opportunity for them. i thank chairman hensarling and the financial services committee for their hard work. i thank chairman sessions for bringing this bill to the floor. i urge you to vote yes on the resolution and vote yes on the underlying bill. i health will continue debate tomorrow around noon eastern. we'll talk to a capitol hill reporter. >> what was the purpose of the wouldaw and why republicans want to repeal? >>. frank was passed by president obama as a response to a 2008 crisis. the idea was to create new rules and give regulators more power to prevent that kind of crisis

from happening again. ,hose were the key provisions new requirements on assets as old -- they had to hold. host: the bill is called h.r. 10, the financial choice act, so it's a high priority for the speakers. here's joe leif lawler's headline at washingtonexaminer.com. g.o.p.'s dodd-frank replacement bill heads to the house floor, in particular on the consumer protection bureau. what would the g.o.p. bill do? guest: the republican argument is that the pendulum swung too far.

the idea is to lessen the burden of the rules, and that will create economic growth. how do you prevent a crisis? well, the republican argument there is to eliminate some of the government authorities that they thought created bad sorts of investment that led to the crisis into increased market discipline. the centerpiece of the plan, the reason it's called the choice act is because it would give banks the option. if they hold more capital if they maintain a higher capital level, they get out of more regulatory rules. meaning you're substituting investor discipline, investor oversight, people with skin in the game for regulators. host: it would seem with the cfpb that's had some success and republicans aren't proposing gutting it completely, they just want to rein it in? guest: they would take a lot -- away a lot of its authority.

they would transition it from being independent agency that can write new rules and regulate new markets to one that would just enforce consumer protection laws that are on the books. since it was created in 2010. republicans think that for each of those cfpb has cut off credit so their argument is consumers would be better served without it being as powerful and as far-reaching as it is today. host: what did the congressional

budget office find in their score, their cost ziment on this -- in their cost estimate on this dodd-frank replacement bill? they found it would save money over 10 years, $34 billion. but the logic behind that number is complicated and it suggests that it's not straightforward savings, but cutting money year after year. the reason it would save that money is because it would lower chances that the government had to pay to bail out a bank. the new government mechanism that the bill created to allow the government to take over and keep a bank from failing. the way it works, they make a big investment up front, potentially hundreds of billions of dollars to carry out that bailout.

and that is -- that payment is made during the budget window, during the year, the years the c.b.o. keeps track of. it would be repaid later on but the years in which it was being repaid would fall outside of the years that the c.b.o. looks at. so you end up -- what you end up with is a big bailout. if you receive a big number of spending for the bailout, but if you take that power away, that bailout is not going to happen. you save money. it's a budget timing issue if that makes sense. host: what about the democrats, they've been in early debate

about this, calling it the wrong choice act. what do they not like about it guest: it would roll back the power of the cfpb which they like, it would prevent banks from speculating with money that are protected by deposit insurance. it would dramatically increase the burden that any regulator would have to get over in order to impose a new regulation. in general, it would just mean less government rule making and markets that are freer to operate without government oversight. and that is pretty contrary to the democratic view. host: on the other side, you're tweeting that heritage action says it is key voting yes on the financial choice act, praises courageous leadership of jeb hensarling. the white house is behind the bill. are there any implications, political implications in voting for this bill? guest: they are limited in one sense which is that the bill is not expected to be picked up by the senate. this is not a bill that could get around a democratic filibuster. it's not one that could go through reconciliation which

would allow it to pass with 51 votes only. so in the sense, how far this would go is limited and republican leader have acknowledged that. the politics are this is a way for conservatives to express what they think a conservative alternative to dodd-frank and the rules imposed by president obe ma would be. it's a chance for them to demonstrate they can get bills across the house floor and maybe get momentum for other agenda items they have. host: joseph lawler, economics writer with "washington examiner," read more at washingtonexaminer.com and find him on twitter. thanks for joining us. quit today the senate --elligence committee hears and the 2016 election. what's coverage on c-span3 and c-span.org. you can also leasing to streaming audio -- you can also listen to streaming audio with the free c-span radio app. it is a free download for apple and android devices. coverage begins at 10:00 a.m. eastern time.

♪ >> c-span's washington journal live every day with news and policy issues that impact you. we will cover testimony by james comey. our guests include mike lee, david hawking's and michigan democratic congresswoman, brenda lawrence. be sure to watch washington journal live at 7:00 eastern this morning. join the discussion. >> this sunday, q and a is in new york at the franklin d. roosevelt presidential library and museum where we go inside for a rare look at fdr's personal office and collection of artifacts with the museum's director. library opened in june of 1941. he was still in office.

he had an incredibly inquisitive mind so they were 914 books in this room alone. every book was selected by fdr to be in this room. this room is almost identical to the way it was the day that fdr died. >> watch q and a of the franklin d. roosevelt presidential library and museum in hyde park, new york, sunday night at 8:00 eastern on c-span. >> parts of the foreign intelligence surveillance act are set to the tests are set to expire in december. it allows agencies to collect communications. he talked about what is needed to get the law renewed. he spoke for an hour at the hoover institution in washington.