened while he was president or many of the bailouts. many are surprised to learn that president obama had not even been elected yet. that is what i say when you need a little context and history. things, of course, kept getting worse. we had a money or get mutual fund that broke the buck. i think the country was around 237 years at that time, the first action such -- first time such action had ever been taken. as the e-mail from the prior friday, in the phone call from fred -- fed president tim

geithner goldman sachs and morgan stanley scrapped the wall street model and became banks to ride out the crisis. if you said that was going to happen one week before, nobody would have believed it. and it did. unimaginable, catastrophic events were happening as the financial system spiraled into a crash. >> wells fargo, eyes wachovia, crisis hits european banks. treasury in congress sign off on bailout package. citing grave financial threats officials ready massive bailout package. hopefully get insight from chris dodd and barney frank about some of these events and meetings. the bailout plan as you will remember was rejected by the house. what happens is that the markets crash. the policymakers and government

officials plunge to the of this with no one really knowing what happens next. tarp was ultimately passed $7 billion. another part of the discussion between then and now -- it's talked about as being the only part of the bailout and we know that is not true. using the tarp money, united states but stakes in the nation's largest banks. who would predict that? no one. when we are thinking about what doc frank was responding to -- dodd frank was responding to, or not just the occurrence of what happened but the occurrence of equally unimaginable events that today no one would foresee. the 700 billion dollar tarp

bailout was just a small part of the trillions in bailouts. the federal reserve board, treasury and fdic guaranteed lent or otherwise used many trillions of dollars more in bailouts and rescue programs. this is just one policy that has been in effect since the crisis. the fed's balance sheet ballooned to more than $4 trillion. the crash continued deep into 2009, as did the economic crisis. people often think that the crisis essentially peaked when lehman collapsed but well into 2009, the crisis continued as did the financial collapse. this is one indicator of the economic crisis. that is the dow. we now know with hindsight that march ninth of 2009 was the low. at the time, nobody knew that

was the low and we looked at the trajectory you had good reason to wonder where the bottom was. one of the most important documents may be in the history of the country is a joint statement of february 23, 2009 issued by the treasury, the fdic , the occ and the federal reserve. the government will ensure that the banks have the capital and liquidity they need to provide credit us as harry to restore economic growth. moreover we reiterate our determination to preserve the viability of systemically important financial institution so they are able to meet their commitments. this is pretty deep into 2009 and the financial crisis is still so bad that this statement was issued effectively putting the full faith and credit -- credit of the united states behind the financial system.

putting the wallets of all taxpayers in the united states behind the financial system. that is what happened and that is what was at stake at the time. there were enormous human social and government costs. this chart is the u six rate, month by unemployed is a well-known concept. underemployed means you are forced to work part-time because you cannot find full-time work. it exceeded 17% in october 2009, and remained above 17% for five of the next seven months. even when it got a little below 17%, you can still see it remains incredibly high month after month. what is 17.6 -- or 17.5%? put it into perspective, it equals the entire population of the state of texas one out of every six workers in the unite